Income Taxes

6 Months Ended

May 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

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

	Three Months Ended					Six Months Ended
	May 31,					May 31,
(Dollars in thousands)	2017			2016		2017		2016
Provision for income taxes	$	(108,892	)	(103,801	)	(128,861	)	(160,042	)
Effective tax rate (1)	33.76		%	32.21	%	33.86	%	30.62	%

(1) For the three and six months ended May 31, 2017 and 2016, the effective tax rate included tax benefits for (1) settlements with the IRS, (2) the domestic production activities deduction, and (3) energy tax credits, offset primarily by state income tax expense.

As of May 31, 2017 and November 30, 2016, the Company's deferred tax assets, net, included in the condensed consolidated balance sheets were $369.0 million and $277.4 million, respectively.

At both May 31, 2017 and November 30, 2016, the Company had $12.3 million of gross unrecognized tax benefits.

At May 31, 2017, the Company had $47.8 million accrued for interest and penalties, of which $2.2 million was accrued during the six months ended May 31, 2017. During the six months ended May 31, 2017, the accrual for interest and penalties was reduced by $0.4 million, primarily as a result of interest payments. At November 30, 2016, the Company had $46.0 million accrued for interest and penalties.