we maintain an effective universal shelf registration that allows for the public offering and sale of debt securities , capital securities , common stock , depositary shares and preferred stock , and warrants to purchase such securities , including any shares into which the preferred stock and depositary shares may be convertible , or any combination thereof . we have , as discussed previously , issued in the past , and we may issue in the future , securities pursuant to the shelf registration . the issuance of debt or equity securities will depend on future market conditions , funding needs and other factors . additional information about debt and equity securities issued pursuant to this shelf registration is provided in notes 9 and 12 to the consolidated financial statements included under item 8 . we currently maintain a corporate commercial paper program , under which we can issue up to $ 3 billion with original maturities of up to 270 days from the date of issue . at december 31 , 2011 , we had $ 2.38 billion of commercial paper outstanding , compared to $ 2.80 billion at december 31 , 2010 . additional information about our corporate commercial paper program is provided in note 8 to the consolidated financial statements included under item 8 . state street bank had initial board authority to issue bank notes up to an aggregate of $ 5 billion , including up to $ 1 billion of subordinated bank notes . approximately $ 2.05 billion was available under this board authority as of december 31 , 2011 . in 2011 , $ 2.45 billion of senior notes , which were outstanding at december 31 , 2010 , matured . state street bank currently maintains a line of credit with a financial institution of cad $ 800 million , or approximately $ 787 million as of december 31 , 2011 , to support its canadian securities processing operations . the line of credit has no stated termination date and is cancelable by either party with prior notice . as of december 31 , 2011 , no balance was outstanding on this line of credit . contractual cash obligations .

Table:
as of december 31 2011 ( in millions ) | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 4-5 years | payments due by period over 5 years
long-term debt ( 1 ) | $ 9276 | $ 1973 | $ 1169 | $ 1944 | $ 4190
operating leases | 1129 | 237 | 389 | 228 | 275
capital lease obligations | 989 | 68 | 136 | 138 | 647
total contractual cash obligations | $ 11394 | $ 2278 | $ 1694 | $ 2310 | $ 5112
( 1 ) long-term debt excludes capital lease obligations ( presented as a separate line item ) and the effect of interest-rate swaps .
interest payments were calculated at the stated rate with the exception of floating-rate debt , for which payments were calculated using the indexed rate in effect as of december 31 , 2011 .
the obligations presented in the table above are recorded in our consolidated statement of condition at december 31 , 2011 , except for interest on long-term debt and capital lease obligations .
the table does not include obligations which will be settled in cash , primarily in less than one year , such as deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings .
additional information about deposits , federal funds purchased , securities sold under repurchase agreements and other short-term borrowings is provided in notes 7 and 8 to the consolidated financial statements included under item 8 .
the table does not include obligations related to derivative instruments , because the amounts included in our consolidated statement of condition at december 31 , 2011 related to derivatives do not represent the amounts that may ultimately be paid under the contracts upon settlement .
additional information about derivative contracts is provided in note 16 to the consolidated financial statements included under item 8 .
we have obligations under pension and other post-retirement benefit plans , more fully described in note 18 to the consolidated financial statements included under item 8 , which are not included in the above table .
additional information about contractual cash obligations related to long-term debt and operating and capital leases is provided in notes 9 and 19 to the consolidated financial statements included under item 8 .
the consolidated statement of cash flows , also included under item 8 , provides additional liquidity information. .

Question: what percent of the total contractual cash obligations are due within the first year?
Answer: 20%
Calculation: divide(2278, 11394)