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Stock-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expenses The following table presents stock-based compensation expenses included in the Company’s Consolidated Statements of Operations:

 

 

 

Years Ended September 30

 

 

 

2021

 

 

2020

 

 

2019

 

 

 

(In millions)

 

Cost of sales

 

$

2

 

 

$

1

 

 

$

1

 

Selling and administrative expenses

 

 

17

 

 

 

7

 

 

 

9

 

Research and technical expenses

 

 

2

 

 

 

1

 

 

 

1

 

Stock-based compensation expense

 

 

21

 

 

 

9

 

 

 

11

 

Income tax benefit

 

 

(1

)

 

 

—

 

 

 

(3

)

Net stock-based compensation expense

 

$

20

 

 

$

9

 

 

$

8

 
Equity Incentive Plan Activity

The following table summarizes the total stock option and restricted stock unit activity in the equity incentive plans for fiscal 2021:

 

 

 

Stock Options

 

 

Restricted Stock Units

 

 

 

Total

Options (4)

 

 

Weighted

Average

Exercise

Price

 

 

Restricted

Stock

Units(1)

 

 

Weighted

Average

Grant Date

Fair Value

 

 

 

(Shares in thousands)

 

Outstanding at September 30, 2020

 

 

1,273

 

 

$

50.45

 

 

 

604

 

 

$

52.87

 

Granted

 

 

394

 

 

$

40.97

 

 

 

369

 

 

$

41.92

 

Performance-based adjustment(2)

 

 

—

 

 

$

—

 

 

 

88

 

 

$

44.56

 

Exercised / Vested

 

 

(121

)

 

$

44.60

 

 

 

(184

)

 

$

60.11

 

Cancelled / Forfeited

 

 

(70

)

 

$

50.96

 

 

 

(18

)

 

$

49.98

 

Outstanding at September 30, 2021(3)

 

 

1,476

 

 

$

48.36

 

 

 

859

 

 

$

45.82

 

Exercisable at September 30, 2021

 

 

731

 

 

$

51.55

 

 

 

 

 

 

 

 

 

 

(1)

The number granted represents the number of shares issuable upon vesting of time-based restricted stock units and performance-based restricted stock units, assuming the Company performs at the target performance level in each year of the three-year performance period.

(2)

Represents the net incremental number of shares issuable upon vesting of performance-based restricted stock units based on the Company’s actual financial performance metrics for fiscal 2021.

(3)

Stock options outstanding include options vested and expected to vest in the future and have a weighted average remaining contractual life of 7.12 years.

(4)

Unvested stock options were approximately 745,000 and 609,000 at September 30, 2021 and 2020 and their weighted average grant date fair values were $45.24 and $51.38, respectively.

 

 
Weighted-Average Assumptions The fair values on the grant date were calculated using the following weighted-average assumptions:

 

 

 

Years Ended September 30

 

 

 

2021

 

 

2020

 

 

2019

 

Expected stock price volatility

 

 

36

%

 

 

28

%

 

 

27

%

Risk free interest rate

 

 

0.6

%

 

 

1.9

%

 

 

3.1

%

Expected life of options (years)

 

 

6

 

 

 

6

 

 

 

6

 

Expected annual dividends per year

 

$

1.40

 

 

$

1.40

 

 

$

1.32