There's more cash sitting on company balance sheets than ever before. For the first time since 2012, that's not enough.

Combining all of the corporate cash in the U.S. wouldn't cover the $1.8 trillion of corporate debt that's coming due in the next five years, according to a report by Moody's Investors Service on Friday. That's because U.S. companies have been borrowing more quickly than they've built up the record $1.68 trillion of cash on their balance sheets. And more of that debt comes due sooner.

"You're seeing more and more borrowing," Richard Lane, a senior vice president at Moody's, said by phone. "The increase in leverage has been notable."

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