Notes to Consolidated Financial Statements Ball Corporation and Subsidiaries 15.
Shareholders’ Equity At December 31, 2006, the company had 550 million shares of common stock and 15 million shares of preferred stock authorized, both without par value.
Preferred stock includes 120,000 authorized but unissued shares designated as Series A Junior Participating Preferred Stock.
Under the company’s shareholder Rights Agreement dated July 26, 2006, one preferred stock purchase right (Right) is attached to each outstanding share of Ball Corporation common stock.
Subject to adjustment, each Right entitles the registered holder to purchase from the company one one-thousandth of a share of Series A Junior Participating Preferred Stock at an exercise price of $185 per Right.
If a person or group acquires 10 percent or more of the company’s outstanding common stock (or upon occurrence of certain other events), the Rights (other than those held by the acquiring person) become exercisable and generally entitle the holder to purchase shares of Ball Corporation common stock at a 50 percent discount.
The Rights, which expire in 2016, are redeemable by the company at a redemption price of $0.001 per Right and trade with the common stock.
Exercise of such Rights would cause substantial dilution to a person or group attempting to acquire control of the company without the approval of Ball’s board of directors.
The Rights would not interfere with any merger or other business combinations approved by the board of directors.
The company reduced its share repurchase program in 2006 to $45.7 million, net of issuances, compared to $358.1 million net repurchases in 2005 and $50 million in 2004.
The net repurchases in 2006 did not include a forward contract entered into in December 2006 for the repurchase of 1,200,000 shares.
The contract was settled on January 5, 2007, for $51.9 million in cash.
In connection with the employee stock purchase plan, the company contributes 20 percent of up to $500 of each participating employee’s monthly payroll deduction toward the purchase of Ball Corporation common stock.
Company contributions for this plan were $3.2 million in 2006, $3.2 million in 2005 and $2.7 million in 2004.
Accumulated Other Comprehensive Earnings (Loss) The activity related to accumulated other comprehensive earnings (loss) was as follows:
## Table 0 ##
Notwithstanding the 2005 distribution pursuant to the Jobs Act, management’s intention is to indefinitely reinvest foreign earnings.
Therefore, no taxes have been provided on the foreign currency translation component for any period.
The change in the minimum pension liability is presented net of related tax expense of $2.9 million for 2006 and related tax benefits of $27.3 million and $20.8 million for 2005 and 2004, respectively.
The change in the effective financial derivatives is presented net of related tax expense of $5.7 million for 2006, related tax benefit of $10.7 million for 2005 and related tax benefit of $0.2 million for 2004.
The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings during the years ended December 31, 2011 and 2010 (in millions):
## Table 1 ##
Hedges of Net Investments in Foreign Operations Strategy The Company uses forward contracts to protect the value of our investments in a number of foreign subsidiaries.
For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, the changes in fair values of the derivative instruments are recognized in net foreign currency translation gain (loss), a component of AOCI, to offset the changes in the values of the net investments being hedged.
Any ineffective portions of net investment hedges are reclassified from AOCI into earnings during the period of change.
The total notional value of derivatives under this hedging program as of December 31, 2011, was $1,681 million.
The Company had no outstanding derivative instruments under this hedging program as of December 31, 2010.
The following table presents the pretax impact that changes in the fair values of derivatives designated as net investment hedges had on AOCI during the years ended December 31, 2011 and 2010 (in millions):
## Table 2 ##
The Company did not reclassify any deferred gains or losses related to net investment hedges from AOCI to earnings during the years ended December 31, 2011, 2010 and 2009.
In addition, the Company did not have any ineffectiveness related to net investment hedges during the years ended December 31, 2011, 2010 and 2009.
Economic (Non-Designated) Hedging Strategy In addition to derivative instruments that are designated and qualify for hedge accounting, the Company also uses certain derivatives as economic hedges of foreign currency and commodity exposure.
Although these derivatives were not designated and/or did not qualify for hedge accounting, they are effective economic hedges.
The changes in fair value of economic hedges are immediately recognized into earnings.
The Company uses foreign currency economic hedges to offset the earnings impact that fluctuations in foreign currency exchange rates have on certain monetary assets and liabilities denominated in nonfunctional currencies.
The changes in fair value of economic hedges used to offset the monetary assets and liabilities are recognized into earnings in the line item other income (loss) — net in our consolidated statements of income.
In addition, we use foreign currency economic hedges to minimize the variability in cash flows associated with changes in foreign currency exchange rates.
The changes in fair value of economic hedges used to offset the variability in U. S.  dollar net cash flows are recognized into earnings in the line items net operating revenues and cost of goods sold in our consolidated statements of income.
The total notional value of derivatives related to our foreign currency economic hedges as of December 31, 2011 and 2010, was $3,629 million and $2,312 million, respectively.
In 2010, the Company initiated certain commodity hedging programs as a result of our acquisition of CCE’s North American business.
The Company uses these types of derivatives as economic hedges to mitigate the price risk associated with the purchases of materials used in the manufacturing process and for vehicle fuel.
The changes in fair values of these economic hedges are immediately recognized into earnings in the line items cost of goods sold and selling, general and administrative
Integration Initiatives Integration of CCE’s North American Business In 2010, we acquired CCE’s North American business and began an integration initiative to develop, design and implement our future operating framework.
Upon completion of the CCE transaction, we combined the management of the acquired North American business with the management of our existing foodservice business; Minute Maid and Odwalla juice businesses; North America supply chain operations; and Company-owned bottling operations in Philadelphia, Pennsylvania, into a unified bottling and customer service organization called Coca-Cola Refreshments, or CCR.
In addition, we reshaped our remaining CCNA operations into an organization that primarily provides franchise leadership and consumer marketing and innovation for the North American market.
As a result of the transaction and related reorganization, our North American businesses operate as aligned and agile organizations with distinct capabilities, responsibilities and strengths.
The Company incurred total pretax expenses of $358 million and $135 million during 2011 and 2010, respectively, related to this initiative.
Other direct costs were primarily related to internal and external costs associated with the development, design and implementation of our future operating framework.
Other direct costs also included, among other items, contract termination fees and relocation costs and were recorded in the line item other operating charges.
Refer to Note 19 for the impact these charges had on our operating segments.
In 2011, we completed this program.
The following table summarizes the balance of accrued expenses related to these integration initiatives and the changes in the accrued amounts since the commencement of the plan (in millions):
## Table 3 ##
1 Primarily relate to expenses in connection with legal, outplacement and consulting activities.
Integration of Our German Bottling and Distribution Operations In 2008, the Company began an integration initiative related to the 18 German bottling and distribution operations acquired in 2007.
The Company incurred $67 million, $94 million and $110 million of expenses related to this initiative in 2011, 2010 and 2009, respectively.
The Company has incurred total pretax expenses of $292 million related to this initiative since it commenced, which were recorded in the line item other operating charges and impacted the Bottling Investments operating segment.
The expenses recorded in connection with these integration activities have been primarily due to involuntary terminations.
The Company had $30 million and $34 million accrued related to these integration costs as of December 31, 2011 and 2010, respectively.
The Company is currently reviewing other integration and restructuring opportunities within the German bottling and distribution operations, which if implemented will result in additional charges in future periods.
However, as of December 31, 2011, the Company has not finalized any additional plans.
Restructuring Initiatives The Company incurred charges of $52 million, $59 million and $51 million related to other restructuring initiatives during 2011, 2010 and 2009, respectively.
These other restructuring initiatives were outside the scope of the productivity, integration and streamlining initiatives discussed above and were related to individually insignificant activities throughout many of our business units.
These charges were recorded in the line item other operating charges.
Refer to Note 19 for the impact these charges had on our operating segments.
Cash Flows from Financing Activities Our cash flows provided by (used in) financing activities were as follows (in millions):

<table><tr><td>($ in millions)</td><td>Foreign Currency Translation</td><td>Pension and Other Postretirement Items, Net of Tax</td><td>Effective Financial Derivatives, Net of Tax</td><td>Accumulated Other Comprehensive Earnings (Loss)</td></tr><tr><td>December 31, 2003</td><td>$80.7</td><td>$-93.1</td><td>$11.0</td><td>$-1.4</td></tr><tr><td>2004 change</td><td>68.2</td><td>-33.2</td><td>-0.4</td><td>34.6</td></tr><tr><td>December 31, 2004</td><td>148.9</td><td>-126.3</td><td>10.6</td><td>33.2</td></tr><tr><td>2005 change</td><td>-74.3</td><td>-43.6</td><td>-16.0</td><td>-133.9</td></tr><tr><td>December 31, 2005</td><td>74.6</td><td>-169.9</td><td>-5.4</td><td>-100.7</td></tr><tr><td>2006 change</td><td>57.2</td><td>8.0</td><td>6.0</td><td>71.2</td></tr><tr><td>December 31, 2006</td><td>$131.8</td><td>$-161.9</td><td>$0.6</td><td>$-29.5</td></tr></table>
<table><tr><td>Hedging Instruments and Hedged Items</td><td>Location of Gain (Loss)Recognized in Income</td><td>Gain (Loss) Recognized in Income</td></tr><tr><td>2011</td><td></td><td></td></tr><tr><td>Interest rate swaps</td><td>Interest expense</td><td>$343</td></tr><tr><td>Fixed-rate debt</td><td>Interest expense</td><td>-333</td></tr><tr><td>Total</td><td></td><td>$10</td></tr><tr><td>2010</td><td></td><td></td></tr><tr><td>Interest rate swaps</td><td>Interest expense</td><td>$-97</td></tr><tr><td>Fixed-rate debt</td><td>Interest expense</td><td>102</td></tr><tr><td>Total</td><td></td><td>$5</td></tr></table>
<table><tr><td></td><td colspan="2">Gain (Loss)Recognized in OCI</td></tr><tr><td>Year Ended December 31,</td><td>2011</td><td>2010</td></tr><tr><td>Foreign currency contracts</td><td>$-3</td><td>$-15</td></tr></table>
<table><tr><td></td><td>Severance Pay and Benefits</td><td>Outside Services 1</td><td>Other Direct Costs</td><td>Total</td></tr><tr><td>2010</td><td></td><td></td><td></td><td></td></tr><tr><td>Costs incurred</td><td>$45</td><td>$42</td><td>$48</td><td>$135</td></tr><tr><td>Payments</td><td>-1</td><td>-33</td><td>-34</td><td>-68</td></tr><tr><td>Noncash and exchange</td><td>4</td><td>—</td><td>-2</td><td>2</td></tr><tr><td>Accrued balance as of December 31</td><td>$48</td><td>$9</td><td>$12</td><td>$69</td></tr><tr><td>2011</td><td></td><td></td><td></td><td></td></tr><tr><td>Costs incurred</td><td>$40</td><td>$91</td><td>$227</td><td>$358</td></tr><tr><td>Payments</td><td>-40</td><td>-89</td><td>-210</td><td>-339</td></tr><tr><td>Noncash and exchange</td><td>—</td><td>—</td><td>3</td><td>3</td></tr><tr><td>Accrued balance as of December 31</td><td>$48</td><td>$11</td><td>$32</td><td>$91</td></tr></table>

Question: what was the percentage reduction in the share repurchase program , from 2005 to 2006?
Answer: 0.87238