free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s. ( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner . we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings . free cash flow should be considered in addition 23 to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : replace_table_token_9_th 2016 outlook · safety – operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . · network operations – in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . · fuel prices – with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s. domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing l ow er fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . · capital plan – in 2016 , we expect our capital plan to be approximately $ 3.7 5 billion , inc luding expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources – capital plan . ) · financial expectations – economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s. dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources a nd strengthen our franchise . over the longer term , w e expect the overall u.s. economy to continue to improve at a mode st pace , with some markets outperforming others . 24 results of operations operating revenues replace_table_token_10_th we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from commuter rail operations that we manage , accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage , and miscellaneous contract revenue . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from five of our six commodity groups decreased in 2015 compared to 2014 due to a 6 % decline in carloadings and lower fuel surcharge revenue , partially offset by core pricing gains . volume declines in coal , international intermodal , frac sand , metals , crude oil , and grain shipments more than offset volume growth in domestic intermodal , finished vehicles , automotive parts , industrial chemicals and plastics shipments . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7 % volume growth and core pricing gains of 2.5 % . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . story_separator_special_tag gross and revenue ton-miles – gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled . revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles . gross ton-miles and revenue ton-miles decreased 9 % and 12 % , respectively in 2015 compared to 2014 , resulting from a 6 % decrease in carloads . changes in commodity mix drove the variances in year-over-year declines between gross ton-miles , revenue ton-miles and carloads . gross ton-miles , revenue ton-miles and carloadings all increased 7 % in 2014 compared to 2013. operating ratio – operating ratio is our operating expenses reflected as a percentage of operating revenue . our operating ratio improved 0.4 points to a new record low of 63.1 % in 2015 compared to 2014. c ore pricing gains , the impact of lower fuel prices , resource realignments , network efficiencies and productivity gains more than offset the impact of lower volume and inflation . our operating ratio improved 2.6 points to 63 . 5 % in 2014 versus 2013. core pricing , business demand and productivity more than offset the incremental operating costs associated with volume , a slower network , weather and inflation . 32 employees – employee levels increased 1 % in 2015 compared to 2014 , driven by more employees in training and an increase in capital project work . more employees were in training as a result of the number of transportation employees hired during the last half of 2014 and early 2015 to handle expected volume increases , and who continued receiving training in 2015 , most of which occurred in the first nine months of the year . employee levels increased 2 % in 2014 versus 2013. a decrease in our capital workforce due to improved productivity and project mix partially offset the larger train and engine workforce required for higher volume levels and a slower network . we successfully managed the growth of our full-time equivalent train and engine force levels at a rate less than our volume growth in 2014. return on average common shareholders ' equity replace_table_token_17_th return on invested capital as adjusted ( roic ) replace_table_token_18_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . roic is considered a non-gaap financial measure by sec regulation g and item 10 of sec regulation s-k , and may not be defined and calculated by other companies in the same manner . we believe this measure is important to management and investors in evaluating the efficiency and effectiveness of our long-term capital investments . in addition , we currently use roic as a performance criteria in determining certain elements of equity compensation for our executives . roic should be considered in addition to , rather than as a substitute for , other information provided in accordance with gaap . the most comparable gaap measure is return on average common shareholders ' equity . the tables above provide reconciliations from return on average common shareholders ' equity to roic . our 2015 roic decreased 1.9 points compared to 2014 , primarily as a result of lower earnings and a higher invested capital base . debt to capital replace_table_token_19_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . 33 adjusted debt to capital replace_table_token_20_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . adjusted debt to capital is a non-gaap financial measure under sec regulation g and item 10 of sec regulation s-k , and may not be defined and calculated by other companies in the same manner . we believe this measure is important to management and investors in evaluating the total amount of leverage in our capital structure , including off-balance sheet lease obligations , which we generally incur in connection with financing the acquisition of locomotives and freight cars and certain facilities . operating leases were discounted using 4.8 % and 5.3 % at december 31 , 2015 and 2014 , respectively . the discount rate reflects our effective interest rate . we monitor the ratio of adjusted debt to capital as we manage our capital structure to balance cost-effective and efficient access to the capital markets with our overall cost of capital . adjusted debt to capital should be considered in addition to , rather than as a substitute for , debt to capital . the tables above provide reconciliations from debt to capital to adjusted debt to capital . our december 31 , 2015 debt to capital ratios increased as a result of a $ 2.8 billion increase in debt from december 31 , 2014. liquidity and capital resources as of december 31 , 2015 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets . we had $ 1.7 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2015. we did not make any borrowings under this facility during 2015. the value of the outstanding undivided interest held by investors under the $ 650 million capacity receivables securitization facility was $ 400 million as of december 31 , 2015 , and is included in our consolidated statements of financial position as debt due after one year . our access to this receivables securitization facility may be reduced or restricted if our bond ratings fall to certain levels below investment grade . if our bond rating were to deteriorate , it could have an adverse impact on our liquidity . access to commercial paper as well as other capital market financings is dependent on market

debt exchange – on august 21 , 2013 , we exchanged $ 1,170 million of various outstanding notes and debentures due between 2016 and 2040 ( the existing notes ) for $ 439 million of 3.646 % notes ( the new 2024 notes ) due february 15 , 2024 and $ 700 million of 4.821 % notes ( the new 2044 notes ) due february 1 , 2044 , plus cash consideration of approximately $ 280 million in addition to $ 8 million for accrued and unpaid interest on the existing notes . in accordance with asc 470-50-40 , debt-modifications and extinguishments-derecognition , this transaction was accounted for as a debt exchange , as the exchanged debt instruments are not considered to be substantially different . the cash consideration was recorded as an adjustment to the carrying value of debt , and the balance of the unamortized discount and issue costs from the existing notes is being amortized as an adjustment of interest expense over the terms of the new 2024 notes and the new 2044 notes . no gain or loss was recognized as a result of the exchange . costs related to the debt exchange that were payable to parties other than the debt holders totaled approximately $ 9 million and were included in interest expense during the year ended december 31 , 2013. the following table lists the outstanding notes and debentures that were exchanged : replace_table_token_24_th receivables securitization facility – the railroad maintains a $ 650 million , 3-year receivables securitization facility maturing in july 2017 under which it sells


 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 exchange – on august 21 , 2013 , we exchanged $ 1,170 million of various outstanding notes and debentures due between 2016 and 2040 ( the existing notes ) for $ 439 million of 3.646 % notes ( the new 2024 notes ) due february 15 , 2024 and $ 700 million of 4.821 % notes ( the new 2044 notes ) due february 1 , 2044 , plus cash consideration of approximately $ 280 million in addition to $ 8 million for accrued and unpaid interest on the existing notes . in accordance with asc 470-50-40 , debt-modifications and extinguishments-derecognition , this transaction was accounted for as a debt exchange , as the exchanged debt instruments are not considered to be substantially different . the cash consideration was recorded as an adjustment to the carrying value of debt , and the balance of the unamortized discount and issue costs from the existing notes is being amortized as an adjustment of interest expense over the terms of the new 2024 notes and the new 2044 notes . no gain or loss was recognized as a result of the exchange . costs related to the debt exchange that were payable to parties other than the debt holders totaled approximately $ 9 million and were included in interest expense during the year ended december 31 , 2013. the following table lists the outstanding notes and debentures that were exchanged : replace_table_token_24_th receivables securitization facility – the railroad maintains a $ 650 million , 3-year receivables securitization facility maturing in july 2017 under which it sells
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 Suspicious Activity Report : free cash flow is not considered a financial measure under accounting principles generally accepted in the u.s. ( gaap ) by sec regulation g and item 10 of sec regulation s-k and may not be defined and calculated by other companies in the same manner . we believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financings . free cash flow should be considered in addition 23 to , rather than as a substitute for , cash provided by operating activities . the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : replace_table_token_9_th 2016 outlook · safety – operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve . we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments . we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety . we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network . · network operations – in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability . · fuel prices – with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment . we again could see volatile fuel prices during the year , as they are sensitive to global and u.s. domestic demand , refining capacity , geopolitical events , weather conditions and other factors . as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months . continuing l ow er fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport . alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments . · capital plan – in 2016 , we expect our capital plan to be approximately $ 3.7 5 billion , inc luding expenditures for ptc , 230 locomotives and 450 freight cars . the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments . ( see further discussion in this item 7 under liquidity and capital resources – capital plan . ) · financial expectations – economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels . we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions . the strong u.s. dollar and historic low commodity prices could also drive continued volatility . one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities . in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources a nd strengthen our franchise . over the longer term , w e expect the overall u.s. economy to continue to improve at a mode st pace , with some markets outperforming others . 24 results of operations operating revenues replace_table_token_10_th we generate freight revenues by transporting freight or other materials from our six commodity groups . freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) . changes in price , traffic mix and fuel surcharges drive arc . we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments . we recognize freight revenues as shipments move from origin to destination . we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them . other revenues include revenues earned by our subsidiaries , revenues from commuter rail operations that we manage , accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage , and miscellaneous contract revenue . we recognize other revenues as we perform services or meet contractual obligations . freight revenues from five of our six commodity groups decreased in 2015 compared to 2014 due to a 6 % decline in carloadings and lower fuel surcharge revenue , partially offset by core pricing gains . volume declines in coal , international intermodal , frac sand , metals , crude oil , and grain shipments more than offset volume growth in domestic intermodal , finished vehicles , automotive parts , industrial chemicals and plastics shipments . freight revenues from all six commodity groups increased during 2014 compared to 2013 driven by 7 % volume growth and core pricing gains of 2.5 % . volume growth from grain , frac sand , rock , and intermodal ( domestic and international ) shipments offset declines in crude oil . story_separator_special_tag gross and revenue ton-miles – gross ton-miles are calculated by multiplying the weight of loaded and empty freight cars by the number of miles hauled . revenue ton-miles are calculated by multiplying the weight of freight by the number of tariff miles . gross ton-miles and revenue ton-miles decreased 9 % and 12 % , respectively in 2015 compared to 2014 , resulting from a 6 % decrease in carloads . changes in commodity mix drove the variances in year-over-year declines between gross ton-miles , revenue ton-miles and carloads . gross ton-miles , revenue ton-miles and carloadings all increased 7 % in 2014 compared to 2013. operating ratio – operating ratio is our operating expenses reflected as a percentage of operating revenue . our operating ratio improved 0.4 points to a new record low of 63.1 % in 2015 compared to 2014. c ore pricing gains , the impact of lower fuel prices , resource realignments , network efficiencies and productivity gains more than offset the impact of lower volume and inflation . our operating ratio improved 2.6 points to 63 . 5 % in 2014 versus 2013. core pricing , business demand and productivity more than offset the incremental operating costs associated with volume , a slower network , weather and inflation . 32 employees – employee levels increased 1 % in 2015 compared to 2014 , driven by more employees in training and an increase in capital project work . more employees were in training as a result of the number of transportation employees hired during the last half of 2014 and early 2015 to handle expected volume increases , and who continued receiving training in 2015 , most of which occurred in the first nine months of the year . employee levels increased 2 % in 2014 versus 2013. a decrease in our capital workforce due to improved productivity and project mix partially offset the larger train and engine workforce required for higher volume levels and a slower network . we successfully managed the growth of our full-time equivalent train and engine force levels at a rate less than our volume growth in 2014. return on average common shareholders ' equity replace_table_token_17_th return on invested capital as adjusted ( roic ) replace_table_token_18_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . roic is considered a non-gaap financial measure by sec regulation g and item 10 of sec regulation s-k , and may not be defined and calculated by other companies in the same manner . we believe this measure is important to management and investors in evaluating the efficiency and effectiveness of our long-term capital investments . in addition , we currently use roic as a performance criteria in determining certain elements of equity compensation for our executives . roic should be considered in addition to , rather than as a substitute for , other information provided in accordance with gaap . the most comparable gaap measure is return on average common shareholders ' equity . the tables above provide reconciliations from return on average common shareholders ' equity to roic . our 2015 roic decreased 1.9 points compared to 2014 , primarily as a result of lower earnings and a higher invested capital base . debt to capital replace_table_token_19_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . 33 adjusted debt to capital replace_table_token_20_th * adjusted for the retrospective adoption of accounting standard update 2015-03 related to the presentation of deferred debt issuance costs . adjusted debt to capital is a non-gaap financial measure under sec regulation g and item 10 of sec regulation s-k , and may not be defined and calculated by other companies in the same manner . we believe this measure is important to management and investors in evaluating the total amount of leverage in our capital structure , including off-balance sheet lease obligations , which we generally incur in connection with financing the acquisition of locomotives and freight cars and certain facilities . operating leases were discounted using 4.8 % and 5.3 % at december 31 , 2015 and 2014 , respectively . the discount rate reflects our effective interest rate . we monitor the ratio of adjusted debt to capital as we manage our capital structure to balance cost-effective and efficient access to the capital markets with our overall cost of capital . adjusted debt to capital should be considered in addition to , rather than as a substitute for , debt to capital . the tables above provide reconciliations from debt to capital to adjusted debt to capital . our december 31 , 2015 debt to capital ratios increased as a result of a $ 2.8 billion increase in debt from december 31 , 2014. liquidity and capital resources as of december 31 , 2015 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets . we had $ 1.7 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2015. we did not make any borrowings under this facility during 2015. the value of the outstanding undivided interest held by investors under the $ 650 million capacity receivables securitization facility was $ 400 million as of december 31 , 2015 , and is included in our consolidated statements of financial position as debt due after one year . our access to this receivables securitization facility may be reduced or restricted if our bond ratings fall to certain levels below investment grade . if our bond rating were to deteriorate , it could have an adverse impact on our liquidity . access to commercial paper as well as other capital market financings is dependent on market

