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Dayton Business Journal...
Corporations hold 11 percent more cash
Thursday, July 28, 2011

NO. 1: Moody’s said Apple held the most cash in 2010 among U.S. companies with about $60 billion on hand and a debt-to-cash ratio of zero.

Apple Inc. , Microsoft Corp. and Cisco Systems Inc. held the most cash among non-financial companies in the United States in 2010, according to a Moody’s report that said domestic business cash holdings increased about 11 percent last year.

Intel Corp. came in at No. 9 with about $24.4 billion on hand and a debt-to-cash ratio of 3.2 percent. Other companies on the list with operations in the Dayton region include General Electric , Ford Motor Co. and General Motors .

Boeing Co. and Google Inc. also are on the list.

Click “View Photo Gallery” link above photo to see slideshow of top cash-rich companies.

About $600 billion of the $1.24 trillion held by U.S. businesses is in overseas accounts, a matter of debate in Washington over offering tax breaks to encourage repatriation of the money.

Moody’s said the cash stash grew even though the amount spent on capital improvements, mergers and acquisitions and dividends increased.

Moody’s also said that the U.S. corporate debt-to-cash ratio was the lowest in the last five years at 3.06.

“Even with near-record-low interest rates and high levels of corporate-debt issuance, companies are adding little debt on a net basis,” the debt rating service said.

The top 20 holders had $488 billion, accounting for more than a third of the overall total.

Moody’s reported last month that U.S. technology company’s cash holding have doubled since 2006 and is likely to double again within three years to $238 billion

Moody’s listed Cupertino, Calif.-based Apple Inc. (NASDAQ:AAPL) at No. 1, with $60 billion in cash at the end of 2010. The iPad and iPhone maker said in its most recent earnings report that its cash had grown to $76.2 billion by the end of June.

Seattle-based Microsoft (NASDAQ:MSFT) was No. 2 with $41 billion.

San Jose, Calif.-based Cisco (NASDAQ:CSCO) was No. 3 with $40.3 billion.

Read it with links at Dayton Business Journal


 
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