Summary: We examine recent trends in the activities of US multinationals and their foreign affiliates using data from the Bureau of Economic Analysis’s annual survey of US direct investment abroad. Since the passage of the Tax Cuts and Jobs Act (TCJA), multinational activity has become more domestically concentrated, continuing a trend that started before the legislation. This has coincided with a decline in the US effective corporate tax rate and relatively stable foreign effective tax rates.
Key Points
Since the passage of TCJA, multinationals have increased the share of their economic activity in the United States relative to foreign countries, although this continues a trend that predates the legislation. Multinationals’ income tax paid to the US, however, has fallen relative to foreign income taxes, likely because of the TCJA’s reduction of the US corporate tax rate.
Prior to TCJA, foreign affiliate effective tax rates declined relative to the US parents’ domestic tax rate. After TCJA, multinationals face similar effective income tax rates on their US and foreign activities.
The geographic distribution of profits has remained relatively stable since the passage of TCJA. Ireland continues to appear as an outlier in terms of the location of US foreign income.
Industries commonly highlighted in the profit shifting debate, including tech firms and pharmaceutical manufacturers, have continued to benefit from low foreign effective tax rates since 2018.
Recent Trends in US Multinational Activity
Background
The Bureau of Economic Analysis (BEA) conducts annual surveys of US direct investment abroad, which form the basis for its annual publication of statistics on the worldwide activities of US multinational enterprises (commonly referred to as AMNE statistics). This data provides some of the most detailed information available to the public regarding the activity of US multinational enterprises (MNEs) and their foreign affiliates and covers a wide range of economic activities. This allows researchers to examine concepts such as the geographic and industrial distribution of payroll, capital investment, research and development, income, and taxes of these firms both domestically and abroad.
The BEA releases this data with a considerable lag—the current release, which provides information through 2021, was published only recently in November 2023. In the past, PWBM has leveraged BEA’s AMNE data to examine the initial response of multinational activity to TCJA. Given that the BEA data now provides information for a full four years after that bill passed, this brief revisits and extends that analysis to examine how the behavior of US MNEs evolved in the years surrounding its enactment.
Aggregate trends in domestic and foreign activities of US multinationals
Figure 1 shows the evolution of several key economic indicators for US parent corporations’ domestic activities compared to their foreign affiliates.1 Over the past decade, US multinationals have demonstrated stronger growth at home than abroad across a range of indicators of real economic activity, including sales, value added, capital investment, and payroll.
In contrast to the strong growth of domestic real activity, the amount of domestic income tax paid by US multinationals declined steadily from their peak in 2014 until 2020. Although this trend began earlier, the bulk of the decline occurred after the passage of TCJA, which reduced the US corporate income tax rate from 35 percent in the top bracket to a flat rate of 21 percent.
Notes: The open white points indicate benchmark survey years, in which more comprehensive data is collected.
Figures for net income in panel (b) are adjusted to remove double counting in the original data. Due to data limitations, this adjustment is only possible for US parents in benchmark survey years. For non-benchmark survey years, adjusted net income is imputed using profit-type return. The unadjusted figures are shown by the dashed lines in panel (b).
Affiliate data is for majority-owned foreign affiliates.
Source: Bureau of Economic Analysis, Activities of Multinational Enterprises.
Did US multinationals bring economic activity home after the enactment of TCJA?
To formalize the analysis of TCJA’s impact, Figure 2 examines whether the US share of the major indicators shown in Figure 1 departed from pre-TCJA trends after the law’s enactment. The blue line in each panel provides the pre-TCJA trendline for the US parent’s share of aggregated US and foreign activity. The area in grey provides a confidence interval for this trendline.
For most indicators, the post-TCJA evolution of the US share of economic activity follows the pre-TCJA trend of MNEs increasingly concentrating activity in US parent companies. There are two exceptions to this observation.
First, after TCJA, MNEs increased their share of research and development conducted domestically. This effect may have been driven in part by anticipation of the TCJA’s modification of the tax treatment of R&D spending, which reduced the tax benefits it provides but only beginning in 2022. If so, this increase in the domestic R&D share was likely temporary and may already be shifting back to the pre-TCJA trend, as suggested by the decline in 2021.
Second, the share of corporate income taxes paid by US parents of MNEs has fallen dramatically since TCJA, likely because of the lower US corporate rate that the legislation introduced.
Notes: The dashed vertical line indicates the year in which the TCJA was enacted. Trend lines are fitted to pre-TCJA data and extrapolated for the post-TCJA period.
The open white points indicate benchmark survey years, in which more comprehensive data is collected.
Affiliate data is for majority-owned foreign affiliates.
Source: Penn Wharton Budget Model and Bureau of Economic Analysis, Activities of Multinational Enterprises.
Foreign and Domestic Effective Tax Rates
In addition to lowering the US corporate income tax rate, TCJA also introduced a new tax regime for foreign income earned by US multinationals. Figure 3 compares the evolution the effective tax rate on multinationals’ US parent activities (that is, under the US corporate income tax) with the effective tax rate paid by US multinationals’ foreign affiliates.2The aggregate effective tax rate combines income and taxes from both US parents and their foreign affiliates.
Prior to the enactment of TCJA, the global effective tax rate of MNEs was declining. This was driven by a declining foreign effective tax rate and a stable US effective tax rate. Afterward, the effective tax rate declined more sharply, driven by a sharp decrease in the US effective tax rate and a stabilization of the foreign effective tax rate. This finding complements our October 2023 analysis of US tax revenue from foreign affiliates, which showed that the TCJA’s new tax regime for foreign income did not increase US tax revenue on multinationals’ foreign income.
Notes: The open white points indicate benchmark survey years, in which more comprehensive data is collected.
Affiliate data is for majority-owned foreign affiliates.
Source: Penn Wharton Budget Model and Bureau of Economic Analysis, Activities of Multinational Enterprises.
US Multinational Tax Rates and Profits by Country and Industry
One of the major strengths of BEA’s AMNE data is the level of detail it provides regarding the geographic and industrial distribution of US multinational activity.
Figure 4 leverages this detail to examine the location of MNEs’ foreign earnings and how it has evolved since TCJA. It plots country-level effective tax rates for the specified period against foreign earnings.3 We divide this plot into four quadrants by plotting the average foreign effective tax rate for the whole sample (the vertical dashed line) and the median country’s foreign earnings (the horizontal dashed line). The upper left quadrant contains recognizable tax havens that have become well known to international tax practitioners. Ireland is the clearest outlier, booking the largest amount of foreign earnings with an effective tax rate of about 6.1% for the 2009-2021 period. Other notable havens in the upper left quadrant include Switzerland, the UK Caribbean Islands (including the Cayman Islands), and Bermuda.
Examining how the position of countries has changed before and after TCJA reveals that the distribution of tax havens has remained relatively stable.
Notes: Pretax income is adjusted to remove double counting in the original data.
The vertical dashed line shows average foreign effective tax rate across countries; the horizontal dashed line shows the median adjusted pretax income of affiliates across countries.
Data is for majority-owned foreign affiliates.
Source: Penn Wharton Budget Model and Bureau of Economic Analysis, Activities of Multinational Enterprises.
Figure 5 examines the distribution of industry-level foreign effective tax rates, based on the BEA industry classification of the US parent corporation. The plot highlights industries in sectors that are at the center of discussions of international profit shifting: industries in blue have US parents that operate in the Chemicals sector (including pharmaceutical manufacturers), industries in orange have US parents classified in a Computer Manufacturing sector, and industries in red have US parents classified in the Information sector.4 The latter two sectors can be thought of as a rough proxy for the tech industry, which makes use of easily transferable IP that can be used to shift profits.
As in Figure 4, this plot provides a natural way of identifying important observations (in this case, industries) that face low foreign effective rates. Notably, many of the highlighted industries appear in a cluster toward the upper left quadrant. As with the country-level analysis above, the general structure of the types of US firms that benefit from low foreign effective tax rates does not appear to have significantly changed since the enactment of TCJA.
Notes: Pretax income is adjusted to remove double counting in the original data.
Data is for majority-owned foreign affiliates.
Source: Penn Wharton Budget Model and Bureau of Economic Analysis, Activities of Multinational Enterprises.
Note: This analysis was updated on April 24, 2024 with improved estimates of tax rates that use an imputation procedure to adjust for double-counting in net income of foreign affiliates.
This analysis was produced by Lysle Boller. Mariko Paulson prepared the brief for the website.
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To compute net income, we make sure to remove equity income as recommended by Blouin and Robinson (2021). Net income without this adjustment is shown in the dashed lines for this figure. Without this adjustment, researchers may dramatically overestimate the extent of income earned by US multinationals. ↩
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To construct the effective tax rate metric, we divide income taxes by adjusted pretax income as defined by Blouin and Robinson (2021). This data is collected from the foreign affiliate and US parent income statements. ↩
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As before, we use adjusted pretax income and compute an annual average for each country. ↩
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We also highlight in orange a services industry that is related to computing, “Computer systems design and related services,” even though it is not technically classified within the BEA’s “Computer Manufacturing” sector. ↩
Year name value type unadjusted Reference Year group 2009 Value added 2595.776 US Parent Adjusted Yes 1 2009 Capital expenditures 431.796 US Parent Adjusted Yes 2 2009 Sales 9208.797 US Parent Adjusted Yes 3 2009 R&D 207.297 US Parent Adjusted Yes 4 2009 Compensation of employees 1590.589 US Parent Adjusted Yes 5 2009 Net income 622.375 US Parent Unadjusted Yes 6 2009 Income taxes 135.995 US Parent Adjusted Yes 7 2009 Adjusted profit-type return 475.856 US Parent Adjusted Yes 8 2009 Net income 316.474 US Parent Adjusted Yes 9 2010 Value added 2948.661 US Parent Adjusted No 1 2010 Capital expenditures 441.053 US Parent Adjusted No 2 2010 Sales 9774.337 US Parent Adjusted No 3 2010 R&D 205.674 US Parent Adjusted No 4 2010 Compensation of employees 1618.713 US Parent Adjusted No 5 2010 Net income 909.686 US Parent Unadjusted No 6 2010 Income taxes 202.855 US Parent Adjusted No 7 2010 Adjusted profit-type return 717.589 US Parent Adjusted No 8 2010 Net income 456.944484 US Parent Adjusted No 9 2011 Value added 3160.862 US Parent Adjusted No 1 2011 Capital expenditures 527.828 US Parent Adjusted No 2 2011 Sales 10593.201 US Parent Adjusted No 3 2011 R&D 220.279 US Parent Adjusted No 4 2011 Compensation of employees 1692.811 US Parent Adjusted No 5 2011 Net income 1061.776 US Parent Unadjusted No 6 2011 Income taxes 217.634 US Parent Adjusted No 7 2011 Adjusted profit-type return 859.949 US Parent Adjusted No 8 2011 Net income 570.2018834 US Parent Adjusted No 9 2012 Value added 3249.145 US Parent Adjusted No 1 2012 Capital expenditures 584.429 US Parent Adjusted No 2 2012 Sales 10935.873 US Parent Adjusted No 3 2012 R&D 232.955 US Parent Adjusted No 4 2012 Compensation of employees 1772.517 US Parent Adjusted No 5 2012 Net income 994.67 US Parent Unadjusted No 6 2012 Income taxes 223.832 US Parent Adjusted No 7 2012 Adjusted profit-type return 812.511 US Parent Adjusted No 8 2012 Net income 522.5876315 US Parent Adjusted No 9 2013 Value added 3487.281 US Parent Adjusted No 1 2013 Capital expenditures 593.986 US Parent Adjusted No 2 2013 Sales 11201.01 US Parent Adjusted No 3 2013 R&D 242.327 US Parent Adjusted No 4 2013 Compensation of employees 1812.968 US Parent Adjusted No 5 2013 Net income 1152.824 US Parent Unadjusted No 6 2013 Income taxes 282.903 US Parent Adjusted No 7 2013 Adjusted profit-type return 1051.108 US Parent Adjusted No 8 2013 Net income 681.9581325 US Parent Adjusted No 9 2014 Value added 3889.485 US Parent Adjusted Yes 1 2014 Capital expenditures 722.346 US Parent Adjusted Yes 2 2014 Sales 13000.381 US Parent Adjusted Yes 3 2014 R&D 275.477 US Parent Adjusted Yes 4 2014 Compensation of employees 2116.998 US Parent Adjusted Yes 5 2014 Net income 1251.664 US Parent Unadjusted Yes 6 2014 Income taxes 331.712 US Parent Adjusted Yes 7 2014 Adjusted profit-type return 1159.189 US Parent Adjusted Yes 8 2014 Net income 789.31 US Parent Adjusted Yes 9 2015 Value added 3949.236 US Parent Adjusted No 1 2015 Capital expenditures 712.568 US Parent Adjusted No 2 2015 Sales 12522.977 US Parent Adjusted No 3 2015 R&D 277.787 US Parent Adjusted No 4 2015 Compensation of employees 2191.54 US Parent Adjusted No 5 2015 Net income 1047.661 US Parent Unadjusted No 6 2015 Income taxes 300.987 US Parent Adjusted No 7 2015 Adjusted profit-type return 994.195 US Parent Adjusted No 8 2015 Net income 615.3810937 US Parent Adjusted No 9 2016 Value added 3916.185 US Parent Adjusted No 1 2016 Capital expenditures 641.469 US Parent Adjusted No 2 2016 Sales 12616.391 US Parent Adjusted No 3 2016 R&D 289.392 US Parent Adjusted No 4 2016 Compensation of employees 2199.969 US Parent Adjusted No 5 2016 Net income 1135.731 US Parent Unadjusted No 6 2016 Income taxes 288.815 US Parent Adjusted No 7 2016 Adjusted profit-type return 1069.145 US Parent Adjusted No 8 2016 Net income 692.7218509 US Parent Adjusted No 9 2017 Value added 3901.789 US Parent Adjusted No 1 2017 Capital expenditures 666.167 US Parent Adjusted No 2 2017 Sales 13438.681 US Parent Adjusted No 3 2017 R&D 298.985 US Parent Adjusted No 4 2017 Compensation of employees 2238.621 US Parent Adjusted No 5 2017 Net income 1283.306 US Parent Unadjusted No 6 2017 Income taxes 233.927 US Parent Adjusted No 7 2017 Adjusted profit-type return 995.778 US Parent Adjusted No 8 2017 Net income 676.3175001 US Parent Adjusted No 9 2018 Value added 4212.291 US Parent Adjusted No 1 2018 Capital expenditures 723.104 US Parent Adjusted No 2 2018 Sales 14338.829 US Parent Adjusted No 3 2018 R&D 322.946 US Parent Adjusted No 4 2018 Compensation of employees 2344.056 US Parent Adjusted No 5 2018 Net income 1455.129 US Parent Unadjusted No 6 2018 Income taxes 212.147 US Parent Adjusted No 7 2018 Adjusted profit-type return 1143.253 US Parent Adjusted No 8 2018 Net income 826.5701328 US Parent Adjusted No 9 2019 Value added 4231.635 US Parent Adjusted Yes 1 2019 Capital expenditures 731.172 US Parent Adjusted Yes 2 2019 Sales 14658.889 US Parent Adjusted Yes 3 2019 R&D 349.035 US Parent Adjusted Yes 4 2019 Compensation of employees 2407.331 US Parent Adjusted Yes 5 2019 Net income 1526.779 US Parent Unadjusted Yes 6 2019 Income taxes 195.052 US Parent Adjusted Yes 7 2019 Adjusted profit-type return 1203.522 US Parent Adjusted Yes 8 2019 Net income 845.36 US Parent Adjusted Yes 9 2020 Value added 3966.261 US Parent Adjusted No 1 2020 Capital expenditures 676.275 US Parent Adjusted No 2 2020 Sales 14015.682 US Parent Adjusted No 3 2020 R&D 367.59 US Parent Adjusted No 4 2020 Compensation of employees 2438.171 US Parent Adjusted No 5 2020 Net income 1013.629 US Parent Unadjusted No 6 2020 Income taxes 139.634 US Parent Adjusted No 7 2020 Adjusted profit-type return 684.632 US Parent Adjusted No 8 2020 Net income 483.8107254 US Parent Adjusted No 9 2021 Value added 5066.227 US Parent Adjusted No 1 2021 Capital expenditures 728.766 US Parent Adjusted No 2 2021 Sales 16196.086 US Parent Adjusted No 3 2021 R&D 402.69 US Parent Adjusted No 4 2021 Compensation of employees 2594.291 US Parent Adjusted No 5 2021 Net income 2195.352 US Parent Unadjusted No 6 2021 Income taxes 306.533 US Parent Adjusted No 7 2021 Adjusted profit-type return 1979.017 US Parent Adjusted No 8 2021 Net income 1484.71315 US Parent Adjusted No 9 2009 Sales 4783.647 Foreign Affiliates Adjusted Yes 10 2009 Net income 778.787 Foreign Affiliates Unadjusted Yes 11 2009 Net income 252.434 Foreign Affiliates Adjusted Yes 12 2009 Income taxes 109.424 Foreign Affiliates Adjusted Yes 13 2009 Value added 1144.957 Foreign Affiliates Adjusted Yes 14 2009 Capital expenditures 167.066 Foreign Affiliates Adjusted Yes 15 2009 R&D 39.205 Foreign Affiliates Adjusted Yes 16 2009 Compensation of employees 482.041 Foreign Affiliates Adjusted Yes 17 2009 Adjusted profit-type return 369.539 Foreign Affiliates Adjusted Yes 18 2010 Sales 5168.635 Foreign Affiliates Adjusted No 10 2010 Net income 1026.365 Foreign Affiliates Unadjusted No 11 2010 Net income 357.815 Foreign Affiliates Adjusted No 12 2010 Income taxes 130 Foreign Affiliates Adjusted No 13 2010 Value added 1242.237 Foreign Affiliates Adjusted No 14 2010 Capital expenditures 166.384 Foreign Affiliates Adjusted No 15 2010 R&D 39.887 Foreign Affiliates Adjusted No 16 2010 Compensation of employees 493.629 Foreign Affiliates Adjusted No 17 2010 Adjusted profit-type return 496.284 Foreign Affiliates Adjusted No 18 2011 Sales 5912.702 Foreign Affiliates Adjusted No 10 2011 Net income 1098.52 Foreign Affiliates Unadjusted No 11 2011 Net income 401.392 Foreign Affiliates Adjusted No 12 2011 Income taxes 163.878 Foreign Affiliates Adjusted No 13 2011 Value added 1415.892 Foreign Affiliates Adjusted No 14 2011 Capital expenditures 188.819 Foreign Affiliates Adjusted No 15 2011 R&D 44.684 Foreign Affiliates Adjusted No 16 2011 Compensation of employees 538.721 Foreign Affiliates Adjusted No 17 2011 Adjusted profit-type return 573.416 Foreign Affiliates Adjusted No 18 2012 Sales 5942.859 Foreign Affiliates Adjusted No 10 2012 Net income 1066.376 Foreign Affiliates Unadjusted No 11 2012 Net income 384.927 Foreign Affiliates Adjusted No 12 2012 Income taxes 152.667 Foreign Affiliates Adjusted No 13 2012 Value added 1414.679 Foreign Affiliates Adjusted No 14 2012 Capital expenditures 217.951 Foreign Affiliates Adjusted No 15 2012 R&D 44.983 Foreign Affiliates Adjusted No 16 2012 Compensation of employees 555.862 Foreign Affiliates Adjusted No 17 2012 Adjusted profit-type return 546.599 Foreign Affiliates Adjusted No 18 2013 Sales 6001.943 Foreign Affiliates Adjusted No 10 2013 Net income 1044.636 Foreign Affiliates Unadjusted No 11 2013 Net income 372.825 Foreign Affiliates Adjusted No 12 2013 Income taxes 138.607 Foreign Affiliates Adjusted No 13 2013 Value added 1394.826 Foreign Affiliates Adjusted No 14 2013 Capital expenditures 223.16 Foreign Affiliates Adjusted No 15 2013 R&D 49.221 Foreign Affiliates Adjusted No 16 2013 Compensation of employees 563.542 Foreign Affiliates Adjusted No 17 2013 Adjusted profit-type return 520.912 Foreign Affiliates Adjusted No 18 2014 Sales 6504.909 Foreign Affiliates Adjusted Yes 10 2014 Net income 1166.223 Foreign Affiliates Unadjusted Yes 11 2014 Net income 419.309 Foreign Affiliates Adjusted Yes 12 2014 Income taxes 133.164 Foreign Affiliates Adjusted Yes 13 2014 Value added 1490.153 Foreign Affiliates Adjusted Yes 14 2014 Capital expenditures 245.247 Foreign Affiliates Adjusted Yes 15 2014 R&D 55.278 Foreign Affiliates Adjusted Yes 16 2014 Compensation of employees 632.546 Foreign Affiliates Adjusted Yes 17 2014 Adjusted profit-type return 564.477 Foreign Affiliates Adjusted Yes 18 2015 Sales 5950.947 Foreign Affiliates Adjusted No 10 2015 Net income 1064.921 Foreign Affiliates Unadjusted No 11 2015 Net income 337.024 Foreign Affiliates Adjusted No 12 2015 Income taxes 91.422 Foreign Affiliates Adjusted No 13 2015 Value added 1358.772 Foreign Affiliates Adjusted No 14 2015 Capital expenditures 214.815 Foreign Affiliates Adjusted No 15 2015 R&D 56.096 Foreign Affiliates Adjusted No 16 2015 Compensation of employees 611.564 Foreign Affiliates Adjusted No 17 2015 Adjusted profit-type return 437.962 Foreign Affiliates Adjusted No 18 2016 Sales 5800.836 Foreign Affiliates Adjusted No 10 2016 Net income 1023.223 Foreign Affiliates Unadjusted No 11 2016 Net income 333.624 Foreign Affiliates Adjusted No 12 2016 Income taxes 86.941 Foreign Affiliates Adjusted No 13 2016 Value added 1302.066 Foreign Affiliates Adjusted No 14 2016 Capital expenditures 195.087 Foreign Affiliates Adjusted No 15 2016 R&D 54.307 Foreign Affiliates Adjusted No 16 2016 Compensation of employees 600.163 Foreign Affiliates Adjusted No 17 2016 Adjusted profit-type return 428.482 Foreign Affiliates Adjusted No 18 2017 Sales 6189.163 Foreign Affiliates Adjusted No 10 2017 Net income 1266.171 Foreign Affiliates Unadjusted No 11 2017 Net income 488.994 Foreign Affiliates Adjusted No 12 2017 Income taxes 105.566 Foreign Affiliates Adjusted No 13 2017 Value added 1416.377 Foreign Affiliates Adjusted No 14 2017 Capital expenditures 189.627 Foreign Affiliates Adjusted No 15 2017 R&D 57.831 Foreign Affiliates Adjusted No 16 2017 Compensation of employees 613.34 Foreign Affiliates Adjusted No 17 2017 Adjusted profit-type return 601.844 Foreign Affiliates Adjusted No 18 2018 Sales 6739.148 Foreign Affiliates Adjusted No 10 2018 Net income 1442.282 Foreign Affiliates Unadjusted No 11 2018 Net income 488.659 Foreign Affiliates Adjusted No 12 2018 Income taxes 118.108 Foreign Affiliates Adjusted No 13 2018 Value added 1458.164 Foreign Affiliates Adjusted No 14 2018 Capital expenditures 189.611 Foreign Affiliates Adjusted No 15 2018 R&D 58.458 Foreign Affiliates Adjusted No 16 2018 Compensation of employees 624.266 Foreign Affiliates Adjusted No 17 2018 Adjusted profit-type return 613.177 Foreign Affiliates Adjusted No 18 2019 Sales 6678.872 Foreign Affiliates Adjusted Yes 10 2019 Net income 1389.718 Foreign Affiliates Unadjusted Yes 11 2019 Net income 446.324 Foreign Affiliates Adjusted Yes 12 2019 Income taxes 110.06 Foreign Affiliates Adjusted Yes 13 2019 Value added 1416.159 Foreign Affiliates Adjusted Yes 14 2019 Capital expenditures 191.661 Foreign Affiliates Adjusted Yes 15 2019 R&D 58.336 Foreign Affiliates Adjusted Yes 16 2019 Compensation of employees 636.81 Foreign Affiliates Adjusted Yes 17 2019 Adjusted profit-type return 559.506 Foreign Affiliates Adjusted Yes 18 2020 Sales 6210.102 Foreign Affiliates Adjusted No 10 2020 Net income 1164.534 Foreign Affiliates Unadjusted No 11 2020 Net income 382.556 Foreign Affiliates Adjusted No 12 2020 Income taxes 93.479 Foreign Affiliates Adjusted No 13 2020 Value added 1329.756 Foreign Affiliates Adjusted No 14 2020 Capital expenditures 179.578 Foreign Affiliates Adjusted No 15 2020 R&D 59.321 Foreign Affiliates Adjusted No 16 2020 Compensation of employees 630.929 Foreign Affiliates Adjusted No 17 2020 Adjusted profit-type return 479.389 Foreign Affiliates Adjusted No 18 2021 Sales 7318.003 Foreign Affiliates Adjusted No 10 2021 Net income 1266.959 Foreign Affiliates Unadjusted No 11 2021 Net income 476.874 Foreign Affiliates Adjusted No 12 2021 Income taxes 132.307 Foreign Affiliates Adjusted No 13 2021 Value added 1576.435 Foreign Affiliates Adjusted No 14 2021 Capital expenditures 188.597 Foreign Affiliates Adjusted No 15 2021 R&D 69.916 Foreign Affiliates Adjusted No 16 2021 Compensation of employees 669.253 Foreign Affiliates Adjusted No 17 2021 Adjusted profit-type return 613.021 Foreign Affiliates Adjusted No 18
name Year Reference Year US Parent Foreign Affiliates US_share post_TCJA fit ci_low ci_high Sales 2009 Yes 9208.797 4783.647 0.658126415 FALSE 0.64369762 0.62904325 0.658351991 Sales 2010 No 9774.337 5168.635 0.654109303 FALSE 0.648526587 0.63634338 0.660709795 Sales 2011 No 10593.201 5912.702 0.641782579 FALSE 0.653355555 0.643302739 0.66340837 Sales 2012 No 10935.873 5942.859 0.647908445 FALSE 0.658184522 0.649661833 0.666707211 Sales 2013 No 11201.01 6001.943 0.651109725 FALSE 0.663013489 0.655066041 0.670960938 Sales 2014 Yes 13000.381 6504.909 0.666505394 FALSE 0.667842457 0.659319768 0.676365145 Sales 2015 No 12522.977 5950.947 0.677873147 FALSE 0.672671424 0.662618609 0.682724239 Sales 2016 No 12616.391 5800.836 0.685032063 FALSE 0.677500391 0.665317184 0.689683599 Sales 2017 No 13438.681 6189.163 0.684674333 FALSE 0.682329358 0.667674988 0.696983729 Sales 2018 No 14338.829 6739.148 0.680275389 TRUE 0.687158326 0.669837264 0.704479388 Sales 2019 Yes 14658.889 6678.872 0.686992839 TRUE 0.691987293 0.671881663 0.712092924 Sales 2020 No 14015.682 6210.102 0.692961123 TRUE 0.69681626 0.673851022 0.719781498 Sales 2021 No 16196.086 7318.003 0.688782202 TRUE 0.701645228 0.675770211 0.727520245 Net income 2009 Yes 316.474 252.434 0.556283265 FALSE 0.566692333 0.512098244 0.621286423 Net income 2010 No 456.944484 357.815 0.560833587 FALSE 0.577266177 0.531878276 0.622654078 Net income 2011 No 570.2018834 401.392 0.586872657 FALSE 0.58784002 0.550388784 0.625291257 Net income 2012 No 522.5876315 384.927 0.575844855 FALSE 0.598413864 0.566663034 0.630164695 Net income 2013 No 681.9581325 372.825 0.646538716 FALSE 0.608987708 0.579379906 0.63859551 Net income 2014 Yes 789.31 419.309 0.653067675 FALSE 0.619561551 0.587810721 0.651312382 Net income 2015 No 615.3810937 337.024 0.64613377 FALSE 0.630135395 0.592684158 0.667586631 Net income 2016 No 692.7218509 333.624 0.674939983 FALSE 0.640709238 0.595321337 0.68609714 Net income 2017 No 676.3175001 488.994 0.580374861 FALSE 0.651283082 0.596688993 0.705877172 Net income 2018 No 826.5701328 488.659 0.628460937 TRUE 0.661856926 0.597328217 0.726385634 Net income 2019 Yes 845.36 446.324 0.654463476 TRUE 0.672430769 0.597528296 0.747333242 Net income 2020 No 483.8107254 382.556 0.558436412 TRUE 0.683004613 0.597448823 0.768560403 Net income 2021 No 1484.71315 476.874 0.756893799 TRUE 0.693578457 0.597182437 0.789974476 Value added 2009 Yes 2595.776 1144.957 0.693921753 FALSE 0.687846244 0.671638064 0.704054425 Value added 2010 No 2948.661 1242.237 0.703586916 FALSE 0.695059047 0.681584048 0.708534046 Value added 2011 No 3160.862 1415.892 0.690634017 FALSE 0.70227185 0.69115313 0.71339057 Value added 2012 No 3249.145 1414.679 0.696669729 FALSE 0.709484653 0.700058299 0.718911006 Value added 2013 No 3487.281 1394.826 0.714298355 FALSE 0.716697455 0.707907335 0.725487575 Value added 2014 Yes 3889.485 1490.153 0.72300125 FALSE 0.723910258 0.714483905 0.733336611 Value added 2015 No 3949.236 1358.772 0.744014704 FALSE 0.731123061 0.720004341 0.742241781 Value added 2016 No 3916.185 1302.066 0.750478465 FALSE 0.738335864 0.724860865 0.751810862 Value added 2017 No 3901.789 1416.377 0.733671909 FALSE 0.745548666 0.729340486 0.761756847 Value added 2018 No 4212.291 1458.164 0.742848854 TRUE 0.752761469 0.733603847 0.771919091 Value added 2019 Yes 4231.635 1416.159 0.749254488 TRUE 0.759974272 0.737736832 0.782211712 Value added 2020 No 3966.261 1329.756 0.748913948 TRUE 0.767187075 0.741786822 0.792587327 Value added 2021 No 5066.227 1576.435 0.762680233 TRUE 0.774399877 0.74578132 0.803018434 Income taxes 2009 Yes 135.995 109.424 0.554133951 FALSE 0.557811933 0.492405874 0.623217991 Income taxes 2010 No 202.855 130 0.609439546 FALSE 0.583301844 0.528925193 0.637678494 Income taxes 2011 No 217.634 163.878 0.570451257 FALSE 0.608791755 0.563923569 0.653659941 Income taxes 2012 No 223.832 152.667 0.594508883 FALSE 0.634281666 0.59624281 0.672320521 Income taxes 2013 No 282.903 138.607 0.671165571 FALSE 0.659771576 0.624300161 0.695242992 Income taxes 2014 Yes 331.712 133.164 0.71354942 FALSE 0.685261487 0.647222632 0.723300343 Income taxes 2015 No 300.987 91.422 0.767023692 FALSE 0.710751398 0.665883212 0.755619584 Income taxes 2016 No 288.815 86.941 0.768623788 FALSE 0.736241309 0.681864659 0.790617959 Income taxes 2017 No 233.927 105.566 0.689048081 FALSE 0.76173122 0.696325161 0.827137278 Income taxes 2018 No 212.147 118.108 0.642373318 TRUE 0.787221131 0.709912973 0.864529289 Income taxes 2019 Yes 195.052 110.06 0.639280002 TRUE 0.812711042 0.72297467 0.902447414 Income taxes 2020 No 139.634 93.479 0.598997053 TRUE 0.838200953 0.73570145 0.940700455 Income taxes 2021 No 306.533 132.307 0.698507429 TRUE 0.863690863 0.748204302 0.979177425 Compensation of employees 2009 Yes 1590.589 482.041 0.767425445 FALSE 0.758763359 0.748974058 0.768552659 Compensation of employees 2010 No 1618.713 493.629 0.766311989 FALSE 0.761818053 0.75367952 0.769956586 Compensation of employees 2011 No 1692.811 538.721 0.758586926 FALSE 0.764872747 0.758157342 0.771588152 Compensation of employees 2012 No 1772.517 555.862 0.761266529 FALSE 0.767927441 0.76223418 0.773620703 Compensation of employees 2013 No 1812.968 563.542 0.762869923 FALSE 0.770982135 0.765673142 0.776291129 Compensation of employees 2014 Yes 2116.998 632.546 0.769945125 FALSE 0.77403683 0.768343568 0.779730091 Compensation of employees 2015 No 2191.54 611.564 0.781826147 FALSE 0.777091524 0.770376119 0.783806929 Compensation of employees 2016 No 2199.969 600.163 0.785666176 FALSE 0.780146218 0.772007685 0.788284751 Compensation of employees 2017 No 2238.621 613.34 0.784940958 FALSE 0.783200912 0.773411611 0.792990213 Compensation of employees 2018 No 2344.056 624.266 0.789690606 TRUE 0.786255606 0.774684923 0.79782629 Compensation of employees 2019 Yes 2407.331 636.81 0.790807982 TRUE 0.7893103 0.775879491 0.80274111 Compensation of employees 2020 No 2438.171 630.929 0.794425402 TRUE 0.792364995 0.777023932 0.807706057 Compensation of employees 2021 No 2594.291 669.253 0.794930603 TRUE 0.795419689 0.778134858 0.81270452 Capital expenditures 2009 Yes 431.796 167.066 0.721027549 FALSE 0.715434028 0.701846016 0.729022039 Capital expenditures 2010 No 441.053 166.384 0.726088467 FALSE 0.722659787 0.711363118 0.733956455 Capital expenditures 2011 No 527.828 188.819 0.736524398 FALSE 0.729885545 0.720564246 0.739206844 Capital expenditures 2012 No 584.429 217.951 0.728369351 FALSE 0.737111304 0.729208788 0.74501382 Capital expenditures 2013 No 593.986 223.16 0.726903148 FALSE 0.744337063 0.736967929 0.751706197 Capital expenditures 2014 Yes 722.346 245.247 0.746539092 FALSE 0.751562821 0.743660306 0.759465337 Capital expenditures 2015 No 712.568 214.815 0.768364311 FALSE 0.75878858 0.749467281 0.768109879 Capital expenditures 2016 No 641.469 195.087 0.766797441 FALSE 0.766014339 0.75471767 0.777311007 Capital expenditures 2017 No 666.167 189.627 0.778419807 FALSE 0.773240097 0.759652086 0.786828109 Capital expenditures 2018 No 723.104 189.611 0.792256071 TRUE 0.780465856 0.764405201 0.796526511 Capital expenditures 2019 Yes 731.172 191.661 0.792312369 TRUE 0.787691615 0.769049017 0.806334213 Capital expenditures 2020 No 676.275 179.578 0.790176584 TRUE 0.794917374 0.773623254 0.816211493 Capital expenditures 2021 No 728.766 188.597 0.794413989 TRUE 0.802143132 0.778150971 0.826135294 R&D 2009 Yes 207.297 39.205 0.840954637 FALSE 0.836189552 0.82964729 0.842731814 R&D 2010 No 205.674 39.887 0.837567855 FALSE 0.83614183 0.830702788 0.841580872 R&D 2011 No 220.279 44.684 0.831357586 FALSE 0.836094108 0.831606153 0.840582063 R&D 2012 No 232.955 44.983 0.838154552 FALSE 0.836046386 0.832241538 0.839851235 R&D 2013 No 242.327 49.221 0.831173597 FALSE 0.835998664 0.832450625 0.839546704 R&D 2014 Yes 275.477 55.278 0.832873275 FALSE 0.835950942 0.832146094 0.839755791 R&D 2015 No 277.787 56.096 0.83198905 FALSE 0.83590322 0.831415266 0.840391175 R&D 2016 No 289.392 54.307 0.841992557 FALSE 0.835855499 0.830416457 0.84129454 R&D 2017 No 298.985 57.831 0.837924869 FALSE 0.835807777 0.829265515 0.842350039 R&D 2018 No 322.946 58.458 0.846729452 TRUE 0.835760055 0.828027281 0.843492828 R&D 2019 Yes 349.035 58.336 0.856798839 TRUE 0.835712333 0.826736423 0.844688242 R&D 2020 No 367.59 59.321 0.861045979 TRUE 0.835664611 0.825412065 0.845917157 R&D 2021 No 402.69 69.916 0.852062818 TRUE 0.835616889 0.824065309 0.847168469
Year Reference Year type ETR 2009 Yes US Parent 0.300562027 2009 Yes Foreign Affiliates 0.302394862 2010 No US Parent 0.307449467 2010 No Foreign Affiliates 0.26649447 2011 No US Parent 0.276242812 2011 No Foreign Affiliates 0.289911016 2012 No US Parent 0.299874214 2012 No Foreign Affiliates 0.283981964 2013 No US Parent 0.293205924 2013 No Foreign Affiliates 0.271017457 2014 Yes US Parent 0.295901419 2014 Yes Foreign Affiliates 0.241032593 2015 No US Parent 0.328456438 2015 No Foreign Affiliates 0.213380449 2016 No US Parent 0.29424774 2016 No Foreign Affiliates 0.206724288 2017 No US Parent 0.256993588 2017 No Foreign Affiliates 0.177553149 2018 No US Parent 0.204239435 2018 No Foreign Affiliates 0.194651324 2019 Yes US Parent 0.187475731 2019 Yes Foreign Affiliates 0.197813021 2020 No US Parent 0.22397174 2020 No Foreign Affiliates 0.196370015 2021 No US Parent 0.171128351 2021 No Foreign Affiliates 0.217188323 2009 Yes All Activity 0.301376474 2010 No All Activity 0.29004078 2011 No All Activity 0.281952806 2012 No All Activity 0.293220407 2013 No All Activity 0.285519177 2014 Yes All Activity 0.277787505 2015 No All Activity 0.291794235 2016 No All Activity 0.267994796 2017 No All Activity 0.22560605 2018 No All Activity 0.20070385 2019 Yes All Activity 0.191077633 2020 No All Activity 0.21202119 2021 No All Activity 0.182817462
Country API ETR Saudi Arabia 120.0208258 1.032112545 Luxembourg 1912.461538 0.828533505 Panama 108.7989483 0.769945226 OPEC 28893.96222 0.63493465 Denmark 2444.096504 0.589583921 Norway 10531.98636 0.567390594 Greece 252.377018 0.510149462 France 6689.538462 0.486304678 Argentina 3379.956251 0.456434095 Germany 9904.333333 0.444300475 Finland 179.9612072 0.432416425 Peru 2636.050385 0.431939917 Egypt 2669.739783 0.415188196 Indonesia 6498.557662 0.398126805 Colombia 1687.20456 0.391673511 Italy 4412.307692 0.389748954 India 7077.538462 0.360153465 Australia 9313.715182 0.349195528 Venezuela 1357.036826 0.34628144 Brazil 7007.733849 0.346101132 Japan 20231 0.290453594 Austria 803.1542691 0.285644583 Turkey 1120.550192 0.285016238 Mexico 17815.27946 0.282079961 Russia 3074.973845 0.27970674 Chile 3769.930169 0.275955598 Spain 3576.754005 0.261969372 Sweden 1934.015094 0.260717081 Ecuador 238.54801 0.260255088 Netherlands 18188.48376 0.254611658 United Kingdom 44456.37269 0.245248217 Philippines 1804 0.241727784 South Korea 6519.5 0.2316512 Canada 32668.76923 0.230156301 Hungary 1103.309272 0.228766318 Portugal 617.8572618 0.2240462 Belgium 7679.965882 0.217069107 New Zealand 950.8081624 0.215167835 Korea, Republic of 5128.333333 0.207626476 Thailand 5507.28431 0.205682136 China 24259.55866 0.201631863 Czech Republic 1203.268507 0.190384218 Dominican Republic 572.8098389 0.172686745 Honduras 156.7119318 0.172290646 Poland 2391.302162 0.171068688 Malaysia 4796.5 0.170436777 Taiwan 3773.224991 0.168270665 Hong Kong 10148.1409 0.158797559 Israel 2733.318477 0.152694843 Costa Rica 907.8629445 0.124376336 Switzerland 33500.53891 0.099040887 Singapore 34443.75 0.072432105 Ireland 77485.08353 0.062753517 United Kingdom Islands, Caribbean 15524.89528 0.049077502 Bermuda 9155.853857 0.041513431 Barbados 2564.418192 0.031878576
Country API ETR Saudi Arabia 35.37305351 3.837666996 Panama 100.0237783 0.922002986 OPEC 28893.96222 0.63493465 Greece 233.8360241 0.588731643 Denmark 3289.033582 0.588116018 Norway 13538.31659 0.576216397 France 5825.888889 0.551675472 Argentina 4043.949608 0.463439257 Italy 3870.888889 0.461852001 Peru 2542.328205 0.440147735 Germany 9937.75 0.426542728 Indonesia 7174 0.41610329 Egypt 3292.199747 0.39141003 Colombia 1954.739402 0.377479985 Venezuela 1737.521739 0.340930986 Australia 10022.77778 0.334615598 Brazil 7881.61556 0.334561978 Austria 744.875 0.325725793 India 6554 0.314311871 Japan 17795.125 0.308904826 Mexico 16839.27134 0.299634402 Spain 3181 0.295150896 Russia 3035.653892 0.294358797 Ecuador 227.1281727 0.289606424 Chile 4015.880159 0.281414025 Turkey 1080.789012 0.280535791 Sweden 1581.851938 0.27794426 Netherlands 15399.44444 0.275493344 United Kingdom 42061.42722 0.253850952 Philippines 1817.555556 0.2535151 Thailand 5766.876324 0.229413625 Canada 32751 0.224647933 Hungary 1166.146409 0.223242409 New Zealand 920.2946262 0.215827621 China 19803.25 0.21048944 Belgium 7175.208381 0.210307481 Korea, Republic of 5128.333333 0.207626476 Honduras 130.2857143 0.206140351 Luxembourg 5795.444444 0.205928028 Dominican Republic 522.8951747 0.204868978 Portugal 628.0334429 0.196486352 Malaysia 5477.125 0.176392724 Czech Republic 1316.15276 0.171807564 Israel 2136.747897 0.168831335 Poland 2365.103122 0.165226528 Taiwan 3701.216549 0.164120212 Hong Kong 8865.375 0.152362421 Costa Rica 830.1423361 0.120611846 Switzerland 31882.88178 0.094439393 Singapore 27133.75 0.073087023 United Kingdom Islands, Caribbean 11934.51541 0.064025315 Barbados 1647.988252 0.059921544 Ireland 65527.67621 0.051460868 Bermuda 8877.25 0.036004956 Finland -66.86889781 -0.910096395
Country API ETR Denmark 542.9880795 0.60958981 Saudi Arabia 204.668598 0.547226106 Norway 4519.325897 0.514512574 Panama 128.5430807 0.503722174 Germany 9837.5 0.480177891 Egypt 1891.664829 0.466916753 India 8255.5 0.442038641 Colombia 1152.134876 0.439835657 Peru 2846.925289 0.415448205 Argentina 1609.307296 0.409492955 Australia 7718.32434 0.391794885 France 8632.75 0.387043526 Brazil 5041.5 0.386690469 Venezuela 596.0669993 0.377474345 Indonesia 5147.672985 0.34802133 Greece 308 0.331168831 Portugal 592.4168091 0.297088127 Turkey 1186.818825 0.291816515 Italy 5630.5 0.278216855 Japan 25102.75 0.264293753 Chile 3278.030189 0.262581474 Russia 3143.783763 0.25494756 Mexico 19767.29568 0.252171571 Canada 32483.75 0.242652095 Czech Republic 977.5 0.240409207 Hungary 1009.053566 0.238342154 Sweden 2726.382193 0.238227788 South Korea 6519.5 0.2316512 United Kingdom 49845 0.228914635 Belgium 8689.480884 0.228235729 Netherlands 24463.82222 0.22503638 Austria 919.7128074 0.220721075 Philippines 1773.5 0.214547505 New Zealand 1011.835235 0.213967643 Spain 4368.262016 0.21364332 China 33172.17599 0.191056203 Ecuador 272.8075219 0.186944992 Poland 2450.25 0.18375676 Taiwan 3935.243988 0.177053825 Finland 611.913891 0.175678313 Hong Kong 12713.67271 0.167772134 Malaysia 3435.25 0.151444582 Thailand 4988.100282 0.150808917 Israel 4324.173357 0.131431672 Costa Rica 1063.304161 0.130254357 Honduras 218.3731061 0.125168038 Dominican Republic 672.6391673 0.122651198 Switzerland 37140.26744 0.107928679 Ireland 104389.25 0.078703027 Singapore 49063.75 0.071707727 Bermuda 9898.797477 0.054686777 United Kingdom Islands, Caribbean 23603.25 0.032071855 Barbados 4397.278072 0.01085899 Luxembourg -6824.25 -0.361138587
Industry IndustryGroup API ETR Group period Oil and gas extraction Mining 1613.192652 1.789060963 Other 2009-2021 Wood products Manufacturing 17.12904209 1.701371098 Other 2009-2021 Construction Other industries 506.039276 0.777278271 Other 2009-2021 Petroleum and coal products Manufacturing 60128.09604 0.493976163 Other 2009-2021 Other mining Mining 4376.320741 0.469252626 Other 2009-2021 Soap, cleaning compounds, and toilet preparations Chemicals 10370.96085 0.407417187 Chemicals 2009-2021 Management of nonbank companies and enterprises Other industries 7485.551479 0.368730862 Other 2009-2021 Petroleum and petroleum products Wholesale trade 1557.734701 0.346015275 Other 2009-2021 Other machinery Machinery 2950.53928 0.325949659 Other 2009-2021 Nonmetallic mineral products Manufacturing 903.1644691 0.321294546 Other 2009-2021 Drugs and druggists' sundries Wholesale trade 1117.785873 0.314639868 Other 2009-2021 Accommodation and food services Other industries 5893.452335 0.308973921 Other 2009-2021 Primary metals Primary and fabricated metals 1735.584403 0.304700441 Other 2009-2021 Depository credit intermediation (banking) Finance and insurance 12712.04362 0.303019728 Other 2009-2021 Plastics and rubber products Manufacturing 2314.362897 0.281051233 Other 2009-2021 Insurance carriers and related activities Finance and insurance 17089.8519 0.265691967 Other 2009-2021 Transportation and warehousing Other industries 4171.5 0.263734068 Other 2009-2021 Utilities Other industries 3312.65097 0.263697706 Other 2009-2021 Health care and social assistance Other industries 371.8546496 0.252114637 Other 2009-2021 Advertising and related services Professional, scientific, and technical services 877.9857367 0.249092885 Other 2009-2021 Printing and related support activities Manufacturing 172.986388 0.242151359 Other 2009-2021 Fabricated metal products Primary and fabricated metals 1651.498024 0.241144703 Other 2009-2021 Other wholesale trade Wholesale trade 11043.82611 0.235636935 Other 2009-2021 Agriculture, construction, and mining machinery Machinery 8252.989858 0.228886747 Other 2009-2021 Food Manufacturing 14364.0884 0.227593048 Other 2009-2021 Clothing and clothing accessories stores Retail trade 1631.258791 0.218515019 Other 2009-2021 Administration, support, and waste management Other industries 4541.229281 0.210355538 Other 2009-2021 Basic chemicals Chemicals 4135.599177 0.209461788 Chemicals 2009-2021 Industrial machinery Machinery 3143.57812 0.20215817 Other 2009-2021 Professional and commercial equipment and supplies Wholesale trade 1571.260765 0.197166509 Other 2009-2021 Finance, except depository institutions Finance and insurance 55660.06679 0.194984426 Other 2009-2021 Paper Manufacturing 5651.884216 0.19462536 Other 2009-2021 Electrical equipment, appliances, and components Manufacturing 5540.016192 0.192132411 Other 2009-2021 Resins and synthetic rubber, fibers, and filaments Chemicals 7388.525163 0.185172794 Chemicals 2009-2021 Agriculture, forestry, fishing, and hunting Other industries 649.6 0.183497537 Other 2009-2021 Other chemicals Chemicals 4389.740812 0.176225287 Chemicals 2009-2021 Miscellaneous manufacturing Manufacturing 8881.361356 0.172946459 Other 2009-2021 Pharmaceuticals and medicines Chemicals 54134.9772 0.154165577 Chemicals 2009-2021 Motor vehicles, bodies and trailers, and parts Transportation equipment 17767.58451 0.140843824 Other 2009-2021 Navigational, measuring, and other instruments Computers and electronic products 8415.842198 0.139508715 Computers 2009-2021 Textiles, apparel, and leather products Manufacturing 1775.940504 0.126318045 Other 2009-2021 Semiconductors and other electronic components Computers and electronic products 15623.7999 0.120514856 Computers 2009-2021 Management, scientific, and technical consulting Professional, scientific, and technical services 1319.430883 0.114190647 Other 2009-2021 Computer systems design and related services Professional, scientific, and technical services 19137.35029 0.113986522 Computers 2009-2021 Real estate and rental and leasing Other industries 4840.063604 0.096359191 Other 2009-2021 Other information services Information 18219.22108 0.08268435 Information 2009-2021 Other professional, scientific, and technical services Professional, scientific, and technical services 4062.151739 0.081453136 Other 2009-2021 Publishing industries Information 25689.1355 0.075578859 Information 2009-2021 Computers and peripheral equipment Computers and electronic products 39714.77447 0.056016097 Computers 2009-2021 Audio and video equipment Computers and electronic products 268.9629936 0.049573115 Computers 2009-2021 Miscellaneous services Other industries -4017.459417 -0.193239869 Other 2009-2021 Data processing, hosting, and related services Information -224.5124889 -0.549523996 Information 2009-2021 Motion picture and sound recording industries Information -10.67507184 -5.375571824 Information 2009-2021 Magnetic and optical media Computers and electronic products 0 Computers 2009-2021 Oil and gas extraction Mining 1945.639764 1.685820808 Other Pre-TCJA (2009-2017) Agriculture, forestry, fishing, and hunting Other industries 18.5 0.837837838 Other Pre-TCJA (2009-2017) Petroleum and coal products Manufacturing 74204.44444 0.509665489 Other Pre-TCJA (2009-2017) Construction Other industries 1134.393592 0.414141973 Other Pre-TCJA (2009-2017) Soap, cleaning compounds, and toilet preparations Chemicals 11496.24095 0.390369147 Chemicals Pre-TCJA (2009-2017) Management of nonbank companies and enterprises Other industries 6729.511152 0.370177128 Other Pre-TCJA (2009-2017) Primary metals Primary and fabricated metals 1168.338974 0.368257851 Other Pre-TCJA (2009-2017) Drugs and druggists' sundries Wholesale trade 1279.674825 0.346832902 Other Pre-TCJA (2009-2017) Nonmetallic mineral products Manufacturing 746.8684842 0.340851748 Other Pre-TCJA (2009-2017) Other mining Mining 5543.086528 0.330291314 Other Pre-TCJA (2009-2017) Accommodation and food services Other industries 6193.506423 0.315276442 Other Pre-TCJA (2009-2017) Health care and social assistance Other industries 316.9373101 0.289489426 Other Pre-TCJA (2009-2017) Clothing and clothing accessories stores Retail trade 1427.89594 0.282433546 Other Pre-TCJA (2009-2017) Petroleum and petroleum products Wholesale trade 1127.401042 0.274259104 Other Pre-TCJA (2009-2017) Transportation and warehousing Other industries 3962.75 0.264368179 Other Pre-TCJA (2009-2017) Depository credit intermediation (banking) Finance and insurance 14600.45917 0.25859265 Other Pre-TCJA (2009-2017) Insurance carriers and related activities Finance and insurance 15680.77502 0.25610979 Other Pre-TCJA (2009-2017) Utilities Other industries 3229.25451 0.255545737 Other Pre-TCJA (2009-2017) Other wholesale trade Wholesale trade 9453.657038 0.252048257 Other Pre-TCJA (2009-2017) Industrial machinery Machinery 2041.394001 0.241685338 Other Pre-TCJA (2009-2017) Basic chemicals Chemicals 3436.125 0.239768635 Chemicals Pre-TCJA (2009-2017) Advertising and related services Professional, scientific, and technical services 818.9841553 0.237489332 Other Pre-TCJA (2009-2017) Other machinery Machinery 3073.345399 0.231018616 Other Pre-TCJA (2009-2017) Food Manufacturing 15175.125 0.219833445 Other Pre-TCJA (2009-2017) Finance, except depository institutions Finance and insurance 46382.87425 0.213076729 Other Pre-TCJA (2009-2017) Agriculture, construction, and mining machinery Machinery 8149.272871 0.210448224 Other Pre-TCJA (2009-2017) Administration, support, and waste management Other industries 4091.249731 0.206328851 Other Pre-TCJA (2009-2017) Other chemicals Chemicals 3807.184422 0.201362717 Chemicals Pre-TCJA (2009-2017) Resins and synthetic rubber, fibers, and filaments Chemicals 7138.636922 0.194185842 Chemicals Pre-TCJA (2009-2017) Paper Manufacturing 6252.365973 0.185949608 Other Pre-TCJA (2009-2017) Professional and commercial equipment and supplies Wholesale trade 1526.559831 0.182108814 Other Pre-TCJA (2009-2017) Electrical equipment, appliances, and components Manufacturing 6195.299633 0.178845264 Other Pre-TCJA (2009-2017) Printing and related support activities Manufacturing 225.2844367 0.178441088 Other Pre-TCJA (2009-2017) Miscellaneous manufacturing Manufacturing 7353.481808 0.177285632 Other Pre-TCJA (2009-2017) Plastics and rubber products Manufacturing 3131.172953 0.175972394 Other Pre-TCJA (2009-2017) Motor vehicles, bodies and trailers, and parts Transportation equipment 13186.06044 0.174903317 Other Pre-TCJA (2009-2017) Fabricated metal products Primary and fabricated metals 2367.348112 0.170127071 Other Pre-TCJA (2009-2017) Pharmaceuticals and medicines Chemicals 55643.95945 0.135055091 Chemicals Pre-TCJA (2009-2017) Semiconductors and other electronic components Computers and electronic products 11566.66421 0.133659971 Computers Pre-TCJA (2009-2017) Data processing, hosting, and related services Information 454.25 0.132085856 Information Pre-TCJA (2009-2017) Navigational, measuring, and other instruments Computers and electronic products 7525.345058 0.128897744 Computers Pre-TCJA (2009-2017) Textiles, apparel, and leather products Manufacturing 1044.754904 0.127661521 Other Pre-TCJA (2009-2017) Computer systems design and related services Professional, scientific, and technical services 20240.01099 0.126679773 Computers Pre-TCJA (2009-2017) Motion picture and sound recording industries Information 544.8779746 0.122555473 Information Pre-TCJA (2009-2017) Real estate and rental and leasing Other industries 4763.595249 0.090547855 Other Pre-TCJA (2009-2017) Other professional, scientific, and technical services Professional, scientific, and technical services 3074.368985 0.079907997 Other Pre-TCJA (2009-2017) Publishing industries Information 15986.76743 0.065128864 Information Pre-TCJA (2009-2017) Computers and peripheral equipment Computers and electronic products 32850.73773 0.056461441 Computers Pre-TCJA (2009-2017) Management, scientific, and technical consulting Professional, scientific, and technical services 1602 0.054723263 Other Pre-TCJA (2009-2017) Audio and video equipment Computers and electronic products 268.9629936 0.049573115 Computers Pre-TCJA (2009-2017) Other information services Information 10604.69478 0.035305118 Information Pre-TCJA (2009-2017) Wood products Manufacturing -8.14705822 -2.025270908 Other Pre-TCJA (2009-2017) Magnetic and optical media Computers and electronic products 0 Computers Pre-TCJA (2009-2017) Oil and gas extraction Mining 1114.521984 2.059403075 Other Post-TCJA (2018-2021) Fabricated metal products Primary and fabricated metals 219.7978467 1.770945466 Other Post-TCJA (2018-2021) Plastics and rubber products Manufacturing 884.9453 0.931696004 Other Post-TCJA (2018-2021) Other mining Mining 2626.172061 0.909213085 Other Post-TCJA (2018-2021) Wood products Manufacturing 50.83050917 0.90496831 Other Post-TCJA (2018-2021) Other machinery Machinery 2735.628572 0.512587862 Other Post-TCJA (2018-2021) Soap, cleaning compounds, and toilet preparations Chemicals 7839.080638 0.463670444 Chemicals Post-TCJA (2018-2021) Depository credit intermediation (banking) Finance and insurance 9407.316398 0.423686185 Other Post-TCJA (2018-2021) Printing and related support activities Manufacturing 107.6138271 0.408869391 Other Post-TCJA (2018-2021) Petroleum and petroleum products Wholesale trade 2274.957465 0.405282303 Other Post-TCJA (2018-2021) Petroleum and coal products Manufacturing 28456.31214 0.401923128 Other Post-TCJA (2018-2021) Management of nonbank companies and enterprises Other industries 9186.642215 0.366347129 Other Post-TCJA (2018-2021) Nonmetallic mineral products Manufacturing 1176.682443 0.299571054 Other Post-TCJA (2018-2021) Accommodation and food services Other industries 5218.330638 0.292143236 Other Post-TCJA (2018-2021) Utilities Other industries 3500.293004 0.280619365 Other Post-TCJA (2018-2021) Insurance carriers and related activities Finance and insurance 19555.73645 0.279138043 Other Post-TCJA (2018-2021) Advertising and related services Professional, scientific, and technical services 966.4881088 0.263841839 Other Post-TCJA (2018-2021) Transportation and warehousing Other industries 4589 0.262638919 Other Post-TCJA (2018-2021) Agriculture, construction, and mining machinery Machinery 8408.565339 0.255691656 Other Post-TCJA (2018-2021) Primary metals Primary and fabricated metals 2870.07526 0.252955039 Other Post-TCJA (2018-2021) Food Manufacturing 12742.01521 0.246075676 Other Post-TCJA (2018-2021) Drugs and druggists' sundries Wholesale trade 874.9524455 0.244013262 Other Post-TCJA (2018-2021) Electrical equipment, appliances, and components Manufacturing 4229.449311 0.231058449 Other Post-TCJA (2018-2021) Health care and social assistance Other industries 426.771989 0.22435868 Other Post-TCJA (2018-2021) Paper Manufacturing 4450.920702 0.218999633 Other Post-TCJA (2018-2021) Professional and commercial equipment and supplies Wholesale trade 1638.312166 0.218212382 Other Post-TCJA (2018-2021) Administration, support, and waste management Other industries 5328.693494 0.215765835 Other Post-TCJA (2018-2021) Other wholesale trade Wholesale trade 15814.33333 0.206205341 Other Post-TCJA (2018-2021) Management, scientific, and technical consulting Professional, scientific, and technical services 1036.861767 0.206070542 Other Post-TCJA (2018-2021) Pharmaceuticals and medicines Chemicals 51117.01271 0.195771417 Chemicals Post-TCJA (2018-2021) Agriculture, forestry, fishing, and hunting Other industries 1070.333333 0.175957646 Other Post-TCJA (2018-2021) Industrial machinery Machinery 5347.94636 0.171981904 Other Post-TCJA (2018-2021) Basic chemicals Chemicals 5534.547531 0.171829765 Chemicals Post-TCJA (2018-2021) Finance, except depository institutions Finance and insurance 76533.75 0.17031375 Other Post-TCJA (2018-2021) Resins and synthetic rubber, fibers, and filaments Chemicals 7950.773707 0.166964883 Chemicals Post-TCJA (2018-2021) Miscellaneous manufacturing Manufacturing 13465 0.165837356 Other Post-TCJA (2018-2021) Navigational, measuring, and other instruments Computers and electronic products 10196.83648 0.155170675 Computers Post-TCJA (2018-2021) Other chemicals Chemicals 5554.853593 0.141767913 Chemicals Post-TCJA (2018-2021) Clothing and clothing accessories stores Retail trade 1987.143781 0.138137966 Other Post-TCJA (2018-2021) Textiles, apparel, and leather products Manufacturing 3238.311703 0.125451172 Other Post-TCJA (2018-2021) Motor vehicles, bodies and trailers, and parts Transportation equipment 25785.25163 0.110363476 Other Post-TCJA (2018-2021) Semiconductors and other electronic components Computers and electronic products 21709.50343 0.110009426 Computers Post-TCJA (2018-2021) Real estate and rental and leasing Other industries 5012.117402 0.108786358 Other Post-TCJA (2018-2021) Other information services Information 27737.37895 0.105327183 Information Post-TCJA (2018-2021) Computer systems design and related services Professional, scientific, and technical services 17483.35923 0.091944573 Computers Post-TCJA (2018-2021) Other professional, scientific, and technical services Professional, scientific, and technical services 7025.5 0.083481603 Other Post-TCJA (2018-2021) Publishing industries Information 37817.09559 0.081100887 Information Post-TCJA (2018-2021) Computers and peripheral equipment Computers and electronic products 48294.8204 0.055637436 Computers Post-TCJA (2018-2021) Motion picture and sound recording industries Information -1260.669426 -0.028754564 Information Post-TCJA (2018-2021) Miscellaneous services Other industries -4017.459417 -0.193239869 Other Post-TCJA (2018-2021) Data processing, hosting, and related services Information -903.2749777 -0.206747673 Information Post-TCJA (2018-2021) Construction Other industries -279.4036191 -1.065662646 Other Post-TCJA (2018-2021)