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Share-based Payments (Tables)

9 Months Ended

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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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 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.

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