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)
Payments due by period
Contractual Obligation
Total
Less Than 1 year
1 - 3 Years
3 - 5 Years
More than 5 years
Long-term Debt
$275.1
$8.6
$13.8
$138.2
$114.5
Capital Leases
6.0
—
—
6.0
—
Operating Leases
62.9
14.4
20.7
11.6
16.2
Purchase Obligations
177.3
176.6
0.7
—
—
Total
$521.3
$199.6
$35.2
$155.8
$130.7

.

Question: Analyse this data from a financial earnings document. what percentage of total aggregate contractual obligations is due to long-term debt?
Choices:
264.47228
0.21964
1
4.09375
0.52772
Correct choice index: 4