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Stock-Based Compensation Plans (Tables)
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12 Months Ended |
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May 31, 2014
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| Stock-Based Compensation Plans [Abstract] |
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| Weighted-average assumptions used for valuation under the Black-Scholes model |
The weighted-average assumptions used for valuation under the Black-Scholes model are as follows:
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Year ended May 31, |
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2014 |
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2013 |
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2012 |
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2014 |
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2013 |
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2012 |
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Performance stock options |
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Stock options |
Risk-free interest rate |
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1.5 |
% |
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0.7 |
% |
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1.9 |
% |
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2.0 |
% |
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1.0 |
% |
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2.2 |
% |
Dividend yield |
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3.9 |
% |
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4.1 |
% |
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4.2 |
% |
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4.1 |
% |
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4.3 |
% |
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4.2 |
% |
Volatility factor |
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.20 |
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.22 |
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.24 |
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.22 |
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.23 |
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.24 |
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Expected option life in years |
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4.5 |
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4.8 |
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5.8 |
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6.4 |
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6.4 |
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6.4 |
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Weighted-average grant-date fair value of stock options granted (per share) |
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$ |
3.85 |
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$ |
3.55 |
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$ |
4.35 |
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$ |
4.90 |
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$ |
3.77 |
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$ |
4.46 |
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| Stock options activity |
The following table summarizes stock option activity for the year ended May 31, 2014:
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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, 2013 |
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8.0 |
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$ |
34.17 |
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Granted |
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0.9 |
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$ |
38.52 |
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Exercised |
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(3.4 |
) |
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$ |
35.51 |
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Forfeited |
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— |
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$ |
29.26 |
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Expired |
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(0.1 |
) |
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$ |
38.11 |
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Outstanding as of May 31, 2014 |
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5.4 |
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$ |
34.00 |
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5.3 |
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$ |
38.7 |
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Exercisable as of May 31, 2014 |
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3.4 |
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$ |
33.87 |
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3.6 |
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$ |
24.7 |
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(1) Market price of the underlying stock as of May 31, 2014 less the exercise price.
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| Stock option plan other information |
Other information pertaining to stock option grants is as follows:
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Year ended May 31, |
In millions, except per share amounts |
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2014 |
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2013 |
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2012 |
Total intrinsic value of stock options exercised |
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$ |
18.9 |
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$ |
7.8 |
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$ |
0.8 |
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Total grant-date fair value of stock options vested |
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$ |
3.0 |
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$ |
3.0 |
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$ |
10.4 |
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| Performance stock options activity |
The following table summarizes performance stock option activity for the year ended May 31, 2014:
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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, 2013 |
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2.7 |
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$ |
30.95 |
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Granted (1)
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0.1 |
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$ |
36.66 |
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Exercised |
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— |
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$ |
— |
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Forfeited |
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— |
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$ |
— |
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Expired |
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— |
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$ |
— |
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Outstanding as of May 31, 2014 |
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2.8 |
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$ |
31.25 |
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7.4 |
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$ |
27.8 |
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Exercisable as of May 31, 2014 |
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— |
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$ |
— |
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0.0 |
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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, 2014 less the exercise price.
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| RSU Activity |
The following table summarizes RSU activity for the year ended May 31, 2014:
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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, 2013 |
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1.6 |
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$ |
26.29 |
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Granted |
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0.7 |
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$ |
36.37 |
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Vested |
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(0.5 |
) |
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$ |
25.65 |
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Forfeited |
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(0.1 |
) |
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$ |
29.39 |
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Nonvested as of May 31, 2014 |
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1.7 |
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$ |
30.52 |
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3.0 |
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$ |
70.5 |
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(1) |
Intrinsic value for RSUs is the market price of the underlying stock as of May 31, 2014.
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| Other information pertaining to RSUs |
Other information pertaining to RSUs is as follows:
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Year ended May 31, |
In millions, except per share amounts |
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2014 |
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2013 |
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2012 |
Weighted-average grant-date fair value of RSUs granted |
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$ |
36.37 |
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$ |
28.59 |
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$ |
27.67 |
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Total intrinsic value of RSUs vested |
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$ |
18.3 |
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$ |
15.5 |
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$ |
11.0 |
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Total grant-date fair value of RSUs vested |
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$ |
12.1 |
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$ |
13.4 |
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$ |
9.5 |
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| Restricted stock award activity |
The following table summarizes restricted stock activity for the year ended May 31, 2014:
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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, 2013 |
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0.2 |
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$ |
29.83 |
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Granted |
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0.1 |
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$ |
38.53 |
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Vested |
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(0.1 |
) |
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$ |
30.22 |
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Forfeited |
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— |
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$ |
— |
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Nonvested as of May 31, 2014 |
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0.2 |
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$ |
33.55 |
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| Other information pertaining to restricted stock awards |
Other information pertaining to restricted stock follows:
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Year ended May 31, |
In millions, except per share amounts |
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2014 |
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2013 |
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2012 |
Weighted-average grant-date fair value of restricted stock granted |
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$ |
38.53 |
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$ |
31.76 |
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$ |
30.69 |
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Total grant-date fair value of restricted stock vested |
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$ |
3.3 |
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$ |
2.1 |
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$ |
3.2 |
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| Performance shares activity |
The following table summarizes performance share activity for the year ended May 31, 2014:
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In millions, except per share amounts |
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Performance
shares
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Weighted-average
grant-date
fair value
per share
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Nonvested as of May 31, 2013 |
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0.4 |
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$ |
27.89 |
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Granted (1)
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0.2 |
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$ |
35.69 |
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Vested |
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(0.1 |
) |
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$ |
23.98 |
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Forfeited |
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— |
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$ |
— |
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Nonvested as of May 31, 2014 |
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0.5 |
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$ |
31.61 |
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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. |
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