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Stock-Based Incentive Compensation Plans (Tables)
 12 Months Ended
Dec. 01, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock appreciation rights award activity Service SARs activity during the year ended December 1, 2024 was as follows:
Service SARs
UnitsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
(Units in thousands and dollars in millions, except weighted-average exercise price)
Outstanding at November 26, 20237,559 $14.80 5.5
Granted877 16.73 
Exercised(2,156)9.19 
Forfeited(30)18.98 
Outstanding at December 1, 20246,250 $16.99 6.6
Vested and expected to vest at December 1, 20246,243 $16.99 6.6$9.0 
Exercisable at December 1, 20243,424 $16.63 5.3$6.8 
December 1, 2024November 26, 2023November 27, 2022
(Dollars in millions)
Aggregate intrinsic value of Service SARs exercised during the year$19.5 $6.9 $6.4 
Aggregate intrinsic value of Performance SARs exercised during the year$— $28.9 $2.9 
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
202420232022
Weighted-average grant date fair value$6.62 $6.58 $8.49 
Weighted-average assumptions:
Expected life (in years)7.27.07.1
Expected volatility46.2 %48.0 %46.7 %
Risk-free interest rate4.0 %3.8 %1.7 %
Expected dividend2.9 %2.9 %1.9 %
The weighted-average grant date fair value and corresponding weighted-average assumptions used in the Monte Carlo valuation models were as follows:
Performance RSUs Granted
202420232022
Weighted-average grant date fair value$17.88 $19.83 $21.38 
Weighted-average assumptions:
Expected life (in years)2.82.82.8
Expected volatility45.4 %49.6 %51.4 %
Risk-free interest rate4.1 %3.9 %1.2 %
Expected dividend2.9 %2.7 %1.9 %
Restricted stock units award activity Service and Performance RSU activity during the year ended December 1, 2024 was as follows:
Service RSUsPerformance RSUs
UnitsWeighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Life (Years)UnitsWeighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Life (Years)
(Units in thousands)
Outstanding at November 26, 20235,631 $17.69 2.32,948 $21.83 1.6
Granted2,970 15.86 1,181 17.51 
Vested(2,161)17.92 (504)27.29 
Performance adjustment— — (156)27.27 
Forfeited(971)16.77 (263)18.89 
Outstanding at December 1, 20245,469 $16.78 2.33,206 $19.19 1.7