Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation Plans (Tables)

v2.4.0.8
Stock-Based Compensation Plans (Tables)
12 Months Ended
May 31, 2014
Stock-Based Compensation Plans [Abstract]  
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:
 
 
Year ended May 31,
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
Performance stock options
 
Stock options
Risk-free interest rate
 
1.5
%
 
0.7
%
 
1.9
%
 
2.0
%
 
1.0
%
 
2.2
%
Dividend yield
 
3.9
%
 
4.1
%
 
4.2
%
 
4.1
%
 
4.3
%
 
4.2
%
Volatility factor
 
.20

 
.22

 
.24

 
.22

 
.23

 
.24

Expected option life in years
 
4.5

 
4.8

 
5.8

 
6.4

 
6.4

 
6.4

Weighted-average grant-date fair value of stock options granted (per share)
 
$
3.85

 
$
3.55

 
$
4.35

 
$
4.90

 
$
3.77

 
$
4.46

Stock options activity
The following table summarizes stock option activity for the year ended May 31, 2014:
In millions, except per share amounts
 
Shares subject
to options
 
Weighted-average
exercise price
per share
 
Weighted-average
remaining
contractual term
(years)
 
Aggregate
 intrinsic value(1)
Outstanding as of May 31, 2013
 
8.0

 
$
34.17

 
 
 
 
Granted
 
0.9

 
$
38.52

 
 
 
 
Exercised
 
(3.4
)
 
$
35.51

 
 
 
 
Forfeited
 

 
$
29.26

 
 
 
 
Expired
 
(0.1
)
 
$
38.11

 
 
 
 
Outstanding as of May 31, 2014
 
5.4

 
$
34.00

 
5.3
 
$
38.7

Exercisable as of May 31, 2014
 
3.4

 
$
33.87

 
3.6
 
$
24.7

   
(1) Market price of the underlying stock as of May 31, 2014 less the exercise price.
Stock option plan other information
Other information pertaining to stock option grants is as follows:
 
 
Year ended May 31,
In millions, except per share amounts
 
2014
 
2013
 
2012
Total intrinsic value of stock options exercised
 
$
18.9

 
$
7.8

 
$
0.8

Total grant-date fair value of stock options vested
 
$
3.0

 
$
3.0

 
$
10.4

Performance stock options activity
The following table summarizes performance stock option activity for the year ended May 31, 2014:
In millions, except per share amounts
 
Shares subject
to options
 
Weighted-average
exercise price per
share
 
Weighted-average
remaining
contractual term
(years)
 
Aggregate
 intrinsic value(2)
Outstanding as of May 31, 2013
 
2.7

 
$
30.95

 
 
 
 
Granted (1)
 
0.1

 
$
36.66

 
 
 
 
Exercised
 

 
$

 
 
 
 
Forfeited
 

 
$

 
 
 
 
Expired
 

 
$

 
 
 
 
Outstanding as of May 31, 2014
 
2.8

 
$
31.25

 
7.4
 
$
27.8

Exercisable as of May 31, 2014
 

 
$

 
0.0
 
$

 
(1) 
Performance stock options granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount.
(2) 
Market price of the underlying stock as of May 31, 2014 less the exercise price.
RSU Activity
The following table summarizes RSU activity for the year ended May 31, 2014:
In millions, except per share amounts
 
RSUs
 
Weighted-average
grant-date
fair value per
share
 
Weighted-average
remaining vesting
period (years)
 
Aggregate
 intrinsic value(1)
Nonvested as of May 31, 2013
 
1.6

 
$
26.29

 
 
 
 
Granted
 
0.7

 
$
36.37

 
 
 
 
Vested
 
(0.5
)
 
$
25.65

 
 
 
 
Forfeited
 
(0.1
)
 
$
29.39

 
 
 
 
Nonvested as of May 31, 2014
 
1.7

 
$
30.52

 
3.0
 
$
70.5

 
(1) 
Intrinsic value for RSUs is the market price of the underlying stock as of May 31, 2014.
Other information pertaining to RSUs
Other information pertaining to RSUs is as follows:
 
 
Year ended May 31,
In millions, except per share amounts
 
2014
 
2013
 
2012
Weighted-average grant-date fair value of RSUs granted
 
$
36.37

 
$
28.59

 
$
27.67

Total intrinsic value of RSUs vested
 
$
18.3

 
$
15.5

 
$
11.0

Total grant-date fair value of RSUs vested
 
$
12.1

 
$
13.4

 
$
9.5

Restricted stock award activity
The following table summarizes restricted stock activity for the year ended May 31, 2014:
In millions, except per share amounts
 
Restricted
shares
 
Weighted-average
grant-date
fair value per
share
Nonvested as of May 31, 2013
 
0.2

 
$
29.83

Granted
 
0.1

 
$
38.53

Vested
 
(0.1
)
 
$
30.22

Forfeited
 

 
$

Nonvested as of May 31, 2014
 
0.2

 
$
33.55

Other information pertaining to restricted stock awards
Other information pertaining to restricted stock follows:
 
 
Year ended May 31,
In millions, except per share amounts
 
2014
 
2013
 
2012
Weighted-average grant-date fair value of restricted stock granted
 
$
38.53

 
$
31.76

 
$
30.69

Total grant-date fair value of restricted stock vested
 
$
3.3

 
$
2.1

 
$
3.2

Performance shares activity
The following table summarizes performance share activity for the year ended May 31, 2014:
In millions, except per share amounts
 
Performance
shares
 
Weighted-average
grant-date
fair value
per share
Nonvested as of May 31, 2013
 
0.4

 
$
27.89

Granted (1)
 
0.2

 
$
35.69

Vested
 
(0.1
)
 
$
23.98

Forfeited
 

 
$

Nonvested as of May 31, 2014
 
0.5

 
$
31.61

 
(1) 
Performance shares granted assuming achievement of performance goals at target. Actual amount of shares to be earned may differ from this amount.