In essence, though, you're trusting Apple to protect your phone and make it continue to function.
Apple said it will now use a large chunk of the overseas cash for United States investments.
MCEVERS: So what else is in this big announcement?
While Apple is unlikely to shift iPhone production to the United States, it's planning to dish out more cash in the country by offering work to 20,000 people and American suppliers. They did say it will initially be focused on technical support for customers. You might see a few words about, I don't know, stabilization or something. And that number suggests they'll be bringing back a lot of overseas cash.
Nonetheless, Apple is one of many companies that have upped expectations for USA investment amid scrutiny of Silicon Valley.
Apple's public relations push to be perceived as a big contributor to the overall US economy comes amid comments made by President Donald Trump during the 2016 presidential election. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible", CEO Tim Cook said in the release.
Apple will fund its campus headquarters through a five-year, $30 billion investment plan and will pay the US Government $38 billion from its foreign pot of cash. "But maybe we should have been clearer, as well".
The EU ruled in 2016 that Apple owed Ireland $16 billion in unpaid taxes, and a spokesman for the European Commission confirmed that Apple's repatriation payment to the us will not change that ruling.
However, the firm didn't explain how much of this money it'll use in the spending plan. Estimates range from $2 billion to $5 trillion.
Late a year ago leaked financial documents known as the Paradise Papers revealed that Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles.
SYDELL: Well, it is definitely part of it - the part about the taxes Apple will pay on the money it's going to bring back from overseas. That's going to be a lovely plant.' They said, 'No, it's three-hundred and fifty billion dollars.' And I just called Tim Cook and I thanked him.
Some liberals with unusually hard heads dismissed the tax bill as a gimmick to make the rich richer and the poor poorer, legislation that would only make saps of the middle class. Keep in mind Apple is a very successful company, and they could have done any of these other things at any time.
This is great news for the American economy and for America's workers.