Move Over, Apple: 16 More U.S. Companies Stashing Billions Overseas

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CEO Tim Cook
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Apple (AAPL) CEO Tim Cook was summoned to Capitol Hill Tuesday to explain his company's tax arrangements, which, according to Congressional investigators, amount to large-scale avoidance of taxes due to the U.S. and other governments.

According to a report by the office of Senator Carl Levin (D-Mich.), the world's most profitable tech company pays U.S. taxes on revenue from its sales in this country only. That money is kept in California. Revenue from international sales winds up in Ireland, and Apple only pays U.S. taxes on the interest on that money, which doesn't amount to very much.

As Levin explained, to minimize its tax obligations, Apple created subsidiaries with no employees, run by execs at HQ in Cupertino, that could hold money without owing duties to any state:

"Apple wasn't satisfied with shifting its profits to a low-tax offshore tax haven. Apple sought the holy grail of tax avoidance. It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere."

But if Apple's use of accounting tricks saved it an exceptional amount of cash, the company is just one of many U.S.-based multinational corporations to create elaborate tax shelters. Here are some other heavy users of tax havens, companies that were each holding more than $5 billion offshore as of early 2012. (Hat tip to Business Insider for unearthing the Senate report from last September that highlighted this.)

Companies with Foreign Cash Balances Greater than $5 Billion

Move Over, Apple: 16 More U.S. Companies Stashing Billions Overseas

(AAPL)
Date of disclosure filing quoted: March 31, 2012
Total cash: $110.2 billion
Foreign cash: $74 billion
Foreign cash as a percent of total cash: 67%

Foreign money includes cash and equivalents, short-term investments, long-term investments.

 

Source: Senate Report

(MSFT)
Date of disclosure filing quoted: March 31, 2012
Total cash: $59.5 billion
Foreign cash: $50 billion
Foreign cash as a percent of total cash: 89%

Foreign money includes cash and equivalents, short-term investments.
 

Source: Senate Report

(GE)
Date of disclosure filing quoted: March 31, 2012
Total cash: $83.7 billion
Foreign cash: $41.85 billion
Foreign cash as a percent of total cash: 50%

Foreign money includes cash and equivalents.

 

Source: Senate Report

(CSCO)
Date of disclosure filing quoted: Jan. 28, 2012
Total cash: $46.742 billion
Foreign cash: $41.7 billion
Foreign cash as a percent of total cash: 89%

Foreign money includes cash and equivalents, short-term investments.
 

Source: Senate Report

(GOOG)

Date of disclosure filing quoted: March 31, 2012
Total cash: $49.3 billion
Foreign cash: $25.7 billion
Foreign cash as a percent of total cash: 48%

Foreign money includes cash and equivalents, short-term investments, restricted cash.
 

Source: Senate Report

(ORCL)
Date of disclosure filing quoted: Feb. 29, 2012
Total cash: $29.742 billion
Foreign cash: $25.1 billion
Foreign cash as a percent of total cash: 84%

Foreign money includes cash and equivalents, marketable securities.
 

Source: Senate Report

(JNJ)
Date of disclosure filing quoted: Jan. 1, 2012
Total cash: $24.542 billion
Foreign cash: $24.5 billion
Foreign cash as a percent of total cash: 100%

Foreign money includes cash and equivalents.
 

Source: Senate Report

(PFE)
Date of disclosure filing quoted: April 1, 2012
Total cash: $23.972 billion
Foreign cash: Approximately $19 billion
Foreign cash as a percent of total cash: 70% to 90%


Foreign money includes cash and equivalents, short-term investments.
 

Source: Senate Report

(AMGN)
Date of disclosure filing quoted: March 31, 2012
Total cash: $19.4 billion
Foreign cash: $16.6 billion
Foreign cash as a percent of total cash: 82%

Foreign money includes cash and equivalents, marketable securities.
 

Source: Senate Report

(QCOM)
Date of disclosure filing quoted: March 25, 2012
Total cash: $26.6 billion
Foreign cash: $16.5 billion
Foreign cash as a percent of total cash: 62%

Foreign money includes cash and equivalents, short-term investments, long-term investments.
 

Source: Senate Report

(KO)
Date of disclosure filing quoted: March 31, 2012
Total cash: $15.779 billion
Foreign cash: $13.9 billion
Foreign cash as a percent of total cash: 88%

Foreign money includes cash and equivalents, short-term investments.
 

Source: Senate Report

(DELL)
Date of disclosure filing quoted: Feb. 3, 2012
Total cash: $13.852 billion
Foreign cash: $11.774 billion
Foreign cash as a percent of total cash: 85%

Foreign money includes cash and equivalents.
 

Source: Senate Report

(MRK)
Date of disclosure filing quoted: March 31, 2012
Total cash: $19.5 billion
Foreign cash: $9.2 billion
Foreign cash as a percent of total cash: 49%

Foreign money includes cash and equivalents, marketable securities.
 

Source: Senate Report

(MDT)
Date of disclosure filing quoted: Jan. 27, 2012
Total cash: $8.938 billion
Foreign cash: $8.289 billion
Foreign cash as a percent of total cash: 93%

Foreign money includes cash and equivalents, marketable securities.
 

Source: Senate Report

(HPQ)
Date of disclosure filing quoted: Jan. 31, 2012
Total cash: $8.113 billion
Foreign cash: $8.1 billion
Foreign cash as a percent of total cash: 100%

Foreign money includes cash and equivalents.
 

Source: Senate Report

(EBAY)
Date of disclosure filing quoted: March 31, 2012
Total cash: $8 billion
Foreign cash: $7 billion
Foreign cash as a percent of total cash: 88%

Foreign money includes cash and equivalents, short-term investments.
 

Source: Senate Report

(WMT)
Date of disclosure filing quoted: Jan. 31, 2012
Total cash: $6.6 billion
Foreign cash: $5.6 billion
Foreign cash as a percent of total cash: 85%

Foreign money includes cash and equivalents.
 

Source: Senate Report

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