Borrowings

During the nine months ended June 27, 2015, the Company’s borrowing activity was as follows:



	September 27, 2014		Borrowings		Reductions of borrowings			Other Activity			June 27, 2015
Commercial paper with original maturities less than three months ⁽¹⁾	$	50	$	1,781	$	—		$	2		$	1,833
Commercial paper with original maturities greater than three months	—		2,394		(1,823		)	1			572
U.S. medium-term notes	13,713		—		(1,800		)	7			11,920
Foreign currency denominated debt	783		186		(203		)	(39		)	727
Other	294		1		(25		)	(49		)	221
Total	$	14,840	$	4,362	$	(3,851	)	$	(78	)	$	15,273

⁽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 June 27, 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

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 June 27, 2015, $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 June 27, 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						Nine Months Ended
	June 27, 2015			June 28, 2014			June 27, 2015			June 28, 2014
Interest expense	$	(62	)	$	(74	)	$	(197	)	$	(222	)
Interest and investment income	50			24			135			283
Interest income/(expense), net	$	(12	)	$	(50	)	$	(62	)	$	61

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.

Realized net gains on publicly and non-publicly traded investments are as follows:



	Quarter Ended				Nine Months Ended
	June 27, 2015		June 28, 2014		June 27, 2015		June 28, 2014
Publicly traded	$	31	$	2	$	79	$	153
Non-publicly traded	1		9		8		53
Realized net gains	$	32	$	11	$	87	$	206