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Leases (Tables) | 12 Months Ended
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Nov. 30, 2024
Leases [Abstract] |
Lease Cost | The following presents the components of our lease expense for the years ended November 30 (in millions):
| 2024 | 2023 | 2022
Operating lease cost | $ | 75.7 |  | $ | 74.6 |  | $ | 47.0 |
Finance lease cost: |  |  |
Amortization of ROU assets | 9.0 |  | 9.0 |  | 9.0 |
Interest on lease liabilities | 3.7 |  | 3.9 |  | 4.1 |
Net lease cost (1) | $ | 88.4 |  | $ | 87.5 |  | $ | 60.1 |
(1) Net lease cost does not include short-term leases or sublease income, both of which are immaterial.
Supplemental cash flow and other information related to leases for the years ended November 30 were as follows (in millions):
| 2024 | 2023 | 2022
Cash paid for amounts included in the measurements of lease liabilities: |  |  |
Operating cash flows used for operating leases | $ | 66.8 |  | $ | 64.5 |  | $ | 41.4 |
Operating cash flows used for finance leases | 3.7 |  | 3.9 |  | 4.1 |
Financing cash flows used for finance leases | 8.0 |  | 7.6 |  | 7.3 |
ROU assets obtained in exchange for lease liabilities |  |  |
Operating leases | $ | 47.6 |  | $ | 52.1 |  | $ | 133.8 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of November 30 were as follows (in millions):
Leases |  | Classification | 2024 | 2023
Assets: |  |  |  |
Operating lease ROU assets |  | Other long-term assets | $ | 211.0 |  | $ | 220.0 |
Finance lease ROU assets |  | Property, plant and equipment, net | 86.1 |  | 94.8 |
Total leased assets |  |  | $ | 297.1 |  | $ | 314.8 |
Liabilities: |  |  |  |
Current |  |  |  |
Operating |  | Other accrued liabilities | $ | 55.7 |  | $ | 53.3 |
Finance |  | Current portion of long-term debt | 8.8 |  | 8.3 |
Non-current |  |  |  |
Operating |  | Other long-term liabilities | 166.6 |  | 179.9 |
Finance |  | Long-term debt | 94.5 |  | 103.0 |
Total lease liabilities |  |  | $ | 325.6 |  | $ | 344.5 |
Information Regarding Lease Terms and Discount Rates | Information regarding our lease terms and discount rates as of November 30 were as follows:
| 2024 | 2023
| Weighted-average remaining lease term (years) | Weighted-average discount rate | Weighted-average remaining lease term (years) | Weighted-average discount rate
Operating leases | 5.2 | 3.9 | % | 5.7 | 3.9 | %
Finance leases | 10.2 | 3.4 | % | 11.2 | 3.4 | %
Lease Maturity | The future maturity of our lease liabilities as of November 30, 2024 were as follows (in millions):
| Operating leases |  | Finance leases |  | Total
2025 | $ | 63.9 |  |  | $ | 11.8 |  |  | $ | 75.7 |
2026 | 58.1 |  |  | 12.0 |  |  | 70.1 |
2027 | 52.3 |  |  | 12.2 |  |  | 64.5 |
2028 | 20.6 |  |  | 12.5 |  |  | 33.1 |
2029 | 13.9 |  |  | 12.7 |  |  | 26.6 |
Thereafter | 40.1 |  |  | 69.0 |  |  | 109.1 |
Total lease payments | 248.9 |  |  | 130.2 |  |  | 379.1 |
Less: Imputed interest | 26.6 |  |  | 26.9 |  |  | 53.5 |
Total lease liabilities | $ | 222.3 |  |  | $ | 103.3 |  |  | $ | 325.6 |
Lease Maturity | The future maturity of our lease liabilities as of November 30, 2024 were as follows (in millions):
| Operating leases |  | Finance leases |  | Total
2025 | $ | 63.9 |  |  | $ | 11.8 |  |  | $ | 75.7 |
2026 | 58.1 |  |  | 12.0 |  |  | 70.1 |
2027 | 52.3 |  |  | 12.2 |  |  | 64.5 |
2028 | 20.6 |  |  | 12.5 |  |  | 33.1 |
2029 | 13.9 |  |  | 12.7 |  |  | 26.6 |
Thereafter | 40.1 |  |  | 69.0 |  |  | 109.1 |
Total lease payments | 248.9 |  |  | 130.2 |  |  | 379.1 |
Less: Imputed interest | 26.6 |  |  | 26.9 |  |  | 53.5 |
Total lease liabilities | $ | 222.3 |  |  | $ | 103.3 |  |  | $ | 325.6 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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