Several medical device companies are among the S&P 500 companies that have parked nearly $1 trillion in cash overseas.
The list of the 50 companies with the most cash offshore, compiled by Bloomberg, comes as Capitol Hill mulls a tax reform plan that would in part encourage companies to repatriate that money.
During last year’s campaign, the president proposed reducing the tax rate on repatriated cash from 35% to 10%; House Republicans have proposed cutting the tax to 8.75% on foreign cash and 3.5% on foreign earnings, according to the news service.
A quartet of medical device players made the list; all told, the 50 companies have $925 billion stashed offshore to avoid the tax, according to Bloomberg.
|Rank||Company||Cash & marketable securities ($B)||Cash held overseas, latest filing ($B)||Cash held overseas, previous year’s filing ($B)||Change (%)||Overseas cash / total cash & marketable securities (%)|
|6||Johnson & Johnson (NYSE:JNJ)||41.9||41.3||38.2||+8.1%||98.6|
|7||General Electric (NYSE:GE)||83.5||35.0||52.9||−33.8%||41.9|