Table:
|  |  |  | Payments Due by Year |  |  |
| --- | --- | --- | --- | --- | --- |
|  |  | Less Than | 1 - 3 | 3 - 5 | More Than |
|  | Total | 1 Year | Years | Years | 5 Years |
| Long-term debt obligations | $482,892 | $17,684 | $98,571 | $37,496 | $329,141 |
| Interest payments (1) . | 168,040 | 17,276 | 29,533 | 27,409 | 93,822 |
| Operating lease obligations | 162,913 | 15,153 | 28,771 | 26,708 | 92,281 |
| Purchase obligations (2) . | 1,424,267 | 900,200 | 221,888 | 187,277 | 114,902 |
| Recycling obligations . | 137,761 | — | — | — | 137,761 |
| Contingent consideration (3) . | 6,895 | 2,395 | 4,500 | — | — |
| Transition tax obligations (4) . | 76,667 | 6,620 | 14,747 | 32,259 | 23,041 |
| Other obligations (5) . | 10,527 | 2,933 | 5,164 | 2,430 | — |
| Total . | $2,469,962 | $962,261 | $403,174 | $313,579 | $790,948 |
Paragraphs:
Contractual Obligations
The following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands):
(1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019.
(2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass.
(3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. “Commitments and Contingencies” to our consolidated financial statements for further information.
(4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. “Income Taxes” to our consolidated financial statements for further information.
(5) Includes expected letter of credit fees and unused revolver fees.
We have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.
Question:
What do purchase obligations represent?
Answer: Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty.