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Share-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2020
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:
 
 
2020
 
2019
 
2018
Average risk-free interest rate
 
1.63
%
 
2.79
%
 
2.14
%
Expected dividend yield
 
2.08
%
 
2.27
%
 
1.75
%
Expected volatility
 
24
%
 
23
%
 
22
%
Expected term (years)
 
4.9

 
5.0

 
5.0
Schedule of Share-Based Compensation, Stock Options, Activity
A summary of stock option activity for the year ended September 30, 2020 is:
 
 
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, 2019
 
4,298

 
$
139.53

 
 
 
 
Granted
 
974

 
195.90

 
 
 
 
Exercised
 
(1,784
)
 
120.09

 
 
 
 
Forfeited
 
(77
)
 
181.58

 
 
 
 
Canceled
 
(7
)
 
170.82

 
 
 
 
Outstanding at September 30, 2020
 
3,404

 
164.81

 
7.2
 
$
190.2

Vested or expected to vest at September 30, 2020
 
2,115

 
141.77

 
5.8
 
166.9

Exercisable at September 30, 2020
 
1,606

 
139.70

 
5.7
 
130.0
Schedule of Nonvested Performance-based Units Activity
A summary of performance share activity for the year ended September 30, 2020 is as follows:
 
 
Performance
Shares
(in thousands)
 
Wtd. Avg.
Grant Date
Share
Fair Value
Outstanding at October 1, 2019
 
127

 
$
178.40

Granted(1)
 
36

 
265.04

Adjustment for performance results achieved(2)
 
(8
)
 
174.37

Vested and issued
 
(28
)
 
174.37

Forfeited
 
(3
)
 
188.26

Outstanding at September 30, 2020
 
124

 
204.92


(1) 
Performance shares granted assuming achievement of performance goals at target.
(2) 
Adjustments were due to the number of shares vested under fiscal 2017 awards at the end of the three-year performance period ended September 30, 2019 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, 2020, 2019 and 2018:
 
 
2020
 
2019
 
2018
Percent payout
 
77
%
 
200
%
 
187
%
Shares vested (in thousands)
 
28

 
145

 
139

Total fair value of shares vested (in millions)
 
$
5.6

 
$
25.8

 
$
26.5
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, 2020, 2019 and 2018 was $265.04, $155.04 and $219.04, respectively, which we determined using a Monte Carlo simulation and the following assumptions:
 
 
2020
 
2019
 
2018
Average risk-free interest rate
 
1.58
%
 
2.77
%
 
1.88
%
Expected dividend yield
 
2.06
%
 
2.24
%
 
1.72
%
Expected volatility
 
25
%
 
23
%
 
22
%
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, 2020 is as follows:
 
 
Restricted
Stock and
Restricted
Stock Units
(in thousands)
 
Wtd. Avg.
Grant Date
Share
Fair Value
Outstanding at October 1, 2019
 
142

 
$
160.14

Granted
 
71

 
200.36

Vested
 
(44
)
 
139.49

Forfeited
 
(6
)
 
180.80

Outstanding at September 30, 2020
 
163

 
$
182.66