Overseas Cash Continues To Grow

Eight of the largest U.S. tech companies increased overseas cash balances by $69 billion last year. In fact, overseas cash held by U.S. firms grew to $2.10 trillion during 2014, up 8 percent from 2013. The high U.S. tax rate is the reason for the cash holdings, although several companies took a tax hit in 2014 to repatriate earnings. For example, Duke Energy repatriated $2.7 billion in foreign earnings, but paid $373 million in taxes to do so. GE still has the largest offshore cash balance, at an astounding $119 billion.