The U.S. net international investment position at the end of the first quarter of 2016, year 2015, and annual revisions.

Nguyen, Elena L.

THIS ARTICLE presents the U.S. international investment position (IIP) statistics for the first quarter of 2016 and detailed annual statistics for 2015, including changes in position resulting from financial transactions and other changes in position such as price changes, exchange-rate changes, and changes in volume and valuation not included elsewhere (n.i.e.). (1) In addition, revisions to historical IIP statistics are presented. Both quarterly and annual statistics for 2012-2015 were revised to reflect newly available and revised source data and an improved methodology for estimating transactions in foreign-currency-denominated assets and liabilities. (2)

The U.S. international investment position is a statistical balance sheet that presents the dollar value of U.S. external financial assets and liabilities at a specific point in time. The U.S. net international investment position is defined as the value of U.S. assets less the value of U.S. liabilities. A negative net investment position represents a U.S. net liability to the rest of the world.

Highlights for the first quarter of 2016

* The U.S. net international investment position decreased $245.0 billion, or 3.4 percent, to -$7,525.6 billion in the first quarter, compared with a decrease of 0.6 percent in the fourth quarter, and an average quarterly decrease of 6.4 percent from the first quarter of 2011 through the third quarter of 2015.

* U.S. assets increased $742.1 billion, and U.S. liabilities increased $987.1 billion.

Highlights for the year 2015

* The U.S. net international investment position decreased $234.5 billion, or 3.3 percent, to -$7,280.6 billion in 2015, compared with a 31.1 percent decrease in 2014.

* U.S. assets decreased $1,376.8 billion, and U.S. liabilities decreased $1,142.3 billion.

First Quarter of 2016

The U.S. net international investment position was -$7,525.6 billion (preliminary) at the end of the first quarter of 2016, compared with -$7,280.6 billion (revised) at the end of the fourth quarter of 2015 (chart 1, table 1). The $245.0 billion decrease in the net investment position was mostly attributable to other changes in position that include price changes, exchange-rate changes, and changes in volume and valuation n.i.e. (table A). Financial-account transactions also contributed to the decrease in the net investment position. (3)

[ILLUSTRATION OMITTED]

U.S. assets

U.S. assets increased $742.1 billion to $24,082.9 billion at the end of the first quarter (chart 2).

* Financial derivatives increased $586.4 billion to $2,981.8 billion, mostly reflecting an increase in the value of single-currency interest rate contracts. (4)

* U.S. assets excluding financial derivatives increased $155.7 billion to $21,101.1 billion, reflecting other changes in position of $83.7 billion and financial transactions of $72.0 billion (table A). Other changes in position reflected increases from exchange-rate changes, as major foreign currencies appreciated against the U.S. dollar, that were mostly offset by price decreases on direct investment and portfolio investment assets.

[ILLUSTRATION OMITTED]

U.S. liabilities

U.S. liabilities increased $987.1 billion to $31,608.5 billion at the end of the first quarter (chart 2).

* Financial derivatives increased $604.5 billion to $2,942.6 billion, mostly reflecting an increase in the value of single-currency interest rate contracts.

* U.S. liabilities excluding financial derivatives increased $382.7 billion to $28,666.0 billion, reflecting other changes in position of $268.6 billion and financial transactions of $114.1 billion (table A). Other changes in position were mostly due to increases in U.S. bond prices that raised the value of U.S. portfolio investment liabilities.

Year 2015

The U.S. net international investment position was -$7,280.6 billion (revised) at the end of 2015, compared with -$7,046.1 billion (revised) at the end of 2014 (chart 1, table 2). The $234.5 billion decrease in the net investment position was mostly due to net financial transactions -- U.S. acquisition of assets excluding financial derivatives less U.S. incurrence of liabilities excluding financial derivatives plus net transactions in financial derivatives (table B). Other changes in position--which include price changes, exchange-rate changes, and changes in volume and valuation n.i.e.--also contributed to the decrease.

Net financial transactions were -$195.2 billion in 2015.

* U.S. acquisition of assets excluding financial derivatives was $225.4 billion, reflecting net acquisition of direct investment assets (mostly equity) and of portfolio investment assets (mostly equity and investment fund shares) that was partly offset by net withdrawal of deposits abroad and net foreign repayment of loans in other investment.

* U.S. incurrence of liabilities excluding financial derivatives was $395.2 billion, reflecting net incurrence of direct investment liabilities (mostly equity) and of portfolio investment liabilities (mostly longterm debt) that was partly offset by net U.S. repayment of loans in other investment and by net foreign sales of U.S. equity and investment fund shares.

* Net transactions in financial derivatives were -$25.4 billion (see this table for detailed statistics on financial derivatives).

Net other changes in position were -$39.3 billion.

* Net price changes of $781.4 billion reflected both price appreciation of U.S. assets and price depreciation of U.S. liabilities.

* Net exchange-rate changes of -$1,051.5 billion reflected the depreciation of major foreign currencies against the U.S. dollar that lowered the dollar value of U.S. assets significantly more than the decline in the dollar value of U.S. liabilities.

* Net changes in volume and valuation n.i.e. of $233.7 billion reflected the incorporation of newly available data from the Treasury International Capital reporting system (TIC) on aggregate holdings of long-term securities by U.S. and foreign residents, more complete TIC reporting of nonbanking and banking positions, capital gains and losses from the sale of direct investment assets, and other changes in position that cannot be allocated to price changes or exchange-rate changes.

U.S. assets

U.S. assets decreased $1,376.8 billion to $23,340.8 billion at the end of 2015, reflecting an $818.8 billion decrease in the value of financial derivatives and a $558.0 billion decrease in the value of assets excluding financial derivatives. The decrease in assets excluding financial derivatives reflected exchange-rate changes of -$1,141.5 billion that were partly offset by financial transactions of $225.4 billion, price changes of $220.4 billion, and changes in volume and valuation n.i.e. of $137.7 billion (tables B and C).

U.S. assets decreased across all major categories.

* Financial derivatives decreased $818.8 billion to $2,395.4 billion, mostly reflecting a decrease in the value of single-currency interest rate contracts (see these tables for detailed statistics on financial derivatives).

* Other investment assets (currency and deposits, loans, insurance technical reserves, and trade credit and advances) decreased $254.5 billion to $3,977.3 billion, reflecting -$270.9 billion in financial transactions mostly due to net withdrawal of deposits abroad and net foreign repayment of loans.

* Direct investment assets at market value decreased $154.8 billion to $6,978.3 billion, reflecting decreases from exchange-rate and price changes that were partly offset by increases from financial transactions, mostly from reinvestment of earnings in equity investment (see market valuation for more information on direct investment).

* Portfolio investment assets decreased $98.1 billion to $9,606.2 billion, reflecting decreases from exchange-rate changes that were mostly offset by increases from price changes, financial transactions, and changes in volume and valuation n.i.e.

* Reserve assets decreased $50.7 billion to $383.6 billion, largely reflecting decreases from price changes in monetary gold.

U.S. liabilities

U.S. liabilities decreased $1,142.3 billion to $30,621.4 billion at the end of 2015, reflecting a $790.5 billion decrease in the value of financial derivatives and a $351.8 billion decrease in the value of liabilities excluding financial derivatives. The decrease in liabilities excluding financial derivatives reflected price changes of -$561.0 billion, changes in volume and valuation n.i.e. of -$96.0 billion, and exchange-rate changes of -$90.0 billion that were partly offset by financial transactions of $395.2 billion (tables B and D).

Liabilities decreased across all major categories except direct investment.

* Financial derivatives decreased $790.5 billion to $2,338.1 billion, mostly reflecting a decrease in the value of single-currency interest rate contracts.

* Other investment liabilities (currency and deposits, loans, insurance technical reserves, trade credit and advances, and special drawing rights allocations) decreased $302.7 billion to $5,062.5 billion, reflecting -$235.1 billion in financial transactions that were driven by net U.S. repayment of loans.

* Portfolio investment liabilities decreased $242.8 billion to $16,677.0 billion. Decreases from price changes--due to decreases in U.S. equity and bond prices--were partly offset by increases from financial transactions, which reflected net foreign purchases of U.S. debt securities that exceeded net foreign sales of U.S. equity and investment fund shares.

* Direct investment liabilities at market value increased $193.8 billion to $6,543.8 billion, reflecting increases from financial transactions, mostly from equity investment, that were partly offset by decreases from price changes.

Annual Revisions

The U.S. net international investment position statistics were revised from the first quarter of 2012 to the fourth quarter of 2015 to reflect newly available and revised source data and an improved methodology for estimating transactions in foreign-currency denominated assets and liabilities. Key changes introduced in this annual revision are summarized below and in table E.

Newly available and revised source data include (1) the results from BEA's 2012 Benchmark Survey of Foreign Direct Investment in the United States and newly available and revised data from BEA's quarterly and annual direct investment surveys, (2) the Treasury International Capital (TIC) monthly reports and annual surveys, and (3) other U.S. government administrative data.

The improved estimation methodology consists of a refinement to the methodology for estimating transactions in foreign-currency-denominated deposits, loans, short-term securities, and negotiable certificates of deposit. The improved methodology is reflected in revised statistics for portfolio and other investment financial asset and liability transactions and exchanger-ate changes.

A more detailed discussion of the revisions to source data for the U.S. international investment position accounts and the U.S. international transactions accounts, including a discussion of the refinement of the methodology for estimating transactions in foreign-currency-denominated assets and liabilities, is presented in "Annual Revision of the U.S. International Transactions Accounts" in this issue of the SURVEY OF CURRENT BUSINESS.

For yearend 2015, the net investment position was revised upward by $76.1 billion to -$7,280.6 billion from -$7,356.8 billion. U.S. assets were revised upward by $132.5 billion and U.S. liabilities were revised upward by $56.3 billion (table E).

By Elena L. Nguyen

Acknowledgments

Paul W. Farello, Chief of the Balance of Payments Division, supervised the preparation of this year's annual revision of the international investment position accounts. Christopher A. Gohrband, Chief of the Financial Accounts Branch, Elena L. Nguyen, Chief of the Investment Position Section, and Patricia E. Abaroa, Chief of the Direct Investment Division directed major parts of the revision. Sarahelen Thompson, Associate Director for International Accounts, provided overall supervision.

The following BEA staff contributed significantly to the revision.

Direct investment: Douglas B. Weinberg and BEA staff members recognized in "Acknowledgments" in "Direct Investment Positions for 2015" in this issue of the SURVEY OF CURRENT BUSINESS.

Portfolio investment: Barbara H. Berman, Erin M. Whitaker, and Cavan J. Wilk.

Financial derivatives: Erin M. Whitaker

Other investment: Barbara H. Berman and Eric A. Bryda.

Reserve assets: Dena A. Holland.

Computer systems and operations for direct investment: Diane Young, Kevin Smith, Karen Poffel, Paula Brown, Dan Powell, Danit Kanal, Rita Ismaylov, and Neeta Kapoor

Reengineering of systems for statistical production and data dissemination: Benjamin P. Kavanaugh, Mitchell N. Shabani, Douglas Weinberg, Marina Melnik, Anna Libkhen, Walter Kampas, Gentian Cala, Steve Holliday, Paul Kilday, Kenneth Pond, and Shirley Zhou.

Secretarial and program assistance: Sheila L. Johnson.

(1.) For information on the valuation of U.S. assets and liabilities and a description of the estimation methods, see "International Investment Position Accounts" in International Economic Accounts: Concepts and Methods.

(2.) For comprehensive IIP statistics, including annual statistics beginning with 1976 and quarterly statistics beginning with the fourth quarter of 2005, see BEA's interactive tables.

(3.) For the statistics on financial transactions, see the financial account in table 1.2 of the U.S. international transactions accounts. The quarterly financial transactions presented in this article are not seasonally adjusted. Detail on other changes in position--such as price changes, exchange-rate changes, and other changes in volume and valuation--is only presented for annual statistics in the June news release each year.

Table A. U.S. Net International Investment Position, Change in 2016:I
[Billions of dollars, not seasonally adjusted]



Type of investment                       Position,
                                         2015:IV    Total

U.S. net international
investment position                       -7,280.6   -245.0
  Net international investment
  position excluding
  financial derivatives                   -7,337.9   -227.0
  Financial derivatives
  other than reserves, net                    57.2    -18.0
 U.S assets                               23,340.8    742.1
  Asts excluding financial derivatives    20,945.4    155.7
  Financial derivatives other than
  reserves, gross positive fair value      2,395.4    586.4
 U.S. liabities                           30,621.4    987.1
  Liabilities exuding
  financial derivatives                   28,283.3    382.7
  Financial derivives other than
  reserves, gross negative fair value      2,338.1    604.5

                                      Change in position in 2016:I
                                          Attributable to:
Type of investment                    Financial-account  Other changes
                                      transactions       in position

U.S. net international
investment position                   -28.4              -216.6
Net international investment
position excluding
financial derivatives                 -42.1              -184.9
Fancial derivatives
other than reserves, net               13.6               -31.7
U. assets                               (1)                 (1)
Asts excluding financial derivatives   72.0                83.7
Financl derivatives other than
reserves, gross positive fair value     (1)                 (1)
U.S. liabities                          (1)                 (1)
Liabilities exuding
financial derivatives                 114.1               268.6
Financial derivives other than
reserves, gross negative fair value     (1)                 (1)



Type of investment                       Position,
                                         2016:I

U.S. net international
investment position                      -7,525.6
Net international investment
position excluding
financial derivatives                    -7,564.8
Fancial derivatives
other than reserves, net                     39.2
U. assets                                24,082.9
Asts excluding financial derivatives     21,101.1
Financl derivatives other than
reserves, gross positive fair value       2,981.8
U.S. liabities                           31,608.5
Liabilities exuding
financial derivatives                    28,666.0
Financial derivives other than
reserves, gross negative fair value       2,942.6

1.Financial transactions and other changes in financial derivatives
positions are available only on a net basis; they are not separately
available for gross positive fair values and gross negative fair
values of financial derivatives.

Table B. U.S. Net International Investment Position, Change in 2015
[Billions of dollars]



                                Yearend
Type of investment              position,  Total     Financial-account
                                2014                 transactions

U.S. net international
investment position               -7,046.1     -234.5  -195.2
  Net international investment
  position excluding
  financial derivatives           -7,131.7     -206.2  -169.8
  Financial derivatives other
  than reserves, net (3)              85.5      -28.3   -25.4
 U.S. assets                      24,717.5   -1,376.8     (3)
  Assets excluding
  financial derivatives           21,503.4     -558.0   225.4
  Financial derivatives other
  than reserves, gross
  positive fair value              3,214.1     -818.8     (3)
 U.S. liabilities                 31,763.7   -1,142.3     (3)
  Liabilities excluding
  financial derivatives.          28,635.1     -351.8   395.2
  Financial derivatives other
  than reserves, gross
  negative fair value              3,128.6     -790.5     (3)

                                        Change in position in 2015
                                        Attributable to:
                                        Other changes in position
Type of investment                   Total   Price      Exchange-rate
                                             changes    changes (1)


U.S. net international
investment position                  -39.3      (4)         (4)
  Net international investment
  position excluding
  financial derivatives              -36.4    781.4    -1,051.5
  Financial derivatives other
  than reserves, net (3)              -2.9      (4)         (4)
 U.S. assets                           (3)      (4)         (3)
  Assets excluding
  financial derivatives             -783.4    220.4    -1,141.5
  Financial derivatives other
  than reserves, gross
  positive fair value                  (3)      (3)         (3)
 U.S. liabilities                      (3)      (3)         (3)
  Liabilities excluding
  financial derivatives.            -747.0   -561.0       -90.0
  Financial derivatives other
  than reserves, gross
  negative fair value                  (3)      (3)         (3)



                                                            Yearend
                                                            position,
Type of investment                 Changes in volume and    2015
                                   valuation  n.i.e. (2)


U.S. net international
investment position                   (4)                   -7,280.6
  Net international investment
  position excluding
  financial derivatives             233.7                   -7,337.9
  Financial derivatives other
  than reserves, net (3)              (4)                       57.2
 U.S. assets                          (3)                   23,340.8
  Assets excluding
  financial derivatives             137.7                   20,945.4
  Financial derivatives other
  than reserves, gross
  positive fair value                 (3)                    2,395.4
 U.S. liabilities                     (3)                   30,621.4
  Liabilities excluding
  financial derivatives.            -96.0                   28,283.3
  Financial derivatives other
  than reserves, gross
  negative fair value                 (3)                    2,338.1

(1.) Represents gains or losses on foreign-currency-denominated assets
and liabilities due to their revaluation at current exchange rates.
(2.) Includes changes due to year-to-year shifts in the composition of
reporting panels and to the incorporation of more comprehensive survey
results. Also includes capital gains and losses of direct investment
affiliates and changes in positions that cannot be allocated to
financial transactions, price changes, or exchange-rate changes.
(3.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis; they are not separately
available for gross positive fair values and gross negative fair values
of financial derivatives.
(4.) Data are not separately available for price changes, exchange-rate
changes, and changes in volume and valuation not included elsewhere.

NOTE. The statistics are presented in IIP table 1.3 on BEA's Web site.

Table C. U.S. Assets, Change in 2015
[Billions of dollars]




                                      Yearend               Financial-
Type of investment                    position,  Total      account
                                      2014                  transactions

U.S. assets                           24,717.5   -1,376.8      (3)
  Assets excluding financial
   derivatives                        21,503.4     -558.0    225.4
  Financial derivatives other
  than reserves, gross positive
  fair value                           3,214.1     -818.8      (3)
 By functional category:
  Direct investment at market value    7,133.1     -154.8    348.6
   Equity                              6,045.1     -234.0    316.3
   Debt instruments                    1,088.1       79.2     32.3
  Portfolio investment                 9,704.3      -98.1    154.0
   Equity and investment fund shares   6,770.6       57.6    202.6
   Debt securities                     2,933.6     -155.7    -48.6
    Short term                           447.2       39.1     42.5
    Long term                          2,486.4     -194.7    -91.1
  Financial derivatives other
  than reserves, gross positive
  fair value                           3,214.1     -818.8      (3)
   Over-the-counter contracts          3,144.0     -797.3      (3)
    Single-currency interest
    rate contracts                     2,451.1     -643.7      (3)
    Foreign exchange contracts           415.4      -73.2      (3)
    Other contracts                      277.5      -80.4      (3)
   Exchange-traded contracts              70.1      -21.5      (3)
  Other investment                     4,231.8     -254.5   -270.9
   Currency and deposits               1,785.5     -156.9   -194.4
   Loans                               2,399.2      -95.3    -74.8
   Insurance technical reserves           n.a.       n.a.     n.a.
   Trade credit and advances              47.0       -2.3     -1.7
  Reserve assets                         434.3      -50.7     -6.3
   Monetary gold                         315.4      -38.2      0.0
   Special drawing rights=                51.9       -2.3      (*)
   Reserve position in the
   International Monetary Fund            25.2       -7.6     -6.5
   Other reserve assets                   41.8       -2.7      0.2

                                      Change in position in 2015
                                      Attributable to:
                                      Other changes in position

Type of investment                    Total    Price    Exchange-rate
                                               changes  changes (1)


U.S. assets                             (3)     (3)         (3)
  Assets excluding financial
   derivatives                        -783.4   220.4    -1,141.5
  Financial derivatives other
  than reserves, gross positive
  fair value                            (3)     (3)         (3)
 By functional category:
  Direct investment at market value   -503.4   -64.7      -449.3
   Equity                             -550.3   -64.7      -449.3
   Debt instruments                     46.9
  Portfolio investment                -252.1   323.2      -631.3
   Equity and investment fund shares  -145.0   357.9      -562.9
   Debt securities                    -107.1   -34.6       -68.4
    Short term                          -3.4                -3.4
    Long term                         -103.6   -34.6       -65.0
  Financial derivatives other
  than reserves, gross positive
  fair value                            (3)     (3)         (3)
   Over-the-counter contracts           (3)     (3)         (3)
    Single-currency interest
    rate contracts                      (3)     (3)         (3)
    Foreign exchange contracts          (3)     (3)         (3)
    Other contracts                     (3)     (3)         (3)
   Exchange-traded contracts            (3)     (3)         (3)
  Other investment                      16.4               -54.7
   Currency and deposits                37.5               -30.6
   Loans                               -20.5               -23.6
   Insurance technical reserves         n.a.     n.a.        n.a.
   Trade credit and advances            -0.6                -0.6
  Reserve assets                       -44.4   -38.2        -6.2
   Monetary gold                       -38.2   -38.2
   Special drawing rights=              -2.3                -2.3
   Reserve position in the
   International Monetary Fund          -1.1                -1.1
   Other reserve assets                 -2.8     0.0        -2.8




                                                              Yearend
Type of investment                   Changes in volume and    position,
                                     valuation  n.i.e. (2)    2015

U.S. assets                              (3)                   23,340.8
  Assets excluding financial
   derivatives                          137.7                  20,945.4
  Financial derivatives other
  than reserves, gross positive
  fair value                             (3)                    2,395.4
 By functional category:
  Direct investment at market value      10.5                   6,978.3
   Equity                               -36.3                   5,811.1
   Debt instruments                      46.9                   1,167.2
  Portfolio investment                   56.0                   9,606.2
   Equity and investment fund shares     60.1                   6,828.2
   Debt securities                       -4.1                   2,777.9
    Short term                            0.0                     486.2
    Long term                            -4.1                   2,291.7
  Financial derivatives other
  than reserves, gross positive
  fair value                              (3)                   2,395.4
   Over-the-counter contracts             (3)                   2,346.7
    Single-currency interest
    rate contracts                        (3)                   1,807.4
    Foreign exchange contracts            (3)                     342.3
    Other contracts                       (3)                     197.1
   Exchange-traded contracts              (3)                      48.6
  Other investment                       71.1                   3,977.3
   Currency and deposits                 68.0                   1,628.6
   Loans                                  3.1                   2,304.0
   Insurance technical reserves          n.a.                      n.a.
   Trade credit and advances              0.0                      44.7
  Reserve assets                          0.0                     383.6
   Monetary gold                          0.0                     277.2
   Special drawing rights=                0.0                      49.7
   Reserve position in the
   International Monetary Fund            0.0                      17.6
   Other reserve assets                   0.0                      39.1

n.a. Not available
..... Not applicable
(*) Value between zero and +/- $50 million
(1.) Represents gains or losses on foreign-currency-denominated assets
and liabilities due to their revaluation at current exchange rates.
(2.) Includes changes due to year-to-year shifts in the composition of
reporting panels and to the incorporation of more comprehensive survey
results. Also includes capital gains and losses of direct investment
affiliates and changes in positions that cannot be allocated to
financial transactions, price changes, or exchange-rate changes.
(3.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis; they are not separately
available for gross positive fair values and gross negative fair values
of financial derivatives.
(4.)Data are not separately available for price changes, exchange-rate
changes, and changes in volume and valuation not included elsewhere.

NOTE. The statistics are presented in IIP table 1.3 on BEA's Web site.

Table D. U.S. Liabilities, Change in 2015
[Billions of dollars]




                                       Yearend              Financial-
Type of investment                     position,  Total     account
                                       2014                 ransactions

U.S. liabilities                       31,763.7   -1,142.3    (3)
  Liabilities excluding
  financial derivatives                28,635.1     -351.8   395.2
  Financial derivatives other
  than reserves, gross negative
  fair value                            3,128.6     -790.5    (3)
 By functional category:
  Direct investment at market value     6,350.1      193.8   379.4
   Equity                               4,884.1       95.2   301.1
   Debt instruments                     1,466.0       98.6    78.3
  Portfolio investment                 16,919.8     -242.8   250.9
  Equity and investment fund shares     6,642.5     -423.6  -178.3
  Debt securities                      10,277.3      180.8   429.2
   Short term                             911.8       43.4    45.8
    Treasury bills and certificates       671.6       53.1    53.1
    Other short-term securities           240.2       -9.7    -7.3
   Long term                            9,365.5      137.5   383.4
    Treasury bonds and notes            5,484.4      -61.0    -4.8
    Other long-term securities          3,881.1      198.5   388.2
  Financial derivatives other
  than reserves, gross negative
  fair value                            3,128.6     -790.5    (3)
   Over-the-counter contracts           3,062.6     -771.5    (3)
    Single-currency interest
    rate contracts                      2,398.8     -643.4    (3)
    Foreign exchange contracts            393.6      -49.6    (3)
    Other contracts                       270.2      -78.5    (3)
   Exchange-traded contracts               66.0      -19.0    (3)
  Other investment                      5,365.2     -302.7  -235.1
   Currency and deposits                2,886.7       27.5    33.4
   Loans                                2,265.6     -342.0  -282.7
   Insurance technical reserves            n.a.       n.a.    n.a.
   Trade credit and advances              161.7       13.9    14.2
   Special drawing rights allocations      51.2       -2.2     0.0

                                       Change in position in 2015
                                       Attributable to:
                                       Other changes in position

Type of investment                     Total     Price     Exchange-rate
                                                 changes   changes (1)

U.S. liabilities                         (3)       (3)      (3)
Liabilities excluding
financial derivatives                  -747.0    -561.0     90.0
Financial derivatives other
than reserves, gross negative
fair value                               (3)       (3)      (3)
By functional category:
Direct investment at market value      -185.7    -160.3
Equity                                 -205.9    -160.3
Debt instruments                         20.2
Portfolio investment                   -493.7    -400.7    -57.0
Equity and investment fund shares      -245.4    -187.8
Debt securities                        -248.4    -212.9    -57.0
Short term                               -2.4               -2.4
Treasury bills and certificates           0.0
Other short-term securities              -2.4               -2.4
Long term                              -246.0    -212.9    -54.6
Treasury bonds and notes                -56.3     -56.3
Other long-term securities             -189.7    -156.6    -54.6
Financial derivatives other
than reserves, gross negative
fair value                               (3)       (3)      (3)
Over-the-counter contracts               (3)       (3)      (3)
Single-currency interest
rate contracts                           (3)       (3)      (3)
Foreign exchange contracts               (3)       (3)      (3)
Other contracts                          (3)       (3)      (3)
Exchange-traded contracts                (3)       (3)      (3)
Other investment                        -67.6              -33.0
Currency and deposits                    -5.9              -10.8
Loans                                   -59.3              -19.7
Insurance technical reserves             n.a.     n.a.      n.a.
Trade credit and advances                -0.3               -0.3
Special drawing rights allocations       -2.2               -2.2





Type of investment                    Changes in volume    Yearend
                                      and valuation        position,
                                      n.i.e. (2)           2015

U.S. liabilities                       (3)                 30,621.4
Liabilities excluding
financial derivatives                 -96.0                28,283.3
Financial derivatives other
than reserves, gross negative
fair value                             (3)                  2,338.1
By functional category:
Direct investment at market value     -25.3                 6,543.8
Equity                                -45.6                 4,979.3
Debt instruments                       20.2                 1,564.5
Portfolio investment                  -36.0                16,677.0
Equity and investment fund shares     -57.5                 6,218.9
Debt securities                        21.5                10,458.1
Short term                              0.0                   955.2
Treasury bills and certificates         0.0                   724.7
Other short-term securities             0.0                   230.5
Long term                              21.5                 9,503.0
Treasury bonds and notes                0.0                 5,423.4
Other long-term securities             21.5                 4,079.6
Financial derivatives other
than reserves, gross negative
fair value                             (3)                  2,338.1
Over-the-counter contracts             (3)                  2,291.1
Single-currency interest
rate contracts                         (3)                  1,755.4
Foreign exchange contracts             (3)                    344.0
Other contracts                        (3)                    191.7
Exchange-traded contracts              (3)                     47.0
Other investment                      -34.6                 5,062.5
Currency and deposits                   4.9                 2,914.3
Loans                                 -39.5                 1,923.6
Insurance technical reserves           n.a.                    n.a.
Trade credit and advances               0.0                   175.6
Special drawing rights allocations      0.0                    48.9

n.a. Not available
..... Not applicable
(*) Value between zero and +/- $50 million
(1.) Represents gains or losses on foreign-currency-denominated assets
and liabilities due to their revaluation at current exchange rates.
(2.) Includes changes due to year-to-year shifts in the composition of
reporting panels and to the incorporation of more comprehensive survey
results. Also includes capital gains and losses of direct investment
affiliates and changes in positions that cannot be allocated to
financial transactions, price changes, or exchange-rate changes.
(3.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis; they are not separately
available for gross positive fair values and gross negative fair values
of financial derivatives.
(4.) Data are not separately available for price changes, exchange-rate
changes, and changes in volume and valuation not included elsewhere.

NOTE. The statistics are presented in IIP table 1.3 on BEA's Web site.

Table E. Revisions to the U.S. Net International Investment Position at
Yearend, 2012-2015
[Billions of dollars]

                                                  2012
Type of investment                               Previously  Amount of
                                       Revised   published   revision

U.S. net international
  investment position                  -4,518.3  -4,517.9    -0.4
  Net international investment
  position excluding financial
  derivatives                          -4,576.1  -4,575.7    -0.4
  Financial derivatives other
  than reserves, net                       57.8      57.8     0.0
 U.S. assets                           22,562.2  22,561.9     0.2
  Direct investment at market value     5,969.5   5,968.5     1.0
  Portfolio investment                  7,984.0   7,984.0     0.0
  Financial derivatives other than
  reserves, gross positive fair value   3,619.8   3,619.8     0.0
  Other investment                      4,416.6   4,417.4    -0.8
  Reserve assets                          572.4     572.4     0.0
 U.S. liabilities                      27,080.5  27,079.8     0.6
  Direct investment at market value     4,662.4   4,661.2     1.3
  Portfolio investment                 13,978.9  13,978.9     0.0
  Financial derivatives other than
  reserves, gross negative fair value   3,562.0   3,562.0     0.0
  Other investment                      4,877.2   4,877.8    -0.6

                                                  2013
Type of investment                               Previously  Amount of
                                       Revised   published   revision

U.S. net international
  investment position                  -5,372.7  -5,327.5    -45.2
  Net international investment
  position excluding financial
  derivatives                          -5,450.2  -5,404.8    -45.4
  Financial derivatives other
  than reserves, net                       77.6      77.3      0.2
 U.S. assets                           24,144.8  24,159.1    -14.4
  Direct investment at market value     7,120.7   7,117.3      3.4
  Portfolio investment                  9,206.1   9,206.5     -0.4
  Financial derivatives other than
  reserves, gross positive fair value   3,017.1   3,019.8     -2.7
  Other investment                      4,352.5   4,367.3    -14.7
  Reserve assets                          448.3     448.3      0.0
 U.S. liabilities                      29,517.4  29,486.6     30.8
  Direct investment at market value     5,814.9   5,780.6     34.3
  Portfolio investment                 15,541.3  15,542.5     -1.2
  Financial derivatives other than
  reserves, gross negative fair value   2,939.5   2,942.4     -2.9
  Other investment                      5,221.7   5,221.1      0.6

                                                  2014
Type of investment                               Previously  Amount of
                                       Revised   published   revision

U.S. net international
  investment position                  -7,046.1  -7,019.7     -26.5
  Net international investment
  position excluding financial
  derivatives                          -7,131.7  -7,093.5     -38.1
  Financial derivatives other
  than reserves, net                       85.5      73.8      11.7
 U.S. assets                           24,717.5  24,595.5     122.0
  Direct investment at market value     7,133.1   7,124.0       9.1
  Portfolio investment                  9,704.3   9,572.5     131.7
  Financial derivatives other than
  reserves, gross positive fair value   3,214.1   3,224.5     -10.4
  Other investment                      4,231.8   4,240.2      -8.4
  Reserve assets                          434.3     434.3       0.0
 U.S. liabilities                      31,763.7  31,615.2     148.4
  Direct investment at market value     6,350.1   6,228.8     121.3
  Portfolio investment                 16,919.8  16,917.1       2.6
  Financial derivatives other than
  reserves, gross negative fair value   3,128.6   3,150.7     -22.1
  Other investment                      5,365.2   5,318.6     46.6

                                                  2015
Type of investment                               Previously  Amount of
                                       Revised   published   revision

U.S. net international
  investment position                  -7,280.6  -7,356.8     76.1
  Net international investment
  position excluding financial
  derivatives                          -7,337.9  -7,413.9     76.0
  Financial derivatives other
  than reserves, net                       57.2      57.1      0.1
 U.S. assets                           23,340.8  23,208.3    132.5
  Direct investment at market value     6,978.3   6,907.9     70.5
  Portfolio investment                  9,606.2   9,534.4     71.7
  Financial derivatives other than
  reserves, gross positive fair value   2,395.4   2,397.6     -2.3
  Other investment                      3,977.3   3,984.7     -7.4
  Reserve assets                          383.6     383.6      0.0
 U.S. liabilities                      30,621.4  30,565.1     56.3
  Direct investment at market value     6,543.8   6,513.1     30.7
  Portfolio investment                 16,677.0  16,666.2     10.8
  Financial derivatives other than
  reserves, gross negative fair value   2,338.1   2,340.5     -2.4
  Other investment                      5,062.5   5,045.2     17.2

Table 1. U.S. Net International Investment Position at the End of the
Period

[Billions of dollars, not seasonally adjusted]

Line  Type of investment                            2014
                                                    IV (r)      I (r)


 1    U.S. net international investment
      position (line 4 less line 35)                 -7,046.1  -6,838.0
 2      Net international investment
        position excluding financial
        derivatives (line 5 less line 36)            -7,131.7  -6,926.7
 3      Financial derivatives other
        than reserves, net (line 6 less line 37)         85.5      88.7
 4     U.S. assets                                   24,717.5  25,494.5
 5       Assets excluding financial
         derivatives (sum of lines 7,
         10, 21, and 26)                             21,503.4  22,130.8
 6       Financial derivatives other
         than reserves, gross positive
         fair value (line 15)                         3,214.1   3,363.7
       By functional category:
 7       Direct investment at market value            7,133.1   7,331.8
 8        Equity                                      6,045.1   6,194.9
 9        Debt instruments                            1,088.1   1,136.9
10       Portfolio investment                         9,704.3  10,137.8
11        Equity and investment fund shares           6,770.6   7,188.5
12        Debt securities                             2,933.6   2,949.3
13         Short term                                   447.2     472.5
14         Long term                                  2,486.4   2,476.8
15       Financial derivatives other
         than reserves, gross positive
         fair value                                   3,214.1   3,363.7
16        Over-the-counter contracts                  3,144.0   3,295.5
17         Single-currency interest rate
           contracts                                  2,451.1   2,578.4
18         Foreign exchange contracts                   415.4     469.0
19         Other contracts                              277.5     248.1
20        Exchange-traded contracts                      70.1      68.2
21       Other investment                             4,231.8   4,242.7
22        Currency and deposits                       1,785.5   1,762.2
23        Loans                                       2,399.2   2,435.0
24        Insurance technical reserves                   n.a.       n.a.
25        Trade credit and advances                      47.0      45.5
26       Reserve assets                                 434.3     418.5
27        Monetary gold                                 315.4     310.4
28        Special drawing rights                         51.9      49.5
29        Reserve position in the
          International Monetary Fund                    25.2      19.8
30        Other reserve assets                           41.8      38.8
31         Currency and deposits                         19.0      17.4
32         Securities                                    22.8      21.4
33         Financial derivatives
34         Other claims                                   0.0       0.0
35     U.S. liabilities                              31,763.7  32,332.6
36       Liabilities excluding
         financial derivatives (sum
         of lines 38, 41, and 56)                    28,635.1  29,057.5
37       Financial derivatives other
         than reserves, gross negative
         fair value (line 50)                         3,128.6   3,275.0
        By functional category:
38       Direct investment at market value            6,350.1   6,536.2
39        Equity                                      4,884.1   5,021.9
40        Debt instruments                            1,466.0   1,514.3
41       Portfolio investment                        16,919.8  17,135.1
42        Equity and investment fund shares          6,642.5    6,728.5
43        Debt securities                            10,277.3  10,406.6
44         Short term                                   911.8     947.1
45          Treasury bills and certificates             671.6     702.3
46          Other short-term securities                 240.2     244.8
47         Long term                                  9,365.5   9,459.5
48          Treasury bonds and notes                  5,484.4   5,470.3
49          Other long-term securities                3,881.1   3,989.2
50       Financial derivatives other
         than reserves, gross negative
         fair value                                   3,128.6   3,275.0
51        Over-the-counter contracts                  3,062.6   3,208.7
52         Single-currency interest rate
           contracts                                  2,398.8   2,521.9
53         Foreign exchange contracts                   393.6     443.2
54         Other contracts                              270.2     243.6
55        Exchange-traded contracts                      66.0      66.3
56       Other investment                             5,365.2   5,386.3
57        Currency and deposits                       2,886.7   2,883.5
58        Loans                                       2,265.6   2,288.4
59        Insurance technical reserves                   n.a.      n.a.
60        Trade credit and advances                     161.7     165.7
61        Special drawing rights allocations             51.2      48.7

Line  Type of investment                                 2015
                                                    II (r)      III (r)


 1    U.S. net international investment
      position (line 4 less line 35)                 -6,701.4  -7,239.7
 2      Net international investment
        position excluding financial
        derivatives (line 5 less line 36)            -6,750.2  -7,296.5
 3      Financial derivatives other
        than reserves, net (line 6 less line 37)         48.7      56.8
 4     U.S. assets                                   24,695.8  23,477.9
 5       Assets excluding financial
         derivatives (sum of lines 7,
         10, 21, and 26)                             22,240.1  20,759.2
 6       Financial derivatives other
         than reserves, gross positive
         fair value (line 15)                         2,455.7   2,718.7
       By functional category:
 7       Direct investment at market value            7,384.1   6,785.0
 8        Equity                                      6,212.9   5,640.5
 9        Debt instruments                            1,171.2   1,144.6
10       Portfolio investment                        10,282.4   9,461.3
11        Equity and investment fund shares           7,353.3   6,605.6
12        Debt securities                             2,929.1   2,855.8
13         Short term                                   495.4     507.1
14         Long term                                  2,433.7   2,348.6
15       Financial derivatives other
         than reserves, gross positive
         fair value                                   2,455.7   2,718.7
16        Over-the-counter contracts                  2,402.5   2,661.3
17         Single-currency interest rate
           contracts                                  1,848.3   2,083.8
18         Foreign exchange contracts                   347.2     364.0
19         Other contracts                              207.0     213.6
20        Exchange-traded contracts                      53.2      57.4
21       Other investment                             4,158.2   4,112.5
22        Currency and deposits                       1,752.3   1,684.8
23        Loans                                       2,360.9   2,382.0
24        Insurance technical reserves                   n.a.      n.a.
25        Trade credit and advances                      45.0      45.7
26       Reserve assets                                 415.4     400.4
27        Monetary gold                                 306.2     291.3
28        Special drawing rights                         50.4      50.3
29        Reserve position in the
          International Monetary Fund                    19.2      18.9
30        Other reserve assets                           39.5      39.8
31         Currency and deposits                         17.8      17.9
32         Securities                                    21.7      21.9
33         Financial derivatives
34         Other claims                                   0.0       0.0
35     U.S. liabilities                              31,397.2  30,717.6
36       Liabilities excluding
         financial derivatives (sum
         of lines 38, 41, and 56)                    28,990.3  28,055.7
37       Financial derivatives other
         than reserves, gross negative
         fair value (line 50)                         2,407.0   2,661.9
        By functional category:
38       Direct investment at market value            6,589.0   6,260.3
39        Equity                                      5,023.7   4,681.6
40        Debt instruments                            1,565.3   1,578.6
41       Portfolio investment                        17,164.5  16,546.4
42        Equity and investment fund shares           6,659.7   6,099.4
43        Debt securities                            10,504.8  10,447.0
44         Short term                                   941.5     889.5
45          Treasury bills and certificates             701.3     667.1
46          Other short-term securities                 240.2     222.4
47         Long term                                  9,563.3   9,557.5
48          Treasury bonds and notes                  5,461.9   5,439.2
49          Other long-term securities                4,101.4   4,118.3
50       Financial derivatives other
         than reserves, gross negative
         fair value                                   2,407.0   2,661.9
51        Over-the-counter contracts                  2,352.3   2,601.6
52         Single-currency interest rate
           contracts                                  1,799.6   2,029.2
53         Foreign exchange contracts                   347.5     364.0
54         Other contracts                              205.3     208.4
55        Exchange-traded contracts                      54.7      60.3
56       Other investment                             5,236.7   5,249.1
57        Currency and deposits                       2,884.4   2,892.9
58        Loans                                       2,131.7   2,130.4
59        Insurance technical reserves                   n.a.      n.a.
60        Trade credit and advances                     171.0     176.3
61        Special drawing rights allocations             49.7      49.6

Line  Type of investment                                           2016
                                                    IV (r)       I (p)


 1    U.S. net international investment
      position (line 4 less line 35)                -7,280.6   -7,525.6
 2      Net international investment
        position excluding financial
        derivatives (line 5 less line 36)           -7,337.9   -7,564.8
 3      Financial derivatives other
        than reserves, net (line 6 less line 37)        57.2       39.2
 4     U.S. assets                                  23,340.8   24,082.9
 5       Assets excluding financial
         derivatives (sum of lines 7,
         10, 21, and 26)                            20,945.4   21,101.1
 6       Financial derivatives other
         than reserves, gross positive
         fair value (line 15)                        2,395.4    2,981.8
       By functional category:
 7       Direct investment at market value           6,978.3    7,012.4
 8        Equity                                     5,811.1    5,833.3
 9        Debt instruments                           1,167.2    1,179.1
10       Portfolio investment                        9,606.2    9,622.7
11        Equity and investment fund shares          6,828.2    6,737.3
12        Debt securities                            2,777.9    2,885.4
13         Short term                                  486.2      534.6
14         Long term                                 2,291.7    2,350.8
15       Financial derivatives other
         than reserves, gross positive
         fair value                                  2,395.4    2,981.8
16        Over-the-counter contracts                 2,346.7    2,928.5
17         Single-currency interest rate
           contracts                                 1,807.4    2,366.3
18         Foreign exchange contracts                  342.3      377.8
19         Other contracts                             197.1      184.4
20        Exchange-traded contracts                     48.6       53.2
21       Other investment                            3,977.3    4,034.1
22        Currency and deposits                      1,628.6    1,703.7
23        Loans                                      2,304.0    2,282.4
24        Insurance technical reserves                  n.a.       n.a.
25        Trade credit and advances                     44.7       48.0
26       Reserve assets                                383.6      432.0
27        Monetary gold                                277.2      323.5
28        Special drawing rights                        49.7       50.5
29        Reserve position in the
          International Monetary Fund                   17.6       16.7
30        Other reserve assets                          39.1       41.3
31         Currency and deposits                        17.6       19.3
32         Securities                                   21.6       22.1
33         Financial derivatives
34         Other claims                                  0.0        0.0
35     U.S. liabilities                             30,621.4   31,608.5
36       Liabilities excluding
         financial derivatives (sum
         of lines 38, 41, and 56)                   28,283.3   28,666.0
37       Financial derivatives other
         than reserves, gross negative
         fair value (line 50)                        2,338.1    2,942.6
        By functional category:
38       Direct investment at market value           6,543.8    6,637.6
39        Equity                                     4,979.3    5,045.2
40        Debt instruments                           1,564.5    1,592.4
41       Portfolio investment                       16,677.0   16,907.3
42        Equity and investment fund shares          6,218.9    6,132.5
43        Debt securities                           10,458.1   10,774.8
44         Short term                                  955.2      945.4
45          Treasury bills and certificates            724.7      724.9
46          Other short-term securities                230.5      220.5
47         Long term                                 9,503.0    9,829.4
48          Treasury bonds and notes                 5,423.4    5,562.1
49          Other long-term securities               4,079.6    4,267.3
50       Financial derivatives other
         than reserves, gross negative
         fair value                                  2,338.1    2,942.6
51        Over-the-counter contracts                 2,291.1    2,887.0
52         Single-currency interest rate
           contracts                                 1,755.4    2,304.2
53         Foreign exchange contracts                  344.0      396.2
54         Other contracts                             191.7      186.7
55        Exchange-traded contracts                     47.0       55.5
56       Other investment                            5,062.5    5,121.0
57        Currency and deposits                      2,914.3    2,876.5
58        Loans                                      1,923.6    2,014.7
59        Insurance technical reserves                  n.a.       n.a.
60        Trade credit and advances                    175.6      180.1
61        Special drawing rights allocations            48.9       49.8

Line  Type of investment                          Change:     Change:
                                                  2015:IV to  2014:IV to
                                                  2016:I      2015:IV

 1    U.S. net international investment
      position (line 4 less line 35)               -245.0        -234.5
 2      Net international investment
        position excluding financial
        derivatives (line 5 less line 36)          -227.0        -206.2
 3      Financial derivatives other
        than reserves, net (line 6 less line 37)    -18.0         -28.3
 4     U.S. assets                                  742.1      -1,376.8
 5       Assets excluding financial
         derivatives (sum of lines 7,
         10, 21, and 26)                            155.7        -558.0
 6       Financial derivatives other
         than reserves, gross positive
         fair value (line 15)                       586.4        -818.8
       By functional category:
 7       Direct investment at market value           34.0        -154.8
 8        Equity                                     22.2        -234.0
 9        Debt instruments                           11.9          79.2
10       Portfolio investment                        16.5         -98.1
11        Equity and investment fund shares         -91.0          57.6
12        Debt securities                           107.5        -155.7
13         Short term                                48.4          39.1
14         Long term                                 59.1        -194.7
15       Financial derivatives other
         than reserves, gross positive
         fair value                                 586.4        -818.8
16        Over-the-counter contracts                581.8        -797.3
17         Single-currency interest rate
           contracts                                558.9        -643.7
18         Foreign exchange contracts                35.5         -73.2
19         Other contracts                          -12.6         -80.4
20        Exchange-traded contracts                   4.6         -21.5
21       Other investment                            56.8        -254.5
22        Currency and deposits                      75.1        -156.9
23        Loans                                     -21.6         -95.3
24        Insurance technical reserves               n.a.          n.a.
25        Trade credit and advances                   3.3          -2.3
26       Reserve assets                              48.4         -50.7
27        Monetary gold                              46.3         -38.2
28        Special drawing rights                      0.8          -2.3
29        Reserve position in the
          International Monetary Fund                -0.9          -7.6
30        Other reserve assets                        2.2          -2.7
31         Currency and deposits                      1.7          -1.4
32         Securities                                 0.5          -1.2
33         Financial derivatives
34         Other claims                               0.0           0.0
35     U.S. liabilities                             987.1      -1,142.3
36       Liabilities excluding
         financial derivatives (sum
         of lines 38, 41, and 56)                   382.7        -351.8
37       Financial derivatives other
         than reserves, gross negative
         fair value (line 50)                       604.5        -790.5
        By functional category:
38       Direct investment at market value           93.8         193.8
39        Equity                                     65.9          95.2
40        Debt instruments                           27.9          98.6
41       Portfolio investment                       230.3        -242.8
42        Equity and investment fund shares         -86.4        -423.6
43        Debt securities                           316.7         180.8
44         Short term                                -9.7          43.4
45          Treasury bills and certificates           0.2          53.1
46          Other short-term securities              -9.9          -9.7
47         Long term                                326.4         137.5
48          Treasury bonds and notes                138.7         -61.0
49          Other long-term securities              187.7         198.5
50       Financial derivatives other
         than reserves, gross negative
         fair value                                 604.5        -790.5
51        Over-the-counter contracts                595.9        -771.5
52         Single-currency interest rate
           contracts                                548.8        -643.4
53         Foreign exchange contracts                52.2         -49.6
54         Other contracts                           -5.0         -78.5
55        Exchange-traded contracts                   8.5         -19.0
56       Other investment                            58.5        -302.7
57        Currency and deposits                     -37.8          27.5
58        Loans                                      91.0        -342.0
59        Insurance technical reserves               n.a.          n.a.
60        Trade credit and advances                   4.5          13.9
61        Special drawing rights allocations          0.8          -2.2

(p) Preliminary
(r) Revised
n.a. Not available
..... Not applicable

NOTE. Details may not add to totals because of rounding.

Source: U.S. Bureau of Economic Analysis

Table 2. Change in the Yearend U.S. Net International Investment
Position

[Billions of dollars]

                               Change in position in 2015
                               Attributable to:
Line  Type of investment                        Yearend
                                                Position,  Total
                                                2014 (r)


1   U.S. net international investment
    position (line 4 less line 35)              7,046.1     -234.5
2     Net international investment
     position excluding financial
     derivatives (line 5 less line 36)          7,131.7     -206.2
3     Financial derivatives other than
      reserves, net (line 6 less line 37)          85.5      -28.3
4   U.S. assets                                 4,717.5   -1,376.8
5     Assets excluding financial
      derivatives (sum of lines 7,
      10, 21, and 26)                           1,503.4     -558.0
6     Financial derivatives other than
      reserves, gross positive fair
      value (line 15)                           3,214.1     -818.8
    By functional category:
7    Direct investment at market value          7,133.1     -154.8
8     Equity                                    6,045.1     -234.0
9     Debt instruments                          1,088.1       79.2
10   Portfolio investment                       9,704.3      -98.1
11    Equity and investment fund shares         6,770.6       57.6
12    Debt securities                           2,933.6     -155.7
13     Short term                                 447.2       39.1
14     Long term                                2,486.4     -194.7
15   Financial derivatives other than
     reserves, gross positive fair value        3,214.1     -818.8
16    Over-the-counter contracts                3,144.0     -797.3
17     Single-currency interest rate contracts  2,451.1     -643.7
18     Foreign exchange contracts                 415.4      -73.2
19     Other contracts                            277.5      -80.4
20     Exchange-traded contracts                   70.1      -21.5
21   Other investment                           4,231.8     -254.5
22    Currency and deposits                     1,785.5     -156.9
23    Loans.                                    2,399.2      -95.3
24    Insurance technical reserves                 n.a.       n.a.
25    Trade credit and advances                    47.0       -2.3
26   Reserve assets                               434.3      -50.7
27    Monetary gold                               315.4      -38.2
28    Special drawing rights                       51.9       -2.3
29    Reserve position in the
      International Monetary Fund                  25.2       -7.6
30   Other reserve assets                          41.8       -2.7
31    Currency and deposits                        19.0       -1.4
32    Securities                                   22.8       -1.2
33    Financial derivatives
34    Other claims                                  0.0        0.0
35  U.S. liabilities                            1,763.7   -1,142.3
36    Liabilities excluding financial '
     derivatives (sum of lines 38, 41, and 56)  8,635.1     -351.8
37    Financial derivatives other than
      reserves, gross negative fair
      value (line 50)                           3,128.6     -790.5
     By functional category:
38    Direct investment at market value         6,350.1      193.8
39     Equity                                   4,884.1       95.2
40     Debt instruments                         1,466.0       98.6
41  Portfolio investment                        6,919.8     -242.8
42   Equity and investment fund shares          6,642.5     -423.6
43   Debt securities                            0,277.3      180.8
44    Short term                                  911.8       43.4
45     Treasury bills and certificates            671.6       53.1
46     Other short-term securities                240.2       -9.7
47   Long term                                  9,365.5      137.5
48     Treasury bonds and notes                 5,484.4      -61.0
49     Other long-term securities               3,881.1      198.5
50   Financial derivatives other than
     reserves, gross negative fair value        3,128.6     -790.5
51    Over-the-counter contracts                3,062.6     -771.5
52     Single-currency interest rate contracts  2,398.8     -643.4
53     Foreign exchange contracts                 393.6      -49.6
54    Other contracts                             270.2      -78.5
55     Exchange-traded contracts                   66.0      -19.0
56    Other investment                          5,365.2     -302.7
57     Currency and deposits                    2,886.7       27.5
58     Loans                                    2,265.6     -342.0
59     Insurance technical reserves                n.a.       n.a.
60     Trade credit and advances                  161.7       13.9
61     Special drawing rights allocations          51.2       -2.2

Line  Type of investment                        Financial-
                                                account       Total
                                                transactions


1   U.S. net international investment
    position (line 4 less line 35)              -195.2         -39.3
2     Net international investment
     position excluding financial
     derivatives (line 5 less line 36)          -169.8         -36.4
3     Financial derivatives other than
      reserves, net (line 6 less line 37)        -25.4          -2.9
4   U.S. assets                                    (3)           (3)
5     Assets excluding financial
      derivatives (sum of lines 7,
      10, 21, and 26)                            225.4        -783.4
6     Financial derivatives other than
      reserves, gross positive fair
      value (line 15)                              (3)           (3)
    By functional category:
7    Direct investment at market value            348.6       -503.4
8     Equity                                      316.3       -550.3
9     Debt instruments                             32.3         46.9
10   Portfolio investment                         154.0       -252.1
11    Equity and investment fund shares           202.6       -145.0
12    Debt securities                             -48.6       -107.1
13     Short term                                  42.5         -3.4
14     Long term                                  -91.1       -103.6
15   Financial derivatives other than
     reserves, gross positive fair value            (3)          (3)
16    Over-the-counter contracts                    (3)          (3)
17     Single-currency interest rate contracts      (3)          (3)
18     Foreign exchange contracts                   (3)          (3)
19     Other contracts                              (3)          (3)
20     Exchange-traded contracts                    (3)          (3)
21   Other investment                            -270.9         16.4
22    Currency and deposits                      -194.4         37.5
23    Loans.                                      -74.8        -20.5
24    Insurance technical reserves                 n.a.         n.a.
25    Trade credit and advances                    -1.7         -0.6
26   Reserve assets                                -6.3        -44.4
27    Monetary gold                                 0.0        -38.2
28    Special drawing rights                        (*)         -2.3
29    Reserve position in the
      International Monetary Fund                  -6.5         -1.1
30   Other reserve assets                           0.2         -2.8
31    Currency and deposits                         (*)         -1.4
32    Securities                                    0.2         -1.4
33    Financial derivatives
34    Other claims                                  0.0          0.0
35  U.S. liabilities                                (3)          (3)
36    Liabilities excluding financial '
     derivatives (sum of lines 38, 41, and 56)    395.2       -747.0
37    Financial derivatives other than
      reserves, gross negative fair
      value (line 50)                               (3)          (3)
     By functional category:
38    Direct investment at market value           379.4       -185.7
39     Equity                                     301.1       -205.9
40     Debt instruments                            78.3         20.2
41  Portfolio investment                          250.9       -493.7
42   Equity and investment fund shares           -178.3       -245.4
43   Debt securities                              429.2       -248.4
44    Short term                                   45.8         -2.4
45     Treasury bills and certificates             53.1          0.0
46     Other short-term securities                 -7.3         -2.4
47   Long term                                    383.4       -246.0
48     Treasury bonds and notes                    -4.8        -56.3
49     Other long-term securities                 388.2       -189.7
50   Financial derivatives other than
     reserves, gross negative fair value            (3)          (3)
51    Over-the-counter contracts                    (3)          (3)
52     Single-currency interest rate contracts      (3)          (3)
53     Foreign exchange contracts                   (3)          (3)
54    Other contracts                               (3)          (3)
55     Exchange-traded contracts                    (3)          (3)
56    Other investment                           -235.1        -67.6
57     Currency and deposits                       33.4         -5.9
58     Loans                                     -282.7        -59.3
59     Insurance technical reserves                n.a.         n.a.
60     Trade credit and advances                   14.2         -0.3
61     Special drawing rights allocations           0.0         -2.2

Line  Type of investment                                 Exchange-
                                                Price    rate
                                                changes  changes (1)


1   U.S. net international investment
    position (line 4 less line 35)                (4)   (4)
2     Net international investment
     position excluding financial
     derivatives (line 5 less line 36)           781.4   -1,051.5
3     Financial derivatives other than
      reserves, net (line 6 less line 37)          (4)        (4)
4   U.S. assets                                    (3)        (3)
5     Assets excluding financial
      derivatives (sum of lines 7,
      10, 21, and 26)                            220.4   -1,141.5
6     Financial derivatives other than
      reserves, gross positive fair
      value (line 15)                              (3)        (3)
    By functional category:
7    Direct investment at market value           -64.7     -449.3
8     Equity                                     -64.7     -449.3
9     Debt instruments
10   Portfolio investment                        323.2     -631.3
11    Equity and investment fund shares          357.9     -562.9
12    Debt securities                            -34.6      -68.4
13     Short term                                            -3.4
14     Long term                                 -34.6      -65.0
15   Financial derivatives other than
     reserves, gross positive fair value           (3)        (3)
16    Over-the-counter contracts                   (3)        (3)
17     Single-currency interest rate contracts     (3)        (3)
18     Foreign exchange contracts                  (3)        (3)
19     Other contracts                             (3)        (3)
20     Exchange-traded contracts                   (3)        (3)
21   Other investment                                       -54.7
22    Currency and deposits                                 -30.6
23    Loans.                                                -23.6
24    Insurance technical reserves                n.a.       n.a.
25    Trade credit and advances                              -0.6
26   Reserve assets                              -38.2       -6.2
27    Monetary gold                              -38.2
28    Special drawing rights                                 -2.3
29    Reserve position in the
      International Monetary Fund                            -1.1
30   Other reserve assets                          0.0       -2.8
31    Currency and deposits                                  -1.5
32    Securities                                   0.0       -1.4
33    Financial derivatives
34    Other claims                                            0.0
35  U.S. liabilities                               (3)       (3)
36    Liabilities excluding financial '
     derivatives (sum of lines 38, 41, and 56)  -561.0      -90.0
37    Financial derivatives other than
      reserves, gross negative fair
      value (line 50)                              (3)        (3)
     By functional category:
38    Direct investment at market value         -160.3
39     Equity                                   -160.3
40     Debt instruments
41  Portfolio investment                        -400.7      -57.0
42   Equity and investment fund shares          -187.8
43   Debt securities                            -212.9      -57.0
44    Short term                                             -2.4
45     Treasury bills and certificates
46     Other short-term securities                           -2.4
47   Long term                                  -212.9      -54.6
48     Treasury bonds and notes                  -56.3
49     Other long-term securities               -156.6      -54.6
50   Financial derivatives other than
     reserves, gross negative fair value           (3)        (3)
51    Over-the-counter contracts                   (3)        (3)
52     Single-currency interest rate contracts     (3)        (3)
53     Foreign exchange contracts                  (3)        (3)
54    Other contracts                              (3)        (3)
55     Exchange-traded contracts                   (3)        (3)
56    Other investment                                      -33.0
57     Currency and deposits                                -10.8
58     Loans                                                -19.7
59     Insurance technical reserves               n.a.       n.a.
60     Trade credit and advances                             -0.3
61     Special drawing rights allocations                    -2.2

Line  Type of investment                        Changes in  Yearend
                                                volume and  position,
                                                valuation   2014 (r)
                                                n.i.e. (2)

1   U.S. net international investment
    position (line 4 less line 35)                (4)       -7,280.6
2     Net international investment
     position excluding financial
     derivatives (line 5 less line 36)          233.7       -7,337.9
3     Financial derivatives other than
      reserves, net (line 6 less line 37)         (4)           57.2
4   U.S. assets                                   (3)       23,340.8
5     Assets excluding financial
      derivatives (sum of lines 7,
      10, 21, and 26)                           137.7       20,945.4
6     Financial derivatives other than
      reserves, gross positive fair
      value (line 15)                             (3)        2,395.4
    By functional category:
7    Direct investment at market value           10.5        6,978.3
8     Equity                                    -36.3        5,811.1
9     Debt instruments                           46.9        1,167.2
10   Portfolio investment                        56.0        9,606.2
11    Equity and investment fund shares          60.1        6,828.2
12    Debt securities                            -4.1        2,777.9
13     Short term                                 0.0          486.2
14     Long term                                 -4.1        2,291.7
15   Financial derivatives other than
     reserves, gross positive fair value          (3)        2,395.4
16    Over-the-counter contracts                  (3)        2,346.7
17     Single-currency interest rate contracts    (3)        1,807.4
18     Foreign exchange contracts                 (3)          342.3
19     Other contracts                            (3)          197.1
20     Exchange-traded contracts                  (3)           48.6
21   Other investment                            71.1        3,977.3
22    Currency and deposits                      68.0        1,628.6
23    Loans.                                      3.1        2,304.0
24    Insurance technical reserves               n.a.           n.a.
25    Trade credit and advances                   0.0           44.7
26   Reserve assets                               0.0          383.6
27    Monetary gold                               0.0          277.2
28    Special drawing rights                      0.0           49.7
29    Reserve position in the
      International Monetary Fund                 0.0           17.6
30   Other reserve assets                         0.0           39.1
31    Currency and deposits                       0.1           17.6
32    Securities                                 -0.1           21.6
33    Financial derivatives
34    Other claims                                0.0            0.0
35  U.S. liabilities                              (3)       30,621.4
36    Liabilities excluding financial '
     derivatives (sum of lines 38, 41, and 56)  -96.0       28,283.3
37    Financial derivatives other than
      reserves, gross negative fair
      value (line 50)                             (3)        2,338.1
     By functional category:
38    Direct investment at market value         -25.3        6,543.8
39     Equity                                   -45.6        4,979.3
40     Debt instruments                          20.2        1,564.5
41  Portfolio investment                        -36.0       16,677.0
42   Equity and investment fund shares          -57.5        6,218.9
43   Debt securities                             21.5       10,458.1
44    Short term                                  0.0          955.2
45     Treasury bills and certificates            0.0          724.7
46     Other short-term securities                0.0          230.5
47   Long term                                   21.5        9,503.0
48     Treasury bonds and notes                   0.0        5,423.4
49     Other long-term securities                21.5        4,079.6
50   Financial derivatives other than
     reserves, gross negative fair value          (3)        2,338.1
51    Over-the-counter contracts                  (3)        2,291.1
52     Single-currency interest rate contracts    (3)        1,755.4
53     Foreign exchange contracts                 (3)          344.0
54    Other contracts                             (3)          191.7
55     Exchange-traded contracts                  (3)           47.0
56    Other investment                          -34.6        5,062.5
57     Currency and deposits                      4.9        2,914.3
58     Loans                                    -39.5        1,923.6
59     Insurance technical reserves              n.a.           n.a.
60     Trade credit and advances                  0.0          175.6
61     Special drawing rights allocations         0.0           48.9

(r) Revised

n.a. Not available

..... Not applicable
(*) Value between zero and +/- $50 million
(1.) Represents gains or losses on foreign-currency-denominated assets
and liabilities due to their revaluation at current exchange rates.
(2.) Includes changes due to year-to-year shifts in the composition of
reporting panels and to the incorporation of more comprehensive survey
results. Also includes capital gains and losses of direct investment
affiliates and changes in positions that cannot be allocated to
financial transactions, price changes, or exchange-rate changes.
(3.) Financial transactions and other changes in financial derivatives
positions are available only on a net basis, which is shown on line 3;
they are not separately available for gross positive fair values and
gross negative fair (*) Value between zero and +/- $50 million
values of financial derivatives.
4. Data are not separately available for price changes, exchange-rate
changes, and changes in volume and valuation not included elsewhere.

NOTE. Details may not add to totals because of rounding.

Source: U.S. Bureau of Economic Analysis