Stock-based Compensation

3 Months Ended

Feb. 29, 2020

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-Based Compensation

Stock-based compensation expense for the three months ended February 29, 2020 and February 28, 2019 was as follows (in millions):

	Three months ended February 29/28,
	2020		2019
Cost of revenue	$	24.0	$	17.3
Selling, general and administrative	58.6		42.4
Total stock-based compensation expense	$	82.6	$	59.7

No stock-based compensation cost was capitalized during the three months ended February 29, 2020 and February 28, 2019.

As of February 29, 2020, there was $334.4 million of unrecognized stock-based compensation cost, adjusted for estimated forfeitures, related to unvested stock-based awards that will be recognized over a weighted-average period of approximately 2.1 years. Total unrecognized stock-based compensation cost will be adjusted for future changes in estimated forfeitures and expected performance achievement.

Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs). The following table summarizes RSU/RSA activity, including awards with performance and market conditions, during the three months ended February 29, 2020:

	Shares		Weighted- Average Grant Date Fair Value
	(in millions)
Balance at November 30, 2019	8.2		$	47.41
Granted	2.5		$	80.53
Vested	(3.6	)	$	44.34
Forfeited	(0.1	)	$	55.00
Balance at February 29, 2020	7.0		$	60.83

The total fair value of RSUs and RSAs that vested during the three months ended February 29, 2020 was $282.4 million.

Stock Options. The following table summarizes stock option award activity during the three months ended February 29, 2020, as well as stock options that are vested and expected to vest and stock options exercisable as of February 29, 2020:

	Shares		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in millions)				(in years)	(in millions)
Balance at November 30, 2019	9.0		$	26.81
Exercised	(4.9	)	$	26.67
Forfeited	—		$	—
Balance at February 29, 2020	4.1		$	26.99	0.9	181.3
Exercisable at February 29, 2020	3.8		$	26.84	0.8	167.3

The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on February 29, 2020 and the exercise price, multiplied by the number of in-the-money stock options as of that date. This represents the value that would have been received by stock option holders if they had all exercised their stock options on February 29, 2020. In future periods, this amount will change depending on fluctuations in our share price. The total intrinsic value of stock options exercised during the three months ended February 29, 2020 was approximately $256.8 million.