We’d certainly like to be able to bring some of that money back. We would have a greater ability to invest here if we didn’t have to pay a ‘tollgate tax’ to bring the cash home. Current tax policy creates a slight bias towards acquiring technology or assets outside the United States.

Eugene Cassis, IR Director at Waters Corp, remarking on the $1.4b in accumulated earnings it has built up in foreign subsidiaries, representing $830m in cash and short term securities. Notably, the effective tax rate for Waters in the three months ending 2 October 2010 was 5.8%: via WSJ