v3.26.3
Stock-based Compensation
 9 Months Ended
Aug. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
We have three types of stock-based compensation awards: restricted stock units (RSUs), stock options, and company stock awarded as part of our long-term performance plan (LTPP). 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,
2026202520262025
Stock-based compensation expense$5.2 $7.7 $34.5 $37.3 
Our 2026 annual grant consisted of RSUs and stock awarded under our LTPP and occurred in the first quarter, similar to the 2025 annual grant. Substantially all of the RSUs granted in 2026 and 2025 vest ratably over a three-year period or, if earlier, upon the holder’s retirement eligibility date. Stock awarded under our LTPP vest ratably over a three-year period.
The following is a summary of our stock option activity for the nine months ended August 31, 2026 and 2025:
20262025
(shares in millions)Number
of
Shares		Weighted-
Average
Exercise
Price		Number
of
Shares		Weighted-
Average
Exercise
Price
Outstanding at beginning of period5.5 $73.92 6.1 $72.25 
Exercised(0.5)49.51 (0.3)50.36 
Forfeited(0.1)78.52 (0.2)72.11 
Outstanding at end of the period4.9 $76.27 5.6 $73.48 
Exercisable at end of the period4.7 $76.28 4.8 $73.02 
As of August 31, 2026, the intrinsic value (the difference between the exercise price and the market price) for all options outstanding was $2.2 million and for options currently exercisable was $2.2 million. The total intrinsic value of all options exercised during the nine months ended August 31, 2026 and August 31, 2025 was $5.5 million and $9.2 million, respectively.
The following is a summary of our RSU activity for the nine months ended August 31, 2026 and 2025:
20262025
(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 period771 $73.11 533 $73.68 
Granted668 62.36 526 74.76 
Vested(324)74.75 (244)77.15 
Forfeited(60)68.81 (41)74.68 
Outstanding at end of period1,055 $66.04 774 $73.27 
The following is a summary of our LTPP activity for the nine months ended August 31, 2026 and 2025:
20262025
(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 period523 $80.88 539 $83.45 
Granted226 65.02 177 86.92 
Vested(177)89.00 (206)95.00 
Forfeited(12)76.37 (38)79.92 
Outstanding at end of period560 $72.01 472 $79.98