Caterpillar says US is investigating its movement of cash
NEW YORK (AP) — Caterpillar says the U.S. government is investigating how it has been moving cash between its business units in the U.S. and overseas.
The construction equipment company says it received a grand jury subpoena from the U.S. District Court for the Central District of Illinois last month that asked for financial information. Caterpillar says it is cooperating with the investigation and that it should not affect its business or finances.
Last year, a congressional report said that the Peoria, Illinois-based company avoided paying $2.4 billion in U.S. taxes since 2000 by shifting profits overseas. At the time, Caterpillar said it followed all tax laws. It is unclear if the current investigation is related to the report.
A Caterpillar Inc. spokeswoman did not immediately respond to a request for comment.