We have four 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) and price-vested stock options. Total stock-based compensation expense for 2025, 2024, and 2023 was $46.2 million, $47.4 million and $63.4 million,

respectively. Total unrecognized stock-based compensation expense related to our RSUs and stock options at November 30, 2025 was $26.9 million and the weighted-average period over which this will be recognized is 1.8 years. Total unrecognized stock-based compensation expense related to our LTPP is variable in nature and is dependent on the Company's execution against established performance metrics under performance cycles related to this plan. All stock-based compensation expense related to our price-vested stock options was fully recognized as of November 30, 2023. As of November 30, 2025, we have 4.6 million shares of common stock remaining available for future issuance under our stock-based compensation programs.

RSUs are valued at the market price of the underlying stock, discounted by foregone dividends, on the date of grant. Substantially all of the RSUs granted vest over a three-year term or, if earlier, upon the retirement eligibility

A summary of our RSU activity for the years ended November 30 follows:


(shares in thousands)	2025			2024			2023
	Shares	Weighted- average price		Shares	Weighted- average price		Shares	Weighted- average price
Beginning of year	533	$	73.68	494	$	76.94	480	$	77.62
Granted	543	74.56		282	72.77		264	77.53
Vested	(250)	77.11		(214)	79.13		(225)	78.16
Forfeited	(55)	74.63		(29)	79.73		(25)	85.21
Outstanding—end of year	771	$	73.11	533	$	73.68	494	$	76.94

Stock options are granted with an exercise price equal to the market price of the stock on the date of grant. Substantially all of the options, with the exception of price-vested options detailed below, vest ratably over a three-year period or, if earlier, upon the retirement-eligibility dates of the holders and are exercisable over a 10-year period. Upon exercise of the option, shares are issued from our authorized and unissued shares.

The fair value of the options is estimated with a lattice option pricing model which uses the assumptions in the following table. We believe the lattice model provides an appropriate estimate of fair value of our options as it allows for a range of possible outcomes over an option term and can be adjusted for changes in certain assumptions over time. Expected volatilities are based primarily on the historical performance of our stock. We also use historical data to estimate the timing and amount of option exercises and forfeitures within the valuation model. The expected term of the options is an output of the option pricing model and estimates the period of time that options are expected to remain unexercised. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. Compensation expense is calculated based on the fair value of the options on the date of grant.

The per share weighted-average fair value for all options granted was $17.63 and $19.35 in 2024 and 2023, respectively. No stock option awards were granted during 2025. These fair values were computed using the following range of assumptions for the years ended November 30:


	2024		2023
Risk-free interest rates	4.1% - 5.5%		3.5% - 4.9%
Dividend yield	2.3	%	1.9	%
Expected volatility	22.8	%	21.8	%
Expected lives	7.1 years		7.3 years

A summary of our stock option activity for the years ended November 30 follows:


(shares in millions)	2025			2024			2023
	Shares	Weighted- average exercise price		Shares	Weighted- average exercise price		Shares	Weighted- average exercise price
Beginning of year	6.1	$	72.25	5.3	$	70.43	4.8	$	67.08
Granted	—	—		1.2	72.88		0.9	81.79
Exercised	(0.4)	50.28		(0.3)	45.69		(0.3)	47.86
Forfeited	(0.2)	72.11		(0.1)	84.00		(0.1)	87.11
Outstanding—end of year	5.5	73.92		6.1	72.25		5.3	70.43
Exercisable—end of year	4.7	$	73.54	4.4	$	69.91	4.0	$	64.74

As of November 30, 2025, the intrinsic value (the difference between the exercise price and the market price) for options currently outstanding was $21.5 million and for options exercisable was $21.3 million. At November 30, 2025 the differences between options outstanding and options expected to vest and their related weighted-average exercise prices, aggregate intrinsic values, and weighted-average remaining lives were not material. The total intrinsic value of all options exercised during the years ended November 30, 2025, 2024, and 2023 was $11.0 million, $10.7 million, and $11.3 million, respectively.

A summary of our stock options outstanding and exercisable at November 30, 2025 follows:


(shares in millions)	Options outstanding				Options exercisable
Range of exercise price	Shares	Weighted- average remaining life (yrs.)	Weighted- average exercise price		Shares	Weighted- average remaining life (yrs.)	Weighted- average exercise price
$48.00 - $65.00	1.2	1.4	$	50.50	1.2	1.4	$	50.50
$65.01 - $82.00	2.9	6.4	74.82		2.1	5.7	74.31
$82.01 - $99.00	1.4	5.2	92.81		1.4	5.2	92.81
	5.5	5.0	$	73.92	4.7	4.4	$	73.54

LTPP awards granted in 2025, 2024, and 2023 will be delivered in company stock, with the award attainment calculated as a percentage of target based on a combination of a performance-based component and a market-based total shareholder return. These awards are valued based on the fair value of the underlying stock and the estimated fair value associated with the total shareholder return on the date of grant.


(shares in thousands)	2025			2024			2023
	Shares	Weighted- average price		Shares	Weighted- average price		Shares	Weighted- average price
Beginning of year	539	$	83.45	474	$	94.34	451	$	106.32
Granted	177	86.92		192	66.49		167	89.00
Vested	(206)	95.00		(181)	98.30		(176)	86.14
Performance adjustment	53	89.00		73	95.00		61	98.30
Forfeited	(40)	80.03		(19)	84.71		(29)	92.31
Outstanding—end of year	523	$	80.88	539	$	83.45	474	$	94.34

In November 2020, we granted approximately 2,482,000 price-vested stock options to certain employees. The price-vested stock options were granted with an exercise price of $93.49 which was equal to the market price of our stock on the date of grant. The price-vested options were not exercisable until a three year service condition was achieved, and were exercisable after that time period only if the average closing price of our stock price was equal to or exceeded thresholds of 60%, 80% or 100% appreciation from the exercise price for 30 consecutive trading days within a five-year period from the date of grant. The market conditions were not met in the five-year period from the date of grant and all price-vested options were forfeited in November 2025.



(shares in thousands)	2025			2024			2023
	Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value
Beginning of year	2,055	$	9.40	2,055	$	9.40	2,107	$	9.40

Forfeited	(2,055)	9.40		—	—		(52)	9.40
Outstanding—end of year	—	$	—	2,055	$	9.40	2,055	$	9.40