the company recorded a $ 10.8 million gain on the previously held equity interest in beru diesel start systems pvt . ltd. ( `` beru diesel `` ) as a result of acquiring the remaining 51 % of this joint venture . the company recorded tax benefits of $ 9.9 million , $ 9.0 million , $ 3.8 million and $ 3.7 million primarily related to foreign tax incentives and tax settlements , the pension settlement loss , merger and acquisition expense and restructuring expense , respectively . 28 year ended december 31 , 2014 : the company incurred restructuring expense of $ 90.8 million , primarily associated with both the drivetrain and engine segments . the drivetrain segment charges primarily represent a continuation of expenses associated with the first quarter 2014 finalization of severance agreements with two labor unions at separate facilities in western europe for approximately 350 employees . the engine segment charges primarily relate to the restructuring of the wahler acquisition . these expenses included $ 57.9 million related to employee termination benefits and $ 20.9 million of other expenses . additionally , the company also recorded restructuring charges of $ 12.0 million related to a global realignment plan intended to enhance treasury management flexibility by creating a legal entity structure that better aligns with the company 's business strategy . both the drivetrain and engine restructuring actions are designed to improve the future profitability and competitiveness of each segment . the company incurred intangible asset impairment losses of $ 10.3 million related to the engine segment , primarily driven by the decision to discontinue the use of an unamortized trade name . the company incurred a settlement loss of $ 3.1 million related to lump-sum payments made to former employees of the company to discharge its obligation under the u.s pension plan . the company recorded tax benefits of $ 15.3 million , $ 0.4 million and $ 1.1 million related to restructuring expense , intangible asset impairment losses and the pension settlement loss , respectively . year ended december 31 , 2013 : the company incurred restructuring expense of $ 39.8 million , primarily due to the initiation of drivetrain segment actions designed to improve future profitability and competitiveness . this expense included $ 24.8 million of fixed asset impairment , $ 10.4 million related to employee termination benefits , $ 4.0 million related to a global realignment plan intended to enhance treasury management flexibility by creating a legal entity structure that better aligns with the company 's business strategy and $ 0.6 million of other expense . the company incurred intangible asset impairment losses of $ 12.5 million related to drivetrain segment customer relationships and an engine segment unamortized trade name . the company incurred $ 11.3 million of expense related to a program termination agreement . retirement related obligations expense of $ 5.9 million was primarily related to a first quarter 2013 grant of restricted stock awards to certain retiring named executive officers , for which the company waived the forfeiture provision associated with future restricted stock grants during 2012. the company recorded tax benefits of $ 5.1 million , $ 2.0 million , $ 3.8 million and $ 2.1 million related to restructuring expense , intangible asset impairment losses , the program termination agreement and retirement related obligations discussed above . the company also recorded a net tax benefit of $ 11.7 million , which includes tax benefits of $ 6.7 million related to the extension of the federal research and development credit and other international tax provisions resulting from the retroactive impact of u.s. legislation enacted in january 2013 , $ 2.2 million related to 2012 provision to return and other tax adjustments and $ 8.0 million related to the reversal of certain state deferred tax asset valuation allowances , partially offset by a $ 5.2 million tax expense related to comprehensive income and other tax adjustments . net sales net sales for the year ended december 31 , 2015 totaled $ 8,023.2 million , a 3.4 % decrease from the year ended december 31 , 2014. excluding the impact of weakening foreign currencies , primarily the euro , the 2014 wahler acquisition , the 2015 beru diesel acquisition and the 2015 remy acquisition , net sales increased 4.3 % . 29 net sales for the year ended december 31 , 2014 totaled $ 8,305.1 million , a 11.7 % increase from the year ended december 31 , 2013. excluding the impact of the 2014 wahler acquisition and weaker foreign currencies , primarily the yen and the real partially offset by the won , net sales increased 7.9 % . the following table details our results of operations as a percentage of net sales : replace_table_token_10_th cost of sales as a percentage of net sales was 78.8 % , 78.9 % and 79.1 % in the years ended december 31 , 2015 , 2014 and 2013 , respectively . the company 's material cost of sales was 50 % to 55 % of net sales in the years ended december 31 , 2015 , 2014 and 2013. the company 's remaining cost to convert raw material to finished product , which includes direct labor and manufacturing overhead , had continued to improve during the years ended december 31 , 2015 and 2014 compared to 2013. gross profit as a percentage of net sales was 21.2 % , 21.1 % and 20.9 % in the years ended december 31 , 2015 , 2014 and 2013 , respectively . selling , general and administrative expenses ( “ sg & a ” ) was $ 662.0 million , $ 698.9 million and $ 639.7 million or 8.3 % , 8.4 % and 8.6 % of net sales for the years ended december 31 , 2015 , 2014 and 2013 , respectively . story_separator_special_tag dtp sought the court 's affirmation that dtp did not violate the labor-management relations act or the employee retirement income security act ( erisa ) by unilaterally amending certain medical plans effective april 1 , 2006 and october 1 , 2006 , prior to the expiration of the then-current collective bargaining agreements . on september 10 , 2008 , the court found that dtp 's reservation of the right to make such amendments reducing the level of benefits provided to retirees was limited by its collectively bargained 37 health insurance agreement with the uaw , which did not expire until april 24 , 2009. thus , the amendments were untimely . in 2008 , the company recorded a charge of $ 4.0 million as a result of the court 's decision . dtp filed a declaratory judgment action in the united states district court , southern district of indiana ( indianapolis division ) against the uaw local no . 287 and jim barrett and others , individually and as representatives of a defendant class , on february 26 , 2009 again seeking the court 's affirmation that dtp did not violate the labor - management relations act or erisa by modifying the level of benefits provided retirees to make them comparable to other company retiree benefit plans after april 24 , 2009. certain retirees , on behalf of themselves and others , filed a mirror-image action in the united states district court , eastern district of michigan ( southern division ) on march 11 , 2009 , for which a class has been certified . during the last quarter of 2009 , the action pending in indiana was dismissed , while the action in michigan is continuing . the company is vigorously defending against the suit . this contingency is subject to many uncertainties , therefore based on the information available to date , the company can not reasonably estimate the amount or the range of potential loss , if any . environmental the company and certain of its current and former direct and indirect corporate predecessors , subsidiaries and divisions have been identified by the united states environmental protection agency and certain state environmental agencies and private parties as potentially responsible parties ( “ prps ” ) at various hazardous waste disposal sites under the comprehensive environmental response , compensation and liability act ( “ superfund ” ) and equivalent state laws and , as such , may presently be liable for the cost of clean-up and other remedial activities at 26 such sites . responsibility for clean-up and other remedial activities at a superfund site is typically shared among prps based on an allocation formula . the company believes that none of these matters , individually or in the aggregate , will have a material adverse effect on its results of operations , financial position or cash flows . generally , this is because either the estimates of the maximum potential liability at a site are not material or the liability will be shared with other prps , although no assurance can be given with respect to the ultimate outcome of any such matter . based on information available to the company ( which in most cases includes : an estimate of allocation of liability among prps ; the probability that other prps , many of whom are large , solvent public companies , will fully pay the cost apportioned to them ; currently available information from prps and or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs ; and remediation alternatives ) , the company has an accrual for indicated environmental liabilities of $ 5.4 million and $ 6.2 million at december 31 , 2015 and at december 31 , 2014 , respectively . the company expects to pay out substantially all of the amounts accrued for environmental liability over the next five years . in connection with the sale of kuhlman electric corporation ( “ kuhlman electric ” ) , the company agreed to indemnify the buyer and kuhlman electric for certain environmental liabilities , then unknown to the company , relating to certain operations of kuhlman electric that pre-date the company 's 1999 acquisition of kuhlman electric . the company previously settled or obtained dismissals of various lawsuits that were filed against kuhlman electric and others , including the company , on behalf of plaintiffs alleging personal injury relating to alleged environmental contamination at its crystal springs , mississippi plant . the company filed a lawsuit against kuhlman electric and a related entity challenging the validity of the indemnity and the defendants filed counterclaims ( the “ indemnity action ” ) and a related lawsuit . on september 28 , 2015 , the parties entered into a confidential settlement agreement that , among other things , released and terminated all of borgwarner 's indemnity obligations . pursuant to the settlement agreement , the parties voluntarily dismissed the indemnity action on september 29 , 2015 and the related lawsuit was dismissed on october 13 , 2015. the company continues to pursue insurance coverage actions for reimbursement of amounts it spent under the indemnity . the company may in the future become subject to further legal proceedings . 38 product liability like many other industrial companies who have historically operated in the u.s. , the company ( or parties the company is obligated to indemnify ) continues to be named as one of many defendants in asbestos-related personal injury actions . we believe that the company 's involvement is limited because , in general , these claims relate to a few types of automotive products that were manufactured many years ago and contained encapsulated asbestos . the nature of the fibers , the encapsulation and the manner of use lead the company to believe that these products are highly unlikely to cause harm . as of december 31 , 2015 and december 31 , 2014 , the company had

liquidity and capital resources the company maintains various liquidity sources including cash and cash equivalents and the unused portion of our multi-currency revolving credit agreement . at december 31 , 2015 , the company had $ 577.7 million of cash , of which $ 441.3 million of cash was held by our subsidiaries outside of the united states . cash held by these subsidiaries is used to fund foreign operational activities and future investments , including acquisitions . the vast majority of cash held outside the united states is available for repatriation , however , doing so could result in increased foreign and u.s. federal , state and local income taxes . a deferred tax liability has been recorded for the portion of these funds anticipated to be repatriated to the united states . the company uses its u.s. liquidity primarily for various corporate purposes , including but not limited to , debt service , share repurchases , dividend distributions and other corporate expenses . 33 on november 6 , 2015 , borgwarner inc. issued 500 million in 1.80 % senior notes due november 2022. interest is payable annually in arrears on november 7 of each year , beginning on november 7 , 2016. the company used the net proceeds from this offering for general corporate purposes , including , but not limited to , the acquisition of remy . these senior notes are not guaranteed by any of borgwarner inc. 's subsidiaries . on march 16 , 2015 , borgwarner inc. issued $ 500 million in 3.375 % senior notes due march 2025 and $ 500 million in 4.375 % senior notes due march 2045. interest is payable semi-annually in arrears on march 15 and september 15 of each year . the company used the net proceeds from this offering for general corporate purposes , including , but not limited to , repurchasing shares of the company 's common stock pursuant to our previously announced $ 1 billion share repurchase program and repaying u.s. short-term debt . these senior notes are not guaranteed by any of borgwarner inc. 's 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 the company maintains various liquidity sources including cash and cash equivalents and the unused portion of our multi-currency revolving credit agreement . at december 31 , 2015 , the company had $ 577.7 million of cash , of which $ 441.3 million of cash was held by our subsidiaries outside of the united states . cash held by these subsidiaries is used to fund foreign operational activities and future investments , including acquisitions . the vast majority of cash held outside the united states is available for repatriation , however , doing so could result in increased foreign and u.s. federal , state and local income taxes . a deferred tax liability has been recorded for the portion of these funds anticipated to be repatriated to the united states . the company uses its u.s. liquidity primarily for various corporate purposes , including but not limited to , debt service , share repurchases , dividend distributions and other corporate expenses . 33 on november 6 , 2015 , borgwarner inc. issued 500 million in 1.80 % senior notes due november 2022. interest is payable annually in arrears on november 7 of each year , beginning on november 7 , 2016. the company used the net proceeds from this offering for general corporate purposes , including , but not limited to , the acquisition of remy . these senior notes are not guaranteed by any of borgwarner inc. 's subsidiaries . on march 16 , 2015 , borgwarner inc. issued $ 500 million in 3.375 % senior notes due march 2025 and $ 500 million in 4.375 % senior notes due march 2045. interest is payable semi-annually in arrears on march 15 and september 15 of each year . the company used the net proceeds from this offering for general corporate purposes , including , but not limited to , repurchasing shares of the company 's common stock pursuant to our previously announced $ 1 billion share repurchase program and repaying u.s. short-term debt . these senior notes are not guaranteed by any of borgwarner inc. 's subsidiaries .
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 Suspicious Activity Report : the company recorded a $ 10.8 million gain on the previously held equity interest in beru diesel start systems pvt . ltd. ( `` beru diesel `` ) as a result of acquiring the remaining 51 % of this joint venture . the company recorded tax benefits of $ 9.9 million , $ 9.0 million , $ 3.8 million and $ 3.7 million primarily related to foreign tax incentives and tax settlements , the pension settlement loss , merger and acquisition expense and restructuring expense , respectively . 28 year ended december 31 , 2014 : the company incurred restructuring expense of $ 90.8 million , primarily associated with both the drivetrain and engine segments . the drivetrain segment charges primarily represent a continuation of expenses associated with the first quarter 2014 finalization of severance agreements with two labor unions at separate facilities in western europe for approximately 350 employees . the engine segment charges primarily relate to the restructuring of the wahler acquisition . these expenses included $ 57.9 million related to employee termination benefits and $ 20.9 million of other expenses . additionally , the company also recorded restructuring charges of $ 12.0 million related to a global realignment plan intended to enhance treasury management flexibility by creating a legal entity structure that better aligns with the company 's business strategy . both the drivetrain and engine restructuring actions are designed to improve the future profitability and competitiveness of each segment . the company incurred intangible asset impairment losses of $ 10.3 million related to the engine segment , primarily driven by the decision to discontinue the use of an unamortized trade name . the company incurred a settlement loss of $ 3.1 million related to lump-sum payments made to former employees of the company to discharge its obligation under the u.s pension plan . the company recorded tax benefits of $ 15.3 million , $ 0.4 million and $ 1.1 million related to restructuring expense , intangible asset impairment losses and the pension settlement loss , respectively . year ended december 31 , 2013 : the company incurred restructuring expense of $ 39.8 million , primarily due to the initiation of drivetrain segment actions designed to improve future profitability and competitiveness . this expense included $ 24.8 million of fixed asset impairment , $ 10.4 million related to employee termination benefits , $ 4.0 million related to a global realignment plan intended to enhance treasury management flexibility by creating a legal entity structure that better aligns with the company 's business strategy and $ 0.6 million of other expense . the company incurred intangible asset impairment losses of $ 12.5 million related to drivetrain segment customer relationships and an engine segment unamortized trade name . the company incurred $ 11.3 million of expense related to a program termination agreement . retirement related obligations expense of $ 5.9 million was primarily related to a first quarter 2013 grant of restricted stock awards to certain retiring named executive officers , for which the company waived the forfeiture provision associated with future restricted stock grants during 2012. the company recorded tax benefits of $ 5.1 million , $ 2.0 million , $ 3.8 million and $ 2.1 million related to restructuring expense , intangible asset impairment losses , the program termination agreement and retirement related obligations discussed above . the company also recorded a net tax benefit of $ 11.7 million , which includes tax benefits of $ 6.7 million related to the extension of the federal research and development credit and other international tax provisions resulting from the retroactive impact of u.s. legislation enacted in january 2013 , $ 2.2 million related to 2012 provision to return and other tax adjustments and $ 8.0 million related to the reversal of certain state deferred tax asset valuation allowances , partially offset by a $ 5.2 million tax expense related to comprehensive income and other tax adjustments . net sales net sales for the year ended december 31 , 2015 totaled $ 8,023.2 million , a 3.4 % decrease from the year ended december 31 , 2014. excluding the impact of weakening foreign currencies , primarily the euro , the 2014 wahler acquisition , the 2015 beru diesel acquisition and the 2015 remy acquisition , net sales increased 4.3 % . 29 net sales for the year ended december 31 , 2014 totaled $ 8,305.1 million , a 11.7 % increase from the year ended december 31 , 2013. excluding the impact of the 2014 wahler acquisition and weaker foreign currencies , primarily the yen and the real partially offset by the won , net sales increased 7.9 % . the following table details our results of operations as a percentage of net sales : replace_table_token_10_th cost of sales as a percentage of net sales was 78.8 % , 78.9 % and 79.1 % in the years ended december 31 , 2015 , 2014 and 2013 , respectively . the company 's material cost of sales was 50 % to 55 % of net sales in the years ended december 31 , 2015 , 2014 and 2013. the company 's remaining cost to convert raw material to finished product , which includes direct labor and manufacturing overhead , had continued to improve during the years ended december 31 , 2015 and 2014 compared to 2013. gross profit as a percentage of net sales was 21.2 % , 21.1 % and 20.9 % in the years ended december 31 , 2015 , 2014 and 2013 , respectively . selling , general and administrative expenses ( “ sg & a ” ) was $ 662.0 million , $ 698.9 million and $ 639.7 million or 8.3 % , 8.4 % and 8.6 % of net sales for the years ended december 31 , 2015 , 2014 and 2013 , respectively . story_separator_special_tag dtp sought the court 's affirmation that dtp did not violate the labor-management relations act or the employee retirement income security act ( erisa ) by unilaterally amending certain medical plans effective april 1 , 2006 and october 1 , 2006 , prior to the expiration of the then-current collective bargaining agreements . on september 10 , 2008 , the court found that dtp 's reservation of the right to make such amendments reducing the level of benefits provided to retirees was limited by its collectively bargained 37 health insurance agreement with the uaw , which did not expire until april 24 , 2009. thus , the amendments were untimely . in 2008 , the company recorded a charge of $ 4.0 million as a result of the court 's decision . dtp filed a declaratory judgment action in the united states district court , southern district of indiana ( indianapolis division ) against the uaw local no . 287 and jim barrett and others , individually and as representatives of a defendant class , on february 26 , 2009 again seeking the court 's affirmation that dtp did not violate the labor - management relations act or erisa by modifying the level of benefits provided retirees to make them comparable to other company retiree benefit plans after april 24 , 2009. certain retirees , on behalf of themselves and others , filed a mirror-image action in the united states district court , eastern district of michigan ( southern division ) on march 11 , 2009 , for which a class has been certified . during the last quarter of 2009 , the action pending in indiana was dismissed , while the action in michigan is continuing . the company is vigorously defending against the suit . this contingency is subject to many uncertainties , therefore based on the information available to date , the company can not reasonably estimate the amount or the range of potential loss , if any . environmental the company and certain of its current and former direct and indirect corporate predecessors , subsidiaries and divisions have been identified by the united states environmental protection agency and certain state environmental agencies and private parties as potentially responsible parties ( “ prps ” ) at various hazardous waste disposal sites under the comprehensive environmental response , compensation and liability act ( “ superfund ” ) and equivalent state laws and , as such , may presently be liable for the cost of clean-up and other remedial activities at 26 such sites . responsibility for clean-up and other remedial activities at a superfund site is typically shared among prps based on an allocation formula . the company believes that none of these matters , individually or in the aggregate , will have a material adverse effect on its results of operations , financial position or cash flows . generally , this is because either the estimates of the maximum potential liability at a site are not material or the liability will be shared with other prps , although no assurance can be given with respect to the ultimate outcome of any such matter . based on information available to the company ( which in most cases includes : an estimate of allocation of liability among prps ; the probability that other prps , many of whom are large , solvent public companies , will fully pay the cost apportioned to them ; currently available information from prps and or federal or state environmental agencies concerning the scope of contamination and estimated remediation and consulting costs ; and remediation alternatives ) , the company has an accrual for indicated environmental liabilities of $ 5.4 million and $ 6.2 million at december 31 , 2015 and at december 31 , 2014 , respectively . the company expects to pay out substantially all of the amounts accrued for environmental liability over the next five years . in connection with the sale of kuhlman electric corporation ( “ kuhlman electric ” ) , the company agreed to indemnify the buyer and kuhlman electric for certain environmental liabilities , then unknown to the company , relating to certain operations of kuhlman electric that pre-date the company 's 1999 acquisition of kuhlman electric . the company previously settled or obtained dismissals of various lawsuits that were filed against kuhlman electric and others , including the company , on behalf of plaintiffs alleging personal injury relating to alleged environmental contamination at its crystal springs , mississippi plant . the company filed a lawsuit against kuhlman electric and a related entity challenging the validity of the indemnity and the defendants filed counterclaims ( the “ indemnity action ” ) and a related lawsuit . on september 28 , 2015 , the parties entered into a confidential settlement agreement that , among other things , released and terminated all of borgwarner 's indemnity obligations . pursuant to the settlement agreement , the parties voluntarily dismissed the indemnity action on september 29 , 2015 and the related lawsuit was dismissed on october 13 , 2015. the company continues to pursue insurance coverage actions for reimbursement of amounts it spent under the indemnity . the company may in the future become subject to further legal proceedings . 38 product liability like many other industrial companies who have historically operated in the u.s. , the company ( or parties the company is obligated to indemnify ) continues to be named as one of many defendants in asbestos-related personal injury actions . we believe that the company 's involvement is limited because , in general , these claims relate to a few types of automotive products that were manufactured many years ago and contained encapsulated asbestos . the nature of the fibers , the encapsulation and the manner of use lead the company to believe that these products are highly unlikely to cause harm . as of december 31 , 2015 and december 31 , 2014 , the company had

