notes to the consolidated financial statements competitive environment and general economic and business conditions , among other factors .
pullmantur is a brand targeted primarily at the spanish , portu- guese and latin american markets and although pullmantur has diversified its passenger sourcing over the past few years , spain still represents pullmantur 2019s largest market .
as previously disclosed , during 2012 european economies continued to demonstrate insta- bility in light of heightened concerns over sovereign debt issues as well as the impact of proposed auster- ity measures on certain markets .
the spanish econ- omy was more severely impacted than many other economies and there is significant uncertainty as to when it will recover .
in addition , the impact of the costa concordia incident has had a more lingering effect than expected and the impact in future years is uncertain .
these factors were identified in the past as significant risks which could lead to the impairment of pullmantur 2019s goodwill .
more recently , the spanish economy has progressively worsened and forecasts suggest the challenging operating environment will continue for an extended period of time .
the unemployment rate in spain reached 26% ( 26 % ) during the fourth quarter of 2012 and is expected to rise further in 2013 .
the international monetary fund , which had projected gdp growth of 1.8% ( 1.8 % ) a year ago , revised its 2013 gdp projections downward for spain to a contraction of 1.3% ( 1.3 % ) during the fourth quarter of 2012 and further reduced it to a contraction of 1.5% ( 1.5 % ) in january of 2013 .
during the latter half of 2012 new austerity measures , such as increases to the value added tax , cuts to benefits , the phasing out of exemptions and the suspension of government bonuses , were implemented by the spanish government .
we believe these austerity measures are having a larger impact on consumer confidence and discretionary spending than previously anticipated .
as a result , there has been a significant deterioration in bookings from guests sourced from spain during the 2013 wave season .
the combination of all of these factors has caused us to negatively adjust our cash flow projections , especially our closer-in net yield assumptions and the expectations regarding future capacity growth for the brand .
based on our updated cash flow projections , we determined the implied fair value of goodwill for the pullmantur reporting unit was $ 145.5 million and rec- ognized an impairment charge of $ 319.2 million .
this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) .
there have been no goodwill impairment charges related to the pullmantur reporting unit in prior periods .
see note 13 .
fair value measurements and derivative instruments for further discussion .
if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g .
france , brazil , latin america ) perform worse than contemplated in our discounted cash flow model , or if there are material changes to the projected future cash flows used in the impair- ment analyses , especially in net yields , an additional impairment charge of the pullmantur reporting unit 2019s goodwill may be required .
note 4 .
intangible assets intangible assets are reported in other assets in our consolidated balance sheets and consist of the follow- ing ( in thousands ) : .

2012
2011
indefinite-life intangible asset 2014pullmantur trademarks and trade names
$ 218883
$ 225679
impairment charge
-17356 ( 17356 )
2014
foreign currency translation adjustment
3339
-6796 ( 6796 )
total
$ 204866
$ 218883

during the fourth quarter of 2012 , we performed the annual impairment review of our trademarks and trade names using a discounted cash flow model and the relief-from-royalty method .
the royalty rate used is based on comparable royalty agreements in the tourism and hospitality industry .
these trademarks and trade names relate to pullmantur and we have used a discount rate comparable to the rate used in valuing the pullmantur reporting unit in our goodwill impairment test .
as described in note 3 .
goodwill , the continued deterioration of the spanish economy caused us to negatively adjust our cash flow projections for the pullmantur reporting unit , especially our closer-in net yield assumptions and the timing of future capacity growth for the brand .
based on our updated cash flow projections , we determined that the fair value of pullmantur 2019s trademarks and trade names no longer exceeded their carrying value .
accordingly , we recog- nized an impairment charge of approximately $ 17.4 million to write down trademarks and trade names to their fair value of $ 204.9 million .
this impairment charge was recognized in earnings during the fourth quarter of 2012 and is reported within impairment of pullmantur related assets within our consolidated statements of comprehensive income ( loss ) .
see note 13 .
fair value measurements and derivative instruments for further discussion .
if the spanish economy weakens further or recovers more slowly than contemplated or if the economies of other markets ( e.g .
france , brazil , latin america ) 0494.indd 76 3/27/13 12:53 pm .

Question: what was the percentage of the impairment to the trademarks and trade names recog- nized
Answer: 7.8%

Question: what is the average of intangible assets from 2011-2012 , in thousands?
Answer: 211874.5

Question: what was the percentage decline in the value of the intangible assets from 2011 to 2012
Answer: -6.4%