While this article addresses the potential conflicts between the GILTI tax and immediate expensing of US capital expenditures, it provides a reminder that when valuing a business with global operations it is vital to incorporate any GILTI tax into the discounted cash flow analysis.  

A very important note - given both the GILTI tax rate and the threshold for utilization of foreign tax credits increase in 2026, it is vital to extend the projected cash flows to at least 2026 to ensure the appropriate long-term tax rate is captured into perpetuity.  A valuation model for a business that is subject to the GILTI tax will overstate the value of the company if the higher GILTI rate is not taken into consideration.