future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2022 notes . 2021 notes . in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations . these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes , which were repaid in may 2013 at maturity . net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc . interest on the 4.25% ( 4.25 % ) notes due in 2021 ( 201c2021 notes 201d ) is payable semi-annually on may 24 and november 24 of each year , which commenced november 24 , 2011 , and is approximately $ 32 million per year . the 2021 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2021 notes . 2019 notes . in december 2009 , the company issued $ 2.5 billion in aggregate principal amount of unsecured and unsubordinated obligations . these notes were issued as three separate series of senior debt securities including $ 0.5 billion of 2.25% ( 2.25 % ) notes , which were repaid in december 2012 , $ 1.0 billion of 3.50% ( 3.50 % ) notes , which were repaid in december 2014 at maturity , and $ 1.0 billion of 5.0% ( 5.0 % ) notes maturing in december 2019 ( the 201c2019 notes 201d ) . net proceeds of this offering were used to repay borrowings under the cp program , which was used to finance a portion of the acquisition of barclays global investors from barclays on december 1 , 2009 , and for general corporate purposes . interest on the 2019 notes of approximately $ 50 million per year is payable semi-annually in arrears on june 10 and december 10 of each year . these notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2019 notes . 2017 notes . in september 2007 , the company issued $ 700 million in aggregate principal amount of 6.25% ( 6.25 % ) senior unsecured and unsubordinated notes maturing on september 15 , 2017 ( the 201c2017 notes 201d ) . a portion of the net proceeds of the 2017 notes was used to fund the initial cash payment for the acquisition of the fund-of-funds business of quellos and the remainder was used for general corporate purposes . interest is payable semi-annually in arrears on march 15 and september 15 of each year , or approximately $ 44 million per year . the 2017 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price . the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2017 notes . 13 . commitments and contingencies operating lease commitments the company leases its primary office spaces under agreements that expire through 2035 . future minimum commitments under these operating leases are as follows : ( in millions ) .

Table:
year | amount
2017 | 142
2018 | 135
2019 | 125
2020 | 120
2021 | 112
thereafter | 404
total | $ 1038
rent expense and certain office equipment expense under lease agreements amounted to $ 134 million , $ 136 million and $ 132 million in 2016 , 2015 and 2014 , respectively .
investment commitments .
at december 31 , 2016 , the company had $ 192 million of various capital commitments to fund sponsored investment funds , including consolidated vies .
these funds include private equity funds , real assets 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 $ 192 million , the company had approximately $ 12 million of contingent commitments for certain funds which have investment periods that have expired .
generally , the timing of the funding of these commitments is unknown and the commitments are callable on demand at any time prior to the expiration of the commitment .
these unfunded commitments are not recorded on the consolidated statements of financial condition .
these commitments do not include potential future commitments approved by the company that are not yet legally binding .
the company intends to make additional capital commitments from time to time to fund additional investment products for , and with , its clients .
contingencies contingent payments related to business acquisitions .
in connection with certain acquisitions , blackrock is required to make contingent payments , subject to achieving specified performance targets , which may include revenue related to acquired contracts or new capital commitments for certain products .
the fair value of the remaining aggregate contingent payments at december 31 , 2016 totaled $ 115 million and is included in other liabilities on the consolidated statement of financial condition .
other contingent payments .
the company acts as the portfolio manager in a series of derivative transactions and has a maximum potential exposure of $ 17 million between the company and counterparty .
see note 7 , derivatives and hedging , for further discussion .
legal proceedings .
from time to time , blackrock receives subpoenas or other requests for information from various u.s .
federal , state governmental and domestic and international regulatory authorities in connection with .

Question: what are the future minimum commitments under the operating leases in 2017 as a percentage of the total future minimum commitments under the operating leases?
Answer: 13.7%
Calculation: divide(142, 1038)