Share Repurchases

9 Months Ended

Oct. 31, 2017

Class of Stock Disclosures [Abstract]

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. All repurchases made during the nine months ended October 31, 2017 were made under the plan in effect at the beginning of the fiscal year. On October 9, 2017, the Board of Directors approved a new $20.0 billion share repurchase program which, beginning on November 20, 2017, replaced the previous share repurchase program. As of October 31, 2017, authorization for $2.6 billion of share repurchases remained under the share repurchase program that was in effect at the beginning of the quarter and that expired on November 17, 2017. 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 total amount paid for share repurchases for the nine months ended October 31, 2017 and 2016:



	Nine Months Ended October 31,
(Amounts in millions, except per share data)	2017		2016
Total number of shares repurchased	87.8		90.6
Average price paid per share	$	75.76	$	69.04
Total amount paid for share repurchases	$	6,656	$	6,254