we measure cash flow as net cash provided by operating activities reduced by expenditures for property additions . we use this non-gaap financial measure of cash flow to focus management and investors on the amount of cash available for debt repayment , dividend distributions , acquisition opportunities , and share repurchases . our cash flow metric is reconciled to the most comparable gaap measure , as follows: .
what percent of net cash from operations is retain as cash flow?
year-over-year change 22.4 % (  % ) 87.5 % (  % ) year-over-year changes in cash flow ( as defined ) were driven by improved performance in working capital resulting from the benefit derived from the pringles acquisition , as well as changes in the level of capital expenditures during the three-year period . investing activities our net cash used in investing activities for 2012 amounted to $ 3245 million , an increase of $ 2658 million compared with 2011 primarily attributable to the $ 2668 acquisition of pringles in capital spending in 2012 included investments in our supply chain infrastructure , and to support capacity requirements in certain markets , including pringles . in addition , we continued the investment in our information technology infrastructure related to the reimplementation and upgrade of our sap platform . net cash used in investing activities of $ 587 million in 2011 increased by $ 122 million compared with 2010 , reflecting capital projects for our reimplementation and upgrade of our sap platform and investments in our supply chain . cash paid for additions to properties as a percentage of net sales has decreased to 3.8% ( 3.8 % ) in 2012 , from 4.5% ( 4.5 % ) in 2011 , which was an increase from 3.8% ( 3.8 % ) in financing activities in february 2013 , we issued $ 250 million of two-year floating-rate u.s . dollar notes , and $ 400 million of ten-year 2.75% ( 2.75 % ) u.s . dollar notes . the proceeds from these notes will be used for general corporate purposes , including , together with cash on hand , repayment of the $ 750 million aggregate principal amount of our 4.25% ( 4.25 % ) u.s . dollar notes due march 2013 . the floating-rate notes bear interest equal to three-month libor plus 23 basis points , subject to quarterly reset . the notes contain customary covenants that limit the ability of kellogg company and its restricted subsidiaries ( as defined ) to incur certain liens or enter into certain sale and lease-back transactions , as well as a change of control provision . our net cash provided by financing activities was $ 1317 for 2012 , compared to net cash used in financing activities of $ 957 and $ 439 for 2011 and 2010 , respectively . the increase in cash provided from financing activities in 2012 compared to 2011 and 2010 , was primarily due to the issuance of debt related to the acquisition of pringles . total debt was $ 7.9 billion at year-end 2012 and $ 6.0 billion at year-end 2011 . in march 2012 , we entered into interest rate swaps on our $ 500 million five-year 1.875% ( 1.875 % ) fixed rate u.s . dollar notes due 2016 , $ 500 million ten-year 4.15% ( 4.15 % ) fixed rate u.s . dollar notes due 2019 and $ 500 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted these notes from their fixed rates to floating rate obligations through maturity . in may 2012 , we issued $ 350 million of three-year 1.125% ( 1.125 % ) u.s . dollar notes , $ 400 million of five-year 1.75% ( 1.75 % ) u.s . dollar notes and $ 700 million of ten-year 3.125% ( 3.125 % ) u.s . dollar notes , resulting in aggregate net proceeds after debt discount of $ 1.442 billion . the proceeds of these notes were used for general corporate purposes , including financing a portion of the acquisition of pringles . in may 2012 , we issued cdn . $ 300 million of two-year 2.10% ( 2.10 % ) fixed rate canadian dollar notes , using the proceeds from these notes for general corporate purposes , which included repayment of intercompany debt . this repayment resulted in cash available to be used for a portion of the acquisition of pringles . in december 2012 , we repaid $ 750 million five-year 5.125% ( 5.125 % ) u.s . dollar notes at maturity with commercial paper . in february 2011 , we entered into interest rate swaps on $ 200 million of our $ 750 million seven-year 4.45% ( 4.45 % ) fixed rate u.s . dollar notes due 2016 . the interest rate swaps effectively converted this portion of the notes from a fixed rate to a floating rate obligation through maturity . in april 2011 , we repaid $ 945 million ten-year 6.60% ( 6.60 % ) u.s . dollar notes at maturity with commercial paper . in may 2011 , we issued $ 400 million of seven-year 3.25% ( 3.25 % ) fixed rate u.s . dollar notes , using the proceeds of $ 397 million for general corporate purposes and repayment of commercial paper . during 2011 , we entered into interest rate swaps with notional amounts totaling $ 400 million , which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in november 2011 , we issued $ 500 million of five-year 1.875% ( 1.875 % ) fixed rate u . s . dollar notes , using the proceeds of $ 498 million for general corporate purposes and repayment of commercial paper . during 2012 , we entered into interest rate swaps which effectively converted these notes from a fixed rate to a floating rate obligation through maturity . in april 2010 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 2.5 billion during 2010 through 2012 . this three year authorization replaced previous share buyback programs which had authorized stock repurchases of up to $ 1.1 billion for 2010 and $ 650 million for 2009 . under this program , we repurchased approximately 1 million , 15 million and 21 million shares of common stock for $ 63 million , $ 793 million and $ 1.1 billion during 2012 , 2011 and 2010 , respectively . in december 2012 , our board of directors approved a share repurchase program authorizing us to repurchase shares of our common stock amounting to $ 300 million during 2013 . we paid quarterly dividends to shareholders totaling $ 1.74 per share in 2012 , $ 1.67 per share in 2011 and $ 1.56 per share in 2010 . total cash paid for dividends increased by 3.0% ( 3.0 % ) in 2012 and 3.4% ( 3.4 % ) in 2011 . in march 2011 , we entered into an unsecured four- year credit agreement which allows us to borrow , on a revolving credit basis , up to $ 2.0 billion . our long-term debt agreements contain customary covenants that limit kellogg company and some of its subsidiaries from incurring certain liens or from entering into certain sale and lease-back transactions . some agreements also contain change in control provisions . however , they do not contain acceleration of maturity clauses that are dependent on credit ratings . a change in our credit ratings could limit our access to the u.s . short-term debt market and/or increase the cost of refinancing long-term debt in the future . however , even under these circumstances , we would continue to have access to our four-year credit agreement , which expires in march 2015 . this source of liquidity is unused and available on an unsecured basis , although we do not currently plan to use it . capital and credit markets , including commercial paper markets , continued to experience instability and disruption as the u.s . and global economies underwent a period of extreme uncertainty . throughout this period of uncertainty , we continued to have access to the u.s. , european , and canadian commercial paper markets . our commercial paper and term debt credit ratings were not affected by the changes in the credit environment . we monitor the financial strength of our third-party financial institutions , including those that hold our cash and cash equivalents as well as those who serve as counterparties to our credit facilities , our derivative financial instruments , and other arrangements . we are in compliance with all covenants as of december 29 , 2012 . we continue to believe that we will be able to meet our interest and principal repayment obligations and maintain our debt covenants for the foreseeable future , while still meeting our operational needs , including the pursuit of selected bolt-on acquisitions . this will be accomplished through our strong cash flow , our short- term borrowings , and our maintenance of credit facilities on a global basis. .