the non-residential , residential , agricultural and infrastructure markets we serve are affected by the 43 advanced drainage systems , inc. availability of credit , lending practices , interest rates and unemployment rates . demand for new homes , farm income , commercial development and highway infrastructure spending have a direct impact on our financial condition and results of operations . accordingly , the following factors may have a direct impact on our business in the markets in which our products are sold : the strength of the economy ; the amount and type of non-residential and residential construction ; funding for infrastructure spending ; farm income and agricultural land values ; inventory of improved housing lots ; changes in raw material prices ; the availability and cost of credit ; non-residential occupancy rates ; commodity prices ; and demographic factors such as population growth and household formation . product pricing - the price of our products is impacted by competitive pricing dynamics in our industry as well as by raw material input costs . our industry is highly competitive and the sales prices for our products may vary based on the sales policies of our competitors . raw material costs represent a significant portion of the cost of goods sold for our pipe products , or pipe . we aim to increase our product selling prices in order to cover raw material price increases , but the inability to do so could impact our profitability . movements in raw material costs and resulting changes in the selling prices may also impact changes in period-to-period comparisons of net sales . material conversion - our hdpe and pp pipe and related water management product lines compete with other manufacturers of corrugated polyethylene pipe as well as manufacturers of alternative products made with traditional materials , such as concrete , steel and pvc . our net sales are driven by market trends , including the continued increase in adoption of thermoplastic corrugated pipe products as a replacement for traditional materials . thermoplastic corrugated pipe is generally lighter , more durable , more cost effective and easier to install than comparable products made from traditional materials . we believe customers will continue to acknowledge the superior attributes and compelling value proposition of our thermoplastic products and expanded regulatory approvals allow for their use in new markets and geographies . in addition , we believe that pp pipe products will also help accelerate conversion given the additional applications for which our pp pipe products can be used . we believe the adoption of hdpe and pp pipe outside of the united states is still in its early stages and represents a significant opportunity for us to continue to increase the conversion to our products from traditional products in these markets , including canada , mexico and south america where we operate . growth in allied products - our allied products include storm and septic chambers , pvc drainage structures , fittings , stormwater filters and water separators . these products complement our pipe product lines and allow us to offer a comprehensive water management solution to our customers and drive organic growth . our leading market position in pipe products allows us to cross-sell allied products effectively . our comprehensive offering of allied products also helps us increase pipe sales in certain markets . our allied products are less sensitive to increases in resin prices since resin prices represent a smaller percentage of the cost for allied products . our leading position in the pipe market has allowed us to increase organic growth of our allied products . we also expect to expand our allied product offerings through acquisitions . raw material costs - our raw material cost and product selling prices fluctuate with changes in the price of resins utilized in production . we actively manage our resin purchases and pass fluctuations in the cost of resin through to our customers , where possible , in order to maintain our profitability . fluctuations in the price of crude oil and 44 advanced drainage systems , inc. natural gas prices may impact the cost of resin . in addition , changes in and disruptions to existing ethylene or polyethylene capacities could also significantly increase resin prices ( such as the aftermath of hurricanes katrina and rita in late 2015 ) , often within a short period of time , even if crude oil and natural gas prices remain low . our ability to pass through raw material price increases to our customers may , in some cases , lag the increase in our costs of goods sold . sharp rises in raw material prices over a short period of time have historically occurred with a significant supply disruption ( hurricanes or fires at petrochemical facilities ) , which may increase prices to levels that can not be fully passed through to customers due to pricing of competing products made from different raw materials or the anticipated length of time the raw material pricing will stay elevated . for more information regarding risks relating to our raw material costs , see “ item 1a . risk factors — risks relating to our business . ” we currently purchase in excess of 850 million pounds of virgin and recycled resin annually from over 480 suppliers in north america . as a high-volume buyer of resin , we are able to achieve economies of scale to negotiate favorable terms and pricing . our purchasing strategies differ based on the material ( virgin resin versus recycled material ) ordered for delivery to our production locations . the price movements of the different materials also vary , resulting in the need to use a number of strategies to reduce volatility . story_separator_special_tag as a percentage of net sales , selling expenses increased to 7.3 % for fiscal year 2017 compared to 6.9 % over fiscal year 2016. general and administrative expenses - general and administrative expenses for fiscal 2017 increased $ 18.4 million , or 19.9 % , over fiscal 2016. the increase was primarily due to stock-based compensation expense of $ 8.0 million for fiscal 2017 compared to a benefit of $ 5.1 million for fiscal 2016. additionally , legal and professional fees increased by $ 6.5 million as a result of third-party consulting expenses and ongoing litigation . loss on disposal of assets and costs from exit and disposal activities - loss on the disposal of assets or businesses totaled $ 8.5 million in fiscal 2017 compared to $ 0.8 million in fiscal 2016 , a net increase of $ 7.7 million in fiscal 2017 as compared to fiscal 2016. in fiscal 2017 , we recorded expenses related to three manufacturing facilities that were closed during fiscal 2017 of approximately $ 3.5 million and accelerated depreciation of specifically identified obsolete assets of approximately $ 3.0 million . in addition , we recorded $ 2.0 million of disposals and partial disposals of fixed assets , as compared to $ 0.8 million in fiscal 2016. intangible amortization - intangible amortization remained relatively flat in fiscal 2017 compared to fiscal 2016. interest expense - interest expense from our debt and capital lease obligations decreased $ 1.0 million or 5.4 % in fiscal 2017 as compared to fiscal 2016. our average overall outstanding debt was down by $ 46.0 million or 11.8 % for fiscal 2017 compared to the average balance outstanding for fiscal 2016. the impact of lower debt outstanding on interest expense was partially offset by higher average capital lease obligations of $ 6.6 million or 9.1 % for fiscal 2017 compared to fiscal 2016 , which resulted in a decrease in interest expense . 51 advanced drainage systems , inc. derivative ( gains ) losses and other ( income ) expense , net – derivative ( gains ) losses and other ( income ) expense , net , improved to gains of $ 6.0 million in fiscal 2017 compared to losses of $ 16.6 million in fiscal 2016. the following table details the net unrealized and realized ( gain ) loss on derivatives . replace_table_token_14_th in addition , fiscal 2016 included a loss of $ 0.5 million recognized for the fair value remeasurement of our original investment in baysaver at the time we acquired a controlling interest in july 2015 , whereas there was no comparable amount in the current year . the remainder of the change is primarily related to foreign exchange gains . income tax expense - the provision for income taxes totaled $ 24.6 million in fiscal 2017 compared to $ 23.5 million in fiscal 2016 , an increase of $ 1.1 million . these provisions represent an effective tax rate of 38.0 % in fiscal 2017 compared to 39.6 % in fiscal 2016. the current year tax rate is higher than the federal statutory rate of 35 % due principally to state and local income taxes and non-deductible expenses , partially offset by foreign income taxed at lower rates . the current year tax rate decreased from the prior year primarily due to the income tax impacts of the closure of the puerto rico manufacturing facility partially offset by the income tax impacts of stock-based compensation . for fiscal 2017 , uncertain tax positions related to foreign jurisdictions were released due to the lapse of statute of limitations . equity in net loss of unconsolidated affiliates - equity in net loss of unconsolidated affiliates decreased $ 0.9 million over fiscal 2017 to a net loss of $ 4.3 million for fiscal 2017 compared to a net loss of $ 5.2 million during fiscal 2016. the net loss decreased due to the $ 4.0 million impairment charge related to our investment in the south american joint venture in fiscal 2016 , which was partially offset by the $ 1.3 million impairment charge related to our investment in the south american joint venture in fiscal 2017 and our share of higher net losses during fiscal 2017 of $ 2.5 million compared to $ 1.4 million during fiscal 2016. net income attributable to noncontrolling interest - income attributable to noncontrolling interest decreased $ 2.5 million , or 46.4 % , to $ 3.0 million in fiscal 2017 compared to $ 5.5 million in fiscal year 2016. the decrease was primarily attributable to a decrease in the net income of ads-mexicana . 52 advanced drainage systems , inc. fiscal year ended march 31 , 2016 compared with fiscal year ended march 31 , 2015 the following table summarizes certain financial information relating to our operating results that have been derived from our consolidated financial statements for the fiscal years ended march 31 , 2016 and 2015. also included is certain information relating to the operating results as a percentage of net sales . we believe this presentation is useful to investors in comparing historical results . replace_table_token_15_th net sales - net sales totaled $ 1,290.7 million in fiscal 2016 , increasing $ 110.6 million or 9.4 % , as compared to $ 1,180.1 million in fiscal 2015. replace_table_token_16_th our domestic sales increased $ 85.9 million , or 8.4 % , as compared to fiscal 2015. domestic pipe sales increased $ 40.9 million , or 5.3 % , due to continued growth in our n-12 hdpe and high performance polypropylene product lines and further gains from conversion to our products from traditional products , offsetting lower agricultural sales . domestic pipe selling prices decreased 0.2 % as compared to the prior year . allied product sales increased $ 45.0 million , or 17.5 % , due to strong sales volume sold primarily into the non-residential , residential and infrastructure markets . in addition , approximately $ 10.2 million of the total allied

liquidity and capital resources our primary liquidity requirements are working capital , capital expenditures , debt service , and dividend payments for our convertible preferred stock and common stock . we have historically funded , and expect to continue to fund , our operations primarily through internally generated cash flow , debt financings , equity issuance and capital and operating leases . from time to time we may explore additional financing methods and other means to raise capital . there can be no assurance that any additional financing will be available to us on acceptable terms or at all . as of march 31 , 2017 , we had $ 5.1 million in cash that was held by our foreign subsidiaries and undistributed earnings of approximately $ 28.0 million . our intent is to indefinitely reinvest our earnings in foreign subsidiaries 55 advanced drainage systems , inc. with the exception of cash dividends paid by our ads mexicana joint venture . in the event that foreign earnings are repatriated , these amounts will be subject to income tax liabilities in the appropriate tax jurisdiction . at march 31 , 2017 , we had no undistributed earnings of our unconsolidated subsidiaries included in retained earnings . in february 2017 , our board of directors authorized the repurchase of up to $ 50 million of our common stock . repurchases of common stock will be made in accordance with applicable securities laws . the stock repurchase program does not obligate us to acquire any particular amount of common stock , and may be suspended or terminated at any time at our discretion .


 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 our primary liquidity requirements are working capital , capital expenditures , debt service , and dividend payments for our convertible preferred stock and common stock . we have historically funded , and expect to continue to fund , our operations primarily through internally generated cash flow , debt financings , equity issuance and capital and operating leases . from time to time we may explore additional financing methods and other means to raise capital . there can be no assurance that any additional financing will be available to us on acceptable terms or at all . as of march 31 , 2017 , we had $ 5.1 million in cash that was held by our foreign subsidiaries and undistributed earnings of approximately $ 28.0 million . our intent is to indefinitely reinvest our earnings in foreign subsidiaries 55 advanced drainage systems , inc. with the exception of cash dividends paid by our ads mexicana joint venture . in the event that foreign earnings are repatriated , these amounts will be subject to income tax liabilities in the appropriate tax jurisdiction . at march 31 , 2017 , we had no undistributed earnings of our unconsolidated subsidiaries included in retained earnings . in february 2017 , our board of directors authorized the repurchase of up to $ 50 million of our common stock . repurchases of common stock will be made in accordance with applicable securities laws . the stock repurchase program does not obligate us to acquire any particular amount of common stock , and may be suspended or terminated at any time at our discretion .
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 Suspicious Activity Report : the non-residential , residential , agricultural and infrastructure markets we serve are affected by the 43 advanced drainage systems , inc. availability of credit , lending practices , interest rates and unemployment rates . demand for new homes , farm income , commercial development and highway infrastructure spending have a direct impact on our financial condition and results of operations . accordingly , the following factors may have a direct impact on our business in the markets in which our products are sold : the strength of the economy ; the amount and type of non-residential and residential construction ; funding for infrastructure spending ; farm income and agricultural land values ; inventory of improved housing lots ; changes in raw material prices ; the availability and cost of credit ; non-residential occupancy rates ; commodity prices ; and demographic factors such as population growth and household formation . product pricing - the price of our products is impacted by competitive pricing dynamics in our industry as well as by raw material input costs . our industry is highly competitive and the sales prices for our products may vary based on the sales policies of our competitors . raw material costs represent a significant portion of the cost of goods sold for our pipe products , or pipe . we aim to increase our product selling prices in order to cover raw material price increases , but the inability to do so could impact our profitability . movements in raw material costs and resulting changes in the selling prices may also impact changes in period-to-period comparisons of net sales . material conversion - our hdpe and pp pipe and related water management product lines compete with other manufacturers of corrugated polyethylene pipe as well as manufacturers of alternative products made with traditional materials , such as concrete , steel and pvc . our net sales are driven by market trends , including the continued increase in adoption of thermoplastic corrugated pipe products as a replacement for traditional materials . thermoplastic corrugated pipe is generally lighter , more durable , more cost effective and easier to install than comparable products made from traditional materials . we believe customers will continue to acknowledge the superior attributes and compelling value proposition of our thermoplastic products and expanded regulatory approvals allow for their use in new markets and geographies . in addition , we believe that pp pipe products will also help accelerate conversion given the additional applications for which our pp pipe products can be used . we believe the adoption of hdpe and pp pipe outside of the united states is still in its early stages and represents a significant opportunity for us to continue to increase the conversion to our products from traditional products in these markets , including canada , mexico and south america where we operate . growth in allied products - our allied products include storm and septic chambers , pvc drainage structures , fittings , stormwater filters and water separators . these products complement our pipe product lines and allow us to offer a comprehensive water management solution to our customers and drive organic growth . our leading market position in pipe products allows us to cross-sell allied products effectively . our comprehensive offering of allied products also helps us increase pipe sales in certain markets . our allied products are less sensitive to increases in resin prices since resin prices represent a smaller percentage of the cost for allied products . our leading position in the pipe market has allowed us to increase organic growth of our allied products . we also expect to expand our allied product offerings through acquisitions . raw material costs - our raw material cost and product selling prices fluctuate with changes in the price of resins utilized in production . we actively manage our resin purchases and pass fluctuations in the cost of resin through to our customers , where possible , in order to maintain our profitability . fluctuations in the price of crude oil and 44 advanced drainage systems , inc. natural gas prices may impact the cost of resin . in addition , changes in and disruptions to existing ethylene or polyethylene capacities could also significantly increase resin prices ( such as the aftermath of hurricanes katrina and rita in late 2015 ) , often within a short period of time , even if crude oil and natural gas prices remain low . our ability to pass through raw material price increases to our customers may , in some cases , lag the increase in our costs of goods sold . sharp rises in raw material prices over a short period of time have historically occurred with a significant supply disruption ( hurricanes or fires at petrochemical facilities ) , which may increase prices to levels that can not be fully passed through to customers due to pricing of competing products made from different raw materials or the anticipated length of time the raw material pricing will stay elevated . for more information regarding risks relating to our raw material costs , see “ item 1a . risk factors — risks relating to our business . ” we currently purchase in excess of 850 million pounds of virgin and recycled resin annually from over 480 suppliers in north america . as a high-volume buyer of resin , we are able to achieve economies of scale to negotiate favorable terms and pricing . our purchasing strategies differ based on the material ( virgin resin versus recycled material ) ordered for delivery to our production locations . the price movements of the different materials also vary , resulting in the need to use a number of strategies to reduce volatility . story_separator_special_tag as a percentage of net sales , selling expenses increased to 7.3 % for fiscal year 2017 compared to 6.9 % over fiscal year 2016. general and administrative expenses - general and administrative expenses for fiscal 2017 increased $ 18.4 million , or 19.9 % , over fiscal 2016. the increase was primarily due to stock-based compensation expense of $ 8.0 million for fiscal 2017 compared to a benefit of $ 5.1 million for fiscal 2016. additionally , legal and professional fees increased by $ 6.5 million as a result of third-party consulting expenses and ongoing litigation . loss on disposal of assets and costs from exit and disposal activities - loss on the disposal of assets or businesses totaled $ 8.5 million in fiscal 2017 compared to $ 0.8 million in fiscal 2016 , a net increase of $ 7.7 million in fiscal 2017 as compared to fiscal 2016. in fiscal 2017 , we recorded expenses related to three manufacturing facilities that were closed during fiscal 2017 of approximately $ 3.5 million and accelerated depreciation of specifically identified obsolete assets of approximately $ 3.0 million . in addition , we recorded $ 2.0 million of disposals and partial disposals of fixed assets , as compared to $ 0.8 million in fiscal 2016. intangible amortization - intangible amortization remained relatively flat in fiscal 2017 compared to fiscal 2016. interest expense - interest expense from our debt and capital lease obligations decreased $ 1.0 million or 5.4 % in fiscal 2017 as compared to fiscal 2016. our average overall outstanding debt was down by $ 46.0 million or 11.8 % for fiscal 2017 compared to the average balance outstanding for fiscal 2016. the impact of lower debt outstanding on interest expense was partially offset by higher average capital lease obligations of $ 6.6 million or 9.1 % for fiscal 2017 compared to fiscal 2016 , which resulted in a decrease in interest expense . 51 advanced drainage systems , inc. derivative ( gains ) losses and other ( income ) expense , net – derivative ( gains ) losses and other ( income ) expense , net , improved to gains of $ 6.0 million in fiscal 2017 compared to losses of $ 16.6 million in fiscal 2016. the following table details the net unrealized and realized ( gain ) loss on derivatives . replace_table_token_14_th in addition , fiscal 2016 included a loss of $ 0.5 million recognized for the fair value remeasurement of our original investment in baysaver at the time we acquired a controlling interest in july 2015 , whereas there was no comparable amount in the current year . the remainder of the change is primarily related to foreign exchange gains . income tax expense - the provision for income taxes totaled $ 24.6 million in fiscal 2017 compared to $ 23.5 million in fiscal 2016 , an increase of $ 1.1 million . these provisions represent an effective tax rate of 38.0 % in fiscal 2017 compared to 39.6 % in fiscal 2016. the current year tax rate is higher than the federal statutory rate of 35 % due principally to state and local income taxes and non-deductible expenses , partially offset by foreign income taxed at lower rates . the current year tax rate decreased from the prior year primarily due to the income tax impacts of the closure of the puerto rico manufacturing facility partially offset by the income tax impacts of stock-based compensation . for fiscal 2017 , uncertain tax positions related to foreign jurisdictions were released due to the lapse of statute of limitations . equity in net loss of unconsolidated affiliates - equity in net loss of unconsolidated affiliates decreased $ 0.9 million over fiscal 2017 to a net loss of $ 4.3 million for fiscal 2017 compared to a net loss of $ 5.2 million during fiscal 2016. the net loss decreased due to the $ 4.0 million impairment charge related to our investment in the south american joint venture in fiscal 2016 , which was partially offset by the $ 1.3 million impairment charge related to our investment in the south american joint venture in fiscal 2017 and our share of higher net losses during fiscal 2017 of $ 2.5 million compared to $ 1.4 million during fiscal 2016. net income attributable to noncontrolling interest - income attributable to noncontrolling interest decreased $ 2.5 million , or 46.4 % , to $ 3.0 million in fiscal 2017 compared to $ 5.5 million in fiscal year 2016. the decrease was primarily attributable to a decrease in the net income of ads-mexicana . 52 advanced drainage systems , inc. fiscal year ended march 31 , 2016 compared with fiscal year ended march 31 , 2015 the following table summarizes certain financial information relating to our operating results that have been derived from our consolidated financial statements for the fiscal years ended march 31 , 2016 and 2015. also included is certain information relating to the operating results as a percentage of net sales . we believe this presentation is useful to investors in comparing historical results . replace_table_token_15_th net sales - net sales totaled $ 1,290.7 million in fiscal 2016 , increasing $ 110.6 million or 9.4 % , as compared to $ 1,180.1 million in fiscal 2015. replace_table_token_16_th our domestic sales increased $ 85.9 million , or 8.4 % , as compared to fiscal 2015. domestic pipe sales increased $ 40.9 million , or 5.3 % , due to continued growth in our n-12 hdpe and high performance polypropylene product lines and further gains from conversion to our products from traditional products , offsetting lower agricultural sales . domestic pipe selling prices decreased 0.2 % as compared to the prior year . allied product sales increased $ 45.0 million , or 17.5 % , due to strong sales volume sold primarily into the non-residential , residential and infrastructure markets . in addition , approximately $ 10.2 million of the total allied

