3M (MMM) is launching a new $12B buyback program. The program replaces 3M's existing authorization, and is good for repurchasing 14% of outstanding shares at current levels.
3M spent $5.2B on buybacks in 2013, and $1.7B just in Q4. Will new debt be issued to pay for additional repurchases? 3M ended Q4 with $4.9B in cash/investments, and $6B in debt.