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 October 20, 2016, reporting GATX Corporation's financial results for the quarter ended September 30, 2016. | Filed Electronically |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | |||||||||||||||
Lease revenue | $ | 281.8 | $ | 286.2 | $ | 847.5 | $ | 845.1 | |||||||
Marine operating revenue | 62.1 | 77.6 | 139.7 | 167.8 | |||||||||||
Other revenue | 19.0 | 22.4 | 69.0 | 58.3 | |||||||||||
Total Revenues | 362.9 | 386.2 | 1,056.2 | 1,071.2 | |||||||||||
Expenses | |||||||||||||||
Maintenance expense | 79.6 | 83.9 | 244.6 | 242.4 | |||||||||||
Marine operating expense | 39.2 | 48.5 | 88.9 | 114.7 | |||||||||||
Depreciation expense | 75.9 | 75.0 | 221.0 | 217.9 | |||||||||||
Operating lease expense | 19.2 | 22.3 | 54.5 | 65.4 | |||||||||||
Other operating expense | 10.1 | 8.3 | 33.7 | 23.4 | |||||||||||
Selling, general and administrative expense | 48.1 | 44.4 | 127.8 | 134.7 | |||||||||||
Total Expenses | 272.1 | 282.4 | 770.5 | 798.5 | |||||||||||
Other Income (Expense) | |||||||||||||||
Net gain (loss) on asset dispositions | 62.7 | (4.5 | ) | 122.8 | 49.5 | ||||||||||
Interest expense, net | (36.2 | ) | (37.7 | ) | (109.9 | ) | (117.1 | ) | |||||||
Other income (expense) | 4.3 | (3.1 | ) | (2.9 | ) | (8.7 | ) | ||||||||
Income before Income Taxes and Share of Affiliates’ Earnings | 121.6 | 58.5 | 295.7 | 196.4 | |||||||||||
Income Taxes | (41.1 | ) | (20.3 | ) | (98.6 | ) | (68.1 | ) | |||||||
Share of Affiliates’ Earnings (net of tax) | 15.2 | 1.3 | 29.1 | 18.8 | |||||||||||
Net Income | $ | 95.7 | $ | 39.5 | $ | 226.2 | $ | 147.1 | |||||||
Share Data | |||||||||||||||
Basic earnings per share | $ | 2.39 | $ | 0.92 | $ | 5.55 | $ | 3.38 | |||||||
Average number of common shares | 40.1 | 42.8 | 40.7 | 43.5 | |||||||||||
Diluted earnings per share | $ | 2.36 | $ | 0.91 | $ | 5.49 | $ | 3.33 | |||||||
Average number of common shares and common share equivalents | 40.6 | 43.4 | 41.2 | 44.1 | |||||||||||
Dividends declared per common share | $ | 0.40 | $ | 0.38 | $ | 1.20 | $ | 1.14 |
September 30 | December 31 | |||||||
2016 | 2015 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 211.5 | $ | 202.4 | ||||
Restricted Cash | 4.4 | 17.3 | ||||||
Receivables | ||||||||
Rent and other receivables | 85.8 | 69.4 | ||||||
Loans | 6.7 | 8.8 | ||||||
Finance leases | 158.7 | 167.6 | ||||||
Less: allowance for losses | (14.2 | ) | (10.3 | ) | ||||
237.0 | 235.5 | |||||||
Operating Assets and Facilities | 8,545.4 | 8,204.0 | ||||||
Less: allowance for depreciation | (2,633.4 | ) | (2,505.6 | ) | ||||
5,912.0 | 5,698.4 | |||||||
Investments in Affiliated Companies | 376.8 | 348.5 | ||||||
Goodwill | 81.7 | 79.7 | ||||||
Other Assets | 265.9 | 312.4 | ||||||
Total Assets | $ | 7,089.3 | $ | 6,894.2 | ||||
Liabilities and Shareholders’ Equity | ||||||||
Accounts Payable and Accrued Expenses | $ | 146.4 | $ | 170.9 | ||||
Debt | ||||||||
Commercial paper and borrowings under bank credit facilities | 5.1 | 7.4 | ||||||
Recourse | 4,204.4 | 4,171.5 | ||||||
Nonrecourse | — | 6.9 | ||||||
Capital lease obligations | 15.1 | 18.4 | ||||||
4,224.6 | 4,204.2 | |||||||
Deferred Income Taxes | 1,104.0 | 1,018.3 | ||||||
Other Liabilities | 242.8 | 220.6 | ||||||
Total Liabilities | 5,717.8 | 5,614.0 | ||||||
Total Shareholders’ Equity | 1,371.5 | 1,280.2 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 7,089.3 | $ | 6,894.2 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenue | $ | 233.0 | $ | 46.6 | $ | 1.0 | $ | 1.2 | $ | — | $ | 281.8 | |||||||||||
Marine operating revenue | — | — | 51.8 | 10.3 | — | 62.1 | |||||||||||||||||
Other revenue | 17.3 | 1.6 | — | 0.1 | — | 19.0 | |||||||||||||||||
Total Revenues | 250.3 | 48.2 | 52.8 | 11.6 | — | 362.9 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Maintenance expense | 62.8 | 10.7 | 6.1 | — | — | 79.6 | |||||||||||||||||
Marine operating expense | — | — | 31.5 | 7.7 | — | 39.2 | |||||||||||||||||
Depreciation expense | 58.4 | 11.6 | 4.2 | 1.7 | — | 75.9 | |||||||||||||||||
Operating lease expense | 17.2 | — | 2.0 | — | — | 19.2 | |||||||||||||||||
Other operating expense | 8.6 | 1.2 | — | 0.3 | — | 10.1 | |||||||||||||||||
Total Expenses | 147.0 | 23.5 | 43.8 | 9.7 | — | 224.0 | |||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Net gain on asset dispositions | 13.1 | 0.5 | — | 49.1 | — | 62.7 | |||||||||||||||||
Interest expense, net | (27.1 | ) | (7.3 | ) | (1.1 | ) | (2.1 | ) | 1.4 | (36.2 | ) | ||||||||||||
Other income (expense) | (1.4 | ) | 5.5 | (0.1 | ) | — | 0.3 | 4.3 | |||||||||||||||
Share of affiliates’ earnings (pretax) | — | (0.1 | ) | — | 15.2 | — | 15.1 | ||||||||||||||||
Segment Profit | $ | 87.9 | $ | 23.3 | $ | 7.8 | $ | 64.1 | $ | 1.7 | $ | 184.8 | |||||||||||
Selling, general and administrative expense | 48.1 | ||||||||||||||||||||||
Income taxes (includes $0.1 tax benefit related to affiliates’ earnings) | 41.0 | ||||||||||||||||||||||
Net Income | $ | 95.7 | |||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||
Investment Volume | $ | 108.4 | $ | 10.8 | $ | — | $ | — | $ | 1.2 | $ | 120.4 | |||||||||||
Net Gain on Asset Dispositions | |||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||
Disposition gains on owned assets | $ | 11.9 | $ | — | $ | — | $ | (0.3 | ) | $ | — | $ | 11.6 | ||||||||||
Residual sharing income | 0.3 | — | — | 49.4 | — | 49.7 | |||||||||||||||||
Non-remarketing disposition gains (1) | 0.9 | 0.5 | — | — | — | 1.4 | |||||||||||||||||
Total Net Gain on Asset Dispositions | $ | 13.1 | $ | 0.5 | $ | — | $ | 49.1 | $ | — | $ | 62.7 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | ||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenue | $ | 234.9 | $ | 44.1 | $ | 1.1 | $ | 6.1 | $ | — | $ | 286.2 | |||||||||||
Marine operating revenue | — | — | 61.7 | 15.9 | — | 77.6 | |||||||||||||||||
Other revenue | 20.3 | 1.7 | — | 0.4 | — | 22.4 | |||||||||||||||||
Total Revenues | 255.2 | 45.8 | 62.8 | 22.4 | — | 386.2 | |||||||||||||||||
Expenses | |||||||||||||||||||||||
Maintenance expense | 66.7 | 9.9 | 7.3 | — | — | 83.9 | |||||||||||||||||
Marine operating expense | — | — | 36.7 | 11.8 | — | 48.5 | |||||||||||||||||
Depreciation expense | 54.5 | 11.1 | 4.7 | 4.7 | — | 75.0 | |||||||||||||||||
Operating lease expense | 20.6 | (0.1 | ) | 1.8 | — | — | 22.3 | ||||||||||||||||
Other operating expense | 6.8 | 1.1 | — | 0.4 | — | 8.3 | |||||||||||||||||
Total Expenses | 148.6 | 22.0 | 50.5 | 16.9 | — | 238.0 | |||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Net gain (loss) on asset dispositions | 11.5 | 0.5 | — | (16.5 | ) | — | (4.5 | ) | |||||||||||||||
Interest (expense) income, net | (27.0 | ) | (7.0 | ) | (1.4 | ) | (4.7 | ) | 2.4 | (37.7 | ) | ||||||||||||
Other expense | (1.2 | ) | (1.8 | ) | — | — | (0.1 | ) | (3.1 | ) | |||||||||||||
Share of affiliates’ earnings (pretax) (1) | 0.1 | — | — | (1.6 | ) | — | (1.5 | ) | |||||||||||||||
Segment Profit (Loss) | $ | 90.0 | $ | 15.5 | $ | 10.9 | $ | (17.3 | ) | $ | 2.3 | $ | 101.4 | ||||||||||
Selling, general and administrative expense | 44.4 | ||||||||||||||||||||||
Income taxes (includes $2.8 tax benefit related to affiliates’ earnings) | 17.5 | ||||||||||||||||||||||
Net Income | $ | 39.5 | |||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||
Investment Volume | $ | 97.8 | $ | 40.9 | $ | 0.8 | $ | 1.9 | $ | 0.7 | $ | 142.1 | |||||||||||
Net Gain (Loss) on Asset Dispositions | |||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||
Disposition gains on owned assets | $ | 10.2 | $ | — | $ | — | $ | 7.2 | $ | — | $ | 17.4 | |||||||||||
Residual sharing income | 0.3 | — | — | 7.3 | — | 7.6 | |||||||||||||||||
Non-remarketing disposition gains (2) | 1.0 | 0.6 | — | — | — | 1.6 | |||||||||||||||||
Asset impairment | — | (0.1 | ) | — | (31.0 | ) | — | (31.1 | ) | ||||||||||||||
Total Net Gain (Loss) on Asset Dispositions | $ | 11.5 | $ | 0.5 | $ | — | $ | (16.5 | ) | $ | — | $ | (4.5 | ) |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 703.0 | $ | 136.8 | $ | 3.1 | $ | 4.6 | $ | — | $ | 847.5 | ||||||||||||
Marine operating revenue | — | — | 102.3 | 37.4 | — | 139.7 | ||||||||||||||||||
Other revenue | 63.5 | 4.8 | — | 0.7 | — | 69.0 | ||||||||||||||||||
Total Revenues | 766.5 | 141.6 | 105.4 | 42.7 | — | 1,056.2 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 196.2 | 36.1 | 12.3 | — | — | 244.6 | ||||||||||||||||||
Marine operating expense | — | — | 64.0 | 24.9 | — | 88.9 | ||||||||||||||||||
Depreciation expense | 173.0 | 34.2 | 8.6 | 5.2 | — | 221.0 | ||||||||||||||||||
Operating lease expense | 50.6 | — | 4.0 | — | (0.1 | ) | 54.5 | |||||||||||||||||
Other operating expense | 25.0 | 3.8 | — | 4.9 | — | 33.7 | ||||||||||||||||||
Total Expenses | 444.8 | 74.1 | 88.9 | 35.0 | (0.1 | ) | 642.7 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain on asset dispositions | 36.4 | 1.5 | — | 84.9 | — | 122.8 | ||||||||||||||||||
Interest expense, net | (81.2 | ) | (21.9 | ) | (3.3 | ) | (6.4 | ) | 2.9 | (109.9 | ) | |||||||||||||
Other expense | (3.8 | ) | 2.0 | (0.3 | ) | — | (0.8 | ) | (2.9 | ) | ||||||||||||||
Share of affiliates’ earnings (pretax) | 0.3 | (0.2 | ) | — | 33.0 | — | 33.1 | |||||||||||||||||
Segment Profit | $ | 273.4 | $ | 48.9 | $ | 12.9 | $ | 119.2 | $ | 2.2 | $ | 456.6 | ||||||||||||
Selling, general and administrative expense | 127.8 | |||||||||||||||||||||||
Income taxes (includes $4.0 related to affiliates’ earnings) | 102.6 | |||||||||||||||||||||||
Net Income | $ | 226.2 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 366.7 | $ | 63.2 | $ | 9.1 | $ | — | $ | 3.6 | $ | 442.6 | ||||||||||||
Net Gain on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 32.5 | $ | — | $ | — | $ | 4.2 | $ | — | $ | 36.7 | ||||||||||||
Residual sharing income | 0.7 | — | — | 82.5 | — | 83.2 | ||||||||||||||||||
Non-remarketing disposition gains (1) | 3.2 | 1.5 | — | — | — | 4.7 | ||||||||||||||||||
Asset impairment | — | — | — | (1.8 | ) | — | (1.8 | ) | ||||||||||||||||
Total Net Gain on Asset Dispositions | $ | 36.4 | $ | 1.5 | $ | — | $ | 84.9 | $ | — | $ | 122.8 |
Rail N.A. | Rail Int’l | ASC | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Lease revenue | $ | 694.3 | $ | 128.6 | $ | 3.1 | $ | 19.1 | $ | — | $ | 845.1 | ||||||||||||
Marine operating revenue | — | — | 119.7 | 48.1 | — | 167.8 | ||||||||||||||||||
Other revenue | 51.8 | 5.3 | — | 1.2 | — | 58.3 | ||||||||||||||||||
Total Revenues | 746.1 | 133.9 | 122.8 | 68.4 | — | 1,071.2 | ||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Maintenance expense | 199.7 | 28.2 | 14.5 | — | — | 242.4 | ||||||||||||||||||
Marine operating expense | — | — | 77.7 | 37.0 | — | 114.7 | ||||||||||||||||||
Depreciation expense | 160.1 | 32.6 | 9.6 | 15.6 | — | 217.9 | ||||||||||||||||||
Operating lease expense | 62.0 | — | 3.5 | — | (0.1 | ) | 65.4 | |||||||||||||||||
Other operating expense | 18.1 | 3.5 | — | 1.8 | — | 23.4 | ||||||||||||||||||
Total Expenses | 439.9 | 64.3 | 105.3 | 54.4 | (0.1 | ) | 663.8 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||||||
Net gain (loss) on asset dispositions | 54.4 | 6.5 | — | (11.4 | ) | — | 49.5 | |||||||||||||||||
Interest expense, net | (76.1 | ) | (16.5 | ) | (4.0 | ) | (15.5 | ) | (5.0 | ) | (117.1 | ) | ||||||||||||
Other expense | (4.2 | ) | (3.0 | ) | (0.1 | ) | — | (1.4 | ) | (8.7 | ) | |||||||||||||
Share of affiliates’ earnings (pretax) (1) | 0.4 | (0.2 | ) | — | 21.8 | — | 22.0 | |||||||||||||||||
Segment Profit (Loss) | $ | 280.7 | $ | 56.4 | $ | 13.4 | $ | 8.9 | $ | (6.3 | ) | $ | 353.1 | |||||||||||
Selling, general and administrative expense | 134.7 | |||||||||||||||||||||||
Income taxes (includes $3.2 related to affiliates’ earnings) | 71.3 | |||||||||||||||||||||||
Net Income | $ | 147.1 | ||||||||||||||||||||||
Selected Data: | ||||||||||||||||||||||||
Investment Volume | $ | 362.8 | $ | 110.1 | $ | 20.3 | $ | 2.2 | $ | 2.9 | $ | 498.3 | ||||||||||||
Net Gain (Loss) on Asset Dispositions | ||||||||||||||||||||||||
Asset Remarketing Income: | ||||||||||||||||||||||||
Disposition gains on owned assets | $ | 51.1 | $ | — | $ | — | $ | 9.3 | $ | — | $ | 60.4 | ||||||||||||
Residual sharing income | 0.7 | — | — | 10.3 | — | 11.0 | ||||||||||||||||||
Non-remarketing disposition gains (2) | 2.6 | 6.7 | — | — | — | 9.3 | ||||||||||||||||||
Asset impairment | — | (0.2 | ) | — | (31.0 | ) | — | (31.2 | ) | |||||||||||||||
Total Net Gain (Loss) on Asset Dispositions | $ | 54.4 | $ | 6.5 | $ | — | $ | (11.4 | ) | $ | — | $ | 49.5 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Net income (GAAP) | $ | 95.7 | $ | 39.5 | $ | 226.2 | $ | 147.1 | |||||||
Adjustments attributable to consolidated income, pretax: | |||||||||||||||
Loss (gain) on wholly owned Portfolio Management marine investments | 0.3 | 23.5 | (2.4 | ) | 23.5 | ||||||||||
Total adjustments attributable to consolidated income, pretax | $ | 0.3 | $ | 23.5 | $ | (2.4 | ) | $ | 23.5 | ||||||
Income taxes, thereon | $ | (0.1 | ) | $ | (8.8 | ) | $ | 0.9 | $ | (8.8 | ) | ||||
Adjustments attributable to affiliates' earnings, net of taxes: | |||||||||||||||
(Gain) loss on Portfolio Management affiliate | (0.6 | ) | 11.9 | (0.6 | ) | $ | 11.9 | ||||||||
Income tax rate change | (3.9 | ) | — | (3.9 | ) | — | |||||||||
Total adjustments attributable to affiliates' earnings, net of taxes | $ | (4.5 | ) | $ | 11.9 | $ | (4.5 | ) | $ | 11.9 | |||||
Net income, excluding tax adjustments and other items (non-GAAP) | $ | 91.4 | $ | 66.1 | $ | 220.2 | $ | 173.7 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Diluted earnings per share (GAAP) | $ | 2.36 | $ | 0.91 | $ | 5.49 | $ | 3.33 | |||||||
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) | $ | 2.25 | $ | 1.52 | $ | 5.35 | $ | 3.94 |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Return on Equity (GAAP) | 7.1 | % | 3.1 | % | 17.1 | % | 11.4 | % | |||
Return on Equity, excluding tax adjustments and other items (non-GAAP) | 6.8 | % | 5.2 | % | 16.6 | % | 13.4 | % |
9/30/2015 | 12/31/2015 | 3/31/2016 | 6/30/2016 | 9/30/2016 | ||||||||||||||||
Assets by Segment, as adjusted (non-GAAP)* | ||||||||||||||||||||
Rail North America | $ | 5,076.6 | $ | 5,082.4 | $ | 5,173.3 | $ | 5,235.7 | $ | 5,243.0 | ||||||||||
Rail International | 1,101.2 | 1,089.2 | 1,150.9 | 1,127.2 | 1,153.0 | |||||||||||||||
ASC | 304.9 | 291.4 | 285.5 | 301.9 | 289.6 | |||||||||||||||
Portfolio Management | 730.7 | 626.9 | 597.3 | 608.3 | 595.0 | |||||||||||||||
Other | 78.9 | 80.1 | 75.9 | 77.0 | 75.9 | |||||||||||||||
Total Assets, excluding cash, as adjusted (non-GAAP) | $ | 7,292.3 | $ | 7,170.0 | $ | 7,282.9 | $ | 7,350.1 | $ | 7,356.5 | ||||||||||
Debt, Net of Unrestricted Cash* | ||||||||||||||||||||
Unrestricted cash | $ | (116.0 | ) | $ | (202.4 | ) | $ | (216.2 | ) | $ | (177.6 | ) | $ | (211.5 | ) | |||||
Commercial paper and bank credit facilities | 18.1 | 7.4 | 17.9 | 28.5 | 5.1 | |||||||||||||||
Recourse debt | 4,251.4 | 4,171.5 | 4,304.3 | 4,298.8 | 4,204.4 | |||||||||||||||
Non-recourse debt | 9.2 | 6.9 | 4.7 | 2.3 | — | |||||||||||||||
Capital lease obligations | 3.6 | 18.4 | 16.9 | 16.6 | 15.1 | |||||||||||||||
Total debt, net of unrestricted cash (GAAP) | 4,166.3 | 4,001.8 | 4,127.6 | 4,168.6 | 4,013.1 | |||||||||||||||
Off-balance sheet recourse debt | 493.5 | 495.5 | 454.4 | 449.0 | 483.1 | |||||||||||||||
Off-balance sheet nonrecourse debt | 45.4 | — | — | — | — | |||||||||||||||
Total debt, net of unrestricted cash, as adjusted (non-GAAP) | $ | 4,705.2 | $ | 4,497.3 | $ | 4,582.0 | $ | 4,617.6 | $ | 4,496.2 | ||||||||||
Total Recourse Debt (1) | $ | 4,650.6 | $ | 4,490.4 | $ | 4,577.3 | $ | 4,615.3 | $ | 4,496.2 | ||||||||||
Shareholders’ Equity | $ | 1,269.0 | $ | 1,280.2 | $ | 1,305.3 | $ | 1,308.5 | $ | 1,371.5 | ||||||||||
Recourse Leverage (2) | 3.7 | 3.5 | 3.5 | 3.5 | 3.3 |
Reconciliation of Total Assets (GAAP) to Total Assets, as adjusted, Excluding Cash (non-GAAP)* | ||||||||||||||||||||
Total Assets | $ | 6,884.9 | $ | 6,894.2 | $ | 7,062.0 | $ | 7,090.6 | $ | 7,089.3 | ||||||||||
Less: cash | (131.5 | ) | (219.7 | ) | (233.5 | ) | (189.5 | ) | (215.9 | ) | ||||||||||
Total Assets, excluding cash (GAAP) | 6,753.4 | 6,674.5 | 6,828.5 | 6,901.1 | 6,873.4 | |||||||||||||||
Add off-balance sheet assets: | ||||||||||||||||||||
Rail North America | 530.9 | 488.7 | 447.3 | 443.3 | 478.9 | |||||||||||||||
ASC | 8.0 | 6.8 | 7.1 | 5.7 | 4.2 | |||||||||||||||
Total off-balance sheet assets | 538.9 | 495.5 | 454.4 | 449.0 | 483.1 | |||||||||||||||
Total Assets, excluding cash, as adjusted (non-GAAP) | $ | 7,292.3 | $ | 7,170.0 | $ | 7,282.9 | $ | 7,350.1 | $ | 7,356.5 |
9/30/2015 | 12/31/2015 | 3/31/2016 | 6/30/2016 | 9/30/2016 | ||||||||||
Rail North America Statistics | ||||||||||||||
Lease Price Index (LPI) (1) | ||||||||||||||
Average renewal lease rate change | 25.6 | % | 20.5 | % | 6.4 | % | (25.4 | )% | (21.4 | )% | ||||
Average renewal term (months) | 60 | 43 | 34 | 34 | 29 | |||||||||
Fleet Rollforward (2) | ||||||||||||||
Beginning balance | 106,984 | 106,392 | 106,146 | 105,422 | 105,368 | |||||||||
Cars added | 620 | 1,306 | 811 | 857 | 764 | |||||||||
Cars scrapped | (396 | ) | (441 | ) | (743 | ) | (567 | ) | (590 | ) | ||||
Cars sold | (816 | ) | (1,111 | ) | (792 | ) | (344 | ) | (668 | ) | ||||
Ending balance | 106,392 | 106,146 | 105,422 | 105,368 | 104,874 | |||||||||
Utilization | 99.2 | % | 99.1 | % | 98.9 | % | 98.1 | % | 99.0 | % | ||||
Average active railcars | 105,896 | 105,294 | 104,505 | 103,824 | 103,479 | |||||||||
Boxcar Fleet | ||||||||||||||
Ending balance | 18,567 | 18,429 | 18,338 | 18,209 | 18,089 | |||||||||
Utilization | 96.6 | % | 97.7 | % | 97.1 | % | 97.1 | % | 94.7 | % | ||||
Rail Europe Statistics | ||||||||||||||
Fleet Rollforward | ||||||||||||||
Beginning balance | 22,483 | 22,745 | 22,923 | 22,859 | 23,088 | |||||||||
Cars added | 412 | 459 | 191 | 323 | 78 | |||||||||
Cars scrapped/sold | (150 | ) | (281 | ) | (255 | ) | (94 | ) | (200 | ) | ||||
Ending balance | 22,745 | 22,923 | 22,859 | 23,088 | 22,966 | |||||||||
Utilization | 95.7 | % | 95.8 | % | 95.1 | % | 94.8 | % | 95.0 | % | ||||
Average active railcars | 21,630 | 21,861 | 21,854 | 21,747 | 21,830 | |||||||||
Rail North America Industry Statistics | ||||||||||||||
Manufacturing Capacity Utilization Index (3) | 77.9 | % | 75.4 | % | 74.8 | % | 75.4 | % | 75.4 | % | ||||
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) | (4.4 | )% | (6.1 | )% | (13.8 | )% | (12.3 | )% | (10.5 | )% | ||||
Year-over-year Change in U.S. Carloadings (chemical) (4) | 0.5 | % | 0.4 | % | 3.2 | % | 2.4 | % | 1.7 | % | ||||
Year-over-year Change in U.S. Carloadings (petroleum) (4) | (5.9 | )% | (9.7 | )% | (20.9 | )% | (21.7 | )% | (22.2 | )% | ||||
Production Backlog at Railcar Manufacturers (5) | 122,591 | 111,019 | 95,038 | 89,155 | n/a (6) | |||||||||
American Steamship Company Statistics | ||||||||||||||
Total Net Tons Carried (millions) | 10.2 | 7.0 | 0.6 | 8.9 | 8.7 |
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