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 | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2019 Q1 | 2019 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1248.8 | 1265.4 | 1156.9 | 1122.9 | 1163.0 | 1178.1 | 1163.4 | 1097.0 | 1133.9 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 262.9 | 232.5 | 155.6 | 140.9 | 157.2 | 166.8 | 157.5 | 157.3 | 173.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 690.7 | 681.2 | 196.8 | -214.2 | 82.6 | 514.6 | 404.0 | 499.0 | 489.6 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -0.9 | -48.9 | -51.5 | -64.0 | -84.8 | -42.1 | -15.2 | -15.5 | -5.4 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1359.6 | 1440.2 | 1639.9 | 1614.3 | 1631.2 | 1647.7 | 1666.4 | 1648.5 | 1669.1 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 204.7 | 216.0 | -293.4 | -601.5 | -395.6 | -32.5 | -143.9 | 15.8 | 64.0 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 2.6 | 191.5 | -5.9 | -1.1 | -0.9 | -5.6 | -16.0 | -0.6 | -0.6 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1855.9 | 1767.5 | 2105.4 | 2146.0 | 2074.8 | 2075.5 | 2125.1 | 2090.0 | 2199.4 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1969.2 | 1953.3 | 2063.0 | 2561.0 | 2565.8 | 1151.3 | 1974.1 | 715.3 | 1991.9 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1779.7 | 1887.4 | 2051.0 | 1984.7 | 1988.5 | 2094.0 | 2136.8 | 2170.5 | 2140.5 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1746.2 | 1859.1 | 2001.0 | 1948.2 | 1994.9 | 2016.3 | 2044.7 | 2063.4 | 2070.7 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 26.6 | 27.9 | 51.1 | 38.2 | -4.9 | 79.4 | 91.8 | 102.3 | 69.6 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 6.9 | 0.4 | -1.1 | -1.7 | -1.6 | -1.7 | 0.3 | 4.7 | 0.2 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 189.5 | 65.9 | 12.0 | 576.4 | 577.3 | -942.8 | -162.8 | -1455.2 | -148.7 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 951.7 | 547.7 | 343.9 | 791.5 | 198.0 | 229.9 | 156.2 | -87.7 | 820.3 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 3.7 | 119.0 | -127.4 | -61.8 | 6.0 | -345.5 | -108.4 | 4.3 | 39.2 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 154.1 | 7.8 | 76.5 | 52.6 | -41.5 | 247.5 | 47.3 | -185.1 | 351.2 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.5 | -7.7 | -7.3 | -23.8 | -19.9 | 13.8 | 0.7 | 29.0 | 14.5 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -112.5 | 11.6 | -9.3 | -18.0 | 4.9 | -32.6 | 8.3 | 80.8 | 102.0 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 25.7 | -50.7 | -17.9 | -35.6 | -58.0 | 7.2 | 15.0 | -18.3 | -28.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -4.1 | 28.8 | 5.7 | -8.7 | -51.8 | -28.2 | 111.4 | 2.3 | 49.3 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -6.9 | -8.8 | 32.2 | 14.2 | -13.3 | 15.5 | 112.3 | -6.1 | 90.3 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 4.2 | 30.1 | -19.6 | -16.6 | -29.0 | -31.9 | -0.7 | 6.4 | -30.9 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 1.3 | 10.0 | -6.8 | -6.3 | -9.6 | -11.4 | 0.2 | 2.3 | -9.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.7 | -2.5 | -0.2 | -0.1 | -0.0 | -0.4 | -0.3 | -0.2 | -0.4 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -21.6 | 1.3 | 1.3 | -2.4 | -9.8 | -11.1 | 28.5 | -7.1 | -11.1 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | -22.8 | 2.4 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.3 | 1.4 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 1.2 | -1.1 | 0.0 | -3.6 | -11.1 | -12.4 | 27.2 | -8.4 | -12.5 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 67.2 | -90.1 | -48.0 | -47.0 | -48.4 | -51.9 | -44.6 | -48.0 | -48.0 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -3.3 | 7.6 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | -9.8 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 198.7 | 162.5 | 142.7 | 214.8 | 234.4 | 297.3 | -175.5 | 266.5 | 160.8 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 259.9 | 282.3 | -68.9 | -223.2 | -453.1 | 154.8 | 246.1 | -116.7 | 264.8 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 366.3 | 75.3 | 406.4 | 954.5 | 645.2 | -11.6 | 37.3 | -85.6 | -63.8 | 33 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 762.2 | 481.8 | 331.8 | 215.1 | -379.3 | 1172.7 | 319.0 | 1367.5 | 969.0 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 286.8 | 317.8 | 121.8 | 312.4 | 44.6 | 153.0 | -22.7 | 461.9 | 247.9 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 1.8 | 25.9 | -10.2 | 84.7 | 21.5 | -3.8 | -143.3 | 107.1 | -42.3 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 16.5 | 13.9 | -4.3 | -6.8 | -7.4 | -11.2 | 8.3 | 18.2 | -3.4 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 268.5 | 278.0 | 136.3 | 234.5 | 30.5 | 168.0 | 112.3 | 336.6 | 293.6 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 5.5 | 227.2 | 140.1 | 20.5 | 75.2 | 245.6 | 218.9 | 271.2 | 173.4 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 4.1 | 35.8 | 75.3 | 29.1 | 92.7 | 34.8 | 144.5 | 33.5 | 59.3 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 12.3 | 147.7 | 4.2 | -65.6 | -108.4 | 161.8 | 29.1 | 199.1 | 104.8 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | -10.9 | 43.7 | 60.5 | 57.0 | 90.9 | 49.0 | 45.3 | 38.6 | 9.3 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -576.8 | -320.8 | -526.4 | -376.5 | -805.5 | -179.9 | -743.9 | -695.2 | -169.2 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 184.2 | 81.3 | 135.9 | 164.9 | 213.2 | 265.1 | -99.4 | 279.1 | 93.1 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -8.1 | 211.1 | -13.9 | -28.0 | -58.8 | 27.3 | 3.9 | -15.5 | -70.9 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S. (market value); liability | FA103192005 | 409.1 | 248.9 | 231.6 | 209.2 | -44.1 | 454.3 | 307.2 | 320.7 | 195.3 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 461.5 | -283.6 | 242.8 | -87.4 | 196.2 | 207.2 | 655.0 | 745.2 | 499.3 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 8.8 | 19.2 | 12.2 | 13.1 | 17.2 | 10.5 | 8.1 | 14.2 | 12.2 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 56.0 | -79.2 | -77.0 | -87.5 | -89.1 | -80.0 | -51.5 | -50.3 | -49.9 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 396.7 | -223.6 | 307.6 | -12.9 | 268.1 | 276.8 | 698.3 | 781.3 | 536.9 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -113.3 | -185.8 | 42.3 | -415.0 | -491.0 | 924.2 | 151.1 | 1374.7 | 207.5 | 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 | 128.5 | 335.9 | -347.7 | -762.8 | -482.0 | -13.9 | -132.2 | 96.4 | 5.1 | 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: September 20, 2019