Stock-Based Incentive Compensation Plans (Tables)

12 Months Ended

Nov. 28, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock appreciation rights award activity

SARs activity during the year ended November 28, 2021 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 29, 2020	11,252	$	8.72	3.3			5,120	$	6.62	1.8
Granted	565	21.35					—	—
Exercised	(5,932)	7.07					(2,333)	7.25
Forfeited	(94)	17.81					—	—
Outstanding at November 28, 2021	5,791	$	11.50	4.4			2,787	$	6.10	1.2
Vested and expected to vest at November 24, 2020	5,780	$	11.50	4.4	$	90,820	2,787	$	6.10	1.2	$	58,810
Exercisable at November 28, 2021	3,894	$	8.62	2.9	$	72,341	2,787	$	6.10	1.2	$	58,810

	November 28, 2021		November 29, 2020		November 24, 2019
	(Dollars in thousands)
Aggregate intrinsic value of Service SARs exercised during the year	$	119,509	$	44,119	$	54,045
Aggregate intrinsic value of Performance SARs exercised during the year	$	45,364	$	30,953	$	27,776

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
	2021			2020			2019
Weighted-average grant date fair value	$	9.88		$	6.44		$	4.49
Weighted-average assumptions:
Expected life (in years)	7.1			7.0			5.0
Expected volatility	49.3		%	36.6		%	37.5		%
Risk-free interest rate	0.8		%	1.4		%	2.5		%
Expected dividend	0.8		%	1.6		%	2.0		%

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
	2021			2020			2019(1)
Weighted-average grant date fair value	$	27.33		$	25.87		$	17.95
Weighted-average assumptions:
Expected life (in years)	2.8			2.8			2.8
Expected volatility	54.3		%	37.6		%	37.5		%
Risk-free interest rate	0.2		%	1.4		%	2.3		%
Expected dividend	0.8		%	1.5		%	1.9		%

____________

(1)The weighted-average information is presented for awards granted during 2019 without including replacement awards granted in connection with the IPO in March 2019, where 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. Refer to Note 1 for more information. The weighted-average grant date fair value for the Performance RSUs granted as replacement awards is $28.78 and the weighted-average assumptions include an expected life of 1.5 years, an expected volatility of 36.3%, a risk-free interest rate of 2.5% and an expected dividend of 1.7%.

Restricted stock units award activity

Service and Performance RSU activity during the year ended November 28, 2021 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 29, 2020	4,346	$	16.71	2.2	3,163	$	18.11	1.0
Granted	1,790	21.78			840	27.33
Vested	(1,689)	16.03			(1,336)	15.98
Performance adjustment	—	—			(43)	16.03
Forfeited	(352)	18.74			(189)	25.11
Outstanding at November 28, 2021	4,095	$	19.02	2.4	2,435	$	24.81	1.5