Same as usual: Raise dividends and buy back shares.
If history is any guide, the Republicans just gave Apple shareholders a big fat gift.
Not seeing the interactive chart? Try the website.
My take: I can see the arguments for a corporate tax cut and a repatriation tax holiday. But the bill that just passed looks to me (and not just to me) like payback for donors. For the record, Tim Cook gives money both parties, slightly favoring Republicans.
UPDATE: From Neil Cybart at Above Avalon:
- Apple will bring its foreign cash back to the U.S.
- Apple will likely slow the pace of debt issuance given significant U.S. cash.
- Apple will likely increase the pace of share buyback.
- Apple’s effective tax rate going forward will likely be somewhere in the mid-teens.