table of contents item 7 2013 management 2019s discussion and analysis of financial condition and results of operations liquidity and capital resources we recorded net earnings of $ 35.4 million or $ 1.18 per share in 2004 , compared with $ 52.2 million or $ 1.76 per share recorded in 2003 and $ 51.3 million or $ 1.86 per share in 2002 .net earnings recorded in 2004 were negatively impacted by cost increases to steel and freight , as well as manufacturing inefficiencies during the first nine months of the year in our ashland city plant and higher selling , general and administrative expense ( sg&a ) .while net earnings were flat in 2003 compared with 2002 , the lower earnings per share amount in 2003 as compared with 2002 reflected the full-year impact of our stock offering in may 2002 .our individual segment performance will be discussed later in this section .our working capital , excluding short-term debt , was $ 339.8 million at december 31 , 2004 , compared with $ 305.9 million and $ 225.1 million at december 31 , 2003 , and december 31 , 2002 , respectively .the $ 33.9 million increase in 2004 reflects $ 44.9 million higher receivable balances due to longer payment terms experienced by both of our businesses as well as higher sales levels in the fourth quarter .offsetting the increase in receivable balances were $ 13.5 million lower inventory levels split about equally between water systems and electrical products and $ 14.3 million higher accounts payable balances .the $ 80.8 million increase in 2003 reflects $ 46.6 million higher inventory balances due primarily to extensive manufacturing repositioning in our electric motor business and several new product introductions and manufacturing consolidation in our water systems business .additionally , receivable balances were $ 21.2 million higher due to price increases associated with new product introductions in our water systems business and an increase in international sales , which tend to have longer payment terms .finally , a $ 13.1 million increase in accounts payable balances was largely offset by $ 9.4 million in restructuring expenses paid out in 2003 .reducing working capital is one of our major initiatives in 2005 .cash provided by operating activities during 2004 was $ 67.2 million compared with $ 29.0 million during 2003 and $ 116.0 million during 2002 .despite lower earnings in 2004 , a smaller investment in working capital explains the majority of the improvement in cash flow compared with 2003 .the higher investment in working capital in 2003 ( as discussed above ) , explains the majority of the difference between 2003 and our capital expenditures were $ 48.5 million in 2004 , essentially the same as in 2003 and approximately $ 2.2 million higher than in 2002 .the increase in 2003 was associated with new product launches in our water systems business .we are projecting 2005 capital expenditures to be approximately $ 55 million , essentially the same as our projected 2005 depreciation expense .we believe that our present facilities and planned capital expenditures are sufficient to provide adequate capacity for our operations in 2005 .in june 2004 , we completed a $ 265 million , five-year revolving credit facility with a group of eight banks .the new facility expires on june 10 , 2009 , and it replaced a $ 250 million credit facility which expired on august 2 , 2004 , and was terminated on june 10 , 2004 .the new facility backs up commercial paper and credit line borrowings .as a result of the long-term nature of this facility , the commercial paper and credit line borrowings are now classified as long-term debt .at december 31 , 2004 , we had available borrowing capacity of $ 153.9 million under this facility .we believe that the combination of available borrowing capacity and operating cash flow will provide sufficient funds to finance our existing operations for the foreseeable future .to take advantage of historically low long-term borrowing rates , we issued $ 50.0 million in senior notes with two insurance companies in june 2003 .the notes range in maturity between 2013 and 2016 and carry a weighted average interest rate of slightly less than 4.5 percent .the proceeds of the notes were used to repay commercial paper and borrowing under the credit facility .our leverage , as measured by the ratio of total debt to total capitalization , was 32 percent at the end of 2004 and the end of 2003 .aggregate contractual obligations a summary of our contractual obligations as of december 31 , 2004 , is as follows: .
[['( dollars in millions ) contractual obligation', '( dollars in millions ) total', '( dollars in millions ) less than 1 year', '( dollars in millions ) 1 - 3 years', '( dollars in millions ) 3 - 5 years', 'more than 5 years'], ['long-term debt', '$ 275.1', '$ 8.6', '$ 13.8', '$ 138.2', '$ 114.5'], ['capital leases', '6.0', '2014', '2014', '6.0', '2014'], ['operating leases', '62.9', '14.4', '20.7', '11.6', '16.2'], ['purchase obligations', '177.3', '176.6', '0.7', '2014', '2014'], ['total', '$ 521.3', '$ 199.6', '$ 35.2', '$ 155.8', '$ 130.7']]
.

Question: what percentage of total aggregate contractual obligations is due to long-term debt?
Answer: 53%