part ii capital resources on april 23 , 2013 , we filed a shelf registration statement ( the 201cshelf 201d ) with the sec which permitted us to issue an unlimited amount of debt securities .
on april 23 , 2013 , we issued $ 1.0 billion of senior notes with tranches maturing in 2023 and 2043 .
the 2023 senior notes 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 october 29 , 2015 , we issued an additional $ 1.0 billion of senior notes at a 3.875% ( 3.875 % ) fixed , annual interest rate that will mature on november 1 , 2045 .
interest on the senior notes is payable semi-annually on may 1 and november 1 of each year .
the issuance resulted in proceeds before expenses of $ 991 million .
the shelf expired on april 23 , 2016 .
we plan to file a new shelf registration statement with the sec in july 2016 .
on august 28 , 2015 , we entered into a committed credit facility agreement with a syndicate of banks , which provides for up to $ 2 billion of borrowings .
the facility matures august 28 , 2020 , with a one year extension option prior to any anniversary of the closing date , provided that in no event shall it extend beyond august 28 , 2022 .
this facility replaces the prior $ 1 billion credit facility agreement entered into on november 1 , 2011 , which would have matured november 1 , 2017 .
as of and for the periods ended may 31 , 2016 and 2015 , we had no amounts outstanding under either 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 limits on the indebtedness we can incur relative to our net worth .
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 , 2016 , 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 $ 2 billion commercial paper program , which increased $ 1 billion during the second quarter of fiscal 2016 .
during the year ended may 31 , 2016 , we did not issue commercial paper , and as of may 31 , 2016 , there were no outstanding borrowings under this program .
any future issuance of commercial paper or other debt securities during fiscal 2017 will depend 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 , 2016 , we had cash , cash equivalents and short-term investments totaling $ 5.5 billion , of which $ 4.6 billion was held by our foreign subsidiaries .
included in cash and equivalents as of may 31 , 2016 was $ 105 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 , 2016 , the weighted average remaining duration of our cash equivalents and short-term investments portfolio was 91 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 , 2016 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)
2017
2018
2019
2020
2021
Thereafter
Total
Operating Leases
$491
$453
$395
$347
$301
$1,244
$3,231
Capital Leases
7
5
2
1
—
—
15
Long-Term Debt<sup>(1)</sup>
115
75
74
74
71
3,365
3,774
Endorsement Contracts<sup>(2)</sup>
1,198
1,238
945
827
698
4,514
9,420
Product Purchase Obligations<sup>(3)</sup>
4,149
—
—
—
—
—
4,149
Other Purchase Obligations<sup>(4)</sup>
384
118
90
48
42
90
772
TOTAL
$6,344
$1,889
$1,506
$1,297
$1,112
$9,213
$21,361

( 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 , 2016 ( if variable ) , timing of scheduled payments and the term of the debt obligations. .

Question: Analyse this data from a financial earnings document. what percentage of long-term debt is due after 2021?
Choices:
47.39437
7139
0.89163
1
-0.89163
Correct choice index: 2