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Stock-Based Compensation (Tables)

6 Months Ended

Apr. 30, 2020

The following table summarizes activity related to stock options for the six months ended April 30, 2020:

	Number of Options			Weighted- Average Exercise Price Per Share		Aggregate Intrinsic Value		Weighted Average Remaining Term
Outstanding at October 31, 2019		1,787		$	97.74
Granted		370		$	165.04
Exercised		(228	)	$	81.40
Forfeited or expired		(21	)	$	138.83
Outstanding at April 30, 2020		1,908		$	112.28	$	94,349	6.9 years
Expected to vest		845		$	140.24	$	18,964	8.6 years
Exercisable at April 30, 2020		1,047		$	89.09	$	75,214	5.6 years

The fair value of each option grant was estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions:

Six months ended	April 30, 2020	April 30, 2019
Expected volatility	24.5%-29.2%	24.1%-24.5%
Expected dividend yield	0.92%-1.16%	1.04%
Risk-free interest rate	0.50%-1.69%	2.84%-2.95%
Expected life of the option (in years)	5.3-6.2	5.3-6.2

The following table summarizes activity related to restricted shares during the six months ended April 30, 2020:

	Number of Shares			Weighted-Average Grant Date Fair Value
Restricted shares at October 31, 2019		66		$	126.83
Granted		18		$	162.95
Forfeited		(4	)	$	138.36
Vested		(25	)	$	120.18
Restricted shares at April 30, 2020		55		$	141.09

The following table summarizes activity related to restricted share units during the six months ended April 30, 2020:

	Number of Units		Weighted-Average Grant Date Fair Value
Restricted share units at October 31, 2019		—	$	—
Granted		7	$	160.68
Restricted share units at April 30, 2020		7	$	160.68

The following table summarizes activity related to director deferred compensation share equivalent units during the six months ended April 30, 2020:

	Number of Shares		Weighted-Average Grant Date Fair Value
Outstanding at October 31, 2019		114	$	55.52
Dividend equivalents		—	$	—
Outstanding at April 30, 2020		114	$	55.99