” 36 revenues , operations , cyclicality , seasonality and financing our operating revenues are derived primarily from broadcast and internet advertising and retransmission consent fees and , to a lesser extent , from other sources such as production of commercials , tower rentals and management fees . broadcast advertising is sold for placement either preceding or following a television station 's network programming and within local and syndicated programming . broadcast advertising is sold in time increments and is priced primarily on the basis of a program 's popularity among the specific audience an advertiser desires to reach , as measured by nielsen . in addition , broadcast advertising rates are affected by the number of advertisers competing for the available time , the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area . broadcast advertising rates are generally the highest during the most desirable viewing hours , with corresponding reductions during other hours . the ratings of a local station affiliated with a major network can be affected by ratings of network programming . we also sell internet advertising on our stations ' websites . these advertisements may be sold as banner advertisements , pre-roll advertisements or video and other types of advertisements or sponsorships . most advertising contracts are short-term , and generally run only for a few weeks . approximately 65 % of the net revenues of our television stations for the year ended december 31 , 2014 were generated from local advertising ( including political advertising revenues ) , which is sold primarily by a station 's sales staff directly to local accounts , and the remainder was represented primarily by national advertising , which is sold by a station 's national advertising sales representative . the stations generally pay commissions to advertising agencies on local , regional and national advertising and the stations also pay commissions to the national sales representative on national advertising , including certain political advertising . broadcast advertising revenue is generally highest in the second and fourth quarters each year . this seasonality results partly from increases in advertising in the spring and in the period leading up to and including the holiday season . broadcast advertising revenue is also generally higher in even-numbered years , due to spending by political candidates , political parties and special interest groups during the “ on year ” of the two-year political advertising cycle . this political spending typically is heaviest during the fourth quarter of such years . our primary broadcasting operating expenses are employee compensation , related benefits and programming costs . in addition , the broadcasting operations incur overhead expenses , such as maintenance , supplies , insurance , rent and utilities . a large portion of the operating expenses of our broadcasting operations is fixed . 37 our total revenue for 2014 increased from 2013. this increase was expected due primarily to a substantial increase in the number of national , state and local elections in the “ on year ” of the two-year political advertising cycle and therefore political advertising revenue , as well as the impact from our acquired stations . our retransmission consent revenue increased in 2014 compared to 2013 due to improved terms of our retransmission consent contracts , as well as the impact from our acquired stations . our 2014 local and internet advertising revenue increased over 2013 amounts due primarily to our acquired stations and improvement in the economy in 2014 as compared to 2013. local and national advertising revenue benefited from the broadcast of the 2014 winter olympic games on our then 14 nbc affiliated stations . local and national advertising revenue included revenue from the broadcast of the 2014 super bowl on our then five fox channels , which earned us approximately $ 0.2 million , a decrease of approximately $ 0.9 million compared to the broadcast of the 2013 super bowl on our then 20 cbs channels that earned us approximately $ 1.1 million . in 2013 , we recorded certain incentive consulting revenue under a consulting agreement that expired on december 31 , 2012 , although we received no consulting revenue in 2014. automotive advertisers have traditionally accounted for a significant portion of our revenue . for the years ended december 31 , 2014 and 2013 , we derived approximately 21 % and 25 % , respectively , of our total broadcast advertising revenue from customers in the automotive industry . strong demand for our advertising inventory from political advertisers required significant use of available inventory , which in turn lowered our advertising revenue from our non-political advertising revenue categories in the even numbered “ on-year ” of the two year political advertising cycle . we expect these temporary declines to reverse themselves in odd numbered “ off-year ” of the two year political advertising cycle . while our revenues have experienced a gradual improvement as a result of improvements in general economic conditions in recent years , revenue remains under pressure from the internet as a competitor for advertising spending . we continue to enhance and market our internet websites in an effort to generate additional revenue . our aggregate internet revenue is derived from two sources . the first is advertising or sponsorship opportunities directly on our websites , referred to as “ direct internet revenue . ” the other source is television advertising time purchased by our clients to directly promote their involvement in our websites , referred to as “ internet-related commercial time sales . ” we continue to monitor our operating expenses and reduce them where possible . story_separator_special_tag net cash provided by ( used in ) operating , investing and financing activities net cash provided by operating activities increased $ 74.0 million to $ 134.2 million in 2014 compared to net cash provided by operating activities of $ 60.2 million in 2013. the increase in cash provided by operating activities was due primarily to several factors , including an increase in operating income of $ 69.9 million and an increase of $ 9.9 million due to changes in certain current asset and current liability balances . net cash used in investing activities increased $ 441.4 million to $ 501.9 million for 2014 compared to $ 60.5 million for 2013 due primarily to an increase in cash used to acquire television businesses and licenses . 46 net cash provided by financing activities was $ 385.0 million in 2014 compared to net cash provided by financing activities of $ 2.7 million in 2013. this change of $ 382.3 million was due primarily to our refinancing activities . during 2014 , we borrowed $ 394.4 million more in long-term debt than we repaid , which was partially offset by our payment of $ 9.4 million in costs primarily associated with the refinancing of our senior credit facility . during december 2014 , we made voluntary principal pre-payments totaling $ 67.0 million on the outstanding balance of the 2014 term loan and as a result we are not required to make any additional principal payments until the 2014 term loan matures on june 13 , 2021. retirement plans we have three defined benefit pension plans . two of these plans were assumed by us as a result of our acquisitions in prior years and are frozen plans . our active defined benefit pension plan , which we consider to be our primary pension plan , covers substantially all of our full-time employees . retirement benefits under our active plan are based on years of service and the employees ' highest average compensation for five consecutive years during the last ten years of employment . our funding policy is consistent with the funding requirements of existing federal laws and regulations under the employee retirement income security act of 1974. a discount rate is selected annually to measure the present value of the benefit obligations . in determining the selection of a discount rate , we estimated the timing and amounts of expected future benefit payments and applied a yield curve developed to reflect yields available on high-quality bonds . the yield curve is based on an externally published index specifically designed to meet the criteria of gaap . the discount rate selected for determining benefit obligations as of december 31 , 2014 was 4.00 % , which reflects the results of this yield curve analysis . the discount rate used for determining benefit obligations as of december 31 , 2013 was 4.97 % . our assumptions regarding expected return on plan assets reflects asset allocations , the investment strategy and the views of investment managers , as well as historical experience . we use an assumed rate of return of 7.00 % for our assets invested in our active pension plan . in 2014 and 2013 , actual asset returns for this plan , calculated on a mean market value , increased in value 6.5 % and 17.1 % , respectively . other significant assumptions relate to inflation , salary growth , retirement and mortality rates . our inflation assumption is based on an evaluation of external market indicators . the salary growth assumptions reflect our long-term actual experience , the near-term outlook and assumed inflation . compensation increases over the most recent five-year period have been in line with assumptions . retirement and mortality rates are based on actual plan experience . during 2014 and 2013 , we contributed an aggregate of $ 6.8 million and $ 4.7 million , respectively , to our pension plans and we anticipate making an aggregate contribution of approximately $ 5.3 million to such plans in 2015. the use of significantly different assumptions , or if actual experienced results differ significantly from those assumed , could result in our funding obligations being materially different . see note 9 “ retirement plans ” of our audited consolidated financial statements included elsewhere herein for further information concerning the retirement plans . capital expenditures capital expenditures for the years ended december 31 , 2014 and 2013 were $ 32.2 million and $ 24.1 million , respectively . we expect that our capital expenditures will be approximately $ 25.0 million in the year ending december 31 , 2015. we expect to fund future capital expenditures with cash from operations . 47 off-balance sheet arrangements operating commitments we have various operating lease commitments for equipment , land and office space . we also have commitments for various syndicated television programs . we have two types of syndicated television program contracts : first run programs and off network reruns . the first run programs are programs such as jeopardy and the off network programs are programs such as that ‘ 70s show . a difference between the two types of syndicated television programming is that the first run programs have not been produced at the time the contract to air such programming is signed but the off network programs have already been produced . for all syndicated television contracts , we record an asset and corresponding liability for payments to be made for the entire “ off network ” contract period and for only the current year of the “ first run ” contract period . only an estimate of the payments anticipated to be made in the year following the balance sheet date of the “ first run ” contracts are recorded on the current balance sheet , because the programs for the later years of the contract period have not been produced and delivered . tabular disclosure of contractual obligations as of december 31 , 2014 replace_table_token_12_th 48 the following

loss from early extinguishment of debt in 2012 , we amended the 2012 senior credit facility and repurchased our then-outstanding 2015 notes . as a result , we incurred costs of approximately $ 48.5 million , including tender offer premiums , bank fees and legal fees . in connection with these transactions , we incurred a loss on early extinguishment of debt of $ 46.7 million for 2012. we did not incur any losses from early extinguishment of debt in 2013. income tax expense our effective income tax rate increased to 41.8 % for 2013 from 40.6 % for 2012. our effective income tax rates differed from the statutory rate due to the following items : replace_table_token_9_th preferred stock dividends in 2012 , we repurchased all then-outstanding shares of our series d perpetual preferred stock . as a result , preferred stock dividends decreased $ 4.1 million , or 100 % , to $ 0.0 million in 2013 compared to 2012 . 43 liquidity and capital resources general the following tables present data that we believe is helpful in evaluating our liquidity and capital resources ( dollars in thousands ) : replace_table_token_10_th replace_table_token_11_th 2014 senior credit facility gray entered into the 2014 senior credit facility on june 13 , 2014 ( the “ closing date ” ) . as of the closing date , the 2014 senior credit facility provided total commitments of $ 575.0 million , consisting of a $ 525.0 million term loan facility ( the “ 2014 term loan ” ) and a $ 50.0 million revolving credit facility ( the “ 2014 revolving credit facility ” ) . on the closing date , we borrowed $ 525.0 million under the 2014 term loan . proceeds from borrowings under the 2014 term loan were used to repay all amounts outstanding under the 2012 senior credit facility , to fund the cash purchase price to complete the hoak acquisition and to pay related fees and expenses , as well as for general corporate purposes . on september 15 , 2014 , we amended the 2014 senior credit facility to increase the commitments under the 2014 term loan to $ 625.0 million and we borrowed an additional $ 100.0 million under the 2014 term loan .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss from early extinguishment of debt in 2012 , we amended the 2012 senior credit facility and repurchased our then-outstanding 2015 notes . as a result , we incurred costs of approximately $ 48.5 million , including tender offer premiums , bank fees and legal fees . in connection with these transactions , we incurred a loss on early extinguishment of debt of $ 46.7 million for 2012. we did not incur any losses from early extinguishment of debt in 2013. income tax expense our effective income tax rate increased to 41.8 % for 2013 from 40.6 % for 2012. our effective income tax rates differed from the statutory rate due to the following items : replace_table_token_9_th preferred stock dividends in 2012 , we repurchased all then-outstanding shares of our series d perpetual preferred stock . as a result , preferred stock dividends decreased $ 4.1 million , or 100 % , to $ 0.0 million in 2013 compared to 2012 . 43 liquidity and capital resources general the following tables present data that we believe is helpful in evaluating our liquidity and capital resources ( dollars in thousands ) : replace_table_token_10_th replace_table_token_11_th 2014 senior credit facility gray entered into the 2014 senior credit facility on june 13 , 2014 ( the “ closing date ” ) . as of the closing date , the 2014 senior credit facility provided total commitments of $ 575.0 million , consisting of a $ 525.0 million term loan facility ( the “ 2014 term loan ” ) and a $ 50.0 million revolving credit facility ( the “ 2014 revolving credit facility ” ) . on the closing date , we borrowed $ 525.0 million under the 2014 term loan . proceeds from borrowings under the 2014 term loan were used to repay all amounts outstanding under the 2012 senior credit facility , to fund the cash purchase price to complete the hoak acquisition and to pay related fees and expenses , as well as for general corporate purposes . on september 15 , 2014 , we amended the 2014 senior credit facility to increase the commitments under the 2014 term loan to $ 625.0 million and we borrowed an additional $ 100.0 million under the 2014 term loan .
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 Suspicious Activity Report : ” 36 revenues , operations , cyclicality , seasonality and financing our operating revenues are derived primarily from broadcast and internet advertising and retransmission consent fees and , to a lesser extent , from other sources such as production of commercials , tower rentals and management fees . broadcast advertising is sold for placement either preceding or following a television station 's network programming and within local and syndicated programming . broadcast advertising is sold in time increments and is priced primarily on the basis of a program 's popularity among the specific audience an advertiser desires to reach , as measured by nielsen . in addition , broadcast advertising rates are affected by the number of advertisers competing for the available time , the size and demographic makeup of the market served by the station and the availability of alternative advertising media in the market area . broadcast advertising rates are generally the highest during the most desirable viewing hours , with corresponding reductions during other hours . the ratings of a local station affiliated with a major network can be affected by ratings of network programming . we also sell internet advertising on our stations ' websites . these advertisements may be sold as banner advertisements , pre-roll advertisements or video and other types of advertisements or sponsorships . most advertising contracts are short-term , and generally run only for a few weeks . approximately 65 % of the net revenues of our television stations for the year ended december 31 , 2014 were generated from local advertising ( including political advertising revenues ) , which is sold primarily by a station 's sales staff directly to local accounts , and the remainder was represented primarily by national advertising , which is sold by a station 's national advertising sales representative . the stations generally pay commissions to advertising agencies on local , regional and national advertising and the stations also pay commissions to the national sales representative on national advertising , including certain political advertising . broadcast advertising revenue is generally highest in the second and fourth quarters each year . this seasonality results partly from increases in advertising in the spring and in the period leading up to and including the holiday season . broadcast advertising revenue is also generally higher in even-numbered years , due to spending by political candidates , political parties and special interest groups during the “ on year ” of the two-year political advertising cycle . this political spending typically is heaviest during the fourth quarter of such years . our primary broadcasting operating expenses are employee compensation , related benefits and programming costs . in addition , the broadcasting operations incur overhead expenses , such as maintenance , supplies , insurance , rent and utilities . a large portion of the operating expenses of our broadcasting operations is fixed . 37 our total revenue for 2014 increased from 2013. this increase was expected due primarily to a substantial increase in the number of national , state and local elections in the “ on year ” of the two-year political advertising cycle and therefore political advertising revenue , as well as the impact from our acquired stations . our retransmission consent revenue increased in 2014 compared to 2013 due to improved terms of our retransmission consent contracts , as well as the impact from our acquired stations . our 2014 local and internet advertising revenue increased over 2013 amounts due primarily to our acquired stations and improvement in the economy in 2014 as compared to 2013. local and national advertising revenue benefited from the broadcast of the 2014 winter olympic games on our then 14 nbc affiliated stations . local and national advertising revenue included revenue from the broadcast of the 2014 super bowl on our then five fox channels , which earned us approximately $ 0.2 million , a decrease of approximately $ 0.9 million compared to the broadcast of the 2013 super bowl on our then 20 cbs channels that earned us approximately $ 1.1 million . in 2013 , we recorded certain incentive consulting revenue under a consulting agreement that expired on december 31 , 2012 , although we received no consulting revenue in 2014. automotive advertisers have traditionally accounted for a significant portion of our revenue . for the years ended december 31 , 2014 and 2013 , we derived approximately 21 % and 25 % , respectively , of our total broadcast advertising revenue from customers in the automotive industry . strong demand for our advertising inventory from political advertisers required significant use of available inventory , which in turn lowered our advertising revenue from our non-political advertising revenue categories in the even numbered “ on-year ” of the two year political advertising cycle . we expect these temporary declines to reverse themselves in odd numbered “ off-year ” of the two year political advertising cycle . while our revenues have experienced a gradual improvement as a result of improvements in general economic conditions in recent years , revenue remains under pressure from the internet as a competitor for advertising spending . we continue to enhance and market our internet websites in an effort to generate additional revenue . our aggregate internet revenue is derived from two sources . the first is advertising or sponsorship opportunities directly on our websites , referred to as “ direct internet revenue . ” the other source is television advertising time purchased by our clients to directly promote their involvement in our websites , referred to as “ internet-related commercial time sales . ” we continue to monitor our operating expenses and reduce them where possible . story_separator_special_tag net cash provided by ( used in ) operating , investing and financing activities net cash provided by operating activities increased $ 74.0 million to $ 134.2 million in 2014 compared to net cash provided by operating activities of $ 60.2 million in 2013. the increase in cash provided by operating activities was due primarily to several factors , including an increase in operating income of $ 69.9 million and an increase of $ 9.9 million due to changes in certain current asset and current liability balances . net cash used in investing activities increased $ 441.4 million to $ 501.9 million for 2014 compared to $ 60.5 million for 2013 due primarily to an increase in cash used to acquire television businesses and licenses . 46 net cash provided by financing activities was $ 385.0 million in 2014 compared to net cash provided by financing activities of $ 2.7 million in 2013. this change of $ 382.3 million was due primarily to our refinancing activities . during 2014 , we borrowed $ 394.4 million more in long-term debt than we repaid , which was partially offset by our payment of $ 9.4 million in costs primarily associated with the refinancing of our senior credit facility . during december 2014 , we made voluntary principal pre-payments totaling $ 67.0 million on the outstanding balance of the 2014 term loan and as a result we are not required to make any additional principal payments until the 2014 term loan matures on june 13 , 2021. retirement plans we have three defined benefit pension plans . two of these plans were assumed by us as a result of our acquisitions in prior years and are frozen plans . our active defined benefit pension plan , which we consider to be our primary pension plan , covers substantially all of our full-time employees . retirement benefits under our active plan are based on years of service and the employees ' highest average compensation for five consecutive years during the last ten years of employment . our funding policy is consistent with the funding requirements of existing federal laws and regulations under the employee retirement income security act of 1974. a discount rate is selected annually to measure the present value of the benefit obligations . in determining the selection of a discount rate , we estimated the timing and amounts of expected future benefit payments and applied a yield curve developed to reflect yields available on high-quality bonds . the yield curve is based on an externally published index specifically designed to meet the criteria of gaap . the discount rate selected for determining benefit obligations as of december 31 , 2014 was 4.00 % , which reflects the results of this yield curve analysis . the discount rate used for determining benefit obligations as of december 31 , 2013 was 4.97 % . our assumptions regarding expected return on plan assets reflects asset allocations , the investment strategy and the views of investment managers , as well as historical experience . we use an assumed rate of return of 7.00 % for our assets invested in our active pension plan . in 2014 and 2013 , actual asset returns for this plan , calculated on a mean market value , increased in value 6.5 % and 17.1 % , respectively . other significant assumptions relate to inflation , salary growth , retirement and mortality rates . our inflation assumption is based on an evaluation of external market indicators . the salary growth assumptions reflect our long-term actual experience , the near-term outlook and assumed inflation . compensation increases over the most recent five-year period have been in line with assumptions . retirement and mortality rates are based on actual plan experience . during 2014 and 2013 , we contributed an aggregate of $ 6.8 million and $ 4.7 million , respectively , to our pension plans and we anticipate making an aggregate contribution of approximately $ 5.3 million to such plans in 2015. the use of significantly different assumptions , or if actual experienced results differ significantly from those assumed , could result in our funding obligations being materially different . see note 9 “ retirement plans ” of our audited consolidated financial statements included elsewhere herein for further information concerning the retirement plans . capital expenditures capital expenditures for the years ended december 31 , 2014 and 2013 were $ 32.2 million and $ 24.1 million , respectively . we expect that our capital expenditures will be approximately $ 25.0 million in the year ending december 31 , 2015. we expect to fund future capital expenditures with cash from operations . 47 off-balance sheet arrangements operating commitments we have various operating lease commitments for equipment , land and office space . we also have commitments for various syndicated television programs . we have two types of syndicated television program contracts : first run programs and off network reruns . the first run programs are programs such as jeopardy and the off network programs are programs such as that ‘ 70s show . a difference between the two types of syndicated television programming is that the first run programs have not been produced at the time the contract to air such programming is signed but the off network programs have already been produced . for all syndicated television contracts , we record an asset and corresponding liability for payments to be made for the entire “ off network ” contract period and for only the current year of the “ first run ” contract period . only an estimate of the payments anticipated to be made in the year following the balance sheet date of the “ first run ” contracts are recorded on the current balance sheet , because the programs for the later years of the contract period have not been produced and delivered . tabular disclosure of contractual obligations as of december 31 , 2014 replace_table_token_12_th 48 the following

