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Commitments and Contingencies (Tables)
 9 Months Ended
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, 2021November 30, 2020
Right-of-use assets$157,164 113,390 
Lease liabilities165,095 122,836 
Weighted-average remaining lease term (in years)8.32.6
Weighted-average discount rate2.9 %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 
202234,360 
202328,283 
202423,113 
202518,702 
2026 and thereafter74,108 
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, 2021August 31, 2020
Rental expense$63,232 62,554 
Payment on lease liabilities22,174 40,359