Read the following texts and table with financial data from an S&P 500 earnings report carefully.Based on the question-answer history (if provided), answer the last question. The answer may require mathematical calculation based on the data provided.

Text: 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 class='wikitable'><tr><td>1</td><td>( $ in millions )</td><td>payments due by period ( a ) total</td><td>payments due by period ( a ) less than1 year</td><td>payments due by period ( a ) 1-3 years</td><td>payments due by period ( a ) 3-5 years</td><td>payments due by period ( a ) more than 5 years</td></tr><tr><td>2</td><td>long-term debt</td><td>$ 2301.6</td><td>$ 38.5</td><td>$ 278.4</td><td>$ 972.9</td><td>$ 1011.8</td></tr><tr><td>3</td><td>capital lease obligations</td><td>7.6</td><td>2.7</td><td>2.4</td><td>0.4</td><td>2.1</td></tr><tr><td>4</td><td>interest payments on long-term debt ( b )</td><td>826.5</td><td>138.8</td><td>259.4</td><td>204.8</td><td>223.5</td></tr><tr><td>5</td><td>operating leases</td><td>185.9</td><td>45.0</td><td>58.5</td><td>38.7</td><td>43.7</td></tr><tr><td>6</td><td>purchase obligations ( c )</td><td>7450.4</td><td>2682.5</td><td>3169.4</td><td>1524.6</td><td>73.9</td></tr><tr><td>7</td><td>total payments on contractual obligations</td><td>$ 10772.0</td><td>$ 2907.5</td><td>$ 3768.1</td><td>$ 2741.4</td><td>$ 1355.0</td></tr></table> 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 was the value of share repurchases in 2005?
Answer: 358.1
Question: what was the value in 2004?
Answer: 45.7
Question: what was the change in value?
Answer: 312.4
Question: what was the percent change?

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