management 2019s discussion and analysis expected replacement of london interbank offered rate central banks around the world , including the federal reserve , have commissioned working groups of market participants and others with the goal of finding suitable replacements for libor based on observable market transac- tions . it is expected that a transition away from the wide- spread use of libor to alternative rates will occur over the course of the next few years . effects of inflation and changes in interest and foreign exchange rates to the extent that an increased inflation outlook results in rising interest rates or has negative impacts on the valuation of financial instruments that exceed the impact on the value of our liabilities , it may adversely affect our financial position and profitability . rising inflation may also result in increases in our non-interest expenses that may not be readily recover- able in higher prices of services offered . other changes in the interest rate environment and related volatility , as well as expectations about the level of future interest rates , could also impact our results of operations . a significant portion of our business is conducted in curren- cies other than the u.s . dollar , and changes in foreign exchange rates relative to the u.s . dollar , therefore , can affect the value of non-u.s . dollar net assets , revenues and expenses . potential exposures as a result of these fluctuations in currencies are closely monitored , and , where cost-justified , strategies are adopted that are designed to reduce the impact of these fluctuations on our financial performance . these strategies may include the financing of non-u.s . dollar assets with direct or swap-based borrowings in the same currency and the use of currency forward contracts or the spot market in various hedging transactions related to net assets , revenues , expenses or cash flows . for information about cumulative foreign currency translation adjustments , see note 15 to the financial statements . off-balance sheet arrangements and contractual obligations off-balance sheet arrangements we enter into various off-balance sheet arrangements , including through unconsolidated spes and lending-related financial instruments ( e.g. , guarantees and commitments ) , primarily in connection with the institutional securities and investment management business segments . we utilize spes primarily in connection with securitization activities . for information on our securitization activities , see note 13 to the financial statements . for information on our commitments , obligations under certain guarantee arrangements and indemnities , see note 12 to the financial statements . for further information on our lending commitments , see 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014lending activities . 201d contractual obligations in the normal course of business , we enter into various contractual obligations that may require future cash payments . contractual obligations include certain borrow- ings , other secured financings , contractual interest payments , contractual payments on time deposits , operating leases and purchase obligations . contractual obligations at december 31 , 2017 payments due in : $ in millions 2018 2019-2020 2021-2022 thereafter total borrowings1 $ 23870 $ 45963 $ 36649 $ 84581 $ 191063 other secured financings1 4992 3142 153 398 8685 contractual interest payments2 4903 7930 5680 17031 35544 time deposits3 12300 2481 108 129 15018 operating leases 2014premises4 664 1183 938 2639 5424 purchase obligations 598 607 217 197 1619 total5 $ 47327 $ 61306 $ 43745 $ 104975 $ 257353 1 . for further information on borrowings and other secured financings , see note 11 to the financial statements . amounts presented for borrowings and other secured financings are financings with original maturities greater than one year . 2 . amounts represent estimated future contractual interest payments related to unse- cured borrowings with original maturities greater than one year based on applicable interest rates at december 31 , 2017 . 3 . amounts represent contractual principal and interest payments related to time deposits primarily held at our u.s . bank subsidiaries . 4 . for further information on operating leases covering premises and equipment , see note 12 to the financial statements . 5 . amounts exclude unrecognized tax benefits , as the timing and amount of future cash payments are not determinable at this time ( see note 20 to the financial state- ments for further information ) . purchase obligations for goods and services include payments for , among other things , consulting , outsourcing , computer and telecommunications maintenance agreements , and certain transmission , transportation and storage contracts related to the commodities business . purchase obligations at december 31 , 2017 reflect the minimum contractual obliga- tion under legally enforceable contracts with contract terms that are both fixed and determinable . these amounts exclude obligations for goods and services that already have been incurred and are reflected in the balance sheets . december 2017 form 10-k 70 .

Table: $ in millions at december 31 2017 payments due in : 2018 at december 31 2017 payments due in : 2019-2020 at december 31 2017 payments due in : 2021-2022 at december 31 2017 payments due in : thereafter at december 31 2017 payments due in : total borrowings1 $ 23870 $ 45963 $ 36649 $ 84581 $ 191063 other securedfinancings1 4992 3142 153 398 8685 contractual interest payments2 4903 7930 5680 17031 35544 timedeposits3 12300 2481 108 129 15018 operating leases 2014premises4 664 1183 938 2639 5424 purchase obligations 598 607 217 197 1619 total5 $ 47327 $ 61306 $ 43745 $ 104975 $ 257353

management 2019s discussion and analysis expected replacement of london interbank offered rate central banks around the world , including the federal reserve , have commissioned working groups of market participants and others with the goal of finding suitable replacements for libor based on observable market transac- tions . it is expected that a transition away from the wide- spread use of libor to alternative rates will occur over the course of the next few years . effects of inflation and changes in interest and foreign exchange rates to the extent that an increased inflation outlook results in rising interest rates or has negative impacts on the valuation of financial instruments that exceed the impact on the value of our liabilities , it may adversely affect our financial position and profitability . rising inflation may also result in increases in our non-interest expenses that may not be readily recover- able in higher prices of services offered . other changes in the interest rate environment and related volatility , as well as expectations about the level of future interest rates , could also impact our results of operations . a significant portion of our business is conducted in curren- cies other than the u.s . dollar , and changes in foreign exchange rates relative to the u.s . dollar , therefore , can affect the value of non-u.s . dollar net assets , revenues and expenses . potential exposures as a result of these fluctuations in currencies are closely monitored , and , where cost-justified , strategies are adopted that are designed to reduce the impact of these fluctuations on our financial performance . these strategies may include the financing of non-u.s . dollar assets with direct or swap-based borrowings in the same currency and the use of currency forward contracts or the spot market in various hedging transactions related to net assets , revenues , expenses or cash flows . for information about cumulative foreign currency translation adjustments , see note 15 to the financial statements . off-balance sheet arrangements and contractual obligations off-balance sheet arrangements we enter into various off-balance sheet arrangements , including through unconsolidated spes and lending-related financial instruments ( e.g. , guarantees and commitments ) , primarily in connection with the institutional securities and investment management business segments . we utilize spes primarily in connection with securitization activities . for information on our securitization activities , see note 13 to the financial statements . for information on our commitments , obligations under certain guarantee arrangements and indemnities , see note 12 to the financial statements . for further information on our lending commitments , see 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014lending activities . 201d contractual obligations in the normal course of business , we enter into various contractual obligations that may require future cash payments . contractual obligations include certain borrow- ings , other secured financings , contractual interest payments , contractual payments on time deposits , operating leases and purchase obligations . contractual obligations at december 31 , 2017 payments due in : $ in millions 2018 2019-2020 2021-2022 thereafter total borrowings1 $ 23870 $ 45963 $ 36649 $ 84581 $ 191063 other secured financings1 4992 3142 153 398 8685 contractual interest payments2 4903 7930 5680 17031 35544 time deposits3 12300 2481 108 129 15018 operating leases 2014premises4 664 1183 938 2639 5424 purchase obligations 598 607 217 197 1619 total5 $ 47327 $ 61306 $ 43745 $ 104975 $ 257353 1 . for further information on borrowings and other secured financings , see note 11 to the financial statements . amounts presented for borrowings and other secured financings are financings with original maturities greater than one year . 2 . amounts represent estimated future contractual interest payments related to unse- cured borrowings with original maturities greater than one year based on applicable interest rates at december 31 , 2017 . 3 . amounts represent contractual principal and interest payments related to time deposits primarily held at our u.s . bank subsidiaries . 4 . for further information on operating leases covering premises and equipment , see note 12 to the financial statements . 5 . amounts exclude unrecognized tax benefits , as the timing and amount of future cash payments are not determinable at this time ( see note 20 to the financial state- ments for further information ) . purchase obligations for goods and services include payments for , among other things , consulting , outsourcing , computer and telecommunications maintenance agreements , and certain transmission , transportation and storage contracts related to the commodities business . purchase obligations at december 31 , 2017 reflect the minimum contractual obliga- tion under legally enforceable contracts with contract terms that are both fixed and determinable . these amounts exclude obligations for goods and services that already have been incurred and are reflected in the balance sheets . december 2017 form 10-k 70 .

Question: what percentage of total payments due in 2018 are time deposits?
Answer: 26%
Calculation: divide(12300, 47327)