F.103 Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
Description Series code 2021 2022 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 Line
Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj FA106060005 2234 2451.5 2400.4 2615 2457.1 2333.7 2373.9 2422.1 2517.2 1
Nonfinancial corporate business; taxes on corporate income FA106231005 298 416.9 424.5 422 403.4 417.8 437.4 430.4 429.8 2
Nonfinancial corporate business; net dividends paid FA106121075 1109.6 1233.3 1289.1 1241.3 1184.3 1218.4 1076 1097.4 1060.2 3
Nonfinancial corporate business; inventory valuation adjustment (IVA) FA105020601 -257.1 -96.2 -240.9 -227.7 -16.8 100.4 45.3 40.5 19.6 4
Nonfinancial corporate business; capital consumption allowance (1) FA106300015 1811.3 1866.9 1832.1 1853.6 1877.8 1904.3 1877.8 1904.9 1931.7 5
Nonfinancial corporate business; foreign earnings retained abroad FA106006065 81.2 114.2 58 83.6 116.5 198.7 52.5 88.6 76.4 6
Nonfinancial corporate business; net capital transfers paid (2) FA105440005 -9.8 30.3 -0.4 103.7 -35.2 52.9 -0.5 -0.6 -0.5 7
Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid FA106000105 2471.8 2656 2336.5 2557.6 2882.1 2848 2836.5 2929 3055.3 8
Nonfinancial corporate business; gross investment FA105090005 2295 3045.4 3775.6 3749.6 2873.9 1782.5 2041 2692.6 3970.7 9
Nonfinancial corporate business; total capital expenditures FA105050005 2231.6 2731.6 2932.1 2590.7 2693.9 2709.6 2637.2 2674.9 2777.1 10
Nonfinancial corporate business; gross fixed investment (3) FA105019005 2215.1 2483.2 2390.6 2463.7 2524.8 2553.8 2616.5 2664.2 2687.1 11
Nonfinancial corporate business; inventories including IVA FA105020005 10.7 143.6 220.4 113 81.9 158.9 24.4 14.5 90.3 12
Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) FA105420005 5.8 104.8 321.1 14 87.2 -3.1 -3.7 -3.8 -0.2 13
Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) FA105000005 63.4 313.8 843.5 1158.9 179.9 -927.1 -596.2 17.7 1193.6 14
Nonfinancial corporate business; total financial assets FA104090005 1334.6 1169.4 2804.3 1659.2 365.9 -151.9 298.4 878.1 2044.2 15
Nonfinancial corporate business; private foreign deposits; asset FA103091003 31.3 24.4 77.2 -100.1 10.8 109.5 -15.4 89.2 32.2 16
Nonfinancial corporate business; checkable deposits and currency; asset FA103020005 264.8 -39.5 88 -645.9 -141.6 541.3 110.2 -289.9 293.2 17
Nonfinancial corporate business; total time and savings deposits; asset FA103030003 5.6 13.3 3.7 -80.8 124.7 5.8 -88.6 467.2 94.8 18
Nonfinancial corporate business; money market fund shares; asset FA103034000 101 -73.5 -135.5 -84.8 -83.1 9.2 331.2 153.7 123 19
Nonfinancial corporate business; security repurchase agreements; asset FA102051003 -10.3 1.7 12.9 -21.5 0.3 15.3 8.9 -2.5 -1.4 20
Nonfinancial corporate business; debt securities; asset FA104022005 37.8 -18.5 -67.2 108.3 -143.3 28.3 12 43.1 166.6 21
Nonfinancial corporate business; commercial paper; asset FA103069100 5.4 -51.5 -88 70.4 -161.6 -26.8 24.6 -40.8 120.1 22
Nonfinancial corporate business; Treasury securities; asset FA103061103 10.7 24 1.2 36.9 14.6 43.2 -7.6 64.1 34.7 23
Nonfinancial corporate business; agency- and GSE-backed securities; asset FA103061703 2.9 6.7 -1.1 10.4 3 14.3 -1.2 20.4 7.9 24
Nonfinancial corporate business; municipal securities; asset FA103062003 11.2 -0.2 0 0.2 -0.2 -0.9 -0 0.5 0.1 25
Equity real estate investment trusts; corporate and foreign bonds; asset FA123063003 7.7 2.6 20.7 -9.6 0.8 -1.5 -3.8 -1.1 3.7 26
Nonfinancial corporate business; loans; asset FA104023005 14.4 21.2 41.4 -74 37 80.3 40.7 -74.2 40.1 27
Nonfinancial corporate business; total mortgages; asset FA103065005 14.4 21.2 39.8 17.9 10.8 16.2 41.7 18.5 16.8 28
Nonfinancial corporate business; consumer credit; asset FA103066005 -0 -0 1.5 -91.9 26.2 64.1 -1 -92.7 23.3 29
Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) FA103092305 -52.7 -26.6 -132.5 109.6 -102.5 19 123.7 -54.8 81.9 30
Nonfinancial corporate business; corporate equities; asset FA103064103 -101.4 -137.3 -158.1 -132.1 -125.1 -134 -137.3 -137.3 -137.3 31
Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) FA103092105 293.1 357.7 445.2 295.4 324.6 365.7 167.4 208.5 119.8 32
Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset FA103092405 0.2 0.1 1.5 -0.6 -0.2 -0.2 1.5 -0.5 -0.2 33
Nonfinancial corporate business; mutual fund shares; asset FA103064203 22 -4.4 -4.4 -4.4 -4.4 -4.4 -4.4 -4.4 -4.4 34
Nonfinancial corporate business; trade receivables; asset FA103070005 498.1 181.1 682.5 751.9 -415.9 -294.2 -170.3 157.9 352.5 35
Nonfinancial corporate business; total miscellaneous assets FA103090005 230.7 869.7 1949.6 1538.3 884.5 -893.7 -81.3 321.9 883.5 36
Nonfinancial corporate business; total liabilities and equity FA104194005 1271.2 855.6 1960.8 500.3 186 775.2 894.5 860.4 850.7 37
Nonfinancial corporate business; total liabilities FA104190005 1051.6 1106.7 2227.1 939.9 419.5 840 835.3 970.5 834.6 38
Nonfinancial corporate business; debt securities; liability FA104122005 252.6 80.3 187.8 -2.6 181.2 -45.4 562.1 142.5 93.8 39
Nonfinancial corporate business; commercial paper; liability FA103169100 6 59.3 -19.9 140.2 169 -52.1 -82.2 10.8 49.1 40
Nonfinancial corporate business; municipal securities; liability (4) FA103162000 11.3 0.8 22.2 10.2 -10.9 -18.3 6.8 10.4 0.2 41
Nonfinancial corporate business; corporate bonds; liability FA103163005 235.3 20.2 185.5 -153 23.1 25 637.4 121.4 44.5 42
Nonfinancial corporate business; loans; liability FA104123005 292.6 624.6 872.2 944.9 340.7 340.5 103.5 132.4 97.5 43
Nonfinancial corporate business; depository institution loans n.e.c.; liability FA103168005 -83.3 266.2 247.4 526.2 119.1 172.2 69.4 28.9 -36.4 44
Nonfinancial corporate business; other loans and advances; liability (5) FA103169005 298.1 201.5 437.7 241.8 62.2 64.3 -76.5 57.9 76.1 45
Nonfinancial corporate business; total mortgages; liability FA103165005 77.8 156.9 187.1 176.9 159.4 104 110.6 45.6 57.8 46
Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) FA103192305 -1.1 69.5 42.7 48.7 120.4 66.2 -26.5 -0.4 -50.5 47
Nonfinancial corporate business; trade payables; liability FA103170005 429.8 248.3 533.4 522 -122 59.8 -292.9 20.2 329 48
Nonfinancial corporate business; total taxes payable; liability FA103178005 -25.5 27.6 174.4 -64 2.2 -2.1 77 -111.8 11.9 49
Nonfinancial corporate business; total miscellaneous liabilities FA103190005 103.3 56.4 416.5 -509.1 -103 421 412 787.7 352.8 50
Private pension funds; pension fund contributions receivable; asset FA573074005 -6.5 -1.3 -2.2 -2.3 -0.7 -0.2 -5.1 -4.7 -1.7 51
Private defined benefit pension funds; claims of pension fund on sponsor; asset FA573073005 149.6 55.3 66.8 84.1 34.3 36 37.6 33.1 70.2 52
Nonfinancial corporate business; unidentified miscellaneous liabilities FA103193005 -39.8 2.4 351.9 -590.9 -136.7 385.2 379.5 759.2 284.4 53
Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability FA103181105 219.6 -251.1 -266.3 -439.6 -233.5 -64.8 59.3 -110.1 16.1 54
Nonfinancial corporate business; corporate equities; liability FA103164105 -166.3 -515.7 -531.8 -732.4 -527.2 -271.6 -385.9 -356.9 -378.6 55
Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) FA103192105 385.8 264.7 265.5 292.7 293.7 206.8 445.1 246.8 394.7 56
Nonfinancial corporate business; sector discrepancy FA107005005 176.7 -389.3 -1439 -1192 8.2 1065.5 795.4 236.4 -915.4 57
Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (6) FA105005305 -158.9 189.8 653.6 116.8 -71.7 60.4 -146.8 -165.5 -201.8 58

NOTES

  1. Consumption of fixed capital plus the capital consumption adjustment.
  2. Table F.5, line 61.
  3. Nonresidential fixed investment plus residential fixed investment, shown in table F.2, lines 10 and 15 respectively.
  4. 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.
  5. Loans from rest of the world, U.S. government, and nonbank financial institutions. Detail can be found on table F.216.
  6. 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: December 7, 2023