6. Was any short-term debt classified as long-term in the Apple Inc. 2022 annual report and why? Obtain the relevant authoritative literature on classification of debt expected to be financed using the FASB ASC. Determine the criteria for reporting currently payable debt as long-term. What is the specific codification citation that the corporation would rely on in applying that accounting treatment (an example of a proper citation reads as follows: [FASB ASC 220-25-45])? Jote 7-Debt Commercial Paper and Repurchase Agreements The Company issues unsecured short-term promissory notos ('Commercial Paper') pursuant to a commercial paper program. The Company uses nat proceeds from the commercial papen rogram for general corporate purposes, including dividends and share repunchases. As of September 24, 2022 and September 25, 2021, the Company had \$10.0 bilion and \$6.0 bilion of Commercial Paper outstanding, respectively, with maturties generaly less than nine months. The weighted-average interest rate of the Company's Commercial Paper was 231% and 0.5\% as of September 24, 2022 and September 25, 2021, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commeroial Paper for 2022, 2021 and 2020 (in millons): In 2080, the Company entered into agreements to sell certain of its marhetable securties with a promise to repurchase the securites at a spectied time and amount ("Alepos'). Due to the Comparys contruing involvement with the maketable securities, the Company accounted for is Fepos as collateralited borrowings. The Company entered into $5.2 billon of Repos during 2020 , all of which had been settied as of September 26, 2020 . Term Debt The Company has outstanding foxed-rete hotes wen varying maturites (collectivey the Totes). The Notes are senior unsecured oblgations and interest is payable in arrears. The folowing table provides a summary of the Company's term dett as of September 24, 2022 and September 25, 2021: To manage interest race rick on certain of its US. dola-denominated fixed-rate notos, the Company has entered into interest rate swaps to eflectively corvert the foced interest rates to foatro intereut rates on a portion of theste notes. Additionaly, to manage foreign currency risk on certain of its foreign currency-decominated notes, the Compary has entered into forelgn currency swaps to ellectively convert these notes to U.S, dollat-denominated notes The eflective intecest rates for the Notes incluje the interest on the Notes, amontzation of the dispount or premium and, it applicable, adiustrents ralated to hedging. The Company recognized $2.8 bilion, $2.6 billon and $2.8 billion of interest expense on its term debt for 2022 , 2021 and 2020 , respectively. The future principal payments for the Company's Notes as of September 24,2022 , are as lollows (in millions)