Financial Accounts of the United States - Z.1
L.223 Direct Investment Intercompany Debt
Billions of dollars; amounts outstanding end of period, not seasonally adjusted| Description | Series code | 2021 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rest of the world; U.S. direct investment abroad: intercompany debt, including Netherlands Antillean Financial subsidiaries; liability (1) | LM263192305 | -38.5 | -89.4 | -69.3 | -133.7 | -56.7 | -91.3 | -123.1 | -133.7 | -150.8 | 1 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. parents' claims; liability | LM263192313 | 709.9 | 726.4 | 822.5 | 849.6 | 850.4 | 848.3 | 862.8 | 849.6 | 851.7 | 2 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. parents' liabilities; asset | LM263092313 | 748.4 | 815.8 | 891.7 | 983.2 | 907.1 | 939.6 | 985.9 | 983.2 | 1002.5 | 3 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | LM103092305 | -31.8 | -74.9 | -57.4 | -111.0 | -46.9 | -75.7 | -102.2 | -111.0 | -125.6 | 4 |
| U.S.-chartered depository institutions; U.S. direct investment abroad: intercompany debt (market value) | LM763092305 | -1.6 | -3.6 | -2.8 | -5.3 | -2.2 | -3.6 | -4.9 | -5.3 | -5.2 | 5 |
| Property-casualty insurance companies; U.S. direct investment abroad: intercompany debt (market value) | LM513092305 | -1.2 | -2.4 | -2.3 | -4.1 | -1.9 | -2.8 | -3.7 | -4.1 | -4.3 | 6 |
| Life insurance companies, general accounts; U.S. direct investment abroad: intercompany debt (market value) | LM543092375 | -0.3 | -0.3 | -0.3 | -0.6 | -0.2 | -0.4 | -0.5 | -0.6 | -0.7 | 7 |
| Finance companies; U.S. direct investment abroad: intercompany debt (market value) | LM613092305 | -1.7 | -4.1 | -3.3 | -6.2 | -2.7 | -4.3 | -5.7 | -6.2 | -7.6 | 8 |
| Security brokers and dealers; U.S. direct investment abroad: intercompany debt (market value) | LM663092305 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9 |
| Holding companies; U.S. direct investment abroad: intercompany debt (market value) | LM733092305 | -2.0 | -4.1 | -3.2 | -6.5 | -2.7 | -4.4 | -6.0 | -6.5 | -7.4 | 10 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM103192305 | 309.5 | 345.8 | 324.1 | 367.9 | 331.8 | 367.4 | 371.3 | 367.9 | 354.2 | 11 |
| Nonfinancial noncorporate business; foreign direct investment in U.S. real estate business: intercompany debt; liability (market value) | LM115114305 | 4.6 | 4.3 | 4.9 | 4.9 | 4.9 | 5.1 | 5.0 | 4.9 | 5.0 | 12 |
| Foreign banking offices in the U.S.; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM753192305 | 17.2 | 15.7 | 16.0 | 17.3 | 16.5 | 17.5 | 17.4 | 17.3 | 17.1 | 13 |
| Property-casualty insurance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM513192305 | 9.8 | 8.9 | 9.0 | 9.7 | 9.3 | 9.8 | 9.6 | 9.7 | 9.6 | 14 |
| Life insurance companies, general accounts; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM543192375 | 10.8 | 5.0 | 4.1 | 3.5 | 4.2 | 4.1 | 3.8 | 3.5 | 3.2 | 15 |
| Finance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM613192305 | 7.0 | 6.4 | 5.6 | 5.8 | 5.6 | 6.0 | 6.0 | 5.8 | 5.5 | 16 |
| Security brokers and dealers; foreign direct investment in U.S.: intercompany debt, adjusted for U.S. Intermediate Holding Companies; liability (market value) | LM663192305 | 15.6 | 15.0 | 14.6 | 17.1 | 15.5 | 16.5 | 16.7 | 17.1 | 16.4 | 17 |
| Holding companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM733192305 | 105.8 | 70.2 | 70.7 | 51.9 | 71.7 | 62.3 | 50.4 | 51.9 | 52.6 | 18 |
| Other financial business; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM503192305 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 19 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt; asset (1) | LM263092305 | 480.4 | 471.3 | 449.0 | 478.2 | 459.4 | 488.7 | 480.3 | 478.2 | 463.6 | 20 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. affiliates' liabilities; asset | LM263092323 | 953.7 | 952.5 | 938.4 | 971.2 | 945.2 | 985.8 | 973.2 | 971.2 | 976.1 | 21 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. affiliates' claims; liability | LM263192323 | 473.3 | 481.1 | 489.4 | 493.0 | 485.8 | 497.1 | 493.0 | 493.0 | 512.5 | 22 |
| Rest of the world; U.S. direct investment abroad, including Netherlands Antillean Financial subsidiaries; liability (market value) | LM263192005 | 9626.1 | 7853.3 | 9225.6 | 9789.2 | 9926.7 | 9900.6 | 10429.7 | 9789.2 | 10415.7 | 23 |
| Rest of the world; foreign direct investment in U.S.; asset (market value) | LM263092001 | 13644.2 | 10938.2 | 13427.9 | 16361.0 | 14680.8 | 15257.7 | 16062.8 | 16361.0 | 15583.3 | 24 |
NOTES
- Direct investment is presented on a directional basis and reported at market value.
- Memo totals are the sum of direct investment equity (tables F.225.a and L.225.a) and intercompany debt (tables F.223 and L.223).
Last Update: June 12, 2025