Current Liabilities

Unsecured Revolving Credit Facility

On February 17, 2012 we entered into an agreement with certain institutional lenders for a $500 million unsecured revolving credit facility that will expire on February 17, 2017. Advances under the credit facility accrue interest at rates that are equal to, at our election, either JP Morgan's alternate base rate plus a margin that ranges from 0.0% to 0.5% or London Interbank Offered Rate (LIBOR) plus a margin that ranges from 0.9% to 1.5%. Actual margins under either election are based on our senior debt credit ratings. The agreement includes customary affirmative and negative covenants, including financial covenants that require us to maintain a ratio of total debt to annual earnings before interest, taxes, depreciation and amortization (EBITDA) of not greater than 3.25 to 1.00 as of any date and a ratio of annual EBITDA to interest payable of not less than 3.00 to 1.00 as of the last day of each fiscal quarter. We remained in compliance with these covenants at all times during the quarter ended October 31, 2015. As of October 31, 2015, there was $350 million in outstanding borrowings on this credit facility, and we had $150 million of borrowings available.

Other Current Liabilities

Other current liabilities were as follows at the dates indicated:



(In millions)	October 31, 2015		July 31, 2015
Reserve for product returns	$	9	$	12
Reserve for rebates	13		12
Current portion of license fee payable	10		10
Current portion of deferred rent	11		8
Interest payable	3		10
Amounts due for share repurchases	17		—
Executive deferred compensation plan liabilities	69		63
Other	33		35
Total other current liabilities	$	165	$	150

The balances of several of our other current liabilities, particularly our reserves for product returns and rebates, are affected by the seasonality of our business. See Note 1, “Description of Business and Summary of Significant Accounting Policies – Seasonality,” for more information.