Apple or any other company is going to sit on that much cash if they don't have anything productive to do with it. I don't know how you would come up with a no

Apple or any other company is going to sit on that much cash if they don't have anything productive to do with it. I don't know how you would come up with a non-arbitrary threshold for taxing "war chests" and punishing companies (in the form of increased taxes) seems very perverse for what could be the most rational decision for a company to make. If the US had a sane repatriation system and rates were not so low, Apple would have used overseas cash instead of issuing debt for recent buybacks and dividends. They will also likely use some of the cash to eventually buy back debt if it makes sense for them to repatriate.