Right, but should they spent 90% of their free cash flow doing a stock buy back? Not a sound business practice IMHO.
Buyback is more tax efficient than dividends.
What would you have done,if you were Boing CEO?
If you're Microsoft or Apple or Google, the answer is "Hold hundreds of billions of dollars of cash" [1]
That article, from late 2019, feels such holdings are in need of explanation; today, they seem like common sense.
[1] https://www.cnbc.com/2019/11/07/microsoft-apple-and-alphabet...