U.S. Technology Companies May Double Overseas Cash, Moody’s Says

The amount of cash major U.S.-based technology companies hold overseas may almost double in the next three years to $238 billion, Moody’s Investors Service said today in a report.

Companies including Apple Inc. and Microsoft Corp. have kept their cash overseas to avoid paying as much as a 35 percent U.S. repatriation tax on their earnings. The 11 companies in the report hold an average of 73 percent of their cash overseas, and Moody’s predicts that number will increase to 79 percent by 2014.