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 | 2015 | 2016 | 2017 | 2018 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2019 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1294.1 | 1254.3 | 1264.4 | 1245.5 | 1179.9 | 1253.5 | 1284.2 | 1264.5 | 1253.8 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 284.0 | 271.3 | 247.0 | 165.3 | 149.7 | 167.6 | 176.4 | 167.5 | 174.5 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 641.1 | 698.7 | 703.6 | 247.0 | -326.1 | 197.5 | 526.0 | 590.6 | 463.6 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | 52.8 | -1.0 | -45.5 | -48.9 | -74.1 | -89.9 | -34.4 | 2.9 | -6.8 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1317.0 | 1368.2 | 1474.8 | 1698.0 | 1669.7 | 1688.7 | 1706.9 | 1726.6 | 1711.3 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 201.3 | 200.2 | 211.7 | -197.0 | -690.5 | -246.5 | 40.7 | 108.3 | 217.9 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -3.2 | 2.6 | 180.3 | -6.4 | -1.1 | -0.9 | -7.7 | -15.9 | -0.5 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1943.4 | 1849.0 | 1774.4 | 2291.8 | 2262.5 | 2241.6 | 2302.8 | 2360.2 | 2538.5 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2004.2 | 1779.1 | 1829.7 | 1931.0 | 2515.5 | 1739.7 | 1529.3 | 1939.4 | 2229.4 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1915.7 | 1770.1 | 1889.8 | 2075.4 | 1998.9 | 2009.1 | 2121.1 | 2172.3 | 2198.3 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1776.5 | 1735.5 | 1864.5 | 2025.9 | 1968.1 | 2018.2 | 2041.2 | 2076.3 | 2085.0 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 109.9 | 27.7 | 24.8 | 50.0 | 32.2 | -8.0 | 81.3 | 94.6 | 108.4 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 29.3 | 6.9 | 0.5 | -0.6 | -1.3 | -1.2 | -1.3 | 1.4 | 4.9 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 88.4 | 9.1 | -60.1 | -144.4 | 516.6 | -269.4 | -591.9 | -232.9 | 31.1 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1501.4 | 1180.4 | 632.4 | 289.7 | 879.4 | -152.8 | 247.7 | 184.5 | 786.3 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | -20.1 | 3.2 | 127.4 | -128.3 | -62.1 | 6.0 | -347.3 | -109.7 | -88.2 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 67.0 | 153.7 | -5.6 | -79.6 | -131.3 | -270.0 | 335.9 | -253.0 | 81.3 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | -7.7 | 18.6 | -5.8 | -0.8 | -12.0 | -5.7 | 15.0 | -0.3 | 1.0 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 19.0 | -112.5 | 11.6 | -9.3 | -25.0 | 12.2 | -38.9 | 14.3 | 72.0 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 11.2 | 22.6 | -44.8 | -19.1 | -76.2 | -17.5 | 4.1 | 13.3 | -17.0 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -3.3 | -7.5 | 38.5 | 2.2 | -0.7 | -19.9 | -55.2 | 84.6 | 22.0 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 1.3 | -9.5 | 0.3 | 24.3 | 33.5 | 3.0 | -0.6 | 61.2 | 28.1 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | -4.3 | 3.8 | 30.1 | -14.5 | -20.4 | -17.5 | -32.5 | 12.2 | -5.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | -1.4 | 1.3 | 10.0 | -4.8 | -6.8 | -5.8 | -10.8 | 4.1 | -1.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 1.0 | -3.0 | -2.0 | -2.7 | -7.0 | 0.4 | -11.4 | 7.2 | 0.8 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 2.0 | 1.1 | 23.3 | 23.9 | 25.1 | 11.6 | -8.3 | 67.2 | 19.2 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.3 | -0.1 | 24.4 | 23.9 | 24.4 | 24.4 | 22.4 | 24.4 | 24.4 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.4 | 1.2 | -1.1 | -0.0 | 0.7 | -12.8 | -30.7 | 42.8 | -5.2 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -42.2 | 71.1 | -99.4 | -77.4 | -75.8 | -78.0 | -83.6 | -72.0 | -77.4 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 12.3 | -3.3 | 7.6 | -9.9 | -9.9 | -9.9 | -9.9 | -9.9 | -9.9 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 33.2 | 198.7 | 162.5 | 139.3 | 266.8 | 231.6 | 365.1 | -306.5 | 391.2 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad; asset (4) | FA103092005 | 264.1 | 254.5 | 276.9 | -53.6 | -558.0 | -301.4 | 259.9 | 385.1 | 286.6 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 1166.0 | 580.1 | 140.2 | 502.2 | 1538.5 | 288.2 | -189.1 | 371.4 | 105.5 | 33 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1413.0 | 1171.3 | 692.5 | 434.1 | 362.8 | 116.6 | 839.6 | 417.4 | 755.2 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 427.8 | 289.3 | 314.4 | 109.2 | 297.0 | 34.7 | 149.5 | -44.5 | 422.2 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -3.0 | 1.8 | 25.9 | -10.2 | 84.7 | 21.5 | -3.8 | -143.3 | 107.1 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 13.4 | 16.4 | 13.7 | -4.3 | -10.8 | -1.9 | -18.2 | 14.0 | 11.8 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 417.3 | 271.1 | 274.7 | 123.6 | 223.1 | 15.1 | 171.5 | 84.8 | 303.3 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 153.9 | 15.2 | 216.1 | 190.2 | 50.4 | 56.5 | 286.4 | 367.6 | 314.5 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 101.6 | 4.1 | 35.7 | 125.7 | 28.5 | 87.7 | 35.3 | 351.2 | 30.2 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | -6.1 | 12.3 | 127.3 | -11.8 | -55.6 | -143.4 | 190.6 | -38.9 | 216.1 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 58.5 | -1.2 | 53.1 | 76.3 | 77.4 | 112.1 | 60.4 | 55.3 | 68.3 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -549.6 | -576.8 | -320.8 | -506.6 | -378.5 | -800.2 | -179.3 | -668.4 | -496.8 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 22.4 | 183.7 | 82.1 | 140.6 | 142.6 | 257.2 | 299.9 | -137.1 | 279.0 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -1.3 | -8.8 | 212.7 | -16.7 | -10.0 | -90.5 | 18.5 | 15.4 | 7.4 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability | FA103192005 | 412.7 | 408.5 | 248.4 | 232.2 | 196.4 | -25.8 | 431.5 | 326.8 | 380.5 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 947.1 | 860.1 | -60.3 | 285.1 | 65.1 | 684.8 | -166.8 | 557.5 | -151.6 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 15.2 | 3.9 | 6.1 | 9.0 | 10.9 | 10.2 | 7.9 | 6.9 | 5.2 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 59.5 | 63.2 | 16.0 | -3.9 | 23.0 | 13.4 | -39.4 | -12.7 | -14.2 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 872.5 | 793.0 | -82.3 | 280.1 | 31.1 | 661.2 | -135.3 | 563.3 | -142.6 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -60.7 | 69.9 | -55.3 | 360.8 | -253.0 | 501.9 | 773.5 | 420.8 | 309.2 | 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 | 173.7 | 121.2 | 327.0 | -413.4 | -954.1 | -479.1 | -140.9 | -79.6 | -122.4 | 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: June 6, 2019