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Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreign sales

Ticker Company Name Sector Industry Foreign Sales % 5-Year Median Effective Tax Rate %
FE FirstEnergy Corp. Utilities Electric Utilities 0% 35.3
ZION Zions Bancorporation Financials Banks 0% 35.2
MO Altria Group, Inc. Consumer Staples Tobacco 0% 35.1
EXC Exelon Corporation Utilities Electric Utilities 0% 35.1
RSG Republic Services, Inc. Industrials Commercial Services & Supplies 0% 35.0

Note: This screen is not a recommended list either individually or as a group of stocks. Investors should consider the fundamentals of the companies and their own individual circumstances/objective before making any investment decisions.
Source: FactSet, BofA Merrill Lynch US Equity & US Quant Strategy

Repatriation: potential beneficiaries
Below we provide a screen of S&P 500 companies (excluding Financials and Real Estate)
with high (>10%) overseas cash as a percent of market cap, which could potentially
benefit most from repatriation.

Table 20: S&P 500 (ex. Financials & Real Estate) companies with the highest overseas cash* as a % of their market cap (>10%)

Ticker Company Sector Industry Overseas Cash ($mn) Overseas Cash as a % of Mkt Cap
WU Western Union Company Information Technology IT Services 6,100 62%
FSLR First Solar, Inc. Information Technology Semiconductors & Semiconductor 1,500 59%
NWS News Corporation Class B Consumer Discretionary Media 813 54%
ORCL Oracle Corporation Information Technology Software 48,200 40%
CSCO Cisco Systems, Inc. Information Technology Communications Equipment 59,800 39%
NTAP NetApp, Inc. Information Technology Technology Hardware, Storage & 4,000 39%
QCOM QUALCOMM Incorporated Information Technology Semiconductors & Semiconductor 29,600 36%
AAPL Apple Inc. Information Technology Technology Hardware, Storage & 216,000 34%
JNPR Juniper Networks, Inc. Information Technology Communications Equipment 3,167 30%
SYMC Symantec Corporation Information Technology Software 4,900 29%
PVH PVH Corp. Consumer Discretionary Textiles, Apparel & Luxury Goo 2,100 28%
AMGN Amgen Inc. Health Care Biotechnology 29,000 26%
GE General Electric Company Industrials Industrial Conglomerates 64,680 24%
MSFT Microsoft Corporation Information Technology Software 108,900 22%
TDC Teradata Corporation Information Technology IT Services 819 22%
CTSH Cognizant Technology Solutions Corp. Class A Information Technology IT Services 7,495 22%
RL Ralph Lauren Corporation Class A Consumer Discretionary Textiles, Apparel & Luxury Goo 1,085 21%
CA CA, Inc. Information Technology Software 2,137 21%
WAT Waters Corporation Health Care Life Sciences Tools & Services 2,346 20%
LRCX Lam Research Corporation Information Technology Semiconductors & Semiconductor 3,500 19%
NWSA News Corporation Class A Consumer Discretionary Media 813 18%
GOOG Alphabet Inc. Class C Information Technology Internet Software & Services 42,900 18%
MCHP Microchip Technology Incorporated Information Technology Semiconductors & Semiconductor 2,559 17%
GOOGL Alphabet Inc. Class A Information Technology Internet Software & Services 42,900 17%
GILD Gilead Sciences, Inc. Health Care Biotechnology 15,700 17%
VRSN VeriSign, Inc. Information Technology Internet Software & Services 1,200 16%
PBI Pitney Bowes Inc. Industrials Commercial Services & Supplies 470 16%
XLNX Xilinx, Inc. Information Technology Semiconductors & Semiconductor 2,240 15%
ADI Analog Devices, Inc. Information Technology Semiconductors & Semiconductor 3,374 15%
A Agilent Technologies, Inc. Health Care Life Sciences Tools & Services 2,181 14%
NOV National Oilwell Varco, Inc. Energy Energy Equipment & Services 2,034 14%
CTXS Citrix Systems, Inc. Information Technology Software 1,970 13%
KLAC KLA-Tencor Corporation Information Technology Semiconductors & Semiconductor 1,730 13%
GPS Gap, Inc. Consumer Discretionary Specialty Retail 685 13%
WDC Western Digital Corporation Information Technology Technology Hardware, Storage & 2,800 13%
GT Goodyear Tire & Rubber Company Consumer Discretionary Auto Components 1,042 13%
ADSK Autodesk, Inc. Information Technology Software 2,059 13%
PCLN Priceline Group Inc Consumer Discretionary Internet & Direct Marketing Re 9,800 13%
JNJ Johnson & Johnson Health Care Pharmaceuticals 38,200 13%
MRK Merck & Co., Inc. Health Care Pharmaceuticals 20,995 12%
GLW Corning Inc Information Technology Electronic Equip., Instruments 3,085 12%
MJN Mead Johnson Nutrition Company Consumer Staples Food Products 1,577 11%
LLY Eli Lilly and Company Health Care Pharmaceuticals 8,100 11%
KO Coca-Cola Company Consumer Staples Beverages 17,900 11%
MOS Mosaic Company Materials Chemicals 1,276 11%
AMAT Applied Materials, Inc. Information Technology Semiconductors & Semiconductor 4,000 11%
PH Parker-Hannifin Corporation Industrials Machinery 2,065 11%

*For some companies, total overseas cash may represent total accumulated overseas profits. Overseas cash based on BofAML analyst estimates or Bloomberg data from company disclosures.
Note: This screen is not a recommended list either individually or as a group of stocks. Investors should consider the fundamentals of the companies and their own individual circumstances/objective before making any investment decisions.
Source: FactSet, Bloomberg, BofA Merrill Lynch Global research estimates, BofA Merrill Lynch US Equity & US Quant Strategy

20 Equity Strategy Focus Point | 29 January 2017
Bank of America Merrill Lynch
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