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(CNN Business) —  

Corporate America’s cash-hoarding ways may finally be ending.

US nonfinancial companies were sitting on $1.69 trillion at the end of 2018, according to a Moody’s Investors Service report released on Monday. While that’s an epic amount of money, it’s down by 15% from the record $1.99 trillion at the end of 2017.

The decline — the first since Moody’s began tracking the figures in 2007 — reflects a major shift driven by the 2017 tax overhaul, strong economic growth and mega share buybacks.

“With improved access to global cash following the tax overhaul, we expect aggregate cash balances will continue on a declining path,” Richard Lane, a Moody’s senior vice president, wrote in the report.

The top five cash-rich companies — Apple, Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and Facebook (FB) — drew down their war chests by a combined $111 billion, according to the report.

Apple alone held $245 billion in cash at the end of 2018, down nearly 17% from the year before. Still, Apple’s cash pile is bigger than the aggregate amount of cash of every non-tech industry, according to Moody’s.

Buybacks spike 99%

So where is that cash going?

Corporate America stepped up its spending across-the-board, deploying record amounts of cash on acquisitions, which Moody’s said increased nearly 15% to $405 billion. Dividend sp