I think President Obama’s Health Care Plan is very well designed and by far the pinnacle point of his Presidency.
Everyone will quibble with certain parts of it, but I really liked every one of the many changes that he made.
I would have liked to see the hospitals pony up more money, but after the very bright and savvy Kathleen Sebelius sees the windfall profits and/or frivolous spending increases reported by many of the hospitals start trickling in, I trust that she’ll take the proper actions to further reduce health care costs.
Thursday, March 18, 2010
Thursday, March 4, 2010
Job Creation Funding #2 Update: Pecking Order of Foreign Earnings Repatriation Tax Tranches
With the December 2009 year-end, US public companies with calendar years ends, just very recently filed their 10-Ks with the SEC. Thus, let me update the very key unremitted foreign earnings disclosure of US multinational corps.
In my quick review here, I found 606 US multinational corps so far with unremitted foreign earnings in excess of $50 mil each, for a total of a monstrous $1.263 trillion.
And I reviewed many more than 400 additional US multinational corp footnotes so far where there were significant, and in many cases very substantial, foreign earnings, but where the corp decided to not disclose the amount of its key unremitted foreign earnings. I have to ask...Whatever happened to financial transparency? And just where is the SEC here?
Also, I only reviewed public company footnotes and there certainly will be many private companies with unremitted foreign earnings.
Thus, my hunch is that in total, there are much more than 1,000 US multinational corps with unremitted foreign earnings of more than $50 mil each, which would total more than $1.6 trillion of unremitted foreign earnings as of Dec 31, 2009. This is much higher than my previous estimate of more than $1.1 trillion. And those more than 1,000 don't even include the many hundreds of public multinational corps reporting unremitted foreign earnings of less than $50 mil.
When I do the mathematics using the past 16.4% annual growth of this key unremitted foreign earnings number, if nothing changes, these $1.6 trillion of unremitted foreign earnings will grow to more than $4.6 trillion by the end of President Obama's second presidential term.
This US multinational corp meteoric overseas expansion is probably the main cause of the sky high US unemployment and US underemployment rates, and if President Obama's economic team continues to ignore it, I think the US unemployment and US underemployment rates will not decline much from where they are now through the end of the President's second term.
With none of this $4.6 trillion of unremitted foreign earnings used for wise US job creation, for US R&D, and for US capital expenditures, the Dow will be at 20,000, the NASDAQ will be north of 5,000, and the Non-profit hospitals will have investment treasure chests much above $1 trillion, but the US National Debt will hit nosebleed levels and the US middle class will be substantially depleted. I don't think that is much of an economic legacy....It's great for the haves, but not much for the country as a whole or for the substantially increased number of have-nots.
At the end of President Obama's second term, I would much prefer to see a Dow at 18,000, an unemployment rate of 5% and a modest underemployed rate, rather than a Dow at 20,000, an unemployment rate of 9% and also very high underemployed numbers. The former makes for a substantially lower National Debt, a much more robust middle class and also fairly spreads the economic benefits over the entire US population.
Now there is no rightful place for international tax evasion like corporate inversions, the use of international tax havens like Bermuda and the Cayman Islands, and the use of Controlled Foreign Corps in places like Puerto Rico, but you just can't blame a US multinational corp for factoring in the legitimate lower international tax rates in making its business placement decisions.
From reviewing these thousands of income tax footnotes, the number of countries granting tax holidays to US multinational corps is growing like weeds. Here are a few of the many countries I found that were granting US multinational corps substantial tax holidays:
China
India
Taiwan
Singapore
Ireland
Costa Rica
Switzerland
Dominican Republic
The Philippines
Thailand
Malaysia
Israel
Vietnam
The Netherlands
Turkey
Uruguay
Argentina
Brazil
Clearly, the US government is way behind the curve here. I think US citizens can fairly fault the US government for not attempting to be more competitive with the widespread and growing legitimate lower international tax rates, particularly if the result is so many of its US citizens are placed on the employment sidelines or are underemployed.
With so many multinationals with such huge unremitted foreign earnings numbers, I think it would be very beneficial to the very troubled US economy if many of these multinational corps can be tax incentivized, in a very measured way, to repatriate some of their foreign earnings, and for them to invest the resultant cash proceeds in new US job creation, in US R&D, and in US capital expenditures. I think it is high time for some serious backshoring.
Here is a listing of the 606 US multinational corps with unremitted foreign earnings of $50 mil or more, as disclosed in their most recent 10-K:
.................................. Amount
................................... in bils
1 GE………………………. $84.0 bil
2 Pfizer………………….. $42.5 bil
3 Exxon Mobil………… $42.0 bil
4 JNJ…………………….. $32.2 bil
5 Merck…………………. $31.2 bil
6 Citigroup……………… $27.3 bil
7 IBM…………………….. $26.0 bil
8 Procter & Gamble…… $25.0 bil
9 Cisco……………………. $24.1 bil
10 PepsiCo………………. $21.9 bil
11 Abbott Labs…………. $20.6 bil
12 Chevron……………….. $20.5 bil
13 Coca Cola……………… $19.0 bil
14 Microsoft………………. $18.0 bil
15 Schlumberger…………. $18.0 bil
16 Bank of America……… $16.7 bil
17 Bristol Myers Squibb.. $16.5 bil
18 Hewlett Packard………. $16.5 bil
19 Goldman Sachs………. $16.2 bil
20 JP Morgan Chase……. $15.7 bil
21 Eli Lilly………………….. $15.5 bil
22 Apache………………… $15.3 bil
23 Amgen…………………. $14.3 bil
24 PMI…………………….. $14.0 bil
25 Tyco Electronics…… $14.0 bil
26 Oracle…………………. $13.7 bil
27 WalMart……………….. $13.7 bil
28 Google…………………. $12.3 bil
29 Dell…………………….. $11.3 bil
30 DuPont………………… $11.3 bil
31 Intel…………………….. $10.1 bil
32 Medtronic……………… $9.7 bil
33 Boston Scientific…….. $9.4 bil
34 McDonald's……………. $9.2 bil
35 Caterpillar……………… $9.0 bil
36 Dow Chemical………… $8.7 bil
37 Qualcomm…………….. $8.6 bil
38 Alcoa…………………… $8.1 bil
39 Xerox………………….. $8.0 bil
40 Ebay……………………. $7.9 bil
41 Corning………………… $7.3 bil
42 Baxter………………….. $6.8 bil
43 American Express….. $6.6 bil
44 Danaher……………….. $6.5 bil
45 General Motors………. $6.3 bil
46 Archer Daniels Midland $6.0 bil
47 Ingersoll-Rand………… $6.0 bil
48 Kimberly Clark………… $5.8 bil
49 Illinois Tool Works…… $5.7 bil
50 Kraft……………………… $5.7 bil
51 3M………………………… $5.6 bil
52 Occidental Petroleum.. $5.5 bil
53 News Corp……………. $5.3 bil
54 Praxair…………………. $5.3 bil
55 Apple………………….. $5.1 bil
56 Honeywell…………….. $5.1 bil
57 Eaton………………….. $4.9 bil
58 EMC……………………. $4.3 bil
59 Emerson Electric……. $4.3 bil
60 Bunge, Ltd…………….. $4.2 bil
61 Valero Energy………… $4.1 bil
62 Morgan Stanley………. $4.0 bil
63 Murphy Oil…………….. $4.0 bil
64 Berkshire Hathaway… $3.8 bil
65 Johnson Controls…….. $3.8 bil
66 International Paper….. $3.5 bil
67 Mattel……………………. $3.5 bil
68 Amerada Hess………… $3.4 bil
69 Cardinal Health……….. $3.4 bil
70 Forest Labs…………….. $3.4 bil
71 Franklin Resources….. $3.4 bil
72 Monsanto……………….. $3.4 bil
73 Heinz…………………….. $3.3 bil
74 Gilead Sciences………. $3.2 bil
75 Stryker………………….. $3.2 bil
76 Thermo Fisher Scientific $3.2 bil
77 Marsh & McLennan….. $3.1 bil
78 Paccar……………………. $3.1 bil
79 Texas Instruments……. $3.1 bil
80 Agilent Technologies…. $3.0 bil
81 Air Products&Chemicals $3.0 bil
82 CBS………………………… $3.0 bil
83 EOG Resources………… $3.0 bil
84 Colgate Palmolive…….. $2.9 bil
85 GMAC………………….. $2.9 bil
86 US Steel…………………. $2.9 bil
87 Celanese…………………. $2.8 bil
88 Celgene………………….. $2.8 bil
89 Goodyear Tire&Rubber. $2.8 bil
90 National Oilwell Varco.. $2.8 bil
91 Becton Dickinson…….. $2.6 bil
92 Ensco International…… $2.6 bil
93 Nike……………………….. $2.6 bil
94 Mosaic……………………. $2.5 bil
95 TRW Automotive Hldgs. $2.5 bil
96 Western Digital……….. $2.5 bil
97 Dole Food Co………….. $2.4 bil
98 Motorola………………. $2.4 bil
99 Overseas Shiphldg Grp $2.4 bil
100 Whirlpool………………. $2.4 bil
101 Baker Hughes………… $2.3 bil
102 Allergan……………….. $2.2 bil
103 Avon Products……….. $2.2 bil
104 Biogen Idec…………… $2.2 bil
105 Carefusion……………. $2.2 bil
106 United Parcel Service… $2.2 bil
107 AGCO…………………… $2.1 bil
108 Aon…………………….. $2.1 bil
109 Black & Decker……….. $2.1 bil
110 ConcoPhillips………….. $2.1 bil
111 General Mills………….. $2.1 bil
112 PPG Industries………… $2.0 bil
113 Pride International….. $2.0 bil
114 Western Union……….. $2.0 bil
115 Yahoo………………….. $2.0 bil
116 Analog Devices………. $1.9 bil
117 Autoliv………………….. $1.9 bil
118 Bank of NY Mellon……. $1.9 bil
119 Marathon Oil…………… $1.9 bil
120 Eastman Kodak………. $1.8 bil
121 McKesson…………….. $1.8 bil
122 MeadWesstvaco……… $1.8 bil
123 Owens Illinois………… $1.8 bil
124 Southern Copper…….. $1.8 bil
125 Transocean……………. $1.8 bil
126 Zimmer Holdings……… $1.8 bil
127 Cameron International… $1.7 bil
128 Chiquita Brands………. $1.7 bil
129 ITT……………………….. $1.7 bil
130 Prudential Financial…… $1.7 bil
131 Safeway………………… $1.7 bil
132 Vishay Intertechnology. $1.7 bil
133 Borg Warner…………… $1.6 bil
134 Costco…………………… $1.6 bil
135 Ingram Micro………….. $1.6 bil
136 Interpublic Group…….. $1.6 bil
137 SPX……………………….. $1.6 bil
138 Time Warner…………… $1.6 bil
139 Accenture…………….. $1.5 bil
140 Adobe…………………. $1.5 bil
141 Avnet………………….. $1.5 bil
142 Cognizant Tech Sols…. $1.5 bil
143 Noble Corp…………….. $1.5 bil
144 Sempra Energy………. $1.5 bil
145 Symantec……………… $1.5 bil
146 Arrow Electronics……. $1.4 bil
147 Genworth Financial….. $1.4 bil
148 Peabody Energy……… $1.4 bil
149 Pepsi Bottling…………. $1.4 bil
150 Rockwell Automation… $1.4 bil
151 St Jude Medical………. $1.4 bil
152 Waters Corp………….. $1.4 bil
153 Wells Fargo…………… $1.4 bil
154 CIT Group……………… $1.3 bil
155 Computer Associates… $1.3 bil
156 Computer Sciences….. $1.3 bil
157 CR Bard……………….. $1.3 bil
158 Deere………………….. $1.3 bil
159 Ford……………………. $1.3 bil
160 Herbalife………………. $1.3 bil
161 IMS Health…………….. $1.3 bil
162 Kellogg………………… $1.3 bil
163 Lexmark……………….. $1.3 bil
164 Mastercard……………. $1.3 bil
165 Parker Hannifin……….. $1.3 bil
166 Avery Dennison……… $1.2 bil
167 General Dynamics……. $1.2 bil
168 Lear……………………… $1.2 bil
169 Noble Energy………….. $1.2 bil
170 State Street Corp……… $1.2 bil
171 Tidewater……………… $1.2 bil
172 Viacom………………… $1.2 bil
173 Electronic Arts……….. $1.1 bil
174 Gap……………………. $1.1 bil
175 Microchip Technology.. $1.1 bil
176 Molson Coors Brewing $1.1 bil
177 Office Depot………….. $1.1 bil
178 Verizon Commun……… $1.1 bil
179 Best Buy………………. $1.0 bil
180 Estee Lauder…………. $1.0 bil
181 First Solar……………… $1.0 bil
182 Hospira………………… $1.0 bil
183 Intl Flavors & Frags…… $1.0 bil
184 Invesco……………….. $1.0 bil
185 Lubrizol………………… $1.0 bil
186 Altera………………….. $0.9 bil
187 Amazon.com………….. $0.9 bil
188 Autodesk……………… $0.9 bil
189 BJ Services…………… $0.9 bil
190 Citrix Systems………… $0.9 bil
191 Corn Products Intl…….. $0.9 bil
192 Duke Energy………….. $0.9 bil
193 Hasbro………………… $0.9 bil
194 Juniper Networks…….. $0.9 bil
195 Las Vegas Sands……. $0.9 bil
196 Marriott………………… $0.9 bil
197 Molex………………….. $0.9 bil
198 NCR……………………. $0.9 bil
199 NetApp………………… $0.9 bil
200 Rockwood Holdings….. $0.9 bil
201 Stanley Works………… $0.9 bil
202 Terex………………….. $0.9 bil
203 Unisys…………………. $0.9 bil
204 Yum Brands…………… $0.9 bil
205 Automatic Data Proc…. $0.8 bil
206 Black Rock…………….. $0.8 bil
207 Bruker…………………. $0.8 bil
208 CB Richard Ellis Group $0.8 bil
209 Coca Cola Enterprises.. $0.8 bil
210 Ecolab…………………. $0.8 bil
211 Energizer Holdings…… $0.8 bil
212 Harsco………………… $0.8 bil
213 Kinetic Concepts……… $0.8 bil
214 Lam Research………… $0.8 bil
215 MEMC Electronic Matls.. $0.8 bil
216 Nvidia………………….. $0.8 bil
217 Owens Corning………. $0.8 bil
218 Pall Corp………………. $0.8 bil
219 Pitney Bowes…………. $0.8 bil
220 Polo Ralph Lauren……. $0.8 bil
221 Rohm & Haas…………. $0.8 bil
222 Starwood Hotels & Res $0.8 bil
223 V. F. Corp……………… $0.8 bil
224 Warner Chilcott……….. $0.8 bil
225 Advanced Micro Device $0.7 bil
226 Aptar Group…………… $0.7 bil
227 Beckman Coulter……… $0.7 bil
228 Cabot………………….. $0.7 bil
229 Dover………………….. $0.7 bil
230 FMC Technologies……. $0.7 bil
231 FMC……………………. $0.7 bil
232 General Cable………… $0.7 bil
233 Jarden…………………. $0.7 bil
234 Manitowoc…………….. $0.7 bil
235 Manpower…………….. $0.7 bil
236 Mohawk Industries…… $0.7 bil
237 ON Semiconductor…… $0.7 bil
238 PPL…………………….. $0.7 bil
239 Precision Castparts…… $0.7 bil
240 RPM International……… $0.7 bil
241 Seaboard……………… $0.7 bil
242 Valhi…………………… $0.7 bil
243 W R Grace……………. $0.7 bil
244 Warner Music Group…. $0.7 bil
245 Xilinx…………………… $0.7 bil
246 Chicago Bridge & Iron… $0.6 bil
247 CNA Financial…………. $0.6 bil
248 CommScope…………… $0.6 bil
249 Edwards Lifesciences $0.6 bil
250 Exterran Holdings…….. $0.6 bil
251 Federal Mogul…………. $0.6 bil
252 Fortune Brands……….. $0.6 bil
253 Goodrich………………. $0.6 bil
254 Intercontinental Exchge $0.6 bil
255 McAfee………………… $0.6 bil
256 McCormick & Co………. $0.6 bil
257 Newell Rubbermaid…… $0.6 bil
258 Northrop Grumman…… $0.6 bil
259 PerkinElmer……………. $0.6 bil
260 PPL…………………….. $0.6 bil
261 ResMed……………….. $0.6 bil
262 Sigma Aldrich…………. $0.6 bil
263 Staples………………… $0.6 bil
264 Teleflex……………….. $0.6 bil
265 Tellabs…………………. $0.6 bil
266 Tenneco………………. $0.6 bil
267 The Cooper Cos………. $0.6 bil
268 Thomas & Betts………. $0.6 bil
269 Tupperware Brands…. $0.6 bil
270 USG……………………. $0.6 bil
271 Varian Medical Systems $0.6 bil
272 Varian…………………. $0.6 bil
273 VM Ware………………. $0.6 bil
274 Waste Management….. $0.6 bil
275 Activision Blizzard……. $0.5 bil
276 ArvinMentor…………… $0.5 bil
277 Ashland……………….. $0.5 bil
278 Atwood Oceanics……. $0.5 bil
279 AXA Fincl Group……… $0.5 bil
280 Barnes Group………… $0.5 bil
281 Bucyrus International…….. $0.5 bil
282 Campbell Soup………… $0.5 bil
283 Chemtura……………… $0.5 bil
284 Cliffs Natural Res…….. $0.5 bil
285 Covance………………. $0.5 bil
286 Dentsply International…… $0.5 bil
287 Donaldson…………….. $0.5 bil
288 Dun & Bradstreet……… $0.5 bil
289 Home Depot…………… $0.5 bil
290 Jabil Circuit……………. $0.5 bil
291 Liberty Global…………. $0.5 bil
292 Loew's Corp………….. $0.5 bil
293 McDermott Intl…………. $0.5 bil
294 MICROS System………. $0.5 bil
295 Millipore……………….. $0.5 bil
296 Moodys………………… $0.5 bil
297 Northern Trust………… $0.5 bil
298 Oil States International.. $0.5 bil
299 Penske Automotive Grp $0.5 bil
300 Priceline com………….. $0.5 bil
301 Reynolds American…… $0.5 bil
302 Roper Industries……… $0.5 bil
303 Spectrum Brands…….. $0.5 bil
304 Starbucks……………… $0.5 bil
305 Timken…………………. $0.5 bil
306 WABCO Holdings…….. $0.5 bil
307 West Pharmaceutical… $0.5 bil
308 World Fuel Services….. $0.5 bil
309 Ametek………………… $0.4 bil
310 Anixter International….. $0.4 bil
311 Applied Materials……… $0.4 bil
312 Avis Budget Group…… $0.4 bil
313 BearingPoint…………… $0.4 bil
314 Benchmark Electronics. $0.4 bil
315 Bio-Rad Laboratories… $0.4 bil
316 Brady………………….. $0.4 bil
317 Brinks………………….. $0.4 bil
318 Coach………………….. $0.4 bil
319 Commercial Metals……. $0.4 bil
320 Cytec Industries………. $0.4 bil
321 El Paso Corp…………… $0.4 bil
322 GameStop……………… $0.4 bil
323 Genpact……………….. $0.4 bil
324 Guess $0.4 bil
325 H B Fuller………………. $0.4 bil
326 Joy Global……………… $0.4 bil
327 McGraw-Hill…………… $0.4 bil
328 Micron Technology…… $0.4 bil
329 Modine Manufacturing.. $0.4 bil
330 Moog…………………… $0.4 bil
331 Nalco Holding…………. $0.4 bil
332 Navistar International… $0.4 bil
333 Reinsurance Grp Amer $0.4 bil
334 Rofin-Sinar Technology $0.4 bil
335 Ryder System………… $0.4 bil
336 sohu.com……………… $0.4 bil
337 Synopsys……………… $0.4 bil
338 Teradata………………. $0.4 bil
339 Travelers……………… $0.4 bil
340 Wynn Resorts………… $0.4 bil
341 A O Smith……………… $0.3 bil
342 A Schulman…………… $0.3 bil
343 Actuant……………….. $0.3 bil
344 AECOM Technology….. $0.3 bil
345 Affiliated Computer Svc $0.3 bil
346 Albany Intl……………… $0.3 bil
347 Alberto-Culver………… $0.3 bil
348 Amkor Technology…… $0.3 bil
349 Brocade Comm Systs… $0.3 bil
350 Charles River Labs…… $0.3 bil
351 Convergys……………. $0.3 bil
352 Delphi………………….. $0.3 bil
353 DirecTV Group………… $0.3 bil
354 Eastman Chemical……. $0.3 bil
355 Fairchild Semicondr….. $0.3 bil
356 Fidelity Natl Info Svcs… $0.3 bil
357 Flir Systems…………… $0.3 bil
358 Foster Wheeler……….. $0.3 bil
359 Gardner Denver………. $0.3 bil
360 Harris Corp……………. $0.3 bil
361 Hubbell………………… $0.3 bil
362 Huntsman Group……… $0.3 bil
363 Integrated Device Tech $0.3 bil
364 Linear Technology……. $0.3 bil
365 Mentor Graphics……… $0.3 bil
366 MKS Instruments……… $0.3 bil
367 National Instruments….. $0.3 bil
368 Nordson……………….. $0.3 bil
369 Orthofix Intl……………. $0.3 bil
370 Plantronics……………. $0.3 bil
371 Sensient Technologies $0.3 bil
372 Smith International……. $0.3 bil
373 Snap-On………………. $0.3 bil
374 Sonoco Products……… $0.3 bil
375 Sotheby's……………… $0.3 bil
376 Sungard Data Systems $0.3 bil
377 Sykes Enterprises……. $0.3 bil
378 Textron………………… $0.3 bil
379 Valeant Pharma………. $0.3 bil
380 Valspar………………… $0.3 bil
381 Visa……………………. $0.3 bil
382 Warnaco Group………. $0.3 bil
383 Watson Wyatt………… $0.3 bil
384 Watts Water Technol… $0.3 bil
385 Wyndham Worldwide… $0.3 bil
386 Anheuser-Busch $0.2 bil
387 Arch Chemicals $0.2 bil
388 BE Aerospace $0.2 bil
389 Bemis $0.2 bil
390 Blount Intl $0.2 bil
391 BMC Software $0.2 bil
392 Bristow Group $0.2 bil
393 Broadcom $0.2 bil
394 Brown-Forman $0.2 bil
395 Capital One Financial $0.2 bil
396 Carlisle $0.2 bil
397 Cinemark Holdings $0.2 bil
398 Cintas $0.2 bil
399 CIRCOR Intl $0.2 bil
400 Columbia Sportswear $0.2 bil
401 Compass Minerals $0.2 bil
402 Crane $0.2 bil
403 CROCs $0.2 bil
404 Crown Holdings $0.2 bil
405 Cypress Semiconductor $0.2 bil
406 Devry $0.2 bil
407 Diodes $0.2 bil
408 Dresser-Rand Group $0.2 bil
409 EnerSys $0.2 bil
410 EnPro Industries $0.2 bil
411 Federal Express $0.2 bil
412 Fossil $0.2 bil
413 Garmin $0.2 bil
414 Henry Schein $0.2 bil
415 Hercules $0.2 bil
416 Hexion Specialty Chemicals $0.2 bil
417 IDEXX Labs $0.2 bil
418 Inter Parfums $0.2 bil
419 Interactive Data $0.2 bil
420 Interface $0.2 bil
421 Inverness Med Inov $0.2 bil
422 John Wiley & Sons $0.2 bil
423 King Pharmaceuticals $0.2 bil
424 KLA Tencor $0.2 bil
425 Leggett & Platt $0.2 bil
426 Life Technologies $0.2 bil
427 Lowe's $0.2 bil
428 Mine Safety Appliances $0.2 bil
429 Minerals Technologies $0.2 bil
430 Nacco Industries $0.2 bil
431 Novell $0.2 bil
432 OM Group $0.2 bil
433 OmniVision $0.2 bil
434 Oshkosh $0.2 bil
435 Parametric Technology $0.2 bil
436 Parexel Intl $0.2 bil
437 Pentair $0.2 bil
438 Perot Systems $0.2 bil
439 Perrigo $0.2 bil
440 Pharmaceutical Prod Dev $0.2 bil
441 Plexus $0.2 bil
442 Polycom $0.2 bil
443 Polyone $0.2 bil
444 Quest Software $0.2 bil
445 Rockwell Collins $0.2 bil
446 Seacor Holdings $0.2 bil
447 Semtech $0.2 bil
448 Service Corp International $0.2 bil
449 Silicon Laboratories $0.2 bil
450 Solera Holdings $0.2 bil
451 Spansion $0.2 bil
452 Spectra Energy $0.2 bil
453 Steelcase $0.2 bil
454 SunPower $0.2 bil
455 Synaptics $0.2 bil
456 Take Two Interactive $0.2 bil
457 Teletech Holdings $0.2 bil
458 Tempur Pedic Intl $0.2 bil
459 Teradyne $0.2 bil
460 Tiffany $0.2 bil
461 Tim Hortons $0.2 bil
462 Titanium Metals $0.2 bil
463 Tyson Foods $0.2 bil
464 Valmont Industries $0.2 bil
465 Verisign $0.2 bil
466 Wesco International $0.2 bil
467 Williams Companies $0.2 bil
468 Wolverine World Wide $0.2 bil
469 Worthington Indust $0.2 bil
470 Air Gas $0.1 bil
471 Alliance One $0.1 bil
472 Amcol Intl $0.1 bil
473 American Greetings $0.1 bil
474 Ameriprise Fincl $0.1 bil
475 Ameron Intl $0.1 bil
476 Ansys $0.1 bil
477 Armstrong World Indus $0.1 bil
478 Asia Info Holdings $0.1 bil
479 Assurant $0.1 bil
480 Atmel $0.1 bil
481 ATMI $0.1 bil
482 Avid Technology $0.1 bil
483 Baldor Electric $0.1 bil
484 Broadridge Fincl Sol $0.1 bil
485 Burger King Holdings $0.1 bil
486 Cadence Design Syst $0.1 bil
487 Carpenter Technology $0.1 bil
488 Cascade $0.1 bil
489 Chart Industries $0.1 bil
490 Check Point Systems $0.1 bil
491 Church & Dwight $0.1 bil
492 CLACOR $0.1 bil
493 Clorox $0.1 bil
494 Coherent $0.1 bil
495 Colgax $0.1 bil
496 Cooper Tire & Rubber $0.1 bil
497 Covanta Holdings $0.1 bil
498 Cree $0.1 bil
499 Cubic Corp $0.1 bil
500 Curtiss Wright $0.1 bil
501 Cymer $0.1 bil
502 Digital River $0.1 bil
503 Dionex $0.1 bil
504 Disney $0.1 bil
505 Dr Pepper Snapple Group $0.1 bil
506 DST Systems $0.1 bil
507 Elizabeth Arden $0.1 bil
508 Entegris $0.1 bil
509 Equifax $0.1 bil
510 Exide Technologies $0.1 bil
511 Expedia $0.1 bil
512 Federal Signal $0.1 bil
513 FEI Co $0.1 bil
514 Ferro $0.1 bil
515 First America $0.1 bil
516 Foot Locker $0.1 bil
517 Genesee & Wyoming $0.1 bil
518 Graphic Packaging $0.1 bil
519 Haemonetics $0.1 bil
520 Harrahs Entertainment $0.1 bil
521 Heidrick & Struggles $0.1 bil
522 Helix Energy Solutions $0.1 bil
523 Herman Miller $0.1 bil
524 HIS $0.1 bil
525 Hormel Foods $0.1 bil
526 I H S $0.1 bil
527 Imation $0.1 bil
528 Instituform Technol $0.1 bil
529 Integra LifeSciences $0.1 bil
530 Intermec $0.1 bil
531 International Game Technology $0.1 bil
532 Internec $0.1 bil
533 ION Geophysical $0.1 bil
534 j2 Global Commun $0.1 bil
535 Jacobs Engineering $0.1 bil
536 JDS Uniphase $0.1 bil
537 John Bean Technolog $0.1 bil
538 KAR Auction Services $0.1 bil
539 Knoll $0.1 bil
540 Lockheed Martin $0.1 bil
541 LSI $0.1 bil
542 Lufkin Industries $0.1 bil
543 Masco $0.1 bil
544 Matthews Intl $0.1 bil
545 MBIA $0.1 bil
546 Microsemi $0.1 bil
547 MicroStratregy $0.1 bil
548 Monolithic Power Syst $0.1 bil
549 Monster Worldwide $0.1 bil
550 MTS Systems $0.1 bil
551 Mueller Water Products $0.1 bil
552 Multi-Fineline Electronix $0.1 bil
553 Nabors $0.1 bil
554 National Semiconductor $0.1 bil
555 NBTY $0.1 bil
556 NewMarket $0.1 bil
557 Newmont Mining $0.1 bil
558 NTK Holdings $0.1 bil
559 Nuance Communications $0.1 bil
560 Nucor $0.1 bil
561 OSI Systems $0.1 bil
562 Pactiv $0.1 bil
563 Park Electrochemical $0.1 bil
564 PH Glatfelder $0.1 bil
565 Pilgrim's Pride $0.1 bil
566 Power Integrations $0.1 bil
567 Pricesmart $0.1 bil
568 Q Logic $0.1 bil
569 Rackspace Hosting $0.1 bil
570 Regal Beloit $0.1 bil
571 Reliance Steel & Alum $0.1 bil
572 Robbins & Myers $0.1 bil
573 Rogers Corp $0.1 bil
574 Rovi $0.1 bil
575 Rowan $0.1 bil
576 San Disk $0.1 bil
577 Sanmina $0.1 bil
578 Sapient $0.1 bil
579 Sauer-Danfoss $0.1 bil
580 Scott's Miracle-Gro $0.1 bil
581 Seagate Technology $0.1 bil
582 SEI Investments $0.1 bil
583 Shaw Group $0.1 bil
584 Skechers USA $0.1 bil
585 SolarWinds $0.1 bil
586 Solutia $0.1 bil
587 Stepan Co $0.1 bil
588 Stericycle $0.1 bil
589 Steris $0.1 bil
590 Superior Energy Svcs $0.1 bil
591 Superior Industries $0.1 bil
592 Sybase $0.1 bil
593 Synutra Intl $0.1 bil
594 Techne $0.1 bil
595 Telco Energy $0.1 bil
596 THQ $0.1 bil
597 Timberland $0.1 bil
598 TNS $0.1 bil
599 Trimble Navigation $0.1 bil
600 Triquint Semiconductor $0.1 bil
601 Universal $0.1 bil
602 UTI Worldwide $0.1 bil
603 Viad $0.1 bil
604 W W Grainger $0.1 bil
605 Westinghse Air Brake $0.1 bil
606 Woodward Governor $0.1 bil
Total.......................... $1,263.1 bil
In my quick review here, I found 606 US multinational corps so far with unremitted foreign earnings in excess of $50 mil each, for a total of a monstrous $1.263 trillion.
And I reviewed many more than 400 additional US multinational corp footnotes so far where there were significant, and in many cases very substantial, foreign earnings, but where the corp decided to not disclose the amount of its key unremitted foreign earnings. I have to ask...Whatever happened to financial transparency? And just where is the SEC here?
Also, I only reviewed public company footnotes and there certainly will be many private companies with unremitted foreign earnings.
Thus, my hunch is that in total, there are much more than 1,000 US multinational corps with unremitted foreign earnings of more than $50 mil each, which would total more than $1.6 trillion of unremitted foreign earnings as of Dec 31, 2009. This is much higher than my previous estimate of more than $1.1 trillion. And those more than 1,000 don't even include the many hundreds of public multinational corps reporting unremitted foreign earnings of less than $50 mil.
When I do the mathematics using the past 16.4% annual growth of this key unremitted foreign earnings number, if nothing changes, these $1.6 trillion of unremitted foreign earnings will grow to more than $4.6 trillion by the end of President Obama's second presidential term.
This US multinational corp meteoric overseas expansion is probably the main cause of the sky high US unemployment and US underemployment rates, and if President Obama's economic team continues to ignore it, I think the US unemployment and US underemployment rates will not decline much from where they are now through the end of the President's second term.
With none of this $4.6 trillion of unremitted foreign earnings used for wise US job creation, for US R&D, and for US capital expenditures, the Dow will be at 20,000, the NASDAQ will be north of 5,000, and the Non-profit hospitals will have investment treasure chests much above $1 trillion, but the US National Debt will hit nosebleed levels and the US middle class will be substantially depleted. I don't think that is much of an economic legacy....It's great for the haves, but not much for the country as a whole or for the substantially increased number of have-nots.
At the end of President Obama's second term, I would much prefer to see a Dow at 18,000, an unemployment rate of 5% and a modest underemployed rate, rather than a Dow at 20,000, an unemployment rate of 9% and also very high underemployed numbers. The former makes for a substantially lower National Debt, a much more robust middle class and also fairly spreads the economic benefits over the entire US population.
Now there is no rightful place for international tax evasion like corporate inversions, the use of international tax havens like Bermuda and the Cayman Islands, and the use of Controlled Foreign Corps in places like Puerto Rico, but you just can't blame a US multinational corp for factoring in the legitimate lower international tax rates in making its business placement decisions.
From reviewing these thousands of income tax footnotes, the number of countries granting tax holidays to US multinational corps is growing like weeds. Here are a few of the many countries I found that were granting US multinational corps substantial tax holidays:
China
India
Taiwan
Singapore
Ireland
Costa Rica
Switzerland
Dominican Republic
The Philippines
Thailand
Malaysia
Israel
Vietnam
The Netherlands
Turkey
Uruguay
Argentina
Brazil
Clearly, the US government is way behind the curve here. I think US citizens can fairly fault the US government for not attempting to be more competitive with the widespread and growing legitimate lower international tax rates, particularly if the result is so many of its US citizens are placed on the employment sidelines or are underemployed.
With so many multinationals with such huge unremitted foreign earnings numbers, I think it would be very beneficial to the very troubled US economy if many of these multinational corps can be tax incentivized, in a very measured way, to repatriate some of their foreign earnings, and for them to invest the resultant cash proceeds in new US job creation, in US R&D, and in US capital expenditures. I think it is high time for some serious backshoring.
Here is a listing of the 606 US multinational corps with unremitted foreign earnings of $50 mil or more, as disclosed in their most recent 10-K:
.................................. Amount
................................... in bils
1 GE………………………. $84.0 bil
2 Pfizer………………….. $42.5 bil
3 Exxon Mobil………… $42.0 bil
4 JNJ…………………….. $32.2 bil
5 Merck…………………. $31.2 bil
6 Citigroup……………… $27.3 bil
7 IBM…………………….. $26.0 bil
8 Procter & Gamble…… $25.0 bil
9 Cisco……………………. $24.1 bil
10 PepsiCo………………. $21.9 bil
11 Abbott Labs…………. $20.6 bil
12 Chevron……………….. $20.5 bil
13 Coca Cola……………… $19.0 bil
14 Microsoft………………. $18.0 bil
15 Schlumberger…………. $18.0 bil
16 Bank of America……… $16.7 bil
17 Bristol Myers Squibb.. $16.5 bil
18 Hewlett Packard………. $16.5 bil
19 Goldman Sachs………. $16.2 bil
20 JP Morgan Chase……. $15.7 bil
21 Eli Lilly………………….. $15.5 bil
22 Apache………………… $15.3 bil
23 Amgen…………………. $14.3 bil
24 PMI…………………….. $14.0 bil
25 Tyco Electronics…… $14.0 bil
26 Oracle…………………. $13.7 bil
27 WalMart……………….. $13.7 bil
28 Google…………………. $12.3 bil
29 Dell…………………….. $11.3 bil
30 DuPont………………… $11.3 bil
31 Intel…………………….. $10.1 bil
32 Medtronic……………… $9.7 bil
33 Boston Scientific…….. $9.4 bil
34 McDonald's……………. $9.2 bil
35 Caterpillar……………… $9.0 bil
36 Dow Chemical………… $8.7 bil
37 Qualcomm…………….. $8.6 bil
38 Alcoa…………………… $8.1 bil
39 Xerox………………….. $8.0 bil
40 Ebay……………………. $7.9 bil
41 Corning………………… $7.3 bil
42 Baxter………………….. $6.8 bil
43 American Express….. $6.6 bil
44 Danaher……………….. $6.5 bil
45 General Motors………. $6.3 bil
46 Archer Daniels Midland $6.0 bil
47 Ingersoll-Rand………… $6.0 bil
48 Kimberly Clark………… $5.8 bil
49 Illinois Tool Works…… $5.7 bil
50 Kraft……………………… $5.7 bil
51 3M………………………… $5.6 bil
52 Occidental Petroleum.. $5.5 bil
53 News Corp……………. $5.3 bil
54 Praxair…………………. $5.3 bil
55 Apple………………….. $5.1 bil
56 Honeywell…………….. $5.1 bil
57 Eaton………………….. $4.9 bil
58 EMC……………………. $4.3 bil
59 Emerson Electric……. $4.3 bil
60 Bunge, Ltd…………….. $4.2 bil
61 Valero Energy………… $4.1 bil
62 Morgan Stanley………. $4.0 bil
63 Murphy Oil…………….. $4.0 bil
64 Berkshire Hathaway… $3.8 bil
65 Johnson Controls…….. $3.8 bil
66 International Paper….. $3.5 bil
67 Mattel……………………. $3.5 bil
68 Amerada Hess………… $3.4 bil
69 Cardinal Health……….. $3.4 bil
70 Forest Labs…………….. $3.4 bil
71 Franklin Resources….. $3.4 bil
72 Monsanto……………….. $3.4 bil
73 Heinz…………………….. $3.3 bil
74 Gilead Sciences………. $3.2 bil
75 Stryker………………….. $3.2 bil
76 Thermo Fisher Scientific $3.2 bil
77 Marsh & McLennan….. $3.1 bil
78 Paccar……………………. $3.1 bil
79 Texas Instruments……. $3.1 bil
80 Agilent Technologies…. $3.0 bil
81 Air Products&Chemicals $3.0 bil
82 CBS………………………… $3.0 bil
83 EOG Resources………… $3.0 bil
84 Colgate Palmolive…….. $2.9 bil
85 GMAC………………….. $2.9 bil
86 US Steel…………………. $2.9 bil
87 Celanese…………………. $2.8 bil
88 Celgene………………….. $2.8 bil
89 Goodyear Tire&Rubber. $2.8 bil
90 National Oilwell Varco.. $2.8 bil
91 Becton Dickinson…….. $2.6 bil
92 Ensco International…… $2.6 bil
93 Nike……………………….. $2.6 bil
94 Mosaic……………………. $2.5 bil
95 TRW Automotive Hldgs. $2.5 bil
96 Western Digital……….. $2.5 bil
97 Dole Food Co………….. $2.4 bil
98 Motorola………………. $2.4 bil
99 Overseas Shiphldg Grp $2.4 bil
100 Whirlpool………………. $2.4 bil
101 Baker Hughes………… $2.3 bil
102 Allergan……………….. $2.2 bil
103 Avon Products……….. $2.2 bil
104 Biogen Idec…………… $2.2 bil
105 Carefusion……………. $2.2 bil
106 United Parcel Service… $2.2 bil
107 AGCO…………………… $2.1 bil
108 Aon…………………….. $2.1 bil
109 Black & Decker……….. $2.1 bil
110 ConcoPhillips………….. $2.1 bil
111 General Mills………….. $2.1 bil
112 PPG Industries………… $2.0 bil
113 Pride International….. $2.0 bil
114 Western Union……….. $2.0 bil
115 Yahoo………………….. $2.0 bil
116 Analog Devices………. $1.9 bil
117 Autoliv………………….. $1.9 bil
118 Bank of NY Mellon……. $1.9 bil
119 Marathon Oil…………… $1.9 bil
120 Eastman Kodak………. $1.8 bil
121 McKesson…………….. $1.8 bil
122 MeadWesstvaco……… $1.8 bil
123 Owens Illinois………… $1.8 bil
124 Southern Copper…….. $1.8 bil
125 Transocean……………. $1.8 bil
126 Zimmer Holdings……… $1.8 bil
127 Cameron International… $1.7 bil
128 Chiquita Brands………. $1.7 bil
129 ITT……………………….. $1.7 bil
130 Prudential Financial…… $1.7 bil
131 Safeway………………… $1.7 bil
132 Vishay Intertechnology. $1.7 bil
133 Borg Warner…………… $1.6 bil
134 Costco…………………… $1.6 bil
135 Ingram Micro………….. $1.6 bil
136 Interpublic Group…….. $1.6 bil
137 SPX……………………….. $1.6 bil
138 Time Warner…………… $1.6 bil
139 Accenture…………….. $1.5 bil
140 Adobe…………………. $1.5 bil
141 Avnet………………….. $1.5 bil
142 Cognizant Tech Sols…. $1.5 bil
143 Noble Corp…………….. $1.5 bil
144 Sempra Energy………. $1.5 bil
145 Symantec……………… $1.5 bil
146 Arrow Electronics……. $1.4 bil
147 Genworth Financial….. $1.4 bil
148 Peabody Energy……… $1.4 bil
149 Pepsi Bottling…………. $1.4 bil
150 Rockwell Automation… $1.4 bil
151 St Jude Medical………. $1.4 bil
152 Waters Corp………….. $1.4 bil
153 Wells Fargo…………… $1.4 bil
154 CIT Group……………… $1.3 bil
155 Computer Associates… $1.3 bil
156 Computer Sciences….. $1.3 bil
157 CR Bard……………….. $1.3 bil
158 Deere………………….. $1.3 bil
159 Ford……………………. $1.3 bil
160 Herbalife………………. $1.3 bil
161 IMS Health…………….. $1.3 bil
162 Kellogg………………… $1.3 bil
163 Lexmark……………….. $1.3 bil
164 Mastercard……………. $1.3 bil
165 Parker Hannifin……….. $1.3 bil
166 Avery Dennison……… $1.2 bil
167 General Dynamics……. $1.2 bil
168 Lear……………………… $1.2 bil
169 Noble Energy………….. $1.2 bil
170 State Street Corp……… $1.2 bil
171 Tidewater……………… $1.2 bil
172 Viacom………………… $1.2 bil
173 Electronic Arts……….. $1.1 bil
174 Gap……………………. $1.1 bil
175 Microchip Technology.. $1.1 bil
176 Molson Coors Brewing $1.1 bil
177 Office Depot………….. $1.1 bil
178 Verizon Commun……… $1.1 bil
179 Best Buy………………. $1.0 bil
180 Estee Lauder…………. $1.0 bil
181 First Solar……………… $1.0 bil
182 Hospira………………… $1.0 bil
183 Intl Flavors & Frags…… $1.0 bil
184 Invesco……………….. $1.0 bil
185 Lubrizol………………… $1.0 bil
186 Altera………………….. $0.9 bil
187 Amazon.com………….. $0.9 bil
188 Autodesk……………… $0.9 bil
189 BJ Services…………… $0.9 bil
190 Citrix Systems………… $0.9 bil
191 Corn Products Intl…….. $0.9 bil
192 Duke Energy………….. $0.9 bil
193 Hasbro………………… $0.9 bil
194 Juniper Networks…….. $0.9 bil
195 Las Vegas Sands……. $0.9 bil
196 Marriott………………… $0.9 bil
197 Molex………………….. $0.9 bil
198 NCR……………………. $0.9 bil
199 NetApp………………… $0.9 bil
200 Rockwood Holdings….. $0.9 bil
201 Stanley Works………… $0.9 bil
202 Terex………………….. $0.9 bil
203 Unisys…………………. $0.9 bil
204 Yum Brands…………… $0.9 bil
205 Automatic Data Proc…. $0.8 bil
206 Black Rock…………….. $0.8 bil
207 Bruker…………………. $0.8 bil
208 CB Richard Ellis Group $0.8 bil
209 Coca Cola Enterprises.. $0.8 bil
210 Ecolab…………………. $0.8 bil
211 Energizer Holdings…… $0.8 bil
212 Harsco………………… $0.8 bil
213 Kinetic Concepts……… $0.8 bil
214 Lam Research………… $0.8 bil
215 MEMC Electronic Matls.. $0.8 bil
216 Nvidia………………….. $0.8 bil
217 Owens Corning………. $0.8 bil
218 Pall Corp………………. $0.8 bil
219 Pitney Bowes…………. $0.8 bil
220 Polo Ralph Lauren……. $0.8 bil
221 Rohm & Haas…………. $0.8 bil
222 Starwood Hotels & Res $0.8 bil
223 V. F. Corp……………… $0.8 bil
224 Warner Chilcott……….. $0.8 bil
225 Advanced Micro Device $0.7 bil
226 Aptar Group…………… $0.7 bil
227 Beckman Coulter……… $0.7 bil
228 Cabot………………….. $0.7 bil
229 Dover………………….. $0.7 bil
230 FMC Technologies……. $0.7 bil
231 FMC……………………. $0.7 bil
232 General Cable………… $0.7 bil
233 Jarden…………………. $0.7 bil
234 Manitowoc…………….. $0.7 bil
235 Manpower…………….. $0.7 bil
236 Mohawk Industries…… $0.7 bil
237 ON Semiconductor…… $0.7 bil
238 PPL…………………….. $0.7 bil
239 Precision Castparts…… $0.7 bil
240 RPM International……… $0.7 bil
241 Seaboard……………… $0.7 bil
242 Valhi…………………… $0.7 bil
243 W R Grace……………. $0.7 bil
244 Warner Music Group…. $0.7 bil
245 Xilinx…………………… $0.7 bil
246 Chicago Bridge & Iron… $0.6 bil
247 CNA Financial…………. $0.6 bil
248 CommScope…………… $0.6 bil
249 Edwards Lifesciences $0.6 bil
250 Exterran Holdings…….. $0.6 bil
251 Federal Mogul…………. $0.6 bil
252 Fortune Brands……….. $0.6 bil
253 Goodrich………………. $0.6 bil
254 Intercontinental Exchge $0.6 bil
255 McAfee………………… $0.6 bil
256 McCormick & Co………. $0.6 bil
257 Newell Rubbermaid…… $0.6 bil
258 Northrop Grumman…… $0.6 bil
259 PerkinElmer……………. $0.6 bil
260 PPL…………………….. $0.6 bil
261 ResMed……………….. $0.6 bil
262 Sigma Aldrich…………. $0.6 bil
263 Staples………………… $0.6 bil
264 Teleflex……………….. $0.6 bil
265 Tellabs…………………. $0.6 bil
266 Tenneco………………. $0.6 bil
267 The Cooper Cos………. $0.6 bil
268 Thomas & Betts………. $0.6 bil
269 Tupperware Brands…. $0.6 bil
270 USG……………………. $0.6 bil
271 Varian Medical Systems $0.6 bil
272 Varian…………………. $0.6 bil
273 VM Ware………………. $0.6 bil
274 Waste Management….. $0.6 bil
275 Activision Blizzard……. $0.5 bil
276 ArvinMentor…………… $0.5 bil
277 Ashland……………….. $0.5 bil
278 Atwood Oceanics……. $0.5 bil
279 AXA Fincl Group……… $0.5 bil
280 Barnes Group………… $0.5 bil
281 Bucyrus International…….. $0.5 bil
282 Campbell Soup………… $0.5 bil
283 Chemtura……………… $0.5 bil
284 Cliffs Natural Res…….. $0.5 bil
285 Covance………………. $0.5 bil
286 Dentsply International…… $0.5 bil
287 Donaldson…………….. $0.5 bil
288 Dun & Bradstreet……… $0.5 bil
289 Home Depot…………… $0.5 bil
290 Jabil Circuit……………. $0.5 bil
291 Liberty Global…………. $0.5 bil
292 Loew's Corp………….. $0.5 bil
293 McDermott Intl…………. $0.5 bil
294 MICROS System………. $0.5 bil
295 Millipore……………….. $0.5 bil
296 Moodys………………… $0.5 bil
297 Northern Trust………… $0.5 bil
298 Oil States International.. $0.5 bil
299 Penske Automotive Grp $0.5 bil
300 Priceline com………….. $0.5 bil
301 Reynolds American…… $0.5 bil
302 Roper Industries……… $0.5 bil
303 Spectrum Brands…….. $0.5 bil
304 Starbucks……………… $0.5 bil
305 Timken…………………. $0.5 bil
306 WABCO Holdings…….. $0.5 bil
307 West Pharmaceutical… $0.5 bil
308 World Fuel Services….. $0.5 bil
309 Ametek………………… $0.4 bil
310 Anixter International….. $0.4 bil
311 Applied Materials……… $0.4 bil
312 Avis Budget Group…… $0.4 bil
313 BearingPoint…………… $0.4 bil
314 Benchmark Electronics. $0.4 bil
315 Bio-Rad Laboratories… $0.4 bil
316 Brady………………….. $0.4 bil
317 Brinks………………….. $0.4 bil
318 Coach………………….. $0.4 bil
319 Commercial Metals……. $0.4 bil
320 Cytec Industries………. $0.4 bil
321 El Paso Corp…………… $0.4 bil
322 GameStop……………… $0.4 bil
323 Genpact……………….. $0.4 bil
324 Guess $0.4 bil
325 H B Fuller………………. $0.4 bil
326 Joy Global……………… $0.4 bil
327 McGraw-Hill…………… $0.4 bil
328 Micron Technology…… $0.4 bil
329 Modine Manufacturing.. $0.4 bil
330 Moog…………………… $0.4 bil
331 Nalco Holding…………. $0.4 bil
332 Navistar International… $0.4 bil
333 Reinsurance Grp Amer $0.4 bil
334 Rofin-Sinar Technology $0.4 bil
335 Ryder System………… $0.4 bil
336 sohu.com……………… $0.4 bil
337 Synopsys……………… $0.4 bil
338 Teradata………………. $0.4 bil
339 Travelers……………… $0.4 bil
340 Wynn Resorts………… $0.4 bil
341 A O Smith……………… $0.3 bil
342 A Schulman…………… $0.3 bil
343 Actuant……………….. $0.3 bil
344 AECOM Technology….. $0.3 bil
345 Affiliated Computer Svc $0.3 bil
346 Albany Intl……………… $0.3 bil
347 Alberto-Culver………… $0.3 bil
348 Amkor Technology…… $0.3 bil
349 Brocade Comm Systs… $0.3 bil
350 Charles River Labs…… $0.3 bil
351 Convergys……………. $0.3 bil
352 Delphi………………….. $0.3 bil
353 DirecTV Group………… $0.3 bil
354 Eastman Chemical……. $0.3 bil
355 Fairchild Semicondr….. $0.3 bil
356 Fidelity Natl Info Svcs… $0.3 bil
357 Flir Systems…………… $0.3 bil
358 Foster Wheeler……….. $0.3 bil
359 Gardner Denver………. $0.3 bil
360 Harris Corp……………. $0.3 bil
361 Hubbell………………… $0.3 bil
362 Huntsman Group……… $0.3 bil
363 Integrated Device Tech $0.3 bil
364 Linear Technology……. $0.3 bil
365 Mentor Graphics……… $0.3 bil
366 MKS Instruments……… $0.3 bil
367 National Instruments….. $0.3 bil
368 Nordson……………….. $0.3 bil
369 Orthofix Intl……………. $0.3 bil
370 Plantronics……………. $0.3 bil
371 Sensient Technologies $0.3 bil
372 Smith International……. $0.3 bil
373 Snap-On………………. $0.3 bil
374 Sonoco Products……… $0.3 bil
375 Sotheby's……………… $0.3 bil
376 Sungard Data Systems $0.3 bil
377 Sykes Enterprises……. $0.3 bil
378 Textron………………… $0.3 bil
379 Valeant Pharma………. $0.3 bil
380 Valspar………………… $0.3 bil
381 Visa……………………. $0.3 bil
382 Warnaco Group………. $0.3 bil
383 Watson Wyatt………… $0.3 bil
384 Watts Water Technol… $0.3 bil
385 Wyndham Worldwide… $0.3 bil
386 Anheuser-Busch $0.2 bil
387 Arch Chemicals $0.2 bil
388 BE Aerospace $0.2 bil
389 Bemis $0.2 bil
390 Blount Intl $0.2 bil
391 BMC Software $0.2 bil
392 Bristow Group $0.2 bil
393 Broadcom $0.2 bil
394 Brown-Forman $0.2 bil
395 Capital One Financial $0.2 bil
396 Carlisle $0.2 bil
397 Cinemark Holdings $0.2 bil
398 Cintas $0.2 bil
399 CIRCOR Intl $0.2 bil
400 Columbia Sportswear $0.2 bil
401 Compass Minerals $0.2 bil
402 Crane $0.2 bil
403 CROCs $0.2 bil
404 Crown Holdings $0.2 bil
405 Cypress Semiconductor $0.2 bil
406 Devry $0.2 bil
407 Diodes $0.2 bil
408 Dresser-Rand Group $0.2 bil
409 EnerSys $0.2 bil
410 EnPro Industries $0.2 bil
411 Federal Express $0.2 bil
412 Fossil $0.2 bil
413 Garmin $0.2 bil
414 Henry Schein $0.2 bil
415 Hercules $0.2 bil
416 Hexion Specialty Chemicals $0.2 bil
417 IDEXX Labs $0.2 bil
418 Inter Parfums $0.2 bil
419 Interactive Data $0.2 bil
420 Interface $0.2 bil
421 Inverness Med Inov $0.2 bil
422 John Wiley & Sons $0.2 bil
423 King Pharmaceuticals $0.2 bil
424 KLA Tencor $0.2 bil
425 Leggett & Platt $0.2 bil
426 Life Technologies $0.2 bil
427 Lowe's $0.2 bil
428 Mine Safety Appliances $0.2 bil
429 Minerals Technologies $0.2 bil
430 Nacco Industries $0.2 bil
431 Novell $0.2 bil
432 OM Group $0.2 bil
433 OmniVision $0.2 bil
434 Oshkosh $0.2 bil
435 Parametric Technology $0.2 bil
436 Parexel Intl $0.2 bil
437 Pentair $0.2 bil
438 Perot Systems $0.2 bil
439 Perrigo $0.2 bil
440 Pharmaceutical Prod Dev $0.2 bil
441 Plexus $0.2 bil
442 Polycom $0.2 bil
443 Polyone $0.2 bil
444 Quest Software $0.2 bil
445 Rockwell Collins $0.2 bil
446 Seacor Holdings $0.2 bil
447 Semtech $0.2 bil
448 Service Corp International $0.2 bil
449 Silicon Laboratories $0.2 bil
450 Solera Holdings $0.2 bil
451 Spansion $0.2 bil
452 Spectra Energy $0.2 bil
453 Steelcase $0.2 bil
454 SunPower $0.2 bil
455 Synaptics $0.2 bil
456 Take Two Interactive $0.2 bil
457 Teletech Holdings $0.2 bil
458 Tempur Pedic Intl $0.2 bil
459 Teradyne $0.2 bil
460 Tiffany $0.2 bil
461 Tim Hortons $0.2 bil
462 Titanium Metals $0.2 bil
463 Tyson Foods $0.2 bil
464 Valmont Industries $0.2 bil
465 Verisign $0.2 bil
466 Wesco International $0.2 bil
467 Williams Companies $0.2 bil
468 Wolverine World Wide $0.2 bil
469 Worthington Indust $0.2 bil
470 Air Gas $0.1 bil
471 Alliance One $0.1 bil
472 Amcol Intl $0.1 bil
473 American Greetings $0.1 bil
474 Ameriprise Fincl $0.1 bil
475 Ameron Intl $0.1 bil
476 Ansys $0.1 bil
477 Armstrong World Indus $0.1 bil
478 Asia Info Holdings $0.1 bil
479 Assurant $0.1 bil
480 Atmel $0.1 bil
481 ATMI $0.1 bil
482 Avid Technology $0.1 bil
483 Baldor Electric $0.1 bil
484 Broadridge Fincl Sol $0.1 bil
485 Burger King Holdings $0.1 bil
486 Cadence Design Syst $0.1 bil
487 Carpenter Technology $0.1 bil
488 Cascade $0.1 bil
489 Chart Industries $0.1 bil
490 Check Point Systems $0.1 bil
491 Church & Dwight $0.1 bil
492 CLACOR $0.1 bil
493 Clorox $0.1 bil
494 Coherent $0.1 bil
495 Colgax $0.1 bil
496 Cooper Tire & Rubber $0.1 bil
497 Covanta Holdings $0.1 bil
498 Cree $0.1 bil
499 Cubic Corp $0.1 bil
500 Curtiss Wright $0.1 bil
501 Cymer $0.1 bil
502 Digital River $0.1 bil
503 Dionex $0.1 bil
504 Disney $0.1 bil
505 Dr Pepper Snapple Group $0.1 bil
506 DST Systems $0.1 bil
507 Elizabeth Arden $0.1 bil
508 Entegris $0.1 bil
509 Equifax $0.1 bil
510 Exide Technologies $0.1 bil
511 Expedia $0.1 bil
512 Federal Signal $0.1 bil
513 FEI Co $0.1 bil
514 Ferro $0.1 bil
515 First America $0.1 bil
516 Foot Locker $0.1 bil
517 Genesee & Wyoming $0.1 bil
518 Graphic Packaging $0.1 bil
519 Haemonetics $0.1 bil
520 Harrahs Entertainment $0.1 bil
521 Heidrick & Struggles $0.1 bil
522 Helix Energy Solutions $0.1 bil
523 Herman Miller $0.1 bil
524 HIS $0.1 bil
525 Hormel Foods $0.1 bil
526 I H S $0.1 bil
527 Imation $0.1 bil
528 Instituform Technol $0.1 bil
529 Integra LifeSciences $0.1 bil
530 Intermec $0.1 bil
531 International Game Technology $0.1 bil
532 Internec $0.1 bil
533 ION Geophysical $0.1 bil
534 j2 Global Commun $0.1 bil
535 Jacobs Engineering $0.1 bil
536 JDS Uniphase $0.1 bil
537 John Bean Technolog $0.1 bil
538 KAR Auction Services $0.1 bil
539 Knoll $0.1 bil
540 Lockheed Martin $0.1 bil
541 LSI $0.1 bil
542 Lufkin Industries $0.1 bil
543 Masco $0.1 bil
544 Matthews Intl $0.1 bil
545 MBIA $0.1 bil
546 Microsemi $0.1 bil
547 MicroStratregy $0.1 bil
548 Monolithic Power Syst $0.1 bil
549 Monster Worldwide $0.1 bil
550 MTS Systems $0.1 bil
551 Mueller Water Products $0.1 bil
552 Multi-Fineline Electronix $0.1 bil
553 Nabors $0.1 bil
554 National Semiconductor $0.1 bil
555 NBTY $0.1 bil
556 NewMarket $0.1 bil
557 Newmont Mining $0.1 bil
558 NTK Holdings $0.1 bil
559 Nuance Communications $0.1 bil
560 Nucor $0.1 bil
561 OSI Systems $0.1 bil
562 Pactiv $0.1 bil
563 Park Electrochemical $0.1 bil
564 PH Glatfelder $0.1 bil
565 Pilgrim's Pride $0.1 bil
566 Power Integrations $0.1 bil
567 Pricesmart $0.1 bil
568 Q Logic $0.1 bil
569 Rackspace Hosting $0.1 bil
570 Regal Beloit $0.1 bil
571 Reliance Steel & Alum $0.1 bil
572 Robbins & Myers $0.1 bil
573 Rogers Corp $0.1 bil
574 Rovi $0.1 bil
575 Rowan $0.1 bil
576 San Disk $0.1 bil
577 Sanmina $0.1 bil
578 Sapient $0.1 bil
579 Sauer-Danfoss $0.1 bil
580 Scott's Miracle-Gro $0.1 bil
581 Seagate Technology $0.1 bil
582 SEI Investments $0.1 bil
583 Shaw Group $0.1 bil
584 Skechers USA $0.1 bil
585 SolarWinds $0.1 bil
586 Solutia $0.1 bil
587 Stepan Co $0.1 bil
588 Stericycle $0.1 bil
589 Steris $0.1 bil
590 Superior Energy Svcs $0.1 bil
591 Superior Industries $0.1 bil
592 Sybase $0.1 bil
593 Synutra Intl $0.1 bil
594 Techne $0.1 bil
595 Telco Energy $0.1 bil
596 THQ $0.1 bil
597 Timberland $0.1 bil
598 TNS $0.1 bil
599 Trimble Navigation $0.1 bil
600 Triquint Semiconductor $0.1 bil
601 Universal $0.1 bil
602 UTI Worldwide $0.1 bil
603 Viad $0.1 bil
604 W W Grainger $0.1 bil
605 Westinghse Air Brake $0.1 bil
606 Woodward Governor $0.1 bil
Total.......................... $1,263.1 bil
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