part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities .on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 .the 2023 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 2.25% ( 2.25 % ) fixed , annual interest rate and will mature on may 1 , 2023 .the 2043 senior notes were issued in an initial aggregate principal amount of $ 500 million at a 3.625% ( 3.625 % ) fixed , annual interest rate and will mature on may 1 , 2043 .interest on the senior notes is payable semi-annually on may 1 and november 1 of each year .the issuance resulted in gross proceeds before expenses of $ 998 million .on october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 .interest on the senior notes is payable semi-annually on may 1 and november 1 of each year .the issuance resulted in proceeds before expenses of $ 991 million .the shelf expired on april 23 , 2016 .we plan to file a new shelf registration statement with the sec in july 2016 .on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings .the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 .this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 .as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either committed credit facility .we currently have long-term debt ratings of aa- and a1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .if our long- term debt ratings were to decline , the facility fee and interest rate under our committed credit facility would increase .conversely , if our long-term debt rating were to improve , the facility fee and interest rate would decrease .changes in our long-term debt rating would not trigger acceleration of maturity of any then-outstanding borrowings or any future borrowings under the committed credit facility .under this committed revolving credit facility , we have agreed to various covenants .these covenants include limits on our disposal of fixed assets , the amount of debt secured by liens we may incur , as well as limits on the indebtedness we can incur relative to our net worth .in the event we were to have any borrowings outstanding under this facility and failed to meet any covenant , and were unable to obtain a waiver from a majority of the banks in the syndicate , any borrowings would become immediately due and payable .as of may 31 , 2016 , we were in full compliance with each of these covenants and believe it is unlikely we will fail to meet any of these covenants in the foreseeable future .liquidity is also provided by our $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 .during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program .any future issuance of commercial paper or other debt securities during fiscal 2017 will depend on general corporate needs .we currently have short-term debt ratings of a1+ and p1 from standard and poor 2019s corporation and moody 2019s investor services , respectively .as of may 31 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries .included in cash and equivalents as of may 31 , 2016 was $ 105 million of cash collateral received from counterparties as a result of hedging activity .cash equivalents and short-term investments consist primarily of deposits held at major banks , money market funds , commercial paper , corporate notes , u.s .treasury obligations , u.s .government sponsored enterprise obligations and other investment grade fixed income securities .our fixed income investments are exposed to both credit and interest rate risk .all of our investments are investment grade to minimize our credit risk .while individual securities have varying durations , as of may 31 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 days .to date we have not experienced difficulty accessing the credit markets or incurred higher interest costs .future volatility in the capital markets , however , may increase costs associated with issuing commercial paper or other debt instruments or affect our ability to access those markets .we believe that existing cash , cash equivalents , short-term investments and cash generated by operations , together with access to external sources of funds as described above , will be sufficient to meet our domestic and foreign capital needs in the foreseeable future .we utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where they are needed .we routinely repatriate a portion of our foreign earnings for which u.s .taxes have previously been provided .we also indefinitely reinvest a significant portion of our foreign earnings , and our current plans do not demonstrate a need to repatriate these earnings .should we require additional capital in the united states , we may elect to repatriate indefinitely reinvested foreign funds or raise capital in the united states through debt .if we were to repatriate indefinitely reinvested foreign funds , we would be required to accrue and pay additional u.s .taxes less applicable foreign tax credits .if we elect to raise capital in the united states through debt , we would incur additional interest expense .off-balance sheet arrangements in connection with various contracts and agreements , we routinely provide indemnification relating to the enforceability of intellectual property rights , coverage for legal issues that arise and other items where we are acting as the guarantor .currently , we have several such agreements in place .however , based on our historical experience and the estimated probability of future loss , we have determined that the fair value of such indemnification is not material to our financial position or results of operations .contractual obligations our significant long-term contractual obligations as of may 31 , 2016 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: .
[['description of commitment ( in millions )', 'description of commitment 2017', 'description of commitment 2018', 'description of commitment 2019', 'description of commitment 2020', 'description of commitment 2021', 'description of commitment thereafter', 'total'], ['operating leases', '$ 491', '$ 453', '$ 395', '$ 347', '$ 301', '$ 1244', '$ 3231'], ['capital leases', '7', '5', '2', '1', '2014', '2014', '15'], ['long-term debt ( 1 )', '115', '75', '74', '74', '71', '3365', '3774'], ['endorsement contracts ( 2 )', '1198', '1238', '945', '827', '698', '4514', '9420'], ['product purchase obligations ( 3 )', '4149', '2014', '2014', '2014', '2014', '2014', '4149'], ['other purchase obligations ( 4 )', '384', '118', '90', '48', '42', '90', '772'], ['total', '$ 6344', '$ 1889', '$ 1506', '$ 1297', '$ 1112', '$ 9213', '$ 21361']]
( 1 ) the cash payments due for long-term debt include estimated interest payments .estimates of interest payments are based on outstanding principal amounts , applicable fixed interest rates or currently effective interest rates as of may 31 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

Question: what percentage of long-term debt is due after 2021?
Answer: 89%