They could borrow in the US (and they do to finance share buybacks and dividends), while they wait for the next tax holiday [1] to repatriate that overseas mone

They could borrow in the US (and they do to finance share buybacks and dividends), while they wait for the next tax holiday [1] to repatriate that overseas money at a low tax rate. The next tax holiday will probably next year. [1] https://en.wikipedia.org/wiki/Repatriation_tax_holiday https://en.wikipedia.org/wiki/Repatriation_tax_holiday