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Share-based Payments (Tables) | 3 Months Ended
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Nov. 30, 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 |  |
| November 30, 2020 |  | November 30, 2019 |  |  |  |
Share-based payment expense | $ | 7.7 |  |  | $ | 16.7 |  |  |  |  |
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 the Market Options granted in the first quarter of fiscal 2021:
| Market Options |  |
Valuation Methodology | Monte Carlo Simulation |  |
Dividend yield | 0.5% |  |
Expected volatility | 36.5% |  |
Risk-free interest rate | 0.7% |  |
Expected life of options | 8 years |  |
Weighted-average fair value of options | $40.45 |  |
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, 2020 | 0.9 |  | $133.19 |  | 0.4 |  | $151.07
Granted | 0.3 |  | $108.96 |  |  |  |
Canceled | — | * | — |  |  |  |
Outstanding at November 30, 2020 | 1.2 |  | $127.56 |  | 0.4 |  | $148.90
Range of option exercise prices: |  |  |  |  |  |  |
$40.01 - $100.00 (average life - 1.9 years) | 0.1 |  | $62.25 |  | 0.1 |  | $62.25
$100.01 - $160.00 (average life - 8.6 years) | 1.0 |  | $119.11 |  | 0.2 |  | $126.85
$160.01 - $210.00 (average life - 4.9 years) | 0.1 |  | $207.80 |  | 0.1 |  | $207.80
$210.01 - $239.76 (average life - 5.9 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, 2020 | 0.9 |  | $133.19 |  | 0.4 |  | $151.07
Granted | 0.3 |  | $108.96 |  |  |  |
Canceled | — | * | — |  |  |  |
Outstanding at November 30, 2020 | 1.2 |  | $127.56 |  | 0.4 |  | $148.90
Range of option exercise prices: |  |  |  |  |  |  |
$40.01 - $100.00 (average life - 1.9 years) | 0.1 |  | $62.25 |  | 0.1 |  | $62.25
$100.01 - $160.00 (average life - 8.6 years) | 1.0 |  | $119.11 |  | 0.2 |  | $126.85
$160.01 - $210.00 (average life - 4.9 years) | 0.1 |  | $207.80 |  | 0.1 |  | $207.80
$210.01 - $239.76 (average life - 5.9 years) | — | * | $239.76 |  | — | * | $239.76
___________________________ * Represents shares of less than 0.1 million.

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