Corporate cash levels have skyrocketed over the past few years, more than doubling over the last decade. A recent Moody’s estimate predicts corporate cash levels will rise another 5% in 2016 to a whopping $1.77 trillion from $1.68 trillion at the end of 2015. The rising cash holdings of U.S. corporations can be largely attributed to a few big tech companies.

By the end of this year, Moody’s projects Apple Inc. (AAPL) will widen its lead over the other four leading tech companies with $253 billion in cash on hand. Microsoft Corp. (MSFT) is seen trailing in second place with $115 billion. Google parent Alphabet Inc. (GOOG) is estimated to hold $85 billion in cash. Oracle Corp. (ORCL) comes in at fourth on estimated rankings with $68 billion in cash, while networking provider Cisco Systems Inc. (CSCO) stands at fifth place with $67 billion predicted in corporate cash holdings. (See also: Ireland to Appeal EU Decision on Apple Taxes.)

Without Tax Reform,  Overseas Cash Set to Rise

The report indicated that most of the cash generated by the companies is now held overseas, estimating $1.3 trillion or 74% of total cash held overseas in 2016. Last year, $1.2 trillion, or 72% of total corporate cash was kept outside the U.S. “Without tax reform that reduces the negative financial consequences of repatriating money to the U.S., we expect offshore cash levels to continue increasing,” said Moody’s Senior Vice President Richard Lane.

Moody analysts Lane and Lenny Ajzenman stated, “We expect the concentration of cash in the technology sector to grind higher over the next year because of the sector’s strong cash flow generation. We project the technology sector’s share of cash to rise to about 49% of total non-financial corporate cash in 2016, up from 46% last year and 31% in 2007 ... The technology sector generated 63% of total rated non-financial corporate free cash flow in 2015, up from 37% in 2007.” (See also: Legacy Tech Stocks as Dividend Plays.)

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