Financial Accounts of the United States - Z.1
L.103 Nonfinancial corporate business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Total financial assets | FL104090005 | 31436.7 | 32700.4 | 36278.3 | 32777.9 | 32700.4 | 33025.1 | 34481.3 | 35398.7 | 36278.3 |
| Line 2 | Checkable deposits and currency | FL103020005 | 1917.3 | 2197.3 | 2251.0 | 2136.6 | 2197.3 | 2139.5 | 2186.9 | 2283.8 | 2251.0 |
| Line 3 | Time and savings deposits | FL103030003 | 434.0 | 418.5 | 401.7 | 407.9 | 418.5 | 381.7 | 366.5 | 387.2 | 401.7 |
| Line 4 | Other deposits (foreign deposits) | FL103091003 | 245.8 | 213.0 | 192.3 | 228.3 | 213.0 | 221.6 | 219.5 | 204.6 | 192.3 |
| Line 5 | Money market fund shares | FL103034000 | 873.7 | 962.2 | 1087.7 | 913.3 | 962.2 | 979.7 | 986.6 | 1028.4 | 1087.7 |
| Line 6 | Security repurchase agreements | FL102051003 | 27.0 | 45.9 | 72.1 | 34.1 | 45.9 | 56.1 | 54.0 | 69.0 | 72.1 |
| Line 7 | Debt securities | LM104022005 | 400.1 | 408.5 | 438.1 | 421.1 | 408.5 | 418.6 | 414.3 | 430.2 | 438.1 |
| Line 8 | Commercial paper | FL103069100 | 209.8 | 206.6 | 215.7 | 221.6 | 206.6 | 214.9 | 207.0 | 215.3 | 215.7 |
| Line 9 | Treasury securities | LM103061103 | 111.4 | 122.1 | 135.7 | 119.9 | 122.1 | 124.1 | 126.6 | 131.9 | 135.7 |
| Line 10 | Agency- and GSE-backed securities | LM103061703 | 37.1 | 40.7 | 44.7 | 40.0 | 40.7 | 40.1 | 40.9 | 42.7 | 44.7 |
| Line 11 | Municipal securities | LM103062003 | 24.9 | 25.8 | 28.2 | 26.2 | 25.8 | 25.9 | 26.5 | 27.3 | 28.2 |
| Line 12 | Corporate bonds (held by equity REITs) | LM123063003 | 16.8 | 13.4 | 13.9 | 13.4 | 13.4 | 13.7 | 13.3 | 13.0 | 13.9 |
| Line 13 | Loans | FL104023005 | 141.2 | 145.1 | 142.8 | 144.6 | 145.1 | 145.2 | 145.1 | 145.4 | 142.8 |
| Line 14 | Mortgages | FL103065005 | 141.2 | 145.1 | 142.8 | 144.6 | 145.1 | 145.2 | 145.1 | 145.4 | 142.8 |
| Line 15 | Consumer credit | FL103066003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 16 | U.S. direct investment abroad: intercompany debt | LM103092305 | -56.4 | -62.5 | -125.7 | -111.4 | -62.5 | -36.8 | -83.7 | -90.5 | -125.7 |
| Line 17 | Corporate equities | LM103064103 | 2913.8 | 3260.5 | 3658.5 | 3278.0 | 3260.5 | 3083.9 | 3377.0 | 3604.7 | 3658.5 |
| Line 18 | U.S. direct investment abroad: equity | LM103092105 | 7627.6 | 8105.3 | 10394.5 | 8656.8 | 8105.3 | 8478.8 | 9323.7 | 9904.9 | 10394.5 |
| Line 19 | Equity in GSEs | FL103092405 | 1.9 | 2.1 | 2.2 | 2.0 | 2.1 | 2.2 | 2.1 | 2.1 | 2.2 |
| Line 20 | Mutual fund shares | LM103064203 | 325.2 | 404.5 | 500.2 | 400.4 | 404.5 | 407.8 | 450.1 | 483.7 | 500.2 |
| Line 21 | Trade receivables | FL103070005 | 5244.7 | 5333.0 | 5794.8 | 5229.9 | 5333.0 | 5495.0 | 5602.3 | 5690.3 | 5794.8 |
| Line 22 | Miscellaneous assets | FL103090005 | 11340.7 | 11267.2 | 11468.1 | 11036.4 | 11267.2 | 11251.7 | 11436.9 | 11254.9 | 11468.1 |
| Line 23 | Insurance receivables | FL103076005 | 520.0 | 561.7 | 592.8 | 562.7 | 561.7 | 575.0 | 583.3 | 591.6 | 592.8 |
| Line 24 | Investment in finance company affiliates | FL103094705 | 153.4 | 143.0 | 172.5 | 144.7 | 143.0 | 155.4 | 150.0 | 164.2 | 172.5 |
| Line 25 | PPP subsidies receivable | FL103072005 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 26 | Other | FL103093005 | 10667.3 | 10562.5 | 10702.8 | 10328.9 | 10562.5 | 10521.3 | 10703.6 | 10499.1 | 10702.8 |
| Line 27 | Total liabilities and equity | FL104194005 | 92807.0 | 106762.8 | 120414.6 | 104806.5 | 106762.8 | 102477.4 | 110482.7 | 117884.5 | 120414.6 |
| Line 28 | Total liabilities | FL104190005 | 29646.0 | 30045.5 | 30913.8 | 29719.2 | 30045.5 | 30342.9 | 30562.2 | 30714.1 | 30913.8 |
| Line 29 | Debt securities | FL104122005 | 8253.2 | 8518.5 | 8790.8 | 8538.6 | 8518.5 | 8687.2 | 8685.2 | 8753.4 | 8790.8 |
| Line 30 | Commercial paper | FL103169100 | 218.0 | 196.3 | 215.0 | 192.0 | 196.3 | 235.9 | 253.9 | 229.9 | 215.0 |
| Line 31 | Municipal securities1 | FL103162000 | 623.4 | 636.4 | 651.7 | 637.5 | 636.4 | 642.8 | 652.8 | 648.5 | 651.7 |
| Line 32 | Corporate bonds | FL103163005 | 7411.9 | 7685.8 | 7924.1 | 7709.1 | 7685.8 | 7808.6 | 7778.5 | 7875.0 | 7924.1 |
| Line 33 | Loans | FL104123005 | 5122.1 | 5182.3 | 5391.8 | 5258.7 | 5182.3 | 5161.2 | 5244.6 | 5315.8 | 5391.8 |
| Line 34 | Depository institution loans n.e.c. | FL103168005 | 1243.5 | 1158.0 | 1137.5 | 1258.4 | 1158.0 | 1083.6 | 1102.1 | 1106.5 | 1137.5 |
| Line 35 | Other loans and advances2 | FL103169005 | 2528.1 | 2639.3 | 2809.6 | 2620.1 | 2639.3 | 2687.1 | 2734.4 | 2779.9 | 2809.6 |
| Line 36 | Mortgages | FL103165005 | 1350.5 | 1385.1 | 1444.7 | 1380.1 | 1385.1 | 1390.4 | 1408.0 | 1429.4 | 1444.7 |
| Line 37 | Foreign direct investment: intercompany debt | LM103192305 | 315.1 | 353.7 | 313.4 | 360.8 | 353.7 | 363.9 | 346.4 | 326.8 | 313.4 |
| Line 38 | Trade payables | FL103170005 | 3852.2 | 3956.1 | 4392.2 | 3884.1 | 3956.1 | 4094.3 | 4193.9 | 4315.6 | 4392.2 |
| Line 39 | Taxes payable | FL103178005 | 249.7 | 239.0 | 197.9 | 233.9 | 239.0 | 338.1 | 223.8 | 189.2 | 197.9 |
| Line 40 | Miscellaneous liabilities | FL103190005 | 11853.7 | 11795.9 | 11827.8 | 11443.0 | 11795.9 | 11698.2 | 11868.3 | 11813.3 | 11827.8 |
| Line 41 | Pension fund contributions payable | FL573074005 | 77.3 | 81.0 | 85.6 | 80.1 | 81.0 | 82.0 | 82.9 | 84.7 | 85.6 |
| Line 42 | Claims of pension fund on sponsor | FL573073005 | 293.9 | 192.0 | 94.0 | 134.4 | 192.0 | 278.1 | 168.3 | 82.3 | 94.0 |
| Line 43 | Other | FL103193005 | 11482.5 | 11522.8 | 11648.1 | 11228.5 | 11522.8 | 11338.1 | 11617.2 | 11646.3 | 11648.1 |
| Line 44 | Total equity | LM103181105 | 63161.0 | 76717.3 | 89500.8 | 75087.3 | 76717.3 | 72134.5 | 79920.5 | 87170.4 | 89500.8 |
| Line 45 | Corporate equities (market value) | LM103164105 | 51749.4 | 62735.9 | 73132.7 | 61385.1 | 62735.9 | 58814.4 | 65209.7 | 71340.1 | 73132.7 |
| Line 46 | Foreign direct investment: equity | LM103192105 | 11411.6 | 13981.4 | 16368.1 | 13702.2 | 13981.4 | 13320.2 | 14710.8 | 15830.2 | 16368.1 |
| Memo: | |||||||||||
| Line 47 | Total liquid assets3 | FL104001005 | 7136.9 | 7910.3 | 8601.5 | 7819.7 | 7910.3 | 7689.0 | 8054.8 | 8491.6 | 8601.5 |
| Line 48 | Total short-term liabilities4 | FL104150005 | 8091.5 | 8188.7 | 8752.1 | 8188.6 | 8188.7 | 8439.1 | 8508.2 | 8621.1 | 8752.1 |
| Line 49 | Liquid assets/short-term liabilities (percent) | FL104001006 | 88.2 | 96.6 | 98.3 | 95.5 | 96.6 | 91.1 | 94.7 | 98.5 | 98.3 |
| Line 50 | Short-term debt/total debt (percent)5 | FL104140006 | 29.8 | 29.1 | 29.3 | 29.5 | 29.1 | 28.9 | 29.4 | 29.3 | 29.3 |
Notes:
- Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds.
- Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table L.216.
- Sum of lines 2 through 7 and lines 17 and 20.
- Sum of lines 30, 34, 35, 38, and 39. Includes loans due in more than one year and excludes current maturities of bonds and mortgages.
- Short-term debt is the sum of lines 30, 34, and 35. Total debt is the sum of lines 29 and 33.
Last Update: 2026-03-19