a deliverable constitutes a separate unit of accounting when it has stand-alone value to the customers and if the arrangement includes a customer refund or return right relative to the delivered item and the delivery and performance of the undelivered item is considered probable and substantially in the company 's control . in instances where the aforementioned criteria are not met , the deliverable is combined with the undelivered items and revenue recognition is determined as one single unit . 28 moody 's 2016 10k the company determines whether its selling price in a multi-element transaction meets the vsoe criteria by using the price charged for a deliverable when sold separately or , if the deliverable is not yet being sold separately , the price established by management having the relevant authority to establish such a price . in instances where the company is not able to establish vsoe for all deliverables in a multiple element arrangement , which may be due to the company infrequently selling each element separately , not selling products within a reasonably narrow price range , or only having a limited sales history , the company attempts to establish tpe for deliverables . the company determines whether tpe exists by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers . however , due to the difficulty in obtaining third party pricing , possible differences in its market strategy from that of its peers and the potential that products and services offered by the company may contain a significant level of differentiation and or customization such that the comparable pricing of products with similar functionality can not be obtained , the company generally is unable to reliably determine tpe . based on the selling price hierarchy established by asc topic 605 , when the company is unable to establish selling price using vsoe or tpe , the company will establish an esp . esp is the price at which the company would transact a sale if the product or service were sold on a stand-alone basis . the company establishes its best estimate of esp considering internal factors relevant to is pricing practices such as costs and margin objectives , standalone sales prices of similar products , percentage of the fee charged for a primary product or service relative to a related product or service , and customer segment and geography . additional consideration is also given to market conditions such as competitor pricing strategies and market trend . the company reviews its determination of vsoe , tpe and esp on an annual basis or more frequently as needed . in the mis segment , revenue attributed to initial ratings of issued securities is recognized when the rating is issued . revenue attributed to monitoring of issuers or issued securities is recognized ratably over the period in which the monitoring is performed , generally one year . in the case of commercial mortgage-backed securities , structured credit , international residential mortgage-backed and asset-backed securities , issuers can elect to pay the monitoring fees upfront . these fees are deferred and recognized over the future monitoring periods based on the expected lives of the rated securities , which was approximately 25 years on a weighted average basis at december 31 , 2016. at december 31 , 2016 , 2015 and 2014 , deferred revenue related to these securities was approximately $ 133 million , $ 121 million , and $ 107 million . multiple element revenue arrangements in the mis segment are generally comprised of an initial rating and the related monitoring service . in instances where monitoring fees are not charged for the first year monitoring effort , fees are allocated to the initial rating and monitoring services based on the relative selling price of each service to the total arrangement fees . the company generally uses esp in determining the selling price for its initial ratings as the company rarely sells initial ratings separately without providing related monitoring services and thus is unable to establish vsoe or tpe for initial ratings . mis estimates revenue for ratings of commercial paper for which , in addition to a fixed annual monitoring fee , issuers are billed quarterly based on amounts outstanding . revenue is accrued each quarter based on estimated amounts outstanding and is billed when actual data is available . the estimate is determined based on the issuers ' most recent reported quarterly data . at december 31 , 2016 , 2015 and 2014 , accounts receivable included approximately $ 25 million , $ 24 million , and $ 22 million , respectively , related to accrued commercial paper revenue . historically , mis has not had material differences between the estimated revenue and the actual billings . furthermore , for certain annual monitoring services , fees are not invoiced until the end of the annual monitoring period and revenue is accrued ratably over the monitoring period . at december 31 , 2016 , 2015 , and 2014 , accounts receivable included approximately $ 159.1 million , $ 146.4 million , and $ 127.8 million , respectively , relating to accrued monitoring service revenue . in the ma segment , products and services offered by the company include software licenses and related maintenance , subscriptions , and professional services . revenue from subscription based products , such as research and data subscriptions and certain software-based credit risk management subscription products , is recognized ratably over the related subscription period , which is principally one year . revenue from sale of perpetual licenses of credit processing software is generally recognized at the time the product master or first copy is delivered or transferred to and accepted by the customer . if uncertainty exists regarding customer acceptance of the product or service , revenue is not recognized until acceptance occurs . software maintenance revenue is recognized ratably over the annual maintenance period . story_separator_special_tag the wacc for all reporting units ranged from 8.5 % to 11.5 % as of july 31 , 2016. differences in the wacc used between reporting units is primarily due to distinct risks and uncertainties regarding the cash flows of the different reporting units . a sensitivity analysis of the wacc was performed on all reporting units as of july 31 , 2016 for each reporting unit . for all reporting units , an increase in the wacc of one percentage point would not result in the carrying value of the reporting unit exceeding its fair value . amortizable intangible assets are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable . there were no such events or changes during 2016 that would indicate that the carrying amount of 32 moody 's 2016 10k amortizable intangible assets in any of the company 's reporting units may not be recoverable . this determination was made based on continued growth , consistent with operating and strategic plans for the reporting unit where the intangible asset resides . pension and other retirement benefits the expenses , assets and liabilities that moody 's reports for its retirement plans are dependent on many assumptions concerning the outcome of future events and circumstances . these significant assumptions include the following : » future compensation increases , based on the company 's long-term actual experience and future outlook ; » long-term return on pension plan assets , based on historical portfolio results and the expected future average annual return for each major asset class within the plan 's portfolio ( which is principally comprised of equity and fixed-income investments ) ; and » discount rates , based on current yields on high-grade corporate long-term bonds . the discount rates selected to measure the present value of the company 's benefit obligation for its retirement plans as of december 31 , 2016 were derived using a cash flow matching method whereby the company compares each plan 's projected payment obligations by year with the corresponding yield on the citibank pension discount curve . the cash flows by plan are then discounted back to present value to determine the discount rate applicable to each plan . moody 's major assumptions vary by plan and assumptions used are set forth in note 13 to the consolidated financial statements . in determining these assumptions , the company consults with third-party actuaries and other advisors as deemed appropriate . while the company believes that the assumptions used in its calculations are reasonable , differences in actual experience or changes in assumptions could have a significant effect on the expenses , assets and liabilities related to the company 's retirement plans . additionally , the company has updated its mortality assumption by adopting the newly released mortality improvement scale mp-2016 to accompany the rp-2014 mortality tables to reflect the latest information regarding future mortality expectations by the society of actuaries . when actual plan experience differs from the assumptions used , actuarial gains or losses arise . excluding differences between the expected long-term rate of return assumption and actual experience on plan assets , the company amortizes , as a component of annual pension expense , total outstanding gains or losses over the estimated average future working lifetime of active plan participants to the extent that the gain/loss exceeds 10 % of the greater of the beginning-of-year projected benefit obligation or the market-related value of plan assets . for moody 's retirement plans , the total actuarial losses as of december 31 , 2016 that have not been recognized in annual expense are $ 130.3 million , and moody 's expects to recognize a net periodic expense of $ 9.8 million in 2017 related to the amortization of actuarial losses . for moody 's funded u.s. pension plan , the differences between the expected long-term rate of return assumption and actual experience could also affect the net periodic pension expense . as permitted under asc topic 715 , the company spreads the impact of asset experience over a five-year period for purposes of calculating the market-related value of assets that is used in determining the expected return on assets ' component of annual expense and in calculating the total unrecognized gain or loss subject to amortization . as of december 31 , 2016 , the company has an unrecognized asset loss of $ 7.7 million , of which $ 1.5 million will be recognized in the market-related value of assets that is used to calculate the expected return on assets ' component of 2018 expense . the table below shows the estimated effect that a one percentage-point decrease in each of these assumptions will have on moody 's 2017 operating income . these effects have been calculated using the company 's current projections of 2017 expenses , assets and liabilities related to moody 's retirement plans , which could change as updated data becomes available . replace_table_token_7_th * weighted average discount rates of 3.89 % and 3.85 % for pension plans and other retirement plans , respectively . a one percentage-point increase in assumed healthcare cost trend rates will not affect 2017 projected expenses . based on current projections , the company estimates that expenses related to retirement plans will be $ 34.9 million in 2017 or flat compared to the $ 34.3 million recognized in 2016. stock-based compensation the company records compensation expense for all share-based payment award transactions granted to employees based on the fair value of the equity instrument at the time of grant . this includes stock options and restricted stock . the fair value of each stock option award is estimated on the date of grant using the black-scholes option pricing model that uses assumptions and estimates that the moody 's 2016 10k 33 company believes are reasonable . some of the assumptions and estimates , such as share price volatility and expected option holding period , are based

net cash used in financing activities year ended december 31 , 2016 compared to the year ended december 31 , 2015 : the $ 548.8 million increase in cash used in financing activities was primarily attributed to : » $ 852.8 million from the issuance of long-term debt in 2015 , no long-term debt was issued in 2016 ; » $ 45.4 million paid to acquire the non-controlling interest of kis and additional shares of kis pricing ; partially offset by : » treasury shares repurchased of $ 738.8 million in 2016 compared to $ 1,098.1 million repurchased in 2015. year ended december 31 , 2015 compared to the year ended december 31 , 2014 : the $ 603.5 million decrease in cash used in financing activities was primarily attributed to : » treasury shares repurchased of $ 1,220.5 million in 2014 compared to $ 1,098.1 million repurchased in 2015 ; » cash paid of $ 183.8 million in 2014 to obtain 100 % ownership in copal amba ; » $ 300 million paid in 2014 in the early repayment of the series 2005-1 notes ; » a $ 105.1 million increase from the issuance of long-term debt ; partially offset by : » a decrease in proceeds from the exercise of employee stock options of $ 60.2 million reflecting a lower amount exercised in 2015 ; » higher dividends paid to mco shareholders of $ 36.1 million reflecting $ 1.36 per share paid in 2015 compared to $ 1.12 per share paid in 2014. cash and short-term investments held in non-u.s. jurisdictions the company 's aggregate cash and cash equivalents and short-term investments of $ 2.2 billion at


 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 in financing activities year ended december 31 , 2016 compared to the year ended december 31 , 2015 : the $ 548.8 million increase in cash used in financing activities was primarily attributed to : » $ 852.8 million from the issuance of long-term debt in 2015 , no long-term debt was issued in 2016 ; » $ 45.4 million paid to acquire the non-controlling interest of kis and additional shares of kis pricing ; partially offset by : » treasury shares repurchased of $ 738.8 million in 2016 compared to $ 1,098.1 million repurchased in 2015. year ended december 31 , 2015 compared to the year ended december 31 , 2014 : the $ 603.5 million decrease in cash used in financing activities was primarily attributed to : » treasury shares repurchased of $ 1,220.5 million in 2014 compared to $ 1,098.1 million repurchased in 2015 ; » cash paid of $ 183.8 million in 2014 to obtain 100 % ownership in copal amba ; » $ 300 million paid in 2014 in the early repayment of the series 2005-1 notes ; » a $ 105.1 million increase from the issuance of long-term debt ; partially offset by : » a decrease in proceeds from the exercise of employee stock options of $ 60.2 million reflecting a lower amount exercised in 2015 ; » higher dividends paid to mco shareholders of $ 36.1 million reflecting $ 1.36 per share paid in 2015 compared to $ 1.12 per share paid in 2014. cash and short-term investments held in non-u.s. jurisdictions the company 's aggregate cash and cash equivalents and short-term investments of $ 2.2 billion at
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 Suspicious Activity Report : a deliverable constitutes a separate unit of accounting when it has stand-alone value to the customers and if the arrangement includes a customer refund or return right relative to the delivered item and the delivery and performance of the undelivered item is considered probable and substantially in the company 's control . in instances where the aforementioned criteria are not met , the deliverable is combined with the undelivered items and revenue recognition is determined as one single unit . 28 moody 's 2016 10k the company determines whether its selling price in a multi-element transaction meets the vsoe criteria by using the price charged for a deliverable when sold separately or , if the deliverable is not yet being sold separately , the price established by management having the relevant authority to establish such a price . in instances where the company is not able to establish vsoe for all deliverables in a multiple element arrangement , which may be due to the company infrequently selling each element separately , not selling products within a reasonably narrow price range , or only having a limited sales history , the company attempts to establish tpe for deliverables . the company determines whether tpe exists by evaluating largely similar and interchangeable competitor products or services in standalone sales to similarly situated customers . however , due to the difficulty in obtaining third party pricing , possible differences in its market strategy from that of its peers and the potential that products and services offered by the company may contain a significant level of differentiation and or customization such that the comparable pricing of products with similar functionality can not be obtained , the company generally is unable to reliably determine tpe . based on the selling price hierarchy established by asc topic 605 , when the company is unable to establish selling price using vsoe or tpe , the company will establish an esp . esp is the price at which the company would transact a sale if the product or service were sold on a stand-alone basis . the company establishes its best estimate of esp considering internal factors relevant to is pricing practices such as costs and margin objectives , standalone sales prices of similar products , percentage of the fee charged for a primary product or service relative to a related product or service , and customer segment and geography . additional consideration is also given to market conditions such as competitor pricing strategies and market trend . the company reviews its determination of vsoe , tpe and esp on an annual basis or more frequently as needed . in the mis segment , revenue attributed to initial ratings of issued securities is recognized when the rating is issued . revenue attributed to monitoring of issuers or issued securities is recognized ratably over the period in which the monitoring is performed , generally one year . in the case of commercial mortgage-backed securities , structured credit , international residential mortgage-backed and asset-backed securities , issuers can elect to pay the monitoring fees upfront . these fees are deferred and recognized over the future monitoring periods based on the expected lives of the rated securities , which was approximately 25 years on a weighted average basis at december 31 , 2016. at december 31 , 2016 , 2015 and 2014 , deferred revenue related to these securities was approximately $ 133 million , $ 121 million , and $ 107 million . multiple element revenue arrangements in the mis segment are generally comprised of an initial rating and the related monitoring service . in instances where monitoring fees are not charged for the first year monitoring effort , fees are allocated to the initial rating and monitoring services based on the relative selling price of each service to the total arrangement fees . the company generally uses esp in determining the selling price for its initial ratings as the company rarely sells initial ratings separately without providing related monitoring services and thus is unable to establish vsoe or tpe for initial ratings . mis estimates revenue for ratings of commercial paper for which , in addition to a fixed annual monitoring fee , issuers are billed quarterly based on amounts outstanding . revenue is accrued each quarter based on estimated amounts outstanding and is billed when actual data is available . the estimate is determined based on the issuers ' most recent reported quarterly data . at december 31 , 2016 , 2015 and 2014 , accounts receivable included approximately $ 25 million , $ 24 million , and $ 22 million , respectively , related to accrued commercial paper revenue . historically , mis has not had material differences between the estimated revenue and the actual billings . furthermore , for certain annual monitoring services , fees are not invoiced until the end of the annual monitoring period and revenue is accrued ratably over the monitoring period . at december 31 , 2016 , 2015 , and 2014 , accounts receivable included approximately $ 159.1 million , $ 146.4 million , and $ 127.8 million , respectively , relating to accrued monitoring service revenue . in the ma segment , products and services offered by the company include software licenses and related maintenance , subscriptions , and professional services . revenue from subscription based products , such as research and data subscriptions and certain software-based credit risk management subscription products , is recognized ratably over the related subscription period , which is principally one year . revenue from sale of perpetual licenses of credit processing software is generally recognized at the time the product master or first copy is delivered or transferred to and accepted by the customer . if uncertainty exists regarding customer acceptance of the product or service , revenue is not recognized until acceptance occurs . software maintenance revenue is recognized ratably over the annual maintenance period . story_separator_special_tag the wacc for all reporting units ranged from 8.5 % to 11.5 % as of july 31 , 2016. differences in the wacc used between reporting units is primarily due to distinct risks and uncertainties regarding the cash flows of the different reporting units . a sensitivity analysis of the wacc was performed on all reporting units as of july 31 , 2016 for each reporting unit . for all reporting units , an increase in the wacc of one percentage point would not result in the carrying value of the reporting unit exceeding its fair value . amortizable intangible assets are reviewed for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable . there were no such events or changes during 2016 that would indicate that the carrying amount of 32 moody 's 2016 10k amortizable intangible assets in any of the company 's reporting units may not be recoverable . this determination was made based on continued growth , consistent with operating and strategic plans for the reporting unit where the intangible asset resides . pension and other retirement benefits the expenses , assets and liabilities that moody 's reports for its retirement plans are dependent on many assumptions concerning the outcome of future events and circumstances . these significant assumptions include the following : » future compensation increases , based on the company 's long-term actual experience and future outlook ; » long-term return on pension plan assets , based on historical portfolio results and the expected future average annual return for each major asset class within the plan 's portfolio ( which is principally comprised of equity and fixed-income investments ) ; and » discount rates , based on current yields on high-grade corporate long-term bonds . the discount rates selected to measure the present value of the company 's benefit obligation for its retirement plans as of december 31 , 2016 were derived using a cash flow matching method whereby the company compares each plan 's projected payment obligations by year with the corresponding yield on the citibank pension discount curve . the cash flows by plan are then discounted back to present value to determine the discount rate applicable to each plan . moody 's major assumptions vary by plan and assumptions used are set forth in note 13 to the consolidated financial statements . in determining these assumptions , the company consults with third-party actuaries and other advisors as deemed appropriate . while the company believes that the assumptions used in its calculations are reasonable , differences in actual experience or changes in assumptions could have a significant effect on the expenses , assets and liabilities related to the company 's retirement plans . additionally , the company has updated its mortality assumption by adopting the newly released mortality improvement scale mp-2016 to accompany the rp-2014 mortality tables to reflect the latest information regarding future mortality expectations by the society of actuaries . when actual plan experience differs from the assumptions used , actuarial gains or losses arise . excluding differences between the expected long-term rate of return assumption and actual experience on plan assets , the company amortizes , as a component of annual pension expense , total outstanding gains or losses over the estimated average future working lifetime of active plan participants to the extent that the gain/loss exceeds 10 % of the greater of the beginning-of-year projected benefit obligation or the market-related value of plan assets . for moody 's retirement plans , the total actuarial losses as of december 31 , 2016 that have not been recognized in annual expense are $ 130.3 million , and moody 's expects to recognize a net periodic expense of $ 9.8 million in 2017 related to the amortization of actuarial losses . for moody 's funded u.s. pension plan , the differences between the expected long-term rate of return assumption and actual experience could also affect the net periodic pension expense . as permitted under asc topic 715 , the company spreads the impact of asset experience over a five-year period for purposes of calculating the market-related value of assets that is used in determining the expected return on assets ' component of annual expense and in calculating the total unrecognized gain or loss subject to amortization . as of december 31 , 2016 , the company has an unrecognized asset loss of $ 7.7 million , of which $ 1.5 million will be recognized in the market-related value of assets that is used to calculate the expected return on assets ' component of 2018 expense . the table below shows the estimated effect that a one percentage-point decrease in each of these assumptions will have on moody 's 2017 operating income . these effects have been calculated using the company 's current projections of 2017 expenses , assets and liabilities related to moody 's retirement plans , which could change as updated data becomes available . replace_table_token_7_th * weighted average discount rates of 3.89 % and 3.85 % for pension plans and other retirement plans , respectively . a one percentage-point increase in assumed healthcare cost trend rates will not affect 2017 projected expenses . based on current projections , the company estimates that expenses related to retirement plans will be $ 34.9 million in 2017 or flat compared to the $ 34.3 million recognized in 2016. stock-based compensation the company records compensation expense for all share-based payment award transactions granted to employees based on the fair value of the equity instrument at the time of grant . this includes stock options and restricted stock . the fair value of each stock option award is estimated on the date of grant using the black-scholes option pricing model that uses assumptions and estimates that the moody 's 2016 10k 33 company believes are reasonable . some of the assumptions and estimates , such as share price volatility and expected option holding period , are based

