Long-Term Obligations and Commitments

Long-Term Debt

On March 12, 2007 we issued $500 million of 5.75% senior unsecured notes due on March 15, 2017 (the Notes). We carried the Notes at face value less the unamortized discount in long-term debt on our balance sheets at October 31, 2015 and July 31, 2015. The Notes are redeemable by Intuit at any time, subject to a make-whole premium, and include covenants that limit our ability to grant liens on our facilities and to enter into sale and leaseback transactions, subject to significant allowances. Interest on the Notes is payable semi-annually on March 15 and September 15. We paid $14 million in cash for interest on the Notes during the three months ended October 31, 2015 and $14 million in cash for interest on the Notes during the three months ended October 31, 2014.

Other Long-Term Obligations

Other long-term obligations were as follows at the dates indicated:



(In millions)	October 31, 2015			July 31, 2015
Total deferred rent	$	63		$	49
Total license fee payable	35			34
Long-term income tax liabilities	45			45
Long-term deferred income tax liabilities	51			50
Other	12			13
Total long-term obligations	206			191
Less current portion (included in other current liabilities)	(22		)	(19		)
Long-term obligations due after one year	$	184		$	172

Operating Lease Commitments

We describe our operating lease commitments in Note 9 to the financial statements in Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2015. On September 9, 2015 we entered into an agreement to purchase certain leased facilities for $262 million in cash and on November 9, 2015 we notified the seller of our unconditional acceptance of those facilities. Escrow is expected to close in January 2016.