Leases (Tables)

3 Months Ended

Feb. 29, 2020

Leases [Abstract]

Lease Costs

We enter into lease and sublease agreements primarily for office space across our geographic locations. Finance lease ROU assets

and finance lease liabilities are not material. Information related to leases in the Consolidated Statement of Financial Condition is as follows (in thousands, except lease term and discount rate):

	Three Months Ended February 29, 2020
Premises and equipment - ROU assets	$	535,815
Weighted average:
Remaining lease term (in years)	11.1 years
Discount rate	2.9		%

Consolidated Statement of Cash Flows supplemental information is as follows (in thousands):

	Three Months Ended February 29, 2020
Cash outflows - lease liabilities	$	18,388
Non-cash - ROU assets recorded for new and modified leases	$	11,761

The following table presents our lease costs (in thousands):

	Three Months Ended February 29, 2020
Operating lease costs (1)	$	19,249
Variable lease costs (2)	3,515
Less: Sublease income	(1,848		)
Total lease cost, net	$	20,916

(1) Includes short-term leases, which are not material.

(2) Includes property taxes, insurance costs, common area maintenance, utilities, and other costs that are not fixed. The amount also includes rent increases resulting from inflation indices and periodic market rent reviews.

Maturity Of Operating Lease Liability

The following table presents the maturities of our operating lease liabilities and a reconciliation to the Lease liabilities included in the Consolidated Statement of Financial Condition at February 29, 2020 (in thousands):

	Lease Liabilities
Remainder of 2020	$	46,865
2021	76,147
2022	73,862
2023	64,543
2024	61,329
2025 and thereafter	396,698
Total undiscounted cash flows	719,444
Less: Difference between undiscounted and discounted cash flows	(112,287		)
Operating leases amount in the Consolidated Statement of Financial Condition	607,157
Finance leases amount in the Consolidated Statement of Financial Condition	378
Total amount in the Consolidated Statement of Financial Condition	$	607,535

Schedule of Future Minimum Rental Payments for Operating Leases

Minimum Future Lease Commitments (under Previous GAAP). As lessee, we lease certain premises and equipment under non-cancelable agreements expiring at various dates through 2039 which are operating leases. At November 30, 2019, future minimum annual lease payments under such leases (net of sublease income) were as follows (in thousands):

2020	$	70,886
2021	73,374
2022	71,464
2023	62,552
2024	59,714
Thereafter	393,995
	731,985
Less: sublease income	(21,883		)
	$	710,102