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 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2021 Q1 | 2021 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1287.0 | 1208.0 | 1226.8 | 1023.7 | 910.0 | 1491.5 | 1482.1 | 1725.1 | 1980.9 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 200.5 | 203.6 | 189.6 | 162.8 | 158.7 | 214.1 | 222.7 | 244.8 | 272.4 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 226.0 | 695.7 | 796.2 | 756.5 | 789.5 | 766.3 | 872.5 | 759.1 | 863.0 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -47.7 | -0.0 | -18.2 | 93.0 | 45.1 | -88.0 | -122.9 | -249.5 | -322.1 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1652.4 | 1781.2 | 1817.7 | 1806.7 | 1811.3 | 1818.7 | 1834.1 | 1869.8 | 1891.2 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | -323.0 | 39.7 | 123.4 | 20.8 | 98.8 | 164.6 | 209.4 | 96.6 | 179.2 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -6.2 | -12.4 | 13.6 | -0.9 | 57.0 | -0.8 | -0.7 | -0.6 | -0.5 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2148.4 | 2142.0 | 2150.3 | 2026.0 | 1859.9 | 2407.3 | 2308.1 | 2438.7 | 2594.5 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2084.0 | 2620.3 | 2008.2 | 2769.4 | 1029.9 | 2944.5 | 1289.0 | 2059.5 | 2631.1 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2065.2 | 2184.6 | 1960.8 | 2064.9 | 1667.0 | 2015.6 | 2095.6 | 2064.4 | 2034.2 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2011.9 | 2111.4 | 2009.3 | 2078.5 | 1918.3 | 1993.5 | 2047.0 | 2129.2 | 2188.9 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 55.0 | 73.3 | -48.3 | -11.3 | -248.6 | 15.3 | 51.3 | -80.2 | -151.8 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -1.7 | -0.1 | -0.2 | -2.2 | -2.7 | 6.8 | -2.7 | 15.4 | -2.9 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 18.9 | 435.7 | 47.4 | 704.5 | -637.1 | 928.9 | -806.6 | -4.9 | 596.9 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 865.9 | 2396.4 | 1373.5 | 2892.5 | 613.7 | 1657.6 | 330.3 | 1581.2 | 1311.0 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | -110.3 | 24.7 | 11.8 | -78.6 | 136.0 | 57.8 | -68.1 | -1.8 | 138.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 238.0 | 150.2 | 659.5 | 1182.7 | 1684.7 | 99.2 | -328.5 | 191.2 | -59.1 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.8 | 14.3 | 103.6 | 389.7 | 123.5 | 1.8 | -100.7 | -40.1 | 26.9 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -33.4 | 92.2 | 119.6 | 1499.0 | -179.0 | -757.7 | -84.2 | -144.9 | -53.2 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -25.0 | -1.2 | 26.4 | 56.0 | 20.0 | -8.5 | 38.1 | -63.4 | 60.1 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 19.1 | 69.3 | 52.5 | 183.6 | 83.6 | -15.3 | -41.9 | -88.4 | 113.6 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 38.4 | 55.4 | 38.1 | 55.4 | -32.0 | 66.9 | 62.0 | -48.6 | 141.4 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | -15.6 | 6.7 | 9.8 | 93.1 | 85.9 | -62.8 | -77.2 | -27.8 | -21.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | -5.5 | 2.4 | 4.4 | 35.2 | 29.3 | -20.0 | -26.9 | -12.6 | -6.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 1.7 | 4.8 | 0.2 | -0.2 | 0.4 | 0.6 | 0.2 | 0.6 | 0.0 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 2.2 | 1.5 | 2.4 | -5.8 | -6.6 | -18.6 | 40.5 | -7.8 | -7.5 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.0 | 2.2 | 2.4 | 2.3 | 2.3 | 2.4 | 2.4 | 2.4 | 2.5 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 0.2 | -0.7 | 0.0 | -8.1 | -9.0 | -21.0 | 38.1 | -10.2 | -10.0 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -40.7 | 10.2 | -127.5 | -103.0 | -123.5 | -134.0 | -149.7 | -127.5 | -127.5 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -9.0 | 5.3 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 396.3 | 540.5 | 29.7 | -367.6 | -954.2 | 836.6 | 603.8 | 642.3 | 736.4 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | -133.9 | 20.0 | 226.5 | -58.3 | 503.3 | 164.8 | 296.0 | 251.8 | 421.7 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 556.6 | 1469.3 | 258.6 | 184.1 | -684.6 | 1420.7 | 114.3 | 959.4 | 51.0 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 0.0 | 210.0 | 0.0 | 369.9 | 525.5 | -55.3 | 28.5 | 197.3 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 847.0 | 1960.7 | 1326.1 | 2188.0 | 1250.8 | 728.7 | 1136.9 | 1586.2 | 714.2 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1229.0 | 2202.5 | 1315.0 | 2450.2 | 1181.5 | 532.1 | 1096.2 | 1428.6 | 644.8 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 135.9 | 270.3 | 617.7 | 725.3 | 1474.9 | 179.4 | 91.4 | 201.8 | 198.8 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -10.2 | -1.9 | -62.3 | -21.3 | -271.1 | -70.5 | 113.6 | -223.4 | 112.2 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | -3.2 | 15.2 | 4.7 | 14.6 | -2.5 | 15.4 | -8.9 | 6.6 | 16.1 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 149.3 | 257.0 | 675.4 | 731.9 | 1748.4 | 234.5 | -13.3 | 418.6 | 70.5 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 212.1 | 209.2 | 311.6 | 1710.7 | 183.5 | -537.6 | -110.2 | 305.2 | -73.9 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 103.4 | 30.9 | 77.6 | 1334.7 | -3.0 | -755.4 | -265.9 | 32.6 | -356.2 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 10.9 | 128.0 | 189.6 | 321.0 | 144.5 | 177.5 | 115.5 | 190.5 | 175.0 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 97.8 | 50.3 | 44.4 | 55.1 | 42.1 | 40.3 | 40.1 | 82.1 | 107.3 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 320.7 | 230.1 | 130.7 | -207.3 | -589.1 | 696.8 | 622.3 | 567.2 | 560.7 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -10.6 | -6.8 | 13.8 | 49.1 | 166.8 | -193.3 | 32.4 | -43.2 | -142.0 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -72.9 | -5.3 | -41.7 | -59.8 | -31.8 | -16.1 | -59.3 | -8.6 | -52.1 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 643.6 | 1504.9 | 283.0 | 232.2 | -22.8 | 402.8 | 519.6 | 406.3 | 153.5 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -34.6 | -4.6 | -10.0 | -2.7 | -11.3 | -11.6 | -14.2 | -9.0 | -14.6 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 75.6 | 74.4 | 46.1 | 22.9 | 50.6 | 50.0 | 60.8 | 13.7 | 44.8 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 602.6 | 1435.1 | 246.9 | 212.1 | -62.0 | 364.4 | 473.0 | 401.5 | 123.2 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -381.9 | -241.7 | 11.1 | -262.2 | 69.3 | 196.6 | 40.7 | 157.6 | 69.3 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -617.4 | -457.8 | -168.8 | -385.9 | -58.0 | 41.9 | -273.3 | -146.0 | -273.0 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 235.5 | 216.1 | 179.9 | 123.7 | 127.3 | 154.7 | 314.0 | 303.6 | 342.3 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 64.3 | -478.3 | 142.1 | -743.5 | 830.0 | -537.2 | 1019.2 | 379.2 | -36.6 | 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 | -406.2 | 82.3 | -66.2 | 59.7 | -94.2 | -227.1 | -3.1 | -277.7 | -381.0 | 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: September 23, 2021