have a material effect on our business , and the accuracy of our assessment of the probability of loss and range of potential loss ; the recoverability of our deferred tax assets ; the adequacy of our tax reserves to offset any potential tax liabilities , having the appropriate support for our income tax positions and the accuracy of our estimated tax rate ; our belief that our determinations with respect to the tax consequences of the atmel acquisition are reasonable ; our belief that the expiration of any tax holidays will not have a material impact on our overall tax expense or effective tax rate ; our belief that the estimates used in preparing our consolidated financial statements are reasonable ; our belief that some of the recently issued accounting pronouncements listed in this document will not have a material impact on our consolidated financial statements ; the accuracy of our estimates of the useful life and values of our property , assets and other liabilities ; the adequacy of our patent strategy , and our belief that the impact of the expiration of any particular patent will not have a material effect on our business ; our actions to vigorously and aggressively defend and protect our intellectual property on a worldwide basis ; our ability to obtain patents and intellectual property licenses and minimize the effects of litigation ; the level of risk we are exposed to for product liability claims or indemnification claims ; the effect of fluctuations in market interest rates on our income and or cash flows ; the effect of fluctuations in currency rates ; that our offshore earnings are considered to be permanently reinvested offshore and that we could determine to repatriate some of our offshore earnings in future periods to fund stockholder dividends , share repurchases , acquisitions or other corporate activities ; that a significant portion of our future cash generation will be in our foreign subsidiaries ; our intention to satisfy the lesser of the principal amount or the conversion value of our debentures in cash ; our intention to indefinitely reinvest undistributed earnings of certain non-us subsidiaries in those subsidiaries ; our intent to maintain a high-quality investment portfolio that preserves principal , meets liquidity needs , avoids inappropriate concentrations and delivers an appropriate yield ; and our ability to collect accounts receivable . our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors including those set forth in `` item 1a – risk factors , `` and elsewhere in this form 10-k. although we believe that the expectations reflected in our forward-looking statements are reasonable , we can not guarantee future results , levels of activity , performance or achievements . you should not place undue reliance on these forward-looking statements . we disclaim any obligation to update the information contained in any forward-looking statement . introduction the following discussion should be read in conjunction with the consolidated financial statements and the related notes that appear elsewhere in this document , as well as with other sections of this annual report on form 10-k , including `` item 1 – business ; `` `` item 6 – selected financial data ; `` and `` item 8 – financial statements and supplementary data . `` we begin our management 's discussion and analysis of financial condition and results of operations ( md & a ) with a summary of our overall business strategy to give the reader an overview of the goals of our business and the overall direction of our business and products . this is followed by a discussion of the critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results . in the next section , beginning at page 39 , we discuss our results of operations for fiscal 2017 compared to fiscal 2016 , and for fiscal 2016 compared to fiscal 2015 . we then provide an analysis of changes in our balance sheet and cash flows , and discuss our financial commitments in the sections titled `` liquidity and capital resources , `` `` contractual obligations `` and `` off-balance sheet arrangements . `` 33 strategy our goal is to be a worldwide leader in providing specialized semiconductor products for a wide variety of embedded control applications . our strategic focus is on embedded control solutions , including general purpose and specialized microcontrollers , development tools and related software , analog , interface , mixed signal and timing products , wired and wireless connectivity products , memory products and technology licensing . we provide highly cost-effective embedded control solutions that also offer the advantages of small size , high performance , extreme low power usage , wide voltage range operation , mixed signal integration and ease of development , thus enabling timely and cost-effective integration of our solutions by our customers in their end products . we license our superflash technology and other technologies to wafer foundries , integrated device manufacturers and design partners throughout the world for use in the manufacture of advanced microcontroller products , gate array , radio frequency ( rf ) and analog products that require embedded non-volatile memory . we sell our products to a broad base of domestic and international customers across a variety of industries . the principal markets that we serve include consumer , automotive , industrial , office communication , computing and aerospace . our business is subject to fluctuations based on economic conditions within these markets . our manufacturing operations include wafer fabrication , wafer probe and assembly and test . the ownership of a substantial portion of our manufacturing resources is an important component of our business strategy , enabling us to maintain a high level of manufacturing control resulting in us being one of the lowest cost producers in the embedded control industry . story_separator_special_tag prior to the adoption of asu 2016-09 , we estimated the number of share-based awards to be forfeited due to employee turnover . the effect of forfeiture adjustments in the years ended march 31 , 2016 and 2015 was immaterial . if there are any modifications or cancellations of the underlying unvested securities , we may be required to accelerate , increase or cancel any remaining unearned share-based compensation expense . future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional equity awards to employees or we assume unvested equity awards in connection with acquisitions . inventories inventories are valued at the lower of cost or market using the first-in , first-out method . we write down our inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions . if actual market conditions are less favorable than those we projected , additional inventory write-downs may be required . inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable . in estimating our inventory obsolescence , we primarily evaluate estimates of demand over a 12-month period and record impairment charges for inventory on hand in excess of the estimated 12-month demand . estimates for projected 12-month demand are generally based on the average shipments of the prior three-month period , which are then annualized to adjust for any potential seasonality in our business . the estimated 12-month demand is compared to our most recently developed sales forecast to further reconcile the 12-month demand estimate . management reviews and adjusts the estimates as appropriate based on specific situations . for example , demand can be adjusted up for new products for which historic sales are not representative of future demand . alternatively , demand can be adjusted down to the extent any existing products are being replaced or discontinued . in periods where our production levels are substantially below our normal operating capacity , the reduced production levels of our manufacturing facilities are charged directly to cost of sales . as a result of production below normal operating levels in our wafer fabrication facilities , approximately $ 1.9 million and $ 0.8 million was charged directly to cost of sales in fiscal 2016 and fiscal 2015 , respectively . there was no charge to cost of sales for reduced production levels in fiscal 2017 . 37 income taxes as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating our actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included within our consolidated balance sheets . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income within the relevant jurisdiction and to the extent we believe that recovery is not likely , we must establish a valuation allowance . we have provided valuation allowances for certain of our deferred tax assets , including state net operating loss carryforwards , foreign tax credits and state tax credits , where it is more likely than not that some portion , or all of such assets , will not be realized . at march 31 , 2017 , the valuation allowances totaled $ 210.1 million . should we determine that we would not be able to realize all or part of our net deferred tax asset in the future , an adjustment to the deferred tax asset would be charged to income in the period such determination was made . various taxing authorities in the u.s. and other countries in which we do business scrutinize the tax structures employed by businesses . companies of our size and complexity are regularly audited by the taxing authorities in the jurisdictions in which they conduct significant operations . during the year ended march 31 , 2017 , the u.s. internal revenue service ( irs ) finalized the audit of our 2011 and 2012 income tax years . the close of this audit did not have an adverse impact on our financial statements . also , during the year ended march 31 , 2017 , the german and french tax authorities finalized the audit of our 2010 through 2013 and our 2012 through 2014 income tax years , respectively . the close of these audits did not have an adverse impact on our financial statements . we are currently being audited by the tax authorities in france . we recognize liabilities for anticipated tax audit issues in the u.s. and other tax jurisdictions based on our estimate of whether , and the extent to which , additional tax payments are probable . we believe that we maintain adequate tax reserves to offset any potential tax liabilities that may arise upon these and other pending audits in the u.s. and other countries in which we do business . if such amounts ultimately prove to be unnecessary , the resulting reversal of such reserves would result in tax benefits being recorded in the period the reserves are no longer deemed necessary . if such amounts ultimately prove to be less than an ultimate assessment , a future charge to expense would be recorded in the period in which the assessment is determined . the accounting model as defined in asc 740 related to the valuation of uncertain tax positions requires us to presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information and that each tax position will be evaluated without consideration of the possibility of

liquidity and capital resources we had $ 1,410.2 million in cash , cash equivalents and short-term and long-term investments at march 31 , 2017 , a decrease of $ 1,154.4 million from the march 31 , 2016 balance . the decrease in cash , cash equivalents and short-term and long-term investments over this time period is primarily attributable to $ 2,036.2 million of cash and $ 941.6 million from additional amounts borrowed under our credit facility for our acquisition of atmel , net payments of $ 1,244.0 million on amounts borrowed under our credit facility , payments of $ 436.2 million on the settlement of a portion of our 2007 junior debt , and dividend payments of $ 315.4 million , partially offset primarily by proceeds from our new senior and junior debt issuances of $ 2,645.0 million and cash generated by operating activities . net cash provided from operating activities was $ 1,059.5 million for fiscal 2017 , $ 744.5 million for fiscal 2016 and $ 721.2 million for fiscal 2015 . the increase in net cash provided from operating activities in fiscal 2017 compared to fiscal 2016 was primarily due to operating cash flows resulting from our acquisitions of atmel and micrel and operating synergies realized from our process efficiency and restructuring efforts .


 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 we had $ 1,410.2 million in cash , cash equivalents and short-term and long-term investments at march 31 , 2017 , a decrease of $ 1,154.4 million from the march 31 , 2016 balance . the decrease in cash , cash equivalents and short-term and long-term investments over this time period is primarily attributable to $ 2,036.2 million of cash and $ 941.6 million from additional amounts borrowed under our credit facility for our acquisition of atmel , net payments of $ 1,244.0 million on amounts borrowed under our credit facility , payments of $ 436.2 million on the settlement of a portion of our 2007 junior debt , and dividend payments of $ 315.4 million , partially offset primarily by proceeds from our new senior and junior debt issuances of $ 2,645.0 million and cash generated by operating activities . net cash provided from operating activities was $ 1,059.5 million for fiscal 2017 , $ 744.5 million for fiscal 2016 and $ 721.2 million for fiscal 2015 . the increase in net cash provided from operating activities in fiscal 2017 compared to fiscal 2016 was primarily due to operating cash flows resulting from our acquisitions of atmel and micrel and operating synergies realized from our process efficiency and restructuring efforts .
```    
 Suspicious Activity Report : have a material effect on our business , and the accuracy of our assessment of the probability of loss and range of potential loss ; the recoverability of our deferred tax assets ; the adequacy of our tax reserves to offset any potential tax liabilities , having the appropriate support for our income tax positions and the accuracy of our estimated tax rate ; our belief that our determinations with respect to the tax consequences of the atmel acquisition are reasonable ; our belief that the expiration of any tax holidays will not have a material impact on our overall tax expense or effective tax rate ; our belief that the estimates used in preparing our consolidated financial statements are reasonable ; our belief that some of the recently issued accounting pronouncements listed in this document will not have a material impact on our consolidated financial statements ; the accuracy of our estimates of the useful life and values of our property , assets and other liabilities ; the adequacy of our patent strategy , and our belief that the impact of the expiration of any particular patent will not have a material effect on our business ; our actions to vigorously and aggressively defend and protect our intellectual property on a worldwide basis ; our ability to obtain patents and intellectual property licenses and minimize the effects of litigation ; the level of risk we are exposed to for product liability claims or indemnification claims ; the effect of fluctuations in market interest rates on our income and or cash flows ; the effect of fluctuations in currency rates ; that our offshore earnings are considered to be permanently reinvested offshore and that we could determine to repatriate some of our offshore earnings in future periods to fund stockholder dividends , share repurchases , acquisitions or other corporate activities ; that a significant portion of our future cash generation will be in our foreign subsidiaries ; our intention to satisfy the lesser of the principal amount or the conversion value of our debentures in cash ; our intention to indefinitely reinvest undistributed earnings of certain non-us subsidiaries in those subsidiaries ; our intent to maintain a high-quality investment portfolio that preserves principal , meets liquidity needs , avoids inappropriate concentrations and delivers an appropriate yield ; and our ability to collect accounts receivable . our actual results could differ materially from the results anticipated in these forward-looking statements as a result of certain factors including those set forth in `` item 1a – risk factors , `` and elsewhere in this form 10-k. although we believe that the expectations reflected in our forward-looking statements are reasonable , we can not guarantee future results , levels of activity , performance or achievements . you should not place undue reliance on these forward-looking statements . we disclaim any obligation to update the information contained in any forward-looking statement . introduction the following discussion should be read in conjunction with the consolidated financial statements and the related notes that appear elsewhere in this document , as well as with other sections of this annual report on form 10-k , including `` item 1 – business ; `` `` item 6 – selected financial data ; `` and `` item 8 – financial statements and supplementary data . `` we begin our management 's discussion and analysis of financial condition and results of operations ( md & a ) with a summary of our overall business strategy to give the reader an overview of the goals of our business and the overall direction of our business and products . this is followed by a discussion of the critical accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results . in the next section , beginning at page 39 , we discuss our results of operations for fiscal 2017 compared to fiscal 2016 , and for fiscal 2016 compared to fiscal 2015 . we then provide an analysis of changes in our balance sheet and cash flows , and discuss our financial commitments in the sections titled `` liquidity and capital resources , `` `` contractual obligations `` and `` off-balance sheet arrangements . `` 33 strategy our goal is to be a worldwide leader in providing specialized semiconductor products for a wide variety of embedded control applications . our strategic focus is on embedded control solutions , including general purpose and specialized microcontrollers , development tools and related software , analog , interface , mixed signal and timing products , wired and wireless connectivity products , memory products and technology licensing . we provide highly cost-effective embedded control solutions that also offer the advantages of small size , high performance , extreme low power usage , wide voltage range operation , mixed signal integration and ease of development , thus enabling timely and cost-effective integration of our solutions by our customers in their end products . we license our superflash technology and other technologies to wafer foundries , integrated device manufacturers and design partners throughout the world for use in the manufacture of advanced microcontroller products , gate array , radio frequency ( rf ) and analog products that require embedded non-volatile memory . we sell our products to a broad base of domestic and international customers across a variety of industries . the principal markets that we serve include consumer , automotive , industrial , office communication , computing and aerospace . our business is subject to fluctuations based on economic conditions within these markets . our manufacturing operations include wafer fabrication , wafer probe and assembly and test . the ownership of a substantial portion of our manufacturing resources is an important component of our business strategy , enabling us to maintain a high level of manufacturing control resulting in us being one of the lowest cost producers in the embedded control industry . story_separator_special_tag prior to the adoption of asu 2016-09 , we estimated the number of share-based awards to be forfeited due to employee turnover . the effect of forfeiture adjustments in the years ended march 31 , 2016 and 2015 was immaterial . if there are any modifications or cancellations of the underlying unvested securities , we may be required to accelerate , increase or cancel any remaining unearned share-based compensation expense . future share-based compensation expense and unearned share-based compensation will increase to the extent that we grant additional equity awards to employees or we assume unvested equity awards in connection with acquisitions . inventories inventories are valued at the lower of cost or market using the first-in , first-out method . we write down our inventory for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions . if actual market conditions are less favorable than those we projected , additional inventory write-downs may be required . inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable . in estimating our inventory obsolescence , we primarily evaluate estimates of demand over a 12-month period and record impairment charges for inventory on hand in excess of the estimated 12-month demand . estimates for projected 12-month demand are generally based on the average shipments of the prior three-month period , which are then annualized to adjust for any potential seasonality in our business . the estimated 12-month demand is compared to our most recently developed sales forecast to further reconcile the 12-month demand estimate . management reviews and adjusts the estimates as appropriate based on specific situations . for example , demand can be adjusted up for new products for which historic sales are not representative of future demand . alternatively , demand can be adjusted down to the extent any existing products are being replaced or discontinued . in periods where our production levels are substantially below our normal operating capacity , the reduced production levels of our manufacturing facilities are charged directly to cost of sales . as a result of production below normal operating levels in our wafer fabrication facilities , approximately $ 1.9 million and $ 0.8 million was charged directly to cost of sales in fiscal 2016 and fiscal 2015 , respectively . there was no charge to cost of sales for reduced production levels in fiscal 2017 . 37 income taxes as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating our actual current tax exposure together with assessing temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included within our consolidated balance sheets . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income within the relevant jurisdiction and to the extent we believe that recovery is not likely , we must establish a valuation allowance . we have provided valuation allowances for certain of our deferred tax assets , including state net operating loss carryforwards , foreign tax credits and state tax credits , where it is more likely than not that some portion , or all of such assets , will not be realized . at march 31 , 2017 , the valuation allowances totaled $ 210.1 million . should we determine that we would not be able to realize all or part of our net deferred tax asset in the future , an adjustment to the deferred tax asset would be charged to income in the period such determination was made . various taxing authorities in the u.s. and other countries in which we do business scrutinize the tax structures employed by businesses . companies of our size and complexity are regularly audited by the taxing authorities in the jurisdictions in which they conduct significant operations . during the year ended march 31 , 2017 , the u.s. internal revenue service ( irs ) finalized the audit of our 2011 and 2012 income tax years . the close of this audit did not have an adverse impact on our financial statements . also , during the year ended march 31 , 2017 , the german and french tax authorities finalized the audit of our 2010 through 2013 and our 2012 through 2014 income tax years , respectively . the close of these audits did not have an adverse impact on our financial statements . we are currently being audited by the tax authorities in france . we recognize liabilities for anticipated tax audit issues in the u.s. and other tax jurisdictions based on our estimate of whether , and the extent to which , additional tax payments are probable . we believe that we maintain adequate tax reserves to offset any potential tax liabilities that may arise upon these and other pending audits in the u.s. and other countries in which we do business . if such amounts ultimately prove to be unnecessary , the resulting reversal of such reserves would result in tax benefits being recorded in the period the reserves are no longer deemed necessary . if such amounts ultimately prove to be less than an ultimate assessment , a future charge to expense would be recorded in the period in which the assessment is determined . the accounting model as defined in asc 740 related to the valuation of uncertain tax positions requires us to presume that the tax position will be examined by the relevant taxing authority that has full knowledge of all relevant information and that each tax position will be evaluated without consideration of the possibility of

