● cash flow generated by operating activities was $ 253.3 million in 2018 as compared to $ 140.8 million in 2017 and $ 195.7 million in 2016. our total year constant currency sales growth , which we define as the combined variances from sales volume , product pricing , sales mix and business acquisitions , increased 32.0 percent for 2018 compared to 2017. in 2018 , our diluted earnings per share was $ 3.29 compared to $ 1.15 in 2017 and $ 2.37 in 2016. the higher earnings per share in 2018 compared to 2017 was due to higher net revenue , lower transaction costs related to acquisitions , and one time discrete items related to u.s. tax reform , which were partially offset by higher operating expenses mainly due to the impact of acquired businesses and higher interest expense due to higher u.s. debt balances at higher interest rates from the issuance of new debt in 2017. the lower earnings per share in 2017 compared to 2016 was due to an increase in transaction costs related to acquisitions , including make-whole costs associated with the early repayment of certain outstanding debt obligations , and the implementation of the 2017 restructuring plan . change in accounting principle in the fourth quarter of 2018 , we elected to change our method of accounting for certain inventories in the united states within the company 's americas adhesives and construction adhesives segments from the last-in , first-out method ( “ lifo ” ) to weighted-average cost . we have retrospectively adjusted the consolidated financial statements for all periods presented to reflect this change . project one in december 2012 , our board of directors approved a multi-year project to replace and enhance our existing core information technology platforms . the scope for this project includes most of the basic transaction processing for the company including customer orders , procurement , manufacturing , and financial reporting . the project envisions harmonized business processes for all of our operating segments supported with one standard software configuration . the execution of this project , which we refer to as project one , is being supported by internal resources and consulting services . the north america adhesives business went live in 2014. in 2017 , we began the project one implementation in our latin america adhesives business , and implementation for all countries , with the exception of brazil , has been completed as of the end of 2018. during 2019 and beyond , we will continue implementation in north america , eimea ( europe , india , middle east and africa ) and asia pacific . total expenditures for project one are estimated to be $ 195 to $ 210 million , of which 50-55 % is expected to be capital expenditures . our total project-to-date expenditures are approximately $ 73 million , of which approximately $ 38 million are capital expenditures . given the complexity of the implementation , the total investment to complete the project may exceed our estimate . 18 restructuring plan s royal adhesives restructuring plan during the first quarter of 2018 , we approved a restructuring plan consisting of consolidation plans , organizational changes and other actions related to the integration of the operations of royal adhesives with the operations of the company ( the “ royal adhesives restructuring plan ” ) . in implementing the royal adhesives restructuring plan , we expect to incur costs of approximately $ 20.0 million , which includes ( i ) cash expenditures of approximately $ 12.0 million for severance and related employee costs globally and ( ii ) other costs of approximately $ 8.0 million related to the optimization of production facilities , streamlining of processes and accelerated depreciation of long-lived assets . approximately $ 14.0 million of the costs are expected to be cash costs . for the year ending december 1 , 2018 , we incurred costs of $ 6.7 million under this plan . the royal adhesives restructuring plan was implemented in the first quarter of 2018 and is currently expected to be completed by the end of fiscal year 2020 . 2017 restructuring plan during the first quarter of 2017 , we approved a restructuring plan ( the “ 2017 restructuring plan ” ) related to organizational changes and other actions to optimize operations . in implementing the 2017 restructuring plan , we incurred costs of $ 20.2 million as of december 1 , 2018 which included cash expenditures of approximately $ 11.3 million for severance and related employee costs globally and $ 8.9 million related to the optimization of production facilities , streamlining of processes and accelerated depreciation of long-lived assets . approximately $ 15.8 million of the costs were cash costs . the 2017 restructuring plan is substantially complete . federal income tax reform on december 22 , 2017 , the president of the united states signed into law h.r . 1 , originally known as the “ tax cuts and jobs act ” , hereafter referred to as “ u.s . tax reform ” . since the passing of u.s. tax reform , additional guidance in the form of notices and proposed regulations which interpret various aspects of u.s. tax reform have been issued . as of the filing of this document , additional guidance is expected . changes could be made to the proposed regulations as they become finalized , future legislation could be enacted , more regulations and notices could be issued , all of which may impact our financial results . we will continue to monitor all of these changes and will reflect the impact as appropriate in future financial statements . many state and local tax jurisdictions are still determining how they will interpret elements of u.s. tax reform . final state and local governments ' conformity and legislation or guidance relating to u.s. tax reform may impact our financial results . story_separator_special_tag 22 acquisition accounting as we enter into business combinations , we perform acquisition accounting requirements including the following : ● identifying the acquirer , ● determining the acquisition date , ● recognizing and measuring the identifiable assets acquired and the liabilities assumed , and ● recognizing and measuring goodwill or a gain from a bargain purchase we complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired . enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed . if estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made , the resulting difference could materially affect the fair value of net assets . the calculation of the fair value of the tangible assets , including property , plant and equipment , utilizes the cost approach , which computes the cost to replace the asset , less accrued depreciation resulting from physical deterioration , functional obsolescence and external obsolescence . the calculation of the fair value of the identified intangible assets are determined using cash flow models following the income approach or a discounted market-based methodology approach . significant inputs include estimated revenue growth rates , gross margins , operating expenses , and estimated attrition , royalty and discount rates . goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price . replace_table_token_5_th net revenue in 2018 increased 31.9 percent from 2017. the 2017 net revenue was 10.1 percent higher than the net revenue in 2016. every five or six years we have a 53 rd week in our fiscal year . 2016 was a 53-week year which contributed approximately 2.0 percent to net revenue in 2016 , primarily related to volume . in analyzing our results of operations from period to period , we review variances in net revenue in terms of changes related to sales volume , product pricing , sales mix , business acquisitions and changes in foreign currency exchange rates . the impact of sales volume , product pricing , sales mix and acquisitions including royal adhesives , adecol and wisdom , cyberbond , l.l.c . and advanced adhesives are viewed as constant currency growth . the following table shows the net revenue variance analysis for the past two years : replace_table_token_6_th constant currency growth was 32.0 percent in 2018 compared to 2017. the 32.0 percent constant currency growth in 2018 was driven by 71.4 percent growth in construction adhesives , 57.1 percent growth in engineering adhesives , 29.9 percent growth in eimea , 21.2 percent growth in americas adhesives and 5.1 percent growth in asia pacific . constant currency growth in 2018 includes 28.3 percent growth attributable to the acquisition of royal adhesives and adecol . the negative 0.1 percent currency impact was primarily driven by a weaker brazilian real , argentinian peso , australian dollar , canadian dollar and turkish lira offset by a stronger mexican peso , chinese renminbi and euro compared to the u.s. dollar . constant currency growth was 12.3 percent in 2017 compared to 2016. the inclusion of a 53 rd week in 2016 negatively impacted 2017 constant currency sales growth by approximately 2.0 percent . the 12.3 percent constant currency growth in 2017 was driven by 24.2 percent growth in engineering adhesives , 12.6 percent growth in americas adhesives , 9.5 percent growth in asia pacific , 4.3 percent growth in eimea and 1.5 percent growth in construction adhesives . constant currency growth in 2017 includes 3.7 percent growth attributable to the acquisition of royal adhesives . the negative 2.2 percent currency impact was primarily driven by a weaker egyptian pound , turkish lira , chinese renminbi , argentinian peso , mexican peso and malaysian ringgit partially offset by a stronger euro , indian rupee and australian dollar compared to the u.s. dollar . 23 replace_table_token_7_th raw material costs as a percentage of net revenue decreased 130 basis points in 2018 compared to 2017 due to an increase in product pricing and the impact of the royal adhesives acquisition . other manufacturing costs as a percentage of net revenue was flat compared to 2017. as a result , cost of sales as a percentage of net revenue decreased 130 basis points compared to 2017. raw material costs as a percentage of net revenue increased 240 basis points in 2017 compared to 2016 due to higher raw material costs and the impact of acquired businesses including the inventory step up related to our recent acquisitions . other manufacturing costs as a percentage of revenue increased 40 basis points compared to 2016 driven primarily by the impact of acquired businesses and the implementation of the 2017 restructuring plan . as a result , cost of sales as a percentage of net revenue increased 270 basis points compared to 2016. replace_table_token_8_th gross profit in 2018 increased $ 231.8 million compared to 2017 and gross profit margin increased 130 basis points . the increase in gross profit margin was primarily due to favorable product pricing and the impact of the royal adhesives acquisition and lower restructuring plan costs . gross profit in 2017 decreased $ 0.7 million compared to 2016 and gross profit margin decreased 270 basis points . the decrease in gross profit margin was primarily due to higher raw material costs , the impact of acquired businesses and the implementation of the 2017 restructuring plan . replace_table_token_9_th selling , general and administration ( “ sg & a ” ) expenses for 2018 increased $ 105.1 million or 22.0 percent compared to 2017. the increase is mainly due to the impact of acquired businesses and the impact of unfavorable foreign currency exchange rates on spending outside the u.s. sg &

debt outstanding and debt capacity notes payable notes payable were $ 14.8 million at december 1 , 2018 and $ 31.5 million at december 2 , 2017. these amounts mainly represented various foreign subsidiaries ' short-term borrowings that were not part of committed lines . the weighted-average interest rates on these short-term borrowings were 9.6 percent in 2018 and 11.0 percent in 2017. long-term debt long-term debt consisted of a secured term loan ( “ term loan b ” ) and an unsecured public note ( “ public notes ” ) . the term loan b bears a floating interest rate at libor plus 2.00 percent ( 4.30 percent at december 1 , 2018 ) and matures in fiscal year 2024. the public notes bear interest at 4.00 percent fixed interest and mature in fiscal year 2027. we are subject to a par call of 1.00 percent except within three months of maturity date . we currently have no intention to prepay the public notes . additional details on the public notes and the term loan b credit agreement can be found in the 8-k dated february 9 , 2017 and the 8-k dated october 20 , 2017 , respectively . 32 we executed interest rate swap agreements for the purpose of obtaining a fixed interest rate on $ 1,450.0 million of the $ 2,150.0 million term loan b. we have designated forecasted interest payments resulting from the variability of 1-month libor in relation to $ 1,450.0 million of the term loan b as the hedged item in cash flow hedges . the combined fair value of the interest rate swaps in total was an asset of $ 28.9 million at december 1 , 2018 and was included in other assets in the consolidated balance sheets .


 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.
     ```debt outstanding and debt capacity notes payable notes payable were $ 14.8 million at december 1 , 2018 and $ 31.5 million at december 2 , 2017. these amounts mainly represented various foreign subsidiaries ' short-term borrowings that were not part of committed lines . the weighted-average interest rates on these short-term borrowings were 9.6 percent in 2018 and 11.0 percent in 2017. long-term debt long-term debt consisted of a secured term loan ( “ term loan b ” ) and an unsecured public note ( “ public notes ” ) . the term loan b bears a floating interest rate at libor plus 2.00 percent ( 4.30 percent at december 1 , 2018 ) and matures in fiscal year 2024. the public notes bear interest at 4.00 percent fixed interest and mature in fiscal year 2027. we are subject to a par call of 1.00 percent except within three months of maturity date . we currently have no intention to prepay the public notes . additional details on the public notes and the term loan b credit agreement can be found in the 8-k dated february 9 , 2017 and the 8-k dated october 20 , 2017 , respectively . 32 we executed interest rate swap agreements for the purpose of obtaining a fixed interest rate on $ 1,450.0 million of the $ 2,150.0 million term loan b. we have designated forecasted interest payments resulting from the variability of 1-month libor in relation to $ 1,450.0 million of the term loan b as the hedged item in cash flow hedges . the combined fair value of the interest rate swaps in total was an asset of $ 28.9 million at december 1 , 2018 and was included in other assets in the consolidated balance sheets .
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 Suspicious Activity Report : ● cash flow generated by operating activities was $ 253.3 million in 2018 as compared to $ 140.8 million in 2017 and $ 195.7 million in 2016. our total year constant currency sales growth , which we define as the combined variances from sales volume , product pricing , sales mix and business acquisitions , increased 32.0 percent for 2018 compared to 2017. in 2018 , our diluted earnings per share was $ 3.29 compared to $ 1.15 in 2017 and $ 2.37 in 2016. the higher earnings per share in 2018 compared to 2017 was due to higher net revenue , lower transaction costs related to acquisitions , and one time discrete items related to u.s. tax reform , which were partially offset by higher operating expenses mainly due to the impact of acquired businesses and higher interest expense due to higher u.s. debt balances at higher interest rates from the issuance of new debt in 2017. the lower earnings per share in 2017 compared to 2016 was due to an increase in transaction costs related to acquisitions , including make-whole costs associated with the early repayment of certain outstanding debt obligations , and the implementation of the 2017 restructuring plan . change in accounting principle in the fourth quarter of 2018 , we elected to change our method of accounting for certain inventories in the united states within the company 's americas adhesives and construction adhesives segments from the last-in , first-out method ( “ lifo ” ) to weighted-average cost . we have retrospectively adjusted the consolidated financial statements for all periods presented to reflect this change . project one in december 2012 , our board of directors approved a multi-year project to replace and enhance our existing core information technology platforms . the scope for this project includes most of the basic transaction processing for the company including customer orders , procurement , manufacturing , and financial reporting . the project envisions harmonized business processes for all of our operating segments supported with one standard software configuration . the execution of this project , which we refer to as project one , is being supported by internal resources and consulting services . the north america adhesives business went live in 2014. in 2017 , we began the project one implementation in our latin america adhesives business , and implementation for all countries , with the exception of brazil , has been completed as of the end of 2018. during 2019 and beyond , we will continue implementation in north america , eimea ( europe , india , middle east and africa ) and asia pacific . total expenditures for project one are estimated to be $ 195 to $ 210 million , of which 50-55 % is expected to be capital expenditures . our total project-to-date expenditures are approximately $ 73 million , of which approximately $ 38 million are capital expenditures . given the complexity of the implementation , the total investment to complete the project may exceed our estimate . 18 restructuring plan s royal adhesives restructuring plan during the first quarter of 2018 , we approved a restructuring plan consisting of consolidation plans , organizational changes and other actions related to the integration of the operations of royal adhesives with the operations of the company ( the “ royal adhesives restructuring plan ” ) . in implementing the royal adhesives restructuring plan , we expect to incur costs of approximately $ 20.0 million , which includes ( i ) cash expenditures of approximately $ 12.0 million for severance and related employee costs globally and ( ii ) other costs of approximately $ 8.0 million related to the optimization of production facilities , streamlining of processes and accelerated depreciation of long-lived assets . approximately $ 14.0 million of the costs are expected to be cash costs . for the year ending december 1 , 2018 , we incurred costs of $ 6.7 million under this plan . the royal adhesives restructuring plan was implemented in the first quarter of 2018 and is currently expected to be completed by the end of fiscal year 2020 . 2017 restructuring plan during the first quarter of 2017 , we approved a restructuring plan ( the “ 2017 restructuring plan ” ) related to organizational changes and other actions to optimize operations . in implementing the 2017 restructuring plan , we incurred costs of $ 20.2 million as of december 1 , 2018 which included cash expenditures of approximately $ 11.3 million for severance and related employee costs globally and $ 8.9 million related to the optimization of production facilities , streamlining of processes and accelerated depreciation of long-lived assets . approximately $ 15.8 million of the costs were cash costs . the 2017 restructuring plan is substantially complete . federal income tax reform on december 22 , 2017 , the president of the united states signed into law h.r . 1 , originally known as the “ tax cuts and jobs act ” , hereafter referred to as “ u.s . tax reform ” . since the passing of u.s. tax reform , additional guidance in the form of notices and proposed regulations which interpret various aspects of u.s. tax reform have been issued . as of the filing of this document , additional guidance is expected . changes could be made to the proposed regulations as they become finalized , future legislation could be enacted , more regulations and notices could be issued , all of which may impact our financial results . we will continue to monitor all of these changes and will reflect the impact as appropriate in future financial statements . many state and local tax jurisdictions are still determining how they will interpret elements of u.s. tax reform . final state and local governments ' conformity and legislation or guidance relating to u.s. tax reform may impact our financial results . story_separator_special_tag 22 acquisition accounting as we enter into business combinations , we perform acquisition accounting requirements including the following : ● identifying the acquirer , ● determining the acquisition date , ● recognizing and measuring the identifiable assets acquired and the liabilities assumed , and ● recognizing and measuring goodwill or a gain from a bargain purchase we complete valuation procedures and record the resulting fair value of the acquired assets and assumed liabilities based upon the valuation of the business enterprise and the tangible and intangible assets acquired . enterprise value allocation methodology requires management to make assumptions and apply judgment to estimate the fair value of assets acquired and liabilities assumed . if estimates or assumptions used to complete the enterprise valuation and estimates of the fair value of the acquired assets and assumed liabilities significantly differed from assumptions made , the resulting difference could materially affect the fair value of net assets . the calculation of the fair value of the tangible assets , including property , plant and equipment , utilizes the cost approach , which computes the cost to replace the asset , less accrued depreciation resulting from physical deterioration , functional obsolescence and external obsolescence . the calculation of the fair value of the identified intangible assets are determined using cash flow models following the income approach or a discounted market-based methodology approach . significant inputs include estimated revenue growth rates , gross margins , operating expenses , and estimated attrition , royalty and discount rates . goodwill is recorded as the difference in the fair value of the acquired assets and assumed liabilities and the purchase price . replace_table_token_5_th net revenue in 2018 increased 31.9 percent from 2017. the 2017 net revenue was 10.1 percent higher than the net revenue in 2016. every five or six years we have a 53 rd week in our fiscal year . 2016 was a 53-week year which contributed approximately 2.0 percent to net revenue in 2016 , primarily related to volume . in analyzing our results of operations from period to period , we review variances in net revenue in terms of changes related to sales volume , product pricing , sales mix , business acquisitions and changes in foreign currency exchange rates . the impact of sales volume , product pricing , sales mix and acquisitions including royal adhesives , adecol and wisdom , cyberbond , l.l.c . and advanced adhesives are viewed as constant currency growth . the following table shows the net revenue variance analysis for the past two years : replace_table_token_6_th constant currency growth was 32.0 percent in 2018 compared to 2017. the 32.0 percent constant currency growth in 2018 was driven by 71.4 percent growth in construction adhesives , 57.1 percent growth in engineering adhesives , 29.9 percent growth in eimea , 21.2 percent growth in americas adhesives and 5.1 percent growth in asia pacific . constant currency growth in 2018 includes 28.3 percent growth attributable to the acquisition of royal adhesives and adecol . the negative 0.1 percent currency impact was primarily driven by a weaker brazilian real , argentinian peso , australian dollar , canadian dollar and turkish lira offset by a stronger mexican peso , chinese renminbi and euro compared to the u.s. dollar . constant currency growth was 12.3 percent in 2017 compared to 2016. the inclusion of a 53 rd week in 2016 negatively impacted 2017 constant currency sales growth by approximately 2.0 percent . the 12.3 percent constant currency growth in 2017 was driven by 24.2 percent growth in engineering adhesives , 12.6 percent growth in americas adhesives , 9.5 percent growth in asia pacific , 4.3 percent growth in eimea and 1.5 percent growth in construction adhesives . constant currency growth in 2017 includes 3.7 percent growth attributable to the acquisition of royal adhesives . the negative 2.2 percent currency impact was primarily driven by a weaker egyptian pound , turkish lira , chinese renminbi , argentinian peso , mexican peso and malaysian ringgit partially offset by a stronger euro , indian rupee and australian dollar compared to the u.s. dollar . 23 replace_table_token_7_th raw material costs as a percentage of net revenue decreased 130 basis points in 2018 compared to 2017 due to an increase in product pricing and the impact of the royal adhesives acquisition . other manufacturing costs as a percentage of net revenue was flat compared to 2017. as a result , cost of sales as a percentage of net revenue decreased 130 basis points compared to 2017. raw material costs as a percentage of net revenue increased 240 basis points in 2017 compared to 2016 due to higher raw material costs and the impact of acquired businesses including the inventory step up related to our recent acquisitions . other manufacturing costs as a percentage of revenue increased 40 basis points compared to 2016 driven primarily by the impact of acquired businesses and the implementation of the 2017 restructuring plan . as a result , cost of sales as a percentage of net revenue increased 270 basis points compared to 2016. replace_table_token_8_th gross profit in 2018 increased $ 231.8 million compared to 2017 and gross profit margin increased 130 basis points . the increase in gross profit margin was primarily due to favorable product pricing and the impact of the royal adhesives acquisition and lower restructuring plan costs . gross profit in 2017 decreased $ 0.7 million compared to 2016 and gross profit margin decreased 270 basis points . the decrease in gross profit margin was primarily due to higher raw material costs , the impact of acquired businesses and the implementation of the 2017 restructuring plan . replace_table_token_9_th selling , general and administration ( “ sg & a ” ) expenses for 2018 increased $ 105.1 million or 22.0 percent compared to 2017. the increase is mainly due to the impact of acquired businesses and the impact of unfavorable foreign currency exchange rates on spending outside the u.s. sg &

