Be-11c

FORM

BE-11C

OMB No. 0608-0053: Approval Expires 11/30/2018

(REV. 12/2017)

2017 ANNUAL SURVEY OF U.S. DIRECT INVESTMENT ABROAD
MANDATORY — CONFIDENTIAL

BE-11C (Report for Minority-Owned Foreign Affiliate of U.S. Reporter)
Due Date:

May 31, 2018

Electronic Filing:

Go to www.bea.gov/efile for details

Mail reports to:

Bureau of Economic Analysis
Direct Investment Division, BE-69(A)
4600 Silver Hill Road
Washington, DC 20233

C

Affiliate ID Number*
*Do not enter Social Security Number in Affiliate ID box

1 Name of U.S. Reporter of foreign affiliate – Same as 1 , Form BE-11A

Deliver reports to: Bureau of Economic Analysis
Direct Investment Division, BE-69(A)
4600 Silver Hill Road
Suitland, MD 20746
Fax reports to:

(301) 278-9502

Assistance:

E-mail:
Telephone:
Copies of form:

2 Name of foreign affiliate being reported – Use the same name on all reports
filed subsequently for this affiliate with the Bureau of Economic Analysis,
e.g., Form BE-577.

be10/[email protected]
(301) 278-9418
www.bea.gov/dia

Please include your Reporter Identification Number
with all requests.

1002

IMPORTANT
Instruction Booklet — Contains additional instructions, definitions, and detailed reporting requirements for completing this form.
Who must report — The U.S. Reporter must file Form BE-11C for each minority-owned foreign affiliate owned directly and/or indirectly, at least 10
percent, but not more than 50 percent, by all U.S. Reporters of the affiliate combined and for which the affiliate’s total assets; sales or gross operating
revenues, excluding sales taxes; or net income after provision for foreign income taxes was greater than $60 million (positive or negative) at the end of, or
for, the affiliate’s 2017 fiscal year. However, if the affiliate is a foreign affiliate parent of another foreign affiliate being filed on Form BE-11C, Form BE-11C
must be filed for the foreign affiliate parent even if all of the items: total assets; sales or gross operating revenues, excluding sales taxes; or net income
after provision for foreign income taxes was less than or equal to $60 million (positive or negative) at the end of, or for, the affiliate’s 2017 fiscal year.
Certain private funds are exempt from filing the Form BE-11C. Review exemption on page 2, Part II.B of the Form BE-11 Claim for Not Filing.
Translation of foreign currency financial and operating data into U.S. dollars — Use U.S.
Generally Accepted Accounting Principles FASB ASC 830 (FAS 52). See Instruction Booklet, Part IV.B.

$

Bil.

Mil.

Thous. Dols.

1

335 000

Monetary Values — Report in U.S. dollars rounded to thousands (omitting 000).
EXAMPLE – If amount is $1,334,891.00, report as. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
If an item is between + or – $500.00, enter “0.” Use parenthesis () to indicate negative numbers.
Percentages — Report ownership percentages to a tenth of one percent: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 ___
8 . ___
7 %
___ ___

Part I — Identification of Minority-Owned Foreign Affiliate
3 What is the country of location? — Country in which this foreign affiliate’s physical assets are located or where its primary
activity is carried out — Mark (X) one.
Note — If the affiliate is engaged in petroleum, shipping, other water transportation, or oil and gas drilling, and has operations spanning more than
one country, use country of incorporation for country of location. For example, classify in country of incorporation an oil drilling rig that moves from
country to country during the year.
1
1
1
1
1007
601
650
313
319
Netherlands
Australia
China
Ireland
1

302

1

202

1

100

Belgium

1

Brazil

1

308

1

611

Canada

307

France

1

314

Germany

1

614

1

213

Hong Kong

Italy

1

325

Switzerland

Japan

1

327

United Kingdom

Mexico

1

Other — Specify

--Select Country--

1042

4

What is the city of location? — Primary city in which this foreign
affiliate’s physical assets are located or where its primary activity is carried out . .

5 What is the ending date of this foreign affiliate’s 2017 fiscal year? – The foreign
1009
affiliate’s financial reporting year that has an ending date in calendar year 2017.
See Instruction Booklet, Part II.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Month
1

Day

Year

2 __
0 __
1 __
7
__ __ / __ __ / __

6 Did the foreign business enterprise become a foreign affiliate of the U.S. Reporter during the fiscal year?
1010

1

1

1

2

Yes, and this is its initial report — Affiliate was not previously owned by the U.S. Reporter.
If “Yes,” did the U.S. Reporter — Mark (X) one.
2

1

2

2

No

Establish the foreign affiliate?
Acquire a voting interest of 10 percent or more in an existing foreign company?

½
¾
¿

Enter
date

Month
3

Year
MM/YYYY

___ ___ / ___ ___ ___ ___

Part I — Identification of Minority-Owned Foreign Affiliate — Continued
Ownership in this Foreign Affiliate
xEquity interest is direct ownership in the total equity (voting and nonvoting) of the affiliate. Examples
of nonvoting equity include nonvoting stock and a limited partner’s interest in a partnership.
xVoting interest is direct ownership in just the voting equity of the affiliate. Examples of voting equity
include voting stock and a general partner’s interest in a partnership. Thus, a U.S. Reporter could have
a 100 percent direct voting interest in an affiliate but own less than 100 percent of the affiliate’s total
equity.
xEnter percent of ownership based on total voting stock, as applicable, if an incorporated affiliate, or
an equivalent interest if an unincorporated affiliate.

Percent of ownership at close
of fiscal year
Equity
2017
(1)

1012

Voting
2017
(2)
2

1

7 What is the direct ownership interest held by the U.S. Reporter named in 1 ? . . . . ___ ___ ___ . ___ %
1020

___ ___ ___ . ___ %
2

8 What is the indirect ownership interest held through the U.S. Reporter’s other foreign affiliates? —
See Instruction Booklet, Part I.B.1.c., for instructions on how to calculate indirect ownership interest. (If entry is
made here, complete 10 .) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1050

9 What is the total ownership interest held by the U.S. Reporter? — Sum of 7 and 8

...............

___ ___ ___ . ___ %
2

___ ___ ___ . ___ %

10 What is the name of the foreign affiliate parent(s)? — If there is an entry in 8 , enter below, the name(s) and
percent(s) of ownership of each foreign affiliate of the U.S. Reporter named in 1 holding a direct ownership interest in this
foreign affiliate. Also, for each foreign affiliate in column (a) that is below the first tier in its ownership chain, enter in column (c) the
name of the foreign affiliate that holds a direct ownership interest in it.
Foreign affiliate(s) holding direct ownership interest in this foreign affiliate
Name and ID Number
Enter name and BEA ID Number of foreign
affiliate(s) holding a direct ownership interest in
this foreign affiliate.
(a)

Percent of direct
ownership in this
foreign affiliate

BEA
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ONLY

Close FY 2017
(b)

1191

1

2

1192

1

2

Name of the foreign
affiliate, if any, in
ownership chain that holds
a direct interest in the
foreign affiliate named in
column (a)
(c)

__ __ __ . __%

a.

__ __ __ . __%

b.
1021 2

TOTAL . . . . . . .If. .you
. . . . need
. . . . . . to
. . .enter
. . . . . . more
. . . . . . parents,
. . . . . . . . . .click
. . . . . .here.
............

__ __ __ . __%

11 What is the MAJOR product or service involved in this activity? If a product, briefly state what is done to it, i.e., whether it is
mined, manufactured, sold at wholesale, packaged, transported, etc. (For example, “Manufacture widgets to sell at wholesale.”)
1029

12 What is the foreign affiliate’s primary industry (ISI) code? — Give the 4-digit ISI code for the industry
1039 2
group that accounts for the largest amount of the affiliate’s sales. A list and a full explanation of the ISI codes
are given in the Guide to Industry Classifications for International Surveys, 2012. A summary list
--Select ISI CODE-of ISI codes is included at the back of Form BE-11B. For an inactive affiliate, enter an ISI code based on its last
active period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Note — To be considered a holding company (ISI code 5512), income from equity investments must be more than
50 percent of total income. In addition, normally at least 50 percent of total assets must consist of investments in affiliates.
ISI code 5512 (holding company) is an invalid classification if more than 50 percent of income generated, or expected to
be generated, by an affiliate is from non-holding company activities.
Remarks

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FORM BE-11C (REV. 12/2017)

Foreign affiliate(s) holding direct ownership interest in this foreign
affiliate
Name and ID Number
Percent direct
Enter name and BEA ID Number of
ownership in
BEA
foreign affiliate(s) holding a direct
this foreign
USE
ownership interest in this foreign
affiliate
ONLY
affiliate.
Close of FY 2017
(a)
1
2

%
1

2

%
1

2

%
1

2

%
1

2

%
1

2

%

Name of foreign affiliate, if any, in
ownership chain that holds direct
interest in foreign affiliate named
in column (a)

(c)

Part II — Financial and Operating Data of Minority-Owned Foreign Affiliate

Section A — Selected Financial Data

Affiliate ID

x Report the data to represent 100 percent of the foreign affiliate and not just the portion
owned by the U.S. Reporter(s).
x Report in 15 gross operating revenues or gross sales minus returns, allowances, and discounts. EXCLUDE sales or consumption taxes levied
directly on the consumer. EXCLUDE net value-added and excise taxes levied on manufacturers, wholesalers, and retailers.
— Finance and leasing companies with ISI codes 5221, 5223, 5224, 5229, 5231, 5238, 5252, or 5331 report interest income on this line.
— Insurance companies with ISI codes 5243 or 5249 report gross investment income on this line.
x Report in 16 net income (loss) for the year, after provision for foreign income taxes, but before provision for common and preferred dividends.
INCLUDE income from equity investments and certain gains (losses) (net of income tax effects) included in the determination of net income.
x Dealers in financial instruments and finance, insurance, and real estate companies see Special Instructions on page 4.
What are the foreign affiliate’s values for:

$ Bil.
2090

Mil.

Thous.

000

13 Total assets? — Balance at close of fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2094

1

000

14 Total liabilities? — Balance at close of fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2041

1

000

15 Annual sales or gross operating revenues, excluding sales taxes? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2051

Dols.

1

1

000

16 Net income (loss)? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section B — Number of Employees and Employee Compensation
xReport the number of employees on the payroll at the end of FY 2017 including part-time employees, but excluding temporary and contract
employees not included on your payroll records. A count taken at some other date during the reporting period may be given provided it is a reasonable
estimate of employees on the payroll at the end of FY 2017. If the number of employees at the end of FY 2017 (or when the count was taken) was
unusually high or low due to temporary factors (e.g., a strike), enter the number of employees that reflects normal operations. If the number of employees
fluctuates widely during the year due to seasonal business variations, report the average number of employees on the payroll during FY 2017. Base such
an average on the number of employees on the payroll at the end of each pay period, month or quarter. If precise figures are not available, give your best
estimate.
Number of employees
2105

1

17 What is the foreign affiliate’s total number of employees?* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
*Note – If the total number of employees in 17 is zero, please provide an explanation.

xReport employee compensation expenditures made by an employer in connection with the employment of workers, including cash payments,
payments-in-kind, and employer expenditures for employee benefit plans including those required by statute. Base compensation data on payroll
records. Report compensation that relates to activities that occurred during the reporting period regardless of whether the activities were charged as an
expense on the income statement, charged to inventories, or capitalized. EXCLUDE data related to activities of a prior period, such as those capitalized
or charged to inventories in prior periods. EXCLUDE compensation of contract workers not carried on the payroll of this affiliate. Total employee
compensation consists of wages and salaries of employees and employer expenditures for all employee benefit plans.
— Wages and salaries — INCLUDE 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, stock-based compensation, and commissions. EXCLUDE commissions paid to independent personnel
who are not employees. INCLUDE direct payments by employers for vacations, sick leave, severance (redundancy) pay, etc. EXCLUDE payments
made by, or on behalf of, benefit funds rather than by the employer. INCLUDE employer contributions to benefit funds. INCLUDE payments-in-kind,
valued at their costs, 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 of business expenses.
— Employee benefit plans — INCLUDE employer expenditures for all employee benefit plans including those mandated by government statute,
those resulting from collective bargaining contracts, and those that are voluntary. 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. Also, INCLUDE deferred post-employment and post-retirement expenses per FASB ASC 715 (FAS 106). If plans are
financed jointly by the employer and the employee, INCLUDE only the contributions of the employer.
$ Bil.
2110

Mil.

18 What is the foreign affiliate’s total employee compensation expenditure? — Report, for all
employees, the sum of wages and salaries and employee benefit plans.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2076

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2

3

4

Thous.

Dols.

1

000
5

0
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Part III — U.S. Exports To and U.S. Imports From Minority-Owned Foreign Affiliate
See Instruction Booklet, Part V.
IMPORTANT NOTES
Report U.S. exports of goods to and U.S. imports of goods from the
foreign affiliate in FY 2017. Report all goods that physically left or
entered the U.S. customs area. Report data on a “shipped” basis, i.e.,
on the basis of when and to (or by) whom the goods were shipped.
This is the same basis as official U.S. trade statistics to which these
data will be compared. Do not record a U.S. import or export if the
goods did not physically enter or leave (i.e., were not physically
shipped to or from) the United States, even if they were charged to
the foreign affiliate by, or charged by the foreign affiliate to, a U.S.
person.
Foreign affiliates normally keep their accounting records on a
“charged” basis, i.e., on the basis of when and to (or by) whom the
goods were charged. The “charged” basis may be used if there is no
material difference between it and the “shipped” basis. If there is a
material difference, the “shipped” basis must be used or adjustments
made to the data on a “charged” basis to approximate a “shipped”
basis. The data should INCLUDE goods only; they should
EXCLUDE services.
Capital goods — INCLUDE capital goods but EXCLUDE the
value of ships, planes, railroad rolling stock, and trucks that were temporarily outside the United States transporting people or goods.
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.

In-transit goods — EXCLUDE from exports and imports the value
of goods that are in-transit. In-transit goods are goods that are not
processed or consumed by residents in the intermediate country(ies)
through which they transit; the in-transit goods enter that country(ies)
only because that country(ies) is along the shipping lines between the
exporting and importing countries. In-transit imports are goods en
route from one foreign country to another via the United States (such
as from Canada to Mexico via the United States), and in-transit
exports are 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).
Packaged general use computer software — INCLUDE
exports and imports of packaged general use computer software. Value
such exports and imports at the full transaction value, i.e., the market
value of the media on which the software is recorded and the value of the
information contained on the media. EXCLUDE exports and imports of
customized software designed to meet the needs of a specific user. This
type of software is considered a service and should not be included as
trade in goods. Also EXCLUDE negotiated leasing fees for software that
is to be used on networks.
Natural gas, electricity, and water — Report ONLY the product
value of natural gas, electricity, and water that you produce or sell at
wholesale as exports and imports of goods. DO NOT report the service
value (transmission and distribution).

U.S. EXPORTS OF GOODS TO THIS FOREIGN AFFILIATE (Valued f.a.s. U.S. port)

$ Bil.
4173

Mil.

Thous.

19 What is the value of the total goods shipped in FY 2017 from the United States (by the
U.S. Reporter(s) of this affiliate and by other U.S. persons) to this affiliate? . . . . . . . . . . . . . . . . . . . . .

U.S. IMPORTS OF GOODS FROM THIS FOREIGN AFFILIATE (Valued f.a.s. foreign port)

000
$ Bil.

4178

Dols.

1

Mil.

Thous.

Dols.

1

20 What is the value of the total goods shipped in FY 2017 to the United States (to the
U.S. Reporter(s) of this affiliate and to other U.S. persons) by this affiliate? . . . . . . . . . . . . . . . . . . . . .

000

SPECIAL INSTRUCTIONS FOR DEALERS IN FINANCIAL INSTRUMENTS, FINANCE
COMPANIES, INSURANCE COMPANIES, AND REAL ESTATE COMPANIES
A. Certain gains (losses) for (1) dealers in financial
instruments and finance and insurance companies, and
(2) real estate companies.

B. Special instructions for insurance companies
1. When there is a difference between the financial and operating data
reported to the stockholders and the data reported in the annual
statement to an insurance department, prepare the BE-11 on the
same basis as the annual report to the stockholders. Valuation
should be according to normal commercial accounting procedures,
not at rates promulgated by national insurance departments, e.g.,
INCLUDE assets not acceptable for inclusion in the annual statement
to an insurance department, such as: 1. non-trusteed or free account
assets, and 2. nonadmitted assets, including furniture and equipment,
agents’ debit balances, and all receivables deemed to be collectible.
INCLUDE mandatory securities valuation reserves that are
appropriations of retained earnings in the owners’ equity section of
the balance sheet, not in the liability section.

1. Dealers in financial instruments (including securities,
currencies, derivatives, and other financial instruments)
and finance and insurance companies — INCLUDE in the
calculation of net income in 16 :
• impairment losses as defined by FASB ASC 320 (FAS 115),
• realized gains and losses on trading or dealing,
• unrealized gains or losses, due to changes in the valuation of
financial instruments, that flow through the income
statement, and
• goodwill impairment as defined by FASB ASC 350 (FAS 142).

2. EXCLUDE assets of the U.S. Reporter held in the country of
location of the affiliate that are for the benefit of the U.S. Reporter’s
policyholders in the data reported for the affiliate.

EXCLUDE from 15 and 16 , unrealized gains or losses due to
changes in the valuation of financial instruments that are taken to
other comprehensive income.

3. Instructions for reporting specific items

INCLUDE income from explicit fees and commissions as operating
revenue in 15 .

Sales or gross operating revenues, excluding sales
taxes — INCLUDE in 15 items such as earned premiums, annuity
considerations, gross investment income, and items of a similar nature.

2. Real estate companies — INCLUDE in 16 :
• impairment losses as defined by FASB ASC 360 (FAS 144), and
• goodwill impairment as defined by FASB ASC 350 (FAS 142).

Calculate premiums earned by companies engaged in insurance
activities as direct premiums written (including renewals) net of
cancellations, plus reinsurance premiums assumed, minus reinsurance
premiums ceded, plus unearned premiums at the beginning of the year,
minus unearned premiums at the end of the year.

INCLUDE income earned from the sale of real estate you own as
operating revenue in 15 .

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