Nike ended the quarter with cash and short-term investments of $5,578 million, up approximately 70.7% from $3,267 million as of Aug 31, 2012. Increase in cash and cash equivalents was due to proceeds from the issuance of debt in fourth-quarter fiscal 2013, sale of Umbro and Cole Haan businesses, a higher net income, and enhanced working capital productivity. Moreover, the company has a long-term debt of $1,207 million (excluding current maturities) and shareholders' equity of $11,282 million at the end of first quarter.