Z.1, March 7, 2013 113

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

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

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 67760.5 69606.2 73329.1 74939.7 74980.7 72294.8 74028.8 76928.6 76404.6 78218.7 79524.8 1

 2 Nonfinancial assets 24814.5 23781.1 23481.2 23322.0 23280.3 23352.1 23423.5 23821.8 24189.9 24612.5 25134.4 2

 3 Real estate 19964.2 18904.7 18592.2 18392.4 18288.1 18322.5 18373.8 18721.6 19045.5 19435.7 19914.4 3

 4 Households (2,3) 17572.0 17167.7 16637.9 16368.9 16276.3 16296.0 16240.4 16587.1 16894.5 17206.6 17653.8 4

 5 Nonprofit organizations 2392.2 1737.1 1954.3 2023.6 2011.8 2026.5 2133.4 2134.5 2151.0 2229.1 2260.6 5

 Equipment and software owned by

 6 nonprofit organizations (4) 283.6 294.8 304.9 307.5 310.6 314.0 317.5 322.0 325.9 329.8 334.4 6

 7 Consumer durable goods (4) 4566.8 4581.6 4584.1 4622.1 4681.6 4715.6 4732.2 4778.2 4818.5 4847.0 4885.6 7

 8 Financial assets 42946.0 45825.1 49847.9 51617.7 51700.4 48942.7 50605.3 53106.8 52214.7 53606.1 54390.5 8

 9 Deposits 8065.6 7975.7 7953.2 8032.2 8201.9 8362.4 8561.7 8593.9 8618.2 8659.0 9045.6 9

10 Foreign deposits 56.9 50.5 52.1 55.1 55.1 55.2 50.1 48.3 46.2 48.8 50.7 10

11 Checkable deposits and currency 349.6 373.6 416.5 426.6 470.4 589.7 704.0 687.9 679.5 669.1 814.4 11

12 Time and savings deposits 6077.2 6238.4 6354.9 6451.8 6589.5 6614.2 6697.7 6805.5 6868.3 6895.8 7070.3 12

13 Money market fund shares 1581.8 1313.2 1129.7 1098.6 1086.8 1103.3 1109.9 1052.2 1024.2 1045.4 1110.2 13

14 Credit market instruments 5035.1 5387.1 5728.5 5662.7 5400.8 5442.3 5192.2 5165.8 5230.7 5248.6 5230.6 14

15 Open market paper 6.0 34.6 31.7 33.9 32.4 30.1 29.1 29.8 28.9 28.7 28.6 15

16 Treasury securities 231.9 790.6 1114.9 953.7 728.5 805.2 648.0 775.5 901.8 939.5 1036.0 16

17 Savings bonds 194.0 191.2 187.9 186.8 186.0 185.1 185.2 184.7 184.3 183.6 182.4 17

18 Other Treasury 37.9 599.4 927.0 767.0 542.5 620.1 462.8 590.8 717.5 755.9 853.6 18

19 Agency- and GSE-backed securities 965.9 347.8 321.5 401.3 365.7 340.2 316.1 235.7 211.4 150.0 73.1 19

20 Municipal securities 1722.4 1829.1 1873.4 1880.2 1855.9 1838.4 1812.2 1792.9 1785.6 1725.7 1678.8 20

21 Corporate and foreign bonds 1968.1 2256.7 2270.6 2280.5 2308.0 2319.9 2284.0 2230.0 2208.4 2313.8 2325.8 21

22 Other loans and advances (5) 29.7 26.8 26.2 25.2 25.7 25.5 23.4 26.5 23.2 23.1 24.1 22

23 Mortgages 111.1 101.4 90.2 87.8 84.6 82.8 79.5 75.3 71.4 67.8 64.2 23

24 Corporate equities (2) 5735.0 7329.8 8701.3 9499.7 9592.9 8047.8 8850.1 9898.3 9243.7 9613.8 9770.5 24

25 Mutual fund shares (6) 3310.4 4141.2 4581.7 4932.0 4999.9 4359.0 4384.2 4952.7 4860.9 5196.8 5300.9 25

26 Security credit 742.7 668.6 694.3 703.3 757.7 804.9 752.4 762.3 777.7 780.2 776.0 26

27 Life insurance reserves 1049.8 1109.2 1137.2 1160.3 1174.1 1174.5 1203.6 1214.0 1201.1 1221.9 1230.6 27

28 Pension fund reserves 10513.7 11965.7 13112.0 13517.9 13403.6 12441.4 13133.2 13942.5 13624.2 14036.5 14060.7 28

29 Equity in noncorporate business (7) 7727.5 6460.7 7109.2 7277.3 7335.3 7458.2 7650.7 7705.7 7788.4 7977.7 8079.1 29

30 Miscellaneous assets 766.3 787.1 830.5 832.3 834.1 852.3 877.2 871.7 869.8 871.7 896.5 30

31 Liabilities 14116.5 13887.9 13650.7 13577.3 13492.9 13410.5 13420.8 13377.7 13391.1 13320.5 13453.1 31

32 Credit market instruments 13688.0 13410.1 13073.7 12957.3 12871.7 12848.1 12869.4 12794.0 12828.2 12732.4 12830.8 32

33 Home mortgages (8) 10519.1 10368.1 9889.8 9823.6 9765.2 9712.4 9660.7 9578.8 9522.6 9436.0 9430.5 33

34 Consumer credit 2548.9 2438.7 2541.6 2509.0 2530.8 2574.7 2627.4 2615.1 2658.0 2718.6 2779.2 34

35 Municipal securities (9) 259.5 265.4 263.2 262.8 261.7 256.8 255.5 253.8 249.5 245.6 241.0 35

36 Depository institution loans n.e.c. 26.4 10.2 61.0 45.3 -1.0 -9.8 12.4 34.8 88.0 23.1 69.9 36

37 Other loans and advances 133.2 133.7 136.1 136.4 136.9 137.8 138.1 137.8 137.6 138.3 138.7 37

38 Commercial mortgages (9) 200.9 194.0 182.0 180.2 178.2 176.1 175.4 173.7 172.6 170.8 171.6 38

39 Security credit 164.8 203.0 278.2 315.7 312.9 251.9 238.9 267.7 244.5 269.1 303.7 39

40 Trade payables (9) 236.7 252.7 274.1 279.1 282.6 286.0 288.2 289.8 290.5 290.5 289.7 40

 Deferred and unpaid

41 life insurance premiums 27.0 22.1 24.7 25.2 25.6 24.4 24.3 26.2 28.0 28.4 28.9 41

42 Net worth 53644.0 55718.2 59678.4 61362.4 61487.8 58884.4 60608.0 63550.9 63013.5 64898.1 66071.7 42

 Memo:

 Replacement-cost value of structures:

43 Residential 14410.4 14132.3 14215.5 14205.7 14275.3 14329.6 14363.4 14317.7 14379.2 14521.4 14623.9 43

44 Households 14195.4 13918.5 14002.9 13994.3 14063.9 14118.3 14152.6 14108.6 14170.2 14311.2 14413.0 44

45 Nonprofit organizations 215.0 213.8 212.6 211.4 211.5 211.3 210.8 209.2 209.1 210.2 211.0 45

46 Nonresidential (nonprofits) 1489.5 1439.0 1450.8 1461.2 1477.9 1491.9 1502.3 1506.4 1512.4 1510.3 1509.5 46

47 Disposable personal income (SAAR) 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11929.7 12157.0 47

 Household net worth as percentage of

48 disposable personal income (SAAR) 486.6 519.6 536.3 534.3 532.7 508.8 522.6 539.6 531.2 544.0 543.5 48

 Owners’ equity in household real

49 estate (10) 7052.9 6799.6 6748.1 6545.3 6511.1 6583.5 6579.7 7008.3 7371.9 7770.5 8223.3 49

 Owners’ equity as percentage of

50 household real estate (11) 40.1 39.6 40.6 40.0 40.0 40.4 40.5 42.3 43.6 45.2 46.6 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, March 7, 2013

B.102 Balance Sheet of Nonfinancial Corporate Business

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

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

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

 1 Assets 28861.2 26187.5 28037.2 28642.5 28849.2 29102.8 29973.4 30285.2 30558.6 31196.4 31618.8 1

 2 Nonfinancial assets 15923.5 12847.4 14016.2 14461.2 14466.7 14547.8 15090.8 15185.7 15281.4 15680.4 15857.4 2

 3 Real estate (1) 9946.1 7053.0 8006.6 8344.7 8284.9 8321.3 8810.1 8826.2 8896.3 9210.5 9327.8 3

 4 Equipment and software (2) 4190.8 4124.6 4182.1 4211.1 4245.8 4279.4 4313.6 4358.7 4393.5 4430.6 4473.6 4

 5 Inventories (2) 1786.6 1669.8 1827.4 1905.5 1936.1 1947.2 1967.1 2000.8 1991.6 2039.3 2056.0 5

 6 Financial assets 12937.7 13340.1 14021.0 14181.2 14382.5 14554.9 14882.6 15099.6 15277.2 15516.0 15761.4 6

 7 Foreign deposits 24.7 31.5 40.6 47.6 40.8 37.2 34.0 21.4 10.0 8.8 10.4 7

 8 Checkable deposits and currency 30.6 170.5 244.7 268.6 284.4 303.1 311.8 315.1 338.5 378.1 400.6 8

 9 Time and savings deposits 381.9 488.8 548.7 551.6 568.5 572.4 575.7 586.5 576.6 592.9 584.5 9

10 Money market fund shares 710.6 641.7 484.8 470.2 457.7 440.5 452.0 434.5 422.4 428.5 445.2 10

11 Security RPs 7.2 7.9 12.1 12.7 13.0 12.1 12.9 13.9 14.4 11.6 14.0 11

12 Commercial paper 57.3 56.0 68.0 70.8 70.4 58.0 59.4 64.1 59.1 61.7 67.4 12

13 Treasury securities 30.5 43.0 48.0 42.4 41.5 44.4 48.1 53.4 65.0 70.2 58.7 13

14 Agency- and GSE-backed securities 10.2 14.3 16.0 14.2 17.2 14.8 16.0 17.8 19.2 20.9 19.6 14

15 Municipal securities 26.2 27.1 23.9 19.5 19.2 19.9 18.8 21.6 20.8 24.5 22.7 15

16 Mortgages 33.6 29.5 28.0 27.6 27.2 26.8 26.4 26.0 25.6 25.2 24.9 16

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

18 Trade receivables 2084.6 2056.0 2148.9 2238.8 2340.7 2377.8 2333.5 2449.7 2526.8 2544.2 2473.6 18

19 Mutual fund shares (1) 106.2 161.9 186.6 190.3 186.7 162.8 167.5 177.8 169.0 172.4 170.8 19

20 Miscellaneous assets 9377.9 9560.4 10117.5 10175.5 10263.7 10433.0 10773.5 10866.3 10978.1 11124.9 11416.2 20

21 Liabilities 13225.0 12898.5 13221.4 13280.3 13349.5 13475.5 13620.8 13695.6 13791.8 13935.1 14031.4 21

22 Credit market instruments 7529.9 7321.4 7475.5 7600.4 7747.0 7878.3 8009.4 8122.5 8255.9 8450.7 8663.3 22

23 Commercial paper 131.5 58.4 82.9 110.5 106.9 124.7 116.3 127.6 132.1 136.1 130.5 23

24 Municipal securities (3) 415.0 452.2 485.4 487.8 493.4 492.2 493.9 495.2 505.3 504.1 509.1 24

25 Corporate bonds (4) 3954.5 4366.2 4804.8 4912.4 5034.3 5121.4 5215.6 5346.4 5452.9 5599.7 5795.2 25

26 Depository institution loans n.e.c. 780.0 546.0 480.9 484.1 492.4 516.9 549.8 542.4 566.2 574.8 605.3 26

27 Other loans and advances 1364.9 1139.1 977.9 975.6 1010.9 1031.0 1045.8 1027.6 1021.7 1067.6 1047.2 27

28 Mortgages 883.9 759.5 643.6 629.9 609.1 592.0 588.0 583.2 577.7 568.3 576.0 28

29 Trade payables 1672.7 1587.5 1743.2 1763.5 1822.1 1861.5 1927.3 1957.1 2002.6 2036.2 2062.3 29

30 Taxes payable 39.0 35.7 42.9 60.7 50.6 59.5 50.7 62.0 58.9 59.5 50.2 30

31 Miscellaneous liabilities 3983.4 3953.9 3959.9 3855.7 3729.8 3676.1 3633.4 3554.1 3474.4 3388.7 3255.6 31

32 Net worth (market value) 15636.2 13289.1 14815.8 15362.1 15499.7 15627.3 16352.6 16589.6 16766.8 17261.3 17587.4 32

 Memo:

 Replacement-cost value of structures:

33 Residential 172.7 173.7 173.3 172.2 172.0 171.6 171.0 169.5 169.2 169.9 170.3 33

34 Nonresidential 7203.6 6894.2 7147.1 7225.3 7336.1 7435.4 7516.7 7566.5 7625.8 7644.9 7664.0 34

35 Market value of equities outstanding 10016.6 12512.2 14441.8 15440.0 15368.9 13054.2 14508.5 16161.5 15612.9 16409.3 16199.4 35

36 Debt/net worth (percent) (5) 48.2 55.1 50.5 49.5 50.0 50.4 49.0 49.0 49.2 49.0 49.3 36

37 Debt/equities (percent) (6) 75.2 58.5 51.8 49.2 50.4 60.4 55.2 50.3 52.9 51.5 53.5 37

38 Equities/net worth (percent) (7) 64.1 94.2 97.5 100.5 99.2 83.5 88.7 97.4 93.1 95.1 92.1 38

 With nonfinancial assets stated at historical cost:

39 Assets (8) 22451.5 22884.2 23855.1 24181.9 24492.9 24774.3 25196.7 25571.5 25834.5 26197.7 26539.6 39

40 Nonfinancial assets 9513.9 9544.1 9834.1 10000.6 10110.3 10219.4 10314.1 10472.0 10557.3 10681.7 10778.2 40

41 Real estate 4145.8 4336.5 4519.1 4580.4 4625.6 4669.1 4733.1 4787.0 4837.4 4887.2 4950.3 41

42 Equipment and software 3738.5 3714.8 3755.5 3775.7 3797.9 3826.1 3857.1 3889.4 3922.3 3953.3 3988.5 42

43 Inventories 1629.5 1492.7 1559.5 1644.5 1686.9 1724.1 1723.9 1795.6 1797.6 1841.3 1839.3 43

44 Net worth (historical cost) (9) 9226.6 9985.8 10633.7 10901.5 11143.3 11298.8 11575.9 11875.9 12042.7 12262.6 12508.2 44

 Memo:

 Historical-cost value of structures:

45 Residential 76.6 78.8 80.4 80.8 81.1 81.5 81.9 82.4 82.8 83.3 83.9 45

46 Nonresidential 3624.8 3811.3 3951.8 3984.5 4023.3 4066.4 4112.5 4161.1 4210.2 4259.3 4309.5 46

47 Debt/net worth (percent) (10) 81.6 73.3 70.3 69.7 69.5 69.7 69.2 68.4 68.6 68.9 69.3 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, March 7, 2013 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

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

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 13512.6 12158.1 12749.0 12919.4 12989.4 13127.8 13340.7 13406.2 13504.4 13703.3 13849.3 1

 2 Nonfinancial assets 9819.4 8565.8 9049.7 9205.9 9265.9 9400.1 9601.0 9658.7 9748.0 9940.4 10050.4 2

 3 Real estate (1) 8879.9 7651.3 8094.2 8213.7 8260.9 8388.6 8587.8 8657.3 8770.9 8980.3 9111.3 3

 4 Residential 4924.2 4525.7 4660.2 4678.6 4718.7 4809.6 4858.8 4913.3 4986.6 5119.9 5238.9 4

 5 Nonresidential 3955.7 3125.6 3434.0 3535.2 3542.2 3579.0 3729.0 3744.0 3784.2 3860.4 3872.5 5

 6 Equipment and software (2) 701.7 694.6 702.2 717.1 729.9 732.9 730.8 716.0 696.2 678.5 657.5 6

 7 Residential (3) 48.7 46.1 44.3 44.2 44.7 45.6 46.1 47.3 47.5 47.3 47.6 7

 8 Nonresidential 653.0 648.6 657.9 672.9 685.2 687.3 684.7 668.7 648.7 631.2 609.8 8

 9 Inventories (2) 237.7 219.9 253.4 275.1 275.1 278.5 282.4 285.4 281.0 281.6 281.7 9

10 Financial assets 3693.2 3592.3 3699.3 3713.4 3723.6 3727.7 3739.7 3747.5 3756.4 3763.0 3798.9 10

11 Checkable deposits and currency 519.4 539.8 521.8 524.0 525.6 526.4 528.3 529.5 531.0 532.1 537.3 11

12 Time and savings deposits 358.1 353.3 356.2 357.5 358.4 358.7 359.8 360.4 361.2 361.7 365.1 12

13 Money market fund shares 75.4 73.7 76.8 77.1 77.3 77.4 77.6 77.7 77.9 78.0 78.7 13

14 Credit market instruments 95.8 89.1 95.8 96.1 96.3 96.4 96.7 96.9 97.1 97.2 98.2 14

15 Treasury securities 51.8 46.1 48.1 48.2 48.4 48.4 48.5 48.6 48.7 48.8 49.3 15

16 Municipal securities 4.9 5.1 5.6 5.6 5.7 5.7 5.7 5.7 5.7 5.7 5.8 16

17 Mortgages 39.1 37.9 42.1 42.2 42.3 42.4 42.5 42.6 42.7 42.7 43.1 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 522.7 496.3 533.4 535.3 536.6 537.1 538.7 539.6 540.8 541.6 546.7 19

20 Miscellaneous assets 2121.8 2040.0 2115.3 2123.4 2129.3 2131.8 2138.8 2143.3 2148.4 2152.3 2172.9 20

21 Insurance receivables 111.5 112.4 112.6 113.0 115.2 116.9 119.0 118.8 119.9 120.7 122.9 21

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

23 Other 2003.9 1921.3 1996.0 2003.8 2007.3 2007.9 2012.7 2017.4 2021.5 2024.5 2042.8 23

24 Liabilities 5794.5 5709.6 5653.5 5657.0 5668.8 5682.7 5702.9 5718.3 5733.9 5744.2 5789.1 24

25 Credit market instruments 4093.4 3973.3 3940.0 3931.0 3929.3 3932.3 3951.6 3959.2 3974.8 3985.0 4030.9 25

26 Depository institution loans n.e.c. 1046.1 944.1 923.7 928.0 944.2 961.6 980.4 1008.5 1031.5 1047.7 1075.7 26

27 Other loans and advances 177.4 172.0 174.1 175.7 172.4 170.0 174.7 176.2 177.9 180.3 183.8 27

28 Mortgages 2869.9 2857.2 2842.2 2827.3 2812.7 2800.7 2796.5 2774.4 2765.3 2757.0 2771.4 28

29 Trade payables 380.7 388.3 416.8 417.4 420.0 422.2 420.6 419.0 417.5 416.4 418.5 29

30 Taxes payable 106.2 99.9 99.2 99.6 99.8 99.9 100.3 100.5 100.7 100.9 101.9 30

31 Miscellaneous liabilities 1214.3 1248.1 1197.6 1209.1 1219.6 1228.3 1230.5 1239.6 1240.9 1241.9 1237.8 31

32 Net worth (5) 7718.0 6448.5 7095.5 7262.3 7320.6 7445.1 7637.8 7687.9 7770.5 7959.1 8060.2 32

 Memo:

 Replacement-cost value of structures:

33 Residential 3047.3 3017.4 3004.3 2987.9 2987.8 2984.0 2975.5 2949.9 2946.1 2958.7 2965.2 33

34 Nonresidential 1691.6 1599.8 1612.0 1632.0 1651.6 1663.1 1666.8 1659.1 1652.5 1636.6 1625.9 34

35 Debt/net worth (percent) (6) 53.0 61.6 55.5 54.1 53.7 52.8 51.7 51.5 51.2 50.1 50.0 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, March 7, 2013

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

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -12474.3 2074.2 3960.2 1684.0 125.4 -2603.4 1723.7 2942.9 -537.5 1884.7 1173.6 1

 2 Net investment 934.3 634.2 1122.4 306.4 74.1 477.7 361.6 375.5 205.4 157.3 384.6 2

 3 Net physical investment 358.1 174.5 187.9 -13.2 43.8 84.6 105.7 -1.7 60.3 110.5 140.2 3

 4 Capital expenditures 1559.3 1384.6 1398.5 292.5 352.0 396.4 419.8 308.0 372.8 425.8 457.7 4

 5 - Consumption of fixed capital 1201.2 1210.1 1210.7 305.7 308.3 311.8 314.1 309.6 312.5 315.3 317.5 5

 6 Net lending (+) or net borrowing (-) 576.2 459.8 934.6 319.6 30.4 393.1 256.0 377.2 145.1 46.9 244.4 6

 7 Net acquisition of financial assets 412.4 274.6 678.4 246.2 -59.4 310.7 266.3 331.8 163.6 36.0 379.4 7

 8 - Net increase in liabilities -163.8 -185.2 -256.2 -73.4 -89.8 -82.4 10.3 -45.4 18.5 -10.9 134.9 8

 Holding gains on assets

 9 at market value (2) -13270.4 1052.5 2796.3 1376.3 29.0 -3083.6 1654.4 2645.0 -743.2 1570.0 816.0 9

10 Real estate -3719.1 -1167.8 -390.4 -147.3 -113.0 -15.2 -11.1 402.0 312.6 330.5 417.5 10

11 Corporate equities -3768.6 1535.7 1466.6 797.2 152.9 -1515.1 775.9 1065.1 -667.1 468.3 257.5 11

12 Mutual fund shares -1274.7 520.2 251.0 141.8 -25.9 -565.5 85.4 333.3 -160.4 165.6 61.2 12

13 Equity in noncorporate business -1314.3 -1234.6 505.0 177.2 50.8 125.2 196.6 67.2 76.2 189.4 114.6 13

14 Life insurance and pension fund reserves -3193.7 1399.2 965.2 407.3 -35.7 -1113.0 607.7 777.3 -304.4 416.1 -34.8 14

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

 Holding gains on assets

16 at current cost (2) -32.5 -43.9 -89.2 5.0 29.0 3.3 -20.5 -0.6 -3.7 -17.2 -13.2 16

17 Consumer durable goods -36.3 -42.9 -90.6 4.0 28.0 2.7 -20.0 -2.0 -4.4 -18.5 -14.9 17

18 Equipment and software 3.8 -1.1 1.3 1.0 1.0 0.6 -0.5 1.4 0.7 1.3 1.7 18

19 Other volume changes (3) -105.8 431.4 130.6 -3.7 -6.7 -0.8 -271.9 -77.0 4.0 174.6 -13.9 19

 Memo:

20 Net worth outstanding (4) 53644.0 55718.2 59678.4 61362.4 61487.8 58884.4 60608.0 63550.9 63013.5 64898.1 66071.7 20

21 Disposable personal income 11024.5 10722.4 11127.1 11484.1 11542.3 11572.6 11598.3 11776.4 11861.8 11929.7 12157.0 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, March 7, 2013 117

R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -1964.5 -2347.1 1526.7 546.3 137.6 127.6 725.3 237.0 177.2 494.5 326.1 1

 2 Net investment -985.3 399.8 5.6 -19.0 -13.1 -27.3 39.6 16.7 -24.6 6.1 62.9 2

 3 Net physical investment 293.6 -97.6 155.9 57.3 51.5 46.5 70.9 68.9 54.6 77.6 65.1 3

 4 Capital expenditures 1112.4 766.5 975.2 247.4 258.7 260.5 289.5 295.2 295.3 303.6 296.9 4

 5 - Consumption of fixed capital 863.2 861.0 857.9 218.5 222.2 224.6 227.0 229.8 232.2 233.8 236.4 5

 6 - Inventory valuation adjustment -44.5 3.2 -38.7 -28.5 -15.1 -10.6 -8.4 -3.5 8.6 -7.8 -4.6 6

 7 Net lending (+) or net borrowing (-) -943.0 562.0 127.7 4.7 63.1 80.2 78.4 20.7 48.7 27.9 104.0 7

 8 Net acquisition of financial assets -604.0 307.3 614.0 130.0 204.1 258.1 274.0 152.4 199.5 206.3 248.8 8

 9 - Net increase in liabilities 339.0 -254.7 486.4 125.3 141.0 177.9 195.6 131.6 150.8 178.4 144.8 9

10 Net corporate equity issues -336.0 -64.6 -278.0 -81.0 -127.7 -154.0 -109.7 -72.9 -127.8 -99.4 -106.3 10

 Holding gains on assets

11 at market value (2) -1206.0 -2962.2 884.2 309.8 -78.6 -0.1 459.4 1.5 40.1 296.9 87.1 11

12 Real estate -1150.9 -2982.5 870.6 303.3 -77.7 21.1 451.9 -11.7 46.1 290.8 86.0 12

13 Mutual fund shares -55.1 20.2 13.6 6.4 -0.8 -21.1 7.5 13.1 -6.0 6.1 1.2 13

 Holding gains on assets less

14 liabilities at current cost (2) 9.7 139.3 18.8 57.7 27.2 15.1 -67.2 34.4 -4.4 31.4 22.8 14

15 Equipment and software 103.4 -11.6 46.3 17.2 21.4 14.5 12.6 22.3 11.5 15.7 19.5 15

16 Inventories (3) -50.5 31.6 58.3 40.2 5.7 0.6 -8.5 12.1 -15.8 15.8 3.3 16

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

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

19 Other volume changes (4) 217.1 76.0 618.1 197.9 202.1 139.9 293.6 184.4 166.0 160.2 153.2 19

 Memo:

20 Net worth outstanding (5) 15636.2 13289.1 14815.8 15362.1 15499.7 15627.3 16352.6 16589.6 16766.8 17261.3 17587.4 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, March 7, 2013

R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2008 2009 2010 2011 2012

 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -1596.1 -1269.5 646.9 166.9 58.3 124.5 192.7 50.1 82.6 188.6 101.1 1

 2 Net capital transfers paid -3.3 -6.0 -7.8 -0.4 -0.4 -0.4 -0.4 -0.1 -0.1 -0.1 -5.5 2

 3 Net investment -292.2 -22.6 151.0 -5.8 7.7 -3.3 -3.3 -19.4 5.2 0.9 -7.2 3

 4 Net physical investment 55.9 -7.6 -8.6 -16.5 9.4 6.6 4.8 -11.3 13.8 6.5 3.6 4

 5 Capital expenditures 267.2 203.4 201.3 36.5 63.0 60.6 59.3 43.6 69.3 62.4 59.8 5

 6 - Consumption of fixed capital 211.3 211.0 209.9 53.0 53.5 54.0 54.5 54.9 55.4 55.8 56.3 6

 7 Net lending (+) or net borrowing (-) -52.6 13.6 16.4 16.9 -9.0 -6.2 -4.4 11.4 -13.8 -6.4 2.0 7

 8 Net acquisition of financial assets 97.3 -100.8 106.9 14.1 10.1 4.1 11.9 7.7 8.8 6.6 35.9 8

 9 - Net increase in liabilities 149.9 -114.4 90.5 -2.8 19.1 10.3 16.3 -3.7 22.6 13.0 33.9 9

10 Proprietor’s net investment (2) -295.5 -28.6 143.2 -6.2 7.3 -3.7 -3.7 -19.4 5.1 0.8 -12.7 10

11 Holding gains on real estate (3) -1310.3 -1232.3 456.7 130.2 48.3 126.0 199.9 77.9 112.8 205.8 136.3 11

12 Residential -936.9 -395.0 144.9 20.8 42.5 93.6 51.4 56.9 75.9 135.5 120.7 12

13 Nonresidential -373.4 -837.2 311.9 109.4 5.8 32.3 148.5 21.0 36.9 70.3 15.6 13

14 Holding gains on assets at current cost (3) 11.0 -13.7 35.8 42.5 2.2 1.7 -3.9 -8.9 -37.3 -20.0 -23.5 14

15 Residential equipment and software 0.2 -2.9 -2.5 -0.7 0.2 0.7 0.6 1.4 0.4 -0.0 0.5 15

16 Nonresidential equipment and software 16.7 -1.9 2.4 20.4 0.9 -3.4 -7.9 -13.1 -34.8 -24.2 -27.5 16

17 Inventories -6.0 -8.9 35.8 22.7 1.0 4.3 3.4 2.8 -2.9 4.2 3.5 17

18 Other volume changes (4) -1.3 5.1 11.2 0.3 0.6 0.6 0.3 0.5 2.1 1.9 1.0 18

 Memo:

19 Net worth outstanding (5) 7718.0 6448.5 7095.5 7262.3 7320.6 7445.1 7637.8 7687.9 7770.5 7959.1 8060.2 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.