refer to note 2 , `` revenue recognition `` within part 2 of this form 10-k ● cost of sales attributable to acquired businesses ● foreign currency translation partially offset by : ● restructuring cost savings 2017 vs. 2016 cost of sales , exclusive of depreciation and amortization , increased $ 544 million due to the following : ● raw material cost inflation ● higher sales volumes ● cost of sales attributable to acquired businesses ● foreign currency translation partially offset by : ● lower manufacturing costs selling , general and administrative expenses replace_table_token_6_th 2018 vs. 2017 selling , general and administrative expenses declined as a percent of net sales , but increased $ 19 million primarily due to : ● higher sales volumes ● wage and other cost inflation ● selling , general and administrative expenses from acquired businesses 2018 ppg annual report and form 10-k 29 ● foreign currency translation partially offset by : ● cost reclassifications associated with the adoption of the new revenue recognition standard . refer to note 2 , `` revenue recognition `` within part 2 of this form 10-k ● cost management including restructuring cost savings 2017 vs. 2016 selling , general and administrative expenses decreased $ 1 million primarily due to : ● lower net periodic pension and other postretirement benefit costs ● lower selling and advertising costs ● restructuring cost savings partially offset by : ● wage and other cost inflation ● selling , general and administrative expenses from acquired businesses ● foreign currency translation other charges and other income replace_table_token_7_th interest expense , net of interest income interest expense , net of interest income increased $ 10 million in 2018 versus 2017 primarily due to the issuance of long-term debt in early 2018. interest expense , net of interest income decreased $ 14 million in 2017 versus 2016 due to lower interest rate debt outstanding in 2017. business restructuring , net a pretax restructuring charge of $ 83 million was recorded in the second quarter of 2018 , offset by certain changes in estimates to complete previously recorded programs of $ 17 million . a pretax charge of $ 191 million was recorded in 2016. refer to note 8 , `` business restructuring `` in item 8 of this form 10-k for additional information . pension settlement charges during 2017 , ppg made lump-sum payments to certain retirees who had participated in ppg 's u.s. qualified and non-qualified pension plans totaling approximately $ 127 million . as the lump-sum payments were in excess of the expected 2017 service and interest costs for the affected plans , ppg remeasured the periodic benefit obligation of these plans in the period payments were made and recorded settlement charges totaling $ 60 million ( $ 38 million after-tax ) during 2017. during 2016 , ppg permanently transferred approximately $ 1.8 billion of its u.s. and canadian pension obligations and assets to several highly rated insurance companies . these actions triggered remeasurement and partial settlement of certain of the company 's defined benefit pension plans . ppg recognized a $ 968 million pre-tax settlement charge in connection with these transactions . refer to note 13 , `` employee benefit plans `` in item 8 of this form 10-k for additional information . other charges other charges in 2018 and 2016 were higher than 2017 primarily due to environmental remediation charges . these charges were principally for environmental remediation at a former chromium manufacturing plant and associated sites in new jersey . refer to note 14 , `` commitments and contingent liabilities `` in item 8 of this form 10-k for additional information . other income other income was lower in 2018 and 2016 than in 2017 primarily due to the gain from the sale of the mexican plaka business of $ 25 million and income from a legal settlement of $ 18 million in 2017. refer to note 3 , `` acquisitions and divestitures `` in item 8 of this form 10-k for additional information . 30 2018 ppg annual report and 10-k effective tax rate and earnings per diluted share , continuing operations % change ( $ in millions , except percentages ) 2018 2017 2016 2018 vs. 2017 2017 vs. 2016 income tax expense $ 353 $ 615 $ 214 ( 42.6 ) % 187.4 % effective tax rate 20.9 % 30.7 % 27.5 % ( 9.8 ) % 3.2 % adjusted effective tax rate * 22.1 % 24.3 % 24.5 % ( 2.2 ) % ( 0.2 ) % earnings per diluted share $ 5.40 $ 5.31 $ 2.04 1.7 % 160.3 % adjusted earnings per diluted share * $ 5.92 $ 5.86 $ 5.64 1.0 % 3.9 % * see the regulation g reconciliations - results of operations the effective tax rate for the year-ended december 31 , 2018 was 20.9 % and decreased 9.8 % from the prior year . in 2017 , the tax rate included the tax toll charge for unremitted foreign earnings under the u.s. tax cuts and jobs act , while in 2018 , the tax rate benefited from prior period adjustments , including finalization of the provisional toll charge recorded in 2017. the 2019 effective tax rate from continuing operations is expected to be in the range of 23 % to 25 % . as reported , earnings per diluted share from continuing operations for the year ended december 31 , 2018 increased year-over-year . refer to the regulation g reconciliations - results of operations for additional information . the company 's earnings per diluted share and adjusted earnings per diluted share benefited from the 15.9 million , 7.4 million and 10.7 million shares of stock repurchased in 2018 , 2017 and 2016 , respectively , in conjunction with the company 's cash deployment objectives . story_separator_special_tag ppg 's packaging coatings business continued to expand well ahead of the industry driven by continued strong sales growth momentum related to customer adoption of ppg 's new interior can coatings technologies . ppg 's automotive oem coatings business performance was slightly better than industry demand levels due to modest share gains . the u.s. and canada region remained ppg 's largest , representing approximately 42 % of 2018 sales , although a smaller percentage of total sales than in the prior year . europe , middle east and africa european economic activity was mixed in 2018. industrial production was higher in the first half of the year and moderated as the year progressed . the region was impacted by continuing uncertainty over the united kingdom 's exit from the european union . overall gdp and industrial production were similar to 2017 in the region . regional demand continued to be mixed by country and end-uses . demand for ppg 's products in several end-uses drove the regional growth rate , including above market performance in general industrial coatings , packaging coatings and specialty coatings and materials . ppg 's architectural coatings - emea business sales volumes decreased year-over-year , driven by soft demand in southern europe . emea represented approximately 30 % of ppg 's 2018 sales , similar to prior year levels . regional coatings volumes remain approximately 15 % below their pre-recession levels in 2008. the modest volume recovery reflects the slow pace of economic growth in the region . ppg expects modest volume growth over time at attractive incremental margins due to significant cost structure improvements and available capacity to satisfy additional demand . in the second half of the year , the euro and british pound both depreciated against the u.s. dollar . asia pacific and latin america the emerging regions of asia pacific and latin america represented 28 % of ppg 's 2018 sales in aggregate , similar to the prior year . 36 2018 ppg annual report and 10-k asia remained the largest emerging region , with sales of approximately $ 2.5 billion , led by china , which continued as ppg 's second largest country by revenue . the performance coatings segment led sales volume growth in asia , in part due to strong sales volume growth in protective and marine coatings , aerospace coatings , and automotive refinish coatings . these increases were partially offset by a decline in automotive oem coatings , particularly in china where industry retail automobile sales fell for the first time in over 25 years . overall , demand in latin america improved year-over-year for the second consecutive year , with continued above market growth in mexico and central america . economic conditions were mixed in south america , and there was heightened currency volatility throughout the entire region . in mexico , the ppg-comex business added over 200 new concessionaire locations . the overall region 's performance was supported by strong growth in the general industrial and packaging coatings businesses . foreign currency translation was volatile and finished 4 percent unfavorable compared to 2017 , principally the mexican peso and brazilian real . outlook looking ahead to 2019 , we expect global market growth to continue , but we expect a downshift in the pace of growth , and it will likely be uneven by region and end-use . we expect most regional growth rates to be modestly lower than 2018 , but the latin america region growth rate to be slightly higher . we anticipate ppg 's u.s. and canada regional growth will be led by general industrial coatings and aerospace coatings , with flat automotive industry builds . we expect growth in housing and commercial construction to be comparable to 2018. we expect demand in europe to grow but at lower levels than 2018. regional growth is expected to remain mixed by sub-region and country . favorable end-use trends are expected to continue in general industrial and packaging with flattening demand in automotive oem coatings as industry growth rates are anticipated to be flat . demand is expected to stay subdued in the architectural coatings business . we continue to monitor the economic environment in the u.k. as their exit from the european union progresses and impacts consumer sentiment and coatings demand . in asia pacific , we expect continued industrial production growth in china , southeast asia and india . in china , we foresee continued above global average growth with heightened risk as the chinese economy continues to shift and rely more on domestic consumption . the sharp decline in automotive oem activity seen in the second half of 2018 is expected to continue in the beginning of 2019. we expect year-over-year demand patterns to become more favorable in the second half of 2019. the recovery in marine coatings demand is expected to continue , albeit off a low base . in latin america , we anticipate economic expansion will continue in mexico , most of central america and south america . significant other factors in may 2018 , ppg initiated an $ 83 million global restructuring program . the program is largely centered around the change in customer assortment related to the u.s. architectural coatings diy business . ppg recognized $ 18 million of savings from this program in 2018. significant progress was made on the global restructuring program that was announced in december 2016. this program targeted annual savings of approximately $ 125 million once fully implemented . the company achieved approximately $ 60 million of savings in 2018 bringing the total savings to approximately $ 110 million to date . we expect to achieve the full-annualized target of $ 125 million in 2019. we will continue to aggressively manage the company 's cost structure to ensure alignment with the overall demand environment , and we will make adjustments as required to remain competitive in the marketplace . restructuring savings from the 2018 and 2016 programs are expected to

cash proceeds from divestitures in september 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co. and received approximately $ 540 million in pre-tax cash proceeds . during 2016 , ppg finalized the sale of its flat glass business and several other businesses and business affiliates . the company received total pre-tax cash proceeds of approximately $ 1.1 billion from these business divestitures . refer to note 3 , “ acquisitions and divestitures ” under item 8 of this form 10-k for additional information . 40 2018 ppg annual report and 10-k cash used for financing activities - continuing operations replace_table_token_18_th 2018 vs. 2017 the $ 749 million decrease in cash used for financing activities - continuing operations , was primarily due to the issuance of long term debt , partially offset by higher net purchases of treasury stock year-over-year . 2017 vs. 2016 the $ 744 million increase in cash used for financing activities - continuing operations , was primarily due to repayment of long term debt and higher dividends in 2017 , partially offset by issuance of long term debt in 2016 and lower net purchases of treasury stock year-over-year . share repurchase activity replace_table_token_19_th the company has approximately $ 1.8 billion remaining under the current authorization from the board of directors , which was approved in december 2017. the current authorized repurchase program has no expiration date . dividends paid to shareholders replace_table_token_20_th ppg has paid uninterrupted annual dividends since 1899 , and 2018 marked the 47th consecutive year of increased annual per-share dividend payments to shareholders .


 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.
     ```cash proceeds from divestitures in september 2017 , ppg completed the sale of its north american fiber glass business to nippon electric glass co. and received approximately $ 540 million in pre-tax cash proceeds . during 2016 , ppg finalized the sale of its flat glass business and several other businesses and business affiliates . the company received total pre-tax cash proceeds of approximately $ 1.1 billion from these business divestitures . refer to note 3 , “ acquisitions and divestitures ” under item 8 of this form 10-k for additional information . 40 2018 ppg annual report and 10-k cash used for financing activities - continuing operations replace_table_token_18_th 2018 vs. 2017 the $ 749 million decrease in cash used for financing activities - continuing operations , was primarily due to the issuance of long term debt , partially offset by higher net purchases of treasury stock year-over-year . 2017 vs. 2016 the $ 744 million increase in cash used for financing activities - continuing operations , was primarily due to repayment of long term debt and higher dividends in 2017 , partially offset by issuance of long term debt in 2016 and lower net purchases of treasury stock year-over-year . share repurchase activity replace_table_token_19_th the company has approximately $ 1.8 billion remaining under the current authorization from the board of directors , which was approved in december 2017. the current authorized repurchase program has no expiration date . dividends paid to shareholders replace_table_token_20_th ppg has paid uninterrupted annual dividends since 1899 , and 2018 marked the 47th consecutive year of increased annual per-share dividend payments to shareholders .
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 Suspicious Activity Report : refer to note 2 , `` revenue recognition `` within part 2 of this form 10-k ● cost of sales attributable to acquired businesses ● foreign currency translation partially offset by : ● restructuring cost savings 2017 vs. 2016 cost of sales , exclusive of depreciation and amortization , increased $ 544 million due to the following : ● raw material cost inflation ● higher sales volumes ● cost of sales attributable to acquired businesses ● foreign currency translation partially offset by : ● lower manufacturing costs selling , general and administrative expenses replace_table_token_6_th 2018 vs. 2017 selling , general and administrative expenses declined as a percent of net sales , but increased $ 19 million primarily due to : ● higher sales volumes ● wage and other cost inflation ● selling , general and administrative expenses from acquired businesses 2018 ppg annual report and form 10-k 29 ● foreign currency translation partially offset by : ● cost reclassifications associated with the adoption of the new revenue recognition standard . refer to note 2 , `` revenue recognition `` within part 2 of this form 10-k ● cost management including restructuring cost savings 2017 vs. 2016 selling , general and administrative expenses decreased $ 1 million primarily due to : ● lower net periodic pension and other postretirement benefit costs ● lower selling and advertising costs ● restructuring cost savings partially offset by : ● wage and other cost inflation ● selling , general and administrative expenses from acquired businesses ● foreign currency translation other charges and other income replace_table_token_7_th interest expense , net of interest income interest expense , net of interest income increased $ 10 million in 2018 versus 2017 primarily due to the issuance of long-term debt in early 2018. interest expense , net of interest income decreased $ 14 million in 2017 versus 2016 due to lower interest rate debt outstanding in 2017. business restructuring , net a pretax restructuring charge of $ 83 million was recorded in the second quarter of 2018 , offset by certain changes in estimates to complete previously recorded programs of $ 17 million . a pretax charge of $ 191 million was recorded in 2016. refer to note 8 , `` business restructuring `` in item 8 of this form 10-k for additional information . pension settlement charges during 2017 , ppg made lump-sum payments to certain retirees who had participated in ppg 's u.s. qualified and non-qualified pension plans totaling approximately $ 127 million . as the lump-sum payments were in excess of the expected 2017 service and interest costs for the affected plans , ppg remeasured the periodic benefit obligation of these plans in the period payments were made and recorded settlement charges totaling $ 60 million ( $ 38 million after-tax ) during 2017. during 2016 , ppg permanently transferred approximately $ 1.8 billion of its u.s. and canadian pension obligations and assets to several highly rated insurance companies . these actions triggered remeasurement and partial settlement of certain of the company 's defined benefit pension plans . ppg recognized a $ 968 million pre-tax settlement charge in connection with these transactions . refer to note 13 , `` employee benefit plans `` in item 8 of this form 10-k for additional information . other charges other charges in 2018 and 2016 were higher than 2017 primarily due to environmental remediation charges . these charges were principally for environmental remediation at a former chromium manufacturing plant and associated sites in new jersey . refer to note 14 , `` commitments and contingent liabilities `` in item 8 of this form 10-k for additional information . other income other income was lower in 2018 and 2016 than in 2017 primarily due to the gain from the sale of the mexican plaka business of $ 25 million and income from a legal settlement of $ 18 million in 2017. refer to note 3 , `` acquisitions and divestitures `` in item 8 of this form 10-k for additional information . 30 2018 ppg annual report and 10-k effective tax rate and earnings per diluted share , continuing operations % change ( $ in millions , except percentages ) 2018 2017 2016 2018 vs. 2017 2017 vs. 2016 income tax expense $ 353 $ 615 $ 214 ( 42.6 ) % 187.4 % effective tax rate 20.9 % 30.7 % 27.5 % ( 9.8 ) % 3.2 % adjusted effective tax rate * 22.1 % 24.3 % 24.5 % ( 2.2 ) % ( 0.2 ) % earnings per diluted share $ 5.40 $ 5.31 $ 2.04 1.7 % 160.3 % adjusted earnings per diluted share * $ 5.92 $ 5.86 $ 5.64 1.0 % 3.9 % * see the regulation g reconciliations - results of operations the effective tax rate for the year-ended december 31 , 2018 was 20.9 % and decreased 9.8 % from the prior year . in 2017 , the tax rate included the tax toll charge for unremitted foreign earnings under the u.s. tax cuts and jobs act , while in 2018 , the tax rate benefited from prior period adjustments , including finalization of the provisional toll charge recorded in 2017. the 2019 effective tax rate from continuing operations is expected to be in the range of 23 % to 25 % . as reported , earnings per diluted share from continuing operations for the year ended december 31 , 2018 increased year-over-year . refer to the regulation g reconciliations - results of operations for additional information . the company 's earnings per diluted share and adjusted earnings per diluted share benefited from the 15.9 million , 7.4 million and 10.7 million shares of stock repurchased in 2018 , 2017 and 2016 , respectively , in conjunction with the company 's cash deployment objectives . story_separator_special_tag ppg 's packaging coatings business continued to expand well ahead of the industry driven by continued strong sales growth momentum related to customer adoption of ppg 's new interior can coatings technologies . ppg 's automotive oem coatings business performance was slightly better than industry demand levels due to modest share gains . the u.s. and canada region remained ppg 's largest , representing approximately 42 % of 2018 sales , although a smaller percentage of total sales than in the prior year . europe , middle east and africa european economic activity was mixed in 2018. industrial production was higher in the first half of the year and moderated as the year progressed . the region was impacted by continuing uncertainty over the united kingdom 's exit from the european union . overall gdp and industrial production were similar to 2017 in the region . regional demand continued to be mixed by country and end-uses . demand for ppg 's products in several end-uses drove the regional growth rate , including above market performance in general industrial coatings , packaging coatings and specialty coatings and materials . ppg 's architectural coatings - emea business sales volumes decreased year-over-year , driven by soft demand in southern europe . emea represented approximately 30 % of ppg 's 2018 sales , similar to prior year levels . regional coatings volumes remain approximately 15 % below their pre-recession levels in 2008. the modest volume recovery reflects the slow pace of economic growth in the region . ppg expects modest volume growth over time at attractive incremental margins due to significant cost structure improvements and available capacity to satisfy additional demand . in the second half of the year , the euro and british pound both depreciated against the u.s. dollar . asia pacific and latin america the emerging regions of asia pacific and latin america represented 28 % of ppg 's 2018 sales in aggregate , similar to the prior year . 36 2018 ppg annual report and 10-k asia remained the largest emerging region , with sales of approximately $ 2.5 billion , led by china , which continued as ppg 's second largest country by revenue . the performance coatings segment led sales volume growth in asia , in part due to strong sales volume growth in protective and marine coatings , aerospace coatings , and automotive refinish coatings . these increases were partially offset by a decline in automotive oem coatings , particularly in china where industry retail automobile sales fell for the first time in over 25 years . overall , demand in latin america improved year-over-year for the second consecutive year , with continued above market growth in mexico and central america . economic conditions were mixed in south america , and there was heightened currency volatility throughout the entire region . in mexico , the ppg-comex business added over 200 new concessionaire locations . the overall region 's performance was supported by strong growth in the general industrial and packaging coatings businesses . foreign currency translation was volatile and finished 4 percent unfavorable compared to 2017 , principally the mexican peso and brazilian real . outlook looking ahead to 2019 , we expect global market growth to continue , but we expect a downshift in the pace of growth , and it will likely be uneven by region and end-use . we expect most regional growth rates to be modestly lower than 2018 , but the latin america region growth rate to be slightly higher . we anticipate ppg 's u.s. and canada regional growth will be led by general industrial coatings and aerospace coatings , with flat automotive industry builds . we expect growth in housing and commercial construction to be comparable to 2018. we expect demand in europe to grow but at lower levels than 2018. regional growth is expected to remain mixed by sub-region and country . favorable end-use trends are expected to continue in general industrial and packaging with flattening demand in automotive oem coatings as industry growth rates are anticipated to be flat . demand is expected to stay subdued in the architectural coatings business . we continue to monitor the economic environment in the u.k. as their exit from the european union progresses and impacts consumer sentiment and coatings demand . in asia pacific , we expect continued industrial production growth in china , southeast asia and india . in china , we foresee continued above global average growth with heightened risk as the chinese economy continues to shift and rely more on domestic consumption . the sharp decline in automotive oem activity seen in the second half of 2018 is expected to continue in the beginning of 2019. we expect year-over-year demand patterns to become more favorable in the second half of 2019. the recovery in marine coatings demand is expected to continue , albeit off a low base . in latin america , we anticipate economic expansion will continue in mexico , most of central america and south america . significant other factors in may 2018 , ppg initiated an $ 83 million global restructuring program . the program is largely centered around the change in customer assortment related to the u.s. architectural coatings diy business . ppg recognized $ 18 million of savings from this program in 2018. significant progress was made on the global restructuring program that was announced in december 2016. this program targeted annual savings of approximately $ 125 million once fully implemented . the company achieved approximately $ 60 million of savings in 2018 bringing the total savings to approximately $ 110 million to date . we expect to achieve the full-annualized target of $ 125 million in 2019. we will continue to aggressively manage the company 's cost structure to ensure alignment with the overall demand environment , and we will make adjustments as required to remain competitive in the marketplace . restructuring savings from the 2018 and 2016 programs are expected to

