this includes companies that are much larger than we are and smaller companies 35 that focus on a particular niche . although we believe we are well-positioned in each of our key end markets and seek to differentiate ourselves from our competitors , competition remains intense and profitably growing our revenues has been challenging . for example revenue from our cps segment in 2017 increased $ 49.9 million , or 3.6 % from 2016 , resulting in an increase in gross profit of $ 5.5 million in 2017. this increase in gross profit is significantly below our expectations based on the contribution margin of this segment . we believe this segment is capable of delivering much higher gross margins . we continue to address these challenges on both a short-term and long-term basis . a small number of customers have historically generated a significant portion of our net sales . sales to our ten largest customers typically represent approximately 50 % of our net sales . two customers represented 10 % or more of the company 's net sales in 2017 , one customer represented 10 % or more of the company 's net sales in 2016 and no customer represented 10 % or more of the company 's net sales in 2015. we typically generate about 80 % of our net sales from products manufactured in our foreign operations . the concentration of foreign operations has resulted primarily from a desire on the part of many of our customers to manufacture in lower cost locations in regions such as asia , latin america and eastern europe . historically , we have had substantial recurring sales to existing customers . we typically enter into supply agreements with our major oem customers . these agreements generally have terms ranging from three to five years and cover the manufacture of a range of products . under these agreements , a customer typically agrees to purchase its requirements for specific products in particular geographic areas from us . however , these agreements generally do not obligate the customer to purchase minimum quantities of products , which can have the effect of reducing revenue and profitability . in addition , some customer contracts contain cost reduction objectives , which can have the effect of reducing revenue from such customers . 36 critical accounting policies and estimates management 's discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the united states . we review the accounting policies used in reporting our financial results on a regular basis . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , net sales and expenses and related disclosure of contingent liabilities . on an ongoing basis , we evaluate the process used to develop estimates for certain reserves and contingent liabilities , including those related to product returns , accounts receivable , inventories , income taxes , warranty obligations , environmental matters , contingencies and litigation . we base our estimates on historical experience and various other assumptions that we believe are reasonable for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . our actual results may differ materially from these estimates . we believe the following critical accounting policies reflect the more significant judgments and estimates used by us in preparing our consolidated financial statements : accounts receivable and other related allowances— we estimate uncollectible accounts , product returns and other adjustments related to current period net sales to establish valuation allowances . in making these estimates , we analyze the creditworthiness of our customers , past experience , specific facts and circumstances , and the overall economic climate in the industries we serve . if actual uncollectible accounts , product returns or other adjustments differ significantly from our estimates , the amount of sales or operating expenses we report could be affected . the ultimate realization of our accounts receivable is a significant credit risk . this risk is mitigated by ( i ) making a significant portion of sales to financially sound companies , ( ii ) ongoing credit evaluation of our customers , ( iii ) frequent contact with our customers , especially our most significant customers , which enables us to monitor changes in their business operations and to respond accordingly and ( iv ) obtaining , in certain cases , a guaranty from a customer 's parent entity when our customer is not the ultimate parent entity or a letter of credit from the customer 's bank . to establish our allowance for doubtful accounts , we evaluate credit risk related to specific customers based on their financial condition and the current economic environment ; however , we are not able to predict with absolute certainty whether our customers will become unable to meet their financial obligations to us . we believe the allowances we have established are adequate under the circumstances ; however , a change in the economic environment or a customer 's financial condition could cause our estimates of allowances , and consequently the provision for doubtful accounts , to change , which could have a significant adverse impact on our financial position and or results of operations . our allowance for product returns and other adjustments is primarily established using historical data . inventories— we state inventories at the lower of cost ( first-in , first-out method ) or market value . cost includes raw materials , labor and manufacturing overhead . we regularly evaluate the carrying value of our inventories and make provisions to reduce excess and obsolete inventories to their estimated net realizable values . story_separator_special_tag the tax provisions for 2016 and 2015 were lower than the amounts expected if the federal statutory tax rate of 35 % was applied primarily due to releases of our deferred tax assets valuation allowance of $ 96.2 million and $ 288.7 million , respectively , as discussed further below . a valuation allowance is established or maintained when , based on currently available information and other factors , it is more likely than not that all or a portion of the deferred tax assets will not be realized . we regularly assess our valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis . we consider all available positive and negative evidence , including future reversals of temporary differences , projected future taxable income , tax planning strategies and recent financial results . significant judgment is required in assessing our ability to generate revenue , gross profit , operating income and jurisdictional taxable income in future periods . prior to 2012 , based on negative evidence ( primarily a cumulative history of operating losses ) , we had a full valuation allowance against our net deferred tax assets in the u.s. and certain foreign jurisdictions . from 2012 through 2016 , we have released a portion of our u.s. valuation allowances each year in recognition of our improved historical earnings and increasing future projected earnings . as of october 1 , 2016 , we had released all of our u.s. federal valuation allowance . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > $ 2.9 million , consisting of redemption premiums of $ 5.3 million and a write-off of unamortized debt issuance costs of $ 1.4 million , partially offset by a $ 3.8 million credit for the fair value hedge adjustment related to the extinguished 2019 notes . short-term debt revolving credit facility . during the third quarter of 2015 , we replaced an asset-backed lending facility ( `` abl `` ) with a $ 375 million cash flow revolver ( `` cash flow revolver `` ) , which may be increased by an additional $ 125 million upon obtaining additional commitments from lenders then party to the cash flow revolver or new lenders . the cash flow revolver expires on may 20 , 2020 , but may be terminated by the lenders as early as march 4 , 2019 if certain conditions exist . we incurred $ 1.8 million of debt issuance costs in connection with this transaction . in addition , $ 1.0 million of unamortized debt issuance costs related to the abl were carried forward and $ 0.8 million of such costs were expensed . accordingly , $ 2.8 million of debt issuance costs are being amortized to interest expense over the life of the cash flow revolver . as of september 30 , 2017 , $ 85.0 million borrowings and $ 13.1 million of letters of credit were outstanding under the cash flow revolver , and $ 276.9 million was available to borrow . short-term borrowing facilities . as of september 30 , 2017 , certain of our foreign subsidiaries had a total of $ 74.1 million of short-term borrowing facilities , under which no borrowings were outstanding . these facilities expire at various dates through the second quarter of 2019. debt covenants our cash flow revolver requires us to comply with certain financial covenants . our debt agreements contain a number of restrictive covenants , including restrictions on incurring additional debt , making investments and other restricted payments , selling assets , paying dividends and redeeming or repurchasing capital stock and debt , subject to certain exceptions . these covenants could constrain our ability to grow our business through acquisition or engage in other transactions which the covenants could otherwise restrict , including refinancing our existing debt . in addition , such agreements include covenants requiring , among other things , that we file quarterly and annual financial statements with the sec , comply with all laws , pay all taxes and maintain casualty insurance . if we are not able to comply with all of these covenants , for any reason , some or all of our outstanding debt could become immediately due and payable and the incurrence of additional debt under our cash flow revolver would not be allowed , any of which could have a material adverse effect on our liquidity and ability to conduct our business . as of september 30 , 2017 , we were in compliance with our covenants . other liquidity matters our board of directors has authorized us to repurchase shares of our common stock , subject to a dollar limitation . the timing of repurchases will depend upon capital needs to support the growth of our business , market conditions and other factors . although stock repurchases are intended to increase stockholder value , purchases of shares reduce our liquidity . we repurchased 4.3 million and 6.8 million shares of our common stock for $ 159.7 million and $ 141.2 million in the open market in 2017 and 2016 , respectively . as of september 30 , 2017 , $ 253.2 million remains available under programs authorized by the board of directors , none of which is subject to an expiration date . in the ordinary course of business , we are or may become party to legal proceedings , claims and other contingencies , including environmental , warranty and employee matters and examinations by government agencies . as of september 30 , 44 2017 , we had accrued liabilities of $ 36.1 million related to such matters . we can not accurately predict the outcome of these matters or the amount or timing of cash flows that may be required to defend ourselves or to settle such matters or that these reserves will be sufficient to fully satisfy our contingent liabilities . as of september 30 , 2017 , we had a liability of $ 107.2 million for uncertain

liquidity and capital resources replace_table_token_11_th key working capital management measures replace_table_token_12_th ( 1 ) days sales outstanding ( a measure of how quickly we collect our accounts receivable ) , or `` dso '' , is calculated as the ratio of average accounts receivable , net , to average daily net sales for the quarter . 42 ( 2 ) inventory turns ( annualized ) are calculated as the ratio of four times our cost of sales for the quarter to average inventory . ( 3 ) days inventory on hand is calculated as the ratio of average inventory for the quarter to average daily cost of sales for the quarter . ( 4 ) accounts payable days ( a measure of how quickly we pay our suppliers ) , or `` dpo '' , is calculated as the ratio of 365 days to accounts payable turns , in which accounts payable turns is calculated as the ratio of four times our cost of sales for the quarter to average accounts payable . ( 5 ) cash cycle days is calculated as days inventory on hand plus days sales outstanding minus accounts payable days . cash and cash equivalents were $ 406.7 million at september 30 , 2017 and $ 398.3 million at october 1 , 2016 . our cash levels vary during any given period depending on the timing of collections from customers and payments to suppliers , borrowings under credit facilities , repurchases of capital stock and other factors . our working capital was approximately $ 1.0 billion at september 30 , 2017 and october 1 , 2016 . net cash provided by operating activities was $ 251.0 million , $ 390.1 million and $ 174.9 million for 2017 , 2016 and 2015 , respectively . cash flows from operating activities consists of : ( 1 ) net income adjusted to exclude non-cash items such as depreciation and amortization , deferred income taxes and stock-based compensation expense and ( 2 ) changes in net operating assets , which are comprised of accounts receivable , inventories , prepaid expenses and other assets , accounts payable and accrued liabilities .


 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_11_th key working capital management measures replace_table_token_12_th ( 1 ) days sales outstanding ( a measure of how quickly we collect our accounts receivable ) , or `` dso '' , is calculated as the ratio of average accounts receivable , net , to average daily net sales for the quarter . 42 ( 2 ) inventory turns ( annualized ) are calculated as the ratio of four times our cost of sales for the quarter to average inventory . ( 3 ) days inventory on hand is calculated as the ratio of average inventory for the quarter to average daily cost of sales for the quarter . ( 4 ) accounts payable days ( a measure of how quickly we pay our suppliers ) , or `` dpo '' , is calculated as the ratio of 365 days to accounts payable turns , in which accounts payable turns is calculated as the ratio of four times our cost of sales for the quarter to average accounts payable . ( 5 ) cash cycle days is calculated as days inventory on hand plus days sales outstanding minus accounts payable days . cash and cash equivalents were $ 406.7 million at september 30 , 2017 and $ 398.3 million at october 1 , 2016 . our cash levels vary during any given period depending on the timing of collections from customers and payments to suppliers , borrowings under credit facilities , repurchases of capital stock and other factors . our working capital was approximately $ 1.0 billion at september 30 , 2017 and october 1 , 2016 . net cash provided by operating activities was $ 251.0 million , $ 390.1 million and $ 174.9 million for 2017 , 2016 and 2015 , respectively . cash flows from operating activities consists of : ( 1 ) net income adjusted to exclude non-cash items such as depreciation and amortization , deferred income taxes and stock-based compensation expense and ( 2 ) changes in net operating assets , which are comprised of accounts receivable , inventories , prepaid expenses and other assets , accounts payable and accrued liabilities .
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 Suspicious Activity Report : this includes companies that are much larger than we are and smaller companies 35 that focus on a particular niche . although we believe we are well-positioned in each of our key end markets and seek to differentiate ourselves from our competitors , competition remains intense and profitably growing our revenues has been challenging . for example revenue from our cps segment in 2017 increased $ 49.9 million , or 3.6 % from 2016 , resulting in an increase in gross profit of $ 5.5 million in 2017. this increase in gross profit is significantly below our expectations based on the contribution margin of this segment . we believe this segment is capable of delivering much higher gross margins . we continue to address these challenges on both a short-term and long-term basis . a small number of customers have historically generated a significant portion of our net sales . sales to our ten largest customers typically represent approximately 50 % of our net sales . two customers represented 10 % or more of the company 's net sales in 2017 , one customer represented 10 % or more of the company 's net sales in 2016 and no customer represented 10 % or more of the company 's net sales in 2015. we typically generate about 80 % of our net sales from products manufactured in our foreign operations . the concentration of foreign operations has resulted primarily from a desire on the part of many of our customers to manufacture in lower cost locations in regions such as asia , latin america and eastern europe . historically , we have had substantial recurring sales to existing customers . we typically enter into supply agreements with our major oem customers . these agreements generally have terms ranging from three to five years and cover the manufacture of a range of products . under these agreements , a customer typically agrees to purchase its requirements for specific products in particular geographic areas from us . however , these agreements generally do not obligate the customer to purchase minimum quantities of products , which can have the effect of reducing revenue and profitability . in addition , some customer contracts contain cost reduction objectives , which can have the effect of reducing revenue from such customers . 36 critical accounting policies and estimates management 's discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements which have been prepared in accordance with accounting principles generally accepted in the united states . we review the accounting policies used in reporting our financial results on a regular basis . the preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets , liabilities , net sales and expenses and related disclosure of contingent liabilities . on an ongoing basis , we evaluate the process used to develop estimates for certain reserves and contingent liabilities , including those related to product returns , accounts receivable , inventories , income taxes , warranty obligations , environmental matters , contingencies and litigation . we base our estimates on historical experience and various other assumptions that we believe are reasonable for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . our actual results may differ materially from these estimates . we believe the following critical accounting policies reflect the more significant judgments and estimates used by us in preparing our consolidated financial statements : accounts receivable and other related allowances— we estimate uncollectible accounts , product returns and other adjustments related to current period net sales to establish valuation allowances . in making these estimates , we analyze the creditworthiness of our customers , past experience , specific facts and circumstances , and the overall economic climate in the industries we serve . if actual uncollectible accounts , product returns or other adjustments differ significantly from our estimates , the amount of sales or operating expenses we report could be affected . the ultimate realization of our accounts receivable is a significant credit risk . this risk is mitigated by ( i ) making a significant portion of sales to financially sound companies , ( ii ) ongoing credit evaluation of our customers , ( iii ) frequent contact with our customers , especially our most significant customers , which enables us to monitor changes in their business operations and to respond accordingly and ( iv ) obtaining , in certain cases , a guaranty from a customer 's parent entity when our customer is not the ultimate parent entity or a letter of credit from the customer 's bank . to establish our allowance for doubtful accounts , we evaluate credit risk related to specific customers based on their financial condition and the current economic environment ; however , we are not able to predict with absolute certainty whether our customers will become unable to meet their financial obligations to us . we believe the allowances we have established are adequate under the circumstances ; however , a change in the economic environment or a customer 's financial condition could cause our estimates of allowances , and consequently the provision for doubtful accounts , to change , which could have a significant adverse impact on our financial position and or results of operations . our allowance for product returns and other adjustments is primarily established using historical data . inventories— we state inventories at the lower of cost ( first-in , first-out method ) or market value . cost includes raw materials , labor and manufacturing overhead . we regularly evaluate the carrying value of our inventories and make provisions to reduce excess and obsolete inventories to their estimated net realizable values . story_separator_special_tag the tax provisions for 2016 and 2015 were lower than the amounts expected if the federal statutory tax rate of 35 % was applied primarily due to releases of our deferred tax assets valuation allowance of $ 96.2 million and $ 288.7 million , respectively , as discussed further below . a valuation allowance is established or maintained when , based on currently available information and other factors , it is more likely than not that all or a portion of the deferred tax assets will not be realized . we regularly assess our valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis . we consider all available positive and negative evidence , including future reversals of temporary differences , projected future taxable income , tax planning strategies and recent financial results . significant judgment is required in assessing our ability to generate revenue , gross profit , operating income and jurisdictional taxable income in future periods . prior to 2012 , based on negative evidence ( primarily a cumulative history of operating losses ) , we had a full valuation allowance against our net deferred tax assets in the u.s. and certain foreign jurisdictions . from 2012 through 2016 , we have released a portion of our u.s. valuation allowances each year in recognition of our improved historical earnings and increasing future projected earnings . as of october 1 , 2016 , we had released all of our u.s. federal valuation allowance . story_separator_special_tag style= `` font-family : inherit ; font-size:10pt ; `` > $ 2.9 million , consisting of redemption premiums of $ 5.3 million and a write-off of unamortized debt issuance costs of $ 1.4 million , partially offset by a $ 3.8 million credit for the fair value hedge adjustment related to the extinguished 2019 notes . short-term debt revolving credit facility . during the third quarter of 2015 , we replaced an asset-backed lending facility ( `` abl `` ) with a $ 375 million cash flow revolver ( `` cash flow revolver `` ) , which may be increased by an additional $ 125 million upon obtaining additional commitments from lenders then party to the cash flow revolver or new lenders . the cash flow revolver expires on may 20 , 2020 , but may be terminated by the lenders as early as march 4 , 2019 if certain conditions exist . we incurred $ 1.8 million of debt issuance costs in connection with this transaction . in addition , $ 1.0 million of unamortized debt issuance costs related to the abl were carried forward and $ 0.8 million of such costs were expensed . accordingly , $ 2.8 million of debt issuance costs are being amortized to interest expense over the life of the cash flow revolver . as of september 30 , 2017 , $ 85.0 million borrowings and $ 13.1 million of letters of credit were outstanding under the cash flow revolver , and $ 276.9 million was available to borrow . short-term borrowing facilities . as of september 30 , 2017 , certain of our foreign subsidiaries had a total of $ 74.1 million of short-term borrowing facilities , under which no borrowings were outstanding . these facilities expire at various dates through the second quarter of 2019. debt covenants our cash flow revolver requires us to comply with certain financial covenants . our debt agreements contain a number of restrictive covenants , including restrictions on incurring additional debt , making investments and other restricted payments , selling assets , paying dividends and redeeming or repurchasing capital stock and debt , subject to certain exceptions . these covenants could constrain our ability to grow our business through acquisition or engage in other transactions which the covenants could otherwise restrict , including refinancing our existing debt . in addition , such agreements include covenants requiring , among other things , that we file quarterly and annual financial statements with the sec , comply with all laws , pay all taxes and maintain casualty insurance . if we are not able to comply with all of these covenants , for any reason , some or all of our outstanding debt could become immediately due and payable and the incurrence of additional debt under our cash flow revolver would not be allowed , any of which could have a material adverse effect on our liquidity and ability to conduct our business . as of september 30 , 2017 , we were in compliance with our covenants . other liquidity matters our board of directors has authorized us to repurchase shares of our common stock , subject to a dollar limitation . the timing of repurchases will depend upon capital needs to support the growth of our business , market conditions and other factors . although stock repurchases are intended to increase stockholder value , purchases of shares reduce our liquidity . we repurchased 4.3 million and 6.8 million shares of our common stock for $ 159.7 million and $ 141.2 million in the open market in 2017 and 2016 , respectively . as of september 30 , 2017 , $ 253.2 million remains available under programs authorized by the board of directors , none of which is subject to an expiration date . in the ordinary course of business , we are or may become party to legal proceedings , claims and other contingencies , including environmental , warranty and employee matters and examinations by government agencies . as of september 30 , 44 2017 , we had accrued liabilities of $ 36.1 million related to such matters . we can not accurately predict the outcome of these matters or the amount or timing of cash flows that may be required to defend ourselves or to settle such matters or that these reserves will be sufficient to fully satisfy our contingent liabilities . as of september 30 , 2017 , we had a liability of $ 107.2 million for uncertain

