D. Trend Information  E. Off-Balance Sheet Arrangements  F. Tabular Disclosure of Contractual Obligations  (1)  Accrued pension liabilities of NT$1.4 billion (US$47.7 million) as of December 31, 2011 have not been included in the table  above.  (2)  Operating leases obligations are described in note 31 to our consolidated financial statements included elsewhere in the annual  report.  See “—Overview” for a discussion of the most significant recent trends that have had, and in the future may have, a material  impact on our results of operations, financial condition and capital expenditures. In addition, see discussions included in this Item for  a discussion of known trends, uncertainties, demands, commitments or events that we believe are reasonably likely to have a material  effect on our net operating revenues, income from continuing operations, profitability, liquidity or capital resources, or that would  cause reported financial information not necessarily to be indicative of future operating results or financial condition.  Note 30 and 31 to our consolidated financial statements included elsewhere in this annual report provide descriptions of the  pledged assets, and significant commitments and contingencies. There are no off-balance sheet arrangements that are material to  investors.  Set forth below are our total contractual obligations as of December 31, 2011.  As of December 31, 2011, we had remaining commitments under non-cancelable contracts with various parties, including  acquisition of lands and buildings of NT$ 0.05  billion (US$ 1.7  million), acquisition of telecommunications equipment of NT$ 20.0  billion (US$ 660.5  million), unused letters of credit of NT$0.3 billion (U$9.9 million) and contracts for printing bills, envelopes  and marketing gifts of NT$ 34.7  million (US$ 1.1  million). Light Era Development has already contracted to advance sale of lands  and buildings for NT$ 1.1  billion (US$ 36.7  million), and collected NT$ 0.2  billion (US$ 7.9  million) in advance according to the  contracts.  Our revenues and costs and expenses are largely denominated in NT dollars. Our principal expenses denominated in foreign  currencies are capital expenditures on telecommunications equipment and settlement payments for the use of networks of carriers in  foreign countries for outgoing international calls. Settlement receipts have been a principal source of foreign currency for us. While  future fluctuations of the NT dollar against foreign currencies could impact our financial condition and results of operations, we have  not been materially affected by the fluctuation of the NT dollar against foreign currencies.  G. Foreign Exchange  P AR T I Payments due by period Total Less than 1  year 1-3 years 3-5 years More than 5  years (NT$ in billions) Contractual Obligations (1) Short-term loans  0.1 0.1 － － － Long-term loans  1.8 0.7 － 1.1 － Obligations related to ST-2 satellite  2.8 0.2 0.4 0.4 1.8 Operating leases$^{(2)}$  6.2 1.9 2.7 1.5 0.1 Total  10.9 2.9 3.1 3.0 1.9 91