Table:
|  |  |  | Payments Due by Period (1, 2) |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Total | Less than One Year | 1-3 Years | 4-5 Years | Thereafter |
|  |  |  | (In thousands) |  |  |
| Inventory purchase commitments | $53,413 | $53,413 | $— | $— | $— |
| Indebtedness | $406,644 | $2,993 | $244,151 | $159,500 | $— |
| Finance lease obligations | $4,597 | $880 | $1,715 | $1,392 | $610 |
| Pension exit liabilities | $2,169 | $149 | $329 | $375 | $1,316 |
| Long-term operating leases | $197,359 | $25,662 | $43,130 | $30,080 | $98,487 |
| Total | $664,182 | $83,097 | $289,325 | $191,347 | $100,413 |
Paragraphs:
Commitments and Significant Contractual Obligations
The following table summarizes our contractual obligations and commercial commitments at December 27, 2019:
(1) Interest on our various outstanding debt instruments is included in the above table, except for our Term Loan and ABL, which have floating interest rates. At December 27, 2019, we had borrowings of $238.1 million under our Term Loan and zero under our ABL. During the fiscal year ended December 27, 2019, the weighted average interest rate on our Term Loan was approximately 5.8% and we incurred interest expense of approximately $13.9 million. During the fiscal year ended December 27, 2019, the weighted average interest rate on our ABL borrowings was approximately 3.7% and we incurred interest expense of approximately $1.6 million. See Note 9 “Debt Obligations” to our consolidated financial statements for further information on our debt instruments.
(2) The table above excludes cash to be paid for income taxes, $14.7 million of total contingent earn-out liabilities related to certain acquisitions as of December 27, 2019 and approximately $5.3 million of lease payments related to long-term leases for several vehicles and a distribution and processing facility that do not commence until fiscal 2020.
We had outstanding letters of credit of approximately $16.6 million and $15.8 million at December 27, 2019 and December 28, 2018, respectively. Substantially all of our assets are pledged as collateral to secure our borrowings under our credit facilities.
Question:
Which component of contractual obligation has the highest total value?
Answer: Because 406,644> 197,359> 53,413> 4,597> 2,169, the answer is: Indebtedness.