providing ultrasonic water meter technology , combined with advanced radio technology , provides the company with the opportunity to sell into other geographical markets , for example the middle east and europe . the flow instrumentation product line includes meters and valves sold worldwide to measure and control fluids going through a pipe or pipeline including water , air , steam , oil , and other liquids and gases . these products are used in a variety of industries and applications , with the company 's primary market focus being water/wastewater ; heating , ventilating and air conditioning ( hvac ) ; oil and gas , and chemical and petrochemical . flow instrumentation products are generally sold to original equipment manufacturers as the primary flow measurement device within a product or system , as well as through manufacturers ' representatives . municipal water meters ( both residential and commercial ) are generally classified as either manually read meters or remotely read meters via radio technology . a manually read meter consists of a water meter and a register that provides a visual totalized meter reading . meters equipped with radio technology ( endpoints ) receive flow measurement data from battery-powered encoder registers attached to the water meter , which is encrypted and transmitted via radio frequency to a receiver that collects and formats the data appropriately for water utility usage and billing systems . these remotely read systems are classified as either automatic meter reading ( amr ) systems , where a vehicle equipped for meter reading purposes , including a radio receiver , computer and reading software , collects the data from utilities ' meters ; or advanced metering infrastructure ( ami ) systems , where data is gathered utilizing a network ( either fixed or cellular ) of data collectors or gateway receivers that are able to receive radio data transmission from the utilities ' meters . ami systems eliminate the need for utility personnel to drive through service territories to collect data from the meters . these systems provide the utilities with more frequent and diverse data from their meters at specified intervals . the orion branded family of radio endpoints provides water utilities with a range of industry-leading options for meter reading . these include orion migratable ( me ) for amr meter reading , orion ( se ) for traditional fixed network applications , and orion cellular for an infrastructure-free meter reading solution . orion migratable makes the migration to fixed network easier for utilities that prefer to start with mobile reading and later adopt fixed network communications , allowing utilities to choose a solution for their current needs and be positioned for their future operational changes . orion cellular eliminates the need for utility-owned fixed network infrastructure , allows for gradual or full deployment , and decreases ongoing maintenance . critical to the water metering ecosystem is information and analytics . the company 's beacon advanced metering analytics ( ama ) software suite improves the utilities ' visibility of their water and water usage . beacon ama is a secure , cloud-hosted software suite that includes a customizable dashboard , and has the ability to establish alerts for specific conditions . it also allows for consumer engagement tools that permit end water users ( such as homeowners ) to view and manage their water usage activity . benefits to the utility include improved customer service , increased visibility through faster leak detection , the ability to promote and quantify the effects of its water conservation efforts , and easier compliance reporting . water meter replacement and the adoption and deployment of new technology comprise the majority of water meter product sales , including radio products . to a much lesser extent , housing starts also contribute to the new product sales base . over the last decade , there has been a growing trend in the conversion from manually read water meters to meters with radio technology . this conversion rate is accelerating , with the company estimating that approximately just over 60 % of water meters installed in the united states have been converted to a radio solution technology . 15 the company 's net sales and corresponding net earnings depend on unit volume and product mix , with the company generally earning higher average selling prices and margins on meters equipped with radio technology , and higher margins on ultrasonic compared to mechanical meters . the company 's proprietary radio products ( i.e . orion ) , which comprise the majority of its radio sales , generally result in higher margins than remarketed , non-proprietary technology products . the company also sells registers and endpoints separately to customers who wish to upgrade their existing meters in the field . flow instrumentation products are used in flow measurement and control applications across a broad industrial spectrum , occasionally leveraging the same technologies used in the municipal water category . specialized communication protocols that control the entire flow measurement process and mandatory certifications drive these markets . the company provides both standard and customized flow instrumentation solutions . the industries served by the company 's flow instrumentation products face accelerating demands to contain costs , reduce product variability , and meet ever-changing safety , regulatory and sustainability requirements . to address these challenges , customers must reap more value from every component in their systems . this system-wide scrutiny has heightened the focus on flow instrumentation in industrial process , manufacturing , commercial fluid , building automation and precision engineering applications where flow measurement and control are critical . story_separator_special_tag the grant date fair value of stock options relies on assumptions including the risk-free interest rate , dividend yield , market volatility and expected option life . 20 in calculating the provision for income taxes on an interim basis , the company uses an estimate of the annual effective tax rate based upon the facts and circumstances known at each interim period . on a quarterly basis , the actual effective tax rate is adjusted as appropriate based upon the actual results compared to those forecasted at the beginning of the fiscal year . deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled . the reserve for uncertain income tax positions is a matter of judgment based on an evaluation of the individual facts and circumstances of each tax position in light of all available evidence , including historic data and current trends . a tax benefit is recognized when it is “ more likely than not ” to be sustained based solely on the technical merits of each tax position . the company evaluates and updates all o f these assumptions quarterly . goodwill impairment , if any , is determined by comparing the fair value of the reporting unit with its carrying value and is reviewed at least annually . actual results may differ from these estimates . other matters the company is subject to contingencies related to environmental laws and regulations . a future change in circumstances with respect to these specific matters or with respect to sites formerly or currently owned or operated by the company , off-site disposal locations used by the company , and property owned by third parties that is near such sites , could result in future costs to the company and such amounts could be material . expenditures for compliance with environmental control provisions and regulations during 2019 , 2018 and 2017 were not material . see the “ special note regarding forward looking statements ” at the front of this annual report on form 10-k and part i , item 1a “ risk factors ” in this annual report on form 10-k for the year ended december 31 , 2019 for a discussion of risks and uncertainties that could impact the company 's financial performance and results of operations . market risks in the ordinary course of business , the company is exposed to various market risks . the company operates in an environment where competition varies from moderate to strong . the company believes it currently provides the leading technology in water meters and radio systems for water utilities . a number of the company 's competitors in certain markets have greater financial resources . competitors also include alliance partners that sell products that do or may compete with our products . as the global water metering market begins to shift to adopt static metering technology , the number of competitors may increase . we believe new static metering market entrants lack brand recognition and product breadth and do not have the appropriate utility sales channels to meaningfully compete in the north american market . in addition , the market 's level of acceptance of the company 's newer product offerings , including the beacon ama system , may have a significant effect on the company 's results of operations . as a result of significant research and development activities , the company enjoys favorable patent positions for several of its products . the company 's ability to generate operating income and to increase profitability depends somewhat on the general conditions of the united states and foreign economies , including to some extent such things as the length and severity of global economic downturns ; the timing and size of governmental programs such as stimulus fund programs , as well as the impact of government budget cuts or partial shutdowns of governmental operations ; international or civil conflicts that affect international trade ; the ability of municipal water utility customers to authorize and finance purchases of the company 's products ; the company 's ability to obtain financing ; housing starts in the united states ; and overall industrial activity . in addition , changes in governmental laws and regulations , particularly laws dealing with the content or handling of materials , customs or trade practices , may impact the results of operations . these factors are largely beyond the company 's control and depend on the economic condition and regulatory environment of the geographic region of the company 's operations . the company relies on single suppliers for certain castings and components in several of its product lines . although alternate sources of supply exist for these items , the loss of certain suppliers could temporarily disrupt operations in the short term . the company attempts to mitigate these risks by working closely with key suppliers , purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate . raw materials used in the manufacture of the company 's products include purchased castings made of metal or alloys ( such as brass , which uses copper as its main component , aluminum , stainless steel and cast iron ) , plastic resins , glass , microprocessors and other electronic subassemblies , and components . the company does not hold significant amounts of precious metals . the price and availability of raw materials is influenced by economic and industry conditions , including supply and demand factors that are difficult to anticipate and can not be controlled by the company . commodity risk is managed by keeping abreast of economic conditions and locking in purchase prices for quantities that correspond to the company 's forecasted usage . 21 the company 's foreign currency risk relates to the sales of products to foreign customers and purchases of material from foreign vendors . the company uses

liquidity and capital resources the main sources of liquidity for the company are cash from operations and borrowing capacity . in addition , depending on market conditions , the company may access the capital markets to strengthen its capital position and to provide additional liquidity for general corporate purposes . primary working capital we use primary working capital ( pwc ) as a percentage of sales as a key metric for working capital efficiency . we define this metric as the sum of receivables and inventories less payables , divided by annual net sales . the following table shows the components of our pwc ( in millions ) : replace_table_token_3_th overall pwc decreased $ 12.8 million as the company undertook several working capital improvement actions during the year . receivables at december 31 , 2019 were $ 61.4 million compared to $ 66.3 million at the end of 2018. the decrease was due to robust collection efforts and active monitoring processes instituted during the year . the company believes its receivables balance is fully collectible . inventories at december 31 , 2019 were $ 81.9 million , a modest increase from $ 80.8 million at december 31 , 2018 , primarily to support the backlog of orders and new product launches . payables at december 31 , 2019 were $ 31.5 million , up from $ 22.5 million at the end of 2018 due to the negotiation of advantageous payment terms with suppliers . cash provided by operations cash provided by operations in 2019 was $ 80.7 million compared to $ 60.4 million in 2018. the increase from 2018 was driven primarily by improved working capital management as well as higher operating earnings ( excluding the non-cash pension termination settlement charges ) . operating cash flow was more than adequate to fund capital expenditures of $ 7.5 million along with dividends of $ 18.6 million and $ 5.2 million in share repurchases to offset equity compensation dilution .


 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 the main sources of liquidity for the company are cash from operations and borrowing capacity . in addition , depending on market conditions , the company may access the capital markets to strengthen its capital position and to provide additional liquidity for general corporate purposes . primary working capital we use primary working capital ( pwc ) as a percentage of sales as a key metric for working capital efficiency . we define this metric as the sum of receivables and inventories less payables , divided by annual net sales . the following table shows the components of our pwc ( in millions ) : replace_table_token_3_th overall pwc decreased $ 12.8 million as the company undertook several working capital improvement actions during the year . receivables at december 31 , 2019 were $ 61.4 million compared to $ 66.3 million at the end of 2018. the decrease was due to robust collection efforts and active monitoring processes instituted during the year . the company believes its receivables balance is fully collectible . inventories at december 31 , 2019 were $ 81.9 million , a modest increase from $ 80.8 million at december 31 , 2018 , primarily to support the backlog of orders and new product launches . payables at december 31 , 2019 were $ 31.5 million , up from $ 22.5 million at the end of 2018 due to the negotiation of advantageous payment terms with suppliers . cash provided by operations cash provided by operations in 2019 was $ 80.7 million compared to $ 60.4 million in 2018. the increase from 2018 was driven primarily by improved working capital management as well as higher operating earnings ( excluding the non-cash pension termination settlement charges ) . operating cash flow was more than adequate to fund capital expenditures of $ 7.5 million along with dividends of $ 18.6 million and $ 5.2 million in share repurchases to offset equity compensation dilution .
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 Suspicious Activity Report : providing ultrasonic water meter technology , combined with advanced radio technology , provides the company with the opportunity to sell into other geographical markets , for example the middle east and europe . the flow instrumentation product line includes meters and valves sold worldwide to measure and control fluids going through a pipe or pipeline including water , air , steam , oil , and other liquids and gases . these products are used in a variety of industries and applications , with the company 's primary market focus being water/wastewater ; heating , ventilating and air conditioning ( hvac ) ; oil and gas , and chemical and petrochemical . flow instrumentation products are generally sold to original equipment manufacturers as the primary flow measurement device within a product or system , as well as through manufacturers ' representatives . municipal water meters ( both residential and commercial ) are generally classified as either manually read meters or remotely read meters via radio technology . a manually read meter consists of a water meter and a register that provides a visual totalized meter reading . meters equipped with radio technology ( endpoints ) receive flow measurement data from battery-powered encoder registers attached to the water meter , which is encrypted and transmitted via radio frequency to a receiver that collects and formats the data appropriately for water utility usage and billing systems . these remotely read systems are classified as either automatic meter reading ( amr ) systems , where a vehicle equipped for meter reading purposes , including a radio receiver , computer and reading software , collects the data from utilities ' meters ; or advanced metering infrastructure ( ami ) systems , where data is gathered utilizing a network ( either fixed or cellular ) of data collectors or gateway receivers that are able to receive radio data transmission from the utilities ' meters . ami systems eliminate the need for utility personnel to drive through service territories to collect data from the meters . these systems provide the utilities with more frequent and diverse data from their meters at specified intervals . the orion branded family of radio endpoints provides water utilities with a range of industry-leading options for meter reading . these include orion migratable ( me ) for amr meter reading , orion ( se ) for traditional fixed network applications , and orion cellular for an infrastructure-free meter reading solution . orion migratable makes the migration to fixed network easier for utilities that prefer to start with mobile reading and later adopt fixed network communications , allowing utilities to choose a solution for their current needs and be positioned for their future operational changes . orion cellular eliminates the need for utility-owned fixed network infrastructure , allows for gradual or full deployment , and decreases ongoing maintenance . critical to the water metering ecosystem is information and analytics . the company 's beacon advanced metering analytics ( ama ) software suite improves the utilities ' visibility of their water and water usage . beacon ama is a secure , cloud-hosted software suite that includes a customizable dashboard , and has the ability to establish alerts for specific conditions . it also allows for consumer engagement tools that permit end water users ( such as homeowners ) to view and manage their water usage activity . benefits to the utility include improved customer service , increased visibility through faster leak detection , the ability to promote and quantify the effects of its water conservation efforts , and easier compliance reporting . water meter replacement and the adoption and deployment of new technology comprise the majority of water meter product sales , including radio products . to a much lesser extent , housing starts also contribute to the new product sales base . over the last decade , there has been a growing trend in the conversion from manually read water meters to meters with radio technology . this conversion rate is accelerating , with the company estimating that approximately just over 60 % of water meters installed in the united states have been converted to a radio solution technology . 15 the company 's net sales and corresponding net earnings depend on unit volume and product mix , with the company generally earning higher average selling prices and margins on meters equipped with radio technology , and higher margins on ultrasonic compared to mechanical meters . the company 's proprietary radio products ( i.e . orion ) , which comprise the majority of its radio sales , generally result in higher margins than remarketed , non-proprietary technology products . the company also sells registers and endpoints separately to customers who wish to upgrade their existing meters in the field . flow instrumentation products are used in flow measurement and control applications across a broad industrial spectrum , occasionally leveraging the same technologies used in the municipal water category . specialized communication protocols that control the entire flow measurement process and mandatory certifications drive these markets . the company provides both standard and customized flow instrumentation solutions . the industries served by the company 's flow instrumentation products face accelerating demands to contain costs , reduce product variability , and meet ever-changing safety , regulatory and sustainability requirements . to address these challenges , customers must reap more value from every component in their systems . this system-wide scrutiny has heightened the focus on flow instrumentation in industrial process , manufacturing , commercial fluid , building automation and precision engineering applications where flow measurement and control are critical . story_separator_special_tag the grant date fair value of stock options relies on assumptions including the risk-free interest rate , dividend yield , market volatility and expected option life . 20 in calculating the provision for income taxes on an interim basis , the company uses an estimate of the annual effective tax rate based upon the facts and circumstances known at each interim period . on a quarterly basis , the actual effective tax rate is adjusted as appropriate based upon the actual results compared to those forecasted at the beginning of the fiscal year . deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled . the reserve for uncertain income tax positions is a matter of judgment based on an evaluation of the individual facts and circumstances of each tax position in light of all available evidence , including historic data and current trends . a tax benefit is recognized when it is “ more likely than not ” to be sustained based solely on the technical merits of each tax position . the company evaluates and updates all o f these assumptions quarterly . goodwill impairment , if any , is determined by comparing the fair value of the reporting unit with its carrying value and is reviewed at least annually . actual results may differ from these estimates . other matters the company is subject to contingencies related to environmental laws and regulations . a future change in circumstances with respect to these specific matters or with respect to sites formerly or currently owned or operated by the company , off-site disposal locations used by the company , and property owned by third parties that is near such sites , could result in future costs to the company and such amounts could be material . expenditures for compliance with environmental control provisions and regulations during 2019 , 2018 and 2017 were not material . see the “ special note regarding forward looking statements ” at the front of this annual report on form 10-k and part i , item 1a “ risk factors ” in this annual report on form 10-k for the year ended december 31 , 2019 for a discussion of risks and uncertainties that could impact the company 's financial performance and results of operations . market risks in the ordinary course of business , the company is exposed to various market risks . the company operates in an environment where competition varies from moderate to strong . the company believes it currently provides the leading technology in water meters and radio systems for water utilities . a number of the company 's competitors in certain markets have greater financial resources . competitors also include alliance partners that sell products that do or may compete with our products . as the global water metering market begins to shift to adopt static metering technology , the number of competitors may increase . we believe new static metering market entrants lack brand recognition and product breadth and do not have the appropriate utility sales channels to meaningfully compete in the north american market . in addition , the market 's level of acceptance of the company 's newer product offerings , including the beacon ama system , may have a significant effect on the company 's results of operations . as a result of significant research and development activities , the company enjoys favorable patent positions for several of its products . the company 's ability to generate operating income and to increase profitability depends somewhat on the general conditions of the united states and foreign economies , including to some extent such things as the length and severity of global economic downturns ; the timing and size of governmental programs such as stimulus fund programs , as well as the impact of government budget cuts or partial shutdowns of governmental operations ; international or civil conflicts that affect international trade ; the ability of municipal water utility customers to authorize and finance purchases of the company 's products ; the company 's ability to obtain financing ; housing starts in the united states ; and overall industrial activity . in addition , changes in governmental laws and regulations , particularly laws dealing with the content or handling of materials , customs or trade practices , may impact the results of operations . these factors are largely beyond the company 's control and depend on the economic condition and regulatory environment of the geographic region of the company 's operations . the company relies on single suppliers for certain castings and components in several of its product lines . although alternate sources of supply exist for these items , the loss of certain suppliers could temporarily disrupt operations in the short term . the company attempts to mitigate these risks by working closely with key suppliers , purchasing minimal amounts from alternative suppliers and by purchasing business interruption insurance where appropriate . raw materials used in the manufacture of the company 's products include purchased castings made of metal or alloys ( such as brass , which uses copper as its main component , aluminum , stainless steel and cast iron ) , plastic resins , glass , microprocessors and other electronic subassemblies , and components . the company does not hold significant amounts of precious metals . the price and availability of raw materials is influenced by economic and industry conditions , including supply and demand factors that are difficult to anticipate and can not be controlled by the company . commodity risk is managed by keeping abreast of economic conditions and locking in purchase prices for quantities that correspond to the company 's forecasted usage . 21 the company 's foreign currency risk relates to the sales of products to foreign customers and purchases of material from foreign vendors . the company uses

