this requires the company 's ongoing commitment to attract , retain and develop the best talent across the world . driving effective capital deployment . the company is intently focused on providing the highest returns for shareholders through its capital allocation framework , which includes ( 1 ) investing in the core business through capital expenditures , research and development and organic growth initiatives like deltax ; ( 2 ) pursuing strategic acquisitions to broaden our portfolio and capabilities , with a focus on bearings , adjacent power transmission products and related services ; and ( 3 ) returning capital to shareholders through share repurchases and dividends . as part of this framework , the company may also restructure , reposition or divest underperforming product lines or assets . 19 the following items highlight certain of the company ' s more significant strategic accomplishments in 2016 : business highlights the company continued to advance its manufacturing footprint initiatives with : ◦ the announced closures of its bearing plants in pulaski , tennessee ( `` pulaski `` ) and altavista , virginia ( `` altavista `` ) and its manufacturing facility in benoni , south africa ( `` benoni `` ) , which are expected to be completed in 2017. production from altavista will be transferring to the company 's bearing plant near lincolnton , north carolina ; and ◦ the closure of its bearing facility in the united kingdom ( `` u.k. `` ) . received a multi-year contract from the u.s. department of defense ( `` dod `` ) to provide engineering and supply philadelphia gear main reduction gears for the navy 's next generation of arleigh burke ddg 51 class ships . the fixed price contract includes options that , if exercised , could bring the cumulative value of the contract to more than $ 1 billion over its estimated 10-year life ; and completed the installation of aerospace transmission overhaul and repair equipment at its plant in manchester , connecticut . this equipment adds new capabilities and will support a contract secured in 2015 to overhaul and repair up to roughly 220 apache ah64d main transmissions for the dod over a three-year period . share repurchases on february 6 , 2017 , the company 's board of directors approved a new share repurchase plan pursuant to which the company may purchase up to ten million of its common shares , in the aggregate . this new share purchase plan expires on february 28 , 2021. acquisitions on october 31 , 2016 , the company acquired edt corp. ( `` edt `` ) , a manufacturer of polymer housed units and stainless steel ball bearings used widely by the food and beverage industry , for $ 10 million in cash . headquartered in vancouver , washington , edt had sales of less than $ 10 million for the twelve months ended september 30 , 2016. on july 8 , 2016 , the company acquired lovejoy inc. ( `` lovejoy `` ) , a manufacturer of premium industrial couplings and universal joints , for $ 63.5 million in cash and assumed debt of $ 2.2 million . headquartered in downers grove , illinois , with additional locations in the u.s. , canada and germany , lovejoy had sales of approximately $ 55 million for the twelve months ended june 30 , 2016 . 20 results of operations 2016 vs. 2015 overview : replace_table_token_7_th the decrease in net sales was primarily due to lower end-market demand and the impact of foreign currency exchange rate changes , partially offset by the net benefit of acquisitions and divestitures . the increase in net income in 2016 compared with 2015 was primarily due to pretax pension settlement charges that were $ 436.9 million lower than 2015 and pretax u.s. continued dumping and subsidy offset act ( `` cdsoa `` ) income of $ 59.6 million recorded in 2016 . in addition , the company 's net income in 2016 was impacted by lower volume across most market sectors , unfavorable price/mix , higher restructuring charges and the impact of foreign currency exchange rate changes , partially offset by lower material and manufacturing costs , and lower selling , general and administrative ( `` sg & a `` ) expenses compared with 2015 . the prior year also included a gain from the divestiture of timken alcor aerospace technologies , inc. ( `` alcor `` ) and higher discrete income tax benefits . outlook : the company expects 2017 full-year sales to be flat compared with 2016 , as the benefit of acquisitions is offset by the estimated negative impact of foreign currency exchange rate changes . the company 's earnings are expected to be lower in 2017 than 2016 , primarily due to no expected cdsoa income in 2017 , partially offset by lower pension settlement charges . timken plans to adopt mark-to-market accounting for its defined benefit pension and other postretirement benefit plans in the first quarter of 2017 , which will impact earnings before interest and taxes ( `` ebit `` ) for 2017 and prior years on a retrospective basis . refer to change in accounting principle in the other disclosures section for additional information . the company expects to generate operating cash of approximately $ 310 million in 2017 , a decrease from 2016 of approximately $ 92 million or 23 % , as the company anticipates lower net income ( including no expected cdsoa receipts ) , lower benefit from working capital and higher income tax payments . the company expects capital expenditures to be approximately 4 % of sales in 2017 , compared with 5 % of sales in 2016 . story_separator_special_tag the last of the deferred payments was received during the fourth quarter of 2015. other ( expense ) income : replace_table_token_29_th during 2014 , the company recognized a gain of $ 22.6 million related to the sale of real estate in sao paulo . during the fourth quarter of 2015 , the company wrote-off $ 9.7 million that remained in cip after the related assets were placed into service . the majority of these assets were placed into service between 2008 and 2012. this item was identified during an examination of aged balances in the cip account . management of the company concluded that the correction of this error in the fourth quarter of 2015 and the presence of this error in prior periods was immaterial to all periods presented . 29 income tax expense : replace_table_token_30_th the effective tax rate for 2015 was 64.1 % , which reflects a tax benefit on pretax loss . the tax benefit rate of 64.1 % was greater than the u.s. statutory rate of 35 % primarily due to the tax benefits of reversals of certain valuation allowances in foreign jurisdictions , u.s. foreign tax credits , earnings in certain foreign jurisdictions where the effective tax rate was less than 35 % , reversals of reserves for uncertain tax positions , state and local taxes , the u.s. manufacturing deduction , the u.s. research tax credit and other u.s. tax benefits . these factors were offset by u.s. taxation of foreign earnings , recording of deferred tax liabilities related to foreign branch operations , and losses at certain foreign subsidiaries where no tax benefit could be recorded . the effective tax rate on pretax income for 2014 was favorable relative to the u.s. federal statutory rate primarily due to u.s. foreign tax credits , earnings in certain foreign jurisdictions where the effective tax rate was less than 35 % , adjustments to tax accruals for undistributed foreign earnings , the u.s. manufacturing deduction , the u.s. research tax credit and other u.s. tax benefits . these factors were partially offset by u.s. taxation of foreign income , losses at certain foreign subsidiaries where no tax benefit could be recorded , non-deductible intangible asset impairment charges recorded in the mobile industries segment and accruals for uncertain tax positions . refer to the table below for additional detail of the impact of each item on income tax expense : replace_table_token_31_th ( 1 ) u.s. taxation includes the impact of foreign tax credits , u.s. manufacturing deductions , u.s. research and experimentation credit , u.s. state and local taxation , u.s. taxation of foreign earnings and other u.s. items . discontinued operations : replace_table_token_32_th on june 30 , 2014 , the company completed the spinoff . the operating results , net of tax , included one-time transaction costs of $ 57.1 million during 2014. these costs included consulting and professional fees associated with preparing for and executing the spinoff . 30 business segments the primary measurement used by management to measure the financial performance of each segment is ebit . refer to note 16 - segment information in the notes to the consolidated financial statements for the reconciliation of ebit by segment to consolidated income before income taxes . the presentation of segment results below includes a reconciliation of the changes in net sales for each segment reported in accordance with u.s. gaap to net sales adjusted to remove the effects of acquisitions and divestitures completed in 2015 and 2014 and foreign currency exchange rate changes . the effects of acquisitions , divestitures and foreign currency exchange rate changes on net sales are removed to allow investors and the company to meaningfully evaluate the percentage change in net sales on a comparable basis from period to period . the following items highlight the company ' s acquisitions and divestitures completed in 2015 and 2014 : the company sold alcor during the fourth quarter of 2015. results for alcor were reported in the mobile industries segment . the company acquired the belts business during the third quarter of 2015. results for timken belts are reported in the mobile industries and process industries segments based on the customers served . the company acquired revolvo ltd. ( `` revolvo `` ) during the fourth quarter of 2014. results for revolvo are reported in the process industries segment . the company sold its aerospace engine overhaul business during the fourth quarter of 2014. results for the aerospace engine overhaul business were reported in the mobile industries segment . the company acquired schulz group ( `` schulz `` ) during the second quarter of 2014. results for schulz are reported in the process industries segment . mobile industries segment : replace_table_token_33_th replace_table_token_34_th the mobile industries segment 's net sales , excluding the effects of acquisitions , divestitures and foreign currency exchange rate changes , decreased $ 47.6 million or 2.8 % in 2015 compared with 2014 . the decrease in net sales was primarily due to lower volume in the off-highway ( primarily agriculture ) and aerospace end market sectors , partially offset by organic growth in the rail and automotive sectors . ebit was lower in 2015 compared with 2014 primarily due to the impact of goodwill impairment and inventory valuation adjustments of $ 118 million recorded in 2014 , a gain on the sale of alcor of $ 29 million recorded in 2015 , the benefit of lower raw material and operating costs net of manufacturing underutilization , lower sg & a expenses and the impact of acquisitions . these factors were partially offset by a gain on the sale of real estate in brazil of $ 23 million recorded in 2014 , lower volume of $ 20 million and unfavorable price/mix of $ 14 million and the negative impact of foreign currency exchange rate changes of $ 18 million . 31 process industries segment : replace_table_token_35_th the process industries segment 's net sales , excluding the effects of

net cash of $ 402.0 million in 2016 , after providing net cash of $ 374.8 million in 2015 . the increase was due to the favorable impact of income taxes of $ 227.8 million and a net favorable change in working capital items of $ 13.3 million , partially offset by lower net income of $ 212.4 million , excluding pension settlement charges . refer to the tables below for additional detail of the impact of each line on net cash provided by operating activities . the following chart displays the impact of working capital items on cash during 2016 and 2015 , respectively : replace_table_token_44_th the following table displays the impact of income taxes on cash during 2016 and 2015 , respectively : replace_table_token_45_th the following table displays the effect on cash for major components of net income during 2016 and 2015 , respectively : replace_table_token_46_th investing activities : net cash used in investing activities of $ 211.0 million in 2016 decreased from the same period in 2015 primarily due to a $ 140.7 million decrease in cash used for acquisitions , partially offset by a $ 46.2 million reduction in proceeds from divestitures , a $ 31.9 million increase in cash used in capital expenditures , and an $ 8.3 million reduction in proceeds from the sale of property , plant and equipment . financing activities : the following chart displays the factors impacting cash from financing activities during 2016 and 2015 , respectively : replace_table_token_47_th 36 liquidity and capital resources reconciliation of total debt to net debt and the ratio of net debt to capital : net debt : replace_table_token_48_th ratio of net debt to capital : replace_table_token_49_th the company presents net debt because it believes net debt is more representative of the company 's financial position than total debt due to the amount of cash and cash equivalents held by the company . at december 31 , 2016 , approximately $ 134 million , or over 90 % , of the company 's $ 149 million cash and cash equivalents resided in jurisdictions outside the united states .


 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.
     ```net cash of $ 402.0 million in 2016 , after providing net cash of $ 374.8 million in 2015 . the increase was due to the favorable impact of income taxes of $ 227.8 million and a net favorable change in working capital items of $ 13.3 million , partially offset by lower net income of $ 212.4 million , excluding pension settlement charges . refer to the tables below for additional detail of the impact of each line on net cash provided by operating activities . the following chart displays the impact of working capital items on cash during 2016 and 2015 , respectively : replace_table_token_44_th the following table displays the impact of income taxes on cash during 2016 and 2015 , respectively : replace_table_token_45_th the following table displays the effect on cash for major components of net income during 2016 and 2015 , respectively : replace_table_token_46_th investing activities : net cash used in investing activities of $ 211.0 million in 2016 decreased from the same period in 2015 primarily due to a $ 140.7 million decrease in cash used for acquisitions , partially offset by a $ 46.2 million reduction in proceeds from divestitures , a $ 31.9 million increase in cash used in capital expenditures , and an $ 8.3 million reduction in proceeds from the sale of property , plant and equipment . financing activities : the following chart displays the factors impacting cash from financing activities during 2016 and 2015 , respectively : replace_table_token_47_th 36 liquidity and capital resources reconciliation of total debt to net debt and the ratio of net debt to capital : net debt : replace_table_token_48_th ratio of net debt to capital : replace_table_token_49_th the company presents net debt because it believes net debt is more representative of the company 's financial position than total debt due to the amount of cash and cash equivalents held by the company . at december 31 , 2016 , approximately $ 134 million , or over 90 % , of the company 's $ 149 million cash and cash equivalents resided in jurisdictions outside the united states .
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 Suspicious Activity Report : this requires the company 's ongoing commitment to attract , retain and develop the best talent across the world . driving effective capital deployment . the company is intently focused on providing the highest returns for shareholders through its capital allocation framework , which includes ( 1 ) investing in the core business through capital expenditures , research and development and organic growth initiatives like deltax ; ( 2 ) pursuing strategic acquisitions to broaden our portfolio and capabilities , with a focus on bearings , adjacent power transmission products and related services ; and ( 3 ) returning capital to shareholders through share repurchases and dividends . as part of this framework , the company may also restructure , reposition or divest underperforming product lines or assets . 19 the following items highlight certain of the company ' s more significant strategic accomplishments in 2016 : business highlights the company continued to advance its manufacturing footprint initiatives with : ◦ the announced closures of its bearing plants in pulaski , tennessee ( `` pulaski `` ) and altavista , virginia ( `` altavista `` ) and its manufacturing facility in benoni , south africa ( `` benoni `` ) , which are expected to be completed in 2017. production from altavista will be transferring to the company 's bearing plant near lincolnton , north carolina ; and ◦ the closure of its bearing facility in the united kingdom ( `` u.k. `` ) . received a multi-year contract from the u.s. department of defense ( `` dod `` ) to provide engineering and supply philadelphia gear main reduction gears for the navy 's next generation of arleigh burke ddg 51 class ships . the fixed price contract includes options that , if exercised , could bring the cumulative value of the contract to more than $ 1 billion over its estimated 10-year life ; and completed the installation of aerospace transmission overhaul and repair equipment at its plant in manchester , connecticut . this equipment adds new capabilities and will support a contract secured in 2015 to overhaul and repair up to roughly 220 apache ah64d main transmissions for the dod over a three-year period . share repurchases on february 6 , 2017 , the company 's board of directors approved a new share repurchase plan pursuant to which the company may purchase up to ten million of its common shares , in the aggregate . this new share purchase plan expires on february 28 , 2021. acquisitions on october 31 , 2016 , the company acquired edt corp. ( `` edt `` ) , a manufacturer of polymer housed units and stainless steel ball bearings used widely by the food and beverage industry , for $ 10 million in cash . headquartered in vancouver , washington , edt had sales of less than $ 10 million for the twelve months ended september 30 , 2016. on july 8 , 2016 , the company acquired lovejoy inc. ( `` lovejoy `` ) , a manufacturer of premium industrial couplings and universal joints , for $ 63.5 million in cash and assumed debt of $ 2.2 million . headquartered in downers grove , illinois , with additional locations in the u.s. , canada and germany , lovejoy had sales of approximately $ 55 million for the twelve months ended june 30 , 2016 . 20 results of operations 2016 vs. 2015 overview : replace_table_token_7_th the decrease in net sales was primarily due to lower end-market demand and the impact of foreign currency exchange rate changes , partially offset by the net benefit of acquisitions and divestitures . the increase in net income in 2016 compared with 2015 was primarily due to pretax pension settlement charges that were $ 436.9 million lower than 2015 and pretax u.s. continued dumping and subsidy offset act ( `` cdsoa `` ) income of $ 59.6 million recorded in 2016 . in addition , the company 's net income in 2016 was impacted by lower volume across most market sectors , unfavorable price/mix , higher restructuring charges and the impact of foreign currency exchange rate changes , partially offset by lower material and manufacturing costs , and lower selling , general and administrative ( `` sg & a `` ) expenses compared with 2015 . the prior year also included a gain from the divestiture of timken alcor aerospace technologies , inc. ( `` alcor `` ) and higher discrete income tax benefits . outlook : the company expects 2017 full-year sales to be flat compared with 2016 , as the benefit of acquisitions is offset by the estimated negative impact of foreign currency exchange rate changes . the company 's earnings are expected to be lower in 2017 than 2016 , primarily due to no expected cdsoa income in 2017 , partially offset by lower pension settlement charges . timken plans to adopt mark-to-market accounting for its defined benefit pension and other postretirement benefit plans in the first quarter of 2017 , which will impact earnings before interest and taxes ( `` ebit `` ) for 2017 and prior years on a retrospective basis . refer to change in accounting principle in the other disclosures section for additional information . the company expects to generate operating cash of approximately $ 310 million in 2017 , a decrease from 2016 of approximately $ 92 million or 23 % , as the company anticipates lower net income ( including no expected cdsoa receipts ) , lower benefit from working capital and higher income tax payments . the company expects capital expenditures to be approximately 4 % of sales in 2017 , compared with 5 % of sales in 2016 . story_separator_special_tag the last of the deferred payments was received during the fourth quarter of 2015. other ( expense ) income : replace_table_token_29_th during 2014 , the company recognized a gain of $ 22.6 million related to the sale of real estate in sao paulo . during the fourth quarter of 2015 , the company wrote-off $ 9.7 million that remained in cip after the related assets were placed into service . the majority of these assets were placed into service between 2008 and 2012. this item was identified during an examination of aged balances in the cip account . management of the company concluded that the correction of this error in the fourth quarter of 2015 and the presence of this error in prior periods was immaterial to all periods presented . 29 income tax expense : replace_table_token_30_th the effective tax rate for 2015 was 64.1 % , which reflects a tax benefit on pretax loss . the tax benefit rate of 64.1 % was greater than the u.s. statutory rate of 35 % primarily due to the tax benefits of reversals of certain valuation allowances in foreign jurisdictions , u.s. foreign tax credits , earnings in certain foreign jurisdictions where the effective tax rate was less than 35 % , reversals of reserves for uncertain tax positions , state and local taxes , the u.s. manufacturing deduction , the u.s. research tax credit and other u.s. tax benefits . these factors were offset by u.s. taxation of foreign earnings , recording of deferred tax liabilities related to foreign branch operations , and losses at certain foreign subsidiaries where no tax benefit could be recorded . the effective tax rate on pretax income for 2014 was favorable relative to the u.s. federal statutory rate primarily due to u.s. foreign tax credits , earnings in certain foreign jurisdictions where the effective tax rate was less than 35 % , adjustments to tax accruals for undistributed foreign earnings , the u.s. manufacturing deduction , the u.s. research tax credit and other u.s. tax benefits . these factors were partially offset by u.s. taxation of foreign income , losses at certain foreign subsidiaries where no tax benefit could be recorded , non-deductible intangible asset impairment charges recorded in the mobile industries segment and accruals for uncertain tax positions . refer to the table below for additional detail of the impact of each item on income tax expense : replace_table_token_31_th ( 1 ) u.s. taxation includes the impact of foreign tax credits , u.s. manufacturing deductions , u.s. research and experimentation credit , u.s. state and local taxation , u.s. taxation of foreign earnings and other u.s. items . discontinued operations : replace_table_token_32_th on june 30 , 2014 , the company completed the spinoff . the operating results , net of tax , included one-time transaction costs of $ 57.1 million during 2014. these costs included consulting and professional fees associated with preparing for and executing the spinoff . 30 business segments the primary measurement used by management to measure the financial performance of each segment is ebit . refer to note 16 - segment information in the notes to the consolidated financial statements for the reconciliation of ebit by segment to consolidated income before income taxes . the presentation of segment results below includes a reconciliation of the changes in net sales for each segment reported in accordance with u.s. gaap to net sales adjusted to remove the effects of acquisitions and divestitures completed in 2015 and 2014 and foreign currency exchange rate changes . the effects of acquisitions , divestitures and foreign currency exchange rate changes on net sales are removed to allow investors and the company to meaningfully evaluate the percentage change in net sales on a comparable basis from period to period . the following items highlight the company ' s acquisitions and divestitures completed in 2015 and 2014 : the company sold alcor during the fourth quarter of 2015. results for alcor were reported in the mobile industries segment . the company acquired the belts business during the third quarter of 2015. results for timken belts are reported in the mobile industries and process industries segments based on the customers served . the company acquired revolvo ltd. ( `` revolvo `` ) during the fourth quarter of 2014. results for revolvo are reported in the process industries segment . the company sold its aerospace engine overhaul business during the fourth quarter of 2014. results for the aerospace engine overhaul business were reported in the mobile industries segment . the company acquired schulz group ( `` schulz `` ) during the second quarter of 2014. results for schulz are reported in the process industries segment . mobile industries segment : replace_table_token_33_th replace_table_token_34_th the mobile industries segment 's net sales , excluding the effects of acquisitions , divestitures and foreign currency exchange rate changes , decreased $ 47.6 million or 2.8 % in 2015 compared with 2014 . the decrease in net sales was primarily due to lower volume in the off-highway ( primarily agriculture ) and aerospace end market sectors , partially offset by organic growth in the rail and automotive sectors . ebit was lower in 2015 compared with 2014 primarily due to the impact of goodwill impairment and inventory valuation adjustments of $ 118 million recorded in 2014 , a gain on the sale of alcor of $ 29 million recorded in 2015 , the benefit of lower raw material and operating costs net of manufacturing underutilization , lower sg & a expenses and the impact of acquisitions . these factors were partially offset by a gain on the sale of real estate in brazil of $ 23 million recorded in 2014 , lower volume of $ 20 million and unfavorable price/mix of $ 14 million and the negative impact of foreign currency exchange rate changes of $ 18 million . 31 process industries segment : replace_table_token_35_th the process industries segment 's net sales , excluding the effects of

