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 | 2018 | 2017 Q3 | 2017 Q4 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1254.3 | 1264.4 | 1257.0 | 1281.8 | 1147.9 | 1179.9 | 1253.5 | 1284.2 | 1310.6 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 271.3 | 247.0 | 166.4 | 255.4 | 223.8 | 149.7 | 167.6 | 176.4 | 172.1 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 698.7 | 703.6 | 241.9 | 627.8 | 716.4 | -326.1 | 197.5 | 526.0 | 570.4 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -1.0 | -45.5 | -62.9 | -30.8 | -74.4 | -74.1 | -89.9 | -34.4 | -53.0 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1368.2 | 1474.8 | 1698.1 | 1428.9 | 1653.6 | 1669.7 | 1688.7 | 1707.0 | 1726.7 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 200.2 | 211.7 | -216.4 | 148.4 | 281.5 | -690.5 | -246.5 | 40.6 | 30.9 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 2.6 | 180.3 | -6.4 | -104.0 | 828.9 | -1.1 | -0.9 | -7.7 | -15.9 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1849.0 | 1774.4 | 2273.9 | 2049.1 | 1239.5 | 2262.5 | 2241.6 | 2302.8 | 2288.6 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1805.0 | 1680.5 | 1906.5 | 1782.7 | 1254.4 | 2282.7 | 1703.8 | 1557.8 | 2081.8 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1770.1 | 1889.8 | 2075.9 | 1938.8 | 1927.4 | 1998.9 | 2009.1 | 2121.3 | 2174.2 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1735.5 | 1864.5 | 2027.1 | 1883.8 | 1907.6 | 1968.1 | 2018.2 | 2041.4 | 2080.9 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 27.7 | 24.8 | 50.0 | 49.5 | 20.9 | 32.2 | -8.0 | 81.3 | 94.5 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 6.9 | 0.5 | -1.2 | 5.6 | -1.1 | -1.3 | -1.2 | -1.3 | -1.1 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 34.9 | -209.3 | -169.4 | -156.2 | -673.0 | 283.7 | -305.3 | -563.5 | -92.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1420.1 | 968.4 | 364.5 | 1203.4 | 1162.0 | 693.8 | -190.4 | 367.5 | 586.9 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 3.6 | 145.1 | -140.1 | 540.1 | -9.7 | -68.6 | 13.5 | -385.0 | -120.2 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 160.2 | 96.6 | -21.2 | -185.6 | 137.3 | -85.7 | -442.2 | 316.5 | 126.6 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 19.2 | 3.6 | -12.1 | 0.9 | 6.0 | -12.0 | -8.9 | 14.9 | -42.4 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -112.6 | 11.5 | 26.4 | 42.3 | 0.5 | 12.8 | 50.7 | 1.2 | 41.0 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 23.0 | -35.8 | -19.6 | -40.3 | 24.4 | -89.1 | -23.1 | -1.5 | 35.5 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -6.4 | 32.8 | -13.0 | -11.4 | 42.6 | 6.8 | 32.8 | -28.8 | -62.8 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -9.0 | 22.6 | -1.6 | -20.1 | 38.4 | 41.8 | 30.8 | -31.9 | -46.9 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 3.9 | 0.8 | -5.0 | -0.7 | 4.6 | -18.3 | -2.3 | 17.7 | -17.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 1.3 | 0.3 | -1.8 | -0.2 | 1.5 | -6.1 | -0.8 | 5.9 | -6.4 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.6 | 9.2 | -4.6 | 9.6 | -2.0 | -10.5 | 5.1 | -20.5 | 7.7 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 0.6 | -2.8 | -2.3 | -9.2 | 30.8 | -8.9 | -32.2 | -14.9 | 46.7 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | -1.1 | -1.8 | -2.3 | -1.8 | -1.8 | -1.8 | -1.8 | -3.8 | -1.8 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 1.7 | -0.9 | 0.0 | -7.4 | 32.7 | -7.1 | -30.4 | -11.1 | 48.5 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 67.3 | -103.3 | -103.3 | -104.4 | -110.7 | -103.3 | -103.3 | -103.3 | -103.3 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -10.9 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 5.5 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 223.3 | 273.2 | 285.4 | 404.3 | 293.6 | 269.7 | 260.3 | 374.9 | 236.6 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad; asset (4) | FA103092005 | 254.5 | 276.9 | -160.3 | 212.3 | 368.8 | -558.4 | -301.5 | 200.8 | 17.9 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 798.4 | 265.0 | 519.1 | 348.8 | 373.1 | 1325.1 | 358.1 | -12.7 | 405.6 | 33 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1385.2 | 1177.7 | 533.8 | 1359.5 | 1835.0 | 410.1 | 114.9 | 931.1 | 679.3 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 289.0 | 304.9 | 86.8 | 385.3 | 100.7 | 215.8 | 12.1 | 132.7 | -13.6 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 1.8 | 25.9 | -25.5 | 68.8 | -9.2 | 4.6 | 16.6 | -18.8 | -104.2 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 16.3 | 13.5 | -3.9 | -16.8 | 50.1 | -11.1 | -1.1 | -17.8 | 14.3 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 270.9 | 265.5 | 116.1 | 333.3 | 59.7 | 222.3 | -3.3 | 169.3 | 76.3 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 118.6 | 210.7 | 187.8 | 272.5 | 39.5 | -11.2 | 149.7 | 264.1 | 348.8 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 55.8 | 40.1 | 126.2 | 75.8 | 21.0 | 19.1 | 88.8 | 34.7 | 362.1 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 12.3 | 127.3 | 6.9 | 164.4 | -59.0 | -55.6 | -38.4 | 191.4 | -69.8 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 50.6 | 43.4 | 54.7 | 32.4 | 77.5 | 25.2 | 99.3 | 37.9 | 56.4 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -576.8 | -319.3 | -513.5 | -474.4 | -223.0 | -396.7 | -810.4 | -191.1 | -656.0 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 194.6 | 211.2 | 235.7 | 268.2 | 303.9 | 117.1 | 274.0 | 313.0 | 238.7 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -8.8 | 212.7 | -22.2 | -10.0 | 843.5 | -9.6 | -97.7 | 23.8 | -5.5 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability | FA103192005 | 408.5 | 248.4 | 260.3 | 242.3 | 164.7 | 196.8 | -26.1 | 436.8 | 433.9 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 960.1 | 309.1 | 299.0 | 675.5 | 605.8 | 297.9 | 613.2 | -48.3 | 333.0 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 3.9 | 5.8 | 9.8 | 6.1 | 1.8 | 11.3 | 10.4 | 8.1 | 9.6 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 63.2 | 16.0 | 5.4 | 18.8 | -67.6 | 23.0 | 13.4 | -39.4 | 24.6 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 893.0 | 287.3 | 283.7 | 650.6 | 671.6 | 263.6 | 589.5 | -17.0 | 298.9 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 44.0 | 93.9 | 367.4 | 266.5 | -14.9 | -20.2 | 537.8 | 745.0 | 206.8 | 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 | -414.4 | 38.1 | 969.3 | -954.1 | -479.1 | -140.9 | -83.5 | 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: March 7, 2019