XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.2

Stock-based Compensation | 6 Months Ended
--- | ---
May 31, 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 May 31, |  | Six months ended May 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Stock-based compensation expense | $ | 9.6 |  |  | $ | 19.4 |  |  | $ | 29.6 |  |  | $ | 31.1 |
Our 2025 annual grant consisted of RSUs and stock awarded under our LTPP and occurred in the first quarter. Our 2024 annual grant of stock options and RSUs occurred in the second quarter. 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 six months ended May 31, 2025 and 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 | — |  |  | — |  |  | 1.2 |  |  | 72.88 |
Exercised | (0.3) |  |  | 50.08 |  |  | (0.2) |  |  | 39.60 |
Forfeited | (0.1) |  |  | 73.45 |  |  | (0.1) |  |  | 84.84 |
Outstanding at end of the period | 5.7 |  |  | $ | 73.33 |  |  | 6.2 |  |  | $ | 71.94 |
Exercisable at end of the period | 4.9 |  |  | $ | 72.83 |  |  | 4.5 |  |  | $ | 69.43 |
As of May 31, 2025, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $35.2 million and for options currently exercisable was $34.3 million. The total intrinsic value of all options exercised during the six months ended May 31, 2025 and 2024 was $8.2 million and $7.4 million, respectively. The following is a summary of our RSU activity for the six months ended May 31, 2025 and 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 | 526 |  |  | 74.76 |  |  | 262 |  |  | 72.90 |
Vested | (230) |  |  | 79.01 |  |  | (192) |  |  | 84.69 |
Forfeited | (27) |  |  | 74.73 |  |  | (15) |  |  | 82.26 |
Outstanding at end of period | 802 |  |  | $ | 72.82 |  |  | 549 |  |  | $ | 72.15 |
There were 2.1 million price-vested stock options with a weighted-average grant-date fair value of $9.40 outstanding as of May 31, 2025 and 2024. The following is a summary of our LTPP activity for the six months ended May 31, 2025 and 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 | (35) |  |  | 79.96 |  |  | (12) |  |  | 83.08 |
Outstanding at end of period | 475 |  |  | $ | 79.97 |  |  | 473 |  |  | $ | 81.55 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration