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 | 2022 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1235.2 | 1455.6 | 2140.7 | 2342.6 | 2298.2 | 2507.0 | 2345.2 | 2219.9 | 2209.9 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 196.6 | 204.0 | 280.9 | 377.6 | 395.9 | 399.7 | 358.9 | 355.8 | 367.4 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 628.3 | 850.2 | 1042.2 | 902.5 | 960.4 | 939.8 | 831.1 | 878.9 | 701.2 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | 1.4 | -26.4 | -256.9 | -130.8 | -246.9 | -269.1 | -59.8 | 52.5 | 31.3 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1762.1 | 1664.1 | 1761.5 | 1829.2 | 1788.2 | 1815.9 | 1843.8 | 1868.7 | 1843.4 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 40.1 | 90.9 | 127.7 | 50.4 | 30.2 | 50.1 | 1.9 | 119.6 | -60.1 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -12.4 | 13.6 | -9.8 | 30.3 | -0.4 | 103.7 | -35.2 | 53.1 | -0.2 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2226.4 | 2116.4 | 2459.8 | 2780.9 | 2513.8 | 2660.6 | 2976.3 | 2973.0 | 2956.2 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2411.2 | 2137.8 | 2221.2 | 2667.3 | 2445.4 | 2450.4 | 2717.8 | 3055.7 | 2687.0 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2169.0 | 1954.0 | 2155.5 | 2675.6 | 2869.5 | 2537.6 | 2630.0 | 2665.3 | 2571.1 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2096.3 | 1998.2 | 2163.7 | 2428.0 | 2322.1 | 2392.2 | 2473.9 | 2523.9 | 2558.2 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 72.8 | -44.2 | -14.6 | 142.0 | 225.4 | 130.8 | 68.2 | 143.6 | 14.9 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | -0.1 | 0.0 | 6.4 | 105.5 | 321.9 | 14.7 | 87.8 | -2.3 | -1.9 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 242.2 | 183.8 | 65.7 | -8.2 | -424.1 | -87.2 | 87.8 | 390.5 | 115.8 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2395.8 | 395.0 | 1146.1 | 478.1 | 932.1 | 569.9 | -346.4 | 756.9 | 394.7 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 24.7 | 4.0 | 31.3 | 17.8 | 77.2 | -100.1 | -11.4 | 105.4 | 17.0 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 134.0 | 432.5 | 266.2 | -1.0 | 80.7 | -618.4 | -43.9 | 577.7 | 151.5 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 14.3 | 76.7 | 5.6 | -0.6 | 3.7 | -89.2 | 85.2 | -2.0 | -77.4 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 108.4 | 122.2 | 101.0 | -73.5 | -135.5 | -84.8 | -83.1 | 9.2 | 331.2 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -1.2 | 23.6 | -10.3 | -2.0 | 12.9 | -21.4 | -13.6 | 13.9 | 5.8 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 69.3 | 35.9 | 30.1 | -19.8 | -87.9 | 119.4 | -138.4 | 27.6 | 25.9 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 55.4 | 33.3 | 5.4 | -48.1 | -88.0 | 71.8 | -149.2 | -27.1 | 35.0 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 6.7 | 7.4 | 10.7 | 22.4 | 1.2 | 36.9 | 9.6 | 41.8 | -7.6 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.4 | 3.6 | 2.9 | 6.1 | -1.1 | 10.4 | 1.4 | 13.8 | -1.3 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.8 | -8.4 | 11.2 | -0.2 | 0.0 | 0.2 | -0.2 | -0.9 | -0.2 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 1.5 | 8.0 | 9.2 | 12.4 | 13.0 | -79.8 | 38.9 | 77.5 | 13.1 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 2.2 | 8.0 | 9.2 | 12.4 | 11.5 | 12.1 | 12.7 | 13.4 | 14.1 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.7 | 0.0 | -0.0 | -0.0 | 1.5 | -91.9 | 26.2 | 64.1 | -1.0 | 28 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | 10.2 | -136.0 | -101.4 | -161.2 | -185.6 | -155.1 | -146.9 | -157.3 | -161.2 | 29 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 5.3 | 9.9 | 22.0 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | 30 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 540.5 | -137.0 | 343.1 | 186.9 | 682.5 | 797.0 | -459.3 | -272.6 | -146.9 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad (market value); asset (4) | FA103092005 | 4.8 | 182.6 | 308.0 | 332.2 | 253.5 | 422.8 | 189.7 | 462.8 | 317.3 | 32 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 1483.9 | -227.4 | 141.3 | 191.4 | 222.0 | 383.8 | 240.7 | -81.0 | -77.1 | 33 |
| Nonfinancial corporate business; Paycheck Protection Program receivables due from federal government; asset | FA103072005 | 0.0 | 244.7 | -170.0 | -66.2 | -106.0 | -96.9 | -47.8 | -14.1 | -5.9 | 34 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 2153.6 | 211.3 | 1080.4 | 486.4 | 1356.2 | 657.1 | -434.2 | 366.4 | 278.9 | 35 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 2275.8 | 192.5 | 1035.4 | 851.2 | 1648.4 | 1165.9 | -130.1 | 720.7 | 704.7 | 36 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 276.9 | 654.0 | 214.0 | 53.2 | 167.8 | -44.0 | 165.1 | -76.0 | 505.8 | 37 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -1.9 | -62.3 | 6.0 | 59.3 | -19.9 | 140.2 | 169.0 | -52.1 | -82.2 | 38 |
| Nonfinancial corporate business; municipal securities; liability (5) | FA103162000 | 15.7 | 5.4 | 10.9 | 0.9 | 22.0 | 10.1 | -10.6 | -18.0 | 6.8 | 39 |
| Nonfinancial corporate business; corporate bonds; liability (4) | FA103163003 | 263.2 | 711.0 | 197.1 | -7.0 | 165.7 | -194.4 | 6.8 | -5.9 | 581.2 | 40 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 320.9 | 358.9 | 390.4 | 585.6 | 818.9 | 906.8 | 318.1 | 298.7 | 98.4 | 41 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 30.3 | 149.4 | -37.0 | 262.9 | 237.2 | 519.0 | 141.2 | 154.3 | 71.5 | 42 |
| Nonfinancial corporate business; other loans and advances; liability (6) | FA103169005 | 128.0 | 188.1 | 304.4 | 181.5 | 422.4 | 221.6 | 42.9 | 39.2 | -75.8 | 43 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 162.6 | 21.4 | 123.1 | 141.2 | 159.2 | 166.3 | 134.1 | 105.2 | 102.7 | 44 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 230.1 | -155.9 | 389.8 | 246.0 | 533.4 | 554.1 | -186.8 | 83.4 | -257.5 | 45 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -7.5 | 7.7 | -25.5 | 29.4 | 174.4 | -63.0 | 2.5 | 3.5 | 68.7 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -7.3 | -63.8 | 19.7 | 49.5 | 5.3 | 39.6 | 74.5 | 78.5 | 76.9 | 47 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 1462.6 | -608.4 | 47.0 | -112.5 | -51.4 | -227.6 | -503.6 | 332.6 | 212.2 | 48 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -4.6 | -2.4 | -3.0 | -3.9 | -2.8 | -2.5 | -4.8 | -5.7 | -5.0 | 49 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 73.3 | -6.7 | 27.6 | 22.5 | 14.2 | 12.8 | 29.4 | 33.6 | 27.7 | 50 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1393.9 | -599.3 | 22.4 | -131.1 | -62.9 | -237.9 | -528.2 | 304.7 | 189.5 | 51 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -122.2 | 18.8 | 45.0 | -364.8 | -292.2 | -508.8 | -304.1 | -354.2 | -425.8 | 52 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -353.0 | -138.6 | -315.5 | -614.7 | -575.6 | -758.6 | -575.0 | -549.7 | -681.9 | 53 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 230.9 | 157.4 | 360.5 | 249.9 | 283.4 | 249.8 | 270.8 | 195.4 | 256.1 | 54 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -184.8 | -21.3 | 238.6 | 113.6 | 68.4 | 210.2 | 258.5 | -82.7 | 269.2 | 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 | -17.3 | -71.5 | -176.7 | -54.9 | 385.9 | -72.9 | -344.4 | -188.2 | -445.1 | 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 8, 2023