Eaton, a company founded in the United States, but with a corporate headquarters in Dublin, Ireland, has decided to bring at least some of its overseas cash to the U.S. In a press release issued today, Eaton outlines the effects of the Tax Cuts and Jobs Act (TCJA). Eaton expects the TCJA to result in a one-time tax expense of between $90 and $110 million. About half of this expense is related to remeasurement of U.S. deferred tax balances and the other half is related to taxation of unremitted earnings of non-U.S. subsidiaries owned directly or indirectly by U.S. subsidiaries of Eaton. The taxation of unremitted earnings will be paid over 8 years, as required by the TCJA.
Let’s hope some of that money works its way to Peachtree City.