Apple is planning to build another corporate campus and hire 20,000 workers during the next five years as part of a $350 billion commitment to the U.S. economy.
The pledge announced Wednesday is an offshoot from the sweeping overhaul of the U.S. tax code championed by President Donald Trump and approved by Congress last month.
Besides dramatically lowering the standard corporate tax rate, the reforms offer a one-time break on cash being held overseas.
Apple plans to take advantage of that provision to bring back more than $250 billion in offshore cash, generating a tax bill of roughly $38 billion.
The Cupertino, California, company says it will announce the location of a second campus devoted to customer support later this year.
Apple has 84,000 employees in the U.S.,
"We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness," CEO Tim Cook said in a statement. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible."
(The Associated Press, CBS News contributed to this report.)
