Mr. Niall Cody:

They would have paid tax in another country. It is not that they are not taxed on that income.

The second aspect is the research and development tax credit. This measure is a credit that allows for research and development investment. Again, if one was to take out the foreign tax credit, which is tax paid elsewhere, or the spending on research and development, then all those companies would have had an effective tax rate of around 12%. Of the 100 companies, if we discount the foreign tax credit and the research and development credit, only one company was below the 12% rate.