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.
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 firstin, 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, 2012 and 2011 was $2.9 billion and $2.7 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 ##
Operating working capital at December 31, 2012 increased $139 million compared with the prior year end level; however, excluding the impact of currency and acquisitions, the change was a decrease of $21 million during the year ended December 31, 2012.
This decrease was the net result of decreases in all components of operating working capital.
Trade receivables from customers, net, as a percentage of fourth quarter sales, annualized, for 2012 was 17.6%, down slightly from 17.9% for 2011.
Days sales outstanding was 61 days in 2012, a one day improvement from 2011.
Inventories on a FIFO basis as a percentage of fourth quarter sales, annualized, for 2012 was 13.2% up slightly from 13.1% in 2011.
Inventory turnover was 4.8 times in 2012 and 5.0 times in 2011.
Total capital spending, including acquisitions, was $533 million, $446 million and $341 million in 2012, 2011, and 2010, respectively.
Spending related to modernization and productivity improvements, expansion of existing businesses and environmental control projects was $411 million, $390 million and $307 million in 2012, 2011, and 2010, respectively, and is expected to be in the range of $350-$450 million during 2013.
Capital spending, excluding acquisitions, as a percentage of sales was 2.7%, 2.6% and 2.3% in 2012, 2011 and 2010, respectively.
Capital spending related to business acquisitions amounted to $122 million, $56 million, and $34 million in 2012, 2011 and 2010, respectively.
A primary focus for the Corporation in 2013 will continue to be prudent cash deployment focused on profitable earnings growth including pursuing opportunities for additional strategic acquisitions.
In January 2013, PPG received $900 million in cash proceeds in connection with the closing of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the PPG commodity chemicals business with a subsidiary of Georgia Gulf.
Refer to Note 25, “Separation and Merger Transaction” for financial information regarding the separation of the commodity chemicals business.
In December 2012, the Company reached a definitive agreement to acquire the North American architectural coatings business of Akzo Nobel, N. V. , Amsterdam, in a deal valued at $1.05 billion.
The transaction has been approved by the boards of directors of both companies and is expected to close in the first half of 2013, subject to regulatory approvals.
In December 2012, the Company acquired Spraylat Corp. , a privately-owned industrial coatings company based in Pelham, N. Y.
In January 2012, the Company completed the previously announced acquisitions of Colpisa, a Colombian producer of automotive OEM and refinish coatings, and Dyrup, a European architectural coatings company.
The total cost of 2012 acquisitions, including assumed debt, was $288 million.
Dividends paid to shareholders totaled $358 million, $355 million and $360 million in 2012, 2011 and 2010, respectively.
PPG has paid uninterrupted annual dividends since 1899, and 2012 marked the 41st 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 2012 and we did not make a voluntary contribution to these plans.
In 2011 and 2010, we made voluntary contributions to our U. S.  defined benefit pension plans of $50 million and $250 million, respectively.
We do not expect to make a contribution to our U. S.  defined benefit pension plans in 2013.
Contributions were made to our non-U.
S.  defined benefit pension plans of $81 million, $71 million and $87 million for 2012, 2011 and 2010, respectively, some of which were required by local funding requirements.
We expect to make mandatory contributions to our non-U.
S.  plans in 2013 in the range of approximately $75 million to $100 million.
The Company’s share repurchase activity in 2012, 2011 and 2010 was 1 million shares at a cost of $92 million, 10.2 million shares at a cost of $858 million and 8.1 million shares at a cost of $586 million, respectively.
No PPG stock was purchased in the last nine months of 2012 during the completion of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the PPG commodity chemicals business with a subsidiary of Georgia Gulf.
The Company reinitiated our share repurchase activity in the first quarter of 2013.
We anticipate spending between $500 million and $750 million for share repurchases during 2013.
We can repurchase nearly 8 million shares under the current authorization from the Board of Directors.
In September 2012, PPG entered into a five-year credit agreement (the "Credit Agreement") with several banks and financial institutions as further discussed in Note 8, "Debt and Bank Credit Agreements and Leases".
The Credit Agreement provides for a $1.2 billion unsecured revolving credit facility.
In connection with entering into this Credit Agreement, the
Notes to the Consolidated Financial Statements Assets and liabilities reported at fair value on a recurring basis:
## Table 1 ##
(1) This entire balance is designated as a hedging instrument under GAAP.
## Table 2 ##
(1) This entire balance is designated as a hedging instrument under GAAP.
Assets and liabilities reported at fair value on a nonrecurring basis: As a result of finalizing a restructuring plan, as discussed in Note 7, “Business Restructuring”, long-lived assets with a carrying amount of $10 million were written-down to their fair value of $7 million, resulting in a charge of $3 million, which was included in the business restructuring expense reported in the year-ended December 31, 2012.
These long-lived assets were valued using Level 3 inputs.
There were no nonmonetary assets or liabilities written down to fair value on a nonrecurring basis during 2010 or 2011.10.
Financial Instruments, Excluding Derivative Financial Instruments Included in PPG’s financial instrument portfolio are cash and cash equivalents, short-term investments, cash held in escrow, marketable equity securities, company-owned life insurance and short and long-term debt instruments.
The fair values of these financial instruments approximated their carrying values at December 31, 2012 and 2011, in the aggregate, except for long-term debt.
Long-term debt (excluding capital lease obligations), had carrying and fair values totaling $3,939 million and $4,484 million, respectively, as of December 31, 2012.
Long-term debt (excluding capital lease obligations), had carrying and fair values totaling $3,617 million and $4,154 million, respectively, as of December 31, 2011.
The fair values of the debt instruments were based on discounted cash flows and interest rates then currently available to the Company for instruments of the same remaining maturities.11.
Derivative Financial Instruments and Hedge Activities The Company recognizes all derivative financial instruments as either assets or liabilities at fair value on the balance sheet.
The accounting for changes in the fair value of a derivative depends on the use of the instrument.
To the extent that a derivative is effective as a hedge of an exposure to future changes in cash flows, the change in fair value of the instrument is deferred in AOCI.
Any portion considered to be ineffective is reported in earnings immediately, including changes in value related to credit risk.
To the extent that a derivative is effective as a hedge of an exposure to future changes in fair value, the change in the derivative’s fair value is offset in the consolidated statement of income by the change in fair value of the item being hedged.
To the extent that a derivative or a financial instrument is effective as a hedge of a net investment in a foreign operation, the change in the derivative’s fair value is deferred as an unrealized currency translation adjustment in AOCI.
PPG’s policies do not permit speculative use of derivative financial instruments.
PPG uses forward currency and option contracts as hedges against its exposure to variability in exchange rates on short-term intercompany transactions, unrecognized firm sales commitments and cash flows denominated in foreign currencies.
PPG uses foreign denominated debt and cross currency swap contracts to hedge net investments in foreign operations.
PPG also uses an equity forward arrangement to hedge the Company’s exposure to changes in the fair value of PPG stock that is to be contributed to the asbestos settlement trust as discussed in Note 15, “Commitments and Contingent Liabilities.
” In 2011 and 2010, interest rate swaps were used to manage the Company’s exposure to changing interest rates as such rate changes affected the fair value of fixed rate borrowings.
Forward starting swaps
Notes to the Consolidated Financial Statements business in the United States, Canada and the Caribbean.
With this acquisition, PPG has expanded its reach in all three major North American architectural coatings distribution channels, including home centers, independent paint dealers and companyowned paint stores.
Since April 1, 2013, the results of this acquired business have been included in the results of the architectural coatings - Americas and Asia Pacific operating segment, within the Performance Coatings reportable segment.
Net sales reported by PPG from the date of acquisition from this acquired business were approximately $1.2 billion for the year ended December 31, 2013.
Income from continuing operations related to this acquisition was in the mid-single digit percentage return on sales for the year.
PPG is in the process of completing valuations of assets acquired and liabilities assumed for the North American architectural coatings acquisition.
As such, the allocation of the purchase price is subject to change.
The following table summarizes the estimated fair value of assets acquired and liabilities assumed as reflected in the preliminary purchase price allocation for the North American architectural coatings acquisition.
## Table 3 ##
The identifiable intangible assets with finite lives in the table above, which consist primarily of customer relationships and acquired technology, are subject to amortization over a weighted average period of 10 years.
See Note 6 "Goodwill and Other Identifiable Intangible Assets" for further details regarding PPG's intangible assets.
The following information reflects the net sales of PPG for the years ended December 31, 2013 and 2012 on a pro forma basis as if the transaction for the North American architectural coatings acquisition had been completed on January 1, 2012.
## Table 4 ##
The pro forma impact on PPG's results of operations, including the pro forma effect of events that are directly attributable to the acquisition, was not significant.
While calculating this impact, no cost savings or operating syner gies that may result from the acquisition were included.
Deft Acquisition In May 2013, the Company completed the acquisition of certain assets of Deft Incorporated, a privately-owned U. S.  based specialty coatings company, for approximately $25 million.
The acquisition enhances the coatings capabilities of PPG’s aerospace business.
Deft products include structural primers and military topcoats for the North American aviation industry.
In addition, Deft produces some architectural and general industrial coatings.2012 Acquisitions During 2012, the Company completed four acquisitions related to its coatings businesses.
The total cost of the acquisitions was $288 million, including debt assumed of $122 million.
These acquisitions also provide for contingent payments and escrowed holdbacks of a portion of the acquisition cost.
Substantially all of the acquisition activity relates to the three acquisitions described below.
In December 2012, the Company completed the acquisition of the business of Spraylat Corp. , a privately-owned U. S.  based industrial coatings company, for approximately $75 million The company operates production facilities in the U. S. , Europe and China.
Spraylat specializes in high-quality industrial liquid and powder coatings with excellent performance characteristics that are applied to metal, glass and plastic substrates.
In early January 2012, PPG completed the purchase of European coatings company Dyrup A/S (“Dyrup”), based in Copenhagen, Denmark, from its owner, Monberg & Thorsen, a public holding company, for $44 million of which $26 million is currently being held in escrow, and assumed debt of $120 million and acquired cash of $6 million.
Dyrup, a producer of architectural coatings and woodcare products, operates six manufacturing facilities throughout Europe, and its products are sold primarily in Denmark, France, Germany, Portugal, Poland, and Spain through professional and do-it-yourself channels.
Also in early January 2012, PPG completed the purchase of the coatings businesses of Colpisa Colombiana de Pinturas and its affiliate, Colpisa Equador (“Colpisa”), for $38 million.
Colpisa manufactures and distributes coatings for automotive OEM, automotive refinish and industrial customers in Colombia and Ecuador.
The purchase price allocations related to the acquisitions made in 2012 resulted in an excess of purchase price over the
Performance of Reportable Business Segments Performance Coatings

<table><tr><td>(Millions, except percentages)</td><td>2012</td><td>2011</td></tr><tr><td>Trade Receivables, net</td><td>$2,568</td><td>$2,512</td></tr><tr><td>Inventories, FIFO</td><td>1,930</td><td>1,839</td></tr><tr><td>Trade Creditor's Liabilities</td><td>1,620</td><td>1,612</td></tr><tr><td>Operating Working Capital</td><td>$2,878</td><td>$2,739</td></tr><tr><td>Operating Working Capital as % of Sales</td><td>19.7%</td><td>19.5%</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2012</td></tr><tr><td>(Millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td>Short-term investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper and certificates of deposit</td><td>$—</td><td>$455</td><td>$—</td><td>$455</td></tr><tr><td>Other current assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable equity securities</td><td>5</td><td>—</td><td>—</td><td>5</td></tr><tr><td>Foreign currency contracts<sup>-1</sup></td><td>—</td><td>3</td><td>—</td><td>3</td></tr><tr><td>Equity forward arrangement<sup>-1</sup></td><td>—</td><td>130</td><td>—</td><td>130</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable equity securities</td><td>60</td><td>—</td><td>—</td><td>60</td></tr><tr><td>Accounts payable and accrued liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency contracts<sup>-1</sup></td><td>—</td><td>1</td><td>—</td><td>1</td></tr><tr><td>Other liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cross currency swaps<sup>-1</sup></td><td>—</td><td>95</td><td>—</td><td>95</td></tr></table>
<table><tr><td></td><td colspan="4">December 31, 2011</td></tr><tr><td>(Millions)</td><td>Level 1</td><td>Level 2</td><td>Level 3</td><td>Total</td></tr><tr><td>Short-term investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial paper and restricted cash</td><td>$—</td><td>$21</td><td>$—</td><td>$21</td></tr><tr><td>Marketable equity securities</td><td>4</td><td>—</td><td>—</td><td>4</td></tr><tr><td>Other current assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency contracts<sup>-1</sup></td><td>—</td><td>1</td><td>—</td><td>1</td></tr><tr><td>Interest rate swaps<sup>-1</sup></td><td>—</td><td>1</td><td>—</td><td>1</td></tr><tr><td>Equity forward arrangement<sup>-1</sup></td><td>—</td><td>56</td><td>—</td><td>56</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable equity securities</td><td>56</td><td>—</td><td>—</td><td>56</td></tr><tr><td>Other assets:</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest rate swaps<sup>-1</sup></td><td>—</td><td>25</td><td>—</td><td>25</td></tr><tr><td>Accounts payable and accrued liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign currency contracts<sup>-1</sup></td><td>—</td><td>6</td><td>—</td><td>6</td></tr><tr><td>Forward starting swaps<sup>-1</sup></td><td>—</td><td>92</td><td>—</td><td>92</td></tr><tr><td>Natural gas swap contracts<sup>-1</sup></td><td>—</td><td>9</td><td>—</td><td>9</td></tr><tr><td>Other liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cross currency swaps<sup>-1</sup></td><td>—</td><td>120</td><td>—</td><td>120</td></tr><tr><td>Foreign currency contracts<sup>-1</sup></td><td>—</td><td>1</td><td>—</td><td>1</td></tr></table>
<table><tr><td></td><td>(Millions)</td></tr><tr><td>Current assets</td><td>$550</td></tr><tr><td>Property, plant, and equipment</td><td>180</td></tr><tr><td>Trademarks with indefinite lives</td><td>174</td></tr><tr><td>Identifiable intangible assets with finite lives</td><td>196</td></tr><tr><td>Goodwill</td><td>234</td></tr><tr><td>Other non-current assets</td><td>61</td></tr><tr><td>Total assets</td><td>$1,395</td></tr><tr><td>Current liabilities</td><td>-332</td></tr><tr><td>Accrued pensions</td><td>-29</td></tr><tr><td>Other post-retirement benefits</td><td>-40</td></tr><tr><td>Other long-term liabilities</td><td>-40</td></tr><tr><td>Total liabilities</td><td>$-441</td></tr><tr><td>Total purchase price, net of cash acquired</td><td>$954</td></tr></table>
<table><tr><td></td><td colspan="2">Year ended</td></tr><tr><td>Millions</td><td>2013</td><td>2012</td></tr><tr><td>Net sales</td><td>$15,480</td><td>$15,049</td></tr></table>

Question: What's the average of Inventories, FIFO of 2012, and Net sales of Year ended 2013 ?
Answer: 8705