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 | 2017 | 2018 | 2019 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2020 Q1 | 2020 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1250.4 | 1255.9 | 1261.3 | 1244.4 | 1265.2 | 1222.2 | 1313.5 | 1076.8 | 913.3 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 224.2 | 196.4 | 212.4 | 212.5 | 219.7 | 195.6 | 221.7 | 184.8 | 156.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 720.7 | 259.8 | 636.6 | 606.1 | 605.6 | 672.8 | 661.8 | 607.2 | 728.7 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -52.7 | -54.7 | -5.3 | -34.0 | 2.6 | 28.4 | -18.1 | 58.9 | 52.7 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1488.7 | 1659.0 | 1663.0 | 1636.7 | 1654.4 | 1671.6 | 1689.5 | 1676.9 | 1688.4 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 239.6 | -343.4 | 34.0 | -37.9 | 13.1 | 52.2 | 108.5 | -78.2 | 17.0 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 191.5 | -6.2 | -1.1 | -1.1 | -1.2 | -1.3 | -0.9 | -0.9 | 57.0 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1789.6 | 2066.8 | 2105.2 | 1991.7 | 2111.2 | 2107.2 | 2210.9 | 1943.3 | 1729.5 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1958.0 | 1952.5 | 1637.3 | 702.0 | 1847.9 | 2531.2 | 1468.1 | 2717.2 | 1443.9 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1883.2 | 2068.2 | 2147.7 | 2185.6 | 2151.1 | 2147.4 | 2106.6 | 2029.0 | 1691.5 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1866.0 | 2017.0 | 2097.5 | 2087.5 | 2097.7 | 2105.0 | 2099.9 | 2074.5 | 1949.5 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 17.1 | 53.4 | 50.5 | 94.7 | 54.5 | 43.9 | 9.1 | -42.4 | -253.5 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0.1 | -2.1 | -0.4 | 3.3 | -1.2 | -1.4 | -2.4 | -3.1 | -4.5 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 74.8 | -115.7 | -510.3 | -1483.6 | -303.2 | 383.8 | -638.4 | 688.1 | -247.6 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 547.7 | 870.5 | 751.4 | 41.0 | 816.8 | 1305.1 | 842.5 | 3314.4 | 1085.8 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 119.0 | -110.3 | 10.3 | 5.5 | 48.6 | -70.5 | 57.5 | 22.9 | 125.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | -16.2 | 238.0 | 82.6 | -215.8 | 350.4 | 655.3 | -459.3 | 1138.5 | 935.3 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | -7.7 | 5.8 | 8.9 | 56.3 | 10.2 | -75.8 | 45.0 | 301.4 | 80.8 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 35.6 | -33.4 | 92.2 | 80.9 | 104.0 | 116.3 | 67.6 | 1486.1 | 207.1 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -50.7 | -25.0 | -2.4 | -9.9 | -7.2 | -0.6 | 8.2 | 48.8 | 19.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 28.8 | 19.1 | 71.5 | 14.2 | 77.8 | 154.1 | 40.1 | 151.9 | 41.7 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -8.8 | 38.4 | 83.1 | 5.1 | 121.9 | 181.0 | 24.4 | 58.5 | -38.4 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 30.1 | -15.6 | -8.7 | 6.9 | -33.2 | -20.4 | 11.7 | 67.7 | 79.7 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 10.0 | -5.5 | -2.8 | 2.5 | -10.5 | -6.3 | 3.2 | 25.7 | 0.4 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.5 | 1.7 | -0.1 | -0.3 | -0.5 | -0.3 | 0.8 | -0.0 | 0.0 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 2.9 | 2.2 | 0.1 | -3.1 | -10.6 | -2.8 | 17.0 | 9.3 | -14.1 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.4 | 2.0 | 0.1 | 1.1 | 1.1 | 1.1 | -2.7 | 15.7 | 1.1 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 0.5 | 0.2 | 0.0 | -4.2 | -11.6 | -3.9 | 19.7 | -6.4 | -15.2 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -89.1 | -38.3 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 7.6 | -9.8 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 30 |
| Nonfinancial corporate business; trade receivables, including Paycheck Protection Program subsidies receivable; asset | FA103070005 | 160.9 | 396.4 | 81.2 | 186.9 | 124.0 | -29.7 | 43.8 | -281.0 | -399.0 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 310.5 | -157.6 | 77.5 | -237.6 | 321.5 | -61.1 | 287.1 | -130.4 | 247.4 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 46.2 | 583.4 | 324.1 | 158.4 | -207.1 | 614.8 | 730.3 | 561.6 | -163.4 | 33 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 472.9 | 986.2 | 1261.7 | 1524.6 | 1119.9 | 921.4 | 1481.0 | 2626.3 | 1333.4 | 34 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 320.8 | 138.8 | 259.7 | 463.9 | 258.8 | 381.4 | -65.3 | 666.9 | 1412.9 | 35 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 25.9 | -10.2 | -1.9 | 87.8 | -61.6 | -10.4 | -23.5 | -32.6 | -282.4 | 36 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 13.3 | -4.2 | 14.2 | 13.7 | 5.7 | 13.8 | 23.5 | 14.9 | -3.0 | 37 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 281.6 | 153.2 | 247.4 | 362.3 | 314.7 | 378.0 | -65.3 | 684.6 | 1698.4 | 38 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 60.8 | 133.9 | 196.3 | 304.1 | 159.5 | 247.9 | 73.8 | 1702.1 | -14.7 | 39 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -47.7 | 70.0 | 20.7 | 43.0 | 48.7 | 35.4 | -44.3 | 1305.5 | -9.2 | 40 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 147.7 | 4.2 | 128.8 | 179.9 | 98.0 | 139.5 | 97.8 | 334.9 | -38.0 | 41 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | -39.2 | 59.7 | 46.9 | 81.2 | 12.9 | 73.0 | 20.3 | 61.7 | 32.5 | 42 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -325.6 | -548.3 | -453.2 | -699.2 | -172.9 | -446.0 | -494.8 | -391.7 | -67.9 | 43 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 81.3 | 320.7 | 82.9 | 139.4 | 96.1 | 17.4 | 78.8 | -156.8 | -483.0 | 44 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 211.1 | -10.6 | -15.5 | -8.0 | -73.8 | 30.1 | -10.3 | 43.2 | 145.6 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S. (market value); liability | FA103192005 | 281.5 | 184.5 | 253.6 | 296.6 | 268.1 | 173.1 | 276.6 | 157.3 | 59.4 | 46 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -157.0 | 767.0 | 937.8 | 1027.7 | 584.1 | 517.3 | 1622.1 | 605.1 | 281.1 | 47 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 19.2 | -34.6 | -0.9 | -6.0 | 22.0 | -10.3 | -9.1 | 29.7 | 7.7 | 48 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -67.0 | 80.1 | -13.8 | 13.8 | -96.4 | 23.8 | 3.8 | -132.2 | -64.8 | 49 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -109.2 | 721.5 | 952.5 | 1019.9 | 658.6 | 503.9 | 1627.5 | 707.7 | 338.2 | 50 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -168.4 | 114.3 | 467.9 | 1289.7 | 263.3 | -424.0 | 742.8 | -773.9 | 285.6 | 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 | 333.1 | -342.1 | 76.4 | 156.0 | 53.0 | 92.4 | 4.2 | 7.5 | -21.0 | 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 21, 2020