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STOCK-BASED INCENTIVE COMPENSATION PLANS (Tables)
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12 Months Ended |
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Nov. 30, 2014
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Stock appreciation rights award activity |
SARs activity during the years ended November 30, 2014, and
November 24, 2013, was as follows:
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Service SARs |
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Performance-based SARs |
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Units |
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Weighted-
Average
Exercise Price |
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Weighted-
Average
Remaining
Contractual
Life (Years) |
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Units |
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Weighted-
Average
Exercise Price |
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Weighted-
Average
Remaining
Contractual
Life (Years) |
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(Units in
thousands) |
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Outstanding at November 25, 2012
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2,537 |
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$ |
37.82 |
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4.5 |
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— |
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Granted
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672 |
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40.21 |
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672 |
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$ |
40.21 |
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Exercised
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(380 |
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35.91 |
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— |
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Forfeited
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(79 |
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35.07 |
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(28 |
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37.75 |
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Expired
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(737 |
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47.59 |
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— |
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Outstanding at November 24, 2013
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2,013 |
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$ |
35.51 |
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5.5 |
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644 |
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$ |
40.32 |
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6.3 |
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Granted
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508 |
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64.71 |
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507 |
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$ |
64.71 |
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Exercised
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(96 |
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36.10 |
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— |
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Forfeited
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(59 |
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44.30 |
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(46 |
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48.49 |
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Expired
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(16 |
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68.00 |
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— |
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Outstanding at November 30, 2014
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2,350 |
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$ |
41.36 |
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4.9 |
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1,105 |
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$ |
51.18 |
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5.8 |
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Vested and expected to vest at November 30, 2014
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2,272 |
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$ |
40.93 |
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4.8 |
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930 |
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$ |
50.54 |
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5.7 |
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Exercisable at November 30, 2014
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1,210 |
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$ |
34.38 |
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4.3 |
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— |
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| Stock appreciation rights, valuation assumptions |
The weighted-average grant date fair value of SARs was estimated
using the Black-Scholes option valuation model. The
weighted-average grant date fair values and corresponding
weighted-average assumptions used in the model were as follows:
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Service SARs Granted |
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Performance-based
SARs Granted |
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2014 |
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2013 |
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2012 |
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2014 |
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2013 |
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Weighted-average grant date fair value
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$ |
14.62 |
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$ |
12.21 |
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$ |
10.96 |
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$ |
15.75 |
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$ |
12.54 |
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Weighted-average assumptions:
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Expected life (in years)
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4.7 |
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4.6 |
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4.5 |
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5.0 |
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5.0 |
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Expected volatility(1)
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31.8 |
% |
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43.2 |
% |
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47.1 |
% |
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33.1 |
% |
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42.6 |
% |
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Risk-free interest rate
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1.5 |
% |
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0.8 |
% |
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0.6 |
% |
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1.6 |
% |
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0.9 |
% |
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Expected dividend
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1.2 |
% |
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1.7 |
% |
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1.7 |
% |
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1.2 |
% |
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1.7 |
% |
| (1) |
On an annual basis, the Company
reviews and modifies the representative peer group based on changes
to the Company’s business and changes to the businesses of
the companies within the peer group. The decrease in expected
volatility, as compared to 2013, is primarily driven by the
addition or removal of certain companies in the representative peer
group to ensure that the peer group is representative of the
Company’s current operations. |
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| Restricted stock units award activity |
RSUs. The Company grants RSUs to certain members of its
Board. RSU activity during the years ended November 30, 2014,
and November 24, 2013, was as follows:
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Units |
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Weighted-Average
Fair Value |
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(Units in
thousands) |
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Outstanding at November 25, 2012
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72 |
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$ |
38.11 |
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Granted
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26 |
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56.79 |
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Converted
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(23 |
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37.37 |
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Outstanding at November 24, 2013
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75 |
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$ |
44.66 |
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Granted
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20 |
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67.29 |
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Converted
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(23 |
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44.85 |
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Outstanding, vested and expected to vest at November 30,
2014
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72 |
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$ |
50.75 |
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| Total shareholder return plan activity |
Liability award activity during the years ended November 30,
2014, and November 24, 2013, was as follows:
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TSRPs |
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PRSUs |
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Units |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average Fair
Value At
Period End |
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Units |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average Fair
Value At
Period End |
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(Units in
thousands) |
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Outstanding at November 25, 2012
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832 |
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$ |
36.83 |
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$ |
4.22 |
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— |
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Granted
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— |
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— |
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398 |
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$ |
38.19 |
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Exercised
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(252 |
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36.36 |
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— |
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Performance Adjustment of PRSU
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66 |
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37.75 |
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Forfeited
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(164 |
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37.23 |
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(60 |
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37.75 |
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Outstanding at November 24, 2013
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416 |
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$ |
36.96 |
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$ |
25.42 |
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404 |
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$ |
38.19 |
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$ |
62.75 |
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Granted
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— |
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— |
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222 |
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$ |
64.57 |
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Exercised
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(174 |
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42.65 |
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— |
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Performance Adjustment of PRSU
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58 |
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46.16 |
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Forfeited
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(104 |
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33.85 |
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(207 |
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43.76 |
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Outstanding at November 30, 2014
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138 |
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$ |
32.14 |
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$ |
49.78 |
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477 |
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$ |
49.00 |
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$ |
82.00 |
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Vested and expected to vest at November 30, 2014
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138 |
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$ |
32.14 |
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$ |
49.78 |
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339 |
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$ |
47.56 |
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$ |
82.00 |
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Exercisable at November 30, 2014
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138 |
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$ |
32.14 |
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$ |
49.78 |
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— |
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| Total shareholder return plan, valuation assumptions |
The weighted-average assumptions used in the TSRPs Black-Scholes
model were as follows:
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TSRPs Outstanding at |
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November 30, 2014 |
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November 24, 2013 |
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Weighted-average assumptions:
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Expected life (in years)
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0.1 |
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0.6 |
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Expected volatility
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27.3 |
% |
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30.8 |
% |
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Risk-free interest rate
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— |
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0.1 |
% |
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Expected dividend
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1.2 |
% |
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1.1 |
% |
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