global consumer solutions revenue is both transaction and subscription based and is derived from the sale of credit monitoring and identity theft protection products , which we deliver electronically to consumers primarily via the internet in the u.s. , canada , and the u.k. we reach consumers directly and indirectly through partners . we also sell consumer and credit information to resellers who combine our information with other information to provide direct to consumer monitoring , reports and scores . geographic information . we currently have significant operations in the following countries : argentina , australia , canada , chile , costa rica , ecuador , el salvador , honduras , india , mexico , new zealand , paraguay , peru , portugal , the republic of ireland , spain , the u.k. , uruguay and the u.s. we also offer equifax branded credit services in india and russia through joint ventures , we have investments in consumer and or commercial credit information companies through joint 29 ventures in cambodia , malaysia and singapore , and have an investment in a consumer and commercial credit information company in brazil . of the countries we operate in , 73 % of our revenue was generated in the u.s. during the twelve months ended december 31 , 2016 . key performance indicators . management focuses on a variety of key indicators to monitor operating and financial performance . these performance indicators include measurements of operating revenue , change in operating revenue , operating income , operating margin , net income , diluted earnings per share , cash provided by operating activities and capital expenditures . key performance indicators for the twelve months ended december 31 , 2016 , 2015 and 2014 , include the following : replace_table_token_5_th * amounts above also include capital expenditures in accounts payable . business environment and company outlook demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity , both enhanced by our own initiatives to expand our products and markets served , and to small commercial credit and marketing activity . in 2017 , in the united states , we expect modest but improving growth in overall economic activity and consumer credit . mortgage market originations are expected to be down in the double digit range for the year . the economic environments impacting five of our six largest international operations , in the u.k. , australia , canada , argentina , and chile , are expected to strengthen in 2017 relative to 2016. in spain , economic growth is expected to remain good in 2017 , although somewhat slower than in 2016. in addition , at their current levels , weaker foreign exchange rates compared to the prior year , will negatively impact both growth in revenue and profit when reported in u.s. dollars . over the long term , we expect that our ongoing investments in new product innovation , business execution , enterprise growth initiatives , technology infrastructure , and continuous process improvement will enable us to deliver long-term multi-year average organic revenue growth ranging between 6 % and 8 % with additional growth of 1 % to 2 % derived from strategic acquisitions consistent with our long-term business strategy . we also expect to grow earnings per share at a somewhat faster rate than revenue over time as a result of both operating and financial leverage . 30 results of operations — twelve months ended december 31 , 2016 , 2015 and 2014 consolidated financial results operating revenue replace_table_token_6_th revenue for 2016 increased by 18 % compared to 2015. the growth was driven by broad-based organic growth due to revenue increases in mortgage , government , healthcare , and direct to consumer reseller verticals as well as the veda acquisition . the effect of foreign exchange rates reduced revenue by $ 75.2 million or 3 % in 2016 compared to 2015. revenue for 2015 increased by 9 % compared to 2014. this broad-based growth was organic , and was driven by revenue increases in mortgage , direct to consumer reseller , healthcare , government , and auto verticals . the effect of foreign exchange rates reduced revenue by $ 75.7 million or 3 % in 2015 compared to 2014. operating expenses replace_table_token_7_th cost of services . cost of services increased $ 226.0 million in 2016 compared to the prior year . the increase in cost of services , when compared to 2015 , was due to the increase in production costs driven by higher revenues including the veda acquisition , as well as increases in people costs , and to a lesser extent an increase in technology costs . the effect of changes in foreign exchange rates reduced cost of services by $ 21.4 million . cost of services increased $ 42.7 million in 2015 compared to the prior year . the increase in cost of services , when compared to 2014 , was due to the increase in production costs driven by higher revenues , as well as increases in people costs , and to a lesser extent an increase in professional services . the effect of changes in foreign exchange rates reduced cost of services by $ 25.3 million . selling , general and administrative expenses . selling , general and administrative expenses increased $ 63.9 million in 2016 as compared to 2015. the increase was due to veda selling , general and administrative expense and integration and transaction costs and increases in people costs across the business . the increase was offset by a decline in costs related to the 31 realignment of internal resources . the impact of changes in foreign currency exchange rates decreased our selling , general and administrative expenses by $ 23.7 million . story_separator_special_tag liabilities related to current payables , incentives and unearned income . fund transfer limitations . the ability of certain of our subsidiaries and associated companies to transfer funds to us may be limited , in some cases , by certain restrictions imposed by foreign governments . these restrictions do not , individually or in the aggregate , materially limit our ability to service our indebtedness , meet our current obligations or pay dividends . we currently hold $ 117.4 million of cash in our foreign subsidiaries . investing activities replace_table_token_18_th * amounts above exclude capital expenditures in accounts payable . our capital expenditures are used for developing , enhancing and deploying new and existing software in support of our expanding product set , replacing or adding equipment , updating systems for regulatory compliance , licensing of standard software applications , investing in system reliability , security and disaster recovery enhancements , and updating or expanding our office facilities . capital expenditures in 2016 and 2015 increased from 2015 and 2014 , respectively , as we are continuing to invest in new products and technology infrastructure . acquisitions , divestitures and investments replace_table_token_19_th 2016 acquisitions and investments . during the first quarter of 2016 , the company completed the acquisition of 100 % of the ordinary voting shares of veda for cash consideration of approximately $ 1.7 billion . during the first quarter of 2016 , we settled all of the foreign currency options related to the veda acquisition on the respective settlement dates for a net cash 38 payment of $ 10.8 million . during the third quarter of 2016 , the company completed the acquisition of barnett and computersoft . refer to note 3 for more information on these acquisitions . 2015 acquisitions and investments . during the first quarter of 2015 , we acquired a 75 % equity interest investment in a debt collections and recovery management venture in the u.k. , as more fully described in note 1. during the third quarter of 2015 , we received $ 2.9 million proceeds from the escrow related to a past disposition . we did not make significant investments in unconsolidated affiliates during 2015 . 2014 acquisitions and investments . during the first quarter of 2014 , we acquired tdx , included as part of our international operating segment , and forseva , included as part of our usis operating segment . we invested $ 2.5 million in our joint venture in india during 2014. during the first quarter of 2013 , we divested two non-strategic business lines , equifax settlement services which was part of our mortgage business within the usis operating segment and talent management services which was part of our employer services business within our workforce solutions operating segment , for a total of $ 47.5 million . $ 3.5 million of the proceeds of the sale of talent management services was placed into an escrow account to be released to us at a later date . during 2014 , we received $ 0.6 million of the proceeds from the escrow . for additional information about our acquisitions , see note 3 of the notes to consolidated financial statements in this report . financing activities replace_table_token_20_th credit facility availability . our principal unsecured revolving credit facility with a group of banks , which we refer to as the revolver , permits us to borrow up to $ 900.0 million through november 2020. the revolver may be used for general corporate purposes . availability of the revolver for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and , pursuant to our existing board of directors authorization , by the outstanding principal amount of our commercial paper ( cp ) notes . our $ 900.0 million cp program has been established to allow for borrowing through the private placement of cp with maturities ranging from overnight to 397 days . we may use the proceeds of cp for general corporate purposes . the cp program is supported by our revolver and , pursuant to our existing board of directors authorization , the total amount of cp which may be issued is reduced by the amount of any outstanding borrowings under our revolver . at december 31 , 2016 , the company had $ 310.3 million of cp and $ 0.5 million of letters of credit outstanding , and there were no borrowings outstanding under the revolver . at december 31 , 2016 , a total of $ 589.2 million was available under the revolver . at december 31 , 2016 , approximately 72 % of our debt was fixed rate and 28 % was effectively variable rate . our variable-rate debt consists of our issued commercial paper , which bears short-term interest rates based on the cp market for investment grade issuers . the interest rates reset periodically , depending on the terms of the respective financing arrangements . at december 31 , 2016 , interest rates on our variable-rate debt ranged from 1.0 % to 1.9 % . borrowing and repayment activity . net short-term borrowings ( repayments ) primarily represent borrowings or repayments of outstanding amounts under our cp program . we primarily borrow under our cp program , as needed and availability allows . 39 the increase in net short-term borrowings ( repayments ) primarily relates to the net activity of cp notes in 2016 , as well as the draw down on the 364-day revolver during the first quarter of 2016 and the pay off of the veda assumed debt in the first quarter and the 364-day revolver during the second quarter of 2016. the decrease in net short-term borrowings ( repayments ) in 2015 primarily relates to the net activity of cp notes in 2015 , and reflects the increase in cash flow from operations as well as no material acquisitions entered into during the year . on may 12 , 2016 , we issued

debt covenants . the outstanding indentures and comparable instruments contain customary covenants including , for example , limits on secured debt and sale/leaseback transactions . in addition , the senior credit facilities require us to maintain a maximum leverage ratio of not more than 3.5 to 1.0. as permitted under the terms of the senior credit facilities , we made the election to increase the covenant to 4.0 to 1.0 , effective for four consecutive quarters , beginning with the first quarter of 2016 and continuing through the fourth quarter of 2016. none of these covenants are considered restrictive to our operations and , as of december 31 , 2016 , the company was in compliance with all of our debt covenants . the company does not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt ; however , the 6.3 % senior notes due 2017 , 2.3 % senior notes due 2021 , 3.3 % senior notes due 2022 , 3.25 % senior notes due 2026 and 7.0 % senior notes due 2037 ( together , the “ senior notes ” ) contain change in control provisions . if the company experiences a change of control or publicly announces the company 's intention to effect a change of control and the rating on the senior notes is lowered by standard & poor 's , or s & p , and moody 's investors service , or moody 's , below an investment grade rating within 60 days of such change of control or notice thereof , then the company will be required to offer to repurchase the senior


 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 covenants . the outstanding indentures and comparable instruments contain customary covenants including , for example , limits on secured debt and sale/leaseback transactions . in addition , the senior credit facilities require us to maintain a maximum leverage ratio of not more than 3.5 to 1.0. as permitted under the terms of the senior credit facilities , we made the election to increase the covenant to 4.0 to 1.0 , effective for four consecutive quarters , beginning with the first quarter of 2016 and continuing through the fourth quarter of 2016. none of these covenants are considered restrictive to our operations and , as of december 31 , 2016 , the company was in compliance with all of our debt covenants . the company does not have any credit rating triggers that would accelerate the maturity of a material amount of the outstanding debt ; however , the 6.3 % senior notes due 2017 , 2.3 % senior notes due 2021 , 3.3 % senior notes due 2022 , 3.25 % senior notes due 2026 and 7.0 % senior notes due 2037 ( together , the “ senior notes ” ) contain change in control provisions . if the company experiences a change of control or publicly announces the company 's intention to effect a change of control and the rating on the senior notes is lowered by standard & poor 's , or s & p , and moody 's investors service , or moody 's , below an investment grade rating within 60 days of such change of control or notice thereof , then the company will be required to offer to repurchase the senior
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 Suspicious Activity Report : global consumer solutions revenue is both transaction and subscription based and is derived from the sale of credit monitoring and identity theft protection products , which we deliver electronically to consumers primarily via the internet in the u.s. , canada , and the u.k. we reach consumers directly and indirectly through partners . we also sell consumer and credit information to resellers who combine our information with other information to provide direct to consumer monitoring , reports and scores . geographic information . we currently have significant operations in the following countries : argentina , australia , canada , chile , costa rica , ecuador , el salvador , honduras , india , mexico , new zealand , paraguay , peru , portugal , the republic of ireland , spain , the u.k. , uruguay and the u.s. we also offer equifax branded credit services in india and russia through joint ventures , we have investments in consumer and or commercial credit information companies through joint 29 ventures in cambodia , malaysia and singapore , and have an investment in a consumer and commercial credit information company in brazil . of the countries we operate in , 73 % of our revenue was generated in the u.s. during the twelve months ended december 31 , 2016 . key performance indicators . management focuses on a variety of key indicators to monitor operating and financial performance . these performance indicators include measurements of operating revenue , change in operating revenue , operating income , operating margin , net income , diluted earnings per share , cash provided by operating activities and capital expenditures . key performance indicators for the twelve months ended december 31 , 2016 , 2015 and 2014 , include the following : replace_table_token_5_th * amounts above also include capital expenditures in accounts payable . business environment and company outlook demand for our services tends to be correlated to general levels of economic activity and to consumer credit activity , both enhanced by our own initiatives to expand our products and markets served , and to small commercial credit and marketing activity . in 2017 , in the united states , we expect modest but improving growth in overall economic activity and consumer credit . mortgage market originations are expected to be down in the double digit range for the year . the economic environments impacting five of our six largest international operations , in the u.k. , australia , canada , argentina , and chile , are expected to strengthen in 2017 relative to 2016. in spain , economic growth is expected to remain good in 2017 , although somewhat slower than in 2016. in addition , at their current levels , weaker foreign exchange rates compared to the prior year , will negatively impact both growth in revenue and profit when reported in u.s. dollars . over the long term , we expect that our ongoing investments in new product innovation , business execution , enterprise growth initiatives , technology infrastructure , and continuous process improvement will enable us to deliver long-term multi-year average organic revenue growth ranging between 6 % and 8 % with additional growth of 1 % to 2 % derived from strategic acquisitions consistent with our long-term business strategy . we also expect to grow earnings per share at a somewhat faster rate than revenue over time as a result of both operating and financial leverage . 30 results of operations — twelve months ended december 31 , 2016 , 2015 and 2014 consolidated financial results operating revenue replace_table_token_6_th revenue for 2016 increased by 18 % compared to 2015. the growth was driven by broad-based organic growth due to revenue increases in mortgage , government , healthcare , and direct to consumer reseller verticals as well as the veda acquisition . the effect of foreign exchange rates reduced revenue by $ 75.2 million or 3 % in 2016 compared to 2015. revenue for 2015 increased by 9 % compared to 2014. this broad-based growth was organic , and was driven by revenue increases in mortgage , direct to consumer reseller , healthcare , government , and auto verticals . the effect of foreign exchange rates reduced revenue by $ 75.7 million or 3 % in 2015 compared to 2014. operating expenses replace_table_token_7_th cost of services . cost of services increased $ 226.0 million in 2016 compared to the prior year . the increase in cost of services , when compared to 2015 , was due to the increase in production costs driven by higher revenues including the veda acquisition , as well as increases in people costs , and to a lesser extent an increase in technology costs . the effect of changes in foreign exchange rates reduced cost of services by $ 21.4 million . cost of services increased $ 42.7 million in 2015 compared to the prior year . the increase in cost of services , when compared to 2014 , was due to the increase in production costs driven by higher revenues , as well as increases in people costs , and to a lesser extent an increase in professional services . the effect of changes in foreign exchange rates reduced cost of services by $ 25.3 million . selling , general and administrative expenses . selling , general and administrative expenses increased $ 63.9 million in 2016 as compared to 2015. the increase was due to veda selling , general and administrative expense and integration and transaction costs and increases in people costs across the business . the increase was offset by a decline in costs related to the 31 realignment of internal resources . the impact of changes in foreign currency exchange rates decreased our selling , general and administrative expenses by $ 23.7 million . story_separator_special_tag liabilities related to current payables , incentives and unearned income . fund transfer limitations . the ability of certain of our subsidiaries and associated companies to transfer funds to us may be limited , in some cases , by certain restrictions imposed by foreign governments . these restrictions do not , individually or in the aggregate , materially limit our ability to service our indebtedness , meet our current obligations or pay dividends . we currently hold $ 117.4 million of cash in our foreign subsidiaries . investing activities replace_table_token_18_th * amounts above exclude capital expenditures in accounts payable . our capital expenditures are used for developing , enhancing and deploying new and existing software in support of our expanding product set , replacing or adding equipment , updating systems for regulatory compliance , licensing of standard software applications , investing in system reliability , security and disaster recovery enhancements , and updating or expanding our office facilities . capital expenditures in 2016 and 2015 increased from 2015 and 2014 , respectively , as we are continuing to invest in new products and technology infrastructure . acquisitions , divestitures and investments replace_table_token_19_th 2016 acquisitions and investments . during the first quarter of 2016 , the company completed the acquisition of 100 % of the ordinary voting shares of veda for cash consideration of approximately $ 1.7 billion . during the first quarter of 2016 , we settled all of the foreign currency options related to the veda acquisition on the respective settlement dates for a net cash 38 payment of $ 10.8 million . during the third quarter of 2016 , the company completed the acquisition of barnett and computersoft . refer to note 3 for more information on these acquisitions . 2015 acquisitions and investments . during the first quarter of 2015 , we acquired a 75 % equity interest investment in a debt collections and recovery management venture in the u.k. , as more fully described in note 1. during the third quarter of 2015 , we received $ 2.9 million proceeds from the escrow related to a past disposition . we did not make significant investments in unconsolidated affiliates during 2015 . 2014 acquisitions and investments . during the first quarter of 2014 , we acquired tdx , included as part of our international operating segment , and forseva , included as part of our usis operating segment . we invested $ 2.5 million in our joint venture in india during 2014. during the first quarter of 2013 , we divested two non-strategic business lines , equifax settlement services which was part of our mortgage business within the usis operating segment and talent management services which was part of our employer services business within our workforce solutions operating segment , for a total of $ 47.5 million . $ 3.5 million of the proceeds of the sale of talent management services was placed into an escrow account to be released to us at a later date . during 2014 , we received $ 0.6 million of the proceeds from the escrow . for additional information about our acquisitions , see note 3 of the notes to consolidated financial statements in this report . financing activities replace_table_token_20_th credit facility availability . our principal unsecured revolving credit facility with a group of banks , which we refer to as the revolver , permits us to borrow up to $ 900.0 million through november 2020. the revolver may be used for general corporate purposes . availability of the revolver for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and , pursuant to our existing board of directors authorization , by the outstanding principal amount of our commercial paper ( cp ) notes . our $ 900.0 million cp program has been established to allow for borrowing through the private placement of cp with maturities ranging from overnight to 397 days . we may use the proceeds of cp for general corporate purposes . the cp program is supported by our revolver and , pursuant to our existing board of directors authorization , the total amount of cp which may be issued is reduced by the amount of any outstanding borrowings under our revolver . at december 31 , 2016 , the company had $ 310.3 million of cp and $ 0.5 million of letters of credit outstanding , and there were no borrowings outstanding under the revolver . at december 31 , 2016 , a total of $ 589.2 million was available under the revolver . at december 31 , 2016 , approximately 72 % of our debt was fixed rate and 28 % was effectively variable rate . our variable-rate debt consists of our issued commercial paper , which bears short-term interest rates based on the cp market for investment grade issuers . the interest rates reset periodically , depending on the terms of the respective financing arrangements . at december 31 , 2016 , interest rates on our variable-rate debt ranged from 1.0 % to 1.9 % . borrowing and repayment activity . net short-term borrowings ( repayments ) primarily represent borrowings or repayments of outstanding amounts under our cp program . we primarily borrow under our cp program , as needed and availability allows . 39 the increase in net short-term borrowings ( repayments ) primarily relates to the net activity of cp notes in 2016 , as well as the draw down on the 364-day revolver during the first quarter of 2016 and the pay off of the veda assumed debt in the first quarter and the 364-day revolver during the second quarter of 2016. the decrease in net short-term borrowings ( repayments ) in 2015 primarily relates to the net activity of cp notes in 2015 , and reflects the increase in cash flow from operations as well as no material acquisitions entered into during the year . on may 12 , 2016 , we issued

