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Share-based Payments (Tables)

12 Months Ended

Aug. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of 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,
			2023						2022						2021
Restricted stock awards and units			$	19.6					$	17.2					$	15.1
Performance stock units			15.2						9.9						6.8
Stock options			5.7						8.8						9.2
Director stock units			1.5						1.5						1.4
Total share-based payment expense			$	42.0					$	37.4					$	32.5

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, 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
Granted			0.1						$	204.36
Vested			(0.1)						$	122.27
Forfeited			(0.1)						$	131.08
Outstanding at August 31, 2022			0.3						$	144.51
Granted			0.2						$	175.23
Vested			(0.1)						$	140.85
Forfeited			(0.1)						$	163.37
Outstanding at August 31, 2023			0.3						$	159.33

___________________________

* Represents shares of less than 0.1 million.

Schedule of Performance Shares Outstanding Activity and Weighted Average Assumptions Used to Estimate Fair Value

						2023
Dividend yield						—%
Expected volatility						46.7%
Risk-free interest rate						4.5%
Fair value of awards						$254.19

Activity related to performance stock units 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, 2020			0.1						$	124.29
Granted			0.1						$	91.34
Forfeited			—			*			$	104.34
Outstanding at August 31, 2021			0.2						$	109.99
Granted			—			*			$	207.02
Forfeited			—			*			$	113.51
Outstanding at August 31, 2022			0.2						$	145.46
Granted			0.1						$	186.78
Vested			(0.1)						$	124.29
Forfeited			—			*			$	195.67
Outstanding at August 31, 2023			0.2						$	171.01

___________________________

* Represents shares of less than 0.1 million.

Schedule of the Weighted Average Assumptions Used to Estimate Fair Value of Stock Options

The following weighted average assumptions were used to estimate the fair value of the stock options granted in the fiscal year presented:

						Market Options
						2021
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

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, 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
Exercised			(0.1)						$	88.94
Outstanding at August 31, 2022			1.1						$	132.50					0.6						$	143.15
Exercised			—			*			$	126.92
Forfeitures			(0.1)						$	227.15
Outstanding at August 31, 2023			1.0						$	131.81					0.9						$	135.91
Range of option exercise prices:
$100.00 - $160.00 (average life - 6.2 years)			0.8						$	119.24					0.7						$	121.22
$160.01 - $210.00 (average life - 2.2 years)			0.1						$	207.80					0.1						$	207.80
$210.01 - $239.76 (average life - 3.1 years)			0.1						$	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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