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 | 2019 | 2020 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2021 Q1 | 2021 Q2 | 2021 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1208.0 | 1226.8 | 1023.7 | 910.0 | 1491.5 | 1482.1 | 1725.1 | 2031.9 | 2041.7 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 203.6 | 189.6 | 162.8 | 158.7 | 214.1 | 222.7 | 244.8 | 276.1 | 287.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 695.7 | 796.2 | 756.5 | 789.5 | 766.3 | 872.5 | 759.1 | 874.8 | 822.2 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -0.0 | -18.2 | 93.0 | 45.1 | -88.0 | -122.9 | -249.5 | -321.2 | -240.8 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1781.2 | 1817.7 | 1806.7 | 1811.3 | 1818.6 | 1834.2 | 1869.7 | 1891.2 | 1913.5 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 39.6 | 122.2 | 20.4 | 97.1 | 161.7 | 209.4 | 95.3 | 172.4 | 134.7 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -12.4 | 13.6 | -0.9 | 57.0 | -0.8 | -0.7 | -0.6 | -0.5 | -37.8 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2141.9 | 2149.1 | 2025.6 | 1858.2 | 2404.3 | 2308.3 | 2437.3 | 2624.0 | 2777.5 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2620.6 | 2018.3 | 2765.8 | 1029.1 | 3066.3 | 1211.8 | 1804.4 | 2414.1 | 3542.4 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2184.6 | 1960.9 | 2064.9 | 1667.0 | 2015.6 | 2096.0 | 2064.5 | 2035.5 | 2181.4 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2111.4 | 2009.4 | 2078.5 | 1918.3 | 1993.5 | 2047.5 | 2129.3 | 2187.5 | 2218.7 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 73.3 | -48.3 | -11.3 | -248.6 | 15.3 | 51.3 | -80.2 | -149.3 | -52.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -0.1 | -0.2 | -2.2 | -2.7 | 6.8 | -2.7 | 15.4 | -2.8 | 15.0 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 436.0 | 57.4 | 700.9 | -637.8 | 1050.7 | -884.2 | -260.0 | 378.6 | 1361.0 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2396.4 | 1429.6 | 2889.9 | 613.1 | 1883.1 | 332.3 | 1358.8 | 845.1 | 2354.1 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 24.7 | 11.6 | -78.6 | 136.0 | 57.1 | -68.0 | -3.2 | 139.9 | -32.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 150.2 | 665.3 | 1182.7 | 1684.7 | 140.1 | -346.2 | 214.8 | -229.7 | 353.7 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 14.3 | 107.3 | 389.7 | 123.5 | 14.9 | -99.0 | -38.0 | 26.1 | 153.8 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 92.2 | 119.6 | 1499.0 | -179.0 | -757.7 | -84.2 | -144.9 | -53.2 | 111.5 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -1.2 | 26.4 | 56.0 | 20.0 | -8.4 | 38.1 | -50.9 | 38.7 | -24.0 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 69.3 | 52.7 | 183.6 | 83.6 | -14.2 | -42.1 | -102.7 | 98.6 | 59.8 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 55.4 | 38.3 | 55.4 | -32.0 | 68.0 | 61.9 | -63.3 | 126.5 | 18.2 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 6.7 | 9.8 | 93.1 | 85.9 | -62.8 | -77.2 | -27.5 | -21.5 | 31.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.4 | 4.4 | 35.2 | 29.3 | -20.0 | -26.9 | -12.5 | -6.8 | 9.9 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.8 | 0.2 | -0.2 | 0.4 | 0.6 | 0.1 | 0.6 | 0.3 | 0.4 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 1.5 | 2.4 | -5.8 | -6.6 | -18.6 | 40.5 | -7.8 | -7.5 | -21.4 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.2 | 2.4 | 2.3 | 2.3 | 2.4 | 2.4 | 2.4 | 2.5 | 2.5 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.7 | 0.0 | -8.1 | -9.0 | -20.9 | 38.1 | -10.2 | -10.0 | -24.0 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 10.2 | -127.0 | -102.6 | -123.0 | -133.5 | -149.1 | -127.0 | -127.0 | -127.0 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 5.3 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 10.6 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 540.5 | 34.7 | -367.6 | -954.2 | 855.8 | 604.9 | 622.7 | 716.1 | 691.0 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 20.0 | 226.5 | -58.3 | 503.3 | 164.8 | 296.0 | 251.8 | 421.7 | 266.5 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 1469.3 | 299.5 | 181.0 | -685.8 | 1572.1 | 130.8 | 733.3 | -189.1 | 911.6 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 210.0 | 0.0 | 369.9 | 525.5 | -55.3 | -174.4 | -193.2 | -67.7 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1960.5 | 1372.2 | 2189.0 | 1251.0 | 832.4 | 1216.6 | 1618.8 | 466.5 | 993.1 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 2202.5 | 1361.2 | 2450.2 | 1181.5 | 635.8 | 1177.3 | 1425.1 | 661.7 | 1419.6 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 270.3 | 617.2 | 724.3 | 1474.7 | 186.7 | 83.0 | 210.9 | 202.9 | 368.9 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -1.9 | -62.3 | -21.4 | -271.3 | -70.6 | 114.0 | -223.5 | 113.2 | 40.8 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 15.2 | 4.0 | 14.6 | -2.2 | 15.4 | -11.9 | 6.5 | 15.3 | 20.1 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 257.0 | 675.5 | 731.1 | 1748.1 | 241.9 | -19.0 | 427.9 | 74.4 | 307.9 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 209.5 | 312.0 | 1713.8 | 183.5 | -534.8 | -114.4 | 304.1 | -29.2 | 307.7 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 30.9 | 77.6 | 1334.6 | -2.8 | -755.6 | -265.9 | 30.7 | -324.3 | -137.9 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 128.0 | 188.0 | 321.0 | 144.5 | 177.5 | 109.2 | 193.4 | 182.1 | 316.0 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 50.6 | 46.4 | 58.2 | 41.9 | 43.3 | 42.2 | 79.9 | 113.0 | 129.6 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 230.1 | 134.8 | -207.3 | -589.1 | 718.4 | 617.1 | 549.3 | 577.4 | 506.8 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -6.8 | 13.8 | 49.1 | 166.8 | -192.5 | 31.9 | -47.4 | -90.1 | -41.6 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -5.3 | -41.7 | -59.8 | -31.8 | -16.1 | -59.3 | -14.4 | -41.1 | 90.4 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 1504.6 | 325.2 | 230.2 | -22.5 | 474.1 | 619.1 | 422.6 | 41.8 | 187.5 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -4.6 | -10.0 | -2.7 | -11.3 | -11.6 | -14.2 | -9.0 | -14.6 | -12.9 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 74.4 | 46.1 | 22.9 | 50.6 | 50.0 | 60.8 | 13.7 | 44.8 | 35.5 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1434.8 | 289.1 | 210.0 | -61.8 | 435.6 | 572.4 | 418.0 | 11.5 | 164.9 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -242.0 | 11.0 | -261.2 | 69.4 | 196.6 | 39.2 | 193.7 | -195.2 | -426.6 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -458.1 | -168.9 | -384.9 | -57.9 | 41.9 | -274.8 | -115.7 | -526.5 | -908.8 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 216.1 | 179.9 | 123.7 | 127.3 | 154.7 | 314.0 | 309.3 | 331.4 | 482.2 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -478.7 | 130.8 | -740.2 | 829.1 | -662.0 | 1096.5 | 632.9 | 209.9 | -764.8 | 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 | 82.3 | -66.1 | 59.7 | -94.2 | -227.0 | -2.8 | -277.6 | -416.1 | -461.5 | 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: December 9, 2021