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
| 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 | LM263192313 | 830.6 | 841.1 | 813.8 | 850.1 | 841.1 | 820.7 | 783.6 | 810.1 | 813.8 |
| Line 2 | Less: U.S. parents' liabilities | LM263092313 | 898.4 | 916.6 | 946.7 | 984.0 | 916.6 | 864.8 | 884.5 | 918.7 | 946.7 |
| Line 3 | Equals: Rest of the world liabilities1 | LM263192305 | -67.8 | -75.5 | -133.0 | -133.8 | -75.5 | -44.1 | -100.9 | -108.6 | -133.0 |
| Line 4 | Nonfinancial corporate business (assets) | LM103092305 | -56.4 | -62.5 | -125.7 | -111.4 | -62.5 | -36.8 | -83.7 | -90.5 | -125.7 |
| Line 5 | U.S.-chartered depository institutions (assets) | LM763092305 | -2.7 | -2.9 | -4.4 | -5.2 | -2.9 | -1.7 | -4.0 | -4.3 | -4.4 |
| Line 6 | Property-casualty insurance companies (assets) | LM513092305 | -2.2 | -2.6 | -3.5 | -3.9 | -2.6 | -1.3 | -2.9 | -3.1 | -3.5 |
| Line 7 | Life insurance companies (assets) | LM543092375 | -0.3 | -0.3 | -0.7 | -0.5 | -0.3 | -0.2 | -0.4 | -0.5 | -0.7 |
| Line 8 | Finance companies (assets) | LM613092305 | -3.1 | -3.4 | -6.8 | -6.1 | -3.4 | -2.0 | -4.7 | -4.8 | -6.8 |
| Line 9 | Brokers and dealers (assets) | LM663092305 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 10 | Holding companies (assets) | LM733092305 | -3.2 | -3.7 | 8.1 | -6.6 | -3.7 | -2.2 | -5.2 | -5.5 | 8.1 |
| Foreign direct investment in U.S.: Intercompany debt | |||||||||||
| Line 11 | U.S. affiliates' liabilities | LM263092323 | 956.3 | 964.4 | 969.1 | 987.8 | 964.4 | 959.6 | 959.6 | 957.7 | 969.1 |
| Line 12 | Less: U.S. affiliates' claims | LM263192323 | 519.7 | 505.2 | 530.1 | 522.1 | 505.2 | 488.9 | 505.9 | 522.0 | 530.1 |
| Line 13 | Equals: Rest of the world assets1 | LM263092305 | 436.7 | 459.2 | 439.1 | 465.7 | 459.2 | 470.7 | 453.7 | 435.7 | 439.1 |
| Line 14 | Nonfinancial corporate business (liabilities) | LM103192305 | 315.1 | 353.7 | 313.4 | 360.8 | 353.7 | 363.9 | 346.4 | 326.8 | 313.4 |
| Line 15 | Nonfinancial noncorporate business (liabilities) | LM115114305 | 3.6 | 3.5 | 3.2 | 3.6 | 3.5 | 3.5 | 3.4 | 3.2 | 3.2 |
| Line 16 | Foreign banking offices in U.S. (liabilities) | LM753192305 | 14.3 | 15.1 | 14.5 | 15.4 | 15.1 | 15.1 | 14.6 | 14.2 | 14.5 |
| Line 17 | Property-casualty insurance companies (liabilities) | LM513192305 | 8.8 | 8.9 | 9.1 | 9.2 | 8.9 | 9.2 | 9.1 | 8.7 | 9.1 |
| Line 18 | Life insurance companies (liabilities) | LM543192375 | 3.7 | 3.9 | 3.2 | 3.6 | 3.9 | 3.8 | 3.6 | 3.4 | 3.2 |
| Line 19 | Finance companies (liabilities) | LM613192305 | 6.3 | 6.1 | 6.0 | 6.6 | 6.1 | 6.3 | 6.1 | 5.9 | 6.0 |
| Line 20 | Brokers and dealers (liabilities) | LM663192305 | 14.2 | 16.1 | 26.5 | 16.1 | 16.1 | 16.3 | 15.9 | 15.7 | 26.5 |
| Line 21 | Holding companies (liabilities) | LM733192305 | 70.7 | 51.9 | 63.2 | 50.4 | 51.9 | 52.6 | 54.6 | 57.9 | 63.2 |
| Line 22 | Other financial business (liabilities) | LM503192305 | 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 | LM263192005 | 9107.0 | 9707.1 | 12361.7 | 10263.6 | 9707.1 | 10133.7 | 11132.7 | 11786.7 | 12361.7 |
| Line 24 | Total Foreign direct investment in U.S.1, 2 | LM263092001 | 13449.5 | 16388.3 | 19037.2 | 16089.5 | 16388.3 | 15631.7 | 17206.0 | 18462.4 | 19037.2 |
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