BUSINESS
05/21/2013 05:51 pm ET Updated May 22, 2013

Apple Added More To Its Offshore Holdings Than Any Other U.S. Company Last Year: Study

In 2012, Apple added more to its offshore profit holdings than any other company, according to a March report by Citizens for Tax Justice.

The company's method of holding profits overseas isn't new -- and it's not necessarily illegal -- but it was the focus of a Senate hearing on Tuesday in which Apple CEO Tim Cook defended the company's tax strategies, which allowed Apple to pay a 2 percent tax on $74 billion in profits.

Apple of course isn't the only company doing this. The tech giant, along with some of America's largest companies, held at least $1.9 trillion in assets abroad, according to Bloomberg. General Electric, which held $108 billion overseas in 2012, topped Bloomberg's list of U.S. companies with the most cash held offshore.

The Huffington Post's request for comment from Apple was not immediately returned.

Check out which companies added the most to their overseas profit holdings last year, according to a March report by Citizens for Tax Justice:

PHOTO GALLERIES
Companies Adding The Most To Their Offshore Holdings

CONVERSATIONS