A thick fog lifts over lover Manhattan as seen from One World Observatory in New York City.

Companies brought back $85.9 billion in the fourth quarter and $664.9 billion for full year 2018, according to quarterly data released by the Commerce Department on Wednesday. Trump had pledged that companies would bring back $4 trillion , spurring U.S. job and investment growth.

American corporations dramatically increased the amount of offshore profit they brought back to the U.S. last year, but not nearly as much as President Donald Trump predicted as part of a trillion-dollar tax cut in late 2017.

In 2017, companies brought back a total of $155.1 billion in offshore cash, the Commerce Department said.

The tax cuts on corporate profits earned offshore — from 35 percent to a one-time rate of 15.5 percent on cash and 8 percent on other assets — encouraged companies to bring it home. Tech giants like Apple kept huge stashes of cash abroad, analysts said. Apple said last year it would bring back nearly all of its $250 billion parked overseas.

Much of the money brought home went to a stock buybacks, according to a Federal Reserve study last year. Buyback activity hit a record $1.1 trillion last year and could surpass that level this year.

Some have estimated that American companies held between $1 trillion and $2.5 trillion in cash offshore before the tax cuts.