management 2019s discussion and analysis of financial condition and results of operations ( continued ) liquidity and capital resources snap-on 2019s 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 payments of interest and dividends , new loans 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 2019s credit rating over the years , external funds have been available at an acceptable cost . as of the close of business on february 8 , 2013 , snap-on 2019s long-term debt and commercial paper were rated , respectively , baa1 and p-2 by moody 2019s investors service ; a- and a-2 by standard & poor 2019s ; 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 2012 year end , working capital ( current assets less current liabilities ) of $ 1079.8 million increased $ 132.9 million from $ 946.9 million at 2011 year end . the following represents the company 2019s working capital position as of 2012 and 2011 year end : ( amounts in millions ) 2012 2011 .

Table:
( amounts in millions ) | 2012 | 2011
cash and cash equivalents | $ 214.5 | $ 185.6
trade and other accounts receivable 2013 net | 497.9 | 463.5
finance receivables 2013 net | 323.1 | 277.2
contract receivables 2013 net | 62.7 | 49.7
inventories 2013 net | 404.2 | 386.4
other current assets | 166.6 | 168.3
total current assets | 1669.0 | 1530.7
notes payable | -5.2 ( 5.2 ) | -16.2 ( 16.2 )
accounts payable | -142.5 ( 142.5 ) | -124.6 ( 124.6 )
other current liabilities | -441.5 ( 441.5 ) | -443.0 ( 443.0 )
total current liabilities | -589.2 ( 589.2 ) | -583.8 ( 583.8 )
working capital | $ 1079.8 | $ 946.9
cash and cash equivalents of $ 214.5 million as of 2012 year end compared to cash and cash equivalents of $ 185.6 million at 2011 year end .
the $ 28.9 million increase in cash and cash equivalents includes the impacts of ( i ) $ 329.3 million of cash generated from operations , net of $ 73.0 million of cash contributions ( including $ 54.7 million of discretionary contributions ) to the company 2019s domestic pension plans ; ( ii ) $ 445.5 million of cash from collections of finance receivables ; ( iii ) $ 46.8 million of proceeds from stock purchase and option plan exercises ; and ( iv ) $ 27.0 million of cash proceeds from the sale of a non-strategic equity investment at book value .
these increases in cash and cash equivalents were partially offset by ( i ) the funding of $ 569.6 million of new finance originations ; ( ii ) dividend payments of $ 81.5 million ; ( iii ) the funding of $ 79.4 million of capital expenditures ; and ( iv ) the repurchase of 1180000 shares of the company 2019s common stock for $ 78.1 million .
of the $ 214.5 million of cash and cash equivalents as of 2012 year end , $ 81.4 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 .
44 snap-on incorporated .

Question: what is the percentage change in working capital in 2012 relative to 2011?
Answer: 14.0%
Calculation: divide(132.9, 946.9)