for a discussion on the application of these and other accounting policies , see note 1 to the consolidated financial statements . revenue recognition and accounts receivable . we enter into arrangements with customers that have multiple deliverables , such as equipment and installation , and we recognize revenues and profits on certain long-term contracts using the percentage-of-completion and completed contract methods of accounting . revenue recognition methods . we recognize revenue under accounting standards codification ( asc ) 605 , `` revenue recognition `` ( asc 605 ) , when the following criteria are met : persuasive evidence of an arrangement exists , delivery has occurred or service has been rendered , the sales price is fixed or determinable , and collectability is reasonably assured . under asc 605 , when the terms of sale include customer acceptance provisions , and compliance with those provisions can not be demonstrated until customer acceptance , we recognize revenues upon such acceptance . the company includes in revenues amounts invoiced for shipping and handling with the corresponding costs reflected in cost of revenues . provisions for discounts , warranties , returns , and other adjustments are provided for in the period in which the related sales are recorded . we include in revenue amounts invoiced for shipping and handling with the corresponding costs reflected in cost of revenues . sales taxes , value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenue . most of our revenue is recognized in accordance with the accounting policies in the preceding paragraph . however , when a sale arrangement involves multiple elements , such as equipment and installation , we consider the guidance in asc 605. such transactions are evaluated to determine whether the deliverables in the arrangement represent separate units of accounting based on the following criteria : the delivered item has value to the customer on a stand-alone basis , and if the contract includes a general right of return relative to the delivered item , delivery or performance of the undelivered item is considered probable and substantially under our control . revenue is allocated to each unit of accounting or element based on relative selling prices and is recognized as each element is delivered or completed . we determine relative selling prices by using either vendor-specific objective evidence ( vsoe ) if that exists , or third-party evidence of selling price . when neither vsoe or third-party evidence of selling price exists for a deliverable , we 19 kadant inc. 2015 annual report use our best estimate of the selling price for that deliverable . in cases in which elements can not be treated as separate units of accounting , the elements are combined into a single unit of accounting for revenue recognition purposes . the complexity of all issues related to the assumptions , risks , and uncertainties inherent in the application of asc 605 affects the amounts reported as revenues in our consolidated financial statements . under asc 605 , we may not be able to reliably predict future revenues and profitability due to the difficulty of estimating when installation will be performed or when we will meet the contractually agreed upon performance tests , which can delay or prohibit recognition of revenues . the determination of when we install the equipment or fulfill the performance guarantees is largely dependent on our customers , their willingness to allow installation of the equipment or performance of the appropriate tests in a timely manner , and their cooperation in addressing possible problems that would impede achievement of the performance guarantee criteria . unexpected changes in the timing related to the completion of installation or performance guarantees could cause our revenues and earnings to be significantly affected . percentage-of-completion . revenues recorded under the percentage-of-completion method of accounting pursuant to asc 605 were $ 32.1 million in 2015 , $ 19.1 million in 2014 , and $ 19.8 million in 2013 . we determine the percentage of completion by comparing the actual costs incurred to date to an estimate of total costs to be incurred on each contract . if a loss is indicated on any contract in process , a provision is made currently for the entire loss . our contracts generally provide for billing of customers upon the attainment of certain milestones specified in the contract . revenues earned on contracts in process in excess of billings are classified as unbilled contract costs and fees , and amounts billed in excess of revenues are classified as billings in excess of contract costs and fees . the estimation process under the percentage-of-completion method affects the amounts reported in our consolidated financial statements . a number of internal and external factors affect our percentage-of-completion and cost of sales estimates , including labor rate and efficiency variances , estimates of warranty costs , estimated future material prices from vendors , and customer specification and testing requirements . although we make every effort to ensure the accuracy of our estimates in the application of this accounting policy , if our actual results were to differ from our estimates , or if we were to use different assumptions , it is possible that materially different amounts could be reported as revenues in our consolidated financial statements . completed contract method . for long-term contracts that do not meet the criteria under asc 605-35 to be accounted for under the percentage-of-completion method , we recognize revenue using the completed contract method . when using the completed contract method , we recognize revenue when the contract has been substantially completed , the product has been delivered , and , if applicable , the customer acceptance criteria have been met . story_separator_special_tag u.s. housing starts in december 2015 were at a seasonally adjusted annual rate of 1.149 million , up 6.4 % compared to december 2014 , according to the u.s. census bureau and the department of 22 kadant inc. 2015 annual report housing and urban development as reported by risi . this growth is expected to have a positive impact on demand for u.s. lumber and structural wood panels , which includes osb . our stock-preparation product line benefited in 2015 from virgin pulp mill upgrades for containerboard , as well as the conversion of machines that produce printing and writing grades to the production of containerboard used for packaging . we saw steady business activity in europe in 2015 compared to 2014. we expect the overall economy to remain stable in europe in 2016. our bookings in europe were $ 82 million in 2015 , down 2 % compared to $ 84 million in 2014. excluding a negative foreign currency translation effect of $ 16 million , our bookings in europe were up 17 % . our bookings in asia were $ 47 million in 2015 , down 46 % compared to 2014. this decrease includes a $ 16 million , or 19 % , decrease from the reversal of a booking , originally recorded in 2014 , for a project in china and a $ 2 million decrease from the negative effects of foreign currency translation . weak demand and a relatively soft domestic economy affected most paper grades in china in 2015 , a trend we expect to continue in 2016. the most recent risi forecasts of containerboard demand growth of approximately 3 % per year for the next few years suggest new capital project activity may remain at reduced levels in china in 2016. our bookings in the rest of the world increased 9 % to $ 34 million in 2015 compared to 2014 but were , and continue to be , negatively affected by the recession in brazil . we expect to achieve diluted earnings per share ( eps ) from continuing operations of $ 2.80 to $ 2.90 in 2016 on revenue of $ 370 to $ 380 million . the 2016 guidance includes an unfavorable foreign currency translation effect of $ 10 million on revenue and $ 0.11 on diluted eps compared to 2015. similar to 2015 , we expect the first quarter of 2016 to be weaker with stronger successive quarterly operating results for the remainder of the year . for the first quarter of 2016 , we expect to achieve diluted eps from continuing operations of $ 0.55 to $ 0.58 on revenue of $ 89 to $ 91 million . results of operations 2015 compared to 2014 the following table sets forth our consolidated statement of income expressed as a percentage of total revenue : replace_table_token_7_th revenues revenues for 2015 and 2014 are as follows : replace_table_token_8_th papermaking systems segment . revenues at our papermaking systems segment decreased $ 5.5 million , or 2 % , to $ 342.7 million in 2015 from $ 348.2 million in 2014 , including a $ 26.4 million decrease from the unfavorable effects of foreign currency exchange . excluding the effects of foreign currency exchange , revenues in our papermaking systems segment increased $ 20.9 million primarily due to increased demand for our parts and consumables products , especially in our stock-preparation product line , and the inclusion of $ 6.7 million in revenue from an acquisition made in 2014 . 23 kadant inc. 2015 annual report wood processing systems segment . revenues at our wood processing systems segment decreased $ 5.2 million , or 13 % , to $ 36.4 million in 2015 from $ 41.6 million in 2014 , including a $ 5.8 million decrease from the unfavorable effects of foreign currency exchange . excluding the effects of foreign currency translation , revenues in our wood processing systems segment increased $ 0.6 million , or 1 % , primarily due to increased demand for our parts and consumables products . fiber-based products . revenues decreased $ 1.2 million , or 10 % , to $ 11.1 million in 2015 from $ 12.3 million in 2014 due to decreased demand for our biodegradable granular products . papermaking systems segment by product line . the following table presents revenues for our papermaking systems segment by product line , the changes in revenues by product line between 2015 and 2014 , and the changes in revenues by product line between 2015 and 2014 excluding the effect of currency translation . the increase in revenues excluding the effect of currency translation represents the increase resulting from converting 2015 revenues in local currency into u.s. dollars at 2014 exchange rates , and then comparing this result to the actual revenues in 2014 . the presentation of the changes in revenues by product line excluding the effect of currency translation is a non-gaap measure . we believe this non-gaap measure helps investors gain an understanding of our underlying operations , consistent with how management measures and forecasts our performance , especially when comparing such results to prior periods or forecasts . this non-gaap measure should not be considered superior to or a substitute for the corresponding gaap measure . replace_table_token_9_th revenues in our stock-preparation product line increased $ 20.8 million , or 16 % , in 2015 compared to 2014 , including an $ 8.1 million decrease due to the unfavorable effect of foreign currency translation . excluding the effect of foreign currency translation , revenues from our stock-preparation product line increased $ 28.9 million , or 23 % , in 2015 compared to 2014 , due to increased demand for our parts and consumables products at our north american and european operations , increased demand for our capital products at our north american and chinese operations , and the inclusion of $ 6.7 million in revenue from an acquisition made in 2014. revenues in our doctoring , cleaning

additional liquidity and capital resources on july 28 , 2014 , our board of directors approved the repurchase by us of up to $ 20 million of our equity securities during the period from july 28 , 2014 to july 28 , 2015. we repurchased 136,518 shares of our common stock for $ 6.0 million under this authorization . on may 20 , 2015 , our board of directors approved the repurchase by us of up to an additional $ 20 million of our equity securities during the period from may 20 , 2015 to may 20 , 2016. through year-end 2015 , we had repurchased 143,242 shares of our common stock for $ 5.9 million under this authorization . we paid cash dividends of $ 7.2 million and $ 6.3 million in 2015 and 2014 , respectively . on november 18 , 2015 , we declared a quarterly cash dividend totaling $ 0.17 per outstanding share of our common stock , or approximately $ 1.8 million , which was paid on february 11 , 2016. in addition , on march 8 , 2016 , we declared a quarterly cash dividend of $ 0.19 per outstanding share of our common stock , which will be paid on may 12 , 2016. future declarations of dividends are subject to our board of directors ' approval and may be adjusted as business needs or market conditions change . the payment of cash dividends is subject to our compliance with the consolidated leverage ratio contained in our 2012 credit agreement .


 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.
     ```additional liquidity and capital resources on july 28 , 2014 , our board of directors approved the repurchase by us of up to $ 20 million of our equity securities during the period from july 28 , 2014 to july 28 , 2015. we repurchased 136,518 shares of our common stock for $ 6.0 million under this authorization . on may 20 , 2015 , our board of directors approved the repurchase by us of up to an additional $ 20 million of our equity securities during the period from may 20 , 2015 to may 20 , 2016. through year-end 2015 , we had repurchased 143,242 shares of our common stock for $ 5.9 million under this authorization . we paid cash dividends of $ 7.2 million and $ 6.3 million in 2015 and 2014 , respectively . on november 18 , 2015 , we declared a quarterly cash dividend totaling $ 0.17 per outstanding share of our common stock , or approximately $ 1.8 million , which was paid on february 11 , 2016. in addition , on march 8 , 2016 , we declared a quarterly cash dividend of $ 0.19 per outstanding share of our common stock , which will be paid on may 12 , 2016. future declarations of dividends are subject to our board of directors ' approval and may be adjusted as business needs or market conditions change . the payment of cash dividends is subject to our compliance with the consolidated leverage ratio contained in our 2012 credit agreement .
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 Suspicious Activity Report : for a discussion on the application of these and other accounting policies , see note 1 to the consolidated financial statements . revenue recognition and accounts receivable . we enter into arrangements with customers that have multiple deliverables , such as equipment and installation , and we recognize revenues and profits on certain long-term contracts using the percentage-of-completion and completed contract methods of accounting . revenue recognition methods . we recognize revenue under accounting standards codification ( asc ) 605 , `` revenue recognition `` ( asc 605 ) , when the following criteria are met : persuasive evidence of an arrangement exists , delivery has occurred or service has been rendered , the sales price is fixed or determinable , and collectability is reasonably assured . under asc 605 , when the terms of sale include customer acceptance provisions , and compliance with those provisions can not be demonstrated until customer acceptance , we recognize revenues upon such acceptance . the company includes in revenues amounts invoiced for shipping and handling with the corresponding costs reflected in cost of revenues . provisions for discounts , warranties , returns , and other adjustments are provided for in the period in which the related sales are recorded . we include in revenue amounts invoiced for shipping and handling with the corresponding costs reflected in cost of revenues . sales taxes , value-added taxes and certain excise taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and are therefore excluded from revenue . most of our revenue is recognized in accordance with the accounting policies in the preceding paragraph . however , when a sale arrangement involves multiple elements , such as equipment and installation , we consider the guidance in asc 605. such transactions are evaluated to determine whether the deliverables in the arrangement represent separate units of accounting based on the following criteria : the delivered item has value to the customer on a stand-alone basis , and if the contract includes a general right of return relative to the delivered item , delivery or performance of the undelivered item is considered probable and substantially under our control . revenue is allocated to each unit of accounting or element based on relative selling prices and is recognized as each element is delivered or completed . we determine relative selling prices by using either vendor-specific objective evidence ( vsoe ) if that exists , or third-party evidence of selling price . when neither vsoe or third-party evidence of selling price exists for a deliverable , we 19 kadant inc. 2015 annual report use our best estimate of the selling price for that deliverable . in cases in which elements can not be treated as separate units of accounting , the elements are combined into a single unit of accounting for revenue recognition purposes . the complexity of all issues related to the assumptions , risks , and uncertainties inherent in the application of asc 605 affects the amounts reported as revenues in our consolidated financial statements . under asc 605 , we may not be able to reliably predict future revenues and profitability due to the difficulty of estimating when installation will be performed or when we will meet the contractually agreed upon performance tests , which can delay or prohibit recognition of revenues . the determination of when we install the equipment or fulfill the performance guarantees is largely dependent on our customers , their willingness to allow installation of the equipment or performance of the appropriate tests in a timely manner , and their cooperation in addressing possible problems that would impede achievement of the performance guarantee criteria . unexpected changes in the timing related to the completion of installation or performance guarantees could cause our revenues and earnings to be significantly affected . percentage-of-completion . revenues recorded under the percentage-of-completion method of accounting pursuant to asc 605 were $ 32.1 million in 2015 , $ 19.1 million in 2014 , and $ 19.8 million in 2013 . we determine the percentage of completion by comparing the actual costs incurred to date to an estimate of total costs to be incurred on each contract . if a loss is indicated on any contract in process , a provision is made currently for the entire loss . our contracts generally provide for billing of customers upon the attainment of certain milestones specified in the contract . revenues earned on contracts in process in excess of billings are classified as unbilled contract costs and fees , and amounts billed in excess of revenues are classified as billings in excess of contract costs and fees . the estimation process under the percentage-of-completion method affects the amounts reported in our consolidated financial statements . a number of internal and external factors affect our percentage-of-completion and cost of sales estimates , including labor rate and efficiency variances , estimates of warranty costs , estimated future material prices from vendors , and customer specification and testing requirements . although we make every effort to ensure the accuracy of our estimates in the application of this accounting policy , if our actual results were to differ from our estimates , or if we were to use different assumptions , it is possible that materially different amounts could be reported as revenues in our consolidated financial statements . completed contract method . for long-term contracts that do not meet the criteria under asc 605-35 to be accounted for under the percentage-of-completion method , we recognize revenue using the completed contract method . when using the completed contract method , we recognize revenue when the contract has been substantially completed , the product has been delivered , and , if applicable , the customer acceptance criteria have been met . story_separator_special_tag u.s. housing starts in december 2015 were at a seasonally adjusted annual rate of 1.149 million , up 6.4 % compared to december 2014 , according to the u.s. census bureau and the department of 22 kadant inc. 2015 annual report housing and urban development as reported by risi . this growth is expected to have a positive impact on demand for u.s. lumber and structural wood panels , which includes osb . our stock-preparation product line benefited in 2015 from virgin pulp mill upgrades for containerboard , as well as the conversion of machines that produce printing and writing grades to the production of containerboard used for packaging . we saw steady business activity in europe in 2015 compared to 2014. we expect the overall economy to remain stable in europe in 2016. our bookings in europe were $ 82 million in 2015 , down 2 % compared to $ 84 million in 2014. excluding a negative foreign currency translation effect of $ 16 million , our bookings in europe were up 17 % . our bookings in asia were $ 47 million in 2015 , down 46 % compared to 2014. this decrease includes a $ 16 million , or 19 % , decrease from the reversal of a booking , originally recorded in 2014 , for a project in china and a $ 2 million decrease from the negative effects of foreign currency translation . weak demand and a relatively soft domestic economy affected most paper grades in china in 2015 , a trend we expect to continue in 2016. the most recent risi forecasts of containerboard demand growth of approximately 3 % per year for the next few years suggest new capital project activity may remain at reduced levels in china in 2016. our bookings in the rest of the world increased 9 % to $ 34 million in 2015 compared to 2014 but were , and continue to be , negatively affected by the recession in brazil . we expect to achieve diluted earnings per share ( eps ) from continuing operations of $ 2.80 to $ 2.90 in 2016 on revenue of $ 370 to $ 380 million . the 2016 guidance includes an unfavorable foreign currency translation effect of $ 10 million on revenue and $ 0.11 on diluted eps compared to 2015. similar to 2015 , we expect the first quarter of 2016 to be weaker with stronger successive quarterly operating results for the remainder of the year . for the first quarter of 2016 , we expect to achieve diluted eps from continuing operations of $ 0.55 to $ 0.58 on revenue of $ 89 to $ 91 million . results of operations 2015 compared to 2014 the following table sets forth our consolidated statement of income expressed as a percentage of total revenue : replace_table_token_7_th revenues revenues for 2015 and 2014 are as follows : replace_table_token_8_th papermaking systems segment . revenues at our papermaking systems segment decreased $ 5.5 million , or 2 % , to $ 342.7 million in 2015 from $ 348.2 million in 2014 , including a $ 26.4 million decrease from the unfavorable effects of foreign currency exchange . excluding the effects of foreign currency exchange , revenues in our papermaking systems segment increased $ 20.9 million primarily due to increased demand for our parts and consumables products , especially in our stock-preparation product line , and the inclusion of $ 6.7 million in revenue from an acquisition made in 2014 . 23 kadant inc. 2015 annual report wood processing systems segment . revenues at our wood processing systems segment decreased $ 5.2 million , or 13 % , to $ 36.4 million in 2015 from $ 41.6 million in 2014 , including a $ 5.8 million decrease from the unfavorable effects of foreign currency exchange . excluding the effects of foreign currency translation , revenues in our wood processing systems segment increased $ 0.6 million , or 1 % , primarily due to increased demand for our parts and consumables products . fiber-based products . revenues decreased $ 1.2 million , or 10 % , to $ 11.1 million in 2015 from $ 12.3 million in 2014 due to decreased demand for our biodegradable granular products . papermaking systems segment by product line . the following table presents revenues for our papermaking systems segment by product line , the changes in revenues by product line between 2015 and 2014 , and the changes in revenues by product line between 2015 and 2014 excluding the effect of currency translation . the increase in revenues excluding the effect of currency translation represents the increase resulting from converting 2015 revenues in local currency into u.s. dollars at 2014 exchange rates , and then comparing this result to the actual revenues in 2014 . the presentation of the changes in revenues by product line excluding the effect of currency translation is a non-gaap measure . we believe this non-gaap measure helps investors gain an understanding of our underlying operations , consistent with how management measures and forecasts our performance , especially when comparing such results to prior periods or forecasts . this non-gaap measure should not be considered superior to or a substitute for the corresponding gaap measure . replace_table_token_9_th revenues in our stock-preparation product line increased $ 20.8 million , or 16 % , in 2015 compared to 2014 , including an $ 8.1 million decrease due to the unfavorable effect of foreign currency translation . excluding the effect of foreign currency translation , revenues from our stock-preparation product line increased $ 28.9 million , or 23 % , in 2015 compared to 2014 , due to increased demand for our parts and consumables products at our north american and european operations , increased demand for our capital products at our north american and chinese operations , and the inclusion of $ 6.7 million in revenue from an acquisition made in 2014. revenues in our doctoring , cleaning

