At U.S. corporations, cash is still king but it has lost a bit of its power.
Big business has continued to favor high holdings of bank deposits, even as the rush during the financial crisis to defensive, highly liquid positions has eased. Ratios of cash to assets and borrowing remain high by historical standards, but that appears to be more a continuation of a multi-decade trend than a reaction to market turmoil. (The following graphic shows balance sheet ratios for nonfinancial corporations on one tab and total deposit sums on the other. Interactive controls are described in the captions. Text continues below.)