From the 10-K:The Company’s effective tax rates were approximately 25.2%, 24.2%, and 24.4% for 2012, 2011, and 2010,respectively. The Company’s effective rates for these periods differ from the statutory federal income tax rate of35% due primarily to certain undistributed foreign earnings for which no U.S. taxes are provided because suchearnings are intended to be indefinitely reinvested outside the U.S.As of September 29, 2012, the Company had deferred tax assets arising from deductible temporary differences,tax losses, and tax credits of $4.0 billion, and deferred tax liabilities of $14.9 billion.So if I'm understanding this correctly (and please educate me if I'm wrong), we should substract about $11 billion when considering that cash pile...separate from considerations about how productively it might be used in the future.
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