notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively .in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees .contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date .in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date .if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense .compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date .we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 .as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire .all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress .as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: .
[['', '2009', '2010', '2011', '2012', '2013', 'thereafter', 'total'], ['deferred acquisition payments', '$ 67.5', '$ 32.1', '$ 30.1', '$ 4.5', '$ 5.7', '$ 2014', '$ 139.9'], ['put and call options with affiliates1', '11.8', '34.3', '73.6', '70.8', '70.2', '2.2', '262.9'], ['total contingent acquisition payments', '79.3', '66.4', '103.7', '75.3', '75.9', '2.2', '402.8'], ['less cash compensation expense included above', '2.6', '1.3', '0.7', '0.7', '0.3', '2014', '5.6'], ['total', '$ 76.7', '$ 65.1', '$ 103.0', '$ 74.6', '$ 75.6', '$ 2.2', '$ 397.2']]
1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions .in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable .as a result of revisions made during 2008 to eitf topic no .d-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .

Question: what is the percentage change in the amount of guarantees from parent company from 2007 to 2008?
Answer: -21.8%