Income Taxes (Tables)

12 Months Ended

Nov. 30, 2022

Income Tax Disclosure [Abstract]

Schedule Of Provision For Income Taxes

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

	Year Ended November 30,
	2022		2021		2020
Current:
U.S. Federal	$	198,507	$	322,551	$	90,350
U.S. state and local	67,236		70,370		68,261
Foreign	78,505		86,918		75,395
Total current	344,248		479,839		234,006
Deferred:
U.S. Federal	(61,303)		72,753		52,765
U.S. state and local	(17,010)		19,502		(1,288)
Foreign	7,917		4,635		13,190
Total deferred	(70,396)		96,890		64,667
Total income tax expense	$	273,852	$	576,729	$	298,673

Schedule of Income before Income Tax, U.S. and non-U.S.

The following table presents the U.S. and non-U.S. components of earnings before income tax expense (in thousands):

	Year Ended November 30,
	2022		2021		2020
U.S.	$	801,047	$	1,970,625	$	813,305
Non-U.S. (1)	254,515		283,480		253,778
Earnings before income tax expense	$	1,055,562	$	2,254,105	$	1,067,083

(1)For purposes of this table, non-U.S. income is defined as income generated from operations located outside the U.S.

Schedule Of Reconciliation Of Expected Statutory Federal Income Tax To Actual Income Tax Provision (Benefit)

Income tax expense differed from the amounts computed by applying the U.S. Federal statutory income tax rate of 21.0% to earnings before income taxes as a result of the following (dollars in thousands):

	Year Ended November 30,
	2022				2021				2020
	Amount		Percent		Amount		Percent		Amount		Percent
Computed expected federal income taxes	$	221,668	21.0	%	$	473,362	21.0	%	$	224,087	21.0	%
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of Federal income tax benefit	47,364		4.5		96,884		4.3		45,457		4.3
International operations (including foreign rate differential)	18,711		1.8		18,073		0.8		13,155		1.2
Non-deductible executive compensation	12,596		1.2		20,359		0.9		12,814		1.2
Foreign tax credits, net	(20,368)		(1.9)		(13,963)		(0.6)		(8,654)		(0.8)
Employee share-based awards	(37,988)		(3.6)		893		—		209		—
Regulatory Settlement	20,184		1.9		—		—		—		—
Change in unrecognized tax benefits related to prior years	(16,915)		(1.7)		(27,374)		(1.2)		(4,522)		(0.5)
Interest on unrecognized tax benefits	13,902		1.3		8,651		0.4		15,600		1.5
Other, net	14,698		1.4		(156)		—		527		0.1
Total income tax expense	$	273,852	25.9	%	$	576,729	25.6	%	$	298,673	28.0	%

Schedule Of Reconciliation Of Unrecognized Tax Benefits

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

	Year Ended November 30,
	2022		2021		2020
Balance at beginning of period	$	339,036	$	314,347	$	260,138
Increases based on tax positions related to the current period	30,690		50,079		41,114
Increases based on tax positions related to prior periods	5,902		3,490		22,328
Decreases based on tax positions related to prior periods	(25,673)		(24,180)		(8,966)
Decreases related to settlements with taxing authorities	—		(4,700)		(267)
Balance at end of period	$	349,955	$	339,036	$	314,347

Schedule 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 are presented below (in thousands):

	November 30,
	2022		2021
Deferred tax assets:
Compensation and benefits	$	250,096	$	187,818
Operating lease liabilities	133,250		135,862
Long-term debt	47,535		65,037
Accrued expenses and other	166,564		178,451
Investments in associated companies	11,931		1,135
Sub-total	609,376		568,303
Valuation allowance	(6,266)		(11,922)
Total deferred tax assets	603,110		556,381
Deferred tax liabilities:
Operating lease right-of-use assets	118,567		126,150
Amortization of intangibles	62,670		62,123
Other	34,011		40,561
Total deferred tax liabilities	215,248		228,834
Net deferred tax asset, included in Other assets	$	387,862	$	327,547

Schedule of Tax Years Subject to Examination

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	2019
New York State	2001
New York City	2006
United Kingdom	2021
Germany	2017
Hong Kong	2016
India	2010