Be-15b

Annual Survey of Foreign Direct Investment in the United States

be-15b

Annual Survey of Foreign Direct Investment in the United States

OMB: 0608-0034

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FORM BE-15B (REV 12/2016)

OMB No. 0608-0034: Approval Expires 11/30/2018
BE-15 Identification Number

2016 ANNUAL SURVEY OF FOREIGN DIRECT INVESTMENT
IN THE UNITED STATES
FORM BE–15B
Due date: May 31, 2017
Electronic filing: www.bea.gov/efile
Mail reports to: U.S. Department of Commerce

Bureau of Economic Analysis

Direct Investment Division, BE–49(A)

4600 Silver Hill Rd

Washington, DC 20233
Deliver reports to: U.S. Department of Commerce

Bureau of Economic Analysis

Direct Investment Division, BE–49(A)

4600 Silver Hill Rd

Suitland, MD 20746
Fax reports to: (301) 278–9500

Name and address of U.S. business enterprise
1002

Name of U.S. affiliate

1010

c/o (care of)

1003

Street or P.O. Box

1004

1005

City

0998

ZIP Code

Foreign Postal Code

E-mail: be12/15@bea.gov
Telephone: (301) 278-9247
Copies of blank forms: www.bea.gov/fdi

Assistance:

State

Include your BE–15 Identification Number with all requests.
Have you been notified that you must file a BE-15 Survey?
If so, you must file a BE-15A, BE-15B, BE-15C, or BE-15 Claim for Exemption by the due date.
Who must file BE–15B:
Those majority-owned U.S. affiliates with any of
the following items exceeding $120 million, but with
all items not exceeding $300 million (positive or negative):
• Total assets
• Sales or gross operating revenues
• Net income

Those minority-owned U.S. affiliates with any
of the following items exceeding $120 million
(positive or negative):
• Total assets
• Sales or gross operating revenues
• Net income

AND

If you do not meet the filing criteria above, another BE-15 survey may be applicable. See instruction I.A.1 on page 15 to determine which form
to file. For more information on filing requirements, see instructions I.2 on page 16.
Certain private funds may be exempt from filing. See item 2(e) of the BE-15 Claim for Exemption for more information.
Mandatory, Confidentiality, Penalties
This survey is being conducted under the International Investment and Trade in Services Survey Act (P.L. 94–472, 90 Stat. 2059, 22 U.S.C. 3101–
3108, as amended). The filing of reports is mandatory and the Act provides that your report to this Bureau is confidential. Whoever fails to report may
be subject to penalties. See page 14 for more details.

CONTACT INFORMATION

CERTIFICATION

Provide information of person to consult about this report:
0

The undersigned official certifies that this report has been prepared
in accordance with the applicable instructions, is complete, and is
substantially accurate including estimates that may have been provided.

Street 1

Signature of Authorized Official

Street 2

Name

Name
1000
0

Date
0

1029
0

1030

0990

City

State

Zip

Title
0
0991

1031

Telephone Number
0
1001

(—

—

—)

— — — - — — — —

—

—)

— — — - — — — —

Fax Number
0
0999

(—

E-mail Address

Extension

Telephone Number

0
0992

—

(—

— —) — — — - — — — —

Fax Number
0
0993

—)

— — — - — — — —

(—

Extension
0

0
1028

NOTE: BEA uses a Secure Messaging System to correspond with you via encrypted message to discuss questions relating to this form. We may use
your e-mail address for survey-related announcements and to inform you about secure messages. When communicating with BEA by e-mail, please do
not include any confidential business or personal information.
FORM BE-15B (REV 12/2016)

Part I – Identification of U.S. Affiliate
IMPORTANT
Review the instructions starting on page 14 before completing this form. Insurance and real estate companies see special instructions starting
on page 22.
• Accounting principles — If feasible use U.S. Generally Accepted Accounting Principles to complete Form BE–15 unless you
are requested to do otherwise by a specific instruction. References in the instructions to Financial Accounting Standards Board
Accounting Standards Codification Topics are referred to as “FASB ASC”.
• U.S. affiliate’s 2016 fiscal year — The affiliate’s financial reporting year that had an ending date in calendar year 2016.
• Consolidated reporting — A U.S. affiliate must file on a fully consolidated domestic U.S. basis, including in the consolidation
ALL U.S. business enterprises proceeding down each ownership chain whose voting securities are more than 50 percent owned
by the U.S. business enterprise above. The consolidation rules are found in instruction IV.2 starting on page 17.
• Rounding — Report currency amounts in U.S. dollars rounded to thousands (omitting 000).
$ Bil.
Do not enter amounts in the shaded portions of each item.
Example — If amount is $1,334,891.00 report as:................................................................................................

Mil.

Thous.

Dols.

335

000

1 Which financial reporting standards will you use to complete this BE–15 report?
NOTE — The BE-15 report should be completed using U.S. Generally Accepted Accounting Principles (U.S. GAAP). If using U.S.
GAAP to complete this report is highly burdensome, or otherwise not feasible, you may use other financial reporting standards,
preferably with adjustments to correct for any material differences between U.S. GAAP and the reporting standards used.
1399 1
1

U.S. Generally Accepted Accounting Principles

International Financial Reporting Standards (as promulgated by, or adapted from, the International Accounting Standards Board)
NOTE — Do not prepare your BE–15 report using the proportionate consolidation method.

Other reporting standards — Specify the reporting standards used

2 Is more than 50 percent of the voting interest in this U.S. business enterprise owned by another U.S. affiliate of the foreign
parent (see the diagram below)?
1400 1

Yes

If “Yes” — Do not complete this report unless exception 2c described in the consolidation rules on page 18 applies.
If this exception does not apply, forward this BE–15 survey packet to the U.S. business enterprise owning your
company more than 50 percent, and notify BEA of the action taken by filing BE–15 Claim for Exemption with item
(d) completed on page 3 of that form. The BE–15 Claim for Exemption can be downloaded from BEA’s Web site at:
www.bea.gov/fdi

If “No” — Complete this report in accordance with the consolidation rules starting on page 17.

CONSOLIDATION OF U.S. AFFILIATES
Foreign parent

Foreign

10 to 100 percent

United States
U.S. business enterprise B should be consolidated
on the BE–15 report for U.S. business enterprise A
because U.S. business enterprise B is more than 50
percent owned by U.S. business enterprise A.

U.S. business enterprise A

> 50 percent

U.S. business enterprise B

FORM BE-15B (REV 12/2016)

Page 2

Part I – Identification of U.S. Affiliate - Continued
3 Enter Employer Identification Number(s) used by the U.S. affiliate to file income and payroll taxes.
Other

Primary

1006 1

–

4 Reporting period — Reporting period instructions are found in instruction 4 on page 18. If there was a change in fiscal year, review
instruction 4.b. on page 18.
Month

Day

Year

This U.S. affiliate’s fiscal year ended in calendar year 2016 on.......................................................................

1007

__ __ / __ __ / 2 0 1 6

Example — If the fiscal year ended on March 31, report for the 12-month period ended March 31, 2016.
NOTE — Affiliates with a fiscal year that ended within the first week of January 2017 are considered to have a 2016 fiscal year and should
report December 31, 2016 as their 2016 fiscal year end.

5 Did the U.S. business enterprise become a U.S. affiliate during its fiscal year that ended in
calendar year 2016?
1008 1
1

1 2

Month

Yes

If “Yes” — Enter the date the U.S. business enterprise became a U.S. affiliate and see
instruction for item 5 on page 18 to determine how to report for the first time.......................

Day

Year

1
1009

__ __ / __ __ / __ __ __ __

NOTE — For a U.S. business enterprise that became a U.S. affiliate during its fiscal year that ended in
calendar year 2016, leave the close FY 2015 data columns blank.
6 Is the U.S. affiliate named on page 1 separately incorporated in the United States, including its territories and possessions?
1011 1

Yes

No – Reporting rules for unincorporated affiliates are found in instructions for item 6 starting on page 18.
Reporting rules for real estate are found in instruction V.C. starting on page 22.

7 U.S. business enterprises fully consolidated in this report – U.S. business enterprises that are more than 50-percent owned based on voting
interest should be fully consolidated in this report, except as noted in the consolidation rules starting on page 17. Banks see instruction I.C. on
page 16 for aggregated reporting rules.
Enter the number of U.S. business enterprises consolidated in this report in the box below. Hereinafter they are considered to be one U.S.
affiliate. If the report is for a single U.S. business enterprise, enter “1” in the box below. Exclude from the consolidation all foreign business
enterprises or operations owned by this U.S. affiliate.
1012

If number is greater than one, complete the Supplement A on page 11.

8 U.S. affiliates NOT fully consolidated – See instruction for item 8 on page 19.

Number of U.S. affiliates, in which this U.S. affiliate has an ownership interest, that are NOT fully consolidated in this
report.
1013

If number is not zero, complete the Supplement B on page 12.
The U.S. affiliate named on page 1 must include data for unconsolidated U.S. affiliates on an equity basis
or, if less than 20 percent owned, in accordance with FASB ASC 320 (formerly FAS 115) or the cost method
of accounting. The U.S. affiliate named on page 1 also must notify the unconsolidated U.S. affiliates of their
obligation to file a BE-15 in their own names (see page 15 to determine the appropriate form for these
affiliates to file).

FORM BE-15B (REV 12/2016)

Page 3

Part I – Identification of U.S. Affiliate – Continued
OWNERSHIP — Enter percent of ownership in this U.S. affiliate, to a tenth of one percent, based on voting interest (or an equivalent interest if an
unincorporated affiliate). “Voting interest” is defined in instructions for items 9–13 starting on page 19.
Foreign parent — A foreign parent is the FIRST person or entity outside the U.S. in a chain of ownership that has a 10 percent or more voting interest
(direct or indirect) in this U.S. affiliate. The country of foreign parent is the country of incorporation or organization if the parent is a business enterprise,
or of residence if the parent is an individual or government. For individuals, see instruction V.G. on page 24.
Country of
foreign parent

Name of each direct owner

Voting interest

BEA
USE
ONLY

Close FY 2016 Close FY 2015
(1)

(2)

Ownership held directly by foreign parent(s) of this affiliate—see example 1 below.
Enter name and country of each foreign parent with direct ownership and the country of the foreign parent—if more than 2, continue on separate sheet.
1

--Select Country--

1017

--Select Country--

1018

___

_ % 2_ _ _

Ownership held directly by all U.S. affiliates of the foreign parent(s) — see example 2 below. Enter name of each U.S. affiliate that owns this affiliate
and the country of the foreign parent — if more than 2, continue on separate sheet.
1

--Select Country--

1063

--Select Country--

1064

1
1

13 Direct ownership held by all other persons (do not list names)...........................................................

1061

TOTAL — Sum of items 9 through 13 .................................................................................................

___

_% _ _ _

___

_% _ _ _

2
2

100.0%

3
3

100.0%

EXAMPLES OF DIRECT AND INDIRECT FOREIGN OWNERSHIP
Example 1 – Ownership held directly by a foreign parent

Example 2 – Ownership held directly by all U.S. affiliates of the
foreign parent(s)

Foreign company X
Foreign company Y is the foreign
parent because it is the first owner
located outside the U.S. in a chain of
ownership that owns 10 percent or
more of the U.S. affiliate.

Foreign parent

10 to 100 percent

Foreign company Y
(Foreign parent)

Foreign
United States
U.S. affiliate A

10 to 100 percent
U.S. affiliate B is indirectly owned by the
foreign parent through U.S. affiliate A. U.S.
affiliate A has a direct ownership interest in
U.S. affiliate B.

Foreign
United States
U.S. affiliate

U.S. affiliate B

BEA USE ONLY
1200

1201

1202

1203

FORM BE-15B (REV 12/2016)

Page 4

Direct Ownership – Continued
Use only if you need to enter more owners from part II (items 9 and 10) on the previous page.

Ownership held directly by
foreign parent(s) of this U.S.
affiliate – Give name of each
foreign parent with direct
ownership.

Country of
incorporation or
organization (if a
business enterprise)
or residence (if an
individual). For
individuals, see
instruction V.G. on
page 24.

REPORTING PERIOD
Close FY
2016

Close FY
2015

--Select Country--

BEA
USE
ONLY

Indirect Ownership – Continued
Use only if you need to enter more owners from part II (items 11 and 12) on the previous page.

Ownership held indirectly by
foreign parent(s) of this U.S.
affiliate through another U.S.
affiliate – Give name of each
higher tier U.S. affiliate with direct
ownership in this U.S. affiliate.

Country of
incorporation or
organization (if a
business enterprise)
or residence (if an
individual). For
individuals, see
instruction V.G. on
page 24.

REPORTING PERIOD
Close FY
2016

Close FY
2015

--Select Country--

BEA
USE
ONLY

Part I – Identification of U.S. Affiliate – Continued
14

Enter the name and industry code of the foreign parent. If there is more than one foreign parent, list each and its industry
code on a separate sheet.

14a Enter name of foreign parent. If the foreign parent is an individual enter “individual.”
3011

14b Enter the foreign parent industry code from the list of codes on page 6 that best describes the PRIMARY activity of the SINGLE entity
named as the foreign parent. DO NOT base the code on the worldwide sales of all consolidated subsidiaries of the foreign parent. If the
foreign parent is an individual, enter code “05.”
3018

Ownership Type:

--Select Industry--

Direct

Indirect

15 For each foreign parent, furnish the name, country and industry code of the ultimate beneficial owner (UBO) – see UBO examples on page

6. If there is more than one foreign parent, list each on a separate sheet and give the name of its UBO, and the UBO’s country and industry
codes.

The UBO is that person or entity, proceeding up the ownership chain beginning with and including the foreign parent, that is not more
than 50 percent owned or controlled by another person or entity. Note: Stockholders of a closely or privately held corporation are normally
considered to be an associated group and may be a UBO.

15a Is the foreign parent also the UBO? If the foreign parent is owned or controlled MORE THAN 50 percent by another person or entity, then
the foreign parent is NOT the UBO.
3019

1
1

Yes – (example 1 on page 6) – Skip to 15d

No – (examples 2A and 2B on page 6) – Continue with 15b

15b Enter the name of the UBO of the foreign parent. If the UBO is an individual, or an associated group of individuals, enter “individual.” See
instruction II.D. on page 16 for the definition of associated group. Identifying the UBO as “bearer shares” is not an acceptable response.
3021

15c Enter country in which the UBO is incorporated or organized, if a business enterprise, or is resident, if an
individual or government. For individuals, see instruction V.G. on page 24.

BEA USE ONLY
3022 1

--Select Country-15d Enter the industry code of the UBO from the list of codes on page 6. Select the industry code that best reflects the consolidated worldwide
sales of the UBO, including all of its majority-owned subsidiaries.
3023

(Do not use code 14 for the UBO).
--Select Industry--

FORM BE-15B (REV 12/2016)

Page 5

Part I – Identification of U.S. Affiliate – Continued
FOREIGN PARENT AND UBO INDUSTRY CODES
Note: “ISI codes” are International Surveys Industry codes, as given in the Guide to Industry Classifications for International Surveys, 2012.
See the Summary of Industry Classifications on page 13.
01 Government and government-owned or -sponsored
enterprise, or quasi-government organization or
agency

16 Real estate (ISI code 5310)
17 Information (ISI codes 5111–5191)
18 Professional, scientific, and technical services (ISI codes 5411–5419)

02 Pension fund — Government run

19 Other services (ISI codes 1150, 2132, 2133, 5321, 5329, and
5611–8130)

03 Pension fund — Privately run
04 Estate, trust, or nonprofit organization

Manufacturing, including fabricating, assembling, and processing of
goods:

05 Individual

20 Food (ISI codes 3111–3119)

Private business enterprise, investment organization,
or group engaged in:

21 Beverages and tobacco products (ISI codes 3121 and 3122)

06 Insurance (ISI codes 5242, 5243, 5249)

22 Pharmaceuticals and medicine (ISI code 3254)

07 Agriculture, forestry, fishing and hunting (ISI codes
1110–1140)

23 Other chemicals (ISI codes 3251–3259, except 3254)
24 Nonmetallic mineral products (ISI codes 3271–3279)

08 Mining (ISI codes 2111–2127)

25 Primary and fabricated metal products (ISI codes 3311–3329)

09 Construction (ISI codes 2360–2380)

26 Computer and electronic products (ISI codes 3341–3346)

10 Transportation and warehousing (ISI codes 4810–
4939)

27 Machinery (ISI codes 3331–3339)
28 Electrical equipment, appliances and components (ISI codes 3351–
3359)

11 Utilities (ISI codes 2211–2213)
12 Wholesale and retail trade (ISI codes 4231–4540)

29 Motor vehicles and parts (ISI codes 3361–3363)

13 Banking, including bank holding companies (ISI
codes 5221 and 5229)

30 Other transportation equipment (ISI codes 3364–3369)
31 Other manufacturing (ISI codes 3130–3231, 3261, 3262, 3370–3399)

14 Holding companies, excluding bank holding
companies (ISI codes 5512 and 5513)

32 Petroleum manufacturing, including integrated petroleum and
petroleum refining without extraction (ISI codes 3242–3244)

15 Other finance (ISI codes 5223, 5224, 5231, 5238,
that part of ISI code 5252 that is not estates and
trusts, and ISI code 5331)

EXAMPLES OF THE ULTIMATE BENEFICIAL OWNER (UBO)
Example 1 – The UBO and foreign parent are the same
Foreign company X

The UBO and foreign parent are the
same if the foreign parent is NOT more
than 50 percent owned or controlled by
another person or entity.

1 to 50 percent

Foreign parent = UBO
Foreign
United States
U.S. affiliate
Examples 2A and 2B – The foreign parent is NOT the UBO
A. The UBO is a foreign person or entity

Foreign company Y is the foreign parent
of the U.S. affiliate; foreign company X
is the UBO. The foreign parent is not
the UBO if the foreign parent is more
than 50 percent owned or controlled by
another person or entity.

Foreign

B. The UBO is a U.S. person or entity

Foreign company X
(UBO)

Foreign company Z is the foreign
parent of the U.S. affiliate. U.S.
company C is the UBO.

>50 Percent
Foreign company Z
(Foreign parent)
Foreign company Y
(Foreign parent)
Foreign

United States

United States
U.S. affiliate

FORM BE-15B (REV 12/2016)

>50 Percent

U.S. company C
(UBO)
Page 6

U.S. affiliate

Part II – Financial and Operating Data of U.S. Affiliate
Section A – INDUSTRY CLASSIFICATION AND TOTAL SALES OF FULLY CONSOLIDATED U.S. AFFILIATE
16 What is (are) the major product(s) and/or service(s) of the fully consolidated U.S. affiliate? If a product, also state what is done to it,
i.e., whether it is mined, manufactured, sold at wholesale, transported, packaged, etc. (For example, “manufacture widgets.”)
1163

Enter the 4-digit International Surveys Industry (ISI) code(s) and the sales associated with each code in items 17 through 20 .
Book publishers, printers, and real estate investment trusts see instructions 17–22 on page 20.
Column 1 – ISI Code – See the Summary of Industry Classifications on page 13; for a full explanation of each code, see the Guide to Industry
Classifications for International Surveys, 2012 located at www.bea.gov/naics2012. For an inactive affiliate, base the industry classification(s) on its last
active period; for “start-ups” with no sales, show the intended activities. Holding company (ISI code 5512) is often an invalid industry classification for
a conglomerate. A conglomerate must determine its industry code based on the activities of the fully consolidated domestic U.S. business enterprise.
Column 2 – Sales
INCLUDE

EXCLUDE

• Total sales or gross operating revenues, excluding sales taxes –
returns, allowances, and discounts.

• Investment gains and losses reported in item 53 .
• Sales or consumption taxes levied directly on the consumer.

• Fees and commissions

• Excise taxes levied directly on manufacturers, wholesalers, and
retailers.

• Revenues generated during the year from the operations of a
discontinued business segment.

• Gains (losses) from DISPOSALS of discontinued operations and
gains and losses from derivative instruments.

• ONLY finance and insurance companies and units should report
dividends and interest. Companies involved with repos and
reverse repos see instructions 17–22 on page 20.

• Dividends and interest earned by non-finance and noninsurance companies and units.

• Total income of holding companies including income (loss) from
equity investments in unconsolidated U.S. and foreign business
enterprises, certain gains (losses), other income, plus sales and
gross operating revenue, if any.

Sales
(2)

ISI code
(1)

--Select ISI CODE-17 Enter code of industry with largest sales.......................................................................................................

--Select ISI CODE-18 Enter code of industry with 2nd largest sales ...............................................................................................
--Select ISI CODE-19 Enter code of industry with 3rd largest sales.................................................................................................
--Select ISI CODE-20 Enter code of industry with 4th largest sales.................................................................................................

$ Bil. Mil. Thous. Dols.

000

1164

000

1165
1166

000

1167

000
2

21 Sales not accounted for above – Items 17 through 20 must all have entries if amounts are entered
in this item.....................................................................................................................................................
22 Total sales or gross operating revenues (excluding sales taxes) – Sum of items 17 through 21 ,
column 2........................................................................................................................................................

000
1173
2

000
1174

$ Bil. Mil. Thous. Dols.

Section B – OTHER FINANCIAL AND OPERATING DATA FOR FY 2016

23 Net income (loss) – after provision for U.S. Federal, state, and local income taxes.........................................................

000

2159
1

24 Employee compensation — Base compensation on payroll records. Employee compensation must cover
compensation charged as an expense on the income statement, charged to inventories, or capitalized during the
reporting period. INCLUDE wages and salaries and employee benefit plans. EXCLUDE compensation related to
activities of a prior period, such as compensation capitalized or charged to inventories in prior periods. EXCLUDE
compensation of contract workers and other workers not carried on the payroll of this U.S. affiliate. See instructions
for item 24 on page 20........................................................................................................................................................
25 Research and development (R&D) performed BY the U.S. affiliate — INCLUDE all costs incurred in performing
R&D, including depreciation, amortization, wages and salaries, taxes, materials and supplies, overhead — whether
or not allocated to others — and all other indirect costs. EXCLUDE the cost of R&D funded by the U.S. affiliate but
performed by others. See instruction for item 25 on page 20.............................................................................................

2390

27 Gross book value of all land and other property, plant, and equipment at close of FY 2016.......................................

2397

BEA USE ONLY
FORM BE-15B (REV 12/2016)

000

2403

26 Expenditures for land and other property, plant, and equipment — INCLUDE all purchases by, or transfers (at
net book value) to, the U.S. affiliate of land, mineral and timber rights, and other property, plant and equipment. Also
INCLUDE capitalized and expensed exploration and development expenditures. EXCLUDE expenditures made in
prior years that are reclassified in the current year. Also EXCLUDE land and other property, plant, and equipment
obtained through the acquisition of or merger with another company during the year. DO NOT net out sales and
other dispositions of property, plant, and equipment from the expenditures reported in this item......................................

Page 7

000

2253

000
1

2597

000

Part II – Financial and Operating Data of U.S. Affiliate – Continued
Section C – U.S. TRADE IN GOODS BY U.S. AFFILIATE ON A SHIPPED BASIS
Report the value of goods exported and imported by the U.S. affiliate during the fiscal year that ended in calendar year 2016.
EXCLUDE services. Software publishers see the discussion under packaged general use computer software on page 21.
Report amounts on a “shipped basis.” See instructions for items 28–29 on page 21 for details of what to include in these items.
28 Exports, including capital goods – Shipped by U.S. affiliate to foreign persons (valued f.a.s. U.S. port).......................

$ Bil. Mil. Thous. Dols.
1

000

2502
1

29 Imports, including capital goods – Shipped to U.S. affiliate by foreign persons (valued f.a.s. foreign port).................... 2515

Close FY 2016

Section D – BALANCE SHEET

$ Bil. Mil. Thous. Dols.

For insurance companies, see special instructions starting on page 22.

30 Total assets................................................................................

000

2109
1

31 Total liabilities............................................................................

000

2114

1 3

Check box if total liabilities are zero

32 Total owners’ equity — Item 30 minus item 31 ......................

2120

000

Section E – EMPLOYMENT AND PROPERTY, PLANT, AND EQUIPMENT BY LOCATION
Complete the schedule on the following page for up to five or fifteen states, (whichever is applicable based on the instructions in item
33 ), in which the U.S. affiliate has reportable data. If the U.S. affiliate has activities in more than five (or fifteen) states, report those states for
which the number of employees (column (3)) is largest. If the number of employees is zero or insignificant, use the gross book value of all land
and other property, plant, and equipment (column (5)), to determine the five (or fifteen) states.
Column 3 – Number of employees at close of FY 2016 – Include only employees of those U.S. business enterprises that are fully consolidated
into the reporting U.S. affiliate. Do not consolidate or include employees of foreign business enterprises or operations, whether incorporated or
unincorporated. Include all employees on the payroll at the end of the fiscal year that ended in calendar year 2016, including part-time employees.
Exclude contract workers. A count taken at some other date during the reporting period may be given provided it is a reasonable estimate of the
number on the payroll at the end of the fiscal year. Location of employees is the U.S. state, territory, or possession in which the person is permanently
employed.
Column 4 – Complete this column ONLY if the U.S. affiliate is majority-owned by foreign parent(s). Include all employees on the payrolls of
operating manufacturing plants in the state. Include administrative office and other auxiliary employees located at an operating plant and who
serve only that plant. Exclude all other employees on the payrolls of administrative offices or other auxiliary units. Administrative office and other
auxiliary employees are defined on page 9 in item 51 .
Column 5 – Include land and other property, plant, and equipment items, whether carried as investments, in fixed asset accounts, or in other
balance sheet accounts. Include land held for resale, for investment purposes, and all other land owned. Include land and other property, plant,
and equipment on capital lease from others, but exclude that on capital lease to others. Include property you own that you lease to others under
operating leases. Value land and other property, plant, and equipment at historical cost before any allowances for depreciation or depletion.
Column 6 – Complete this column ONLY if the U.S. affiliate is majority owned. Include the gross book value of commercial property you own,
and commercial property you use or operate that is leased from others under a capital lease. Commercial property includes ALL buildings and
associated land leased to others under operating leases. Commercial property includes apartment buildings; office buildings; hotels; motels;
and buildings used for wholesale, retail, and services trades, such as shopping centers, recreational facilities, department stores, bank buildings,
restaurants, public garages, and automobile service stations. Include the value of land associated with these buildings. Include office buildings and
associated land owned by industrial companies NOT located at industrial sites. Exclude furniture and equipment located at commercial property.
Exclude property you use for agricultural, mining, manufacturing, or other industrial purposes (such as water and sewage treatment, electric power
generation, and other utility plants), property you use to support these activities, such as research labs and warehouses, and office buildings located
at industrial sites. Also exclude educational buildings, hospitals, nursing homes, institutional buildings, and all undeveloped land.

FORM BE-15B (REV 12/2016)

Page 8

000

Part II – Financial and Operating Data of U.S. Affiliate – Continued
33 Choose one of the following three options to complete the schedule below based on the size of the U.S. affiliate (total assets,
sales or gross operating revenues, or net income (loss), not just the foreign parent’s share) and whether it is majority or minority
owned by foreign parent(s). Mark (X) one.
1102

1
1
1

Minority owned with size greater than $300 million – Complete columns 3 and 5 of the schedule below for up to fifteen states.

Minority owned with size of $120 million to $300 million – Complete columns 3 and 5 of the schedule below for up to five states.

Majority owned with size of $120 million to $300 million – Complete all columns of the schedule below for up to five states.

Sum the data for the remaining states on line 49 if the affiliate has operations in more than fifteen or five states, respectively.

BEA
USE
ONLY

STATE — Enter name
Enter name of U.S. territory or
possession on the lines below.
Additional instructions for
items 34–50 are found on page 21

BEA
USE
ONLY

(1)

If U.S. affiliate is
majority-owned by
foreign parent(s),
report the portion
of employees in
column (3) that
are manufacturing
employees

Number of
employees at close
of FY 2016

(3)

(2)

(4)

Number
1

34
1

35
1

36
1

37
1

38
1

39
1

40
1

41
1

42
1

43
1

44
1

45
1

46
1

47
1

48
1

--Select State--

TOTAL — Sum of items 34
through 49

$ Bil.

49
1

(5)

Number

--Select State--

Employment and property,
plant, and equipment not
accounted for above

Mil.

Thous.

(6)
Dols.

$ Bil. Mil. Thous. Dols.
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

000
6

000

2764

2700

000

Page 9

2598

000

Number of administrative
and other auxiliary employees
3

BEA USE ONLY

000
6

51 Administrative office and other auxiliary employees – Of the total number of employees reported
in item 50 , how many are administrative office and other auxiliary unit employees? INCLUDE
employees at corporate headquarters, central administrative, and regional offices, and operating units
that provide administration and management or support services (such as accounting, data processing,
legal, research and development and testing, and warehousing) to more than one U.S. operating unit.
EXCLUDE employees that provide administration and management or support for only one unit..... 1178

FORM BE-15B (REV 12/2016)

If U.S. affiliate is
majority-owned by
foreign parent(s),
report the portion
of column (5) that is
commercial property

Gross book value
(historical cost) of all land
and other property, plant,
and equipment wherever
carried on balance sheet,
FY 2016 closing balance

Part II – Financial and Operating Data of U.S. Affiliate – Continued
Section F — OTHER FINANCIAL AND OPERATING DATA (MAJORITY-OWNED U.S. AFFILIATES)
52 Did the sum of the ownership interests (both direct and indirect) held by ALL foreign parents in the voting securities (or an
equivalent interest) of this U.S. affiliate (the sum of items 9 through 12 , including any interests listed on a separate sheet)
EXCEED 50 percent as of the end of the U.S. affiliate’s fiscal year that ended in calendar year 2016? “Voting interest” is defined in
instructions for items 9–13 starting on page 19.
1101

Yes – Continue with item 53 .

No – STOP. You have completed the BE-15B.

NOTE: Complete items 53 through 62 ONLY if item 52 is answered “Yes”

$ Bil.

Mil.

Thous. Dols.

53 Certain gains (losses), included in item 23 , net income (loss) – Report at gross amount before income tax
effect. Report income tax effect in item 54 . See instruction for item 53 starting on page 21 for details of what to
include in this item............................................................................................................................................................. 2151

000
1

54 Income taxes – Provision for U.S. Federal, state, and local incomes taxes. INCLUDE the income tax effect of
certain gains (losses) reported in item 53 . EXCLUDE production royalty payments....................................................... 2156

000
1

55 Interest income from all sources (including foreign parents and affiliates), after deduction of taxes withheld
by the payer. Do not net against interest expense (item 56 ).......................................................................................... 2400

000
1

56 Interest expense plus interest capitalized, paid or due to all payees (including to foreign parents and
affiliates), before deduction of U.S. tax withheld by the affiliate. Do not net against interest income (item 55 )....... 2401

000
1

BEA USE ONLY

2599

DISTRIBUTION OF SALES OR GROSS OPERATING REVENUES
Distribute sales or gross operating revenues among three categories — sales of goods, sales of services, and investment income.
For the purpose of this distribution, “goods” are normally outputs that are tangible and “services” are normally outputs that are intangible.
When a sale consists of both goods and services and cannot be unbundled (i.e., the goods and services are not separately billed), distribute
the sales bewteen goods and services based on a best estimate of the value in each.
NOTE — Before completing this section, see the instructions for items 58 through 60 on page 22.
Utilities and oil & gas producers and distributors — To the extent feasible, revenues are to be allocated between sales of goods and
sales of services. Revenues earned from the sale of a product (e.g., electricity, natural gas, oil, water, etc.) are to be reported as sales of
goods. Revenues earned from the distribution or transmission of a product (e.g., fees received for the use of transmission lines, pipelines,
etc.) are to be reported as sales of services.
$ Bil.

57 Total sales or gross operating revenues, excluding sales taxes —
Equals item 22 , column 2, and also sum of items 58 through 60 ...............................................................................

Mil.

Thous. Dols.

1
2243

000
1

58 Sales of goods................................................................................................................................................................

000

2244
1

59 Investment income included in gross operating revenues. Include ALL interest and dividends generated by
finance and insurance subsidiaries or units......................................................................................................................

2245

60 Sales of services, total — Sum of items 61 and 62 ..................................................................................................

2246

2247

To U.S. persons or entities ......................................................................................................................................

000
1

To foreign persons or entities..................................................................................................................................

FORM BE-15B (REV 12/2016)

Page 10

2257

000

OMB No. 0608-0034: Approval Expires 11/30/2018
FORM BE-15B (REV 12/2016)

U.S. DEPARTMENT OF COMMERCE

BE-15 Supplement A (2016)

FORM
(REV. 12/2016)

BUREAU OF ECONOMIC ANALYSIS

LIST OF ALL U.S. BUSINESS ENTERPRISES FULLY CONSOLIDATED INTO THE REPORTING U.S. AFFILIATE
NOTE – If you filed a Supplement A or a computer printout of Supplement A with your 2015 BE-15 report, in lieu of completing a new
Supplement A, you may substitute a copy of that Supplement A or computer printout that has been updated to show any
additions, deletions, or other changes.
Supplement A must be completed by a reporting affiliate that consolidates financial and operating data of any other U.S. business
enterprises. The number of U.S. business enterprises listed below plus the reporting U.S. business enterprise must agree with item 7
on page 3. Continue listing onto as many additional copied pages as necessary.
If the affiliate has
changed since the last
Name of each U.S. business enterprise consolidated
report, please select
(as represented in item 7 on page 3)
the reason. If it is new,
please select "New".

5112
5113
5114
5115
5116
5117
Page 11

5118
5119

5126
5127
5128
5129
5130
5131
5132
5133

Percent of direct voting ownership
that the entity named in column 3
holds in the entity named in column 1.
– Enter percent to nearest tenth.

(4)

(3)

–

--Select Reason---Select Reason---Select Reason---Select Reason--

--Select Reason---Select Reason---Select Reason--

--Select Reason--

5125

–

--Select Reason--

5121

5124

Name of U.S. business enterprise which holds
the direct ownership interest in the U.S. affiliate
listed in column 1

--Select Reason--

5123

5110

5120

5122

Primary Employer Identification Number as
shown in item 3 on page 3.

(2)

Page number

Name of U.S. affiliate as shown on page 1

Employer Identification Number
used to file income and
payroll taxes

(1)

5111

BEA USE ONLY

--Select Reason---Select Reason--

--Select Reason---Select Reason---Select Reason---Select Reason---Select Reason--

--Select Reason---Select Reason---Select Reason--

--Select Reason---Select Reason--

–

. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %

OMB No. 0608-0034: Approval Expires 08/31/2014

BE-15B Supplement A (2016 – LIST OF ALL U.S. AFFILIATES FULLY CONSOLIDATED INTO THE REPORTING U.S. AFFILIATE – Continued

If the affiliate has
changed since the
BEA
USE please
ONLY
last
report,
select the reason.
If it is new, please
select "New".
(1)

Employer Identification
Number used by U.S. affiliate
listed in column (2) to file
income and payroll taxes

Name of each U.S. affiliate consolidated
(as represented in item 7, Part I)

(3)

(2)

--Select
Reason-5134
--Select
Reason-5135

--Select
Reason-5136
--Select
Reason-5137
--Select
Reason-5138

--Select
Reason-5139

--Select
Reason-5140
--Select
Reason-5141

--Select
Reason-5142
--Select
Reason-5143

--Select
Reason-5144

--Select
Reason-5145
--Select
Reason-5146
--Select
Reason-5147
--Select
Reason-5148
--Select
Reason-5149

--Select
Reason-5150
--Select
Reason-5151

--Select
Reason-5152
--Select
Reason-5153
--Select
Reason-5154
BE-15A REV.
(REV.12/2016
10/2011)
FORM BE-15B

--Select
Reason-5155
--Select
Reason-5156

--Select
Reason-5157
--Select
Reason-5158

--Select
Reason-5159

Name of U.S. affiliate which holds the
direct ownership interest in the U.S.
affiliate listed in column (2)

–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–

Page number
Percentage of direct voting
ownership that the U.S.
affiliate named in column (4)
holds in the U.S. affiliate
named in column (2). – Enter
percentage to nearest tenth.

(4)

(5)

OMB No. 0608-0034: Approval Expires 11/30/2018
FORM BE-15B (REV 12/2016)

U.S. DEPARTMENT OF COMMERCE

BE-15 Supplement B (2016)

FORM
(REV. 12/2016)

Page number

BEA USE ONLY

BUREAU OF ECONOMIC ANALYSIS

Name of U.S. affiliate as shown on page 1

LIST OF ALL U.S. AFFILIATES IN WHICH THE REPORTING AFFILIATE (AS CONSOLIDATED) HAS A DIRECT
OWNERSHIP INTEREST BUT WHICH ARE NOT FULLY CONSOLIDATED

NOTE – If you filed a Supplement B or a computer printout of Supplement B with your 2015 BE-15 report, in lieu of completing a
new Supplement B, you may substitute a copy of that Supplement B or computer printout that has been updated to
show any additions, deletions, or other changes.
Supplement B must be completed by a reporting affiliate which files a BE-15B and has a direct ownership interest in a U.S. affiliate(s) which
is (are) not fully consolidated. The number of U.S. affiliates listed below must agree with item 8 , on page 3. Continue listing onto as many
additional copied pages as necessary.

If the affiliate has
changed since the last
BEA USE ONLY
report, please select
the reason. If it is new,
please select "New".

Name of each U.S. affiliate in which a direct
interest is held but that is not listed in
Supplement A
(1)

Employer Identification Number
used to file income and
payroll taxes

Address
Provide number, street, city, state,
and ZIP Code
(2)

Percent of direct voting ownership
interest that the fully consolidated
U.S. business enterprise named
on page 1, holds in the entity
named in column 1.
– Enter percent to nearest tenth.

(4)

(5)
6

--Select Reason-–

6211
1

--Select Reason-–

6212
1

--Select Reason-–

6213
Page 12

--Select Reason-–

6214
1

--Select Reason-–

6215
1

--Select Reason-–

6216
1

--Select Reason-–

6217
1

--Select Reason-–

6218
1

--Select Reason--

–

6219
1

--Select Reason-–

6220
1

--Select Reason-6221

–

Summary of Industry Classifications – For a full explanation of each code see www.bea.gov/naics2012
Agriculture, Forestry, Fishing, and Hunting
1110
1120
1130
1140
1150

Crop production
Animal production and aquaculture
Forestry and logging
Fishing, hunting, and trapping
Support activities for agriculture and forestry

Mining
2111
2121
2123
2124
2125
2126
2127
2132
2133

Oil and gas extraction
Coal
Nonmetallic minerals
Iron ores
Gold and silver ores
Copper, nickel, lead, and zinc ores
Other metal ores
Support activities for oil and gas operations
Support activities for mining, except
for oil and gas operations

Utilities
2211

2212
2213

Electric power generation,
transmission, and distribution
Natural gas distribution
Water, sewage, and other systems

Construction
2360 Construction of buildings
2370 Heavy and civil engineering construction
2380 Specialty trade contractors

Manufacturing
3111
3112
3113
3114

3115
3116
3117
3118
3119
3121
3122
3130
3140
3150
3160
3210
3221
3222
3231
3242
3243
3244

3251
3252

3253

3254
3255
3256

3259
3261
3262
3271
3272
3273
3274
3279
3311
3312
3313

3314

3315
3321
3322
3323
3324
3325
3326
3327

3328

3329
3331
3332
3333

Animal foods
Grain and oilseed milling
Sugar and confectionery products
Fruit and vegetable preserving and
specialty foods
Dairy products
Meat products
Seafood product preparation and packaging
Bakeries and tortillas
Other food products
Beverages
Tobacco
Textile mills
Textile product mills
Apparel
Leather and allied products
Wood products
Pulp, paper, and paperboard mills
Converted paper products
Printing and related support activities
Integrated petroleum refining and extraction
Petroleum refining without extraction
Asphalt and other petroleum and
coal products
Basic chemicals
Resins, synthetic rubbers, and artificial
and synthetic fibers and filaments
Pesticides, fertilizers, and other
agricultural chemicals
Pharmaceuticals and medicines
Paints, coatings, and adhesives
Soap, cleaning compounds, and
toilet preparations
Other chemical products and preparations
Plastics products
Rubber products
Clay products and refractories
Glass and glass products
Cement and concrete products
Lime and gypsum products
Other nonmetallic mineral products
Iron and steel mills and ferroalloys
Steel products from purchased steel
Alumina and aluminum production
and processing
Nonferrous metal (except aluminum)
production and processing
Foundries
Forging and stamping
Cutlery and handtools
Architectural and structural metals
Boilers, tanks, and shipping containers
Hardware
Spring and wire products
Machine shops; turned products; and
screws, nuts, and bolts
Coating, engraving, heat treating,
and allied activities
Other fabricated metal products
Agriculture, construction, and mining machinery
Industrial machinery
Commercial and service industry machinery

FORM BE-15B (REV 12/2016)

3334

3335
3336

3339
3341
3342
3343
3344

3345

3346

3351
3352
3353
3359
3361
3362
3363
3364
3365
3366
3369
3370
3391
3399

Ventilation, heating, air-conditioning,
and commercial refrigeration equipment
Metalworking machinery
Engines, turbines, and power
transmission equipment
Other general purpose machinery
Computer and peripheral equipment
Communications equipment
Audio and video equipment
Semiconductors and other
electronic components
Navigational, measuring, electromedical,
and control instruments
Manufacturing and reproducing
magnetic and optical media
Electric lighting equipment
Household appliances
Electrical equipment
Other electrical equipment and components
Motor vehicles
Motor vehicle bodies and trailers
Motor vehicle parts
Aerospace products and parts
Railroad rolling stock
Ship and boat building
Other transportation equipment
Furniture and related products
Medical equipment and supplies
Other miscellaneous manufacturing

Wholesale Trade, Durable Goods
4231

4232
4233
4234

4235
4236

4237

4238
4239

Motor vehicles and motor vehicle
parts and supplies
Furniture and home furnishing
Lumber and other construction materials
Professional and commercial
equipment and supplies
Metal and mineral (except petroleum)
Household appliances and electrical and
electronic goods
Hardware, and plumbing and heating
equipment and supplies
Machinery, equipment, and supplies
Miscellaneous durable goods

Wholesale Trade, Non-Durable Goods
4241
4242
4243
4244
4245
4246
4247
4248
4249

Paper and paper product
Drugs and druggists’ sundries
Apparel, piece goods, and notions
Grocery and related product
Farm product raw material
Chemical and allied products
Petroleum and petroleum products
Beer, wine, and distilled alcoholic beverage
Miscellaneous nondurable goods

Wholesale Trade, Electronic Markets
and Agents And Brokers
4251 Wholesale electronic markets and

agents and brokers

Retail Trade
4410
4420
4431
4440

4450
4461
4471
4480
4510
4520
4530
4540

Motor vehicle and parts dealers
Furniture and home furnishings
Electronics and appliance
Building material and garden equipment
and supplies dealers
Food and beverage
Health and personal care
Gasoline stations
Clothing and clothing accessories
Sporting goods, hobby, book, and music
General merchandise
Miscellaneous store retailers
Non-store retailers

Transportation and Warehousing
4810
4821
4833
4839
4840
4850
4863

4868
4870
4880
4920
4932
4939

Air transportation
Rail transportation
Petroleum tanker operations
Other water transportation
Truck transportation
Transit and ground passenger transportation
Pipeline transportation of crude oil,
refined petroleum products, and natural gas
Other pipeline transportation
Scenic and sightseeing transportation
Support activities for transportation
Couriers and messengers
Petroleum storage for hire
Other warehousing and storage

Information
5111

5112
5121
5122

Newspaper, periodical, book, and
directory publishers
Software publishers
Motion picture and video industries
Sound recording industries
Page 13

5151
5152
5171
5172

5174
5179
5182
5191

Radio and television broadcasting
Cable and other subscription programming
Wired telecommunications carriers
Wireless telecommunications carriers,
except satellite
Satellite telecommunications
Other telecommunications
Data processing, hosting, and related services
Other information services

Finance and Insurance
5221 Depository credit intermediation (Banking)
5223 Activities related to credit intermediation
5224 Nondepository credit intermediation
5229 Nondepository branches and agencies
5231 Securities and commodity contracts

intermediation and brokerage
5238 Other financial investment activities and
exchanges
5242 Agencies, brokerages, and other insurance

related activities
5243 Insurance carriers, except life insurance
carriers
5249 Life insurance carriers
5252 Funds, trusts, and other finance vehicles

Real Estate and Rental and Leasing
5310
5321
5329
5331

Real estate
Automotive equipment rental and leasing
Other rental and leasing services
Lessors of nonfinancial intangible assets,
except copyrighted works

Professional, Scientific, and Technical
Services
5411
5412

5413
5414
5415
5416

5417
5418
5419

Legal services
Accounting, tax preparation, bookkeeping,
and payroll services
Architectural, engineering, and related services
Specialized design services
Computer systems design and related services
Management, scientific, and technical
consulting services
Scientific research and development services
Advertising, public relations, and related services
Other professional, scientific, 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
5612
5613
5614
5615
5616
5617
5619
5620

Office administrative services
Facilities support services
Employment services
Business support services
Travel arrangement and reservation services
Investigation and security services
Services to buildings and dwellings
Other support services
Waste management and remediation services

Educational Services
6110 Educational services

Health Care and Social Assistance
6210
6220
6230
6240

Ambulatory health care services
Hospitals
Nursing and residential care facilities
Social assistance services

Arts, Entertainment, and Recreation
7110

7121
7130

Performing arts, spectator sports,
and related industries
Museums, historical sites, and similar institutions
Amusement, gambling, and recreation industries

Accommodation and Food Services
7210 Accommodation
7220 Food services and drinking places

Other Services
8110
8120
8130

Repair and maintenance
Personal and laundry services
Religious, grantmaking, civic, professional,
and similar organizations

Public Administration
9200 Public administration

2016 ANUAL SURVEY OF FOREIGN DIRECT INVESTMENT IN THE UNITED STATES
BE-15B INSTRUCTIONS
NOTE: Instructions in section IV are cross-referenced by number to the items located on pages 2 to 13.

Authority – This survey is being conducted pursuant to the International
Investment and Trade in Services Survey Act (P.L. 94-472., 90 Stat. 2059,
22 U.S.C. 3101-3108, as amended, hereinafter “the Act”), and the filing of
reports is MANDATORY pursuant to Section 5(b)(2) of the Act (22 U.S.C.
3104).
A response is required from persons (in the broad sense, including
companies) subject to the reporting requirements of the BE-15 survey.
Also, persons contacted by BEA concerning their being subject to
reporting, either by sending them a report form or by written inquiry, must
respond pursuant to section 801.3 of 15 CFR, pt. 801 and the survey
instructions. This may be accomplished by completing and submitting
Form BE-15A, BE-15B, BE-15C, or BE-15 Claim For Exemption,
whichever is applicable, by May 31, 2017.
Penalties – Whoever fails to report shall be subject to a civil penalty of
not less than $4,454, and not more than $44,539, and to injunctive relief
commanding such person to comply, or both. These civil penalties are
subject to inflationary adjustments. Those adjustments are found in 15
CFR 6.4. Whoever willfully fails to report shall be fined not more than
$10,000 and, if an individual, may be imprisoned for not more than one
year, or both. Any officer, director, employee, or agent of any corporation
who knowingly participates in such violations, upon conviction, may be
punished by a like fine, imprisonment or both (22 U.S.C. 3105).

Foreign ownership interest – All direct and indirect lines of ownership
held by a foreign person in a given U.S. business enterprise must be
summed to determine if the enterprise is a U.S. affiliate of the foreign
person for purposes of reporting.
Indirect ownership interest in a U.S. business enterprise is the
product of the direct ownership percentage of the foreign parent in the
first U.S. business enterprise in the ownership chain multiplied by that
first enterprise’s direct ownership percentage in the second U.S. business
enterprise, multiplied by each succeeding direct ownership percentage of
each other intervening U.S. business enterprise in the ownership chain
between the foreign parent and the given U.S. business enterprise.
Example: In the diagram below, foreign person A owns 100% of the
voting stock of U.S. affiliate B; U.S. affiliate B owns 50% of the voting stock
of U.S. affiliate C; and U.S. affiliate C owns 25% of the voting stock of U.S.
affiliate D. Therefore, U.S. affiliate B is 100% directly owned by foreign
person A; U.S. affiliate C is 50% indirectly owned by foreign person A; and
U.S. affiliate D is 12.5% indirectly owned by foreign person A.
Calculation of Foreign Ownership
Foreign
U.S.

100% directly owned
by foreign person A

↓ 50%
U.S. affiliate C
100% x 50% = 50% indirectly
owned by foreign person A

↓ 25%
U.S. affiliate D
100% x 50% x 25% = 12.5%
indirectly owned by foreign person A

A report is required even if the foreign person’s voting interest in the U.S.
business enterprise was established or acquired during the reporting
period.
Beneficial, not record, ownership is the basis of the reporting criteria.
Voting securities, voting stock, and voting interest all have the same
general meaning and are used interchangeably throughout these
instructions and the report forms.

Confidentiality – The Act pro vides that your report to this Bureau
is CONFIDENTIAL and may be used only for analytical or statistical
purposes. Without your prior written permission, the information filed
in your report CANNOT be presented in a manner that allows it to be
individually identified. Your report CANNOT be used for purposes of
taxation, investigation, or regulation. Copies retained in your files are
immune from legal process. Per the Cybersecurity Enhancement Act of
2015, your data are protected from cybersecurity risks through security
monitoring of the BEA information systems.

Airline and ship operators – U.S. stations, ticket offices, and terminal
and port facilities of foreign airlines and ship operators that provide
services ONLY to the foreign airlines’ and ship operators’ own operation
are not required to report. Reports are required when such enterprises
produce significant revenues from services provided to unaffiliated
persons.

I. REPORTING REQUIREMENTS
A. Who must report – A BE-15 report is required for each U.S. affiliate,
i.e., for each U.S. business enterprise in which a foreign person or
entity owned or controlled, directly or indirectly, 10 percent or more of
the voting securities if an incorporated U.S. business enterprise, or an
equivalent interest if an unincorporated U.S. business enterprise, at
the end of the business enterprise’s fiscal year that ended in calendar
year 2016.

FORM BE-15B (REV 12/2016)

↓ 100%
U.S. affiliate B

Notwithstanding any other provision of the law, no person is required
to respond to, nor shall any person be subject to a penalty for failure to
comply with, a collection of information subject to the requirements of the
Paperwork Reduction Act, unless that collection of information displays a
currently valid OMB Control Number. The control number for this survey
is at the top of page 1.
Respondent Burden – Public reporting burden for this BE-15B is
estimated to vary from 75 minutes to 9 hours per response, with an
average of 3.5 hours per response, including the time for reviewing
instructions, searching existing data sources, gathering and maintaining
the data needed, and completing and reviewing the collection of
information. Send comments regarding this burden estimate or any
other aspect of this collection of information, including suggestions for
reducing this burden, to Director,Bureau of Economic Analysis (BE-1),
U.S. Department of Commerce, 4600 Silver Hill Road, Washington,
DC 20233; and to the Office of Management and Budget, Paperwork
Reduction Project 0608-0042, Washington, DC 20503.

Foreign person A

Agencies and representative offices – U.S. representative offices,
agents, and employees of a foreign person or entity that meet the criteria
outlined below are not considered to be U.S. affiliates, and therefore,
should not be reported on Forms BE-15A, BE-15B, or BE-15C. However,
a foreign person’s or entity’s disbursements to maintain U.S. sales and
representative offices must be reported on Form BE-125, Quarterly
Survey of Transactions in Selected Services and Intangible Assets with
Foreign Persons. Copies of Form BE-125 are available on BEA’s Web
site at: www.bea.gov/surveys/iussurv.htm

Page 14

I. REPORTING REQUIREMENTS – Continued
A U.S. presence of a foreign person or entity (or their representative(s))
is considered a U.S. sales promotion or representative office if:

g. Did any one of the items – Total assets, Sales or gross operating
revenues, or Net income (loss) – for the U.S. affiliate (not just the
foreign parent’s share) exceed $300 million at the end of, or for, its
fiscal year that ended in calendar year 2016?

¨ Yes — File Form BE-15A by May 31, 2017.
¨ No — File Form BE-15B by May 31, 2017.

1. It is engaged only in sales promotion, representational activities,
public relations activities, or the gathering of market information,
on behalf of the foreign person or entity;
2. It does not produce revenue (other than funds from the foreign
person or entity to cover its expenses); and
3. It has minimal assets held either in its own name or the name
of the foreign person or entity.

Which 2016 BE-15 Form to File?

A U.S. presence of a foreign person or entity (or their representative(s))
that produces revenue for its own account from goods or services it
provides to others is considered a U.S. affiliate and is subject to the
BE-15 reporting requirements.
1. Which form to file – Review the questions below and the flow chart on
this page to determine if your U.S. business enterprise is required to file
the BE-15 survey. Blank forms can be found at: www.bea.gov/fdi

At least 10 percent voting interest directly
and/or indirectly owned by a foreign person?

Yes

More than 50 percent of the voting rights owned by
another U.S. affiliate at end of the fiscal year ending in
calendar year 2016?

a. Were at least 10 percent of the voting rights in your business
enterprise directly or indirectly owned by a foreign person or entity at
the end of your fiscal year that ended in calendar year 2016?

File Form BE-15
Claim for Exemption

Yes

Do different foreign persons hold a direct and indirect
ownership interest in the U.S. affiliate (exception c to the
consolidation rules found in instruction IV.2. on page 18)?

¨ Yes — Continue with question b.
¨ No — File Form BE-15 Claim for Exemption by May 31, 2017.
b. Were more than 50 percent of the voting rights in this U.S. business
enterprise owned by another U.S. affiliate at the end of this U.S.
business enterprise’s fiscal year that ended in calendar year 2016?

Yes

This U.S. affiliate must be consolidated on the
BE-15 report of the U.S. affiliate that owns it
more than 50 percent. File Form BE-15
Claim for Exemption.

¨ Yes — Continue with question c.
¨ No — Skip to question d. NOTE: Your business is hereafter
referred to as a “U.S. affiliate.”

c. Do different foreign persons hold a direct and an indirect ownership
interest in this U.S. business enterprise (exception c to the
consolidation rules)? (The consolidation rules are found in instruction
IV.2. starting on page 17.)

Assets, sales, or net income (loss) greater than
$40 million (positive or negative)?

¨ Yes — Continue with question d. NOTE: Your business is
hereafter referred to as a “U.S. affiliate.”

¨ No – This U.S. business enterprise must be consolidated on the

Yes

BE-15 report of the U.S. affiliate that owns it more than 50 percent.
File the Form BE-15 Claim for Exemption with page 1 and item (d)
on page 3 completed by May 31, 2017.

File Form BE-15 Claim
for Exemption
Assets, sales, or net income (loss) greater
than $120 million (positive or negative)?

Notify the U.S. affiliate that owns this affiliate more than 50
percent, and have them consolidate your data into their report.

d. Did any one of the items – Total assets, Sales or gross operating
revenues, or Net income (loss) – for the U.S. affiliate (not just the
foreign parent’s share) exceed $40 million at the end of, or for, its
fiscal year that ended in calendar year 2016?

Yes

File Form
BE-15C

¨ Yes — Continue with question e.
¨ No – File Form BE-15 Claim for Exemption by May 31, 2017.

Majority-Owned directly and/or
indirectly by foreign parents?

e. Did any one of the items – Total assets, Sales or gross operating
revenues, or Net income (loss) – for the U.S. affiliate (not just the
foreign parent’s share) exceed $120 million at the end of, or for, its
fiscal year that ended in calendar year 2016?

¨ Yes — Continue with question f.
¨ No – File Form BE-15C by May 31, 2017.
f. Was the U.S. affiliate majority-owned by its foreign parent(s) at
the end of its fiscal year that ended in calendar year 2016? (A
U.S. affiliate is “majority-owned” if the combined direct and indirect
ownership interests of all foreign parents of the U.S. affiliate exceed
50 percent.)

¨ Yes — Continue with question g.
¨ No — File Form BE-15B by May 31, 2017.

FORM BE-15B (REV 12/2016)

Yes

Assets, sales, or net
income (loss) greater
than $300 million
(positive or negative)?

File Form
BE-15B

Yes
File Form
BE-15A

No
File Form
BE-15B

NOTE: Certain private funds may be exempt from filing.
See www.bea.gov/surveys/privatefunds for more information.

Page 15

I. REPORTING REQUIREMENTS – Continued

Example A

2. Who must file Form BE-15B – 2016 Annual Survey of Foreign
Direct Investment in the United States?

Foreign parent
bank A

Foreign
U.S.

A Form BE-15B must be completed and filed by May 31, 2017, by each
U.S. business enterprise that was a U.S. affiliate of a foreign person at
the end of its fiscal year that ended in calendar year 2016, if:

Miami
branch
Los Angeles
branch

a. On a fully consolidated, or, in the case of real estate
investments, an aggregated basis, any one of the following
three items – Total assets (do not net out liabilities), or Sales or
gross operating revenues, excluding sales taxes, or Net income
after provision for U.S. income taxes – for the U.S. affiliate (not
just the foreign parent’s share) exceeded $120 million (positive
or negative) at the end of, or for, its fiscal year that ended in
calendar year 2016, and EITHER b. OR c. below is applicable.

New York City
branch

Data for all three branches (Miami, Los Angeles, and New York
City) owned by Foreign parent bank A may be aggregated on
a single BE-15. If aggregated, list all three branches on the
Supplement A. Report “3” as the number of U.S. branches
aggregated for item 7 on page 3.
Example B

b. The ownership or control (both direct and indirect) by all
foreign parents in the voting securities of an incorporated
U.S. business enterprise (or an equivalent interest of an
unincorporated U.S. business enterprise) at the end of the fiscal
year that ended in calendar year 2016, was 50 percent or
less (i.e., the voting securities, or equivalent interest were not
majority owned by foreign parents), or

Foreign parent
Foreign
U.S.

Branch 3

Branch 1

c. The ownership or control (both direct and indirect) by all foreign
parents in the voting securities of an incorporated U.S. business
enterprise (or an equivalent interest of an unincorporated
U.S. business enterprise) at the end of the fiscal year that
ended in calendar year 2016, exceeded 50 percent (i.e., the
voting securities or equivalent interest were majority owned by
foreign parents), and on a fully consolidated, or, in the case of
real estate investments, on an aggregated basis, none of the
following three items – Total assets (do not net out liabilities),
or Sales or gross operating revenues, excluding sales taxes,
or Net income after provision for U.S. income taxes – for the
U.S. affiliate (not just the foreign parent’s share) exceeded $300
million (positive or negative) at the end of, or for, its fiscal year
that ended in calendar year 2016.

Branch 2

Consolidate data for each branch (branch 1, branch 2, and
branch 3) and U.S. bank B on a single BE-15. DO NOT list
them on the Supplement A. Report “1” as number of U.S.
affiliates consolidated for item 7 on page 3.
II. DEFINITIONS
A. United States, when used in a geographic sense, means the
several States, the District of Columbia, the Commonwealth of
Puerto Rico, and all territories and possessions of the United States.

B. Aggregation of real estate investments – Aggregate all real estate
investments of a foreign person for the purpose of applying the reporting
criteria. Use a single report form to report the aggregate holdings,
unless BEA has granted permission to do otherwise. Those holdings not
aggregated must be reported separately. Real estate is discussed more
fully in instruction V.C. starting on page 22.
C. Aggregated reporting for banks – All U.S. branches and agencies
(including International Banking Facilities) directly owned by a foreign
bank may be aggregated on a single BE-15.
U.S. branches and agencies, directly owned by the foreign parent, that
are aggregated on this report should be counted separately and listed
separately on the Supplement A to this form. See Example A in the next
column.
U.S. branches and agencies, owned by a U.S. bank affiliate, should be
consolidated on this report but not counted separately and not listed
separately on the Supplement A to this form. See Example B in the next
column.
Note that subsequent filings of form BE-15 annual reports and Form
BE-605 quarterly reports with BEA, if required, must be on the same
aggregated basis. If all U.S. branches and agencies directly owned by a
foreign bank are not aggregated on a single report, then each branch or
agency must file a separate BE-15.

FORM BE-15B (REV 12/2016)

U.S. bank B

Page 16

B. Foreign, when used in a geographic sense, means that which
is situated outside the United States or which belongs to or is
characteristic of a country other than the United States.
C. Person, means any individual, branch, partnership, association,
associated group, estate, trust, corporation, or other organization
(whether or not organized under the laws of any state), and any
government (including a foreign government, the U.S. Government,
a state or local government, and any agency, corporation, financial
institution, or other entity or instrumentality thereof, including a
government-sponsored agency).
D. Associated group means two or more persons who, by the
appearance of their actions, by agreement, or by an understanding,
exercise their voting privileges in a concerted manner to influence
the management of a business enterprise. The following are deemed
to be associated groups:
1. Members of the same family.
2. A business enterprise and one or more of its officers or directors.
3. Members of a syndicate or joint venture.
4. A corporation and its domestic subsidiaries.
E. Foreign person means any person resident outside the United
States or subject to the jurisdiction of a country other than the
United States.
F. Direct investment means the ownership or control, directly
or indirectly, by one person of 10 percent or more of the voting
securities of an incorporated business enterprise or an equivalent
interest in an unincorporated business enterprise.

II. DEFINITIONS – Continued

III. GENERAL INSTRUCTIONS

G. Foreign direct investment in the United States means the

A. Changes in the reporting entity – DO NOT restate close fiscal year
2015 balances for changes in the consolidated reporting entity that
occurred during fiscal year 2016. The close fiscal year 2015 balances
should represent the reporting entity as it existed at the close of fiscal
year 2015.

ownership or control, directly or indirectly, by one foreign person of
10 percent or more of the voting securities of an incorporated U.S.
business enterprise or an equivalent interest in an unincorporated
U.S. business enterprise, including a branch.
H. Business enterprise means any organization, association, branch, or
venture that exists for profit-making purposes or to otherwise secure
economic advantage, and any ownership of any real estate.
I. Branch means the operations or activities conducted by a person in a
different location in its own name rather than through an incorporated
entity.
J. Affiliate means a business enterprise located in one country that
is directly or indirectly owned or controlled by a person of another
country to the extent of 10 percent or more of its voting securities for
an incorporated business enterprise or an equivalent interest for an
unincorporated business enterprise, including a branch.

B. Required information not available – Make all reasonable efforts
to obtain the information required for reporting. Answer every
item except where specifically exempt. Indicate when only partial
information is available.
C. Estimates – If actual figures are not available, provide estimates
and label them as such. When items cannot be fully subdivided as
required, provide totals and an estimated breakdown of the totals.
Certain sections of the Form BE-15B require data that may not
normally be maintained in a company’s customary accounting
records. Precise answers for these items may present the respondent
with a substantial burden beyond what is intended by BEA. This
may be especially true for items 28 and 29, U.S. trade in goods by
U.S. affiliate on a shipped basis; items 34 through 50, employment
and property, plant, and equipment data disaggregated by State;
and items 58 through 62, distribution of sales or gross operating
revenues by whether the sales were goods, investment income, or
services, and the distribution of services by transactor. Therefore, the
answers in these sections may be reasonable estimates based upon
the informed judgment of persons in the responding organization,
sampling techniques, prorations based on related data, etc. However,
the estimating procedures used should be consistently applied on all
BEA surveys.

K. U.S. affiliate means an affiliate located in the United States in which
a foreign person has a direct investment.
1. Majority-owned U.S. affiliate means a U.S. affiliate in which the
combined direct and indirect voting interest of all foreign parents of
the U.S. affiliate exceeds 50 percent.
2. Minority-owned U.S. affiliate means a U.S. affiliate in which the
combined direct and indirect voting interest of all foreign parents of
the U.S. affiliate is 50 percent or less.
L. Foreign parent is a foreign person that directly or indirectly holds a
voting interest of 10 percent or more in the U.S. affiliate. It is the first
person outside the United States in a foreign chain of ownership, which
has direct investment in a U.S. business enterprise, including a branch.
M. U.S. corporation means a business enterprise incorporated in the
United States.

D. Space on form insufficient – When space on a form is insufficient
to permit a full answer to any item, provide the required information
on supplementary sheets, appropriately labeled and referenced to the
item number on the form.
IV. INSTRUCTIONS FOR SPECIFIC
SECTIONS OF THE REPORT FORM

N. Intermediary means any agent, nominee, manager, custodian, trust,
or any person acting in a similar capacity.
O. Ultimate beneficial owner (UBO) is that person, proceeding up the
ownership chain beginning with and including the foreign parent, that is
not more than 50 percent owned or controlled by another person. Note:
Stockholders of a closely or privately held corporation are normally
considered to be an associated group and may be a UBO.

NOTE: Instructions in section IV are cross-referenced by number to the
items located on pages 2 to 13.
2 Consolidation rules

P. Banking covers business enterprises engaged in deposit banking
or closely related functions, including commercial banks, Edge Act
corporations engaged in international or foreign banking, foreign
branches and agencies of U.S. banks whether or not they accept
deposits abroad, U.S. branches and agencies of foreign banks
whether or not they accept domestic deposits, savings and loans,
savings banks, bank holding companies, and financial holding
companies under the Gramm-Leach-Bliley Act.

A foreign person holding real estate investments that are reportable
on the BE-15 must aggregate all such holdings. See Instruction I.B.
on page 16 and V.C. starting on page 22 for details.

Q. Lease is an arrangement conveying the right to use property, plant, or
equipment (i.e., land and/or depreciable assets), usually for a stated
period of time.
1. Capital lease – A long-term lease under which a sale of the asset
is recognized at the inception of the lease. These may be shown as
lease contracts or accounts receivable on the lessor’s books. The
asset would not be considered as owned by the lessor.
2. Operating lease – Generally, a lease with a term which is less
than the useful life of the asset and a transfer of ownership is not
contemplated.
R. Private Fund refers to the same class of financial entities defined by
the Securities and Exchange Commission as private funds on Form
PF: “any issuer that would be an investment company as defined in
section 3 of the Investment Company Act of 1940 but for section 3(c)
(1) or 3(c)(7) of ...[that] Act.”

FORM BE-15B (REV 12/2016)

Consolidated reporting by the U.S. affiliate – A U.S. affiliate must
file on a fully consolidated domestic U.S. basis, including the full
consolidation of all U.S. business enterprises proceeding down each
ownership chain whose voting securities are more than 50 percent
owned by the U.S. business enterprise above. The fully consolidated
entity is considered one U.S. affiliate.

Page 17

Do not prepare your BE-15 report using the proportionate
consolidation method. Except as noted in 2b. and 2c. on page 18,
consolidate all majority-owned U.S. business enterprises into your
BE-15 report.
Exceptions to the consolidation rules are detailed in the next
paragraph. Other exceptions are not permitted except in rare
circumstances. Contact BEA if you need to discuss such a
request. If you file deconsolidated reports, you must file the same
type of reports (BE-15A, BE-15B or BE-15C) that would have
been required if a consolidated report was filed. Report majorityowned subsidiaries, if not consolidated, using the equity method
of accounting. DO NOT eliminate intercompany accounts (e.g.,
receivables or liabilities) for affiliates not consolidated.

IV. INSTRUCTIONS FOR SPECIFIC SECTIONS
OF THE REPORT FORM – Continued

Special circumstances:
a. U.S. affiliates without a financial reporting year – If a U.S.
affiliate does not have a financial reporting year, its fiscal year is
deemed to be the same as calendar year 2016.

Exceptions to consolidated reporting – Note: If a U.S. business
enterprise is not consolidated into another U.S. affiliate’s BE-15 report,
then it must be listed on the Supplement B of another U.S. affiliate’s BE15 report, and each U.S. affiliate not consolidated must file its own Form
BE-15.

b. Change in fiscal year
(1) New fiscal year ends in calendar year 2016 – A U.S. affiliate
that changed the ending date of its financial reporting year
should file a 2016 BE-15 report that covers the 12-month
period prior to the new fiscal year end date. The following
example illustrates the reporting requirements.

a. Do not consolidate foreign subsidiaries, branches, operations, or
investments no matter what the percentage ownership.
Include foreign holdings owned 20 percent or more using the equity
method of accounting. DO NOT report employment, land, and other
property, plant, and equipment and DO NOT eliminate intercompany
accounts (e.g., receivables or liabilities) for holdings reported using
the equity method.

Example 1: U.S. affiliate A had a June 30, 2015 fiscal year
end date but changed its 2016 fiscal year end date to March
31. Affiliate A should file a 2016 BE-15 report covering the
12-month period from April 1, 2015, to March 31, 2016.
(2) No fiscal year ending in calendar year 2016 – If a change in
fiscal year results in a U.S. affiliate not having a fiscal year that
ended in calendar year 2016, the affiliate should file a 2016
BE-15 report that covers 12 months. The following example
illustrates the reporting requirements.

DO NOT list any foreign holdings of the U.S. affiliate on the
Supplement B.
Oil and gas sites owned by U.S. affiliates and located outside of U.S.
claimed territorial waters are to be treated as foreign subsidiaries of
the U.S. affiliates if they meet one of the following criteria: (1) they are
incorporated in a foreign country; (2) they are set up as a branch; or
(3) they have a physical presence in a foreign country as evidenced by
property, plant and equipment or employees located in that country.

Example 2: U.S. affiliate B had a December 31, 2015 fiscal year
end date but changed its next fiscal year end date to March 31.
Instead of having a short fiscal year ending in 2016 affiliate B
decides to have a 15-month fiscal year running from January
1, 2016 to March 31, 2017. Affiliate B should file a 2016 BE-15
report covering a 12-month period ending in calendar year
2016, such as the period from April 1, 2015, to March 31, 2016.

Real estate located outside the United States that is owned by the U.S.
affiliate and generates revenues for, or reimbursements to, the U.S.
affiliate, or that facilitates the foreign operations of the U.S. affiliate is a
foreign subsidiary and should not be consolidated on this BE-15 report.
b. Special consolidation rules apply to U.S. affiliates that are limited
partnerships or that have an ownership interest in a U.S. limited
partnership. These rules can be found on BEA’s Web site at:
www.bea.gov/ltdpartner15. Also see instruction 6.b. on page 19 for
additional information about partnerships.

For 2017, assuming no further changes in the fiscal year end
date occur, affiliate B should file a BE-15 report covering the
12-month period from April 1, 2016 to March 31, 2017.
5 Reporting for a U.S. business that became a U.S. affiliate during
fiscal year 2016 —
a. A U.S. business enterprise that was newly established in fiscal
year 2016 should file a report for the period starting with the
establishment date up to and ending on the last day of its fiscal year
that ended in calendar year 2016. DO NOT estimate amounts for a
full year of operations if the first fiscal year is less than 12 months.

c. A U.S. affiliate in which a direct ownership interest and an indirect
ownership interest are held by different foreign persons should not
be fully consolidated into another U.S. affiliate, but must complete and
file its own Form BE-15 report. (See diagram below.)

Foreign person B

b. A U.S. business enterprise existing before fiscal year 2016 that
became a U.S. affiliate in fiscal year 2016 should file a report
covering a full 12 months of operations.

Foreign person A

Foreign

6 Reporting by unincorporated U.S. affiliates
100%

U.S.
30%

a. Directly owned vs. indirectly owned

U.S. affiliate X

(1) Directly owned – Each unincorporated U.S. affiliate, including
a branch, that is directly owned 10 percent or more by a foreign
person should file a separate BE-15 report. Do not combine
two or more directly owned U.S. affiliates on a single BE-15
report. The only exceptions are for U.S. affiliates that are real
estate investments or banks. See Instruction I.B. on page 16
and Instruction V.C. starting on page 22 for details on real
estate. See Instruction I.C. on page 16 for details on banks.

60%
U.S. affiliate Y
U.S. affiliate Y should not be fully consolidated into U.S. affiliate X
because of the 30 percent direct ownership by foreign person B.

If this exception applies, reflect the indirect ownership interest, even
if more than 50 percent, on the balance sheet and income statement
of the owning U.S. affiliate’s BE-15 report on an equity basis. For
example, using the situation shown in the diagram above, U.S. affiliate
X must treat its 60 percent ownership interest in U.S. affiliate Y as an
equity investment. DO NOT eliminate intercompany accounts (e.g.,
receivables or liabilities) for affiliates not consolidated.
4 Reporting period – The report covers the U.S. affiliate’s 2016 fiscal
year. The affiliate’s 2016 fiscal year is defined as the affiliate’s financial
reporting year that had an ending date in calendar year 2016.

FORM BE-15B (REV 12/2016)

Page 18

(2) Indirectly owned – Except as noted in the exceptions to the
consolidation rules above, an indirectly owned unincorporated
U.S. business enterprise that is owned more than 50 percent
(voting interest) by another U.S. affiliate should be fully
consolidated on the report with the U.S. affiliate that holds the
voting interest greater than 50 percent. An indirectly owned
unincorporated U.S. business enterprise owned 50 percent
(voting interest) or less by another U.S. affiliate should file a
separate BE-15 report if no other U.S. affiliate owns a voting
interest of more than 50 percent.

IV. INSTRUCTIONS FOR SPECIFIC SECTIONS
OF THE REPORT FORM – Continued

the contrary is contained in the partnership agreement,
limited partners are presumed to have zero voting interest
in a limited partnership. If a limited partnership has one
or more limited partners who are foreign persons, the
foreign limited partners are presumed to have no voting
interest, and, therefore, no direct investment in the limited
partnership.

b. Partnerships – Most partnerships are either general partnerships
or limited partnerships. A general partnership usually consists of at
least two general partners who together control the partnership. A
limited partnership usually consists of at least one general partner
and one limited partner. The general partner usually controls a
limited partnership. The limited partner has a financial interest
but does not usually have any voting rights (control) in a limited
partnership.
Partners without voting rights (control) cannot have direct
investment in a partnership. Therefore, limited partners do not
usually have direct investment. The existence of direct investment
in a partnership is determined by the percentage of control
exercised by the partner(s). The percentage of control exercised by
a partner may differ from its financial interest in the partnership.

Managing partners – See discussion under “General
Partnerships” to the left.
(b) Consolidation Rules
Special consolidation rules apply to U.S. affiliates that
are limited partnerships or that have an ownership
interest in a U.S. limited partnership. These rules can
be found on BEA’s Web site at: www.bea.gov/ltdpartner15
c. Limited Liability Companies (LLCs)
Determination of voting interest – “Voting interest” is defined in
instructions for items 9-13. The determination of the percentage
of voting interest in an LLC is based on who controls the LLC. The
percentage of voting interest is not based on the percentage of
ownership in the LLC’s equity. LLCs are presumed to be controlled
equally by each of its members (owners), unless a clause to the
contrary is contained in the articles of organization or the operating
agreement. For example, if an LLC has two members, and nothing
to the contrary is contained in the articles of organization or the
operating agreement, then each member is presumed to have a 50
percent voting interest in the LLC; if there are three members, then
each member is presumed to have a one-third voting interest in the
LLC.

(1) General partnerships
Determination of voting interest – “Voting interest” is defined
in instructions 9-13 beginning on this page. The determination
of the percentage of voting interest of a general partner is
based on who controls the partnership. The percentage of
voting interest is not based on the percentage of ownership in
the partnership’s equity. The general partners are presumed
to control a general partnership. Unless a clause to the
contrary is contained in the partnership agreement, a general
partnership is presumed to be controlled equally by each of
the general partners. For example, if a partnership has two
general partners, and nothing to the contrary is stated in the
partnership agreement, each general partner is presumed to
have a 50 percent voting interest. If there are three general
partners, each general partner is presumed to have a onethird voting interest, etc.
Managing partners – If one general partner is designated
as the managing partner, responsible for the day-to-day
operations of the partnership, this does not necessarily
transfer control of the partnership to the managing partner.
If the managing partner must obtain approval for annual
operating budgets and for decisions relating to significant
management issues from the other general partners, then the
managing partner does not have a 100 percent voting interest
in the partnership.
(2) Limited partnerships
(a) Determination of voting interest – “Voting interest”
is defined in instructions 9-13 beginning on this page.
The determination of the percentage of voting interest
in a limited partnership is based on who controls the
partnership. The percentage of voting interest is not
based on the percentage of ownership in the partnership’s
equity. In most cases, the general partner is presumed
to control a limited partnership, and therefore, have a
100 percent voting interest in the limited partnership. If
there is more than one general partner, the partnership is
presumed to be controlled equally by each of the general
partners, unless a clause to the contrary is contained
in the partnership agreement. For example, if a limited
partnership has two general partners, and nothing to the
contrary is stated in the partnership agreement, then each
general partner is presumed to have a 50 percent voting
interest in the limited partnership.
Limited partners do not normally exercise any control
over a limited partnership. Therefore unless a clause to

FORM BE-15B (REV 12/2016)

Managing member – If one member is designated as the managing
member responsible for the day-to-day operations of the LLC, this
does not necessarily transfer control of the LLC to the managing
member. If the managing member must obtain approval for annual
operating budgets and decisions relating to other significant
management issues from the other members, then the managing
member does not have a 100 percent voting interest in the LLC.
8 U.S. affiliates NOT consolidated – Report investments in U.S.
business enterprises that are not fully consolidated and that are
owned 20 percent or more using the equity method of accounting.
DO NOT report employment, land, and other property, plant, and
equipment and DO NOT eliminate intercompany accounts (e.g.,
receivables or liabilities) for holdings reported using the equity
method.
You may report immaterial investments using the cost method of
accounting if this treatment is consistent with your normal reporting
practice. Report investments owned less than 20 percent in
accordance with FASB ASC 320 (formerly FAS 115) or the cost basis
of accounting.
List all U.S. affiliates in which this U.S. affiliate has a voting interest of
at least 10 percent and that are not consolidated in this Form BE-15B
on the Supplement B.
9 – 13 — Ownership — Voting interest and equity interest
a. Voting interest is the percent of ownership in the voting equity of the
U.S. affiliate. Voting equity consists of ownership interests that have
a say in the management of the company. Examples of voting equity
include capital stock that has voting rights and a general partner’s
interest in a partnership. See instruction 6.b.(1) and 6.b.(2)(a) for
information about determining the voting interest for partnerships. See
instruction 6c. for information about determining the voting interest for
Limited Liability Companies.

Page 19

IV. INSTRUCTIONS FOR SPECIFIC SECTIONS
OF THE REPORT FORM – Continued

Wages and salaries include in-kind payments, valued at their cost,
that are clearly and primarily of benefit to the employees as
consumers. Exclude expenditures that benefit employers as well
as employees, such as expenditures for plant facilities, employee
training programs, and reimbursement for business expenses.

b. Equity interest is the percent of ownership in the total equity (voting
and nonvoting) of the U.S. affiliate. Nonvoting equity consists of
ownership interests that do not have a say in the management of the
company. An example of nonvoting equity is preferred stock that has
no voting rights.

Employee benefit plans are employer expenditures for all employee
benefit plans, including those required by government statute, those
resulting from a collective bargaining contract, or those that are
voluntary. Employee benefit plans include Social Security and other
retirement plans, life and disability insurance, guaranteed sick pay
programs, workers’ compensation insurance, medical insurance,
family allowances, unemployment insurance, severance pay funds,
etc. If plans are financed jointly by the employer and the employee,
include only the contributions of the employer.

Voting interest and equity interest are not always equal.
For example, an owner can have a 100 percent voting interest in a
U.S. affiliate but own less than 100 percent of the affiliate’s total equity.
This situation is illustrated in the following example.
Example: U.S. affiliate A has two classes of stock, common and
preferred. There are 50 shares of common stock outstanding. Each
common share is entitled to one vote and has an ownership interest
in 1 percent of the total owners’ equity amount. There are 50 shares of
preferred stock outstanding. Each preferred share has an ownership
interest in 1 percent of the total owners’ equity amount but has no
voting rights. Foreign parent B owns all 50 shares of the common
stock. U.S. investors own all 50 shares of the preferred stock. Since
foreign parent B owns all of the voting stock, foreign parent B has a
100 percent voting interest in U.S. affiliate A. However, since all 50
shares of the nonvoting preferred shares are owned by U.S. investors,
foreign parent B has only a 50 percent equity interest in the owners’
equity amount of U.S. affiliate A.

25 Research and development (R&D) performed BY the U.S.
affiliate – R&D is planned, creative work aimed at discovering
new knowledge or developing new or significantly improved goods
and services. This includes a) activities aimed at acquiring new
knowledge or understanding without specific immediate commercial
application or use (basic research); b) activities aimed at solving
a specific problem or meeting a specific commercial objective
(applied research); and c) systematic use of research and practical
experience to produce new or significantly improved goods,
services, or processes (development).
R&D does NOT include expenditures for:

17 – 22 — Industry classification and total sales of fully
consolidated U.S. affiliate

• Costs for routine product testing, quality control, and technical
services unless they are an integral part of an R&D project

Book publishers and printers – Printing books without publishing is
classified in international surveys industry (ISI) code 3231 (printing and
related support activities) not ISI code 5111 (newspaper, periodical,
book, and directory publishers).

• Market research
• Efficiency surveys or management studies
• Literary, artistic, or historical projects, such as films, music, or
books and other publications

Real estate investment trusts (REITS) – Report hybrid or mortgage
REITS in ISI code 5252 (Funds, trusts, and other financial vehicles).
Report all other REITS in ISI code 5310 (Real estate).

• Prospecting or exploration for natural resources
Basic research is the pursuit of new scientific knowledge or
understanding that does not have specific immediate commercial
objectives, although it may be in fields of present or potential
commercial interest.

Repos and reverse repos – To report sales by industry (items 17–22),
interest income and interest expense associated with repos and reverse
repos should be offset against one another and reported at the net
amount. On the balance sheet, reverse repos should be reported as
assets and included on item 30 (total assets) while repos should be
reported as liabilities and included on item 31 (total liabilities).
If you are required to complete page 10, then in item 59 (investment
income included in gross operating revenues) interest income and
interest expense associated with repos and reverse repos should be
offset against one another and reported at the net amount. However, in
items 55 (interest income from all sources) and 56 (interest expense plus
interest capitalized) interest income and interest expense associated with
repos and reverse repos should be reported at the gross amounts.
24 Employee compensation – Base employee compensation on
payroll records related to activities during the reporting period.
Employee compensation includes wages and salaries and
employee benefit plans.
Wages and salaries are the gross earnings of all employees before
deduction of employees’ payroll withholding taxes, social insurance
contributions, group insurance premiums, union dues, etc. Include
time and piece rate payments, cost of living adjustments, overtime
pay and shift differentials, bonuses, profit sharing amounts, and
commissions. Exclude commissions paid to persons who are not
employees.
Wages and salaries include direct payments by employers for
vacations, sick leave, severance (redundancy) pay, etc. Include
employer contributions to benefit funds. Exclude payments made by,
or on behalf of, benefit funds rather than by the employer.

FORM BE-15B (REV 12/2016)

Page 20

Applied research applies the findings of basic research or other
existing knowledge toward discovering new scientific knowledge that
has specific 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 significant 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.
INCLUDE all costs incurred to support R&D performed by the
affiliate. 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.

IV. INSTRUCTIONS FOR SPECIFIC SECTIONS
OF THE REPORT FORM – Continued

Packaged general use computer software – INCLUDE exports and
imports of packaged general use computer software at full transaction
value, i.e., including both the value of the media on which the software
is recorded and the value of the information contained on the media.
EXCLUDE receipts or payments for customized software designed to
meet the needs of a specific user. This type of software is considered
a service and should not be reported as trade in goods. EXCLUDE
receipts and payments for software that is transmitted electronically
rather than physically shipped. Also, EXCLUDE negotiated licensing fees
for software to use on networks.

28 – 29 – U.S. trade in goods by U.S. affiliate on a
shipped basis
U.S. trade in goods is the physical movements of goods between the
customs area of the United States and the customs area of a foreign
country. Goods shipped by, or to, the U.S. affiliate whether or not they
were actually charged or consigned by, or to, the U.S. affiliate, are
considered to be trade of the U.S. affiliate.
NOTE: Goods shipped by an independent carrier or a freight forwarder to
or from the United States at the expense of a U.S. affiliate are imports or
exports of the U.S. affiliate.
Report U.S. trade in goods on a “shipped” basis rather than a
“charged” basis. The shipped basis looks at the physical movement of
goods.
However, U.S. affiliates normally keep their accounting records on a
“charged basis.” The “charged” basis may be used if there is no material
difference between it and the “shipped” basis. However, if there is a
material difference, the “shipped” basis must be used or adjustments
must be made to the “charged” basis data to approximate a “shipped”
basis. To adjust “charged” basis data to a “shipped” basis it may be
necessary to look at export and import declarations filed with U.S.
customs or shipping and receiving documents to determine the physical
movement of goods.

33 – 50 Employment by location – Include all full-time and
part-time employees on the payroll at the end of FY 2016. If
employment at the end of FY 2016, or the count taken at some
other time during FY 2016, was unusually high or low because
of temporary factors (e.g., a strike), give the number of employees that reflects normal operations. If the business enterprise’s
activity involves large seasonal variations, give the average
number of employees for FY 2016. If precise figures are not
available, give your best estimate.
Location of employees is the U.S. state, territory, or possession in
which the person is permanently employed.
Foreign – Except as noted below, exclude employees located outside
of the United States from items 33–50.
a. Employees normally located in the United States who are
on a temporary duty assignment outside of the country
for one year or less should be reported in the U.S. state
where they are normally located.

Differences between the “charged” and “shipped” basis may be
substantial. A major difference arises when a U.S. affiliate buys goods
in foreign country A and sells them in foreign country B. Because the
goods did not physically enter or leave the United States, they are not
U.S. trade.

b. Employees normally located in the United States who are on a
duty assignment outside of the country for more than one year
and carried on the payroll of the domestic U.S. affiliate should
be reported in item 49. Exclude these employees from the BE15 report if they are carried on a foreign payroll.

However, when the U.S. affiliate records the transactions on its books, it
would show a purchase charged to it from country A and a sale charged
by it to country B. If the U.S. affiliate’s trade data in this survey were
prepared on the “charged” basis, the purchase and sale would appear
incorrectly as a U.S. import and U.S. export, respectively.

53 Certain gains (losses) – Note: Read the following
instructions carefully as they are based on economic
accounting concepts and, in some cases, may deviate from
accounting principles.

Timing – Only include goods actually shipped during FY 2016 regardless
of when the goods were charged or consigned.

a. Extraordinary, unusual, or infrequently occurring items
that are material. Include losses from accidental damage or
disasters, after estimated insurance reimbursement. Include
other material items, including writeups, writedowns, and
writeoffs of tangible and intangible assets; and gains (losses)
from the sale or other disposition of capital assets. Exclude
legal judgments;

Valuation of exports and imports – Value goods f.a.s. (free alongside
ship) at the port of exit. INCLUDE all costs incurred up to the point of
loading the goods aboard the export carrier at the port of exit, including
the selling price at the interior point of shipment (or cost if not sold),
packaging costs, and inland freight and insurance. EXCLUDE all
subsequent costs such as loading costs, U.S. and foreign import duties,
and freight and insurance from the port of export to the port of entry.
In-transit goods – Exclude the value of any goods that are in-transit.
In-transit goods are goods that are en route from one foreign country to
another via the United States (such as from Canada to Mexico via the
United States), and goods en route from one part of the United States to
another part via a foreign country (such as from Alaska to Washington
State via Canada).
Capital goods – Include capital goods (e.g., manufacturing equipment
used to produce goods for sale) but exclude the value of ships, planes,
railroad rolling stock, and trucks that were temporarily outside the United
States transporting people or merchandise.
Consigned goods – Include consigned goods in the trade figures when
shipped or received, even though they are not normally recorded as
sales or purchases, or entered into intercompany accounts when initially
consigned.
Electricity, water, and natural gas – Report ONLY the product value
(electricity, water, and natural gas). DO NOT report the service value
(transmission and distribution).

FORM BE-15B (REV 12/2016)

Report at gross amount before income tax effect.
Report gains (losses) resulting from:

Page 21

b. Restructuring. Include restructuring costs that reflect write
downs or writeoffs of assets or liabilities. EXCLUDE actual
payments, or charges to establish reserves for future actual
payments, such as for severance pay, and fees to accountants,
lawyers, consultants, or other contractors;
c. Sale or disposition of land, other property, plant and
equipment, or other assets, and FASB ASC 360 (formerly
FAS 144) impairment losses. EXCLUDE gains (losses)
from the sale of inventory assets in the ordinary course of
trade or business. Real estate companies, see special
instructions;
d. Sales or other dispositions of financial assets, including
investment securities; gains (losses) related to fair value
accounting; FASB ASC 320 (formerly FAS 115) holding gains
(losses) on securities classified as trading securities; FASB
ASC 320 impairment losses; and gains and losses derived
from derivative instruments.

IV. INSTRUCTIONS FOR SPECIFIC SECTIONS
OF THE REPORT FORM – Continued

• Advertising revenue.
• Commissions and fees earned by companies engaged in
finance and real estate activities.

e. Goodwill impairment as defined by FASB ASC 350
(formerly FAS 142);

• Commissions earned by agents or brokers (i.e., wholesalers)
who act on behalf of buyers and sellers in the wholesale
distribution of goods.

f. DISPOSALS of discontinued operations. EXCLUDE
income (loss) from the operations of a discontinued
segment. Report such income (loss) as part of your income
from operations in items 17 through 22;

• Magazines and periodicals sold through subscriptions. NOTE:
Report magazines and periodicals sold through retail stores, as
sales of goods in item 58.
• Newspapers.

g. Remeasurement of the U.S. affiliate’s foreign–currency–
denominated assets and liabilities due to changes in
foreign exchange rates during the reporting period;

• Pipeline transportation.
• Software downloaded from the Internet, electronic mail,
an extranet, electronic data interchange network, or some
other online system.

h. The cumulative effect of a change in accounting principle;
and

• Computer systems design and related services.

i. The cumulative effect of a change in the estimate of stock
compensation forfeitures under FASB ASC 718 (formerly
FAS 123(R)).

• Negotiated licensing fees for software to be used on networks.
• Electricity transmission and distribution, natural gas distribution,
and water distribution.

Special instructions for real estate companies.
Real estate companies – Include in item 53:
(a) Impairment losses as defined by FASB ASC 360 (formerly FAS
144), and
(b) Goodwill impairment as defined by FASB ASC 350 (formerly FAS
142).
EXCLUDE the revenues earned and expenses incurred from the
sale of real estate you own. Such revenues should be reported
as operating income in items 22 (column 2), 57, and as sales of
goods in item 58.

V. SPECIAL INSTRUCTIONS
A. Insurance companies – Reporting should be in accordance
with U.S. Generally Accepted Accounting Principles not Statutory
Accounting Practices (SAP). For example, the BE-15 report should
include the following assets even though they are not acceptable
under SAP: 1. non-trusteed or free account assets, and 2.
nonadmitted assets such as furniture and equipment, agents’ debit
balances, and all receivables deemed to be collectible.
Item on Form:
22 Total sales – Include items such as earned premiums, annuity
considerations, dividends, interest, and items of a similar nature.
Exclude income from unconsolidated affiliates. Also exclude
income that would be reported in item 53, certain gains (losses).

58 Sales of goods – Goods are outputs that are tangible. Report as
sales of goods:
• Mass produced media, including exposed film, video tapes,
DVDs, audio tapes, and CDs.

Premiums earned by companies engaged in insurance
activities. NOTE: Calculate 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.

• Books. NOTE: Book publishers – To the extent feasible, report
as sales of services all revenues associated with the design,
editing, and marketing activities necessary for producing and
distributing books that you both publish and sell. If you cannot
unbundle (i.e., separate) these revenues from the value of the
books you sell, then report your sales as sales of goods or
services based on a best estimate of the value in each.

30 Total assets – Include current items such as agents’ balances,
uncollected premiums, amounts recoverable from reinsurers,
and other current notes and accounts receivable (net of
allowances for doubtful items) arising from the ordinary course
of business.

• Energy trading activities where you take title to the goods.
NOTE: If you act in the capacity of a broker or agent to
facilitate the sale of goods and you do not take title to the
goods, report your revenue (i.e., commissions) as sales of
services in item 60.

31 Total liabilities – Include current items such as loss liabilities,
policy claims, commissions due, other current liabilities arising
from the ordinary course of business, and
long-term debt.

• Magazines and periodicals sold in retail stores. NOTE: Report
subscription sales as sales of services in item 60.
• Packaged general use computer software.

32 Total owners’ equity – Include mandatory securities valuation
reserves that are appropriations of retained earnings.

• Structures sold by businesses in real estate.
• Revenues earned from building structures by businesses in
construction.
• Electricity, natural gas, and water. NOTE: Revenues derived
from transmitting and/or distributing these goods, as opposed to
revenues derived from the sale of the actual product, should, to
the extent feasible, be reported as sales of services in item 60.
59 Investment income – Report dividends and interest
generated by finance and insurance subsidiaries or units
as investment income. NOTE: Report commissions and
fees as sales of services in item 60.

B. Railroad transportation companies – Railroad transportation
companies should include only the net annual balances for interline
settlement items (car hire, car repair, freight revenues, switching
revenues, and loss and damage settlements) in items 30 and 31.
C. Real Estate – The ownership of real estate is defined to be a
business enterprise, and if the real estate is foreign owned, it
is a U.S. affiliate of a foreign person.

60 Sales of services – Services are outputs that are
intangible. Report as sales of services:

FORM BE-15B (REV 12/2016)

Page 22

V. SPECIAL INSTRUCTIONS – Continued
Residential real estate held exclusively for personal use and not for
profit making purposes is not subject to the reporting requirements.
A residence that is an owner’s primary residence that is then leased
by the owner while outside the United States, but which the owner
intends to reoccupy, is considered real estate held for personal use
and therefore not subject to the reporting requirements. Ownership
of U.S. residential real estate by a corporation whose sole purpose
is to hold the real estate for the personal use of the owner(s) of the
corporation is considered to be real estate held for personal use and
therefore not subject to the reporting requirements.
Aggregation of real estate investments – A foreign person holding
real estate investments that are reportable on the BE-15 must aggregate
all such holdings for the purpose of applying the reporting criteria (see
instruction I.B. on page 16). File a single BE-15B report covering the
aggregated holdings. If on an aggregated basis any one of the following
three items – total assets (do not net out liabilities), or sales or gross
operating revenues, excluding sales taxes, or net income after provision
for U.S. income taxes – exceeds $300 million (positive or negative) and
the foreign voting ownership in the real estate exceeds 50 percent, file
Form BE-15A. If permission has been received in writing from BEA to file
on an non-aggregated basis, you must report each real estate investment
on a Form BE-15A if a Form BE-15A would have been required on an
aggregated basis. Non-aggregated reports should be filed as a group
and you should inform BEA that they are all for one owner.
On page 1, for the name and address of the U.S. business enterprise,
BEA is not seeking a legal description of the property, nor necessarily
the address of the property itself. Because there may be no operating
business enterprise for a real estate investment, what BEA seeks is a
consistently identifiable name for the investment (i.e., the U.S. affiliate)
together with an address to which report forms can be mailed so that
the investment (affiliate) can be reported on a consistent basis for each
reporting period and for the various BEA surveys.

owned by another U.S. affiliate, and no U.S. affiliate owns a
voting interest of more than 50 percent, then a separate BE-15
report must be filed by the owned affiliate. The BE-15 report(s)
of the owning affiliate(s) must show an equity investment in the
owned affiliate.
E. Farms – For farms that are not operated by their foreign owners,
income and related items should be prepared based on the extent
to which the income from the farm accrues to, and the expenses
of the farm are borne by, the owner. Generally, this means that
income, expenses, and gain (loss) assignable to the owner should
reflect the extent to which the risk of the operation falls on the
owner. For example, even though the operator and other workers
on the farm are hired by a management firm, if their wages and
salaries are assigned to, and borne by, the farm operation being
reported, then the operator and other workers should be reported
as employees of that farm operation and the wages and salaries
should be treated as an expense.
EXAMPLES:
1. If the farm is leased to an operator for a fixed fee, the owner
should report the fixed fee in “total sales” and should treat the
non-operating expenses that he or she may be responsible for,
such as real estate taxes, interest on loans, etc., as expenses.
2. If the farm is operated by a management firm that oversees the
operation of the farm and hires an operator, but the operating
income and expenses are assigned to the owner, the income
and expenses so assigned should be shown in the requested
detail for income-related items. (The report should not show
just one item, i.e., the net of income less the management fee,
where the management fee includes all expenses.)
F. Estates, trusts, and intermediaries
A foreign estate is a person and therefore may have direct
investment, and the estate, not the beneficiary, is considered to
be the owner.

Thus, on page 1 of the BE-15 survey forms the “name and address”
of the U.S. affiliate might be:

A trust is a person but it is not a business enterprise. The trust is
considered to be the same as an intermediary, and should report
as outlined in the instructions for intermediaries below.

XYZ Corp. N.V., Real Estate Investments
c/o B&K Inc., Accountants
120 Major Street
Miami, FL XXXXX
If the investment property has a name, such as Sunrise Apartments, the
name and address on page 1 of the BE-15 survey forms might be:
Sunrise Apartments c/o
ABC Real Estate
120 Major Street
Miami, FL XXXXX
There are items throughout the Form BE-15B that may not apply
to certain types of real estate investments, such as the employer
identification number, the number of employees, and exports and
imports. In such cases, mark the items “none.”

This procedure is adopted in order to fulfill the statistical purposes of
this survey and does not imply that control over an enterprise owned
or controlled by a trust is, or can be, exercised by the beneficiary(ies)
or creator(s).

D. Joint ventures and partnerships – If a foreign person has a direct
or indirect voting ownership interest of 10 percent or more in a joint
venture, partnership, etc., that is formed to own and hold, develop, or
operate real estate, the joint venture, partnership, etc., in its entirety,
not just the foreign person’s share, is a U.S. affiliate and must be
reported as follows:
1. If the foreign interest in the U.S. affiliate is directly held by the
foreign person then a BE-15 report must be filed by the affiliate
(subject to the aggregation rules discussed above).
2. If a voting interest of more than 50 percent in the U.S. affiliate is
owned by another U.S. affiliate, the owned affiliate must be fully
consolidated in the BE-15 report of the owning affiliate.
3. If a voting interest of 50 percent or less in the U.S. affiliate is

FORM BE-15B (REV 12/2016)

For reporting purposes, the beneficiary(ies) of the trust, is (are)
considered to be the owner(s) for purposes of determining the
existence of direct investment, except in two cases: (1) if there is,
or may be, a reversionary interest, and (2) if a corporation or other
organization creates a trust designating its shareholders or members
as beneficiaries. In these two cases, the creator(s) of the trust is
(are) deemed to be the owner(s) of the investments of the trust (or
succeeding trusts where the presently existing trust had evolved out
of a prior trust), for the purposes of determining the existence and
reporting of direct investment.

Page 23

For an intermediary:
1. If a U.S. intermediary holds, exercises, administers, or manages
a particular foreign direct investment in the United States for the
beneficial owner, such intermediary is responsible for reporting
the required information for, and in the name of, the U.S.
affiliate. Alternatively, the U.S. intermediary can instruct the U.S.
affiliate to submit the required information. Upon so doing, the
intermediary is released from further liability to report, provided
it has informed BEA of the date such instructions were given
and provides BEA the name and address of the U.S. affiliate,
and has supplied the U.S. affiliate with any information in the
possession of, or which can be secured by, the intermediary
that is necessary to permit the U.S. affiliate to complete the

V. SPECIAL INSTRUCTIONS – Continued

year 2016 is due no later than May 31, 2017 (or by June 30 for
reporting companies that use BEA’s eFile system). Go to
www.bea.gov/efile for details about using eFile.

required reports. When acting in the capacity of an intermediary,
the accounts or transactions of the U.S. intermediary with
a UBO are considered as accounts or transactions of the
U.S. affiliate with the UBO. To the extent such transactions or
accounts are unavailable to the U.S. affiliate, BEA may require
the intermediary to report them.

B. Extensions – For the efficient processing of the survey and timely
dissemination of the results, it is important that your report is filed by
the due date. Nevertheless, reasonable requests for extension of the
filing deadline will be granted.

2. If a UBO holds a U.S. affiliate through a foreign intermediary, the
U.S. affiliate may report the intermediary as its foreign parent
but, when requested, must also identify and furnish information
concerning the UBO. Accounts or transactions of the U.S.
affiliate with the foreign intermediary are considered as accounts
or transactions of the U.S. affiliate with the UBO.

G. Determining place of residence and country of jurisdiction of
individuals – An individual is considered a resident of, and subject
to the jurisdiction of, the country in which he or she is physically
located. The following guidelines apply to individuals who do not
reside in their country of citizenship:

C. Assistance – For assistance, telephone (301) 278-9247 or send
email to be12/15@bea.gov. Forms can be obtained from BEA’s
Web site at: www.bea.gov/fdi
D. Electronic filing option (eFile) – Forms that can be transmitted
to BEA electronically will be available on the BEA website:
www.bea.gov/efile. If you eFile, please do not submit paper
reports.

1. Individuals who reside, or expect to reside, outside their
country of citizenship for less than one year are considered to
be residents of their country of citizenship.
2. Individuals who reside, or expect to reside, outside their
country of citizenship for one year or more are considered to
be residents of the country in which they are residing, except
as provided in paragraphs 3 and 4 below.
3. If an owner or employee of a business enterprise resides outside
the country of location of the enterprise for one year or more for
the purpose of furthering the business of the enterprise, and the
country of the business enterprise is the country of citizenship
of the owner or employee, then such owner or employee is
considered a resident of the country of citizenship, provided
there is the intent to return to the country of citizenship within a
reasonable period of time.
4. Individuals and members of their immediate family who
are residing outside their country of citizenship as a
result of employment by the government of that country
– diplomats, consular officials, members of the armed
forces, etc. – are considered to be residents of their
country of citizenship.

E. Annual stockholders’ report or other financial statements –
Furnish a copy of your FY 2016 annual stockholders’ report or
Form 10K when filing the BE-15 report. If you do not publish an
annual stockholders’ report or file Form 10K, provide any financial
statements that may be prepared, including the accompanying
notes. Information contained in these statements is useful in
reviewing your report and may reduce the need for further contact.
Section 5(c) of the International Investment and Trade in Services
Survey Act, Public Law 94-472, 90 Stat. 2059, 22 U.S.C. 31013108, as amended, provides that this information can be used for
analytical and statistical purposes only and that it must be held
strictly confidential.
F. Retention of copies – Each U.S. affiliate must retain a copy of its
report to facilitate resolution of problems. These copies should be
retained by the U.S. affiliate for at least 3 years after the report’s
original due date.

VI. FILING THE BE-15
A. Due date – A completed report, or Claim for Exemption from
filing, covering a reporting company’s fiscal year ending in calendar

FORM BE-15B (REV 12/2016)

For extension requests of 30 days or less, you may call BEA at
(301) 278-9247. Note: If submitting through eFile see due date
information above. Requests for extensions of more than 30 days
MUST be in writing and should explain the basis for the request.
You may request an extension via secure message through eFile
system at www.bea.gov/efile. Requests for extensions must be
received NO LATER THAN May 31, 2017.

Page 24

File Type	application/pdf
File Title	Form BE-15B
Subject	2016 Annual Survey of Foreign Direct Investment in the United States
Author	BEA
File Modified	2017-08-10
File Created	2016-11-17