GATX (GATX) 10-Q 5 May 20 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information shares in Millions	3 Months Ended
	Mar. 31, 2020shares
Entity Addresses [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	1-2328
Entity Registrant Name	GATX Corporation
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	36-1124040
Entity Address, Address Line One	233 South Wacker Drive
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	621-6200
Entity Central Index Key	0000040211
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding	34.9
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
CHICAGO STOCK EXCHANGE, INC [Member]
Entity Addresses [Line Items]
Security Exchange Name	CHX
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Addresses [Line Items]
Trading Symbol	GATX
Security Exchange Name	NYSE
Title of 12(b) Security	Common Stock
Senior Notes [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]
Entity Addresses [Line Items]
Trading Symbol	GMTA
Security Exchange Name	NYSE
Title of 12(b) Security	5.625% Senior Notes due 2066

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and Cash Equivalents	$ 570.7	$ 151
Receivables
Rent and other receivables	76.9	87.1
Finance leases	66.8	90.3
Less: allowance for losses	(6.2)	(6.2)
Receivables, net	137.5	171.2
Operating Assets and Facilities
Operating Assets and Facilities	9,972.5	9,897.4
Less: allowance for depreciation	(3,222.1)	(3,190.2)
Operating assets and facilities, net	6,750.4	6,707.2
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation	402.8	413.9
Finance leases, net of accumulated depreciation	0	8.9
Lease assets	402.8	422.8
Investments in Affiliated Companies	532.4	512.6
Goodwill	80.6	81.5
Other Assets	243.5	238.8
Total Assets	8,717.9	8,285.1
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	120.6	149.1
Debt
Commercial paper and borrowings under bank credit facilities	275.5	15.8
Recourse	5,043.7	4,780.4
Debt, Long-term and Short-term, Combined Amount	5,319.2	4,796.2
Lease Obligations (as lessee)
Operating leases	399.3	432.3
Finance leases	0	7.9
Lease obligations	399.3	440.2
Deferred Income Tax Liabilities, Net	930.2	924.3
Other Liabilities	117.6	140.2
Total Liabilities	6,886.9	6,450
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	41.8	41.8
Additional paid in capital	725.4	720.1
Retained earnings	2,630	2,601.3
Accumulated other comprehensive loss	(201.7)	(163.6)
Treasury stock at cost (29,693,573 and 29,187,508 shares)	(1,364.5)	(1,364.5)
Total Shareholders’ Equity	1,831	1,835.1
Total Liabilities and Shareholders’ Equity	$ 8,717.9	$ 8,285.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	67,637,453	67,536,794
Common stock, shares outstanding	34,933,696	34,833,037
Treasury stock, shares outstanding	32,703,757	32,703,757

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Lease revenue	$ 271.7	$ 274.4
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	11.8	13.1
Other revenue	25.4	29.5
Total Revenues	308.9	317
Cost of Repairs and Maintenance	86.6	81.2
Expenses
Marine operating expense	10.4	12.1
Depreciation	80.4	79.9
Operating lease expense	13.3	13.7
Other operating expense	8.5	8
Selling, general and administrative	42.4	46.1
Total Expenses	241.6	241
Other Income (Expense)
Net gain on asset dispositions	27.4	8.9
Interest expense, net	(46.8)	(46.5)
Other (expense) income	(8.2)	(3.2)
Income before Income Taxes and Share of Affiliates’ Earnings	39.7	35.2
Income Taxes	(12.9)	(8.4)
Share of Affiliates’ Earnings (net of tax)	19.5	14.7
Net Income	46.3	41.5
Other Comprehensive Income, net of taxes
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(39.6)	(10.5)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(0.7)	2
Post-retirement benefit plans	2.2	3
Other comprehensive income (loss)	(38.1)	(5.5)
Comprehensive Income	$ 8.2	$ 36
Share Data
Basic earnings per share (in dollars per share)	$ 1.33	$ 1.14
Average number of common shares (in shares)	34.9	36.5
Diluted earnings per share (in dollars per share)	$ 1.31	$ 1.12
Average number of common shares and common share equivalents (in shares)	35.4	37.1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ (46.3)	$ (41.5)
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation	83.2	82.7
Gains on sales of assets	(26.8)	(8.6)
Deferred income taxes	7	5.7
Share of affiliates’ earnings, net of dividends	(19.5)	(14.7)
Other	(37.2)	(42.3)
Net cash provided by operating activities	53	64.3
Investing Activities
Additions to operating assets and facilities	(194.7)	(147.3)
Purchases of leased-in assets	(7.9)
Portfolio proceeds	63.6	41.5
Proceeds from sales of other assets	6.7	6.5
Payments for (Proceeds from) Other Investing Activities	0.3	0.7
Net cash used in investing activities	(124.1)	(98.6)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)	861.2	495.2
Repayments of debt (original maturities longer than 90 days)	(350)	(160)
Net increase (decrease) in debt with original maturities of 90 days or less	9.5	(94.7)
Stock repurchases	0	(38.1)
Dividends	(19)	(19.2)
Other (add shares used to pay taxes)	(0.2)	(0.7)
Net cash (used in) provided by financing activities	493.6	182.5
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(2.8)	(0.3)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	419.7	147.9
Cash, Cash Equivalents, and Restricted Cash at beginning of period	570.7	254.6
Cash, Cash Equivalents, and Restricted Cash at end of period	$ 570.7	$ 254.6

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	AOCI Attributable to Parent [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Common Stock, Shares, Issued			67,300,000
Shares, Issued				(30,700,000)
Stockholders' Equity Attributable to Parent		$ (164.6)		$ (1,214.5)	$ 706.4	$ 2,419.2
Common Stock, Value, Issued			$ 41.6
Dividends Declared [Table Text Block]	44
Stock Repurchased During Period, Shares	(500,000)
Repurchase of common stock	$ (40)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					3.1
Stock Issued During Period, Shares, New Issues			100,000
Stock Issued During Period, Value, New Issues			$ 0.1
Net Income (Loss) Attributable to Parent	41.5
Dividends, Common Stock, Cash						(17.5)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Retained Earnings | Retained Earnings [Member]	39.4
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(5.5)
Common Stock, Shares, Issued			67,400,000
Shares, Issued				(31,200,000)
Stockholders' Equity Attributable to Parent	$ 1,809.2	(170.1)		$ (1,254.5)	709.5	2,482.6
Common Stock, Value, Issued			$ 41.7
Common Stock, Shares, Issued	67,536,794		67,500,000
Shares, Issued				(32,700,000)
Stockholders' Equity Attributable to Parent	$ 1,835.1	(163.6)		$ (1,364.5)	720.1	2,601.3
Common Stock, Value, Issued	$ 41.8		$ 41.8
Dividends Declared [Table Text Block]	.48
Stock Repurchased During Period, Shares	0
Repurchase of common stock	$ 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition					5.3
Stock Issued During Period, Shares, New Issues			100,000
Stock Issued During Period, Value, New Issues			$ 0
Net Income (Loss) Attributable to Parent	46.3
Dividends, Common Stock, Cash						(17.6)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Retained Earnings | Retained Earnings [Member]	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (38.1)
Common Stock, Shares, Issued	67,637,453		67,600,000
Shares, Issued				(32,700,000)
Stockholders' Equity Attributable to Parent	$ 1,831	$ (201.7)		$ (1,364.5)	$ 725.4	$ 2,630
Common Stock, Value, Issued	$ 41.8		$ 41.8

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2020
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") . On February 7, 2020, we entered into an agreement to sell ASC. The sale is subject to customary closing conditions. See "Note 25. Subsequent Events" in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2019 and "Note 16. Subsequent Events" of this Form 10-Q for additional information.

Coronavirus Impacts

Coronavirus Impacts	3 Months Ended
	Mar. 31, 2020
Unusual or Infrequent Items, or Both [Abstract]
Concentration Risk Disclosure [Text Block]	Coronavirus Impacts On March 11, 2020, the World Health Organization declared the Coronavirus Disease 2019 (“COVID-19”) a pandemic and on March 13, 2020, the United States declared a national emergency related to COVID-19. Our consolidated financial statements reflect estimates and assumptions at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. We considered the impact of COVID-19 on our operations and the assumptions and estimates used and determined there were no material impacts on our first quarter 2020 results. However, as the impact on the global economy continues, we expect COVID-19 will adversely affect our operating and financial results in future periods, the magnitude and duration of which cannot be determined at this time.

Accounting Changes

Accounting Changes	3 Months Ended
	Mar. 31, 2020
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. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2020. 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, 2019. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Credit Losses In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which supercedes previous guidance. The FASB subsequently issued ASU 2018-19, clarifying operating lease receivables are not within the scope of subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases . The new guidance modifies the impairment model to be based on expected losses rather than incurred losses. We adopted the new guidance in the first quarter of 2020. The adoption of this standard required us to modify our assessment for a limited population of receivables, including the net investment in our finance leases, as well as our trade receivables at ASC. As part of our modified assessment, we considered historical information as well as current and future economic conditions. The application of this new guidance did not impact our financial statements or related disclosures. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Income Taxes Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates exceptions for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. We plan to adopt this standard on January 1, 2021.

Revenue Revenue

Revenue Revenue	3 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	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. In accordance with ASU 2016-02, Leases (Topic 842) ("Topic 842"), we utilize the practical expedient that allows lessors to not separate non-lease components from the associated lease components for our operating leases. 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 maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating leases revenue is within the scope of Topic 842, and we do not separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 5 . Leases ". Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, we recognize finance lease revenue using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount by which 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. See "Note 5 . Leases ". Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. In accordance with ASU 2014-09, Revenue from Contracts and Customers (Topic 606) ("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 is comprised of customer liability repair revenue, termination fees, utilization income, fee income, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases [Text Block]	NOTE 5 . Leases GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $23.7 million for the three months ended March 31, 2020 and 2019.
Leases	Leases GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $23.7 million for the three months ended March 31, 2020 and 2019.
Leases	Leases GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $23.7 million for the three months ended March 31, 2020 and 2019.
Leases	Leases GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $23.7 million for the three months ended March 31, 2020 and 2019.
Leases	Leases GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $23.7 million for the three months ended March 31, 2020 and 2019.

Investments in Affiliated Compa

Investments in Affiliated Companies (Notes)	3 Months Ended
	Mar. 31, 2020
Investments in and Advances to Affiliates [Abstract]
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	Investments in Affiliated Companies Our affiliate investments primarily include interests in each of the Rolls-Royce & Partners Finance joint ventures (collectively the “RRPF affiliates”), a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. In accordance with Regulation S-X, we must assess if any of our investments in affiliated companies is a “significant subsidiary”. As of March 31, 2020, we determined that Alpha Partners Leasing Limited, which is part of the RRPF affiliates, triggered at least one of the significance tests. As a result, and in accordance with Rule 10-01(b) of Regulation S-X, the following table shows summarized unaudited financial information for Alpha Partners Leasing Limited (in millions): Three Months Ended 2020 2019 Total revenue $ 104.0 $ 94.1 Total expenses (86.4 ) (71.3 ) Other income, including net gains on sales of assets 22.3 6.7 Net income 32.3 23.8

Fair Value Disclosure

Fair Value Disclosure	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at March 31, 2020 and December 31, 2019. In addition, we review long-lived assets, such as operating assets and facilities, as well as goodwill, whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We considered COVID-19 as part of our assessment during the quarter and determined there were no material impacts on our final conclusions. We will continue to monitor our long-lived assets, equity method investments, and goodwill for indicators of impairment as COVID-19 continues to impact the global economy. 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 five instruments outstanding with an aggregate notional amount of $300.0 million as of March 31, 2020 with maturities ranging from 2021 to 2022 and eight instruments outstanding with an aggregate notional amount of $450.0 million as of December 31, 2019 with maturities ranging from 2020 to 2022. Cash Flow Hedges 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 and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. We had 18 instruments outstanding with an aggregate notional amount of $281.8 million as of March 31, 2020 that mature from 2020 to 2022 and seven instruments outstanding with an aggregate notional amount of $336.5 million as of December 31, 2019 with maturities ranging from 2020 to 2022. Within the next 12 months, we expect to reclassify $1.7 million ( $1.2 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. Certain 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 March 31, 2020 was $2.4 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 tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value March 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative Assets Interest rate contracts (1) Other assets $ 8.3 $ — $ 8.3 $ — Foreign exchange contracts (1) Other assets 0.9 — 0.9 — Foreign exchange contracts (2) Other assets 1.5 — 1.5 — Total derivative assets $ 10.7 $ — $ 10.7 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.3 $ — $ 0.3 $ — Foreign exchange contracts (1) Other liabilities 2.1 — 2.1 — Total derivative liabilities $ 2.4 $ — $ 2.4 $ — Balance Sheet Location Fair Value December 31, 2019 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 1.4 $ — $ 1.4 $ — Foreign exchange contracts (1) Other assets 6.9 — 6.9 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 8.5 $ — $ 8.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.6 $ — $ 0.6 $ — Foreign exchange contracts (1) Other liabilities 7.0 — 7.0 — Foreign exchange contracts (2) Other liabilities 6.0 — 6.0 — Total derivative liabilities $ 13.6 $ — $ 13.6 $ — _________ (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. As of March 31, 2020 and December 31, 2019, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3. The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2020 and December 31, 2019 (in millions). Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included March 31 2020 December 31 2019 March 31 2020 December 31 2019 Recourse debt $ (304.9 ) $ (449.9 ) $ 8.3 $ 1.4 The following table shows the impacts of our derivative instruments on our statement of comprehensive income for the three months ended March 31, 2020 and 2019 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31 Three Months Ended March 31 Derivative Designation 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ (0.1 ) $ — Interest expense $ 0.4 $ 0.8 Foreign exchange contracts (3.8 ) (12.9 ) Other (income) expense (5.3 ) (11.0 ) Total $ (3.9 ) $ (12.9 ) Total $ (4.9 ) $ (10.2 ) The following table shows the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statement of comprehensive income for the three months ended March 31, 2020 and 2019 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended March 31 2020 2019 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (46.8 ) $ (8.2 ) $ (46.5 ) $ (3.2 ) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (6.9 ) — (3.2 ) — Derivatives designated as hedging instruments 6.9 — 3.2 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4 ) — (0.8 ) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 5.3 — 11.0 Gain (loss) on non-designated derivative contracts — 6.9 — (0.8 ) _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). Other Financial Instruments Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, rent and other receivables, accounts payable, and commercial paper and borrowings under bank credit facilities with maturities under one year 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): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 4,153.8 $ 4,354.7 $ 4,389.3 $ 4,644.6 Recourse floating rate debt 915.6 911.8 417.5 419.0 Borrowings under bank credit facilities 250.0 248.9 — —

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	3 Months Ended
	Mar. 31, 2020
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 net periodic cost for the three months ended March 31, 2020 and 2019 (in millions): 2020 Pension Benefits 2019 Pension Benefits 2020 Retiree Health and Life 2019 Service cost $ 2.0 $ 1.7 $ — $ — Interest cost 3.1 3.8 0.1 0.2 Expected return on plan assets (5.1 ) (5.5 ) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss 3.1 1.9 — — Net periodic cost $ 3.1 $ 1.9 $ 0.1 $ 0.2 ________ (1) Amounts reclassified from accumulated other comprehensive loss. The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive income, and the non-service components are recorded in other expense.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the three months ended March 31, 2020 , we granted 288,000 non-qualified employee stock options, 34,950 restricted stock units, 54,270 performance shares, and 5,753 phantom stock units. For the three months ended March 31, 2020 , total share-based compensation expense was $2.2 million and the related tax benefits were $0.5 million . For the three months ended March 31, 2019 , total share-based compensation expense was $5.1 million and the related tax benefits were $1.3 million . The estimated fair value of our 2020 non-qualified employee stock option awards and related underlying assumptions are shown in the table below. 2020 Weighted-average estimated fair value $22.50 Quarterly dividend rate $0.48 Expected term of stock options, in years 4.2 Risk-free interest rate 1.3% Dividend yield 2.5% Expected stock price volatility 28.5% Present value of dividends $7.89

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective income tax rate was 32.5% for the three months ended March 31, 2020 , compared to 23.8% for the three months ended March 31, 2019 . The difference in the effective rates for the current year compared to the prior year is primarily due to 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 period.

Commercial Commitments

Commercial Commitments	3 Months Ended
	Mar. 31, 2020
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as 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): March 31 2020 December 31 2019 Standby letters of credit and performance bonds $ 9.3 $ 9.3 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2020 and December 31, 2019 . As of March 31, 2020, our outstanding commitments expire in 2020 through 2021. We are not aware of any event that would require us to satisfy any of our commitments. We are 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	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Numerator: Net income $ 46.3 $ 41.5 Denominator: Weighted-average shares outstanding - basic 34.9 36.5 Effect of dilutive securities: Equity compensation plans 0.5 0.6 Weighted-average shares outstanding - diluted 35.4 37.1 Basic earnings per share $ 1.33 $ 1.14 Diluted earnings per share $ 1.31 $ 1.12

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2020
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, 2019 $ (68.1 ) $ (10.1 ) $ (85.4 ) $ (163.6 ) Change in component (39.6 ) 3.9 (0.2 ) (35.9 ) Reclassification adjustments into earnings (1) — (4.9 ) 3.1 (1.8 ) Income tax effect — 0.3 (0.7 ) (0.4 ) Balance at March 31, 2020 $ (107.7 ) $ (10.8 ) $ (83.2 ) $ (201.7 ) ________ (1) See "Note 7 . Fair Value Disclosure " and "Note 8 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income.

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	3 Months Ended
	Mar. 31, 2020
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 the notes included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019.

Financial Data of Business Segm

Financial Data of Business Segments	3 Months Ended
	Mar. 31, 2020
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") . On February 7, 2020, we entered into an agreement to sell ASC. The sale is subject to customary closing conditions. See "Note 25. Subsequent Events" in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2019 and "Note 16. Subsequent Events" of this Form 10-Q for additional information. Rail North America is composed of our operations in the United States, Canada, and Mexico. 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 ("GRI"), 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 the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. 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 profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. 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. The following tables show certain segment data for each of our business segments (in millions): Rail International ASC Other GATX Consolidated Three Months Ended March 31, 2020 Revenues Lease revenue $ 212.1 $ 58.3 $ 0.3 $ 1.0 $ — $ 271.7 Marine operating revenue — — 3.3 8.5 — 11.8 Other revenue 23.6 1.8 — — — 25.4 Total Revenues 235.7 60.1 3.6 9.5 — 308.9 Expenses Maintenance expense 72.9 12.9 — 0.8 — 86.6 Marine operating expense — — 4.1 6.3 — 10.4 Depreciation expense 63.6 15.5 1.3 — — 80.4 Operating lease expense 13.3 — — — — 13.3 Other operating expense 6.6 1.8 0.1 — — 8.5 Total Expenses 156.4 30.2 5.5 7.1 — 199.2 Other Income (Expense) Net gain on asset dispositions 26.8 0.1 0.5 — — 27.4 Interest (expense) income, net (33.3 ) (10.6 ) (2.9 ) (1.3 ) 1.3 (46.8 ) Other expense (0.8 ) (5.5 ) — (0.2 ) (1.7 ) (8.2 ) Share of affiliates' pre-tax income — — 23.8 — — 23.8 Segment profit (loss) $ 72.0 $ 13.9 $ 19.5 $ 0.9 $ (0.4 ) $ 105.9 Less: Selling, general and administrative expense 42.4 Income taxes (includes $4.3 related to affiliates' earnings) 17.2 Net income $ 46.3 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 26.9 $ — $ — $ — $ — $ 26.9 Residual sharing income 0.1 — 0.5 — — 0.6 Non-remarketing net (losses) gains (1) (0.2 ) 0.1 — — — (0.1 ) $ 26.8 $ 0.1 $ 0.5 $ — $ — $ 27.4 Capital Expenditures Portfolio investments and capital additions $ 110.9 $ 69.3 $ 0.3 $ 13.7 $ 0.5 $ 194.7 Selected Balance Sheet Data at March 31, 2020 Investments in affiliated companies $ 0.2 $ — $ 532.2 $ — $ — $ 532.4 Identifiable assets $ 5,679.0 $ 1,497.4 $ 657.3 $ 300.9 $ 583.3 $ 8,717.9 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International ASC Other GATX Consolidated Three Months Ended March 31, 2019 Revenues Lease revenue $ 220.9 $ 52.2 $ 0.3 $ 1.0 $ — $ 274.4 Marine operating revenue — — 2.4 10.7 — 13.1 Other revenue 27.4 2.0 0.1 — — 29.5 Total Revenues 248.3 54.2 2.8 11.7 — 317.0 Expenses Maintenance expense 68.8 12.1 — 0.3 — 81.2 Marine operating expense — — 4.6 7.5 — 12.1 Depreciation expense 64.3 14.0 1.6 — — 79.9 Operating lease expense 13.7 — — — — 13.7 Other operating expense 6.4 1.5 0.1 — — 8.0 Total Expenses 153.2 27.6 6.3 7.8 — 194.9 Other Income (Expense) Net gain on asset dispositions 8.2 0.4 0.3 — — 8.9 Interest (expense) income, net (34.2 ) (9.9 ) (2.7 ) (1.4 ) 1.7 (46.5 ) Other expense (0.7 ) (2.3 ) — — (0.2 ) (3.2 ) Share of affiliates' pre-tax income — — 18.2 — — 18.2 Segment profit $ 68.4 $ 14.8 $ 12.3 $ 2.5 $ 1.5 $ 99.5 Less: Selling, general and administrative expense 46.1 Income taxes (includes $3.5 related to affiliates' earnings) 11.9 Net income $ 41.5 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 9.7 $ — $ — $ — $ — $ 9.7 Residual sharing income 0.1 — 0.3 — — 0.4 Non-remarketing net (losses) gains (1) (1.6 ) 0.4 — — — (1.2 ) $ 8.2 $ 0.4 $ 0.3 $ — $ — $ 8.9 Capital Expenditures Portfolio investments and capital additions $ 99.0 $ 33.1 $ — $ 14.5 $ 0.7 $ 147.3 Selected Balance Sheet Data at December 31, 2019 Investments in affiliated companies $ 0.2 $ — $ 512.4 $ — $ — $ 512.6 Identifiable assets $ 5,646.7 $ 1,486.7 $ 653.7 $ 291.1 $ 206.9 $ 8,285.1 __________ (1) Includes net gains (losses) from scrapping of railcars.

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Event [Line Items]
Subsequent Events [Text Block]	Subsequent Events As of March 31, 2020, the ASC business continued to be classified as held and used because all criteria for held-for-sale accounting and reporting as provided in Accounting Standards Codification 360, Property, Plant and Equipment , had not been met. Specifically, the planned sale of ASC is subject to certain contingencies including regulatory approval and other transaction terms and conditions yet to be resolved. On April 22, 2020, subsequent to the quarter ended March 31, 2020, regulatory approval for the sale was granted by the applicable governmental authorities. Subject to the resolution of any further transaction contingencies, the sale is expected to close in the second quarter of 2020.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Three Months Ended Operating lease income: Fixed lease income $ 255.1 $ 253.9 Variable lease income 14.8 17.7 Total operating lease income $ 269.9 $ 271.6 Finance lease income 1.8 2.8 Total lease income $ 271.7 $ 274.4

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets and liabilities at fair value recurring basis	The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value March 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Derivative Assets Interest rate contracts (1) Other assets $ 8.3 $ — $ 8.3 $ — Foreign exchange contracts (1) Other assets 0.9 — 0.9 — Foreign exchange contracts (2) Other assets 1.5 — 1.5 — Total derivative assets $ 10.7 $ — $ 10.7 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.3 $ — $ 0.3 $ — Foreign exchange contracts (1) Other liabilities 2.1 — 2.1 — Total derivative liabilities $ 2.4 $ — $ 2.4 $ — Balance Sheet Location Fair Value December 31, 2019 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 1.4 $ — $ 1.4 $ — Foreign exchange contracts (1) Other assets 6.9 — 6.9 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 8.5 $ — $ 8.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.6 $ — $ 0.6 $ — Foreign exchange contracts (1) Other liabilities 7.0 — 7.0 — Foreign exchange contracts (2) Other liabilities 6.0 — 6.0 — Total derivative liabilities $ 13.6 $ — $ 13.6 $ — _________ (1) Designated as hedges. (2) Not designated as hedges.
Fair value hedging instruments	The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2020 and December 31, 2019 (in millions). Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included March 31 2020 December 31 2019 March 31 2020 December 31 2019 Recourse debt $ (304.9 ) $ (449.9 ) $ 8.3 $ 1.4 The following table shows the impacts of our derivative instruments on our statement of comprehensive income for the three months ended March 31, 2020 and 2019 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended March 31 Three Months Ended March 31 Derivative Designation 2020 2019 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ (0.1 ) $ — Interest expense $ 0.4 $ 0.8 Foreign exchange contracts (3.8 ) (12.9 ) Other (income) expense (5.3 ) (11.0 ) Total $ (3.9 ) $ (12.9 ) Total $ (4.9 ) $ (10.2 )
Cash flow hedging instruments	The following table shows the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statement of comprehensive income for the three months ended March 31, 2020 and 2019 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended March 31 2020 2019 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (46.8 ) $ (8.2 ) $ (46.5 ) $ (3.2 ) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (6.9 ) — (3.2 ) — Derivatives designated as hedging instruments 6.9 — 3.2 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4 ) — (0.8 ) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 5.3 — 11.0 Gain (loss) on non-designated derivative contracts — 6.9 — (0.8 )
Other financial instruments	The following table shows the carrying amounts and fair values of our other financial instruments (in millions): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 4,153.8 $ 4,354.7 $ 4,389.3 $ 4,644.6 Recourse floating rate debt 915.6 911.8 417.5 419.0 Borrowings under bank credit facilities 250.0 248.9 — —

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Components of pension and other post retirement benefit costs	The following table shows the components of our pension and other post-retirement net periodic cost for the three months ended March 31, 2020 and 2019 (in millions): 2020 Pension Benefits 2019 Pension Benefits 2020 Retiree Health and Life 2019 Service cost $ 2.0 $ 1.7 $ — $ — Interest cost 3.1 3.8 0.1 0.2 Expected return on plan assets (5.1 ) (5.5 ) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss 3.1 1.9 — — Net periodic cost $ 3.1 $ 1.9 $ 0.1 $ 0.2 ________ (1) Amounts reclassified from accumulated other comprehensive loss.

Commercial Commitments (Tables)

Commercial Commitments (Tables)	3 Months Ended
	Mar. 31, 2020
Guarantees [Abstract]
Commercial Commitments	The following table shows our commercial commitments (in millions): March 31 2020 December 31 2019 Standby letters of credit and performance bonds $ 9.3 $ 9.3 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2020 and December 31, 2019 . As of March 31, 2020, our outstanding commitments expire in 2020 through 2021. 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)	3 Months Ended
	Mar. 31, 2020
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 2020 2019 Numerator: Net income $ 46.3 $ 41.5 Denominator: Weighted-average shares outstanding - basic 34.9 36.5 Effect of dilutive securities: Equity compensation plans 0.5 0.6 Weighted-average shares outstanding - diluted 35.4 37.1 Basic earnings per share $ 1.33 $ 1.14 Diluted earnings per share $ 1.31 $ 1.12

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2019 $ (68.1 ) $ (10.1 ) $ (85.4 ) $ (163.6 ) Change in component (39.6 ) 3.9 (0.2 ) (35.9 ) Reclassification adjustments into earnings (1) — (4.9 ) 3.1 (1.8 ) Income tax effect — 0.3 (0.7 ) (0.4 ) Balance at March 31, 2020 $ (107.7 ) $ (10.8 ) $ (83.2 ) $ (201.7 ) ________ (1) See "Note 7 . Fair Value Disclosure " and "Note 8 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income.

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2020Segment
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	Mar. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	$ 402.8	$ 422.8
Lease liability	$ 399.3	$ 440.2

Leases - Components of Lease I

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Finance lease income	$ 1.8	$ 2.8
Operating lease income:
Variable lease income	255.1	253.9
Operating Lease, Variable Lease Income	14.8	17.7
Operating Lease, Lease Income	269.9	271.6
Total operating lease income	22.7	23.7
Total lease income	$ 271.7	$ 274.4

Leases - Maturities of Lease L

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
Total discounted lease liabilities	$ 399.3	$ 432.3
Finance Leases
Total discounted lease liabilities	0	7.9
Total
Total discounted lease liabilities	$ 399.3	$ 440.2

Investments in Affiliated Com_2

Investments in Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Alpha Partners Leasing Limited [Domain]
Equity Method Investment, Summarized Financial Information. Revenue.	$ 104	$ 94.1
Equity Method Investment, Summarized Financial Information, Other Expenses	(86.4)	(71.3)
Equity Method Investment, Summarized Financial Information, Gains (Losses)	22.3	6.7
RRPF Joint Ventures [Member]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 32.3	$ 23.8

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)Instrument	Dec. 31, 2019USD ($)Instrument
Derivative [Line Items]
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months	$ 1.7
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax	$ 1.2
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	5	8
Derivative, Notional Amount	$ 300	$ 450
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	18	7
Derivative, Notional Amount	$ 281.8	$ 336.5
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative liability	$ 2.4

Fair Value Disclosure Fair Valu

Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 10.7	$ 8.5
Derivative liability	2.4	13.6
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10.7	8.5
Derivative liability	2.4	13.6
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.9	6.9
Derivative liability	2.1	7
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.9	6.9
Derivative liability	2.1	7
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8.3	1.4
Derivative liability	0.3	0.6
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	8.3	1.4
Derivative liability	0.3	0.6
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.5	0.2
Derivative liability		6
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability		0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.5	0.2
Derivative liability		6
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Derivative liability		$ 0
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 2.4

Fair Value Disclosure Fair Va_2

Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - Recourse Debt [Member] - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Liability, Fair Value Hedge	$ (304.9)	$ (449.9)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ 8.3	$ 1.4

Fair Value Disclosure Fair Va_3

Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	$ (46.8)	$ (46.5)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(4.9)	(10.2)
Other Nonoperating Income (Expense)	(8.2)	(3.2)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(0.1)	0
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(3.9)	(12.9)
Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	0.4	0.8
Gain (loss) on non-designated derivative contracts	0	0
Interest Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	(6.9)	(3.2)
Derivatives designated as hedging instruments	6.9	3.2
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.4)	(0.8)
Interest Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(5.3)	(11)
Gain (loss) on non-designated derivative contracts	6.9	(0.8)
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$ 5.3	$ 11

Fair Value Disclosure Fair Va_4

Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest expense, net	$ (46.8)	$ (46.5)
Other (expense) income	(8.2)	(3.2)
Interest Expense [Member]
Gain (loss) on fair value hedging relationships
Gain (loss) on non-designated derivative contracts	0	0
Interest Expense [Member] | Interest Rate Contract [Member]
Gain (loss) on fair value hedging relationships
Hedged items	(6.9)	(3.2)
Derivatives designated as hedging instruments	6.9	3.2
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.4)	(0.8)
Interest Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member]
Gain (loss) on fair value hedging relationships
Gain (loss) on non-designated derivative contracts	6.9	(0.8)
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Gain (loss) on fair value hedging relationships
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Other (Income) Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]
Gain (loss) on fair value hedging relationships
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$ 5.3	$ 11

Fair Value Disclosure Fair Va_5

Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	$ 4,153.8	$ 4,389.3
Recourse Floating Rate Debt Fair Value Disclosure	915.6	417.5
Lines of Credit, Fair Value Disclosure	250
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	4,354.7	4,644.6
Recourse Floating Rate Debt Fair Value Disclosure	911.8	$ 419
Line of Credit Facility, Fair Value of Amount Outstanding	$ 248.9

Pension and Other Post Retireme

Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax	$ 3.1
Defined Benefit Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Service Cost	$ 2	$ 1.7

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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accumulative other comprehensive loss:
After-tax amount recognized in accumulated other comprehensive loss	$ 83.2		$ 85.4
Defined Benefit Pension [Member]
Change in Benefit Obligation
Service cost	2	$ 1.7
Interest cost	3.1	3.8
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(5.1)	(5.5)
Defined Benefit Plan, Amortization of Gain (Loss)	3.1	1.9
Retiree Health and Life [Member]
Change in Benefit Obligation
Service cost	0	0
Interest cost	0.1	0.2
Accumulative other comprehensive loss:
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	$ 0	$ 0

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
	Mar. 31, 2020	Mar. 31, 2019
Defined Benefit Pension [Member]
Components of pension and other post retirement benefit costs
Service cost	$ 2	$ 1.7
Interest cost	3.1	3.8
Expected return on plan assets	(5.1)	(5.5)
Defined Benefit Plan, Amortization of Gain (Loss)	(3.1)	(1.9)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	3.1	1.9
Retiree Health and Life [Member]
Components of pension and other post retirement benefit costs
Service cost	0	0
Interest cost	0.1	0.2
Expected return on plan assets	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0.1	$ 0.2

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 2.2	$ 5.1
Tax benefit from share-based compensation expense	$ 0.5	$ 1.3
Weighted average estimated fair value	$ 22.50
Quarterly dividend rate	$ 0.48
Expected term of stock options and stock appreciation rights, in years	4 years 2 months 12 days
Risk-free interest rate	1.30%
Dividend yield	2.50%
Expected stock price volatility	28.50%
Present value of dividends	$ 7.89

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	288,000
Share-based compensation expense	$ 2.2	$ 5.1
Tax benefit from share-based compensation expense	0.5	1.3
Payments for Repurchase of Common Stock	$ 0	$ 38.1
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	34,950
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	54,270
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	5,753

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	32.50%	23.80%

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	$ 9.3	$ 9.3

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 46.3	$ 41.5
Denominator:
Denominator for basic earnings per share — weighted average shares	34.9	36.5
Effect of dilutive securities:
Equity compensation plans	0.5	0.6
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion	35.4	37.1
Basic earnings per share (in dollars per share)	$ 1.33	$ 1.14
Diluted earnings per share (in dollars per share)	$ 1.31	$ 1.12

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance, Foreign Currency Translation Gain (Loss)	$ (68.1)
Change in Foreign Currency Translation Gain (Loss)	(39.6)
Foreign currency translation gain loss before reclassification adjustment into earnings	0
Foreign Currency Translation Gain (Loss), Income tax effect	0
Ending Balance, Foreign Currency Translation Gain (Loss)	(107.7)
Change in Unrealized Loss on Derivative Instruments	3.9
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings	(4.9)
Unrealized Loss on Derivative Instruments, Income tax effect	0.3
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax	(10.8)	$ (10.1)
Beginning Balance, Post-Retirement Benefit Plans	(85.4)
Change in Post-Retirement Benefit Plans	(0.2)
Post-Retirement Benefit Plans, Reclassification adjustments into earnings	3.1
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, before Tax	(1.8)
Post-Retirement Benefit Plans, Income tax effect	(0.7)
Ending Balance, Post-Retirement Benefit Plans	(83.2)
Other Comprehensive Income Change in Component	(35.9)
Income tax effect, Total	(0.4)
Accumulated other comprehensive income (loss), net of tax	$ (201.7)	$ (163.6)

Financial Data of Business Se_2

Financial Data of Business Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)SegmentAircraftEngines	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of business segments | Segment	4
Profitability
Lease revenue	$ 271.7	$ 274.4
Other revenue	25.4	29.5
Total Revenues	308.9	317
Maintenance expense	86.6	81.2
Marine operating expense	10.4	12.1
Depreciation	80.4	79.9
Operating lease expense	13.3	13.7
Other operating expense	8.5	8
Total Expenses	199.2	194.9
Net gain on asset dispositions	27.4	8.9
Interest expense, net	(46.8)	(46.5)
Other (expense) income	(8.2)	(3.2)
Share of affiliates' earnings (pre-tax)	23.8	18.2
Segment profit (loss)	105.9	99.5
SG&A	42.4	46.1
Income tax benefit	12.9	8.4
Net Income	46.3	41.5
Disposition Gains on Owned Assets	26.9	9.7
Nonoperating Income, Residual Sharing Income	0.6	0.4
Nonremarketing Disposition Gain (Loss)	(0.1)	(1.2)
Selected Balance Sheet Data
Investments in affiliated companies	532.4		$ 512.6
Identifiable assets	8,717.9		8,285.1
Capital Expenditures
Portfolio investments and capital additions	(194.7)	(147.3)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	11.8	13.1
Rail North America [Member]
Profitability
Lease revenue	212.1	220.9
Other revenue	23.6	27.4
Total Revenues	235.7	248.3
Maintenance expense	72.9	68.8
Marine operating expense	0	0
Depreciation	63.6	64.3
Operating lease expense	13.3	13.7
Other operating expense	6.6	6.4
Total Expenses	156.4	153.2
Net gain on asset dispositions	26.8	8.2
Interest expense, net	(33.3)	(34.2)
Other (expense) income	(0.8)	(0.7)
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	72	68.4
Disposition Gains on Owned Assets	26.9	9.7
Nonoperating Income, Residual Sharing Income	0.1	0.1
Nonremarketing Disposition Gain (Loss)	(0.2)	(1.6)
Selected Balance Sheet Data
Investments in affiliated companies	0.2		0.2
Identifiable assets	5,679		5,646.7
Capital Expenditures
Portfolio investments and capital additions	(110.9)	(99)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0
Rail International [Member]
Profitability
Lease revenue	58.3	52.2
Other revenue	1.8	2
Total Revenues	60.1	54.2
Maintenance expense	12.9	12.1
Marine operating expense	0	0
Depreciation	15.5	14
Operating lease expense	0	0
Other operating expense	1.8	1.5
Total Expenses	30.2	27.6
Net gain on asset dispositions	0.1	0.4
Interest expense, net	(10.6)	(9.9)
Other (expense) income	(5.5)	(2.3)
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	13.9	14.8
Disposition Gains on Owned Assets	0	0
Nonoperating Income, Residual Sharing Income	0	0
Nonremarketing Disposition Gain (Loss)	0.1	0.4
Selected Balance Sheet Data
Investments in affiliated companies	0		0
Identifiable assets	1,497.4		1,486.7
Capital Expenditures
Portfolio investments and capital additions	(69.3)	(33.1)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0
ASC [Member]
Profitability
Lease revenue	1	1
Other revenue	0	0
Total Revenues	9.5	11.7
Maintenance expense	0.8	0.3
Marine operating expense	6.3	7.5
Depreciation	0	0
Operating lease expense	0	0
Other operating expense	0	0
Total Expenses	7.1	7.8
Net gain on asset dispositions	0	0
Interest expense, net	(1.3)	(1.4)
Other (expense) income	(0.2)	0
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	0.9	2.5
Disposition Gains on Owned Assets	0	0
Nonoperating Income, Residual Sharing Income	0	0
Nonremarketing Disposition Gain (Loss)	0	0
Selected Balance Sheet Data
Investments in affiliated companies	0		0
Identifiable assets	300.9		291.1
Capital Expenditures
Portfolio investments and capital additions	(13.7)	(14.5)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	8.5	10.7
Portfolio Management [Member]
Profitability
Lease revenue	0.3	0.3
Other revenue	0	0.1
Total Revenues	3.6	2.8
Maintenance expense	0	0
Marine operating expense	4.1	4.6
Depreciation	1.3	1.6
Operating lease expense	0	0
Other operating expense	0.1	0.1
Total Expenses	5.5	6.3
Net gain on asset dispositions	0.5	0.3
Interest expense, net	(2.9)	(2.7)
Other (expense) income	0	0
Share of affiliates' earnings (pre-tax)	23.8	18.2
Segment profit (loss)	19.5	12.3
Disposition Gains on Owned Assets	0	0
Nonoperating Income, Residual Sharing Income	0.5	0.3
Nonremarketing Disposition Gain (Loss)	0	0
Selected Balance Sheet Data
Investments in affiliated companies	532.2		512.4
Identifiable assets	657.3		653.7
Capital Expenditures
Portfolio investments and capital additions	(0.3)	0
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	$ 3.3	2.4
Number of Specialized Gas Vessels | AircraftEngines	5
Other [Member]
Profitability
Lease revenue	$ 0	0
Other revenue	0	0
Total Revenues	0	0
Maintenance expense	0	0
Marine operating expense	0	0
Depreciation	0	0
Operating lease expense	0	0
Other operating expense	0	0
Total Expenses	0	0
Net gain on asset dispositions	0	0
Interest expense, net	1.3	1.7
Other (expense) income	(1.7)	(0.2)
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	(0.4)	1.5
Disposition Gains on Owned Assets	0	0
Nonoperating Income, Residual Sharing Income	0	0
Nonremarketing Disposition Gain (Loss)	0	0
Selected Balance Sheet Data
Investments in affiliated companies	0		0
Identifiable assets	583.3		$ 206.9
Capital Expenditures
Portfolio investments and capital additions	(0.5)	(0.7)
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block]	0	0
Parent [Member]
Profitability
Income tax benefit	$ 17.2	$ 11.9

Uncategorized Items - gatx20200

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 106,700,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 151,000,000