Financial report context:
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 .

Financial table:
( in millions ): long-term debt obligations; payments due by period ( 1 ) total: $ 4134; payments due by period ( 1 ) 2007: $ 1340; payments due by period ( 1 ) 2008: $ 198; payments due by period ( 1 ) 2009: $ 4; payments due by period ( 1 ) 2010: $ 534; payments due by period ( 1 ) 2011: $ 607; payments due by period ( 1 ) thereafter: $ 1451
( in millions ): lease obligations; payments due by period ( 1 ) total: 2328; payments due by period ( 1 ) 2007: 351; payments due by period ( 1 ) 2008: 281; payments due by period ( 1 ) 2009: 209; payments due by period ( 1 ) 2010: 178; payments due by period ( 1 ) 2011: 158; payments due by period ( 1 ) thereafter: 1151
( in millions ): purchase obligations; payments due by period ( 1 ) total: 1035; payments due by period ( 1 ) 2007: 326; payments due by period ( 1 ) 2008: 120; payments due by period ( 1 ) 2009: 26; payments due by period ( 1 ) 2010: 12; payments due by period ( 1 ) 2011: 12; payments due by period ( 1 ) thereafter: 539
( in millions ): total contractual obligations; payments due by period ( 1 ) total: $ 7497; payments due by period ( 1 ) 2007: $ 2017; payments due by period ( 1 ) 2008: $ 599; payments due by period ( 1 ) 2009: $ 239; payments due by period ( 1 ) 2010: $ 724; payments due by period ( 1 ) 2011: $ 777; payments due by period ( 1 ) thereafter: $ 3141

Additional report context:
( 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%