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: .
what percentage of operating leases are due after 2019?
( 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 .