our debt financing strategy is focused on raising unsecured debt in the global bank and debt capital markets , with a limited utilization of export credit or other forms of secured financing . in 2018 , we issued a total of $ 3.03 billion in senior unsecured notes bearing interest at fixed rates ranging from 2.50 % to 4.625 % with one note bearing interest at a floating rate of libor plus 1.125 % , with maturities ranging from 2021 to 2028. in addition , we increased our unsecured revolving credit facility capacity to approximately $ 4.6 billion , representing a 21.7 % increase from 2017 and extended the final maturity to may 5 , 2022 with an interest of libor plus 1.05 % . we ended 2018 with total debt outstanding , net of discounts and issuance costs , of $ 11.5 billion , of which 86.4 % was at a fixed rate and 96.5 % of which was unsecured . as of december 31 , 2018 , our composite cost of funds was 3.46 % . 46 in 2018 , total revenues increased by 10.8 % to $ 1.7 billion , compared to 2017. the increase in our total revenues is primarily due to the $ 2.4 billion increase in the net book value of our operating lease portfolio . income before taxes increased 5.0 % to $ 640.1 million for the year ended december 31 , 2018 as compared to $ 609.5 million for the year ended december 31 , 2017. the increase in our income before taxes was principally driven by the continued growth of our fleet , partially offset by a reduction of our aircraft sales and trading activity . our pre-tax profit margin for the year ended december 31 , 2018 was 38.1 % as compared to 40.2 % for the year ended december 31 , 2017. during the year ended december 31 , 2018 , our net income was $ 510.8 million , or $ 4.60 per diluted share compared to $ 756.2 million , or $ 6.82 per diluted share for the year ended december 31 , 2017. the decrease was primarily due to the enactment of the u.s. tax cuts and jobs act ( the “ tax reform act ” ) , which was effective beginning january 1 , 2018 , which resulted in a tax benefit of $ 354.1 million , or $ 3.17 per diluted share during the year ended december 31 , 2017. this decrease in net income was partially offset by the continued growth in our fleet . our adjusted net income before income taxes excludes the effects of certain non-cash items , one-time or non-recurring items , such as settlement expense , net of recoveries , that are not expected to continue in the future and certain other items . our adjusted net income before income taxes for the year ended december 31 , 2018 was $ 690.3 million or $ 6.20 per diluted share , compared to $ 657.8 million , or $ 5.94 per diluted share for the year ended december 31 , 2017. the increase in our adjusted net income before income taxes was principally driven by the continued growth of our fleet , partially offset by a reduction of our aircraft sales and trading activity . our adjusted margin before income taxes for the year ended december 31 , 2018 was 41.1 % compared to 43.4 % for the year ended december 31 , 2017. adjusted net income before income taxes , adjusted margin before income taxes and adjusted diluted earnings per share before income taxes are measures of financial and operational performance that are not defined by generally accepted accounting principles ( “ gaap ” ) . see note 3 in “ item 6. selected financial data ” of this annual report on form 10-k for a discussion of adjusted net income before income taxes and adjusted diluted earnings per share before income taxes as non-gaap measures and a reconciliation of these measures to net income . our fleet we have continued to build one of the world 's youngest operating lease portfolios , including some of the most fuel-efficient commercial jet transport aircraft . our fleet , based on net book value , increased by 18.3 % , to $ 15.7 billion as of december 31 , 2018 , compared to $ 13.3 billion as of december 31 , 2017. during the year ended december 31 , 2018 , we took delivery of 37 aircraft from our new order pipeline , purchased nine incremental aircraft and sold 15 aircraft , ending the year with a total of 275 aircraft . our weighted average fleet age and weighted average remaining lease term as of december 31 , 2018 were 3.8 years and 6.8 years , respectively . we also managed 61 aircraft as of december 31 , 2018 . 47 portfolio metrics of our fleet as of december 31 , 2018 and 2017 are as follows : replace_table_token_13_th ( 1 ) weighted‑average fleet age and remaining lease term calculated based on net book value . ( 2 ) as of december 31 , 2018 , we had options to acquire up to five airbus a350-1000 aircraft and 45 boeing 737-8 max aircraft . as of december 31 , 2017 , we had options to acquire up to five airbus a350-1000 aircraft . the following table sets forth the net book value and percentage of the net book value of our flight equipment subject to operating lease in the indicated regions based on each airline 's principal place of business as of december 31 , 2018 and 2017 : replace_table_token_14_th 48 the following table sets forth the number of aircraft we owned by aircraft type as of december 31 , 2018 and 2017 : replace_table_token_15_th ( 1 ) as of december 31 , 2018 , we had six aircraft held for sale . story_separator_special_tag the outstanding balance under our secured term facilities as of december 31 , 2018 was comprised of a $ 0.5 million fixed rate debt facility with an interest rate of 4.58 % and $ 370.7 million of floating rate debt with interest rates ranging from libor plus 1.15 % to libor plus 2.99 % . as of december 31 , 2018 , the remaining maturities of all secured term facilities ranged from approximately 0.1 years to approximately 4.5 years . 55 as of december 31 , 2017 , the outstanding balance on our secured term facilities was $ 484.0 million and we had pledged 19 aircraft as collateral with a net book value of $ 1.1 billion . the outstanding balance under our secured term facilities as of december 31 , 2017 was comprised of a $ 2.6 million fixed rate debt facility with an interest rate of 4.58 % and $ 481.5 million floating rate debt with interest rates ranging from libor plus 1.15 % to libor plus 2.99 % . export credit financings in march 2013 , we issued $ 76.5 million in secured notes due 2024 guaranteed by the export-import bank of the united states . the notes mature on august 15 , 2024 and bear interest at a rate of 1.617 % per annum . we used the proceeds of the offering to refinance a portion of the purchase price of two boeing aircraft , which serve as collateral for the notes , and the related premium charged by export-import bank for its guarantee of the notes . as of december 31 , 2018 and 2017 , we had $ 38.3 million and $ 44.9 million in export credit financing outstanding , respectively . credit ratings our investment grade credit ratings help us to lower our cost of funds and broaden our access to attractively priced capital . our long-term debt financing strategy is focused on continuing to raise unsecured debt in the global bank and investment grade capital markets . in 2018 , kroll bond ratings , standard and poor 's and fitch ratings each reaffirmed their issuer and senior unsecured debt ratings and outlook . the following table summarizes our current credit ratings : rating agency long-term debt corporate rating outlook date of last ratings action kroll bond ratings a- a- stable outlook december 14 , 2018 standard and poor 's bbb bbb stable outlook december 18 , 2018 fitch ratings bbb bbb stable outlook july 17 , 2018 while a ratings downgrade would not result in a default under any of our debt agreements , it could adversely affect our ability to issue debt and obtain new financings , or renew existing financings , and it would increase the cost of our financings . 56 results of operations replace_table_token_19_th ( 1 ) on december 22 , 2017 , the u.s. tax cuts and jobs act ( the “ tax reform act ” ) was signed into law . the tax reform act significantly revised the u.s. corporate income tax law by , among other things , lowering the u.s. corporate tax rate from 35 % to 21 % , effective january 1 , 2018. accounting standards codification ( “ asc ” ) 740 requires that the impact of tax legislation be recognized in the period in which the law was enacted . as a result of the tax reform act , we recorded a tax benefit of $ 354.1 million due to the remeasurement of deferred tax assets and liabilities in the year ended december 31 , 2017 . ( 2 ) adjusted net income before income taxes ( defined as net income excluding the effects of certain non-cash items , one-time or non-recurring items , such as settlement expense , net of recoveries , that are not expected to continue in the future and certain other items ) , adjusted margin before income taxes ( defined as adjusted net income before income taxes divided by total revenues , excluding insurance recoveries ) , adjusted pre-tax return on equity ( defined as adjusted net income before income taxes divided by average shareholders ' equity ) and adjusted diluted earnings per share before income taxes ( defined as adjusted net income before income taxes plus assumed conversions divided by the weighted average diluted common shares outstanding ) are measures of operating performance that are not defined by gaap and should not be considered as an alternative to net income , pre-tax profit margin , earnings per share , pre-tax return on equity and diluted earnings per share , or any other performance measures 57 derived in accordance with gaap . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes , are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations . management and our board of directors use adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes to assess our consolidated financial and operating performance . management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance , because they remove the effects of certain non-cash items , one-time or non-recurring items that are not expected to continue in the future and certain other items from our operating results . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes , however , should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under gaap . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income

debt our debt financing was comprised of the following at december 31 , 2018 and 2017 : replace_table_token_18_th ( 1 ) this rate does not include the effect of upfront fees , undrawn fees or issuance cost amortization . senior unsecured notes ( including medium-term note program ) we issued $ 2.95 billion in aggregate principal amount of senior unsecured notes during 2018 , comprised of ( i ) $ 700.0 million in aggregate principal amount of 3.500 % notes due 2022 ; ( ii ) $ 500.0 million in aggregate principal amount of 4.625 % notes due 2028 ; ( iii ) $ 500.0 million in aggregate principal amount of 3.875 % notes due 2023 ; ( iv ) $ 550.0 million in aggregate principal amount of 2.50 % notes due 2021 ; and ( v ) $ 700.0 million in aggregate principal amount of 3.250 % notes due 2025. in november 2018 , we also issued $ 75.0 million aggregate principal amount of senior unsecured notes due 2022 in a private placement that was not registered with the securities and exchange commission , bearing interest at libor plus a margin of 1.125 % per year . furthermore , on november 20 , 2018 , we established a medium-term note program , under which we may issue , from time to time , up to $ 15.0 billion of debt securities designated as our medium-term notes , series a. in january 2019 , we issued $ 700.0 million in aggregate principal amount of 4.250 % medium-term notes , series a , due february 1 , 2024 under our medium-term note program . as of december 31 , 2018 , we had $ 10.0 billion in aggregate principal amount of senior unsecured notes outstanding with remaining terms ranging from 0.1 years to 9.8 years and bearing interest at fixed rates ranging from 2.125 % to 7.375 % with one note bearing interest at a floating rate of libor plus 1.125 % . as of december 31 , 2017 , we had $ 8.0 billion in aggregate principal amount of senior unsecured notes outstanding bearing interest at fixed rates ranging from 2.125 % to 7.375 % . public senior notes ( including medium-term note program ) . of our $ 10.0


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt our debt financing was comprised of the following at december 31 , 2018 and 2017 : replace_table_token_18_th ( 1 ) this rate does not include the effect of upfront fees , undrawn fees or issuance cost amortization . senior unsecured notes ( including medium-term note program ) we issued $ 2.95 billion in aggregate principal amount of senior unsecured notes during 2018 , comprised of ( i ) $ 700.0 million in aggregate principal amount of 3.500 % notes due 2022 ; ( ii ) $ 500.0 million in aggregate principal amount of 4.625 % notes due 2028 ; ( iii ) $ 500.0 million in aggregate principal amount of 3.875 % notes due 2023 ; ( iv ) $ 550.0 million in aggregate principal amount of 2.50 % notes due 2021 ; and ( v ) $ 700.0 million in aggregate principal amount of 3.250 % notes due 2025. in november 2018 , we also issued $ 75.0 million aggregate principal amount of senior unsecured notes due 2022 in a private placement that was not registered with the securities and exchange commission , bearing interest at libor plus a margin of 1.125 % per year . furthermore , on november 20 , 2018 , we established a medium-term note program , under which we may issue , from time to time , up to $ 15.0 billion of debt securities designated as our medium-term notes , series a. in january 2019 , we issued $ 700.0 million in aggregate principal amount of 4.250 % medium-term notes , series a , due february 1 , 2024 under our medium-term note program . as of december 31 , 2018 , we had $ 10.0 billion in aggregate principal amount of senior unsecured notes outstanding with remaining terms ranging from 0.1 years to 9.8 years and bearing interest at fixed rates ranging from 2.125 % to 7.375 % with one note bearing interest at a floating rate of libor plus 1.125 % . as of december 31 , 2017 , we had $ 8.0 billion in aggregate principal amount of senior unsecured notes outstanding bearing interest at fixed rates ranging from 2.125 % to 7.375 % . public senior notes ( including medium-term note program ) . of our $ 10.0
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 Suspicious Activity Report : our debt financing strategy is focused on raising unsecured debt in the global bank and debt capital markets , with a limited utilization of export credit or other forms of secured financing . in 2018 , we issued a total of $ 3.03 billion in senior unsecured notes bearing interest at fixed rates ranging from 2.50 % to 4.625 % with one note bearing interest at a floating rate of libor plus 1.125 % , with maturities ranging from 2021 to 2028. in addition , we increased our unsecured revolving credit facility capacity to approximately $ 4.6 billion , representing a 21.7 % increase from 2017 and extended the final maturity to may 5 , 2022 with an interest of libor plus 1.05 % . we ended 2018 with total debt outstanding , net of discounts and issuance costs , of $ 11.5 billion , of which 86.4 % was at a fixed rate and 96.5 % of which was unsecured . as of december 31 , 2018 , our composite cost of funds was 3.46 % . 46 in 2018 , total revenues increased by 10.8 % to $ 1.7 billion , compared to 2017. the increase in our total revenues is primarily due to the $ 2.4 billion increase in the net book value of our operating lease portfolio . income before taxes increased 5.0 % to $ 640.1 million for the year ended december 31 , 2018 as compared to $ 609.5 million for the year ended december 31 , 2017. the increase in our income before taxes was principally driven by the continued growth of our fleet , partially offset by a reduction of our aircraft sales and trading activity . our pre-tax profit margin for the year ended december 31 , 2018 was 38.1 % as compared to 40.2 % for the year ended december 31 , 2017. during the year ended december 31 , 2018 , our net income was $ 510.8 million , or $ 4.60 per diluted share compared to $ 756.2 million , or $ 6.82 per diluted share for the year ended december 31 , 2017. the decrease was primarily due to the enactment of the u.s. tax cuts and jobs act ( the “ tax reform act ” ) , which was effective beginning january 1 , 2018 , which resulted in a tax benefit of $ 354.1 million , or $ 3.17 per diluted share during the year ended december 31 , 2017. this decrease in net income was partially offset by the continued growth in our fleet . our adjusted net income before income taxes excludes the effects of certain non-cash items , one-time or non-recurring items , such as settlement expense , net of recoveries , that are not expected to continue in the future and certain other items . our adjusted net income before income taxes for the year ended december 31 , 2018 was $ 690.3 million or $ 6.20 per diluted share , compared to $ 657.8 million , or $ 5.94 per diluted share for the year ended december 31 , 2017. the increase in our adjusted net income before income taxes was principally driven by the continued growth of our fleet , partially offset by a reduction of our aircraft sales and trading activity . our adjusted margin before income taxes for the year ended december 31 , 2018 was 41.1 % compared to 43.4 % for the year ended december 31 , 2017. adjusted net income before income taxes , adjusted margin before income taxes and adjusted diluted earnings per share before income taxes are measures of financial and operational performance that are not defined by generally accepted accounting principles ( “ gaap ” ) . see note 3 in “ item 6. selected financial data ” of this annual report on form 10-k for a discussion of adjusted net income before income taxes and adjusted diluted earnings per share before income taxes as non-gaap measures and a reconciliation of these measures to net income . our fleet we have continued to build one of the world 's youngest operating lease portfolios , including some of the most fuel-efficient commercial jet transport aircraft . our fleet , based on net book value , increased by 18.3 % , to $ 15.7 billion as of december 31 , 2018 , compared to $ 13.3 billion as of december 31 , 2017. during the year ended december 31 , 2018 , we took delivery of 37 aircraft from our new order pipeline , purchased nine incremental aircraft and sold 15 aircraft , ending the year with a total of 275 aircraft . our weighted average fleet age and weighted average remaining lease term as of december 31 , 2018 were 3.8 years and 6.8 years , respectively . we also managed 61 aircraft as of december 31 , 2018 . 47 portfolio metrics of our fleet as of december 31 , 2018 and 2017 are as follows : replace_table_token_13_th ( 1 ) weighted‑average fleet age and remaining lease term calculated based on net book value . ( 2 ) as of december 31 , 2018 , we had options to acquire up to five airbus a350-1000 aircraft and 45 boeing 737-8 max aircraft . as of december 31 , 2017 , we had options to acquire up to five airbus a350-1000 aircraft . the following table sets forth the net book value and percentage of the net book value of our flight equipment subject to operating lease in the indicated regions based on each airline 's principal place of business as of december 31 , 2018 and 2017 : replace_table_token_14_th 48 the following table sets forth the number of aircraft we owned by aircraft type as of december 31 , 2018 and 2017 : replace_table_token_15_th ( 1 ) as of december 31 , 2018 , we had six aircraft held for sale . story_separator_special_tag the outstanding balance under our secured term facilities as of december 31 , 2018 was comprised of a $ 0.5 million fixed rate debt facility with an interest rate of 4.58 % and $ 370.7 million of floating rate debt with interest rates ranging from libor plus 1.15 % to libor plus 2.99 % . as of december 31 , 2018 , the remaining maturities of all secured term facilities ranged from approximately 0.1 years to approximately 4.5 years . 55 as of december 31 , 2017 , the outstanding balance on our secured term facilities was $ 484.0 million and we had pledged 19 aircraft as collateral with a net book value of $ 1.1 billion . the outstanding balance under our secured term facilities as of december 31 , 2017 was comprised of a $ 2.6 million fixed rate debt facility with an interest rate of 4.58 % and $ 481.5 million floating rate debt with interest rates ranging from libor plus 1.15 % to libor plus 2.99 % . export credit financings in march 2013 , we issued $ 76.5 million in secured notes due 2024 guaranteed by the export-import bank of the united states . the notes mature on august 15 , 2024 and bear interest at a rate of 1.617 % per annum . we used the proceeds of the offering to refinance a portion of the purchase price of two boeing aircraft , which serve as collateral for the notes , and the related premium charged by export-import bank for its guarantee of the notes . as of december 31 , 2018 and 2017 , we had $ 38.3 million and $ 44.9 million in export credit financing outstanding , respectively . credit ratings our investment grade credit ratings help us to lower our cost of funds and broaden our access to attractively priced capital . our long-term debt financing strategy is focused on continuing to raise unsecured debt in the global bank and investment grade capital markets . in 2018 , kroll bond ratings , standard and poor 's and fitch ratings each reaffirmed their issuer and senior unsecured debt ratings and outlook . the following table summarizes our current credit ratings : rating agency long-term debt corporate rating outlook date of last ratings action kroll bond ratings a- a- stable outlook december 14 , 2018 standard and poor 's bbb bbb stable outlook december 18 , 2018 fitch ratings bbb bbb stable outlook july 17 , 2018 while a ratings downgrade would not result in a default under any of our debt agreements , it could adversely affect our ability to issue debt and obtain new financings , or renew existing financings , and it would increase the cost of our financings . 56 results of operations replace_table_token_19_th ( 1 ) on december 22 , 2017 , the u.s. tax cuts and jobs act ( the “ tax reform act ” ) was signed into law . the tax reform act significantly revised the u.s. corporate income tax law by , among other things , lowering the u.s. corporate tax rate from 35 % to 21 % , effective january 1 , 2018. accounting standards codification ( “ asc ” ) 740 requires that the impact of tax legislation be recognized in the period in which the law was enacted . as a result of the tax reform act , we recorded a tax benefit of $ 354.1 million due to the remeasurement of deferred tax assets and liabilities in the year ended december 31 , 2017 . ( 2 ) adjusted net income before income taxes ( defined as net income excluding the effects of certain non-cash items , one-time or non-recurring items , such as settlement expense , net of recoveries , that are not expected to continue in the future and certain other items ) , adjusted margin before income taxes ( defined as adjusted net income before income taxes divided by total revenues , excluding insurance recoveries ) , adjusted pre-tax return on equity ( defined as adjusted net income before income taxes divided by average shareholders ' equity ) and adjusted diluted earnings per share before income taxes ( defined as adjusted net income before income taxes plus assumed conversions divided by the weighted average diluted common shares outstanding ) are measures of operating performance that are not defined by gaap and should not be considered as an alternative to net income , pre-tax profit margin , earnings per share , pre-tax return on equity and diluted earnings per share , or any other performance measures 57 derived in accordance with gaap . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes , are presented as supplemental disclosure because management believes they provide useful information on our earnings from ongoing operations . management and our board of directors use adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes to assess our consolidated financial and operating performance . management believes these measures are helpful in evaluating the operating performance of our ongoing operations and identifying trends in our performance , because they remove the effects of certain non-cash items , one-time or non-recurring items that are not expected to continue in the future and certain other items from our operating results . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income taxes , however , should not be considered in isolation or as a substitute for analysis of our operating results or cash flows as reported under gaap . adjusted net income before income taxes , adjusted margin before income taxes , adjusted pre-tax return on equity and adjusted diluted earnings per share before income

