Apple's growing cash hoard surges to $256.8 billion
As of the end of the March quarter, Apple held $256.8 billion cash on hand, with the vast majority of it held overseas awaiting possible repatriation tax reform — if the U.S. government is inclined to cooperate.
Of the $256.8 billion, Apple Chief Financial Officer Luca Maestri noted that $239 billion, or roughly 93 percent, is held in assorted countries overseas. Maestri also noted in the conference call that Apple would re-evaluate the repatriation situation, should the situation change.
Spanning two presidential administrations, Apple has been public about its desire for a repatriation holiday, to lessen the tax burden on cash returned from overseas coffers. President Trump has addressed the need for this in the past, but it is unclear if any reform will pass soon.
At the end of Apple's first fiscal quarter of 2017, Apple held $231 billion in overseas cash, out of its $246 billion total hoard. When asked about the possibility of more lenient tax policies for bringing funds back to America, CEO Tim Cook noted that it would be "very good for the country, and good for Apple" should it come to pass.
Previously, Cook said that Apple was always considering acquisition possibilities, and was "putting their toe in the water" on unique programming for Apple Music and iTunes.
"We've said at 40 percent, we're not going to bring it back until there's a fair rate," Apple CEO Tim Cook said in August 2016. "There's no debate about it. It is the current tax law. It's not a matter of being patriotic or not patriotic."
Apple is the largest taxpayer in the U.S.
Apple on Tuesday revealed it garnered $52.9 billion in revenue and posted year-over-year growth. However, the company once again saw iPhone sales shrink from the same period a year ago.