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Long-Term Obligations and Commitments | 3 Months Ended
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Oct. 31, 2020
Debt Disclosure [Abstract] |
Long-term Debt |
6. Long-Term Obligations and Commitments
Senior Unsecured Notes
In June 2020 we issued four series of senior unsecured notes (together, the Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. The carrying value of the Notes was as follows at the dates indicated:
(In millions) | October 31, 2020 |  | July 31, 2020 |  | Effective Interest Rate
Senior unsecured notes issued June 2020: |  |  |  |  |
0.650% notes due July 2023 | $ | 500 |  |  | $ | 500 |  |  | 0.837%
0.950% notes due July 2025 | 500 |  |  | 500 |  |  | 1.127%
1.350% notes due July 2027 | 500 |  |  | 500 |  |  | 1.486%
1.650% notes due July 2030 | 500 |  |  | 500 |  |  | 1.767%
Total senior unsecured notes | 2,000 |  |  | 2,000 |  |  |
Unamortized discount and debt issuance costs | (16) |  |  | (17) |  |  |
Net carrying value senior unsecured notes | $ | 1,984 |  |  | $ | 1,983 |  |  |
Interest is payable semiannually on January 15 and July 15 of each year, beginning on January 15, 2021. The discount and debt issuance costs are amortized to interest expense over the term of the Notes under the effective interest method. We paid no interest on the Notes during the three months ended October 31, 2020. The Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. Upon the occurrence of change of control transactions that are accompanied by certain downgrades in the credit ratings of the Notes, we will be required to repurchase the Notes at a repurchase price equal to 101% of the aggregate outstanding principal plus any accrued and unpaid interest to but not including the date of repurchase. The indenture governing the Notes requires us to comply with certain covenants. For example, the Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of October 31, 2020 we were compliant with all covenants governing the Notes.
Secured Revolving Credit Facility
On February 19, 2019, a subsidiary of Intuit entered into a two-year $300 million secured revolving credit facility with a lender. The revolving credit facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. Advances under this secured revolving credit facility are used to fund a portion of our loans to qualified small businesses and accrue interest at LIBOR plus 2.39%. Unused portions of the credit facility accrue interest at a rate of 0.50%. On March 2, 2020, we amended the secured revolving credit facility to extend the commitment term from February 19, 2021 to February 19, 2022 and the final maturity date from August 19, 2021 to August 19, 2022. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of October 31, 2020 we were compliant with all required covenants. At October 31, 2020, $48 million was outstanding under this facility, with a weighted-average interest rate of 5.70%, which includes the unused facility fee. The outstanding balance is secured by cash and receivables of the subsidiary totaling $146 million. Interest on the facility is payable monthly. We paid $1 million for interest on the secured revolving credit facility during each of the three months ended October 31, 2020 and October 31, 2019.
Other Long-Term Obligations
Other long-term obligations were as follows at the dates indicated:
(In millions) | October 31, 2020 |  | July 31, 2020
Long-term income tax liabilities | $ | 23 |  |  | $ | 10 |
Total dividend payable | 11 |  |  | 12 |
Long-term deferred revenue | 9 |  |  | 13 |
Other | 13 |  |  | 19 |
Total long-term obligations | 56 |  |  | 54 |
Less current portion (included in other current liabilities) | (6) |  |  | (10) |
Long-term obligations due after one year | $ | 50 |  |  | $ | 44 |
Unconditional Purchase Obligations
We describe our purchase obligations in Note 8 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2020. There were no significant changes in our purchase obligations during the three months ended October 31, 2020.

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