Financial Accounts of the United States - Z.1
F.103 Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2017 | 2018 | 2019 | 2018 Q3 | 2018 Q4 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1265.4 | 1156.9 | 1102.8 | 1178.1 | 1163.4 | 1097.0 | 1124.3 | 1084.5 | 1105.5 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 232.5 | 155.6 | 154.9 | 166.8 | 157.5 | 157.3 | 168.9 | 149.2 | 144.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 681.2 | 196.8 | 490.7 | 514.6 | 404.0 | 499.0 | 512.9 | 471.5 | 479.6 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -48.9 | -51.5 | 5.2 | -42.1 | -15.2 | -15.5 | -4.4 | 27.9 | 13.0 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1440.2 | 1639.9 | 1678.6 | 1647.7 | 1666.4 | 1648.6 | 1669.2 | 1688.5 | 1708.0 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 216.0 | -293.4 | 26.8 | -32.5 | -143.9 | 15.8 | 67.1 | -4.6 | 28.8 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 191.5 | -5.9 | -0.5 | -5.6 | -16.0 | -0.6 | -0.6 | -0.5 | -0.4 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1767.5 | 2105.4 | 2168.3 | 2075.5 | 2125.1 | 2090.1 | 2175.0 | 2176.1 | 2232.0 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1954.5 | 2070.9 | 1914.5 | 1169.5 | 1988.4 | 702.2 | 1839.4 | 2555.1 | 2561.3 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1887.4 | 2051.0 | 2130.9 | 2094.0 | 2136.8 | 2176.2 | 2145.2 | 2127.2 | 2074.9 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1859.1 | 2001.0 | 2067.4 | 2016.3 | 2044.7 | 2069.1 | 2076.6 | 2065.6 | 2058.3 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 27.9 | 51.1 | 62.5 | 79.4 | 91.8 | 102.3 | 68.5 | 61.5 | 17.7 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0.4 | -1.1 | 1.0 | -1.7 | 0.3 | 4.7 | 0.2 | 0.1 | -1.1 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 67.2 | 19.9 | -216.3 | -924.5 | -148.5 | -1474.0 | -305.8 | 427.9 | 486.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 549.0 | 318.8 | 705.9 | 158.0 | 128.6 | -66.4 | 808.6 | 1190.7 | 890.6 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 119.0 | -127.5 | 2.3 | -346.0 | -108.3 | 4.6 | 40.7 | -59.0 | 22.9 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 7.8 | 54.5 | 201.4 | 154.5 | 52.6 | -219.6 | 355.0 | 531.8 | 138.6 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | -7.7 | -6.6 | 4.6 | 15.8 | 1.7 | 28.5 | 9.2 | -8.5 | -10.7 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 11.6 | -9.3 | 110.7 | -32.6 | 8.3 | 80.8 | 102.0 | 121.8 | 138.1 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -50.7 | -25.6 | -5.5 | -13.8 | 5.1 | -9.5 | -6.9 | -0.5 | -4.8 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 28.8 | 5.2 | 57.4 | -28.7 | 109.9 | 0.8 | 48.1 | 96.1 | 84.6 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -8.8 | 31.7 | 86.9 | 15.0 | 110.7 | -7.6 | 89.0 | 121.0 | 145.2 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 30.1 | -19.6 | -22.2 | -31.9 | -0.7 | 6.4 | -30.7 | -18.9 | -45.6 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 10.0 | -6.8 | -6.9 | -11.4 | 0.2 | 2.3 | -9.7 | -5.8 | -14.5 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.5 | -0.2 | -0.3 | -0.4 | -0.3 | -0.2 | -0.4 | -0.2 | -0.5 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 1.3 | 1.3 | 1.4 | -11.1 | 28.6 | -7.1 | -11.1 | -10.5 | 34.1 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.4 | 1.3 | 1.4 | 1.3 | 1.3 | 1.3 | 1.4 | 1.4 | 1.4 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -1.1 | 0.0 | 0.0 | -12.4 | 27.2 | -8.4 | -12.5 | -11.8 | 32.7 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -89.2 | -46.2 | -46.2 | -49.9 | -42.9 | -46.2 | -46.2 | -46.2 | -46.2 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 7.6 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 162.5 | 143.2 | 73.2 | 303.1 | -179.6 | 266.7 | 172.5 | -108.6 | -37.8 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 282.3 | -68.9 | 123.4 | 154.8 | 246.1 | -116.7 | 355.8 | 92.1 | 162.4 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 75.7 | 408.6 | 192.9 | 21.7 | 17.1 | -38.9 | -200.8 | 592.1 | 419.2 | 33 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 481.8 | 298.9 | 922.2 | 1082.5 | 277.0 | 1407.5 | 1114.4 | 762.8 | 404.1 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 320.5 | 140.1 | 258.8 | 212.5 | -6.1 | 473.5 | 241.8 | 381.9 | -62.1 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 25.9 | -10.2 | -1.5 | -3.8 | -143.3 | 88.3 | -61.1 | -9.9 | -23.5 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 13.7 | -4.3 | 14.5 | -11.1 | 7.7 | 18.4 | -4.5 | 13.8 | 30.2 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 281.0 | 154.6 | 245.8 | 227.3 | 129.5 | 366.8 | 307.4 | 378.0 | -68.8 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 223.2 | 137.3 | 199.7 | 242.6 | 215.3 | 294.6 | 195.7 | 194.4 | 114.1 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 35.8 | 76.5 | 21.7 | 34.5 | 151.3 | 38.8 | 66.1 | 16.4 | -34.3 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 147.7 | 4.2 | 129.3 | 161.8 | 29.1 | 199.1 | 95.8 | 114.8 | 107.4 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 39.8 | 56.6 | 48.7 | 46.3 | 34.9 | 56.8 | 33.8 | 63.2 | 41.1 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -320.8 | -529.7 | -408.5 | -185.6 | -751.4 | -690.5 | -147.0 | -470.7 | -326.0 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 81.3 | 137.6 | 79.2 | 251.3 | -78.9 | 256.5 | 98.2 | -30.5 | -7.3 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 211.1 | -14.1 | -26.4 | 26.6 | 3.7 | -14.2 | -73.1 | -8.8 | -9.6 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S. (market value); liability | FA103192005 | 248.9 | 231.6 | 202.8 | 454.3 | 307.2 | 320.7 | 275.2 | 112.9 | 102.4 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -282.4 | 196.0 | 616.7 | 80.8 | 587.2 | 766.9 | 523.6 | 583.5 | 592.6 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 19.2 | 12.2 | 15.4 | 10.5 | 8.1 | 14.2 | 10.4 | 16.8 | 20.1 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -79.2 | -77.0 | -50.7 | -80.0 | -51.5 | -50.3 | -49.9 | -49.6 | -52.8 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -222.4 | 260.9 | 652.0 | 150.3 | 630.6 | 803.0 | 563.1 | 616.3 | 625.4 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -187.1 | 34.5 | 253.8 | 906.0 | 136.8 | 1387.9 | 335.6 | -379.0 | -329.4 | 51 |
| Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (7) | FA105005305 | 335.9 | -347.7 | -10.6 | -13.9 | -132.2 | 101.9 | 37.3 | -53.5 | -128.2 | 52 |
NOTES
- Consumption of fixed capital plus the capital consumption adjustment.
- Table F.5, line 61.
- Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively.
- Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.
- 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 F.216.
- The financing gap is the difference between capital expenditures (line 10) and gross savings less net capital transfers paid less foreign earnings retained abroad (line 8 minus line 6).
Last Update: March 12, 2020