amount of commitment expiration per period other commercial commitments after millions total 2015 2016 2017 2018 2019 2019 .
[['other commercial commitmentsmillions', 'total', 'amount of commitment expiration per period 2015', 'amount of commitment expiration per period 2016', 'amount of commitment expiration per period 2017', 'amount of commitment expiration per period 2018', 'amount of commitment expiration per period 2019', 'amount of commitment expiration per period after2019'], ['credit facilities [a]', '$ 1700', '$ -', '$ -', '$ -', '$ -', '$ 1700', '$ -'], ['receivables securitization facility [b]', '650', '-', '-', '650', '-', '-', '-'], ['guarantees [c]', '82', '12', '26', '10', '11', '8', '15'], ['standby letters of credit [d]', '40', '34', '6', '-', '-', '-', '-'], ['total commercialcommitments', '$ 2472', '$ 46', '$ 32', '$ 660', '$ 11', '$ 1708', '$ 15']]
[a] none of the credit facility was used as of december 31 , 2014 .[b] $ 400 million of the receivables securitization facility was utilized as of december 31 , 2014 , which is accounted for as debt .the full program matures in july 2017 .[c] includes guaranteed obligations related to our equipment financings and affiliated operations .[d] none of the letters of credit were drawn upon as of december 31 , 2014 .off-balance sheet arrangements guarantees 2013 at december 31 , 2014 , and 2013 , we were contingently liable for $ 82 million and $ 299 million in guarantees .we have recorded liabilities of $ 0.3 million and $ 1 million for the fair value of these obligations as of december 31 , 2014 , and 2013 , respectively .we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our equipment financings and affiliated operations .the final guarantee expires in 2022 .we are not aware of any existing event of default that would require us to satisfy these guarantees .we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .other matters labor agreements 2013 approximately 85% ( 85 % ) of our 47201 full-time-equivalent employees are represented by 14 major rail unions .on january 1 , 2015 , current labor agreements became subject to modification and we began the current round of negotiations with the unions .existing agreements remain in effect until new agreements are reached or the railway labor act 2019s procedures ( which include mediation , cooling-off periods , and the possibility of presidential emergency boards and congressional intervention ) are exhausted .contract negotiations historically continue for an extended period of time and we rarely experience work stoppages while negotiations are pending .inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .at december 31 , 2014 and 2013 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .

Question: what percentage of the total commercial commitments is receivables securitization facility?
Answer: 26%