Stock-Based Employee Compensation (Tables)
|
12 Months Ended |
Feb. 28, 2017 |
|---|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Total compensation cost recognized in our results of operations |
$ |
56.1 |
|
|
$ |
54.0 |
|
|
$ |
55.0 |
|
Total income tax benefit recognized in our results of operations |
$ |
18.5 |
|
|
$ |
17.8 |
|
|
$ |
18.7 |
|
|
| Stock option activity |
A summary of stock option activity, primarily under our Long-Term Stock Incentive Plan, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2015 |
|
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 |
9,541,393 |
|
|
$ |
34.03 |
|
|
13,613,615 |
|
|
$ |
25.46 |
|
|
15,314,074 |
|
|
$ |
21.82 |
|
Granted |
648,147 |
|
|
$ |
157.01 |
|
|
838,996 |
|
|
$ |
117.17 |
|
|
881,584 |
|
|
$ |
79.86 |
|
Exercised |
(1,948,236 |
) |
|
$ |
25.79 |
|
|
(4,689,588 |
) |
|
$ |
22.25 |
|
|
(2,527,458 |
) |
|
$ |
22.02 |
|
Forfeited |
(170,711 |
) |
|
$ |
109.23 |
|
|
(220,433 |
) |
|
$ |
71.75 |
|
|
(52,779 |
) |
|
$ |
42.79 |
|
Expired |
(338 |
) |
|
$ |
31.92 |
|
|
(1,197 |
) |
|
$ |
21.02 |
|
|
(1,806 |
) |
|
$ |
19.55 |
|
Outstanding as of last day of February |
8,070,255 |
|
|
$ |
44.31 |
|
|
9,541,393 |
|
|
$ |
34.03 |
|
|
13,613,615 |
|
|
$ |
25.46 |
|
Exercisable |
6,456,382 |
|
|
$ |
26.66 |
|
|
7,348,309 |
|
|
$ |
21.37 |
|
|
10,499,030 |
|
|
$ |
19.45 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Fair value of stock options vested |
$ |
20.3 |
|
|
$ |
20.1 |
|
|
$ |
19.6 |
|
Intrinsic value of stock options exercised |
$ |
260.4 |
|
|
$ |
514.9 |
|
|
$ |
185.8 |
|
Tax benefit realized from stock options exercised |
$ |
106.0 |
|
|
$ |
193.5 |
|
|
$ |
62.2 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
Grant-date fair value |
$ |
40.09 |
|
|
$ |
31.14 |
|
|
$ |
27.77 |
|
Expected life (1)
|
5.9 years |
|
|
5.9 years |
|
|
5.9 years |
|
Expected volatility (2)
|
27.1 |
% |
|
28.5 |
% |
|
32.4 |
% |
Risk-free interest rate (3)
|
1.6 |
% |
|
1.6 |
% |
|
2.1 |
% |
Expected dividend yield (4)
|
1.0 |
% |
|
1.1 |
% |
|
0.0 |
% |
|
|
(1) |
Based on historical experience of employees’ exercise behavior for similar type awards. |
|
|
(2) |
Based primarily on historical volatility levels of our Class A Common Stock. |
|
|
(3) |
Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the expected life. |
|
|
(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. |
|
| Restricted stock activity |
A summary of restricted Class A Common Stock activity under our Long-Term Stock Incentive Plan is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2015 |
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance as of March 1, Nonvested |
|
4,984 |
|
|
$ |
119.37 |
|
|
117,054 |
|
|
$ |
25.15 |
|
|
408,744 |
|
|
$ |
20.18 |
|
Granted |
|
4,088 |
|
|
$ |
166.34 |
|
|
4,984 |
|
|
$ |
119.37 |
|
|
6,424 |
|
|
$ |
87.13 |
|
Vested |
|
(4,984 |
) |
|
$ |
119.37 |
|
|
(116,810 |
) |
|
$ |
25.16 |
|
|
(289,688 |
) |
|
$ |
20.90 |
|
Forfeited |
|
— |
|
|
$ |
— |
|
|
(244 |
) |
|
$ |
20.60 |
|
|
(8,426 |
) |
|
$ |
20.43 |
|
Outstanding balance as of last day of February, Nonvested |
|
4,088 |
|
|
$ |
166.34 |
|
|
4,984 |
|
|
$ |
119.37 |
|
|
117,054 |
|
|
$ |
25.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance as of March 1, Nonvested |
|
917,009 |
|
|
$ |
70.23 |
|
|
1,063,726 |
|
|
$ |
51.16 |
|
|
1,104,580 |
|
|
$ |
39.87 |
|
Granted |
|
174,187 |
|
|
$ |
156.74 |
|
|
230,742 |
|
|
$ |
122.60 |
|
|
250,923 |
|
|
$ |
80.72 |
|
Vested |
|
(567,643 |
) |
|
$ |
54.29 |
|
|
(269,903 |
) |
|
$ |
44.48 |
|
|
(241,895 |
) |
|
$ |
32.34 |
|
Forfeited |
|
(67,854 |
) |
|
$ |
108.56 |
|
|
(107,556 |
) |
|
$ |
58.65 |
|
|
(49,882 |
) |
|
$ |
41.05 |
|
Outstanding balance as of last day of February, Nonvested |
|
455,699 |
|
|
$ |
117.44 |
|
|
917,009 |
|
|
$ |
70.23 |
|
|
1,063,726 |
|
|
$ |
51.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2015 |
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number |
|
Weighted
Average
Grant-Date
Fair Value
|
Performance Share Units |
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance as of March 1, Nonvested |
|
501,261 |
|
|
$ |
92.41 |
|
|
617,684 |
|
|
$ |
58.21 |
|
|
798,600 |
|
|
$ |
39.67 |
|
Granted |
|
75,765 |
|
|
$ |
190.33 |
|
|
155,671 |
|
|
$ |
146.25 |
|
|
108,290 |
|
|
$ |
99.64 |
|
Performance achievement (1)
|
|
105,330 |
|
|
$ |
66.50 |
|
|
219,720 |
|
|
$ |
38.47 |
|
|
268,260 |
|
|
$ |
21.65 |
|
Vested |
|
(359,370 |
) |
|
$ |
60.50 |
|
|
(439,440 |
) |
|
$ |
38.47 |
|
|
(536,520 |
) |
|
$ |
21.65 |
|
Forfeited |
|
(72,653 |
) |
|
$ |
144.26 |
|
|
(52,374 |
) |
|
$ |
75.42 |
|
|
(20,946 |
) |
|
$ |
47.21 |
|
Outstanding balance as of last day of February, Nonvested |
|
250,333 |
|
|
$ |
141.91 |
|
|
501,261 |
|
|
$ |
92.41 |
|
|
617,684 |
|
|
$ |
58.21 |
|
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
(in millions) |
|
|
|
|
|
Restricted stock awards |
$ |
0.8 |
|
|
$ |
13.7 |
|
|
$ |
23.6 |
|
Restricted stock units |
$ |
89.4 |
|
|
$ |
31.7 |
|
|
$ |
19.7 |
|
Performance share units |
$ |
57.2 |
|
|
$ |
51.5 |
|
|
$ |
43.6 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended |
|
February 28,
2017 |
|
February 29,
2016 |
|
February 28,
2015 |
Grant-date fair value |
$ |
204.53 |
|
|
$ |
153.64 |
|
|
$ |
101.05 |
|
Grant-date price |
$ |
157.33 |
|
|
$ |
117.08 |
|
|
$ |
79.61 |
|
Performance period |
2.8 years |
|
|
3.0 years |
|
|
3.0 years |
|
Expected volatility (1)
|
20.6 |
% |
|
33.5 |
% |
|
38.2 |
% |
Risk-free interest rate (2)
|
1.0 |
% |
|
0.9 |
% |
|
0.8 |
% |
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. |
|
|
(3) |
No expected dividend yield for the years ended February 28, 2017, and February 29, 2016, as units granted earn dividend equivalents.
|
|