however , we believe the economic uncertainty in europe will continue to affect how we and our competitors are pricing in end markets . in the americas , we experienced pricing pressures in our diy channel while in our wholesale channel we were able to increase pricing for certain products in the second half of the year . we review our business and operating structure on a regular basis and implement restructuring initiatives as needed . the emea 2013 restructuring actions that commenced in 2013 are substantially complete . in 2014 we initiated and completed additional restructuring activities in the americas , asia-pacific and corporate to reduce costs through reductions-in-force and these activities are concluded . we also began various restructuring initiatives in emea in the fourth quarter of 2014 in response to the current market conditions and to better align our internal cost base with the external market environment . please see note 4 of the notes to consolidated financial statements for a more detailed explanation of our restructuring activities . in addition to the restructuring initiatives , we implemented a transformation program in emea in the fourth quarter of 2013. the emea transformation program is designed to realign our european operating strategy from being country specific to pan european focused . under this initiative , we have begun to ( 1 ) develop better sales capabilities through improved product management and enhanced product cross-selling efforts , ( 2 ) drive more efficient sourcing and logistics , and ( 3 ) enhance our focus on emerging market opportunities . we are in the process of aligning our legal and tax structure in accordance with our business structure and to take advantage of favorable tax rates where possible . we expect this project to be ongoing through 2018. we incurred non-recurring deployment costs of approximately $ 7.5 million and $ 1.2 million in 2014 and 2013 , respectively . these non-recurring costs consist primarily of external consulting and it related costs and are exclusive of restructuring expense . we anticipate total non-recurring external deployment costs of $ 5.5 million in 2015 for the emea program . total annual gross savings of approximately $ 5.0 million were achieved in 2014 , approximately $ 11.3 million is expected in 2015 , and forecasted annual savings of $ 19.7 million are anticipated by 2018 . 26 acquisitions and disposals on december 1 , 2014 , we completed the acquisition of aerco international , inc. ( `` aerco `` ) , in a share purchase transaction . the aggregate purchase price was approximately $ 272.2 million and was financed from a borrowing under the company 's credit agreement . the purchase price includes an estimated working capital adjustment of $ 7.7 million and is subject to a final post-closing working capital adjustment . aerco is a leading provider of commercial high-efficiency boilers , water heaters and heating solutions in north america . aerco is based in blauvelt , new york and its products are distributed for commercial and municipal use primarily in north america . aerco strengthens our strategic vision to expand into heat source products and strengthens our solutions and system offerings . aerco 's annual revenues for 2014 were approximately $ 100 million , of which $ 5.3 million was included in our 2014 consolidated financial statements . please see note 5 of the notes to consolidated financial statements for additional information regarding operating results of aerco . on august 1 , 2013 , the company completed the sale of all of the outstanding shares of an indirectly wholly-owned subsidiary , austroflex , receiving net cash proceeds of $ 7.9 million . we chose to divest austroflex because it did not meet performance expectations . the loss after tax on disposal of the business was approximately $ 2.2 million . further , during the year ended december 31 , 2011 , the company wrote down austroflex 's long-lived assets by $ 14.8 million . austroflex 's results of operations were presented as discontinued operations for 2013 and 2012. please see note 3 of the notes to consolidated financial statements for additional information regarding operating results of austroflex . on december 21 , 2012 , we disposed of the outstanding shares of flomatic corporation ( flomatic ) , to a third party in an all cash transaction . flomatic was acquired as part of the danfoss socla s.a.s . ( socla ) acquisition in april 2011. flomatic specializes in manufacturing various valves for the well water industry , a product line not core to our business . the operating results of flomatic were classified in discontinued operations and a net loss on disposal of approximately $ 3.8 million was charged to discontinued operations in 2012. on january 31 , 2012 , we completed the acquisition of tekmar control systems ( tekmar ) , a designer and manufacturer of control systems used in heating , ventilation , and air conditioning applications , in a share purchase transaction . the initial purchase price paid was approximately $ 17.8 million and a contingent liability of $ 5.1 million was recognized as the estimate of the acquisition date fair value of the earn-out . the contingent liability was increased by $ 0.5 million and $ 1.0 million during 2014 and 2013 , respectively , based on performance metrics achieved or expected to be achieved . a portion of the contingent consideration was paid out during 2014 and 2013 , in the amount of $ 2.2 million and $ 1.2 million , respectively , and the remaining 2015 payment is estimated to be $ 2.5 million . story_separator_special_tag the goodwill impairment was based on historical results being below our expectations and a reduction in the expected future cash flows to be generated by brae . see note 2 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding these impairments . operating income . operating income by geographic segment for 2013 and 2012 was as follows : replace_table_token_18_th the change in operating income was attributable to the following : replace_table_token_19_th the decrease in consolidated organic operating income was due primarily to an increase in sg & a expenses , as previously discussed . acquired operating income relates to the tekmar acquisition . the increase in restructuring , impairment charges and other from 2013 to 2012 is primarily driven by the emea restructuring programs , as previously discussed . the net increase in operating income from foreign exchange was primarily due to the appreciation of the euro against the u.s. dollar . we can not predict whether the euro will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our operating income . 34 as of january 1 , 2014 , we began allocating certain expenses to our three operating segments that had previously been recorded as corporate expenses . these expenses primarily include stock compensation , legal expenses and audit expenses that are directly attributable to and benefit the three operating segments . the 2013 and 2012 results have been retrospectively revised for comparative purposes . interest expense . interest expense decreased $ 3.1 million , or 12.6 % , in 2013 compared to 2012 , primarily due to the retirement in mid-may 2013 of $ 75 million in unsecured senior notes and to a lower balance outstanding on our stand-by letters of credit . see note 10 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding financing arrangements . other expense ( income ) , net . other expense ( income ) , net increased $ 3.6 million in 2013 compared to 2012 , primarily due to foreign currency transaction losses in the americas , emea and asia-pacific as a result of the appreciation of the chinese yuan and the euro against the u.s. dollar and appreciation of the u.s. dollar against the canadian dollar in 2013. in addition , a favorable customs settlement recorded in 2012 did not repeat in 2013. income taxes . our effective tax rate for continuing operations increased to 30.6 % in 2013 from 29.7 % in 2012. the 2013 rate is up slightly due to a change in tax laws in france that limited intercompany interest deductions . in 2012 , the rate was favorably impacted by the release of a tax reserve following the completion of a european tax audit . net income from continuing operations . net income from continuing operations for 2013 was $ 60.9 million , or $ 1.71 per common share , compared to $ 70.4 million , or $ 1.95 per common share , for 2012. results for 2013 include net after-tax charges of $ 18.3 million , or $ 0.51 per common share , including legal settlement charges of $ 0.26 , restructuring and other net charges of $ 0.17 , goodwill and other long-lived asset impairments of $ 0.04 , earnout adjustments of $ 0.02 and emea transformation deployment costs of $ 0.02. results for 2012 include net after-tax charges of $ 8.1 million , or $ 0.22 per common share , including restructuring and other net charges of $ 0.07 , goodwill and other long-lived asset impairments of $ 0.07 , a charge to adjust the twvc gain of $ 0.04 , retention costs for our former chief financial officer of $ 0.03 , net legal/customs settlement charges of $ 0.02 , and other net credits of $ 0.01 , primarily related to a favorable tax adjustment due to a change in 2012 in italian tax rules . the appreciation primarily of the euro against the u.s. dollar in 2013 resulted in a positive impact on our operations of $ 0.03 per common share compared to 2012. we can not predict whether the euro , canadian dollar or chinese yuan will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our net income . loss from discontinued operations . loss from discontinued operations in 2013 of $ 2.3 million , or ( $ 0.07 ) per common share , was related to the operations and loss on disposal of austroflex . see note 3 of notes to consolidated financial statements . story_separator_special_tag style= `` font-family : times ; `` > as of december 31 , 2014 , our actual financial ratios calculated in accordance with our credit agreement compared to the required levels under the credit agreement were as follows : actual ratio required level minimum level ​ ​ ​ ​ ​ interest charge coverage ratio 9.00 to 1.00 3.50 to 1.00 maximum level ​ ​ ​ ​ ​ leverage ratio 1.49 to 1.00 3.25 to 1.00 as of december 31 , 2014 , we were in compliance with all covenants related to the credit agreement and had $ 201.4 million of unused and available credit under the credit agreement and $ 23.6 million of stand-by letters of credit outstanding on the credit agreement . the company had $ 275.0 million of borrowings outstanding under the credit agreement at december 31 , 2014. we have several senior note agreements as further detailed in note 10 of notes to consolidated financial statements . these senior note agreements require us to maintain a fixed charge coverage ratio of consolidated ebitda plus consolidated rent expense during the period to consolidated fixed charges . consolidated fixed charges are the sum of consolidated interest expense for the period

liquidity and capital resources 2014 cash flows in 2014 , we generated $ 135.2 million of cash from operating activities as compared to $ 118.3 million in 2013. the increase was primarily due to inventory reduction efforts mostly in the americas and strong accounts receivable collections , offset by reductions in accounts payable in the current year related to the prior year build-up of lead free inventory late in 2013. we generated approximately $ 111.9 million of free cash flow ( a non-gaap financial measure , which we reconcile below , defined as net cash provided by continuing operating activities minus capital expenditures plus 35 proceeds from sale of assets ) , compared to free cash flow of $ 92.1 million in 2013. free cash flow as a percentage of net income from continuing operations was 222.5 % in 2014 as compared to 151.2 % in 2013. in 2014 , we used $ 295.5 million of net cash for investing activities , including $ 272.2 million for the purchase of aerco and $ 23.7 million of cash for capital equipment . we anticipate investing approximately $ 30 million to $ 35 million in capital equipment in 2015 to improve our manufacturing capabilities . in 2014 , we generated $ 220.8 million of net cash from financing activities . cash provided by financing activities was primarily due to the $ 275.0 million borrowings under our credit agreement to fund the aerco acquisition and by proceeds of $ 11.8 million from option exercises under the employee stock plans , offset by payments to repurchase approximately 670,000 shares of class a common stock at a cost of $ 39.6 million and payment of dividends of $ 20.5 million . on february 18 , 2014 , we terminated a prior credit agreement and entered into a new credit agreement ( the credit agreement ) among the company , certain subsidiaries of the company who become borrowers under the credit agreement , jpmorgan chase bank , n.a. , as administrative agent , swing line lender and letter of credit issuer , and the other lenders referred to therein .


 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 2014 cash flows in 2014 , we generated $ 135.2 million of cash from operating activities as compared to $ 118.3 million in 2013. the increase was primarily due to inventory reduction efforts mostly in the americas and strong accounts receivable collections , offset by reductions in accounts payable in the current year related to the prior year build-up of lead free inventory late in 2013. we generated approximately $ 111.9 million of free cash flow ( a non-gaap financial measure , which we reconcile below , defined as net cash provided by continuing operating activities minus capital expenditures plus 35 proceeds from sale of assets ) , compared to free cash flow of $ 92.1 million in 2013. free cash flow as a percentage of net income from continuing operations was 222.5 % in 2014 as compared to 151.2 % in 2013. in 2014 , we used $ 295.5 million of net cash for investing activities , including $ 272.2 million for the purchase of aerco and $ 23.7 million of cash for capital equipment . we anticipate investing approximately $ 30 million to $ 35 million in capital equipment in 2015 to improve our manufacturing capabilities . in 2014 , we generated $ 220.8 million of net cash from financing activities . cash provided by financing activities was primarily due to the $ 275.0 million borrowings under our credit agreement to fund the aerco acquisition and by proceeds of $ 11.8 million from option exercises under the employee stock plans , offset by payments to repurchase approximately 670,000 shares of class a common stock at a cost of $ 39.6 million and payment of dividends of $ 20.5 million . on february 18 , 2014 , we terminated a prior credit agreement and entered into a new credit agreement ( the credit agreement ) among the company , certain subsidiaries of the company who become borrowers under the credit agreement , jpmorgan chase bank , n.a. , as administrative agent , swing line lender and letter of credit issuer , and the other lenders referred to therein .
```    
 Suspicious Activity Report : however , we believe the economic uncertainty in europe will continue to affect how we and our competitors are pricing in end markets . in the americas , we experienced pricing pressures in our diy channel while in our wholesale channel we were able to increase pricing for certain products in the second half of the year . we review our business and operating structure on a regular basis and implement restructuring initiatives as needed . the emea 2013 restructuring actions that commenced in 2013 are substantially complete . in 2014 we initiated and completed additional restructuring activities in the americas , asia-pacific and corporate to reduce costs through reductions-in-force and these activities are concluded . we also began various restructuring initiatives in emea in the fourth quarter of 2014 in response to the current market conditions and to better align our internal cost base with the external market environment . please see note 4 of the notes to consolidated financial statements for a more detailed explanation of our restructuring activities . in addition to the restructuring initiatives , we implemented a transformation program in emea in the fourth quarter of 2013. the emea transformation program is designed to realign our european operating strategy from being country specific to pan european focused . under this initiative , we have begun to ( 1 ) develop better sales capabilities through improved product management and enhanced product cross-selling efforts , ( 2 ) drive more efficient sourcing and logistics , and ( 3 ) enhance our focus on emerging market opportunities . we are in the process of aligning our legal and tax structure in accordance with our business structure and to take advantage of favorable tax rates where possible . we expect this project to be ongoing through 2018. we incurred non-recurring deployment costs of approximately $ 7.5 million and $ 1.2 million in 2014 and 2013 , respectively . these non-recurring costs consist primarily of external consulting and it related costs and are exclusive of restructuring expense . we anticipate total non-recurring external deployment costs of $ 5.5 million in 2015 for the emea program . total annual gross savings of approximately $ 5.0 million were achieved in 2014 , approximately $ 11.3 million is expected in 2015 , and forecasted annual savings of $ 19.7 million are anticipated by 2018 . 26 acquisitions and disposals on december 1 , 2014 , we completed the acquisition of aerco international , inc. ( `` aerco `` ) , in a share purchase transaction . the aggregate purchase price was approximately $ 272.2 million and was financed from a borrowing under the company 's credit agreement . the purchase price includes an estimated working capital adjustment of $ 7.7 million and is subject to a final post-closing working capital adjustment . aerco is a leading provider of commercial high-efficiency boilers , water heaters and heating solutions in north america . aerco is based in blauvelt , new york and its products are distributed for commercial and municipal use primarily in north america . aerco strengthens our strategic vision to expand into heat source products and strengthens our solutions and system offerings . aerco 's annual revenues for 2014 were approximately $ 100 million , of which $ 5.3 million was included in our 2014 consolidated financial statements . please see note 5 of the notes to consolidated financial statements for additional information regarding operating results of aerco . on august 1 , 2013 , the company completed the sale of all of the outstanding shares of an indirectly wholly-owned subsidiary , austroflex , receiving net cash proceeds of $ 7.9 million . we chose to divest austroflex because it did not meet performance expectations . the loss after tax on disposal of the business was approximately $ 2.2 million . further , during the year ended december 31 , 2011 , the company wrote down austroflex 's long-lived assets by $ 14.8 million . austroflex 's results of operations were presented as discontinued operations for 2013 and 2012. please see note 3 of the notes to consolidated financial statements for additional information regarding operating results of austroflex . on december 21 , 2012 , we disposed of the outstanding shares of flomatic corporation ( flomatic ) , to a third party in an all cash transaction . flomatic was acquired as part of the danfoss socla s.a.s . ( socla ) acquisition in april 2011. flomatic specializes in manufacturing various valves for the well water industry , a product line not core to our business . the operating results of flomatic were classified in discontinued operations and a net loss on disposal of approximately $ 3.8 million was charged to discontinued operations in 2012. on january 31 , 2012 , we completed the acquisition of tekmar control systems ( tekmar ) , a designer and manufacturer of control systems used in heating , ventilation , and air conditioning applications , in a share purchase transaction . the initial purchase price paid was approximately $ 17.8 million and a contingent liability of $ 5.1 million was recognized as the estimate of the acquisition date fair value of the earn-out . the contingent liability was increased by $ 0.5 million and $ 1.0 million during 2014 and 2013 , respectively , based on performance metrics achieved or expected to be achieved . a portion of the contingent consideration was paid out during 2014 and 2013 , in the amount of $ 2.2 million and $ 1.2 million , respectively , and the remaining 2015 payment is estimated to be $ 2.5 million . story_separator_special_tag the goodwill impairment was based on historical results being below our expectations and a reduction in the expected future cash flows to be generated by brae . see note 2 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding these impairments . operating income . operating income by geographic segment for 2013 and 2012 was as follows : replace_table_token_18_th the change in operating income was attributable to the following : replace_table_token_19_th the decrease in consolidated organic operating income was due primarily to an increase in sg & a expenses , as previously discussed . acquired operating income relates to the tekmar acquisition . the increase in restructuring , impairment charges and other from 2013 to 2012 is primarily driven by the emea restructuring programs , as previously discussed . the net increase in operating income from foreign exchange was primarily due to the appreciation of the euro against the u.s. dollar . we can not predict whether the euro will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our operating income . 34 as of january 1 , 2014 , we began allocating certain expenses to our three operating segments that had previously been recorded as corporate expenses . these expenses primarily include stock compensation , legal expenses and audit expenses that are directly attributable to and benefit the three operating segments . the 2013 and 2012 results have been retrospectively revised for comparative purposes . interest expense . interest expense decreased $ 3.1 million , or 12.6 % , in 2013 compared to 2012 , primarily due to the retirement in mid-may 2013 of $ 75 million in unsecured senior notes and to a lower balance outstanding on our stand-by letters of credit . see note 10 of notes to consolidated financial statements in this annual report on form 10-k , for additional information regarding financing arrangements . other expense ( income ) , net . other expense ( income ) , net increased $ 3.6 million in 2013 compared to 2012 , primarily due to foreign currency transaction losses in the americas , emea and asia-pacific as a result of the appreciation of the chinese yuan and the euro against the u.s. dollar and appreciation of the u.s. dollar against the canadian dollar in 2013. in addition , a favorable customs settlement recorded in 2012 did not repeat in 2013. income taxes . our effective tax rate for continuing operations increased to 30.6 % in 2013 from 29.7 % in 2012. the 2013 rate is up slightly due to a change in tax laws in france that limited intercompany interest deductions . in 2012 , the rate was favorably impacted by the release of a tax reserve following the completion of a european tax audit . net income from continuing operations . net income from continuing operations for 2013 was $ 60.9 million , or $ 1.71 per common share , compared to $ 70.4 million , or $ 1.95 per common share , for 2012. results for 2013 include net after-tax charges of $ 18.3 million , or $ 0.51 per common share , including legal settlement charges of $ 0.26 , restructuring and other net charges of $ 0.17 , goodwill and other long-lived asset impairments of $ 0.04 , earnout adjustments of $ 0.02 and emea transformation deployment costs of $ 0.02. results for 2012 include net after-tax charges of $ 8.1 million , or $ 0.22 per common share , including restructuring and other net charges of $ 0.07 , goodwill and other long-lived asset impairments of $ 0.07 , a charge to adjust the twvc gain of $ 0.04 , retention costs for our former chief financial officer of $ 0.03 , net legal/customs settlement charges of $ 0.02 , and other net credits of $ 0.01 , primarily related to a favorable tax adjustment due to a change in 2012 in italian tax rules . the appreciation primarily of the euro against the u.s. dollar in 2013 resulted in a positive impact on our operations of $ 0.03 per common share compared to 2012. we can not predict whether the euro , canadian dollar or chinese yuan will appreciate or depreciate against the u.s. dollar in future periods or whether future foreign exchange rate fluctuations will have a positive or negative impact on our net income . loss from discontinued operations . loss from discontinued operations in 2013 of $ 2.3 million , or ( $ 0.07 ) per common share , was related to the operations and loss on disposal of austroflex . see note 3 of notes to consolidated financial statements . story_separator_special_tag style= `` font-family : times ; `` > as of december 31 , 2014 , our actual financial ratios calculated in accordance with our credit agreement compared to the required levels under the credit agreement were as follows : actual ratio required level minimum level ​ ​ ​ ​ ​ interest charge coverage ratio 9.00 to 1.00 3.50 to 1.00 maximum level ​ ​ ​ ​ ​ leverage ratio 1.49 to 1.00 3.25 to 1.00 as of december 31 , 2014 , we were in compliance with all covenants related to the credit agreement and had $ 201.4 million of unused and available credit under the credit agreement and $ 23.6 million of stand-by letters of credit outstanding on the credit agreement . the company had $ 275.0 million of borrowings outstanding under the credit agreement at december 31 , 2014. we have several senior note agreements as further detailed in note 10 of notes to consolidated financial statements . these senior note agreements require us to maintain a fixed charge coverage ratio of consolidated ebitda plus consolidated rent expense during the period to consolidated fixed charges . consolidated fixed charges are the sum of consolidated interest expense for the period

