to property, plant and equipment from $598 million in fiscal 2013 to $880 million in fiscal 2014, reflective of investments in infrastructure to support current and future growth, as well as digital capabilities. In fiscal 2014, we made $328 million in net purchases of short-term investments (net of sales/maturities) compared to $1,140 million in net purchases (net of sales/maturities) in fiscal 2013. Cash used by investing activities in fiscal 2013 was partially offset by $786 million in proceeds from the sale of Umbro and Cole Haan. 

Cash used by financing activities was $2,914 million for fiscal 2014 compared to $1,045 million for fiscal 2013, an increase of $1,869 million. The increase was primarily due to a $954 million increase in share repurchases to $2,628 million, a $986 million decrease in net proceeds from long term debt issuance (reflecting the issuance of 10- and 30-year notes in April 2013), and a $96 

million increase in dividends, partially offset by a year-on-year increase in proceeds from the exercise of stock options. 

In fiscal 2014, we purchased 36.6 million shares of NIKE’s Class B Common Stock for $2,628 million, an average price of $71.80. During fiscal 2013, we completed the four-year, $5 billion share repurchase program approved by our Board of Directors in September 2008. Under that program, we purchased a total of 118.8 million shares at an average price of $42.08. Subsequently, we began repurchases under a four-year, $8 billion program approved by the Board in September 2012. As of the end of fiscal 2014, we had repurchased 51.9 million shares at an average price of $65.83 for a total cost of $3,417 million under this current program. We continue to expect funding of share repurchases will come from operating cash flow, excess cash, and/or debt. The timing and the amount of shares purchased will be dictated by our capital needs and stock market conditions. 

Capital Resources 

On April 23, 2013, we filed a shelf registration statement (the “Shelf”) with the SEC which permits us to issue an unlimited amount of debt securities. The Shelf expires on April 23, 2016. On April 23, 2013, we issued $1.0 billion of senior notes with tranches maturing in 2023 and 2043. The 2023 senior notes were issued in an initial aggregate principal amount of $500 million at a 2.25% fixed, annual interest rate and will mature on May 1, 2023. The 2043 senior notes were issued in an initial aggregate principal amount of $500 million at a 3.625% fixed, annual interest rate and will mature on May 1, 2043. Interest on the senior notes is payable semi-annually on May 1 and November 1 of each year. The issuance resulted in gross proceeds before expenses of $998 million. 

On November 1, 2011, we entered into a committed credit facility agreement with a syndicate of banks which provides for up to $1 billion of borrowings with the option to increase borrowings to $1.5 billion with lender approval. Following an extension agreement on September 17, 2013 between the Company and the syndicate of banks, the facility matures November 1, 2017, with a one-year extension option exercisable through October 31, 2014. No amounts were outstanding under