Compensation Related Costs, Retirement Benefits (Tables)

12 Months Ended

Nov. 30, 2025

Schedule of Defined Benefit Plans Disclosures

Components of pension cost for the Company’s defined benefit plans are as follows:


	Fiscal Years Ended November 30,
	2025		2024		2023
Service costs	$	12,289	$	9,033	$	6,937
Interest costs on projected benefit obligation	10,379		10,893		10,306
Expected return on plan assets	(6,918)		(5,295)		(6,208)
Amortization and deferrals, net	1,696		1,457		98
Settlement charges	—		9		195
Curtailment gain	(881)		—		—
Total pension costs	$	16,565	$	16,097	$	11,328

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The funded status of the Company’s defined benefit plans is summarized below:


	Fiscal Years Ended November 30,
	2025		2024
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	213,865	$	208,565
Service costs	12,289		9,033
Interest costs	10,379		10,893
Actuarial losses	584		6,017
Benefits paid	(20,094)		(17,161)

Settlements	—		(490)
Curtailments	(1,784)		—
Foreign currency adjustments	(1,284)		(2,992)
Projected obligation at end of year	$	213,955	$	213,865

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	135,923	$	126,752
Actual return on assets	8,395		17,251
Settlements	—		(83)
Employer contributions	4,058		4,442
Benefits paid	(14,815)		(12,279)

Foreign currency adjustments	(670)		(160)
Fair value of plan assets at end of year	$	132,891	$	135,923

Funded Status of Plans:
Unfunded status	$	81,064	$	77,942

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheet and recorded within other accrued liabilities and other long-term liabilities as of November 30, 2025 and 2024 consist of the following:


	As of November 30,
	2025		2024
Current liability	$	16,623	$	16,694
Non-current liability	64,441		61,248
Total	$	81,064	$	77,942

Schedule Of Defined Benefit Plan Weighted Average Rates Used In Determining Benefit Obligations And Pension Costs

The following weighted-average rates were used in determining the benefit obligations as of November 30, 2025 and 2024:


	As of November 30,
	2025		2024
Discount rate	3.6% - 6.1%		3.2% - 6.7%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected rate of future compensation growth	1.5% - 8.0%		2.5% - 7.0%

The following weighted-average rates were used in determining the pension costs for the fiscal years ended November 30, 2025 and 2024:


	Fiscal Years Ended November 30,
	2025		2024
Discount rate	3.2% - 6.7%		4.0% - 7.5%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected return on plan assets	1.0% - 7.0%		3.6% - 7.1%
Expected rate of future compensation growth	2.5% - 7.5%		1.8% - 8.0%

Schedule of Allocation of Plan Assets

The following table sets forth by level within the fair value hierarchy, total plan assets at fair value as of November 30, 2025 and 2024, including the cash balance plan and other funded benefit plans:


Investments	As of November 30, 2025		As 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	$	3,682	$	3,682	$	—	$	—
Common/collective trusts:
Fixed income	86,623		—		86,623		—
U.S. large cap	13,642		—		13,642		—
U.S. small cap	3,489		—		3,489		—
International equity	13,825		—		13,825		—
Governmental bonds	6,873		—		6,873		—
Corporate bonds	4,757		—		4,757		—
Total investments	$	132,891	$	3,682	$	129,209	$	—


Investments	As of November 30, 2024		As 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 income	59,928		—		59,928		—
U.S. large cap	25,924		—		25,924		—
U.S. small cap	7,662		—		7,662		—
International equity	27,168		—		27,168		—
Governmental bonds	8,501		—		8,501		—
Corporate bonds	3,134		—		3,134		—
Total investments	$	135,923	$	3,606	$	132,317	$	—

Schedule of Expected Benefit Payments

The following table details expected benefit payments for the cash balance plan and other defined benefit plans:


Fiscal Years Ending November 30,
2026	$	30,790
2027	27,236
2028	25,420
2029	23,419
2030	22,260
Thereafter	98,213
Total	$	227,338

Concentrix Corp 10-K