Other Assets

6 Months Ended

May 31, 2024

Other Assets [Abstract]

Other Assets

Other Assets

Other assets consisted of the following (in thousands):

	May 31, 2024		November 30, 2023
Cash surrender value of corporate-owned life insurance contracts	$	52,900	$	53,079
Prepaid expenses	26,192		15,879
Lease right-of-use assets	22,335		24,725
Other	18,026		3,304
Total	$	119,453	$	96,987

On March 1, 2024, substantially all the assets of an investee company, in which we had an aggregate ownership interest of approximately 13.5%, held largely through a limited liability company we established to hold the investment, were sold to a privately held buyer through a merger. Prior to the sale, certain assets of the investee company that were not included in the sale were distributed to a separate privately held entity in which we received the same proportionate equity interest. From the sale, we received cash plus certain preferred and common equity interests in the buyer. The estimated fair value of the private equity interests is included in other assets as of May 31, 2024. In connection with the sale, we recognized a gain of $12.5 million within interest income and other in our consolidated statements of operations for the three months and six months ended May 31, 2024. Certain of our executives are eligible to receive a portion of the proceeds from the sale transaction, including any later distributions, pursuant to nominal interests they acquired, including our chairman and chief executive officer who acquired a 3.3% interest, in the relevant limited liability company in 2000 through an incentive program described in the Proxy Statement for our 2001 Annual Meeting of Stockholders.