U.S. companies outside of the finance industry are holding more cash on their balance sheets than ever, with $1.64 trillion at the end of 2013.

That's up 12 percent from the prior record in 2012, Moody's Investors Service said in a report today. Technology sector led the charge, with Apple Inc., Microsoft Corp., Google Inc., and Verizon Communications Inc. topping the list of cash-rich companies.

Stockpiling cash can help companies maintain stronger credit ratings and ensure near-term debt can be paid off if there are swings or disruptions in capital markets, Moody's credit analyst Richard Lane wrote in the report. High levels of cash can also attract activist shareholders, who can weaken a company's credit rating, or encourage companies to make risky decisions, such as expensive acquisitions.