Recently Microsoft floated a \$17 billion bond to finance the purchase of LinkedIn (remind me to delete my account).
Some might wonder why a company with nearly \$100 billion in cash would need to borrow \$17 billion. The reason is that nearly all of that $100 billion they have is in bank accounts in other countries. If they were to repatriate that money to buy LinkedIn, then they would potentially have to pay corporate taxes on it. So, it is actually cheaper for them to borrow the money domestically than repatriate foreign held funds.
This brings us to the question: what can they do with the foreign cash?
One obvious answer is to buy foreign companies. Is that the only use?