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: .

Table: 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: as of may 31 , 2016 what percentage of cash and cash equivalents was held in foreign subsidiaries?
Answer: 84%
Calculation: divide(4.6, 5.5)
Explanation: how much offshore cash is being held as a percent can lead to understanding of future tax issues and foreign risk .