Apple's cash reserves hit $285.1 billion in the quarter ended in December, a record, reflecting the company's move to high-priced handsets and new tax regulations.

That's compared with $268.9 billion in the prior quarter. The increase in cash was disclosed Thursday in Apple's earnings report.

Apple has said it plans to make $38 billion in tax payments to reflect new tax rules passed last year. Wall Street has speculated that the lower tax rates may open the door for the tech giant to bring back cash from overseas and put it to work through acquisitions or by returning money to shareholders.

Apple has already revealed some spending goals: The iPhone maker says it will contribute $350 billion to the U.S. economy over the next five years, in the form of payments to suppliers, capital expenditures, advanced manufacturing investments and jobs.

It is also investing in expanding its content services and operations in emerging markets like India.