Stock-Based Employee Compensation (Tables)
|
12 Months Ended |
Feb. 28, 2019 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Total compensation cost and income tax benefits recognized |
Total compensation cost recognized for our stock-based awards and income tax benefits related thereto are as follows:
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For the Years Ended |
|
February 28,
2019 |
|
February 28,
2018 |
|
February 28,
2017 |
(in millions) |
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|
|
|
|
Total compensation cost recognized in our results of operations |
$ |
64.1 |
|
|
$ |
60.9 |
|
|
$ |
56.1 |
|
Income tax benefit related thereto recognized in our results of operations |
$ |
11.6 |
|
|
$ |
13.5 |
|
|
$ |
18.5 |
|
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| Stock option activity |
A summary of stock option activity under our Long-Term Stock Incentive Plan is as follows:
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For the Years Ended |
|
February 28, 2019 |
|
February 28, 2018 |
|
February 28, 2017 |
|
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 |
7,444,701 |
|
|
$ |
56.33 |
|
|
8,070,255 |
|
|
$ |
44.31 |
|
|
9,541,393 |
|
|
$ |
34.03 |
|
Granted |
540,640 |
|
|
$ |
227.91 |
|
|
624,121 |
|
|
$ |
172.70 |
|
|
648,147 |
|
|
$ |
157.01 |
|
Exercised |
(2,156,508 |
) |
|
$ |
23.55 |
|
|
(1,188,922 |
) |
|
$ |
31.86 |
|
|
(1,948,236 |
) |
|
$ |
25.79 |
|
Forfeited |
(133,250 |
) |
|
$ |
187.84 |
|
|
(59,725 |
) |
|
$ |
136.08 |
|
|
(170,711 |
) |
|
$ |
109.23 |
|
Expired |
(4,364 |
) |
|
$ |
175.86 |
|
|
(1,028 |
) |
|
$ |
36.13 |
|
|
(338 |
) |
|
$ |
31.92 |
|
Outstanding as of last day of February |
5,691,219 |
|
|
$ |
81.87 |
|
|
7,444,701 |
|
|
$ |
56.33 |
|
|
8,070,255 |
|
|
$ |
44.31 |
|
Exercisable |
4,456,486 |
|
|
$ |
53.18 |
|
|
5,983,286 |
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|
$ |
34.12 |
|
|
6,456,382 |
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|
$ |
26.66 |
|
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 28,
2019 |
|
February 28,
2018 |
|
February 28,
2017 |
(in millions) |
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Fair value of stock options vested |
$ |
22.8 |
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|
$ |
20.3 |
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|
$ |
20.3 |
|
Intrinsic value of stock options exercised |
$ |
348.5 |
|
|
$ |
189.9 |
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|
$ |
260.4 |
|
Tax benefit realized from stock options exercised |
$ |
82.6 |
|
|
$ |
59.8 |
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|
$ |
106.0 |
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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 inputs 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 28,
2019 |
|
February 28,
2018 |
|
February 28,
2017 |
Grant-date fair value |
$ |
53.06 |
|
|
$ |
42.88 |
|
|
$ |
40.09 |
|
Expected life (1)
|
5.9 years |
|
|
5.9 years |
|
|
5.9 years |
|
Expected volatility (2)
|
22.3 |
% |
|
26.0 |
% |
|
27.1 |
% |
Risk-free interest rate (3)
|
2.9 |
% |
|
2.0 |
% |
|
1.6 |
% |
Expected dividend yield (4)
|
1.3 |
% |
|
1.2 |
% |
|
1.0 |
% |
|
|
(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 28, 2019 |
|
February 28, 2018 |
|
February 28, 2017 |
|
|
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 |
|
3,848 |
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|
$ |
197.18 |
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|
4,088 |
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|
$ |
166.34 |
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|
4,984 |
|
|
$ |
119.37 |
|
Granted |
|
3,914 |
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|
$ |
214.29 |
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|
3,848 |
|
|
$ |
197.18 |
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|
4,088 |
|
|
$ |
166.34 |
|
Vested |
|
(3,848 |
) |
|
$ |
197.18 |
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|
(4,088 |
) |
|
$ |
166.34 |
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|
(4,984 |
) |
|
$ |
119.37 |
|
Outstanding balance as of last day of February, Nonvested |
|
3,914 |
|
|
$ |
214.29 |
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|
3,848 |
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|
$ |
197.18 |
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|
4,088 |
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|
$ |
166.34 |
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Restricted Stock Units |
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Outstanding balance as of March 1, Nonvested |
|
286,658 |
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|
$ |
157.29 |
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|
455,699 |
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|
$ |
117.44 |
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|
917,009 |
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|
$ |
70.23 |
|
Granted |
|
108,545 |
|
|
$ |
226.97 |
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|
157,200 |
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|
$ |
178.11 |
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|
174,187 |
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|
$ |
156.74 |
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Vested |
|
(39,717 |
) |
|
$ |
129.57 |
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|
(299,182 |
) |
|
$ |
109.09 |
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|
(567,643 |
) |
|
$ |
54.29 |
|
Forfeited |
|
(41,234 |
) |
|
$ |
182.00 |
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|
(27,059 |
) |
|
$ |
140.00 |
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|
(67,854 |
) |
|
$ |
108.56 |
|
Outstanding balance as of last day of February, Nonvested |
|
314,252 |
|
|
$ |
181.62 |
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|
286,658 |
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|
$ |
157.29 |
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|
455,699 |
|
|
$ |
117.44 |
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Performance Share Units |
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Outstanding balance as of March 1, Nonvested |
|
227,720 |
|
|
$ |
177.90 |
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|
250,333 |
|
|
$ |
141.91 |
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|
501,261 |
|
|
$ |
92.41 |
|
Granted |
|
172,468 |
|
|
$ |
222.92 |
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|
55,464 |
|
|
$ |
236.79 |
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|
75,765 |
|
|
$ |
190.33 |
|
Performance achievement (1)
|
|
(281 |
) |
|
$ |
155.72 |
|
|
55,081 |
|
|
$ |
99.85 |
|
|
105,330 |
|
|
$ |
66.50 |
|
Vested |
|
(106,368 |
) |
|
$ |
147.34 |
|
|
(124,512 |
) |
|
$ |
100.73 |
|
|
(359,370 |
) |
|
$ |
60.50 |
|
Forfeited |
|
(34,075 |
) |
|
$ |
215.63 |
|
|
(8,646 |
) |
|
$ |
144.57 |
|
|
(72,653 |
) |
|
$ |
144.26 |
|
Outstanding balance as of last day of February, Nonvested |
|
259,464 |
|
|
$ |
213.27 |
|
|
227,720 |
|
|
$ |
177.90 |
|
|
250,333 |
|
|
$ |
141.91 |
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|
(1) |
Reflects the net number of awards achieved above (below) 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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|
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|
|
|
|
For the Years Ended |
|
February 28,
2019 |
|
February 28,
2018 |
|
February 28,
2017 |
(in millions) |
|
|
|
|
|
Restricted stock awards |
$ |
0.8 |
|
|
$ |
0.8 |
|
|
$ |
0.8 |
|
Restricted stock units |
$ |
9.0 |
|
|
$ |
56.5 |
|
|
$ |
89.4 |
|
Performance share units |
$ |
24.4 |
|
|
$ |
21.4 |
|
|
$ |
57.2 |
|
|
| 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 inputs 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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|
|
|
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For the Years Ended |
|
February 28,
2019 |
|
February 28,
2018 |
|
February 28,
2017 |
Grant-date fair value |
$ |
322.42 |
|
|
$ |
250.30 |
|
|
$ |
204.53 |
|
Grant-date price |
$ |
228.26 |
|
|
$ |
172.09 |
|
|
$ |
157.33 |
|
Performance period |
2.9 years |
|
|
2.9 years |
|
|
2.8 years |
|
Expected volatility (1)
|
20.7 |
% |
|
21.5 |
% |
|
20.6 |
% |
Risk-free interest rate (2)
|
2.6 |
% |
|
1.4 |
% |
|
1.0 |
% |
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 as units granted earn dividend equivalents. |
|