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Employee Incentive Compensation Plans
12 Months Ended
Nov. 24, 2019
Schedule of Employee Incentive Compensation Plan [Abstract]  
EMPLOYEE INCENTIVE COMPENSATION PLANS
EMPLOYEE INCENTIVE COMPENSATION PLANS
Annual Incentive Plan
The Annual Incentive Plan ("AIP") provides a cash bonus that is earned based upon the Company's business unit and consolidated financial results as measured against pre-established internal targets and upon the performance and job level of the individual. Total amounts charged to expense for this plan for the years ended November 24, 2019, November 25, 2018, and November 26, 2017 were $86.6 million, $114.3 million and $88.0 million, respectively. Total amounts accrued for this plan as of November 24, 2019, and November 25, 2018 were $87.7 million and $114.4 million, respectively.
Long-Term Incentive Plans
2016 Equity Incentive Plan ("2016 Plan"). In July 2006, the Board adopted, and the stockholders approved, the Company's 2016 Plan. The 2016 Plan was subsequently amended in 2011 and 2014 and then amended and restated by the Board and approved by the stockholders in April 2016. For more information on this plan, see Note 11.
2019 Equity Incentive Plan ("2019 Plan") and 2019 Employee Stock Purchase Plan (the "2019 ESPP"). In February 2019, the Company's stockholders approved the Company's 2019 Plan and the Company's 2019 ESPP, each of which became effective on March 20, 2019, the effective date of the IPO registration statement. For more information on these plans, see Note 11.
Cash Long-Term Incentive Plan ("LTIP").  The Company established a long-term cash incentive plan effective at the beginning of 2005. In 2017, this program was replaced by cash-settled phantom restricted stock units. Refer to Note 11 for more information. Executive officers are not participants in this plan. Performance is measured at the end of a three-year period based on the Company's performance against the following pre-established targets: (i) the target compound annual growth rate in the Company's net revenues over the three-year period; (ii) the Company's average margin of net earnings over the three-year period adjusted for certain items such as interest and taxes and total stockholder return over the three-year period relative to an expanded peer group. Awards will be paid out in the quarter following the end of the three-year period based on Company performance against the pre-established targets.
The Company recorded expense for the LTIP of $0.9 million, $4.1 million and $4.5 million for the years ended November 24, 2019, November 25, 2018 and November 26, 2017, respectively. As of November 24, 2019, all LTIP awards were fully paid. As at November 25, 2018, the Company had accrued a total $8.1 million.