Long-Term Obligations and Commitments

Long-Term Debt

Unsecured Revolving Credit Facility

We have an unsecured revolving credit facility that will expire on February 17, 2017. As of January 31, 2016, there was $745 million in outstanding borrowings on this credit facility, of which $500 million was considered long term. See Note 5, “Current Liabilities,” for more information.

Senior Unsecured Notes

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 January 31, 2016 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 six months ended January 31, 2016 and $14 million in cash for interest on the Notes during the six months ended January 31, 2015.

Other Long-Term Obligations

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



(In millions)	January 31, 2016			July 31, 2015
Total deferred rent	$	54		$	49
Total license fee payable	35			34
Long-term income tax liabilities	47			45
Long-term deferred income tax liabilities	5			50
Other	11			13
Total long-term obligations	152			191
Less current portion (included in other current liabilities)	(14		)	(19		)
Long-term obligations due after one year	$	138		$	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. In January 2016 we completed the purchase of certain leased facilities for $262 million in cash. The lease on these facilities was scheduled to expire in July 2017 and the remaining operating lease commitment was not significant. There were no other significant changes in our operating lease commitments during the first six months of fiscal 2016.