mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) on june 24 , 2008 , mastercard entered into a settlement agreement ( the 201camerican express settlement 201d ) with american express company ( 201camerican express 201d ) relating to the u.s . federal antitrust litigation between mastercard and american express . the american express settlement ended all existing litigation between mastercard and american express . under the terms of the american express settlement , mastercard is obligated to make 12 quarterly payments of up to $ 150000 per quarter beginning in the third quarter of 2008 . mastercard 2019s maximum nominal payments will total $ 1800000 . the amount of each quarterly payment is contingent on the performance of american express 2019s u.s . global network services business . the quarterly payments will be in an amount equal to 15% ( 15 % ) of american express 2019s u.s . global network services billings during the quarter , up to a maximum of $ 150000 per quarter . if , however , the payment for any quarter is less than $ 150000 , the maximum payment for subsequent quarters will be increased by the difference between $ 150000 and the lesser amount that was paid in any quarter in which there was a shortfall . mastercard assumes american express will achieve these financial hurdles . mastercard recorded the present value of $ 1800000 , at a 5.75% ( 5.75 % ) discount rate , or $ 1649345 for the year ended december 31 , 2008 . in 2003 , mastercard entered into a settlement agreement ( the 201cu.s . merchant lawsuit settlement 201d ) related to the u.s . merchant lawsuit described under the caption 201cu.s . merchant and consumer litigations 201d in note 20 ( legal and regulatory proceedings ) and contract disputes with certain customers . under the terms of the u.s . merchant lawsuit settlement , the company was required to pay $ 125000 in 2003 and $ 100000 annually each december from 2004 through 2012 . in addition , in 2003 , several other lawsuits were initiated by merchants who opted not to participate in the plaintiff class in the u.s . merchant lawsuit . the 201copt-out 201d merchant lawsuits were not covered by the terms of the u.s . merchant lawsuit settlement and all have been individually settled . we recorded liabilities for certain litigation settlements in prior periods . total liabilities for litigation settlements changed from december 31 , 2006 , as follows: . 
|Balance as of December 31, 2006|$476,915|
|Provision for litigation settlements (Note 20)|3,400|
|Interest accretion on U.S. Merchant Lawsuit|38,046|
|Payments|(113,925)|
|Balance as of December 31, 2007|404,436|
|Provision for Discover Settlement|862,500|
|Provision for American Express Settlement|1,649,345|
|Provision for other litigation settlements|6,000|
|Interest accretion on U.S. Merchant Lawsuit Settlement|32,879|
|Interest accretion on American Express Settlement|44,300|
|Payments on American Express Settlement|(300,000)|
|Payments on Discover Settlement|(862,500)|
|Payment on U.S. Merchant Lawsuit Settlement|(100,000)|
|Other payments and accretion|(662)|
|Balance as of December 31, 2008|$1,736,298|
 see note 20 ( legal and regulatory proceedings ) for additional discussion regarding the company 2019s legal proceedings. .


Question: what is the percentage change in total liabilities for litigation settlements from 2006 to 2007? (in percentage)

Python solution:
def solution():
    # Define variables name and value
    balance_2006 = 476915
    balance_2007 = 404436
    
    # Do math calculation to get the answer
    change = balance_2007 - balance_2006
    percentage_change = (change / balance_2006) * 100
    
    return percentage_change

Answer: -15.1974670539