That&#x27;s not what&#x27;s happening, though. US companies are increasingly <i>borrowing</i> in order to execute buybacks, not using cash reserves to do it.<p><a href="http:&#x2F;&#x2F;www.reuters.com&#x2F;article&#x2F;2015&#x2F;09&#x2F;23&#x2F;us-usa-fed-buybacks-analysis-idUSKCN0RN0D320150923" rel="nofollow">http:&#x2F;&#x2F;www.reuters.com&#x2F;article&#x2F;2015&#x2F;09&#x2F;23&#x2F;us-usa-fed-buyback...</a><p>Edit: downvotes? Perhaps another source: <a href="http:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;the-new-bond-market-debt-investors-wary-as-offerings-fuel-buybacks-1442859162" rel="nofollow">http:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;the-new-bond-market-debt-investo...</a>