restructuring costs on march 18 , 2015 , the company committed to move forward with a plan to cease operations at its raritan , new jersey , plant and consolidate operations into its newburyport , massachusetts , facility and other ufp facilities . the company 's decision was in response to a continued decline in business at the raritan facility and the recent purchase of the facility in newburyport . the activities related to this consolidation are complete . 18 the company also relocated all operations in its haverhill , massachusetts , and byfield , massachusetts facilities and is in the process of relocating certain operations in its georgetown , massachusetts facility to newburyport . the haverhill and byfield relocations were complete at december 31 , 2015 and the georgetown relocation is substantially complete . the company has incurred approximately $ 2.1 million in one-time expenses in connection with the massachusetts consolidations . included in this amount are approximately $ 180,000 relating to employee severance payments and relocation costs , approximately $ 1.5 million in moving expenses and expenses associated with vacating the raritan , haverhill and byfield properties , and approximately $ 360,000 in lease termination costs . total cash charges were approximately $ 2.0 million . the company expects annual cost savings of approximately $ 1.0 million as a result of these consolidations . on july 16 , 2014 , the company committed to move forward with a plan to cease operations at its costa mesa , california , plant and consolidate operations into its rancho dominguez , california , facility and other ufp facilities . the company 's decision was in response to the december 31 , 2014 , expiration of the lease on the costa mesa facility as well as the close proximity of the two properties . the california consolidation was complete at december 31 , 2015. the company recorded the following restructuring costs associated with the consolidations discussed above for the fiscal years ended december 31 , 2016 and 2015 ( in thousands ) : replace_table_token_5_th the 2016 costs were reclassified in the consolidated statement of income as “ restructuring costs ” from cost of sales . the 2015 costs were reclassified in the consolidated statement of income as “ restructuring costs ” as follows : $ 1,669,000 from cost of sales , $ 36,000 from selling , general and administrative expenses and $ 51,000 from gain on sales of property , plant and equipment . material overcharge settlement the company was a participant in a class action lawsuit against a number of polyurethane foam suppliers ( “ defendants ” ) that recently reached settlement . the suit was filed to recover damages and obtain injunctive relief for defendants ' alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from january 1 , 1999 through august 2010. the company recorded a gain of approximately $ 2.1 million during the year ended december 31 , 2016 , which represents the full settlement amount received . the settlement amount is recorded as “ material overcharge settlement ” in the operating income section of the consolidated statements of income . interest income and expense the company had net interest income of approximately $ 80,000 for the year ended december 31 , 2016 , compared to net interest income of approximately $ 27,000 for the year ended december 31 , 2015. the increase in net interest income is due primarily to an increase in interest earned on money market accounts and certificates of deposit and decreasing interest costs on the company 's term loans . 19 income taxes the company recorded income tax expense as a percentage of income before income tax expense , of 35.3 % for each of the years ended december 31 , 2016 and 2015. the company has deferred tax assets on its books associated with net operating losses generated in previous years . the company has considered both positive and negative available evidence in its determination that the deferred tax assets are more likely than not to be realized , and has not recorded a tax valuation allowance at december 31 , 2016. the company will continue to assess whether the deferred tax assets will be realizable and , when appropriate , will record a valuation allowance against these assets . the amount of the net deferred tax asset considered realizable , however , could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced . 2015 compared to 2014 sales net sales decreased 0.3 % to $ 138.9 million for the year ended december 31 , 2015 , from net sales of $ 139.3 million in 2014 , primarily due to decreases in sales to customers in the electronics , industrial and aerospace and defense markets of approximately 16.5 % , 16.5 % and 13.2 % , respectively , primarily offset by an increase in sales to customers in the medical market of approximately 14.6 % . the decline in sales to customers in the electronics market was largely due to the loss of a packaging contract by one of the company 's distributor customers . the decline in sales to customers in the aerospace and defense market was primarily due to a large , one-time order from a single customer in this market in 2014. the decline in sales to customers in the industrial market is comprised of reductions in sales to many smaller accounts . the increase in sales to customers in the medical market reflects the company 's strategy of focusing resources in the area as well as the overall growth of our customers ' products . story_separator_special_tag the company has deferred tax assets on its books associated with net operating losses generated in previous years . the company has considered both positive and negative available evidence in its determination that the deferred tax assets are more likely than not to be realized , and has not recorded a tax valuation allowance at december 31 , 2016. the company will continue to assess whether the deferred tax assets will be realizable and , when appropriate , will record a valuation allowance against these assets . the amount of the net deferred tax asset considered realizable , however , could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced . 21 liquidity and capital resources the company generally funds its operating expenses , capital requirements , and growth plan through internally generated cash and bank credit facilities . story_separator_special_tag style= `` border-collapse : collapse ; width : 100 % ; font-size : 10pt `` > 23 off-balance-sheet arrangements in addition to operating leases , the company 's off-balance-sheet arrangements include standby letters of credit which are included in the company 's revolving credit facility . as of december 31 , 2016 , there was approximately $ 0.4 million in standby letters of credit drawable as a financial guarantee on worker 's compensation insurance policies . critical accounting policies the preparation of consolidated financial statements requires the company to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , the company evaluates its estimates , including those related to product returns , bad debts , inventories , intangible assets , income taxes , warranty obligations , restructuring charges , contingencies , and litigation . the company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances , including current and anticipated worldwide economic conditions , both in general and specifically in relation to the packaging and component product industries , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . the company 's significant accounting policies are described in note 1 to the consolidated financial statements included in item 8 of this report . the company believes the following critical accounting policies necessitated that significant judgments and estimates be used in the preparation of its consolidated financial statements . the company has reviewed these policies with its audit committee . revenue recognition the company recognizes revenue at the time of shipment when title and risk of loss have passed to the customer , persuasive evidence of an arrangement exists , performance of its obligation is complete , its price to the buyer is fixed or determinable , and the company is reasonably assured of collection . determination of these criteria , in some cases , requires management 's judgment . should changes in conditions cause management to determine that these criteria are not met for certain future transactions , revenue for any reporting period could be adversely affected . goodwill goodwill is tested for impairment annually , and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired . impairment testing for goodwill is done at a reporting unit level . reporting units are one level below the business segment level , but can be combined when reporting units within the same segment have similar economic characteristics . an impairment loss generally would be recognized when the carrying amount of the reporting unit 's net assets exceeds the estimated fair value of the reporting unit . the company consists of a single reporting unit . we last performed “ step 1 ” of the goodwill impairment test as of september 30 , 2014. we utilized the guideline public company ( “ gpc ” ) method under the market approach and the discounted cash flows method ( “ dcf ” ) under the income approach to determine the fair value of the reporting unit for purposes of testing the reporting unit 's carrying value of goodwill for impairment . the gpc method derives a value by generating a multiple of ebitda through the comparison of the company to similar publicly traded companies . the dcf approach derives a value based on the present value of a series of estimated future cash flows at the valuation date by the application of a discount rate , one that a prudent investor would require before making an investment in our equity securities . the key assumptions used in our approach included : · the reporting unit 's estimated financials and five-year projections of financial results , which were based on our strategic plans and long-range forecasts . sales growth rates represent estimates based on current and forecasted sales mix and market conditions . the profit margins were projected based on historical margins , projected sales mix , current expense structure and anticipated expense modifications . · the projected terminal value which reflects the total present value of projected cash flows beyond the last period in the dcf . this value reflects a growth rate for the reporting unit , which is approximately the same growth rate of expected inflation into perpetuity . 24 · the discount rate determined using a weighted average cost of capital method ( “ wacc ” ) , which considered market and industry data as well as company-specific risk factors . · selection of guideline public companies which are similar to each other and to the company . as of september 30 , 2014 , based on our calculations under the above noted approach , the fair value of the reporting unit exceeded its carrying

cash flows net cash provided by operations for the year ended december 31 , 2016 was approximately $ 9.4 million and was primarily a result of net income generated of approximately $ 8.0 million , depreciation and amortization of approximately $ 5.6 million , share-based compensation of approximately $ 1.0 million , an increase in deferred taxes of approximately $ 0.6 million , an increase in other liabilities of $ 0.2 million and a decrease in refundable income taxes of approximately $ 0.2 million . these cash inflows and adjustments to income were partially offset by an increase in accounts receivable of approximately $ 3.8 million due to an increase in sales during the fourth quarter of 2016 over the same period for 2015 of approximately $ 2.6 million and an increase in payment terms to a large customer , an increase in prepaid expenses of approximately $ 1.4 million due primarily to prepayments on equipment purchases and a decrease in accounts payable and accrued expenses of approximately $ 1.0 million due to the timing of vendor payments in the ordinary course of business . net cash used in investing activities during the year ended december 31 , 2016 was approximately $ 7.3 million of which approximately $ 2.6 million was the result of renovations to our corporate headquarters and manufacturing facility in newburyport , massachusetts , and approximately $ 4.7 million was the result of other additions of technology , manufacturing machinery , and equipment across the company . net cash used in financing activities was approximately $ 0.6 million for the year ended december 31 , 2016 , representing cash used to service term debt of approximately $ 1.0 million and to pay statutory withholding for stock options exercised and restricted stock units vested of approximately $ 0.2 million , partially offset by excess tax benefits on share-based compensation of approximately $ 0.1 million , and net proceeds received upon stock option exercises of approximately $ 0.5 million . outstanding and available debt the company maintains an unsecured $ 40 million revolving credit facility with bank of america , n.a .


 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 flows net cash provided by operations for the year ended december 31 , 2016 was approximately $ 9.4 million and was primarily a result of net income generated of approximately $ 8.0 million , depreciation and amortization of approximately $ 5.6 million , share-based compensation of approximately $ 1.0 million , an increase in deferred taxes of approximately $ 0.6 million , an increase in other liabilities of $ 0.2 million and a decrease in refundable income taxes of approximately $ 0.2 million . these cash inflows and adjustments to income were partially offset by an increase in accounts receivable of approximately $ 3.8 million due to an increase in sales during the fourth quarter of 2016 over the same period for 2015 of approximately $ 2.6 million and an increase in payment terms to a large customer , an increase in prepaid expenses of approximately $ 1.4 million due primarily to prepayments on equipment purchases and a decrease in accounts payable and accrued expenses of approximately $ 1.0 million due to the timing of vendor payments in the ordinary course of business . net cash used in investing activities during the year ended december 31 , 2016 was approximately $ 7.3 million of which approximately $ 2.6 million was the result of renovations to our corporate headquarters and manufacturing facility in newburyport , massachusetts , and approximately $ 4.7 million was the result of other additions of technology , manufacturing machinery , and equipment across the company . net cash used in financing activities was approximately $ 0.6 million for the year ended december 31 , 2016 , representing cash used to service term debt of approximately $ 1.0 million and to pay statutory withholding for stock options exercised and restricted stock units vested of approximately $ 0.2 million , partially offset by excess tax benefits on share-based compensation of approximately $ 0.1 million , and net proceeds received upon stock option exercises of approximately $ 0.5 million . outstanding and available debt the company maintains an unsecured $ 40 million revolving credit facility with bank of america , n.a .
```    
 Suspicious Activity Report : restructuring costs on march 18 , 2015 , the company committed to move forward with a plan to cease operations at its raritan , new jersey , plant and consolidate operations into its newburyport , massachusetts , facility and other ufp facilities . the company 's decision was in response to a continued decline in business at the raritan facility and the recent purchase of the facility in newburyport . the activities related to this consolidation are complete . 18 the company also relocated all operations in its haverhill , massachusetts , and byfield , massachusetts facilities and is in the process of relocating certain operations in its georgetown , massachusetts facility to newburyport . the haverhill and byfield relocations were complete at december 31 , 2015 and the georgetown relocation is substantially complete . the company has incurred approximately $ 2.1 million in one-time expenses in connection with the massachusetts consolidations . included in this amount are approximately $ 180,000 relating to employee severance payments and relocation costs , approximately $ 1.5 million in moving expenses and expenses associated with vacating the raritan , haverhill and byfield properties , and approximately $ 360,000 in lease termination costs . total cash charges were approximately $ 2.0 million . the company expects annual cost savings of approximately $ 1.0 million as a result of these consolidations . on july 16 , 2014 , the company committed to move forward with a plan to cease operations at its costa mesa , california , plant and consolidate operations into its rancho dominguez , california , facility and other ufp facilities . the company 's decision was in response to the december 31 , 2014 , expiration of the lease on the costa mesa facility as well as the close proximity of the two properties . the california consolidation was complete at december 31 , 2015. the company recorded the following restructuring costs associated with the consolidations discussed above for the fiscal years ended december 31 , 2016 and 2015 ( in thousands ) : replace_table_token_5_th the 2016 costs were reclassified in the consolidated statement of income as “ restructuring costs ” from cost of sales . the 2015 costs were reclassified in the consolidated statement of income as “ restructuring costs ” as follows : $ 1,669,000 from cost of sales , $ 36,000 from selling , general and administrative expenses and $ 51,000 from gain on sales of property , plant and equipment . material overcharge settlement the company was a participant in a class action lawsuit against a number of polyurethane foam suppliers ( “ defendants ” ) that recently reached settlement . the suit was filed to recover damages and obtain injunctive relief for defendants ' alleged violations of the federal antitrust laws with respect to the fixing of prices of polyurethane foam sold from january 1 , 1999 through august 2010. the company recorded a gain of approximately $ 2.1 million during the year ended december 31 , 2016 , which represents the full settlement amount received . the settlement amount is recorded as “ material overcharge settlement ” in the operating income section of the consolidated statements of income . interest income and expense the company had net interest income of approximately $ 80,000 for the year ended december 31 , 2016 , compared to net interest income of approximately $ 27,000 for the year ended december 31 , 2015. the increase in net interest income is due primarily to an increase in interest earned on money market accounts and certificates of deposit and decreasing interest costs on the company 's term loans . 19 income taxes the company recorded income tax expense as a percentage of income before income tax expense , of 35.3 % for each of the years ended december 31 , 2016 and 2015. the company has deferred tax assets on its books associated with net operating losses generated in previous years . the company has considered both positive and negative available evidence in its determination that the deferred tax assets are more likely than not to be realized , and has not recorded a tax valuation allowance at december 31 , 2016. the company will continue to assess whether the deferred tax assets will be realizable and , when appropriate , will record a valuation allowance against these assets . the amount of the net deferred tax asset considered realizable , however , could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced . 2015 compared to 2014 sales net sales decreased 0.3 % to $ 138.9 million for the year ended december 31 , 2015 , from net sales of $ 139.3 million in 2014 , primarily due to decreases in sales to customers in the electronics , industrial and aerospace and defense markets of approximately 16.5 % , 16.5 % and 13.2 % , respectively , primarily offset by an increase in sales to customers in the medical market of approximately 14.6 % . the decline in sales to customers in the electronics market was largely due to the loss of a packaging contract by one of the company 's distributor customers . the decline in sales to customers in the aerospace and defense market was primarily due to a large , one-time order from a single customer in this market in 2014. the decline in sales to customers in the industrial market is comprised of reductions in sales to many smaller accounts . the increase in sales to customers in the medical market reflects the company 's strategy of focusing resources in the area as well as the overall growth of our customers ' products . story_separator_special_tag the company has deferred tax assets on its books associated with net operating losses generated in previous years . the company has considered both positive and negative available evidence in its determination that the deferred tax assets are more likely than not to be realized , and has not recorded a tax valuation allowance at december 31 , 2016. the company will continue to assess whether the deferred tax assets will be realizable and , when appropriate , will record a valuation allowance against these assets . the amount of the net deferred tax asset considered realizable , however , could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced . 21 liquidity and capital resources the company generally funds its operating expenses , capital requirements , and growth plan through internally generated cash and bank credit facilities . story_separator_special_tag style= `` border-collapse : collapse ; width : 100 % ; font-size : 10pt `` > 23 off-balance-sheet arrangements in addition to operating leases , the company 's off-balance-sheet arrangements include standby letters of credit which are included in the company 's revolving credit facility . as of december 31 , 2016 , there was approximately $ 0.4 million in standby letters of credit drawable as a financial guarantee on worker 's compensation insurance policies . critical accounting policies the preparation of consolidated financial statements requires the company to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues , and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , the company evaluates its estimates , including those related to product returns , bad debts , inventories , intangible assets , income taxes , warranty obligations , restructuring charges , contingencies , and litigation . the company bases its estimates on historical experience and on various other assumptions believed to be reasonable under the circumstances , including current and anticipated worldwide economic conditions , both in general and specifically in relation to the packaging and component product industries , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . the company 's significant accounting policies are described in note 1 to the consolidated financial statements included in item 8 of this report . the company believes the following critical accounting policies necessitated that significant judgments and estimates be used in the preparation of its consolidated financial statements . the company has reviewed these policies with its audit committee . revenue recognition the company recognizes revenue at the time of shipment when title and risk of loss have passed to the customer , persuasive evidence of an arrangement exists , performance of its obligation is complete , its price to the buyer is fixed or determinable , and the company is reasonably assured of collection . determination of these criteria , in some cases , requires management 's judgment . should changes in conditions cause management to determine that these criteria are not met for certain future transactions , revenue for any reporting period could be adversely affected . goodwill goodwill is tested for impairment annually , and will be tested for impairment between annual tests if an event occurs or circumstances change that would indicate that the carrying amount may be impaired . impairment testing for goodwill is done at a reporting unit level . reporting units are one level below the business segment level , but can be combined when reporting units within the same segment have similar economic characteristics . an impairment loss generally would be recognized when the carrying amount of the reporting unit 's net assets exceeds the estimated fair value of the reporting unit . the company consists of a single reporting unit . we last performed “ step 1 ” of the goodwill impairment test as of september 30 , 2014. we utilized the guideline public company ( “ gpc ” ) method under the market approach and the discounted cash flows method ( “ dcf ” ) under the income approach to determine the fair value of the reporting unit for purposes of testing the reporting unit 's carrying value of goodwill for impairment . the gpc method derives a value by generating a multiple of ebitda through the comparison of the company to similar publicly traded companies . the dcf approach derives a value based on the present value of a series of estimated future cash flows at the valuation date by the application of a discount rate , one that a prudent investor would require before making an investment in our equity securities . the key assumptions used in our approach included : · the reporting unit 's estimated financials and five-year projections of financial results , which were based on our strategic plans and long-range forecasts . sales growth rates represent estimates based on current and forecasted sales mix and market conditions . the profit margins were projected based on historical margins , projected sales mix , current expense structure and anticipated expense modifications . · the projected terminal value which reflects the total present value of projected cash flows beyond the last period in the dcf . this value reflects a growth rate for the reporting unit , which is approximately the same growth rate of expected inflation into perpetuity . 24 · the discount rate determined using a weighted average cost of capital method ( “ wacc ” ) , which considered market and industry data as well as company-specific risk factors . · selection of guideline public companies which are similar to each other and to the company . as of september 30 , 2014 , based on our calculations under the above noted approach , the fair value of the reporting unit exceeded its carrying

