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

Questions:
what is net change in total value of intangible assets from 2011 to 2012?
what is the total value of intangible assets in 2011?
what percentage change does this represent?

Answers:
-14017
218883
-6.4%