As a result, U.S. corporate cash holdings fell to a three-year low of $1.685 trillion in 2018, according to a report from Moody’s Investors Service Inc. The drop in corporate cash hoards, the first since 2015, came as companies rushed to take advantage of lower taxes on foreign income. Apple Inc., again the top cash holder, saw its cash pile drop 14% to $245 billion. Apple, for example, has laid out plans to become net cash neutral, with an equal amount of cash and debt. As of March 31, Apple had about $225 billion in cash and a net cash position of almost $113 billion, Mr. Maestri said during the earnings call.

Source: Wall Street Journal June 10, 2019 10:52 UTC