Commitments and Contingencies (Tables)

3 Months Ended

Feb. 29, 2020

Commitments and Contingencies Disclosure [Abstract]

The following table includes additional information about the Company's leases:



(Dollars in thousands)	February 29, 2020
Right-of-use assets	$	143,690
Lease liabilities	$	150,779
Weighted-average remaining lease term (in years)	3.4
Weighted-average discount rate	3.1		%

Future Minimum Payments Under Noncancellable Leases

The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Future minimum payments under the noncancellable leases in effect at February 29, 2020 were as follows:



(Dollars in thousands)	Lease Payments
2020	$	30,818
2021	38,278
2022	29,061
2023	21,754
2024	15,311
2025 and thereafter	28,550
Total future minimum lease payments (1)	$	163,772
Less: Interest (2)	12,993
Present value of lease liabilities (2)	$	150,779


(1)	Total future minimum lease payments exclude variable lease costs of $13.4 million and short-term lease costs of $2.8 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 29, 2020, the minimum lease payments for these leases that have not yet commenced were immaterial.

(2)

The Company's leases do not include a readily determinable implicit rate. As such, the Company has estimated the discount rate for these leases to determine the present value of lease payments at the lease commencement date or as of December 1, 2019, which was the effective date of ASU 2016-02. As of February 29, 2020, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 3.4 years and 3.1%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities.