GATX (GATX) 10-Q 26 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2018shares
Document and Entity Information [Abstract]
Entity Registrant Name	GATX Corporation
Entity Central Index Key	40,211
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	37,632,377

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents	$ 254.5	$ 296.5
Restricted Cash and Cash Equivalents	4.1	3.2
Receivables
Rent and other receivables	85.2	83.4
Finance leases	129	136.1
Less: allowance for losses	(6.5)	(6.4)
Receivables, net	207.7	213.1
Operating Assets and Facilities
Operating Assets and Facilities	9,262.9	9,045.4
Less: allowance for depreciation	(2,965)	(2,853.3)
Operating assets and facilities, net	6,297.9	6,192.1
Investments in Affiliated Companies	478.5	441
Goodwill	83.6	85.6
Other Assets	191.1	190.9
Total Assets	7,517.4	7,422.4
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	152.8	154.3
Debt
Commercial paper and borrowings under bank credit facilities	0	4.3
Recourse	4,397.3	4,371.7
Capital lease obligations	11.6	12.5
Total Debt	4,408.9	4,388.5
Deferred Income Taxes	890.7	853.7
Other Liabilities	227	233.2
Total Liabilities	5,679.4	5,629.7
Shareholders’ Equity
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641	41.6	41.6
Additional paid in capital	703.6	698
Retained earnings	2,387	2,261.7
Accumulated other comprehensive loss	(157.8)	(109.6)
Treasury stock at cost (29,693,573 and 29,187,508 shares)	(1,136.4)	(1,099)
Total Shareholders’ Equity	1,838	1,792.7
Total Liabilities and Shareholders’ Equity	$ 7,517.4	$ 7,422.4

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.625	$ 0.625
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	67,325,950	67,083,149
Common stock, shares outstanding	37,632,377	37,895,641
Treasury stock, shares outstanding	29,693,573	29,187,508

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues
Lease revenue	$ 271.9	$ 276.6	$ 816.1	$ 823.4
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	60.8	62.9	130.8	135
Other revenue	17	20.1	57.6	65.7
Total Revenues	349.7	359.6	1,004.5	1,024.1
Expenses
Maintenance expense	77.5	84.9	240.7	247.7
Marine operating expense	39.4	38.9	89.5	89.8
Depreciation	81.6	78.6	240.1	227.9
Operating lease expense	11.8	15.8	37.5	46.8
Other operating expense	8.5	8.5	26.2	25.9
Selling, general and administrative	46.5	42.5	137.6	127.8
Total Expenses	265.3	269.2	771.6	765.9
Other Income (Expense)
Net gain on asset dispositions	10.3	9.4	72.5	56.3
Interest expense, net	(42.6)	(40.2)	(124.7)	(119.4)
Other (expense) income	(3.8)	(2.4)	(14.9)	(5.5)
Income before Income Taxes and Share of Affiliates’ Earnings	48.3	57.2	165.8	189.6
Income Taxes	(13.1)	(20.4)	(42.8)	(60.3)
Share of Affiliates’ Earnings (net of tax)	11.8	12.2	39.1	30.6
Net Income	47	49	162.1	159.9
Other Comprehensive Income, net of taxes
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(4.7)	15.4	(40.2)	74
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	1.6	0.7	2.3	3.6
Post-retirement benefit plans	5.3	1.4	9.1	4.1
Other comprehensive income (loss)	2.2	17.5	(28.8)	81.7
Comprehensive Income	$ 49.2	$ 66.5	$ 133.3	$ 241.6
Share Data
Basic earnings per share (in dollars per share)	$ 1.25	$ 1.27	$ 4.29	$ 4.10
Average number of common shares (in shares)	37.7	38.6	37.8	39
Diluted earnings per share (in dollars per share)	$ 1.22	$ 1.25	$ 4.21	$ 4.04
Average number of common shares and common share equivalents (in shares)	38.5	39.2	38.5	39.6
Dividends declared per common share (in dollars per share)	$ 0.44	$ 0.42	$ 1.32	$ 1.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities
Net income	$ 162.1	$ 159.9
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation	253.3	238.5
Change in accrued operating lease expense	(2.2)	(21.2)
Gains on sales of assets	(70.9)	(48.4)
Deferred income taxes	28	44.8
Change in income taxes payable	(0.4)	(4.9)
Share of affiliates’ earnings, net of dividends	(39)	(22)
Other	10.4	(28.9)
Net cash provided by operating activities	341.3	317.8
Investing Activities
Additions to operating assets and facilities	(536.7)	(422.4)
Payments to Acquire Equity Method Investments	0	(36.6)
PaymentsToAcqureInvestmentsandProperty,PlantandEquipment	(536.7)	(459)
Purchases of leased-in assets	(66.6)	(93.2)
Portfolio proceeds	198.6	131
Proceeds from sales of other assets	28.5	24.3
Sale Leaseback Transaction, Net Proceeds, Investing Activities	59.2	90.6
Payments for (Proceeds from) Other Investing Activities	2.7	(0.2)
Net cash used in investing activities	(314.3)	(306.5)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)	297.1	297.5
Repayments of debt (original maturities longer than 90 days)	(263.1)	(301.5)
Net increase (decrease) in debt with original maturities of 90 days or less	(4.2)	11.1
Stock repurchases	(37.4)	(75)
Dividends	(52.7)	(51.8)
Other (add shares used to pay taxes)	(3.6)	(2.9)
Net cash (used in) provided by financing activities	(63.9)	(122.6)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(4.2)	3.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	(41.1)	(108.2)
Cash, Cash Equivalents, and Restricted Cash at beginning of period	299.7	311.1
Cash, Cash Equivalents, and Restricted Cash at end of period	$ 258.6	$ 202.9

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”) .

Accounting Changes

Accounting Changes	9 Months Ended
	Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Basis of Presentation We prepared the accompanying unaudited consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation. Certain prior year amounts have been reclassified to conform to the 2018 presentation. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2018. In particular, ASC's fleet is inactive for a significant portion of the first quarter of each year due to winter conditions on the Great Lakes. In addition, 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, 2017. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606), which supersedes most current revenue recognition guidance, including industry-specific guidance. Subsequently, the FASB has issued updates which provide additional implementation guidance. The new guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. We adopted this guidance in the first quarter of 2018 applying the modified retrospective approach. We have completed our review of all revenue sources in scope for the new standard, and marine operating revenue is our largest component. In accordance with the new standard, the basis for determining revenue and expenses allocable to in-process shipments has been modified; however, the impact does not have a material impact on our financial statements. The net cumulative effect adjustment for this change was immaterial to retained earnings as of January 1, 2018. Financial Instruments Financial Instruments - Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities, which modifies the accounting and reporting requirements for certain equity securities and financial liabilities. We adopted the new guidance in the first quarter of 2018. The application of this new guidance did not impact our financial statements or related disclosures. New Accounting Pronouncements Adopted (Continued) Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Income Taxes Compensation Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which modifies how an entity must present service costs and other components of net benefit cost. We adopted the new guidance in the first quarter of 2018, applying the retrospective method. The optional practical expedient was elected. Application of the new guidance had an immaterial impact on the presentation of our financial statements as certain components of our net periodic pension and other post-retirement benefits costs were reclassified to an alternative income statement line. Deferred Income Tax ber 2017, the FASB issued ASU 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities, which supersedes obsolete guidance in Topic 995 on unrecognized deferred taxes related to certain statutory reserve deposits. If an entity has unrecognized deferred income taxes related to statutory deposits made on or before December 15, 1992, the entity would be required to recognize the unrecognized income taxes in accordance with Topic 740. We elected to early adopt this new guidance in the first quarter of 2018, applying the modified retrospective method. The application of this new guidance had an immaterial impact on our financial statements and related disclosures, including the net cumulative effect adjustment recorded in retained earnings as of January 1, 2018. Accumulated Other Comprehensive Income Income Statement Reporting - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits reclassification of certain stranded tax effects from the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income to Retained Earnings. The amount of the reclassification is calculated on the basis of the difference between the historical and newly enacted tax rates recorded for the applicable AOCI components. We adopted the new guidance in the first quarter of 2018. The application of this new guidance resulted in the reclassification of stranded tax effects resulting from the newly enacted Tax Act of $19.4 million from Accumulated Other Comprehensive Income to Retained Earnings. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Leases Leases (Topic 842) , which supersedes most current lease guidance. The FASB subsequently issued ASU 2018-10 and ASU 2018-11, Lease (Topic 842) , for codification and targeted improvements to the standard. The new guidance requires companies to recognize most leases on the balance sheet and modifies accounting, presentation, and disclosure for both lessors and lessees. The new guidance is effective for us in the first quarter of 2019 with early adoption permitted. We continue to assess the effect the new guidance will have on our consolidated financial statements and related disclosures. The adoption of the amended lease guidance will require us to recognize right of use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. We are in the process of completing our analysis to determine applicable amounts. Credit Losses In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies how entities will measure credit losses. The new guidance is effective for us in the first quarter of 2020, with early adoption permitted. We are evaluating the effect the new guidance will have on our financial statements and related disclosures. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for us beginning in the first quarter of 2019, with early adoption permitted in any interim period. We do not expect the new guidance to have a significant impact on our financial statements or related disclosures. Compensation Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which modifies the accounting for nonemployee share-based payments. The new guidance is effective for us in the first quarter of 2019, with early adoption permitted in any interim period. We are evaluating the effect the new guidance will have on our financial statements and related disclosures.

Revenue Revenue

Revenue Revenue	9 Months Ended
	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Adoption of Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers” In the first quarter of 2018, we adopted Topic 606 using the modified retrospective method with respect to applicable contracts existing as of January 1, 2018. As provided in the guidance, we recognize marine operating revenue in the amount that corresponds directly to the value transferred to the customer. Contract assets and liabilities related to our customer performance obligations are not material to our financial statements. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with appropriate accounting guidance. We recorded an immaterial cumulative adjustment to opening retained earnings, with the impact completely attributable to our marine operating revenue. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue which continues to be within the scope of existing lease guidance. Therefore, the adoption of Topic 606 had no impact on our recognition or presentation of lease revenue. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to executory costs, such as maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts and are unable to separate executory costs from full-service lease revenue. Operating lease revenue, including amounts related to executory costs, is recognized on a straight-line basis over the term of the underlying lease. As a result, we may not recognize lease revenue in the same period as maintenance and other executory costs, which we expense as incurred. Contingent rents are recognized when the contingency is resolved. Revenue is not recognized if collectability is not reasonably assured. Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. We recognize unearned income as lease revenue using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount that the original lease payment receivable and the estimated residual value of the leased asset exceeds the original cost or carrying value of the leased asset. Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. Upon adoption of Topic 606, marine operating revenue is recognized over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Revenue is recognized pro rata over the projected duration of each voyage, which is derived from our historical voyage data. Other Revenue Other revenue comprises customer liability repair revenue, utilization income, fee income, interest on loans, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606 but based on our assessment, we determined that our current revenue elements and timing for purposes of income recognition are consistent with applicable provisions in the new standard. The remaining items are considered lease components that continue to be within the scope of existing lease guidance.

Fair Value Disclosure

Fair Value Disclosure	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure The following tables show our assets and liabilities that are measured at fair value on a recurring basis (in millions): Assets Total September 30 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Foreign exchange rate derivatives (1) $ 3.2 $ — $ 3.2 $ — Foreign exchange rate derivatives (2) 0.2 — 0.2 — Liabilities Interest rate derivatives (1) 13.3 — 13.3 — Foreign exchange rate derivatives (1) 21.4 — 21.4 — Foreign exchange rate derivatives (2) 4.0 — 4.0 — Assets Total December 31 2017 Quoted Significant Observable Inputs Significant Unobservable Foreign exchange rate derivatives (1) $ 1.2 $ — $ 1.2 $ — Liabilities Interest rate derivatives (1) 4.7 — 4.7 — Foreign exchange rate derivatives (1) 27.7 — 27.7 — Foreign exchange rate derivatives (2) 6.9 — 6.9 — _________ (1) Designated as hedges. (2) Not designated as hedges. We value derivatives using a pricing model with inputs (such as yield curves and foreign currency rates) that are observable in the market or that can be derived principally from observable market data. Derivative instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had nine instruments outstanding with an aggregate notional amount of $500.0 million as of September 30, 2018 with maturities ranging from 2019 to 2022 and ten instruments outstanding with an aggregate notional amount of $550.0 million as of December 31, 2017 with maturities ranging from 2018 to 2022. Cash Flow Hedges We use interest rate swaps to convert floating rate debt to fixed rate debt. We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps to hedge our exposure to fluctuations in the exchange rates of the foreign currencies in which we conduct business. We had 8 instruments outstanding with an aggregate notional amount of $291.1 million as of September 30, 2018 that mature from 2018 to 2022 and five instruments outstanding with an aggregate notional amount of $285.6 million as of December 31, 2017 with maturities ranging from 2019 to 2022. Within the next 12 months, we expect to reclassify $2.9 million ( $2.2 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive income (loss) to interest expense or operating lease expense, as applicable. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings. Non-designated Derivatives We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other (income) expense immediately. Some of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that are in a liability position as of September 30, 2018 was $34.7 million . We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered. In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote. The following table shows the impacts of our derivative instruments on our statement of comprehensive income (in millions): Three Months Ended Nine Months Ended Derivative Designation Location of Loss (Gain) Recognized 2018 2017 2018 2017 Fair value hedges (1) Interest expense $ 1.0 $ 0.6 $ 8.6 $ 1.5 Cash flow hedges Other comprehensive loss (effective portion) 2.7 (11.1 ) 8.4 (34.8 ) Cash flow hedges Interest expense (effective portion reclassified from accumulated other comprehensive loss) 1.1 1.7 3.3 5.1 Cash flow hedges Operating lease expense (effective portion reclassified from accumulated other comprehensive loss) 0.1 — 0.1 — Cash flow hedges (2) Other (income) expense (effective portion reclassified from accumulated other comprehensive loss) (2.2 ) 10.1 (10.3 ) 33.8 Non-designated Other (income) expense 3.0 (2.0 ) (2.7 ) 4.1 _________ (1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense. (2) Includes (income) expense on foreign currency derivatives that are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in Other (income) expense. Other Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and commercial paper and bank credit facilities approximate fair value due to the short maturity of those instruments. We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs. The following table shows the carrying amounts and fair values of our other financial instruments (in millions): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 3,998.4 $ 3,935.5 $ 3,971.2 $ 4,089.1 Recourse floating rate debt 423.8 425.2 426.0 428.7

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	9 Months Ended
	Sep. 30, 2018
Retirement Benefits [Abstract]
Pension and Other Post-Retirement Benefits	Pension and Other Post-Retirement Benefits The following table shows the components of our pension and other post-retirement benefits expense for the three months ended September 30, 2018 and 2017 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2018 Retiree Health and Life 2017 Service cost $ 2.0 $ 1.6 $ 0.1 $ — Interest cost 3.7 3.8 0.2 0.2 Expected return on plan assets (5.6 ) (5.9 ) — — Settlement expense 2.1 — — — Amortization of (1): Unrecognized prior service credit — — (0.1 ) — Unrecognized net actuarial loss 2.5 2.2 — — Net periodic cost $ 4.7 $ 1.7 $ 0.2 $ 0.2 The following table shows the components of our pension and other post-retirement benefits expense for the nine months ended September 30, 2018 and 2017 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2018 Retiree Health and Life 2017 Service cost $ 6.1 $ 4.9 $ 0.2 $ 0.1 Interest cost 11.1 11.5 0.7 0.7 Expected return on plan assets (16.7 ) (17.9 ) — — Settlement expense 2.1 0.1 — — Amortization of (1): Unrecognized prior service credit — — (0.2 ) (0.1 ) Unrecognized net actuarial loss (gain) 7.6 6.9 — (0.2 ) Net periodic cost $ 10.2 $ 5.5 $ 0.7 $ 0.5 ________ (1) Amounts reclassified from accumulated other comprehensive loss. In 2018, we adopted ASU 2017-07 which modifies how an entity must present service costs and other components of net benefit cost. See "Note 2 . Basis of Presentation " for further details. In accordance with this new guidance, the service cost component of net periodic cost is recorded in the applicable operating expense line, including maintenance expense and selling, general and administrative expense in the Statements of Comprehensive Income; and the other components are recorded in other expense. During the third quarter of 2018, we recorded a settlement accounting expense of $2.1 million attributable to certain lump-sum distributions made during the period.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation During the nine months ended September 30, 2018 , we granted 320,100 non-qualified employee stock options, 61,490 restricted stock units, 58,440 performance shares, and 17,709 phantom stock units. For the three months and nine months ended September 30, 2018, total share-based compensation expense was $5.7 million and $15.4 million and the related tax benefits were $1.4 million and $3.9 million . For the three months and nine months ended September 30, 2017, total share-based compensation expense was $3.4 million and $10.6 million and the related tax benefits were $1.3 million and $4.1 million . The estimated fair value of our 2018 non-qualified employee stock option awards and related underlying assumptions are shown in the table below. 2018 Weighted average estimated fair value $ 21.87 Quarterly dividend rate $ 0.44 Expected term of stock options and stock appreciation rights, in years 4.5 Risk-free interest rate 1.4 % Dividend yield 2.5 % Expected stock price volatility 27.9 % Present value of dividends $ 7.51

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Act was enacted, which made broad and complex changes to the U.S. tax laws. In particular, the U.S. corporation income tax rate was reduced to 21% from 35%, and a new territorial tax system was implemented that will affect the future U.S. taxation of earnings repatriated from our foreign subsidiaries and affiliates. Other provisions included an immediate deduction for qualified investments and limitations on the deductibility of interest expense and executive compensation. Due to our net operating loss position, these adjustments had no cash impact on our tax positions. In 2017, we recorded a one-time non-cash net tax benefit of $315.9 million , which represented our provisional estimate of the impact of the Tax Act. This amount included a net benefit of $371.4 million associated with the re-measurement of our net deferred tax liability utilizing the lower U.S. tax rate. The Tax Act also imposed a one-time transitional repatriation tax of $57.2 million on certain undistributed earnings of our non-U.S. subsidiaries and affiliates. We continue to evaluate the provisions of the Tax Act, and the ultimate impact may differ from this provisional estimate, due to, among other things, changes in interpretations and assumptions made by us, additional guidance that may be issued by the Internal Revenue Service and the U.S. Department of the Treasury, and actions that we may take. In addition, these estimates may change due to guidance provided by state taxing authorities and the completion of our 2017 U.S. and state income tax returns. No adjustments were made to our initial provisional estimate during the nine months ended September 30, 2018. Our effective tax rate was 26% for the nine months ended September 30, 2018, compared to 32% for the nine months ended September 30, 2017. The difference in the effective rates for the current year compared to the prior year is primarily attributable to the reduction in the U.S. corporation income tax rate from 35% to 21%, as part of the Tax Act. Additionally, the effective tax rate was impacted by the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates. Incremental tax benefits associated with share-based compensation were also recognized in each of the nine-month periods ended September 30, 2018 and 2017.

Commercial Commitments

Commercial Commitments	9 Months Ended
	Sep. 30, 2018
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, and performance bonds, related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): September 30 2018 December 31 2017 Lease payment guarantees $ 2.7 $ 4.9 Standby letters of credit and performance bonds 17.4 17.8 Total commercial commitments (1) $ 20.1 $ 22.7 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $1.2 million at September 30, 2018 and $2.0 million at December 31, 2017 . The expirations of these commitments range from 2019 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments. Lease payment guarantees are commitments to financial institutions to make lease payments for a third party in the event they default. We reduce any liability that may result from these guarantees by the value of the underlying asset or group of assets. We are also parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share We compute basic earnings per share by dividing net income available to our common shareholders by the weighted average number of shares of our common stock outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 47.0 $ 49.0 $ 162.1 $ 159.9 Denominator: Weighted average shares outstanding - basic 37.7 38.6 37.8 39.0 Effect of dilutive securities: Equity compensation plans 0.8 0.6 0.7 0.6 Weighted average shares outstanding - diluted 38.5 39.2 38.5 39.6 Basic earnings per share $ 1.25 $ 1.27 $ 4.29 $ 4.10 Diluted earnings per share $ 1.22 $ 1.25 $ 4.21 $ 4.04

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2017 $ (10.5 ) $ (15.5 ) $ (83.6 ) $ (109.6 ) Change in component 14.9 (11.5 ) — 3.4 Reclassification adjustments into earnings (1) — 9.3 2.5 11.8 Income tax effect — 0.7 (0.6 ) 0.1 Reclassification adjustments into retained earnings (2) — (3.0 ) (16.4 ) (19.4 ) Balance at March 31, 2018 $ 4.4 $ (20.0 ) $ (98.1 ) $ (113.7 ) Change in component (50.4 ) 18.0 — (32.4 ) Reclassification adjustments into earnings (1) — (15.2 ) 2.5 (12.7 ) Income tax effect — (0.6 ) (0.6 ) (1.2 ) Balance at June 30, 2018 $ (46.0 ) $ (17.8 ) $ (96.2 ) $ (160.0 ) Change in component (4.7 ) 2.8 4.6 2.7 Reclassification adjustments into earnings (1) — (1.0 ) 2.4 1.4 Income tax effect — (0.2 ) (1.7 ) (1.9 ) Balance at September 30, 2018 $ (50.7 ) $ (16.2 ) $ (90.9 ) $ (157.8 ) ________ (1) See "Note 4 . Fair Value Disclosure " and "Note 5 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income. (2) As detailed in "Note 2 . Basis of Presentation ", we adopted ASU 2018-02, which permits reclassification of certain stranded tax effects related to the Tax Act from Accumulated Other Comprehensive Income to Retained Earnings.

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Other Contingencies	Legal Proceedings and Other Contingencies Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. For a full discussion of our pending legal matters, please refer to "Note 22. Legal Proceedings and Other Contingencies" of our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2017.

Financial Data of Business Segm

Financial Data of Business Segments	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Financial Data of Business Segments	Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”) . Rail North America is composed of our operations in the United States, Canada, and Mexico, as well as an affiliate investment. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Norgas Vessels") and assorted other marine assets. In prior years, Portfolio Management generated leasing, marine operating, asset remarketing, and management fee income through a collection of diversified wholly owned assets and joint venture investments. In 2015, we made the decision to exit the majority of the marine investments, excluding the Norgas Vessels, within our Portfolio Management segment, including six chemical parcel tankers, a number of inland marine vessels, and our 50% interest in the Cardinal Marine joint venture, all of which had been sold as of December 31, 2017. ASC operates the largest fleet of US-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the performance of each segment in a given period. Segment profit includes all revenues, pre-tax earnings from affiliates, and net gains on asset dispositions that are attributable to the segments, as well as expenses that management believes are directly associated with the financing, maintenance, and operation of the revenue earning assets. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. These amounts are included in Other. We allocate debt balances and related interest expense to each segment based upon predetermined debt to equity leverage ratios. The leverage levels are 5:1 for Rail North America, 3:1 for Rail International, 1:1 for Portfolio Management, and 1.5:1 for ASC. We believe that by using this leverage and interest expense allocation methodology, each operating segment’s financial performance reflects appropriate risk-adjusted borrowing costs . The following tables show certain segment data for each of our business segments (in millions): Rail North America Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2018 Revenues Lease revenue $ 218.2 $ 52.3 $ 0.3 $ 1.1 $ — $ 271.9 Marine operating revenue — — 3.1 57.7 — 60.8 Other revenue 15.2 1.8 — — — 17.0 Total Revenues 233.4 54.1 3.4 58.8 — 349.7 Expenses Maintenance expense 60.6 10.1 — 6.8 — 77.5 Marine operating expense — — 4.4 35.0 — 39.4 Depreciation expense 62.5 13.8 1.8 3.5 — 81.6 Operating lease expense 11.8 — — — — 11.8 Other operating expense 7.1 1.3 0.1 — — 8.5 Total Expenses 142.0 25.2 6.3 45.3 — 218.8 Other Income (Expense) Net gain on asset dispositions 9.6 0.5 0.2 — — 10.3 Interest (expense) income, net (31.8 ) (8.9 ) (2.6 ) (1.5 ) 2.2 (42.6 ) Other expense (income) (1.2 ) 0.2 — (0.1 ) (2.7 ) (3.8 ) Share of affiliates' pre-tax income 0.2 — 14.3 — — 14.5 Segment profit (loss) $ 68.2 $ 20.7 $ 9.0 $ 11.9 $ (0.5 ) $ 109.3 Less: Selling, general and administrative expense 46.5 Income taxes (includes $2.7 related to affiliates' earnings) 15.8 Net income $ 47.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 6.7 $ — $ — $ — $ — $ 6.7 Residual sharing income 0.5 — 0.2 — — 0.7 Non-remarketing net gains (1) 2.4 0.5 — — — 2.9 $ 9.6 $ 0.5 $ 0.2 $ — $ — $ 10.3 Capital Expenditures Portfolio investments and capital additions $ 129.1 $ 40.4 $ — $ — $ 0.2 $ 169.7 Selected Balance Sheet Data at September 30, 2018 Investments in affiliated companies $ 3.7 $ — $ 474.8 $ — $ — $ 478.5 Identifiable assets $ 5,000.0 $ 1,357.3 $ 614.9 $ 303.5 $ 241.7 $ 7,517.4 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2017 Revenues Lease revenue $ 224.5 $ 50.3 $ 0.7 $ 1.1 $ — $ 276.6 Marine operating revenue — — 3.8 59.1 — 62.9 Other revenue 17.9 2.0 0.2 — — 20.1 Total Revenues 242.4 52.3 4.7 60.2 — 359.6 Expenses Maintenance expense 66.1 11.1 — 7.7 — 84.9 Marine operating expense — — 4.2 34.7 — 38.9 Depreciation expense 60.1 12.8 1.7 4.0 — 78.6 Operating lease expense 15.5 — — 0.3 — 15.8 Other operating expense 7.3 1.1 0.1 — — 8.5 Total Expenses 149.0 25.0 6.0 46.7 — 226.7 Other Income (Expense) Net gain on asset dispositions 8.1 1.0 0.3 — — 9.4 Interest (expense) income, net (30.5 ) (8.5 ) (2.2 ) (1.4 ) 2.4 (40.2 ) Other (expense) income (0.9 ) 0.3 — — (1.8 ) (2.4 ) Share of affiliates' pre-tax income 0.1 — 16.0 — — 16.1 Segment profit $ 70.2 $ 20.1 $ 12.8 $ 12.1 $ 0.6 $ 115.8 Less: Selling, general and administrative expense 42.5 Income taxes (includes $3.9 related to affiliates' earnings) 24.3 Net income $ 49.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 7.5 $ 0.1 $ — $ — $ — $ 7.6 Residual sharing income 0.2 — 0.3 — — 0.5 Non-remarketing net gains (1) 0.4 0.9 — — — 1.3 $ 8.1 $ 1.0 $ 0.3 $ — $ — $ 9.4 Capital Expenditures Portfolio investments and capital additions $ 103.3 $ 22.9 $ 36.6 $ 0.8 $ 0.1 $ 163.7 Selected Balance Sheet Data at December 31, 2017 Investments in affiliated companies $ 6.8 $ — $ 434.2 $ — $ — $ 441.0 Identifiable assets $ 4,915.0 $ 1,332.9 $ 582.8 $ 286.7 $ 305.0 $ 7,422.4 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2018 Revenues Lease revenue $ 655.3 $ 156.9 $ 0.8 $ 3.1 $ — $ 816.1 Marine operating revenue — — 11.0 119.8 — 130.8 Other revenue 51.1 6.0 0.5 — — 57.6 Total Revenues 706.4 162.9 12.3 122.9 — 1,004.5 Expenses Maintenance expense 192.8 33.8 — 14.1 — 240.7 Marine operating expense — — 12.9 76.6 — 89.5 Depreciation expense 185.8 41.7 5.5 7.1 — 240.1 Operating lease expense 37.5 — — — — 37.5 Other operating expense 21.5 4.3 0.4 — — 26.2 Total Expenses 437.6 79.8 18.8 97.8 — 634.0 Other Income (Expense) Net gain on asset dispositions 68.4 3.2 0.8 0.1 — 72.5 Interest (expense) income, net (93.1 ) (26.5 ) (7.6 ) (4.3 ) 6.8 (124.7 ) Other expense (3.3 ) (7.3 ) — (0.2 ) (4.1 ) (14.9 ) Share of affiliates' pre-tax income 0.5 — 47.6 — — 48.1 Segment profit $ 241.3 $ 52.5 $ 34.3 $ 20.7 $ 2.7 $ 351.5 Less: Selling, general and administrative expense 137.6 Income taxes (includes $9.0 related to affiliates' earnings) 51.8 Net income $ 162.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 60.8 $ — $ — $ 0.1 $ — $ 60.9 Residual sharing income 0.9 — 0.8 — — 1.7 Non-remarketing net gains (1) 6.7 3.2 — — — 9.9 $ 68.4 $ 3.2 $ 0.8 $ 0.1 $ — $ 72.5 Capital Expenditures Portfolio investments and capital additions $ 414.7 $ 104.5 $ — $ 15.8 $ 1.7 $ 536.7 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2017 Revenues Lease revenue $ 677.4 $ 139.8 $ 3.1 $ 3.1 $ — $ 823.4 Marine operating revenue — — 21.8 113.2 — 135.0 Other revenue 60.0 4.7 1.0 — — 65.7 Total Revenues 737.4 144.5 25.9 116.3 — 1,024.1 Expenses Maintenance expense 202.3 30.8 — 14.6 — 247.7 Marine operating expense — — 19.2 70.6 — 89.8 Depreciation expense 178.8 35.8 5.2 8.1 — 227.9 Operating lease expense 45.3 — — 1.5 — 46.8 Other operating expense 21.7 3.5 0.7 — — 25.9 Total Expenses 448.1 70.1 25.1 94.8 — 638.1 Other Income (Expense) Net gain on asset dispositions 42.6 2.6 11.1 — — 56.3 Interest (expense) income, net (90.1 ) (24.5 ) (6.8 ) (3.9 ) 5.9 (119.4 ) Other (expense) income (4.1 ) (2.3 ) 2.3 0.8 (2.2 ) (5.5 ) Share of affiliates' pre-tax income (loss) 0.4 (0.1 ) 39.9 — — 40.2 Segment profit $ 238.1 $ 50.1 $ 47.3 $ 18.4 $ 3.7 $ 357.6 Less: Selling, general and administrative expense 127.8 Income taxes (includes $9.6 related to affiliates' earnings) 69.9 Net income $ 159.9 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 39.5 $ 0.1 $ 1.8 $ — $ — $ 41.4 Residual sharing income 0.5 — 9.3 — — 9.8 Non-remarketing net gains (1) 4.5 2.5 — — — 7.0 Asset impairments (1.9 ) — — — — (1.9 ) $ 42.6 $ 2.6 $ 11.1 $ — $ — $ 56.3 Capital Expenditures Portfolio investments and capital additions $ 333.7 $ 74.7 $ 36.6 $ 13.6 $ 0.4 $ 459.0 __________ (1) Includes net gains from scrapping of railcars.

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Assets and liabilities at fair value recurring basis	The following tables show our assets and liabilities that are measured at fair value on a recurring basis (in millions): Assets Total September 30 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Foreign exchange rate derivatives (1) $ 3.2 $ — $ 3.2 $ — Foreign exchange rate derivatives (2) 0.2 — 0.2 — Liabilities Interest rate derivatives (1) 13.3 — 13.3 — Foreign exchange rate derivatives (1) 21.4 — 21.4 — Foreign exchange rate derivatives (2) 4.0 — 4.0 — Assets Total December 31 2017 Quoted Significant Observable Inputs Significant Unobservable Foreign exchange rate derivatives (1) $ 1.2 $ — $ 1.2 $ — Liabilities Interest rate derivatives (1) 4.7 — 4.7 — Foreign exchange rate derivatives (1) 27.7 — 27.7 — Foreign exchange rate derivatives (2) 6.9 — 6.9 — _________ (1) Designated as hedges. (2) Not designated as hedges.
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss)	The following table shows the impacts of our derivative instruments on our statement of comprehensive income (in millions): Three Months Ended Nine Months Ended Derivative Designation Location of Loss (Gain) Recognized 2018 2017 2018 2017 Fair value hedges (1) Interest expense $ 1.0 $ 0.6 $ 8.6 $ 1.5 Cash flow hedges Other comprehensive loss (effective portion) 2.7 (11.1 ) 8.4 (34.8 ) Cash flow hedges Interest expense (effective portion reclassified from accumulated other comprehensive loss) 1.1 1.7 3.3 5.1 Cash flow hedges Operating lease expense (effective portion reclassified from accumulated other comprehensive loss) 0.1 — 0.1 — Cash flow hedges (2) Other (income) expense (effective portion reclassified from accumulated other comprehensive loss) (2.2 ) 10.1 (10.3 ) 33.8 Non-designated Other (income) expense 3.0 (2.0 ) (2.7 ) 4.1 _________ (1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense. (2) Includes (income) expense on foreign currency derivatives that are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in Other (income) expense.
Fair Value Other Financial Instruments	The following table shows the carrying amounts and fair values of our other financial instruments (in millions): September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 3,998.4 $ 3,935.5 $ 3,971.2 $ 4,089.1 Recourse floating rate debt 423.8 425.2 426.0 428.7

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Components of pension and other post retirement benefit costs	2018 Pension Benefits 2017 Pension Benefits 2018 Retiree Health and Life 2017 Service cost $ 6.1 $ 4.9 $ 0.2 $ 0.1 Interest cost 11.1 11.5 0.7 0.7 Expected return on plan assets (16.7 ) (17.9 ) — — Settlement expense 2.1 0.1 — — Amortization of (1): Unrecognized prior service credit — — (0.2 ) (0.1 ) Unrecognized net actuarial loss (gain) 7.6 6.9 — (0.2 ) Net periodic cost $ 10.2 $ 5.5 $ 0.7 $ 0.5 The following table shows the components of our pension and other post-retirement benefits expense for the three months ended September 30, 2018 and 2017 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2018 Retiree Health and Life 2017 Service cost $ 2.0 $ 1.6 $ 0.1 $ — Interest cost 3.7 3.8 0.2 0.2 Expected return on plan assets (5.6 ) (5.9 ) — — Settlement expense 2.1 — — — Amortization of (1): Unrecognized prior service credit — — (0.1 ) — Unrecognized net actuarial loss 2.5 2.2 — — Net periodic cost $ 4.7 $ 1.7 $ 0.2 $ 0.2

Commercial Commitments (Tables)

Commercial Commitments (Tables)	9 Months Ended
	Sep. 30, 2018
Guarantees [Abstract]
Commercial Commitments	The following table shows our commercial commitments (in millions): September 30 2018 December 31 2017 Lease payment guarantees $ 2.7 $ 4.9 Standby letters of credit and performance bonds 17.4 17.8 Total commercial commitments (1) $ 20.1 $ 22.7 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $1.2 million at September 30, 2018 and $2.0 million at December 31, 2017 . The expirations of these commitments range from 2019 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Computation of basic and diluted net income per common share	The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Net income $ 47.0 $ 49.0 $ 162.1 $ 159.9 Denominator: Weighted average shares outstanding - basic 37.7 38.6 37.8 39.0 Effect of dilutive securities: Equity compensation plans 0.8 0.6 0.7 0.6 Weighted average shares outstanding - diluted 38.5 39.2 38.5 39.6 Basic earnings per share $ 1.25 $ 1.27 $ 4.29 $ 4.10 Diluted earnings per share $ 1.22 $ 1.25 $ 4.21 $ 4.04

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Accumulated other comprehensive income (loss)	The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2017 $ (10.5 ) $ (15.5 ) $ (83.6 ) $ (109.6 ) Change in component 14.9 (11.5 ) — 3.4 Reclassification adjustments into earnings (1) — 9.3 2.5 11.8 Income tax effect — 0.7 (0.6 ) 0.1 Reclassification adjustments into retained earnings (2) — (3.0 ) (16.4 ) (19.4 ) Balance at March 31, 2018 $ 4.4 $ (20.0 ) $ (98.1 ) $ (113.7 ) Change in component (50.4 ) 18.0 — (32.4 ) Reclassification adjustments into earnings (1) — (15.2 ) 2.5 (12.7 ) Income tax effect — (0.6 ) (0.6 ) (1.2 ) Balance at June 30, 2018 $ (46.0 ) $ (17.8 ) $ (96.2 ) $ (160.0 ) Change in component (4.7 ) 2.8 4.6 2.7 Reclassification adjustments into earnings (1) — (1.0 ) 2.4 1.4 Income tax effect — (0.2 ) (1.7 ) (1.9 ) Balance at September 30, 2018 $ (50.7 ) $ (16.2 ) $ (90.9 ) $ (157.8 )

Financial Data of Business Se_2

Financial Data of Business Segments (Tables)	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
Segment data	The following tables show certain segment data for each of our business segments (in millions): Rail North America Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2018 Revenues Lease revenue $ 218.2 $ 52.3 $ 0.3 $ 1.1 $ — $ 271.9 Marine operating revenue — — 3.1 57.7 — 60.8 Other revenue 15.2 1.8 — — — 17.0 Total Revenues 233.4 54.1 3.4 58.8 — 349.7 Expenses Maintenance expense 60.6 10.1 — 6.8 — 77.5 Marine operating expense — — 4.4 35.0 — 39.4 Depreciation expense 62.5 13.8 1.8 3.5 — 81.6 Operating lease expense 11.8 — — — — 11.8 Other operating expense 7.1 1.3 0.1 — — 8.5 Total Expenses 142.0 25.2 6.3 45.3 — 218.8 Other Income (Expense) Net gain on asset dispositions 9.6 0.5 0.2 — — 10.3 Interest (expense) income, net (31.8 ) (8.9 ) (2.6 ) (1.5 ) 2.2 (42.6 ) Other expense (income) (1.2 ) 0.2 — (0.1 ) (2.7 ) (3.8 ) Share of affiliates' pre-tax income 0.2 — 14.3 — — 14.5 Segment profit (loss) $ 68.2 $ 20.7 $ 9.0 $ 11.9 $ (0.5 ) $ 109.3 Less: Selling, general and administrative expense 46.5 Income taxes (includes $2.7 related to affiliates' earnings) 15.8 Net income $ 47.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 6.7 $ — $ — $ — $ — $ 6.7 Residual sharing income 0.5 — 0.2 — — 0.7 Non-remarketing net gains (1) 2.4 0.5 — — — 2.9 $ 9.6 $ 0.5 $ 0.2 $ — $ — $ 10.3 Capital Expenditures Portfolio investments and capital additions $ 129.1 $ 40.4 $ — $ — $ 0.2 $ 169.7 Selected Balance Sheet Data at September 30, 2018 Investments in affiliated companies $ 3.7 $ — $ 474.8 $ — $ — $ 478.5 Identifiable assets $ 5,000.0 $ 1,357.3 $ 614.9 $ 303.5 $ 241.7 $ 7,517.4 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Three Months Ended September 30, 2017 Revenues Lease revenue $ 224.5 $ 50.3 $ 0.7 $ 1.1 $ — $ 276.6 Marine operating revenue — — 3.8 59.1 — 62.9 Other revenue 17.9 2.0 0.2 — — 20.1 Total Revenues 242.4 52.3 4.7 60.2 — 359.6 Expenses Maintenance expense 66.1 11.1 — 7.7 — 84.9 Marine operating expense — — 4.2 34.7 — 38.9 Depreciation expense 60.1 12.8 1.7 4.0 — 78.6 Operating lease expense 15.5 — — 0.3 — 15.8 Other operating expense 7.3 1.1 0.1 — — 8.5 Total Expenses 149.0 25.0 6.0 46.7 — 226.7 Other Income (Expense) Net gain on asset dispositions 8.1 1.0 0.3 — — 9.4 Interest (expense) income, net (30.5 ) (8.5 ) (2.2 ) (1.4 ) 2.4 (40.2 ) Other (expense) income (0.9 ) 0.3 — — (1.8 ) (2.4 ) Share of affiliates' pre-tax income 0.1 — 16.0 — — 16.1 Segment profit $ 70.2 $ 20.1 $ 12.8 $ 12.1 $ 0.6 $ 115.8 Less: Selling, general and administrative expense 42.5 Income taxes (includes $3.9 related to affiliates' earnings) 24.3 Net income $ 49.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 7.5 $ 0.1 $ — $ — $ — $ 7.6 Residual sharing income 0.2 — 0.3 — — 0.5 Non-remarketing net gains (1) 0.4 0.9 — — — 1.3 $ 8.1 $ 1.0 $ 0.3 $ — $ — $ 9.4 Capital Expenditures Portfolio investments and capital additions $ 103.3 $ 22.9 $ 36.6 $ 0.8 $ 0.1 $ 163.7 Selected Balance Sheet Data at December 31, 2017 Investments in affiliated companies $ 6.8 $ — $ 434.2 $ — $ — $ 441.0 Identifiable assets $ 4,915.0 $ 1,332.9 $ 582.8 $ 286.7 $ 305.0 $ 7,422.4 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2018 Revenues Lease revenue $ 655.3 $ 156.9 $ 0.8 $ 3.1 $ — $ 816.1 Marine operating revenue — — 11.0 119.8 — 130.8 Other revenue 51.1 6.0 0.5 — — 57.6 Total Revenues 706.4 162.9 12.3 122.9 — 1,004.5 Expenses Maintenance expense 192.8 33.8 — 14.1 — 240.7 Marine operating expense — — 12.9 76.6 — 89.5 Depreciation expense 185.8 41.7 5.5 7.1 — 240.1 Operating lease expense 37.5 — — — — 37.5 Other operating expense 21.5 4.3 0.4 — — 26.2 Total Expenses 437.6 79.8 18.8 97.8 — 634.0 Other Income (Expense) Net gain on asset dispositions 68.4 3.2 0.8 0.1 — 72.5 Interest (expense) income, net (93.1 ) (26.5 ) (7.6 ) (4.3 ) 6.8 (124.7 ) Other expense (3.3 ) (7.3 ) — (0.2 ) (4.1 ) (14.9 ) Share of affiliates' pre-tax income 0.5 — 47.6 — — 48.1 Segment profit $ 241.3 $ 52.5 $ 34.3 $ 20.7 $ 2.7 $ 351.5 Less: Selling, general and administrative expense 137.6 Income taxes (includes $9.0 related to affiliates' earnings) 51.8 Net income $ 162.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 60.8 $ — $ — $ 0.1 $ — $ 60.9 Residual sharing income 0.9 — 0.8 — — 1.7 Non-remarketing net gains (1) 6.7 3.2 — — — 9.9 $ 68.4 $ 3.2 $ 0.8 $ 0.1 $ — $ 72.5 Capital Expenditures Portfolio investments and capital additions $ 414.7 $ 104.5 $ — $ 15.8 $ 1.7 $ 536.7 __________ (1) Includes net gains from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Nine Months Ended September 30, 2017 Revenues Lease revenue $ 677.4 $ 139.8 $ 3.1 $ 3.1 $ — $ 823.4 Marine operating revenue — — 21.8 113.2 — 135.0 Other revenue 60.0 4.7 1.0 — — 65.7 Total Revenues 737.4 144.5 25.9 116.3 — 1,024.1 Expenses Maintenance expense 202.3 30.8 — 14.6 — 247.7 Marine operating expense — — 19.2 70.6 — 89.8 Depreciation expense 178.8 35.8 5.2 8.1 — 227.9 Operating lease expense 45.3 — — 1.5 — 46.8 Other operating expense 21.7 3.5 0.7 — — 25.9 Total Expenses 448.1 70.1 25.1 94.8 — 638.1 Other Income (Expense) Net gain on asset dispositions 42.6 2.6 11.1 — — 56.3 Interest (expense) income, net (90.1 ) (24.5 ) (6.8 ) (3.9 ) 5.9 (119.4 ) Other (expense) income (4.1 ) (2.3 ) 2.3 0.8 (2.2 ) (5.5 ) Share of affiliates' pre-tax income (loss) 0.4 (0.1 ) 39.9 — — 40.2 Segment profit $ 238.1 $ 50.1 $ 47.3 $ 18.4 $ 3.7 $ 357.6 Less: Selling, general and administrative expense 127.8 Income taxes (includes $9.6 related to affiliates' earnings) 69.9 Net income $ 159.9 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 39.5 $ 0.1 $ 1.8 $ — $ — $ 41.4 Residual sharing income 0.5 — 9.3 — — 9.8 Non-remarketing net gains (1) 4.5 2.5 — — — 7.0 Asset impairments (1.9 ) — — — — (1.9 ) $ 42.6 $ 2.6 $ 11.1 $ — $ — $ 56.3 Capital Expenditures Portfolio investments and capital additions $ 333.7 $ 74.7 $ 36.6 $ 13.6 $ 0.4 $ 459.0 __________ (1) Includes net gains from scrapping of railcars.

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2018Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	4

Basis of Presentation Pension a

Basis of Presentation Pension and Post-Retirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2018	Mar. 31, 2018
Reclassification out of Accumulated Other Comprehensive Income [Domain]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (19.4)	$ (19.4)

Fair Value Disclosure - Recurri

Fair Value Disclosure - Recurring and Nonrecurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions		Sep. 30, 2018	Dec. 31, 2017
Designated as Hedging Instrument [Member]
Assets
Foreign Currency Cash Flow Hedge Asset at Fair Value	[1]	$ 3.2	$ 1.2
Liabilities
Interest rate derivatives	[2]	13.3	4.7
Foreign Currency Fair Value Hedge Liability at Fair Value	[1]	21.4
Foreign exchange rate derivatives	[1]		(27.7)
Not Designated as Hedging Instrument [Member]
Liabilities
Foreign exchange rate derivatives	[1]	(4)	(6.9)
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value	[1]	0.2
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member]
Assets
Foreign Currency Cash Flow Hedge Asset at Fair Value	[1]	3.2
Liabilities
Interest rate derivatives	[2]	13.3	4.7
Foreign Currency Fair Value Hedge Liability at Fair Value	[1]	$ 21.4
Foreign exchange rate derivatives	[1]		$ (27.7)
[1]	(2) Not designated as hedges
[2]	(1) Designated as hedges

Fair Value Disclosure - Derivat

Fair Value Disclosure - Derivative Instruments (Details) $ in Millions		3 Months Ended				9 Months Ended		12 Months Ended
		Sep. 30, 2018USD ($)Instrument	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Instrument	Sep. 30, 2017USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)Instrument
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Derivative Asset, Notional Amount		$ 500				$ 500			$ 550
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Other comprehensive loss (effective portion)		$ 2.8	$ 18	$ (11.5)
Fair Value Hedging [Member]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Derivative, Number of Instruments Held | Instrument		9				9			10
Cash Flow Hedges [Member]
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items]
Derivative, Number of Instruments Held | Instrument		8				8			5
Interest Expense [Member] | Fair Value Hedging [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Interest expense	[1]	$ 1			$ 0.6	$ 8.6	$ 1.5
Interest Expense [Member] | Cash Flow Hedges [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Effective portion reclassified from accumulated other comprehensive loss		1.1			1.7	3.3	5.1
Operating Expense [Member] | Cash Flow Hedges [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Effective portion reclassified from accumulated other comprehensive loss		0.1			0	0.1		$ 0
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Other comprehensive loss (effective portion)		2.7			(11.1)	8.4	(34.8)
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedges [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Effective portion reclassified from accumulated other comprehensive loss		(2.2)			10.1	(10.3)	33.8
Other Expense [Member] | Non-designated [Member]
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss)
Other expense		$ 3			$ (2)	$ (2.7)	$ 4.1
[1]	(1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense.

Fair Value Disclosure - Balance

Fair Value Disclosure - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Sep. 30, 2018	Dec. 31, 2017
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse fixed rate debt	$ 3,998.4	$ 3,971.2
Recourse floating rate debt	423.8	426
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse fixed rate debt	3,935.5	4,089.1
Recourse floating rate debt	$ 425.2	$ 428.7

Fair Value Disclosure Narrative

Fair Value Disclosure Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)Instrument	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Instrument	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)Instrument
Derivative [Line Items]
Operating assets and facilities, net	$ 6,297.9		$ 6,297.9		$ 6,192.1
Fair Value Disclosure (Textual) [Abstract]
Cash Flow Hedge Pre Tax Gain Loss to be Reclassified within Twelve Months	(2.9)
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months	2.2
Derivative Asset, Notional Amount	$ 500		$ 500		$ 550
Fair Value Hedging [Member]
Fair Value Disclosure (Textual) [Abstract]
Number of instruments, outstanding | Instrument	9		9		10
Cash Flow Hedges [Member]
Fair Value Disclosure (Textual) [Abstract]
Number of instruments, outstanding | Instrument	8		8		5
Derivative, Notional Amount	$ 291.1		$ 291.1		$ 285.6
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedges [Member]
Fair Value Disclosure (Textual) [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(2.2)	$ 10.1	(10.3)	$ 33.8
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Disclosure (Textual) [Abstract]
Aggregate fair value of all derivative instruments with Net liability position	$ 34.7		$ 34.7

Pension and Other Post Retireme

Pension and Other Post Retirement Benefits - Narrative (Details) - Defined Benefit Pension [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	$ (2.1)	$ 0	$ (2.1)	$ (0.1)
Defined Benefit Plan, Service Cost	$ 2	$ 1.6	$ 6.1	$ 4.9

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefits - Pension Obligations, Plan Assets, and Other Post-retirement Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulative other comprehensive loss:
After-tax amount recognized in accumulated other comprehensive loss	$ 90.9		$ 90.9		$ 96.2	$ 98.1	$ 83.6
Defined Benefit Pension [Member]
Change in Benefit Obligation
Service cost	2	$ 1.6	6.1	$ 4.9
Interest cost	3.7	3.8	11.1	11.5
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(5.6)	(5.9)	(16.7)	(17.9)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	2.1	0	2.1	0.1
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	2.5	2.2	7.6	6.9
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	4.7	1.7	10.2	5.5
Retiree Health and Life [Member]
Change in Benefit Obligation
Service cost	0.1	0	0.2	0.1
Interest cost	0.2	0.2	0.7	0.7
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(0.1)	0	(0.2)	(0.1)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	(0.2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0.2	$ 0.2	$ 0.7	$ 0.5

Pension and Other Post-Retire_4

Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Pension [Member]
Components of pension and other post retirement benefit costs
Service cost	$ 2	$ 1.6	$ 6.1	$ 4.9
Interest cost	3.7	3.8	11.1	11.5
Expected return on plan assets	(5.6)	(5.9)	(16.7)	(17.9)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	2.1	0	2.1	0.1
Amortization of unrecognized prior service credit	0	0	0	0
Unrecognized net actuarial loss (gain)	2.5	2.2	7.6	6.9
Net periodic (benefit) cost	4.7	1.7	10.2	5.5
Retiree Health and Life [Member]
Components of pension and other post retirement benefit costs
Service cost	0.1	0	0.2	0.1
Interest cost	0.2	0.2	0.7	0.7
Expected return on plan assets	0	0	0	0
Amortization of unrecognized prior service credit	(0.1)	0	(0.2)	(0.1)
Unrecognized net actuarial loss (gain)	0	0	0	(0.2)
Net periodic (benefit) cost	$ 0.2	$ 0.2	$ 0.7	$ 0.5

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details)	9 Months Ended
	Sep. 30, 2018$ / shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted average estimated fair value	$ 21.87
Quarterly dividend rate	$ 0.44
Expected term of stock options and stock appreciation rights, in years	4 years 6 months
Risk-free interest rate	1.40%
Dividend yield	2.50%
Expected stock price volatility	27.90%
Present value of dividends	$ 7.51

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.7	$ 3.4	$ 15.4	$ 10.6
Tax benefit from share-based compensation expense	$ 1.4	$ 1.3	3.9	4.1
Payments for Repurchase of Common Stock			$ 37.4	$ 75
Stock Option SAR Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			320,100
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			61,490
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			58,440
Phantom Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			17,709

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Decrease in Income Tax Expenses Unrecognized Tax Benefits if Recognized Net of Federal Tax			$ (315.9)
Tax Cuts and Jobs Act of 2017, change in tax rate, income tax expense (benefit)			371.4
Effective Income Tax Rate Reconciliation, Percent	26.00%	32.00%
Tax Cuts and Jobs Act of 2017, transition tax for accumulated roreign earnings, income tax expense (benefit)			$ 57.2

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions		Sep. 30, 2018	Dec. 31, 2017
Guarantor Obligations [Line Items]
Guarantor Obligations, Current Carrying Value		$ 1.2	$ 2
Total commercial commitments	[1]	20.1	22.7
Lease payment guarantees [Member]
Guarantor Obligations [Line Items]
Total commercial commitments		2.7	4.9
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments		$ 17.4	$ 17.8
[1]	(1) The carrying value of liabilities on the balance sheet for commercial commitments was $1.2 million at September 30, 2018 and $2.0 million at December 31, 2017. The expirations of these commitments range from 2019 to 2023. We are not aware of any event that would require us to satisfy any of our commitments.

Commercial Commitments (Detai_2

Commercial Commitments (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Guarantees [Abstract]
Amount of liability included in recorded value of the company's commitment	$ 1.2	$ 2
Expiration of commitment range	2019 to 2023

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net income	$ 47	$ 49	$ 162.1	$ 159.9
Denominator:
Denominator for basic earnings per share — weighted average shares	37.7	38.6	37.8	39
Effect of dilutive securities:
Equity compensation plans	0.8	0.6	0.7	0.6
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion	38.5	39.2	38.5	39.6
Basic earnings per share (in dollars per share)	$ 1.25	$ 1.27	$ 4.29	$ 4.10
Diluted earnings per share (in dollars per share)	$ 1.22	$ 1.25	$ 4.21	$ 4.04

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance, Foreign Currency Translation Gain (Loss)	$ (46)	$ 4.4	$ (10.5)	$ (10.5)
Change in Foreign Currency Translation Gain (Loss)	(4.7)	(50.4)	14.9
Foreign currency translation gain loss before reclassification adjustment into earnings	0	0	0
Foreign Currency Translation Gain (Loss), Income tax effect	0	0	0
Ending Balance, Foreign Currency Translation Gain (Loss)	(50.7)	(46)	4.4	(50.7)
Change in Unrealized Loss on Derivative Instruments	2.8	18	(11.5)
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings	(1)	(15.2)	9.3
Unrealized Loss on Derivative Instruments, Income tax effect	(0.2)	(0.6)	0.7
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(16.2)	(17.8)	(20)	(16.2)	$ (15.5)
Beginning Balance, Post-Retirement Benefit Plans	(96.2)	(98.1)	(83.6)	(83.6)
Change in Post-Retirement Benefit Plans	4.6	0	0
Post-Retirement Benefit Plans, Reclassification adjustments into earnings	2.4	2.5	2.5
Post-Retirement Benefit Plans, Income tax effect	(1.7)	(0.6)	(0.6)
Ending Balance, Post-Retirement Benefit Plans	(90.9)	(96.2)	(98.1)	(90.9)
Other Comprehensive Income Change in Component	2.7	(32.4)	3.4
Reclassification adjustments into earnings, Total	1.4	(12.7)	11.8
Income tax effect, Total	(1.9)	(1.2)	0.1
Accumulated other comprehensive income (loss), net of tax	(157.8)	$ (160)	(113.7)	$ (157.8)	$ (109.6)
Reclassification out of Accumulated Other Comprehensive Income [Domain]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ (19.4)		(19.4)
Derivative [Member] | Reclassification out of Accumulated Other Comprehensive Income [Domain]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			(3)
Postemployment Retirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Domain]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification			$ (16.4)

Financial Data of Business Se_3

Financial Data of Business Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2015
Segment Reporting Information [Line Items]
Provision for Income Taxes, Equity Method Investment	$ 2.7	$ 3.9	$ 9	$ 9.6
Number of business segments | Segment			4
Profitability
Lease revenue	271.9	276.6	$ 816.1	823.4
Other revenue	17	20.1	57.6	65.7
Total Revenues	349.7	359.6	1,004.5	1,024.1
Maintenance expense	77.5	84.9	240.7	247.7
Marine operating expense	39.4	38.9	89.5	89.8
Depreciation	81.6	78.6	240.1	227.9
Operating lease expense	11.8	15.8	37.5	46.8
Other operating expense	8.5	8.5	26.2	25.9
Total Expenses	218.8	226.7	634	638.1
Net gain on asset dispositions	10.3	9.4	72.5	56.3
Interest expense, net	(42.6)	(40.2)	(124.7)	(119.4)
Other (expense) income	(3.8)	(2.4)	(14.9)	(5.5)
Share of affiliates' earnings (pre-tax)	14.5	16.1	48.1	40.2
Segment profit (loss)	109.3	115.8	351.5	357.6
SG&A	46.5	42.5	137.6	127.8
Income tax benefit	13.1	20.4	42.8	60.3
Net Income	47	49	162.1	159.9
Disposition Gains on Owned Assets	6.7	7.6	60.9	41.4
Nonoperating Income, Residual Sharing Income	0.7	0.5	1.7	9.8
Nonremarketing Disposition Gain (Loss)	2.9	1.3	9.9	7
Asset Impairment Charges				(1.9)
Selected Balance Sheet Data
Investments in affiliated companies	478.5		478.5		$ 441
Identifiable assets	7,517.4		7,517.4		7,422.4
Capital Expenditures
Portfolio investments and capital additions	(169.7)	(163.7)	(536.7)	(459)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	60.8	62.9	$ 130.8	135
Rail North America [Member]
Segment Reporting Information [Line Items]
Leverage level expressed as a ratio of recourse debt to equity			5
Profitability
Lease revenue	218.2	224.5	$ 655.3	677.4
Other revenue	15.2	17.9	51.1	60
Total Revenues	233.4	242.4	706.4	737.4
Maintenance expense	60.6	66.1	192.8	202.3
Marine operating expense	0	0	0	0
Depreciation	62.5	60.1	185.8	178.8
Operating lease expense	11.8	15.5	37.5	45.3
Other operating expense	7.1	7.3	21.5	21.7
Total Expenses	142	149	437.6	448.1
Net gain on asset dispositions	9.6	8.1	68.4	42.6
Interest expense, net	(31.8)	(30.5)	(93.1)	(90.1)
Other (expense) income	(1.2)	(0.9)	(3.3)	(4.1)
Share of affiliates' earnings (pre-tax)	0.2	0.1	0.5	0.4
Segment profit (loss)	68.2	70.2	241.3	238.1
Disposition Gains on Owned Assets	6.7	7.5	60.8	39.5
Nonoperating Income, Residual Sharing Income	0.5	0.2	0.9	0.5
Nonremarketing Disposition Gain (Loss)	2.4	0.4	6.7	4.5
Asset Impairment Charges				(1.9)
Selected Balance Sheet Data
Investments in affiliated companies	3.7		3.7		6.8
Identifiable assets	5,000		5,000		4,915
Capital Expenditures
Portfolio investments and capital additions	(129.1)	(103.3)	(414.7)	(333.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	$ 0	0
Rail International [Member]
Segment Reporting Information [Line Items]
Leverage level expressed as a ratio of recourse debt to equity			3
Profitability
Lease revenue	52.3	50.3	$ 156.9	139.8
Other revenue	1.8	2	6	4.7
Total Revenues	54.1	52.3	162.9	144.5
Maintenance expense	10.1	11.1	33.8	30.8
Marine operating expense	0	0	0	0
Depreciation	13.8	12.8	41.7	35.8
Operating lease expense	0	0	0	0
Other operating expense	1.3	1.1	4.3	3.5
Total Expenses	25.2	25	79.8	70.1
Net gain on asset dispositions	0.5	1	3.2	2.6
Interest expense, net	(8.9)	(8.5)	(26.5)	(24.5)
Other (expense) income	0.2	0.3	(7.3)	(2.3)
Share of affiliates' earnings (pre-tax)	0	0	0	(0.1)
Segment profit (loss)	20.7	20.1	52.5	50.1
Disposition Gains on Owned Assets	0	0.1	0	0.1
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0.5	0.9	3.2	2.5
Asset Impairment Charges				0
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	1,357.3		1,357.3		1,332.9
Capital Expenditures
Portfolio investments and capital additions	(40.4)	(22.9)	(104.5)	(74.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	$ 0	0
ASC [Member]
Segment Reporting Information [Line Items]
Leverage level expressed as a ratio of recourse debt to equity			1.5
Profitability
Lease revenue	1.1	1.1	$ 3.1	3.1
Other revenue	0	0	0	0
Total Revenues	58.8	60.2	122.9	116.3
Maintenance expense	6.8	7.7	14.1	14.6
Marine operating expense	35	34.7	76.6	70.6
Depreciation	3.5	4	7.1	8.1
Operating lease expense	0	0.3	0	1.5
Other operating expense	0	0	0	0
Total Expenses	45.3	46.7	97.8	94.8
Net gain on asset dispositions	0	0	0.1	0
Interest expense, net	(1.5)	(1.4)	(4.3)	(3.9)
Other (expense) income	(0.1)	0	(0.2)	0.8
Share of affiliates' earnings (pre-tax)	0	0	0	0
Segment profit (loss)	11.9	12.1	20.7	18.4
Disposition Gains on Owned Assets	0	0	0.1	0
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Asset Impairment Charges				0
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	303.5		303.5		286.7
Capital Expenditures
Portfolio investments and capital additions	0	(0.8)	(15.8)	(13.6)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	57.7	59.1	$ 119.8	113.2
Portfolio Management [Member]
Segment Reporting Information [Line Items]
Leverage level expressed as a ratio of recourse debt to equity			1
Profitability
Lease revenue	0.3	0.7	$ 0.8	3.1
Other revenue	0	0.2	0.5	1
Total Revenues	3.4	4.7	12.3	25.9
Maintenance expense	0	0	0	0
Marine operating expense	4.4	4.2	12.9	19.2
Depreciation	1.8	1.7	5.5	5.2
Operating lease expense	0	0	0	0
Other operating expense	0.1	0.1	0.4	0.7
Total Expenses	6.3	6	18.8	25.1
Net gain on asset dispositions	0.2	0.3	0.8	11.1
Interest expense, net	(2.6)	(2.2)	(7.6)	(6.8)
Other (expense) income	0	0	0	2.3
Share of affiliates' earnings (pre-tax)	14.3	16	47.6	39.9
Segment profit (loss)	9	12.8	34.3	47.3
Disposition Gains on Owned Assets	0	0	0	1.8
Nonoperating Income, Residual Sharing Income	0.2	0.3	0.8	9.3
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Asset Impairment Charges				0
Selected Balance Sheet Data
Investments in affiliated companies	474.8		474.8		434.2
Identifiable assets	614.9		614.9		582.8
Capital Expenditures
Portfolio investments and capital additions	0	(36.6)	0	(36.6)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	3.1	3.8	11	21.8
Other [Member]
Profitability
Lease revenue	0	0	0	0
Other revenue	0	0	0	0
Total Revenues	0	0	0	0
Maintenance expense	0	0	0	0
Marine operating expense	0	0	0	0
Depreciation	0	0	0	0
Operating lease expense	0	0	0	0
Other operating expense	0	0	0	0
Total Expenses	0	0	0	0
Net gain on asset dispositions	0	0	0	0
Interest expense, net	2.2	2.4	6.8	5.9
Other (expense) income	(2.7)	(1.8)	(4.1)	(2.2)
Share of affiliates' earnings (pre-tax)	0	0	0	0
Segment profit (loss)	(0.5)	0.6	2.7	3.7
Disposition Gains on Owned Assets	0	0	0	0
Nonoperating Income, Residual Sharing Income	0	0	0	0
Nonremarketing Disposition Gain (Loss)	0	0	0	0
Asset Impairment Charges				0
Selected Balance Sheet Data
Investments in affiliated companies	0		0		0
Identifiable assets	241.7		241.7		$ 305
Capital Expenditures
Portfolio investments and capital additions	(0.2)	(0.1)	(1.7)	(0.4)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0	0	0
Parent [Member]
Profitability
Income tax benefit	$ 15.8	$ 24.3	$ 51.8	$ 69.9
Cardinal Marine [Domain]
Capital Expenditures
Noncontrolling Interest, Ownership Percentage by Parent						50.00%