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B.101 Balance Sheet of Households and Nonprofit Organizations (1)

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

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 76975.2 83202.6 93154.4 98296.6 94717.4 96572.3 96869.3 98296.6 99936.3 100703.0 99550.0 1

 2 Nonfinancial assets 23445.0 25143.6 27700.8 29150.3 28116.0 28451.0 28769.4 29150.3 29665.6 30096.7 30625.3 2

 3 Real estate 18319.3 19877.0 22332.5 23666.5 22726.3 23020.8 23305.4 23666.5 24140.5 24499.0 24981.0 3

 4 Households (2,3) 16158.0 17570.9 19664.5 20735.6 20046.3 20238.3 20461.4 20735.6 21113.8 21416.4 21825.6 4

 5 Nonprofit organizations 2161.3 2306.2 2667.9 2931.0 2680.0 2782.5 2843.9 2931.0 3026.7 3082.6 3155.4 5

 6 Equipment (nonprofits) (4) 293.0 301.8 309.1 320.0 311.3 314.3 317.2 320.0 323.3 325.9 328.9 6

 7 Intellectual property products (nonprofits) (4) 109.4 115.9 121.5 125.9 122.3 123.2 124.7 125.9 126.8 127.5 129.5 7

 8 Consumer durable goods (4) 4723.3 4848.9 4937.8 5037.8 4956.1 4992.8 5022.1 5037.8 5075.0 5144.2 5185.9 8

 9 Financial assets 53530.2 58058.9 65453.5 69146.3 66601.4 68121.2 68100.0 69146.3 70270.7 70606.3 68924.6 9

 10 Deposits 8711.3 9236.3 9599.5 10190.8 9752.0 9779.6 9916.0 10190.8 10329.3 10282.1 10414.8 10

 11 Foreign deposits 57.4 49.5 51.7 45.3 50.5 49.4 52.2 45.3 43.8 39.1 35.1 11

 12 Checkable deposits and currency 724.1 887.4 1011.8 1162.4 1046.2 1094.3 1085.3 1162.4 1153.1 1159.8 1092.7 12

 13 Time and savings deposits 6820.1 7187.1 7395.5 7883.6 7556.1 7566.4 7690.7 7883.6 8130.9 8097.6 8296.6 13

 14 Money market fund shares 1109.9 1112.4 1140.5 1099.4 1099.2 1069.5 1087.7 1099.4 1001.6 985.6 990.4 14

 15 Debt securities 4290.8 4146.7 3765.6 3279.1 3571.6 3400.0 3367.5 3279.1 3235.3 3300.3 3416.2 15

 16 Open market paper 19.4 18.8 15.0 14.9 15.9 16.1 15.9 14.9 15.2 15.7 14.3 16

 17 Treasury securities 707.6 913.1 969.6 870.4 923.6 823.6 831.9 870.4 862.3 983.8 1125.4 17

 18 Agency- and GSE-backed securities 356.3 296.6 293.0 96.2 203.7 127.4 119.0 96.2 94.8 105.1 128.7 18

 19 Municipal securities 1805.6 1660.9 1607.1 1540.0 1603.6 1601.8 1553.3 1540.0 1555.6 1566.7 1548.8 19

 20 Corporate and foreign bonds 1401.9 1257.2 880.9 757.6 824.9 831.3 847.2 757.6 707.3 629.1 599.0 20

 21 Loans 924.9 926.6 976.8 1031.9 1033.8 1029.2 1054.7 1031.9 1032.2 1002.6 998.6 21

 22 Other loans and advances (5) 749.5 777.9 841.4 893.2 892.8 888.8 915.5 893.2 895.7 867.9 866.3 22

 23 Mortgages 100.9 83.0 76.1 85.1 82.8 83.4 84.1 85.1 84.6 84.6 83.8 23

 24 Consumer credit (student loans) 74.5 65.6 59.3 53.6 58.1 57.0 55.2 53.6 51.9 50.1 48.6 24

 25 Corporate equities (2) 8070.0 9401.8 12545.9 13871.1 13109.7 14004.7 13669.8 13871.1 14149.1 14122.7 12673.0 25

 26 Mutual fund shares (6) 4628.1 5633.5 7104.1 7804.3 7358.5 7650.3 7633.0 7804.3 8105.8 8257.6 7917.8 26

 27 Life insurance reserves 1199.3 1186.4 1233.0 1282.8 1242.6 1256.7 1263.3 1282.8 1304.8 1311.5 1308.5 27

 28 Pension entitlements (7) 17312.9 18350.6 19804.1 20614.0 19998.1 20288.4 20338.2 20614.0 20824.5 20925.1 20640.2 28

 29 Equity in noncorporate business (8) 7523.4 8313.5 9510.7 10150.8 9620.9 9792.6 9938.0 10150.8 10365.0 10474.1 10610.5 29

 30 Miscellaneous assets 869.7 863.6 913.8 921.6 914.2 920.0 919.5 921.6 924.6 930.4 945.1 30

 31 Liabilities 13570.9 13633.6 13784.9 14162.6 13777.3 13945.4 14070.5 14162.6 14147.3 14289.9 14368.4 31

 32 Debt securities (municipal securities) (10) 255.5 241.0 227.8 223.1 227.6 227.0 224.6 223.1 223.0 219.7 217.2 32

 33 Loans 13041.1 13113.7 13274.2 13652.3 13264.8 13431.2 13558.9 13652.3 13635.5 13780.3 13861.4 33

 34 Home mortgages (9) 9695.8 9486.1 9398.0 9397.4 9370.6 9366.7 9381.7 9397.4 9368.5 9411.6 9459.9 34

 35 Consumer credit 2755.4 2922.9 3098.8 3317.2 3105.0 3171.9 3249.0 3317.2 3321.1 3395.0 3478.0 35

 36 Depository institution loans n.e.c. 11.5 62.6 92.7 212.9 123.0 168.4 186.7 212.9 233.7 247.3 268.1 36

 37 Other loans and advances 376.9 443.1 480.5 513.7 461.6 518.0 533.3 513.7 499.0 510.1 436.5 37

 38 Commercial mortgages (10) 201.4 199.1 204.2 211.1 204.6 206.1 208.2 211.1 213.2 216.2 218.9 38

 39 Trade payables (10) 250.0 254.0 255.0 258.1 256.0 256.9 257.4 258.1 258.5 258.9 259.2 39

 40 Deferred and unpaid life insurance premiums 24.3 24.9 27.9 29.1 28.9 30.2 29.6 29.1 30.2 31.0 30.6 40

 41 Net worth 63404.3 69569.0 79369.4 84133.9 80940.1 82626.9 82798.9 84133.9 85789.0 86413.1 85181.5 41

 Memo:

 42 Assets held in IRAs (11) 5241.0 5907.0 6966.0 7443.0 7084.0 7325.0 7343.0 7443.0 7600.0 7629.0 ND 42

 43 Assets held in 529 college plans (11) 165.4 191.2 227.1 247.9 234.1 244.5 243.2 247.9 254.6 258.5 261.1 43

 44 College savings plans 144.6 168.6 204.1 223.9 210.5 220.2 219.1 223.9 230.4 234.2 236.7 44

 45 Prepaid tuition plans 20.8 22.6 23.0 24.0 23.6 24.2 24.1 24.0 24.1 24.3 24.5 45

 Replacement-cost value of structures:

 46 Residential 12845.4 13246.2 14237.1 15148.4 14578.9 14650.2 14938.5 15148.4 15169.6 15175.7 15348.5 46

 47 Households 12641.9 13035.9 14014.1 14914.6 14351.4 14422.5 14707.2 14914.6 14935.4 14941.5 15111.6 47

 48 Nonprofit organizations 203.4 210.3 223.0 233.8 227.5 227.7 231.4 233.8 234.1 234.2 236.9 48

 49 Nonresidential (nonprofits) 1464.6 1501.4 1577.5 1632.7 1591.5 1603.7 1619.6 1632.7 1625.7 1618.5 1626.6 49

 50 Disposable personal income (DPI) (SAAR) 11801.4 12403.7 12395.6 12913.9 12697.5 12858.7 12982.7 13116.8 13179.8 13338.3 13510.1 50

 51 Net worth/DPI (percent) (line 41/line 50) 537.3 560.9 640.3 651.5 637.4 642.6 637.8 641.4 650.9 647.9 630.5 51

 52 Owners’ equity in real estate (line 4 less line 34) 6462.2 8084.8 10266.5 11338.2 10675.7 10871.5 11079.7 11338.2 11745.3 12004.8 12365.7 52

 53 Owners’ equity/real estate (percent) (line 52/line 4) 40.0 46.0 52.2 54.7 53.3 53.7 54.1 54.7 55.6 56.1 56.7 53

(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) Includes cash accounts at brokers and dealers and 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 and at life insurance companies. Excludes social security.

(8) Net worth of nonfinancial noncorporate business (table B.104, line 35) 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) Included in assets shown on the household balance sheet.
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Z.1, December 10, 2015 135

B.103 Balance Sheet of Nonfinancial Corporate Business

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

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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

 1 Assets 30504.3 31946.7 34888.0 37182.8 35203.6 35975.8 36500.3 37182.8 37824.3 38440.4 38937.8 1

 2 Nonfinancial assets 15995.4 16858.3 18548.4 19956.8 18715.0 19238.8 19566.0 19956.8 20379.1 20666.1 21012.0 2

 3 Real estate (1) 8231.0 8799.4 10205.8 11313.6 10275.7 10712.3 10965.1 11313.6 11657.5 11858.7 12136.5 3

 4 Equipment (2) 4008.0 4139.4 4269.8 4442.8 4306.6 4352.3 4397.8 4442.8 4490.7 4527.8 4570.8 4

 5 Intellectual property products (2) 1746.9 1819.4 1920.0 2002.7 1938.3 1957.6 1983.2 2002.7 2022.3 2040.4 2071.4 5

 6 Inventories (2) 2009.6 2100.0 2152.9 2197.7 2194.4 2216.6 2219.8 2197.7 2208.7 2239.2 2233.3 6

 7 Financial assets 14508.9 15088.4 16339.6 17226.0 16488.6 16737.1 16934.4 17226.0 17445.2 17774.3 17925.8 7

 8 Foreign deposits 34.8 35.4 78.1 71.4 67.8 77.7 79.9 71.4 58.2 60.3 52.7 8

 9 Checkable deposits and currency 265.3 219.8 293.1 321.4 272.5 299.6 311.9 321.4 354.2 402.8 407.9 9

 10 Time and savings deposits 561.9 595.2 633.2 627.3 643.5 656.9 625.4 627.3 574.6 566.7 548.1 10

 11 Money market fund shares 462.4 519.4 559.1 580.2 527.1 521.1 539.1 580.2 563.5 561.3 571.2 11

 12 Security repurchase agreements 12.6 9.7 8.8 13.9 11.3 13.5 13.4 13.9 12.9 13.8 13.6 12

 13 Debt securities 147.4 135.0 128.0 118.0 127.3 121.1 118.3 118.0 108.8 104.2 107.8 13

 14 Commercial paper 67.9 59.5 53.2 54.2 57.0 51.4 52.1 54.2 51.4 50.8 47.3 14

 15 Treasury securities 43.0 39.4 42.8 38.0 40.7 40.4 39.8 38.0 31.6 28.9 34.7 15

 16 Agency- and GSE-backed securities 14.3 13.1 10.3 12.7 11.6 13.5 13.3 12.7 10.5 9.6 11.6 16

 17 Municipal securities 22.3 22.9 21.8 13.1 18.1 15.8 13.0 13.1 15.3 14.9 14.1 17

 18 Loans 74.3 74.0 71.6 72.1 70.9 71.5 72.3 72.1 71.5 73.4 74.1 18

 19 Mortgages 27.4 25.5 27.4 29.2 27.8 28.3 28.7 29.2 29.6 30.1 30.5 19

 20 Consumer credit 46.9 48.4 44.2 43.0 43.1 43.3 43.5 43.0 41.9 43.3 43.6 20

 21 Mutual fund shares (1) 165.9 179.6 211.0 234.9 217.0 226.5 227.6 234.9 242.2 246.6 239.4 21

 22 Trade receivables 2240.8 2292.8 2570.0 2664.4 2643.0 2721.7 2730.6 2664.4 2650.7 2745.3 2728.3 22

 23 U.S. direct investment abroad (3) 3759.2 4134.4 4447.0 4691.8 4493.4 4581.0 4620.1 4691.8 4722.1 4789.0 4855.3 23

 24 Miscellaneous assets 6784.2 6893.1 7339.6 7830.6 7414.9 7446.5 7595.7 7830.6 8086.5 8210.9 8327.4 24

 25 Liabilities 13878.4 14695.5 15474.9 16094.7 15603.9 15748.2 15903.6 16094.7 16346.9 16623.2 16847.1 25

 26 Debt securities 4148.4 4501.4 4804.1 5107.2 4910.6 4974.0 5045.4 5107.2 5230.8 5390.4 5498.6 26

 27 Commercial paper 116.3 130.3 144.5 182.4 180.2 185.9 208.5 182.4 187.6 179.3 206.2 27

 28 Municipal securities (4) 493.9 509.1 518.5 518.4 517.7 516.4 514.8 518.4 525.1 536.5 536.5 28

 29 Corporate bonds (3) 3538.2 3861.9 4141.1 4406.3 4212.8 4271.6 4322.1 4406.3 4518.1 4674.6 4755.9 29

 30 Loans 2219.3 2222.5 2339.3 2530.7 2383.3 2407.3 2464.8 2530.7 2560.2 2584.1 2558.1 30

 31 Depository institution loans n.e.c. 629.2 712.1 775.8 868.5 787.6 819.5 833.9 868.5 888.5 910.0 917.8 31

 32 Other loans and advances 1008.3 1036.9 1063.1 1145.6 1095.4 1080.9 1121.3 1145.6 1149.1 1142.5 1101.2 32

 33 Mortgages 581.8 473.5 500.4 516.6 500.4 506.8 509.6 516.6 522.6 531.5 539.0 33

 34 Trade payables 1771.6 1836.9 1943.6 2044.4 1969.0 2008.0 2022.8 2044.4 2004.8 2065.3 2062.9 34

 35 Taxes payable 51.7 54.0 44.9 45.0 51.3 46.4 54.8 45.0 57.7 57.5 72.7 35

 36 Foreign direct investment in U.S. 2230.7 2417.2 2612.8 2760.3 2585.5 2649.1 2733.1 2760.3 2855.5 2902.8 3066.3 36

 37 Miscellaneous liabilities 3456.7 3663.6 3730.2 3607.1 3704.0 3663.4 3582.7 3607.1 3637.9 3623.0 3588.5 37

 38 Net worth (market value) 16625.9 17251.2 19413.1 21088.2 19599.8 20227.7 20596.8 21088.2 21477.4 21817.2 22090.7 38

 Memo:

 Replacement-cost value of structures:

 39 Residential 165.7 171.0 178.2 184.2 181.1 180.6 182.9 184.2 184.5 184.6 186.7 39

 40 Nonresidential 7425.5 7678.2 7976.6 8227.1 8040.3 8094.6 8167.5 8227.1 8200.4 8172.6 8221.9 40

 41 Market value of equities outstanding 13892.2 15584.8 20612.7 22733.5 21227.3 22384.4 22155.7 22733.5 22912.8 22663.6 20653.5 41

 42 Debt/net worth (percent) (lines 26+30/line 38) 38.3 39.0 36.8 36.2 37.2 36.5 36.5 36.2 36.3 36.6 36.5 42

 43 Debt/equities (percent) (lines 26+30/line 41) 45.8 43.1 34.7 33.6 34.4 33.0 33.9 33.6 34.0 35.2 39.0 43

 44 Equities/net worth (percent) (line 41/line 38) 83.6 90.3 106.2 107.8 108.3 110.7 107.6 107.8 106.7 103.9 93.5 44

 With nonfinancial assets stated at historical cost:

 45 Assets (sum of lines 7 and 46) 25957.6 27053.5 28828.2 30275.2 29168.7 29531.1 29882.0 30275.2 30675.5 31121.2 31432.2 45

 46 Nonfinancial assets 11448.7 11965.2 12488.6 13049.2 12680.1 12794.0 12947.7 13049.2 13230.4 13346.9 13506.4 46

 47 Real estate 4537.7 4726.7 4929.3 5160.0 4990.0 5046.4 5103.6 5160.0 5213.3 5261.4 5322.0 47

 48 Equipment 3592.0 3744.2 3894.2 4067.6 3933.5 3975.1 4022.7 4067.6 4113.3 4158.4 4206.3 48

 49 Intellectual property products 1637.6 1708.9 1789.5 1880.8 1811.2 1833.2 1856.4 1880.8 1906.6 1934.1 1960.9 49

 50 Inventories 1681.4 1785.3 1875.7 1940.8 1945.4 1939.3 1964.9 1940.8 1997.3 1993.0 2017.2 50

 51 Net worth (historical cost) (line 45 less line 25) 12079.2 12358.0 13353.3 14180.5 13564.8 13782.9 13978.5 14180.5 14328.6 14498.1 14585.1 51

 Memo:

 Historical-cost value of structures:

 52 Residential 82.7 84.5 87.0 90.1 87.7 88.4 89.3 90.1 91.0 92.0 93.0 52

 53 Nonresidential 3949.4 4128.7 4317.2 4531.9 4371.1 4424.8 4477.9 4531.9 4583.3 4635.3 4685.6 53

 54 Debt/net worth (percent) (lines 26+30/line 49) 52.7 54.4 53.5 53.9 53.8 53.6 53.7 53.9 54.4 55.0 55.2 54

(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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136 Z.1, December 10, 2015

B.104 Balance Sheet of Nonfinancial Noncorporate Business

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

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Assets 13154.6 14180.3 15563.5 16485.3 15703.0 15952.8 16163.7 16485.3 16795.3 17003.9 17208.4 1

 2 Nonfinancial assets 9229.5 9954.1 11032.5 11718.3 11149.6 11336.0 11496.7 11718.3 11945.4 12068.2 12213.7 2

 3 Real estate (1) 8000.8 8687.4 9725.9 10353.4 9811.2 9981.8 10138.0 10353.4 10620.6 10777.1 10965.2 3

 4 Residential 4608.0 4980.5 5550.4 5827.7 5606.6 5647.3 5721.7 5827.7 6016.5 6132.2 6261.2 4

 5 Nonresidential 3392.8 3706.9 4175.4 4525.7 4204.7 4334.5 4416.2 4525.7 4604.1 4645.0 4704.0 5

 6 Equipment (2) 740.7 772.6 804.9 838.2 817.8 829.0 831.9 838.2 829.4 820.3 807.2 6

 7 Residential (3) 43.9 44.4 43.5 42.3 43.4 42.8 42.8 42.3 42.2 42.5 42.2 7

 8 Nonresidential 696.8 728.3 761.5 795.9 774.4 786.1 789.1 795.9 787.2 777.8 764.9 8

 9 Intellectual property products (2) 196.6 204.7 214.6 223.3 220.0 223.9 225.4 223.3 203.1 179.5 156.4 9

 10 Inventories (2) 291.3 289.3 287.1 303.3 300.7 301.3 301.4 303.3 292.3 291.3 284.9 10

 11 Financial assets 3925.1 4226.3 4531.0 4767.0 4553.4 4616.8 4667.0 4767.0 4849.9 4935.7 4994.7 11

 12 Checkable deposits and currency 556.3 615.5 627.6 662.2 631.5 641.0 648.7 662.2 670.8 681.6 688.7 12

 13 Time and savings deposits 362.2 372.3 383.8 409.4 385.4 390.5 394.4 409.4 428.4 436.2 454.2 13

 14 Money market fund shares 77.7 80.7 82.7 86.6 83.0 84.1 85.0 86.6 88.0 89.2 89.9 14

 15 Debt securities 54.8 59.0 59.5 62.3 59.8 60.5 61.2 62.3 63.3 64.5 65.4 15

 16 Treasury securities 48.9 52.9 55.2 57.8 55.4 56.1 56.7 57.8 58.7 59.8 60.6 16

 17 Municipal securities 5.9 6.1 4.4 4.6 4.4 4.4 4.5 4.6 4.6 4.7 4.8 17

 18 Loans 36.3 33.9 34.8 36.5 35.0 35.4 35.8 36.5 37.1 37.8 38.3 18

 19 Mortgages 36.3 33.9 34.8 36.5 35.0 35.4 35.8 36.5 37.1 37.8 38.3 19

 20 Consumer credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 20

 21 Trade receivables 594.4 598.9 647.8 678.3 650.4 658.9 665.5 678.3 689.2 702.4 711.7 21

 22 Miscellaneous assets 2243.6 2466.0 2694.8 2831.6 2708.4 2746.3 2776.4 2831.6 2873.2 2924.1 2946.6 22

 23 Insurance receivables 127.0 142.5 116.5 129.4 119.1 122.9 126.6 129.4 126.0 123.8 121.6 23

 24 Equity investment in GSEs (4) 7.0 7.2 7.7 8.5 8.0 8.1 8.3 8.5 8.6 8.7 8.9 24

 25 Other 2109.5 2316.4 2570.5 2693.7 2581.3 2615.3 2641.5 2693.7 2738.6 2791.6 2816.1 25

 26 Liabilities 5643.0 5884.1 6068.7 6351.9 6098.9 6177.0 6243.1 6351.9 6447.6 6546.7 6615.6 26

 27 Loans 3886.6 4057.4 4161.2 4366.9 4175.1 4232.2 4278.4 4366.9 4426.5 4511.7 4571.6 27

 28 Depository institution loans n.e.c. 900.9 968.0 1000.4 1064.6 998.9 1026.9 1032.7 1064.6 1086.7 1115.4 1126.1 28

 29 Other loans and advances 171.3 180.6 186.6 196.1 187.5 188.2 190.2 196.1 194.3 195.8 196.7 29

 30 Mortgages 2814.3 2908.9 2974.2 3106.2 2988.7 3017.1 3055.5 3106.2 3145.5 3200.5 3248.8 30

 31 Trade payables 482.7 493.3 528.3 562.4 533.8 544.2 552.0 562.4 578.3 590.9 599.4 31

 32 Taxes payable 99.7 107.4 110.5 114.3 110.8 111.9 112.7 114.3 118.1 119.7 120.8 32

 33 Foreign direct investment in U.S. 6.1 6.3 7.1 7.9 7.3 7.5 7.7 7.9 8.8 9.1 10.1 33

 34 Miscellaneous liabilities 1168.0 1219.7 1261.5 1300.5 1271.9 1281.3 1292.2 1300.5 1315.9 1315.4 1313.7 34

 35 Net worth (5) 7511.6 8296.2 9494.8 10133.3 9604.1 9775.8 9920.6 10133.3 10347.8 10457.2 10592.8 35

 Memo:

 Replacement-cost value of structures:

 36 Residential 2831.2 2897.1 3029.3 3140.5 3081.8 3076.1 3116.6 3140.5 3139.6 3135.3 3165.4 36

 37 Nonresidential 1730.1 1780.8 1856.9 1924.3 1873.0 1887.6 1907.9 1924.3 1949.7 1973.4 2018.7 37

 38 Debt/net worth (percent) (line 27/line 35) 51.7 48.9 43.8 43.1 43.5 43.3 43.1 43.1 42.8 43.1 43.2 38

(1) At market value.

(2) At replacement (current) cost.

(3) Durable goods in rental properties.

(4) Equity in the Farm Credit System.

(5) Included in table B.101, line 29.
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R.101 Change in Net Worth of Households and Nonprofit Organizations

Billions of dollars; not seasonally adjusted

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 1157.5 6164.7 9800.5 4764.5 1570.7 1686.8 171.9 1335.1 1655.1 624.1 -1231.5 1

 2 Net investment 1549.7 1282.8 1320.4 1079.6 334.4 151.8 141.0 452.3 586.0 57.3 294.0 2

 3 Net physical investment 164.8 259.9 304.5 335.3 72.4 83.8 88.8 90.3 100.7 108.5 110.6 3

 4 Capital expenditures 1501.3 1627.0 1717.1 1793.4 432.6 446.1 455.0 459.7 462.3 472.3 479.2 4

 5 - Consumption of fixed capital 1336.5 1367.0 1412.5 1458.1 360.2 362.3 366.2 369.5 361.6 363.8 368.6 5

 6 Net lending (+) or net borrowing (-) 1384.9 1022.8 1015.9 744.3 262.0 68.0 52.1 362.1 485.3 -51.2 183.4 6

 7 Net acquisition of financial assets 1314.8 1287.7 1255.0 1166.9 268.4 248.0 188.8 461.7 486.9 102.0 270.8 7

 8 - Net increase in liabilities -70.0 264.9 239.1 422.6 6.4 180.0 136.6 99.7 1.6 153.2 87.4 8

 Holding gains on assets

 9 at market value (2) -287.6 4631.4 8256.6 3662.3 1278.9 1585.3 -78.4 876.5 1110.8 431.0 -1494.9 9

 10 Real estate -142.9 1502.7 2345.2 1217.0 368.7 266.1 254.2 328.0 438.5 319.4 442.5 10

 11 Corporate equities -146.3 1546.2 2985.9 1289.2 683.4 803.9 -293.1 95.0 257.6 11.7 -1279.9 11

 12 Mutual fund shares -214.1 423.5 956.1 280.4 71.9 187.0 -91.4 112.9 117.9 20.6 -367.2 12

 13 Equity in noncorporate business 385.2 701.3 1019.7 615.2 99.7 169.1 142.2 204.2 208.0 104.6 126.6 13

 14 Life insurance reserves -7.4 18.9 27.5 4.4 1.7 3.7 -5.0 3.9 2.7 -2.7 -18.5 14

 15 Pension entitlements -161.9 438.8 922.3 256.1 53.4 155.6 -85.3 132.5 86.1 -22.7 -398.3 15

 16 Equity investment under PPIP -0.2 -0.1 0.0 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) 22.4 -40.9 -90.3 -100.6 -25.1 -14.4 -24.2 -36.9 -23.5 3.0 -23.2 17

 18 Consumer durable goods 17.7 -41.5 -92.6 -102.1 -26.1 -14.9 -23.7 -37.4 -23.9 4.3 -23.0 18

 19 Equipment 2.5 -0.7 -0.1 1.0 0.8 0.5 -0.6 0.3 0.7 -0.4 -0.6 19

 20 Intellectual property products 2.2 1.2 2.4 0.6 0.3 -0.1 0.1 0.2 -0.3 -0.8 0.3 20

 21 Other volume changes (3) -127.0 291.4 313.8 123.2 -17.6 -36.0 133.5 43.1 -18.3 132.8 -7.5 21

 Memo:

 22 Net worth outstanding (4) 63404.3 69569.0 79369.4 84133.9 80940.1 82626.9 82798.9 84133.9 85789.0 86413.1 85181.5 22

 23 Disposable personal income 11801.4 12403.7 12395.6 12913.9 12697.5 12858.7 12982.7 13116.8 13179.8 13338.3 13510.1 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.101, line 41.
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138 Z.1, December 10, 2015

R.103 Change in Net Worth of Nonfinancial Corporate Business

Billions of dollars; not seasonally adjusted

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 894.5 625.2 2161.9 1675.1 186.7 627.9 369.1 491.4 389.2 339.9 273.4 1

 2 Net investment -589.8 -493.1 15.9 -27.6 -67.9 45.4 -21.9 16.7 -138.1 51.5 -114.4 2

 3 Net physical investment 262.4 330.8 304.9 385.9 100.2 98.3 99.6 87.8 82.6 140.7 91.0 3

 4 Capital expenditures 1331.9 1501.2 1539.4 1667.3 402.8 411.8 426.1 426.6 434.7 476.5 437.6 4

 5 - Consumption of fixed capital 1137.8 1184.6 1231.3 1284.3 316.9 319.4 322.7 325.3 327.2 330.7 332.6 5

 6 - Inventory valuation adjustment -68.3 -14.2 3.2 -2.9 -14.2 -6.0 3.9 13.4 24.8 5.1 14.0 6

 7 Net lending (+) or net borrowing (-) -397.5 -479.0 63.9 -26.0 -42.6 15.3 -12.9 14.2 -72.4 32.9 -38.3 7

 8 Net acquisition of financial assets 496.8 506.3 1068.6 797.5 137.0 211.9 198.7 249.9 205.7 330.5 222.6 8

 9 - Net increase in liabilities 894.3 985.3 1004.7 823.5 179.6 196.6 211.6 235.7 278.1 297.6 260.9 9

 10 Net corporate equity issues -454.6 -344.9 -352.9 -387.5 -125.5 -68.3 -108.6 -85.2 -148.4 -122.1 -167.1 10

 Holding gains on assets

 11 at market value (2) 632.2 516.3 1365.9 1010.7 40.3 419.9 223.6 326.8 326.2 180.4 237.4 11

 12 Real estate 640.3 500.9 1335.6 1002.3 38.2 414.4 226.3 323.4 322.8 179.8 248.6 12

 13 Mutual fund shares -8.1 15.4 30.2 8.4 2.1 5.6 -2.7 3.4 3.5 0.6 -11.2 13

 Holding gains on assets less

 14 liabilities at current cost (2) 181.2 101.7 49.6 -92.5 -56.2 22.8 -42.4 -16.7 69.0 12.4 -89.3 14

 15 Equipment 76.6 13.5 12.9 32.5 5.7 12.3 6.2 8.3 10.6 0.4 3.5 15

 16 Intellectual property products 27.9 19.9 39.0 12.7 1.8 2.4 7.8 0.6 -0.5 -3.9 9.9 16

 17 Inventories (3) 33.7 10.5 0.9 -21.3 18.5 -1.9 -10.8 -27.0 9.5 8.7 -12.7 17

 18 Direct investment abroad -47.6 56.0 7.6 -66.1 -3.7 10.2 -52.9 -19.8 -47.2 -9.4 -0.0 18

 19 - Foreign direct investment in U.S. -90.7 -1.9 10.8 50.3 78.5 0.3 -7.3 -21.1 -96.6 -16.6 90.0 19

 20 Other volume changes (4) 670.8 500.3 730.5 784.6 270.5 139.7 209.8 164.6 132.2 95.6 239.7 20

 Memo:

 21 Net worth outstanding (5) 16625.9 17251.2 19413.1 21088.2 19599.8 20227.7 20596.8 21088.2 21477.4 21817.2 22090.7 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.103, line 38.
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Z.1, December 10, 2015 139

R.104 Change in Net Worth of Nonfinancial Noncorporate Business

Billions of dollars; not seasonally adjusted

2011 2012 2013 2014 2014 2015

 Q1 Q2 Q3 Q4 Q1 Q2 Q3

 1 Change in net worth (1) 628.3 784.7 1198.6 638.5 109.3 171.7 144.8 212.7 214.4 109.4 135.6 1

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

 3 Net investment 236.0 88.7 178.7 20.3 8.8 2.3 0.9 8.3 5.7 3.9 5.6 3

 4 Net physical investment 16.7 35.6 62.8 70.1 17.4 17.7 17.3 17.7 19.2 17.8 16.0 4

 5 Capital expenditures 281.7 308.6 347.4 367.6 90.8 91.7 92.0 93.1 95.0 94.1 93.1 5

 6 - Consumption of fixed capital 265.0 273.0 284.5 297.5 73.5 74.0 74.7 75.3 75.8 76.2 77.1 6

 7 Net lending (+) or net borrowing (-) -15.1 -30.7 -62.8 -70.1 -17.4 -17.7 -17.3 -17.7 -19.2 -17.8 -16.0 7

 8 Net acquisition of financial assets 196.9 301.1 304.7 236.0 22.4 63.4 50.2 100.0 83.0 85.8 59.0 8

 9 - Net increase in liabilities 211.9 331.8 367.5 306.1 39.8 81.1 67.5 117.7 102.2 103.6 74.9 9

 10 Proprietor’s net investment (2) 234.4 83.7 178.7 20.3 8.8 2.3 0.9 8.3 5.7 3.9 5.6 10

 11 Holding gains on real estate (3) 339.2 687.0 1025.7 607.2 79.5 165.7 151.7 210.1 262.0 151.4 183.4 11

 12 Residential 206.4 386.4 570.8 274.2 55.8 40.4 73.5 104.5 186.8 113.5 126.5 12

 13 Nonresidential 132.8 300.6 454.9 332.9 23.8 125.3 78.2 105.6 75.2 37.9 56.9 13

 14 Holding gains on assets at current cost (3) 45.7 10.8 -10.2 8.5 20.2 2.9 -8.4 -6.3 -54.1 -46.4 -53.9 14

 15 Residential equipment 1.0 -0.3 -2.1 -2.5 -0.4 -0.9 -0.3 -0.8 -0.4 -0.1 -0.5 15

 16 Nonresidential equipment 15.6 6.8 7.2 7.5 5.5 5.1 -3.8 0.6 -14.8 -14.9 -18.3 16

 17 Intellectual property products 2.3 2.2 3.6 1.2 3.3 2.2 -0.1 -4.2 -22.2 -25.5 -24.2 17

 18 Inventories 27.6 2.0 -18.8 2.3 11.7 -3.5 -4.1 -1.9 -16.6 -5.9 -10.8 18

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

 20 Other volume changes (4) 9.0 3.2 4.5 2.5 0.7 0.7 0.6 0.6 0.9 0.5 0.5 20

 Memo:

 21 Net worth outstanding (5) 7511.6 8296.2 9494.8 10133.3 9604.1 9775.8 9920.6 10133.3 10347.8 10457.2 10592.8 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.104, line 32.

(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.104, line 35.