page 31 of 94 other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases , purchase obligations and other commitments in effect at december 31 , 2007 , are summarized in the following table: .
[['( $ in millions )', 'payments due by period ( a ) total', 'payments due by period ( a ) less than 1 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', '$ 2302.6', '$ 126.1', '$ 547.6', '$ 1174.9', '$ 454.0'], ['capital lease obligations', '4.4', '1.0', '0.8', '0.5', '2.1'], ['interest payments on long-term debt ( b )', '698.6', '142.9', '246.3', '152.5', '156.9'], ['operating leases', '218.5', '49.9', '71.7', '42.5', '54.4'], ['purchase obligations ( c )', '6092.6', '2397.2', '3118.8', '576.6', '2013'], ['common stock repurchase agreements', '131.0', '131.0', '2013', '2013', '2013'], ['legal settlement', '70.0', '70.0', '2013', '2013', '2013'], ['total payments on contractual obligations', '$ 9517.7', '$ 2918.1', '$ 3985.2', '$ 1947.0', '$ 667.4']]
total payments on contractual obligations $ 9517.7 $ 2918.1 $ 3985.2 $ 1947.0 $ 667.4 ( 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 and do not contemplate the effects of hedging instruments .( 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 $ 49 million in 2008 .this estimate may change based on plan asset performance .benefit payments related to these plans are expected to be $ 66 million , $ 70 million , $ 74 million , $ 77 million and $ 82 million for the years ending december 31 , 2008 through 2012 , respectively , and a total of $ 473 million for the years 2013 through 2017 .payments to participants in the unfunded german plans are expected to be approximately $ 26 million in each of the years 2008 through 2012 and a total of $ 136 million for the years 2013 through 2017 .in accordance with united kingdom pension regulations , ball has provided an a38 million guarantee to the plan for its defined benefit plan in the united kingdom .if the company 2019s credit rating falls below specified levels , ball will be required to either : ( 1 ) contribute an additional a38 million to the plan ; ( 2 ) provide a letter of credit to the plan in that amount or ( 3 ) if imposed by the appropriate regulatory agency , provide a lien on company assets in that amount for the benefit of the plan .the guarantee can be removed upon approval by both ball and the pension plan trustees .our share repurchase program in 2007 was $ 211.3 million , net of issuances , compared to $ 45.7 million net repurchases in 2006 and $ 358.1 million in 2005 .the net repurchases included the $ 51.9 million settlement on january 5 , 2007 , of a forward contract entered into in december 2006 for the repurchase of 1200000 shares .however , the 2007 net repurchases did not include a forward contract entered into in december 2007 for the repurchase of 675000 shares .the contract was settled on january 7 , 2008 , for $ 31 million in cash .on december 12 , 2007 , in a privately negotiated transaction , ball entered into an accelerated share repurchase agreement to buy $ 100 million of its common shares using cash on hand and available borrowings .the company advanced the $ 100 million on january 7 , 2008 , and received approximately 2 million shares , which represented 90 percent of the total shares as calculated using the previous day 2019s closing price .the exact number of shares to be repurchased under the agreement , which will be determined on the settlement date ( no later than june 5 , 2008 ) , is subject to an adjustment based on a weighted average price calculation for the period between the initial purchase date and the settlement date .the company has the option to settle the contract in either cash or shares .including the settlements of the forward share purchase contract and the accelerated share repurchase agreement , we expect to repurchase approximately $ 300 million of our common shares , net of issuances , in 2008 .annual cash dividends paid on common stock were 40 cents per share in 2007 , 2006 and 2005 .total dividends paid were $ 40.6 million in 2007 , $ 41 million in 2006 and $ 42.5 million in 2005. .

Question: as of december 2007 , what percentage of the long-term debt is current?
Answer: 5.5%