Liquidity and Capital Resources During the past three years, we had sufficient financial resources to meet our operating requirements, to fund our capital spending, share repurchases and pension plans and to pay increasing dividends to our shareholders.
Cash from operating activities was $1,436 million, $1,310 million, and $1,345 million in 2011, 2010, and 2009, respectively.
Higher earnings increased cash from operations in 2011 compared to 2010, but the increase was reduced by cash used to fund an increase in working capital of $212 million driven by our sales growth in 2011.
Cash provided by working capital was greater in 2009 than 2010 and that decline was more than offset by the cash from higher 2010 earnings.
Operating Working Capital is a subset of total working capital and represents (1) trade receivables-net of the allowance for doubtful accounts, plus (2) inventories on a first-in, first-out (“FIFO”) basis, less (3) trade creditors’ liabilities.
See Note 3, “Working Capital Detail” under Item 8 of this Form 10-K for further information related to the components of the Company’s Operating Working Capital.
We believe Operating Working Capital represents the key components of working capital under the operating control of our businesses.
Operating Working Capital at December 31, 2011 and 2010 was $2.7 billion and $2.6 billion, respectively.
A key metric we use to measure our working capital management is Operating Working Capital as a percentage of sales (fourth quarter sales annualized).
## Table 0 ##
The change in operating working capital elements, excluding the impact of currency and acquisitions, was an increase of $195 million during the year ended December 31, 2011.
This increase was the net result of an increase in receivables from customers associated with the 2011 increase in sales and an increase in FIFO inventory slightly offset by an increase in trade creditors’ liabilities.
Trade receivables from customers, net, as a percentage of fourth quarter sales, annualized, for 2011 was 17.9 percent, down slightly from 18.1 percent for 2010.
Days sales outstanding was 66 days in 2011, level with 2010.
Inventories on a FIFO basis as a percentage of fourth quarter sales, annualized, for 2011 was 13.1 percent level with 2010.
Inventory turnover was 5.0 times in 2011 and 4.6 times in 2010.
Total capital spending, including acquisitions, was $446 million, $341 million and $265 million in 2011, 2010, and 2009, respectively.
Spending related to modernization and productivity improvements, expansion of existing businesses and environmental control projects was $390 million, $307 million and $239 million in 2011, 2010, and 2009, respectively, and is expected to be in the range of $450-$550 million during 2012.
Capital spending, excluding acquisitions, as a percentage of sales was 2.6%, 2.3% and 2.0% in 2011, 2010 and 2009, respectively.
Capital spending related to business acquisitions amounted to $56 million, $34 million, and $26 million in 2011, 2010 and 2009, respectively.
We continue to evaluate acquisition opportunities and expect to use cash in 2012 to fund small to mid-sized acquisitions, as part of a balanced deployment of our cash to support growth in earnings.
In January 2012, the Company closed the previously announced acquisitions of Colpisa, a Colombian producer of automotive OEM and refinish coatings, and Dyrup, a European architectural coatings company.
The cost of these acquisitions, including assumed debt, was $193 million.
Dividends paid to shareholders totaled $355 million, $360 million and $353 million in 2011, 2010 and 2009, respectively.
PPG has paid uninterrupted annual dividends since 1899, and 2011 marked the 40th consecutive year of increased annual dividend payments to shareholders.
We did not have a mandatory contribution to our U. S.  defined benefit pension plans in 2011; however, we made voluntary contributions to these plans in 2011 totaling $50 million.
In 2010 and 2009, we made voluntary contributions to our U. S.  defined benefit pension plans of $250 and $360 million (of which $100 million was made in PPG stock), respectively.
We expect to make voluntary contributions to our U. S.  defined benefit pension plans in 2012 of up to $60 million.
Contributions were made to our non-U.
S.  defined benefit pension plans of $71 million, $87 million and $90 million (of which approximately $20 million was made in PPG stock) for 2011, 2010 and 2009, respectively, some of which were required by local funding requirements.
We expect to make mandatory contributions to our non-U.
S.  plans in 2012 of approximately $90 million.
The Company’s share repurchase activity in 2011, 2010 and 2009 was 10.2 million shares at a cost of $858 million, 8.1 million shares at a cost of $586 million and 1.5 million shares at a cost of $59 million, respectively.
We expect to make share repurchases in 2012 as part of our cash deployment focused on earnings growth.
The amount of spending will depend on the level of acquisition spending and other uses of cash, but we currently expect to spend in the range of $250 million to $500 million on share repurchases in 2012.
We can repurchase about 9 million shares under the current authorization from the Board of Directors.
Notes to the Consolidated Financial Statements Contributions On August 17, 2006, the Pension Protection Act of 2006 (“PPA”) was signed into law, changing the funding requirements for the Company’s U. S.  defined benefit pension plans beginning in 2008.
Under the requirements of the PPA, PPG did not have to make a mandatory contribution to these plans in 2011 and does not expect to have a mandatory contribution to these plans in 2012 because of management’s intent to make voluntary contributions.
PPG made voluntary contributions to its U. S.  defined benefit pension plans of $50 million and $250 million in 2011 and 2010, respectively.
PPG made contributions to its non-U.
S.  defined benefit pension plans in 2011 of $71 million and approximately $85 million in 2010, some of which were required by local funding requirements.
PPG expects to make voluntary contributions of up to $60 million to its U. S.  plans and mandatory contributions to its non-U.
S.  plans of approximately $90 million in 2012.
Benefit Payments The estimated pension benefits to be paid under the Company’s defined benefit pension plans during the next five years are (in millions) $272 in 2012, $340 in 2013, $314 in 2014, $403 in 2015 and $297 in 2016 and are expected to aggregate $1,485 million for the five years thereafter.
The estimated other postretirement benefits to be paid during the next five years are (in millions) $88 in 2012, $86 in 2013, $87 in 2014, $88 in 2015 and $89 in 2016 and are expected to aggregate $449 million for the five years thereafter.
The Company expects to receive between $10 million and $13 million of subsidy under the Medicare Act of 2003 during each of the next five years and an aggregate amount of $84 million for the five years thereafter.
The 2011 subsidy under the Medicare Act of 2003 of $7 million was received as of December 31, 2011.
Plan Assets Each PPG sponsored defined benefit pension plan is managed in accordance with the requirements of local laws and regulations governing defined benefit pension plans for the exclusive purpose of providing pension benefits to participants and their beneficiaries.
Investment committees comprised of PPG managers have fiduciary responsibility to oversee the management of pension plan assets by third party asset managers.
Pension plan assets are held in trust by financial institutions and managed on a day-to-day basis by the asset managers.
The asset managers receive a mandate from each investment committee that is aligned with the asset allocation targets established by each investment committee to achieve the plan’s investment strategies.
The performance of the asset managers is monitored and evaluated by the investment committees throughout the year.
Pension plan assets are invested to generate investment earnings over an extended time horizon to help fund the cost of benefits promised under the plans while mitigating investment risk.
The asset allocation targets established for each pension plan are intended to diversify the investments among a variety of asset categories and among a variety of individual securities within each asset category to mitigate investment risk and provide each plan with sufficient liquidity to fund the payment of pension benefits to current retirees.
The following summarizes the weighted average target pension plan asset allocation as of December 31, 2011 and 2010 for all PPG defined benefit plans:
## Table 1 ##
The fair values of the Company’s pension plan assets at December 31, 2011, by asset category, are as follows:
## Table 2 ##
(1) These levels refer to the accounting guidance on fair value measurement described in Note 9, “Fair Value Measurement.
” (2) These amounts represents holdings in investment grade debt or equity securities of issuers in both developed markets and emerging economies.
(3) This category represents investment grade debt securities from a diverse set of industry issuers.
(4) These investments are primarily long duration fixed income securities.
(5) This category represents commingled funds invested in diverse portfolios of debt securities.
(6) This category includes mortgage-backed and asset backed debt securities, municipal bonds and other debt securities.
Part II Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The information required by Item 5 regarding market information, including stock exchange listings and quarterly stock market prices, dividends and holders of common stock is included in Exhibit 13.1 filed with this Form 10-K and is incorporated herein by reference.
This information is also included in the PPG Shareholder Information on page 5 of the Annual Report to shareholders.
Directors who are not also officers of the Company receive common stock equivalents pursuant to the PPG Industries, Inc. , Deferred Compensation Plan for Directors (“PPG Deferred Compensation Plan for Directors”).
Common stock equivalents are hypothetical shares of common stock having a value on any given date equal to the value of a share of common stock.
Common stock equivalents earn dividend equivalents that are converted into additional common stock equivalents but carry no voting rights or other rights afforded to a holder of common stock.
The common stock equivalents credited to directors under this plan are exempt from registration under Section 4(2) of the Securities Act of 1933 as private offerings made only to directors of the Company in accordance with the provisions of the plan.
Under the PPG Deferred Compensation Plan for Directors, each director may elect to defer the receipt of all or any portion of the compensation paid to such director for serving as a PPG director.
All deferred payments are held in the form of common stock equivalents.
Payments out of the deferred accounts are made in the form of common stock of the Company (and cash as to any fractional common stock equivalent).
The directors, as a group, were credited with 16,770; 30,491; and 20,575 common stock equivalents in 2013, 2012 and 2011, respectively, under this plan.
The values of the common stock equivalents, when credited, ranged from $138.55 to $183.92 in 2013, $85.12 to $124.55 in 2012 and $68.68 to $94.64 in 2011.

<table><tr><td><i>(Millions)</i></td><td>2011</td><td><i>2010</i></td><td></td></tr><tr><td><i>Operating Working Capital</i></td><td>$2,739</td><td>$2,595</td><td><i></i></td></tr><tr><td><i>Operating Working Capital as % of Sales</i></td><td>19.5%</td><td>19.2</td><td><i>%</i></td></tr></table>
<table><tr><td><i>Asset Category</i></td><td> Dec. 31, 2011</td><td> Dec. 31, 2010</td></tr><tr><td>Equity securities</td><td>40–75%</td><td>40-75%</td></tr><tr><td>Debt securities</td><td>25–60%</td><td>25-60%</td></tr><tr><td>Real estate</td><td>0–10%</td><td>0-10%</td></tr><tr><td>Other</td><td>0–10%</td><td>0-10%</td></tr></table>
<table><tr><td><i>(Millions)</i></td><td><i>Level 1<sup>-1</sup></i></td><td><i>Level 2<sup>-1</sup></i></td><td><i>Level 3<sup>-1</sup></i></td><td><i>Total</i></td></tr><tr><td><i>Asset Category</i></td><td></td><td></td><td></td><td></td></tr><tr><td>Equity securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.</td><td></td><td></td><td></td><td></td></tr><tr><td>Large cap</td><td>$24</td><td>$318</td><td>$—</td><td>$342</td></tr><tr><td>Small cap</td><td>125</td><td>80</td><td>—</td><td>205</td></tr><tr><td>PPG common stock</td><td>151</td><td>—</td><td>—</td><td>151</td></tr><tr><td>Non-U.S.</td><td></td><td></td><td></td><td></td></tr><tr><td>Developed and emerging markets<sup>-2</sup></td><td>63</td><td>577</td><td>—</td><td>640</td></tr><tr><td>Debt securities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Money market</td><td>270</td><td>—</td><td>—</td><td>270</td></tr><tr><td>Corporate<sup>-3</sup></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.<sup>-4</sup></td><td>672</td><td>68</td><td>—</td><td>740</td></tr><tr><td>Developed and emerging markets<sup>-2</sup></td><td>223</td><td>115</td><td>—</td><td>338</td></tr><tr><td>Diversified<sup>-5</sup></td><td>—</td><td>339</td><td>—</td><td>339</td></tr><tr><td>Government</td><td></td><td></td><td></td><td></td></tr><tr><td>U.S.<sup>-4</sup></td><td>510</td><td>—</td><td>—</td><td>510</td></tr><tr><td>Developed markets</td><td>148</td><td>119</td><td>—</td><td>267</td></tr><tr><td>Other<sup>-6</sup></td><td>171</td><td>22</td><td>28</td><td>221</td></tr><tr><td>Real estate, hedge funds, and other</td><td>41</td><td>73</td><td>245</td><td>359</td></tr><tr><td><i></i> <i>Total</i></td><td>$2,398</td><td>$1,711</td><td>$273</td><td>$4,382</td></tr></table>

Question: In the section with the most Large cap, what is the amount ofSmall cap and PPG common stock ? (in million)
Answer: 356.0