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 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2234 | 2451.5 | 2492.1 | 2373.9 | 2422.1 | 2531.6 | 2640.8 | 2665.9 | 2705.5 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 298 | 416.9 | 446.7 | 437.4 | 430.4 | 441.3 | 477.8 | 480.1 | 485 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1109.6 | 1233.3 | 1086.5 | 1076 | 1097.4 | 1044.4 | 1128.1 | 1064.7 | 990.5 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -257.1 | -96.2 | 39.6 | 45.3 | 40.5 | 19.5 | 53.3 | -9.1 | -14.8 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 1811.3 | 1866.9 | 1918 | 1877.8 | 1904.9 | 1931.6 | 1957.6 | 1908.5 | 1936.1 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 81.5 | 115.3 | 80.8 | 53 | 89.3 | 63.3 | 117.4 | 19.2 | -81.2 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | -9.8 | 30.3 | -0.6 | -0.5 | -0.6 | -0.5 | -0.8 | 23 | -1 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2472 | 2657.1 | 2997.9 | 2837 | 2929.7 | 3060.9 | 3164 | 3016.6 | 3071 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2254.4 | 2572.7 | 2832 | 1933.1 | 2497.6 | 3878.3 | 3019 | 1890.9 | 2123.1 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2231.6 | 2731.6 | 2719.4 | 2637.2 | 2674.9 | 2771.7 | 2793.7 | 2796.6 | 2890.8 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2215.1 | 2483.2 | 2676.5 | 2616.5 | 2664.2 | 2688.1 | 2737.3 | 2768.5 | 2815.6 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 10.7 | 143.6 | 45.7 | 24.4 | 14.5 | 83.7 | 60 | 31.8 | 78.1 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 5.8 | 104.8 | -2.8 | -3.7 | -3.8 | -0.2 | -3.6 | -3.7 | -3 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | 22.8 | -158.9 | 112.6 | -704.1 | -177.3 | 1106.6 | 225.3 | -905.8 | -767.6 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 1336.7 | 2686.1 | 546.3 | 168.6 | 302.3 | 1932.2 | -217.9 | -918.6 | -574.6 | 15 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 31.3 | 34.7 | 44.7 | -11.2 | 114.5 | 37.5 | 37.8 | -4 | -85 | 16 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | 265.5 | -54.6 | 16 | 115.4 | -321 | 450.2 | -180.4 | 111.8 | -399.4 | 17 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 5.6 | 17.3 | 106.5 | -83.4 | 447.5 | 87.4 | -25.6 | -5 | -10.9 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | 100.3 | -73.4 | 156.8 | 318.2 | 137.2 | 101.9 | 69.8 | 89 | 85.3 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | -10.3 | 3.4 | -1.5 | 8.7 | -1.1 | -1.4 | -12.2 | 29.2 | -27.9 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | 37.8 | -5.4 | -4.3 | 24.6 | 46.8 | 180.8 | -269.3 | 85.3 | -73.7 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | 5.4 | -39.4 | -14.4 | 36 | -30.2 | 133.9 | -197.3 | 83.6 | 17.6 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 10.7 | 21.2 | 9.6 | -6.4 | 58.4 | 35 | -48.7 | 2 | -62.7 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 2.9 | 5.8 | 3.2 | -0.9 | 18.5 | 8.1 | -13 | -0.4 | -21.5 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 11.2 | 4.3 | 0 | -0 | 0.6 | 0.1 | -0.6 | 0.8 | 1.4 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 7.7 | 2.7 | -2.6 | -4 | -0.6 | 3.7 | -9.6 | -0.8 | -8.4 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | 14.4 | -9.3 | 8 | 14.1 | -24.9 | 10.8 | 32.1 | -16.8 | -19.5 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | 14.4 | -9.3 | 8.1 | 25.5 | 1.4 | -0.4 | 5.7 | -2.4 | 7.4 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0 | -0 | -0 | -11.4 | -26.3 | 11.2 | 26.4 | -14.4 | -26.9 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -43.1 | -31.9 | 29.2 | 124.7 | -63 | 48.1 | 6.9 | 10.3 | 20.1 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -101.4 | -136.2 | 71.5 | 66.7 | 72.2 | 69.6 | 77.4 | 71.5 | 71.5 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 256.4 | 298.6 | 272.8 | 146.3 | 208.9 | 347.9 | 388.1 | 290.6 | 336.5 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.2 | 0.1 | 0.2 | 1.5 | -0.5 | -0.2 | 0.1 | 0.3 | 0.2 | 33 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | 17.3 | -19.7 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | 34 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 498.1 | 462.5 | 20.6 | -140.8 | 98.4 | 340.3 | -215.7 | -389.7 | 498.1 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 264.6 | 2200.1 | -133.3 | -375.5 | -371.8 | 300.4 | -86.2 | -1150.1 | -929 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 1313.9 | 2845 | 433.7 | 872.7 | 479.7 | 825.6 | -443.2 | -12.8 | 193 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 1051.6 | 3142.3 | 790.1 | 880.3 | 679.7 | 1030.3 | 569.9 | 393.1 | 513 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 252 | 78.2 | 225.3 | 553.9 | 150.2 | 102.4 | 95 | 541.2 | 278.9 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 6 | 59.3 | 20.4 | -71.8 | 21.2 | 59.4 | 72.8 | 69.2 | -32 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 11.5 | 0.7 | -1.4 | 7.4 | 10.3 | -0.9 | -22.3 | 26.7 | 28.7 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 234.4 | 18.2 | 206.3 | 618.2 | 118.7 | 43.8 | 44.5 | 445.3 | 282.2 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 285.1 | 588.9 | 19.6 | 93.3 | 47.5 | 43.2 | -105.7 | 147.6 | 346 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | -83.5 | 264 | 5.6 | 65.5 | 21.4 | -34.3 | -30.1 | 59.7 | 132.2 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 298.1 | 192.5 | -19.8 | -69 | 32 | 58.2 | -100.3 | 39.2 | 209.3 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 70.6 | 132.4 | 33.7 | 96.8 | -5.9 | 19.3 | 24.6 | 48.7 | 4.5 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | -3.9 | 54.3 | -18.2 | -4.6 | 8.8 | -39.4 | -37.5 | 32 | 13.9 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 429.8 | 400.9 | -30.1 | -306.9 | -5.2 | 343.6 | -151.9 | -219.9 | 212.8 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | -25.5 | 15.8 | -27.6 | 93.6 | -152.8 | 3.5 | -54.5 | 70.1 | -200.2 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 114.2 | 2004.3 | 621 | 451.1 | 631.4 | 577.1 | 824.6 | -177.8 | -138.5 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | -6.5 | 2.4 | 1.2 | -0 | 2.8 | 2.3 | -0.2 | 3 | 2.3 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 149.6 | 217.4 | 100 | 103.5 | 101.3 | 83.6 | 111.4 | 114.9 | 117.4 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | -28.9 | 1784.5 | 519.9 | 347.6 | 527.3 | 491.2 | 713.3 | -295.8 | -258.2 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | 262.3 | -297.3 | -356.4 | -7.6 | -200 | -204.7 | -1013.1 | -405.9 | -320 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -121.8 | -554.3 | -628 | -409.1 | -416.7 | -460.4 | -1225.6 | -638.1 | -496.6 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 384.1 | 257 | 271.6 | 401.4 | 216.6 | 255.8 | 212.5 | 232.2 | 176.7 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | 217.6 | 84.5 | 165.9 | 903.9 | 432.2 | -817.4 | 145 | 1125.7 | 947.9 | 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 | -197.7 | -146.8 | -165.5 | -225.9 | -252.9 | -200.8 | -261.5 | 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: September 12, 2024