description of how the above financial instruments are valued and recorded as well as the fair value of outstanding derivatives at period end. 

We estimate the combination of translation of foreign currency-denominated profits from our international businesses and the year-over-year change in foreign currency related gains and losses included in Other expense (income), net had an unfavorable impact of approximately $139 million and $56 million on our Income before income taxes for the years ended May 31, 2014 and 2013, respectively. 

Net investments in foreign subsidiaries 

We are also exposed to the impact of foreign exchange fluctuations on our investments in wholly-owned foreign subsidiaries denominated in a currency other than the U.S. Dollar, which could adversely impact the U.S. Dollar value of these investments and therefore the value of future repatriated earnings. We have hedged and may, in the future, hedge net investment positions in certain foreign subsidiaries to mitigate the effects of foreign exchange fluctuations on these net investments. In accordance with the accounting standards for derivatives and hedging, the effective portion of the change in fair value of the forward contracts designated as net investment hedges is recorded in the cumulative translation adjustment component of Accumulated other comprehensive income. Any ineffective portion is immediately recognized in earnings as a component of Other expense (income), net. The impact of ineffective hedges was immaterial for any period presented. To minimize credit risk, we have structured these net investment hedges to be generally less than six months in duration. Upon maturity, the hedges are settled based on the current fair value of the forward contracts with the realized gain or loss remaining in Other comprehensive income. There were no outstanding net investment hedges as of May 31, 2014 and 2013. There were no cash flows from net investment hedge settlements for the years ended May 31, 2014 and 2013. 

Liquidity and Capital Resources 

Cash Flow Activity 

Cash provided by operations was $3,003 million for fiscal 2014 compared to $2,968 million for fiscal 2013. Our primary source of operating cash flow for fiscal 2014 was net income of $2,693 million. Our fiscal 2014 change in working capital was a net cash outflow of $488 million as compared to a net cash outflow of $78 million for fiscal 2013. Our investments in working capital increased due to higher inventory levels to support higher reported futures orders, growth in accounts receivable reflecting the increase in sales, and higher prepaid marketing expenses in advance of the World Cup. These increases in working capital were partially offset by increases in accounts payable and accrued liabilities. 

Cash used by investing activities was $1,207 million during fiscal 2014, compared to a $940 million use of cash for fiscal 2013. A major driver of the change was a $282 million increase in additions 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