) increased net cash flows from receivables from improved days sales outstanding offsetting increased sales levels ; partially offset by reduced cash flows from increases in inventories to build new product lines and support increased sales levels . cash provided by operating activities in 2003 decreased $ 8.4 million from 2002 due primarily to : ) reduced cash inflows from accounts receivable securitization ; and ) reduced cash inflows from increases in inventories partially offset by : ) higher earnings in 2003 before non-cash charges and credits ; ) decreased net cash outflows from accounts and other receivables ; and ) decreased net cash outflows from accounts payable and accrued expenses . net cash used in investing activities in 2004 consisted primarily of the acquisition of pvt and the purchase of ev3 2019s technology of $ 137.7 million , and capital expenditures of $ 42.5 million . net cash used in investing activities in 2003 consisted primarily of the acquisition of jomed , whitland and embol-x , inc . of $ 33.2 million , and capital expenditures of $ 37.9 million . net cash used in financing activities in 2004 consisted primarily of purchases of treasury stock of $ 59.1 million , partially offset by proceeds from stock plans of $ 30.5 million and net proceeds from issuance of long-term debt of $ 7.1 million . cash used in financing activities in 2003 consisted primarily of purchases of treasury stock of $ 49.4 million and net payments on debt of $ 4.0 million , partially offset by proceeds from stock plans of $ 36.6 million . a summary of all of the company 2019s contractual obligations and commercial commitments as of december 31 , 2004 were as follows ( in millions ) : .

Table:
contractual obligations | payments due by period total | payments due by period less than 1 year | payments due by period 1-3 years | payments due by period 4-5 years | payments due by period after 5 years
long-term debt | $ 267.1 | $ 2014 | $ 2014 | $ 2014 | $ 267.1
interest on long-term debt | 30.9 | 11.2 | 15.4 | 4.3 | 2014
operating leases | 49.8 | 13.1 | 20.4 | 15.2 | 1.1
unconditional purchase obligations ( a ) | 15.1 | 7.5 | 7.6 | 2014 | 2014
contractual development obligations ( b ) | 31.9 | 4.3 | 3.6 | 4.0 | 20.0
total contractual cash obligations | $ 394.8 | $ 36.1 | $ 47.0 | $ 23.5 | $ 288.2
less than after contractual obligations total 1 year 1-3 years 4-5 years 5 years long-term debt *************************** $ 267.1 $ 2014 $ 2014 $ 2014 $ 267.1 interest on long-term debt ****************** 30.9 11.2 15.4 4.3 2014 operating leases*************************** 49.8 13.1 20.4 15.2 1.1 unconditional purchase obligations ( a ) ********* 15.1 7.5 7.6 2014 2014 contractual development obligations ( b ) ******** 31.9 4.3 3.6 4.0 20.0 total contractual cash obligations************* $ 394.8 $ 36.1 $ 47.0 $ 23.5 $ 288.2 ( a ) unconditional purchase obligations consist primarily of minimum purchase commitments of inventory .
( b ) contractual development obligations consist primarily of cash that edwards lifesciences is obligated to pay to unconsolidated affiliates upon their achievement of product development milestones .
critical accounting policies and estimates the company 2019s results of operations and financial position are determined based upon the application of the company 2019s accounting policies , as discussed in the notes to the consolidated financial statements .
certain of the company 2019s accounting policies represent a selection among acceptable alternatives under generally accepted .

Question: what percent of total contractual cash obligations is due to long-term debt?
Answer: 68%
Calculation: divide(267.1, 394.8)