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 | 2022 | 2021 Q3 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1455.6 | 2140.7 | 2361.5 | 2194.2 | 2154.4 | 2298.2 | 2507.0 | 2345.2 | 2295.5 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 204.0 | 280.9 | 382.7 | 275.6 | 314.9 | 395.9 | 399.7 | 358.9 | 376.3 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 850.2 | 1042.2 | 897.3 | 998.3 | 1126.5 | 960.4 | 939.8 | 831.1 | 857.7 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -26.4 | -256.9 | -124.5 | -262.4 | -189.4 | -246.9 | -269.1 | -59.8 | 78.0 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1664.1 | 1761.5 | 1829.2 | 1777.8 | 1808.1 | 1788.2 | 1815.9 | 1843.8 | 1868.9 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 90.9 | 127.7 | 29.3 | 64.0 | 185.5 | 30.1 | 49.8 | 1.9 | 35.4 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 13.6 | -9.8 | 30.3 | -37.9 | -0.3 | -0.4 | 103.7 | -35.2 | 52.9 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2116.4 | 2459.8 | 2785.3 | 2537.6 | 2517.7 | 2513.7 | 2660.4 | 2976.3 | 2991.0 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2114.7 | 2392.8 | 2830.2 | 2516.7 | 2667.7 | 2412.5 | 2611.8 | 2811.2 | 3485.3 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1954.0 | 2155.5 | 2674.6 | 2159.9 | 2437.6 | 2869.5 | 2537.6 | 2630.0 | 2661.3 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1998.2 | 2163.7 | 2427.0 | 2190.8 | 2231.0 | 2322.1 | 2392.2 | 2473.9 | 2519.8 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | -44.2 | -14.6 | 142.1 | -46.3 | 209.4 | 225.4 | 130.8 | 68.2 | 143.9 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0.0 | 6.4 | 105.5 | 15.3 | -2.7 | 321.9 | 14.7 | 87.8 | -2.3 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 160.8 | 237.4 | 155.6 | 356.8 | 230.1 | -457.0 | 74.1 | 181.2 | 824.0 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 394.8 | 1390.6 | 998.4 | 1567.4 | 1870.1 | 1401.6 | 1449.4 | 363.4 | 779.0 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 4.0 | 23.8 | -12.7 | -132.7 | -6.5 | 102.4 | -113.2 | -13.4 | -26.8 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 432.5 | 141.3 | -330.0 | 354.6 | 247.7 | 76.2 | -649.7 | -747.5 | 1.0 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 76.7 | -1.3 | 14.8 | 104.2 | -122.0 | -25.8 | -17.4 | 59.8 | 42.5 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 122.2 | 101.0 | 6.2 | 3.8 | 129.6 | -63.2 | -12.7 | -7.4 | 108.1 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 23.6 | -11.9 | -11.3 | -36.7 | -7.6 | 10.6 | -19.9 | -9.3 | -26.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 35.9 | 24.4 | 22.0 | 27.3 | 48.7 | -41.8 | 107.4 | -136.2 | 158.8 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 33.3 | 2.1 | -43.1 | -82.3 | 3.8 | -75.4 | 59.6 | -147.0 | -9.6 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 7.4 | 16.9 | 45.2 | 82.2 | 33.1 | 26.3 | 37.3 | 9.6 | 107.6 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 3.6 | 5.0 | 17.7 | 26.9 | 11.7 | 7.2 | 10.2 | 1.1 | 52.3 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -8.4 | 0.3 | 2.2 | 0.4 | 0.1 | 0.1 | 0.3 | 0.1 | 8.4 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 8.0 | 6.7 | 7.7 | 8.3 | 63.1 | 16.3 | -63.0 | 6.6 | 70.8 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 8.0 | 6.7 | 7.7 | 6.8 | 7.0 | 7.3 | 7.5 | 7.8 | 8.1 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.0 | 0.0 | 0.0 | 1.5 | 56.1 | 9.0 | -70.5 | -1.2 | 62.7 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.0 | -102.8 | -20.5 | -102.1 | -113.0 | -103.0 | -103.0 | 7.0 | 117.0 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 11.0 | 23.1 | 24.7 | 23.1 | 23.1 | 23.1 | 23.1 | 23.1 | 29.7 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | -137.0 | 552.1 | 426.5 | 351.7 | 680.9 | 765.3 | 824.7 | -167.1 | 283.2 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 182.6 | 308.0 | 315.9 | 154.8 | 292.6 | 203.8 | 388.8 | 127.7 | 543.1 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | -228.8 | 326.3 | 555.2 | 811.3 | 633.8 | 437.7 | 1084.3 | 1220.4 | -521.7 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 244.4 | -171.8 | -67.0 | -175.6 | -181.7 | -106.4 | -98.9 | -48.5 | -14.2 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 234.1 | 1153.2 | 842.8 | 1210.6 | 1640.0 | 1858.6 | 1375.2 | 182.2 | -45.0 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 192.5 | 1118.4 | 1175.5 | 1184.9 | 1858.9 | 2125.3 | 1871.5 | 454.1 | 251.2 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 654.7 | 214.4 | 54.6 | 384.8 | -98.4 | 165.4 | -42.5 | 169.3 | -73.9 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -62.3 | 6.0 | 59.3 | 51.8 | 60.5 | -19.9 | 140.2 | 169.0 | -52.1 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 5.2 | 10.8 | 1.1 | 20.6 | -3.0 | 21.7 | 10.3 | -11.0 | -16.9 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 711.8 | 197.7 | -5.8 | 312.4 | -155.9 | 163.6 | -193.0 | 11.3 | -5.0 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 416.1 | 405.5 | 605.8 | 432.1 | 873.6 | 829.8 | 911.6 | 333.2 | 348.6 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 153.0 | -37.1 | 268.5 | -141.5 | 268.9 | 237.0 | 519.8 | 140.6 | 176.4 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 188.1 | 304.4 | 181.7 | 418.3 | 422.6 | 422.4 | 221.6 | 41.1 | 41.7 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 75.1 | 138.2 | 155.6 | 155.3 | 182.0 | 170.4 | 170.2 | 151.5 | 130.4 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | -155.9 | 451.9 | 359.1 | 270.9 | 776.1 | 723.5 | 601.1 | -187.7 | 299.3 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 7.7 | -23.9 | 3.5 | -12.4 | 4.0 | 164.0 | -106.1 | -26.0 | -17.9 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -63.8 | 19.7 | 32.8 | 64.2 | 54.2 | -1.1 | 33.4 | 31.1 | 68.0 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -666.2 | 50.8 | 119.7 | 45.4 | 249.5 | 243.6 | 474.0 | 134.1 | -372.9 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -2.4 | -3.0 | -3.4 | -3.0 | -3.3 | -2.8 | -2.8 | -3.6 | -4.4 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -6.7 | 27.6 | 21.4 | 26.0 | 28.9 | 14.2 | 12.1 | 29.2 | 30.4 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -657.1 | 26.2 | 101.6 | 22.4 | 223.9 | 232.2 | 464.7 | 108.5 | -398.9 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 41.6 | 34.8 | -332.8 | 25.7 | -218.9 | -266.7 | -496.3 | -271.9 | -296.2 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -115.8 | -325.6 | -594.8 | -358.9 | -643.5 | -555.7 | -751.6 | -555.5 | -516.3 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 157.4 | 360.5 | 262.0 | 384.6 | 424.7 | 289.0 | 255.4 | 283.6 | 220.1 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 1.7 | 67.0 | -44.9 | 21.0 | -150.0 | 101.2 | 48.6 | 165.1 | -494.4 | 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 | -81.4 | -313.7 | 105.5 | 385.9 | -72.9 | -344.4 | -294.2 | 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: March 9, 2023