in addition , we license the betsey johnson® trademark for use in connection with the manufacture , marketing and sale of women 's and children 's apparel , hosiery , fragrance and beauty , sleepwear , swimwear , activewear , jewelry , hair accessories , watches , slippers , bedding and bath , luggage , umbrellas and medical scrubs . we also license the dolce vita® trademark for use in connection with the manufacture , marketing and sale of swimwear and the freebird by steven® trademark for operation of retail stores . dividends a quarterly cash dividend of $ 0.15 per share on our outstanding shares of common stock was paid on march 27 , 2020. at the end of march 2020 , in response to the covid-19 pandemic , as a precautionary measure our board of directors temporarily suspended the payments of dividends . the aggregate cash dividends paid for the twelve months ended december 31 , 2020 was $ 12,459. on february 24 , 2021 , our board of directors approved the reinstatement of a quarterly cash dividend . the quarterly dividend of $ 0.15 per share is payable on march 26 , 2021 to stockholders of record as of the close of business on march 16 , 2021. reclassifications certain reclassifications were made to prior years ' amounts to conform to the 2020 presentation . executive summary in december 2019 , covid-19 emerged and spread worldwide . the world health organization declared covid-19 a 26 pandemic in march 2020 , resulting in federal , state and local governments and private entities mandating various restrictions , including the closure of non-essential businesses , travel restrictions , restrictions on public gatherings , stay-at-home orders and advisories and quarantining of people who may have been exposed to the virus . after closely monitoring and taking into consideration the guidance from federal , state and local governments , in march 2020 , we temporarily closed all of our stores and our corporate offices in the u.s. and the vast majority of our stores and offices globally . as of august 2020 , the vast majority of our stores and corporate offices in the u.s. and globally reopened . these and other factors have had and may continue to have a material impact on our business , results of operations , financial position and cash flow . in response to the covid-19 pandemic , we took precautionary measures to maintain adequate liquidity and financial flexibility by temporarily suspending share repurchases and the quarterly cash dividend ; temporarily suspending salaries of our founder and creative and design chief , steve madden , our chairman and chief executive officer , edward rosenfeld , and our board of directors ( all of which were reinstated on october 1 ) ; temporarily reducing salaries by 30 % for our president , chief financial officer , chief operating officer and chief merchandising officer ( all of which were reinstated on august 1 ) ; temporarily reducing salaries by graduated amounts for all other employees earning over $ 100 per year ( all of which were reinstated on august 1 ) ; significantly scaling back on non-essential operating expenses , and capital expenditures and inventory purchases . the impact of covid-19 resulted in an unprecedented decline in our revenue and earnings during the year ended 2020 , including but not limited to , charges from adjustments to the carrying amount of certain trademarks , long-lived asset impairment charges and restructuring and other related charges . we expect the pandemic will continue to have a significant negative impact on our revenue and earnings during 2021. total revenue for 2020 decreased by 32.8 % to $ 1,201,814 from $ 1,787,157 in 2019 , with decreases in all segments as a result of the impact of the covid-19 pandemic . net loss attributable to steven madden , ltd. was $ 18,397 in 2020 compared to net income attributable to steven madden , ltd. of $ 141,311 in 2019. our effective tax rate for 2020 increased to 39.0 % compared to 21.8 % recorded in 2019. diluted loss per share in 2020 was $ 0.23 per share on 78,635 diluted weighted average shares outstanding compared to diluted earnings of $ 1.69 per share on 83,646 diluted weighted average shares outstanding in the prior year . we did not report same store sales or sales per square foot data in 2020 due to the covid-19 pandemic and the subsequent closure of our brick-and-mortar stores from the second half of march through at least the end of may and subsequent mandated closures . as of december 31 , 2020 , we had 218 stores in operation , compared to 227 stores as of december 31 , 2019. this decrease resulted from the closure of nine full-price stores , four outlet stores and one e-commerce website partially offset by the opening of three full-price stores and two outlet stores . our inventory turnover ( calculated on a trailing four quarter average ) for the years ended december 31 , 2020 and 2019 was 7.1 times and 8.1 times , respectively . our total company accounts receivable average collection days were 73 days in 2020 compared to 70 days in 2019. as of december 31 , 2020 , we had $ 287,166 in cash , cash equivalents and short-term investments , no debt and total stockholders ' equity of $ 790,369. working capital increased to $ 462,325 as of december 31 , 2020 , compared to $ 437,608 on december 31 , 2019. the increase in working capital was primarily due to actions taken as a result of the covid-19 pandemic . as we look ahead , we remain focused on delivering trend-right product , deepening connections with our consumers , enhancing our digital commerce business , and efficiently managing our inventory and expenses . story_separator_special_tag 31 first cost segment : commission fee income generated by the first cost segment accounted for $ 7,441 , or 0.4 % , and $ 11,226 , or 0.7 % of total revenue for the years ended december 31 , 2019 and 2018 , respectively , which represents a $ 3,785 , or 33.7 % , decrease . the decrease in commission fee income is primarily due to the payless shoesource bankruptcy that occurred in 2019. operating expenses slightly decreased to $ 15,618 in 2019 from $ 15,775 in 2018. loss from operations was $ 8,177 for the year ended december 31 , 2019 compared to $ 4,549 in 2018. licensing segment : licensing fee income generated by the licensing segment accounted for $ 11,581 , or 0.6 % , and $ 12,899 , or 0.8 % of total revenue for the years ended december 31 , 2019 and 2018 , respectively , which represents a $ 1,318 , or 10.2 % , decrease . the decrease in licensing fee income is primarily due to a decrease in royalties in connection with payless shoesource bankruptcy . operating expenses increased to $ 3,477 in 2019 from $ 2,933 in 2018. the increase in operating expenses was primarily due to higher marketing and payroll related expenses . during the year ended december 31 , 2019 , income for the licensing segment amounted to $ 8,104 as compared to the prior year income of $ 9,966. story_separator_special_tag transition tax of $ 14,847 was the result of the tax cuts and jobs act of 2017 ( the `` tax act `` ) . for further information , refer to note o to the consolidated financial statements included in this annual report on form 10-k. excluded from the contractual obligations table above are long-term taxes payable of $ 2,295 as of december 31 , 2020 primarily related to uncertain tax positions , for which we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond one year due to uncertainties in the timing of tax audit outcomes . dividends in february 2020 , our board of directors declared a quarterly cash dividend of $ 0.15 per share on our outstanding shares of common stock . the dividend was paid on march 27 , 2020 , to stockholders of record as of the close of business on march 17 , 2020. we paid total cash dividends for the three months ended march 31 , 2020 of $ 12,459. at the end of march 2020 , in response to the covid-19 pandemic , as a precautionary measure our board of directors temporarily suspended the payment of dividends and the repurchase of our common stock . on february 24 , 2021 , our board of directors approved the reinstatement of a quarterly cash dividend . the quarterly dividend of $ 0.15 per share is payable on march 26 , 2021 to stockholders of record as of the close of business on march 16 , 2021 . 33 future quarterly cash dividend payments are also subject to the discretion of our board of directors and contingent upon future earnings , our financial condition , capital requirements , general business conditions , and other factors . therefore , we can give no assurance that cash dividends will be paid to holders of our common stock in the future . inflation we do not believe that inflation and price changes have had a significant effect on our sales or profitability for the fiscal year ended december 31 , 2020 and the prior two fiscal years . historically , we have minimized the impact of product cost increases by increasing prices , changing suppliers and improving operating efficiencies . however , no assurance can be given that we will be able to offset any such inflationary cost increases in the future . off-balance sheet arrangements we have no off-balance sheet arrangements . critical accounting policies and the use of estimates this management 's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements included in this annual report on form 10-k , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( `` gaap `` ) . the preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets , liabilities , sales and expenses , and related disclosure of contingent assets and liabilities . estimates by their nature are based on judgments and available information . our estimates are made based upon historical factors , current circumstances and the experience and judgment of management . assumptions and estimates are evaluated on an ongoing basis , and we may employ outside experts to assist in evaluations . therefore , actual results could materially differ from those estimates under different assumptions and conditions . management believes the following critical accounting estimates are more significantly affected by judgments and estimates used in the preparation of our consolidated financial statements : allowance for bad debts ; customer returns , chargebacks and co-op advertising ; inventory valuation ; valuation of intangible assets ; litigation reserves ; and contingent payment liabilities . allowances for bad debts . accounts receivable are reduced by an allowance for amounts that may be uncollectible in the future . estimates are used in determining the allowance for doubtful accounts and are based on an analysis of the aging of accounts receivable , assessments of collectability based on historical trends , the financial condition of our customers and an evaluation of economic conditions . in general , the actual bad debt losses have historically been within our expectations and the allowances we have established . the reserve against our non-factored trade receivables also includes estimated losses that may result from customers ' inability to pay . customer returns , chargebacks and co-op advertising . we provide variable consideration to our customers for chargebacks

liquidity and capital resources ( $ in thousands ) in response to the covid-19 pandemic , we took precautionary measures to maintain adequate liquidity and financial flexibility by temporarily suspending share repurchases and the quarterly cash dividend , furloughing a significant portion of our employees , significantly reducing our corporate workforce , temporarily suspending salaries of our founder and creative and design chief , steve madden , our chairman and chief executive officer , edward rosenfeld , and our board of directors ( which were all reinstated on october 1 ) ; temporarily reducing salaries by 30 % for our president , chief financial officer , chief operating officer and chief merchandising officer ( which were all reinstated on august 1 ) ; temporarily reducing salaries by graduated amounts for all other employees earning over $ 100 per year ( which were reinstated on august 1 ) ; significantly scaling back on non-essential operating expenses , capital expenditures and planned inventory purchases . cash , cash equivalents and short-term investments totaled $ 287,166 and $ 304,622 at december 31 , 2020 and december 31 , 2019 , respectively . at december 31 , 2020 , we held $ 158,610 , or approximately 56 % , of our total cash , cash equivalents and short-term investments in our foreign subsidiaries , and at december 31 , 2019 , we held $ 137,072 , or approximately 45 % , in our foreign subsidiaries .


 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 ( $ in thousands ) in response to the covid-19 pandemic , we took precautionary measures to maintain adequate liquidity and financial flexibility by temporarily suspending share repurchases and the quarterly cash dividend , furloughing a significant portion of our employees , significantly reducing our corporate workforce , temporarily suspending salaries of our founder and creative and design chief , steve madden , our chairman and chief executive officer , edward rosenfeld , and our board of directors ( which were all reinstated on october 1 ) ; temporarily reducing salaries by 30 % for our president , chief financial officer , chief operating officer and chief merchandising officer ( which were all reinstated on august 1 ) ; temporarily reducing salaries by graduated amounts for all other employees earning over $ 100 per year ( which were reinstated on august 1 ) ; significantly scaling back on non-essential operating expenses , capital expenditures and planned inventory purchases . cash , cash equivalents and short-term investments totaled $ 287,166 and $ 304,622 at december 31 , 2020 and december 31 , 2019 , respectively . at december 31 , 2020 , we held $ 158,610 , or approximately 56 % , of our total cash , cash equivalents and short-term investments in our foreign subsidiaries , and at december 31 , 2019 , we held $ 137,072 , or approximately 45 % , in our foreign subsidiaries .
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 Suspicious Activity Report : in addition , we license the betsey johnson® trademark for use in connection with the manufacture , marketing and sale of women 's and children 's apparel , hosiery , fragrance and beauty , sleepwear , swimwear , activewear , jewelry , hair accessories , watches , slippers , bedding and bath , luggage , umbrellas and medical scrubs . we also license the dolce vita® trademark for use in connection with the manufacture , marketing and sale of swimwear and the freebird by steven® trademark for operation of retail stores . dividends a quarterly cash dividend of $ 0.15 per share on our outstanding shares of common stock was paid on march 27 , 2020. at the end of march 2020 , in response to the covid-19 pandemic , as a precautionary measure our board of directors temporarily suspended the payments of dividends . the aggregate cash dividends paid for the twelve months ended december 31 , 2020 was $ 12,459. on february 24 , 2021 , our board of directors approved the reinstatement of a quarterly cash dividend . the quarterly dividend of $ 0.15 per share is payable on march 26 , 2021 to stockholders of record as of the close of business on march 16 , 2021. reclassifications certain reclassifications were made to prior years ' amounts to conform to the 2020 presentation . executive summary in december 2019 , covid-19 emerged and spread worldwide . the world health organization declared covid-19 a 26 pandemic in march 2020 , resulting in federal , state and local governments and private entities mandating various restrictions , including the closure of non-essential businesses , travel restrictions , restrictions on public gatherings , stay-at-home orders and advisories and quarantining of people who may have been exposed to the virus . after closely monitoring and taking into consideration the guidance from federal , state and local governments , in march 2020 , we temporarily closed all of our stores and our corporate offices in the u.s. and the vast majority of our stores and offices globally . as of august 2020 , the vast majority of our stores and corporate offices in the u.s. and globally reopened . these and other factors have had and may continue to have a material impact on our business , results of operations , financial position and cash flow . in response to the covid-19 pandemic , we took precautionary measures to maintain adequate liquidity and financial flexibility by temporarily suspending share repurchases and the quarterly cash dividend ; temporarily suspending salaries of our founder and creative and design chief , steve madden , our chairman and chief executive officer , edward rosenfeld , and our board of directors ( all of which were reinstated on october 1 ) ; temporarily reducing salaries by 30 % for our president , chief financial officer , chief operating officer and chief merchandising officer ( all of which were reinstated on august 1 ) ; temporarily reducing salaries by graduated amounts for all other employees earning over $ 100 per year ( all of which were reinstated on august 1 ) ; significantly scaling back on non-essential operating expenses , and capital expenditures and inventory purchases . the impact of covid-19 resulted in an unprecedented decline in our revenue and earnings during the year ended 2020 , including but not limited to , charges from adjustments to the carrying amount of certain trademarks , long-lived asset impairment charges and restructuring and other related charges . we expect the pandemic will continue to have a significant negative impact on our revenue and earnings during 2021. total revenue for 2020 decreased by 32.8 % to $ 1,201,814 from $ 1,787,157 in 2019 , with decreases in all segments as a result of the impact of the covid-19 pandemic . net loss attributable to steven madden , ltd. was $ 18,397 in 2020 compared to net income attributable to steven madden , ltd. of $ 141,311 in 2019. our effective tax rate for 2020 increased to 39.0 % compared to 21.8 % recorded in 2019. diluted loss per share in 2020 was $ 0.23 per share on 78,635 diluted weighted average shares outstanding compared to diluted earnings of $ 1.69 per share on 83,646 diluted weighted average shares outstanding in the prior year . we did not report same store sales or sales per square foot data in 2020 due to the covid-19 pandemic and the subsequent closure of our brick-and-mortar stores from the second half of march through at least the end of may and subsequent mandated closures . as of december 31 , 2020 , we had 218 stores in operation , compared to 227 stores as of december 31 , 2019. this decrease resulted from the closure of nine full-price stores , four outlet stores and one e-commerce website partially offset by the opening of three full-price stores and two outlet stores . our inventory turnover ( calculated on a trailing four quarter average ) for the years ended december 31 , 2020 and 2019 was 7.1 times and 8.1 times , respectively . our total company accounts receivable average collection days were 73 days in 2020 compared to 70 days in 2019. as of december 31 , 2020 , we had $ 287,166 in cash , cash equivalents and short-term investments , no debt and total stockholders ' equity of $ 790,369. working capital increased to $ 462,325 as of december 31 , 2020 , compared to $ 437,608 on december 31 , 2019. the increase in working capital was primarily due to actions taken as a result of the covid-19 pandemic . as we look ahead , we remain focused on delivering trend-right product , deepening connections with our consumers , enhancing our digital commerce business , and efficiently managing our inventory and expenses . story_separator_special_tag 31 first cost segment : commission fee income generated by the first cost segment accounted for $ 7,441 , or 0.4 % , and $ 11,226 , or 0.7 % of total revenue for the years ended december 31 , 2019 and 2018 , respectively , which represents a $ 3,785 , or 33.7 % , decrease . the decrease in commission fee income is primarily due to the payless shoesource bankruptcy that occurred in 2019. operating expenses slightly decreased to $ 15,618 in 2019 from $ 15,775 in 2018. loss from operations was $ 8,177 for the year ended december 31 , 2019 compared to $ 4,549 in 2018. licensing segment : licensing fee income generated by the licensing segment accounted for $ 11,581 , or 0.6 % , and $ 12,899 , or 0.8 % of total revenue for the years ended december 31 , 2019 and 2018 , respectively , which represents a $ 1,318 , or 10.2 % , decrease . the decrease in licensing fee income is primarily due to a decrease in royalties in connection with payless shoesource bankruptcy . operating expenses increased to $ 3,477 in 2019 from $ 2,933 in 2018. the increase in operating expenses was primarily due to higher marketing and payroll related expenses . during the year ended december 31 , 2019 , income for the licensing segment amounted to $ 8,104 as compared to the prior year income of $ 9,966. story_separator_special_tag transition tax of $ 14,847 was the result of the tax cuts and jobs act of 2017 ( the `` tax act `` ) . for further information , refer to note o to the consolidated financial statements included in this annual report on form 10-k. excluded from the contractual obligations table above are long-term taxes payable of $ 2,295 as of december 31 , 2020 primarily related to uncertain tax positions , for which we are unable to make a reasonably reliable estimate of the timing of payments in individual years beyond one year due to uncertainties in the timing of tax audit outcomes . dividends in february 2020 , our board of directors declared a quarterly cash dividend of $ 0.15 per share on our outstanding shares of common stock . the dividend was paid on march 27 , 2020 , to stockholders of record as of the close of business on march 17 , 2020. we paid total cash dividends for the three months ended march 31 , 2020 of $ 12,459. at the end of march 2020 , in response to the covid-19 pandemic , as a precautionary measure our board of directors temporarily suspended the payment of dividends and the repurchase of our common stock . on february 24 , 2021 , our board of directors approved the reinstatement of a quarterly cash dividend . the quarterly dividend of $ 0.15 per share is payable on march 26 , 2021 to stockholders of record as of the close of business on march 16 , 2021 . 33 future quarterly cash dividend payments are also subject to the discretion of our board of directors and contingent upon future earnings , our financial condition , capital requirements , general business conditions , and other factors . therefore , we can give no assurance that cash dividends will be paid to holders of our common stock in the future . inflation we do not believe that inflation and price changes have had a significant effect on our sales or profitability for the fiscal year ended december 31 , 2020 and the prior two fiscal years . historically , we have minimized the impact of product cost increases by increasing prices , changing suppliers and improving operating efficiencies . however , no assurance can be given that we will be able to offset any such inflationary cost increases in the future . off-balance sheet arrangements we have no off-balance sheet arrangements . critical accounting policies and the use of estimates this management 's discussion and analysis of financial condition and results of operations is based upon our consolidated financial statements included in this annual report on form 10-k , which have been prepared in accordance with accounting principles generally accepted in the united states of america ( `` gaap `` ) . the preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets , liabilities , sales and expenses , and related disclosure of contingent assets and liabilities . estimates by their nature are based on judgments and available information . our estimates are made based upon historical factors , current circumstances and the experience and judgment of management . assumptions and estimates are evaluated on an ongoing basis , and we may employ outside experts to assist in evaluations . therefore , actual results could materially differ from those estimates under different assumptions and conditions . management believes the following critical accounting estimates are more significantly affected by judgments and estimates used in the preparation of our consolidated financial statements : allowance for bad debts ; customer returns , chargebacks and co-op advertising ; inventory valuation ; valuation of intangible assets ; litigation reserves ; and contingent payment liabilities . allowances for bad debts . accounts receivable are reduced by an allowance for amounts that may be uncollectible in the future . estimates are used in determining the allowance for doubtful accounts and are based on an analysis of the aging of accounts receivable , assessments of collectability based on historical trends , the financial condition of our customers and an evaluation of economic conditions . in general , the actual bad debt losses have historically been within our expectations and the allowances we have established . the reserve against our non-factored trade receivables also includes estimated losses that may result from customers ' inability to pay . customer returns , chargebacks and co-op advertising . we provide variable consideration to our customers for chargebacks

