united parcel service , inc .and subsidiaries management's discussion and analysis of financial condition and results of operations issuances of debt in 2014 and 2013 consisted primarily of longer-maturity commercial paper .issuances of debt in 2012 consisted primarily of senior fixed rate note offerings totaling $ 1.75 billion .repayments of debt in 2014 and 2013 consisted primarily of the maturity of our $ 1.0 and $ 1.75 billion senior fixed rate notes that matured in april 2014 and january 2013 , respectively .the remaining repayments of debt during the 2012 through 2014 time period included paydowns of commercial paper and scheduled principal payments on our capitalized lease obligations .we consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt .we had $ 772 million of commercial paper outstanding at december 31 , 2014 , and no commercial paper outstanding at december 31 , 2013 and 2012 .the amount of commercial paper outstanding fluctuates throughout each year based on daily liquidity needs .the average commercial paper balance was $ 1.356 billion and the average interest rate paid was 0.10% ( 0.10 % ) in 2014 ( $ 1.013 billion and 0.07% ( 0.07 % ) in 2013 , and $ 962 million and 0.07% ( 0.07 % ) in 2012 , respectively ) .the variation in cash received from common stock issuances to employees was primarily due to level of stock option exercises in the 2012 through 2014 period .the cash outflows in other financing activities were impacted by several factors .cash inflows ( outflows ) from the premium payments and settlements of capped call options for the purchase of ups class b shares were $ ( 47 ) , $ ( 93 ) and $ 206 million for 2014 , 2013 and 2012 , respectively .cash outflows related to the repurchase of shares to satisfy tax withholding obligations on vested employee stock awards were $ 224 , $ 253 and $ 234 million for 2014 , 2013 and 2012 , respectively .in 2013 , we paid $ 70 million to purchase the noncontrolling interest in a joint venture that operates in the middle east , turkey and portions of the central asia region .in 2012 , we settled several interest rate derivatives that were designated as hedges of the senior fixed-rate debt offerings that year , which resulted in a cash outflow of $ 70 million .sources of credit see note 7 to the audited consolidated financial statements for a discussion of our available credit and debt covenants .guarantees and other off-balance sheet arrangements we do not have guarantees or other off-balance sheet financing arrangements , including variable interest entities , which we believe could have a material impact on financial condition or liquidity .contractual commitments we have contractual obligations and commitments in the form of capital leases , operating leases , debt obligations , purchase commitments , and certain other liabilities .we intend to satisfy these obligations through the use of cash flow from operations .the following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of december 31 , 2014 ( in millions ) : .
[['commitment type', '2015', '2016', '2017', '2018', '2019', 'after 2019', 'total'], ['capital leases', '$ 75', '$ 74', '$ 67', '$ 62', '$ 59', '$ 435', '$ 772'], ['operating leases', '323', '257', '210', '150', '90', '274', '1304'], ['debt principal', '876', '8', '377', '752', '1000', '7068', '10081'], ['debt interest', '295', '293', '293', '282', '260', '4259', '5682'], ['purchase commitments', '269', '195', '71', '19', '8', '26', '588'], ['pension fundings', '1030', '1161', '344', '347', '400', '488', '3770'], ['other liabilities', '43', '23', '10', '5', '2014', '2014', '81'], ['total', '$ 2911', '$ 2011', '$ 1372', '$ 1617', '$ 1817', '$ 12550', '$ 22278']]
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Question: what percent of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2014 , is debt principal?
Answer: 45%