notes to consolidated financial statements 2014 ( continued ) company 2019s 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 ) : .
[['balance at june 1 2007', '$ 3760'], ['additions based on tax positions related to the current year', '93'], ['additions for tax positions of prior years', '50'], ['reductions for tax positions of prior years', '2014'], ['settlements with taxing authorities', '-190 ( 190 )'], ['balance at may 31 2008', '$ 3713']]
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 2014shareholders 2019 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 2019 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 2014share-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 share- based 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. .

Question: what is the net change in the balance of unrecognized tax benefits from 2007 to 2008?
Answer: -47