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 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 1455.6 | 2140.7 | 2342.6 | 2298.2 | 2507 | 2345.2 | 2219.9 | 2218.3 | 2265.4 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 204 | 280.9 | 377.6 | 395.9 | 399.7 | 358.9 | 355.8 | 372.2 | 336.2 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 850.2 | 1042.2 | 902.5 | 960.4 | 939.8 | 831.1 | 878.9 | 747.4 | 736 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -26.4 | -256.9 | -130.8 | -246.9 | -269.1 | -59.8 | 52.5 | 31.7 | 9.2 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1664.1 | 1761.5 | 1829.2 | 1788.2 | 1815.9 | 1843.8 | 1868.7 | 1843.2 | 1870.8 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 90.8 | 127.2 | 50.2 | 30.1 | 49.8 | 1.9 | 119 | -14.5 | -37.4 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 13.6 | -9.8 | 30.3 | -0.4 | 103.7 | -35.2 | 53.1 | -0.3 | -0.5 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2116.3 | 2459.3 | 2780.7 | 2513.7 | 2660.4 | 2976.3 | 2972.5 | 2959.4 | 3036.3 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2126.4 | 2397.3 | 3188.8 | 3818 | 3887 | 2854.5 | 2195.9 | 2132 | 2482.8 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 1954 | 2155.5 | 2675.6 | 2869.5 | 2537.6 | 2630 | 2665.3 | 2564.7 | 2607.6 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 1998.2 | 2163.7 | 2428 | 2322.1 | 2392.2 | 2473.9 | 2523.9 | 2555.8 | 2605 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | -44.2 | -14.6 | 142 | 225.4 | 130.8 | 68.2 | 143.6 | 10.6 | 4.5 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 0 | 6.4 | 105.5 | 321.9 | 14.7 | 87.8 | -2.3 | -1.7 | -2 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 172.5 | 241.8 | 513.2 | 948.5 | 1349.3 | 224.5 | -469.4 | -432.7 | -124.7 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 395 | 1345.9 | 1176.7 | 2769.5 | 1675.9 | 366 | -104.8 | 370.1 | 740.7 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 4 | 31.3 | 17.1 | 77.2 | -100.1 | -11.4 | 102.7 | -15.8 | 52.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020000 | 432.5 | 266.2 | -3.9 | 80.7 | -618 | -56.3 | 578 | 126.9 | -170.5 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 76.7 | 5.6 | 1.2 | 3.7 | -80.8 | 85 | -2.9 | -87 | 415.4 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 122.2 | 101 | -73.5 | -135.5 | -84.8 | -83.1 | 9.2 | 331.2 | 153.7 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 23.6 | -10.3 | -2 | 12.9 | -21.5 | -13.6 | 14 | 6.1 | -5.7 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 35.9 | 30.1 | -21.1 | -87.9 | 118 | -144.5 | 29.8 | 26.2 | 57.7 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 33.3 | 5.4 | -49.5 | -88 | 70.4 | -155.3 | -24.9 | 35.1 | -24.3 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 7.4 | 10.7 | 22.4 | 1.2 | 36.9 | 9.6 | 41.8 | -7.6 | 61.8 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 3.6 | 2.9 | 6.1 | -1.1 | 10.4 | 1.4 | 13.8 | -1.3 | 19.7 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | -8.4 | 11.2 | -0.2 | 0 | 0.2 | -0.2 | -0.9 | -0 | 0.5 | 25 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 8 | 9.2 | 12.4 | 13 | -79.8 | 38.9 | 77.5 | 13.1 | -77.9 | 26 |
| Nonfinancial corporate business; total mortgages; asset | FA103065003 | 8 | 9.2 | 12.4 | 11.5 | 12.1 | 12.7 | 13.4 | 14.1 | 14.9 | 27 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | 0 | -0 | -0 | 1.5 | -91.9 | 26.2 | 64.1 | -1 | -92.7 | 28 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -33.7 | -52.7 | -26.6 | -132.5 | 109.6 | -102.5 | 19 | 57.4 | -16.1 | 29 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136 | -101.4 | -140.9 | -162.2 | -135.6 | -128.4 | -137.5 | -140.9 | -140.9 | 30 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 251 | 293.1 | 357.7 | 445.2 | 295.4 | 324.6 | 365.7 | 191.1 | 254.1 | 31 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.1 | 0.2 | 0.1 | 1.4 | -0.6 | -0.2 | -0.2 | 1.5 | -0.5 | 32 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 9.9 | 22 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | 33 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | -137 | 498.1 | 175.3 | 682.5 | 751.9 | -466.9 | -266.2 | -177.5 | 192.5 | 34 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | -262.3 | 253.5 | 885.3 | 1975.4 | 1526.7 | 928.7 | -889.6 | 42.3 | 31.1 | 35 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 222.5 | 1104.1 | 663.4 | 1821 | 326.6 | 141.5 | 364.6 | 802.7 | 865.5 | 36 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 192.5 | 993.3 | 1003.3 | 2135.2 | 779.9 | 392.5 | 705.6 | 855.5 | 846.8 | 37 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 657.5 | 218 | 54.9 | 174.7 | -43.9 | 171.1 | -82.1 | 507.7 | 116 | 38 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | -62.3 | 6 | 59.3 | -19.9 | 140.2 | 169 | -52.1 | -82.2 | 10.8 | 39 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 5.6 | 11.2 | 1 | 22.7 | 10.2 | -10.9 | -18 | 6.8 | 10.8 | 40 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163003 | 714.3 | 200.7 | -5.3 | 171.9 | -194.4 | 13 | -12 | 583 | 94.4 | 41 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 358.8 | 385.4 | 610 | 841.4 | 930.6 | 322.2 | 345.6 | 125.5 | 150.3 | 42 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 149.5 | -37 | 264.9 | 237.2 | 518.9 | 141.1 | 162.2 | 88 | 26.6 | 43 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 188.1 | 298 | 201.3 | 436.9 | 241.7 | 54.7 | 71.8 | -76.6 | 57.5 | 44 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 21.2 | 124.4 | 143.8 | 167.2 | 170 | 126.4 | 111.6 | 114.2 | 66.2 | 45 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -65.4 | -1.1 | 69.5 | 42.7 | 48.7 | 120.4 | 66.2 | -28.9 | 49.4 | 46 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | -155.9 | 429.8 | 233.7 | 533.4 | 522 | -193.6 | 73 | -247.3 | 22.9 | 47 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 7.7 | -25.5 | 27.8 | 174.4 | -64 | 1.8 | -1 | 77.5 | -111.7 | 48 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | -610.1 | -13.1 | 7.4 | 368.5 | -613.5 | -29.3 | 304 | 421 | 619.8 | 49 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -2.7 | -6.5 | -0.4 | -1.1 | 0 | -0.3 | -0.2 | -7.7 | -2.3 | 50 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | -6.7 | 135.6 | -11.5 | 1.1 | -2.7 | -24.3 | -20.1 | -18.7 | -20.4 | 51 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -600.7 | -142.2 | 19.3 | 368.6 | -610.9 | -4.7 | 324.3 | 447.3 | 642.5 | 52 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 30.1 | 110.7 | -339.9 | -314.2 | -453.3 | -251.1 | -341 | -52.7 | 18.7 | 53 |
| Nonfinancial corporate business; corporate equities; liability | FA103164103 | -133.4 | -275.1 | -604.6 | -579.7 | -746 | -544.8 | -547.8 | -491.5 | -371.1 | 54 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 163.5 | 385.8 | 264.7 | 265.5 | 292.7 | 293.7 | 206.8 | 438.8 | 389.8 | 55 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -10.1 | 62 | -408.1 | -1304.3 | -1226.6 | 121.8 | 776.6 | 827.4 | 553.4 | 56 |
| Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (6) | FA105005305 | -71.5 | -176.7 | -54.9 | 385.9 | -72.9 | -344.4 | -188.2 | -409.3 | -466.1 | 57 |
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.
- 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 11, 2023