Stock-Based Incentive Compensation Plans (Tables)

12 Months Ended

Nov. 25, 2018

Stock appreciation rights award activity



	November 25, 2018		November 26, 2017		November 27, 2016
	(Dollars in thousands)
Aggregate intrinsic value of Service SARs exercised during the year	$	53,398	$	25,572	$	1,443
Aggregate intrinsic value of Performance SARs exercised during the year	$	6,777	$	883	$	986

SARs activity during the year ended November 25, 2018 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 26, 2017	2,530		$	54.52	3.5			1,079		$	60.52	4.1
Granted	155		96.00					—		—
Exercised	(873	)	42.47					(137	)	61.92
Forfeited	(25	)	85.44					(50	)	64.72
Performance adjustment	—		—					29		74.40
Outstanding at November 25, 2018	1,787		$	63.57	3.4			921		$	60.53	3.1
Vested and expected to vest at November 25, 2018	1,775		$	63.48	3.4	$	146,428	1,002		$	60.64	3.2	$	85,513
Exercisable at November 25, 2018	1,253		$	59.16	2.7	$	108,844	566		$	59.62	2.3	$	48,853

Stock appreciation rights, valuation assumptions

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



	Performance RSU Granted
	2018			2017
Weighted-average grant date fair value	$	104.53		$	82.33

Weighted-average assumptions:
Expected life (in years)	3.0			3.0
Expected volatility	37.2		%	33.5		%
Risk-free interest rate	2.3		%	1.4		%
Expected dividend	2.5		%	2.7		%

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
	2018			2017			2016			2016
Weighted-average grant date fair value	$	26.14		$	16.13		$	15.74		$	15.94

Weighted-average assumptions:
Expected life (in years)	4.9			4.9			4.8			5.0
Expected volatility	35.7		%	32.5		%	36.4		%	36.3		%
Risk-free interest rate	2.5		%	1.9		%	1.1		%	1.1		%
Expected dividend	2.5		%	2.7		%	2.5		%	2.5		%

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
Weighted-average grant date fair value	$	20.56

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

Restricted stock units award activity

Service and Performance RSU activity during the year ended November 25, 2018 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 26, 2017	55		$	69.00	2.4	109		$	69.00	2.4
Granted	53		96.00			84		96.00
Forfeited	(4	)	96.00			(19	)	80.72
Outstanding at November 25, 2018	104		$	81.67	1.7	174		$	80.75	1.4

Total shareholder return plan activity

Liability award activity during the year ended November 25, 2018 was as follows:



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

Outstanding at November 26, 2017	875		$	67.88	$	84.50	104		$	69.30	$	84.50
Granted	300		97.71				87		96.68
Vested	(195	)	74.47				—		—
Performance adjustment	9		69.06				—		—
Forfeited	(79	)	72.43				(20	)	77.99
Outstanding at November 25, 2018	910		$	75.92	$	146.00	171		$	82.21	$	146.00
Expected to vest at November 25, 2018	847		$	75.33	$	146.00	153		$	81.84	$	146.00