It seems that the recent tax laws changes make it less burdensome for companies to bring cash back into the U.S., making the use of debt less attractive. So, they may not need to refinance the debt. And i guess it doesn't happen overnight with the tax law change taking effect since the foreign cash assets may be tied up in foreign securities, treasuries, etc. that may take time to liquidate or mature or whatever. So, i don't think it has anything to do with the stock going higher or the cost to refinance, at least in the case of the cash cows like Microsoft or Apple. It has more to do with what were the costs to borrow, cost to maintain the debt, and how their cash reserves could be best put to use compared to the first two. So, i think this was done more in terms of finding the best ways to employ capital rather than out of financial necessity or buying a positive stock returns.