Income Taxes

3 Months Ended

Feb. 28, 2013

Income Taxes

Note 20. Income Taxes

As of February 28, 2013 and November 30, 2012, we had approximately $129.0 million and $110.5 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 $84.4 million and $72.4 million (net of federal benefits of taxes) at February 28, 2013 and November 30, 2012, respectively.

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 February 28, 2013 and November 30, 2012, we had interest accrued of approximately $17.1 million and $15.3 million, respectively, included in Accrued expenses and other liabilities. No material penalties were accrued at February 28, 2013 and February 29, 2012.

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 the consolidated results of operations for the period in which resolution occurs. It is reasonably possible that, within the next twelve months, various tax examinations will be concluded and statutes of limitation will expire. However, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and impact on the effective tax rate over the next 12 months.

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		2006
United Kingdom		2011
California		2004
Connecticut		2006
Massachusetts		2006
New Jersey		2007
New York State		2001
New York City		2003