 In April 2011, PACCAR Financial Mexico registered a 10.00 billion peso medium-term note and commercial paper  program with the Comision Nacional Bancaria y de Valores. The registration expires in 2016 and limits the amount  of commercial paper (up to one year) to 5.00 billion pesos. At December 31, 2011, 8.82 billion pesos remained  available for issuance.  PACCAR believes its Financial Services companies will be able to continue funding receivables, servicing debt and  paying dividends through internally generated funds, access to public and private debt markets and lines of credit. The following summarizes the Company’s contractual cash commitments at December 31, 2011: Of the $6.83 billion total cash commitments for borrowings and interest on term debt, $6.66 billion were related to  the Financial Services segment. As described in Note I of the consolidated financial statements, borrowings consist  primarily of term notes and commercial paper issued by the Financial Services segment. The Company expects to  fund its maturing Financial Services debt obligations principally from funds provided by collections from customers  on loans and lease contracts, as well as from the proceeds of commercial paper and medium-term note borrowings.  Purchase obligations are the Company’s contractual commitment to acquire future production inventory and capital  equipment. Other obligations include deferred cash compensation. The Company’s other commitments include the following at December 31, 2011: Loan and lease commitments are for funding new retail loan and lease contracts. Residual value guarantees represent  the Company’s commitment to acquire trucks at a guaranteed value if the customer decides to return the truck at a  specified date in the future.  *  Borrowings also include commercial paper and other short-term debt. ** Includes interest on fixed- and floating-rate term debt. Interest on floating-rate debt is based on the applicable  market rates at December 31, 2011. COMMITMENT EXPIRATION WITHIN  MORE THAN  1  YEAR  1-3 YEARS  3-5 YEARS  5 YEARS  TOTAL Loan and lease commitments  $  378.1 $  378.1 Residual value guarantees  68.3  $  209.3  $  101.8  $ 12.6 392.0 Letters of credit  17.5 17.5 $  463.9  $  209.3  $  101.8  $ 12.6  $  787.6 MATURITY WITHIN  MORE THAN  1  YEAR  1-3 YEARS  3-5 YEARS  5 YEARS  TOTAL Borrowings*  $ 4,339.2  $ 2,179.6  $  129.6 $ 6,648.4 Purchase obligations  148.3 174.6 132.7  $ 66.0 521.6 Interest on term debt**  88.0 93.7 1.9 183.6 Operating leases  23.5 23.5 9.6  1.6 58.2 Other obligations  9.3 3.8 2.4 15.8 31.3 $ 4,608.3  $ 2,475.2  $  276.2  $ 83.4  $ 7,443.1 Commitments 