Financial report context:
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 .

Financial table:
year: 2006; capitalized leases: $ 64; operating leases: $ 403; debt principal: $ 774; purchase commitments: $ 1280; other liabilities: $ 48
year: 2007; capitalized leases: 107; operating leases: 348; debt principal: 70; purchase commitments: 826; other liabilities: 68
year: 2008; capitalized leases: 115; operating leases: 248; debt principal: 37; purchase commitments: 738; other liabilities: 69
year: 2009; capitalized leases: 66; operating leases: 176; debt principal: 104; purchase commitments: 652; other liabilities: 65
year: 2010; capitalized leases: 61; operating leases: 126; debt principal: 30; purchase commitments: 478; other liabilities: 62
year: after 2010; capitalized leases: 1; operating leases: 544; debt principal: 2637; purchase commitments: 689; other liabilities: 285
year: total; capitalized leases: $ 414; operating leases: $ 1845; debt principal: $ 3652; purchase commitments: $ 4663; other liabilities: $ 597

Additional report context:
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Question: what percentage of total contractual obligations and commitments as of december 31 , 2005 , are total debt principal?
Answer: 33%