PRODUCTS AND SERVICES We offer our products and services in the seven business segments described in “Business Overview” above.
The following table shows the classes of similar products or services that accounted for 10% or more of total net revenue in the last three fiscal years.
## Table 0 ##
Our products and services are sold mainly in the United States and are described below.
International total net revenue was less than 5% of consolidated total net revenue for fiscal 2010, 2009 and 2008.
For financial information about these segments, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and Note 15 to the financial statements in Item 8 of this report.
Financial Management Solutions QuickBooks Software.
Our QuickBooks product line brings bookkeeping capabilities and business management tools to small and medium-sized business users in an easy-to-use design that does not require them to be familiar with debit and credit accounting.
We offer a range of products to suit the needs of different types of businesses.
Our desktop software products include QuickBooks Simple Start, which provides accounting functionality suitable for very small, less complex businesses; QuickBooks Pro and QuickBooks Pro for Mac, which provide accounting functionality suitable for slightly larger businesses; QuickBooks Premier, which provides small businesses with advanced accounting functionality and business planning tools; and QuickBooks Enterprise Solutions, designed for larger businesses.
Our Premier and Enterprise products also come in a range of industry-specific editions, including Contractor, Manufacturing and Wholesale, Nonprofit, Professional Services, and Retail.
In addition, we offer a Web-based version of QuickBooks called QuickBooks Online that is suitable for multiple users working in various locations.
QuickBooks Technical Support.
We offer several technical support options to our QuickBooks customers.
These include support plans that are sold separately and priced based on the length of the plan.
We also offer a free selfhelp information section on our QuickBooks.
com website and free access to the QuickBooks Community, an online forum where QuickBooks users can share information with each other.
Websites for Small Businesses.
Our Intuit Websites offering helps small businesses establish a presence on the Web, maintain and promote their websites, and sell or market their products and services online.
Financial Supplies.
We offer a range of financial supplies designed for small businesses and individuals that use QuickBooks and Quicken.
These include paper checks, envelopes, invoices and deposit slips as well as business identity products such as business cards and stationery.
We also offer tax forms, tax return presentation folders and other supplies for professional tax preparers.
Our customers can personalize many of these products to incorporate their logos and use a variety of color, font and design options.
QuickBase.
Our QuickBase offering is a Software as a Service (SaaS) platform that allows business users to select ready-made online workgroup applications or create custom solutions for their businesses.
The most common solutions include project collaboration, sales team management and employee management.
QuickBase customers pay a monthly or annual subscription fee that varies based on the number of users and the amount of data and file storage they need.
The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates shown:
## Table 1 ##
We value our Level 1 assets, consisting primarily of money market funds, using quoted prices in active markets for identical instruments.
Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of municipal bonds, corporate notes and U. S.  agency securities.
We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments.
Our fair value processes include controls that are designed to ensure that we record appropriate fair values for our Level 2 investments.
These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate.
Financial liabilities whose fair values we measure using Level 2 inputs consist of debt.
See Note 9, “Long-Term Obligations and Commitments,” for more information.
We measure the fair value of our senior notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms.
Financial assets whose fair values we measure using significant unobservable (Level 3) inputs consist of municipal auction rate securities that are no longer liquid.
We estimate the fair values of these auction rate securities using a discounted cash flow model.
Using our discounted cash flow model, we determined that the fair values of the municipal auction rate securities we held at July 31, 2015, 2014, and 2013 were approximately equal to their par values and as a result we recorded no decrease in their fair values during the twelve months then ended.
During the twelve months ended July 31, 2015, issuers redeemed $6 million of these securities at par, leaving a remaining balance of $15 million at July 31, 2015.
We continue to classify them as long-term investments based on the maturities of the underlying securities at that date.
We do not intend to sell our municipal auction rate securities.
In addition, it is more likely than not that we will not be required to sell them before recovery at par, which may be at maturity.
There were no transfers between Level 1, Level 2, and Level 3 of the fair value hierarchy during the twelve months ended July 31, 2015, 2014 or 2013.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets measured at fair value on a non-recurring basis include reporting units measured at fair value in a goodwill impairment test.
Estimates of fair value for reporting units fall under Level 3 of the fair value hierarchy.
During the fourth quarters of fiscal 2015, fiscal 2014, and fiscal 2013 we performed our annual goodwill impairment tests.
Using the methodology described in Note 1, we determined that the estimated fair values of all of our reporting units exceeded their carrying values and that they were not impaired.
During the third quarter of fiscal 2015 there was a significant decline in the revenue and operating income forecast for our Consumer Ecosystem reporting unit.
As a result of this development, we performed an interim impairment test of goodwill and acquired intangible assets for that reporting unit.
We concluded that the carrying value of goodwill associated with our Consumer Ecosystem reporting unit was impaired and we recorded an impairment charge of $263 million that reduced the carrying value of goodwill to $211 million as of April 30, 2015.
The amount of the impairment charge was determined by comparing the carrying value of goodwill assigned to the reporting unit with the implied fair value of the goodwill.
We used a weighted combination of a discounted cash flow model (income approach) and comparisons to publicly traded companies engaged in similar businesses (market approach) to estimate the fair value of our Consumer Ecosystem reporting unit.
Key assumptions that we used in the income approach included the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a rate of return that
Tables of Contents 8.
Current Liabilities Short-Term Debt On February 1, 2016 we entered into a master credit agreement with certain institutional lenders for a five-year credit facility in an aggregate principal amount of $1.5 billion.
The master credit agreement includes a $500 million unsecured term loan and a $1 billion unsecured revolving credit facility.
At July 31, 2018, $438 million was outstanding under the term loan, of which $50 million was classified as short-term debt.
See Note 9, “Long-Term Obligations and Commitments – Long-Term Debt,” for more information regarding the term loan.
Unsecured Revolving Credit Facility The master credit agreement we entered into on February 1, 2016 includes a $1 billion unsecured revolving credit facility that will expire on February 1, 2021.
Under the master credit agreement we may, subject to certain customary conditions, on one or more occasions increase commitments under the revolving credit facility in an amount not to exceed $250 million in the aggregate and may extend the maturity date up to two times.
Advances under the revolving credit facility accrue interest at rates that are equal to, at our election, either Bank of America's alternate base rate plus a margin that ranges from 0.0% to 0.5% or the London Interbank Offered Rate (LIBOR) plus a margin that ranges from 0.9% to 1.5%.
Actual margins under either election will be based on our senior debt credit ratings.
The master credit 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 annual interest expense 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 fiscal year ended July 31, 2018.
During the twelve months ended July 31, 2018 we borrowed and repaid $800 million under this revolving credit facility and at July 31, 2018 no amounts were outstanding.
We paid $5 million for interest on the revolving credit facility during the twelve months ended July 31, 2018, $1 million during the twelve months ended July 31, 2017, and $2 million during the twelve months ended July 31, 2016.
Other Current Liabilities Other current liabilities were as follows at the dates indicated:
## Table 2 ##
9.
Long-Term Obligations and Commitments Long-Term Debt On February 1, 2016 we entered into a master credit agreement with certain institutional lenders for a five-year credit facility in an aggregate principal amount of $1.5 billion, which includes a $500 million unsecured term loan.
Under the master credit agreement we may, subject to certain customary conditions, on one or more occasions increase commitments under the term loan in an amount not to exceed $500 million in the aggregate.
The term loan accrues interest at rates that are equal to, at our election, either Bank of America's alternate base rate plus a margin that ranges from 0.125% to 0.875% or LIBOR plus a margin that ranges from 1.125% to 1.875%.
Actual margins under either election will be based on our senior debt credit ratings.
The master credit agreement includes customary affirmative and negative covenants.
See Note 8, “Current Liabilities – Unsecured Revolving Credit Facility,” for more information.
The term loan is subject to quarterly principal payments of 2.5% of the loan amount which began in July 2017, with the balance payable on February 1, 2021.
At July 31, 2018, $438 million was outstanding under the term loan, of which $50 million was classified as short-term debt.
The carrying value of the term loan
Note 2 – Restructuring Charges 2013 Actions During 2013, we recorded charges related to certain severance actions totaling $201 million, net of state tax benefits, of which $83 million, $37 million, and $81 million related to our Information Systems & Global Solutions (IS&GS), Mission Systems and Training (MST), and Space Systems business segments.
These charges reduced our net earnings by $130 million ($.40 per share) and primarily related to a plan we committed to in November 2013 to close and consolidate certain facilities and reduce our total workforce by approximately 4,000 positions within our IS&GS, MST, and Space Systems business segments.
These charges also include $30 million related to certain severance actions at our IS&GS business segment that occurred in the first quarter of 2013, which were subsequently paid in 2013.
The November 2013 plan resulted from a strategic review of these businesses’ facility capacity and future workload projections and is intended to better align our organization and cost structure and improve the affordability of our products and services given the continued decline in U. S.  Government spending as well as the rapidly changing competitive and economic landscape.
Upon separation, terminated employees will receive lump-sum severance payments primarily based on years of service.
During 2013, we paid approximately $15 million in severance payments associated with these actions, with the remainder expected to be paid through the middle of 2015.
In addition to the severance charges described above, we expect to incur accelerated and incremental costs (e. g. , accelerated depreciation expense related to long-lived assets at the sites to be closed, relocation of equipment and other employee related costs) of approximately $15 million, $50 million, and $135 million at our IS&GS, MST, and Space Systems business segments related to the facility closures and consolidations.
The accelerated and incremental costs will be expensed as incurred in the respective business segment’s results of operations through their completion in 2015.
We expect to recover a substantial amount of the restructuring charges through the pricing of our products and services to the U. S.  Government and other customers in future periods, with the impact included in the respective business segment’s results of operations.2012 and 2011 Actions During 2012, we recorded charges related to certain severance actions totaling $48 million, net of state tax benefits, of which $25 million related to our Aeronautics business segment and $23 million related to the reorganization of our former Electronic Systems business segment.
These charges reduced our net earnings by $31 million ($.09 per share) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions.
These severance actions resulted from cost reduction initiatives to better align our organization with changing economic conditions.
Upon separation, terminated employees received lump-sum severance payments primarily based on years of service, all of which were paid in 2013.
During 2011, we recorded charges related to certain severance actions totaling $136 million, net of state tax benefits, of which $49 million, $48 million, and $39 million related to our Aeronautics, Space Systems, and our IS&GS business segments and Corporate Headquarters.
These charges reduced our net earnings by $88 million ($.26 per share) and consisted of severance costs associated with the elimination of certain positions through either voluntary or involuntary actions.
These severance actions resulted from a strategic review of these businesses and our Corporate Headquarters and are intended to better align our organization and cost structure with changing economic conditions.
The workforce reductions at the business segments also reflected changes in program lifecycles, where several of our major programs were either transitioning out of development and into production or were ending.
Upon separation, terminated employees received lump-sum severance payments based on years of service.
During 2011, we made approximately half of the severance payments associated with these 2011 severance actions, and paid the remaining amounts in 2012.
Note 3 – Earnings Per Share The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td> Fiscal  2010</td><td> Fiscal  2009</td><td> Fiscal  2008</td></tr><tr><td>Financial Management Solutions</td><td>18%</td><td>19%</td><td>20%</td></tr><tr><td>Employee Management Solutions</td><td>12%</td><td>12%</td><td>11%</td></tr><tr><td>Consumer Tax</td><td>33%</td><td>32%</td><td>31%</td></tr><tr><td>Accounting Professionals</td><td>11%</td><td>11%</td><td>11%</td></tr><tr><td>Financial Services</td><td>10%</td><td>10%</td><td>10%</td></tr></table>
<table><tr><td></td><td colspan="4">At July 31, 2015</td><td colspan="4">At July 31, 2014</td></tr><tr><td>(In millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>TotalFair Value</td></tr><tr><td>Cash equivalents:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In cash and cash equivalents</td><td>$533</td><td>$—</td><td>$—</td><td>$533</td><td>$507</td><td>$—</td><td>$—</td><td>$507</td></tr><tr><td>In funds held for customers</td><td>162</td><td>—</td><td>—</td><td>162</td><td>145</td><td>—</td><td>—</td><td>145</td></tr><tr><td>Total cash and cash equivalents</td><td>$695</td><td>$—</td><td>$—</td><td>$695</td><td>$652</td><td>$—</td><td>$—</td><td>$652</td></tr><tr><td>Available-for-sale securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>In investments</td><td>$—</td><td>$889</td><td>$—</td><td>$889</td><td>$—</td><td>$1,065</td><td>$—</td><td>$1,065</td></tr><tr><td>In funds held for customers</td><td>—</td><td>175</td><td>—</td><td>175</td><td>—</td><td>144</td><td>—</td><td>144</td></tr><tr><td>In long-term investments</td><td>—</td><td>—</td><td>15</td><td>15</td><td>—</td><td>—</td><td>21</td><td>21</td></tr><tr><td>Total available-for-sale securities</td><td>$—</td><td>$1,064</td><td>$15</td><td>$1,079</td><td>$—</td><td>$1,209</td><td>$21</td><td>$1,230</td></tr></table>
<table><tr><td></td><td colspan="2">July 31,</td></tr><tr><td>(In millions)</td><td>2018</td><td>2017</td></tr><tr><td>Executive deferred compensation plan liabilities</td><td>$97</td><td>$83</td></tr><tr><td>Reserve for promotional discounts and rebates</td><td>10</td><td>19</td></tr><tr><td>Reserve for product returns</td><td>10</td><td>7</td></tr><tr><td>Current portion of license fee payable</td><td>9</td><td>10</td></tr><tr><td>Current portion of deferred rent</td><td>6</td><td>6</td></tr><tr><td>Current portion of dividend payable</td><td>10</td><td>9</td></tr><tr><td>Other</td><td>49</td><td>44</td></tr><tr><td>Total other current liabilities</td><td>$191</td><td>$178</td></tr></table>

Question: At July 31,what year is Total Fair Value of Total available-for-sale securities less?
Answer: 2015