Analysts have predicted the new tax law would spur a buying spree, but discipline was a theme echoed throughout the rooms of the Westin St. Francis in San Francisco.
The new law will make it cheaper for multinational corporations to bring back their overseas cash, though they will still have to pay a one-time tax on the money. Some companies divulged what that cost would be.
Many praised the changes but said just because they can access cash doesn’t mean they’ll change their capital allocation strategy, which includes mergers and acquisitions when appropriate.
Medical device makers braced themselves for the return of a 2.3 percent sales tax. They had received a reprieve for the past few years, but that ended at the turn of the new year.
The first payment is due at the end of the month unless Congress acts beforehand. If legislation isn’t passed before then, a retroactive measure could come later.