the company 's long-term financial objectives remain as follows : 27 4-6 % organic revenue growth ; 10-12 % total revenue growth ; 10-12 % total eps growth ( 7-9 % organically ) excluding acquisition-related charges ; free cash flow equal to , or exceeding , net income ; sustain 10+ working capital turns ; and cash flow return on investment ( `` cfroi `` ) between 12-15 % . in terms of capital allocation , the company remains committed , over time , to returning approximately 50 % of free cash flow to shareholders through a strong and growing dividend as well as opportunistically repurchasing shares . the remaining free cash flow ( approximately 50 % ) will be deployed towards acquisitions . covid-19 pandemic the novel coronavirus ( covid-19 ) outbreak has adversely affected the company 's workforce and operations , as well as the operations of its customers , distributors , suppliers and contractors . the covid-19 pandemic has also resulted in significant volatility and uncertainty in the markets in which the company operates . to successfully navigate through this unprecedented period , the company has remained focused on the following key priorities : ensuring the health and safety of its employees and supply chain partners ; maintaining business continuity and financial strength and stability ; serving its customers as they provide essential products and services to the world ; and doing its part to mitigate the impact of the virus across the globe . to respond to the volatile and uncertain environment , the company implemented a comprehensive cost reduction and efficiency program , which delivered approximately $ 500 million of savings in 2020 and is expected to deliver net savings of approximately $ 125 million in 2021. cost actions executed under the program included headcount reductions , furloughs , reduced employee work schedules , a voluntary retirement program , and footprint rationalizations . the company has taken steps to make some of the cost actions permanent while certain employees were returned to full-time status . this ensures the sustainability of the cost reduction program into 2021 while providing more employment stability for the company 's remaining associates . the program 's primary focus was to : ( a ) adjust the company 's supply chain and manufacturing labor base to match the demand environment ; ( b ) substantially reduce indirect spending ; ( c ) reduce staffing , compensation and benefits in a manner that ensured the company was prepared to respond to changes in demand ; and ( d ) capture the significant raw material deflation opportunity from 2020. in addition , the company reduced capital expenditures in 2020. as a result of these actions , the company continues to believe it is in a strong financial position and has significant flexibility to continue navigating this dynamic period . however , the overall impact of the covid-19 pandemic on the company 's business , results of operations , or liquidity remains uncertain . refer to financial condition below and item 1a . risk factors in part i of this form 10-k for further discussion . share repurchases in april 2018 , the company repurchased 1,399,732 shares of common stock for approximately $ 200 million . in july 2018 , the company repurchased 2,086,792 shares of common stock for approximately $ 300 million . acquisitions and investments on february 24 , 2020 , the company acquired consolidated aerospace manufacturing , llc ( `` cam `` ) , an industry-leading manufacturer of specialty fasteners and components for the aerospace and defense markets . the acquisition further diversifies the company 's presence in the industrial markets and expands its portfolio of specialty fasteners in the aerospace and defense markets . on march 8 , 2019 , the company acquired the international equipment solutions attachments businesses , paladin and pengo , ( `` ies attachments `` ) , manufacturers of high quality , performance-driven heavy equipment attachment tools for off-highway applications . the acquisition further diversified the company 's presence in the industrial markets , expanded its portfolio of attachment solutions and provided a meaningful platform for growth . on january 2 , 2019 , the company acquired a 20 percent interest in mtd , a privately held global manufacturer of outdoor power equipment . mtd manufactures and distributes gas-powered lawn tractors , zero turn mowers , walk behind mowers , 28 snow throwers , trimmers , chain saws , utility vehicles and other outdoor power equipment . under the terms of the agreement , the company has the option to acquire the remaining 80 percent of mtd beginning on july 1 , 2021 and ending on january 2 , 2029. in the event the option is exercised , the companies have agreed to a valuation multiple based on mtd 's 2018 earnings before interest , taxes , depreciation and amortization ( `` ebitda `` ) , with an equitable sharing arrangement for future ebitda growth . the investment in mtd increases the company 's presence in the greater than $ 20 billion lawn and garden segment and enables the two companies to work together to pursue revenue and cost opportunities , improve operational efficiency , and introduce new and innovative products for professional and residential outdoor equipment customers , utilizing each company 's respective portfolios of strong brands . on april 2 , 2018 , the company acquired nelson fastener systems ( “ nelson ” ) , which excluded nelson 's automotive stud welding business . this acquisition , which has been integrated into the engineered fastening business , was complementary to the company 's product offerings , enhanced its presence in the general industrial end markets , and expanded its portfolio of highly-engineered fastening solutions . story_separator_special_tag the company believes that the sbd operating model will serve as a powerful value driver in the years ahead , ensuring the company is positioned to win in the 2020s by developing and obtaining the right people and technology to deliver performance resiliency , extreme innovation , operations excellence and an extraordinary customer experience . the operating model , in concert with the company 's innovation ecosystem , will enable the company to change as rapidly as the external environment which directly supports achievement of the company 's long-term financial objectives , including its vision , and further enables its shareholder-friendly capital allocation approach , which has served the company well in the past and will continue to do so in the future . 32 outlook for 2021 this outlook discussion is intended to provide broad insight into the company 's near-term earnings and cash flow generation prospects . the company expects 2021 diluted earnings per share to approximate $ 9.15 to $ 9.85 ( $ 9.70 to $ 10.30 excluding acquisition-related and other charges ) . this range is $ 0.40 wider than the company 's traditional guide recognizing that while visibility has improved , the operating environment remains dynamic . free cash flow conversion , defined as free cash flow divided by net income , is expected to approximate 100 % . the difference between the 2021 diluted earnings per share outlook and the diluted earnings per share range , excluding charges , is $ 0.45 - $ 0.55 , consisting of acquisition-related and other charges . these forecasted charges primarily relate to facility moves , deal and integration costs and functional transformation initiatives . 33 results of operations below is a summary of the company 's operating results at the consolidated level , followed by an overview of business segment performance . terminology : the term “ organic ” is utilized to describe results aside from the impacts of foreign currency fluctuations , acquisitions during their initial 12 months of ownership , and divestitures . this ensures appropriate comparability to operating results of prior periods . net sales : net sales were $ 14.535 billion in 2020 compared to $ 14.442 billion in 2019 , representing an increase of 1 % driven by a 2 % increase from acquisitions , primarily cam , and a 1 % increase in price , partially offset by pandemic-related volume decreases of 2 % . organic growth of 10 % in the second half of 2020 and acquisitions more than offset first half pandemic related market impacts . tools & storage net sales increased 3 % compared to 2019 due to 2 % increases in both volume and price , partially offset by a decrease of 1 % from foreign currency . industrial net sales decreased 3 % compared to 2019 primarily due to volume decreases of 15 % , partially offset by acquisition growth of 12 % . security net sales declined 5 % compared to 2019 as 1 % increases in both price and small bolt-on commercial electronic security acquisitions were more than offset by a 5 % decrease in volume and a 2 % decrease from the sales of the sargent & greenleaf business and the commercial electronic security businesses in five countries in europe and emerging markets . net sales were $ 14.442 billion in 2019 compared to $ 13.982 billion in 2018 , representing an increase of 3 % driven by organic growth of 3 % , including a 2 % increase in volume and 1 % increase in price . acquisitions , primarily ies attachments , increased sales by 2 % , while the impact of foreign currency decreased sales by 2 % . tools & storage net sales increased 3 % compared to 2018 due to increases in volume and price of 4 % and 1 % , respectively , partially offset by a 2 % decrease from foreign currency . industrial net sales increased 11 % compared to 2018 primarily due to acquisition growth of 16 % , partially offset by decreases of 3 % from lower volumes and 2 % from foreign currency . security net sales declined 2 % compared to 2018 as 1 % increases in both price and small bolt-on commercial electronic security acquisitions were more than offset by a 3 % decrease due to foreign currency and a 1 % decrease from the sale of the sargent & greenleaf business . gross profit : the company reported gross profit of $ 4.968 billion , or 34.2 % of net sales , in 2020 compared to $ 4.806 billion , or 33.3 % of net sales , in 2019. acquisition-related and other charges , which reduced gross profit , were $ 71.2 million in 2020 and $ 39.7 million in 2019. excluding these charges , gross profit was 34.7 % of net sales in 2020 compared to 33.5 % in 2019 , driven by productivity , margin resiliency initiatives and price realization . the company reported gross profit of $ 4.806 billion , or 33.3 % of net sales , in 2019 compared to $ 4.851 billion , or 34.7 % of net sales , in 2018. acquisition-related and other charges , which reduced gross profit , were $ 39.7 million in 2019 and $ 65.7 million in 2018. excluding these charges , gross profit was 33.5 % of net sales in 2019 , compared to 35.2 % in 2018 , as volume , productivity and price were more than offset by tariffs , commodity inflation and foreign exchange . sg & a expense : selling , general and administrative expenses , inclusive of the provision for credit losses ( “ sg & a ” ) , were $ 3.090 billion , or 21.3 % of net sales , in 2020 compared to $ 3.041 billion , or 21.1 % of net sales , in 2019. within sg & a , acquisition-related and other charges totaled $ 176.1 million

credit ratings and liquidity : the company maintains strong investment grade credit ratings from the major u.s. rating agencies on its senior unsecured debt ( s & p a , fitch a- , moody 's baa1 ) , as well as its commercial paper program ( s & p a-1 , fitch f1 , moody 's p-2 ) . in the second quarter of 2020 , s & p and fitch revised their outlooks to ‘ negative ' from ‘ stable ' in response to the potential negative economic effects stemming from the covid-19 pandemic . refer to item 1a . risk factors in part i of this form 10-k for further discussion of the risks associated with the ongoing covid-19 pandemic . failure to maintain strong investment grade rating levels could adversely affect the company 's cost of funds , liquidity and access to capital markets , but would not have an adverse effect on the company 's ability to access its existing committed credit facilities . cash and cash equivalents totaled $ 1.381 billion as of january 2 , 2021 , comprised of $ 1.119 billion in the u.s. and $ 262 million in foreign jurisdictions . as of december 28 , 2019 , cash and cash equivalents totaled $ 298 million , comprised of $ 57 million in the u.s. and $ 241 million in foreign jurisdictions . as a result of the act , the company 's tax liability related to the one-time transition tax associated with unremitted foreign earnings and profits totaled $ 325 million at january 2 , 2021. the act permits a u.s. company to elect to pay the net tax liability interest-free over a period of up to eight years . see the contractual obligations table below for the estimated amounts due by period . the company has considered the implications of paying the required one-time transition tax , and believes it will not have a material impact on its liquidity . the company has a $ 3.0 billion commercial paper program which includes euro denominated borrowings in addition to u.s. dollars . as of january 2 , 2021 , the company had no borrowings outstanding .


 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.
     ```credit ratings and liquidity : the company maintains strong investment grade credit ratings from the major u.s. rating agencies on its senior unsecured debt ( s & p a , fitch a- , moody 's baa1 ) , as well as its commercial paper program ( s & p a-1 , fitch f1 , moody 's p-2 ) . in the second quarter of 2020 , s & p and fitch revised their outlooks to ‘ negative ' from ‘ stable ' in response to the potential negative economic effects stemming from the covid-19 pandemic . refer to item 1a . risk factors in part i of this form 10-k for further discussion of the risks associated with the ongoing covid-19 pandemic . failure to maintain strong investment grade rating levels could adversely affect the company 's cost of funds , liquidity and access to capital markets , but would not have an adverse effect on the company 's ability to access its existing committed credit facilities . cash and cash equivalents totaled $ 1.381 billion as of january 2 , 2021 , comprised of $ 1.119 billion in the u.s. and $ 262 million in foreign jurisdictions . as of december 28 , 2019 , cash and cash equivalents totaled $ 298 million , comprised of $ 57 million in the u.s. and $ 241 million in foreign jurisdictions . as a result of the act , the company 's tax liability related to the one-time transition tax associated with unremitted foreign earnings and profits totaled $ 325 million at january 2 , 2021. the act permits a u.s. company to elect to pay the net tax liability interest-free over a period of up to eight years . see the contractual obligations table below for the estimated amounts due by period . the company has considered the implications of paying the required one-time transition tax , and believes it will not have a material impact on its liquidity . the company has a $ 3.0 billion commercial paper program which includes euro denominated borrowings in addition to u.s. dollars . as of january 2 , 2021 , the company had no borrowings outstanding .
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 Suspicious Activity Report : the company 's long-term financial objectives remain as follows : 27 4-6 % organic revenue growth ; 10-12 % total revenue growth ; 10-12 % total eps growth ( 7-9 % organically ) excluding acquisition-related charges ; free cash flow equal to , or exceeding , net income ; sustain 10+ working capital turns ; and cash flow return on investment ( `` cfroi `` ) between 12-15 % . in terms of capital allocation , the company remains committed , over time , to returning approximately 50 % of free cash flow to shareholders through a strong and growing dividend as well as opportunistically repurchasing shares . the remaining free cash flow ( approximately 50 % ) will be deployed towards acquisitions . covid-19 pandemic the novel coronavirus ( covid-19 ) outbreak has adversely affected the company 's workforce and operations , as well as the operations of its customers , distributors , suppliers and contractors . the covid-19 pandemic has also resulted in significant volatility and uncertainty in the markets in which the company operates . to successfully navigate through this unprecedented period , the company has remained focused on the following key priorities : ensuring the health and safety of its employees and supply chain partners ; maintaining business continuity and financial strength and stability ; serving its customers as they provide essential products and services to the world ; and doing its part to mitigate the impact of the virus across the globe . to respond to the volatile and uncertain environment , the company implemented a comprehensive cost reduction and efficiency program , which delivered approximately $ 500 million of savings in 2020 and is expected to deliver net savings of approximately $ 125 million in 2021. cost actions executed under the program included headcount reductions , furloughs , reduced employee work schedules , a voluntary retirement program , and footprint rationalizations . the company has taken steps to make some of the cost actions permanent while certain employees were returned to full-time status . this ensures the sustainability of the cost reduction program into 2021 while providing more employment stability for the company 's remaining associates . the program 's primary focus was to : ( a ) adjust the company 's supply chain and manufacturing labor base to match the demand environment ; ( b ) substantially reduce indirect spending ; ( c ) reduce staffing , compensation and benefits in a manner that ensured the company was prepared to respond to changes in demand ; and ( d ) capture the significant raw material deflation opportunity from 2020. in addition , the company reduced capital expenditures in 2020. as a result of these actions , the company continues to believe it is in a strong financial position and has significant flexibility to continue navigating this dynamic period . however , the overall impact of the covid-19 pandemic on the company 's business , results of operations , or liquidity remains uncertain . refer to financial condition below and item 1a . risk factors in part i of this form 10-k for further discussion . share repurchases in april 2018 , the company repurchased 1,399,732 shares of common stock for approximately $ 200 million . in july 2018 , the company repurchased 2,086,792 shares of common stock for approximately $ 300 million . acquisitions and investments on february 24 , 2020 , the company acquired consolidated aerospace manufacturing , llc ( `` cam `` ) , an industry-leading manufacturer of specialty fasteners and components for the aerospace and defense markets . the acquisition further diversifies the company 's presence in the industrial markets and expands its portfolio of specialty fasteners in the aerospace and defense markets . on march 8 , 2019 , the company acquired the international equipment solutions attachments businesses , paladin and pengo , ( `` ies attachments `` ) , manufacturers of high quality , performance-driven heavy equipment attachment tools for off-highway applications . the acquisition further diversified the company 's presence in the industrial markets , expanded its portfolio of attachment solutions and provided a meaningful platform for growth . on january 2 , 2019 , the company acquired a 20 percent interest in mtd , a privately held global manufacturer of outdoor power equipment . mtd manufactures and distributes gas-powered lawn tractors , zero turn mowers , walk behind mowers , 28 snow throwers , trimmers , chain saws , utility vehicles and other outdoor power equipment . under the terms of the agreement , the company has the option to acquire the remaining 80 percent of mtd beginning on july 1 , 2021 and ending on january 2 , 2029. in the event the option is exercised , the companies have agreed to a valuation multiple based on mtd 's 2018 earnings before interest , taxes , depreciation and amortization ( `` ebitda `` ) , with an equitable sharing arrangement for future ebitda growth . the investment in mtd increases the company 's presence in the greater than $ 20 billion lawn and garden segment and enables the two companies to work together to pursue revenue and cost opportunities , improve operational efficiency , and introduce new and innovative products for professional and residential outdoor equipment customers , utilizing each company 's respective portfolios of strong brands . on april 2 , 2018 , the company acquired nelson fastener systems ( “ nelson ” ) , which excluded nelson 's automotive stud welding business . this acquisition , which has been integrated into the engineered fastening business , was complementary to the company 's product offerings , enhanced its presence in the general industrial end markets , and expanded its portfolio of highly-engineered fastening solutions . story_separator_special_tag the company believes that the sbd operating model will serve as a powerful value driver in the years ahead , ensuring the company is positioned to win in the 2020s by developing and obtaining the right people and technology to deliver performance resiliency , extreme innovation , operations excellence and an extraordinary customer experience . the operating model , in concert with the company 's innovation ecosystem , will enable the company to change as rapidly as the external environment which directly supports achievement of the company 's long-term financial objectives , including its vision , and further enables its shareholder-friendly capital allocation approach , which has served the company well in the past and will continue to do so in the future . 32 outlook for 2021 this outlook discussion is intended to provide broad insight into the company 's near-term earnings and cash flow generation prospects . the company expects 2021 diluted earnings per share to approximate $ 9.15 to $ 9.85 ( $ 9.70 to $ 10.30 excluding acquisition-related and other charges ) . this range is $ 0.40 wider than the company 's traditional guide recognizing that while visibility has improved , the operating environment remains dynamic . free cash flow conversion , defined as free cash flow divided by net income , is expected to approximate 100 % . the difference between the 2021 diluted earnings per share outlook and the diluted earnings per share range , excluding charges , is $ 0.45 - $ 0.55 , consisting of acquisition-related and other charges . these forecasted charges primarily relate to facility moves , deal and integration costs and functional transformation initiatives . 33 results of operations below is a summary of the company 's operating results at the consolidated level , followed by an overview of business segment performance . terminology : the term “ organic ” is utilized to describe results aside from the impacts of foreign currency fluctuations , acquisitions during their initial 12 months of ownership , and divestitures . this ensures appropriate comparability to operating results of prior periods . net sales : net sales were $ 14.535 billion in 2020 compared to $ 14.442 billion in 2019 , representing an increase of 1 % driven by a 2 % increase from acquisitions , primarily cam , and a 1 % increase in price , partially offset by pandemic-related volume decreases of 2 % . organic growth of 10 % in the second half of 2020 and acquisitions more than offset first half pandemic related market impacts . tools & storage net sales increased 3 % compared to 2019 due to 2 % increases in both volume and price , partially offset by a decrease of 1 % from foreign currency . industrial net sales decreased 3 % compared to 2019 primarily due to volume decreases of 15 % , partially offset by acquisition growth of 12 % . security net sales declined 5 % compared to 2019 as 1 % increases in both price and small bolt-on commercial electronic security acquisitions were more than offset by a 5 % decrease in volume and a 2 % decrease from the sales of the sargent & greenleaf business and the commercial electronic security businesses in five countries in europe and emerging markets . net sales were $ 14.442 billion in 2019 compared to $ 13.982 billion in 2018 , representing an increase of 3 % driven by organic growth of 3 % , including a 2 % increase in volume and 1 % increase in price . acquisitions , primarily ies attachments , increased sales by 2 % , while the impact of foreign currency decreased sales by 2 % . tools & storage net sales increased 3 % compared to 2018 due to increases in volume and price of 4 % and 1 % , respectively , partially offset by a 2 % decrease from foreign currency . industrial net sales increased 11 % compared to 2018 primarily due to acquisition growth of 16 % , partially offset by decreases of 3 % from lower volumes and 2 % from foreign currency . security net sales declined 2 % compared to 2018 as 1 % increases in both price and small bolt-on commercial electronic security acquisitions were more than offset by a 3 % decrease due to foreign currency and a 1 % decrease from the sale of the sargent & greenleaf business . gross profit : the company reported gross profit of $ 4.968 billion , or 34.2 % of net sales , in 2020 compared to $ 4.806 billion , or 33.3 % of net sales , in 2019. acquisition-related and other charges , which reduced gross profit , were $ 71.2 million in 2020 and $ 39.7 million in 2019. excluding these charges , gross profit was 34.7 % of net sales in 2020 compared to 33.5 % in 2019 , driven by productivity , margin resiliency initiatives and price realization . the company reported gross profit of $ 4.806 billion , or 33.3 % of net sales , in 2019 compared to $ 4.851 billion , or 34.7 % of net sales , in 2018. acquisition-related and other charges , which reduced gross profit , were $ 39.7 million in 2019 and $ 65.7 million in 2018. excluding these charges , gross profit was 33.5 % of net sales in 2019 , compared to 35.2 % in 2018 , as volume , productivity and price were more than offset by tariffs , commodity inflation and foreign exchange . sg & a expense : selling , general and administrative expenses , inclusive of the provision for credit losses ( “ sg & a ” ) , were $ 3.090 billion , or 21.3 % of net sales , in 2020 compared to $ 3.041 billion , or 21.1 % of net sales , in 2019. within sg & a , acquisition-related and other charges totaled $ 176.1 million

