Commitments and Contingencies (Tables)

3 Months Ended

Feb. 28, 2022

Commitments and Contingencies Disclosure [Abstract]

Additional Information About Leases

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

(Dollars in thousands)	February 28, 2022			November 30, 2021
Right-of-use assets	$	152,066		155,616
Lease liabilities	161,208			163,513
Weighted-average remaining lease term (in years)	8.1			8.2
Weighted-average discount rate	2.9		%	2.8	%

Future Minimum Payments Under Noncancellable Leases

Future minimum payments under the noncancellable leases in effect at February 28, 2022 were as follows:

(In thousands)	Lease Payments
2022	$	26,898
2023	30,481
2024	24,833
2025	20,269
2026	15,423
2027 and thereafter	63,257
Total future minimum lease payments (1)	$	181,161
Less: Interest (2)	19,953
Present value of lease liabilities (2)	$	161,208

(1)Total future minimum lease payments exclude variable lease costs of $19.3 million and short-term lease costs of $2.4 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of February 28, 2022, 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 28, 2022, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.1 years and 2.9%, respectively. The Company recognized the lease liabilities on its condensed consolidated balance sheets within accounts payable or other liabilities of the respective segments.

Lease, Cost

The Company's rental expense and payments on lease liabilities were as follows:

	Three months ended
(In thousands)	February 28, 2022		February 28, 2021
Rental expense	$	25,641	20,707
Payment on lease liabilities	6,557		9,906