The Company leases certain of its facilities and equipment under noncancellable operating lease agreements, which expire in various periods through 2039. The Company’s finance leases are not material.

The following table presents the various components of lease costs:


	Fiscal Years Ended November 30,
	2024		2023		2022
	(currency in thousands)
Operating lease cost	$	108,898	$	109,789	$	113,878
Short-term and variable lease cost	28,672		26,022		13,031
Sublease income	(606)		(950)		(1,067)
Total operating lease cost	$	136,964	$	134,861	$	125,842

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, 2024:


Fiscal Years Ending November 30,	(currency in thousands)
2025	$	104,065
2026	96,001
2027	80,263
2028	66,750
2029	52,923
Thereafter	202,651
Total payments	$	602,653
Less: imputed interest(1)	(108,156)
Total present value of lease payments	$	494,497

(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, 2024 and 2023:


Operating leases	Balance sheet location	November 30, 2024		November 30, 2023
		(currency in thousands)
Operating lease ROU assets	Other assets, net	$	471,889	$	450,966
Current operating lease liabilities	Other accrued liabilities	103,789		95,128
Non-current operating lease liabilities	Other long-term liabilities	390,708		372,944

The following table presents supplemental cash flow information related to the Company's operating leases for fiscal years 2024, 2023 and 2022. 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	2024		2023		2022
	(currency in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	103,803	$	108,880	$	114,558
Non-cash ROU assets obtained in exchange for lease liabilities	111,123		128,953		72,885

The weighted-average remaining lease term and discount rate as of November 30, 2024 and 2023 were as follows:


Operating lease term and discount rate	2024		2023
Weighted-average remaining lease term (years)	7.69		7.63
Weighted-average discount rate	4.86	%	4.53	%