Stock-Based Employee Compensation (Tables)
|
12 Months Ended |
Feb. 29, 2016 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Total compensation cost and income tax benefits recognized |
Total compensation cost and income tax benefits recognized for our stock-based awards are as follows:
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For the Years Ended |
|
February 29,
2016 |
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February 28,
2015 |
|
February 28,
2014 |
(in millions) |
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|
|
|
|
Total compensation cost recognized in our results of operations |
$ |
54.0 |
|
|
$ |
55.0 |
|
|
$ |
49.9 |
|
Total income tax benefit recognized in our results of operations |
$ |
17.8 |
|
|
$ |
18.7 |
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|
$ |
17.1 |
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| Stock option activity |
A summary of stock option activity, primarily under our Long-Term Stock Incentive Plan, is as follows:
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For the Years Ended |
|
February 29, 2016 |
|
February 28, 2015 |
|
February 28, 2014 |
|
Number
of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Number
of
Options
|
|
Weighted
Average
Exercise
Price
|
|
Number
of
Options
|
|
Weighted
Average
Exercise
Price
|
Outstanding as of March 1 |
13,613,615 |
|
|
$ |
25.46 |
|
|
15,314,074 |
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|
$ |
21.82 |
|
|
20,264,078 |
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|
$ |
19.48 |
|
Granted |
838,996 |
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|
$ |
117.17 |
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|
881,584 |
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|
$ |
79.86 |
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|
1,284,500 |
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|
$ |
48.79 |
|
Exercised |
(4,689,588 |
) |
|
$ |
22.25 |
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|
(2,527,458 |
) |
|
$ |
22.02 |
|
|
(6,119,923 |
) |
|
$ |
19.63 |
|
Forfeited |
(220,433 |
) |
|
$ |
71.75 |
|
|
(52,779 |
) |
|
$ |
42.79 |
|
|
(103,497 |
) |
|
$ |
28.86 |
|
Expired |
(1,197 |
) |
|
$ |
21.02 |
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|
(1,806 |
) |
|
$ |
19.55 |
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|
(11,084 |
) |
|
$ |
18.79 |
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Outstanding as of last day of February |
9,541,393 |
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|
$ |
34.03 |
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|
13,613,615 |
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|
$ |
25.46 |
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|
15,314,074 |
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|
$ |
21.82 |
|
Exercisable |
7,348,309 |
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|
$ |
21.37 |
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|
10,499,030 |
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|
$ |
19.45 |
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|
10,913,019 |
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|
$ |
18.91 |
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| Fair value of stock options vested, intrinsic value and tax benefit from stock options exercised |
The fair value of stock options vested, and the intrinsic value of and tax benefit realized from the exercise of stock options, are as follows:
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For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
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Fair value of stock options vested |
$ |
20.1 |
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|
$ |
19.6 |
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$ |
20.5 |
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Intrinsic value of stock options exercised |
$ |
514.9 |
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|
$ |
185.8 |
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$ |
235.5 |
|
Tax benefit realized from stock options exercised |
$ |
193.5 |
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$ |
62.2 |
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$ |
61.4 |
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|
| Fair value of options, weighted average valuation assumptions |
The weighted average grant-date fair value of stock options granted and the weighted average assumptions used to estimate the fair value on the date of grant using the Black-Scholes option-pricing model are as follows:
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For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
Grant-date fair value |
$ |
31.14 |
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|
$ |
27.77 |
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|
$ |
16.88 |
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Expected life (1)
|
5.9 years |
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|
5.9 years |
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|
5.9 years |
|
Expected volatility (2)
|
28.5 |
% |
|
32.4 |
% |
|
34.8 |
% |
Risk-free interest rate (3)
|
1.6 |
% |
|
2.1 |
% |
|
0.9 |
% |
Expected dividend yield (4)
|
1.1 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
|
(1) |
Based on historical experience of employees’ exercise behavior for similar type awards. |
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(2) |
Based primarily on historical volatility levels of our Class A Common Stock. |
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(3) |
Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. |
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(4) |
Based on the calculated yield on our Class A Common Stock at date of grant using the current fiscal year projected annualized dividend distribution rate. |
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| Restricted stock activity |
A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows:
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For the Years Ended |
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|
February 29, 2016 |
|
February 28, 2015 |
|
February 28, 2014 |
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|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
Restricted Stock Awards |
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Outstanding balance as of March 1, Nonvested |
|
117,054 |
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|
$ |
25.15 |
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|
408,744 |
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|
$ |
20.18 |
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|
1,128,024 |
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|
$ |
17.16 |
|
Granted |
|
4,984 |
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|
$ |
119.37 |
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|
6,424 |
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|
$ |
87.13 |
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|
12,375 |
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|
$ |
50.90 |
|
Vested |
|
(116,810 |
) |
|
$ |
25.16 |
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|
(289,688 |
) |
|
$ |
20.90 |
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|
(697,994 |
) |
|
$ |
15.90 |
|
Forfeited |
|
(244 |
) |
|
$ |
20.60 |
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|
(8,426 |
) |
|
$ |
20.43 |
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|
(33,661 |
) |
|
$ |
19.00 |
|
Outstanding balance as of last day of February, Nonvested |
|
4,984 |
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|
$ |
119.37 |
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|
117,054 |
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|
$ |
25.15 |
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|
408,744 |
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$ |
20.18 |
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Restricted Stock Units |
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Outstanding balance as of March 1, Nonvested |
|
1,063,726 |
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|
$ |
51.16 |
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|
1,104,580 |
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|
$ |
39.87 |
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|
721,503 |
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|
$ |
23.65 |
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Granted |
|
230,742 |
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|
$ |
122.60 |
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|
250,923 |
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|
$ |
80.72 |
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|
656,710 |
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|
$ |
50.74 |
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Vested |
|
(269,903 |
) |
|
$ |
44.48 |
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|
(241,895 |
) |
|
$ |
32.34 |
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|
(218,306 |
) |
|
$ |
21.30 |
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Forfeited |
|
(107,556 |
) |
|
$ |
58.65 |
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|
(49,882 |
) |
|
$ |
41.05 |
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|
(55,327 |
) |
|
$ |
30.58 |
|
Outstanding balance as of last day of February, Nonvested |
|
917,009 |
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|
$ |
70.23 |
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|
1,063,726 |
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|
$ |
51.16 |
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|
1,104,580 |
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|
$ |
39.87 |
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For the Years Ended |
|
|
February 29, 2016 |
|
February 28, 2015 |
|
February 28, 2014 |
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
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Performance Share Units |
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Outstanding balance as of March 1, Nonvested |
|
617,684 |
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|
$ |
58.21 |
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|
798,600 |
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|
$ |
39.67 |
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|
729,010 |
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|
$ |
25.86 |
|
Granted |
|
155,671 |
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|
$ |
146.25 |
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|
108,290 |
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|
$ |
99.64 |
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|
298,710 |
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|
$ |
57.88 |
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Performance achievement (1)
|
|
219,720 |
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|
$ |
38.47 |
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|
268,260 |
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|
$ |
21.65 |
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|
379,780 |
|
|
$ |
16.83 |
|
Vested |
|
(439,440 |
) |
|
$ |
38.47 |
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|
(536,520 |
) |
|
$ |
21.65 |
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|
(577,230 |
) |
|
$ |
16.88 |
|
Forfeited |
|
(52,374 |
) |
|
$ |
75.42 |
|
|
(20,946 |
) |
|
$ |
47.21 |
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|
(31,670 |
) |
|
$ |
34.98 |
|
Outstanding balance as of last day of February, Nonvested |
|
501,261 |
|
|
$ |
92.41 |
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|
617,684 |
|
|
$ |
58.21 |
|
|
798,600 |
|
|
$ |
39.67 |
|
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|
(1) |
Reflects the number of awards achieved above target levels based on actual performance measured at the end of the performance period. |
The fair value of shares vested for our restricted Class A Common Stock awards is as follows:
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|
|
For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
(in millions) |
|
|
|
|
|
Restricted stock awards |
$ |
13.7 |
|
|
$ |
23.6 |
|
|
$ |
34.4 |
|
Restricted stock units |
$ |
31.7 |
|
|
$ |
19.7 |
|
|
$ |
10.7 |
|
Performance share units |
$ |
51.5 |
|
|
$ |
43.6 |
|
|
$ |
28.5 |
|
|
| Fair value of performance stock units, weighted average valuation assumptions |
The weighted average grant-date fair value of performance share units granted with a market condition and the weighted average assumptions used to estimate the fair value on the date of grant using the Monte Carlo Simulation model are as follows:
|
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|
|
|
|
|
|
|
|
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For the Years Ended |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 28,
2014 |
Grant-date fair value |
$ |
153.64 |
|
|
$ |
101.05 |
|
|
$ |
66.33 |
|
Grant-date price |
$ |
117.08 |
|
|
$ |
79.61 |
|
|
$ |
48.89 |
|
Performance period |
3.0 years |
|
|
3.0 years |
|
|
3.0 years |
|
Expected volatility (1)
|
33.5 |
% |
|
38.2 |
% |
|
38.7 |
% |
Risk-free interest rate (2)
|
0.9 |
% |
|
0.8 |
% |
|
0.4 |
% |
Expected dividend yield (3)
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
|
(1) |
Based primarily on historical volatility levels of our Class A Common Stock. |
|
|
(2) |
Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. |
|