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 | 2021 | 2022 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2234 | 2451.5 | 2400.4 | 2615 | 2457.1 | 2333.7 | 2373.9 | 2422.1 | 2517.2 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 298 | 416.9 | 424.5 | 422 | 403.4 | 417.8 | 437.4 | 430.4 | 429.8 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1109.6 | 1233.3 | 1289.1 | 1241.3 | 1184.3 | 1218.4 | 1076 | 1097.4 | 1060.2 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -257.1 | -96.2 | -240.9 | -227.7 | -16.8 | 100.4 | 45.3 | 40.5 | 19.6 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1811.3 | 1866.9 | 1832.1 | 1853.6 | 1877.8 | 1904.3 | 1877.8 | 1904.9 | 1931.7 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 81.2 | 114.2 | 58 | 83.6 | 116.5 | 198.7 | 52.5 | 88.6 | 76.4 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -9.8 | 30.3 | -0.4 | 103.7 | -35.2 | 52.9 | -0.5 | -0.6 | -0.5 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2471.8 | 2656 | 2336.5 | 2557.6 | 2882.1 | 2848 | 2836.5 | 2929 | 3055.3 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2295 | 3045.4 | 3775.6 | 3749.6 | 2873.9 | 1782.5 | 2041 | 2692.6 | 3970.7 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2231.6 | 2731.6 | 2932.1 | 2590.7 | 2693.9 | 2709.6 | 2637.2 | 2674.9 | 2777.1 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2215.1 | 2483.2 | 2390.6 | 2463.7 | 2524.8 | 2553.8 | 2616.5 | 2664.2 | 2687.1 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 10.7 | 143.6 | 220.4 | 113 | 81.9 | 158.9 | 24.4 | 14.5 | 90.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 5.8 | 104.8 | 321.1 | 14 | 87.2 | -3.1 | -3.7 | -3.8 | -0.2 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 63.4 | 313.8 | 843.5 | 1158.9 | 179.9 | -927.1 | -596.2 | 17.7 | 1193.6 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1334.6 | 1169.4 | 2804.3 | 1659.2 | 365.9 | -151.9 | 298.4 | 878.1 | 2044.2 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 31.3 | 24.4 | 77.2 | -100.1 | 10.8 | 109.5 | -15.4 | 89.2 | 32.2 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 264.8 | -39.5 | 88 | -645.9 | -141.6 | 541.3 | 110.2 | -289.9 | 293.2 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.6 | 13.3 | 3.7 | -80.8 | 124.7 | 5.8 | -88.6 | 467.2 | 94.8 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 101 | -73.5 | -135.5 | -84.8 | -83.1 | 9.2 | 331.2 | 153.7 | 123 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -10.3 | 1.7 | 12.9 | -21.5 | 0.3 | 15.3 | 8.9 | -2.5 | -1.4 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 37.8 | -18.5 | -67.2 | 108.3 | -143.3 | 28.3 | 12 | 43.1 | 166.6 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 5.4 | -51.5 | -88 | 70.4 | -161.6 | -26.8 | 24.6 | -40.8 | 120.1 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 10.7 | 24 | 1.2 | 36.9 | 14.6 | 43.2 | -7.6 | 64.1 | 34.7 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.9 | 6.7 | -1.1 | 10.4 | 3 | 14.3 | -1.2 | 20.4 | 7.9 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 11.2 | -0.2 | 0 | 0.2 | -0.2 | -0.9 | -0 | 0.5 | 0.1 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 7.7 | 2.6 | 20.7 | -9.6 | 0.8 | -1.5 | -3.8 | -1.1 | 3.7 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 14.4 | 21.2 | 41.4 | -74 | 37 | 80.3 | 40.7 | -74.2 | 40.1 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | 14.4 | 21.2 | 39.8 | 17.9 | 10.8 | 16.2 | 41.7 | 18.5 | 16.8 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0 | -0 | 1.5 | -91.9 | 26.2 | 64.1 | -1 | -92.7 | 23.3 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -52.7 | -26.6 | -132.5 | 109.6 | -102.5 | 19 | 123.7 | -54.8 | 81.9 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -101.4 | -137.3 | -158.1 | -132.1 | -125.1 | -134 | -137.3 | -137.3 | -137.3 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 293.1 | 357.7 | 445.2 | 295.4 | 324.6 | 365.7 | 167.4 | 208.5 | 119.8 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.2 | 0.1 | 1.5 | -0.6 | -0.2 | -0.2 | 1.5 | -0.5 | -0.2 | 33 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 22 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | -4.4 | 34 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 498.1 | 181.1 | 682.5 | 751.9 | -415.9 | -294.2 | -170.3 | 157.9 | 352.5 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 230.7 | 869.7 | 1949.6 | 1538.3 | 884.5 | -893.7 | -81.3 | 321.9 | 883.5 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1271.2 | 855.6 | 1960.8 | 500.3 | 186 | 775.2 | 894.5 | 860.4 | 850.7 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1051.6 | 1106.7 | 2227.1 | 939.9 | 419.5 | 840 | 835.3 | 970.5 | 834.6 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 252.6 | 80.3 | 187.8 | -2.6 | 181.2 | -45.4 | 562.1 | 142.5 | 93.8 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 6 | 59.3 | -19.9 | 140.2 | 169 | -52.1 | -82.2 | 10.8 | 49.1 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 11.3 | 0.8 | 22.2 | 10.2 | -10.9 | -18.3 | 6.8 | 10.4 | 0.2 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 235.3 | 20.2 | 185.5 | -153 | 23.1 | 25 | 637.4 | 121.4 | 44.5 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 292.6 | 624.6 | 872.2 | 944.9 | 340.7 | 340.5 | 103.5 | 132.4 | 97.5 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -83.3 | 266.2 | 247.4 | 526.2 | 119.1 | 172.2 | 69.4 | 28.9 | -36.4 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 298.1 | 201.5 | 437.7 | 241.8 | 62.2 | 64.3 | -76.5 | 57.9 | 76.1 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 77.8 | 156.9 | 187.1 | 176.9 | 159.4 | 104 | 110.6 | 45.6 | 57.8 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -1.1 | 69.5 | 42.7 | 48.7 | 120.4 | 66.2 | -26.5 | -0.4 | -50.5 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 429.8 | 248.3 | 533.4 | 522 | -122 | 59.8 | -292.9 | 20.2 | 329 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -25.5 | 27.6 | 174.4 | -64 | 2.2 | -2.1 | 77 | -111.8 | 11.9 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 103.3 | 56.4 | 416.5 | -509.1 | -103 | 421 | 412 | 787.7 | 352.8 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -6.5 | -1.3 | -2.2 | -2.3 | -0.7 | -0.2 | -5.1 | -4.7 | -1.7 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 149.6 | 55.3 | 66.8 | 84.1 | 34.3 | 36 | 37.6 | 33.1 | 70.2 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -39.8 | 2.4 | 351.9 | -590.9 | -136.7 | 385.2 | 379.5 | 759.2 | 284.4 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 219.6 | -251.1 | -266.3 | -439.6 | -233.5 | -64.8 | 59.3 | -110.1 | 16.1 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -166.3 | -515.7 | -531.8 | -732.4 | -527.2 | -271.6 | -385.9 | -356.9 | -378.6 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 385.8 | 264.7 | 265.5 | 292.7 | 293.7 | 206.8 | 445.1 | 246.8 | 394.7 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 176.7 | -389.3 | -1439 | -1192 | 8.2 | 1065.5 | 795.4 | 236.4 | -915.4 | 57 |
| Nonfinancial corporate business; difference between capital expenditures and gross savings less net capital transfers paid, excluding foreign earnings retained abroad (financing gap) (6) | FA105005305 | -158.9 | 189.8 | 653.6 | 116.8 | -71.7 | 60.4 | -146.8 | -165.5 | -201.8 | 58 |
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: December 7, 2023