The Company leases certain of its facilities and equipment under noncancellable operating lease agreements, which expire in various periods through 2037. The Company’s finance leases are not material.

The following table presents the various components of lease costs.


	Fiscal Years Ended November 30,
	2023		2022		2021
	(currency in thousands)
Operating lease cost	$	109,789	$	113,878	$	48,167
Short-term and variable lease cost	26,022		13,031		5,618
Sublease income	(950)		(1,067)		(223)
Total operating lease cost	$	134,861	$	125,842	$	53,562

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of November 30, 2023:


Fiscal Years Ending November 30,	(currency in thousands)
2024	$	97,948
2025	86,176
2026	75,618
2027	59,515
2028	51,441
Thereafter	186,086
Total payments	$	556,784
Less: imputed interest(1)	(88,712)
Total present value of lease payments	$	468,072

(1) Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

The following amounts were recorded in the Company's Consolidated Balance Sheet as of November 30, 2023 and 2022:


Operating leases	Balance sheet location	November 30, 2023		November 30, 2022
		(currency in thousands)
Operating lease ROU assets	Other assets, net	$	450,966	$	406,165
Current operating lease liabilities	Other accrued liabilities	95,128		89,397
Non-current operating lease liabilities	Other long-term liabilities	372,944		333,510

The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2023, 2022 and 2021. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:


	Fiscal Years Ended November 30,
Cash flow information	2023		2022		2021
	(currency in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	108,880	$	114,558	$	29,887
Non-cash ROU assets obtained in exchange for lease liabilities	128,953		72,885		34,179

The weighted-average remaining lease term and discount rate as of November 30, 2023 and 2022 were as follows:


Operating lease term and discount rate	2023		2022
Weighted-average remaining lease term (years)	7.63		8.43
Weighted-average discount rate	4.53	%	4.07	%