Apple's $74B overseas cash hoard leads all U.S. tech companies
A report released on Monday from investment bank Moody's revealed that Apple leads a list of technology U.S. companies holding overseas cash with some $74 billion, up from $64 billion in December and $35 billion at the end of 2010.
In a note released to investors, Moody?s Investors Service?s Richard Lane cited SEC filings as well as his firm's estimates and said U.S. tech companies contributed $227.5 billion to a total of $457 billion in overseas cash held by American corporations at the end of the first quarter of 2012, reports Barron's.
Excluding Apple's $74 billion contribution overseas cash rose saw a year-to-year increase of 15 percent for the March quarter, but when the Cupertino-based company's assets are included that number jumps to 31 percent.
Following Apple was Microsoft with $50 billion in overseas cash and Cisco with $42.3 billion. Oracle and Qualcomm rounded out the top five with $25.1 billion and $16.5 billion, respectively. The top ten U.S. tech companies now own 83 percent of all offshore cash for the sector, up from 74 percent five years ago.
Only companies holding combined cash and liquid assets above $2 billion were taken into account as part of the report.
Apple's European headquarters in Cork, Ireland.
Apple's international business recently came under fire for avoiding U.K. taxes by operating out of its headquarters in Cork, Ireland as well as an offshoot in the Virgin Islands.
In a note released to investors, Moody?s Investors Service?s Richard Lane cited SEC filings as well as his firm's estimates and said U.S. tech companies contributed $227.5 billion to a total of $457 billion in overseas cash held by American corporations at the end of the first quarter of 2012, reports Barron's.
Excluding Apple's $74 billion contribution overseas cash rose saw a year-to-year increase of 15 percent for the March quarter, but when the Cupertino-based company's assets are included that number jumps to 31 percent.
Following Apple was Microsoft with $50 billion in overseas cash and Cisco with $42.3 billion. Oracle and Qualcomm rounded out the top five with $25.1 billion and $16.5 billion, respectively. The top ten U.S. tech companies now own 83 percent of all offshore cash for the sector, up from 74 percent five years ago.
Only companies holding combined cash and liquid assets above $2 billion were taken into account as part of the report.
Apple's European headquarters in Cork, Ireland.
Apple's international business recently came under fire for avoiding U.K. taxes by operating out of its headquarters in Cork, Ireland as well as an offshoot in the Virgin Islands.
Comments
It's "hoard" -- don't trust these spoilhecklers. JLG
Well spotted. I was an admirer of BeOS at the time, I guess you could say it was the first time I saw a truly modern operating system, and kind of got a feeling about what the future would hold.
The reason I felt compelled to comment is because I used to walk past that building in the photo every day to work at Apple at 7am in the morning. Enjoyed my time there and met a lot of great people. Now I run my own company.
In case anyone is wondering, here's what the area looks like (photo below). It's quite run down with a lot of social problems in some ways.
Here's the view over the parking lot from the main employee cafeteria. It's a view to kill for! For obvious reasons I cannot post any photos from inside the building.
That's the real reason Apple built all those data centres:
To store all those zeroes in their electronic bank accounts!
G and not B.
ISO standards here people.
Mega
Giga
Tera
etc.
So, $74G.
Or just B, as we know that means billion.
Whenever I see $__MM, I always think trillion because two m's makes no sense.
It's even more confusing because in some financial books, 'M' means thousand, so 'MM' means million.
Also, what's up with this?
Are they employing education on the side of the road now?
Tell me things haven't gotten that bad!
And to top it all off, the sign still uses Garamond (though the image may be dated).
Garamond 20% squished if I recall correctly.
Quote:
Originally Posted by digitalclips
Garamond 20% squished if I recall correctly.
I think it's ITC Garamond, though Apple had a specially-commissoned version called Apple Garamond, if I recall.
It's anything but a "Garamond" font. But there you have it. Whatever its design roots, I've always liked it in connection with Apple.
Yep that's what was referring to, the commissioned font was Garamond 20% narrower I think and the cost of the new look was 1M$ I seem to remember and that included contrasting Helvetica Black .... Very classy.
I wish I could keep all my cash overseas and avoid paying taxes...all the while doing business here in the U.S.
They aren't keeping all their cash overseas. Cash in other countries was earned in other countries. They're also paying taxes as those countries require. The only thing they aren't doing is bringing that cash back earned outside the US back to the US when they don't need to.
Quote:
Originally Posted by lamewing
I wish I could keep all my cash overseas and avoid paying taxes...all the while doing business here in the U.S.
Surprisingly, there's nothing to stop you from also being the next Apple, starting up an international, multi-billion dollar company, and doing the exact same thing!
Go for it!
Now we know why they don't need to participate in any green program in the US.
Quote:
Originally Posted by AdamC
Now we know why they don't need to participate in any green program in the US.
Hello?
Now we know why they don't need to participate in any green program in the US.
Green as in dollar I hope you mean in there...