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Commitments and Contingencies (Tables)
 6 Months Ended
May 31, 2021
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, 2021November 30, 2020
Right-of-use assets$157,444 113,390 
Lease liabilities165,761 122,836 
Weighted-average remaining lease term (in years)8.42.9
Weighted-average discount rate3.0 %3.1 %
Future Minimum Payments Under Noncancellable Leases
Future minimum payments under the noncancellable leases in effect at May 31, 2021 were as follows:
(In thousands)Lease Payments
2021$17,932 
202232,834 
202326,699 
202421,552 
202517,530 
2026 and thereafter71,177 
Total future minimum lease payments (1)$187,724 
Less: Interest (2)21,963 
Present value of lease liabilities (2)$165,761 
(1)Total future minimum lease payments exclude variable lease costs of $12.9 million and short-term lease costs of $1.7 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of May 31, 2021, 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 May 31, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.4 years and 3.0%, 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, 2021May 31, 2020
Rental expense$41,662 41,131 
Payment on lease liabilities18,122 28,958