New York | 1-2328 | 36-1124040 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
o | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
GATX CORPORATION |
(Registrant) |
/s/ Robert C. Lyons |
Robert C. Lyons |
Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | Method of Filing | ||
99.1 | Press Release of GATX Corporation, dated January 22, 2015, reporting GATX Corporation's financial results for the quarter and full-year ended December 31, 2014. | Filed Electronically |
• | 2014 earnings per diluted share a record $4.48 |
• | Full-year 2014 Lease Price Index renewal rate change 38.8% |
• | 2015 earnings per diluted share expected to be in the range of $5.15 - $5.35 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31 | December 31 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | |||||||||||||||
Lease revenue | $ | 282.6 | $ | 252.3 | $ | 1,086.6 | $ | 975.2 | |||||||
Marine operating revenue | 97.5 | 84.3 | 286.3 | 275.1 | |||||||||||
Other revenue | 21.3 | 20.0 | 78.1 | 70.7 | |||||||||||
Total Revenues | 401.4 | 356.6 | 1,451.0 | 1,321.0 | |||||||||||
Expenses | |||||||||||||||
Maintenance expense | 94.3 | 76.1 | 337.0 | 294.0 | |||||||||||
Marine operating expense | 63.4 | 57.3 | 197.8 | 189.8 | |||||||||||
Depreciation expense | 71.8 | 68.4 | 273.5 | 255.0 | |||||||||||
Operating lease expense | 27.1 | 32.0 | 108.7 | 129.4 | |||||||||||
Other operating expense | 7.6 | 6.9 | 28.9 | 26.1 | |||||||||||
Selling, general and administrative expense | 55.9 | 48.5 | 189.2 | 178.3 | |||||||||||
Total Expenses | 320.1 | 289.2 | 1,135.1 | 1,072.6 | |||||||||||
Other Income (Expense) | |||||||||||||||
Net gain on asset dispositions | 24.6 | 25.8 | 87.2 | 85.6 | |||||||||||
Interest expense, net | (38.8 | ) | (41.4 | ) | (158.4 | ) | (166.6 | ) | |||||||
Other expense | (2.1 | ) | 0.2 | (13.5 | ) | (8.4 | ) | ||||||||
Income before Income Taxes and Share of Affiliates’ Earnings | 65.0 | 52.0 | 231.2 | 159.0 | |||||||||||
Income Taxes | (21.4 | ) | (17.6 | ) | (75.7 | ) | (65.5 | ) | |||||||
Share of Affiliates’ Earnings (net of tax) | 14.9 | 18.9 | 49.5 | 75.8 | |||||||||||
Net Income | $ | 58.5 | $ | 53.3 | $ | 205.0 | $ | 169.3 | |||||||
Share Data | |||||||||||||||
Basic earnings per share | $ | 1.32 | $ | 1.16 | $ | 4.55 | $ | 3.64 | |||||||
Average number of common shares | 44.2 | 46.1 | 45.0 | 46.4 | |||||||||||
Diluted earnings per share | $ | 1.30 | $ | 1.14 | $ | 4.48 | $ | 3.59 | |||||||
Average number of common shares and common share equivalents | 44.9 | 46.8 | 45.8 | 47.1 | |||||||||||
Dividends declared per common share | $ | 0.33 | $ | 0.31 | $ | 1.32 | $ | 1.24 |
December 31 | December 31 | |||||||
2014 | 2013 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 209.9 | $ | 379.7 | ||||
Restricted Cash | 14.5 | 20.3 | ||||||
Receivables | ||||||||
Rent and other receivables | 86.0 | 80.1 | ||||||
Loans | 97.3 | 122.7 | ||||||
Finance leases | 174.7 | 207.3 | ||||||
Less: allowance for losses | (5.7 | ) | (5.2 | ) | ||||
352.3 | 404.9 | |||||||
Operating Assets and Facilities | 8,143.5 | 7,390.7 | ||||||
Less: allowance for depreciation | (2,455.5 | ) | (2,320.4 | ) | ||||
5,688.0 | 5,070.3 | |||||||
Investments in Affiliated Companies | 357.7 | 354.3 | ||||||
Goodwill | 86.1 | 94.6 | ||||||
Other Assets | 229.0 | 225.5 | ||||||
Total Assets | $ | 6,937.5 | $ | 6,549.6 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Accounts Payable and Accrued Expenses | $ | 165.9 | $ | 159.6 | ||||
Debt | ||||||||
Commercial paper and borrowings under bank credit facilities | 72.1 | 23.6 | ||||||
Recourse | 4,179.9 | 3,765.9 | ||||||
Nonrecourse | 15.9 | 72.6 | ||||||
Capital lease obligations | 6.3 | 8.9 | ||||||
4,274.2 | 3,871.0 | |||||||
Deferred Income Taxes | 937.3 | 891.4 | ||||||
Other Liabilities | 246.1 | 230.6 | ||||||
Total Liabilities | 5,623.5 | 5,152.6 | ||||||
Total Shareholders’ Equity | 1,314.0 | 1,397.0 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 6,937.5 | $ | 6,549.6 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 228.4 | $ | 45.8 | $ | 1.0 | $ | 7.4 | $ | — | $ | 282.6 | ||||||||||||
Marine operating revenue | — | — | 77.8 | 19.7 | — | 97.5 | ||||||||||||||||||
Other revenue | 17.0 | 3.6 | — | 0.7 | — | 21.3 | ||||||||||||||||||
Total Revenues | 245.4 | 49.4 | 78.8 | 27.8 | — | 401.4 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 73.3 | 11.8 | 9.2 | — | — | 94.3 | ||||||||||||||||||
Marine operating expense | — | — | 51.3 | 12.1 | — | 63.4 | ||||||||||||||||||
Depreciation expense | 49.7 | 11.7 | 4.7 | 5.7 | — | 71.8 | ||||||||||||||||||
Operating lease expense | 25.5 | — | 1.7 | — | (0.1 | ) | 27.1 | |||||||||||||||||
Other operating expense | 5.8 | 1.5 | — | 0.3 | — | 7.6 | ||||||||||||||||||
Total Expenses | 154.3 | 25.0 | 66.9 | 18.1 | (0.1 | ) | 264.2 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain (loss) on asset dispositions | 19.2 | 0.2 | (0.1 | ) | 5.3 | — | 24.6 | |||||||||||||||||
Interest expense, net | (24.4 | ) | (6.3 | ) | (1.4 | ) | (5.6 | ) | (1.1 | ) | (38.8 | ) | ||||||||||||
Other (expense) income | (2.5 | ) | 0.7 | (0.2 | ) | (0.1 | ) | — | (2.1 | ) | ||||||||||||||
Share of affiliates’ earnings (pretax) | 0.3 | (0.1 | ) | — | 18.8 | — | 19.0 | |||||||||||||||||
Segment Profit (Loss) | $ | 83.7 | $ | 18.9 | $ | 10.2 | $ | 28.1 | $ | (1.0 | ) | $ | 139.9 | |||||||||||
Selling, general and administrative expense | 55.9 | |||||||||||||||||||||||
Income taxes (includes $4.1 related to affiliates’ earnings) | 25.5 | |||||||||||||||||||||||
Net Income | $ | 58.5 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 149.9 | $ | 36.4 | $ | 1.5 | $ | 15.3 | $ | 1.9 | $ | 205.0 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 16.9 | $ | — | $ | — | $ | 4.6 | $ | — | $ | 21.5 | ||||||||||||
Residual sharing income | 0.7 | — | — | 0.7 | — | 1.4 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 2.3 | 0.4 | (0.1 | ) | — | — | 2.6 | |||||||||||||||||
Asset impairment | (0.7 | ) | (0.2 | ) | — | — | — | (0.9 | ) | |||||||||||||||
Total Net Gain on Asset Dispositions | $ | 19.2 | $ | 0.2 | $ | (0.1 | ) | $ | 5.3 | $ | — | $ | 24.6 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 864.1 | $ | 188.6 | $ | 4.2 | $ | 29.7 | $ | — | $ | 1,086.6 | ||||||||||||
Marine operating revenue | — | — | 223.0 | 63.3 | — | 286.3 | ||||||||||||||||||
Other revenue | 63.4 | 10.3 | — | 4.4 | — | 78.1 | ||||||||||||||||||
Total Revenues | 927.5 | 198.9 | 227.2 | 97.4 | — | 1,451.0 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 265.5 | 45.9 | 25.6 | — | — | 337.0 | ||||||||||||||||||
Marine operating expense | — | — | 149.2 | 48.6 | — | 197.8 | ||||||||||||||||||
Depreciation expense | 190.0 | 47.1 | 13.6 | 22.8 | — | 273.5 | ||||||||||||||||||
Operating lease expense | 103.7 | — | 5.2 | — | (0.2 | ) | 108.7 | |||||||||||||||||
Other operating expense | 21.9 | 5.1 | — | 1.9 | — | 28.9 | ||||||||||||||||||
Total Expenses | 581.1 | 98.1 | 193.6 | 73.3 | (0.2 | ) | 945.9 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain (loss) on asset dispositions | 72.3 | 6.0 | (0.5 | ) | 9.4 | — | 87.2 | |||||||||||||||||
Interest expense, net | (98.4 | ) | (24.7 | ) | (5.6 | ) | (24.3 | ) | (5.4 | ) | (158.4 | ) | ||||||||||||
Other (expense) income | (7.2 | ) | (3.1 | ) | (0.2 | ) | (1.2 | ) | (1.8 | ) | (13.5 | ) | ||||||||||||
Share of affiliates’ earnings (pretax) | 7.9 | (0.3 | ) | — | 60.2 | — | 67.8 | |||||||||||||||||
Segment Profit (Loss) | $ | 321.0 | $ | 78.7 | $ | 27.3 | $ | 68.2 | $ | (7.0 | ) | $ | 488.2 | |||||||||||
Selling, general and administrative expense | 189.2 | |||||||||||||||||||||||
Income taxes (includes $18.3 related to affiliates’ earnings) | 94.0 | |||||||||||||||||||||||
Net Income | $ | 205.0 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 810.6 | $ | 163.6 | $ | 18.4 | $ | 32.3 | $ | 6.7 | $ | 1,031.6 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 57.4 | $ | 0.6 | $ | — | $ | 5.1 | $ | — | $ | 63.1 | ||||||||||||
Residual sharing income | 5.2 | — | — | 4.2 | — | 9.4 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 10.4 | 5.7 | (0.1 | ) | — | — | 16.0 | |||||||||||||||||
Asset impairment | (0.7 | ) | (0.3 | ) | (0.4 | ) | 0.1 | — | (1.3 | ) | ||||||||||||||
Total Net Gain on Asset Dispositions | $ | 72.3 | $ | 6.0 | $ | (0.5 | ) | $ | 9.4 | $ | — | $ | 87.2 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 195.6 | $ | 48.0 | $ | 1.0 | $ | 7.7 | $ | — | $ | 252.3 | ||||||||||||
Marine operating revenue | — | — | 66.5 | 17.8 | — | 84.3 | ||||||||||||||||||
Other revenue | 16.3 | 3.0 | — | 0.7 | — | 20.0 | ||||||||||||||||||
Total Revenues | 211.9 | 51.0 | 67.5 | 26.2 | — | 356.6 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 57.4 | 10.9 | 7.8 | — | — | 76.1 | ||||||||||||||||||
Marine operating expense | — | — | 46.1 | 11.2 | — | 57.3 | ||||||||||||||||||
Depreciation expense | 46.8 | 11.7 | 4.0 | 5.9 | — | 68.4 | ||||||||||||||||||
Operating lease expense | 30.4 | — | 1.7 | — | (0.1 | ) | 32.0 | |||||||||||||||||
Other operating expense | 4.5 | 1.7 | — | 0.7 | — | 6.9 | ||||||||||||||||||
Total Expenses | 139.1 | 24.3 | 59.6 | 17.8 | (0.1 | ) | 240.7 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain (loss) on asset dispositions | 26.8 | (0.1 | ) | (1.3 | ) | 0.4 | — | 25.8 | ||||||||||||||||
Interest expense, net | (25.5 | ) | (6.4 | ) | (1.4 | ) | (7.0 | ) | (1.1 | ) | (41.4 | ) | ||||||||||||
Other (expense) income | (0.9 | ) | (0.6 | ) | (0.1 | ) | 1.4 | 0.4 | 0.2 | |||||||||||||||
Share of affiliates’ earnings (pretax) | 2.0 | — | — | 23.7 | — | 25.7 | ||||||||||||||||||
Segment Profit (Loss) | $ | 75.2 | $ | 19.6 | $ | 5.1 | $ | 26.9 | $ | (0.6 | ) | $ | 126.2 | |||||||||||
Selling, general and administrative expense | 48.5 | |||||||||||||||||||||||
Income taxes (includes $6.8 related to affiliates’ earnings) | 24.4 | |||||||||||||||||||||||
Net Income | $ | 53.3 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 156.5 | $ | 33.6 | $ | 0.2 | $ | — | $ | 2.5 | $ | 192.8 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 24.1 | $ | 0.3 | $ | — | $ | 0.2 | $ | — | $ | 24.6 | ||||||||||||
Residual sharing income | 0.2 | — | — | 0.8 | — | 1.0 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 3.0 | 0.9 | — | — | — | 3.9 | ||||||||||||||||||
Asset impairment | (0.5 | ) | (1.3 | ) | (1.3 | ) | (0.6 | ) | — | (3.7 | ) | |||||||||||||
Total Net Gain on Asset Dispositions | $ | 26.8 | $ | (0.1 | ) | $ | (1.3 | ) | $ | 0.4 | $ | — | $ | 25.8 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 758.9 | $ | 180.2 | $ | 4.2 | $ | 31.9 | $ | — | $ | 975.2 | ||||||||||||
Marine operating revenue | — | — | 223.5 | 51.6 | — | 275.1 | ||||||||||||||||||
Other revenue | 58.2 | 8.8 | — | 3.7 | — | 70.7 | ||||||||||||||||||
Total Revenues | 817.1 | 189.0 | 227.7 | 87.2 | — | 1,321.0 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 228.2 | 42.9 | 22.9 | — | — | 294.0 | ||||||||||||||||||
Marine operating expense | — | — | 151.3 | 38.5 | — | 189.8 | ||||||||||||||||||
Depreciation expense | 176.7 | 43.2 | 12.1 | 23.0 | — | 255.0 | ||||||||||||||||||
Operating lease expense | 124.4 | — | 5.2 | — | (0.2 | ) | 129.4 | |||||||||||||||||
Other operating expense | 18.4 | 5.3 | — | 2.4 | — | 26.1 | ||||||||||||||||||
Total Expenses | 547.7 | 91.4 | 191.5 | 63.9 | (0.2 | ) | 894.3 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain (loss) on asset dispositions | 67.7 | 3.7 | (1.3 | ) | 15.5 | — | 85.6 | |||||||||||||||||
Interest expense, net | (106.0 | ) | (23.9 | ) | (6.2 | ) | (26.7 | ) | (3.8 | ) | (166.6 | ) | ||||||||||||
Other (expense) income | (9.8 | ) | (1.1 | ) | 0.2 | 1.4 | 0.9 | (8.4 | ) | |||||||||||||||
Share of affiliates’ earnings (pretax) | 10.3 | 21.1 | — | 60.9 | — | 92.3 | ||||||||||||||||||
Segment Profit (Loss) | $ | 231.6 | $ | 97.4 | $ | 28.9 | $ | 74.4 | $ | (2.7 | ) | $ | 429.6 | |||||||||||
Selling, general and administrative expense | 178.3 | |||||||||||||||||||||||
Income taxes (includes $16.5 related to affiliates’ earnings) | 82.0 | |||||||||||||||||||||||
Net Income | $ | 169.3 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 502.4 | $ | 168.5 | $ | 11.2 | $ | 170.5 | $ | 7.0 | $ | 859.6 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 51.1 | $ | 0.3 | $ | — | $ | 8.6 | $ | — | $ | 60.0 | ||||||||||||
Residual sharing income | 3.4 | — | — | 7.4 | — | 10.8 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 14.5 | 6.2 | — | — | — | 20.7 | ||||||||||||||||||
Asset impairment | (1.3 | ) | (2.8 | ) | (1.3 | ) | (0.5 | ) | — | (5.9 | ) | |||||||||||||
Total Net Gain on Asset Dispositions | $ | 67.7 | $ | 3.7 | $ | (1.3 | ) | $ | 15.5 | $ | — | $ | 85.6 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31 | December 31 | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Adjustments attributable to consolidated income: | |||||||||||||||
GATX income taxes on sale of AAE (1) | $ | — | $ | — | $ | — | $ | (23.2 | ) | ||||||
Foreign tax credit carryforward (2) | — | — | — | 3.9 | |||||||||||
Adjustments attributable to affiliates' earnings: | |||||||||||||||
Pretax gain on sale of AAE (1) | — | — | — | 9.3 | |||||||||||
Gains on interest rate swaps at AAE, net of taxes (3) | — | — | — | 6.9 | |||||||||||
Income tax rate changes (4) | — | — | — | 7.6 | |||||||||||
Total impact on net income | $ | — | $ | — | $ | — | $ | 4.5 | |||||||
Total impact on diluted earnings per share | $ | — | $ | — | $ | — | $ | 0.09 |
12/31/2013 | 3/31/2014 | 6/30/2014 | 9/30/2014 | 12/31/2014 | ||||||||||||||||
Assets by Segment (includes off-balance-sheet assets) | ||||||||||||||||||||
Rail North America | $ | 4,573.5 | $ | 4,842.9 | $ | 4,929.8 | $ | 4,902.2 | $ | 4,939.9 | ||||||||||
Rail International | 1,237.2 | 1,269.5 | 1,289.3 | 1,220.1 | 1,193.0 | |||||||||||||||
ASC | 287.4 | 282.2 | 314.5 | 304.2 | 298.3 | |||||||||||||||
Portfolio Management | 835.3 | 837.1 | 842.7 | 814.2 | 811.4 | |||||||||||||||
Other | 120.6 | 121.6 | 118.8 | 118.1 | 88.3 | |||||||||||||||
Total Assets, excluding cash | $ | 7,054.0 | $ | 7,353.3 | $ | 7,495.1 | $ | 7,358.8 | $ | 7,330.9 | ||||||||||
Capital Structure | ||||||||||||||||||||
Commercial paper and bank credit facilities, | ||||||||||||||||||||
net of unrestricted cash | $ | (356.1 | ) | $ | (408.8 | ) | $ | 30.3 | $ | (0.2 | ) | $ | (137.8 | ) | ||||||
On-balance-sheet recourse debt | 3,765.9 | 4,310.0 | 4,033.9 | 4,081.8 | 4,179.9 | |||||||||||||||
On-balance-sheet nonrecourse debt | 72.6 | 70.1 | 20.5 | 18.1 | 15.9 | |||||||||||||||
Off-balance-sheet recourse debt | 727.6 | 639.6 | 642.6 | 562.9 | 566.7 | |||||||||||||||
Off-balance-sheet nonrecourse debt | 176.8 | 56.5 | 54.7 | 52.9 | 51.1 | |||||||||||||||
Capital lease obligations | 8.9 | 7.6 | 7.6 | 6.3 | 6.3 | |||||||||||||||
Total Borrowings, net of unrestricted cash | $ | 4,395.7 | $ | 4,675.0 | $ | 4,789.6 | $ | 4,721.8 | $ | 4,682.1 | ||||||||||
Total Recourse Debt (1) | $ | 4,146.3 | $ | 4,548.4 | $ | 4,714.4 | $ | 4,650.8 | $ | 4,615.1 | ||||||||||
Shareholders’ Equity | $ | 1,397.0 | $ | 1,423.2 | $ | 1,374.4 | $ | 1,331.2 | $ | 1,314.0 | ||||||||||
Recourse Leverage (2) | 3.0 | 3.2 | 3.4 | 3.5 | 3.5 |
Reconciliation of Total Assets to Total Assets (Including Off-Balance-Sheet Assets), Excluding Cash: | ||||||||||||||||||||
Total Assets | $ | 6,549.6 | $ | 7,119.0 | $ | 6,921.1 | $ | 6,816.3 | $ | 6,937.5 | ||||||||||
Less: cash | (400.0 | ) | (461.8 | ) | (123.3 | ) | (73.3 | ) | (224.4 | ) | ||||||||||
Add off-balance-sheet assets: | ||||||||||||||||||||
Rail North America | 887.9 | 680.8 | 683.2 | 602.9 | 606.1 | |||||||||||||||
ASC | 16.5 | 15.3 | 14.1 | 12.9 | 11.7 | |||||||||||||||
Total Assets, excluding cash | $ | 7,054.0 | $ | 7,353.3 | $ | 7,495.1 | $ | 7,358.8 | $ | 7,330.9 |
12/31/2013 | 3/31/2014 | 6/30/2014 | 9/30/2014 | 12/31/2014 | |||||||||||
Rail North America Statistics | |||||||||||||||
Lease Price Index (LPI) (1) | |||||||||||||||
Average renewal lease rate change | 37.1 | % | 33.9 | % | 36.0 | % | 46.9 | % | 39.2 | % | |||||
Average renewal term (months) | 60 | 62 | 67 | 68 | 67 | ||||||||||
Fleet Rollforward (2) | |||||||||||||||
Beginning balance | 107,843 | 107,004 | 106,804 | 106,894 | 107,387 | ||||||||||
Cars added | 1,179 | 486 | 1,174 | 958 | 835 | ||||||||||
Cars scrapped | (251 | ) | (368 | ) | (387 | ) | (440 | ) | (202 | ) | |||||
Cars sold | (1,767 | ) | (318 | ) | (697 | ) | (25 | ) | (677 | ) | |||||
Ending balance | 107,004 | 106,804 | 106,894 | 107,387 | 107,343 | ||||||||||
Utilization | 98.5 | % | 98.5 | % | 98.6 | % | 98.8 | % | 99.2 | % | |||||
Average active railcars | 105,923 | 105,287 | 105,366 | 105,755 | 106,569 | ||||||||||
Boxcar Fleet | |||||||||||||||
Ending balance | 2,109 | 19,630 | 19,254 | 19,146 | 19,021 | ||||||||||
Utilization | 100.0 | % | 80.7 | % | 90.7 | % | 91.3 | % | 92.7 | % | |||||
Rail Europe Statistics | |||||||||||||||
Fleet Rollforward | |||||||||||||||
Beginning balance | 21,858 | 21,836 | 21,591 | 21,684 | 21,960 | ||||||||||
Cars added | 313 | 125 | 409 | 481 | 657 | ||||||||||
Cars scrapped/sold | (335 | ) | (370 | ) | (316 | ) | (205 | ) | (166 | ) | |||||
Ending balance | 21,836 | 21,591 | 21,684 | 21,960 | 22,451 | ||||||||||
Utilization | 96.6 | % | 96.0 | % | 95.6 | % | 95.1 | % | 95.9 | % | |||||
Average active railcars | 21,093 | 20,913 | 20,706 | 20,833 | 21,111 | ||||||||||
Rail North America Industry Statistics | |||||||||||||||
Manufacturing Capacity Utilization Index (3) | 78.4 | % | 79.1 | % | 79.1 | % | 79.5 | % | 79.7 | % | |||||
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) | (0.5 | )% | 0.9 | % | 3.2 | % | 3.6 | % | 3.9 | % | |||||
Year-over-year Change in U.S. Carloadings (chemical) (4) | 0.5 | % | 0.7 | % | 1.4 | % | 1.5 | % | 1.2 | % | |||||
Year-over-year Change in U.S. Carloadings (petroleum) (4) | 31.1 | % | 7.1 | % | 7.0 | % | 12.8 | % | 12.7 | % | |||||
Production Backlog at Railcar Manufacturers (5) | 72,937 | 81,927 | 99,782 | 124,437 | n/a (6) | ||||||||||
American Steamship Company Statistics | |||||||||||||||
Total Net Tons Carried (millions) | 8.6 | 0.4 | 7.9 | 11.3 | 10.9 |
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