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Stock-Based Compensation (Tables) | 9 Months Ended
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Aug. 31, 2023
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 August 31, |  | Nine months ended August 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Stock-based compensation expense | $ | 12.6 |  |  | $ | 12.2 |  |  | $ | 51.1 |  |  | $ | 49.1 |
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:
| 2023 |  | 2022
Risk-free interest rates | 3.5% - 4.9% |  | 0.2% - 2.5%
Dividend yield | 1.9% |  | 1.5%
Expected volatility | 21.8% |  | 21.2%
Expected lives (in years) | 7.3 |  | 7.6
Summary of Option Activity | The following is a summary of our stock option activity for the nine months ended August 31, 2023 and 2022:
| 2023 |  | 2022
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 4.8 |  |  | $ | 67.08 |  |  | 5.0 |  |  | $ | 59.71 |
Granted | 0.9 |  |  | 81.79 |  |  | 0.7 |  |  | 96.92 |
Exercised | (0.4) |  |  | 47.85 |  |  | (0.8) |  |  | 47.40 |
Outstanding at end of the period | 5.3 |  |  | $ | 70.43 |  |  | 4.9 |  |  | $ | 67.13 |
Exercisable at end of the period | 3.9 |  |  | $ | 64.29 |  |  | 3.5 |  |  | $ | 57.97 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following is a summary of our RSU activity for the nine months ended August 31, 2023 and 2022:
| 2023 |  | 2022
(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 | 480 |  |  | $ | 77.62 |  |  | 563 |  |  | $ | 69.52 |
Granted | 243 |  |  | 78.33 |  |  | 208 |  |  | 94.21 |
Vested | (225) |  |  | 78.16 |  |  | (251) |  |  | 71.90 |
Forfeited | (19) |  |  | 85.58 |  |  | (30) |  |  | 84.27 |
Outstanding at end of period | 479 |  |  | $ | 77.38 |  |  | 490 |  |  | $ | 77.86 |
Schedule of Share Based Compensation, Performance Shares, Activity | The following is a summary of our LTPP activity for the nine months ended August 31, 2023 and 2022:
| 2023 |  | 2022
(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 | 451 |  |  | $ | 106.32 |  |  | 497 |  |  | $ | 83.74 |
Granted | 167 |  |  | 89.00 |  |  | 151 |  |  | 95.00 |
Vested | (176) |  |  | 86.14 |  |  | (251) |  |  | 75.26 |
Forfeited | (18) |  |  | 93.18 |  |  | (4) |  |  | 95.29 |
Outstanding at end of period | 424 |  |  | $ | 93.68 |  |  | 393 |  |  | $ | 93.40 |
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 nine months ended August 31, 2023 and 2022:
| 2023 |  | 2022
(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 | 2,107 |  |  | $ | 9.40 |  |  | 2,193 |  |  | $ | 9.40 |
Forfeited | (52) |  |  | 9.40 |  |  | (62) |  |  | 9.40 |
Outstanding at end of period | 2,055 |  |  | $ | 9.40 |  |  | 2,131 |  |  | $ | 9.40 |

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