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Stock-Based Compensation (Tables)
12 Months Ended
May 31, 2022
Stock Based Compensation Tables [Abstract]  
Stock-based compensation expense

Our total stock-based compensation expense for the years ended May 31 was as follows (in millions):

 

 

 

2022

 

 

2021

 

 

2020

 

Stock-based compensation expense

 

$

190

 

 

$

200

 

 

$

168

 

Schedule of Stock Based Compensation Key Assumptions for Valuation The following table includes the weighted-average Black-Scholes value per share of our stock option grants, the intrinsic value of options exercised (in millions), and the key weighted-average assumptions used in the valuation calculations for options granted during the years ended May 31, followed by a discussion of our methodology for developing each of the assumptions used in the valuation model:

 

 

 

2022

 

 

2021

 

 

2020

 

Weighted-average Black-Scholes value per share

 

$

80.21

 

 

$

44.11

 

 

$

33.97

 

Intrinsic value of options exercised

 

$

150

 

 

$

593

 

 

$

44

 

Black-Scholes assumptions:

 

 

 

 

 

 

 

 

 

Expected lives

 

6.4 years

 

 

6.4 years

 

 

6.4 years

 

Expected volatility

 

 

32

%

 

 

30

%

 

 

23

%

Risk-free interest rate

 

 

0.65

%

 

 

1.32

%

 

 

1.91

%

Dividend yield

 

 

0.983

%

 

 

1.710

%

 

 

1.630

%

Schedule of Stock Option Activity

The following table summarizes information regarding stock option activity for the year ended May 31, 2022:

 

 

 

Stock Options

 

 

 

Shares

 

 

Weighted-
Average
Exercise
Price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic Value
(in millions)
(1)

 

Outstanding at June 1, 2021

 

 

15,325,497

 

 

$

175.19

 

 

 

 

 

 

 

Granted

 

 

1,812,623

 

 

$

282.12

 

 

 

 

 

 

 

Exercised

 

 

(1,299,961

)

 

 

140.97

 

 

 

 

 

 

 

Forfeited

 

 

(509,734

)

 

 

197.05

 

 

 

 

 

 

 

Outstanding at May 31, 2022

 

 

15,328,425

 

 

$

190.01

 

 

 

6.3

 

 

$

748

 

Exercisable

 

 

8,725,648

 

 

$

182.46

 

 

 

5.0

 

 

$

438

 

Expected to vest

 

 

6,084,501

 

 

$

199.98

 

 

 

8.1

 

 

$

286

 

Available for future grants

 

 

10,824,217

 

 

 

 

 

 

 

 

 

 

(1)
Only presented for options with market value at May 31, 2022 in excess of the exercise price of the option.
Schedule of Vested and Unvested Restricted Stock

The following table summarizes information regarding vested and unvested restricted stock for the year ended May 31, 2022:

 

 

 

Restricted Stock

 

 

 

Shares

 

 

Weighted-
Average
Grant Date
Fair Value

 

Unvested at June 1, 2021

 

 

537,281

 

 

$

170.16

 

Granted

 

 

115,172

 

 

$

276.26

 

Vested

 

 

(209,402

)

 

 

181.62

 

Forfeited

 

 

(10,570

)

 

 

191.41

 

Unvested at May 31, 2022

 

 

432,481

 

 

$

192.30

 

Schedule of Stock Option Vesting

Stock option vesting during the years ended May 31 was as follows:

 

 

 

Stock Options

 

 

 

Vested during
the year

 

 

Fair value
(in millions)

 

2022

 

 

3,005,727

 

 

$

138

 

2021

 

 

2,492,039

 

 

$

115

 

2020

 

 

2,073,310

 

 

$

99