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Debt | 12 Months Ended
--- | ---
Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt | Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions)
| December 31
| 2014 |  | 2013
Balance | $ | 72.1 |  |  | $ | 23.6 |
Weighted average interest rate | 0.56 | % |  | 0.80 | %
Recourse and Nonrecourse Debt Obligations The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions):
| Date of Issue |  | Final Maturity |  | Interest Rate |  | 2014 |  | 2013
Recourse Fixed Rate Debt |  |  |  |  |  |  |  |  |
Unsecured | 04/14/05 |  | 04/15/15 |  | 5.70 | % |  | $ | 100.0 |  |  | $ | 100.0 |
Unsecured | 02/05/10 |  | 05/15/15 |  | 4.75 | % |  | 250.0 |  |  | 250.0 |
Unsecured | 12/22/05 |  | 12/22/15 |  | 5.75 | % |  | 70.0 |  |  | 85.0 |
Unsecured | 03/03/06 |  | 03/01/16 |  | 5.80 | % |  | 200.0 |  |  | 200.0 |
Unsecured | 11/19/10 |  | 07/15/16 |  | 3.50 | % |  | 250.0 |  |  | 250.0 |
Unsecured | 09/20/11 |  | 07/15/16 |  | 3.50 | % |  | 100.0 |  |  | 100.0 |
Unsecured | 03/04/14 |  | 03/04/17 |  | 1.25 | % |  | 300.0 |  |  | — |
Unsecured | 02/06/08 |  | 02/15/18 |  | 6.00 | % |  | 200.0 |  |  | 200.0 |
Unsecured | 03/19/13 |  | 07/30/18 |  | 2.38 | % |  | 250.0 |  |  | 250.0 |
Unsecured (1) | 12/27/10 |  | 10/31/18 |  | 3.84 | % |  | 15.7 |  |  | 22.0 |
Unsecured (1) | 11/29/10 |  | 11/30/18 |  | 3.70 | % |  | 12.1 |  |  | 17.2 |
Unsecured | 11/19/13 |  | 03/15/19 |  | 2.50 | % |  | 300.0 |  |  | 300.0 |
Unsecured | 03/04/14 |  | 07/30/19 |  | 2.50 | % |  | 250.0 |  |  | — |
Unsecured | 10/31/14 |  | 03/30/20 |  | 2.60 | % |  | 250.0 |  |  | — |
Unsecured | 05/27/11 |  | 06/01/21 |  | 4.85 | % |  | 250.0 |  |  | 250.0 |
Unsecured | 09/20/11 |  | 06/01/21 |  | 4.85 | % |  | 50.0 |  |  | 50.0 |
Unsecured | 06/11/12 |  | 06/15/22 |  | 4.75 | % |  | 250.0 |  |  | 250.0 |
Unsecured | 03/19/13 |  | 03/30/23 |  | 3.90 | % |  | 250.0 |  |  | 250.0 |
Unsecured | 03/04/14 |  | 03/15/44 |  | 5.20 | % |  | 300.0 |  |  | — |
Unsecured | 04/30/09 |  | 05/15/14 |  | 8.75 | % |  | — |  |  | 300.0 |
Total recourse fixed rate debt |  |  |  |  |  |  | $ | 3,647.8 |  |  | $ | 2,874.2 |
Recourse Floating Rate Debt |  |  |  |  |  |  |  |  |
Unsecured | 12/15/10 |  | 10/31/15 |  | 1.47 | % |  | $ | 24.8 |  |  | $ | 36.4 |
Unsecured (1) | 12/06/11 |  | 08/31/16 |  | 1.57 | % |  | 15.3 |  |  | 22.1 |
Unsecured (1) | 09/02/11 |  | 08/31/16 |  | 1.13 | % |  | 8.0 |  |  | 11.5 |
Unsecured (1) | 03/29/06 |  | 09/30/16 |  | 2.08 | % |  | 18.9 |  |  | 32.2 |
Unsecured (1) | 06/29/07 |  | 09/30/16 |  | 2.03 | % |  | 8.5 |  |  | 14.4 |
Unsecured (1) | 12/18/07 |  | 10/31/16 |  | 1.98 | % |  | 12.7 |  |  | 21.6 |
Unsecured | 12/21/12 |  | 12/21/17 |  | 1.39 | % |  | 100.0 |  |  | 100.0 |
Unsecured | 01/22/13 |  | 12/21/17 |  | 1.39 | % |  | 10.0 |  |  | 70.0 |
Unsecured (1) | 08/31/12 |  | 12/31/19 |  | 2.33 | % |  | 60.5 |  |  | 68.7 |
| Date of Issue |  | Final Maturity |  | Interest Rate |  | 2014 |  | 2013
Unsecured (1) | 06/27/13 |  | 12/31/20 |  | 1.87 | % |  | 121.0 |  |  | 137.5 |
Unsecured (1) | 10/30/13 |  | 12/31/20 |  | 1.91 | % |  | 30.2 |  |  | 34.4 |
Unsecured (1) | 05/05/14 |  | 12/31/20 |  | 1.99 | % |  | 30.2 |  |  | — |
Unsecured | 08/28/14 |  | 08/28/24 |  | 1.54 | % |  | 100.0 |  |  | — |
Unsecured | 03/01/10 |  | 02/28/15 |  | 1.83 | % |  | — |  |  | 13.7 |
Unsecured | 12/12/11 |  | 06/12/17 |  | 1.63 | % |  | — |  |  | 103.5 |
Unsecured | 08/12/13 |  | 06/12/17 |  | 1.63 | % |  | — |  |  | 71.1 |
Unsecured | 01/12/12 |  | 06/12/17 |  | 1.63 | % |  | — |  |  | 31.5 |
Unsecured | 02/21/13 |  | 12/21/17 |  | 1.81 | % |  | — |  |  | 35.0 |
Secured | 12/19/11 |  | 12/19/20 |  | 2.10 | % |  | — |  |  | 91.1 |
Total recourse floating rate debt |  |  |  |  |  |  | $ | 540.1 |  |  | $ | 894.7 |
Nonrecourse Fixed Rate Debt |  |  |  |  |  |  |  |
Secured (1) | 09/30/97 |  | 09/20/16 |  | 6.69 | % |  | $ | 15.9 |  |  | $ | 25.4 |
Total nonrecourse fixed rate debt |  |  |  |  |  |  | $ | 15.9 |  |  | $ | 25.4 |
Nonrecourse Floating Rate Debt |  |  |  |  |  |  |  |
Secured | Various |  | 05/08/14 |  | 1.40 | % |  | $ | — |  |  | $ | 47.7 |
Total nonrecourse floating rate debt |  |  |  |  |  |  | $ | — |  |  | $ | 47.7 |
Total debt principal |  |  |  |  |  |  | $ | 4,203.8 |  |  | $ | 3,842.0 |
Debt discount, net |  |  |  |  |  |  | (8.6 | ) |  | (8.9 | )
Debt adjustment for fair value hedges |  |  |  |  |  |  | 0.6 |  |  | 5.4 |
Total Debt |  |  |  |  |  |  | $ | 4,195.8 |  |  | $ | 3,838.5 |
__________ (1) Amount shown includes scheduled principal payments prior to the final maturity. The following table shows the scheduled principal payments of our debt obligations as of December 31, 2014 (in millions):
2015 | $ | 529.2 |
2016 | 639.2 |
2017 | 455.4 |
2018 | 507.5 |
2019 | 592.3 |
Thereafter | 1,480.2 |
Total debt principal | $ | 4,203.8 |
At December 31, 2014 we had $95.9 million of our operating assets pledged as collateral for notes or other obligations. Shelf Registration Statement During the third quarter of 2013, we filed an updated shelf registration statement that enables us to issue debt securities and pass-through certificates. The registration statement is effective for three years and does not limit the amount of debt securities and pass-through certificates we can issue. Credit Lines and Facilities In 2013, we entered into a new $575 million 5-year unsecured revolving credit facility in the US. In 2014, we exercised an option to extend the maturity date of our revolving credit facility by one year, to April 30, 2019. At December 31, 2014, available capacity under the credit facility was $506.0 million, reflecting $69.0 million of outstanding commercial paper, which is backed by the facility. Annual commitment fees for the revolving credit facility are based on a percentage of the commitment and were $0.8 million for 2014, $1.0 million for 2013, and $1.2 million for 2012. Restrictive Covenants Our $575 million revolving credit facility contains various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.5 for the period ended December 31, 2014, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2014, we were in compliance with all covenants and conditions of the facility. Some of our bank term loans have the same financial covenants as the facility. As of December 31, 2014, the indentures for our public debt also contain various restrictive covenants, including limitation on liens provisions that limit the amount of additional secured indebtedness that we may incur to $1,283.1 million. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2014, we were in compliance with all covenants and conditions of the indentures. The loan agreements for our European rail subsidiaries ( "GATX Rail Europe" or "GRE") also contain restrictive covenants, including leverage and cash flow covenants specific to those subsidiaries, restrictions on making loans, and limitations on the ability of those subsidiaries to repay loans or to distribute capital to certain related parties (including GATX, the US parent company). These covenants effectively limit GRE's ability to transfer funds to us. At December 31, 2014, the maximum amount that GRE could transfer to us without violating its covenants was $111.3 million, therefore implying the loan covenants restrict $391.2 million of subsidiary net assets. At December 31, 2014, GRE was in compliance with all covenants and conditions of these loan agreements. Another subsidiary’s financing that is guaranteed by us contains various restrictive covenants, including covenants that require us to maintain a defined net worth and a fixed charge coverage ratio. This fixed charge coverage ratio covenant is less restrictive than the covenant in our revolving credit facility. We do not anticipate any covenant violations nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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