through current cash balances and cash from oper- ations . additionally , the company has existing credit facilities totaling $ 2.5 billion . the company was in compliance with all its debt covenants at december 31 , 2012 . 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 calcu- lation also excludes accumulated other compre- hensive 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 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) . 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 capi- tal 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 , 2012 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( 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 , 2012 , were as follows: .

Table:
in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter
maturities of long-term debt ( a ) | $ 444 | $ 708 | $ 479 | $ 571 | $ 216 | $ 7722
debt obligations with right of offset ( b ) | 2014 | 2014 | 2014 | 5173 | 2014 | 2014
lease obligations | 198 | 136 | 106 | 70 | 50 | 141
purchase obligations ( c ) | 3213 | 828 | 722 | 620 | 808 | 2654
total ( d ) | $ 3855 | $ 1672 | $ 1307 | $ 6434 | $ 1074 | $ 10517
( 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 con- solidated balance sheet at december 31 , 2012 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 .
financial statements and supplementary data ) .
( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land 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 bene- fits of approximately $ 620 million .
we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s .
income taxes have been provided thereon .
as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million .
we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements .
pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s .
defined benefit plans determined under u.s .
gaap was approximately $ 4.1 billion higher than the fair value of plan assets .
approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments .
under current irs funding rules , the calcu- lation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .
in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .
congress which provided for pension funding relief and technical corrections .
funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level .
the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively .
at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions .
the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .
ilim holding s.a .
shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a .
joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .
this agreement provides that at .

Question: what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 is short term for the year 2013?
Answer: 88%
Calculation: add(198, 3213), divide(#0, 3855)