It's actually an even more astounding 8.65% of the current market cap ($578 billion).
I'm glad to see them returning capital to shareholders. However I worry about the debt they're taking on in order to do so, due to most of their cash being overseas. If things continue to slide for them, for whatever reason (iPhone loses favor, smartphone sales keep contracting globally, something replaces the smartphone, etc), it will pin them into a disastrous situation of extremely high debt and crashing sales (while having committed to very large payouts to shareholders).
Well, they can always bring their cash back right? (it will be taxed, but it's still a formidable warchest) Or somehow pay back debt through some overseas shenanigans....
Not a great situation to be in but I can't imagine it getting big enough to where Apple could no longer handle it. Maybe I'm underestimating interest rates
I'm glad to see them returning capital to shareholders. However I worry about the debt they're taking on in order to do so, due to most of their cash being overseas. If things continue to slide for them, for whatever reason (iPhone loses favor, smartphone sales keep contracting globally, something replaces the smartphone, etc), it will pin them into a disastrous situation of extremely high debt and crashing sales (while having committed to very large payouts to shareholders).