indication has and is expected to continue to fall short of expectations 3M had at the time of FDA approval and 3M is currently reassessing Aldara’s total market potential.
Health Care continued to focus on operational efficiency, which helped drive an 8.2% increase in operating income in 2005.
The Company's agreement with Takeda Pharmaceutical Co. , Ltd. , announced in early 2005 and described further below, is currently the focus of the Company’s efforts to develop its immune response modifier technology while the Company reviews its other development efforts.3M received U. S.  Food and Drug Administration (FDA) approval for Aldara?
(imiquimod) Cream, 5%, in 1996 for the treatment of external genital warts, in March 2004 for the treatment of certain types of actinic keratosis (a precancerous skin condition), and in July 2004 for the treatment of superficial basal cell carcinoma (a common form of non-melanoma skin cancer).
The patent and related rights for the imiquimod molecule are important to the Health Care Business.
The original patent on the imiquimod molecule expired in August 2004, but the patent term extension runs through August 2009, with an anticipated pediatric exclusivity extension of a further six months to February 2010.
In the first quarter of 2005, 3M and Takeda Pharmaceutical Co.  Ltd.  entered into an agreement to collaborate on a potential breakthrough treatment utilizing an immune response modifier for cervical high-risk human papilloma virus (HPV) infection and cervical dysplasia, which are known risk factors for cervical cancer.
This immune response modifier currently is in early stage clinical trials, and 3M and Takeda will share further development costs.
Upon successful clinical development and regulatory approvals, the parties will commercialize jointly in the United States and Europe.
Takeda will hold commercial rights in certain countries in Asia, while 3M will retain the rights in other parts of the world.
In October 2003, IVAX Corporation agreed to assume exclusive rights to 3M’s branded health care respiratory products, together with related marketing and sales personnel, in nine European countries.
The agreement covered QVAR?
(beclomethasone dipropionate HFA) Inhalation Aerosol, a “maintenance” medication used to prevent asthma attacks, and also covered Airomir?
(albuterol sulfate) Inhaler, a “rescue” medication used to relieve acute asthma symptoms.3M will continue to manufacture and supply these products to IVAX.
The total consideration due under the agreement, including minimum annual royalty payments, was $77 million, of which $24 million was paid in 2005, $24 million was paid in 2004 and $26 million was paid in 2003.3M expects to receive $3 million in 2006.3M may also receive additional royalty payments in 2010 (up to a maximum of approximately $7 million in total) if IVAX achieves certain annual sales levels.
The Company recognizes the royalty revenue related to the IVAX agreement ratably over the term of the licensing arrangement.
In 2004, local-currency sales in Health Care increased 1.7%, with 2004 negatively impacted by 2003 pharmaceutical and drug delivery agreements that did not repeat.
Fourth quarter 2004 local-currency sales grew 5.0%, as year-on-year comparisons became more favorable.
Operating income increased 9.3% to $1.123 billion in 2004.
Industrial Business (18.0% of consolidated sales):
## Table 0 ##
The Industrial segment serves a broad range of industrial markets, from appliance and electronics to paper and packaging and food and beverage.
Products include tapes, a wide variety of coated and nonwoven abrasives, adhesives, specialty materials and supply chain execution software solutions.
The August 2005 CUNO acquisition adds a comprehensive line of filtration products for the separation, clarification and purification of fluids and gases.
In 2005, Industrial local-currency sales grew 9.3%.
The August 2005 CUNO acquisition, whose results are included in Industrial, added 5.1% of growth in 2005.
In addition to CUNO, growth was led by industrial adhesives and tapes, as
PART II Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Equity compensation plans’ information is incorporated by reference from Part III, Item 12, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” of this document, and should be considered an integral part of Item 5.
At January 31, 2016, there were 84,607 shareholders of record.3M’s stock is listed on the New York Stock Exchange, Inc.  (NYSE), the Chicago Stock Exchange, Inc. , and the SWX Swiss Exchange.
Cash dividends declared and paid totaled $1.025 per share for each of the second, third, and fourth quarters of 2015.
Cash dividends declared in the fourth quarter of 2014 included a dividend paid in November 2014 of $0.855 per share and a dividend paid in March 2015 of $1.025 per share.
Cash dividends declared and paid totaled $0.855 per share for each of the second and third quarters of 2014.
Cash dividends declared in the fourth quarter of 2013 include a dividend paid in March 2014 of $0.855 per share.
Stock price comparisons follow: Stock price comparisons (NYSE composite transactions)
## Table 1 ##
Issuer Purchases of Equity Securities Repurchases of 3M common stock are made to support the Company’s stock-based employee compensation plans and for other corporate purposes.
In February 2014, 3M’s Board of Directors authorized the repurchase of up to $12 billion of 3M’s outstanding common stock, with no pre-established end date.
In February 2016, 3M’s Board of Directors replaced the Company’s February 2014 repurchase program with a new repurchase program.
This new program authorizes the repurchase of up to $10 billion of 3M’s outstanding common stock, with no pre-established end date.
A summary of the Company’s significant contractual obligations as of December 31, 2015, follows: Contractual Obligations
## Table 2 ##
Long-term debt payments due in 2016 and 2017 include floating rate notes totaling $126 million (classified as current portion of long-term debt), and $96 million (included as a separate floating rate note in the long-term debt table), respectively, as a result of put provisions associated with these debt instruments.
Interest projections on both floating and fixed rate long-term debt, including the effects of interest rate swaps, are based on effective interest rates as of December 31, 2015.
Unconditional purchase obligations are defined as an agreement to purchase goods or services that is enforceable and legally binding on the Company.
Included in the unconditional purchase obligations category above are certain obligations related to take or pay contracts, capital commitments, service agreements and utilities.
These estimates include both unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms of less than one year.
Many of these commitments relate to take or pay contracts, in which 3M guarantees payment to ensure availability of products or services that are sold to customers.
The Company expects to receive consideration (products or services) for these unconditional purchase obligations.
Contractual capital commitments are included in the preceding table, but these commitments represent a small part of the Company’s expected capital spending in 2016 and beyond.
The purchase obligation amounts do not represent the entire anticipated purchases in the future, but represent only those items for which the Company is contractually obligated.
The majority of 3M’s products and services are purchased as needed, with no unconditional commitment.
For this reason, these amounts will not provide a reliable indicator of the Company’s expected future cash outflows on a stand-alone basis.
Other obligations, included in the preceding table within the caption entitled “Unconditional purchase obligations and other,” include the current portion of the liability for uncertain tax positions under ASC 740, which is expected to be paid out in cash in the next 12 months.
The Company is not able to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease over time; therefore, the long-term portion of the net tax liability of $208 million is excluded from the preceding table.
Refer to Note 8 for further details.
As discussed in Note 11, the Company does not have a required minimum cash pension contribution obligation for its U. S.  plans in 2016 and Company contributions to its U. S.  and international pension plans are expected to be largely discretionary in future years; therefore, amounts related to these plans are not included in the preceding table.
FINANCIAL INSTRUMENTS The Company enters into foreign exchange forward contracts, options and swaps to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and certain intercompany financing transactions.
The Company manages interest rate risks using a mix of fixed and floating rate debt.
To help manage borrowing costs, the Company may enter into interest rate swaps.
Under these arrangements, the Company agrees to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.
The Company manages commodity price risks through negotiated supply contracts, price protection agreements and forward contracts.
Commodity Prices Risk: The Company manages commodity price risks through negotiated supply contracts, price protection agreements and forward contracts.3M used commodity price swaps as cash flow hedges of forecasted commodity transactions to manage price volatility, but discontinued this practice in the first quarter of 2015.
The related mark-to-market gain or loss on qualifying hedges was included in other comprehensive income to the extent effective, and reclassified into cost of sales in the period during which the hedged transaction affected earnings.
Value At Risk: The value at risk analysis is performed annually to assess the Company’s sensitivity to changes in currency rates, interest rates, and commodity prices.
A Monte Carlo simulation technique was used to test the impact on after-tax earnings related to financial instruments (primarily debt), derivatives and underlying exposures outstanding at December 31, 2015.
The model (third-party bank dataset) used a 95 percent confidence level over a 12-month time horizon.
The exposure to changes in currency rates model used 18 currencies, interest rates related to three currencies, and commodity prices related to five commodities.
This model does not purport to represent what actually will be experienced by the Company.
This model does not include certain hedge transactions, because the Company believes their inclusion would not materially impact the results.
The risk of loss or benefit associated with exchange rates was higher in 2015 due to a greater mix of floating rate debt and a rising interest rate environment in the U. S.  Interest rate volatility increased in 2015, based on a higher mix of floating rate debt and the use of forward rates.
The following table summarizes the possible adverse and positive impacts to after-tax earnings related to these exposures.
Adverse impact
## Table 3 ##
In addition to the possible adverse and positive impacts discussed in the preceding table related to foreign exchange rates, recent historical information is as follows.3M estimates that year-on-year currency effects, including hedging impacts, had the following effects on pre-tax income: 2015 ($390 million decrease) and 2014 ($100 million decrease).
This estimate includes the effect of translating profits from local currencies into U. S.  dollars; the impact of currency fluctuations on the transfer of goods between 3M operations in the United States and abroad; and transaction gains and losses, including derivative instruments designed to reduce foreign currency exchange rate risks and the negative impact of swapping Venezuelan bolivars into U. S.  dollars.3M estimates that year-on-year derivative and other transaction gains and losses had the following effects on pre-tax income: 2015 ($180 million increase) and 2014 ($10 million increase).
An analysis of the global exposures related to purchased components and materials is performed at each year-end.
A one percent price change would result in a pre-tax cost or savings of approximately $70 million per year.
The global energy exposure is such that a ten percent price change would result in a pre-tax cost or savings of approximately $40 million per year.
Global energy exposure includes energy costs used in 3M production and other facilities, primarily electricity and natural gas.
The fair values of the assets held by the postretirement benefit plans by asset class are as follows:
## Table 4 ##
*In accordance with ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
The NAV is based on the fair value of the underlying assets owned by the fund, minus its liabilities then divided by the number of units outstanding and is determined by the investment manager or custodian of the fund.
The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the fair value of plan assets.
Publicly traded equities are valued at the closing price reported in the active market in which the individual securities are traded.
Fixed income includes derivative instruments such as credit default swaps, interest rate swaps and futures contracts.
Corporate debt includes bonds and notes, asset backed securities, collateralized mortgage obligations and private placements.
Swaps and derivative instruments are valued by the custodian using closing market swap curves and market derived inputs.
U. S.  government and government agency bonds and notes are valued at the closing price reported in the active market in which the individual security is traded.
Corporate bonds and notes, asset backed securities and collateralized mortgage obligations are valued at either the yields currently available on comparable securities of issuers with similar credit ratings or valued under a discounted cash flow approach that utilizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable such as credit and liquidity risks.
Private placements are valued by the custodian using recognized pricing services and sources.
The private equity portfolio is a diversified mix of derivative instruments, growth equity and partnership interests.
Derivative investments are written options that are valued by independent parties using market inputs and valuation models.
Growth equity investments are valued at the closing price reported in the active market in which the individual securities are traded.

<table><tr><td> </td><td>2005</td><td>2004</td><td>2003</td></tr><tr><td>Sales (millions)</td><td>$3,806</td><td>$3,444</td><td>$3,070</td></tr><tr><td>Sales change analysis:</td><td></td><td></td><td></td></tr><tr><td>Local currency (volume and price)</td><td>9.3%</td><td>8.2%</td><td>-0.7%</td></tr><tr><td>Translation</td><td>1.2</td><td>4.0</td><td>5.0</td></tr><tr><td>Total sales change</td><td>10.5%</td><td>12.2%</td><td>4.3%</td></tr><tr><td>Operating income (millions)</td><td>$735</td><td>$610</td><td>$425</td></tr><tr><td>Percent change</td><td>20.5%</td><td>43.7%</td><td>-11.1%</td></tr><tr><td>Percent of sales</td><td>19.3%</td><td>17.7%</td><td>13.8%</td></tr></table>
<table><tr><td>(Per share amounts)</td><td>First Quarter</td><td>Second Quarter</td><td>Third Quarter</td><td>Fourth Quarter</td><td>Total</td></tr><tr><td>2015 High</td><td>$170.50</td><td>$167.70</td><td>$157.94</td><td>$160.09</td><td>$170.50</td></tr><tr><td>2015 Low</td><td>157.74</td><td>153.92</td><td>134.00</td><td>138.57</td><td>134.00</td></tr><tr><td>2014 High</td><td>$139.29</td><td>$145.53</td><td>$147.87</td><td>$168.16</td><td>$168.16</td></tr><tr><td>2014 Low</td><td>123.61</td><td>132.02</td><td>138.43</td><td>130.60</td><td>123.61</td></tr></table>
<table><tr><td></td><td></td><td>Payments due by year</td></tr><tr><td>(Millions)</td><td>Total</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>After 2020</td></tr><tr><td>Long-term debt, including current portion (Note 10)</td><td>$9,878</td><td>$1,125</td><td>$744</td><td>$993</td><td>$622</td><td>$1,203</td><td>$5,191</td></tr><tr><td>Interest on long-term debt</td><td>2,244</td><td>174</td><td>157</td><td>153</td><td>149</td><td>146</td><td>1,465</td></tr><tr><td>Operating leases (Note 14)</td><td>943</td><td>234</td><td>191</td><td>134</td><td>86</td><td>72</td><td>226</td></tr><tr><td>Capital leases (Note 14)</td><td>59</td><td>11</td><td>6</td><td>4</td><td>3</td><td>3</td><td>32</td></tr><tr><td>Unconditional purchase obligations and other</td><td>1,631</td><td>1,228</td><td>160</td><td>102</td><td>54</td><td>56</td><td>31</td></tr><tr><td>Total contractual cash obligations</td><td>$14,755</td><td>$2,772</td><td>$1,258</td><td>$1,386</td><td>$914</td><td>$1,480</td><td>$6,945</td></tr></table>
<table><tr><td></td><td>Adverse impact on after-tax earnings</td><td>Positive impact on after-tax earnings</td></tr><tr><td>(Millions)</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td></tr><tr><td>Foreign exchange rates</td><td>$-254</td><td>$-164</td><td>$273</td><td>$173</td></tr><tr><td>Interest rates</td><td>-13</td><td>-4</td><td>9</td><td>3</td></tr><tr><td>Commodity prices</td><td>-1</td><td>-1</td><td>1</td><td>1</td></tr></table>
<table><tr><td></td><td colspan="6">Fair Value Measurements Using Inputs Considered as</td><td colspan="2" rowspan="2"Fair Value at Dec. 31,></td></tr><tr><td>(Millions)</td><td colspan="2">Level 1</td><td colspan="2">Level 2</td><td colspan="2">Level 3</td></tr><tr><td>Asset Class</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td><td>2015</td><td>2014</td></tr><tr><td>Equities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. equities</td><td>$508</td><td>$565</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$508</td><td>$565</td></tr><tr><td>Non-U.S. equities</td><td>59</td><td>56</td><td>—</td><td>—</td><td>—</td><td>—</td><td>59</td><td>56</td></tr><tr><td>Index and long/short equity funds*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>49</td><td>55</td></tr><tr><td>Total Equities</td><td>$567</td><td>$621</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$616</td><td>$676</td></tr><tr><td>Fixed Income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. government securities</td><td>$71</td><td>$68</td><td>$192</td><td>$186</td><td>$—</td><td>$—</td><td>$263</td><td>$254</td></tr><tr><td>Non-U.S. government securities</td><td>—</td><td>—</td><td>8</td><td>17</td><td>—</td><td>—</td><td>8</td><td>17</td></tr><tr><td>U.S. corporate bonds</td><td>—</td><td>—</td><td>153</td><td>146</td><td>—</td><td>—</td><td>153</td><td>146</td></tr><tr><td>Non-U.S. corporate bonds</td><td>—</td><td>—</td><td>35</td><td>34</td><td>—</td><td>—</td><td>35</td><td>34</td></tr><tr><td>Derivative instruments</td><td>—</td><td>—</td><td>2</td><td>5</td><td>—</td><td>—</td><td>2</td><td>5</td></tr><tr><td>Other*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>—</td><td>1</td></tr><tr><td>Total Fixed Income</td><td>$71</td><td>$68</td><td>$390</td><td>$388</td><td>$—</td><td>$—</td><td>$461</td><td>$457</td></tr><tr><td>Private Equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Derivative instruments</td><td>$—</td><td>$—</td><td>$—</td><td>$—</td><td>$-4</td><td>$-3</td><td>$-4</td><td>$-3</td></tr><tr><td>Growth equity</td><td>1</td><td>1</td><td>—</td><td>—</td><td>—</td><td>—</td><td>1</td><td>1</td></tr><tr><td>Partnership investments*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>136</td><td>162</td></tr><tr><td>Total Private Equity</td><td>$1</td><td>$1</td><td>$—</td><td>$—</td><td>$-4</td><td>$-3</td><td>$133</td><td>$160</td></tr><tr><td>Absolute Return</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fixed income and other</td><td>$10</td><td>$1</td><td>$2</td><td>$2</td><td>$—</td><td>$—</td><td>$12</td><td>$3</td></tr><tr><td>Hedge fund/fund of funds*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>54</td><td>66</td></tr><tr><td>Partnership investments*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>14</td><td>10</td></tr><tr><td>Total Absolute Return</td><td>$10</td><td>$1</td><td>$2</td><td>$2</td><td>$—</td><td>$—</td><td>$80</td><td>$79</td></tr><tr><td>Cash and Cash Equivalents</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash and cash equivalents</td><td>$38</td><td>$33</td><td>$—</td><td>$3</td><td>$—</td><td>$—</td><td>$38</td><td>$36</td></tr><tr><td>Cash and cash equivalents, valued at net asset value*</td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td><td>20</td></tr><tr><td>Total Cash and Cash Equivalents</td><td>$38</td><td>$33</td><td>$—</td><td>$3</td><td>$—</td><td>$—</td><td>$68</td><td>$56</td></tr><tr><td>Total</td><td>$687</td><td>$724</td><td>$392</td><td>$393</td><td>$-4</td><td>$-3</td><td>$1,358</td><td>$1,428</td></tr><tr><td>Other items to reconcile to fair value of plan assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$9</td><td>$8</td></tr><tr><td>Fair value of plan assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,367</td><td>$1,436</td></tr></table>

Question: in february 2016 what was the percent reduction in the board of directors authorized the repurchase to the february 2014