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Stock-Based Compensation (Tables) | 12 Months Ended
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May 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock-Based Compensation Expense Included in Consolidated Statements of Income | The following table represents total stock-based compensation expense included in our Consolidated Statements of Income:
Year Ended May 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands) |  |  |  |  |  |  |  |  |
Stock-based compensation expense, included in SG&A |  | $ | 25,925 |  |  | $ | 28,723 |  |  | $ | 40,114 |
Stock-based compensation expense, included in restructuring expense |  |  | - |  |  |  | (50 | ) |  |  | 630 |
Total stock-based compensation cost |  |  | 25,925 |  |  |  | 28,673 |  |  |  | 40,744 |
Income tax (benefit) |  |  | (3,627 | ) |  |  | (4,234 | ) |  |  | (5,621 | )
Total stock-based compensation cost, net of tax |  | $ | 22,298 |  |  | $ | 24,439 |  |  | $ | 35,123 |
Summary of Weighted-Average Assumptions Related to SARs Grants | The following is a summary of our weighted-average assumptions related to SARs grants made during the last three fiscal years:
Year Ended May 31, |  | 2024 |  |  | 2023 |  |  | 2022 |
Risk-free interest rate |  |  | 3.9 | % |  |  | 3.0 | % |  |  | 0.9 | %
Expected life of option - years |  | 6.0 |  |  | 6.0 |  |  | 6.0 |
Expected dividend yield |  |  | 1.8 | % |  |  | 2.0 | % |  |  | 1.8 | %
Expected volatility rate |  |  | 24.6 | % |  |  | 23.6 | % |  |  | 24.1 | %
Summary of Option and Share-Based Payment Activity | The following tables summarize option and share-based payment activity (including SARs) under these plans during the fiscal year ended May 31, 2024:
|  | 2024 |
Share-Based Payments |  | Weighted Average Exercise Price |  |  | Number of Shares Under Option |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1, 2023 |  | $ | 68.19 |  |  |  | 2,288 |
Options granted |  |  | 93.51 |  |  |  | 300 |
Options exercised |  |  | 56.42 |  |  |  | (598 | )
Balance at May 31, 2024 |  |  | 75.54 |  |  |  | 1,990 |
Exercisable at May 31, 2024 |  | $ | 67.98 |  |  |  | 1,180 |
SARs |  | 2024 |  |  | 2023 |  |  | 2022 |
(In thousands, except per share amounts) |  |  |  |  |  |  |  |  |
Weighted-average grant-date fair value per SAR |  | $ | 24.04 |  |  | $ | 18.09 |  |  | $ | 16.72 |
Fair value of SARS vested |  | $ | 15.28 |  |  | $ | 14.19 |  |  | $ | 13.49 |
Intrinsic value of options exercised |  | $ | 12.37 |  |  | $ | 11.26 |  |  | $ | 13.77 |
Tax benefit from options exercised |  | $ | 6,049 |  |  | $ | 3,292 |  |  | $ | 88 |
Directors Equity Incentive Plan 2003 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the share-based activity under the 2003 Plan and 2014 Omnibus Plan related to directors during fiscal 2024:
|  | Weighted-Average |  |  |  |
|  | Grant-Date |  |  |  |
|  | Fair Value |  |  | 2024 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1, 2023 |  | $ | 87.75 |  |  |  | 52 |
Shares granted to directors |  |  | 98.61 |  |  |  | 18 |
Shares vested |  |  | 87.35 |  |  |  | (19 | )
Balance at May 31, 2024 |  | $ | 91.70 |  |  |  | 51 |
2007 Plan and 2014 Omnibus Plan |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table sets forth such awards for the year ended May 31, 2024:
|  | Weighted-Average |  |  |  |
|  | Grant-Date |  |  |  |
|  | Fair Value |  |  | 2024 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1, 2023 |  | $ | 41.37 |  |  |  | 390 |
Shares granted |  |  | 93.51 |  |  |  | 26 |
Shares exercised |  |  | 43.78 |  |  |  | (32 | )
Balance at May 31, 2024 |  | $ | 44.82 |  |  |  | 384 |
Performance Earned Restricted Stock Awards |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the share-based performance-earned restricted stock (“PERS”) and performance stock units (“PSUs”) activity during the fiscal year ended May 31, 2024:
|  | Weighted-Average |  |  |  |
|  | Grant-Date |  |  |  |
|  | Fair Value |  |  | 2024 |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1, 2023 |  | $ | 83.17 |  |  |  | 906 |
Shares granted |  |  | 93.74 |  |  |  | 344 |
Shares forfeited |  |  | 85.97 |  |  |  | (17 | )
Shares vested |  |  | 81.07 |  |  |  | (357 | )
Balance at May 31, 2024 |  | $ | 88.13 |  |  |  | 876 |
Performance Stock Units |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table sets forth such awards for the year ended May 31, 2024:
Performance Stock Units ("PSUs") |  | Shares Granted |  |  | Weighted-Average Grant Date Fair Value |  |  | Shares Outstanding as of May 31, 2024 |  |  | Unamortized Expense, as of May 31, 2024 |
(In thousands, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
2021 PSUs (1) |  |  | 158 |  |  | $ | 86.93 |  |  |  | 134 |  |  | $ | — |
2022 PSU's (2) |  |  | 162 |  |  | $ | 81.01 |  |  |  | 151 |  |  | $ | 1,584 |
2023 PSU's (3) |  |  | 176 |  |  | $ | 93.51 |  |  |  | 174 |  |  | $ | 8,212 |
(1) The "2021 PSUs" were granted on July 21, 2021. The expense has been fully recognized, in line with the final results achieved for the three-year performance plan. (2) The "2022 PSUs were granted on July 18, 2022. The unamortized expense is expected to be recognized over a weighted average period of 1.0 years. (3) The "2023 PSUs were granted on July 19, 2023. The unamortized expense is expected to be recognized over a weighted average period of 2.0 years.
Nonvested Shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the activity for all nonvested restricted shares during the year ended May 31, 2024:
|  | Weighted-Average |  |  |  |
|  | Grant-Date Fair |  |  | Number of |
|  | Value |  |  | Shares |
(Shares in thousands) |  |  |  |  |  |
Balance at June 1, 2023 |  | $ | 81.66 |  |  |  | 1,078 |
Granted |  |  | 93.95 |  |  |  | 388 |
Vested |  |  | 77.86 |  |  |  | (421 | )
Forfeited |  |  | 85.97 |  |  |  | (17 | )
Balance at May 31, 2024 |  | $ | 87.80 |  |  |  | 1,028 |
Vested Shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of Share-Based Performance Earned Restricted Stock Activity and Restricted Stock Units | The following table summarizes the grant date and vested values of restricted shares during the last three fiscal years:
Year Ended May 31, |  | Weighted-Average Grant Date Fair Value |  |  | Fair Value of Restricted Shares Vested |  |  | Shares of Restricted Stock Vested |  |  | Intrinsic Value of Restricted Shares Vested |
(In thousands, except per share amounts) |  |  |  |  |  |  |  |  |  |  |  |
2022 |  | $ | 86.68 |  |  | $ | 27,163 |  |  |  | 441 |  |  | $ | 33,032 |
2023 |  | $ | 81.95 |  |  | $ | 28,553 |  |  |  | 432 |  |  | $ | 33,186 |
2024 |  | $ | 93.95 |  |  | $ | 32,842 |  |  |  | 421 |  |  | $ | 38,608 |

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