for the year ended december 31 , 2019 , we made a net investment in our lease fleet of approximately $ 916.5 million , which primarily includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases ; and is net of proceeds from the sales of leased railcars owned more than one year at the time of sale . the leasing group 's lease fleet of 103,705 company-owned railcars was 96.0 % utilized as of december 31 , 2019 , in comparison to a lease fleet utilization of 98.5 % on 99,215 company-owned railcars as of december 31 , 2018 . our company-owned railcars include wholly-owned , partially-owned , and railcars under sale-leaseback arrangements . the total value of the railcar backlog at december 31 , 2019 was $ 1.8 billion , compared to $ 3.6 billion at december 31 , 2018 . the rail products group received orders for 10,220 railcars and delivered 21,960 railcars in 2019 , in comparison to orders for 28,795 railcars and deliveries of 20,105 railcars in 2018 . for the year ended december 31 , 2019 , our return on equity ( `` roe `` ) and pre-tax roe were 5.6 % and 9.0 % ( 1 ) , respectively , in comparison to 4.3 % and 6.3 % ( 1 ) , respectively , for the year ended december 31 , 2018 . for the year ended december 31 , 2019 , we generated operating cash flows from continuing operations and free cash flow of $ 396.7 million and $ 423.3 million ( 1 ) , respectively , in comparison to $ 274.2 million and $ 390.0 million ( 1 ) , respectively , for the year ended december 31 , 2018 . ( 1 ) non-gaap financial measure . see the non-gaap financial measures section within this form 10-k for a reconciliation to the most directly comparable gaap measure and why management believes this measure is useful to management and investors . see `` consolidated results of operations `` and `` segment discussion `` below for additional information regarding our operating results for the year ended december 31 , 2019. see part ii , item 7 of our 2018 annual report on form 10-k for a discussion of our results of operations and liquidity and capital resources as of and for the year ended december 31 , 2018 , including a comparison to the year ended december 31 , 2017 . 28 returns of capital to shareholders for the year ended december 31 , 2019 , returns of capital to shareholders in the form of dividends and share repurchases are summarized below : capital structure updates in connection with the company 's ongoing efforts to optimize its capital structure , in april 2019 , trinity rail leasing 2019 llc ( `` trl-2019 `` ) , a delaware limited liability company and a limited purpose , indirect wholly-owned subsidiary of the company owned through tilc , issued $ 528.3 million of trl-2019 secured railcar equipment notes . in october 2019 , trl-2019 issued an additional $ 386.5 million of trl-2019 secured railcar equipment notes , consisting of two classes of notes . these notes have a stated final maturity date of 2049. see `` liquidity and capital resources `` below for further information regarding these activities . litigation updates see note 15 of the consolidated financial statements for an update on the status of our highway products litigation . cyclical and seasonal trends impacting our business the industries in which we operate are cyclical in nature . weaknesses in certain sectors of the north american and global economy may make it more difficult to sell or lease certain types of railcars . additionally , adverse changes in commodity prices or lower demand for certain commodities could result in a decline in customer demand for various types of railcars . we continuously assess demand for our products and services and take steps to rationalize and diversify our leased railcar portfolio and align our manufacturing capacity appropriately . we diligently evaluate the creditworthiness of our customers and monitor performance of relevant market sectors ; however , weaknesses in any of these market sectors could affect the financial viability of our underlying leasing group customers , which could negatively impact our recurring leasing revenues and operating profits . due to their transactional nature , railcar sales from the lease fleet are the primary driver of fluctuations in results in the leasing group . results in our all other group are affected by seasonal fluctuations , with the second and third quarters historically being the quarters with the highest revenues . 29 recent market developments demand for railcars weakened in 2019 due to uncertainty associated with global tariffs and trade policies and declining industrial production . these economic factors , combined with declining railcar loading volumes and a growing supply of underutilized railcar assets in north america , are pressuring railcar lease rates and utilization , as well as orders for new railcar equipment . we currently expect this trend to continue in the near term . we believe that our integrated rail platform is designed to respond to cyclical changes in demand and perform throughout the railcar cycle . restructuring activities in the fourth quarter of 2019 , we implemented the initial phase of efforts to streamline certain functions to support our rail-focused strategy and to begin disposing of underutilized assets and facilities . in connection with our assessment of future needs to support our go-forward business strategy , we recognized a restructuring charge of approximately $ 14.7 million , primarily from write-downs related to underutilized assets associated with our non-operational facilities , and employee transition costs . we estimate that these actions will generate future annualized cost savings of approximately $ 8 million to $ 10 million . we expect to identify additional streamlining and cost savings opportunities in 2020 . story_separator_special_tag replace_table_token_20_th the changes in our operating assets and liabilities resulted in a net use of $ 79.0 million for the year ended december 31 , 2019 , compared to a net use of $ 142.5 million for the year ended december 31 , 2018 , primarily as a result of improved working capital management . investing activities . net cash used in investing activities from continuing operations for the year ended december 31 , 2019 was $ 993.3 million compared to $ 412.3 million for the year ended december 31 , 2018 . significant investing activities are as follows : we made a net investment in the lease fleet of $ 916.5 million during the year ended december 31 , 2019 , compared to $ 717.8 million in the prior year period . our net investment in the lease fleet primarily includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases ; and is net of proceeds from the sales of leased railcars owned more than one year at the time of sale . short-term marketable securities decreased by $ 319.5 million for the year ended december 31 , 2018 . there were no investing activities related to short-term marketable securities during the year ended december 31 , 2019 . financing activities . story_separator_special_tag through tilc , tilc 's warehouse loan facility , and our revolving credit facility . after libor is phased out , the interest rates for these obligations might be subject to change . the replacement of libor with an alternative benchmark reference rate may adversely affect interest rates and result in higher borrowing costs under these agreements and any future agreements . 41 contractual obligation and commercial commitments as of december 31 , 2019 , we had the following contractual obligations and commercial commitments : replace_table_token_21_th ( 1 ) excludes unamortized discount and debt issuance costs . ( 2 ) includes fixed rate interest obligations and interest on variable rate debt based on the outstanding balances and the applicable rates at december 31 , 2019 . ( 3 ) includes $ 483.8 million in purchase obligations for raw materials and components , primarily by the rail products group . as of december 31 , 2019 and 2018 , we had $ 5.0 million and $ 11.8 million , respectively , of tax liabilities , including interest and penalties , related to uncertain tax positions . because of the high degree of uncertainty regarding the timing of future cash outflows associated with these liabilities , we are unable to estimate the years in which settlement will occur with the respective taxing authorities , and , accordingly , such amounts are excluded from the table above . see note 9 of the consolidated financial statements . on september 4 , 2019 , our board of directors approved the termination of the pension plan , effective december 31 , 2019. the pension plan is expected to be settled between late 2020 and early 2021 , subject to required governmental approvals . any potential cash contribution that may be required to settle all of the pension plan 's obligations , is not expected to exceed $ 15.0 million and is excluded from the table above . see note 10 of the consolidated financial statements . 42 critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations discusses our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the u.s. the preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenues and expenses during the reporting period . management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe the following critical accounting policies , among others , affect our more significant judgments and estimates used in the preparation of our consolidated financial statements . estimate description judgment and or uncertainty potential impact if results differ income taxes we account for income taxes under the asset and liability method prescribed by asc 740. deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and other tax attributes using currently enacted tax rates . the effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income taxes in the period that includes the enactment date . our net deferred tax liabilities totaled $ 780.1 million as of december 31 , 2019 , which includes valuation allowances of $ 19.5 million . for further information regarding income taxes , see note 9 of the consolidated financial statements . management is required to estimate the timing of the recognition of deferred tax assets and liabilities , make assumptions about the future deductibility of deferred tax assets and assess deferred tax liabilities based on enacted law and tax rates for the appropriate tax jurisdictions to determine the amount of such deferred tax assets and liabilities . we assess whether a valuation allowance should be established against deferred tax assets based on consideration of all available evidence , both positive and negative , using a more likely than not standard . this assessment considers , among other matters : the nature , frequency and severity of recent losses ; a forecast of future profitability ; the duration of statutory carryback and carryforward periods ; our

net cash provided by financing activities during the year ended december 31 , 2019 was $ 526.5 million compared to $ 291.1 million of cash used in financing activities for the same period in 2018 . significant financing activities are as follows : during the year ended december 31 , 2019 , we had total borrowings of $ 2,567.8 million and total repayments of $ 1,724.1 million , for net proceeds of $ 843.7 million , primarily to support our investment in the lease fleet and for general and corporate purposes . during the year ended december 31 , 2018 , we had total borrowings of $ 1,206.6 million and total repayments of $ 887.8 million , for net proceeds of $ 318.8 million , primarily related to proceeds from the issuance of debt in support of our investment in the lease fleet , partially offset by the cash settlement of our then-outstanding convertible notes of $ 646.6 million . we paid $ 82.1 million and $ 77.4 million in dividends to our common stockholders during the year ended december 31 , 2019 and 2018 , respectively . 39 we repurchased common stock under our authorized share repurchase programs totaling $ 224.7 million and $ 506.1 million during the year ended december 31 , 2019 and 2018 , respectively . the cash outlay for shares repurchased during year ended december 31 , 2019 excludes approximately $ 70.0 million related to the repurchased shares that were funded in november 2018 under the asr program but delivered in the first quarter of 2019. current debt obligations please refer to note 8 of the consolidated financial statements for a description of our current debt obligations . capital expenditures capital expenditures for 2019 were $ 1,219.2 million with $ 1,122.2 million utilized for net lease fleet additions , which includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases . excluding proceeds from the sales of leased railcars owned more than one year of $ 205.7 million , our net investment in the lease fleet was $ 916.5 million .


 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 provided by financing activities during the year ended december 31 , 2019 was $ 526.5 million compared to $ 291.1 million of cash used in financing activities for the same period in 2018 . significant financing activities are as follows : during the year ended december 31 , 2019 , we had total borrowings of $ 2,567.8 million and total repayments of $ 1,724.1 million , for net proceeds of $ 843.7 million , primarily to support our investment in the lease fleet and for general and corporate purposes . during the year ended december 31 , 2018 , we had total borrowings of $ 1,206.6 million and total repayments of $ 887.8 million , for net proceeds of $ 318.8 million , primarily related to proceeds from the issuance of debt in support of our investment in the lease fleet , partially offset by the cash settlement of our then-outstanding convertible notes of $ 646.6 million . we paid $ 82.1 million and $ 77.4 million in dividends to our common stockholders during the year ended december 31 , 2019 and 2018 , respectively . 39 we repurchased common stock under our authorized share repurchase programs totaling $ 224.7 million and $ 506.1 million during the year ended december 31 , 2019 and 2018 , respectively . the cash outlay for shares repurchased during year ended december 31 , 2019 excludes approximately $ 70.0 million related to the repurchased shares that were funded in november 2018 under the asr program but delivered in the first quarter of 2019. current debt obligations please refer to note 8 of the consolidated financial statements for a description of our current debt obligations . capital expenditures capital expenditures for 2019 were $ 1,219.2 million with $ 1,122.2 million utilized for net lease fleet additions , which includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases . excluding proceeds from the sales of leased railcars owned more than one year of $ 205.7 million , our net investment in the lease fleet was $ 916.5 million .
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 Suspicious Activity Report : for the year ended december 31 , 2019 , we made a net investment in our lease fleet of approximately $ 916.5 million , which primarily includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases ; and is net of proceeds from the sales of leased railcars owned more than one year at the time of sale . the leasing group 's lease fleet of 103,705 company-owned railcars was 96.0 % utilized as of december 31 , 2019 , in comparison to a lease fleet utilization of 98.5 % on 99,215 company-owned railcars as of december 31 , 2018 . our company-owned railcars include wholly-owned , partially-owned , and railcars under sale-leaseback arrangements . the total value of the railcar backlog at december 31 , 2019 was $ 1.8 billion , compared to $ 3.6 billion at december 31 , 2018 . the rail products group received orders for 10,220 railcars and delivered 21,960 railcars in 2019 , in comparison to orders for 28,795 railcars and deliveries of 20,105 railcars in 2018 . for the year ended december 31 , 2019 , our return on equity ( `` roe `` ) and pre-tax roe were 5.6 % and 9.0 % ( 1 ) , respectively , in comparison to 4.3 % and 6.3 % ( 1 ) , respectively , for the year ended december 31 , 2018 . for the year ended december 31 , 2019 , we generated operating cash flows from continuing operations and free cash flow of $ 396.7 million and $ 423.3 million ( 1 ) , respectively , in comparison to $ 274.2 million and $ 390.0 million ( 1 ) , respectively , for the year ended december 31 , 2018 . ( 1 ) non-gaap financial measure . see the non-gaap financial measures section within this form 10-k for a reconciliation to the most directly comparable gaap measure and why management believes this measure is useful to management and investors . see `` consolidated results of operations `` and `` segment discussion `` below for additional information regarding our operating results for the year ended december 31 , 2019. see part ii , item 7 of our 2018 annual report on form 10-k for a discussion of our results of operations and liquidity and capital resources as of and for the year ended december 31 , 2018 , including a comparison to the year ended december 31 , 2017 . 28 returns of capital to shareholders for the year ended december 31 , 2019 , returns of capital to shareholders in the form of dividends and share repurchases are summarized below : capital structure updates in connection with the company 's ongoing efforts to optimize its capital structure , in april 2019 , trinity rail leasing 2019 llc ( `` trl-2019 `` ) , a delaware limited liability company and a limited purpose , indirect wholly-owned subsidiary of the company owned through tilc , issued $ 528.3 million of trl-2019 secured railcar equipment notes . in october 2019 , trl-2019 issued an additional $ 386.5 million of trl-2019 secured railcar equipment notes , consisting of two classes of notes . these notes have a stated final maturity date of 2049. see `` liquidity and capital resources `` below for further information regarding these activities . litigation updates see note 15 of the consolidated financial statements for an update on the status of our highway products litigation . cyclical and seasonal trends impacting our business the industries in which we operate are cyclical in nature . weaknesses in certain sectors of the north american and global economy may make it more difficult to sell or lease certain types of railcars . additionally , adverse changes in commodity prices or lower demand for certain commodities could result in a decline in customer demand for various types of railcars . we continuously assess demand for our products and services and take steps to rationalize and diversify our leased railcar portfolio and align our manufacturing capacity appropriately . we diligently evaluate the creditworthiness of our customers and monitor performance of relevant market sectors ; however , weaknesses in any of these market sectors could affect the financial viability of our underlying leasing group customers , which could negatively impact our recurring leasing revenues and operating profits . due to their transactional nature , railcar sales from the lease fleet are the primary driver of fluctuations in results in the leasing group . results in our all other group are affected by seasonal fluctuations , with the second and third quarters historically being the quarters with the highest revenues . 29 recent market developments demand for railcars weakened in 2019 due to uncertainty associated with global tariffs and trade policies and declining industrial production . these economic factors , combined with declining railcar loading volumes and a growing supply of underutilized railcar assets in north america , are pressuring railcar lease rates and utilization , as well as orders for new railcar equipment . we currently expect this trend to continue in the near term . we believe that our integrated rail platform is designed to respond to cyclical changes in demand and perform throughout the railcar cycle . restructuring activities in the fourth quarter of 2019 , we implemented the initial phase of efforts to streamline certain functions to support our rail-focused strategy and to begin disposing of underutilized assets and facilities . in connection with our assessment of future needs to support our go-forward business strategy , we recognized a restructuring charge of approximately $ 14.7 million , primarily from write-downs related to underutilized assets associated with our non-operational facilities , and employee transition costs . we estimate that these actions will generate future annualized cost savings of approximately $ 8 million to $ 10 million . we expect to identify additional streamlining and cost savings opportunities in 2020 . story_separator_special_tag replace_table_token_20_th the changes in our operating assets and liabilities resulted in a net use of $ 79.0 million for the year ended december 31 , 2019 , compared to a net use of $ 142.5 million for the year ended december 31 , 2018 , primarily as a result of improved working capital management . investing activities . net cash used in investing activities from continuing operations for the year ended december 31 , 2019 was $ 993.3 million compared to $ 412.3 million for the year ended december 31 , 2018 . significant investing activities are as follows : we made a net investment in the lease fleet of $ 916.5 million during the year ended december 31 , 2019 , compared to $ 717.8 million in the prior year period . our net investment in the lease fleet primarily includes new railcar additions and railcar modifications , net of deferred profit , and secondary market purchases ; and is net of proceeds from the sales of leased railcars owned more than one year at the time of sale . short-term marketable securities decreased by $ 319.5 million for the year ended december 31 , 2018 . there were no investing activities related to short-term marketable securities during the year ended december 31 , 2019 . financing activities . story_separator_special_tag through tilc , tilc 's warehouse loan facility , and our revolving credit facility . after libor is phased out , the interest rates for these obligations might be subject to change . the replacement of libor with an alternative benchmark reference rate may adversely affect interest rates and result in higher borrowing costs under these agreements and any future agreements . 41 contractual obligation and commercial commitments as of december 31 , 2019 , we had the following contractual obligations and commercial commitments : replace_table_token_21_th ( 1 ) excludes unamortized discount and debt issuance costs . ( 2 ) includes fixed rate interest obligations and interest on variable rate debt based on the outstanding balances and the applicable rates at december 31 , 2019 . ( 3 ) includes $ 483.8 million in purchase obligations for raw materials and components , primarily by the rail products group . as of december 31 , 2019 and 2018 , we had $ 5.0 million and $ 11.8 million , respectively , of tax liabilities , including interest and penalties , related to uncertain tax positions . because of the high degree of uncertainty regarding the timing of future cash outflows associated with these liabilities , we are unable to estimate the years in which settlement will occur with the respective taxing authorities , and , accordingly , such amounts are excluded from the table above . see note 9 of the consolidated financial statements . on september 4 , 2019 , our board of directors approved the termination of the pension plan , effective december 31 , 2019. the pension plan is expected to be settled between late 2020 and early 2021 , subject to required governmental approvals . any potential cash contribution that may be required to settle all of the pension plan 's obligations , is not expected to exceed $ 15.0 million and is excluded from the table above . see note 10 of the consolidated financial statements . 42 critical accounting policies and estimates management 's discussion and analysis of financial condition and results of operations discusses our consolidated financial statements , which have been prepared in accordance with accounting principles generally accepted in the u.s. the preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities at the date of the financial statements , and the reported amounts of revenues and expenses during the reporting period . management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . we believe the following critical accounting policies , among others , affect our more significant judgments and estimates used in the preparation of our consolidated financial statements . estimate description judgment and or uncertainty potential impact if results differ income taxes we account for income taxes under the asset and liability method prescribed by asc 740. deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and other tax attributes using currently enacted tax rates . the effect of a change in tax rates on deferred tax assets and liabilities is recognized in the provision for income taxes in the period that includes the enactment date . our net deferred tax liabilities totaled $ 780.1 million as of december 31 , 2019 , which includes valuation allowances of $ 19.5 million . for further information regarding income taxes , see note 9 of the consolidated financial statements . management is required to estimate the timing of the recognition of deferred tax assets and liabilities , make assumptions about the future deductibility of deferred tax assets and assess deferred tax liabilities based on enacted law and tax rates for the appropriate tax jurisdictions to determine the amount of such deferred tax assets and liabilities . we assess whether a valuation allowance should be established against deferred tax assets based on consideration of all available evidence , both positive and negative , using a more likely than not standard . this assessment considers , among other matters : the nature , frequency and severity of recent losses ; a forecast of future profitability ; the duration of statutory carryback and carryforward periods ; our

