Share repurchase program

9 Months Ended

Mar. 31, 2016

Share repurchase program [Abstract]

Share Repurchase Program

Share repurchase program

The Company has a program to repurchase its common shares. On October 22, 2014, the Board of Directors of the Company approved an increase in the overall number of shares authorized for repurchase under the program so that, beginning on such date, the aggregate number of shares authorized for repurchase was 35 million. There is no limitation on the number of shares that can be repurchased in a fiscal year. Repurchases may be 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, 2016, the Company repurchased 504,313 shares at an average price, including commissions, of $99.14 per share. During the nine-month period ended March 31, 2016, the Company repurchased 4,167,947 shares at an average price, including commissions, of $107.97 per share.