INCOME TAXES:

The sources of income before the provision for income taxes and non-controlling interest are as follows:



	Fiscal Years Ended November 30,
	2015		2014		2013
United States	$	197,406	$	198,687	$	201,386
Foreign	129,789		85,595		36,666
	$	327,195	$	284,282	$	238,052

Provision for income taxes consists of the following:



	Fiscal Years Ended November 30,
	2015			2014			2013
Current tax provision:
Federal	$	65,101		$	81,927		$	66,491
State	15,179			15,020			10,069
Foreign	43,805			33,048			6,709
	$	124,085		$	129,995		$	83,269
Deferred tax provision (benefit):
Federal	$	(3,536	)	$	(13,847	)	$	687
State	(173		)	(2,606		)	1,379
Foreign	(1,788		)	(9,410		)	395
	$	(5,497	)	$	(25,863	)	$	2,461

Total tax provision	$	118,588		$	104,132		$	85,730

The following presents the breakdown between current and non-current net deferred tax assets:



	As of November 30,
	2015			2014
Deferred tax assets - current	$	40,510		$	34,310
Deferred tax assets - noncurrent	19,849			10,790
Deferred tax liabilities - current	(1,667		)	(506		)
Deferred tax liabilities - noncurrent	(10,713		)	(12,867		)
Total net deferred tax assets	$	47,979		$	31,727

Net deferred tax assets and liabilities consist of the following:



	As of November 30,
	2015			2014
Assets:
Inventory reserves	$	9,829		$	9,206
Allowance for doubtful accounts and sales return reserves	8,040			9,174
Other reserves and accruals	21,340			11,609
State tax credits	3,798			2,878
Deferred and prepaid compensation	9,321			9,243
Net operating losses	17,580			14,435
Deferred revenue	72			2,123
Share-based compensation expense	6,290			5,817
Unrealized losses on cash flow hedges	2,250			—
Others	3,473			1,914
Gross deferred tax assets	81,993			66,399
Valuation allowance	(16,891		)	(7,101		)
Total deferred tax assets	$	65,102		$	59,298
Liabilities:
Depreciation and amortization	$	(5,374	)	$	(5,750	)
Intangible assets	(11,131		)	(19,736		)
Unrealized gains on forward contracts	(356		)	—
Unrealized gains on investments	—			(346		)
Others	(262		)	(1,739		)
Total deferred tax liabilities	$	(17,123	)	$	(27,571	)
Net deferred tax assets	$	47,979		$	31,727

The valuation allowance relates primarily to certain foreign net operating loss carry forward, foreign deferred items and state credits. The Company's assessment is that it is not more likely than not that these deferred tax assets will be realized.

A reconciliation of the statutory United States federal income tax rate to the Company’s effective income tax rate is as follows:



	Fiscal Years Ended November 30,
	2015		2014		2013
Federal statutory income tax rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal income tax benefit	2.5		2.8		3.1
Foreign taxes	(1.3	)	(2.2	)	(3.0	)
Others	—		1.0		0.9
Effective income tax rate	36.2	%	36.6	%	36.0	%

The Company's United States business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested outside of the United States. Accordingly, the Company has not provisioned United States taxes and foreign withholding taxes on non-U.S. subsidiaries for which the earnings are permanently reinvested. The Company estimates that its total undistributed earnings upon which it has not provided deferred tax is approximately $396,163 as of November 30, 2015. It is not currently practical to estimate the amount of income tax that might be payable if any earnings were to be distributed by individual foreign subsidiaries.

As of November 30, 2015, the Company had net operating loss carry forward of approximately $15,702 and $11,724 for federal and state purposes, respectively. The federal net operating loss carry forward will start expiring in fiscal year ending November 30, 2021 if not used and the state net operating loss carry forward will start expiring in fiscal year ending November 30, 2016, if not used. The Company also had $26,208 of foreign net operating loss carry forward, primarily from SYNNEX Infotec Japan that will also start expiring in fiscal year ending November 30, 2016 if not used. In addition, the Company has $771 of various state income tax credit carry forwards that if not used, will begin expiring in fiscal year ending November 30, 2020.

The Company enjoys tax holidays in certain jurisdictions including China, Costa Rica, Nicaragua, India and Philippines. The tax holidays provide for lower or zero rates of taxation and require various thresholds of investment and business activities in those jurisdictions. Some of these tax holidays are in effect currently and scheduled to expire in 2016 if not extended. The estimated range of tax benefits from the above tax holidays on diluted earnings per share for fiscal years 2015, 2014, and 2013 were approximately $0.03 to $0.04, $0.02 to $0.03 and $0.04 to $0.05 respectively.

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2015, 2014, and 2013 were as follows:



Balance as of November 30, 2012	$	19,995
Additions based on tax positions related to the current year	2,574
Additions for tax positions of prior years	343
Reductions for tax positions of prior years	(301		)
Lapse of statute of limitations	(781		)
Changes due to translation of foreign currencies	27
Balance as of November 30, 2013	21,857
Additions based on tax positions related to the current year	3,943
Additions for tax positions of prior years	118
Reductions for tax positions of prior years	(3,609		)
Lapse of statute of limitations	(400		)
Changes due to translation of foreign currencies	(35		)
Balance as of November 30, 2014	21,874
Additions based on tax positions related to the current year	3,485
Additions for tax positions of prior years	923
Lapse of statute of limitations	(3,441		)
Changes due to translation of foreign currencies	(26		)
Balance as of November 30, 2015	$	22,815

The Company conducts business globally and files income tax returns in various U.S. and foreign tax jurisdictions. The Company is subject to continuous examination and audits by various tax authorities. In the United States, the Company is subject to examination and audits by tax authorities for tax years after fiscal year ended 2009. The Company is currently in appeal for its Federal income tax returns for fiscal years ended November 2009 and 2010. As of November 30, 2015, the Company is unable to estimate the range of any possible adjustments due to uncertainty in the timing of the resolution of the audit. Although timing of the resolution of audits is highly uncertain, the Company does not believe it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2015 will change materially in the next twelve months.

As of November 30, 2015, the total uncertain tax position is $22,815, of which $20,901 of the unrecognized tax benefits, net of federal benefit would affect the effective tax rate if realized. The Company's policy is to include interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. As of November 30, 2015 and 2014, the Company had accrued $2,992 and $3,068, respectively, in income taxes payable related to accrued interest and penalties.