2012 ppg annual report and form 10-k 45 costs related to these notes , which totaled $ 17 million , will be amortized to interest expense over the respective terms of the notes .in august 2010 , ppg entered into a three-year credit agreement with several banks and financial institutions ( the "2010 credit agreement" ) which was subsequently terminated in july 2012 .the 2010 credit agreement provided for a $ 1.2 billion unsecured revolving credit facility .in connection with entering into the 2010 credit agreement , the company terminated its 20ac650 million and its $ 1 billion revolving credit facilities that were each set to expire in 2011 .there were no outstanding amounts due under either revolving facility at the times of their termination .the 2010 credit agreement was set to terminate on august 5 , 2013 .ppg 2019s non-u.s .operations have uncommitted lines of credit totaling $ 705 million of which $ 34 million was used as of december 31 , 2012 .these uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees .short-term debt outstanding as of december 31 , 2012 and 2011 , was as follows: .
[['( millions )', '2012', '2011'], ['other weighted average 2.27% ( 2.27 % ) as of dec . 31 2012 and 3.72% ( 3.72 % ) as of december 31 2011', '$ 39', '$ 33'], ['total', '$ 39', '$ 33']]
ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .the company 2019s revolving credit agreements include a financial ratio covenant .the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .as of december 31 , 2012 , total indebtedness was 42% ( 42 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .interest payments in 2012 , 2011 and 2010 totaled $ 219 million , $ 212 million and $ 189 million , respectively .in october 2009 , the company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the company 2019s stock of which 1.1 million shares were purchased in the open market ( 465006 of these shares were purchased as of december 31 , 2009 at a weighted average price of $ 56.66 per share ) .the counterparty held the shares until september of 2010 when the company paid $ 65 million and took possession of these shares .rental expense for operating leases was $ 233 million , $ 249 million and $ 233 million in 2012 , 2011 and 2010 , respectively .the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2012 , are ( in millions ) $ 171 in 2013 , $ 135 in 2014 , $ 107 in 2015 , $ 83 in 2016 , $ 64 in 2017 and $ 135 thereafter .the company had outstanding letters of credit and surety bonds of $ 119 million as of december 31 , 2012 .the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .as of december 31 , 2012 and 2011 , guarantees outstanding were $ 96 million and $ 90 million , respectively .the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .a portion of such debt is secured by the assets of the related entities .the carrying values of these guarantees were $ 11 million and $ 13 million as of december 31 , 2012 and 2011 , respectively , and the fair values were $ 11 million and $ 21 million , as of december 31 , 2012 and 2011 , respectively .the fair value of each guarantee was estimated by comparing the net present value of two hypothetical cash flow streams , one based on ppg 2019s incremental borrowing rate and the other based on the borrower 2019s incremental borrowing rate , as of the effective date of the guarantee .both streams were discounted at a risk free rate of return .the company does not believe any loss related to these letters of credit , surety bonds or guarantees is likely .9 .fair value measurement the accounting guidance on fair value measurements establishes a hierarchy with three levels of inputs used to determine fair value .level 1 inputs are quoted prices ( unadjusted ) in active markets for identical assets and liabilities , are considered to be the most reliable evidence of fair value , and should be used whenever available .level 2 inputs are observable prices that are not quoted on active exchanges .level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities .table of contents notes to the consolidated financial statements .

Question: as of december 31 , 2012 , how much room does the company have in its restrictive covenant regarding debt to total capitalization?
Answer: 18%
Explanation: room - remaining covenant