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Stock-Based Incentive Compensation Plans (Tables) | 12 Months Ended
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Nov. 26, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock appreciation rights award activity | Service SARs activity during the year ended November 26, 2023 was as follows:
| Service SARs |  |
| Units |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Life (Years) |  | Aggregate Intrinsic Value |  |  |  |  |  |  |  |
| (Units in thousands and dollars in millions, except weighted-average exercise price) |  |
Outstanding at November 27, 2022 | 5,865 |  |  | $ | 13.12 |  |  | 4.4 |  |  |  |  |  |  |  |  |  |
Granted | 2,465 |  |  | 16.47 |  |  |  |  |  |  |  |  |  |  |  |  |
Exercised | (717) |  |  | 6.51 |  |  |  |  |  |  |  |  |  |  |  |  |
Forfeited | (54) |  |  | 18.49 |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at November 26, 2023 | 7,559 |  |  | $ | 14.80 |  |  | 5.5 |  |  |  |  |  |  |  |  |  |
Vested and expected to vest at November 26, 2023 | 7,548 |  |  | $ | 14.80 |  |  | 5.5 |  | $ | 17.6 |  |  |  |  |  |  |  |  |
Exercisable at November 26, 2023 | 4,133 |  |  | $ | 12.39 |  |  | 2.9 |  | $ | 17.4 |  |  |  |  |  |  |  |  |
| November 26, 2023 |  | November 27, 2022 |  | November 28, 2021
| (Dollars in millions)
Aggregate intrinsic value of Service SARs exercised during the year | $ | 6.9 |  |  | $ | 6.4 |  |  | $ | 119.5 |
Aggregate intrinsic value of Performance SARs exercised during the year | $ | 28.9 |  |  | $ | 2.9 |  |  | $ | 45.4 |
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
| 2023 |  | 2022 |  | 2021
Weighted-average grant date fair value | $ | 6.58 |  |  | $ | 8.49 |  |  | $ | 9.88 |
Weighted-average assumptions: |  |  |  |  |
Expected life (in years) | 7.0 |  | 7.1 |  | 7.1
Expected volatility | 48.0 | % |  | 46.7 | % |  | 49.3 | %
Risk-free interest rate | 3.8 | % |  | 1.7 | % |  | 0.8 | %
Expected dividend | 2.9 | % |  | 1.9 | % |  | 0.8 | %
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
| 2023 |  | 2022 |  | 2021
Weighted-average grant date fair value | $ | 19.83 |  |  | $ | 21.38 |  |  | $ | 27.33 |
Weighted-average assumptions: |  |  |  |  |
Expected life (in years) | 2.8 |  | 2.8 |  | 2.8
Expected volatility | 49.6 | % |  | 51.4 | % |  | 54.3 | %
Risk-free interest rate | 3.9 | % |  | 1.2 | % |  | 0.2 | %
Expected dividend | 2.7 | % |  | 1.9 | % |  | 0.8 | %
Restricted stock units award activity | Service and Performance RSU activity during the year ended November 26, 2023 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 27, 2022 | 4,434 |  |  | $ | 19.62 |  |  | 2.5 |  | 2,343 |  |  | $ | 24.81 |  |  | 1.5
Granted | 3,658 |  |  | 16.02 |  |  |  |  | 1,478 |  |  | 19.53 |  |  |
Vested | (1,943) |  |  | 18.68 |  |  |  |  | (586) |  |  | 26.64 |  |  |
Performance adjustment | — |  |  | — |  |  |  |  | (124) |  |  | 26.75 |  |  |
Forfeited | (518) |  |  | 18.60 |  |  |  |  | (163) |  |  | 21.63 |  |  |
Outstanding at November 26, 2023 | 5,631 |  |  | $ | 17.69 |  |  | 2.3 |  | 2,948 |  |  | $ | 21.83 |  |  | 1.6

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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