GATX as Lessor

The following table shows the components of our direct finance leases as of December 31 (in millions):



	2014			2013
Total contractual lease payments receivable	$	204.8		$	270.2
Estimated unguaranteed residual value of leased assets	68.5			79.8
Unearned income	(98.6		)	(142.7		)
Finance leases	$	174.7		$	207.3

Leveraged lease revenue

We had no leveraged leases in 2014 and 2013. Revenue from leveraged leases (net of taxes) was $0.2 million in 2012.

Usage rents

We base lease revenue for certain operating leases on equipment usage. Lease revenue from such usage rents was $83.9 million in 2014, $21.3 million in 2013, and $18.2 million in 2012. The increase in 2014 was due to higher utilization revenue as a result of the acquisition of approximately 18,500 boxcars in March, 2014.

Initial direct costs

Deferred initial direct costs related to direct financing leases were $0.3 million at December 31, 2014 and $0.4 million, at December 31, 2013.

Future receipts

The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2014 (in millions):



	Finance Leases		Operating Leases (1)		Total
2015	$	26.3	$	923.4	$	949.7
2016	25.2		740.3		765.5
2017	23.9		584.1		608.0
2018	22.2		464.7		486.9
2019	11.8		370.0		381.8
Years thereafter	95.4		770.4		865.8
	$	204.8	$	3,852.9	$	4,057.7

__________


(1)	The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

GATX as Lessee

Capital Lease Assets

The following table shows assets we financed with capital lease obligations as of December 31 (in millions):



	2014			2013
Marine vessels	$	83.1		$	81.4
Less: allowance for depreciation	(75.3		)	(71.4		)
	$	7.8		$	10.0

Operating Leases

We lease assets that are closely associated with our revenue generating operations. At December 31, 2014 we leased approximately 23,000 railcars at Rail North America and one vessel at ASC. In addition, we lease office facilities and other general purpose equipment. Total operating lease expense, which includes amounts recorded in selling, general and administrative expense, was $112.9 million in 2014, $134.0 million in 2013, and $133.3 million in 2012.

Lease Obligations

For some leases, we have the option 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, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. The following table shows our future contractual rental payments due under noncancelable leases as of December 31, 2014 (in millions):



	Capital Leases			Recourse Operating Leases		Nonrecourse Operating Leases (1)
2015	$	3.1		$	86.3	$	11.0
2016	2.7			89.0		8.1
2017	1.1			94.2		9.5
2018	—			85.6		9.0
2019	—			81.5		9.7
Years thereafter	—			310.1		18.7
	$	6.9		$	746.7	$	66.0
Less: amounts representing interest	(0.6		)
Present value of future contractual capital lease payments	$	6.3

__________

(1) The amounts shown are primarily the rental payments of one wholly owned, bankruptcy-remote special purpose corporations. We consolidate these rentals for accounting purposes, but they are not our legal obligations.