part ii 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 november 1 , 2011 , we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $ 1 billion of borrowings with the option to increase borrowings to $ 1.5 billion with lender approval .
the facility matures november 1 , 2017 .
as of and for the periods ended may 31 , 2015 and 2014 , we had no amounts outstanding under our 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 a minimum capitalization ratio .
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 , 2015 , 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 $ 1 billion commercial paper program .
during the year ended may 31 , 2015 , we did not issue commercial paper , and as of may 31 , 2015 , there were no outstanding borrowings under this program .
we may issue commercial paper or other debt securities during fiscal 2016 depending 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 , 2015 , we had cash , cash equivalents and short-term investments totaling $ 5.9 billion , of which $ 4.2 billion was held by our foreign subsidiaries .
included in cash and equivalents as of may 31 , 2015 was $ 968 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 , 2015 the weighted average remaining duration of our short-term investments and cash equivalents portfolio was 79 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 , 2015 and significant endorsement contracts , including related marketing commitments , entered into through the date of this report are as follows: .

Description of Commitment
Cash Payments Due During the Year Ending May 31,
(In millions)
2016
2017
2018
2019
2020
Thereafter
Total
Operating Leases
$447
$423
$371
$311
$268
$1,154
$2,974
Capital Leases
2
2
1
—
—
—
5
Long-term Debt<sup>(1)</sup>
142
77
55
36
36
1,451
1,797
Endorsement Contracts<sup>(2)</sup>
1,009
919
882
706
533
2,143
6,192
Product Purchase Obligations<sup>(3)</sup>
3,735
—
—
—
—
—
3,735
Other<sup>(4)</sup>
343
152
75
72
36
92
770
TOTAL
$5,678
$1,573
$1,384
$1,125
$873
$4,840
$15,473

( 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 , 2015 ( if variable ) , timing of scheduled payments and the term of the debt obligations .
( 2 ) the amounts listed for endorsement contracts represent approximate amounts of base compensation and minimum guaranteed royalty fees we are obligated to pay athlete , sport team and league endorsers of our products .
actual payments under some contracts may be higher than the amounts listed as these contracts provide for bonuses to be paid to the endorsers based upon athletic achievements and/or royalties on product sales in future periods .
actual payments under some contracts may also be lower as these contracts include provisions for reduced payments if athletic performance declines in future periods .
in addition to the cash payments , we are obligated to furnish our endorsers with nike product for their use .
it is not possible to determine how much we will spend on this product on an annual basis as the contracts generally do not stipulate a specific amount of cash to be spent on the product .
the amount of product provided to the endorsers will depend on many factors , including general playing conditions , the number of sporting events in which they participate and our own decisions regarding product and marketing initiatives .
in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers. .

Question: Analyse this data from a financial earnings document. what percentage of endorsement contracts is currently due after 2020?
Choices:
34.60917
1
10.66169
0.16295
0.34609
Correct choice index: 4