these performance improvements were also achieved despite an overall sluggish global economy and other headwinds , such as foreign exchange . this performance drove the fifth consecutive year of revenue , operating income and adjusted ebitda growth , as well as total shareholder return of approximately 21 % , due to the company 's continued dividend and stock price appreciation . overall , the company 's liquidity remains a strength , as its consolidated leverage ratio continues to be less than one times ebitda , despite added borrowings for its record year of acquisition activity . as the company looks to 2015 , the company expects further market share gains from its recent acquisitions and other strategic initiatives . however , the company continues to operate in a highly competitive and uncertain environment , with economic challenges in certain areas among its four regions , such as brazil . the company believes that its track record of increasing market share and leveraging recent acquisitions will continue , which should help offset potential market challenges . on balance , the company remains confident in its future and expects 2015 to be another good year for quaker , as the company strives to increase revenue , operating income and adjusted ebitda for a sixth consecutive year . critical accounting policies and estimates quaker 's discussion and analysis of its financial condition and results of operations are based upon quaker 's consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . the preparation of these financial statements requires quaker to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , quaker evaluates its estimates , including those related to customer sales incentives , product returns , bad debts , inventories , property , plant and equipment , 14 investments , goodwill , intangible assets , income taxes , financing operations , restructuring , incentive compensation plans ( including equity-based compensation ) , pensions and other postretirement benefits , and contingencies and litigation . quaker bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . however , actual results may differ from these estimates , under different assumptions or conditions . quaker believes the following critical accounting policies describe the more significant judgments and estimates used in the preparation of its consolidated financial statements : 1. accounts receivable and inventory exposures — quaker establishes allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments . if the financial condition of quaker 's customers were to deteriorate , resulting in an impairment of their ability to make payments , additional allowances may be required . as part of its terms of trade , quaker may custom manufacture products for certain large customers and or may ship product on a consignment basis . further , a significant portion of quaker 's revenues is derived from sales to customers in industries where a number of bankruptcies have occurred in past years and where companies have experienced financial difficulties . when a bankruptcy occurs , quaker must judge the amount of proceeds , if any , that may ultimately be received through the bankruptcy or liquidation process . these matters may increase the company 's exposure , should a bankruptcy occur , and may require a write down or a disposal of certain inventory due to its estimated obsolescence or limited marketability . reserves for customers filing for bankruptcy protection are generally established at 75-100 % of the amount outstanding at the bankruptcy filing date . however , initially establishing a reserve and the amount thereto is dependent on the company 's evaluation of likely proceeds to be received from the bankruptcy process , which could result in the company recognizing minimal or no reserve at the date of bankruptcy . large and or financially distressed customers are generally reserved for on a specific review basis , while a general reserve is maintained for other customers based on historical experience . the company 's consolidated allowance for doubtful accounts was $ 6.5 million and $ 7.1 million at december 31 , 2014 and december 31 , 2013 , respectively . the company recorded a reduction in its provision for doubtful accounts of $ 0.3 million in 2014 , compared to increases to its provision for doubtful accounts of $ 1.1 million and $ 2.1 million in 2013 and 2012 , respectively . changing the recorded provisions by 10 % would have increased or decreased the company 's pre-tax earnings by less than $ 0.1 million , approximately $ 0.1 million and approximately $ 0.2 million in 2014 , 2013 and 2012 , respectively . 2. environmental and litigation reserves — accruals for environmental and litigation matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated . accrued liabilities are exclusive of claims against third parties and are not discounted . environmental costs and remediation costs are capitalized if the costs extend the life , increase the capacity or improve the safety or efficiency of the property from the date acquired or constructed , and or mitigate or prevent contamination in the future . estimates for accruals for environmental matters are based on a variety of potential technical solutions , governmental regulations and other factors , and are subject to a large range of potential costs for remediation and other actions . story_separator_special_tag earnings attributable to this equity interest were $ 2.4 million , or $ 0.18 per diluted share , in 2014 compared to $ 5.5 million , or $ 0.41 per diluted share , in 2013 , including a $ 1.0 million out-of-period adjustment . see the out-of-period adjustment section in this item , above . in addition , the company 's equity income includes comparable currency charges related to the conversion of the venezuelan bolivar fuerte to the u.s. dollar of $ 0.3 million , or $ 0.02 per diluted share , in 2014 , and $ 0.4 million , or $ 0.03 per diluted share , in 2013. the primary component of the $ 0.7 million decrease in net income attributable to noncontrolling interest in 2014 compared to 2013 was the company 's second quarter of 2014 acquisition of its noncontrolling interest in its australian equity affiliate . the company 's current year acquisitions generally performed in line with their expected positive operating results for 2014 , however , these results were largely offset by the acquisition-related costs , noted above , and initial adjustments related to fair value accounting . overall , the impact from the current year acquisitions to the company 's net income was slightly positive at less than $ 0.1 million , or less than $ 0.01 per diluted share , for 2014. changes in foreign exchange rates negatively impacted the 2014 net income , compared to 2013 , by approximately $ 1.2 million , or $ 0.09 per diluted share . consolidated operations review – comparison of 2013 with 2012 net sales for 2013 of $ 729.4 million increased approximately 3 % from $ 708.2 million in 2012. the increase in the company 's net sales from the prior year was primarily due to a 3 % increase in product volumes , including acquisitions , generally across all regions , partially offset by a decrease of $ 3.1 million , or less than 1 % , due to foreign exchange rate translation . the effects on net sales related to price and product mix were generally consistent in 2013 compared to 2012. gross profit increased by approximately $ 22.4 million , or approximately 9 % , from 2012 , which was primarily the result of an improvement in gross margin to 35.8 % in 2013 from 33.7 % in 2012 and the additional gross profit from the increased sales volumes , noted above . the increase in gross margin reflects the return of the company 's product margins to more acceptable levels . sg & a increased approximately $ 14.3 million from 2012 , which was primarily driven by higher labor-related costs on general year-over-year merit increases , increased selling and other related costs on improved company performance and costs added with our recent acquisitions . in addition , non-operating sg & a expenses increased due to certain uncommon costs . for instance , 2013 sg & a includes a non-income tax contingency charge of approximately $ 0.8 million , or $ 0.04 per diluted share , and , also , costs related to streamlining certain operations in the company 's emea and south american segments of approximately $ 1.2 million , or $ 0.07 per diluted share . whereas , in 2012 , there were costs associated with the bankruptcies of certain u.s customers of $ 1.3 million , or $ 0.06 per diluted share , the prior year costs associated with the company 's cfo transition of $ 0.6 million , or $ 0.03 per diluted share , and lower translation due to changes in foreign exchange rates . other income for 2013 was approximately $ 3.5 million , which was primarily driven by a refund of $ 2.5 million , or $ 0.14 per diluted share , related to past excise taxes paid on certain mineral oil sales , income of $ 0.5 million , or $ 0.03 per diluted share , related to a change in an acquisition-related earnout liability and earnings from third-party license fees , partially offset by foreign exchange losses and $ 0.2 million , or $ 0.01 per diluted share , of costs associated with the streamlining initiatives mentioned above . other income for 2012 was approximately $ 3.4 million , which was primarily driven by income of $ 1.7 million , or $ 0.09 per diluted share , related to a change in the acquisition-related earnout liability , noted above , earnings from third-party license fees and income from a change in a separate acquisition-related liability , partially offset by foreign exchange losses . the decrease in interest expense from 2012 to 2013 was primarily due to lower average borrowings and lower interest rates . the increase in interest income from 2012 to 2013 was primarily due to a higher level of the company 's cash on hand . 20 the company 's effective tax rates for 2013 and 2012 of 28.1 % and 24.7 % , respectively , reflect decreases in reserves for uncertain tax positions due to the expiration of applicable statutes of limitations for certain years of approximately $ 0.15 and $ 0.17 per diluted share , respectively . in addition , the company had certain one-time discrete items in the prior year that lowered its 2012 effective tax rate , which were partially offset by a change in the mix of income to lower tax jurisdictions in 2013. equity in net income of associated companies increased due to higher earnings related to the company 's equity interest in a captive insurance company in 2013 compared to 2012. earnings attributable to this equity interest increased from approximately $ 1.8 million , or $ 0.14 per diluted share , for 2012 to approximately $ 5.5 million , or $ 0.41 per diluted share , for 2013 , which includes a non-cash out-of-period adjustment of approximately $ 1.0 million recorded in 2013. see the out-of-period adjustment section in this item , above . partially

liquidity and capital resources quaker 's cash and cash equivalents decreased to $ 64.7 million at december 31 , 2014 from $ 68.5 million at december 31 , 2013. the $ 3.8 million decrease was the net result of $ 54.7 million of cash provided by operating activities , $ 84.5 million of cash used in investing activities , $ 30.2 million of cash provided by financing activities and $ 4.2 million of a decrease due to foreign exchange . at 16 december 31 , 2014 , the company held approximately $ 60.4 million of its total cash and cash equivalents among its foreign subsidiaries , which is subject to possible limitations on repatriation to the united states . net cash flows provided by operating activities decreased $ 19.1 million to $ 54.7 million in 2014 compared to $ 73.8 million in 2013 , as the company 's improved operating performance in 2014 was offset by higher working capital investment . specifically , the company had higher cash outflow from accounts receivables due to increased sales at the end of 2014 and a delay in the timing of cash receipts in certain regions . a key driver in the delayed timing was a significant increase in the level of bank acceptance drafts that the company received on outstanding receivables in its asia/pacific region . this type of payment carries with it extended terms , if the company chooses not to immediately exchange it with the respective issuing bank for a discounted amount . to date , all of the company 's bank acceptance drafts have been carried to their full term . overall , the current year marked an uncommon increase in the use of such methods of payment by the company 's customers , which it expects to be at a more stable level in the next year . in addition to its receivables , the company had higher cash outflows from inventory due to re-establishing safety stock levels , that were low at year-end 2013 , and less cash inflows from accounts payable and accrued liabilities , primarily related to higher annual incentive compensation payouts on the company 's improved performance in the prior year .


 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 quaker 's cash and cash equivalents decreased to $ 64.7 million at december 31 , 2014 from $ 68.5 million at december 31 , 2013. the $ 3.8 million decrease was the net result of $ 54.7 million of cash provided by operating activities , $ 84.5 million of cash used in investing activities , $ 30.2 million of cash provided by financing activities and $ 4.2 million of a decrease due to foreign exchange . at 16 december 31 , 2014 , the company held approximately $ 60.4 million of its total cash and cash equivalents among its foreign subsidiaries , which is subject to possible limitations on repatriation to the united states . net cash flows provided by operating activities decreased $ 19.1 million to $ 54.7 million in 2014 compared to $ 73.8 million in 2013 , as the company 's improved operating performance in 2014 was offset by higher working capital investment . specifically , the company had higher cash outflow from accounts receivables due to increased sales at the end of 2014 and a delay in the timing of cash receipts in certain regions . a key driver in the delayed timing was a significant increase in the level of bank acceptance drafts that the company received on outstanding receivables in its asia/pacific region . this type of payment carries with it extended terms , if the company chooses not to immediately exchange it with the respective issuing bank for a discounted amount . to date , all of the company 's bank acceptance drafts have been carried to their full term . overall , the current year marked an uncommon increase in the use of such methods of payment by the company 's customers , which it expects to be at a more stable level in the next year . in addition to its receivables , the company had higher cash outflows from inventory due to re-establishing safety stock levels , that were low at year-end 2013 , and less cash inflows from accounts payable and accrued liabilities , primarily related to higher annual incentive compensation payouts on the company 's improved performance in the prior year .
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 Suspicious Activity Report : these performance improvements were also achieved despite an overall sluggish global economy and other headwinds , such as foreign exchange . this performance drove the fifth consecutive year of revenue , operating income and adjusted ebitda growth , as well as total shareholder return of approximately 21 % , due to the company 's continued dividend and stock price appreciation . overall , the company 's liquidity remains a strength , as its consolidated leverage ratio continues to be less than one times ebitda , despite added borrowings for its record year of acquisition activity . as the company looks to 2015 , the company expects further market share gains from its recent acquisitions and other strategic initiatives . however , the company continues to operate in a highly competitive and uncertain environment , with economic challenges in certain areas among its four regions , such as brazil . the company believes that its track record of increasing market share and leveraging recent acquisitions will continue , which should help offset potential market challenges . on balance , the company remains confident in its future and expects 2015 to be another good year for quaker , as the company strives to increase revenue , operating income and adjusted ebitda for a sixth consecutive year . critical accounting policies and estimates quaker 's discussion and analysis of its financial condition and results of operations are based upon quaker 's consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the united states . the preparation of these financial statements requires quaker to make estimates and judgments that affect the reported amounts of assets , liabilities , revenues and expenses , and related disclosure of contingent assets and liabilities . on an ongoing basis , quaker evaluates its estimates , including those related to customer sales incentives , product returns , bad debts , inventories , property , plant and equipment , 14 investments , goodwill , intangible assets , income taxes , financing operations , restructuring , incentive compensation plans ( including equity-based compensation ) , pensions and other postretirement benefits , and contingencies and litigation . quaker bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . however , actual results may differ from these estimates , under different assumptions or conditions . quaker believes the following critical accounting policies describe the more significant judgments and estimates used in the preparation of its consolidated financial statements : 1. accounts receivable and inventory exposures — quaker establishes allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments . if the financial condition of quaker 's customers were to deteriorate , resulting in an impairment of their ability to make payments , additional allowances may be required . as part of its terms of trade , quaker may custom manufacture products for certain large customers and or may ship product on a consignment basis . further , a significant portion of quaker 's revenues is derived from sales to customers in industries where a number of bankruptcies have occurred in past years and where companies have experienced financial difficulties . when a bankruptcy occurs , quaker must judge the amount of proceeds , if any , that may ultimately be received through the bankruptcy or liquidation process . these matters may increase the company 's exposure , should a bankruptcy occur , and may require a write down or a disposal of certain inventory due to its estimated obsolescence or limited marketability . reserves for customers filing for bankruptcy protection are generally established at 75-100 % of the amount outstanding at the bankruptcy filing date . however , initially establishing a reserve and the amount thereto is dependent on the company 's evaluation of likely proceeds to be received from the bankruptcy process , which could result in the company recognizing minimal or no reserve at the date of bankruptcy . large and or financially distressed customers are generally reserved for on a specific review basis , while a general reserve is maintained for other customers based on historical experience . the company 's consolidated allowance for doubtful accounts was $ 6.5 million and $ 7.1 million at december 31 , 2014 and december 31 , 2013 , respectively . the company recorded a reduction in its provision for doubtful accounts of $ 0.3 million in 2014 , compared to increases to its provision for doubtful accounts of $ 1.1 million and $ 2.1 million in 2013 and 2012 , respectively . changing the recorded provisions by 10 % would have increased or decreased the company 's pre-tax earnings by less than $ 0.1 million , approximately $ 0.1 million and approximately $ 0.2 million in 2014 , 2013 and 2012 , respectively . 2. environmental and litigation reserves — accruals for environmental and litigation matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated . accrued liabilities are exclusive of claims against third parties and are not discounted . environmental costs and remediation costs are capitalized if the costs extend the life , increase the capacity or improve the safety or efficiency of the property from the date acquired or constructed , and or mitigate or prevent contamination in the future . estimates for accruals for environmental matters are based on a variety of potential technical solutions , governmental regulations and other factors , and are subject to a large range of potential costs for remediation and other actions . story_separator_special_tag earnings attributable to this equity interest were $ 2.4 million , or $ 0.18 per diluted share , in 2014 compared to $ 5.5 million , or $ 0.41 per diluted share , in 2013 , including a $ 1.0 million out-of-period adjustment . see the out-of-period adjustment section in this item , above . in addition , the company 's equity income includes comparable currency charges related to the conversion of the venezuelan bolivar fuerte to the u.s. dollar of $ 0.3 million , or $ 0.02 per diluted share , in 2014 , and $ 0.4 million , or $ 0.03 per diluted share , in 2013. the primary component of the $ 0.7 million decrease in net income attributable to noncontrolling interest in 2014 compared to 2013 was the company 's second quarter of 2014 acquisition of its noncontrolling interest in its australian equity affiliate . the company 's current year acquisitions generally performed in line with their expected positive operating results for 2014 , however , these results were largely offset by the acquisition-related costs , noted above , and initial adjustments related to fair value accounting . overall , the impact from the current year acquisitions to the company 's net income was slightly positive at less than $ 0.1 million , or less than $ 0.01 per diluted share , for 2014. changes in foreign exchange rates negatively impacted the 2014 net income , compared to 2013 , by approximately $ 1.2 million , or $ 0.09 per diluted share . consolidated operations review – comparison of 2013 with 2012 net sales for 2013 of $ 729.4 million increased approximately 3 % from $ 708.2 million in 2012. the increase in the company 's net sales from the prior year was primarily due to a 3 % increase in product volumes , including acquisitions , generally across all regions , partially offset by a decrease of $ 3.1 million , or less than 1 % , due to foreign exchange rate translation . the effects on net sales related to price and product mix were generally consistent in 2013 compared to 2012. gross profit increased by approximately $ 22.4 million , or approximately 9 % , from 2012 , which was primarily the result of an improvement in gross margin to 35.8 % in 2013 from 33.7 % in 2012 and the additional gross profit from the increased sales volumes , noted above . the increase in gross margin reflects the return of the company 's product margins to more acceptable levels . sg & a increased approximately $ 14.3 million from 2012 , which was primarily driven by higher labor-related costs on general year-over-year merit increases , increased selling and other related costs on improved company performance and costs added with our recent acquisitions . in addition , non-operating sg & a expenses increased due to certain uncommon costs . for instance , 2013 sg & a includes a non-income tax contingency charge of approximately $ 0.8 million , or $ 0.04 per diluted share , and , also , costs related to streamlining certain operations in the company 's emea and south american segments of approximately $ 1.2 million , or $ 0.07 per diluted share . whereas , in 2012 , there were costs associated with the bankruptcies of certain u.s customers of $ 1.3 million , or $ 0.06 per diluted share , the prior year costs associated with the company 's cfo transition of $ 0.6 million , or $ 0.03 per diluted share , and lower translation due to changes in foreign exchange rates . other income for 2013 was approximately $ 3.5 million , which was primarily driven by a refund of $ 2.5 million , or $ 0.14 per diluted share , related to past excise taxes paid on certain mineral oil sales , income of $ 0.5 million , or $ 0.03 per diluted share , related to a change in an acquisition-related earnout liability and earnings from third-party license fees , partially offset by foreign exchange losses and $ 0.2 million , or $ 0.01 per diluted share , of costs associated with the streamlining initiatives mentioned above . other income for 2012 was approximately $ 3.4 million , which was primarily driven by income of $ 1.7 million , or $ 0.09 per diluted share , related to a change in the acquisition-related earnout liability , noted above , earnings from third-party license fees and income from a change in a separate acquisition-related liability , partially offset by foreign exchange losses . the decrease in interest expense from 2012 to 2013 was primarily due to lower average borrowings and lower interest rates . the increase in interest income from 2012 to 2013 was primarily due to a higher level of the company 's cash on hand . 20 the company 's effective tax rates for 2013 and 2012 of 28.1 % and 24.7 % , respectively , reflect decreases in reserves for uncertain tax positions due to the expiration of applicable statutes of limitations for certain years of approximately $ 0.15 and $ 0.17 per diluted share , respectively . in addition , the company had certain one-time discrete items in the prior year that lowered its 2012 effective tax rate , which were partially offset by a change in the mix of income to lower tax jurisdictions in 2013. equity in net income of associated companies increased due to higher earnings related to the company 's equity interest in a captive insurance company in 2013 compared to 2012. earnings attributable to this equity interest increased from approximately $ 1.8 million , or $ 0.14 per diluted share , for 2012 to approximately $ 5.5 million , or $ 0.41 per diluted share , for 2013 , which includes a non-cash out-of-period adjustment of approximately $ 1.0 million recorded in 2013. see the out-of-period adjustment section in this item , above . partially

