XML 77 R45.htm IDEA: XBRL DOCUMENT v3.2.0.727
SHARE-BASED PAYMENTS (Tables)
 12 Months Ended
May. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted average Black-Scholes assumptions for stock options granted
The fair value of each option is estimated on the date of grant using a Black-Scholes option-pricing model with the following weighted average assumptions for stock options granted:
 
2015
 
2014
 
2013
Expected volatility (%)
17.45
 
21.13
 
22.95
Dividend yield (%)
3.10
 
3.24
 
3.77
Risk-free interest rates (%)
1.58
 
1.37
 
0.57
Expected life of stock option (years)
4.92
 
4.91
 
4.80
Summary of the option activity
A summary of the option activity as of May 31, 2015 and changes during the fiscal year then ended is presented below:
Options
Number
of Options
(in Millions)
 
Weighted
Average
Exercise
Price
 
Average
Remaining
Contractual
Term
(Years)
 
Aggregate
Intrinsic
Value (in
Millions)
Outstanding at May 25, 2014
18.6

 
$
26.15

 
 
 
 
Granted
4.4

 
$
31.71

 
 
 
 
Exercised
(6.4
)
 
$
23.77

 
 
 
$
69.5

Forfeited
(1.0
)
 
$
31.51

 
 
 
 
Expired
(0.1
)
 
$
34.54

 
 
 
 
Outstanding at May 31, 2015
15.5

 
$
28.28

 
5.65
 
$
160.4

Exercisable at May 31, 2015
8.9

 
$
25.29

 
3.37
 
$
117.9
Changes in nonvested share units
The following table summarizes the nonvested share units as of May 31, 2015 and changes during the fiscal year then ended:
 
Stock-settled
 
Cash-settled
Share Units
Share Units
(in millions)
 
Weighted
Average
Grant-Date
Fair Value
 
Share Units
(in millions)
 
Weighted
Average
Grant-Date
Fair Value
Nonvested share units at May 25, 2014
3.03

 
$
28.71

 
1.58

 
$
30.60

Granted
0.93

 
$
31.71

 
0.89

 
$
30.89

Vested/Issued
(1.50
)
 
$
26.61

 
(0.05
)
 
$
27.35

Forfeited
(0.30
)
 
$
30.58

 
(0.25
)
 
$
31.02

Nonvested share units at May 31, 2015
2.16

 
$
31.20

 
2.17

 
$
30.74
Summary of the activity for performance share awards
A summary of the activity for performance share awards as of May 31, 2015 and changes during the fiscal year then ended is presented below:
Performance Shares
Shares
(in  Millions)
 
Weighted
Average
Grant-Date
Fair Value
Nonvested performance shares at May 25, 2014
1.17

 
$
28.27

Granted
0.50

 
$
30.89

Adjustments for performance results attained and dividend equivalents
0.04

 
$
26.11

Vested/Issued
(0.45
)
 
$
26.10

Forfeited
(0.20
)
 
$
31.50

Nonvested performance shares at May 31, 2015
1.06

 
$
29.74