Stock-Based Compensation (Tables)

12 Months Ended

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