accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location , at which point inventory is relieved , title transfers , and we have a legally enforceable right to collection under the terms of our agreement with the related customers . we estimate potential future returns and sales allowances related to current period product revenue . management analyzes historical returns , changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances . estimates made by us may differ from actual returns and sales allowances . these differences may materially impact reported revenue and amounts ultimately collected on accounts receivable . historically , such differences have not been material . an allowance for distributor credits covering price adjustments is estimated based on our historical experience rates and also considering economic conditions and contractual terms . to date , actual distributor claims activity has been materially consistent with the provisions we have made based on our historical experience rates . the company had historically recognized a portion of revenue through certain distributors at the time the distributor resold the product to its end customer ( also referred to as the sell-through basis of revenue recognition ) given the difficulty in estimating the ultimate price of these product shipments and amount of potential returns . the company continuously reassesses its ability to 24 reliably estimate the ultimate price of these products and the amount of potential returns and , over the past several years , has made investments in its systems and updates to processes around its distribution channel to improve the quality of the information for preparing such estimates . as a result of this continuous reassessment , the company recognizes all revenue from distributors upon shipment to the distributor ( also referred to as the sell-in basis of revenue recognition ) as of second quarter of fiscal year 2018. inventories inventories are stated at the lower of ( i ) standard cost , which approximates actual cost on a first-in-first-out basis , or ( ii ) net realizable value . our standard cost revision policy is to monitor manufacturing variances and revise standard costs on a quarterly basis . because of the cyclical nature of the market , inventory levels , obsolescence of technology , and product life cycles , we generally write-down inventories to net realizable value based on forecasted product demand . actual demand and market conditions may be lower than those projected by us . this difference could have a material adverse effect on our gross margin should inventory write-downs beyond those initially recorded become necessary . alternatively , should actual demand and market conditions be more favorable than those estimated by us , gross margin could be favorably impacted as we release these reserves upon the ultimate product shipment . during fiscal years 2018 , 2017 and 2016 , we had net inventory write-downs of $ 21.4 million , $ 19.0 million and $ 26.2 million , respectively . when the company records a write-down on inventory , it establishes a new , lower cost basis for that inventory , and subsequent changes in facts and circumstances will not result in the restoration or increase in that newly established cost basis . long-lived assets we evaluate the recoverability of property , plant and equipment in accordance with accounting standards codification ( “ asc ” ) no . 360 , property , plant , and equipment ( “ asc 360 ” ) . we perform periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property , plant and equipment might not be fully recoverable . if facts and circumstances indicate that the carrying amount of property , plant and equipment might not be fully recoverable , we compare projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives against their respective carrying amounts . in the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets , the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets . evaluation of impairment of property , plant and equipment requires estimates in the forecast of future operating results that are used in the preparation of the expected future undiscounted cash flows . actual future operating results and the remaining economic lives of our property , plant and equipment could differ from our estimates used in assessing the recoverability of these assets . these differences could result in impairment charges , which could have a material adverse impact on our results of operations . intangible assets and goodwill we account for intangible assets in accordance with asc no . 350 , intangibles-goodwill and other ( “ asc 350 ” ) . we review goodwill and purchased intangible assets for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable , such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present . intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows . if this comparison indicates that there is impairment , the impaired asset is written down to fair value , which is typically calculated using : ( i ) quoted market prices or ( ii ) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in fasb concepts statement no . 7 , using cash flow information and present value in accounting measurements . impairment is based on the excess of the carrying amount over the fair value of those assets . story_separator_special_tag fiscal year 2017 , which represented ( 0.3 ) % and ( 0.7 ) % of net revenues , respectively . the decrease in interest and other expense of $ 6.6 million was primarily attributable to increased interest income on cash equivalents and short-term investments as well as net gains from derivatives hedging due to increased strength of the u.s. dollar . interest and other income ( expense ) , net was $ ( 15.2 ) million in fiscal year 2017 and $ ( 28.8 ) million in fiscal year 2016 , which represented ( 0.7 ) % and ( 1.3 ) % of net revenues , respectively . the decrease in interest and other expense of $ 13.6 million was primarily attributable to increased interest income on cash equivalents and short-term investments . provision for income taxes our annual income tax expense was $ 357.6 million , $ 108.0 million and $ 57.6 million in fiscal years 2018 , 2017 and 2016 , respectively . the effective tax rate was 43.3 % , 15.9 % and 20.2 % for fiscal years 2018 , 2017 and 2016 , respectively . our federal statutory tax rate is 28.1 % for fiscal year 2018 and 35.0 % for fiscal years 2017 and 2016 . on december 22 , 2017 legislation commonly referred to as the tax cuts and jobs act ( the “ act ” ) was enacted . the primary impacts of the act in fiscal year 2018 are taxation of accumulated unremitted earnings of our foreign subsidiaries ( “ transition tax ” ) and a reduction of our federal statutory tax rate from 35.0 % to 28.1 % ( average of a 35.0 % rate for the first half of fiscal year 2018 and a 21.0 % rate for the second half of fiscal year 2018 ) . the act allows us to pay the transition tax in eight annual interest-free installments beginning in september 2018 , although for accounting purposes the transition tax was recorded in the second quarter of fiscal year 2018. the act has other provisions that will significantly impact us beginning in fiscal year 2019 , including a further reduction of the federal statutory tax rate to 21.0 % and provisions that impact taxation of our international earnings . securities and exchange commission staff accounting bulletin no . 118 allowed the use of provisional amounts ( reasonable estimates ) if accounting for the income tax effects of the act were not completed when our financial statements for the second quarter of fiscal year 2018 were issued . provisional amounts must be adjusted during the measurement period as accounting for income tax effects of the act is completed . the measurement period began on december 22 , 2017 , the enactment date of the act , and lasts no longer than one year . to compute the transition tax , we must calculate accumulated unremitted earnings of the company 's foreign subsidiaries and the amount of foreign income taxes paid on those earnings . the company made a reasonable estimate of the transition tax and in the second quarter of fiscal year 2018 recorded a provisional transition tax charge of $ 236.9 million , which consists of a $ 248.0 million transition tax liability less $ 11.1 million of deferred tax liabilities established in prior years for u.s. tax on unremitted foreign earnings . no adjustment to the provisional transition tax charge has been made as of the end of fiscal year 2018 as the company continues to gather information and analyze available guidance to more precisely compute the transition tax . our fiscal year 2018 effective tax rate was higher than the statutory rate primarily due to a $ 236.9 million provisional charge for the transition tax , a $ 13.7 million charge to remeasure deferred taxes at the enactment date of the act to reflect the federal statutory rate reduction , and $ 17.1 million of interest accruals for unrecognized tax benefits , partially offset by earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , and $ 11.1 million of excess tax benefits generated by the settlement of share-based awards . our fiscal year 2017 effective tax rate was lower than the statutory tax rate primarily due to earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , and $ 14.4 million of excess tax benefits generated by the settlement of share-based awards , partially offset by stock-based compensation for which no tax benefit is expected and $ 14.3 million of interest accruals for unrecognized tax benefits . our fiscal year 2016 effective tax rate was lower than the statutory tax rate primarily due to earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , partially offset by stock-based compensation for which no tax benefit is expected , $ 9.1 million of interest accruals for unrecognized tax benefits and $ 20.4 million of non-deductible goodwill included in the sale of the energy metering business . we have various entities domiciled within and outside the united states . the following is a breakout of our u.s. and foreign income ( loss ) before income taxes : 30 replace_table_token_7_th a relative increase in earnings in lower tax jurisdictions , such as ireland , may lower our consolidated effective tax rate , while a relative increase in earnings in higher tax jurisdictions , such as the united states , may increase our consolidated effective tax rate . in fiscal year 2018 the percentage of pre-tax income from our foreign operations increased , which was primarily due a fiscal year 2017 gain from the sale of the company 's micro-electromechanical systems ( mems ) business line that increased domestic pre-tax income . the impact of pre-tax income from foreign operations reduced our

cash flows were as follows : replace_table_token_8_th operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities . 31 cash provided by operating activities was $ 819.5 million in fiscal year 2018 , an increase of $ 45.8 million compared with fiscal year 2017 . this increase was primarily caused by an increase in income before provision for income taxes which resulted from higher revenue and improved gross margin . cash provided by operating activities was $ 773.7 million in fiscal year 2017 , an increase of $ 51.8 million compared with fiscal year 2016 . this increase was primarily driven by an increase in net income of $ 344.1 million driven by improved gross margin . this increase was offset by lower non-cash adjustments of $ 158.7 million of impairment of long-lived assets primarily related to the company 's wafer manufacturing facility in san antonio , texas in fiscal year 2016 and by lower non-cash adjustments of $ 80.3 million of depreciation and amortization charges . investing activities investing cash flows consist primarily of capital expenditures , net investment purchases and maturities and acquisitions . cash used in investing activities was $ 710.1 million in fiscal year 2018 , an increase of $ 384.7 million compared with fiscal year 2017 . the change was primarily due to a $ 997.2 million increase in purchases of available-for-sale securities , partially offset by a $ 678.2 million increase in proceeds from maturity of available-for-sale securities . cash used in investing activities was $ 325.4 million in fiscal year 2017 , an increase of $ 388.1 million compared with fiscal year 2016 . the change was primarily due to a $ 350.2 million increase in purchases of available-for-sale securities .


 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 flows were as follows : replace_table_token_8_th operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities . 31 cash provided by operating activities was $ 819.5 million in fiscal year 2018 , an increase of $ 45.8 million compared with fiscal year 2017 . this increase was primarily caused by an increase in income before provision for income taxes which resulted from higher revenue and improved gross margin . cash provided by operating activities was $ 773.7 million in fiscal year 2017 , an increase of $ 51.8 million compared with fiscal year 2016 . this increase was primarily driven by an increase in net income of $ 344.1 million driven by improved gross margin . this increase was offset by lower non-cash adjustments of $ 158.7 million of impairment of long-lived assets primarily related to the company 's wafer manufacturing facility in san antonio , texas in fiscal year 2016 and by lower non-cash adjustments of $ 80.3 million of depreciation and amortization charges . investing activities investing cash flows consist primarily of capital expenditures , net investment purchases and maturities and acquisitions . cash used in investing activities was $ 710.1 million in fiscal year 2018 , an increase of $ 384.7 million compared with fiscal year 2017 . the change was primarily due to a $ 997.2 million increase in purchases of available-for-sale securities , partially offset by a $ 678.2 million increase in proceeds from maturity of available-for-sale securities . cash used in investing activities was $ 325.4 million in fiscal year 2017 , an increase of $ 388.1 million compared with fiscal year 2016 . the change was primarily due to a $ 350.2 million increase in purchases of available-for-sale securities .
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 Suspicious Activity Report : accounts receivable related to consigned inventory is recognized when the customer takes title to such inventory from its consigned location , at which point inventory is relieved , title transfers , and we have a legally enforceable right to collection under the terms of our agreement with the related customers . we estimate potential future returns and sales allowances related to current period product revenue . management analyzes historical returns , changes in customer demand and acceptance of products when evaluating the adequacy of returns and sales allowances . estimates made by us may differ from actual returns and sales allowances . these differences may materially impact reported revenue and amounts ultimately collected on accounts receivable . historically , such differences have not been material . an allowance for distributor credits covering price adjustments is estimated based on our historical experience rates and also considering economic conditions and contractual terms . to date , actual distributor claims activity has been materially consistent with the provisions we have made based on our historical experience rates . the company had historically recognized a portion of revenue through certain distributors at the time the distributor resold the product to its end customer ( also referred to as the sell-through basis of revenue recognition ) given the difficulty in estimating the ultimate price of these product shipments and amount of potential returns . the company continuously reassesses its ability to 24 reliably estimate the ultimate price of these products and the amount of potential returns and , over the past several years , has made investments in its systems and updates to processes around its distribution channel to improve the quality of the information for preparing such estimates . as a result of this continuous reassessment , the company recognizes all revenue from distributors upon shipment to the distributor ( also referred to as the sell-in basis of revenue recognition ) as of second quarter of fiscal year 2018. inventories inventories are stated at the lower of ( i ) standard cost , which approximates actual cost on a first-in-first-out basis , or ( ii ) net realizable value . our standard cost revision policy is to monitor manufacturing variances and revise standard costs on a quarterly basis . because of the cyclical nature of the market , inventory levels , obsolescence of technology , and product life cycles , we generally write-down inventories to net realizable value based on forecasted product demand . actual demand and market conditions may be lower than those projected by us . this difference could have a material adverse effect on our gross margin should inventory write-downs beyond those initially recorded become necessary . alternatively , should actual demand and market conditions be more favorable than those estimated by us , gross margin could be favorably impacted as we release these reserves upon the ultimate product shipment . during fiscal years 2018 , 2017 and 2016 , we had net inventory write-downs of $ 21.4 million , $ 19.0 million and $ 26.2 million , respectively . when the company records a write-down on inventory , it establishes a new , lower cost basis for that inventory , and subsequent changes in facts and circumstances will not result in the restoration or increase in that newly established cost basis . long-lived assets we evaluate the recoverability of property , plant and equipment in accordance with accounting standards codification ( “ asc ” ) no . 360 , property , plant , and equipment ( “ asc 360 ” ) . we perform periodic reviews to determine whether facts and circumstances exist that would indicate that the carrying amounts of property , plant and equipment might not be fully recoverable . if facts and circumstances indicate that the carrying amount of property , plant and equipment might not be fully recoverable , we compare projected undiscounted net cash flows associated with the related asset or group of assets over their estimated remaining useful lives against their respective carrying amounts . in the event that the projected undiscounted cash flows are not sufficient to recover the carrying value of the assets , the assets are written down to their estimated fair values based on the expected discounted future cash flows attributable to the assets . evaluation of impairment of property , plant and equipment requires estimates in the forecast of future operating results that are used in the preparation of the expected future undiscounted cash flows . actual future operating results and the remaining economic lives of our property , plant and equipment could differ from our estimates used in assessing the recoverability of these assets . these differences could result in impairment charges , which could have a material adverse impact on our results of operations . intangible assets and goodwill we account for intangible assets in accordance with asc no . 350 , intangibles-goodwill and other ( “ asc 350 ” ) . we review goodwill and purchased intangible assets for impairment annually and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable , such as when reductions in demand or significant economic slowdowns in the semiconductor industry are present . intangible asset reviews are performed when indicators exist that could indicate the carrying value may not be recoverable based on comparisons to undiscounted expected future cash flows . if this comparison indicates that there is impairment , the impaired asset is written down to fair value , which is typically calculated using : ( i ) quoted market prices or ( ii ) discounted expected future cash flows utilizing a discount rate consistent with the guidance provided in fasb concepts statement no . 7 , using cash flow information and present value in accounting measurements . impairment is based on the excess of the carrying amount over the fair value of those assets . story_separator_special_tag fiscal year 2017 , which represented ( 0.3 ) % and ( 0.7 ) % of net revenues , respectively . the decrease in interest and other expense of $ 6.6 million was primarily attributable to increased interest income on cash equivalents and short-term investments as well as net gains from derivatives hedging due to increased strength of the u.s. dollar . interest and other income ( expense ) , net was $ ( 15.2 ) million in fiscal year 2017 and $ ( 28.8 ) million in fiscal year 2016 , which represented ( 0.7 ) % and ( 1.3 ) % of net revenues , respectively . the decrease in interest and other expense of $ 13.6 million was primarily attributable to increased interest income on cash equivalents and short-term investments . provision for income taxes our annual income tax expense was $ 357.6 million , $ 108.0 million and $ 57.6 million in fiscal years 2018 , 2017 and 2016 , respectively . the effective tax rate was 43.3 % , 15.9 % and 20.2 % for fiscal years 2018 , 2017 and 2016 , respectively . our federal statutory tax rate is 28.1 % for fiscal year 2018 and 35.0 % for fiscal years 2017 and 2016 . on december 22 , 2017 legislation commonly referred to as the tax cuts and jobs act ( the “ act ” ) was enacted . the primary impacts of the act in fiscal year 2018 are taxation of accumulated unremitted earnings of our foreign subsidiaries ( “ transition tax ” ) and a reduction of our federal statutory tax rate from 35.0 % to 28.1 % ( average of a 35.0 % rate for the first half of fiscal year 2018 and a 21.0 % rate for the second half of fiscal year 2018 ) . the act allows us to pay the transition tax in eight annual interest-free installments beginning in september 2018 , although for accounting purposes the transition tax was recorded in the second quarter of fiscal year 2018. the act has other provisions that will significantly impact us beginning in fiscal year 2019 , including a further reduction of the federal statutory tax rate to 21.0 % and provisions that impact taxation of our international earnings . securities and exchange commission staff accounting bulletin no . 118 allowed the use of provisional amounts ( reasonable estimates ) if accounting for the income tax effects of the act were not completed when our financial statements for the second quarter of fiscal year 2018 were issued . provisional amounts must be adjusted during the measurement period as accounting for income tax effects of the act is completed . the measurement period began on december 22 , 2017 , the enactment date of the act , and lasts no longer than one year . to compute the transition tax , we must calculate accumulated unremitted earnings of the company 's foreign subsidiaries and the amount of foreign income taxes paid on those earnings . the company made a reasonable estimate of the transition tax and in the second quarter of fiscal year 2018 recorded a provisional transition tax charge of $ 236.9 million , which consists of a $ 248.0 million transition tax liability less $ 11.1 million of deferred tax liabilities established in prior years for u.s. tax on unremitted foreign earnings . no adjustment to the provisional transition tax charge has been made as of the end of fiscal year 2018 as the company continues to gather information and analyze available guidance to more precisely compute the transition tax . our fiscal year 2018 effective tax rate was higher than the statutory rate primarily due to a $ 236.9 million provisional charge for the transition tax , a $ 13.7 million charge to remeasure deferred taxes at the enactment date of the act to reflect the federal statutory rate reduction , and $ 17.1 million of interest accruals for unrecognized tax benefits , partially offset by earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , and $ 11.1 million of excess tax benefits generated by the settlement of share-based awards . our fiscal year 2017 effective tax rate was lower than the statutory tax rate primarily due to earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , and $ 14.4 million of excess tax benefits generated by the settlement of share-based awards , partially offset by stock-based compensation for which no tax benefit is expected and $ 14.3 million of interest accruals for unrecognized tax benefits . our fiscal year 2016 effective tax rate was lower than the statutory tax rate primarily due to earnings of foreign subsidiaries , generated primarily by our international operations managed in ireland , that were taxed at lower rates , partially offset by stock-based compensation for which no tax benefit is expected , $ 9.1 million of interest accruals for unrecognized tax benefits and $ 20.4 million of non-deductible goodwill included in the sale of the energy metering business . we have various entities domiciled within and outside the united states . the following is a breakout of our u.s. and foreign income ( loss ) before income taxes : 30 replace_table_token_7_th a relative increase in earnings in lower tax jurisdictions , such as ireland , may lower our consolidated effective tax rate , while a relative increase in earnings in higher tax jurisdictions , such as the united states , may increase our consolidated effective tax rate . in fiscal year 2018 the percentage of pre-tax income from our foreign operations increased , which was primarily due a fiscal year 2017 gain from the sale of the company 's micro-electromechanical systems ( mems ) business line that increased domestic pre-tax income . the impact of pre-tax income from foreign operations reduced our

