Borrowings

During the six months ended April 1, 2017, the Company’s borrowing activity was as follows:



	October 1, 2016		Borrowings		Payments			Other Activity			April 1, 2017
Commercial paper with original maturities less than three months⁽¹⁾	$	777	$	—	$	(280	)	$	2		$	499
Commercial paper with original maturities greater than three months	744		3,536		(2,342		)	9			1,947
U.S. medium-term notes	16,827		1,999		(1,000		)	1			17,827
International Theme Parks borrowings	1,087		13		—			(10		)	1,090
Foreign currency denominated debt and other⁽²⁾	735		41		(233		)	(253		)	290
Total	$	20,170	$	5,589	$	(3,855	)	$	(251	)	$	21,653


⁽¹⁾	Borrowings and payments are reported net.


⁽²⁾	The other activity is primarily market value adjustments for debt with qualifying hedges.

The Company has bank facilities with a syndicate of lenders to support commercial paper borrowings as follows:



	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring March 2018	$	2,500	$	—	$	2,500
Facility expiring March 2019	2,250		—		2,250
Facility expiring March 2021	2,250		—		2,250
Total	$	7,000	$	—	$	7,000

The Company had a $1.5 billion bank facility expiring in March 2017. This facility was refinanced increasing the borrowing capacity by $1.0 billion to $2.5 billion and extending the maturity date to March 2018. 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 April 1, 2017, the Company has $187 million of outstanding letters of credit, of which none were issued under this facility. The facilities specifically exclude certain entities, including the International Theme Parks, from any representations, covenants, or events of default and contain only one financial covenant relating to interest coverage, which the Company met on April 1, 2017 by a significant margin.

Interest expense, net

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
	April 1, 2017			April 2, 2016			April 1, 2017			April 2, 2016
Interest expense	$	(115	)	$	(81	)	$	(236	)	$	(147	)
Interest and investment income	31			14			53			56
Interest expense, net	$	(84	)	$	(67	)	$	(183	)	$	(91	)

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.