Financial report context:
as of december 31 , 2006 , we also leased an office and laboratory facility in connecticut , additional office , distribution and storage facilities in san diego , and four foreign facilities located in japan , singapore , china and the netherlands under non-cancelable operating leases that expire at various times through july 2011 . these leases contain renewal options ranging from one to five years . as of december 31 , 2006 , our contractual obligations were ( in thousands ) : contractual obligation total less than 1 year 1 2013 3 years 1 2013 5 years more than 5 years .

Financial table:
contractual obligation: operating leases; payments due by period total: $ 37899; payments due by period less than 1 year: $ 5320; payments due by period 1 2013 3 years: $ 10410; payments due by period 1 2013 5 years: $ 9371; payments due by period more than 5 years: $ 12798
contractual obligation: total; payments due by period total: $ 37899; payments due by period less than 1 year: $ 5320; payments due by period 1 2013 3 years: $ 10410; payments due by period 1 2013 5 years: $ 9371; payments due by period more than 5 years: $ 12798

Additional report context:
the above table does not include orders for goods and services entered into in the normal course of business that are not enforceable or legally binding . item 7a . quantitative and qualitative disclosures about market risk . interest rate sensitivity our exposure to market risk for changes in interest rates relates primarily to our investment portfolio . the fair market value of fixed rate securities may be adversely impacted by fluctuations in interest rates while income earned on floating rate securities may decline as a result of decreases in interest rates . under our current policies , we do not use interest rate derivative instruments to manage exposure to interest rate changes . we attempt to ensure the safety and preservation of our invested principal funds by limiting default risk , market risk and reinvestment risk . we mitigate default risk by investing in investment grade securities . we have historically maintained a relatively short average maturity for our investment portfolio , and we believe a hypothetical 100 basis point adverse move in interest rates along the entire interest rate yield curve would not materially affect the fair value of our interest sensitive financial instruments . foreign currency exchange risk although most of our revenue is realized in u.s . dollars , some portions of our revenue are realized in foreign currencies . as a result , our financial results could be affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets . the functional currencies of our subsidiaries are their respective local currencies . accordingly , the accounts of these operations are translated from the local currency to the u.s . dollar using the current exchange rate in effect at the balance sheet date for the balance sheet accounts , and using the average exchange rate during the period for revenue and expense accounts . the effects of translation are recorded in accumulated other comprehensive income as a separate component of stockholders 2019 equity. .

Question: what percentage of total contractual obligations are due in more than 5 years?
Answer: 34%