part ii 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 .
following an extension agreement on september 17 , 2013 between the company and the syndicate of banks , the facility matures november 1 , 2017 , with a one-year extension option exercisable through october 31 , 2014 .
no amounts were outstanding under this facility as of may 31 , 2014 or 2013 .
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 rating 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 , 2014 , 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 , 2014 , we did not issue commercial paper , and as of may 31 , 2014 , there were no outstanding borrowings under this program .
we may continue to issue commercial paper or other debt securities during fiscal 2015 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 , 2014 , we had cash , cash equivalents , and short-term investments totaling $ 5.1 billion , of which $ 2.5 billion was held by our foreign subsidiaries .
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 , 2014 the average duration of our short-term investments and cash equivalents portfolio was 126 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 , 2014 and significant endorsement contracts 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)
2015
2016
2017
2018
2019
Thereafter
Total
Operating Leases
$427
$399
$366
$311
$251
$1,050
$2,804
Capital Leases
36
35
1
1
1
—
74
Long-term Debt<sup>(1)</sup>
46
145
79
56
37
1,488
1,851
Endorsement Contracts<sup>(2)</sup>
991
787
672
524
349
1,381
4,704
Product Purchase Obligations<sup>(3)</sup>
3,688
—
—
—
—
—
3,688
Other<sup>(4)</sup>
309
108
78
7
3
12
517
TOTAL
$5,497
$1,474
$1,196
$899
$641
$3,931
$13,638

( 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 , 2014 ( 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 and sport team 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 .
( 3 ) we generally order product at least four to five months in advance of sale based primarily on futures orders received from customers .
the amounts listed for product purchase obligations represent agreements ( including open purchase orders ) to purchase products in the ordinary course of business that are enforceable and legally binding and that specify all significant terms .
in some cases , prices are subject to change throughout the production process .
the reported amounts exclude product purchase liabilities included in accounts payable on the consolidated balance sheet as of may 31 , 2014 .
( 4 ) other amounts primarily include service and marketing commitments made in the ordinary course of business .
the amounts represent the minimum payments required by legally binding contracts and agreements that specify all significant terms , including open purchase orders for non-product purchases .
the reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the consolidated balance sheet as of may 31 , 2014 .
nike , inc .
2014 annual report and notice of annual meeting 79 .

Question: Analyse this data from a financial earnings document. what percentage of operating leases are due after 2019?
Choices:
1
87.5
-0.37447
374465.04993
0.37447
Correct choice index: 4