the money was raised to buy back shares. That is actually a better investment (saves on dividents, and you don't have to bring back any cash to the US). But yes

the money was raised to buy back shares. That is actually a better investment (saves on dividents, and you don't have to bring back any cash to the US). But yes... what if interest rates rises... either buy back less shares (or sell them again), but that is not really an option with the EPS target. Maybe some IBM exec can answer this for us