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 | 2021 | 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1287.0 | 1208.0 | 1226.8 | 1935.6 | 1725.1 | 2031.9 | 2006.2 | 1979.1 | 2099.7 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 200.5 | 203.6 | 189.6 | 269.6 | 244.8 | 276.1 | 276.4 | 281.0 | 325.8 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 226.0 | 695.7 | 796.2 | 841.0 | 759.1 | 874.8 | 808.5 | 921.8 | 729.8 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -47.7 | -0.0 | -18.2 | -247.4 | -249.5 | -321.2 | -241.1 | -177.9 | -247.6 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1652.4 | 1781.2 | 1817.7 | 1903.5 | 1869.7 | 1891.2 | 1913.3 | 1939.9 | 1921.2 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | -322.5 | 39.6 | 122.2 | 162.6 | 95.3 | 171.9 | 131.9 | 251.3 | 36.8 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -6.2 | -12.4 | 13.6 | -9.8 | -0.6 | -0.5 | -37.8 | -0.3 | -0.4 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2148.9 | 2141.9 | 2149.1 | 2653.5 | 2437.3 | 2623.4 | 2763.3 | 2789.9 | 2754.9 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2084.3 | 2620.5 | 2159.9 | 2705.1 | 2553.0 | 2391.8 | 3680.6 | 2194.9 | 2999.6 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2065.2 | 2184.6 | 1960.9 | 2193.9 | 2064.5 | 2035.5 | 2186.9 | 2488.6 | 2871.6 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2011.9 | 2111.4 | 2009.4 | 2201.8 | 2129.3 | 2187.6 | 2221.2 | 2269.1 | 2374.7 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 55.0 | 73.3 | -48.3 | -14.0 | -80.2 | -149.3 | -49.4 | 222.8 | 175.8 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -1.7 | -0.1 | -0.2 | 6.1 | 15.4 | -2.8 | 15.1 | -3.2 | 321.1 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 19.2 | 435.9 | 199.0 | 511.2 | 488.5 | 356.3 | 1493.6 | -293.7 | 128.0 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 865.9 | 2396.4 | 426.1 | 1330.9 | 1193.8 | 759.1 | 2237.2 | 1133.4 | 1443.9 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | -110.3 | 24.7 | 2.8 | 19.5 | 102.4 | 132.6 | -142.0 | -15.0 | 65.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 255.7 | 134.0 | 433.9 | 145.1 | 106.8 | -379.3 | 600.3 | 252.4 | 100.9 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.8 | 14.3 | 79.2 | -4.7 | -13.9 | 17.3 | 96.9 | -119.0 | -42.1 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -51.0 | 108.4 | 122.2 | 101.0 | 191.7 | 78.8 | 3.8 | 129.6 | -63.2 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -25.0 | -1.2 | 23.3 | -7.3 | -46.6 | 35.2 | -21.7 | 4.0 | 11.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 19.1 | 69.3 | 32.9 | 0.3 | -93.6 | 147.4 | -89.2 | 36.4 | -84.1 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 38.4 | 55.4 | 30.3 | -2.9 | -55.2 | 121.7 | -77.0 | -1.1 | -95.3 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | -15.6 | 6.7 | 7.4 | 2.7 | -26.7 | 18.8 | -9.1 | 27.7 | 9.3 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | -5.5 | 2.4 | 3.6 | 0.2 | -12.1 | 6.6 | -3.6 | 9.8 | 1.8 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 1.7 | 4.8 | -8.4 | 0.3 | 0.4 | 0.3 | 0.4 | 0.1 | 0.1 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 2.2 | 1.5 | 8.0 | 6.7 | 18.9 | -63.5 | 8.3 | 63.1 | 16.3 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.0 | 2.2 | 8.0 | 6.7 | 6.3 | 6.5 | 6.8 | 7.0 | 7.3 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 0.2 | -0.7 | 0.0 | 0.0 | 12.5 | -70.0 | 1.5 | 56.1 | 9.0 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -40.7 | 10.2 | -136.0 | -116.1 | -106.3 | -115.0 | -115.3 | -127.6 | -116.1 | 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 | -136.2 | 588.1 | 480.0 | 673.7 | 487.0 | 711.9 | 768.2 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | -133.9 | 20.0 | 226.5 | 371.4 | 296.1 | 510.3 | 175.8 | 503.4 | 339.0 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 556.6 | 1469.3 | -241.1 | 216.2 | 247.6 | -289.1 | 1222.7 | -316.5 | 437.7 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 0.0 | 244.4 | -171.8 | -172.2 | -157.7 | -175.6 | -181.8 | -106.8 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 846.7 | 1960.6 | 227.1 | 819.7 | 705.3 | 402.8 | 743.6 | 1427.1 | 1315.9 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1229.0 | 2202.5 | 214.4 | 1070.2 | 513.3 | 584.5 | 1242.4 | 1940.6 | 1997.9 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 152.5 | 269.7 | 629.3 | 195.8 | 281.4 | 228.1 | 366.8 | -93.0 | 148.9 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -10.2 | -1.9 | -62.3 | 6.0 | -212.4 | 124.2 | 51.8 | 60.5 | -27.6 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | -2.2 | 16.2 | 5.2 | 10.9 | 10.6 | 14.8 | 20.9 | -2.6 | 21.2 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 164.9 | 255.4 | 686.4 | 178.8 | 483.2 | 89.1 | 294.0 | -151.0 | 155.2 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 212.5 | 366.8 | 409.7 | 392.6 | 312.0 | -30.1 | 431.5 | 857.1 | 848.1 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 103.8 | 29.6 | 153.0 | -38.4 | 32.8 | -325.8 | -131.2 | 270.4 | 248.5 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 10.9 | 128.0 | 188.0 | 304.3 | 193.4 | 183.7 | 418.3 | 421.7 | 407.6 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 97.8 | 209.2 | 68.7 | 126.8 | 85.8 | 112.0 | 144.3 | 165.0 | 192.0 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 320.7 | 230.1 | -157.6 | 490.0 | 306.3 | 378.7 | 331.9 | 943.1 | 567.0 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -10.6 | -6.8 | 10.6 | -28.4 | -45.6 | -45.6 | -12.9 | -9.4 | 182.5 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -72.9 | -5.3 | -41.7 | -15.0 | -14.4 | -120.5 | 52.5 | 22.5 | 113.4 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 626.8 | 1348.0 | -635.9 | 35.1 | -326.4 | 173.8 | 72.8 | 220.3 | 137.9 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -34.6 | -4.6 | -10.3 | -11.7 | -9.8 | -13.4 | -11.1 | -12.4 | -5.0 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 75.6 | 74.4 | 45.6 | 33.8 | 15.9 | 47.8 | 35.0 | 36.4 | 17.3 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 585.7 | 1278.2 | -671.2 | 13.0 | -332.5 | 139.5 | 48.9 | 196.3 | 125.7 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -382.2 | -241.9 | 12.7 | -250.5 | 192.0 | -181.7 | -498.9 | -513.5 | -682.0 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -617.8 | -458.0 | -167.2 | -614.9 | -121.4 | -520.4 | -875.5 | -942.2 | -885.9 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 235.5 | 216.1 | 179.9 | 364.3 | 313.4 | 338.6 | 376.6 | 428.8 | 203.9 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 64.6 | -478.6 | -10.8 | -51.6 | -115.6 | 231.6 | -917.3 | 595.0 | -244.7 | 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 | -66.1 | -297.0 | -277.6 | -416.0 | -444.4 | -49.9 | 153.5 | 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: June 9, 2022