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Stock-Based Compensation (Tables) | 12 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Expenses | The following table presents stock-based compensation expenses included in the Company’s Consolidated Statements of Operations:
|  | Years Ended September 30 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In millions) |
Cost of sales |  | $ | 2 |  |  | $ | 3 |  |  | $ | 2 |
Selling and administrative expenses |  |  | 16 |  |  |  | 18 |  |  |  | 17 |
Research and technical expenses |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Stock-based compensation expense |  |  | 20 |  |  |  | 23 |  |  |  | 21 |
Income tax benefit |  |  | (2 | ) |  |  | (1 | ) |  |  | (1 | )
Net stock-based compensation expense |  | $ | 18 |  |  | $ | 22 |  |  | $ | 20 |
Equity Incentive Plan Activity | The following table summarizes the total stock option and restricted stock unit activity in the equity incentive plans for fiscal 2023:
|  | Stock Options |  |  | Restricted Stock Units |
|  | Total Options (1) |  |  | Weighted Average Exercise Price |  |  | Restricted Stock Units(4) |  |  | Weighted Average Grant Date Fair Value |
|  | (Shares in thousands) |
Outstanding at September 30, 2022 |  |  | 1,574 |  |  | $ | 49.89 |  |  |  | 1,012 |  |  | $ | 48.95 |
Granted |  |  | 157 |  |  | $ | 73.84 |  |  |  | 225 |  |  | $ | 73.68 |
Performance-based adjustment(2) |  |  | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 51.88 |
Exercised / Vested |  |  | (75 | ) |  | $ | 47.77 |  |  |  | (275 | ) |  | $ | 50.43 |
Cancelled / Forfeited |  |  | (15 | ) |  | $ | 49.88 |  |  |  | (44 | ) |  | $ | 50.20 |
Outstanding at September 30, 2023(3) |  |  | 1,641 |  |  | $ | 52.27 |  |  |  | 938 |  |  | $ | 54.45 |
Exercisable at September 30, 2023 |  |  | 1,172 |  |  | $ | 50.02 |  |  |  |  |  |  |
(1) Unvested stock options were approximately 469,000 a nd 651,000 at September 30, 2023 and 2022 and their weighted average grant date fair values were $57.92 and $49.30, respectively. (2) Represents the net incremental number of shares issuable upon vesting of performance-based restricted stock units based on the Company’s actual financial performance metrics for fiscal 2023. (3) Stock options outstanding include options vested and expected to vest in the future and have a weighted average remaining contractual life of 6.13 years. (4) The number granted represents the number of shares issuable upon vesting of time-based restricted stock units and performance-based restricted stock units, assuming the Company performs at the target performance level in each year of the three-year performance period.
Weighted-Average Assumptions | The fair values on the grant date were calculated using the following weighted-average assumptions:
|  | Years Ended September 30 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Expected stock price volatility |  |  | 38 | % |  |  | 35 | % |  |  | 36 | %
Risk free interest rate |  |  | 4.0 | % |  |  | 1.4 | % |  |  | 0.6 | %
Expected life of options (years) |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Expected annual dividends per year |  | $ | 1.48 |  |  | $ | 1.40 |  |  | $ | 1.40 |

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