11.
Borrowings Short-Term Borrowings The carrying value of short-term borrowings at December 31, 2012 and 2011, included $100 million under the 2012 revolving credit facility and $100 million under the 2011 revolving credit facility, respectively.2012 Revolving Credit Facility.
In March 2011, the Company entered into a five-year $3.5 billion unsecured revolving credit facility (the “2011 credit facility”).
In March 2012, the 2011 credit facility was amended to extend the maturity date by one year to March 2017 and in April 2012 the amount of the aggregate commitment was increased to $3.785 billion (the “2012 credit facility”).
The 2012 credit facility permits the Company to request an additional $1.0 billion of borrowing capacity, subject to lender credit approval, increasing the overall size of the 2012 credit facility to an aggregate principal amount not to exceed $4.785 billion.
Interest on borrowings outstanding accrues at a rate based on the applicable London Interbank Offered Rate plus a spread.
The 2012 credit facility requires the Company not to exceed a maximum leverage ratio (ratio of net debt to EBITDA, where net debt equals total debt less unrestricted cash) of 3 to 1, which was satisfied with a ratio of less than 1 to 1 at December 31, 2012.
The 2012 credit facility provides back-up liquidity, funds ongoing working capital for general corporate purposes and funds various investment opportunities.
At December 31, 2012, the Company had $100 million outstanding under this facility with an interest rate of 1.085% and a maturity during January 2013.
During January 2013, the Company rolled over the $100 million in borrowings at an interest rate of 1.085% and a maturity during February 2013.
During February 2013, the Company rolled over the $100 million in borrowings at an interest rate of 1.075% and a maturity during March 2013.
Commercial Paper Program.
On October 14, 2009, BlackRock established a commercial paper program (the “CP Program”) under which the Company could issue unsecured commercial paper notes (the “CP Notes”) on a private placement basis up to a maximum aggregate amount outstanding at any time of $3.0 billion.
On May 13, 2011, BlackRock increased the maximum aggregate amount that may be borrowed under the CP Program to $3.5 billion.
On May 17, 2012, BlackRock increased the maximum aggregate amount to $3.785 billion.
The CP Program is currently supported by the 2012 credit facility.
As of December 31, 2012 and December 31, 2011, BlackRock had no CP Notes outstanding.
Long-Term Borrowings The carrying value and fair value of long-term borrowings estimated using market prices at December 31, 2012 included the following:
## Table 0 ##
12.
Commitments and Contingencies (continued) acquisition, Barclays was contractually obligated to continue providing counterparty default indemnification to several BlackRock securities lending clients through December 1, 2012.
BlackRock assumed these indemnification obligations prior to or upon the expiration of Barclays’ indemnification obligation.
As of December 31, 2012, the Company indemnified certain of its clients for loan balances of approximately $99.5 billion.
The fair value of these indemnifications was not material to the consolidated statements of financial condition as of December 31, 2012.
The Company expects indemnified balances to continue to increase over time.
Under the transaction agreement in the BGI Transaction, the Company agreed to indemnify Barclays for losses it may incur arising from (1) breach by the Company of certain representations, (2) breach by the Company of any covenant in the agreement, (3) liabilities of the entities acquired in the transaction other than liabilities assumed by Barclays or for which it is providing indemnification, and (4) certain taxes.
Management believes that the likelihood of any liability arising under the BGI Transaction indemnification provisions is remote.
Management cannot estimate any potential maximum exposure due both to the remoteness of any potential claims and the fact that items that would be included within any such calculated claim would be beyond the control of BlackRock.
Consequently, no liability has been recorded on the consolidated statements of financial condition.13.
Stock-Based Compensation The components of stock-based compensation expense are as follows:
## Table 1 ##
Stock Award and Incentive Plan.
Pursuant to the BlackRock, Inc.  1999 Stock Award and Incentive Plan (the “Award Plan”), options to purchase shares of the Company’s common stock at an exercise price not less than the market value of BlackRock’s common stock on the date of grant in the form of stock options, restricted stock or RSUs may be granted to employees and nonemployee directors.
A maximum of 27,000,000 shares of common stock were authorized for issuance under the Award Plan.
Of this amount, 5,447,427 shares remain available for future awards at December 31, 2012.
Upon exercise of employee stock options, the issuance of restricted stock or the vesting of RSUs, the Company issues shares out of treasury to the extent available.
Restricted Stock and RSUs.
Pursuant to the Award Plan, restricted stock grants and RSUs may be granted to certain employees.
Substantially all restricted stock and RSUs vest over periods ranging from one to five years and are expensed using the straight-line method over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards.
Prior to 2009, the Company awarded restricted stock and RSUs with nonforfeitable dividend equivalent rights.
Restricted stock and RSUs awarded beginning in 2009 are not considered participating securities for purposes of calculating EPS as the dividend equivalents are subject to forfeiture prior to vesting of the award.
Restricted stock and RSU activity for 2012 is summarized below:
## Table 2 ##
(1) At December 31, 2012, approximately 4.9 million awards are expected to vest and 0.6 million awards have vested but have not been converted.
The Company values restricted stock and RSUs at their grant-date fair value as measured by BlackRock’s common stock price.
The total fair market value of RSUs granted to employees during 2010 and 2011 was $751 million and $477 million, respectively.
The total fair market value of RSUs converted to common stock during 2012, 2011 and 2010 was $297 million, $553 million and $219 million, respectively.
At December 31, 2012, the intrinsic value of outstanding RSUs was $1.2 billion.
Long-Term Borrowings.
The carrying value of long-term borrowings at December 31, 2015 included the following
## Table 3 ##
During 2015, the Company fully repaid $750 million of 1.375% notes at maturity.
In May 2015, the Company issued Long-Term Borrowings.
The carrying value of long-term borrowings at December 31, 2015 included the following
## Table 4 ##
During 2015, the Company fully repaid $750 million of 1.375% notes at maturity.
In May 2015, the Company issued €700 million of 1.25% senior unsecured notes maturing in May 2025.
Upon conversion to U. S.  dollars the Company designated the €700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations.
For more information on Company¡¯s borrowings, see Note 12, Borrowings, in the notes to the consolidated financial statements beginning on page F-1 of this Form 10-K.
Contractual Obligations, Commitments and Contingencies The following table sets forth contractual obligations, commitments and contingencies by year of payment at December 31, 2015: (1) The amount of contingent payments reflected for any year represents the expected payment amounts using foreign currency exchange rates as of December 31, 2015 under the terms of the business acquisition¡¯s agreement.
The fair value of the contingent obligations is not significant to the consolidated statement of financial condition and is recorded within other liabilities.
(2) At December 31, 2015, the Company had approximately $350 million of net unrecognized tax benefits.
Due to the uncertainty of timing and amounts that will ultimately be paid, this amount has been excluded from the table above.
Operating Leases.
The Company leases its primary office locations under agreements that expire on varying dates through 2035.
In connection with certain lease agreements, the Company is responsible for escalation payments.
The contractual obligations table above includes only guaranteed minimum lease payments for such leases and does not project potential escalation or other lease-related payments.
These leases are classified as operating leases and, as such, are not recorded as liabilities on the consolidated statements of financial condition.
Purchase Obligations.
In the ordinary course of business, BlackRock enters into contracts or purchase obligations with third parties whereby the third parties provide services to or on behalf of BlackRock.
Purchase obligations included in the contractual obligations table above represent executory contracts, which are either noncancelable or cancelable with a penalty.
At December 31, 2015, the Company¡¯s obligations primarily reflected standard service contracts for portfolio services, market data, office-related services and thirdparty marketing and promotional services, and obligations for equipment.
Purchase obligations are recorded on the consolidated financial statements when services are provided and, as such, obligations for services and equipment not received are not included in the consolidated statement of financial condition at December 31, 2015.
Investment Commitments.
At December 31, 2015, the Company had $179 million of various capital commitments to fund sponsored investment funds, including consolidated VIEs.
These funds include private equity funds, real estate funds, infrastructure funds and opportunistic funds.
This amount excludes additional commitments made by consolidated funds of funds to underlying third-party funds as third-party noncontrolling interest holders have the legal obligation to fund the respective commitments of such funds of funds.
In addition to the capital commitments of $179 million, the Company had approximately $38 million of contingent commitments for certain funds which have investment periods that have expired.
Generally, the timing

Tables referenced above, in order (Table 0 first):
<table><tr><td><i>(Dollar amounts in millions)</i></td><td>Maturity Amount</td><td>Unamortized Discount</td><td>Carrying Value</td><td>Fair Value</td></tr><tr><td>Floating Rate Notes due 2013</td><td>$750</td><td>$—</td><td>$750</td><td>$750</td></tr><tr><td>3.50% Notes due 2014</td><td>1,000</td><td>—</td><td>1,000</td><td>1,058</td></tr><tr><td>1.375% Notes due 2015</td><td>750</td><td>—</td><td>750</td><td>762</td></tr><tr><td>6.25% Notes due 2017</td><td>700</td><td>-3</td><td>697</td><td>853</td></tr><tr><td>5.00% Notes due 2019</td><td>1,000</td><td>-2</td><td>998</td><td>1,195</td></tr><tr><td>4.25% Notes due 2021</td><td>750</td><td>-4</td><td>746</td><td>856</td></tr><tr><td>3.375% Notes due 2022</td><td>750</td><td>-4</td><td>746</td><td>801</td></tr><tr><td>Total Long-term Borrowings</td><td>$5,700</td><td>$-13</td><td>$5,687</td><td>$6,275</td></tr></table>
<table><tr><td><i>(Dollar amounts in millions)</i></td><td colspan="3"> Year ended December 31,</td></tr><tr><td></td><td> 2012</td><td> 2011</td><td> 2010</td></tr><tr><td>Stock-based compensation:</td><td></td><td></td><td></td></tr><tr><td>Restricted stock and RSUs</td><td>$429</td><td>$444</td><td>$375</td></tr><tr><td>Market performance-based RSUs to be funded by PNC</td><td>15</td><td>—</td><td>—</td></tr><tr><td>Long-term incentive plans to be funded by PNC</td><td>7</td><td>44</td><td>58</td></tr><tr><td>Stock options</td><td>—</td><td>9</td><td>12</td></tr><tr><td>Total stock-based compensation</td><td>$451</td><td>$497</td><td>$445</td></tr></table>
<table><tr><td> Outstanding at</td><td>Restricted Stock and Units</td><td> Weighted Average Grant Date Fair Value</td></tr><tr><td>December 31, 2011</td><td>5,528,781</td><td>$196.44</td></tr><tr><td>Granted</td><td>1,895,118</td><td>$183.47</td></tr><tr><td>Converted</td><td>-1,681,241</td><td>$176.61</td></tr><tr><td>Forfeited</td><td>-121,823</td><td>$201.85</td></tr><tr><td>December 31, 2012<sup>-1</sup></td><td>5,620,835</td><td>$197.90</td></tr></table>
<table><tr><td>(in millions)</td><td>Maturity Amount</td><td>Carrying Value</td><td>Maturity</td></tr><tr><td>6.25% Notes</td><td>$700</td><td>$699</td><td>September 2017</td></tr><tr><td>5.00% Notes</td><td>1,000</td><td>997</td><td>December 2019</td></tr><tr><td>4.25% Notes</td><td>750</td><td>745</td><td>May 2021</td></tr><tr><td>3.375% Notes</td><td>750</td><td>744</td><td>June 2022</td></tr><tr><td>3.50% Notes</td><td>1,000</td><td>992</td><td>March 2024</td></tr><tr><td>1.25% Notes</td><td>760</td><td>753</td><td>May 2025</td></tr><tr><td>Total Long-term Borrowings</td><td>$4,960</td><td>$4,930</td><td></td></tr></table>
<table><tr><td>(in millions)</td><td>2016</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>Thereafter</td><td>Total</td></tr><tr><td>Contractual obligations and commitments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Long-term borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Principal</td><td>$—</td><td>$700</td><td>$—</td><td>$1,000</td><td>$—</td><td>$3,260</td><td>$4,960</td></tr><tr><td>Interest</td><td>196</td><td>196</td><td>152</td><td>152</td><td>102</td><td>224</td><td>1,022</td></tr><tr><td>Operating leases</td><td>134</td><td>133</td><td>131</td><td>125</td><td>120</td><td>560</td><td>1,203</td></tr><tr><td>Purchase obligations</td><td>79</td><td>50</td><td>2</td><td>—</td><td>—</td><td>—</td><td>131</td></tr><tr><td>Investment commitments</td><td>179</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>179</td></tr><tr><td>Total contractual obligations and commitments</td><td>588</td><td>1,079</td><td>285</td><td>1,277</td><td>222</td><td>4,044</td><td>7,495</td></tr><tr><td>Contingent obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Contingent distribution obligations</td><td>185</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>185</td></tr><tr><td>Contingent payments related to business acquisitions<sup>-1</sup></td><td>12</td><td>8</td><td>21</td><td>10</td><td>12</td><td>—</td><td>63</td></tr><tr><td>Total contractual obligations, commitments andcontingent obligations<sup>-2</sup></td><td>$785</td><td>$1,087</td><td>$306</td><td>$1,287</td><td>$234</td><td>$4,044</td><td>$7,743</td></tr></table>

Question: what portion of the total long-term borrowings is due in the next 24 months?
Answer: 0.30702
Reasoning program: add(750,1000), divide(#0,5700)