we have specific initiatives related to improved customer satisfaction , reduced defects , shortened lead times , improved inventory turns and on-time deliveries , reduced warranty costs , and improved working capital utilization . the initiatives are being driven by the continued implementation of our “ lean ” efforts which are fundamentally changing our manufacturing and business processes to be more responsive to customer demand and improving on-time delivery and productivity . in addition to “ lean , ” we are working to achieve these strategic initiatives through product simplification , the creation of centers of excellence , and improved supply chain management . we are also aggressively pursuing cost reduction opportunities to enhance future margins . we continuously monitor market prices of steel . we purchase approximately $ 30,000,000 to $ 40,000,000 of steel annually in a variety of forms including rod , wire , bar , structural and others . generally , as we experience fluctuations in our costs , we reflect them as price increases or surcharges to our customers with the goal of being margin neutral . we are also looking for opportunities for growth via strategic acquisitions or joint ventures . the focus of our acquisition strategy centers on product line expansion in alignment with our existing core product offering and opportunities for non-u.s. market penetration . we operate in a highly competitive and global business environment . we face a variety of opportunities in those markets and geographies , including trends toward increased utilization of the global labor force and the expansion of market opportunities in asia and other emerging markets . while we continue to execute our long-term growth strategy , we are supported by our solid capital structure , including our cash position and flexible debt structure . 28 results of operations fiscal 2016 compared to 2015 fiscal 2016 sales were $ 597,103,000 , an increase of 3.0 % , or $ 17,460,000 compared with fiscal 2015 sales of $ 579,643,000 . sales for the year were positively impacted by $ 74,267,000 due to acquisitions and $ 5,605,000 by price increases . sales for the year were negatively impacted $ 33,082,000 due to a decrease in sales volume . the decline in sales volume was due to industrial recessions caused by weakness in oil & gas , mining , heavy oem , and commercial construction markets affecting our north american hoist and rigging and latin american operations . unfavorable foreign currency translation reduced sales by $ 29,330,000 . our gross profit was $ 187,263,000 and $ 181,607,000 or 31.4 % and 31.3 % of net sales in fiscal 2016 and 2015 , respectively . the fiscal 2016 increase in gross profit of $ 5,656,000 or 3.1 % is the result of $ 24,316,000 from our recent acquisitions , $ 5,605,000 in price increases , $ 769,000 in reduced material costs , and $ 830,000 in reduced plant consolidation activities , offset by $ 11,438,000 in decreased volume , $ 3,337,000 in lower productivity due to reduced fixed cost absorption and inventory adjustments , net of other manufacturing costs , $ 2,051,000 in increased product liability costs , and $ 429,000 in facility impairment costs for a property held for sale . the translation of foreign currencies had an unfavorable impact on gross profit of $ 8,609,000. selling expenses were $ 72,858,000 and $ 69,819,000 or 12.2 % and 12.0 % of net sales in fiscal years 2016 and 2015 , respectively . the acquisitions of magnetek and stb added an additional $ 7,640,000 in selling expense for the year ended march 31 , 2016. the consolidation of two warehouses and the closure of another added $ 859,000 to selling costs . additionally , foreign currency translation had a $ 5,036,000 favorable impact on selling expenses . general and administrative expenses were $ 68,811,000 and $ 54,874,000 or 11.5 % and 9.5 % of net sales in fiscal 2016 and 2015 , respectively . the fiscal 2016 increase was primarily the result of magnetek acquisition transaction costs of $ 5,746,000 and acquisition-related severance costs of $ 2,300,000. in addition , magnetek and stb added $ 5,774,000 in recurring general and administrated expenses . additional increases are the result of lower information technology salaries capitalized as part of the global erp systems project as well as general inflationary increases . foreign currency translation had a $ 2,622,000 favorable impact on general and administrative expenses . amortization of intangibles was $ 5,024,000 and $ 2,266,000 in fiscal 2016 and 2015 , respectively . the increase relates to additional amortization of intangibles related to the magnetek and stb acquisitions . interest and debt expense was $ 7,904,000 and $ 12,390,000 or 1.3 % and 2.1 % of net sales in fiscal 2016 and 2015 , respectively . the decrease in interest and debt expense relates to the redemption of the 7 7/8 % notes in the fourth quarter of fiscal 2015 with the lower interest bearing term loan despite the increased borrowings used to fund the magnetek purchase beginning in the second quarter of fiscal 2016. the fiscal 2015 cost of bond redemption of $ 8,567,000 relates to the call premium and write off of unamortized deferred financing costs associated with our 7 7/8 % notes which were redeemed in february 2015. this transaction is discussed in more detail in the liquidity and capital resources section . there were no similar transactions in fiscal 2016. investment income of $ 796,000 and $ 2,725,000 , in fiscal 2016 and 2015 , respectively , related to earnings on marketable securities held in the company 's wholly owned captive insurance subsidiary . foreign currency exchange loss ( gain ) was $ 2,215,000 and $ 863,000 in fiscal 2016 and 2015 , respectively , as a result of foreign currency volatility related to foreign currency denominated purchases and intercompany debt . story_separator_special_tag if interpreted differently under different conditions or circumstances , changes in our estimates could result in material changes to our reported results . we have identified below the accounting policies involving estimates that are critical to our financial statements . other accounting policies are more fully described in note 2 of our consolidated financial statements . revenue recognition . sales are recorded when title passes to the customer which is generally at the time of shipment to the customer . the company performs ongoing credit evaluations of its customers ' financial condition , but generally does not require collateral to support customer receivables . the credit risk is controlled through credit approvals , limits and monitoring procedures . accounts receivable are reported at net realizable value and do not accrue interest . sales tax is excluded from revenue . pension and other postretirement benefits . the determination of the obligations and expense for pension and postretirement benefits is dependent on our selection of certain assumptions that are used by actuaries in calculating such amounts . those assumptions are disclosed in note 12 to our fiscal 2016 consolidated financial statements and include the discount rates , expected long-term rate of return on plan assets and rates of future increases in compensation and healthcare costs . changes in these assumptions can result in the calculation of different plan expense and liability amounts . further , actual experience can differ from the assumptions and these differences are typically accounted for as actuarial gains or losses that are amortized over future periods . the weighted average pension discount rate assumptions of 4.03 % , 3.83 % , and 4.60 % , as of march 31 , 2016 , 2015 , and 2014 , respectively , are based on long-term aa rated corporate and municipal bond rates . at september 2 , 2015 , the company used a discount rate assumption of 4.30 % in valuing the pension plan obligation acquired in the magnetek acquisition . the change in the discount rate at march 31 , 2016 did not result in a significant change in the total projected benefit obligation . the company adopted updated mortality tables in calculating its u.s. pension obligation . the change in mortality tables resulted in a $ 5,700,000 increase in the projected benefit obligation . the rate of return on plan assets assumptions of 7.22 % for the year ended march 31 , 2016 , and 7.50 % for the years ended march 31 , 2015 and 2014 is based on the targeted plan asset allocation ( approximately 65 % equities and 35 % fixed income ) and their long-term historical returns . our under-funded status for all pension plans as of march 31 , 2016 and 2015 was $ 103,279,000 and $ 57,339,000 , or 24.5 % and 21.9 % of the projected benefit obligation , respectively . our pension contributions during fiscal 2016 and 2015 were approximately $ 5,936,000 and $ 11,013,000 , respectively . the under-funded status may result in future pension expense increases . pension benefit for the march 31 , 2017 fiscal year is expected to approximate $ 983,000 , comparable to the fiscal 2016 benefit of $ 1,208,000 . pension funding contributions for the march 31 , 2017 fiscal year are expected to approximate $ 5,961,000 . the weighted-average compensation increase assumption of 0.44 % as of march 31 , 2016 and 2.30 % and 2.00 % as of march 31 , 2015 and 2014 , respectively is based on expected wage trends and historical patterns . the healthcare costs inflation assumptions of 6.8 % for fiscal 2016 and 7.0 % for fiscal 2015 and 2014 , respectively , are based on anticipated trends . while the healthcare inflation rate assumptions have been decreasing , healthcare costs continue to outpace inflation in the u.s. 35 insurance reserves . our accrued general and product liability reserves as described in note 15 to consolidated financial statements involve actuarial techniques including the methods selected to estimate ultimate claims , and assumptions including emergence patterns , payment patterns , initial expected losses and increased limit factors . these actuarial estimates are subject to a high degree of uncertainty due to a variety of factors , including extended lag time in the reporting and resolution of claims , trends or changes in claim settlement patterns , insurance industry practices , and legal interpretations . changes to these estimates could result in material changes to the amount of expense and liabilities recorded in our financial statements . further , actual costs could differ significantly from the estimated amounts . adjustments to estimated reserves are recorded in the period in which the change in estimate occurs . other insurance reserves such as workers compensation and group health insurance are based on actual historical and current claim data provided by third party administrators or internally maintained . goodwill impairment testing . our goodwill balance of $ 170,716,000 as of march 31 , 2016 is subject to impairment testing . we test goodwill for impairment at least annually , as of the end of february , and more frequently whenever events occur or circumstances change that indicate there may be impairment . these events or circumstances could include a significant long-term adverse change in the business climate , poor indicators of operating performance , or a sale or disposition of a significant portion of a reporting unit . we test goodwill at the reporting unit level , which is one level below our operating segment . we identify our reporting units by assessing whether the components of our operating segment constitute businesses for which discrete financial information is available and segment management regularly reviews the operating results of those components . we also aggregate components that have similar economic characteristics into single reporting units ( for example , similar products and / or services , similar long-term financial results , product processes , classes of customers , or in circumstances where the

net cash used by investing activities was $ 203,229,000 , $ 34,079,000 and $ 40,425,000 in fiscal 2016 , 2015 and 2014 , respectively . the most significant use of cash for investing activities relates to our acquisition of magnetek which totaled $ 182,467,000 , net of cash acquired . capital expenditures for fiscal 2016 totaled $ 22,320,000 , of which $ 5,400,000 related to the construction of the getzville corporate headquarters and national training facility . offsetting these uses of cash is $ 1,558,000 in net cash proceeds from the sale of marketable equity securities . the most significant net cash used for investing activities in fiscal 2015 was $ 19,992,000 for the purchase of stb as described in note 3 to the consolidated financial statements . capital expenditures for fiscal 2015 were $ 17,243,000 ( of which $ 1,990,000 relates to the expansion of our china operations and $ 3,449,000 relates to the implementation of our global erp system ) . offsetting these uses of cash is $ 3,230,000 in net cash proceeds from the sale of marketable equity securities by our captive insurance company . the other use of cash for investing activities of $ 74,000 primarily includes proceeds from an insurance settlement of $ 64,000 and cash received from the sale of an asset of $ 116,000 offset by an increase in restricted cash related to the company 's captive insurance company of $ 250,000. cash flow provided ( used ) by financing activities net cash provided ( used ) by financing activities was $ 137,003,000 , $ ( 48,387,000 ) and$ 1,739,000 in fiscal 2016 , 2015 and 2014 , respectively .


 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.
     ```net cash used by investing activities was $ 203,229,000 , $ 34,079,000 and $ 40,425,000 in fiscal 2016 , 2015 and 2014 , respectively . the most significant use of cash for investing activities relates to our acquisition of magnetek which totaled $ 182,467,000 , net of cash acquired . capital expenditures for fiscal 2016 totaled $ 22,320,000 , of which $ 5,400,000 related to the construction of the getzville corporate headquarters and national training facility . offsetting these uses of cash is $ 1,558,000 in net cash proceeds from the sale of marketable equity securities . the most significant net cash used for investing activities in fiscal 2015 was $ 19,992,000 for the purchase of stb as described in note 3 to the consolidated financial statements . capital expenditures for fiscal 2015 were $ 17,243,000 ( of which $ 1,990,000 relates to the expansion of our china operations and $ 3,449,000 relates to the implementation of our global erp system ) . offsetting these uses of cash is $ 3,230,000 in net cash proceeds from the sale of marketable equity securities by our captive insurance company . the other use of cash for investing activities of $ 74,000 primarily includes proceeds from an insurance settlement of $ 64,000 and cash received from the sale of an asset of $ 116,000 offset by an increase in restricted cash related to the company 's captive insurance company of $ 250,000. cash flow provided ( used ) by financing activities net cash provided ( used ) by financing activities was $ 137,003,000 , $ ( 48,387,000 ) and$ 1,739,000 in fiscal 2016 , 2015 and 2014 , respectively .
```    
 Suspicious Activity Report : we have specific initiatives related to improved customer satisfaction , reduced defects , shortened lead times , improved inventory turns and on-time deliveries , reduced warranty costs , and improved working capital utilization . the initiatives are being driven by the continued implementation of our “ lean ” efforts which are fundamentally changing our manufacturing and business processes to be more responsive to customer demand and improving on-time delivery and productivity . in addition to “ lean , ” we are working to achieve these strategic initiatives through product simplification , the creation of centers of excellence , and improved supply chain management . we are also aggressively pursuing cost reduction opportunities to enhance future margins . we continuously monitor market prices of steel . we purchase approximately $ 30,000,000 to $ 40,000,000 of steel annually in a variety of forms including rod , wire , bar , structural and others . generally , as we experience fluctuations in our costs , we reflect them as price increases or surcharges to our customers with the goal of being margin neutral . we are also looking for opportunities for growth via strategic acquisitions or joint ventures . the focus of our acquisition strategy centers on product line expansion in alignment with our existing core product offering and opportunities for non-u.s. market penetration . we operate in a highly competitive and global business environment . we face a variety of opportunities in those markets and geographies , including trends toward increased utilization of the global labor force and the expansion of market opportunities in asia and other emerging markets . while we continue to execute our long-term growth strategy , we are supported by our solid capital structure , including our cash position and flexible debt structure . 28 results of operations fiscal 2016 compared to 2015 fiscal 2016 sales were $ 597,103,000 , an increase of 3.0 % , or $ 17,460,000 compared with fiscal 2015 sales of $ 579,643,000 . sales for the year were positively impacted by $ 74,267,000 due to acquisitions and $ 5,605,000 by price increases . sales for the year were negatively impacted $ 33,082,000 due to a decrease in sales volume . the decline in sales volume was due to industrial recessions caused by weakness in oil & gas , mining , heavy oem , and commercial construction markets affecting our north american hoist and rigging and latin american operations . unfavorable foreign currency translation reduced sales by $ 29,330,000 . our gross profit was $ 187,263,000 and $ 181,607,000 or 31.4 % and 31.3 % of net sales in fiscal 2016 and 2015 , respectively . the fiscal 2016 increase in gross profit of $ 5,656,000 or 3.1 % is the result of $ 24,316,000 from our recent acquisitions , $ 5,605,000 in price increases , $ 769,000 in reduced material costs , and $ 830,000 in reduced plant consolidation activities , offset by $ 11,438,000 in decreased volume , $ 3,337,000 in lower productivity due to reduced fixed cost absorption and inventory adjustments , net of other manufacturing costs , $ 2,051,000 in increased product liability costs , and $ 429,000 in facility impairment costs for a property held for sale . the translation of foreign currencies had an unfavorable impact on gross profit of $ 8,609,000. selling expenses were $ 72,858,000 and $ 69,819,000 or 12.2 % and 12.0 % of net sales in fiscal years 2016 and 2015 , respectively . the acquisitions of magnetek and stb added an additional $ 7,640,000 in selling expense for the year ended march 31 , 2016. the consolidation of two warehouses and the closure of another added $ 859,000 to selling costs . additionally , foreign currency translation had a $ 5,036,000 favorable impact on selling expenses . general and administrative expenses were $ 68,811,000 and $ 54,874,000 or 11.5 % and 9.5 % of net sales in fiscal 2016 and 2015 , respectively . the fiscal 2016 increase was primarily the result of magnetek acquisition transaction costs of $ 5,746,000 and acquisition-related severance costs of $ 2,300,000. in addition , magnetek and stb added $ 5,774,000 in recurring general and administrated expenses . additional increases are the result of lower information technology salaries capitalized as part of the global erp systems project as well as general inflationary increases . foreign currency translation had a $ 2,622,000 favorable impact on general and administrative expenses . amortization of intangibles was $ 5,024,000 and $ 2,266,000 in fiscal 2016 and 2015 , respectively . the increase relates to additional amortization of intangibles related to the magnetek and stb acquisitions . interest and debt expense was $ 7,904,000 and $ 12,390,000 or 1.3 % and 2.1 % of net sales in fiscal 2016 and 2015 , respectively . the decrease in interest and debt expense relates to the redemption of the 7 7/8 % notes in the fourth quarter of fiscal 2015 with the lower interest bearing term loan despite the increased borrowings used to fund the magnetek purchase beginning in the second quarter of fiscal 2016. the fiscal 2015 cost of bond redemption of $ 8,567,000 relates to the call premium and write off of unamortized deferred financing costs associated with our 7 7/8 % notes which were redeemed in february 2015. this transaction is discussed in more detail in the liquidity and capital resources section . there were no similar transactions in fiscal 2016. investment income of $ 796,000 and $ 2,725,000 , in fiscal 2016 and 2015 , respectively , related to earnings on marketable securities held in the company 's wholly owned captive insurance subsidiary . foreign currency exchange loss ( gain ) was $ 2,215,000 and $ 863,000 in fiscal 2016 and 2015 , respectively , as a result of foreign currency volatility related to foreign currency denominated purchases and intercompany debt . story_separator_special_tag if interpreted differently under different conditions or circumstances , changes in our estimates could result in material changes to our reported results . we have identified below the accounting policies involving estimates that are critical to our financial statements . other accounting policies are more fully described in note 2 of our consolidated financial statements . revenue recognition . sales are recorded when title passes to the customer which is generally at the time of shipment to the customer . the company performs ongoing credit evaluations of its customers ' financial condition , but generally does not require collateral to support customer receivables . the credit risk is controlled through credit approvals , limits and monitoring procedures . accounts receivable are reported at net realizable value and do not accrue interest . sales tax is excluded from revenue . pension and other postretirement benefits . the determination of the obligations and expense for pension and postretirement benefits is dependent on our selection of certain assumptions that are used by actuaries in calculating such amounts . those assumptions are disclosed in note 12 to our fiscal 2016 consolidated financial statements and include the discount rates , expected long-term rate of return on plan assets and rates of future increases in compensation and healthcare costs . changes in these assumptions can result in the calculation of different plan expense and liability amounts . further , actual experience can differ from the assumptions and these differences are typically accounted for as actuarial gains or losses that are amortized over future periods . the weighted average pension discount rate assumptions of 4.03 % , 3.83 % , and 4.60 % , as of march 31 , 2016 , 2015 , and 2014 , respectively , are based on long-term aa rated corporate and municipal bond rates . at september 2 , 2015 , the company used a discount rate assumption of 4.30 % in valuing the pension plan obligation acquired in the magnetek acquisition . the change in the discount rate at march 31 , 2016 did not result in a significant change in the total projected benefit obligation . the company adopted updated mortality tables in calculating its u.s. pension obligation . the change in mortality tables resulted in a $ 5,700,000 increase in the projected benefit obligation . the rate of return on plan assets assumptions of 7.22 % for the year ended march 31 , 2016 , and 7.50 % for the years ended march 31 , 2015 and 2014 is based on the targeted plan asset allocation ( approximately 65 % equities and 35 % fixed income ) and their long-term historical returns . our under-funded status for all pension plans as of march 31 , 2016 and 2015 was $ 103,279,000 and $ 57,339,000 , or 24.5 % and 21.9 % of the projected benefit obligation , respectively . our pension contributions during fiscal 2016 and 2015 were approximately $ 5,936,000 and $ 11,013,000 , respectively . the under-funded status may result in future pension expense increases . pension benefit for the march 31 , 2017 fiscal year is expected to approximate $ 983,000 , comparable to the fiscal 2016 benefit of $ 1,208,000 . pension funding contributions for the march 31 , 2017 fiscal year are expected to approximate $ 5,961,000 . the weighted-average compensation increase assumption of 0.44 % as of march 31 , 2016 and 2.30 % and 2.00 % as of march 31 , 2015 and 2014 , respectively is based on expected wage trends and historical patterns . the healthcare costs inflation assumptions of 6.8 % for fiscal 2016 and 7.0 % for fiscal 2015 and 2014 , respectively , are based on anticipated trends . while the healthcare inflation rate assumptions have been decreasing , healthcare costs continue to outpace inflation in the u.s. 35 insurance reserves . our accrued general and product liability reserves as described in note 15 to consolidated financial statements involve actuarial techniques including the methods selected to estimate ultimate claims , and assumptions including emergence patterns , payment patterns , initial expected losses and increased limit factors . these actuarial estimates are subject to a high degree of uncertainty due to a variety of factors , including extended lag time in the reporting and resolution of claims , trends or changes in claim settlement patterns , insurance industry practices , and legal interpretations . changes to these estimates could result in material changes to the amount of expense and liabilities recorded in our financial statements . further , actual costs could differ significantly from the estimated amounts . adjustments to estimated reserves are recorded in the period in which the change in estimate occurs . other insurance reserves such as workers compensation and group health insurance are based on actual historical and current claim data provided by third party administrators or internally maintained . goodwill impairment testing . our goodwill balance of $ 170,716,000 as of march 31 , 2016 is subject to impairment testing . we test goodwill for impairment at least annually , as of the end of february , and more frequently whenever events occur or circumstances change that indicate there may be impairment . these events or circumstances could include a significant long-term adverse change in the business climate , poor indicators of operating performance , or a sale or disposition of a significant portion of a reporting unit . we test goodwill at the reporting unit level , which is one level below our operating segment . we identify our reporting units by assessing whether the components of our operating segment constitute businesses for which discrete financial information is available and segment management regularly reviews the operating results of those components . we also aggregate components that have similar economic characteristics into single reporting units ( for example , similar products and / or services , similar long-term financial results , product processes , classes of customers , or in circumstances where the

