LEASES

12 Months Ended

Nov. 30, 2024

LEASES:

The Company leases certain of its facilities and equipment under 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 operating lease costs:


	Fiscal Years Ended November 30,
	2024		2023		2022
Operating lease cost	$	295,111	$	216,774	$	199,609
Short-term lease cost	89,001		21,802		20,451
Variable lease cost	44,237		58,283		45,997
Sublease income	(4,492)		(5,394)		(3,226)
Total operating lease cost	$	423,857	$	291,465	$	262,831

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of November 30, 2024:


Fiscal Years Ending November 30,
2025	$	293,978
2026	231,818
2027	176,497
2028	134,446
2029	80,569
Thereafter	109,030
Total payments	1,026,338
Less: imputed interest*	164,538
Total present value of lease payments	$	861,800

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

The following amounts were recorded in the consolidated balance sheet as of November 30, 2024 and 2023 related to the Company’s operating leases:


		As of November 30,
Operating leases	Balance sheet location	2024		2023
Operating lease ROU assets	Other assets, net	$	816,550	$	813,590
Current operating lease liabilities	Other accrued liabilities	235,912		229,010
Non-current operating lease liabilities	Other long-term liabilities	625,888		623,290

The following table presents supplemental cash flow information related to the Company’s operating leases. 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
Cash paid for amounts included in the measurement of lease liabilities	$	310,859	$	225,142	$	196,168
Non-cash ROU assets obtained in exchange for lease liabilities	295,894		152,071		191,055

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


	As of November 30,
Operating lease term and discount rate	2024		2023
Weighted-average remaining lease term (years)	4.50		4.88
Weighted-average discount rate	6.91	%	6.41	%