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Stock-Based Compensation Plans (Tables)
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12 Months Ended |
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May 31, 2012
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| Stock-Based Compensation Plans [Abstract] |
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| Weighted-average assumptions used for valuation under the Black-Scholes model |
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Year ended May 31, |
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2012 |
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2012 |
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2011 |
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2010 |
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Performance
stock options |
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Stock options |
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Risk-free interest rate
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1.9 |
% |
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2.2 |
% |
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2.2 |
% |
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3.0 |
% |
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Dividend yield
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4.2 |
% |
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4.2 |
% |
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4.2 |
% |
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4.5 |
% |
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Volatility factor
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.24 |
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.24 |
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.24 |
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.28 |
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Expected option life in years
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5.8 |
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6.4 |
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6.5 |
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6.3 |
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Weighted-average grant-date fair value of stock options granted (per share)
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$ |
4.35 |
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$ |
4.46 |
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$ |
4.02 |
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$ |
4.37 |
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| Broad-based stock option grants |
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Date of broad-based grant
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Shares
granted
(millions)
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Exercise
price
per
share
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Shares
outstanding as
of
May 31, 2012
(millions)
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Vesting schedule
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April 2004
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1.7 |
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$ |
37.72 |
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0.7 |
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25% each April in 2005 through 2008 |
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October 2006
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2.0 |
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$ |
37.32 |
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1.1 |
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20% each October in 2007 through 2011 |
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| Stock option activity |
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In millions, except per share amounts
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Shares subject
to
options
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Weighted-average
exercise
price
per share
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Weighted-average
remaining
contractual term
(years)
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Aggregate intrinsic
value
(1)
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Outstanding as of May 31, 2009
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14.0 |
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$ |
34.84 |
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Granted
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1.4 |
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$ |
26.34 |
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Exercised
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(0.4 |
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$ |
23.12 |
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Forfeited
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(0.4 |
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$ |
33.35 |
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Expired
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(0.4 |
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$ |
36.18 |
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Outstanding as of May 31, 2010
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14.2 |
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$ |
34.31 |
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Granted
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0.5 |
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$ |
26.83 |
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Exercised
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(0.4 |
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$ |
28.58 |
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Forfeited
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(0.8 |
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$ |
29.68 |
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Expired
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(1.0 |
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$ |
39.41 |
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Outstanding as of May 31, 2011
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12.5 |
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$ |
34.14 |
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Granted
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0.8 |
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$ |
30.88 |
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Exercised
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(0.2 |
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$ |
27.85 |
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Forfeited
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(0.3 |
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$ |
29.45 |
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Expired
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(2.8 |
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$ |
35.19 |
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Outstanding as of May 31, 2012
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10.0 |
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$ |
33.88 |
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4.3 |
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$ |
4.8 |
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Exercisable as of May 31, 2012
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8.4 |
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$ |
34.71 |
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3.6 |
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$ |
2.1 |
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| (1) |
Market price of the underlying stock as of May 31, 2012 less the exercise price. |
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| Stock option plan other information |
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Year ended May 31, |
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In millions, except per share amounts
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2012 |
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2011 |
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2010 |
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Total intrinsic value of stock options exercised
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$ |
0.8 |
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$ |
1.9 |
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$ |
1.4 |
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Total grant-date fair value of stock options vested
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$ |
10.4 |
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$ |
20.0 |
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$ |
19.0 |
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| Performance stock option activity |
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In millions, except per share amounts
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Shares subject
to
options
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Weighted-average
exercise price
per
share
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Weighted-average
remaining
contractual term
(years)
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Aggregate intrinsic
value
(2)
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Outstanding as of May 31, 2011
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— |
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$ |
— |
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Granted
(1)
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2.7 |
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$ |
30.83 |
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Exercised
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— |
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$ |
— |
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Forfeited
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(0.1 |
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$ |
31.63 |
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Expired
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— |
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$ |
— |
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Outstanding as of May 31, 2012
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2.6 |
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$ |
30.80 |
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9.2 |
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$ |
1.2 |
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Exercisable as of May 31, 2012
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— |
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$ |
— |
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— |
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$ |
— |
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| (1) |
Performance stock options granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount.
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| (2) |
Market price of the underlying stock as of May 31, 2012 less the exercise price. |
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| RSU Activity |
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In millions, except per share amounts
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RSUs |
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Weighted-average
grant-date
fair value per
share
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Weighted-average
remaining vesting
period (years) |
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Aggregate
intrinsic
value (1) |
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Nonvested as of May 31, 2009
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0.9 |
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$ |
32.93 |
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Granted
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0.6 |
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$ |
20.62 |
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Vested
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(0.2 |
) |
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$ |
34.01 |
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Forfeited
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(0.1 |
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$ |
28.88 |
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Nonvested as of May 31, 2010
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1.2 |
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$ |
27.39 |
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Granted
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0.6 |
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$ |
21.52 |
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Vested
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(0.3 |
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$ |
28.96 |
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Forfeited
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(0.1 |
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$ |
25.08 |
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Nonvested as of May 31, 2011
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1.4 |
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$ |
24.83 |
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Granted
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0.6 |
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$ |
27.67 |
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Vested
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(0.3 |
) |
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$ |
26.87 |
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Forfeited
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(0.1 |
) |
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$ |
25.41 |
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Nonvested as of May 31, 2012
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1.6 |
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$ |
25.49 |
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1.5 |
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$ |
46.8 |
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| (1) |
An RSU is an agreement to issue shares at the time of vesting with no associated exercise cost. Therefore, intrinsic value for RSUs is the market price of the
underlying stock as of May 31, 2012. |
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| Other information pertaining to RSUs |
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Year ended May 31, |
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In millions, except per share amounts
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2012 |
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2011 |
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2010 |
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Total intrinsic value of RSUs vested
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$ |
11.0 |
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$ |
7.7 |
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$ |
4.8 |
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Total grant-date fair value of RSUs vested
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$ |
9.5 |
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$ |
8.5 |
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$ |
6.6 |
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| Restricted stock activity |
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In millions, except per share amounts
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Restricted
shares
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Weighted-average
grant-date
fair value per
share
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Nonvested as of May 31, 2009
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0.2 |
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$ |
36.74 |
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Granted
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0.2 |
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$ |
24.60 |
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Vested
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— |
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$ |
35.79 |
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Forfeited
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— |
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$ |
32.66 |
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Nonvested as of May 31, 2010
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0.4 |
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$ |
31.95 |
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Granted
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0.1 |
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$ |
26.40 |
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Vested
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(0.1 |
) |
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$ |
35.60 |
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Forfeited
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(0.1 |
) |
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$ |
30.02 |
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Nonvested as of May 31, 2011
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0.3 |
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$ |
29.88 |
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Granted
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|
0.1 |
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$ |
30.69 |
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Vested
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(0.1 |
) |
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$ |
32.02 |
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Forfeited
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(0.1 |
) |
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$ |
29.36 |
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Nonvested as of May 31, 2012
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|
0.2 |
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$ |
29.35 |
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|
| Performance shares activity |
| |
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In millions, except per share amounts
|
|
Performance
shares |
|
|
Weighted-average
grant-date
fair value
per share
|
|
|
Unearned performance shares as of May 31, 2010
|
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|
— |
|
|
$ |
— |
|
|
Granted
(1)
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|
0.1 |
|
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$ |
23.85 |
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Forfeited
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|
— |
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$ |
23.55 |
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Unearned performance shares as of May 31, 2011
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|
0.1 |
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$ |
23.90 |
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Granted
(1)
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|
0.1 |
|
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$ |
28.87 |
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Forfeited
|
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|
— |
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$ |
25.38 |
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Unearned performance shares as of May 31, 2012
|
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|
0.2 |
|
|
$ |
26.83 |
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|
| (1) |
Performance shares granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount.
|
|