A new analysis by Moody's, summarized by The Wall Street Journal this week, reveals that Apple's share of U.S. corporate cash grew from 9.5 percent at the end of 2012 to 10 percent in mid-2013. Apple's cash hoard has been the subject of considerable debate, as some investors believe the company should be doing more with its money.
While Apple has the largest share by far, together Microsoft, Google, Cisco and Pfizer account for another 15 percent of all U.S. corporate reserves. According to Moody's, the top 50 companies account for 62 percent.
For years now, Apple has been flush with billions it can't spend fast enough. The company announced plans for a dividend program in March of 2012, along with a $10 billion share buyback program.
Those plans were expanded this year, when Apple Chief Executive Tim Cook announced expanded buyback and dividend plans that will distribute $100 billion from its cash pile through 2015.
But even with those aggressive plans, Apple's cash continues to grow faster than the company can spend it. Its domestic and overseas funds reached $146.6 billion by the end of this year's June quarter.
That's drawn the attention of billionaire investor Carl Icahn, who has begun pushing Apple to spend $150 billion and buy back even more of its own shares. Icahn pitched his plan to Cook and Apple Chief Financial Officer Peter Oppenheimer at dinner in Manhattan this week, in a conversation he admitted got "testy" at times.