Borrowings

During the six months ended March 28, 2015, the Company’s borrowing activity was as follows:



	September 27, 2014		Borrowings		Reductions of borrowings			Other Activity			March 28, 2015
Commercial paper with original maturities less than three months ⁽¹⁾	$	50	$	1,855	$	—		$	1		$	1,906
Commercial paper with original maturities greater than three months	—		1,822		(1,723		)	1			100
U.S. medium-term notes	13,713		—		(1,800		)	5			11,918
Foreign currency denominated debt	783		123		(149		)	(34		)	723
Other	294		—		(24		)	40			310
Total	$	14,840	$	3,800	$	(3,696	)	$	13		$	14,957

⁽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 March 28, 2015:



	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring March 2016	$	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

The Company had a $1.5 billion bank facility expiring in March 2015. This facility was refinanced and the maturity extended to March 2016. 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 March 28, 2015, $220 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 March 28, 2015 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						Six Months Ended
	March 28, 2015			March 29, 2014			March 28, 2015			March 29, 2014
Interest expense	$	(66	)	$	(67	)	$	(135	)	$	(148	)
Interest and investment income	74			129			85			259
Interest income/(expense), net	$	8		$	62		$	(50	)	$	111

Interest and investment income includes gains and losses on the sale of publicly and non-publicly traded investments, investment impairments and interest earned on cash and cash equivalents and certain receivables. The quarter and six months ended March 28, 2015 included $48 million and $7 million of realized net gains on publicly and non-publicly traded investments, respectively. The quarter ended March 29, 2014 included $92 million of realized net gains on publicly traded investments and no gains or losses on non-publicly traded investments. The six months ended March 29, 2014 included $151 million and $46 million of realized net gains on publicly and non-publicly traded investments, respectively.