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 | 2022 | 2023 | 2024 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nonfinancial corporate business; corporate profits before tax excluding IVA and CCAdj | FA106060005 | 2457.6 | 2589.1 | 2847.4 | 2642.1 | 2754.1 | 2763.2 | 2862.9 | 2888.2 | 2875.2 | 1 |
| Nonfinancial corporate business; taxes on corporate income | FA106231005 | 462.0 | 498.4 | 539.6 | 502.5 | 525.2 | 527.0 | 552.4 | 544.1 | 535.1 | 2 |
| Nonfinancial corporate business; net dividends paid | FA106121075 | 1263.6 | 1341.7 | 1356.7 | 1337.5 | 1434.5 | 1376.8 | 1307.5 | 1366.2 | 1376.3 | 3 |
| Nonfinancial corporate business; inventory valuation adjustment (IVA) | FA105020601 | -141.1 | 29.8 | -11.9 | 11.5 | 40.4 | -17.1 | -3.9 | -0.5 | -26.0 | 4 |
| Nonfinancial corporate business; capital consumption allowance (1) | FA106300015 | 2021.6 | 2077.2 | 2115.9 | 2090.4 | 2117.3 | 2068.4 | 2099.7 | 2131.9 | 2163.8 | 5 |
| Nonfinancial corporate business; foreign earnings retained abroad | FA106006065 | 52.2 | 133.2 | 60.6 | 152.0 | 214.9 | 116.5 | 15.4 | 55.1 | 55.1 | 6 |
| Nonfinancial corporate business; net capital transfers paid (2) | FA105440005 | 30.3 | -0.7 | -6.1 | -0.6 | -1.0 | 22.9 | -1.1 | -15.0 | -31.2 | 7 |
| Nonfinancial corporate business; gross saving including foreign earnings retained abroad less net capital transfers paid | FA106000105 | 2634.5 | 2989.8 | 3121.8 | 3056.5 | 3167.9 | 3004.4 | 3115.4 | 3179.5 | 3187.9 | 8 |
| Nonfinancial corporate business; gross investment | FA105090005 | 2694.0 | 2915.7 | 2750.5 | 3973.3 | 3201.6 | 2139.9 | 2938.1 | 2543.3 | 3380.8 | 9 |
| Nonfinancial corporate business; total capital expenditures | FA105050005 | 2792.8 | 2842.2 | 2981.7 | 2896.0 | 2904.5 | 2908.0 | 3007.8 | 3037.5 | 2973.7 | 10 |
| Nonfinancial corporate business; gross fixed investment (3) | FA105019005 | 2552.7 | 2806.4 | 2942.2 | 2819.4 | 2856.8 | 2889.2 | 2930.8 | 2980.1 | 2968.7 | 11 |
| Nonfinancial corporate business; inventories including IVA | FA105020005 | 133.6 | 36.9 | 40.8 | 75.0 | 49.6 | 20.1 | 77.4 | 58.7 | 6.8 | 12 |
| Nonfinancial corporate business; acquisition of nonproduced nonfinancial assets (net) | FA105420005 | 106.5 | -1.0 | -1.2 | 1.7 | -1.9 | -1.3 | -0.4 | -1.4 | -1.8 | 13 |
| Nonfinancial corporate business; net lending (+) or borrowing (-) (financial account) | FA105000005 | -98.8 | 73.5 | -231.2 | 1077.2 | 297.1 | -768.1 | -69.7 | -494.1 | 407.1 | 14 |
| Nonfinancial corporate business; total financial assets | FA104090005 | 2684.6 | 461.7 | 100.7 | 1668.9 | -267.7 | -893.0 | 115.1 | 150.3 | 1030.3 | 15 |
| Nonfinancial corporate business; checkable deposits and currency; asset | FA103020005 | -54.6 | 16.0 | -132.4 | 431.0 | -161.3 | 111.8 | -386.4 | -302.7 | 47.6 | 16 |
| Nonfinancial corporate business; total time and savings deposits; asset | FA103030003 | 17.3 | 111.4 | -28.2 | 107.2 | -25.6 | -6.7 | -15.0 | -109.4 | 18.3 | 17 |
| Nonfinancial corporate business; private foreign deposits; asset | FA103091003 | 34.7 | 44.2 | -36.0 | 34.7 | 38.8 | -4.5 | -79.8 | -33.1 | -26.7 | 18 |
| Nonfinancial corporate business; money market fund shares; asset | FA103034000 | -73.4 | 156.8 | 141.3 | 101.9 | 69.8 | 89.0 | 85.3 | 167.8 | 223.0 | 19 |
| Nonfinancial corporate business; security repurchase agreements; asset | FA102051003 | 3.4 | -2.7 | 13.9 | -9.4 | -9.2 | 29.3 | -25.2 | 70.0 | -18.3 | 20 |
| Nonfinancial corporate business; debt securities; asset | FA104022005 | -5.4 | -9.2 | 23.2 | 157.1 | -265.3 | 88.9 | -82.0 | 44.4 | 41.5 | 21 |
| Nonfinancial corporate business; commercial paper; asset | FA103069100 | -39.4 | -20.6 | 6.3 | 103.5 | -191.9 | 82.0 | 17.8 | -70.0 | -4.4 | 22 |
| Nonfinancial corporate business; Treasury securities; asset | FA103061103 | 21.2 | 10.5 | 14.0 | 40.0 | -49.9 | 6.0 | -69.1 | 87.0 | 32.2 | 23 |
| Nonfinancial corporate business; agency- and GSE-backed securities; asset | FA103061703 | 5.8 | 3.5 | 4.7 | 9.8 | -13.4 | 0.9 | -23.7 | 30.6 | 10.8 | 24 |
| Nonfinancial corporate business; municipal securities; asset | FA103062003 | 4.3 | 0.0 | 1.2 | 0.1 | -0.6 | 0.8 | 1.4 | 0.8 | 1.8 | 25 |
| Equity real estate investment trusts; corporate and foreign bonds; asset | FA123063003 | 2.7 | -2.6 | -3.0 | 3.7 | -9.6 | -0.8 | -8.4 | -4.1 | 1.3 | 26 |
| Nonfinancial corporate business; loans; asset | FA104023005 | -9.3 | 8.0 | -0.1 | 10.8 | 32.1 | -16.8 | -19.5 | 6.1 | 30.1 | 27 |
| Nonfinancial corporate business; total mortgages; asset | FA103065005 | -9.3 | 8.1 | -0.1 | -0.4 | 5.7 | -2.4 | 7.4 | -2.3 | -2.9 | 28 |
| Nonfinancial corporate business; consumer credit; asset | FA103066005 | -0.0 | -0.0 | -0.0 | 11.2 | 26.4 | -14.4 | -26.9 | 8.4 | 32.9 | 29 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -31.9 | 29.2 | -41.8 | 48.1 | 6.9 | -5.6 | -104.3 | -56.4 | -1.0 | 30 |
| Nonfinancial corporate business; corporate equities; asset | FA103064103 | -136.2 | 75.3 | 75.3 | 73.3 | 81.5 | 75.3 | 75.3 | 75.3 | 75.3 | 31 |
| Nonfinancial corporate business; U.S. direct investment abroad: equity; asset (market value) | FA103092105 | 298.6 | 272.8 | 243.1 | 347.9 | 388.1 | 309.2 | 247.0 | 289.0 | 127.5 | 32 |
| Nonfinancial corporate business; equity in Fannie Mae and Farm Credit System; asset | FA103092405 | 0.1 | 0.2 | 0.2 | -0.2 | 0.1 | 0.3 | 0.2 | -0.1 | 0.2 | 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 | 114.0 | 338.9 | -244.3 | -356.5 | 528.8 | 8.5 | 275.1 | 35 |
| Nonfinancial corporate business; total miscellaneous assets | FA103090005 | 2198.5 | -212.5 | -230.9 | 68.4 | -138.5 | -1165.7 | -68.3 | 31.7 | 278.8 | 36 |
| Nonfinancial corporate business; total liabilities and equity | FA104194005 | 2783.4 | 388.2 | 331.9 | 591.6 | -564.8 | -124.9 | 184.8 | 644.4 | 623.2 | 37 |
| Nonfinancial corporate business; total liabilities | FA104190005 | 3086.5 | 742.2 | 512.3 | 797.9 | 432.2 | 249.4 | 474.6 | 814.3 | 511.0 | 38 |
| Nonfinancial corporate business; debt securities; liability | FA104122005 | 78.6 | 225.6 | 266.6 | 106.4 | 94.4 | 548.7 | 293.3 | 331.1 | -106.8 | 39 |
| Nonfinancial corporate business; commercial paper; liability | FA103169100 | 59.3 | 20.4 | -21.3 | 59.4 | 72.8 | 83.0 | -18.2 | -166.0 | 15.9 | 40 |
| Nonfinancial corporate business; municipal securities; liability (4) | FA103162000 | 0.8 | -1.4 | 13.0 | -0.9 | -22.3 | 26.7 | 28.6 | 21.5 | -24.8 | 41 |
| Nonfinancial corporate business; corporate bonds; liability | FA103163005 | 18.5 | 206.6 | 274.9 | 47.9 | 44.0 | 439.0 | 282.9 | 475.6 | -97.8 | 42 |
| Nonfinancial corporate business; loans; liability | FA104123005 | 462.6 | 22.8 | 170.0 | 42.8 | -90.9 | 149.5 | 366.6 | 121.3 | 42.7 | 43 |
| Nonfinancial corporate business; depository institution loans n.e.c.; liability | FA103168005 | 136.3 | -10.6 | 34.9 | -56.2 | -40.4 | 51.0 | 120.7 | -48.3 | 16.3 | 44 |
| Nonfinancial corporate business; other loans and advances; liability (5) | FA103169005 | 192.5 | -19.7 | 86.4 | 58.2 | -100.4 | 33.8 | 216.8 | 115.3 | -20.3 | 45 |
| Nonfinancial corporate business; total mortgages; liability | FA103165005 | 133.7 | 53.1 | 48.7 | 40.8 | 49.9 | 64.7 | 29.1 | 54.3 | 46.7 | 46 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 54.3 | -18.1 | 54.4 | -39.4 | -37.5 | 1.9 | 121.3 | 49.4 | 45.0 | 47 |
| Nonfinancial corporate business; trade payables; liability | FA103170005 | 400.9 | -45.6 | 54.8 | 327.9 | -198.0 | -200.8 | 221.2 | 58.8 | 140.0 | 48 |
| Nonfinancial corporate business; total taxes payable; liability | FA103178005 | 15.8 | -27.5 | -34.7 | 5.2 | -56.1 | 60.9 | -188.7 | 2.3 | -13.1 | 49 |
| Nonfinancial corporate business; total miscellaneous liabilities | FA103190005 | 2074.4 | 585.0 | 1.2 | 355.0 | 720.3 | -310.8 | -339.1 | 251.3 | 403.2 | 50 |
| Private pension funds; pension fund contributions receivable; asset | FA573074005 | 2.4 | -0.1 | 0.6 | 0.7 | -0.7 | 0.4 | 1.9 | -0.0 | 0.3 | 51 |
| Private defined benefit pension funds; claims of pension fund on sponsor; asset | FA573073005 | 161.6 | 132.8 | 84.4 | 89.8 | 58.3 | 31.7 | 34.8 | 139.7 | 131.4 | 52 |
| Nonfinancial corporate business; unidentified miscellaneous liabilities | FA103193005 | 1910.5 | 452.2 | -83.8 | 264.6 | 662.7 | -342.9 | -375.7 | 111.7 | 271.5 | 53 |
| Nonfinancial corporate business; equity and investment fund shares excluding mutual fund shares and money market fund shares; liability | FA103181105 | -303.1 | -353.9 | -180.4 | -206.3 | -997.1 | -374.3 | -289.8 | -169.9 | 112.2 | 54 |
| Nonfinancial corporate business; corporate equities; liability | FA103164105 | -560.1 | -625.5 | -404.2 | -462.0 | -1209.6 | -582.9 | -524.0 | -353.1 | -156.9 | 55 |
| Nonfinancial corporate business; foreign direct investment in U.S.; liability (market value) | FA103192105 | 257.0 | 271.5 | 223.8 | 255.7 | 212.5 | 208.5 | 234.2 | 183.2 | 269.1 | 56 |
| Nonfinancial corporate business; sector discrepancy | FA107005005 | -59.5 | 74.1 | 371.3 | -916.8 | -33.7 | 864.5 | 177.3 | 636.1 | -192.9 | 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 | 210.5 | -14.4 | -79.5 | -8.5 | -48.5 | 20.2 | -92.2 | -86.9 | -159.1 | 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 13, 2025