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Share-Based Awards and Options (Tables)

12 Months Ended

May. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes share-based compensation expense and the related income tax benefit recognized for stock options, restricted stock, performance units, TSR units, and shares issued under our employee stock purchase plan (each as described below).

	2015				2014				2013
					(in millions)
Share-based compensation expense	$	21.1			$	29.8			$	18.4
Income tax benefit	$	(6.9	)		$	(7.1	)		$	(5.6	)

Schedule of Changes in Non-Vested Restricted Stock Awards Activity

The following table summarizes the changes in unvested share-based awards for the years ended May 31, 2015 and 2014 (shares in thousands):

		Shares			Weighted-Average Grant-Date Fair Value
Unvested at May 31, 2013		2,192			$	22.00
Granted		1,088			23.55
Vested		(1,286	)		22.31
Forfeited		(240	)		22.40
Unvested at May 31, 2014		1,754			22.72
Granted		954			36.21
Vested		(648	)		23.17
Forfeited		(212	)		27.03
Unvested at May 31, 2015		1,848			$	28.97

Schedule of Share-based Compensation, Stock Options, Activity

The following is a summary of our stock option activity as of and for the years ended May 31, 2015 and 2014: 

	Options			Weighted-Average Exercise Price				Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value
	(in thousands)							(years)		(in millions)
Outstanding at May 31, 2013	3,530			$	17.55			3.5		$	23.9
Granted	—			—
Forfeited	(130	)		19.04
Exercised	(1,868	)		15.20
Outstanding at May 31, 2014	1,532			20.36				3.8		21.3
Granted	306			35.78
Forfeited	(48	)		27.42
Exercised	(896	)		20.15
Outstanding at May 31, 2015	894			$	25.47			5.2		$	23.9
Options vested and exercisable at May 31, 2015	618			$	20.88			3.5		$	19.4
Options vested and exercisable at May 31, 2014	1,450			$	20.42			3.6		$	20.1

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The weighted-average grant-date fair value of each stock option granted during the year ended May 31, 2015 was $8.45. Fair value was estimated on the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions:

Risk-free interest rate	1.57	%
Expected volatility	23.65	%
Dividend yield	0.13	%
Expected life (years)	5

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

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Tabular disclosure of the changes in outstanding nonvested shares.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.

+ References

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-Publisher FASB
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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