further , gross profit margin declined in our horizon americas reportable segment as the negative impacts of unfavorable commodity prices more than offset the lower costs and cost savings realized in 2017 from the consolidation of our manufacturing facilities that occurred in 2016. gross profit margin improved in our horizon asia‑pacific reportable segment as a result of increased sales volumes and productivity initiatives . an increase in gross profit margin in our horizon europe‑africa reportable segment is primarily due to the acquisition of the westfalia group . operating profit margin ( operating profit as a percentage of net sales ) approximated 3.9 % and 1.0 % in 2017 and 2016 , respectively . operating profit increased $ 28.5 million , or 451.7 % , to $ 34.8 million in 2017 as compared to $ 6.3 million in 2016 , as a result of an operating profit margin improvement across all of our reportable segments . operating profit margin increased in our horizon europe‑africa reportable segment driven by the westfalia group . operating profit margin was positively impacted by $ 8.4 million of lower expenses compared to 2016 related to the impairment of intangible assets in our horizon americas and horizon europe-africa reportable segments . increased volumes and operational improvements in our horizon asia‑pacific reportable segment also favorably impacted operating profit margin . further contributing to the increase in operating profit margin was a decrease in corporate expenses primarily due to lower costs associated with the westfalia group acquisition . interest expense increased approximately $ 2.3 million , to $ 22.4 million in 2017 , as compared to $ 20.1 million in 2016 , primarily due to additional interest and non-cash amortization of debt discount and issuance costs related our convertible notes ( as defined below ) issued in early 2017. other expense , net remained relatively flat at $ 2.7 million in 2017 compared to $ 2.6 million in 2016 . the effective income tax rate for 2017 and 2016 was 195.8 % and 22.8 % , respectively . the 2017 tax cuts and jobs act ( the “ 2017 tax act ” ) created an $ 11.9 million tax charge that was the main driver of change in effective tax rate . this amount largely reflects transition tax but also includes other provisions of the 2017 tax act applicable to the company . two other main factors influenced both the 2017 and 2016 effective tax rates . first , nondeductible transaction costs associated with foreign acquisitions resulted in additional tax expense of $ 1.6 million and $ 2.7 million during december 31 , 2017 and 2016 , respectively . second , income tax benefits associated with the release of certain unrecognized tax positions were recognized in 2017 and 2016 for approximately $ 4.0 million and $ 1.3 million , respectively . net loss decreased approximately $ 7.9 million to a net loss of $ 4.8 million in 2017 , from a net loss of $ 12.7 million in 2016 . the improvement was primarily the result of a $ 28.5 million increase in operating profit , partially offset by a $ 2.3 million increase in interest expense , a $ 4.6 million loss on extinguishment of debt due to a prepayment made on our term b loan ( as defined below ) , and by a $ 13.5 million increase in income tax expense . see below for a discussion of operating results by reportable segment . 28 horizon americas . net sales decreased approximately $ 3.5 million , or 0.8 % , to $ 439.7 million in 2017 , as compared to $ 443.2 million in 2016 . net sales in our retail channel decreased approximately $ 8.2 million primarily due to point of sale weakness and reductions in inventory levels at our mass merchant retail customers , as well as the sale of our broom and brush product line during the fourth quarter of 2017. further contributing to a net sales shortfall in the channel were inventory management efforts by retailers , lost business with a home improvement customer , as well as delivery delays during the fourth quarter of 2017 as we transitioned to a new distribution facility . net sales in our aftermarket channel decreased by approximately $ 5.2 million primarily due to challenges faced during the integration of our erp system in early 2017 , which were partially offset by increased sales with our warehouse distribution partners . partially offsetting these decreases were increases in our automotive oe , e-commerce , and industrial channels . net sales in our automotive oe channel increased approximately $ 4.0 million due to increased volumes on existing programs with major customers , partially offset by higher volumes in 2016 due to the launch of a new program with another major customer that did not reoccur . net sales in our e-commerce channel increased by approximately $ 2.9 million as higher demand as we believe the way consumers do business appears to be evolving to online research and purchasing . partially offsetting this increase was reduced sales to certain customers who did not maintain channel pricing discipline . net sales in our industrial channel increased approximately $ 2.4 million as a result of increased demand from trailer manufacturers and increased production levels . the remainder of the change is due to favorable currency exchange as the brazilian real strengthened in relation to the u.s. dollar . horizon americas ' gross profit decreased approximately $ 3.3 million to $ 128.0 million , or 29.1 % of net sales , in 2017 , from approximately $ 131.3 million , or 29.6 % of net sales , in 2016 . negatively impacting gross profit margin was approximately $ 6.0 million of unfavorable commodity prices and freight costs , in advance of pricing actions , and approximately $ 0.3 million of costs associated with upgrading the paintline in our mexico manufacturing facility . story_separator_special_tag selling , general and administrative expenses increased by approximately $ 9.6 million attributable to the results of the westfalia group , which included approximately $ 1.4 million in transaction-related expenditures including professional fees and severance . increased costs associated with establishing a management structure in the region were partially offset by approximately $ 0.7 million of favorable foreign currency exchange . horizon europe‑africa 's operating loss increased approximately $ 13.2 million to $ 13.3 million , or 12.8 % of net sales , in 2016 , from an operation loss of $ 0.1 million , or 0.2 % of net sales in 2015 , primarily due to losses of approximately $ 9.6 million realized in the westfalia group resulting from the impacts of purchase accounting and transaction related expenditures . the operating loss was further increased by $ 2.3 million due to unfavorable foreign currency exchange . impairment charges of approximately $ 2.4 million in 2016 more than offset the impacts of higher sales volumes in our legacy germany and south africa businesses as discussed above , as well as plant closure costs in finland in 2015 that did not recur in 2016. horizon asia‑pacific . net sales increased approximately $ 6.6 million , or 6.9 % , to $ 101.9 million in 2016 , as compared to $ 95.3 million in 2015 . net sales were negatively impacted by approximately $ 0.8 million of unfavorable currency exchange . net sales increased approximately $ 6.3 million in australia , driven by increased volume and new program awards with existing oe customers , which outpaced weaker demand in western australia due to declining macroeconomic conditions . the remainder of the net sales increase is due to new program awards with oe customers in our new zealand and thailand businesses which more than offset the loss of an existing oe contract in thailand . horizon asia‑pacific 's gross profit increased approximately $ 3.4 million to $ 22.5 million , or 22.1 % of net sales in 2016 , from approximately $ 19.1 million , or 20.0 % of net sales , in 2015 . the improvement in gross profit year-over-year was driven by the higher sales volumes , cost savings and productivity initiatives in our australia business . this improvement was partially offset by a large oem recovery in thailand during 2015 that did not reoccur in 2016. horizon asia‑pacific 's selling , general and administrative expenses decreased approximately $ 0.2 million to $ 11.2 million , or 11.0 % of net sales in 2016 , as compared to $ 11.4 million , or 12.0 % of net sales in 2015 . selling , general and administrative expenses decreased by approximately $ 0.5 million due to lower costs associated with promotional activities compared to 2015 , which was partially offset by an increase of $ 0.3 million in people costs primarily resulting from increased sales levels . horizon asia‑pacific 's operating profit increased approximately $ 3.6 million to $ 11.2 million , or 11.0 % of net sales , in 2016 , from $ 7.7 million , or 8.0 % of net sales in 2015 , primarily due to higher sales volumes and cost savings and productivity initiatives in our australia business . corporate expenses . corporate expenses increased approximately $ 12.0 million to $ 30.3 million in 2016 , as compared to $ 18.3 million in 2015 . corporate expenses increased approximately $ 9.4 million due to expenses related to the acquisition of westfalia group . the remaining increase is primarily related to the costs of operating as a standalone public company for a full year , versus only six months in 2015. for the first six months of 2015 , the consolidated financial statements include expense allocations , related to the spin-off , for certain functions provided by our former parent ; however , the allocations may not be comparable to the corporate expenses we incurred as a stand-alone company . corporate expenses included in operating profit in the accompanying consolidated financial statements include amounts that were allocated to us on the basis of direct usage when identifiable , with the remainder allocated on the basis of revenue or headcount . liquidity and capital resources our capital and working capital requirements are funded through a combination of cash flows from operations , cash on hand and various borrowings and factoring arrangements described below , including our asset-based revolving credit facility ( “ abl facility ” ) . we utilize intercompany loans and equity contributions to fund our worldwide operations . see note 9 , “ long-term debt ” included in item 8 , “ financial statements and supplementary data , ” within this annual report on form 10-k. as of december 31 , 2017 and 2016 , there was $ 23.7 million and $ 20.2 million , respectively , of cash held at foreign subsidiaries . there may be country specific regulations which may restrict or result in increased costs in the repatriation of these funds . 32 based on our current and anticipated levels of operations and the condition in our markets and industry , we believe that our cash on hand , cash flow from operations and availability under our abl facility will enable us to meet our working capital , capital expenditures , debt service and other funding requirements . however , our ability to fund our working capital needs , debt payments and other obligations , and to comply with financial covenants , including borrowing base limitations under our abl facility , depends on our future operating performance and cash flows and many factors outside of our control , including the costs of raw materials , the state of the automotive accessories market and financial and economic conditions and other factors . any future acquisitions , joint ventures or other similar transactions will likely require additional capital and there can be no assurance that any such capital will be available to us on acceptable terms ,

cash provided by operating activities in 2017 was approximately $ 14.2 million , as compared to $ 35.4 million in 2016 . in 2017 , the company generated $ 36.5 million in cash flows , based on the reported net loss of $ 4.8 million and after considering the effects of non-cash items related to gains and losses on dispositions of property and equipment , depreciation , amortization , stock compensation , loss on extinguishment of debt , amortization of inventory step-up recorded as part of purchase accounting , changes in deferred income taxes , amortization of original issuance discount and debt issuance costs , and other , net . in 2016 , the company generated $ 20.0 million based on the reported net loss of $ 12.7 million and after considering the effects of similar non-cash items . changes in operating assets and liabilities used approximately $ 22.3 million of cash in 2017 and generated approximately $ 15.4 million of cash in 2016 . increases in accounts receivable resulted in a net use of cash of $ 9.5 million in 2017 , while decreases in accounts receivable resulted in a source of cash of $ 4.7 million in 2016 . the increase in accounts receivable in 2017 was primarily driven by an increase in tax-related receivables . the decrease in accounts receivable in 2016 was due to improved collection efforts and timing of sales within the fourth quarter . changes in inventory resulted in a net use of cash of $ 17.7 million in 2017 , as compared to a source of cash of $ 10.7 million in 2016 . the increase in inventory in 2017 was primarily due to sales shortfall in our americas reportable segment in the fourth quarter driven by a system stock take-out by our retail customers and delivery delays related to the transition to a new distribution center .


 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 provided by operating activities in 2017 was approximately $ 14.2 million , as compared to $ 35.4 million in 2016 . in 2017 , the company generated $ 36.5 million in cash flows , based on the reported net loss of $ 4.8 million and after considering the effects of non-cash items related to gains and losses on dispositions of property and equipment , depreciation , amortization , stock compensation , loss on extinguishment of debt , amortization of inventory step-up recorded as part of purchase accounting , changes in deferred income taxes , amortization of original issuance discount and debt issuance costs , and other , net . in 2016 , the company generated $ 20.0 million based on the reported net loss of $ 12.7 million and after considering the effects of similar non-cash items . changes in operating assets and liabilities used approximately $ 22.3 million of cash in 2017 and generated approximately $ 15.4 million of cash in 2016 . increases in accounts receivable resulted in a net use of cash of $ 9.5 million in 2017 , while decreases in accounts receivable resulted in a source of cash of $ 4.7 million in 2016 . the increase in accounts receivable in 2017 was primarily driven by an increase in tax-related receivables . the decrease in accounts receivable in 2016 was due to improved collection efforts and timing of sales within the fourth quarter . changes in inventory resulted in a net use of cash of $ 17.7 million in 2017 , as compared to a source of cash of $ 10.7 million in 2016 . the increase in inventory in 2017 was primarily due to sales shortfall in our americas reportable segment in the fourth quarter driven by a system stock take-out by our retail customers and delivery delays related to the transition to a new distribution center .
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 Suspicious Activity Report : further , gross profit margin declined in our horizon americas reportable segment as the negative impacts of unfavorable commodity prices more than offset the lower costs and cost savings realized in 2017 from the consolidation of our manufacturing facilities that occurred in 2016. gross profit margin improved in our horizon asia‑pacific reportable segment as a result of increased sales volumes and productivity initiatives . an increase in gross profit margin in our horizon europe‑africa reportable segment is primarily due to the acquisition of the westfalia group . operating profit margin ( operating profit as a percentage of net sales ) approximated 3.9 % and 1.0 % in 2017 and 2016 , respectively . operating profit increased $ 28.5 million , or 451.7 % , to $ 34.8 million in 2017 as compared to $ 6.3 million in 2016 , as a result of an operating profit margin improvement across all of our reportable segments . operating profit margin increased in our horizon europe‑africa reportable segment driven by the westfalia group . operating profit margin was positively impacted by $ 8.4 million of lower expenses compared to 2016 related to the impairment of intangible assets in our horizon americas and horizon europe-africa reportable segments . increased volumes and operational improvements in our horizon asia‑pacific reportable segment also favorably impacted operating profit margin . further contributing to the increase in operating profit margin was a decrease in corporate expenses primarily due to lower costs associated with the westfalia group acquisition . interest expense increased approximately $ 2.3 million , to $ 22.4 million in 2017 , as compared to $ 20.1 million in 2016 , primarily due to additional interest and non-cash amortization of debt discount and issuance costs related our convertible notes ( as defined below ) issued in early 2017. other expense , net remained relatively flat at $ 2.7 million in 2017 compared to $ 2.6 million in 2016 . the effective income tax rate for 2017 and 2016 was 195.8 % and 22.8 % , respectively . the 2017 tax cuts and jobs act ( the “ 2017 tax act ” ) created an $ 11.9 million tax charge that was the main driver of change in effective tax rate . this amount largely reflects transition tax but also includes other provisions of the 2017 tax act applicable to the company . two other main factors influenced both the 2017 and 2016 effective tax rates . first , nondeductible transaction costs associated with foreign acquisitions resulted in additional tax expense of $ 1.6 million and $ 2.7 million during december 31 , 2017 and 2016 , respectively . second , income tax benefits associated with the release of certain unrecognized tax positions were recognized in 2017 and 2016 for approximately $ 4.0 million and $ 1.3 million , respectively . net loss decreased approximately $ 7.9 million to a net loss of $ 4.8 million in 2017 , from a net loss of $ 12.7 million in 2016 . the improvement was primarily the result of a $ 28.5 million increase in operating profit , partially offset by a $ 2.3 million increase in interest expense , a $ 4.6 million loss on extinguishment of debt due to a prepayment made on our term b loan ( as defined below ) , and by a $ 13.5 million increase in income tax expense . see below for a discussion of operating results by reportable segment . 28 horizon americas . net sales decreased approximately $ 3.5 million , or 0.8 % , to $ 439.7 million in 2017 , as compared to $ 443.2 million in 2016 . net sales in our retail channel decreased approximately $ 8.2 million primarily due to point of sale weakness and reductions in inventory levels at our mass merchant retail customers , as well as the sale of our broom and brush product line during the fourth quarter of 2017. further contributing to a net sales shortfall in the channel were inventory management efforts by retailers , lost business with a home improvement customer , as well as delivery delays during the fourth quarter of 2017 as we transitioned to a new distribution facility . net sales in our aftermarket channel decreased by approximately $ 5.2 million primarily due to challenges faced during the integration of our erp system in early 2017 , which were partially offset by increased sales with our warehouse distribution partners . partially offsetting these decreases were increases in our automotive oe , e-commerce , and industrial channels . net sales in our automotive oe channel increased approximately $ 4.0 million due to increased volumes on existing programs with major customers , partially offset by higher volumes in 2016 due to the launch of a new program with another major customer that did not reoccur . net sales in our e-commerce channel increased by approximately $ 2.9 million as higher demand as we believe the way consumers do business appears to be evolving to online research and purchasing . partially offsetting this increase was reduced sales to certain customers who did not maintain channel pricing discipline . net sales in our industrial channel increased approximately $ 2.4 million as a result of increased demand from trailer manufacturers and increased production levels . the remainder of the change is due to favorable currency exchange as the brazilian real strengthened in relation to the u.s. dollar . horizon americas ' gross profit decreased approximately $ 3.3 million to $ 128.0 million , or 29.1 % of net sales , in 2017 , from approximately $ 131.3 million , or 29.6 % of net sales , in 2016 . negatively impacting gross profit margin was approximately $ 6.0 million of unfavorable commodity prices and freight costs , in advance of pricing actions , and approximately $ 0.3 million of costs associated with upgrading the paintline in our mexico manufacturing facility . story_separator_special_tag selling , general and administrative expenses increased by approximately $ 9.6 million attributable to the results of the westfalia group , which included approximately $ 1.4 million in transaction-related expenditures including professional fees and severance . increased costs associated with establishing a management structure in the region were partially offset by approximately $ 0.7 million of favorable foreign currency exchange . horizon europe‑africa 's operating loss increased approximately $ 13.2 million to $ 13.3 million , or 12.8 % of net sales , in 2016 , from an operation loss of $ 0.1 million , or 0.2 % of net sales in 2015 , primarily due to losses of approximately $ 9.6 million realized in the westfalia group resulting from the impacts of purchase accounting and transaction related expenditures . the operating loss was further increased by $ 2.3 million due to unfavorable foreign currency exchange . impairment charges of approximately $ 2.4 million in 2016 more than offset the impacts of higher sales volumes in our legacy germany and south africa businesses as discussed above , as well as plant closure costs in finland in 2015 that did not recur in 2016. horizon asia‑pacific . net sales increased approximately $ 6.6 million , or 6.9 % , to $ 101.9 million in 2016 , as compared to $ 95.3 million in 2015 . net sales were negatively impacted by approximately $ 0.8 million of unfavorable currency exchange . net sales increased approximately $ 6.3 million in australia , driven by increased volume and new program awards with existing oe customers , which outpaced weaker demand in western australia due to declining macroeconomic conditions . the remainder of the net sales increase is due to new program awards with oe customers in our new zealand and thailand businesses which more than offset the loss of an existing oe contract in thailand . horizon asia‑pacific 's gross profit increased approximately $ 3.4 million to $ 22.5 million , or 22.1 % of net sales in 2016 , from approximately $ 19.1 million , or 20.0 % of net sales , in 2015 . the improvement in gross profit year-over-year was driven by the higher sales volumes , cost savings and productivity initiatives in our australia business . this improvement was partially offset by a large oem recovery in thailand during 2015 that did not reoccur in 2016. horizon asia‑pacific 's selling , general and administrative expenses decreased approximately $ 0.2 million to $ 11.2 million , or 11.0 % of net sales in 2016 , as compared to $ 11.4 million , or 12.0 % of net sales in 2015 . selling , general and administrative expenses decreased by approximately $ 0.5 million due to lower costs associated with promotional activities compared to 2015 , which was partially offset by an increase of $ 0.3 million in people costs primarily resulting from increased sales levels . horizon asia‑pacific 's operating profit increased approximately $ 3.6 million to $ 11.2 million , or 11.0 % of net sales , in 2016 , from $ 7.7 million , or 8.0 % of net sales in 2015 , primarily due to higher sales volumes and cost savings and productivity initiatives in our australia business . corporate expenses . corporate expenses increased approximately $ 12.0 million to $ 30.3 million in 2016 , as compared to $ 18.3 million in 2015 . corporate expenses increased approximately $ 9.4 million due to expenses related to the acquisition of westfalia group . the remaining increase is primarily related to the costs of operating as a standalone public company for a full year , versus only six months in 2015. for the first six months of 2015 , the consolidated financial statements include expense allocations , related to the spin-off , for certain functions provided by our former parent ; however , the allocations may not be comparable to the corporate expenses we incurred as a stand-alone company . corporate expenses included in operating profit in the accompanying consolidated financial statements include amounts that were allocated to us on the basis of direct usage when identifiable , with the remainder allocated on the basis of revenue or headcount . liquidity and capital resources our capital and working capital requirements are funded through a combination of cash flows from operations , cash on hand and various borrowings and factoring arrangements described below , including our asset-based revolving credit facility ( “ abl facility ” ) . we utilize intercompany loans and equity contributions to fund our worldwide operations . see note 9 , “ long-term debt ” included in item 8 , “ financial statements and supplementary data , ” within this annual report on form 10-k. as of december 31 , 2017 and 2016 , there was $ 23.7 million and $ 20.2 million , respectively , of cash held at foreign subsidiaries . there may be country specific regulations which may restrict or result in increased costs in the repatriation of these funds . 32 based on our current and anticipated levels of operations and the condition in our markets and industry , we believe that our cash on hand , cash flow from operations and availability under our abl facility will enable us to meet our working capital , capital expenditures , debt service and other funding requirements . however , our ability to fund our working capital needs , debt payments and other obligations , and to comply with financial covenants , including borrowing base limitations under our abl facility , depends on our future operating performance and cash flows and many factors outside of our control , including the costs of raw materials , the state of the automotive accessories market and financial and economic conditions and other factors . any future acquisitions , joint ventures or other similar transactions will likely require additional capital and there can be no assurance that any such capital will be available to us on acceptable terms ,

