-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GgbHQYkk7hRdmyA8396q074ZGTGR/ht75HKePx6wxT0HQ4QEqPxVxh71pdwy8Z/y vPlHbRgiOwV2BLgsiN+EBw== /in/edgar/work/0000950149-00-002371/0000950149-00-002371.txt : 20001114 0000950149-00-002371.hdr.sgml : 20001114 ACCESSION NUMBER: 0000950149-00-002371 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX CAPITAL CORP CENTRAL INDEX KEY: 0000357019 STANDARD INDUSTRIAL CLASSIFICATION: [6172 ] IRS NUMBER: 941661392 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-08319 FILM NUMBER: 758922 BUSINESS ADDRESS: STREET 1: FOUR EMBARCADERO CTR SUITE 2200 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4159553200 FORMER COMPANY: FORMER CONFORMED NAME: GATX LEASING CORP DATE OF NAME CHANGE: 19900405 10-Q 1 f67042e10-q.txt QUARTERLY REPORT 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended Commission File Number September 30, 2000 1-8319 [GATX CAPITAL LOGO] GATX CAPITAL CORPORATION Incorporated in the IRS Employer Identification Number State of Delaware 94-1661392 Four Embarcadero Center San Francisco, CA 94111 (415) 955-3200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] All Common Stock of Registrant is held by GATX Financial Services, Inc. (a wholly-owned subsidiary of GATX Corporation). As of November 10, 2000, Registrant has outstanding 1,031,250 shares of $1 par value Common Stock. THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) and (b) OF FORM 10-Q AND IS THEREFORE FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT. 2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS GATX CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED, IN THOUSANDS)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ---------------------- ----------------------- 2000 1999 2000 1999 -------- -------- -------- --------- REVENUES: Lease income $112,813 $ 83,332 $326,338 $ 231,258 Equity earnings from investment in joint ventures 15,954 18,299 60,157 45,740 Interest 17,825 13,121 42,245 30,271 Gain on sale of assets 19,410 9,498 37,823 50,196 Gain on sale of securities 11,783 6,348 34,404 14,549 Fees 7,027 8,942 16,832 22,828 Other 2,248 1,604 6,964 4,961 -------- -------- -------- --------- 187,060 141,144 524,763 399,803 -------- -------- -------- --------- EXPENSES: Operating leases 64,205 48,302 187,894 128,537 Interest 45,643 28,273 125,292 83,502 Selling, general & administrative 33,479 28,043 90,509 77,928 Provision for losses on investments 4,568 2,752 8,568 8,251 Other 1,110 1,217 3,638 3,579 -------- -------- -------- --------- 149,005 108,587 415,901 301,797 -------- -------- -------- --------- Income from continuing operations before income taxes 38,055 32,557 108,862 98,006 Provision for income taxes 15,052 13,186 43,021 39,448 -------- -------- -------- --------- INCOME FROM CONTINUING OPERATIONS 23,003 19,371 65,841 58,558 DISCONTINUED OPERATIONS: Loss from discontinued operations, net of income taxes -- -- -- (4,642) Gain from sale of discontinued operations, net of income tax benefits of $1,853 -- -- -- 2,137 -------- -------- -------- --------- NET INCOME $ 23,003 $ 19,371 $ 65,841 $ 56,053 ======== ======== ======== =========
1 3 GATX CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS)
SEPTEMBER 30, DECEMBER 31, 2000 1999 ----------- ----------- (UNAUDITED) ASSETS: Cash and cash equivalents $ 149,525 $ 45,817 Investments: Direct financing leases 528,317 477,739 Leveraged leases 205,190 170,066 Operating lease equipment-net of depreciation 1,106,294 960,123 Secured loans 565,736 358,001 Investment in joint ventures 805,795 667,648 Assets held for sale or lease 51,614 36,993 Other investments 152,923 197,096 Investment in future residuals 5,324 14,538 Allowance for losses on investments (107,358) (109,771) ----------- ----------- Net investments 3,313,835 2,772,433 ----------- ----------- Due from Parent 40,768 46,705 Other assets 114,771 76,736 ----------- ----------- TOTAL ASSETS $ 3,618,899 $ 2,941,691 =========== =========== LIABILITIES AND STOCKHOLDER'S EQUITY: Accrued interest $ 42,815 $ 17,366 Accounts payable and other liabilities 129,337 147,797 Debt financing: Commercial paper and bankers' acceptances 6,719 128,927 Notes payable 57,522 5,454 Obligations under capital leases 7,108 7,253 Senior term notes 2,159,000 1,625,000 ----------- ----------- Total debt financing 2,230,349 1,766,634 ----------- ----------- Nonrecourse obligations 445,787 397,849 Deferred income 19,884 10,714 Deferred income taxes 200,654 143,560 Stockholder's equity: Convertible preferred stock, par value $1, and additional paid-in capital 125,000 125,000 Common stock, par value $1, and additional paid-in capital 63,960 28,960 Accumulated other comprehensive income 47,748 27,661 Retained earnings 313,365 276,150 ----------- ----------- Total stockholder's equity 550,073 457,771 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 3,618,899 $ 2,941,691 =========== ===========
2 4 GATX CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED, IN THOUSANDS)
NINE MONTHS ENDED SEPTEMBER 30, 2000 1999 ----------- --------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 65,841 $ 56,053 Reconciliation of net income to net cash flows provided by operating activities: Provision for losses on investments 8,568 8,251 Depreciation expense 158,077 98,549 Provision for deferred income taxes 50,207 32,634 Gain on sale of assets (37,823) (50,196) Gain on sale of discontinued operations -- (2,137) Equity earnings from investment in joint venture (34,712) (24,465) Changes in assets and liabilities: Other assets (34,119) 16,995 Due from Parent 5,937 (4,227) Accrued interest, accounts payable and other liabilities 5,272 (12,007) Deferred income 9,170 5,749 Other - net (15,733) (2,294) ----------- --------- Net cash flows provided by operating activities 180,685 122,905 ----------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Investments in leased equipment, net of nonrecourse borrowings for leveraged leases (412,602) (434,167) Loans extended to borrowers (338,466) (204,653) Other investments (273,020) (140,123) ----------- --------- Total investments (1,024,088) (778,943) ----------- --------- Lease rents received, net of earned income and leveraged lease nonrecourse debt service 108,905 125,476 Loan principal received 124,806 68,209 Proceeds from sale of assets 106,239 174,546 Joint venture investment recovery 52,336 32,315 ----------- --------- Recovery of investments 392,286 400,546 ----------- --------- Net cash flows used in investing activities (631,802) (378,397) ----------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of senior term notes 600,000 162,000 Proceeds from nonrecourse obligations 650,811 91,857 Proceeds from capital lease obligation 1,910 -- Proceeds from additional paid-in capital 35,000 -- Net (decrease) increase in short-term borrowings (70,140) 215,179 Repayment of senior term notes (66,000) (88,600) Repayment of capital lease obligations (2,055) (1,752) Repayment of nonrecourse obligations (566,075) (134,720) Dividends paid to stockholder (28,626) (25,427) ----------- --------- Net cash flows provided by financing activities 554,825 218,537 ----------- --------- Net increase (decrease) in cash and cash equivalents 103,708 (36,955) Cash and cash equivalents at beginning of period 45,817 67,975 ----------- --------- CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 149,525 $ 31,020 =========== =========
3 5 GATX CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED, IN THOUSANDS)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30 SEPTEMBER 30 ----------------------- ----------------------- 2000 1999 2000 1999 -------- -------- -------- -------- Net income $ 23,003 $ 19,371 $ 65,841 $ 56,053 Other comprehensive gain (loss), net of tax: Foreign currency translation adjustment (2,317) 371 (2,080) (110) Unrealized gain (loss) on securities, net of reclassification adjustments (a) 12,813 (4,738) 22,167 5,834 -------- -------- -------- -------- Other comprehensive gain (loss) 10,496 (4,367) 20,087 5,724 -------- -------- -------- -------- COMPREHENSIVE INCOME $ 33,499 $ 15,004 $ 85,928 $ 61,777 ======== ======== ======== ======== (a) Reclassification adjustments: Unrealized gain (loss) on securities $ 19,974 $ (881) $ 43,076 $ 14,676 Less - Reclassification adjustment for gains realized included in net income (7,161) (3,857) (20,909) (8,842) -------- -------- -------- -------- Net unrealized gain (loss) on securities $ 12,813 $ (4,738) $ 22,167 $ 5,834 ======== ======== ======== ========
4 6 GATX CAPITAL CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2000 AND 1999 1. BASIS OF PRESENTATION The consolidated financial statements include the accounts of GATX Capital Corporation and its subsidiaries (the "Company"), which is an active investor in a wide variety of asset-based financing. The Company's consolidated balance sheet at December 31, 1999 was derived from the audited financial statements at that date. The unaudited interim consolidated financial statements and related unaudited financial information in the footnotes have been prepared in accordance with accounting principles generally accepted in the United States and the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial statements. Such interim financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary to present fairly the consolidated financial position of the Company and the results of its operations and its cash flows for the interim periods. These consolidated financial statements should be read in conjunction with the Company's financial statements and the notes thereto contained in the Annual Report on Form 10-K for the year ended December 31, 1999. The nature of the Company's business is such that the results of any interim period may not be indicative of the results to be expected for the entire year. All significant intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior year financial statements to conform to the current presentation. 2. CONTINGENCIES The Company has previously reported on its Form 10-K the litigation involving conversion of certain aircraft from passenger to freighter configuration. Refer to Part II, Item 1, "Legal Proceedings," for a complete discussion of this issue. 3. DERIVATIVES AND THE IMPACT OF NEW ACCOUNTING STANDARDS Effective January 1, 2001, the Company will adopt Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended by SFAS No. 137, "Accounting for Derivative Instruments and Hedging Activities--Deferral of the Effective Date of FASB Statement No. 133," and SFAS No. 138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities - an amendment of FASB Statement No. 133." SFAS No. 133, as amended, establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging instruments. The statement requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. Derivatives that are not hedges must be adjusted to fair value through income. If the derivative is a hedge, depending on the nature of the hedge, changes in fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings. The ineffective portion of a derivative's change in fair value will be immediately recognized in earnings. The Company believes that the adoption of SFAS No. 133, as amended, will have a material impact on the accounting for stock warrants. In connection with its financing activities, the Company frequently obtains stocks and warrants from non-public, venture capital-backed companies. Under current accounting guidance, these items are generally accounted for as available-for-sale securities in accordance with SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities," with changes in fair value recorded as unrealized gain or loss in other comprehensive income in the equity section of the balance sheet. Upon adoption of SFAS No. 133, as 5 7 amended, the Company's warrants must be accounted for as derivatives, with prospective changes in fair value recorded in current earnings. As of September 30, 2000, a total of $57.1 million of unrealized gains, net of tax, were recorded in other comprehensive income, consisting of $32.1 million, net of tax, from warrants and $25.0 million, net of tax, from stock held in the available-for-sale securities portfolio. Apart from warrants, the Company uses interest rate and currency swap agreements, and forward sale agreements, as hedges that manage the Company's exposure to interest rate, market rate, and currency exchange rate risk on existing and anticipated transactions. To qualify for hedge accounting under current accounting guidance, the derivative instrument must be identified with and reduce the risk arising from a specific transaction. Interest income or expense on interest rate swaps is accrued and recorded as an adjustment to the interest income or expense related to the hedged item. Realized and unrealized gains on currency swaps are deferred and included in the measurement of the hedged investment over the term of the contract. Fair value changes arising from forward sale agreements are deferred in the investment section of the balance sheet and recognized in other comprehensive income in stockholder's equity in conjunction with the designated hedged item. The application of SFAS No. 133, as amended, to derivative instruments, other than warrants, is not expected to have a material impact on the Company's consolidated financial statements. 4. STAFF ACCOUNTING BULLETIN NO. 101 ON REVENUE RECOGNITION The SEC issued Staff Accounting Bulletin No. 101, effective beginning in the fourth quarter of 2000, to provide their views in applying generally accepted accounting principles to selected revenue recognition issues. Inasmuch as the Company's transactions are generally within the scope of specific authoritative accounting literature that provides revenue recognition guidance, such as SFAS No. 13, "Accounting for Leases", the Company does not believe SAB No. 101 will have a material impact on the consolidated financial statements. 6 8 PART I. FINANCIAL INFORMATION, CONTINUED ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS Overview The Company is a diversified international financial services company. Revenues arise from providing asset-based financing for transportation, industrial and information technology equipment, financing venture-backed and high-technology companies, managing assets for outside parties, and providing transaction structuring, residual guarantees and asset remarketing services. Net income earned during the three months ended September 30, 2000, was $23.0 million, up $3.6 million from the same period last year. Net income earned during the nine months ended September 30, 2000, was $65.8 million, up $9.8 million from the same period last year. The Company sold its technology equipment sales and service business segment in June 1999; accordingly, the Company reclassified all of the segment's revenue and expenses to income from discontinued operations for the three and nine-month periods ended September 30, 1999. Revenues Investment income, which includes lease income, equity earnings from investments in joint ventures, and interest, increased $31.8 million and $121.5 million during the three and nine-month periods ended September 30, 2000, respectively, compared to the same periods in 1999. This increase in revenue is consistent with the increase in average investment balances of approximately $930 million and $793 million during the corresponding three and nine-month periods in 2000 compared to 1999. Gain on sale of assets, which arise from the sale of the Company's investments other than marketable securities, were $19.4 million and $9.5 million for the third quarter of 2000 and 1999, respectively, and $37.8 million and $50.2 million for the nine months ended September 30, 2000 and 1999, respectively. Gain on sale of securities increased $5.4 million and $19.9 million during the three and nine-month periods ended September 30, 2000, respectively, compared to the corresponding periods in 1999. The Company generally obtains its stocks upon exercise of warrants received in connection with financing non-public, venture capital-backed companies. Prior to sale, these stocks and warrants are recorded in other investments on the balance sheet. Fees include income from providing remarketing services to third parties, proceeds from the sale of non-owned assets in which the Company has a residual share, and income from providing lease-related services and management. Fees were $7.0 million and $8.9 million for the third quarter of 2000 and 1999, respectively, and $16.8 million and $22.8 million for the nine months ended September 30, 2000 and 1999, respectively. 7 9 Expenses Operating lease expense includes depreciation of operating lease equipment and rent expense on off-balance sheet financing. Operating lease expense was $64.2 million and $187.9 million for the three and nine-month periods ended September 30, 2000, compared to $48.3 million and $128.5 million for the same periods in 1999. This increase is consistent with approximately $427 million and $376 million increases in average operating lease balances in the third quarter and first nine months of 2000, respectively, compared to the same periods last year. Interest expense increased $17.4 million and $41.8 million during the three and nine-month periods ended September 30, 2000, respectively, compared to the same periods last year, corresponding to $841 million and $687 million increases in related average debt balances, incurred to fund increasing new investments. Selling, general and administrative expenses were $5.4 million and $12.6 million higher during the three and nine-month periods ended September 30, 2000, respectively, compared to the same periods last year. This was due to higher human resources and other administrative expenses associated with an overall increase in business activity. CASH FLOW, LIQUIDITY AND CAPITAL RESOURCES The Company generates cash from operations and investment portfolios, and has certain facilities for borrowing. In addition, certain lease transactions are financed by obtaining nonrecourse loans equal to the present value of some or all of the rental streams. During the nine months ended September 30, 2000, the Company used cash generated from operations, recovery of investments, and proceeds from the issuance of senior term notes and nonrecourse obligations to fund $1,024.1 million of new investments and to repay $70.1 million of short-term borrowings. At September 30, 2000, $600 million of debt securities have been issued from a $1,015 million Series G shelf registration. $300 million of unused capacity remains under the Company's commercial paper and bankers' acceptances credit agreements, and $20 million remains under a stand-alone bank facility maintained by one of the Company's subsidiaries. The Company's recourse debt to equity ratio increased to 4.1:1 at September 30, 2000 from 3.9:1 at December 31, 1999, due to a $464 million increase in recourse borrowings primarily offset by a $35 million capital injection from GATX Corporation ("Parent") in June 2000, $37 million year-to-date earnings net of dividends, and a $22 million increase in unrealized gains from securities available-for-sale. At September 30, 2000, the Company could borrow an additional $894 million and still meet the 4.5:1 leverage ratio defined in its bank credit agreements. The Company's capital structure includes both fixed and floating rate debt. The Company strives for a stable margin over its cost of funds by managing the relationship of its fixed and floating rate investments to its fixed and floating rate borrowings. At September 30, 2000, the Company had approved unfunded transactions totaling approximately $1.8 billion, approximately $269 million of which is expected to fund during the remainder of 2000. Once approved for funding, a transaction may not be completed for various reasons, or the investment may be shared with partners or sold. 8 10 FORWARD-LOOKING INFORMATION This quarterly report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding intent, belief or current expectations of the Company and its management. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Shareholders and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that may cause the Company's actual results to differ materially from the results discussed in the forward-looking statements. PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS As previously reported, the Company is a party to actions arising from the issuance by the Federal Aviation Administration (the "FAA") in January 1996 of Airworthiness Directive 96-01-03 (the "AD"). The AD had the effect of significantly reducing the amount of freight that ten 747 aircraft may carry. These aircraft (the "Affected Aircraft") were modified from passenger to freighter configuration by GATX/Airlog Company ("Airlog"), a California general partnership. A subsidiary of the Company, GATX Aircraft Corporation is a partner in Airlog. The modifications were carried out between 1988 and 1994 by subcontractors of Airlog under authority of Supplemental Type Certificates ("STC's") issued by the FAA in 1987 pursuant to a design approved by the FAA. In the AD, the FAA stated that the STC's were issued "in error". On August 11, 2000, the United States District Court for the Northern District of California granted Elsinore Aerospace Services LP's ("Elsinore") motion for summary judgment against the Company on its claim for indemnification and defense under its contract with Airlog. Under this contract, Elsinore was to develop engineering, design and analysis necessary to develop Airlog's existing 747-100 STC's into STC's for converting 747-200 aircraft from passenger to freighter configuration. One Affected Aircraft was converted for American International Airlines ("AIA") under the STC's which were obtained pursuant to the Elsinore contract. AIA sued Elsinore, Airlog and the Company, among others, as a result of the issuance of the AD. The Company believes the Court's ruling is in error both as a matter of law and application of the facts of this claim. Therefore, the Company intends to pursue and appeal. While the amounts claimed in this matter are substantial and the liability with respect to such claims cannot be determined at this time, management believes that damages, if any, required to be paid by the Company in the discharge of such liability could be material to the results of operation for a given quarter or year, but are not likely to be material to the Company's consolidated financial position. ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits: 27. Financial Data Schedule (b) The Company filed no reports on Form 8-K during the three and nine months ended September 30, 2000. 9 11 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GATX CAPITAL CORPORATION /s/ Curt F. Glenn ----------------------------------------- Curt F. Glenn Senior Vice President and Chief Financial Officer /s/ Delphine M. Regalia ----------------------------------------- Delphine M. Regalia Principal Accounting Officer and Controller November 10, 2000 10 12 EXHIBIT INDEX
EXHIBIT NUMBER ------- 27. Financial Data Schedule
EX-27 2 f67042ex27.txt FINANCIAL DATA SCHEDULE
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED FINANCIAL STATEMENTS OF INCOME AND THE CONSOLIDATED BALANCE SHEETS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1000 9-MOS DEC-31-2000 JAN-01-2000 SEP-30-2000 149,525 0 1,299,243 107,358 51,614 0 1,106,294 0 3,618,899 0 2,611,895 0 1,027 1,031 548,015 3,618,899 0 524,763 0 0 282,041 8,568 125,292 108,862 43,021 65,841 0 0 0 65,841 0 0 CONSISTS OF DIRECT FINANCE LEASE RECEIVABLES OF 528,317, LEVERAGED LEASE RECEIVABLES OF 205,190, AND SECURED LOANS OF 565,736. CONSISTS OF COST OF EQUIPMENT LEASED TO OTHERS UNDER OPERATING LEASES, NET OF DEPRECIATION. GATX CAPITAL CORPORATION HAS AN UNCLASSIFIED BALANCE SHEET. CONSISTS OF SENIOR TERM NOTES OF 2,159,000, OBLIGATIONS UNDER CAPITAL LEASES OF 7,108, AND NONRECOURSE OBLIGATIONS OF 445,787. PAR VALUE ONLY. CONSISTS OF RETAINED EARNINGS OF 313,365, ADDITIONAL PAID-IN CAPITAL OF 186,902, UNREALIZED GAINS ON MARKETABLE EQUITY SECURITIES, NET OF TAX OF 57,133 AND FOREIGN CURRENCY TRANSLATION ADJUSTMENT OF (9,385). CONSISTS OF OPERATING LEASE EXPENSE OF 187,894, SELLING, GENERAL AND ADMINISTRATIVE EXPENSES OF 90,509, AND OTHER EXPENSES OF 3,638.
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