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 | 2023 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2234 | 2451.5 | 2468.3 | 2457.1 | 2333.7 | 2373.9 | 2422.1 | 2531.6 | 2545.5 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 298 | 416.9 | 431 | 403.4 | 417.8 | 437.4 | 430.4 | 441.3 | 415.1 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1109.6 | 1233.3 | 1063.8 | 1184.3 | 1218.4 | 1076 | 1097.4 | 1044.4 | 1037.6 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -257.1 | -96.2 | 18.8 | -16.8 | 100.4 | 45.3 | 40.5 | 19.5 | -30 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1811.3 | 1866.9 | 1917.9 | 1877.8 | 1904.3 | 1877.8 | 1904.9 | 1931.6 | 1957.3 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 81.2 | 114.2 | 66.5 | 116.5 | 198.7 | 52.4 | 88.3 | 62.6 | 62.6 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -9.8 | 30.3 | -0.5 | -35.2 | 52.9 | -0.5 | -0.6 | -0.5 | -0.6 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2471.8 | 2656 | 2977.1 | 2882.1 | 2848 | 2836.4 | 2928.7 | 3060.2 | 3083.3 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2343.4 | 3062.1 | 3154.9 | 2869.3 | 1810.1 | 2130 | 2739.8 | 4151.5 | 3598.1 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2231.6 | 2731.6 | 2720.1 | 2693.9 | 2709.6 | 2637.2 | 2674.9 | 2771.7 | 2796.7 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2215.1 | 2483.2 | 2674.3 | 2524.8 | 2553.8 | 2616.5 | 2664.2 | 2688.1 | 2728.3 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 10.7 | 143.6 | 48.7 | 81.9 | 158.9 | 24.4 | 14.5 | 83.7 | 72.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 5.8 | 104.8 | -2.9 | 87.2 | -3.1 | -3.7 | -3.8 | -0.2 | -3.9 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 111.8 | 330.5 | 434.7 | 175.4 | -899.5 | -507.2 | 64.9 | 1379.8 | 801.4 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1334.6 | 1169.4 | 1036.5 | 365.9 | -152 | 299 | 879.1 | 2045 | 923 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 31.3 | 24.4 | 21.8 | 10.8 | 109.5 | -15.4 | 89.2 | 32.2 | -19.1 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 264.8 | -39.5 | -11.9 | -141.6 | 541.3 | 110.5 | -289.8 | 293.2 | -161.4 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.6 | 13.3 | 99.1 | 124.7 | 5.8 | -88.6 | 467.2 | 94.8 | -77.2 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 101 | -73.5 | 176 | -83.1 | 9.2 | 331.2 | 153.7 | 123 | 96 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -10.3 | 1.7 | 0.6 | 0.3 | 15.3 | 8.9 | -2.5 | -1.4 | -2.5 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 37.8 | -18.5 | 71.8 | -143.3 | 28.4 | 12 | 43.2 | 166.7 | 65.4 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 5.4 | -51.5 | 28.5 | -161.6 | -26.8 | 24.6 | -40.8 | 120.1 | 10.3 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 10.7 | 24 | 37.7 | 14.6 | 43.2 | -7.6 | 64.1 | 34.7 | 59.4 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.9 | 6.7 | 6.8 | 3 | 14.3 | -1.2 | 20.4 | 7.9 | 0.3 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 11.2 | -0.2 | 0 | -0.2 | -0.9 | -0 | 0.5 | 0.1 | -0.4 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 7.7 | 2.6 | -1.3 | 0.8 | -1.5 | -3.8 | -1 | 3.8 | -4 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 14.4 | 21.2 | 21.4 | 37 | 80.3 | 40.9 | -73.9 | 40.4 | 78.2 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | 14.4 | 21.2 | 21.4 | 10.8 | 16.3 | 41.9 | 18.8 | 17.1 | 7.8 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0 | -0 | -0 | 26.2 | 64.1 | -1 | -92.7 | 23.3 | 70.4 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -52.7 | -26.6 | 36.8 | -102.5 | 19 | 123.8 | -82.7 | 27.8 | 78.3 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -101.4 | -136.2 | -136.2 | -124.1 | -132.9 | -136.2 | -136.2 | -136.2 | -136.2 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 293.1 | 357.7 | 234.7 | 324.6 | 365.7 | 167.2 | 214.6 | 292.7 | 264.2 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.2 | 0.1 | 0.2 | -0.2 | -0.2 | 1.5 | -0.5 | -0.2 | 0.1 | 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 | 201.5 | -415.9 | -294.2 | -170.3 | 157.9 | 352.5 | 466 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 230.7 | 868.5 | 325 | 883.5 | -895 | -82.2 | 343 | 763.8 | 275.5 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1222.8 | 838.8 | 601.8 | 190.6 | 747.5 | 806.3 | 814.2 | 665.2 | 121.5 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1051.6 | 1110.4 | 922.9 | 430.5 | 855 | 841.7 | 981.9 | 845.4 | 1022.5 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 252.8 | 78.9 | 236.7 | 176.5 | -46.2 | 571.6 | 150 | 103.9 | 121.1 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 6 | 59.3 | 20.2 | 169 | -52.1 | -72 | 21 | 59.3 | 72.6 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 11.5 | 0.7 | -1.4 | -11 | -18.5 | 7.2 | 10.2 | -0.7 | -22.4 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 235.2 | 18.8 | 217.9 | 18.6 | 24.4 | 636.4 | 118.8 | 45.4 | 70.8 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 289 | 623.4 | 49.5 | 340.5 | 336 | 97.2 | 127.6 | 74 | -100.9 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -83.3 | 265.7 | 9.2 | 119.1 | 170 | 71.4 | 30.9 | -35 | -30.7 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 298.1 | 202.3 | -17.8 | 65 | 64.6 | -76.5 | 58 | 50.2 | -103 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 74.3 | 155.4 | 58.2 | 156.4 | 101.3 | 102.3 | 38.7 | 58.8 | 32.9 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -1.1 | 69.5 | 1.8 | 120.4 | 66.2 | -27.2 | 9.1 | -11.2 | 36.5 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 429.8 | 248.3 | 112.3 | -122 | 59.8 | -292.9 | 20.2 | 329 | 392.9 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -25.5 | 27.6 | -6.2 | 2.2 | -2.1 | 77 | -111.8 | 11.9 | -1.7 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 106.7 | 62.7 | 528.8 | -87.1 | 441.2 | 415.9 | 786.9 | 337.8 | 574.6 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -6.5 | -1.9 | -2.9 | -1.4 | -0.7 | -4.7 | -3.6 | -1.3 | -2.1 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 149.6 | 58.7 | 65.9 | 45.3 | 49.6 | 45.3 | 43.2 | 81 | 94.2 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -36.4 | 5.9 | 465.8 | -131 | 392.3 | 375.2 | 747.3 | 258.1 | 482.5 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 171.2 | -271.5 | -321.1 | -239.9 | -107.5 | -35.4 | -167.8 | -180.2 | -900.9 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -214.6 | -536.2 | -611.7 | -533.6 | -314.3 | -481.3 | -430.2 | -453.5 | -1081.9 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 385.8 | 264.7 | 290.6 | 293.7 | 206.8 | 445.8 | 262.5 | 273.2 | 181 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 128.4 | -406.1 | -177.7 | 12.8 | 1037.9 | 706.4 | 188.9 | -1091.3 | -514.9 | 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 | -190.5 | -71.7 | 60.4 | -146.8 | -165.5 | -225.9 | -223.9 | 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: March 7, 2024