see part 1 , item 1 , business , for additional information regarding the description of our business . as we look to 2015 , we are witnessing a correction in customer activity , especially in our upstream oil and gas markets , due to the current macro-economic uncertainty from the decline in oil prices , currency volatility , a weak european economy , and other geopolitical risks . we believe our north american short cycle business will be impacted in the short term due to the reduction of north american upstream activity and destocking of the channel . for our large engineered projects businesses , we are seeing project delays and capital expenditure reductions , which we expect to have an adverse impact on our large project revenue in the longer term . however , we expect to see modest growth in other markets we serve : the asian power generation markets , the global liquefied natural gas market , and certain mid and down-stream energy markets . we believe the aerospace & defense markets will experience modest growth based on increases in oem production rates and volume growth for specific defense related platforms . 15 we are implementing actions to mitigate the impact on our earnings and better align our businesses with potential lower demand . in addition we will continue to focus on both organic and acquisition growth opportunities and we are investing in products and technologies that help solve our customers ' most difficult problems . we expect to further simplify circor by standardizing technology , reducing facilities , and consolidating suppliers among other actions . finally , attracting and retaining talented personnel , including the development of our global sales , operations , and engineering organization , remains an important part of our strategy during 2015. operational excellence will be the foundation of our culture as we continue to transform circor into a world class company . we believe our cash flow from operations and financing capacity is adequate to support these activities . basis of presentation all significant intercompany balances and transactions have been eliminated in consolidation . certain prior period financial statement amounts have been reclassified to conform to currently reported presentations . we monitor our business in two segments : energy and aerospace & defense . we operate and report financial information using a 52-week fiscal year ending december 31. the data periods contained within our quarterly reports on form 10-q reflect the results of operations for the 13-week , 26-week and 39-week periods which generally end on the sunday nearest the calendar quarter-end date . critical accounting policies our critical accounting policies were selected because they are broadly applicable within our operating units . the expenses and accrued liabilities or allowances related to certain of these policies are initially based on our best estimates at the time of original entry in our accounting records . adjustments are recorded when our actual experience , or new information concerning our expected experience , differs from underlying initial estimates . these adjustments could be material if our actual or expected experience were to change significantly in a short period of time . we make frequent comparisons of actual experience and expected experience in order to mitigate the likelihood of material adjustments . there have been no significant changes from the methodology applied by management for critical accounting estimates previously disclosed in our annual report on form 10-k for the fiscal year ended december 31 , 2013 . for information regarding our critical accounting policies refer to note 2 to the consolidated financial statements included in this annual report , which disclosure is incorporated by reference herein . 16 results of operations for the year ended december 31 , 2014 compared to the year ended december 31 , 2013 the following tables set forth the results of operations , percentage of net revenue and the period-to-period percentage change in certain financial data for the years ended december 31 , 2014 and december 31 , 2013 : replace_table_token_3_th net revenues net revenues for the year ended december 31 , 2014 decreased by $ 16.4 million , or 2 % , to $ 841.4 million from $ 857.8 million for the year ended december 31 , 2013 . the change in net revenues for the year ended december 31 , 2014 was attributable to the following : replace_table_token_4_th our energy segment accounted for 78 % of net revenues for the year ended december 31 , 2014 compared to 77 % for the year ended december 31 , 2013 with the aerospace & defense segment accounting for the remainder . energy segment revenues decreased $ 7.7 million , or 1 % , for the year ended december 31 , 2014 compared to the same period in 2013 . the decrease was primarily driven by lower shipment volumes in large international projects ( 4 % ) and our control valves businesses ( 2 % ) and unfavorable foreign currency of $ 5.9 million ( 1 % ) , partially offset by higher shipment volumes in the upstream north american short-cycle ( 3 % ) and downstream instrumentation businesses ( 2 % ) . energy segment orders decreased $ 15.8 million , or 2.3 % , to $ 675.9 million for the twelve months ended december 31 , 2014 compared to $ 691.7 million for the same period in 2013 primarily due to lower bookings in upstream large international projects . orders within our project businesses can be unpredictable or `` lumpy `` given the nature of the procurement process . story_separator_special_tag special charges / ( recoveries ) during the twelve months ended december 31 , 2013 we incurred $ 8.6 million of special charges , net of recoveries . these charges of $ 5.4 million and $ 5.2 million for the energy and aerospace & defense segments , respectively , were associated with restructuring actions that were announced in both 2013 and 2012. in addition we incurred $ 1.1 million of corporate special compensation-related charges associated with the retirement of our former cfo . these special charges were offset by special recoveries associated with an arbitration recovery of $ 3.2 million in the energy segment . during the twelve months ended december 31 , 2012 we incurred $ 5.3 million in special charges ; $ 2.5 million associated with our 2012 announced restructuring and $ 2.7 million associated with the separation of our former ceo . operating income increased 49 % , or $ 22.6 million , to $ 69.2 million for the year ended december 31 , 2013 compared to $ 46.5 million for the same period in 2012. operating income for our energy segment increased $ 23.0 million , or 34 % , to $ 90.8 million for the year ended december 31 , 2013 compared to the same period in 2012. the increase in operating income was primarily driven by higher organic increases of $ 19.3 million , favorable foreign currency impacts of $ 1.1 million and lower inventory restructuring , impairment , and special charges of $ 2.6 million in 2013 compared to 2012. operating margins improved 340 basis points to 13.7 % on essentially flat revenue growth . organic operating margins increased 280 basis points primarily driven by higher shipments and favorable pricing within our large international project business ( approximately 290 basis points ) and power businesses ( approximately 21 90 basis points ) . these organic increases were partially offset by decreased revenue in the north american short cycle market ( approximately 100 basis points ) driven primarily by lower rig counts year over year . operating income for the aerospace & defense segment increased $ 1.4 million , or 29 % , to $ 6.2 million for the year ended december 31 , 2013 compared to the same period in 2012. operating income improved primarily due to $ 2.1 million of operational improvements offset by higher inventory restructuring , impairment , and special charges of $ 0.5 million in 2013 compared to 2012. organically operating income increased $ 1.0 million primarily due to increased shipments in our uk-based defense businesses , productivity from restructuring actions , partially offset by increased new program development and start- up costs and factory reorganization costs associated with landing gear production . corporate operating expenses increased $ 1.8 million , or 7 % , to $ 27.8 million , for the year ended december 31 , 2013 compared to the same period in 2012 , primarily due to higher incentive and share based compensation and professional fees partially offset by lower special charges . interest expense , net interest expense , net , decreased $ 1.1 million to $ 3.2 million for the year ended 2013 compared to $ 4.3 million for the year ended december 31 , 2012 . this decrease in interest expense was primarily due to lower interest charges from lower international borrowings . other expense , net other expense , net , was $ 2.0 million for the year ended december 31 , 2013 compared to $ 0.5 million in the same period of 2012 due largely as a result of unfavorable foreign exchange expenses associated with the remeasurement of foreign currency balances . provision for income taxes the effective tax rate was 26.4 % for the year ended december 31 , 2013 compared to 26.2 % for the same period of 2012 . the primary driver of the lower 2012 tax rate was higher foreign source income which is taxed at a lower rate than u.s. income . story_separator_special_tag at december 31 , 2013 . the decrease in the current ratio was primarily due to a $ 16.5 million increase in accounts payable as of december 31 , 2014 as compared to december 31 , 2013. as of december 31 , 2014 , cash and cash equivalents totaled $ 121.3 million , all held in foreign bank accounts with the exception of $ 5.4 million . this compares to $ 102.2 million of cash and cash equivalents as of december 31 , 2013 substantially all of which was held in foreign bank accounts . the cash and cash equivalents located at our foreign subsidiaries may not be repatriated to the united states or other jurisdictions without significant tax implications . we believe that our u.s. based subsidiaries , in the aggregate , will generate positive operating cash flows and in addition we may utilize our 2014 credit facility for u.s. based subsidiary cash needs . as a result , we believe that we will not need to repatriate cash from our foreign subsidiaries with earnings that are indefinitely reinvested . in 2015 , we expect to generate positive cash flow from operating activities sufficient to support our capital expenditures and pay dividends of approximately $ 2.7 million based on our current dividend practice of paying $ 0.15 per share annually . based on our expected cash flows from operations and contractually available borrowings under our credit facility , we expect to have sufficient liquidity to fund working capital needs and future growth . we continue to search for strategic acquisitions ; a larger acquisition may require additional borrowings and or the issuance of our common stock . 23 the following table summarizes our significant contractual obligations and commercial commitments at december 31 , 2014 that affect our liquidity : replace_table_token_10_th the interest on certain of our other debt balances , with scheduled repayment dates between 2015 and 2018 and interest rates ranging between 1.90 % and 15.92 % , have been included in

liquidity and capital resources our liquidity needs arise primarily from capital investment in machinery , equipment and the improvement of facilities , funding working capital requirements to support business growth initiatives , acquisitions , dividend payments , pension funding obligations and debt service costs . we have historically generated cash from operations and remain in a strong financial position , with resources available for reinvestment in existing businesses , strategic acquisitions and managing our capital structure on a short and long-term basis . the following table summarizes our cash flow activities for the twelve month periods indicated ( in thousands ) : replace_table_token_9_th during the year ended december 31 , 2014 , we generated $ 70.8 million in cash flow from operating activities compared to $ 72.2 million during the twelve months ended december 31 , 2013 . the $ 1.4 million decrease in cash generated from operating activities was primarily due to lower cash inflows from accounts receivables , net of $ 45.4 million partially offset by lower accounts payable outflows of $ 42.0 million as compared to the prior year . during the year ended december 31 , 2014 , we used $ 1.8 million for investing activities as compared to $ 13.3 million during the twelve months ended december 31 , 2013 .


 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 our liquidity needs arise primarily from capital investment in machinery , equipment and the improvement of facilities , funding working capital requirements to support business growth initiatives , acquisitions , dividend payments , pension funding obligations and debt service costs . we have historically generated cash from operations and remain in a strong financial position , with resources available for reinvestment in existing businesses , strategic acquisitions and managing our capital structure on a short and long-term basis . the following table summarizes our cash flow activities for the twelve month periods indicated ( in thousands ) : replace_table_token_9_th during the year ended december 31 , 2014 , we generated $ 70.8 million in cash flow from operating activities compared to $ 72.2 million during the twelve months ended december 31 , 2013 . the $ 1.4 million decrease in cash generated from operating activities was primarily due to lower cash inflows from accounts receivables , net of $ 45.4 million partially offset by lower accounts payable outflows of $ 42.0 million as compared to the prior year . during the year ended december 31 , 2014 , we used $ 1.8 million for investing activities as compared to $ 13.3 million during the twelve months ended december 31 , 2013 .
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 Suspicious Activity Report : see part 1 , item 1 , business , for additional information regarding the description of our business . as we look to 2015 , we are witnessing a correction in customer activity , especially in our upstream oil and gas markets , due to the current macro-economic uncertainty from the decline in oil prices , currency volatility , a weak european economy , and other geopolitical risks . we believe our north american short cycle business will be impacted in the short term due to the reduction of north american upstream activity and destocking of the channel . for our large engineered projects businesses , we are seeing project delays and capital expenditure reductions , which we expect to have an adverse impact on our large project revenue in the longer term . however , we expect to see modest growth in other markets we serve : the asian power generation markets , the global liquefied natural gas market , and certain mid and down-stream energy markets . we believe the aerospace & defense markets will experience modest growth based on increases in oem production rates and volume growth for specific defense related platforms . 15 we are implementing actions to mitigate the impact on our earnings and better align our businesses with potential lower demand . in addition we will continue to focus on both organic and acquisition growth opportunities and we are investing in products and technologies that help solve our customers ' most difficult problems . we expect to further simplify circor by standardizing technology , reducing facilities , and consolidating suppliers among other actions . finally , attracting and retaining talented personnel , including the development of our global sales , operations , and engineering organization , remains an important part of our strategy during 2015. operational excellence will be the foundation of our culture as we continue to transform circor into a world class company . we believe our cash flow from operations and financing capacity is adequate to support these activities . basis of presentation all significant intercompany balances and transactions have been eliminated in consolidation . certain prior period financial statement amounts have been reclassified to conform to currently reported presentations . we monitor our business in two segments : energy and aerospace & defense . we operate and report financial information using a 52-week fiscal year ending december 31. the data periods contained within our quarterly reports on form 10-q reflect the results of operations for the 13-week , 26-week and 39-week periods which generally end on the sunday nearest the calendar quarter-end date . critical accounting policies our critical accounting policies were selected because they are broadly applicable within our operating units . the expenses and accrued liabilities or allowances related to certain of these policies are initially based on our best estimates at the time of original entry in our accounting records . adjustments are recorded when our actual experience , or new information concerning our expected experience , differs from underlying initial estimates . these adjustments could be material if our actual or expected experience were to change significantly in a short period of time . we make frequent comparisons of actual experience and expected experience in order to mitigate the likelihood of material adjustments . there have been no significant changes from the methodology applied by management for critical accounting estimates previously disclosed in our annual report on form 10-k for the fiscal year ended december 31 , 2013 . for information regarding our critical accounting policies refer to note 2 to the consolidated financial statements included in this annual report , which disclosure is incorporated by reference herein . 16 results of operations for the year ended december 31 , 2014 compared to the year ended december 31 , 2013 the following tables set forth the results of operations , percentage of net revenue and the period-to-period percentage change in certain financial data for the years ended december 31 , 2014 and december 31 , 2013 : replace_table_token_3_th net revenues net revenues for the year ended december 31 , 2014 decreased by $ 16.4 million , or 2 % , to $ 841.4 million from $ 857.8 million for the year ended december 31 , 2013 . the change in net revenues for the year ended december 31 , 2014 was attributable to the following : replace_table_token_4_th our energy segment accounted for 78 % of net revenues for the year ended december 31 , 2014 compared to 77 % for the year ended december 31 , 2013 with the aerospace & defense segment accounting for the remainder . energy segment revenues decreased $ 7.7 million , or 1 % , for the year ended december 31 , 2014 compared to the same period in 2013 . the decrease was primarily driven by lower shipment volumes in large international projects ( 4 % ) and our control valves businesses ( 2 % ) and unfavorable foreign currency of $ 5.9 million ( 1 % ) , partially offset by higher shipment volumes in the upstream north american short-cycle ( 3 % ) and downstream instrumentation businesses ( 2 % ) . energy segment orders decreased $ 15.8 million , or 2.3 % , to $ 675.9 million for the twelve months ended december 31 , 2014 compared to $ 691.7 million for the same period in 2013 primarily due to lower bookings in upstream large international projects . orders within our project businesses can be unpredictable or `` lumpy `` given the nature of the procurement process . story_separator_special_tag special charges / ( recoveries ) during the twelve months ended december 31 , 2013 we incurred $ 8.6 million of special charges , net of recoveries . these charges of $ 5.4 million and $ 5.2 million for the energy and aerospace & defense segments , respectively , were associated with restructuring actions that were announced in both 2013 and 2012. in addition we incurred $ 1.1 million of corporate special compensation-related charges associated with the retirement of our former cfo . these special charges were offset by special recoveries associated with an arbitration recovery of $ 3.2 million in the energy segment . during the twelve months ended december 31 , 2012 we incurred $ 5.3 million in special charges ; $ 2.5 million associated with our 2012 announced restructuring and $ 2.7 million associated with the separation of our former ceo . operating income increased 49 % , or $ 22.6 million , to $ 69.2 million for the year ended december 31 , 2013 compared to $ 46.5 million for the same period in 2012. operating income for our energy segment increased $ 23.0 million , or 34 % , to $ 90.8 million for the year ended december 31 , 2013 compared to the same period in 2012. the increase in operating income was primarily driven by higher organic increases of $ 19.3 million , favorable foreign currency impacts of $ 1.1 million and lower inventory restructuring , impairment , and special charges of $ 2.6 million in 2013 compared to 2012. operating margins improved 340 basis points to 13.7 % on essentially flat revenue growth . organic operating margins increased 280 basis points primarily driven by higher shipments and favorable pricing within our large international project business ( approximately 290 basis points ) and power businesses ( approximately 21 90 basis points ) . these organic increases were partially offset by decreased revenue in the north american short cycle market ( approximately 100 basis points ) driven primarily by lower rig counts year over year . operating income for the aerospace & defense segment increased $ 1.4 million , or 29 % , to $ 6.2 million for the year ended december 31 , 2013 compared to the same period in 2012. operating income improved primarily due to $ 2.1 million of operational improvements offset by higher inventory restructuring , impairment , and special charges of $ 0.5 million in 2013 compared to 2012. organically operating income increased $ 1.0 million primarily due to increased shipments in our uk-based defense businesses , productivity from restructuring actions , partially offset by increased new program development and start- up costs and factory reorganization costs associated with landing gear production . corporate operating expenses increased $ 1.8 million , or 7 % , to $ 27.8 million , for the year ended december 31 , 2013 compared to the same period in 2012 , primarily due to higher incentive and share based compensation and professional fees partially offset by lower special charges . interest expense , net interest expense , net , decreased $ 1.1 million to $ 3.2 million for the year ended 2013 compared to $ 4.3 million for the year ended december 31 , 2012 . this decrease in interest expense was primarily due to lower interest charges from lower international borrowings . other expense , net other expense , net , was $ 2.0 million for the year ended december 31 , 2013 compared to $ 0.5 million in the same period of 2012 due largely as a result of unfavorable foreign exchange expenses associated with the remeasurement of foreign currency balances . provision for income taxes the effective tax rate was 26.4 % for the year ended december 31 , 2013 compared to 26.2 % for the same period of 2012 . the primary driver of the lower 2012 tax rate was higher foreign source income which is taxed at a lower rate than u.s. income . story_separator_special_tag at december 31 , 2013 . the decrease in the current ratio was primarily due to a $ 16.5 million increase in accounts payable as of december 31 , 2014 as compared to december 31 , 2013. as of december 31 , 2014 , cash and cash equivalents totaled $ 121.3 million , all held in foreign bank accounts with the exception of $ 5.4 million . this compares to $ 102.2 million of cash and cash equivalents as of december 31 , 2013 substantially all of which was held in foreign bank accounts . the cash and cash equivalents located at our foreign subsidiaries may not be repatriated to the united states or other jurisdictions without significant tax implications . we believe that our u.s. based subsidiaries , in the aggregate , will generate positive operating cash flows and in addition we may utilize our 2014 credit facility for u.s. based subsidiary cash needs . as a result , we believe that we will not need to repatriate cash from our foreign subsidiaries with earnings that are indefinitely reinvested . in 2015 , we expect to generate positive cash flow from operating activities sufficient to support our capital expenditures and pay dividends of approximately $ 2.7 million based on our current dividend practice of paying $ 0.15 per share annually . based on our expected cash flows from operations and contractually available borrowings under our credit facility , we expect to have sufficient liquidity to fund working capital needs and future growth . we continue to search for strategic acquisitions ; a larger acquisition may require additional borrowings and or the issuance of our common stock . 23 the following table summarizes our significant contractual obligations and commercial commitments at december 31 , 2014 that affect our liquidity : replace_table_token_10_th the interest on certain of our other debt balances , with scheduled repayment dates between 2015 and 2018 and interest rates ranging between 1.90 % and 15.92 % , have been included in

