8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): July 26, 2007

GATX Corporation

(Exact name of registrant as specified in its charter)

New York
(State or other jurisdiction of
incorporation) 1-2328
(Commission File)
Number) 36-1124040
(IRS Employer
Identification No.)

500 West Monroe Street
Chicago, Illinois 60661-3676
(Address of principal executive offices, including zip code)

(312) 621-6200
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:

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))

Item 2.02 Results of Operations and Financial Condition.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure” and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On July 26, 2007 GATX Corporation (“GATX”) issued a press release that included unaudited financial statements and supplemental financial information for the quarter ended June 30, 2007. A copy of the press release is attached hereto as Exhibit 99.1.

GATX will host a teleconference to discuss 2007 second quarter financial results on July 26, 2007 beginning at 11:00 a.m. eastern time. Investors may access the conference by dialing 1-800-706-6082 (or 1-706-634-7421 if dialing from outside the United States).

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits

          99.1 Press Release dated July 26, 2007.

SIGNATURE

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 CORPORATION 

(Registrant)

/s/ Robert C. Lyons  

Robert C. Lyons 

Senior Vice-President, Chief
Financial Officer
(Duly Authorized Officer)
 

     July 26, 2007

EXHIBIT INDEX

Exhibit No.	Description	Method of Filing
99.1	Press Release of GATX Corporation, dated July 26, 2007 reporting GATX Corporation’s financial results for the quarter ended June 30, 2007.	Filed Electronically

EX-99.1

NEWS RELEASE

FOR RELEASE: IMMEDIATE

GATX CORPORATION REPORTS 2007 SECOND QUARTER RESULTS

     CHICAGO, July 26 — GATX Corporation (NYSE:GMT) today reported 2007 second quarter results. Per share results for the second quarter and six months ending June 30 are summarized below:

	Three Months					Six Months
	Ended June 30					Ended June 30
Per Diluted Share	2007			2006		2007			2006
Income from Continuing Operations	$	.79		$	.71	$	1.44		$	1.38
Income from Discontinued Operations		(.02	)		—		(.06	)		.13
Total	$	.77		$	.71	$	1.38		$	1.51

     In the 2007 second quarter, net income from continuing operations was $43.5 million or $.79 per diluted share, compared with net income of $41.0 million or $.71 per diluted share in the second quarter of 2006. The 2006 second quarter included a benefit of $5.9 million or $.10 per diluted share related to a statutory reduction in Canadian tax rates. Net income from continuing operations for the first six months of 2007 was $80.5 million or $1.44 per diluted share, compared to $79.1 million or $1.38 per diluted share in the prior year period. The 2006 six-month results also included the aforementioned Canadian tax benefit.

     In 2006, GATX sold the majority of its aircraft leasing business to Macquarie Aircraft Leasing Limited (MALL). As a result, the aircraft leasing segment is reported as discontinued operations and prior periods have been restated to conform to the current presentation.

     Operational highlights for the 2007 second quarter include:

• Utilization of Rail’s North American fleet was 98% for the second quarter. On a basket of common car types, lease renewal rates increased 14% over expiring rates with an average renewal term of 70 months.

• Specialty continued to experience strong performance in its marine joint ventures and investment opportunities increased during the quarter.

• Year-to-date investment volume totaled $240 million, including approximately $191 million in Rail, representing a mix of both new and used railcar investments in North America and Europe.

     “Market conditions in rail have been generally positive in the largest portion of our fleet, general service tank cars serving the chemical and petroleum sectors,” said Brian A. Kenney,

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president and chief executive officer. “Weakness continues in certain freight car types, such as coal cars and railcars serving construction-related industries. There is also a modest oversupply of cars serving the ethanol market, as the pace of ethanol plant construction has not supported speculative orders placed by others for this car type. While this softness should have little impact on our 2007 results, we are monitoring these developments and the potential impact on longer-term results.

     “Income from the marine joint ventures in Specialty remains strong as charter rates continue to increase. While weather delays hampered the start of ASC’s 2007 sailing season, demand on the Great Lakes remains high, vessels are fully utilized, and we are realizing benefits from the acquisition of the six-vessel fleet completed in June 2006.

     Mr. Kenney concluded, “We are capitalizing on high asset valuations by selling certain targeted assets, a step that is expected to reduce future volatility, strengthen our portfolio quality, and lead to higher remarketing income in 2007. Based on this expected increase in remarketing income, we now expect 2007 full-year earnings to be at the high end of the $2.90-$3.10 per diluted share range previously announced.”

GATX RAIL

     Rail reported segment profit of $68.1 million in the second quarter of 2007, compared with $64.0 million in the second quarter of 2006. Rail reported segment profit of $135.3 million year-to-date 2007, compared to $121.0 million in the same period 2006. Segment profit increased year over year primarily due to an increased number of cars on lease, higher average lease rates, improved contributions from European operations, and increased remarketing income.

     At June 30, 2007, Rail’s North American fleet totaled approximately 111,000 cars and fleet utilization was 98.0%, versus 98.1% in the first quarter 2007, 98.6% in the prior year second quarter and 98.5% at year end. The North American active fleet (cars on lease) totaled approximately 109,000 railcars at quarter end, an increase of more than 2,000 cars over the end of the second quarter of 2006.

     During the second quarter, lease renewal pricing on a basket of Rail’s most common car types increased 14% over expiring lease rates, compared to 19% in the prior three quarters. Rail also extended the average term on basket renewals during the second quarter to 70 months, compared with 65 months in the second quarter of 2006. This continuing emphasis on lengthening lease terms is expected to temper future earnings volatility.

     Year to date, investment volume totaled $191 million in the first half of 2007 versus $162 million in the comparable 2006 period.

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     In macroeconomic data related to Rail’s business, North American manufacturing capacity utilization, as reported by the Federal Reserve, was 81.7% in June 2007, down from 82.3% in June 2006 but up from 81.4% in March 2007. Backlogs at the railcar manufacturers, as reported by the Railway Supply Institute, totaled nearly 74,000 cars at the end of the second quarter 2007, down from approximately 79,000 during the first quarter 2007 and 86,000 in the second and fourth quarters of 2006. Carloadings on the U.S. rails, excluding intermodal, as reported by the Association of American Railroads, decreased 4.1% over the second quarter 2006, due to lower demand for building products related to housing and lower auto industry demand. Chemical shipments increased 2.2% in the second quarter of 2007 versus 2006.

GATX SPECIALTY

     Specialty reported segment profit of $26.4 million in the second quarter of 2007, compared with $21.3 million in the prior year period. Year to date, Specialty reported segment profit of $51.0 million, compared to $57.8 million in the same period in 2006. The 2006 year-to-date results reflect very strong remarketing activity, including $14 million associated with a single transaction in the first quarter 2006 in the managed portfolio. Remarketing gains historically are uneven period to period, particularly gains from the managed portfolio.

     Vessel utilization in Specialty’s marine investments remained high in the second quarter 2007, as demand strengthened and charter rates increased, primarily in the U.S. Gulf region.

     Specialty invested $46 million in the first six months of 2007, primarily in industrial and marine equipment. The Specialty portfolio currently consists of approximately $488 million of owned assets (including on and off balance sheet assets) and third-party managed portfolios totaling approximately $449 million.

AMERICAN STEAMSHIP COMPANY

     American Steamship Company (ASC) reported segment profit of $8.5 million in the second quarter 2007, compared to $10.1 million in the second quarter 2006. Year-to-date segment profit was $8.7 million, compared to $11.3 million in 2006. Inclement weather in early spring led to a slower start and fewer operating days on the Lakes in 2007 compared to 2006. In addition, 2007 year-to-date and second quarter results include $1.2 million of winter maintenance expense on the six vessels acquired in June 2006. These costs were excluded from ASC’s operations in 2006 due to the timing of the acquisition.

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DISCONTINUED OPERATIONS

     In the third quarter of 2006, GATX signed an agreement to sell the majority of its aircraft leasing business to MALL. The sale of the wholly-owned aircraft was completed on November 30, 2006 and the sale of the interests in joint venture aircraft was completed on January 17, 2007.

     In addition to the sale to MALL, GATX sold 27 aircraft to AerCap in the latter half of 2006, and in July 2006 completed the sale of GATX’s share of the Pembroke joint venture to management.

     In the first and second quarters of 2007, GATX recorded Air sale purchase price adjustments in Discontinued Operations, none of which were material to GATX’s overall financial position.

COMPANY DESCRIPTION

     GATX Corporation (NYSE:GMT) provides lease financing and related services to customers operating rail, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company’s website at www.gatx.com.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2007 second quarter results. Teleconference details are as follows:

Thursday, July 26^th
11:00 A.M. Eastern Time
Domestic Dial-In: 1-800-706-6082
International Dial-In: 1-706-634-7421
Replay: 1-800-642-1687 / Access Code: 7358813

Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a replay will be available on the same site.

FORWARD-LOOKING STATEMENTS
This release contains statements that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor provisions of those sections and the Private Securities Litigation Reform Act of 1995. Some of these statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “project” or other words and terms of similar meaning. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in GATX’s Annual Report on Form 10-K and other filings with the SEC, and that actual results or developments may differ materially from those in the forward-looking statements. Specific factors that might cause actual results to differ from expectations include, but are not limited to, general economic, market,

Page 5

regulatory and political conditions in the rail, marine, industrial and other industries served by GATX and its customers; lease rates, utilization levels and operating costs in GATX’s primary asset segments; conditions in the capital markets; changes in GATX’s credit ratings; regulatory rulings that may impact the economic value and operating costs of assets; competitive factors in GATX’s primary markets including lease pricing and asset availability; changes in loss provision levels within GATX’s portfolio; impaired asset charges that may result from changing market conditions or implementation of portfolio management initiatives by GATX; the outcome of pending or threatened litigation; and other factors. Given these risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis, judgment, belief or expectation only as of the date hereof. GATX has based these forward-looking statements on information currently available and disclaims any intention or obligation to update or revise any forward-looking statement to reflect subsequent events or circumstances.

FOR FURTHER INFORMATION CONTACT:
GATX Corporation
Rhonda S. Johnson
312-621-6262
rhonda.johnson@gatx.com

Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.

(07/26/07)

—Tabular Follows—

Page 6

GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2007			2006			2007			2006
Gross Income
Lease income	$	220.7		$	203.5		$	438.6		$	404.1
Marine operating revenue		72.8			54.7			80.4			63.1
Interest income on loans		1.0			1.7			1.9			2.5
Asset remarketing income		17.7			8.4			27.7			34.1
Fees		0.6			1.0			1.3			3.0
Other		15.7			15.9			30.0			31.7
Revenues		328.5			285.2			579.9			538.5
Share of affiliates’ earnings		18.8			18.7			42.3			36.4
Total Gross Income		347.3			303.9			622.2			574.9
Ownership Costs
Depreciation		47.8			40.4			90.0			75.9
Interest expense, net		30.7			31.9			60.6			60.7
Operating lease expense		39.1			41.8			78.2			87.9
Total Ownership Costs		117.6			114.1			228.8			224.5
Other Costs and Expenses
Maintenance expense		58.3			50.7			110.9			102.1
Marine operating expense		52.7			37.9			58.6			44.6
Selling, general and administrative		39.2			38.3			77.2			72.1
Asset impairment charges		—			0.1			1.5			3.2
Other		11.7			6.5			18.5			13.0
Total Other Costs and Expenses		161.9			133.5			266.7			235.0
Income from Continuing Operations before Income Taxes		67.8			56.3			126.7			115.4
Income Taxes		24.3			15.3			46.2			36.3
Income from Continuing Operations		43.5			41.0			80.5			79.1
Discontinued Operations, net of taxes		(1.1	)		(0.3	)		(3.2	)		8.0
Net Income	$	42.4		$	40.7		$	77.3		$	87.1

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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)

	Three Months Ended						Six Months Ended
	June 30						June 30
	2007			2006			2007			2006
Per Share Data
Basic:
Income from continuing operations	$	0.86		$	0.81		$	1.56		$	1.56
(Loss) income from discontinued operations		(0.03	)		(0.01	)		(0.06	)		0.16
Total	$	0.83		$	0.80		$	1.50		$	1.72
Average number of common shares (in thousands)		50,626			50,891			51,442			50,740
Diluted:
Income from continuing operations	$	0.79		$	0.71		$	1.44		$	1.38
(Loss) income from discontinued operations		(0.02	)		—			(0.06	)		0.13
Total	$	0.77		$	0.71		$	1.38		$	1.51
Average number of common shares and common share equivalents (in thousands)		55,935			62,063			57,500			61,888
Dividends declared per common share	$	0.24		$	0.21		$	0.48		$	0.42

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GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)

	June 30			December 31
	2007			2006
Assets
Cash and Cash Equivalents	$	85.8		$	196.2
Restricted Cash		46.7			48.0
Receivables
Rent and other receivables		95.4			102.5
Finance leases		370.9			402.6
Loans		40.6			36.0
Less: allowance for possible losses		(10.0	)		(9.6	)
		496.9			531.5
Operating Lease Assets, Facilities and Other
Rail		4,512.7			4,352.4
Specialty		143.8			113.6
ASC		365.5			361.2
Less: allowance for depreciation		(1,869.5	)		(1,798.0	)
		3,152.5			3,029.2
Investments in Affiliated Companies		297.6			291.9
Goodwill		97.0			92.8
Other Assets		191.4			225.2
Assets of Discontinued Operations		—			232.2
Total Assets	$	4,367.9		$	4,647.0
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	$	175.0		$	158.9
Debt
Commercial paper and bank credit facilities		4.6			22.4
Recourse		1,999.5			2,138.1
Nonrecourse		0.8			2.7
Capital lease obligations		47.4			51.5
		2,052.3			2,214.7
Deferred Income Taxes		692.9			757.4
Other Liabilities		362.9			348.3
Total Liabilities		3,283.1			3,479.3
Total Shareholders’ Equity		1,084.8			1,167.7
Total Liabilities and Shareholders’ Equity	$	4,367.9		$	4,647.0

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2007
(In Millions)

										GATX
	Rail		Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	207.5	$	12.2	$	1.0	$	—		$	220.7
Marine operating revenue		—		—		72.8		—			72.8
Interest income on loans		—		1.0		—		—			1.0
Asset remarketing income		9.7		8.0		—		—			17.7
Fees		0.3		0.3		—		—			0.6
Other		15.2		0.3		—		0.2			15.7
Revenues		232.7		21.8		73.8		0.2			328.5
Share of affiliates’ earnings		3.3		15.5		—		—			18.8
Total Gross Income		236.0		37.3		73.8		0.2			347.3
Ownership Costs
Depreciation		40.7		3.0		4.1		—			47.8
Interest expense, net		27.7		4.0		2.6		(3.6	)		30.7
Operating lease expense		38.4		0.8		—		(0.1	)		39.1
Total Ownership Costs		106.8		7.8		6.7		(3.7	)		117.6
Other Costs and Expenses
Maintenance expense		52.4		—		5.9		—			58.3
Marine operating expense		—		—		52.7		—			52.7
Asset impairment charges		—		—		—		—			—
Other		8.7		3.1		—		(0.1	)		11.7
Total Other Costs and Expenses		61.1		3.1		58.6		(0.1	)		122.7
Segment Profit	$	68.1	$	26.4	$	8.5	$	4.0			107.0
Selling, general and administrative											39.2
Income from Continuing Operations before Income Taxes											67.8
Income Taxes											24.3
Income from Continuing Operations										$	43.5

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended June 30, 2006
(In Millions)

										GATX
	Rail		Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	192.7	$	9.7	$	1.1	$	—		$	203.5
Marine operating revenue		—		—		54.7		—			54.7
Interest income on loans		—		1.7		—		—			1.7
Asset remarketing income		5.7		2.7		—		—			8.4
Fees		0.4		0.6		—		—			1.0
Other		14.8		1.1		—		—			15.9
Revenues		213.6		15.8		55.8		—			285.2
Share of affiliates’ earnings		5.5		13.2		—		—			18.7
Total Gross Income		219.1		29.0		55.8		—			303.9
Ownership Costs
Depreciation		36.3		1.5		2.6		—			40.4
Interest expense, net		24.7		4.5		1.6		1.1			31.9
Operating lease expense		40.9		1.0		—		(0.1	)		41.8
Total Ownership Costs		101.9		7.0		4.2		1.0			114.1
Other Costs and Expenses
Maintenance expense		47.1		—		3.6		—			50.7
Marine operating expense		—		—		37.9		—			37.9
Asset impairment charges		0.1		—		—		—			0.1
Other		6.0		0.7		—		(0.2	)		6.5
Total Other Costs and Expenses		53.2		0.7		41.5		(0.2	)		95.2
Segment Profit (Loss)	$	64.0	$	21.3	$	10.1	$	(0.8	)		94.6
Selling, general and administrative											38.3
Income from Continuing Operations before Income Taxes											56.3
Income Taxes											15.3
Income from Continuing Operations										$	41.0

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2007
(In Millions)

											GATX
	Rail		Specialty		ASC			Other			Consolidated
Gross Income
Lease income	$	412.3	$	24.2	$	2.1		$	—		$	438.6
Marine operating revenue		—		—		80.4			—			80.4
Interest income on loans		—		1.9		—			—			1.9
Asset remarketing income		19.5		8.2		—			—			27.7
Fees		0.6		0.7		—			—			1.3
Other		28.7		1.1		—			0.2			30.0
Revenues		461.1		36.1		82.5			0.2			579.9
Share of affiliates’ earnings		8.7		33.6		—			—			42.3
Total Gross Income		469.8		69.7		82.5			0.2			622.2
Ownership Costs
Depreciation		80.3		5.6		4.1			—			90.0
Interest expense, net		56.0		7.9		5.1			(8.4	)		60.6
Operating lease expense		76.8		1.6		—			(0.2	)		78.2
Total Ownership Costs		213.1		15.1		9.2			(8.6	)		228.8
Other Costs and Expenses
Maintenance expense		104.7		—		6.2			—			110.9
Marine operating expense		—		—		58.6			—			58.6
Asset impairment charges		—		1.5		—			—			1.5
Other		16.7		2.1		(0.2	)		(0.1	)		18.5
Total Other Costs and Expenses		121.4		3.6		64.6			(0.1	)		189.5
Segment Profit	$	135.3	$	51.0	$	8.7		$	8.9			203.9
Selling, general and administrative												77.2
Income from Continuing Operations before Income Taxes												126.7
Income Taxes												46.2
Income from Continuing Operations											$	80.5

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GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Six Months Ended June 30, 2006
(In Millions)

										GATX
	Rail		Specialty		ASC		Other			Consolidated
Gross Income
Lease income	$	383.1	$	18.9	$	2.1	$	—		$	404.1
Marine operating revenue		—		—		63.1		—			63.1
Interest income on loans		—		2.5		—		—			2.5
Asset remarketing income		11.7		22.4		—		—			34.1
Fees		0.8		2.2		—		—			3.0
Other		29.1		2.3		0.1		0.2			31.7
Revenues		424.7		48.3		65.3		0.2			538.5
Share of affiliates’ earnings		9.1		27.3		—		—			36.4
Total Gross Income		433.8		75.6		65.3		0.2			574.9
Ownership Costs
Depreciation		70.2		3.1		2.6		—			75.9
Interest expense, net		45.8		8.9		2.9		3.1			60.7
Operating lease expense		86.1		2.0		—		(0.2	)		87.9
Total Ownership Costs		202.1		14.0		5.5		2.9			224.5
Other Costs and Expenses
Maintenance expense		98.2		—		3.9		—			102.1
Marine operating expense		—		—		44.6		—			44.6
Asset impairment charges		0.3		2.9		—		—			3.2
Other		12.2		0.9		—		(0.1	)		13.0
Total Other Costs and Expenses		110.7		3.8		48.5		(0.1	)		162.9
Segment Profit (Loss)	$	121.0	$	57.8	$	11.3	$	(2.6	)		187.5
Selling, general and administrative											72.1
Income from Continuing Operations before Income Taxes											115.4
Income Taxes											36.3
Income from Continuing Operations										$	79.1

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GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Railcar Data)

	6/30/2007			12/31/2006			6/30/2006
Assets by Segment:
Rail	$	4,626.1		$	4,602.9		$	4,354.3
Specialty		489.0			499.5			491.9
ASC		312.2			302.4			308.2
Other		71.3			86.8			128.3
Total Assets of Continuing Operations, Excluding Cash (a)		5,498.6			5,491.6			5,282.7
Discontinued Operations		—			232.2			1,718.9
Total Assets, Excluding Cash (a)	$	5,498.6		$	5,723.8		$	7,001.6
Investment Volume from Continuing Operations
Quarter		117.7						234.1
Year to Date		239.7			763.1			347.3
Non-performing Investments		21.2			21.6			24.0
Capital Structure
Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash		(81.2	)		(173.8	)		171.2
Debt:
On Balance Sheet
Recourse		1,999.5			2,138.1			2,904.5
Nonrecourse		0.8			2.7			34.6
Off Balance Sheet
Recourse		926.5			977.1			1,028.9
Nonrecourse		336.7			343.9			351.1
Capital Lease Obligations		47.4			51.5			57.1
Total Borrowings, Net of Unrestricted Cash	$	3,229.7		$	3,339.5		$	4,547.4
Total Recourse Debt (b)		2,892.2			2,992.9			4,161.7
Shareholders’ Equity		1,084.8			1,167.7			1,151.8
Recourse Leverage		2.7			2.6			3.6
Asset Remarketing Income from Continuing Operations
Disposition Gains on Owned Assets		11.9						6.2
Residual Sharing Income		5.8						2.2
Total Asset Remarketing Income (Quarter)		17.7						8.4
North American Railcar Data
Fleet Utilization (End of period)		98.0	%		98.5	%		98.6	%
				Full Year
Beginning of Period Fleet Size		110,834			108,151			108,246
Additions		1,226			6,302			1,273
Scrapped/Sold		(1,292	)		(3,975	)		(1,578	)
Ending Fleet Size		110,768			110,478			107,941

(a)	Includes off balance sheet assets
(b)	Total Recourse Debt = On Balance Sheet Recourse + Off Balance Sheet Recourse + Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash

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