Share Repurchases

3 Months Ended

Apr. 30, 2014

From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Board of Directors. The current $15.0 billion share repurchase program has no expiration date or other restrictions limiting the period over which the Company can make share repurchases. At April 30, 2014, authorization for $10.7 billion of share repurchases remained under the current share repurchase program. 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. The following table provides, on a settlement date basis, the number of shares repurchased, average price paid per share and cash paid for share repurchases for the three months ended April 30, 2014 and 2013:



	Three Months Ended April 30,
(Amounts in millions, except per share data)	2014		2013
Total number of shares repurchased	8.3		30.8
Average price paid per share	$	75.37	$	72.87
Total cash paid for share repurchases	$	626	$	2,246