seasonality and inflation our business , like many other retailers , is subject to seasonal influences , with a significant portion of sales and income typically realized during the last quarter of our fiscal year due to the holiday season . because of the seasonality of our business , results from any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year . we do not believe that inflation has had a material effect on our results during the periods presented ; however , our business could be affected by such in the future . 17 2016 guidance a summary of management 's estimates of key financial measures for fiscal 2016 is shown below . replace_table_token_9_th general net sales . net sales include merchandise sales of comparable and non-comparable stores and revenue recognized on contracts of cdi , the company 's general contracting construction company . comparable store sales include sales for those stores which were in operation for a full period in both the current quarter and the corresponding quarter for the prior year . comparable store sales exclude changes in the allowance for sales returns . non-comparable store sales include : sales in the current fiscal year from stores opened during the previous fiscal year before they are considered comparable stores ; sales from new stores opened during the current fiscal year ; sales in the previous fiscal year for stores closed during the current or previous fiscal year that are no longer considered comparable stores ; sales in clearance centers ; and changes in the allowance for sales returns . service charges and other income . service charges and other income include income generated through the wells fargo alliance and former synchrony alliance . other income includes rental income , shipping and handling fees , gift card breakage and lease income on leased departments . cost of sales . cost of sales includes the cost of merchandise sold ( net of purchase discounts and non-specific margin maintenance allowances ) , bankcard fees , freight to the distribution centers , employee and promotional discounts , and direct payroll for salon personnel . cost of sales also includes cdi contract costs , which comprise all direct material and labor costs , subcontract costs and those indirect costs related to contract performance , such as indirect labor , employee benefits and insurance program costs . selling , general and administrative expenses . selling , general and administrative expenses include buying , occupancy , selling , distribution , warehousing , store and corporate expenses ( including payroll and employee benefits ) , insurance , employment taxes , advertising , management information systems , legal and other corporate level expenses . buying expenses consist of payroll , employee benefits and travel for design , buying and merchandising personnel . depreciation and amortization . depreciation and amortization expenses include depreciation and amortization on property and equipment . rentals . rentals include expenses for store leases , including contingent rent , and data processing and other equipment rentals . interest and debt expense , net . interest and debt expense includes interest , net of interest income , relating to the company 's unsecured notes , subordinated debentures and borrowings under the company 's credit facility . interest and debt expense also includes gains and losses on note repurchases , if any , amortization of financing costs and interest on capital lease obligations . gain on disposal of assets . gain on disposal of assets includes the net gain or loss on the sale or disposal of property and equipment and the net gain or loss on the sale or disposal of investments . asset impairment and store closing charges . asset impairment and store closing charges consist of ( a ) write-downs to fair value of under-performing or held for sale properties and of cost method investments and ( b ) exit costs associated with the closure of certain stores . exit costs include future rent , taxes and common area maintenance expenses from the time the stores are closed . income on and equity in losses of joint ventures . income on and equity in losses of joint ventures includes the company 's portion of the income or loss of the company 's unconsolidated joint ventures as well as the distribution of excess cash from a mall joint venture . 18 critical accounting policies and estimates the company 's significant accounting policies are also described in note 1 in the `` notes to consolidated financial statements `` in item 8 hereof . as disclosed in that note , the preparation of financial statements in conformity with accounting principles generally accepted in the united states of america ( `` gaap `` ) requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes . the company evaluates its estimates and judgments on an ongoing basis and predicates those estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances . since future events and their effects can not be determined with absolute certainty , actual results could differ from those estimates . management of the company believes the following critical accounting policies , among others , affect its more significant judgments and estimates used in preparation of the company 's consolidated financial statements . merchandise inventory . approximately 96 % of the company 's inventories are valued at the lower of cost or market using the last-in , first-out ( `` lifo `` ) retail inventory method . under the retail inventory method , the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories . the retail inventory method is an averaging method that is widely used in the retail industry due to its practicality . story_separator_special_tag fiscal 2014 during fiscal 2014 , the company received proceeds of $ 14.5 million from the sales of a retail store location in longmont , colorado , that was held for sale due to eminent domain , and an operating store location in sarasota , florida , resulting in a gain of $ 6.3 million that was recorded in gain on disposal of assets . during fiscal 2014 , the company also received a final distribution of $ 1.1 million from its investment in a property located in toledo , ohio , resulting in a loss of $ 0.3 million that was recorded in gain on disposal of assets . fiscal 2013 during fiscal 2013 , the company received proceeds of $ 15.7 million from the sale of its investment in acumen brands ( `` acumen `` ) , an ecommerce company based in fayetteville , arkansas . the sale resulted in a gain of $ 11.7 million that was recorded in gain on disposal of assets . during fiscal 2013 , the company also received proceeds of $ 1.7 million from the sale of two former retail stores located in oklahoma city , oklahoma and pasadena , texas that were held for sale , resulting in a gain of $ 0.6 million that was recorded in gain on disposal of assets . 25 asset impairment and store closing charges ( in thousands of dollars ) fiscal 2015 fiscal 2014 fiscal 2013 asset impairment and store closing charges : retail operations segment $ — $ — $ 5,353 construction segment — — — total asset impairment and store closing charges $ — $ — $ 5,353 fiscal 2013 asset impairment and store closing charges for fiscal 2013 consisted of the write-down of certain cost method investments . income taxes the company 's estimated federal and state effective income tax rate , inclusive of income on and equity in losses of joint ventures , was 34.3 % in fiscal 2015 , 35.1 % in fiscal 2014 , and 34.9 % in fiscal 2013 . the company expects the fiscal 2016 federal and state effective income tax rate to approximate 35 % . fiscal 2015 during fiscal 2015 , income taxes included the recognition of tax benefits of approximately $ 2.0 million related to federal tax credits and $ 1.5 million due to net decreases in valuation allowances related to state net operating loss carryforwards . fiscal 2014 during fiscal 2014 , income taxes included the recognition of tax benefits of approximately $ 2.8 million related to federal tax credits and $ 1.4 million due to net decreases in unrecognized tax benefits , interest and penalties . these tax benefits were partially offset by tax expense of approximately $ 1.5 million due to net increases in valuation allowances related to state net operating loss carryforwards . in addition , during fiscal 2014 , the irs concluded its examination of the company 's federal income tax returns for fiscal tax years 2011 and 2012 , with no material changes in these tax years as a result of such examination . fiscal 2013 during fiscal 2013 , income taxes included the recognition of tax benefits of approximately $ 5.5 million related to decreases in valuation allowances related to state net operating loss carryforwards and $ 3.0 million related to federal tax credits . story_separator_special_tag replacement property under like-kind exchange agreements . the escrow accounts were administered by an intermediary . pursuant to the like-kind exchange agreements , the cash was restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property . changes in restricted cash balances are reflected as an 27 investment activity in the accompanying consolidated statements of cash flows . during fiscal 2015 , payments of $ 7.3 million were made from restricted cash for like-kind property . during fiscal 2014 , the company received a final distribution of $ 1.1 million from its investment in a property located in toledo , ohio , resulting in a loss of $ 0.3 million that was recorded in gain on disposal of assets . during fiscal 2013 , the company received proceeds of $ 15.7 million from the sale of its investment in acumen , resulting in a gain of $ 11.7 million that was recorded in gain on disposal of assets . financing activities our primary source of cash inflows from financing activities is generally our $ 1.0 billion senior unsecured revolving credit facility . financing cash outflows generally include the repayment of borrowings under the revolving credit facility , the repayment of mortgage notes or long-term debt , capital lease obligations , the payment of dividends and the purchase of treasury stock . cash used in financing activities increased to $ 518.2 million in fiscal 2015 from $ 301.6 million in fiscal 2014. this increase in cash used of $ 216.6 million was primarily due to an increase in stock repurchases . cash used in financing activities decreased to $ 301.6 million in fiscal 2014 from $ 312.1 million in fiscal 2013. this increase in cash flow of $ 10.5 million was primarily due to a reduction in treasury stock purchases . stock repurchase . in november 2014 , the company 's board of directors authorized the company to repurchase up to $ 500 million of the company 's class a common stock under an open-ended plan ( `` november 2014 stock plan `` ) . during fiscal 2015 , the company repurchased 5.3 million shares for $ 500.0 million at an average price of $ 94.22 per share , which completed the authorization under the november 2014 stock plan . in november 2013 , the company 's board of directors authorized the company to repurchase up to $ 250 million of the company 's class a common stock under an open-ended plan ( `` november 2013 stock plan `` ) . during fiscal 2014 , the company repurchased 2.3 million shares

liquidity and capital resources the company 's current non-operating priorities for its use of cash are stock repurchases , strategic investments to enhance the value of existing properties and dividend payments to stockholders . cash flows for the company 's most recent three fiscal years were as follows : replace_table_token_19_th operating activities the primary source of the company 's liquidity is cash flows from operations . due to the seasonality of the company 's business , we have historically realized a significant portion of the cash flows from operating activities during the second half of the fiscal year . retail operations sales are the key operating cash component , providing 94.6 % , 95.7 % and 96.2 % of total revenues in fiscal 2015 , 2014 and 2013 , respectively . 26 operating cash inflows also include revenue and reimbursements from the wells fargo alliance and former synchrony alliance and cash distributions from joint ventures . operating cash outflows include payments to vendors for inventory , services and supplies , payments to employees and payments of interest and taxes . synchrony owned and managed dillard 's private label credit cards under the synchrony alliance that expired in november 2014. following that scheduled expiration , wells fargo purchased the dillard 's private label card portfolio from synchrony and began managing dillard 's private label cards under the wells fargo alliance . under the wells fargo alliance , wells fargo establishes and owns private label card accounts for our customers , retains the benefits and risks associated with the ownership of the accounts , provides key customer service functions , including new account openings , transaction authorization , billing adjustments and customer inquiries , receives the finance charge income and incurs the bad debts associated with those accounts . pursuant to the wells fargo alliance , we receive on-going cash compensation from wells fargo based upon the portfolio 's earnings .


 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.
     ```liquidity and capital resources the company 's current non-operating priorities for its use of cash are stock repurchases , strategic investments to enhance the value of existing properties and dividend payments to stockholders . cash flows for the company 's most recent three fiscal years were as follows : replace_table_token_19_th operating activities the primary source of the company 's liquidity is cash flows from operations . due to the seasonality of the company 's business , we have historically realized a significant portion of the cash flows from operating activities during the second half of the fiscal year . retail operations sales are the key operating cash component , providing 94.6 % , 95.7 % and 96.2 % of total revenues in fiscal 2015 , 2014 and 2013 , respectively . 26 operating cash inflows also include revenue and reimbursements from the wells fargo alliance and former synchrony alliance and cash distributions from joint ventures . operating cash outflows include payments to vendors for inventory , services and supplies , payments to employees and payments of interest and taxes . synchrony owned and managed dillard 's private label credit cards under the synchrony alliance that expired in november 2014. following that scheduled expiration , wells fargo purchased the dillard 's private label card portfolio from synchrony and began managing dillard 's private label cards under the wells fargo alliance . under the wells fargo alliance , wells fargo establishes and owns private label card accounts for our customers , retains the benefits and risks associated with the ownership of the accounts , provides key customer service functions , including new account openings , transaction authorization , billing adjustments and customer inquiries , receives the finance charge income and incurs the bad debts associated with those accounts . pursuant to the wells fargo alliance , we receive on-going cash compensation from wells fargo based upon the portfolio 's earnings .
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 Suspicious Activity Report : seasonality and inflation our business , like many other retailers , is subject to seasonal influences , with a significant portion of sales and income typically realized during the last quarter of our fiscal year due to the holiday season . because of the seasonality of our business , results from any quarter are not necessarily indicative of the results that may be achieved for a full fiscal year . we do not believe that inflation has had a material effect on our results during the periods presented ; however , our business could be affected by such in the future . 17 2016 guidance a summary of management 's estimates of key financial measures for fiscal 2016 is shown below . replace_table_token_9_th general net sales . net sales include merchandise sales of comparable and non-comparable stores and revenue recognized on contracts of cdi , the company 's general contracting construction company . comparable store sales include sales for those stores which were in operation for a full period in both the current quarter and the corresponding quarter for the prior year . comparable store sales exclude changes in the allowance for sales returns . non-comparable store sales include : sales in the current fiscal year from stores opened during the previous fiscal year before they are considered comparable stores ; sales from new stores opened during the current fiscal year ; sales in the previous fiscal year for stores closed during the current or previous fiscal year that are no longer considered comparable stores ; sales in clearance centers ; and changes in the allowance for sales returns . service charges and other income . service charges and other income include income generated through the wells fargo alliance and former synchrony alliance . other income includes rental income , shipping and handling fees , gift card breakage and lease income on leased departments . cost of sales . cost of sales includes the cost of merchandise sold ( net of purchase discounts and non-specific margin maintenance allowances ) , bankcard fees , freight to the distribution centers , employee and promotional discounts , and direct payroll for salon personnel . cost of sales also includes cdi contract costs , which comprise all direct material and labor costs , subcontract costs and those indirect costs related to contract performance , such as indirect labor , employee benefits and insurance program costs . selling , general and administrative expenses . selling , general and administrative expenses include buying , occupancy , selling , distribution , warehousing , store and corporate expenses ( including payroll and employee benefits ) , insurance , employment taxes , advertising , management information systems , legal and other corporate level expenses . buying expenses consist of payroll , employee benefits and travel for design , buying and merchandising personnel . depreciation and amortization . depreciation and amortization expenses include depreciation and amortization on property and equipment . rentals . rentals include expenses for store leases , including contingent rent , and data processing and other equipment rentals . interest and debt expense , net . interest and debt expense includes interest , net of interest income , relating to the company 's unsecured notes , subordinated debentures and borrowings under the company 's credit facility . interest and debt expense also includes gains and losses on note repurchases , if any , amortization of financing costs and interest on capital lease obligations . gain on disposal of assets . gain on disposal of assets includes the net gain or loss on the sale or disposal of property and equipment and the net gain or loss on the sale or disposal of investments . asset impairment and store closing charges . asset impairment and store closing charges consist of ( a ) write-downs to fair value of under-performing or held for sale properties and of cost method investments and ( b ) exit costs associated with the closure of certain stores . exit costs include future rent , taxes and common area maintenance expenses from the time the stores are closed . income on and equity in losses of joint ventures . income on and equity in losses of joint ventures includes the company 's portion of the income or loss of the company 's unconsolidated joint ventures as well as the distribution of excess cash from a mall joint venture . 18 critical accounting policies and estimates the company 's significant accounting policies are also described in note 1 in the `` notes to consolidated financial statements `` in item 8 hereof . as disclosed in that note , the preparation of financial statements in conformity with accounting principles generally accepted in the united states of america ( `` gaap `` ) requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes . the company evaluates its estimates and judgments on an ongoing basis and predicates those estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances . since future events and their effects can not be determined with absolute certainty , actual results could differ from those estimates . management of the company believes the following critical accounting policies , among others , affect its more significant judgments and estimates used in preparation of the company 's consolidated financial statements . merchandise inventory . approximately 96 % of the company 's inventories are valued at the lower of cost or market using the last-in , first-out ( `` lifo `` ) retail inventory method . under the retail inventory method , the valuation of inventories at cost and the resulting gross margins are calculated by applying a calculated cost to retail ratio to the retail value of inventories . the retail inventory method is an averaging method that is widely used in the retail industry due to its practicality . story_separator_special_tag fiscal 2014 during fiscal 2014 , the company received proceeds of $ 14.5 million from the sales of a retail store location in longmont , colorado , that was held for sale due to eminent domain , and an operating store location in sarasota , florida , resulting in a gain of $ 6.3 million that was recorded in gain on disposal of assets . during fiscal 2014 , the company also received a final distribution of $ 1.1 million from its investment in a property located in toledo , ohio , resulting in a loss of $ 0.3 million that was recorded in gain on disposal of assets . fiscal 2013 during fiscal 2013 , the company received proceeds of $ 15.7 million from the sale of its investment in acumen brands ( `` acumen `` ) , an ecommerce company based in fayetteville , arkansas . the sale resulted in a gain of $ 11.7 million that was recorded in gain on disposal of assets . during fiscal 2013 , the company also received proceeds of $ 1.7 million from the sale of two former retail stores located in oklahoma city , oklahoma and pasadena , texas that were held for sale , resulting in a gain of $ 0.6 million that was recorded in gain on disposal of assets . 25 asset impairment and store closing charges ( in thousands of dollars ) fiscal 2015 fiscal 2014 fiscal 2013 asset impairment and store closing charges : retail operations segment $ — $ — $ 5,353 construction segment — — — total asset impairment and store closing charges $ — $ — $ 5,353 fiscal 2013 asset impairment and store closing charges for fiscal 2013 consisted of the write-down of certain cost method investments . income taxes the company 's estimated federal and state effective income tax rate , inclusive of income on and equity in losses of joint ventures , was 34.3 % in fiscal 2015 , 35.1 % in fiscal 2014 , and 34.9 % in fiscal 2013 . the company expects the fiscal 2016 federal and state effective income tax rate to approximate 35 % . fiscal 2015 during fiscal 2015 , income taxes included the recognition of tax benefits of approximately $ 2.0 million related to federal tax credits and $ 1.5 million due to net decreases in valuation allowances related to state net operating loss carryforwards . fiscal 2014 during fiscal 2014 , income taxes included the recognition of tax benefits of approximately $ 2.8 million related to federal tax credits and $ 1.4 million due to net decreases in unrecognized tax benefits , interest and penalties . these tax benefits were partially offset by tax expense of approximately $ 1.5 million due to net increases in valuation allowances related to state net operating loss carryforwards . in addition , during fiscal 2014 , the irs concluded its examination of the company 's federal income tax returns for fiscal tax years 2011 and 2012 , with no material changes in these tax years as a result of such examination . fiscal 2013 during fiscal 2013 , income taxes included the recognition of tax benefits of approximately $ 5.5 million related to decreases in valuation allowances related to state net operating loss carryforwards and $ 3.0 million related to federal tax credits . story_separator_special_tag replacement property under like-kind exchange agreements . the escrow accounts were administered by an intermediary . pursuant to the like-kind exchange agreements , the cash was restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property . changes in restricted cash balances are reflected as an 27 investment activity in the accompanying consolidated statements of cash flows . during fiscal 2015 , payments of $ 7.3 million were made from restricted cash for like-kind property . during fiscal 2014 , the company received a final distribution of $ 1.1 million from its investment in a property located in toledo , ohio , resulting in a loss of $ 0.3 million that was recorded in gain on disposal of assets . during fiscal 2013 , the company received proceeds of $ 15.7 million from the sale of its investment in acumen , resulting in a gain of $ 11.7 million that was recorded in gain on disposal of assets . financing activities our primary source of cash inflows from financing activities is generally our $ 1.0 billion senior unsecured revolving credit facility . financing cash outflows generally include the repayment of borrowings under the revolving credit facility , the repayment of mortgage notes or long-term debt , capital lease obligations , the payment of dividends and the purchase of treasury stock . cash used in financing activities increased to $ 518.2 million in fiscal 2015 from $ 301.6 million in fiscal 2014. this increase in cash used of $ 216.6 million was primarily due to an increase in stock repurchases . cash used in financing activities decreased to $ 301.6 million in fiscal 2014 from $ 312.1 million in fiscal 2013. this increase in cash flow of $ 10.5 million was primarily due to a reduction in treasury stock purchases . stock repurchase . in november 2014 , the company 's board of directors authorized the company to repurchase up to $ 500 million of the company 's class a common stock under an open-ended plan ( `` november 2014 stock plan `` ) . during fiscal 2015 , the company repurchased 5.3 million shares for $ 500.0 million at an average price of $ 94.22 per share , which completed the authorization under the november 2014 stock plan . in november 2013 , the company 's board of directors authorized the company to repurchase up to $ 250 million of the company 's class a common stock under an open-ended plan ( `` november 2013 stock plan `` ) . during fiscal 2014 , the company repurchased 2.3 million shares

