-----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, UUYB4EcKS+bhW+nzxgWOsRszf9ZlqHaCYXT7CK0+5jOwmlL8Qub7FWiJPZhrcaZx +S4EFV58LwYzYTZf81v4uQ== 0000040211-97-000017.txt : 19970513 0000040211-97-000017.hdr.sgml : 19970513 ACCESSION NUMBER: 0000040211-97-000017 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970512 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GATX CORP CENTRAL INDEX KEY: 0000040211 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 361124040 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-02328 FILM NUMBER: 97600957 BUSINESS ADDRESS: STREET 1: 500 W MONROE ST CITY: CHICAGO STATE: IL ZIP: 60661 BUSINESS PHONE: 3126216200 FORMER COMPANY: FORMER CONFORMED NAME: GENERAL AMERICAN TRANSPORTATION CORP DATE OF NAME CHANGE: 19750722 10-K/A 1 GATX AMENDED FORM 10-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K/A AMENDMENT NO. 1 TO ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1996 Commission File Number 1-2328 GATX Corporation Incorporated in the IRS Employer Identification Number State of New York 36-1124040 500 West Monroe Street Chicago, Illinois 60661-3676 (312) 621-6200 AMENDMENT NO. 1 This Form 10-K/A is being filed for the purpose of adding Exhibit 99D to Item 14(c) - Exhibits. Item 14. Financial Statement Schedules, Reports on Form 8-K and Exhibits. - -------------------------------------------------------------------------- a) 1. -Financial Statements The following consolidated financial statements of GATX Corporation included in the Annual Report to Shareholders for the year ended December 31, 1996, are filed in response to Item 8: Statements of Consolidated Income and Reinvested Earnings -- Years ended December 31, 1996, 1995 and 1994 Consolidated Balance Sheets -- December 31, 1996 and 1995 Statements of Consolidated Cash Flows -- Years ended December 31, 1996, 1995 and 1994 Notes to Consolidated Financial Statements 2. -Financial Statement Schedules: Page Schedule I Condensed Financial Information of Registrant..... ** Schedule II Valuation and Qualifying Accounts. ** All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and, therefore, have been omitted. b) Current Report on Form 8-K dated January 24, 1997 with respect to certain litigation filed against GATX/Airlog, a California general partnership of which GATX Capital Corporation is a partner, and GATX Capital Corporation. - ---------------------- ** Previously included in Registrant's Annual Report on Form 10-K for 1996, as originally filed. -1-
c) EXHIBIT INDEX Exhibit Number Exhibit Description Page - ------ -------------------- ---- 3A. Restated Certificate of Incorporation of GATX Corporation, as amended, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1991, file number 1-2328. 3B. By-Laws of GATX Corporation, as amended and restated as of July 29, 1994, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1994, file number 1-2328. 10A.* GATX Corporation 1985 Long Term Incentive Compensation Plan, as amended, and restated as of April 27, 1990, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1990, file No. 1-2328. Amendment to said Plan effective as of April 1, 1991, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1991, file number 1-2328; Sixth Amendment to said Plan effective January 31, 1997, submitted to the SEC along with the electronic transmission of this Annual Report on Form 10-K. 10B.* GATX Corporation 1995 Long Term Incentive Compensation Plan, incorporated by reference to GATX's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 1995, file number 1-2328. First Amendment of said Plan effective as of January 31, 1997 submitted to the SEC along with the electronic transmission of this Annual Report on Form 10-K. 10C.* Management Incentive Plan dated January 1, 1997, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K. 10D.* GATX Corporation Deferred Fee Plan for Directors, as Amended and Restated as of October 25, 1996, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K. - ---------------------- * Management contract or compensatory plan or arrangement required to be filed as an exhibit to the Company's Annual Report on Form 10-K. -2-
Exhibit Number Exhibit Description Page - ------- ------------------- ---- 10E.* 1984 Executive Deferred Income Plan Participation Agreement between GATX Corporation and participating directors and executive officers dated September 1, 1984, as amended, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1991, file number 1-2328. 10F.* 1985 Executive Deferred Income Plan Participation Agreement between GATX Corporation and participating directors and executive officers dated July 1, 1985, as amended, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1991, file number 1-2328. 10G.* 1987 Executive Deferred Income Plan Participation Agreement between GATX Corporation and participating directors and executive officers dated December 31, 1986, as amended, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1991, file number 1-2328. 10H.* Amendment to Executive Deferred Income Plan Participation Agreements between GATX and certain participating directors and participating executive officers entered into as of January 1, 1990, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1989, file number 1-2328. 10I.* Retirement Supplement to Executive Deferred Income Plan Participation Agreements entered into as of January 23, 1990, between GATX and certain participating directors incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1989, file number 1-2328 and between GATX and certain other participating directors incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1990, file number 1-2328. 10J.* Amendment to Executive Deferred Income Plan Participation Agreements between GATX and participating executive officers entered into as of April 23, 1993, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1993, file number 1-2328. - ---------------------- * Management contract or compensatory plan or arrangement required to be filed as an exhibit to the Company's Annual Report on Form 10-K. -3-
Exhibit Number Exhibit Description Page - ------- -------------------- ---- 10K.* Director's Deferred Stock Plan approved on July 26,1996, effective as of April 26, 1996 1992, Summary of Plan incorporated by reference to GATX's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 1996, file number 1-2328. 10L.* Agreement for Continued Employment Following Change of Control or Disposition of a Subsidiary between GATX Corporation and certain executive officers dated as of January 1, 1995, incorporated by reference to GATX's Quarterly Report on Form 10-Q for the quarterly period ended March 31,1995, file number 1-2328. 10M.* Agreements for Continued Employment Following Change of Control or Disposition of a Subsidiary between GATX Corporation and an additional executive officer dated as of July 1, 1995 and between GATX and another executive officer dated as of January 1, 1996. Incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1995, file number 1-2328. 10N.* Agreement dated July 29, 1994, supplementing the Agreement for Continued Employment Following Change of Control or Disposition of a Subsidiary between GATX Corporation and Ronald H. Zech, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1994, file number 1-2328. 10O.* Letter Agreement dated August 17, 1993 between William Chambers and GATX, incorporated by reference to GATX's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 1995, file number 1-2328. 10P.* Letter Agreement dated May 31, 1995 between David B. Anderson and GATX. Incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1995, file number 1-2328. 10Q.* Arrangements between James J. Glasser and GATX associated with Mr. Glasser's retirement from GATX as described on page 11 in the Section of the GATX Proxy Statement dated March 13, 1996 entitled "Termination of Employment and Change of Control Arrangements" are incorporated herein by reference thereto, file number 1-2328. 11A. Statement regarding computation of per share earnings. ** - ---------------------- * Management contract or compensatory plan or arrangement required to be filed as an exhibit to the Company's Annual Report on Form 10-K. ** Previously included in Registrant's Annual Report on Form 10-K for 1996, as originally filed. -4-
Exhibit Number Exhibit Description Page - ------ -------------------- ---- 11B. Statement regarding computation of per share earnings (full dilution) ** 12. Statement regarding computation of ratios of earnings to combined fixed charges and preferred stock dividends. ** 13. Annual Report to Shareholders for the year ended December 31, 1996, pages 33-73, with respect to the Annual Report on Form 10-K for the fiscal year ended December 31, 1996, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K. 21. Subsidiaries of the Registrant. ** 23. Consent of Independent Auditors. ** 23A. Consent of Independent Auditors. 24. Powers of Attorney with respect to the Annual Report on Form 10-K for the fiscal year ended December 31, 1996, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K. 27. Financial Data Schedule for GATX Corporation for the fiscal year ended December 31, 1995, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K. 99A. Undertakings to the GATX Corporation Salaried Employees Retirement Savings Plan, incorporated by reference to GATX's Annual Report on Form 10-K for the fiscal year ended December 31, 1982, file number 1-2328. 99B. Undertakings to the GATX Corporation 1995 Long Term Incentive Plan for the fiscal year ended December 31, 1995, file number 1-2328, incorporated by reference to GATX's Annual Report on Form 10-K for the year ended December 31, 1995. 99C. Undertakings to the GATX Logistics Inc. 401(k) Cash Accumulation Plan incorporated by reference to the Form S-8 Registration Statement filed with the SEC on June 19,1996, Registration No.33-06315. - ---------------------- ** Previously included in Registrant's Annual Report on Form 10-K for 1996, as originally filed. -5-
Exhibit Number Exhibit Description Page - ------- ------------------- ---- 99D. GATX Logistics Inc. 401(k) Cash Accumulation Plan Financial Statements and Supplemental Schedules for the fiscal year ended December 31, 1996, file number 1-2328. Submitted to the SEC along with the electronic submission of this Report on Form 10-K/A.
-6- SIGNATURES Pursuant to the requirements of Section 13 or 15(d) 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 CORPORATION (Registrant) By: /s/David M. Edwards ------------------------- David M. Edwards Vice President Finance and Chief Financial Officer May 12, 1997 -7- EX-23 2 AUDITOR'S CONSENT FOR GATX 10K/A EXHIBIT 23A Consent of Independent Auditor We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-06315) pertaining to the GATX Logistics Inc., 401(k) Cash Accumulation Plan of GATX Corporation of our report dated March 26, 1997, with respect to the financial statements of the GATX Logistics, Inc., 401 (k) Cash Accumulation Plan for the year ended December 31, 1996 included in this amended GATX Corporation Annual Report (Form 10-K/A) for the year ended December 31, 1996. ERNST & YOUNG LLP Jacksonville, Florida May 12, 1997 EX-99 3 GATX LOGISTICS 401(K) CASH ACCUMULATION PLAN EXHIBIT 99D GATX Logistics, Inc. Cash Accumulation Plan Financial Statements and Supplemental Schedules For the year ended December 31, 1996 with Report of Independent Auditors GATX Logistics, Inc. Cash Accumulation Plan Financial Statements and Supplemental Schedules Year ended December 31, 1996 Contents Report of Independent Auditors ............................................ 1 Consent of Independent Auditors ........................................... 2 Statement of Financial Condition, with Fund Information ................... 3 Statement of Income and Changes in Participants' Equity, with Fund Information ............................................................... 4 Notes to Financial Statements ............................................. 5 Supplemental Schedule of Reportable Transactions .......................... 9 Supplemental Schedule of Assets Held for Investment ....................... 10 REPORT OF INDEPENDENT AUDITORS Benefits Committee GATX Corporation We have audited the accompanying statements of financial condition of GATX Logistics, Inc. Cash Accumulation Plan as of December 31, 1996 and 1995, and the related statement of income and changes in participants' equity for the year ended December 31, 1996. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of GATX Logistics, Inc. Cash Accumulation Plan as of December 31, 1996 and 1995, and the income and changes in participants' equity for the year ended December 31, 1996 in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of reportable transactions for the year ended December 31, 1996, and assets held for investment as of December 31, 1996 and 1995, is presented for purposes of complying with the Department of Labor's Rule and Regulations for reporting and disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The fund information in the statement of financial condition and the statement of income and changes in participants' equity is presented for purposes of additional analysis rather than to present the financial condition and income and changes in participants' equity of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ERNST & YOUNG LLP Jacksonville, Florida March 26, 1997 1 Consent of Independent Auditor We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-06315) pertaining to the GATX Logistics Inc., 401(k) Cash Accumulation Plan of GATX Corporation of our report dated March 26, 1997, with respect to the financial statements of the GATX Logistics, Inc., 401 (k) Cash Accumulation Plan for the year ended December 31,1996 included in this amended GATX Corporation Annual Report (Form 10-K/A) for the year ended December 31, 1996. ERNST & YOUNG LLP Jacksonville, Florida May 12, 1997 2
GATX Logistics, Inc. Cash Accumulation Plan Statement of Financial Condition, with Fund Information December 31 Assets: 1996 1995 ----------------------------- Investments, at fair value: Putnam Voyager Fund $ 8,159,620 $ 6,420,368 Managed Income Portfolio II 6,012,980 5,932,182 Puritan Fund 1,227,932 749,672 US Equity Index 1,203,117 381,110 Equity Income 260,634 -- GATX Common Stock 72,967 -- Dreyfus New Leaders 53,120 -- Templeton Foreign Fund 39,264 -- Employee Loans 1,152,163 756,391 ---------------------------- Total investments 18,181,797 14,239,723 Employer's contribution 9,070 92,702 Participants' contributions -- 72,290 ---------------------------- Total receivables 9,070 164,992 ---------------------------- Total assets 18,190,867 14,404,715 Liabilities: Administrative expenses payable 24,803 -- Refunds due participants 42,986 10,262 ---------------------------- Total liabilities 67,789 10,262 ---------------------------- Net assets available for benefits $18,123,078 $14,394,453 =========== =========== See accompanying notes 3
GATX LOGISTICS, INC. Cash Accumulation Plan Statement of Income and Changes in Participants' Equity, with Fund Information for the year ended December 31, 1996 Fund Information -------------------------------------------------------------------------------------------------------------- Description Putnam Managed GATX Dreyfus Templeton Voyager Income Puritan US Equity Equity Common New Foreign Employee Fund Portfolio II Fund Index Income Stock Leaders Fund Loans Other Total -------------------------------------------------------------------------------------------------------------- Additions to net assets attributed to: Dividends and interest $536,097 $382,178 $136,393 $ 29,910 $ 9,389 $ 221 $ 3,584 $ 681 $1,098,453 Realized gain (loss) - Note C 144,164 -- 4,154 42,970 632 1,277 244 -- 193,442 Unrealized gain (loss) 200,940 -- 8,891 114,694 890 3,579 (1,618) 1,179 328,553 -------------------------------------------------------------------------------------------------------------- 881,201 382,178 149,438 187,574 10,911 5,077 2,210 1,860 1,620,448 Employer's contributions 572,003 553,730 142,644 120,617 4,750 5,209 2,643 1,336 1,389,367 Participants' contributions 1,180,619 826,236 251,705 231,617 57,272 10,183 7,065 2,049 2,666,746 Transfers between funds, net 68,070 (814,449) 96,068 403,028 100,672 52,936 59,710 33,965 -- --------------------------------------------------------------------------------------------------------------- 1,820,692 565,517 490,417 755,262 262,694 68,328 69,418 37,350 -- 4,069,678 --------------------------------------------------------------------------------------------------------------- Total additions 2,701,893 947,695 639,855 942,836 273,605 73,405 71,628 39,210 -- -- 5,690,127 Deductions from nets assets attributed to: Distributions 706,812 728,605 142,739 103,998 -- 693 18,807 -- -- $56,551 1,758,205 Loan withdrawals, net 303,414 170,361 27,847 21,533 12,441 (271) (315) (85)$(395,772) 139,153 Administrative expenses 5,743 27,327 3,521 2,173 530 17 15 15 -- 24,803 64,144 --------------------------------------------------------------------------------------------------------------- Total deductions 1,015,969 926,293 174,107 127,704 12,971 439 18,507 (70) (395,772) 81,354 1,961,502 --------------------------------------------------------------------------------------------------------------- Net increase (decrease) 1,685,924 21,402 465,748 815,132 260,634 72,966 53,121 39,280 395,772 (81,354) 3,728,625 Participants' equity at January 1, 1996 6,489,321 5,995,432 764,563 388,746 -- -- -- -- 756,391 -- 14,394,453 --------------------------------------------------------------------------------------------------------------- Participants' equity at December 31, 1996 $8,175,245 $6,016,834 $1,230,311 $1,203,878 $260,634 $72,996 $53,121 $39,280 $1,152,163 $(81,354)$18,123,078 =============================================================================================================== 4
GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1996 NOTE A - SIGNIFICANT ACCOUNTING POLICIES Investments are recorded at fair value based on quoted market prices or redemption value. All costs and expenses incurred with regard to the purchase and sale of investments are borne by the GATX Logistics, Inc. (the Company) Cash Accumulation Plan (the Plan) and are included in the realized gain (loss) on sale of investments. Administrative and general expenses are paid by the participants of the Plan. The preparation of the financial statements in conformity with generally accepted accounting principles necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as revenues and expenses during the reporting period. Actual amounts when ultimately realized could differ form those estimates. NOTE B - DESCRIPTION OF THE PLAN The Plan is a defined contribution plan subject to the provisions of the Employment Income Security Act of 1974 as amended (ERISA), and was established to afford employees an opportunity to save systematically for retirement. The Plan covers all employees of the Company who have completed one year of employment with at least 1,000 hours of service and are at least twenty-one years of age. A participant may contribute to the Plan from 1% to a maximum of 16% of his or her compensation as defined by the Plan. The Company contributes to the Plan for each participant who is an active employee as of the end of each month, an amount equal to the participant contribution made for such month which does not exceed 4% of the participant's basic wages or salary. An eligible participant may elect to have the Company deposit amounts to the Plan on his or her behalf through the execution of salary reduction agreements as provided under section 401(k) of the Internal Revenue Code and its regulations. Participant contributions can range from 1% to 16% of a participant's compensation but cannot exceed the limit ($9,500 for the fiscal year ended December 31, 1996) on elective deferrals according to section 402(g)(1) of the Internal Revenue Code. An employee or beneficiary will be fully vested in the Company's matching contributions upon completion of one of the following: 1) completion of four years of service, 2) a normal retirement or disability, or 3) in the event of death. If employment terminates prior to completion of four years of service, then the Company's match will be partially vested based on years of service as follows: less than two years - 0%, two to four years - 50% and four or more - 100%. Upon termination of employment, disability or death, a participant or beneficiary may elect to receive either a lump-sum equal to the value of his or her account, or equal monthly, quarterly, or semi-annual installments over a period not to exceed ten years. 5 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1996 Participants may elect to have their contributions invested in the Putnam Voyager Fund, Managed Income Portfolio II, Puritan Fund, US Equity Index, Equity Income, GATX Common Stock, Dreyfus New Leaders, Templeton Foreign Fund, or in a combination of any of the funds in multiples of 5% in each fund selected. Active participants may obtain loans from the Plan at any time. The maximum loan amount is subject to certain restrictions and each loan is secured by the participant's account balance. Each month each participant's contribution and the Company's matching contribution is credited to each participant's account. Investment gains or losses (realized and unrealized) are allocated, based on previous business day's quoted market prices, to each participant's account in the proportion that each participant's account bears to the total of all account balances. Employees participating in the Plan had invested in the available funds as follows (some having invested in more than one fund): December 31, 1996 ------------------ Total employees participating 1,581 Putnam Voyager Fund 1,042 Managed Income Portfolio II 1,126 Puritan Fund 430 US Equity Index 374 Equity Income 63 GATX Common Stock 68 Dreyfus New Leaders 46 Templeton Foreign Fund 26 The Company intends this Plan to be permanent but reserves the right at any time to modify, amend, or terminate this Plan, including the right to suspend or permanently discontinue employer contributions. Should the Plan terminate at some future date, its net assets will be available to provide participants their distributions in proportion to their allocable share of the Plan assets at the date of such termination. 6 GATX Logistics, Inc. Cash Accumulation Plan Notes to Financial Statements December 31, 1996 NOTE C - INVESTMENTS
The cost of investments and number of shares or units held at December 31, 1996 and 1995 were as follows: 1996 1995 ------------------------------------------------------ Shares/Units Costs Shares/Units Costs ------------------------------------------------------ Putnam Voyager Fund 506,180 $ 7,665,439 421,008 $ 6,095,432 Managed Income Portfolio II 6,012,980 6,012,980 5,932,182 5,932,182 Puritan Fund 71,226 1,208,295 44,072 737,678 US Equity Index 44,643 1,062,440 16,886 370,245 Equity Income 6,085 259,693 -- GATX Common Stock 7,203 69,972 -- Dreyfus New Leaders 1,304 54,422 -- Templeton Foreign Fund 3,790 38,086 -- Employee Loans 1,152,163 756,391 ----------- ----------- $17,523,490 $13,891,928 =========== =========== 7
GATX Logistics, Inc. Cash Accumulation Plan Schedule of Assets Held for Investment For the years ended December 31, 1996 and 1995 NOTE C - INVESTMENTS -Continued The realized gain (loss) on sale of investments is the difference between the proceeds received and the average cost of investments sold, including transaction costs, and was determined as follows.
1996 ----------------------------------------- Aggregate Aggregate Realized Proceeds Cost Gain/Loss ----------------------------------------- Putnam Voyager Fund $1,394,148 $1,249,984 $ 144,164 Managed Inc. Portfolio II 80,797 80,797 -- Puritan Fund 465,215 461,061 4,154 US Equity Index 664,344 621,374 42,970 Equity Income 259,112 258,480 632 GATX Common Stock 68,111 66,833 1,278 Dreyfus New Leaders 54,495 54,251 244 Templeton Foreign Fund 38,086 38,086 -- ------------------------------------------ Total $3,024,308 $2,830,866 $ 193,442 ==========================================
NOTE D - FEDERAL INCOME TAX STATUS The Internal Revenue Service has issued a favorable determination letter of the Plan's status under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended, (the Code), and is, therefore, not subject to tax under present income tax laws. Amounts distributed from the Plan are taxable to the participants or their beneficiaries as provided by Section 402 (a) of the Code. Once qualified, the Plan is required to operate in conformity with the code to maintain its tax-exempt status. The administrator is not aware of any course of action or series of events that have occurred that might adversely affect the Plan's qualified status. 8
GATX Logistics, Inc. Cash Accumulation Plan Supplemental Schedule of Reportable Transactions for the year ended December 31, 1996 Current Value of Asset on Identity of Party Transaction Net Gain Involved Description of Assets Purchases Sales Cost of Asset Date (Loss) - -------------------------------------------------------------------------------------------------------------------- Category (iii)-- series of transactions in excess of 5 percent of plan assets - ------------------------------------------------------------------------------- Fidelity Investments Putnam Voyager Fund $3,221,130 $1,826,982 $3,221,130 $1,651,123 $ 175,859 Fidelity Investments Puritan 862,998 397,783 862,998 392,381 5,402 Fidelity Investments Managed Inc. Portfolio II 2,495,973 2,413,934 2,495,973 2,413,934 -- Fidelity Investments U.S. Equity Index 1,055,118 390,774 1,055,118 362,922 27,852 There were no category (i), (ii) or (iv) reportable transactions during 1996. 9
GATX Logistics, Inc. Cash Accumulation Plan Supplemental Schedule of Assets Held for Investment December 31, 1996 and 1995 1996 - ---------------------------------------------------------------------- Description of Identity of Issue Investment Cost Current Value - ---------------------------------------------------------------------- Putnam Voyager Fund 506,180 units $ 7,665,439 $ 8,175,245 MIP II 6,012,980 units 6,012,980 6,016,834 Puritan Fund 71,226 units 1,208,295 1,230,311 US Equity Index 44,643 units 1,062,440 1,203,878 Equity Income 6,085 units 259,693 260,634 GATX Common Stock 7,203 units 69,972 72,966 Dreyfus New Leaders 1,304 units 54,422 53,121 Templeton Foreign Fund 3,790 units 38,086 39,280 Employee Loans 8% per annum 1,152,163 1,152,163 ----------- ------------ $17,523,490 $18,204,432 =========== ============
1995 - ------------------------------------------------------------------- Description of Identity of Issue Investment Cost Current Value - ------------------------------------------------------------------- Putnam Voyager Fund 421,008 units $ 6,095,432 $ 6,420,368 MIP II 5,932,182 units 5,932,182 5,932,182 Puritan Fund 44,072 units 737,678 749,672 US Equity Index 16,886 units 370,245 381,110 Employee Loans 8% per annum 756,391 756,391 ----------- ------------ $13,891,928 $14,239,723 =========== =========== 10
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