Income Taxes

6 Months Ended

May 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

At May 31, 2023 and November 30, 2022, our total gross unrecognized tax benefits were $349.4 million and $350.0 million, respectively. At May 31, 2023 and November 30, 2022, we had interest accrued of approximately $126.2 million and $116.5 million, respectively, included in Accrued expenses and other liabilities in our Consolidated Statements of Financial Condition. The total amount of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate was $276.3 million and $276.5 million (net of Federal benefit) at May 31, 2023 and November 30, 2022, respectively. We recognize interest and penalties, if any, related to unrecognized tax benefits in income tax expense in our Consolidated Statements of Earnings.

We are currently under examination by a number of taxing jurisdictions. Though we do not expect that resolution of these examinations will have a material effect on our consolidated financial position, they may have a material impact on our consolidated results of operations for the period in which resolution occurs.

The table below summarizes the earliest tax years that remain subject to examination in the major tax jurisdictions in which we operate:

Jurisdiction	Tax Year
United States	2019
New York State	2001
New York City	2006
United Kingdom	2021
Germany	2017
Hong Kong	2017
India	2010

For the three and six months ended May 31, 2023, the provision for income taxes was $9.2 million and $37.9 million, respectively, representing an effective tax rate of 51.5% and 21.6%, respectively.

For the three and six months ended May 31, 2022, the provision for income taxes was $49.7 million and $114.0 million, respectively, representing an effective tax rate of 29.8% and 20.4%, respectively.