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Stock-based Compensation
 6 Months Ended
May 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
We have four types of stock-based compensation awards: restricted stock units (RSUs), stock options, company stock awarded as part of our long-term performance plan (LTPP), and price-vested stock options. 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,
 2025202420252024
Stock-based compensation expense$9.6 $19.4 $29.6 $31.1 
Our 2025 annual grant consisted of RSUs and stock awarded under our LTPP and occurred in the first quarter. Our 2024 annual grant of stock options and RSUs occurred in the second quarter. Stock options were also granted during the first quarter of 2024. Our annual grant of stock awarded under our LTPP occurred in the first quarter of 2024. Substantially all the stock options and RSUs granted in 2025 and 2024 vest ratably over a three-year period or, if earlier, upon the holder’s retirement eligibility date. Stock awarded under our LTPP vest ratably over a three-year period.
The following is a summary of our stock option activity for the six months ended May 31, 2025 and 2024:
 20252024
(shares in millions)Number
of
Shares		Weighted-
Average
Exercise
Price		Number
of
Shares		Weighted-
Average
Exercise
Price
Outstanding at beginning of period6.1 $72.25 5.3 $70.43 
Granted— — 1.2 72.88 
Exercised(0.3)50.08 (0.2)39.60 
Forfeited(0.1)73.45 (0.1)84.84 
Outstanding at end of the period5.7 $73.33 6.2 $71.94 
Exercisable at end of the period4.9 $72.83 4.5 $69.43 
As of May 31, 2025, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $35.2 million and for options currently exercisable was $34.3 million. The total intrinsic value of all options exercised during the six months ended May 31, 2025 and 2024 was $8.2 million and $7.4 million, respectively.
The following is a summary of our RSU activity for the six months ended May 31, 2025 and 2024:
 20252024
(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 period533 $73.68 494 $76.94 
Granted526 74.76 262 72.90 
Vested(230)79.01 (192)84.69 
Forfeited(27)74.73 (15)82.26 
Outstanding at end of period802 $72.82 549 $72.15 
There were 2.1 million price-vested stock options with a weighted-average grant-date fair value of $9.40 outstanding as of May 31, 2025 and 2024.
The following is a summary of our LTPP activity for the six months ended May 31, 2025 and 2024:
 20252024
(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 period539 $83.45 474 $94.34 
Granted177 86.92 192 66.49 
Vested(206)95.00 (181)98.30 
Forfeited(35)79.96 (12)83.08 
Outstanding at end of period475 $79.97 473 $81.55