5. Commitments and Contingencies Streaming Content At December 31, 2019, the Company had $19.5 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $3.3 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $11.8 billion of obligations that are not reflected on the Consolidated Balance Sheets as The expected timing of payments for these streaming content obligations is as follows: As of December 31, 2019 2018 (in thousands) Less than one year $ 8,477,367 $ 8,611,398 Due after one year and through 3 years 8,352,731 8,841,561 Due after 3 years and through 5 years 2,041,340 1,684,582 Due after 5 years 618,644 148,334 Total streaming content obligations $ 19,490,082 $ 19,285,875 Content obligations include amounts related to the acquisition, licensing and production of streaming content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles