�F.102 Nonfarm Nonfinancial Corporate Business������������
�Billions of dollars; quarterly figures are seasonally adjusted annual rates������������
�stock price direction� DOWN DOWN DOWN UP UP UP DOWN UP UP UP DOWN
�bond price direction UP UP UP UP DOWN DOWN UP DOWN DOWN DOWN DOWN
2001 2002 2003 2004 2005 2005 2006
Q1 Q2 Q3 Q4 Q1 Q2
1 Profits before tax (book) 309.9 336.4 424.3 622.5 931.3 874.2 930.1 933.5 987.3 1049.4 1095.3 1
2 - Taxes on corporate income 111.4 96.6 135.1 184.8 250.9 237.9 244.4 255.3 265.9 280.3 292.6 2
3 - Net dividends 243.5 252.7 290.6 364.7 226.2 362.4 300.7 124.0 117.7 375.3 383.9 3
4 + Capital consumption allowance (1) 677.5 733.9 733.4 750.2 598.8 581.7 582.2 642.2 589.2 601.9 603.0 4
5 = U.S. internal funds, book 632.5 720.9 732.0 823.2 1053.0 855.6 967.3 1196.4 1192.9 995.7 1021.7 5
6 + Foreign earnings retained abroad 111.2 92.6 112.7 108.0 -34.3 82.3 23.8 -101.7 -141.7 115.7 120.7 6
7 + Inventory valuation adjustment (IVA) 11.3 -2.2 -13.6 -39.8 -32.6 -39.2 -21.0 -30.9 -39.2 -22.9 -56.8 7
8 + Net capital transfers (2) 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 8
9 = Total internal funds + IVA 755.0 811.3 831.3 891.5 986.2 898.8 970.1 1063.9 1012.0 1088.5 1085.5 9
10 Gross investment 885.0 782.4 819.1 1000.8 954.3 863.3 885.3 1043.6 1025.1 1125.8 1119.4 10  
11 Capital expenditures 802.6 737.1 749.9 822.4 881.8 887.0 849.7 857.2 933.5 970.1 1008.0 11  
12 Fixed investment (3) 841.2 734.4 747.5 786.9 872.8 843.0 861.4 882.1 904.6 942.0 959.0 12
13 Inventory change + IVA -30.1 13.6 13.2 46.5 19.9 55.6 -0.8 -15.8 40.7 39.7 59.7 13
14 Nonproduced nonfinancial assets -8.6 -10.9 -10.8 -11.0 -10.9 -11.5 -10.9 -9.2 -11.8 -11.6 -10.7 14
15 Net financial investment 82.4 45.2 69.2 178.4 72.5 -23.8 35.6 186.4 91.6 155.6 111.4 15  
16 Net acquisition of financial assets 177.6 130.1 82.6 785.2 394.7 408.6 417.1 410.9 342.1 399.3 424.3 16  
17 Foreign deposits -8.5 5.1 17.6 15.6 20.1 6.4 -7.1 16.3 64.8 -37.5 46.8 17
18 Checkable deposits and currency -64.5 -34.9 51.7 -34.2 -44.7 -71.3 -48.5 -27.7 -31.2 -55.2 -171.9 18
19 Time and savings deposits 8.8 10.2 71.5 57.7 45.6 62.7 -64.6 43.7 140.5 11.1 -68.9 19
20 Money market fund shares 110.5 27.8 -38.5 27.7 35.8 -10.2 23.4 50.3 79.8 13.2 69.4 20
21 Security RPs -0.2 2.2 -0.2 0.4 8.5 -0.9 9.1 12.4 13.3 -17.1 5.9 21
22 Commercial paper 2.4 4.6 10.9 19.3 11.7 -0.4 0.5 22.6 24.2 28.0 30.1 22
23 Treasury securities -1.3 14.5 1.4 0.2 3.9 -0.9 9.9 -10.8 17.5 -7.9 1.6 23
24 Agency- and GSE-backed securities 2.1 -0.7 -4.8 0.1 1.4 -0.3 3.6 -4.0 6.5 -2.9 0.6 24
25 Municipal securities -2.6 2.8 3.3 -0.4 -2.4 2.3 -12.2 2.7 -2.4 7.9 -1.0 25
26 Mortgages 3.1 2.9 2.2 16.1 16.1 16.1 16.1 16.1 16.1 16.1 16.1 26
27 Consumer credit -8.1 1.8 -14.1 1.3 -2.5 10.5 16.6 -26.0 -11.1 13.6 12.0 27
28 Trade receivables -121.7 -98.5 -19.4 124.1 157.3 86.0 113.3 223.6 206.4 -33.3 162.8 28
29 Mutual fund shares 4.4 0.5 11.3 2.0 7.4 7.4 7.4 7.4 7.4 7.4 7.4 29
30 Miscellaneous assets 253.2 191.7 -10.3 555.1 136.3 301.2 349.6 84.2 -189.8 455.8 313.5 30  
31 U.S. direct investment abroad (4) 119.4 129.7 122.9 219.8 -8.5 76.2 137.1 -147.7 -99.4 209.7 155.6 31
32 Insurance receivables 10.3 17.4 18.4 18.9 20.7 11.2 14.9 42.8 13.8 4.6 14.4 32
33 Equity in GSEs 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33
34 Investment in finance co. subs. 15.1 24.7 13.7 41.3 -52.7 -6.3 13.7 22.3 -240.6 11.8 13.9 34
35 Other 108.3 19.8 -165.4 275.0 176.8 220.2 183.9 166.8 136.5 229.6 129.5 35
36 Net increase in liabilities 95.2 84.9 13.4 606.8 322.2 432.4 381.4 224.4 250.5 243.7 312.9 36  
37 Net funds raised in markets 167.0 -26.1 39.8 48.6 -88.4 20.5 -52.1 -160.7 -161.3 -91.1 -190.8 37  
38 Net new equity issues -48.1 -41.6 -42.0 -126.6 -363.6 -264.3 -300.1 -469.9 -420.0 -558.0 -554.8 38
39 Credit market instruments 215.1 15.5 81.8 175.2 275.2 284.8 248.0 309.2 258.7 466.9 364.0 39  
40 Commercial paper -83.0 -57.9 -35.1 16.8 -7.9 49.8 5.8 2.8 -89.9 42.1 40.1 40
41 Municipal securities (5) 3.5 3.1 3.5 5.1 7.4 6.3 6.7 6.5 9.9 3.9 7.6 41
42 Corporate bonds (4) 347.7 132.3 158.3 77.7 59.9 34.3 30.1 99.6 75.5 213.5 207.3 42
43 Bank loans n.e.c. -109.6 -108.2 -85.9 14.6 62.2 56.9 91.0 42.3 58.5 110.4 48.7 43
44 Other loans and advances 3.8 12.0 1.5 17.2 71.4 80.3 62.6 40.1 102.6 17.4 -2.9 44  
45 Savings institutions 1.8 1.7 5.0 0.7 1.9 -2.4 8.7 -2.6 4.1 1.9 6.9 45
46 Finance companies -14.4 3.4 -2.1 8.8 24.9 -17.4 22.8 29.0 65.1 9.9 -18.6 46
47 U.S. government -0.2 -0.3 0.7 0.5 0.8 0.4 1.0 0.9 0.8 0.9 0.8 47
48 Acceptance liabilities to banks -0.3 0.3 -0.2 -0.4 0.0 0.0 0.0 1.3 -1.2 0.2 0.2 48
49 Rest of the world -1.6 10.1 -0.8 6.3 60.6 92.8 59.2 30.3 60.0 1.7 1.3 49
50 ABS issuers 18.5 -3.3 -1.1 1.4 -16.8 6.9 -29.1 -18.7 -26.3 2.8 6.4 50
51 Mortgages 52.7 34.4 39.5 43.8 82.2 57.2 51.8 117.9 102.2 79.5 63.2 51
52 Trade payables -103.7 19.7 -54.7 101.6 148.2 149.3 166.2 186.7 90.7 79.5 167.0 52
53 Taxes payable 3.1 11.9 -11.7 6.8 5.1 16.5 -9.8 -11.0 24.8 5.4 -25.5 53
54 Miscellaneous liabilities 28.9 79.3 40.0 449.8 257.3 246.2 277.2 209.5 296.3 249.9 362.2 54  
55 Foreign direct investment in U.S. 84.5 27.5 23.9 28.6 42.9 44.3 34.7 44.3 48.2 110.3 91.2 55
56 Pension fund contributions payable -24.6 1.5 -0.2 -3.1 -1.9 -4.6 -6.4 9.3 -5.9 -2.0 -2.0 56
57 Other -31.0 50.3 16.3 424.3 216.3 206.5 248.9 155.9 253.9 141.7 272.9 57
58 Discrepancy -130.0 28.9 12.2 -109.3 31.8 35.5 84.7 20.3 -13.1 -37.2 -33.9 58
Memo:
59 Financing gap (6) 158.7 18.4 31.5 38.9 -138.6 70.6 -96.6 -308.4 -220.2 -2.7 43.2 59
�(1) Consumption of fixed capital plus capital consumption adjustment.
(2) Table F.9, line 7.
�(3) Nonresidential fixed investment plus residential fixed investment, shown in table F.6, lines 10 and 16 respectively.������������������������������
�(4)�� Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.����������������������������
�(5)�� 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.����������������������������
�(6) Capital expenditures (line 11) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7).������������������������������