Stock-Based Compensation Plans (Tables)
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12 Months Ended |
May 31, 2021 |
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| Stock Options [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Weighted-Average Assumptions |
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Year ended May 31, |
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2021 |
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2020 |
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2019 |
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Stock options |
Risk-free interest rate |
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0.5 |
% |
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|
2.0 |
% |
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|
2.9 |
% |
Dividend yield |
|
3.2 |
% |
|
|
3.3 |
% |
|
|
3.5 |
% |
Volatility factor |
|
0.29 |
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|
0.18 |
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|
0.18 |
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Expected option life in years |
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6.1 |
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6.2 |
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6.1 |
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Weighted-average grant-date
fair value of stock options granted (per share) |
$ |
13.52 |
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|
$ |
9.86 |
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|
$ |
8.87 |
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| Stock Option Activity |
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Weighted- |
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Weighted- |
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average |
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Shares |
|
average |
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remaining |
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Aggregate |
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subject |
|
exercise price |
|
contractual |
|
intrinsic |
In millions, except per share amounts |
|
to options |
|
per share |
|
term (years) |
|
value(1) |
Outstanding as of May 31, 2020 |
|
4.4 |
|
$ |
55.02 |
|
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Granted |
|
0.7 |
|
$ |
73.55 |
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Exercised |
|
(1.4) |
|
$ |
42.66 |
|
|
|
|
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Forfeited |
|
(0.1) |
|
$ |
78.69 |
|
|
|
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Expired |
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— |
|
$ |
36.79 |
|
|
|
|
|
Outstanding as of May 31, 2021 |
|
3.6 |
|
$ |
62.89 |
|
6.2 |
|
$ |
136.8 |
Exercisable as of May 31, 2021 |
|
2.4 |
|
$ |
56.25 |
|
5.0 |
|
$ |
108.0 |
(1)Total shares valued at the market price of the underlying stock as of May 31, 2021 less the exercise price.
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| Other Information Pertaining to Stock Option |
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Year ended May 31, |
In millions |
|
2021 |
|
2020 |
|
2019 |
Total intrinsic value of stock options exercised |
|
$ |
58.5 |
|
$ |
22.0 |
|
$ |
25.7 |
Total grant-date fair value of stock options vested |
|
$ |
6.0 |
|
$ |
5.0 |
|
$ |
4.3 |
|
| Performance Stock Options [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Weighted-Average Assumptions |
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Year ended May 31, |
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2019 |
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Performance-based |
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stock options |
Risk-free interest rate |
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|
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|
2.9 |
% |
Dividend yield |
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|
|
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|
3.5 |
% |
Volatility factor |
|
|
|
|
|
0.18 |
|
Expected option life in years |
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|
|
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|
6.5 |
|
Weighted-average grant-date
fair value of stock options granted (per share) |
|
|
|
|
$ |
9.02 |
|
|
| Time Based And Performance Based Restricted Stock Units [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| RSU Activity |
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Weighted- |
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Weighted- |
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average |
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average |
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Time- |
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grant-date |
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Performance- |
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grant-date |
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Based |
|
fair value |
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based |
|
fair value |
In millions, except per share amounts |
|
RSUs |
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per share |
|
RSUs |
|
per share |
Nonvested as of May 31, 2020 |
|
1.4 |
|
$ |
61.60 |
|
0.1 |
|
$ |
80.59 |
Granted (1) |
|
0.7 |
|
$ |
67.92 |
|
— |
|
$ |
— |
Vested |
|
(0.5) |
|
$ |
57.10 |
|
— |
|
$ |
— |
Forfeited |
|
(0.1) |
|
$ |
64.40 |
|
— |
|
$ |
— |
Nonvested as of May 31, 2021 |
|
1.5 |
|
$ |
65.64 |
|
0.1 |
|
$ |
80.59 |
(1)For performance-based RSUs, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.
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| Other Information Pertaining to RSUs |
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Year ended May 31, |
In millions, except per share amounts |
|
2021 |
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2020 |
|
2019 |
Time-based RSUs: |
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Weighted-average grant-date fair value per share of RSUs granted |
|
$ |
67.92 |
|
$ |
73.28 |
|
$ |
62.20 |
Weighted-average remaining vesting period (years) |
|
|
3.0 |
|
|
2.9 |
|
|
2.9 |
Total intrinsic value of RSUs vested |
|
$ |
32.6 |
|
$ |
40.0 |
|
$ |
1.2 |
Aggregate intrinsic value of nonvested RSUs (1) |
|
$ |
152.7 |
|
$ |
99.9 |
|
$ |
127.0 |
Total grant-date fair value of RSUs vested |
|
$ |
25.6 |
|
$ |
23.6 |
|
$ |
0.8 |
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Performance-based RSUs(2): |
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Weighted-average grant-date fair value per share of RSUs granted |
|
$ |
— |
|
$ |
80.59 |
|
$ |
— |
Weighted-average remaining vesting period (years) |
|
|
1.1 |
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|
2.1 |
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|
— |
Total intrinsic value of RSUs vested |
|
$ |
— |
|
$ |
— |
|
$ |
— |
Aggregate intrinsic value of nonvested RSUs (1) |
|
$ |
6.2 |
|
$ |
4.4 |
|
$ |
— |
Total grant-date fair value of RSUs vested |
|
$ |
— |
|
$ |
— |
|
$ |
— |
(1)Based on the market price of the underlying common stock as of May 31, 2021, 2020 and 2019.
(2)No performance-based RSUs were granted during fiscal 2021 or fiscal 2019.
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| Time-Based And Performance-Based Restricted Stock Awards [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Restricted Stock Awards Activity |
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Weighted- |
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Weighted- |
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average |
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|
average |
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|
grant-date |
|
Performance- |
|
grant-date |
|
|
Time-based |
|
fair value |
|
based |
|
fair value |
In millions, except per share amounts |
|
shares |
|
per share |
|
shares |
|
per share |
Nonvested as of May 31, 2020 |
|
0.1 |
|
$ |
73.20 |
|
0.3 |
|
$ |
61.97 |
Granted (1) |
|
0.1 |
|
$ |
73.93 |
|
— |
|
$ |
65.17 |
Vested |
|
(0.1) |
|
$ |
70.11 |
|
(0.2) |
|
$ |
54.28 |
Forfeited |
|
— |
|
$ |
76.45 |
|
— |
|
$ |
72.31 |
Nonvested as of May 31, 2021 |
|
0.1 |
|
$ |
74.60 |
|
0.1 |
|
$ |
69.28 |
(1)For performance-based shares, granted number assumes achievement of performance goals at target. Actual number of shares to be earned may differ from this amount.
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| Other Information Pertaining to Restricted Stock Awards |
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Year ended May 31, |
In millions, except per share amounts |
|
2021 |
|
2020 |
|
2019 |
Weighted-average grant-date fair value per share of time-based shares granted |
|
$ |
73.93 |
|
$ |
84.46 |
|
$ |
69.80 |
Total grant-date fair value of time-based restricted stock vested |
|
$ |
3.0 |
|
$ |
3.2 |
|
$ |
3.0 |
Weighted-average grant-date fair value per share of performance-based shares granted |
|
$ |
65.17 |
|
$ |
80.59 |
|
$ |
65.17 |
Total grant-date fair value of performance-based restricted stock vested |
|
$ |
8.4 |
|
$ |
5.8 |
|
$ |
5.3 |
|
| LTIP Performance-Based Stock Options [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Stock Option Activity |
|
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Weighted- |
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Weighted- |
|
average |
|
|
|
|
|
Shares |
|
average |
|
remaining |
|
Aggregate |
|
|
subject |
|
exercise price |
|
contractual |
|
intrinsic |
In millions, except per share amounts |
|
to options |
|
per share |
|
term (years) |
|
value(1) |
Outstanding as of May 31, 2020 |
|
1.3 |
|
$ |
56.13 |
|
|
|
|
|
Granted(2) |
|
0.2 |
|
$ |
60.92 |
|
|
|
|
|
Exercised |
|
(0.8) |
|
$ |
53.34 |
|
|
|
|
|
Outstanding as of May 31, 2021 |
|
0.7 |
|
$ |
60.71 |
|
5.0 |
|
$ |
27.8 |
Exercisable as of May 31, 2021 |
|
0.7 |
|
$ |
60.71 |
|
5.0 |
|
$ |
27.8 |
(1)Shares valued at the market price of the underlying stock as of May 31, 2021 less the exercise price.
(2)Shares issued above target achievement level upon final performance measurement.
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| Other Information Pertaining to Stock Option |
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|
Year ended May 31, |
In millions |
|
2021 |
|
2020 |
|
2019 |
Total intrinsic value of stock options exercised |
|
$ |
26.3 |
|
$ |
23.0 |
|
$ |
8.2 |
|
| LTIP Performance-Based Restricted Stock [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Restricted Stock Awards Activity |
|
|
|
|
|
|
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|
|
|
Weighted- |
|
|
|
|
average grant |
|
|
Restricted |
|
date fair value |
In millions, except per share amounts |
|
shares |
|
per share |
Nonvested as of May 31, 2020 |
|
0.1 |
|
$ |
53.97 |
Granted |
|
— |
|
$ |
53.97 |
Exercised |
|
(0.1) |
|
$ |
53.97 |
Nonvested as of May 31, 2021 |
|
— |
|
$ |
— |
|