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Share-based Payments (Tables) | 9 Months Ended
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May 31, 2020
Share-based Payment Arrangement [Abstract] |
Components of share-based payment expense | The following table presents share-based payment expense for the periods presented (in millions):
| Three Months Ended |  | Nine Months Ended
| May 31, 2020 |  | May 31, 2019 |  | May 31, 2020 |  | May 31, 2019
Share-based payment expense | $ | 7.8 |  |  | $ | 7.6 |  |  | $ | 32.5 |  |  | $ | 22.9 |
Schedule of weighted average assumptions used to estimate fair value of options | The following weighted average assumptions were used to estimate the fair value of stock options granted in the second quarter of fiscal 2020:
| Service Options |  | Market Options
Valuation Methodology | Black-Scholes |  | Monte Carlo Simulation
Dividend yield | 0.4% |  | 0.4%
Expected volatility | 33.7% |  | 33.7%
Risk-free interest rate | 1.3% |  | 1.5%
Expected life of options | 5 years |  | 7 years
Weighted-average fair value of options | $34.22 |  | $44.74
Stock option activity | 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, 2019 | 0.4 |  | $146.70 |  | 0.3 |  | $147.51
Granted | 0.5 |  | $121.87 |  |  |  |
Exercised | — | * | $116.36 |  |  |  |
Canceled | — | * | — |  |  |  |
Outstanding at May 31, 2020 | 0.9 |  | $133.18 |  | 0.4 |  | $151.07
Range of option exercise prices: |  |  |  |  |  |  |
$40.01 - $100.00 (average life - 2.4 years) | 0.1 |  | $62.25 |  | 0.1 |  | $62.25
$100.01 - $160.00 (average life - 8.6 years) | 0.7 |  | $123.02 |  | 0.2 |  | $126.16
$160.01 - $210.00 (average life - 5.4 years) | 0.1 |  | $207.80 |  | 0.1 |  | $207.80
$210.01 - $239.76 (average life - 6.4 years) | — | * | $239.76 |  | — | * | $239.76
___________________________ * Represents shares of less than 0.1 million.
Range of option exercise prices | 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, 2019 | 0.4 |  | $146.70 |  | 0.3 |  | $147.51
Granted | 0.5 |  | $121.87 |  |  |  |
Exercised | — | * | $116.36 |  |  |  |
Canceled | — | * | — |  |  |  |
Outstanding at May 31, 2020 | 0.9 |  | $133.18 |  | 0.4 |  | $151.07
Range of option exercise prices: |  |  |  |  |  |  |
$40.01 - $100.00 (average life - 2.4 years) | 0.1 |  | $62.25 |  | 0.1 |  | $62.25
$100.01 - $160.00 (average life - 8.6 years) | 0.7 |  | $123.02 |  | 0.2 |  | $126.16
$160.01 - $210.00 (average life - 5.4 years) | 0.1 |  | $207.80 |  | 0.1 |  | $207.80
$210.01 - $239.76 (average life - 6.4 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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