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Stock-based Compensation (Tables)
12 Months Ended
Jan. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of option valuation assumptions
The per share weighted average fair value of stock options granted and the assumptions used in determining fair value at the date of grant using the Black-Scholes option-pricing model follow: 
 FiscalFiscalFiscal
 202020192018
Per share weighted average fair value$36.77 $27.33 $32.28 
Risk-free interest rate0.6 %2.2 %2.7 %
Assumed volatility29.9 %19.8 %21.3 %
Assumed dividend yield3.1 %2.9 %2.3 %
Assumed lives of options6 years5 years5 years
Intrinsic value of stock options exercised
The total intrinsic value of stock options exercised follows:
in millionsFiscalFiscalFiscal
202020192018
Total intrinsic value of stock options exercised$217 $241 $138 
Summary of option activity by number of shares and weighted average exercise price
A summary of stock option activity by number of shares and weighted average exercise price during fiscal 2020 follows:
shares in thousandsNumber of
Shares
Weighted Average
Exercise Price
Outstanding at beginning of year5,212 $111.54 
Granted422 193.84 
Exercised(1,258)75.83 
Forfeited(26)169.40 
Outstanding at end of year4,350 129.50 
Summary of options outstanding and exercisable
Details regarding outstanding and exercisable stock options at January 31, 2021 follow:
shares in thousands, dollars in millions, except for per share amountsNumber of
Shares
Intrinsic
Value
Weighted Average
Remaining Life
Weighted Average
Exercise Price
Outstanding4,350 $615 5 years$129.50 
Exercisable2,677 454 4 years101.08 
Schedule of deferred shares granted
Deferred shares granted to non-employee directors follow:
FiscalFiscalFiscal
202020192018
Deferred shares granted to non-employee directors18,000 22,000 26,000 
Summary of restricted stock, performance shares, and restricted stock unit activity A summary of restricted stock, performance shares, and restricted stock unit activity during fiscal 2020 follows:
shares in thousandsNumber of
Shares
Weighted Average
Grant Date Fair Value
Nonvested at beginning of year3,975 $170.58 
Granted1,803 181.75 
Vested(1,506)155.14 
Forfeited(174)177.71 
Nonvested at end of year4,098 180.87 
Schedule of stock-based compensation expense, net of estimated forfeitures
Stock-based compensation expense, net of estimated forfeitures and related income tax benefit follows:
in millionsFiscalFiscalFiscal
202020192018
Pre-tax stock-based compensation expense$310 $251 $282 
Income tax benefit(58)(49)(49)
After-tax stock-based compensation expense$252 $202 $233 
Total fair value of restricted stock, performance shares, and restricted stock units that vested
The total fair value of restricted stock, performance shares, and restricted stock units that vested during the fiscal year follow:
in millionsFiscalFiscalFiscal
202020192018
Total fair value vested$271 $303 $367