sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from blackrock solutions and advisory products and services , 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 2016 were $ 58 million and primarily reflected $ 384 million of investment purchases , $ 119 million of purchases of property and equipment and $ 30 million related to an acquisition , partially offset by $ 441 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 2016 were $ 2831 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 274 million of employee tax withholdings related to employee stock transactions and $ 1.5 billion of cash dividend payments , partially offset by $ 82 million of excess tax benefits from vested stock-based compensation awards .
the company manages its financial condition and funding to maintain appropriate liquidity for the business .
liquidity resources at december 31 , 2016 and 2015 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6091 $ 6083 cash and cash equivalents held by consolidated vres ( 2 ) ( 53 ) ( 100 ) .

( in millions )
december 31 2016
december 31 2015
cash and cash equivalents ( 1 )
$ 6091
$ 6083
cash and cash equivalents held by consolidated vres ( 2 )
-53 ( 53 )
-100 ( 100 )
subtotal
6038
5983
credit facility 2014 undrawn
4000
4000
total liquidity resources ( 3 )
$ 10038
$ 9983

total liquidity resources ( 3 ) $ 10038 $ 9983 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .
subsidiaries was approximately 50% ( 50 % ) at both december 31 , 2016 and 2015 .
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 year-end incentive compensation accruals of approximately $ 1.3 billion and $ 1.5 billion for 2016 and 2015 , respectively , which were paid in the first quarter of the following year .
total liquidity resources increased $ 55 million during 2016 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2015 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.5 billion .
a significant portion of the company 2019s $ 2414 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .
share repurchases .
the company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $ 1.1 billion during 2016 .
at december 31 , 2016 , there were 3 million shares still authorized to be repurchased .
in january 2017 , the board of directors approved an increase in the shares that may be repurchased under the company 2019s existing share repurchase program to allow for the repurchase of an additional 6 million shares for a total up to 9 million shares of blackrock common stock .
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 , including repatriation to the united states , 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 investors and other clients .
btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .
at december 31 , 2016 and 2015 , the company was required to maintain approximately $ 1.4 billion and $ 1.1 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 of december 31 , 2016 , the company has not provided for u.s .
federal and state income taxes on approximately $ 5.3 billion of undistributed earnings of its foreign subsidiaries .
such earnings are considered indefinitely reinvested outside the united states .
the company 2019s current plans do not demonstrate a need to repatriate these funds .
short-term borrowings 2016 revolving credit facility .
the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 ( the 201c2016 credit facility 201d ) .
the 2016 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 2016 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 2016 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to .

Question: what is the percentage change in total liquidity resources from 2015 to 2016?
Answer: 0.6%

Question: what is the average price of the repurchased shares during 2016?
Answer: 333.3