- The Senate passed the Tax Cuts and Jobs Act on Saturday.
- The bill would allow US corporations to pay a 10% tax on deferred cash earnings and 5% on reinvested earnings.
- Twenty-four of the largest US companies are sitting on $1.01 trillion in cash reserves — 80% of which is held overseas.
The Senate's tax bill encourages companies to bring their cash back to the US — here's which ones have the most overseas
American companies have amassed over a trillion dollars in cash reserves, a hefty majority of which is stored outside the United States.
American companies are hoarding cash like crazy — but a huge chunk of that change isn't held in the US.
Under the new tax bill that Senate Republicans passed in the early hours of Saturday morning, companies would be given the chance to bring home cash stored overseas at a one-time discounted repatriation rate.
In November, Bank of America analysts crunched the numbers on these overseas reserves. They estimate that 24 of the largest American companies are sitting on $1.01 trillion in cash — with 80% of those reserves held overseas.
As part of the proposed plan, companies would be allowed to pay a 10% tax on deferred cash (or cash-equivalent) earnings and 5% on reinvested earnings. S corporations are exempt, according to the nonprofit Tax Foundation. Here's more:
Here's which US companies have the most cash on hand, how much of that is stored abroad, and how their stocks have performed this year:
17. Johnson & Johnson
Total cash: $12.9 billion
Overseas: N/A
Overseas as percentage of total: N/A
Stock performance this year: +21.37%
16. Procter & Gamble
Total cash: $15.1 billion
Overseas: N/A
Overseas as percentage of total: N/A
Stock performance this year: +8.56%
15. PepsiCo
Total cash: $17.2 billion
Overseas: $16.3 billion
Overseas as percentage of total: 94.8%
Stock performance this year: +12.54%
14. Pfizer
Total cash: $21.3 billion
Overseas: $11.3 billion
Overseas as percentage of total: 53.1%
Stock performance this year: +10.88%
13. Amazon
Total cash: $21.5 billion
Overseas: $7.3
Overseas as percentage of total: 34.0%
Stock performance this year: +52.12%
12. Merck
Total cash: $24.1 billion
Overseas: $20.5 billion
Overseas as percentage of total: 85.1%
Stock performance this year: +2.71%
11. Intel
Total cash: $25.9 billion
Overseas: $17.0 billion
Overseas as percentage of total: 65.6%
Stock performance this year: +22.31%
10. Coca-Cola
Total cash: $27.2 billion
Overseas: $23.8 billion
Overseas as percentage of total: 87.5%
Stock performance this year: +10.44%
9. Gilead Sciences
Total cash: $36.6 billion
Overseas: $30.8 billion
Overseas as percentage of total: 85.2%
Stock performance this year: +1.08%
8. Qualcomm
Total cash: $37.8 billion
Overseas: $27.8 billion
Overseas as percentage of total: 73.5%
Stock performance this year: -1.56%
7. Amgen
Total cash: $39.2 billion
Overseas: $37.4 billion
Overseas as percentage of total: 95.4%
Stock performance this year: +19.29%
6. General Electric
Total cash: $44.1 billion
Overseas: $34.3 billion
Overseas as percentage of total: 77.8%
Stock performance this year: -43.12%
5. Oracle
Total cash: $66.1 billion
Overseas: $54.4 billion
Overseas as percentage of total: 82.3%
Stock performance this year: +26.77%
4. Cisco
Total cash: $68 billion
Overseas: $65.1 billion
Overseas as percentage of total: 95.7%
Stock performance this year: +27.34%
3. Alphabet
Total cash: $94.7 billion
Overseas: $57.9
Overseas as percentage of total: 61.1%
Stock performance this year: Alphabet A shares: +30.44%, Alphabet C shares: +27.2%
2. Microsoft
Total cash:$133.0 billion
Overseas: $127.9 billion
Overseas as percentage of total: 96.1%
Stock performance this year: +32.14%
1. Apple
Total cash: $261.5 billion
Overseas: $246 billion
Overseas as percentage of total: 94.1%
Stock performance this year: +57.21%
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