Share Repurchases

9 Months Ended

Oct. 31, 2012

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 under the program. At October 31, 2012, authorization for $6.7 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. Cash paid for share repurchases for the nine months ended October 31, 2012 and 2011, was as follows:



(Amounts in millions, except per share data)	Total Number of Shares Repurchased	Average Price Paid per Share	Total Investment
Nine months ended October 31, 2012	70.9	$65.69	$4,656.6
Nine months ended October 31, 2011	92.4	$53.61	$4,957.0