Z.1, June 7, 2012 113

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

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

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Assets 73366.8 78997.5 80410.8 67648.6 69467.2 72852.6 74471.2 74260.4 71564.2 73518.3 76298.2 1

 2 Nonfinancial assets 28477.9 29579.9 28254.0 24787.4 23740.2 23448.2 23346.4 23292.2 23352.5 23288.9 23774.1 2

 3 Real estate 24156.3 25043.0 23523.6 19937.1 18874.5 18557.0 18402.1 18271.4 18280.7 18182.8 18607.8 3

 4 Households (2,3) 22049.3 22730.7 20860.7 17545.2 17137.9 16560.9 16338.1 16260.2 16233.4 16049.5 16421.7 4

 5 Nonprofit organizations 2106.9 2312.3 2663.0 2391.9 1736.5 1996.0 2064.0 2011.1 2047.3 2133.3 2186.2 5

 Equipment and software owned by

 6 nonprofit organizations (4) 223.7 243.2 262.0 283.6 294.1 309.4 315.2 322.1 329.2 336.7 345.1 6

 7 Consumer durable goods (4) 4098.0 4293.6 4468.3 4566.8 4571.6 4581.8 4629.1 4698.7 4742.6 4769.5 4821.2 7

 8 Financial assets 44888.8 49417.6 52156.8 42861.1 45727.0 49404.5 51124.8 50968.2 48211.7 50229.4 52524.1 8

 9 Deposits 6232.1 6847.9 7502.0 8107.1 7969.1 7966.4 8041.1 8241.0 8434.3 8651.1 8688.4 9

10 Foreign deposits 59.9 65.2 80.5 56.9 50.5 54.8 57.5 56.6 56.0 51.0 45.4 10

11 Checkable deposits and currency 285.8 245.8 160.2 349.6 373.6 348.3 351.1 431.7 536.8 660.2 659.9 11

12 Time and savings deposits 4937.1 5422.4 5914.6 6118.8 6231.9 6433.6 6533.9 6665.9 6740.5 6832.8 6928.2 12

13 Money market fund shares 949.2 1114.5 1346.7 1581.8 1313.1 1129.7 1098.6 1086.8 1101.0 1107.2 1054.9 13

14 Credit market instruments 4298.4 4434.2 5047.8 4973.7 5243.8 5423.1 5417.0 5215.0 5188.0 5147.7 5119.5 14

15 Open market paper 98.4 117.5 107.3 6.0 34.6 63.4 67.9 64.9 60.3 58.2 51.7 15

16 Treasury securities 470.7 399.6 264.6 256.5 815.5 1207.0 1126.9 974.1 1056.9 1115.3 1308.2 16

17 Savings bonds 205.1 202.4 196.4 194.0 191.2 187.9 186.8 186.0 185.1 185.2 184.7 17

18 Other Treasury 265.6 197.2 68.3 62.6 624.3 1019.1 940.2 788.1 871.8 930.1 1123.5 18

19 Agency- and GSE-backed securities 513.5 443.1 693.3 736.9 141.9 126.0 208.8 186.2 139.5 93.1 15.6 19

20 Municipal securities 1639.1 1681.4 1725.4 1767.2 1896.5 1954.6 1966.0 1941.4 1920.5 1891.8 1846.7 20

21 Corporate and foreign bonds 1428.6 1661.4 2129.8 2066.2 2227.0 1955.7 1934.6 1938.6 1902.9 1887.1 1801.3 21

22 Other loans and advances (5) 8.7 9.1 17.6 29.7 26.8 26.2 25.2 25.7 25.5 23.4 21.4 22

23 Mortgages 139.5 122.2 109.8 111.2 101.5 90.2 87.6 84.3 82.4 78.8 74.6 23

24 Corporate equities (2) 8083.5 9632.9 9614.8 5742.5 7397.6 8579.2 9303.2 9174.1 7629.8 8356.8 9288.2 24

25 Mutual fund shares (6) 3675.5 4198.1 4610.9 3346.8 4164.9 4613.4 4965.0 5021.6 4408.1 4652.2 5191.4 25

26 Security credit 575.3 655.7 866.4 742.7 668.6 694.3 703.3 757.7 804.9 752.3 762.3 26

27 Life insurance reserves 1082.6 1055.2 1076.8 1049.8 1109.2 1137.2 1155.3 1167.8 1172.6 1200.8 1202.9 27

28 Pension fund reserves 11460.1 12750.6 13390.7 10408.5 11914.5 13090.7 13487.7 13405.8 12438.6 13147.1 13950.1 28

29 Equity in noncorporate business (7) 8872.6 9197.0 9335.2 7723.8 6472.1 7069.7 7219.9 7151.1 7283.2 7444.3 7442.8 29

30 Miscellaneous assets 608.7 646.1 712.2 766.3 787.1 830.6 832.3 834.1 852.3 877.2 878.4 30

31 Liabilities 12142.5 13349.4 14244.8 14094.1 13872.3 13692.7 13614.7 13538.0 13476.1 13481.0 13432.6 31

32 Credit market instruments 11701.4 12834.6 13680.9 13665.5 13394.5 13115.6 12994.7 12916.9 12913.8 12930.0 12848.9 32

33 Home mortgages (8) 8891.0 9874.1 10548.7 10497.4 10353.1 10051.3 9983.1 9922.9 9869.9 9818.7 9733.7 33

34 Consumer credit 2320.6 2384.6 2528.5 2548.6 2438.5 2411.6 2382.6 2405.4 2451.8 2508.2 2494.5 34

35 Municipal securities (9) 213.7 230.1 250.7 258.7 264.6 262.3 261.9 260.7 256.1 254.4 252.3 35

36 Depository institution loans n.e.c. -15.8 31.3 22.1 26.7 10.4 73.2 51.2 13.5 22.7 35.8 57.5 36

37 Other loans and advances 119.0 123.8 127.0 133.2 133.7 136.1 136.4 136.9 137.8 138.1 137.8 37

38 Commercial mortgages (9) 172.8 190.7 204.0 200.9 194.0 181.2 179.4 177.4 175.4 174.8 173.1 38

39 Security credit 232.4 292.1 325.5 164.8 203.0 278.2 315.7 312.8 251.9 238.5 267.7 39

40 Trade payables (9) 186.3 199.9 214.5 236.7 252.7 274.1 279.1 282.6 286.0 288.2 289.8 40

 Deferred and unpaid

41 life insurance premiums 22.4 22.8 23.9 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 41

42 Net worth 61224.3 65648.1 66166.0 53554.5 55594.9 59159.9 60856.5 60722.4 58088.1 60037.3 62865.6 42

 Memo:

 Replacement-cost value of structures:

43 Residential 13475.1 14440.6 14660.2 14410.4 14130.1 14194.4 14259.6 14336.6 14345.3 14357.7 14311.4 43

44 Households 13275.9 14229.3 14445.1 14195.4 13918.3 13983.6 14048.3 14124.7 14133.7 14146.4 14101.3 44

45 Nonprofit organizations 199.3 211.3 215.1 215.0 211.7 210.8 211.3 212.0 211.6 211.3 210.1 45

46 Nonresidential (nonprofits) 1196.2 1318.9 1404.7 1489.5 1436.7 1450.1 1462.5 1479.6 1495.6 1506.9 1512.4 46

47 Disposable personal income (SAAR) 9277.3 9915.7 10423.6 11024.5 10788.8 11179.7 11481.0 11559.2 11647.7 11686.3 11768.8 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 659.9 662.1 634.8 485.8 515.3 529.2 530.1 525.3 498.7 513.7 534.2 48

 Owners’ equity in household real

49 estate (10) 13158.3 12856.6 10312.0 7047.8 6784.8 6509.6 6354.9 6337.3 6363.5 6230.8 6687.9 49

 Owners’ equity as percentage of

50 household real estate (11) 59.7 56.6 49.4 40.2 39.6 39.3 38.9 39.0 39.2 38.8 40.7 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, June 7, 2012

B.102 Balance Sheet of Nonfinancial Corporate Business

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

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

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

 1 Assets 25268.8 27380.9 30516.2 28860.2 26173.4 28348.5 28902.0 28970.6 29312.7 30044.8 30648.8 1

 2 Nonfinancial assets 13360.2 14713.3 16754.2 15922.6 12832.2 14157.6 14563.9 14395.7 14548.2 14971.0 15319.9 2

 3 Real estate (1) 8170.2 9165.8 10909.0 9945.2 7049.6 8189.1 8503.0 8267.3 8396.2 8768.1 9051.3 3

 4 Equipment and software (2) 3601.6 3851.0 4012.2 4190.8 4118.7 4141.9 4150.3 4190.6 4203.6 4230.7 4259.1 4

 5 Inventories (2) 1588.4 1696.5 1832.9 1786.6 1663.9 1826.6 1910.7 1937.7 1948.4 1972.2 2009.5 5

 6 Financial assets 11908.6 12667.6 13762.1 12937.7 13341.1 14190.9 14338.1 14574.9 14764.5 15073.8 15328.9 6

 7 Foreign deposits 63.6 49.3 50.3 24.7 31.5 41.1 48.2 44.5 42.0 38.4 36.1 7

 8 Checkable deposits and currency 268.0 150.8 143.2 30.6 170.4 326.2 359.7 345.6 379.3 379.8 373.1 8

 9 Time and savings deposits 450.4 497.0 441.3 381.9 488.8 511.4 514.0 550.7 541.1 537.0 558.0 9

10 Money market fund shares 352.2 421.3 548.5 710.6 641.7 484.8 469.8 458.0 440.7 452.0 433.7 10

11 Security RPs 14.6 15.5 8.1 7.2 7.9 12.1 12.6 11.9 11.0 10.9 11.7 11

12 Commercial paper 111.0 122.7 69.5 57.3 56.0 67.8 70.5 68.6 56.2 57.2 66.1 12

13 Treasury securities 52.1 45.5 38.3 30.5 43.0 47.8 42.3 40.1 43.1 46.0 45.7 13

14 Agency- and GSE-backed securities 17.4 15.2 12.8 10.2 14.3 15.9 14.1 16.7 14.4 15.3 15.2 14

15 Municipal securities 32.1 28.1 29.2 26.2 27.1 24.1 19.6 19.3 20.0 19.7 19.8 15

16 Mortgages 68.3 59.8 41.4 33.6 29.5 28.0 27.7 27.3 26.9 26.5 26.2 16

17 Consumer credit 59.6 57.0 59.3 56.3 51.7 53.1 51.5 51.7 52.2 53.1 51.5 17

18 Trade receivables 2108.2 2090.5 2252.4 2084.6 2056.0 2187.4 2286.2 2391.2 2432.2 2387.6 2477.1 18

19 Mutual fund shares (1) 134.4 173.1 178.0 106.2 161.9 186.6 190.2 186.6 162.9 167.5 177.1 19

20 Miscellaneous assets 8176.9 8941.7 9890.0 9377.9 9561.4 10204.4 10231.9 10362.9 10542.5 10882.6 11037.7 20

21 Liabilities 11182.1 11821.5 12916.0 13225.0 12898.3 13363.7 13410.0 13491.2 13608.6 13739.3 13886.9 21

22 Credit market instruments 5741.8 6258.8 7101.9 7445.2 7231.8 7533.3 7647.0 7788.4 7911.5 8031.6 8147.5 22

23 Commercial paper 90.1 112.5 123.8 131.5 58.4 82.9 110.5 106.9 124.7 116.3 127.6 23

24 Municipal securities (3) 218.2 272.4 341.5 409.7 447.5 482.3 485.4 491.4 490.3 497.4 496.3 24

25 Corporate bonds (4) 3156.1 3364.4 3675.5 3881.0 4268.6 4691.4 4792.4 4907.8 4988.8 5076.8 5192.5 25

26 Depository institution loans n.e.c. 591.0 613.0 715.9 780.0 560.3 545.2 548.9 558.0 583.9 618.6 611.6 26

27 Other loans and advances 903.5 1028.5 1316.5 1364.9 1139.1 1041.1 1038.2 1074.3 1091.9 1099.9 1105.0 27

28 Mortgages 783.0 867.9 928.8 878.1 757.9 690.4 671.6 650.0 632.0 622.6 614.5 28

29 Trade payables 1700.6 1812.9 1897.9 1672.7 1587.5 1750.6 1774.6 1833.0 1876.1 1935.2 1968.7 29

30 Taxes payable 86.2 85.4 35.8 39.0 35.7 42.9 60.7 50.5 56.7 47.4 63.1 30

31 Miscellaneous liabilities 3653.5 3664.4 3880.3 4068.0 4043.3 4036.9 3927.7 3819.3 3764.3 3725.1 3707.6 31

32 Net worth (market value) 14086.7 15559.4 17600.3 15635.3 13275.1 14984.8 15492.0 15479.4 15704.1 16305.5 16761.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 152.3 164.8 170.8 172.7 171.4 171.4 172.0 172.7 172.6 172.5 171.7 33

34 Nonresidential 5699.6 6249.6 6644.8 7203.6 6841.6 7035.0 7128.1 7245.0 7357.7 7447.8 7509.2 34

35 Market value of equities outstanding 12686.6 14602.3 15730.7 10016.6 12494.7 14422.8 15456.4 15375.4 13056.4 14511.1 16101.1 35

36 Debt/net worth (percent) (5) 40.8 40.2 40.4 47.6 54.5 50.3 49.4 50.3 50.4 49.3 48.6 36

37 Debt/equities (percent) (6) 45.3 42.9 45.1 74.3 57.9 52.2 49.5 50.7 60.6 55.3 50.6 37

38 Equities/net worth (percent) (7) 90.1 93.8 89.4 64.1 94.1 96.2 99.8 99.3 83.1 89.0 96.1 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 20064.6 21311.5 22897.4 22451.5 22886.3 24073.2 24394.7 24746.2 25041.4 25444.4 25863.0 39

40 Nonfinancial assets 8155.9 8643.9 9135.4 9513.9 9545.1 9882.3 10056.6 10171.3 10277.0 10370.6 10534.1 40

41 Real estate 3324.3 3555.5 3841.6 4145.8 4334.5 4519.4 4582.7 4632.1 4672.5 4731.4 4788.1 41

42 Equipment and software 3312.3 3474.3 3630.1 3738.5 3717.9 3771.4 3792.7 3815.0 3842.4 3871.7 3901.8 42

43 Inventories 1519.3 1614.2 1663.6 1629.5 1492.7 1591.4 1681.2 1724.2 1762.1 1767.5 1844.3 43

44 Net worth (historical cost) (9) 8882.5 9490.0 9981.5 9226.6 9988.0 10709.5 10984.7 11255.0 11432.8 11705.1 11976.2 44

 Memo:

 Historical-cost value of structures:

45 Residential 64.0 68.7 73.1 76.6 78.8 80.4 80.7 81.1 81.4 81.8 82.2 45

46 Nonresidential 2884.5 3082.0 3330.7 3624.8 3809.4 3944.6 3979.1 4017.9 4059.7 4101.8 4143.4 46

47 Debt/net worth (percent) (10) 64.6 66.0 71.2 80.7 72.4 70.3 69.6 69.2 69.2 68.6 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, June 7, 2012 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

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

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Assets 13041.1 13950.8 14672.5 13508.9 12154.7 12563.5 12712.7 12653.7 12800.2 12995.1 13002.1 1

 2 Nonfinancial assets 10444.4 10834.3 11076.6 9815.7 8562.3 9107.9 9259.7 9199.4 9342.4 9524.6 9521.9 2

 3 Real estate (1) 9634.5 9976.7 10164.6 8876.2 7649.3 8147.7 8281.2 8239.4 8374.1 8557.6 8581.8 3

 4 Residential 6250.9 6231.5 5864.3 4920.7 4522.0 4663.0 4712.8 4723.4 4806.1 4879.9 4852.4 4

 5 Nonresidential 3383.6 3745.2 4300.4 3955.5 3127.3 3484.7 3568.4 3516.0 3568.0 3677.7 3729.5 5

 6 Equipment and software (2) 593.7 637.1 667.4 701.7 693.4 702.3 699.6 686.1 690.9 687.8 656.5 6

 7 Residential (3) 42.9 46.2 47.4 48.7 46.1 44.4 44.0 44.3 45.2 45.4 46.4 7

 8 Nonresidential 550.8 591.0 619.9 653.0 647.2 657.9 655.6 641.8 645.8 642.4 610.1 8

 9 Inventories (2) 216.2 220.6 244.6 237.7 219.6 257.9 279.0 273.9 277.4 279.2 283.5 9

10 Financial assets 2596.7 3116.5 3595.9 3693.1 3592.4 3455.6 3453.0 3454.3 3457.8 3470.5 3480.2 10

11 Checkable deposits and currency 374.1 448.8 515.6 519.4 539.8 519.7 519.5 519.9 520.7 522.7 524.3 11

12 Time and savings deposits 324.1 344.4 359.3 358.1 353.3 339.6 339.3 339.3 339.5 340.7 341.6 12

13 Money market fund shares 69.0 72.2 74.3 75.4 73.7 70.9 70.8 70.8 70.8 71.1 71.3 13

14 Credit market instruments 96.8 96.7 106.7 95.8 89.1 85.7 85.6 85.6 85.7 86.0 86.2 14

15 Treasury securities 56.2 56.3 59.3 51.8 46.1 44.4 44.3 44.3 44.3 44.5 44.6 15

16 Municipal securities 4.4 5.8 5.3 4.9 5.1 4.9 4.9 4.9 4.9 4.9 4.9 16

17 Mortgages 36.2 34.6 42.1 39.1 37.9 36.4 36.4 36.4 36.4 36.6 36.6 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 430.9 470.9 525.6 522.7 496.3 477.1 476.6 476.6 477.0 478.6 479.8 19

20 Miscellaneous assets 1301.7 1683.5 2014.3 2121.8 2040.0 1962.6 1961.2 1962.1 1964.1 1971.4 1977.0 20

21 Insurance receivables 99.2 103.6 107.3 111.5 112.4 112.5 113.0 115.1 116.8 118.9 119.8 21

22 Equity investment in GSEs (4) 4.1 4.3 5.0 6.4 6.3 6.7 6.7 6.8 7.0 7.0 7.1 22

23 Other 1198.4 1575.6 1902.0 2003.9 1921.3 1843.3 1841.6 1840.1 1840.4 1845.6 1850.1 23

24 Liabilities 4180.2 4763.6 5349.0 5794.5 5694.7 5507.6 5506.2 5515.7 5528.7 5561.5 5574.2 24

25 Credit market instruments 2897.7 3313.0 3774.6 4093.4 3959.1 3761.8 3753.1 3751.1 3752.2 3773.3 3783.9 25

26 Depository institution loans n.e.c. 670.4 785.7 926.5 1046.1 929.8 859.4 863.3 878.6 894.6 911.6 938.0 26

27 Other loans and advances 134.6 151.4 165.1 177.4 172.1 177.5 179.0 175.8 173.2 176.9 178.0 27

28 Mortgages 2092.7 2375.9 2683.0 2869.9 2857.3 2724.9 2710.9 2696.7 2684.4 2684.8 2667.9 28

29 Trade payables 334.5 348.9 374.9 380.7 388.3 369.1 368.7 371.2 374.1 373.4 372.2 29

30 Taxes payable 86.7 95.7 99.5 106.2 99.9 95.0 94.9 94.9 95.0 95.4 95.7 30

31 Miscellaneous liabilities 861.2 1006.1 1100.0 1214.3 1247.4 1281.7 1289.5 1298.6 1307.4 1319.4 1322.3 31

32 Net worth (5) 8860.9 9187.2 9323.5 7714.3 6460.0 7055.9 7206.5 7138.0 7271.5 7433.6 7427.9 32

 Memo:

 Replacement-cost value of structures:

33 Residential 2854.7 3025.2 3072.5 3047.3 2993.2 2982.0 2989.5 2999.0 2993.8 2989.0 2971.2 33

34 Nonresidential 1391.9 1515.0 1594.6 1691.6 1592.0 1600.2 1609.7 1618.3 1621.3 1618.3 1609.0 34

35 Debt/net worth (percent) (6) 32.7 36.1 40.5 53.1 61.3 53.3 52.1 52.6 51.6 50.8 50.9 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, June 7, 2012

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

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 6261.8 4423.7 517.9 -12611.5 2040.5 3565.0 1696.6 -134.1 -2634.3 1949.2 2828.3 1

 2 Net investment 422.4 303.3 759.5 883.5 569.7 1034.0 352.3 138.7 458.9 363.5 313.3 2

 3 Net physical investment 771.6 733.1 595.6 358.1 164.0 200.8 2.2 57.0 97.6 119.5 9.7 3

 4 Capital expenditures 1819.0 1843.1 1757.4 1559.3 1373.7 1411.3 299.3 357.0 401.4 425.9 317.5 4

 5 - Consumption of fixed capital 1047.3 1110.0 1161.8 1201.2 1209.7 1210.6 297.1 300.0 303.8 306.4 307.8 5

 6 Net lending (+) or net borrowing (-) -349.2 -429.8 163.9 525.3 405.7 833.3 350.1 81.7 361.3 244.0 303.6 6

 7 Net acquisition of financial assets 803.2 793.2 1056.8 369.7 227.3 640.9 272.1 -0.4 299.4 248.9 252.8 7

 8 - Net increase in liabilities 1152.3 1223.0 892.8 -155.6 -178.4 -192.4 -78.0 -82.0 -61.9 4.9 -50.7 8

 Holding gains on assets

 9 at market value (2) 5827.0 4096.6 -279.5 -13356.7 1082.2 2702.1 1346.2 -295.7 -3097.0 1606.9 2597.5 9

10 Real estate 2909.5 392.8 -1868.3 -3792.7 -1171.8 -395.2 -102.0 -139.3 -40.9 -161.9 478.6 10

11 Corporate equities 976.4 2130.9 827.8 -3763.9 1567.1 1314.2 734.3 -25.6 -1533.3 776.9 1011.1 11

12 Mutual fund shares 67.7 354.7 198.6 -1276.1 513.3 246.4 142.0 -25.0 -558.7 182.6 322.7 12

13 Equity in noncorporate business 1318.4 263.7 119.8 -1327.4 -1232.5 551.5 168.8 -71.6 130.3 174.1 4.5 13

14 Life insurance and pension fund reserves 555.1 954.4 442.7 -3196.6 1406.4 986.2 403.2 -34.1 -1094.3 635.2 780.7 14

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

 Holding gains on assets

16 at current cost (2) -41.3 -35.9 -52.1 -32.5 -44.4 -90.9 1.2 29.3 3.7 -19.5 -1.6 16

17 Consumer durable goods -45.6 -43.2 -58.1 -36.3 -43.3 -90.7 -0.9 26.2 0.6 -23.0 -5.6 17

18 Equipment and software 4.4 7.3 5.9 3.8 -1.2 -0.3 2.0 3.1 3.1 3.5 4.0 18

19 Other volume changes (3) 53.6 59.8 90.0 -105.8 433.0 -80.3 -3.1 -6.5 0.2 -1.8 -81.0 19

 Memo:

20 Net worth outstanding (4) 61224.3 65648.1 66166.0 53554.5 55594.9 59159.9 60856.5 60722.4 58088.1 60037.3 62865.6 20

21 Disposable personal income 9277.3 9915.7 10423.6 11024.5 10788.8 11179.7 11481.0 11559.2 11647.7 11686.3 11768.8 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, June 7, 2012 117

R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 1402.7 1472.6 2040.9 -1965.0 -2360.2 1709.7 507.2 -12.7 224.7 601.3 456.5 1

 2 Net investment -116.2 -363.4 -639.4 -985.3 398.4 44.5 -7.0 15.2 1.4 31.6 -37.6 2

 3 Net physical investment 245.5 340.7 353.5 293.6 -100.5 171.8 69.8 56.2 50.4 66.0 64.3 3

 4 Capital expenditures 957.3 1102.5 1146.9 1112.4 760.8 987.4 260.6 266.2 262.1 282.1 288.3 4

 5 - Consumption of fixed capital 742.5 799.8 840.6 863.2 860.7 854.6 217.9 221.4 223.6 225.9 228.6 5

 6 - Inventory valuation adjustment -30.7 -38.0 -47.2 -44.5 0.6 -39.1 -27.0 -11.4 -11.9 -9.8 -4.6 6

 7 Net lending (+) or net borrowing (-) -19.8 -138.4 -206.1 -943.0 563.4 150.6 4.3 86.8 105.5 75.6 -16.7 7

 8 Net acquisition of financial assets 945.7 700.9 1074.9 -604.0 308.7 780.5 117.2 240.1 275.7 256.3 191.1 8

 9 - Net increase in liabilities 965.5 839.3 1281.0 339.0 -254.7 629.9 112.9 153.3 170.3 180.7 207.8 9

10 Net corporate equity issues -341.8 -565.7 -786.8 -336.0 -64.6 -278.0 -81.1 -127.8 -154.4 -110.1 -85.2 10

 Holding gains on assets

11 at market value (2) 890.8 882.7 1566.2 -1206.5 -2963.0 1066.8 281.0 -260.5 94.0 347.4 264.7 11

12 Real estate 882.7 867.5 1556.5 -1151.4 -2983.2 1053.2 274.6 -259.7 115.0 340.0 252.3 12

13 Mutual fund shares 8.1 15.2 9.7 -55.1 20.2 13.6 6.4 -0.8 -20.9 7.4 12.4 13

 Holding gains on assets less

14 liabilities at current cost (2) 165.6 181.5 229.8 9.7 148.7 63.2 34.8 26.3 -9.5 1.7 18.9 14

15 Equipment and software 86.1 137.7 51.4 103.4 -20.3 -1.5 -5.8 25.2 -7.1 5.0 5.8 15

16 Inventories (3) 34.2 10.2 60.9 -50.5 29.4 58.8 40.6 1.1 -2.4 -3.4 13.1 16

17 Direct investment abroad 86.3 15.9 145.1 -144.4 3.1 -30.9 0.0 0.0 0.0 0.0 -0.0 17

18 - Foreign direct investment in U.S. 41.0 -17.7 27.7 -101.2 -136.5 -36.8 0.0 0.0 -0.0 -0.0 -0.0 18

19 Other volume changes (4) 462.4 771.9 884.4 217.1 55.8 535.2 198.5 206.3 138.8 220.7 210.4 19

 Memo:

20 Net worth outstanding (5) 14086.7 15559.4 17600.3 15635.3 13275.1 14984.8 15492.0 15479.4 15704.1 16305.5 16761.9 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, June 7, 2012

R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2005 2006 2007 2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1

 1 Change in net worth (1) 1323.5 326.3 136.4 -1609.2 -1254.3 595.9 150.6 -68.5 133.6 162.1 -5.7 1

 2 Net capital transfers paid -13.1 0.0 0.0 -3.3 -6.0 -7.8 -0.6 -0.9 -0.1 -0.1 0.0 2

 3 Net investment 19.9 67.4 16.0 -292.2 -9.5 53.5 -15.8 3.7 0.1 -11.5 -13.1 3

 4 Net physical investment 125.4 131.0 122.2 55.9 -8.5 1.7 -14.5 11.8 9.5 8.7 -10.1 4

 5 Capital expenditures 275.7 293.3 306.5 267.2 202.4 211.4 38.7 65.7 63.9 63.6 45.3 5

 6 - Consumption of fixed capital 150.3 162.3 184.3 211.3 210.8 209.7 53.2 53.9 54.4 54.9 55.4 6

 7 Net lending (+) or net borrowing (-) -112.3 -131.0 -122.2 -52.6 14.5 6.1 15.1 -11.0 -9.5 -8.7 10.1 7

 8 Net acquisition of financial assets 437.3 519.8 479.4 97.2 -100.8 -136.8 -2.6 1.4 3.5 12.7 9.8 8

 9 - Net increase in liabilities 549.6 650.8 601.6 149.9 -115.2 -142.8 -17.8 12.3 13.0 21.3 -0.3 9

10 Proprietor’s net investment (2) 6.8 67.4 16.0 -295.5 -15.5 45.7 -16.4 2.8 0.0 -11.5 -13.1 10

11 Holding gains on real estate (3) 1357.9 289.9 132.2 -1323.4 -1230.4 512.2 144.6 -39.9 133.8 185.3 35.0 11

12 Residential 990.1 -46.6 -388.3 -950.0 -395.3 151.5 52.9 13.9 86.5 77.5 -23.7 12

13 Nonresidential 367.7 336.5 520.5 -373.4 -835.2 360.7 91.7 -53.8 47.3 107.7 58.7 13

14 Holding gains on assets at current cost (3) -29.6 -31.0 -12.2 11.0 -14.5 31.7 21.7 -32.3 -0.4 -11.7 -27.7 14

15 Residential equipment and software 1.3 1.2 -0.4 0.2 -2.8 -2.6 -0.6 0.2 0.7 0.1 0.8 15

16 Nonresidential equipment and software -39.1 -36.5 -34.9 16.7 -3.0 -1.8 0.4 -28.5 -5.5 -13.8 -33.2 16

17 Inventories 8.2 4.3 23.1 -6.0 -8.8 36.1 22.0 -3.9 4.5 2.0 4.7 17

18 Other volume changes (4) -11.6 -0.1 0.3 -1.3 6.1 6.3 0.6 0.9 0.1 0.1 0.1 18

 Memo:

19 Net worth outstanding (5) 8860.9 9187.2 9323.5 7714.3 6460.0 7055.9 7206.5 7138.0 7271.5 7433.6 7427.9 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.