United states securities and exchange commission

2022
2021
2020
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net
$ 
5,264 $ 
(357) $ 
100 
Maturities greater than 90 days:
Proceeds from commercial paper
5,948
7,946
6,185 
Repayments of commercial paper
(7,257)
(6,567)
(7,248) 
Proceeds from/(Repayments of) commercial paper, net
(1,309)
1,379
(1,063) 
Total proceeds from/(repayments of) commercial paper, net
$ 
3,955 $ 
1,022 $ 
(963) 
In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the 
securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable 
securities, the Company accounted for its Repos as collateralized borrowings. The Company entered into $5.2 billion of Repos 
during 2020, all of which had been settled as of September 26, 2020.
Term Debt
The Company has outstanding fixed-rate notes with varying maturities (collectively the “Notes”). The Notes are senior unsecured 
obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of 
September 24, 2022 and September 25, 2021:
Maturities
(calendar year)
2022
2021
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2021 debt issuances:
Floating-rate notes
$ 
— 
$ 
1,750 
0.48% – 0.63%
Fixed-rate 0.000% – 4.650% notes
2022 – 2061
106,324 
0.03% – 4.78%
116,313 
0.03% – 4.78%
Fourth quarter 2022 debt issuance:
Fixed-rate 3.250% – 4.100% notes
2029 – 2062
5,500 
3.27% – 4.12%
— 
Total term debt
111,824 
118,063 
Unamortized premium/(discount) and issuance 
costs, net
(374) 
(380) 
Hedge accounting fair value adjustments
(1,363) 
1,036 
Less: Current portion of term debt
(11,128) 
(9,613) 
Total non-current portion of term debt
$ 
98,959 
$ 
109,106 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company has entered into interest 
rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to 
manage foreign currency risk on certain of its foreign currency–denominated notes, the Company has entered into foreign 
currency swaps to effectively convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if 
applicable, adjustments related to hedging. The Company recognized $2.8 billion, $2.6 billion and $2.8 billion of interest expense 
on its term debt for 2022, 2021 and 2020, respectively.
Apple Inc. | 2022 Form 10-K | 45

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The future principal payments for the Company’s Notes as of September 24, 2022, are as follows (in millions):
2023
$ 
11,139 
2024
9,910 
2025
10,645 
2026
11,209 
2027
9,631 
Thereafter
59,290 
Total term debt
$ 
111,824 
As of September 24, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.8 
billion and $125.3 billion, respectively.