American companies are hoarding cash like crazy.
In the second quarter of 2017, twenty-four of the largest American companies are holding on to a whopping $1.01 trillion in cash reserves, up 1.63% from the first quarter, according to analysis of second quarter earnings reports by Bank of America.
Of the $1.01 trillion, just over 80% is held in stashes outside the United States.
A solid majority of the holdings are in the form of corporate and treasury bonds, which Bank of America sees as a sign that the companies aren’t making a move to prepare to bring the money home yet.
“Because about 70% of 2Q inflows were invested in corporate bonds we see no evidence yet that corporate investors are making their cash portfolios more liquid ahead of the possible repatriation of overseas cash as part of tax reform or on a stand-alone basis,” the bank wrote.
Here’s which US companies have the most cash on hand. These 17 companies together have over $800 billion stashed away:
Anaele Pelisson/Business Insider
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