Table:
|  |  | Payments due by period |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Up to 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total |
| Operating lease obligations | 16,164 | 19,812 | 6,551 | 5,883 | 48,410 |
| Financing obligations | 2,956 | 5,912 | — | — | 8,868 |
| Long-term debt | — | — | 460,000 | — | 460,000 |
| Purchase obligations | 55,755 | 16,220 | 7,595 | 17,649 | 97,219 |
| Total | 74,875 | 41,944 | 474,146 | 23,532 | 614,497 |
Paragraphs:
Contractual Obligations
The following summarizes our contractual obligations as of December 31, 2019 (in thousands):
Purchase obligations represent an estimate of open purchase orders and contractual obligations in the normal course of business for which we have not received the goods or services as of December 31, 2019. Although open purchase orders are considered enforceable and legally binding, except for our purchase orders with our inventory suppliers, the terms generally allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. Our purchase orders with our inventory suppliers are non-cancellable. In addition, we have other obligations for goods and services that we enter into in the normal course of business. These obligations, however, are either not enforceable or legally binding, or are subject to change based on our business decisions. The aggregate of these items represents our estimate of purchase obligations.
Question:
What do purchase obligations represent?
Answer: an estimate of open purchase orders and contractual obligations in the normal course of business for which we have not received the goods or services as of December 31, 2019