34 Operating cash inflow of $ 97.3 million in 201 1 reflects a net working capital use of $ 123.4 million driven principally by increases in inventories and receivables of $ 130.9 million and $ 56.6 million , respectively , which were partially of fset by increases in accounts payable, accrued and other liabilities of $ 64.5 million . The increase in accounts receivable primarily reflects the increase in selling prices due to the increase in raw material costs. Days sales outstanding has remained constant year over year at about 71 days. The increase in inventory is primarily due to the increase in metal prices throughout the year . Inventory turns increased to 4.4 turns per year in 201 1 as compared to 3.9 turns per year in 2010 due to the current year focus on reducing inventory levels by adjusting production. These cash outflows have been partially of fset by increases in accounts payable, accrued and other liabilities which were primarily the result of incremental manufacturing activity due to an increase in demand and higher raw material cost inputs. More than of fsetting this net working capital use of cash in the twelve fiscal months of 201 1 was $ 220.7 million of overall net cash inflows related to net income adjusted for depreciation and amortization, amortization on restricted stock awards, foreign currency gains (losses), deferred income tax income, excess tax benefits from stock based compensation, convertible debt instrument non cash interest char ges, and the gain on the disposal of property . Operating cash inflow of $98.9 million in 2010 reflects a net working capital use of $135.9 million driven principally by increases in inventories, receivables, and other assets of $162.5 million, $95.0 million and $34.6 million respectively , which were partially of fset by increases in accounts payable, accrued and other liabilities of $156.2 million. The increase in accounts receivable primarily reflects the increase in selling prices due to the increase in raw material costs as well as increased volume in the months leading up to year end compared to the equivalent period in 2009. The increase in inventory is primarily due to the increase in metal prices throughout the year . The Company continues to adjust its production in order to balance inventory levels. These negative cash flows have been partially of fset by increases in accounts payable, accrued and other liabilities which were primarily the result of incremental manufacturing activity due to an increase in demand and higher raw material cost inputs. More than of fsetting this net working capital use of cash in the twelve fiscal months of 2010 was $234.8 million of overall net cash inflows related to net income adjusted for depreciation and amortization, amortization on restricted stock awards, foreign currency loss, deferred income tax income, excess tax benefits from stock based compensation, convertible debt instrument non cash interest char ges, and the gain on the disposal of property . Cash flow used by investing activities was $ 390.5 million in 2012 principally reflecting the acquisitions of Alcan Cable North America, Alcan Cable China, Procables and Prestolite of $286.5 million and capital expenditures of $ 108.8 million . The Company anticipates capital spending to be approximately $80 million to $100 million in 2013 . Financing activities generated $ 289.6 million of cash inflows in 2012 as compared to cash outflows of $ 8.5 million in 201 1 . The increase is principally due to the issuance of the $600.0 million 5.75% Senior Notes partially of fset by the settlement of long term debt of $217.7 million. The Company evaluates factors such as future operating cash flow requirements, other cash flow expectations, investment and financing strategic plans and the overall cost of capital to determine the appropriate levels of short and long term debt to maintain. Refer to Item 7 - MD&A – Debt and Other Contractual Obligations (section below) for details. Debt and Other Contractual Obligations The Company had outstanding debt obligations of $ 1,450.1 million as of December 31, 2012 and maintained approximately $ 977.5 million of excess availability under its various credit facilities around the world. The Company utilizes short and long term debt to address working capital needs, debt repayments, and interest as well as discretionary investments in internal product development, acquisitions, Series  A preferred stock dividends, repurchase of common stock and taxes. Short-term liquidity and working capital needs are generally supported through operating cash flows. The Company maintains ratings on its public debt; therefore, the Company has and expects to continue to obtain market rates on any new borrowings. On September 25, 2012, the Company completed the issuance and sale of $600.0 million in aggregate principal amount of new senior unsecured notes (the "5.75% Senior Notes"). The 5.75% Senior Notes are jointly and severally guaranteed by each of the Company's current and future U.S. subsidiaries that is a borrower or a guarantor under the Company's Revolving Credit Facility or certain of the Company's or the guarantors' other indebtedness. The Company used the proceeds of the 5.75% Senior Notes to redeem all of its outstanding $200.0 million of 7.125% Senior Fixed Rate Notes that were to mature in April 2017. The Company intends to use the balance of the proceeds to (i) purchase or redeem its 0.875% Convertible Notes through a possible tender of fer , purchases or payment at maturity , and (ii) general corporate purposes, which may include repayment of borrowings under its Revolving Credit Facility . On July 21, 201 1, the Company entered into a $400 million Revolving Credit Facility , which was subsequently amended to, among other things, increase the Revolving Credit Facility to $700 million, $630 million of which may be borrowed by the U.S. borrower under the Revolving Credit Facility and $70 million of which may be borrowed by the Canadian borrower under the Revolving Credit Facility . The Revolving Credit Facility replaced the Company's prior $400 million T erminated Credit Facility , which was set to mature in July 2012. The Revolving Credit Facility contains restrictions in areas consistent with the T erminated Credit T able of Contents