Income Taxes

At May 31, 2017 and November 30, 2016, we had approximately $115.9 million and $109.5 million, respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefit that, if recognized, would favorably affect the effective tax rate was $77.4 million and $73.1 million (net of benefits of taxes) at May 31, 2017 and November 30, 2016, respectively.

We recognize interest accrued related to unrecognized tax benefits in Interest expense. Penalties, if any, are recognized in Other expenses in our Consolidated Statements of Earnings. At May 31, 2017 and November 30, 2016, we had interest accrued of approximately $43.6 million and $39.3 million, respectively, included in Accrued expenses and other liabilities. No material penalties were accrued for the six months ended May 31, 2017 and the year ended November 30, 2016.

We are currently under examination by the Internal Revenue Service and other major tax jurisdictions. We do not expect that resolution of these examinations will have a material effect on our consolidated financial position, but could 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	2007
California	2007
New Jersey	2010
New York State	2001
New York City	2003
United Kingdom	2014
Hong Kong	2011