we classify our operations into business segments based primarily on types of products offered and markets served : enclosures - the enclosures segment provides inventive solutions that protect , connect and manage heat in critical electronics , communication , control , and power equipment . from metallic and non-metallic enclosures to cabinets , subracks and backplanes , it offers the physical infrastructure to host , connect and protect server and network equipment , as well as indoor and outdoor protection for broadband voice , data and video surveillance applications in industrial , infrastructure , commercial , and energy verticals . thermal management - the thermal management segment provides electric thermal solutions that connect and protect critical buildings , infrastructure , industrial processes and people . its thermal management systems include heat tracing , floor heating , fire-rated and specialty wiring , sensing and snow melting and de-icing solutions for use in industrial , energy , commercial & residential and infrastructure verticals . its highly reliable and easy to install solutions lower total cost of ownership to building owners , facility managers , operators and end users . electrical & fastening solutions - the electrical & fastening solutions segment provides fastening solutions that connect and protect electrical and mechanical systems and civil structures . its engineered electrical and fastening products are used across a wide range of verticals , including commercial , industrial , infrastructure and energy . 25 on april 30 , 2018 , pentair plc ( `` pentair `` or `` parent `` ) completed the separation of its water business and its electrical business into two independent , publicly-traded companies ( the `` separation `` ) . to effect the separation , pentair distributed to its shareholders one ordinary share of nvent for every ordinary share of pentair held as of the record date of april 17 , 2018. as a result of the distribution , nvent is now an independent publicly-traded company and began regular way trading under the symbol `` nvt `` on the new york stock exchange on may 1 , 2018. the company was incorporated in ireland on may 30 , 2017. 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 tax residency in the u.k. key trends and uncertainties regarding our existing business the following trends and uncertainties affected our financial performance in 2018 and 2017 , and will likely impact our results in the future : we have identified specific product and geographic market opportunities that we find attractive and continue to pursue , both within and outside the u.s. 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 organic 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 , including the impacts of tariffs , will result in continuing price volatility for many of our raw materials and purchased components and we are uncertain as to the timing and impact of these market changes . during 2018 and 2017 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business . in 2019 , our operating objectives include the following : achieving differentiated revenue growth through new products and solutions and market expansion in key developing regions ; driving operating excellence through lean enterprise initiatives , with specific focus on sourcing and supply management , cash flow management and lean operations ; optimizing our technological capabilities to increasingly generate innovative new and connected products and enhance the customer experience ; and focusing on developing global talent in light of our global presence . the financial statements for periods prior to april 30 , 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of pentair as if nvent were operated on a stand-alone basis . for periods prior to the separation , the consolidated and combined financial statements of nvent include general corporate expenses of pentair for certain support functions that were provided on a centralized basis , such as expenses related to executive management , finance , audit , legal , information technology , human resources , communications , facilities and employee benefits and compensation . these general corporate expenses are included in the consolidated and combined statements of income and comprehensive income within selling , general and administrative expense and other expense . these expenses were allocated to nvent on the basis of direct usage when identifiable , with the remainder allocated based on a proportional basis of net sales , headcount or other measures . nvent considers the allocation methodology regarding pentair 's general corporate expenses to be reasonable for periods presented prior to the separation . nevertheless , the consolidated and combined financial statements of nvent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nvent 's consolidated and combined results of operations , financial position and cash flows had it been a stand-alone company during the periods presented . 26 consolidated and combined results of operations the consolidated and combined results of operations were as follows : replace_table_token_5_th n.m. not meaningful net sales the components of the consolidated net sales change were as follows : replace_table_token_6_th the 5.5 percent increase in net sales in 2018 from 2017 was primarily the result of : organic sales growth of approximately 2.5 % from our industrial business and 2.0 % from our commercial & residential business , which includes selective increases in selling prices ; and favorable foreign currency effects . story_separator_special_tag on july 9 , 2018 , following the approval of the irish high court , we made the required filing of nvent electric 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 nvent electric plc 's `` distributable reserves . `` authorized shares our authorized share capital consists of 400.0 million ordinary shares with a par value of $ 0.01 per share . share repurchases on july 23 , 2018 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 500.0 million . the authorization expires on july 23 , 2021. during the year ended december 31 , 2018 , we repurchased 2.4 million of our ordinary shares for $ 59.0 million under the 2018 authorization . as of december 31 , 2018 , we had $ 441.0 million remaining availability for repurchases under the 2018 authorization . on february 19 , 2019 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 380.0 million . this authorization is in addition to the authorization approved in july 2018 to repurchase up to $ 500.0 million of our ordinary shares . the authorization expires on july 23 , 2021 . 35 contractual obligations the following summarizes our significant contractual obligations that impact our liquidity : replace_table_token_16_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 , 2018 , variable interest rate debt was $ 147.5 million at a weighted average interest rate of 3.795 % . the total gross liability for uncertain tax positions at december 31 , 2018 was estimated to be $ 16.8 million . we record penalties and interest related to unrecognized tax benefits in provision ( benefit ) for income taxes and net interest expense , respectively , which is consistent with our past practices . as of december 31 , 2018 , we had recorded $ 1.7 million for the possible payment of penalties and $ 2.7 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 and combined statements of cash flows , we also measure our free cash flow . 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_17_th off-balance sheet arrangements at december 31 , 2018 , we had no off-balance sheet financing arrangements . 36 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 , 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 that a future adverse ruling or unfavorable development could result in future charges that could have a material impact . we do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation . as a result , the current estimates of the potential impact on our consolidated financial position , results of operations and cash flows for the proceedings and claims described in item 8 , note 15 of the notes to the consolidated and combined financial statements could change in the future . stand-by letters of credit , bank guarantees and bonds in disposing of assets or businesses , we often provide representations , warranties and indemnities to cover various risks including unknown damage to assets , environmental risks involved in the sale of real estate , liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities and unidentified tax liabilities and legal fees related to periods prior to disposition . we do not have the ability to reasonably estimate the potential liability due to the inchoate and unknown nature of these potential liabilities . however , we have no reason to believe that these uncertainties would have a material adverse effect on our financial position , results of operations or cash flows . in the ordinary course of business , we are required to commit to bonds , letters of credit and bank guarantees that require payments to our customers for any non-performance . the outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog . in addition , we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs

net cash used for financing activities was $ 166.6 million in 2018 , which primarily relates to $ 1.0 billion of proceeds from long-term debt described further below , offset by $ 993.6 million of cash provided at the separation to pentair as consideration for the contribution of the net assets of the electrical business to nvent by pentair . additionally , we repaid $ 52.5 million of outstanding principal on the term loan facility , had cash outflows of $ 56.0 million for shares repurchased and paid $ 62.9 million of dividends during 2018 . net cash used for financing activities was $ 359.5 million and $ 308.9 million in 2017 and 2016. cash used for financing activities in 2017 and 2016 reflect net transactions with the former parent during the pre-separation period resulting from operating and investing activities discussed above . senior notes in march 2018 , nvent finance s.à r.l . ( “ nvent finance ” or “ subsidiary issuer ” ) , a 100-percent owned subsidiary of nvent , issued $ 300.0 million aggregate principal amount of 3.950 % senior notes due 2023 ( the `` 2023 notes '' ) and $ 500.0 million aggregate principal amount of 4.550 % senior notes due 2028 ( the `` 2028 notes '' and , collectively with the 2023 notes , the `` notes '' ) . interest on the notes is payable semi-annually in arrears on april 15 and october 15 of each year , beginning october 15 , 2018. in august 2018 , nvent and nvent finance filed a registration statement on form s-4 with the securities and exchange commission to exchange the notes for new , registered notes . the exchange offer was completed on october 22 , 2018 , pursuant to which substantially all of the notes were exchanged for the new , registered notes . the exchange offer did not impact the aggregate principal amount of the notes outstanding or any material terms .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```net cash used for financing activities was $ 166.6 million in 2018 , which primarily relates to $ 1.0 billion of proceeds from long-term debt described further below , offset by $ 993.6 million of cash provided at the separation to pentair as consideration for the contribution of the net assets of the electrical business to nvent by pentair . additionally , we repaid $ 52.5 million of outstanding principal on the term loan facility , had cash outflows of $ 56.0 million for shares repurchased and paid $ 62.9 million of dividends during 2018 . net cash used for financing activities was $ 359.5 million and $ 308.9 million in 2017 and 2016. cash used for financing activities in 2017 and 2016 reflect net transactions with the former parent during the pre-separation period resulting from operating and investing activities discussed above . senior notes in march 2018 , nvent finance s.à r.l . ( “ nvent finance ” or “ subsidiary issuer ” ) , a 100-percent owned subsidiary of nvent , issued $ 300.0 million aggregate principal amount of 3.950 % senior notes due 2023 ( the `` 2023 notes '' ) and $ 500.0 million aggregate principal amount of 4.550 % senior notes due 2028 ( the `` 2028 notes '' and , collectively with the 2023 notes , the `` notes '' ) . interest on the notes is payable semi-annually in arrears on april 15 and october 15 of each year , beginning october 15 , 2018. in august 2018 , nvent and nvent finance filed a registration statement on form s-4 with the securities and exchange commission to exchange the notes for new , registered notes . the exchange offer was completed on october 22 , 2018 , pursuant to which substantially all of the notes were exchanged for the new , registered notes . the exchange offer did not impact the aggregate principal amount of the notes outstanding or any material terms .
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 Suspicious Activity Report : we classify our operations into business segments based primarily on types of products offered and markets served : enclosures - the enclosures segment provides inventive solutions that protect , connect and manage heat in critical electronics , communication , control , and power equipment . from metallic and non-metallic enclosures to cabinets , subracks and backplanes , it offers the physical infrastructure to host , connect and protect server and network equipment , as well as indoor and outdoor protection for broadband voice , data and video surveillance applications in industrial , infrastructure , commercial , and energy verticals . thermal management - the thermal management segment provides electric thermal solutions that connect and protect critical buildings , infrastructure , industrial processes and people . its thermal management systems include heat tracing , floor heating , fire-rated and specialty wiring , sensing and snow melting and de-icing solutions for use in industrial , energy , commercial & residential and infrastructure verticals . its highly reliable and easy to install solutions lower total cost of ownership to building owners , facility managers , operators and end users . electrical & fastening solutions - the electrical & fastening solutions segment provides fastening solutions that connect and protect electrical and mechanical systems and civil structures . its engineered electrical and fastening products are used across a wide range of verticals , including commercial , industrial , infrastructure and energy . 25 on april 30 , 2018 , pentair plc ( `` pentair `` or `` parent `` ) completed the separation of its water business and its electrical business into two independent , publicly-traded companies ( the `` separation `` ) . to effect the separation , pentair distributed to its shareholders one ordinary share of nvent for every ordinary share of pentair held as of the record date of april 17 , 2018. as a result of the distribution , nvent is now an independent publicly-traded company and began regular way trading under the symbol `` nvt `` on the new york stock exchange on may 1 , 2018. the company was incorporated in ireland on may 30 , 2017. 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 tax residency in the u.k. key trends and uncertainties regarding our existing business the following trends and uncertainties affected our financial performance in 2018 and 2017 , and will likely impact our results in the future : we have identified specific product and geographic market opportunities that we find attractive and continue to pursue , both within and outside the u.s. 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 organic 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 , including the impacts of tariffs , will result in continuing price volatility for many of our raw materials and purchased components and we are uncertain as to the timing and impact of these market changes . during 2018 and 2017 , we continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business . in 2019 , our operating objectives include the following : achieving differentiated revenue growth through new products and solutions and market expansion in key developing regions ; driving operating excellence through lean enterprise initiatives , with specific focus on sourcing and supply management , cash flow management and lean operations ; optimizing our technological capabilities to increasingly generate innovative new and connected products and enhance the customer experience ; and focusing on developing global talent in light of our global presence . the financial statements for periods prior to april 30 , 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of pentair as if nvent were operated on a stand-alone basis . for periods prior to the separation , the consolidated and combined financial statements of nvent include general corporate expenses of pentair for certain support functions that were provided on a centralized basis , such as expenses related to executive management , finance , audit , legal , information technology , human resources , communications , facilities and employee benefits and compensation . these general corporate expenses are included in the consolidated and combined statements of income and comprehensive income within selling , general and administrative expense and other expense . these expenses were allocated to nvent on the basis of direct usage when identifiable , with the remainder allocated based on a proportional basis of net sales , headcount or other measures . nvent considers the allocation methodology regarding pentair 's general corporate expenses to be reasonable for periods presented prior to the separation . nevertheless , the consolidated and combined financial statements of nvent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nvent 's consolidated and combined results of operations , financial position and cash flows had it been a stand-alone company during the periods presented . 26 consolidated and combined results of operations the consolidated and combined results of operations were as follows : replace_table_token_5_th n.m. not meaningful net sales the components of the consolidated net sales change were as follows : replace_table_token_6_th the 5.5 percent increase in net sales in 2018 from 2017 was primarily the result of : organic sales growth of approximately 2.5 % from our industrial business and 2.0 % from our commercial & residential business , which includes selective increases in selling prices ; and favorable foreign currency effects . story_separator_special_tag on july 9 , 2018 , following the approval of the irish high court , we made the required filing of nvent electric 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 nvent electric plc 's `` distributable reserves . `` authorized shares our authorized share capital consists of 400.0 million ordinary shares with a par value of $ 0.01 per share . share repurchases on july 23 , 2018 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 500.0 million . the authorization expires on july 23 , 2021. during the year ended december 31 , 2018 , we repurchased 2.4 million of our ordinary shares for $ 59.0 million under the 2018 authorization . as of december 31 , 2018 , we had $ 441.0 million remaining availability for repurchases under the 2018 authorization . on february 19 , 2019 , the board of directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $ 380.0 million . this authorization is in addition to the authorization approved in july 2018 to repurchase up to $ 500.0 million of our ordinary shares . the authorization expires on july 23 , 2021 . 35 contractual obligations the following summarizes our significant contractual obligations that impact our liquidity : replace_table_token_16_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 , 2018 , variable interest rate debt was $ 147.5 million at a weighted average interest rate of 3.795 % . the total gross liability for uncertain tax positions at december 31 , 2018 was estimated to be $ 16.8 million . we record penalties and interest related to unrecognized tax benefits in provision ( benefit ) for income taxes and net interest expense , respectively , which is consistent with our past practices . as of december 31 , 2018 , we had recorded $ 1.7 million for the possible payment of penalties and $ 2.7 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 and combined statements of cash flows , we also measure our free cash flow . 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_17_th off-balance sheet arrangements at december 31 , 2018 , we had no off-balance sheet financing arrangements . 36 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 , 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 that a future adverse ruling or unfavorable development could result in future charges that could have a material impact . we do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation . as a result , the current estimates of the potential impact on our consolidated financial position , results of operations and cash flows for the proceedings and claims described in item 8 , note 15 of the notes to the consolidated and combined financial statements could change in the future . stand-by letters of credit , bank guarantees and bonds in disposing of assets or businesses , we often provide representations , warranties and indemnities to cover various risks including unknown damage to assets , environmental risks involved in the sale of real estate , liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities and unidentified tax liabilities and legal fees related to periods prior to disposition . we do not have the ability to reasonably estimate the potential liability due to the inchoate and unknown nature of these potential liabilities . however , we have no reason to believe that these uncertainties would have a material adverse effect on our financial position , results of operations or cash flows . in the ordinary course of business , we are required to commit to bonds , letters of credit and bank guarantees that require payments to our customers for any non-performance . the outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog . in addition , we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs

