Share Repurchases

From time to time, the Company repurchases shares of its common stock under share repurchase programs authorized by the Company's Board of Directors. On October 13, 2015, the Board of Directors replaced the previous $15.0 billion share repurchase program, which had approximately $8.6 billion of remaining authorization for share repurchases as of that date, with a new $20.0 billion share repurchase program. All of the share repurchases the Company made in the nine months ended October 31, 2015 were made on the share repurchase program that was replaced on October 13, 2015. 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. At October 31, 2015, authorization for $20.0 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 nine months ended October 31, 2015 and 2014:



	Nine Months Ended October 31,
(Amounts in millions, except per share data)	2015		2014
Total number of shares repurchased	23.2		13.4
Average price paid per share	$	74.20	$	75.82
Total amount paid for share repurchases	$	1,720	$	1,015