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 | 2018 | 2019 | 2020 | 2019 Q3 | 2019 Q4 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1255.9 | 1261.3 | 1215.4 | 1222.2 | 1313.5 | 1076.8 | 939.2 | 1507.8 | 1337.6 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 196.4 | 212.4 | 186.5 | 195.6 | 221.7 | 184.8 | 160.6 | 224.5 | 176.0 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 259.8 | 636.6 | 692.9 | 672.8 | 661.8 | 607.2 | 736.1 | 724.4 | 703.9 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -54.7 | -5.3 | -29.2 | 28.4 | -18.1 | 58.9 | 50.4 | -84.1 | -142.0 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1659.0 | 1663.0 | 1696.0 | 1671.6 | 1689.5 | 1676.9 | 1688.4 | 1700.2 | 1718.6 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | -344.3 | 34.4 | 28.6 | 52.5 | 110.0 | -79.4 | 30.0 | 84.8 | 79.1 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -6.2 | -1.1 | 13.6 | -1.3 | -0.9 | -0.9 | 57.0 | -0.8 | -0.7 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2066.0 | 2105.7 | 2017.8 | 2107.5 | 2212.3 | 1942.1 | 1754.3 | 2260.6 | 2114.1 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 1936.0 | 1626.1 | 2220.2 | 2533.0 | 1493.1 | 2647.3 | 1832.2 | 2838.0 | 1563.3 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2068.2 | 2147.7 | 1963.6 | 2147.4 | 2106.6 | 2025.9 | 1669.6 | 2028.2 | 2130.7 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2017.0 | 2097.5 | 2031.2 | 2105.0 | 2099.8 | 2071.4 | 1928.5 | 2025.7 | 2099.0 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 53.4 | 50.5 | -65.8 | 43.9 | 9.1 | -42.4 | -254.4 | -2.6 | 36.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -2.1 | -0.4 | -1.8 | -1.4 | -2.4 | -3.1 | -4.5 | 5.1 | -4.6 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | -132.2 | -521.5 | 256.6 | 385.5 | -613.4 | 621.4 | 162.5 | 809.8 | -567.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 870.5 | 757.2 | 1483.0 | 1304.6 | 867.5 | 3022.6 | 1487.9 | 1622.2 | -200.7 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | -110.3 | 10.3 | 30.8 | -70.5 | 57.6 | -69.5 | 123.1 | 29.4 | 40.0 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 238.0 | 81.0 | 417.0 | 655.3 | -465.8 | 1051.9 | 1321.1 | -558.9 | -146.1 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.8 | 8.9 | 74.0 | -75.8 | 44.8 | 360.5 | 69.4 | -154.1 | 20.0 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -33.4 | 92.2 | 357.8 | 116.3 | 67.6 | 1486.1 | 207.1 | -168.0 | -94.0 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -25.0 | -2.4 | 14.4 | -0.6 | 8.2 | 48.9 | 21.0 | -4.9 | -7.3 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 19.1 | 71.1 | 69.3 | 154.1 | 38.3 | 148.3 | 47.0 | 24.4 | 57.5 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 38.4 | 82.8 | 42.4 | 181.0 | 23.0 | 55.2 | -33.7 | 78.5 | 69.9 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | -15.6 | -8.8 | 19.5 | -20.4 | 11.4 | 67.6 | 60.0 | -41.4 | -8.1 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | -5.5 | -2.8 | 7.4 | -6.3 | 3.1 | 25.7 | 20.5 | -13.1 | -3.4 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 1.7 | -0.1 | -0.1 | -0.3 | 0.8 | -0.2 | 0.2 | 0.4 | -0.8 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 2.2 | 1.8 | 2.7 | -1.9 | 21.8 | -3.7 | -13.0 | -0.7 | 28.1 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.0 | 2.5 | 2.7 | 2.5 | 2.6 | 2.6 | 2.7 | 2.7 | 2.8 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 0.2 | -0.7 | 0.0 | -4.4 | 19.2 | -6.3 | -15.6 | -3.4 | 25.4 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -38.2 | 4.0 | 4.0 | 4.0 | 4.3 | 4.0 | 4.0 | 4.0 | 4.0 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -9.8 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 396.3 | 84.5 | -38.7 | -29.2 | 54.9 | -291.5 | -790.8 | 729.3 | 198.1 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | -157.6 | 77.5 | 98.2 | -61.1 | 287.1 | -130.4 | 275.8 | 183.5 | 64.1 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 583.3 | 323.2 | 448.5 | 609.0 | 743.6 | 413.0 | 218.0 | 1533.1 | -370.2 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 0.0 | 259.3 | 0.0 | 0.0 | 0.0 | 390.7 | 555.1 | 91.5 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1002.7 | 1278.8 | 1226.4 | 919.1 | 1480.9 | 2401.2 | 1325.4 | 812.3 | 366.8 | 35 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 133.8 | 269.1 | 684.9 | 371.0 | -3.2 | 747.3 | 1485.2 | 292.0 | 215.2 | 36 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -10.2 | -1.9 | -62.4 | -10.4 | -23.5 | -21.4 | -271.2 | -70.6 | 113.6 | 37 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | -4.1 | 14.1 | 5.8 | 13.9 | 22.8 | 15.0 | -2.1 | 16.5 | -6.0 | 38 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 148.1 | 257.0 | 741.5 | 367.5 | -2.4 | 753.7 | 1758.5 | 346.1 | 107.6 | 39 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 183.4 | 197.6 | 333.6 | 248.6 | 68.7 | 1726.4 | 165.6 | -531.6 | -26.1 | 40 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 94.5 | 21.6 | 93.3 | 29.3 | -43.0 | 1325.9 | -5.4 | -743.6 | -203.5 | 41 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 4.2 | 128.8 | 187.7 | 139.5 | 97.8 | 335.1 | 135.0 | 168.4 | 112.5 | 42 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 84.6 | 47.3 | 52.5 | 79.7 | 13.9 | 65.4 | 36.0 | 43.7 | 64.9 | 43 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -548.3 | -452.7 | -191.5 | -448.2 | -494.9 | -384.0 | -74.4 | 32.4 | -340.1 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 320.7 | 80.9 | 46.2 | 17.4 | 70.5 | -188.4 | -515.2 | 690.6 | 197.7 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -10.6 | -15.3 | 10.8 | 30.1 | -9.4 | 44.6 | 146.5 | -171.1 | 23.3 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S. (market value); liability | FA103192005 | 184.5 | 253.6 | 173.7 | 173.1 | 276.6 | 157.3 | 85.1 | 171.2 | 281.4 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 739.1 | 945.6 | 168.7 | 527.0 | 1572.5 | 297.9 | 32.6 | 328.9 | 15.4 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -34.6 | -0.9 | -7.3 | -10.3 | -9.1 | 12.5 | -16.0 | -11.7 | -14.0 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 80.1 | -13.8 | 7.9 | 23.8 | 3.8 | -65.7 | 28.3 | 44.3 | 24.8 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 693.6 | 960.2 | 168.1 | 513.5 | 1577.9 | 351.1 | 20.4 | 296.3 | 4.6 | 51 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 130.0 | 479.5 | -202.4 | -425.4 | 719.2 | -705.2 | -77.9 | -577.4 | 550.8 | 52 |
| Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (7) | FA105005305 | -342.1 | 76.4 | -25.6 | 92.4 | 4.2 | 4.4 | -54.7 | -147.7 | 95.7 | 53 |
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 11, 2021