$239 million, respectively, at December 31, 2015.
The fair value of the Company’s interest reflected the PennyMac stock price at December 31, 2016 and 2015, respectively (a Level 1 input).
The Company performed an other-thantemporary impairment analysis as of December 31, 2016 and determined the decline in fair value below the carrying value to be temporary.12.
Borrowings Short-Term Borrowings 2016 Revolving Credit Facility.
The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in April 2016 to extend the maturity date to March 2021 (the “2016 credit facility”).
The 2016 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $5.0 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2016 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2016.
The 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.
At December 31, 2016, the Company had no amount outstanding under the 2016 credit facility.
Commercial Paper Program.
The Company can issue unsecured commercial paper notes (the “CP Notes”) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion.
The commercial paper program is currently supported by the 2016 credit facility.
At December 31, 2016, BlackRock had no CP Notes outstanding.
Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at December 31, 2016 included the following:
## Table 0 ##
Long-term borrowings at December 31, 2015 had a carrying value of $4.9 billion and a fair value of $5.2 billion determined using market prices at the end of December 2015.
$239 million, respectively, at December 31, 2015.
The fair value of the Company¡¯s interest reflected the PennyMac stock price at December 31, 2016 and 2015, respectively (a Level 1 input).
The Company performed an other-thantemporary impairment analysis as of December 31, 2016 and determined the decline in fair value below the carrying value to be temporary.12.
Borrowings Short-Term Borrowings 2016 Revolving Credit Facility.
The Company¡¯s credit facility has an aggregate commitment amount of $4.0 billion and was amended in April 2016 to extend the maturity date to March 2021 (the ¡°2016 credit facility¡±).
The 2016 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $5.0 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2016 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to earnings before interest, taxes, depreciation and amortization, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2016.
The 2016 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities.
At December 31, 2016, the Company had no amount outstanding under the 2016 credit facility.
Commercial Paper Program.
The Company can issue unsecured commercial paper notes (the ¡°CP Notes¡±) on a private-placement basis up to a maximum aggregate amount outstanding at any time of $4.0 billion.
The commercial paper program is currently supported by the 2016 credit facility.
At December 31, 2016, BlackRock had no CP Notes outstanding.
Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at December 31, 2016 included the following:
Long-term borrowings at December 31, 2015 had a carrying value of $4.9 billion and a fair value of $5.2 billion determined using market prices at the end of December 2015.2025 Notes.
In May 2015, the Company issued €700 million of 1.25% senior unsecured notes maturing on May 6, 2025 (the ¡°2025 Notes¡±).
The notes are listed on the New York Stock Exchange.
The net proceeds of the 2025 Notes were used for general corporate purposes, including refinancing of outstanding indebtedness.
Interest of approximately $9 million per year based on current exchange rates is payable annually on May 6 of each year.
The 2025 Notes may be redeemed in whole or in part prior to maturity at any time at the option of the Company at a ¡°make-whole¡± redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 Notes.
Upon conversion to U. S.  dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations.
Gains of $14 million (net of tax of $8 million) and $19 million (net of tax of $11 million) were recognized in other comprehensive income for 2016 and 2015, respectively.
No hedge ineffectiveness was recognized during 2016.2024 Notes.
In March 2014, the Company issued $1.0 billion in aggregate principal amount of 3.50% senior unsecured and unsubordinated notes maturing on March 18, 2024 (the ¡°2024 Notes¡±).
The net proceeds of the 2024 Notes were used to refinance certain indebtedness which matured in the fourth quarter of 2014.
Interest is payable semi-annually in arrears on March 18 and September 18 of each year, or approximately $35 million per year.
The 2024 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a ¡°make-whole¡± redemption price.
The unamortized discount and debt issuance costs are being amortized over the remaining term of the 2024 Notes.2022 Notes.
In May 2012, the Company issued $1.5 billion in aggregate principal amount of unsecured unsubordinated obligations.
These notes were issued as two separate series of senior debt securities, including $750 million of 1.375% notes, which were repaid in June 2015 at maturity, and $750 million of 3.375% notes maturing in June 2022 (the ¡°2022 Notes¡±).
Net proceeds were used to fund the repurchase of BlackRock¡¯s common stock and Series B Preferred from Barclays and affiliates and for general corporate purposes.
Interest on the 2022 Notes of approximately $25 million per year is payable semi-annually on June 1 and December 1 of each year, which commenced December 1, 2012.
The 2022 Notes may be redeemed prior to maturity at any time in whole or in part at the option of the Company at a ¡°make-whole¡± redemption price.
The ¡°makewhole¡± redemption price represents a price, subject to the specific terms of the 2022 Notes and related indenture, that is the greater of (a) par value and (b) the present value of
Long-term product offerings include active and index strategies.
Our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile.
We offer two types of active strategies: those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction.
In contrast, index strategies seek to closely track the returns of a corresponding index, generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index.
Index strategies include both our non-ETF index products and iShares ETFs.
Although many clients use both active and index strategies, the application of these strategies may differ.
For example, clients may use index products to gain exposure to a market or asset class, or may use a combination of index strategies to target active returns.
In addition, institutional non-ETF index assignments tend to be very large (multi-billion dollars) and typically reflect low fee rates.
This has the potential to exaggerate the significance of net flows in institutional index products on BlackRock’s revenues and earnings.
Equity Year-end 2016 equity AUM totaled $2.657 trillion, reflecting net inflows of $51.4 billion.
Net inflows included $74.9 billion into iShares, driven by net inflows into the Core ranges and broad developed and emerging market equities.
iShares net inflows were partially offset by active and non-ETF index net outflows of $20.2 billion and $3.3 billion, respectively.
BlackRock’s effective fee rates fluctuate due to changes in AUM mix.
Approximately half of BlackRock’s equity AUM is tied to international markets, including emerging markets, which tend to have higher fee rates than U. S.  equity strategies.
Accordingly, fluctuations in international equity markets, which may not consistently move in tandem with U. S.  markets, have a greater impact on BlackRock’s effective equity fee rates and revenues.
Fixed Income Fixed income AUM ended 2016 at $1.572 trillion, reflecting net inflows of $120.0 billion.
In 2016, active net inflows of $16.6 billion were diversified across fixed income offerings, and included strong inflows from insurance clients.
Fixed income iShares net inflows of $59.9 billion were led by flows into the Core ranges, emerging market, high yield and corporate bond funds.
Non-ETF index net inflows of $43.4 billion were driven by demand for liability-driven investment solutions.
Multi-Asset BlackRock’s multi-asset team manages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities, bonds, currencies and commodities, and our extensive risk management capabilities.
Investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays.
Component changes in multi-asset AUM for 2016 are presented below
## Table 1 ##
(1) The FutureAdvisor amount does not include AUM that was held in iShares holdings.
Multi-asset net inflows reflected ongoing institutional demand for our solutions-based advice with $13.2 billion of net inflows coming from institutional clients.
Defined contribution plans of institutional clients remained a significant driver of flows, and contributed $11.3 billion to institutional multi-asset net inflows in 2016, primarily into target date and target risk product offerings.
Retail net outflows of $9.4 billion were primarily due to outflows from world allocation strategies.
The Company’s multi-asset strategies include the following: ?
Asset allocation and balanced products represented 45% of multi-asset AUM at year-end.
These strategies combine equity, fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget.
In certain cases, these strategies seek to minimize downside risk through diversification, derivatives strategies and tactical asset allocation decisions.
Flagship products in this category include our Global Allocation and Multi-Asset Income fund families.  ?
Target date and target risk products grew 11% organically in 2016, with net inflows of $13.5 billion.
Institutional investors represented 94% of target date and target risk AUM, with defined contribution plans accounting for 88% of AUM.
Flows were driven by defined contribution investments in our LifePath and LifePath Retirement Income?
offerings.
LifePath products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor’s expected retirement timing.  ?
Fiduciary management services are complex mandates in which pension plan sponsors or endowments and foundations retain BlackRock to assume responsibility for some or all aspects of plan management.
These customized services require strong partnership with the clients’ investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives.
The table below lists the asset type mix of investment advisory, administration fees and securities lending revenue (collectively “base fees”) and mix of average AUM by product type:
## Table 2 ##
(1) Average AUM is calculated as the average of the month-end spot AUM amounts for the trailing thirteen months.2016 Compared with 2015 Revenue decreased $246 million, or 2%, from 2015, driven by lower performance fees, partially offset by higher BlackRock Solutions and advisory revenue.
Investment advisory, administration fees and securities lending revenue of $9,880 million for 2016 increased $40 million from $9,840 million in 2015 reflecting the impact of organic growth and higher markets on average AUM, the effect of AUM acquired in the BofA Global Capital Management transaction and lower yield-related fee waivers on certain money market funds, partially offset by the impact of divergent beta and mix shift, and the impact of foreign exchange movements.
Securities lending revenue increased $66 million from 2015 to $579 million in 2016, primarily reflecting an increase in average balances of securities on loan and higher spreads.
Investment advisory performance fees were $295 million in 2016 compared with $621 million in 2015.
The decrease was primarily driven by lower fees from equity and alternative products, including the impact of the strong performance from a single hedge fund with an annual performance measurement period that ended in the third quarter of 2015.
BlackRock Solutions and advisory revenue in 2016 totaled $714 million compared with $646 million in 2015.
The current year reflected higher revenue from Aladdin mandates.
BlackRock Solutions and advisory revenue included $595 million in Aladdin revenue compared with $528 million in 2015.2015 Compared with 2014 Revenue increased $320 million, or 3%, from 2014, driven by higher base fees and growth in performance fees.
Investment advisory, administration fees and securities lending revenue of $9,840 million for 2015 increased $251 million from $9,589 million in 2014 primarily driven by organic growth, despite the impact of foreign exchange and market volatility.
Securities lending revenue increased $36 million from 2014 to $513 million in 2015, reflecting an increase in average balances of securities on loan.
Investment advisory performance fees were $621 million in 2015 compared with $550 million in 2014.
The increase from 2014 reflected higher fees from equity products and strong performance from a single hedge fund.
Investment advisory performance fees in 2014 reflected a large fee associated with the liquidation of a closed-end mortgage fund.
BlackRock Solutions and advisory revenue in 2015 totaled $646 million compared with $635 million in 2014.
The increase from 2014 reflected higher revenue from Aladdin mandates and lower revenue from disposition-related advisory assignments.
BlackRock Solutions and advisory revenue included $528 million in Aladdin revenue compared with $474 million in 2014.
Sources of BlackRock’s operating cash primarily include investment advisory, administration fees and securities lending revenue, performance fees, revenue from BlackRock Solutions and advisory products and services, other revenue and distribution fees.
BlackRock uses its cash to pay all operating expense, interest and principal on borrowings, income taxes, dividends on BlackRock’s capital stock, repurchases of the Company’s stock, capital expenditures and purchases of co-investments and seed investments.
For details of the Company’s GAAP cash flows from operating, investing and financing activities, see the Consolidated Statements of Cash Flows contained in Part II, Item 8 of this filing.
Cash flows from operating activities, excluding the impact of Consolidated Sponsored Investment Funds, primarily include the receipt of investment advisory and administration fees, securities lending revenue and performance fees offset by the payment of operating expenses incurred in the normal course of business, including year-end incentive compensation accrued for in the prior year.
Cash outflows from investing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2016 were $58 million and primarily reflected $384 million of investment purchases, $119 million of purchases of property and equipment and $30 million related to an acquisition, partially offset by $441 million of net proceeds from sales and maturities of certain investments.
Cash outflows from financing activities, excluding the impact of Consolidated Sponsored Investment Funds, for 2016 were $2,831 million, primarily resulting from $1.4 billion of share repurchases, including $1.1 billion in open markettransactions and $274 million of employee tax withholdings related to employee stock transactions and $1.5 billion of cash dividend payments, partially offset by $82 million of excess tax benefits from vested stock-based compensation awards.
The Company manages its financial condition and funding to maintain appropriate liquidity for the business.
Liquidity resources at December 31, 2016 and 2015 were as follows:
## Table 3 ##
(1) The percentage of cash and cash equivalents held by the Company’s U. S.  subsidiaries was approximately 50% at both December 31, 2016 and 2015.
See Net Capital Requirements herein for more information on net capital requirements in certain regulated subsidiaries.
(2) The Company cannot readily access such cash to use in its operating activities.
(3) Amounts do not reflect year-end incentive compensation accruals of approximately $1.3 billion and $1.5 billion for 2016 and 2015, respectively, which were paid in the first quarter of the following year.
Total liquidity resources increased $55 million during 2016, primarily reflecting cash flows from operating activities, partially offset by cash payments of 2015 year-end incentive awards, share repurchases of $1.4 billion and cash dividend payments of $1.5 billion.
A significant portion of the Company’s $2,414 million of Total Investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash.
Share Repurchases.
The Company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $1.1 billion during 2016.
At December 31, 2016, there were 3 million shares still authorized to be repurchased.
In January 2017, the Board of Directors approved an increase in the shares that may be repurchased under the Company’s existing share repurchase program to allow for the repurchase of an additional 6 million shares for a total up to 9 million shares of BlackRock common stock.
Net Capital Requirements.
The Company is required to maintain net capital in certain regulated subsidiaries within a number of jurisdictions, which is partially maintained by retaining cash and cash equivalent investments in those subsidiaries or jurisdictions.
As a result, such subsidiaries of the Company may be restricted in their ability to transfer cash between different jurisdictions and to their parents.
Additionally, transfers of cash between international jurisdictions, including repatriation to the United States, may have adverse tax consequences that could discourage such transfers.
BlackRock Institutional Trust Company, N. A.
(“BTC”) is chartered as a national bank that does not accept client deposits and whose powers are limited to trust and other fiduciary activities.
BTC provides investment management services, including investment advisory and securities lending agency services, to institutional investors and other clients.
BTC is subject to regulatory capital and liquid asset requirements administered by the Office of the Comptroller of the Currency.
At December 31, 2016 and 2015, the Company was required to maintain approximately $1.4 billion and $1.1 billion, respectively, in net capital in certain regulated subsidiaries, including BTC, entities regulated by the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom, and the Company’s broker-dealers.
The Company was in compliance with all applicable regulatory net capital requirements.
Undistributed Earnings of Foreign Subsidiaries.
As of December 31, 2016, the Company has not provided for U. S.  federal and state income taxes on approximately $5.3 billion of undistributed earnings of its foreign subsidiaries.
Such earnings are considered indefinitely reinvested outside the United States.
The Company’s current plans do not demonstrate a need to repatriate these funds.
Short-Term Borrowings 2016 Revolving Credit Facility.
The Company’s credit facility has an aggregate commitment amount of $4.0 billion and was amended in April 2016 to extend the maturity date to March 2021 (the “2016 credit facility”).
The 2016 credit facility permits the Company to request up to an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2016 credit facility to an aggregate principal amount not to exceed $5.0 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2016 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to
The Artesia facility is operated in conjunction with a refining facility located in Lovington, New Mexico, approximately 65 miles east of Artesia.
The principal equipment at the Lovington facility consists of a crude distillation unit and associated vacuum distillation units that were constructed after 1970.
The Lovington facility processes crude oil into intermediate products that are transported to Artesia by means of three intermediate pipelines owned by HEP.
These products are then upgraded into finished products at the Artesia facility.
The combined crude oil capacity of the Navajo Refinery facilities is 100,000 BPSD and it typically processes or blends an additional 10,000 BPSD of natural gasoline, butane, gas oil and naphtha.
Markets and Competition The Navajo Refinery primarily serves the southwestern United States market, including the metropolitan areas of El Paso, Texas; Albuquerque, Moriarty and Bloomfield, New Mexico; Phoenix and Tucson, Arizona; and portions of northern Mexico.
Our products are shipped through HEP's pipelines from Artesia, New Mexico to El Paso, Texas and from El Paso to Albuquerque and to Mexico via products pipeline systems owned by Magellan and from El Paso to Tucson and Phoenix via a products pipeline system owned by Kinder Morgan's subsidiary, SFPP, L. P.  (“SFPP”).
In addition, petroleum products from the Navajo Refinery are transported to markets in northwest New Mexico, to Moriarty, New Mexico, near Albuquerque, via HEP's pipelines running from Artesia to San Juan County, New Mexico, and to Bloomfield, New Mexico.
We have refined product storage through our pipelines and terminals agreement with HEP at terminals in El Paso, Texas; Tucson, Arizona; and Artesia and Moriarty, New Mexico.
El Paso Market The El Paso market for refined products is currently supplied by a number of area and Gulf Coast refiners and pipelines.
Area refiners include Navajo, WRB Refining, LLC (“WRB”) (a joint venture between Phillips 66 and Cenovus Energy), Valero, Alon USA, Inc.  (“Alon”) and Western Refining.
Pipelines serving this market are owned by Magellan, NuStar Energy L. P.  and HEP.
Refined products from the Gulf Coast are transported via Magellan pipelines.
Arizona Market The Arizona market for refined products is currently supplied by a number of refiners via pipelines and trucks.
Refiners include companies located in west Texas, eastern New Mexico, northern New Mexico, the Gulf Coast and the West Coast.
Magellan's pipeline systems deliver refined products from the Texas Gulf Coast to El Paso and, through interconnections with third-party common carrier pipelines, into the Arizona market.
New Mexico Markets The Artesia, Albuquerque, Moriarty and Bloomfield markets are supplied by a number of refiners via pipelines and trucks.
Refiners include Navajo, Valero, Western Refining, Alon and WRB.
We use a common carrier pipeline out of El Paso to serve the Albuquerque market.
In addition, HEP leases from Mid-America Pipeline Company, L. L. C. , a pipeline between White Lakes, New Mexico and the Albuquerque vicinity and Bloomfield, New Mexico.
The lease agreement currently runs through 2026, and HEPhas options to renew for one additional ten-year period.
HEP owns and operates a 12-inch pipeline from the Navajo Refinery to the leased pipeline as well as terminalling facilities in Moriarty, which is 40 miles east of Albuquerque.
This facility permits us to ship light products to the Albuquerque and Santa Fe, New Mexico areas.
In addition, we serve southern Colorado and northern Arizona primarily out of a terminal in Bloomfield, New Mexico, which is owned by Western Refining.
Principal Products Set forth below is information regarding the principal products produced at our Navajo Refinery:

<table><tr><td>(in millions)</td><td>MaturityAmount</td><td>Unamortized Discount and Debt Issuance Costs</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>6.25% Notes due 2017</td><td>$700</td><td>$—</td><td>$700</td><td>$724</td></tr><tr><td>5.00% Notes due 2019</td><td>1,000</td><td>-3</td><td>997</td><td>1,086</td></tr><tr><td>4.25% Notes due 2021</td><td>750</td><td>-4</td><td>746</td><td>808</td></tr><tr><td>3.375% Notes due 2022</td><td>750</td><td>-4</td><td>746</td><td>775</td></tr><tr><td>3.50% Notes due 2024</td><td>1,000</td><td>-6</td><td>994</td><td>1,030</td></tr><tr><td>1.25% Notes due 2025</td><td>738</td><td>-6</td><td>732</td><td>742</td></tr><tr><td>Total Long-term Borrowings</td><td>$4,938</td><td>$-23</td><td>$4,915</td><td>$5,165</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31,2015</td><td>Net inflows (outflows)</td><td>Marketchange</td><td>FX impact</td><td>December 31,2016</td></tr><tr><td>Asset allocation and balanced</td><td>$185,836</td><td>$-10,332</td><td>$6,705</td><td>$-5,534</td><td>$176,675</td></tr><tr><td>Target date/risk</td><td>125,664</td><td>13,500</td><td>10,189</td><td>79</td><td>149,432</td></tr><tr><td>Fiduciary</td><td>64,433</td><td>998</td><td>5,585</td><td>-2,621</td><td>68,395</td></tr><tr><td>FutureAdvisor<sup>-1</sup></td><td>403</td><td>61</td><td>41</td><td>—</td><td>505</td></tr><tr><td>Total</td><td>$376,336</td><td>$4,227</td><td>$22,520</td><td>$-8,076</td><td>$395,007</td></tr></table>
<table><tr><td></td><td colspan="3">Mix of Base Fees</td><td colspan="3">Mix of Average AUM by Asset Class<sup>-1</sup></td></tr><tr><td></td><td>2016</td><td>2015</td><td>2014</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>16%</td><td>17%</td><td>18%</td><td>6%</td><td>6%</td><td>7%</td></tr><tr><td>iShares</td><td>27%</td><td>28%</td><td>28%</td><td>17%</td><td>17%</td><td>17%</td></tr><tr><td>Non-ETF index</td><td>7%</td><td>7%</td><td>7%</td><td>27%</td><td>30%</td><td>30%</td></tr><tr><td>Equity subtotal</td><td>50%</td><td>52%</td><td>53%</td><td>50%</td><td>53%</td><td>54%</td></tr><tr><td>Fixed income:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Active</td><td>17%</td><td>15%</td><td>15%</td><td>16%</td><td>16%</td><td>15%</td></tr><tr><td>iShares</td><td>7%</td><td>6%</td><td>5%</td><td>6%</td><td>5%</td><td>4%</td></tr><tr><td>Non-ETF index</td><td>3%</td><td>3%</td><td>3%</td><td>10%</td><td>10%</td><td>10%</td></tr><tr><td>Fixed income subtotal</td><td>27%</td><td>24%</td><td>23%</td><td>32%</td><td>31%</td><td>29%</td></tr><tr><td>Multi-asset</td><td>11%</td><td>13%</td><td>13%</td><td>8%</td><td>8%</td><td>8%</td></tr><tr><td>Alternatives:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Core</td><td>6%</td><td>7%</td><td>7%</td><td>2%</td><td>2%</td><td>2%</td></tr><tr><td>Currency and commodities</td><td>1%</td><td>1%</td><td>1%</td><td>1%</td><td>—%</td><td>1%</td></tr><tr><td>Alternatives subtotal</td><td>7%</td><td>8%</td><td>8%</td><td>3%</td><td>2%</td><td>3%</td></tr><tr><td>Long-term</td><td>95%</td><td>97%</td><td>97%</td><td>93%</td><td>94%</td><td>94%</td></tr><tr><td>Cash management</td><td>5%</td><td>3%</td><td>3%</td><td>7%</td><td>6%</td><td>6%</td></tr><tr><td>Total excluding Advisory AUM</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td><td>100%</td></tr></table>
<table><tr><td>(in millions)</td><td>December 31, 2016</td><td>December 31, 2015</td></tr><tr><td>Cash and cash equivalents<sup>-1</sup></td><td>$6,091</td><td>$6,083</td></tr><tr><td>Cash and cash equivalents held by consolidated VREs<sup>-2</sup></td><td>-53</td><td>-100</td></tr><tr><td>Subtotal</td><td>6,038</td><td>5,983</td></tr><tr><td>Credit facility — undrawn</td><td>4,000</td><td>4,000</td></tr><tr><td>Total liquidity resources<sup>-3</sup></td><td>$10,038</td><td>$9,983</td></tr></table>

Question: what are the notes due 2021 as a percentage of total long-term borrowings?
Answer: 0.15188