in 2012 the fulfill program generated $ 1.4 million of 22 operating income . we expect the contribution of our fulfill program to generate operating income between $ 2.5 million and $ 3.0 million in 2013. the refractory segment introduced a new , fourth generation lacam ® laser measurement system and expect additional lacam ® sales in 2013. we also signed an agreement with united steel company b.s.c . ( sulb ) to perform all refractory maintenance at a greenfield steel mill in bahrain that started up in the third quarter of 2012. minteq , working with other refractory companies , is responsible for coordinating refractory maintenance of the steel furnaces and other steel production vessels . we generated approximately $ 3 million in revenue from this contract in 2012 and we expect to generate between $ 8 million- $ 10 million per year of revenue over the 3 year term of the contract . the company 's balance sheet as of december 31 , 2012 continues to be very strong . cash , cash equivalents and short-term investments at december 31 , 2012 were approximately $ 468 million . our cash flows from operations were approximately $ 139 million in 2012. in addition , we had available lines of credit of $ 183.5 million , our debt to equity ratio was 0.10 , and our current ratio was 3.1. we face some significant risks and challenges in the future : · the industries we serve , primarily paper , steel , construction and automotive , have been adversely affected by the uncertain global economic climate , primarily in europe . although these markets have stabilized , our global business could be adversely affected by further decreases in economic activity . our refractories segment primarily serves the steel industry . although north american production improved slightly in 2012 as compared with the prior year , we saw declines in european steel production and it remains below 2008 levels . in the paper industry , which is served by our paper pcc product line , 2012 production levels for printing and writing papers within north america and europe , our two largest markets were 5 % and 4 % below the prior year . in addition , our processed minerals and specialty pcc product lines are affected by the domestic building and construction markets and the automotive market . housing starts in 2012 averaged approximately 781 thousand units , and were up 28 % from 2011 levels . housing starts were at a peak rate of 2.1 million units in 2005 . · some of our customers may experience mill shutdowns due to further consolidations , or may face liquidity issues , or bankruptcy , which could deteriorate the aging of our accounts receivable , increase our bad debt exposure and possibly trigger impairment of assets or realignment of our businesses . · consolidations and rationalizations in the paper and steel industries concentrate purchasing power in the hands of fewer customers , increasing pricing pressure on suppliers such as us . · most of our paper pcc sales are subject to long-term contracts that may be terminated pursuant to their terms , or may be renewed on terms less favorable to us . · we are subject to volatility in pricing and supply availability of our key raw materials used in our paper pcc product line and refractory product line . · we continue to rely on china for a portion of our supply of magnesium oxide in the refractories segment , which may be subject to uncertainty in availability and cost . · fluctuations in energy costs have an impact on all of our businesses . · changes in the fair market value of our pension assets , rates of return on assets , and discount rates could continue to have a significant impact on our net periodic pension costs as well as our funding status . · as we expand our operations abroad we face the inherent risks of doing business in many foreign countries , including foreign exchange risk , import and export restrictions , and security concerns . · the company 's operations , particularly in the mining and environmental areas ( discharges , emissions and greenhouse gases ) , are subject to regulation by federal , state and foreign authorities and may be subject to , and presumably will be required to comply with , additional laws , regulations and guidelines which may be adopted in the future . during the second quarter of 2011 , m-real corporation announced plans to divest its alizay paper mill in france . since that time , the mill has not been operating . in january 2013 , double a paper company announced it had acquired the alizay mill . while there can be no assurance , we expect to negotiate a contract and the paper mill to resume operations in the second half of 2013. in 2011 , sales from our alizay mill were approximately $ 7 million . during the third quarter of 2011 , newpage corporation filed for chapter 11 bankruptcy protection . in 2012 , the company did business with five newpage mills , including operating three satellite pcc facilities at newpage locations . in december 2012 , newpage emerged from the bankruptcy process and the company continues to supply pcc to these mills . annual sales to newpage locations in 2012 were approximately $ 22 million . the company has evaluated these facilities for impairment of assets and , based upon the information currently available and probability-weighted cash flows of various potential outcomes , has determined that no impairment charge was required in the fourth quarter . 23 outlook looking forward , we remain cautious about the state of the global economy , particularly in europe , and the impact it will have on our product lines . story_separator_special_tag · allowance for doubtful accounts : substantially all of our accounts receivable are due from companies in the paper , construction and steel industries . accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future . such allowance is established through a charge to the provision for bad debt expenses . we recorded bad debt expenses of $ 1.0 million , $ 0.9 million and $ 0.1 million in 2012 , 2011 and 2010 , respectively . in addition to specific allowances established for bankrupt customers , we also analyze the collection history and financial condition of our other customers considering current industry conditions and determine whether an allowance needs to be established or adjusted . · property , plant and equipment , goodwill , intangible and other long-lived assets : property , plant and equipment are depreciated over their useful lives . useful lives are based on management 's estimates of the period that the assets can generate revenue , which does not necessarily coincide with the remaining term of a customer 's contractual obligation to purchase products made using those assets . our sales of pcc are predominately pursuant to long-term evergreen contracts , initially ten years in length , with paper mills at which we operate satellite pcc plants . the terms of many of these agreements have been extended , often in connection with an expansion of the satellite pcc plant . failure of a pcc customer to renew an agreement or continue to purchase pcc from our facility could result in an impairment of assets or accelerated depreciation at such facility . · valuation of long-lived assets , goodwill and other intangible assets : we assess the possible impairment of long-lived assets and identifiable amortizable intangibles whenever events or changes in circumstances indicate that the carrying value may not be recoverable . goodwill is reviewed for impairment at least annually . factors we consider important that could trigger an impairment review include the following : significant under-performance relative to historical or projected future operating results ; significant changes in the manner of use of the acquired assets or the strategy for the overall business ; significant negative industry or economic trends ; market capitalization below invested capital . the goodwill balance for each reporting unit as of december 31 , 2012 and 2011 , respectively , was as follows : replace_table_token_20_th annually , the company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing is required . if the company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the company then evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level . step one involves a ) developing the fair value of total invested capital of each reporting unit in which goodwill is assigned ; and b ) comparing the fair value of total invested capital for each reporting unit to its carrying amount , to determine if 29 there is goodwill impairment . should the carrying amount for a reporting unit exceed its fair value , then the step one test is failed , and the magnitude of any goodwill impairment is determined under step two . the amount of impairment loss is determined in step two by comparing the implied fair value of reporting unit goodwill with the carrying amount of goodwill . the company has three reporting units ; pcc , processed minerals and refractories . we identify our reporting units by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components . in the fourth quarter of 2012 , the company performed a qualitative assessment of each of its reporting units and determined it was not more likely than not that the fair value of each of its reporting units was less than their carrying values . · accounting for income taxes : as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating current tax expense together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included in the consolidated balance sheet . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income , and to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or change this allowance in a period , we must include an expense within the tax provision in the consolidated statements of operations . deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years . such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities , as well as from net operating loss . we evaluate the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources , including reversal of taxable temporary differences and forecasted operating earnings . these sources of income inherently rely heavily on estimates . we use our historical experience and business forecasts to provide insight . amounts recorded for deferred tax assets , net of valuation allowances , were $ 47.5 million and $ 44.4 million at december 31 , 2012 and 2011 , respectively . such year-end 2012 amounts are expected to be fully recoverable within the applicable statutory expiration periods . to the extent we do not consider it more likely than not that a deferred tax asset will be recovered , a

liquidity and capital resources cash flows provided from operations in 2012 were used principally to fund $ 52.1 million of capital expenditures , and repurchase $ 25.9 million in treasury shares . cash provided from operating activities totaled $ 139.9 million in 2012 as compared with $ 133.7 million in 2011. the increase in cash from operating activities was primarily due to higher net income and lower income tax payments which were partially offset by increased pension plan funding . included in cash flow from operations was pension plan funding of approximately $ 17.0 million , $ 6.6 million and $ 8.5 million for the years ended december 31 , 2012 , 2011 and 2010 , respectively . trade working capital is defined as trade accounts receivable , trade accounts payable and inventories . our total days of trade working capital increased to 59 days from 55 days in 2011 primarily due to higher receivables and lower payables in our refractories segment . the funding status of the company 's pension plans was approximately 66 % at december 31 , 2012 and we have met all minimum funding requirements . the funding status at december 31 , 2011 was 70 % . the reduction in our funding status was due to a large increase in the projected benefit obligation from a change in the discount rate . in 2011 , the company 's board of directors authorized the company 's management to repurchase , at its discretion , up to $ 75 million of additional shares over a two-year period . as of december 31 , 2012 , 633,575 shares have been repurchased under this program for $ 30.7 million , or an average price of approximately $ 48.38 per share . on january 23 , 2013 , the company 's board of directors declared a regular quarterly dividend on its common stock of $ 0.05 per share .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources cash flows provided from operations in 2012 were used principally to fund $ 52.1 million of capital expenditures , and repurchase $ 25.9 million in treasury shares . cash provided from operating activities totaled $ 139.9 million in 2012 as compared with $ 133.7 million in 2011. the increase in cash from operating activities was primarily due to higher net income and lower income tax payments which were partially offset by increased pension plan funding . included in cash flow from operations was pension plan funding of approximately $ 17.0 million , $ 6.6 million and $ 8.5 million for the years ended december 31 , 2012 , 2011 and 2010 , respectively . trade working capital is defined as trade accounts receivable , trade accounts payable and inventories . our total days of trade working capital increased to 59 days from 55 days in 2011 primarily due to higher receivables and lower payables in our refractories segment . the funding status of the company 's pension plans was approximately 66 % at december 31 , 2012 and we have met all minimum funding requirements . the funding status at december 31 , 2011 was 70 % . the reduction in our funding status was due to a large increase in the projected benefit obligation from a change in the discount rate . in 2011 , the company 's board of directors authorized the company 's management to repurchase , at its discretion , up to $ 75 million of additional shares over a two-year period . as of december 31 , 2012 , 633,575 shares have been repurchased under this program for $ 30.7 million , or an average price of approximately $ 48.38 per share . on january 23 , 2013 , the company 's board of directors declared a regular quarterly dividend on its common stock of $ 0.05 per share .
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 Suspicious Activity Report : in 2012 the fulfill program generated $ 1.4 million of 22 operating income . we expect the contribution of our fulfill program to generate operating income between $ 2.5 million and $ 3.0 million in 2013. the refractory segment introduced a new , fourth generation lacam ® laser measurement system and expect additional lacam ® sales in 2013. we also signed an agreement with united steel company b.s.c . ( sulb ) to perform all refractory maintenance at a greenfield steel mill in bahrain that started up in the third quarter of 2012. minteq , working with other refractory companies , is responsible for coordinating refractory maintenance of the steel furnaces and other steel production vessels . we generated approximately $ 3 million in revenue from this contract in 2012 and we expect to generate between $ 8 million- $ 10 million per year of revenue over the 3 year term of the contract . the company 's balance sheet as of december 31 , 2012 continues to be very strong . cash , cash equivalents and short-term investments at december 31 , 2012 were approximately $ 468 million . our cash flows from operations were approximately $ 139 million in 2012. in addition , we had available lines of credit of $ 183.5 million , our debt to equity ratio was 0.10 , and our current ratio was 3.1. we face some significant risks and challenges in the future : · the industries we serve , primarily paper , steel , construction and automotive , have been adversely affected by the uncertain global economic climate , primarily in europe . although these markets have stabilized , our global business could be adversely affected by further decreases in economic activity . our refractories segment primarily serves the steel industry . although north american production improved slightly in 2012 as compared with the prior year , we saw declines in european steel production and it remains below 2008 levels . in the paper industry , which is served by our paper pcc product line , 2012 production levels for printing and writing papers within north america and europe , our two largest markets were 5 % and 4 % below the prior year . in addition , our processed minerals and specialty pcc product lines are affected by the domestic building and construction markets and the automotive market . housing starts in 2012 averaged approximately 781 thousand units , and were up 28 % from 2011 levels . housing starts were at a peak rate of 2.1 million units in 2005 . · some of our customers may experience mill shutdowns due to further consolidations , or may face liquidity issues , or bankruptcy , which could deteriorate the aging of our accounts receivable , increase our bad debt exposure and possibly trigger impairment of assets or realignment of our businesses . · consolidations and rationalizations in the paper and steel industries concentrate purchasing power in the hands of fewer customers , increasing pricing pressure on suppliers such as us . · most of our paper pcc sales are subject to long-term contracts that may be terminated pursuant to their terms , or may be renewed on terms less favorable to us . · we are subject to volatility in pricing and supply availability of our key raw materials used in our paper pcc product line and refractory product line . · we continue to rely on china for a portion of our supply of magnesium oxide in the refractories segment , which may be subject to uncertainty in availability and cost . · fluctuations in energy costs have an impact on all of our businesses . · changes in the fair market value of our pension assets , rates of return on assets , and discount rates could continue to have a significant impact on our net periodic pension costs as well as our funding status . · as we expand our operations abroad we face the inherent risks of doing business in many foreign countries , including foreign exchange risk , import and export restrictions , and security concerns . · the company 's operations , particularly in the mining and environmental areas ( discharges , emissions and greenhouse gases ) , are subject to regulation by federal , state and foreign authorities and may be subject to , and presumably will be required to comply with , additional laws , regulations and guidelines which may be adopted in the future . during the second quarter of 2011 , m-real corporation announced plans to divest its alizay paper mill in france . since that time , the mill has not been operating . in january 2013 , double a paper company announced it had acquired the alizay mill . while there can be no assurance , we expect to negotiate a contract and the paper mill to resume operations in the second half of 2013. in 2011 , sales from our alizay mill were approximately $ 7 million . during the third quarter of 2011 , newpage corporation filed for chapter 11 bankruptcy protection . in 2012 , the company did business with five newpage mills , including operating three satellite pcc facilities at newpage locations . in december 2012 , newpage emerged from the bankruptcy process and the company continues to supply pcc to these mills . annual sales to newpage locations in 2012 were approximately $ 22 million . the company has evaluated these facilities for impairment of assets and , based upon the information currently available and probability-weighted cash flows of various potential outcomes , has determined that no impairment charge was required in the fourth quarter . 23 outlook looking forward , we remain cautious about the state of the global economy , particularly in europe , and the impact it will have on our product lines . story_separator_special_tag · allowance for doubtful accounts : substantially all of our accounts receivable are due from companies in the paper , construction and steel industries . accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future . such allowance is established through a charge to the provision for bad debt expenses . we recorded bad debt expenses of $ 1.0 million , $ 0.9 million and $ 0.1 million in 2012 , 2011 and 2010 , respectively . in addition to specific allowances established for bankrupt customers , we also analyze the collection history and financial condition of our other customers considering current industry conditions and determine whether an allowance needs to be established or adjusted . · property , plant and equipment , goodwill , intangible and other long-lived assets : property , plant and equipment are depreciated over their useful lives . useful lives are based on management 's estimates of the period that the assets can generate revenue , which does not necessarily coincide with the remaining term of a customer 's contractual obligation to purchase products made using those assets . our sales of pcc are predominately pursuant to long-term evergreen contracts , initially ten years in length , with paper mills at which we operate satellite pcc plants . the terms of many of these agreements have been extended , often in connection with an expansion of the satellite pcc plant . failure of a pcc customer to renew an agreement or continue to purchase pcc from our facility could result in an impairment of assets or accelerated depreciation at such facility . · valuation of long-lived assets , goodwill and other intangible assets : we assess the possible impairment of long-lived assets and identifiable amortizable intangibles whenever events or changes in circumstances indicate that the carrying value may not be recoverable . goodwill is reviewed for impairment at least annually . factors we consider important that could trigger an impairment review include the following : significant under-performance relative to historical or projected future operating results ; significant changes in the manner of use of the acquired assets or the strategy for the overall business ; significant negative industry or economic trends ; market capitalization below invested capital . the goodwill balance for each reporting unit as of december 31 , 2012 and 2011 , respectively , was as follows : replace_table_token_20_th annually , the company performs a qualitative assessment for each of its reporting units to determine if the two step process for impairment testing is required . if the company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount , the company then evaluates the recoverability of goodwill using a two-step impairment test approach at the reporting unit level . step one involves a ) developing the fair value of total invested capital of each reporting unit in which goodwill is assigned ; and b ) comparing the fair value of total invested capital for each reporting unit to its carrying amount , to determine if 29 there is goodwill impairment . should the carrying amount for a reporting unit exceed its fair value , then the step one test is failed , and the magnitude of any goodwill impairment is determined under step two . the amount of impairment loss is determined in step two by comparing the implied fair value of reporting unit goodwill with the carrying amount of goodwill . the company has three reporting units ; pcc , processed minerals and refractories . we identify our reporting units by assessing whether the components of our operating segments constitute businesses for which discrete financial information is available and management regularly reviews the operating results of those components . in the fourth quarter of 2012 , the company performed a qualitative assessment of each of its reporting units and determined it was not more likely than not that the fair value of each of its reporting units was less than their carrying values . · accounting for income taxes : as part of the process of preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves estimating current tax expense together with assessing temporary differences resulting from differing treatments of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities , which are included in the consolidated balance sheet . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income , and to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or change this allowance in a period , we must include an expense within the tax provision in the consolidated statements of operations . deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future years . such assets arise because of temporary differences between the financial reporting and tax bases of assets and liabilities , as well as from net operating loss . we evaluate the recoverability of these future tax deductions by assessing the adequacy of future expected taxable income from all sources , including reversal of taxable temporary differences and forecasted operating earnings . these sources of income inherently rely heavily on estimates . we use our historical experience and business forecasts to provide insight . amounts recorded for deferred tax assets , net of valuation allowances , were $ 47.5 million and $ 44.4 million at december 31 , 2012 and 2011 , respectively . such year-end 2012 amounts are expected to be fully recoverable within the applicable statutory expiration periods . to the extent we do not consider it more likely than not that a deferred tax asset will be recovered , a

