GATX as Lessor

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



	2017			2016
Total contractual lease payments receivable	$	140.3		$	164.4
Estimated unguaranteed residual value of leased assets	58.3			59.0
Unearned income	(62.5		)	(75.7		)
Finance leases	$	136.1		$	147.7

Usage rents

We base lease revenue for certain operating leases on equipment usage. Lease revenue from such usage rents was $64.5 million in 2017, $74.5 million in 2016, and $91.2 million in 2015. The decreases in 2017 and 2016 were driven by the redeployment of certain boxcars from utilization leases to fixed term leases.

Future receipts

The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2017 (in millions):



	Finance Leases		Operating Leases (1)		Total
2018	$	21.1	$	947.7	$	968.8
2019	21.1		755.8		776.9
2020	20.6		589.9		610.5
2021	19.9		424.8		444.7
2022	28.8		302.8		331.6
Years thereafter	28.8		524.8		553.6
	$	140.3	$	3,545.8	$	3,686.1

__________


(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):



	2017			2016
Railcars	$	19.3		$	18.9
Marine vessels (1)	—			62.1
Less: allowance for depreciation	(1.6		)	(61.6		)
	$	17.7		$	19.4

________


(1)	During 2017, ASC purchased the vessel previously classified as a capital lease.

Operating Leases

We lease assets that are closely associated with our revenue generating operations. At December 31, 2017, we leased approximately 10,100 railcars at Rail North America. During 2017, ASC returned two vessels that were previously on operating leases. 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 $67.4 million in 2017, $77.6 million in 2016, and $91.2 million in 2015.

Lease Obligations

For some leases, we have the option to renew the leases or purchase the underlying 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, 2017 (in millions):



	Capital Leases			Operating Leases
2018	$	1.6		$	90.6
2019	11.6			68.7
2020	—			67.4
2021	—			61.3
2022	—			52.9
Years thereafter	—			273.7
	$	13.2		$	614.6
Less: amounts representing interest	(0.7		)
Present value of future contractual capital lease payments	$	12.5