from cios and senior information technology ( it ) leaders in corporations and government agencies , to business leaders in high-tech and telecom enterprises and professional services firms , to supply chain professionals , marketing professionals and technology investors , we are the valuable partner to clients in 11,122 distinct enterprises . we work with clients to research , analyze , and interpret the business of it within the context of their individual roles . gartner is headquartered in stamford , connecticut , u.s.a. , and as of december 31 , 2016 , we had 8,813 employees , including 1,922 research analysts and consultants , and clients in over 90 countries . the foundation for all gartner products and services is our independent research on it , supply chain , and digital marketing initiatives . the findings from this research are delivered through our three business segments – research , consulting and events : research provides objective insight on critical and timely technology and supply chain initiatives for cios , other it professionals , supply chain leaders , marketing and other professionals , as well as technology companies and the institutional investment community , through reports , briefings , proprietary tools , access to our analysts , peer networking services and membership programs that enable our clients to make better decisions about their it , supply chain and marketing investments . consulting provides customized solutions to unique client needs through on-site , day-to-day support , as well as proprietary tools for measuring and improving it performance with a focus on cost , performance , efficiency , and quality . events provides it , supply chain , marketing and business professionals the opportunity to attend various symposia , conferences and exhibitions to learn , contribute and network with their peers . from our flagship event symposium/itxpo , to summits focused on specific technologies and industries , to experimental workshop-style seminars , our events distill the latest gartner research into applicable insight and advice . for more information regarding gartner and our products and services , visit gartner.com . 18 19 business measurements we believe the following business measurements are important performance indicators for our business segments : business segment business measurements research total contract value represents the value attributable to all of our subscription-related contracts . it is calculated as the annualized value of all contracts in effect at a specific point in time , without regard to the duration of the contract . total contract value primarily includes research deliverables for which revenue is recognized on a ratable basis , as well as other deliverables ( primarily events tickets ) for which revenue is recognized when the deliverable is utilized . research contract value represents the value attributable to all of our subscription-related research products that recognize revenue on a ratable basis . contract value is calculated as the annualized value of all subscription research contracts in effect at a specific point in time , without regard to the duration of the contract . client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time . client retention is calculated on a percentage basis by dividing our current clients , who were also clients a year ago , by all clients from a year ago . client retention is calculated at an enterprise level , which represents a single company or customer . wallet retention rate represents a measure of the amount of contract value we have retained with clients over a 12-month period . wallet retention is calculated on a percentage basis by dividing the contract value of clients , who were clients one year ago , by the total contract value from a year ago , excluding the impact of foreign currency exchange . when wallet retention exceeds client retention , it is an indication of retention of higher-spending clients , or increased spending by retained clients , or both . wallet retention is calculated at an enterprise level , which represents a single company or customer . consulting consulting backlog represents future revenue to be derived from in-process consulting , measurement and strategic advisory services engagements . utilization rate represents a measure of productivity of our consultants . utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill . billing rate represents earned billable revenue divided by total billable hours . average annualized revenue per billable headcount represents a measure of the revenue generating ability of an average billable consultant and is calculated periodically by multiplying the average billing rate per hour times the utilization percentage times the billable hours available for one year . events number of events represents the total number of hosted events completed during the period . number of attendees represents the total number of people who attend events . 20 executive summary of operations and financial position we have executed a consistent growth strategy since 2005 to drive double-digit annual revenue and earnings growth . the fundamentals of our strategy include a focus on creating extraordinary research insight , delivering innovative and highly differentiated product offerings , building a strong sales capability , providing world class client service with a focus on client engagement and retention , and continuously improving our operational effectiveness . we had total revenues of $ 2.4 billion in 2016 , an increase of 13 % over 2015 on a reported basis and 14 % adjusted for the impact of foreign currency exchange . diluted earnings per share was $ 2.31 in 2016 compared to $ 2.06 in 2015 , a 12 % increase , primarily driven by higher net income , which increased 10 % in 2016 , and to a lesser extent , a lower weighted-average share count , which declined 1 % . story_separator_special_tag amortization of intangibles increased to $ 24.8 million in 2016 from $ 13.3 million in 2015 due to the additional intangibles resulting from our acquisitions . acquisition and integration charges was $ 42.6 million in 2016 compared to $ 26.2 million in 2015. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions , legal , consulting and severance costs . operating income increased 6 % in 2016 compared to 2015 , to $ 305.1 million in 2016 from $ 288.0 million in 2015. operating income as a percentage of revenues was 12 % in 2016 and 13 % in 2015 with the decline due to a number of factors , to include lower gross contribution margins in our consulting and events segments and higher charges from acquisitions . interest expense , net increased 21 % year-over-year due to higher average borrowings in the 2016 period . other income ( expense ) , net was $ 8.4 million in 2016 , which included a gain of $ 2.5 million from the extinguishment of a portion of an economic development loan from the state of connecticut , the sale of certain state tax credits and the recognition of other tax incentives , and the net impact of gains and losses from our foreign currency hedging activities . other income ( expense ) , net was $ 5.0 million in 2015 , which consisted of a $ 6.8 million gain from the sale of certain state tax credits partially offset by a net loss from foreign currency hedging activities . provision for income taxes was $ 94.8 million in 2016 compared to $ 96.6 million in 2015 and the effective tax rate was 32.9 % in 2016 compared to 35.5 % in 2015. the decrease in the effective income tax rate was primarily attributable to the early adoption of asu no . 2016-09 in 2016 , partially offset by increases in non-deductible expenses relating to acquisitions . net income was $ 193.6 million in 2016 and $ 175.6 million in 2015 , an increase of 10 % . diluted earnings per share increased 12 % year-over-year , to $ 2.31 in 2016 compared to $ 2.06 in 2015 due to the higher net income and to a lesser extent , a decrease in the number of weighted-average shares in the 2016 period . 25 2015 versus 2014 the following table presents the changes in selected line items in our consolidated statements of operations for the two years ended december 31 , 2015 ( in thousands ) : replace_table_token_7_th total revenues for the year ended december 31 , 2015 increased $ 141.6 million , or 7 % , compared to the year ended december 31 , 2014. revenues increased by double-digits in our research and events businesses but declined 6 % in consulting . excluding the impact of foreign currency exchange , total revenues increased 13 % in 2015 compared to 2014. the following table presents total revenues by geographic region for the years ended ( in thousands ) : replace_table_token_8_th the following table presents our revenues by segment for the years ended ( in thousands ) : replace_table_token_9_th please refer to the section of this md & a below entitled “ segment results ” for a further discussion of revenues and results by segment . cost of services and product development ( “ cos `` ) expense increased $ 41.1 million , or 5 % , in 2015 compared to 2014 , to $ 839.1 million compared to $ 797.9 million in 2014. foreign exchange had a favorable impact on cos expense during 2015 , and adjusted for this impact , cos expense increased 11 % in 2015 when compared to 2014. the year-over-year increase in cos expense was due to $ 56.0 million in higher payroll and related benefits costs from additional headcount and merit salary increases , and $ 31.0 million in higher charges in 2015 for events costs , travel , and other corporate expenses . partially offsetting these increased expenses was approximately $ 46.0 million in favorable foreign exchange impact . the additional headcount was 26 primarily in our research business which includes the additional employees resulting from our 2015 acquisitions , and to a lesser extent , an increase in headcount in our consulting business . cos as a percentage of revenues was 39 % in both the 2015 and 2014 periods . selling , general and administrative ( “ sg & a ” ) expense increased by $ 86.6 million in 2015 , or 10 % , to $ 962.7 million compared to $ 876.1 million in 2014. excluding the impact of foreign currency exchange , sg & a expense increased 16 % year-over-year . the increase was primarily due to $ 111.0 million in higher payroll and related benefits costs from additional headcount , higher sales commissions , and merit salary increases , and we also had $ 27.0 million in additional travel and training , recruiting , and other costs . partially offsetting these additional charges was $ 51.0 million in foreign exchange impact . sg & a headcount increased 17 % overall , with the majority of the increase in additional quota-bearing sales associates and related support staff . quota-bearing sales associates increased 15 % year-over-year , to 2,171 at december 31 , 2015 from 1,881 at year-end 2014. depreciation expense increased 8 % in 2015 compared to 2014 , which reflects our additional investment in fixed assets . amortization of intangibles increased to $ 13.3 million in 2015 from $ 8.2 million 2014 , an increase of 62 % year-over-year due to the additional intangibles resulting from our acquisitions . acquisition and integration charges was $ 26.2 million in 2015 compared to $ 21.9 million in 2014. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions ,

liquidity and capital resources the company has a five-year credit arrangement that it entered into in june 2016 that provides for a $ 600.0 million term loan and a $ 1.2 billion revolving credit facility ( the “ 2016 credit agreement ” ) . as of december 31 , 2016 , the company had $ 585.0 million outstanding under the term loan and $ 115.0 million under the revolver and $ 1.1 billion of available revolver borrowing capacity under the 2016 credit agreement . we had $ 474.2 million of cash and cash equivalents at december 31 , 2016. the 2016 credit agreement was amended on january 20 , 2017 to permit the acquisition of ceb and the incurrence of an additional $ 1.375 billion senior secured term loan b facility , a $ 300.0 million 364-day senior unsecured bridge facility and a senior unsecured high-yield bridge facility of up to $ 600.0 million ( or the issuance of a corresponding amount of debt securities ) to finance , in part , the acquisition and repay certain debt of ceb and to modify certain covenants . we have historically generated significant cash flows from our operating activities . our operating cash flow has been continuously maintained and enhanced by the leverage characteristics of our subscription-based business model in our research segment , which is our largest business segment . revenues in our research segment increased 16 % in 2016 compared to 2015 , and constituted 75 % and 73 % of our total revenues in 2016 and 2015 , respectively . the majority of our research customer contracts are paid in advance , and combined with a strong customer retention rate and high incremental margins , has resulted in continuously strong operating cash flow . our cash flow generation has also benefited from our continuing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase our sales volume .


 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 the company has a five-year credit arrangement that it entered into in june 2016 that provides for a $ 600.0 million term loan and a $ 1.2 billion revolving credit facility ( the “ 2016 credit agreement ” ) . as of december 31 , 2016 , the company had $ 585.0 million outstanding under the term loan and $ 115.0 million under the revolver and $ 1.1 billion of available revolver borrowing capacity under the 2016 credit agreement . we had $ 474.2 million of cash and cash equivalents at december 31 , 2016. the 2016 credit agreement was amended on january 20 , 2017 to permit the acquisition of ceb and the incurrence of an additional $ 1.375 billion senior secured term loan b facility , a $ 300.0 million 364-day senior unsecured bridge facility and a senior unsecured high-yield bridge facility of up to $ 600.0 million ( or the issuance of a corresponding amount of debt securities ) to finance , in part , the acquisition and repay certain debt of ceb and to modify certain covenants . we have historically generated significant cash flows from our operating activities . our operating cash flow has been continuously maintained and enhanced by the leverage characteristics of our subscription-based business model in our research segment , which is our largest business segment . revenues in our research segment increased 16 % in 2016 compared to 2015 , and constituted 75 % and 73 % of our total revenues in 2016 and 2015 , respectively . the majority of our research customer contracts are paid in advance , and combined with a strong customer retention rate and high incremental margins , has resulted in continuously strong operating cash flow . our cash flow generation has also benefited from our continuing efforts to improve the operating efficiencies of our businesses as well as a focus on the optimal management of our working capital as we increase our sales volume .
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 Suspicious Activity Report : from cios and senior information technology ( it ) leaders in corporations and government agencies , to business leaders in high-tech and telecom enterprises and professional services firms , to supply chain professionals , marketing professionals and technology investors , we are the valuable partner to clients in 11,122 distinct enterprises . we work with clients to research , analyze , and interpret the business of it within the context of their individual roles . gartner is headquartered in stamford , connecticut , u.s.a. , and as of december 31 , 2016 , we had 8,813 employees , including 1,922 research analysts and consultants , and clients in over 90 countries . the foundation for all gartner products and services is our independent research on it , supply chain , and digital marketing initiatives . the findings from this research are delivered through our three business segments – research , consulting and events : research provides objective insight on critical and timely technology and supply chain initiatives for cios , other it professionals , supply chain leaders , marketing and other professionals , as well as technology companies and the institutional investment community , through reports , briefings , proprietary tools , access to our analysts , peer networking services and membership programs that enable our clients to make better decisions about their it , supply chain and marketing investments . consulting provides customized solutions to unique client needs through on-site , day-to-day support , as well as proprietary tools for measuring and improving it performance with a focus on cost , performance , efficiency , and quality . events provides it , supply chain , marketing and business professionals the opportunity to attend various symposia , conferences and exhibitions to learn , contribute and network with their peers . from our flagship event symposium/itxpo , to summits focused on specific technologies and industries , to experimental workshop-style seminars , our events distill the latest gartner research into applicable insight and advice . for more information regarding gartner and our products and services , visit gartner.com . 18 19 business measurements we believe the following business measurements are important performance indicators for our business segments : business segment business measurements research total contract value represents the value attributable to all of our subscription-related contracts . it is calculated as the annualized value of all contracts in effect at a specific point in time , without regard to the duration of the contract . total contract value primarily includes research deliverables for which revenue is recognized on a ratable basis , as well as other deliverables ( primarily events tickets ) for which revenue is recognized when the deliverable is utilized . research contract value represents the value attributable to all of our subscription-related research products that recognize revenue on a ratable basis . contract value is calculated as the annualized value of all subscription research contracts in effect at a specific point in time , without regard to the duration of the contract . client retention rate represents a measure of client satisfaction and renewed business relationships at a specific point in time . client retention is calculated on a percentage basis by dividing our current clients , who were also clients a year ago , by all clients from a year ago . client retention is calculated at an enterprise level , which represents a single company or customer . wallet retention rate represents a measure of the amount of contract value we have retained with clients over a 12-month period . wallet retention is calculated on a percentage basis by dividing the contract value of clients , who were clients one year ago , by the total contract value from a year ago , excluding the impact of foreign currency exchange . when wallet retention exceeds client retention , it is an indication of retention of higher-spending clients , or increased spending by retained clients , or both . wallet retention is calculated at an enterprise level , which represents a single company or customer . consulting consulting backlog represents future revenue to be derived from in-process consulting , measurement and strategic advisory services engagements . utilization rate represents a measure of productivity of our consultants . utilization rates are calculated for billable headcount on a percentage basis by dividing total hours billed by total hours available to bill . billing rate represents earned billable revenue divided by total billable hours . average annualized revenue per billable headcount represents a measure of the revenue generating ability of an average billable consultant and is calculated periodically by multiplying the average billing rate per hour times the utilization percentage times the billable hours available for one year . events number of events represents the total number of hosted events completed during the period . number of attendees represents the total number of people who attend events . 20 executive summary of operations and financial position we have executed a consistent growth strategy since 2005 to drive double-digit annual revenue and earnings growth . the fundamentals of our strategy include a focus on creating extraordinary research insight , delivering innovative and highly differentiated product offerings , building a strong sales capability , providing world class client service with a focus on client engagement and retention , and continuously improving our operational effectiveness . we had total revenues of $ 2.4 billion in 2016 , an increase of 13 % over 2015 on a reported basis and 14 % adjusted for the impact of foreign currency exchange . diluted earnings per share was $ 2.31 in 2016 compared to $ 2.06 in 2015 , a 12 % increase , primarily driven by higher net income , which increased 10 % in 2016 , and to a lesser extent , a lower weighted-average share count , which declined 1 % . story_separator_special_tag amortization of intangibles increased to $ 24.8 million in 2016 from $ 13.3 million in 2015 due to the additional intangibles resulting from our acquisitions . acquisition and integration charges was $ 42.6 million in 2016 compared to $ 26.2 million in 2015. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions , legal , consulting and severance costs . operating income increased 6 % in 2016 compared to 2015 , to $ 305.1 million in 2016 from $ 288.0 million in 2015. operating income as a percentage of revenues was 12 % in 2016 and 13 % in 2015 with the decline due to a number of factors , to include lower gross contribution margins in our consulting and events segments and higher charges from acquisitions . interest expense , net increased 21 % year-over-year due to higher average borrowings in the 2016 period . other income ( expense ) , net was $ 8.4 million in 2016 , which included a gain of $ 2.5 million from the extinguishment of a portion of an economic development loan from the state of connecticut , the sale of certain state tax credits and the recognition of other tax incentives , and the net impact of gains and losses from our foreign currency hedging activities . other income ( expense ) , net was $ 5.0 million in 2015 , which consisted of a $ 6.8 million gain from the sale of certain state tax credits partially offset by a net loss from foreign currency hedging activities . provision for income taxes was $ 94.8 million in 2016 compared to $ 96.6 million in 2015 and the effective tax rate was 32.9 % in 2016 compared to 35.5 % in 2015. the decrease in the effective income tax rate was primarily attributable to the early adoption of asu no . 2016-09 in 2016 , partially offset by increases in non-deductible expenses relating to acquisitions . net income was $ 193.6 million in 2016 and $ 175.6 million in 2015 , an increase of 10 % . diluted earnings per share increased 12 % year-over-year , to $ 2.31 in 2016 compared to $ 2.06 in 2015 due to the higher net income and to a lesser extent , a decrease in the number of weighted-average shares in the 2016 period . 25 2015 versus 2014 the following table presents the changes in selected line items in our consolidated statements of operations for the two years ended december 31 , 2015 ( in thousands ) : replace_table_token_7_th total revenues for the year ended december 31 , 2015 increased $ 141.6 million , or 7 % , compared to the year ended december 31 , 2014. revenues increased by double-digits in our research and events businesses but declined 6 % in consulting . excluding the impact of foreign currency exchange , total revenues increased 13 % in 2015 compared to 2014. the following table presents total revenues by geographic region for the years ended ( in thousands ) : replace_table_token_8_th the following table presents our revenues by segment for the years ended ( in thousands ) : replace_table_token_9_th please refer to the section of this md & a below entitled “ segment results ” for a further discussion of revenues and results by segment . cost of services and product development ( “ cos `` ) expense increased $ 41.1 million , or 5 % , in 2015 compared to 2014 , to $ 839.1 million compared to $ 797.9 million in 2014. foreign exchange had a favorable impact on cos expense during 2015 , and adjusted for this impact , cos expense increased 11 % in 2015 when compared to 2014. the year-over-year increase in cos expense was due to $ 56.0 million in higher payroll and related benefits costs from additional headcount and merit salary increases , and $ 31.0 million in higher charges in 2015 for events costs , travel , and other corporate expenses . partially offsetting these increased expenses was approximately $ 46.0 million in favorable foreign exchange impact . the additional headcount was 26 primarily in our research business which includes the additional employees resulting from our 2015 acquisitions , and to a lesser extent , an increase in headcount in our consulting business . cos as a percentage of revenues was 39 % in both the 2015 and 2014 periods . selling , general and administrative ( “ sg & a ” ) expense increased by $ 86.6 million in 2015 , or 10 % , to $ 962.7 million compared to $ 876.1 million in 2014. excluding the impact of foreign currency exchange , sg & a expense increased 16 % year-over-year . the increase was primarily due to $ 111.0 million in higher payroll and related benefits costs from additional headcount , higher sales commissions , and merit salary increases , and we also had $ 27.0 million in additional travel and training , recruiting , and other costs . partially offsetting these additional charges was $ 51.0 million in foreign exchange impact . sg & a headcount increased 17 % overall , with the majority of the increase in additional quota-bearing sales associates and related support staff . quota-bearing sales associates increased 15 % year-over-year , to 2,171 at december 31 , 2015 from 1,881 at year-end 2014. depreciation expense increased 8 % in 2015 compared to 2014 , which reflects our additional investment in fixed assets . amortization of intangibles increased to $ 13.3 million in 2015 from $ 8.2 million 2014 , an increase of 62 % year-over-year due to the additional intangibles resulting from our acquisitions . acquisition and integration charges was $ 26.2 million in 2015 compared to $ 21.9 million in 2014. these charges are directly-related to our acquisitions and primarily include amounts accrued for payments contingent on the achievement of certain employment conditions ,

