Income Taxes, (As Restated for fiscal 2014 and 2013) (Tables)

12 Months Ended

Nov. 30, 2015

Summary of Components of Company's Income Tax Provision (Benefit) from Continuing Operations

The components of the Company’s income tax provision (benefit) from continuing operations are as follows:



	Year Ended
	2015			2014			2013
	(In millions)
Current
U.S. federal	$	33.0		$	19.0		$	1.8
State and local	3.4			4.1			1.0
	36.4			23.1			2.8
Deferred
U.S. federal	(41.2		)	(5.5		)	(150.3		)
State and local	5.1			(1.3		)	(50.9		)
	(36.1		)	(6.8		)	(201.2		)
Income tax provision (benefit)	$	0.3		$	16.3		$	(198.4	)

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate on Earnings

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate on earnings from continuing operations is as follows:



	Year Ended
	2015		2014		2013
Statutory U.S. federal income tax rate - provision (benefit)	(35.0	)%	(35.0	)%	(35.0	)%
State and local income taxes, net of U.S. federal income tax effect	16.2		11.4		(6.8	)
Changes in state income tax rates	19.0		(0.7	)	(21.5	)
Reserve adjustments	2.2		(0.8	)	4.1
Valuation allowance adjustments	—		0.3		(501.3	)
Rescindable common stock interest and realized losses (gains)	—		0.9		(1.0	)
Non-deductible convertible subordinated notes interest	8.0		7.0		7.9
Non-deductible premiums on repurchase of convertible subordinated notes	—		64.1		4.8
Research credits	—		4.0		(3.4	)
Retroactive change in federal tax law	(11.6	)	—		(3.9	)
Benefit of manufacturing deductions	(5.8	)	(4.3	)	(0.8	)
Lobbying costs	3.6		1.0		0.9
Other, net	5.2		1.5		0.3
Effective income tax rate - provision (benefit)	1.8	%	49.4	%	(555.7	)%

Schedule of Reconciliation of Change in Unrecognized Tax Benefits

reconciliation of the beginning and ending amount of unrecognized tax benefits consists of the following:



	Year Ended
	2015			2014			2013
	(In millions)
Balances at beginning of fiscal year	$	6.8		$	7.9		$	4.9
Increases based on tax positions in prior years	1.0			0.6			3.7
Decreases based on tax position in prior years	(1.8		)	(1.3		)	—
Increases based on tax positions in current year	0.7			—			0.2
Lapse of statute of limitations	—			(0.4		)	(0.9		)
Balances at end of fiscal year	$	6.7		$	6.8		$	7.9

Summary of Deferred Tax Assets and Liabilities

ferred tax assets and liabilities are as follows:



	As of November 30,
	2015			2014
	(In millions)
Deferred Tax Assets
Accrued estimated costs	$	112.4		$	99.7
Basis difference in assets and liabilities	7.4			18.2
Tax losses and credit carryforwards	8.2			13.0
Net cumulative defined benefit pension plan losses	222.2			192.3
Retiree medical and life insurance benefits	19.9			22.7
Valuation allowance	(1.7		)	(2.6		)
Total deferred tax assets	368.4			343.3
Deferred Tax Liabilities
Revenue recognition differences	39.7			47.6
Basis differences in intangible assets	13.9			14.4
Total deferred tax liabilities	53.6			62.0
Total net deferred tax assets	$	314.8		$	281.3

Summary of Changes in Valuation Allowance

e changes in the Company's valuation allowance by fiscal year is as follows:



	Balance at Beginning of Period		Tax Valuation Allowance Charged to Income Tax Provision		Charged to Other Accounts			Tax Valuation Allowance Credited to Income Tax Provision			Balance at End of Period
	(In millions)
2015	$	2.6	$	0.6	$	—		$	(1.5	)	$	1.7
2014	2.6		—		—			—			2.6
2013	288.1		61.2		(100.4		)	(246.3		)	2.6

Schedule of Year of Expiration for Company's State Net Operating Loss Carryforwards

e year of expiration for the Company’s state net operating loss carryforwards as of November 30, 2015 is as follows (in millions):



2016	$	28.9
2017	26.8
2018	24.2
2019	46.3
	$	126.2