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Stock-Based Compensation (Tables)

9 Months Ended

Jul. 31, 2020

The following table summarizes activity related to stock options for the nine months ended July 31, 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		391			166.38
Exercised		(587	)		78.87
Forfeited or expired		(39	)		144.70
Outstanding at July 31, 2020		1,552		$	121.00	$	112,752	7.2 years
Expected to vest		853		$	141.34	$	44,597	8.4 years
Exercisable at July 31, 2020		689		$	95.33	$	67,769	5.7 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:

Nine months ended	July 31, 2020	July 31, 2019
Expected volatility	24.5%-30.5%	24.1%-24.5%
Expected dividend yield	0.87%-1.16%	1.04%
Risk-free interest rate	0.44%-1.69%	2.84%-2.95%
Expected life of the option (in years)	5.3-6.3	5.3-6.2

The following table summarizes activity related to restricted shares during the nine months ended July 31, 2020:

	Number of Shares			Weighted-Average Grant Date Fair Value
Restricted shares at October 31, 2019		66		$	126.83
Granted		25			169.62
Forfeited		(6	)		131.06
Vested		(26	)		120.23
Restricted shares at July 31, 2020		59		$	147.17

The following table summarizes activity related to restricted share units during the nine months ended July 31, 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 July 31, 2020		7	$	160.68

The following table summarizes activity related to director deferred compensation share equivalent units during the nine months ended July 31, 2020:

	Number of Shares		Weighted-Average Grant Date Fair Value
Outstanding at October 31, 2019		114	$	55.52
Dividend equivalents		1		164.44
Outstanding at July 31, 2020		115	$	56.27