Leases

12 Months Ended

Nov. 29, 2024

We lease certain facilities and data centers under non-cancellable operating lease arrangements that expire at various dates through 2034. We also have one land lease that expires in 2091. Our lease agreements do not contain any material residual value guarantees, material variable payment provisions or material restrictive covenants.

Operating lease expense was $106 million, $117 million and $121 million for fiscal 2024, 2023 and 2022, respectively. We recognized operating lease expense in cost of revenue and operating expenses in our Consolidated Statements of Income. Our operating lease expense includes variable lease costs and is net of sublease income, both of which are not material.

During fiscal 2024, we recognized impairment charges of $78 million associated with the optimization of our leased facilities, primarily for operating lease right-of-use assets and leasehold improvements, which were recorded as general and administrative expenses. There was no impairment recognized in the other periods presented.

Supplemental cash flow information for fiscal 2024, 2023 and 2022 related to operating leases was as follows:


(in millions)	2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	85	$	97	$	107
Right-of-use assets obtained in exchange for operating lease liabilities	$	62	$	32	$	59

The weighted-average remaining lease term and weighted-average discount rate for our operating lease liabilities as of November 29, 2024 were 6 years and 2.69%, respectively.

As of November 29, 2024, the maturities of lease liabilities under operating leases were as follows:


(in millions)
Fiscal Year	Operating Leases
2025	$	85
2026	83
2027	83
2028	70
2029	52
Thereafter	90
Total lease liabilities	$	463
Less: Imputed interest	(35)
Present value of lease liabilities	$	428