March 3, 2016

CTJ

Citizens for
Tax Justice

Media contact: Jenice
Robinson
(202) 299-1066 x29
www.ctj.org

Fortune 500 Companies Hold a Record $2.4
Trillion Offshore
They May Be Avoiding up to $695 Billion in U.S. Taxes
It’s been well documented that major U.S. multinational corporations are stockpiling profits
offshore to avoid U.S. taxes. Congressional hearings over the past few years have raised
awareness of tax avoidance strategies of major technology corporations such as Apple and
Microsoft, but, as this report shows, a diverse array of companies are using offshore tax havens,
including the pharmaceutical giant Amgen, apparel manufacturers Levi Strauss and Nike, the
supermarket chain Safeway, the financial firm American Express, banking giants Bank of America
and Wells Fargo, and even more obscure companies such as Advanced Micro Devices and
Symantec.
All told, American Fortune 500 corporations are avoiding up to $695 billion in U.S. federal
income taxes by holding $2.4 trillion of “permanently reinvested” profits offshore. In their
latest annual financial reports, 27 of these corporations reveal that they have paid an income
tax rate of 10 percent or less in countries where these profits are officially held, indicating that
most of these monies are likely in offshore tax havens.

How We Know When Multinationals’ Offshore Cash Is in Tax Havens
Offshore profits that an American corporation “repatriates” (officially brings back to the United
States) are subject to the U.S. tax rate of 35 percent minus a tax credit equal to whatever taxes
the company paid to foreign governments. Thus, when an American corporation reports it
would pay a U.S. tax rate of 25 percent or more on its offshore profits, that indicates it has paid
foreign governments a tax rate of 10 percent or less.
Twenty-seven American corporations have acknowledged paying less than a 10 percent foreign
tax rate on the $561 billion they collectively hold offshore. The table on the following page
shows the disclosures made by these 27 corporations in their most recent annual financial
reports.
It is almost always the case that profits reported by American corporations to the IRS as earned
in tax havens were actually earned in the United States or another country with a tax system
similar to ours. Most economically developed countries (places where there are real business
opportunities for American corporations) have a corporate income tax rate of at least 20
percent, and typically tax rates are higher.

 Countries that have no corporate income tax or a very low corporate tax —such as Bermuda,
the Cayman Islands, and the Bahamas — provide very little in the way of real business
opportunities for American corporations like Qualcomm, Safeway, and Microsoft. But large
corporations use accounting gimmicks (most of which are allowed under current law) to make
profits appear to be earned in tax haven countries. In fact, a 2014 CTJ examination of corporate
financial filings found U.S. corporations collectively report earning profits in Bermuda and the
Cayman Islands that are 16 times the gross domestic products of each of those countries, which
is clearly impossible.

Hundreds of Other Fortune 500 Corporations Don’t Disclose Tax Rates They’d Pay if
They Repatriated Their Profits
At the end of 2015, 303 Fortune 500 companies collectively held $2.4 trillion offshore. (A full
list of these 303 corporations is
published as an appendix to this 27 Companies That Likely Hold Profits in Tax Havens
Unrepatriated
Estimated
paper.)
The 27 companies that report
the U.S. tax rate they would pay
if they repatriated their profits
are not alone in shifting their
profits to low-tax havens but
they are alone in disclosing the
practice. The vast majority of
profit-shifting companies — 248
out of 303 —decline to disclose
the U.S. tax rate they would pay
if these offshore profits were
repatriated. (55 corporations,
including the 27 companies
shown on this page, disclose this
information. A full list of the 55
companies is published as an
appendix to this paper.) The
non-disclosing companies
collectively held $1.74 trillion in
unrepatriated offshore profits at
the end of 2015.

Company Name
FMC Technologies
Owens Corning
Safeway
Qualcomm
AK Steel Holding
Amgen
Netflix
Advanced Micro Devices
Gilead Sciences
Western Digital
Nike
Microsoft
Oracle
PNC Financial Services Group
Apple
NetApp
American Express
Biogen Idec
Leucadia National
Baxter International
Citigroup
Wells Fargo
Symantec
Bank of America Corp.
Levi Strauss
Clorox
Air Products & Chemicals
Subtotal

Income $
Millions
$ 1,949
1,600
180
28,800
38
32,600
65
307
28,500
9,400
8,300
108,300
38,000
110
200,100
3,300
9,900
6,000
205
8,500
45,200
2,000
3,600
18,000
100
204
6,361
561,619

Tax Bill
$Millions
$ 717
581
65
10,200
13
11,400
23
107
9,700
3,100
2,700
34,500
11,800
34
60,884
1,000
3,000
1,750
59
2,400
12,700
557
1,000
5,000
27
54
1,593
174,964

Implied
Tax Rate
37%
36%
36%
35%
35%
35%
35%
35%
34%
33%
33%
32%
31%
31%
30%
30%
30%
29%
29%
28%
28%
28%
28%
28%
27%
26%
25%
31%

Accounting standards require
publicly held companies to
disclose the U.S. tax they would
NOTE: All figures are for the end of each company's most recent fiscal year.
pay upon repatriation of their
Source: Most recent 10-K annual financial reports for each company
offshore profits, but these
standards also provide a gaping loophole allowing companies to avoid disclosing this
information by asserting that calculating this tax liability is “not practicable.” Almost all of the
248 non-disclosing companies use this loophole to avoid disclosing their likely tax rates upon
repatriation even though these companies almost certainly have the capacity to estimate these
liabilities.

 Hundreds of Billions in Tax Revenue at Stake
It’s impossible to know precisely how much income tax the 248 non-disclosing companies
would owe if they repatriated their profits. But if these companies paid the same 28.6 percent
average tax rate as the 55 disclosing companies, the resulting, collective one-time tax would
total $499 billion. Added to the $196 billion tax bill estimated by the 55 companies who did
disclose, this means that taxing all “permanently reinvested” foreign income of the 303
companies at the current federal tax rate could result in $695 billion in added corporate tax
revenue.

20 of the Biggest “Non-Disclosing” Companies Hold $1 Trillion Offshore
While hundreds of companies refuse to reveal the tax they likely owe on their offshore cash,
just a handful of these companies account for the lion’s share of the permanently reinvested
foreign profits in the Fortune 500. The nearby table shows the 20 non-disclosing companies
with the biggest offshore stash at the end of the most recent fiscal year. These 20 companies
held $1 trillion in unrepatriated offshore income — more than half of the total income held by
the 248 “non-disclosing” companies. Most of these companies also disclose, elsewhere in their
financial reports, owning subsidiaries in known tax havens. For example:
■ General Electric disclosed holding
$104 billion offshore at the end of
2015. GE has subsidiaries in the
Bahamas, Bermuda, Ireland and
Singapore, but won’t disclose how
much of its offshore cash is in these
low-tax destinations.
■ Pfizer has subsidiaries in the Cayman
Islands, Ireland, the Isle of Jersey,
Luxembourg and Singapore, but it does
not disclose how much of its offshore
profits are stashed in these tax havens.
■ The Coca-Cola Corporation has three
Cayman Islands subsidiaries, but the
company’s limited financial disclosure
doesn’t specify how much of its $31.9
billion in offshore profits are being
“earned” there.
■ Merck has 11 subsidiaries in Bermuda
alone. It’s unclear how much of its $59
billion in offshore profits are being
stored (for tax purposes) in this tiny
island.

20 "Non-Disclosing" Companies
Company Name
Pfizer
General Electric
International Business Machines
Merck
Google
Cisco Systems
Johnson & Johnson
Exxon Mobil
Hewlett-Packard
Chevron
Procter & Gamble
PepsiCo
Coca-Cola
United Technologies
Medtronic
Intel
Eli Lilly
Abbvie
Bristol-Myers Squibb
Danaher
Subtotal

Unrepatriated
Income $
Millions
$ 193,587
104,000
68,100
59,200
58,300
58,000
58,000
51,000
47,200
45,400
45,000
40,200
31,900
29,000
27,837
26,900
26,500
25,000
25,000
23,500
1,043,624

 Congress Should Act
While corporations’ offshore holdings have grown gradually over the past decade, there are
two reasons it is vital that Congress act promptly to deal with this problem. First, a large
number of the biggest corporations appear to be increasing their offshore cash significantly.
Seventy-nine of the companies surveyed in this report increased their declared offshore cash
by at least $500 million each in the last year alone. Twelve particularly aggressive companies
each increased their permanently reinvested foreign earnings by more than $5 billion in the
past year. These include Apple, Microsoft, Pfizer, Gilead Sciences, Danaher, Google, Chevron,
Medtronic, IBM, Oracle, Cisco Systems and Sealed Air.
A second reason for concern is that companies are aggressively seeking to permanently
shelter their offshore cash from U.S. taxation by engaging in corporate inversions, through
which companies acquire smaller foreign companies and reincorporate in foreign countries,
thus avoiding most or all U.S. tax on their profits.

What Should Be Done?
Many large multinationals that fail to
disclose whether their offshore profits
are officially in tax havens are the same
companies that have lobbied heavily for
tax breaks on their offshore cash. These
companies propose the government
either enact a temporary “tax holiday”
for repatriation, which would allow
companies to officially bring offshore
profits back to the U.S. and pay a very
low tax rate on the repatriated income,
or give them a permanent exemption
for offshore income in the form of a
“territorial” tax system. Either of these
proposals would increase the incentive
for multinationals to shift their U.S.
profits, on paper, into tax havens.

28 Corporations That Increased Offshore Profits By $2
Billion or More In The Last Year
Unrepatriated Income ($millions)
Company
Apple
Pfizer
Microsoft
Gilead Sciences
Danaher
Google
Chevron
Medtronic
International Business Machines
Oracle
Cisco Systems
Sealed Air
Johnson & Johnson
Hewlett-Packard
Goldman Sachs Group
Intel
J.P. Morgan Chase & Co.
Amgen
Cameron International
Qualcomm
ConocoPhillips
Morgan Stanley
Priceline.com
Becton Dickinson
PepsiCo
National Oilwell Varco
Celgene
Abbvie
Total, These 28

2015
200,100
193,587
108,300
28,500
23,500
58,300
45,400
27,837
68,100
38,000
58,000
5,100
58,000
47,200
28,550
26,900
34,600
32,600
8,300
28,800
3,300
10,209
9,900
7,500
40,200
8,187
9,667
25,000
1,233,637

2014
157,800
175,798
92,900
15,600
11,800
47,400
35,700
20,529
61,400
32,400
52,700
—
53,400
42,900
24,880
23,300
31,100
29,300
5,100
25,700
293
7,364
7,300
4,900
37,800
5,874
7,541
23,000
1,033,779

Change
+42,300
+17,788
+15,400
+12,900
+11,700
+10,900
+9,700
+7,308
+6,700
+5,600
+5,300
+5,100
+4,600
+4,300
+3,670
+3,600
+3,500
+3,300
+3,200
+3,100
+3,007
+2,845
+2,600
+2,600
+2,400
+2,313
+2,126
+2,000
199,857

A far more sensible solution would be
to simply end “deferral,” that is,
repealing the rule that indefinitely
exempts offshore profits from U.S.
income tax until these profits are
repatriated. Ending deferral would
mean that all profits of U.S.
corporations, whether they are
generated in the U.S. or abroad, would
be taxed by the United States in the
year they are earned. Of course,
American corporations would continue to receive a “foreign tax credit” against any taxes they
pay to foreign governments, to ensure profits are not double-taxed.

 Conclusion
The limited disclosures made by a handful of Fortune 500 corporations show that corporations
are brazenly using tax havens to avoid taxes on significant profits. But the scope of this tax
avoidance is likely much larger, since the vast majority of Fortune 500 companies with offshore
cash refuse to disclose how much tax they would pay on repatriating their offshore profits.
Lawmakers should resist calls for tax changes, such as repatriation holidays or a territorial tax
system that would reward U.S. companies for shifting their profits to tax havens. If the
Securities and Exchange Commission required more complete disclosure about multinationals’
offshore profits, it would become obvious that Congress should end deferral, thereby
eliminating the incentive for multinationals to shift their profits offshore once and for all.

 55 Companies That Disclose Likely Tax Payments from Repatriatio
Company Name
FMC Technologies
Owens Corning
Safeway
Qualcomm
AK Steel Holding
Amgen
Netflix
Advanced Micro Devices
Gilead Sciences
Western Digital
Nike
Microsoft
Oracle
PNC Financial Services Group
Apple
NetApp
American Express
Biogen Idec
Leucadia National
Baxter International
Citigroup
Wells Fargo
Symantec
Bank of America Corp.
Levi Strauss
Clorox
Air Products & Chemicals
Group 1 Automotive
Caesars Entertainment
J.P. Morgan Chase & Co.
Ameriprise Financial
State Street Corp.
Northern Trust
Tenneco
Walt Disney
Unum Group
Goldman Sachs Group
Jacobs Engineering Group
Bank of New York Mellon Corp.
Murphy Oil
Universal Health Services
Ford Motor
Lockheed Martin
Cigna
Viacom
W.R. Berkley
Gap
Assurant
PPG Industries
Morgan Stanley
Anixter International
Northrop Grumman
Paccar
Duke Energy
Occidental Petroleum
TOTAL
Source: CTJ analysis of companies' 10-Ks

Unrepatriated
Income
$ Millions
$ 1,949
1,600
180
28,800
38
32,600
65
307
28,500
9,400
8,300
108,300
38,000
110
200,100
3,300
9,900
6,000
205
8,500
45,200
2,000
3,600
18,000
100
204
6,361
32
46
34,600
272
4,900
1,400
731
2,700
1,000
28,550
26
6,200
2,866
53
5,500
353
2,200
1,800
79
581
198
4,200
10,209
647
560
4,100
250
9,900
$ 685,573

Estimated
Tax Bill
$Millions
$ 717
581
65
10,200
13
11,400
23
107
9,700
3,100
2,700
34,500
11,800
34
60,884
1,000
3,000
1,750
59
2,400
12,700
557
1,000
5,000
27
54
1,593
8
11
8,200
63
1,100
299
150
547
200
5,660
5
1,100
440
8
800
48
290
225
10
72
21
375
893
57
45
300
12
115
$ 196,017

Implied
Tax Rate
36.8%
36.3%
36.1%
35.4%
35.1%
35.0%
34.9%
34.9%
34.0%
33.0%
32.5%
31.9%
31.1%
30.9%
30.4%
30.3%
30.3%
29.2%
28.8%
28.2%
28.1%
27.9%
27.8%
27.8%
26.5%
26.5%
25.0%
24.3%
23.9%
23.7%
23.2%
22.4%
21.3%
20.5%
20.3%
20.0%
19.8%
18.8%
17.7%
15.4%
15.1%
14.5%
13.6%
13.2%
12.5%
12.4%
12.4%
10.7%
8.9%
8.7%
8.7%
8.0%
7.3%
4.8%
1.2%
28.6%

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Apple
Pfizer
Microsoft
General Electric
International Business Machines
Merck
Google
Cisco Systems
Johnson & Johnson
Exxon Mobil
Hewlett-Packard
Chevron
Citigroup
Procter & Gamble
PepsiCo
Oracle
J.P. Morgan Chase & Co.
Amgen
Coca-Cola
United Technologies
Qualcomm
Goldman Sachs Group
Gilead Sciences
Medtronic
Intel
Eli Lilly
Abbvie
Bristol-Myers Squibb
Danaher
Wal-Mart Stores
Abbott Laboratories
Dow Chemical
Bank of America Corp.
Caterpillar
Honeywell International
DuPont
McDonald's
Kraft Foods
3M
EMC
Corning
Praxair
Berkshire Hathaway
Morgan Stanley
American Express
Occidental Petroleum
Priceline.com
Celgene
Archer Daniels Midland
Western Digital

2015
200,100
193,587
108,300
104,000
68,100
59,200
58,300
58,000
58,000
51,000
47,200
45,400
45,200
45,000
40,200
38,000
34,600
32,600
31,900
29,000
28,800
28,550
28,500
27,837
26,900
26,500
25,000
25,000
23,500
23,300
22,400
18,773
18,000
17,000
16,600
16,053
14,900
13,200
12,000
11,800
11,000
11,000
10,400
10,209
9,900
9,900
9,900
9,667
9,600
9,400

2014
157,800
175,798
92,900
119,000
61,400
60,000
47,400
52,700
53,400
51,000
42,900
35,700
43,800
44,000
37,800
32,400
31,100
29,300
33,300
28,000
25,700
24,880
15,600
20,529
23,300
25,700
23,000
24,000
11,800
21,400
23,000
18,037
17,200
18,000
15,000
17,226
15,400
12,400
11,200
11,800
10,300
10,400
10,000
7,364
9,700
9,900
7,300
7,541
8,600
8,200

2013
111,300
162,264
76,400
110,000
52,300
57,100
38,900
48,000
50,900
47,000
38,200
31,300
43,800
42,000
34,100
26,200
28,500
25,500
30,600
25,000
21,600
22,540
8,550
20,499
20,000
23,740
21,000
24,000
10,600
19,200
24,000
16,139
17,000
17,000
13,500
15,978
16,100
10,300
9,700
10,200
12,400
9,300
9,300
6,675
9,600
10,600
4,900
6,129
7,500
6,800

State Headquarters
California
New York
Washington
Connecticut
New York
New Jersey
California
California
New Jersey
Texas
California
California
New York
Ohio
New York
California
New York
California
Georgia
Connecticut
California
New York
California
Minnesota
California
Indiana
Illinois
New York
District of Columbia
Arkansas
Illinois
Michigan
North Carolina
Illinois
New Jersey
Delaware
Illinois
Illinois
Minnesota
Massachusetts
New York
Connecticut
Nebraska
New York
New York
Texas
Connecticut
New Jersey
Illinois
California

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Xerox
Boston Scientific
Kimberly-Clark
Illinois Tool Works
Thermo Fisher Scientific
Micron Technology
Baxter International
Texas Instruments
Cameron International
Nike
National Oilwell Varco
Johnson Controls
Franklin Resources
Hess
Becton Dickinson
Cognizant Technology Solutions
Stryker
General Motors
Halliburton
Mattel
Emerson Electric
Visa
Air Products & Chemicals
Bank of New York Mellon Corp.
Western Union
Biogen Idec
eBay
International Paper
Baker Hughes
Ford Motor
Deere
Las Vegas Sands
Sealed Air
St. Jude Medical
Agilent Technologies
United Parcel Service
McKesson
MetLife
State Street Corp.
BlackRock
Monsanto
Colgate-Palmolive
PPL
Stanley Black & Decker
PPG Industries
Whirlpool
CBS
Autoliv
Applied Materials
Paccar

2015
9,000
8,900
8,800
8,700
8,640
8,520
8,500
8,350
8,300
8,300
8,187
8,060
7,900
7,700
7,500
7,495
7,166
6,900
6,900
6,800
6,400
6,400
6,361
6,200
6,100
6,000
6,000
5,700
5,600
5,500
5,282
5,240
5,100
5,100
5,000
4,954
4,916
4,900
4,900
4,734
4,700
4,600
4,600
4,391
4,200
4,200
4,150
4,100
4,100
4,100

2014
8,500
7,700
8,600
7,100
8,440
6,550
13,900
7,670
5,100
6,600
5,874
8,100
7,300
8,300
4,900
6,121
5,878
7,100
6,700
6,400
7,100
5,000
5,894
6,000
7,500
4,600
7,900
5,200
6,100
4,300
4,677
6,070
—
4,200
5,700
4,683
4,200
4,200
4,200
3,871
4,400
4,900
3,700
4,773
5,000
4,900
3,990
4,000
2,700
4,100

2013
8,000
11,902
9,800
9,000
5,970
1,800
12,200
6,870
4,700
6,700
6,045
7,600
6,400
7,500
4,400
4,828
7,023
6,700
6,100
5,900
7,100
3,800
5,525
5,300
5,000
3,800
14,000
5,100
5,900
7,500
4,297
5,940
—
3,600
6,100
4,130
3,800
3,300
3,500
3,074
3,300
4,700
2,900
4,439
3,900
3,500
4,040
4,300
2,200
4,400

State Headquarters
Connecticut
Massachusetts
Texas
Illinois
Massachusetts
Idaho
Illinois
Texas
Texas
Oregon
Texas
Wisconsin
California
New York
New Jersey
New Jersey
Michigan
Michigan
Texas
California
Missouri
California
Pennsylvania
New York
Colorado
Massachusetts
California
Tennessee
Texas
Michigan
Illinois
Nevada
North Carolina
Minnesota
California
Georgia
California
New York
Massachusetts
New York
Missouri
New York
Pennsylvania
Connecticut
Pennsylvania
Michigan
New York
Michigan
California
Washington

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Alcoa
Celanese
Sempra Energy
Amphenol
Starwood Hotels & Resorts
Symantec
MasterCard
News Corporation
Home Depot
Marsh & McLennan
BorgWarner
ConocoPhillips
Cummins
NetApp
Yahoo
VF
Arrow Electronics
Prudential Financial
Valero Energy
Avnet
Rockwell Automation
Parker Hannifin
Estée Lauder
Murphy Oil
Costco Wholesale
Jabil Circuit
Phillips
Starbucks
CA
Walt Disney
Interpublic Group
Computer Sciences
Polo Ralph Lauren
Owens-Illinois
Corn Products International
NCR
AGCO
Yum Brands
Cigna
Ingram Micro
Mosaic
Omnicom Group
Coach, Inc.
Ball
General Dynamics
Kellogg
Loews
Wells Fargo
FMC Technologies
Cardinal Health

2015
4,000
3,900
3,900
3,699
3,600
3,600
3,500
3,500
3,400
3,400
3,300
3,300
3,300
3,300
3,300
3,297
3,286
3,215
3,200
3,060
3,059
3,000
2,918
2,866
2,845
2,800
2,800
2,800
2,759
2,700
2,592
2,552
2,515
2,500
2,400
2,400
2,300
2,300
2,200
2,200
2,100
2,100
2,090
2,022
2,000
2,000
2,000
2,000
1,949
1,900

2014
4,600
3,800
3,600
3,300
3,500
3,200
3,300
3,800
3,100
6,300
2,700
293
3,800
3,000
2,900
2,533
2,947
2,396
2,900
2,770
2,781
2,800
2,403
6,045
3,619
2,300
2,000
2,200
2,349
1,900
2,214
3,110
2,176
2,900
2,172
2,100
3,300
2,000
1,800
2,100
2,200
1,800
2,034
1,799
1,900
2,200
2,400
1,800
1,619
1,700

2013
5,200
3,200
3,300
2,600
3,300
2,800
3,500
8,600
2,700
5,200
2,300
3,222
3,100
2,500
2,600
1,939
2,813
1,973
3,500
2,700
2,427
2,700
1,980
6,677
3,619
2,000
1,700
1,900
2,220
1,500
1,960
2,977
1,899
3,200
1,931
1,900
3,100
2,600
1,100
2,000
1,900
1,500
1,602
—
1,700
2,200
2,400
1,600
1,524
1,800

State Headquarters
New York
Texas
California
Connecticut
Connecticut
California
New York
New York
Georgia
New York
Michigan
Texas
Indiana
California
California
North Carolina
Colorado
New Jersey
Texas
Arizona
Wisconsin
Ohio
New York
Arkansas
Washington
Florida
Texas
Washington
New York
California
New York
Virginia
New York
Ohio
Illinois
Georgia
Georgia
Kentucky
Connecticut
California
Minnesota
New York
New York
Colorado
Virginia
Michigan
New York
California
Texas
Ohio

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
FedEx
Avery Dennison
General Mills
Eastman Chemical
Ecolab
Verizon Communications
Viacom
Genworth Financial
Lear
Mohawk Industries
Ashland
Owens Corning
R.R. Donnelley & Sons
McGraw-Hill
Amazon.com
Capital One Financial
Expedia
Flowserve
Spectra Energy
World Fuel Services
Precision Castparts
Unisys
CB Richard Ellis Group
Goodyear Tire & Rubber
Motorola Solutions
Northern Trust
AECOM Technology
Jarden
SanDisk
Live Nation Entertainment
Textron
Devon Energy
Marriott International
Dover
Sysco
Time Warner
Principal Financial
Unum Group
Foot Locker
Reinsurance Group of America
Seaboard
Twenty-First Century Fox
Henry Schein
Avis Budget Group
Harman International Industries
Pitney Bowes
Terex
Crown Holdings
Staples
CF Industries Holdings

2015
1,900
1,900
1,900
1,900
1,800
1,800
1,800
1,712
1,700
1,680
1,600
1,600
1,600
1,573
1,500
1,500
1,500
1,500
1,500
1,500
1,482
1,417
1,400
1,400
1,400
1,400
1,341
1,300
1,260
1,200
1,200
1,163
1,109
1,100
1,100
1,100
1,005
1,000
999
993
977
975
945
941
895
860
855
838
835
830

2014
1,600
2,200
2,800
1,600
1,800
1,300
2,500
1,642
1,200
1,385
1,800
1,400
—
1,239
2,500
1,400
916
1,700
1,800
1,300
1,490
1,280
1,300
2,600
1,500
1,100
977
1,200
969
1,100
995
1,800
894
1,300
1,104
1,100
825
1,000
890
1,115
1,000
851
826
853
717
830
800
774
604
900

2013
1,300
2,100
2,700
813
1,600
2,100
2,100
3,019
948
1,200
464
1,270
—
930
2,500
1,300
—
1,700
2,100
1,100
1,114
1,130
1,100
3,800
1,400
956
852
1,200
752
476
778
1,500
739
2,100
1,052
1,000
694
1,000
835
1,154
1,019
700
694
720
629
700
825
639
902
1,000

State Headquarters
Tennessee
California
Minnesota
Tennessee
Minnesota
New York
New York
Virginia
Michigan
Georgia
Kentucky
Ohio
Illinois
New York
Washington
Virginia
Washington
Texas
Texas
Florida
Oregon
Pennsylvania
California
Ohio
Illinois
Illinois
California
Florida
California
California
Rhode Island
Oklahoma
Maryland
Illinois
Texas
New York
Iowa
Tennessee
New York
Missouri
Kansas
New York
New York
New Jersey
Connecticut
Connecticut
Connecticut
Pennsylvania
Massachusetts
Illinois

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Waste Management
ITT
Penske Automotive Group
Best Buy
Campbell Soup
Electronic Arts
CST Brands, Inc.
Tenneco
Hertz Global Holdings
Ryder System
Boeing
Raytheon
Meritor
Laboratory Corp. of America
L-3 Communications
ConAgra Foods
Newell Rubbermaid
United Rentals, Inc.
Anixter International
Wesco International
Genuine Parts
Joy Global
GameStop
Sanmina-SCI
Gap
TJX
Navistar International
Northrop Grumman
Timken
Rockwell Collins
Manpower
Tech Data
Discovery Communications, Inc.
W.W. Grainger
Commercial Metals
UnitedHealth Group
AutoZone
Automatic Data Processing
AmerisourceBergen
LKQ Corporation
Synnex
Phillips-Van Heusen
Travelers Cos.
Dr Pepper Snapple Group
Huntsman
Lockheed Martin
CH2M Hill
Target
General Cable
Aleris

2015
825
810
790
770
770
752
740
731
717
712
700
688
686
662
661
660
658
651
647
624
623
605
595
583
581
567
565
560
548
539
517
500
495
468
463
459
432
418
413
398
396
389
383
371
354
353
342
328
325
317

2014
750
508
711
1,400
740
150
965
737
650
658
800
384
666
30
331
560
602
595
679
597
712
739
542
544
1,600
528
469
—
487
511
733
390
329
464
488
391
345
1,032
217
266
321
1,723
647
354
307
291
331
77
370
23

2013
800
507
664
2,500
741
1,381
892
858
475
600
775
509
661
18
325
460
660
465
543
526
552
823
493
503
1,700
385
482
—
442
427
738
291
278
386
489
359
260
910
126
166
263
377
714
291
194
222
266
52
850
43

State Headquarters
Texas
New York
Michigan
Minnesota
New Jersey
California
Texas
Illinois
New Jersey
Florida
Illinois
Massachusetts
Michigan
North Carolina
New York
Nebraska
Georgia
Connecticut
Illinois
Pennsylvania
Georgia
Wisconsin
Texas
California
California
Massachusetts
Illinois
Virginia
Ohio
Iowa
Wisconsin
Florida
Maryland
Illinois
Texas
Minnesota
Tennessee
New Jersey
Pennsylvania
Illinois
California
New York
New York
Texas
Utah
Maryland
Colorado
Minnesota
kentucky
Ohio

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Advanced Micro Devices
Ameriprise Financial
Quanta Services
Bemis
Duke Energy
J.M. Smucker
Hershey
Harris
INTL FCStone
Limited Brands
MRC Global
Leucadia National
Clorox
Office Depot
Rock-Tenn
Assurant
Oshkosh
Reliance Steel & Aluminum
Safeway
Nucor
Allegheny Technologies
First American
Tyson Foods
Alliance Data Systems
Kelly Services
Lowe's
PNC Financial Services Group
Hormel Foods
Advance Auto Parts
Express Scripts
Levi Strauss
Airgas
SunGard Data Systems
Insight Enterprises
Reynolds American
W.R. Berkley
Graham Holdings
Graybar Electric
Netflix
ARRIS Group
Universal Health Services
UGI
Caesars Entertainment
Owens & Minor
AK Steel Holding
Weyerhaeuser
SPX
Group 1 Automotive
Jacobs Engineering Group
United Natural Foods

2015
307
272
270
258
250
249
239
232
227
216
209
205
204
204
198
198
195
188
180
170
168
156
139
125
120
112
110
109
108
104
100
99
94
89
82
79
72
66
65
61
53
51
46
46
38
34
33
32
26
16

2014
349
180
345
204
—
245
196
267
175
113
231
171
186
416
240
163
181
216
170
194
181
133
403
55
111
51
77
88
—
96
100
106
100
80
25
58
58
59
29
48
10
43
118
32
27
27
1,265
17
26
14

2013
354
120
218
391
1,700
250
121
325
123
—
193
134
158
472
158
144
98
203
1,300
222
188
122
351
—
77
36
46
69
—
82
—
97
100
72
27
103
67
54
10
48
—
—
110
22
27
23
1,634
21
26
7

State Headquarters
California
Minnesota
Texas
Wisconsin
North Carolina
Ohio
Pennsylvania
Florida
New York
Ohio
Texas
New York
California
Florida
Georgia
New York
Wisconsin
California
California
North Carolina
Pennsylvania
California
Arkansas
Texas
Michigan
North Carolina
Pennsylvania
Minnesota
Virginia
Missouri
California
Pennsylvania
Pennsylvania
Arizona
North Carolina
Connecticut
District of Columbia
Missouri
California
Georgia
Pennsylvania
Pennsylvania
Nevada
Virginia
Ohio
Washington
North Carolina
Texas
California
Rhode Island

 Unrepatriated Foreign Profits of 303 Major Corporations, 2013–2015
Unrepatriated Income ($millions)
Company
Dean Foods
Tutor Perini
Toys "R" Us
All 303 Companies

2015
16
12
1
2,431,001

2014
14
15
1
2,221,552

2013
13
4
160
2,013,183

State Headquarters
Texas
California
New Jersey