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Debt

Commercial Paper and Repurchase Agreements

The Company issues unsecured short-term promissory notes ("Commercial Paper") pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of both June27, 2020 and September28, 2019, the Company had $6.0billion of Commercial Paper outstanding with maturities generally less thannine months. The weighted-average interest rate of the Company's Commercial Paper was0.77% and2.24% as of June27, 2020 and September28, 2019, respectively.The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended June27, 2020 and June29, 2019 (in millions):

June 2020

Maturities 90 days or less:

Proceeds from/(Repayments of) commercial paper, net: $401

Maturities greater than 90 days:

Proceeds from commercial paper: $5,373

Repayments of commercial paper: $(5,743)

Proceeds from/(Repayments of) commercial paper, net: $(370)

Total proceeds from/(repayments of) commercial paper, net: $31

June 2019

Maturities 90 days or less:

Proceeds from/(Repayments of) commercial paper, net: $(3,720)

Maturities greater than 90 days:

Proceeds from commercial paper: $12,977

Repayments of commercial paper: $(11,283)

Proceeds from/(Repayments of) commercial paper, net: $1694

Total proceeds from/(repayments of) commercial paper, net: $(2,026)

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 accounts for its Repos as collateralized borrowings. As of June27, 2020, the Company had $5.2billion of Repo liabilities outstanding with maturities of less thanthree months, and had pledged $5.3billion of marketable securities as collateral.

Term Debt

As of June, 2020, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $100.1billion.

To manage interest rate risk on certain of its U.S. dollar-denominated fixed- or floating-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates or the floating interest rates to fixed 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 $664million and $2.1billion of interest cost on its term debt for the three- and nine-month periods ended June 27, 2020, respectively. The Company recognized $790million and $2.4billion of interest cost on its term debt for the three- and nine-month periods ended June 29, 2019, respectively.