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Stock-Based Employee Compensation (Tables)
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12 Months Ended |
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Feb. 28, 2014
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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 and income tax benefits recognized for the Company’s stock-based awards are as follows:
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
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February 29, 2012 |
(in millions) |
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Total compensation cost for stock-based awards recognized in the Consolidated Statements of Comprehensive Income |
$ |
49.9 |
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$ |
40.8 |
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$ |
47.6 |
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Total income tax benefit recognized in the Consolidated Statements of Comprehensive Income for stock-based compensation |
$ |
17.1 |
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$ |
13.8 |
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$ |
16.3 |
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Total compensation cost for stock-based awards capitalized in inventory in the Consolidated Balance Sheets |
$ |
4.2 |
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$ |
4.1 |
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$ |
3.7 |
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| Stock option activity |
A summary of stock option activity primarily under the Company’s Long-Term Stock Incentive Plan is as follows:
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Number
of
Options
Outstanding
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Weighted
Average
Exercise
Price
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Number
of
Options
Exercisable
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Weighted
Average
Exercise
Price
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Balance, February 28, 2011 |
29,843,605 |
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$ |
18.63 |
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|
18,148,632 |
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$ |
20.31 |
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Granted |
2,745,309 |
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$ |
20.62 |
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Exercised |
(3,438,706 |
) |
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$ |
14.75 |
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Forfeited |
(550,203 |
) |
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$ |
16.91 |
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Expired |
(1,668,708 |
) |
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$ |
24.03 |
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Balance, February 29, 2012 |
26,931,297 |
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|
$ |
19.03 |
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|
18,198,577 |
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|
$ |
20.18 |
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Granted |
1,980,260 |
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|
$ |
24.65 |
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Exercised |
(8,234,324 |
) |
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$ |
19.18 |
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Forfeited |
(207,945 |
) |
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$ |
17.81 |
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Expired |
(205,210 |
) |
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$ |
24.11 |
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Balance, February 28, 2013 |
20,264,078 |
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$ |
19.48 |
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13,697,345 |
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$ |
19.66 |
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Granted |
1,284,500 |
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$ |
48.79 |
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Exercised |
(6,119,923 |
) |
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$ |
19.63 |
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Forfeited |
(103,497 |
) |
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$ |
28.86 |
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Expired |
(11,084 |
) |
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$ |
18.79 |
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Balance, February 28, 2014 |
15,314,074 |
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$ |
21.82 |
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|
10,913,019 |
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$ |
18.91 |
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| Restricted stock activity |
A summary of restricted Class A Common Stock activity under the Company’s Long-Term Stock Incentive Plan is as follows:
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Restricted Stock Awards |
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Number of
Restricted
Stock Awards
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2011 |
1,810,316 |
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$ |
14.83 |
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Granted |
622,092 |
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$ |
20.63 |
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Vested |
(529,118 |
) |
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$ |
14.87 |
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$ |
11,826,372 |
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Forfeited |
(105,402 |
) |
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$ |
16.56 |
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Nonvested balance, February 29, 2012 |
1,797,888 |
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$ |
16.72 |
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Granted |
18,190 |
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$ |
30.14 |
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Vested |
(626,914 |
) |
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$ |
16.26 |
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$ |
13,741,842 |
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Forfeited |
(61,140 |
) |
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$ |
17.44 |
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Nonvested balance, February 28, 2013 |
1,128,024 |
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$ |
17.16 |
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Granted |
12,375 |
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$ |
50.90 |
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Vested |
(697,994 |
) |
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$ |
15.90 |
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$ |
34,427,377 |
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Forfeited |
(33,661 |
) |
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$ |
19.00 |
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Nonvested balance, February 28, 2014 |
408,744 |
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$ |
20.18 |
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Restricted Stock Units |
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Number of
Restricted
Stock Units
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2011 |
219,498 |
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$ |
15.23 |
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Granted |
80,970 |
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$ |
20.60 |
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Vested |
(60,928 |
) |
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$ |
15.43 |
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$ |
1,364,178 |
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Forfeited |
(36,458 |
) |
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$ |
16.93 |
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Nonvested balance, February 29, 2012 |
203,082 |
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$ |
17.01 |
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Granted |
609,080 |
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$ |
25.08 |
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Vested |
(66,500 |
) |
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$ |
16.69 |
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$ |
1,443,700 |
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Forfeited |
(24,159 |
) |
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$ |
23.31 |
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Nonvested balance, February 28, 2013 |
721,503 |
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$ |
23.65 |
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Granted |
656,710 |
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$ |
50.74 |
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Vested |
(218,306 |
) |
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$ |
21.30 |
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$ |
10,747,204 |
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Forfeited |
(55,327 |
) |
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$ |
30.58 |
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Nonvested balance, February 28, 2014 |
1,104,580 |
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$ |
39.87 |
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Performance Share Units |
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Number of
Performance
Share Units
Outstanding
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Weighted
Average
Grant-Date
Fair Value
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Fair
Value of
Shares
Vested
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Nonvested balance, February 28, 2011 |
404,410 |
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$ |
16.67 |
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Granted |
319,880 |
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$ |
20.60 |
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Vested |
(202,205 |
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$ |
16.67 |
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$ |
4,527,370 |
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Forfeited |
(33,875 |
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$ |
18.93 |
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Nonvested balance, February 29, 2012 |
488,210 |
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$ |
19.09 |
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Granted |
256,420 |
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$ |
38.47 |
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Vested |
— |
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$ |
— |
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$ |
— |
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Forfeited |
(15,620 |
) |
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$ |
21.15 |
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Nonvested balance, February 28, 2013 |
729,010 |
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$ |
25.86 |
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Granted |
298,710 |
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$ |
57.88 |
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Vested |
(197,450 |
) |
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$ |
16.97 |
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$ |
9,762,648 |
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Forfeited |
(31,670 |
) |
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$ |
34.98 |
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Nonvested balance, February 28, 2014 |
798,600 |
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$ |
39.67 |
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| Stock options outstanding |
The following table summarizes information about stock options outstanding at February 28, 2014:
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Range of Exercise Prices |
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Number
of
Options
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Weighted
Average
Remaining
Contractual
Life
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Weighted
Average
Exercise
Price
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Aggregate
Intrinsic
Value
|
$11.85 – $16.63 |
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2,682,830 |
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5.0 years |
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$ |
11.96 |
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$16.67 – $20.05 |
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4,083,010 |
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5.1 years |
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$ |
17.90 |
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$20.60 – $23.02 |
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3,782,757 |
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5.2 years |
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$ |
20.86 |
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$23.48 – $26.24 |
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2,936,763 |
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5.7 years |
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$ |
24.86 |
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$27.24 – $53.41 |
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1,828,714 |
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6.8 years |
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$ |
42.13 |
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Options outstanding |
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15,314,074 |
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5.4 years |
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$ |
21.82 |
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$ |
906,746,691 |
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Options exercisable |
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10,913,019 |
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4.5 years |
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$ |
18.91 |
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$ |
677,967,080 |
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| Other information, Stock options |
Other information pertaining to stock options is as follows:
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
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February 29, 2012 |
Weighted average grant-date fair value of stock options granted |
$ |
16.88 |
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$ |
8.39 |
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$ |
7.41 |
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Total fair value of stock options vested |
$ |
20,457,096 |
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$ |
22,421,290 |
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$ |
31,140,184 |
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Total intrinsic value of stock options exercised |
$ |
235,540,914 |
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$ |
95,033,640 |
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$ |
23,139,194 |
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Tax benefit realized from stock options exercised |
$ |
61,354,379 |
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$ |
25,274,158 |
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$ |
10,835,473 |
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| Fair value of options, weighted average valuation assumptions |
The fair value of stock options is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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For the Years Ended |
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February 28, 2014 |
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February 28, 2013 |
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February 29, 2012 |
Expected life |
5.9 years |
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6.0 years |
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5.9 years |
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Expected volatility |
34.8 |
% |
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32.7 |
% |
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32.0 |
% |
Risk-free interest rate |
0.9 |
% |
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1.4 |
% |
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2.7 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
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| Fair value of performance stock units, weighted average valuation assumptions |
The fair value of performance share units granted with a market condition is estimated on the date of grant using the Monte Carlo Simulation model with the following weighted average assumptions:
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For the Years Ended |
|
February 28, 2014 |
|
February 28, 2013 |
Grant-date price |
$ |
48.89 |
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$ |
24.50 |
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Performance period |
3.0 years |
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2.9 years |
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Expected volatility |
38.7 |
% |
|
28.6 |
% |
Risk-free interest rate |
0.4 |
% |
|
0.5 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
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| Fair value of purchase rights, weighted average valuation assumptions |
The fair value of purchase rights granted is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
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For the Years Ended |
|
February 28, 2014 |
|
February 28, 2013 |
|
February 29, 2012 |
Expected life |
0.5 years |
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|
0.5 years |
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|
0.5 years |
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Expected volatility |
24.3 |
% |
|
41.8 |
% |
|
30.4 |
% |
Risk-free interest rate |
0.1 |
% |
|
0.1 |
% |
|
0.2 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
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