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Income Taxes (Tables)

12 Months Ended

Nov. 30, 2014

Total income taxes for the year ended November 30, 2014, the nine months ended November 30, 2013, the three months ended February 28, 2013, and the year ended November 30, 2012 were allocated as follows (in thousands):


	Successor						Predecessor
	Year Ended November 30, 2014			Nine Months Ended November 30, 2013			Three Months Ended February 28, 2013		Year Ended November 30, 2012
Income tax expense	$	142,061		$	94,686		$	48,645	$	168,646
Stockholders’ equity, for compensation expense for tax purposes (in excess of)/less than amounts recognized for financial reporting purposes	$	(1,276	)	$	(2,873	)	$	17,965	$	(19,789	)

Components of Provision for Income Tax Expense

The provision for income tax expense consists of the following components (in thousands):


	Successor					Predecessor
	Year Ended November 30,		Nine Months Ended November 30,			Three Months Ended February 28,			Year Ended November 30,
	2014		2013			2013			2012
Current:
U.S. Federal	$	4,335	$	50,089		$	22,936		$	62,710
U.S. state and local		4,056		6,263			(3,176	)		18,520
Foreign		11,475		7,050			(1,950	)		2,773

		19,866		63,402			17,810			84,003

Deferred:
U.S. Federal		87,293		25,262			17,392			79,224
U.S. state and local		27,181		8,868			9,761			13,006
Foreign		7,721		(2,846	)		3,682			(7,587	)

		122,195		31,284			30,835			84,643

	$	142,061	$	94,686		$	48,645		$	168,646

Reconciliation of Effective Tax Rate to U.S. Federal Statutory Income Tax Rate

Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 35% to earnings before income taxes as a result of the following (in thousands):


	Successor												Predecessor
	Year Ended November 30,						Nine Months Ended November 30,						Three Months Ended February 28,						Year Ended November 30,
	2014						2013						2013						2012
	Amount			Percent			Amount			Percent			Amount			Percent			Amount			Percent
Computed expected income taxes	$	106,058			35.0	%	$	92,504			35.0	%	$	48,820			35.0	%	$	172,128			35.0	%
Increase (decrease) in income taxes resulting from:
State and city income taxes, net of Federal income tax benefit		20,304			6.7			9,835			3.7			4,280			3.1			20,492			4.2
Income alloacted to Noncontrolling interest, not subject to tax		(1,190	)		(0.4	)		(2,946	)		(1.1	)		(3,553	)		(2.5	)		(14,161	)		(2.9	)
Foreign rate differential		(9,024	)		(2.9	)		(4,750	)		(1.8	)		(2,993	)		(2.2	)		(7,528	)		(1.5	)
Tax exempt income		(6,746	)		(2.2	)		(3,742	)		(1.4	)		(1,003	)		(0.7	)		(3,979	)		(0.8	)
Non deductible settlements		3,850			1.3			4,900			1.9			—			—			—			—
Valuation allowance related to Futures business		4,655			1.5			—			—			—			—			—			—
Goodwill impairment		13,619			4.5			—			—			—			—			—			—
Other, net		10,535			3.4			(1,115	)		(0.5	)		3,094			2.2			1,694			0.3

Total income taxes	$	142,061			46.9	%	$	94,686			35.8	%	$	48,645			34.9	%	$	168,646			34.3	%

Roll Forward of Gross Unrecognized Tax Benefits

The following table presents a reconciliation of gross unrecognized tax benefits (in thousands):


	Successor						Predecessor
	Year Ended			Nine Months Ended			Three Months Ended			Year Ended
	November 30, 2014			November 30, 2013			February 28, 2013			November 30, 2012
Balance at beginning of period	$	126,844		$	129,010		$	110,539		$	79,779
Increases based on tax positions related to the current period		4,831			8,748			7,185			30,671
Increases based on tax positions related to prior periods		1,624			7,383			15,356			7,549
Decreases based on tax positions related to prior periods		(1,709	)		(18,297	)		(4,070	)		(5,893	)
Decreases related to settlements with taxing authorities		(4,928	)		—			—			(487	)
Decreases related to a lapse of applicable statutes of limitation		—			—			—			(1,080	)

Balance at end of period	$	126,662		$	126,844		$	129,010		$	110,539

Significant Components of Deferred Tax Assets and Liabilities

The cumulative tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at November 30, 2014 and November 30, 2013 are presented below (in thousands):


	November 30,			November 30,
	2014			2013
Deferred tax assets:
Compensation and benefits	$	302,072		$	373,964
Net operating loss		17,830			24,147
Long-term debt		140,685			191,274
Accrued expenses & other		89,273			86,336

Sub-total		549,860			675,721
Valuation allowance		(13,069	)		(11,140	)

Total deferred tax assets		536,791			664,581

Deferred tax liabilities:
Amortization of intangibles		97,268			98,798
Other		26,454			30,842

Total deferred tax liabilities		123,722			129,640

Net deferred tax asset, included in Other assets	$	413,069		$	534,941

Earliest Tax Year Subject to Examination in the Major Tax Jurisdictions in which the Company Operates

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		2013
California		2006
Connecticut		2006
New Jersey		2007
New York State		2001
New York City		2003