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Stock-based Compensation | 3 Months Ended
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Feb. 28, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | STOCK-BASED COMPENSATION We have four types of stock-based compensation awards: restricted stock units (RSUs), stock options, company stock awarded as part of our long-term performance plan (LTPP), and price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions):
| Three months ended |  |
| February 28, 2025 |  | February 29, 2024 |  |  |  |
Stock-based compensation expense | $ | 20.0 |  |  | $ | 11.7 |  |  |  |  |
Our 2025 annual grant consisted primarily of RSUs and stock awarded under our LTPP and occurred in the first quarter. Our annual grant of stock options and RSUs principally occurred in the second quarter of 2024. Stock options were also granted during the first quarter of 2024. Our annual grant of stock awarded under our LTPP occurred in the first quarter of 2024. Substantially all the stock options and RSUs granted in 2025 and 2024 vest ratably over a three-year period or, if earlier, upon the holder’s retirement eligibility date. Stock awarded under our LTPP vest ratably over a three-year period.
The following is a summary of our stock option activity for the three months ended February 28, 2025 and February 29, 2024:
| 2025 |  | 2024
(shares in millions) | Number of Shares |  | Weighted- Average Exercise Price |  | Number of Shares |  | Weighted- Average Exercise Price
Outstanding at beginning of period | 6.1 |  |  | $ | 72.25 |  |  | 5.3 |  |  | $ | 70.43 |
Granted | — |  |  | — |  |  | 0.4 |  |  | 65.99 |
Exercised | (0.1) |  |  | 49.11 |  |  | (0.1) |  |  | 37.74 |
Forfeited | (0.1) |  |  | 84.55 |  |  | — |  |  | — |
Outstanding at end of the period | 5.9 |  |  | $ | 72.65 |  |  | 5.6 |  |  | $ | 70.54 |
Exercisable at end of the period | 4.2 |  |  | $ | 70.40 |  |  | 3.9 |  |  | $ | 65.36 |
As of February 28, 2025, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $73.4 million and for options currently exercisable was $63.5 million. The total intrinsic value of all options exercised during the three months ended February 28, 2025 and February 29, 2024 was $3.3 million and $2.6 million, respectively. The following is a summary of our RSU activity for the three months ended February 28, 2025 and February 29, 2024:
| 2025 |  | 2024
(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 | 533 |  |  | $ | 73.68 |  |  | 494 |  |  | $ | 76.94 |
Granted | 523 |  |  | 74.74 |  |  | — |  |  | — |
Vested | (1) |  |  | 77.63 |  |  | (3) |  |  | 92.74 |
Forfeited | (6) |  |  | 75.92 |  |  | (9) |  |  | 83.59 |
Outstanding at end of period | 1,049 |  |  | $ | 74.19 |  |  | 482 |  |  | $ | 76.71 |
There were 2.1 million price-vested stock options with a weighted-average grant-date fair value of $9.40 outstanding as of February 28, 2025 and February 29, 2024. The following is a summary of our LTPP activity for the three months ended February 28, 2025 and February 29, 2024:
| 2025 |  | 2024
(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 | 539 |  |  | $ | 83.45 |  |  | 474 |  |  | $ | 94.34 |
Granted | 177 |  |  | 86.92 |  |  | 192 |  |  | 66.49 |
Vested | (206) |  |  | 95.00 |  |  | (181) |  |  | 98.30 |
Forfeited | (34) |  |  | 79.98 |  |  | (10) |  |  | 91.65 |
Outstanding at end of period | 476 |  |  | $ | 79.97 |  |  | 475 |  |  | $ | 81.53 |

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