page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report .other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: .
[['( $ in millions )', 'payments due by period ( a ) total', 'payments due by period ( a ) less than1 year', 'payments due by period ( a ) 1-3 years', 'payments due by period ( a ) 3-5 years', 'payments due by period ( a ) more than 5 years'], ['long-term debt', '$ 2301.6', '$ 38.5', '$ 278.4', '$ 972.9', '$ 1011.8'], ['capital lease obligations', '7.6', '2.7', '2.4', '0.4', '2.1'], ['interest payments on long-term debt ( b )', '826.5', '138.8', '259.4', '204.8', '223.5'], ['operating leases', '185.9', '45.0', '58.5', '38.7', '43.7'], ['purchase obligations ( c )', '7450.4', '2682.5', '3169.4', '1524.6', '73.9'], ['total payments on contractual obligations', '$ 10772.0', '$ 2907.5', '$ 3768.1', '$ 2741.4', '$ 1355.0']]
total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( a ) amounts reported in local currencies have been translated at the year-end exchange rates .( b ) for variable rate facilities , amounts are based on interest rates in effect at year end .( c ) the company 2019s purchase obligations include contracted amounts for aluminum , steel , plastic resin and other direct materials .also included are commitments for purchases of natural gas and electricity , aerospace and technologies contracts and other less significant items .in cases where variable prices and/or usage are involved , management 2019s best estimates have been used .depending on the circumstances , early termination of the contracts may not result in penalties and , therefore , actual payments could vary significantly .contributions to the company 2019s defined benefit pension plans , not including the unfunded german plans , are expected to be $ 69.1 million in 2007 .this estimate may change based on plan asset performance .benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 .payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter .we reduced our 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 1200000 shares .the contract was settled on january 5 , 2007 , for $ 51.9 million in cash .in 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million .annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 .total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004. .

Question: what is the percentage reduction in the spending on the share repurchase program in 2006 compared to 2005?\\n
Answer: 87.2%