Shareholders' Equity
At June 30, 2013 and 2012, authorized capital shares consisted of the following: 750 million Class A common shares, without par value; 5 million Class B common shares, without par value; and 500 thousand non-voting preferred shares, without par value. The Class A common shares and Class B common shares are collectively referred to below as “common shares”. Holders of common shares are entitled to share equally in any dividends declared by the Board of Directors and to participate equally in all distributions of assets upon liquidation. Generally, the holders of Class A common shares are entitled to one vote per share, and the holders of Class B common shares are entitled to one-fifth of one vote per share on proposals presented to shareholders for vote. Under certain circumstances, the holders of Class B common shares are entitled to vote as a separate class. Only Class A common shares were outstanding at June 30, 2013 and 2012.
We repurchased $1.15 billion of our common shares, in the aggregate, through share repurchase programs during fiscal 2013, 2012 and 2011, as described below. We funded the repurchases with available cash. The common shares repurchased are held in treasury to be used for general corporate purposes.
Fiscal 2013
During fiscal 2013, we repurchased 10.2 million common shares having an aggregate cost of $450 million. The average price paid per common share was $44.11.
Fiscal 2012
During fiscal 2012, we repurchased 10.3 million common shares having an aggregate cost of $450 million. The average price paid per common share was $43.64.
Fiscal 2011
During fiscal 2011, we repurchased 7.5 million common shares having an aggregate cost of $250 million. The average price paid per common share was $33.22. In addition, $20 million of common shares repurchased during fiscal 2010 cash settled during fiscal 2011.
Accumulated Other Comprehensive Income
The following table summarizes the balance in AOCI by component at June 30:
|
| | | | | | | | | | | |
(in millions) | 2013 | | 2012 | | 2011 |
Foreign currency translation adjustments | $ | 54 |
| | $ | 37 |
| | $ | 71 |
|
Unrealized gain on derivatives, net of tax | 14 |
| | — |
| | 6 |
|
Total | $ | 68 |
| | $ | 37 |
| | $ | 77 |
|
