The following tables describe the Company’s Portfolio as of December 31, 2011.
The first table describes the Company’s communities and the second table describes the Company’s other real estate assets.
(See Note 7 of the Company’s consolidated financial statements for more information about the Company’s secured mortgage debt and Schedule III for a list of secured mortgage loans related to the Company’s Portfolio. )
## Table 0 ##
As of December 31, 2011, the Company had ownership interests in 159 communities, comprising 32,753 apartment units, and the apartment communities are located in the following major West Coast regions: Southern California (Los Angeles, Orange, Riverside, Santa Barbara, San Diego, and Ventura counties) Northern California (the San Francisco Bay Area) Seattle Metro (Seattle metropolitan area) As of December 31, 2011, the Company also had ownership interests in five commercial buildings (with approximately 315,900 square feet).
As of December 31, 2011, the Company’s development pipeline was comprised of five unconsolidated joint venture projects under development, one unconsolidated joint venture predevelopment project and three consolidated land parcels held for future development or sale aggregating 2,014 units, with total incurred costs of $227.1 million, and estimated remaining project costs of approximately $282.6 million for total estimated project costs of $422.6 million.
By region, the Company's operating results for 2010 and 2011 and projections for 2012 new housing supply, job growth, and rental income as follows: Southern California Region: As of December 31, 2011, this region represented 48% of the Company’s consolidated apartment units.
During the year ended December 31, 2011, revenues for “2011/2010 SameProperties” (as defined below), or “Same-Property revenues,” increased 2.7% in 2011 as compared to 2010.
In 2012, the Company expects new residential supply (excluding Santa Barbara and Riverside counties) of 5,400 multifamily and 5,100 single family homes, which represents a total new supply of 0.2% and 0.1% of existing stock, respectively.
The Company assumes an increase of 78,800 jobs or 1.2%, and an increase in rental income of 3.0% to 5.0% in 2012.
Northern California Region: As of December 31, 2011, this region represented 30% of the Company’s consolidated apartment units.
Same-Property revenues increased 5.7% in 2011 as compared to 2010.
In 2012, the Company expects new residential supply of 3,000 multifamily and 2,200 single family homes, which represents a total new supply of 0.3% and 0.2%, respectively, of existing stock.
The Company assumes an increase of 48,000 jobs or 1.7%, and an increase in rental income of 7.0% to 9.0% in 2012.
Seattle Metro Region: As of December 31, 2011, this region represented 22% of the Company’s consolidated apartment units.
Same-Property revenues increased 4.6% in 2011 as compared to 2010.
In 2012, the Company expects new residential supply of 1,800 multifamily and 3,400 single family homes, which represents a total new supply of 0.5% of existing stock.
The Company assumes an increase of 25,000 jobs or 1.8%, and an increase in rental income of 7.0% to 9.0% in 2012.
The Company expects 2012 same-property revenues to increase between 5% and 7% compared to 2011 results, as renewal leases and new leases are signed at higher rents than 2011 during 2012.
The Company expects sameproperty financial occupancy to be consistent with 2011 at 96.4%, thus 2012 revenues will increase 5% to 7% due to a similar increase in scheduled rent.
Same-property operating expenses are expected to increase from 1.1% in 2011, to a range of 2% and 3% in 2012.
Finally, same-property net operating income (“NOI”) which is defined as sameproperty revenues less same-property operating expenses is expected to increase from 5.5% for 2011 to a range of 7% to 9% in 2012.
The Company’s consolidated communities are as follows:
## Table 1 ##
Co-investments including Fund II and Wesco I communities, Essex Skyline at MacArthur Place, and preferred equity co-investment communities are not included in the table presented above for both years.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) Liquidity and Capital Resources Snap-on’s growth has historically been funded by a combination of cash provided by operating activities and debt financing.
Snap-on believes that its cash from operations and collections of finance receivables, coupled with its sources of borrowings and available cash on hand, are sufficient to fund its currently anticipated requirements for scheduled debt payments (including the March 2014 repayment of $100.0 million of 5.85% unsecured notes upon maturity), payments of interest and dividends, new receivables originated by our financial services businesses, capital expenditures, working capital, restructuring activities, the funding of pension plans, and funding for additional share repurchases and acquisitions, if any.
Due to Snap-on’s credit rating over the years, external funds have been available at an acceptable cost.
As of the close of business on February 7, 2014, Snap-on’s long-term debt and commercial paper were rated, respectively, A3 and P-2 by Moody’s Investors Service; A- and A-2 by Standard & Poor’s; and A- and F2 by Fitch Ratings.
Snap-on believes that its current credit arrangements are sound and that the strength of its balance sheet affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions.
However, Snap-on cannot provide any assurances of the availability of future financing or the terms on which it might be available, or that its debt ratings may not decrease.
The following discussion focuses on information included in the accompanying Consolidated Balance Sheets.
As of 2013 year end, working capital (current assets less current liabilities) of $1,080.8 million increased $1.0 million from $1,079.8 million as of 2012 year end.
The following represents the company’s working capital position as of 2013 and 2012 year end:
## Table 2 ##
Cash and cash equivalents of $217.6 million as of 2013 year end compared to cash and cash equivalents of $214.5 million at 2012 year end.
The $3.1 million net increase in cash and cash equivalents includes the impacts of (i) $508.8 million of cash from collections of finance receivables; (ii) $392.6 million of cash generated from operations, net of $24.3 million of discretionary cash contributions to the company’s pension plans; (iii) $29.2 million of cash proceeds from stock purchase and option plan exercises; and (iv) $8.4 million of cash proceeds from the sale of property and equipment.
These increases in cash and cash equivalents were largely offset by (i) the funding of $651.3 million of new finance receivables; (ii) dividend payments to shareholders of $92.0 million; (iii) the repurchase of 926,000 shares of the company’s common stock for $82.6 million; (iv) the funding of $70.6 million of capital expenditures; and (v) the May 2013 acquisition of Challenger for a cash purchase price of $38.2 million.
Of the $217.6 million of cash and cash equivalents as of 2013 year end, $124.3 million was held outside of the United States.
Snap-on considers these non-U.
S.  funds as permanently invested in its foreign operations to (i) provide adequate working capital; (ii) satisfy various regulatory requirements; and/or (iii) take advantage of business expansion opportunities as they arise; as such, the company does not presently expect to repatriate these funds to fund its U. S.  operations or obligations.
The repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on the company should Snap-on be required to pay and record U. S.  income taxes and foreign withholding taxes on funds that were previously considered permanently invested.
Alternatively, the repatriation of such cash from certain other foreign subsidiaries could result in favorable net tax consequences for the company.
Snap-on periodically evaluates opportunities to repatriate certain foreign cash amounts to the extent that it does not incur additional unfavorable net tax consequences.

Tables referenced above, in order (Table 0 first):
<table><tr><td>Communities-1</td><td>Location</td><td>Units</td><td>RentableSquareFootage</td><td>YearBuilt</td><td>YearAcquired</td><td>Occupancy-2</td></tr><tr><td>Southern California</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Alpine Country</td><td>Alpine, CA</td><td>108</td><td>81,900</td><td>1986</td><td>2002</td><td>95%</td></tr><tr><td>Alpine Village</td><td>Alpine, CA</td><td>301</td><td>254,400</td><td>1971</td><td>2002</td><td>97%</td></tr><tr><td>Anavia</td><td>Anaheim, CA</td><td>250</td><td>312,343</td><td>2009</td><td>2010</td><td>92%</td></tr><tr><td>Barkley, The-3(4)</td><td>Anaheim, CA</td><td>161</td><td>139,800</td><td>1984</td><td>2000</td><td>97%</td></tr><tr><td>Bonita Cedars</td><td>Bonita, CA</td><td>120</td><td>120,800</td><td>1983</td><td>2002</td><td>96%</td></tr><tr><td>Camarillo Oaks</td><td>Camarillo, CA</td><td>564</td><td>459,000</td><td>1985</td><td>1996</td><td>96%</td></tr><tr><td>Camino Ruiz Square</td><td>Camarillo, CA</td><td>160</td><td>105,448</td><td>1990</td><td>2006</td><td>98%</td></tr><tr><td>Cielo -5</td><td>Chatsworth, CA</td><td>119</td><td>125,400</td><td>2009</td><td>2009</td><td>96%</td></tr><tr><td>Cambridge</td><td>Chula Vista, CA</td><td>40</td><td>22,100</td><td>1965</td><td>2002</td><td>96%</td></tr><tr><td>Mesa Village</td><td>Clairemont, CA</td><td>133</td><td>43,600</td><td>1963</td><td>2002</td><td>98%</td></tr><tr><td>Parcwood-5</td><td>Corona, CA</td><td>312</td><td>270,000</td><td>1989</td><td>2004</td><td>95%</td></tr><tr><td>Tierra del Sol/Norte</td><td>El Cajon, CA</td><td>156</td><td>117,000</td><td>1969</td><td>2002</td><td>97%</td></tr><tr><td>Regency at Encino</td><td>Encino, CA</td><td>75</td><td>78,487</td><td>1989</td><td>2009</td><td>96%</td></tr><tr><td>Valley Park-6</td><td>Fountain Valley, CA</td><td>160</td><td>169,700</td><td>1969</td><td>2001</td><td>97%</td></tr><tr><td>Capri at Sunny Hills-6</td><td>Fullerton, CA</td><td>100</td><td>128,100</td><td>1961</td><td>2001</td><td>97%</td></tr><tr><td>Wilshire Promenade</td><td>Fullerton, CA</td><td>149</td><td>128,000</td><td>1992</td><td>1997</td><td>97%</td></tr><tr><td>Montejo-6</td><td>Garden Grove, CA</td><td>124</td><td>103,200</td><td>1974</td><td>2001</td><td>96%</td></tr><tr><td>CBC Apartments</td><td>Goleta, CA</td><td>148</td><td>91,538</td><td>1962</td><td>2006</td><td>96%</td></tr><tr><td>Chimney Sweep Apartments</td><td>Goleta, CA</td><td>91</td><td>88,370</td><td>1967</td><td>2006</td><td>83%</td></tr><tr><td>416 on Broadway</td><td>Glendale, CA</td><td>115</td><td>126,782</td><td>2009</td><td>2010</td><td>93%</td></tr><tr><td>Hampton Court</td><td>Glendale, CA</td><td>83</td><td>71,500</td><td>1974</td><td>1999</td><td>97%</td></tr><tr><td>Hampton Place</td><td>Glendale, CA</td><td>132</td><td>141,500</td><td>1970</td><td>1999</td><td>97%</td></tr><tr><td>Devonshire</td><td>Hemet, CA</td><td>276</td><td>207,200</td><td>1988</td><td>2002</td><td>94%</td></tr><tr><td>Huntington Breakers</td><td>Huntington Beach, CA</td><td>342</td><td>241,700</td><td>1984</td><td>1997</td><td>96%</td></tr><tr><td>Axis 2300</td><td>Irvine, CA</td><td>115</td><td>170,714</td><td>2010-7</td><td>2010</td><td>96%</td></tr><tr><td>Hillsborough Park</td><td>La Habra, CA</td><td>235</td><td>215,500</td><td>1999</td><td>1999</td><td>97%</td></tr><tr><td>Trabuco Villas</td><td>Lake Forest, CA</td><td>132</td><td>131,000</td><td>1985</td><td>1997</td><td>97%</td></tr><tr><td>Marbrisa</td><td>Long Beach, CA</td><td>202</td><td>122,800</td><td>1987</td><td>2002</td><td>97%</td></tr><tr><td>Pathways</td><td>Long Beach, CA</td><td>296</td><td>197,700</td><td>1975-8</td><td>1991</td><td>96%</td></tr><tr><td>Belmont Station</td><td>Los Angeles, CA</td><td>275</td><td>225,000</td><td>2008</td><td>2008</td><td>97%</td></tr><tr><td>Bellerive</td><td>Los Angeles, CA</td><td>63</td><td>79,296</td><td>2011</td><td>2011</td><td>99%</td></tr><tr><td>Bunker Hill</td><td>Los Angeles, CA</td><td>456</td><td>346,600</td><td>1968</td><td>1998</td><td>96%</td></tr><tr><td>Cochran Apartments</td><td>Los Angeles, CA</td><td>58</td><td>51,400</td><td>1989</td><td>1998</td><td>97%</td></tr><tr><td>Kings Road</td><td>Los Angeles, CA</td><td>196</td><td>132,100</td><td>1979-9</td><td>1997</td><td>97%</td></tr><tr><td>Marbella, The</td><td>Los Angeles, CA</td><td>60</td><td>50,108</td><td>1991</td><td>2005</td><td>97%</td></tr><tr><td>Park Place</td><td>Los Angeles, CA</td><td>60</td><td>48,000</td><td>1988</td><td>1997</td><td>97%</td></tr><tr><td>Renaissance, The-5</td><td>Los Angeles, CA</td><td>169</td><td>154,268</td><td>1990-10</td><td>2006</td><td>97%</td></tr><tr><td>Santee Court</td><td>Los Angeles, CA</td><td>165</td><td>132,040</td><td>2004</td><td>2010</td><td>93%</td></tr><tr><td>Santee Village</td><td>Los Angeles, CA</td><td>73</td><td>69,817</td><td>2011</td><td>2010</td><td>99%</td></tr><tr><td>Windsor Court</td><td>Los Angeles, CA</td><td>58</td><td>46,600</td><td>1988</td><td>1997</td><td>97%</td></tr><tr><td>Marina City Club-11</td><td>Marina Del Rey, CA</td><td>101</td><td>127,200</td><td>1971</td><td>2004</td><td>98%</td></tr><tr><td>Mirabella</td><td>Marina Del Rey, CA</td><td>188</td><td>176,800</td><td>2000</td><td>2000</td><td>97%</td></tr><tr><td>Mira Monte</td><td>Mira Mesa, CA</td><td>355</td><td>262,600</td><td>1982-12</td><td>2002</td><td>97%</td></tr><tr><td>Hillcrest Park</td><td>Newbury Park, CA</td><td>608</td><td>521,900</td><td>1973</td><td>1998</td><td>96%</td></tr><tr><td>Fairways-13</td><td>Newport Beach, CA</td><td>74</td><td>107,100</td><td>1972</td><td>1999</td><td>98%</td></tr><tr><td>Muse</td><td>North Hollywood, CA</td><td>152</td><td>135,292</td><td>2011</td><td>2011</td><td>99%</td></tr><tr><td>Country Villas</td><td>Oceanside, CA</td><td>180</td><td>179,700</td><td>1976</td><td>2002</td><td>96%</td></tr><tr><td>Mission Hills</td><td>Oceanside, CA</td><td>282</td><td>244,000</td><td>1984</td><td>2005</td><td>96%</td></tr><tr><td>Mariners Place</td><td>Oxnard, CA</td><td>105</td><td>77,200</td><td>1987</td><td>2000</td><td>97%</td></tr><tr><td>Monterey Villas</td><td>Oxnard, CA</td><td>122</td><td>122,100</td><td>1974</td><td>1997</td><td>96%</td></tr><tr><td>Tierra Vista</td><td>Oxnard, CA</td><td>404</td><td>387,100</td><td>2001</td><td>2001</td><td>97%</td></tr><tr><td>Arbors Parc Rose-14</td><td>Oxnard, CA</td><td>373</td><td>503,196</td><td>2001</td><td>2011</td><td>94%</td></tr><tr><td>Monterra del Mar</td><td>Pasadena, CA</td><td>123</td><td>74,400</td><td>1972</td><td>1997</td><td>96%</td></tr><tr><td>Monterra del Rey</td><td>Pasadena, CA</td><td>84</td><td>73,100</td><td>1972</td><td>1999</td><td>97%</td></tr><tr><td>Monterra del Sol</td><td>Pasadena, CA</td><td>85</td><td>69,200</td><td>1972</td><td>1999</td><td>97%</td></tr><tr><td>Villa Angelina-6</td><td>Placentia, CA</td><td>256</td><td>217,600</td><td>1970</td><td>2001</td><td>97%</td></tr></table>
<table><tr><td></td><td colspan="2">As of December 31, 2011</td><td colspan="2">As of December 31, 2010</td></tr><tr><td></td><td>Apartment Units</td><td>%</td><td>Apartment Units</td><td>%</td></tr><tr><td>Southern California</td><td>13,205</td><td>48%</td><td>13,076</td><td>49%</td></tr><tr><td>Northern California</td><td>8,106</td><td>30%</td><td>7,696</td><td>29%</td></tr><tr><td>Seattle Metro</td><td>6,108</td><td>22%</td><td>5,980</td><td>22%</td></tr><tr><td>Total</td><td>27,419</td><td>100%</td><td>26,752</td><td>100%</td></tr></table>
<table><tr><td><i>(Amounts in millions)</i></td><td>2013</td><td>2012</td></tr><tr><td>Cash and cash equivalents</td><td>$217.6</td><td>$214.5</td></tr><tr><td>Trade and other accounts receivable – net</td><td>531.6</td><td>497.9</td></tr><tr><td>Finance receivables – net</td><td>374.6</td><td>323.1</td></tr><tr><td>Contract receivables – net</td><td>68.4</td><td>62.7</td></tr><tr><td>Inventories – net</td><td>434.4</td><td>404.2</td></tr><tr><td>Other current assets</td><td>169.6</td><td>166.6</td></tr><tr><td>Total current assets</td><td>1,796.2</td><td>1,669.0</td></tr><tr><td>Notes payable and current maturities of long-term debt</td><td>-113.1</td><td>-5.2</td></tr><tr><td>Accounts payable</td><td>-155.6</td><td>-142.5</td></tr><tr><td>Other current liabilities</td><td>-446.7</td><td>-441.5</td></tr><tr><td>Total current liabilities</td><td>-715.4</td><td>-589.2</td></tr><tr><td>Working capital</td><td>$1,080.8</td><td>$1,079.8</td></tr></table>

Question: what is the percentage change in the balance of inventories from 2012 to 2013?
Answer: 0.07472
Reasoning program: subtract(434.4,404.2), divide(#0,404.2)