on the credit rating of the company and a $ 200 million term loan with an interest rate of libor plus a margin of 175 basis points , both with maturity dates in 2017 .the proceeds from these borrowings were used , along with available cash , to fund the acquisition of temple- inland .during 2012 , international paper fully repaid the $ 1.2 billion term loan .international paper utilizes interest rate swaps to change the mix of fixed and variable rate debt and manage interest expense .at december 31 , 2012 , international paper had interest rate swaps with a total notional amount of $ 150 million and maturities in 2013 ( see note 14 derivatives and hedging activities on pages 70 through 74 of item 8 .financial statements and supplementary data ) .during 2012 , existing swaps and the amortization of deferred gains on previously terminated swaps decreased the weighted average cost of debt from 6.8% ( 6.8 % ) to an effective rate of 6.6% ( 6.6 % ) .the inclusion of the offsetting interest income from short- term investments reduced this effective rate to 6.2% ( 6.2 % ) .other financing activities during 2012 included the issuance of approximately 1.9 million shares of treasury stock , net of restricted stock withholding , and 1.0 million shares of common stock for various incentive plans , including stock options exercises that generated approximately $ 108 million of cash .payment of restricted stock withholding taxes totaled $ 35 million .off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 of item 8 .financial statements and supplementary data for discussion .liquidity and capital resources outlook for 2015 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2015 through current cash balances and cash from operations .additionally , the company has existing credit facilities totaling $ 2.0 billion of which nothing has been used .the company was in compliance with all its debt covenants at december 31 , 2014 .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 calculation also excludes accumulated other comprehensive 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 , 2014 , international paper 2019s net worth was $ 14.0 billion , and the total-debt- to-capital ratio was 40% ( 40 % ) .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 capital 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 , 2014 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( 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 , 2014 , were as follows: .
[['in millions', '2015', '2016', '2017', '2018', '2019', 'thereafter'], ['maturities of long-term debt ( a )', '$ 742', '$ 543', '$ 71', '$ 1229', '$ 605', '$ 6184'], ['debt obligations with right of offset ( b )', '2014', '5202', '2014', '2014', '2014', '2014'], ['lease obligations', '142', '106', '84', '63', '45', '91'], ['purchase obligations ( c )', '3266', '761', '583', '463', '422', '1690'], ['total ( d )', '$ 4150', '$ 6612', '$ 738', '$ 1755', '$ 1072', '$ 7965']]
( 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 consolidated balance sheet at december 31 , 2014 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.3 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .financial statements and supplementary data ) .( c ) includes $ 2.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland 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 benefits of approximately $ 119 million .as discussed in note 12 variable interest entities and preferred securities of subsidiaries on pages 67 through 69 in item 8 .financial statements and supplementary data , in connection with the 2006 international paper installment sale of forestlands , we received $ 4.8 billion of installment notes ( or timber notes ) , which we contributed to certain non- consolidated borrower entities .the installment notes mature in august 2016 ( unless extended ) .the deferred .

Question: what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2014 due in 2016 are purchase obligations?
Answer: 12%