Borrowings

During the quarter ended December 27, 2014, the Company’s borrowing activity was as follows:



	September 27, 2014		Borrowings		Reductions of borrowings			Other Activity			December 27, 2014
Commercial paper with original maturities less than three months, net ⁽¹⁾	$	50	$	1,025	$	—		$	—		$	1,075
Commercial paper with original maturities greater than three months	—		1,722		—			—			1,722
U.S. medium-term notes	13,713		—		(1,000		)	3			12,716
Foreign currency denominated debt	783		69		(93		)	(19		)	740
Other	294		—		(12		)	8			290
Total	$	14,840	$	2,816	$	(1,105	)	$	(8	)	$	16,543

⁽¹⁾ Borrowings and reductions of borrowings are reported net.

The Company has bank facilities with a syndicate of lenders to support commercial paper borrowings. The following is a summary of the bank facilities at December 27, 2014:



	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring March 2015	$	1,500	$	—	$	1,500
Facility expiring June 2017	2,250		—		2,250
Facility expiring March 2019	2,250		—		2,250
Total	$	6,000	$	—	$	6,000

All of the above bank facilities allow for borrowings at LIBOR-based rates plus a spread depending on the credit default swap spread applicable to the Company’s debt, subject to a cap and floor that vary with the Company’s debt rating assigned by Moody’s Investors Service and Standard and Poor’s. The spread above LIBOR can range from 0.23% to 1.63%. The Company also has the ability to issue up to $800 million of letters of credit under the facility expiring in March 2019, which if utilized, reduces available borrowings under this facility. As of December 27, 2014, $214 million of letters of credit were outstanding, of which none were issued under this facility. The facilities contain only one financial covenant, relating to interest coverage, which the Company met on December 27, 2014 by a significant margin, and specifically exclude certain entities, including the International Theme Parks, from any representations, covenants, or events of default.

Interest income/(expense)

Interest and investment income and interest expense are reported net in the Condensed Consolidated Statements of Income and consist of the following (net of capitalized interest):



	Quarter Ended
	December 27, 2014			December 28, 2013
Interest expense	$	(69	)	$	(81	)
Interest and investment income	11			130
Interest income/(expense), net	$	(58	)	$	49

Interest and investment income includes gains and losses on the sale of available-for-sale and non-publicly traded cost method investments, investment impairments and interest earned on cash and cash equivalents and certain receivables. There were no sales of investments during the quarter ended December 27, 2014. The quarter ended December 28, 2013 included $59 million and $46 million of realized net gains on available-for-sale and cost method investments, respectively.