Dozens of Companies Admit Using Tax Havens

April 1, 2015
CTJ
Citizens for
Tax Justice
Media contact: Jenice

Robinson
(202) 299-1066 x27
www.ctj.org
Dozens of Companies Admit Using Tax Havens

Hundreds More Likely Do the Same, Avoiding $600 Billion in U.S. Taxes
Its 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, the apparel manufacturer 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 Group 1
Automotive.
All told, American Fortune 500 corporations are avoiding up to$600 billion in U.S. federal
income taxes by holding more than $2.1 trillion of permanently reinvested profits offshore. In
their latest annual financial reports, twenty-eight 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 profits are likely in offshore tax havens.
How We Know When Multinationals Offshore Cash is Largely 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, if 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-eight American corporations have acknowledged paying less than a 10 percent foreign
tax rate on the $470 billion they collectively hold offshore. The table on the following page
shows the disclosures made by these 28 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 countries 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
Americans corporations use accounting gimmicks (most of which are, unfortunately, 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 Dont Disclose Tax Rates Theyd Pay if
They Repatriated Their Profits
At the end of 2014, 304 Fortune 500 companies collectively held a whopping $2.15 trillion
offshore. (A full list of these 304 corporations is published as an appendix to this paper.)
Clearly, the 28 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 havenstheyre only alone in disclosing
it. The vast majority of these companies 247 out of 304 decline to disclose the U.S. tax
rate they would pay if these offshore profits were repatriated. (57 corporations, including the
28 companies shown on this
28 Companies That Likely Hold Profits in Tax Havens
page, disclose this
Unrepatriated
Estimated
information. A full list of the
Income $
Tax Bill
Implied
57 companies is published as
$Millions
Tax Rate
Company Name
Millions
Hertz Global Holdings
$ 475
$ 184
39%
an appendix to this paper.)
Owens
Corning
1,400
511
37%
The non-disclosing companies
Safeway
180
65
36%
collectively hold $1.56 trillion Amgen
29,300
10,500
36%
in unrepatriated offshore
Qualcomm
25,700
9,100
35%
profits at the end of 2014.
Gilead Sciences
15,600
5,500
35%
Accounting standards require
publicly held companies to
disclose the U.S. tax they
would pay upon repatriation
of their offshore profits but
these standards also provide a
gaping loophole allowing
companies to assert that
calculating this tax liability is
not practicable. Almost all
of the 247 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.
Wynn Resorts
Advanced Micro Devices
AK Steel Holding
Biogen Idec
Western Digital
Apple
Microsoft
Nike
PNC Financial Services Group
American Express
Oracle
FMC Technologies
Baxter International
NetApp
Symantec
Wells Fargo
Group 1 Automotive
Jacobs Engineering Group
Leucadia National
Clorox
Citigroup
Bank of America Corp.
Subtotal
412
349
27
4,600
8,200
157,800
92,900
6,600
77
9,700
32,400
1,619
13,900
3,000
3,200
1,800
17
26
171
186
43,800
17,200
470,639
144
122
10
1,550
2,700
51,615
29,600
2,100
24
3,000
10,000
492
4,200
896
918
513
5
7
46
50
11,600
4,500
149,951
NOTE: All figures are for the end of each company's most recent fiscal year.
Source: Most recent 10-K annual financial reports for each company
35%
35%
35%
34%
33%
33%
32%
32%
31%
31%
31%
30%
30%
30%
29%
29%
28%
28%
27%
27%
26%
26%
32%
Hundreds of Billions in Tax Revenue at Stake

Its impossible to know precisely how much income tax would be paid, under current tax rates,
upon repatriation by the 247 Fortune 500 companies that have disclosed holding profits
overseas but have failed to disclose how much U.S. tax would be due if the profits were
repatriated. But if these companies paid the same 29 percent average tax rate as the 57
disclosing companies, the resulting one-time tax would total $432 billion for these 247
companies. Added to the $169 billion tax bill estimated by the 57 companies who did disclose,
this means that taxing all permanently reinvested foreign income of the 304 companies at the
current federal tax rate could result in $601 billion in added corporate tax revenue.
20 of the Biggest Non-Disclosing Companies Hold $906 Billion Offshore

While hundreds of companies refuse to disclose the tax they likely owe on their offshore cash,
just a handful of these companies account for the lions 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 $906 billion in unrepatriated offshore income more than half of the total income held
by the 247 non-disclosing companies. Most of these companies also disclose, elsewhere in
their financial reports, owning subsidiaries in
known tax havens. For example:
20 "Non-Disclosing" Companies
General Electric disclosed holding $119 billion
offshore at the end of 2014. GE has subsidiaries
in the Bahamas, Bermuda, Ireland and Singapore,
but wont disclose how much of its offshore cash
is in these low-tax destinations. [Some of it is
clearly there; see text box below.]
Pfizer has subsidiaries in the Cayman Islands,
Ireland, the Isle of Jersey, Luxembourg and
Singapore, but does not disclose how much of its
$74 billion in offshore profits are stashed in these
tax havens.
Merck has10 subsidiaries in Bermuda alone. Its
unclear how much of its $60 billion in offshore
profits are being stored (for tax purposes) in this
tiny island.
Congress Should Act
Company Name
General Electric
Pfizer
Merck
International Business Machines
Johnson & Johnson
Cisco Systems
Exxon Mobil
Procter & Gamble
Google
Hewlett-Packard
PepsiCo
Oracle
Chevron
Coca-Cola
J.P. Morgan Chase & Co.
Amgen
United Technologies
Abbott Laboratories
Bristol-Myers Squibb
Eli Lilly
Subtotal
Unrepatriated
Income $
Millions
$ 119,000
74,000
60,000
61,400
53,400
52,700
51,000
44,000
47,400
42,900
37,800
32,400
35,700
33,300
31,100
29,300
28,000
23,000
24,000
25,700
906,100
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-seven of the companies surveyed in this
report increased their declared offshore cash by at least $500 million each in the last year
alone. Seven particularly aggressive companies each increased their permanently reinvested
foreign earnings by more than $5 billion in the past year. These include Apple, General
Electric, Microsoft, IBM, Google, Oracle and Gilead Sciences.
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.
Even Non-Disclosers Slip Up Sometimes

As noted above, General Electric does not disclose the U.S. tax it would owe if its
$110 billion offshore stash was repatriated. But in its 2009 annual report, GE noted
that it had reclassified $2 billion of previously earned foreign profits as permanently
reinvested offshore, and said that this change resulted in an income tax benefit of
$700 million. Since $700 million is 35 percent of $2 billion, this is an admission that
the expected foreign tax rate on this $2 billion of offshore cash was exactly zero,
which in turn strongly suggests that GEs permanent reinvestment plan for this $2
billion involved assigning it to one of its tax haven subsidiaries.
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.
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.
57 Companies That Disclose Likely Tax

Payments from Repatriation
Unrepatriated Estimated
Income $
Tax Bill
Company Name
$Millions
Millions
$ 475
$ 184
Owens Corning
1,400
511
Safeway
180
65
Amgen
29,300
10,500
Qualcomm
25,700
9,100
Gilead Sciences
15,600
5,500
Wynn Resorts
412
144
349
122
AK Steel Holding
27
10
Biogen Idec
4,600
1,550
Western Digital
8,200
2,700
Apple
157,800
51,615
Microsoft
92,900
29,600
Nike
6,600
2,100
77
24
American Express
9,700
3,000
Oracle
32,400
10,000
FMC Technologies
1,619
492
13,900
4,200
NetApp
3,000
896
Symantec
3,200
918
Wells Fargo
1,800
513
Group 1 Automotive
17
5
26
7
Leucadia National
171
46
Clorox
186
50
Citigroup
43,800
11,600
17,200
4,500
Air Products & Chemicals
5,894
1,466
Northern Trust
1,100
255
31,100
7,000
Ameriprise Financial
180
40
State Street Corp.
4,200
876
Kraft Foods Group
578
118
Bank of New York Mellon Corp.
6,000
1,200
Walt Disney
1,900
377
Lockheed Martin
291
55
Goldman Sachs Group
24,880
4,660
Graham Holdings
58
11
Viacom
2,500
438
Tenneco
737
121
Sherwin-Williams
4
1
Gap
581
72
Cigna
1,800
218
Morgan Stanley
7,364
841
Murphy Oil
6,045
684
Caesars Entertainment
118
13
Paccar
4,100
400
Anixter International
679
52
Laboratory Corp. of America
30
2
W.R. Berkley
58
3
Ford Motor
4,300
200
PPG Industries
5,000
200
Rock-Tenn
240
9
Timken
487
10
Occidental Petroleum
9,900
140
Assurant
163
1
TOTAL
$ 590,926 $ 169,412
Source: CTJ analysis of companies' 10-Ks
Implied
Tax Rate
38.7%
36.5%
36.1%
35.8%
35.4%
35.3%
35.0%
35.0%
34.9%
33.7%
32.9%
32.7%
31.9%
31.8%
31.2%
30.9%
30.9%
30.4%
30.2%
29.9%
28.7%
28.5%
28.1%
28.0%
26.9%
26.9%
26.5%
26.2%
24.9%
23.2%
22.5%
22.2%
20.9%
20.4%
20.0%
19.8%
18.9%
18.7%
18.3%
17.5%
16.4%
14.6%
12.4%
12.1%
11.4%
11.3%
11.0%
9.8%
7.6%
6.4%
5.3%
4.7%
4.0%
3.7%
2.1%
1.4%
0.6%
28.7%
Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Income ($millions)
Company
Apple
General Electric
Microsoft
Pfizer
Merck
Johnson & Johnson
Cisco Systems
Exxon Mobil
Google
Procter & Gamble
Citigroup
Hewlett-Packard
PepsiCo
Chevron
Coca-Cola
Oracle
Amgen
United Technologies
Eli Lilly
Qualcomm
Goldman Sachs Group
Intel
Abbvie
Abbott Laboratories
Wal-Mart Stores
Medtronic
Dow Chemical
Caterpillar
DuPont
Gilead Sciences
McDonald's
Honeywell International
Kraft Foods
Eaton
Danaher
EMC
3M
Liberty Global
Praxair
Corning
Berkshire Hathaway
American Express
Archer Daniels Midland
Kimberly-Clark
2014
157,800
119,000
92,900
74,000
61,400
60,000
53,400
52,700
51,000
47,400
44,000
43,800
42,900
37,800
35,700
33,300
32,400
31,100
29,300
28,000
25,700
25,700
24,880
24,000
23,300
23,000
23,000
21,400
20,529
18,037
18,000
17,226
17,200
15,600
15,400
15,000
13,900
13,200
12,500
11,800
11,800
11,200
11,100
10,400
10,300
10,000
9,900
9,700
8,600
8,600
2013
111,300
110,000
76,400
69,000
52,300
57,100
50,900
48,000
47,000
38,900
42,000
43,800
38,200
34,100
31,300
30,600
26,200
28,500
25,500
25,000
23,740
21,600
22,540
24,000
20,000
21,000
24,000
19,200
20,499
16,139
17,000
15,978
17,000
8,550
16,100
13,500
12,200
12,400
10,500
10,600
10,200
9,700
8,000
9,300
12,400
9,300
10,600
9,600
7,500
9,800
2012
82,600
108,000
60,800
73,000
44,400
53,400
49,000
41,300
43,000
33,300
39,000
42,600
33,400
32,200
26,527
26,900
20,900
25,100
22,200
22,000
20,980
16,400
21,690
21,000
17,500
19,400
40,000
19,700
17,977
14,504
15,000
13,179
17,200
7,250
14,800
11,600
10,600
10,300
8,000
9,300
8,100
8,600
667
8,000
11,900
7,900
8,100
8,500
7,700
9,500
State Headquarters
California
Connecticut
Washington
New York
New York
New Jersey
New Jersey
California
Texas
California
Ohio
New York
California
New York
California
Georgia
California
New York
California
Connecticut
Indiana
California
New York
New York
California
Illinois
Illinois
Arkansas
Minnesota
Michigan
Illinois
Delaware
North Carolina
California
Illinois
New Jersey
Illinois
Illinois
Ohio
District of Columbia
Massachusetts
Minnesota
Colorado
Connecticut
New York
Nebraska
California
New York
Illinois
Texas

Company
Xerox
Thermo Fisher Scientific
Hess
Western Digital
Johnson Controls
eBay
Boston Scientific
Texas Instruments
Celgene
Western Union
Morgan Stanley
Franklin Resources
Priceline.com
General Motors
Emerson Electric
Illinois Tool Works
Halliburton
Nike
Mattel
Marsh & McLennan
Cognizant Technology Solutions
Baker Hughes
Las Vegas Sands
Murphy Oil
Stryker
National Oilwell Varco
Agilent Technologies
International Paper
Cameron International
PPG Industries
Visa
Micron Technology
Becton Dickinson
Colgate-Palmolive
Whirlpool
Broadcom
Stanley Black & Decker
United Parcel Service
Deere
Alcoa
Biogen Idec
Allergan
Monsanto
Ford Motor
McKesson
MetLife
State Street Corp.
St. Jude Medical
2014
8,500
8,440
8,300
8,200
8,100
7,900
7,700
7,670
7,541
7,500
7,364
7,300
7,300
7,100
7,100
7,100
6,700
6,600
6,400
6,300
6,121
6,100
6,070
6,045
6,000
5,894
5,878
5,874
5,700
5,200
5,100
5,000
5,000
4,910
4,900
4,900
4,900
4,850
4,773
4,683
4,677
4,600
4,600
4,485
4,400
4,300
4,200
4,200
4,200
4,200
2013
8,000
5,970
7,500
6,800
5,700
14,000
11,902
6,870
6,129
5,000
6,675
6,400
4,900
6,700
7,100
9,000
6,100
6,700
5,900
5,200
4,828
5,900
5,940
6,677
5,300
5,525
7,023
6,045
6,100
5,100
4,700
3,900
3,800
1,800
4,400
4,700
3,500
4,580
4,439
4,130
4,297
5,200
3,800
3,828
3,300
7,500
3,800
3,300
3,500
3,600
2012
8,300
5,420
6,700
6,300
6,400
11,900
11,041
5,540
4,300
4,400
7,191
5,600
3,200
5,500
6,300
8,300
4,400
5,500
5,200
4,300
3,754
2,600
4,270
6,022
4,300
5,278
6,232
4,620
5,200
4,700
4,500
3,476
2,600
1,100
4,400
4,300
3,300
4,170
3,902
3,575
3,209
8,000
3,300
3,084
3,100
6,600
3,300
2,400
2,700
2,800
State Headquarters
Connecticut
Massachusetts
New York
California
Wisconsin
California
Massachusetts
Texas
New Jersey
Colorado
New York
California
Connecticut
Michigan
Missouri
Illinois
Texas
Oregon
California
New York
New Jersey
Texas
Nevada
Arkansas
New York
Pennsylvania
Michigan
Texas
California
Tennessee
Texas
Pennsylvania
California
Idaho
New Jersey
New York
Michigan
California
Maryland
Georgia
Illinois
New York
Massachusetts
California
Missouri
Michigan
California
New York
Massachusetts
Minnesota

Company
Paccar
Autoliv
CBS
BlackRock
Celanese
Cummins
PPL
Costco Wholesale
Sempra Energy
Starwood Hotels & Resorts
Home Depot
TRW Automotive Holdings
AGCO
MasterCard
VF
Symantec
Computer Sciences
NetApp
Arrow Electronics
Owens-Illinois
Valero Energy
Yahoo
General Mills
Parker Hannifin
Rockwell Automation
Avnet
BorgWarner
Applied Materials
Goodyear Tire & Rubber
Amazon.com
Viacom
Este Lauder
Loews
Prudential Financial
CA
Jabil Circuit
Interpublic Group
Avery Dennison
Starbucks
Mosaic
Kellogg
Polo Ralph Lauren
Ingram Micro
NCR
Coach, Inc.
Phillips
Yum Brands
Corn Products International
General Dynamics
Walt Disney
2014
4,100
4,000
3,990
3,871
3,800
3,800
3,700
3,619
3,600
3,500
3,400
3,400
3,300
3,300
3,297
3,200
3,110
3,000
2,947
2,900
2,900
2,900
2,800
2,800
2,781
2,770
2,700
2,700
2,600
2,500
2,500
2,403
2,400
2,396
2,349
2,300
2,214
2,200
2,200
2,200
2,200
2,176
2,100
2,100
2,034
2,000
2,000
1,931
1,900
1,900
2013
4,400
4,300
4,040
3,074
3,200
3,100
2,900
3,619
3,300
3,300
3,100
3,400
3,100
3,500
2,533
2,800
2,977
2,500
2,813
3,200
3,500
2,600
2,700
2,700
2,427
2,700
2,300
2,200
3,800
2,500
2,100
1,980
2,400
1,973
2,220
2,000
1,960
2,100
1,900
1,900
2,200
1,899
2,000
1,900
1,602
1,700
2,600
1,585
1,700
1,500
2012
3,900
4,000
3,540
2,125
2,900
2,300
2,000
3,162
2,900
2,900
2,700
2,800
2,900
2,600
1,939
2,400
2,023
1,844
2,717
2,500
3,500
2,000
2,800
669
2,081
2,500
2,100
1,600
3,700
2,100
1,680
1,618
2,000
1,747
1,999
1,800
2,110
1,400
1,500
2,700
1,700
1,363
2,100
1,500
1,204
1,700
2,600
1,373
1,600
566
State Headquarters
Washington
Michigan
New York
New York
Texas
Indiana
Pennsylvania
Washington
California
New York
Georgia
Michigan
Georgia
New York
North Carolina
California
Virginia
California
New York
Ohio
Texas
California
Minnesota
Ohio
Wisconsin
Arizona
Michigan
California
Ohio
Washington
New York
New York
New York
New Jersey
New York
Florida
New York
California
Washington
Minnesota
Michigan
New York
California
Georgia
New York
Texas
Kentucky
Illinois
Virginia
California

Company
Ashland
Cigna
Devon Energy
Ecolab
Omnicom Group
Spectra Energy
Wells Fargo
Phillips-Van Heusen
Cardinal Health
Flowserve
Genworth Financial
FMC Technologies
FedEx
Eastman Chemical
Motorola Solutions
Precision Castparts
Capital One Financial
Owens Corning
Mohawk Industries
MeadWestvaco
CB Richard Ellis Group
Dover
World Fuel Services
Verizon Communications
Unisys
SPX
McGraw-Hill
Actavis
Jarden
Lear
Reinsurance Group of America
Sysco
Northern Trust
Time Warner
Automatic Data Processing
Marathon Oil
Unum Group
Seaboard
Textron
AECOM Technology
SanDisk
CST Brands, Inc.
CF Industries Holdings
Marriott International
Foot Locker
Avis Budget Group
Twenty-First Century Fox
Staples
Pitney Bowes
Henry Schein
2014
1,800
1,800
1,800
1,800
1,800
1,800
1,800
1,723
1,700
1,700
1,642
1,619
1,600
1,600
1,500
1,490
1,400
1,400
1,385
1,360
1,300
1,300
1,300
1,300
1,280
1,265
1,239
1,205
1,200
1,200
1,115
1,104
1,100
1,100
1,032
1,019
1,000
1,000
995
977
969
965
900
894
890
853
851
835
830
826
2013
464
1,100
1,500
1,600
1,500
2,100
1,600
377
1,800
1,700
3,019
1,524
1,300
813
1,400
1,114
1,300
1,270
1,200
1,470
1,100
2,100
1,100
2,100
1,130
1,634
930
1,258
1,200
948
1,154
1,052
956
1,000
910
1,438
1,000
1,019
778
852
752
892
1,000
739
835
720
700
604
700
694
2012
226
628
5,500
1,400
1,400
2,100
1,300
248
1,500
1,600
2,959
1,279
1,000
577
1,000
866
1,000
1,210
786
1,590
1,100
1,800
935
1,800
1,008
1,580
762
243
1,100
707
664
911
815
1,900
933
571
992
985
604
797
583
915
603
771
683
8,400
902
750
565
State Headquarters
Kentucky
Pennsylvania
Oklahoma
Minnesota
New York
Texas
California
New York
Ohio
Texas
Virginia
Texas
Tennessee
Tennessee
Illinois
Oregon
Virginia
Ohio
Georgia
Virginia
California
Illinois
Florida
New York
Pennsylvania
North Carolina
New York
New Jersey
New York
Michigan
Missouri
Texas
Illinois
New York
New Jersey
Texas
Tennessee
Kansas
Rhode Island
California
California
Texas
Illinois
Maryland
New York
New Jersey
New York
Massachusetts
Connecticut
New York

Company
Principal Financial
Boeing
Terex
Crown Holdings
Best Buy
Waste Management
Campbell Soup
Joy Global
Tenneco
Manpower
Genuine Parts
Penske Automotive Group
Mylan
Meritor
Ryder System
Travelers Cos.
Newell Rubbermaid
Wesco International
GameStop
United Rentals, Inc.
Gap
Kraft Foods Group
TJX
ConAgra Foods
Sanmina-SCI
Rockwell Collins
ITT
Tech Data
Commercial Metals
Timken
Live Nation Entertainment
Navistar International
W.W. Grainger
Office Depot
Wynn Resorts
Tyson Foods
UnitedHealth Group
Raytheon
General Cable
Dr Pepper Snapple Group
AutoZone
Quanta Services
CH2M Hill
L-3 Communications
Discovery Communications, Inc.
Target
Synnex
2014
825
800
800
774
770
750
740
739
737
733
712
711
693
679
666
658
647
602
597
595
595
581
578
567
560
544
511
508
500
488
487
477
475
469
464
416
412
403
391
384
370
354
349
345
345
331
331
329
328
321
2013
694
775
825
639
1,400
800
741
823
858
738
552
664
310
543
661
600
714
660
526
542
465
1,600
375
528
460
503
427
507
390
489
442
476
270
482
386
472
388
351
359
509
850
291
354
260
218
266
325
278
77
263
2012
629
851
580
2,500
850
561
723
728
595
382
817
216
496
471
544
755
694
324
493
347
1,700
24
385
400
446
396
407
291
473
544
474
507
326
451
334
230
94
420
800
293
386
196
105
161
346
172
52
248
State Headquarters
Iowa
Illinois
Connecticut
Pennsylvania
Minnesota
Texas
New Jersey
Wisconsin
Illinois
Wisconsin
Georgia
Michigan
Pennsylvania
Illinois
Michigan
Florida
New York
Georgia
Pennsylvania
Texas
Connecticut
California
Illinois
Massachusetts
Nebraska
California
Iowa
New York
Florida
Texas
Ohio
California
New Jersey
Illinois
Illinois
Florida
Nevada
Arkansas
Minnesota
Massachusetts
kentucky
Texas
California
Tennessee
Texas
Colorado
New York
Maryland
Minnesota
California

Company
Huntsman
ConocoPhillips
Lockheed Martin
Harris
LKQ Corporation
Visteon
J.M. Smucker
Rock-Tenn
MRC Global
AmerisourceBergen
Reliance Steel & Aluminum
Limited Brands
Bemis
Hershey
Nucor
Clorox
Oshkosh
Safeway
INTL FCStone
Leucadia National
Assurant
Electronic Arts
First American
Lowe's
Kelly Services
Smithfield Foods
Airgas
DirecTV
Express Scripts
SunGard Data Systems
Hormel Foods
Insight Enterprises
CDW
Graybar Electric
W.R. Berkley
Graham Holdings
Con-way
Owens & Minor
AK Steel Holding
Weyerhaeuser
Reynolds American
Group 1 Automotive
Tutor Perini
Dean Foods
United Natural Foods
2014
307
293
291
267
266
245
245
240
231
217
216
216
204
196
194
186
181
180
180
175
171
163
150
133
118
112
111
110
106
103
96
94
88
80
77
67
66
58
58
32
32
30
27
27
26
25
17
15
14
14
2013
194
3,222
222
325
166
185
250
158
193
126
203
113
391
121
222
158
98
120
170
123
134
144
1,381
122
110
51
77
17
97
14
82
100
69
72
46
53
59
103
67
30
22
18
27
23
26
27
21
4
13
7
2012
215
2,286
211
343
74
160
200
123
189
93
187
338
122
177
146
51
85
1,300
131
137
1,415
116
98
36
71
150
76
11
66
100
65
64
40
54
98
64
33
25
24
22
26
34
13
14
107
State Headquarters
Utah
Texas
Maryland
Florida
Illinois
Michigan
Ohio
Georgia
Texas
Pennsylvania
California
Ohio
Wisconsin
Pennsylvania
North Carolina
California
Wisconsin
Minnesota
California
Florida
New York
New York
California
California
Nevada
North Carolina
Michigan
Virginia
Pennsylvania
California
Missouri
Pennsylvania
Minnesota
Arizona
Pennsylvania
Illinois
Missouri
Connecticut
Michigan
Virginia
North Carolina
Ohio
Washington
California
North Carolina
Texas
California
Texas
Connecticut

Company
Masco
United States Steel
Sherwin-Williams
Toys "R" Us
All 304 Companies
2014
12
5
4
1
2,149,307
2013
10
830
7
1
1,941,100
2012
10
2,700
19
160
1,742,059
State Headquarters
Michigan
Pennsylvania
Ohio
New Jersey

Company
2014
2013
2012
Arizona
Avnet
Insight Enterprises
Arkansas
Wal-Mart Stores
Murphy Oil
Tyson Foods
California
Apple
Cisco Systems
Google
Hewlett-Packard
Chevron
Oracle
Amgen
Qualcomm
Intel
Gilead Sciences
Western Digital
eBay
Franklin Resources
Mattel
Agilent Technologies
Visa
Broadcom
Allergan
McKesson
Sempra Energy
Symantec
NetApp
Yahoo
Applied Materials
Avery Dennison
Ingram Micro
Walt Disney
Wells Fargo
CB Richard Ellis Group
AECOM Technology
SanDisk
Gap
Sanmina-SCI
Live Nation Entertainment
Synnex
Reliance Steel & Aluminum
Clorox
Safeway
Electronic Arts
First American
2,770
80
2,700
72
2,500
64
21,400
6,045
403
19,200
6,677
351
19,700
6,022
230
157,800
52,700
47,400
42,900
35,700
32,400
29,300
25,700
23,300
15,600
9,900
8,200
7,900
7,300
6,400
5,700
5,000
4,850
4,485
4,200
3,600
3,200
3,000
2,900
2,700
2,200
2,100
1,900
1,800
1,300
977
969
581
544
477
349
321
216
186
180
150
133
111,300
48,000
38,900
38,200
31,300
26,200
25,500
21,600
20,000
8,550
10,600
6,800
14,000
6,400
5,900
6,100
3,800
4,580
3,828
3,800
3,300
2,800
2,500
2,600
2,200
2,100
2,000
1,500
1,600
1,100
852
752
1,600
503
476
354
263
203
158
170
1,381
122
82,600
41,300
33,300
33,400
26,527
20,900
22,200
16,400
17,500
7,250
8,100
6,300
11,900
5,600
5,200
5,200
2,600
4,170
3,084
3,300
2,900
2,400
1,844
2,000
1,600
1,400
2,100
566
1,300
1,100
797
583
1,700
446
474
386
248
187
146
1,300
1,415
116

Company
DirecTV
Tutor Perini
Colorado
Liberty Global
Western Union
CH2M Hill
Connecticut
General Electric
United Technologies
Praxair
Xerox
Priceline.com
Pitney Bowes
Terex
United Rentals, Inc.
W.R. Berkley
United Natural Foods
Delaware
DuPont
Danaher
Graham Holdings
Florida
Jabil Circuit
World Fuel Services
Ryder System
Tech Data
Office Depot
Harris
INTL FCStone
Georgia
Coca-Cola
United Parcel Service
Home Depot
AGCO
NCR
Mohawk Industries
Genuine Parts
Newell Rubbermaid
Rock-Tenn
Idaho
Micron Technology
Illinois
Abbvie
Abbott Laboratories
Caterpillar
McDonald's
Kraft Foods
2014
2013
2012
103
26
15
14
26
4
11
26
14
11,100
7,500
331
8,000
5,000
266
667
4,400
161
119,000
28,000
10,400
8,500
7,300
830
800
595
58
14
110,000
25,000
9,300
8,000
4,900
700
825
465
103
7
108,000
22,000
8,000
8,300
3,200
750
851
347
98
17,226
15,978
13,179
11,800
58
10,600
67
9,300
64
2,300
1,300
658
500
416
267
175
2,000
1,100
600
390
472
325
123
1,800
935
544
291
451
343
131
33,300
4,683
3,400
3,300
2,100
1,385
712
602
240
30,600
4,130
3,100
3,100
1,900
1,200
552
660
158
26,900
3,575
2,700
2,900
1,500
786
382
694
123
4,910
1,800
1,100
23,000
23,000
18,000
15,400
13,900
13,200
21,000
24,000
17,000
16,100
12,200
12,400
19,400
40,000
15,000
14,800
10,600
10,300

Company
Archer Daniels Midland
Illinois Tool Works
Deere
Corn Products International
Motorola Solutions
Dover
Northern Trust
CF Industries Holdings
Boeing
Tenneco
Kraft Foods Group
Navistar International
W.W. Grainger
LKQ Corporation
CDW
Indiana
Eli Lilly
Cummins
Iowa
Principal Financial
Rockwell Collins
Kansas
Seaboard
Kentucky
Yum Brands
Ashland
General Cable
Maryland
Stanley Black & Decker
Marriott International
Discovery Communications, Inc.
Lockheed Martin
Massachusetts
EMC
Thermo Fisher Scientific
Boston Scientific
Biogen Idec
State Street Corp.
Staples
TJX
Raytheon
Michigan
Dow Chemical
General Motors
Stryker
Whirlpool
Ford Motor
Autoliv
TRW Automotive Holdings
2014
8,600
7,100
4,677
1,931
1,500
1,300
1,100
900
800
737
679
578
469
464
266
67
2013
7,500
9,000
4,297
1,585
1,400
2,100
956
1,000
775
858
543
375
482
386
166
53
2012
7,700
8,300
3,209
1,373
1,000
1,800
815
915
728
496
24
507
326
74
40
25,700
3,800
23,740
3,100
20,980
2,300
825
511
694
427
629
396
1,000
1,019
985
2,000
1,800
370
2,600
464
850
2,600
226
800
4,773
894
329
291
4,439
739
278
222
3,902
603
172
211
11,800
8,440
7,700
4,600
4,200
835
567
384
10,200
5,970
11,902
3,800
3,500
604
528
509
8,100
5,420
11,041
3,300
2,700
902
385
420
18,037
7,100
5,878
4,900
4,300
4,000
3,400
16,139
6,700
7,023
3,500
7,500
4,300
3,400
14,504
5,500
6,232
3,300
6,600
4,000
2,800

Company
BorgWarner
Kellogg
Lear
Penske Automotive Group
Meritor
Visteon
Kelly Services
Con-way
Masco
Minnesota
Medtronic
3M
St. Jude Medical
General Mills
Mosaic
Ecolab
Best Buy
UnitedHealth Group
Target
Hormel Foods
Missouri
Emerson Electric
Monsanto
Reinsurance Group of America
Express Scripts
Graybar Electric
Nebraska
Berkshire Hathaway
ConAgra Foods
Nevada
Las Vegas Sands
Wynn Resorts
New Jersey
Merck
Johnson & Johnson
Honeywell International
Celgene
Cognizant Technology Solutions
Becton Dickinson
Prudential Financial
Actavis
Automatic Data Processing
Avis Budget Group
Campbell Soup
Toys "R" Us
New York
Pfizer
2014
2,700
2,200
1,200
711
666
245
111
32
12
2013
2,300
2,200
948
664
661
185
77
30
10
2012
2,100
1,700
707
817
471
160
71
33
10
20,529
11,200
4,200
2,800
2,200
1,800
770
391
328
180
88
20,499
9,700
3,600
2,700
1,900
1,600
1,400
359
77
120
69
17,977
8,600
2,800
2,800
2,700
1,400
2,500
94
52
85
65
7,100
4,400
1,115
96
66
7,100
3,300
1,154
82
59
6,300
3,100
664
66
54
10,000
560
9,300
460
7,900
400
6,070
412
118
5,940
388
110
4,270
334
98
60,000
53,400
15,000
7,541
6,121
4,900
2,396
1,205
1,032
853
740
475
1
57,100
50,900
13,500
6,129
4,828
4,400
1,973
1,258
910
720
741
270
1
53,400
49,000
11,600
4,300
3,754
4,400
1,747
243
933
683
561
160
74,000
69,000
73,000

Company
Citigroup
PepsiCo
Goldman Sachs Group
Corning
American Express
Hess
Morgan Stanley
Marsh & McLennan
Colgate-Palmolive
Alcoa
MetLife
CBS
BlackRock
Starwood Hotels & Resorts
MasterCard
Arrow Electronics
Viacom
Este Lauder
Loews
CA
Interpublic Group
Polo Ralph Lauren
Coach, Inc.
Omnicom Group
Phillips-Van Heusen
Verizon Communications
McGraw-Hill
Jarden
Time Warner
Foot Locker
Twenty-First Century Fox
Henry Schein
Travelers Cos.
ITT
L-3 Communications
Leucadia National
Assurant
North Carolina
VF
SPX
Nucor
Lowe's
Reynolds American
Ohio
2014
61,400
43,800
37,800
31,100
24,880
24,000
10,300
9,700
8,300
7,364
6,300
6,000
4,900
4,600
4,200
3,990
3,871
3,500
3,300
2,947
2,500
2,403
2,400
2,349
2,214
2,176
2,034
1,800
1,723
1,300
1,239
1,200
1,100
890
851
826
647
508
331
171
163
2013
52,300
43,800
34,100
28,500
22,540
24,000
12,400
9,600
7,500
6,675
5,200
5,300
4,700
5,200
3,300
4,040
3,074
3,300
3,500
2,813
2,100
1,980
2,400
2,220
1,960
1,899
1,602
1,500
377
2,100
930
1,200
1,000
835
700
694
714
507
325
134
144
2012
44,400
42,600
32,200
25,100
21,690
21,000
11,900
8,500
6,700
7,191
4,300
4,300
4,300
8,000
2,400
3,540
2,125
2,900
2,600
2,717
1,680
1,618
2,000
1,999
2,110
1,363
1,204
1,400
248
1,800
762
1,100
1,900
771
8,400
565
755
407
346
137
17,200
3,297
1,265
194
112
30
25
17,000
2,533
1,634
222
51
18
27
17,200
1,939
1,580
177
36
34

Company
Procter & Gamble
Eaton
Owens-Illinois
Parker Hannifin
Goodyear Tire & Rubber
Cardinal Health
Owens Corning
Timken
J.M. Smucker
Limited Brands
AK Steel Holding
Sherwin-Williams
Oklahoma
Devon Energy
Oregon
Nike
Precision Castparts
Pennsylvania
PPG Industries
PPL
Cigna
Unisys
Crown Holdings
Mylan
Wesco International
AmerisourceBergen
Hershey
Airgas
SunGard Data Systems
United States Steel
Rhode Island
Textron
Tennessee
International Paper
FedEx
Eastman Chemical
Unum Group
AutoZone
Texas
Exxon Mobil
Kimberly-Clark
Texas Instruments
Halliburton
Baker Hughes
National Oilwell Varco
Cameron International
Celanese
Valero Energy
2014
44,000
12,500
2,900
2,800
2,600
1,700
1,400
487
245
216
27
4
2013
42,000
10,500
3,200
2,700
3,800
1,800
1,270
442
250
113
27
7
2012
39,000
8,000
2,500
669
3,700
1,500
1,210
544
200
24
19
1,800
1,500
5,500
6,600
1,490
6,700
1,114
5,500
866
5,894
5,000
3,700
1,800
1,280
774
693
597
217
196
106
94
77
5
5,525
3,900
2,900
1,100
1,130
639
310
526
126
121
97
100
46
830
5,278
3,476
2,000
628
1,008
580
216
324
93
122
76
100
2,700
995
778
604
5,200
1,600
1,600
1,000
345
5,100
1,300
813
1,000
260
4,700
1,000
577
992
196
51,000
8,600
7,670
6,700
6,100
5,874
5,100
3,800
2,900
47,000
9,800
6,870
6,100
5,900
6,045
4,700
3,200
3,500
43,000
9,500
5,540
4,400
2,600
4,620
4,500
2,900
3,500

Company
Phillips
Spectra Energy
Flowserve
FMC Technologies
Sysco
Marathon Oil
CST Brands, Inc.
Waste Management
GameStop
Commercial Metals
Dr Pepper Snapple Group
Quanta Services
ConocoPhillips
MRC Global
Group 1 Automotive
Dean Foods
Utah
Huntsman
Virginia
Computer Sciences
General Dynamics
Genworth Financial
Capital One Financial
MeadWestvaco
Smithfield Foods
Owens & Minor
Washington
Microsoft
Paccar
Costco Wholesale
Amazon.com
Starbucks
Weyerhaeuser
Wisconsin
Johnson Controls
Rockwell Automation
Joy Global
Manpower
Bemis
Oshkosh
All 304 Companies
2014
2,000
1,800
1,700
1,619
1,104
1,019
965
750
595
488
354
345
293
231
17
14
2013
1,700
2,100
1,700
1,524
1,052
1,438
892
800
542
489
291
218
3,222
193
21
13
2012
1,700
2,100
1,600
1,279
911
571
850
493
473
293
105
2,286
189
13
107
307
194
215
3,110
1,900
1,642
1,400
1,360
110
32
2,977
1,700
3,019
1,300
1,470
17
22
2,023
1,600
2,959
1,000
1,590
150
25
92,900
4,100
3,619
2,500
2,200
27
76,400
4,400
3,619
2,500
1,900
23
60,800
3,900
3,162
2,100
1,500
22
8,100
2,781
739
733
204
181
5,700
2,427
823
738
391
98
6,400
2,081
723
595
338
51
2,149,307
1,941,100
1,742,059

Dozens of Companies Admit Using Tax Havens

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Dozens of Companies Admit Using Tax Havens

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April 1, 2015

Media contact: Jenice

Dozens of Companies Admit Using Tax Havens

How We Know When Multinationals Offshore Cash is Largely in Tax Havens

Hundreds of Billions in Tax Revenue at Stake

20 of the Biggest Non-Disclosing Companies Hold $906 Billion Offshore

Congress Should Act

While corporations offshore holdings have

Even Non-Disclosers Slip Up Sometimes

What Should Be Done?

57 Companies That Disclose Likely Tax

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

Unrepatriated Foreign Profits of 304 Major Corporations, 20122014

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