Commitments

Letters of Credit

As of October 31, 2014, the Company had a total of $64.3 million in letters of credit outstanding substantially in favor of certain landlords for office space. These letters of credit renew annually and expire at various dates through December 2030.

Leases

The Company leases facilities space and certain fixed assets under non-cancelable operating and capital leases with various expiration dates.

As of October 31, 2014, the future minimum lease payments under non-cancelable operating and capital leases are as follows (in thousands):



	Capital Leases			Operating Leases		Financing Obligation, Building in Progress-Leased Facility(1)
Fiscal Period:
Remaining three months of fiscal 2015	$	12,228		$	64,901	$	0
Fiscal 2016	101,584			259,691		1,777
Fiscal 2017	112,748			233,260		16,877
Fiscal 2018	116,995			190,736		21,107
Fiscal 2019	112,592			181,184		21,551
Thereafter	201,292			1,289,131		274,512
Total minimum lease payments	657,439			$	2,218,903	$	335,824
Less: amount representing interest	(84,758		)
Present value of capital lease obligations	$	572,681

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(1) Total Financing Obligation, Building in Progress-Leased Facility noted above represents the total obligation on the lease agreement noted in Note 3 “Property and Equipment” and includes $103.0 million that was recorded to Financing obligation, building in progress-leased facility, which is included in Other noncurrent liabilities on the balance sheet.

The Company’s agreements for the facilities and certain services provide the Company with the option to renew. The Company’s future contractual obligations would change if the Company exercised these options.

On April 10, 2014, the Company entered into an office lease agreement to lease approximately 714,000 rentable square feet of an office building located in San Francisco, California that is under construction. The lease payments associated with the lease will be approximately $560.0 million over the 15.5 year term of the lease, beginning in the Company's first quarter of fiscal year 2018, which is reflected above under Operating Leases.