Leases (Tables)

6 Months Ended

May 31, 2020

Leases [Abstract]

Lease Costs

Information related to operating leases in the Consolidated Statement of Financial Condition at May 31, 2020 is as follows (in thousands, except lease term and discount rate):

Premises and equipment - ROU assets	$	523,616
Weighted average:
Remaining lease term (in years)	10.8 years
Discount rate	2.9		%

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

	Three Months Ended May 31, 2020		Six Months Ended May 31, 2020
Operating lease costs (1)	$	19,320	$	38,569
Variable lease costs (2)	2,561		6,076
Less: Sublease income	(1,848)		(3,696)
Total lease cost, net	$	20,033	$	40,949

(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.

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

	Six Months Ended May 31, 2020
Cash outflows - lease liabilities	$	40,949
Non-cash - ROU assets recorded for new and modified leases	$	20,145

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 May 31, 2020 (in thousands):

	Lease Liabilities
Remainder of 2020	$	31,760
2021	77,283
2022	74,684
2023	65,174
2024	61,965
2025 and thereafter	393,447
Total undiscounted cash flows	704,313
Less: Difference between undiscounted and discounted cash flows	(107,046)
Operating leases amount in the Consolidated Statement of Financial Condition	597,267
Finance leases amount in the Consolidated Statement of Financial Condition	290
Total amount in the Consolidated Statement of Financial Condition	$	597,557

Schedule of Future Minimum Rental Payments for 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