Leases

The following information pertains to GATX as a lessor:

The components of GATX’s finance leases as of December 31 were (in millions):



	Leveraged Leases					Direct Financing						Total Finance Leases
	2012		2011			2012			2011			2012			2011
Total contractual lease payments receivable	$	—	$	617.0		$	327.3		$	341.4		$	327.3		$	958.4
Principal and interest on third-party nonrecourse debt			(518.6		)	—			—			—			(518.6		)
Net contractual future lease receivable	—		98.4			327.3			341.4			327.3			439.8
Estimated non-guaranteed residual value of leased assets	—		20.9			86.9			93.7			86.9			114.6
Unearned income	—		(31.8		)	(168.5		)	(187.7		)	(168.5		)	(219.5		)
Finance leases	—		87.5			245.7			247.4			245.7			334.9
Allowance for losses	—		(9.0		)	—			—			—			(9.0		)
Deferred taxes	—		(62.7		)	—			—			—			(62.7		)
Net investment in finance leases	$	—	$	15.8		$	245.7		$	247.4		$	245.7		$	263.2

Leveraged Lease Income — Income from leveraged leases (net of taxes) was $0.2 million, $4.6 million and $1.5 million in 2012, 2011 and 2010, respectively.

Usage Rents —Rental income on certain operating leases is based on equipment usage. Rental income from usage rents was $18.2 million, $13.7 million and $11.8 million, in 2012, 2011 and 2010, respectively.

Initial Direct Costs — Deferred initial direct costs related to direct financing leases were $0.8 million and $0.9 million, at December 31, 2012 and 2011, respectively.

Future Receipts — Future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2012, were (in millions):



	Finance Leases		Operating Leases *		Total
2013	$	40.2	$	784.4	$	824.6
2014	38.7		594.2		632.9
2015	35.9		465.8		501.7
2016	31.3		346.1		377.4
2017	29.4		223.0		252.4
Years thereafter	151.8		461.7		613.5
	$	327.3	$	2,875.2	$	3,202.5

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(*) The future contractual receipts due under operating leases include executory costs in the case of GATX's full service leases.

The following information pertains to GATX as a lessee:

Capital Lease Assets — Assets that are financed with capital lease obligations as of December 31 were (in millions):



	2012			2011
Railcars	$	—		$	3.6
Marine vessels	79.9			79.0
	79.9			82.6
Less: allowance for depreciation	(67.9		)	(67.7		)
	$	12.0		$	14.9

Lease Obligations — Certain leases provide options for GATX to renew the leases or purchase the assets at the end of the lease term. The specific terms of the renewal and purchase options vary. These amounts are not included with future contractual rental payments. Future contractual rental payments due under noncancelable leases as of December 31, 2012, were (in millions):



	Capital Leases			Recourse Operating Leases (a)		Nonrecourse Operating Leases (b)
2013	$	3.1		$	115.3	$	27.9
2014	3.1			119.7		27.4
2015	3.1			139.7		26.0
2016	2.7			101.5		21.9
2017	1.1			89.3		22.5
Years thereafter	—			417.4		75.3
	$	13.1		$	982.9	$	201.0
Less: amounts representing interest	(1.8		)
Present value of future contractual capital lease payments	$	11.3

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(a)	The contractual 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, SPCs. These rentals are consolidated for accounting purposes, but do not represent legal obligations of GATX.