CSCO: Upgraded, Cash Question

When a prominent analyst raised his outlook today for Cisco Systems, Inc. (NASDAQ: CSCO), he cited the company's $19.8 billion cash.  The analyst noted that Cisco has the wherewithal to acquire other companies at prices slashed by the market slump.

We're curious about the $19.8 billion figure.  Cisco's 10-K, Exhibit 13.1, for the last fiscal year indicates that Cisco had $5.2 billion in Cash and cash equivalents, plus $21.0 billion in Short-term Investments on 26 July 2008.  As far as we know, the 10-K, filed on 15 September, was the last time Cisco reported Assets to the public.

Cisco's Working Capital was $35.7 billion in Current Assets, less $13.9 billion in Current Liabilities, for a total of $21.8 billion.