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 $56.4 million, $59.4 million, and $54.7 million for Fiscal Years 2015, 2014, and 2013, 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 acquisitions - see Note 3):



(in thousands)	FY 2016		FY 2017		FY 2018		FY 2019		FY 2020		Thereafter		Total
Debt obligations (principal)	$	8,915	$	12,832	$	20,332	$	35,000	$	280,000	$	—	$	357,079
Operating leases	55,805		44,415		35,285		30,023		23,036		96,426		284,990
Purchase commitments*	105,143		38,704		5,919		1,950		166		—		151,882
Total	$	169,863	$	95,951	$	61,536	$	66,973	$	303,202	$	96,426	$	793,951
*includes commitments to purchase software, hardware and services

We have letter-of-credit agreements with banks, totaling approximately $9.9 million, guaranteeing performance under various operating leases and vendor agreements. Additionally, the borrowings under the 2014 Credit Agreement and the Notes 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 are also regularly subject to, and are currently undergoing, audits by tax authorities in the United States and foreign jurisdictions for prior tax years. Although we believe our tax estimates are reasonable, and we intend to defend our positions through litigation if necessary, the final outcome of tax audits and related litigation is inherently uncertain and could be materially different than that reflected in our historical income tax provisions and accruals. Adverse outcomes of tax audits could also result in assessments of substantial additional taxes and/or fines or penalties relating to ongoing or future audits.

We believe, after consultation with counsel or other experts, 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.