FORM BE-11D (REV. 09/2023)
OMB No. 0608-0053: Approval Expires 11/30/2024
2023 ANNUAL SURVEY OF U.S. DIRECT INVESTMENT ABROAD
MANDATORY — CONFIDENTIAL
BE-11D (Report for Foreign Affiliate(s) Established or Acquired)
Reporter ID Number*
IMPORTANT
Instruction Booklet — Contains additional instructions, denitions, and detailed reporting requirements for completing this form.
Who must report — The U.S. Reporter must report each foreign affiliate established or acquired in fiscal year 2023 for which total
assets; sales or gross operating revenues, excluding sales taxes; or net income after provision for foreign income taxes was greater than $25
million (positive or negative), but for which no one of these items was greater than $60 million (positive or negative) at the end of, or for, the
affiliate’s 2023 scal year. Certain private funds are exempt from ling the Form BE-11D. Review exemption on page 2, Part II.B of the Form BE-11
Claim for Not Filing.
Foreign affiliate’s 2023 fiscal year — The foreign affiliate’s nancial reporting year that has an ending date in calendar year 2023.
See Instruction Booklet, Part II.A.
EXAMPLE — If the nancial reporting year ended on March 31, report for the 12-month period ended March 31, 2023.
Translation of foreign currency financial and operating data into U.S. dollars — Use U.S. Generally Accepted Accounting Principles
FASB ASC 830 (FAS 52). See Instruction Booklet, Part IV.B.
Monetary Values — Report in U.S. dollars rounded to thousands (omitting 000).
EXAMPLE — If amount is $1,334,891.00, report as
........................................................
If an item is between + or - $500.00, enter “0.” Use parenthesis ( ) t
o indicate negative numbers.
Percentages — Report ownership percentages to a tenth of one percent: ...........................................
$ Bil. Mil. Thous. Dols.
BEA
USE
ONLY
1000 1 2 3
1 335
D
000
___ ___ ___ . ___ %
9 8 7
Due Date: May 31, 2024
Electronic Filing: Go to www.bea.gov/efile for details
Mail reports to: Bureau of Economic Analysis
Direct Investment Division, BE-69(A)
4600 Silver Hill Road
Washington, DC 20233
Deliver reports to: Bureau of Economic Analysis
Direct Investment Division, BE-69(A)
4600 Silver Hill Road
Suitland, MD 20746
Fax reports to: (301) 278-9502
Assistance: E-mail: be10/[email protected]
Telephone: (301) 278-9418
Copies of form: www.bea.gov/dia
Please include your Reporter Identification Number
with all requests.
1 Name of U.S. Reporter of foreign affiliate – Same as 1 , Form BE-11A
*Do not enter Social Security in Reporter ID box
Additional foreign affiliates should be reported on additional copied sheets.
Page 2
FORM BE-11D (REV. 09/2023)
Name of foreign affiliate ....
Country of location. . . . . . . .
City of location
. . . . . . . .
. . .
. . . . . . . . . . . . . . . . . . . .
Primary industry code
. . . . . . . . . . . . . . . . . . . . . . . . .
Number of employees
. . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Reporter’s percentage
of ownership
............
Total assets .............
Total liabilities
...........
Sales or gross
operating revenues
.......
Net income (loss) after
foreign income tax
........
Research and development
performed BY the affiliat
e
..
7
8
9
10
Amount
(Thousands of U.S. dollars)
$ Mil. Thous. Dols.
000
000
000
000
000
5001
Affiliate ID Number
0
2 – BEA USE ONLY
5
Direct
1
0
4
6
Indirect
___ ___ ___ . ___ % ___ ___ ___ . ___ %
3
11
Name of foreign affiliate ....
Country of location. . . . . . . .
City of location
. . . . . . . .
. . .
. . . . . . . . . . . . . . . . . . . .
Primary industry code
. . . . . . . . . . . . . . . . . . . . . . . . .
Number of employees
. . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Reporter’s percentage
of ownership
............
Total assets .............
Total liabilities
...........
Sales or gross
operating revenues
.......
Net income (loss) after
foreign income tax
........
Research and development
performed BY the affiliat
e
..
7
8
9
10
Amount
(Thousands of U.S. dollars)
$ Mil. Thous. Dols.
000
000
000
000
000
5003
Affiliate ID Number
0
2 – BEA USE ONLY
5
Direct
1
0
4
6
Indirect
___ ___ ___ . ___ % ___ ___ ___ . ___ %
3
11
Listing of Foreign Affiliates Established or Acquired in FY 2023
Name of foreign affiliate ....
Country of location. . . . . . . .
City of location
. . . . . . . .
. . .
. . . . . . . . . . . . . . . . . . . .
Primary industry code
. . . . . . . . . . . . . . . . . . . . . . . . .
Number of employees
. . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Reporter’s percentage
of ownership
............
Total assets .............
Total liabilities
...........
Sales or gross
operating revenues
.......
Net income (loss) after
foreign income tax
........
Research and development
performed BY the affiliat
e
..
7
8
9
10
Amount
(Thousands of U.S. dollars)
$ Mil. Thous. Dols.
000
000
000
000
000
5000
Affiliate ID Number
0
2 – BEA USE ONLY
5
Direct
1
0
4
6
Indirect
___ ___ ___ . ___ % ___ ___ ___ . ___ %
3
11
Name of foreign affiliate ....
Country of location. . . . . . . .
City of location
. . . . . . . .
. . .
. . . . . . . . . . . . . . . . . . . .
Primary industry code
. . . . . . . . . . . . . . . . . . . . . . . . .
Number of employees
. . . . . . . . . . . . . . . . . . . . . . . . .
U.S. Reporter’s percentage
of ownership
............
Total assets .............
Total liabilities
...........
Sales or gross
operating revenues
.......
Net income (loss) after
foreign income tax
........
Research and development
performed BY the affiliat
e
..
7
8
9
10
Amount
(Thousands of U.S. dollars)
$ Mil. Thous. Dols.
000
000
000
000
000
5002
Affiliate ID Number
0
2 – BEA USE ONLY
5
Direct
1
0
4
6
Indirect
___ ___ ___ . ___ % ___ ___ ___ . ___ %
3
11
--Select Country--
--Select ISI CODE--
--Select Country--
--Select ISI CODE--
--Select Country--
--Select ISI CODE--
--Select Country--
--Select ISI CODE--
INSTRUCTIONS
FORM BE-11D (REV. 09/2023) Page 3
RESEARCH AND DEVELOPMENT
R&D is planned, creative work aimed at discovering new knowledge or developing new or signicantly improved goods and services. This includes:
Basic research is the pursuit of new scientic knowledge or understanding that does not have specic immediate commercial objectives, although it
may be in elds of present or potential commercial interest.
Applied research applies the ndings of basic research or other existing knowledge toward discovering new scientic knowledge that has specic
commercial objectives with respect to new products, services, processes, or methods.
Development is the systematic use of the knowledge or understanding gained from research or practical experience directed toward the production
or signicant improvement of useful products, services, processes, or methods, including the design and development of prototypes, materials, devices,
and systems.
R&D includes the activities described above whether assigned to separate R&D organizational units of the company or carried out by company laboratories
and technical groups not a part of an R&D organization.
EXCLUDE R&D expenditures for:
• Costs for routine product testing, quality control, and technical services unless they are an integral part of an R&D project
• Market research
• Efficiency surveys or management studies
• Literary, artistic, or historical projects, such as lms, music, or books and other publications
• Prospecting or exploration for natural resources
INCLUDE wages, salaries, and related costs; materials and supplies consumed; depreciation on R&D property and equipment, cost of computer
software used in R&D activities; utilities, such as telephone, electricity, water, and gas; travel costs and professional dues; property taxes and other
taxes (except income taxes) incurred on account of the R&D organization or the facilities they use; insurance expenses; maintenance and repair,
including maintenance of buildings and grounds; company overhead including: personnel, accounting, procurement and inventory, and salaries of
research executives not on the payroll of the R&D organization.
EXCLUDE capital expenditures, expenditures for tests and evaluations once a prototype becomes a production model, patent expenses, and income
taxes and interest.
Country of location — If the affiliate is engaged in petroleum shipping,
other water transportation, or oil and gas drilling, and has operations
spanning more than one country, use country of incorporation for country of
location. For example, classify in country of incorporation an oil drilling
rig that moves from country to country during the year.
Primary industry code (based on sales or gross operating
revenues) — Provide the 4-digit ISI code in the industr
y group that
accounts for the largest amount of the affiliate’s sales. A list and a full
explanation of the ISI codes are given in the Guide to Industry
Classifications for International Surveys, 2017 located at
www.bea.gov/naics2017. A summary list of ISI codes is provided
on pages 5 and 6. To be considered a holding company (ISI code 5512),
income from equity in
vestments must be more than 50 percent of total
income.
Number of employees — Employees on the payroll at the end of FY
2023 including part-time employees, but excluding temporary and contract
employees not included on your payroll records. A count taken at some
other date during the reporting period may be given provided it is a
reasonable estimate of employees on the payroll at the end of FY 2023. If
the n
umber of employees at the end of FY 2023 (or when the count was
taken) was unusually high or low due to tempor
ary factors (e.g., a strike),
enter the number of employees that reects normal operations. If the
number of employees uctuates widely during the year due to seasonal
business variations, report the aver
age number of employees on the
payroll during FY 2023. Base such an average on the number of
employees on the payroll at the end of each pay period, month or quarter.
If precise gures are not available, give your best estimate.
U.S. Reporter’s Percentage of Ownership in the Foreign
Affiliate: Calculation of ownership percentage — A U.S
.
Reporter’s ownership interest in a foreign business enterprise may be
directly held, indirectly held, or both. It is directly held if the U.S. Reporter
itself holds the ownership interest in the foreign business enterprise.
It is indirectly held if the U.S. Reporter holds an ownership interest in
another foreign business enterprise that, in turn, owns the given foreign
business enterprise. The U.S. Reporter must sum all direct and indirect
lines of ownership interest in the foreign business enterprise to determine
its ownership interest. Note — An associated group is deemed to be one
U.S. Reporter. See Instruction Booklet, Part II.C.
A U.S. Reporter’s percentage of indirect ownership interest in a given
foreign business enterprise is the product of the direct ownership
percentage that the U.S. Reporter has in the rst foreign business
enterprise in the ownership chain, multiplied by that rst enterprise’s direct
ownership percentage in the second enterprise in the chain, multiplied by
the direct ownership percentages for all other intervening enterprises in
the ownership chain, multiplied by the last intervening enterprise’s direct
ownership percentage in the given foreign business enterprise.
Sales or Gross Operating Revenues of Foreign Affiliate —
Report gross operating revenues or gross sales minus returns,
allowances, and discounts. EXCLUDE sales or consumption taxes
levied directly on the consumer. EXCLUDE net value-added and
excise taxes levied on manufacturers, wholesalers, and retailers.
Finance and leasing companies with ISI codes 5221, 5223, 5224, 5229,
5231, 5238, 5252, or 5331 report interest income. Insurance companies
with ISI codes 5243 or 5249 report gross investment income. Dealers in
nancial instruments and nance, insurance, and real estate companies
see Special Instructions below.
Holding companies (ISI code 5512) must show total income. ISI code
5512 (holding company), is an invalid primary industry code if more than
50 percent of income generated, or expected to be generated, by the
affiliate is from non-holding company activities.
Page 4
FORM BE-11D (REV. 09/2023)
SPECIAL INSTRUCTIONS FOR DEALERS IN FINANCIAL INSTRUMENTS, FINANCE COMPANIES, INSURANCE
COMPANIES, AND REAL ESTATE COMPANIES
A. Dealers in financial instruments (including securities,
currencies, derivatives, and other financial instruments)
and finance and insurance companies —
Sales or gross operating revenues:
INCLUDE income from explicit fees and commissions.
EXCLUDE
•
Impairment losses as dened by FASB ASC 320 (FAS 1
15),
•
Realized gains and losses on trading or dealing,
•
Unrealized gains or losses, due to changes in the valuation of
nancial instruments, that 
ow through the income statement or
are taken to other comprehensive income, and
• Goodwill impairment as dened by FASB ASC 350 (FAS 142).
B.
Real estate companies —
Sales or gross operating revenues:
INCLUDE the revenues earned from the sale of real est
ate you
own. Do not net the expenses against the revenues.
EXCLUDE
• Impairment losses as dened by FASB ASC 360 (FAS 144), and
• Goodwill impairment as dened by FASB ASC 350 (FAS 142).
C.
Insurance companies —
Assets:
1. When there is a difference between the nancial and operating
dat
a reported to the stockholders and the data reported in the
annual statement to an insurance department, prepare the BE-11
on the same basis as the annual report to the stockholders.
Valuation should be according to normal commercial accounting
procedures, not at rates promulgated by national insurance
departments, e.g., INCLUDE assets not acceptable for inclusion
in the annual statement to an insurance department, such as:
1. non-trusteed or free account assets, and 2. nonadmitted assets,
including furniture and equipment, agents’ debit balances, and all
receivables deemed t
o be collectible.
2.
EXCLUDE assets of the U.S. Reporter held in the country of
location of the af
filiate and that are for the benet of the U.S.
Reporter’s policyholders in the data reported for the affiliate.
Sales or gross operating revenues:
INCLUDE items such as earned premiums, annuity
considerations, gross investment income, and items of a similar
nature.
EXCLUDE
•
Income from equity investments in unconsolidated business
enterpr
ises, and
•
Certain gains (losses).
Calculate pr
emiums earned by companies engaged in insurance
activities as direct premiums written (including renewals) net
of cancellations, plus reinsurance premiums assumed, minus
reinsurance premiums ceded, plus unearned premiums at the
beginning of the year, minus unearned premiums at the end of
the year.
FORM BE-11D (REV. 09/2023) Page 5
Summary of Industry Classifications
For a full explanation of each code see www.bea.gov/naics2017
Agriculture, Forestry, Fishing,
and Hunting
1110
Crop production
1120
Animal production and aquaculture
1130
Forestry and logging
1140
Fishing, hunting, and trapping
1150
Support activities for agriculture
and forestry
Mining
2111
Oil and gas extraction
2121
Coal
2123
Nonmetallic minerals
2124
Iron ores
2125
Gold and silver ores
2126
Copper, nickel, lead, and zinc ores
2127
Other metal ores
2132
Support activities for oil and gas
operations
2133
Support activities for mining, except
for oil and gas operations
Utilities
2211
Electric power generation,
transmission, and distribution
2212
Natural gas distribution
2213
Water, sewage, and other systems
Construction
2360
Construction of buildings
2370
Heavy and civil engineering construction
2380
Specialty trade contractors
Manufacturing
3111
Animal foods
3112
Grain and oilseed milling
3113
Sugar and confectionery products
3114
Fruit and vegetable preserving and
specialty foods
31
15
Dairy products
3116
Meat products
3117
Seafood product preparation and
packaging
3118
Bakery products and tortillas
3119
Other food products
3121
Beverages
3122
Tobacco
3130
Textile mills
3140
Textile product mills
3150
Apparel
3160
Leather and allied products
3210
Wood products
3221
Pulp, paper, and paperboard mills
3222
Converted paper products
3231
Printing and related support activities
3242
Integrated petroleum rening and
extraction
3243
Petroleum rening without extraction
3244
Asphalt and other petroleum and
coal products
3251
Basic chemicals
3252
Resins, synthetic rubbers, and
articial and synthetic ber
s and
laments
3253
Pesticides, fertilizers, and other
agricultur
al chemicals
3254
Pharmaceuticals and medicines
3255
Paints, coatings, and adhesives
3256
Soap, cleaning compounds, and
toilet preparations
3259
Other chemical products and
preparations
3261
Plastics products
3262
Rubber products
3271
Clay products and refractories
3272
Glass and glass products
3273
Cement and concrete products
3274
Lime and gypsum products
3279
Other nonmetallic mineral products
3311
Iron and steel mills
3312
Steel products from purchased steel
3313
Alumina and aluminum production
and processing
3314
Nonferrous metal (except aluminum)
production and processing
3315
Foundries
3321
Forging and stamping
3322
Cutlery and hand tools
3323
Architectural and structural metals
3324
Boilers, tanks, and shipping containers
3325
Hardware
3326
Spring and wire products
3327
Machine shop products, turned products,
and screws, nuts
, and bolts
3328
Coating, engraving, heat treating,
and allied activities
3329
Other fabricated metal products
3331
Agriculture, construction, and mining
machinery
3332
Industrial machinery
3333
Commercial and service industry
machinery
3334
Ventilation, heating, air-conditioning,
and commercial refrigeration equipment
3335
Metalworking machinery
3336
Engines, turbines, and power
transmission equipment
3339
Other general purpose machinery
3341
Computer and peripheral equipment
3342
Communications equipment
3343
Audio and video equipment
3344
Semiconductors and other
electronic components
3345
Navigational, measuring, electromedical,
and control instruments
3346
Manufacturing and reproducing
magnetic and optical media
3351
Electric lighting equipment
3352
Household appliances
3353
Electrical equipment
3359
Other electrical equipment and
components
3361
Motor vehicles
3362
Motor vehicle bodies and trailers
3363
Motor vehicle parts
3364
Aerospace products and parts
3365
Railroad rolling stock
3366
Ship and boat building
3369
Other transportation equipment
3370
Furniture and related products
3391
Medical equipment and supplies
3399
Other miscellaneous manufacturing
Wholesale Trade, Durable Goods
4231
Motor vehicle and motor vehicle
parts and supplies
4232
Furniture and home furnishing
4233
Lumber and other construction materials
4234
Professional and commercial
equipment and supplies
4235
Metal and mineral (except petroleum)
4236
Household appliances, and electrical and
electronic goods
4237
Hardware, and plumbing and heating
equipment and supplies
4238
Machinery, equipment, and supplies
4239
Miscellaneous durable goods
Wholesale Trade, Nondurable Goods
4241
Paper and paper product
4242
Drugs and druggists’ sundries
4243
Apparel, piece goods, and notions
4244
Grocery and related product
4245
Farm product raw material
4246
Chemical and allied products
4247
Petroleum and petroleum products
4248
Beer, wine, and distilled alcoholic
beverage
4249
Miscellaneous nondurable goods
Wholesale Trade, Electronic Markets
and Agents and Brokers
4251
Wholesale electronic markets and
agents and brokers
Retail Trade
4410
Motor vehicle and parts dealers
4420
Furniture and home furnishings
4431
Electronics and appliance
4440
Building material and garden
equipment and supplies dealers
4450
Food and beverage
4461
Health and personal care
4471
Gasoline stations
4480
Clothing and clothing accessories
4510
Sporting goods, hobby, book, and music
4520
General merchandise
4530
Miscellaneous store retailers
4540
Non-store retailers
Transportation and Warehousing
481
0
Air transportation
4821
Rail transportation
4833
Petroleum tanker operations
4839
Other water transportation
4840
Truck transportation
4850
Transit and ground passenger
transportation
4863
Pipeline transportation of crude oil,
rened petroleum products,
and natural g
as
4868
Other pipeline transportation
4870
Scenic and sightseeing transportation
4880
Support activities for transportation
4920
Couriers and messengers
4932
Petroleum storage for hire
4939
Other warehousing and storage
Page 6
FORM BE-11D (REV. 09/2023)
Summary of Industry Classifications — Continued
For a full explanation of each code see www.bea.gov/naics2017
Information
5111
Newspaper, periodical, book,
and directory publishers
51
12
Software publishers
5121
Motion picture and video industries
5122
Sound recording industries
5151
Radio and television broadcasting
5152
Cable and other subscription
programming
5173
Wired and wireless telecommunication
carriers
517
4
Satellite telecommunications
5179
Other telecommunications
5182
Data processing, hosting, and related
services
5191
Other information services
Finance and Insurance
5221
Depository credit intermediation (Banking)
5223
Activities related to credit intermediation
5224
Non-depository credit intermediation,
except branches and agencies
5229
Non-depository branches and agencies
5231
Securities and commodity contracts
intermediation and brokerage
5238
Other nancial investment activities and
exchanges
5242
Agencies, brokerages, and other
insurance relat
ed activities
5243
Insurance carriers, except direct life
insur
ance carriers
5249
Direct life insurance carriers
5252
Funds, trusts, and other nancial vehicles
Real Estate and Rental and Leasing
5310
Real estate
5321
Automotive equipment rental and leasing
5329
Other rental and leasing services
5331
Lessors of nonnancial intangible assets,
except copyright
ed works
Professional, Scientific, and Technical
Services
5411
Legal services
5412
Accounting, tax preparation, bookkeeping,
and payroll services
5413
Architectural, engineering, and related
services
541
4
Specialized design services
5415
Computer systems design and related
services
5416
Management, scientic, and technical
consulting services
5417
Scientic research and development
services
5418
Advertising, public relations, and relat
ed
services
5419
Other professional, scientic, and
technical services
Management of Companies and
Enterprises
5512
Holding companies, except bank holding
companies
5513
Corporate, subsidiary, and regional
management offices
Administrative and Support, Waste
Management and Remediation Services
5611
Office administrative services
5612
Facilities support services
5613
Employment services
5614
Business support services
5615
Travel arrangement and reservation
ser
vices
5616
Investigation and security services
5617
Services to buildings and dwellings
5619
Other support services
5620
Waste management and remediation
services
Educational Services
6110
Educational services
Health Care and Social Assistance
6210
Ambulatory health care services
6220
Hospitals
6230
Nursing and residential care facilities
6240
Social assistance services
Arts, Entertainment, and Recreation
7110
Performing arts, spectator sports
, and
related industries
7121
Museums, historical sites, and similar
institutions
7130
Amusement, gambling, and recreation
industries
Accommodation and Food Services
721
0
Accommodation
7220
Food services and drinking places
Other Services
8110
Repair and maintenance
8120
Personal and laundry services
8130
Religious, grantmaking, civic,
professional, and similar organizations
Public Administration
9200
Public administration