Share repurchase program

9 Months Ended

Mar. 31, 2019

Equity [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. There is no expiration date for this program. Repurchases may be funded primarily from operating cash flows and commercial paper borrowings and the shares are initially held as treasury shares. During the three months ended March 31, 2019, the Company repurchased 1,161,937 shares at an average price, including commissions, of $172.13 per share. During the nine months ended March 31, 2019, the Company repurchased 4,464,390 shares at an average price, including commissions, of $168.00 per share.