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 | 2019 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2020 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1248.8 | 1265.4 | 1156.9 | 1118.2 | 1097.0 | 1124.3 | 1084.5 | 1167.0 | 960.7 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 262.9 | 232.5 | 155.6 | 159.6 | 157.3 | 168.9 | 149.2 | 163.0 | 147.0 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 690.7 | 681.2 | 196.8 | 479.8 | 499.0 | 512.9 | 471.5 | 435.7 | 146.4 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -0.9 | -48.9 | -51.5 | 1.2 | -15.5 | -4.4 | 27.9 | -3.2 | 64.9 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1359.6 | 1440.2 | 1639.9 | 1678.5 | 1648.6 | 1669.3 | 1688.6 | 1707.6 | 1694.5 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 204.7 | 216.0 | -293.4 | 25.0 | 15.8 | 67.1 | -4.6 | 21.7 | -99.3 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 2.6 | 191.5 | -5.9 | -0.5 | -0.6 | -0.6 | -0.5 | -0.4 | -0.4 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1855.9 | 1767.5 | 2105.4 | 2184.0 | 2090.1 | 2175.1 | 2176.2 | 2294.8 | 2327.8 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1968.7 | 1954.6 | 1848.7 | 1793.8 | 664.4 | 1837.8 | 2518.5 | 2154.4 | 2874.6 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1779.7 | 1887.4 | 2051.0 | 2130.4 | 2176.2 | 2145.5 | 2127.3 | 2072.5 | 1977.4 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1746.2 | 1859.1 | 2001.0 | 2066.8 | 2069.1 | 2076.9 | 2065.6 | 2055.7 | 2015.4 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 26.6 | 27.9 | 51.1 | 62.6 | 102.3 | 68.5 | 61.5 | 17.9 | -36.9 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 6.9 | 0.4 | -1.1 | 1.0 | 4.7 | 0.2 | 0.1 | -1.1 | -1.1 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 189.0 | 67.2 | -202.4 | -336.6 | -1511.8 | -307.8 | 391.3 | 81.8 | 897.2 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 951.1 | 549.0 | 876.9 | 735.5 | 14.8 | 841.3 | 1235.6 | 850.2 | 3455.8 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 3.7 | 119.0 | -110.3 | 10.4 | 5.5 | 48.6 | -70.5 | 57.9 | -75.3 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 154.1 | -16.2 | 238.0 | 79.9 | -264.7 | 405.9 | 628.5 | -449.9 | 1080.5 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.5 | -7.7 | 5.8 | 12.8 | 56.3 | 10.2 | -75.8 | 60.4 | 301.0 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -112.5 | 35.6 | -33.4 | 92.2 | 81.5 | 102.7 | 122.5 | 62.1 | 486.9 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 25.7 | -50.7 | -25.0 | -2.8 | -9.9 | -7.2 | -0.6 | 6.5 | 47.4 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -4.1 | 28.8 | 19.1 | 68.8 | 0.9 | 50.5 | 162.2 | 61.6 | 132.1 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -6.9 | -8.8 | 38.4 | 83.9 | -8.1 | 94.6 | 189.1 | 60.0 | 38.3 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 4.2 | 30.1 | -15.6 | -11.4 | 6.9 | -33.2 | -20.4 | 1.1 | 68.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 1.3 | 10.0 | -5.5 | -3.6 | 2.5 | -10.5 | -6.3 | -0.3 | 25.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.7 | -2.5 | 1.7 | -0.1 | -0.3 | -0.5 | -0.3 | 0.8 | -0.1 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -21.6 | 2.9 | 2.2 | -0.0 | 3.9 | -5.0 | -13.4 | 14.4 | 18.6 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | -22.8 | 2.4 | 2.0 | -0.0 | 1.1 | 1.1 | 1.1 | -3.3 | 18.2 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 1.2 | 0.5 | 0.2 | 0.0 | 2.9 | -6.1 | -14.4 | 17.7 | 0.4 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 67.2 | -89.2 | -38.3 | -16.4 | -15.5 | -16.1 | -16.3 | -17.6 | -16.4 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -3.3 | 7.6 | -9.8 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 198.8 | 160.9 | 396.4 | 79.3 | 267.5 | 186.4 | -105.8 | -30.9 | -131.8 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 259.9 | 282.3 | -68.9 | 109.4 | -113.7 | 357.8 | -35.9 | 229.6 | 142.0 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 365.9 | 75.7 | 501.0 | 296.8 | -2.1 | -297.6 | 635.5 | 851.3 | 1465.8 | 33 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 762.2 | 481.8 | 1079.2 | 1072.1 | 1526.6 | 1149.1 | 844.3 | 768.4 | 2558.5 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 286.8 | 320.5 | 140.3 | 260.9 | 472.7 | 248.2 | 381.9 | -59.3 | 670.2 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 1.8 | 25.9 | -10.2 | -1.1 | 88.7 | -60.7 | -9.5 | -23.1 | -32.4 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 16.9 | 13.5 | -4.3 | 14.3 | 18.3 | -4.3 | 13.7 | 29.6 | 20.5 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 268.1 | 281.1 | 154.8 | 247.7 | 365.6 | 313.2 | 377.7 | -65.8 | 682.1 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 2.6 | 25.4 | 123.1 | 183.7 | 330.4 | 167.9 | 185.7 | 50.8 | 1731.0 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 4.1 | -47.6 | 70.0 | 22.6 | 32.7 | 63.5 | 18.1 | -23.8 | 1290.0 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 12.3 | 147.7 | 4.2 | 128.3 | 199.1 | 95.8 | 114.8 | 103.5 | 363.7 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | -13.8 | -74.7 | 48.8 | 32.8 | 98.6 | 8.6 | 52.8 | -28.9 | 77.3 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -576.8 | -320.8 | -529.6 | -438.8 | -693.7 | -153.8 | -421.2 | -486.7 | -402.4 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 184.2 | 81.3 | 320.7 | 84.0 | 253.3 | 110.7 | -21.2 | -6.7 | -6.3 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -8.1 | 211.1 | -10.6 | -14.8 | -12.3 | -75.9 | 38.8 | -9.7 | 33.8 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S. (market value); liability | FA103192005 | 409.1 | 248.9 | 231.6 | 227.8 | 318.3 | 273.0 | 87.3 | 232.7 | 91.0 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 464.3 | -84.6 | 803.7 | 769.3 | 857.9 | 579.1 | 593.0 | 1047.2 | 441.4 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 8.8 | 19.2 | 12.2 | 10.6 | 14.2 | 8.2 | 11.8 | 8.3 | 32.2 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 56.0 | -79.2 | -77.0 | -46.1 | -50.3 | -53.1 | -49.0 | -31.9 | -4.9 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 399.5 | -24.6 | 868.5 | 804.7 | 894.0 | 624.0 | 630.1 | 1070.9 | 414.1 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -112.7 | -187.1 | 256.7 | 390.3 | 1425.7 | 337.3 | -342.4 | 140.5 | -546.8 | 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 | 128.5 | 335.9 | -347.7 | -28.6 | 101.9 | 37.5 | -53.5 | -200.6 | -449.7 | 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 11, 2020