19 based on this rigorous evaluation , itw determined that solid and consistent above-market organic growth must be the core growth engine to deliver world-class financial performance and compelling long-term returns for its shareholders . to shift its primary growth engine to organic , the company began executing a multi-step approach . the first step was to narrow the focus and improve the quality of itw 's business portfolio . as part of the portfolio management initiative , itw exited businesses that were operating in commoditized market spaces and prioritized sustainable differentiation as a must-have requirement for all itw businesses . this process included both divesting entire businesses and exiting commoditized product lines and customers inside otherwise highly differentiated itw divisions . as a result of this work , itw 's business portfolio now has significantly higher organic growth potential . itw segments and divisions now possess attractive and differentiated product lines and end markets as they continue to improve operating margins and generate price/cost increases . the company achieved this through product line simplification , or eliminating the complexity and overhead costs associated with smaller product lines and customers , while supporting and growing the businesses ' largest / most profitable customers and product lines . step two , business structure simplification , was implemented to simplify and scale-up itw 's operating structure to support increased engineering , marketing , and sales resources , and , at the same time , improve global reach and competitiveness , all of which were critical to driving accelerated organic growth . itw now has 87 scaled-up divisions with significantly enhanced focus on growth investments , core customers and products , and customer-back innovation . the strategic sourcing initiative established sourcing as a core strategic and operational capability at itw . the company 's 80/20-enabled sourcing organization has delivered an average of one percent reduction in spend each year from 2013 through 2018 and is on track to do the same in 2019. with the initial portfolio realignment and scale-up work largely complete , the company has shifted its focus to preparing for and accelerating organic growth , reapplying the 80/20 front-to-back process to optimize its newly scaled-up divisions for growth , first , to build a foundation of operational excellence , and second , to identify the best opportunities to drive organic growth . itw has clearly demonstrated superior 80/20 management , resulting in meaningful incremental improvement in margins and returns as evidenced by the company 's operating margin and after-tax return on invested capital . at the same time , these 80/20 initiatives can also result in restructuring initiatives that reduce costs and improve profitability and returns . path to full potential - finishing the job since the launch of the enterprise strategy , the company has made considerable progress to position itself to reach full potential . the itw business model and unique set of capabilities are a source of strong and enduring competitive advantage , but for the company to truly reach its full potential over the next five years , every one of its divisions must also be operating at its full potential . to do so , the company remains focused on three key areas to finish the job of positioning itw to perform to its full potential : portfolio discipline 80/20 front-to-back practice excellence full-potential organic growth portfolio discipline the company only operates in industries where it can generate significant , long-term competitive advantage from the itw business model . itw businesses have the right “ raw material ” in terms of market and business attributes that best fit the itw business model and have significant potential to drive above-market organic growth over the long-term . the company focuses on high-quality businesses , ensuring it operates in markets with positive long-term macro fundamentals and with customers that have critical needs and value itw 's differentiated products , services and solutions . itw 's portfolio operates in diverse end markets and geographies which makes the company more resilient in the face of uncertain or volatile market environments . 20 80/20 front-to-back practice excellence the 80/20 front-to-back process is a rigorous , iterative and highly data-driven approach to identify where the company has true differentiation and the ability to drive sustainable , high-quality organic growth . the company simplifies and eliminates complexity and redesigns every aspect of its business to ensure focused execution on key opportunities , markets , customers , and products . itw will continue its efforts to drive 80/20 front-to-back practice excellence in every division in the company , every day . full-potential organic growth reaching full potential means that every division is positioned for sustainable , high-quality organic growth . the company has clearly defined action plans aimed at leveraging the performance power of the itw business model to achieve full-potential organic growth in every division . at the same time , the company consistently reviews its portfolio , assesses businesses that are growth-challenged and evaluates if further portfolio refinements may be needed . the company is currently exploring options , including potential divestitures , for certain businesses with revenues totaling up to $ 1 billion . if a decision is made to divest any of these businesses , the company expects that earnings per share dilution would be offset by incremental share repurchases . terms used by itw management uses the following terms to describe the financial results of operations of the company : organic business - acquired businesses that have been included in the company 's results of operations for more than 12 months on a constant currency basis . operating leverage - the estimated effect of the organic revenue volume changes on organic operating income , assuming variable margins remain the same as the prior period . price/cost - represents the estimated net impact of increases or decreases in the cost of materials used in the company 's products versus changes in the selling price to the company 's customers . story_separator_special_tag this segment primarily serves the electronics , general industrial , industrial capital goods , automotive original equipment manufacturers and tiers , and consumer durables markets . products in this segment include : equipment , consumables , and related software for testing and measuring of materials , structures , gases and fluids ; electronic assembly equipment and related consumable solder materials ; electronic components and component packaging ; static control equipment and consumables used for contamination control in clean room environments ; and pressure sensitive adhesives and components for electronics , medical , transportation and telecommunications applications . the results of operations for the test & measurement and electronics segment for 2018 , 2017 and 2016 were as follows : 2018 compared to 2017 replace_table_token_13_th operating revenue increased due to higher organic revenue and the favorable effect of foreign currency translation . organic revenue increased 3.5 % in 2018 . ◦ organic revenue for the test and measurement businesses increased 5.5 % with growth in all major regions primarily due to higher semi-conductor end market demand . instron , where demand is more closely tied to the capital spending environment , had organic revenue growth of 7.1 % . ◦ electronics organic revenue grew 1.2 % . the electronics assembly businesses declined 4.3 % due to lower demand across north america and europe . the other electronics businesses , which include the contamination control , static control and pressure sensitive adhesives businesses , grew 5.0 % primarily due to higher semi-conductor end market demand in north america . operating margin was 24.1 % in 2018. the increase of 170 basis points was primarily driven by positive operating leverage of 90 basis points and benefits from the company 's enterprise initiatives . 2017 compared to 2016 replace_table_token_14_th operating revenue increased due to organic revenue growth . organic revenue increased 4.8 % . 27 ◦ organic revenue for the test and measurement businesses increased 7.2 % primarily due to higher semi-conductor end market demand in north america and asia . instron , where demand is more closely tied to the capital spending environment , had organic revenue growth of 5.1 % . ◦ electronics organic revenue , which had a challenging comparable in the prior year period of 4.9 % growth , increased 2.2 % . the electronics assembly businesses declined 1.1 % primarily due to a decrease in north america . the other electronics businesses , which include the contamination control , static control and pressure sensitive adhesives businesses , grew 4.7 % primarily due to higher semi-conductor end market demand in north america . operating margin of 22.4 % increased 350 basis points primarily driven by the net benefits resulting from the company 's enterprise initiatives and cost management of 130 basis points , positive operating leverage of 130 basis points and favorable price/cost of 30 basis points . welding this segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology . businesses in this segment produce arc welding equipment , consumables and accessories for a wide array of industrial and commercial applications . this segment primarily serves the general industrial market , which includes fabrication , shipbuilding and other general industrial markets , and energy , construction , mro , automotive original equipment manufacturers and tiers , and industrial capital goods markets . products in this segment include : arc welding equipment ; metal arc welding consumables and related accessories ; and metal jacketing and other insulation products . the results of operations for the welding segment for 2018 , 2017 and 2016 were as follows : 2018 compared to 2017 replace_table_token_15_th operating revenue increased primarily due to higher organic revenue . organic revenue grew 9.7 % driven by growth in equipment of 11.0 % and consumables of 7.9 % . organic revenue grew primarily due to increased demand in the industrial end markets related to heavy equipment for agriculture , infrastructure and mining , in the commercial end markets related to construction , light fabrication and farm and ranch customers , and in the oil and gas end markets . ◦ north american organic revenue increased 10.6 % primarily due to 14.7 % and 5.8 % growth in the industrial and commercial end markets , respectively . ◦ international organic revenue increased 5.7 % primarily due to higher demand in the oil and gas end markets . operating margin was 28.0 % in 2018. the increase of 100 basis points was primarily due to positive operating leverage of 150 basis points and benefits from the company 's enterprise initiatives , partially offset by higher freight and employee-related expenses . 28 2017 compared to 2016 replace_table_token_16_th operating revenue increased due to higher organic revenue and the favorable effect of foreign currency translation . organic revenue grew 3.2 % as equipment grew 6.5 % , partially offset by a decrease of 1.0 % in consumables . organic revenue grew primarily due to increased demand in the industrial end markets related to heavy equipment for agriculture , infrastructure and mining and in the commercial end markets related to construction , light fabrication and farm and ranch customers . ◦ north american organic revenue grew 6.2 % primarily driven by 7.2 % growth in the industrial end markets and 4.8 % growth in the commercial end markets . ◦ international organic revenue decreased 8.0 % primarily due to weaker end market demand in the european and asian oil and gas end markets . operating margin of 27.0 % increased 210 basis points primarily due to the net benefits of the company 's enterprise initiatives and cost management of 150 basis points , positive operating leverage of 70 basis points and lower restructuring expenses of 30 basis points , partially offset by unfavorable price/cost of 60 basis points . in addition , the prior year period was negatively impacted by an intangible asset impairment charge of 20 basis points . polymers & fluids this segment is a branded supplier

liquidity and capital resources the company 's primary sources of liquidity are free cash flow and short-term credit facilities . in addition , the company had $ 1.5 billion of cash and equivalents on hand at december 31 , 2018 and also maintains strong access to public debt markets . management believes that these sources are sufficient to service debt and to finance the company 's capital allocation priorities , which include : internal investments to support organic growth and sustain core businesses ; payment of an attractive dividend to shareholders ; and external investments in selective strategic acquisitions that support the company 's organic growth focus and an active share repurchase program . the company believes that , based on its operating revenue , operating margin , free cash flow , and credit ratings , it could readily obtain additional financing if necessary . 34 cash flow the company uses free cash flow to measure cash flow generated by operations that is available for dividends , share repurchases , acquisitions and debt repayment . the company believes this non-gaap financial measure is useful to investors in evaluating the company 's financial performance and measures the company 's ability to generate cash internally to fund company initiatives . free cash flow represents net cash provided by operating activities less additions to plant and equipment . free cash flow is a measurement that is not the same as net cash flow from operating activities per the statement of cash flows and may not be consistent with similarly titled measures used by other companies .


 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 the company 's primary sources of liquidity are free cash flow and short-term credit facilities . in addition , the company had $ 1.5 billion of cash and equivalents on hand at december 31 , 2018 and also maintains strong access to public debt markets . management believes that these sources are sufficient to service debt and to finance the company 's capital allocation priorities , which include : internal investments to support organic growth and sustain core businesses ; payment of an attractive dividend to shareholders ; and external investments in selective strategic acquisitions that support the company 's organic growth focus and an active share repurchase program . the company believes that , based on its operating revenue , operating margin , free cash flow , and credit ratings , it could readily obtain additional financing if necessary . 34 cash flow the company uses free cash flow to measure cash flow generated by operations that is available for dividends , share repurchases , acquisitions and debt repayment . the company believes this non-gaap financial measure is useful to investors in evaluating the company 's financial performance and measures the company 's ability to generate cash internally to fund company initiatives . free cash flow represents net cash provided by operating activities less additions to plant and equipment . free cash flow is a measurement that is not the same as net cash flow from operating activities per the statement of cash flows and may not be consistent with similarly titled measures used by other companies .
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 Suspicious Activity Report : 19 based on this rigorous evaluation , itw determined that solid and consistent above-market organic growth must be the core growth engine to deliver world-class financial performance and compelling long-term returns for its shareholders . to shift its primary growth engine to organic , the company began executing a multi-step approach . the first step was to narrow the focus and improve the quality of itw 's business portfolio . as part of the portfolio management initiative , itw exited businesses that were operating in commoditized market spaces and prioritized sustainable differentiation as a must-have requirement for all itw businesses . this process included both divesting entire businesses and exiting commoditized product lines and customers inside otherwise highly differentiated itw divisions . as a result of this work , itw 's business portfolio now has significantly higher organic growth potential . itw segments and divisions now possess attractive and differentiated product lines and end markets as they continue to improve operating margins and generate price/cost increases . the company achieved this through product line simplification , or eliminating the complexity and overhead costs associated with smaller product lines and customers , while supporting and growing the businesses ' largest / most profitable customers and product lines . step two , business structure simplification , was implemented to simplify and scale-up itw 's operating structure to support increased engineering , marketing , and sales resources , and , at the same time , improve global reach and competitiveness , all of which were critical to driving accelerated organic growth . itw now has 87 scaled-up divisions with significantly enhanced focus on growth investments , core customers and products , and customer-back innovation . the strategic sourcing initiative established sourcing as a core strategic and operational capability at itw . the company 's 80/20-enabled sourcing organization has delivered an average of one percent reduction in spend each year from 2013 through 2018 and is on track to do the same in 2019. with the initial portfolio realignment and scale-up work largely complete , the company has shifted its focus to preparing for and accelerating organic growth , reapplying the 80/20 front-to-back process to optimize its newly scaled-up divisions for growth , first , to build a foundation of operational excellence , and second , to identify the best opportunities to drive organic growth . itw has clearly demonstrated superior 80/20 management , resulting in meaningful incremental improvement in margins and returns as evidenced by the company 's operating margin and after-tax return on invested capital . at the same time , these 80/20 initiatives can also result in restructuring initiatives that reduce costs and improve profitability and returns . path to full potential - finishing the job since the launch of the enterprise strategy , the company has made considerable progress to position itself to reach full potential . the itw business model and unique set of capabilities are a source of strong and enduring competitive advantage , but for the company to truly reach its full potential over the next five years , every one of its divisions must also be operating at its full potential . to do so , the company remains focused on three key areas to finish the job of positioning itw to perform to its full potential : portfolio discipline 80/20 front-to-back practice excellence full-potential organic growth portfolio discipline the company only operates in industries where it can generate significant , long-term competitive advantage from the itw business model . itw businesses have the right “ raw material ” in terms of market and business attributes that best fit the itw business model and have significant potential to drive above-market organic growth over the long-term . the company focuses on high-quality businesses , ensuring it operates in markets with positive long-term macro fundamentals and with customers that have critical needs and value itw 's differentiated products , services and solutions . itw 's portfolio operates in diverse end markets and geographies which makes the company more resilient in the face of uncertain or volatile market environments . 20 80/20 front-to-back practice excellence the 80/20 front-to-back process is a rigorous , iterative and highly data-driven approach to identify where the company has true differentiation and the ability to drive sustainable , high-quality organic growth . the company simplifies and eliminates complexity and redesigns every aspect of its business to ensure focused execution on key opportunities , markets , customers , and products . itw will continue its efforts to drive 80/20 front-to-back practice excellence in every division in the company , every day . full-potential organic growth reaching full potential means that every division is positioned for sustainable , high-quality organic growth . the company has clearly defined action plans aimed at leveraging the performance power of the itw business model to achieve full-potential organic growth in every division . at the same time , the company consistently reviews its portfolio , assesses businesses that are growth-challenged and evaluates if further portfolio refinements may be needed . the company is currently exploring options , including potential divestitures , for certain businesses with revenues totaling up to $ 1 billion . if a decision is made to divest any of these businesses , the company expects that earnings per share dilution would be offset by incremental share repurchases . terms used by itw management uses the following terms to describe the financial results of operations of the company : organic business - acquired businesses that have been included in the company 's results of operations for more than 12 months on a constant currency basis . operating leverage - the estimated effect of the organic revenue volume changes on organic operating income , assuming variable margins remain the same as the prior period . price/cost - represents the estimated net impact of increases or decreases in the cost of materials used in the company 's products versus changes in the selling price to the company 's customers . story_separator_special_tag this segment primarily serves the electronics , general industrial , industrial capital goods , automotive original equipment manufacturers and tiers , and consumer durables markets . products in this segment include : equipment , consumables , and related software for testing and measuring of materials , structures , gases and fluids ; electronic assembly equipment and related consumable solder materials ; electronic components and component packaging ; static control equipment and consumables used for contamination control in clean room environments ; and pressure sensitive adhesives and components for electronics , medical , transportation and telecommunications applications . the results of operations for the test & measurement and electronics segment for 2018 , 2017 and 2016 were as follows : 2018 compared to 2017 replace_table_token_13_th operating revenue increased due to higher organic revenue and the favorable effect of foreign currency translation . organic revenue increased 3.5 % in 2018 . ◦ organic revenue for the test and measurement businesses increased 5.5 % with growth in all major regions primarily due to higher semi-conductor end market demand . instron , where demand is more closely tied to the capital spending environment , had organic revenue growth of 7.1 % . ◦ electronics organic revenue grew 1.2 % . the electronics assembly businesses declined 4.3 % due to lower demand across north america and europe . the other electronics businesses , which include the contamination control , static control and pressure sensitive adhesives businesses , grew 5.0 % primarily due to higher semi-conductor end market demand in north america . operating margin was 24.1 % in 2018. the increase of 170 basis points was primarily driven by positive operating leverage of 90 basis points and benefits from the company 's enterprise initiatives . 2017 compared to 2016 replace_table_token_14_th operating revenue increased due to organic revenue growth . organic revenue increased 4.8 % . 27 ◦ organic revenue for the test and measurement businesses increased 7.2 % primarily due to higher semi-conductor end market demand in north america and asia . instron , where demand is more closely tied to the capital spending environment , had organic revenue growth of 5.1 % . ◦ electronics organic revenue , which had a challenging comparable in the prior year period of 4.9 % growth , increased 2.2 % . the electronics assembly businesses declined 1.1 % primarily due to a decrease in north america . the other electronics businesses , which include the contamination control , static control and pressure sensitive adhesives businesses , grew 4.7 % primarily due to higher semi-conductor end market demand in north america . operating margin of 22.4 % increased 350 basis points primarily driven by the net benefits resulting from the company 's enterprise initiatives and cost management of 130 basis points , positive operating leverage of 130 basis points and favorable price/cost of 30 basis points . welding this segment is a branded value-added equipment and specialty consumable manufacturer with innovative and leading technology . businesses in this segment produce arc welding equipment , consumables and accessories for a wide array of industrial and commercial applications . this segment primarily serves the general industrial market , which includes fabrication , shipbuilding and other general industrial markets , and energy , construction , mro , automotive original equipment manufacturers and tiers , and industrial capital goods markets . products in this segment include : arc welding equipment ; metal arc welding consumables and related accessories ; and metal jacketing and other insulation products . the results of operations for the welding segment for 2018 , 2017 and 2016 were as follows : 2018 compared to 2017 replace_table_token_15_th operating revenue increased primarily due to higher organic revenue . organic revenue grew 9.7 % driven by growth in equipment of 11.0 % and consumables of 7.9 % . organic revenue grew primarily due to increased demand in the industrial end markets related to heavy equipment for agriculture , infrastructure and mining , in the commercial end markets related to construction , light fabrication and farm and ranch customers , and in the oil and gas end markets . ◦ north american organic revenue increased 10.6 % primarily due to 14.7 % and 5.8 % growth in the industrial and commercial end markets , respectively . ◦ international organic revenue increased 5.7 % primarily due to higher demand in the oil and gas end markets . operating margin was 28.0 % in 2018. the increase of 100 basis points was primarily due to positive operating leverage of 150 basis points and benefits from the company 's enterprise initiatives , partially offset by higher freight and employee-related expenses . 28 2017 compared to 2016 replace_table_token_16_th operating revenue increased due to higher organic revenue and the favorable effect of foreign currency translation . organic revenue grew 3.2 % as equipment grew 6.5 % , partially offset by a decrease of 1.0 % in consumables . organic revenue grew primarily due to increased demand in the industrial end markets related to heavy equipment for agriculture , infrastructure and mining and in the commercial end markets related to construction , light fabrication and farm and ranch customers . ◦ north american organic revenue grew 6.2 % primarily driven by 7.2 % growth in the industrial end markets and 4.8 % growth in the commercial end markets . ◦ international organic revenue decreased 8.0 % primarily due to weaker end market demand in the european and asian oil and gas end markets . operating margin of 27.0 % increased 210 basis points primarily due to the net benefits of the company 's enterprise initiatives and cost management of 150 basis points , positive operating leverage of 70 basis points and lower restructuring expenses of 30 basis points , partially offset by unfavorable price/cost of 60 basis points . in addition , the prior year period was negatively impacted by an intangible asset impairment charge of 20 basis points . polymers & fluids this segment is a branded supplier

