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

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

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 76244.6 77250.1 83156.7 92659.7 85889.6 87464.1 89943.2 92659.7 93864.9 95430.2 95410.0 1

 2 Nonfinancial assets 23338.9 23371.1 25073.7 27673.6 25766.7 26509.5 27136.7 27673.6 28118.8 28358.2 28653.4 2

 3 Real estate 18370.4 18245.5 19816.1 22300.3 20467.6 21180.2 21785.1 22300.3 22715.9 22905.7 23151.0 3

 4 Households (2,3) 16396.0 16084.6 17510.4 19638.8 18094.2 18699.3 19187.0 19638.8 20051.7 20172.1 20352.3 4

 5 Nonprofit organizations 1974.4 2160.9 2305.7 2661.5 2373.4 2480.9 2598.2 2661.5 2664.1 2733.6 2798.7 5

 6 Equipment (nonprofits) (4) 280.1 293.0 299.7 306.9 301.3 303.2 305.2 306.9 309.2 312.1 315.2 6

 7 Intellectual property products (nonprofits) (4) 101.8 109.4 117.7 124.1 119.1 120.7 122.3 124.1 126.1 127.9 129.3 7

 8 Consumer durable goods (4) 4586.7 4723.3 4840.1 4942.2 4878.6 4905.4 4924.1 4942.2 4967.6 5012.5 5057.9 8

 9 Financial assets 52905.7 53879.0 58083.0 64986.2 60122.9 60954.5 62806.5 64986.2 65746.1 67072.1 66756.6 9

 10 Deposits 8071.9 8746.6 9275.1 9699.3 9325.0 9325.1 9453.5 9699.3 9865.4 9943.4 10105.6 10

 11 Foreign deposits 67.3 57.4 49.7 52.5 52.9 56.2 56.7 52.5 51.5 49.8 48.8 11

 12 Checkable deposits and currency 423.7 752.2 921.1 1111.6 961.5 958.0 959.9 1111.6 1161.2 1228.2 1271.1 12

 13 Time and savings deposits 6450.8 6822.2 7194.2 7399.9 7250.9 7258.6 7342.5 7399.9 7553.7 7579.4 7672.9 13

 14 Money market fund shares 1130.1 1114.9 1110.1 1135.4 1059.7 1052.2 1094.3 1135.4 1099.0 1086.1 1112.8 14

 15 Credit market instruments 4921.7 4383.1 4178.3 3852.5 4025.2 3944.5 3870.0 3852.5 3645.6 3496.0 3365.2 15

 16 Open market paper 21.1 19.4 18.8 15.0 18.0 17.8 17.6 15.0 14.3 11.5 9.5 16

 17 Treasury securities 1126.5 706.6 928.1 944.1 953.5 1002.7 976.7 944.1 895.4 726.6 724.0 17

 18 Agency- and GSE-backed securities 335.5 300.7 153.5 102.5 97.5 107.5 96.3 102.5 4.7 23.9 4.8 18

 19 Municipal securities 1871.5 1805.9 1662.1 1618.2 1669.7 1665.4 1640.8 1618.2 1609.1 1604.1 1557.6 19

 20 Corporate and foreign bonds 1362.3 1352.0 1242.3 1011.7 1115.8 983.9 975.5 1011.7 963.4 978.9 919.2 20

 21 Other loans and advances (5) 26.2 23.4 20.9 25.9 22.7 24.0 24.5 25.9 26.6 22.2 24.9 21

 22 Mortgages 100.1 100.8 86.9 76.0 84.1 81.2 78.5 76.0 74.3 72.3 70.3 22

 23 Consumer credit (student loans) 78.4 74.5 65.6 59.1 63.8 61.9 60.0 59.1 57.8 56.5 54.8 23

 24 Corporate equities (2) 8680.5 8475.1 9623.1 12457.3 10586.8 10869.3 11599.4 12457.3 12628.5 13365.9 12884.5 24

 25 Mutual fund shares (6) 4636.3 4658.2 5701.8 7142.9 6191.3 6344.5 6750.4 7142.9 7422.8 7720.0 7620.3 25

 26 Security credit 725.2 726.1 757.0 815.5 743.6 794.0 791.5 815.5 866.2 867.8 892.6 26

 27 Life insurance reserves 1137.2 1199.0 1186.1 1232.8 1194.8 1201.6 1218.3 1232.8 1248.1 1254.6 1258.6 27

 28 Pension entitlements (7) 17035.7 17447.7 18460.8 19890.1 18934.7 19089.2 19444.8 19890.1 20092.5 20415.1 20499.4 28

 29 Equity in noncorporate business (8) 6889.0 7364.3 8028.1 8970.7 8243.5 8498.9 8777.7 8970.7 9047.8 9070.6 9188.2 29

 30 Miscellaneous assets 808.2 878.8 872.7 924.9 878.2 887.5 901.1 924.9 929.1 938.7 942.2 30

 31 Liabilities 13782.2 13574.5 13645.1 13793.6 13594.6 13617.8 13734.1 13793.6 13780.7 13940.5 14061.2 31

 32 Credit market instruments 13230.5 13061.3 13062.5 13171.5 13006.6 13033.0 13138.8 13171.5 13175.2 13277.3 13384.0 32

 33 Home mortgages (9) 9915.0 9698.9 9496.8 9407.9 9449.2 9425.9 9435.3 9407.9 9374.2 9361.0 9373.4 33

 34 Consumer credit 2647.4 2755.9 2923.6 3097.9 2923.8 2966.4 3036.6 3097.9 3104.7 3171.6 3245.5 34

 35 Municipal securities (10) 263.2 255.5 241.0 227.8 239.4 235.7 232.4 227.8 227.6 227.0 224.6 35

 36 Depository institution loans n.e.c. 61.0 11.5 62.6 92.7 56.3 64.6 92.3 92.7 123.0 168.4 188.9 36

 37 Other loans and advances 136.1 138.1 139.3 141.3 139.4 140.7 140.9 141.3 141.0 142.6 143.0 37

 38 Commercial mortgages (10) 207.7 201.4 199.1 203.9 198.4 199.7 201.3 203.9 204.6 206.7 208.5 38

 39 Security credit 278.2 238.9 303.7 339.2 307.9 302.6 313.7 339.2 320.6 376.1 390.3 39

 40 Trade payables (10) 248.8 250.0 254.0 255.0 254.3 254.5 254.8 255.0 256.0 256.9 257.4 40

 41 Deferred and unpaid life insurance premiums 24.7 24.3 24.9 27.9 25.9 27.8 26.8 27.9 28.9 30.2 29.6 41

 42 Net worth 62462.4 63675.6 69511.6 78866.2 72295.0 73846.2 76209.2 78866.2 80084.3 81489.7 81348.8 42

 Memo:

 Replacement-cost value of structures:

 43 Residential 12730.1 12845.4 13228.8 14187.3 13468.0 13671.9 13892.8 14187.3 14518.8 14584.5 14857.4 43

 44 Households 12526.6 12641.9 13020.5 13967.6 13256.8 13458.5 13676.8 13967.6 14293.8 14358.5 14627.0 44

 45 Nonprofit organizations 203.5 203.4 208.3 219.7 211.2 213.4 216.0 219.7 225.0 226.1 230.4 45

 46 Nonresidential (nonprofits) 1420.7 1464.6 1508.4 1596.2 1527.2 1554.8 1572.0 1596.2 1609.0 1618.7 1632.1 46

 47 Disposable personal income (SAAR) 11237.9 11801.4 12384.0 12505.1 12340.4 12470.7 12585.8 12623.7 12772.9 12945.2 13061.4 47

 Household net worth as percentage of

 48 disposable personal income (SAAR) 555.8 539.6 561.3 630.7 585.8 592.2 605.5 624.7 627.0 629.5 622.8 48

 Owners’ equity in household real

 49 estate (11) 6481.0 6385.7 8013.6 10230.9 8645.0 9273.5 9751.6 10230.9 10677.5 10811.2 10978.9 49

 Owners’ equity as percentage of

 50 household real estate (12) 39.5 39.7 45.8 52.1 47.8 49.6 50.8 52.1 53.2 53.6 53.9 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) Includes public and private defined benefit and defined contribution pension plans and annuities, including those in IRAs, at life insurance companies. Excludes social security.

(8) Net worth of nonfinancial noncorporate business (table B.103, line 34) and owners’ equity in unincorporated security brokers and dealers.

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

(10) Liabilities of nonprofit organizations.

(11) Line 4 less line 33.

(12) Line 49 divided by line 4.
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118 Z.1, December 11, 2014

B.102 Balance Sheet of Nonfinancial Corporate Business

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

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 28957.8 30545.3 31979.4 34708.0 32584.9 33303.1 34067.6 34708.0 34885.5 35603.9 36065.1 1

 2 Nonfinancial assets 14941.1 16039.7 16894.5 18542.2 17204.3 17675.7 18219.9 18542.2 18651.2 19059.1 19387.4 2

 3 Real estate (1) 7545.7 8275.3 8823.5 10217.0 9078.5 9501.5 9970.9 10217.0 10224.8 10538.5 10797.4 3

 4 Equipment (2) 3853.6 4008.0 4138.0 4261.7 4164.8 4195.3 4229.8 4261.7 4300.2 4346.0 4394.7 4

 5 Intellectual property products (2) 1669.1 1746.9 1839.4 1916.9 1854.3 1872.2 1893.8 1916.9 1942.5 1964.5 1981.7 5

 6 Inventories (2) 1872.7 2009.6 2093.6 2146.6 2106.7 2106.7 2125.3 2146.6 2183.6 2210.0 2213.6 6

 7 Financial assets 14016.8 14505.6 15084.9 16165.8 15380.6 15627.4 15847.7 16165.8 16234.3 16544.8 16677.6 7

 8 Foreign deposits 40.6 34.8 35.4 86.6 55.9 67.4 69.2 86.6 74.8 86.4 81.8 8

 9 Checkable deposits and currency 234.5 264.2 257.3 279.4 260.5 222.7 254.9 279.4 243.4 255.3 224.0 9

 10 Time and savings deposits 548.7 561.9 595.2 644.9 594.7 612.4 649.9 644.9 661.7 660.7 659.1 10

 11 Money market fund shares 497.8 462.4 480.6 521.1 476.0 473.1 500.0 521.1 497.1 493.4 512.9 11

 12 Security repurchase agreements 12.1 12.6 9.7 8.7 9.2 8.6 12.5 8.7 11.2 13.4 13.3 12

 13 Credit market instruments 229.4 222.3 209.7 165.7 176.3 177.0 169.0 165.7 158.8 153.2 154.6 13

 14 Commercial paper 68.0 67.9 59.5 37.7 56.2 50.5 42.2 37.7 34.6 28.7 29.2 14

 15 Treasury securities 48.0 43.0 39.4 39.9 32.9 37.9 38.2 39.9 38.1 37.9 39.8 15

 16 Agency- and GSE-backed securities 16.0 14.3 13.1 9.3 6.0 7.6 7.7 9.3 10.7 12.6 13.3 16

 17 Municipal securities 23.9 22.3 22.9 11.5 13.8 13.8 14.0 11.5 9.8 8.7 7.3 17

 18 Mortgages 28.0 27.4 25.5 23.7 25.1 24.6 24.1 23.7 23.2 22.7 22.2 18

 19 Consumer credit 45.5 47.4 49.2 43.5 42.4 42.6 42.8 43.5 42.4 42.6 42.8 19

 20 Mutual fund shares (1) 186.8 165.9 180.1 211.4 189.3 190.9 199.8 211.4 213.9 219.6 216.2 20

 21 Trade receivables 2156.5 2240.3 2292.1 2432.1 2399.9 2486.7 2507.5 2432.1 2502.3 2582.8 2598.5 21

 22 U.S. direct investment abroad (3) 3402.9 3759.2 4081.0 4370.0 4111.8 4199.3 4311.4 4370.0 4394.9 4486.1 4559.1 22

 23 Miscellaneous assets 6707.4 6782.0 6943.8 7445.8 7106.9 7189.4 7173.5 7445.8 7476.2 7593.9 7658.2 23

 24 Liabilities 13226.7 13878.4 14695.2 15591.2 14925.8 15120.2 15379.9 15591.2 15692.6 15925.9 16114.3 24

 25 Credit market instruments 6012.9 6273.4 6721.3 7121.5 6801.2 6916.6 7055.1 7121.5 7259.2 7336.4 7446.5 25

 26 Commercial paper 82.9 116.3 130.3 144.5 140.1 147.2 171.2 144.5 180.2 185.9 208.5 26

 27 Municipal securities (4) 485.4 493.9 509.1 518.5 510.4 515.0 516.4 518.5 517.7 516.4 514.8 27

 28 Corporate bonds (3) 3376.6 3538.3 3862.6 4140.9 3940.7 3983.4 4090.5 4140.9 4212.1 4270.0 4323.0 28

 29 Depository institution loans n.e.c. 477.1 546.0 607.9 654.4 604.0 620.9 627.0 654.4 653.6 674.8 682.7 29

 30 Other loans and advances 948.1 1008.3 1036.8 1063.6 1036.9 1076.2 1066.0 1063.6 1095.6 1081.0 1098.4 30

 31 Mortgages 642.7 570.4 574.6 599.7 569.1 573.8 584.0 599.7 600.2 608.2 619.2 31

 32 Trade payables 1746.4 1771.6 1837.8 1951.5 1858.4 1899.8 1932.3 1951.5 1955.9 1995.6 2013.1 32

 33 Taxes payable 42.9 51.7 54.0 45.0 60.4 48.1 49.7 45.0 51.2 47.1 55.7 33

 34 Foreign direct investment in U.S. 2128.7 2230.7 2408.9 2610.3 2441.0 2472.7 2510.1 2610.3 2569.9 2625.0 2718.2 34

 35 Miscellaneous liabilities 3295.9 3551.1 3673.4 3863.0 3764.9 3783.1 3832.7 3863.0 3856.3 3921.8 3880.8 35

 36 Net worth (market value) 15731.1 16666.9 17284.2 19116.7 17659.0 18182.9 18687.7 19116.7 19193.0 19678.0 19950.7 36

 Memo:

 Replacement-cost value of structures:

 37 Residential 166.3 165.7 168.6 175.0 170.2 171.3 172.7 175.0 179.0 179.8 183.1 37

 38 Nonresidential 7123.9 7425.5 7620.7 7933.5 7681.6 7787.7 7842.3 7933.5 7999.5 8051.0 8120.9 38

 39 Market value of equities outstanding 14371.6 14387.7 15993.1 20762.0 17700.6 18019.7 19185.9 20762.0 21042.5 22063.2 21666.0 39

 40 Debt/net worth (percent) (line 25 divided by line 36) 38.2 37.6 38.9 37.3 38.5 38.0 37.8 37.3 37.8 37.3 37.3 40

 41 Debt/equities (percent) (line 25 divided by line 39) 41.8 43.6 42.0 34.3 38.4 38.4 36.8 34.3 34.5 33.3 34.4 41

 42 Equities/net worth (percent) (line 39 divided by line 36) 91.4 86.3 92.5 108.6 100.2 99.1 102.7 108.6 109.6 112.1 108.6 42

 With nonfinancial assets stated at historical cost:

 43 Assets (sum of lines 7 and 44) 25006.1 25954.2 27029.9 28578.2 27471.9 27803.8 28159.4 28578.2 28829.4 29250.2 29538.2 43

 44 Nonfinancial assets 10989.4 11448.7 11945.0 12412.4 12091.4 12176.4 12311.7 12412.4 12595.1 12705.4 12860.6 44

 45 Real estate 4377.1 4537.7 4725.0 4919.8 4767.9 4808.0 4865.2 4919.8 4974.7 5028.8 5084.6 45

 46 Equipment 3482.4 3592.0 3727.3 3875.8 3763.7 3799.3 3835.5 3875.8 3914.4 3956.8 4002.8 46

 47 Intellectual property products 1570.3 1637.6 1707.5 1781.5 1726.3 1744.4 1762.6 1781.5 1801.3 1822.2 1844.1 47

 48 Inventories 1559.5 1681.4 1785.3 1835.3 1833.5 1824.7 1848.4 1835.3 1904.7 1897.6 1929.2 48

 49 Net worth (historical cost) (line 43 less line 24) 11779.4 12075.8 12334.7 12986.9 12546.1 12683.6 12779.6 12986.9 13136.8 13324.3 13423.9 49

 Memo:

 Historical-cost value of structures:

 50 Residential 81.6 82.7 84.5 87.2 85.0 85.7 86.4 87.2 87.9 88.6 89.4 50

 51 Nonresidential 3808.7 3949.4 4126.9 4307.9 4168.8 4212.7 4258.8 4307.9 4357.7 4410.0 4462.7 51

 52 Debt/net worth (percent) (line 25 divided by line 49) 51.0 51.9 54.5 54.8 54.2 54.5 55.2 54.8 55.3 55.1 55.5 52

 (1) At market value.

 (2) At replacement (current) cost.

 (3) 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.

 (4) 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.
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B.103 Balance Sheet of Nonfinancial Noncorporate Business

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

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 12548.6 13107.5 13868.9 14942.9 14088.9 14383.3 14706.4 14942.9 15053.1 15145.8 15308.3 1

 2 Nonfinancial assets 8820.4 9362.6 10049.5 11086.4 10272.8 10554.4 10864.8 11086.4 11174.8 11226.5 11357.7 2

 3 Real estate (1) 7664.5 8133.9 8781.4 9789.3 8993.7 9267.1 9570.2 9789.3 9891.6 9970.9 10143.4 3

 4 Residential 4410.7 4600.5 4976.1 5499.9 5089.6 5220.6 5374.2 5499.9 5596.3 5586.7 5685.7 4

 5 Nonresidential 3253.7 3533.4 3805.3 4289.3 3904.1 4046.5 4196.0 4289.3 4295.3 4384.2 4457.7 5

 6 Equipment (2) 709.2 740.7 763.2 784.9 770.7 778.5 785.3 784.9 780.0 770.2 756.4 6

 7 Residential (3) 42.2 43.9 44.3 43.3 44.3 43.9 43.5 43.3 43.4 42.5 42.4 7

 8 Nonresidential 667.0 696.8 718.9 741.5 726.4 734.7 741.8 741.5 736.5 727.7 714.0 8

 9 Intellectual property products (2) 189.9 196.6 206.4 214.9 209.5 212.9 215.2 214.9 198.2 178.5 155.3 9

 10 Inventories (2) 256.9 291.3 298.5 297.3 298.9 295.8 294.1 297.3 305.1 306.9 302.6 10

 11 Financial assets 3728.3 3744.9 3819.4 3856.5 3816.0 3829.0 3841.6 3856.5 3878.3 3919.3 3950.6 11

 12 Checkable deposits and currency 531.6 529.3 544.2 540.8 541.7 541.3 540.9 540.8 543.8 549.5 553.8 12

 13 Time and savings deposits 356.2 360.1 365.2 372.9 365.8 368.1 370.4 372.9 375.0 379.0 382.1 13

 14 Money market fund shares 76.8 77.7 78.7 80.4 78.9 79.4 79.9 80.4 80.9 81.7 82.4 14

 15 Credit market instruments 95.8 96.8 98.1 100.2 98.3 98.9 99.6 100.2 100.8 101.9 102.7 15

 16 Treasury securities 48.1 48.6 49.3 50.3 49.4 49.7 50.0 50.3 50.6 51.1 51.6 16

 17 Municipal securities 5.6 5.7 5.8 5.9 5.8 5.8 5.8 5.9 5.9 6.0 6.0 17

 18 Mortgages 42.1 42.5 43.1 44.0 43.2 43.5 43.7 44.0 44.3 44.8 45.1 18

 19 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19

 20 Trade receivables 533.4 539.2 546.7 558.3 547.7 551.2 554.6 558.3 561.5 567.5 572.1 20

 21 Miscellaneous assets 2134.4 2141.8 2186.4 2203.8 2183.6 2190.0 2196.2 2203.8 2216.2 2239.6 2257.5 21

 22 Insurance receivables 131.7 120.1 135.9 108.5 128.6 122.4 115.6 108.5 108.4 109.4 110.2 22

 23 Equity investment in GSEs (4) 6.7 7.0 7.2 7.8 7.1 7.4 7.6 7.8 8.0 8.1 8.3 23

 24 Other 1996.0 2014.8 2043.3 2087.5 2047.8 2060.2 2073.0 2087.5 2099.9 2122.1 2139.1 24

 25 Liabilities 5675.6 5755.0 5858.0 5989.8 5863.3 5902.3 5945.2 5989.8 6023.7 6093.8 6139.3 25

 26 Credit market instruments 3950.9 3986.1 4070.1 4184.9 4066.7 4104.5 4140.7 4184.9 4212.5 4278.7 4328.0 26

 27 Depository institution loans n.e.c. 927.4 984.2 1072.2 1121.8 1076.8 1094.4 1105.9 1121.8 1132.1 1170.8 1185.4 27

 28 Other loans and advances 170.8 171.3 180.7 186.9 180.2 180.6 181.5 186.9 187.8 188.5 190.4 28

 29 Mortgages 2852.7 2830.6 2817.2 2876.2 2809.7 2829.5 2853.3 2876.2 2892.6 2919.5 2952.1 29

 30 Trade payables 427.8 435.7 434.5 442.0 438.9 440.6 442.5 442.0 444.7 448.4 450.5 30

 31 Taxes payable 99.2 100.3 102.4 105.5 102.6 103.6 104.5 105.5 106.4 108.0 109.2 31

 32 Foreign direct investment in U.S. 5.3 6.1 6.6 7.3 6.5 6.6 7.0 7.3 7.5 7.5 7.4 32

 33 Miscellaneous liabilities 1192.4 1226.8 1244.4 1250.2 1248.5 1247.1 1250.5 1250.2 1252.7 1251.2 1244.3 33

 34 Net worth (5) 6873.1 7352.5 8010.9 8953.1 8225.6 8481.0 8761.2 8953.1 9029.4 9052.0 9169.0 34

 Memo:

 Replacement-cost value of structures:

 35 Residential 2839.6 2831.2 2870.4 2989.8 2900.0 2921.8 2947.6 2989.8 3055.5 3064.7 3117.7 35

 36 Nonresidential 1680.2 1730.1 1774.5 1853.4 1794.1 1822.3 1835.5 1853.4 1860.5 1860.5 1864.6 36

 37 Debt/net worth (percent) (6) 57.5 54.2 50.8 46.7 49.4 48.4 47.3 46.7 46.7 47.3 47.2 37

(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 25. Included in table B.100, line 29.

(6) Line 26 divided by line 34.
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120 Z.1, December 11, 2014

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

Billions of dollars; not seasonally adjusted

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 4215.1 1213.2 5835.9 9354.6 2783.5 1551.2 2363.0 2657.0 1218.1 1405.5 -140.9 1

 2 Net investment 1031.7 1290.9 1171.1 1134.9 465.0 139.2 90.5 440.2 404.7 228.1 72.8 2

 3 Net physical investment 134.9 164.8 249.1 328.7 78.5 82.0 84.7 83.5 84.7 95.2 100.3 3

 4 Capital expenditures 1448.9 1501.3 1614.3 1740.4 425.9 433.2 439.6 441.7 437.8 450.1 458.9 4

 5 - Consumption of fixed capital 1314.0 1336.5 1365.2 1411.7 347.3 351.2 354.9 358.2 353.1 355.0 358.7 5

 6 Net lending (+) or net borrowing (-) 896.8 1126.1 922.0 806.2 386.4 57.2 5.8 356.8 319.9 133.0 -27.5 6

 7 Net acquisition of financial assets 790.7 1059.6 1194.8 1042.4 362.2 105.0 142.9 432.3 321.0 304.7 104.6 7

 8 - Net increase in liabilities -106.0 -66.5 272.8 236.2 -24.2 47.8 137.1 75.6 1.1 171.7 132.1 8

 Holding gains on assets

 9 at market value (2) 2459.5 24.8 4438.5 8075.2 2332.8 1311.2 2269.7 2161.5 888.0 1212.6 -314.3 9

 10 Real estate -391.0 -152.7 1515.7 2364.8 626.1 682.0 572.6 484.2 389.7 161.0 214.4 10

 11 Corporate equities 1645.4 55.9 1389.4 2889.4 912.3 281.7 872.2 823.2 292.9 671.8 -400.3 11

 12 Mutual fund shares 254.9 -268.6 326.6 803.1 192.4 15.5 271.9 323.3 58.4 160.6 -173.1 12

 13 Equity in noncorporate business 454.6 525.2 667.2 984.7 214.9 268.9 296.4 204.6 74.5 34.0 110.4 13

 14 Life insurance reserves 21.7 -7.4 18.9 27.5 8.2 1.0 7.7 10.5 1.7 5.0 -4.8 14

 15 Pension entitlements 474.9 -127.4 520.8 1005.6 378.9 62.2 248.9 315.6 70.8 180.3 -60.8 15

 16 Equity investment under PPIP -1.0 -0.2 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Holding gains on assets

 17 at current cost (2) -91.1 22.4 -38.9 -91.1 -11.2 -21.2 -28.8 -29.9 -28.3 -16.2 -18.7 17

 18 Consumer durable goods -88.3 17.7 -41.5 -92.2 -10.4 -21.4 -29.5 -30.9 -31.2 -19.1 -21.2 18

 19 Equipment -2.4 2.5 -0.1 -0.3 -0.7 -0.1 0.3 0.2 1.5 1.8 1.9 19

 20 Intellectual property products -0.4 2.2 2.8 1.4 -0.2 0.3 0.4 0.9 1.3 1.0 0.7 20

 21 Other volume changes (3) 815.1 -124.8 265.3 235.6 -3.0 122.0 31.6 85.1 -46.2 -19.0 119.3 21

 Memo:

 22 Net worth outstanding (4) 62462.4 63675.6 69511.6 78866.2 72295.0 73846.2 76209.2 78866.2 80084.3 81489.7 81348.8 22

 23 Disposable personal income 11237.9 11801.4 12384.0 12505.1 12340.4 12470.7 12585.8 12623.7 12772.9 12945.2 13061.4 23

(1) Sum of net investment (line 2), holding gains (lines 9 and 17), and other volume changes (line 21).

(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.
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R.102 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 1451.3 935.8 617.2 1832.6 374.9 523.9 504.8 429.0 76.2 485.1 272.7 1

 2 Net investment 74.0 -595.2 -533.1 -300.3 -56.8 -46.5 -144.7 -52.3 -132.5 22.1 -137.1 2

 3 Net physical investment 184.0 262.4 305.3 293.5 56.7 66.0 85.8 85.0 89.5 100.5 102.5 3

 4 Capital expenditures 1235.4 1331.9 1478.0 1525.8 359.0 375.1 395.7 396.1 399.4 415.8 425.2 4

 5 - Consumption of fixed capital 1092.4 1137.8 1182.2 1228.9 302.7 305.3 309.2 311.8 316.0 318.5 321.6 5

 6 - Inventory valuation adjustment -41.0 -68.3 -9.5 3.3 -0.4 3.8 0.7 -0.7 -6.2 -3.2 1.0 6

 7 Net lending (+) or net borrowing (-) 145.2 -400.9 -478.9 -221.2 -58.7 -18.7 -126.9 -16.8 -95.3 -12.9 -111.6 7

 8 Net acquisition of financial assets 632.7 493.4 506.2 897.9 233.7 233.7 183.0 247.5 56.1 273.9 133.7 8

 9 - Net increase in liabilities 487.6 894.3 985.1 1119.1 292.4 252.4 310.0 264.3 151.3 286.8 245.3 9

 10 Net corporate equity issues -255.1 -456.7 -359.5 -372.6 -54.8 -93.8 -103.5 -120.5 -126.7 -65.4 -128.0 10

 Holding gains on assets

 11 at market value (2) 738.3 676.9 492.4 1356.8 260.7 412.7 448.0 235.5 -20.5 295.0 226.9 11

 12 Real estate 724.6 684.9 478.1 1326.3 251.7 411.2 439.4 224.1 -22.7 289.5 230.6 12

 13 Mutual fund shares 13.6 -8.1 14.3 30.5 9.0 1.4 8.7 11.4 2.2 5.5 -3.7 13

 Holding gains on assets less

 14 liabilities at current cost (2) 1.9 181.2 84.2 11.6 -35.2 15.3 59.5 -27.9 -46.6 36.8 -37.3 14

 15 Equipment 41.1 76.6 30.1 8.6 -1.0 3.4 6.4 -0.2 7.6 11.4 10.7 15

 16 Intellectual property products 22.5 27.9 43.5 26.1 1.6 5.5 9.1 10.0 11.7 7.1 1.2 16

 17 Inventories (3) 69.1 33.7 12.7 -0.3 4.7 -5.6 -2.1 2.8 22.6 2.8 -13.6 17

 18 Direct investment abroad -145.6 -47.6 5.9 -28.4 -42.8 -12.7 30.6 -3.6 -17.8 11.5 4.1 18

 19 - Foreign direct investment in U.S. -14.8 -90.7 8.1 -5.7 -2.4 -24.8 -15.4 36.9 70.7 -4.2 39.8 19

 20 Other volume changes (4) 637.1 673.0 573.7 764.4 206.2 142.4 142.0 273.8 275.7 131.1 220.3 20

 Memo:

 21 Net worth outstanding (5) 15731.1 16666.9 17284.2 19116.7 17659.0 18182.9 18687.7 19116.7 19193.0 19678.0 19950.7 21

(1) Sum of net investment (line 2), holding gains (lines 11 and 14), and other volume changes (line 20).

(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 36.
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R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2010 2011 2012 2013 2013 2014

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 632.3 479.4 658.4 942.2 214.7 255.5 280.2 191.9 76.3 22.6 117.0 1

 2 Net capital transfers paid -7.8 -1.6 -4.9 -0.0 -0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 2

 3 Net investment 170.7 -52.9 -3.5 -42.7 0.5 -14.9 -14.7 -13.6 1.1 -11.6 4.9 3

 4 Net physical investment -21.7 16.7 32.0 56.2 10.5 12.4 16.6 16.8 14.0 18.2 19.6 4

 5 Capital expenditures 245.1 281.7 303.7 337.9 79.7 82.4 87.4 88.4 86.7 91.4 93.6 5

 6 - Consumption of fixed capital 266.9 265.0 271.8 281.7 69.2 70.0 70.8 71.7 72.7 73.3 74.0 6

 7 Net lending (+) or net borrowing (-) 29.5 -15.1 -27.0 -56.2 -10.5 -12.4 -16.6 -16.8 -14.0 -18.2 -19.6 7

 8 Net acquisition of financial assets 152.0 16.6 74.5 37.1 -3.4 12.9 12.6 14.9 21.8 41.0 31.4 8

 9 - Net increase in liabilities 122.4 31.7 101.6 93.4 7.1 25.3 29.2 31.7 35.8 59.1 51.0 9

 10 Proprietor’s net investment (2) 163.0 -54.5 -8.4 -42.7 0.5 -14.9 -14.7 -13.6 1.1 -11.6 4.9 10

 11 Holding gains on real estate (3) 387.3 479.2 646.6 992.3 210.5 270.0 298.3 213.5 95.8 72.4 165.0 11

 12 Residential 156.0 204.3 389.2 522.1 114.4 130.9 152.4 124.4 94.6 -11.4 96.7 12

 13 Nonresidential 231.2 274.9 257.4 470.2 96.1 139.1 145.9 89.1 1.3 83.7 68.3 13

 14 Holding gains on assets at current cost (3) 59.3 45.7 17.0 -11.8 2.4 -0.9 -4.5 -8.8 -21.4 -38.8 -53.5 14

 15 Residential equipment -2.3 1.0 -0.4 -2.1 -0.3 -0.8 -0.6 -0.4 0.3 -0.8 0.0 15

 16 Nonresidential equipment 23.9 15.6 9.1 6.4 3.6 4.4 3.3 -4.9 -9.4 -14.1 -19.7 16

 17 Intellectual property products 7.2 2.3 4.0 2.6 1.6 1.9 0.8 -1.7 -18.3 -21.2 -24.9 17

 18 Inventories 30.7 27.6 4.1 -18.5 -2.5 -6.5 -7.9 -1.6 6.0 -2.8 -8.9 18

 19 - Foreign direct investment in U.S. 0.2 0.8 -0.1 0.2 0.0 0.0 0.0 0.2 0.0 0.0 0.0 19

 20 Other volume changes (4) 22.8 9.0 3.2 4.5 1.3 1.2 1.1 0.8 0.7 0.7 0.6 20

 Memo:

 21 Net worth outstanding (5) 6873.1 7352.5 8010.9 8953.1 8225.6 8481.0 8761.2 8953.1 9029.4 9052.0 9169.0 21

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 20).

(2) Shown on table F.103, line 31.

(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 34.