the historical results of operations and the financial position of lifesize are included in the consolidated financial statements of logitech and are reported as discontinued operations within this annual report on form 10-k. we exited our oem business during our fiscal quarter ended december 31 , 2015. the results of our oem business are included in our financial statements as part of continuing operations for the nine months ended december 31 , 2015 and prior periods . there is no revenue and cost associated with this business in future periods . summary of financial results our total net sales for fiscal year 2017 increased 10 % in comparison to fiscal year 2016 due to an increase in retail sales , partially offset by a decrease in oem sales as a result of exiting the oem business in the third quarter ended december 31 , 2015. the results of operations for jaybird and saitek have been included in our consolidated logitech international s.a. | fiscal 2017 form 10-k | 39 statements of operations from the acquisition date . for fiscal year 2017 , jaybird and saitek contributed a total of $ 65.7 million of net sales . retail sales during fiscal year 2017 increased 14 % compared to fiscal year 2016 . retail sales increased 12 % , 19 % and 11 % in the americas ( `` amr `` ) , emea and asia pacific , respectively . our gross margin for fiscal year 2017 increased to 36.9 % , compared to 33.7 % for fiscal year 2016 . the increase in gross margin was primarily driven by product cost reductions and our exit from the oem business in fiscal year 2016 , a benefit of $ 14.4 million primarily due to a change in estimated breakage attributable to customer incentive , cooperative marketing and pricing program accruals in emea , as well as greater supply chain efficiencies , partially offset by an increase of promotions , unfavorable currency exchange rates and amortization of intangible assets and purchase accounting effect on inventory from business acquisitions . operating expenses for fiscal year 2017 were $ 608.2 million , or 27.4 % of net sales , compared to $ 552.0 million , or 27.4 % for fiscal year 2016 . the increase in operating expenses was primarily driven by higher personnel-related costs due to increased headcount , businesses acquired during fiscal year 2017 , a higher variable compensation linked to strong performance , and amortization of intangibles from the business acquisitions , partially offset by a gain from change in fair value of contingent consideration from the jaybird acquisition and a decrease in restructuring charges as we substantially completed our restructuring plan in the fourth quarter of fiscal year 2016. net income from continuing operations for fiscal year 2017 was $ 205.9 million , compared to $ 128.4 million for fiscal year 2016 . trends in our business our strategy focuses on five large multi-category market opportunities including music , gaming , video collaboration , smart home and creativity & productivity . we see opportunities to deliver growth with products in all these markets . we believe our future growth will be determined by our ability to rapidly create innovative products across multiple digital platforms , including gaming , digital music devices , video and computing . the following discussion represents key trends specific to our market opportunities . trends specific to our five market opportunities music : the music market grew during fiscal year 2017 driven by growing consumption of music through mobile devices such as smartphones and tablets . this market growth , together with our investments in the ue brand , new channel expansion , acquisitions of new portfolios and our ability to gain market share during fiscal year 2017 , has driven our growth in this market . gaming : the pc gaming platform continues to show strong growth as online gaming , multi-platform experiences , and esports gain greater popularity and gaming content becomes increasingly more demanding . we believe logitech is well positioned to benefit from the gaming market growth . video collaboration : we are continuing our efforts to create and sell innovative products , including video collaboration products , to accommodate the increasing demand from medium-sized meeting rooms to small-sized rooms such as huddle rooms . we will continue to invest in select business-specific products , targeted product marketing and sales channel development . smart home : this market increased in fiscal year 2016 and has continued growing in fiscal year 2017. in october 2016 , we introduced a new amazon alexa skill that enables voice control of the living room entertainment experience using a logitech harmony hub with alexa-enabled devices such as the amazon echo or echo dot . through harmony , alexa can turn on/off and control a tv and av system . we have also seen early success with the professional installer channel through the recent introduction of the harmony pro . we will continue to explore other innovative experiences for the smart home . creativity & productivity : although the consumer demand for pc peripherals is slowing , the installed base of pc users is large . we believe that innovative pc peripherals , such as our mice and keyboards , can renew the pc usage experience , providing growth opportunities . smaller mobile computing devices , such as tablets , have created new markets and usage models for peripherals and accessories . we offer a number of products to enhance the use of mobile devices , including keyboard folios for the ipad and ipad mini , and keyboard covers and folios for the ipad air . however , we have seen the market decline for the ipad platform , which has impacted the sales of our tablet accessories . story_separator_special_tag the ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test . goodwill is allocated among and evaluated for impairment at the reporting unit level , which is defined as an operating segment or one level below an operating segment . we currently have only one reporting unit . annual impairment analysis we performed our annual impairment analysis of the goodwill as of december 31 , 2016 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of the peripheral reporting unit exceeded its carrying amount . refer to the note 12 to the consolidated financial statements included in this annual report on form 10-k for the disclosures . product warranty accrual we estimate the cost of product warranties at the time the related revenue is recognized based on historical and projected warranty claim rates , historical and projected costs , and knowledge of specific product failures that are outside of our typical experience . each fiscal quarter , we reevaluate estimates to assess the adequacy of recorded warranty liabilities considering the size of the installed base of products subject to warranty protection and adjust the amounts as necessary . if actual product failure rates or repair costs differ from estimates , revisions to the estimated warranty liabilities would be required and could materially affect our results of operations . business acquisitions accounting for business acquisitions requires us to make significant estimates and assumptions , especially at the acquisition date with respect to tangible and intangible assets acquired and liabilities assumed and pre-acquisition contingencies . we use our best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date . examples of critical estimates in valuing certain intangible assets and goodwill we have acquired include but are not limited to : royalty rate range and forecasted revenue growth rate assumptions ; assumptions regarding the estimated useful life of the acquired intangibles ; discount rates . unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions , estimates or actual results . the economic useful life of the developed technology from the business acquisitions was determined based on the technology cycle related to developed technology of existing products , as well as the cash flows over the forecasted periods . logitech international s.a. | fiscal 2017 form 10-k | 44 the economic useful life of the customer relationships from the business acquisitions was determined based on historical customer turnover rates and the industry benchmarks . the economic useful life of the trade names from the business acquisitions was determined based on the expected life of the trade names and the cash flows anticipated over the forecasted periods . the fair value of acquisition-related contingent consideration liability arising from the jaybird acquisition ( see `` note 3 - business acquisitions `` and `` note 10 - fair value measurements `` to the consolidated financial statements for more information ) is determined by using a monte carlo simulation that includes significant unobservable inputs such as a risk-adjusted discount rate and projected net sales of jaybird over the earn-out period , and it is remeasured at each reporting period based on the inputs on the date of remeasurement . projected net sales are based on our internal projections , including analysis of the target markets . the fair value of the contingent consideration decreased $ 8.1 million from the acquisition date . the change in fair value of contingent consideration results primarily from jaybird 's lower-than-expected net sales and revised projected net sales in the remaining earn-out period , primarily driven by supply constraints , an evolving product portfolio and changes in the competitive target market . although these estimates are based on management 's best knowledge of current events , the estimates could change significantly from period to period . any changes to the significant unobservable inputs used , including the change in the forecast of net sales for the earn-out periods , may result in a change in the fair value of contingent consideration , and could have a material impact on future results of operations . actual payment of contingent consideration in the future could be different from the current estimated fair value of the contingent consideration . adoption of new accounting pronouncements in september 2015 , the fasb issued asu no . 2015-16 , “ simplifying the accounting for measurement-period adjustments ( topic 805 ) ” ( “ asu 2015-16 ” ) , which eliminates the requirement to restate prior period financial statements for measurement period adjustments in business combinations . asu 2015-16 requires that the cumulative impact of a measurement period adjustment ( including the impact on prior periods ) be recognized in the reporting period in which the adjustment is identified . we adopted this standard during the fiscal year 2017 and the adoption did not impact our consolidated financial statements . in august 2016 , the fasb issued asu 2016-15 `` statement of cash flows ( topic 230 ) : classification of certain cash receipts and cash payments `` ( `` asu 2016-15 `` ) , which gives guidance and reduces diversity in practice with respect to certain types of cash flows . we have early adopted this guidance during the second quarter of fiscal year 2017 and the adoption did not impact our consolidated financial statements . refer to note 2 to the consolidated financial statements included in this annual report on form 10-k for recent accounting pronouncements to be adopted . constant currency we refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as `` constant dollar `` sales growth rates . percentage of constant dollar sales growth is calculated by translating prior period sales in each local currency at

liquidity and capital resources cash balances , available borrowings , and capital resources at march 31 , 2017 , we had cash and cash equivalents of $ 547.5 million , compared with $ 519.2 million at march 31 , 2016 . our cash and cash equivalents consist of bank demand deposits and short-term time deposits of which 52 % is held in switzerland , 28 % is held in germany and 9 % is held in hong kong and china . we do not expect to incur any material adverse tax impact except for what has been recognized or be significantly inhibited by any country in which we do business from the repatriation of funds to switzerland , our home domicile . at march 31 , 2017 , our working capital was $ 520.8 million , compared with working capital of $ 511.3 million at march 31 , 2016 . the increase in working capital over fiscal year 2017 was primarily due to higher balances of cash and cash equivalents , accounts receivables , net and inventories , partially offset by higher accounts payable and accrued and other current liabilities . we had several uncommitted , unsecured bank lines of credit aggregating to $ 43.5 million as of march 31 , 2017 . there are no financial covenants under these lines of credit with which we must comply . as of march 31 , 2017 , we had outstanding bank guarantees of $ 20.7 million under these lines of credit . logitech international s.a. | fiscal 2017 form 10-k | 53 the following table summarizes our consolidated statements of cash flows ( in thousands ) on a total company basis : replace_table_token_17_th the cash flows for fiscal years 2016 and 2015 included the cash flows from our discontinued operations , which were not material to the consolidated financial statements . the following table presents selected financial information and statistics for fiscal years 2017 , 2016 and 2015 ( dollars in thousands ) : replace_table_token_18_th ( 1 ) dso is determined using ending accounts receivable , net as of the most recent quarter-end and net sales for the most recent quarter .


 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 balances , available borrowings , and capital resources at march 31 , 2017 , we had cash and cash equivalents of $ 547.5 million , compared with $ 519.2 million at march 31 , 2016 . our cash and cash equivalents consist of bank demand deposits and short-term time deposits of which 52 % is held in switzerland , 28 % is held in germany and 9 % is held in hong kong and china . we do not expect to incur any material adverse tax impact except for what has been recognized or be significantly inhibited by any country in which we do business from the repatriation of funds to switzerland , our home domicile . at march 31 , 2017 , our working capital was $ 520.8 million , compared with working capital of $ 511.3 million at march 31 , 2016 . the increase in working capital over fiscal year 2017 was primarily due to higher balances of cash and cash equivalents , accounts receivables , net and inventories , partially offset by higher accounts payable and accrued and other current liabilities . we had several uncommitted , unsecured bank lines of credit aggregating to $ 43.5 million as of march 31 , 2017 . there are no financial covenants under these lines of credit with which we must comply . as of march 31 , 2017 , we had outstanding bank guarantees of $ 20.7 million under these lines of credit . logitech international s.a. | fiscal 2017 form 10-k | 53 the following table summarizes our consolidated statements of cash flows ( in thousands ) on a total company basis : replace_table_token_17_th the cash flows for fiscal years 2016 and 2015 included the cash flows from our discontinued operations , which were not material to the consolidated financial statements . the following table presents selected financial information and statistics for fiscal years 2017 , 2016 and 2015 ( dollars in thousands ) : replace_table_token_18_th ( 1 ) dso is determined using ending accounts receivable , net as of the most recent quarter-end and net sales for the most recent quarter .
```    
 Suspicious Activity Report : the historical results of operations and the financial position of lifesize are included in the consolidated financial statements of logitech and are reported as discontinued operations within this annual report on form 10-k. we exited our oem business during our fiscal quarter ended december 31 , 2015. the results of our oem business are included in our financial statements as part of continuing operations for the nine months ended december 31 , 2015 and prior periods . there is no revenue and cost associated with this business in future periods . summary of financial results our total net sales for fiscal year 2017 increased 10 % in comparison to fiscal year 2016 due to an increase in retail sales , partially offset by a decrease in oem sales as a result of exiting the oem business in the third quarter ended december 31 , 2015. the results of operations for jaybird and saitek have been included in our consolidated logitech international s.a. | fiscal 2017 form 10-k | 39 statements of operations from the acquisition date . for fiscal year 2017 , jaybird and saitek contributed a total of $ 65.7 million of net sales . retail sales during fiscal year 2017 increased 14 % compared to fiscal year 2016 . retail sales increased 12 % , 19 % and 11 % in the americas ( `` amr `` ) , emea and asia pacific , respectively . our gross margin for fiscal year 2017 increased to 36.9 % , compared to 33.7 % for fiscal year 2016 . the increase in gross margin was primarily driven by product cost reductions and our exit from the oem business in fiscal year 2016 , a benefit of $ 14.4 million primarily due to a change in estimated breakage attributable to customer incentive , cooperative marketing and pricing program accruals in emea , as well as greater supply chain efficiencies , partially offset by an increase of promotions , unfavorable currency exchange rates and amortization of intangible assets and purchase accounting effect on inventory from business acquisitions . operating expenses for fiscal year 2017 were $ 608.2 million , or 27.4 % of net sales , compared to $ 552.0 million , or 27.4 % for fiscal year 2016 . the increase in operating expenses was primarily driven by higher personnel-related costs due to increased headcount , businesses acquired during fiscal year 2017 , a higher variable compensation linked to strong performance , and amortization of intangibles from the business acquisitions , partially offset by a gain from change in fair value of contingent consideration from the jaybird acquisition and a decrease in restructuring charges as we substantially completed our restructuring plan in the fourth quarter of fiscal year 2016. net income from continuing operations for fiscal year 2017 was $ 205.9 million , compared to $ 128.4 million for fiscal year 2016 . trends in our business our strategy focuses on five large multi-category market opportunities including music , gaming , video collaboration , smart home and creativity & productivity . we see opportunities to deliver growth with products in all these markets . we believe our future growth will be determined by our ability to rapidly create innovative products across multiple digital platforms , including gaming , digital music devices , video and computing . the following discussion represents key trends specific to our market opportunities . trends specific to our five market opportunities music : the music market grew during fiscal year 2017 driven by growing consumption of music through mobile devices such as smartphones and tablets . this market growth , together with our investments in the ue brand , new channel expansion , acquisitions of new portfolios and our ability to gain market share during fiscal year 2017 , has driven our growth in this market . gaming : the pc gaming platform continues to show strong growth as online gaming , multi-platform experiences , and esports gain greater popularity and gaming content becomes increasingly more demanding . we believe logitech is well positioned to benefit from the gaming market growth . video collaboration : we are continuing our efforts to create and sell innovative products , including video collaboration products , to accommodate the increasing demand from medium-sized meeting rooms to small-sized rooms such as huddle rooms . we will continue to invest in select business-specific products , targeted product marketing and sales channel development . smart home : this market increased in fiscal year 2016 and has continued growing in fiscal year 2017. in october 2016 , we introduced a new amazon alexa skill that enables voice control of the living room entertainment experience using a logitech harmony hub with alexa-enabled devices such as the amazon echo or echo dot . through harmony , alexa can turn on/off and control a tv and av system . we have also seen early success with the professional installer channel through the recent introduction of the harmony pro . we will continue to explore other innovative experiences for the smart home . creativity & productivity : although the consumer demand for pc peripherals is slowing , the installed base of pc users is large . we believe that innovative pc peripherals , such as our mice and keyboards , can renew the pc usage experience , providing growth opportunities . smaller mobile computing devices , such as tablets , have created new markets and usage models for peripherals and accessories . we offer a number of products to enhance the use of mobile devices , including keyboard folios for the ipad and ipad mini , and keyboard covers and folios for the ipad air . however , we have seen the market decline for the ipad platform , which has impacted the sales of our tablet accessories . story_separator_special_tag the ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test . goodwill is allocated among and evaluated for impairment at the reporting unit level , which is defined as an operating segment or one level below an operating segment . we currently have only one reporting unit . annual impairment analysis we performed our annual impairment analysis of the goodwill as of december 31 , 2016 by performing a qualitative assessment and concluded that it was more likely than not that the fair value of the peripheral reporting unit exceeded its carrying amount . refer to the note 12 to the consolidated financial statements included in this annual report on form 10-k for the disclosures . product warranty accrual we estimate the cost of product warranties at the time the related revenue is recognized based on historical and projected warranty claim rates , historical and projected costs , and knowledge of specific product failures that are outside of our typical experience . each fiscal quarter , we reevaluate estimates to assess the adequacy of recorded warranty liabilities considering the size of the installed base of products subject to warranty protection and adjust the amounts as necessary . if actual product failure rates or repair costs differ from estimates , revisions to the estimated warranty liabilities would be required and could materially affect our results of operations . business acquisitions accounting for business acquisitions requires us to make significant estimates and assumptions , especially at the acquisition date with respect to tangible and intangible assets acquired and liabilities assumed and pre-acquisition contingencies . we use our best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date . examples of critical estimates in valuing certain intangible assets and goodwill we have acquired include but are not limited to : royalty rate range and forecasted revenue growth rate assumptions ; assumptions regarding the estimated useful life of the acquired intangibles ; discount rates . unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions , estimates or actual results . the economic useful life of the developed technology from the business acquisitions was determined based on the technology cycle related to developed technology of existing products , as well as the cash flows over the forecasted periods . logitech international s.a. | fiscal 2017 form 10-k | 44 the economic useful life of the customer relationships from the business acquisitions was determined based on historical customer turnover rates and the industry benchmarks . the economic useful life of the trade names from the business acquisitions was determined based on the expected life of the trade names and the cash flows anticipated over the forecasted periods . the fair value of acquisition-related contingent consideration liability arising from the jaybird acquisition ( see `` note 3 - business acquisitions `` and `` note 10 - fair value measurements `` to the consolidated financial statements for more information ) is determined by using a monte carlo simulation that includes significant unobservable inputs such as a risk-adjusted discount rate and projected net sales of jaybird over the earn-out period , and it is remeasured at each reporting period based on the inputs on the date of remeasurement . projected net sales are based on our internal projections , including analysis of the target markets . the fair value of the contingent consideration decreased $ 8.1 million from the acquisition date . the change in fair value of contingent consideration results primarily from jaybird 's lower-than-expected net sales and revised projected net sales in the remaining earn-out period , primarily driven by supply constraints , an evolving product portfolio and changes in the competitive target market . although these estimates are based on management 's best knowledge of current events , the estimates could change significantly from period to period . any changes to the significant unobservable inputs used , including the change in the forecast of net sales for the earn-out periods , may result in a change in the fair value of contingent consideration , and could have a material impact on future results of operations . actual payment of contingent consideration in the future could be different from the current estimated fair value of the contingent consideration . adoption of new accounting pronouncements in september 2015 , the fasb issued asu no . 2015-16 , “ simplifying the accounting for measurement-period adjustments ( topic 805 ) ” ( “ asu 2015-16 ” ) , which eliminates the requirement to restate prior period financial statements for measurement period adjustments in business combinations . asu 2015-16 requires that the cumulative impact of a measurement period adjustment ( including the impact on prior periods ) be recognized in the reporting period in which the adjustment is identified . we adopted this standard during the fiscal year 2017 and the adoption did not impact our consolidated financial statements . in august 2016 , the fasb issued asu 2016-15 `` statement of cash flows ( topic 230 ) : classification of certain cash receipts and cash payments `` ( `` asu 2016-15 `` ) , which gives guidance and reduces diversity in practice with respect to certain types of cash flows . we have early adopted this guidance during the second quarter of fiscal year 2017 and the adoption did not impact our consolidated financial statements . refer to note 2 to the consolidated financial statements included in this annual report on form 10-k for recent accounting pronouncements to be adopted . constant currency we refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as `` constant dollar `` sales growth rates . percentage of constant dollar sales growth is calculated by translating prior period sales in each local currency at

