Watch live: Senate committee grills Apple CEO about hiding money in offshore accounts

Apple CEO Tim Cook will testify before the Senate Permanent Subcommittee on Investigations regarding a report that Apple had hidden more than $102 billion of its $145 billion in cash in offshore accounts between 2009 and 2012, meaning the company avoided paying some $44 billion in taxes on the funds.

In anticipation of the hearing, Apple released Cook's 17-page testimony, which explains Apple's position on the investigation, saying the company "safeguards the capital entrusted to it by its shareholders with prudent management" and argues that the company has been a powerful force for job creation in the United States.

"Apple complies fully with both the laws and spirit of the laws. And Apple pays all its required taxes, both in this country and abroad," the advance testimony explained.

An April report by the International Consortium of Investigative Journalists revealed that hiding money in offshore accounts is common around the world, as a massive leak of emails revealed politicians were often avoiding paying taxes in their own countries.

Watch the testimony, broadcast on May 21.