Apple's cash drops again to 'only' $231.2B

It wasn't just Apple's (AAPL) profit that fell in the just-completed quarter. So did the tech giant's cash and investments.

Apple's storied pile of cash and investments, which outstrips that of any other company in the Standard & Poor's 500, dropped 0.5% during the just completed September quarter to $231.2 billion. Apple's cash and investments has been falling since the first quarter of 2016.

Apple's drop in cash reserves is a function not only of the company's 11% drop in quarterly profit, but also an aggressive plan to buyback stock and pay dividends. During the quarter, Apple paid out $9.3 billion in dividends and stock buybacks.

Rich tech firms can't get enough of this

But while Apple's cash continues to decline, its debt is soaring. The company's long-term debt during the September quarter jumped 41% from where it was a year ago to $75.4 billion. Apple, along with several other technology companies, have been piling on debt in part as a way to avoid taxes. By borrowing in the U.S., these companies can leave cash parked overseas and avoid the tax due when bringing it home.