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Stock-based Compensation
 6 Months Ended
May 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-Based Compensation
STOCK-BASED COMPENSATION

We have three types of stock-based compensation awards: restricted stock units (RSUs), stock options and company stock awarded as part of our long-term performance plan (LTPP). The following table sets forth the stock-based compensation expense recorded in selling, general and administrative (SG&A) expense (in millions):
 
Three months ended May 31,
 
Six months ended May 31,
 
2017
 
2016
 
2017
 
2016
Stock-based compensation expense
$
10.3

 
$
12.8

 
$
14.4

 
$
15.8


Our 2017 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2016 annual grant. The weighted-average grant-date fair value of an option granted in 2017 was $17.61 and in 2016 was $17.50 as calculated under a lattice pricing model. Substantially all of the options granted vest ratably over a three-year period or upon retirement. The fair values of option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:
 
2017
 
2016
Risk-free interest rates
0.9 - 2.4%
 
0.5 - 1.9%
Dividend yield
1.9%
 
1.7%
Expected volatility
18.7%
 
18.7%
Expected lives (in years)
7.6
 
7.6

The following is a summary of our stock option activity for the six months ended May 31, 2017 and 2016:
 
2017
 
2016
(shares in millions)
Number
of
Shares
 
Weighted-
Average
Exercise
Price
 
Number
of
Shares
 
Weighted-
Average
Exercise
Price
Outstanding at beginning of period
4.9

 
$
66.00

 
4.8

 
$
59.20

Granted
0.6

 
98.07

 
0.7

 
99.92

Exercised
(0.5
)
 
49.64

 
(0.4
)
 
48.90

Outstanding at end of the period
5.0

 
$
71.36

 
5.1

 
$
65.85

Exercisable at end of the period
3.9

 
$
64.79

 
3.5

 
$
56.60

As of May 31, 2017, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $163.5 million and for options currently exercisable was $154.3 million. The total intrinsic value of all options exercised during the six months ended May 31, 2017 and 2016 was $24.4 million and $18.0 million, respectively.
The following is a summary of our RSU activity for the six months ended May 31, 2017 and 2016:
 
2017
 
2016
(shares in thousands)
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
 
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period
267

 
$
80.08

 
270

 
$
71.03

Granted
130

 
94.66

 
104

 
96.59

Vested
(118
)
 
80.62

 
(94
)
 
72.21

Forfeited
(10
)
 
89.83

 
(6
)
 
78.64

Outstanding at end of period
269

 
$
86.54

 
274

 
$
81.42


The following is a summary of our LTPP activity for the six months ended May 31, 2017 and 2016:
 
2017
 
2016
(shares in thousands)
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
 
Number
of
Shares
 
Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period
201

 
$
78.10

 
192

 
$
70.94

Granted
78

 
89.96

 
108

 
86.40

Vested
(43
)
 
69.04

 
(18
)
 
64.74

Forfeited
—

 
—

 
(1
)
 
74.02

Outstanding at end of period
236

 
$
83.63

 
281

 
$
77.28