Interest Expense, Net

Interest income and interest expense for the three and nine months ended January 23, 2015 and January 24, 2014 are as follows:



	Three months ended						Nine months ended
(in millions)	January 23, 2015			January 24, 2014			January 23, 2015			January 24, 2014
Interest income	$	(95	)	$	(67	)	$	(273	)	$	(178	)
Interest expense	176			92			367			276
Interest expense, net	$	81		$	25		$	94		$	98

Interest income includes interest earned on the Company’s cash, cash equivalents, and 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.

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, amortization of terminated interest rate swap agreements, and the amortization of debt issuance costs and debt discounts.