I agree with the GAAP rules, but the GAAP rules require < 90 day instruments. The complexity of rolling $140B every 90 days is insane. You are going to have days where there just isn't enough liquidity.
They are basically managing $100B in house rather than getting screwed by banks every 90 days. GAAP is right, Apple is also right, but saying they only have $40B in cash, is very misleading. They could return $100B to shareholders in 6 months with ease.
They are basically managing $100B in house rather than getting screwed by banks every 90 days. GAAP is right, Apple is also right, but saying they only have $40B in cash, is very misleading. They could return $100B to shareholders in 6 months with ease.