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 ) : .

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
1,304
Debt Principal
876
8
377
752
1,000
7,068
10,081
Debt Interest
295
293
293
282
260
4,259
5,682
Purchase Commitments
269
195
71
19
8
26
588
Pension Fundings
1,030
1,161
344
347
400
488
3,770
Other Liabilities
43
23
10
5
—
—
81
Total
$2,911
$2,011
$1,372
$1,617
$1,817
$12,550
$22,278

.

Question: Analyse this data from a financial earnings document. what percent of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2014 , is debt principal?
Choices:
0.01167
0.45251
0.04489
0.00008
45.25092
Correct choice index: 1