in particular , we believe that , as semiconductor geometries continue to become smaller , and fpd designs become larger or otherwise more advanced , we will be required to manufacture even more complex optically-enhanced reticles , including optical proximity correction and phase-shift photomasks . additionally , demand for photomasks has been , and could in the future be , adversely affected by changes in semiconductor and high performance electronics fabrication methods that affect the type or quantity of photomasks 19 used , such as changes in semiconductor demand that favor field-programmable gate arrays and other semiconductor designs that replace application-specific ics , or the use of certain chip stacking methodologies that lessen the emphasis on conventional lithography technology . furthermore , increased market acceptance of alternative methods of transferring circuit designs onto semiconductor wafers could reduce or eliminate the need for photomasks in the production of semiconductors . as of the end of fiscal year 2018 , one alternative method , direct-write lithography , has not been proven to be a commercially viable alternative to photomasks , as it is considered to be too slow for high volume semiconductor wafer production , and we have not experienced a significant loss of revenue as a result of this or other alternative semiconductor design methodologies . however , should direct-write lithography or any other alternative method of transferring ic designs to semiconductor wafers without the use of photomasks achieve market acceptance , and we do not anticipate , respond to , or utilize these or other changing technologies due to resource , technological or other constraints , our business and results of operations could be materially adversely affected . both our revenues and costs have been affected by the increased demand for high-end technology photomasks that require more advanced manufacturing capabilities , but generally command higher average selling prices ( asps ) . our capital expenditure payments aggregated approximately $ 235 million for the three fiscal years ended october 31 , 2018 , which has significantly contributed to our cost of goods sold . we intend to continue to make the required investments to support the technological demands of our customers that we believe will position the company for future growth . in support of this effort , we expect capital expenditure payments to be approximately $ 210 million in fiscal year 2019. the manufacture of photomasks for use in fabricating ics , fpds , and other related products built using comparable photomask-based process technologies has been , and continues to be , capital intensive . our employees and our integrated global manufacturing network , which will expand to eleven manufacturing sites in 2019 , represent a significant portion of our fixed operating cost base . should our revenue decrease as a result of a decrease in design releases from our customers , we may have excess or underutilized production capacity , which could significantly impact our operating margins , or result in write-offs from asset impairments . in the first quarter of fiscal 2019 , pdmc , the company 's majority owned subsidiary in taiwan , paid a dividend of which 49.99 % , or approximately $ 26.0 million , was paid to noncontrolling interests . in november fy2019 , xiamen american japan photronics mask co. , ltd. ( pdmcx ) , an indirect majority owned joint venture subsidiary of photronics , inc. , entered into a commitment letter for an 8-year term loan agreement under which it can borrow up to approximately $ 50.0 million ( the project loan ) . pdmcx will use the project loan to finance certain capital expenditures in china . pdmcx will grant a lien on the land , building and equipment owned by pdmcx as collateral for the project loan . the interest rate of the project loan is based on the benchmark lending rate ( as defined in the project loan agreement ) plus a floating rate spread , of the people 's bank of china on the date of borrowings . we anticipate that interest incurred on this loan will be reimbursed through incentives provided by the xiamen torch hi-tech industrial development zone , up to a certain cap . on november 7 , 2018 , pdmcx entered into a working capital loan agreement with a maximum borrowing limit of approximately $ 25.0 million , ( the working capital loan ) . in november 2018 , we borrowed $ 2.2 million against this loan . pdmcx will use the working capital loan for general financing purposes including for the payment of import and value added taxes . the term of the working capital loan will not exceed three years , and no guarantees were required under the terms of the working capital loan . the interest rate of the working capital loan is based on the benchmark lending rate ( as defined in the working capital loan agreement ) plus a floating rate spread , of the people 's bank of china on the date of borrowings . we anticipate that interest incurred on this loan will be reimbursed through incentives provided by the xiamen torch hi-tech industrial development zone , up to a certain cap . in the fourth quarter of fiscal 2018 , we entered into an amendment to our credit agreement ( the credit agreement ) which allows us to sell , transfer , lease , or otherwise dispose of our assets to a subsidiary guarantor . subsequently , in that same fiscal quarter , we entered into an amended and restated credit agreement ( the new agreement ) that expires in september 2023 , which carried forward the amendment made to the credit agreement . the new agreement , which replaced our prior credit agreement , has a $ 50 million borrowing limit , and a $ 50 million expansion capacity , which represents a $ 25 million increase over the previous credit agreement . story_separator_special_tag the effective income tax rate in q4 fy18 , compared with q3 fy18 , increased primarily due to q3 fy18 nonrecurring tax benefits of $ 1.8 million related to tax audit settlements . the difference was somewhat reduced by an increased tax holiday benefit of $ 1.1 million in q4 fy18 . the effective income tax rate decreased in q4 fy18 , compared with q4 fy17 , primarily due to a greater percentage of the q4 fy17 income before taxes being generated in jurisdictions where the company incurs tax losses that , due to valuation allowances , did not result in the recognition of tax benefits , and an increased benefit of $ 0.9 million from the tax holiday in taiwan . replace_table_token_14_th the decrease in effective income tax rate on a full-year basis in fy18 , compared with fy17 , was primarily due to the recognition of a tax benefit related to $ 3.7 million of alternative minimum tax credits that became fully refundable under us tax reform , an increased benefit of $ 2.4 million from a tax holiday in taiwan , and an increase in the recognition of $ 1.2 million of previously unrecognized tax benefits , which resulted from audit settlements and expirations of assessment period statutes of limitations , partially offset by a greater percentage of the fy17 income before taxes being generated in jurisdictions where the company incurs tax losses that , due to valuation allowances , did not result in the recognition of tax benefits . the increase in effective income tax rate in fy17 , compared with fy16 , was primarily due to recognition of $ 1.0 million of previously unrecognized tax benefits , which arose from audit settlements and expirations of assessment period statutes of limitations . those effects were partially offset by fy16 benefit factors , including : the recognition of $ 2.5 million of previously unrecognized deferred tax assets resulting from improved performance of our fpd operations ; the reversal of previously recognized tax expense of $ 2.4 million that was eliminated by a distribution of the earnings of a foreign subsidiary to its foreign parent ; a higher percentage of income before income taxes , including an $ 8.8 million gain on the sale of an investment in the first quarter of fy16 , generated in jurisdictions where we previously incurred losses that , due to valuation allowances , did not result in recognition of expense . we consider all available evidence when evaluating the potential future realization of deferred tax assets , and when , based on the weight of all available evidence , we determine that it is more likely than not that some portion or all of our deferred tax assets will not be realized , we reduce our deferred tax assets by a valuation allowance . we also regularly assess the potential outcomes of ongoing and future tax examinations and , accordingly , have recorded accruals for such contingencies . included in the balance of unrecognized tax benefits as of october 31 , 2018 , october 29 , 2017 and october 30 , 2016 , are $ 1.9 million , $ 3.4 million and $ 4.6 million , respectively , recorded in other liabilities in the consolidated balance sheets that , if recognized , would impact the effective tax rate . 26 net income attributable to noncontrolling interests q4 fy18 q3 fy18 q4 fy17 fy18 fy17 fy16 net income attributable to noncontrolling interest $ 4.3 $ 6.8 $ 5.1 $ 19.2 $ 8.2 $ 9.5 periods subsequent to fy17 include dnp 's share of the earnings of our ic subsidiary in taiwan , as well as their attribution of losses incurred at our ic facility in china , which will commence operations in the first half of fiscal 2019. for all periods prior to fy18 , substantially all of the net income attributable to noncontrolling interests reflects dnp 's share of the earnings of our ic manufacturing subsidiary in taiwan . story_separator_special_tag private markets . however , we can not assure that additional sources of financing would be available to us on commercially favorable terms , should our capital requirements exceed our existing cash , cash generated by operations , and cash available under our credit facilities . cash requirements our cash requirements in fiscal 2019 will be primarily to : fund our operations ; capital spending , including the completion of constructing and equipping an ic research and development and manufacturing facility in xiamen , china and an fpd manufacturing facility in hefei , china ; and service our debt . we believe that our cash on hand , cash generated from operations and amounts available to borrow will be sufficient to meet our cash requirements for the next twelve months . we regularly review the availability and terms at which we might issue additional equity or debt securities in the public or private markets . however , we can not assure that additional sources of financing would be available to us on commercially favorable terms , should our cash requirements exceed our existing cash and cash available under our credit facilities . 28 contractual obligations the following table presents our contractual obligations as of october 31 , 2018 : replace_table_token_16_th long-term debt of $ 57.5 million in the table above represent our obligation under our 3.25 % senior convertible notes , which mature on april 1 , 2019 , and , at the option of the note holders , may be settled either in cash or by conversion into our common stock . see note 6 to the consolidated financial statements for additional information . as of october 31 , 2018 , the company had recorded accruals for uncertain tax positions and related interest and penalties of $ 1.9 million which were not included in the above table due to the high degree of uncertainty regarding the timing of future payments related to such liabilities . in november fy2019 , xiamen american

liquidity and capital resources replace_table_token_15_th as of october 31 , 2018 , we had cash and cash equivalents of $ 329.3 million compared with $ 308.0 million as of october 29 , 2017. our working capital decreased $ 55.7 million to $ 311.7 million at october 31 , 2018 , compared with $ 367.3 million at october 29 , 2017 , primarily due to the reclassification of our 3.25 % senior convertible notes , which mature in april 2019 to current status . we may use our available cash on hand for operations , capital expenditures , debt repayments , strategic opportunities , stock repurchases or other corporate uses , any of which may be material . as of october 29 , 2017 , we had cash and cash equivalents of $ 308.0 million compared with $ 314.1 million as of october 30 , 2016. our working capital increased $ 7.1 million to $ 367.3 million at october 29 , 2017 , compared with $ 360.3 million at october 30 , 2016. as of october 31 , 2018 and october 29 , 2017 , our total cash and cash equivalents included $ 244.5 million and $ 190.0 million , respectively , held by our foreign subsidiaries . the majority of earnings of our foreign subsidiaries are considered to be indefinitely reinvested . repatriation of these funds to the u.s. are , as a result of the u.s. tax cut and jobs act , generally not subject to u.s. federal income tax , but may be subject to u.s. state income taxes and local country withholding taxes . our foreign subsidiaries continue to grow through the reinvestment of earnings in additional manufacturing capacity and capability , particularly in the high-end ic and fpd areas . net cash provided by operating activities increased to $ 130.6 million in fy18 , compared with $ 96.8 million in fy17 , primarily due to increased net income and an increase in cash from accounts payable and other liabilities exceeding decreases in most operating accounts and non-cash items , partially attributable to beginning operations in china .


 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 replace_table_token_15_th as of october 31 , 2018 , we had cash and cash equivalents of $ 329.3 million compared with $ 308.0 million as of october 29 , 2017. our working capital decreased $ 55.7 million to $ 311.7 million at october 31 , 2018 , compared with $ 367.3 million at october 29 , 2017 , primarily due to the reclassification of our 3.25 % senior convertible notes , which mature in april 2019 to current status . we may use our available cash on hand for operations , capital expenditures , debt repayments , strategic opportunities , stock repurchases or other corporate uses , any of which may be material . as of october 29 , 2017 , we had cash and cash equivalents of $ 308.0 million compared with $ 314.1 million as of october 30 , 2016. our working capital increased $ 7.1 million to $ 367.3 million at october 29 , 2017 , compared with $ 360.3 million at october 30 , 2016. as of october 31 , 2018 and october 29 , 2017 , our total cash and cash equivalents included $ 244.5 million and $ 190.0 million , respectively , held by our foreign subsidiaries . the majority of earnings of our foreign subsidiaries are considered to be indefinitely reinvested . repatriation of these funds to the u.s. are , as a result of the u.s. tax cut and jobs act , generally not subject to u.s. federal income tax , but may be subject to u.s. state income taxes and local country withholding taxes . our foreign subsidiaries continue to grow through the reinvestment of earnings in additional manufacturing capacity and capability , particularly in the high-end ic and fpd areas . net cash provided by operating activities increased to $ 130.6 million in fy18 , compared with $ 96.8 million in fy17 , primarily due to increased net income and an increase in cash from accounts payable and other liabilities exceeding decreases in most operating accounts and non-cash items , partially attributable to beginning operations in china .
```    
 Suspicious Activity Report : in particular , we believe that , as semiconductor geometries continue to become smaller , and fpd designs become larger or otherwise more advanced , we will be required to manufacture even more complex optically-enhanced reticles , including optical proximity correction and phase-shift photomasks . additionally , demand for photomasks has been , and could in the future be , adversely affected by changes in semiconductor and high performance electronics fabrication methods that affect the type or quantity of photomasks 19 used , such as changes in semiconductor demand that favor field-programmable gate arrays and other semiconductor designs that replace application-specific ics , or the use of certain chip stacking methodologies that lessen the emphasis on conventional lithography technology . furthermore , increased market acceptance of alternative methods of transferring circuit designs onto semiconductor wafers could reduce or eliminate the need for photomasks in the production of semiconductors . as of the end of fiscal year 2018 , one alternative method , direct-write lithography , has not been proven to be a commercially viable alternative to photomasks , as it is considered to be too slow for high volume semiconductor wafer production , and we have not experienced a significant loss of revenue as a result of this or other alternative semiconductor design methodologies . however , should direct-write lithography or any other alternative method of transferring ic designs to semiconductor wafers without the use of photomasks achieve market acceptance , and we do not anticipate , respond to , or utilize these or other changing technologies due to resource , technological or other constraints , our business and results of operations could be materially adversely affected . both our revenues and costs have been affected by the increased demand for high-end technology photomasks that require more advanced manufacturing capabilities , but generally command higher average selling prices ( asps ) . our capital expenditure payments aggregated approximately $ 235 million for the three fiscal years ended october 31 , 2018 , which has significantly contributed to our cost of goods sold . we intend to continue to make the required investments to support the technological demands of our customers that we believe will position the company for future growth . in support of this effort , we expect capital expenditure payments to be approximately $ 210 million in fiscal year 2019. the manufacture of photomasks for use in fabricating ics , fpds , and other related products built using comparable photomask-based process technologies has been , and continues to be , capital intensive . our employees and our integrated global manufacturing network , which will expand to eleven manufacturing sites in 2019 , represent a significant portion of our fixed operating cost base . should our revenue decrease as a result of a decrease in design releases from our customers , we may have excess or underutilized production capacity , which could significantly impact our operating margins , or result in write-offs from asset impairments . in the first quarter of fiscal 2019 , pdmc , the company 's majority owned subsidiary in taiwan , paid a dividend of which 49.99 % , or approximately $ 26.0 million , was paid to noncontrolling interests . in november fy2019 , xiamen american japan photronics mask co. , ltd. ( pdmcx ) , an indirect majority owned joint venture subsidiary of photronics , inc. , entered into a commitment letter for an 8-year term loan agreement under which it can borrow up to approximately $ 50.0 million ( the project loan ) . pdmcx will use the project loan to finance certain capital expenditures in china . pdmcx will grant a lien on the land , building and equipment owned by pdmcx as collateral for the project loan . the interest rate of the project loan is based on the benchmark lending rate ( as defined in the project loan agreement ) plus a floating rate spread , of the people 's bank of china on the date of borrowings . we anticipate that interest incurred on this loan will be reimbursed through incentives provided by the xiamen torch hi-tech industrial development zone , up to a certain cap . on november 7 , 2018 , pdmcx entered into a working capital loan agreement with a maximum borrowing limit of approximately $ 25.0 million , ( the working capital loan ) . in november 2018 , we borrowed $ 2.2 million against this loan . pdmcx will use the working capital loan for general financing purposes including for the payment of import and value added taxes . the term of the working capital loan will not exceed three years , and no guarantees were required under the terms of the working capital loan . the interest rate of the working capital loan is based on the benchmark lending rate ( as defined in the working capital loan agreement ) plus a floating rate spread , of the people 's bank of china on the date of borrowings . we anticipate that interest incurred on this loan will be reimbursed through incentives provided by the xiamen torch hi-tech industrial development zone , up to a certain cap . in the fourth quarter of fiscal 2018 , we entered into an amendment to our credit agreement ( the credit agreement ) which allows us to sell , transfer , lease , or otherwise dispose of our assets to a subsidiary guarantor . subsequently , in that same fiscal quarter , we entered into an amended and restated credit agreement ( the new agreement ) that expires in september 2023 , which carried forward the amendment made to the credit agreement . the new agreement , which replaced our prior credit agreement , has a $ 50 million borrowing limit , and a $ 50 million expansion capacity , which represents a $ 25 million increase over the previous credit agreement . story_separator_special_tag the effective income tax rate in q4 fy18 , compared with q3 fy18 , increased primarily due to q3 fy18 nonrecurring tax benefits of $ 1.8 million related to tax audit settlements . the difference was somewhat reduced by an increased tax holiday benefit of $ 1.1 million in q4 fy18 . the effective income tax rate decreased in q4 fy18 , compared with q4 fy17 , primarily due to a greater percentage of the q4 fy17 income before taxes being generated in jurisdictions where the company incurs tax losses that , due to valuation allowances , did not result in the recognition of tax benefits , and an increased benefit of $ 0.9 million from the tax holiday in taiwan . replace_table_token_14_th the decrease in effective income tax rate on a full-year basis in fy18 , compared with fy17 , was primarily due to the recognition of a tax benefit related to $ 3.7 million of alternative minimum tax credits that became fully refundable under us tax reform , an increased benefit of $ 2.4 million from a tax holiday in taiwan , and an increase in the recognition of $ 1.2 million of previously unrecognized tax benefits , which resulted from audit settlements and expirations of assessment period statutes of limitations , partially offset by a greater percentage of the fy17 income before taxes being generated in jurisdictions where the company incurs tax losses that , due to valuation allowances , did not result in the recognition of tax benefits . the increase in effective income tax rate in fy17 , compared with fy16 , was primarily due to recognition of $ 1.0 million of previously unrecognized tax benefits , which arose from audit settlements and expirations of assessment period statutes of limitations . those effects were partially offset by fy16 benefit factors , including : the recognition of $ 2.5 million of previously unrecognized deferred tax assets resulting from improved performance of our fpd operations ; the reversal of previously recognized tax expense of $ 2.4 million that was eliminated by a distribution of the earnings of a foreign subsidiary to its foreign parent ; a higher percentage of income before income taxes , including an $ 8.8 million gain on the sale of an investment in the first quarter of fy16 , generated in jurisdictions where we previously incurred losses that , due to valuation allowances , did not result in recognition of expense . we consider all available evidence when evaluating the potential future realization of deferred tax assets , and when , based on the weight of all available evidence , we determine that it is more likely than not that some portion or all of our deferred tax assets will not be realized , we reduce our deferred tax assets by a valuation allowance . we also regularly assess the potential outcomes of ongoing and future tax examinations and , accordingly , have recorded accruals for such contingencies . included in the balance of unrecognized tax benefits as of october 31 , 2018 , october 29 , 2017 and october 30 , 2016 , are $ 1.9 million , $ 3.4 million and $ 4.6 million , respectively , recorded in other liabilities in the consolidated balance sheets that , if recognized , would impact the effective tax rate . 26 net income attributable to noncontrolling interests q4 fy18 q3 fy18 q4 fy17 fy18 fy17 fy16 net income attributable to noncontrolling interest $ 4.3 $ 6.8 $ 5.1 $ 19.2 $ 8.2 $ 9.5 periods subsequent to fy17 include dnp 's share of the earnings of our ic subsidiary in taiwan , as well as their attribution of losses incurred at our ic facility in china , which will commence operations in the first half of fiscal 2019. for all periods prior to fy18 , substantially all of the net income attributable to noncontrolling interests reflects dnp 's share of the earnings of our ic manufacturing subsidiary in taiwan . story_separator_special_tag private markets . however , we can not assure that additional sources of financing would be available to us on commercially favorable terms , should our capital requirements exceed our existing cash , cash generated by operations , and cash available under our credit facilities . cash requirements our cash requirements in fiscal 2019 will be primarily to : fund our operations ; capital spending , including the completion of constructing and equipping an ic research and development and manufacturing facility in xiamen , china and an fpd manufacturing facility in hefei , china ; and service our debt . we believe that our cash on hand , cash generated from operations and amounts available to borrow will be sufficient to meet our cash requirements for the next twelve months . we regularly review the availability and terms at which we might issue additional equity or debt securities in the public or private markets . however , we can not assure that additional sources of financing would be available to us on commercially favorable terms , should our cash requirements exceed our existing cash and cash available under our credit facilities . 28 contractual obligations the following table presents our contractual obligations as of october 31 , 2018 : replace_table_token_16_th long-term debt of $ 57.5 million in the table above represent our obligation under our 3.25 % senior convertible notes , which mature on april 1 , 2019 , and , at the option of the note holders , may be settled either in cash or by conversion into our common stock . see note 6 to the consolidated financial statements for additional information . as of october 31 , 2018 , the company had recorded accruals for uncertain tax positions and related interest and penalties of $ 1.9 million which were not included in the above table due to the high degree of uncertainty regarding the timing of future payments related to such liabilities . in november fy2019 , xiamen american

