Financial Accounts of the United States - Z.1
F.223 Direct Investment Intercompany Debt
Billions of dollars; quarterly figures are seasonally adjusted annual rates| Description | Series code | 2022 | 2023 | 2024 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 | 2025 Q3 | Line |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Rest of the world; U.S. direct investment abroad: intercompany debt, including Netherlands Antillean Financial subsidiaries; liability (1) | FA263192305 | -47.2 | 41.8 | -13.6 | -145.9 | -125.3 | 233.4 | -144.0 | -168.8 | -35.5 | 1 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. parents' claims; liability | FA263192313 | 1.7 | 98.5 | -0.0 | -67.6 | 82.8 | -36.2 | 24.7 | -81.7 | -47.1 | 2 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. parents' liabilities; asset | FA263092313 | 49.0 | 56.7 | 13.5 | 78.3 | 208.1 | -269.6 | 168.7 | 87.2 | -11.6 | 3 |
| Nonfinancial corporate business; U.S. direct investment abroad: intercompany debt (market value) | FA103092305 | -37.7 | 35.7 | -11.9 | -120.8 | -106.8 | 197.7 | -162.0 | -139.1 | -66.5 | 4 |
| U.S.-chartered depository institutions; U.S. direct investment abroad: intercompany debt (market value) | FA763092305 | -2.6 | 1.8 | -0.3 | -6.5 | -2.9 | 7.0 | 5.0 | -7.4 | 9.4 | 5 |
| Property-casualty insurance companies; U.S. direct investment abroad: intercompany debt (market value) | FA513092305 | -1.5 | 0.7 | -0.4 | -3.8 | -3.4 | 5.4 | 4.0 | -4.8 | 7.1 | 6 |
| Life insurance companies, general accounts; U.S. direct investment abroad: intercompany debt (market value) | FA543092375 | 0.0 | 0.1 | -0.0 | -0.6 | -0.3 | 0.8 | 0.3 | -0.8 | 0.4 | 7 |
| Finance companies; U.S. direct investment abroad: intercompany debt (market value) | FA613092305 | -2.9 | 1.8 | -0.4 | -6.9 | -5.4 | 10.9 | 4.2 | -7.9 | 5.5 | 8 |
| Security brokers and dealers; U.S. direct investment abroad: intercompany debt (market value) | FA663092305 | 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) | FA733092305 | -2.6 | 1.8 | -0.6 | -7.2 | -6.5 | 11.6 | 4.5 | -9.0 | 8.5 | 10 |
| Nonfinancial corporate business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA103192305 | 58.7 | -27.5 | 23.7 | 108.0 | 16.2 | -35.0 | -6.1 | 15.2 | -42.1 | 11 |
| Nonfinancial noncorporate business; foreign direct investment in U.S. real estate business: intercompany debt; liability (market value) | FA115114305 | 0.0 | -0.6 | -0.3 | -0.6 | -0.3 | -0.5 | -0.2 | 0.0 | 0.0 | 12 |
| Foreign banking offices in the U.S.; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA753192305 | -0.2 | -1.3 | 0.1 | 2.0 | -0.4 | -1.6 | -2.1 | 1.5 | -1.2 | 13 |
| Property-casualty insurance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA513192305 | -0.1 | -0.1 | -0.3 | 1.0 | -0.7 | -1.1 | -0.4 | 1.5 | -0.3 | 14 |
| Life insurance companies, general accounts; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA543192375 | -5.0 | -1.2 | -0.0 | -0.5 | -0.9 | 0.9 | -0.7 | 0.0 | -0.9 | 15 |
| Finance companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA613192305 | 0.3 | -0.4 | -0.5 | 0.9 | -0.4 | -2.1 | -0.0 | 0.5 | -0.9 | 16 |
| Security brokers and dealers; foreign direct investment in U.S.: intercompany debt, adjusted for U.S. Intermediate Holding Companies; liability (market value) | FA663192305 | -0.8 | 0.7 | 1.2 | 2.0 | 1.2 | -0.2 | -2.0 | 1.8 | 2.1 | 17 |
| Holding companies; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA733192305 | -28.8 | 1.7 | -22.2 | -45.7 | -43.9 | 5.1 | -4.3 | 17.1 | 13.3 | 18 |
| Other financial business; foreign direct investment in U.S.: intercompany debt; liability (market value) | FA503192305 | 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) | FA263092305 | 24.0 | -28.9 | 1.7 | 67.0 | -29.3 | -34.6 | -15.7 | 37.7 | -30.0 | 20 |
| Rest of the world; foreign direct investment in U.S.: intercompany debt, U.S. affiliates' liabilities; asset | FA263092323 | 53.6 | -21.1 | -7.1 | 58.5 | 17.2 | -54.4 | -5.0 | 26.3 | -15.3 | 21 |
| Rest of the world; U.S. direct investment abroad: intercompany debt, U.S. affiliates' claims; liability | FA263192323 | 29.5 | 7.8 | -8.8 | -8.6 | 46.5 | -19.8 | 10.8 | -11.4 | 14.6 | 22 |
| Rest of the world; U.S. direct investment abroad, including Netherlands Antillean Financial subsidiaries; liability (market value) | FA263192005 | 310.3 | 286.6 | 317.4 | 34.5 | 170.5 | 671.4 | 221.7 | -23.4 | 198.7 | 23 |
| Rest of the world; foreign direct investment in U.S.; asset (market value) | FA263092001 | 338.4 | 297.4 | 292.3 | 309.9 | 272.7 | 319.5 | 172.1 | 407.5 | 214.3 | 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: January 9, 2026