we maintain an effective universal shelf registration that allows for the public offering and sale of debt securities , capital securities , common stock , depositary shares and preferred stock , and warrants to purchase such securities , including any shares into which the preferred stock and depositary shares may be convertible , or any combination thereof .we have , as discussed previously , issued in the past , and we may issue in the future , securities pursuant to the shelf registration .the issuance of debt or equity securities will depend on future market conditions , funding needs and other factors .additional information about debt and equity securities issued pursuant to this shelf registration is provided in notes 9 and 12 to the consolidated financial statements included under item 8 .we currently maintain a corporate commercial paper program , under which we can issue up to $ 3 billion with original maturities of up to 270 days from the date of issue .at december 31 , 2011 , we had $ 2.38 billion of commercial paper outstanding , compared to $ 2.80 billion at december 31 , 2010 .additional information about our corporate commercial paper program is provided in note 8 to the consolidated financial statements included under item 8 .state street bank had initial board authority to issue bank notes up to an aggregate of $ 5 billion , including up to $ 1 billion of subordinated bank notes .approximately $ 2.05 billion was available under this board authority as of december 31 , 2011 .in 2011 , $ 2.45 billion of senior notes , which were outstanding at december 31 , 2010 , matured .state street bank currently maintains a line of credit with a financial institution of cad $ 800 million , or approximately $ 787 million as of december 31 , 2011 , to support its canadian securities processing operations .the line of credit has no stated termination date and is cancelable by either party with prior notice .as of december 31 , 2011 , no balance was outstanding on this line of credit .contractual cash obligations .
[['as of december 31 2011 ( in millions )', 'payments due by period total', 'payments due by period less than 1 year', 'payments due by period 1-3 years', 'payments due by period 4-5 years', 'payments due by period over 5 years'], ['long-term debt ( 1 )', '$ 9276', '$ 1973', '$ 1169', '$ 1944', '$ 4190'], ['operating leases', '1129', '237', '389', '228', '275'], ['capital lease obligations', '989', '68', '136', '138', '647'], ['total contractual cash obligations', '$ 11394', '$ 2278', '$ 1694', '$ 2310', '$ 5112']]
( 1 ) long-term debt excludes capital lease obligations ( presented as a separate line item ) and the effect of interest-rate swaps .interest payments were calculated at the stated rate with the exception of floating-rate debt , for which payments were calculated using the indexed rate in effect as of december 31 , 2011 .the obligations presented in the table above are recorded in our consolidated statement of condition at december 31 , 2011 , except for interest on long-term debt and capital lease obligations .the table does not include obligations which will be settled in cash , primarily in less than one year , such as deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings .additional information about deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings is provided in notes 7 and 8 to the consolidated financial statements included under item 8 .the table does not include obligations related to derivative instruments , because the amounts included in our consolidated statement of condition at december 31 , 2011 related to derivatives do not represent the amounts that may ultimately be paid under the contracts upon settlement .additional information about derivative contracts is provided in note 16 to the consolidated financial statements included under item 8 .we have obligations under pension and other post-retirement benefit plans , more fully described in note 18 to the consolidated financial statements included under item 8 , which are not included in the above table .additional information about contractual cash obligations related to long-term debt and operating and capital leases is provided in notes 9 and 19 to the consolidated financial statements included under item 8 .the consolidated statement of cash flows , also included under item 8 , provides additional liquidity information. .

Question: what percent of the total contractual cash obligations are due within the first year?
Answer: 20%