the addition of our princeton rail loop , expected to come online in the spring of 2018 , will also provide us new access to coal markets served by the norfolk southern railway company . for 2017 , over 67 % of our coal sales were to customers with large scrubbed coal-fired power plants in the state of indiana . our mines and coal reserves are strategically located in close proximity to our primary customers , which reduces transportation costs and thus provides us with a competitive advantage with respect to those customers ; our closest customer 's plant is 13 miles away , and the farthest indiana customer is 80 miles away . we have access to our primary customers directly through either the csx railroad ( nyse : csx ) or the indiana rail road which is majority owned by the csx . beginning in q2 2018 , our new princeton loop will be operational and allow us to access the ns railroad ( nyse : ns ) , increasing our coal markets . the majority of our coal is sold to investment grade customers who have scrubbed power plants ; thus , we expect to be supplying these plants for many years . president trump promotes coal below is a timeline of some of the milestones accomplished for the coal industry thus far under the trump administration : november 8 , 2016 donald trump was elected president of the united states of america . his administration has dramatically improved the regulatory environment in which we operate . january 20 , 2017 donald trump was inaugurated as the 45 th president of the united states . february 15 , 2017 both the u.s. house of representatives and the senate passed resolutions disapproving the stream protection rule ( spr ) under the congressional review act ( cra ) . president trump signed the resolution on february 16 , 2017 , and , pursuant to the cra , the spr `` shall have no force or effect `` and the office of surface mining ( osm ) can not promulgate a substantially similar rule absent future legislation . 30 currently , the federal surface mining control and reclamation act of 1977 ( smcra ) is implemented by each state 's respective state agency , which is the department of reclamation in indiana . the spr would have mandated additional approvals from federal agencies , such as u.s. fish and wildlife . the rule would have also imposed additional baseline data collection , surface/groundwater monitoring , financial assurance requirements and numerous other requirements . february 17 , 2017 scott pruitt was confirmed as administrator of the environmental protection agency ( epa ) . as former attorney general of the state of oklahoma , he joined a coalition of state attorney generals in suing the epa concerning the clean power plan , the principal obama-era policy aimed at reducing u.s. greenhouse gas emissions from the electricity sector . february 28 , 2017 president trump signed an executive order regarding the “ waters of the us ” ( wotus ) rule . the order requires the epa and the army corps of engineers to review the wotus rule and publish a proposed rule that rescinds or revises the rule as appropriate and consistent with law , keeps the nation 's navigable waters free from pollution , promotes economic growth , minimizes regulatory uncertainty , and shows due regard for the roles of the congress and the states under the constitution . in president trump 's first full official speech to a joint session of congress , he stated : “ we 're going to stop the regulations that threaten the future and livelihood of our great coal miners . ” march 28 , 2017 president trump signed an executive order to dismantle many of the climate change policies enacted during the obama era . the order takes steps to downplay the future costs of carbon emissions , walks back tracking of the federal government 's carbon emissions , rescinds a 2016 moratorium on coal leases on federal lands . it also begins the process of rescinding the epa 's clean power plan to reduce carbon dioxide emissions from new and existing power plants . april 13 , 2017 the epa said it would review and reconsider the effluent limitations guidelines ( elg ) rule which targets coal combustion generators ' ash transport wastewater , and wastewater discharges from flue-gas desulfurization and mercury control systems and would require power plants to install new treatment technologies . the rule has been challenged in court by a coalition of utilities . the epa has issued an administrative stay to delay the compliance deadlines for the elg rule as long as litigation is ongoing . june 1 , 2017 president trump announced that the u.s. would pull out of the paris agreement steering away from a group of 194 other countries that have promised to curb planet-warming greenhouse gas emissions . october 10 , 2017 epa administrator scott pruitt announced that the epa would seek to repeal the clean power plan in its entirety . january 25 , 2018 the trump administration eliminated a policy dictating how certain major sources of hazardous air pollutants are regulated . the repeal of the agency 's “ once in , always in ” policy . under the new interpretation of the policy , “ major sources ” can be reclassed as “ area sources , ” which are subject to different standards when their emissions reach an enforceable limit . these actions are encouraging and will be important to us and the u.s. energy sector . story_separator_special_tag the carlisle mine is completely developed but was idle for the entirety of 2017. ace in the hole mine ( ace ) ( surface ) – assigned the ace mine is near clay city , indiana in clay county and 42 road miles northeast of the carlisle mine . we control .9 million tons of proven coal reserves of which we own .5 million tons in fee . the two primary seams are low sulfur coal ( ~2 # so 2 ) , which make up .8 million of the .9 million tons controlled . mine development began in late december 2012 , and we began shipping coal in late august 2013. we truck low sulfur coal from ace to oaktown to blend with high sulfur coal . many utilities in the southeastern u.s. have scrubbers with lower sulfur limits ( 4.5 # so 2 ) which can not accept the higher sulfur contents of the ilb ( 4.5 # - 6.5 # so 2 ) . blending high sulfur coal to a lower sulfur specification enables us to market our high sulfur coals to more customers . we expect the maximum capacity of ace to be 0.4 tons annually . the ace mine is a multi-seam open pit strip mine . the majority of the seams are sold raw , but some of the seams will be washed prior to sales depending on quality . to convert the tons sold raw , the in-place tonnage is multiplied by a pit recovery of 94 % based on seam thickness . to convert the tons sold washed , the in-place tonnage is multiplied by a pit recovery based on seam thickness then reduced by the projected wash plant recovery of 72 % . bulldog reserves ( underground ) – unassigned we have leased roughly 19,300 acres in vermilion county , illinois near the village of allerton . based on our reserve estimates we currently control 35.8 million tons of coal . a considerable amount of our leased acres has yet to receive any exploratory drilling . in october 2017 , we entered into an agreement to sell land associated with the bulldog mine for $ 4.9 million . as part of the transaction , we will hold the rights to repurchase the property for eight years . also in october 2017 , the illinois department of natural resources ( ildnr ) notified us that our mine application , along with modifications , was acceptable . the permit will be issued upon submittal of a fee and bond which is required to be submitted within 12 months of the notification . full-scale mine development will not commence until we have a sales commitment . we estimate the costs to develop this mine to be $ 150 million at full capacity of 3.0 million tons annually . unassigned reserves represent coal reserves that would require new mineshafts , mining equipment , and plant facilities before operations could begin on the property . the primary reason for this distinction is to inform investors which coal reserves will require substantial capital expenditures before production can begin . 33 below is a map that shows the locations of our mines . railroad legend : csx – csx railroad inrd – indiana rail road isrr – indiana southern railroad ns – norfolk southern railway mine and wash plant recovery and capacity replace_table_token_5_th * does not include out-of-seam material extracted during the mining process . * * oaktown 1 and oaktown 2 share the wash plant . story_separator_special_tag the tax cuts and jobs act ( tax act ) . the tax act reduces the corporate tax rate to 21 percent , effective january 1 , 2018. because asc 740-10-25-47 requires the effect of a change in tax laws or rates to be recognized as of the date of enactment , we are required to adjust deferred tax assets and liabilities as of december 22 , 2017. accordingly , we have recorded a deferred income tax benefit of $ 16.4 million for the year ended december 31 , 2017. our effective tax rate ( etr ) for 2017 was ( 138 ) % compared to ( 48 ) % for 2016 and 27 % for 2015. the negative etr in 2017 is due primarily to the effects of the tax act adjustment to our deferred taxes and prior year tax return reconciliation which were all recorded discretely for the year ended december 31 , 2017. the negative etr in 2016 is due to the combination of the reduction in book income before taxes because of the asset impairment expense , permanent tax benefits of statutory depletion in excess of tax basis in the mining properties , the captive insurance company effects , and stock based compensation expense . the tax rate for the years ended december 31 , 2017 and 2016 are not predictive of future tax rates due to the deferred income tax benefit of the tax act . the tax rate would have been 9 % without the effects of the deferred income tax benefit of the tax act and the prior year tax return reconciliation . historically , our actual effective tax rates have been lower than the statutory effective rate primarily due to the benefit received from statutory depletion allowances . the deduction for statutory depletion does not necessarily change proportionately to changes in income before income taxes . critical accounting estimates we believe that the estimates of our coal reserves , our business acquisitions , our interest rate swaps , our deferred tax accounts , and the estimates used in our impairment analysis are our only critical accounting estimates . the reserve estimates are used in the dd & a calculation and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated , our dd & a expense and impairment test may be affected . we account for business combinations using the purchase method of accounting

liquidity and capital resources replace_table_token_6_th 34 as set forth in our statement of cash flows , cash provided by operations was $ 62 million for 2017. this amount was adequate to fund our maintenance capital expenditures for coal properties of $ 11.1 million , our debt service requirements of $ 36.6 million , and our dividend of $ 4.9 million . our capex budget for 2018 is $ 31 million , of which $ 16 million is for maintenance capex . cash from operations for 2018 should again fund our maintenance capital expenditures , debt service , and our dividend . see note 3 to our consolidated financial statements for discussion about our bank debt . other than our surety bonds for reclamation , we have no material off-balance sheet arrangements . included in the contractual obligations table are reclamation obligations of $ 13.8 million , which are presented as asset retirement obligations ( aro ) in our accompanying balance sheets . in the event we are not able to perform reclamation , we have surety bonds totaling $ 25 million to cover aro . capital expenditures ( capex ) for 2017 , our capex was $ 28.6 million allocated as follows ( in millions ) : oaktown – investment $ 10.1 oaktown – maintenance capex 11.1 princeton rail loop 6.3 other projects 1.1 capex per the consolidated statement of cash flows $ 28.6 35 results of operations the following table presenting our quarterly results of operations should be read in conjunction with the consolidated financial statements and related notes included in item 8 of their annual report on form 10-k. we have prepared the unaudited information on the same basis as our audited consolidated financial statements . our operating results for any quarter are not necessarily indicative of results for any future quarters or for a full year . the following table presents our unaudited quarterly results of operations for the eight quarters ended december 31 , 2017. this table includes all adjustments , consisting only of normal recurring adjustments , that we consider necessary for fair presentation of our consolidated operating results for the quarters presented .


 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_6_th 34 as set forth in our statement of cash flows , cash provided by operations was $ 62 million for 2017. this amount was adequate to fund our maintenance capital expenditures for coal properties of $ 11.1 million , our debt service requirements of $ 36.6 million , and our dividend of $ 4.9 million . our capex budget for 2018 is $ 31 million , of which $ 16 million is for maintenance capex . cash from operations for 2018 should again fund our maintenance capital expenditures , debt service , and our dividend . see note 3 to our consolidated financial statements for discussion about our bank debt . other than our surety bonds for reclamation , we have no material off-balance sheet arrangements . included in the contractual obligations table are reclamation obligations of $ 13.8 million , which are presented as asset retirement obligations ( aro ) in our accompanying balance sheets . in the event we are not able to perform reclamation , we have surety bonds totaling $ 25 million to cover aro . capital expenditures ( capex ) for 2017 , our capex was $ 28.6 million allocated as follows ( in millions ) : oaktown – investment $ 10.1 oaktown – maintenance capex 11.1 princeton rail loop 6.3 other projects 1.1 capex per the consolidated statement of cash flows $ 28.6 35 results of operations the following table presenting our quarterly results of operations should be read in conjunction with the consolidated financial statements and related notes included in item 8 of their annual report on form 10-k. we have prepared the unaudited information on the same basis as our audited consolidated financial statements . our operating results for any quarter are not necessarily indicative of results for any future quarters or for a full year . the following table presents our unaudited quarterly results of operations for the eight quarters ended december 31 , 2017. this table includes all adjustments , consisting only of normal recurring adjustments , that we consider necessary for fair presentation of our consolidated operating results for the quarters presented .
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 Suspicious Activity Report : the addition of our princeton rail loop , expected to come online in the spring of 2018 , will also provide us new access to coal markets served by the norfolk southern railway company . for 2017 , over 67 % of our coal sales were to customers with large scrubbed coal-fired power plants in the state of indiana . our mines and coal reserves are strategically located in close proximity to our primary customers , which reduces transportation costs and thus provides us with a competitive advantage with respect to those customers ; our closest customer 's plant is 13 miles away , and the farthest indiana customer is 80 miles away . we have access to our primary customers directly through either the csx railroad ( nyse : csx ) or the indiana rail road which is majority owned by the csx . beginning in q2 2018 , our new princeton loop will be operational and allow us to access the ns railroad ( nyse : ns ) , increasing our coal markets . the majority of our coal is sold to investment grade customers who have scrubbed power plants ; thus , we expect to be supplying these plants for many years . president trump promotes coal below is a timeline of some of the milestones accomplished for the coal industry thus far under the trump administration : november 8 , 2016 donald trump was elected president of the united states of america . his administration has dramatically improved the regulatory environment in which we operate . january 20 , 2017 donald trump was inaugurated as the 45 th president of the united states . february 15 , 2017 both the u.s. house of representatives and the senate passed resolutions disapproving the stream protection rule ( spr ) under the congressional review act ( cra ) . president trump signed the resolution on february 16 , 2017 , and , pursuant to the cra , the spr `` shall have no force or effect `` and the office of surface mining ( osm ) can not promulgate a substantially similar rule absent future legislation . 30 currently , the federal surface mining control and reclamation act of 1977 ( smcra ) is implemented by each state 's respective state agency , which is the department of reclamation in indiana . the spr would have mandated additional approvals from federal agencies , such as u.s. fish and wildlife . the rule would have also imposed additional baseline data collection , surface/groundwater monitoring , financial assurance requirements and numerous other requirements . february 17 , 2017 scott pruitt was confirmed as administrator of the environmental protection agency ( epa ) . as former attorney general of the state of oklahoma , he joined a coalition of state attorney generals in suing the epa concerning the clean power plan , the principal obama-era policy aimed at reducing u.s. greenhouse gas emissions from the electricity sector . february 28 , 2017 president trump signed an executive order regarding the “ waters of the us ” ( wotus ) rule . the order requires the epa and the army corps of engineers to review the wotus rule and publish a proposed rule that rescinds or revises the rule as appropriate and consistent with law , keeps the nation 's navigable waters free from pollution , promotes economic growth , minimizes regulatory uncertainty , and shows due regard for the roles of the congress and the states under the constitution . in president trump 's first full official speech to a joint session of congress , he stated : “ we 're going to stop the regulations that threaten the future and livelihood of our great coal miners . ” march 28 , 2017 president trump signed an executive order to dismantle many of the climate change policies enacted during the obama era . the order takes steps to downplay the future costs of carbon emissions , walks back tracking of the federal government 's carbon emissions , rescinds a 2016 moratorium on coal leases on federal lands . it also begins the process of rescinding the epa 's clean power plan to reduce carbon dioxide emissions from new and existing power plants . april 13 , 2017 the epa said it would review and reconsider the effluent limitations guidelines ( elg ) rule which targets coal combustion generators ' ash transport wastewater , and wastewater discharges from flue-gas desulfurization and mercury control systems and would require power plants to install new treatment technologies . the rule has been challenged in court by a coalition of utilities . the epa has issued an administrative stay to delay the compliance deadlines for the elg rule as long as litigation is ongoing . june 1 , 2017 president trump announced that the u.s. would pull out of the paris agreement steering away from a group of 194 other countries that have promised to curb planet-warming greenhouse gas emissions . october 10 , 2017 epa administrator scott pruitt announced that the epa would seek to repeal the clean power plan in its entirety . january 25 , 2018 the trump administration eliminated a policy dictating how certain major sources of hazardous air pollutants are regulated . the repeal of the agency 's “ once in , always in ” policy . under the new interpretation of the policy , “ major sources ” can be reclassed as “ area sources , ” which are subject to different standards when their emissions reach an enforceable limit . these actions are encouraging and will be important to us and the u.s. energy sector . story_separator_special_tag the carlisle mine is completely developed but was idle for the entirety of 2017. ace in the hole mine ( ace ) ( surface ) – assigned the ace mine is near clay city , indiana in clay county and 42 road miles northeast of the carlisle mine . we control .9 million tons of proven coal reserves of which we own .5 million tons in fee . the two primary seams are low sulfur coal ( ~2 # so 2 ) , which make up .8 million of the .9 million tons controlled . mine development began in late december 2012 , and we began shipping coal in late august 2013. we truck low sulfur coal from ace to oaktown to blend with high sulfur coal . many utilities in the southeastern u.s. have scrubbers with lower sulfur limits ( 4.5 # so 2 ) which can not accept the higher sulfur contents of the ilb ( 4.5 # - 6.5 # so 2 ) . blending high sulfur coal to a lower sulfur specification enables us to market our high sulfur coals to more customers . we expect the maximum capacity of ace to be 0.4 tons annually . the ace mine is a multi-seam open pit strip mine . the majority of the seams are sold raw , but some of the seams will be washed prior to sales depending on quality . to convert the tons sold raw , the in-place tonnage is multiplied by a pit recovery of 94 % based on seam thickness . to convert the tons sold washed , the in-place tonnage is multiplied by a pit recovery based on seam thickness then reduced by the projected wash plant recovery of 72 % . bulldog reserves ( underground ) – unassigned we have leased roughly 19,300 acres in vermilion county , illinois near the village of allerton . based on our reserve estimates we currently control 35.8 million tons of coal . a considerable amount of our leased acres has yet to receive any exploratory drilling . in october 2017 , we entered into an agreement to sell land associated with the bulldog mine for $ 4.9 million . as part of the transaction , we will hold the rights to repurchase the property for eight years . also in october 2017 , the illinois department of natural resources ( ildnr ) notified us that our mine application , along with modifications , was acceptable . the permit will be issued upon submittal of a fee and bond which is required to be submitted within 12 months of the notification . full-scale mine development will not commence until we have a sales commitment . we estimate the costs to develop this mine to be $ 150 million at full capacity of 3.0 million tons annually . unassigned reserves represent coal reserves that would require new mineshafts , mining equipment , and plant facilities before operations could begin on the property . the primary reason for this distinction is to inform investors which coal reserves will require substantial capital expenditures before production can begin . 33 below is a map that shows the locations of our mines . railroad legend : csx – csx railroad inrd – indiana rail road isrr – indiana southern railroad ns – norfolk southern railway mine and wash plant recovery and capacity replace_table_token_5_th * does not include out-of-seam material extracted during the mining process . * * oaktown 1 and oaktown 2 share the wash plant . story_separator_special_tag the tax cuts and jobs act ( tax act ) . the tax act reduces the corporate tax rate to 21 percent , effective january 1 , 2018. because asc 740-10-25-47 requires the effect of a change in tax laws or rates to be recognized as of the date of enactment , we are required to adjust deferred tax assets and liabilities as of december 22 , 2017. accordingly , we have recorded a deferred income tax benefit of $ 16.4 million for the year ended december 31 , 2017. our effective tax rate ( etr ) for 2017 was ( 138 ) % compared to ( 48 ) % for 2016 and 27 % for 2015. the negative etr in 2017 is due primarily to the effects of the tax act adjustment to our deferred taxes and prior year tax return reconciliation which were all recorded discretely for the year ended december 31 , 2017. the negative etr in 2016 is due to the combination of the reduction in book income before taxes because of the asset impairment expense , permanent tax benefits of statutory depletion in excess of tax basis in the mining properties , the captive insurance company effects , and stock based compensation expense . the tax rate for the years ended december 31 , 2017 and 2016 are not predictive of future tax rates due to the deferred income tax benefit of the tax act . the tax rate would have been 9 % without the effects of the deferred income tax benefit of the tax act and the prior year tax return reconciliation . historically , our actual effective tax rates have been lower than the statutory effective rate primarily due to the benefit received from statutory depletion allowances . the deduction for statutory depletion does not necessarily change proportionately to changes in income before income taxes . critical accounting estimates we believe that the estimates of our coal reserves , our business acquisitions , our interest rate swaps , our deferred tax accounts , and the estimates used in our impairment analysis are our only critical accounting estimates . the reserve estimates are used in the dd & a calculation and in our internal cash flow projections . if these estimates turn out to be materially under or over-stated , our dd & a expense and impairment test may be affected . we account for business combinations using the purchase method of accounting

