through current cash balances and cash from oper- ations .additionally , the company has existing credit facilities totaling $ 2.5 billion .the company was in compliance with all its debt covenants at december 31 , 2012 .the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .the calcu- lation also excludes accumulated other compre- hensive income/loss and nonrecourse financial liabilities of special purpose entities .the total debt- to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .at december 31 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) .the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .funding decisions will be guided by our capi- tal structure planning objectives .the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .at december 31 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively .contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 , were as follows: .
[['in millions', '2013', '2014', '2015', '2016', '2017', 'thereafter'], ['maturities of long-term debt ( a )', '$ 444', '$ 708', '$ 479', '$ 571', '$ 216', '$ 7722'], ['debt obligations with right of offset ( b )', '2014', '2014', '2014', '5173', '2014', '2014'], ['lease obligations', '198', '136', '106', '70', '50', '141'], ['purchase obligations ( c )', '3213', '828', '722', '620', '808', '2654'], ['total ( d )', '$ 3855', '$ 1672', '$ 1307', '$ 6434', '$ 1074', '$ 10517']]
( a ) total debt includes scheduled principal payments only .( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities .accordingly , in its con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 .financial statements and supplementary data ) .( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax bene- fits of approximately $ 620 million .we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s .income taxes have been provided thereon .as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million .we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements .pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s .defined benefit plans determined under u.s .gaap was approximately $ 4.1 billion higher than the fair value of plan assets .approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments .under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .congress which provided for pension funding relief and technical corrections .funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level .the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively .at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions .the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .ilim holding s.a .shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a .joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .this agreement provides that at .

Question: what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 is short term for the year 2013?
Answer: 88%