41 for information on each of the following critical accounting policies and or estimates , refer to the discussion in the notes to the consolidated financial statements as indicated in the table below : revenue recognition note 2 - summary of significant accounting policies trade accounts receivable note 2 - summary of significant accounting policies loan receivable note 2 - summary of significant accounting policies warranties note 2 - summary of significant accounting policies inventory note 2 - summary of significant accounting policies investments note 2 - summary of significant accounting policies & note 3 - marketable securities income taxes note 2 - summary of significant accounting policies & note 6 - income taxes stock based compensation note 2 - summary of significant accounting policies & note 9 - stock compensation plans accounting terms and characteristics net sales our net sales are primarily generated through sales to our retail partners , dealer and distributor network and to original equipment manufacturers . refer to the revenue recognition discussion in note 2 to the consolidated financial statements . our sales are largely of a consumer nature ; therefore , backlog levels are not necessarily indicative of our future sales results . we aim to achieve a quick turnaround on orders we receive , and we typically ship most orders within 72 hours . net sales are subject to seasonal fluctuation . typically , sales of our consumer products are highest in the second quarter , due to increased demand during the spring and summer season , and in the fourth quarter , due to increased demand during the holiday buying season . our aviation products do not experience much seasonal variation , but are more influenced by the timing of aircraft certifications and the release of new products when the initial demand is typically the strongest . cost of sales/gross profit raw material costs are our most significant component of cost of goods sold . our existing practice of performing the design and manufacture of our products in-house has enabled us to source components from different suppliers and , where possible , to redesign our products to leverage lower cost components . we believe that our flexible production model allows our xizhi , jhongli , and linkou manufacturing plants in taiwan , our olathe , kansas , and salem , oregon manufacturing plants to experience relatively low costs of manufacturing . in general , products manufactured in taiwan have been our highest volume products . our manufacturing labor costs historically have been lower in taiwan than in olathe and salem . sales price variability has had and can be expected to have an effect on our gross profit . in the past , prices of our devices sold into the automotive/mobile market have declined due to market pressures and introduction of new products sold at lower price points . in recent years , pricing has stabilized in automotive/mobile allowing for stable to improving gross margins . the average selling prices of our aviation , outdoor , fitness , and marine products have historically been stable due to product mix and the introduction of more advanced products sold at higher prices . in 2014 , fitness pricing declined due to high volumes of lower-priced activity trackers . the effect of the sales price differences inherent within the mix of products sold could have a significant impact on our gross profit . 42 advertising expense our advertising expenses consist of costs for media advertising , cooperative advertising with our retail partners , point of sale displays , and sponsorships . selling , general and administrative expenses our selling , general and administrative expenses consist primarily of : · salaries for sales and marketing personnel ; · salaries and related costs for executives and administrative personnel ; · marketing , and other brand building costs ; · accounting and legal costs ; · information systems and infrastructure costs ; · travel and related costs ; and · occupancy and other overhead costs . research and development the majority of our research and development costs represent salaries for our engineers , costs for high technology components and costs of test equipment used in product and prototype development . approximately 82 % of the research and development of our products is performed in north america . we are committed to increasing the level of innovative design and development of new products as we strive for expanded ability to serve our existing consumer and aviation markets as well as new markets for active lifestyle products . income taxes we have experienced a relatively low effective corporate tax rate due to the proportion of our revenue generated by entities in tax jurisdictions with low statutory rates . in particular , the profit entitlement afforded our swiss-based companies based on their intellectual property rights ownership of our consumer products along with tax incentives offered by the taiwanese government on certain high-technology capital investments have continued to reduce our tax rate . we have taken advantage of the tax benefit in taiwan since our inception and we expect to continue to benefit from lower effective tax rates at least through 2015 . 43 results of operations the following table sets forth our results of operations as a percentage of net sales during the periods shown ( the table may not foot due to rounding ) : replace_table_token_6_th the following table sets forth our results of operations through income before income taxes for each of our five segments during the period shown . for each line item in the table the total of the segments ' amounts equals the amount in the consolidated statements of income data included in item 6 . 44 replace_table_token_7_th replace_table_token_8_th replace_table_token_9_th 45 comparison of 52-weeks ended december 27 , 2014 and december 28 , 2013 net sales replace_table_token_10_th net sales increased 9 % in 2014 when compared to the year-ago period . story_separator_special_tag during 2013 , the u.s. dollar weakened 4.1 % and 2.2 % , respectively , relative to the euro and british pound sterling resulting in a foreign currency gain of $ 7.5 million in garmin ltd. and our european subsidiaries . the u.s. dollar strengthened 3.3 % against the taiwan dollar resulting in a $ 30.2 million foreign currency gain due to the fluctuation of asset balances throughout the year . the net result of these currency moves combined with other losses of $ 2.1 million , and the timing of transactions during the year was a net gain of $ 35.5 million for the company . the $ 20.0 million currency loss in 2012 was due primarily to weakening of the u.s. dollar compared to the taiwan dollar . during 2012 , the u.s. dollar weakened 3.8 % compared to the taiwan dollar resulting in a loss of $ 31.3 million . this was partially offset by the u.s. dollar weakening 2.1 % and 4.3 % , respectively , compared to the euro and the british pound sterling , resulting in a $ 10.4 million gain . the remaining net currency gain of $ 0.8 million is related to other currencies and timing of transactions . income tax provision our income tax expense decreased by $ 41.0 million , to $ 41.1 million for the fiscal year 2013 , from $ 82.1 million for the fiscal year 2012. contributing to the significant decrease were : 53 · release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits of $ 79.9 million in fiscal year 2013 compared to releases of $ 13.0 million in fiscal year 2012 and · research and development tax credits of $ 6.3 million related to 2012 which were recognized when the related legislation was enacted in january 2013 partially offset by unfavorable impacts including : · unfavorable income mix across tax jurisdictions and · expiration of certain taiwan tax holidays . net income as a result of the various factors noted above , net income increased 13 % to $ 612.4 million for fiscal year 2013 compared to $ 542.4 million for fiscal year 2012. story_separator_special_tag 10pt times new roman , times , serif `` > increased purchases of property and equipment of $ 17.6 million we have budgeted approximately $ 85 million of capital expenditures during fiscal 2015 to include some facility expansion , along with normal ongoing capital expenditures and maintenance activities . it is management 's goal to invest the on-hand cash consistent with garmin 's investment policy , which has been approved by the board of directors . the investment policy 's primary purpose is to preserve capital , maintain an acceptable degree of liquidity , and maximize yield within the constraint of low credit risk . garmin 's average return on cash and investments during fiscal 2014 , 2013 , and 2012 were approximately 1.3 % , 1.4 % and 1.4 % , respectively . the fair value of our securities varies from period to period due to changes in interest rates , in the performance of the underlying collateral and in the credit performance of the underlying issuer , among other factors . in 2013 , garmin experienced unrealized , non-cash losses on its investment portfolio resulting in a balance of $ 57,356 and $ 4,377 of gross other-than-temporary impairment and other unrealized losses on marketable securities at december 28 , 2013. the amortized cost and estimated fair value of the securities at an unrealized loss position at december 28 , 2013 were $ 1,215,498 and $ 1,153,765 , respectively . this decrease in estimated fair value was primarily due to market valuations on mortgage-backed securities and obligations of states and political subdivisions declining . the decline was due to increases in the 10 year treasury bond yield during 2013 , which caused market valuations of securities in our investment portfolios to decline . the 10 year treasury bond yield decreased in 2014 , resulting in a balance of $ 13,031 and $ 8,420 of gross other-than-temporary impairment and other unrealized losses on marketable securities at december 27 , 2014. the amortized cost and estimated fair value of the securities at an unrealized loss position at december 27 , 2014 were $ 1,276,404 and $ 1,254,953 , respectively . approximately 59 % of securities in our portfolio were at an unrealized loss position at december 27 , 2014. we have the ability to hold these securities until maturity or their value is recovered . we do not consider these unrealized losses to be other than temporary credit losses because there has been no deterioration in credit quality and no change in the cash flows of the underlying securities . we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities ; therefore , no impairment has been recorded in the accompanying condensed consolidated statement of income . 56 financing activities replace_table_token_28_th the $ 192.8 million increase in cash used in financing activities in fiscal year 2014 compared to fiscal year 2013 was primarily due to the following : · increased purchase of treasury stock of $ 183.2 million under a share repurchase authorization and · increased dividend payments of $ 8.4 million due to the increased dividend per share that was effective beginning in the second calendar quarter of 2014 the $ 157.0 million increase in cash used in financing activities in fiscal year 2013 compared to fiscal year 2012 was primarily due to the following : · increased dividend payments of $ 98.3 million due to the timing of our calendar fourth quarter 2012 dividend occurring after the close of our fiscal year and the increase in our year-over-year dividend rate and · increased purchase of treasury stock of $ 58.4 million under a share repurchase authorization our dividend has progressively increased from $ 0.40

liquidity and capital resources operating activities replace_table_token_26_th the $ 107.4 million decrease in cash provided by operating activities in fiscal year 2014 compared to fiscal year 2013 was primarily due to the following : · net income decreasing by $ 248.2 million , including the $ 307.6 million tax expense related to the inter-company restructuring , as discussed in the results of operations section above · accounts receivable providing $ 66.0 million less cash primarily due to the increasing sales in fourth quarter 2014 and timing of collections · deferred revenue/costs providing $ 58.2 million less working capital benefit due to the increased amortization of previously deferred revenue/cost as discussed in the results of operations section above and · inventories , net providing $ 53.9 million less cash primarily due to new product categories and increasing product demand partially offset by increased reserves for obsolete and slow moving inventories partially offset by : · income taxes payable providing $ 130.2 million more cash due to the timing of disbursements primarily related to the inter-company restructuring offset by the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits · the impact of deferred income taxes providing $ 81.9 million more cash due primarily to timing of disbursements partially related to the inter-company restructuring in addition to the reclassification of withholding taxes from current taxes payable .


 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.
     ```liquidity and capital resources operating activities replace_table_token_26_th the $ 107.4 million decrease in cash provided by operating activities in fiscal year 2014 compared to fiscal year 2013 was primarily due to the following : · net income decreasing by $ 248.2 million , including the $ 307.6 million tax expense related to the inter-company restructuring , as discussed in the results of operations section above · accounts receivable providing $ 66.0 million less cash primarily due to the increasing sales in fourth quarter 2014 and timing of collections · deferred revenue/costs providing $ 58.2 million less working capital benefit due to the increased amortization of previously deferred revenue/cost as discussed in the results of operations section above and · inventories , net providing $ 53.9 million less cash primarily due to new product categories and increasing product demand partially offset by increased reserves for obsolete and slow moving inventories partially offset by : · income taxes payable providing $ 130.2 million more cash due to the timing of disbursements primarily related to the inter-company restructuring offset by the release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits · the impact of deferred income taxes providing $ 81.9 million more cash due primarily to timing of disbursements partially related to the inter-company restructuring in addition to the reclassification of withholding taxes from current taxes payable .
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 Suspicious Activity Report : 41 for information on each of the following critical accounting policies and or estimates , refer to the discussion in the notes to the consolidated financial statements as indicated in the table below : revenue recognition note 2 - summary of significant accounting policies trade accounts receivable note 2 - summary of significant accounting policies loan receivable note 2 - summary of significant accounting policies warranties note 2 - summary of significant accounting policies inventory note 2 - summary of significant accounting policies investments note 2 - summary of significant accounting policies & note 3 - marketable securities income taxes note 2 - summary of significant accounting policies & note 6 - income taxes stock based compensation note 2 - summary of significant accounting policies & note 9 - stock compensation plans accounting terms and characteristics net sales our net sales are primarily generated through sales to our retail partners , dealer and distributor network and to original equipment manufacturers . refer to the revenue recognition discussion in note 2 to the consolidated financial statements . our sales are largely of a consumer nature ; therefore , backlog levels are not necessarily indicative of our future sales results . we aim to achieve a quick turnaround on orders we receive , and we typically ship most orders within 72 hours . net sales are subject to seasonal fluctuation . typically , sales of our consumer products are highest in the second quarter , due to increased demand during the spring and summer season , and in the fourth quarter , due to increased demand during the holiday buying season . our aviation products do not experience much seasonal variation , but are more influenced by the timing of aircraft certifications and the release of new products when the initial demand is typically the strongest . cost of sales/gross profit raw material costs are our most significant component of cost of goods sold . our existing practice of performing the design and manufacture of our products in-house has enabled us to source components from different suppliers and , where possible , to redesign our products to leverage lower cost components . we believe that our flexible production model allows our xizhi , jhongli , and linkou manufacturing plants in taiwan , our olathe , kansas , and salem , oregon manufacturing plants to experience relatively low costs of manufacturing . in general , products manufactured in taiwan have been our highest volume products . our manufacturing labor costs historically have been lower in taiwan than in olathe and salem . sales price variability has had and can be expected to have an effect on our gross profit . in the past , prices of our devices sold into the automotive/mobile market have declined due to market pressures and introduction of new products sold at lower price points . in recent years , pricing has stabilized in automotive/mobile allowing for stable to improving gross margins . the average selling prices of our aviation , outdoor , fitness , and marine products have historically been stable due to product mix and the introduction of more advanced products sold at higher prices . in 2014 , fitness pricing declined due to high volumes of lower-priced activity trackers . the effect of the sales price differences inherent within the mix of products sold could have a significant impact on our gross profit . 42 advertising expense our advertising expenses consist of costs for media advertising , cooperative advertising with our retail partners , point of sale displays , and sponsorships . selling , general and administrative expenses our selling , general and administrative expenses consist primarily of : · salaries for sales and marketing personnel ; · salaries and related costs for executives and administrative personnel ; · marketing , and other brand building costs ; · accounting and legal costs ; · information systems and infrastructure costs ; · travel and related costs ; and · occupancy and other overhead costs . research and development the majority of our research and development costs represent salaries for our engineers , costs for high technology components and costs of test equipment used in product and prototype development . approximately 82 % of the research and development of our products is performed in north america . we are committed to increasing the level of innovative design and development of new products as we strive for expanded ability to serve our existing consumer and aviation markets as well as new markets for active lifestyle products . income taxes we have experienced a relatively low effective corporate tax rate due to the proportion of our revenue generated by entities in tax jurisdictions with low statutory rates . in particular , the profit entitlement afforded our swiss-based companies based on their intellectual property rights ownership of our consumer products along with tax incentives offered by the taiwanese government on certain high-technology capital investments have continued to reduce our tax rate . we have taken advantage of the tax benefit in taiwan since our inception and we expect to continue to benefit from lower effective tax rates at least through 2015 . 43 results of operations the following table sets forth our results of operations as a percentage of net sales during the periods shown ( the table may not foot due to rounding ) : replace_table_token_6_th the following table sets forth our results of operations through income before income taxes for each of our five segments during the period shown . for each line item in the table the total of the segments ' amounts equals the amount in the consolidated statements of income data included in item 6 . 44 replace_table_token_7_th replace_table_token_8_th replace_table_token_9_th 45 comparison of 52-weeks ended december 27 , 2014 and december 28 , 2013 net sales replace_table_token_10_th net sales increased 9 % in 2014 when compared to the year-ago period . story_separator_special_tag during 2013 , the u.s. dollar weakened 4.1 % and 2.2 % , respectively , relative to the euro and british pound sterling resulting in a foreign currency gain of $ 7.5 million in garmin ltd. and our european subsidiaries . the u.s. dollar strengthened 3.3 % against the taiwan dollar resulting in a $ 30.2 million foreign currency gain due to the fluctuation of asset balances throughout the year . the net result of these currency moves combined with other losses of $ 2.1 million , and the timing of transactions during the year was a net gain of $ 35.5 million for the company . the $ 20.0 million currency loss in 2012 was due primarily to weakening of the u.s. dollar compared to the taiwan dollar . during 2012 , the u.s. dollar weakened 3.8 % compared to the taiwan dollar resulting in a loss of $ 31.3 million . this was partially offset by the u.s. dollar weakening 2.1 % and 4.3 % , respectively , compared to the euro and the british pound sterling , resulting in a $ 10.4 million gain . the remaining net currency gain of $ 0.8 million is related to other currencies and timing of transactions . income tax provision our income tax expense decreased by $ 41.0 million , to $ 41.1 million for the fiscal year 2013 , from $ 82.1 million for the fiscal year 2012. contributing to the significant decrease were : 53 · release of uncertain tax position reserves due to expiration of certain statutes of limitations or completion of tax audits of $ 79.9 million in fiscal year 2013 compared to releases of $ 13.0 million in fiscal year 2012 and · research and development tax credits of $ 6.3 million related to 2012 which were recognized when the related legislation was enacted in january 2013 partially offset by unfavorable impacts including : · unfavorable income mix across tax jurisdictions and · expiration of certain taiwan tax holidays . net income as a result of the various factors noted above , net income increased 13 % to $ 612.4 million for fiscal year 2013 compared to $ 542.4 million for fiscal year 2012. story_separator_special_tag 10pt times new roman , times , serif `` > increased purchases of property and equipment of $ 17.6 million we have budgeted approximately $ 85 million of capital expenditures during fiscal 2015 to include some facility expansion , along with normal ongoing capital expenditures and maintenance activities . it is management 's goal to invest the on-hand cash consistent with garmin 's investment policy , which has been approved by the board of directors . the investment policy 's primary purpose is to preserve capital , maintain an acceptable degree of liquidity , and maximize yield within the constraint of low credit risk . garmin 's average return on cash and investments during fiscal 2014 , 2013 , and 2012 were approximately 1.3 % , 1.4 % and 1.4 % , respectively . the fair value of our securities varies from period to period due to changes in interest rates , in the performance of the underlying collateral and in the credit performance of the underlying issuer , among other factors . in 2013 , garmin experienced unrealized , non-cash losses on its investment portfolio resulting in a balance of $ 57,356 and $ 4,377 of gross other-than-temporary impairment and other unrealized losses on marketable securities at december 28 , 2013. the amortized cost and estimated fair value of the securities at an unrealized loss position at december 28 , 2013 were $ 1,215,498 and $ 1,153,765 , respectively . this decrease in estimated fair value was primarily due to market valuations on mortgage-backed securities and obligations of states and political subdivisions declining . the decline was due to increases in the 10 year treasury bond yield during 2013 , which caused market valuations of securities in our investment portfolios to decline . the 10 year treasury bond yield decreased in 2014 , resulting in a balance of $ 13,031 and $ 8,420 of gross other-than-temporary impairment and other unrealized losses on marketable securities at december 27 , 2014. the amortized cost and estimated fair value of the securities at an unrealized loss position at december 27 , 2014 were $ 1,276,404 and $ 1,254,953 , respectively . approximately 59 % of securities in our portfolio were at an unrealized loss position at december 27 , 2014. we have the ability to hold these securities until maturity or their value is recovered . we do not consider these unrealized losses to be other than temporary credit losses because there has been no deterioration in credit quality and no change in the cash flows of the underlying securities . we do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities ; therefore , no impairment has been recorded in the accompanying condensed consolidated statement of income . 56 financing activities replace_table_token_28_th the $ 192.8 million increase in cash used in financing activities in fiscal year 2014 compared to fiscal year 2013 was primarily due to the following : · increased purchase of treasury stock of $ 183.2 million under a share repurchase authorization and · increased dividend payments of $ 8.4 million due to the increased dividend per share that was effective beginning in the second calendar quarter of 2014 the $ 157.0 million increase in cash used in financing activities in fiscal year 2013 compared to fiscal year 2012 was primarily due to the following : · increased dividend payments of $ 98.3 million due to the timing of our calendar fourth quarter 2012 dividend occurring after the close of our fiscal year and the increase in our year-over-year dividend rate and · increased purchase of treasury stock of $ 58.4 million under a share repurchase authorization our dividend has progressively increased from $ 0.40

