Commitments and Contingencies (Tables)

6 Months Ended

May 31, 2022

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, 2022			November 30, 2021
Right-of-use assets	$	149,772		155,616
Lease liabilities	158,573			163,513
Weighted-average remaining lease term (in years)	8.2			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 May 31, 2022 were as follows:

(In thousands)	Lease Payments
2022	$	17,586
2023	30,964
2024	25,374
2025	21,181
2026	16,416
2027 and thereafter	66,826
Total future minimum lease payments (1)	$	178,347
Less: Interest (2)	19,774
Present value of lease liabilities (2)	$	158,573

(1)Total future minimum lease payments exclude variable lease costs of $17.0 million and short-term lease costs of $2.3 million.

(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 May 31, 2022, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.2 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:

	Six Months Ended
(In thousands)	May 31, 2022		May 31, 2021
Rental expense	$	50,698	41,662
Payment on lease liabilities	17,196		18,122