subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. These hedges are accounted for in accordance with the accounting standards for net investment hedges. There were no outstanding net investment hedges as of May 31, 2015 and 2014. There were no cash flows from net investment hedge settlements for the years ended May 31, 2015 and 2014. 

Liquidity and Capital Resources 

Cash Flow Activity 

Cash provided by operations was $4,680 million for fiscal 2015 compared to $3,013 million for fiscal 2014. Our primary source of operating cash flow for fiscal 2015 was Net income of $3,273 million. Our fiscal 2015 change in working capital was a net cash inflow of $256 million as compared to a net cash outflow of $488 million for fiscal 2014. Our investments in working capital decreased due to increases in Accrued liabilities, primarily resulting from the receipt of $968 million of cash collateral from counterparties as a result of hedging activity. These amounts were partially offset by higher inventory levels resulting from business growth and West Coast port delays in North America, as well as lower Income taxes payable as a result of tax payments made in fiscal 2015 following the U.S. Unilateral Advance Pricing Agreement reached with the IRS in fiscal 2014. 

Cash used by investing activities was $175 million for fiscal 2015, compared to a $1,207 million use of cash for fiscal 2014. The primary driver of the decrease in Cash used by investing activities was the net change in short- term investments (including sales, maturities and purchases) from net purchases to net sales/maturities. In fiscal 2015, there were $935 million of net sales/maturities compared to $328 million of net purchases of short-term investments in the same period of fiscal 2014. Additions to property, plant and equipment were $963 million in fiscal 2015 as compared to $880 million in fiscal 2014. The increase in Additions to property, plant and equipment resulted from continued investments in infrastructure to support current and future growth, primarily relating to expansion of our DTC operations as well as supply chain and corporate initiatives. 

In fiscal 2016, we plan to continue investing in our infrastructure to support future growth, as well as expand our digital capabilities. We anticipate investing approximately 4% of revenue, a portion of which will be used for the continued expansion of our corporate facilities, new DTC stores and digital capabilities. 

Cash used by financing activities was $2,790 million for fiscal 2015 compared to $2,914 million for fiscal 2014, a decrease of $124 million, as increased dividends were more than offset by an increase in proceeds from the exercise of stock options and the excess tax benefits from share-based payment arrangements. 

In fiscal 2015, we purchased 29.0 million shares of NIKE’s Class B Common Stock for $2,534 million, an average price of $ 87.37. 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.