Income Taxes

9 Months Ended

Aug. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

At August 31, 2020 and November 30, 2019, we had approximately $169.4 million and $125.6 million, respectively, of total gross unrecognized tax benefits. The total amount of unrecognized benefits that, if recognized, would favorably affect the effective tax rate was $133.9 million and $99.5 million (net of Federal benefit) at August 31, 2020 and November 30, 2019, 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 August 31, 2020 and November 30, 2019, we had interest accrued of approximately $63.8 million and $55.6 million, respectively, included in Accrued expenses and other liabilities. No penalties were accrued for the nine months ended August 31, 2020 and the year ended November 30, 2019.

We are currently under examination in a number of major tax 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	2016
New Jersey	2010
New York State	2001
New York City	2006
United Kingdom	2018
Hong Kong	2014
India	2010
Italy	2012

For the nine months ended August 31, 2020, the provision for income taxes was $203.9 million, equating to an effective tax rate of 26.4%. For the nine months ended August 31, 2019, the provision for income taxes was $79.8 million, equating to an effective tax rate of 26.5%.