Contractual Obligations
The impact of contractual obligations on our liquidity and capital resources in future periods should be analyzed in conjunction with the factors that impact our cash flows from operations discussed previously. In addition, we plan for and measure our liquidity and capital resources through an annual budgeting process. The following table summarizes our contractual obligations at July 27, 2019 (in millions):
Operating Leases For more information on our operating leases, see Note 13 to the Consolidated Financial Statements
Purchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. Our purchase commitments are for shortterm product manufacturing requirements as well as for commitments to suppliers to secure manufacturing capacity. Certain of our purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. A significant portion of our reported estimated purchase commitments arising from these agreements are firm, noncancelable, and unconditional commitments. We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. See further discussion in “Inventory Supply Chain.” As of July 27, 2019, the liability for these purchase commitments was $129 million and is recorded in other current liabilities and is not included in the preceding table.
Other Purchase Obligations Other purchase obligations represent an estimate of all contractual obligations in the ordinary course of business, other than operating leases and commitments with contract manufacturers and suppliers, for which we have not received the goods or services. Purchase orders are not included in the preceding table as they typically represent our authorization to purchase rather than binding contractual purchase obligations.
Long-Term Debt The amount of long-term debt in the preceding table represents the principal amount of the respective debt instruments. See Note 11 to the Consolidated Financial Statements.
Transition Tax Payable Transition tax payable represents future cash tax payments associated with the one-time U.S. transition tax on accumulated earnings of foreign subsidiaries as a result of the Tax Act. See Note 17 to the Consolidated Financial Statements.
Other Long-Term Liabilities Other long-term liabilities primarily include noncurrent income taxes payable, accrued liabilities for deferred compensation, deferred tax liabilities, and certain other long-term liabilities. Due to the uncertainty in the timing of future payments, our noncurrent income taxes payable of approximately $1.3 billion and deferred tax liabilities of $95 million were presented as one aggregated amount in the total column on a separate line in the preceding table. Noncurrent income taxes payable include uncertain tax positions. See Note 17 to the Consolidated Financial Statements.
Table:
 |  |  | PAYMENTS DUE BY PERIOD |  | 
July 27, 2019 | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | More than 5 Years
Operating leases | $1,179 | $441 | $494 | $190 | $54
Purchase commitments with contract manufacturers and suppliers | 4,967 | 4,239 | 728 | — | —
Other purchase obligations | 1,490 | 676 | 622 | 98 | 94
Senior notes | 20,500 | 6,000 | 5,500 | 2,250 | 6,750
Transition tax payable | 8,343 | 749 | 1,498 | 2,113 | 3,983
Other long-term liabilities . | 1,214 | — | 220 | 136 | 858
Total by period | $37,693 | $12,105 | $9,062 | $4,787 | $11,739
Other long-term liabilities (uncertainty in the timing of future payments) | 1,428 |  |  |  | 
Total | $39,121 |  |  |  | 


Question: How does the company believe that their liquidity and capital resources in future periods should be analyzed?
Answer: in conjunction with the factors that impact our cash flows from operations discussed previously.