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Share-Based Compensation (Tables)
12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions We estimated the fair value of each stock option on the date of grant using the Black-Scholes pricing model and the following assumptions:
202120202019
Average risk-free interest rate0.38 %1.63 %2.79 %
Expected dividend yield1.73 %2.08 %2.27 %
Expected volatility31 %24 %23 %
Expected term (years)4.94.95.0
Schedule of Share-Based Compensation, Stock Options, Activity
A summary of stock option activity for the year ended September 30, 2021, is as follows:
Shares
(in thousands)
Wtd. Avg.
Exercise
Price
Wtd. Avg.
Remaining
Contractual
Term (years)
Aggregate
Intrinsic Value
of In-The-Money
Options
(in millions)
Outstanding at October 1, 20203,404 $164.81   
Granted196 246.87   
Exercised(985)156.98   
Forfeited(118)191.64   
Canceled(1)191.15   
Outstanding at September 30, 20212,496 173.07 6.6$302.0 
Exercisable at September 30, 20211,470 155.05 5.6204.3 
Schedule of Nonvested Performance-based Units Activity
A summary of performance share activity for the year ended September 30, 2021, is as follows:
Performance
Shares
(in thousands)
Wtd. Avg.
Grant Date
Share
Fair Value
Outstanding at October 1, 2020124 $204.92 
Granted(1)
44 298.10 
Adjustment for performance results achieved(2)
(2)219.04 
Vested and issued(31)219.04 
Forfeited(16)217.93 
Outstanding at September 30, 2021119 232.94 
(1)Performance shares granted assuming achievement of performance goals at target.
(2)Adjustments were due to the number of shares vested under fiscal 2018 awards at the end of the three-year performance period ended September 30, 2020, being lower than the target number of shares.
Schedule of Performance Shares Vested
The following table summarizes information about performance shares vested during the years ended September 30, 2021, 2020, and 2019:
202120202019
Percent payout93 %77 %200 %
Shares vested (in thousands)31 28 145 
Total fair value of shares vested (in millions)$7.4 $5.6 $25.8 
Schedule of Share-Based Payment Award, Performance-Based Units, Valuation Assumptions
The per-share fair value of performance share awards granted during the years ended September 30, 2021, 2020, and 2019, was $298.10, $265.04 and $155.04, respectively, which we determined using a Monte Carlo simulation and the following assumptions:
202120202019
Average risk-free interest rate0.19 %1.58 %2.77 %
Expected dividend yield1.73 %2.06 %2.24 %
Expected volatility37 %25 %23 %
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of restricted stock and restricted stock unit activity for the year ended September 30, 2021, is as follows:
Restricted
Stock and
Restricted
Stock Units
(in thousands)
Wtd. Avg.
Grant Date
Share
Fair Value
Outstanding at October 1, 2020163 $182.66 
Granted254 265.32 
Vested(42)188.87 
Forfeited(24)205.15 
Outstanding at September 30, 2021351 $239.89