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Stock-Based Employee Compensation (Tables)
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12 Months Ended |
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Feb. 28, 2015
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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 our stock-based awards are as follows:
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For the Years Ended |
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February 28,
2015 |
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February 28,
2014 |
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February 28,
2013 |
(in millions) |
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Total compensation cost recognized in our results of operations |
$ |
55.0 |
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|
$ |
49.9 |
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|
$ |
40.8 |
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Total income tax benefit recognized in our results of operations |
$ |
18.7 |
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|
$ |
17.1 |
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$ |
13.8 |
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Total compensation cost capitalized in inventory on our balance sheets |
$ |
3.7 |
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$ |
4.2 |
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$ |
4.1 |
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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 |
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February 28, 2015 |
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February 28, 2014 |
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February 28, 2013 |
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Number
of
Options
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|
Weighted
Average
Exercise
Price
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|
Number
of
Options
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Weighted
Average
Exercise
Price
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Number
of
Options
|
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Weighted
Average
Exercise
Price
|
Outstanding as of March 1 |
15,314,074 |
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|
$ |
21.82 |
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20,264,078 |
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$ |
19.48 |
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26,931,297 |
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$ |
19.03 |
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Granted |
881,584 |
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$ |
79.86 |
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1,284,500 |
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$ |
48.79 |
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1,980,260 |
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$ |
24.65 |
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Exercised |
(2,527,458 |
) |
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$ |
22.02 |
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(6,119,923 |
) |
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$ |
19.63 |
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|
(8,234,324 |
) |
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$ |
19.18 |
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Forfeited |
(52,779 |
) |
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$ |
42.79 |
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(103,497 |
) |
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$ |
28.86 |
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(207,945 |
) |
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$ |
17.81 |
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Expired |
(1,806 |
) |
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$ |
19.55 |
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(11,084 |
) |
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$ |
18.79 |
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(205,210 |
) |
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$ |
24.11 |
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Outstanding as of last day of February |
13,613,615 |
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$ |
25.46 |
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15,314,074 |
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$ |
21.82 |
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20,264,078 |
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$ |
19.48 |
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Exercisable |
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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13,697,345 |
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$ |
19.66 |
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| Stock options outstanding |
The following table summarizes information about stock options outstanding at February 28, 2015:
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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 – $18.27 |
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4,108,263 |
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4.5 years |
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$ |
13.86 |
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$19.12 – $24.13 |
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5,050,246 |
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3.9 years |
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$ |
20.28 |
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$24.50 – $53.41 |
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3,584,802 |
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6.0 years |
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$ |
32.84 |
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$79.61 – $88.13 |
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870,304 |
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9.2 years |
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$ |
79.86 |
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Options outstanding |
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13,613,615 |
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5.0 years |
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$ |
25.46 |
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$ |
1,215,154,306 |
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Options exercisable |
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10,499,030 |
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4.1 years |
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$ |
19.45 |
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$ |
1,000,201,795 |
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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 |
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February 28,
2015 |
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February 28,
2014 |
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February 28,
2013 |
Fair value of stock options vested |
$ |
19,644,551 |
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$ |
20,457,096 |
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$ |
22,421,290 |
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Intrinsic value of stock options exercised |
$ |
185,751,055 |
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$ |
235,540,914 |
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$ |
95,033,640 |
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Tax benefit realized from stock options exercised |
$ |
62,165,063 |
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$ |
61,354,379 |
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$ |
25,274,158 |
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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 |
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February 28,
2015 |
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February 28,
2014 |
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February 28,
2013 |
Grant-date fair value |
$ |
27.77 |
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$ |
16.88 |
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$ |
8.39 |
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Expected life (1)
|
5.9 years |
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5.9 years |
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6.0 years |
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Expected volatility (2)
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32.4 |
% |
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34.8 |
% |
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32.7 |
% |
Risk-free interest rate (3)
|
2.1 |
% |
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0.9 |
% |
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1.4 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
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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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| 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, 2015 |
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February 28, 2014 |
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February 28, 2013 |
Restricted Stock Awards |
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Number of
Restricted
Stock
Awards
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Weighted
Average
Grant-Date
Fair Value
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Number of
Restricted
Stock
Awards
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Weighted
Average
Grant-Date
Fair Value
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Number of
Restricted
Stock
Awards
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Weighted
Average
Grant-Date
Fair Value
|
Outstanding balance as of March 1, Nonvested |
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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 |
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1,797,888 |
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$ |
16.72 |
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Granted |
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6,424 |
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$ |
87.13 |
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12,375 |
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$ |
50.90 |
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18,190 |
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$ |
30.14 |
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Vested |
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(289,688 |
) |
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$ |
20.90 |
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(697,994 |
) |
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$ |
15.90 |
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(626,914 |
) |
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$ |
16.26 |
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Forfeited |
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(8,426 |
) |
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$ |
20.43 |
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(33,661 |
) |
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$ |
19.00 |
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(61,140 |
) |
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$ |
17.44 |
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Outstanding balance as of last day of February, 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 |
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For the Years Ended |
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|
February 28, 2015 |
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February 28, 2014 |
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February 28, 2013 |
Restricted Stock Units |
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Number of
Restricted
Stock
Units
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Weighted
Average
Grant-Date
Fair Value
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Number of
Restricted
Stock
Units
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Weighted
Average
Grant-Date
Fair Value
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Number of
Restricted
Stock
Units
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Weighted
Average
Grant-Date
Fair Value
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Outstanding balance as of March 1, Nonvested |
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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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|
203,082 |
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$ |
17.01 |
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Granted |
|
250,923 |
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$ |
80.72 |
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|
656,710 |
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$ |
50.74 |
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|
609,080 |
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$ |
25.08 |
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Vested |
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(241,895 |
) |
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$ |
32.34 |
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(218,306 |
) |
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$ |
21.30 |
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(66,500 |
) |
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$ |
16.69 |
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Forfeited |
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(49,882 |
) |
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$ |
41.05 |
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(55,327 |
) |
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$ |
30.58 |
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(24,159 |
) |
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$ |
23.31 |
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Outstanding balance as of last day of February, 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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For the Years Ended |
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|
February 28, 2015 |
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February 28, 2014 |
|
February 28, 2013 |
Performance Share Units |
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Number of
Performance
Share
Units
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Weighted
Average
Grant-Date
Fair Value
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Number of
Performance
Share
Units
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Weighted
Average
Grant-Date
Fair Value
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Number of
Performance
Share
Units
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Weighted
Average
Grant-Date
Fair Value
|
Outstanding balance as of March 1, Nonvested |
|
798,600 |
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$ |
39.67 |
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|
729,010 |
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$ |
25.86 |
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|
488,210 |
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$ |
19.09 |
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Granted |
|
108,290 |
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$ |
99.64 |
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|
298,710 |
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$ |
57.88 |
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|
256,420 |
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$ |
38.47 |
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Performance achievement (1)
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|
268,260 |
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$ |
21.65 |
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|
379,780 |
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$ |
16.83 |
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— |
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|
$ |
— |
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Vested |
|
(536,520 |
) |
|
$ |
21.65 |
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(577,230 |
) |
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$ |
16.88 |
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|
— |
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|
$ |
— |
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Forfeited |
|
(20,946 |
) |
|
$ |
47.21 |
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(31,670 |
) |
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$ |
34.98 |
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(15,620 |
) |
|
$ |
21.15 |
|
Outstanding balance as of last day of February, 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 |
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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 28,
2015 |
|
February 28,
2014 |
|
February 28,
2013 |
Restricted stock awards |
$ |
23,614,008 |
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$ |
34,427,377 |
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|
$ |
13,741,842 |
|
Restricted stock units |
$ |
19,683,843 |
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|
$ |
10,747,204 |
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$ |
1,443,700 |
|
Performance share units |
$ |
43,597,615 |
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$ |
28,501,403 |
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$ |
— |
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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,
2015 |
|
February 28,
2014 |
|
February 28,
2013 |
Grant-date fair value |
$ |
101.05 |
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$ |
66.33 |
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$ |
38.47 |
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Grant-date price |
$ |
79.61 |
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$ |
48.89 |
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$ |
24.50 |
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Performance period |
3.0 years |
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|
3.0 years |
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2.9 years |
|
Expected volatility (1)
|
38.2 |
% |
|
38.7 |
% |
|
28.6 |
% |
Risk-free interest rate (2)
|
0.8 |
% |
|
0.4 |
% |
|
0.5 |
% |
Expected dividend yield |
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
|
(1) |
Based primarily on historical volatility levels of our Class A Common Stock. |
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(2) |
Based on the implied yield currently available on U.S. Treasury zero coupon issues with a remaining term equal to the performance period. |
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| Fair value of purchase rights, weighted average valuation assumptions |
The weighted average grant-date fair value of purchase rights granted under the Employee Stock Purchase Plan 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,
2015 |
|
February 28,
2014 |
|
February 28,
2013 |
Grant-date fair value |
$ |
19.42 |
|
|
$ |
13.83 |
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$ |
8.23 |
|
Expected life |
0.5 years |
|
|
0.5 years |
|
|
0.5 years |
|
Expected volatility (1)
|
18.4 |
% |
|
24.4 |
% |
|
41.8 |
% |
Risk-free interest rate (2)
|
0.0 |
% |
|
0.1 |
% |
|
0.1 |
% |
Expected dividend yield |
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 expected life. |
|