Gatx Corporation · NYSE:GATX
Gatx — Investor Presentation (May 2018)
70 slides from Gatx's investor presentation, May 7, 2018
Slide 1: Company Overview Presentation | May 2018
C o m p a n y O v e r v i e w P r e s e n t a t i o n | May 2 0 1 8
Slide 2: Table of Contents
Table of Contents ° History and Business Overview………………………………………4 ° Business Model …………………………………………………………..13 ° Business Segment Overviews ………………………………………21 ° Rail North America ………………………………………………………27 ° Rail International …………………………………………………………43 ° Portfolio Management ………………………………………………..53 ° Amer
Slide 3: Forward-Looking Statements
Forward-Looking Statements Statements in this Presentation not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and c
Slide 4: History and Business Overview
HISTORY AND 120 BUSINESS YEARS OF OPERATIONAL OVERVIEW EXPERIENCE 4
Slide 5: GATX's 120-Year History
GATX’s 120-Year History 1898 Established as railcar lessor with 28 railcars 1919 Initiated quarterly dividend 1936 Began rail investment in Canada 1973 Acquired American Steamship Company (ASC) 1985 Began locomotive investment 1994 Began rail investment in Europe & Mexico 1998 Formed Rolls-Royce Par
Slide 6: Disciplined and Proven
Disciplined and Proven We strive to be recognized as the finest railcar leasing VISION company in the world by our customers , our shareholders , our employees and the communities where we operate. DISCIPLINED DISCIPLINED PROVEN BUSINESS CAPITAL ALLOCATION RETURNS TO APPROACH APPROACH SHAREHOLDERS 6
Slide 7: Capital Allocation Framework: Invest in Value-Creating Assets
Capital Allocation Framework PRIORITY 1 ô Invest in value-creating assets whereby GATX can leverage strengths to maximize shareholder value ô $8.5 billion* of investments over the period shown INVESTMENT VOLUME $1,031 $860 $763 $781 $770 $715 $634 $615 $621 $603 $585 $480 $ $ MILLIONS 2007 2009 2011
Slide 8: Capital Allocation Framework: Manage the Balance Sheet
Capital Allocation Framework PRIORITY 2 ô Manage the balance sheet ô Maintain a solid investment grade rating of BBB/Baa2 ô Maintain capacity for opportunistic investments LEVERAGE & REDUCTION OF SECURED ASSETS 6.0x 50% 45% 5.0x 40% 4.0x 35% 30% 3.0x 25% 20% 2.0x 15% 1.0x 10% 5% 0.0x 0% 2003 2005 20
Slide 9: Capital Allocation Framework: Return Cash to Shareholders
Capital Allocation Framework PRIORITY 3 ô In lockstep with Priorities 1 and 2, return cash to shareholders ô Over the period shown below, $1.7 billion returned to shareholders CASH RETURNED TO SHAREHOLDERS $1,800 $1,600 $1,400 $1,200 $1,000 $800 $ $ MILLIONS $600 $400 $200 $0 2007 2009 2011 2013 201
Slide 10: GATX Financial Highlights
GATX Financial Highlights EPS* $5.77 $5.37 $4.48 $4.70 $3.50 $2.81 $2.01 $1.59 2010 2011 2012 2013 2014 2015 2016 2017 ROE INVESTMENT VOLUME 18% 18% $1,031 15% $860 13% 13% $770 $715 11% $585 $615 $621 $603 9% 7% $ MILLIONS 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2
Slide 11: GATX Today – Business Segments
GATX Today – Business Segments RAIL NORTH AMERICA NET BOOK VALUE OF ASSETS ô One of the largest railcar lessors ô Diversified fleet of more than 120,000 wholly owned railcars and more than 600 locomotives 4% ô Strong customer credit quality, diversification in car types and 4% commodities carried 7%
Slide 12: GATX's Strong Global Presence
GATX’s Strong Global Presence GATX owns more than 144,000 railcars, over 600 locomotives, 12 vessels on the Great Lakes and has an interest in more than 430 aircraft spare engines. GATX Headquarters (Chicago, IL) American Steamship Company Headquarters (Williamsville, New York) Rolls-Royce & Partner
Slide 13: Business Model
BUSINESS MODEL 120 YEARS OF OPERATIONAL EXPERIENCE 13
Slide 14: Straightforward and Proven Business Model
Straightforward and Proven Business Model BUY LEASE SERVICE MAXIMIZE the railcar at an the railcar to a quality the railcar in a manner the value of the economically attractive customer at an that maximizes safety, railcar by selling or and competitively attractive rate for a in-use time and scrappi
Slide 15: Business Model: Buy
Business Model: BUY DISCIPLINED INVESTMENT COMPETITIVE GATX NORTH AMERICAN RAIL APPROACH ASSET COST ACQUISITION SOURCE GATX achieves lower new GATX recognizes that railcars car cost by placing large orders are long-lived assets and that $800 at appropriate points in the each investment is measured b
Slide 16: Business Model: Buy – Railcar Supply Strategy
Business Model: BUY Railcar Supply Strategy GATX’s strategy is to secure railcars from a variety of sources as opposed to also being a railcar manufacturer; combining railcar manufacturing with a railcar leasing business: o Adds significant volatility leading to a higher cost of capital o Can result
Slide 17: Business Model: Lease
Business Model: LEASE Customers prefer GATX because of its diverse fleet, technical expertise to meet unique needs and superior ongoing service; This results in high fleet utilization and strong lease renewal success CAR AVAILABILITY DELIVERY ô Utilize multi-year committed orders with ô Develop leas
Slide 18: Business Model: Service
Business Model: SERVICE GATX has built a strong market position by focusing on full-service leasing in North America and Europe. MAINTENANCE ENGINEERING TRAINING TECHNOLOGY REGULATORY o Customers rely on GATX ô GATX’s engineering ô GATX provides important ô MyGATXRail.com ô As a full-service railcar
Slide 19: Business Model: Maximize Value
Business Model: MAXIMIZE VALUE GATX’s fleet of well-maintained modern railcars, leased to quality customers, allows us to realize significant remarketing income when we decide to sell cars in the secondary market. We also generate scrapping gains at the end of a railcar’s useful life. REMARKETING IN
Slide 20: Business Model: Summary
Business Model: SUMMARY Attractive economic returns in railcar leasing are driven by: ô Access to efficiently priced capital and appropriate financial leverage ô Acquiring the right railcars at the right time at the right price ô Fleet diversification across railcar types, commodities carried, and c
Slide 21: Business Segment Overviews
BUSINESS 120 SEGMENT YEARS OF OPERATIONAL OVERVIEWS EXPERIENCE 21
Slide 22: GATX Rail North America Overview
GATX Rail North America Overview 2017 OVERVIEW INDUSTRIES SERVED UTILIZATION * WHOLLY OWNED FLEET COUNT 100% 99% 120,000+ 11% 99% CAR TYPE COUNT 7% 27% 98% 160+ 98% AVERAGE FLEET AGE 96% 20 Years 12% 94% LOCOMOTIVE COUNT 94% 96% 600+ NUMBER OF CUSTOMERS 17% 26% 92% 850+ COUNTRIES OF OPERATIONS 90% U
Slide 23: Managing Rate & Term Through Cycles
Managing Rate & Term Through Cycles GATX proactively manages changing market conditions by utilizing our strong customer relationships and diversity of our fleet to adjust rate and term. STRONG MARKET WEAK MARKET STRONG MARKET WEAK MARKET 67 66 70 63 50% 60 62 40% 60 54 39% 30% 50 45 35% 41 32% 20%
Slide 24: GATX Rail International Overview
GATX Rail International Overview 2017 OVERVIEW INDUSTRIES SERVED BY GRE GRE FLEET UTILIZATION FLEET COUNT 6% 100% 23,000+ in Europe (GRE) 99% 1000+ in India and Russia 98% 13% CAR TYPE COUNT 97% 97% 97% 97% 97% 35+ 96% AVERAGE FLEET AGE 96% 96% 95% 18 Years 56% 95% 95% 25% 94% NUMBER OF CUSTOMERS 22
Slide 25: Portfolio Management Overview
Portfolio Management Overview 2017 RRPF OVERVIEW OWNED PORTFOLIO RRPF ENGINE TYPES 3% SPARE ENGINE COUNT 430+ 9% AVERAGE FLEET AGE 5% 23% 11 Years 29% 6% RRPF JV PRE-TAX INCOME 13% (GATX’s SHARE) 74% $100 13% 25% $80 $60 74% Aircraft Spare Engine 29% Trent XWB (A350) 6% Trent 800 (B777) 25% Trent 70
Slide 26: American Steamship Company Overview
American Steamship Company Overview 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total Net Tons Carried 37.2 37.3 35.7 21.2 28.0 28.4 29.7 28.8 30.5 26.5 25.4 27.8 by ASC (in millions) ASC Vessels Operated 18 18 18 12 13 14 14 13 15 13 11 12 2017 OVERVIEW ASC COMMODITIES CARRIED 1% FL
Slide 27: Rail North America
RAIL NORTH AMERICA 27
Slide 28: North America – Industry Railcar Ownership
North America – Industry Railcar Ownership Approximately 1.6 million railcars RAILROADS (19%) LESSORS (53%) NORTH AMERICAN FLEET BY CAR TYPE ô Ownership of railcars has been ô Shift from railroad- and shipper- declining owned railcars to lessor market share 4% ô Virtually no tank car ownership due ô
Slide 29: North America – Tank & Freight Industry Ownership
North America – Tank & Freight Industry Ownership TANK CAR OWNERSHIP SHARE RAILCARS BY TYPE (Based on approximately 1.6 million railcars) 20% 4% 80% Lessor 8% 20% Shipper/Other 25% <1% Railroad 8% 80% Based on approximately 408,000 tank cars 22% FREIGHT CAR OWNERSHIP SHARE 33% 13% 44% Lessor 18% 44%
Slide 30: North America – Lessor Market Share
North America – Lessor Market Share LESSOR OWNERSHIP SHARE TANK CAR LESSOR OWNERSHIP SHARE (Based on approximately 850,000 lessor-owned railcars) 2% 9% 19% GATX 19% 37% Union Tank Car 8% 16% Trinity 15% 21% 9% CIT 9% 8% SMBC 2% Wells Fargo Rail 16% 37% 9% Other 6% 17% Based on approximately 326,000
Slide 31: North America – Industry Shipments & Carloadings
North America – Industry Shipments & Carloadings INDUSTRY SHIPMENT COMPOSITION (Based on 2017 carloads of approximately 17.6 million) CARLOADS ORIGINATED (United States and Canada) 22 27% 21.2 26% 20.9 21 20 19.4 3% 5% 19 6% (Millions) 13% 18 17.6 13% 17.1 5% 16.9 17 2% 27% Coal & Coke 13% Farm Prod
Slide 32: North America – Industry Backlog
North America – Industry Backlog INDUSTRY BACKLOGS ô Cyclicality of the industry is illustrated by the backlog 160,000 of orders at the railcar manufacturers 140,000 ô The 2013 and 2014 spike in 120,000 tank car backlog was primarily due to the 100,000 crude/fracking boom 80,000 ô Overbuilding led t
Slide 33: GATX Rail North America Key Attributes
GATX Rail North America KEY ATTRIBUTES Diverse customer Diverse fleet portfolio GATX continuously invests in; with approximately strong credit 160 car types serving over profiles 600 commodities Extensive maintenance network , with Training & Regulatory Expertise engineering and technology focus hig
Slide 34: GATX Rail North America: Diverse Customer Portfolio
GATX Rail North America: Diverse Customer Portfolio CREDIT RATINGS OF TOP 50 CUSTOMER FAMILIES Largest GATX serves more customer represents 16% than less than 6.0% 850 individual of total lease 30% customers revenue 14% Average Top 20 customers relationship tenure account for 40% of top ten customer
Slide 35: GATX Rail North America: Diverse Fleet
GATX Rail North America: Diverse Fleet CAR TYPE COMMODITIES CARRIED % OF FLEET % OF NBV General Service Tank Cars: Liquid fertilizers, Fuel oils, Asphalt, Food-grade oils, Chemicals (styrene, glycols, etc.) 20k-25k gallon 15.8% 14.4% General Service Tank Cars: Ethanol & methanol, Food-grade oils, Lu
Slide 36: GATX Rail North America: Continuous Investment
GATX Rail North America: Continuous Investment $6.0 130 Car count increased 6% Assets increased 29% 120 $5.5 $5.4 $5.2 $5.1 110 $5.0 $5.0 100 $4.6 $4.5 $4.5 $4.4 90 $4.2 $4.2 $4.1 80 in Thousands Railcars Assets in $ Billions Assets $4.0 70 $3.5 60 $3.0 50 2008 2009 2010 2011 2012 2013 2014 2015 201
Slide 37: GATX Rail North America: Maintenance Network
GATX Rail North America: Maintenance Network GATX is known for its integrity, safety, and quality of our operations and superior execution . EXTENSIVE MAINTENANCE NETWORK CUSTOMERS RELY ON GATX MAINTENANCE ô Ten maintenance facilities ô In 2017, GATX Rail North America performed approximately 59,000
Slide 38: GATX Rail North America: Training & Regulatory Expertise
GATX Rail North America: Training & Regulatory Expertise 2005 First railcar lessor to achieve Partner certification 2010 First railcar lessor to be named Responsible Care Partner of the Year 2017 Repeat recipient of the Responsible Care Partner of the Year 38
Slide 39: GATX Rail North America: Regulatory Environment Participation
GATX Rail North America: Regulatory Environment Participation DEEP KNOWLEDGE ON INDUSTRY REGULATIONS TANK QUALIFICATION INTERVAL EXTENSION GATX is the only tank car owner to get FROM FRA/Transport Canada approval to extend 10 to 15 first tank qualification inspection from 10 to YEARS 15 years for ge
Slide 40: GATX Rail North America: Engineering Expertise
GATX Rail North America: Engineering Expertise GATX’s engineering team, including experienced mechanical, structural, and chemical engineers, communicates regularly with customers and tailors solutions to meet their needs. AUTO CARRIER CONVERSION PROJECT ô GATX Engineering successfully converted old
Slide 41: GATX Rail North America: Technology Focus
GATX Rail North America: Technology Focus GATX continues to innovate for our customers. SHOP PORTAL ô Provides repair instructions to maintenance network shops ô Provides car and event-specific forms to assure that required inspection points and mandatory repair items are documented and addressed My
Slide 42: GATX Rail North America: Locomotive Leasing
GATX Rail North America: Locomotive Leasing GATX OWNS, MANAGES OR HAS AN INTEREST IN MORE THAN 600 LOCOMOTIVES LOCOMOTIVE LEASE REVENUE $39 $39 $38 $35 $34 $32 $ MILLIONS 94% are four-axle locomotives leased to: ô Regional and short-line railroads ô Industrial users ô Class I railroads 2012 2013 201
Slide 43: Rail International
RAIL INTERNATIONAL 43
Slide 44: International – European Industry Snapshot
International – European Industry Snapshot RAILCAR OWNERSHIP INDUSTRY CAR TYPES ô Lease rate volatility is lower (Based on approximately 705,000 railcars in relative to North American standard-gauge countries) market 9% ô Key segments continue to 15% 29% demonstrate need to replace 30% aging equipme
Slide 45: Europe – Tank & Freight Industry Ownership
Europe – Tank & Freight Industry Ownership TANK CAR OWNERSHIP SHARE RAILCARS BY TYPE (Based on approximately 705,000 railcars in standard-gauge countries) 25% 75% Lessor 9% 25% Railroad & Privately Owned 29% 15% Based on approximately 113,000 tank cars 75% FREIGHT CAR OWNERSHIP SHARE 16% 31% 21% 21%
Slide 46: Europe – Lessor Market Share
Europe – Lessor Market Share LESSOR OWNERSHIP SHARE TANK CAR LESSOR OWNERSHIP SHARE (Based on approximately 212,000 lessor-owned railcars) 25% GRE 16% 33% VTG 11% 25% 14% Ermewa 5% 19% 7% Nacco 7% 5% Wascosa 16% Other 3% 14% Based on approximately 85,000 33% lessor-owned tank cars 4% 6% 35% FREIGHT
Slide 47: GRE Key Attributes
GRE Key Attributes Diverse customer Operations in the portfolio major rail markets with strong credit profiles across Europe Broad range of value offerings : maintenance, training, engineering support, regulatory assistance and other services 47
Slide 48: GRE: Diverse Customer Portfolio
GRE: Diverse Customer Portfolio GRE’s newer and higher capacity fleet attracts top-tier customers. GRE HAS INVESTED MORE THAN $1 BILLION OVER TOP 20 CUSTOMER CREDIT RATING THE LAST 10 YEARS, RESULTING IN A NEWER AND HIGHER CAPACITY FLEET TO SERVE ITS CUSTOMERS ô Today, the average remaining lease te
Slide 49: GRE: Major Rail Markets
GRE: Major Rail Markets Nearly 75% of GRE’s revenue is generated in Germany, Poland, and Austria – strong rail freight transport economies GEOGRAPHIES SERVED FLEET STRUCTURE 3% 12% 10% 3% 42% Germany 3% 25% Poland 13% 60% Liquid 4% 42% 8% Austria Petroleum Products 4% The Netherlands 17% LPG 8% 60%
Slide 50: GRE: Service Offerings
GRE: Service Offerings MAINTENANCE ENGINEERING ASSEMBLY SUPPORT MODERNIZATION ô GRE’s goal is to ensure ô Decades of ô GRE’s own production ô Comprehensive ô With an average age maximum railcar engineering facility, combined customer service of 18 years, GRE has availability experience with extensiv
Slide 51: GATX India
GATX India RAILCAR OWNERSHIP GATX’s GROWTH IN INDIA GATX OBTAINED THE FIRST- (Based on approximately 290,000 railcars) EVER WAGON LEASING 9% LICENSE IN 2012 ô GATX India Private Limited is $40 $5 the market leader in railcar leasing $35 • Owns fleet of container flat $4 wagons, steel carrier 91% $30
Slide 52: GATX Russia
GATX Russia GATX STARTED DEVELOPING BUSINESS OPERATIONS IN RUSSIA IN 2013 ô Russia has one of the largest privately-owned railcar fleets in the world ô GATX Russia owns a fleet of boxcars and timber flatcars ô Actively pursuing opportunities with multi- national and Russian blue-chip companies ô Con
Slide 53: Portfolio Management
PORTFOLIO MANAGEMENT 53
Slide 54: Aircraft Spare Engine Leasing Industry Overview
Aircraft Spare Engine Leasing Industry Overview AIR TRAVEL 2X 2X 4.6% Growth Growth expected annual growth 1980 1995 2010 until 2035 AIRCRAFT GROWTH ENGINE GROWTH SPARE ENGINE GROWTH 35,000 72,000 5,300 new aircraft in new aircraft engines new aircraft spare engines with an the next 20 years estimat
Slide 55: Aircraft Spare Engine Leasing Industry Overview: Maintenance
Aircraft Spare Engine Leasing Industry Overview MAINTENANCE SPARE ENGINE OVERVIEW ô Engines are very attractive and reliable leasing assets • Robust residual value characteristics • Retain value better over the long term compared to aircraft ô Aircraft engines need regular scheduled maintenance (3-5
Slide 56: RRPF Affiliates Overview
RRPF Affiliates Overview The RRPF affiliates portfolio has committed future lease receipts of more than $2.1 billion. RRPF OVERVIEW RRFP ENGINES ô GATX established its first partnership with Rolls-Royce 9% plc in 1998 5% 29% ô Total NBV of engines upon 6% RRPF establishment was $350 million; today t
Slide 57: RRPF Market Leadership
RRPF Market Leadership RRPF enjoys leading market position in each targeted asset type. RRPF MARKET POSITION (% OF SPARE ENGINES ON OPERATING LEASE) 100% 100% 88% 82% 70% 41% 38% 35% 26% 24% 18% 6% Trent 500 Trent 700 Trent 800 Trent 900 V2500 XWB Trent 1000 RRPF 2nd Largest Spare Engine Lessor of t
Slide 58: RRPF - Growth in Revenue & Net Book Value
RRPF - Growth in Revenue & Net Book Value CAGRs of 15.5% and 13.9% for NBV and Total Annual Revenue, respectively, since 1998. 2017 NBV: $3,772M $4,000 Rev: $345M $400 $3,500 $350 $3,000 $300 $2,500 1998 $250 $2,000 NBV: $243M $200 Rev: $29M $1,500 $150 NBV (millions) NBV $1,000 $100 Revenue (millio
Slide 59: American Steamship Company
AMERICAN STEAMSHIP COMPANY 59
Slide 60: Great Lakes Industry Overview
Great Lakes Industry Overview US-FLAGGED DRY BULK CARGO CARRIAGE CAPACITY OF US-FLAG VESSEL OPERATORS 120 7% 100 7% 29% 80 11% 60 21% 40 25% 20 29% ASC 11% Grand River Navigation 25% Interlake Steamship Company 7% Central Marine Logistics 0 21% Great Lakes Fleet, Inc. 7% Other 2007 2009 2011 2013 20
Slide 61: ASC Business Overview
ASC Business Overview BUSINESS FLEET CUSTOMER OVERVIEW OVERVIEW OVERVIEW ô ASC provides ô Fleet of 12 self- ô ASC served 21 transportation of unloading vessels customers in dry bulk – No shore-side 2017 commodities assistance required ô Top five across the Great – Operates 24-hours customers Lakes a
Slide 62: ASC Commodities Carried & Industries Served
ASC Commodities Carried & Industries Served COMMODITIES CARRIED BY ASC INDUSTRIES SERVED BY ASC 1% 3% 15% 20% 52% 27% 55% 27% 20% Limestone 52% Iron Ore 15% Construction 55% Steel 27% Coal 1% Other 27% Electric Utility 3% Other Based on 2017 ASC volume of 27.8 million net tons Based on 2017 ASC reve
Slide 63: Financial Highlights
120 FINANCIAL YEARS OF HIGHLIGHTS OPERATIONAL EXPERIENCE 63
Slide 64: GATX Financial Highlights: Overview
GATX Financial Highlights: Overview EPS* $5.77 $5.37 $4.48 $4.70 $3.50 $2.81 $2.01 $1.59 2010 2011 2012 2013 2014 2015 2016 2017 ROE INVESTMENT VOLUME 18% 18% $1,031 15% $860 13% 13% $770 $715 11% $585 $615 $621 $603 9% 7% $ MILLIONS 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2
Slide 65: GATX is Well-Positioned with Strong Cash Flows
GATX is Well-Positioned with Strong Cash Flows ô GATX has nearly $3.7 billion in committed future lease receipts ô Our strong operating cash flow provides tremendous capital allocation flexibility GATX COMMITTED FUTURE LEASE RECEIPTS OPERATING CASH FLOW & PORTFOLIO PROCEEDS (Continuing Operations) $
Slide 66: Financial Highlights: Strong Balance Sheet
Financial Highlights: Strong Balance Sheet GATX primarily issues unsecured debt (leaving assets largely unencumbered), manages leverage, and balances debt maturity schedules LEVERAGE & REDUCTION OF SECURED ASSETS FUTURE DEBT OBLIGATIONS 6.0x Sold aircraft leasing 50% $2,360 business & reduced 45% 5.
Slide 67: Financial Highlights: Strong Balance Sheet – Cost of Debt
Financial Highlights: Strong Balance Sheet GATX has decreased borrowing costs and increased borrowing term. GATX issued $800 million of public unsecured debt in 2017 DECLINING COST OF DEBT & INCREASING BORROWING TERM 7.0% 10.0 9.0 6.0% 6.4% 9.2 8.0 5.0% 7.0 6.0 4.0% 4.0% 5.0 3.0% 5.0 4.0 3.0 2.0% 3.
Slide 68: Reconciliation of Non-GAAP Measures
RECONCILIATION 120 YEARS OF OF NON-GAAP OPERATIONAL MEASURES EXPERIENCE The following presentation contains unaudited financial information 68
Slide 69: Reconciliation of Non-GAAP Measures – Net Income Measures
Reconciliation of Non-GAAP Measures – Net Income Measures Net Income 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (in millions) Net income (GAAP) $ 183.8 $ 194.8 $ 81.4 $ 80.8 $ 110.8 $ 137.3 $ 169.3 $ 205.0 $ 205.3 $ 257.1 $ 502.0 Adjustments attributable to consolidated pre-tax income: R
Slide 70: Reconciliation of Non-GAAP Measures – Balance Sheet Measures
Reconciliation of Non-GAAP Measures – Balance Sheet Measures On- and Off-Balance Sheet Assets 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Total assets (GAAP)$ 4,723.2 $ 5,190.5 $ 5,206.4 $ 5,442.4 $ 5,846.0 $ 6,044.7 $ 6,535.5 $ 6,919.9 $ 6,894.2 $ 7,105.4 $ 7,422.4 Off-balance sheet asse