page 73 of 98 notes to consolidated financial statements ball corporation and subsidiaries 15 .
shareholders 2019 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 120000 authorized but unissued shares designated as series a junior participating preferred stock .
under the company 2019s 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 2019s 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 2019s 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 1200000 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 2019s 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 : ( $ in millions ) foreign currency translation pension and postretirement items , net of tax effective financial derivatives , net of tax accumulated comprehensive earnings ( loss ) .

( $ in millions )
foreign currency translation
pension and other postretirement items net of tax
effective financial derivatives net of tax
accumulated other comprehensive earnings ( loss )
december 31 2003
$ 80.7
$ -93.1 ( 93.1 )
$ 11.0
$ -1.4 ( 1.4 )
2004 change
68.2
-33.2 ( 33.2 )
-0.4 ( 0.4 )
34.6
december 31 2004
148.9
-126.3 ( 126.3 )
10.6
33.2
2005 change
-74.3 ( 74.3 )
-43.6 ( 43.6 )
-16.0 ( 16.0 )
-133.9 ( 133.9 )
december 31 2005
74.6
-169.9 ( 169.9 )
-5.4 ( 5.4 )
-100.7 ( 100.7 )
2006 change
57.2
8.0
6.0
71.2
december 31 2006
$ 131.8
$ -161.9 ( 161.9 )
$ 0.6
$ -29.5 ( 29.5 )

notwithstanding the 2005 distribution pursuant to the jobs act , management 2019s 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. .

Question: what was the percentage reduction in the share repurchase program , from 2005 to 2006?
Answer: 87.2%