Income Taxes

3 Months Ended

Feb. 28, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes and effective tax rate were as follows:

	Three Months Ended
	February 28,			February 29,
(Dollars in thousands)	2017			2016
Provision for income taxes	$	(19,969	)	(56,241	)
Effective tax rate (1)	34.40		%	28.08	%

(1) For the three months ended February 28, 2017, the effective tax rate included tax benefits for the domestic production activities deduction and energy tax credits, offset primarily by state income tax expense. For the three months ended February 29, 2016, the effective tax rate included tax benefits for (1) a settlement with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense.

As of February 28, 2017 and November 30, 2016, the Company's deferred tax assets, net included in the condensed consolidated balance sheets were $424.2 million and $277.4 million, respectively. As of February 28, 2017, the Company's deferred tax assets, net included the provisional amount of $87.3 million related to the WCI acquisition.

At both February 28, 2017 and November 30, 2016, the Company had $12.3 million of gross unrecognized tax benefits.

At February 28, 2017, the Company had $46.8 million accrued for interest and penalties, of which $0.8 million was accrued during the three months ended February 28, 2017. At November 30, 2016, the Company had $46.0 million accrued for interest and penalties.