Investing.com - There's been plenty of debate about the Trump administration's policy on the dollar, but there's no question about the weaker dollar's benefit to the bottom line of U.S. companies. United Technologies (NYSE:UTX), 3M and Johnson & Johnson (NYSE:JNJ) have all said more favorable exchange rates contributed to better sales in the fourth quarter.A weaker dollar makes U.S. products more competitive overseas, where U.S, companies have a major presence.The dollar has been losing value since its three-year rally peaked in 2016.The percentage of sales from overseas operations for S&P 500 companies fell to 43.2% in 2016, the lowest since 2003.Because changes in exchange rates tend to have a delayed impact, the weaker dollar didn't start showing up in corporate profits until the third quarter of 2017.The energy, materials and technology sectors have the highest percentages of overseas sales. Telecommunications has the lowest. Exxon Mobil (NYSE:XOM) and Apple (NASDAQ:AAPL) rank one and two in sales abroad.