Borrowings

During the nine months ended June 28, 2014, the Company’s borrowing activity was as follows:



	September 28, 2013		Additions		Payments			Other Activity⁽¹⁾			June 28, 2014
Commercial paper borrowings	$	—	$	1,253	$	—		$	—		$	1,253
U.S. medium-term notes	13,155		1,997		(1,450		)	8			13,710
European medium-term notes and other foreign currency denominated borrowings	509		168		(93		)	(4		)	580
HKDL borrowings	275		—		(16		)	(5		)	254
Other	349		15		(12		)	(13		)	339
Total	$	14,288	$	3,433	$	(1,571	)	$	(14	)	$	16,136

⁽¹⁾ Primarily market value adjustments for debt with qualifying hedges and foreign currency translation adjustments.

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 28, 2014:



	Committed Capacity		Capacity Used		Unused Capacity
Facility expiring March 2015	$	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. The facilities contain only one financial covenant, relating to interest coverage, which the Company met on June 28, 2014 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 28, 2014			June 29, 2013			June 28, 2014			June 29, 2013
Interest expense	$	(74	)	$	(93	)	$	(222	)	$	(268	)
Interest and investment income	24			10			283			59
Interest income/(expense), net	$	(50	)	$	(83	)	$	61		$	(209	)

Interest and investment income includes gains and losses on the sale of available-for-sale and non-publicly traded cost method investments, investment impairments and interest earned on cash and cash equivalents and certain receivables. During the nine months ended June 28, 2014, net gains on available-for-sale and cost method investments totaled $151 million and $53 million, respectively. Gains on investments in the current quarter and prior year were not material.