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 | 2016 | 2017 | 2017 Q1 | 2017 Q2 | 2017 Q3 | 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1254.3 | 1264.4 | 1315.4 | 1312.4 | 1281.8 | 1147.9 | 1179.9 | 1253.5 | 1266.2 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 271.3 | 247.0 | 254.4 | 254.4 | 255.4 | 223.8 | 149.7 | 167.6 | 177.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 698.7 | 703.6 | 714.6 | 755.7 | 627.8 | 716.4 | -326.1 | 197.5 | 444.1 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -1.0 | -45.5 | -63.8 | -13.0 | -30.8 | -74.4 | -74.1 | -89.9 | -33.3 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1368.2 | 1474.8 | 1402.7 | 1413.9 | 1428.9 | 1653.6 | 1669.9 | 1688.7 | 1706.8 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 200.2 | 211.7 | 199.6 | 217.2 | 148.4 | 281.5 | -690.5 | -246.3 | -22.7 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 2.6 | 180.3 | -2.3 | -1.5 | -104.0 | 828.9 | -1.1 | -0.9 | -7.7 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1849.0 | 1774.4 | 1887.2 | 1921.8 | 2049.1 | 1239.5 | 2262.6 | 2241.8 | 2303.3 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1810.7 | 1688.1 | 1806.5 | 1887.0 | 1796.7 | 1262.2 | 2286.7 | 1705.6 | 1564.9 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1770.1 | 1889.8 | 1827.5 | 1865.3 | 1938.8 | 1927.4 | 1999.0 | 2009.1 | 2117.6 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1735.5 | 1864.5 | 1817.8 | 1848.7 | 1883.8 | 1907.6 | 1968.2 | 2018.2 | 2041.3 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 27.7 | 24.8 | 10.9 | 17.8 | 49.5 | 20.9 | 32.2 | -8.0 | 77.6 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 6.9 | 0.5 | -1.2 | -1.2 | 5.6 | -1.1 | -1.3 | -1.2 | -1.3 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 40.6 | -201.7 | -21.0 | 21.7 | -142.2 | -665.2 | 287.6 | -303.5 | -552.7 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1425.8 | 976.0 | 552.2 | 964.7 | 1217.3 | 1169.8 | 697.1 | -189.2 | 377.7 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 3.6 | 145.1 | -24.5 | 74.6 | 540.1 | -9.7 | -68.6 | 13.5 | -18.8 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 160.2 | 96.6 | 112.3 | 329.1 | -185.4 | 130.3 | -80.8 | -442.5 | 131.1 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 19.2 | 3.6 | -4.8 | 12.1 | 0.9 | 6.0 | -12.0 | -8.9 | -21.5 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -112.6 | 11.5 | -0.2 | 3.5 | 42.3 | 0.5 | 12.8 | 50.7 | 1.2 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 23.0 | -35.8 | -30.4 | -97.0 | -40.3 | 24.4 | -89.1 | -23.1 | -1.5 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -6.4 | 32.8 | 54.0 | 46.2 | -11.4 | 42.6 | 6.8 | 32.8 | -49.9 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -9.0 | 22.6 | 36.8 | 35.2 | -20.1 | 38.4 | 41.8 | 30.8 | -31.9 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 3.9 | 0.8 | -5.3 | 4.5 | -0.7 | 4.6 | -18.3 | -2.3 | 1.9 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 1.3 | 0.3 | -1.8 | 1.5 | -0.2 | 1.5 | -6.1 | -0.8 | 0.6 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.6 | 9.2 | 24.3 | 5.0 | 9.6 | -2.0 | -10.5 | 5.1 | -20.5 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 0.6 | -2.8 | -1.2 | -31.4 | -9.2 | 30.8 | -8.9 | -32.2 | -14.9 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | -1.1 | -1.8 | -1.8 | -1.8 | -1.8 | -1.8 | -1.8 | -1.8 | -3.8 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 1.7 | -0.9 | 0.6 | -29.6 | -7.4 | 32.7 | -7.1 | -30.4 | -11.1 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 54.6 | -104.7 | -99.1 | -101.7 | -105.7 | -112.2 | -104.7 | -104.7 | -104.7 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -11.0 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 5.4 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 223.3 | 273.2 | 185.6 | 209.4 | 404.3 | 293.6 | 269.7 | 260.3 | 374.9 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad; asset (4) | FA103092005 | 254.5 | 276.9 | 414.2 | 112.4 | 212.3 | 368.8 | -558.4 | -245.1 | 79.6 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 816.9 | 274.1 | -59.0 | 402.2 | 364.0 | 389.4 | 1324.9 | 304.6 | -3.3 | 33 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1385.2 | 1177.7 | 573.2 | 943.0 | 1359.5 | 1835.0 | 409.4 | 114.2 | 930.4 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 288.0 | 302.6 | 448.7 | 273.8 | 386.4 | 101.3 | 265.3 | 8.7 | 135.6 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 1.8 | 25.9 | 11.4 | 32.5 | 68.8 | -9.2 | 3.5 | 15.5 | -19.8 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 15.4 | 13.4 | 1.2 | 19.2 | -16.7 | 50.1 | -10.8 | -1.0 | -16.4 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 270.8 | 263.2 | 436.1 | 222.1 | 334.3 | 60.4 | 272.5 | -5.8 | 171.8 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 118.6 | 187.2 | 159.6 | 266.6 | 259.2 | 63.5 | 29.2 | 644.0 | 253.2 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 55.8 | 40.1 | 24.2 | 39.3 | 75.8 | 21.0 | 22.6 | 88.8 | 57.0 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 12.3 | 104.0 | 113.9 | 185.1 | 151.1 | -34.0 | -56.2 | 452.7 | 151.9 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 50.6 | 43.1 | 21.4 | 42.2 | 32.3 | 76.5 | 62.8 | 102.5 | 44.4 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -576.8 | -319.3 | -359.3 | -220.5 | -474.8 | -222.4 | -403.0 | -834.4 | -265.0 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 194.6 | 211.2 | 102.3 | 170.5 | 268.2 | 303.9 | 117.1 | 273.9 | 312.9 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -8.8 | 212.7 | 11.6 | 5.7 | -10.0 | 843.5 | -9.6 | -97.7 | 23.8 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability | FA103192005 | 408.5 | 248.4 | 320.4 | 266.3 | 242.3 | 164.7 | 196.8 | -36.1 | 138.0 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 961.1 | 334.8 | -110.1 | 180.6 | 688.2 | 580.5 | 213.7 | 155.7 | 331.8 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 3.9 | 5.8 | 12.1 | 3.2 | 6.1 | 1.8 | 11.3 | 10.4 | 8.1 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 63.2 | 16.0 | 100.4 | 12.3 | 18.8 | -67.6 | 23.0 | 13.4 | -39.4 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 894.0 | 313.0 | -222.6 | 165.2 | 663.3 | 646.3 | 179.4 | 132.0 | 363.1 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 38.3 | 86.3 | 80.7 | 34.8 | 252.5 | -22.7 | -24.0 | 536.2 | 738.4 | 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 | 121.2 | 327.0 | 139.9 | 160.6 | 38.1 | 969.3 | -954.1 | -479.1 | -208.5 | 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: December 6, 2018