By Imani Moise

Apple Inc. said Wednesday it plans to pay $38 billion in repatriation taxes on profits and cash held overseas following the enactment of the new tax law.

As of last September, Apple had $252.3 billion in cash or cash equivalents abroad.

The consumer technology giant also said it would contribute more than $350 billion to the U.S. economy over the next five years by adding new jobs and investing in its domestic suppliers.

Apple plans to spend more than $30 billion over the next five years to create 20,000 jobs and open a new campus at a U.S. location to be announced later this year. The company said it would also ramp up its education programs to help train people for jobs in software development.

Apple shares rose 0.5% to $177 in afternoon trading. The stock has risen 48% over the past year.

"Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the U.S. economy, " said Chief Executive Tim Cook.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

January 17, 2018 14:11 ET (19:11 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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