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Stock-Based Incentive Compensation Plans (Tables)
 12 Months Ended
Nov. 29, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock appreciation rights award activity SARs activity during the year ended November 29, 2020 was as follows:
Service SARsPerformance SARs
UnitsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic ValueUnitsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Life (Years)Aggregate Intrinsic Value
(Units and dollars in thousands, except weighted-average exercise price)
Outstanding at November 24, 201914,072 $7.51 3.37,634 $6.49 2.5
Granted903 19.42 — — 
Exercised(3,648)6.60 (2,514)6.21 
Forfeited(75)13.75 — — 
Outstanding at November 29, 202011,252 $8.72 3.35,120 $6.62 1.8
Vested and expected to vest at November 24, 202011,235 $8.71 3.3$118,081 5,120 $6.62 1.8$64,189 
Exercisable at November 29, 20208,483 $7.14 2.3$102,000 5,120 $6.62 1.8$64,189 
November 29, 2020November 24, 2019November 25, 2018
(Dollars in thousands)
Aggregate intrinsic value of Service SARs exercised during the year$44,119 $54,045 $53,398 
Aggregate intrinsic value of Performance SARs exercised during the year$30,953 $27,776 $6,777 
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
202020192018
Weighted-average grant date fair value$6.44 $4.49 $2.61 
Weighted-average assumptions:
Expected life (in years)7.05.04.9
Expected volatility36.6 %37.5 %35.7 %
Risk-free interest rate1.4 %2.5 %2.5 %
Expected dividend1.6 %2.0 %2.5 %
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
2020
2019(1)
2018
Weighted-average grant date fair value$25.87 $17.95 $10.45 
Weighted-average assumptions:
Expected life (in years)2.82.83.0
Expected volatility37.6 %37.5 %37.2 %
Risk-free interest rate1.4 %2.3 %2.3 %
Expected dividend1.5 %1.9 %2.5 %
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(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 29, 2020 was as follows:
Service RSUsPerformance RSUs
UnitsWeighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Life (Years)UnitsWeighted-Average Grant Date Fair ValueWeighted-Average Remaining Contractual Life (Years)
(Units in thousands)
Outstanding at November 25, 20197,779 $15.56 1.64,311 $16.24 1.0
Granted1,771 18.75 847 22.44 
Vested(4,666)15.48 (2,419)15.56 
Performance adjustment— — 623 15.56 
Forfeited(538)17.47 (199)19.09 
Outstanding at November 29, 20204,346 $16.71 2.23,163 $18.11 1.0