GATX as Lessor

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



	2018			2017
Total contractual lease payments receivable	$	119.5		$	140.3
Estimated unguaranteed residual value of leased assets	57.5			58.3
Unearned income	(50.6		)	(62.5		)
Finance leases	$	126.4		$	136.1

Usage rents

We earn lease revenue for certain operating leases, primarily boxcars, based on equipment usage. Lease revenue from such usage rents was $65.4 million in 2018, $64.5 million in 2017, and $74.5 million in 2016. The decrease in 2017 compared to 2016 was 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, 2018 (in millions):



	Finance Leases		Operating Leases (1)		Total
2019	$	20.9	$	935.1	$	956.0
2020	28.9		732.1		761.0
2021	15.0		548.1		563.1
2022	25.4		383.1		408.5
2023	7.3		277.5		284.8
Years thereafter	22.0		366.4		388.4
	$	119.5	$	3,242.3	$	3,361.8

__________


(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):



	2018			2017
Railcars	$	19.3		$	19.3
Less: allowance for depreciation	(2.4		)	(1.6		)
	$	16.9		$	17.7

Operating Leases

We lease assets that are utilized in our revenue generating operations. At December 31, 2018, we leased approximately 8,400 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 $65.9 million in 2018, $67.4 million in 2017, and $77.6 million in 2016.

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, 2018 (in millions):



	Capital Leases			Operating Leases
2019	$	11.6		$	68.2
2020	—			68.8
2021	—			65.4
2022	—			56.9
2023	—			54.3
Years thereafter	—			265.7
	$	11.6		$	579.3
Less: amounts representing interest	(0.3		)
Present value of future contractual capital lease payments	$	11.3