Z.1, September 20, 2012 113

B.100 Balance Sheet of Households and Nonprofit Organizations (1)

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 78927.7 80320.1 67567.8 69391.8 72967.0 74656.7 74704.4 71998.0 73595.1 76431.6 76126.9 1

 2 Nonfinancial assets 29567.7 28237.5 24800.5 23767.6 23448.3 23317.3 23292.1 23338.3 23319.7 23763.5 24201.2 2

 3 Real estate 25030.8 23507.2 19950.1 18891.3 18559.3 18387.7 18299.9 18308.7 18270.0 18663.3 19056.5 3

 4 Households (2,3) 22717.9 20843.7 17557.6 17153.9 16591.1 16353.0 16275.3 16269.7 16134.1 16509.2 16864.4 4

 5 Nonprofit organizations 2312.9 2663.5 2392.6 1737.4 1968.3 2034.8 2024.6 2039.0 2135.9 2154.0 2192.0 5

 Equipment and software owned by

 6 nonprofit organizations (4) 243.2 262.0 283.6 294.8 304.9 307.5 310.6 314.0 317.5 322.0 325.7 6

 7 Consumer durable goods (4) 4293.6 4468.3 4566.8 4581.6 4584.1 4622.1 4681.6 4715.6 4732.2 4778.2 4819.0 7

 8 Financial assets 49360.0 52082.6 42767.3 45624.1 49518.7 51339.5 51412.3 48659.7 50275.4 52668.1 51925.6 8

 9 Deposits 6847.9 7502.0 8107.1 7969.1 7926.7 7992.5 8169.1 8350.0 8574.4 8625.4 8658.6 9

10 Foreign deposits 65.2 80.5 56.9 50.5 52.1 55.1 55.1 55.2 50.1 48.3 47.7 10

11 Checkable deposits and currency 245.8 160.2 349.6 373.6 336.7 335.9 403.6 499.5 629.0 614.9 625.6 11

12 Time and savings deposits 5422.4 5914.6 6118.8 6231.9 6399.5 6494.2 6615.1 6682.2 6778.7 6887.6 6935.1 12

13 Money market fund shares 1114.5 1346.7 1581.8 1313.1 1138.4 1107.2 1095.2 1113.1 1116.6 1074.6 1050.2 13

14 Credit market instruments 4361.2 4956.5 4858.9 5117.4 5477.5 5405.2 5135.4 5115.8 4823.7 4755.4 4788.4 14

15 Open market paper 117.5 107.3 6.0 34.6 63.4 67.9 64.9 60.3 58.2 51.7 47.1 15

16 Treasury securities 355.1 202.0 180.6 728.2 1040.9 880.9 658.6 731.8 580.3 735.1 878.2 16

17 Savings bonds 202.4 196.4 194.0 191.2 187.9 186.8 186.0 185.1 185.2 184.7 184.3 17

18 Other Treasury 152.7 5.6 -13.4 537.0 853.0 694.1 472.6 546.7 395.1 550.4 693.9 18

19 Agency- and GSE-backed securities 425.5 680.0 716.3 122.5 122.7 196.4 163.2 125.8 77.5 8.4 6.5 19

20 Municipal securities 1678.6 1721.5 1762.5 1890.9 1948.3 1961.0 1935.8 1915.5 1887.0 1840.3 1810.0 20

21 Corporate and foreign bonds 1653.5 2118.4 2052.8 2213.1 2185.8 2186.2 2202.6 2174.1 2118.1 2017.9 1948.9 21

22 Other loans and advances (5) 9.1 17.6 29.7 26.8 26.2 25.2 25.7 25.5 23.4 26.5 26.1 22

23 Mortgages 122.1 109.8 111.1 101.4 90.1 87.7 84.6 82.8 79.5 75.5 71.5 23

24 Corporate equities (2) 9645.0 9631.6 5759.5 7419.7 8736.7 9592.3 9645.2 8142.0 8720.8 9691.5 9216.3 24

25 Mutual fund shares (6) 4194.1 4605.3 3340.0 4157.3 4606.6 4958.2 5014.6 4401.3 4645.8 5189.3 5065.7 25

26 Security credit 655.7 866.4 742.7 668.6 694.3 703.3 757.7 804.9 752.3 762.3 777.7 26

27 Life insurance reserves 1055.2 1076.8 1049.8 1109.2 1137.2 1160.3 1174.1 1174.5 1203.6 1214.0 1201.1 27

28 Pension fund reserves 12750.6 13390.7 10409.6 11915.0 13090.9 13511.3 13434.8 12453.9 13152.4 13954.6 13656.2 28

29 Equity in noncorporate business (7) 9204.3 9341.1 7733.4 6480.6 7018.5 7184.1 7247.3 7365.0 7525.3 7603.9 7691.9 29

30 Miscellaneous assets 646.1 712.2 766.3 787.1 830.5 832.3 834.1 852.3 877.2 871.7 869.8 30

31 Liabilities 13354.5 14263.0 14111.3 13888.3 13714.5 13641.0 13556.7 13474.9 13484.7 13441.2 13458.5 31

32 Credit market instruments 12839.7 13699.1 13682.7 13410.5 13137.5 13020.9 12935.6 12912.6 12933.7 12857.5 12895.5 32

33 Home mortgages (8) 9879.2 10566.9 10514.7 10369.2 9950.9 9884.7 9826.5 9773.7 9721.6 9640.0 9589.1 33

34 Consumer credit 2385.0 2528.8 2548.9 2438.8 2545.3 2512.3 2534.2 2578.6 2631.7 2619.0 2661.1 34

35 Municipal securities (9) 230.1 250.7 258.7 264.6 262.3 261.9 260.7 256.1 254.4 252.3 247.6 35

36 Depository institution loans n.e.c. 30.9 21.8 26.4 10.2 61.0 45.3 -1.0 -9.8 12.4 34.8 88.5 36

37 Other loans and advances 123.8 127.0 133.2 133.7 136.1 136.4 136.9 137.8 138.1 137.8 137.6 37

38 Commercial mortgages (9) 190.7 204.0 200.9 194.0 181.9 180.3 178.3 176.2 175.5 173.7 171.6 38

39 Security credit 292.1 325.5 164.8 203.0 278.2 315.7 312.8 251.9 238.5 267.7 244.5 39

40 Trade payables (9) 199.9 214.5 236.7 252.7 274.1 279.1 282.6 286.0 288.2 289.8 290.5 40

 Deferred and unpaid

41 life insurance premiums 22.8 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 41

42 Net worth 65573.2 66057.1 53456.5 55503.4 59252.5 61015.8 61147.6 58523.0 60110.4 62990.3 62668.4 42

 Memo:

 Replacement-cost value of structures:

43 Residential 14440.6 14660.2 14410.4 14132.3 14215.5 14205.7 14275.3 14329.6 14363.4 14317.7 14368.3 43

44 Households 14229.3 14445.1 14195.4 13918.5 14002.9 13994.3 14063.9 14118.3 14152.6 14108.6 14159.4 44

45 Nonprofit organizations 211.3 215.1 215.0 213.8 212.6 211.4 211.5 211.3 210.8 209.2 208.9 45

46 Nonresidential (nonprofits) 1318.9 1404.7 1489.5 1439.0 1450.8 1461.2 1477.9 1491.9 1502.3 1506.4 1512.6 46

47 Disposable personal income (SAAR) 9915.7 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 661.3 633.7 484.9 517.6 532.5 531.3 529.8 505.7 518.3 534.9 527.2 48

 Owners’ equity in household real

49 estate (10) 12838.7 10276.9 7042.9 6784.7 6640.2 6468.3 6448.8 6496.0 6412.6 6869.3 7275.3 49

 Owners’ equity as percentage of

50 household real estate (11) 56.5 49.3 40.1 39.6 40.0 39.6 39.6 39.9 39.7 41.6 43.1 50

(1) Sector includes domestic hedge funds, private equity funds, and personal trusts.

(2) At market value.

(3) All types of owner-occupied housing including farm houses and mobile homes, as well as second homes that are not rented, vacant homes for sale, and vacant land.

(4) At replacement (current) cost.

(5) Syndicated loans to nonfinancial corporate business by nonprofits and domestic hedge funds.

(6) Value based on the market values of equities held and the book value of other assets held by mutual funds.

(7) Net worth of nonfinancial noncorporate business (table B.103, line 32) and owners’ equity in unincorporated security brokers and dealers.

(8) Includes loans made under home equity lines of credit and home equity loans secured by junior liens, shown on table L.218, line 23.

(9) Liabilities of nonprofit organizations.

(10) Line 4 less line 33.

(11) Line 49 divided by line 4.
114 Z.1, September 20, 2012

B.102 Balance Sheet of Nonfinancial Corporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 With nonfinancial assets stated at either market value or replacement cost:

 1 Assets 27381.9 30517.3 28861.4 26187.8 28267.3 28811.7 29028.9 29307.8 30143.0 30567.0 30974.2 1

 2 Nonfinancial assets 14714.4 16755.2 15923.8 12847.6 14091.3 14521.9 14533.9 14614.7 15117.7 15290.4 15500.0 2

 3 Real estate (1) 9166.8 10910.1 9946.3 7053.2 8081.8 8405.4 8352.0 8388.2 8837.0 8930.9 9115.9 3

 4 Equipment and software (2) 3851.0 4012.2 4190.8 4124.6 4182.1 4211.1 4245.8 4279.4 4313.6 4358.7 4391.3 4

 5 Inventories (2) 1696.5 1832.9 1786.6 1669.8 1827.4 1905.5 1936.1 1947.2 1967.1 2000.8 1992.9 5

 6 Financial assets 12667.6 13762.1 12937.7 13340.1 14176.0 14289.7 14495.0 14693.1 15025.3 15276.7 15474.2 6

 7 Foreign deposits 49.3 50.3 24.7 31.5 41.1 48.2 41.4 37.7 34.0 21.4 21.0 7

 8 Checkable deposits and currency 150.8 143.2 30.6 170.5 326.3 362.3 357.4 399.1 395.2 399.2 400.4 8

 9 Time and savings deposits 497.0 441.3 381.9 488.8 511.4 514.0 550.8 541.0 536.7 546.9 551.3 9

10 Money market fund shares 421.3 548.5 710.6 641.7 484.8 469.8 458.0 440.7 452.0 433.8 421.6 10

11 Security RPs 15.5 8.1 7.2 7.9 12.1 12.7 12.9 12.0 12.8 13.8 14.2 11

12 Commercial paper 122.7 69.5 57.3 56.0 67.8 70.6 70.2 57.8 59.2 63.9 58.8 12

13 Treasury securities 45.5 38.3 30.5 43.0 47.8 42.3 41.3 44.3 47.6 52.8 56.3 13

14 Agency- and GSE-backed securities 15.2 12.8 10.2 14.3 15.9 14.1 17.1 14.8 15.9 17.6 16.3 14

15 Municipal securities 28.1 29.2 26.2 27.1 24.1 19.6 19.3 20.0 19.6 22.4 21.0 15

16 Mortgages 59.8 41.4 33.6 29.5 28.0 27.7 27.3 26.9 26.5 26.2 25.8 16

17 Consumer credit 57.0 59.3 56.3 51.7 53.1 51.5 52.0 52.6 53.5 51.9 52.1 17

18 Trade receivables 2090.5 2252.4 2084.6 2056.0 2187.4 2280.9 2383.5 2420.9 2373.3 2492.0 2572.0 18

19 Mutual fund shares (1) 173.1 178.0 106.2 161.9 186.6 190.2 186.6 162.9 167.5 177.3 166.6 19

20 Miscellaneous assets 8941.7 9890.0 9377.9 9560.4 10189.5 10186.0 10277.2 10462.5 10831.5 10957.6 11096.7 20

21 Liabilities 11821.5 12916.0 13225.0 12898.5 13364.8 13375.3 13446.2 13600.4 13747.2 13852.0 13971.8 21

22 Credit market instruments 6263.6 7108.7 7453.5 7240.4 7478.1 7603.3 7753.8 7887.0 8018.1 8114.6 8228.2 22

23 Commercial paper 112.5 123.8 131.5 58.4 82.9 110.5 106.9 124.7 116.3 127.6 132.1 23

24 Municipal securities (3) 272.4 341.5 409.7 447.5 482.3 485.4 491.4 490.3 497.4 496.3 506.0 24

25 Corporate bonds (4) 3364.4 3675.5 3881.0 4268.6 4691.4 4792.4 4907.8 4988.3 5076.0 5193.5 5286.0 25

26 Depository institution loans n.e.c. 613.0 715.9 780.0 560.3 545.2 548.8 557.9 583.8 618.4 611.9 636.6 26

27 Other loans and advances 1028.5 1316.5 1364.9 1139.1 977.9 975.2 1010.6 1030.8 1045.7 1027.6 1021.6 27

28 Mortgages 872.7 935.5 886.3 766.5 698.5 690.9 679.2 669.1 664.4 657.7 646.0 28

29 Trade payables 1812.9 1897.9 1672.8 1587.5 1750.6 1771.5 1830.3 1870.1 1928.6 1991.2 2027.7 29

30 Taxes payable 85.4 35.8 39.0 35.7 42.9 60.7 50.6 56.7 47.8 59.1 55.9 30

31 Miscellaneous liabilities 3659.6 3873.5 4059.8 4034.8 4093.2 3939.8 3811.4 3786.6 3752.6 3687.2 3660.0 31

32 Net worth (market value) 15560.4 17601.4 15636.4 13289.3 14902.5 15436.3 15582.7 15707.4 16395.8 16715.0 17002.4 32

 Memo:

 Replacement-cost value of structures:

33 Residential 164.8 170.8 172.7 173.7 173.3 172.2 172.0 171.6 171.0 169.5 169.1 33

34 Nonresidential 6249.6 6644.8 7203.6 6894.2 7147.1 7225.3 7336.1 7435.4 7516.7 7566.5 7627.3 34

35 Market value of equities outstanding 14602.3 15730.7 10016.6 12494.7 14422.8 15459.5 15379.5 13061.8 14516.7 16117.9 15574.9 35

36 Debt/net worth (percent) (5) 40.3 40.4 47.7 54.5 50.2 49.3 49.8 50.2 48.9 48.5 48.4 36

37 Debt/equities (percent) (6) 42.9 45.2 74.4 57.9 51.8 49.2 50.4 60.4 55.2 50.3 52.8 37

38 Equities/net worth (percent) (7) 93.8 89.4 64.1 94.0 96.8 100.2 98.7 83.2 88.5 96.4 91.6 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 21311.5 22897.4 22451.5 22884.2 24049.7 24332.1 24648.1 24953.8 25380.4 25794.4 26077.5 39

40 Nonfinancial assets 8643.9 9135.4 9513.9 9544.1 9873.7 10042.4 10153.1 10260.7 10355.0 10517.7 10603.3 40

41 Real estate 3555.5 3841.6 4145.8 4336.5 4526.7 4588.5 4633.8 4675.1 4739.6 4793.7 4844.8 41

42 Equipment and software 3474.3 3630.1 3738.5 3714.8 3755.5 3775.7 3797.9 3826.1 3857.1 3889.4 3922.2 42

43 Inventories 1614.2 1663.6 1629.5 1492.7 1591.4 1678.1 1721.4 1759.5 1758.3 1834.6 1836.3 43

44 Net worth (historical cost) (9) 9490.0 9981.5 9226.6 9985.8 10684.8 10956.8 11202.0 11353.4 11633.2 11942.3 12105.7 44

 Memo:

 Historical-cost value of structures:

45 Residential 68.7 73.1 76.6 78.8 80.4 80.8 81.1 81.5 81.9 82.4 82.8 45

46 Nonresidential 3082.0 3330.7 3624.8 3811.3 3951.8 3984.5 4023.3 4066.4 4112.5 4161.1 4210.7 46

47 Debt/net worth (percent) (10) 66.0 71.2 80.8 72.5 70.0 69.4 69.2 69.5 68.9 67.9 68.0 47

 (1) At market value.

 (2) At replacement (current) cost.

 (3) 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.

 (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues.

 (5) Line 22 divided by line 32.

 (6) Line 22 divided by line 35.

 (7) Line 35 divided by line 32.

 (8) Sum of lines 6 and 40.

 (9) Line 39 less line 21.

 (10) Line 22 divided by line 44.
Z.1, September 20, 2012 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

Billions of dollars; amounts outstanding end of period, not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Assets 13958.1 14678.4 13518.5 12163.8 12517.7 12669.7 12729.1 12851.5 13031.6 13119.7 13208.7 1

 2 Nonfinancial assets 10841.7 11082.5 9825.4 8571.5 9059.9 9220.5 9285.9 9410.3 9581.6 9664.1 9753.4 2

 3 Real estate (1) 9984.0 10170.5 8885.9 7657.0 8104.3 8228.3 8281.0 8398.9 8568.4 8662.7 8774.7 3

 4 Residential 6238.7 5870.0 4930.2 4531.3 4651.8 4678.8 4722.6 4803.2 4833.6 4892.1 4933.2 4

 5 Nonresidential 3745.3 4300.5 3955.7 3125.6 3452.5 3549.5 3558.3 3595.7 3734.8 3770.6 3841.5 5

 6 Equipment and software (2) 637.1 667.4 701.7 694.6 702.2 717.1 729.9 732.9 730.8 716.0 695.9 6

 7 Residential (3) 46.2 47.4 48.7 46.1 44.3 44.2 44.7 45.6 46.1 47.3 47.5 7

 8 Nonresidential 591.0 619.9 653.0 648.6 657.9 672.9 685.2 687.3 684.7 668.7 648.4 8

 9 Inventories (2) 220.6 244.6 237.7 219.9 253.4 275.1 275.1 278.5 282.4 285.4 282.8 9

10 Financial assets 3116.5 3595.9 3693.2 3592.3 3457.8 3449.2 3443.2 3441.2 3450.0 3455.7 3455.3 10

11 Checkable deposits and currency 448.8 515.6 519.4 539.8 520.0 519.0 518.3 518.2 519.8 520.8 521.0 11

12 Time and savings deposits 344.4 359.3 358.1 353.3 339.9 338.9 338.2 337.9 338.6 339.1 338.9 12

13 Money market fund shares 72.2 74.3 75.4 73.7 70.9 70.7 70.6 70.5 70.7 70.7 70.7 13

14 Credit market instruments 96.7 106.7 95.8 89.1 85.7 85.5 85.3 85.2 85.4 85.5 85.5 14

15 Treasury securities 56.3 59.3 51.8 46.1 44.4 44.3 44.2 44.1 44.2 44.3 44.3 15

16 Municipal securities 5.8 5.3 4.9 5.1 4.9 4.9 4.9 4.9 4.9 4.9 4.9 16

17 Mortgages 34.6 42.1 39.1 37.9 36.5 36.4 36.3 36.2 36.3 36.4 36.4 17

18 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 18

19 Trade receivables 470.9 525.6 522.7 496.3 477.4 476.1 475.1 474.6 475.7 476.3 476.1 19

20 Miscellaneous assets 1683.5 2014.3 2121.8 2040.0 1963.8 1959.1 1955.8 1954.8 1959.8 1963.1 1963.0 20

21 Insurance receivables 103.6 107.3 111.5 112.4 112.6 113.0 115.2 116.9 119.0 118.8 119.9 21

22 Equity investment in GSEs (4) 4.3 5.0 6.4 6.3 6.7 6.7 6.8 7.0 7.0 7.1 7.0 22

23 Other 1575.6 1902.0 2003.9 1921.3 1844.6 1839.4 1833.8 1830.9 1833.8 1837.3 1836.1 23

24 Liabilities 4763.6 5349.0 5794.6 5695.3 5513.0 5501.0 5496.9 5500.1 5519.4 5533.9 5535.0 24

25 Credit market instruments 3313.0 3774.6 4093.4 3959.0 3765.3 3749.5 3738.2 3733.0 3751.0 3757.7 3762.0 25

26 Depository institution loans n.e.c. 785.7 926.5 1046.1 929.8 859.4 863.3 878.6 894.7 911.7 939.0 959.7 26

27 Other loans and advances 151.4 165.1 177.4 172.0 174.1 175.7 172.4 170.0 174.7 176.2 177.9 27

28 Mortgages 2375.9 2683.0 2869.9 2857.2 2731.8 2710.6 2687.1 2668.3 2664.6 2642.4 2624.3 28

29 Trade payables 348.9 374.9 380.7 388.3 369.3 367.5 368.3 369.9 367.9 366.1 363.5 29

30 Taxes payable 95.7 99.5 106.2 99.9 95.1 94.7 94.5 94.4 94.6 94.8 94.8 30

31 Miscellaneous liabilities 1006.1 1100.0 1214.3 1248.1 1283.3 1289.2 1295.9 1302.9 1305.8 1315.4 1314.8 31

32 Net worth (5) 9194.5 9329.5 7723.9 6468.5 7004.7 7168.7 7232.2 7351.4 7512.3 7585.8 7673.7 32

 Memo:

 Replacement-cost value of structures:

33 Residential 3025.2 3072.5 3047.3 3017.4 3004.3 2987.9 2987.8 2984.0 2975.5 2949.9 2943.8 33

34 Nonresidential 1515.0 1594.6 1691.6 1599.8 1612.0 1632.0 1651.6 1663.1 1666.8 1659.1 1652.2 34

35 Debt/net worth (percent) (6) 36.0 40.5 53.0 61.2 53.8 52.3 51.7 50.8 49.9 49.5 49.0 35

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Line 1 less line 24. Included in table B.100, line 29.

(6) Line 25 divided by line 32.
116 Z.1, September 20, 2012

R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 4409.6 483.9 -12600.6 2047.0 3749.1 1763.3 131.9 -2624.6 1587.3 2880.0 -322.0 1

 2 Net investment 280.9 730.4 866.6 575.1 927.4 284.6 50.7 491.5 374.2 270.3 223.8 2

 3 Net physical investment 733.1 595.6 358.1 174.5 187.9 -13.2 43.8 84.6 105.7 -1.7 60.6 3

 4 Capital expenditures 1843.1 1757.4 1559.3 1384.6 1398.5 292.5 352.0 396.4 419.8 308.0 373.0 4

 5 - Consumption of fixed capital 1110.0 1161.8 1201.2 1210.1 1210.7 305.7 308.3 311.8 314.1 309.6 312.4 5

 6 Net lending (+) or net borrowing (-) -452.2 134.8 508.4 400.7 739.5 297.8 6.9 406.9 268.5 272.0 163.2 6

 7 Net acquisition of financial assets 772.4 1040.7 351.8 221.1 543.3 224.2 -82.7 325.1 278.3 226.2 180.4 7

 8 - Net increase in liabilities 1224.6 905.9 -156.6 -179.6 -196.2 -73.6 -89.6 -81.8 9.8 -45.8 17.2 8

 Holding gains on assets

 9 at market value (2) 4104.8 -284.3 -13328.9 1084.3 2784.5 1477.4 58.9 -3118.8 1490.2 2687.2 -541.3 9

10 Real estate 399.2 -1872.5 -3763.2 -1167.1 -409.1 -119.1 -96.4 -41.0 -101.1 447.5 381.7 10

11 Corporate equities 2132.1 828.9 -3773.0 1569.5 1453.0 870.0 160.7 -1501.8 629.1 1027.3 -430.2 11

12 Mutual fund shares 354.3 198.3 -1273.6 511.4 246.3 141.6 -25.1 -557.5 181.8 330.4 -256.6 12

13 Equity in noncorporate business 265.1 118.4 -1323.6 -1234.9 509.4 181.3 56.3 115.1 167.4 92.1 74.5 13

14 Life insurance and pension fund reserves 954.1 442.6 -3195.4 1405.8 985.8 403.6 -36.4 -1133.5 612.9 789.9 -310.6 14

15 Equity investment under PPIP 0.0 0.0 0.0 -0.3 -1.0 -0.0 -0.1 -0.1 -0.0 -0.0 -0.0 15

 Holding gains on assets

16 at current cost (2) -35.9 -52.1 -32.5 -43.9 -89.2 5.0 29.0 3.3 -20.5 -0.6 -3.5 16

17 Consumer durable goods -43.2 -58.1 -36.3 -42.9 -90.6 4.0 28.0 2.7 -20.0 -2.0 -4.0 17

18 Equipment and software 7.3 5.9 3.8 -1.1 1.3 1.0 1.0 0.6 -0.5 1.4 0.6 18

19 Other volume changes (3) 59.8 90.0 -105.8 431.4 126.4 -3.7 -6.7 -0.5 -256.6 -77.0 -1.0 19

 Memo:

20 Net worth outstanding (4) 65573.2 66057.1 53456.5 55503.4 59252.5 61015.8 61147.6 58523.0 60110.4 62990.3 62668.4 20

21 Disposable personal income 9915.7 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11887.7 21

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other volume changes (line 19).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Consists of statistical discontinuities and disaster-related losses to fixed assets. Also includes the difference between series for consumption of fixed capital published by BEA.

(4) Table B.100, line 42.
Z.1, September 20, 2012 117

R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 1472.8 2040.9 -1964.9 -2347.1 1613.2 533.9 146.4 124.7 688.4 319.2 287.4 1

 2 Net investment -363.4 -639.4 -985.3 399.8 17.1 -17.0 -10.8 -30.5 43.8 7.6 -16.2 2

 3 Net physical investment 340.7 353.5 293.6 -97.6 155.9 57.3 51.5 46.5 70.9 68.9 55.8 3

 4 Capital expenditures 1102.5 1146.9 1112.4 766.5 975.2 247.4 258.7 260.5 289.5 295.2 296.5 4

 5 - Consumption of fixed capital 799.8 840.6 863.2 861.0 857.9 218.5 222.2 224.6 227.0 229.8 232.1 5

 6 - Inventory valuation adjustment -38.0 -47.2 -44.5 3.2 -38.7 -28.5 -15.1 -10.6 -8.4 -3.5 8.6 6

 7 Net lending (+) or net borrowing (-) -138.4 -206.1 -943.0 562.0 139.2 6.7 65.4 77.4 82.4 24.9 43.9 7

 8 Net acquisition of financial assets 700.9 1074.9 -604.0 307.3 769.0 83.6 208.1 283.7 278.6 186.8 219.1 8

 9 - Net increase in liabilities 839.3 1281.0 339.0 -254.7 629.9 76.8 142.7 206.3 196.2 161.9 175.2 9

10 Net corporate equity issues -565.7 -786.8 -336.0 -64.6 -278.0 -81.0 -127.7 -154.4 -109.6 -86.2 -116.0 10

 Holding gains on assets

11 at market value (2) 882.8 1566.2 -1206.4 -2962.2 951.4 294.8 -72.2 2.1 418.8 78.5 152.5 11

12 Real estate 867.6 1556.5 -1151.3 -2982.5 937.9 288.4 -71.4 23.1 411.4 65.9 160.4 12

13 Mutual fund shares 15.2 9.7 -55.1 20.2 13.6 6.4 -0.8 -20.9 7.4 12.6 -7.9 13

 Holding gains on assets less

14 liabilities at current cost (2) 181.5 229.8 9.7 139.3 18.8 57.7 27.2 15.1 -67.2 34.4 -6.1 14

15 Equipment and software 137.7 51.4 103.4 -11.6 46.3 17.2 21.4 14.5 12.6 22.3 9.2 15

16 Inventories (3) 10.2 60.9 -50.5 31.6 58.3 40.2 5.7 0.6 -8.5 12.1 -15.3 16

17 Direct investment abroad 15.9 145.1 -144.4 -49.2 -109.2 0.0 0.0 0.0 -36.6 0.0 0.0 17

18 - Foreign direct investment in U.S. -17.7 27.7 -101.2 -168.5 -23.4 -0.3 0.0 0.0 34.7 0.0 0.0 18

19 Other volume changes (4) 771.9 884.4 217.1 76.0 625.8 198.3 202.2 138.0 293.1 198.7 157.3 19

 Memo:

20 Net worth outstanding (5) 15560.4 17601.4 15636.4 13289.3 14902.5 15436.3 15582.7 15707.4 16395.8 16715.0 17002.4 20

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 19).

(2) Calculated as change in amount outstanding less net purchases during period less disaster-related losses to fixed assets.

(3) Before inventory valuation adjustment.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.102, line 32.
118 Z.1, September 20, 2012

R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2

 1 Change in net worth (1) 327.6 135.0 -1605.5 -1255.4 536.2 163.9 63.6 119.2 160.8 73.6 87.9 1

 2 Net capital transfers paid 0.0 0.0 -3.3 -6.0 -7.8 -0.4 -0.4 -0.4 -0.4 -0.1 -0.1 2

 3 Net investment 67.4 16.0 -292.3 -8.2 35.8 -13.1 7.4 1.2 -5.5 -20.6 12.2 3

 4 Net physical investment 131.0 122.2 55.9 -7.6 -8.6 -16.5 9.4 6.6 4.8 -11.3 15.6 4

 5 Capital expenditures 293.3 306.5 267.2 203.4 201.3 36.5 63.0 60.6 59.3 43.6 71.0 5

 6 - Consumption of fixed capital 162.3 184.3 211.3 211.0 209.9 53.0 53.5 54.0 54.5 54.9 55.4 6

 7 Net lending (+) or net borrowing (-) -131.0 -122.2 -52.6 13.6 16.4 16.9 -9.0 -6.2 -4.4 11.4 -15.5 7

 8 Net acquisition of financial assets 519.8 479.4 97.3 -100.8 -134.5 -8.7 -6.0 -2.1 8.7 5.6 -0.4 8

 9 - Net increase in liabilities 650.8 601.6 149.9 -114.4 -150.9 -25.6 3.0 4.1 13.1 -5.8 15.1 9

10 Proprietor’s net investment (2) 67.4 16.0 -295.6 -14.2 28.1 -13.5 7.0 0.8 -5.9 -20.7 12.1 10

11 Holding gains on real estate (3) 291.3 130.8 -1319.6 -1232.6 461.2 134.6 53.8 116.2 170.3 102.6 111.1 11

12 Residential -45.2 -389.7 -946.2 -395.3 130.8 29.4 46.3 83.3 32.7 60.8 43.7 12

13 Nonresidential 336.5 520.5 -373.4 -837.2 330.4 105.2 7.5 32.9 137.6 41.8 67.4 13

14 Holding gains on assets at current cost (3) -31.0 -12.2 11.0 -13.7 35.8 42.5 2.2 1.7 -3.9 -8.9 -37.3 14

15 Residential equipment and software 1.2 -0.4 0.2 -2.9 -2.5 -0.7 0.2 0.7 0.6 1.4 0.4 15

16 Nonresidential equipment and software -36.5 -34.9 16.7 -1.9 2.4 20.4 0.9 -3.4 -7.9 -13.1 -35.3 16

17 Inventories 4.3 23.1 -6.0 -8.9 35.8 22.7 1.0 4.3 3.4 2.8 -2.5 17

18 Other volume changes (4) -0.1 0.3 -1.3 5.1 11.2 0.3 0.6 0.6 0.3 0.5 2.1 18

 Memo:

19 Net worth outstanding (5) 9194.5 9329.5 7723.9 6468.5 7004.7 7168.7 7232.2 7351.4 7512.3 7585.8 7673.7 19

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 18).

(2) Shown on table F.103, line 30.

(3) Calculated as change in amount outstanding less net investment during period less disaster-related losses to fixed assets.

(4) Consists of statistical discontinuities and disaster-related losses to fixed assets.

(5) Table B.103, line 32.