Stock-based Compensation (Tables)

12 Months Ended

Sep. 30, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Assumptions Used in Black-Scholes Option Valuation Model

	Year Ended September 30,
	2020	2019	2018
Expected life of option (years)	6.5	6.4	6.5
Risk-free interest rate	1.67%	2.77%	2.28%
Expected volatility of the Company’s stock	22.40%	21.80%	23.70%
Expected dividend yield on the Company’s stock	2.49%	3.29%	2.78%

Summary of Stock Option Activity

A summary of stock option activity at September 30, 2020, and changes for the year then ended, is presented below:

	Weighted Average Option Price		Shares Subject to Option	Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding, September 30, 2019	$	35.07	12,369,749
Granted	41.67		1,347,310
Exercised	28.80		(2,504,516)
Forfeited or expired	38.30		(1,097,638)
Outstanding, September 30, 2020	$	37.14	10,114,905	4.9	$	46
Exercisable, September 30, 2020	$	36.98	7,473,203	3.6	$	36

Assumptions Used in Black-Scholes Stock Appreciation Rights Valuation Model

The assumptions used to determine the fair value of the SAR awards at September 30, 2020 were as follows:

Expected life of SAR (years)	0.4 - 2.5
Risk-free interest rate	0.11% - 0.18%
Expected volatility of the Company’s stock	22.40%
Expected dividend yield on the Company’s stock	2.49%

Summary of Stock Appreciation Rights Activity

A summary of SAR activity at September 30, 2020, and changes for the year then ended, is presented below:

	Weighted Average SAR Price		Shares Subject to SAR	Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding, September 30, 2019	$	28.67	368,009
Exercised	26.88		(129,277)
Forfeited or expired	25.47		(26,095)
Outstanding, September 30, 2020	$	30.14	212,637	1.8	$	2
Exercisable, September 30, 2020	$	30.14	212,637	1.8	$	2

Summary of Nonvested Restricted Stock Awards

A summary of non-vested restricted stock awards at September 30, 2020, and changes for the fiscal year then ended, is presented below:

	Weighted Average Price		Shares/Units Subject to Restriction
Non-vested, September 30, 2019	$	35.98	3,333,076
Granted	41.38		2,053,292
Vested	37.39		(1,634,306)
Forfeited	37.47		(522,183)
Non-vested, September 30, 2020	$	38.58	3,229,879

Schedule of share-based payment award, performance share, valuation assumptions

	Year Ended September 30,
	2020	2019	2018
Risk-free interest rate	1.60%	2.76%	1.92%
Expected volatility of the Company’s stock	21.80%	22.90%	21.70%

Summary of Nonvested PSUs

A summary of the status of the Company’s non-vested PSUs at September 30, 2020, and changes for the fiscal year then ended, is presented below:

	Weighted Average Price		Shares/Units Subject to PSU
Non-vested, September 30, 2019	$	39.82	1,825,519
Granted	42.48		476,939
Vested	44.98		(515,975)
Forfeited	38.87		(168,539)
Non-vested, September 30, 2020	$	39.06	1,617,944