in asia-pacific , growth decelerated , especially in the second half of 2015 due to more challenging economic conditions in china . overall , reported sales for 2015 declined 3 % , or $ 46 million , while organic sales for 2015 grew by 0.5 % , or $ 7.4 million , as compared to 2014. organic sales growth excludes the impacts of acquisitions , divestitures and foreign exchange from year-over-year comparisons . we believe this provides investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis . compared to 2014 , organic sales in americas and asia-pacific grew by 2.1 % and 12.6 % , respectively , but were offset by a reduction in emea organic sales of 3.2 % . as part of our ongoing focus on operational excellence , we implemented a broad transformation program , first in emea in 2013 , and this past year in our americas and asia-pacific businesses . in february 2015 , our board of directors approved the initial phase of a restructuring program relating to the transformation of our americas and asia-pacific businesses , which primarily involved the exit of low-margin , non-core product lines and global sourcing actions ( `` phase one `` ) . we eliminated approximately $ 175 million of our combined americas and asia-pacific net sales that primarily sell through our diy distribution channel . in september 2015 , we were able to sell certain assets which represented approximately $ 105 million of the rationalized product line revenues . we sold our fittings , brass and tubular and vinyl tubing product lines to sioux chief mfg . co. , inc. ( `` sioux chief `` ) in an all-cash transaction for approximately $ 33.1 million , recording an immaterial loss on the sale . we expect to discontinue selling our remaining rationalized product lines during the first half of 2016. as part of the rationalization exercise , we have entered into an agreement to sell a manufacturing plant in china whose production was used exclusively for products being rationalized . we expect to complete that asset sale in the first half of 2016 for approximately $ 9 million . the sourcing initiatives are focused in the americas and we realized approximately $ 4 million in savings in 2015 , and estimate we could save an incremental $ 4 million in 2016 from this initiative . total expected costs relating to phase one have been fully recognized during 2015. total pre-tax cost incurred were $ 31.5 million , which included non-cash charges of $ 17.1 million . total net after-tax charges were $ 26.2 million . in october 2015 , our board of directors approved the second phase of our transformation program related to our americas and asia-pacific businesses ( `` phase two `` ) . phase two involves decreasing the square footage of our americas facilities , which together with phase one , is expected to reduce the americas net operating footprint by approximately 30 % . phase two is designed to improve the utilization of our remaining facilities , better leverage our cost structure , reduce working capital , and improve execution of customer delivery requirements . our estimate of total phase two pre-tax costs is 26 approximately $ 31 million to $ 37 million , of which $ 8.3 million has been incurred to date . total phase two non-cash charges are estimated to be $ 9 million . total net after-tax charges are estimated to be $ 19.4 million to $ 22.4 million . total gross annualized savings for phase two are estimated to be $ 10 million by 2018. we expect to spend approximately $ 21 million in 2016 on phase two activities and realize approximately $ 2 million in operational savings . on a combined basis , the total estimated pre-tax cost for our transformation program related to our americas and asia-pacific businesses is $ 63 million to $ 68 million , including restructuring costs of $ 21.2 million , goodwill and intangible asset impairments of $ 13.4 million and other transformation and deployment costs of approximately $ 28 million to $ 33 million . other transformation and deployment costs include consulting and project management fees and other associated costs . costs of the program are expected to be incurred through 2017. refer to note 4 and 5 in `` item 15. exhibits and financial statement schedules `` , for further details . our emea transformation program that began in 2013 , was designed to realign our european operating strategy from being a portfolio of independent businesses to a pan-european platform structure . under this initiative , we have made progress to ( 1 ) develop better sales capabilities through improved product management and enhanced product cross-selling efforts , ( 2 ) drive more efficient sourcing and logistics , and ( 3 ) enhance our focus on emerging market opportunities . we are in the process of aligning our legal and tax structure in accordance with our business structure and to take advantage of favorable tax rates where possible . we expect this project to be ongoing through 2018. we incurred deployment costs of approximately $ 3.4 million , $ 7.5 million and $ 1.2 million in 2015 , 2014 and 2013 , respectively . these costs consist primarily of external consulting and it related costs . we anticipate total deployment costs of approximately $ 3 million in 2016 for the emea program . story_separator_special_tag the change in organic net sales by channel was attributable to the following : replace_table_token_16_th organic net sales in the americas wholesale , diy and oem markets increased in 2014 compared to 2013. the increase was driven by growth in all principal products lines , and in particular , growth in our residential and commercial flow product lines . organic net sales in the emea wholesale market decreased as compared to 2013 primarily due to softening in the france , germany and italy wholesale markets . decreases in the diy channel were primarily due to decreases in the france diy market . decreases in the oem channel were primarily due to decreases in the germany and italy markets , partially offset by increases in our electronic controls and drains businesses . organic net sales in the asia-pacific wholesale market increased as compared to 2013 primarily due to increased sales in residential valve and heating products and the expansion in the east and north regions of china . the net decrease in sales due to foreign exchange was primarily due to the depreciation of the canadian dollar against the u.s. dollar . we can not predict with any degree of certainty whether foreign currencies will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our net sales . the change in net sales due to acquisition relates to the acquisition of aerco in december 2014. gross profit . gross profit and gross profit as a percent of net sales ( gross margin ) for 2014 and 2013 were as follows : replace_table_token_17_th americas ' gross margin remained consistent compared to 2013 due primarily to incremental wholesale volume and pricing , offset by the manufacturing inefficiencies in the foundry in the first half of 2014 and lower pricing in our diy channel . emea 's gross margin increased primarily due to cost reductions and production efficiencies driven from ongoing restructuring initiatives offsetting lower overhead absorption related to reduced manufacturing volumes . 33 selling , general and administrative expenses . selling , general and administrative expenses , or sg & a expenses , increased $ 1.3 million , or 0.3 % , in 2014 as compared to 2013. the increase in sg & a expenses was attributable to the following : replace_table_token_18_th the organic decrease in sg & a expenses was primarily due to decreased legal costs of $ 18.5 million and a decrease in product liability costs of $ 3.5 million offset by increased non-recurring transformation deployment costs in the americas and emea of $ 8.1 million , acquisition costs of $ 4.5 million , increased personnel costs of $ 2.7 million , increased commission and freight costs of $ 4.1 million and lower depreciation and amortization of $ 0.7 million . the primary driver of the decrease in legal cost relates to the agreement to settle all claims in the trabakoolas et al . , v. watts water technologies , inc. , et al . , matter . the net settlement charged to operations amounted to $ 13.6 million in 2013. refer to note 15 of the notes to consolidated financial statements in this annual report on form 10-k for more detail . the non-recurring americas and emea deployment costs consist primarily of external consulting and it related costs . the acquisition costs of $ 4.5 million relate to the aerco acquisition . the decrease in sg & a expenses from foreign exchange was primarily due to the depreciation of the canadian dollar against the u.s. dollar in 2014. acquired sg & a costs relate to the aerco acquisition . total sg & a expenses , as a percentage of sales , were 26.9 % in 2014 and 27.5 % in 2013. restructuring and other charges . in 2014 , we recorded a net charge of $ 15.2 million primarily for involuntary terminations and other costs incurred as part of our emea restructuring initiatives , a reduction-in-force in the americas and corporate and reductions-in-force in asia-pacific . restructuring charges in 2013 were $ 8.7 million . for a more detailed description of our current restructuring plans , see note 4 of notes to consolidated financial statements in this annual report on form 10-k. goodwill and other long-lived asset impairment charges . in 2014 , we recorded impairment charges of $ 14.2 million , primarily relating to a $ 12.9 million goodwill impairment charge in the asia-pacific reporting unit and trade name impairment charges of $ 0.5 million and $ 0.8 million in the americas and emea , respectively , compared to $ 1.2 million in 2013. see note 2 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding these impairments . operating income . operating income by geographic segment for 2014 and 2013 was as follows : replace_table_token_19_th 34 the change in operating income was attributable to the following : replace_table_token_20_th the decrease in consolidated operating income was due primarily to an increase in restructuring and impairment charges offset by an increase in gross profit from increased sales volume and cost containment initiatives . the increase in americas ' organic operating income was driven by higher sales volume and reduced sg & a expenses offset partially by increased restructuring expenses . the emea organic operating income decrease was primarily due to lower sales volumes , higher restructuring costs and transformation deployment costs partially offset by productivity efficiencies and cost containment efforts . asia-pacific 's organic operating income decreased primarily due to the impact on gross margins from reduced absorption driven by lower intercompany sales and higher sg & a expenses . as of january 1 , 2014 , we began allocating certain expenses to our three operating segments that had previously been recorded as corporate expenses . these expenses primarily include stock compensation , legal expenses and audit expenses that are directly attributable to and benefit

liquidity and capital resources 2015 cash flows in 2015 , we generated $ 109.4 million of cash from operating activities as compared to $ 135.2 million in 2014. the decrease was primarily due to the $ 49.2 million settlement of certain long-term obligations , including the pension plan , offset by inventory reduction efforts and stronger accounts receivable collections . we generated approximately $ 81.8 million of free cash flow ( a non-gaap financial measure , which we reconcile below , defined as net cash provided by continuing operating activities minus capital expenditures plus proceeds from sale of assets ) , compared to free cash flow of $ 111.9 million in 2014. in 2015 , we used $ 17.3 million of net cash for investing activities , including $ 20.4 million for the purchase of apex and $ 27.7 million of cash for capital equipment , offset by cash proceeds of approximately $ 33.1 million for the sale of certain assets relating to divested product lines in the americas . we anticipate investing approximately $ 35 million to $ 40 million in capital equipment in 2016 to improve our manufacturing capabilities . in 2015 , we used $ 70.9 million of net cash from financing activities including $ 44.6 million used to repurchase approximately 813,000 shares of class a common stock and $ 23.1 million used to pay dividends . on february 18 , 2014 , we entered into a credit agreement ( the prior credit agreement ) among the company , certain subsidiaries of the company who become borrowers under the prior credit agreement , jpmorgan chase bank , n.a. , as administrative agent , swing line lender and letter of credit issuer , and the other lenders referred to therein . the prior credit agreement , which was terminated on february 12 , 2016 , provided for a $ 500 million , five-year , senior unsecured revolving credit facility which could have been increased by an additional $ 500 million under certain circumstances and subject to the terms of the prior credit agreement . the prior credit agreement had a sublimit of up to $ 100 million in letters of credit .


 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 2015 cash flows in 2015 , we generated $ 109.4 million of cash from operating activities as compared to $ 135.2 million in 2014. the decrease was primarily due to the $ 49.2 million settlement of certain long-term obligations , including the pension plan , offset by inventory reduction efforts and stronger accounts receivable collections . we generated approximately $ 81.8 million of free cash flow ( a non-gaap financial measure , which we reconcile below , defined as net cash provided by continuing operating activities minus capital expenditures plus proceeds from sale of assets ) , compared to free cash flow of $ 111.9 million in 2014. in 2015 , we used $ 17.3 million of net cash for investing activities , including $ 20.4 million for the purchase of apex and $ 27.7 million of cash for capital equipment , offset by cash proceeds of approximately $ 33.1 million for the sale of certain assets relating to divested product lines in the americas . we anticipate investing approximately $ 35 million to $ 40 million in capital equipment in 2016 to improve our manufacturing capabilities . in 2015 , we used $ 70.9 million of net cash from financing activities including $ 44.6 million used to repurchase approximately 813,000 shares of class a common stock and $ 23.1 million used to pay dividends . on february 18 , 2014 , we entered into a credit agreement ( the prior credit agreement ) among the company , certain subsidiaries of the company who become borrowers under the prior credit agreement , jpmorgan chase bank , n.a. , as administrative agent , swing line lender and letter of credit issuer , and the other lenders referred to therein . the prior credit agreement , which was terminated on february 12 , 2016 , provided for a $ 500 million , five-year , senior unsecured revolving credit facility which could have been increased by an additional $ 500 million under certain circumstances and subject to the terms of the prior credit agreement . the prior credit agreement had a sublimit of up to $ 100 million in letters of credit .
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 Suspicious Activity Report : in asia-pacific , growth decelerated , especially in the second half of 2015 due to more challenging economic conditions in china . overall , reported sales for 2015 declined 3 % , or $ 46 million , while organic sales for 2015 grew by 0.5 % , or $ 7.4 million , as compared to 2014. organic sales growth excludes the impacts of acquisitions , divestitures and foreign exchange from year-over-year comparisons . we believe this provides investors with a more complete understanding of underlying sales trends by providing sales growth on a consistent basis . compared to 2014 , organic sales in americas and asia-pacific grew by 2.1 % and 12.6 % , respectively , but were offset by a reduction in emea organic sales of 3.2 % . as part of our ongoing focus on operational excellence , we implemented a broad transformation program , first in emea in 2013 , and this past year in our americas and asia-pacific businesses . in february 2015 , our board of directors approved the initial phase of a restructuring program relating to the transformation of our americas and asia-pacific businesses , which primarily involved the exit of low-margin , non-core product lines and global sourcing actions ( `` phase one `` ) . we eliminated approximately $ 175 million of our combined americas and asia-pacific net sales that primarily sell through our diy distribution channel . in september 2015 , we were able to sell certain assets which represented approximately $ 105 million of the rationalized product line revenues . we sold our fittings , brass and tubular and vinyl tubing product lines to sioux chief mfg . co. , inc. ( `` sioux chief `` ) in an all-cash transaction for approximately $ 33.1 million , recording an immaterial loss on the sale . we expect to discontinue selling our remaining rationalized product lines during the first half of 2016. as part of the rationalization exercise , we have entered into an agreement to sell a manufacturing plant in china whose production was used exclusively for products being rationalized . we expect to complete that asset sale in the first half of 2016 for approximately $ 9 million . the sourcing initiatives are focused in the americas and we realized approximately $ 4 million in savings in 2015 , and estimate we could save an incremental $ 4 million in 2016 from this initiative . total expected costs relating to phase one have been fully recognized during 2015. total pre-tax cost incurred were $ 31.5 million , which included non-cash charges of $ 17.1 million . total net after-tax charges were $ 26.2 million . in october 2015 , our board of directors approved the second phase of our transformation program related to our americas and asia-pacific businesses ( `` phase two `` ) . phase two involves decreasing the square footage of our americas facilities , which together with phase one , is expected to reduce the americas net operating footprint by approximately 30 % . phase two is designed to improve the utilization of our remaining facilities , better leverage our cost structure , reduce working capital , and improve execution of customer delivery requirements . our estimate of total phase two pre-tax costs is 26 approximately $ 31 million to $ 37 million , of which $ 8.3 million has been incurred to date . total phase two non-cash charges are estimated to be $ 9 million . total net after-tax charges are estimated to be $ 19.4 million to $ 22.4 million . total gross annualized savings for phase two are estimated to be $ 10 million by 2018. we expect to spend approximately $ 21 million in 2016 on phase two activities and realize approximately $ 2 million in operational savings . on a combined basis , the total estimated pre-tax cost for our transformation program related to our americas and asia-pacific businesses is $ 63 million to $ 68 million , including restructuring costs of $ 21.2 million , goodwill and intangible asset impairments of $ 13.4 million and other transformation and deployment costs of approximately $ 28 million to $ 33 million . other transformation and deployment costs include consulting and project management fees and other associated costs . costs of the program are expected to be incurred through 2017. refer to note 4 and 5 in `` item 15. exhibits and financial statement schedules `` , for further details . our emea transformation program that began in 2013 , was designed to realign our european operating strategy from being a portfolio of independent businesses to a pan-european platform structure . under this initiative , we have made progress to ( 1 ) develop better sales capabilities through improved product management and enhanced product cross-selling efforts , ( 2 ) drive more efficient sourcing and logistics , and ( 3 ) enhance our focus on emerging market opportunities . we are in the process of aligning our legal and tax structure in accordance with our business structure and to take advantage of favorable tax rates where possible . we expect this project to be ongoing through 2018. we incurred deployment costs of approximately $ 3.4 million , $ 7.5 million and $ 1.2 million in 2015 , 2014 and 2013 , respectively . these costs consist primarily of external consulting and it related costs . we anticipate total deployment costs of approximately $ 3 million in 2016 for the emea program . story_separator_special_tag the change in organic net sales by channel was attributable to the following : replace_table_token_16_th organic net sales in the americas wholesale , diy and oem markets increased in 2014 compared to 2013. the increase was driven by growth in all principal products lines , and in particular , growth in our residential and commercial flow product lines . organic net sales in the emea wholesale market decreased as compared to 2013 primarily due to softening in the france , germany and italy wholesale markets . decreases in the diy channel were primarily due to decreases in the france diy market . decreases in the oem channel were primarily due to decreases in the germany and italy markets , partially offset by increases in our electronic controls and drains businesses . organic net sales in the asia-pacific wholesale market increased as compared to 2013 primarily due to increased sales in residential valve and heating products and the expansion in the east and north regions of china . the net decrease in sales due to foreign exchange was primarily due to the depreciation of the canadian dollar against the u.s. dollar . we can not predict with any degree of certainty whether foreign currencies will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our net sales . the change in net sales due to acquisition relates to the acquisition of aerco in december 2014. gross profit . gross profit and gross profit as a percent of net sales ( gross margin ) for 2014 and 2013 were as follows : replace_table_token_17_th americas ' gross margin remained consistent compared to 2013 due primarily to incremental wholesale volume and pricing , offset by the manufacturing inefficiencies in the foundry in the first half of 2014 and lower pricing in our diy channel . emea 's gross margin increased primarily due to cost reductions and production efficiencies driven from ongoing restructuring initiatives offsetting lower overhead absorption related to reduced manufacturing volumes . 33 selling , general and administrative expenses . selling , general and administrative expenses , or sg & a expenses , increased $ 1.3 million , or 0.3 % , in 2014 as compared to 2013. the increase in sg & a expenses was attributable to the following : replace_table_token_18_th the organic decrease in sg & a expenses was primarily due to decreased legal costs of $ 18.5 million and a decrease in product liability costs of $ 3.5 million offset by increased non-recurring transformation deployment costs in the americas and emea of $ 8.1 million , acquisition costs of $ 4.5 million , increased personnel costs of $ 2.7 million , increased commission and freight costs of $ 4.1 million and lower depreciation and amortization of $ 0.7 million . the primary driver of the decrease in legal cost relates to the agreement to settle all claims in the trabakoolas et al . , v. watts water technologies , inc. , et al . , matter . the net settlement charged to operations amounted to $ 13.6 million in 2013. refer to note 15 of the notes to consolidated financial statements in this annual report on form 10-k for more detail . the non-recurring americas and emea deployment costs consist primarily of external consulting and it related costs . the acquisition costs of $ 4.5 million relate to the aerco acquisition . the decrease in sg & a expenses from foreign exchange was primarily due to the depreciation of the canadian dollar against the u.s. dollar in 2014. acquired sg & a costs relate to the aerco acquisition . total sg & a expenses , as a percentage of sales , were 26.9 % in 2014 and 27.5 % in 2013. restructuring and other charges . in 2014 , we recorded a net charge of $ 15.2 million primarily for involuntary terminations and other costs incurred as part of our emea restructuring initiatives , a reduction-in-force in the americas and corporate and reductions-in-force in asia-pacific . restructuring charges in 2013 were $ 8.7 million . for a more detailed description of our current restructuring plans , see note 4 of notes to consolidated financial statements in this annual report on form 10-k. goodwill and other long-lived asset impairment charges . in 2014 , we recorded impairment charges of $ 14.2 million , primarily relating to a $ 12.9 million goodwill impairment charge in the asia-pacific reporting unit and trade name impairment charges of $ 0.5 million and $ 0.8 million in the americas and emea , respectively , compared to $ 1.2 million in 2013. see note 2 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding these impairments . operating income . operating income by geographic segment for 2014 and 2013 was as follows : replace_table_token_19_th 34 the change in operating income was attributable to the following : replace_table_token_20_th the decrease in consolidated operating income was due primarily to an increase in restructuring and impairment charges offset by an increase in gross profit from increased sales volume and cost containment initiatives . the increase in americas ' organic operating income was driven by higher sales volume and reduced sg & a expenses offset partially by increased restructuring expenses . the emea organic operating income decrease was primarily due to lower sales volumes , higher restructuring costs and transformation deployment costs partially offset by productivity efficiencies and cost containment efforts . asia-pacific 's organic operating income decreased primarily due to the impact on gross margins from reduced absorption driven by lower intercompany sales and higher sg & a expenses . as of january 1 , 2014 , we began allocating certain expenses to our three operating segments that had previously been recorded as corporate expenses . these expenses primarily include stock compensation , legal expenses and audit expenses that are directly attributable to and benefit

