APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Fair Value The Company’s debt is recorded at the carrying amount, net of unamortized discount, on its consolidated balance sheet.
The carrying amount of the Company’s commercial paper and uncommitted credit facilities and overdraft lines approximate fair value because the interest rates are variable and reflective of market rates.
Apache uses a market approach to determine the fair value of its fixed-rate debt using estimates provided by an independent investment financial data services firm (a Level 2 fair value measurement).
## Table 0 ##
Money Market and Overdraft Lines of Credit The Company has certain uncommitted money market and overdraft lines of credit that are used from time to time for working capital purposes.
As of December 31, 2015 and 2014, there was no outstanding balance on Apache’s lines of credit.
Unsecured Committed Bank Credit Facilities In June 2015, the Company entered into a five-year revolving credit facility which matures in June 2020, subject to Apache’s two, one-year extension options.
The facility provides for aggregate commitments of $3.5 billion (including a $750 million letter of credit subfacility), with rights to increase commitments up to an aggregate $4.5 billion.
Proceeds from borrowings may be used for general corporate purposes.
Apache’s available borrowing capacity under this facility supports its commercial paper program.
In connection with entry into the $3.5 billion facility, Apache terminated $5.3 billion in commitments under existing credit facilities.
As of December 31, 2015, aggregate available borrowing capacity under this credit facility was $3.5 billion.
At the Company’s option, the interest rate per annum for borrowings under the facility is either a base rate, as defined, plus a margin or the London Inter-bank Offered Rate (LIBOR), plus a margin.
At December 31, 2015, the margin over LIBOR was 1.0 percent.
The Company also pays quarterly a facility fee at per annum rate on total commitments, which at December 31, 2015 was 0.125 percent of the total $3.5 billion in commitments.
The margins and the facility fee vary based upon the Company’s senior long-term debt rating.
The financial covenants of the credit facility require the Company to maintain an adjusted debt-to-capital ratio of not greater than 60 percent at the end of any fiscal quarter.
For purposes of this calculation, capital excludes the effects of non-cash write-downs, impairments, and related charges occurring after June 30, 2015.
Negative covenants restrict the ability of the Company and its subsidiaries to create liens securing debt on its hydrocarbon-related assets, with exceptions for liens typically arising in the oil and gas industry, purchase money liens, liens on subsidiary assets located outside of the United States and Canada, and liens arising as a matter of law, such as tax and mechanics’ liens.
The Company also may incur liens on assets if debt secured thereby does not exceed 5 percent of the Company’s consolidated assets, or approximately $940 million as of December 31, 2015.
Negative covenants also restrict Apache’s ability to merge with another entity unless it is the surviving entity, dispose of substantially all of its assets, and guarantee debt of non-consolidated entities in excess of the stated threshold.
Apache recorded non-cash after-tax write-downs of its proved oil and gas properties totaling $16.6 billion, $3.1 billion, and $541 million in 2015, 2014, and 2013, respectively.
The following table reflects write-downs by country:
## Table 1 ##
flected as discontinued operations in the Company’s consolidated financial statements.
If commodity prices do not recover significantly from current levels, the Company expects further writedowns of the carrying value of its oil and gas properties as the full cost ceiling limitation was calculated using a historical 12-month pricing average that included commodity prices from 2015.
These prices were significantly higher than current commodity futures prices.
To estimate the full cost ceiling limitation for 2016, had the Company utilized commodity futures prices as of December 31, 2015 in lieu of using historical commodity prices to calculate the 12-month unweighted arithmetic average price, the write-down as of December 31, 2015 would have been higher by $4.3 billion ($3.0 billion net of tax).
Lease Operating Expenses (LOE) LOE includes several key components, such as direct operating costs, repair and maintenance, and workover costs.
Direct operating costs generally trend with commodity prices and are impacted by the type of commodity produced and the location of properties (i. e. , offshore, onshore, remote locations, etc.
).
Fluctuations in commodity prices impact operating cost elements both directly and indirectly.
They directly impact costs such as power, fuel, and chemicals, which are commodity price based.
Commodity prices also affect industry activity and demand, thus indirectly impacting the cost of items such as rig rates, labor, boats, helicopters, materials, and supplies.
Oil, which contributed more than half of our 2015 production, is inherently more expensive to produce than natural gas.
Repair and maintenance costs are typically higher on offshore properties.
During 2015, LOE decreased $384 million, or 17 percent, on an absolute dollar basis compared to 2014.
On a per-unit basis, LOE decreased $0.90, or 9 percent compared to 2014.
During 2014, LOE decreased $412 million, or 16 percent, on an absolute dollar basis compared to 2013.
On a per-unit basis, LOE decreased $0.58, or 5 percent, compared to 2013.
These reductions reflect our continued focus on cost reductions consistent with the current price environment.
Gathering and Transportation We generally sell oil and natural gas under two common types of agreements, both of which include a transportation charge.
One is a netback arrangement, under which we sell oil or natural gas at the wellhead and collect a lower relative price to reflect transportation costs to be incurred by the purchaser.
In this case, we record sales at the netback price received from the purchaser.
Alternatively, we sell oil or natural gas at a specific delivery point, pay our own transportation to a third-party carrier, and receive a price with no transportation deduction.
In this case, we record the separate transportation cost as gathering and transportation costs.
We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry.
As such, we have no control over activities that could materially impact the fair value of the leased assets.
We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs.
Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs.
We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase options are not considered to be potentially significant to the VIEs.
The future minimum lease payments associated with the VIE leases totaled $2.6 billion as of December 31, 2015.17.
Leases We lease certain locomotives, freight cars, and other property.
The Consolidated Statements of Financial Position as of December 31, 2015 and 2014 included $2,273 million, net of $1,189 million of accumulated depreciation, and $2,454 million, net of $1,210 million of accumulated depreciation, respectively, for properties held under capital leases.
A charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our Consolidated Statements of Income.
Future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015, were as follows:
## Table 2 ##
Approximately 95% of capital lease payments relate to locomotives.
Rent expense for operating leases with terms exceeding one month was $590 million in 2015, $593 million in 2014, and $618 million in 2013.
When cash rental payments are not made on a straight-line basis, we recognize variable rental expense on a straight-line basis over the lease term.
Contingent rentals and sub-rentals are not significant.18.
Commitments and Contingencies Asserted and Unasserted Claims – Various claims and lawsuits are pending against us and certain of our subsidiaries.
We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity.
To the extent possible, we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated.
We do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.
Personal Injury – The cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year.
We use an actuarial analysis to measure the expense and liability, including unasserted claims.
The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents.
Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements.
We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.
Our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments.
Approximately 94% of the recorded liability is related to asserted claims and

<table><tr><td></td><td colspan="2"> December 31, 2015</td><td colspan="2"> December 31, 2014</td></tr><tr><td></td><td> Carrying Amount</td><td> Fair Value</td><td> Carrying Amount</td><td> Fair Value</td></tr><tr><td></td><td colspan="4"> (In millions)</td></tr><tr><td>Commercial paper</td><td>-</td><td>-</td><td>1,570</td><td>1,570</td></tr><tr><td>Notes and debentures</td><td>8,778</td><td>8,330</td><td>9,675</td><td>9,944</td></tr><tr><td>Total Debt</td><td>$8,778</td><td>$8,330</td><td>$11,245</td><td>$11,514</td></tr></table>
<table><tr><td></td><td colspan="2"> For the Year Ended December 31, 2015</td><td colspan="2"> For the Year Ended December 31, 2014</td><td colspan="2"> For the Year Ended December 31, 2013</td></tr><tr><td></td><td> Before tax</td><td> After tax</td><td> Before tax</td><td> After tax</td><td> Before tax</td><td> After tax</td></tr><tr><td></td><td colspan="6"> (In millions)</td></tr><tr><td>U.S.</td><td>$19,537</td><td>$12,602</td><td>$4,412</td><td>$2,844</td><td>$552</td><td>$356</td></tr><tr><td>Canada</td><td>3,667</td><td>2,721</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>North Sea</td><td>2,032</td><td>1,016</td><td>589</td><td>224</td><td>368</td><td>139</td></tr><tr><td>Egypt</td><td>281</td><td>281</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other international</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>46</td></tr><tr><td>Total write-downs</td><td>$25,517</td><td>$16,620</td><td>$5,001</td><td>$3,068</td><td>$995</td><td>$541</td></tr></table>
<table><tr><td>Millions</td><td>OperatingLeases</td><td>CapitalLeases</td></tr><tr><td>2016</td><td>$491</td><td>$217</td></tr><tr><td>2017</td><td>446</td><td>220</td></tr><tr><td>2018</td><td>371</td><td>198</td></tr><tr><td>2019</td><td>339</td><td>184</td></tr><tr><td>2020</td><td>282</td><td>193</td></tr><tr><td>Later years</td><td>1,501</td><td>575</td></tr><tr><td>Total minimum lease payments</td><td>$3,430</td><td>$1,587</td></tr><tr><td>Amount representing interest</td><td>N/A</td><td>-319</td></tr><tr><td>Present value of minimum lease payments</td><td>N/A</td><td>$1,268</td></tr></table>

Question: what percentage of total minimum lease payments are operating leases leases?
Answer: 0.68368