Stock-Based Incentive Compensation Plans (Tables)

12 Months Ended

Nov. 26, 2017

Stock appreciation rights award activity

SARs activity during the year ended November 26, 2017 was as follows:



	Service SARs							Performance-based SARs
	Units		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value		Units		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
	(Units and dollars in thousands)
Outstanding at November 27, 2016	3,102		$	49.35	3.9			1,202		$	60.68	5.0
Granted	234		69.00					—		—
Exercised	(806	)	38.80					(56	)	58.75
Forfeited	—		—					—		—
Expired	—		—					—		—
Canceled, performance condition not met	—		—					(67	)	64.76
Outstanding at November 26, 2017	2,530		$	54.52	3.5			1,079		$	60.52	4.1
Vested and expected to vest at November 26, 2017	2,502		$	54.38	3.5	$	75,358	1,082		$	60.80	4.0	$	25,632
Exercisable at November 26, 2017	1,788		$	49.47	2.8	$	62,634	408		$	49.67	2.6	$	14,195



	November 26, 2017		November 27, 2016		November 29, 2015
	(Dollars in thousands)
Aggregate intrinsic value of Service SARs exercised during the year	$	25,572	$	1,443	$	4,686
Aggregate intrinsic value of Performance SARs exercised during the year	$	883	$	986	$	—

Stock appreciation rights, valuation assumptions

The weighted-average grant date fair values and corresponding weighted-average assumptions used in the Black-Scholes option valuation model were as follows:



	Service SARs Granted									Performance SARs Granted
	2017			2016			2015			2016			2015
Weighted-average grant date fair value	$	16.13		$	15.74		$	18.24		$	15.94		$	18.73

Weighted-average assumptions:
Expected life (in years)	4.9			4.8			4.7			5.0			5.0
Expected volatility	32.5		%	36.4		%	31.8		%	36.3		%	31.8		%
Risk-free interest rate	1.9		%	1.1		%	1.2		%	1.1		%	1.3		%
Expected dividend	2.7		%	2.5		%	1.6		%	2.5		%	1.6		%

The weighted-average grant date fair value of SARs subject to market conditions was estimated using a Monte Carlo simulation model. The weighted-average grant date fair values and corresponding weighted-average assumptions used in the model were as follows:



	Performance SARs Granted
	2016			2015
Weighted-average grant date fair value	$	20.56		$	21.41

Weighted-average assumptions:
Expected life (in years)	4.8			4.8
Expected volatility	36.5		%	30.1		%
Risk-free interest rate	1.5		%	1.6		%
Expected dividend	2.6		%	1.8		%

The weighted-average grant date fair value and corresponding weighted-average assumptions used in the Monte Carlo valuation model were as follows:



	Performance RSU Granted
	2017
Weighted-average grant date fair value	$	82.33

Weighted-average assumptions:
Expected life (in years)	3.0
Expected volatility	33.5		%
Risk-free interest rate	1.4		%
Expected dividend	2.7		%

Restricted stock units award activity

Service and Performance RSU activity during the year ended November 26, 2017 was as follows:



	Service RSUs				Performance RSUs
	Units	Weighted-Average Fair Value		Weighted-Average Remaining Contractual Life (Years)	Units	Weighted-Average Fair Value		Weighted-Average Remaining Contractual Life (Years)
	(Units in thousands)
Outstanding at November 27, 2016	—	$	—		—	$	—
Granted	55	69.00			109	69.00
Vested	—	—			—	—
Forfeited	—	—			—	—
Expired	—	—			—	—
Outstanding at November 26, 2017	55	$	69.00	2.4	109	$	69.00	2.4

Total shareholder return plan activity

Liability award activity during the year ended November 26, 2017 was as follows:



	Phantom Service RSUs						Phantom Performance RSUs
	Units		Weighted-Average Fair Value		Weighted-Average Fair Value At Period End		Units		Weighted-Average Fair Value		Weighted-Average Fair Value At Period End

Outstanding at November 27, 2016	639		$	65.92	$	67.00	—		$	—	$	—
Granted	407		69.75				113		69.28
Vested	(134	)	64.53				—		—
Performance adjustment	74		67.34				—		—
Forfeited	(111	)	67.09				(9	)	69.00
Outstanding at November 26, 2017	875		$	67.88	$	84.50	104		$	69.30	$	84.50
Expected to vest at November 26, 2017	785		$	67.94	$	84.50	88		$	69.28	$	84.50