Leases (Tables)

12 Months Ended

Nov. 30, 2024

Leases [Abstract]

Lease Cost

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

	2024		2023		2022
Operating lease cost	$	75.7	$	74.6	$	47.0
Finance lease cost:
Amortization of ROU assets	9.0		9.0		9.0
Interest on lease liabilities	3.7		3.9		4.1
Net lease cost (1)	$	88.4	$	87.5	$	60.1
(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):

	2024		2023		2022
Cash paid for amounts included in the measurements of lease liabilities:
Operating cash flows used for operating leases	$	66.8	$	64.5	$	41.4
Operating cash flows used for finance leases	3.7		3.9		4.1
Financing cash flows used for finance leases	8.0		7.6		7.3
ROU assets obtained in exchange for lease liabilities
Operating leases	$	47.6	$	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	2024		2023
Assets:
Operating lease ROU assets	Other long-term assets	$	211.0	$	220.0
Finance lease ROU assets	Property, plant and equipment, net	86.1		94.8
Total leased assets		$	297.1	$	314.8
Liabilities:
Current
Operating	Other accrued liabilities	$	55.7	$	53.3
Finance	Current portion of long-term debt	8.8		8.3
Non-current
Operating	Other long-term liabilities	166.6		179.9
Finance	Long-term debt	94.5		103.0
Total lease liabilities		$	325.6	$	344.5

Information Regarding Lease Terms and Discount Rates

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

	2024			2023
	Weighted-average remaining lease term (years)	Weighted-average discount rate		Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	5.2	3.9	%	5.7	3.9	%
Finance leases	10.2	3.4	%	11.2	3.4	%

Lease Maturity

The future maturity of our lease liabilities as of November 30, 2024 were as follows (in millions):

	Operating leases		Finance leases		Total
2025	$	63.9	$	11.8	$	75.7
2026	58.1		12.0		70.1
2027	52.3		12.2		64.5
2028	20.6		12.5		33.1
2029	13.9		12.7		26.6
Thereafter	40.1		69.0		109.1
Total lease payments	248.9		130.2		379.1
Less: Imputed interest	26.6		26.9		53.5
Total lease liabilities	$	222.3	$	103.3	$	325.6

Lease Maturity

The future maturity of our lease liabilities as of November 30, 2024 were as follows (in millions):

	Operating leases		Finance leases		Total
2025	$	63.9	$	11.8	$	75.7
2026	58.1		12.0		70.1
2027	52.3		12.2		64.5
2028	20.6		12.5		33.1
2029	13.9		12.7		26.6
Thereafter	40.1		69.0		109.1
Total lease payments	248.9		130.2		379.1
Less: Imputed interest	26.6		26.9		53.5
Total lease liabilities	$	222.3	$	103.3	$	325.6