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Leases (Tables)
 12 Months Ended
Dec. 31, 2012
Leases [Abstract]  
Components of GATX's finance leases
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
Minimum 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
Assets that are financed with capital lease obligations
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
Future minimum rental payments due under noncancelable operating leases
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

 
 
 
 
__________
(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.