Financial Accounts of the United States - Z.1
F.103 Nonfinancial Corporate Business
Billions of dollars; quarterly figures are seasonally adjusted annual rates
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| Description | Series code | 2022 | 2023 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2457.6 | 2589.1 | 2443.9 | 2516.2 | 2642.1 | 2754.1 | 2763.2 | 2862.9 | 2891.7 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 462 | 498.4 | 481.8 | 484.1 | 502.5 | 525.2 | 527 | 552.4 | 542.6 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1263.6 | 1341.7 | 1274.7 | 1320 | 1337.5 | 1434.5 | 1376.8 | 1307.5 | 1360.7 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -141.1 | 29.8 | 42.6 | 24.8 | 11.5 | 40.4 | -17.1 | -3.9 | -0.9 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 2021.6 | 2077.2 | 2037.3 | 2063.6 | 2090.4 | 2117.3 | 2068.4 | 2099.7 | 2131.8 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 52.2 | 133.2 | 57 | 109 | 152 | 214.9 | 116.5 | 15.4 | 58 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 30.3 | -0.7 | -0.5 | -0.7 | -0.6 | -1 | 22.9 | -1.1 | -15 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2634.5 | 2989.8 | 2824.7 | 2910.2 | 3056.5 | 3167.9 | 3004.4 | 3115.4 | 3192.4 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2696.5 | 2945.4 | 1927.2 | 2675.9 | 3969.2 | 3209.1 | 2198.7 | 2881.8 | 2757.4 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2792.8 | 2842.2 | 2761.5 | 2806.7 | 2896 | 2904.5 | 2908 | 3007.8 | 3039.6 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2552.7 | 2806.4 | 2741.9 | 2807.4 | 2819.4 | 2856.8 | 2889.2 | 2930.8 | 2975.8 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 133.6 | 36.9 | 21.5 | 1.3 | 75 | 49.6 | 20.1 | 77.4 | 65.3 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 106.5 | -1 | -1.9 | -2 | 1.7 | -1.9 | -1.3 | -0.4 | -1.5 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | -96.3 | 103.2 | -834.3 | -130.8 | 1073.1 | 304.6 | -709.3 | -126 | -282.2 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2684.6 | 461.8 | 151.2 | 294.6 | 1669.1 | -267.8 | -892.9 | 115.1 | 150 | 15 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | -54.6 | 16 | 115.4 | -321 | 431.1 | -161.4 | 111.8 | -386.4 | -302.7 | 16 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.3 | 111.4 | -83.4 | 447.5 | 107.2 | -25.6 | -6.7 | -15 | -109.4 | 17 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 34.7 | 44.2 | -11.2 | 114.5 | 34.7 | 38.8 | -4.5 | -79.8 | -33.1 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -73.4 | 156.8 | 318.2 | 137.2 | 101.9 | 69.8 | 89 | 85.3 | 167.9 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 3.4 | -2.7 | 8.7 | -1.1 | -9.4 | -9.2 | 29.3 | -25.2 | 70 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -5.4 | -9.2 | 24.6 | 46.8 | 157.1 | -265.3 | 88.9 | -82 | 44.4 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -39.4 | -20.6 | 36 | -30.2 | 103.5 | -191.9 | 82 | 17.8 | -70 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 21.2 | 10.5 | -6.4 | 58.4 | 40 | -49.9 | 6 | -69.1 | 87 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 5.8 | 3.5 | -0.9 | 18.5 | 9.8 | -13.4 | 0.9 | -23.7 | 30.6 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.3 | 0 | -0.1 | 0.6 | 0.1 | -0.6 | 0.8 | 1.4 | 0.8 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 2.7 | -2.6 | -4 | -0.6 | 3.7 | -9.6 | -0.8 | -8.4 | -4.1 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -9.3 | 8 | 14.1 | -24.9 | 10.8 | 32.1 | -16.8 | -19.5 | 6.1 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | -9.3 | 8.1 | 25.5 | 1.4 | -0.4 | 5.7 | -2.4 | 7.4 | -2.3 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0 | -0 | -11.4 | -26.3 | 11.2 | 26.4 | -14.4 | -26.9 | 8.5 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -31.9 | 29.2 | 124.7 | -63 | 48.1 | 6.9 | -5.7 | -66.2 | 36.5 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.2 | 71.9 | 67.1 | 72.7 | 70 | 77.9 | 71.9 | 71.9 | 71.9 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 298.6 | 272.8 | 146.3 | 208.9 | 347.9 | 388.1 | 309.2 | 159.3 | 133.9 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.1 | 0.2 | 1.5 | -0.5 | -0.2 | 0.1 | 0.3 | 0.2 | -0.1 | 33 |
| Nonfinancial corporate business; mutual fund shares; asset | FA103064203 | -19.7 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | -40.9 | 34 |
| Nonfinancial corporate business; trade receivables; asset | FA103070005 | 462.5 | 13.1 | -140.8 | 98.4 | 338.9 | -244.3 | -356.5 | 528.8 | 8.5 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 2198.5 | -209.1 | -393.4 | -380.1 | 71.9 | -134.9 | -1162.2 | -15.4 | 96.8 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 2780.9 | 358.6 | 985.5 | 425.3 | 596 | -572.4 | -183.6 | 241.2 | 432.2 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 3086.5 | 720.1 | 987.5 | 660.2 | 801 | 431.7 | 251.4 | 475.6 | 815.1 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 78.6 | 226 | 552.1 | 150.1 | 106.6 | 95 | 538.2 | 275.5 | 317.4 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 59.3 | 20.4 | -71.8 | 21.2 | 59.4 | 72.8 | 69.2 | -32 | -179.8 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 0.8 | -1.4 | 7.4 | 10.3 | -0.9 | -22.3 | 26.7 | 28.6 | 21.1 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 18.5 | 206.9 | 616.5 | 118.6 | 48.1 | 44.5 | 442.3 | 278.9 | 476 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 468.1 | 5.2 | 77.5 | 34.1 | 25.7 | -116.6 | 128.3 | 341.9 | 128.4 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 136.3 | -10.4 | 46.3 | 9.9 | -51.8 | -46.2 | 49.3 | 119.1 | -25.1 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 192.5 | -19.7 | -68.8 | 32.1 | 58.2 | -100.4 | 33.8 | 216.9 | 120.3 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 139.3 | 35.4 | 100 | -8 | 19.4 | 30 | 45.2 | 6 | 33.2 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 54.3 | -16.2 | -4.6 | 15.8 | -39.4 | -36.5 | 5.5 | 50.3 | 61.5 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 400.9 | -45.6 | -306.9 | -5.2 | 327.9 | -198 | -200.8 | 221.2 | 58.8 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 15.8 | -27.5 | 93.6 | -152.8 | 5.2 | -56.1 | 60.9 | -188.7 | 2.3 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 2068.8 | 578.2 | 575.8 | 618.3 | 375 | 744 | -280.6 | -224.6 | 246.6 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 2.4 | 0.2 | -0.8 | 1.6 | 0.6 | -0.7 | 0.3 | 1.5 | 0.2 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 161.6 | 110.5 | 210.6 | 81.7 | 91.1 | 58.8 | 32.7 | 35.7 | 140.4 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1904.8 | 467.5 | 365.9 | 535 | 283.3 | 685.9 | -313.6 | -261.8 | 106 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -305.6 | -361.5 | -2 | -234.8 | -205 | -1004.1 | -435 | -234.4 | -382.9 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -562.6 | -631.1 | -403.4 | -444.5 | -460.7 | -1215.6 | -640 | -481.1 | -606.6 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 257 | 269.6 | 401.4 | 209.7 | 255.7 | 211.5 | 205 | 246.7 | 223.7 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -62 | 44.5 | 897.5 | 234.2 | -912.6 | -41.2 | 805.7 | 233.6 | 435 | 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 | 210.5 | -14.4 | -6.2 | 5.5 | -8.5 | -48.5 | 20.2 | -92.2 | -94.8 | 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 12, 2024