The gross unrealized depreciation of $118.0 million resulted principally from the change in the value of U.S. and non-U.S. equities, the credit quality of fixed income securities and the curr ent interest rate environment. Based on the review discussed above, we determined that ther were no securities that required an impairment to be recognized in our statement of operations for the year ended December 31, 2004, as we believe the decline in the investment value of certain securities to be temporary. We have the ability and intent to hold these securities until the fair market value recovers. Disclosure of Contractual Obligations The following table provides a payment schedule of present and future obligations (in thousands): Payment due by period Less than More than Contractual Obligations Total year 1-3 years 3-5 years 5 years Long-term debt - principal $ 374,900 $ — $ 40,000 $ — $ 334,900 Long-term debt - interest 247,451 25,017 47,037 44,041 131,356 Capital leases — — — — — Operating leases 96,682 8,338 15,415 13,063 59,866 Purchase obligations — — — — — Other long-term liabilities — — — — — Losses and loss  adjustment expenses 4,228,021 1,207,472 1,643,278 777,506 599,765 Total $4,947,054 $1,240,827 $1,745,730 $ 834,610 $1,125,887 For further detail on our long term debt principal and interest payments, see note 17 of our consolidated financial statements included in this Annual Report. For further detail on our operating lease payments see note 12 of our consolidated financial statements included in this  Annual Report. For further detail on our losses and loss adjustment expenses see note 15 of our consolidated financial statements included in this Annual Report. Our reserves for losses and loss adjustment expenses do not have contractual maturity dates. However, based on historical payment patterns, we have included an estimate of when we expect our losses and loss adjustment expenses to be paid in the table above. The exact timing of the payment of claims cannot be predicted with certainty. We maintain a portfolio of investments with varying maturities and a substantial amount of short-term investments to provide adequate cash flows for the payment of claims. The reserves for unpaid losses and loss adjustment expenses reflected in the table above have not been reduced for reinsurance recoverables on unpaid losses which are reflected in our consolidated balance sheet as an asset of $1,092.1 million as of December 31, 2004. Based on historical patterns, we estimate that we will collect the recoveries as follows: $312.1 million in less than one year; $412.2 million in 1 to 3 years; $193.6 million between three and five years and $174.2 million in more than five years. 40