Financial Accounts of the United States - Z.1
F.223 Direct investment intercompany debt
Billions of dollars; quarterly figures are seasonally adjusted annual rates
| Line | Description | Series | 2023 | 2024 | 2025 | 2024:Q3 | 2024:Q4 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| U.S. direct investment abroad: Intercompany Debt | |||||||||||
| Line 1 | U.S. parents' claims | FA263192313 | 98.5 | -0.0 | -26.6 | 82.8 | -36.2 | 24.7 | -158.7 | 60.9 | -33.4 |
| Line 2 | Less: U.S. parents' liabilities | FA263092313 | 56.7 | 13.5 | 105.1 | 208.1 | -269.6 | 168.7 | 82.7 | 65.0 | 103.9 |
| Line 3 | Equals: Rest of the world liabilities1 | FA263192305 | 41.8 | -13.6 | -131.7 | -125.3 | 233.4 | -144.0 | -241.4 | -4.1 | -137.3 |
| Line 4 | Nonfinancial corporate business (assets) | FA103092305 | 35.7 | -11.9 | -121.4 | -106.8 | 197.7 | -161.9 | -199.1 | -6.3 | -118.3 |
| Line 5 | U.S.-chartered depository institutions (assets) | FA763092305 | 1.8 | -0.3 | -1.7 | -2.9 | 7.0 | 5.0 | -10.3 | 1.5 | -2.7 |
| Line 6 | Property-casualty insurance companies (assets) | FA513092305 | 0.7 | -0.4 | -1.1 | -3.4 | 5.4 | 4.1 | -6.8 | -0.1 | -1.5 |
| Line 7 | Life insurance companies (assets) | FA543092375 | 0.1 | -0.0 | -0.4 | -0.3 | 0.8 | 0.3 | -1.0 | -0.1 | -0.7 |
| Line 8 | Finance companies (assets) | FA613092305 | 1.8 | -0.4 | -3.6 | -5.4 | 10.9 | 4.1 | -11.4 | 0.7 | -7.7 |
| Line 9 | Brokers and dealers (assets) | FA663092305 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 10 | Holding companies (assets) | FA733092305 | 1.8 | -0.6 | -3.6 | -6.5 | 11.6 | 4.5 | -12.7 | 0.2 | -6.4 |
| Foreign direct investment in U.S.: Intercompany debt | |||||||||||
| Line 11 | U.S. affiliates' liabilities | FA263092323 | -21.1 | -7.1 | 18.9 | 17.2 | -54.4 | -5.0 | 28.7 | 29.8 | 21.9 |
| Line 12 | Less: U.S. affiliates' claims | FA263192323 | 7.8 | -8.8 | 20.0 | 46.5 | -19.8 | 10.8 | 25.6 | 37.3 | 6.2 |
| Line 13 | Equals: Rest of the world assets1 | FA263092305 | -28.9 | 1.7 | -1.1 | -29.3 | -34.6 | -15.7 | 3.1 | -7.5 | 15.6 |
| Line 14 | Nonfinancial corporate business (liabilities) | FA103192305 | -27.5 | 23.7 | -14.5 | 16.2 | -35.0 | -7.1 | -14.9 | -29.0 | -6.8 |
| Line 15 | Nonfinancial noncorporate business (liabilities) | FA115114305 | -0.6 | -0.3 | -0.1 | -0.3 | -0.5 | -0.2 | -0.2 | -0.2 | 0.3 |
| Line 16 | Foreign banking offices in U.S. (liabilities) | FA753192305 | -1.3 | 0.1 | 0.1 | -0.4 | -1.6 | -2.1 | 0.4 | 0.4 | 1.6 |
| Line 17 | Property-casualty insurance companies (liabilities) | FA513192305 | -0.1 | -0.3 | 0.5 | -0.7 | -1.1 | -0.1 | 1.0 | -0.4 | 1.6 |
| Line 18 | Life insurance companies (liabilities) | FA543192375 | -1.2 | -0.0 | -0.5 | -0.9 | 0.9 | -0.6 | -0.2 | -0.3 | -0.8 |
| Line 19 | Finance companies (liabilities) | FA613192305 | -0.4 | -0.5 | 0.1 | -0.4 | -2.1 | 0.0 | 0.2 | -0.2 | 0.4 |
| Line 20 | Brokers and dealers (liabilities) | FA663192305 | 0.7 | 1.2 | -0.3 | 1.2 | -0.2 | -1.4 | 1.1 | 1.2 | -2.1 |
| Line 21 | Holding companies (liabilities) | FA733192305 | 1.7 | -22.2 | 13.5 | -43.9 | 5.1 | -4.3 | 15.7 | 21.1 | 21.4 |
| Line 22 | Other financial business (liabilities) | FA503192305 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Memo: | |||||||||||
| Line 23 | Total U.S. direct investment abroad1, 2 | FA263192005 | 286.6 | 317.4 | 126.0 | 170.5 | 671.4 | 221.7 | -65.8 | 265.2 | 38.4 |
| Line 24 | Total Foreign direct investment in U.S.1, 2 | FA263092001 | 297.4 | 292.3 | 308.3 | 272.7 | 319.5 | 172.1 | 346.0 | 356.1 | 349.7 |
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: 2026-03-19