» Cash holdings at non-financial companies are set to fall in 2019, a second straight yearly decline. Based on year-to-date performance, we project aggregate cash balances of US non-financial companies we rate will decrease about 7.5% to $1.55 trillion at year-end 2019, with many cash-rich companies repaying maturing debt and continuing to return excess cash to shareholders. » Technology companies remain the top seven cash holders. Apple, Microsoft, Alphabet, Amazon, Facebook, Cisco, and Oracle have the largest cash holdings. The top seven companies’ cash will decline 1% to $638 billion through 2019 but rise to 41% of total corporate cash as other large companies' cash balances decline more. » Apple's cash declines, but company still leads in cash holdings. We project Apple's cash pile will fall to about $207 billion by the end of calendar 2019, down from $245 billion at year-end 2018. That represents 13% of total non-financial corporate cash, down from a record high of 14.5% in 2018. » Investment spending rises, while capital allocation declines, among the top seven. For the top seven cash holders, spending on research and development is set to rise 19% to $123 billion, while capital spending grows 4% to $86 billion. We project aggregate dividend payments by the top seven cash holders will increase 4% in 2019, to $38 billion, while share buybacks will decline 7% to $153 billion. » Debt will decline by $16 billion. Many of the top seven cash holders will be repaying maturing debt. Cisco will reduce debt the most, by $5 billion, in calendar 2019 followed by Apple's nearly $5 billion debt reduction. Per Moody’s