securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer. The policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss. 

During 2014, cash generated from operating activities of $59.7 billion was a result of $39.5 billion of net income, non-cash adjustments to net income of $13.2 billion and an increase in net change in operating assets and liabilities of $7.0 billion. Cash used in investing activities of $22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $9.0 billion; cash used to acquire property, plant and equipment of $9.6 billion; and cash paid for business acquisitions, net of cash acquired, of $3.8 billion. Cash used in financing activities of $37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $45.0 billion and cash used to pay dividends and dividend equivalents of $11.1 billion, partially offset by net proceeds from the issuance of long-term debt and commercial paper of $12.0 billion and $6.3 billion, respectively. 

During 2013, cash generated from operating activities of $53.7 billion was a result of $37.0 billion of net income, non-cash adjustments to net income of $10.2 billion and an increase in net change in operating assets and liabilities of $6.5 billion. Cash used in investing activities of $33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $24.0 billion and cash used to acquire property, plant and equipment of $8.2 billion. Cash used in financing activities of $16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $22.9 billion and cash used to pay dividends and dividend equivalents of $10.6 billion, partially offset by net proceeds from the issuance of long-term debt of $16.9 billion. 

Capital Assets 

The Company’s capital expenditures were $11.0 billion during 2014, consisting of $491 million for retail store facilities and $10.5 billion for other capital expenditures, including product tooling and manufacturing process equipment and other corporate facilities and infrastructure. The Company’s actual cash payments for capital expenditures during 2014 were $9.6 billion. 

The Company anticipates utilizing approximately $13.0 billion for capital expenditures during 2015, including approximately $600 million for retail store facilities and approximately $12.4 billion for other capital expenditures, including product tooling and manufacturing process equipment, data centers and corporate facilities and infrastructure, including information systems hardware, software and enhancements. 

During 2015, the Company expects to open about 25 new retail stores, with approximately three-quarters located outside of the U.S. During 2015, the Company also expects to remodel approximately five of its existing stores. 

Debt 

In April 2014, the Board of Directors authorized the Company to issue unsecured short-term