The following chart shows nonfinancial corporate business debt (in red) and nonfarm nonfinancial nonfarm noncorporate business debt (in blue) as a combined percentage of GDP (stacked chart).
Click to enlarge.
If businesses are truly flush with cash, then that must mean that they can afford to pay off a small portion of their $12+ trillion debt! As seen in blue, note that the noncorporate businesses are certainly trying. The corporate world can't get enough debt though. No amount is too much! To infinity and beyond!
Put another way, it would seem that companies are generally flush with borrowed cash. That might explain why less than 1% of the companies in the S&P 500 currently have an AAA credit rating. Go figure.
More and more, in fact, companies have found that a AAA credit rating is not something worth aspiring to if a more conservative approach means lower profits.
Please note that this doesn't even include the financial industry. We all know how rock solid that is though. Nothing to fear there. No sir!
Too much sarcasm? It seems excessive this time. Oh, what the hell. In for a penny, in for a pound.
St. Louis Fed: Custom Chart