Think of what a company like 3M could do with $6B. Dozens of acquisitions. R&D. Capex for expansion into new markets, plant safety measures, modernization of lines held together with gum and Scotch(TM) tape, sustainable OTIF improvements. Hire and retain people with knowledge, skills and experience instead of gambling that third party service providers won't get bought by PE and ensh*ttified or leveraged out of existence within the next 5 years. LTIP for more than the golden few. Pay off legal settlements instead letting them be an overhang for the next decade.
Stock buybacks were illegal until 1982 for a reason. They're market manipulation, pure and simple. But since everybody is doing it and companies are only valued now for making cash and not things, out the cash flows. All so BB can goose the stock to $200 in time for his last tranche of signing RSUs to vest next spring.