DEBT, COMMITMENTS, CONTINGENCIES AND GUARANTEES

We lease facilities under operating leases that include renewal and escalation clauses. Rent expense is recorded on a straight-line basis over the lease term. Total rent expense was $59.4 million, $54.7 million, and $52.2 million for Fiscal Years 2014, 2013, and 2012, respectively. Future minimum debt obligations, lease payments under non-cancelable leases, and purchase commitments due are as follows (excluding future potential payments in connection with the HERON acquisition - see Note 3):



(in thousands)	FY 2015		FY 2016		FY 2017		FY 2018		FY 2019		Thereafter		Total
Debt obligations (principal)	$	12,501	$	25,000	$	45,000	$	167,500	$	—	$	100,000	$	350,001
Operating leases	62,103		51,270		40,642		31,454		24,930		99,818		310,217
Purchase commitments*	55,036		17,783		6,146		1,588		1,020		—		81,573
Total	$	129,640	$	94,053	$	91,788	$	200,542	$	25,950	$	199,818	$	741,791
*includes commitments to purchase software, hardware and services

We have letter-of-credit agreements with banks, totaling approximately $10.5 million, guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2013 Credit Agreement and Note Purchase Agreement are guaranteed by certain of our U.S. subsidiaries.

We periodically become involved in various claims and lawsuits that are incidental to our business. We believe, after consultation with counsel, that no matters currently pending would, in the event of an adverse outcome, either individually or in the aggregate, have a material impact on our consolidated financial position, results of operations, or liquidity.