notes to consolidated financial statements the fair values for substantially all of the firm 2019s financial assets and financial liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy .
certain level 2 and level 3 financial assets and financial liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors such as counterparty and the firm 2019s credit quality , funding risk , transfer restrictions , liquidity and bid/offer spreads .
valuation adjustments are generally based on market evidence .
see notes 6 and 7 for further information about fair value measurements of cash instruments and derivatives , respectively , included in 201cfinancial instruments owned , at fair value 201d and 201cfinancial instruments sold , but not yet purchased , at fair value , 201d and note 8 for further information about fair value measurements of other financial assets and financial liabilities accounted for at fair value under the fair value option .
financial assets and financial liabilities accounted for at fair value under the fair value option or in accordance with other u.s .
gaap are summarized below. .

$ in millions
as of december 2012
as of december 2011
total level 1 financial assets
$ 190737
$ 136780
total level 2 financial assets
502293
587416
total level 3 financial assets
47095
47937
cash collateral and counterparty netting1
-101612 ( 101612 )
-120821 ( 120821 )
total financial assets at fair value
$ 638513
$ 651312
total assets
$ 938555
$ 923225
total level 3 financial assets as a percentage of total assets
5.0% ( 5.0 % )
5.2% ( 5.2 % )
total level 3 financial assets as a percentage of total financial assets at fair value
7.4% ( 7.4 % )
7.4% ( 7.4 % )
total level 1 financial liabilities
$ 65994
$ 75557
total level 2 financial liabilities
318764
319160
total level 3 financial liabilities
25679
25498
cash collateral and counterparty netting1
-32760 ( 32760 )
-31546 ( 31546 )
total financial liabilities at fair value
$ 377677
$ 388669
total level 3 financial liabilities as a percentage of total financial liabilities at fairvalue
6.8% ( 6.8 % )
6.6% ( 6.6 % )

1 .
represents the impact on derivatives of cash collateral netting , and counterparty netting across levels of the fair value hierarchy .
netting among positions classified in the same level is included in that level .
level 3 financial assets as of december 2012 decreased compared with december 2011 , primarily reflecting a decrease in derivative assets , partially offset by an increase in private equity investments .
the decrease in derivative assets primarily reflected a decline in credit derivative assets , principally due to settlements , unrealized losses and sales , partially offset by net transfers from level 2 .
level 3 currency derivative assets also declined compared with december 2011 , principally due to unrealized losses and net transfers to level 2 .
the increase in private equity investments primarily reflected purchases and unrealized gains , partially offset by settlements and net transfers to level 2 .
see notes 6 , 7 and 8 for further information about level 3 cash instruments , derivatives and other financial assets and financial liabilities accounted for at fair value under the fair value option , respectively , including information about significant unrealized gains and losses , and transfers in and out of level 3 .
goldman sachs 2012 annual report 119 .

Question: what is the percentage change in total financial liabilities at fair value in 2012?
Answer: -2.8%
Calculation: subtract(377677, 388669), divide(#0, 388669)