refer to the results of continuing operations section of item 7 for further discussion and analysis of our restructuring programs . new operating structure implemented in fiscal 2017 in order to take advantage of the growth opportunities of our widia brand , we implemented a new operating structure . 16 a key attribute of the new structure is the establishment of the widia operating segment . in order to better lever the opportunities that lie in this business , in addition to being more agile and competitive in the marketplace , we are placing higher levels of focus , determination and leadership in the business . industrial and widia in 2017 will be formed from the 2016 industrial segment . we will have three reportable operating segments going forward : industrial , widia and infrastructure . results of continuing operations sales sales of $ 2,098.4 million in 2016 decreased 21 percent from $ 2,647.2 million in 2015 reflecting an 11 percent organic sales decline , a 5 percent divestiture impact , and a 5 percent unfavorable currency exchange impact . sales decreased by 30 percent in the infrastructure segment and 13 percent in the industrial segment . drivers of the organic sales decrease were 28 percent in energy , 15 percent in earthworks , 11 percent in general engineering and 4 percent in transportation , while aerospace and defense remained flat . sales of $ 2,647.2 million in 2015 decreased 7 percent from $ 2,837.2 million in 2014 reflecting an 5 percent organic sales decline and a 4 percent unfavorable currency exchange impact , offset by 2 percent increase from prior year acquisition and divestiture activity . sales decreased by 10 percent in the infrastructure segment and 4 percent in the industrial segment . drivers of the organic sales decrease , were earthworks of 10 percent , energy markets of 10 percent , aerospace and defense of 6 percent , transportation of 1 percent and general engineering of 1 percent . gross profit gross profit decreased $ 189.9 million to $ 616.1 million in 2016 from $ 806.0 million in 2015 . this decrease was primarily due to organic sales decline , unfavorable business mix in both segments , lower fixed cost absorption , unfavorable currency exchange and divestiture impact , offset partially by lower raw material costs and restructuring benefits . the gross profit margin for 2016 was 29.4 percent compared to 30.4 percent in 2015 . gross profit decreased $ 91.0 million to $ 806.0 million in 2015 from $ 897.0 million in 2014 . the decrease was primarily due to organic sales decline , unfavorable currency exchange and unfavorable business mix in the infrastructure segment , offset partially by restructuring benefits , contributions from the tmb acquisition and the benefits of a nonrecurring inventory charge of $ 6.4 million that occurred in the prior year . the gross profit margin for 2015 was 30.4 percent compared to 31.6 percent in 2014 . operating expense operating expense in 2016 was $ 495.0 million , a decrease of $ 59.9 million , or 10.8 percent , compared to $ 554.9 million in 2015 . the decrease is primarily due to divestiture impact of $ 18.6 million , favorable foreign currency exchange impacts of $ 23.3 million , restructuring benefits and the impact of cost reduction initiatives , offset partially by $ 8.3 million higher restructuring related charges . operating expense in 2015 was $ 554.9 million , a decrease of $ 34.9 million , or 5.9 percent , compared to $ 589.8 million in 2014 . the decrease is primarily due to foreign currency exchange impacts of $ 24.7 million , restructuring benefits and the impact of cost reduction initiatives , offset partially by annual merit increase . restructuring and related charges and asset impairment charges restructuring and related charges during 2016 , we recorded restructuring and related charges of $ 53.5 million . of this amount , restructuring charges totaled $ 30.0 million . restructuring-related charges of $ 7.3 million were recorded in cost of goods sold and $ 16.2 million in operating expense during 2016 . total restructuring and related charges since the inception of our restructuring plans through 2016 were $ 130.7 million . see note 15 in our consolidated financial statements set forth in item 8 ( note 15 ) . during 2015 , we recorded restructuring and related charges of $ 58.1 million . of this amount , restructuring charges totaled $ 42.1 million , of which $ 1.5 million were charges related to inventory disposals and were recorded in cost of goods sold . restructuring-related charges of $ 8.2 million were recorded in cost of goods sold and $ 7.8 million in operating expense during 2015 . during 2014 , we recorded restructuring and related charges of $ 19.1 million . of this amount , restructuring charges totaled $ 17.8 million , of which $ 0.2 million were charges related to inventory disposals and were recorded in cost of goods sold . restructuring-related charges of $ 1.2 million were recorded in cost of goods sold and $ 0.1 million in operating expense during 2014 . 17 phase 1 we implemented restructuring actions in conjunction with our phase 1 restructuring program to achieve synergies across kennametal as a result of the tmb acquisition by consolidating operations among both organizations , reducing administrative overhead and leveraging the supply chain . these restructuring actions were substantially completed in fiscal 2016 and were mostly cash expenditures . estimated ongoing annualized savings for this phase is $ 40- $ 45 million , and we incurred inception to date charges of $ 59.3 million . ongoing restructuring programs we are currently implementing restructuring actions to streamline the company 's cost structure . story_separator_special_tag the decrease in the portion of our debt subject to variable rates was due to the decrease in the balance outstanding on our revolving credit facility . except as noted below , we consider substantially all of the unremitted earnings of our non-u.s. subsidiaries that have not previously been taxed in the u.s. to be permanently reinvested . as of june 30 , 2016 , cash and cash equivalents of $ 55.3 million would not be available for use in the u.s. on a long-term basis without incurring u.s. federal and state income tax consequences . we have not repatriated , nor do we anticipate the need to repatriate , funds to the u.s. to satisfy domestic liquidity needs arising in the ordinary course of business or associated with our domestic debt service requirements . notwithstanding the above , we redeployed cash from certain non-u.s. subsidiaries related to the transaction specified in note 4. as such , the year ended june 30 , 2016 includes a tax charge of $ 4.7 million related to this change in assertion with respect to a portion of our foreign subsidiaries ' undistributed earnings , which are no longer considered permanently reinvested . the remaining undistributed earnings of our foreign subsidiaries continue to be indefinitely reinvested and would not be available for use in the u.s. on a long term basis without incurring u.s. federal and state income tax consequences . at june 30 , 2016 , we had cash and cash equivalents of $ 161.6 million . total kennametal shareholders ' equity was $ 964.3 million and total debt was $ 701.5 million . our current senior credit ratings are at investment grade levels . we believe that our current financial position , liquidity and credit ratings provide us access to the capital markets . we continue to closely monitor our liquidity position and the condition of the capital markets , as well as the counterparty risk of our credit providers . 21 the following is a summary of our contractual obligations and other commercial commitments as of june 30 , 2016 ( in thousands ) : replace_table_token_8_th ( 1 ) long-term debt includes interest obligations of $ 101.0 million . interest obligations were determined assuming interest rates as of june 30 , 2016 remain constant . ( 2 ) notes payable includes interest obligations of $ 0.1 million . interest obligations were determined assuming interest rates as of june 30 , 2016 remain constant . ( 3 ) annual payments are expected to continue into the foreseeable future at the amounts noted in the table . ( 4 ) capital leases include interest obligations of $ 0.1 million . ( 5 ) purchase obligations consist of purchase commitments for materials , supplies and machinery and equipment as part of the ordinary conduct of business . purchase obligations with variable price provisions were determined assuming market prices as of june 30 , 2016 remain constant . ( 6 ) unrecognized tax benefits are positions taken or expected to be taken on an income tax return that may result in additional payments to tax authorities . these amounts include interest of $ 0.3 million and penalty of $ 0.3 million accrued related to such positions as of june 30 , 2016 . positions for which we are not able to reasonably estimate the timing of potential future payments are included in the ‘ thereafter ' column . if a tax authority agrees with the tax position taken or expected to be taken or the applicable statute of limitations expires , then additional payments will not be necessary . replace_table_token_9_th the standby letters of credit relate to insurance and other activities . the guarantees are non-debt guarantees with financial institutions , which are required primarily for security deposits , product performance guarantees and advances . cash flow provided by operating activities during 2016 , cash flow provided by operating activities was $ 219.3 million , compared to $ 351.4 million in 2015 . during 2016 , cash flow provided by operating activities for the current year consisted of net income and non-cash items amounting to $ 163.8 million and changes in certain assets and liabilities netting to $ 55.5 million . these changes were primarily driven by a decrease in inventory of $ 69.6 million due to our continued focus on working capital management and a decrease in accounts receivable of $ 32.7 million due to lower sales volume . partially offsetting these inflows were a decrease in accrued income taxes of $ 25.2 million driven by payment of a capital gains tax related to a prior period tax reorganization and a decrease in accounts payable and accrued liabilities of $ 2.2 million . during 2015 , cash flow provided by operating activities was $ 351.4 million , compared to $ 271.9 million in 2014 . during 2015 , cash flow provided by operating activities for the current year consisted of net income and non-cash items amounting to $ 279.1 million , offset by changes in certain assets and liabilities netting to $ 72.4 million . these changes were primarily driven by a decrease in inventory of $ 70.9 million due to improved working capital management , a decrease in accounts receivable of $ 46.6 million due to lower sales volumes and a decrease in accounts payable and accrued liabilities of $ 8.2 million . during 2014 , cash flow provided by operating activities was $ 271.9 million . cash flow provided by operating activities consisted of net income and non-cash items amounting to $ 338.7 million , offset by changes in certain assets and liabilities netting to $ 66.8 million . these changes were primarily driven by an increase in accounts receivable of $ 45.0 million due to higher sales volumes and a decrease in accrued income taxes of $ 12.5 million . 22 story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > decrease of borrowings outstanding on the revolver , a

cash flow used for investing activities cash flow used for investing activities was $ 47.9 million for 2016 , a decrease of $ 36.6 million , compared to $ 84.6 million in 2015 . during 2016 , cash flow used for investing activities included capital expenditures , net of $ 104.7 million , which consisted primarily of equipment upgrades . partially offsetting this outflow was an inflow of $ 56.1 million of proceeds from the divestiture of non-core businesses . cash flow used for investing activities was $ 84.6 million for 2015 , a decrease of $ 655.6 million , compared to $ 740.2 million in 2014 . during 2015 , cash flow used for investing activities included capital expenditures , net were $ 84.8 million , which consisted primarily of equipment upgrades . cash flow used for investing activities was $ 740.2 million for 2014 . during 2014 , cash flow used for investing activities included the tmb acquisition for $ 607.0 million , net of cash acquired , the emura acquisition for $ 25.6 million cash paid in 2014 and $ 2.0 million related to a small acquisition in the infrastructure segment . capital expenditures , net were $ 116.1 million , which consisted primarily of equipment upgrades . these cash outflows were partially offset by $ 10.2 million of proceeds from sale of a small non-core business acquired as part of the tmb acquisition . cash flow ( used for ) provided by financing activities cash flow used for financing activities was $ 110.5 million for 2016 , compared to $ 333.0 million in 2015 . during 2016 , cash flow used for financing activities included $ 63.7 million of cash dividends paid to shareholders and $ 50.8 million net decrease in borrowings , partially offset by $ 4.5 million of dividend reinvestment and the effect of employee benefit and stock plans . cash flow used for financing activities was $ 333.0 million for 2015 , compared to cash flow provided by financing activities of $ 270.4 million in 2014 .


 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.
     ```cash flow used for investing activities cash flow used for investing activities was $ 47.9 million for 2016 , a decrease of $ 36.6 million , compared to $ 84.6 million in 2015 . during 2016 , cash flow used for investing activities included capital expenditures , net of $ 104.7 million , which consisted primarily of equipment upgrades . partially offsetting this outflow was an inflow of $ 56.1 million of proceeds from the divestiture of non-core businesses . cash flow used for investing activities was $ 84.6 million for 2015 , a decrease of $ 655.6 million , compared to $ 740.2 million in 2014 . during 2015 , cash flow used for investing activities included capital expenditures , net were $ 84.8 million , which consisted primarily of equipment upgrades . cash flow used for investing activities was $ 740.2 million for 2014 . during 2014 , cash flow used for investing activities included the tmb acquisition for $ 607.0 million , net of cash acquired , the emura acquisition for $ 25.6 million cash paid in 2014 and $ 2.0 million related to a small acquisition in the infrastructure segment . capital expenditures , net were $ 116.1 million , which consisted primarily of equipment upgrades . these cash outflows were partially offset by $ 10.2 million of proceeds from sale of a small non-core business acquired as part of the tmb acquisition . cash flow ( used for ) provided by financing activities cash flow used for financing activities was $ 110.5 million for 2016 , compared to $ 333.0 million in 2015 . during 2016 , cash flow used for financing activities included $ 63.7 million of cash dividends paid to shareholders and $ 50.8 million net decrease in borrowings , partially offset by $ 4.5 million of dividend reinvestment and the effect of employee benefit and stock plans . cash flow used for financing activities was $ 333.0 million for 2015 , compared to cash flow provided by financing activities of $ 270.4 million in 2014 .
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 Suspicious Activity Report : refer to the results of continuing operations section of item 7 for further discussion and analysis of our restructuring programs . new operating structure implemented in fiscal 2017 in order to take advantage of the growth opportunities of our widia brand , we implemented a new operating structure . 16 a key attribute of the new structure is the establishment of the widia operating segment . in order to better lever the opportunities that lie in this business , in addition to being more agile and competitive in the marketplace , we are placing higher levels of focus , determination and leadership in the business . industrial and widia in 2017 will be formed from the 2016 industrial segment . we will have three reportable operating segments going forward : industrial , widia and infrastructure . results of continuing operations sales sales of $ 2,098.4 million in 2016 decreased 21 percent from $ 2,647.2 million in 2015 reflecting an 11 percent organic sales decline , a 5 percent divestiture impact , and a 5 percent unfavorable currency exchange impact . sales decreased by 30 percent in the infrastructure segment and 13 percent in the industrial segment . drivers of the organic sales decrease were 28 percent in energy , 15 percent in earthworks , 11 percent in general engineering and 4 percent in transportation , while aerospace and defense remained flat . sales of $ 2,647.2 million in 2015 decreased 7 percent from $ 2,837.2 million in 2014 reflecting an 5 percent organic sales decline and a 4 percent unfavorable currency exchange impact , offset by 2 percent increase from prior year acquisition and divestiture activity . sales decreased by 10 percent in the infrastructure segment and 4 percent in the industrial segment . drivers of the organic sales decrease , were earthworks of 10 percent , energy markets of 10 percent , aerospace and defense of 6 percent , transportation of 1 percent and general engineering of 1 percent . gross profit gross profit decreased $ 189.9 million to $ 616.1 million in 2016 from $ 806.0 million in 2015 . this decrease was primarily due to organic sales decline , unfavorable business mix in both segments , lower fixed cost absorption , unfavorable currency exchange and divestiture impact , offset partially by lower raw material costs and restructuring benefits . the gross profit margin for 2016 was 29.4 percent compared to 30.4 percent in 2015 . gross profit decreased $ 91.0 million to $ 806.0 million in 2015 from $ 897.0 million in 2014 . the decrease was primarily due to organic sales decline , unfavorable currency exchange and unfavorable business mix in the infrastructure segment , offset partially by restructuring benefits , contributions from the tmb acquisition and the benefits of a nonrecurring inventory charge of $ 6.4 million that occurred in the prior year . the gross profit margin for 2015 was 30.4 percent compared to 31.6 percent in 2014 . operating expense operating expense in 2016 was $ 495.0 million , a decrease of $ 59.9 million , or 10.8 percent , compared to $ 554.9 million in 2015 . the decrease is primarily due to divestiture impact of $ 18.6 million , favorable foreign currency exchange impacts of $ 23.3 million , restructuring benefits and the impact of cost reduction initiatives , offset partially by $ 8.3 million higher restructuring related charges . operating expense in 2015 was $ 554.9 million , a decrease of $ 34.9 million , or 5.9 percent , compared to $ 589.8 million in 2014 . the decrease is primarily due to foreign currency exchange impacts of $ 24.7 million , restructuring benefits and the impact of cost reduction initiatives , offset partially by annual merit increase . restructuring and related charges and asset impairment charges restructuring and related charges during 2016 , we recorded restructuring and related charges of $ 53.5 million . of this amount , restructuring charges totaled $ 30.0 million . restructuring-related charges of $ 7.3 million were recorded in cost of goods sold and $ 16.2 million in operating expense during 2016 . total restructuring and related charges since the inception of our restructuring plans through 2016 were $ 130.7 million . see note 15 in our consolidated financial statements set forth in item 8 ( note 15 ) . during 2015 , we recorded restructuring and related charges of $ 58.1 million . of this amount , restructuring charges totaled $ 42.1 million , of which $ 1.5 million were charges related to inventory disposals and were recorded in cost of goods sold . restructuring-related charges of $ 8.2 million were recorded in cost of goods sold and $ 7.8 million in operating expense during 2015 . during 2014 , we recorded restructuring and related charges of $ 19.1 million . of this amount , restructuring charges totaled $ 17.8 million , of which $ 0.2 million were charges related to inventory disposals and were recorded in cost of goods sold . restructuring-related charges of $ 1.2 million were recorded in cost of goods sold and $ 0.1 million in operating expense during 2014 . 17 phase 1 we implemented restructuring actions in conjunction with our phase 1 restructuring program to achieve synergies across kennametal as a result of the tmb acquisition by consolidating operations among both organizations , reducing administrative overhead and leveraging the supply chain . these restructuring actions were substantially completed in fiscal 2016 and were mostly cash expenditures . estimated ongoing annualized savings for this phase is $ 40- $ 45 million , and we incurred inception to date charges of $ 59.3 million . ongoing restructuring programs we are currently implementing restructuring actions to streamline the company 's cost structure . story_separator_special_tag the decrease in the portion of our debt subject to variable rates was due to the decrease in the balance outstanding on our revolving credit facility . except as noted below , we consider substantially all of the unremitted earnings of our non-u.s. subsidiaries that have not previously been taxed in the u.s. to be permanently reinvested . as of june 30 , 2016 , cash and cash equivalents of $ 55.3 million would not be available for use in the u.s. on a long-term basis without incurring u.s. federal and state income tax consequences . we have not repatriated , nor do we anticipate the need to repatriate , funds to the u.s. to satisfy domestic liquidity needs arising in the ordinary course of business or associated with our domestic debt service requirements . notwithstanding the above , we redeployed cash from certain non-u.s. subsidiaries related to the transaction specified in note 4. as such , the year ended june 30 , 2016 includes a tax charge of $ 4.7 million related to this change in assertion with respect to a portion of our foreign subsidiaries ' undistributed earnings , which are no longer considered permanently reinvested . the remaining undistributed earnings of our foreign subsidiaries continue to be indefinitely reinvested and would not be available for use in the u.s. on a long term basis without incurring u.s. federal and state income tax consequences . at june 30 , 2016 , we had cash and cash equivalents of $ 161.6 million . total kennametal shareholders ' equity was $ 964.3 million and total debt was $ 701.5 million . our current senior credit ratings are at investment grade levels . we believe that our current financial position , liquidity and credit ratings provide us access to the capital markets . we continue to closely monitor our liquidity position and the condition of the capital markets , as well as the counterparty risk of our credit providers . 21 the following is a summary of our contractual obligations and other commercial commitments as of june 30 , 2016 ( in thousands ) : replace_table_token_8_th ( 1 ) long-term debt includes interest obligations of $ 101.0 million . interest obligations were determined assuming interest rates as of june 30 , 2016 remain constant . ( 2 ) notes payable includes interest obligations of $ 0.1 million . interest obligations were determined assuming interest rates as of june 30 , 2016 remain constant . ( 3 ) annual payments are expected to continue into the foreseeable future at the amounts noted in the table . ( 4 ) capital leases include interest obligations of $ 0.1 million . ( 5 ) purchase obligations consist of purchase commitments for materials , supplies and machinery and equipment as part of the ordinary conduct of business . purchase obligations with variable price provisions were determined assuming market prices as of june 30 , 2016 remain constant . ( 6 ) unrecognized tax benefits are positions taken or expected to be taken on an income tax return that may result in additional payments to tax authorities . these amounts include interest of $ 0.3 million and penalty of $ 0.3 million accrued related to such positions as of june 30 , 2016 . positions for which we are not able to reasonably estimate the timing of potential future payments are included in the ‘ thereafter ' column . if a tax authority agrees with the tax position taken or expected to be taken or the applicable statute of limitations expires , then additional payments will not be necessary . replace_table_token_9_th the standby letters of credit relate to insurance and other activities . the guarantees are non-debt guarantees with financial institutions , which are required primarily for security deposits , product performance guarantees and advances . cash flow provided by operating activities during 2016 , cash flow provided by operating activities was $ 219.3 million , compared to $ 351.4 million in 2015 . during 2016 , cash flow provided by operating activities for the current year consisted of net income and non-cash items amounting to $ 163.8 million and changes in certain assets and liabilities netting to $ 55.5 million . these changes were primarily driven by a decrease in inventory of $ 69.6 million due to our continued focus on working capital management and a decrease in accounts receivable of $ 32.7 million due to lower sales volume . partially offsetting these inflows were a decrease in accrued income taxes of $ 25.2 million driven by payment of a capital gains tax related to a prior period tax reorganization and a decrease in accounts payable and accrued liabilities of $ 2.2 million . during 2015 , cash flow provided by operating activities was $ 351.4 million , compared to $ 271.9 million in 2014 . during 2015 , cash flow provided by operating activities for the current year consisted of net income and non-cash items amounting to $ 279.1 million , offset by changes in certain assets and liabilities netting to $ 72.4 million . these changes were primarily driven by a decrease in inventory of $ 70.9 million due to improved working capital management , a decrease in accounts receivable of $ 46.6 million due to lower sales volumes and a decrease in accounts payable and accrued liabilities of $ 8.2 million . during 2014 , cash flow provided by operating activities was $ 271.9 million . cash flow provided by operating activities consisted of net income and non-cash items amounting to $ 338.7 million , offset by changes in certain assets and liabilities netting to $ 66.8 million . these changes were primarily driven by an increase in accounts receivable of $ 45.0 million due to higher sales volumes and a decrease in accrued income taxes of $ 12.5 million . 22 story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > decrease of borrowings outstanding on the revolver , a

