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Annual:
F.103 Nonfinancial Corporate Business

   
    1946    
 
 
    2018
Millions of Dollars
Line Name 2018 Preceding
Period 		Year Ago
from Period
1
Profits before tax 		1,156,853 1,265,404 1,265,404
2
- Taxes on corporate income 		155,622 232,488 232,488
3
- Net dividends 		196,755 681,231 681,231
4
+ Inventory valuation adjustment (IVA) 		-51,544 -48,891 -48,891
5
+ Capital consumption allowance 		1,639,909 1,440,152 1,440,152
6
+ Foreign earnings retained abroad 		-293,363 216,041 216,041
7
- Net Capital transfers paid 		-5,898 191,516 191,516
8
= Gross savings less net capital transfers paid 		2,105,377 1,767,471 1,767,471
9
Gross investment 		2,063,042 1,953,297 1,953,297
10
Capital expenditures 		2,051,006 1,887,354 1,887,354
11
Fixed investment 		2,001,023 1,859,069 1,859,069
12
Inventory change + IVA 		51,121 27,885 27,885
13
Nonproduced nonfinancial assets 		-1,138 400 400
14
Net lending (+) or net borrowing (-) 		12,037 65,943 65,943
15
Net acquisition of financial assets 		343,886 547,713 547,713
16
Foreign deposits 		-127,429 118,963 118,963
17
Checkable deposits and currency 		-79,574 -5,551 -5,551
18
Time and savings deposits 		-7,331 -7,726 -7,726
19
Money market fund shares 		-9,343 11,624 11,624
20
Security repurchase agreements 		-17,858 -50,729 -50,729
21
Debt securities 		5,667 28,840 28,840
22
Commercial paper 		32,182 -8,803 -8,803
23
Treasury securities 		-19,552 30,136 30,136
24
Agency- and GSE-backed securities 		-6,775 9,988 9,988
25
Municipal securities 		-188 -2,481 -2,481
26
Loans 		1,313 1,305 1,305
27
Mortgages 		1,312 2,393 2,393
28
Consumer credit 		1 -1,088 -1,088
29
Corporate equities 		-47,993 -90,057 -90,057
30
Mutual fund shares 		-9,840 7,568 7,568
31
Trade receivables 		142,730 162,488 162,488
32
U.S. direct investment abroad 		-68,853 282,263 282,263
33
Miscellaneous assets 		406,356 75,345 75,345
34
Net increase in liabilities 		858,285 802,615 802,615
35
Debt securities 		121,821 317,756 317,756
36
Commercial paper 		-10,203 25,887 25,887
37
Municipal securities 		-4,306 13,860 13,860
38
Corporate bonds 		136,330 278,009 278,009
39
Loans 		140,065 227,167 227,167
40
Depository institution loans n.e.c. 		75,283 35,778 35,778
41
Other loans and advances 		4,243 147,657 147,657
42
Mortgages 		60,539 43,732 43,732
43
Corporate equities 		-526,436 -320,845 -320,845
44
Trade payables 		135,925 81,344 81,344
45
Taxes payable 		-13,908 211,113 211,113
46
Foreign direct investment in U.S. 		231,623 248,860 248,860
47
Miscellaneous liabilities 		242,759 -283,625 -283,625
48
Pension fund contributions payable 		12,219 19,166 19,166
49
Claims of pension fund on sponsor 		-77,026 -79,225 -79,225
50
Other 		307,567 -223,567 -223,567
51
Discrepancy 		42,334 -185,826 -185,826
Memo:
52
Financing gap 		-347,734 335,924 335,924
   

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