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 | 2022 | 2023 | 2024 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rest of the world; U.S. direct investment abroad: intercompany debt, including Netherlands Antillean Financial subsidiaries; liability (1) | LM263192305 | -100.4 | -67.8 | -75.5 | -66.0 | -102.5 | -133.8 | -75.5 | -11.4 | -15.2 | 1 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. parents' claims; liability | LM263192313 | 723.3 | 830.6 | 841.1 | 846.3 | 829.4 | 850.1 | 841.1 | 811.8 | 835.4 | 2 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. parents' liabilities; asset | LM263092313 | 823.7 | 898.4 | 916.6 | 912.4 | 931.9 | 984.0 | 916.6 | 823.2 | 990.0 | 3 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | LM103092305 | -84.4 | -56.4 | -62.5 | -54.8 | -85.2 | -111.4 | -62.5 | -9.4 | -12.8 | 4 |
| U.S.-chartered depository institutions; U.S. direct investment abroad: intercompany debt (market value) | LM763092305 | -4.1 | -2.7 | -2.9 | -2.6 | -4.0 | -5.2 | -2.9 | -0.4 | 0.0 | 5 |
| Property-casualty insurance companies; U.S. direct investment abroad: intercompany debt (market value) | LM513092305 | -2.6 | -2.2 | -2.6 | -2.1 | -3.1 | -3.9 | -2.6 | -0.4 | -0.4 | 6 |
| Life insurance companies, general accounts; U.S. direct investment abroad: intercompany debt (market value) | LM543092375 | -0.3 | -0.3 | -0.3 | -0.3 | -0.4 | -0.5 | -0.3 | -0.0 | -0.1 | 7 |
| Finance companies; U.S. direct investment abroad: intercompany debt (market value) | LM613092305 | -4.4 | -3.1 | -3.4 | -3.0 | -4.8 | -6.1 | -3.4 | -0.5 | -1.2 | 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 | -4.5 | -3.2 | -3.7 | -3.2 | -5.0 | -6.6 | -3.7 | -0.6 | -0.7 | 10 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM103192305 | 348.9 | 315.1 | 353.7 | 325.4 | 361.7 | 360.8 | 353.7 | 335.9 | 313.2 | 11 |
| Nonfinancial noncorporate business; foreign direct investment in U.S. real estate business: intercompany debt; liability (market value) | LM115114305 | 4.3 | 3.6 | 3.5 | 3.8 | 3.7 | 3.6 | 3.5 | 3.3 | 3.3 | 12 |
| Foreign banking offices in the U.S.; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM753192305 | 15.9 | 14.3 | 15.1 | 14.8 | 15.7 | 15.4 | 15.1 | 14.6 | 14.1 | 13 |
| Property-casualty insurance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM513192305 | 9.1 | 8.8 | 8.9 | 9.0 | 9.5 | 9.2 | 8.9 | 8.5 | 8.4 | 14 |
| Life insurance companies, general accounts; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM543192375 | 5.0 | 3.7 | 3.9 | 3.9 | 3.9 | 3.6 | 3.9 | 3.8 | 3.5 | 15 |
| Finance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM613192305 | 6.8 | 6.3 | 6.1 | 6.4 | 6.8 | 6.6 | 6.1 | 5.9 | 5.4 | 16 |
| Security brokers and dealers; foreign direct investment in U.S.: intercompany debt, adjusted for U.S. Intermediate Holding Companies; liability (market value) | LM663192305 | 13.8 | 14.2 | 16.1 | 15.1 | 16.0 | 16.1 | 16.1 | 15.3 | 16.6 | 17 |
| Holding companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | LM733192305 | 70.2 | 70.7 | 51.9 | 71.7 | 62.3 | 50.4 | 51.9 | 52.6 | 54.6 | 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 | 474.0 | 436.7 | 459.2 | 449.9 | 479.6 | 465.7 | 459.2 | 439.9 | 419.0 | 20 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. affiliates' liabilities; asset | LM263092323 | 978.3 | 956.3 | 964.4 | 958.6 | 986.9 | 987.8 | 964.4 | 952.1 | 974.1 | 21 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. affiliates' claims; liability | LM263192323 | 504.3 | 519.7 | 505.2 | 508.7 | 507.3 | 522.1 | 505.2 | 512.2 | 531.4 | 22 |
| Rest of the world; U.S. direct investment abroad, including Netherlands Antillean Financial subsidiaries; liability (market value) | LM263192005 | 7829.8 | 9107.0 | 9707.1 | 9791.7 | 9738.5 | 10263.6 | 9707.1 | 10139.4 | 11351.3 | 23 |
| Rest of the world; foreign direct investment in U.S.; asset (market value) | LM263092001 | 10929.7 | 13449.5 | 16388.3 | 14714.5 | 15285.0 | 16089.5 | 16388.3 | 15594.3 | 17330.0 | 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: September 11, 2025