Corporate America- too leveraged?

I stumbled upon an article which commented on Corporate America’s current balance sheet. More specifically, it questioned whether America’s companies are taking on too much leverage. It prompted me to do some digging and seek a better understanding of the issue. It has been somewhat common knowledge that Americans (private individuals that is) have been paying down or defaulting on debt. That is lowing private debt ratios at the same time that State and Federal governments are borrowing more. We can see this in bank balance sheets too- in aggregate, total loans outstanding have decreased since the crisis began. Yet Corporate America is supposedly flush with cash, so the article makes me wonder if companies are over-leveraging, should we worry about their wherewithal to weather the next recession, slowdown or policy mistake?