According to the securities filing last month Microsoft crossed the $100 billion mark, making it the second U.S. corporation — after General Electric Co. — to do so.

According to the U.S. tax code, the company would be required to pay the difference between its foreign taxes and the 35 percent U.S. corporate tax rate if it decided to bring the money home. And that’s about 34.5 billion U.S. dollars, or a 31.9 percent rate. According to journalists calculation that means Microsoft has paid 3.1 percent in taxes on its foreign income, thanks to activity in low-tax Ireland, Puerto Rico and Singapore.

U.S. companies have more than $2 trillion amassed outside the U.S..