New Rules Reveal $64 Billion of Hidden Leverage at Big US Firms

New accounting rules imposed on companies this year are revealing tens of billions of previously hidden leverage among the largest US businesses.

About 80 companies in the S&P 500 reported at least $64.1 billion worth of obligations in a type of short-term borrowing that lets them stretch out supplier bills and pay them back later, according to a Bloomberg analysis of filings. The number is expected to grow as many large companies won’t report their first-quarter financials until later this year. The list of users varies across industry and geography, including such household names as Philip Morris International Inc., Cigna ...