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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.
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