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Stock-based Compensation
 6 Months Ended
May 31, 2024
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,
 2024202320242023
Stock-based compensation expense$19.4 $26.7 $31.1 $38.5 

Our 2024 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2023 annual grant. Additionally, during the first quarter, approximately 380,000 stock option shares were granted.
The weighted-average grant-date fair value of each stock option granted in 2024 was $17.63 and in 2023 was $19.35, each as calculated under a lattice pricing model. Substantially all of the stock options and RSUs granted in 2024 and 2023 vest ratably over a three-year period or, if earlier, upon the retirement eligibility date of the holder. The fair values of stock option grants in the stated periods were computed using the following assumptions for our various stock compensation plans:
20242023
Risk-free interest rates4.1% - 5.5%3.5% - 4.9%
Dividend yield2.3%1.9%
Expected volatility22.8%21.8%
Expected lives (in years)7.17.3
The following is a summary of our stock option activity for the six months ended May 31, 2024 and 2023:
 20242023
(shares in millions)Number
of
Shares		Weighted-
Average
Exercise
Price		Number
of
Shares		Weighted-
Average
Exercise
Price
Outstanding at beginning of period5.3 $70.43 4.8 $67.08 
Granted1.2 72.88 0.9 81.79 
Exercised(0.2)39.60 (0.2)46.90 
Forfeited(0.1)84.84 — — 
Outstanding at end of the period6.2 $71.94 5.5 $70.12 
Exercisable at end of the period4.5 $69.43 4.0 $63.77 
As of May 31, 2024, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $43.0 million and for options currently exercisable was $41.4 million. The total intrinsic value of all options exercised during the six months ended May 31, 2024 and 2023 was $7.4 million and $7.4 million, respectively.
The following is a summary of our RSU activity for the six months ended May 31, 2024 and 2023:
 20242023
(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 period494 $76.94 480 $77.62 
Granted262 72.90 243 78.29 
Vested(192)84.69 (222)78.12 
Forfeited(15)82.26 (13)86.69 
Outstanding at end of period549 $72.15 488 $77.51 
The following is a summary of our price-vested stock options activity for the six months ended May 31, 2024 and 2023:
 20242023
(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 period2,055 $9.40 2,107 $9.40 
Forfeited— — (50)9.40 
Outstanding at end of period2,055 $9.40 2,057 $9.40 
The following is a summary of our LTPP activity for the six months ended May 31, 2024 and 2023:
 20242023
(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 period474 $94.34 451 $106.32 
Granted192 66.49 167 89.00 
Vested(181)98.30 (176)86.14 
Forfeited(12)83.08 (16)93.53 
Outstanding at end of period473 $81.55 426 $93.67