53management's discussion and analysis of financial condition and results of operations in order to borrow funds under the 5-year credit facility , the company must be in compliance with various conditions , covenants and representations contained in the agreements .the company was in compliance with the terms of the 5-year credit facility at december 31 , 2006 .the company has never borrowed under its domestic revolving credit facilities .utilization of the non-u.s .credit facilities may also be dependent on the company's ability to meet certain conditions at the time a borrowing is requested .contractual obligations , guarantees , and other purchase commitments contractual obligations summarized in the table below are the company's obligations and commitments to make future payments under debt obligations ( assuming earliest possible exercise of put rights by holders ) , lease payment obligations , and purchase obligations as of december 31 , 2006 .payments due by period ( 1 ) ( in millions ) total 2007 2008 2009 2010 2011 thereafter .
[['( in millions )', 'payments due by period ( 1 ) total', 'payments due by period ( 1 ) 2007', 'payments due by period ( 1 ) 2008', 'payments due by period ( 1 ) 2009', 'payments due by period ( 1 ) 2010', 'payments due by period ( 1 ) 2011', 'payments due by period ( 1 ) thereafter'], ['long-term debt obligations', '$ 4134', '$ 1340', '$ 198', '$ 4', '$ 534', '$ 607', '$ 1451'], ['lease obligations', '2328', '351', '281', '209', '178', '158', '1151'], ['purchase obligations', '1035', '326', '120', '26', '12', '12', '539'], ['total contractual obligations', '$ 7497', '$ 2017', '$ 599', '$ 239', '$ 724', '$ 777', '$ 3141']]
( 1 ) amounts included represent firm , non-cancelable commitments .debt obligations : at december 31 , 2006 , the company's long-term debt obligations , including current maturities and unamortized discount and issue costs , totaled $ 4.1 billion , as compared to $ 4.0 billion at december 31 , 2005 .a table of all outstanding long-term debt securities can be found in note 4 , ""debt and credit facilities'' to the company's consolidated financial statements .lease obligations : the company owns most of its major facilities , but does lease certain office , factory and warehouse space , land , and information technology and other equipment under principally non-cancelable operating leases .at december 31 , 2006 , future minimum lease obligations , net of minimum sublease rentals , totaled $ 2.3 billion .rental expense , net of sublease income , was $ 241 million in 2006 , $ 250 million in 2005 and $ 205 million in 2004 .purchase obligations : the company has entered into agreements for the purchase of inventory , license of software , promotional agreements , and research and development agreements which are firm commitments and are not cancelable .the longest of these agreements extends through 2015 .total payments expected to be made under these agreements total $ 1.0 billion .commitments under other long-term agreements : the company has entered into certain long-term agreements to purchase software , components , supplies and materials from suppliers .most of the agreements extend for periods of one to three years ( three to five years for software ) .however , generally these agreements do not obligate the company to make any purchases , and many permit the company to terminate the agreement with advance notice ( usually ranging from 60 to 180 days ) .if the company were to terminate these agreements , it generally would be liable for certain termination charges , typically based on work performed and supplier on-hand inventory and raw materials attributable to canceled orders .the company's liability would only arise in the event it terminates the agreements for reasons other than ""cause.'' the company also enters into a number of arrangements for the sourcing of supplies and materials with minimum purchase commitments and take-or-pay obligations .the majority of the minimum purchase obligations under these contracts are over the life of the contract as opposed to a year-by-year take-or-pay .if these agreements were terminated at december 31 , 2006 , the company's obligation would not have been significant .the company does not anticipate the cancellation of any of these agreements in the future .subsequent to the end of 2006 , the company entered into take-or-pay arrangements with suppliers through may 2009 with minimum purchase obligations of $ 2.2 billion during that period .the company estimates purchases during that period that exceed the minimum obligations .the company outsources certain corporate functions , such as benefit administration and information technology-related services .these contracts are expected to expire in 2013 .the total remaining payments under these contracts are approximately $ 1.3 billion over the remaining seven years ; however , these contracts can be %%transmsg*** transmitting job : c11830 pcn : 055000000 *** %%pcmsg| |00030|yes|no|02/28/2007 13:05|0|1|page is valid , no graphics -- color : n| .

Question: what is the percentage of decrease of long-term debt from 2007 to 2011?
Answer: 54.7%
Explanation: the decrease of long term debt from 2007 to 2011 was 54.7% . this was calculated by subtracting 2007 from 2011 long term debt . then taking the answer and dividing it by the long term debt of 2007 .