SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Full title of the Plan:
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
Name of the issuer of the securities held pursuant to the Plan
and the address of its principal executive office:
GATX Corporation
500 West Monroe Street, Chicago, Illinois 60661-3676
312/621-6200
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees have duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
GATX CORPORATION SALARIED
EMPLOYEES RETIREMENT SAVINGS PLAN
(Name of Plan)
By: /s/James A. Herbert
--------------------------
James A. Herbert
Plan Administrator
Dated: March 30, 1994
-1-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS FOR ANNUAL REPORT ON FORM 11-K
December 31, 1993
The following financial data are submitted herewith:
Report of Independent Auditors ............................. 3
Consent of Independent Auditors ............................ 4
Statements of Financial Condition .......................... 5
Statements of Income and Changes in
Participants' Equity ..................................... 7
Notes to Financial Statements .............................. 10
All schedules have been omitted because the information required
therein is included in the financial statements and notes
thereto.
-2-
<PAGE>
REPORT OF INDEPENDENT AUDITORS
Benefits Committee
GATX Corporation
We have audited the accompanying statements of financial
condition of GATX Corporation Salaried Employees Retirement
Savings Plan as of December 31, 1993 and 1992, and the related
statements of income and changes in participants' equity for each
of the three years in the period ended December 31, 1993. These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of GATX Corporation Salaried Employees Retirement Savings Plan at
December 31, 1993 and 1992, and the income and changes in
participants' equity for each of the three years in the period
ended December 31, 1993, in conformity with generally accepted
accounting principles.
ERNST & YOUNG
Chicago, Illinois
March 30, 1994
-3-
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the following:
(i) Post Effective Amendment No. 1 to Registration Statement No.
2-69135 on Form S-8, filed February 17, 1982; (ii) Registration
Statement No. 2-92404 on Form S-8, filed July 26, 1984; (iii)
Registration Statement No. 2-96593 on Form S-8, filed March 22,
1985; (iv) Registration Statement No. 33-38790 on Form S-8, filed
February 1, 1991; and (v) Registration Statement No. 33-41007 on
Form S-8 filed June 7, 1991 of GATX Corporation, pertaining to
the GATX Corporation Salaried Employees Retirement Savings Plan,
of our report dated March 30, 1994 with respect to the financial
statements of GATX Corporation Salaried Employees Retirement
Savings Plan included in this Annual Report on Form 11-K for the
year ended December 31, 1993.
ERNST & YOUNG
Chicago, Illinois
March 30, 1994
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<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1993
<CAPTION>
ASSURED
INCOME AND
GATX STOCK ANNUITY
EQUITY (NOTE D) OPTION BALANCED
<S>
ASSETS <C> <C> <C> <C>
Investments at current value - Note C:
GATX Corporation Common Stock $26,226,144
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts $7,088,017
Metropolitan Life Group Annuity
Contract Nos. 11796-5 and 12518 $10,293,352
Banker's Trust Pyramid GIC Fund 17,421,990
Phillips Petroleum Company Common Stock
Jennison Balanced Fund $1,993,495
Putnam Voyager Fund
---------- ----------- ----------- ----------
Subtotal 7,088,017 26,226,144 27,715,342 1,993,495
Loans to participants
Cash 105,503 468,716 365,808 602
Net Receivable/(Payable) (111,256) 112,112 (382,186) 196,864
---------- ----------- ----------- ----------
TOTAL ASSETS $7,082,264 $26,806,972 $27,698,964 $2,190,961
========== =========== =========== ==========
PARTICIPANTS' EQUITY $7,082,264 $26,806,972 $27,698,964 $2,190,961
========== =========== =========== ==========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-5-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1993
<CAPTION>
PHILLIPS
PETROLEUM
COMPANY EMPLOYEE
EQUITY GROWTH SECURITIES LOANS TOTAL
<S> <C> <C> <C> <C>
ASSETS
Investments at current value - Note C:
GATX Corporation Common Stock $26,226,144
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts 7,088,017
Metropolitan Life Group Annuity
Contract Nos. 11796-5 and 12518 10,293,352
Banker's Trust Pyramid GIC Fund 17,421,990
Phillips Petroleum Company Common Stock $30,972 30,972
Jennison Balanced Fund 1,993,495
Putnam Voyager Fund $2,818,925 2,818,925
---------- ------- ---------- -----------
Subtotal 2,818,925 30,972 65,872,895
Loans to participants $2,881,156 2,881,156
Cash 683 2,515 943,827
Net Receivable/(Payable) 380,860 196,394
---------- ------- ---------- -----------
TOTAL ASSETS $3,200,468 $33,487 $2,881,156 $69,894,272
========== ======= ========== ===========
PARTICIPANTS' EQUITY $3,200,468 $33,487 $2,881,156 $69,894,272
========== ======= ========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-5-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1992
<CAPTION>
ASSURED INCOME
FIXED GATX STOCK AND
INCOME EQUITY (NOTE D) ANNUITY OPTION
<S> <C> <C> <C> <C>
ASSETS
Investments at current value - Note C:
GATX Corporation Common Stock $20,188,694
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts $2,700,734 $6,021,598
Metropolitan Life Group Annuity
Contract Nos. 3873-2, 9852-0,
9854-2, 11796-5 and 12518 $21,011,250
Banker's Trust Pyramid GIC Fund 4,702,111
Phillips Petroleum
Company Common Stock
---------- ---------- ----------- -----------
Subtotal 2,700,734 6,021,598 20,188,694 25,713,361
Loans to participants
Cash (Overdraft) 48,140 99,539 313,461 100,984
Net Receivable/(Payable) 9,202 41,803 (107,624) 58,416
---------- ---------- ----------- -----------
TOTAL ASSETS $2,758,076 $6,162,940 $20,394,531 $25,872,761
========== ========== =========== ===========
PARTICIPANTS' EQUITY $2,758,076 $6,162,940 $20,394,531 $25,872,761
========== ========== =========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-6-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF FINANCIAL CONDITION
December 31, 1992
<CAPTION>
PHILLIPS PETROLEUM EMPLOYEE
COMPANY SECURITIES LOANS TOTAL
<S> <C> <C> <C>
ASSETS
Investments at current value - Note C:
GATX Corporation Common Stock $20,188,694
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts 8,722,332
Metropolitan Life Group Annuity
Contract Nos. 3873-2, 9852-0,
9854-2, 11796-5 and 12518 21,011,250
Banker's Trust Pyramid GIC Fund 4,702,111
Phillips Petroleum
Company Common Stock $ 26,834 26,834
---------- ---------- -----------
Subtotal 26,834 54,651,221
Loans to participants $2,491,029 2,491,029
Cash (Overdraft) 1,256 (457) 562,923
Net Receivable/(Payable) 4 336 2,137
---------- ---------- -----------
TOTAL ASSETS $ 28,094 $2,490,908 $57,707,310
========== ========== ===========
PARTICIPANTS' EQUITY $ 28,094 $2,490,908 $57,707,310
========== ========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-6-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1993
<CAPTION>
ASSURED
INCOME AND
FIXED ANNUITY
INCOME EQUITY GATX STOCK OPTION BALANCED
<S> <C> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $ 1,725,817
Salary deferrals by participant $188,426 $ 804,131 735,446 $ 2,725,490 $ 177,526
Rollover contributions
by participants 9,333 11,124 11,965 32,666 15,776
Dividend income 184,630 874,613
Interest income 130,603 832 4,954 2,101,305 174
Gain on sale
of investments--Note C 278,154 48,174 547,593 157
----------- ---------- ----------- ----------- ----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 606,516 1,048,891 3,900,388 4,859,461 193,633
----------- ---------- ----------- ----------- ----------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS (3,033,957) (339,494) (369,858) (806,591) 1,905,267
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS (109,013) 389,966 4,091,453 70,097
WITHDRAWALS BY PARTICIPANTS (181,892) (143,436) (1,137,412) (2,096,884) (5,221)
LOANS TO PARTICIPANTS (83,140) (175,805) (326,816) (1,044,104) (15,916)
LOAN REPAYMENTS BY PARTICIPANTS 43,410 139,202 254,687 914,321 43,101
----------- ---------- ----------- ----------- ----------
(3,364,592) (129,567) 2,512,054 (3,033,258) 1,997,328
----------- ---------- ----------- ----------- ----------
(DECREASE) INCREASE IN
PARTICIPANTS' EQUITY (2,758,076) 919,324 6,412,442 1,826,203 2,190,961
Participants' equity
at January 1, 1993 2,758,076 6,162,940 20,394,531 25,872,761 0
----------- ---------- ----------- ----------- ----------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1993 $ 0 $7,082,264 $26,806,973 $27,698,964 $2,190,961
=========== ========== =========== =========== ==========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-7-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1993
<CAPTION>
PHILLIPS
PETROLEUM
COMPANY EMPLOYEE
EQUITY GROWTH SECURITIES LOANS TOTAL
<S> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $ 1,725,817
Salary deferrals by participants $ 257,464 4,888,483
Rollover contributions
by participants 16,199 97,063
Dividend income $ 1,196 1,060,439
Interest income 159 58 $ 230,917 2,469,002
Gain on sale
of investments--Note C 105,142 979,220
---------- ------- ----------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 378,964 1,254 230,917 11,220,024
---------- ------- ----------- -----------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS 2,644,633
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS 137,412 4,139 4,584,054
WITHDRAWALS BY PARTICIPANTS (24,489) (27,781) (3,617,115)
LOANS TO PARTICIPANTS (17,859) 1,663,640
LOAN REPAYMENTS BY PARTICIPANTS 81,807 (1,476,528)
---------- ------- ----------- -----------
2,821,504 4,139 159,331 966,939
---------- ------- ----------- -----------
(DECREASE) INCREASE IN
PARTICIPANTS' EQUITY 3,200,468 5,393 390,248 12,186,963
Participants' equity
at January 1, 1993 0 28,094 2,490,908 57,707,310
---------- ------- ----------- -----------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1993 $3,200,468 $33,487 $ 2,881,156 $69,894,273
========== ======= =========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-7-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1992
<CAPTION>
ASSURED
INCOME AND
FIXED ANNUITY
INCOME EQUITY GATX STOCK OPTION
<S> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $1,580,222
Salary deferrals by participants $ 338,420 $ 703,801 713,666 $2,581,154
Rollover contributions
by participants 3,680 12,164 16,833 18,586
Dividend income 163,406 731,975
Interest income 158,683 774 9,180 2,099,881
Gain on sale of
investments -- NOTE C 14,653 16,480 69,657
---------- ---------- ----------- ------------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 515,436 896,625 3,121,533 4,699,621
---------- ---------- ----------- ------------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS (130,478) 328,514 768,063 (528,279)
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS (47,118) 253,185 2,688,753
WITHDRAWALS BY PARTICIPANTS (82,495) (415,608) (490,877) (1,202,272)
LOANS TO PARTICIPANTS (85,788) (208,444) (247,394) (1,120,962)
LOAN REPAYMENTS BY PARTICIPANTS 71,818 161,664 241,000 745,387
---------- ---------- ----------- ------------
(274,061) 119,311 2,959,545 (2,106,126)
---------- ---------- ----------- ------------
INCREASE (DECREASE) IN
PARTICIPANTS' EQUITY 241,375 1,015,936 6,081,078 2,593,495
Participants' Equity
at January 1, 1992 2,516,701 5,147,004 14,313,453 23,279,266
---------- ---------- ----------- ------------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1992 $2,758,076 $6,162,940 $20,394,531 $ 25,872,761
========== ========== =========== ============
<FN>
See notes to financial statements.
</FN>
</TABLE>
-8-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1992
<CAPTION>
PHILLIPS
PETROLEUM
CURRENT COMPANY EMPLOYEE
YIELD SECURITIES LOANS TOTAL
<S> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $1,580,222
Salary deferrals by participants $ 22,901 4,359,942
Rollover contributions
by participants 51,263
Dividend income $ 1,028 896,409
Interest income 13,373 238 $ 212,434 2,494,563
Gain on sale of
investments -- NOTE C 6 100,796
--------- -------- ---------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 36,274 1,272 212,434 9,483,195
--------- -------- ---------- -----------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS (437,820) -
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS 911 2,895,731
WITHDRAWALS BY PARTICIPANTS (14,788) (33,000) (2,239,040)
LOANS TO PARTICIPANTS (9,912) 1,672,500 -
LOAN REPAYMENTS BY PARTICIPANTS 2,193 (1,222,062) -
--------- -------- ---------- -----------
(460,327) 911 417,438 656,691
--------- -------- ---------- -----------
INCREASE (DECREASE) IN
PARTICIPANTS' EQUITY (424,053) 2,183 629,872 10,139,886
Participants' Equity
at January 1, 1992 424,053 25,911 1,861,036 47,567,424
--------- -------- ---------- -----------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1992 $ 0 $ 28,094 $2,490,908 $57,707,310
========= ======== ========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-8-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1991
<CAPTION>
ASSURED
INCOME AND
FIXED ANNUITY
INCOME EQUITY GATX STOCK OPTION
<S> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $ 1,485,643
Salary deferrals by participants $ 304,969 $ 547,628 543,640 $ 2,591,953
Rollover contributions
by participants 39,680 16,762 20,555 43,426
Dividend income 66,335 568,842
Interest income 66,569 3,735 8,363 1,979,594
Gain on sale
of investments--Note C 1,355,011 2,579,564 518,476
----------- ----------- ----------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 1,766,229 3,214,024 3,145,519 4,614,973
----------- ----------- ----------- -----------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS (61,936) 396,294 (1,123,537) 818,403
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS (1,082,177) (1,557,764) 872,289
WITHDRAWALS BY PARTICIPANTS (270,552) (178,029) (1,058,373) (1,269,361)
LOANS TO PARTICIPANTS (118,635) (155,868) (124,721) (846,243)
LOAN REPAYMENTS BY PARTICIPANTS 44,271 99,875 110,168 642,279
----------- ----------- ----------- -----------
(1,489,029) (1,395,492) (1,324,174) (654,922)
----------- ----------- ----------- -----------
INCREASE (DECREASE) IN
PARTICIPANTS' EQUITY 277,200 1,818,532 1,821,345 3,960,051
Participants' equity
at January 1, 1991 2,239,501 3,328,472 12,492,108 19,319,215
----------- ----------- ----------- -----------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1991 $ 2,516,701 $ 5,147,004 $14,313,453 $23,279,266
=========== =========== =========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-9-
<PAGE>
<TABLE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
STATEMENT OF INCOME AND CHANGES IN PARTICIPANTS' EQUITY
Year Ended December 31, 1991
<CAPTION>
PHILLIPS
PETROLEUM
CURRENT COMPANY EMPLOYEE
YIELD SECURITIES LOANS TOTAL
<S> <C> <C> <C> <C>
CONTRIBUTIONS & INVESTMENT INCOME
Contributions by GATX
Corporation and subsidiaries $ 1,485,643
Salary deferrals by participants $ 60,699 4,048,889
Rollover contributions
by participants 2,891 123,314
Dividend income $ 860 636,037
Interest income 24,505 937 $ 170,522 2,254,225
Gain on sale
of investments--Note C 4,453,051
-------- ------- ---------- -----------
TOTAL CONTRIBUTIONS
AND INVESTMENT INCOME 88,095 1,797 170,522 13,001,159
-------- ------- ---------- -----------
NET TRANSFERS
AUTHORIZED BY PARTICIPANTS (29,224) -
UNREALIZED (DECREASE) INCREASE
IN CURRENT VALUE OF INVESTMENTS (1,823) (1,769,475)
WITHDRAWALS BY PARTICIPANTS (33,975) (88,939) (2,899,229)
LOANS TO PARTICIPANTS (16,032) 1,261,499 -
LOAN REPAYMENTS BY PARTICIPANTS 6,817 (903,410) -
-------- ------- ---------- -----------
(72,414) (1,823) 269,150 (4,668,704)
-------- ------- ---------- -----------
INCREASE (DECREASE) IN
PARTICIPANTS' EQUITY 15,681 (26) 439,672 8,332,455
Participants' equity
at January 1, 1991 408,372 25,937 1,421,364 39,234,969
-------- ------- ---------- -----------
PARTICIPANTS' EQUITY
AT DECEMBER 31, 1991 $424,053 $25,911 $1,861,036 $47,567,424
======== ======= ========== ===========
<FN>
See notes to financial statements.
</FN>
</TABLE>
-9-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE A--SIGNIFICANT ACCOUNTING POLICIES
Investments are recorded at market or redemption value.
All costs and expenses incurred with regard to the purchase and sale of
investments are borne by the GATX Corporation Salaried Employees Retirement
Savings Plan (the Plan) and are included in the realized gain (loss) on sale
of investments. Administrative and general expenses are paid by GATX
Corporation.
NOTE B--DESCRIPTION OF THE PLAN
The Plan is a defined contribution plan and was established to afford employees
an opportunity to save systematically for retirement. The Plan is open to each
eligible salaried employee of GATX, and each of its domestic subsidiaries which
adopts or has adopted the Plan upon authorization by GATX, who has six months
of service credit and has completed an enrollment form prior to one of the
semi-annual enrollment dates of January 1st and July 1st.
A participant may contribute to the Plan from 1% to 15% of his or her
compensation as defined by the Plan. GATX and its electing subsidiaries
contribute an amount up to but not more than 50%, as determined from time to
time by GATX, of the amount contributed by each participant but not to exceed
3% of the participant's compensation as defined by the Plan. Company
contributions are invested in GATX Common Stock and short-term investments.
All contributions are made in cash and deposited monthly. Contributions by
participants are made by means of salary deferral and are fully vested as to
employer contributions.
After one year of participation in the Plan, active participants may obtain
loans from the Plan. The maximum loan amount is subject to certain restrictions
and each loan is secured by the participant's account balance.
-10-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993
NOTE B--DESCRIPTION OF THE PLAN (Continued)
Participants may elect to have their contributions invested in the Balanced
Fund, Equity Fund, GATX Stock Fund, Assured Income and Annuity Option Fund,
Equity Growth Fund, or in a combination of any of the funds in multiples of 10%
in each fund selected. On July 1, 1993 the Balanced Fund and Equity Growth Fund
were added as investment options. At that time the Fixed Income Fund was frozen
and at December 31, 1993 eliminated. Any remaining assets in the Fixed Income
Fund were transferred to the Assured Income and Annuity Option Fund. Employees
participating in the Plan had invested in the available funds as follows (some
having invested in more than one fund):
<TABLE>
<CAPTION>
December 31
1993 1992
<S> <C> <C>
Total employees participating 1,436 1,386
Balanced Fund 288 -
Fixed Income Fund - 407
Equity Fund 500 574
GATX Stock Fund 542 638
Assured Income and Annuity Option Fund 1,069 1,162
Equity Growth Fund 404 -
</TABLE>
As a result of a previous acquisition by GATX, rollover contributions,
consisting of shares of common stock of Phillips Petroleum Company, were
received by the Plan in 1979. As of December 31, 1993, one employee is
participating in this Fund. Further contributions to the Fund are not
allowed.
GATX intends this Plan to be permanent but reserves the right at any time to
modify, amend, or terminate this Plan, including the right to suspend or
permanently discontinue employer contributions upon 30 days prior notice
to participants or to reduce (or increase but not to more than 50%) the rate
of such contributions without notice. For the years ended December 31, 1993,
1992 and 1991, GATX's contribution rate was 50%.
Should the Plan terminate at some future date, its net assets will generally
be available to provide participants their distributions in proportion to their
allocable share of the Plan.
Effective August 1, 1991, the GATX Corporation Salaried Employees Retirement
Savings Plan named Harris Trust and Savings Bank as trustee. Prior to that
date, American National Bank had been plan trustee.
-11-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1993
NOTE C--INVESTMENTS
<TABLE>
The cost of investments and number of shares or units held at December 31, 1993 and 1992 were as follows:
<CAPTION>
1993 1992
SHARES/ SHARES/
UNITS COST UNITS COST
<S> <C> <C> <C> <C>
GATX Corporation Common Stock Fund 643,586 $16,113,254 609,470 $13,830,849
Harris Trust and Savings Bank Trust
for Collective Investment of
Employee Benefit Accounts:
Fixed income fund - - 3,429 2,591,721
Equity fund 7,463 6,096,304 6,975 5,419,852
Metropolitan Life Group Annuity
Contract Nos. 3873-2, 9852-0,
9854-2, 11796-5 and 12518 - 10,293,353 - 21,011,250
Bankers Trust Pyramid GIC Fund - 17,421,990 - 4,702,111
Putnam Voyager Fund 235,106 2,681,513 - -
Jennison Balanced Fund 1,162,534 1,923,398 - -
Phillips Petroleum
Company Common Stock 1,068 20,622 1,068 20,622
----------- -----------
$54,550,434 $47,576,405
=========== ===========
</TABLE>
-12-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1993
NOTE C--INVESTMENTS--Continued
The realized gain on sale of investments is the difference between the
proceeds received and the average cost of investments sold, including
transaction costs, and was determined as follows:
<TABLE>
<CAPTION>
1993
AGGREGATE AGGREGATE
PROCEEDS COSTS GAIN
<S> <C> <C> <C>
GATX Corporation Common Stock Fund $1,675,391 $1,127,798 $ 547,593
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts:
Fixed income fund 3,176,117 2,897,963 278,154
Equity fund 416,780 368,606 48,174
American National Multiple Fund
Investment Trust for
Employee Benefit Plans:
Fixed income fund
Equity fund
Jennison Balanced Fund 5,061 4,904 157
Putnam Voyager Fund 147,848 42,706 105,142
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/1997
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/2000
---------- ---------- -
$5,421,197 $4,441,977 $
========== ========== =
<FN>
(1) The turnover in 1991 is largely due to the change in plan trustee from American National Bank to
Harris Trust and Savings Bank.
</FN>
</TABLE>
-13-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1993
NOTE C--INVESTMENTS--Continued
The realized gain on sale of investments is the difference between the
proceeds received and the average cost of investments sold, including
transaction costs, and was determined as follows:
<TABLE>
<CAPTION>
1992
AGGREGATE AGGREGATE
PROCEEDS COST GAIN
<S> <C> <C> <C>
GATX Corporation Common Stock Fund $ 489,636 $ 419,979 $ 69,657
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts:
of Employee Benefit Accounts:
Fixed income fund 378,500 363,847 14,653
Equity fund 226,156 209,676 16,480
American National Multiple Fund
Investment Trust for
Employee Benefit Plans:
Fixed income fund
Equity fund
Jennison Balanced Fund
Putnam Voyager Fund
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/1997 2,598 2,584 14
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/2000 1,993 2,001 (8)
---------- ---------- ----------
$1,098,883 $ 998,087 $ 100,796
========== ========== ==========
<FN>
(1) The turnover in 1991 is largely due to the change in plan trustee from American National Bank to
Harris Trust and Savings Bank.
</FN>
</TABLE>
-13-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1993
NOTE C--INVESTMENTS--Continued
The realized gain on sale of investments is the difference between the
proceeds received and the average cost of investments sold, including
transaction costs, and was determined as follows:
<TABLE>
<CAPTION>
1991
AGGREGATE AGGREGATE
PROCEEDS COST GAIN
<S> <C> <C> <C>
GATX Corporation Common Stock Fund $1,389,045 $ 870,569 $ 518,476
Harris Trust and Savings Bank
Trust for Collective Investment
of Employee Benefit Accounts:
t
of Employee Benefit Accounts:
Fixed income fund 53,041 51,204 1,837
Equity fund
American National Multiple Fund
Investment Trust for
Employee Benefit Plans:
Fixed income fund 2,365,221 1,012,047 1,353,174(1)
Equity fund 4,471,564 1,892,000 2,579,564(1)
Jennison Balanced Fund
Putnam Voyager Fund
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/1997
Phillips Petroleum Company Senior
Note Floating Rate Due 3/15/2000
---------- ---------- ----------
$8,278,871 $3,825,820 $4,453,051
========== ========== ==========
<FN>
(1) The turnover in 1991 is largely due to the change in plan trustee from American National Bank to
Harris Trust and Savings Bank.
</FN>
</TABLE>
-13-
<PAGE>
GATX CORPORATION SALARIED EMPLOYEES RETIREMENT SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS--Continued
December 31, 1993
NOTE D--GATX COMMON STOCK
The balance in the GATX Stock Fund consisted of $19,659,385 of
employer matching assets and $7,147,587 of employee contributed
assets at December 31, 1993. As of December 31, 1992, these
amounts were $14,768,098 and $5,626,433 respectively. The
employer matching assets cannot be transferred from the GATX
Stock Fund to other funds.
NOTE E--FEDERAL INCOME TAX STATUS
The Internal Revenue Service has issued a favorable determination
letter with respect to the Plan that the Plan is a qualified
profit sharing plan under Sections 401(a) and 401(k) of the
Internal Revenue Code (the Code) and, therefore, is not subject
to tax under present income tax laws. Amounts distributed from
the Plan are taxed to the participants or their beneficiaries as
provided by Section 402(a) of the Code. The amount of any
distribution generally is taxable to the recipient and under
certain circumstances may be treated, in part, as long-term
capital gain or as ordinary income subject to special income
averaging. Distributions to a participant prior to the
attainment of age 59-1/2 generally are subject to an additional
10% tax, unless such distributions are rolled over into a similar
plan of another employer, an individual retirement account, or
are made in the form of a deferred annuity contract.
-14-
