dividends is subject to the discretion of the board of directors and will depend on various factors , including our net income , financial condition , cash requirements , future prospects , and other relevant factors .we expect to continue the practice of paying regular cash dividends .during 2005 , we repaid $ 589 million in debt , primarily consisting of paydowns of commercial paper , scheduled principal payments on capital lease obligations , and repayments of debt that was previously assumed with the acquisitions of lynx express ltd .and overnite corp .issuances of debt were $ 128 million in 2005 , and consisted primarily of loans related to our investment in certain equity-method real estate partnerships .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 .sources of credit we maintain two commercial paper programs under which we are authorized to borrow up to $ 7.0 billion in the united states .we had $ 739 million outstanding under these programs as of december 31 , 2005 , with an average interest rate of 4.01% ( 4.01 % ) .the entire balance outstanding has been classified as a current liability in our balance sheet .we also maintain a european commercial paper program under which we are authorized to borrow up to 20ac1.0 billion in a variety of currencies .there were no amounts outstanding under this program as of december 31 , 2005 .we maintain two credit agreements with a consortium of banks .these agreements provide revolving credit facilities of $ 1.0 billion each , with one expiring on april 20 , 2006 and the other on april 21 , 2010 .interest on any amounts we borrow under these facilities would be charged at 90-day libor plus 15 basis points .there were no borrowings under either of these agreements as of december 31 , 2005 .in august 2003 , we filed a $ 2.0 billion shelf registration statement under which we may issue debt securities in the united states .there was approximately $ 126 million issued under this shelf registration statement at december 31 , 2005 , all of which consists of issuances under our ups notes program .our existing debt instruments and credit facilities do not have cross-default or ratings triggers , however these debt instruments and credit facilities do subject us to certain financial covenants .these covenants generally require us to maintain a $ 3.0 billion minimum net worth and limit the amount of secured indebtedness available to the company .these covenants are not considered material to the overall financial condition of the company , and all covenant tests were satisfied as of december 31 , 2005 .commitments we have contractual obligations and commitments in the form of operating leases , capital 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 our contractual obligations and commitments as of december 31 , 2005 ( in millions ) : capitalized leases operating leases principal purchase commitments liabilities .
[['year', 'capitalized leases', 'operating leases', 'debt principal', 'purchase commitments', 'other liabilities'], ['2006', '$ 64', '$ 403', '$ 774', '$ 1280', '$ 48'], ['2007', '107', '348', '70', '826', '68'], ['2008', '115', '248', '37', '738', '69'], ['2009', '66', '176', '104', '652', '65'], ['2010', '61', '126', '30', '478', '62'], ['after 2010', '1', '544', '2637', '689', '285'], ['total', '$ 414', '$ 1845', '$ 3652', '$ 4663', '$ 597']]
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Question: what percentage of total contractual obligations and commitments as of december 31 , 2005 , are total debt principal?
Answer: 33%