GATX CORP

Previous wording

In the first quarter of 2024, we changed the name of our Portfolio Management business segment to Engine Leasing to reflect the prospective operations of this business segment. Historically, this business segment included marine operations from our liquefied gas-carrying vessels (the "Specialized Gas Vessels"). As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations. The segment is now almost entirely comprised of our engine leasing operations, which include our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce") that lease aircraft spare engines, and GATX Engine Leasing ("GEL"), our business that directly owns aircraft spare engines that are leased to airline customers or employed in an engine capacity agreement.

Current wording

In the first quarter of 2024, we changed the name of our Portfolio Management business segment to Engine Leasing to reflect the prospective operations of this business segment. Historically, this business segment included marine operations from our liquefied gas-carrying vessels (the "Specialized Gas Vessels"). As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations. The segment is now almost entirely comprised of our engine leasing operations, which include our ownership interest in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce") that lease aircraft spare engines, and GATX Engine Leasing ("GEL"), our business that directly owns aircraft spare engines that are leased to airline customers or employed in an engine capacity agreement.

Previous wording

Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2024. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023.

Current wording

Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2024. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2023.

Previous wording

Net income for the three months ended March 31, 2024 was $74.3 million, or $2.03 per diluted share, compared to $77.4 million, or $2.16 per diluted share, for the same period in 2023. Results for the three months ended March 31, 2024 included a net positive impact of $0.6 million ($0.02 per diluted share) from tax adjustments and other items, compared to a net negative impact of $1.3 million ($0.04 per diluted share) from tax adjustments and other items for the three months ended March 31, 2023. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income decreased $5.0 million compared to the prior year, largely due to lower asset disposition gains at Rail North America and higher interest expense, partially offset by higher revenue at Rail North America and Rail International and higher non-dedicated engine revenue at Engine Leasing.

Current wording

Net income for the six months ended June 30, 2024 was $118.7 million, or $3.25 per diluted share, compared to $140.7 million, or $3.87 per diluted share, for the same period in 2023. Results for the six months ended June 30, 2024 included a net negative impact of $7.4 million ($0.20 per diluted share) from tax adjustments and other items, compared to a net negative impact of $1.1 million ($0.03 per diluted share) from tax adjustments and other items for the six months ended June 30, 2023. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income decreased $15.7 million compared to the prior year, largely due to lower asset disposition gains at Rail North America, the absence of the sale of natural gas holdings in the prior year, lower share of affiliates' earnings at the RRPF affiliates, and higher interest expense, partially offset by higher revenue at Rail North America and Rail International and higher non-dedicated engine revenue at Engine Leasing.

Previous wording

Demand for existing railcars was solid for most railcar types and Rail North America continued to capitalize on current market conditions for both lease rates and lease terms. Utilization was 99.4% at the end of the quarter.

Current wording

Supply of existing railcars remained tight for most railcar types, and Rail North America continued to capitalize on current market conditions for both lease rates and lease terms. Utilization was 99.3% at the end of the current quarter.

Previous wording

As of March 31, 2024, leases for approximately 16,400 tank and freight cars and approximately 1,800 boxcars were scheduled to expire over the remainder of 2024. These amounts exclude railcars on leases expiring in 2024 that have already been renewed or assigned to a new lessee.

Current wording

As of June 30, 2024, leases for approximately 11,700 tank and freight cars and approximately 1,400 boxcars were scheduled to expire over the remainder of 2024. These amounts exclude railcars on leases expiring in 2024 that have already been renewed or assigned to a new lessee.

Previous wording

In 2022, we entered into a new long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, will be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At March 31, 2024, 3,605 railcars have been ordered pursuant to the terms of the agreement, of which 1,600 railcars have been delivered.

Current wording

In 2022, we entered into a new long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, will be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At June 30, 2024, 4,319 railcars have been ordered pursuant to the terms of the agreement, of which 2,312 railcars have been delivered.

Previous wording

In 2018, we amended a long-term supply agreement with Trinity to extend the term to December 2023, and we agreed to purchase 4,800 tank cars (1,200 per year) beginning in January 2020 and continuing through 2023. As of March 31, 2024, all 4,800 railcars have been ordered pursuant to the amended terms of the agreement, of which 4,621 railcars have been delivered. The remaining railcars covered under this agreement are expected to be delivered by the end of the second quarter of 2024.

Current wording

In 2018, we amended a long-term supply agreement with Trinity to extend the term to December 2023, and we agreed to purchase 4,800 tank cars (1,200 per year) beginning in January 2020 and continuing through 2023. As of June 30, 2024, all 4,800 railcars have been ordered and delivered.

Previous wording

In 2018, we entered into a multi-year railcar supply agreement with American Railcar Industries, Inc. ("ARI"), pursuant to which we agreed to purchase 7,650 newly built railcars. The order encompasses a mix of tank and freight cars to be delivered over a five-year period, beginning in April 2019 and ending in December 2023. ARI's railcar manufacturing business was acquired by a subsidiary of The Greenbrier Companies, Inc. on July 26, 2019, and such subsidiary assumed all of ARI's obligations under our long-term supply agreement. As of March 31, 2024, all 7,650 railcars have been ordered, of which 7,634 railcars have been delivered. All railcars covered under this agreement are expected to be delivered by the end of the second quarter of 2024.

Current wording

In 2018, we entered into a multi-year railcar supply agreement with American Railcar Industries, Inc. ("ARI"), pursuant to which we agreed to purchase 7,650 newly built railcars. The order encompasses a mix of tank and freight cars to be delivered over a five-year period, beginning in April 2019 and ending in December 2023. ARI's railcar manufacturing business was acquired by a subsidiary of The Greenbrier Companies, Inc. on July 26, 2019, and such subsidiary assumed all of ARI's obligations under our long-term supply agreement. As of June 30, 2024, all 7,650 railcars have been ordered and delivered.

Previous wording

During the first quarter of 2024, the renewal rate change of the LPI was positive 33.0%, compared to positive 33.5% in the prior quarter, and positive 28.3% in the first quarter of 2023. Lease terms on renewals for railcars in the LPI averaged 64 months in the current quarter, compared to 65 months in the prior quarter, and 55 months in the first quarter of 2023.

Current wording

During the second quarter of 2024, the renewal rate change of the LPI was positive 29.4%, compared to positive 33.0% in the prior quarter, and positive 33.1% in the second quarter of 2023. Lease terms on renewals for railcars in the LPI averaged 61 months in the current quarter, compared to 64 months in the prior quarter, and 61 months in the second quarter of 2023.

Previous wording

In the three months ended March 31, 2024, segment profit of $90.3 million decreased 5.1% compared to $95.2 million for the same period in the prior year. The decrease was primarily due to lower net gain on asset dispositions and higher interest expense, partially offset by higher lease revenue. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period.

Current wording

In the six months ended June 30, 2024, segment profit of $169.1 million decreased 3.1% compared to $174.5 million for the same period in the prior year. The decrease was primarily due to lower net gain on asset dispositions and higher interest expense, largely offset by higher lease revenue. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period.

Previous wording

In the three months ended March 31, 2024, net gain on asset dispositions decreased $13.6 million due to fewer railcars sold, lower gains on railcars converted to finance leases, and lower net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $11.0 million, driven by a higher average interest rate and a higher average debt balance.

Current wording

In the six months ended June 30, 2024, net gain on asset dispositions decreased $22.8 million due to fewer railcars sold, lower gains on railcars converted to finance leases, and lower net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $22.9 million, driven by a higher average interest rate and a higher average debt balance.

Previous wording

During the three months ended March 31, 2024, investment volume was $321.7 million compared to $296.5 million in the same period in 2023. We acquired 1,073 newly built railcars and purchased 822 railcars in the secondary market in the three months ended March 31, 2024, compared to 781 newly built railcars and 1,021 railcars in the secondary market in the same period in 2023.

Current wording

During the six months ended June 30, 2024, investment volume was $629.8 million compared to $457.8 million in the same period in 2023. We acquired 2,200 newly built railcars and purchased 1,247 railcars in the secondary market in the six months ended June 30, 2024, compared to 1,619 newly built railcars and 1,021 railcars in the secondary market in the same period in 2023.

Previous wording

In the three months ended March 31, 2024, lease revenue increased $21.4 million, or 9.9%, driven by higher lease rates and more railcars on lease. Other revenue increased $4.7 million due to higher repair revenue.

Current wording

In the three months ended June 30, 2024, lease revenue increased $23.2 million, or 10.6%, driven by higher lease rates and more railcars on lease. Other revenue increased $6.8 million due to higher repair revenue.

Previous wording

In the three months ended March 31, 2024, maintenance expense increased $6.0 million, driven by higher costs of repairs and more regulatory compliance events. Depreciation expense decreased $0.4 million due to a change in the useful lives of certain railcars, partially offset by the timing of new railcar investments and dispositions. Other operating expense decreased $0.3 million primarily due to lower switching and freight costs.

Current wording

In the three months ended June 30, 2024, maintenance expense increased $10.6 million, driven by higher costs of repairs, more regulatory compliance events, and more repairs performed by the railroads. Depreciation expense increased $0.7 million due to the timing of new railcar investments and dispositions, offset by a change in the useful lives of certain railcars. Other operating expense decreased $0.3 million primarily due to lower switching and freight costs.

Previous wording

Rail International, composed primarily of GATX Rail Europe ("GRE"), produced solid operating results in the first three months of 2024 and continued to grow its fleet. GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 95.3% at the end of the quarter.

Current wording

Rail International, composed primarily of GATX Rail Europe ("GRE"), produced solid operating results in the six months of 2024 and continued to grow its fleet. GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 95.8% at the end of the current quarter.

Previous wording

Our rail business in India ("Rail India") increased its fleet size in the first three months of 2024 and continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained robust, driven by continued growth in the economy and infrastructure development. Utilization was 100.0% at the end of the quarter.

Current wording

Our rail business in India ("Rail India") increased its fleet size in the first six months of 2024 and continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained robust, driven by continued growth in the economy and infrastructure development. Utilization was 100.0% at the end of the current quarter.

Previous wording

The decline in GRE's fleet utilization was primarily due to weakness in the intermodal market. At March 31, 2024, GRE owned 2,159 intermodal railcars. As of March 31, 2024, leases for approximately 7,647 railcars were scheduled to expire over the remainder of 2024. This amount excludes railcars on leases expiring in 2024 that have already been renewed or assigned to a new lessee.

Current wording

As of June 30, 2024, leases for approximately 5,969 railcars were scheduled to expire over the remainder of 2024. This amount excludes railcars on leases expiring in 2024 that have already been renewed or assigned to a new lessee.

Previous wording

Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar versus the foreign currencies in which it conducts business, primarily the euro. In the three months ended March 31, 2024, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $1.0 million and negatively impacted segment profit, excluding other income (expense), by approximately $0.1 million compared to the same period in 2023.

Current wording

Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the six months ended June 30, 2024, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $0.3 million and negatively impacted segment profit, excluding other income (expense), by approximately $1.1 million compared to the same period in 2023.

Previous wording

In the three months ended March 31, 2024, segment profit of $28.8 million increased 22.6% compared to $23.5 million for the same period in the prior year. Segment profit in 2023 included a $0.3 million disposition gain recorded as a result of the decision to exit the Rail Russia business. Excluding these items, results for Rail International were $5.6 million higher compared to the same period in the prior year. The increase was primarily due to more railcars on lease and higher lease rates at both GRE and Rail India, partially offset by higher interest and maintenance expense at GRE.

Current wording

In the six months ended June 30, 2024, segment profit of $55.3 million increased 8.9% compared to $50.8 million for the same period in the prior year. Segment profit in 2023 included a $0.3 million disposition gain recorded as a result of the decision to exit the Rail Russia business. Excluding these items, results for Rail International were $4.8 million higher compared to the same period in the prior year. The increase was primarily due to more railcars on lease and higher lease rates at both GRE and Rail India, partially offset by higher maintenance expense at GRE and higher interest expense.

Previous wording

In the three months ended March 31, 2024, lease revenue increased $10.2 million, or 14.5%, due to more railcars on lease and higher lease rates at GRE and Rail India and the impact of foreign exchange rates. Other revenue increased $0.2 million, driven by higher repair revenue.

Current wording

In the six months ended June 30, 2024, lease revenue increased $19.1 million, or 13.3%, due to more railcars on lease and higher lease rates at GRE and Rail India and the impact of foreign exchange rates. Other revenue increased $0.3 million, driven by higher line haul revenue, partially offset by lower repair revenue.

Previous wording

In the three months ended March 31, 2024, net gain on asset dispositions increased $0.5 million, driven by higher net scrapping gains due to more railcars scrapped at a higher scrap price per ton. Net interest expense increased $4.2 million, due to a higher average debt balance and a higher average interest rate. Other income (expense) was favorable by $4.7 million, driven by the positive impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.

Current wording

In the six months ended June 30, 2024, net gain on asset dispositions increased $0.5 million, driven by higher net scrapping gains due to more railcars scrapped at a higher scrap price per ton. Net interest expense increased $8.2 million, due to a higher average debt balance and a higher average interest rate. Other expense was favorable by $6.6 million, driven by the positive impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.

Previous wording

During the three months ended March 31, 2024, investment volume was $49.9 million compared to $81.1 million in the same period in 2023. In the three months ended March 31, 2024, GRE acquired 322 newly built railcars compared to 502 newly built railcars for the same period in 2023, and Rail India acquired 696 newly built railcars in the current year compared to 479 newly built railcars for the same period in 2023.

Current wording

During the six months ended June 30, 2024, investment volume was $109.5 million compared to $158.4 million in the same period in 2023. In the six months ended June 30, 2024, GRE acquired 710 newly built railcars compared to 878 newly built railcars for the same period in 2023, and Rail India acquired 1,104 newly built railcars in the current year compared to 1,055 newly built railcars for the same period in 2023.

Previous wording

In the three months ended March 31, 2024, maintenance expense increased $1.6 million, primarily due to more repairs performed, higher costs for repairs, higher wheelset costs, and the impact of foreign exchange rates. Depreciation expense increased $3.2 million, due the impact of new railcars added to the fleet.

Current wording

In the three months ended June 30, 2024, maintenance expense increased $3.6 million, primarily due to more repairs performed, higher costs for repairs, higher wheelset costs, and the impact of foreign exchange rates. Depreciation expense increased $2.8 million, due the impact of new railcars added to the fleet.

Previous wording

Engine Leasing's segment profit is attributable primarily to income from the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce, a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $23.7 million for the three months ended March 31, 2024, compared to $28.0 million for the same periods in 2023. The operating environment for the RRPF affiliates was robust, and demand for international air passenger travel remained strong.

Current wording

Engine Leasing's segment profit is attributable primarily to income from the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce, a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $40.6 million and $16.9 million for the six months and three months ended June 30, 2024, compared to $48.3 million and $20.3 million for the same periods in 2023. The operating environment for the RRPF affiliates was robust, and demand for international air passenger travel remained strong.

Previous wording

Engine Leasing also includes GEL, our wholly owned entity that invests directly in aircraft spare engines. As of March 31, 2024, GEL owned 29 aircraft spare engines, with 14 on long-term leases with airline customers and 15 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $0.6 million for the three months ended March 31, 2024 and $0.5 million for the three months ended March 31, 2023.

Current wording

Engine Leasing also includes GEL, our wholly owned entity that invests directly in aircraft spare engines. In the second quarter of 2024, GEL acquired three aircraft spare engines for $71.3 million. As of June 30, 2024, GEL owned 32 aircraft spare engines, with 14 on long-term leases with airline customers and 18 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $1.8 million and $0.9 million for the six months and three months ended June 30, 2024 and $1.0 million and $0.5 million for the same periods in 2023.

Previous wording

In the three months ended March 31, 2024, segment profit was $25.7 million, compared to segment profit of $28.3 million for the same period in the prior year. Segment profit included $0.6 million of gains in 2024 and $1.6 million of losses in 2023 associated with the Specialized Gas Vessels. Excluding the impact of these items, results for Engine Leasing were $4.8 million lower than 2023. Lower earnings at the RRPF affiliates, resulting from lower remarketing income, was partially offset by higher earnings from GEL operations.

Current wording

In the six months ended June 30, 2024, segment profit was $44.1 million, compared to segment profit of $54.9 million for the same period in the prior year. Segment profit included $0.6 million of gains in 2024 and $1.4 million of losses in 2023 associated with the Specialized Gas Vessels. Excluding the impact of these items, results for Engine Leasing were $12.8 million lower than 2023. Lower earnings at the RRPF affiliates, resulting from lower remarketing income, and the absence of the gain on the sale of natural gas holdings recorded in the prior year, were partially offset by higher earnings from GEL operations.

Previous wording

In the three months ended March 31, 2024, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $8.7 million due to aircraft spare engines acquired in 2023 and utilized in the engine capacity agreement with Rolls-Royce. Marine operating revenue decreased $3.5 million, driven by the final sales of the Specialized Gas Vessels in 2023.

Current wording

In the three months ended June 30, 2024, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $7.3 million due to aircraft spare engines acquired in 2023 and 2024 and utilized in the engine capacity agreement with Rolls-Royce. Marine operating revenue decreased $2.0 million, driven by the final sales of the Specialized Gas Vessels in 2023.

Previous wording

In the three months ended March 31, 2024, marine operating expense decreased $2.0 million, due to the sale of the Specialized Gas Vessels in 2023. Depreciation expense increased $3.0 million, due to aircraft spare engines acquired in 2023.

Current wording

In the three months ended June 30, 2024, marine operating expense decreased $2.4 million, due to the sale of the Specialized Gas Vessels in 2023. Depreciation expense increased $2.5 million, due to aircraft spare engines acquired in 2023 and 2024.

Previous wording

In the three months ended March 31, 2024, income from our share of affiliates' earnings decreased $4.3 million, driven by lower remarketing income, partially offset by higher income from operations.

Current wording

In the three months ended June 30, 2024, income from our share of affiliates' earnings decreased $3.4 million, driven by lower remarketing income, partially offset by higher income from operations.

Previous wording

SG&A increased $5.5 million for the three months ended March 31, 2024 compared to the same period in the prior year, driven by higher employee-related expenses, including higher share-based compensation expense.

Current wording

SG&A increased $12.1 million for the six months ended June 30, 2024 compared to the same period in the prior year. SG&A increased $6.6 million for the three months ended June 30, 2024 compared to the same period in the prior year. Both variances were driven by higher employee-related expenses, including higher share-based compensation expense, and higher information technology expense.

Previous wording

As of March 31, 2024, we had an unrestricted cash balance of $479.1 million. We also have a $600 million, 5-year unsecured revolving credit facility in the United States that matures in 2028 and $250 million 3-year unsecured revolving credit facility in the United States that matures in 2026, both of which are fully available as of March 31, 2024.

Current wording

As of June 30, 2024, we had an unrestricted cash balance of $823.6 million. We also have a $600 million, 5-year unsecured revolving credit facility in the United States that matures in 2029 and a $350 million 3-year unsecured revolving credit facility in the United States that matures in 2027, both of which are fully available as of June 30, 2024.

Previous wording

The following table shows our cash flows from operating, investing and financing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our cash flows from operating, investing and financing activities for the six months ended June 30 (in millions):

Previous wording

Net cash provided by operating activities for the three months ended March 31, 2024 increased $2.6 million compared to the same period in 2023. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher cash receipts from revenue and lower payments for income taxes and operating leases were partially offset by higher payments for maintenance and other operating expenses.

Current wording

Net cash provided by operating activities for the six months ended June 30, 2024 decreased $22.5 million compared to the same period in 2023. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher payments for interest, income taxes, maintenance, and other operating expenses were partially offset by higher cash receipts from revenue.

Previous wording

The following table shows our principal sources and uses of cash flows from investing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our principal sources and uses of cash flows from investing activities for the six months ended June 30 (in millions):

Previous wording

The decrease in portfolio investments and capital additions of $8.4 million for the three months ended March 31, 2024 was primarily due to fewer railcars acquired at GRE and fewer tank containers acquired at Trifleet, partially offset by more railcars acquired at Rail North America. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Current wording

The decrease in portfolio investments and capital additions of $53.0 million for the six months ended June 30, 2024 was primarily due to fewer aircraft spare engines acquired at GEL, fewer railcars acquired at GRE, and fewer tank containers acquired at Trifleet, partially offset by more railcars acquired at Rail North America. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Previous wording

Portfolio proceeds decreased by $48.5 million for the three months ended March 31, 2024, resulting from fewer railcars sold at Rail North America in the current year and the absence of proceeds from the sale of Rail Russia at Rail International and one Specialized Gas Vessel at Engine Leasing in the prior year.

Current wording

Portfolio proceeds decreased by $61.2 million for the six months ended June 30, 2024, resulting from fewer railcars sold at Rail North America in the current year and the absence of proceeds from the sales of two Specialized Gas Vessels at Engine Leasing and the sale of Rail Russia at Rail International in the prior year.

Previous wording

The following table shows our principal sources and uses of cash flows from financing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our principal sources and uses of cash flows from financing activities for the six months ended June 30 (in millions):

Previous wording

(1) In the three months ended March 31, 2024 we repurchased 36,744 shares of common stock for $4.6 million. In the three months ended March 31, 2023, we did not repurchase any shares of common stock.

Current wording

(1) In the six months ended June 30, 2024 we repurchased 70,044 shares of common stock for $8.9 million. We did not repurchase any shares of common stock during the same period in 2023.

Previous wording

The following table shows the activity on our long-term debt principal in the three months ended March 31, 2024 (in millions):

Current wording

The following table shows the activity on our long-term debt principal in the six months ended June 30, 2024 (in millions):

Previous wording

In the three months ended March 31, 2024, we issued $350.0 million of 3-year unsecured debt in the U.S. at a fixed rate of 5.430%, $132.0 million of 2-year unsecured debt at Trifleet at a floating rate of 3-month Euribor plus 162.5 basis points, $54.4 million of 7-year unsecured debt at GRE at a floating rate of 6-month Euribor plus 175.0 basis points, and drew $24.1 million in two tranches from a 5-year delayed draw term loan at Rail India at fixed rates of 8.43% and 8.55%.

Current wording

•€121.0 million ($132.0 million) of 2-year unsecured floating rate debt at Trifleet, currently 5.437%*