Income Taxes

9 Months Ended

Aug. 31, 2011

Income Taxes [Abstract]

Income Taxes

Note 18. Income Taxes

As of August 31, 2011 and November 30, 2010, we had approximately $70.8 million and $52.9 million, respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefits that, if recognized, would favorably affect the effective tax rate in future periods was $47.3 million and $34.3 million (net of federal benefit of state taxes) at August 31, 2011 and November 30, 2010, respectively.

We are currently under examination by the Internal Revenue Service and other tax authorities in jurisdictions in which we have significant business operations. We do not expect that conclusion of these examinations will have a material effect on the Consolidated Statement of Financial Condition, but could have a material impact on the Consolidated Statement of Earnings for the period in which resolution occurs. The table below summarizes the earliest tax years that are subject to examination in the major tax jurisdictions in which we operate:

Jurisdiction	Tax Year
United States	2006
United Kingdom	2008
New Jersey	2006
New York State	2001
New York City	2003

We recognize interest accrued related to unrecognized tax benefits in interest expense. Penalties, if any, are recognized in Other expenses in the Consolidated Statements of Earnings. As of August 31, 2011 and November 30, 2010, we have accrued interest related to unrecognized tax benefits of approximately $10.2 million and $6.4 million, respectively. No material penalties were required to be accrued at August 31, 2011 and November 30, 2010.