guarantees to third parties .we have , however , issued guar- antees and comfort letters of $ 171 million for the debt and other obligations of unconsolidated affiliates , primarily for cpw .in addition , off-balance sheet arrangements are gener- ally limited to the future payments under noncancelable operating leases , which totaled $ 408 million at may 28 , at may 28 , 2006 , we had invested in four variable interest entities ( vies ) .we are the primary beneficiary ( pb ) of general mills capital , inc .( gm capital ) , a subsidiary that we consolidate as set forth in note eight to the consoli- dated financial statements appearing on pages 43 and 44 in item eight of this report .we also have an interest in a contract manufacturer at our former facility in geneva , illi- nois .even though we are the pb , we have not consolidated this entity because it is not material to our results of oper- ations , financial condition , or liquidity at may 28 , 2006 .this entity had property and equipment of $ 50 million and long-term debt of $ 50 million at may 28 , 2006 .we are not the pb of the remaining two vies .our maximum exposure to loss from these vies is limited to the $ 150 million minority interest in gm capital , the contract manufactur- er 2019s debt and our $ 6 million of equity investments in the two remaining vies .the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period .the majority of the purchase obligations represent commitments for raw mate- rial and packaging to be utilized in the normal course of business and for consumer-directed marketing commit- ments that support our brands .the net fair value of our interest rate and equity swaps was $ 159 million at may 28 , 2006 , based on market values as of that date .future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .other long-term obligations primarily consist of income taxes , accrued compensation and benefits , and miscella- neous liabilities .we are unable to estimate the timing of the payments for these items .we do not have significant statutory or contractual funding requirements for our defined-benefit retirement and other postretirement benefit plans .further information on these plans , including our expected contributions for fiscal 2007 , is set forth in note thirteen to the consolidated financial statements appearing on pages 47 through 50 in item eight of this report .in millions , payments due by fiscal year total 2007 2008-09 2010-11 2012 and thereafter .
[['in millionspayments dueby fiscal year', 'total', '2007', '2008-09', '2010-11', '2012 andthereafter'], ['long-term debt', '$ 4546', '$ 2131', '$ 971', '$ 55', '$ 1389'], ['accrued interest', '152', '152', '2013', '2013', '2013'], ['operating leases', '408', '92', '142', '89', '85'], ['purchaseobligations', '2351', '2068', '144', '75', '64'], ['total', '$ 7457', '$ 4443', '$ 1257', '$ 219', '$ 1538']]
significant accounting estimates for a complete description of our significant accounting policies , please see note one to the consolidated financial statements appearing on pages 35 through 37 in item eight of this report .our significant accounting estimates are those that have meaningful impact on the reporting of our financial condition and results of operations .these poli- cies include our accounting for trade and consumer promotion activities ; goodwill and other intangible asset impairments ; income taxes ; and pension and other postretirement benefits .trade and consumer promotion activities we report sales net of certain coupon and trade promotion costs .the consumer coupon costs recorded as a reduction of sales are based on the estimated redemption value of those coupons , as determined by historical patterns of coupon redemption and consideration of current market conditions such as competitive activity in those product categories .the trade promotion costs include payments to customers to perform merchandising activities on our behalf , such as advertising or in-store displays , discounts to our list prices to lower retail shelf prices , and payments to gain distribution of new products .the cost of these activi- ties is recognized as the related revenue is recorded , which generally precedes the actual cash expenditure .the recog- nition of these costs requires estimation of customer participation and performance levels .these estimates are made based on the quantity of customer sales , the timing and forecasted costs of promotional activities , and other factors .differences between estimated expenses and actual costs are normally insignificant and are recognized as a change in management estimate in a subsequent period .our accrued trade and consumer promotion liability was $ 339 million as of may 28 , 2006 , and $ 283 million as of may 29 , 2005 .our unit volume in the last week of each quarter is consis- tently higher than the average for the preceding weeks of the quarter .in comparison to the average daily shipments in the first 12 weeks of a quarter , the final week of each quarter has approximately two to four days 2019 worth of incre- mental shipments ( based on a five-day week ) , reflecting increased promotional activity at the end of the quarter .this increased activity includes promotions to assure that our customers have sufficient inventory on hand to support major marketing events or increased seasonal demand early in the next quarter , as well as promotions intended to help achieve interim unit volume targets .if , due to quarter-end promotions or other reasons , our customers purchase more product in any reporting period than end-consumer demand will require in future periods , our sales level in future reporting periods could be adversely affected. .

Question: what portion of the total obligations are due by fiscal year 2007?
Answer: 59.58%