Apple just announced on Wednesday it will bring back hundreds of billions of dollars from overseas to fund investment in the U.S.
“Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made,” the company said in the release.
Using the new 15.5 percent repatriation tax rate, the $38 billion tax payment disclosed by Apple means they are doing a $245 billion repatriation.
Apple had $252.3 billion in overseas cash as of the end of September quarter, according to SEC filings so that means the company is bringing back nearly all of its foreign cash.
Apple declined to comment to CNBC on the specific repatriation size.
This amount it is bringing home is larger than analysts anticipated
Bank of America Merrill Lynch analyst Wamsi Mohan estimated on Wednesday Apple had $236 billion available to be repatriated to the U.S.
