Interest Expense, Net

Interest income and interest expense for the three and six months ended January 25, 2013 and January 27, 2012 are as follows:



	Three months ended						Nine months ended
(in millions)	January 25, 2013			January 27, 2012			January 25, 2013			January 27, 2012
Interest income	$	(52	)	$	(56	)	$	(179	)	$	(148	)
Interest expense	98			89			282			251
Interest expense, net	$	46		$	33		$	103		$	103

Interest income includes interest earned on the Company’s cash and cash equivalents, short- and long-term investments, the net realized and unrealized gain or loss on trading securities, ineffectiveness on interest rate derivative instruments, and the net realized gain or loss on the sale or impairment of available-for-sale debt securities. See Note 7 for further discussion of these items.

Interest expense includes the expense associated with the interest on the Company’s outstanding borrowings, including short- and long-term instruments, ineffectiveness on interest rate derivative instruments, and the amortization of debt issuance costs and debt discounts.