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Stock-Based Compensation (Tables) | 6 Months Ended
--- | ---
May 31, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock-based compensation expense | $ | 19.4 |  |  | $ | 26.7 |  |  | $ | 31.1 |  |  | $ | 38.5 |
The fair values of stock option grants in the stated periods were computed using the following assumptions for our various stock compensation plans:
| 2024 |  | 2023
Risk-free interest rates | 4.1% - 5.5% |  | 3.5% - 4.9%
Dividend yield | 2.3% |  | 1.9%
Expected volatility | 22.8% |  | 21.8%
Expected lives (in years) | 7.1 |  | 7.3
Summary of Option Activity | The following is a summary of our stock option activity for the six months ended May 31, 2024 and 2023:
| 2024 |  | 2023
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 5.3 |  |  | $ | 70.43 |  |  | 4.8 |  |  | $ | 67.08 |
Granted | 1.2 |  |  | 72.88 |  |  | 0.9 |  |  | 81.79 |
Exercised | (0.2) |  |  | 39.60 |  |  | (0.2) |  |  | 46.90 |
Forfeited | (0.1) |  |  | 84.84 |  |  | — |  |  | — |
Outstanding at end of the period | 6.2 |  |  | $ | 71.94 |  |  | 5.5 |  |  | $ | 70.12 |
Exercisable at end of the period | 4.5 |  |  | $ | 69.43 |  |  | 4.0 |  |  | $ | 63.77 |
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, 2024 and 2023:
| 2024 |  | 2023
(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 | 494 |  |  | $ | 76.94 |  |  | 480 |  |  | $ | 77.62 |
Granted | 262 |  |  | 72.90 |  |  | 243 |  |  | 78.29 |
Vested | (192) |  |  | 84.69 |  |  | (222) |  |  | 78.12 |
Forfeited | (15) |  |  | 82.26 |  |  | (13) |  |  | 86.69 |
Outstanding at end of period | 549 |  |  | $ | 72.15 |  |  | 488 |  |  | $ | 77.51 |
Schedule of Share Based Compensation, Performance Shares, Activity | The following is a summary of our LTPP activity for the six months ended May 31, 2024 and 2023:
| 2024 |  | 2023
(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 | 474 |  |  | $ | 94.34 |  |  | 451 |  |  | $ | 106.32 |
Granted | 192 |  |  | 66.49 |  |  | 167 |  |  | 89.00 |
Vested | (181) |  |  | 98.30 |  |  | (176) |  |  | 86.14 |
Forfeited | (12) |  |  | 83.08 |  |  | (16) |  |  | 93.53 |
Outstanding at end of period | 473 |  |  | $ | 81.55 |  |  | 426 |  |  | $ | 93.67 |
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, 2024 and 2023:
| 2024 |  | 2023
(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 | 2,055 |  |  | $ | 9.40 |  |  | 2,107 |  |  | $ | 9.40 |
Forfeited | — |  |  | — |  |  | (50) |  |  | 9.40 |
Outstanding at end of period | 2,055 |  |  | $ | 9.40 |  |  | 2,057 |  |  | $ | 9.40 |

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