GATX (GATX) 10-Q 29 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information shares in Thousands	9 Months Ended
	Sep. 30, 2021shares
Document Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GATX Corporation
Document Period End Date	Sep. 30, 2021
City Area Code	312
Local Phone Number	621-6200
Title of 12(b) Security	Common Stock
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	35,500
Entity Shell Company	false
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
Amendment Flag	false
Entity Central Index Key	0000040211
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	36-1124040
Document Type	10-Q
Entity File Number	1-2328
NEW YORK STOCK EXCHANGE, INC. [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	NYSE
CHICAGO STOCK EXCHANGE, INC [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	CHX

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and Cash Equivalents	$ 566	$ 292.2
Restricted Cash	0.2	0.4
Receivables
Rent and other receivables	75.2	74.7
Finance leases	71.5	74
Less: allowance for losses	(6.4)	(6.5)
Receivables, net	140.3	142.2
Operating Assets and Facilities
Operating Assets and Facilities	11,025.8	10,484
Less: allowance for depreciation	(3,352.3)	(3,313.3)
Operating assets and facilities, net	7,673.5	7,170.7
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation	279.2	335.9
Finance leases, net of accumulated depreciation	0	37.5
Lease assets	279.2	373.4
Investments in Affiliated Companies	564.4	584.7
Goodwill	138.7	143.7
Other Assets	224	230.3
Total Assets	9,586.3	8,937.6
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	164.1	147.3
Debt
Commercial paper and borrowings under bank credit facilities	20.7	23.6
Recourse	6,029.8	5,329
Debt	6,050.5	5,352.6
Lease, Liability [Abstract]
Operating leases	292.1	348.6
Finance leases	0	33.3
Lease obligations	292.1	381.9
Deferred Income Tax Liabilities, Net	977.7	962.8
Other Liabilities	125	135.6
Total Liabilities	7,609.4	6,980.2
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	42.2	41.9
Additional paid in capital	761.7	735.4
Retained earnings	2,708.9	2,682.1
Accumulated other comprehensive loss	(171)	(137.5)
Treasury stock at cost (29,693,573 and 29,187,508 shares)	(1,364.9)	(1,364.5)
Total Shareholders’ Equity	1,976.9	1,957.4
Total Liabilities and Shareholders’ Equity	$ 9,586.3	$ 8,937.6
Common Stock, Shares Authorized	120,000,000
Common Stock, Par or Stated Value Per Share	$ 0.625
Common Stock, Shares, Outstanding	35,478,446	35,047,317

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.625
Common stock, shares authorized	120,000,000
Common stock, shares issued	68,186,431	67,751,074
Common stock, shares outstanding	35,478,446	35,047,317
Treasury stock, shares outstanding	32,707,985	32,703,757

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Lease revenue	$ 283.9	$ 273.3	$ 852.1	$ 813.3
Marine operating revenue	5	5	13.7	11.6
Other revenue	24.6	26.1	70.6	79.4
Total Revenues	313.5	304.4	936.4	904.3
Expenses
Maintenance expense	74.2	76.7	225.1	244.8
Marine operating expense	3.7	3.6	13.8	10.9
Depreciation	91.1	83.4	271.2	245.4
Operating Lease, Expense	9	12.3	30.1	38.1
Other operating expense	9.7	8.3	31.3	26
Selling, general and administrative	45.9	42	140.8	125.8
Total Expenses	233.6	226.3	712.3	691
Other Income (Expense)
Net gain on asset dispositions	21.9	8.9	79.1	42.3
Interest expense, net	(49.8)	(48.6)	(153.4)	(141.5)
Other (expense) income	(0.3)	(1.2)	(9.7)	(12.2)
Income before Income Taxes and Share of Affiliates’ Earnings	51.7	37.2	140.1	101.9
Income taxes	(14.4)	(11.8)	(36.4)	(29.6)
Share of affiliates’ earnings, net of taxes	2.8	22.8	(21.6)	60.1
Net income from continuing operations	40.1	48.2	82.1	132.4
(Loss) Income from Discontinued Operations, Net of Taxes	0	0	0	(2.2)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		(0.3)		3.3
Net loss from discontinued operations, net of taxes	0	(0.3)	0	1.1
Net income	40.1	47.9	82.1	133.5
Other Comprehensive Income, net of taxes
Foreign currency translation adjustments	(20.7)	19.7	(42)	(0.9)
Unrealized Gain (Loss) on Derivatives	0.3	0.3	1.3	(3.7)
Post-retirement benefit plans	2.4	2.3	7.2	8
Other comprehensive (loss) income	0.9	22.3		3.4
Comprehensive Income	$ 22.1	$ 70.2	$ 48.6	$ 136.9
Share Data
Basic earnings per share from continuing operations (in dollars per share)	$ 1.13	$ 1.38	$ 2.32	$ 3.79
Basic earnings per share from discontinued operations (in dollars per share)	0	(0.01)	0	0.03
Basic earnings per share (in dollars per share)	$ 1.13	$ 1.37	$ 2.32	$ 3.82
Average number of common shares (in shares)	35.5	35	35.4	34.9
Diluted earnings per share from continuing operations (in dollars per share)	$ 1.11	$ 1.36	$ 2.28	$ 3.74
Diluted earnings per share from discontinued operations (in dollars per share)	0	(0.01)	0	0.03
Diluted earnings per share (in dollars per share)	$ 1.11	$ 1.35	$ 2.28	$ 3.77
Average number of common shares and common share equivalents (in shares)	36	35.4	36	35.4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net income	$ 82,100,000	$ 133,500,000
Income from discontinued operations, net of taxes	0	1,100,000
Net income from continuing operations	82,100,000	132,400,000
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation expense	281,900,000	254,600,000
Net gains on sales of assets	(76,600,000)	(40,500,000)
Deferred income taxes	19,700,000	29,800,000
Share of affiliates’ earnings, net of dividends	21,500,000	(60,100,000)
Changes in working capital items	11,400,000	(14,100,000)
Net cash provided by operating activities of continuing operations	340,000,000	302,100,000
Investing Activities
Additions to operating assets and facilities	(891,400,000)	(641,400,000)
Acquisition of new businesses	(1,400,000)
Investments in affiliates	(400,000)
Portfolio investments and capital additions	(893,200,000)	(641,400,000)
Portfolio proceeds	159,000,000	120,200,000
Proceeds from sales of other assets	43,700,000	17,500,000
Other	600,000	1,300,000
Net cash used in investing activities of continuing operations	(689,900,000)	(502,400,000)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)	1,319,100,000	1,465,800,000
Repayments of debt (original maturities longer than 90 days)	(584,000,000)	(1,100,000,000)
Net decrease in debt with original maturities of 90 days or less	(1,900,000)	(3,100,000)
Stock repurchases	(400,000)	0
Dividends	(56,200,000)	(53,700,000)
Purchases of assets previously leased	(77,200,000)	(40,000,000)
Other	24,400,000	(13,100,000)
Net cash provided by financing activities of continuing operations	623,800,000	255,900,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1,400,000)	(1,000,000)
Net cash used in operating activities from discontinued operations	0	(8,500,000)
Net cash provided by investing activities from discontinued operations	1,100,000	240,900,000
Net cash provided by financing activities from discontinued operations	0	21,800,000
Cash provided by discontinued operations, net	1,100,000	254,200,000
Net increase in Cash, Cash Equivalents, and Restricted Cash during the period	273,600,000	308,800,000
Cash, Cash Equivalents, and Restricted Cash at beginning of period	292,600,000	151,000,000
Cash, Cash Equivalents, and Restricted Cash at end of period	$ 566,200,000	$ 459,800,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common stock, shares issued		67,500,000
Common Stock, Value, Issued		$ 41.8
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent			$ (1,364.5)	$ (720.1)	$ (2,601.3)	$ 163.6
Stock Issued During Period, Shares, New Issues		200,000
Stock Issued During Period, Value, New Issues		$ 0.1
Stock Repurchased During Period, Shares			0
Repurchase of common stock			$ 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				10.7
Net income	$ 133.5				133.5
Dividends, Common Stock, Cash					(52.8)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(3.4)					(3.4)
Common stock, shares issued		67,700,000
Common Stock, Value, Issued		$ 41.8
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent			$ (1,364.5)	(728.8)	(2,651.7)	182.5
Stock Issued During Period, Shares, New Issues		0
Stock Issued During Period, Value, New Issues		$ 0.1
Stock Repurchased During Period, Shares			0
Repurchase of common stock			$ 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				2
Net income	47.9				47.9
Dividends, Common Stock, Cash					(17.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(22.3)					(22.3)
Common stock, shares issued		67,700,000
Common Stock, Value, Issued		$ 41.9
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent	$ (1,930)		$ (1,364.5)	(730.8)	(2,682)	160.2
Common stock, shares issued	67,751,074	67,800,000
Common Stock, Value, Issued	$ 41.9	$ 41.9
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent	(1,957.4)		$ (1,364.5)	(735.4)	(2,682.1)	137.5
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(0.9)
Stock Issued During Period, Shares, New Issues		400,000
Stock Issued During Period, Value, New Issues		$ 0.3
Stock Repurchased During Period, Shares			0
Repurchase of common stock			$ (0.4)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				26.3
Net income	82.1				82.1
Dividends, Common Stock, Cash					(55.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent						33.5
Stockholders' Equity Attributable to Parent	171
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(0.8)
Common stock, shares issued		68,200,000
Common Stock, Value, Issued		$ 42.2
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent	153		$ (1,364.5)	(759.4)	(2,687.3)	153
Stock Issued During Period, Shares, New Issues		0
Stock Issued During Period, Value, New Issues		$ 0
Stock Repurchased During Period, Shares			0
Repurchase of common stock			$ (0.4)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				2.3
Net income	40.1				40.1
Dividends, Common Stock, Cash					(18.5)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (0.9)					18
Common stock, shares issued	68,186,431	68,200,000
Common Stock, Value, Issued	$ 42.2	$ 42.2
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent	$ (1,976.9)		$ (1,364.9)	$ (761.7)	$ (2,708.9)	$ 171

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.50	$ 0.48	$ 1.50	$ 1.44

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2021
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 three primary business segments: Rail North America , Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. In the first quarter of 2021, GATX began investing directly in aircraft spare engines through its new entity, GATX Engine Leasing ("GEL"). During the first quarter of 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the Rolls-Royce & Partners Finance joint ventures (collectively the “RRPF affiliates” or "RRPF"). Financial results for this business are reported in the Portfolio Management segment. On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), one of the largest tank container lessors in the world. Financial results for this business are reported in the Other segment. See "Note 3. Business Combinations" for additional information. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 16. Discontinued Operations" for additional information.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	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 2021 presentation, including the separate presentation and reporting of discontinued operations. Operating results for the nine months ended September 30, 2021 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2021. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2020. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which eliminates exceptions for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences and clarifies the methodology for calculating income taxes in an interim period. We adopted the new guidance in the first quarter of 2021. The application of this guidance did not impact our financial statements and had an immaterial impact on related disclosures. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional practical expedients and exceptions in the application of GAAP principles to contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates being discontinued as a result of reference rate reform. Optional expedients are available for adoption from March 12, 2020 through December 31, 2022. For any contracts that reference LIBOR, we are currently assessing how this standard may be applied to specific contract modifications. Variable Lease Payments In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842) - Lessors - Certain Leases with Variable Lease Payments , which classifies leases with variable rate payments (not dependent on a rate or index) as operating for a lessor if the lease would have been a finance lease that recognized a selling loss at lease commencement. The new guidance is effective for us in the first quarter of 2022. We do not expect the new guidance to have a significant impact on our financial statements or related disclosures.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combinations	NOTE 3. Business Combinations On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), one of the largest tank container lessors in the world, for approximately €165 million ($203.2 million) in cash. Transaction costs associated with this acquisition were approximately $2.7 million. In the third quarter of 2021, GATX paid an additional €1.1 million ($1.4 million), attributable to post-closing adjustments. Headquartered in the Netherlands with offices worldwide, Trifleet owns and manages a fleet of tank containers leased to a diverse customer base in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical industries, as well as to tank container operators. As of September 30, 2021, we have allocated $146.2 million to tangible net assets and $58.4 million to goodwill in the preliminary purchase accounting for the acquisition. The allocation of the purchase price is incomplete with respect to certain assets and liabilities acquired. The purchase price allocation will be finalized during the measurement period, which will not exceed 12 months from the acquisition date. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented.

Revenue Revenue

Revenue Revenue	9 Months Ended
	Sep. 30, 2021
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. Operating Lease Revenue We lease railcars, tank containers, aircraft spare engines, 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 lease revenue is within the scope of Topic 842, and we have elected not to 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, tank containers, and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized 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. For vessels operating in a pooling arrangement, we recognize pool revenue based on the right to receive our portion of net distributions reported by the pool, with net distributions being the net voyage revenue of the pool after deduction of voyage expenses. For vessels operating out of the pool, we recognize revenue over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. 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.

Investments in Affiliated Compa

Investments in Affiliated Companies	9 Months Ended
	Sep. 30, 2021
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 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”. Although we determined that Alpha Partners Leasing Limited, which is part of the RRPF affiliates, did not trigger any of the significance tests as of September 30, 2021, we determined that at least one of the significance tests was triggered as of September 30, 2020. 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 Nine Months Ended 2021 2020 2021 2020 Total revenue $ 91.1 $ 112.5 $ 277.3 $ 318.5 Total expenses (91.9) (95.9) (267.4) (271.0) Other income, including net gains on sales of assets 7.7 10.0 36.2 48.2 Net income (1) 5.5 21.7 37.2 77.6 _______ (1) Net income for the nine months ended September 30, 2021 excludes the impact from the change in the enacted corporate income tax rate increase in the United Kingdom in 2021. Net income for the three and nine months ended September 30, 2020 exclude the impact from the elimination of a previously announced corporate income tax rate reduction in 2020.

Fair Value Disclosure

Fair Value Disclosure	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020. In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment 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, investments in affiliates, 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 three instruments outstanding with an aggregate notional amount of $200.0 million as of September 30, 2021 with maturities in 2022 and five instruments outstanding with an aggregate notional amount of $300.0 million as of December 31, 2020 with maturities ranging from 2021 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, forwards, 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 six instruments outstanding with an aggregate notional amount of $293.7 million as of September 30, 2021 with maturities ranging from 2021 to 2022 and one instrument outstanding with an aggregate notional amount of $105.7 million as of December 31, 2020 that matures in 2021. 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. We had no derivative instruments with credit risk related contingent features that were in a liability position as of September 30, 2021. 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 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 2.4 $ — $ 2.4 $ — Foreign exchange contracts (1) Other assets 6.7 — 6.7 — Foreign exchange contracts (2) Other assets 1.7 — 1.7 — Total derivative assets $ 10.8 $ — $ 10.8 $ — Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 5.6 $ — $ 5.6 $ — Foreign exchange contracts (1) Other assets 0.4 — 0.4 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 6.4 $ — $ 6.4 $ — _________ (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 September 30, 2021 and December 31, 2020, 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 September 30, 2021 and December 31, 2020 (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 September 30 December 31 September 30 December 31 Recourse debt $ (201.7) $ (303.6) $ 2.4 $ 5.6 The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three and nine months ended September 30, 2021 and 2020 (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 Three Months Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ — Interest expense $ 0.4 $ 0.6 Foreign exchange contracts (6.4) 10.5 Other (income) expense (6.4) 10.4 Total $ (6.4) $ 10.5 Total $ (6.0) $ 11.0 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 Nine Months Ended Nine Months Ended Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) Interest expense $ 1.5 $ 1.4 Foreign exchange contracts (10.3) 15.2 Other (income) expense (10.6) 9.5 Total $ (10.3) $ 14.7 Total $ (9.1) $ 10.9 The following tables show 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 and nine months ended September 30, 2021 and 2020 (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 2021 2020 Interest (expense), Other income Interest (expense), Other income 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 $ (49.8) $ (0.3) $ (48.6) $ (1.2) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 0.8 — 1.3 — Derivatives designated as hedging instruments (0.8) — (1.3) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4) — (0.6) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 6.4 — (10.4) Gain (loss) on non-designated derivative contracts — 2.6 — 2.2 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended Nine Months Ended 2021 2020 Interest (expense), Other income Interest (expense), Other income 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 $ (153.4) $ (9.7) $ (141.5) $ (12.2) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 3.2 — (5.4) — Derivatives designated as hedging instruments (3.2) — 5.4 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.5) — (1.4) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 10.6 — (9.5) Gain (loss) on non-designated derivative contracts — 0.9 — 4.6 _______ (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): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,508.5 $ 5,926.0 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 550.0 550.1 299.9 300.4

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Pension and Other Post-Retirement Benefits	Pension and Other Post-Retirement Benefits The following table shows the components of net periodic cost for the three months ended September 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 2.1 $ 2.0 $ — $ — Interest cost 2.1 3.1 0.1 0.1 Expected return on plan assets (4.6) (5.0) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss (gain) 3.3 3.1 (0.1) (0.1) Net periodic cost $ 2.9 $ 3.2 $ — $ — The following table shows the components of net periodic cost for the nine months ended September 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 6.5 $ 6.0 $ 0.1 $ 0.1 Interest cost 6.1 9.2 0.2 0.4 Expected return on plan assets (13.9) (15.1) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 9.9 9.5 (0.2) (0.3) Net periodic cost $ 8.6 $ 9.6 $ — $ 0.1 _______ (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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table shows our effective income tax rate for continuing operations for the nine months ended September 30: 2021 2020 Effective income tax rate for continuing operations 26.0 % 29.1 % The difference in the effective rate for the current year compared to the prior year is primarily due to an increase in incremental benefits associated with share-based compensation in the current year, as well as the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which includes modifications to the interest expense limitation threshold and net operating loss carryback period and utilization limitation, the acceleration of payments for alternative minimum tax credit refunds, and the deferral of employer payroll tax payments. The CARES Act did not have a material impact on our effective tax rate.

Commercial Commitments

Commercial Commitments	9 Months Ended
	Sep. 30, 2021
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees 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 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.1 Derivative guarantees 0.5 1.5 Total commercial commitments (1) $ 9.5 $ 10.6 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2021 and December 31, 2020. As of September 30, 2021, our outstanding commitments expire in 2022 through 2023. We are not aware of any event that would require us to satisfy any of our commitments.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 40.1 $ 48.2 $ 82.1 $ 132.4 Net (loss) income from discontinued operations — (0.3) — 1.1 Net income $ 40.1 $ 47.9 $ 82.1 $ 133.5 Denominator: Weighted-average shares outstanding - basic 35.5 35.0 35.4 34.9 Effect of dilutive securities: Equity compensation plans 0.5 0.4 0.6 0.5 Weighted-average shares outstanding - diluted 36.0 35.4 36.0 35.4 Basic earnings per share from continuing operations $ 1.13 $ 1.38 $ 2.32 $ 3.79 Basic earnings per share from discontinued operations — (0.01) — 0.03 Basic earnings per share from consolidated operations $ 1.13 $ 1.37 $ 2.32 $ 3.82 Diluted earnings per share from continuing operations $ 1.11 $ 1.36 $ 2.28 $ 3.74 Diluted earnings per share from discontinued operations — (0.01) — 0.03 Diluted earnings per share from consolidated operations $ 1.11 $ 1.35 $ 2.28 $ 3.77

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [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, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) Change in component (36.6) 4.8 — (31.8) Reclassification adjustments into earnings (1) — (4.1) 3.3 (0.8) Income tax effect — (0.1) (0.8) (0.9) Balance at March 31, 2021 $ (80.3) $ (14.0) $ (76.7) $ (171.0) Change in component 15.3 (0.6) — 14.7 Reclassification adjustments into earnings (1) — 1.0 3.1 4.1 Income tax effect — — (0.8) (0.8) Balance at June 30, 2021 $ (65.0) $ (13.6) $ (74.4) $ (153.0) Change in component (20.7) 6.4 — (14.3) Reclassification adjustments into earnings (1) — (6.0) 3.2 (2.8) Income tax effect — (0.1) (0.8) (0.9) Balance at September 30, 2021 $ (85.7) $ (13.3) $ (72.0) $ (171.0) ________ (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	9 Months Ended
	Sep. 30, 2021
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, 2020.

Financial Data of Business Segm

Financial Data of Business Segments	9 Months Ended
	Sep. 30, 2021
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 three primary business segments: Rail North America , Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. In the first quarter of 2021, GATX began investing directly in aircraft spare engines through its new entity, GEL. During the first quarter of 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the RRPF affiliates. Financial results for this business are reported in the Portfolio Management segment. On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), one of the largest tank container lessors in the world. Financial results for this business are reported in the Other segment. See "Note 3. Business Combinations" for additional information. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 16. Discontinued Operations" 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, and GEL, our direct ownership of aircraft spare engines that we lease, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. Other includes Trifleet operations, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. 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. The following tables show certain segment data for each of our business segments (in millions): Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended September 30, 2021 Revenues Lease revenue $ 200.4 $ 68.8 $ 8.2 $ 6.5 $ 283.9 Marine operating revenue — — 5.0 — 5.0 Other revenue 19.4 2.7 0.1 2.4 24.6 Total Revenues 219.8 71.5 13.3 8.9 313.5 Expenses Maintenance expense 58.9 14.0 — 1.3 74.2 Marine operating expense — — 3.7 — 3.7 Depreciation expense 64.8 18.5 4.9 2.9 91.1 Operating lease expense 9.0 — — — 9.0 Other operating expense 6.6 1.8 0.6 0.7 9.7 Total Expenses 139.3 34.3 9.2 4.9 187.7 Other Income (Expense) Net gain on asset dispositions 20.2 0.9 0.6 0.2 21.9 Interest expense, net (32.9) (10.9) (4.5) (1.5) (49.8) Other (expense) income (1.1) (0.2) 2.0 (1.0) (0.3) Share of affiliates' pre-tax (loss) income (0.2) — 4.0 — 3.8 Segment profit $ 66.5 $ 27.0 $ 6.2 $ 1.7 $ 101.4 Less: Selling, general and administrative expense 45.9 Income taxes (includes $1.0 related to affiliates' earnings) 15.4 Net income $ 40.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 14.4 $ 0.3 $ — $ 0.2 $ 14.9 Residual sharing income 0.2 — 0.6 — 0.8 Non-remarketing net gains (1) 5.6 0.6 — — 6.2 $ 20.2 $ 0.9 $ 0.6 $ 0.2 $ 21.9 Capital Expenditures Portfolio investments and capital additions $ 178.9 $ 40.9 $ — $ 10.0 $ 229.8 Selected Balance Sheet Data at September 30, 2021 Investments in affiliated companies $ 0.2 $ — $ 564.2 $ — $ 564.4 Identifiable assets $ 6,016.0 $ 1,732.8 $ 1,030.1 $ 807.4 $ 9,586.3 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended September 30, 2020 Revenues Lease revenue $ 208.7 $ 64.5 $ 0.1 $ — $ 273.3 Marine operating revenue — — 5.0 — 5.0 Other revenue 23.4 2.6 0.1 — 26.1 Total Revenues 232.1 67.1 5.2 — 304.4 Expenses Maintenance expense 63.2 13.5 — — 76.7 Marine operating expense — — 3.6 — 3.6 Depreciation expense 65.0 17.1 1.3 — 83.4 Operating lease expense 12.3 — — — 12.3 Other operating expense 6.6 1.6 0.1 — 8.3 Total Expenses 147.1 32.2 5.0 — 184.3 Other Income (Expense) Net gain on asset dispositions 7.9 0.5 0.5 — 8.9 Interest (expense) income, net (35.7) (11.9) (3.2) 2.2 (48.6) Other (expense) income (1.1) 0.5 — (0.6) (1.2) Share of affiliates' pre-tax income — — 46.8 — 46.8 Segment profit $ 56.1 $ 24.0 $ 44.3 $ 1.6 $ 126.0 Less: Selling, general and administrative expense 42.0 Income taxes (includes $24.0 related to affiliates' earnings) 35.8 Net income from continuing operations $ 48.2 Discontinued Operations, Net of Taxes Net income from discontinued operations, net of taxes $ — Loss on sale of discontinued operations, net of taxes (0.3) Total discontinued operations, net of taxes $ (0.3) Net income $ 47.9 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 7.8 $ 0.2 $ — $ — $ 8.0 Residual sharing income 0.1 — 0.5 — 0.6 Non-remarketing net gains (1) — 0.3 — — 0.3 $ 7.9 $ 0.5 $ 0.5 $ — $ 8.9 Capital Expenditures Portfolio investments and capital additions $ 204.1 $ 45.3 $ — $ 0.5 $ 249.9 Selected Balance Sheet Data at December 31, 2020 Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets $ 5,944.4 $ 1,745.8 $ 706.1 $ 541.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail Rail International Portfolio Management Other GATX Consolidated Nine Months Ended September 30, 2021 Revenues Lease revenue $ 611.4 $ 204.7 $ 19.8 $ 16.2 $ 852.1 Marine operating revenue — — 13.7 — 13.7 Other revenue 56.4 7.9 0.5 5.8 70.6 Total Revenues 667.8 212.6 34.0 22.0 936.4 Expenses Maintenance expense 178.8 43.6 — 2.7 225.1 Marine operating expense — — 13.8 — 13.8 Depreciation expense 195.7 55.2 12.6 7.7 271.2 Operating lease expense 30.1 — — — 30.1 Other operating expense 22.6 5.5 1.2 2.0 31.3 Total Expenses 427.2 104.3 27.6 12.4 571.5 Other Income (Expense) Net gain on asset dispositions 74.8 2.0 1.7 0.6 79.1 Interest expense, net (102.5) (34.2) (12.0) (4.7) (153.4) Other (expense) income (2.9) — 2.0 (8.8) (9.7) Share of affiliates' pre-tax (loss) income (0.2) — 26.4 — 26.2 Segment profit (loss) $ 209.8 $ 76.1 $ 24.5 $ (3.3) $ 307.1 Less: Selling, general and administrative expense 140.8 Income taxes (includes $47.8 related to affiliates' earnings) 84.2 Net income $ 82.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 62.2 $ 0.7 $ — $ 0.5 $ 63.4 Residual sharing income 0.8 — 1.7 — 2.5 Non-remarketing net (loss) gains (1) 11.8 1.3 — 0.1 13.2 $ 74.8 $ 2.0 $ 1.7 $ 0.6 $ 79.1 Capital Expenditures Portfolio investments and capital additions $ 394.4 $ 126.1 $ 353.0 $ 19.7 $ 893.2 __________ (1) Includes net gains (losses) from scrapping of railcars.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease income: Fixed lease income $ 264.6 $ 258.6 $ 795.0 $ 764.7 Variable lease income 17.4 13.2 51.9 43.7 Total operating lease income $ 282.0 $ 271.8 $ 846.9 $ 808.4 Finance lease income 1.9 1.5 5.2 4.9 Total lease income $ 283.9 $ 273.3 $ 852.1 $ 813.3
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease income: Fixed lease income $ 264.6 $ 258.6 $ 795.0 $ 764.7 Variable lease income 17.4 13.2 51.9 43.7 Total operating lease income $ 282.0 $ 271.8 $ 846.9 $ 808.4 Finance lease income 1.9 1.5 5.2 4.9 Total lease income $ 283.9 $ 273.3 $ 852.1 $ 813.3

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	9 Months Ended
	Sep. 30, 2021
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 Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 2.4 $ — $ 2.4 $ — Foreign exchange contracts (1) Other assets 6.7 — 6.7 — Foreign exchange contracts (2) Other assets 1.7 — 1.7 — Total derivative assets $ 10.8 $ — $ 10.8 $ — Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 5.6 $ — $ 5.6 $ — Foreign exchange contracts (1) Other assets 0.4 — 0.4 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 6.4 $ — $ 6.4 $ — _________ (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 September 30, 2021 and December 31, 2020 (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 September 30 December 31 September 30 December 31 Recourse debt $ (201.7) $ (303.6) $ 2.4 $ 5.6 The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three and nine months ended September 30, 2021 and 2020 (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 Three Months Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ — Interest expense $ 0.4 $ 0.6 Foreign exchange contracts (6.4) 10.5 Other (income) expense (6.4) 10.4 Total $ (6.4) $ 10.5 Total $ (6.0) $ 11.0 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 Nine Months Ended Nine Months Ended Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) Interest expense $ 1.5 $ 1.4 Foreign exchange contracts (10.3) 15.2 Other (income) expense (10.6) 9.5 Total $ (10.3) $ 14.7 Total $ (9.1) $ 10.9
Cash flow hedging instruments	The following tables show 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 and nine months ended September 30, 2021 and 2020 (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 2021 2020 Interest (expense), Other income Interest (expense), Other income 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 $ (49.8) $ (0.3) $ (48.6) $ (1.2) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 0.8 — 1.3 — Derivatives designated as hedging instruments (0.8) — (1.3) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4) — (0.6) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 6.4 — (10.4) Gain (loss) on non-designated derivative contracts — 2.6 — 2.2 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended Nine Months Ended 2021 2020 Interest (expense), Other income Interest (expense), Other income 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 $ (153.4) $ (9.7) $ (141.5) $ (12.2) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 3.2 — (5.4) — Derivatives designated as hedging instruments (3.2) — 5.4 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.5) — (1.4) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 10.6 — (9.5) Gain (loss) on non-designated derivative contracts — 0.9 — 4.6 _______
Other financial instruments	The following table shows the carrying amounts and fair values of our other financial instruments (in millions): September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,508.5 $ 5,926.0 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 550.0 550.1 299.9 300.4

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2021
Retirement Benefits [Abstract]
Components of pension and other post retirement benefit costs	The following table shows the components of net periodic cost for the three months ended September 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 2.1 $ 2.0 $ — $ — Interest cost 2.1 3.1 0.1 0.1 Expected return on plan assets (4.6) (5.0) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss (gain) 3.3 3.1 (0.1) (0.1) Net periodic cost $ 2.9 $ 3.2 $ — $ — The following table shows the components of net periodic cost for the nine months ended September 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 6.5 $ 6.0 $ 0.1 $ 0.1 Interest cost 6.1 9.2 0.2 0.4 Expected return on plan assets (13.9) (15.1) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 9.9 9.5 (0.2) (0.3) Net periodic cost $ 8.6 $ 9.6 $ — $ 0.1 _______ (1) Amounts reclassified from accumulated other comprehensive loss.

Commercial Commitments (Tables)

Commercial Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
Guarantees [Abstract]
Commercial Commitments	The following table shows our commercial commitments (in millions): September 30 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.1 Derivative guarantees 0.5 1.5 Total commercial commitments (1) $ 9.5 $ 10.6 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2021 and December 31, 2020. As of September 30, 2021, our outstanding commitments expire in 2022 through 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, 2021
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 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 40.1 $ 48.2 $ 82.1 $ 132.4 Net (loss) income from discontinued operations — (0.3) — 1.1 Net income $ 40.1 $ 47.9 $ 82.1 $ 133.5 Denominator: Weighted-average shares outstanding - basic 35.5 35.0 35.4 34.9 Effect of dilutive securities: Equity compensation plans 0.5 0.4 0.6 0.5 Weighted-average shares outstanding - diluted 36.0 35.4 36.0 35.4 Basic earnings per share from continuing operations $ 1.13 $ 1.38 $ 2.32 $ 3.79 Basic earnings per share from discontinued operations — (0.01) — 0.03 Basic earnings per share from consolidated operations $ 1.13 $ 1.37 $ 2.32 $ 3.82 Diluted earnings per share from continuing operations $ 1.11 $ 1.36 $ 2.28 $ 3.74 Diluted earnings per share from discontinued operations — (0.01) — 0.03 Diluted earnings per share from consolidated operations $ 1.11 $ 1.35 $ 2.28 $ 3.77

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [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, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) Change in component (36.6) 4.8 — (31.8) Reclassification adjustments into earnings (1) — (4.1) 3.3 (0.8) Income tax effect — (0.1) (0.8) (0.9) Balance at March 31, 2021 $ (80.3) $ (14.0) $ (76.7) $ (171.0) Change in component 15.3 (0.6) — 14.7 Reclassification adjustments into earnings (1) — 1.0 3.1 4.1 Income tax effect — — (0.8) (0.8) Balance at June 30, 2021 $ (65.0) $ (13.6) $ (74.4) $ (153.0) Change in component (20.7) 6.4 — (14.3) Reclassification adjustments into earnings (1) — (6.0) 3.2 (2.8) Income tax effect — (0.1) (0.8) (0.9) Balance at September 30, 2021 $ (85.7) $ (13.3) $ (72.0) $ (171.0) ________ (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.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table shows the financial results of our discontinued operations (in millions): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenues $ — $ — $ — $ 27.2 Expenses Operating expense — — — 22.5 Depreciation expense — — — 1.7 Selling, general and administrative expense — — — 2.8 Total Expenses — — — 27.0 Other expense — — — (3.0) Loss from Discontinued Operations Before Taxes $ — $ — $ — $ (2.8) Income tax benefit — — — 0.6 Loss from Discontinued Operations, Net of Taxes $ — $ — $ — $ (2.2) (Loss) Gain on Sale of Discontinued Operations, Net of Taxes — (0.3) — 3.3 (Loss) Income from Discontinued Operations, Net of Taxes $ — $ (0.3) $ — $ 1.1 The following table shows cash flow information for our discontinued operations (in millions): Nine Months Ended 2021 2020 Net Cash Used In Operating Activities $ — $ (8.5) Net Cash Provided By Investing Activities (1) 1.1 240.9 Net Cash Provided By Financing Activities — 21.8 Cash provided by discontinued operations, net $ 1.1 $ 254.2

Description of Business (Detail

Description of Business (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2021USD ($)AircraftEngines	Sep. 30, 2021SegmentAircraftEngines
Schedule of Equity Method Investments [Line Items]
Number of business segments | Segment			3
Portfolio Management
Schedule of Equity Method Investments [Line Items]
Number of aircraft engines | AircraftEngines			14
Rolls-Royce Aircraft Engines | Portfolio Management
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Property, Plant, and Equipment | $		$ 352
Rolls-Royce Aircraft Engines | Portfolio Management | RRPF
Schedule of Equity Method Investments [Line Items]
Number of aircraft engines | AircraftEngines		4	4
Payments for asset acquisition | $	$ 120

Business Combinations (Details)

Business Combinations (Details) € in Millions, $ in Millions	Dec. 29, 2020EUR (€)	Dec. 29, 2020USD ($)	Sep. 30, 2021EUR (€)	Sep. 30, 2021USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross		$ 203.2
Business Acquisition, Transaction Costs		$ 2.7
Business Combination, Acquisition Related Costs			€ 1.1	$ 1.4
Trifleet Leasing Holding B.V.
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross | €	€ 165
Business Combination, Goodwill [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill				146.2
Intangible Assets, Net (Including Goodwill)				$ 58.4

Leases - Components of Lease In

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating lease income:
Variable lease income	$ 264.6	$ 258.6	$ 795	$ 764.7
Operating Lease, Variable Lease Income	17.4	13.2	51.9	43.7
Operating Lease, Lease Income	282	271.8	846.9	808.4
Finance lease income	1.9	1.5	5.2	4.9
Total lease income	283.9	273.3	852.1	813.3
Total operating lease income	$ 18.9	$ 22.7	$ 54.6	$ 69.1

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Operating Leases
Total discounted lease liabilities	$ 292.1	$ 348.6
Finance Leases
Total discounted lease liabilities	0	33.3
Total
Total discounted lease liabilities	$ 292.1	$ 381.9

Investments in Affiliated Com_2

Investments in Affiliated Companies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Alpha Partners Leasing Limited [Domain]
Equity Method Investment, Summarized Financial Information. Revenue.	$ 91.1	$ 112.5	$ 277.3	$ 318.5
Equity Method Investment, Summarized Financial Information, Other Expenses	(91.9)	(95.9)	(267.4)	(271)
Equity Method Investment, Summarized Financial Information, Gains (Losses)	7.7	10	36.2	48.2
RRPF
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 5.5	$ 21.7	$ 37.2	$ 77.6

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)Instrument	Dec. 31, 2020USD ($)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	3	5
Derivative, Notional Amount	$ 200	$ 300
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	6	1
Derivative, Notional Amount	$ 293.7	$ 105.7

Fair Value Disclosure Fair Valu

Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 10.8	$ 6.4
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	10.8	6.4
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	6.7	0.4
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	6.7	0.4
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2.4	5.6
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2.4	5.6
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.7	0.4
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0	0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	1.7	0.4
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 0	$ 0

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	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Liability, Fair Value Hedge	$ (201.7)	$ (303.6)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ 2.4	$ 5.6

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	$ (49.8)	$ (48.6)	$ (153.4)	$ (141.5)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(6)	11	(9.1)	10.9
Other Nonoperating Income (Expense)	(0.3)	(1.2)	(9.7)	(12.2)
Cash Flow Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(6.4)	10.5	(10.3)	14.7
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	0	0	(0.5)
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	(6.4)	10.5	(10.3)	15.2
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	0.6	1.5	1.4
Gain (loss) on non-designated derivative contracts	0	0	0	0
Interest Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0.8	1.3	3.2	(5.4)
Derivatives designated as hedging instruments	(0.8)	(1.3)	(3.2)	5.4
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)	(0.6)	(1.5)	(1.4)
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	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	(6.4)	10.4	(10.6)	9.5
Gain (loss) on non-designated derivative contracts	2.6	2.2	0.9	4.6
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0	0	0	0
Derivatives designated as hedging instruments	0	0	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	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	$ 6.4	$ (10.4)	$ 10.6	$ (9.5)

Fair Value Disclosure Fair Va_4

Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	$ 5,508.5	$ 5,056.3
Recourse Floating Rate Debt Fair Value Disclosure	550	299.9
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	5,926	5,696.9
Recourse Floating Rate Debt Fair Value Disclosure	$ 550.1	$ 300.4

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Defined Benefit Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.1	$ 2	$ 6.5	$ 6
Interest cost	2.1	3.1	6.1	9.2
Expected return on plan assets	(4.6)	(5)	(13.9)	(15.1)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0		0
Defined Benefit Plan, Amortization of Gain (Loss)	3.3	3.1	9.9	9.5
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	2.9	3.2	8.6	9.6
Retiree Health and Life [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0.1	0.1
Interest cost	0.1	0.1	0.2	0.4
Expected return on plan assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	(0.1)	(0.1)
Defined Benefit Plan, Amortization of Gain (Loss)	(0.1)	(0.1)	(0.2)	(0.3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0	$ 0	$ 0	$ 0.1

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 4.3	$ 3.9	$ 14.2	$ 9.8
Tax benefit from share-based compensation expense	$ 1.1	$ 1	$ 3.6	$ 2.5
Weighted average estimated fair value	$ 29.56		$ 29.56
Quarterly dividend rate			$ 0.50
Expected term of stock options and stock appreciation rights, in years			4 years 3 months 18 days
Risk-free interest rate			0.30%
Dividend yield			2.20%
Expected stock price volatility			34.40%
Present value of dividends			$ 8.61

Share Based Compensation - Outs

Share Based Compensation - Outstanding Options and Rights (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4.3	$ 3.9	$ 14.2	$ 9.8
Tax benefit from share-based compensation expense	1.1	1	3.6	2.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Tax benefit from share-based compensation expense	$ 1.1	$ 1	$ 3.6	$ 2.5

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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			281,900
Share-based compensation expense	$ 4.3	$ 3.9	$ 14.2	$ 9.8
Tax benefit from share-based compensation expense	$ 1.1	$ 1	$ 3.6	$ 2.5
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			34,020
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			56,290
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			13,342

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent			26.00%	29.10%
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit	$ 14.4	$ 11.8	$ 36.4	$ 29.6

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Total commercial commitments	$ 9.5	$ 10.6
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	9	9.1
RRPF | Derivative [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	$ 0.5	$ 1.5

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income from continuing operations	$ 40.1	$ 48.2	$ 82.1	$ 132.4
Net income	$ 40.1	$ 47.9	$ 82.1	$ 133.5
Denominator:
Denominator for basic earnings per share — weighted average shares	35.5	35	35.4	34.9
Effect of dilutive securities:
Equity compensation plans	0.5	0.4	0.6	0.5
Weighted-average shares outstanding - diluted	36	35.4	36	35.4
Basic earnings per share from continuing operations (in dollars per share)	$ 1.13	$ 1.38	$ 2.32	$ 3.79
Basic earnings per share from discontinued operations (in dollars per share)	0	(0.01)	0	0.03
Basic earnings per share from consolidated operations (in dollars per share)	1.13	1.37	2.32	3.82
Diluted earnings per share from continuing operations (in dollars per share)	1.11	1.36	2.28	3.74
Diluted earnings per share from discontinued operations (in dollars per share)	0	(0.01)	0	0.03
Diluted earnings per share from discontinued operations (in dollars per share)	$ 1.11	$ 1.35	$ 2.28	$ 3.77

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (153)	$ (171)	$ 1,957.4		$ 1,957.4
Change in component	(14.3)	14.7	(31.8)
Reclassification adjustments into earnings	2.8	(4.1)	0.8
Income tax effect	0.9	0.8	0.9	$ 22.3		$ 3.4
Ending balance	1,976.9	(153)	(171)	1,930	1,976.9	1,930
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(153)		(137.5)	(182.5)	(137.5)	(163.6)
Income tax effect	(18)			22.3	(33.5)	3.4
Ending balance	(171)	(153)		$ (160.2)	(171)	$ (160.2)
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(65)	(80.3)	(43.7)		(43.7)
Change in component	(20.7)	15.3	(36.6)
Reclassification adjustments into earnings	0	0	0
Income tax effect	0	0	0
Ending balance	(85.7)	(65)	(80.3)		(85.7)
Unrealized Loss on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(13.6)	(14)	(14.6)		(14.6)
Change in component	6.4	(0.6)	4.8
Reclassification adjustments into earnings	(6)	1	(4.1)
Income tax effect	0.1	0	0.1
Ending balance	(13.3)	(13.6)	(14)		(13.3)
Post-Retirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	74.4	76.7	79.2		79.2
Change in component	0	0	0
Reclassification adjustments into earnings	3.2	3.1	3.3
Income tax effect	(0.8)	(0.8)	(0.8)
Ending balance	$ 72	$ 74.4	$ 76.7		$ 72

Financial Data of Business Se_2

Financial Data of Business Segments (Details) € in Millions, $ in Millions	Dec. 29, 2020USD ($)	Dec. 29, 2020EUR (€)	Sep. 30, 2021USD ($)AircraftEngines	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)AircraftEngines	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net			$ (49.8)		$ (48.6)	$ (153.4)	$ (141.5)
Provision for Income Taxes, Equity Method Investment			1		24	47.8	33.1
Lease Income			283.9		273.3	852.1	813.3
Marine operating revenue			5		5	13.7	11.6
Other Operating Income			24.6		26.1	70.6	79.4
Total Revenues			313.5		304.4	936.4	904.3
Cost of Property Repairs and Maintenance			74.2		76.7	225.1	244.8
Marine operating expense			3.7		3.6	13.8	10.9
Depreciation			91.1		83.4	271.2	245.4
Operating Lease, Expense			9		12.3	30.1	38.1
Other operating expense			9.7		8.3	31.3	26
Total Expenses			187.7		184.3	571.5	565.2
Net gain on asset dispositions			21.9		8.9	79.1	42.3
Other (expense) income			(0.3)		(1.2)	(9.7)	(12.2)
Share of affiliates' earnings (pre-tax)			3.8		46.8	26.2	93.2
Segment profit (loss)			101.4		126	307.1	320.9
Net loss from discontinued operations, net of taxes			0		(0.3)	0	1.1
Disposition Gains on Owned Assets			14.9		8	63.4	39.4
Nonoperating Income, Residual Sharing Income			0.8		0.6	2.5	1.8
Nonremarketing Disposition Gain (Loss)			6.2		0.3	13.2	1.1
Net income			40.1		47.9	82.1	133.5
Net Income			40.1		48.2	82.1	132.4
Income tax benefit			14.4		11.8	36.4	29.6
Selling, general and administrative			45.9		42	140.8	125.8
Portfolio Investments and Capital Additions			229.8		249.9	893.2	641.4
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			564.4			564.4		$ 584.7
Identifiable assets			9,586.3			9,586.3		8,937.6
Payments to Acquire Businesses, Gross	$ 203.2
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax					(0.3)		3.3
(Loss) Income from Discontinued Operations, Net of Taxes			0		0	0	(2.2)
Trifleet Leasing Holding B.V.
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Payments to Acquire Businesses, Gross | €		€ 165
Parent [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax benefit			15.4		35.8	84.2	62.7
Other Business Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net			(1.5)		2.2	(4.7)	5.1
Lease Income			6.5		0	16.2	0
Marine operating revenue			0		0	0	0
Other Operating Income			2.4		0	5.8	0
Total Revenues			8.9		0	22	0
Cost of Property Repairs and Maintenance			1.3		0	2.7	0
Marine operating expense			0		0	0	0
Depreciation			2.9		0	7.7	0
Operating Lease, Expense			0		0	0	0
Other operating expense			0.7		0	2	0
Total Expenses			4.9		0	12.4	0
Net gain on asset dispositions			0.2		0	0.6	0
Other (expense) income			(1)		(0.6)	(8.8)	(3.3)
Share of affiliates' earnings (pre-tax)			0		0	0	0
Segment profit (loss)			1.7		1.6	(3.3)	1.8
Disposition Gains on Owned Assets			0.2		0	0.5	0
Nonoperating Income, Residual Sharing Income			0		0	0	0
Nonremarketing Disposition Gain (Loss)			0		0	0.1	0
Portfolio Investments and Capital Additions			10		0.5	19.7	2
Identifiable assets			807.4			807.4		541.3
Rail North America [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net			(32.9)		(35.7)	(102.5)	(103.5)
Lease Income			200.4		208.7	611.4	630.8
Marine operating revenue			0		0	0	0
Other Operating Income			19.4		23.4	56.4	72.5
Total Revenues			219.8		232.1	667.8	703.3
Cost of Property Repairs and Maintenance			58.9		63.2	178.8	206.5
Marine operating expense			0		0	0	0
Depreciation			64.8		65	195.7	193
Operating Lease, Expense			9		12.3	30.1	38.1
Other operating expense			6.6		6.6	22.6	20.8
Total Expenses			139.3		147.1	427.2	458.4
Net gain on asset dispositions			20.2		7.9	74.8	39.9
Other (expense) income			(1.1)		(1.1)	(2.9)	(3.2)
Share of affiliates' earnings (pre-tax)			(0.2)		0	(0.2)	0
Segment profit (loss)			66.5		56.1	209.8	178.1
Disposition Gains on Owned Assets			14.4		7.8	62.2	39.1
Nonoperating Income, Residual Sharing Income			0.2		0.1	0.8	0.3
Nonremarketing Disposition Gain (Loss)			5.6		0	11.8	0.5
Portfolio Investments and Capital Additions			178.9		204.1	394.4	474.6
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			0.2			0.2		0
Identifiable assets			6,016			6,016		5,944.4
Rail International [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net			(10.9)		(11.9)	(34.2)	(34)
Lease Income			68.8		64.5	204.7	181.9
Marine operating revenue			0		0	0	0
Other Operating Income			2.7		2.6	7.9	6.5
Total Revenues			71.5		67.1	212.6	188.4
Cost of Property Repairs and Maintenance			14		13.5	43.6	38.3
Marine operating expense			0		0	0	0
Depreciation			18.5		17.1	55.2	48.4
Operating Lease, Expense			0		0	0	0
Other operating expense			1.8		1.6	5.5	4.9
Total Expenses			34.3		32.2	104.3	91.6
Net gain on asset dispositions			0.9		0.5	2	0.8
Other (expense) income			(0.2)		0.5	0	(5.7)
Share of affiliates' earnings (pre-tax)			0		0	0	0
Segment profit (loss)			27		24	76.1	57.9
Disposition Gains on Owned Assets			0.3		0.2	0.7	0.2
Nonoperating Income, Residual Sharing Income			0		0	0	0
Nonremarketing Disposition Gain (Loss)			0.6		0.3	1.3	0.6
Portfolio Investments and Capital Additions			40.9		45.3	126.1	164.5
Identifiable assets			1,732.8			1,732.8		1,745.8
Portfolio Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net			(4.5)		(3.2)	(12)	(9.1)
Lease Income			8.2		0.1	19.8	0.6
Marine operating revenue			5		5	13.7	11.6
Other Operating Income			0.1		0.1	0.5	0.4
Total Revenues			13.3		5.2	34	12.6
Cost of Property Repairs and Maintenance			0		0	0	0
Marine operating expense			3.7		3.6	13.8	10.9
Depreciation			4.9		1.3	12.6	4
Operating Lease, Expense			0		0	0	0
Other operating expense			0.6		0.1	1.2	0.3
Total Expenses			9.2		5	27.6	15.2
Net gain on asset dispositions			0.6		0.5	1.7	1.6
Other (expense) income			2		0	2	0
Share of affiliates' earnings (pre-tax)			4		46.8	26.4	93.2
Segment profit (loss)			6.2		44.3	24.5	83.1
Disposition Gains on Owned Assets			0		0	0	0.1
Nonoperating Income, Residual Sharing Income			0.6		0.5	1.7	1.5
Nonremarketing Disposition Gain (Loss)			0		0	0	0
Portfolio Investments and Capital Additions			0		$ 0	353	$ 0.3
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures			564.2			564.2		584.7
Identifiable assets			$ 1,030.1			$ 1,030.1		$ 706.1
Number of aircraft engines | AircraftEngines			14			14
Number of Specialized Gas Vessels | AircraftEngines			5			5
Portfolio Management | Rolls-Royce Aircraft Engines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Payments to Acquire Property, Plant, and Equipment				$ 352

Discontinued Operations - Finan

Discontinued Operations - Financial Results (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 14, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Cash Used In Operating Activities				$ 0	$ (8,500,000)
Net Cash Provided By Investing Activities (1)				1,100,000	240,900,000
Cash Provided by (Used in) Financing Activities, Discontinued Operations				0	21,800,000
Net Cash Provided by (Used in) Discontinued Operations				1,100,000	254,200,000
(Loss) Income from Discontinued Operations, Net of Taxes	$ 0	$ 0		0	(2,200,000)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		(300,000)			3,300,000
Net loss from discontinued operations, net of taxes	0	(300,000)		0	1,100,000
ASC [Member] | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration						$ 258,300,000
Amount held in escrow						$ 1,100,000
Interest expense		0			2,000,000
Revenues	0	0		0	27,200,000
Operating expense	0	0		0	22,500,000
Selling, general and administrative expense	0	0		0	2,800,000
Total Expenses	0	0		0	27,000,000
Other expense	0	0		0	(3,000,000)
Loss from Discontinued Operations Before Taxes	0	0		0	(2,800,000)
Income tax benefit	0	0		0	600,000
(Loss) Income from Discontinued Operations, Net of Taxes	0	0		0	(2,200,000)
Disposal Group, Including Discontinued Operation, Depreciation and Amortization		0			1,700,000
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		(300,000)	$ 3,600,000		3,300,000
Net loss from discontinued operations, net of taxes	$ 0	$ (300,000)		$ 0	$ 1,100,000

Discontinued Operations - Opera

Discontinued Operations - Operating and Investing Cash Flow (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from the sale of ASC		$ 257.2
Net Cash Provided By Investing Activities (1)	$ 1.1	$ 240.9