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Cash is king in America as nonfinancial companies hoard more cash than ever before, according a new report from Moody's Investors Service.
U.S. nonfinancial businesses rated by the firm sat on $1.64 trillion in cash at year-end, a 12-percent increase from the end of 2012.
Apple remains the top cash titan, accounting for 9.7 percent or $159 billion of the total cash last year, up from $137 billion the previous year. Interestingly, Apple's cash hoard is larger than the total amount of every sector, except tech and health care/pharma.
About 58 percent of total corporate cash, or $947 billion, remains overseas as companies avoid transferring it back to the U.S. to pay less tax.
"Among sectors, technology continues to hold the most cash and has extended its lead," Moody's Richard Lane said. "The technology sector held $638 billion, or 39 percent, of total corporate cash at the end of last year, followed by health care/pharmaceuticals, consumer products and energy."