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Share-based Payments (Tables)

3 Months Ended

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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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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