our net earnings decreased in 2015 compared to 2014. the primary driver of the lower net earnings was expense incurred in connection with the biomet merger . as a result of the merger , we recognized significant expenses due to stepping up the acquired inventory to fair value , intangible asset amortization , the acceleration of the vesting of unvested lvb stock options and lvb stock-based awards , retention bonuses paid to biomet employees and third-party sales agents who remained with biomet through the closing date , severance expense , contract termination expense related to agreements with independent agents , distributors , suppliers and lessors , a loss related to a call premium on biomet debt we redeemed , third party fees , and other acquisition and integration charges . interest expense also increased due to financing-related costs for the merger . 2016 outlook we expect our sales in the first half of 2016 to be higher than in the first half of 2015 , on a reported basis , since the biomet merger was completed midway through 2015. on a pro forma basis , we expect revenues to be approximately flat in 2016 compared to 2015. this estimate assumes foreign currency exchange rates will decrease revenues by approximately 2 percent , continued pricing pressure will decrease revenues by approximately 2 percent , and our volume/mix growth will be approximately 4 percent . we expect pro forma sales growth will improve in the last half of the year compared to the first half as our sales force stabilizes , we take advantage of cross-selling opportunities and we anniversary out of many sales force dissynergies caused by the merger . we expect cost of products sold to continue to realize significant expense related to stepping up acquired biomet inventory to fair value . similarly , our intangible asset amortization expense will increase significantly as we recognize a full year of intangible asset amortization from the biomet merger . we expect research and development ( r & d ) expense for the year to be in a range of 4.5 to 5.0 percent of sales . selling , general and administrative ( sg & a ) expense is expected to approximate 37 percent of sales , which is an improvement from 2015 as we realize synergies from the merger . we estimate special items expense will continue to be significant as we continue our integration activities . however , we expect special items expense will be less in 2016 compared to 2015 due to the significant , initial expenses incurred in 2015 for the integration . interest expense will increase in 2016 compared to 2015 due to the debt borrowed in 2015 to fund the biomet merger . results of operations we analyze sales by three geographies , the americas , emea and asia pacific , and by the following product 22 zimmer biomet holdings , inc. 2015 form 10-k annual report categories : knees , hips , s.e.t . , dental , spine & cmf and other . this sales analysis differs from our reportable operating segments , which are based upon our senior management organizational structure and how we allocate resources towards achieving operating profit goals . we analyze sales by geography because the underlying market trends in any particular geography tend to be similar across product categories and because we primarily sell the same products in all geographies . net sales by geography the following tables present net sales by geography and the components of the percentage changes ( dollars in millions ) : replace_table_token_4_th replace_table_token_5_th foreign exchange as used in the tables in this report represents the effect of changes in foreign currency exchange rates on sales growth . the following table presents our pro forma net sales by geography and the components of the percentage changes ( dollars in millions ) : replace_table_token_6_th 23 zimmer biomet holdings , inc. 2015 form 10-k annual report net sales by product category the following tables present net sales by product category and the components of the percentage changes ( dollars in millions ) : replace_table_token_7_th replace_table_token_8_th the following tables present our pro forma net sales by product category and the components of the percentage changes ( dollars in millions ) : replace_table_token_9_th 24 zimmer biomet holdings , inc. 2015 form 10-k annual report the following table presents net sales by product category by geography for our knees and hips product categories , which represent our most significant product categories ( dollars in millions ) : replace_table_token_10_th the following table presents our pro forma net sales by product category by geography for our knees and hips product categories , which represent our most significant product categories ( dollars in millions ) : replace_table_token_11_th demand ( volume and mix ) trends increased volume and changes in the mix of product sales contributed 36.7 percentage points of year-over-year sales growth during 2015. volume/mix growth was driven by the biomet merger , new product introductions and sales in key emerging markets . we believe long-term indicators point toward sustained growth driven by an aging global population , growth in emerging markets , obesity , proven clinical benefits , new material technologies , advances in surgical techniques and more active lifestyles , among other factors . in addition , demand for clinically proven premium products and patient specific devices are expected to continue to positively affect sales growth in markets that recognize the value of these advanced technologies . pricing trends global selling prices had a negative effect of 2.0 percentage points on year-over-year sales during 2015. the negative 2.0 percent effect on year-over-year sales is consistent with what we have experienced over the past three years . the majority of countries in which we operate continued to experience pricing pressure from governmental healthcare cost containment efforts and from local hospitals and health systems . story_separator_special_tag the following table illustrates our contractual obligations ( in millions ) : replace_table_token_16_th $ 93.5 million of the other long-term liabilities on our balance sheet as of december 31 , 2015 are liabilities related to defined benefit pension plans . defined benefit plan liabilities are based upon the underfunded status of the respective plans ; they are not based upon future contributions . due to uncertainties regarding future plan asset performance , changes in interest rates and our intentions with respect to voluntary contributions , we are unable to reasonably estimate future contributions beyond 2016. therefore , this table does not include any amounts related to future contributions to our plans . see note 15 to our consolidated financial statements for further information on our defined benefit plans . also included in other long-term liabilities on our balance sheet are liabilities related to unrecognized tax benefits and corresponding interest and penalties thereon . due to the uncertainties inherent in these liabilities , such as the ultimate timing and resolution of tax audits , we are unable to reasonably estimate the amount or period in which potential tax payments related to these positions will be made . therefore , this table does not include any obligations related to unrecognized tax benefits . we have also excluded long-term deferred tax liabilities from this table , as they do not represent liabilities that will be settled in cash . see note 16 to our consolidated financial statements for further information on these tax-related accounts . we have entered into various agreements that may result in future payments dependent upon various events such as the achievement of certain product r & d milestones , sales milestones , or , at our discretion , to maintain exclusive rights to distribute a product . since there is uncertainty on the timing or whether such payments will have to be made , we have not included them in this table . these payments could range from $ 0 to $ 45 million . critical accounting estimates our financial results are affected by the selection and application of accounting policies and methods . significant accounting policies which require management 's judgment are discussed below . excess inventory and instruments  we must determine as of each balance sheet date how much , if any , of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost . similarly , we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply . accordingly , inventory and instruments are written down to their net realizable value . to determine the appropriate net realizable value , we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components . the basis for the determination is generally the same for all inventory and instrument items and categories except for work -in-process inventory , which is recorded at cost . obsolete or discontinued items are generally destroyed and completely written off . management evaluates the need for changes to inventory and instruments net realizable values based on market conditions , competitive offerings and other factors on a regular basis . income taxes  our income tax expense , deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management 's best assessment of estimated future taxes to be paid . we are subject to income taxes in the u.s. and numerous foreign jurisdictions . significant judgments and estimates are required in determining the consolidated income tax expense . we estimate income tax expense and income tax liabilities and assets by taxable jurisdiction . realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits . we evaluate deferred tax assets on an ongoing basis and provide valuation allowances unless we determine it is more likely than not that the deferred tax benefit will be realized . federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the u.s. 30 zimmer biomet holdings , inc. 2015 form 10-k annual report the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations . we are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve . we record our income tax provisions based on our knowledge of all relevant facts and circumstances , including existing tax laws , our experience with previous settlement agreements , the status of current examinations and our understanding of how the tax authorities view certain relevant industry and commercial matters . we recognize tax liabilities in accordance with the financial accounting standards board 's ( fasb ) guidance on income taxes and we adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available . due to the complexity of some of these uncertainties , the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities . these differences will be reflected as increases or decreases to income tax expense in the period in which they are determined . commitments and contingencies  accruals for product liability and other claims are established with the assistance of internal and external legal counsel based on current information and historical settlement information for claims , related legal fees and for claims incurred but not reported . we use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims . historical patterns of claim loss development over time are statistically analyzed to arrive at factors which are then applied to loss estimates in the

liquidity and capital resources cash flows provided by operating activities declined to $ 816.7 million in 2015 , compared to $ 1,052.8 million in 2014. the decreased cash flows provided by operating activities in 2015 were primarily due to higher expenses related to the biomet merger , a $ 97.6 million loss on our forward starting interest rate swaps we settled in march 2015 when we issued senior notes for the biomet merger and inventory investments . these unfavorable items were partially offset by lower tax payments and the receipt of insurance proceeds related to durom cup product liability claims in the 2015 period . in 2014 , we made significant tax payments for certain unresolved matters in order to limit the potential impact of irs interest charges . in 2016 , we estimate operating cash flows to be in a range of $ 1,650.0 million to $ 1,750.0 million , inclusive of approximately $ 290.0 million of outflows related to integration expenses to drive synergies . cash flows used in investing activities were $ 7,557.9 million in 2015 compared to $ 469.4 million in 2014. the primary investing activity in 2015 was the biomet merger . we continued to invest in instruments for significant product launches , such as persona the personalized knee system , as we deploy that system around the world . in 2016 , we expect instrument investments to be in a range of $ 300.0 million to $ 325.0 million in support of our cross-sell initiatives as well as new product introductions . in 2015 , we continued to invest in other property , plant and equipment at levels necessary to complete new product-related investments and to replace older machinery and equipment . in 2016 , we expect to spend approximately $ 250.0 million on property , plant and equipment , including $ 105.0 million necessary to rationalize facilities and it systems as well as to optimize our manufacturing and logistics network .


 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 cash flows provided by operating activities declined to $ 816.7 million in 2015 , compared to $ 1,052.8 million in 2014. the decreased cash flows provided by operating activities in 2015 were primarily due to higher expenses related to the biomet merger , a $ 97.6 million loss on our forward starting interest rate swaps we settled in march 2015 when we issued senior notes for the biomet merger and inventory investments . these unfavorable items were partially offset by lower tax payments and the receipt of insurance proceeds related to durom cup product liability claims in the 2015 period . in 2014 , we made significant tax payments for certain unresolved matters in order to limit the potential impact of irs interest charges . in 2016 , we estimate operating cash flows to be in a range of $ 1,650.0 million to $ 1,750.0 million , inclusive of approximately $ 290.0 million of outflows related to integration expenses to drive synergies . cash flows used in investing activities were $ 7,557.9 million in 2015 compared to $ 469.4 million in 2014. the primary investing activity in 2015 was the biomet merger . we continued to invest in instruments for significant product launches , such as persona the personalized knee system , as we deploy that system around the world . in 2016 , we expect instrument investments to be in a range of $ 300.0 million to $ 325.0 million in support of our cross-sell initiatives as well as new product introductions . in 2015 , we continued to invest in other property , plant and equipment at levels necessary to complete new product-related investments and to replace older machinery and equipment . in 2016 , we expect to spend approximately $ 250.0 million on property , plant and equipment , including $ 105.0 million necessary to rationalize facilities and it systems as well as to optimize our manufacturing and logistics network .
```    
 Suspicious Activity Report : our net earnings decreased in 2015 compared to 2014. the primary driver of the lower net earnings was expense incurred in connection with the biomet merger . as a result of the merger , we recognized significant expenses due to stepping up the acquired inventory to fair value , intangible asset amortization , the acceleration of the vesting of unvested lvb stock options and lvb stock-based awards , retention bonuses paid to biomet employees and third-party sales agents who remained with biomet through the closing date , severance expense , contract termination expense related to agreements with independent agents , distributors , suppliers and lessors , a loss related to a call premium on biomet debt we redeemed , third party fees , and other acquisition and integration charges . interest expense also increased due to financing-related costs for the merger . 2016 outlook we expect our sales in the first half of 2016 to be higher than in the first half of 2015 , on a reported basis , since the biomet merger was completed midway through 2015. on a pro forma basis , we expect revenues to be approximately flat in 2016 compared to 2015. this estimate assumes foreign currency exchange rates will decrease revenues by approximately 2 percent , continued pricing pressure will decrease revenues by approximately 2 percent , and our volume/mix growth will be approximately 4 percent . we expect pro forma sales growth will improve in the last half of the year compared to the first half as our sales force stabilizes , we take advantage of cross-selling opportunities and we anniversary out of many sales force dissynergies caused by the merger . we expect cost of products sold to continue to realize significant expense related to stepping up acquired biomet inventory to fair value . similarly , our intangible asset amortization expense will increase significantly as we recognize a full year of intangible asset amortization from the biomet merger . we expect research and development ( r & d ) expense for the year to be in a range of 4.5 to 5.0 percent of sales . selling , general and administrative ( sg & a ) expense is expected to approximate 37 percent of sales , which is an improvement from 2015 as we realize synergies from the merger . we estimate special items expense will continue to be significant as we continue our integration activities . however , we expect special items expense will be less in 2016 compared to 2015 due to the significant , initial expenses incurred in 2015 for the integration . interest expense will increase in 2016 compared to 2015 due to the debt borrowed in 2015 to fund the biomet merger . results of operations we analyze sales by three geographies , the americas , emea and asia pacific , and by the following product 22 zimmer biomet holdings , inc. 2015 form 10-k annual report categories : knees , hips , s.e.t . , dental , spine & cmf and other . this sales analysis differs from our reportable operating segments , which are based upon our senior management organizational structure and how we allocate resources towards achieving operating profit goals . we analyze sales by geography because the underlying market trends in any particular geography tend to be similar across product categories and because we primarily sell the same products in all geographies . net sales by geography the following tables present net sales by geography and the components of the percentage changes ( dollars in millions ) : replace_table_token_4_th replace_table_token_5_th foreign exchange as used in the tables in this report represents the effect of changes in foreign currency exchange rates on sales growth . the following table presents our pro forma net sales by geography and the components of the percentage changes ( dollars in millions ) : replace_table_token_6_th 23 zimmer biomet holdings , inc. 2015 form 10-k annual report net sales by product category the following tables present net sales by product category and the components of the percentage changes ( dollars in millions ) : replace_table_token_7_th replace_table_token_8_th the following tables present our pro forma net sales by product category and the components of the percentage changes ( dollars in millions ) : replace_table_token_9_th 24 zimmer biomet holdings , inc. 2015 form 10-k annual report the following table presents net sales by product category by geography for our knees and hips product categories , which represent our most significant product categories ( dollars in millions ) : replace_table_token_10_th the following table presents our pro forma net sales by product category by geography for our knees and hips product categories , which represent our most significant product categories ( dollars in millions ) : replace_table_token_11_th demand ( volume and mix ) trends increased volume and changes in the mix of product sales contributed 36.7 percentage points of year-over-year sales growth during 2015. volume/mix growth was driven by the biomet merger , new product introductions and sales in key emerging markets . we believe long-term indicators point toward sustained growth driven by an aging global population , growth in emerging markets , obesity , proven clinical benefits , new material technologies , advances in surgical techniques and more active lifestyles , among other factors . in addition , demand for clinically proven premium products and patient specific devices are expected to continue to positively affect sales growth in markets that recognize the value of these advanced technologies . pricing trends global selling prices had a negative effect of 2.0 percentage points on year-over-year sales during 2015. the negative 2.0 percent effect on year-over-year sales is consistent with what we have experienced over the past three years . the majority of countries in which we operate continued to experience pricing pressure from governmental healthcare cost containment efforts and from local hospitals and health systems . story_separator_special_tag the following table illustrates our contractual obligations ( in millions ) : replace_table_token_16_th $ 93.5 million of the other long-term liabilities on our balance sheet as of december 31 , 2015 are liabilities related to defined benefit pension plans . defined benefit plan liabilities are based upon the underfunded status of the respective plans ; they are not based upon future contributions . due to uncertainties regarding future plan asset performance , changes in interest rates and our intentions with respect to voluntary contributions , we are unable to reasonably estimate future contributions beyond 2016. therefore , this table does not include any amounts related to future contributions to our plans . see note 15 to our consolidated financial statements for further information on our defined benefit plans . also included in other long-term liabilities on our balance sheet are liabilities related to unrecognized tax benefits and corresponding interest and penalties thereon . due to the uncertainties inherent in these liabilities , such as the ultimate timing and resolution of tax audits , we are unable to reasonably estimate the amount or period in which potential tax payments related to these positions will be made . therefore , this table does not include any obligations related to unrecognized tax benefits . we have also excluded long-term deferred tax liabilities from this table , as they do not represent liabilities that will be settled in cash . see note 16 to our consolidated financial statements for further information on these tax-related accounts . we have entered into various agreements that may result in future payments dependent upon various events such as the achievement of certain product r & d milestones , sales milestones , or , at our discretion , to maintain exclusive rights to distribute a product . since there is uncertainty on the timing or whether such payments will have to be made , we have not included them in this table . these payments could range from $ 0 to $ 45 million . critical accounting estimates our financial results are affected by the selection and application of accounting policies and methods . significant accounting policies which require management 's judgment are discussed below . excess inventory and instruments  we must determine as of each balance sheet date how much , if any , of our inventory may ultimately prove to be unsaleable or unsaleable at our carrying cost . similarly , we must also determine if instruments on hand will be put to productive use or remain undeployed as a result of excess supply . accordingly , inventory and instruments are written down to their net realizable value . to determine the appropriate net realizable value , we evaluate current stock levels in relation to historical and expected patterns of demand for all of our products and instrument systems and components . the basis for the determination is generally the same for all inventory and instrument items and categories except for work -in-process inventory , which is recorded at cost . obsolete or discontinued items are generally destroyed and completely written off . management evaluates the need for changes to inventory and instruments net realizable values based on market conditions , competitive offerings and other factors on a regular basis . income taxes  our income tax expense , deferred tax assets and liabilities and reserves for unrecognized tax benefits reflect management 's best assessment of estimated future taxes to be paid . we are subject to income taxes in the u.s. and numerous foreign jurisdictions . significant judgments and estimates are required in determining the consolidated income tax expense . we estimate income tax expense and income tax liabilities and assets by taxable jurisdiction . realization of deferred tax assets in each taxable jurisdiction is dependent on our ability to generate future taxable income sufficient to realize the benefits . we evaluate deferred tax assets on an ongoing basis and provide valuation allowances unless we determine it is more likely than not that the deferred tax benefit will be realized . federal income taxes are provided on the portion of the income of foreign subsidiaries that is expected to be remitted to the u.s. 30 zimmer biomet holdings , inc. 2015 form 10-k annual report the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across our global operations . we are subject to regulatory review or audit in virtually all of those jurisdictions and those reviews and audits may require extended periods of time to resolve . we record our income tax provisions based on our knowledge of all relevant facts and circumstances , including existing tax laws , our experience with previous settlement agreements , the status of current examinations and our understanding of how the tax authorities view certain relevant industry and commercial matters . we recognize tax liabilities in accordance with the financial accounting standards board 's ( fasb ) guidance on income taxes and we adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available . due to the complexity of some of these uncertainties , the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities . these differences will be reflected as increases or decreases to income tax expense in the period in which they are determined . commitments and contingencies  accruals for product liability and other claims are established with the assistance of internal and external legal counsel based on current information and historical settlement information for claims , related legal fees and for claims incurred but not reported . we use an actuarial model to assist management in determining an appropriate level of accruals for product liability claims . historical patterns of claim loss development over time are statistically analyzed to arrive at factors which are then applied to loss estimates in the

