We provide U.S. federal income taxes on the earnings of foreign subsidiaries
unless the subsidiaries' earnings are intended to be indefinitely reinvested in
our international operations. To the extent that foreign earnings previously
treated as indefinitely reinvested are repatriated, the related U.S. tax
liability may, subject to certain limitations, be reduced by any foreign income
taxes paid on these earnings. At
In the first quarter of fiscal 2013 we completed the sale of our Intuit Websites business, which was a component of our Financial Management Solutions segment. During the fourth quarter of fiscal 2013 we signed a definitive agreement to sell our
Intuit Financial Servicesbusiness, which comprised substantially all of our former Financial Services segment, and management approved a plan to sell our Intuit Healthbusiness, which was part of our Other Businesses segment. We completed the sale of those two businesses in August 2013. We also transferred Mint, which was reported in the Financial Services segment during fiscal 2013, back to our Other Businesses segment. See Note 8 to the financial statements in Item 8 of this Report for a more complete description of these discontinued operations and the impact that they have had on our statements of operations for the fiscal periods presented.
Liquidity and Capital Resources
July 31, 2013, our cash, cash equivalents and investments totaled $1.7 billion, an increase of $917 millionfrom July 31, 2012due to the factors described in "Statements of Cash Flows" below. Our primary source of liquidity has been cash from operations, which entails the collection of accounts receivable for products and services. Our primary uses of cash have been for research and development programs, selling and marketing activities, capital projects, acquisitions of businesses, debt service costs, repurchases of our common stock under our stock repurchase programs, and the payment of cash dividends. As discussed in "Executive Overview - Industry Trends and Seasonality" earlier in this Item 7, our business is subject to significant seasonality. The balance of our cash, cash equivalents and investments generally fluctuates with that seasonal pattern. We believe the seasonality of our business is likely to continue in the future.
The following table summarizes selected measures of our liquidity and capital resources at the dates indicated:
July 31, July 31, $ % (Dollars in millions) 2013 2012 Change Change Cash, cash equivalents and investments
$ 1,661 $ 744 $ 917123 % Long-term investments 83 75 8 11 % Long-term debt 499 499 - - % Working capital 1,116 258 858 333 % Ratio of current assets to current liabilities 1.9 : 1 1.2 : 1