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Share-based Payments (Tables)

12 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [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,
			2021						2020						2019
Restricted stock awards and units			$	15.1					$	24.6					$	25.1
Stock options			9.2						4.9						2.7
Performance stock units			6.8						7.3						—
Director stock units			1.4						1.4						1.4
Total share-based payment expense			$	32.5					$	38.2					$	29.2

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, 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
Granted			0.2						$	108.79
Vested			(0.1)						$	150.44
Forfeited			(0.1)						$	116.33
Outstanding at August 31, 2021			0.4						$	116.77

___________________________

* Represents amounts 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
						2021						2020						2020						2019
Dividend yield						0.5%						0.4%						0.4%						0.4%
Expected volatility						36.5%						33.7%						33.7%						32.8%
Risk-free interest rate						0.7%						1.5%						1.3%						3.0%
Expected life of options						8 years						7 years						5 years						4 years
Weighted-average fair value of options						$40.45						$44.74						$34.22						$34.06

Schedule of Stock Option Transactions

Stock option activity during the periods presented was as follows:

			Outstanding												Exercisable
			Number of Options (in millions)						Weighted Average Exercise Price						Number of Options (in millions)						Weighted Average Exercise Price
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
Granted			0.3						$	108.96
Exercised			—			*			$	108.58
Outstanding at August 31, 2021			1.2						$	127.98					0.5						$	142.36
Range of option exercise prices:
$40.01 - $100.00 (average life - 1.1 years)			0.1						$	62.54					0.1						$	62.54
$100.01 - $160.00 (average life - 7.9 years)			1.0						$	119.18					0.3						$	125.13
$160.01 - $210.00 (average life - 4.2 years)			0.1						$	207.80					0.1						$	207.80
$210.01 - $239.76 (average life - 5.1 years)			—			*			$	239.76					0.1			*			$	239.76

___________________________

* Represents amounts 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 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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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.

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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.

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