Z.1, December 6, 2012 113

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

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

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 80263.7 67612.6 69454.8 73064.8 74748.9 74779.4 72131.7 73736.6 76637.7 76493.7 78204.3 1

 2 Nonfinancial assets 28216.2 24802.5 23764.6 23450.0 23317.0 23285.5 23347.4 23346.5 23805.1 24219.7 24627.3 2

 3 Real estate 23485.8 19952.2 18888.3 18561.1 18387.4 18293.3 18317.8 18296.9 18704.8 19075.4 19450.7 3

 4 Households (2,3) 20823.0 17560.0 17151.3 16603.1 16361.8 16283.4 16291.3 16165.2 16561.0 16901.9 17202.9 4

 5 Nonprofit organizations 2662.8 2392.2 1737.0 1957.9 2025.7 2009.9 2026.5 2131.6 2143.8 2173.5 2247.8 5

 Equipment and software owned by

 6 nonprofit organizations (4) 262.0 283.6 294.8 304.9 307.5 310.6 314.0 317.5 322.0 325.9 329.8 6

 7 Consumer durable goods (4) 4468.3 4566.8 4581.6 4584.1 4622.1 4681.6 4715.6 4732.2 4778.2 4818.5 4846.8 7

 8 Financial assets 52047.5 42810.1 45690.2 49614.7 51431.9 51493.9 48784.4 50390.0 52832.7 52274.0 53577.0 8

 9 Deposits 7502.0 8107.1 7969.1 7963.1 8042.5 8221.0 8386.1 8620.5 8647.0 8671.1 8719.3 9

10 Foreign deposits 80.5 56.9 50.5 52.1 55.1 55.1 55.2 50.1 48.3 47.7 47.4 10

11 Checkable deposits and currency 160.2 349.6 373.6 418.8 428.1 476.5 591.8 711.0 695.9 686.6 687.8 11

12 Time and savings deposits 5914.6 6118.8 6231.9 6362.5 6460.7 6602.5 6631.0 6745.1 6846.8 6910.0 6939.5 12

13 Money market fund shares 1346.7 1581.8 1313.1 1129.7 1098.6 1086.8 1108.1 1114.2 1056.0 1026.9 1044.5 13

14 Credit market instruments 4933.5 4900.0 5185.7 5565.6 5494.3 5228.1 5230.9 4905.2 4842.7 4896.0 4732.5 14

15 Open market paper 107.3 6.0 34.6 63.4 67.9 64.9 60.3 58.2 51.7 47.1 39.9 15

16 Treasury securities 202.0 204.9 762.3 1089.7 930.7 710.3 783.1 620.7 766.8 900.8 945.1 16

17 Savings bonds 196.4 194.0 191.2 187.9 186.8 186.0 185.1 185.2 184.7 184.3 183.6 17

18 Other Treasury 5.6 10.9 571.1 901.8 743.9 524.3 598.0 435.5 582.0 716.5 761.5 18

19 Agency- and GSE-backed securities 680.6 748.6 167.1 169.4 244.1 213.4 181.3 134.4 58.0 56.3 7.5 19

20 Municipal securities 1698.2 1737.0 1866.5 1926.0 1937.7 1911.0 1891.2 1864.1 1829.7 1816.1 1750.2 20

21 Corporate and foreign bonds 2118.1 2062.7 2227.0 2200.6 2201.0 2218.3 2206.7 2125.1 2034.6 1981.1 1892.4 21

22 Other loans and advances (5) 17.6 29.7 26.8 26.2 25.2 25.7 25.5 23.4 26.5 23.2 29.4 22

23 Mortgages 109.8 111.1 101.4 90.3 87.7 84.6 82.8 79.5 75.5 71.5 68.0 23

24 Corporate equities (2) 9631.4 5764.8 7434.9 8737.7 9576.1 9620.8 8144.4 8721.9 9656.2 9270.2 9794.6 24

25 Mutual fund shares (6) 4605.3 3342.7 4161.1 4605.7 4957.3 5013.9 4400.6 4645.0 5297.3 5260.9 5542.9 25

26 Security credit 866.4 742.7 668.6 694.3 703.3 757.7 804.9 752.3 762.3 777.7 782.7 26

27 Life insurance reserves 1076.8 1049.8 1109.2 1137.2 1160.3 1174.1 1174.5 1203.6 1214.0 1201.1 1221.8 27

28 Pension fund reserves 13390.6 10409.6 11914.9 13090.7 13511.1 13434.6 12453.8 13152.3 13954.4 13638.1 14056.8 28

29 Equity in noncorporate business (7) 9329.3 7727.1 6459.6 6990.0 7154.7 7209.5 7336.9 7512.0 7587.1 7689.2 7854.7 29

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

31 Liabilities 14263.1 14106.6 13880.8 13706.5 13632.3 13548.0 13466.1 13476.6 13433.2 13446.4 13435.5 31

32 Credit market instruments 13699.1 13678.0 13403.0 13129.4 13012.3 12926.8 12903.7 12925.6 12849.5 12883.4 12844.8 32

33 Home mortgages (8) 10567.4 10509.1 10360.9 9941.9 9875.5 9817.0 9764.4 9712.7 9630.7 9574.4 9488.6 33

34 Consumer credit 2528.8 2548.9 2438.7 2545.3 2512.1 2534.1 2578.4 2631.5 2618.9 2662.6 2724.1 34

35 Municipal securities (9) 250.2 259.5 265.4 263.2 262.8 261.7 256.8 255.5 253.8 249.5 245.6 35

36 Depository institution loans n.e.c. 21.8 26.4 10.2 61.0 45.3 -1.0 -9.8 12.4 34.8 88.0 79.5 36

37 Other loans and advances 127.0 133.2 133.7 136.1 136.4 136.9 137.8 138.1 137.8 137.6 138.3 37

38 Commercial mortgages (9) 204.0 200.9 194.0 181.9 180.2 178.2 176.1 175.4 173.6 171.4 168.8 38

39 Security credit 325.5 164.8 203.0 278.2 315.7 312.8 251.9 238.5 267.7 244.5 271.7 39

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

 Deferred and unpaid

41 life insurance premiums 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 28.4 41

42 Net worth 66000.6 53506.0 55574.0 59358.3 61116.6 61231.4 58665.6 60260.0 63204.5 63047.3 64768.8 42

 Memo:

 Replacement-cost value of structures:

43 Residential 14660.2 14410.4 14132.3 14215.5 14205.7 14275.3 14329.6 14363.4 14317.7 14379.2 14507.1 43

44 Households 14445.1 14195.4 13918.5 14002.9 13994.3 14063.9 14118.3 14152.6 14108.6 14170.2 14297.1 44

45 Nonprofit organizations 215.1 215.0 213.8 212.6 211.4 211.5 211.3 210.8 209.2 209.1 210.0 45

46 Nonresidential (nonprofits) 1404.7 1489.5 1439.0 1450.8 1461.2 1477.9 1491.9 1502.3 1506.4 1512.4 1510.2 46

47 Disposable personal income (SAAR) 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11922.9 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 633.2 485.3 518.3 533.5 532.2 530.5 506.9 519.6 536.7 531.5 543.2 48

 Owners’ equity in household real

49 estate (10) 10255.6 7050.9 6790.3 6661.2 6486.3 6466.4 6526.9 6452.5 6930.3 7327.4 7714.3 49

 Owners’ equity as percentage of

50 household real estate (11) 49.3 40.2 39.6 40.1 39.6 39.7 40.1 39.9 41.8 43.4 44.8 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, December 6, 2012

B.102 Balance Sheet of Nonfinancial Corporate Business

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

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 30516.8 28861.2 26187.5 28058.4 28655.4 28843.2 29079.6 29948.4 30314.7 30645.4 31302.6 1

 2 Nonfinancial assets 16754.7 15923.5 12847.3 14037.4 14474.2 14460.7 14549.7 15088.0 15232.3 15391.1 15789.1 2

 3 Real estate (1) 10909.6 9946.1 7052.9 8027.8 8357.7 8278.9 8323.2 8807.3 8872.8 9006.0 9320.5 3

 4 Equipment and software (2) 4012.2 4190.8 4124.6 4182.1 4211.1 4245.8 4279.4 4313.6 4358.7 4393.5 4429.8 4

 5 Inventories (2) 1832.9 1786.6 1669.8 1827.4 1905.5 1936.1 1947.2 1967.1 2000.8 1991.6 2038.8 5

 6 Financial assets 13762.1 12937.7 13340.1 14021.0 14181.2 14382.5 14529.9 14860.4 15082.4 15254.2 15513.5 6

 7 Foreign deposits 50.3 24.7 31.5 40.6 47.6 40.8 37.2 33.6 21.0 9.8 10.9 7

 8 Checkable deposits and currency 143.2 30.6 170.5 244.7 269.2 283.8 306.3 312.6 317.4 342.9 369.1 8

 9 Time and savings deposits 441.3 381.9 488.8 548.7 551.6 568.5 568.9 574.3 584.7 571.6 581.1 9

10 Money market fund shares 548.5 710.6 641.7 484.8 469.8 458.0 440.7 452.0 433.8 421.6 427.2 10

11 Security RPs 8.1 7.2 7.9 12.1 12.7 13.0 12.1 12.9 13.9 14.3 13.7 11

12 Commercial paper 69.5 57.3 56.0 68.0 70.8 70.4 58.0 59.4 64.1 59.0 64.8 12

13 Treasury securities 38.3 30.5 43.0 48.0 42.4 41.5 44.4 47.8 53.0 64.9 59.9 13

14 Agency- and GSE-backed securities 12.8 10.2 14.3 16.0 14.2 17.2 14.8 15.9 17.7 19.1 17.5 14

15 Municipal securities 29.2 26.2 27.1 23.9 19.5 19.2 19.9 19.5 22.2 20.8 21.3 15

16 Mortgages 41.4 33.6 29.5 28.0 27.6 27.2 26.8 26.4 26.0 25.6 25.2 16

17 Consumer credit 59.3 56.3 51.7 53.1 51.5 51.7 52.2 53.1 51.5 51.7 52.2 17

18 Trade receivables 2252.4 2084.6 2056.0 2148.9 2238.8 2340.7 2378.0 2332.0 2448.7 2528.6 2524.0 18

19 Mutual fund shares (1) 178.0 106.2 161.9 186.6 190.2 186.6 162.9 167.5 177.6 168.9 171.4 19

20 Miscellaneous assets 9890.0 9377.9 9560.4 10117.5 10175.3 10264.1 10407.8 10753.4 10850.8 10955.3 11175.1 20

21 Liabilities 12916.0 13225.0 12898.5 13221.4 13280.3 13349.5 13451.6 13592.8 13669.7 13765.2 13896.8 21

22 Credit market instruments 7116.2 7452.8 7222.4 7463.2 7587.4 7736.9 7873.4 7998.6 8100.4 8229.8 8365.6 22

23 Commercial paper 123.8 131.5 58.4 82.9 110.5 106.9 124.7 116.3 127.6 132.1 136.1 23

24 Municipal securities (3) 349.0 415.0 452.2 485.4 487.8 493.4 492.2 493.9 495.2 505.3 504.1 24

25 Corporate bonds (4) 3675.5 3881.0 4268.6 4691.4 4792.4 4907.8 4988.3 5076.0 5193.5 5286.0 5414.7 25

26 Depository institution loans n.e.c. 715.9 780.0 546.0 530.9 534.6 543.6 569.5 604.1 597.6 622.5 631.3 26

27 Other loans and advances 1316.5 1364.9 1139.1 977.9 975.2 1010.6 1030.8 1045.7 1027.6 1021.5 1009.2 27

28 Mortgages 935.5 880.3 758.1 694.7 686.9 674.6 667.8 662.6 658.8 662.4 670.1 28

29 Trade payables 1897.9 1672.7 1587.5 1743.2 1763.5 1822.1 1862.0 1920.3 1952.7 1999.4 2021.7 29

30 Taxes payable 35.8 39.0 35.7 42.9 60.7 50.6 56.7 47.8 59.1 55.9 65.6 30

31 Miscellaneous liabilities 3866.0 4060.5 4052.9 3972.2 3868.7 3739.9 3659.6 3626.0 3557.5 3480.1 3443.8 31

32 Net worth (market value) 17600.8 15636.2 13289.0 14837.0 15375.1 15493.8 15628.0 16355.6 16645.0 16880.1 17405.8 32

 Memo:

 Replacement-cost value of structures:

33 Residential 170.8 172.7 173.7 173.3 172.2 172.0 171.6 171.0 169.5 169.2 169.7 33

34 Nonresidential 6644.8 7203.6 6894.2 7147.1 7225.3 7336.1 7435.4 7516.7 7566.5 7625.8 7644.2 34

35 Market value of equities outstanding 15730.7 10016.6 12494.6 14423.3 15460.2 15380.3 13062.6 14517.4 16101.0 15555.2 16433.4 35

36 Debt/net worth (percent) (5) 40.4 47.7 54.3 50.3 49.3 49.9 50.4 48.9 48.7 48.8 48.1 36

37 Debt/equities (percent) (6) 45.2 74.4 57.8 51.7 49.1 50.3 60.3 55.1 50.3 52.9 50.9 37

38 Equities/net worth (percent) (7) 89.4 64.1 94.0 97.2 100.6 99.3 83.6 88.8 96.7 92.2 94.4 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 22897.4 22451.5 22884.2 23855.1 24181.8 24492.8 24747.2 25171.7 25554.8 25811.7 26189.9 39

40 Nonfinancial assets 9135.4 9513.9 9544.1 9834.1 10000.6 10110.3 10217.3 10311.3 10472.4 10557.5 10676.4 40

41 Real estate 3841.6 4145.8 4336.5 4519.1 4580.4 4625.6 4666.9 4731.2 4785.2 4835.7 4893.0 41

42 Equipment and software 3630.1 3738.5 3714.8 3755.5 3775.7 3797.9 3826.1 3857.1 3889.4 3922.3 3953.2 42

43 Inventories 1663.6 1629.5 1492.7 1559.5 1644.5 1686.9 1724.2 1723.1 1797.8 1799.5 1830.2 43

44 Net worth (historical cost) (9) 9981.5 9226.6 9985.8 10633.7 10901.5 11143.4 11295.6 11578.9 11885.1 12046.5 12293.1 44

 Memo:

 Historical-cost value of structures:

45 Residential 73.1 76.6 78.8 80.4 80.8 81.1 81.5 81.9 82.4 82.8 83.3 45

46 Nonresidential 3330.7 3624.8 3811.3 3951.8 3984.5 4023.3 4066.4 4112.5 4161.1 4210.2 4259.1 46

47 Debt/net worth (percent) (10) 71.3 80.8 72.3 70.2 69.6 69.4 69.7 69.1 68.2 68.3 68.1 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, December 6, 2012 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

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

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 14666.7 13512.2 12157.1 12496.7 12647.7 12698.9 12828.1 13022.7 13106.9 13210.3 13376.8 1

 2 Nonfinancial assets 11070.8 9819.0 8564.8 9042.4 9202.0 9259.1 9391.8 9577.7 9656.6 9760.2 9925.8 2

 3 Real estate (1) 10158.8 8879.5 7650.3 8086.9 8209.8 8254.1 8380.4 8564.5 8655.2 8783.1 8965.8 3

 4 Residential 5858.2 4923.8 4524.6 4647.0 4671.0 4713.5 4800.2 4835.5 4898.0 4968.9 5077.5 4

 5 Nonresidential 4300.5 3955.7 3125.6 3439.8 3538.7 3540.7 3580.2 3729.0 3757.2 3814.2 3888.4 5

 6 Equipment and software (2) 667.4 701.7 694.6 702.2 717.1 729.9 732.9 730.8 716.0 696.2 678.5 6

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

 8 Nonresidential 619.9 653.0 648.6 657.9 672.9 685.2 687.3 684.7 668.7 648.7 631.2 8

 9 Inventories (2) 244.6 237.7 219.9 253.4 275.1 275.1 278.5 282.4 285.4 281.0 281.5 9

10 Financial assets 3595.9 3693.2 3592.3 3454.3 3445.7 3439.9 3436.4 3444.9 3450.3 3450.0 3451.0 10

11 Checkable deposits and currency 515.6 519.4 539.8 519.5 518.5 517.8 517.5 519.0 520.0 520.2 520.5 11

12 Time and savings deposits 359.3 358.1 353.3 339.5 338.5 337.8 337.4 338.1 338.5 338.4 338.4 12

13 Money market fund shares 74.3 75.4 73.7 70.8 70.6 70.5 70.4 70.5 70.6 70.6 70.6 13

14 Credit market instruments 106.7 95.8 89.1 85.7 85.4 85.2 85.1 85.3 85.4 85.4 85.4 14

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

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

17 Mortgages 42.1 39.1 37.9 36.4 36.3 36.2 36.2 36.3 36.3 36.3 36.3 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 525.6 522.7 496.3 476.9 475.6 474.6 473.9 475.0 475.6 475.4 475.4 19

20 Miscellaneous assets 2014.3 2121.8 2040.0 1961.9 1957.1 1953.9 1952.0 1957.0 1960.1 1960.1 1960.7 20

21 Insurance receivables 107.3 111.5 112.4 112.6 113.0 115.2 116.9 119.0 118.8 119.9 120.7 21

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

23 Other 1902.0 2003.9 1921.3 1842.6 1837.4 1831.9 1828.1 1831.0 1834.3 1833.1 1832.9 23

24 Liabilities 5349.0 5794.5 5709.6 5520.5 5508.4 5504.6 5504.8 5523.7 5537.6 5538.9 5540.6 24

25 Credit market instruments 3774.6 4093.4 3973.3 3774.5 3758.6 3747.4 3740.0 3757.7 3763.9 3768.3 3772.0 25

26 Depository institution loans n.e.c. 926.5 1046.1 944.1 873.7 877.6 892.9 909.0 926.0 953.3 974.3 988.5 26

27 Other loans and advances 165.1 177.4 172.0 174.1 175.7 172.4 170.0 174.7 176.2 177.9 180.3 27

28 Mortgages 2683.0 2869.9 2857.2 2726.8 2705.3 2682.1 2661.0 2657.0 2634.4 2616.1 2603.1 28

29 Trade payables 374.9 380.7 388.3 368.9 367.1 368.0 369.3 367.4 365.5 363.0 361.3 29

30 Taxes payable 99.5 106.2 99.9 95.0 94.6 94.4 94.2 94.5 94.6 94.6 94.6 30

31 Miscellaneous liabilities 1100.0 1214.3 1248.1 1282.1 1288.1 1294.8 1301.3 1304.1 1313.6 1313.0 1312.8 31

32 Net worth (5) 9317.7 7717.6 6447.5 6976.2 7139.2 7194.4 7323.3 7499.0 7569.3 7671.4 7836.2 32

 Memo:

 Replacement-cost value of structures:

33 Residential 3072.5 3047.3 3017.4 3004.3 2987.9 2987.8 2984.0 2975.5 2949.9 2946.1 2955.8 33

34 Nonresidential 1594.6 1691.6 1599.8 1612.0 1632.0 1651.6 1663.1 1666.8 1659.1 1652.5 1636.8 34

35 Debt/net worth (percent) (6) 40.5 53.0 61.6 54.1 52.6 52.1 51.1 50.1 49.7 49.1 48.1 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, December 6, 2012

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

Billions of dollars; not seasonally adjusted

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 468.9 -12494.6 2067.9 3784.3 1758.3 114.8 -2565.8 1594.4 2944.5 -157.1 1721.5 1

 2 Net investment 729.5 938.7 595.4 968.0 293.4 58.9 502.3 352.0 363.1 195.7 83.5 2

 3 Net physical investment 595.6 358.1 174.5 187.9 -13.2 43.8 84.6 105.7 -1.7 60.3 110.5 3

 4 Capital expenditures 1757.4 1559.3 1384.6 1398.5 292.5 352.0 396.4 419.8 308.0 372.8 425.7 4

 5 - Consumption of fixed capital 1161.8 1201.2 1210.1 1210.7 305.7 308.3 311.8 314.1 309.6 312.5 315.2 5

 6 Net lending (+) or net borrowing (-) 133.9 580.6 420.9 780.1 306.6 15.1 417.7 246.4 364.7 135.5 -27.1 6

 7 Net acquisition of financial assets 1026.7 419.2 238.6 583.4 232.5 -74.6 335.8 256.8 319.1 153.6 -38.0 7

 8 - Net increase in liabilities 892.8 -161.4 -182.4 -196.7 -74.2 -89.7 -81.9 10.5 -45.7 18.2 -10.9 8

 Holding gains on assets

 9 at market value (2) -298.4 -13295.0 1085.0 2778.3 1463.5 33.7 -3070.8 1519.4 2659.0 -353.2 1668.6 9

10 Real estate -1884.4 -3739.8 -1172.2 -405.1 -121.1 -102.8 -25.4 -83.3 462.3 359.2 316.2 10

11 Corporate equities 828.3 -3769.6 1573.7 1453.9 859.4 150.1 -1478.1 626.8 974.7 -324.4 627.7 11

12 Mutual fund shares 198.3 -1271.9 513.3 246.1 141.5 -25.1 -557.3 180.9 343.7 -168.0 140.7 12

13 Equity in noncorporate business 116.8 -1318.2 -1235.2 498.7 180.2 48.0 123.4 182.1 88.5 90.6 162.9 13

14 Life insurance and pension fund reserves 442.6 -3195.4 1405.7 985.8 403.6 -36.4 -1133.5 612.9 789.9 -310.6 421.0 14

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

 Holding gains on assets

16 at current cost (2) -52.1 -32.5 -43.9 -89.2 5.0 29.0 3.3 -20.5 -0.6 -3.7 -17.4 16

17 Consumer durable goods -58.1 -36.3 -42.9 -90.6 4.0 28.0 2.7 -20.0 -2.0 -4.4 -18.5 17

18 Equipment and software 5.9 3.8 -1.1 1.3 1.0 1.0 0.6 -0.5 1.4 0.7 1.2 18

19 Other volume changes (3) 90.0 -105.8 431.4 127.2 -3.7 -6.7 -0.5 -256.6 -77.0 4.0 -13.2 19

 Memo:

20 Net worth outstanding (4) 66000.6 53506.0 55574.0 59358.3 61116.6 61231.4 58665.6 60260.0 63204.5 63047.3 64768.8 20

21 Disposable personal income 10423.6 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11922.9 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, December 6, 2012 117

R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 2040.9 -1964.7 -2347.2 1548.0 538.1 118.7 134.3 727.6 289.4 235.2 525.7 1

 2 Net investment -639.4 -985.3 399.8 5.6 -19.0 -13.1 -28.6 47.4 19.4 -30.8 12.5 2

 3 Net physical investment 353.5 293.6 -97.6 155.9 57.3 51.5 46.5 70.9 68.9 54.6 77.4 3

 4 Capital expenditures 1146.9 1112.4 766.5 975.2 247.4 258.7 260.5 289.5 295.2 295.3 303.6 4

 5 - Consumption of fixed capital 840.6 863.2 861.0 857.9 218.5 222.2 224.6 227.0 229.8 232.2 233.7 5

 6 - Inventory valuation adjustment -47.2 -44.5 3.2 -38.7 -28.5 -15.1 -10.6 -8.4 -3.5 8.6 -7.6 6

 7 Net lending (+) or net borrowing (-) -206.1 -943.0 562.0 127.7 4.7 63.1 78.9 86.2 23.5 42.6 42.9 7

 8 Net acquisition of financial assets 1074.9 -604.0 307.3 614.0 130.0 204.1 233.1 276.8 157.4 193.6 226.8 8

 9 - Net increase in liabilities 1281.0 339.0 -254.7 486.4 125.3 141.0 154.2 190.6 133.9 151.0 183.8 9

10 Net corporate equity issues -786.8 -336.0 -64.6 -278.0 -81.0 -127.7 -154.0 -109.7 -73.0 -128.0 -107.8 10

 Holding gains on assets

11 at market value (2) 1566.2 -1206.2 -2962.3 905.5 301.5 -97.5 10.2 454.4 50.5 103.3 288.9 11

12 Real estate 1556.5 -1151.0 -2982.5 891.9 295.1 -96.7 31.1 447.0 37.6 109.1 283.5 12

13 Mutual fund shares 9.7 -55.1 20.2 13.6 6.4 -0.8 -20.9 7.4 12.9 -5.9 5.3 13

 Holding gains on assets less

14 liabilities at current cost (2) 229.8 9.7 139.3 18.8 57.7 27.2 15.1 -67.2 34.4 -4.4 29.9 14

15 Equipment and software 51.4 103.4 -11.6 46.3 17.2 21.4 14.5 12.6 22.3 11.5 14.9 15

16 Inventories (3) 60.9 -50.5 31.6 58.3 40.2 5.7 0.6 -8.5 12.1 -15.8 15.0 16

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

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

19 Other volume changes (4) 884.4 217.1 76.0 618.1 197.9 202.1 137.6 292.9 185.1 167.1 194.4 19

 Memo:

20 Net worth outstanding (5) 17600.8 15636.2 13289.0 14837.0 15375.1 15493.8 15628.0 16355.6 16645.0 16880.1 17405.8 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, December 6, 2012

R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 133.4 -1600.0 -1270.1 528.7 163.0 55.1 129.0 175.7 70.2 102.1 164.8 1

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

 3 Net investment 16.0 -292.2 -22.6 39.0 -12.9 7.3 2.6 -5.4 -20.4 10.3 3.7 3

 4 Net physical investment 122.2 55.9 -7.6 -8.6 -16.5 9.4 6.6 4.8 -11.3 13.8 6.3 4

 5 Capital expenditures 306.5 267.2 203.4 201.3 36.5 63.0 60.6 59.3 43.6 69.3 62.1 5

 6 - Consumption of fixed capital 184.3 211.3 211.0 209.9 53.0 53.5 54.0 54.5 54.9 55.4 55.8 6

 7 Net lending (+) or net borrowing (-) -122.2 -52.6 13.6 16.4 16.9 -9.0 -6.2 -4.4 11.4 -13.8 -6.2 7

 8 Net acquisition of financial assets 479.4 97.3 -100.8 -138.0 -8.7 -5.9 -3.6 8.5 5.3 -0.4 0.9 8

 9 - Net increase in liabilities 601.6 149.9 -114.4 -154.4 -25.6 3.1 2.6 12.9 -6.1 13.4 7.2 9

10 Proprietor’s net investment (2) 16.0 -295.5 -28.6 31.3 -13.3 6.9 2.2 -5.7 -20.5 10.3 3.6 10

11 Holding gains on real estate (3) 129.3 -1314.2 -1232.9 450.5 133.6 45.5 124.5 185.0 99.0 127.1 179.2 11

12 Residential -391.2 -940.8 -395.7 132.7 26.4 44.9 89.4 37.6 64.9 73.4 110.8 12

13 Nonresidential 520.5 -373.4 -837.2 317.8 107.1 0.6 35.0 147.3 34.2 53.7 68.4 13

14 Holding gains on assets at current cost (3) -12.2 11.0 -13.7 35.8 42.5 2.2 1.7 -3.9 -8.9 -37.3 -20.0 14

15 Residential equipment and software -0.4 0.2 -2.9 -2.5 -0.7 0.2 0.7 0.6 1.4 0.4 -0.0 15

16 Nonresidential equipment and software -34.9 16.7 -1.9 2.4 20.4 0.9 -3.4 -7.9 -13.1 -34.8 -24.0 16

17 Inventories 23.1 -6.0 -8.9 35.8 22.7 1.0 4.3 3.4 2.8 -2.9 4.1 17

18 Other volume changes (4) 0.3 -1.3 5.1 11.2 0.3 0.6 0.6 0.3 0.5 2.1 1.9 18

 Memo:

19 Net worth outstanding (5) 9317.7 7717.6 6447.5 6976.2 7139.2 7194.4 7323.3 7499.0 7569.3 7671.4 7836.2 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.