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Stock-Based Compensation
 12 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation STOCK-BASED COMPENSATION
The Company's stock-based compensation plans include performance shares, restricted stock, restricted stock units, and stock options. Although the Company has discretion, shares distributed under these plans are issued from treasury stock.

Total compensation expense and income tax benefits for stock options and incentive shares follows. The Company's performance shares awards are marked-to-market each period based on changes in the stock price.

2018 2019 2020
Performance shares$192 96 98 
Restricted stock and restricted stock units17 21 11 
Stock options7 3 1 
     Total stock compensation expense$216 120 110 
Income tax benefits recognized$42 20 18 

As of September 30, 2020, total unrecognized compensation expense related to unvested shares awarded under these plans was $127, which is expected to be recognized over a weighted-average period of 1.7 years.

Performance Shares, Restricted Stock and Restricted Stock Units
The Company's incentive shares plans include performance shares awards which distribute the value of common stock to key management employees at the conclusion of a three-year period subject to certain operating performance conditions and other restrictions. The form of distribution is primarily shares of common stock, with a portion in cash in the first quarter following the end of the applicable three-year performance period. Dividend equivalents are only paid on earned awards after the performance period has concluded. Compensation expense for performance shares is recognized over the service period based on the number of shares ultimately expected to be earned. Performance shares awards are accounted for as liabilities in accordance with ASC 718, Compensation - Stock Compensation, with compensation expense adjusted at the end of each reporting period to reflect the change in fair value of the awards.
Information related to performance share payouts for the years ended September 30, 2019 and 2020 follows (shares in thousands):
20192020
Performance period2016 - 20182017 - 2019
Percent payout97 %107 %
Total shares earned1,8192,008
Shares distributed in cash, primarily for tax withholding795883
As of September 30, 2020, approximately 1,538,000 shares awarded primarily in 2018 were outstanding, contingent on the Company achieving its performance objectives through 2020. The objectives for these shares were met at the 100 percent level and the shares will be distributed in early 2021.

Additionally, the rights to receive approximately 1,592,000 and 1,381,000 common shares were awarded in 2020 and 2019, respectively, under the new performance shares program, and are outstanding and contingent upon the Company achieving its performance objectives through 2022 and 2021, respectively.

Incentive shares plans also include restricted stock awards and restricted stock units. Restricted stock awards involve distribution of common stock to key management employees subject to cliff vesting at the end of service periods ranging from three to ten years while restricted stock units granted to employees cliff vest at the end of a three-year period. The fair value of restricted stock awards and restricted stock units is determined based on the average of the high and low market prices of the Company's common stock on the date of grant, with compensation expense recognized ratably over the applicable vesting period. In 2020, approximately 173,000 shares of restricted stock vested as a result of participants fulfilling the applicable service requirements. Consequently, approximately
100,000 shares were issued while 73,000 shares were withheld for income taxes in accordance with minimum withholding requirements. As of September 30, 2020, there were approximately 1,405,000 shares of unvested restricted stock and restricted stock units outstanding.

In addition to the employee stock option and incentive shares plans, in 2020 the Company awarded approximately 19,000 shares of restricted stock and 2,000 restricted stock units under the restricted stock plan for non-management directors. As of September 30, 2020, approximately 119,000 shares were available for issuance under this plan.

As of September 30, 2020, 7.0 million shares remained available for award under incentive shares plans.

Changes in shares outstanding but not yet earned under incentive shares plans during the year ended September 30, 2020 follow (shares in thousands; assumes 100 percent payout of unvested awards):
 SharesAverage Grant Date
Fair Value Per Share
Beginning of year6,325 $60.63 
     Granted1,949 $72.42 
     Adjustment for performance results achieved131 $51.98 
     Earned/vested(2,259)$52.42 
     Canceled(230)$67.59 
End of year5,916 $67.22 

Information related to incentive shares plans follows:
2018 2019 2020 
Total fair value of shares earned/vested$20 145 164 
Share awards distributed in cash, primarily for tax withholding$9 73 81 

Stock Options
There were no stock option grants in 2020 and 2019, and options granted in 2018 were immaterial. The Company's stock option plans permit key officers and employees to purchase common stock at specified prices, which are equal to 100 percent of the closing market price of the Company's stock on the date of grant. Options generally vest one-third in each of the three years subsequent to grant and expire 10 years from the date of grant. Compensation expense is recognized ratably over the vesting period based on the number of options expected to vest. As of September 30, 2020, 11.6 million options were available for grant under the plans.

Changes in shares subject to options during the year ended September 30, 2020 follow (shares in thousands):
Weighted- Average Exercise Price Per ShareSharesTotal
Intrinsic Value of Shares		Average Remaining Life (Years)
Beginning of year$57.23 6,915 
     Options granted$— — 
     Options exercised$55.43 (2,743)
     Options canceled$58.21 (39)
End of year$58.42 4,133 $31 3.9
Exercisable at end of year$58.41 4,126 $31 3.9
Information related to stock options follows:
2018 2019 2020 
Cash received for option exercises$143 40 126 
Intrinsic value of options exercised$53 16 47 
Tax benefits related to option exercises$7 8 8