Table of Contents Financial Condition, Liquidity and Capital Resources Applied’s cash, cash equivalents and investments consist of the following: October 25, 2020 October 27, 2019 (In millions) Cash and cash equivalents $ 5,351  $ 3,129  Short-term investments 387  489  Long-term investments 1,538  1,703  Total cash, cash-equivalents and investments $ 7,276  $ 5,321  A summary of cash provided by (used in) operating, investing, and financing activities is as follows: Sources and Uses of Cash 2020 2019 2018 (In millions) Cash provided by operating activities $ 3,804  $ 3,247  $ 3,787  Cash provided by (used in) investing activities $ (130) $ (443) $ 571  Cash used in financing activities $ (1,337) $ (3,115) $ (5,928) Operating Activities Cash from operating activities for fiscal 2020 was $3.8 billion, which reflects net income adjusted for the effect of non-cash charges and changes in working capital components. Non-cash charges included depreciation, amortization, share-based compensation and deferred income taxes. Cash provided by operating activities increased in fiscal 2020 compared to fiscal 2019 primarily due to higher net income and better cash collections. Cash provided from operating activities in fiscal 2019 decreased compared to fiscal 2018 due to lower net income, cash collections, change in income taxes payable and higher payments to suppliers, offset by a decrease in inventories. Applied has agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. Applied sells its accounts receivable without recourse. Applied, from time to time, also discounts letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. Applied sold $1.2 billion, $1.5 billion and $1.6 billion of accounts receivable during fiscal 2020, 2019 and 2018, respectively. Applied discounted letters of credit issued by customers of $105 million, $48 million and $37 million in fiscal 2020, 2019 and 2018, respectively. There was no discounting of promissory notes in each of fiscal 2020, 2019 and 2018. Applied’s working capital was $8.9 billion at October 25, 2020 and $5.8 billion at October 27, 2019. Days sales outstanding at the end of fiscal 2020, 2019 and 2018 was 57 days, 61 days, and 58 days, respectively. Days sales outstanding varies due to the timing of shipments and payment terms. The decrease in days sales outstanding at the end of fiscal 2020 was primarily due to higher accounts receivable factoring and favorable revenue linearity compared to the end of fiscal 2019. The increase in days sales outstanding at the end of fiscal 2019 compared to the end of fiscal 2018 was primarily due to lower factoring of accounts receivable. 44