table of contents ended december 31 , 2015 and 2014 , respectively .
the increase in cash provided by accounts payable-inventory financing was primarily due to a new vendor added to our previously existing inventory financing agreement .
for a description of the inventory financing transactions impacting each period , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements .
for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .
net cash used in financing activities decreased $ 56.3 million in 2014 compared to 2013 .
the decrease was primarily driven by several debt refinancing transactions during each period and our july 2013 ipo , which generated net proceeds of $ 424.7 million after deducting underwriting discounts , expenses and transaction costs .
the net impact of our debt transactions resulted in cash outflows of $ 145.9 million and $ 518.3 million during 2014 and 2013 , respectively , as cash was used in each period to reduce our total long-term debt .
for a description of the debt transactions impacting each period , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .
long-term debt and financing arrangements as of december 31 , 2015 , we had total indebtedness of $ 3.3 billion , of which $ 1.6 billion was secured indebtedness .
at december 31 , 2015 , we were in compliance with the covenants under our various credit agreements and indentures .
the amount of cdw 2019s restricted payment capacity under the senior secured term loan facility was $ 679.7 million at december 31 , 2015 .
for further details regarding our debt and each of the transactions described below , see note 8 ( long-term debt ) to the accompanying consolidated financial statements .
during the year ended december 31 , 2015 , the following events occurred with respect to our debt structure : 2022 on august 1 , 2015 , we consolidated kelway 2019s term loan and kelway 2019s revolving credit facility .
kelway 2019s term loan is denominated in british pounds .
the kelway revolving credit facility is a multi-currency revolving credit facility under which kelway is permitted to borrow an aggregate amount of a350.0 million ( $ 73.7 million ) as of december 31 , 2015 .
2022 on march 3 , 2015 , we completed the issuance of $ 525.0 million principal amount of 5.0% ( 5.0 % ) senior notes due 2023 which will mature on september 1 , 2023 .
2022 on march 3 , 2015 , we redeemed the remaining $ 503.9 million aggregate principal amount of the 8.5% ( 8.5 % ) senior notes due 2019 , plus accrued and unpaid interest through the date of redemption , april 2 , 2015 .
inventory financing agreements we have entered into agreements with certain financial intermediaries to facilitate the purchase of inventory from various suppliers under certain terms and conditions .
these amounts are classified separately as accounts payable-inventory financing on the consolidated balance sheets .
we do not incur any interest expense associated with these agreements as balances are paid when they are due .
for further details , see note 6 ( inventory financing agreements ) to the accompanying consolidated financial statements .
contractual obligations we have future obligations under various contracts relating to debt and interest payments , operating leases and asset retirement obligations .
our estimated future payments , based on undiscounted amounts , under contractual obligations that existed as of december 31 , 2015 , are as follows: .

( in millions )
payments due by period total
payments due by period < 1 year
payments due by period 1-3 years
payments due by period 4-5 years
payments due by period > 5 years
term loan ( 1 )
$ 1703.4
$ 63.9
$ 126.3
$ 1513.2
$ 2014
kelway term loan ( 1 )
90.9
13.5
77.4
2014
2014
senior notes due 2022 ( 2 )
852.0
36.0
72.0
72.0
672.0
senior notes due 2023 ( 2 )
735.1
26.3
52.5
52.5
603.8
senior notes due 2024 ( 2 )
859.7
31.6
63.3
63.3
701.5
operating leases ( 3 )
143.2
22.5
41.7
37.1
41.9
asset retirement obligations ( 4 )
1.8
0.8
0.5
0.3
0.2
total
$ 4386.1
$ 194.6
$ 433.7
$ 1738.4
$ 2019.4

.

Question: as of dec 31 , 2015 , what percentage of total indebtedness was nonsecure?
Answer: 51.5%