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Stock-Based Compensation (Tables) | 6 Months Ended
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May 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock Based Compensation in Selling, General and Administrative Expense | The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense (in millions):
| Three months ended May 31, |  | Six months ended May 31,
| 2022 |  | 2021 |  | 2022 |  | 2021
Stock-based compensation expense | $ | 25.8 |  |  | $ | 28.5 |  |  | $ | 36.9 |  |  | $ | 42.6 |
The fair values of stock option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:
| 2022 |  | 2021
Risk-free interest rates | 0.2 - 2.5% |  | 0.0 - 1.8%
Dividend yield | 1.5% |  | 1.5%
Expected volatility | 21.2% |  | 21.3%
Expected lives (in years) | 7.6 |  | 7.9
Summary of Option Activity | The following is a summary of our stock option activity for the six months ended May 31, 2022 and 2021:
| 2022 |  | 2021
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 5.0 |  |  | $ | 59.71 |  |  | 4.5 |  |  | $ | 53.56 |
Granted | 0.7 |  |  | 97.26 |  |  | 0.8 |  |  | 89.16 |
Exercised | (0.7) |  |  | 46.25 |  |  | (0.1) |  |  | 44.22 |
Outstanding at end of the period | 5.0 |  |  | $ | 67.06 |  |  | 5.2 |  |  | $ | 59.46 |
Exercisable at end of the period | 3.6 |  |  | $ | 57.87 |  |  | 3.8 |  |  | $ | 51.08 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following is a summary of our RSU activity for the six months ended May 31, 2022 and 2021:
| 2022 |  | 2021
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Number of Shares |  | Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period | 563 |  |  | $ | 69.52 |  |  | 714 |  |  | $ | 61.74 |
Granted | 204 |  |  | 94.43 |  |  | 219 |  |  | 86.86 |
Vested | (251) |  |  | 71.90 |  |  | (282) |  |  | 62.19 |
Forfeited | (20) |  |  | 82.64 |  |  | (12) |  |  | 60.12 |
Outstanding at end of period | 496 |  |  | $ | 78.02 |  |  | 639 |  |  | $ | 70.03 |
Schedule of Share Based Compensation, Performance Shares, Activity | The following is a summary of our LTPP activity for the six months ended May 31, 2022 and 2021:
| 2022 |  | 2021
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Number of Shares |  | Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period | 497 |  |  | $ | 83.74 |  |  | 382 |  |  | $ | 71.20 |
Granted | 151 |  |  | 95.00 |  |  | 141 |  |  | 98.30 |
Vested | (251) |  |  | 75.26 |  |  | (121) |  |  | 50.95 |
Forfeited | (2) |  |  | 95.58 |  |  | (12) |  |  | 88.06 |
Outstanding at end of period | 395 |  |  | $ | 93.41 |  |  | 390 |  |  | $ | 86.80 |
Price Vested Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Share-based Payment Arrangement, Activity | The following is a summary of our price-vested stock options activity for the six months ended May 31, 2022 and 2021:
| 2022 |  | 2021
(shares in thousands) | Number of Shares |  | Weighted- Average Grant-Date Fair Value |  | Number of Shares |  | Weighted- Average Grant-Date Fair Value
Outstanding at beginning of period | 2,193 |  |  | $ | 9.40 |  |  | 2,482 |  |  | $ | 9.40 |
Granted | — |  |  | — |  |  | 15 |  |  | 9.66 |
Forfeited | (35) |  |  | 9.40 |  |  | (121) |  |  | 9.40 |
Outstanding at end of period | 2,158 |  |  | $ | 9.40 |  |  | 2,376 |  |  | $ | 9.40 |

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