amount of commitment expiration per period other commercial commitments after millions total 2012 2013 2014 2015 2016 2016 .

Table:
other commercial commitmentsmillions | total | amount of commitment expiration per period 2012 | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period after 2016
credit facilities [a] | $ 1800 | $ - | $ - | $ - | $ 1800 | $ - | $ -
receivables securitization facility [b] | 600 | 600 | - | - | - | - | -
guarantees [c] | 325 | 18 | 8 | 214 | 12 | 13 | 60
standby letters of credit [d] | 24 | 24 | - | - | - | - | -
total commercialcommitments | $ 2749 | $ 642 | $ 8 | $ 214 | $ 1812 | $ 13 | $ 60
[a] none of the credit facility was used as of december 31 , 2011 .
[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2011 , which is accounted for as debt .
the full program matures in august 2012 .
[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .
[d] none of the letters of credit were drawn upon as of december 31 , 2011 .
off-balance sheet arrangements guarantees 2013 at december 31 , 2011 , we were contingently liable for $ 325 million in guarantees .
we have recorded a liability of $ 3 million for the fair value of these obligations as of december 31 , 2011 and 2010 .
we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .
the final guarantee expires in 2022 .
we are not aware of any existing event of default that would require us to satisfy these guarantees .
we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .
other matters labor agreements 2013 in january 2010 , the nation 2019s largest freight railroads began the current round of negotiations with the labor unions .
generally , contract negotiations with the various unions take place over an extended period of time .
this round of negotiations was no exception .
in september 2011 , the rail industry reached agreements with the united transportation union .
on november 5 , 2011 , a presidential emergency board ( peb ) appointed by president obama issued recommendations to resolve the disputes between the u.s .
railroads and 11 unions that had not yet reached agreements .
since then , ten unions reached agreements with the railroads , all of them generally patterned on the recommendations of the peb , and the unions subsequently ratified these agreements .
the railroad industry reached a tentative agreement with the brotherhood of maintenance of way employees ( bmwe ) on february 2 , 2012 , eliminating the immediate threat of a national rail strike .
the bmwe now will commence ratification of this tentative agreement by its members .
inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .
as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .
derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .
we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .
derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .
we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .
changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .
we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements. .

Question: what percent of total commercial commitments are credit facilities?
Answer: 65%
Calculation: divide(1800, 2749)