EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, June 30, 2015 Christopher A. Gohrband: (202) 606-9564 BEA 15-31 Elena L. Nguyen: (202) 606-9555 Doug Weinberg: (202) 606-9590 (For inquiries regarding direct investment) U.S. Net International Investment Position: End of the First Quarter of 2015, Year 2014, and Annual Revisions First Quarter of 2015 The U.S. net international investment position at the end of the first quarter of 2015 was -$6,794.0 billion (preliminary) as the value of U.S. liabilities exceeded the value of U.S. assets (table 1). At the end of the fourth quarter of 2014, the net investment position was -$7,019.7 billion (revised). Highlights for the first quarter of 2015 * The U.S. net international investment position increased $225.7 billion from the end of the fourth quarter of 2014 to the end of the first quarter of 2015, reflecting a $728.8 billion increase in the value of U.S. assets that exceeded a $503.1 billion increase in the value of U.S. liabilities. * The $225.7 billion increase in the net investment position reflected net price changes, exchange-rate changes, and other changes in volume and valuation of $268.9 billion that were partly offset by net financial transactions of -$43.2 billion. * The increase in the net investment position was mostly attributable to the increase in foreign equity prices that raised the value of U.S. direct and portfolio investment assets; these price increases were partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms. * The net investment position increased 3.2 percent in the first quarter, compared with a decrease of 13.1 percent in the fourth quarter and an average quarterly decrease of 6.9 percent from the first quarter of 2011 through the third quarter of 2014. * The net investment position was equal to 3.3 percent of the value of all U.S. financial assets at the end of the first quarter, down from 3.5 percent at the end of the fourth quarter./1/ U.S. assets were $25,324.4 billion at the end of the first quarter compared with $24,595.5 billion at the end of the fourth quarter (table 1). The $728.8 billion increase reflected a $577.0 billion increase in the value of assets excluding financial derivatives and a $151.9 billion increase in the value of financial derivatives. U.S. assets excluding financial derivatives were $21,948.0 billion at the end of the first quarter compared with $21,371.0 billion at the end of the fourth quarter. The $577.0 billion increase reflected a $331.2 billion increase resulting from financial transactions and a $245.8 billion increase resulting from other changes in position./2/ Other changes in position were mostly attributable to the increase in foreign equity prices that raised the value of U.S. direct and portfolio investment assets. These increases were partly offset by the depreciation of major foreign currencies against the U.S. dollar that lowered the value of U.S. assets in dollar terms./3/ U.S. liabilities were $32,118.3 billion at the end of the first quarter compared with $31,615.2 billion at the end of the fourth quarter (table 1). The $503.1 billion increase reflected a $356.1 billion increase in the value of liabilities excluding financial derivatives and a $146.9 billion increase in the value of financial derivatives. U.S. liabilities excluding financial derivatives were $28,820.7 billion at the end of the first quarter compared with $28,464.6 billion at the end of the fourth quarter. The $356.1 billion increase reflected a $334.2 billion increase resulting from financial transactions and a $21.9 billion increase resulting from other changes in position. Other changes in position reflected increases in U.S. equity and bond prices that raised the value of U.S. portfolio investment liabilities. These increases were partly offset by decreases in the value of U.S. liabilities denominated in foreign currencies as the U.S. dollar continued to strengthen in the first quarter. Year 2014 The U.S. net international investment position was -$7,019.7 billion (revised) at the end of 2014 compared with -$5,327.5 billion (revised) at the end of 2013 (table 2). The $1,692.2 billion decrease in the net investment position reflected a $2,128.6 billion increase in the value of U.S. liabilities that exceeded a $436.4 billion increase in the value of U.S. assets. Highlights for the year 2014 * The $1,692.2 billion decrease in the net investment position was mostly attributable to net exchange-rate changes of -$1,206.4 billion as major foreign currencies depreciated against the U.S. dollar. * Net financial transactions of -$239.6 billion and net price changes of -$353.6 billion also contributed to the decrease in the net investment position. * The net investment position decreased 31.8 percent from the end of 2013 to the end of 2014, compared with a 17.9 percent decrease from the end of 2012 to the end of 2013. * The net investment position was equal to 3.5 percent of the value of all U.S. financial assets at the end of 2014, up from 2.8 percent at the end of 2013. Financial transactions Net financial transactions of -$239.6 billion in 2014 resulted from net U.S. acquisition of assets, excluding financial derivatives, of $792.1 billion, less net U.S. incurrence of liabilities, excluding financial derivatives, of $977.4 billion, plus net transactions in financial derivatives of -$54.4 billion. Net U.S. acquisition of assets excluding financial derivatives was $792.1 billion, up from $643.9 billion in 2013. In 2014, net acquisitions of portfolio and direct investment assets were partly offset by net sales of other investment and reserve assets. Net U.S. incurrence of liabilities excluding financial derivatives was $977.4 billion, down from $1,042.0 billion in 2013. In 2014, net foreign purchases of U.S. equity and debt securities accounted for most of the incurrence of liabilities. Price, exchange-rate, and changes in volume and valuation not included elsewhere (n.i.e.) Other changes in the U.S. net international investment position for 2014 included -$1,206.4 billion in exchange-rate changes, -$353.6 billion in price changes, and $56.6 billion in changes in volume and valuation n.i.e. Price changes led to a decrease of $353.6 billion in the net investment position, reflecting price appreciation of U.S. liabilities that exceeded price appreciation of U.S. assets. Exchange-rate changes led to a decrease of $1,206.4 billion in the net investment position, reflecting the depreciation of major foreign currencies against the U.S. dollar. Exchange-rate changes lowered the dollar value of U.S. assets substantially more than the dollar value of U.S. liabilities denominated in foreign currencies. Changes in volume and valuation n.i.e. led to an increase of $56.6 billion in the net investment position. These changes reflected the incorporation of newly available source data on aggregate holdings of long-term securities by U.S. and foreign residents from the Treasury International Capital reporting system (TIC), more complete TIC reporting of the nonbanking and banking data, capital gains and losses from the sale of direct investment assets, and other adjustments to source data. (See the Annual Revisions section for more information on the TIC source data.) Investment positions at the end of 2014 U.S. assets were $24,595.5 billion at the end of 2014 compared with $24,159.1 billion at the end of 2013. The $436.4 billion increase reflected a $231.6 billion increase in the value of assets excluding financial derivatives and a $204.8 billion increase in the value of financial derivatives. U.S. assets excluding financial derivatives were $21,371.0 billion at the end of 2014 compared with $21,139.4 billion at the end of 2013. The $231.6 billion increase reflected a $792.1 billion increase resulting from financial transactions that was partly offset by a $560.5 billion decrease resulting from other changes in position. Other changes in position were attributable to exchange-rate changes of -$1,308.4 billion that were partly offset by price changes of $725.1 billion and changes in volume and valuation n.i.e. of $22.8 billion. Direct investment assets at market value were $7,124.0 billion at the end of 2014 compared with $7,117.3 billion at the end of 2013. The $6.8 billion increase reflected financial transactions of $357.2 billion, mostly from net equity investment attributable to reinvestment of earnings, and price changes of $102.8 billion. These increases were partly offset by exchange-rate changes of -$442.1 billion and changes in volume and valuation n.i.e. of -$11.1 billion. Portfolio investment assets were $9,572.5 billion at the end of 2014 compared with $9,206.5 billion at the end of 2013. The $366.0 billion increase reflected 1) financial transactions of $538.1 billion, mostly from net U.S. purchases of foreign equity and investment fund shares, 2) price changes of $621.9 billion, mostly from increases in foreign equity prices, and 3) changes in volume and valuation n.i.e. of $34.8 billion. These increases were partly offset by exchange-rate changes of -$828.7 billion as major foreign currencies depreciated against the U.S. dollar. Financial derivatives other than reserves held as assets (gross positive fair value) were $3,224.5 billion at the end of 2014 compared with $3,019.8 billion at the end of 2013./4/ The $204.8 billion increase was mostly attributable to increases in the value of foreign exchange and single-currency interest rate contracts. Other investment assets (currency and deposits, loans, insurance technical reserves, and trade credit and advances) were $4,240.2 billion at the end of 2014 compared with $4,367.3 billion at the end of 2013. The $127.1 billion decrease was mostly attributable to financial transactions of -$99.5 billion resulting from a reduction of deposits placed abroad. Exchange- rate changes of -$26.7 billion and changes in volume and valuation n.i.e. of -$0.9 billion also contributed to the decrease. Reserve assets were $434.3 billion at the end of 2014 compared with $448.3 billion at the end of 2013. The $14.1 billion decrease was mostly attributable to exchange-rate changes of -$10.9 billion. U.S. liabilities were $31,615.2 billion at the end of 2014 compared with $29,486.6 billion at the end of 2013. The $2,128.6 billion increase reflected a $1,920.3 billion increase in the value of liabilities excluding financial derivatives and a $208.3 billion increase in the value of financial derivatives. U.S. liabilities excluding financial derivatives were $28,464.6 billion at the end of 2014 compared with $26,544.2 billion at the end of 2013. The $1,920.3 billion increase reflected a $977.4 billion increase resulting from financial transactions and a $942.9 billion increase resulting from other changes in position. Other changes in position reflected price changes of $1,078.7 billion as U.S. equity and bond prices increased. These increases were partly offset by exchange-rate changes of -$102.0 billion and changes in volume and valuation n.i.e. of -$33.8 billion. Direct investment liabilities at market value were $6,228.8 billion at the end of 2014 compared with $5,780.6 billion at the end of 2013. The $448.2 billion increase reflected financial transactions of $131.8 billion and price changes of $342.1 billion. These increases were partly offset by changes in volume and valuation n.i.e. of -$25.7 billion. Portfolio investment liabilities were $16,917.1 billion at the end of 2014 compared with $15,542.5 billion at the end of 2013. The $1,374.7 billion increase reflected financial transactions of $705.0 billion, mostly from net foreign purchases of U.S. debt securities, and price changes of $736.7 billion as U.S. equity and bond prices increased. These increases were partly offset by exchange-rate changes of -$60.7 billion and changes in volume and valuation n.i.e. of -$6.3 billion. Financial derivatives other than reserves held as liabilities (gross negative fair value) were $3,150.7 billion at the end of 2014 compared with $2,942.4 billion at the end of 2013. The $208.3 billion increase was mostly attributable to increases in the value of foreign exchange and single-currency interest rate contracts. Other investment liabilities (currency and deposits, loans, insurance technical reserves, trade credit and advances, and special drawing rights allocations) were $5,318.6 billion at the end of 2014 compared with $5,221.1 billion at the end of 2013. The $97.5 billion increase was more than accounted for by financial transactions of $140.6 billion that were partly offset by exchange-rate changes of -$41.3 billion and changes in volume and valuation n.i.e. of -$1.8 billion. Annual Revisions The U.S. net international investment position statistics released today have been revised from the first quarter of 2012 to the fourth quarter of 2014 to reflect newly available and revised source data primarily from BEA’s surveys of direct investment and data from the Treasury International Capital (TIC) reporting system of the U.S. Department of the Treasury. * Direct investment assets and liabilities are revised for 2012-2014 to incorporate newly available and revised data from BEA’s quarterly and annual direct investment surveys. * Portfolio investment assets and liabilities are revised for 2012-2014 to incorporate newly available and revised data from these (TIC) surveys: Aggregate Holdings of Long- Term Securities by U.S. and Foreign Residents (SLT), Foreign-residents’ Holdings of U.S. Securities, including Selected Money Market Instruments (SHL), and Report of U.S. Ownership of Foreign Securities, including Selected Money Market Instruments (SHCA). * Other investment assets and liabilities are revised for 2012-2014 to incorporate revisions from several sources. o Newly available and revised data from these TIC surveys: Reports by Financial Institutions of Liabilities to, and Claims on, Foreign Residents by U.S. Residents (BC, BL-1, BL-2 BQ-1, and BQ-2), covering debt claims and liabilities excluding long- term debt securities; and Reports of Liabilities to, and Claims on, Unaffiliated Foreign Residents by U.S. Resident Non-Financial Institutions (CQ-1 and CQ-2), covering debt claims and liabilities excluding long-term debt securities. o Revisions for 2012-2014 also incorporate newly available and revised U.S. government administrative data. o Revisions for 2012-2013 incorporate newly available and revised data on transactions of U.S. financial intermediaries with foreign financial intermediaries from BEA’s quarterly and annual direct investment surveys that are recorded in other investment. * Financial derivatives are revised for 2013 and 2014 to incorporate newly available and revised data from the TIC survey Report of Holdings of, and Transactions in, Financial Derivatives Contracts with Foreign Residents (D). The quarterly U.S. net international investment positions are revised upward an average of 1.0 percent for 2012 and 1.7 percent for 2013, and downward an average of 0.8 percent for 2014. On a yearend basis, the net investment position is revised upward by 1.3 percent for 2012 and 1.0 percent for 2013, and downward by 1.5 percent for 2014. * U.S. assets are revised upward by $41.6 billion for 2012 and $449.3 billion for 2013, and downward by $97.7 billion for 2014 (table 3). * U.S. liabilities are revised downward by $18.8 billion for 2012, and upward by $393.8 billion for 2013 and $6.8 billion for 2014. * Revisions to other investment assets and liabilities at the end of 2013 reflect an increase in the panel reporting on the TIC B-forms that improved the coverage of loans and deposits./5/  The increase in the panel is also reflected in changes in volume and valuation n.i.e. in 2013. * Revisions to financial derivatives assets and liabilities at the end of 2013 reflect an increase in the panel reporting on the TIC D-form. * Revisions to other investment and financial derivatives are similar in size for both assets and liabilities; they do not have large effects on the net investment position. The July SURVEY OF CURRENT BUSINESS will contain an article with a more detailed discussion of the international investment position statistics for the first quarter of 2015, annual statistics for 2014, and revised historical data. The July issue will also contain an article about direct investment positions valued at historical-cost and revised historical data on direct investment with detail by country and industry. * * * Release dates in 2015: End of the Fourth Quarter and Year 2014..........................March 31, 2015 (Tuesday) End of the First Quarter of 2015, Year 2014, and Annual Revisions.June 30, 2015 (Tuesday) End of the Second Quarter of 2015............................September 29, 2015 (Tuesday) End of the Third Quarter of 2015..............................December 29, 2015 (Tuesday) * * * BEA statistics—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic statistics for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: This news release is available on BEA’s Web site (www.bea.gov) along with Quarterly Highlights (www.bea.gov/newsreleases/international/intinv/2015/pdf/intinv115_fax.pdf) and Annual Highlights (www.bea.gov/newsreleases/international/intinv/2015/pdf/intinv115annual_fax.pdf) related to this release, the latest detailed statistics (www.bea.gov/iTable/index_ita.cfm) for the U.S. international investment position, and a description of the estimation methods (www.bea.gov/international/concepts_methods.htm) used to compile them. The first-quarter statistics in this release are preliminary and will be revised on September 29, 2015. 1 Board of Governors of the Federal Reserve System (FRS), “Table L.5 Total Liabilities and Its Relation to Total Financial Assets,” in Financial Accounts of the United States, First Quarter 2015, Z.1. Statistical Release (Washington, DC: FRS, June 11, 2015):11. According to the June release, at the end of the first quarter, the value of all U.S. financial assets was $205,023.8 billion. The value of U.S. assets abroad was $25,324.4 billion, or 12.4 percent of all U.S. assets, up from 12.1 percent at the end of the fourth quarter and down from the 14.1 percent series peak at the end of the first quarter of 2008. 2 For statistics on financial transactions, see the financial account in table 1.2 (www.bea.gov/iTable/iTable.cfm?ReqID=62&step=1#reqid=62&step=6&isuri=1&6210=1&6200=2) of the U.S. International Transactions Accounts. Quarterly financial transactions presented in this release 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 presented only for annual statistics. 3 According to the Federal Reserve Board’s major currencies index, foreign currencies depreciated 7.5 percent against the U.S. dollar from the end of the fourth quarter of 2014 to the end of the first quarter of 2015; from the end of the year 2013 to the end of the year 2014, foreign currencies depreciated 10.5 percent. The major currencies index is a weighted average of the foreign exchange values of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue. See Foreign Exchange Rates— H10 (weekly release of daily data), Nominal Major Currencies Index (www.federalreserve.gov/releases/h10/summary/indexn96_b.htm) at www.federalreserve.gov. 4 A derivatives contract with a positive fair value represents the amount that a foreign resident would have to pay to a U.S. counterparty if the contract were terminated or settled. A contract with a negative fair value represents the amount that a U.S. resident would have to pay to a foreign counterparty if the contract were terminated or settled. The gross positive (negative) fair value is the sum of all contracts with positive (negative) fair values. Fair values differ from notional values, which are the underlying amounts used to calculate payments on contracts. 5 For additional information on the 2013 series break in the TIC B-forms, see (www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticliab.aspx) Table 1. U.S. Net International Investment Position at the End of the Period [Millions of dollars, not seasonally adjusted] Change Change: Line Type of investment 2013 2014 2015 2014:IV to 2013:IV to IV r I r II r III r IV r I p 2015:I 2014:IV 1 U.S. net international investment position (line 4 less line 35).................................... -5,327,503 -5,483,360 -5,518,617 -6,204,917 -7,019,699 -6,793,958 225,741 -1,692,196 2 Net international investment position excluding financial derivatives (line 5 less line 36)..... -5,404,844 -5,552,781 -5,551,951 -6,259,130 -7,093,546 -6,872,706 220,840 -1,688,702 3 Financial derivatives other than reserves, net (line 6 less line 37)............................ 77,341 69,421 33,334 54,213 73,847 78,748 4,901 -3,494 4 U.S. assets....................................................................................... 24,159,131 24,080,862 24,987,306 24,596,646 24,595,547 25,324,361 728,814 436,416 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 26)....................... 21,139,371 21,425,380 22,280,432 21,798,389 21,371,012 21,947,976 576,964 231,641 6 Financial derivatives other than reserves, gross positive fair value (line 15)................ 3,019,760 2,655,482 2,706,874 2,798,257 3,224,535 3,376,385 151,850 204,775   By functional category:                        7 Direct investment at market value............................................................. 7,117,278 7,183,037 7,480,688 7,231,870 7,124,034 7,260,622 136,588 6,756 8 Equity...................................................................................... 6,052,099 6,119,909 6,413,204 6,155,625 6,052,002 6,186,645 134,643 -97 9 Debt instruments............................................................................ 1,065,179 1,063,128 1,067,484 1,076,245 1,072,032 1,073,977 1,945 6,853 10 Portfolio investment.......................................................................... 9,206,505 9,400,599 9,997,286 9,710,959 9,572,539 10,031,265 458,726 366,034 11 Equity and investment fund shares........................................................... 6,472,877 6,627,771 7,061,208 6,803,745 6,719,690 7,118,415 398,725 246,813 12 Debt securities............................................................................. 2,733,628 2,772,828 2,936,078 2,907,214 2,852,849 2,912,850 60,001 119,221 13 Short term................................................................................ 450,083 432,776 479,151 471,292 450,171 476,274 26,103 88 14 Long term................................................................................. 2,283,544 2,340,052 2,456,927 2,435,922 2,402,678 2,436,576 33,898 119,134 15 Financial derivatives other than reserves, gross positive fair value.......................... 3,019,760 2,655,482 2,706,874 2,798,257 3,224,535 3,376,385 151,850 204,775 16 Over-the-counter contracts.................................................................. 2,982,972 2,619,651 2,672,455 2,754,530 3,156,595 3,310,198 153,603 173,623 17 Single-currency interest rate contracts................................................... 2,390,937 2,074,736 2,190,627 2,103,959 2,453,622 2,581,182 127,560 62,685 18 Foreign exchange contracts................................................................ 308,086 271,949 229,408 412,361 425,534 480,916 55,382 117,448 19 Other contracts........................................................................... 283,949 272,966 252,420 238,210 277,439 248,100 -29,339 -6,510 20 Exchange-traded contracts................................................................... 36,788 35,831 34,419 43,727 67,940 66,187 -1,753 31,152 21 Other investment.............................................................................. 4,367,255 4,370,859 4,324,592 4,411,573 4,240,188 4,237,604 -2,584 -127,067 22 Currency and deposits....................................................................... 1,991,663 1,937,231 1,914,809 1,933,219 1,785,396 1,770,761 -14,635 -206,267 23 Loans....................................................................................... 2,322,222 2,387,772 2,361,214 2,431,782 2,408,601 2,422,849 14,248 86,379 24 Insurance technical reserves................................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 Trade credit and advances................................................................... 53,370 45,856 48,569 46,572 46,191 43,994 -2,197 -7,179 26 Reserve assets................................................................................ 448,333 470,884 477,865 443,987 434,251 418,485 -15,766 -14,082 27 Monetary gold............................................................................... 314,975 337,791 343,871 318,113 315,368 310,399 -4,969 393 28 Special drawing rights...................................................................... 55,184 55,394 55,411 53,148 51,941 49,459 -2,482 -3,243 29 Reserve position in the International Monetary Fund......................................... 30,750 29,820 30,535 28,358 25,164 19,783 -5,381 -5,586 30 Other reserve assets........................................................................ 47,424 47,879 48,048 44,368 41,778 38,844 -2,934 -5,646 31 Currency and deposits..................................................................... 20,889 20,930 24,777 22,143 19,003 17,440 -1,563 -1,886 32 Securities................................................................................ 21,436 21,727 21,866 22,225 22,775 21,404 -1,371 1,339 33 Financial derivatives..................................................................... ..... ..... ..... ..... ..... ..... ..... ..... 34 Other claims.............................................................................. 5,099 5,222 1,405 0 0 0 0 -5,099 35 U.S. liabilities.................................................................................. 29,486,634 29,564,222 30,505,923 30,801,563 31,615,246 32,118,319 503,073 2,128,612 36 Liabilities excluding financial derivatives (sum of lines 38, 41, and 56)..................... 26,544,215 26,978,161 27,832,383 28,057,519 28,464,558 28,820,682 356,124 1,920,343 37 Financial derivatives other than reserves, gross negative fair value (line 50)................ 2,942,419 2,586,061 2,673,540 2,744,044 3,150,688 3,297,637 146,949 208,269   By functional category:                        38 Direct investment at market value............................................................. 5,780,621 5,683,630 5,934,993 6,023,492 6,228,795 6,394,435 165,640 448,174 39 Equity...................................................................................... 4,441,033 4,370,632 4,603,276 4,639,198 4,839,384 4,981,162 141,778 398,351 40 Debt instruments............................................................................ 1,339,588 1,312,998 1,331,717 1,384,294 1,389,411 1,413,273 23,862 49,823 41 Portfolio investment.......................................................................... 15,542,467 15,938,103 16,423,330 16,570,603 16,917,146 17,084,290 167,144 1,374,679 42 Equity and investment fund shares........................................................... 5,864,600 6,051,072 6,352,073 6,450,520 6,665,202 6,726,695 61,493 800,602 43 Debt securities............................................................................. 9,677,867 9,887,031 10,071,257 10,120,083 10,251,944 10,357,595 105,651 574,077 44 Short term................................................................................ 891,074 904,573 879,623 870,771 912,548 947,888 35,340 21,474 45 Treasury bills and certificates......................................................... 684,961 689,327 627,612 614,053 671,636 702,044 30,408 -13,325 46 Other short-term securities............................................................. 206,113 215,246 252,011 256,718 240,912 245,844 4,932 34,799 47 Long term................................................................................. 8,786,793 8,982,458 9,191,634 9,249,312 9,339,396 9,409,707 70,311 552,603 48 Treasury bonds and notes................................................................ 5,108,877 5,260,807 5,392,941 5,458,147 5,484,544 5,473,960 -10,584 375,667 49 Other long-term securities.............................................................. 3,677,916 3,721,651 3,798,693 3,791,165 3,854,852 3,935,747 80,895 176,936 50 Financial derivatives other than reserves, gross negative fair value.......................... 2,942,419 2,586,061 2,673,540 2,744,044 3,150,688 3,297,637 146,949 208,269 51 Over-the-counter contracts.................................................................. 2,905,876 2,552,846 2,639,871 2,700,424 3,086,341 3,233,504 147,163 180,465 52 Single-currency interest rate contracts................................................... 2,322,618 2,014,778 2,132,641 2,049,218 2,401,469 2,524,808 123,339 78,851 53 Foreign exchange contracts................................................................ 306,629 271,154 256,370 415,208 414,670 465,105 50,435 108,041 54 Other contracts........................................................................... 276,629 266,914 250,860 235,998 270,202 243,591 -26,611 -6,427 55 Exchange-traded contracts................................................................... 36,543 33,215 33,669 43,620 64,347 64,133 -214 27,804 56 Other investment.............................................................................. 5,221,127 5,356,428 5,474,060 5,463,424 5,318,617 5,341,957 23,340 97,490 57 Currency and deposits....................................................................... 2,799,926 2,795,225 2,899,696 2,931,024 2,837,615 2,842,128 4,513 37,689 58 Loans....................................................................................... 2,217,970 2,344,616 2,352,664 2,317,634 2,266,948 2,286,388 19,440 48,978 59 Insurance technical reserves................................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 60 Trade credit and advances................................................................... 148,845 162,002 167,107 162,407 162,887 164,724 1,837 14,042 61 Special drawing rights allocations.......................................................... 54,386 54,585 54,594 52,358 51,166 48,718 -2,448 -3,220 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 [Millions of dollars] Change in position in 2014 Attributable to: Other changes in position Yearend Yearend Line Type of investment position Total Changes in position, 2013 Financial- Exchange- volume and 2014 account Price rate valuation transactions Total changes changes/1/ n.i.e./2/ 1 U.S. net international investment position (line 4 less line 35)................................... -5,327,503 -1,692,196 -239,648 -1,452,548 (/4/) (/4/) (/4/) -7,019,699 2 Net international investment position excluding financial derivatives (line 5 less line 36).... -5,404,844 -1,688,702 -185,276 -1,503,426 -353,628 -1,206,404 56,606 -7,093,546 3 Financial derivatives other than reserves, net (line 6 less line 37)/3/........................ 77,341 -3,494 -54,372 50,878 (/4/) (/4/) (/4/) 73,847 4 U.S. assets...................................................................................... 24,159,131 436,416 (/3/) (/3/) (/3/) (/3/) (/3/) 24,595,547 5 Assets excluding financial derivatives (sum of lines 7, 10, 21, and 26)...................... 21,139,371 231,641 792,145 -560,504 725,084 -1,308,427 22,838 21,371,012 6 Financial derivatives other than reserves, gross positive fair value (line 15)............... 3,019,760 204,775 (/3/) (/3/) (/3/) (/3/) (/3/) 3,224,535   By functional category: 7 Direct investment at market value............................................................ 7,117,278 6,756 357,190 -350,434 102,755 -442,132 -11,056 7,124,034 8 Equity..................................................................................... 6,052,099 -97 355,622 -355,719 102,755 -442,132 -16,341 6,052,002 9 Debt instruments........................................................................... 1,065,179 6,853 1,568 5,285 .... .... 5,285 1,072,032 10 Portfolio investment......................................................................... 9,206,505 366,034 538,058 -172,024 621,937 -828,728 34,767 9,572,539 11 Equity and investment fund shares.......................................................... 6,472,877 246,813 436,526 -189,713 516,670 -747,224 40,841 6,719,690 12 Debt securities............................................................................ 2,733,628 119,221 101,531 17,690 105,267 -81,504 -6,073 2,852,849 13 Short term............................................................................... 450,083 88 15,299 -15,211 .... -9,012 -6,199 450,171 14 Long term................................................................................ 2,283,544 119,134 86,232 32,902 105,267 -72,493 127 2,402,678 15 Financial derivatives other than reserves, gross positive fair value......................... 3,019,760 204,775 (/3/) (/3/) (/3/) (/3/) (/3/) 3,224,535 16 Over-the-counter contracts................................................................. 2,982,972 173,623 (/3/) (/3/) (/3/) (/3/) (/3/) 3,156,595 17 Single-currency interest rate contracts.................................................. 2,390,937 62,685 (/3/) (/3/) (/3/) (/3/) (/3/) 2,453,622 18 Foreign exchange contracts............................................................... 308,086 117,448 (/3/) (/3/) (/3/) (/3/) (/3/) 425,534 19 Other contracts.......................................................................... 283,949 -6,510 (/3/) (/3/) (/3/) (/3/) (/3/) 277,439 20 Exchange-traded contracts.................................................................. 36,788 31,152 (/3/) (/3/) (/3/) (/3/) (/3/) 67,940 21 Other investment............................................................................. 4,367,255 -127,067 -99,520 -27,547 .... -26,673 -874 4,240,188 22 Currency and deposits...................................................................... 1,991,663 -206,267 -147,354 -58,913 .... -13,182 -45,731 1,785,396 23 Loans...................................................................................... 2,322,222 86,379 54,595 31,784 .... -13,074 44,858 2,408,601 24 Insurance technical reserves............................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 25 Trade credit and advances.................................................................. 53,370 -7,179 -6,761 -418 .... -418 0 46,191 26 Reserve assets............................................................................... 448,333 -14,082 -3,583 -10,499 393 -10,892 0 434,251 27 Monetary gold.............................................................................. 314,975 393 0 393 393 .... 0 315,368 28 Special drawing rights..................................................................... 55,184 -3,243 23 -3,266 .... -3,266 0 51,941 29 Reserve position in the International Monetary Fund........................................ 30,750 -5,586 -3,849 -1,737 .... -1,737 0 25,164 30 Other reserve assets....................................................................... 47,424 -5,646 243 -5,889 0 -5,889 0 41,778 31 Currency and deposits.................................................................... 20,889 -1,886 5 -1,891 .... -2,995 1,104 19,003 32 Securities............................................................................... 21,436 1,339 234 1,105 0 -2,875 3,980 22,775 33 Financial derivatives.................................................................... .... .... .... .... .... .... .... .... 34 Other claims............................................................................. 5,099 -5,099 4 -5,103 .... -20 -5,083 0 35 U.S. liabilities................................................................................. 29,486,634 2,128,612 (/3/) (/3/) (/3/) (/3/) (/3/) 31,615,246 36 Liabilities excluding financial derivatives (sum of lines 38, 41, and 56).................... 26,544,215 1,920,343 977,421 942,922 1,078,712 -102,022 -33,768 28,464,558 37 Financial derivatives other than reserves, gross negative fair value (line 50)............... 2,942,419 208,269 (/3/) (/3/) (/3/) (/3/) (/3/) 3,150,688   By functional category: 38 Direct investment at market value............................................................ 5,780,621 448,174 131,831 316,343 342,053 .... -25,710 6,228,795 39 Equity..................................................................................... 4,441,033 398,351 68,854 329,497 342,053 .... -12,556 4,839,384 40 Debt instruments........................................................................... 1,339,588 49,823 62,977 -13,154 .... .... -13,154 1,389,411 41 Portfolio investment......................................................................... 15,542,467 1,374,679 705,030 669,649 736,659 -60,711 -6,299 16,917,146 42 Equity and investment fund shares.......................................................... 5,864,600 800,602 155,077 645,525 622,385 0 23,140 6,665,202 43 Debt securities............................................................................ 9,677,867 574,077 549,953 24,124 114,274 -60,711 -29,439 10,251,944 44 Short term............................................................................... 891,074 21,474 22,935 -1,461 .... -1,461 0 912,548 45 Treasury bills and certificates........................................................ 684,961 -13,325 -13,325 0 .... .... 0 671,636 46 Other short-term securities............................................................ 206,113 34,799 36,260 -1,461 .... -1,461 0 240,912 47 Long term................................................................................ 8,786,793 552,603 527,019 25,584 114,274 -59,251 -29,438 9,339,396 48 Treasury bonds and notes............................................................... 5,108,877 375,667 330,705 44,962 94,022 .... -49,060 5,484,544 49 Other long-term securities............................................................. 3,677,916 176,936 196,314 -19,378 20,252 -59,251 19,622 3,854,852 50 Financial derivatives other than reserves, gross negative fair value......................... 2,942,419 208,269 (/3/) (/3/) (/3/) (/3/) (/3/) 3,150,688 51 Over-the-counter contracts................................................................. 2,905,876 180,465 (/3/) (/3/) (/3/) (/3/) (/3/) 3,086,341 52 Single-currency interest rate contracts.................................................. 2,322,618 78,851 (/3/) (/3/) (/3/) (/3/) (/3/) 2,401,469 53 Foreign exchange contracts............................................................... 306,629 108,041 (/3/) (/3/) (/3/) (/3/) (/3/) 414,670 54 Other contracts.......................................................................... 276,629 -6,427 (/3/) (/3/) (/3/) (/3/) (/3/) 270,202 55 Exchange-traded contracts.................................................................. 36,543 27,804 (/3/) (/3/) (/3/) (/3/) (/3/) 64,347 56 Other investment............................................................................. 5,221,127 97,490 140,559 -43,069 .... -41,311 -1,758 5,318,617 57 Currency and deposits...................................................................... 2,799,926 37,689 51,031 -13,342 .... -14,213 871 2,837,615 58 Loans...................................................................................... 2,217,970 48,978 75,265 -26,287 .... -23,657 -2,630 2,266,948 59 Insurance technical reserves............................................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 60 Trade credit and advances.................................................................. 148,845 14,042 14,263 -221 .... -221 0 162,887 61 Special drawing rights allocations......................................................... 54,386 -3,220 0 -3,220 .... -3,220 0 51,166 r Revised n.a. Not available .... Not applicable 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 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 Table 3. Revisions to the U.S. Net International Investment Position at Yearend, 2012-2014 [Millions of dollars] Line Type of Investment 2012 2013 2014 Revised Previously Amount of Revised Previously Amount of Revised Previously Amount of published revision published revision published revision 1 U.S. net international investment position (line 4 less line 10)........................ -4,517,889 -4,578,245 60,356 -5,327,503 -5,382,996 55,493 -7,019,699 -6,915,258 -104,441 2 Net international investment position excluding financial derivatives............... -4,575,665 -4,636,021 60,356 -5,404,844 -5,456,542 51,698 -7,093,546 -6,989,104 -104,442 3 Financial derivatives other than reserves, net (line 7 less line 13)................ 57,776 57,776 0 77,341 73,546 3,795 73,847 73,846 1 4 U.S. assets........................................................................... 22,561,942 22,520,346 41,596 24,159,131 23,709,843 449,288 24,595,547 24,693,220 -97,673 5 Direct investment at market value................................................. 5,968,494 5,938,327 30,167 7,117,278 7,080,058 37,220 7,124,034 7,161,716 -37,682 6 Portfolio investment.............................................................. 7,983,961 7,967,014 16,947 9,206,505 9,183,060 23,445 9,572,539 9,562,370 10,169 7 Financial derivatives other than reserves, gross positive fair value.............. 3,619,761 3,619,761 0 3,019,760 2,819,835 199,925 3,224,535 3,262,682 -38,147 8 Other investment.................................................................. 4,417,358 4,422,876 -5,518 4,367,255 4,178,557 188,698 4,240,188 4,272,202 -32,014 9 Reserve assets.................................................................... 572,368 572,368 0 448,333 448,333 0 434,251 434,250 1 10 U.S. liabilities...................................................................... 27,079,831 27,098,591 -18,760 29,486,634 29,092,840 393,794 31,615,246 31,608,478 6,768 11 Direct investment at market value................................................. 4,661,159 4,670,942 -9,783 5,780,621 5,790,551 -9,930 6,228,795 6,252,960 -24,165 12 Portfolio investment.............................................................. 13,978,865 13,978,875 -10 15,542,467 15,503,192 39,275 16,917,146 16,833,145 84,001 13 Financial derivatives other than reserves, gross negative fair value.............. 3,561,985 3,561,985 0 2,942,419 2,746,289 196,130 3,150,688 3,188,836 -38,148 14 Other investment.................................................................. 4,877,822 4,886,789 -8,967 5,221,127 5,052,808 168,319 5,318,617 5,333,537 -14,920 Note: Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis