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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

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 72972.2 77129.5 78331.9 84460.8 94419.3 83001.2 84460.8 87630.7 88995.4 91398.6 94419.3 1

 2 Nonfinancial assets 23664.2 23318.7 23264.0 25003.8 27470.7 24534.3 25003.8 25794.2 26408.0 26974.0 27470.7 2

 3 Real estate 18686.6 18326.3 18109.4 19708.3 21996.4 19270.9 19708.3 20444.4 21015.3 21540.6 21996.4 3

 4 Households (2,3) 16907.1 16342.7 15937.8 17391.0 19397.8 16984.6 17391.0 18087.5 18556.1 18996.7 19397.8 4

 5 Nonprofit organizations 1779.5 1983.6 2171.6 2317.3 2598.6 2286.3 2317.3 2356.9 2459.2 2543.9 2598.6 5

 6 Equipment (nonprofits) (4) 279.5 290.6 304.6 315.1 323.5 312.2 315.1 317.2 319.2 321.5 323.5 6

 7 Intellectual property products (nonprofits) (4) 110.0 115.0 123.6 132.4 140.0 131.1 132.4 134.6 136.2 138.1 140.0 7

 8 Consumer durable goods (4) 4588.1 4586.7 4726.4 4848.0 5010.8 4820.1 4848.0 4897.9 4937.4 4973.8 5010.8 8

 9 Financial assets 49308.0 53810.9 55067.9 59457.0 66948.5 58466.9 59457.0 61836.6 62587.4 64424.6 66948.5 9

 10 Deposits 8094.8 8060.5 8738.5 9201.1 9447.6 8854.1 9201.1 9205.0 9133.1 9252.3 9447.6 10

 11 Foreign deposits 50.2 49.7 46.9 45.1 50.8 46.4 45.1 46.5 51.3 50.2 50.8 11

 12 Checkable deposits and currency 400.6 425.2 754.0 826.4 908.2 704.5 826.4 828.4 798.5 793.8 908.2 12

 13 Time and savings deposits 6330.8 6455.9 6827.7 7203.3 7388.5 7042.3 7203.3 7253.7 7264.6 7348.3 7388.5 13

 14 Money market fund shares 1313.2 1129.7 1109.9 1126.3 1100.1 1060.9 1126.3 1076.4 1018.8 1060.1 1100.1 14

 15 Credit market instruments 5604.1 5874.3 5489.9 5640.7 5652.1 5547.5 5640.7 5598.9 5670.3 5655.5 5652.1 15

 16 Open market paper 22.7 21.1 19.4 19.0 17.0 19.1 19.0 20.0 19.8 19.5 17.0 16

 17 Treasury securities 858.8 1131.8 719.3 961.9 944.3 891.0 961.9 986.0 1048.9 1006.4 944.3 17

 18 Agency- and GSE-backed securities 359.3 355.6 323.1 194.7 121.4 209.5 194.7 156.1 159.1 157.0 121.4 18

 19 Municipal securities 1828.0 1871.8 1806.9 1654.8 1617.2 1709.9 1654.8 1669.7 1672.3 1646.6 1617.2 19

 20 Corporate and foreign bonds 2311.8 2293.8 2427.3 2640.9 2793.1 2542.5 2640.9 2600.2 2605.8 2664.7 2793.1 20

 21 Other loans and advances (5) 26.8 26.2 23.4 20.9 25.3 23.1 20.9 22.7 24.0 24.5 25.3 21

 22 Mortgages 108.0 95.6 96.0 81.5 72.2 84.7 81.5 79.1 76.6 74.2 72.2 22

 23 Consumer credit (student loans) 88.8 78.4 74.5 67.1 61.7 67.5 67.1 65.0 63.8 62.6 61.7 23

 24 Corporate equities (2) 7491.9 8996.7 9049.9 10337.7 13864.8 10269.3 10337.7 11632.5 11779.5 12546.7 13864.8 24

 25 Mutual fund shares (6) 4115.8 4594.0 4449.2 5279.4 6692.1 5124.1 5279.4 5755.2 5946.7 6343.0 6692.1 25

 26 Security credit 668.6 694.3 752.4 776.0 833.8 780.2 776.0 782.6 820.3 826.5 833.8 26

 27 Life insurance reserves 1109.2 1137.2 1203.6 1186.1 1232.1 1180.6 1186.1 1194.6 1200.4 1217.7 1232.1 27

 28 Pension entitlements (7) 15206.0 16745.7 17120.8 18088.8 19600.7 17948.8 18088.8 18563.3 18738.6 19101.5 19600.7 28

 29 Equity in noncorporate business (8) 6216.7 6900.0 7384.9 8073.5 8724.5 7899.8 8073.5 8232.4 8424.0 8600.4 8724.5 29

 30 Miscellaneous assets 800.9 808.2 878.8 873.6 900.8 862.6 873.6 872.2 874.4 880.9 900.8 30

 31 Liabilities 14052.0 13775.4 13568.7 13597.9 13755.6 13476.4 13597.9 13542.8 13561.7 13688.5 13755.6 31

 32 Credit market instruments 13574.2 13198.3 13017.3 12979.6 13105.1 12888.3 12979.6 12920.9 12945.6 13062.3 13105.1 32

 33 Home mortgages (9) 10417.3 9907.2 9678.1 9435.2 9371.6 9449.5 9435.2 9387.5 9360.7 9382.4 9371.6 33

 34 Consumer credit 2553.5 2648.1 2757.0 2924.3 3098.6 2859.4 2924.3 2924.4 2967.7 3038.8 3098.6 34

 35 Municipal securities (10) 265.4 263.2 255.5 241.0 227.8 245.6 241.0 239.4 235.7 232.4 227.8 35

 36 Depository institution loans n.e.c. 10.2 61.0 12.4 66.3 88.0 23.1 66.3 57.3 66.7 91.9 88.0 36

 37 Other loans and advances 133.7 136.1 138.1 139.3 141.3 138.3 139.3 139.4 140.7 140.8 141.3 37

 38 Commercial mortgages (10) 194.1 182.7 176.3 173.5 177.7 172.6 173.5 172.9 174.0 176.0 177.7 38

 39 Security credit 203.0 278.2 238.9 303.7 339.2 269.1 303.7 307.9 302.6 313.7 339.2 39

 40 Trade payables (10) 252.7 274.1 288.2 289.7 284.3 290.5 289.7 288.1 285.7 285.6 284.3 40

 41 Deferred and unpaid life insurance premiums 22.1 24.7 24.3 24.9 27.0 28.4 24.9 25.9 27.8 26.8 27.0 41

 42 Net worth 58920.2 63354.2 64763.3 70862.8 80663.7 69524.8 70862.8 74087.9 75433.7 77710.1 80663.7 42

 Memo:

 Replacement-cost value of structures:

 43 Residential 12680.7 12730.1 12846.1 13218.9 14172.6 13068.5 13218.9 13451.5 13654.4 13863.9 14172.6 43

 44 Households 12479.0 12526.6 12640.3 13010.0 13948.6 12861.5 13010.0 13238.9 13438.6 13644.8 13948.6 44

 45 Nonprofit organizations 201.7 203.5 205.8 208.9 224.0 207.0 208.9 212.6 215.8 219.1 224.0 45

 46 Nonresidential (nonprofits) 1487.7 1500.8 1554.1 1600.3 1683.4 1590.7 1600.3 1619.6 1644.1 1661.1 1683.4 46

 47 Disposable personal income (SAAR) 10937.2 11243.7 11787.4 12245.8 12475.9 12205.1 12520.4 12296.9 12417.4 12567.7 12621.5 47

 Household net worth as percentage of

 48 disposable personal income (SAAR) 538.7 563.5 549.4 578.7 646.6 569.6 566.0 602.5 607.5 618.3 639.1 48

 Owners’ equity in household real

 49 estate (11) 6489.7 6435.5 6259.7 7955.8 10026.2 7535.1 7955.8 8700.0 9195.4 9614.3 10026.2 49

 Owners’ equity as percentage of

 50 household real estate (12) 38.4 39.4 39.3 45.7 51.7 44.4 45.7 48.1 49.6 50.6 51.7 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) 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 33) 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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114 Z.1, March 6, 2014

B.102 Balance Sheet of Nonfinancial Corporate Business

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

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

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

 1 Assets 27215.4 29012.7 30596.8 32446.8 34994.9 32058.2 32446.8 32908.8 33605.5 34360.4 34994.9 1

 2 Nonfinancial assets 13881.6 14979.0 16073.7 16945.9 18263.5 16781.2 16945.9 17143.2 17578.9 17979.6 18263.5 2

 3 Real estate (1) 6777.3 7578.4 8318.9 8880.3 9955.4 8770.0 8880.3 9016.3 9414.8 9743.5 9955.4 3

 4 Equipment (2) 3826.9 3887.7 4023.7 4146.9 4243.6 4115.2 4146.9 4169.7 4191.0 4218.6 4243.6 4

 5 Intellectual property products (2) 1572.1 1639.3 1719.8 1819.1 1902.6 1806.1 1819.1 1842.1 1858.2 1880.1 1902.6 5

 6 Inventories (2) 1705.3 1873.6 2011.2 2099.6 2161.8 2089.8 2099.6 2115.1 2114.9 2137.4 2161.8 6

 7 Financial assets 13333.8 14033.7 14523.2 15500.8 16731.5 15277.1 15500.8 15765.6 16026.6 16380.8 16731.5 7

 8 Foreign deposits 31.5 40.6 34.8 13.4 56.5 9.4 13.4 28.9 60.2 63.4 56.5 8

 9 Checkable deposits and currency 155.0 234.6 264.3 357.0 464.1 343.4 357.0 396.7 380.5 412.7 464.1 9

 10 Time and savings deposits 488.8 548.7 561.9 586.6 661.6 576.9 586.6 594.9 610.3 646.3 661.6 10

 11 Money market fund shares 655.5 497.8 462.4 458.3 455.4 437.9 458.3 444.2 432.0 450.3 455.4 11

 12 Security repurchase agreements 7.9 12.1 12.6 10.3 9.2 11.2 10.3 9.9 9.3 13.2 9.2 12

 13 Commercial paper 56.0 68.0 67.9 60.3 40.2 60.4 60.3 56.9 50.9 42.6 40.2 13

 14 Treasury securities 43.0 48.0 43.0 50.2 51.8 56.0 50.2 41.6 48.4 48.6 51.8 14

 15 Agency- and GSE-backed securities 14.3 16.0 14.3 11.7 7.3 16.2 11.7 3.9 6.1 6.2 7.3 15

 16 Municipal securities 27.1 23.9 22.3 34.4 26.6 28.3 34.4 20.7 21.0 21.0 26.6 16

 17 Mortgages 29.5 28.0 27.4 26.9 26.3 27.0 26.9 26.7 26.6 26.5 26.3 17

 18 Consumer credit 53.8 46.2 48.5 48.5 43.1 47.8 48.5 42.0 42.0 42.6 43.1 18

 19 Trade receivables 2053.9 2155.8 2239.2 2322.7 2462.7 2414.0 2322.7 2426.5 2504.0 2520.6 2462.7 19

 20 Mutual fund shares (1) 162.0 186.8 165.9 181.7 211.5 179.6 181.7 190.9 192.7 201.6 211.5 20

 21 Miscellaneous assets 9555.5 10127.0 10558.6 11338.8 12215.4 11069.1 11338.8 11481.7 11642.7 11885.3 12215.4 21

 22 Liabilities 12904.6 13227.9 13879.6 14386.3 14960.9 14251.4 14386.3 14495.7 14605.7 14778.0 14960.9 22

 23 Credit market instruments 7336.0 7473.5 7998.4 8685.9 9441.5 8440.9 8685.9 8832.5 9052.6 9263.9 9441.5 23

 24 Commercial paper 58.4 82.9 116.3 130.3 143.1 136.0 130.3 140.1 147.2 171.1 143.1 24

 25 Municipal securities (3) 452.2 485.4 493.9 509.1 518.5 504.1 509.1 510.4 515.0 516.4 518.5 25

 26 Corporate bonds (4) 4366.2 4804.8 5215.6 5795.2 6435.5 5599.7 5795.2 5940.0 6082.7 6269.0 6435.5 26

 27 Depository institution loans n.e.c. 546.0 480.9 549.8 609.5 654.1 574.7 609.5 605.4 621.8 627.8 654.1 27

 28 Other loans and advances 1139.1 948.3 1008.5 1036.9 1057.9 1028.1 1036.9 1037.1 1076.4 1066.6 1057.9 28

 29 Mortgages 774.0 671.2 614.4 604.8 632.4 598.3 604.8 599.4 609.4 613.0 632.4 29

 30 Trade payables 1590.2 1746.5 1771.7 1890.1 2018.2 1875.2 1890.1 1917.4 1946.5 1994.7 2018.2 30

 31 Taxes payable 35.7 42.9 51.7 58.3 41.0 61.2 58.3 65.0 52.3 54.7 41.0 31

 32 Miscellaneous liabilities 3942.7 3965.0 4057.8 3752.0 3460.1 3874.2 3752.0 3680.7 3554.3 3464.7 3460.1 32

 33 Net worth (market value) 14310.8 15784.8 16717.2 18060.5 20034.0 17806.8 18060.5 18413.2 18999.9 19582.5 20034.0 33

 Memo:

 Replacement-cost value of structures:

 34 Residential 163.5 166.3 168.4 169.1 180.9 168.0 169.1 172.0 174.5 177.0 180.9 34

 35 Nonresidential 6882.9 7114.3 7456.1 7655.8 8043.3 7605.2 7655.8 7744.0 7858.4 7938.3 8043.3 35

 36 Market value of equities outstanding 12512.2 14371.6 14500.8 16107.0 21363.1 16366.8 16107.0 18149.1 18383.0 19569.1 21363.1 36

 37 Debt/net worth (percent) (5) 51.3 47.3 47.8 48.1 47.1 47.4 48.1 48.0 47.6 47.3 47.1 37

 38 Debt/equities (percent) (6) 58.6 52.0 55.2 53.9 44.2 51.6 53.9 48.7 49.2 47.3 44.2 38

 39 Equities/net worth (percent) (7) 87.4 91.0 86.7 89.2 106.6 91.9 89.2 98.6 96.8 99.9 106.6 39

 With nonfinancial assets stated at historical cost:

 40 Assets (8) 23980.1 25015.2 25965.1 27441.2 29177.0 27120.3 27441.2 27854.9 28209.4 28715.0 29177.0 40

 41 Nonfinancial assets 10646.4 10981.5 11441.9 11940.3 12445.5 11843.2 11940.3 12089.3 12182.8 12334.2 12445.5 41

 42 Real estate 4209.8 4379.6 4542.0 4731.1 4940.3 4677.4 4731.1 4775.0 4818.7 4879.3 4940.3 42

 43 Equipment 3463.8 3502.6 3608.6 3748.7 3894.2 3711.9 3748.7 3785.1 3821.3 3856.4 3894.2 43

 44 Intellectual property products 1480.1 1539.7 1609.9 1685.0 1764.1 1665.6 1685.0 1704.8 1723.5 1743.2 1764.1 44

 45 Inventories 1492.7 1559.5 1681.4 1775.5 1847.0 1788.4 1775.5 1824.4 1819.3 1855.2 1847.0 45

 46 Net worth (historical cost) (9) 11075.6 11787.3 12085.5 13054.9 14216.1 12868.9 13054.9 13359.2 13603.7 13937.0 14216.1 46

 Memo:

 Historical-cost value of structures:

 47 Residential 80.7 81.6 82.6 84.2 86.5 83.7 84.2 84.7 85.3 85.9 86.5 47

 48 Nonresidential 3682.7 3811.2 3953.7 4130.5 4318.4 4083.0 4130.5 4173.0 4219.3 4268.6 4318.4 48

 49 Debt/net worth (percent) (10) 66.2 63.4 66.2 66.5 66.4 65.6 66.5 66.1 66.5 66.5 66.4 49

 (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 23 divided by line 33.

 (6) Line 23 divided by line 36

 (7) Line 36 divided by line 33.

 (8) Sum of lines 7 and 41.

 (9) Line 40 less line 22.

 (10) Line 23 divided by line 46.
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Z.1, March 6, 2014 115

B.103 Balance Sheet of Nonfinancial Noncorporate Business

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

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Assets 11931.9 12554.9 13108.8 13881.4 14684.1 13669.8 13881.4 14045.5 14281.9 14513.2 14684.1 1

 2 Nonfinancial assets 8355.8 8827.2 9364.3 10062.0 10769.3 9884.1 10062.0 10220.1 10429.4 10630.6 10769.3 2

 3 Real estate (1) 7301.0 7720.8 8195.2 8858.5 9696.6 8681.5 8858.5 9045.9 9282.3 9514.3 9696.6 3

 4 Residential 4269.3 4409.1 4583.2 4966.2 5471.2 4854.5 4966.2 5104.3 5220.8 5355.4 5471.2 4

 5 Nonresidential 3031.8 3311.7 3612.0 3892.4 4225.4 3827.0 3892.4 3941.6 4061.4 4158.9 4225.4 5

 6 Equipment (2) 657.1 667.4 693.7 712.9 622.2 711.2 712.9 693.0 670.7 649.4 622.2 6

 7 Residential (3) 44.0 42.2 43.7 44.1 42.9 44.0 44.1 44.1 43.5 43.1 42.9 7

 8 Nonresidential 613.1 625.2 650.0 668.8 579.3 667.2 668.8 648.9 627.2 606.3 579.3 8

 9 Intellectual property products (2) 175.8 183.0 191.0 201.8 153.2 202.3 201.8 191.1 180.6 168.6 153.2 9

 10 Inventories (2) 221.9 256.0 284.4 288.8 297.2 289.1 288.8 290.1 295.8 298.4 297.2 10

 11 Financial assets 3576.1 3727.8 3744.5 3819.4 3914.9 3785.7 3819.4 3825.4 3852.5 3882.5 3914.9 11

 12 Checkable deposits and currency 534.3 531.5 529.1 543.9 555.2 538.1 543.9 544.3 547.5 551.2 555.2 12

 13 Time and savings deposits 353.3 356.2 360.1 365.3 375.6 362.6 365.3 366.1 369.0 372.2 375.6 13

 14 Money market fund shares 73.7 76.8 77.7 78.8 81.0 78.2 78.8 79.0 79.6 80.3 81.0 14

 15 Credit market instruments 89.1 95.8 96.8 98.2 100.9 97.5 98.2 98.4 99.2 100.0 100.9 15

 16 Treasury securities 46.1 48.1 48.6 49.3 50.7 48.9 49.3 49.4 49.8 50.2 50.7 16

 17 Municipal securities 5.1 5.6 5.7 5.8 5.9 5.7 5.8 5.8 5.8 5.9 5.9 17

 18 Mortgages 37.9 42.1 42.5 43.1 44.3 42.8 43.1 43.2 43.6 43.9 44.3 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 496.3 533.4 539.2 546.9 562.3 542.8 546.9 548.1 552.5 557.2 562.3 20

 21 Miscellaneous assets 2029.3 2134.1 2141.6 2186.3 2239.9 2166.5 2186.3 2189.5 2204.7 2221.7 2239.9 21

 22 Insurance receivables 101.7 131.4 119.8 134.9 129.6 130.1 134.9 133.0 132.2 130.9 129.6 22

 23 Equity investment in GSEs (4) 6.3 6.7 7.0 7.2 7.8 7.1 7.2 7.1 7.4 7.6 7.8 23

 24 Other 1921.3 1996.0 2014.8 2044.3 2102.6 2029.4 2044.3 2049.4 2065.2 2083.1 2102.6 24

 25 Liabilities 5730.0 5670.9 5737.0 5826.5 5978.8 5789.0 5826.5 5832.4 5877.2 5930.4 5978.8 25

 26 Credit market instruments 3984.5 3946.3 3968.5 4047.4 4180.3 4008.5 4047.4 4047.1 4087.7 4130.4 4180.3 26

 27 Depository institution loans n.e.c. 944.0 923.7 980.4 1070.6 1120.5 1047.8 1070.6 1075.4 1093.5 1105.7 1120.5 27

 28 Other loans and advances 172.0 170.6 171.2 180.6 187.1 176.9 180.6 180.1 180.6 181.6 187.1 28

 29 Mortgages 2868.5 2852.0 2816.8 2796.2 2872.7 2783.8 2796.2 2791.6 2813.5 2843.1 2872.7 29

 30 Trade payables 397.4 427.7 435.5 434.8 444.1 433.0 434.8 439.0 441.2 443.8 444.1 30

 31 Taxes payable 99.9 99.2 100.3 101.9 104.9 101.0 101.9 102.1 103.0 103.9 104.9 31

 32 Miscellaneous liabilities 1248.1 1197.7 1232.7 1242.4 1249.6 1246.4 1242.4 1244.2 1245.4 1252.3 1249.6 32

 33 Net worth (5) 6201.9 6884.0 7371.8 8055.0 8705.3 7880.8 8055.0 8213.2 8404.6 8582.7 8705.3 33

 Memo:

 Replacement-cost value of structures:

 34 Residential 2815.4 2839.6 2861.5 2875.3 3062.3 2862.1 2875.3 2920.4 2959.1 2999.7 3062.3 34

 35 Nonresidential 1586.0 1595.4 1646.2 1682.6 1841.6 1678.5 1682.6 1724.6 1768.7 1802.0 1841.6 35

 36 Debt/net worth (percent) (6) 64.2 57.3 53.8 50.2 48.0 50.9 50.2 49.3 48.6 48.1 48.0 36

(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 31.

(6) Line 26 divided by line 33.
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R.100 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) 1740.5 4434.0 1409.1 6099.6 9800.9 2258.6 1338.1 3225.1 1345.8 2276.4 2953.6 1

 2 Net investment 936.0 1273.6 1525.5 1236.9 1166.4 247.3 402.0 501.2 162.5 169.2 333.5 2

 3 Net physical investment 105.4 130.3 167.3 240.2 336.4 59.9 68.4 79.8 83.6 89.0 84.0 3

 4 Capital expenditures 1429.3 1448.9 1509.6 1613.2 1734.1 404.7 415.8 423.1 431.1 440.5 439.4 4

 5 - Consumption of fixed capital 1323.8 1318.6 1342.2 1373.0 1397.7 344.8 347.4 343.3 347.5 351.4 355.4 5

 6 Net lending (+) or net borrowing (-) 830.6 1143.4 1358.2 996.7 829.9 187.4 333.6 421.4 78.9 80.2 249.5 6

 7 Net acquisition of financial assets 648.7 892.9 1146.1 1090.7 976.5 176.0 457.4 366.2 97.7 195.9 316.6 7

 8 - Net increase in liabilities -181.8 -250.5 -212.1 94.0 146.6 -11.4 123.8 -55.1 18.9 115.7 67.1 8

 Holding gains on assets

 9 at market value (2) 432.9 2526.3 95.3 4673.3 8444.1 1852.3 915.0 2710.2 1043.2 2084.5 2606.2 9

 10 Real estate -1195.1 -383.7 -241.8 1558.7 2186.0 404.8 438.5 714.0 544.5 496.7 430.8 10

 11 Corporate equities 1570.4 1691.6 191.3 1612.8 3850.8 817.6 215.0 1295.7 217.0 914.5 1423.5 11

 12 Mutual fund shares 471.1 250.5 -273.3 346.7 689.8 134.5 88.3 164.5 16.1 251.2 258.1 12

 13 Equity in noncorporate business -1183.8 492.2 538.1 701.0 658.7 284.2 189.6 149.8 196.5 188.9 123.6 13

 14 Life insurance reserves 34.8 21.7 -7.4 18.9 39.4 8.1 -0.4 13.5 1.3 6.9 17.7 14

 15 Pension entitlements 735.9 455.0 -111.4 435.3 1019.5 203.1 -16.1 372.8 67.7 226.3 352.6 15

 16 Equity investment under PPIP -0.3 -1.0 -0.2 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16

 Holding gains on assets

 17 at current cost (2) -41.0 -85.4 22.2 -35.0 -50.8 -17.2 -15.4 -2.7 -13.9 -18.0 -16.2 17

 18 Consumer durable goods -40.8 -88.3 17.9 -38.8 -53.3 -18.1 -16.1 -3.2 -14.2 -19.0 -17.0 18

 19 Equipment -0.5 1.4 2.0 0.6 -0.0 0.3 0.7 -0.3 -0.2 0.4 0.0 19

 20 Intellectual property products 0.3 1.5 2.3 3.2 2.5 0.6 0.1 0.8 0.4 0.6 0.7 20

 21 Other volume changes (3) 412.5 719.3 -233.9 224.4 241.2 176.2 36.5 16.4 154.0 40.7 30.1 21

 Memo:

 22 Net worth outstanding (4) 58920.2 63354.2 64763.3 70862.8 80663.7 69524.8 70862.8 74087.9 75433.7 77710.1 80663.7 22

 23 Disposable personal income 10937.2 11243.7 11787.4 12245.8 12475.9 12205.1 12520.4 12296.9 12417.4 12567.7 12621.5 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

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -2004.0 1474.0 932.4 1343.3 1973.5 554.4 253.7 352.7 586.7 582.6 451.6 1

 2 Net investment 401.0 55.6 -613.6 164.0 216.1 41.1 51.5 41.8 54.1 75.3 44.9 2

 3 Net physical investment -87.8 187.6 258.9 327.6 335.1 89.1 75.1 72.8 76.2 91.5 94.7 3

 4 Capital expenditures 1009.3 1238.9 1337.2 1504.1 1575.6 382.0 373.8 374.1 386.5 402.4 412.7 4

 5 - Consumption of fixed capital 1090.4 1092.4 1134.4 1186.6 1236.7 298.3 300.8 304.6 308.1 310.4 313.7 5

 6 - Inventory valuation adjustment 6.7 -41.0 -56.0 -10.0 3.7 -5.5 -2.1 -3.3 2.2 0.4 4.3 6

 7 Net lending (+) or net borrowing (-) 551.0 145.5 -400.3 235.9 264.7 50.8 77.3 33.0 83.3 96.2 52.1 7

 8 Net acquisition of financial assets 302.4 633.2 494.1 910.4 1045.8 237.1 227.8 202.4 247.6 316.4 279.5 8

 9 - Net increase in liabilities -248.5 487.8 894.4 674.5 781.1 186.3 150.5 169.4 164.3 220.2 227.4 9

 10 Net corporate equity issues -62.1 -277.4 -472.2 -399.5 -383.7 -98.8 -100.9 -64.0 -105.4 -112.5 -101.9 10

 Holding gains on assets

 11 at market value (2) -2624.4 755.4 685.8 499.8 998.6 319.0 89.5 127.7 379.6 304.3 186.9 11

 12 Real estate -2644.8 741.8 693.9 484.6 969.5 312.8 87.5 118.7 378.0 295.6 177.2 12

 13 Mutual fund shares 20.4 13.6 -8.1 15.1 29.1 6.2 2.0 9.1 1.6 8.7 9.7 13

 Holding gains on assets less

 14 liabilities at current cost (2) 165.6 3.4 135.8 52.8 -0.2 78.9 5.7 -25.3 -30.5 50.0 5.6 14

 15 Equipment -10.1 48.4 62.2 21.1 -8.2 6.1 6.7 -3.6 -4.8 2.7 -2.5 15

 16 Intellectual property products 3.0 22.2 27.6 45.2 27.4 8.8 -0.8 8.8 3.0 8.0 7.5 16

 17 Inventories (3) 39.9 63.6 42.5 7.4 -8.2 19.7 1.8 4.0 -9.2 -3.7 0.6 17

 18 Direct investment abroad -35.7 -145.6 -7.1 -24.9 -60.2 54.3 -26.1 -47.8 -34.1 21.7 0.0 18

 19 - Foreign direct investment in U.S. -168.5 -14.8 -10.7 -4.0 -49.1 10.1 -24.1 -13.3 -14.6 -21.3 0.0 19

 20 Other volume changes (4) 53.8 659.6 724.4 626.7 759.1 115.5 107.0 208.4 183.5 153.0 214.1 20

 Memo:

 21 Net worth outstanding (5) 14310.8 15784.8 16717.2 18060.5 20034.0 17806.8 18060.5 18413.2 18999.9 19582.5 20034.0 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 33.
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R.103 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2009 2010 2011 2012 2013 2012 2013

 Q3 Q4 Q1 Q2 Q3 Q4

 1 Change in net worth (1) -1257.8 682.1 487.7 683.2 650.4 280.1 174.2 158.2 191.5 178.1 122.6 1

 2 Net capital transfers paid -6.0 -7.8 -1.6 -4.9 0.0 -0.0 -4.9 0.0 0.0 0.0 0.0 2

 3 Net investment -64.4 194.0 -49.9 -5.4 -5.5 -2.4 -1.1 10.4 -5.2 -8.4 -2.2 3

 4 Net physical investment -12.8 -10.8 -0.9 9.3 51.4 0.3 2.7 10.3 12.5 14.8 13.8 4

 5 Capital expenditures 240.2 241.0 255.8 273.8 326.8 66.7 69.7 78.0 80.9 84.0 83.9 5

 6 - Consumption of fixed capital 253.0 251.8 256.8 264.5 275.4 66.4 66.9 67.7 68.4 69.2 70.1 6

 7 Net lending (+) or net borrowing (-) 18.8 18.6 2.5 -4.3 -51.4 -0.3 2.2 -10.3 -12.5 -14.8 -13.8 7

 8 Net acquisition of financial assets -117.0 151.7 16.7 74.9 95.5 15.7 33.7 6.0 27.1 30.0 32.4 8

 9 - Net increase in liabilities -135.8 133.1 14.2 79.3 146.9 16.0 31.5 16.3 39.6 44.8 46.1 9

 10 Proprietor’s net investment (2) -70.4 186.2 -51.5 -10.3 -5.5 -2.4 -6.0 10.4 -5.2 -8.4 -2.2 10

 11 Holding gains on real estate (3) -1187.5 437.5 487.7 670.8 828.8 270.3 184.1 187.0 234.3 228.7 178.8 11

 12 Residential -477.7 156.8 188.7 397.8 501.9 149.5 120.3 138.6 116.0 133.1 114.1 12

 13 Nonresidential -709.8 280.7 299.0 273.0 327.0 120.8 63.7 48.4 118.3 95.6 64.7 13

 14 Holding gains on assets at current cost (3) -4.9 46.8 50.4 26.2 -173.0 12.2 -0.3 -39.2 -37.6 -42.2 -54.0 14

 15 Residential equipment -2.7 -2.3 1.3 1.0 0.2 -0.2 0.3 0.4 -0.2 -0.2 0.3 15

 16 Nonresidential equipment 6.1 10.9 15.6 11.2 -94.9 4.8 -0.5 -21.4 -23.3 -21.9 -28.4 16

 17 Intellectual property products 0.2 2.0 2.4 4.6 -53.1 0.8 -2.3 -12.0 -11.7 -13.0 -16.3 17

 18 Inventories -8.6 36.2 31.1 9.3 -25.2 6.8 2.2 -6.2 -2.4 -7.1 -9.6 18

 19 Other volume changes (4) 5.0 11.6 1.2 -3.6 0.0 0.0 -3.6 0.0 0.0 0.0 0.0 19

 Memo:

 20 Net worth outstanding (5) 6201.9 6884.0 7371.8 8055.0 8705.3 7880.8 8055.0 8213.2 8404.6 8582.7 8705.3 20

(1) Sum of net capital transfers paid (line 2), net investment (line 3), holding gains (lines 11 and 14), and other volume changes (line 19).

(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 33.