in the near term , barring unforeseen events and excluding foreign exchange impacts , as a result of increases in client spending and new business activities we expect our 2012 revenue to increase modestly in excess of average nominal gdp growth in our major markets . we expect to continue to identify acquisition opportunities that will build on the core capabilities of our strategic business platforms , expand our operations in the emerging markets and enhance our capabilities to leverage new technologies that are being used by marketers today . certain business trends have had a positive impact on our business and industry . these trends include our clients increasingly expanding the focus of their brand strategies from national markets to pan-regional and global markets and integrating traditional and non-traditional marketing channels , as well as utilizing new communications technologies and emerging digital platforms . additionally , in an effort to gain greater efficiency and effectiveness from their total marketing budgets , clients are increasingly requiring greater coordination of marketing activities and concentrating these activities with a smaller number of service providers . we believe these trends have benefited our business in the past and over the medium and long term will continue to provide a competitive advantage to us . effective february 1 , 2011 , we acquired a controlling interest in the clemenger group , our affiliate in australia and new zealand increasing our equity ownership to 73.7 % from 46.7 % . in connection with this transaction , we recorded a non-cash gain of $ 123.4 million in the first quarter of 2011 resulting from the remeasurement of the carrying value of our equity interest to the acquisition date fair value . this acquisition has and will continue to help us to further develop our combined businesses throughout the asia pacific region and further enhance our global capabilities . we have an objective of improving ebita margins to 2007 levels for the full year 2012. in connection with this objective , during 2011 we reviewed our businesses with a focus on enhancing our strategic position , improving our operations and rebalancing our workforce . as part of this process , we disposed of certain non-core and underperforming businesses and repositioned others . as a result of these actions , we incurred charges of $ 131.3 million in the first quarter of 2011 for severance , real estate lease terminations and asset and goodwill write-offs related to disposals and other costs . we expect that revenue from the acquisitions completed in 2011 will exceed the loss of revenue from these dispositions . while the bulk of this process is behind us , we continue to perform reviews of all our businesses and we will take actions , where appropriate , to reposition underperforming businesses . during 2011 , we incurred total severance charges of $ 201 million , including the $ 92.8 million of severance costs incurred in the first quarter . we will also continue to pursue operational consolidations to further drive efficiencies in our back office functions . given our size and breadth , we manage our business by monitoring several financial indicators . the key indicators that we review focus on revenue and operating expenses . we analyze revenue growth by reviewing the components and mix of the growth , including growth by major geographic location , growth by major marketing discipline , growth from currency fluctuations , growth from acquisitions and growth from our largest clients . in recent years , our revenue has been generally balanced between our domestic and international operations . revenue in 2011 increased 10.6 % compared to 2010 , of which 6.1 % was organic growth , 2.6 % was related to changes in foreign exchange rates and 1.9 % was related to acquisitions , net of dispositions . across our geographic markets revenue increased 5.5 % in the united states , 12.5 % in the united kingdom , 4.9 % in our euro markets and 30.7 % in our other markets , primarily asia and latin america . the increase in revenue in 2011 compared to 2010 in our four fundamental disciplines was : advertising 12.7 % , crm 11.4 % , public relations 6.0 % and specialty communications 1.6 % . we measure operating expenses in two distinct cost categories : salary and service costs and office and general expenses . salary and service costs are primarily comprised of employee compensation and related costs and direct service costs . office and general expenses are primarily comprised of rent and occupancy costs , technology costs , depreciation and amortization and 9 other overhead expenses . each of our agencies requires professionals with a skill set that is common across our disciplines . at the core of this skill set is the ability to understand a client 's brand or product and its selling proposition and the ability to develop a unique message to communicate the value of the brand or product to the client 's target audience . the facility requirements of our agencies are also similar across geographic regions and disciplines , and their technology requirements are generally limited to personal computers , servers and off-the-shelf software . because we are a service business , we monitor salary and service costs and office and general costs in relation to revenue . salary and service costs tend to fluctuate in conjunction with changes in revenue . salary and service costs increased 11.2 % in 2011 compared to 2010 , reflecting growth in our business , as well as an increase in severance of approximately $ 100 million to $ 201 million , including our repositioning actions in the first quarter of 2011. the increase in salary and service costs was partially offset by the associated cost savings from these head count reductions . office and general expenses are less directly linked to changes in revenue than salary and service costs . story_separator_special_tag in these arrangements , revenue is recorded at the gross amount billed since revenue has been earned for the sale of goods or services . revenue is recorded net of sales , use and value added taxes . a portion of our client contractual arrangements include performance incentive provisions designed to link a portion of our revenue to our performance relative to both quantitative and qualitative goals . we recognize this portion of revenue when the specific quantitative goals are achieved , or when our performance against qualitative goals is determined by our clients . additional information about our revenue recognition policy appears in note 3 to our consolidated financial statements . employee share-based compensation : employee share-based compensation is measured at the grant date fair value based on the fair value of the award . we use the black-scholes option valuation model to determine the fair value of stock option awards . this valuation model uses several assumptions and estimates such as expected life , rate of risk free interest , volatility and dividend yield . if different assumptions and estimates were used to determine the fair value , our actual results of operations and cash flows would likely differ from the estimates used and it is possible that differences and changes could be material . the fair value of restricted stock awards is determined using the closing price of our common stock on the grant date . additional information about these assumptions and estimates appears in note 3 to our consolidated financial statements . share-based employee compensation expense in 2011 , 2010 and 2009 , was $ 74.5 million , $ 69.3 million and $ 78.6 million , respectively . information about our specific awards and stock plans can be found in note 12 to our consolidated financial statements . new accounting standards additional information regarding new accounting guidance can be found in note 2 to our consolidated financial statements . note 3 to our consolidated financial statements provides a summary of our significant accounting policies . 13 results of operations - 2011 compared to 2010 : replace_table_token_5_th ebita , which we define as earnings before interest , taxes and amortization of intangible assets , and ebita margin , which we define as ebita divided by revenue , are non-gaap measures . we use ebita and ebita margin as additional operating performance measures which exclude the non-cash amortization expense of acquired intangible assets . the table above reconciles ebita and ebita margin to the u.s. gaap financial measure of operating income for the periods presented . we believe that ebita and ebita margin are useful measures to evaluate the performance of our businesses . non-gaap financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with u.s. gaap . non-gaap financial measures reported by us may not be comparable to similarly titled amounts reported by other companies . revenue : revenue in 2011 increased 10.6 % , to $ 13,872.5 million from $ 12,542.5 million in 2010 . organic growth increased revenue by $ 770.6 million , foreign exchange impacts increased revenue by $ 323.4 million and acquisitions , net of dispositions , increased revenue by $ 236.0 million . the components of 2011 revenue change in the united states ( “ domestic ” ) and the remainder of the world ( “ international ” ) were ( in millions ) : replace_table_token_6_th 14 the components and percentages are calculated as follows : the foreign exchange impact is calculated by first converting the current period 's local currency revenue using the average exchange rates from the equivalent prior period to arrive at a constant currency revenue ( in this case $ 13,549.1 million for the total column in the table ) . the foreign exchange impact equals the difference between the current period revenue in u.s. dollars and the current period revenue in constant currency ( in this case $ 13,872.5 million less $ 13,549.1 million for the total column in the table ) . the acquisition component is calculated by aggregating the applicable prior period revenue of the acquired businesses , less revenue of any business included in the prior period revenue that was disposed of subsequent to the period . organic growth is calculated by subtracting both the foreign exchange and acquisition revenue components from total revenue growth . the percentage change is calculated by dividing the individual component amount by the prior period revenue base of that component ( in the case $ 12,542.5 million for the total column in the table ) . revenue for 2011 and the percentage change from 2010 in our primary geographic markets were ( in millions ) : replace_table_token_7_th for 2011 , foreign exchange impacts increased our revenue by 2.6 % , or $ 323.4 million , compared to 2010 . the most significant impacts resulted from the weakening of the u.s. dollar against the euro , australian dollar and british pound . assuming exchange rates at february 10 , 2012 remain unchanged , we expect foreign exchange impacts to decrease 2012 revenue by approximately 1.5 % . due to a variety of factors , in the normal course , our agencies both gain and lose business from clients each year . the net result in 2011 was an overall gain in new business . under our client-centric approach , we seek to broaden our relationships with our largest clients . revenue from our largest client represented 2.6 % and 3.0 % of our revenue in 2011 and 2010 respectively . no other client represented more than 2.1 % of revenue in 2011 or more than 2.4 % of revenue in 2010 . our ten largest and 100 largest clients represented 18.0 % and 50.3 % of our 2011 revenue , respectively and 18.0 % and 50.6 % of our 2010 revenue , respectively . driven by our clients ' continuous demand for more effective and efficient marketing activities ,

debt instruments and related covenants in october 2011 , we amended the credit agreement to increase the borrowing capacity to $ 2.5 billion from $ 2.0 billion and to extend the term to october 12 , 2016 . there were no changes to the financial covenants in the credit agreement . we have the ability to classify borrowings under the agreement as long-term . the credit agreement provides support for up to $ 1.5 billion of commercial paper issuances , as well as back-up liquidity in the event that any of our convertible notes are put back to us . depending on market conditions at the time , we typically fund our day-to-day liquidity by issuing commercial paper , borrowing under our uncommitted lines of credit or borrowing under our credit agreement . at december 31 , 2011 , there were no outstanding commercial paper issuances or borrowings under the credit agreement . for the three years ended december 31 , 2011 commercial paper activity was ( dollars in millions ) : replace_table_token_17_th at december 31 , 2011 , short-term borrowings of $ 9.5 million are comprised of bank overdrafts and lines of credit of our international subsidiaries . these bank overdrafts and lines of credit are treated as unsecured loans pursuant to the agreements supporting the facilities . the credit agreement contains financial covenants that restrict our ability to incur indebtedness as defined in the agreement . these financial covenants limit the ratio of total consolidated indebtedness to total consolidated ebitda ( under the credit agreement , ebitda is defined as earnings before interest , taxes , depreciation and amortization ) to no more than 3.0 times . we are also required to maintain a minimum ratio of consolidated ebitda to interest expense of at least 5.0 times .


 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 instruments and related covenants in october 2011 , we amended the credit agreement to increase the borrowing capacity to $ 2.5 billion from $ 2.0 billion and to extend the term to october 12 , 2016 . there were no changes to the financial covenants in the credit agreement . we have the ability to classify borrowings under the agreement as long-term . the credit agreement provides support for up to $ 1.5 billion of commercial paper issuances , as well as back-up liquidity in the event that any of our convertible notes are put back to us . depending on market conditions at the time , we typically fund our day-to-day liquidity by issuing commercial paper , borrowing under our uncommitted lines of credit or borrowing under our credit agreement . at december 31 , 2011 , there were no outstanding commercial paper issuances or borrowings under the credit agreement . for the three years ended december 31 , 2011 commercial paper activity was ( dollars in millions ) : replace_table_token_17_th at december 31 , 2011 , short-term borrowings of $ 9.5 million are comprised of bank overdrafts and lines of credit of our international subsidiaries . these bank overdrafts and lines of credit are treated as unsecured loans pursuant to the agreements supporting the facilities . the credit agreement contains financial covenants that restrict our ability to incur indebtedness as defined in the agreement . these financial covenants limit the ratio of total consolidated indebtedness to total consolidated ebitda ( under the credit agreement , ebitda is defined as earnings before interest , taxes , depreciation and amortization ) to no more than 3.0 times . we are also required to maintain a minimum ratio of consolidated ebitda to interest expense of at least 5.0 times .
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 Suspicious Activity Report : in the near term , barring unforeseen events and excluding foreign exchange impacts , as a result of increases in client spending and new business activities we expect our 2012 revenue to increase modestly in excess of average nominal gdp growth in our major markets . we expect to continue to identify acquisition opportunities that will build on the core capabilities of our strategic business platforms , expand our operations in the emerging markets and enhance our capabilities to leverage new technologies that are being used by marketers today . certain business trends have had a positive impact on our business and industry . these trends include our clients increasingly expanding the focus of their brand strategies from national markets to pan-regional and global markets and integrating traditional and non-traditional marketing channels , as well as utilizing new communications technologies and emerging digital platforms . additionally , in an effort to gain greater efficiency and effectiveness from their total marketing budgets , clients are increasingly requiring greater coordination of marketing activities and concentrating these activities with a smaller number of service providers . we believe these trends have benefited our business in the past and over the medium and long term will continue to provide a competitive advantage to us . effective february 1 , 2011 , we acquired a controlling interest in the clemenger group , our affiliate in australia and new zealand increasing our equity ownership to 73.7 % from 46.7 % . in connection with this transaction , we recorded a non-cash gain of $ 123.4 million in the first quarter of 2011 resulting from the remeasurement of the carrying value of our equity interest to the acquisition date fair value . this acquisition has and will continue to help us to further develop our combined businesses throughout the asia pacific region and further enhance our global capabilities . we have an objective of improving ebita margins to 2007 levels for the full year 2012. in connection with this objective , during 2011 we reviewed our businesses with a focus on enhancing our strategic position , improving our operations and rebalancing our workforce . as part of this process , we disposed of certain non-core and underperforming businesses and repositioned others . as a result of these actions , we incurred charges of $ 131.3 million in the first quarter of 2011 for severance , real estate lease terminations and asset and goodwill write-offs related to disposals and other costs . we expect that revenue from the acquisitions completed in 2011 will exceed the loss of revenue from these dispositions . while the bulk of this process is behind us , we continue to perform reviews of all our businesses and we will take actions , where appropriate , to reposition underperforming businesses . during 2011 , we incurred total severance charges of $ 201 million , including the $ 92.8 million of severance costs incurred in the first quarter . we will also continue to pursue operational consolidations to further drive efficiencies in our back office functions . given our size and breadth , we manage our business by monitoring several financial indicators . the key indicators that we review focus on revenue and operating expenses . we analyze revenue growth by reviewing the components and mix of the growth , including growth by major geographic location , growth by major marketing discipline , growth from currency fluctuations , growth from acquisitions and growth from our largest clients . in recent years , our revenue has been generally balanced between our domestic and international operations . revenue in 2011 increased 10.6 % compared to 2010 , of which 6.1 % was organic growth , 2.6 % was related to changes in foreign exchange rates and 1.9 % was related to acquisitions , net of dispositions . across our geographic markets revenue increased 5.5 % in the united states , 12.5 % in the united kingdom , 4.9 % in our euro markets and 30.7 % in our other markets , primarily asia and latin america . the increase in revenue in 2011 compared to 2010 in our four fundamental disciplines was : advertising 12.7 % , crm 11.4 % , public relations 6.0 % and specialty communications 1.6 % . we measure operating expenses in two distinct cost categories : salary and service costs and office and general expenses . salary and service costs are primarily comprised of employee compensation and related costs and direct service costs . office and general expenses are primarily comprised of rent and occupancy costs , technology costs , depreciation and amortization and 9 other overhead expenses . each of our agencies requires professionals with a skill set that is common across our disciplines . at the core of this skill set is the ability to understand a client 's brand or product and its selling proposition and the ability to develop a unique message to communicate the value of the brand or product to the client 's target audience . the facility requirements of our agencies are also similar across geographic regions and disciplines , and their technology requirements are generally limited to personal computers , servers and off-the-shelf software . because we are a service business , we monitor salary and service costs and office and general costs in relation to revenue . salary and service costs tend to fluctuate in conjunction with changes in revenue . salary and service costs increased 11.2 % in 2011 compared to 2010 , reflecting growth in our business , as well as an increase in severance of approximately $ 100 million to $ 201 million , including our repositioning actions in the first quarter of 2011. the increase in salary and service costs was partially offset by the associated cost savings from these head count reductions . office and general expenses are less directly linked to changes in revenue than salary and service costs . story_separator_special_tag in these arrangements , revenue is recorded at the gross amount billed since revenue has been earned for the sale of goods or services . revenue is recorded net of sales , use and value added taxes . a portion of our client contractual arrangements include performance incentive provisions designed to link a portion of our revenue to our performance relative to both quantitative and qualitative goals . we recognize this portion of revenue when the specific quantitative goals are achieved , or when our performance against qualitative goals is determined by our clients . additional information about our revenue recognition policy appears in note 3 to our consolidated financial statements . employee share-based compensation : employee share-based compensation is measured at the grant date fair value based on the fair value of the award . we use the black-scholes option valuation model to determine the fair value of stock option awards . this valuation model uses several assumptions and estimates such as expected life , rate of risk free interest , volatility and dividend yield . if different assumptions and estimates were used to determine the fair value , our actual results of operations and cash flows would likely differ from the estimates used and it is possible that differences and changes could be material . the fair value of restricted stock awards is determined using the closing price of our common stock on the grant date . additional information about these assumptions and estimates appears in note 3 to our consolidated financial statements . share-based employee compensation expense in 2011 , 2010 and 2009 , was $ 74.5 million , $ 69.3 million and $ 78.6 million , respectively . information about our specific awards and stock plans can be found in note 12 to our consolidated financial statements . new accounting standards additional information regarding new accounting guidance can be found in note 2 to our consolidated financial statements . note 3 to our consolidated financial statements provides a summary of our significant accounting policies . 13 results of operations - 2011 compared to 2010 : replace_table_token_5_th ebita , which we define as earnings before interest , taxes and amortization of intangible assets , and ebita margin , which we define as ebita divided by revenue , are non-gaap measures . we use ebita and ebita margin as additional operating performance measures which exclude the non-cash amortization expense of acquired intangible assets . the table above reconciles ebita and ebita margin to the u.s. gaap financial measure of operating income for the periods presented . we believe that ebita and ebita margin are useful measures to evaluate the performance of our businesses . non-gaap financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with u.s. gaap . non-gaap financial measures reported by us may not be comparable to similarly titled amounts reported by other companies . revenue : revenue in 2011 increased 10.6 % , to $ 13,872.5 million from $ 12,542.5 million in 2010 . organic growth increased revenue by $ 770.6 million , foreign exchange impacts increased revenue by $ 323.4 million and acquisitions , net of dispositions , increased revenue by $ 236.0 million . the components of 2011 revenue change in the united states ( “ domestic ” ) and the remainder of the world ( “ international ” ) were ( in millions ) : replace_table_token_6_th 14 the components and percentages are calculated as follows : the foreign exchange impact is calculated by first converting the current period 's local currency revenue using the average exchange rates from the equivalent prior period to arrive at a constant currency revenue ( in this case $ 13,549.1 million for the total column in the table ) . the foreign exchange impact equals the difference between the current period revenue in u.s. dollars and the current period revenue in constant currency ( in this case $ 13,872.5 million less $ 13,549.1 million for the total column in the table ) . the acquisition component is calculated by aggregating the applicable prior period revenue of the acquired businesses , less revenue of any business included in the prior period revenue that was disposed of subsequent to the period . organic growth is calculated by subtracting both the foreign exchange and acquisition revenue components from total revenue growth . the percentage change is calculated by dividing the individual component amount by the prior period revenue base of that component ( in the case $ 12,542.5 million for the total column in the table ) . revenue for 2011 and the percentage change from 2010 in our primary geographic markets were ( in millions ) : replace_table_token_7_th for 2011 , foreign exchange impacts increased our revenue by 2.6 % , or $ 323.4 million , compared to 2010 . the most significant impacts resulted from the weakening of the u.s. dollar against the euro , australian dollar and british pound . assuming exchange rates at february 10 , 2012 remain unchanged , we expect foreign exchange impacts to decrease 2012 revenue by approximately 1.5 % . due to a variety of factors , in the normal course , our agencies both gain and lose business from clients each year . the net result in 2011 was an overall gain in new business . under our client-centric approach , we seek to broaden our relationships with our largest clients . revenue from our largest client represented 2.6 % and 3.0 % of our revenue in 2011 and 2010 respectively . no other client represented more than 2.1 % of revenue in 2011 or more than 2.4 % of revenue in 2010 . our ten largest and 100 largest clients represented 18.0 % and 50.3 % of our 2011 revenue , respectively and 18.0 % and 50.6 % of our 2010 revenue , respectively . driven by our clients ' continuous demand for more effective and efficient marketing activities ,

