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 | 2020 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2021 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1250.4 | 1255.9 | 1261.3 | 1253.2 | 1076.8 | 939.2 | 1507.8 | 1489.1 | 1613.4 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 224.2 | 196.4 | 212.4 | 205.9 | 184.8 | 160.6 | 224.5 | 253.8 | 273.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 720.7 | 259.8 | 636.6 | 678.6 | 607.2 | 736.1 | 724.4 | 646.6 | 543.2 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -52.7 | -54.7 | -5.3 | -21.7 | 58.9 | 50.4 | -84.1 | -111.8 | -223.5 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1488.7 | 1659.0 | 1663.0 | 1695.6 | 1676.9 | 1688.4 | 1700.2 | 1717.1 | 1736.6 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 239.8 | -344.3 | 34.4 | -4.4 | -79.4 | 30.0 | 84.7 | -53.0 | -165.3 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 191.5 | -6.2 | -1.1 | 13.6 | -0.9 | 57.0 | -0.8 | -0.7 | -0.7 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 1789.9 | 2066.0 | 2105.7 | 2024.7 | 1942.1 | 1754.3 | 2260.6 | 2141.8 | 2145.5 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2146.6 | 2077.7 | 2560.3 | 2043.2 | 2685.6 | 1171.3 | 2940.0 | 1375.8 | 2189.0 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1883.2 | 2068.2 | 2147.7 | 1964.0 | 2025.9 | 1669.6 | 2028.2 | 2132.5 | 2074.0 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1866.0 | 2017.0 | 2097.5 | 2028.6 | 2071.4 | 1928.5 | 2025.7 | 2088.9 | 2145.4 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 17.1 | 53.4 | 50.5 | -62.8 | -42.4 | -254.4 | -2.6 | 48.1 | -84.7 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0.1 | -2.1 | -0.4 | -1.8 | -3.1 | -4.5 | 5.1 | -4.5 | 13.3 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 263.4 | 9.6 | 412.6 | 79.1 | 659.7 | -498.3 | 911.9 | -756.7 | 115.0 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 547.8 | 870.2 | 2388.6 | 1464.9 | 2897.6 | 811.2 | 1649.3 | 501.6 | 1677.2 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 119.0 | -110.3 | 24.7 | 9.4 | -78.6 | 131.7 | 57.0 | -72.5 | -5.7 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | -16.2 | 238.0 | 150.2 | 672.7 | 1136.0 | 1708.0 | 135.8 | -288.8 | -176.2 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | -7.7 | 5.8 | 14.3 | 86.9 | 389.7 | 71.9 | -8.2 | -106.0 | -44.8 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 35.6 | -33.4 | 92.2 | 119.6 | 1499.0 | -179.0 | -757.7 | -84.2 | -145.3 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -50.7 | -25.0 | -1.2 | 22.4 | 56.0 | 20.1 | -8.5 | 22.1 | -48.4 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 28.8 | 19.1 | 69.3 | 58.0 | 189.5 | 68.5 | -21.7 | -4.5 | -115.4 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -8.8 | 38.4 | 55.4 | 43.5 | 61.3 | -47.1 | 60.5 | 99.4 | -75.5 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 30.1 | -15.6 | 6.7 | 9.8 | 93.1 | 85.9 | -62.8 | -77.2 | -27.8 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 10.0 | -5.5 | 2.4 | 4.4 | 35.2 | 29.3 | -20.0 | -26.9 | -12.6 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -2.5 | 1.7 | 4.8 | 0.2 | -0.2 | 0.4 | 0.6 | 0.2 | 0.5 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 0.4 | 2.2 | 1.5 | 2.4 | -4.0 | -13.3 | -1.0 | 27.8 | -4.2 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.4 | 2.0 | 2.2 | 2.4 | 2.3 | 2.3 | 2.4 | 2.4 | 2.4 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -2.0 | 0.2 | -0.7 | 0.0 | -6.3 | -15.6 | -3.4 | 25.4 | -6.7 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -89.9 | -40.7 | 10.2 | -139.4 | -112.6 | -135.0 | -146.5 | -163.6 | -139.4 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 8.0 | -9.0 | 5.3 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 163.4 | 396.3 | 540.5 | 52.0 | -400.1 | -916.0 | 765.4 | 758.7 | 717.2 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 310.5 | -157.6 | 77.5 | 114.8 | -133.3 | 274.4 | 214.7 | 103.4 | 285.4 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 46.5 | 584.7 | 1404.0 | 455.6 | 345.3 | -230.8 | 1409.3 | 298.7 | 1343.4 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 0.0 | 0.0 | 259.3 | 0.0 | 390.7 | 555.1 | 91.5 | 155.6 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 284.4 | 860.7 | 1976.0 | 1385.8 | 2237.9 | 1309.5 | 737.4 | 1258.3 | 1562.1 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 328.9 | 1229.0 | 2202.5 | 1338.9 | 2450.2 | 1219.5 | 527.0 | 1159.1 | 1449.5 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 324.5 | 133.9 | 269.7 | 683.9 | 752.7 | 1477.1 | 290.6 | 215.3 | 254.0 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 25.9 | -10.2 | -1.9 | -62.3 | -21.3 | -271.1 | -70.5 | 113.6 | -223.4 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 13.3 | -4.3 | 14.1 | 5.2 | 14.8 | -2.5 | 16.1 | -7.5 | 2.1 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 285.3 | 148.4 | 257.6 | 741.0 | 759.2 | 1750.7 | 345.0 | 109.2 | 475.4 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 31.8 | 199.0 | 204.6 | 329.4 | 1715.2 | 173.3 | -530.2 | -40.5 | -53.3 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -52.2 | 103.4 | 30.8 | 98.4 | 1336.5 | -8.1 | -743.7 | -190.9 | -301.8 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 117.7 | 10.9 | 128.0 | 188.2 | 321.1 | 141.6 | 174.4 | 115.7 | 173.4 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | -33.7 | 84.6 | 45.9 | 42.8 | 57.7 | 39.9 | 39.0 | 34.8 | 75.0 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 81.3 | 320.7 | 230.1 | 141.4 | -214.2 | -549.6 | 717.6 | 611.8 | 410.6 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 211.1 | -10.6 | -6.8 | 13.2 | 54.7 | 167.3 | -196.5 | 27.3 | -36.7 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 0.4 | -64.6 | 26.0 | -57.0 | -14.3 | -61.2 | -15.9 | -136.4 | -19.4 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -320.3 | 650.6 | 1478.8 | 227.9 | 156.2 | 12.5 | 261.4 | 481.6 | 894.3 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 19.2 | -34.6 | -0.9 | -7.1 | 12.5 | -15.4 | -11.7 | -13.9 | -6.3 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -67.0 | 80.1 | -13.8 | 7.9 | -65.7 | 28.3 | 44.3 | 24.8 | 30.2 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -272.4 | 605.1 | 1493.4 | 227.1 | 209.4 | -0.4 | 228.7 | 470.8 | 870.4 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -44.5 | -368.3 | -226.5 | 46.8 | -212.3 | 90.0 | 210.4 | 99.2 | 112.6 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -325.6 | -617.5 | -454.0 | -168.5 | -386.2 | -58.1 | 42.5 | -272.3 | -193.0 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 281.1 | 249.2 | 227.6 | 215.3 | 173.8 | 148.1 | 167.9 | 371.5 | 305.7 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -356.7 | -11.8 | -454.6 | -18.5 | -743.5 | 582.9 | -679.5 | 766.0 | -43.5 | 55 |
| 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 | -65.1 | 4.4 | -54.7 | -147.7 | -62.3 | -236.8 | 56 |
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 10, 2021