Stock-Based Compensation (Tables)

12 Months Ended

May 31, 2023

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):

	2023		2022		2021
Stock-based compensation expense	$	182	$	190	$	200

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:

	2023			2022			2021
Weighted-average Black-Scholes value per share	$	63.44		$	80.21		$	44.11
Intrinsic value of options exercised	$	160		$	150		$	593
Black-Scholes assumptions:
Expected lives	6.4 years			6.4 years			6.4 years
Expected volatility		34	%		32	%		30	%
Risk-free interest rate		1.68	%		0.65	%		1.32	%
Dividend yield		1.694	%		0.983	%		1.710	%

Schedule of Stock Option Activity

The following table summarizes information regarding stock option activity for the year ended May 31, 2023:

	Stock Options
	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in millions)(1)
Outstanding at June 1, 2022		15,328,425		$	190.01
Granted		2,404,617		$	215.75
Exercised		(1,752,518	)	$	130.05
Forfeited		(789,335	)	$	210.79
Outstanding at May 31, 2023		15,191,189		$	199.89		6.1	$	520
Exercisable		9,585,480		$	195.96		4.9	$	350
Expected to vest		5,131,059		$	206.64		8.1	$	156
Available for future grants		14,062,311

(1)Only presented for options with market value at May 31, 2023 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, 2023:

	Restricted Stock
	Shares			Weighted- Average Grant Date Fair Value
Unvested at June 1, 2022		432,481		$	192.30
Granted		160,286		$	208.57
Vested		(204,356	)	$	190.33
Forfeited		(8,477	)	$	205.10
Unvested at May 31, 2023		379,934		$	199.91

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)
2023		2,711,215	$	137
2022		3,005,727	$	138
2021		2,492,039	$	115