Share Repurchases

3 Months Ended

Apr. 30, 2013

From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Board of Directors. On June 6, 2013, the Company's Board of Directors replaced the previous $15.0 billion share repurchase program, which had approximately $712 million of remaining authorization for share repurchases as of that date, with a new $15.0 billion share repurchase program, which was announced on June 7, 2013. As was the case with the replaced share repurchase program, the new share repurchase program has no expiration date or other restrictions limiting the period over which the Company can make share repurchases. Any repurchased shares are constructively retired and returned to an unissued status.

The Company considers several factors in determining when to execute share repurchases, including, among other things, current cash needs, capacity for leverage, cost of borrowings and the market price of its common stock. Cash paid for share repurchases for the three months ended April 30, 2013 and 2012, under the recently replaced share repurchase program, was as follows:



	Three Months Ended April 30,
(Amounts in millions, except per share data)	2013	2012
Total number of shares repurchased	30.8	26.3
Average price paid per share	$72.87	$60.43
Total share repurchases	$2,246	$1,589