NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) company’s financial statements and establishes guidelines for recognition and measurement of a tax position taken or expected to be taken in a tax return.
As a result of this adoption, we recorded a $1.5 million increase in the liability for unrecognized income tax benefits, which was accounted for as a $1.0 million reduction to the June 1, 2007 balance of retained earnings and a $0.5 million reduction to the June 1, 2007 balance of additional paid-in capital.
As of the adoption date, other long-term liabilities included liabilities for unrecognized income tax benefits of $3.8 million and accrued interest and penalties of $0.7 million.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
## Table 0 ##
As of May 31, 2008, the total amount of gross unrecognized tax benefits that, if recognized, would affect the effective tax rate is $3.7 million.
We recognize accrued interest related to unrecognized income tax benefits in interest expense and accrued penalty expense related to unrecognized tax benefits in sales, general and administrative expenses.
During fiscal 2008, we recorded $0.3 million of accrued interest and penalty expense related to the unrecognized income tax benefits.
We anticipate the total amount of unrecognized income tax benefits will decrease by $1.1 million net of interest and penalties from our foreign operations within the next 12 months as a result of the expiration of the statute of limitations.
We conduct business globally and file income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions.
In the normal course of business, we are subject to examination by taxing authorities throughout the world, including such major jurisdictions as the United States and Canada.
With few exceptions, we are no longer subject to income tax examinations for years ended May 31, 2003 and prior.
We are currently under audit by the Internal Revenue Service of the United States for the 2004 to 2005 tax years.
We expect that the examination phase of the audit for the years 2004 to 2005 will conclude in fiscal 2009.
NOTE 8—SHAREHOLDERS’ EQUITY On April 5, 2007, our Board of Directors approved a share repurchase program that authorized the purchase of up to $100 million of Global Payments’ stock in the open market or as otherwise may be determined by us, subject to market conditions, business opportunities, and other factors.
Under this authorization, we repurchased 2.3 million shares of our common stock during fiscal 2008 at a cost of $87.0 million, or an average of $37.85 per share, including commissions.
As of May 31, 2008, we had $13.0 million remaining under our current share repurchase authorization.
No amounts were repurchased during fiscal 2007.
NOTE 9—SHARE-BASED AWARDS AND OPTIONS As of May 31, 2008, we had four share-based employee compensation plans.
For all share-based awards granted after June 1, 2006, compensation expense is recognized on a straight-line basis.
The fair value of sharebased awards granted prior to June 1, 2006 is amortized as compensation expense on an accelerated basis from the date of the grant.
There was no share-based compensation capitalized during fiscal 2008, 2007, and 2006.
The following table sets forth the reconciliation of our Level 3 fair value measurements for the period indicated.
## Table 1 ##
(a) - Reported in revenues in our Consolidated Statements of Income.
Realized/unrealized gains (losses) include the realization of our fair value derivative contracts through maturity, changes in fair value of our hedged firm commitments and fixed-rate debt swapped to floating.
Terminations prior to maturity represents swap contracts terminated prior to maturity that will remain in accumulated other comprehensive income (loss) until the underlying forecasted transaction occurs; and the long-term debt associated with the interest rate swaps that were terminated during the period.
Transfers into Level 3 represent existing assets or liabilities that were previously categorized at a higher level for which the inputs to our models became unobservable.
Transfers out of Level 3 represent existing assets and liabilities that were previously classified as Level 3 for which the inputs became observable in accordance with our hierarchy policy discussed on page 78.
Fair Value - The following table represents the fair value of our energy marketing and risk management assets and liabilities for the periods indicated.
## Table 2 ##
(a) - Other includes physical natural gas.
that was impacted by the force majeure event resulted in a loss of approximately $5.5 million in the third quarter of 2007, of which $2.4 million of insurance proceeds were recovered and recognized in the first quarter of 2008.
Cash Flow Hedges - Our Energy Services segment uses derivative instruments to hedge the cash flows associated with our anticipated purchases and sales of natural gas and the cost of fuel used in transportation of natural gas.
Accumulated other comprehensive income (loss) at December 31, 2008, includes gains of approximately $10.3 million, net of tax, related to these hedges that will be realized within the next 24 months as forecasted transactions affect earnings.
If prices remain at current levels, we will recognize $7.2 million in net gains over the next 12 months, and we will recognize net gains of $3.1 million thereafter.
In accordance with Statement 133, the actual gains or losses will be reclassified into earnings when the related physical transactions affect earnings.
During the third and fourth quarters of 2008, the carrying value of natural gas in storage was written down by $308.5 million in order to record inventory at the lower of cost or market.
As required by Statement 133, we reclassified $298.8 million of deferred gains, before income taxes, on associated cash flow hedges from accumulated other comprehensive income (loss) into earnings.
Through an affiliate, our ONEOK Partners segment periodically enters into derivative instruments to hedge the cash flows associated with its exposure to changes in the price of natural gas, NGLs and condensate.
At December 31, 2008, our ONEOK Partners’ segment reflected an unrealized gain of $20.1 million, net of tax, in accumulated other comprehensive income (loss), with a corresponding offset in energy marketing and risk management assets and liabilities, all of which will be recognized over the next 12 months.
Ineffectiveness related to our cash flow hedges resulted in gains of approximately $1.4 million, $0.2 million and $15.0 million in 2008, 2007 and 2006, respectively.
In the event that it becomes probable that a forecasted transaction will not occur, we would discontinue cash flow hedge treatment, which would affect earnings.
There were no material gains or losses in 2008, 2007 or 2006 due to the discontinuance of cash flow hedge treatment.
Credit Risk - We maintain credit policies with regard to our counterparties that we believe minimize overall credit risk.
These policies include an evaluation of potential counterparties’ financial condition (including credit ratings and credit default swap rates), collateral requirements under certain circumstances and the use of standardized agreements which allow for netting of positive and negative exposures associated with a single counterparty.
Our counterparties consist primarily of financial institutions, major energy companies, LDCs, electric utilities and commercial and industrial end-users.
This concentration of counterparties may impact our overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, regulatory or other conditions.
Based on our policies, exposures, credit and other reserves, we do not anticipate a material adverse effect on our financial position or results of operations as a result of counterparty nonperformance.
E.  GOODWILL AND INTANGIBLE ASSETS Goodwill Carrying Amount - The following table sets forth goodwill recorded on our Consolidated Balance Sheets for the periods indicated.

<table><tr><td>Balance at June 1, 2007</td><td>$3,760</td></tr><tr><td>Additions based on tax positions related to the current year</td><td>93</td></tr><tr><td>Additions for tax positions of prior years</td><td>50</td></tr><tr><td>Reductions for tax positions of prior years</td><td>—</td></tr><tr><td>Settlements with taxing authorities</td><td>-190</td></tr><tr><td>Balance at May 31, 2008</td><td>$3,713</td></tr></table>
<table><tr><td></td><td>Derivative Assets (Liabilities)</td><td>Fair Value of Firm Commitments</td><td>Long-Term Debt</td><td>Total</td></tr><tr><td></td><td colspan="4">(Thousands of dollars)</td></tr><tr><td>January 1, 2008</td><td>$-54,582</td><td>$42,684</td><td>$-338,538</td><td>$-350,436</td></tr><tr><td>Total realized/unrealized gains (losses):</td><td></td><td></td><td></td><td></td></tr><tr><td>Included in earnings (a)</td><td>6,080</td><td>-505</td><td>-2,917</td><td>2,658</td></tr><tr><td>Included in other comprehensiveincome (loss)</td><td>84,592</td><td>-</td><td>-</td><td>84,592</td></tr><tr><td>Terminations prior to maturity</td><td>-5,074</td><td>-</td><td>170,000</td><td>164,926</td></tr><tr><td>Transfers in and/or out of Level 3</td><td>11,339</td><td>-</td><td>-</td><td>11,339</td></tr><tr><td>December 31, 2008</td><td>$42,355</td><td>$42,179</td><td>$-171,455</td><td>$-86,921</td></tr><tr><td>Total gains (losses) for the period included inearnings attributable to the change in unrealizedgains (losses) relating to assets and liabilitiesstill held as of December 31, 2008 (a)</td><td>$-116,127</td><td>$153,221</td><td>$-2,917</td><td>$34,177</td></tr><tr><td colspan="2">(a) - Reported in revenues in our Consolidated Statements of Income.</td><td></td><td></td><td></td></tr></table>
<table><tr><td></td><td colspan="2">December 31, 2008</td><td colspan="2">December 31, 2007</td></tr><tr><td></td><td>Assets</td><td>Liabilities</td><td>Assets</td><td>Liabilities</td></tr><tr><td></td><td colspan="4">(Thousands of dollars)</td></tr><tr><td>Energy Services - financial non-trading instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Natural gas</td><td></td><td></td><td></td><td></td></tr><tr><td>Exchange-traded instruments</td><td>$31,509</td><td>$640</td><td>$4,739</td><td>$14,853</td></tr><tr><td>Over-the-counter swaps</td><td>73,095</td><td>1,624</td><td>41,633</td><td>19,160</td></tr><tr><td>Options</td><td>186</td><td>-</td><td>1,887</td><td>2,467</td></tr><tr><td>Other (a)</td><td>39,453</td><td>2,515</td><td>7,469</td><td>2,741</td></tr><tr><td></td><td>144,243</td><td>4,779</td><td>55,728</td><td>39,221</td></tr><tr><td>Energy Services - financial trading instruments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Natural gas</td><td></td><td></td><td></td><td></td></tr><tr><td>Exchange-traded instruments</td><td>6,158</td><td>144</td><td>1,641</td><td>888</td></tr><tr><td>Over-the-counter swaps</td><td>14,002</td><td>321</td><td>11,258</td><td>8,013</td></tr><tr><td>Options</td><td>7,043</td><td>191</td><td>14,173</td><td>18,654</td></tr><tr><td>Other (a)</td><td>358</td><td>249</td><td>420</td><td>287</td></tr><tr><td></td><td>27,561</td><td>905</td><td>27,492</td><td>27,842</td></tr><tr><td>ONEOK Partners - cash flow hedges</td><td>63,780</td><td>-</td><td>-</td><td>21,304</td></tr><tr><td>Distribution - natural gas swaps</td><td>-</td><td>23,003</td><td>-</td><td>9,752</td></tr><tr><td>Energy Services - cash flow hedges</td><td>62,250</td><td>44,248</td><td>57,966</td><td>8,344</td></tr><tr><td>Energy Services - fair value hedges</td><td>109,419</td><td>148,382</td><td>5,237</td><td>51,343</td></tr><tr><td>Interest rate swaps - fair value hedges</td><td>1,455</td><td>-</td><td>1,496</td><td>2,958</td></tr><tr><td>Total fair value</td><td>$408,708</td><td>$221,317</td><td>$147,919</td><td>$160,764</td></tr><tr><td>(a) - Other includes physical natural gas.</td><td></td><td></td><td></td><td></td></tr></table>

Question: Does the average value of Over-the-counter swaps in 2008 greater than that in 2007?
Answer: 52246.0