additional information regarding these and other accounting pronouncements is included in note 1 to the consolidated financial statements . financial condition and liquidity the company generates significant ongoing cash flow . net debt decreased significantly in 2004 , but increased in 2005 , primarily related to the $ 1.36 billion cuno acquisition . at december 31 .
in 2005 what was the ratio of the debt to the cash
3m believes its ongoing cash flows provide ample cash to fund expected investments and capital expenditures . the company has an aa credit rating from standard & poor 2019s and an aa1 credit rating from moody 2019s investors service . the company has sufficient access to capital markets to meet currently anticipated growth and acquisition investment funding needs . the company does not utilize derivative instruments linked to the company 2019s stock . however , the company does have contingently convertible debt that , if conditions for conversion are met , is convertible into shares of 3m common stock ( refer to note 8 in this document ) . the company 2019s financial condition and liquidity at december 31 , 2005 , remained strong . various assets and liabilities , including cash and short-term debt , can fluctuate significantly from month-to-month depending on short-term liquidity needs . working capital ( defined as current assets minus current liabilities ) totaled $ 1.877 billion at december 31 , 2005 , compared with $ 2.649 billion at december 31 , 2004 . this decrease was primarily related to a decrease in cash and cash equivalents ( $ 1.685 billion ) partially offset by a decrease in debt classified as short-term borrowings and current portion of long-term debt ( $ 1.022 billion ) . the cash and cash equivalents balance was impacted by the acquisition of cuno and repayment of debt . the company uses various working capital measures that place emphasis and focus on certain working capital assets and liabilities . these measures are not defined under u.s . generally accepted accounting principles and may not be computed the same as similarly titled measures used by other companies . one of the primary working capital measures 3m uses is a combined index , which includes accounts receivables , inventory and accounts payable . this combined index ( defined as quarterly net sales 2013 fourth quarter at year-end 2013 multiplied by four , divided by ending net accounts receivable plus inventory less accounts payable ) was 5.7 at december 31 , 2005 , down from 5.8 at december 31 , 2004 . excluding cuno , net working capital turns at december 31 , 2005 , were 5.8 , the same as at december 31 , 2004 . receivables increased $ 46 million , or 1.6% ( 1.6 % ) , compared with december 31 , 2004 . at december 31 , 2005 , the cuno acquisition increased accounts receivable by $ 88 million . currency translation ( due to the stronger u.s dollar ) reduced accounts receivable by $ 231 million year-on-year . inventories increased $ 265 million , or 14.0% ( 14.0 % ) , compared with december 31 , 2004 . at december 31 , 2005 , the cuno acquisition increased inventories by $ 56 million . currency translation reduced inventories by $ 89 million year-on-year . accounts payable increased $ 88 million compared with december 31 , 2004 , with cuno accounting for $ 18 million of this increase . cash flows from operating , investing and financing activities are provided in the tables that follow . individual amounts in the consolidated statement of cash flows exclude the effects of acquisitions , divestitures and exchange rate impacts , which are presented separately in the cash flows . thus , the amounts presented in the following operating , investing and financing activities tables reflect changes in balances from period to period adjusted for these effects. .