Commitments and Contingencies (Tables)

6 Months Ended

May 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Additional Information About Leases

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

(Dollars in thousands)	May 31, 2020
Right-of-use assets	$	128,423
Lease liabilities	$	137,795
Weighted-average remaining lease term (in years)	2.9
Weighted-average discount rate	3.0		%

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 May 31, 2020 were as follows:

(Dollars in thousands)	Lease Payments
2020	$	17,791
2021	36,544
2022	28,543
2023	21,349
2024	15,429
2025 and thereafter	30,004
Total future minimum lease payments (1)	$	149,660
Less: Interest (2)	11,865
Present value of lease liabilities (2)	$	137,795

(1)Total future minimum lease payments exclude variable lease costs of $11.3 million and short-term lease costs of $2.3 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 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. The Company recognized the lease liabilities on its condensed consolidated balance sheets within other liabilities.