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 | 2021 | 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1208.0 | 1226.8 | 1935.6 | 1725.1 | 2031.9 | 2006.2 | 1979.1 | 2117.6 | 2354.0 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 203.6 | 189.6 | 269.6 | 244.8 | 276.1 | 276.4 | 281.0 | 345.4 | 326.6 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 695.7 | 796.2 | 841.0 | 759.1 | 874.8 | 808.5 | 921.8 | 755.8 | 712.5 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -0.0 | -18.2 | -247.4 | -249.5 | -321.2 | -241.1 | -177.9 | -250.0 | -280.8 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1781.2 | 1817.7 | 1903.5 | 1869.7 | 1891.2 | 1913.3 | 1939.9 | 1921.5 | 1950.6 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 39.4 | 120.7 | 161.5 | 94.3 | 170.7 | 131.1 | 249.9 | 65.1 | 40.1 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -12.4 | 13.6 | -9.8 | -0.6 | -0.5 | -37.8 | -0.3 | -0.4 | 103.7 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2141.6 | 2147.6 | 2652.3 | 2436.3 | 2622.2 | 2762.4 | 2788.4 | 2753.4 | 2921.1 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2604.7 | 2186.2 | 2930.8 | 2546.3 | 3105.1 | 3787.4 | 2284.3 | 3550.1 | 3097.0 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2184.6 | 1960.9 | 2193.8 | 2064.5 | 2035.5 | 2186.9 | 2488.5 | 2915.5 | 2582.6 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2111.4 | 2009.4 | 2201.8 | 2129.3 | 2187.6 | 2221.2 | 2269.0 | 2379.7 | 2447.1 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 73.3 | -48.3 | -14.0 | -80.2 | -149.3 | -49.4 | 222.8 | 214.4 | 121.4 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -0.1 | -0.2 | 6.1 | 15.4 | -2.8 | 15.1 | -3.2 | 321.4 | 14.0 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 420.1 | 225.3 | 736.9 | 481.8 | 1069.6 | 1600.5 | -204.2 | 634.6 | 514.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2396.4 | 426.1 | 1317.0 | 1161.0 | 718.6 | 2326.5 | 1061.8 | 1981.0 | 1620.3 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 24.7 | 2.8 | 18.5 | 102.4 | 117.2 | -131.3 | -14.3 | 94.7 | -77.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 134.0 | 433.9 | 130.5 | -93.2 | -269.6 | 623.7 | 261.2 | -181.8 | -558.8 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 14.3 | 79.2 | -13.1 | -45.9 | 17.1 | 96.3 | -119.9 | -73.6 | -61.0 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 108.4 | 122.2 | 101.0 | 191.7 | 78.8 | 3.8 | 129.6 | -63.2 | -12.7 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -1.2 | 23.3 | -12.0 | -46.6 | 31.3 | -25.1 | -7.4 | 10.0 | -19.3 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 69.3 | 32.9 | 30.2 | -93.6 | 162.3 | 0.2 | 51.8 | -80.1 | 138.9 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 55.4 | 30.3 | 5.6 | -55.2 | 141.6 | -68.6 | 4.7 | -112.5 | 97.4 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 6.7 | 7.4 | 18.7 | -26.7 | 15.1 | 51.7 | 34.7 | 25.4 | 32.5 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.4 | 3.6 | 5.6 | -12.1 | 5.4 | 16.7 | 12.3 | 6.9 | 8.6 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.8 | -8.4 | 0.3 | 0.4 | 0.3 | 0.4 | 0.1 | 0.1 | 0.4 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 1.5 | 8.0 | 6.7 | 18.9 | -63.5 | 8.3 | 63.1 | 16.3 | -63.0 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.2 | 8.0 | 6.7 | 6.3 | 6.5 | 6.8 | 7.0 | 7.3 | 7.5 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.7 | -0.0 | 0.0 | 12.5 | -70.0 | 1.5 | 56.1 | 9.0 | -70.5 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 10.2 | -136.0 | -103.8 | -95.1 | -102.9 | -103.2 | -114.1 | -103.8 | -103.8 | 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 | -136.2 | 599.0 | 480.0 | 583.6 | 474.8 | 857.5 | 800.0 | 778.8 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 4.8 | 182.6 | 308.0 | 297.9 | 486.7 | 154.8 | 292.6 | 260.1 | 319.9 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 1484.5 | -197.2 | 241.4 | 433.8 | -333.1 | 1213.7 | -348.8 | 1291.9 | 1267.9 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 244.4 | -171.8 | -172.1 | -157.7 | -175.6 | -181.7 | -106.4 | -98.9 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1976.3 | 200.8 | 580.0 | 679.1 | -351.0 | 726.0 | 1266.0 | 1346.4 | 1105.9 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 2202.5 | 214.4 | 839.1 | 513.3 | -163.3 | 1214.6 | 1792.0 | 2022.7 | 1425.9 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 278.4 | 654.1 | 216.0 | 288.1 | 288.6 | 381.5 | -94.2 | 157.7 | 86.3 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -1.9 | -62.3 | 6.0 | -212.4 | 124.2 | 51.8 | 60.5 | -26.8 | 268.3 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 15.9 | 4.9 | 10.7 | 10.6 | 14.7 | 20.7 | -3.1 | 20.7 | 11.3 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 264.4 | 711.6 | 199.2 | 490.0 | 149.6 | 309.0 | -151.7 | 163.8 | -193.3 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 366.8 | 416.0 | 396.0 | 313.7 | -26.6 | 434.4 | 862.3 | 812.6 | 890.8 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 29.6 | 153.0 | -38.4 | 32.8 | -325.8 | -131.2 | 270.4 | 234.0 | 511.3 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 128.0 | 188.1 | 304.4 | 193.3 | 183.5 | 418.3 | 422.5 | 410.6 | 218.9 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 209.2 | 75.0 | 130.0 | 87.7 | 115.6 | 147.4 | 169.4 | 167.9 | 160.6 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 230.1 | -157.6 | 498.9 | 306.3 | 455.4 | 333.3 | 900.8 | 572.1 | 566.9 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -6.8 | 10.6 | -22.2 | -45.6 | -42.5 | -13.0 | 12.3 | 164.3 | -121.7 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -7.3 | -63.8 | 19.7 | 21.0 | -60.6 | 64.2 | 54.2 | 20.7 | -30.5 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 1341.2 | -644.9 | -269.3 | -370.3 | -777.5 | 14.1 | 56.7 | 295.3 | 34.1 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -4.6 | -2.4 | -3.0 | -2.7 | -3.0 | -3.0 | -3.3 | -2.8 | -2.5 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 74.4 | -13.9 | 21.6 | 9.8 | 27.5 | 20.8 | 28.3 | 13.5 | 10.3 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1271.4 | -628.6 | -287.9 | -377.5 | -801.9 | -3.7 | 31.7 | 284.6 | 26.3 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -226.1 | -13.6 | -259.1 | 165.9 | -187.7 | -488.6 | -526.0 | -676.3 | -320.0 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -457.0 | -170.9 | -619.6 | -121.6 | -532.8 | -873.2 | -950.7 | -911.5 | -540.3 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 230.9 | 157.4 | 360.5 | 287.5 | 345.1 | 384.6 | 424.7 | 235.2 | 220.3 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -463.1 | -38.6 | -278.4 | -110.0 | -482.9 | -1025.0 | 504.2 | -796.7 | -175.8 | 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 | -297.0 | -277.6 | -416.0 | -444.5 | -50.1 | 227.2 | -298.4 | 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 9, 2022