Incentive Plans and Stock-Based Compensation (Tables)
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6 Months Ended |
May 28, 2016 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of nonqualified stock option activity |
The following table summarizes activity for the six months ended May 28, 2016 with respect to stock options granted by the Company and includes options granted under the 1994 Incentive Plan, the 2004 Incentive Plan, the 2009 Incentive Plan and the 2014 Incentive Plan:
| | | | | | | | Options Granted Under Incentive Plans | | Weighted Average Exercise Price | Outstanding at beginning of year | 2,422,538 | | $ | 48.46 |
| Granted | 296,500 | | $ | 46.45 |
| Exercised | (389,508) | | $ | 40.38 |
| Surrendered | (28,133) | | $ | 54.56 |
| Outstanding at end of period | 2,301,397 | | $ | 49.50 |
| | | | | Exercisable at end of period | 1,576,395 | | $ | 47.33 |
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| Schedule of outstanding and exercisable options by exercise price |
The following table summarizes information about the Company’s outstanding and exercisable options at May 28, 2016:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | Range of Exercise Prices | | Number | | Weighted Average Exercise Price | | Intrinsic Value | | Weighted Average Remaining Life in Years | | Number | | Weighted Average Exercise Price | | Intrinsic Value | | Weighted Average Remaining Life in Years | $25.31 - $28.13 | | 32,000 | | $ | 25.49 |
| | $ | 1,079 |
| | 2.67 | | 32,000 |
| | $ | 25.49 |
| | $ | 1,079 |
| | 2.67 | $31.96 - $36.48 | | 280,649 | | $ | 33.54 |
| | 7,205 |
| | 2.60 | | 280,649 |
| | $ | 33.54 |
| | 7,205 |
| | 2.60 | $42.86 - $57.74 | | 1,275,445 | | $ | 46.47 |
| | 16,255 |
| | 6.71 | | 906,034 |
| | $ | 46.54 |
| | 11,478 |
| | 5.74 | $61.57 - $63.22 | | 713,303 | | $ | 62.27 |
| | — |
| | 8.00 | | 357,712 |
| | $ | 62.10 |
| | — |
| | 7.89 | | | 2,301,397 | | $ | 49.50 |
| | $ | 24,539 |
| | 6.55 | | 1,576,395 |
| | $ | 47.33 |
| | $ | 19,762 |
| | 5.61 |
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| Schedule of Black-Scholes option pricing model on options granted |
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions by grant year: | | | | | | | | | | | | Six Months Ended | | | May 28, 2016 | | May 30, 2015 | Weighted average fair value per option at the date of grant for options granted | | $ | 7.23 |
| | $ | 10.26 |
| Risk-free interest rate | | 1.46 | % | | 1.31 | % | Expected dividend yield | | 1.89 | % | | 1.27 | % | Expected volatility factor | | 20.40 | % | | 19.50 | % | Expected option term in years | | 5.0 |
| | 5.0 |
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| Restricted Stock Units (RSUs) [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of share-based compensation costs |
The following table summarizes information related to restricted stock unit awards during the three and six months ended May 28, 2016 and May 30, 2015: | | | | | | | | | | | | | | | | | | | | Quarter Ended |
| Six Months Ended | | | May 28, 2016 |
| May 30, 2015 |
| May 28, 2016 |
| May 30, 2015 | Pre-tax compensation expense | | $ | 322 |
| | $ | 788 |
| | $ | 1,273 |
| | $ | 1,623 |
| Deferred tax benefits | | (117 | ) | | (286 | ) | | (463 | ) | | (590 | ) | Excess tax (shortfall) benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | | (1 | ) | | 3 |
| | (110 | ) | | 211 |
| Fair value of restricted stock unit awards on date of grant | | — |
| | 3 |
| | 2,954 |
| | 3,183 |
| Fair value of restricted stock unit awards vested | | 38 |
| | — |
| | 1,532 |
| | 979 |
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| Schedule of restricted stock unit awards |
The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards: | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | Nonvested at beginning of year | 71,592 |
| | $ | 60.09 |
| Granted | 63,605 |
| | $ | 46.45 |
| Vested | (27,203) |
| | $ | 56.31 |
| Surrendered | (1,598 | ) | | $ | 46.89 |
| Nonvested at end of period | 106,396 |
| | $ | 52.56 |
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| Restricted Stock Unit Awards with Performance Conditions [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of share-based compensation costs |
The following table summarizes information related to restricted stock unit awards with performance conditions during the three and six months ended May 28, 2016 and May 30, 2015: | | | | | | | | | | | | | | | | | | | | Quarter Ended |
| Six Months Ended | | | May 28, 2016 |
| May 30, 2015 |
| May 28, 2016 |
| May 30, 2015 | Pre-tax compensation expense | | $ | — |
| | $ | 463 |
| | $ | — |
| | $ | 927 |
| Deferred tax benefits | | — |
| | (168 | ) | | — |
| | (337 | ) | Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | | — |
| | — |
| | — |
| | — |
| Fair value of restricted stock unit awards on date of grant | | — |
| | — |
| | — |
| | 5,857 |
| Fair value of restricted stock unit awards vested | | — |
| | — |
| | — |
| | — |
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| Schedule of restricted stock unit awards |
The following table summarizes activity for the six months ended May 28, 2016 with respect to the restricted stock unit awards with performance conditions: | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | Nonvested at beginning of year | 92,650 |
| | $ | 63.22 |
| Granted | — |
| | $ | — |
| Vested | — |
| | $ | — |
| Surrendered | (8,609 | ) | | $ | 63.22 |
| Nonvested at end of period | 84,041 |
| | $ | 63.22 |
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| Employee Stock Option [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of share-based compensation costs |
The following table summarizes information related to stock options and stock option exercises during the three and six months ended May 28, 2016 and May 30, 2015:
| | | | | | | | | | | | | | | | | | | | Quarter Ended | | Six Months Ended | | | May 28, 2016 |
| May 30, 2015 | | May 28, 2016 |
| May 30, 2015 | Pre-tax compensation expense | | $ | 409 |
| | $ | 1,716 |
| | $ | 1,824 |
| | $ | 3,564 |
| Deferred tax benefits | | (149 | ) | | (624 | ) | | (663 | ) | | (1,296 | ) | Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated condensed financial statements | | 788 |
| | 392 |
| | 823 |
| | 784 |
| Fair value of stock options on date of grant | | — |
| | — |
| | 2,144 |
| | 3,196 |
| Total intrinsic value of stock options exercised | | 5,859 |
| | 1,413 |
| | 6,239 |
| | 3,164 |
| Cash received upon exercise of stock options | | 14,331 |
| | 1,485 |
| | 15,462 |
| | 4,596 |
| Addition to capital in excess of par value due to exercise of stock options | | 14,775 |
| | 1,831 |
| | 15,901 |
| | 5,249 |
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| Director [Member] | Restricted Stock [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of share-based compensation costs |
The following table summarizes information related to directors' stock compensation during the three and six months ended May 28, 2016 and May 30, 2015, respectively:
| | | | | | | | | | | | | | | | | | | | Quarter Ended | | Six Months Ended | | | May 28, 2016 | | May 30, 2015 | | May 28, 2016 | | May 30, 2015 | Pre-tax compensation expense | | $ | 1,131 |
| | $ | 880 |
| | $ | 1,150 |
| | $ | 880 |
| Shares of Company common stock issued under the plans | | 21,306 |
| | 13,352 |
| | 21,306 |
| | 13,352 |
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