although our jurisdiction of organization is ireland , we manage our affairs so that we are centrally managed and controlled in the united kingdom ( the `` u.k. `` ) and therefore have our tax residency in the u.k. on september 18 , 2015 , we acquired , as part of electrical , all of the outstanding shares of capital stock of erico global company ( `` erico `` ) for approximately $ 1.8 billion in cash ( the `` erico acquisition `` ) . erico is a leading global manufacturer and marketer of engineered electrical and fastening products for electrical , mechanical and civil applications . erico has employees in 30 countries across the world with recognized brands including caddy fixing , fastening and support products ; erico electrical grounding , bonding and connectivity products and lenton engineered systems . on april 28 , 2017 we completed the sale of the valves & controls business to emerson electric co. for $ 3.15 billion in cash . the sale resulted in a gain of $ 181.1 million , net of tax . the results of the valves & controls business have been presented as discontinued operations and the related assets and liabilities have been reclassified as held for sale for all periods presented . the valves & controls business was previously disclosed as a stand-alone reporting segment . on may 9 , 2017 , we announced that our board of directors approved a plan to separate our water business and electrical business into two independent , publicly-traded companies ( the `` proposed separation `` ) . the proposed separation is expected to occur through a tax-free spin-off of the electrical business to pentair shareholders . completion of the proposed separation is subject to certain customary conditions , including , among other things , final approval of the transaction by pentair 's board of directors , receipt of tax opinions and rulings and effectiveness of appropriate filings with the sec . upon completion of the proposed separation , it is anticipated that electrical 's jurisdiction of organization will be ireland , but that it will manage its affairs so that it will be centrally managed and controlled in the u.k. and therefore will have its tax residency in the u.k. 22 we are targeting april 30 , 2018 for the completion of the proposed separation ; however , there can be no assurance regarding the ultimate timing of the proposed separation or that the proposed separation will be completed . key trends and uncertainties regarding our existing business the following trends and uncertainties affected our financial performance in 2017 and 2016 , and will likely impact our results in the future : during 2017 and 2016 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and , during 2017 , began realigning our business in contemplation of the proposed separation . we expect that these actions will contribute to margin growth in 2018. we have identified specific product and geographic market opportunities that we find attractive and continue to pursue , both within and outside the united states . we are reinforcing our businesses to more effectively address these opportunities through research and development and additional sales and marketing resources . unless we successfully penetrate these markets , our core sales growth will likely be limited or may decline . we have experienced material and other cost inflation . we strive for productivity improvements , and we implement increases in selling prices to help mitigate this inflation . we expect the current economic environment will result in continuing price volatility for many of our raw materials , and we are uncertain as to the timing and impact of these market changes . in 2018 , our operating objectives include the following : complete the execution of the proposed separation to create two industry-leading pure-play companies in water and electrical . driving operating excellence through pims , with specific focus on sourcing and supply management , cash flow management and lean operations ; achieving differentiated revenue growth through new products and global and market expansion ; optimizing our technological capabilities to increasingly generate innovative new products ; and focusing on developing global talent in light of our global presence . 23 consolidated results of operations the consolidated results of operations were as follows : replace_table_token_6_th n.m. not meaningful net sales the components of the consolidated net sales change were as follows : replace_table_token_7_th the 1.0 percent increase in consolidated net sales in 2017 from 2016 was primarily the result of : increased sales volume in our industrial business primarily in the u.s. ; increased sales related to business acquisitions that occurred in the fourth quarter of 2016 and the first quarter of 2017 ; and favorable foreign currency effects during the year ended december 31 , 2017. these increase s were partially offset by : continued lower project sales volume particularly in the energy and industrial businesses ; 24 large job adjustments to net sales of $ 9.7 million in 2017. the 5.9 percent increase in consolidated net sales in 2016 from 2015 was primarily the result of : sales of $ 516.1 million in 2016 as a result of the erico acquisition , compared to sales of $ 147.0 million in 2015 ; and increased volume driving core sales growth in our north america pool business . these increase s were partially offset by : continued slowdown in capital spending , driving core sales declines in our industrial and energy businesses ; slowing economic activity in certain developing regions , including china and brazil ; and a strong u.s. dollar causing unfavorable foreign currency effects . story_separator_special_tag dividends on december 5 , 2017 , the board of directors declared a quarterly cash dividend of $ 0.35 that was paid on february 9 , 2018 to shareholders of record at the close of business on january 26 , 2018. additionally , the board of director 's approved a plan to increase the 2018 annual cash dividend to $ 1.40 , which is intended to paid in four quarterly installments . the 2018 increase will mark the 42 nd consecutive year we have increased dividends . we paid dividends in 2017 of $ 251.7 million , or $ 1.38 per ordinary share , compared with $ 243.6 million , or $ 1.34 per ordinary share , in 2016 and $ 231.7 million , or $ 1.28 per ordinary share , in 2015 . under irish law , the payment of future cash dividends and repurchases of shares may be paid only out of pentair plc 's `` distributable reserves `` on its statutory balance sheet . pentair plc is not permitted to pay dividends out of share capital , which includes share premiums . distributable reserves may be created through the earnings of the irish parent company and through a reduction in share capital approved by the irish high court . distributable reserves are not linked to a u.s. generally accepted accounting principles ( `` gaap `` ) reported amount ( e.g . , retained earnings ) . on july 22 , 2014 , the irish high court approved pentair plc 's conversion of approximately $ 14.4 billion of share premium to distributable reserves . on july 29 , 2014 , following the approval of the irish high court , we made the required filing of pentair plc 's initial accounts with the irish companies registration office , which completed the process to allow us to pay future cash dividends and redeem and repurchase shares out of pentair plc 's `` distributable reserves . `` our distributable reserve balance was $ 9.0 billion and $ 9.4 billion as of december 31 , 2017 and 2016 , respectively . authorized shares our authorized share capital consists of 426.0 million ordinary shares with a par value of $ 0.01 per share . ordinary shares held in treasury in august 2015 , we canceled all of our ordinary shares held in treasury . at the time of the cancellation , we held 19.1 million ordinary shares in treasury at a cost of $ 1.2 billion . share repurchases in december 2014 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 1.0 billion . the authorization expires on december 31 , 2019 . in december 2015 , we repurchased 3.1 million of our ordinary shares for $ 200.0 million under the 2014 authorization . during the year ended december 31 , 2017 , we repurchased 3.0 million of our ordinary shares for $ 200.0 million under the 2014 authorization . we have $ 600.0 million remaining availability for repurchases under the under the 2014 authorization . 32 contractual obligations the following summarizes our significant contractual obligations that impact our liquidity : replace_table_token_14_th the majority of the purchase obligations represent commitments for raw materials to be utilized in the normal course of business . for purposes of the above table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure and approximate timing of the transaction . in addition to the summary of significant contractual obligations , we will incur annual interest expense on outstanding variable rate debt . as of december 31 , 2017 , variable interest rate debt was $ 62.4 million at a weighted average interest rate of 2.67 % . the total gross liability for uncertain tax positions at december 31 , 2017 was estimated to be $ 36.6 million . we record penalties and interest related to unrecognized tax benefits in provision for income taxes and interest expense , respectively , which is consistent with our past practices . as of december 31 , 2017 , we had recorded $ 2.3 million for the possible payment of penalties and $ 9.4 million related to the possible payment of interest . other financial measures in addition to measuring our cash flow generation or usage based upon operating , investing and financing classifications included in the consolidated statements of cash flows , we also measure our free cash flow . we have a long-term goal to consistently generate free cash flow that equals or exceeds 100 percent conversion of adjusted net income . free cash flow is a non-gaap financial measure that we use to assess our cash flow performance . we believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends , make acquisitions , repay debt and repurchase shares . in addition , free cash flow is used as a criterion to measure and pay compensation-based incentives . our measure of free cash flow may not be comparable to similarly titled measures reported by other companies . the following table is a reconciliation of free cash flow : replace_table_token_15_th off-balance sheet arrangements at december 31 , 2017 , we had no off-balance sheet financing arrangements . 33 commitments and contingencies we have been made parties to a number of actions filed or have been given notice of potential claims relating to the conduct of our business , including those pertaining to commercial disputes , product liability , asbestos , environmental , safety and health , patent infringement and employment matters . while we believe that a material impact on our consolidated financial position , results of operations or cash flows from any such future claims or potential claims is unlikely , given the inherent uncertainty of litigation , a remote possibility exists

. cash used for financing activities in 2016 was primarily due to net repayments of commercial paper and revolving long-term debt and payments of dividends . net cash provided by financing activities was $ 1,286.3 million in 2015 . cash provided by financing activities in 2016 was primarily due to cash proceeds received from the september 2015 issuance of senior notes ( discussed below ) , partially offset by share repurchases , repayment of $ 350 million of senior notes due 2015 and payment of dividends . in october 2014 , pentair plc , pentair investments switzerland gmbh ( `` pisg '' ) , pentair finance s.à r.l . ( `` pfsa '' ) and pentair , inc. entered into an amended and restated credit agreement ( the `` credit facility '' ) , with pentair plc and pisg as guarantors and pfsa and pentair , inc. as borrowers . the credit facility had a maximum aggregate availability of $ 2,100.0 million and a maturity date of october 3 , 2019. borrowings under the credit facility generally bear interest at a variable rate equal to the london interbank offered rate ( `` libor '' ) plus a specified margin based upon pfsa 's credit ratings . pfsa must pay a facility fee ranging from 9.0 to 25.0 basis points per annum ( based upon pfsa 's credit ratings ) on the amount of each lender 's commitment and letter of credit fee for each letter of credit issued and outstanding under the credit facility . in august 2015 , pentair plc , pisg and pfsa entered into a first amendment to the credit facility ( the `` first amendment '' ) , which , among other things , increased the leverage ratio ( as defined below ) .


 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.
     ```. cash used for financing activities in 2016 was primarily due to net repayments of commercial paper and revolving long-term debt and payments of dividends . net cash provided by financing activities was $ 1,286.3 million in 2015 . cash provided by financing activities in 2016 was primarily due to cash proceeds received from the september 2015 issuance of senior notes ( discussed below ) , partially offset by share repurchases , repayment of $ 350 million of senior notes due 2015 and payment of dividends . in october 2014 , pentair plc , pentair investments switzerland gmbh ( `` pisg '' ) , pentair finance s.à r.l . ( `` pfsa '' ) and pentair , inc. entered into an amended and restated credit agreement ( the `` credit facility '' ) , with pentair plc and pisg as guarantors and pfsa and pentair , inc. as borrowers . the credit facility had a maximum aggregate availability of $ 2,100.0 million and a maturity date of october 3 , 2019. borrowings under the credit facility generally bear interest at a variable rate equal to the london interbank offered rate ( `` libor '' ) plus a specified margin based upon pfsa 's credit ratings . pfsa must pay a facility fee ranging from 9.0 to 25.0 basis points per annum ( based upon pfsa 's credit ratings ) on the amount of each lender 's commitment and letter of credit fee for each letter of credit issued and outstanding under the credit facility . in august 2015 , pentair plc , pisg and pfsa entered into a first amendment to the credit facility ( the `` first amendment '' ) , which , among other things , increased the leverage ratio ( as defined below ) .
```    
 Suspicious Activity Report : although our jurisdiction of organization is ireland , we manage our affairs so that we are centrally managed and controlled in the united kingdom ( the `` u.k. `` ) and therefore have our tax residency in the u.k. on september 18 , 2015 , we acquired , as part of electrical , all of the outstanding shares of capital stock of erico global company ( `` erico `` ) for approximately $ 1.8 billion in cash ( the `` erico acquisition `` ) . erico is a leading global manufacturer and marketer of engineered electrical and fastening products for electrical , mechanical and civil applications . erico has employees in 30 countries across the world with recognized brands including caddy fixing , fastening and support products ; erico electrical grounding , bonding and connectivity products and lenton engineered systems . on april 28 , 2017 we completed the sale of the valves & controls business to emerson electric co. for $ 3.15 billion in cash . the sale resulted in a gain of $ 181.1 million , net of tax . the results of the valves & controls business have been presented as discontinued operations and the related assets and liabilities have been reclassified as held for sale for all periods presented . the valves & controls business was previously disclosed as a stand-alone reporting segment . on may 9 , 2017 , we announced that our board of directors approved a plan to separate our water business and electrical business into two independent , publicly-traded companies ( the `` proposed separation `` ) . the proposed separation is expected to occur through a tax-free spin-off of the electrical business to pentair shareholders . completion of the proposed separation is subject to certain customary conditions , including , among other things , final approval of the transaction by pentair 's board of directors , receipt of tax opinions and rulings and effectiveness of appropriate filings with the sec . upon completion of the proposed separation , it is anticipated that electrical 's jurisdiction of organization will be ireland , but that it will manage its affairs so that it will be centrally managed and controlled in the u.k. and therefore will have its tax residency in the u.k. 22 we are targeting april 30 , 2018 for the completion of the proposed separation ; however , there can be no assurance regarding the ultimate timing of the proposed separation or that the proposed separation will be completed . key trends and uncertainties regarding our existing business the following trends and uncertainties affected our financial performance in 2017 and 2016 , and will likely impact our results in the future : during 2017 and 2016 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and , during 2017 , began realigning our business in contemplation of the proposed separation . we expect that these actions will contribute to margin growth in 2018. we have identified specific product and geographic market opportunities that we find attractive and continue to pursue , both within and outside the united states . we are reinforcing our businesses to more effectively address these opportunities through research and development and additional sales and marketing resources . unless we successfully penetrate these markets , our core sales growth will likely be limited or may decline . we have experienced material and other cost inflation . we strive for productivity improvements , and we implement increases in selling prices to help mitigate this inflation . we expect the current economic environment will result in continuing price volatility for many of our raw materials , and we are uncertain as to the timing and impact of these market changes . in 2018 , our operating objectives include the following : complete the execution of the proposed separation to create two industry-leading pure-play companies in water and electrical . driving operating excellence through pims , with specific focus on sourcing and supply management , cash flow management and lean operations ; achieving differentiated revenue growth through new products and global and market expansion ; optimizing our technological capabilities to increasingly generate innovative new products ; and focusing on developing global talent in light of our global presence . 23 consolidated results of operations the consolidated results of operations were as follows : replace_table_token_6_th n.m. not meaningful net sales the components of the consolidated net sales change were as follows : replace_table_token_7_th the 1.0 percent increase in consolidated net sales in 2017 from 2016 was primarily the result of : increased sales volume in our industrial business primarily in the u.s. ; increased sales related to business acquisitions that occurred in the fourth quarter of 2016 and the first quarter of 2017 ; and favorable foreign currency effects during the year ended december 31 , 2017. these increase s were partially offset by : continued lower project sales volume particularly in the energy and industrial businesses ; 24 large job adjustments to net sales of $ 9.7 million in 2017. the 5.9 percent increase in consolidated net sales in 2016 from 2015 was primarily the result of : sales of $ 516.1 million in 2016 as a result of the erico acquisition , compared to sales of $ 147.0 million in 2015 ; and increased volume driving core sales growth in our north america pool business . these increase s were partially offset by : continued slowdown in capital spending , driving core sales declines in our industrial and energy businesses ; slowing economic activity in certain developing regions , including china and brazil ; and a strong u.s. dollar causing unfavorable foreign currency effects . story_separator_special_tag dividends on december 5 , 2017 , the board of directors declared a quarterly cash dividend of $ 0.35 that was paid on february 9 , 2018 to shareholders of record at the close of business on january 26 , 2018. additionally , the board of director 's approved a plan to increase the 2018 annual cash dividend to $ 1.40 , which is intended to paid in four quarterly installments . the 2018 increase will mark the 42 nd consecutive year we have increased dividends . we paid dividends in 2017 of $ 251.7 million , or $ 1.38 per ordinary share , compared with $ 243.6 million , or $ 1.34 per ordinary share , in 2016 and $ 231.7 million , or $ 1.28 per ordinary share , in 2015 . under irish law , the payment of future cash dividends and repurchases of shares may be paid only out of pentair plc 's `` distributable reserves `` on its statutory balance sheet . pentair plc is not permitted to pay dividends out of share capital , which includes share premiums . distributable reserves may be created through the earnings of the irish parent company and through a reduction in share capital approved by the irish high court . distributable reserves are not linked to a u.s. generally accepted accounting principles ( `` gaap `` ) reported amount ( e.g . , retained earnings ) . on july 22 , 2014 , the irish high court approved pentair plc 's conversion of approximately $ 14.4 billion of share premium to distributable reserves . on july 29 , 2014 , following the approval of the irish high court , we made the required filing of pentair plc 's initial accounts with the irish companies registration office , which completed the process to allow us to pay future cash dividends and redeem and repurchase shares out of pentair plc 's `` distributable reserves . `` our distributable reserve balance was $ 9.0 billion and $ 9.4 billion as of december 31 , 2017 and 2016 , respectively . authorized shares our authorized share capital consists of 426.0 million ordinary shares with a par value of $ 0.01 per share . ordinary shares held in treasury in august 2015 , we canceled all of our ordinary shares held in treasury . at the time of the cancellation , we held 19.1 million ordinary shares in treasury at a cost of $ 1.2 billion . share repurchases in december 2014 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 1.0 billion . the authorization expires on december 31 , 2019 . in december 2015 , we repurchased 3.1 million of our ordinary shares for $ 200.0 million under the 2014 authorization . during the year ended december 31 , 2017 , we repurchased 3.0 million of our ordinary shares for $ 200.0 million under the 2014 authorization . we have $ 600.0 million remaining availability for repurchases under the under the 2014 authorization . 32 contractual obligations the following summarizes our significant contractual obligations that impact our liquidity : replace_table_token_14_th the majority of the purchase obligations represent commitments for raw materials to be utilized in the normal course of business . for purposes of the above table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure and approximate timing of the transaction . in addition to the summary of significant contractual obligations , we will incur annual interest expense on outstanding variable rate debt . as of december 31 , 2017 , variable interest rate debt was $ 62.4 million at a weighted average interest rate of 2.67 % . the total gross liability for uncertain tax positions at december 31 , 2017 was estimated to be $ 36.6 million . we record penalties and interest related to unrecognized tax benefits in provision for income taxes and interest expense , respectively , which is consistent with our past practices . as of december 31 , 2017 , we had recorded $ 2.3 million for the possible payment of penalties and $ 9.4 million related to the possible payment of interest . other financial measures in addition to measuring our cash flow generation or usage based upon operating , investing and financing classifications included in the consolidated statements of cash flows , we also measure our free cash flow . we have a long-term goal to consistently generate free cash flow that equals or exceeds 100 percent conversion of adjusted net income . free cash flow is a non-gaap financial measure that we use to assess our cash flow performance . we believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends , make acquisitions , repay debt and repurchase shares . in addition , free cash flow is used as a criterion to measure and pay compensation-based incentives . our measure of free cash flow may not be comparable to similarly titled measures reported by other companies . the following table is a reconciliation of free cash flow : replace_table_token_15_th off-balance sheet arrangements at december 31 , 2017 , we had no off-balance sheet financing arrangements . 33 commitments and contingencies we have been made parties to a number of actions filed or have been given notice of potential claims relating to the conduct of our business , including those pertaining to commercial disputes , product liability , asbestos , environmental , safety and health , patent infringement and employment matters . while we believe that a material impact on our consolidated financial position , results of operations or cash flows from any such future claims or potential claims is unlikely , given the inherent uncertainty of litigation , a remote possibility exists

