GATX as Lessor

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



	2015			2014
Total contractual lease payments receivable	$	199.6		$	204.8
Estimated unguaranteed residual value of leased assets	58.7			68.5
Unearned income	(90.7		)	(98.6		)
Finance leases	$	167.6		$	174.7

Usage rents

We base lease revenue for certain operating leases on equipment usage. Lease revenue from such usage rents was $91.2 million in 2015, $83.9 million in 2014, and $21.3 million in 2013. The increases in 2015 and 2014 were due to higher utilization revenue as a result of the acquisition of approximately 18,500 boxcars in 2014.

Initial direct costs

Deferred initial direct costs related to direct financing leases were $0.1 million at December 31, 2015 and $0.3 million, at December 31, 2014.

Future receipts

The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2015 (in millions):



	Finance Leases		Operating Leases (1)		Total
2016	$	28.3	$	970.3	$	998.6
2017	25.9		815.1		841.0
2018	23.9		684.3		708.2
2019	22.6		568.1		590.7
2020	21.1		442.6		463.7
Years thereafter	77.8		912.2		990.0
	$	199.6	$	4,392.6	$	4,592.2

__________


(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):



	2015			2014
Railcars	$	17.8		$	—
Marine vessels	84.5			83.1
Less: allowance for depreciation	(79.8		)	(75.3		)
	$	22.5		$	7.8

Operating Leases

We lease assets that are closely associated with our revenue generating operations. At December 31, 2015 we leased approximately 19,000 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 $91.2 million in 2015, $112.9 million in 2014, and $134.0 million in 2013.

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, 2015 (in millions):



	Capital Leases			Recourse Operating Leases
2016	$	4.3		$	85.1
2017	2.8			91.7
2018	1.6			83.0
2019	11.5			79.8
2020	—			72.7
Years thereafter	—			244.0
	$	20.2		$	656.3
Less: amounts representing interest	(1.8		)
Present value of future contractual capital lease payments	$	18.4