Stock-based Compensation (Tables)

12 Months Ended

Sep. 30, 2021

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

Assumptions Used in Black-Scholes Option Valuation Model

	Year Ended September 30,
	2021	2020	2019
Expected life of option (years)	6.5	6.5	6.4
Risk-free interest rate	0.60%	1.67%	2.77%
Expected volatility of the Company’s stock	27.60%	22.40%	21.80%
Expected dividend yield on the Company’s stock	2.28%	2.49%	3.29%

Summary of Stock Option Activity

A summary of stock option activity at September 30, 2021, 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, 2020	$	37.14	10,114,905
Granted	45.69		932,678
Exercised	36.70		(4,840,511)
Forfeited or expired	37.16		(256,061)
Outstanding, September 30, 2021	$	38.84	5,951,011	5.9	$	174
Exercisable, September 30, 2021	$	37.01	3,536,889	4.3	$	110

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, 2021 were as follows:

Expected life of SAR (years)	0.01 - 4.29
Risk-free interest rate	0.07% - 0.88%
Expected volatility of the Company’s stock	27.60%
Expected dividend yield on the Company’s stock	2.28%

Summary of Stock Appreciation Rights Activity

A summary of SAR activity at September 30, 2021, 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, 2020	$	30.14	212,637
Granted	45.69		35,254
Exercised	28.16		(88,600)
Forfeited or expired	32.45		(18,708)
Outstanding, September 30, 2021	$	34.99	140,583	3.1	$	5
Exercisable, September 30, 2021	$	31.40	105,329	1.0	$	4

Summary of Nonvested Restricted Stock Awards

A summary of non-vested restricted stock awards at September 30, 2021, and changes for the fiscal year then ended, is presented below:

	Weighted Average Price		Shares/Units Subject to Restriction
Non-vested, September 30, 2020	$	38.58	3,229,879
Granted	48.29		1,865,566
Vested	37.80		(1,439,284)
Forfeited	41.32		(321,724)
Non-vested, September 30, 2021	$	44.06	3,334,437

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

	Year Ended September 30,
	2021	2020	2019
Risk-free interest rate	0.20%	1.60%	2.76%
Expected volatility of the Company’s stock	30.90%	21.80%	22.90%

Summary of Nonvested PSUs

A summary of the status of the Company’s non-vested PSUs at September 30, 2021, and changes for the fiscal year then ended, is presented below:

	Weighted Average Price		Shares/Units Subject to PSU
Non-vested, September 30, 2020	$	39.06	1,617,944
Granted	50.53		410,934
Vested	38.75		(789,129)
Forfeited	41.86		(43,431)
Non-vested, September 30, 2021	$	43.11	1,196,318