Leases (Tables)

12 Months Ended

Nov. 30, 2023

Leases [Abstract]

Lease Cost

The following presents the components of our lease expense for the years ended November 30 (in millions):

	2023		2022		2021
Operating lease cost	$	74.6	$	47.0	$	45.0
Finance lease cost:
Amortization of ROU assets	9.0		9.0		9.0
Interest on lease liabilities	3.9		4.1		4.3
Net lease cost (1)	$	87.5	$	60.1	$	58.3
(1) Net lease cost does not include short-term leases or sublease income, both of which are immaterial.

Supplemental cash flow and other information related to leases for the years ended November 30 were as follows (in millions):

	2023		2022
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows used for operating leases	$	64.5	$	41.4
Operating cash flows used for finance leases	3.9		4.1
Financing cash flows used for finance leases	7.6		7.3
ROU assets obtained in exchange for lease liabilities
Operating leases	$	52.1	$	133.8

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases as of November 30 were as follows (in millions):

Leases	Classification	2023		2022
Assets:
Operating lease ROU assets	Other long-term assets	$	220.0	$	218.9
Finance lease ROU assets	Property, plant and equipment, net	94.8		103.0
Total leased assets		$	314.8	$	321.9
Liabilities:
Current
Operating	Other accrued liabilities	$	53.3	$	54.4
Finance	Current portion of long-term debt	8.3		7.8
Non-current
Operating	Other long-term liabilities	179.9		176.1
Finance	Long-term debt	103.0		110.5
Total lease liabilities		$	344.5	$	348.8

Information Regarding Lease Terms and Discount Rates

Information regarding our lease terms and discount rates as of November 30 were as follows:

	2023			2022
	Weighted-average remaining lease term (years)	Weighted-average discount rate		Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	5.7	3.9	%	5.8	3.7	%
Finance leases	11.2	3.4	%	11.9	3.3	%

Lease Maturity

The future maturity of our lease liabilities as of November 30, 2023 were as follows (in millions):

	Operating leases		Finance leases		Total
2024	$	61.3	$	11.6	$	72.9
2025	54.5		11.8		66.3
2026	47.4		12.0		59.4
2027	41.5		12.2		53.7
2028	13.2		12.5		25.7
Thereafter	43.8		81.7		125.5
Total lease payments	261.7		141.8		403.5
Less: Imputed interest	28.5		30.5		59.0
Total lease liabilities	$	233.2	$	111.3	$	344.5

Lease Maturity

The future maturity of our lease liabilities as of November 30, 2023 were as follows (in millions):

	Operating leases		Finance leases		Total
2024	$	61.3	$	11.6	$	72.9
2025	54.5		11.8		66.3
2026	47.4		12.0		59.4
2027	41.5		12.2		53.7
2028	13.2		12.5		25.7
Thereafter	43.8		81.7		125.5
Total lease payments	261.7		141.8		403.5
Less: Imputed interest	28.5		30.5		59.0
Total lease liabilities	$	233.2	$	111.3	$	344.5