Stock-Based Employee Compensation (Tables)
|
12 Months Ended |
Feb. 28, 2018 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| 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 |
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February 28, 2018 |
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February 28, 2017 |
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February 29, 2016 |
(in millions) |
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Total compensation cost recognized in our results of operations |
$ |
60.9 |
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|
$ |
56.1 |
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|
$ |
54.0 |
|
Income tax benefit related thereto recognized in our results of operations |
$ |
13.5 |
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|
$ |
18.5 |
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$ |
17.8 |
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| Stock option activity |
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 |
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February 28, 2018 |
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February 28, 2017 |
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February 29, 2016 |
(in millions) |
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Fair value of stock options vested |
$ |
20.3 |
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$ |
20.3 |
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$ |
20.1 |
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Intrinsic value of stock options exercised |
$ |
189.9 |
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|
$ |
260.4 |
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$ |
514.9 |
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Tax benefit realized from stock options exercised |
$ |
59.8 |
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$ |
106.0 |
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$ |
193.5 |
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A summary of stock option 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, 2018 |
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February 28, 2017 |
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February 29, 2016 |
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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 |
8,070,255 |
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|
$ |
44.31 |
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|
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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Granted |
624,121 |
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|
$ |
172.70 |
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|
648,147 |
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$ |
157.01 |
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|
838,996 |
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$ |
117.17 |
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Exercised |
(1,188,922 |
) |
|
$ |
31.86 |
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|
(1,948,236 |
) |
|
$ |
25.79 |
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|
(4,689,588 |
) |
|
$ |
22.25 |
|
Forfeited |
(59,725 |
) |
|
$ |
136.08 |
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|
(170,711 |
) |
|
$ |
109.23 |
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|
(220,433 |
) |
|
$ |
71.75 |
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Expired |
(1,028 |
) |
|
$ |
36.13 |
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|
(338 |
) |
|
$ |
31.92 |
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|
(1,197 |
) |
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$ |
21.02 |
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Outstanding as of last day of February |
7,444,701 |
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|
$ |
56.33 |
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|
8,070,255 |
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$ |
44.31 |
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|
9,541,393 |
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|
$ |
34.03 |
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Exercisable |
5,983,286 |
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$ |
34.12 |
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6,456,382 |
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$ |
26.66 |
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7,348,309 |
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$ |
21.37 |
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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 28, 2018 |
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February 28, 2017 |
|
February 29, 2016 |
Grant-date fair value |
$ |
42.88 |
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|
$ |
40.09 |
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$ |
31.14 |
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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)
|
26.0 |
% |
|
27.1 |
% |
|
28.5 |
% |
Risk-free interest rate (3)
|
2.0 |
% |
|
1.6 |
% |
|
1.6 |
% |
Expected dividend yield (4)
|
1.2 |
% |
|
1.0 |
% |
|
1.1 |
% |
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|
(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, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
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Number |
|
Weighted
Average
Grant-Date
Fair Value
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|
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 |
|
4,088 |
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$ |
166.34 |
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|
4,984 |
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$ |
119.37 |
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|
117,054 |
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$ |
25.15 |
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Granted |
|
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 |
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$ |
119.37 |
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Vested |
|
(4,088 |
) |
|
$ |
166.34 |
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(4,984 |
) |
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$ |
119.37 |
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(116,810 |
) |
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$ |
25.16 |
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Forfeited |
|
— |
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$ |
— |
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— |
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$ |
— |
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(244 |
) |
|
$ |
20.60 |
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Outstanding balance as of last day of February, 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 |
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$ |
119.37 |
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Restricted Stock Units |
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Outstanding balance as of March 1, Nonvested |
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455,699 |
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$ |
117.44 |
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|
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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Granted |
|
157,200 |
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$ |
178.11 |
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|
174,187 |
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$ |
156.74 |
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|
230,742 |
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$ |
122.60 |
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Vested |
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(299,182 |
) |
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$ |
109.09 |
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(567,643 |
) |
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$ |
54.29 |
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(269,903 |
) |
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$ |
44.48 |
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Forfeited |
|
(27,059 |
) |
|
$ |
140.00 |
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(67,854 |
) |
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$ |
108.56 |
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(107,556 |
) |
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$ |
58.65 |
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Outstanding balance as of last day of February, 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 |
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Performance Share Units |
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Outstanding balance as of March 1, Nonvested |
|
250,333 |
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|
$ |
141.91 |
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|
501,261 |
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$ |
92.41 |
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|
617,684 |
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$ |
58.21 |
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Granted |
|
55,464 |
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$ |
236.79 |
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|
75,765 |
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$ |
190.33 |
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|
155,671 |
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$ |
146.25 |
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Performance achievement (1)
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55,081 |
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$ |
99.85 |
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|
105,330 |
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$ |
66.50 |
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|
219,720 |
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$ |
38.47 |
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Vested |
|
(124,512 |
) |
|
$ |
100.73 |
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(359,370 |
) |
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$ |
60.50 |
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(439,440 |
) |
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$ |
38.47 |
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Forfeited |
|
(8,646 |
) |
|
$ |
144.57 |
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(72,653 |
) |
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$ |
144.26 |
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|
(52,374 |
) |
|
$ |
75.42 |
|
Outstanding balance as of last day of February, Nonvested |
|
227,720 |
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$ |
177.90 |
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|
250,333 |
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$ |
141.91 |
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|
501,261 |
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|
$ |
92.41 |
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(1) |
Reflects the number of awards achieved above target levels, net of the number of awards achieved 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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For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
(in millions) |
|
|
|
|
|
Restricted stock awards |
$ |
0.8 |
|
|
$ |
0.8 |
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|
$ |
13.7 |
|
Restricted stock units |
$ |
56.5 |
|
|
$ |
89.4 |
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|
$ |
31.7 |
|
Performance share units |
$ |
21.4 |
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|
$ |
57.2 |
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$ |
51.5 |
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| 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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For the Years Ended |
|
February 28, 2018 |
|
February 28, 2017 |
|
February 29, 2016 |
Grant-date fair value |
$ |
250.30 |
|
|
$ |
204.53 |
|
|
$ |
153.64 |
|
Grant-date price |
$ |
172.09 |
|
|
$ |
157.33 |
|
|
$ |
117.08 |
|
Performance period |
2.9 years |
|
|
2.8 years |
|
|
3.0 years |
|
Expected volatility (1)
|
21.5 |
% |
|
20.6 |
% |
|
33.5 |
% |
Risk-free interest rate (2)
|
1.4 |
% |
|
1.0 |
% |
|
0.9 |
% |
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. |
|