the company defines “ internal sales growth ” as the increase or decrease in net sales from period to period , excluding ( 1 ) precious metal content ; ( 2 ) the impact of changes in currency exchange rates ; and ( 3 ) net acquisition sales growth . the company defines “ net acquisition sales growth ” as the net sales , excluding precious metal content , for a period of twelve months following 25 the transaction date of businesses that have been acquired , less the net sales , excluding precious metal content , for a period of twelve months prior to the transaction date of businesses that have been divested . the company defines “ constant currency sales growth ” as internal sales growth plus net acquisition sales growth . the primary drivers of internal growth includes global dental market growth , innovation and new products launched by the company , and continued investments in sales and marketing resources , including clinical education . management believes that over time , the company 's ability to execute its strategies allows it to grow at a modest premium to the growth rate of the underlying dental market . management further believes that the global dental market has generally in the past and should over time in the future grow at a premium to underlying economic growth rates . considering all of these factors , the company assumes that the long-term growth rate for the dental market will range from 3 % to 6 % on average and that the company targets a slight premium to market growth . over the past several years , growth in the global dental and other healthcare markets have been restrained by lower economic growth in western europe and certain other markets compared to historical averages and , accordingly , market growth rates , and the company 's internal growth rate remains uncertain in the near term . the company 's business is subject to quarterly fluctuations of consolidated net sales and net income . the company typically implements most of its price changes at the beginning of the first or fourth quarters . price changes , other marketing and promotional programs as well as the management of inventory levels by distributors and the implementation of strategic initiatives , may impact sales levels in a given period . the company has a focus on minimizing costs and achieving operational efficiencies . management continues to evaluate the consolidation of operations or functions to reduce costs . in addition , the company remains focused on enhancing efficiency through expanded use of technology and process improvement initiatives . the company believes that the benefits from these initiatives will improve the cost structure and help offset areas of rising costs such as energy , employee benefits and regulatory oversight and compliance . in connection with these efforts , the company expects that it will record restructuring charges , from time to time associated with such initiatives . these restructuring charges could be material to the company 's consolidated financial statements . product innovation is a key component of the company 's overall growth strategy . new advances in technology are anticipated to have a significant influence on future products in dentistry and consumable medical device markets in which the company operates . as a result , the company continues to pursue research and development initiatives to support technological development , including collaborations with various research institutions and dental schools . in addition , the company licenses and purchases technologies developed by third parties . although the company believes these activities will lead to new innovative dental and consumable medical device products , they involve new technologies and there can be no assurance that commercialized products will be developed . the company will continue to pursue opportunities to expand the company 's product offerings through acquisitions . although the professional dental and the consumable medical device markets in which the company operates have experienced consolidation , they remain fragmented . management believes that there will continue to be adequate opportunities to participate as a consolidator in the industry for the foreseeable future . impact of foreign currencies due to the international nature of dentsply 's business , movements in foreign exchange rates may impact the consolidated statements of operations . with 65 % to 70 % of the company 's net sales located in regions outside the u.s. , the company 's consolidated net sales are impacted negatively by the strengthening or positively by the weakening of the u.s. dollar . additionally , movements in certain foreign exchange rates may unfavorably or favorably impact the company 's results of operations , financial condition and liquidity . reclassification of prior year amounts certain reclassifications have been made to prior years ' data in order to conform to the current year presentation . specifically , during the year ended 2013 , the company realigned certain implant and implant related businesses as a result of changes to the management structure . the segment information below reflects the revised structure for all periods shown . 26 results of operations 2013 compared to 2012 net sales the discussion below summarizes the company 's sales growth , excluding precious metal content , into the following components : ( 1 ) constant currency sales growth , which includes internal sales growth and net acquisition sales growth , and ( 2 ) foreign currency translation . these disclosures of net sales growth provide the reader with sales results on a comparable basis between periods . management believes that the presentation of net sales , excluding precious metal content , provides useful information to investors because a significant portion of dentsply 's net sales is comprised of sales of precious metals generated through sales of the company 's precious metal dental alloy products , which are used by third parties to construct crown and bridge materials . story_separator_special_tag europe during 2012 , net sales , excluding precious metal content , increased by 27.5 % on a constant currency basis , including 24.9 % of acquisition growth . the internal growth rate was 2.6 % and was primarily driven by sales growth in the dental specialty , dental consumable and consumable medical device products partially offset by decreased demand for precious metal alloy products within the dental laboratory products category . all other regions during 2012 , net sales , excluding precious metal content , increased 15.9 % on a constant currency basis , which includes 8.7 % of acquisition growth . the internal growth was 7.2 % , driven by sales growth in all dental product categories . 33 gross profit replace_table_token_18_th gross profit as a percentage of net sales , excluding precious metal content , increased 2.7 % during 2012 compared to 2011. the gross profit rate was positively impacted by improved product pricing , favorable product mix primarily associated with recent acquisitions as well as a favorable rate impact from changes in foreign currency translation rates offset by higher manufacturing costs . in 2011 , the gross profit rate was negatively impacted by approximately two percentage points from expensing inventory for the fair value adjustments associated with acquisitions . expenses selling , general and administrative ( “ sg & a ” ) expenses replace_table_token_19_th sg & a expenses as a percentage of net sales , excluding precious metal content , was 2.1 % higher than in 2011. increased sg & a expenses as a percent of net sales , excluding precious metal content , was a result of the higher expense rate of the astra tech business and $ 30.9 million of amortization primarily associated with 2011 acquisitions as well as key global marketing events . restructuring and other costs replace_table_token_20_th the company recorded net restructuring and other costs of $ 25.7 million in 2012 compared to $ 35.9 million in 2011. in 2012 , restructuring cost of $ 17.8 million were related to the implant integration activity as well as the closure and consolidation of facilities in an effort to streamline the company 's operations and better leverage the company 's resources . restructuring and other costs also include $ 5.2 million related to an impairment of previously acquired technology . in 2011 , these costs were related to expenses associated with the acquisition of astra tech of $ 18.0 million , legal settlement cost of $ 12.6 million as well as restructuring costs primarily related to the orthodontic business . also , the company recorded certain other costs of $ 1.5 million related to an impairment of an intangible asset . the benefits associated with the 2011 and 2012 restructuring plans were immaterial to the current period . the company estimates the future annual savings related to these plans to be in the range of $ 10 million to $ 15 million to be realized over the next three to five years . there is no assurance that future savings will be fully achieved . 34 other income and expenses replace_table_token_21_th net interest expense the change in net interest expense in 2012 compared to 2011 was primarily the result of higher average debt levels and lower cash levels as a result of financing the $ 1.8 billion astra tech acquisition in 2011. interest expense increased $ 13.0 million over 2011. other expense , net other expense in the 2012 period included approximately $ 2.7 million of currency transaction losses and $ 0.5 million of other non-operating expense . other expense in the 2011 period included approximately $ 1.7 million of currency transaction losses , $ 2.9 million of interest rate swap terminations , $ 3.8 million of treasury rate lock ineffectiveness , and $ 0.6 million of other non-operating expense . income taxes and net income replace_table_token_22_th provision for income taxes during 2012 , the company entered into various legal entity restructuring activities to complete the integration of the astra tech business acquired in august 2011. in addition to the specific tax integration of the astra tech subsidiaries with legacy dentsply subsidiaries , the company also realigned much of its foreign legal entity structure to better align operations and cash management activities . as a part of this restructuring , the company was able to capture an overall net benefit from anticipated tax losses of $ 57.7 million . most of the cash flow benefit from this tax matter , including utilization of an existing credit carryforward of approximately $ 49.6 million will be realized over the next several years . also , the company recognized $ 12.0 million of tax benefit from a reduction in foreign tax rates and separately recorded a valuation allowance on previously recognized assets of $ 10.4 million . during 2011 , the company recorded a tax benefit from the release of a valuation allowance on previously unrecognized tax loss carryforwards of approximately $ 46.7 million . further information regarding the details of income taxes is presented in note 14 , income taxes , to the consolidated financial statements in this form 10-k. the company 's effective tax rate for 2012 and 2011 was 2.7 % and 4.3 % , respectively . in 2012 , the company 's effective tax rate included the impact of amortization of purchased intangible assets , integration and restructuring and other costs as well as various income tax adjustments which impacted income before taxes and the provisions for income taxes by $ 91.7 million and $ 90.0 million , respectively . in 2011 , the company 's effective income tax rate included the impact of acquisition related activity , restructuring and other costs , amortization of purchased intangibles from acquisitions and the release of the valuation allowance 35 and various income tax adjustments , which impacted income before income taxes and the provision for income taxes by $ 123.8 million and $ 75.4 million , respectively . equity in net income ( loss )

liquidity and capital resources cash flows from operating activities during the year ended december 31 , 2013 were $ 417.8 million compared to $ 369.7 million during the year ended december 31 , 2012. the year over year improvement in cash from operations of $ 48.1 million was primarily the result of substantially lower taxes paid partially offset by an increase in working capital . the company 's cash , cash equivalents and short-term investments decreased by $ 5.1 million during the year ended december 31 , 2013 to $ 75.0 million . for the year ended december 31 , 2013 , the number of days for sales outstanding in accounts receivable increased by three days to 56 days as compared to 53 days in 2012. on a constant currency basis , the number of days of sales in inventory increased by eight days to 114 days at december 31 , 2013 as compared to 106 days at december 31 , 2012. the company has strategically increased inventory in a few businesses as part of transition plans associated with anticipated operational changes . the company anticipates that inventory levels may continue to increase slightly in 2014 before gradually returning to more normal levels by the end of 2015. investing activities during 2013 include capital expenditures of $ 100.3 million . the company also invested $ 75.2 million related to the acquisition of two businesses and final payments on previous acquisitions . at december 31 , 2013 , the company had authorization to maintain up to 34.0 million shares of treasury stock under its stock repurchase program as approved by the board of directors . under this program , the company purchased approximately 2.7 million shares , or approximately 1.9 % of average diluted shares outstanding , during 2013 at an average price of $ 43.94. at december 31 , 2013 and 2012 , the company held 20.5 million shares of treasury stock .


 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 cash flows from operating activities during the year ended december 31 , 2013 were $ 417.8 million compared to $ 369.7 million during the year ended december 31 , 2012. the year over year improvement in cash from operations of $ 48.1 million was primarily the result of substantially lower taxes paid partially offset by an increase in working capital . the company 's cash , cash equivalents and short-term investments decreased by $ 5.1 million during the year ended december 31 , 2013 to $ 75.0 million . for the year ended december 31 , 2013 , the number of days for sales outstanding in accounts receivable increased by three days to 56 days as compared to 53 days in 2012. on a constant currency basis , the number of days of sales in inventory increased by eight days to 114 days at december 31 , 2013 as compared to 106 days at december 31 , 2012. the company has strategically increased inventory in a few businesses as part of transition plans associated with anticipated operational changes . the company anticipates that inventory levels may continue to increase slightly in 2014 before gradually returning to more normal levels by the end of 2015. investing activities during 2013 include capital expenditures of $ 100.3 million . the company also invested $ 75.2 million related to the acquisition of two businesses and final payments on previous acquisitions . at december 31 , 2013 , the company had authorization to maintain up to 34.0 million shares of treasury stock under its stock repurchase program as approved by the board of directors . under this program , the company purchased approximately 2.7 million shares , or approximately 1.9 % of average diluted shares outstanding , during 2013 at an average price of $ 43.94. at december 31 , 2013 and 2012 , the company held 20.5 million shares of treasury stock .
```    
 Suspicious Activity Report : the company defines “ internal sales growth ” as the increase or decrease in net sales from period to period , excluding ( 1 ) precious metal content ; ( 2 ) the impact of changes in currency exchange rates ; and ( 3 ) net acquisition sales growth . the company defines “ net acquisition sales growth ” as the net sales , excluding precious metal content , for a period of twelve months following 25 the transaction date of businesses that have been acquired , less the net sales , excluding precious metal content , for a period of twelve months prior to the transaction date of businesses that have been divested . the company defines “ constant currency sales growth ” as internal sales growth plus net acquisition sales growth . the primary drivers of internal growth includes global dental market growth , innovation and new products launched by the company , and continued investments in sales and marketing resources , including clinical education . management believes that over time , the company 's ability to execute its strategies allows it to grow at a modest premium to the growth rate of the underlying dental market . management further believes that the global dental market has generally in the past and should over time in the future grow at a premium to underlying economic growth rates . considering all of these factors , the company assumes that the long-term growth rate for the dental market will range from 3 % to 6 % on average and that the company targets a slight premium to market growth . over the past several years , growth in the global dental and other healthcare markets have been restrained by lower economic growth in western europe and certain other markets compared to historical averages and , accordingly , market growth rates , and the company 's internal growth rate remains uncertain in the near term . the company 's business is subject to quarterly fluctuations of consolidated net sales and net income . the company typically implements most of its price changes at the beginning of the first or fourth quarters . price changes , other marketing and promotional programs as well as the management of inventory levels by distributors and the implementation of strategic initiatives , may impact sales levels in a given period . the company has a focus on minimizing costs and achieving operational efficiencies . management continues to evaluate the consolidation of operations or functions to reduce costs . in addition , the company remains focused on enhancing efficiency through expanded use of technology and process improvement initiatives . the company believes that the benefits from these initiatives will improve the cost structure and help offset areas of rising costs such as energy , employee benefits and regulatory oversight and compliance . in connection with these efforts , the company expects that it will record restructuring charges , from time to time associated with such initiatives . these restructuring charges could be material to the company 's consolidated financial statements . product innovation is a key component of the company 's overall growth strategy . new advances in technology are anticipated to have a significant influence on future products in dentistry and consumable medical device markets in which the company operates . as a result , the company continues to pursue research and development initiatives to support technological development , including collaborations with various research institutions and dental schools . in addition , the company licenses and purchases technologies developed by third parties . although the company believes these activities will lead to new innovative dental and consumable medical device products , they involve new technologies and there can be no assurance that commercialized products will be developed . the company will continue to pursue opportunities to expand the company 's product offerings through acquisitions . although the professional dental and the consumable medical device markets in which the company operates have experienced consolidation , they remain fragmented . management believes that there will continue to be adequate opportunities to participate as a consolidator in the industry for the foreseeable future . impact of foreign currencies due to the international nature of dentsply 's business , movements in foreign exchange rates may impact the consolidated statements of operations . with 65 % to 70 % of the company 's net sales located in regions outside the u.s. , the company 's consolidated net sales are impacted negatively by the strengthening or positively by the weakening of the u.s. dollar . additionally , movements in certain foreign exchange rates may unfavorably or favorably impact the company 's results of operations , financial condition and liquidity . reclassification of prior year amounts certain reclassifications have been made to prior years ' data in order to conform to the current year presentation . specifically , during the year ended 2013 , the company realigned certain implant and implant related businesses as a result of changes to the management structure . the segment information below reflects the revised structure for all periods shown . 26 results of operations 2013 compared to 2012 net sales the discussion below summarizes the company 's sales growth , excluding precious metal content , into the following components : ( 1 ) constant currency sales growth , which includes internal sales growth and net acquisition sales growth , and ( 2 ) foreign currency translation . these disclosures of net sales growth provide the reader with sales results on a comparable basis between periods . management believes that the presentation of net sales , excluding precious metal content , provides useful information to investors because a significant portion of dentsply 's net sales is comprised of sales of precious metals generated through sales of the company 's precious metal dental alloy products , which are used by third parties to construct crown and bridge materials . story_separator_special_tag europe during 2012 , net sales , excluding precious metal content , increased by 27.5 % on a constant currency basis , including 24.9 % of acquisition growth . the internal growth rate was 2.6 % and was primarily driven by sales growth in the dental specialty , dental consumable and consumable medical device products partially offset by decreased demand for precious metal alloy products within the dental laboratory products category . all other regions during 2012 , net sales , excluding precious metal content , increased 15.9 % on a constant currency basis , which includes 8.7 % of acquisition growth . the internal growth was 7.2 % , driven by sales growth in all dental product categories . 33 gross profit replace_table_token_18_th gross profit as a percentage of net sales , excluding precious metal content , increased 2.7 % during 2012 compared to 2011. the gross profit rate was positively impacted by improved product pricing , favorable product mix primarily associated with recent acquisitions as well as a favorable rate impact from changes in foreign currency translation rates offset by higher manufacturing costs . in 2011 , the gross profit rate was negatively impacted by approximately two percentage points from expensing inventory for the fair value adjustments associated with acquisitions . expenses selling , general and administrative ( “ sg & a ” ) expenses replace_table_token_19_th sg & a expenses as a percentage of net sales , excluding precious metal content , was 2.1 % higher than in 2011. increased sg & a expenses as a percent of net sales , excluding precious metal content , was a result of the higher expense rate of the astra tech business and $ 30.9 million of amortization primarily associated with 2011 acquisitions as well as key global marketing events . restructuring and other costs replace_table_token_20_th the company recorded net restructuring and other costs of $ 25.7 million in 2012 compared to $ 35.9 million in 2011. in 2012 , restructuring cost of $ 17.8 million were related to the implant integration activity as well as the closure and consolidation of facilities in an effort to streamline the company 's operations and better leverage the company 's resources . restructuring and other costs also include $ 5.2 million related to an impairment of previously acquired technology . in 2011 , these costs were related to expenses associated with the acquisition of astra tech of $ 18.0 million , legal settlement cost of $ 12.6 million as well as restructuring costs primarily related to the orthodontic business . also , the company recorded certain other costs of $ 1.5 million related to an impairment of an intangible asset . the benefits associated with the 2011 and 2012 restructuring plans were immaterial to the current period . the company estimates the future annual savings related to these plans to be in the range of $ 10 million to $ 15 million to be realized over the next three to five years . there is no assurance that future savings will be fully achieved . 34 other income and expenses replace_table_token_21_th net interest expense the change in net interest expense in 2012 compared to 2011 was primarily the result of higher average debt levels and lower cash levels as a result of financing the $ 1.8 billion astra tech acquisition in 2011. interest expense increased $ 13.0 million over 2011. other expense , net other expense in the 2012 period included approximately $ 2.7 million of currency transaction losses and $ 0.5 million of other non-operating expense . other expense in the 2011 period included approximately $ 1.7 million of currency transaction losses , $ 2.9 million of interest rate swap terminations , $ 3.8 million of treasury rate lock ineffectiveness , and $ 0.6 million of other non-operating expense . income taxes and net income replace_table_token_22_th provision for income taxes during 2012 , the company entered into various legal entity restructuring activities to complete the integration of the astra tech business acquired in august 2011. in addition to the specific tax integration of the astra tech subsidiaries with legacy dentsply subsidiaries , the company also realigned much of its foreign legal entity structure to better align operations and cash management activities . as a part of this restructuring , the company was able to capture an overall net benefit from anticipated tax losses of $ 57.7 million . most of the cash flow benefit from this tax matter , including utilization of an existing credit carryforward of approximately $ 49.6 million will be realized over the next several years . also , the company recognized $ 12.0 million of tax benefit from a reduction in foreign tax rates and separately recorded a valuation allowance on previously recognized assets of $ 10.4 million . during 2011 , the company recorded a tax benefit from the release of a valuation allowance on previously unrecognized tax loss carryforwards of approximately $ 46.7 million . further information regarding the details of income taxes is presented in note 14 , income taxes , to the consolidated financial statements in this form 10-k. the company 's effective tax rate for 2012 and 2011 was 2.7 % and 4.3 % , respectively . in 2012 , the company 's effective tax rate included the impact of amortization of purchased intangible assets , integration and restructuring and other costs as well as various income tax adjustments which impacted income before taxes and the provisions for income taxes by $ 91.7 million and $ 90.0 million , respectively . in 2011 , the company 's effective income tax rate included the impact of acquisition related activity , restructuring and other costs , amortization of purchased intangibles from acquisitions and the release of the valuation allowance 35 and various income tax adjustments , which impacted income before income taxes and the provision for income taxes by $ 123.8 million and $ 75.4 million , respectively . equity in net income ( loss )

