Item 8.01 Other Events.
This Current Report on Form 8-K revises portions of the Annual Report on Form
10-K for the year ended December 31, 2008, of GATX Corporation ("GATX" or the
"Company") (the "2008 Form 10-K") to reflect the retrospective application of
Financial Accounting Standards Board ("FASB") Staff Position No. APB 14-1,
Accounting for Convertible Debt Instruments That May Be Settled in Cash upon
Conversion (Including Partial Cash Settlement) ("FSP APB 14-1"), which GATX
adopted on January 1, 2009. FSP APB 14-1 amends the accounting for convertible
debt instruments that may be settled in cash (including partial cash settlement)
upon conversion and requires issuers of such convertible debt instruments to
account separately for the liability (debt) and equity (conversion option)
components in a manner that reflects the issuer's nonconvertible debt borrowing
rate. FSP APB 14-1 requires bifurcation of a component of the convertible debt,
classification of that component as equity, and then amortization of the
resulting discount on the debt as additional interest expense over the expected
term of the debt. Upon adoption, the Company was required to retrospectively
apply the provisions of FSP APB 14-1 to all periods presented. As of
December 31, 2008, the cumulative effect of this accounting change was a
decrease to retained earnings of $19.3 million and an increase of $19.2 million
to additional paid-in capital.
The exhibits included under Item 9.01 of this Current Report on Form 8-K
revise the following sections of the 2008 Form 10-K:
• Part II, Item 6, Selected Financial Data
• Part II, Item 7, Management's Discussion and Analysis of Financial Condition
and Results of Operations
• Part II, Item 8, Financial Statements and Supplementary Data
• Part IV, Item 15, Exhibits, Financial Statement Schedules
• Exhibit 12, Computation of Ratios of Earnings to Combined Fixed Charges and
Preferred Stock Dividends
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