[dollarbull]

I think people are worried about the dollar losing value, not S&P earnings from overseas.

If the dollar falls 50% in value and KO makes 100% more overseas profit due to this (because of currency translation), they haven’t really earned anything but the right to pay more taxes on that “extra” $US revenue.

[groanup]

Our tax system is, IMHO, the single greatest factor in offshoring. The others are: threat of litigation, regulation, union wage scale.

KO, et al, have currency hedging traders of course. They are probably all profit centers.