Leases (Tables)

12 Months Ended

Dec. 31, 2011

Leases [Abstract]

Components of GATX's finance leases

	Leveraged Leases						Direct Financing						Total Finance Leases
	2011			2010			2011			2010			2011			2010
Total minimum lease payments receivable	$	617.0		$	637.4		$	341.4		$	363.7		$	958.4		$	1,001.1
Principal and interest on third-party nonrecourse debt		(518.6	)		(535.4	)		—			—			(518.6	)		(535.4	)
Net minimum future lease receivable		98.4			102.0			341.4			363.7			439.8			465.7
Estimated non-guaranteed residual value of leased assets		20.9			20.8			93.7			93.4			114.6			114.2
Unearned income		(31.8	)		(39.3	)		(187.7	)		(192.9	)		(219.5	)		(232.2	)
Finance leases		87.5			83.5			247.4			264.2			334.9			347.7
Allowance for losses		(9.0	)		(9.4	)		—			—			(9.0	)		(9.4	)
Deferred taxes		(62.7	)		(61.8	)		—			—			(62.7	)		(61.8	)
Net investment in finance leases	$	15.8		$	12.3		$	247.4		$	264.2		$	263.2		$	276.5

Minimum Future Receipts

	Leveraged Leases		Finance Leases		Operating Leases		Total
2012	$	18.1	$	38.0	$	745.5	$	801.6
2013		0.3		38.0		544.9		583.2
2014		0.4		36.9		385.2		422.5
2015		0.3		33.2		290.0		323.5
2016		—		28.9		188.8		217.7
Years thereafter		79.3		166.4		362.1		607.8
	$	98.4	$	341.4	$	2,516.5	$	2,956.3

Assets that are financed with capital lease obligations

	2011			2010
Railcars	$	3.6		$	22.2
Marine vessels		79.0			107.0
		82.6			129.2
Less: allowance for depreciation		(67.7	)		(88.8	)
	$	14.9		$	40.4

Future minimum rental payments due under noncancelable operating leases

	Capital Leases			Recourse Operating Leases(a)		Nonrecourse Operating Leases(b)
2012	$	3.8		$	112.3	$	27.9
2013		3.1			104.6		28.3
2014		3.1			108.4		27.7
2015		3.1			126.0		26.3
2016		2.7			88.5		22.1
Years thereafter		1.1			427.0		98.9
		16.9		$	966.8	$	231.2
Less: amounts representing interest		(2.6	)
Present value of future minimum capital lease payments	$	14.3

(a) The future minimum rental payments due under recourse operating leases were reduced by $1.6 million of minimum sublease rentals to be received in the future. The minimum rental payments do not include the costs of licenses, taxes, insurance, and maintenance, for which GATX is required to pay.

(b) The amounts shown for nonrecourse operating leases primarily reflect the rental payments of two wholly-owned bankruptcy remote, special-purpose corporations. These rentals are consolidated for accounting purposes, but do not represent legal obligations of GATX.

(c) Total operating lease expense, which includes amounts recorded in SG&A, was $137.3 million, $145.4 million and $141.7 million, in 2011, 2010 and 2009, respectively.