Our primary sources of liquidity are cash provided by operating activities and external borrowings. We believe that cash flows from operations and cash provided by short-term, long-term and committed revolver borrowings, when necessary, will be sufficient to meet our ongoing operating requirements, scheduled principal and interest payments on debt, dividend payments, anticipated share repurchases and anticipated capital expenditures. We have no debt maturities until 2022, our senior credit facilities are in place until 2024 and we are focused in the near term on maintaining liquidity and flexibility in the current economic environment.
Cash flows provided by operations were lower in 2020 compared to 2019, primarily due to higher working capital outflows. The impact of changes in working capital on operating cash flows for the three months ended March 31, 2020, was a $1,037 million outflow, primarily due to seasonal working capital build which was more sizeable than typical due largely to the timing of metal payments in the first quarter. In comparison to the first quarter of 2019, our working capital movements reflect an increase of days sales outstanding from 38 days in 2019 to 46 days in 2020 and a decrease in days payable outstanding from 118 days in 2019 to 102 days in 2020.
Cash outflows from investing activities increased by $71 million from $163 million in 2019 to $234 million in 2020. This predominantly reflected a $59 million increase in capital expenditures for large growth projects.
Cash inflows from financing activities decreased by $200 million from $225 million in 2019 to $25 million in 2020. The primary reason for the smaller inflow was the redemption in January 2020 of euro-denominated 3.50% senior notes of €400 million and 4.375% senior notes of $1 billion, partially offset by revolver borrowings and decreased net share repurchases of $62 million.
We have entered into several regional committed and uncommitted accounts receivable factoring programs with various financial institutions for certain of our receivables. The programs are accounted for as true sales of the receivables, without recourse to Ball, and had combined limits of approximately $1.3 billion and $1.4 billion at March 31, 2020, and December 31, 2019. A total of $202 million and $230 million were available for sale under such programs as of March 31, 2020, and December 31, 2019, respectively.
Contributions to the company’s defined benefit pension plans were $11 million in the first three months of 2020 compared to $6 million in the first three months of 2019 and such contributions are expected to be approximately $90 million for the full year of 2020. This estimate may change based on changes to the U.S. Pension Protection Act, the CARES Act and actual plan asset performance, among other factors.
We expect 2020 capital expenditures for property, plant and equipment to be in the range of $800 million and approximately $566 million was contractually committed as of March 31, 2020.
As of March 31, 2020, approximately $405 million of our cash was held outside of the U.S. In the event that we would need to utilize any of the cash held outside of the U.S. for purposes within the U.S., there are no material legal or other economic restrictions regarding the repatriation of cash from any of the countries outside the U.S. where we have cash. The company believes its U.S. operating cash flows, cash on hand, as well as availability under its long-term, revolving credit facilities, uncommitted short-term credit facilities and committed and uncommitted accounts receivable factoring programs will be sufficient to meet the cash requirements of the U.S. portion of our ongoing operations, scheduled principal and interest payments on U.S. debt, dividend payments, capital expenditures and other U.S. cash requirements. If foreign funds would be needed for our U.S. cash requirements and we are unable to provide the funds through intercompany financing arrangements, we would be required to repatriate funds from foreign locations where the company has previously asserted indefinite reinvestment of funds outside the U.S.
Based on its indefinite reinvestment assertion, the company has not provided deferred taxes on earnings in certain non-U.S. subsidiaries because such earnings are intended to be indefinitely reinvested in its international operations. It is not practical to estimate the additional taxes that may become payable if these earnings were remitted to the U.S.
Share Repurchases
The company’s share repurchases, net of issuances, totaled $88 million during the three months ended March 31, 2020, compared to $150 million of repurchases, net of issuances, during the same period of 2019. The share repurchases were completed using cash on hand, cash provided by operating activities and available borrowings.