Level is calculated from Standard and Poor's Compustat, item Cash and cash equivalents, multiplied by a benchmark ratio of SOI and QFR to Compustat for cash and cash equivalents, less: U.S. deposits in foreign countries (FOF series FL103091003), time and savings deposits (FOF series FL103030003), money market mutual fund shares (FOF series FL103034003), security repurchase agreements (FOF series FL102050003), commercial paper (FOF series FL103069100), Treasury securities (FOF series FL103061103), agency-and GSE backed securities (FOF series FL103061703), and municipal securities (FOF series FL103062003). The benchmark ratio for the latest available SOI year is calculated: from the SOI, Corporation Income Tax Returns, Returns of Active Corporations, Table 6-Balance Sheet, Income Statement, Tax, and Other Selected Items, by Major Industry, excluding the industries of manufacturing, finance and insurance, management of companies, and unpublished detail on equity REITs, sum lines Cash, Investments in Government obligations, and Tax-exempt securities, plus from the QFR, Table 1.1-Balance Sheet for Corporations in the NAICS Manufacturing Sector, All Total Asset Sizes, line Total cash on hand and in U.S. banks, U.S. Government and other securities, plus from the QFR, Table 70.1-Balance Sheet for Corporations in the NAICS Manufacturing Sector, Total Assets $25 Million and Over, line Cash and deposits outside the U.S.; divided by Compustat cash and cash equivalents. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.
