Income Taxes (Tables)

12 Months Ended

Nov. 30, 2024

Provision for income tax expense components:


	Year Ended November 30,
$ in thousands	2024	2023	2022
Current: .............................................
U.S. Federal ......................................	$138,259	$14,600	$198,507
U.S. state and local .........................	75,977	14,896	67,236
Foreign ..............................................	83,089	51,923	78,505
Total current ....................................	297,325	81,419	344,248
Deferred:
U.S. Federal ......................................	(9,453)	10,380	(61,303)
U.S. state and local .........................	(2,912)	3,112	(17,010)
Foreign ..............................................	8,234	(3,030)	7,917
Total deferred ..................................	(4,131)	10,462	(70,396)
Total income tax expense from continuing operations ....................	$293,194	$91,881	$273,852

U.S. and non-U.S. components of earnings from continuing

operations before income tax expense:


	Year Ended November 30,
$ in thousands	2024	2023	2022
U.S. ....................................................	$703,981	$177,595	$801,047
Non-U.S. (1) ......................................	301,565	176,674	254,515
Earnings from continuing operations before income tax expense ............................................	$1,005,546	$354,269	$1,055,562

(1)For purposes of this table, non-U.S. income is defined as income generated

from operations located outside the U.S.

Income tax expense differed from the amounts computed by

applying the U.S. Federal statutory income tax rate of 21.0% to

earnings from continuing operations before income taxes as a

result of the following:


	Year Ended November 30,
	2024		2023		2022
$ in thousands	Amount	Percent	Amount	Percent	Amount	Percent
Computed expected federal income taxes ...........	$211,165	21.0%	$74,396	21.0%	$221,668	21.0%
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of Federal income tax benefit ................	47,642	4.8	17,071	4.8	47,364	4.5
International operations (including foreign rate differential) ......	19,567	1.9	7,306	2.1	18,711	1.8
Foreign tax credits, net .............................	(10,324)	(1.0)	(4,504)	(1.3)	(20,368)	(1.9)
Non-deductible executive compensation ..........	14,481	1.5	11,664	3.3	12,596	1.2
Employee share- based awards ..........	(12,044)	(1.2)	(16,136)	(4.6)	(37,988)	(3.6)
Regulatory Settlement ................	—	—	—	—	20,184	1.9
Change in unrecognized tax benefits related to prior years ...............	(15,696)	(1.6)	(25,561)	(7.2)	(16,915)	(1.7)
Interest on unrecognized tax benefits .....................	26,257	2.6	18,988	5.4	13,902	1.3
Other, net ..................	12,146	1.2	8,657	2.4	14,698	1.4
Total income tax expense from continuing operations ................	$293,194	29.2%	$91,881	25.9%	$273,852	25.9%

Reconciliation of gross unrecognized tax benefits:


	Year Ended November 30,
$ in thousands	2024	2023	2022
Balance at beginning of period .............	$332,323	$349,955	$339,036
Increases based on tax positions related to the current period ..................	29,454	1,555	30,690
Increases based on tax positions related to prior periods ...........................	8,022	10,134	5,902
Decreases based on tax positions related to prior periods ...........................	(23,370)	(28,622)	(25,673)
Decreases related to settlements with taxing authorities ....................................	—	(699)	—
Balance at end of period ........................	$346,429	$332,323	$349,955

Cumulative tax effects of temporary differences that give rise to

significant portions of the deferred tax assets and liabilities:


	November 30,
$ in thousands	2024	2023
Deferred tax assets:
Net operating loss carryover ......................................	$254,142	$251,244
Compensation and benefits .......................................	221,395	189,928
Accrued expenses and other ......................................	195,216	175,360
Operating lease liabilities ............................................	150,665	128,805
Long-term debt .............................................................	83,680	75,850
Investments in associated companies .....................	73,211	93,952
Sub-total ........................................................................	978,309	915,139
Valuation allowance ....................................................	(240,231)	(228,074)
Total deferred tax assets ...........................................	738,078	687,065
Deferred tax liabilities:
Operating lease right-of-use assets ..........................	132,867	110,071
Amortization of intangibles ........................................	55,067	62,333
Other ..............................................................................	52,554	56,318
Total deferred tax liabilities .......................................	240,488	228,722
Net deferred tax asset, included in Other assets ...	$497,590	$458,343

Earliest tax years that remain subject to examination in the major

tax jurisdictions in which we operate: