Financial report context:
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 ) .

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

Additional report context:
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%