contractual obligations by less than more than period as of june 30 , 2011 1 year 1-3 years 3-5 years 5 years total .
what percent of operating lease obligations are due in less than one year?
recent accounting pronouncements in october 2009 , the fasb issued accounting standards update ( 201casu 201d ) no . 2009-13 , multiple-deliverable revenue arrangements , which is effective for arrangements beginning or changed during fiscal years starting after june 15 , 2010 . this new standard eliminates the use of the residual method of revenue recognition and requires the allocation of consideration to each deliverable using the relative selling price method . this new guidance did not have a material impact on revenue recognition because nearly all of the company 2019s revenue arrangements are subject to accounting standards codification ( 201casc 201d ) topic 985 . such arrangements are considered out of scope for this asu . in october 2009 , the fasb also issued asu no . 2009-14 , software : certain revenue arrangements that include software elements , which is also effective for arrangements beginning or changed during fiscal years starting after june 15 , 2010 . this revision to software ( topic 985 ) drops from its scope all tangible products containing both software and non-software components that operate together to deliver the product 2019s functions . the majority of the company 2019s software arrangements are not tangible products with software components ; therefore , this update did not materially impact the company . the fasb issued asu no . 2011-04 , fair value measurement in may 2011 , which is effective for the company beginning july 1 , 2012 and is to be applied prospectively . the updated explanatory guidance on measuring fair value will be adopted by the company at that time and is not expected to have a significant impact on our fair value calculations . no additional fair value measurements are required as a result of the update . the fasb also issued asu no . 2011-05 , comprehensive income in june 2011 , which is effective for the company beginning january 1 , 2012 and will be applied retrospectively . the updated guidance requires non-owner changes in stockholders 2019 equity to be reported either in a single continuous statement of comprehensive income or in two separate but consecutive statements , rather than as part of the statement of changes in stockholders 2019 equity . no changes in disclosure will be required as a result of the update . critical accounting policies we prepare our consolidated financial statements in accordance with accounting principles generally accepted in the united states ( 201cu.s . gaap 201d ) . the significant accounting policies are discussed in note 1 to the consolidated financial statements . the preparation of consolidated financial statements in accordance with u.s . gaap requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , revenue and expenses , as well as disclosure of contingent assets and liabilities . we base our estimates and judgments upon historical experience and other factors believed to be reasonable under the circumstances . changes in estimates or assumptions could result in a material adjustment to the consolidated financial statements . we have identified several critical accounting estimates . an accounting estimate is considered critical if both : ( a ) the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment involved , and ( b ) the impact of changes in the estimates and assumptions would have a material effect on the consolidated financial statements. .