excluding the impact of foreign currency translation , sales were up 16 about 4 percent compared to 2014. the growth was driven by strong sales of groundwater pumping equipment in turkey . water systems sales in the asia pacific region were 8 percent of consolidated sales and grew by about 7 percent compared to the prior year . acquisition related sales during 2015 increased sales by about 9 percent in asia pacific . foreign currency translation rate changes decreased sales in 2015 in the asia pacific region by about 5 percent . excluding acquisitions and foreign currency translation sales grew by about 3 percent during 2015. the asia pacific region experienced strong year over year growth in southeast asia and korea . these sales increases were partially offset by smaller declines in sales in australia , japan and china . water systems sales in europe were about 7 percent of consolidated sales and decreased by about 20 percent compared to the prior year . foreign currency translation rate changes decreased sales by about 21 percent compared to sales in 2014. excluding foreign currency translation , european sales grew by about 1 percent during 2015. net sales-fueling systems fueling systems sales which represented 23 percent of consolidated sales were $ 217.3 million in 2015 , a decrease of $ 5.9 million or about 3 percent versus 2014. the incremental impact of sales from acquired businesses was $ 0.5 million . foreign currency translation rate changes decreased sales $ 11.0 million or about 5 percent compared to sales in 2014. the sales change in 2015 , excluding acquisitions and foreign currency translation , was an increase of $ 4.6 million or about 2 percent . fueling systems sales in the u.s. and canada grew by about 6 percent in 2015 compared to the prior year with sales growth coming from most product lines , especially in piping . fueling systems revenues declined in india and china due to the timing of tender awards made in india and the ongoing reduction in state owned oil company procurements in china . sales also declined in europe principally due to a 42 percent decline in the sale of storage tanks that support north sea oil production . cost of sales cost of sales as a percent of net sales for 2015 and 2014 was 67.8 percent and 67.1 percent , respectively . correspondingly , the gross profit margin decreased to 32.2 percent from 32.9 percent , a 70 basis point decline . the gross profit margin decrease was primarily due to fixed costs deleverage on lower sales and higher raw material costs . direct materials as a percentage of sales was 46.9 percent up 50 basis points compared to 46.4 percent last year . this increase in direct materials was partially offset by lower labor and burden costs . the company 's consolidated gross profit was $ 297.6 million for 2015 , down $ 46.8 million or 14 percent from 2014. selling , general and administrative ( “ sg & a ” ) selling , general , and administrative ( sg & a ) expenses were $ 204.3 million in 2015 and decreased by $ 23.4 million or about 10 percent in 2015 compared to last year . in 2015 , increases in sg & a attributable to acquisitions were about $ 6 million or about 3 percent . additional year over year changes in sg & a costs were decreases in the year primarily due to lower marketing and selling related expenses , as well as lower costs for incentive compensation . approximately half of the lower sg & a expenses was related to foreign exchange . restructuring expenses restructuring expenses for 2015 were $ 3.0 million and reduced diluted earnings per share by approximately $ 0.04. restructuring expenses in 2015 included severance and pension costs , equipment relocation expenses , asset write-downs and primarily related to the closure of the wittlich , germany facility and other manufacturing realignment activities in europe and brazil . there were $ 16.6 million of restructuring expenses in 2014 and reduced diluted earnings per share by approximately $ 0.24. restructuring expenses in 2014 included severance costs , equipment relocation expenses , and asset write-downs primarily related to the closure of the wittlich , germany facility and other european manufacturing realignment activities . operating income operating income was $ 90.4 million in 2015 , down $ 9.7 million from $ 100.1 million in 2014 . 17 replace_table_token_8_th there were specific items in 2015 and 2014 that impacted operating income that were not operational in nature . in 2015 they were as follows : there were $ 3.0 million of restructuring charges . restructuring expenses in 2015 were $ 0.6 million in severance cost , $ 0.6 million in pension cost , $ 0.6 million expenses related to equipment transfers and freight costs , $ 0.1 million in asset write-offs and $ 1.1 million in other relocation costs primarily related to the closure of the wittlich , germany facility and other manufacturing realignment activities in europe and brazil . $ 1.2 million related to executive transition . $ 0.7 million related to business realignment cost , primarily severance , in targeted fixed cost reduction actions . $ 0.2 million in other miscellaneous costs related to closed acquisitions . in 2014 they were as follows : there were $ 16.6 million of restructuring charges . restructuring expenses in 2014 were $ 14.7 million in severance cost , $ 1.7 million expenses related to equipment transfers , freight and other relocation costs and $ 0.2 million in asset write-offs primarily related to the transfer of production activities from germany to the czech republic and other continued manufacturing realignments . $ 3.2 million in other miscellaneous costs related to closed and pending acquisitions and $ 0.2 million in legal fees incurred by franklin fueling systems . $ 2.5 million related to executive transition . $ 1.8 million of software write-offs . story_separator_special_tag the company believes presenting these matters in this way gives our investors and management a more accurate picture of the actual operational performance of the company . the non-gaap adjustments are for restructuring expenses , reported separately on the income statement , as well as certain legal matters and acquisition related items which are included in sga on the income statement . the differences between these non-gaap financial measures and the most comparable gaap measures are reconciled in the following tables : 23 replace_table_token_14_th operating income-water systems water systems operating income , after non-gaap adjustments , was $ 123.7 million in 2014 , a decrease of 9 percent versus 2013. the 2014 operating income margin after non-gaap adjustments was 15.0 percent and decreased by 260 basis points compared to the 17.6 percent of net sales in 2013. the change in profitability was primarily the result of higher global raw material costs , higher marketing and selling costs in the u.s. and canada commercial business , and the continued sales mix shift to surface pumping equipment away from groundwater pumping equipment . contributing to both the sales mix shift to surface pumping equipment and the higher material costs , pioneer branded mobile pumping equipment sales have had a surge in demand during the year and the company has temporarily outsourced certain operations to meet the increased demand . operating income-fueling systems fueling systems operating income after non-gaap adjustments was $ 51.7 million in 2014 compared to $ 42.3 million after non-gaap adjustments in 2013 , an increase of 22 percent . the 2014 operating income margin after non-gaap adjustments was 23.2 percent and increased by 200 basis points compared to the 21.2 percent of net sales in 2013. this increased profitability was primarily due to fixed costs leverage on higher sales . operating income-other operating income-other is composed primarily of unallocated general and administrative expenses . general and administrative expenses were higher due to $ 2.5 million of cost included in non-gaap adjustments related to executive transition . interest expense interest expense for 2014 and 2013 was $ 10.7 million and $ 10.6 million , respectively . other income or expense other income or expense was a gain of $ 1.3 million in 2014. included in other income or expense in 2014 was interest income of $ 2.0 million , primarily derived from the investment of cash balances in short-term securities . other income or expense was a gain of $ 1.7 million in 2013. included in other income or expense in 2013 was interest income of $ 1.8 million , primarily 24 derived from the investment of cash balances in short-term securities . foreign exchange foreign currency-based transactions produced a loss for 2014 of $ 1.0 million , primarily due to the canadian dollar , australian dollar , turkish lira , and south african rand relative to the u.s. dollar , none of which individually were significant . foreign currency-based transactions produced a loss for 2013 of $ 3.3 million , primarily due to the turkish lira , the euro , south african rand , brazilian real and canadian dollar relative to the u.s. dollar , none of which individually were significant . income taxes the provision for income taxes in 2014 and 2013 was $ 18.9 million and $ 28.9 million , respectively . the tax rate for 2014 was 21.0 percent and 2013 was 25.9 percent . the tax rate declined in 2014 from the tax rate for 2013 primarily due to a reversal of deferred tax liabilities associated with earnings of certain foreign subsidiaries which have been realigned within the company 's organization . the realignment of certain foreign entities results in their unremitted earnings being indefinitely reinvested . the effective tax rate differs from the statutory rate primarily due to the indefinite reinvestment of foreign earnings taxed at rates below the u.s. statutory rate as well as recognition of foreign tax credits . the company has the ability to indefinitely reinvest these foreign earnings based on the earnings and cash projections of its other operations as well as cash on hand and available credit . net income net income for 2014 was $ 70.9 million compared to 2013 net income of $ 82.7 million . net income attributable to franklin electric co. , inc. for 2014 was $ 69.8 million , or $ 1.41 per diluted share , compared to 2013 net income attributable to franklin electric co. , inc. of $ 82.0 million or $ 1.68 per diluted share . net income attributable to franklin electric co. , inc. after non-gaap adjustments for 2014 was $ 84.3 million , or $ 1.76 per diluted share , compared to 2013 net income attributable to franklin electric co. , inc. after non-gaap adjustments of $ 82.9 million or $ 1.72 per diluted share . there were specific items in 2014 and 2013 that impacted net income attributable to franklin electric co. , inc. that were not operational in nature . the company refers to these items as “ non-gaap adjustments ” for purposes of presenting the non-gaap financial measures of net income attributable to franklin electric co. , inc. and adjusted eps . the company believes this information helps investors understand underlying trends in the company 's business more easily . the differences between these non-gaap financial measures and the most comparable gaap measures are reconciled in the following tables : replace_table_token_15_th 25 replace_table_token_16_th story_separator_special_tag new product launches , and higher than normal seasonal inventory build . receivable balances were elevated at 2014 year-end due to higher sales , especially in some emerging markets , along with extended credit terms in certain markets . operationally , the company generally experiences a higher working capital investment in the second and third quarters of each year as a result of stronger seasonal activity in the building , agricultural , and other industries in the northern hemisphere . to the extent the company potentially grows further in the southern hemisphere

capital resources and liquidity overview the company 's primary sources of liquidity are cash on hand , cash flows from operations , revolving credit agreement , and long-term debt funds available . on may 27 , 2015 , the company entered into an uncommitted and unsecured private shelf agreement with nyl investors llc , an affiliate of new york life ( the `` new york life agreement '' ) for $ 150.0 million maximum aggregate principal borrowing capacity and the company authorized the issuance of $ 75.0 million of floating rate senior notes due may 27 , 2025. these senior notes have a floating interest rate of one-month usd libor plus a spread of 1.35 percent with interest-only payments due on a monthly basis . as of january 2 , 2016 , there was $ 75.0 million remaining borrowing capacity under the new york life agreement . on december 31 , 2012 , the company , allen county , indiana and certain institutional investors entered into a bond purchase and loan agreement . under the agreement , allen county , indiana issued a series of project bonds entitled “ taxable economic development bonds , series 2012 ( franklin electric co. , inc . project ) . '' the aggregate principal amount of the project bonds that were issued , authenticated , and are now outstanding thereunder was limited to $ 25.0 million . the company then borrowed the proceeds under the project bonds through the issuance of project notes to finance the cost of acquisition , construction , installation and equipping of the new global corporate headquarters and engineering center . these project notes ( tax increment financing debt ) bear interest at 3.6 percent per annum . interest and principal balance of the project notes are due and payable by the company directly to the institutional investors in aggregate semi-annual installments commencing on july 10 , 2013 , and concluding on january 10 , 2033. on may 5 , 2015 , the company entered into amendment no . 1 to the bond purchase and loan agreement . this amendment provided for debt repayment guarantees from certain company subsidiaries and waived certain non-financial covenants related to subsidiary guarantees .


 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.
     ```capital resources and liquidity overview the company 's primary sources of liquidity are cash on hand , cash flows from operations , revolving credit agreement , and long-term debt funds available . on may 27 , 2015 , the company entered into an uncommitted and unsecured private shelf agreement with nyl investors llc , an affiliate of new york life ( the `` new york life agreement '' ) for $ 150.0 million maximum aggregate principal borrowing capacity and the company authorized the issuance of $ 75.0 million of floating rate senior notes due may 27 , 2025. these senior notes have a floating interest rate of one-month usd libor plus a spread of 1.35 percent with interest-only payments due on a monthly basis . as of january 2 , 2016 , there was $ 75.0 million remaining borrowing capacity under the new york life agreement . on december 31 , 2012 , the company , allen county , indiana and certain institutional investors entered into a bond purchase and loan agreement . under the agreement , allen county , indiana issued a series of project bonds entitled “ taxable economic development bonds , series 2012 ( franklin electric co. , inc . project ) . '' the aggregate principal amount of the project bonds that were issued , authenticated , and are now outstanding thereunder was limited to $ 25.0 million . the company then borrowed the proceeds under the project bonds through the issuance of project notes to finance the cost of acquisition , construction , installation and equipping of the new global corporate headquarters and engineering center . these project notes ( tax increment financing debt ) bear interest at 3.6 percent per annum . interest and principal balance of the project notes are due and payable by the company directly to the institutional investors in aggregate semi-annual installments commencing on july 10 , 2013 , and concluding on january 10 , 2033. on may 5 , 2015 , the company entered into amendment no . 1 to the bond purchase and loan agreement . this amendment provided for debt repayment guarantees from certain company subsidiaries and waived certain non-financial covenants related to subsidiary guarantees .
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 Suspicious Activity Report : excluding the impact of foreign currency translation , sales were up 16 about 4 percent compared to 2014. the growth was driven by strong sales of groundwater pumping equipment in turkey . water systems sales in the asia pacific region were 8 percent of consolidated sales and grew by about 7 percent compared to the prior year . acquisition related sales during 2015 increased sales by about 9 percent in asia pacific . foreign currency translation rate changes decreased sales in 2015 in the asia pacific region by about 5 percent . excluding acquisitions and foreign currency translation sales grew by about 3 percent during 2015. the asia pacific region experienced strong year over year growth in southeast asia and korea . these sales increases were partially offset by smaller declines in sales in australia , japan and china . water systems sales in europe were about 7 percent of consolidated sales and decreased by about 20 percent compared to the prior year . foreign currency translation rate changes decreased sales by about 21 percent compared to sales in 2014. excluding foreign currency translation , european sales grew by about 1 percent during 2015. net sales-fueling systems fueling systems sales which represented 23 percent of consolidated sales were $ 217.3 million in 2015 , a decrease of $ 5.9 million or about 3 percent versus 2014. the incremental impact of sales from acquired businesses was $ 0.5 million . foreign currency translation rate changes decreased sales $ 11.0 million or about 5 percent compared to sales in 2014. the sales change in 2015 , excluding acquisitions and foreign currency translation , was an increase of $ 4.6 million or about 2 percent . fueling systems sales in the u.s. and canada grew by about 6 percent in 2015 compared to the prior year with sales growth coming from most product lines , especially in piping . fueling systems revenues declined in india and china due to the timing of tender awards made in india and the ongoing reduction in state owned oil company procurements in china . sales also declined in europe principally due to a 42 percent decline in the sale of storage tanks that support north sea oil production . cost of sales cost of sales as a percent of net sales for 2015 and 2014 was 67.8 percent and 67.1 percent , respectively . correspondingly , the gross profit margin decreased to 32.2 percent from 32.9 percent , a 70 basis point decline . the gross profit margin decrease was primarily due to fixed costs deleverage on lower sales and higher raw material costs . direct materials as a percentage of sales was 46.9 percent up 50 basis points compared to 46.4 percent last year . this increase in direct materials was partially offset by lower labor and burden costs . the company 's consolidated gross profit was $ 297.6 million for 2015 , down $ 46.8 million or 14 percent from 2014. selling , general and administrative ( “ sg & a ” ) selling , general , and administrative ( sg & a ) expenses were $ 204.3 million in 2015 and decreased by $ 23.4 million or about 10 percent in 2015 compared to last year . in 2015 , increases in sg & a attributable to acquisitions were about $ 6 million or about 3 percent . additional year over year changes in sg & a costs were decreases in the year primarily due to lower marketing and selling related expenses , as well as lower costs for incentive compensation . approximately half of the lower sg & a expenses was related to foreign exchange . restructuring expenses restructuring expenses for 2015 were $ 3.0 million and reduced diluted earnings per share by approximately $ 0.04. restructuring expenses in 2015 included severance and pension costs , equipment relocation expenses , asset write-downs and primarily related to the closure of the wittlich , germany facility and other manufacturing realignment activities in europe and brazil . there were $ 16.6 million of restructuring expenses in 2014 and reduced diluted earnings per share by approximately $ 0.24. restructuring expenses in 2014 included severance costs , equipment relocation expenses , and asset write-downs primarily related to the closure of the wittlich , germany facility and other european manufacturing realignment activities . operating income operating income was $ 90.4 million in 2015 , down $ 9.7 million from $ 100.1 million in 2014 . 17 replace_table_token_8_th there were specific items in 2015 and 2014 that impacted operating income that were not operational in nature . in 2015 they were as follows : there were $ 3.0 million of restructuring charges . restructuring expenses in 2015 were $ 0.6 million in severance cost , $ 0.6 million in pension cost , $ 0.6 million expenses related to equipment transfers and freight costs , $ 0.1 million in asset write-offs and $ 1.1 million in other relocation costs primarily related to the closure of the wittlich , germany facility and other manufacturing realignment activities in europe and brazil . $ 1.2 million related to executive transition . $ 0.7 million related to business realignment cost , primarily severance , in targeted fixed cost reduction actions . $ 0.2 million in other miscellaneous costs related to closed acquisitions . in 2014 they were as follows : there were $ 16.6 million of restructuring charges . restructuring expenses in 2014 were $ 14.7 million in severance cost , $ 1.7 million expenses related to equipment transfers , freight and other relocation costs and $ 0.2 million in asset write-offs primarily related to the transfer of production activities from germany to the czech republic and other continued manufacturing realignments . $ 3.2 million in other miscellaneous costs related to closed and pending acquisitions and $ 0.2 million in legal fees incurred by franklin fueling systems . $ 2.5 million related to executive transition . $ 1.8 million of software write-offs . story_separator_special_tag the company believes presenting these matters in this way gives our investors and management a more accurate picture of the actual operational performance of the company . the non-gaap adjustments are for restructuring expenses , reported separately on the income statement , as well as certain legal matters and acquisition related items which are included in sga on the income statement . the differences between these non-gaap financial measures and the most comparable gaap measures are reconciled in the following tables : 23 replace_table_token_14_th operating income-water systems water systems operating income , after non-gaap adjustments , was $ 123.7 million in 2014 , a decrease of 9 percent versus 2013. the 2014 operating income margin after non-gaap adjustments was 15.0 percent and decreased by 260 basis points compared to the 17.6 percent of net sales in 2013. the change in profitability was primarily the result of higher global raw material costs , higher marketing and selling costs in the u.s. and canada commercial business , and the continued sales mix shift to surface pumping equipment away from groundwater pumping equipment . contributing to both the sales mix shift to surface pumping equipment and the higher material costs , pioneer branded mobile pumping equipment sales have had a surge in demand during the year and the company has temporarily outsourced certain operations to meet the increased demand . operating income-fueling systems fueling systems operating income after non-gaap adjustments was $ 51.7 million in 2014 compared to $ 42.3 million after non-gaap adjustments in 2013 , an increase of 22 percent . the 2014 operating income margin after non-gaap adjustments was 23.2 percent and increased by 200 basis points compared to the 21.2 percent of net sales in 2013. this increased profitability was primarily due to fixed costs leverage on higher sales . operating income-other operating income-other is composed primarily of unallocated general and administrative expenses . general and administrative expenses were higher due to $ 2.5 million of cost included in non-gaap adjustments related to executive transition . interest expense interest expense for 2014 and 2013 was $ 10.7 million and $ 10.6 million , respectively . other income or expense other income or expense was a gain of $ 1.3 million in 2014. included in other income or expense in 2014 was interest income of $ 2.0 million , primarily derived from the investment of cash balances in short-term securities . other income or expense was a gain of $ 1.7 million in 2013. included in other income or expense in 2013 was interest income of $ 1.8 million , primarily 24 derived from the investment of cash balances in short-term securities . foreign exchange foreign currency-based transactions produced a loss for 2014 of $ 1.0 million , primarily due to the canadian dollar , australian dollar , turkish lira , and south african rand relative to the u.s. dollar , none of which individually were significant . foreign currency-based transactions produced a loss for 2013 of $ 3.3 million , primarily due to the turkish lira , the euro , south african rand , brazilian real and canadian dollar relative to the u.s. dollar , none of which individually were significant . income taxes the provision for income taxes in 2014 and 2013 was $ 18.9 million and $ 28.9 million , respectively . the tax rate for 2014 was 21.0 percent and 2013 was 25.9 percent . the tax rate declined in 2014 from the tax rate for 2013 primarily due to a reversal of deferred tax liabilities associated with earnings of certain foreign subsidiaries which have been realigned within the company 's organization . the realignment of certain foreign entities results in their unremitted earnings being indefinitely reinvested . the effective tax rate differs from the statutory rate primarily due to the indefinite reinvestment of foreign earnings taxed at rates below the u.s. statutory rate as well as recognition of foreign tax credits . the company has the ability to indefinitely reinvest these foreign earnings based on the earnings and cash projections of its other operations as well as cash on hand and available credit . net income net income for 2014 was $ 70.9 million compared to 2013 net income of $ 82.7 million . net income attributable to franklin electric co. , inc. for 2014 was $ 69.8 million , or $ 1.41 per diluted share , compared to 2013 net income attributable to franklin electric co. , inc. of $ 82.0 million or $ 1.68 per diluted share . net income attributable to franklin electric co. , inc. after non-gaap adjustments for 2014 was $ 84.3 million , or $ 1.76 per diluted share , compared to 2013 net income attributable to franklin electric co. , inc. after non-gaap adjustments of $ 82.9 million or $ 1.72 per diluted share . there were specific items in 2014 and 2013 that impacted net income attributable to franklin electric co. , inc. that were not operational in nature . the company refers to these items as “ non-gaap adjustments ” for purposes of presenting the non-gaap financial measures of net income attributable to franklin electric co. , inc. and adjusted eps . the company believes this information helps investors understand underlying trends in the company 's business more easily . the differences between these non-gaap financial measures and the most comparable gaap measures are reconciled in the following tables : replace_table_token_15_th 25 replace_table_token_16_th story_separator_special_tag new product launches , and higher than normal seasonal inventory build . receivable balances were elevated at 2014 year-end due to higher sales , especially in some emerging markets , along with extended credit terms in certain markets . operationally , the company generally experiences a higher working capital investment in the second and third quarters of each year as a result of stronger seasonal activity in the building , agricultural , and other industries in the northern hemisphere . to the extent the company potentially grows further in the southern hemisphere

