sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and other revenue and distribution fees .blackrock uses its cash to pay all operating expense , interest and principal on borrowings , income taxes , dividends on blackrock 2019s capital stock , repurchases of the company 2019s stock , capital expenditures and purchases of co-investments and seed investments .for details of the company 2019s 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 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 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 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings .the company manages its financial condition and funding to maintain appropriate liquidity for the business .liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .
[['( in millions )', 'december 31 2017', 'december 31 2016'], ['cash and cash equivalents ( 1 )', '$ 6894', '$ 6091'], ['cash and cash equivalents held by consolidated vres ( 2 )', '-63 ( 63 )', '-53 ( 53 )'], ['subtotal', '6831', '6038'], ['credit facility 2014 undrawn', '4000', '4000'], ['total liquidity resources ( 3 )', '$ 10831', '$ 10038']]
total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively .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 a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year .total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion .a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .share repurchases .the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 .at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased .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 may have adverse tax consequences that could discourage such transfers .blackrock institutional trust company , n.a .( 201cbtc 201d ) 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 clients .btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 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 2019s broker-dealers .the company was in compliance with all applicable regulatory net capital requirements .undistributed earnings of foreign subsidiaries .as a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s .income taxes was provided on the undistributed foreign earnings .the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations .the company will continue to evaluate its capital management plans throughout 2018 .short-term borrowings 2017 revolving credit facility .the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .the 2017 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 2017 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 2017 credit facility requires the company .

Question: what percent of 2017 liquidity comes from credit?
Answer: 36.93%