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PENSION AND EMPLOYEE BENEFITS PLANS
 12 Months Ended
Nov. 30, 2024
Retirement Benefits [Abstract]  
PENSION AND EMPLOYEE BENEFITS PLANS PENSION AND EMPLOYEE BENEFITS PLANS:
The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During fiscal years 2024, 2023 and 2022, the Company contributed $105,087, $89,767 and $83,792, respectively, to defined contribution plans.
Defined Benefit Plans
For eligible employees in the United States, the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund.
The Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. Benefits under these plans are primarily based on years
of service and compensation during the years immediately preceding retirement or termination of participation in the plans.
The Company’s measurement date for all defined benefit plans and other post-retirement benefits is November 30. The plan assumptions for both the U.S. and non-U.S. defined benefit pension plans are evaluated annually and are updated as deemed necessary. Net benefit costs related to defined benefit plans were $16,097, $11,328 and $9,437, during fiscal years 2024, 2023 and 2022, respectively.
Components of pension cost for the Company’s defined benefit plans are as follows:
Fiscal Years Ended November 30,
202420232022
Service costs$9,033 $6,937 $7,031 
Interest costs on projected benefit obligation10,893 10,306 6,828 
Expected return on plan assets(5,295)(6,208)(6,562)
Amortization and deferrals, net1,457 98 1,540 
Settlement charges9 195 600 
Total pension costs$16,097 $11,328 $9,437 
Service costs are recorded in cost of services and selling, general and administrative expenses while the remaining components of total pension costs are recorded within other expense (income), net in the consolidated statements of operations.
 
The status of the Company’s defined benefit plans is summarized below:
Fiscal Years Ended November 30,
20242023
Change in Benefit Obligation:
Benefit obligation at beginning of year$208,565 $209,166 
Service costs
9,033 6,937 
Interest costs
10,893 10,306 
Actuarial losses (gains)
6,017 (1,942)
Benefits paid
(17,161)(13,761)
Acquisitions— 12,499 
Settlements
(490)(14,771)
Foreign currency adjustments
(2,992)131 
Projected obligation at end of year$213,865 $208,565 
Change in Plan Assets:
Fair value of plan assets at beginning of year$126,752 $137,351 
Actual return on assets
17,251 2,358 
Settlements
(83)(14,771)
Employer contributions
4,442 12,143 
Benefits paid
(12,279)(10,119)
Foreign currency adjustments
(160)(210)
Fair value of plan assets at end of year$135,923 $126,752 
Funded Status of Plans:
Unfunded status$77,942 $81,813 
Amounts recognized in the consolidated balance sheet and recorded within other accrued liabilities and other long-term liabilities as of November 30, 2024 and 2023 consist of the following:
As of November 30,
20242023
Current liability$16,694 $16,946 
Non-current liability61,248 64,867 
Total$77,942 $81,813 
The accumulated benefit obligation for all defined benefit pension plans was $213,461 and $188,058 at November 30, 2024 and 2023, respectively.
The following weighted-average rates were used in determining the benefit obligations as of November 30, 2024 and 2023:
As of November 30,
20242023
Discount rate
3.2% - 6.7%
3.6% - 7.1%
Interest crediting rate for cash balance plan4.0 %4.0 %
Expected rate of future compensation growth
2.5% - 7.0%
1.8% - 8.0%
The following weighted-average rates were used in determining the pension costs for the fiscal years ended November 30, 2024 and 2023:
Fiscal Years Ended November 30,
20242023
Discount rate
4.0% - 7.5%
4.0% - 7.5%
Interest crediting rate for cash balance plan4.0 %4.0 %
Expected return on plan assets
3.6% - 7.1%
1.0% - 7.0%
Expected rate of future compensation growth
1.8% - 8.0%
1.8% - 8.8%
For the cash balance plan, the discount rate reflects the rate at which benefits could effectively be settled and is based on current investment yields of high-quality corporate bonds. The Company uses an actuarially-developed yield curve approach to match the timing of cash flows of expected future benefit payments by applying specific spot rates along the yield curve to determine the assumed discount rate.
The range of discount rates utilized in determining the pension cost and projected benefit obligation of the Company’s defined benefit plans reflects a lower prevalent rate applicable to the frozen cash balance plan for eligible employees in U.S. and a higher applicable rate for the unfunded defined benefit plan for certain eligible employees in the Philippines, France and Malaysia. The plans outside the U.S. represented approximately 40% and 39% of the Company’s total projected benefit obligation for all defined benefit plans as of November 30, 2024 and 2023, respectively.
Plan Assets
As of November 30, 2024 and 2023, plan assets for the cash balance plan consisted of common/collective trusts (of which approximately 50% are invested in equity backed funds and approximately 50% are invested in funds in fixed income instruments) and a private equity fund. The Company’s targeted allocation was 50% equity and 50% fixed income. The investment objectives for the plan assets are to generate returns that will enable the plan to meet its future obligations. The Company’s expected long-term rate of return was determined based on the asset mix of the plan, projected returns, past performance and other factors. The following table sets forth by level within the fair value hierarchy, total plan assets at fair value as of November 30, 2024 and 2023, including the cash balance plan and other funded benefit plans:
InvestmentsAs of November 30, 2024As of Quoted Prices in Active Markets for Identical Assets
(Level 1)		As of Significant Other Observable Inputs (Level 2)As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$3,606 $3,606 $— $— 
Common/collective trusts:
Fixed income59,928 — 59,928 — 
U.S. large cap25,924 — 25,924 — 
U.S. small cap7,662 — 7,662 — 
International equity27,168 — 27,168 — 
Governmental bonds8,501 — 8,501 — 
Corporate bonds3,134 — 3,134 — 
Investment funds— — — — 
Limited partnership— — — 
Total investments$135,923 $3,606 $132,317 $— 
InvestmentsAs of November 30, 2023As of Quoted Prices in Active Markets for Identical Assets
(Level 1)		As of Significant Other Observable Inputs (Level 2)As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents$3,951 $3,951 $— $— 
Common/collective trusts:
Fixed income55,550 — 55,550 — 
U.S. large cap24,816 — 24,816 — 
U.S. small cap6,641 — 6,641 — 
International equity25,556 — 25,556 — 
Governmental bonds6,245 — 6,245 — 
Corporate bonds3,955 — 3,955 — 
Investment funds— — — — 
Limited partnership38 — — 38 
Total investments$126,752 $3,951 $122,763 $38 
The Company’s cash balance plan holds level 2 investments in common/collective trust funds that are public investment vehicles valued using a net asset value (“NAV”) provided by the manager of each fund. The NAV is based on the underlying net assets owned by the fund, divided by the number of shares outstanding. The NAV’s unit price is quoted on a private market that may not be active. However, the NAV is based on the fair value of the underlying securities within the fund, which are traded on an active market, and valued at the closing price reported on the active market on which those individual securities are traded. The significant investment strategies of the funds are as described in the financial statements provided by each fund. There are no restrictions on redemptions from these funds. Level 3 investments are equity based funds that primarily invest in domestic early stage capital funds.
Benefit Payments
The following table details expected benefit payments for the cash balance plan and other defined benefit plans:
Fiscal Years Ending November 30,
2025$34,183 
202626,578 
202724,292 
202823,163 
202921,271 
Thereafter93,624 
Total$223,111 
The Company expects to make approximately $2,375 in contributions during fiscal year 2025.