sources of blackrock 2019s operating cash primarily include investment advisory , administration fees and securities lending revenue , performance fees , revenue from technology and risk management services , advisory and 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 2017 were $ 517 million and primarily reflected $ 497 million of investment purchases , $ 155 million of purchases of property and equipment , $ 73 million related to the first reserve transaction and $ 29 million related to the cachematrix transaction , partially offset by $ 205 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 2017 were $ 3094 million , primarily resulting from $ 1.4 billion of share repurchases , including $ 1.1 billion in open market- transactions and $ 321 million of employee tax withholdings related to employee stock transactions , $ 1.7 billion of cash dividend payments and $ 700 million of repayments of long- term borrowings , partially offset by $ 697 million of proceeds from issuance of long-term borrowings . the company manages its financial condition and funding to maintain appropriate liquidity for the business . liquidity resources at december 31 , 2017 and 2016 were as follows : ( in millions ) december 31 , december 31 , cash and cash equivalents ( 1 ) $ 6894 $ 6091 cash and cash equivalents held by consolidated vres ( 2 ) ( 63 ) ( 53 ) .

Table:
( in millions ) | december 31 2017 | december 31 2016
cash and cash equivalents ( 1 ) | $ 6894 | $ 6091
cash and cash equivalents held by consolidated vres ( 2 ) | -63 ( 63 ) | -53 ( 53 )
subtotal | 6831 | 6038
credit facility 2014 undrawn | 4000 | 4000
total liquidity resources ( 3 ) | $ 10831 | $ 10038
total liquidity resources ( 3 ) $ 10831 $ 10038 ( 1 ) the percentage of cash and cash equivalents held by the company 2019s u.s .
subsidiaries was approximately 40% ( 40 % ) and 50% ( 50 % ) at december 31 , 2017 and 2016 , respectively .
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 a reduction for year-end incentive compensation accruals of approximately $ 1.5 billion and $ 1.3 billion for 2017 and 2016 , respectively , which are paid in the first quarter of the following year .
total liquidity resources increased $ 793 million during 2017 , primarily reflecting cash flows from operating activities , partially offset by cash payments of 2016 year-end incentive awards , share repurchases of $ 1.4 billion and cash dividend payments of $ 1.7 billion .
a significant portion of the company 2019s $ 3154 million of total investments , as adjusted , is illiquid in nature and , as such , cannot be readily convertible to cash .
share repurchases .
the company repurchased 2.6 million common shares in open market transactions under the share repurchase program for approximately $ 1.1 billion during 2017 .
at december 31 , 2017 , there were 6.4 million shares still authorized to be repurchased .
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 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 clients .
btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency .
at december 31 , 2017 and 2016 , the company was required to maintain approximately $ 1.8 billion and $ 1.4 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 a result of the 2017 tax act and the one-time mandatory deemed repatriation tax on untaxed accumulated foreign earnings , a provisional amount of u.s .
income taxes was provided on the undistributed foreign earnings .
the financial statement basis in excess of tax basis of its foreign subsidiaries remains indefinitely reinvested in foreign operations .
the company will continue to evaluate its capital management plans throughout 2018 .
short-term borrowings 2017 revolving credit facility .
the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .
the 2017 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 2017 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 2017 credit facility requires the company .

Question: what percent of 2017 liquidity comes from credit?
Answer: 36.93%
Calculation: divide(4000, 10831)