Financial report context:
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 ) : .

Financial table:
commitment type: capital leases; 2015: $ 75; 2016: $ 74; 2017: $ 67; 2018: $ 62; 2019: $ 59; after 2019: $ 435; total: $ 772
commitment type: operating leases; 2015: 323; 2016: 257; 2017: 210; 2018: 150; 2019: 90; after 2019: 274; total: 1304
commitment type: debt principal; 2015: 876; 2016: 8; 2017: 377; 2018: 752; 2019: 1000; after 2019: 7068; total: 10081
commitment type: debt interest; 2015: 295; 2016: 293; 2017: 293; 2018: 282; 2019: 260; after 2019: 4259; total: 5682
commitment type: purchase commitments; 2015: 269; 2016: 195; 2017: 71; 2018: 19; 2019: 8; after 2019: 26; total: 588
commitment type: pension fundings; 2015: 1030; 2016: 1161; 2017: 344; 2018: 347; 2019: 400; after 2019: 488; total: 3770
commitment type: other liabilities; 2015: 43; 2016: 23; 2017: 10; 2018: 5; 2019: 2014; after 2019: 2014; total: 81
commitment type: total; 2015: $ 2911; 2016: $ 2011; 2017: $ 1372; 2018: $ 1617; 2019: $ 1817; after 2019: $ 12550; total: $ 22278

Additional report context:
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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%