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 ) : .

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

Question: what percent of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2014 , is debt principal?
Answer: 45%
Calculation: divide(10081, 22278)