The State Of The Corporate Balance Sheet In 2 Charts

The financial crisis was highlighted by a freeze in the short-term credit markets, which had even the most financially sound corporations struggling to meet their short-term obligations (e.g. making payroll).

Scarred by the crisis, corporations have been doing everything they can to make their balance sheets more robust and liquid.

"Cash levels have surged to new highs and net debt is near trough levels," said RBC Capital's Jonathan Golub.

Here are two charts from the showing the fortress balance sheets built up by the S&P 500's non-financial companies.