Apple's $74 Billion Cash Overseas Leads Tech Companies in U.S.
A report recently released by Richard Lane of Moody’s Investors Service shows that Apple leads a list of technology U.S. companies holding overseas cash with roughly $74 billion, up from $64 billion in December and $35 billion at the end of 2010.
Lane cited SEC filings as well as his firm’s estimates and said U.S. tech companies contribute roughly $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. If you exclude Apple’s $74 billion contribution overseas, cash rose saw a year-to-year increase of 15% for the March quarter, but if you include Apple’s assets, the number jumps to roughly 31%.
The next company behind Apple with a large amount of money overseas was Microsoft, coming in with $50 billion, followed by Cisco with $42.3 billion. The others in the top 5 included Oracle coming in at $25.1 billion and Qualcomm coming in at $16.5 billion. The top ten U.S. tech companies now own 83% of all offshore cash for the sector, up from the 74% it was at just five years ago. Here, only companies holding combined cash and liquid assets above $2 billion were taken into account as part of the report. It isn’t a surprise though with Apple’s success to see the company leading the list.