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Stock-based Compensation
 9 Months Ended
Aug. 31, 2022
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
We have four types of stock-based compensation awards: restricted stock units ("RSUs"), stock options, company stock awarded as part of our long-term performance plan ("LTPP") and price-vested stock options. The following table sets forth the stock-based compensation expense recorded in selling, general and administrative ("SG&A") expense (in millions):
 Three months ended August 31,Nine months ended August 31,
 2022202120222021
Stock-based compensation expense$12.2 $11.6 $49.1 $54.2 

Our 2022 annual grant of stock options and RSUs occurred in the second quarter, similar to the 2021 annual grant. The weighted-average grant-date fair value of each stock option granted in 2022 was $22.08 and in 2021 was $18.36 as calculated under a lattice pricing model. Substantially all of the stock options and RSUs granted in 2022 and 2021 vest ratably over a three-year period or, if earlier, upon the retirement eligibility date of the holder. The fair values of stock option grants in the stated periods were computed using the following range of assumptions for our various stock compensation plans:

20222021
Risk-free interest rates0.2 - 2.5%0.0 - 1.8%
Dividend yield1.5%1.5%
Expected volatility21.2%21.3%
Expected lives (in years)7.67.9
The following is a summary of our stock option activity for the nine months ended August 31, 2022 and 2021:
 20222021
(shares in millions)Number
of
Shares		Weighted-
Average
Exercise
Price		Number
of
Shares		Weighted-
Average
Exercise
Price
Outstanding at beginning of period5.0 $59.71 4.5 $53.56 
Granted0.7 96.92 0.8 89.16 
Exercised(0.8)47.40 (0.2)48.60 
Outstanding at end of the period4.9 $67.13 5.1 $59.44 
Exercisable at end of the period3.5 $57.97 3.7 $51.19 
As of August 31, 2022, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $95.9 million and for options currently exercisable was $93.4 million. The total intrinsic value of all options exercised during the nine months ended August 31, 2022 and 2021 was $40.2 million and $7.3 million, respectively.
The following is a summary of our RSU activity for the nine months ended August 31, 2022 and 2021:
 20222021
(shares in thousands)Number
of
Shares		Weighted-
Average
Grant-Date
Fair Value		Number
of
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period563 $69.52 714 $61.74 
Granted208 94.21 219 86.86 
Vested(251)71.90 (284)62.31 
Forfeited(30)84.27 (28)75.02 
Outstanding at end of period490 $77.86 621 $69.75 
The following is a summary of our price-vested stock options activity for the nine months ended August 31, 2022 and 2021:
 20222021
(shares in thousands)Number
of
Shares		Weighted-
Average
Grant-Date Fair Value		Number
of
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period2,193 $9.40 2,482 $9.40 
Granted— — 15 9.66 
Forfeited(62)9.40 (245)9.42 
Outstanding at end of period2,131 $9.40 2,252 $9.40 
The following is a summary of our LTPP activity for the nine months ended August 31, 2022 and 2021:
 20222021
(shares in thousands)Number
of
Shares		Weighted-
Average
Grant-Date
Fair Value		Number
of
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at beginning of period497 $83.74 382 $71.20 
Granted151 95.00 141 98.30 
Vested(251)75.26 (124)51.73 
Forfeited(4)95.29 (23)89.44 
Outstanding at end of period393 $93.40 376 $86.73