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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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May 31, 2023
Stock Options [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Weighted-Average Assumptions | The weighted-average assumptions used for valuation under the Black-Scholes option pricing model are as follows:
| Year ended May 31,
| 2023 |  | 2022 |  | 2021
Risk-free interest rate |  |  | 3.2 |  | % |  |  |  | 1.2 |  | % |  |  |  | 0.5 |  | %
Dividend yield |  |  | 2.6 |  | % |  |  |  | 2.9 |  | % |  |  |  | 3.2 |  | %
Volatility factor |  |  | 0.27 |  |  |  |  |  | 0.23 |  |  |  |  |  | 0.29 |  |
Expected option life in years |  |  | 6.6 |  |  |  |  |  | 6.6 |  |  |  |  |  | 6.1 |  |
Weighted-average grant-date fair value of stock options granted (per share) | $ |  | 27.58 |  |  |  | $ |  | 17.47 |  |  |  | $ |  | 13.52 |  |
Stock Option Activity | The following table summarizes stock option activity for fiscal 2023:
|  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  | Weighted- |  |  | average |  |  |  |  |
|  | Shares |  |  | average |  |  | remaining |  |  | Aggregate |
|  | subject |  |  | exercise price |  |  | contractual |  |  | intrinsic |
In millions, except per share amounts |  | to options |  |  | per share |  |  | term (years) |  |  | value(1) |
Outstanding as of May 31, 2022 |  |  | 3.3 |  |  | $ |  | 70.68 |  |  |  |  |  |  |  |
Granted |  |  | 0.3 |  |  | $ |  | 114.65 |  |  |  |  |  |  |  |
Exercised |  |  | (0.2 | ) |  | $ |  | 68.87 |  |  |  |  |  |  |  |
Forfeited |  |  | (0.1 | ) |  | $ |  | 115.00 |  |  |  |  |  |  |  |
Outstanding as of May 31, 2023 |  |  | 3.3 |  |  | $ |  | 74.09 |  |  |  | 5.3 |  |  | $ |  | 108.4 |
Exercisable as of May 31, 2023 |  |  | 2.7 |  |  | $ |  | 66.94 |  |  |  | 4.6 |  |  | $ |  | 102.2 |
(1) Total shares valued at the market price of the underlying stock as of May 31, 2023 less the exercise price.
Other Information Pertaining to Stock Option | Other information pertaining to stock option grants is as follows:
|  | Year ended May 31, |
In millions |  | 2023 |  | 2022 |  | 2021 |
Total intrinsic value of stock options exercised |  | $ |  | 10.3 |  | $ |  | 44.3 |  | $ |  | 58.5 |
Total grant-date fair value of stock options vested |  | $ |  | 7.1 |  | $ |  | 6.4 |  | $ |  | 6.0 |
Time Based And Performance Based Restricted Stock Units [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
RSU Activity | The following table summarizes RSU activity for fiscal 2023:
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | average |  |  |  |  |  | average |
|  | Time- |  |  | grant-date |  |  | Performance- |  |  | grant-date |
|  | Based |  |  | fair value |  |  | based |  |  | fair value |
In millions, except per share amounts |  | RSUs |  |  | per share |  |  | RSUs |  |  | per share |
Nonvested as of May 31, 2022 |  |  | 1.3 |  |  | $ |  | 80.60 |  |  |  | 0.1 |  |  | $ |  | 92.33 |
Granted (1) |  |  | 0.6 |  |  | $ |  | 127.75 |  |  |  | 0.1 |  |  | $ |  | 108.31 |
Vested |  |  | (0.4 | ) |  | $ |  | 73.88 |  |  |  | (0.1 | ) |  | $ |  | 80.59 |
Forfeited |  |  | (0.1 | ) |  | $ |  | 99.79 |  |  |  | (0.0 | ) |  | $ |  | 108.86 |
Nonvested as of May 31, 2023 |  |  | 1.4 |  |  | $ |  | 102.13 |  |  |  | 0.1 |  |  | $ |  | 107.88 |
(1) For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.
Other Information Pertaining to RSUs | Other information pertaining to RSUs is as follows:
|  | Year ended May 31, |
In millions, except per share amounts |  | 2023 |  |  | 2022 |  |  | 2021 |
Time-based RSUs: |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average grant-date fair value per share of RSUs granted |  | $ |  | 127.75 |  |  | $ |  | 109.81 |  |  | $ |  | 67.92 |
Weighted-average remaining vesting period (years)(1) |  |  |  | 1.5 |  |  |  |  | 1.5 |  |  |  |  | 1.6 |
Total intrinsic value of RSUs vested |  | $ |  | 58.2 |  |  | $ |  | 54.7 |  |  | $ |  | 32.6 |
Aggregate intrinsic value of nonvested RSUs(2) |  | $ |  | 141.8 |  |  | $ |  | 165.2 |  |  | $ |  | 152.7 |
Total grant-date fair value of RSUs vested |  | $ |  | 32.7 |  |  | $ |  | 30.0 |  |  | $ |  | 25.6 |
Performance-based RSUs(3): |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average grant-date fair value per share of RSUs granted |  | $ |  | 108.31 |  |  | $ |  | 103.59 |  |  | $ |  | — |
Weighted-average remaining vesting period (years)(1) |  |  |  | 1.8 |  |  |  |  | 1.0 |  |  |  |  | 1.1 |
Total intrinsic value of RSUs vested |  | $ |  | 7.8 |  |  | $ |  | — |  |  | $ |  | — |
Aggregate intrinsic value of nonvested RSUs(2) |  | $ |  | 15.7 |  |  | $ |  | 14.7 |  |  | $ |  | 6.2 |
Total grant-date fair value of RSUs vested |  | $ |  | 5.4 |  |  | $ |  | — |  |  | $ |  | — |
(1) Weighting is based on the number of unvested share units vesting in each future vesting tranche. (2) Based on the market price of the underlying common stock as of May 31, 2023, 2022 and 2021. (3) No performance-based RSUs were granted during fiscal 2021.
Time-Based And Performance-Based Restricted Stock Awards [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Restricted Stock Awards Activity | The following table summarizes time-based and performance-based restricted stock award activity for fiscal 2023:
|  |  |  |  | Weighted- |  |  |  |  |  | Weighted- |
|  |  |  |  | average |  |  |  |  |  | average |
|  |  |  |  | grant-date |  |  | Performance- |  |  | grant-date |
|  | Time-based |  |  | fair value |  |  | based |  |  | fair value |
In millions, except per share amounts |  | shares |  |  | per share |  |  | shares |  |  | per share |
Nonvested as of May 31, 2022 |  |  | 0.1 |  |  | $ |  | 93.15 |  |  |  | 0.1 |  |  | $ |  | 92.45 |
Vested |  |  | (0.0 | ) |  | $ |  | 91.18 |  |  |  | (0.0 | ) |  | $ |  | 80.59 |
Nonvested as of May 31, 2023 |  |  | 0.1 |  |  | $ |  | 95.10 |  |  |  | 0.1 |  |  | $ |  | 107.40 |
No time-based or performance-based restricted stock awards were granted during fiscal 2023.
Other Information Pertaining to Restricted Stock Awards | Other information pertaining to time-based and performance-based restricted stock awards is as follows:
|  | Year ended May 31, |
In millions, except per share amounts |  | 2023 |  |  | 2022 |  |  | 2021 |
Weighted-average grant-date fair value per share of time-based shares granted |  | $ |  | — |  |  | $ |  | 114.21 |  |  | $ |  | 73.93 |
Total grant-date fair value of time-based restricted stock vested |  | $ |  | 4.3 |  |  | $ |  | 3.8 |  |  | $ |  | 3.0 |
Weighted-average grant-date fair value per share of performance-based shares granted |  | $ |  | — |  |  | $ |  | 103.97 |  |  | $ |  | 65.17 |
Total grant-date fair value of performance-based restricted stock vested |  | $ |  | 3.7 |  |  | $ |  | 7.2 |  |  | $ |  | 8.4 |
LTIP Performance-Based Stock Options [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Option Activity | The following table summarizes LTIP performance-based stock option activity for fiscal 2023:
|  |  |  |  |  |  |  |  | Weighted- |  |  |  |  |
|  |  |  |  | Weighted- |  |  | average |  |  |  |  |
|  | Shares |  |  | average |  |  | remaining |  |  | Aggregate |
|  | subject |  |  | exercise price |  |  | contractual |  |  | intrinsic |
In millions, except per share amounts |  | to options |  |  | per share |  |  | term (years) |  |  | value(1) |
Outstanding as of May 31, 2022 |  |  | 0.4 |  |  | $ |  | 60.52 |  |  |  |  |  |  |  |
Exercised |  |  | (0.0 | ) |  | $ |  | 60.84 |  |  |  |  |  |  |  |
Outstanding as of May 31, 2023 |  |  | 0.4 |  |  | $ |  | 60.51 |  |  |  | 3.1 |  |  | $ |  | 19.4 |
Exercisable as of May 31, 2023 |  |  | 0.4 |  |  | $ |  | 60.51 |  |  |  | 3.1 |  |  | $ |  | 19.4 |
(1) Shares valued at the market price of the underlying stock as of May 31, 2023 less the exercise price. Other information pertaining to LTIP performance-based stock options is as follows:
Other Information Pertaining to Stock Option |
|  | Year ended May 31, |
In millions |  | 2023 |  | 2022 |  | 2021 |
Total intrinsic value of stock options exercised |  | $ |  | 0.7 |  | $ |  | 16.0 |  | $ |  | 26.3 |
Total grant-date fair value of stock options vested |  | $ |  | — |  | $ |  | — |  | $ |  | 8.0 |

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