Present Value Free CF if too much cash


maybe someone can help me clearify a few things. Present Value (DCF) calculation assumes the reinvestment at IRR. What if a company piles cash?

Split FreeCF in a “productive” part and an “unproductive” one? But does that really makes sense as FreeCF is the capital a shareholder could “take home” without hurting the company’s operation?

Bit confused here, thank you for help.