Benchmark Survey of U.S. Direct Investment Abroad--2024

BE-10 Instructions

OMB NO. 0608-0049: APPROVAL EXPIRES 11/30/2022
U.S. DEPARTMENT OF COMMERCE

(REV. 05/2020)

BUREAU OF ECONOMIC ANALYSIS

2019 BENCHMARK SURVEY OF U.S. DIRECT INVESTMENT ABROAD
INSTRUCTIONS

The Benchmark Survey of U.S. Direct Investment Abroad is
conducted to secure current economic data on the operations
of U.S. parent companies and their foreign affiliates.
Electronic filing option (eFile) – Forms that can be securely
transmitted to BEA electronically are available on the BEA website:
www.bea.gov/efile. If you eFile, please do not submit paper reports.

4. Form BE-10D – Report for foreign affiliates for which no one
of the items: assets, sales, and net income was greater than
$25 million (positive or negative), and is not a foreign affiliate
parent of another foreign affiliate being filed on Form BE-10B or
BE-10C. See I.B.2.b.(3).

n.
o
i
t of any U.S.
A. Who must report – A BE-10 report is required
c
I. REPORTING REQUIREMENTS
e
l that had ownership
person that had a foreign affiliate – thatlis,
o
or control of at least 10 percent ofc
the
voting stock of an
Authority – This survey is being conducted pursuant to the
incorporated foreign business
enterprise, or an equivalent interest
tabusiness
International Investment and Trade in Services Survey Act (P.L.
a
in an unincorporated foreign
enterprise – at the end of
94-472, 90 Stat. 2059, 22 U.S.C. 3101-3108, as amended –
d
the U.S. person’sd
2019 fiscal year.
hereinafter “the Act”), and the filing of reports is mandatory
se had no foreign affiliates during its 2019 fiscal
If the U.S.iperson
pursuant to Section 5(b)(2) of the Act (22 U.S.C. 3104).
v
year,e
it must file a “BE-10
Filing”; no other forms
. Claim. forU.S.Notperson
The publication in the Federal Register of the final rule implementing
d
R
in
the survey are
required. If the
had any foreign
r
this survey is considered legal notice to U.S. business enterprises
a
o
9
i
affiliates c
during
its 2019
fiscal
year, a BE-10 report is required
1
d
of their obligation to report. Therefore, a response is required from
eU.S. person
0 and
the
is/ a U.S. Reporter in this survey. To determine
r
v
persons subject to the reporting requirements of the BE-10 survey,2
l
o
must be filed, U.S. Reporters should see I.B.
E icawhich forms
whether or not they are contacted by BEA. Also, a person, or their
.g
N
a
r
B.
Forms
for
U.S.
Reporter and foreign affiliates
agent, contacted by BEA concerning their being subject
to
reporting,
e
Mmust to
b
.
.
either by sending them a report form or by written
inquiry,
S hisVIII. w1. Form BE-10A – Report for U.S. Reporter
respond in writing pursuant to section 801.8
of.15 CFR, Chapter
U
requirements – If the U.S. Reporter is
rthe duet ww a. Basic
This may be accomplished by: (1) certifying
in writing,
by
n
o
i
f
a corporation, Form BE-10A must cover the fully
date of the survey, to the fact that
the
person
had
no
direct
investment
a
consolidated U.S. domestic business enterprise (banking
edrequirements
reof the BE-10
within the purview of the reporting
survey;
s
s
e
and nonbanking). See I.B.1.b for the definition of “fully
u the “BE-10
h
m
(2) completing and returning
Claim for Not
Filing”
by
the
r
consolidated U.S. domestic business enterprise.”
d
o
m
or (3) filing
the
properly
completed
BE-10
due date of ther
survey;
f
e
t
t
o
report by May 29, 2020, orn
June 30, 2020,
The U.S. Reporter must file a complete Form BEnas required.
F
e
e
10A if any one of the following three items of the fully
s
r
Penalties – Whoever
to report
subject to a civil
r shall besuch
re fails
consolidated U.S. domestic business enterprise was
u
penalty andP
to injunctive
relief
commanding
person
to
comply,
c
greater than $300 million (positive or negative) at the end
or both. Whoever willfully
fails to report shall be fined and, if an
d
n
of, or for, the Reporter’s 2019 fiscal year:
i
individual, may be imprisoned for not more than one year, or both.
F
(1) total assets,
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).
The civil penalties are subject to inflationary adjustments. Those
adjustments are found in 15 C.F.R. 6.3.

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, 0608-0049, appears at the top of each form.
Forms comprising a BE-10 report are:
1. Form BE-10A – Report for U.S. Reporter;
2. Form BE-10B – Report for majority-owned foreign affiliates of
U.S. parents with assets, sales, or net income greater than $80
million (positive or negative);
3. Form BE-10C – Report for majority-owned foreign affiliates
of U.S. parents with assets, sales, or net income greater than
$25 million (positive or negative) but no one of these items
was greater than $80 million (positive or negative); for minorityowned foreign affiliates of U.S. parents with assets, sales,
or net income greater than $25 million (positive or negative);
and for foreign affiliates for which no one of the items: assets,
sales, and net income was greater than $25 million (positive
or negative) and is a foreign affiliate parent of another foreign
affiliate being filed on Form BE-10B or BE-10C;

For definitions of terms, see Section II of these instructions.

(2) sales or gross operating revenues excluding sales
taxes, or
(3) net income after provision for U.S. income taxes.
The U.S. Reporter must complete only items 1 through
42 and items 105 though 110 of Form BE-10A if no one
of the three items listed above for the fully consolidated
U.S. domestic business enterprise was greater than
$300 million (positive or negative) at the end of, or for, the
Reporter’s 2019 fiscal year.
The U.S. Reporter, whether filing a complete or partial BE10A, must also complete a Form BE-10B, BE-10C, or BE10D, as appropriate, for each foreign affiliate. See I.B.2.
b. Definition of “fully consolidated U.S. domestic
business enterprise” – The fully consolidated U.S.
domestic business enterprise is defined as: 1) the U.S.
business enterprise whose voting securities are not owned
more than 50 percent by another U.S. business enterprise,
and 2) proceeding down each ownership chain from that
U.S. business enterprise, any U.S. business enterprise
(including Foreign Sales Corporations located in the United
States) whose voting securities are more than 50 percent
owned by the U.S. business enterprise above it. This
consolidation excludes foreign branches and all
other foreign affiliates.

Conditions may exist that cause a U.S. parent company
to exclude a domestic subsidiary from its consolidation.
If a U.S. Reporter cannot consolidate all of its domestic
subsidiaries in its Form BE-10A, it must request and
be granted written permission from BEA to file on an
unconsolidated basis prior to filing the report. The U.S.
parent is responsible for ensuring that the required Form BE10A and related Forms BE-10B, BE-10C, and BE-10D, for
itself and any unconsolidated domestic subsidiaries are filed
with BEA. The filing deadline for an unconsolidated domestic
subsidiary is the same as that for its U.S. parent.

(2) U.S. Reporter that is an individual, estate,
trust, or nonprofit organization – A U.S. Reporter
that is an individual, estate, trust, or religious, charitable,
or other nonprofit organization, and that owns a foreign
affiliate directly, rather than through a U.S. business
enterprise, should complete only items 1, 2 and 7 of Form
BE-10A and attach an explanatory note attesting to its
status. Required Forms BE-10B, BE-10C, and BE-10D
must be filed as appropriate.

.

(3) U.S. business enterprise owned by an
individual, estate, trust, or nonprofit
organization – If a U.S. individual, estate, trust, or
nonprofit organization owns more than 50 percent of a
U.S. business enterprise that, in turn, owns a foreign
affiliate, then the U.S. Reporter is deemed to be the U.S.
business enterprise, not the individual, etc. The BE-10
report should be filed by, and Form BE-10A should be
for, the U.S. business enterprise, not the individual, etc.
However, direct financial transactions or positions, if any,
by the individual, etc., with the foreign affiliate must be
included in the business enterprise’s report.

c. Calculation of ownership percentage – A U.S.
Reporter’s ownership interest in a foreign business
enterprise may be directly held, indirectly held, or both. It is
directly held if the U.S. Reporter itself holds the ownership
interest in a foreign business enterprise.

ta
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rd ia. by a foreign person (See
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o
Reporter owned
9
c – A U.S.vReporter
/d that is a U.S. affiliate of a foreign
01 l reII.J)
2
oDirectthatInvestment
and
is filing a 2019 BE-15A, Annual Survey of
E ica person
g
.
Foreign
United States should only
N
a
M interesttor .becomplete items 1–12, 53–65,in the69–93,
99–104, and Part V.
A U.S. Reporter’s percentage of indirect ownership
.
s
If
the
U.S.
Reporter
is
filing
a
BE-15B,
or BE-15C, in lieu
S
i the ww of the BE-15A, it should complete the entire
in a given foreign business enterprise.is the product of
h
Form BE-10A.
direct ownership percentage thatU
the U.S. Reporter
has
in
r chain,
n in thefownership
w
See also III.B.
o
i
the first foreign business enterprise
t
d direct
a
multiplied by that first
ownership percentage
(5) Joint ownership of foreign affiliate – If two or
remultiplied
s
seenterprise’s
e
in the secondu
enterprise
in the
chain,
by
the
direct
more U.S. Reporters jointly own, directly or indirectly, a
h
m
r
ownership
percentages d
for all other intervening
enterprises
foreign affiliate, each U.S. Reporter must file a Form
o
m
f
e
t
in o
therownership chain,
multiplied t
by the last intervening
BE-10A.
nownershipepercentage
n
Fenterprise’ssdirect
in the given foreign
e
2. Form BE-10B, BE-10C, or BE-10D – Reports for foreign
r
business
enterprise. To r
illustrate, assume the U.S. Reporter
e
r
u
affiliates. The coverage of the forms is summarized in the
owned
50 percentc
of foreign business enterprise A directly,
P
d 75 percent of foreign business enterprise B following chart.
and that An
owned
i
which,
Fin turn, owned 80 percent of foreign business enterprise
Ownership
MAJORITYMINORITYC. Then the U.S. Reporter’s percentage of indirect ownership
It is indirectly held if, for example, the U.S. Reporter holds
an ownership interest in another foreign business enterprise
that, in turn, owns the given foreign business enterprise.
The U.S. Reporter must sum all direct and indirect lines
of ownership interest in the foreign business enterprise to
determine whether it holds a foreign business enterprise to
the extent of 10 percent or more, directly or indirectly. Note
– An associated group is deemed to be one U.S. Reporter.
See II.C. for the definition of an associated group.

of B would be 37.5 percent (the product of the first two
percentages), its indirect ownership of C would be 30 percent
(the product of all three percentages), and B and C (as well as
A) would be considered foreign affiliates of the U.S. Reporter.

U.S. $ amount
At least one of the three
items* is greater than $300
mil. (+ or -).

U.S. Reporter

At least one of the three
items* is greater than $80 mil.
(+ or -), but no one is greater
than $300 mil. (+ or -),

50%

Indirect Ownership
Percentage of C
50% * 75% * 80% = 30%

Foreign
Affiliate A

Indirect Ownership
Percentage of B
50% * 75% = 37.5%

75%

Foreign
Affiliate B
80%

Foreign
Affiliate C

d. Other requirements for filing Form BE-10A
(1) Foreign affiliate is owned by only part of the
fully consolidated U.S. domestic business
enterprise – The U.S. Reporter is deemed to be the fully
consolidated U.S. domestic business enterprise even if only
one entity in the consolidated U.S. enterprise directly owns
the foreign affiliate.

Page 2

*

OWNED
FOREIGN
AFFILIATE

OWNED
FOREIGN
AFFILIATE

BE-10B,
except Part III
BE-10C
BE-10B,
except Part IV

At least one of the three
items* is greater than $25 mil.
(+ or -), but no one is greater
than $80 mil. (+ or -),

BE-10C**

All three items* are less than
$25 mil. (+ or -).

BE-10D**

Foreign affiliate’s total assets, sales or gross operating revenues
excluding sales taxes, net income (loss) after provision for foreign
income taxes.

** If a foreign affiliate meeting the reporting requirements for Form BE-10D
owns another foreign affiliate being filed on Form BE-10B or BE-10C, the
foreign affiliate parent must be filed on Form BE-10C.

BE-10 INSTRUCTIONS (REV. 05/2020)

Note – Unless otherwise stated, whenever reference is made
to the financial or operating data of a foreign affiliate, such as
assets, sales, or net income, the data are to represent 100
percent of the foreign affiliate and not just the portion, if less
than 100 percent, owned by the U.S. Reporter(s). Also, do not
eliminate an affiliate’s receivables due from its parent or from
other affiliated persons from the affiliate’s total assets when
applying the reporting criteria for this report.
An affiliate is majority–owned by virtue of being owned more
than 50 percent by all U.S. Reporters of the affiliate combined.
a. Basic requirements for BE-10B – A BE-10B must be
filed for each foreign affiliate of a U.S. Reporter, whether held
directly or indirectly, for which any one of the following three
items was greater than $80 million (positive or negative) at
the end of, or for, the affiliate’s 2019 fiscal year:

Are the business
enterprises located in the
same country?

NO

Do not
consolidate

YES
Are the business enterprises
in the same 4-digit
International Surveys
Industry (ISI) classification
or integral parts of the same
business operation?

NO

YES
Are the business enterprises
owned by the same immediate
parent(s) with the same
ownership percentage(s)?

NO

ta
a
d

(1) total assets,

Do not
consolidate

.

on
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t
c

e

ll
co

Is one of the business
enterprises 100% owned
by the other business
enterprise?

d
e
s
vi .
e
(3) net income after provision for foreign income taxes.
R ord ia.
9
b. Basic requirements for BE-10C – A BE-10C must be
01 l rec ov/d
filed for:
2
E ica a.g
Reporter,
(1) each majority-owned foreign affiliate of a U.S.N
e
whether held directly or indirectly, for which
any one or
M
b
.
t
.
of the three items listed in I.B.2.a. was
greater than
$25
s
S
i
.
w
million (positive or negative), but
for which no h
one of
U
w
r
n $80 millionfo(positive ort w
these items was greater ithan
negative) at the endd
of, or for, the e
fiscal
a
e
r affiliate’s 2019
s
year;
s
e
Note – Foreign business enterprises that have an equity
u foreignhaffiliateoofram
investment in an unconsolidated business enterprise should
(2) each m
minority-owned d
U.S. Reporter
f
e
r
report that investment using the equity method of accounting. See
any one
titems listed in I.B.2.a.
owhich
nt of theethree
n
also IV.C.
Fforwas
greatere
than $25 million
(positive or negative) at the
s
r
r
end of,
or for, the affiliate’s
2019 fiscal year; and
e
(2) Reporting of foreign affiliates owned by more than
cuof a U.S. Reporter for which no
Prforeigndaffiliate
(3) each
one U.S. Reporter – If the foreign affiliate is owned directly
one ofithe
three
items
listed
in
I.B.2.a.
was
greater
than
n
and/or indirectly by more than one U.S. Reporter, the U.S.
$25F
million (positive or negative) at the end of, or for, the
Reporter with the highest percentage of ownership in the foreign
(2) sales or gross operating revenues excluding sales taxes,
or

affiliate’s 2019 fiscal year that is a foreign affiliate parent
of another foreign affiliate being filed on Form BE-10B or
BE-10C.

c. Basic requirements for BE-10D – A BE-10D must be
filed for foreign affiliate(s) of a U.S. Reporter for which no
one of the three items listed in l.B.2.a. was greater than $25
million (positive or negative) at the end of, or for, the affiliate’s
2019 fiscal year, and is not a foreign affiliate parent of another
foreign affiliate being filed on Form BE-10B or BE-10C. See
I.B.2.b.(3).
d. Other requirements for filing Forms BE-10B,
BE-10C, and BE-10D –
(1) Rules for consolidation of foreign affiliate –
A U.S. Reporter who participates in BEA’s BE-577
Quarterly Survey of U.S. Direct Investment Abroad, Direct
Transactions of a U.S. Reporter with Foreign Affiliate,
should consolidate foreign business enterprises on Forms
BE-10B, BE-10C, and BE-10D in the same manner as on
Form BE-577.
The following rules should be used in determining which
foreign business enterprises may be consolidated into one
foreign affiliate form:

BE-10 INSTRUCTIONS (REV. 05/2020)

YES

Are the business
enterprises foreign bank
branches?

YES

NO

Must be
consolidated

Must be
consolidated

YES

NO

May
consolidate

Do not
consolidate

affiliate (direct and indirect combined) must file a complete
Form BE-10B, BE-10C, or BE-10D on which all parts have
been completed. The other U.S. Reporter(s) with total direct and
indirect ownership of 10 percent or more must file a partial.
If no one of the U.S. Reporters owns a greater share of the
foreign affiliate than the other U.S. Reporter(s), then the U.S.
Reporters must decide which one will file the complete Form
BE-10B, BE-10C, or BE-10D and which one(s) will file a
partial Form BE-10B, BE-10C, or BE-10D:
• BE-10B Part I, items 1–26 and Part V; or
• BE-10C Part I, items 1–19 and Part III; or
• BE-10D with the affiliate’s name, country of location, primary
industry, ownership percentages and debt balances.

If the U.S. Reporter filing the complete BE-10B or BE-10C cannot,
or prefers not to, obtain the affiliate data about the other U.S.
Reporter(s) of the affiliate, then each U.S. Reporter is required to
report its own data.
The U.S. Reporter filing the complete BE-10B or BE-10C must
attach a note to the form stating it is not reporting data for the
other U.S. Reporter(s) and the U.S. Reporter must inform the
other U.S. Reporter(s) of this fact.

Page 3

(3) Reporting when there is more than one foreign
affiliate in a chain of ownership – A Form BE-10B,
BE-10C, or BE-10D must be filed for a foreign affiliate of the U.S.
Reporter that owns another foreign affiliate of that U.S. Reporter.
Note – If a foreign affiliate meeting the reporting
requirements for form BE-10D owns another foreign affiliate
being filed on Form BE-10B or BE-10C, the foreign affiliate
parent must be filed on Form BE-10C.
(4) Relationship between Forms BE-10A and BE-10B,
BE-10C, or BE-10D – The term “U.S. Reporter” is defined to
mean the fully consolidated U.S. domestic business enterprise;
therefore, on Form BE-10B, BE-10C, or BE-10D, when data
on trade and financial relationships between the U.S. Reporter
and the foreign affiliate are requested, the data must reflect the
foreign affiliate’s relationship with the entire U.S. enterprise, not
merely with one division, operating unit, or part.

2. No fiscal year ending in calendar year 2019 – If a
change in fiscal year results in the U.S. Reporter not having
a fiscal year that ended in calendar year 2019, the U.S.
Reporter should file a 2019 BE-10 report that covers
12 months. The following example illustrates the reporting
requirements.
Example 2: The U.S. Reporter had a December 31, 2018
fiscal year end date but changed its next fiscal year end date
to March 31. Instead of having a short fiscal year ending in
2019, the U.S. Reporter decides to have a 15 month fiscal
year running from January 1, 2019 to March 31, 2020. The
U.S. Reporter should file a 2019 BE-10 report covering a
12 month period ending in calendar year 2019, such as the
period from April 1, 2018 to March 31, 2019.

.

on
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c

lle
o
In this example, the ending balance
c sheet amounts reported
a
must be the correct balances
as of March 31, 2019. The
t
a amounts reported must be the
beginning balance d
sheet
unrestated
ending
balances as of December 31,
d
(5) Reporting for majority- or minority-owned, and for
e
2018. is
directly or indirectly owned, foreign affiliates – The
v
specific items required to be reported on Form BE-10B or BE-10C,
. no further
e
For
2020, assuming
changes in the fiscal year
d
R
depend on whether the foreign affiliate was majority or minority.
r
end date occur,
the U.S. a
Reporter
should file a BE-11 report
othe 12 month
9 covering
i
owned, and on whether it was directly or indirectly owned, by
c
period
from
April 1, 2019 to March 31,
1
d
e ov/
0 l2020.
the U.S. Reporter. For example, on the BE-10C, Part V must be
r
2
completed only if the affiliate is majority-owned.
a ameans
E icB. Affiliate
.g a business enterprise located in one country
N
r
eis directly or indirectly owned or controlled by a person of
M
(6) A foreign affiliate can be exempt if ALL
of the
o which
b
.
t
.
s
S
following apply:
country to the extent of 10 percent or more of its voting
hi fund wwanother
U. orprivate
stock for an incorporated business or an equivalent interest for an
1) the foreign affiliate is a privaten
fund, AND 2) the
w unincorporated business, including a branch.
i e f throughaanother
t
foreign affiliate does not own,
directly or indirectly
d
business enterprise, an e
“operating company”
as
business
sa private
er –ri.e.,company—
C. Associated group means two or more persons who,
enterprise that is not
fund
or a holding m
in
u
h
by the appearance of their actions, by agreement, or by an
d
which the consolidated
reporter owns
10 percent of
oat least
m ANDU.S.
f
e
rinterest,
understanding, exercise their voting privileges in a concerted
t
t
the voting
3)
If
the
U.S.
reporter
owns
the
private
o
n
n
F
manner to influence the management of a business enterprise.
e
e
fund indirectly (through
one orr
more
other business enterprises),
s
Each of the following are deemed to be associated groups:
r
e
there are no
between the consolidated U.S.
r “operatingccompanies”
u foreign
reporterP
and the indirectly-owned
private fund. For more
1. members of the same family,
d
information on n
private
funds visit www.bea.gov/privatefunds.
2. a business enterprise and one or more of its officers
Fi
or directors,
II. DEFINITIONS

A. 2019 fiscal year is the U.S. Reporter’s or the foreign affiliate’s
financial reporting year that has an ending date in calendar year
2019. U.S. Reporters or affiliates having a “52/53 week” fiscal year
that ended within the first week of January 2020, are considered to
have a 2019 fiscal year for purposes of filing this survey, and should
report December 31, 2019 as their 2019 fiscal year end. A business
enterprise that does not have a financial reporting year, or does
not have a financial reporting year ending in calendar year 2019, is
deemed to have a fiscal year identical to calendar year 2019.
Change in fiscal year
1. New fiscal year ends in calendar year 2019 – A U.S.
Reporter that changed the ending date of its financial reporting
year should file a 2019 BE-10 report that covers the 12 month
period prior to the new fiscal year end date. The following example
illustrates the reporting requirements.
Example 1: The U.S. Reporter had a June 30, 2018 fiscal year
end date but changed its 2019 fiscal year end date to March 31.
The U.S. Reporter should file a 2019 BE-10 report covering the
12 month period from April 1, 2018 to March 31, 2019.
The ending balance sheet amounts reported must be the
correct balances as of March 31, 2019. The beginning
balance sheet amounts reported must be the unrestated
ending balances as of June 30, 2018.

Page 4

3. members of a syndicate or joint venture, or
4. a corporation and its domestic subsidiaries.
D. 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, savings and loans,
savings banks, bank holding companies, and financial holding
companies under the Gramm-Leach-Bliley Act. Banks located
on U.S. Military bases abroad servicing base personnel are not
considered “foreign” and Form BE-10B,
BE-10C, or BE-10D should not be filed.
Activities of subsidiaries of a bank or bank holding company
that may not be banks but that provide support to the bank
parent company, such as real estate subsidiaries set up to hold
the office buildings occupied by the bank parent company, are
considered bank activities.
E. Branch means the operations or activities conducted by a
person in a different location in its own name rather than through
an incorporated entity.
F. Business enterprise means any organization, association,
branch, or venture which exists for profit-making purposes or to
otherwise secure economic advantage, and any ownership of
any real estate.
BE-10 INSTRUCTIONS (REV. 05/2020)

II. DEFINITIONS—Continued
G. 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.
H. Foreign affiliate means an affiliate located outside the United
States in which a U.S. person has direct investment. See II.S.
I. Foreign affiliate parent means a U.S. Reporter’s foreign
affiliate which has an equity interest in another foreign affiliate of
the U.S. Reporter.

T. U.S. person means any person resident in the United States or
subject to the jurisdiction of the United States. See III.D.
U. U.S. Reporter means the U.S. person that has direct investment
in a foreign business enterprise, including a branch. If the U.S.
person is an incorporated business enterprise, the U.S. Reporter is
the fully consolidated U.S. domestic enterprise. See II.K.
V. 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.

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III. CLARIFICATION OF COVERAGE
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K. Fully consolidated U.S. domestic business
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enterprise means:
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2. it has a substantial physical presence abroad, as evidenced
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from, the foreign operation or activity would not constitute a
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ASC 842. F
J. Foreign person (See II.Q.) means any person resident outside
the United States or subject to the jurisdiction of a country other
than the United States. See III.D.

O. Majority-owned foreign affiliate means a foreign affiliate
in which the combined direct and indirect ownership interest of
ALL U.S. REPORTERS of the affiliate exceeds 50 percent.

P. Minority-owned foreign affiliate means a foreign affiliate
in which the combined direct and indirect ownership interest of at
least one U.S. Reporter is 10 percent or more, but the combined
direct and indirect ownership interests of all U.S. Reporters of the
affiliate is 50 percent or less.
Q. Person (as the term is used in the broad legal sense)
means any individual, branch, partnership, associated group,
association, estate, trust, corporation, or other organization
(whether or not organized under the laws of any state), and any
government (including a foreign government, the United States
Government, a state or local government, and any agency,
corporation, financial institution, or other entity or instrumentality
thereof, including a government-sponsored agency).
R. Private Fund refers to the same class of financial entities that
must report to 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.”
S. U.S. direct investment abroad means the ownership
or control, directly or indirectly, by one U.S. person of
10 percent or more of the voting securities of an incorporated
foreign business enterprise or an equivalent interest in an
unincorporated foreign business enterprise, including a branch.
BE-10 INSTRUCTIONS (REV. 05/2020)

“financial statement” for this purpose.), or

4. it takes title to the goods it sells and receives revenues from
the sale, or it receives funds from customers for its own
account for services it performs.
The following characteristics would indicate that an operation or
activity is probably not a foreign affiliate:
1. it engages only in sales promotion or public relations activities
on behalf of the U.S. person,
2. it conducts business abroad only for the U.S. person’s
account, not for its own account,
3. it has no separate financial records that allow the preparation
of financial statements,
4. its expenses are paid by the U.S. parent,
5. it is not subject to foreign income taxes, and
6. it has limited physical assets or few employees permanently
located abroad.
B. U.S. Reporter owned by a foreign person – A U.S.
business enterprise that is a U.S. Reporter in this BE-10 survey
may also be a U.S. affiliate of a foreign person that must report
in the BE-15, 2019 Annual Survey of Foreign Direct Investment
in the United States. This could be the case if the U.S. business
enterprise owns foreign affiliates and is also owned 10 percent
or more, directly or indirectly, by a foreign person. In such cases,
the U.S. business enterprise should report in this survey for any
Page 5

III. CLARIFICATION OF COVERAGE—Continued

foreign business enterprise it owns or controls, directly or
indirectly, at least 10 percent or more, but should not report other
property of its foreign owner. (A foreign business enterprise that
is jointly owned by the U.S. Reporter and the foreign owner of the
U.S. Reporter should be considered a foreign affiliate of the U.S.
Reporter provided the U.S. Reporter has a 10 percent or more
ownership interest.) For purposes of the BE-10 survey,
consider the foreign owner of the U.S. Reporter and
the directly and indirectly owned foreign affiliates of
the foreign owner (other than those held through the
U.S. Reporter), as unaffiliated foreign persons. See
also I.B.1.d.(4).

that is different from its country of incorporation, it is deemed to
be operating totally outside its country of incorporation. File a
single BE-10B or BE-10C report, or report on the BE-10D, for the
entity in the country of operation treating it as an incorporated
foreign affiliate; do not file for the entity in the foreign country
of incorporation. If, however, the foreign affiliate has any of the
following in the foreign country of incorporation:
1. bank account,
2. employees,

n.
o
i
tcountry of
c
it is considered to have operations in its foreign
e
l must be filed for
lreport
incorporation and, therefore, a separate
C.
o
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the entity in that country.
ta abroad conducts its operations
If a foreign affiliate incorporated
a
din, more than one foreign country, a
from, and has locations
d
separate Forme
BE-10C, or entry on BE-10D must be filed
is BE-10B,
for eachv
foreign
country in which it has operations, and a separate
. or entry. on BE-10D must be filed for the
Forme
BE-10B, BE-10C,
d
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r
entity
in
the
foreign
country
treating the entity as
o foreign/daffiliate
iaof incorporation,
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19 an incorporated
in that country.
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2 aIfla foreign
E
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e BE-10B, BE-10C, or BE-10D entry to report the equity
M to file.ba Form
.
s
S
investment
in the affiliate and the affiliate’s income. Show country
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(ISI code 5512). You must report
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a
the
operating
business
enterprise
located in the United States on
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the BE-15, 2019 Annual Survey of Foreign Direct Investment in
u d h orm
the United States.
m
f
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F. Agencies and representative offices – Foreign
Fo sent rent
representative offices, agents and employees of a U.S. person
r
e
are not considered to be foreign affiliates, and therefore, they
r
u
P dc
should not be reported on Forms BE-10B, BE-10C, or BE-10D.
However, a U.S. Reporter’s disbursements to maintain foreign
D. Determiningin
of residence or jurisdiction of
sales and representative offices must be reported on Form BEF– Ancountry
individuals
individual is considered a resident of, and
125, Quarterly Survey of Transactions in Selected Services and
3. property, plant, or equipment, or
4. sales,

Partnerships – Most partnerships are either general or limited
partnerships. The determination of percentage of voting interest
in a general or 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.

A general partnership usually consists of at least two general
partners who together control the 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.

A limited partnership usually consists of at least one general
partner and one limited partner. The general partner usually controls
a limited partnership, and therefore, has 100 percent voting interest
in the limited partnership. Limited partners do not normally exercise
any control over a partnership. Therefore, unless a clause to the
contrary is contained in the partnership agreement, limited partners
are presumed to have zero voting interest in a partnership.
Note – Cross-border holdings of limited partnerships are included
in the annual Department of Treasury International Capital (TIC)
securities data reports (TIC SHL(A) and TIC SHA(A)), and
purchases and sales of limited partnerships with foreign
counterparties should be included on the TIC S report.

subject to the jurisdiction of, the country in which it is physically
located, subject to the following qualifications:

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. There are two exceptions
to this rule:
a. Individuals (and their immediate families) who either own or
are employed by a business in their country of citizenship
and who are residing outside of that country for one year
or more in order to conduct business for the enterprise are
considered residents of their country of citizenship if they
intend to return within a reasonable period of time.

1. it has no assets (other than office furniture) held either in its
own name or in the name of the U.S. person,

b. Individuals who reside outside their country of citizenship
because they are government employees (such as
diplomats, consular officials, members of the armed
forces, and their immediate families) are considered
residents of their country of citizenship regardless of their
length of stay.

3. it does not produce revenue (other than funds from the U.S.
person to cover its expenses), and

E. Foreign affiliate operating completely outside its
country of incorporation – If a foreign affiliate conducts all
its operations from, and is located in, a single foreign country

Page 6

Intangible Assets with Foreign Persons. Copies of Form BE-125
are available by writing to BEA at: Bureau of Economic Analysis,
Balance of Payments Division, BE-50 (SSB), 4600 Silver Hill
Rd., Washington, DC 20233, by telephoning (301) 278-9507 or
by accessing the BEA Web site at www.bea.gov. (Select “Tools”,
select “eFile”, and then select applicable form within “Survey
Resources and Contact Information.”) A foreign presence
of a U.S. person is considered a foreign sales promotion or
representative office if:

2. to the extent that its employees are compensated by
commissions, the commissions arise only from sales or
business that the employees generate for the U.S. person,

4. it is engaged only in sales promotion, representational
activities, public relations activities, or the gathering of market
information, on behalf of the U.S. person.
Note – A foreign presence that produces revenue for its own
account (instead of, or in addition to, producing revenue for the
account of its U.S. parent) from goods or services it provides

BE-10 INSTRUCTIONS (REV. 05/2020)

III. CLARIFICATION OF COVERAGE—Continued
to unaffiliated persons is considered a foreign affiliate and is
subject to the reporting requirements on this BE-10 survey.
G. Real estate – The ownership of foreign real estate is defined
to be a business enterprise and, if foreign real estate is owned
by a U.S. person, it is a foreign affiliate of a U.S. Reporter.
Real estate that is normally included in the property, plant, and
equipment account of a foreign affiliate is not to be reported as a
separate affiliate.
Residential real estate held exclusively by a U.S. person for
personal use and not for profit-making purposes is
not subject to the reporting requirements. A primary residence
abroad that is leased to others while the owner is a U.S. resident,
but which the owner intends to reoccupy, is considered
real estate held for personal use.

3. Intermediary
a. If a particular U.S. direct investment abroad is held,
exercised, administered, or managed by a U.S.
intermediary, such intermediary is responsible for
reporting the required information for, and in the name of,
its principal or shall instruct the principal to submit the
required information. Upon instructing the principal, the
intermediary shall be released from further liability to
report, provided it has informed BEA of the date such
instructions were given and the name and address of the
principal, and has supplied the principal with any
information in the possession of, or which can be secured
by, the intermediary that is necessary to permit the
principal to complete the required reports. When acting in
the capacity of an intermediary, the accounts or
transactions of the U.S. intermediary with the foreign
affiliate are considered as accounts or transactions of the
U.S. principal with the foreign affiliate. To the extent such
transactions or accounts are unavailable to the principal,
they may be required to be reported by the intermediary.

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9
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and all accounts or transactions of
If a U.S. person has a direct or indirect voting ownership interest 0
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with the intermediary are considered to
of 10 percent or more in a joint venture, partnership, etc.,E
that is
. the foreign affiliate.
beawith
formed to own and hold, develop, or operate real estate,
the joint ic
r
e
MU.S.Nperson’s
venture, partnership etc., in its entirety, not just.the
to w.b IV. GENERAL INSTRUCTIONS
s
S
share, is a foreign affiliate and must be reported.
i
.
h
U or ship
wA. Accounting methods and records – Follow generally
H. Airlines and ship operators n
– U.S. airlines’ and
w
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t
operators’ foreign stations, ticket offices, and terminal and port
accepted U.S. accounting principles unless otherwise specified
aare
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facilities that provide services
s
in the instructions. Corporations should generally use the same
s
not foreign affiliatesu
and are not subject
to the reporting
h
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methods and records that are used to generate reports to
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requirements.m
Reports are required
when such
facilities produce
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stockholders, except where otherwise instructed. Generate
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tservices provided
t to unaffiliated
significant
revenues from
o
n
reports for unincorporated persons on an equivalent basis.
n
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persons.
e
s
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Financial Accounting Standards Board Accounting Standards
re andcintermediaries
ur
I. Estates, trusts,
Codification Topics are referred to as “FASB ASC” in the
P
1. A U.S. estaten
isd
a person (see II.Q.) and, therefore, may have
instructions.
i
direct investment;
the
estate,
not
the
beneficiary,
is
F
B. Translation of foreign currency financial and
considered to be the U.S. Reporter. Thus, ownership of a
Ownership of foreign residential real estate by a business
enterprise, the sole purpose of which is to hold the real estate
for the personal use of the owner(s) of the business enterprise,
is considered to be real estate held for personal use and
therefore not subject to the reporting requirements.

foreign affiliate by a U.S. estate shall be reported by the
administrator, executor, etc., of the estate and not by the
beneficiary.
2. A trust, either U.S. or foreign, is a person (see II.Q.), but is
not a business enterprise. The trust is considered to be the
same as an intermediary, and should report as outlined in
III.I.3. 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 has evolved out of a
prior trust), for the purposes of determining the existence and
reporting of direct investment.
This procedure is adopted to fulfill 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).
Note – 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).
BE-10 INSTRUCTIONS (REV. 05/2020)

operating data into U.S. dollars

1. Financial statements – Translate foreign affiliate
financial statements, i.e., balance sheets and income
statements, not maintained in U.S. dollars from the host
country currency to U.S. dollars using FASB ASC 830 (FAS
52), as would be required to incorporate foreign statements
into the U.S. Reporter’s financial statements for reports to
shareholders.
2. Other financial and operating data of foreign
affiliate – According to FASB ASC 830 (FAS 52),
“Revenue and expense transactions shall be translated
in a manner that produces approximately the same dollar
amounts that would have resulted had the underlying
transactions been translated into dollars on the dates they
occurred.”
Since separate translation of each transaction is usually
impractical, the specific result can be achieved by using an
average rate for the period.
On Forms BE-10B and BE-10C, certain revenue and
expense transactions that may not be translated separately
for the financial statements, such as employee compensation
and exports and imports, must be reported. Translate these
transactions in a manner consistent with that used to translate
the financial statements into U.S. dollars.

Page 7

IV. GENERAL INSTRUCTIONS—Continued
C. Method of accounting for equity investments
1. Form BE-10A – Report the U.S. Reporter’s equity
investments of 20 percent or more in foreign affiliates, including
all majority-owned foreign affiliates, using the equity method of
accounting. Report equity investments of less than 20 percent,
and immaterial investments, using the cost method.
2. Form BE-10B, BE-10C, and BE-10D – Report a foreign
affiliate parent’s equity investments of 20 percent or more in
unconsolidated foreign affiliates, including all unconsolidated
majority-owned foreign affiliates, using the equity method of
accounting. 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 (FAS 115)
or the cost basis of accounting. See important note on foreign
affiliate consolidation rules under instruction I.B.2.d.

V. U.S. EXPORTS AND IMPORTS OF GOODS
When there is a material difference between the “charged” and
“shipped” bases and the data have not been filed on the “shipped”
basis, or the necessary adjustments have not been made to
approximate a “shipped” basis, then BEA will require the data to be
refiled.
Differences between the “charged” and “shipped” bases may be
substantial. A major difference arises when the U.S. Reporter buys
goods in country A and sells them in country B, but the goods are
shipped directly from country A to country B. Because the goods
did not physically enter or leave the United States, they are not U.S.
trade. However, when the U.S. Reporter records the transactions
on its books, it shows a purchase charged to it from country A and
a sale charged by it to country B. If the U.S. Reporter’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 a U.S. export,
respectively. Other differences arise when the U.S. Reporter charges
the sale of its products to a foreign affiliate in one country, but ships
the goods directly from the United States to an unaffiliated foreigner in
another country. If the data are on the “shipped” basis, this transaction
constitutes a U.S. export to an unaffiliated foreigner, not to the foreign
affiliate and should not be recorded on the form for the foreign affiliate.

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D. Industry classification – A list and explanation of the
o exists between the “charged” and “shipped”
al tradeadifference
E icbases,
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industry classifications used are given in the Guide to Industry
.
must
be reported on the “shipped” basis. To do this, the
N
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Classifications for International Surveys,M
2017,
e filedmaywithhaveU.S.to Customs
derive the data from export and import
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declarations
and Border Protection or from
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shipping and receiving documents, rather than from accounting
U
E. Estimates – If actual data are not available,
w
r Whent w records, or may have to otherwise adjust its data from a “charged” to a
n and labelfasosuch.
data are available, provide estimates
i
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atotals “shipped” basis.
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e provide
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and an estimated breakdown
of the totals.
A. Timing. Only include goods actually shipped between the
u
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m
r
United States and the affiliate during FY 2019 regardless of
d
Certain sections
BE-10A,
BE-10B,
require
oand BE-10C
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e
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t
when the goods were charged or consigned. For example,
t
data thato
may not be maintained
in
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n areas may require
FProvidingsprecise
include goods shipped by the U.S. Reporter to the affiliate in FY
en datarrinethese
records.
2019 that were charged or consigned in FY 2020 but exclude
e
substantial burden
uwhat is intended by BEA. This may be
goods shipped to the affiliate in FY 2018 that were charged or
c
Ptruer for: beyond
especially
d
consigned to the affiliate in FY 2019.
n
• BE-10A, Part
II, 20 through 31 – Number of employees in
i
F of sales;
B. Trade of the U.S. Reporter. Goods shipped by, or to, the
each industry
Note – If it is determined that there is a material difference
between the “equity” and the “cost” methods and the data should
have been filed using the “equity” method, BEA will require that
the data be refiled.

• BE-10A, Part IV, Section B, 53 through 56 –
Distribution of sales or gross operating revenues, by transactor
and by whether the sales were goods, services, or investment
income;
• BE-10A, Part V, – Exports and imports of the U.S. Reporter
on a shipped basis;
• BE-10B, Part IV, Section A – Distribution of sales or
gross operating revenues, by transactor, by destination, and by
whether the sales were goods, services or investment income;
• BE-10B, Part VI and BE-10C, Part IV – Exports and
imports of the foreign affiliate on a shipped basis.
Data provided 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. Consistently apply estimating procedures used on all
BEA surveys.
F. Space on form insufficient – When space on a form is
insufficient to permit a full answer to any item, submit the required
information on supplementary sheets, appropriately labeled and
referenced to the item number and the form.
G. Specify – When asked to “specify” amounts reported for certain
data items, give the type and dollar amount of the major items
included in the data item.

Page 8

U.S. Reporter, whether or not actually charged or consigned by,
or to, the U.S. Reporter, are considered to be trade of the U.S.
Reporter.

C. Trade of a foreign affiliate. Goods shipped by, or to, a
foreign affiliate, whether or not actually charged or consigned by,
or to, the foreign affiliate are considered to be trade of the
foreign affiliate.
D. By (or to) whom goods were shipped. Shipment by, or
to, an entity refers to the physical movement of goods to or from
the U.S. customs area by, or to, that entity regardless of by, or
to whom the goods were charged or consigned. For example, if
the U.S. Reporter charges goods to a German affiliate but ships
them to an Italian affiliate, the goods should be recorded as
U.S. exports shipped by the U.S. Reporter on the Form BE-10B
or BE-10C, of the Italian affiliate, but not on that of the German
affiliate. Similarly, if goods were charged by the U.S. Reporter to
an affiliate but shipped to the affiliate by another U.S. person, the
goods should be considered a U.S. export shipped by “other U.S.
persons,” not by the U.S. Reporter, on the affiliate’s Form BE-10B
or BE-10C.
Note – Goods shipped by an independent carrier or a
freight forwarder at the expense of an entity are
shipments by that entity.

BE-10 INSTRUCTIONS (REV. 05/2020)

V. U.S. EXPORTS AND IMPORTS OF GOODS—Continued
E. Valuation of exports and imports. Value U.S. exports and
imports f.a.s. (free alongside ship) at the port of exportation. This
includes all costs incurred up to the point of loading the goods
aboard the export carrier at the U.S. or foreign port of
exportation, including the selling price at the interior point of
shipment (or cost if not sold), packaging costs, and inland freight
and insurance. It excludes all subsequent costs, such as loading
costs, U.S. and foreign import duties, and freight and insurance
from the port of exportation to the port of entry.

E. Electronic filing option (eFile) – Forms that can be
transmitted to BEA electronically will be available on the BEA
Web site: www.bea.gov/efile. If you eFile, please do not submit
paper reports.
F. Where to send the report – Send reports filed by mail
through the U.S. Postal Service to:
Bureau of Economic Analysis
Direct Investment Division, BE-69(A)
4600 Silver Hill Road
Washington, DC 20233

.
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o
i
VI. FILING THE BE-10
Send reports filed by direct private delivery to: t
ec
l
Bureau of Economic Analysis
l
A. Due date – A fully completed and certified BE-10 report
o
Direct Investment Division, BE-69(A)
comprising Form BE-10A, and Form(s) BE-10B, BE-10C, or
c
4600
Silver
Hill
Road
a
BE-10D is due to BEA no later than May 29, 2020 for U.S.
t
Suitland, MD 20746a
Reporters required to file fewer than 50 forms, and June 30,
d
2020 for U.S. Reporters required to file 50 or more forms.
d– The information filed in this report may be
G. Confidentiality
e
s
B. Extensions – BEA hopes that by providing an extra month to
used only
analytical and statistical purposes and access to the
viforshall
file for U.S. Reporters submitting more than 50 forms, requests
e
information
be.available only to officials and
d
R
r
for extensions will not be necessary. Delays in filing affect
employees
(including
and their
a. andbycontractors
oof agencies/consultants
9 employees)
i
BEA’s tight schedule for processing the benchmark survey.
c
1
d
designated
the President to perform
e
0
r underothevAct. The President may authorize the
Nevertheless, reasonable requests for an extension of the
2 afunctions
lexchange
filing deadline will be considered. Extension requests must
be
E
of
information between agencies or officials
.togtheperform
c
a
received by BEA no later than the original due date ofN
the report ri
designated
functions under the Act, but only for
e
M
o
b
.
and enumerate substantive reasons necessitating
the extension.
t
analytical
and
statistical
purposes. No official or employee
.
s
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BEA will provide a written response to such
requests. hi
(including
consultants
and
contractors and their employees) shall
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publish or make available any information collected under
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C. Assistance – For assistance, telephone
w
the Act in such a manner that the person to whom the information
or e-mail BEA at be10/11@bea.gov.
d i re f s at
e
relates can be specifically identified. Reports and copies of
s Messaging
eSystemrtom
NOTE: BEA uses au
Secure
correspond
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reports prepared pursuant to the Act are confidential and their
with you via encrypted
message
to discuss o
questions relating
d
submission or disclosure shall not be compelled by any person
m
f
e e-mail address
rWe may use
t
to this form.
your
for survey-related
t
o
without the prior written permission of the person filing the report
n
n secure messages.
F sandeto inform you
announcements
about
e
and the customer of such person where the information supplied
r
r by e-mail, please do not include
When communicating
with BEA
e
is identifiable as being derived from the records of such customer
r
u
any confidential
business
or personal information. This includes
c
P
(22 U.S.C. 3104). Per the Cybersecurity Enhancement Act of
d
your Social Security
Number which should never be provided to
2015, your data are protected from cybersecurity risks through
in of transmission.
BEA via anyF
method
security monitoring of the BEA information systems.
D. Retention of copies – Each U.S. Reporter must retain a copy
of its report to facilitate resolution of problems. These copies
should be retained by the U.S. Reporter for at least 3 years after
the report’s original due date.

BE-10 INSTRUCTIONS (REV. 05/2020)

H. Annual stockholders’ report – Business enterprises
issuing annual reports to stockholders should furnish copies of
these reports for FY 2019 when filing the BE-10 report.

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