Incentive Plans and Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 03, 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 with respect to nonqualified stock options granted by the Company and includes options granted under the 2014, 2009, 2004 and 1994 Incentive Plans.
| | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | | Options Granted under Incentive Plans | | Weighted Average Exercise Price | | Options Granted under Incentive Plans | | Weighted Average Exercise Price | | Options Granted under Incentive Plans | | Weighted Average Exercise Price | Outstanding at beginning of year | 2,422,538 |
| | $ | 48.46 |
| | 2,310,720 |
| | $ | 45.71 |
| | 2,208,314 |
| | $ | 40.76 |
| Granted | 296,500 |
| | $ | 46.45 |
| | 314,000 |
| | $ | 63.09 |
| | 450,700 |
| | $ | 61.49 |
| Exercised | (782,237 | ) | | $ | 42.34 |
| | (179,071 | ) | | $ | 37.99 |
| | (322,473 | ) | | $ | 33.30 |
| Surrendered | (59,998 | ) | | $ | 53.94 |
| | (23,111 | ) | | $ | 53.09 |
| | (25,821 | ) | | $ | 52.47 |
| Outstanding at end of year | 1,876,803 |
| | $ | 50.52 |
| | 2,422,538 |
| | $ | 48.46 |
| | 2,310,720 |
| | $ | 45.71 |
| | | | | | | | | | | | | Exercisable at end of year | 1,191,300 |
| | $ | 48.39 |
| | 1,584,513 |
| | $ | 43.44 |
| | 1,409,359 |
| | $ | 40.70 |
|
|
| Schedule of outstanding and exercisable options |
The following table summarizes information about the Company’s outstanding and exercisable options at November 30, 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 - $36.48 | | 202,382 | | $ | 32.64 |
| | $ | 10,084 |
| | 2.22 | | 202,382 | | $ | 32.64 |
| | $ | 10,084 |
| | 2.22 | $42.86 - $49.91 | | 1,009,775 | | $ | 46.38 |
| | 36,432 |
| | 6.41 | | 663,362 | | $ | 46.47 |
| | 23,876 |
| | 5.28 | $55.01 - $63.22 | | 664,646 | | $ | 62.26 |
| | 13,423 |
| | 7.51 | | 325,556 | | $ | 62.11 |
| | 6,624 |
| | 7.41 | | | 1,876,803 | | $ | 50.52 |
| | $ | 59,939 |
| | 6.35 | | 1,191,300 | | $ | 48.39 |
| | $ | 40,584 |
| | 5.34 |
|
| 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.
| | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Weighted average fair value per option at the date of grant for options granted | $ | 7.23 |
| | $ | 10.23 |
| | $ | 11.51 |
| Risk-free interest rate | 1.46 | % | | 1.31 | % | | 1.55 | % | Expected dividend yield | 1.89 | % | | 1.27 | % | | 1.10 | % | Expected volatility factor | 20.40 | % | | 19.50 | % | | 21.38 | % | Expected option term in years | 5.00 |
| | 5.00 |
| | 5.00 |
|
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| Schedule of restricted stock unit awards |
The following table summarizes the restricted stock unit awards. | | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | Nonvested at beginning of year | 71,592 |
| | $ | 60.09 |
| | 51,012 |
| | $ | 53.12 |
| | 48,044 |
| | $ | 45.18 |
| Granted | 63,605 |
| | $ | 46.45 |
| | 50,740 |
| | $ | 63.22 |
| | 24,808 |
| | $ | 61.42 |
| Vested | (29,428 | ) | | $ | 57.62 |
| | (28,704 | ) | | $ | 53.30 |
| | (20,156 | ) | | $ | 44.29 |
| Surrendered | (4,993 | ) | | $ | 54.76 |
| | (1,456 | ) | | $ | 58.84 |
| | (1,684 | ) | | $ | 54.36 |
| Nonvested at end of year | 100,776 |
| | $ | 52.47 |
| | 71,592 |
| | $ | 60.09 |
| | 51,012 |
| | $ | 53.12 |
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The following table summarizes the restricted stock unit awards with performance conditions. | | | | | | | | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | | Units | | Weighted Average Grant Date Fair Value | Nonvested at beginning of year | 92,650 |
| | $ | 63.22 |
| | — |
| | $ | — |
| | — |
| | $ | — |
| Granted | — |
| | $ | — |
| | 92,650 |
| | $ | 63.22 |
| | — |
| | $ | — |
| Vested | — |
| | $ | — |
| | — |
| | $ | — |
| | — |
| | $ | — |
| Surrendered | (15,579 | ) | | $ | 63.22 |
| | — |
| | $ | — |
| | — |
| | $ | — |
| Nonvested at end of year | 77,071 |
| | $ | 63.22 |
| | 92,650 |
| | $ | 63.22 |
| | — |
| | $ | — |
|
|
| Schedule of shares issues under employee stock purchase plans |
The Company issued stock under this plan with fair value upon issuance as follows during the years ended November 30, 2016, 2015 and 2014. | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Company stock issued under the plan | $ | 1,225 |
| | $ | 1,498 |
| | $ | 1,338 |
|
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| Stock Options [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Allocation of share-based compensation costs |
The following table summarizes information related to stock options and stock option exercises during the years ended November 30, 2016, 2015 and 2014.
| | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Pre-tax compensation expense | $ | 3,317 |
| | $ | 5,588 |
| | $ | 5,025 |
| Deferred tax benefits | (1,202 | ) | | (1,955 | ) | | (1,834 | ) | Excess tax benefits associated with tax deductions over the amount of compensation expense recognized in the consolidated financial statements | 2,006 |
| | 1,032 |
| | 2,668 |
| Fair value of options granted | 2,144 |
| | 3,213 |
| | 5,186 |
| Total intrinsic value of options exercised | 13,687 |
| | 4,328 |
| | 9,696 |
| Cash received upon exercise of options | 32,850 |
| | 6,608 |
| | 10,738 |
| Addition to capital in excess of par value due to exercise of stock options | 34,080 |
| | 7,464 |
| | 13,084 |
|
|
| Restricted Stock Units (RSUs) [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Allocation of share-based compensation costs |
The following table summarizes information related to restricted stock unit awards during the years ended November 30, 2016, 2015 and 2014. | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Pre-tax compensation expense | $ | 1,969 |
| | $ | 2,530 |
| | $ | 1,373 |
| Deferred tax benefits | (714 | ) | | (885 | ) | | (501 | ) | Excess tax (expense) benefit associated with tax deductions (under) over the amount of compensation expense recognized in the consolidated financial statements | (109 | ) | | 215 |
| | 101 |
| Fair value of restricted stock unit awards on date of grant | 2,954 |
| | 3,208 |
| | 1,524 |
| Fair value of restricted stock unit awards vested | 1,696 |
| | 1,530 |
| | 893 |
|
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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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| Allocation of share-based compensation costs |
The following table summarizes information related to restricted stock unit awards with performance conditions during the years ended November 30, 2016, 2015 and 2014. | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Pre-tax compensation expense | $ | — |
| | $ | — |
| | $ | — |
| Deferred tax benefits | — |
| | — |
| | — |
| Excess tax (expense) benefit associated with tax deductions (under) over the amount of compensation expense recognized in the consolidated 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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| Director [Member] | Restricted Stock [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Allocation of share-based compensation costs |
The following table summarizes information related to directors' stock compensation during the years ended November 30, 2016, 2015 and 2014. | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Pre-tax compensation expense | $ | 1,221 |
| | $ | 975 |
| | $ | 880 |
| Shares of Company common stock issued under the plans | 21,306 |
| | 15,261 |
| | 15,400 |
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