Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
Big Moves in Goodwill, Intangible Value

Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

Thursday, February 28, 2019
Summary of Our Goodwill Research/ How-To

Wednesday, February 27, 2019
What Does ‘Other’ Mean? An Example

Thursday, February 21, 2019
Another Tale, Buried in the Footnotes

Wednesday, February 13, 2019
Low Latency Calcbench

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
You Revised WHAT, Netflix?

Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

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Corporate Cash
Monday, January 25, 2016

Over the weekend, the New York Times Magazine published an article entitled ‘Why Are Corporations Hoarding Trillions?’ by Adam Davidson.

At Calcbench, we knew that the number was correct. We also know that there are subtleties that make cash balances at the corporate level difficult to ascertain and compare on an apples to apples basis. For example, some (or most) of a firm’s cash may be held overseas, and it may be difficult to repatriate. Perhaps, the firm has no intention of bringing any foreign cash back to the US and wishes to boost its international operations.

We aren’t here to politicize a trend. But, what we can do is to measure, measure and measure again. We give our customers the ability to do the same.

For each quarter going back to the first quarter of 2012, we took the non-financial firms in the S&P500 and got their cash and cash equivalents. We added their short term investments to that. The results are aggregated in the graph below. All of this was done using our tools on Calcbench. You can do the same.

As you see, the levels of cash are steadily rising.  We count over 1.6 Trillion dollars at the end of Q3 2015.  There are 409 non-financial firms in our sample which leads to an average position just short of $4 Billion per firm ($ 3.93 Billion).  At the beginning of 2012, the same figure was $2.3 Billion per firm! This represents an increase of over 70% per firm!  

Questions?  Please let us know by sending mail to 

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