Table M.—Direct Investment Income and Capital

[Millions of dollars, quarters seasonally adjusted]

	1997	1998	1999/p/	1999
				I/r/	II/r/	III/r/	IV/p/
Income
Income receipts on U.S. direct investment abroad	115,795	102,846	116,683	26,824	28,400	30,311	31,147
Distributed earnings	51,937	41,419	35,439	11,869	7,706	7,738	8,128
Reinvested earnings	61,644	58,651	77,567	14,097	19,825	21,597	22,046
Interest, net	2,215	2,775	3,676	858	869	976	973
Income payments on foreign direct investment in the United States	–46,575	–43,441	–58,250	–12,067	–14,487	–13,768	–17,929
Distributed earnings	–17,036	–19,638	–18,081	–3,689	–6,639	–4,256	–3,496
Reinvested earnings	–20,265	–12,789	–25,996	–5,267	–4,329	–5,845	–10,557
Interest, net	–9,275	–11,015	–14,173	–3,111	–3,519	–3,667	–3,876
Capital
U.S. direct investment abroad (increase/capital outflow (–))	–109,955	–132,829	–152,152	–41,631	–31,812	–47,356	–31,349
Equity capital	–43,907	–59,427	–56,399	–19,809	–7,930	–22,753	–5,907
Reinvested earnings	–61,644	–58,651	–77,567	–14,097	–19,825	–21,597	–22,046
Intercompany debt	–4,403	–14,753	–18,184	–7,725	–4,057	–3,006	–3,396
Foreign direct investment in the Unites States (increase/capital inflow (+))	109,264	193,375	282,507	23,057	154,481	60,841	44,131
Equity capital	64,654	154,204	215,847	7,888	141,367	36,242	30,350
Reinvested earnings	20,265	12,789	25,996	5,267	4,329	5,845	10,557
Intercompany debt	24,345	26,383	40,665	9,902	8,785	18,754	3,224

r Revised.

p Preliminary.