's reliance on certain key suppliers of core rail equipment ; availability of qualified personnel ; and acts of terrorism , war or other acts of violence or crime or risk of such activities . forward-looking statements reflect the information only as of the date on which they are made . the company does not undertake any obligation to update any forward-looking statements to reflect future events , developments , or other information . if kcs does update one or more forward-looking statements , no inference should be drawn that additional updates will be made regarding that statement or any other forward-looking statements . corporate overview kansas city southern , a delaware corporation , is a transportation holding company that has railroad investments in the u.s. , mexico and panama . in the u.s. , the company serves the central and south central u.s. its international holdings serve northeastern and central mexico and the port cities of lazaro cardenas , tampico and veracruz , and a fifty percent interest in panama canal railway company provides ocean-to-ocean freight and passenger service along the panama canal . kcs 's north american rail holdings and strategic alliances are primary components of a nafta railway system , linking the commercial and industrial centers of the u.s. , canada and mexico . its principal subsidiaries and affiliates include the following : the kansas city southern railway company ( “ kcsr ” ) , a wholly-owned subsidiary ; kansas city southern de méxico , s.a. de c.v. ( “ kcsm ” ) , a wholly-owned subsidiary ; mexrail , inc. ( “ mexrail ” ) , a wholly-owned consolidated subsidiary ; which , in turn , wholly owns the texas mexican railway company ( “ tex-mex ” ) ; kcsm servicios , s.a. de c.v. ( “ kcsm servicios ” ) , a wholly-owned subsidiary ; meridian speedway , llc ( “ msllc ” ) , a seventy percent-owned consolidated affiliate ; panama canal railway company ( “ pcrc ” ) , a fifty percent-owned unconsolidated affiliate , ferrocarril y terminal del valle de méxico , s.a. de c.v. ( “ ftvm ” ) , a twenty-five percent-owned unconsolidated affiliate ; and ptc-220 , llc ( “ ptc-220 ” ) , a fourteen percent-owned unconsolidated affiliate . executive summary 2016 financial overview revenues in 2016 decreased 3 % from 2015 , due to a 2 % decrease in revenue per carload/unit and carload/unit volumes . revenue per carload/unit decreased due to the weakening of the mexican peso against the u.s. dollar and lower fuel surcharge , partially offset by positive pricing impacts . energy revenue decreased by $ 49.6 million due to lower volumes in crude oil as a result of low crude oil spreads and increased pipeline capacity . volumes also decreased as the decline in new crude drilling operations in the u.s. has reduced the demand for frac sand . in addition , low natural gas prices and high coal inventory levels reduced the demand for utility coal in 2016. operating expenses decreased 6 % compared to 2015 , due to a $ 62.8 million mexican fuel excise tax credit recognized in 2016 , the weakening of the mexican peso against the u.s. dollar and lower fuel prices . expense reductions resulting from the weakening mexican peso and lower fuel prices largely offset the revenue reductions driven by these same macroeconomic factors . these expense reductions were partially offset by higher incentive compensation and increased depreciation expense . operating expenses as a percentage of revenues decreased to 64.9 % in 2016 from 66.8 % in 2015. in 2016 , the company invested $ 584.0 million in capital expenditures . in addition , the company purchased $ 26.6 million of equipment under existing operating leases or replacement equipment as certain operating leases expired , which was primarily funded with internally generated cash flows and short-term borrowings . 25 the company reported 2016 earnings of $ 4.43 per diluted share on consolidated net income attributable to kansas city southern and subsidiaries of $ 478.1 million for the year ended december 31 , 2016 , compared to annual earnings of $ 4.40 per diluted share on consolidated net income attributable to kansas city southern and subsidiaries of $ 483.5 million for 2015 . during 2016 , kcs repurchased 2,127,612 shares of common stock for $ 185.4 million at an average price of $ 87.15 per share under the $ 500.0 million share repurchase program announced in may 2015. since inception of this program , kcs has repurchased 4,261,596 shares of common stock for $ 379.6 million at an average price of $ 89.07 per share . management 's assessment of market conditions , available liquidity and other factors will determine the timing and volume of any future repurchases . on may 16 , 2016 , kcs issued $ 250.0 million principal amount of senior unsecured notes , which bear interest semiannually at a fixed annual rate of 3.125 % . the net proceeds from the offering were used to repay the outstanding commercial paper issued by kcs and for other general corporate purposes . on october 28 , 2016 , $ 250.0 million principal amount of outstanding floating rate senior notes issued by kcs and kcsm matured and were redeemed by the company at a redemption price equal to 100 % of the principal amount using available cash on hand and commercial paper . 26 results of operations year ended december 31 , 2016 , compared with the year ended december 31 , 2015 the following summarizes kcs 's consolidated income statement components ( in millions ) : replace_table_token_5_th revenues the following summarizes revenues ( in millions ) , carload/unit statistics ( in thousands ) and revenue per carload/unit : replace_table_token_6_th revenues include revenue for transportation services and fuel surcharges . story_separator_special_tag revenues decreased $ 74.5 million for the year ended december 31 , 2015 , compared to 2014 , due to an 18 % decrease in revenue per carload/unit and a 6 % decrease in carload/unit volumes . revenue per carload/unit decreased due to lower fuel surcharge , a short-term rate concession provided to a customer during the second half of 2015 and shorter average length of haul . volumes decreased as low natural gas prices reduced the demand for utility coal and the decline in new crude drilling operations in the u.s. reduced the demand for frac sand . these decreases were partially offset by increased crude oil volumes due to new business . intermodal . revenues decreased $ 14.3 million for the year ended december 31 , 2015 , compared to 2014 , due to a 3 % decrease in in carload/unit volumes and a 1 % decrease in revenue per carload/unit . lower volumes due to service-related issues in the second and third quarters of 2015 and the conversion of rail traffic to truck were partially offset by volume growth driven by trans-pacific imports via the port of lazaro cardenas . revenue per carload/unit decreased due to lower fuel surcharge . automotive . revenues decreased $ 19.7 million for the year ended december 31 , 2015 , compared to 2014 , due to an 8 % decrease in revenue per carload/unit . revenue per carload/unit decreased due to the weakening of the mexican peso against the u.s. dollar , partially offset by positive pricing impacts . volumes were flat for the year ended december 31 , 2015 , compared to 2014 , due to service-related issues in the second and third quarters of 2015 . 34 operating expenses operating expenses , as shown below ( in millions ) , decreased $ 153.0 million for the year ended december 31 , 2015 , compared to 2014 , due to the weakening of the mexican peso against the u.s. dollar and lower u.s. fuel prices , partially offset by increased depreciation expense . the weakening of the mexican peso against the u.s. dollar resulted in an expense reduction of approximately $ 77.0 million for expense transactions denominated in mexican pesos . the average exchange rate of mexican pesos per u.s. dollar was ps.15.8 for 2015 compared to ps.13.3 for 2014. lower u.s. fuel prices reduced 2015 expenses by $ 71.5 million . replace_table_token_10_th compensation and benefits . compensation and benefits decreased $ 32.3 million for the year ended december 31 , 2015 , compared to 2014 , due to the weakening of the mexican peso of approximately $ 23.0 million , lower incentive compensation of $ 22.4 million and a reduction in post-employment liabilities due to changes in discount rates . these decreases were partially offset by annual salary rate increases and a 3 % growth in headcount . purchased services . purchased services expense decreased $ 22.2 million for the year ended december 31 , 2015 , compared to 2014 , due to renegotiation of maintenance contracts during 2015 , the weakening of the mexican peso and lower track maintenance and corporate expenses . fuel . fuel expense decreased $ 109.0 million for the year ended december 31 , 2015 , compared to 2014 , due to lower u.s. diesel fuel prices of $ 71.5 million and the weakening of the mexican peso of approximately $ 37.0 million . these decreases were partially offset by approximately $ 12.0 million increase due to mexican diesel prices . the average price per gallon , inclusive of the impact from the weakening of the mexican peso , was $ 2.32 in 2015 , compared to $ 3.03 in 2014. in addition , fuel expense decreased due to improved fuel efficiency and lower fuel consumption . equipment costs . equipment costs increased $ 0.2 million for the year ended december 31 , 2015 , compared to 2014 , primarily due to higher car hire expense due to longer cycle times , partially offset by lower lease expense as a result of the purchase of equipment under existing operating leases and replacement equipment as certain operating leases expired . depreciation and amortization . depreciation and amortization increased $ 26.5 million for the year ended december 31 , 2015 , compared to 2014 , due to a larger asset base , including the purchase of equipment under existing operating leases and replacement equipment as certain operating leases expired . materials and other . materials and other increased $ 12.5 million for the year ended december 31 , 2015 , compared to 2014 , due to an increase in materials and supplies , derailment expense , property taxes , environmental expense and the settlement of a litigation dispute during 2015. these increases were partially offset by the weakening of the mexican peso , lower employee expenses and a reduction in personal injury expense recognized during 2015 as a result of changes in estimates due to favorable claim experience lease termination costs . lease termination costs were $ 9.6 million and $ 38.3 million for the years ended december 31 , 2015 and 2014 , respectively , due to the early termination of certain operating leases and the related purchase of the equipment . 35 non-operating expenses equity in net earnings of affiliates . equity in net earnings from affiliates decreased $ 2.8 million for the year ended december 31 , 2015 , compared to 2014 . equity in net earnings from the operations of ferrocarril y terminal del valle de mexico , s.a. de c.v. decreased due to higher operating expenses . in addition , equity in net earnings from the operations of panama canal railway company decreased due to lower container volumes . interest expense . interest expense increased $ 9.1 million for the year ended december 31 , 2015 , compared to 2014 , due to higher average interest rates and average debt balances as a result of the company 's issuance of debt

debt retirement and exchange costs were $ 7.6 million for the year ended december 31 , 2015 , related to costs that were payable to parties other than the debt holders as a result of the kcsr and kcsm senior notes exchanged for kcs senior notes . for the year ended december 31 , 2014 , debt retirement and exchange costs were $ 6.6 million related to the call premiums , original issue discounts and write-off of unamortized debt issuance costs associated with the company 's various debt redemption activities . foreign exchange loss . for the years ended december 31 , 2015 and 2014 , foreign exchange loss was $ 56.6 million and $ 35.5 million , respectively . foreign exchange loss includes the re-measurement and settlement of net monetary assets denominated in mexican pesos and the loss on foreign currency derivative contracts . for the years ended december 31 , 2015 and 2014 , the re-measurement and settlement of net monetary assets denominated in mexican pesos resulted in a foreign exchange loss of $ 9.4 million and $ 7.6 million , respectively . the company enters into foreign currency derivative contracts to hedge its net exposure to fluctuations in the mexican cash tax obligation due to changes in the value of the mexican peso against the u.s. dollar . for the years ended december 31 , 2015 and 2014 , foreign exchange loss on foreign currency derivative contracts was $ 47.2 million and $ 27.9 million , respectively . other expense , net . other expense , net , increased $ 1.2 million for the year ended december 31 , 2015 , compared to 2014 , due to lower miscellaneous income . income tax expense . income tax expense decreased $ 21.5 million for the year ended december 31 , 2015 , compared to 2014 , due to lower pre-tax income and a lower effective tax rate . the effective tax rate was 27.8 % and 29.3 % for the years ended december 31 , 2015 and 2014 , respectively .


 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.
     ```debt retirement and exchange costs were $ 7.6 million for the year ended december 31 , 2015 , related to costs that were payable to parties other than the debt holders as a result of the kcsr and kcsm senior notes exchanged for kcs senior notes . for the year ended december 31 , 2014 , debt retirement and exchange costs were $ 6.6 million related to the call premiums , original issue discounts and write-off of unamortized debt issuance costs associated with the company 's various debt redemption activities . foreign exchange loss . for the years ended december 31 , 2015 and 2014 , foreign exchange loss was $ 56.6 million and $ 35.5 million , respectively . foreign exchange loss includes the re-measurement and settlement of net monetary assets denominated in mexican pesos and the loss on foreign currency derivative contracts . for the years ended december 31 , 2015 and 2014 , the re-measurement and settlement of net monetary assets denominated in mexican pesos resulted in a foreign exchange loss of $ 9.4 million and $ 7.6 million , respectively . the company enters into foreign currency derivative contracts to hedge its net exposure to fluctuations in the mexican cash tax obligation due to changes in the value of the mexican peso against the u.s. dollar . for the years ended december 31 , 2015 and 2014 , foreign exchange loss on foreign currency derivative contracts was $ 47.2 million and $ 27.9 million , respectively . other expense , net . other expense , net , increased $ 1.2 million for the year ended december 31 , 2015 , compared to 2014 , due to lower miscellaneous income . income tax expense . income tax expense decreased $ 21.5 million for the year ended december 31 , 2015 , compared to 2014 , due to lower pre-tax income and a lower effective tax rate . the effective tax rate was 27.8 % and 29.3 % for the years ended december 31 , 2015 and 2014 , respectively .
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 Suspicious Activity Report : 's reliance on certain key suppliers of core rail equipment ; availability of qualified personnel ; and acts of terrorism , war or other acts of violence or crime or risk of such activities . forward-looking statements reflect the information only as of the date on which they are made . the company does not undertake any obligation to update any forward-looking statements to reflect future events , developments , or other information . if kcs does update one or more forward-looking statements , no inference should be drawn that additional updates will be made regarding that statement or any other forward-looking statements . corporate overview kansas city southern , a delaware corporation , is a transportation holding company that has railroad investments in the u.s. , mexico and panama . in the u.s. , the company serves the central and south central u.s. its international holdings serve northeastern and central mexico and the port cities of lazaro cardenas , tampico and veracruz , and a fifty percent interest in panama canal railway company provides ocean-to-ocean freight and passenger service along the panama canal . kcs 's north american rail holdings and strategic alliances are primary components of a nafta railway system , linking the commercial and industrial centers of the u.s. , canada and mexico . its principal subsidiaries and affiliates include the following : the kansas city southern railway company ( “ kcsr ” ) , a wholly-owned subsidiary ; kansas city southern de méxico , s.a. de c.v. ( “ kcsm ” ) , a wholly-owned subsidiary ; mexrail , inc. ( “ mexrail ” ) , a wholly-owned consolidated subsidiary ; which , in turn , wholly owns the texas mexican railway company ( “ tex-mex ” ) ; kcsm servicios , s.a. de c.v. ( “ kcsm servicios ” ) , a wholly-owned subsidiary ; meridian speedway , llc ( “ msllc ” ) , a seventy percent-owned consolidated affiliate ; panama canal railway company ( “ pcrc ” ) , a fifty percent-owned unconsolidated affiliate , ferrocarril y terminal del valle de méxico , s.a. de c.v. ( “ ftvm ” ) , a twenty-five percent-owned unconsolidated affiliate ; and ptc-220 , llc ( “ ptc-220 ” ) , a fourteen percent-owned unconsolidated affiliate . executive summary 2016 financial overview revenues in 2016 decreased 3 % from 2015 , due to a 2 % decrease in revenue per carload/unit and carload/unit volumes . revenue per carload/unit decreased due to the weakening of the mexican peso against the u.s. dollar and lower fuel surcharge , partially offset by positive pricing impacts . energy revenue decreased by $ 49.6 million due to lower volumes in crude oil as a result of low crude oil spreads and increased pipeline capacity . volumes also decreased as the decline in new crude drilling operations in the u.s. has reduced the demand for frac sand . in addition , low natural gas prices and high coal inventory levels reduced the demand for utility coal in 2016. operating expenses decreased 6 % compared to 2015 , due to a $ 62.8 million mexican fuel excise tax credit recognized in 2016 , the weakening of the mexican peso against the u.s. dollar and lower fuel prices . expense reductions resulting from the weakening mexican peso and lower fuel prices largely offset the revenue reductions driven by these same macroeconomic factors . these expense reductions were partially offset by higher incentive compensation and increased depreciation expense . operating expenses as a percentage of revenues decreased to 64.9 % in 2016 from 66.8 % in 2015. in 2016 , the company invested $ 584.0 million in capital expenditures . in addition , the company purchased $ 26.6 million of equipment under existing operating leases or replacement equipment as certain operating leases expired , which was primarily funded with internally generated cash flows and short-term borrowings . 25 the company reported 2016 earnings of $ 4.43 per diluted share on consolidated net income attributable to kansas city southern and subsidiaries of $ 478.1 million for the year ended december 31 , 2016 , compared to annual earnings of $ 4.40 per diluted share on consolidated net income attributable to kansas city southern and subsidiaries of $ 483.5 million for 2015 . during 2016 , kcs repurchased 2,127,612 shares of common stock for $ 185.4 million at an average price of $ 87.15 per share under the $ 500.0 million share repurchase program announced in may 2015. since inception of this program , kcs has repurchased 4,261,596 shares of common stock for $ 379.6 million at an average price of $ 89.07 per share . management 's assessment of market conditions , available liquidity and other factors will determine the timing and volume of any future repurchases . on may 16 , 2016 , kcs issued $ 250.0 million principal amount of senior unsecured notes , which bear interest semiannually at a fixed annual rate of 3.125 % . the net proceeds from the offering were used to repay the outstanding commercial paper issued by kcs and for other general corporate purposes . on october 28 , 2016 , $ 250.0 million principal amount of outstanding floating rate senior notes issued by kcs and kcsm matured and were redeemed by the company at a redemption price equal to 100 % of the principal amount using available cash on hand and commercial paper . 26 results of operations year ended december 31 , 2016 , compared with the year ended december 31 , 2015 the following summarizes kcs 's consolidated income statement components ( in millions ) : replace_table_token_5_th revenues the following summarizes revenues ( in millions ) , carload/unit statistics ( in thousands ) and revenue per carload/unit : replace_table_token_6_th revenues include revenue for transportation services and fuel surcharges . story_separator_special_tag revenues decreased $ 74.5 million for the year ended december 31 , 2015 , compared to 2014 , due to an 18 % decrease in revenue per carload/unit and a 6 % decrease in carload/unit volumes . revenue per carload/unit decreased due to lower fuel surcharge , a short-term rate concession provided to a customer during the second half of 2015 and shorter average length of haul . volumes decreased as low natural gas prices reduced the demand for utility coal and the decline in new crude drilling operations in the u.s. reduced the demand for frac sand . these decreases were partially offset by increased crude oil volumes due to new business . intermodal . revenues decreased $ 14.3 million for the year ended december 31 , 2015 , compared to 2014 , due to a 3 % decrease in in carload/unit volumes and a 1 % decrease in revenue per carload/unit . lower volumes due to service-related issues in the second and third quarters of 2015 and the conversion of rail traffic to truck were partially offset by volume growth driven by trans-pacific imports via the port of lazaro cardenas . revenue per carload/unit decreased due to lower fuel surcharge . automotive . revenues decreased $ 19.7 million for the year ended december 31 , 2015 , compared to 2014 , due to an 8 % decrease in revenue per carload/unit . revenue per carload/unit decreased due to the weakening of the mexican peso against the u.s. dollar , partially offset by positive pricing impacts . volumes were flat for the year ended december 31 , 2015 , compared to 2014 , due to service-related issues in the second and third quarters of 2015 . 34 operating expenses operating expenses , as shown below ( in millions ) , decreased $ 153.0 million for the year ended december 31 , 2015 , compared to 2014 , due to the weakening of the mexican peso against the u.s. dollar and lower u.s. fuel prices , partially offset by increased depreciation expense . the weakening of the mexican peso against the u.s. dollar resulted in an expense reduction of approximately $ 77.0 million for expense transactions denominated in mexican pesos . the average exchange rate of mexican pesos per u.s. dollar was ps.15.8 for 2015 compared to ps.13.3 for 2014. lower u.s. fuel prices reduced 2015 expenses by $ 71.5 million . replace_table_token_10_th compensation and benefits . compensation and benefits decreased $ 32.3 million for the year ended december 31 , 2015 , compared to 2014 , due to the weakening of the mexican peso of approximately $ 23.0 million , lower incentive compensation of $ 22.4 million and a reduction in post-employment liabilities due to changes in discount rates . these decreases were partially offset by annual salary rate increases and a 3 % growth in headcount . purchased services . purchased services expense decreased $ 22.2 million for the year ended december 31 , 2015 , compared to 2014 , due to renegotiation of maintenance contracts during 2015 , the weakening of the mexican peso and lower track maintenance and corporate expenses . fuel . fuel expense decreased $ 109.0 million for the year ended december 31 , 2015 , compared to 2014 , due to lower u.s. diesel fuel prices of $ 71.5 million and the weakening of the mexican peso of approximately $ 37.0 million . these decreases were partially offset by approximately $ 12.0 million increase due to mexican diesel prices . the average price per gallon , inclusive of the impact from the weakening of the mexican peso , was $ 2.32 in 2015 , compared to $ 3.03 in 2014. in addition , fuel expense decreased due to improved fuel efficiency and lower fuel consumption . equipment costs . equipment costs increased $ 0.2 million for the year ended december 31 , 2015 , compared to 2014 , primarily due to higher car hire expense due to longer cycle times , partially offset by lower lease expense as a result of the purchase of equipment under existing operating leases and replacement equipment as certain operating leases expired . depreciation and amortization . depreciation and amortization increased $ 26.5 million for the year ended december 31 , 2015 , compared to 2014 , due to a larger asset base , including the purchase of equipment under existing operating leases and replacement equipment as certain operating leases expired . materials and other . materials and other increased $ 12.5 million for the year ended december 31 , 2015 , compared to 2014 , due to an increase in materials and supplies , derailment expense , property taxes , environmental expense and the settlement of a litigation dispute during 2015. these increases were partially offset by the weakening of the mexican peso , lower employee expenses and a reduction in personal injury expense recognized during 2015 as a result of changes in estimates due to favorable claim experience lease termination costs . lease termination costs were $ 9.6 million and $ 38.3 million for the years ended december 31 , 2015 and 2014 , respectively , due to the early termination of certain operating leases and the related purchase of the equipment . 35 non-operating expenses equity in net earnings of affiliates . equity in net earnings from affiliates decreased $ 2.8 million for the year ended december 31 , 2015 , compared to 2014 . equity in net earnings from the operations of ferrocarril y terminal del valle de mexico , s.a. de c.v. decreased due to higher operating expenses . in addition , equity in net earnings from the operations of panama canal railway company decreased due to lower container volumes . interest expense . interest expense increased $ 9.1 million for the year ended december 31 , 2015 , compared to 2014 , due to higher average interest rates and average debt balances as a result of the company 's issuance of debt

