Share Repurchases

6 Months Ended

Jul. 31, 2015

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 July 31, 2015, authorization for $9.0 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 trade date basis, the number of shares repurchased, average price paid per share and total amount paid for share repurchases for the six months ended July 31, 2015 and 2014:



	Six Months Ended July 31,
(Amounts in millions, except per share data)	2015		2014
Total number of shares repurchased	17.1		12.3
Average price paid per share	$	75.27	$	75.96
Total amount paid for share repurchases	$	1,283	$	933