Share repurchase program

9 Months Ended

Mar. 31, 2013

Share repurchase program [Abstract]

Share Repurchase Program

Share repurchase program

The Company has a program to repurchase its common shares. Under the program, the Company is authorized to repurchase an amount of common shares each fiscal year equal to the greater of 7.5 million shares or five percent of the shares outstanding as of the end of the prior fiscal year. Repurchases are funded primarily from operating cash flows and commercial paper borrowings, and the shares are initially held as treasury stock. During the three-month period ended March 31, 2013, the Company repurchased 529,000 shares at an average price, including commissions, of $92.90 per share. Fiscal year-to-date, the Company repurchased 2,460,762 shares at an average price, including commissions, of $83.84 per share.