the reputation of our product portfolio is built on more than 50 well-respected brand names such as worthington , idp , valtek , limitorque , durco , argus , edward , valbart and durametallic , which we believe to be one of the most comprehensive in the industry . our products and services are sold either directly or through designated channels to more than 10,000 companies , including some of the world 's leading engineering , procurement and construction ( `` epc `` ) firms , original equipment manufacturers , distributors and end users . we continue to leverage our qrc network to be positioned as near to customers as possible for service and support in order to capture valuable aftermarket business . along with ensuring that we have the local capability to sell , install and service our equipment in remote regions , we continuously improve our global operations . we also continue to expand our global supply chain capability to meet global customer demands and ensure the quality and timely delivery of our products . we are focusing on our ongoing low-cost sourcing , including greater use of third-party suppliers and increasing our lower-cost , emerging market capabilities . additionally , we continue to devote resources to improving the supply chain processes across our business segments to find areas of synergy and cost reduction and to improve our supply chain management capability 26 to ensure it can meet global customer demands . we also remain focused on improving on-time delivery and quality , while managing warranty costs as a percentage of sales across our global operations , through the assistance of a focused continuous improvement process ( `` cip `` ) initiative . the goal of the cip initiative , which includes lean manufacturing , six sigma business management strategy and value engineering , is to maximize service fulfillment to customers through on-time delivery , reduced cycle time and quality at the highest internal productivity . over the past year we have experienced continued stabilization in business and improved conditions in certain of our key markets . with continued stability in oil prices at improved levels through the middle of 2018 and 2019 , our large-project business is showing continued signs of recovery and we anticipate that customers will continue to invest in maintenance and short cycle equipment during 2020. in the second quarter of 2018 , we launched and committed resources to our flowserve 2.0 transformation , a program designed to transform our business model to drive operational excellence , reduce complexity , accelerate growth , expand margins , increase capital efficiency and improve organizational health . for further information regarding our flowserve 2.0 transformation , see “ our results of operations ” below and note 20 to our consolidated financial statements included in item 8 of this annual report . our markets the following discussion should be read in conjunction with the `` outlook for 2020 `` section included below in this md & a . our products and services are used in several distinct industries : oil and gas , chemical , power generation , water management , and several other industries , such as mining , steel and paper , that are collectively referred to as `` general industries . `` demand for most of our products depends on the level of new capital investment as well as planned and unplanned maintenance expenditures by our customers . the level of new capital investment depends , in turn , on capital infrastructure projects driven by the need for products that rely on oil and gas , chemicals , power generation and water resource management , as well as general economic conditions . these drivers are generally related to the phase of the business cycle in their respective industries and the expectations of future market behavior . the levels of maintenance expenditures are additionally driven by the reliability of equipment , planned and unplanned downtime for maintenance and the required capacity utilization of the process . sales to epc firms and original equipment manufacturers are typically for large project orders and critical applications , as are certain sales to distributors . project orders are typically procured for customers either directly from us or indirectly through contractors for new construction projects or facility enhancement projects . the quick turnaround business , which we also refer to as `` short-cycle , `` is defined as orders that are received from the customer ( booked ) and shipped generally within six months of receipt . these orders are typically for more standardized , general purpose products , parts or services . each of our two business segments generate certain levels of this type of business . in the sale of aftermarket products and services , we benefit from a large installed base of our original equipment , which requires periodic maintenance , repair and replacement parts . we use our manufacturing platform and global network of qrcs to offer a broad array of aftermarket equipment services , such as installation , advanced diagnostics , repair and retrofitting . in geographic regions where we are positioned to provide quick response , we believe customers have traditionally relied on us , rather than our competitors , for aftermarket products due to our highly engineered and customized products . however , the aftermarket for standard products is competitive , as the existence of common standards allows for easier replacement of the installed products . as proximity of service centers , timeliness of delivery and quality are important considerations for all aftermarket products and services , we continue to selectively expand our global qrc capabilities to improve our ability to capture this important aftermarket business . oil and gas the oil and gas industry , which represented approximately 41 % and 38 % of our bookings in 2019 and 2018 , respectively , experienced an increase in capital spending in 2019 compared to the previous year . story_separator_special_tag net earnings from affiliates replace_table_token_12_th net earnings from affiliates represents our net income from investments in six joint ventures ( one located in each of chile , china , india , saudi arabia , south korea and the united arab emirates ) that are accounted for using the equity method of accounting . net earnings from affiliates in 2019 decrease d by $ 0.6 million , or 5.4 % , as compared to the prior year , primarily as a result of decreased earnings of our fpd joint venture in india . net earnings from affiliates in 2018 decreased by $ 1.5 million , or 11.9 % , as compared to the prior year , primarily as a result of decreased earnings of our fpd joint venture in south korea . operating income replace_table_token_13_th 32 operating income in 2019 increase d by $ 158.5 million , or 64.0 % , as compared with 2018 . the increase included negative currency effects of approximately $ 12 million . the increase was primarily a result of the $ 107.6 million increase in gross profit , the $ 43.9 million decrease in sg & a and the loss of $ 7.7 million from the divestiture of two fpd locations and related product lines in the third quarter of 2018 that did not recur . operating income in 2018 decreased by $ 93.6 million , or 27.4 % , as compared with 2017 . the decrease included currency benefits of approximately $ 2 million . the decrease was primarily a result of the $ 141.3 million gain from the sales of the gestra and vogt businesses in 2017 that did not recur , the $ 42.0 million increase in sg & a and the loss of $ 7.7 million from the divestiture of two fpd locations and related product lines , partially offset by the $ 98.8 million increase in gross profit discussed above . interest expense and interest income replace_table_token_14_th interest expense in 2019 decrease d by $ 3.2 million as compared with 2018 . the decrease was primarily attributable to lower borrowings in 2019 and currency impacts on interest expense associated with our outstanding euro-denominated senior notes , as compared to the same period in 2018 . interest income in 2019 increase d by $ 1.9 million as compared to 2018 . the increase in interest income was primarily attributable to higher average cash balances compared with same period in 2018. interest expense in 2018 decreased by $ 1.5 million as compared with 2017. the decrease was primarily attributable to lower borrowings in 2018 , as compared to the same period in 2017. interest income in 2018 increased by $ 3.1 million as compared with 2017. the increase in interest income was primarily attributable to higher average cash balances compared with 2017. other income ( expense ) , net replace_table_token_15_th other expense , net decrease d $ 2.0 million as compared to 2018 , due to a $ 7.6 million decrease in losses from transactions in currencies other than our sites ' functional currencies , partially offset by a $ 3.3 million increase in losses from foreign exchange contracts . the net change was primarily due to the foreign currency exchange rate movements in the euro , indian rupee , singapore dollar and mexican peso in relation to the u.s. dollar during the year ended december 31 , 2019 , as compared with the same period in 2018. other expense , net decreased $ 2.2 million in 2018 , due to a $ 6.4 million decrease in net periodic benefit costs for pensions and post retirement obligations , partially offset by a $ 5.3 million increase in losses from foreign exchange contracts . the net change was primarily due to the foreign currency exchange rate movements in the euro , indian rupee , mexican peso and argentinian peso in relation to the u.s. dollar during the year ended december 31 , 2018 , as compared with the same period in 2017. tax expense and tax rate replace_table_token_16_th 33 on december 22 , 2017 , the u.s. enacted the 2017 the tax cuts and jobs act of 2017 ( `` tax reform act `` ) , which significantly changed u.s. tax law . the tax reform act , among other things , lowered the company 's u.s. statutory federal income tax rate from 35 % to 21 % effective january 1 , 2018 , while imposing a deemed repatriation tax on deferred foreign income and implementing a modified territorial tax system . the tax reform act also provides for a one-time transition tax on certain foreign earnings and the acceleration of depreciation for certain assets placed into service after september 27 , 2017 as well as prospective changes which began in 2018 , including repeal of the domestic manufacturing deduction , capitalization of research and development expenditures , additional limitations on executive compensation and limitations on the deductibility of interest . our effective tax rate of 23.4 % for the year ended december 31 , 2019 decreased from 29.1 % in 2018 primarily due to the net impact of foreign operations . the 2019 tax rate differed from the federal statutory rate of 21 % primarily due to state tax and foreign audit assessments , partially offset by the net impact of foreign operations . the 2018 tax rate differed from the federal statutory rate of 21 % primarily due to the net impact of foreign operations , including losses in certain foreign jurisdictions for which no tax benefit was provided . the 2017 tax rate differed from the federal statutory rate of 35 % primarily due to the impacts pursuant to enactment of the tax reform act , the net impact of foreign operations , the establishment of a valuation allowance against our deferred tax assets in various foreign jurisdictions , primarily germany and mexico , and taxes related to the sale of the gestra and vogt businesses . our effective tax

cash flow analysis replace_table_token_21_th existing cash , cash generated by operations and borrowings available under our senior credit facility are our primary sources of short-term liquidity . we monitor the depository institutions that hold our cash and cash equivalents on a regular basis , and we believe that we have placed our deposits with creditworthy financial institutions . our sources of operating cash generally include the sale of our products and services and the conversion of our working capital , particularly accounts receivable and inventories . our total cash balance at december 31 , 2019 was $ 671.0 million , compared with $ 619.7 million at december 31 , 2018 and $ 703.4 million at december 31 , 2017 . our cash provided by operating activities was $ 312.7 million , $ 190.8 million and $ 311.1 million in 2019 , 2018 and 2017 , respectively , which provided cash to support short-term working capital needs . cash flow used by working capital increased in 2019 due primarily to cash used by higher contract assets of $ 45.9 million and higher inventory of $ 31.1 million , partially offset by higher accounts payable of $ 22.9 million , higher accrued liabilities and income taxes payable of $ 4.2 million , higher contract liabilities of $ 14.4 million and lower accounts receivable of $ 2.9 million . cash flow used by working capital increased in 2018 due primarily to cash used by higher inventory of $ 29.3 million , higher accounts receivables of $ 25.4 million , higher contract assets of $ 23.7 million and lower accrued liabilities and income taxes payable of $ 18.2 million , partially offset by cash provided by higher contract liabilities of $ 33.7 million .


 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 flow analysis replace_table_token_21_th existing cash , cash generated by operations and borrowings available under our senior credit facility are our primary sources of short-term liquidity . we monitor the depository institutions that hold our cash and cash equivalents on a regular basis , and we believe that we have placed our deposits with creditworthy financial institutions . our sources of operating cash generally include the sale of our products and services and the conversion of our working capital , particularly accounts receivable and inventories . our total cash balance at december 31 , 2019 was $ 671.0 million , compared with $ 619.7 million at december 31 , 2018 and $ 703.4 million at december 31 , 2017 . our cash provided by operating activities was $ 312.7 million , $ 190.8 million and $ 311.1 million in 2019 , 2018 and 2017 , respectively , which provided cash to support short-term working capital needs . cash flow used by working capital increased in 2019 due primarily to cash used by higher contract assets of $ 45.9 million and higher inventory of $ 31.1 million , partially offset by higher accounts payable of $ 22.9 million , higher accrued liabilities and income taxes payable of $ 4.2 million , higher contract liabilities of $ 14.4 million and lower accounts receivable of $ 2.9 million . cash flow used by working capital increased in 2018 due primarily to cash used by higher inventory of $ 29.3 million , higher accounts receivables of $ 25.4 million , higher contract assets of $ 23.7 million and lower accrued liabilities and income taxes payable of $ 18.2 million , partially offset by cash provided by higher contract liabilities of $ 33.7 million .
```    
 Suspicious Activity Report : the reputation of our product portfolio is built on more than 50 well-respected brand names such as worthington , idp , valtek , limitorque , durco , argus , edward , valbart and durametallic , which we believe to be one of the most comprehensive in the industry . our products and services are sold either directly or through designated channels to more than 10,000 companies , including some of the world 's leading engineering , procurement and construction ( `` epc `` ) firms , original equipment manufacturers , distributors and end users . we continue to leverage our qrc network to be positioned as near to customers as possible for service and support in order to capture valuable aftermarket business . along with ensuring that we have the local capability to sell , install and service our equipment in remote regions , we continuously improve our global operations . we also continue to expand our global supply chain capability to meet global customer demands and ensure the quality and timely delivery of our products . we are focusing on our ongoing low-cost sourcing , including greater use of third-party suppliers and increasing our lower-cost , emerging market capabilities . additionally , we continue to devote resources to improving the supply chain processes across our business segments to find areas of synergy and cost reduction and to improve our supply chain management capability 26 to ensure it can meet global customer demands . we also remain focused on improving on-time delivery and quality , while managing warranty costs as a percentage of sales across our global operations , through the assistance of a focused continuous improvement process ( `` cip `` ) initiative . the goal of the cip initiative , which includes lean manufacturing , six sigma business management strategy and value engineering , is to maximize service fulfillment to customers through on-time delivery , reduced cycle time and quality at the highest internal productivity . over the past year we have experienced continued stabilization in business and improved conditions in certain of our key markets . with continued stability in oil prices at improved levels through the middle of 2018 and 2019 , our large-project business is showing continued signs of recovery and we anticipate that customers will continue to invest in maintenance and short cycle equipment during 2020. in the second quarter of 2018 , we launched and committed resources to our flowserve 2.0 transformation , a program designed to transform our business model to drive operational excellence , reduce complexity , accelerate growth , expand margins , increase capital efficiency and improve organizational health . for further information regarding our flowserve 2.0 transformation , see “ our results of operations ” below and note 20 to our consolidated financial statements included in item 8 of this annual report . our markets the following discussion should be read in conjunction with the `` outlook for 2020 `` section included below in this md & a . our products and services are used in several distinct industries : oil and gas , chemical , power generation , water management , and several other industries , such as mining , steel and paper , that are collectively referred to as `` general industries . `` demand for most of our products depends on the level of new capital investment as well as planned and unplanned maintenance expenditures by our customers . the level of new capital investment depends , in turn , on capital infrastructure projects driven by the need for products that rely on oil and gas , chemicals , power generation and water resource management , as well as general economic conditions . these drivers are generally related to the phase of the business cycle in their respective industries and the expectations of future market behavior . the levels of maintenance expenditures are additionally driven by the reliability of equipment , planned and unplanned downtime for maintenance and the required capacity utilization of the process . sales to epc firms and original equipment manufacturers are typically for large project orders and critical applications , as are certain sales to distributors . project orders are typically procured for customers either directly from us or indirectly through contractors for new construction projects or facility enhancement projects . the quick turnaround business , which we also refer to as `` short-cycle , `` is defined as orders that are received from the customer ( booked ) and shipped generally within six months of receipt . these orders are typically for more standardized , general purpose products , parts or services . each of our two business segments generate certain levels of this type of business . in the sale of aftermarket products and services , we benefit from a large installed base of our original equipment , which requires periodic maintenance , repair and replacement parts . we use our manufacturing platform and global network of qrcs to offer a broad array of aftermarket equipment services , such as installation , advanced diagnostics , repair and retrofitting . in geographic regions where we are positioned to provide quick response , we believe customers have traditionally relied on us , rather than our competitors , for aftermarket products due to our highly engineered and customized products . however , the aftermarket for standard products is competitive , as the existence of common standards allows for easier replacement of the installed products . as proximity of service centers , timeliness of delivery and quality are important considerations for all aftermarket products and services , we continue to selectively expand our global qrc capabilities to improve our ability to capture this important aftermarket business . oil and gas the oil and gas industry , which represented approximately 41 % and 38 % of our bookings in 2019 and 2018 , respectively , experienced an increase in capital spending in 2019 compared to the previous year . story_separator_special_tag net earnings from affiliates replace_table_token_12_th net earnings from affiliates represents our net income from investments in six joint ventures ( one located in each of chile , china , india , saudi arabia , south korea and the united arab emirates ) that are accounted for using the equity method of accounting . net earnings from affiliates in 2019 decrease d by $ 0.6 million , or 5.4 % , as compared to the prior year , primarily as a result of decreased earnings of our fpd joint venture in india . net earnings from affiliates in 2018 decreased by $ 1.5 million , or 11.9 % , as compared to the prior year , primarily as a result of decreased earnings of our fpd joint venture in south korea . operating income replace_table_token_13_th 32 operating income in 2019 increase d by $ 158.5 million , or 64.0 % , as compared with 2018 . the increase included negative currency effects of approximately $ 12 million . the increase was primarily a result of the $ 107.6 million increase in gross profit , the $ 43.9 million decrease in sg & a and the loss of $ 7.7 million from the divestiture of two fpd locations and related product lines in the third quarter of 2018 that did not recur . operating income in 2018 decreased by $ 93.6 million , or 27.4 % , as compared with 2017 . the decrease included currency benefits of approximately $ 2 million . the decrease was primarily a result of the $ 141.3 million gain from the sales of the gestra and vogt businesses in 2017 that did not recur , the $ 42.0 million increase in sg & a and the loss of $ 7.7 million from the divestiture of two fpd locations and related product lines , partially offset by the $ 98.8 million increase in gross profit discussed above . interest expense and interest income replace_table_token_14_th interest expense in 2019 decrease d by $ 3.2 million as compared with 2018 . the decrease was primarily attributable to lower borrowings in 2019 and currency impacts on interest expense associated with our outstanding euro-denominated senior notes , as compared to the same period in 2018 . interest income in 2019 increase d by $ 1.9 million as compared to 2018 . the increase in interest income was primarily attributable to higher average cash balances compared with same period in 2018. interest expense in 2018 decreased by $ 1.5 million as compared with 2017. the decrease was primarily attributable to lower borrowings in 2018 , as compared to the same period in 2017. interest income in 2018 increased by $ 3.1 million as compared with 2017. the increase in interest income was primarily attributable to higher average cash balances compared with 2017. other income ( expense ) , net replace_table_token_15_th other expense , net decrease d $ 2.0 million as compared to 2018 , due to a $ 7.6 million decrease in losses from transactions in currencies other than our sites ' functional currencies , partially offset by a $ 3.3 million increase in losses from foreign exchange contracts . the net change was primarily due to the foreign currency exchange rate movements in the euro , indian rupee , singapore dollar and mexican peso in relation to the u.s. dollar during the year ended december 31 , 2019 , as compared with the same period in 2018. other expense , net decreased $ 2.2 million in 2018 , due to a $ 6.4 million decrease in net periodic benefit costs for pensions and post retirement obligations , partially offset by a $ 5.3 million increase in losses from foreign exchange contracts . the net change was primarily due to the foreign currency exchange rate movements in the euro , indian rupee , mexican peso and argentinian peso in relation to the u.s. dollar during the year ended december 31 , 2018 , as compared with the same period in 2017. tax expense and tax rate replace_table_token_16_th 33 on december 22 , 2017 , the u.s. enacted the 2017 the tax cuts and jobs act of 2017 ( `` tax reform act `` ) , which significantly changed u.s. tax law . the tax reform act , among other things , lowered the company 's u.s. statutory federal income tax rate from 35 % to 21 % effective january 1 , 2018 , while imposing a deemed repatriation tax on deferred foreign income and implementing a modified territorial tax system . the tax reform act also provides for a one-time transition tax on certain foreign earnings and the acceleration of depreciation for certain assets placed into service after september 27 , 2017 as well as prospective changes which began in 2018 , including repeal of the domestic manufacturing deduction , capitalization of research and development expenditures , additional limitations on executive compensation and limitations on the deductibility of interest . our effective tax rate of 23.4 % for the year ended december 31 , 2019 decreased from 29.1 % in 2018 primarily due to the net impact of foreign operations . the 2019 tax rate differed from the federal statutory rate of 21 % primarily due to state tax and foreign audit assessments , partially offset by the net impact of foreign operations . the 2018 tax rate differed from the federal statutory rate of 21 % primarily due to the net impact of foreign operations , including losses in certain foreign jurisdictions for which no tax benefit was provided . the 2017 tax rate differed from the federal statutory rate of 35 % primarily due to the impacts pursuant to enactment of the tax reform act , the net impact of foreign operations , the establishment of a valuation allowance against our deferred tax assets in various foreign jurisdictions , primarily germany and mexico , and taxes related to the sale of the gestra and vogt businesses . our effective tax

