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 | 2020 | 2021 | 2021 Q1 | 2021 Q2 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1455.6 | 2140.7 | 1972.2 | 2242.2 | 2194.2 | 2154.4 | 2298.2 | 2507.0 | 2334.0 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 204.0 | 280.9 | 254.6 | 278.7 | 275.6 | 314.9 | 395.9 | 399.7 | 360.0 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 850.2 | 1042.2 | 972.8 | 1071.1 | 998.3 | 1126.5 | 960.4 | 939.8 | 925.4 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -26.4 | -256.9 | -249.4 | -326.3 | -262.4 | -189.4 | -246.9 | -269.1 | -58.8 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1664.1 | 1761.5 | 1712.9 | 1747.3 | 1777.8 | 1808.1 | 1788.3 | 1815.9 | 1843.6 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 90.9 | 127.7 | 126.0 | 135.1 | 64.0 | 185.5 | 30.1 | 49.8 | 94.0 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 13.6 | -9.8 | -0.6 | -0.5 | -37.9 | -0.3 | -0.4 | 103.7 | -35.2 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2116.4 | 2459.8 | 2334.9 | 2449.0 | 2537.6 | 2517.7 | 2513.8 | 2660.4 | 2962.4 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2113.9 | 2432.9 | 2254.6 | 2206.7 | 2568.5 | 2702.0 | 2487.5 | 2649.7 | 3045.0 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1954.0 | 2155.5 | 2013.5 | 2010.8 | 2159.9 | 2437.6 | 2868.8 | 2537.5 | 2636.0 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1998.2 | 2163.7 | 2084.3 | 2148.7 | 2190.8 | 2231.0 | 2321.5 | 2392.1 | 2467.9 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | -44.2 | -14.6 | -86.3 | -135.3 | -46.3 | 209.4 | 225.4 | 130.8 | 80.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0.0 | 6.4 | 15.5 | -2.5 | 15.3 | -2.7 | 321.9 | 14.7 | 87.8 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 159.9 | 277.5 | 241.0 | 195.8 | 408.6 | 264.4 | -381.3 | 112.2 | 409.0 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 394.8 | 1390.6 | 1266.5 | 858.5 | 1567.4 | 1870.1 | 1401.6 | 1449.4 | 363.7 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 4.0 | 23.8 | 104.0 | 130.4 | -132.7 | -6.5 | 102.4 | -113.2 | -13.4 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 432.5 | 141.3 | 154.3 | -191.3 | 354.6 | 247.7 | 76.2 | -649.7 | -947.5 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 76.7 | -1.3 | -12.5 | 25.1 | 104.2 | -122.0 | -25.8 | -17.4 | 59.8 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 122.2 | 101.0 | 191.7 | 78.8 | 3.8 | 129.6 | -63.2 | -12.7 | -8.3 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 23.6 | -11.9 | -58.8 | 55.7 | -36.7 | -7.6 | 10.6 | -19.9 | -9.3 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 35.9 | 24.4 | -82.5 | 104.0 | 27.3 | 48.7 | -41.8 | 107.4 | -136.2 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 33.3 | 2.1 | -43.7 | 130.8 | -82.3 | 3.8 | -75.4 | 59.6 | -147.0 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 7.4 | 16.9 | -27.0 | -20.5 | 82.2 | 33.1 | 26.3 | 37.3 | 9.6 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 3.6 | 5.0 | -12.2 | -6.5 | 26.9 | 11.7 | 7.2 | 10.2 | 1.1 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -8.4 | 0.3 | 0.4 | 0.3 | 0.4 | 0.1 | 0.1 | 0.3 | 0.1 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 8.0 | 6.7 | 18.9 | -63.5 | 8.3 | 63.1 | 16.3 | -63.0 | 6.6 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 8.0 | 6.7 | 6.3 | 6.5 | 6.8 | 7.0 | 7.3 | 7.5 | 7.8 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.0 | 0.0 | 12.5 | -70.0 | 1.5 | 56.1 | 9.0 | -70.5 | -1.2 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.0 | -102.8 | -94.2 | -101.9 | -102.1 | -113.0 | -102.8 | -102.8 | -102.8 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 11.0 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | -137.0 | 552.1 | 587.6 | 588.3 | 351.7 | 680.9 | 765.3 | 824.7 | -167.1 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 182.6 | 308.0 | 297.9 | 486.7 | 154.8 | 292.6 | 203.8 | 375.2 | 103.8 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | -228.8 | 326.3 | 137.0 | -276.9 | 811.3 | 633.8 | 437.5 | 1097.7 | 1555.3 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 244.4 | -171.8 | -172.1 | -157.7 | -175.6 | -181.7 | -106.4 | -98.9 | -48.5 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 234.9 | 1113.1 | 1025.5 | 662.7 | 1158.7 | 1605.7 | 1783.0 | 1337.2 | -45.3 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 199.2 | 1090.8 | 775.9 | 598.6 | 1158.8 | 1830.0 | 2111.1 | 1859.4 | 424.9 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 655.1 | 215.4 | 285.0 | 287.1 | 385.0 | -95.4 | 157.6 | 87.8 | 153.8 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -62.3 | 6.0 | -212.4 | 124.2 | 51.8 | 60.5 | -26.8 | 268.7 | 151.6 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 5.1 | 10.5 | 10.6 | 14.5 | 20.5 | -3.4 | 20.7 | 11.1 | -10.2 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 712.4 | 198.9 | 486.9 | 148.4 | 312.7 | -152.5 | 163.7 | -192.0 | 12.4 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 416.1 | 405.5 | 320.1 | -18.1 | 442.9 | 877.3 | 811.8 | 893.1 | 512.8 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 153.0 | -38.3 | 33.0 | -325.7 | -131.1 | 270.4 | 234.0 | 500.4 | 241.1 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 188.1 | 304.5 | 193.5 | 183.6 | 418.3 | 422.7 | 410.6 | 221.8 | 121.5 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 75.0 | 139.4 | 93.6 | 124.0 | 155.6 | 184.2 | 167.2 | 170.9 | 150.1 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | -155.9 | 451.9 | 395.5 | 365.1 | 270.9 | 776.1 | 723.5 | 601.1 | -187.7 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 7.7 | -23.9 | -43.6 | -43.7 | -12.4 | 4.0 | 164.0 | -106.1 | -26.0 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -63.8 | 19.7 | 21.0 | -60.6 | 64.2 | 54.2 | 0.3 | 22.7 | 37.0 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -660.0 | 22.2 | -202.1 | 68.8 | 8.3 | 213.8 | 253.9 | 360.9 | -65.1 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -2.4 | -2.8 | -2.5 | -2.5 | -3.0 | -3.3 | -2.7 | -2.6 | -3.4 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -6.7 | 26.1 | 17.9 | 31.5 | 25.8 | 29.2 | 13.7 | 10.6 | 29.5 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -650.9 | -1.1 | -217.5 | 39.8 | -14.5 | 187.9 | 242.9 | 352.9 | -91.2 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 35.8 | 22.3 | 249.6 | 64.1 | -0.1 | -224.2 | -328.2 | -522.3 | -470.1 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -121.6 | -338.1 | -37.9 | -281.0 | -384.7 | -648.9 | -615.8 | -741.1 | -770.6 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 157.4 | 360.5 | 287.5 | 345.1 | 384.6 | 424.7 | 287.7 | 218.9 | 300.5 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 2.5 | 26.8 | 80.3 | 242.3 | -30.9 | -184.3 | 26.4 | 10.7 | -82.6 | 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 | -71.5 | -176.7 | -195.3 | -303.1 | -313.7 | 105.5 | 385.1 | -73.1 | -232.5 | 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, 2022