Table:
|  |  | Fiscal Year Ended |  |
| --- | --- | --- | --- |
|  | December 27, 2019 | December 28, 2018 | December 29, 2017 |
| Cash and cash equivalents | $140,233 | $42,410 | $41,504 |
| Working capital,(1) excluding cash and cash equivalents | $162,772 | $160,783 | $147,063 |
| Availability under asset-based loan facility | $133,359 | $90,015 | $64,805 |
Paragraphs:
Liquidity
The following table presents selected financial information on liquidity (in thousands):
(1) We define working capital as current assets less current liabilities. Fiscal year 2019 includes the impact of recognizing operating lease right-of-use assets and liabilities as a result of our adoption of Accounting Standards Codification Topic 842, “Leases,” as of December 29, 2018.
We believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next 12 months.
Our capital expenditures, excluding cash paid for acquisitions, were approximately $16.1 million for fiscal 2019. We believe our capital expenditures, excluding cash paid for acquisitions, for fiscal 2020 will be approximately $38.0 million to $42.0 million. The increase in projected capital expenditures in fiscal 2020 as compared to fiscal 2019 is the result of planned expansions of several of our distribution facilities. Our planned capital projects will provide both new and expanded facilities and improvements to our technology that we believe will produce increased efficiency and the capacity to continue to support the growth of our customer base.
Question:
Which year has the highest Cash and cash equivalents?
Answer: Because 140,233> 42,410> 41,504, the answer is: 2019.