Exhibit 1.1 Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, 1947-94
Year or quar- ter
Sources
Uses
Discrep- ancy (sources less uses)
Total
Internal
External
Total
Capital expendi- tures3
Increase in financial assets
Total
U.S. undis- tributed profits
Inven- tory valuation and capital con- sumption adjust- ments
Capital con- sumption allow- ances
Foreign earn- ings re- tained abroad1
Total
Credit market funds
Other2
Total
Securi- ties and mort- gages
Loans and short- term paper
1947
27.3
13.3
12.7
-8.7
9.0
0.3
14.0
8.5
5.6
2.9
5.4
26.4
18.1
8.3
0.9
1948
29.7
19.7
14.0
-5.2
10.4
.4
10.1
7.7
6.9
.8
2.4
25.6
20.7
4.9
4.1
1949
20.8
20.0
9.6
-1.0
11.2
.3
.8
3.3
5.2
-1.9
-2.5
18.4
14.9
3.5
2.4
1950
42.7
18.5
14.1
-7.9
12.0
.3
24.2
8.5
4.6
3.9
15.7
40.3
24.0
16.3
2.4
1951
36.6
20.8
10.8
-4.4
13.8
.6
15.9
10.8
6.3
4.5
5.1
37.9
30.6
7.3
-1.3
1952
30.7
22.7
9.1
-2.0
14.8
.8
8.0
8.9
7.7
1.2
-.9
29.8
25.3
4.5
.9
1953
28.9
22.6
9.4
-3.3
15.8
.7
6.3
5.8
6.2
-.3
.5
28.3
26.1
2.2
.5
1954
29.6
24.7
9.3
-1.9
16.7
.5
5.0
5.8
6.2
-.5
-.8
27.8
23.0
4.8
1.8
1955
53.9
30.3
13.7
-2.0
17.8
.8
23.6
10.8
7.0
3.8
12.8
49.0
32.6
16.4
4.8
1956
45.1
30.5
13.1
-3.7
20.0
1.0
14.6
11.8
6.5
5.3
2.8
40.9
37.0
3.9
4.2
1957
44.2
32.4
11.9
-2.7
22.0
1.2
11.8
12.2
10.0
2.2
-.4
39.8
35.7
4.1
4.4
1958
42.3
31.2
8.8
-1.4
23.0
.8
11.1
9.8
9.9
-.1
1.3
38.7
28.0
10.7
3.6
1959
55.3
37.0
13.0
-1.0
24.1
.9
18.3
10.5
6.1
4.4
7.8
51.8
37.8
14.1
3.5
1960
48.1
36.4
10.5
-.4
25.1
1.2
11.7
9.9
5.4
4.5
1.7
41.5
37.7
3.8
6.6
1961
53.5
37.5
10.2
.6
25.8
1.0
16.0
9.7
8.2
1.5
6.3
50.6
36.5
14.1
2.9
1962
59.8
44.0
13.0
3.2
26.8
1.1
15.8
11.0
7.0
4.0
4.8
54.6
42.2
12.3
5.3
1963
68.3
47.8
14.5
4.0
27.9
1.4
20.5
10.7
6.6
4.2
9.8
59.9
44.4
15.5
8.4
1964
76.6
53.0
18.4
4.0
29.3
1.3
23.6
15.3
6.5
8.8
6.5
8.3
64.5
49.8
14.7
12.1
1965
95.4
60.1
23.4
4.0
31.3
1.4
35.4
20.3
7.8
12.5
15.1
82.4
60.8
21.6
13.0
1966
100.7
64.3
25.0
3.5
34.1
1.7
36.4
26.0
15.3
10.8
10.3
91.0
74.5
16.5
9.7
1967
97.0
65.3
22.2
4.2
37.3
1.6
31.7
27.2
19.2
8.1
4.4
87.3
71.2
16.2
9.7
1968
116.6
66.7
21.3
1.9
41.1
2.3
49.9
30.3
17.1
13.2
19.6
106.0
75.6
30.5
10.5
1969
124.8
66.5
18.4
.4
45.0
2.8
58.3
37.6
18.3
19.3
20.7
116.5
85.2
31.3
8.3
1970
109.9
64.0
12.6
-1.1
49.4
3.2
46.0
39.3
31.2
8.1
6.7
99.9
81.7
18.3
10.0
1971
131.4
76.1
18.7
.0
54.2
3.2
55.3
39.0
33.9
5.1
16.3
123.5
87.4
36.1
7.8
1972
162.4
88.1
24.6
-1.6
60.5
4.7
74.3
47.4
30.3
17.2
26.8
148.4
99.1
49.4
13.9
1973
221.9
95.5
36.9
-15.2
65.6
8.1
126.4
80.4
47.0
33.4
46.0
192.4
122.6
69.8
29.5
1974
191.8
91.0
45.3
-38.8
76.8
7.7
100.8
59.8
24.8
35.0
41.0
189.7
138.4
51.3
2.1
1975
159.6
125.0
43.4
-18.6
92.2
8.1
34.6
26.6
41.7
-15.2
8.0
155.9
116.2
39.7
3.7
1976
211.7
140.5
56.5
-26.1
102.5
7.6
71.2
51.1
40.1
11.0
20.2
207.4
155.7
51.7
4.3
1977
263.7
162.7
66.9
-27.0
114.8
8.1
100.9
72.4
43.6
28.9
28.5
244.6
184.3
60.3
19.1
1978
323.0
183.6
78.7
-37.8
131.1
11.7
139.4
76.7
39.9
36.8
62.6
327.6
221.9
105.7
-4.6
1979
343.7
198.5
86.4
-58.0
151.6
18.6
145.2
75.0
20.1
54.8
70.2
369.8
242.2
127.6
-26.1
1980
336.1
199.7
69.2
-61.4
173.2
18.7
136.4
78.4
35.9
42.4.
58.0
3324.5
252.4
82.1
1.6
1981
394.4
238.9
64.2
-44.8
205.3
14.2
155.6
105.8
32.7
73.1
49.8
418.3
309.9
108.4
23.9
1982
331.7
247.5
30.6
-22.4
227.5
11.8
84.1
70.0
11.6
58.4
14.1
343.3
278.8
64.6
-11.7
1983
444.6
292.3
30.5
2.9
240.1
18.8
152.3
101.0
56.2
44.8
51.3
410.4
294.0
116.4
34.2
1984
511.4
336.3
46.4
24.1
246.1
19.7
175.0
118.9
-5.6
124.5
56.1
495.4
391.6
103.8
16.0
1985
493.8
351.9
21.7
54.4
256.0
19.8
142.0
84.7
13.2
71.5
57.3
467.3
370.2
97.0
26.7
1986
538.8
336.7
-2.1
53.4
269.2
16.2
202.1
148.1
65.1
83.0
54.0
501.7
344.2
157.5
37.1
1987
564.7
375.9
41.3
30.6
279.2
24.8
188.8
89.3
39.9
49.4
99.4
492.3
361.5
130.9
72.4
1988
634.2
404.3
73.6
15.7
295.1
19.1
229.9
95.0
-4.7
99.8
134.9
575.8
391.0
184.8
58.4
1989
567.9
399.6
32.2
19.8
314.8
32.8
168.2
68.0
-37.6
105.6
100.2
509.4
401.1
108.3
58.4
1990
535.5
411.6
20.54
21.8
326.6
42.8
123.9
48.3
-20.1
68.3
75.6
488.7
402.8
85.9
46.7
1991
471.7
426.0
4.7
35.2
338.6
47.6
45.7
8.7
96.1
-87.4
37.0
435.3
379.8
55.6
36.4
1992
560.5
438.4
29.8
22.0
349.3
37.3
122.2
67.9
67.0
.9
543
527.8
386.0
141.8
32.8
1993
557.4
462.3
17.5
36.5
357.6
50.8
95.1
67.1
81.2
-14.1
28.0
523.4
440.4
83.0
34.0
1992:
I
541.3
434.3
28.7
26.7
341.8
37.1
107.0
81.6
94.3
-12.7
25.5
512.8
362.1
150.7
28.4
II
570.7
432.9
37.3
11.8
344.0
39.8
137.8
78.4
95.4
-16.9
59.4
528.7
389.2
139.5
42.0
III
531.2
440.7
26.7
16.9
362.5
34.7
90.5
39.4
31.1
8.3
51.1
522.6
394.1
128.5
8.6
IV
598.9
445.6
26.4
32.4
349.1
37.6
153.3
72.2
47.2
25.0
81.1
547.0
398.7
148.3
51.9
1993:
I
443.4
436.4
3.1
23.1
352.6
57.6
7.0
27.5
83.9
-56.4
-20.6
426.1
424.7
1.4
17.3
II
548.8
450.7
20.7
29.6
355.1
45.3
98.1
80.6
68.0
12.7
530.4
441.5
88.9
18.4
III
600.6
476.4
13.4
47.7
362.4
52.9
124.1
78.6
101.9
-23.3
45.6
550.0
444.1
105.9
50.5
IV
636.8
485.7
32.7
45.3
360.4
47.3
151.1
81.7
71.1
10.6
69.4
587.2
451.2
136.0
49.5
1994:
I
653.8
502.9
41.3
39.5
381.3
41.7
150.8
110.3
12.4
97.9
40.5
648.9
474.7
174.2
4.8
II
656.8
500.4
48.6
38.0
372.0
41.8
156.4
114.4
36.7
77.7
42.0
652.0
520.7
131.3
4.8
III
664.5
503.1
59.6
33.2
377.9
32.5
161.5
75.9
-23.7
99.6
85.6
646.2
535.2
111.0
18.3
Source: Economic Report to the President ( Washington, D.C.: GPO, 1995), 384.
1Foreign branch profits, dividends, and subsidiaries' earnings retained abroad.
2Consists of tax liabilities, trade debt, direct foreign investment in the United States, and pension fun contributions payable.
3Plant and equipment, residential structures, inventory investment, and access rights from U.S. government.
-2-
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication Information: Book Title: Capital Structure: Determination, Evaluation, and Accounting. Contributors: Ahmed Riahi-Belkaoui - author. Publisher: Quorum Books. Place of Publication: Westport, CT. Publication Year: 1999. Page Number: 2.
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