human
sources of blackrock 2019s operating cash primarily include investment advisory, administration fees and securities lending revenue, performance fees, revenue from blackrock solutions and advisory products and services, 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 2016 were $58 million and primarily reflected $384 million of investment purchases, $119 million of purchases of property and equipment and $30 million related to an acquisition, partially offset by $441 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 2016 were $2831 million, primarily resulting from $1.4 billion of share repurchases, including $1.1 billion in open market- transactions and $274 million of employee tax withholdings related to employee stock transactions and $1.5 billion of cash dividend payments, partially offset by $82 million of excess tax benefits from vested stock-based compensation awards. the company manages its financial condition and funding to maintain appropriate liquidity for the business. liquidity resources at december 31, 2016 and 2015 were as follows: (in millions) december 31, december 31, cash and cash equivalents (1) $6091 $6083 cash and cash equivalents held by consolidated vres (2) (53) (100).
| (in millions) | December 31, 2016 | December 31, 2015 |
| --------- | --------- | --------- |
| Cash and cash equivalents<sup>(1)</sup> | $6,091 | $6,083 |
| Cash and cash equivalents held by consolidated VREs<sup>(2)</sup> | (53) | (100) |
| Subtotal | 6,038 | 5,983 |
| Credit facility — undrawn | 4,000 | 4,000 |
| Total liquidity resources<sup>(3)</sup> | $10,038 | $9,983 |
total liquidity resources (3) $10038 $9983 (1) the percentage of cash and cash equivalents held by the company 2019s u.s. subsidiaries was approximately 50% (50%) at both december 31, 2016 and 2015. 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 year-end incentive compensation accruals of approximately $1.3 billion and $1.5 billion for 2016 and 2015, respectively, which were paid in the first quarter of the following year. total liquidity resources increased $55 million during 2016, primarily reflecting cash flows from operating activities, partially offset by cash payments of 2015 year-end incentive awards, share repurchases of $1.4 billion and cash dividend payments of $1.5 billion. a significant portion of the company 2019s $2414 million of total investments, as adjusted, is illiquid in nature and, as such, cannot be readily convertible to cash. share repurchases. the company repurchased 3.3 million common shares in open market-transactions under its share repurchase program for $1.1 billion during 2016. at december 31, 2016, there were 3 million shares still authorized to be repurchased. in january 2017, the board of directors approved an increase in the shares that may be repurchased under the company 2019s existing share repurchase program to allow for the repurchase of an additional 6 million shares for a total up to 9 million shares of blackrock common stock. 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, including repatriation to the united states, 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 investors and other clients. btc is subject to regulatory capital and liquid asset requirements administered by the office of the comptroller of the currency. at december 31, 2016 and 2015, the company was required to maintain approximately $1.4 billion and $1.1 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 of december 31, 2016, the company has not provided for u.s. federal and state income taxes on approximately $5.3 billion of undistributed earnings of its foreign subsidiaries. such earnings are considered indefinitely reinvested outside the united states. the company 2019s current plans do not demonstrate a need to repatriate these funds. short-term borrowings 2016 revolving credit facility. the company 2019s credit facility has an aggregate commitment amount of $4.0 billion and was amended in april 2016 to extend the maturity date to march 2021 (the 201c2016 credit facility 201d). the 2016 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 2016 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 2016 credit facility requires the company not to exceed a maximum leverage ratio (ratio of net debt to.
Please answer the following questions with expressions if necessary.
what is the net change in value of total liquidity resources from 2015 to 2016?
assistant
subtract(10038, 9983)
human
what is that change over the 2015 value?
assistant
subtract(10038, 9983), divide(#0, 9983)