102

Z.1, December 11, 1998

B.100 Balance Sheet of Households and Nonprofit Organizations (1)
Billions of dollars; amounts outstanding end of period, not seasonally adjusted

1
2
3
4
5
6
7
8

Assets
Tangible assets
Real estate
Households (2,3)
Nonprofit organizations
Equipment owned by nonprofit
organizations (4)
Consumer durable goods (4)
Financial assets

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

19607.8

21445.1

23506.1

24215.7

25949.4

27094.7

28445.9

29388.2

32354.5

35074.4

38958.1

1

7724.4

8398.6

9107.9

9323.9

9468.7

9731.2

9979.7

10316.3

10788.9

11327.6

12115.9

2

6176.7
5465.2
711.5

6712.6
5954.4
758.2

7296.0
6494.9
801.1

7405.1
6608.5
796.6

7477.0
6716.0
761.0

7664.2
6948.8
715.4

7804.8
7105.0
699.9

8017.7
7281.9
735.8

8398.0
7631.1
766.9

8844.0
8042.4
801.7

9542.1
8645.6
896.5

3
4
5

40.8
1506.9

44.6
1641.4

48.5
1763.4

52.6
1866.3

56.6
1935.1

62.0
2005.0

67.0
2107.9

72.2
2226.3

74.0
2317.0

77.6
2406.0

81.5
2492.3

6
7

11883.4

13046.4

14398.2

14891.8

16480.8

17363.5

18466.2

19071.9

21565.6

23746.8

26842.2

8

9
10
11
12
13

Deposits
Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares

2863.7
9.8
459.6
2147.4
246.9

3052.4
10.7
437.8
2342.1
261.8

3206.0
11.9
427.3
2428.8
338.0

3264.7
13.4
408.8
2477.5
364.9

3267.6
14.6
449.8
2423.7
379.5

3249.9
15.6
546.7
2349.0
338.6

3183.5
15.8
593.9
2235.9
337.9

3158.1
18.8
564.0
2223.9
351.3

3372.8
23.4
506.3
2393.9
449.2

3565.9
35.5
439.9
2561.9
528.7

3822.6
41.8
410.4
2731.4
639.0

9
10
11
12
13

14
15
16
17
18
19
20
21
22
23

Credit market instruments
Open market paper
U.S. government securities
Treasury
Savings bonds
Other Treasury
Agency
Municipal securities
Corporate and foreign bonds
Mortgages

1030.1
32.9
294.5
259.5
101.1
158.4
35.0
452.6
125.9
124.2

1232.3
67.3
394.1
342.2
109.6
232.6
52.0
523.8
121.2
125.9

1296.6
56.9
402.7
322.6
117.7
204.9
80.1
547.2
155.3
134.5

1513.5
63.2
530.9
405.5
126.2
279.3
125.4
574.5
200.8
144.2

1616.5
33.3
516.8
401.3
138.1
263.2
115.6
614.1
304.7
147.6

1679.6
29.9
630.0
486.2
157.3
328.9
143.8
585.5
297.3
136.8

1674.1
45.5
613.5
505.6
171.9
333.6
107.9
552.6
333.7
128.9

1981.4
46.7
941.1
689.7
179.9
509.8
251.4
502.2
373.7
117.7

1928.7
48.0
870.3
601.0
185.0
416.0
269.3
459.1
440.3
111.0

1966.7
52.0
927.0
576.2
187.0
389.2
350.7
434.8
445.2
107.8

1791.3
59.0
768.3
392.5
186.5
206.0
375.8
421.4
437.7
104.9

14
15
16
17
18
19
20
21
22
23

24
25
26
27
28

Corporate equities (2)
Mutual fund shares (5)
Security credit
Life insurance reserves
Pension fund reserves

1384.2
381.7
39.1
301.0
2426.8

1647.8
401.3
40.9
326.6
2663.4

1978.3
469.1
53.2
355.3
3130.7

1811.3
467.8
62.4
380.9
3378.6

2598.0
586.6
87.0
406.8
3867.3

2942.6
727.9
76.2
434.8
4209.1

3245.5
990.9
102.3
470.8
4652.5

3046.1
1052.1
109.0
505.3
4870.5

4052.7
1257.2
127.6
550.2
5589.4

4597.9
1571.3
162.9
593.8
6315.4

5452.8
1996.7
214.5
646.7
7399.0

24
25
26
27
28

29
30
31

Investment in bank personal trusts
Equity in noncorporate business (6)
Miscellaneous assets

442.1
2839.8
174.9

470.3
3020.1
191.3

541.4
3161.3
206.2

551.7
3236.3
224.4

639.3
3177.7
234.1

660.6
3131.8
251.0

691.3
3191.3
264.1

699.4
3380.4
269.5

803.0
3598.7
285.4

871.7
3806.7
294.3

1082.8
4129.6
306.1

29
30
31

2839.8

3124.9

3415.4

3706.1

3907.1

4077.4

4321.0

4638.3

5000.5

5364.2

5762.3

32

2751.5
1824.2
688.6
78.1
31.9
84.4
44.4

3024.3
2034.6
732.0
79.9
30.0
88.9
59.0

3298.9
2238.7
793.3
83.3
20.4
90.3
72.8

3582.0
2488.9
805.1
86.6
17.9
100.9
82.5

3758.6
2654.8
794.5
90.6
13.1
110.2
95.5

3925.7
2796.9
798.3
92.6
17.6
119.5
100.9

4138.8
2923.3
859.0
94.0
27.4
126.6
108.5

4452.5
3095.7
983.9
97.6
40.0
133.7
101.5

4801.1
3271.1
1122.8
98.3
56.0
160.3
92.7

5142.7
3503.3
1211.6
104.9
52.3
172.7
97.9

5500.9
3767.6
1264.1
114.9
61.7
190.7
101.9

33
34
35
36
37
38
39

41.8
31.4

43.5
41.5

42.5
57.6

38.8
68.9

55.1
77.7

53.5
82.5

76.1
89.8

75.1
94.0

78.6
103.3

94.4
109.3

131.2
117.1

40
41

15.1

15.5

16.4

16.5

15.7

15.8

16.3

16.8

17.5

17.9

13.0

42

16768.1

18320.2

20090.8

20509.5

22042.3

23017.3

24124.9

24749.9

27354.0

29710.2

33195.8

43

3876.6
3636.3
138.4
102.0
398.1

4150.4
3901.4
142.5
106.5
420.7

4408.5
4151.4
146.9
110.2
444.3

4607.3
4343.1
151.2
113.0
465.0

4710.0
4445.9
152.0
112.1
474.9

4985.5
4713.9
156.8
114.8
493.3

5328.8
5049.6
162.2
117.0
521.6

5749.9
5459.0
170.7
120.2
551.5

6021.2
5724.7
175.1
121.5
572.4

6365.2
6061.1
180.0
124.1
598.1

6714.4
6403.1
184.7
126.6
633.5

44
45
46
47
48

3363.6

3646.9

3901.6

4171.4

4340.9

4605.1

4791.1

5018.9

5276.9

5534.8

5795.2

49

498.5

502.4

514.9

491.7

507.8

499.8

503.5

493.1

518.4

536.8

572.8

50

3641.0

3919.9

4256.2

4119.6

4061.3

4151.9

4181.6

4186.2

4360.0

4539.0

4878.0

51

66.6

65.8

65.5

62.3

60.5

59.8

58.9

57.5

57.1

56.4

56.4

52

32

Liabilities

33
34
35
36
37
38
39

Credit market instruments
Home mortgages
Consumer credit
Municipal securities (7)
Bank loans n.e.c.
Other loans and advances
Commercial mortgages (7)

40
41

Security credit
Trade payables (7)
Deferred and unpaid
life insurance premiums

42
43

Net worth

44
45
46
47
48

Memo:
Replacement-cost value of structures:
Residential
Households
Farm households
Nonprofit organizations
Nonresidential (nonprofits)

49
50
51
52

Disposable personal income
Household net worth as percentage of
disposable personal income
Owners’ equity in household real
estate (8)
Owners’ equity as percentage of
household real estate (9)

(1) Sector includes farm households.
(2) At market value.
(3) Includes vacant land and vacant homes for sale.
(4) At replacement (current) cost.
(5) Value based on the market values of equities held and the book value of other assets held by mutual funds.
(6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers.
(7) Liabilities of nonprofit organizations.
(8) Line 4 less line 34.
(9) Line 51 divided by line 4.

103

Z.1, December 11, 1998

B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business
Billions of dollars; amounts outstanding end of period, not seasonally adjusted
1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

With tangible assets stated at either market value or replacement cost:
1

Assets

8342.9

9074.0

9620.8

9828.4

9807.5

9793.0

10146.6

10775.3

11581.7

12362.2

13500.6

1

2

Tangible assets

5440.1

5788.3

6101.7

6194.0

6043.3

5861.3

5857.6

6208.0

6523.0

6802.6

7380.3

2

3
4
5

Real estate (1)
Equipment (2)
Inventories (2)

3083.4
1567.7
789.0

3288.5
1652.5
847.4

3471.9
1735.8
894.0

3440.5
1828.1
925.4

3254.5
1875.8
913.0

3011.8
1925.1
924.4

2900.7
1994.1
962.7

3074.0
2092.3
1041.7

3203.7
2213.8
1105.4

3350.4
2316.7
1135.4

3776.5
2426.4
1177.3

3
4
5

6

Financial assets

2902.7

3285.7

3519.1

3634.4

3764.2

3931.7

4289.0

4567.3

5058.8

5559.6

6120.3

6

14.4
104.8
116.6
18.9
3.4
15.0
34.4
19.4
51.5
54.0
805.3
12.8
1652.1

20.2
134.9
98.8
15.6
5.0
13.6
34.0
16.8
68.1
60.8
895.9
10.6
1911.2

13.3
151.1
89.7
16.2
2.8
14.3
60.6
32.4
54.4
63.8
938.0
11.7
2070.9

13.2
166.8
73.4
26.3
2.1
13.8
40.9
24.7
52.8
67.1
967.2
9.7
2176.3

15.0
182.5
66.8
31.5
1.6
14.7
48.5
44.8
59.0
63.0
961.4
14.8
2260.5

14.3
189.4
51.8
47.3
5.1
17.0
69.2
45.8
60.0
65.7
988.9
21.1
2355.8

12.9
203.1
74.1
44.8
2.5
19.4
67.9
54.7
52.3
77.2
1035.0
29.8
2615.3

14.0
221.6
67.5
52.2
2.2
18.8
70.7
56.7
56.4
86.6
1107.0
31.1
2782.6

15.6
252.9
42.9
77.0
2.4
20.1
80.5
36.8
57.9
85.1
1184.9
45.7
3156.9

26.4
302.7
44.7
84.2
3.8
31.0
81.5
31.7
69.0
77.7
1247.4
58.6
3500.7

20.0
326.2
51.0
98.3
4.4
34.2
75.7
40.0
77.0
78.9
1279.4
81.8
3953.4

7
8
9
10
11
12
13
14
15
16
17
18
19

3774.0

4191.7

4532.7

4729.4

4829.8

5109.7

5388.6

5627.4

6009.5

6349.1

6703.1

20

7
8
9
10
11
12
13
14
15
16
17
18
19
20

Foreign deposits
Checkable deposits and currency
Time and savings deposits
Money market fund shares
Security RPs
Commercial paper
U.S. government securities
Municipal securities
Mortgages
Consumer credit
Trade receivables
Mutual fund shares (1)
Miscellaneous assets
Liabilities

21
22
23
24
25
26
27

Credit market instruments
Commercial paper
Municipal securities (3)
Corporate bonds (4)
Bank loans n.e.c.
Other loans and advances
Mortgages

1996.3
73.8
116.2
784.1
485.1
322.6
214.5

2201.2
85.7
116.4
887.2
517.9
372.9
221.1

2378.9
107.1
115.5
961.1
542.8
418.9
233.5

2487.7
116.9
115.2
1008.2
545.5
473.1
228.9

2430.0
98.5
114.0
1086.9
507.7
410.2
212.7

2474.8
107.1
118.3
1154.5
488.4
412.6
193.9

2536.5
117.8
124.9
1229.7
477.6
388.4
198.1

2683.2
139.2
131.7
1253.0
521.0
421.4
217.0

2915.1
157.4
134.8
1326.3
587.7
453.7
255.3

3115.3
156.4
137.9
1398.8
633.5
472.4
316.2

3376.1
168.6
142.0
1489.5
706.2
520.5
349.3

21
22
23
24
25
26
27

28
29
30

Trade payables
Taxes payable
Miscellaneous liabilities

522.4
47.9
1207.4

576.1
44.4
1370.0

597.9
38.3
1517.6

626.3
38.3
1577.1

649.4
28.9
1721.5

682.8
35.3
1916.8

719.3
40.7
2092.2

796.5
40.3
2107.3

877.5
40.3
2176.6

932.5
49.9
2251.4

996.8
57.6
2272.5

28
29
30

31

Net worth (market value)

4568.9

4882.3

5088.1

5099.0

4977.7

4683.2

4758.0

5147.9

5572.2

6013.1

6797.5

31

62.6
2210.0

65.3
2351.8

67.1
2468.4

68.6
2568.6

69.4
2598.6

72.3
2672.8

74.0
2812.5

76.1
2963.9

78.3
3093.5

81.5
3239.7

84.3
3414.6

32
33

2014.6
43.7
99.1
44.1

2216.7
45.1
99.3
45.4

2673.1
46.8
89.0
52.5

2529.7
48.8
98.3
49.6

3497.0
48.8
69.5
70.3

3827.9
52.8
64.7
81.7

4126.0
53.3
61.5
86.7

4141.8
52.1
64.8
80.5

5481.1
52.3
53.2
98.4

6367.4
51.8
48.9
105.9

7793.8
49.7
43.3
114.7

34
35
36
37

6233.0

6811.3

7219.6

7505.2

7751.7

8079.5

8627.2

9141.1

9882.1

10655.4

11524.1

38

3330.3
1324.8
1222.9
782.6

3525.6
1404.4
1286.3
834.9

3700.5
1478.7
1357.9
863.9

3870.8
1566.2
1429.2
875.4

3987.5
1634.5
1486.3
866.8

4147.9
1694.2
1551.2
902.5

4338.2
1763.8
1633.8
940.6

4573.8
1837.1
1740.7
996.0

4823.3
1920.9
1871.0
1031.5

5095.9
2021.3
2016.7
1057.9

5403.8
2126.1
2177.0
1100.7

39
40
41
42

32
33
34
35
36
37

Memo:
Replacement-cost value of structures:
Residential
Nonresidential
Market value of equities outstanding
(includes corporate farm equities)
Debt/net worth (percent) (5)
Debt/equities (percent) (6)
Equities/net worth (percent) (7)
With tangible assets stated at historical cost:

38
39
40
41
42

Assets (8)
Tangible assets
Real estate
Equipment
Inventories

43

Net worth (historical cost) (9)

2459.0

2619.6

2686.9

2775.8

2921.9

2969.8

3238.6

3513.7

3872.6

4306.4

4821.1

43

44
45
46

Memo:
Historical-cost value of structures:
Residential
Nonresidential
Debt/net worth (percent) (10)

23.8
1168.6
81.2

25.0
1229.5
84.0

26.1
1290.5
88.5

27.2
1361.4
89.6

28.2
1424.9
83.2

29.3
1480.0
83.3

29.8
1543.2
78.3

30.6
1609.4
76.4

32.5
1693.4
75.3

34.0
1792.5
72.3

35.6
1892.9
70.0

44
45
46

(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 21 divided by line 31.
(6) Line 21 divided by line 34.
(7) Line 34 divided by line 31.
(8) Sum of lines 6 and 39.
(9) Line 38 less line 20.
(10) Line 21 divided by line 43.

104

Z.1, December 11, 1998

R.100 Change in Net Worth of Households and Nonprofit Organizations
Billions of dollars; not seasonally adjusted

1
2

Change in net worth (1)
Net investment

1987

1988

1989

1990

1991

1992

1993

1007.1

1552.1

1770.6

418.8

1532.8

975.0

1107.6

410.3

527.6

395.5

578.6

378.6

524.3

455.1

1994

1995

1996

1997

625.0

2604.2

2356.2

3485.6

1

505.7

432.4

389.9

367.0

2

3
4
5

Net physical investment
Capital expenditures
- Consumption of fixed capital

247.8
625.1
377.3

265.8
670.7
404.8

251.1
692.9
441.8

218.6
683.6
465.0

156.9
646.3
489.4

198.0
714.8
516.8

253.4
784.2
530.8

294.8
860.5
565.6

301.3
889.6
588.2

344.2
949.2
605.0

371.4
999.0
627.6

3
4
5

6
7
8

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

162.5
449.9
287.4

261.8
517.5
255.7

144.4
419.4
274.9

360.1
616.7
256.6

221.7
415.1
193.4

326.3
492.7
166.5

201.7
440.0
238.3

210.9
525.4
314.6

131.1
488.3
357.3

45.7
438.1
392.4

-4.4
391.1
395.4

6
7
8

581.4

1028.5

1397.5

-124.7

1096.4

469.3

669.2

105.0

2266.6

1961.2

3259.4

9

331.6
98.5
-12.8
159.3

414.3
374.8
9.9
180.9

465.8
414.8
36.5
156.6

12.9
-141.0
-28.8
44.3

-16.1
819.9
15.4
-80.1

81.1
321.0
7.5
-80.4

1.3
358.5
57.8
34.0

57.4
-41.9
-6.1
133.5

220.0
1204.0
110.6
146.8

267.3
823.2
139.4
158.7

506.8
1345.1
202.5
282.1

10
11
12
13

8.2

21.4

272.0

10.6

287.0

111.6

187.7

-28.1

485.7

495.1

786.8

14

-3.3

27.3

51.8

-22.6

70.1

28.4

29.8

-9.7

99.6

77.4

136.2

15

7.9

13.6

6.6

7.1

12.9

-6.6

3.7

-3.6

-46.8

-66.3

-84.4

16

7.0
0.9

12.3
1.3

5.7
0.9

5.6
1.4

12.3
0.6

-7.2
0.6

3.0
0.7

-4.8
1.2

-45.7
-1.1

-66.4
0.1

-82.9
-1.5

17
18

7.5

-17.6

-29.0

-42.3

44.9

-12.0

-20.4

17.9

-48.0

71.4

-56.5

19

16768.1
3363.6

18320.2
3646.9

20090.8
3901.6

20509.5
4171.4

22042.3
4340.9

23017.3
4605.1

24124.9
4791.1

24749.9
5018.9

27354.0
5276.9

29710.2
5534.8

33195.8
5795.2

20
21

9
10
11
12
13
14
15

16
17
18
19

Holding gains on assets stated
at market value (2)
Real estate
Corporate equities
Mutual fund shares
Equity in noncorporate business
Life insurance and
pension fund reserves
Investment in bank personal
trusts and estates
Holding gains on assets stated
at current cost (2)
Consumer durable goods
Equipment
Other factors (3)
Memo:

20
21

Net worth outstanding (4)
Disposable personal income

(1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.
(4) Table B.100, line 43.

105

Z.1, December 11, 1998

R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business
Billions of dollars; not seasonally adjusted
1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

With tangible assets valued at either market or replacement cost:
1
2
3
4
5
6
7
8
9
10
11

Change in net worth (1)

229.3

313.4

205.7

10.9

-121.2

-294.5

74.7

390.0

424.3

440.9

784.4

1

0.8

-102.8

-168.0

-20.7

88.1

82.5

260.6

168.0

193.2

172.4

129.2

2

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

117.8
359.0
261.8
-20.7
0.2

115.9
364.6
277.8
-29.3
0.3

115.9
394.2
295.6
-17.5
0.2

94.4
387.8
306.6
-13.5
0.2

47.8
370.2
318.4
4.0
-0.1

64.4
385.4
328.5
-7.5
0

115.3
444.9
338.2
-8.6
0.0

171.2
513.4
358.2
-16.0
0

208.8
567.0
373.2
-22.6
7.6

207.3
600.4
390.9
-1.2
3.5

256.1
682.7
412.6
6.9
7.1

3
4
5
6
7

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-41.6
232.4
273.9

-89.2
354.5
443.7

-159.7
187.6
347.4

-52.1
131.5
183.5

22.0
89.1
67.1

-8.9
152.4
161.3

124.1
342.0
217.9

41.7
283.3
241.6

42.7
433.5
390.8

29.3
398.3
369.0

-12.4
342.6
355.1

8
9
10

Corporate equity issues

-75.5

-129.5

-124.2

-63.0

18.3

27.0

21.3

-44.9

-58.3

-64.2

-114.4

11

100.8
101.0
-0.2

155.4
154.8
0.5

143.4
140.9
2.5

-87.1
-86.1
-1.0

-218.7
-221.4
2.7

-270.0
-271.3
1.3

-146.5
-148.3
1.8

135.1
135.9
-0.8

95.0
85.0
10.0

95.9
86.2
9.6

383.8
363.6
20.2

12
13
14

Net investment flow

12
13
14

Holding gains on assets stated
at market value (2)
Real estate
Mutual fund shares

15
16
17
18
19

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Equipment
Inventories (3)
Direct investment abroad
- Foreign direct investment in U.S.

73.3
35.6
8.0
37.9
8.2

58.3
53.0
7.4
0.7
2.7

39.1
45.6
-1.0
-12.4
-6.9

100.5
55.8
12.8
25.9
-5.9

12.3
26.4
-7.3
-9.9
-2.9

-15.7
19.4
2.0
-33.6
3.6

-11.3
19.3
4.3
-33.5
1.4

23.0
22.7
14.9
-20.7
-6.2

40.3
20.3
3.0
3.4
-13.5

7.3
-19.0
5.5
2.0
-18.7

-45.6
-33.6
-11.1
-31.3
-30.4

15
16
17
18
19

20

Other factors (4)

54.5

202.6

191.1

18.2

-2.8

-91.2

-28.1

63.9

95.8

165.3

317.0

20

4568.9

4882.3

5088.1

5099.0

4977.7

4683.2

4758.0

5147.9

5572.2

6013.1

6797.5

21

151.9

160.6

67.3

88.9

146.1

47.9

268.8

275.1

358.9

433.8

514.7

22

0.8

-102.8

-168.0

-20.7

88.1

82.5

260.6

168.0

193.2

172.4

129.2

23

Memo:
21

Net worth outstanding (market value)

With tangible assets valued at historical cost:
22
23

Change in net worth (5)
Net investment flow

24
25
26
27
28

Net physical investment
Capital expenditures
- Consumption of fixed capital
- Inventory valuation adjustment
- Access rights from fed. government

117.8
359.0
261.8
-20.7
0.2

115.9
364.6
277.8
-29.3
0.3

115.9
394.2
295.6
-17.5
0.2

94.4
387.8
306.6
-13.5
0.2

47.8
370.2
318.4
4.0
-0.1

64.4
385.4
328.5
-7.5
0

115.3
444.9
338.2
-8.6
0.0

171.2
513.4
358.2
-16.0
0

208.8
567.0
373.2
-22.6
7.6

207.3
600.4
390.9
-1.2
3.5

256.1
682.7
412.6
6.9
7.1

24
25
26
27
28

29
30
31

Net financial investment
Net acquisition of financial assets
- Net increase in liabilities

-41.6
232.4
273.9

-89.2
354.5
443.7

-159.7
187.6
347.4

-52.1
131.5
183.5

22.0
89.1
67.1

-8.9
152.4
161.3

124.1
342.0
217.9

41.7
283.3
241.6

42.7
433.5
390.8

29.3
398.3
369.0

-12.4
342.6
355.1

29
30
31

32

Corporate equity issues

-75.5

-129.5

-124.2

-63.0

18.3

27.0

21.3

-44.9

-58.3

-64.2

-114.4

32

33

Valuation adjustment on
reproducible assets (6)

11.3

1.4

-18.6

-7.1

-3.4

26.3

3.6

-8.6

-24.6

1.8

-10.7

33

34

Holding gains on mutual fund shares (2)

-0.2

0.5

2.5

-1.0

2.7

1.3

1.8

-0.8

10.0

9.6

20.2

34

35
36
37

Holding gains on assets stated
at current cost less holding
gains on liabilities stated
at current cost (2)
Direct investment abroad
- Foreign direct investment in U.S.

29.7
37.9
8.2

-2.0
0.7
2.7

-5.5
-12.4
-6.9

31.9
25.9
-5.9

-6.9
-9.9
-2.9

-37.2
-33.6
3.6

-34.9
-33.5
1.4

-14.6
-20.7
-6.2

16.9
3.4
-13.5

20.7
2.0
-18.7

-0.9
-31.3
-30.4

35
36
37

110.3

263.5

256.8

85.9

65.7

-25.0

37.6

131.1

163.4

229.2

376.9

38

2459.0

2619.6

2686.9

2775.8

2921.9

2969.8

3238.6

3513.7

3872.6

4306.4

4821.1

39

38

Other factors (4)
Memo:

39

Net worth outstanding (historical cost)

(1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20).
(2) Calculated as change in amount outstanding during period less net purchases during period.
(3) Before inventory valuation adjustment.
(4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities.
(5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38).
(6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers
of assets.