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Share-Based Payments (Tables)

12 Months Ended

Aug. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation Recognized

Compensation expense recognized related to the awards under the current and prior equity incentive plans during the periods presented is summarized as follows (in millions):

	Year Ended August 31,
	2020				2019				2018
Restricted stock awards	$	24.6			$	25.1			$	27.9
Stock options	4.9				2.7				3.1
Performance share units	7.3				—				—
Director share units	1.4				1.4				1.3
Total share-based payment expense	$	38.2			$	29.2			$	32.3

Schedule of Restricted Stock Award Activity

Activity related to restricted stock awards during the periods presented was as follows (in millions, except per share data):

	Number of Shares		Weighted Average Grant Date Fair Value Per Share
Outstanding at August 31, 2017	0.4		$	197.41
Granted	0.2		$	154.95
Vested	(0.2)		$	177.79
Outstanding at August 31, 2018	0.4		$	186.63
Granted	0.2		$	120.73
Vested	(0.2)		$	184.60
Forfeited*	—		$	159.88
Outstanding at August 31, 2019	0.4		$	156.32
Granted	0.2		$	122.10
Vested	(0.1)		$	171.92
Forfeited	(0.1)		$	135.43
Outstanding at August 31, 2020	0.4		$	134.68

___________________________

* Represents shares of less than 0.1 million.

Schedule of Stock Options, Weighted Average Assumptions

The following weighted average assumptions were used to estimate the fair value of the stock options granted in the fiscal years presented:

		Market Options		Service Options
		2020		2020		2019		2018
Dividend yield		0.4%		0.4%		0.4%		0.3%
Expected volatility		33.7%		33.7%		32.8%		30.9%
Risk-free interest rate		1.5%		1.3%		3.0%		2.0%
Expected life of options		7 years		5 years		4 years		4 years
Weighted-average fair value of options		$44.74		$34.22		$34.06		$41.87

Schedule of Stock Option Transactions

Stock option activity during the periods presented was as follows:

	Outstanding						Exercisable
	Number of Shares (in millions)		Weighted Average Exercise Price				Number of Shares (in millions)		Weighted Average Exercise Price
Outstanding at August 31, 2017	0.3		$	156.43			0.2		$	106.54
Granted	—	*	$	156.39
Exercised	—	*	$	115.27
Outstanding at August 31, 2018	0.3		$	154.69			0.2		$	134.13
Granted	0.1	*	$	116.40
Outstanding at August 31, 2019	0.4		$	146.70			0.3		$	147.51
Granted	0.5		$	121.87
Exercised	—	*	$	116.36
Outstanding at August 31, 2020	0.9		$	133.19			0.4		$	151.07
Range of option exercise prices:
$40.01 - $100.00 (average life - 2.1 years)	0.1		$	62.25			0.1		$	62.25
$100.01 - $160.00 (average life - 8.3 years)	0.7		$	123.01			0.2		$	126.16
$160.01 - $210.00 (average life - 5.2 years)	0.1		$	207.80			0.1		$	207.80
$210.01 - $239.76 (average life - 6.1 years)	—	*	$	239.76			—	*	$	239.76

___________________________

* Represents shares of less than 0.1 million.

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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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