Industrial Participation Agreements We have entered into various industrial participation agreements with certain customers outside of the U. S.  to facilitate economic flow back and/or technology or skills transfer to their businesses or government agencies as the result of their procurement of goods and/or services from us.
These commitments may be satisfied by our local operations there, placement of direct work or vendor orders for supplies, opportunities to bid on supply contracts, transfer of technology or other forms of assistance.
However, in certain cases, our commitments may be satisfied through other parties (such as our vendors) who purchase supplies from our non-U.
S.  customers.
In certain cases, penalties could be imposed if we do not meet our industrial participation commitments.
During 2017, we incurred no such penalties.
As of December 31, 2017, we have outstanding industrial participation agreements totaling $17.9 billion that extend through 2030.
Purchase order commitments associated with industrial participation agreements are included in purchase obligations in the table above.
To be eligible for such a purchase order commitment from us, a non-U.
S.  supplier must have sufficient capability to meet our requirements and must be competitive in cost, quality and schedule.
Commercial Commitments The following table summarizes our commercial commitments outstanding as of December 31, 2017.
## Table 0 ##
Commercial aircraft financing commitments include commitments to provide financing related to aircraft on order, under option for deliveries or proposed as part of sales campaigns or refinancing with respect to delivered aircraft, based on estimated earliest potential funding dates.
Based on historical experience, we anticipate that we will not be required to fund a significant portion of our financing commitments.
However, there can be no assurances that we will not be required to fund greater amounts than historically required, particularly if the Export-Import Bank of the United States continues to be unable to, or does not, provide new financing support.
See Note 11 to our Consolidated Financial Statements.
Contingent Obligations We have significant contingent obligations that arise in the ordinary course of business, which include the following: Legal Various legal proceedings, claims and investigations are pending against us.
Legal contingencies are discussed in Note 20 to our Consolidated Financial Statements.
Environmental Remediation We are involved with various environmental remediation activities and have recorded a liability of $524 million at December 31, 2017.
For additional information, see Note 11 to our Consolidated Financial Statements.
Off-Balance Sheet Arrangements We are a party to certain off-balance sheet arrangements including certain guarantees.
For discussion of these arrangements, see Note 12 to our Consolidated Financial Statements.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
## Table 1 ##
Contractual Obligations: Presented in the following table are CMS Energy’s and Consumers’ contractual obligations for each of the periods presented.
The table excludes all amounts classified as current liabilities on CMS Energy’s and Consumers’ consolidated balance sheets, other than the current portion of long-term debt, capital leases, and financing obligation
## Table 2 ##
1 Long-term contracts for purchase of commodities and related services, and construction and service agreements.
The commodities and related services include natural gas and associated transportation, electricity, and coal and associated transportation.2 Long-term power purchase agreements from certain affiliates of CMS Enterprises.
CMS Energy and Consumers also have recognized non-current liabilities for which the timing of payments cannot be reasonably estimated.
These items, which are excluded from the table above, include regulatory liabilities, deferred income taxes, workers compensation liabilities, accrued liabilities under renewable energy programs, and other liabilities.
Retirement benefits are also excluded from the table above.
For details related to benefit payments, see Note 11, Retirement Benefits.
Off-Balance-Sheet Arrangements: CMS Energy, Consumers, and certain of their subsidiaries also enter into various arrangements in the normal course of business to facilitate commercial transactions with third parties.
These arrangements include indemnities, surety bonds, letters of credit, and financial and performance guarantees.
Indemnities are usually agreements to reimburse a counterparty that may incur losses due to outside claims or breach of contract terms.
The maximum payment that could be required under a number of these indemnity obligations is not estimable; the maximum obligation under
In December 2006 the Tax Relief and Health Care Act of 2006 was signed into law.
The Act included a reinstatement of the federal research and experimental credit through December 31, 2007 that was retroactive to January 1, 2006.
We recorded a discrete tax benefit of approximately $3.7 million for the retroactive amount related to fiscal 2006 during the twelve months ended July 31, 2007.
Significant deferred tax assets and liabilities were as follows at the dates indicated:
## Table 3 ##
We had provided a valuation allowance related to the benefits of certain state capital loss carryforwards and state net operating losses that we believed were unlikely to be realized.
The valuation allowance decreased by $2.5 million during the twelve months ended July 31, 2008 as a result of the elimination of the deferred tax asset in connection with the sale of certain outsourced payroll assets.
See Note 7.
The valuation allowance decreased by $1.9 million during the twelve months ended July 31, 2007 due to utilization of $1.0 million and expired losses of $0.9 million.
The components of total net deferred tax assets, net of valuation allowance, as shown on our balance sheet were as follows at the dates indicated:
## Table 4 ##
We acquired Electronic Clearing House, Inc.  and Homestead Technologies Inc.  in fiscal 2008 and Digital Insight in fiscal 2007.
See Note 6.
These companies had federal net operating loss carryforwards at their respective dates of acquisition that totaled approximately $164 million.
The tax effects of these federal net operating loss carryforwards and other federal tax credit carryforwards totaled approximately $66 million.
We recorded the tax effects of these carryforwards as deferred tax assets at the respective dates of acquisition.
These carryforwards do not result in an income tax provision benefit, but they reduce income taxes payable and cash paid for income taxes as we utilize them.
At July 31, 2008, we had total federal net operating loss carryforwards of approximately $95.0 million that will expire starting in fiscal 2019.
Utilization of the net operating losses is subject to annual limitation.
The annual limitation may result in the expiration of net operating losses before utilization.
At July 31, 2008, we had various state net operating loss and tax credit carryforwards for which we have recorded a deferred tax asset of $4.3 million.
The state net operating losses will expire starting in fiscal 2013.
Utilization of the net operating losses is subject to annual limitation.
The annual limitation may result in the expiration of net operating losses before utilization.

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(Dollars in millions)	Total AmountsCommitted/MaximumAmount of Loss	Less than1 year	1-3years	4-5years	After 5years
Standby letters of credit and surety bonds	$3,708	$1,659	$782	$559	$708
Commercial aircraft financing commitments	10,221	2,047	4,372	2,256	1,546
Total commercial commitments	$13,929	$3,706	$5,154	$2,815	$2,254

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Measurement PointDecember 31	The Priceline Group Inc.	NASDAQComposite Index	S&P 500Index	RDG InternetComposite
2010	100.00	100.00	100.00	100.00
2011	117.06	100.53	102.11	102.11
2012	155.27	116.92	118.45	122.23
2013	290.93	166.19	156.82	199.42
2014	285.37	188.78	178.29	195.42
2015	319.10	199.95	180.75	267.25

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In Millions
Payments Due
Less Than	One to	Three to	More Than
December 31, 2013	Total	One Year	Three Years	Five Years	Five Years
CMS Energy, including Consumers
Long-term debt	$7,654	$368	$1,207	$1,443	$4,636
Interest payments on long-term debt	3,335	364	694	573	1,704
Capital leases and financing obligation	159	23	43	38	55
Interest payments on capital leases and financing obligation	64	10	17	15	22
Operating leases	164	26	45	37	56
Asset retirement obligations	1,215	11	37	36	1,131
Deferred investment tax credit	40	3	6	5	26
Environmental liabilities	198	14	34	36	114
Purchase obligations1	12,068	1,879	2,015	2,007	6,167
Purchase obligations – related parties2	1,244	89	170	175	810
Total contractual obligations	$26,141	$2,787	$4,268	$4,365	$14,721
Consumers
Long-term debt	$4,625	$43	$449	$848	$3,285
Interest payments on long-term debt	2,259	225	441	370	1,223
Capital leases and financing obligation	159	23	43	38	55
Interest payments on capital leases and financing obligation	64	10	17	15	22
Operating leases	164	26	45	37	56
Asset retirement obligations	1,214	11	37	36	1,130
Deferred investment tax credit	40	3	6	5	26
Environmental liabilities	127	8	24	28	67
Purchase obligations1	11,838	1,803	1,960	1,953	6,122
Purchase obligations – related parties2	1,244	89	170	175	810
Total contractual obligations	$21,734	$2,241	$3,192	$3,505	$12,796

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July 31,
(In thousands)	2008	2007
Deferred tax assets:
Accruals and reserves not currently deductible	$28,178	$34,095
Deferred rent	13,859	21,363
Accrued and deferred compensation	33,954	30,397
Loss and tax credit carryforwards	38,782	19,448
Property and equipment	12,130	30,385
Share-based compensation	77,336	46,021
Other, net	21,002	22,740
Total deferred tax assets	225,241	204,449
Deferred tax liabilities:
Intangible assets	65,925	41,152
Other, net	5,095	4,022
Total deferred tax liabilities	71,020	45,174
Total net deferred tax assets	154,221	159,275
Valuation allowance	—	-2,527
Total net deferred tax assets, net of valuation allowance	$154,221	$156,748

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July 31,
(In thousands)	2008	2007
Current deferred income taxes	$101,730	$84,682
Long-term deferred income taxes	52,491	72,066
Total net deferred tax assets, net of valuation allowance	$154,221	$156,748

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Question: What is the percentage of Long-term debt in relation to the total for Total contractual obligations ?
Answer: 0.2928