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Commitments and Contingencies (Tables) | 9 Months Ended
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Aug. 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) | August 31, 2021 |  | November 30, 2020
Right-of-use assets | $ | 157,164 |  |  | 113,390 |
Lease liabilities | 165,095 |  |  | 122,836 |
Weighted-average remaining lease term (in years) | 8.3 |  | 2.6
Weighted-average discount rate | 2.9 | % |  | 3.1 | %
Future Minimum Payments Under Noncancellable Leases | Future minimum payments under the noncancellable leases in effect at August 31, 2021 were as follows:
(In thousands) | Lease Payments
2021 | $ | 7,982 |
2022 | 34,360 |
2023 | 28,283 |
2024 | 23,113 |
2025 | 18,702 |
2026 and thereafter | 74,108 |
Total future minimum lease payments (1) | $ | 186,548 |
Less: Interest (2) | 21,453 |
Present value of lease liabilities (2) | $ | 165,095 |
(1)Total future minimum lease payments exclude variable lease costs of $26.2 million and short-term lease costs of $2.1 million. This also does not include minimum lease payments for executed and legally enforceable leases that have not yet commenced. As of August 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 August 31, 2021, the weighted average remaining lease term and weighted average discount rate used in calculating the lease liabilities were 8.3 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:
| Nine months ended
(In thousands) | August 31, 2021 |  | August 31, 2020
Rental expense | $ | 63,232 |  |  | 62,554 |
Payment on lease liabilities | 22,174 |  |  | 40,359 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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