XML 60 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Stock-Based Incentive Compensation Plans (Tables)
 12 Months Ended
Nov. 24, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock appreciation rights award activity
 
November 24, 2019
 
November 25, 2018
 
November 26, 2017
 
(Dollars in thousands)
Aggregate intrinsic value of Service SARs exercised during the year
$
54,045

 
$
53,398

 
$
25,572

Aggregate intrinsic value of Performance SARs exercised during the year
$
27,776

 
$
6,777

 
$
883

SARs activity during the year ended November 24, 2019 was as follows:
 
Service SARs
 
Performance 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, except weighted-average exercise price)
 
 
Outstanding at November 25, 2018(1)
17,871


$
6.36


3.4




9,217

 
$
6.05


3.1



Granted
1,009


14.93







—

 
—






Exercised
(4,763
)

4.69







(2,462
)
 
4.76






Forfeited
(45
)

13.3







—

 
4.31






Performance adjustment
—


—







879

 
6.20






Outstanding at November 24, 2019
14,072


$
7.51


3.3




7,634


$
6.49


2.5



Vested and expected to vest at November 24, 2019
14,072

 
$
7.51


3.3

$
133,359


7,634

 
$
6.49


2.5

$
80,176

Exercisable at November 24, 2019
10,494

 
$
6.74


2.5

$
107,609


7,634

 
$
6.49


2.5

$
80,176
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
 
2019
 
2018
 
2017
Weighted-average grant date fair value(1)
$
4.49

 
$
2.61

 
$
1.61

 
 
 
 
 
 
Weighted-average assumptions:
 
 
 
 
 
Expected life (in years)
5.0

 
4.9

 
4.9

Expected volatility
37.5
%
 
35.7
%
 
32.5
%
Risk-free interest rate
2.5
%
 
2.5
%
 
1.9
%
Expected dividend
2.0
%
 
2.5
%
 
2.7
%
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 as Replacement Awards
 
Performance RSUs Granted
 
2019
 
2019
 
2018
 
2017
Weighted-average grant date fair value(1)
$
28.78

 
$
17.95

 
$
10.45

 
$
8.23

 
 
 
 
 
 
 
 
Weighted-average assumptions:
 
 
 
 
 
 
 
Expected life (in years)
1.5

 
2.8

 
3.0

 
3.0

Expected volatility
36.3
%
 
37.5
%
 
37.2
%
 
33.5
%
Risk-free interest rate
2.5
%
 
2.3
%
 
2.3
%
 
1.4
%
Expected dividend
1.7
%
 
1.9
%
 
2.5
%
 
2.7
%
_____________
(1)
All share and per-share data retroactively adjusted to reflect the ten-for-one stock split approved by the Company's stockholders in February 2019. Refer to Note 1 for more information.
Restricted stock units award activity
Service and Performance RSU activity during the year ended November 24, 2019 was as follows:
 
Service RSUs
 
Performance RSUs
 
Units
 
Weighted-Average Grant Date Fair Value
 
Weighted-Average Remaining Contractual Life (Years)
 
Units
 
Weighted-Average Grant Date Fair Value
 
Weighted-Average Remaining Contractual Life (Years)
 
(Units in thousands)
Outstanding at November 25, 2018(1)
1,030

 
$
8.17

 
1.7
 
1,744

 
$
8.08

 
1.4
Granted
685

 
16.12

 
 
 
643

 
16.16

 
 
Vested
(110
)
 
8.80

 
 
 
—

 
—

 
 
Granted Replacement Awards(2)
6,542

 
16.67

 
 
 
2,083

 
22.71

 
 
Forfeited
(368
)
 
16.51

 
 
 
(159
)
 
14.93

 
 
Outstanding at November 24, 2019
7,779

 
$
15.56

 
1.6
 
4,311

 
$
16.24

 
1.0
Total shareholder return plan activity
Liability award activity during the year ended November 24, 2019 was as follows:
 
Phantom Service RSUs
 
Phantom Performance RSUs
 
Units
 
Weighted-Average Grant Date Fair Value
 
Fair Value At Period End
 
Units
 
Weighted-Average Grant Date Fair Value
 
Fair Value At Period End
 
(Units in thousands)
Outstanding at November 25, 2018(1)
9,100

 
$
7.59

 
$
14.60

 
1,710

 
$
8.22

 
$
14.60

Granted
1,821

 
14.95

 
 
 
504

 
14.88

 
 
Vested
(3,617
)
 
6.87

 
 
 
—

 
—

 
 
Canceled(2)
(6,542
)
 
9.81

 
 
 
(2,083
)
 
9.69

 
 
Performance adjustment
—

 
—

 
 
 
4

 
6.90

 
 
Forfeited
(218
)
 
8.57

 
 
 
(64
)
 
9.45

 
 
Outstanding at November 24, 2019
544

 
$
9.96

 
$
16.99

 
71

 
$
11.38

 
$
16.99

Expected to vest at November 24, 2019
518

 
$
9.84

 
$
16.99

 
65

 
$
11.23

 
$
16.99


_____________
(1)
All share and per-share data retroactively adjusted to reflect the ten-for-one stock split approved by the Company's stockholders in February 2019. Refer to Note 1 for more information.
(2)
In connection with the IPO, the Company’s Board of Directors approved the cancellation of the majority of the outstanding unvested cash-settled RSUs and their concurrent replacement with similar stock-settled RSUs. Other than the form of settlement, all other terms of the awards, including their vesting schedules are the same. Refer to Note 1 for more information.