Liquidity and Capital Resources We currently expect to fund all of our cash requirements which are reasonably foreseeable for 2018, including scheduled debt repayments, new investments in the business, share repurchases, dividend payments, possible business acquisitions and pension contributions, with cash from operating activities, and as needed, additional short-term and/or long-term borrowings.
We continue to expect our operating cash flow to remain strong.
As of December 31, 2017, we had $211 million of cash and cash equivalents on hand, of which $151 million was held outside of the U. S.  As of December 31, 2016, we had $327 million of cash and cash equivalents on hand, of which $184 million was held outside of the U. S.  As of December 31, 2015, we had $26 million of deferred tax liabilities for pre-acquisition foreign earnings associated with the legacy Nalco entities and legacy Champion entities that we intended to repatriate.
These liabilities were recorded as part of the respective purchase price accounting of each transaction.
The remaining foreign earnings were repatriated in 2016, reducing the deferred tax liabilities to zero at December 31, 2016.
As of December 31, 2017 we had a $2.0 billion multi-year credit facility, which expires in November 2022.
The credit facility has been established with a diverse syndicate of banks.
There were no borrowings under our credit facility as of December 31, 2017 or 2016.
The credit facility supports our $2.0 billion U. S.  commercial paper program and $2.0 billion European commercial paper program.
Combined borrowing under these two commercial paper programs may not exceed $2.0 billion.
At year-end, we had no amount outstanding under the European commercial paper program and no amount outstanding under the U. S.  commercial paper program.
Additionally, we have uncommitted credit lines of $660 million with major international banks and financial institutions to support our general global funding needs.
Most of these lines are used to support global cash pooling structures.
Approximately $643 million of these credit lines were available for use as of year-end 2017.
Bank supported letters of credit, surety bonds and guarantees total $198 million and represent commercial business transactions.
We do not have any other significant unconditional purchase obligations or commercial commitments.
As of December 31, 2017, our short-term borrowing program was rated A-2 by Standard & Poor’s and P-2 by Moody’s.
As of December 31, 2017, Standard & Poor’s and Moody’s rated our long-term credit at A- (stable outlook) and Baa1 (stable outlook), respectively.
A reduction in our credit ratings could limit or preclude our ability to issue commercial paper under our current programs, or could also adversely affect our ability to renew existing, or negotiate new, credit facilities in the future and could increase the cost of these facilities.
Should this occur, we could seek additional sources of funding, including issuing additional term notes or bonds.
In addition, we have the ability, at our option, to draw upon our $2.0 billion of committed credit facility.
We are in compliance with our debt covenants and other requirements of our credit agreements and indentures.
A schedule of our various obligations as of December 31, 2017 are summarized in the following table:
## Table 0 ##
* Interest on variable rate debt was calculated using the interest rate at year-end 2017.
During the fourth quarter of 2017, we recorded a one-time transition tax related to enactment of the Tax Act.
The expense is primarily related to the one-time transition tax, which is payable over eight years.
As discussed further in Note 12, this balance is a provisional amount and is subject to adjustment during the measurement period of up to one year following the enactment of the Tax Act, as provided by recent SEC guidance.
As of December 31, 2017, our gross liability for uncertain tax positions was $68 million.
We are not able to reasonably estimate the amount by which the liability will increase or decrease over an extended period of time or whether a cash settlement of the liability will be required.
Therefore, these amounts have been excluded from the schedule of contractual obligations.
warrant portfolio was 22.5 percent at December 31, 2012, compared to 15.0 percent at December 31, 2011.
The increase was made to reflect market conditions and trends.
The fair value of our equity warrant assets recorded on our balance sheets represents our best estimate of the fair value of these instruments.
Changes in the above inputs may result in significantly different valuations.
For example, the following table demonstrates the effect of hypothetical changes in the risk-free interest rate and volatility assumptions on the valuation of equity warrant assets directly held by SVB Financial Group at December 31, 2012 :
## Table 1 ##
The timing and value realized from the disposition of equity warrant assets depend upon factors beyond our control, including the performance of the underlying portfolio companies, investor demand for IPOs, fluctuations in the price of the underlying common stock of these private and public companies, levels of M&A activity, and legal and contractual restrictions on our ability to sell the underlying securities.
All of these factors are difficult to predict.
Many equity warrant assets may be terminated or may expire without compensation and may incur valuation losses from lower-priced funding rounds.
We are unable to predict future gains or losses with accuracy, and gains or losses could vary materially from period to period.
We consider our accounting policy for equity warrant assets to be critical as the valuation of these assets is complex and subject to a certain degree of management judgment.
Management has the ability to select from several valuation techniques and has alternative approaches in the calculation of significant inputs.
The selection of alternative valuation techniques or alternative approaches used to calculate significant inputs in the current methodology may cause our estimated values of these assets to differ significantly from the values recorded.
Additionally, the inherent uncertainty in the process of valuing these assets for which a ready market is unavailable may cause our estimated values of these assets to differ significantly from the values that would have been derived had a ready market for the assets existed, and those differences could be material.
Further, the fair value of equity warrant assets may never be realized, which could result in significant losses.
Income Taxes We are subject to income tax laws of the United States, its states and municipalities and those of the foreign jurisdictions in which we operate.
Income taxes are accounted for using the asset and liability method.
Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax-basis carrying amount.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
A valuation allowance is provided when management assesses available evidence and exercises their judgment that it is more likely than not that some portion of the deferred tax asset will not be realized.
We consider our accounting policy relating to income taxes to be critical as the determination of current and deferred income taxes is based on complex analyses of many factors including interpretation of federal, state and foreign income tax laws, the difference between tax and financial reporting bases of assets and liabilities (temporary differences), estimates of amounts due or owed, the timing of reversals of temporary differences and current financial accounting standards.
Actual results could differ significantly from the estimates due to tax law interpretations used in determining the current and deferred income tax liabilities.
Additionally, there can be no assurances that estimates and interpretations used in determining income tax liabilities may not be challenged by federal and state taxing authorities.
In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws.
We must also make estimates about when in the future certain items will affect taxable income in the various tax jurisdictions, both domestic and foreign.
We evaluate our uncertain tax positions in accordance with ASC 740, Income Taxes.
We believe that our unrecognized tax benefits, including related interest and penalties, are adequate in relation to the potential for additional tax assessments.
We are also subject to routine corporate tax audits by the various tax jurisdictions.
In the preparation of income tax returns, tax positions are taken based on interpretation of federal and state income tax laws as well as foreign tax laws.
We review our
The following table summarizes the carrying value (as reported) of nonmarketable securities compared to the amounts attributable to SVBFG (which generally represents the carrying value times our ownership percentage) at December 31, 2012 , 2011 and 2010 :
## Table 2 ##
(1) The following table shows the amounts of venture capital and private equity fund investments held by the following consolidated funds and amounts attributable to SVBFG for each fund at December 31, 2012 , 2011 and 2010 :
## Table 3 ##
(2) The following table shows the amounts of other venture capital investments held by the following consolidated funds and amounts attributable to SVBFG for each fund at December 31, 2012 , 2011 and 2010 :

<table><tr><td></td><td></td><td>Payments Due by Period</td></tr><tr><td>(millions)</td><td>Total</td><td>Less Than 1 Year</td><td>2-3 Years</td><td>4-5 Years</td><td>More Than 5 Years</td></tr><tr><td>Notes payable</td><td>$ 15</td><td>$ 15</td><td>$ -</td><td>$ -</td><td>$ -</td></tr><tr><td>One-time transition tax</td><td>160</td><td>13</td><td>26</td><td>26</td><td>95</td></tr><tr><td>Long-term debt</td><td>7,303</td><td>549</td><td>696</td><td>1,513</td><td>4,545</td></tr><tr><td>Capital lease obligations</td><td>5</td><td>1</td><td>1</td><td>1</td><td>2</td></tr><tr><td>Operating leases</td><td>617</td><td>131</td><td>211</td><td>160</td><td>115</td></tr><tr><td>Interest*</td><td>2,753</td><td>242</td><td>436</td><td>375</td><td>1,700</td></tr><tr><td>Total</td><td>$ 10,853</td><td>$ 951</td><td>$ 1,370</td><td>$ 2,075</td><td>$ 6,457</td></tr></table>
<table><tr><td></td><td colspan="3">Volatility Factor</td></tr><tr><td>(Dollars in millions)</td><td>10% Lower-40.7%</td><td>Current-45.2%</td><td>10% Higher -49.7%</td></tr><tr><td>Risk free interest rate:</td><td></td><td></td><td></td></tr><tr><td>Less 50 basis points</td><td>$70.7</td><td>$73.6</td><td>$76.4</td></tr><tr><td>Current weighted average rate -0.4%</td><td>71.3</td><td>74.1</td><td>76.9</td></tr><tr><td>Plus 50 basis points</td><td>72.0</td><td>74.8</td><td>77.6</td></tr></table>
<table><tr><td></td><td colspan="6">December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td><td colspan="2">2010</td></tr><tr><td>(Dollars in thousands)</td><td>Carrying value(as reported)</td><td>Amount attributableto SVBFG</td><td>Carrying value(as reported)</td><td>Amount attributableto SVBFG</td><td>Carrying value(as reported)</td><td>Amount attributableto SVBFG</td></tr><tr><td>Non-marketable securities (fair value accounting):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Venture capital and private equity fund investments -1</td><td>$665,921</td><td>$75,893</td><td>$611,824</td><td>$77,674</td><td>$391,247</td><td>$69,676</td></tr><tr><td>Other venture capital investments -2</td><td>127,091</td><td>8,962</td><td>124,121</td><td>11,333</td><td>111,843</td><td>10,504</td></tr><tr><td>Other investments</td><td>—</td><td>—</td><td>987</td><td>493</td><td>981</td><td>491</td></tr><tr><td>Non-marketable securities (equity method accounting):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other investments</td><td>139,330</td><td>139,330</td><td>68,252</td><td>68,252</td><td>67,031</td><td>67,031</td></tr><tr><td>Low income housing tax credit funds</td><td>70,318</td><td>70,318</td><td>34,894</td><td>34,894</td><td>27,832</td><td>27,832</td></tr><tr><td>Non-marketable securities (cost method accounting):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Venture capital and private equity fund investments</td><td>161,884</td><td>161,884</td><td>145,007</td><td>145,007</td><td>110,466</td><td>110,466</td></tr><tr><td>Other investments</td><td>19,721</td><td>19,721</td><td>19,355</td><td>19,355</td><td>12,120</td><td>12,120</td></tr><tr><td>Total non-marketable securities</td><td>$1,184,265</td><td>$476,108</td><td>$1,004,440</td><td>$357,008</td><td>$721,520</td><td>$298,120</td></tr></table>
<table><tr><td></td><td colspan="6">December 31,</td></tr><tr><td></td><td colspan="2">2012</td><td colspan="2">2011</td><td colspan="2">2010</td></tr><tr><td>(Dollars in thousands)</td><td>Carrying value(as reported)</td><td>Amountattributableto SVBFG</td><td>Carrying value(as reported)</td><td>Amountattributableto SVBFG</td><td>Carrying value(as reported)</td><td>Amountattributableto SVBFG</td></tr><tr><td>SVB Strategic Investors Fund, LP</td><td>$32,850</td><td>$4,126</td><td>$39,567</td><td>$4,970</td><td>$44,722</td><td>$5,618</td></tr><tr><td>SVB Strategic Investors Fund II, LP</td><td>91,294</td><td>7,825</td><td>122,619</td><td>10,510</td><td>94,694</td><td>8,117</td></tr><tr><td>SVB Strategic Investors Fund III, LP</td><td>209,696</td><td>12,311</td><td>218,429</td><td>12,824</td><td>146,613</td><td>8,607</td></tr><tr><td>SVB Strategic Investors Fund IV, LP</td><td>169,931</td><td>8,497</td><td>122,076</td><td>6,104</td><td>40,639</td><td>2,032</td></tr><tr><td>Strategic Investors Fund V Funds</td><td>40,622</td><td>112</td><td>8,838</td><td>31</td><td>—</td><td>—</td></tr><tr><td>SVB Capital Preferred Return Fund, LP</td><td>53,643</td><td>12,652</td><td>42,580</td><td>11,571</td><td>23,071</td><td>12,262</td></tr><tr><td>SVB Capital—NT Growth Partners, LP</td><td>60,120</td><td>23,842</td><td>43,958</td><td>20,176</td><td>28,624</td><td>24,434</td></tr><tr><td>SVB Capital Partners II, LP</td><td>1,303</td><td>66</td><td>2,390</td><td>121</td><td>4,506</td><td>229</td></tr><tr><td>Other private equity fund</td><td>6,462</td><td>6,462</td><td>11,367</td><td>11,367</td><td>8,378</td><td>8,377</td></tr><tr><td>Total venture capital and private equity fund investments</td><td>$665,921</td><td>$75,893</td><td>$611,824</td><td>$77,674</td><td>$391,247</td><td>$69,676</td></tr></table>

Question: what portion of the balance of cash and cash equivalents on hand is held outside u.s . in 2017?
Answer: 0.71564