page 31 of 98 additional details about the company 2019s receivables sales agreement and debt are available in notes 6 and 12 , respectively , accompanying the consolidated financial statements within item 8 of this report . other liquidity items cash payments required for long-term debt maturities , rental payments under noncancellable operating leases and purchase obligations in effect at december 31 , 2006 , are summarized in the following table: .

Table:
( $ in millions ) | payments due by period ( a ) total | payments due by period ( a ) less than1 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 | $ 2301.6 | $ 38.5 | $ 278.4 | $ 972.9 | $ 1011.8
capital lease obligations | 7.6 | 2.7 | 2.4 | 0.4 | 2.1
interest payments on long-term debt ( b ) | 826.5 | 138.8 | 259.4 | 204.8 | 223.5
operating leases | 185.9 | 45.0 | 58.5 | 38.7 | 43.7
purchase obligations ( c ) | 7450.4 | 2682.5 | 3169.4 | 1524.6 | 73.9
total payments on contractual obligations | $ 10772.0 | $ 2907.5 | $ 3768.1 | $ 2741.4 | $ 1355.0
total payments on contractual obligations $ 10772.0 $ 2907.5 $ 3768.1 $ 2741.4 $ 1355.0 ( 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 .
( 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 $ 69.1 million in 2007 .
this estimate may change based on plan asset performance .
benefit payments related to these plans are expected to be $ 62.6 million , $ 65.1 million , $ 68.9 million , $ 73.9 million and $ 75.1 million for the years ending december 31 , 2007 through 2011 , respectively , and $ 436.7 million combined for 2012 through 2016 .
payments to participants in the unfunded german plans are expected to be $ 24.6 million , $ 25.1 million , $ 25.5 million , $ 25.9 million and $ 26.1 million in the years 2007 through 2011 , respectively , and a total of $ 136.6 million thereafter .
we reduced our 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 2007 we expect to repurchase approximately $ 175 million , net of issuances , and to reduce debt levels by more than $ 125 million .
annual cash dividends paid on common stock were 40 cents per share in 2006 and 2005 and 35 cents per share in 2004 .
total dividends paid were $ 41 million in 2006 , $ 42.5 million in 2005 and $ 38.9 million in 2004. .

Question: what is the percentage reduction in the spending on the share repurchase program in 2006 compared to 2005?\\n
Answer: 87.2%
Calculation: subtract(358.1, 45.7), divide(#0, 358.1)