Document and Entity Information
Document and Entity Information - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Addresses [Line Items] | |||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 1-2328 | ||
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 Interactive Data Current | Yes | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference | GATX’s definitive Proxy Statement to be filed on or about March 11, 2022 | ||
ICFR Auditor Attestation Flag | true | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000040211 | ||
Entity Common Stock, Shares Outstanding | 35.4 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 3,100 | ||
Document Type | 10-K | ||
Entity Registrant Name | GATX Corporation | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Addresses [Line Items] | |||
Security Exchange Name | NYSE | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | GATX | ||
Common Stock [Member] | CHICAGO STOCK EXCHANGE, INC [Member] | |||
Entity Addresses [Line Items] | |||
Security Exchange Name | CHX | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | GATX |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Chicago, Illinois |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and Cash Equivalents | $ 344.3 | $ 292.2 |
Restricted Cash and Cash Equivalents | 0.2 | 0.4 |
Receivables | ||
Rent and other receivables | 69.8 | 74.7 |
Finance leases | 100.2 | 74 |
Less: allowance for losses | (6.2) | (6.5) |
Receivables, net | 163.8 | 142.2 |
Operating Assets and Facilities | ||
Operating Assets and Facilities | 11,163.6 | 10,484 |
Less: allowance for depreciation | (3,378.8) | (3,313.3) |
Operating assets and facilities, net | 7,784.8 | 7,170.7 |
Operating Lease, Right-of-Use Asset | 270.7 | 335.9 |
Finance Lease, Right-of-Use Asset | 1.5 | 37.5 |
Lease, Right-of-Use Asset | 272.2 | 373.4 |
Investments in Affiliated Companies | 588.4 | 584.7 |
Goodwill | 123 | 143.7 |
Other Assets | 265 | 230.3 |
Total Assets | 9,541.7 | 8,937.6 |
Liabilities and Shareholders’ Equity | ||
Accounts Payable and Accrued Expenses | 215.8 | 147.3 |
Debt | ||
Commercial paper and borrowings under bank credit facilities | 18.1 | 23.6 |
Recourse | 5,887.5 | 5,329 |
Debt, Long-term and Short-term, Combined Amount | 5,905.6 | 5,352.6 |
Operating Lease, Liability | 286.2 | 348.6 |
Finance Lease, Liability | 1.5 | 33.3 |
Lease, Liability | 287.7 | 381.9 |
Deferred Income Taxes | 1,001 | 962.8 |
Other Liabilities | 112.4 | 135.6 |
Total Liabilities | 7,522.5 | 6,980.2 |
Shareholders’ Equity | ||
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 68,254,574 and 67,751,074 Outstanding shares — 35,421,617 and 35,047,317 | 42.2 | 41.9 |
Additional paid in capital | 763.8 | 735.4 |
Retained earnings | 2,751.5 | 2,682.1 |
Accumulated other comprehensive loss | (160.6) | (137.5) |
Treasury stock at cost (32,832,957 and 32,703,757 shares) | (1,377.7) | (1,364.5) |
Total Shareholders’ Equity | 2,019.2 | 1,957.4 |
Total Liabilities and Shareholders’ Equity | $ 9,541.7 | $ 8,937.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.625 | $ 0.625 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 68,254,574 | 67,751,074 |
Common stock, shares outstanding | 35,421,617 | 35,047,317 |
Treasury stock, shares outstanding | 32,832,957 | 32,703,757 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | |||
Lease revenue | $ 1,140.5 | $ 1,087.5 | $ 1,088.5 |
MarineOperatingRevenue | 19.1 | 15.6 | 8.2 |
Other revenue | 97.8 | 106.1 | 105.4 |
Total Revenues | 1,257.4 | 1,209.2 | 1,202.1 |
Expenses | |||
Maintenance Expense | 297.1 | 315.5 | 314.4 |
Marine operating expense | 17.5 | 19.7 | 18.9 |
Depreciation | 364.4 | 330.5 | 321.3 |
Operating Lease, Expense | 39.2 | 49.3 | 54.4 |
Other operating expense | 44 | 35.3 | 31.3 |
Selling, general and administrative | 198.3 | 172 | 180.4 |
Total Expenses | 960.5 | 922.3 | 920.7 |
Other Income (Expense) | |||
Net gain on asset dispositions | 105.9 | 41.7 | 51.6 |
Interest expense, net | (204) | (190.3) | (180.5) |
Other (expense) income | (3.7) | (13) | (7.3) |
Income before Income Taxes and Share of Affiliates’ Earnings | 195.1 | 125.3 | 145.2 |
Income Taxes | (53.2) | (37.3) | (40.9) |
Share of Affiliates’ Earnings (net of tax) | 1.2 | 62.2 | 76.5 |
Income from continuing operations | 143.1 | 150.2 | 180.8 |
Total Discontinued Operations, Net of Taxes | 0 | 1.1 | 30.4 |
Net Income | 143.1 | 151.3 | 211.2 |
Other Comprehensive Income, net of taxes | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (51.7) | 24.4 | (10.1) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1.9 | (4.5) | 3.9 |
Post-retirement benefit plans | 26.7 | 6.2 | 7.2 |
Other comprehensive income (loss) | 26.1 | 1 | |
Comprehensive Income | $ 120 | $ 177.4 | $ 212.2 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.04 | $ 4.30 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | 0 | 0.03 | 0.85 |
Share Data | |||
Basic earnings per share (in dollars per share) | $ 4.04 | $ 4.33 | $ 5.92 |
Average number of common shares (in shares) | 35.4 | 35 | 35.7 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 3.98 | $ 4.24 | $ 4.97 |
Diluted earnings per share (in dollars per share) | 3.98 | 4.27 | 5.81 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ 0.03 | $ 0.84 |
Average number of common shares and common share equivalents (in shares) | 36 | 35.4 | 36.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net income | $ 143.1 | $ 151.3 | $ 211.2 |
Total Discontinued Operations, Net of Taxes | 0 | 1.1 | 30.4 |
Income from continuing operations | 143.1 | 150.2 | 180.8 |
Adjustments to reconcile income to net cash provided by operating activities: | |||
Depreciation | 378.4 | 342.8 | 332.7 |
Gains on sales of assets | (99.4) | (39.5) | (56.2) |
Asset Impairment Charges | 2.4 | 0.3 | 6.6 |
Employee benefit plans | 8.8 | 6.9 | 3.9 |
Share-based Payment Arrangement, Noncash Expense | 17.4 | 15.6 | 12.3 |
Deferred income taxes | 34.2 | 29.1 | 33.8 |
Share of affiliates’ earnings, net of dividends | (1.2) | (62.2) | (49) |
Other | 23.5 | (6.4) | (39.1) |
Net cash provided by operating activities | 507.2 | 436.8 | 425.8 |
Investing Activities | |||
Additions to operating assets and facilities | (1,130.1) | (860.8) | (722.8) |
Acquisition of new businesses | (1.4) | (203.2) | 0 |
Investments in affiliates | (0.4) | 0 | 0 |
Portfolio investments and capital additions | (1,131.9) | (1,064) | (722.8) |
Purchases of leased-in assets | 0 | 0 | (1) |
Portfolio proceeds | 187.1 | 131.1 | 250.3 |
Proceeds from sales of other assets | 54.7 | 26 | 23 |
Payments for (Proceeds from) Other Investing Activities | (27.6) | 2 | 2.7 |
Net cash used in investing activities | (917.7) | (904.9) | (447.8) |
Financing Activities | |||
Net proceeds from issuances of debt (original maturities longer than 90 days) | 1,491.9 | 1,586.5 | 743 |
Repayments of debt (original maturities longer than 90 days) | (884) | (1,100) | (410) |
Net increase (decrease) in debt with original maturities of 90 days or less | (4.1) | 6.4 | (94.6) |
Payments on capital lease obligations | (77.2) | (40) | (11.3) |
Stock repurchases | (13.1) | 0 | (150) |
Dividends | (74.3) | (71) | (69.3) |
Other (add shares used to pay taxes) | 23.9 | (26.3) | 59.1 |
Net cash (used in) provided by financing activities | 463.1 | 355.6 | 66.9 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1.8) | (0.1) | (0.5) |
Net Cash Used In (Provided By) Operating Activities | 0 | (8.5) | 36.8 |
Net Cash Provided By Investing Activities (1) | 1.1 | 240.9 | 8.1 |
Net Cash Provided By (Used In) Financing Activities | 0 | 21.8 | (45) |
Cash Provided By (Used In) Discontinued Operations, Net | 1.1 | 254.2 | (0.1) |
Net increase in Cash, Cash Equivalents, and Restricted Cash during the year | 51.9 | 141.6 | 44.3 |
Cash, Cash Equivalents, and Restricted Cash at beginning of period | 292.6 | 151 | 106.7 |
Cash, Cash Equivalents, and Restricted Cash at end of period | $ 344.5 | $ 292.6 | $ 151 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance at beginning of period, Shares | (30,700,000) | ||||||||
Dividends Declared [Table Text Block] | 1.84 | ||||||||
Balance at beginning of year at Dec. 31, 2018 | 67,300,000 | ||||||||
Balance at beginning of period, Common Stock at Dec. 31, 2018 | $ 41.6 | ||||||||
Balance at beginning of period at Dec. 31, 2018 | $ (1,214.5) | $ 706.4 | $ 2,419.2 | $ (164.6) | $ (164.6) | ||||
Balance at beginning of period (Retained Earnings [Member]) at Dec. 31, 2018 | $ 39.4 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of common stock, Shares | 200,000 | ||||||||
Issuance of common stock | $ 0.2 | ||||||||
Stock repurchases, Shares | 2,000,000 | ||||||||
Stock repurchases | $ (150) | ||||||||
Share-based compensation effects | 13.7 | ||||||||
Net income | 211.2 | ||||||||
Dividends declared ($2.00 in 2021, $1.92 in 2020 and $1.84 in 2019) | 68.5 | ||||||||
Other comprehensive income (loss) | 1 | 1 | |||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2019 | 67,500,000 | ||||||||
Balance at end of period, Common Stock at Dec. 31, 2019 | $ 41.8 | ||||||||
Balance at end of period at Dec. 31, 2019 | $ 1,835.1 | $ (1,364.5) | 720.1 | 2,601.3 | $ 2,601.3 | (163.6) | (163.6) | ||
Balance at end of period (Retained Earnings [Member]) at Dec. 31, 2019 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance at beginning of period, Shares | (32,700,000) | ||||||||
Dividends Declared [Table Text Block] | 1.92 | ||||||||
Issuance of common stock, Shares | 300,000 | ||||||||
Issuance of common stock | $ 0.1 | ||||||||
Stock repurchases, Shares | 0 | ||||||||
Stock repurchases | $ 0 | ||||||||
Share-based compensation effects | 15.3 | ||||||||
Net income | 151.3 | ||||||||
Dividends declared ($2.00 in 2021, $1.92 in 2020 and $1.84 in 2019) | 70.5 | ||||||||
Other comprehensive income (loss) | $ 26.1 | 26.1 | |||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2020 | 67,751,074 | 67,800,000 | |||||||
Balance at end of period, Common Stock at Dec. 31, 2020 | $ 41.9 | $ 41.9 | |||||||
Balance at end of period at Dec. 31, 2020 | $ 1,957.4 | $ (1,364.5) | 735.4 | 2,682.1 | 2,682.1 | (137.5) | (137.5) | ||
Balance at end of period (Retained Earnings [Member]) at Dec. 31, 2020 | 0 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Balance at beginning of period, Shares | (32,700,000) | ||||||||
Dividends Declared [Table Text Block] | 2.00 | ||||||||
Issuance of common stock, Shares | 500,000 | ||||||||
Issuance of common stock | $ 0.3 | ||||||||
Stock repurchases, Shares | 100,000 | ||||||||
Stock repurchases | $ (13.1) | ||||||||
Share-based compensation effects | 28.4 | ||||||||
Net income | $ 143.1 | ||||||||
Dividends declared ($2.00 in 2021, $1.92 in 2020 and $1.84 in 2019) | $ 73.7 | ||||||||
Other comprehensive income (loss) | $ (23.1) | ||||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2021 | 68,254,574 | 68,300,000 | |||||||
Balance at end of period, Common Stock at Dec. 31, 2021 | $ 42.2 | $ 42.2 | |||||||
Balance at end of period at Dec. 31, 2021 | 2,019.2 | $ (1,377.7) | $ 763.8 | $ 2,751.5 | $ (160.6) | $ (160.6) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stock Repurchased During Period, Value | $ 13.2 | ||||||||
Balance at beginning of period, Shares | (32,800,000) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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 Ltd. ("GEL"). In 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from 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 is reported in the Other segment. See "Note 4. 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 25. Discontinued Operations " for additional information. |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | 2. Accounting Changes 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. The new guidance is effective for us in the first quarter of 2022. The application of this 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 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 through December 31, 2022. Variable Lease Payments In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842) - Lessors - Certain Leases with Variable Lease Payments , which requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as finance leases. 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain prior year amounts have been reclassified to conform to the 2021 presentation. Consolidation Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances. Use of Estimates Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates. Lease Classification We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, other than by renewal or extension, we evaluate whether that change would have resulted in a different lease classification had the change been in effect at inception. If so, the revised agreement is considered a new lease for lease classification purposes. See "Note 6. Leases." In 2019, we adopted ASU 2016-02, Leases ("Topic 842") . As provided in the guidance, we elected the package of practical expedients that retains the classification of existing leases at the time of adoption and does not require re-evaluation of embedded leases or reassessment of initial direct costs. 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 and 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, 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 6. 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, 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 6. 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. Cash and Cash Equivalents We classify all highly liquid investments with a maturity of three months or less as cash equivalents. Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs. Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of operations. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under the current expected credit loss standard that we adopted on January 1, 2020. See the “Allowance for Losses” section within this Note for more information. Allowance for Losses The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables. Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts. We evaluate reserve estimates for finance lease receivables under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2021. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2021. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses." Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 15–45 years Aircraft spare engines 20–25 years Locomotives 15–25 years Marine vessels 30 years Tank containers 15–25 years Buildings 40–50 years Leasehold improvements 5–15 years Other equipment 5–30 years We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale. Leased Assets as a Lessee We record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. Investments in Affiliates We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We include loans to and from affiliates as part of our investment in the affiliate and include interest on any such loans in our share of the affiliates’ earnings. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 7. Investments in Affiliated Companies." Variable Interest Entities We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may result in an entity becoming a variable interest entity or us becoming the primary beneficiary of an existing variable interest entity. Goodwill and Intangible Assets We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill." We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. Inventory Our inventory consists primarily of railcar and locomotive repair components. All inventory balances are stated at lower of cost or net realizable value. Railcar repair components are valued using the average cost method. Inventory is included in other assets on the balance sheet. Income Taxes We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 13. Income Taxes." Fair Value Measurements Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value Disclosure." Derivatives We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis. We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of comprehensive income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in earnings. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive income (loss), and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 9. Fair Value Disclosure." Foreign Currency We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized net of related hedges in other expense during the periods in which they occur. Net (losses) gains recognized were $(0.8) million, $(10.8) million and $1.7 million for 2021, 2020, and 2019. Environmental Liabilities We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 23. Legal Proceedings and Other Contingencies." Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits." Maintenance and Repair Costs We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement. We capitalize required regulatory survey costs for vessels and amortize those costs over the applicable survey period, which is generally five years. Operating Lease Expense We classify leases of certain railcars, maintenance facilities, and other equipment as operating leases. We record the lease expense associated with these leases on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 6. Leases." Share-Based Compensation We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 12. Share-Based Compensation." Net Gain on Asset Dispositions Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions. The following table presents the net gain on asset dispositions for the years ended December 31 (in millions): 2021 2020 2019 Net disposition gains $ 82.4 $ 39.4 $ 58.6 Residual sharing income 8.9 2.5 1.9 Non-remarketing net disposition gains (losses) 17.0 0.1 (2.3) Asset impairment losses (1) (2.4) (0.3) (6.6) Net Gain on Asset Dispositions $ 105.9 $ 41.7 $ 51.6 __________ (1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses. Interest Expense, net Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $0.7 million in 2021, $1.5 million in 2020, and $3.8 million in 2019. Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). Business Combinations We account for business combinations using the acquisition method of accounting, which requires assets acquired and liabilities assumed be recorded at their respective fair values as of the acquisition date. The excess consideration paid over the fair value of the assets acquired and liabilities assumed represents goodwill. The allocation of the purchase price requires management to make significant estimates in determining fair values. These estimates can include, but are not limited to, expected future cash flows, discount rates, and the expected use of the acquired assets. Transaction costs associated with business combinations are expensed when incurred. See "Note 4. Business Combinations." Discontinued Operations On May 14, 2020, we completed the sale of our ASC business. 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. Accordingly, the results of operations from our ASC business are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2021, 2020, and 2019. There were no related assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2021 and 2020 in the accompanying balance sheets. In addition, cash flows from our ASC business are reported as cash flows from discontinued operations in the accompanying statements of cash flows for the years ended December 31, 2021, 2020, and 2019. See "Note 25. Discontinued Operations" for more information. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | 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. In 2021, GATX paid a final €1.1 million ($1.4 million) attributable to post-closing adjustments. Transaction costs associated with this acquisition were approximately $3.1 million. 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. The final purchase price allocation included $171.1 million to operating assets, $12.9 million to identifiable intangible assets, $23.2 million to other net liabilities acquired and $43.8 million to goodwill. Intangible assets include Trifleet's customer relationships and trade name with an estimated useful life of 25 and 10 years, respectively. Goodwill is primarily related to the value we expect to achieve from the growth of the business. Goodwill is reported in the Other segment and is not deductible for U.S. tax purposes. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented. |
Supplemental Cash Flow and Nonc
Supplemental Cash Flow and Noncash Investing Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Noncash Investing Transaction | Supplemental Cash Flow Information 2021 2020 2019 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 196.6 $ 189.8 $ 185.1 Income taxes paid, net 10.3 21.4 11.6 ________ (1) Interest paid consisted of interest on debt obligations, interest rate swaps (net of interest received), and finance leases. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliated Companies | Investments in Affiliated Companies Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2021 2020 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 588.1 $ 584.7 50.0 % RailPulse LLC Rail North America 0.3 — 17.0 % Investments in Affiliated Companies $ 588.4 $ 584.7 __________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates"). The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2021 2020 2019 Rail North America $ — $ (0.1) $ — Portfolio Management 56.5 95.9 94.5 Share of affiliates' pre-tax income 56.5 95.8 94.5 Income taxes (1) (55.3) (33.6) (18.0) Share of affiliates' earnings, net of taxes $ 1.2 $ 62.2 $ 76.5 __________ (1) Income taxes include deferred income tax adjustments of $39.7 million in 2021 due to an enacted corporate income tax rate increase in the United Kingdom and $12.3 million in 2020 due to the elimination of a previously announced corporate income tax rate reduction. The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions 2021 2020 2019 2021 2020 2019 Rail North America $ 0.4 $ — $ — $ — $ 0.1 $ — Portfolio Management — — — 0.1 0.6 27.6 Total $ 0.4 $ — $ — $ 0.1 $ 0.7 $ 27.6 Summarized Financial Data of Affiliates The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2021 2020 2019 Revenues $ 407.4 $ 491.0 $ 469.8 Net gains on sales of assets 79.5 115.7 86.4 Net income 5.0 146.1 161.4 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2021 2020 Current assets $ 574.3 $ 352.7 Noncurrent assets 4,389.4 4,766.9 Total assets $ 4,963.7 $ 5,119.6 Current liabilities $ 492.6 $ 311.0 Noncurrent liabilities 3,329.6 3,674.7 Shareholders’ equity 1,141.5 1,133.9 Total liabilities and shareholders' equity $ 4,963.7 $ 5,119.6 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 407 aircraft engines at December 31, 2021, of which 199 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 20 to 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $1.2 million in 2021, $62.0 million in 2020, and $76.5 million in 2019. Financial results in 2021 and 2020 included $39.7 million of deferred tax expense due to an enacted corporate income tax rate increase in the United Kingdom in 2021 and $12.3 million of deferred tax expense due to the elimination of a previously announced corporate income tax rate reduction in the United Kingdom in 2020. In 2020, financial results included a transaction involving the refinancing and sale of a group of aircraft spare engines at the RRPF affiliates. In this transaction, the RRPF affiliates sold 21 aircraft spare engines for total proceeds of $233.0 million in 2020. GATX's 50% share of the resulting pre-tax net gains was $35.3 million. We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2021 2020 2019 Lease revenue from third parties $ 195.5 $ 257.6 $ 213.3 Lease revenue from Rolls-Royce 211.9 233.4 256.7 Depreciation expense (238.3) (248.7) (223.9) Interest expense (96.7) (116.0) (126.4) Other expenses (38.5) (50.3) (16.5) Other income, including net gains on sales of assets 79.5 115.7 86.4 Income before income taxes 113.4 191.7 189.6 Income taxes (1) (107.4) (45.6) (27.9) Net income $ 6.0 $ 146.1 $ 161.7 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2021 2020 Current assets $ 573.5 $ 352.7 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,415.5 and $1,283.6 (a) 4,389.4 4,766.9 Total assets $ 4,962.9 $ 5,119.6 Accounts payable and accrued expenses $ 130.9 $ 110.4 Debt: Current 361.8 200.6 Noncurrent, net of adjustments for hedges 2,845.1 3,243.6 Other liabilities 484.4 431.1 Shareholders’ equity 1,140.7 1,133.9 Total liabilities and shareholders' equity $ 4,962.9 $ 5,119.6 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2021 (in millions): Rolls-Royce Third Parties Total 2022 $ 214.3 $ 185.6 $ 399.9 2023 191.7 166.3 358.0 2024 183.9 153.1 337.0 2025 162.2 138.8 301.0 2026 137.5 125.3 262.8 Thereafter 122.5 393.6 516.1 Total $ 1,012.1 $ 1,162.7 $ 2,174.8 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2021 (in millions): 2022 $ 364.2 2023 399.6 2024 164.1 2025 210.6 2026 465.6 Thereafter 1,529.9 Total debt principal (1) $ 3,134.0 __________ (1) All debt obligations are nonrecourse to the shareholders. |
Fair Value Disclosure
Fair Value Disclosure | 12 Months Ended |
Dec. 31, 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 December 31, 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 determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows (including net proceeds from sale), independent appraisals, and market comparables, as applicable. Certain assets were subject to non-recurring Level 3 fair value measurements during 2021 and 2020 and continue to be held and used at December 31, 2021 and 2020. The fair value of such assets at the time of their measurement was $2.7 million in 2021 and $1.7 million in 2020 and included railcars and locomotives. See "Note 10. Asset Impairments and Assets Held for Sale" for further information. 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 December 31, 2021 with maturities ranging from 2022 to 2027 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 one instrument outstanding with an aggregate notional amount of $101.7 million as of December 31, 2021 that matures in 2022 and one instrument outstanding with an aggregate notional amount of $105.7 million as of December 31, 2020 that matured 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 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 were in a liability position as of December 31, 2021 was $0.3 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): Significant Observable Inputs (Level 2) Balance Sheet Location Fair Value Fair Value Derivative Assets Interest rate contracts (1) Other assets $ 1.4 $ 5.6 Foreign exchange contracts (1) Other assets 3.6 0.4 Foreign exchange contracts (2) Other assets 3.9 0.4 Total derivative assets $ 8.9 $ 6.4 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.3 $ — Total derivative liabilities $ 0.3 $ — _________ (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 December 31, 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 December 31 (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 2021 2020 2021 2020 Recourse debt $ (300.4) $ (303.6) $ 1.1 $ 5.6 The following tables show the impacts of our derivative instruments on our statements of comprehensive income for the years ended December 31 (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 Derivative Designation 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) $ 0.5 Interest expense $ 1.9 $ 2.1 $ 2.5 Foreign exchange contracts (11.9) 20.1 (19.5) Other (income) expense (12.0) 12.8 (14.3) Total $ (11.9) $ 19.6 $ (19.0) Total $ (10.1) $ 14.9 $ (11.8) 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 statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2021 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 $ (204.0) $ (3.7) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 4.5 — Derivatives designated as hedging instruments (4.5) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.9) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 12.0 Gain (loss) on non-designated derivative contracts — 3.1 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2020 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 $ (190.3) $ (13.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — Derivatives designated as hedging instruments 4.2 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) Gain (loss) on non-designated derivative contracts — 6.2 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2019 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 $ (180.5) $ (7.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — Derivatives designated as hedging instruments 9.0 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 Gain (loss) on non-designated derivative contracts — (1.7) _________ (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, restricted cash, 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 as of December 31 (in millions): 2021 2021 2020 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,666.1 $ 6,040.2 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 250.0 250.0 299.9 300.4 |
Asset Impairments and Assets He
Asset Impairments and Assets Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Impairment [Abstract] | |
Asset Impairments | Asset Impairments and Assets Held for Sale We review our operating assets annually, or whenever indicators of impairment may be present. We considered the impact of COVID-19, and it did not have a material impact on our impairment results. The following table summarizes the components of asset impairments for the years ended December 31 (in millions): 2021 2020 2019 Attributable to Consolidated Assets Rail North America $ 2.4 $ 0.3 $ 0.4 Portfolio Management — — 6.2 Total $ 2.4 $ 0.3 $ 6.6 Impairment losses recorded at Rail North America were primarily attributable to railcars and locomotives with declines in value due to excessive damage or functional obsolescence. Impairment losses recorded at Portfolio Management related to certain offshore marine supply vessels. In the consolidated statements of comprehensive income, impairment losses related to consolidated assets were included in net gain on asset dispositions. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits We maintain both funded and unfunded noncontributory defined benefit pension plans covering our domestic employees and the employees of our subsidiaries. We also have a funded noncontributory defined benefit pension plan related to a former business in the United Kingdom that has no active employees. The plans base benefits payable on years of service and/or final average salary. We base our funding policies for the pension plans on actuarially determined cost methods allowable under IRS regulations and statutory requirements in the UK. In addition to the pension plans, we have other post-retirement plans that provide health care, life insurance, and other benefits for certain retired domestic employees who meet established criteria. Most domestic employees that retire with immediate benefits under our pension plan are eligible for health care and life insurance benefits. The other post-retirement plans are either contributory or noncontributory, depending on various factors. Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $2.1 million of expense in 2021. We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions): 2021 Pension 2020 Pension 2021 Retiree 2020 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 508.6 $ 475.4 $ 22.9 $ 24.6 Service cost 8.7 8.1 0.2 0.2 Interest cost 8.1 12.3 0.3 0.5 Actuarial (gain) loss (3.1) 45.2 (2.0) (0.2) Benefits paid (39.9) (33.4) (1.5) (2.2) Effect of foreign exchange rate changes (0.5) 1.0 — — Benefit obligation at end of year $ 481.9 $ 508.6 $ 19.9 $ 22.9 Change in Fair Value of Plan Assets Plan assets at beginning of year 465.5 432.7 — — Actual return on plan assets 34.3 61.4 — — Effect of exchange rate changes (0.5) 1.2 — — Company contributions 2.7 3.6 1.5 2.2 Benefits paid (39.9) (33.4) (1.5) (2.2) Plan assets at end of year $ 462.1 $ 465.5 $ — $ — Funded Status at end of year $ (19.8) $ (43.1) $ (19.9) $ (22.9) Amount Recognized Other liabilities and other assets (net) $ (19.8) $ (43.1) $ (19.9) $ (22.9) Accumulated other comprehensive loss (income): Net actuarial loss (gain) 75.8 109.9 (4.8) (3.0) Prior service credit — — (0.8) (1.0) Accumulated other comprehensive loss (income) 75.8 109.9 (5.6) (4.0) Total recognized $ 56.0 $ 66.8 $ (25.5) $ (26.9) After-tax amount recognized in accumulated other comprehensive loss (income) $ 56.7 $ 82.2 $ (4.2) $ (3.0) The aggregate accumulated benefit obligation for the defined benefit pension plans was $458.1 million at December 31, 2021 and $481.6 million at December 31, 2020. The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions): 2021 2020 Projected benefit obligations $ 48.5 $ 380.7 Fair value of plan assets — 321.6 The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions): 2021 2020 Accumulated benefit obligations $ 42.1 $ 41.7 Fair value of plan assets — — The following table shows the components of net periodic cost (benefit) for the years ended December 31 (in millions): 2021 2020 2019 2021 2020 2019 Service cost $ 8.7 $ 8.1 $ 6.5 $ 0.2 $ 0.2 $ 0.2 Interest cost 8.1 12.3 15.2 0.3 0.5 0.9 Expected return on plan assets (18.6) (20.4) (22.0) — — — Settlement accounting adjustment 2.1 — — — — — Amortization of: Unrecognized prior service credit — — — (0.2) (0.2) (0.2) Unrecognized net actuarial loss (gain) 13.3 12.7 7.9 (0.3) (0.4) (0.1) Net periodic cost $ 13.6 $ 12.7 $ 7.6 $ — $ 0.1 $ 0.8 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. We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2021 2020 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 2.81 % 2.42 % Discount rate — salaried unfunded plans 1.80% - 2.74% 1.19% - 2.35% Discount rate — hourly funded plan 3.03 % 2.73 % Cash balance interest crediting rate — salaried funded plan 3.09 % 3.09 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 2.41 % 3.17 % Discount rate — hourly funded plan 2.74 % 3.35 % Expected return on plan assets — salaried funded plan 5.20 % 5.60 % Expected return on plan assets — hourly funded plan 4.30 % 5.30 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 1.90 % 1.20 % Rate of pension-in-payment increases 3.30 % 2.90 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 1.20 % 1.90 % Expected return on plan assets 2.70 % 3.60 % Rate of pension-in-payment increases 2.90 % 3.00 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 2.44 % 1.93 % Discount rate - combined life insurance 2.85 % 2.46 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - combined health 1.91 % 2.85 % Discount rate - combined life insurance 2.45 % 3.19 % Rate of compensation increases n/a n/a We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate. 2021 2020 Assumed Health Care Cost Trend Rates at December 31: Health care cost trend assumed for next year Medical claims - pre age 65 6.20 % 6.44 % Medical claims - post age 65 5.46 % 5.63 % Prescription drugs claims - pre age 65 8.04 % 8.78 % Prescription drugs claims - post age 65 8.04 % 8.63 % Post age 65 Medicare Advantage Part D 15.95 % n/a Rate to which the cost trend is expected to decline (the ultimate trend rate) Medical claims 4.50 % 4.50 % Prescription drugs claims 4.50 % 4.50 % Year that rate reaches the ultimate trend rate Medical claims 2029 2028 Prescription drugs claims 2029 2028 Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2021 and 2020, and current target asset allocation for 2021, by asset category: Plan Assets for Salaried Employees at Target 2021 2020 Asset Category Equity securities 40.9 % 41.9 % 54.6 % Debt securities 56.0 % 53.5 % 41.4 % Real estate 3.1 % 2.2 % 2.9 % Cash — % 2.4 % 1.1 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at Target 2021 2020 Asset Category Equity securities 19.1 % 19.7 % 33.7 % Debt securities 79.0 % 77.5 % 62.8 % Real estate 1.9 % 1.5 % 2.5 % Cash — % 1.3 % 1.0 % 100.0 % 100.0 % 100.0 % The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2021 and 2020, and current target asset allocation for 2021, by asset category: Plan Assets at Target 2021 2020 Asset Category Equity securities — % — % 30.7 % Debt securities 100.0 % 100.0 % 69.3 % 100.0 % 100.0 % 100.0 % The following table sets forth the fair value of our pension plan assets as of December 31 (in millions): 2021 2020 Assets measured at net asset value (1): Short-term investment collective trust fund $ 9.1 $ 4.6 Common stock collective trust funds 154.6 223.0 Fixed income collective trust funds 289.8 226.0 Real estate collective trust funds 8.6 11.9 Total $ 462.1 $ 465.5 _______ (1) In accordance with the relevant accounting standards, investments measured at fair value using the net asset value per share (or its equivalent) practical expedient are not recorded in any specific category of the fair value hierarchy. The following is a description of the valuation techniques and inputs used as of December 31, 2021 and 2020. Short-term investment collective trust fund We value the short-term investment collective trust fund based on the closing net asset values ("NAV") quoted by the funds. The short-term investment collective trust fund is a highly liquid investment in obligations of the U.S. Government, or its agencies or instrumentalities, and the related money market instruments. The short-term investment fund has no unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term. Common stock collective trust funds and fixed income collective trust funds We value common stock collective trust funds and fixed income collective trust funds based on the closing NAV prices quoted by the funds. None of the collective trust funds have unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The investment objective of each of the common stock funds is long-term total return through capital appreciation and current income. The fixed income funds are each designed to deliver safety and stability by preserving principal and accumulated earnings. The fixed income fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the long-term domestic investment grade credit bond market. Real estate collective trust funds We value real estate collective trust funds based on the NAV provided by the funds' administrators. A lack of liquidity in the funds may limit or delay redemptions. The investment objective of the real estate funds, which are diversified by location and property type, is long-term return through property appreciation, current income, and timely sales. The primary investing objective of the pension plans is to provide benefits to plan participants and their beneficiaries. To achieve this goal, we invest in a diversified portfolio of equities, debt, and real estate investments to maximize return and to keep long-term investment risk at a reasonable level. Equity investments are diversified across U.S. and non-U.S. stocks, growth and value stocks, and small cap and large cap stocks. Debt securities are predominately investments in long-term, investment-grade corporate bonds. Real estate investments include investments in funds that are diversified by location and property type. On a timely basis, but not less than twice a year, we formally review pension plan investments to ensure we adhere to investment guidelines and our stated investment approach. Our review also evaluates the reasonableness of our investment decisions and risk positions. We compare our investments' performance to indices and peers to determine if investment performance has been acceptable. In 2022, we expect to contribute approximately $18.5 million to our pension and other post-retirement benefit plans. Additional contributions to the domestic funded pension plans will depend on investment returns on plan assets and actuarial experience. The following table shows benefit payments, which reflect expected future service (in millions): Funded Plans Unfunded Plans Retiree Health and Life 2022 $ 28.3 $ 16.5 $ 2.0 2023 28.2 2.8 1.9 2024 29.6 2.5 1.8 2025 28.7 2.5 1.6 2026 28.0 2.4 1.5 Years 2027-2031 135.2 12.8 5.9 Total $ 278.0 $ 39.5 $ 14.7 In addition to our defined benefit plans, we have two 401(k) retirement savings plans available to substantially all salaried employees and certain other employee groups. We may contribute to the plans as specified by their respective terms and as our Board of Directors determines. Contributions to our 401(k) retirement plans were $2.3 million for 2021, $2.3 million for 2020, and $2.3 million for 2019. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation We provide equity awards to our employees under the GATX Corporation 2012 Incentive Award Plan, including grants of non-qualified stock options, stock appreciation rights, restricted stock units, performance shares, and phantom stock awards. As of December 31, 2021, 5.7 million shares were authorized under the 2012 Plan and 2.5 million shares were available for future issuance. We recognize compensation expense for our equity awards in selling, general and administrative expenses over the applicable service period of each award. Share-based compensation expense was $17.4 million for 2021, $15.9 million for 2020, and $19.3 million for 2019, and the related tax benefits were $4.4 million for 2021, $4.0 million for 2020, and $4.8 million for 2019. Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights entitle the holder to purchase shares of common stock for periods up to seven years from the grant date. Stock appreciation rights entitle the holder to receive the difference between the market price of our common stock at the time of exercise and the exercise price, either in shares of common stock, cash, or a combination thereof, at our discretion. Stock options entitle the holder to purchase shares of our common stock at a specified exercise price. The dividends that accrue on all stock options and stock appreciation rights are paid upon vesting and continue to be paid until the stock options or stock appreciation rights are exercised, canceled, or expire. The exercise price for stock options and stock appreciation rights is equal to the average of the high and low trading prices of our common stock on the date of grant. We recognize compensation expense on a straight-line basis over the vesting period of the award, which is generally three years. The estimated fair value of a stock option or stock appreciation right is the sum of the value we derive using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award. The Black-Scholes valuation incorporates various assumptions, including expected term, expected volatility, and risk free interest rates. We base the expected term on historical exercise patterns and post-vesting terminations, and we base the expected volatility on the historical volatility of our stock price over a period equal to the expected term. We use risk-free interest rates that are based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term. No stock appreciation rights were issued during 2021, 2020, and 2019. The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value: 2021 2020 2019 Weighted-average estimated fair value $ 29.56 $ 22.50 $ 22.23 Quarterly dividend rate $ 0.50 $ 0.48 $ 0.46 Expected term of stock options, in years 4.3 4.2 4.2 Risk-free interest rate 0.3 % 1.3 % 2.5 % Dividend yield 2.2 % 2.5 % 2.6 % Expected stock price volatility 34.4 % 28.5 % 28.9 % Present value of dividends $ 8.61 $ 7.89 $ 7.29 The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2021: Number of Stock Options and Stock Appreciation Rights Weighted-Average Exercise Price Outstanding at beginning of the year 1,467 $ 63.56 Granted 282 91.49 Exercised (550) 55.17 Forfeited/Cancelled (8) 80.64 Expired (2) 66.61 Outstanding at end of the year 1,189 73.94 Vested and exercisable at end of the year 653 66.18 The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2021, 2020, and 2019, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2021: Stock Options and Stock Appreciation Rights Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Exercised in 2019 $ 4.0 Exercised in 2020 7.6 Exercised in 2021 22.5 Outstanding at December 31, 2021 (a) 4.1 36.0 Vested and exercisable at December 31, 2021 3.1 24.8 _______ (a) As of December 31, 2021, 4,200 stock appreciation rights and 1,185,079 stock options were outstanding. Total cash received from employees for exercises of stock options during the years ended December 31, 2021, 2020, and 2019 was $21.9 million, $6.6 million, and $4.4 million. As of December 31, 2021, we had $7.8 million of unrecognized compensation expense related to nonvested stock options and stock appreciation rights, which we expect to recognize over a weighted-average period of 1.8 years. Restricted Stock Units and Performance Shares Restricted stock units entitle the recipient to receive a specified number of restricted shares of common stock upon vesting. Restricted stock units do not carry voting rights and are not transferable prior to the expiration of a specified restriction period, which is generally three years, as determined by the Compensation Committee of the Board of Directors ("Compensation Committee"). We accrue dividends on all restricted stock units and pay those dividends when the awards vest. We recognize compensation expense for these awards over the applicable vesting period. Performance shares are restricted shares that we grant to key employees for achieving certain strategic objectives. The shares convert to common stock at the end of a specified performance period if predetermined performance goals are achieved, as determined by the Compensation Committee. We estimate the number of shares we expect will vest as a result of actual performance against the performance criteria at the time of grant to determine total compensation expense to be recognized. We reevaluate the estimate annually and adjust total compensation expense for any changes to the estimate of the number of shares we expect to vest. The performance shares granted include an option to settle shares earned in cash upon vesting for certain eligible employees. As a result, these awards are accounted for as liability awards and recorded in other liabilities, and the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period, which is generally three years. We value our restricted stock units and performance share awards using the average of the high and low values of our common stock on the grant date of the awards. As of December 31, 2021, there was $8.6 million of unrecognized compensation expense related to these awards, which we expect to be recognized over a weighted-average period of 1.7 years. The following table shows information about restricted stock units and performance shares for the year ended December 31, 2021: Number of Share Units Outstanding (in thousands) Weighted-Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 138 $ 72.59 Granted 34 91.36 Vested (63) 70.79 Forfeited (2) 82.09 Nonvested at end of the year 107 79.37 Performance Shares: Nonvested at beginning of the year 112 $ 76.03 Granted 57 87.45 Net decrease due to estimated performance (22) 84.78 Vested (58) 71.98 Forfeited (1) 87.06 Nonvested at end of the year 88 83.79 The total fair value of restricted stock units and performance shares that vested during the year was $11.6 million in 2021, $10.2 million in 2020, and $12.6 million in 2019. Phantom Stock Awards |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions): 2021 2020 2019 Income before Income Taxes Domestic $ 40.9 $ (2.0) $ 39.1 Foreign 154.2 127.3 106.1 Total $ 195.1 $ 125.3 $ 145.2 The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions): 2021 2020 2019 Income Tax Expense Current Domestic: Federal $ 0.1 $ (3.4) $ (11.3) State and local 0.3 0.3 (1.2) $ 0.4 $ (3.1) $ (12.5) Foreign 18.6 11.3 19.6 Total Current $ 19.0 $ 8.2 $ 7.1 Deferred Domestic: Federal 6.7 3.6 19.6 State and local 3.0 0.9 4.3 $ 9.7 $ 4.5 $ 23.9 Foreign 24.5 24.6 9.9 Total Deferred $ 34.2 $ 29.1 $ 33.8 Income taxes $ 53.2 $ 37.3 $ 40.9 The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions): 2021 2020 2019 Income taxes at federal statutory rate $ 41.0 $ 26.3 $ 30.5 Adjust for effect of: Foreign earnings taxed at applicable statutory rates 10.2 9.8 9.8 Foreign deferred tax rate change impact (0.3) (0.7) (2.8) Nondeductible compensation 1.9 0.6 0.2 Share-based compensation (3.5) (1.2) (1.4) State income taxes 2.9 1.2 3.8 Other 1.0 1.3 0.8 Income taxes $ 53.2 $ 37.3 $ 40.9 Effective income tax rate 27.3 % 29.8 % 28.2 % In 2021, our effective tax rate was 27.3% compared to 29.8% in 2020 and 28.2% in 2019. The 2019 effective tax rate included a net benefit of $2.8 million associated with the reduction of the corporate income tax rate in Alberta, Canada. The adjustment for foreign earnings in each year reflected the impact of applicable statutory tax rates on income earned at our foreign subsidiaries. Compensation is adjusted for the difference between the deductibility of these expenses under the U.S. tax law versus U.S. GAAP. State income taxes are recognized on domestic pretax income or loss. The amount of our domestic income subject to state taxes relative to our total worldwide income impacts the effect state income tax has on our overall income tax rate. Separately, our affiliates incurred income taxes of $55.3 million, $33.6 million, and $18.0 million respectively in 2021, 2020, and 2019. During 2021 and 2020, changes in the statutory tax rate of the United Kingdom resulted in one-time tax expense adjustments of $39.7 million and $12.3 million, respectively. The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2021 2020 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 1,093.5 $ 1,017.8 Right-of-use assets 68.3 93.8 Investments in affiliated companies 27.5 26.1 Lease accounting 29.1 33.4 Intangible amortization 1.9 — Other 5.4 2.8 Total deferred tax liabilities $ 1,225.7 $ 1,173.9 Deferred Tax Assets Lease liability $ 72.2 $ 95.9 Federal net operating loss 87.8 53.5 Foreign tax credit 0.8 0.8 Valuation allowance on foreign tax credit (0.8) (0.8) State net operating loss 45.0 38.3 Valuation allowance on state net operating loss (14.9) (13.9) Foreign net operating loss 1.6 2.1 Accruals not currently deductible for tax purposes 18.3 16.0 Allowance for losses 1.7 1.1 Pension and post-retirement benefits 9.8 16.4 Other 3.2 1.7 Total deferred tax assets $ 224.7 $ 211.1 Net deferred tax liabilities $ 1,001.0 $ 962.8 Deferred income taxes are the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We expect at this time to continue reinvestment of foreign earnings outside the U.S. indefinitely. Consequently, our tax provision does not include any deferred tax costs that might arise due to book versus tax basis differences in investments in foreign subsidiaries. Under provisions of the territorial tax system, future dividend distributions from foreign subsidiaries and affiliates are generally exempt from U.S. income tax. Taxes may arise from withholding taxes or on foreign exchange or other gains recognized in connection with the basis differences in our investments in foreign subsidiaries. The ultimate tax cost of repatriating these earnings depends on tax laws in effect and other circumstances at the time of distribution. At December 31, 2021, we had a U.S. federal tax net operating loss carryforward of $418.1 million that can be carried forward indefinitely until the loss is fully recovered. The utilization of net operating losses carried forward are limited to 80% of future taxable income. We also had foreign tax credits of $0.8 million that expire after 2027. We have recorded a $0.8 million valuation allowance related to these credits, as we believe it is more likely than not that we will be unable to utilize them. At December 31, 2021, we had state tax net operating losses of $45.0 million, net of federal benefits that are scheduled to expire at various times beginning in 2022. We have recorded a $14.9 million valuation allowance related to state net operating losses, as we believe it is more likely than not that we will be unable to use all of these losses. Additionally, we had foreign net operating losses of $1.6 million, which have an unlimited carryforward period. Our use of future operating losses depends on a number of variables, including the amount of taxable income and state apportionment factors for state net operating loss carryforwards. At December 31, 2021, our gross liability for unrecognized tax benefits was $10.2 million. An increase of $8.6 million is attributed to our foreign operations. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. We have not accrued any amounts for penalties. To the extent interest is not assessed or is otherwise reduced with respect to uncertain tax positions, we will record any required adjustment as a reduction of income tax expense. We file one separate federal income tax return and one consolidated federal income tax return with our domestic subsidiaries in the U.S. jurisdiction, as well as tax returns in various state and foreign jurisdictions. As of December 31, 2021, all audits or statutes of limitations with respect to our federal tax returns for years prior to 2018 have been closed or expired. Additionally, we currently have no open federal income tax audits, four open state income tax audits, and one open income tax audit on our foreign operations. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations Concentration of Revenues We derived revenue from a wide range of industries and companies. In 2021, we generated approximately 27% of our total revenues from customers in the petroleum industry, 23% from the transportation industry, 20% from the chemical industry, 11% from food/agriculture industries and 10% from the mining, minerals and aggregates industry. Our foreign identifiable revenues were primarily derived in Canada, Germany, Poland, United Kingdom, and Austria. Concentration of Credit Risk We did not have revenue concentrations greater than 10% from any particular customer for any of the years ended December 31, 2021, 2020, and 2019. Under our lease agreements with customers, we typically retain legal ownership of the assets unless such assets have been financed by sale-leasebacks. We perform a credit evaluation prior to approval of a lease contract. Subsequently, we monitor the creditworthiness of the customer and the value of the collateral on an ongoing basis. We maintain an allowance for losses to provide for credit losses inherent in our receivables balances. Concentration of Labor Force As of December 31, 2021, collective bargaining agreements covered approximately 35% of our employees, of which agreements covering 2% of employees will expire within the next year. The hourly employees at our US service centers are represented by the United Steelworkers. Employees at three of Rail North America's Canadian service centers are represented by Unifor and the Employee Shop Committee of Rivière-des-Prairies. Certain employees of GATX Rail Europe are represented by one union in Poland. |
Commercial Commitments
Commercial Commitments | 12 Months Ended |
Dec. 31, 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 as of December 31 (in millions): 2021 2020 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 December 31, 2021 and December 31, 2020. As of December 31, 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 | 12 Months Ended |
Dec. 31, 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 during the year for the portion of the year 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 for the years ended December 31 (in millions, except per share amounts): 2021 2020 2019 Numerator: Net income from continuing operations $ 143.1 $ 150.2 $ 180.8 Net income from discontinued operations — 1.1 30.4 Net income $ 143.1 $ 151.3 $ 211.2 Denominator: Weighted-average shares outstanding - basic 35.4 35.0 35.7 Effect of dilutive securities: Equity compensation plans 0.6 0.4 0.7 Weighted-average shares outstanding - diluted 36.0 35.4 36.4 Basic earnings per share from continuing operations $ 4.04 $ 4.30 $ 5.07 Basic earnings per share from discontinued operations — 0.03 0.85 Basic earnings per share from consolidated operations $ 4.04 $ 4.33 $ 5.92 Diluted earnings per share from continuing operations $ 3.98 $ 4.24 $ 4.97 Diluted earnings per share from discontinued operations — 0.03 0.84 Diluted earnings per share from consolidated operations $ 3.98 $ 4.27 $ 5.81 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Our goodwill was $123.0 million as of December 31, 2021 and $143.7 million as of December 31, 2020. In the fourth quarter of 2021, we performed a review for impairment of goodwill, and concluded that goodwill was not impaired. The following table summarizes the components of goodwill for the years ended December 31 (in millions): 2021 2020 Rail North America $ 23.8 $ 23.8 Rail International 58.6 62.9 Other 40.6 57.0 Total goodwill $ 123.0 $ 143.7 In December 2020, GATX acquired Trifleet. As a result of this transaction, GATX initially recorded $57.0 million of goodwill. In 2021, GATX finalized the purchase price allocation among the amounts assigned to assets and liabilities, which resulted in a purchase accounting adjustment to goodwill of $13.2 million. See "Note 4. Business Combinations" for additional information. The remaining changes in the carrying amount of our goodwill for 2021 resulted from fluctuations in foreign currency exchange rates. |
Allowance for Losses
Allowance for Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Losses | Allowance for Losses The following table shows changes in the allowance for losses at December 31 (in millions): 2021 2020 Beginning balance $ 6.5 $ 6.2 Provision for losses 0.1 0.7 Charges to allowance (0.5) (0.9) Recoveries and other, including foreign exchange adjustments 0.1 0.5 Ending balance $ 6.2 $ 6.5 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities The following table shows the components of other assets reported on our balance sheets as of December 31 (in millions): 2021 2020 Inventory $ 52.0 $ 64.3 Prepaid items 42.0 18.9 Office furniture, fixtures and other equipment, net of accumulated depreciation 30.2 32.2 Prepaid pension 28.6 16.0 Derivatives 8.9 6.4 Assets held for sale 3.8 4.8 Deferred financing costs 2.8 3.0 Other 96.7 84.7 Total other assets $ 265.0 $ 230.3 The following table shows the components of other liabilities reported on our balance sheets as of December 31 (in millions): 2021 2020 Accrued pension and other post-retirement benefits $ 68.3 $ 82.0 Environmental accruals 3.5 10.6 Derivatives 0.3 — Other 40.3 43.0 Total other liabilities $ 112.4 $ 135.6 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On January 25, 2019, our board of directors ("Board") approved a $300 million share repurchase program, pursuant to which we are authorized to purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to Rule 10b5-1 plans. The share repurchase program does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. The timing of share repurchases will be dependent on market conditions and other factors. During 2021, we repurchased 0.1 million shares of common stock for $13.1 million. In 2020, we did not repurchase any shares of common stock. In 2019, we purchased 2.0 million shares of common stock for $150.0 million. In accordance with our certificate of incorporation, 120 million shares of common stock are authorized, at a par value of $0.625 per share. As of December 31, 2021, 68.3 million shares were issued and 35.4 million shares were outstanding. The following shares of common stock were reserved as of December 31, 2021 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.1 GATX Corporation 2012 Incentive Award Plan 5.7 Total 7.8 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive 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, 2018 $ (58.0) $ (14.0) $ (92.6) $ (164.6) Change in component (10.1) 17.4 1.5 8.8 Reclassification adjustments into earnings (1) — (11.8) 7.6 (4.2) Income tax effect — (1.7) (1.9) (3.6) Balance at December 31, 2019 (68.1) (10.1) (85.4) (163.6) Change in component 24.4 (20.4) (3.8) 0.2 Reclassification adjustments into earnings (1) — 14.9 12.1 27.0 Income tax effect — 1.0 (2.1) (1.1) Balance at December 31, 2020 (43.7) (14.6) (79.2) (137.5) Change in component (51.7) 12.5 22.7 (16.5) Reclassification adjustments into earnings (1) — (10.1) 12.8 2.7 Income tax effect — (0.4) (8.9) (9.3) Balance at December 31, 2021 $ (95.4) $ (12.6) $ (52.6) $ (160.6) ________ |
Foreign Operations
Foreign Operations | 12 Months Ended |
Dec. 31, 2021 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign Operations | Foreign Operations For the years ended December 31, 2021, 2020, and 2019, we did not derive revenues in excess of 10% of our consolidated revenues from any one foreign country. Additionally, at December 31, 2021 and 2020, we did not have more than 10% of our identifiable assets in any one foreign country. The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions): 2021 2020 2019 Revenues From Continuing Operations Foreign $ 468.5 $ 374.9 $ 331.1 United States 788.9 834.3 871.0 Total $ 1,257.4 $ 1,209.2 $ 1,202.1 Identifiable Assets From Continuing Operations Foreign $ 3,783.3 $ 3,438.6 $ 2,624.5 United States 5,758.4 5,499.0 5,369.5 Total $ 9,541.7 $ 8,937.6 $ 7,994.0 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Legal Proceedings and Other Contingencies GATX and its subsidiaries have been named as defendants in various legal actions and claims, governmental proceedings, and private civil suits arising in the ordinary course of business, including environmental matters, workers’ compensation claims, and other personal injury claims. Some of these proceedings include claims for punitive as well as compensatory damages. Several of our subsidiaries have also been named as defendants or co-defendants in cases alleging injury caused by exposure to asbestos. The plaintiffs seek an unspecified amount of damages based on common law, statutory, or premises liability. In addition, demand has been made against GATX for asbestos-related claims under limited indemnities given in connection with the sale of certain of our former 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. Litigation Accruals We have recorded accruals totaling $4.6 million at December 31, 2021 for losses related to those litigation matters that we believe to be probable and for which an amount of loss can be reasonably estimated. However, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in liability that materially exceeds the accrued amount. In addition, we have other litigation matters pending for which we have not recorded any accruals because our potential liability for those matters is not probable or cannot be reasonably estimated based on currently available information. For those matters where we have not recorded an accrual but a loss is reasonably possible, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have not recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in a significant liability for GATX. Environmental Our operations are subject to extensive federal, state, and local environmental regulations. Our operating procedures include practices to protect the environment from the risks inherent in full service railcar leasing, which involves maintaining railcars used by customers to transport chemicals and other hazardous materials. Under some environmental laws in the U.S. and certain other countries, the owner of a leased transportation asset may be liable for environmental damage and cleanup or other costs in the event of a spill or discharge of material from such asset without regard to the owner’s fault. While our standard forms of lease agreements require the lessee to indemnify us against environmental claims and to carry liability insurance coverage, such indemnities and insurance may not fully protect us against claims for environmental damage. Additionally, some of our real estate holdings, including previously owned properties, are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies whose activities might have resulted in discharges on the property. As a result, we are subject to environmental cleanup and enforcement actions. In particular, the federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), also known as the Superfund law, as well as similar state laws, impose joint and several liability for cleanup and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. If there are other potentially responsible parties (“PRPs”), we generally contribute to the cleanup of these sites through cost-sharing agreements with terms that vary from site to site. Costs are typically allocated based on the relative volumetric contribution of material, the period of time the site was owned or operated, and/or the portion of the site owned or operated by each PRP. At the time a potential environmental issue is identified, initial accruals for environmental liability are established when such liability is determined to be probable and a reasonable estimate of the associated costs can be made. Costs are estimated based on the type and level of investigation and/or remediation activities that our internal environmental staff (and where appropriate, independent consultants) have advised to be necessary to comply with applicable laws and regulations. Activities include surveys and environmental studies of potentially contaminated sites as well as costs for remediation and restoration of sites determined to be contaminated. In addition, we have provided indemnities for potential environmental liabilities to buyers of divested companies. In these instances, accruals are based on the scope and duration of the respective indemnities together with the extent of known contamination. Estimates are periodically reviewed and adjusted as required to reflect additional information about facility or site characteristics or changes in regulatory requirements. We conduct a quarterly environmental contingency analysis, which considers a combination of factors including independent consulting reports, site visits, legal reviews, analysis of the likelihood of participation in and the ability of other PRPs to pay for cleanup, and historical trend analyses. We are involved in administrative and judicial proceedings and other voluntary and mandatory cleanup efforts at 13 sites, including Superfund sites, for which we are contributing to the cost of performing the study or cleanup, or both, of alleged environmental contamination. As of December 31, 2021, we have recorded accruals of $3.5 million for remediation and restoration costs that we believe to be probable and for which the amount of loss can be reasonably estimated. These amounts are included in other liabilities on our balance sheet. Our environmental liabilities are not discounted. We did not materially change our methodology for identifying and calculating environmental liabilities in the last three years. Currently, no known trends, demands, commitments, events or uncertainties exist that are reasonably likely to occur and materially affect the methodology or assumptions described above. The recorded accruals represent our best estimate of all costs for remediation and restoration of affected sites, without reduction for anticipated recoveries from third parties, and include both asserted and unasserted claims. However, we are unable to provide a reasonable estimate of the maximum potential loss associated with these sites because cleanup costs cannot be predicted with certainty. Various factors beyond our control can impact the amount of loss GATX will ultimately incur with respect to these sites, including the extent of corrective actions that may be required; evolving environmental laws and regulations; advances in environmental technology, the extent of other parties' participation in cleanup efforts; developments in periodic environmental analyses related to sites determined to be contaminated, and developments in environmental surveys and studies of potentially contaminated sites. As a result, future charges associated with these sites could have a significant effect on results of operations in a particular quarter or year if the costs materially exceed the accrued amount as individual site studies and remediation and restoration efforts proceed. However, management believes it is unlikely that the ultimate cost to GATX for any of these sites, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or liquidity. |
Financial Data of Business Segm
Financial Data of Business Segments | 12 Months Ended |
Dec. 31, 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 ASC as a fourth segment. In the first quarter of 2021, GATX began investing directly in aircraft spare engines through its new entity, GEL. In 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 4. 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 25. 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 primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added 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, GEL, our direct ownership of aircraft spare engines that we lease, and five liquefied gas carrying vessels (the "Specialized Gas Vessels"). 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 the years ended December 31, 2021, 2020, and 2019 (in millions): Rail North America Rail International Portfolio Management Other GATX Consolidated 2021 Profitability Revenues Lease revenue $ 814.5 $ 272.9 $ 28.1 $ 25.0 $ 1,140.5 Marine operating revenue — — 19.1 — 19.1 Other revenue 77.2 11.4 0.5 8.7 97.8 Total Revenues 891.7 284.3 47.7 33.7 1,257.4 Expenses Maintenance expense 235.4 57.6 — 4.1 297.1 Marine operating expense — — 17.5 — 17.5 Depreciation expense 261.1 73.6 17.6 12.1 364.4 Operating lease expense 39.2 — — — 39.2 Other operating expense 30.3 9.0 1.7 3.0 44.0 Total Expenses 566.0 140.2 36.8 19.2 762.2 Other Income (Expense) Net gain on asset dispositions 94.3 2.7 8.0 0.9 105.9 Interest expense, net (136.2) (45.2) (16.6) (6.0) (204.0) Other income (expense) 1.6 3.4 2.0 (10.7) (3.7) Share of affiliates' pre-tax income — — 56.5 — 56.5 Segment profit (loss) $ 285.4 $ 105.0 $ 60.8 $ (1.3) 449.9 Less: Selling, general and administrative expense 198.3 Income taxes (includes $55.3 related to affiliates' earnings) 108.5 Net income from continuing operations $ 143.1 Net income from discontinued operations, net of taxes — Net income $ 143.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 80.7 $ 1.2 $ — $ 0.5 $ 82.4 Residual sharing income 0.9 — 8.0 — 8.9 Non-remarketing net gains (1) 15.1 1.5 — 0.4 17.0 Asset impairments (2.4) — — — (2.4) $ 94.3 $ 2.7 $ 8.0 $ 0.9 $ 105.9 Capital Expenditures Portfolio investments and capital additions $ 574.4 $ 173.3 $ 353.0 $ 31.2 $ 1,131.9 Selected Balance Sheet Data Investments in affiliated companies $ 0.3 $ — $ 588.1 $ — $ 588.4 Identifiable assets from continuing operations $ 6,141.7 $ 1,729.9 $ 1,048.7 $ 621.4 $ 9,541.7 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated 2020 Profitability Revenues Lease revenue $ 838.3 $ 248.4 $ 0.8 $ — $ 1,087.5 Marine operating revenue — — 15.6 — 15.6 Other revenue 95.8 9.7 0.6 — 106.1 Total Revenues 934.1 258.1 17.0 — 1,209.2 Expenses Maintenance expense 264.7 50.8 — — 315.5 Marine operating expense — — 19.7 — 19.7 Depreciation expense 258.6 66.6 5.3 — 330.5 Operating lease expense 49.3 — — — 49.3 Other operating expense 27.3 7.5 0.5 — 35.3 Total Expenses 599.9 124.9 25.5 — 750.3 Other Income (Expense) Net gain on asset dispositions 38.3 1.2 2.2 — 41.7 Interest (expense) income, net (139.9) (45.9) (12.2) 7.7 (190.3) Other expense (4.9) (5.0) — (3.1) (13.0) Share of affiliates' pre-tax (loss) income (0.1) — 95.9 — 95.8 Segment profit $ 227.6 $ 83.5 $ 77.4 $ 4.6 393.1 Less: Selling, general and administrative expense 172.0 Income taxes (includes $33.6 related to affiliates' earnings) 70.9 Net income from continuing operations $ 150.2 Net income from discontinued operations, net of taxes 1.1 Net income $ 151.3 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 38.8 $ 0.5 $ 0.1 $ — $ 39.4 Residual sharing income 0.4 — 2.1 — 2.5 Non-remarketing net (losses) gains (1) (0.6) 0.7 — — 0.1 Asset impairments (0.3) — — — (0.3) $ 38.3 $ 1.2 $ 2.2 $ — $ 41.7 Capital Expenditures Portfolio investments and capital additions $ 642.0 $ 216.0 $ 0.5 $ 205.5 $ 1,064.0 Selected Balance Sheet Data Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets from continuing operations $ 5,944.4 $ 1,745.8 $ 706.1 $ 541.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated 2019 Profitability Revenues Lease revenue $ 868.3 $ 219.2 $ 1.0 $ — $ 1,088.5 Marine operating revenue — — 8.2 — 8.2 Other revenue 96.2 8.5 0.7 — 105.4 Total Revenues 964.5 227.7 9.9 — 1,202.1 Expenses Maintenance expense 267.9 46.5 — — 314.4 Marine operating expense — — 18.9 — 18.9 Depreciation expense 256.9 57.8 6.6 — 321.3 Operating lease expense 54.4 — — — 54.4 Other operating expense 23.9 6.8 0.6 — 31.3 Total Expenses 603.1 111.1 26.1 — 740.3 Other Income (Expense) Net gain (loss) on asset dispositions 54.6 1.7 (4.7) — 51.6 Interest (expense) income, net (134.5) (40.6) (11.2) 5.8 (180.5) Other (expense) income (5.3) 1.2 — (3.2) (7.3) Share of affiliates' pre-tax income — — 94.5 — 94.5 Segment profit $ 276.2 $ 78.9 $ 62.4 $ 2.6 420.1 Less: Selling, general and administrative expense 180.4 Income taxes (includes $18.0 related to affiliates' earnings) 58.9 Net income from continuing operations $ 180.8 Net income from discontinued operations, net of taxes 30.4 Net income $ 211.2 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 58.5 $ 0.1 $ — $ — $ 58.6 Residual sharing income 0.4 — 1.5 — 1.9 Non-remarketing net (losses) gains (1) (3.9) 1.6 — — (2.3) Asset impairments (0.4) — (6.2) — (6.6) $ 54.6 $ 1.7 $ (4.7) $ — $ 51.6 Capital Expenditures Portfolio investments and capital additions $ 502.2 $ 215.7 $ — $ 4.9 $ 722.8 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 512.4 $ — $ 512.6 Identifiable assets from continuing operations $ 5,646.7 $ 1,486.7 $ 653.7 $ 206.9 $ 7,994.0 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 291.1 __________ (1) Includes net gains (losses) from scrapping of railcars. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On May 14, 2020, we completed the sale of our ASC business. The proceeds of $258.3 million in cash included $1.1 million held in escrow, set aside to satisfy potential indemnification claims for one year after the sale date. The final proceeds of $1.1 million were received in May 2021. Accordingly, the results of operations from our ASC business and gain on sale of ASC are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2021, 2020, and 2019. As a result of the completion of the sale in May 2020, there were no operating results in 2021. There were no related assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2021 and 2020 in the accompanying balance sheets. We recognized a net gain of $3.6 million, net of taxes, during the second quarter of 2020 in connection with this sale. In the third quarter of 2020, we recognized a net loss of $0.3 million, net of taxes. The net loss on sale recognized in the third quarter was attributable to final post-closing adjustments and expenses related to the sale. Results of discontinued operations reflect directly attributable revenues, operating and ownership expenses, and income taxes. Results also reflect intercompany allocations for interest. Interest expense was zero for 2021, $2.0 million for 2020, and $6.1 million for 2019. Interest was allocated consistent with GATX's risk-adjusted approach for continuing operations. The following table shows the financial results of our discontinued operations for the years ended December 31 (in millions): 2021 2020 2019 Revenues $ — $ 27.2 $ 191.7 Expenses Operating expense — 22.5 138.8 Depreciation expense — 1.7 10.6 Selling, general and administrative expense — 2.8 8.2 Total Expenses — 27.0 157.6 Other (expense) income — (3.0) 3.8 (Loss) Income from Discontinued Operations Before Taxes — (2.8) 37.9 Income tax benefit (expense) — 0.6 (7.5) Net (Loss) Income from Discontinued Operations, Net of Taxes $ — $ (2.2) $ 30.4 Gain on Sale of Discontinued Operations, Net of Taxes — 3.3 — Total Discontinued Operations, Net of Taxes $ — $ 1.1 $ 30.4 The following table shows cash flow information for our discontinued operations for the years ending December 31 (in millions): 2021 2020 2019 Net Cash Used In (Provided By) Operating Activities $ — $ (8.5) $ 36.8 Net Cash Provided By Investing Activities (1) 1.1 240.9 8.1 Net Cash Provided By (Used In) Financing Activities — 21.8 (45.0) Cash Provided By (Used In) Discontinued Operations, Net $ 1.1 $ 254.2 $ (0.1) ________ (1) Net cash provided by investing activities included $1.1 million in 2021 for the final proceeds from the sale of ASC that had been held in escrow funds and $257.2 million of proceeds from the sale of ASC in 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event [Line Items] | |
Mergers, Acquisitions and Dispositions Disclosures | 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. In 2021, GATX paid a final €1.1 million ($1.4 million) attributable to post-closing adjustments. Transaction costs associated with this acquisition were approximately $3.1 million. 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. The final purchase price allocation included $171.1 million to operating assets, $12.9 million to identifiable intangible assets, $23.2 million to other net liabilities acquired and $43.8 million to goodwill. Intangible assets include Trifleet's customer relationships and trade name with an estimated useful life of 25 and 10 years, respectively. Goodwill is primarily related to the value we expect to achieve from the growth of the business. Goodwill is reported in the Other segment and is not deductible for U.S. tax purposes. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain prior year amounts have been reclassified to conform to the 2021 presentation. | |
Consolidation | ConsolidationOur consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances. | |
Use of Estimates | Use of Estimates Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates. | |
Lease Classification | Lease Classification We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, other than by renewal or extension, we evaluate whether that change would have resulted in a different lease classification had the change been in effect at inception. If so, the revised agreement is considered a new lease for lease classification purposes. See "Note 6. Leases." In 2019, we adopted ASU 2016-02, Leases ("Topic 842") . As provided in the guidance, we elected the package of practical expedients that retains the classification of existing leases at the time of adoption and does not require re-evaluation of embedded leases or reassessment of initial direct costs. | |
Revenue Recognition | 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 and 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, 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 6. 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, 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 6. 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. | |
Cash and Cash Equivalents | Cash and Cash EquivalentsWe classify all highly liquid investments with a maturity of three months or less as cash equivalents | |
Restricted cash | Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs. | |
Finance Lease Receivables | Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of operations. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under the current expected credit loss standard that we adopted on January 1, 2020. See the “Allowance for Losses” section within this Note for more information. | |
Allowance for Losses | Allowance for Losses The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables. Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts. We evaluate reserve estimates for finance lease receivables under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2021. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2021. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses." | |
Operating Assets and Facilities | Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 15–45 years Aircraft spare engines 20–25 years Locomotives 15–25 years Marine vessels 30 years Tank containers 15–25 years Buildings 40–50 years Leasehold improvements 5–15 years Other equipment 5–30 years We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale. | |
Leased assets as a Lessee | Leased Assets as a LesseeWe record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. | |
Investments in Affiliates | Investments in Affiliates We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We include loans to and from affiliates as part of our investment in the affiliate and include interest on any such loans in our share of the affiliates’ earnings. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 7. Investments in Affiliated Companies." | |
Variable Interest Entities | Variable Interest Entities We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may result in an entity becoming a variable interest entity or us becoming the primary beneficiary of an existing variable interest entity. | |
Goodwill | Goodwill and Intangible Assets We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill." We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. | |
Inventory | Inventory Our inventory consists primarily of railcar and locomotive repair components. All inventory balances are stated at lower of cost or net realizable value. Railcar repair components are valued using the average cost method. Inventory is included in other assets on the balance sheet. | |
Income Taxes | Income Taxes We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value Disclosure." | |
Derivatives | Derivatives We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis. | |
Foreign Currency | Foreign Currency We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized net of related hedges in other expense during the periods in which they occur. Net (losses) gains recognized were $(0.8) million, $(10.8) million and $1.7 million for 2021, 2020, and 2019. | |
Environmental Liabilities | Environmental LiabilitiesWe record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 23. Legal Proceedings and Other Contingencies. | |
Defined Benefit Pension and Other Post-Retirement Plans | Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits." | |
Maintenance and Repair Costs | Maintenance and Repair CostsWe expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement. We capitalize required regulatory survey costs for vessels and amortize those costs over the applicable survey period, which is generally five years. | |
Operating Lease Expense | Operating Lease Expense We classify leases of certain railcars, maintenance facilities, and other equipment as operating leases. We record the lease expense associated with these leases on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 6. Leases." | |
Share-Based Compensation | Share-Based CompensationWe base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 12. Share-Based Compensation | |
Net Gain on Asset Dispositions | Net Gain on Asset Dispositions Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions. | |
Interest expense, net | nterest Expense, netInterest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $0.7 million in 2021, $1.5 million in 2020, and $3.8 million in 2019. | |
Other Income (Expense) | Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). Business Combinations We account for business combinations using the acquisition method of accounting, which requires assets acquired and liabilities assumed be recorded at their respective fair values as of the acquisition date. The excess consideration paid over the fair value of the assets acquired and liabilities assumed represents goodwill. The allocation of the purchase price requires management to make significant estimates in determining fair values. These estimates can include, but are not limited to, expected future cash flows, discount rates, and the expected use of the acquired assets. Transaction costs associated with business combinations are expensed when incurred. See "Note 4. Business Combinations." Discontinued Operations On May 14, 2020, we completed the sale of our ASC business. 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. Accordingly, the results of operations from our ASC business are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2021, 2020, and 2019. There were no related assets and liabilities classified as assets and liabilities of discontinued operations as of December 31, 2021 and 2020 in the accompanying balance sheets. In addition, cash flows from our ASC business are reported as cash flows from discontinued operations in the accompanying statements of cash flows for the years ended December 31, 2021, 2020, and 2019. See "Note 25. Discontinued Operations" for more information. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Net gain on disposition of assets | The following table presents the net gain on asset dispositions for the years ended December 31 (in millions): 2021 2020 2019 Net disposition gains $ 82.4 $ 39.4 $ 58.6 Residual sharing income 8.9 2.5 1.9 Non-remarketing net disposition gains (losses) 17.0 0.1 (2.3) Asset impairment losses (1) (2.4) (0.3) (6.6) Net Gain on Asset Dispositions $ 105.9 $ 41.7 $ 51.6 __________ (1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses. |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Noncash Investing Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 2021 2020 2019 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 196.6 $ 189.8 $ 185.1 Income taxes paid, net 10.3 21.4 11.6 |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Assets And Liabilities, Lessee [Table Text Block] | The following table shows the lease terms and discount rates related to leases as of December 31: 2021 2020 2019 Weighted-average remaining lease term (years): Operating leases 7.9 9.3 9.6 Finance leases (1) — — — Weighted-average discount rate: Operating leases 3.40 % 3.57 % 3.66 % Finance leases 0.22 % 0.95 % 2.26 % ________ (1) The weighted-average remaining lease term for outstanding finance leases was less than one year in 2021, 2020 and 2019. | |
Lease, Cost [Table Text Block] | The following table shows the components of lease expense for the years ended December 31 (in millions): 2021 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 0.2 $ 0.6 $ 0.7 Interest on lease liabilities — 0.2 0.3 Operating lease cost (1): Fixed lease cost - operating leases 40.0 53.3 59.7 Total lease cost $ 40.2 $ 54.1 $ 60.7 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. The following table shows other information related to leases for the years ended December 31 (in millions): 2021 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 40.5 $ 58.5 $ 66.5 Operating cash flows for finance leases — — 0.3 Financing cash flows for finance leases 77.2 40.0 11.3 Total cash for leases $ 117.7 $ 98.5 $ 78.1 Non-cash financing lease transactions (1) $ 45.1 $ 64.9 $ 7.8 __________ (1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option. | |
Operating Lease, Lease Income [Table Text Block] | The following table shows the components of our lease income for the years ended December 31 (in millions): 2021 2020 2019 Operating lease income: Fixed lease income $ 1,063.4 $ 1,020.9 $ 1,013.5 Variable lease income 70.1 59.4 65.2 Total operating lease income $ 1,133.5 $ 1,080.3 $ 1,078.7 Finance lease income 7.0 7.2 9.8 Total lease income $ 1,140.5 $ 1,087.5 $ 1,088.5 The following table shows the components of our finance leases as of December 31 (in millions): 2021 2020 Total contractual lease payments receivable $ 106.9 $ 77.1 Estimated unguaranteed residual value of leased assets 20.0 24.6 Unearned income (26.7) (27.7) Finance leases $ 100.2 $ 74.0 | |
Components of GATX's finance leases | The following table shows assets recorded as finance leases as of December 31 (in millions): 2021 2020 Railcars $ 1.5 $ 37.8 Less: allowance for depreciation — (0.3) Finance leases, net of accumulated depreciation $ 1.5 $ 37.5 | |
Lessee, Leases, Future Minimum Payments [Table Text Block] | The following table shows the maturities of our lease liabilities as of December 31, 2021 (in millions): Operating Leases Finance Leases Total 2022 $ 42.4 $ 1.5 $ 43.9 2023 40.1 — 40.1 2024 38.0 — 38.0 2025 35.2 — 35.2 2026 43.9 — 43.9 Thereafter 135.0 — 135.0 Total undiscounted lease payments $ 334.6 $ 1.5 $ 336.1 Less: amounts representing interest (48.4) — (48.4) Total discounted lease liabilities $ 286.2 $ 1.5 $ 287.7 | The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2021 (in millions): Operating Leases (1) Finance Leases Total 2022 $ 968.3 $ 36.6 $ 1,004.9 2023 753.3 15.5 768.8 2024 546.4 16.1 562.5 2025 330.8 12.6 343.4 2026 195.9 11.6 207.5 Years thereafter 328.6 14.5 343.1 $ 3,123.3 $ 106.9 $ 3,230.2 __________ (1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance. |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Tables) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Significant Investments in Affiliated Companies, by Segment | The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2021 2020 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 588.1 $ 584.7 50.0 % RailPulse LLC Rail North America 0.3 — 17.0 % Investments in Affiliated Companies $ 588.4 $ 584.7 __________ | ||
Equity Method Investments, Earnings by Segment | The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2021 2020 2019 Rail North America $ — $ (0.1) $ — Portfolio Management 56.5 95.9 94.5 Share of affiliates' pre-tax income 56.5 95.8 94.5 Income taxes (1) (55.3) (33.6) (18.0) Share of affiliates' earnings, net of taxes $ 1.2 $ 62.2 $ 76.5 __________ | ||
Equity method Investments, Investments and Distributions | The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions 2021 2020 2019 2021 2020 2019 Rail North America $ 0.4 $ — $ — $ — $ 0.1 $ — Portfolio Management — — — 0.1 0.6 27.6 Total $ 0.4 $ — $ — $ 0.1 $ 0.7 $ 27.6 | ||
Equity Method Investments, Guarantees | Investments in Affiliated Companies Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2021 2020 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 588.1 $ 584.7 50.0 % RailPulse LLC Rail North America 0.3 — 17.0 % Investments in Affiliated Companies $ 588.4 $ 584.7 __________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates"). The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2021 2020 2019 Rail North America $ — $ (0.1) $ — Portfolio Management 56.5 95.9 94.5 Share of affiliates' pre-tax income 56.5 95.8 94.5 Income taxes (1) (55.3) (33.6) (18.0) Share of affiliates' earnings, net of taxes $ 1.2 $ 62.2 $ 76.5 __________ (1) Income taxes include deferred income tax adjustments of $39.7 million in 2021 due to an enacted corporate income tax rate increase in the United Kingdom and $12.3 million in 2020 due to the elimination of a previously announced corporate income tax rate reduction. The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions 2021 2020 2019 2021 2020 2019 Rail North America $ 0.4 $ — $ — $ — $ 0.1 $ — Portfolio Management — — — 0.1 0.6 27.6 Total $ 0.4 $ — $ — $ 0.1 $ 0.7 $ 27.6 Summarized Financial Data of Affiliates The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2021 2020 2019 Revenues $ 407.4 $ 491.0 $ 469.8 Net gains on sales of assets 79.5 115.7 86.4 Net income 5.0 146.1 161.4 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2021 2020 Current assets $ 574.3 $ 352.7 Noncurrent assets 4,389.4 4,766.9 Total assets $ 4,963.7 $ 5,119.6 Current liabilities $ 492.6 $ 311.0 Noncurrent liabilities 3,329.6 3,674.7 Shareholders’ equity 1,141.5 1,133.9 Total liabilities and shareholders' equity $ 4,963.7 $ 5,119.6 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 407 aircraft engines at December 31, 2021, of which 199 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 20 to 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $1.2 million in 2021, $62.0 million in 2020, and $76.5 million in 2019. Financial results in 2021 and 2020 included $39.7 million of deferred tax expense due to an enacted corporate income tax rate increase in the United Kingdom in 2021 and $12.3 million of deferred tax expense due to the elimination of a previously announced corporate income tax rate reduction in the United Kingdom in 2020. In 2020, financial results included a transaction involving the refinancing and sale of a group of aircraft spare engines at the RRPF affiliates. In this transaction, the RRPF affiliates sold 21 aircraft spare engines for total proceeds of $233.0 million in 2020. GATX's 50% share of the resulting pre-tax net gains was $35.3 million. We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2021 2020 2019 Lease revenue from third parties $ 195.5 $ 257.6 $ 213.3 Lease revenue from Rolls-Royce 211.9 233.4 256.7 Depreciation expense (238.3) (248.7) (223.9) Interest expense (96.7) (116.0) (126.4) Other expenses (38.5) (50.3) (16.5) Other income, including net gains on sales of assets 79.5 115.7 86.4 Income before income taxes 113.4 191.7 189.6 Income taxes (1) (107.4) (45.6) (27.9) Net income $ 6.0 $ 146.1 $ 161.7 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2021 2020 Current assets $ 573.5 $ 352.7 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,415.5 and $1,283.6 (a) 4,389.4 4,766.9 Total assets $ 4,962.9 $ 5,119.6 Accounts payable and accrued expenses $ 130.9 $ 110.4 Debt: Current 361.8 200.6 Noncurrent, net of adjustments for hedges 2,845.1 3,243.6 Other liabilities 484.4 431.1 Shareholders’ equity 1,140.7 1,133.9 Total liabilities and shareholders' equity $ 4,962.9 $ 5,119.6 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2021 (in millions): Rolls-Royce Third Parties Total 2022 $ 214.3 $ 185.6 $ 399.9 2023 191.7 166.3 358.0 2024 183.9 153.1 337.0 2025 162.2 138.8 301.0 2026 137.5 125.3 262.8 Thereafter 122.5 393.6 516.1 Total $ 1,012.1 $ 1,162.7 $ 2,174.8 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2021 (in millions): 2022 $ 364.2 2023 399.6 2024 164.1 2025 210.6 2026 465.6 Thereafter 1,529.9 Total debt principal (1) $ 3,134.0 __________ (1) All debt obligations are nonrecourse to the shareholders. | ||
Equity Method Investments, Summarized Financial Data | The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2021 2020 2019 Revenues $ 407.4 $ 491.0 $ 469.8 Net gains on sales of assets 79.5 115.7 86.4 Net income 5.0 146.1 161.4 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2021 2020 Current assets $ 574.3 $ 352.7 Noncurrent assets 4,389.4 4,766.9 Total assets $ 4,963.7 $ 5,119.6 Current liabilities $ 492.6 $ 311.0 Noncurrent liabilities 3,329.6 3,674.7 Shareholders’ equity 1,141.5 1,133.9 Total liabilities and shareholders' equity $ 4,963.7 $ 5,119.6 | ||
Schedule of Maturities of Debt Obligations | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2021 (in millions): 2022 $ 363.7 2023 500.0 2024 533.1 2025 527.4 2026 461.4 Thereafter 3,544.4 Total debt principal $ 5,930.0 | ||
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments, Summarized Financial Data | The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2021 2020 2019 Lease revenue from third parties $ 195.5 $ 257.6 $ 213.3 Lease revenue from Rolls-Royce 211.9 233.4 256.7 Depreciation expense (238.3) (248.7) (223.9) Interest expense (96.7) (116.0) (126.4) Other expenses (38.5) (50.3) (16.5) Other income, including net gains on sales of assets 79.5 115.7 86.4 Income before income taxes 113.4 191.7 189.6 Income taxes (1) (107.4) (45.6) (27.9) Net income $ 6.0 $ 146.1 $ 161.7 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2021 2020 Current assets $ 573.5 $ 352.7 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,415.5 and $1,283.6 (a) 4,389.4 4,766.9 Total assets $ 4,962.9 $ 5,119.6 Accounts payable and accrued expenses $ 130.9 $ 110.4 Debt: Current 361.8 200.6 Noncurrent, net of adjustments for hedges 2,845.1 3,243.6 Other liabilities 484.4 431.1 Shareholders’ equity 1,140.7 1,133.9 Total liabilities and shareholders' equity $ 4,962.9 $ 5,119.6 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. | ||
Schedule of Future Minimum Lease Payments Receivable | The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2021 (in millions): Rolls-Royce Third Parties Total 2022 $ 214.3 $ 185.6 $ 399.9 2023 191.7 166.3 358.0 2024 183.9 153.1 337.0 2025 162.2 138.8 301.0 2026 137.5 125.3 262.8 Thereafter 122.5 393.6 516.1 Total $ 1,012.1 $ 1,162.7 $ 2,174.8 | ||
Schedule of Maturities of Debt Obligations | The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2021 (in millions): 2022 $ 364.2 2023 399.6 2024 164.1 2025 210.6 2026 465.6 Thereafter 1,529.9 Total debt principal (1) $ 3,134.0 __________ |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Outstanding balances of debt obligations and the applicable interest rates | The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions): Date of Issue Final Interest Rate 2021 2020 Recourse Fixed Rate Debt Unsecured 06/11/12 06/15/22 4.75 % $ 250.0 $ 250.0 Unsecured (1) 12/15/20 12/31/22 0.70 % 113.7 122.1 Unsecured 03/19/13 03/30/23 3.90 % 250.0 250.0 Unsecured 11/05/18 02/15/24 4.35 % 300.0 300.0 Unsecured (1) 12/22/16 05/23/24 0.85 % 119.4 128.3 Unsecured (1) 11/05/19 11/05/24 0.96 % 113.7 122.2 Unsecured (1) 03/20/20 03/20/25 1.00 % 113.7 122.2 Unsecured 02/06/15 03/30/25 3.25 % 300.0 300.0 Unsecured (1) 08/03/20 08/03/25 1.13 % 113.7 122.1 Unsecured 09/13/16 09/15/26 3.25 % 350.0 350.0 Unsecured (1) 10/27/21 10/27/26 0.90 % 26.1 — Unsecured (1) 11/04/19 11/04/26 1.07 % 85.3 91.6 Unsecured 02/09/17 03/30/27 3.85 % 300.0 300.0 Unsecured 11/02/17 03/15/28 3.50 % 300.0 300.0 Unsecured (1) 10/27/21 10/27/28 1.17 % 59.1 — Unsecured 05/07/18 11/07/28 4.55 % 300.0 300.0 Unsecured 01/31/19 04/01/29 4.70 % 500.0 500.0 Unsecured 05/12/20 06/30/30 4.00 % 500.0 500.0 Unsecured 02/03/21 06/01/31 1.90 % 400.0 — Unsecured (1) 10/27/21 10/27/31 1.56 % 85.3 — Unsecured 03/04/14 03/15/44 5.20 % 300.0 300.0 Unsecured 02/06/15 03/30/45 4.50 % 250.0 250.0 Unsecured 02/03/21 06/01/51 3.10 % 300.0 — Unsecured 08/09/21 06/01/51 3.10 % 250.0 — Unsecured 05/27/11 06/01/21 4.85 % — 250.0 Unsecured 09/20/11 06/01/21 4.85 % — 50.0 Unsecured 05/16/16 05/30/66 5.63 % — 150.0 Total recourse fixed rate debt $ 5,680.0 $ 5,058.5 Recourse Floating Rate Debt Unsecured 01/15/21 12/14/23 1.00 % $ 250.0 $ — Unsecured 11/06/17 11/05/21 2.61 % — 300.0 Total recourse floating rate debt $ 250.0 $ 300.0 Total debt principal $ 5,930.0 $ 5,358.5 Unamortized debt discount and debt issuance costs (43.6) (35.1) Debt adjustment for fair value hedges 1.1 5.6 Total Debt $ 5,887.5 $ 5,329.0 __________ |
Maturities of GATX's debt obligation | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2021 (in millions): 2022 $ 363.7 2023 500.0 2024 533.1 2025 527.4 2026 461.4 Thereafter 3,544.4 Total debt principal $ 5,930.0 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 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): Significant Observable Inputs (Level 2) Balance Sheet Location Fair Value Fair Value Derivative Assets Interest rate contracts (1) Other assets $ 1.4 $ 5.6 Foreign exchange contracts (1) Other assets 3.6 0.4 Foreign exchange contracts (2) Other assets 3.9 0.4 Total derivative assets $ 8.9 $ 6.4 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.3 $ — Total derivative liabilities $ 0.3 $ — _________ (1) Designated as hedges. (2) Not designated as hedges. |
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss) | The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (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 2021 2020 2021 2020 Recourse debt $ (300.4) $ (303.6) $ 1.1 $ 5.6 The following tables show the impacts of our derivative instruments on our statements of comprehensive income for the years ended December 31 (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 Derivative Designation 2021 2020 2019 2021 2020 2019 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) $ 0.5 Interest expense $ 1.9 $ 2.1 $ 2.5 Foreign exchange contracts (11.9) 20.1 (19.5) Other (income) expense (12.0) 12.8 (14.3) Total $ (11.9) $ 19.6 $ (19.0) Total $ (10.1) $ 14.9 $ (11.8) |
Fair value 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 statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2021 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 $ (204.0) $ (3.7) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 4.5 — Derivatives designated as hedging instruments (4.5) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.9) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 12.0 Gain (loss) on non-designated derivative contracts — 3.1 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2020 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 $ (190.3) $ (13.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — Derivatives designated as hedging instruments 4.2 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) Gain (loss) on non-designated derivative contracts — 6.2 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2019 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 $ (180.5) $ (7.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — Derivatives designated as hedging instruments 9.0 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 Gain (loss) on non-designated derivative contracts — (1.7) _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). |
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 statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2021 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 $ (204.0) $ (3.7) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 4.5 — Derivatives designated as hedging instruments (4.5) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.9) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 12.0 Gain (loss) on non-designated derivative contracts — 3.1 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2020 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 $ (190.3) $ (13.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — Derivatives designated as hedging instruments 4.2 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) Gain (loss) on non-designated derivative contracts — 6.2 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) 2019 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 $ (180.5) $ (7.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — Derivatives designated as hedging instruments 9.0 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 Gain (loss) on non-designated derivative contracts — (1.7) _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). |
Other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions): 2021 2021 2020 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,666.1 $ 6,040.2 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 250.0 250.0 299.9 300.4 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension obligations and plan assets and other post-retirement obligations | We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions): 2021 Pension 2020 Pension 2021 Retiree 2020 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 508.6 $ 475.4 $ 22.9 $ 24.6 Service cost 8.7 8.1 0.2 0.2 Interest cost 8.1 12.3 0.3 0.5 Actuarial (gain) loss (3.1) 45.2 (2.0) (0.2) Benefits paid (39.9) (33.4) (1.5) (2.2) Effect of foreign exchange rate changes (0.5) 1.0 — — Benefit obligation at end of year $ 481.9 $ 508.6 $ 19.9 $ 22.9 Change in Fair Value of Plan Assets Plan assets at beginning of year 465.5 432.7 — — Actual return on plan assets 34.3 61.4 — — Effect of exchange rate changes (0.5) 1.2 — — Company contributions 2.7 3.6 1.5 2.2 Benefits paid (39.9) (33.4) (1.5) (2.2) Plan assets at end of year $ 462.1 $ 465.5 $ — $ — Funded Status at end of year $ (19.8) $ (43.1) $ (19.9) $ (22.9) Amount Recognized Other liabilities and other assets (net) $ (19.8) $ (43.1) $ (19.9) $ (22.9) Accumulated other comprehensive loss (income): Net actuarial loss (gain) 75.8 109.9 (4.8) (3.0) Prior service credit — — (0.8) (1.0) Accumulated other comprehensive loss (income) 75.8 109.9 (5.6) (4.0) Total recognized $ 56.0 $ 66.8 $ (25.5) $ (26.9) After-tax amount recognized in accumulated other comprehensive loss (income) $ 56.7 $ 82.2 $ (4.2) $ (3.0) The aggregate accumulated benefit obligation for the defined benefit pension plans was $458.1 million at December 31, 2021 and $481.6 million at December 31, 2020. |
Pension plans with a projected benefit obligation in excess of plan assets | The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions): 2021 2020 Projected benefit obligations $ 48.5 $ 380.7 Fair value of plan assets — 321.6 |
Pension plans with an accumulated benefit obligation in excess of plan assets | The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions): 2021 2020 Accumulated benefit obligations $ 42.1 $ 41.7 Fair value of plan assets — — |
Components of pension and other post retirement benefit costs | The following table shows the components of net periodic cost (benefit) for the years ended December 31 (in millions): 2021 2020 2019 2021 2020 2019 Service cost $ 8.7 $ 8.1 $ 6.5 $ 0.2 $ 0.2 $ 0.2 Interest cost 8.1 12.3 15.2 0.3 0.5 0.9 Expected return on plan assets (18.6) (20.4) (22.0) — — — Settlement accounting adjustment 2.1 — — — — — Amortization of: Unrecognized prior service credit — — — (0.2) (0.2) (0.2) Unrecognized net actuarial loss (gain) 13.3 12.7 7.9 (0.3) (0.4) (0.1) Net periodic cost $ 13.6 $ 12.7 $ 7.6 $ — $ 0.1 $ 0.8 |
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year | We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. |
Expected long term return on assets and to measure the periodic cost | We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2021 2020 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 2.81 % 2.42 % Discount rate — salaried unfunded plans 1.80% - 2.74% 1.19% - 2.35% Discount rate — hourly funded plan 3.03 % 2.73 % Cash balance interest crediting rate — salaried funded plan 3.09 % 3.09 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 2.41 % 3.17 % Discount rate — hourly funded plan 2.74 % 3.35 % Expected return on plan assets — salaried funded plan 5.20 % 5.60 % Expected return on plan assets — hourly funded plan 4.30 % 5.30 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 1.90 % 1.20 % Rate of pension-in-payment increases 3.30 % 2.90 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 1.20 % 1.90 % Expected return on plan assets 2.70 % 3.60 % Rate of pension-in-payment increases 2.90 % 3.00 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 2.44 % 1.93 % Discount rate - combined life insurance 2.85 % 2.46 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - combined health 1.91 % 2.85 % Discount rate - combined life insurance 2.45 % 3.19 % Rate of compensation increases n/a n/a |
Review of historical returns | We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate. 2021 2020 Assumed Health Care Cost Trend Rates at December 31: Health care cost trend assumed for next year Medical claims - pre age 65 6.20 % 6.44 % Medical claims - post age 65 5.46 % 5.63 % Prescription drugs claims - pre age 65 8.04 % 8.78 % Prescription drugs claims - post age 65 8.04 % 8.63 % Post age 65 Medicare Advantage Part D 15.95 % n/a Rate to which the cost trend is expected to decline (the ultimate trend rate) Medical claims 4.50 % 4.50 % Prescription drugs claims 4.50 % 4.50 % Year that rate reaches the ultimate trend rate Medical claims 2029 2028 Prescription drugs claims 2029 2028 |
Pension plan assets fair value | The following table sets forth the fair value of our pension plan assets as of December 31 (in millions): 2021 2020 Assets measured at net asset value (1): Short-term investment collective trust fund $ 9.1 $ 4.6 Common stock collective trust funds 154.6 223.0 Fixed income collective trust funds 289.8 226.0 Real estate collective trust funds 8.6 11.9 Total $ 462.1 $ 465.5 |
Schedule of Expected Benefit Payments | The following table shows benefit payments, which reflect expected future service (in millions): Funded Plans Unfunded Plans Retiree Health and Life 2022 $ 28.3 $ 16.5 $ 2.0 2023 28.2 2.8 1.9 2024 29.6 2.5 1.8 2025 28.7 2.5 1.6 2026 28.0 2.4 1.5 Years 2027-2031 135.2 12.8 5.9 Total $ 278.0 $ 39.5 $ 14.7 |
UNITED STATES | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average asset allocations of domestic funded pension plans | Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2021 and 2020, and current target asset allocation for 2021, by asset category: Plan Assets for Salaried Employees at Target 2021 2020 Asset Category Equity securities 40.9 % 41.9 % 54.6 % Debt securities 56.0 % 53.5 % 41.4 % Real estate 3.1 % 2.2 % 2.9 % Cash — % 2.4 % 1.1 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at Target 2021 2020 Asset Category Equity securities 19.1 % 19.7 % 33.7 % Debt securities 79.0 % 77.5 % 62.8 % Real estate 1.9 % 1.5 % 2.5 % Cash — % 1.3 % 1.0 % 100.0 % 100.0 % 100.0 % |
Foreign Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average asset allocations of domestic funded pension plans | The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2021 and 2020, and current target asset allocation for 2021, by asset category: Plan Assets at Target 2021 2020 Asset Category Equity securities — % — % 30.7 % Debt securities 100.0 % 100.0 % 69.3 % 100.0 % 100.0 % 100.0 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Weighted Average Fair Value and Assumptions | The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value: 2021 2020 2019 Weighted-average estimated fair value $ 29.56 $ 22.50 $ 22.23 Quarterly dividend rate $ 0.50 $ 0.48 $ 0.46 Expected term of stock options, in years 4.3 4.2 4.2 Risk-free interest rate 0.3 % 1.3 % 2.5 % Dividend yield 2.2 % 2.5 % 2.6 % Expected stock price volatility 34.4 % 28.5 % 28.9 % Present value of dividends $ 8.61 $ 7.89 $ 7.29 |
Data With Respect to Stock Options SARs Activity | The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2021: Number of Stock Options and Stock Appreciation Rights Weighted-Average Exercise Price Outstanding at beginning of the year 1,467 $ 63.56 Granted 282 91.49 Exercised (550) 55.17 Forfeited/Cancelled (8) 80.64 Expired (2) 66.61 Outstanding at end of the year 1,189 73.94 Vested and exercisable at end of the year 653 66.18 |
Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term | The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2021, 2020, and 2019, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2021: Stock Options and Stock Appreciation Rights Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Exercised in 2019 $ 4.0 Exercised in 2020 7.6 Exercised in 2021 22.5 Outstanding at December 31, 2021 (a) 4.1 36.0 Vested and exercisable at December 31, 2021 3.1 24.8 _______ (a) As of December 31, 2021, 4,200 stock appreciation rights and 1,185,079 stock options were outstanding. |
Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity | The following table shows information about restricted stock units and performance shares for the year ended December 31, 2021: Number of Share Units Outstanding (in thousands) Weighted-Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 138 $ 72.59 Granted 34 91.36 Vested (63) 70.79 Forfeited (2) 82.09 Nonvested at end of the year 107 79.37 Performance Shares: Nonvested at beginning of the year 112 $ 76.03 Granted 57 87.45 Net decrease due to estimated performance (22) 84.78 Vested (58) 71.98 Forfeited (1) 87.06 Nonvested at end of the year 88 83.79 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred tax Assets and Liabilities | The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2021 2020 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 1,093.5 $ 1,017.8 Right-of-use assets 68.3 93.8 Investments in affiliated companies 27.5 26.1 Lease accounting 29.1 33.4 Intangible amortization 1.9 — Other 5.4 2.8 Total deferred tax liabilities $ 1,225.7 $ 1,173.9 Deferred Tax Assets Lease liability $ 72.2 $ 95.9 Federal net operating loss 87.8 53.5 Foreign tax credit 0.8 0.8 Valuation allowance on foreign tax credit (0.8) (0.8) State net operating loss 45.0 38.3 Valuation allowance on state net operating loss (14.9) (13.9) Foreign net operating loss 1.6 2.1 Accruals not currently deductible for tax purposes 18.3 16.0 Allowance for losses 1.7 1.1 Pension and post-retirement benefits 9.8 16.4 Other 3.2 1.7 Total deferred tax assets $ 224.7 $ 211.1 Net deferred tax liabilities $ 1,001.0 $ 962.8 |
Income before income taxes | The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions): 2021 2020 2019 Income before Income Taxes Domestic $ 40.9 $ (2.0) $ 39.1 Foreign 154.2 127.3 106.1 Total $ 195.1 $ 125.3 $ 145.2 |
Consolidated federal income taxes | The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions): 2021 2020 2019 Income Tax Expense Current Domestic: Federal $ 0.1 $ (3.4) $ (11.3) State and local 0.3 0.3 (1.2) $ 0.4 $ (3.1) $ (12.5) Foreign 18.6 11.3 19.6 Total Current $ 19.0 $ 8.2 $ 7.1 Deferred Domestic: Federal 6.7 3.6 19.6 State and local 3.0 0.9 4.3 $ 9.7 $ 4.5 $ 23.9 Foreign 24.5 24.6 9.9 Total Deferred $ 34.2 $ 29.1 $ 33.8 Income taxes $ 53.2 $ 37.3 $ 40.9 |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions): 2021 2020 2019 Income taxes at federal statutory rate $ 41.0 $ 26.3 $ 30.5 Adjust for effect of: Foreign earnings taxed at applicable statutory rates 10.2 9.8 9.8 Foreign deferred tax rate change impact (0.3) (0.7) (2.8) Nondeductible compensation 1.9 0.6 0.2 Share-based compensation (3.5) (1.2) (1.4) State income taxes 2.9 1.2 3.8 Other 1.0 1.3 0.8 Income taxes $ 53.2 $ 37.3 $ 40.9 Effective income tax rate 27.3 % 29.8 % 28.2 % |
Commercial Commitments (Tables)
Commercial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Commercial Commitments | The following table shows our commercial commitments as of December 31 (in millions): 2021 2020 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 December 31, 2021 and December 31, 2020. As of December 31, 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) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31 (in millions, except per share amounts): 2021 2020 2019 Numerator: Net income from continuing operations $ 143.1 $ 150.2 $ 180.8 Net income from discontinued operations — 1.1 30.4 Net income $ 143.1 $ 151.3 $ 211.2 Denominator: Weighted-average shares outstanding - basic 35.4 35.0 35.7 Effect of dilutive securities: Equity compensation plans 0.6 0.4 0.7 Weighted-average shares outstanding - diluted 36.0 35.4 36.4 Basic earnings per share from continuing operations $ 4.04 $ 4.30 $ 5.07 Basic earnings per share from discontinued operations — 0.03 0.85 Basic earnings per share from consolidated operations $ 4.04 $ 4.33 $ 5.92 Diluted earnings per share from continuing operations $ 3.98 $ 4.24 $ 4.97 Diluted earnings per share from discontinued operations — 0.03 0.84 Diluted earnings per share from consolidated operations $ 3.98 $ 4.27 $ 5.81 |
Allowance for Losses (Tables)
Allowance for Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Changes in the allowance for possible losses | The following table shows changes in the allowance for losses at December 31 (in millions): 2021 2020 Beginning balance $ 6.5 $ 6.2 Provision for losses 0.1 0.7 Charges to allowance (0.5) (0.9) Recoveries and other, including foreign exchange adjustments 0.1 0.5 Ending balance $ 6.2 $ 6.5 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common stock reserved for conversion and incentive plans | The following shares of common stock were reserved as of December 31, 2021 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.1 GATX Corporation 2012 Incentive Award Plan 5.7 Total 7.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 $ (58.0) $ (14.0) $ (92.6) $ (164.6) Change in component (10.1) 17.4 1.5 8.8 Reclassification adjustments into earnings (1) — (11.8) 7.6 (4.2) Income tax effect — (1.7) (1.9) (3.6) Balance at December 31, 2019 (68.1) (10.1) (85.4) (163.6) Change in component 24.4 (20.4) (3.8) 0.2 Reclassification adjustments into earnings (1) — 14.9 12.1 27.0 Income tax effect — 1.0 (2.1) (1.1) Balance at December 31, 2020 (43.7) (14.6) (79.2) (137.5) Change in component (51.7) 12.5 22.7 (16.5) Reclassification adjustments into earnings (1) — (10.1) 12.8 2.7 Income tax effect — (0.4) (8.9) (9.3) Balance at December 31, 2021 $ (95.4) $ (12.6) $ (52.6) $ (160.6) ________ |
Foreign Operations (Tables)
Foreign Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign operations data | The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions): 2021 2020 2019 Revenues From Continuing Operations Foreign $ 468.5 $ 374.9 $ 331.1 United States 788.9 834.3 871.0 Total $ 1,257.4 $ 1,209.2 $ 1,202.1 Identifiable Assets From Continuing Operations Foreign $ 3,783.3 $ 3,438.6 $ 2,624.5 United States 5,758.4 5,499.0 5,369.5 Total $ 9,541.7 $ 8,937.6 $ 7,994.0 |
Financial Data of Business Se_2
Financial Data of Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment data | The following tables show certain segment data for the years ended December 31, 2021, 2020, and 2019 (in millions): Rail North America Rail International Portfolio Management Other GATX Consolidated 2021 Profitability Revenues Lease revenue $ 814.5 $ 272.9 $ 28.1 $ 25.0 $ 1,140.5 Marine operating revenue — — 19.1 — 19.1 Other revenue 77.2 11.4 0.5 8.7 97.8 Total Revenues 891.7 284.3 47.7 33.7 1,257.4 Expenses Maintenance expense 235.4 57.6 — 4.1 297.1 Marine operating expense — — 17.5 — 17.5 Depreciation expense 261.1 73.6 17.6 12.1 364.4 Operating lease expense 39.2 — — — 39.2 Other operating expense 30.3 9.0 1.7 3.0 44.0 Total Expenses 566.0 140.2 36.8 19.2 762.2 Other Income (Expense) Net gain on asset dispositions 94.3 2.7 8.0 0.9 105.9 Interest expense, net (136.2) (45.2) (16.6) (6.0) (204.0) Other income (expense) 1.6 3.4 2.0 (10.7) (3.7) Share of affiliates' pre-tax income — — 56.5 — 56.5 Segment profit (loss) $ 285.4 $ 105.0 $ 60.8 $ (1.3) 449.9 Less: Selling, general and administrative expense 198.3 Income taxes (includes $55.3 related to affiliates' earnings) 108.5 Net income from continuing operations $ 143.1 Net income from discontinued operations, net of taxes — Net income $ 143.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 80.7 $ 1.2 $ — $ 0.5 $ 82.4 Residual sharing income 0.9 — 8.0 — 8.9 Non-remarketing net gains (1) 15.1 1.5 — 0.4 17.0 Asset impairments (2.4) — — — (2.4) $ 94.3 $ 2.7 $ 8.0 $ 0.9 $ 105.9 Capital Expenditures Portfolio investments and capital additions $ 574.4 $ 173.3 $ 353.0 $ 31.2 $ 1,131.9 Selected Balance Sheet Data Investments in affiliated companies $ 0.3 $ — $ 588.1 $ — $ 588.4 Identifiable assets from continuing operations $ 6,141.7 $ 1,729.9 $ 1,048.7 $ 621.4 $ 9,541.7 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated 2020 Profitability Revenues Lease revenue $ 838.3 $ 248.4 $ 0.8 $ — $ 1,087.5 Marine operating revenue — — 15.6 — 15.6 Other revenue 95.8 9.7 0.6 — 106.1 Total Revenues 934.1 258.1 17.0 — 1,209.2 Expenses Maintenance expense 264.7 50.8 — — 315.5 Marine operating expense — — 19.7 — 19.7 Depreciation expense 258.6 66.6 5.3 — 330.5 Operating lease expense 49.3 — — — 49.3 Other operating expense 27.3 7.5 0.5 — 35.3 Total Expenses 599.9 124.9 25.5 — 750.3 Other Income (Expense) Net gain on asset dispositions 38.3 1.2 2.2 — 41.7 Interest (expense) income, net (139.9) (45.9) (12.2) 7.7 (190.3) Other expense (4.9) (5.0) — (3.1) (13.0) Share of affiliates' pre-tax (loss) income (0.1) — 95.9 — 95.8 Segment profit $ 227.6 $ 83.5 $ 77.4 $ 4.6 393.1 Less: Selling, general and administrative expense 172.0 Income taxes (includes $33.6 related to affiliates' earnings) 70.9 Net income from continuing operations $ 150.2 Net income from discontinued operations, net of taxes 1.1 Net income $ 151.3 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 38.8 $ 0.5 $ 0.1 $ — $ 39.4 Residual sharing income 0.4 — 2.1 — 2.5 Non-remarketing net (losses) gains (1) (0.6) 0.7 — — 0.1 Asset impairments (0.3) — — — (0.3) $ 38.3 $ 1.2 $ 2.2 $ — $ 41.7 Capital Expenditures Portfolio investments and capital additions $ 642.0 $ 216.0 $ 0.5 $ 205.5 $ 1,064.0 Selected Balance Sheet Data Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets from continuing operations $ 5,944.4 $ 1,745.8 $ 706.1 $ 541.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated 2019 Profitability Revenues Lease revenue $ 868.3 $ 219.2 $ 1.0 $ — $ 1,088.5 Marine operating revenue — — 8.2 — 8.2 Other revenue 96.2 8.5 0.7 — 105.4 Total Revenues 964.5 227.7 9.9 — 1,202.1 Expenses Maintenance expense 267.9 46.5 — — 314.4 Marine operating expense — — 18.9 — 18.9 Depreciation expense 256.9 57.8 6.6 — 321.3 Operating lease expense 54.4 — — — 54.4 Other operating expense 23.9 6.8 0.6 — 31.3 Total Expenses 603.1 111.1 26.1 — 740.3 Other Income (Expense) Net gain (loss) on asset dispositions 54.6 1.7 (4.7) — 51.6 Interest (expense) income, net (134.5) (40.6) (11.2) 5.8 (180.5) Other (expense) income (5.3) 1.2 — (3.2) (7.3) Share of affiliates' pre-tax income — — 94.5 — 94.5 Segment profit $ 276.2 $ 78.9 $ 62.4 $ 2.6 420.1 Less: Selling, general and administrative expense 180.4 Income taxes (includes $18.0 related to affiliates' earnings) 58.9 Net income from continuing operations $ 180.8 Net income from discontinued operations, net of taxes 30.4 Net income $ 211.2 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 58.5 $ 0.1 $ — $ — $ 58.6 Residual sharing income 0.4 — 1.5 — 1.9 Non-remarketing net (losses) gains (1) (3.9) 1.6 — — (2.3) Asset impairments (0.4) — (6.2) — (6.6) $ 54.6 $ 1.7 $ (4.7) $ — $ 51.6 Capital Expenditures Portfolio investments and capital additions $ 502.2 $ 215.7 $ — $ 4.9 $ 722.8 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 512.4 $ — $ 512.6 Identifiable assets from continuing operations $ 5,646.7 $ 1,486.7 $ 653.7 $ 206.9 $ 7,994.0 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 291.1 __________ (1) Includes net gains (losses) from scrapping of railcars. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table shows the financial results of our discontinued operations for the years ended December 31 (in millions): 2021 2020 2019 Revenues $ — $ 27.2 $ 191.7 Expenses Operating expense — 22.5 138.8 Depreciation expense — 1.7 10.6 Selling, general and administrative expense — 2.8 8.2 Total Expenses — 27.0 157.6 Other (expense) income — (3.0) 3.8 (Loss) Income from Discontinued Operations Before Taxes — (2.8) 37.9 Income tax benefit (expense) — 0.6 (7.5) Net (Loss) Income from Discontinued Operations, Net of Taxes $ — $ (2.2) $ 30.4 Gain on Sale of Discontinued Operations, Net of Taxes — 3.3 — Total Discontinued Operations, Net of Taxes $ — $ 1.1 $ 30.4 The following table shows cash flow information for our discontinued operations for the years ending December 31 (in millions): 2021 2020 2019 Net Cash Used In (Provided By) Operating Activities $ — $ (8.5) $ 36.8 Net Cash Provided By Investing Activities (1) 1.1 240.9 8.1 Net Cash Provided By (Used In) Financing Activities — 21.8 (45.0) Cash Provided By (Used In) Discontinued Operations, Net $ 1.1 $ 254.2 $ (0.1) ________ (1) Net cash provided by investing activities included $1.1 million in 2021 for the final proceeds from the sale of ASC that had been held in escrow funds and $257.2 million of proceeds from the sale of ASC in 2020. |
Description of Business (Detail
Description of Business (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of business segments | Segment | 3 | ||
Payments to Acquire Property, Plant, and Equipment | $ | $ (1,130.1) | $ (860.8) | $ (722.8) |
Accounting Changes Pension and
Accounting Changes Pension and Post-Retirement Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Additions to Other Assets, Amount | $ 270.7 | $ 335.9 |
Operating Lease, Liability | $ 286.2 | $ 348.6 |
Significant Accounting Polici_4
Significant Accounting Policies (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Interest Income (Expense), Net | $ (204) | $ (190.3) | $ (180.5) |
Minimum [Member] | Railcars [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 15 years | ||
Minimum [Member] | Locomotives [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 15 years | ||
Minimum [Member] | Buildings [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 40 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 5 years | ||
Minimum [Member] | Industrial Equipment [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 5 years | ||
Minimum [Member] | 3724 Aircraft Engines and Engine Parts | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 20 years | ||
Minimum [Member] | Containers | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 15 years | ||
Maximum [Member] | Railcars [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 45 years | ||
Maximum [Member] | Locomotives [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 25 years | ||
Maximum [Member] | Buildings [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 50 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 15 years | ||
Maximum [Member] | Marine vessels [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 30 years | ||
Maximum [Member] | Industrial Equipment [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 30 years | ||
Maximum [Member] | 3724 Aircraft Engines and Engine Parts | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 25 years | ||
Maximum [Member] | Containers | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies (Gain on Asset Dispositions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Disposition gains | $ 82.4 | $ 39.4 | $ 58.6 |
Residual sharing income | (8.9) | (2.5) | (1.9) |
Non-remarketing disposition gains | (17) | (0.1) | 2.3 |
Asset impairments | (2.4) | (0.3) | (6.6) |
Net Gain on Asset Dispositions | $ 105.9 | $ 41.7 | $ 51.6 |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 29.80% | 28.20% |
Interest Expense, Deposits | $ 0.7 | $ 1.5 | $ 3.8 |
Interest expense net of interest income on bank deposits | $ 204 | $ 190.3 | $ 180.5 |
Significant Accounting Polici_7
Significant Accounting Policies - Operating Assets and Facilities (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum [Member] | Railcars [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 15 years |
Minimum [Member] | 3724 Aircraft Engines and Engine Parts | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 20 years |
Minimum [Member] | Locomotives [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 15 years |
Minimum [Member] | Containers | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 15 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 40 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 5 years |
Minimum [Member] | Industrial Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 5 years |
Maximum [Member] | Railcars [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 45 years |
Maximum [Member] | 3724 Aircraft Engines and Engine Parts | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 25 years |
Maximum [Member] | Locomotives [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 25 years |
Maximum [Member] | Marine vessels [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 30 years |
Maximum [Member] | Containers | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 25 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 50 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 15 years |
Maximum [Member] | Industrial Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of depreciable assets, minimum | 30 years |
Significant Accounting Polici_8
Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (0.8) | $ (10.8) | $ 1.7 |
Business Combinations (Details)
Business Combinations (Details) | Dec. 29, 2020USD ($) | Dec. 29, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||
Amount allocated to goodwill | $ 123,000,000 | $ 143,700,000 | |||
Business Acquisition, Transaction Costs | 3,100,000 | ||||
Business Combination, Acquisition Related Costs | 1,400,000 | € 1,100,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 12,900,000 | ||||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 23,200,000 | ||||
Business Combination, Separately Recognized Transactions, Assets Recognized | 171,100,000 | ||||
Trifleet Leasing Holding B.V. | |||||
Business Acquisition [Line Items] | |||||
Payments to acquire business, gross | $ 203,200,000 | € 165,000,000 | |||
Amount allocated to goodwill | $ 57,000,000 | $ 43,800,000 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Noncash Investing Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainer | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 3.8 | $ 4.8 | |
Supplemental Cash Flow Information | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 196.6 | 189.8 | $ 185.1 |
Income taxes paid (refunded), net | 10.3 | 21.4 | 11.6 |
Portfolio proceeds | $ 187.1 | $ 131.1 | $ 250.3 |
Supplemental Cash Flow and No_4
Supplemental Cash Flow and Noncash Investing Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainer | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Portfolio proceeds | $ | $ 187.1 | $ 131.1 | $ 250.3 |
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainerrailcar | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Operating Leased Assets [Line Items] | |||
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
Lessee, Lease, Number of Railcars Leased | railcar | 5,200 | ||
Direct Financing Lease, Lease Income | $ 7 | $ 7.2 | $ 9.8 |
Operating Lease, Lease Income, Lease Payments | 1,063.4 | 1,020.9 | 1,013.5 |
Operating Lease, Variable Lease Income | 70.1 | 59.4 | 65.2 |
Operating Lease, Lease Income | 1,133.5 | 1,080.3 | 1,078.7 |
Lease Income | 1,140.5 | 1,087.5 | $ 1,088.5 |
Total contractual lease payments receivable | 106.9 | 77.1 | |
Estimated unguaranteed residual value of leased assets | 20 | 24.6 | |
Unearned income | (26.7) | (27.7) | |
Finance leases | $ 100.2 | $ 74 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets that are financed with capital lease obligations | |||
gatxOperatingLeaseOtherIncome | $ 74.8 | $ 88.9 | $ 88.2 |
Sublease Income | $ 40.7 | $ 64.3 | $ 70.1 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | $ 1.5 | $ 33.3 | |
2022 | 1,004.9 | ||
Operating Leases | |||
Operating Lease, Liability | 286.2 | 348.6 | |
Lease, Liability | 287.7 | 381.9 | |
gatxOperatingLeaseOtherIncome | 74.8 | $ 88.9 | $ 88.2 |
Recourse Operating Leases [Member] | |||
Operating Leases | |||
2016, Operating Lease | 42.4 | ||
2017, Operating Lease | 40.1 | ||
2018, Operating Lease | 38 | ||
2019, Operating Lease | 35.2 | ||
2020, Operating Lease | 43.9 | ||
Years thereafter, Operating Leases | 135 | ||
Total, Operating Leases | 334.6 | ||
Lessee Operating Leases Future MinimumPayments Interest Included In Payments | (48.4) | ||
Operating Lease, Liability | 286.2 | ||
Finance Leases | |||
Operating Leased Assets [Line Items] | |||
Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | 1.5 | ||
Total Leases | |||
Operating Leased Assets [Line Items] | |||
Operating and Finance Leases, Future Minimum Payments Due, Next Twelve Months | 43.9 | ||
Operating Leases | |||
2017, Operating Lease | 40.1 | ||
2018, Operating Lease | 38 | ||
2019, Operating Lease | 35.2 | ||
2020, Operating Lease | 43.9 | ||
Years thereafter, Operating Leases | 135 | ||
Total, Operating Leases | 336.1 | ||
Lessee Operating Leases Future MinimumPayments Interest Included In Payments | (48.4) | ||
Lease, Liability | $ 287.7 |
Leases (Details Textual)
Leases (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainerrailcar | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Operating Leased Assets [Line Items] | |||
Lessee, Lease, Number of Railcars Leased | railcar | 5,200 | ||
Sublease Income | $ 40.7 | $ 64.3 | $ 70.1 |
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
Payments to Acquire Equipment on Lease | $ 40 | $ 10.5 |
Leases Lease cost (Details)
Leases Lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Finance Lease, Right-of-Use Asset, Amortization | $ 0.2 | $ 0.6 | $ 0.7 |
Finance Lease, Interest Expense | 0 | 0.2 | 0.3 |
Operating Lease, Cost, Variable Leases | 40 | 53.3 | 59.7 |
Lease, Cost, Excluding Sublease Income | 40.2 | 54.1 | 60.7 |
gatxOperatingLeaseOtherIncome | $ 74.8 | $ 88.9 | $ 88.2 |
Leases Lessee, Schedule of Fina
Leases Lessee, Schedule of Finance Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainer | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Right-of-Use Asset | $ 1.5 | $ 37.5 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 0 | (0.3) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 195.1 | $ 125.3 | $ 145.2 |
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
gatxOperatingLeaseOtherIncome | $ 74.8 | $ 88.9 | $ 88.2 |
Railcars [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Right-of-Use Asset, before Accumulated Amortization | $ 1.5 | $ 37.8 |
Leases Lessee, Lease Terms and
Leases Lessee, Lease Terms and Discount Rates (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease Terms and Discount Rates [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 10 months 24 days | 9 years 3 months 18 days | 9 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | 3.57% | 3.66% |
Finance Lease, Weighted Average Discount Rate, Percent | 0.22% | 0.95% | 2.26% |
Leases Cash paid for amounts in
Leases Cash paid for amounts included in the measurement of lease liabilities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)tankContainer | Dec. 31, 2020USD ($)tankContainer | Dec. 31, 2019USD ($)tankContainer | |
Lessee, Lease Terms and Discount Rates [Abstract] | |||
Operating Lease, Payments | $ 40.5 | $ 58.5 | $ 66.5 |
Finance Lease, Principal Payments | 0 | 0 | 0.3 |
Lease, Payments | 77.2 | 40 | 11.3 |
Lease, Payments | 117.7 | 98.5 | 78.1 |
Non-cash financing lease transactions | $ 45.1 | $ 64.9 | $ 7.8 |
Number of railcars received | tankContainer | 2,329 | 732 | 157 |
Leases Future Contractual Recei
Leases Future Contractual Receipts (Details) $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Lease, Description [Line Items] | |
2022 | $ 968.3 |
2023 | 753.3 |
2024 | 546.4 |
2025 | 330.8 |
2026 | 195.9 |
Years thereafter | 328.6 |
Total future receipts from leases | 3,123.3 |
RRPF Joint Ventures [Member] | |
Lessee, Lease, Description [Line Items] | |
2022 | 399.9 |
2023 | 358 |
2024 | 337 |
2025 | 301 |
2026 | 262.8 |
Years thereafter | 516.1 |
Total future receipts from leases | 2,174.8 |
RRPF Joint Ventures [Member] | Rolls-Royce [Member] | |
Lessee, Lease, Description [Line Items] | |
2022 | 214.3 |
2023 | 191.7 |
2024 | 183.9 |
2025 | 162.2 |
2026 | 137.5 |
Years thereafter | 122.5 |
Total future receipts from leases | 1,012.1 |
RRPF Joint Ventures [Member] | Third Parties [Member] | |
Lessee, Lease, Description [Line Items] | |
2022 | 185.6 |
2023 | 166.3 |
2024 | 153.1 |
2025 | 138.8 |
2026 | 125.3 |
Years thereafter | 393.6 |
Total future receipts from leases | $ 1,162.7 |
Leases - Maturity Schedule (Det
Leases - Maturity Schedule (Details) $ in Millions | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Description [Abstract] | |
2022 | $ 968.3 |
2023 | 753.3 |
2024 | 546.4 |
2025 | 330.8 |
2026 | 195.9 |
Years thereafter | 328.6 |
Total future receipts from leases | 3,123.3 |
Finance Lease Liability [Abstract] | |
Lessor, Finance Lease, Payment to be Received, Year One | 36.6 |
Lessor, Finance Lease, Payment to be Received, Year Two | 15.5 |
Lessor, Finance Lease, Payment to be Received, Year Three | 16.1 |
Lessor, Finance Lease, Payment to be Received, Year Four | 12.6 |
Lessor, Finance Lease, Payment to be Received, Year Five | 11.6 |
Lessor, Finance Lease, Payment to be Received, After Year Five | 14.5 |
Lessor, Finance Lease, Payments to be Received | 106.9 |
2022 | 1,004.9 |
2023 | 768.8 |
2024 | 562.5 |
2025 | 343.4 |
2026 | 207.5 |
Years thereafter | 343.1 |
Leases Future Minimum Payments Receivable | $ 3,230.2 |
Investments in Affiliated Com_3
Investments in Affiliated Companies (Significant Investments in Affiliates) (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | $ 2.4 | $ 0.3 | $ 6.6 | |
Portfolio proceeds and other | 187.1 | 131.1 | 250.3 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | $ 588.4 | 584.7 | 512.6 | |
Rolls Royce Partners Finance [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
GATX's Percentage Ownership | [1] | 50.00% | ||
RailPulse | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
GATX's Percentage Ownership | 17.00% | |||
Rail North America [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | $ 2.4 | 0.3 | 0.4 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 0 | 0.2 | ||
Rail North America [Member] | Adler Funding Llc [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 0.3 | |||
Portfolio Management [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | 0 | 0 | 6.2 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 584.7 | $ 512.4 | ||
Portfolio Management [Member] | Rolls Royce Partners Finance [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | $ 588.1 | $ 584.7 | ||
[1] | (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates") |
Investments in Affiliated Com_4
Investments in Affiliated Companies (Share of Affiliate Earnings) (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 56.5 | $ 95.8 | $ 94.5 |
Provision for Income Taxes, Equity Method Investment | (55.3) | (33.6) | (18) |
Share of Affiliates' Earnings | 1.2 | 62.2 | 76.5 |
Foreign Tax Authority | United Kingdom tax authority | |||
Pre tax share of affiliates earnings by segment | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 39.7 | 12.3 | |
Rail North America [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | 0 | (0.1) | 0 |
Rail International [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 |
Portfolio Management [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 56.5 | $ 95.9 | $ 94.5 |
Investments in Affiliated Com_5
Investments in Affiliated Companies (Investments and Distributions) (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 2.4 | $ 0.3 | $ 6.6 |
Payments to Acquire Equity Method Investments | 0.4 | 0 | 0 |
Proceeds from Equity Method Investment, Distribution | 0.1 | 0.7 | 27.6 |
Rail North America [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 2.4 | 0.3 | 0.4 |
Payments to Acquire Equity Method Investments | 0.4 | 0 | 0 |
Proceeds from Equity Method Investment, Distribution | 0 | 0.1 | 0 |
Rail International [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 0 |
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 6.2 |
Payments to Acquire Equity Method Investments | 0 | 0 | 0 |
Proceeds from Equity Method Investment, Distribution | $ 0.1 | $ 0.6 | $ 27.6 |
Investments in Affiliated Com_6
Investments in Affiliated Companies (Operating Results, Affiliates) (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 1,257.4 | $ 1,209.2 | $ 1,202.1 |
Net Income | 143.1 | 151.3 | 211.2 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | 407.4 | 491 | 469.8 |
Gains on sales of assets | 79.5 | 115.7 | 86.4 |
Net Income | $ 5 | $ 146.1 | $ 161.4 |
Investments in Affiliated Com_7
Investments in Affiliated Companies (Balance Sheet, Affiliates) (Details 5) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | $ 9,541.7 | $ 8,937.6 | $ 7,994 |
Shareholders’ equity | 2,019.2 | 1,957.4 | $ 1,835.1 |
Total Liabilities and Shareholders’ Equity | 9,541.7 | 8,937.6 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 574.3 | 352.7 | |
Noncurrent assets | 4,389.4 | 4,766.9 | |
Total Assets | 4,963.7 | 5,119.6 | |
Current liabilities | 492.6 | 311 | |
Liabilities, Noncurrent | 3,329.6 | 3,674.7 | |
Shareholders’ equity | 1,141.5 | 1,133.9 | |
Total Liabilities and Shareholders’ Equity | $ 4,963.7 | $ 5,119.6 |
Investments in Affiliated Com_8
Investments in Affiliated Companies (Summarized Financial Data-RRPF) (Details 6) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($)AircraftEngines | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,378.8 | $ 3,313.3 | ||
Income Statement [Abstract] | ||||
Depreciation expense | (378.4) | (342.8) | $ (332.7) | |
Interest expense, net | (204) | (190.3) | (180.5) | |
Income Taxes | (53.2) | (37.3) | (40.9) | |
Net Income | 143.1 | 151.3 | 211.2 | |
Assets [Abstract] | ||||
Total Assets | 9,541.7 | 8,937.6 | 7,994 | |
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | 215.8 | 147.3 | ||
Liabilities and Equity [Abstract] | ||||
Other liabilities | 112.4 | 135.6 | ||
Total Liabilities and Shareholders’ Equity | 9,541.7 | 8,937.6 | ||
Total Revenues | 1,257.4 | 1,209.2 | 1,202.1 | |
Foreign Tax Authority | United Kingdom tax authority | ||||
Liabilities and Equity [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 39.7 | 12.3 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Income Statement [Abstract] | ||||
Gains on sales of assets | 79.5 | 115.7 | 86.4 | |
Net Income | 5 | 146.1 | 161.4 | |
Assets [Abstract] | ||||
Total Assets | 4,963.7 | 5,119.6 | ||
Liabilities and Equity [Abstract] | ||||
Current liabilities | 492.6 | 311 | ||
Liabilities, Noncurrent | 3,329.6 | 3,674.7 | ||
Total Liabilities and Shareholders’ Equity | 4,963.7 | 5,119.6 | ||
Total Revenues | 407.4 | 491 | 469.8 | |
Current assets | 574.3 | 352.7 | ||
RRPF Joint Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,415.5 | 1,283.6 | ||
Liabilities and Equity [Abstract] | ||||
GATX ownership percentage in joint venture | 50.00% | |||
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines | 199 | |||
Number of Aircraft Engines Sold | AircraftEngines | 21 | |||
RRPF Joint Ventures [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Income Statement [Abstract] | ||||
Depreciation expense | $ (238.3) | (248.7) | (223.9) | |
Interest expense, net | (96.7) | (116) | (126.4) | |
Other expenses | (38.5) | (50.3) | (16.5) | |
Gains on sales of assets | 79.5 | 115.7 | 86.4 | |
Income Taxes | (107.4) | (45.6) | (27.9) | |
Net Income | 6 | 146.1 | 161.7 | |
Assets [Abstract] | ||||
Total Assets | 4,962.9 | 5,119.6 | ||
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | 130.9 | 110.4 | ||
Liabilities and Equity [Abstract] | ||||
Current liabilities | 361.8 | 200.6 | ||
Liabilities, Noncurrent | 2,845.1 | 3,243.6 | ||
Other liabilities | 484.4 | 431.1 | ||
Shareholders’ equity | 1,140.7 | 1,133.9 | ||
Total Liabilities and Shareholders’ Equity | 4,962.9 | 5,119.6 | ||
Net Assets | [1] | 4,389.4 | 4,766.9 | |
Current assets | 573.5 | 352.7 | ||
Income (Loss) Attributable to Parent, before Tax | 113.4 | 191.7 | 189.6 | |
RRPF Joint Ventures [Member] | Third Parties [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Liabilities and Equity [Abstract] | ||||
Total Revenues | 195.5 | 257.6 | 213.3 | |
RRPF Joint Ventures [Member] | Rolls Royce [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Liabilities and Equity [Abstract] | ||||
Total Revenues | $ 211.9 | $ 233.4 | $ 256.7 | |
[1] | (a) All operating assets were pledged as collateral for long-term debt obligations. |
Investments in Affiliated Com_9
Investments in Affiliated Companies (Future Lease Receipts) (Details 7) $ in Millions | Dec. 31, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | |
2022 | $ 968.3 |
2023 | 753.3 |
2024 | 546.4 |
2019 | 330.8 |
2026 | 195.9 |
Years thereafter | 328.6 |
Total future receipts from leases | 3,123.3 |
RRPF Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2022 | 399.9 |
2023 | 358 |
2024 | 337 |
2019 | 301 |
2026 | 262.8 |
Years thereafter | 516.1 |
Total future receipts from leases | 2,174.8 |
RRPF Joint Ventures [Member] | Rolls-Royce [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2022 | 214.3 |
2023 | 191.7 |
2024 | 183.9 |
2019 | 162.2 |
2026 | 137.5 |
Years thereafter | 122.5 |
Total future receipts from leases | 1,012.1 |
RRPF Joint Ventures [Member] | Third Parties [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2022 | 185.6 |
2023 | 166.3 |
2024 | 153.1 |
2019 | 138.8 |
2026 | 125.3 |
Years thereafter | 393.6 |
Total future receipts from leases | $ 1,162.7 |
Investments in Affiliated Co_10
Investments in Affiliated Companies (Future Debt Maturities) (Details 8) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in Affiliated Companies | $ 588.4 | $ 584.7 | $ 512.6 |
2016 | 363.7 | ||
2017 | 500 | ||
2018 | 533.1 | ||
2019 | 527.4 | ||
2020 | 461.4 | ||
Thereafter | 3,544.4 | ||
Total debt principal | 5,930 | 5,358.5 | |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
2016 | 364.2 | ||
2017 | 399.6 | ||
2018 | 164.1 | ||
2019 | 210.6 | ||
2020 | 465.6 | ||
Thereafter | 1,529.9 | ||
Total debt principal | $ 3,134 | ||
Rail North America [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Affiliated Companies | $ 0 | $ 0.2 |
Investments in Affiliated Co_11
Investments in Affiliated Companies (Textual) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)AircraftEnginesBusiness_Activity | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 2.4 | $ 0.3 | $ 6.6 |
Share of affiliates' earnings (net of tax) | 1.2 | 62.2 | 76.5 |
Portfolio proceeds | $ 187.1 | 131.1 | 250.3 |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
GATX ownership percentage in joint venture | 50.00% | ||
Number of business activities | Business_Activity | 2 | ||
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines | 199 | ||
Share of affiliates' earnings (net of tax) | $ 1.2 | 62 | $ 76.5 |
RRPF Joint Ventures [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 3 years | ||
RRPF Joint Ventures [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 12 years | ||
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful lives of depreciable assets | 20 years | ||
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful lives of depreciable assets | 25 years | ||
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 6.2 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commercial Paper and Borrowings Under Bank Credit Facilities | ||
Balance | $ 18.1 | $ 23.6 |
Weighted average interest rate | 0.84% | 0.85% |
Outstanding balances of debt obligations and the applicable interest rates | ||
Total debt principal | $ (5,930) | $ (5,358.5) |
Debt discount, net | (43.6) | (35.1) |
Debt adjustment for fair value hedges | 1.1 | 5.6 |
Total Debt | 5,887.5 | 5,329 |
Rail Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured One | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jun. 11, 2012 | |
Final Maturity | Jun. 15, 2022 | |
Fixed Interest Rate | 4.75% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Four [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 15, 2020 | |
Final Maturity | Dec. 31, 2022 | |
Fixed Interest Rate | 0.70% | |
Total Debt | $ 113.7 | 122.1 |
Recourse Fixed Rate Debt Unsecured Three [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 19, 2013 | |
Final Maturity | Mar. 30, 2023 | |
Fixed Interest Rate | 3.90% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Six [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 5, 2018 | |
Final Maturity | Feb. 15, 2024 | |
Fixed Interest Rate | 4.35% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Seven [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 22, 2016 | |
Final Maturity | May 23, 2024 | |
Fixed Interest Rate | 0.85% | |
Total Debt | $ 119.4 | 128.3 |
Recourse Fixed Rate Debt Unsecured Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 5, 2019 | |
Final Maturity | Nov. 5, 2024 | |
Fixed Interest Rate | 0.96% | |
Total Debt | $ 113.7 | 122.2 |
Recourse Fixed Rate Debt Unsecured Eight [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 20, 2020 | |
Final Maturity | Mar. 20, 2025 | |
Fixed Interest Rate | 1.00% | |
Total Debt | $ 113.7 | 122.2 |
Recourse Fixed Rate Debt Unsecured Eight [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 6, 2015 | |
Final Maturity | Mar. 30, 2025 | |
Fixed Interest Rate | 3.25% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Aug. 3, 2020 | |
Final Maturity | Aug. 3, 2025 | |
Fixed Interest Rate | 1.13% | |
Total Debt | $ 113.7 | 122.1 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Sep. 13, 2016 | |
Final Maturity | Sep. 15, 2026 | |
Fixed Interest Rate | 3.25% | |
Total Debt | $ 350 | 350 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Oct. 27, 2021 | |
Final Maturity | Oct. 27, 2026 | |
Fixed Interest Rate | 0.90% | |
Total Debt | $ 26.1 | 0 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 4, 2019 | |
Final Maturity | Nov. 4, 2026 | |
Fixed Interest Rate | 1.07% | |
Total Debt | $ 85.3 | 91.6 |
Recourse Fixed Rate Debt Unsecured Thirteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 9, 2017 | |
Final Maturity | Mar. 30, 2027 | |
Fixed Interest Rate | 3.85% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 2, 2017 | |
Final Maturity | Mar. 15, 2028 | |
Fixed Interest Rate | 3.50% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Oct. 27, 2021 | |
Final Maturity | Oct. 27, 2028 | |
Fixed Interest Rate | 1.17% | |
Total Debt | $ 59.1 | 0 |
Recourse Fixed Rate Debt Unsecured Twenty [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 7, 2018 | |
Final Maturity | Nov. 7, 2028 | |
Fixed Interest Rate | 4.55% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jan. 31, 2019 | |
Final Maturity | Apr. 1, 2029 | |
Fixed Interest Rate | 4.70% | |
Total Debt | $ 500 | 500 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 12, 2020 | |
Final Maturity | Jun. 30, 2030 | |
Fixed Interest Rate | 4.00% | |
Total Debt | $ 500 | 500 |
Recourse Fixed Rate Debt Unsecured Twenty [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 3, 2021 | |
Final Maturity | Jun. 1, 2031 | |
Fixed Interest Rate | 1.90% | |
Total Debt | $ 400 | 0 |
Recourse Fixed Rate Debt Unsecured Twenty | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Oct. 27, 2021 | |
Final Maturity | Oct. 27, 2031 | |
Fixed Interest Rate | 1.56% | |
Total Debt | $ 85.3 | 0 |
Recourse Fixed Rate Debt Unsecured Twenty One | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 4, 2014 | |
Final Maturity | Mar. 15, 2044 | |
Fixed Interest Rate | 5.20% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Twenty Two | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 6, 2015 | |
Final Maturity | Mar. 30, 2045 | |
Fixed Interest Rate | 4.50% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Twenty Three | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 3, 2021 | |
Final Maturity | Jun. 1, 2051 | |
Fixed Interest Rate | 3.10% | |
Total Debt | $ 300 | 0 |
Recourse Floating Rate Debt Unsecured One [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jan. 15, 2021 | |
Final Maturity | Dec. 14, 2023 | |
Floating Interest Rate | 1.00% | |
Total debt principal | $ (250) | 0 |
Recourse Floating Rate Debt Secured Two [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 6, 2017 | |
Final Maturity | Nov. 5, 2021 | |
Floating Interest Rate | 2.61% | |
Total debt principal | $ 0 | (300) |
Total Recourse Floating Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | 250 | 300 |
Recourse Fixed Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | $ 5,680 | 5,058.5 |
Recourse Fixed Rate Debt Unsecured Twenty Four | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Aug. 9, 2021 | |
Final Maturity | Jun. 1, 2051 | |
Fixed Interest Rate | 3.10% | |
Total Debt | $ 250 | 0 |
Recourse Fixed Rate Debt Unsecured Twenty Five | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 27, 2011 | |
Final Maturity | Jun. 1, 2021 | |
Fixed Interest Rate | 4.85% | |
Total Debt | $ 0 | 250 |
Recourse Fixed Rate Debt Unsecured Twenty Six | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Sep. 20, 2011 | |
Final Maturity | Jun. 1, 2021 | |
Fixed Interest Rate | 4.85% | |
Total Debt | $ 0 | 50 |
Recourse Fixed Rate Debt Unsecured Twenty Seven | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 16, 2016 | |
Final Maturity | May 30, 2066 | |
Fixed Interest Rate | 5.63% | |
Total Debt | $ 0 | 150 |
Line of Credit US [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | $ 600 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Maturities of GATX's debt obligations | ||
2016 | $ 363.7 | |
2017 | 500 | |
2018 | 533.1 | |
2019 | 527.4 | |
2020 | 461.4 | |
Thereafter | 3,544.4 | |
Total debt principal | 5,930 | $ 5,358.5 |
Balance | $ 18.1 | $ 23.6 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.84% | 0.85% |
Debt (Details Textual)
Debt (Details Textual) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021EUR (€) | |
Line of Credit Facility [Line Items] | ||||
Other Short-term Borrowings | $ 18.1 | $ 23.6 | ||
Annual commitment fees | $ 1.2 | 1.2 | $ 1.6 | |
Fixed charge coverage ratio | 2.2 | |||
Minimum debt covenant fixed charge coverage ratio | 1.2 | |||
Amount of secured debt available to be borrowed in accordance with public debt covenants | $ 1,810.8 | |||
Total debt principal | 5,930 | 5,358.5 | ||
Debt Instrument, Periodic Payment, Principal | 134 | |||
Delayed draw term loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | 250 | 500 | ||
Line of Credit Facility, Increase (Decrease), Net | 384 | |||
Unused Commitments to Extend Credit | 116 | |||
Foreign Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | € | € 35 | |||
Line of Credit Facility, Remaining Borrowing Capacity | € | 19.1 | |||
Total debt principal | € | € 730 | |||
Line of Credit US [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | 600 | 600 | ||
Rail Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 250 | |||
Rail Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | $ 250 | $ 250 |
Fair Value Disclosure (Details)
Fair Value Disclosure (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Instrument | Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Net | $ 7,784.8 | $ 7,170.7 | |
Derivative Liability | 0.3 | 0 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1.2 | ||
Asset Impairment Charges | 2.4 | 0.3 | $ 6.6 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0.3 | ||
Portfolio Management [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 6.2 |
Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Net | 2.7 | $ 1.7 | |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 0.3 | ||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | Instrument | (5) | (5) | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | Instrument | (1) | (1) | |
Interest Rate Contract [Member] | Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Effective portion reclassified from accumulated other comprehensive loss | $ 0 | $ 0 |
Fair Value Disclosure (Details
Fair Value Disclosure (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 8.9 | $ 6.4 | |
Derivative Liability | 0.3 | 0 | |
Asset Impairment Charges | 2.4 | 0.3 | $ 6.6 |
Operating assets and facilities, net | 7,784.8 | 7,170.7 | |
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 | 6.4 | ||
Derivative Liability | 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 | 8.9 | ||
Derivative Liability | 0.3 | ||
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 | 5.6 | ||
Derivative Liability | 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 | 1.4 | ||
Derivative Liability | 0.3 | ||
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 | 0.4 | ||
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 | 3.6 | ||
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 | $ 0.4 | ||
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 | $ 3.9 |
Fair Value Disclosure (Detail_2
Fair Value Disclosure (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | $ (10,100,000) | $ 14,900,000 | $ (11,800,000) |
Liabilities | |||
Derivative, Fair Value, Net | 300,000 | ||
Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | (12,000,000) | 12,800,000 | (14,300,000) |
Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 12,000,000 | (12,800,000) | 14,300,000 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Interest Rate Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 4,500,000 | (4,200,000) | (9,000,000) |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1,900,000) | (2,100,000) | (2,500,000) |
Carrying Amount [Member] | |||
Liabilities | |||
Recourse fixed rate debt | 5,666,100,000 | 5,056,300,000 | |
Recourse floating rate debt | 250,000,000 | 299,900,000 | |
Estimate of Fair Value Measurement [Member] | |||
Liabilities | |||
Recourse fixed rate debt | 6,040,200,000 | 5,696,900,000 | |
Recourse floating rate debt | 250,000,000 | 300,400,000 | |
Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | $ 1,900,000 | $ 2,100,000 | $ 2,500,000 |
Fair Value Disclosure (Detail_3
Fair Value Disclosure (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Operating assets and facilities, net | $ 7,784.8 | $ 7,170.7 |
Fair Value Disclosure (Textual) [Abstract] | ||
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months | $ (1.2) |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Instrument | Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 10.1 | $ (14.9) | $ 11.8 |
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 | ||
Derivative liability | $ 0.3 | 0 | |
Document Period End Date | Dec. 31, 2021 | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ (11.9) | 19.6 | (19) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | 0 | (0.5) | 0.5 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ (11.9) | $ 20.1 | (19.5) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | Instrument | 5 | 5 | |
Derivative, Notional Amount | $ 300 | $ 300 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | Instrument | 1 | 1 | |
Derivative, Notional Amount | $ 101.7 | $ 105.7 | |
Recourse Debt [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets/(Liabilities) | (300.4) | (303.6) | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 1.1 | 5.6 | |
Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 12 | (12.8) | 14.3 |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax |
Fair Value Disclosure Fair Valu
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 8.9 | $ 6.4 |
Derivative liability | 0.3 | 0 |
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 | 6.4 | |
Derivative liability | 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 | 8.9 | |
Derivative liability | 0.3 | |
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 | 0.4 | |
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 | 3.6 | |
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 | 5.6 | |
Derivative liability | 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 | 1.4 | |
Derivative liability | 0.3 | |
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 | $ 0.4 | |
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 | $ 3.9 |
Fair Value Disclosure Fair Va_2
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest Expense | $ (204) | $ (190.3) | $ (180.5) |
Other Nonoperating Income (Expense) | (3.7) | (13) | (7.3) |
Operating Lease, Expense | (39.2) | (49.3) | (54.4) |
Recourse Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 1.1 | 5.6 | |
Interest Expense [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (loss) on non-designated derivative contracts | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 4.5 | (4.2) | (9) |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 4.5 | (4.2) | (9) |
Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (loss) on non-designated derivative contracts | 3.1 | 6.2 | (1.7) |
Other Nonoperating Income (Expense) [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | |
Cash Flow Hedging [Member] | Interest Expense [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.9) | (2.1) | (2.5) |
Cash Flow Hedging [Member] | Interest Expense [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 12 | $ (12.8) | $ 14.3 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest Expense | $ (204) | $ (190.3) | $ (180.5) |
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | (10.1) | 14.9 | (11.8) |
Other Nonoperating Income (Expense) | (3.7) | (13) | (7.3) |
Operating Lease, Expense | (39.2) | (49.3) | (54.4) |
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | (11.9) | 19.6 | (19) |
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 | (0.5) | 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 | (11.9) | 20.1 | (19.5) |
Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | |||
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 | 4.5 | (4.2) | (9) |
Derivatives designated as hedging instruments | (4.5) | 4.2 | 9 |
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 | (1.9) | (2.1) | (2.5) |
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 Nonoperating Income (Expense) [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | (12) | 12.8 | (14.3) |
Gain (loss) on non-designated derivative contracts | 3.1 | 6.2 | (1.7) |
Other Nonoperating 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 Nonoperating 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 Nonoperating 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 | $ 12 | $ (12.8) | $ 14.3 |
Fair Value Disclosure Fair Va_4
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense, net | $ (204) | $ (190.3) | $ (180.5) |
Other (expense) income | (3.7) | (13) | (7.3) |
Operating Lease, Expense | 39.2 | 49.3 | 54.4 |
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 | 4.5 | (4.2) | (9) |
Derivatives designated as hedging instruments | (4.5) | 4.2 | 9 |
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 | (1.9) | (2.1) | (2.5) |
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 | 3.1 | 6.2 | (1.7) |
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 | $ 12 | $ (12.8) | $ 14.3 |
Fair Value Disclosure Fair Va_5
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 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 | $ 5,666.1 | $ 5,056.3 |
Recourse Floating Rate Debt Fair Value Disclosure | 250 | 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 | 6,040.2 | 5,696.9 |
Recourse Floating Rate Debt Fair Value Disclosure | $ 250 | $ 300.4 |
Asset Impairments and Assets _2
Asset Impairments and Assets Held for Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 3.8 | $ 4.8 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 99.4 | 39.5 | $ 56.2 |
Asset Impairment Charges | 2.4 | 0.3 | 6.6 |
Rail North America [Member] | |||
Asset Impairment Charges | 2.4 | 0.3 | 0.4 |
Rail International [Member] | |||
Asset Impairment Charges | 0 | 0 | 0 |
Portfolio Management [Member] | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 6.2 |
Asset Impairments and Assets _3
Asset Impairments and Assets Held for Sale Asset Held For Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | $ 2.4 | $ 0.3 | $ 6.6 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 3.8 | 4.8 | |
Portfolio Management [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 6.2 |
Rail North America [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 2.4 | 0.3 | 0.4 |
Rail International [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Postretirement_Plan | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Postretirement Plans | Postretirement_Plan | 2 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.3 | $ 2.3 | $ 2.3 |
Defined Benefit Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement accounting adjustment | 2.1 | 0 | $ 0 |
Aggregate accumulated benefit obligation | 458.1 | 481.6 | |
Defined benefit plan, estimated future employer contributions in next fiscal year | 18.5 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.7 | $ 3.6 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in Fair Value of Plan Assets | |||
Plan assets at beginning of year | $ 465.5 | ||
Company contributions | 2.3 | $ 2.3 | $ 2.3 |
Plan assets at end of year | 462.1 | 465.5 | |
Amount Recognized | |||
Other liabilities | (68.3) | (82) | |
Defined Benefit Pension [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 508.6 | 475.4 | |
Service cost | 8.7 | 8.1 | 6.5 |
Interest cost | 8.1 | 12.3 | 15.2 |
Actuarial loss | 3.1 | (45.2) | |
Benefits paid | 39.9 | 33.4 | |
Effect of foreign exchange rate changes | (0.5) | 1 | |
Benefit obligation at end of year | 481.9 | 508.6 | 475.4 |
Change in Fair Value of Plan Assets | |||
Plan assets at beginning of year | 465.5 | 432.7 | |
Actual return on plan assets | 34.3 | 61.4 | |
Effect of exchange rate changes | (0.5) | 1.2 | |
Company contributions | 2.7 | 3.6 | |
Benefits paid | (39.9) | (33.4) | |
Plan assets at end of year | 462.1 | 465.5 | 432.7 |
Funded Status at end of year | (19.8) | (43.1) | |
Amount Recognized | |||
Other liabilities | (19.8) | (43.1) | |
Accumulative other comprehensive loss: | |||
Net actuarial loss | 75.8 | 109.9 | |
Prior service credit (cost) | 0 | 0 | |
Accumulated other comprehensive loss | 75.8 | 109.9 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | 56 | 66.8 | |
After-tax amount recognized in accumulated other comprehensive loss | 56.7 | 82.2 | |
Retiree Health and Life [Member] | |||
Change in Benefit Obligation | |||
Benefit obligation at beginning of year | 22.9 | 24.6 | |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.3 | 0.5 | 0.9 |
Actuarial loss | 2 | 0.2 | |
Benefits paid | 1.5 | 2.2 | |
Effect of foreign exchange rate changes | 0 | 0 | |
Benefit obligation at end of year | 19.9 | 22.9 | 24.6 |
Change in Fair Value of Plan Assets | |||
Plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Effect of exchange rate changes | 0 | 0 | |
Company contributions | 1.5 | 2.2 | |
Benefits paid | (1.5) | (2.2) | |
Plan assets at end of year | 0 | 0 | $ 0 |
Funded Status at end of year | (19.9) | (22.9) | |
Amount Recognized | |||
Other liabilities | (19.9) | (22.9) | |
Accumulative other comprehensive loss: | |||
Net actuarial loss | (4.8) | (3) | |
Prior service credit (cost) | (0.8) | (1) | |
Accumulated other comprehensive loss | (5.6) | (4) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | (25.5) | (26.9) | |
After-tax amount recognized in accumulated other comprehensive loss | $ (4.2) | $ (3) |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Projected and Accumulated Benefit Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | $ 48.5 | $ 380.7 |
Fair value of plan assets | 0 | 321.6 |
Pension plans with an accumulated benefit obligation in excess of plan assets | ||
Accumulated benefit obligations | 42.1 | 41.7 |
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Post-Retire_5
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Pension [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | $ 8.7 | $ 8.1 | $ 6.5 |
Interest cost | 8.1 | 12.3 | 15.2 |
Expected return on plan assets | (18.6) | (20.4) | (22) |
Settlement accounting adjustment | 2.1 | 0 | 0 |
Amortization of unrecognized prior service credit | 0 | 0 | 0 |
Unrecognized net actuarial loss (gain) | 13.3 | 12.7 | 7.9 |
Net periodic (benefit) cost | 13.6 | 12.7 | 7.6 |
Retiree Health and Life [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.3 | 0.5 | 0.9 |
Expected return on plan assets | 0 | 0 | 0 |
Settlement accounting adjustment | 0 | 0 | 0 |
Amortization of unrecognized prior service credit | (0.2) | (0.2) | (0.2) |
Unrecognized net actuarial loss (gain) | (0.3) | (0.4) | (0.1) |
Net periodic (benefit) cost | $ 0 | $ 0.1 | $ 0.8 |
Pension and Other Post-Retire_6
Pension and Other Post-Retirement Benefits - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Expected long term return on assets and to measure the periodic cost | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 5.46% | 5.63% |
Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.44% | 1.93% |
Retiree Health and Life [Member] | Salaried and Hourly Life Insurance [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.85% | 2.46% |
UNITED STATES | Salaried Funded Plans [Member] [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.81% | 2.42% |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance | 3.09% | 3.09% |
UNITED STATES | Hourly Funded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 3.03% | 2.73% |
Discount rate, net periodic cost (benefit) | 2.74% | 3.35% |
Expected return on plan assets, net periodic cost (benefit) | 4.30% | 5.30% |
UNITED STATES | Salaried Funded and Unfunded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Rate of compensation and pension-in-payment increases, benefit obligation | 3.00% | 3.00% |
Discount rate, net periodic cost (benefit) | 2.41% | 3.17% |
Expected return on plan assets, net periodic cost (benefit) | 5.20% | 5.60% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 3.00% | 3.00% |
Foreign Plan [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 1.90% | 1.20% |
Rate of compensation and pension-in-payment increases, benefit obligation | 3.30% | 2.90% |
Discount rate, net periodic cost (benefit) | 1.20% | 1.90% |
Expected return on plan assets, net periodic cost (benefit) | 2.70% | 3.60% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 2.90% | 3.00% |
Minimum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 1.80% | 1.19% |
Maximum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.74% | 2.35% |
Health Care [Member] | Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 1.91% | 2.85% |
Postretirement Life Insurance [Member] | Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 2.45% | 3.19% |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefits - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 5.46% | 5.63% |
Medical Claims [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 | 6.20% | 6.44% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | |
Year that rate reaches the ultimate trend rate | 2029 | 2028 |
Prescription Drugs Claims [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 | 8.04% | 8.78% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 8.04% | 8.63% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | |
Year that rate reaches the ultimate trend rate | 2029 | 2028 |
Medicare Advantage Part D | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 15.95% |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Domestic Funded Plans (Details) - UNITED STATES | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 100.00% | |
Actual plan asset allocations, salaried employees | 100.00% | 100.00% |
Target allocation, hourly employees | 100.00% | |
Actual plan asset allocation, hourly employees | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 40.90% | |
Actual plan asset allocations, salaried employees | 41.90% | 54.60% |
Target allocation, hourly employees | 19.10% | |
Actual plan asset allocation, hourly employees | 19.70% | 33.70% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 56.00% | |
Actual plan asset allocations, salaried employees | 53.50% | 41.40% |
Target allocation, hourly employees | 79.00% | |
Actual plan asset allocation, hourly employees | 77.50% | 62.80% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 3.10% | |
Actual plan asset allocations, salaried employees | 2.20% | 2.90% |
Target allocation, hourly employees | 1.90% | |
Actual plan asset allocation, hourly employees | 1.50% | 2.50% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 0.00% | |
Actual plan asset allocations, salaried employees | 2.40% | 1.10% |
Target allocation, hourly employees | 0.00% | |
Actual plan asset allocation, hourly employees | 1.30% | 1.00% |
Pension and Other Post-Retire_9
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Foreign Funded (Details) - Foreign Plan [Member] - Defined Benefit Pension [Member] | Dec. 31, 2021 | Dec. 31, 2020 |
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 100.00% | 100.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Equity Securities [Member] | ||
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 0.00% | 30.70% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | |
Debt Securities [Member] | ||
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 100.00% | 69.30% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% |
Pension and Other Post-Retir_10
Pension and Other Post-Retirement Benefits - Fair Value Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair value of pension plan assets | ||
Assets | $ 462.1 | $ 465.5 |
Short-term investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 9.1 | 4.6 |
Common stock collective funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 154.6 | 223 |
Fixed income collective trust funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 289.8 | 226 |
Real estate investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | $ 8.6 | $ 11.9 |
Pension and Other Post-Retir_11
Pension and Other Post-Retirement Benefits - Expected Benefit Plan Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Qualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 28.3 |
2019 | 28.2 |
2020 | 29.6 |
2021 | 28.7 |
2022 | 28 |
Years 2027-2031 | 135.2 |
Total | 278 |
Nonqualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 16.5 |
2019 | 2.8 |
2020 | 2.5 |
2021 | 2.5 |
2022 | 2.4 |
Years 2027-2031 | 12.8 |
Total | 39.5 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 2 |
2019 | 1.9 |
2020 | 1.8 |
2021 | 1.6 |
2022 | 1.5 |
Years 2027-2031 | 5.9 |
Total | $ 14.7 |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average and Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted-average estimated fair value | $ 29.56 | $ 22.50 | $ 22.23 |
Quarterly dividend rate | $ 0.50 | $ 0.48 | $ 0.46 |
Expected term of stock options, in years | 4 years 3 months 18 days | 4 years 2 months 12 days | 4 years 2 months 12 days |
Risk-free interest rate | 0.30% | 1.30% | 2.50% |
Dividend yield | 2.20% | 2.50% | 2.60% |
Expected stock price volatility | 34.40% | 28.50% | 28.90% |
Present value of dividends | $ 8.61 | $ 7.89 | $ 7.29 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Options and Rights (Details) $ / shares in Units, shares in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
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, Aggregate Intrinsic Value, Outstanding | $ | $ 1,185,079 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 4,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, Number of Stock Options and Stock Appreciation Rights | shares | 1,467 |
Granted, Number of Stock Options and Stock Appreciation Rights | shares | 282 |
Exercised, Number of Stock Options and Stock Appreciation Rights | shares | 550 |
Forfeitured/Cancelled, Number of Stock Options and Stock Appreciation Rights | shares | 8 |
Expired, Number of Stock Options and Stock Appreciation Rights | shares | (2) |
Ending balance, Number of Stock Options and Stock Appreciation Rights | shares | 1,189 |
Vested and exercisable at end of the year, Number of Stock Options and Stock Appreciation Rights | shares | 653 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance, Weighted Average Exercise Price | $ 63.56 |
Granted, Weighted Average Exercise Price | 91.49 |
Exercised, Weighted Average Exercise Price | 55.17 |
Forfeited/Cancelled, Weighted Average Exercise Price | 80.64 |
Expired, Weighted Average Exercise Price | 66.61 |
Ending balance, Weighted Average Exercise Price | 73.94 |
Vested and exercisable at end of the year | $ 66.18 |
Share Based Compensation - Aggr
Share Based Compensation - Aggregate Intrinsic Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value | $ 24,800,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month 6 days | ||
Stock Options and Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value | $ 36,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value | $ 4,200 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 1,185,079 | ||
Stock Option SAR Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value | $ 22,500,000 | $ 7,600,000 | $ 4,000,000 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Restricted Stock and Performance Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 22.50 | $ 22.23 |
Ending balance, Weighted Average Grant Date Fair Value | $ 29.56 | $ 22.50 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance, Number of Share Units Outstanding | 138 | |
Granted, Number of Share Units Outstanding | 34 | |
Vested, Number of Share Units Outstanding | 63 | |
Forfeited, Number of Share Units Outstanding | (2) | |
Ending balance, Number of Share Units Outstanding | 107 | 138 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 72.59 | |
Granted, Weighted Average Grant Date Fair Value | 91.36 | |
Vested, Weighted Average Grant Date Fair Value | 70.79 | |
Forfeited, Weighted Average Grant Date Fair Value | 82.09 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 79.37 | $ 72.59 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance, Number of Share Units Outstanding | 112 | |
Granted, Number of Share Units Outstanding | 57 | |
Net increase due to estimated performance, Number of Share Units Outstanding | (22) | |
Vested, Number of Share Units Outstanding | 58 | |
Forfeited, Number of Share Units Outstanding | (1) | |
Ending balance, Number of Share Units Outstanding | 88 | 112 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 76.03 | |
Granted, Weighted Average Grant Date Fair Value | 87.45 | |
Net increase due to estimated performance, Weighted Average Grant Date Fair Value | 84.78 | |
Vested, Weighted Average Grant Date Fair Value | 71.98 | |
Forfeited, Weighted Average Grant Date Fair Value | 87.06 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 83.79 | $ 76.03 |
Share Based Compensation (Detai
Share Based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 25, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased During Period, Shares | 100,000 | 0 | 2,000,000 | |
Number of shares authorized for awards | 5,700,000 | |||
Number of shares available for future issuance | 2,500,000 | |||
Share-based compensation expense | $ 17,400,000 | $ 15,900,000 | $ 19,300,000 | |
Tax benefit from share-based compensation expense | $ 4,400,000 | $ 4,000,000 | 4,800,000 | |
Award vesting period | 3 years | |||
Units outstanding | 1,189,000 | 1,467,000 | ||
Proceeds from Stock Options Exercised | $ 21,900,000 | $ 6,600,000 | $ 4,400,000 | |
Portion of an award vesting for the 2012 SAR grant | 1/3 vesting after each year | |||
Award vesting percentage | 33.33% | |||
Payments for Repurchase of Common Stock | $ 13,100,000 | $ 0 | $ 150,000,000 | |
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |||
Stock Options SARs Granted Since 2004 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum granting period for stock option | 7 years | |||
Stock Option SAR Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | $ 7,800,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | |||
Restricted Stock and Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Compensation cost not yet recognized | $ 8,600,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 8 months 12 days | |||
Fair value of restricted stock units and performance shares vested during period | $ 11,600,000 | $ 10,200,000 | $ 12,600,000 | |
Series A and Series B preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 0.80 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 800,000 | $ 800,000 | |
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | 8,600,000 | ||
Tax Credit Carryforward, Valuation Allowance | $ 800,000 | $ 800,000 | |
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 29.80% | 28.20% |
Deferred Tax Liabilities | |||
Book/tax basis difference due to depreciation | $ 1,093,500,000 | $ 1,017,800,000 | |
Deferred Tax Liabilities, Right of Use Assets | 68,300,000 | 93,800,000 | |
Investments in affiliated companies | 27,500,000 | 26,100,000 | |
Lease accounting (other than leveraged) | 29,100,000 | 33,400,000 | |
Other | 5,400,000 | 2,800,000 | |
Total deferred tax liabilities | 1,225,700,000 | 1,173,900,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 72,200,000 | 95,900,000 | |
Deferred Tax Assets | |||
Federal net operating loss | 87,800,000 | 53,500,000 | |
State net operating loss | 45,000,000 | 38,300,000 | |
Valuation on state net operating loss | (14,900,000) | (13,900,000) | |
Foreign net operating loss | 1,600,000 | 2,100,000 | |
Accruals not currently deductible for tax purposes | 18,300,000 | 16,000,000 | |
Allowance for losses | 1,700,000 | 1,100,000 | |
Pension and post-retirement benefits | 9,800,000 | 16,400,000 | |
Other | 3,200,000 | 1,700,000 | |
Total deferred tax assets | 224,700,000 | 211,100,000 | |
Net deferred tax liabilities | 1,001,000,000 | 962,800,000 | |
Gross liability for unrecognized tax benefits | |||
Ending balance | 10,200,000 | ||
Provision for Income Taxes, Equity Method Investment | 55,300,000 | $ 33,600,000 | $ 18,000,000 |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 1,600,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
DeferredTaxAssetsOperatingLeaseLiability | $ 72.2 | $ 95.9 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 0.8 | 0.8 | |
Provision for Income Taxes, Equity Method Investment | 55.3 | 33.6 | $ 18 |
Income before income taxes | |||
Domestic | 40.9 | (2) | 39.1 |
Foreign | 154.2 | 127.3 | 106.1 |
Income before Income Taxes and Share of Affiliates’ Earnings | 195.1 | 125.3 | $ 145.2 |
Tax Credit Carryforward, Valuation Allowance | 0.8 | 0.8 | |
Deferred Tax Liabilities, Right of Use Assets | $ 68.3 | $ 93.8 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 0.80 | ||
Tax Credit Carryforward, Valuation Allowance | (800,000) | $ (800,000) | |
Current | |||
Federal | 100,000 | (3,400,000) | $ (11,300,000) |
State and local | 300,000 | 300,000 | (1,200,000) |
Current domestic taxes | 400,000 | (3,100,000) | (12,500,000) |
Foreign | 18,600,000 | 11,300,000 | 19,600,000 |
Current Income Tax Expense (Benefit) | 19,000,000 | 8,200,000 | 7,100,000 |
Deferred | |||
Federal | 6,700,000 | 3,600,000 | 19,600,000 |
State and local | 3,000,000 | 900,000 | 4,300,000 |
Deferred domestic taxes | 9,700,000 | 4,500,000 | 23,900,000 |
Foreign | 24,500,000 | 24,600,000 | 9,900,000 |
Deferred Income Tax Expense (Benefit) | 34,200,000 | 29,100,000 | 33,800,000 |
Income taxes | 53,200,000 | 37,300,000 | $ 40,900,000 |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 418,100,000 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 1,600,000 | ||
Foreign Tax Authority | United Kingdom tax authority | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 39,700,000 | $ 12,300,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | |||
Income taxes at federal statutory rate | $ 41 | $ 26.3 | $ 30.5 |
Adjust for effect of: | |||
Foreign earnings taxed at lower rates | 10.2 | 9.8 | 9.8 |
State income taxes | 2.9 | 1.2 | 3.8 |
Other | 1 | 1.3 | 0.8 |
Effective Income Tax Rate Reconciliation, Nondeductible compensation | 1.9 | 0.6 | 0.2 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | (3.5) | (1.2) | (1.4) |
Income taxes | $ 53.2 | $ 37.3 | $ 40.9 |
Effective income tax rate | 27.30% | 29.80% | 28.20% |
Deferred Tax Liabilities, Intangible amortization | $ 1.9 | ||
Canada Revenue Agency [Member] | |||
Adjust for effect of: | |||
Revaluation of deferred tax liabilities | $ 0.3 | $ 0.7 | $ 2.8 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 29.80% | 28.20% |
Provision for Income Taxes, Equity Method Investment | $ (55,300,000) | $ (33,600,000) | $ (18,000,000) |
Amount of U.S. federal tax net operating loss | 0.80 | ||
State net operating loss | 45,000,000 | 38,300,000 | |
State net operating loss carryforwards valuation allowance | 14,900,000 | 13,900,000 | |
Foreign net operating loss | 1,600,000 | 2,100,000 | |
Unrecognized Tax Benefits | 10,200,000 | ||
Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (300,000) | (700,000) | $ (2,800,000) |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Amount of U.S. federal tax net operating loss | 1,600,000 | ||
Foreign Tax Authority | United Kingdom tax authority | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 39,700,000 | $ 12,300,000 |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended |
Dec. 31, 2021Service_Centerunion | |
POLAND | |
Concentration [Abstract] | |
Number Of Unions | union | 1 |
Canadian | |
Concentration [Abstract] | |
Number of service centers | Service_Center | 3 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 35.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 2.00% |
Revenue Benchmark | Petroleum Industry [Member] | Product Concentration Risk | |
Concentration [Abstract] | |
Approximate percentage of revenue | 27.00% |
Revenue Benchmark | Transportation Industry [Member] | Product Concentration Risk | |
Concentration [Abstract] | |
Approximate percentage of revenue | 23.00% |
Revenue Benchmark | Chemical Industry [Member] | Product Concentration Risk | |
Concentration [Abstract] | |
Approximate percentage of revenue | 20.00% |
Revenue Benchmark | Food and Agriculture [Member] | Product Concentration Risk | |
Concentration [Abstract] | |
Approximate percentage of revenue | 11.00% |
Revenue Benchmark | Mining [Member] [Member] | Product Concentration Risk | |
Concentration [Abstract] | |
Approximate percentage of revenue | 10.00% |
Commercial Commitments (Details
Commercial Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantor Obligations [Line Items] | |||
Total commercial commitments | [1] | $ 9.5 | $ 10.6 |
Property Lease Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Total commercial commitments | 9 | 9.1 | |
Standby letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Total commercial commitments | $ 0.5 | $ 1.5 | |
[1] | (1) There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2021 and December 31, 2020. As of December 31, 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. |
Commercial Commitments (Detai_2
Commercial Commitments (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees [Abstract] | |
Expiration of commitment range | 2022 through 2023 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net income | $ 143.1 | $ 151.3 | $ 211.2 |
Denominator: | |||
Denominator for basic earnings per share — weighted average shares | 35.4 | 35 | 35.7 |
Effect of dilutive securities: | |||
Equity compensation plans | 0.6 | 0.4 | 0.7 |
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion | 36 | 35.4 | 36.4 |
Basic earnings per share (in dollars per share) | $ 4.04 | $ 4.33 | $ 5.92 |
Diluted earnings per share (in dollars per share) | $ 3.98 | $ 4.27 | $ 5.81 |
Income from continuing operations | $ 143.1 | $ 150.2 | $ 180.8 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.04 | $ 4.30 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ 0.03 | $ 0.85 |
Total Discontinued Operations, Net of Taxes | $ 0 | $ 1.1 | $ 30.4 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 3.98 | $ 4.24 | $ 4.97 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ 0.03 | $ 0.84 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 29, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 123 | $ 143.7 | |
Goodwill [Line Items] | |||
Goodwill | 123 | 143.7 | |
Trifleet Leasing Holding B.V. | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 43.8 | $ 57 | |
Goodwill [Line Items] | |||
Goodwill | 43.8 | $ 57 | |
Goodwill, Purchase Accounting Adjustments | 13.2 | ||
Rail North America [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 23.8 | 23.8 | |
Goodwill [Line Items] | |||
Goodwill | 23.8 | 23.8 | |
Rail International [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 58.6 | 62.9 | |
Goodwill [Line Items] | |||
Goodwill | 58.6 | 62.9 | |
Other Business Segments [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 40.6 | 57 | |
Goodwill [Line Items] | |||
Goodwill | $ 40.6 | $ 57 |
Allowance for Losses (Details)
Allowance for Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the allowance for possible losses | ||
Beginning balance | $ 6.5 | $ 6.2 |
(Reversal) provision for losses | 0.1 | 0.7 |
Charges to allowance | (0.5) | (0.9) |
Recoveries and other, including foreign exchange adjustments | 0.1 | 0.5 |
Ending balance | $ 6.2 | $ 6.5 |
Allowance for Losses (Details T
Allowance for Losses (Details Textual) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for Losses (Textual) [Abstract] | |||
Allowances for trade receivables | $ (6.2) | $ (6.5) | $ (6.2) |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Other Assets reported on the consolidated balance sheets | ||
Inventory | $ 52 | $ 64.3 |
Prepaid Supplies | 42 | 18.9 |
Office furniture, fixtures and other equipment, net of accumulated depreciation | 30.2 | 32.2 |
Assets for Plan Benefits, Defined Benefit Plan | 28.6 | 16 |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 2.8 | 3 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 3.8 | 4.8 |
Derivative asset | 8.9 | 6.4 |
Other | 96.7 | 84.7 |
Total | $ 265 | $ 230.3 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities (Details 1) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Other Liabilities reported on the consolidated balance sheets | ||
Pension and other post-retirement liabilities | $ 68.3 | $ 82 |
Liability for Asbestos and Environmental Claims, Net | 3.5 | 10.6 |
Derivatives | 0.3 | 0 |
Environmental reserves | 3.5 | |
Other Liabilities, Noncurrent | 40.3 | 43 |
Total | $ 112.4 | $ 135.6 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 25, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |||
Stock repurchases, Shares | 100,000 | 0 | 2,000,000 | |
Payments for Repurchase of Common Stock | $ 13,100,000 | $ 0 | $ 150,000,000 | |
Common Stock, Shares Authorized | 120,000,000 | 120,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.625 | $ 0.625 | ||
Common Stock, Shares, Issued | 68,254,574 | 67,751,074 | ||
Common Stock, Shares, Outstanding | 35,421,617 | 35,047,317 | ||
Common Stock, Capital Shares Reserved for Future Issuance | 7,800,000 | |||
Series A and Series B preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 | |||
Share-based compensation award plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,100,000 | |||
Share-based Payment Arrangement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 5,700,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | $ (2,019.2) | $ (1,957.4) | $ (1,835.1) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | 12.6 | 14.6 | 10.1 | $ 14 |
OCI, before Reclassifications, before Tax, Attributable to Parent | 12.5 | (20.4) | 17.4 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 10.1 | (14.9) | 11.8 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (0.4) | 1 | (1.7) | |
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | 95.4 | 43.7 | 68.1 | 58 |
OCI, before Reclassifications, before Tax, Attributable to Parent | (51.7) | 24.4 | (10.1) | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | 0 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | (52.6) | (79.2) | (85.4) | (92.6) |
OCI, before Reclassifications, before Tax, Attributable to Parent | 22.7 | (3.8) | 1.5 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | (12.8) | (12.1) | (7.6) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 8.9 | 2.1 | 1.9 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Stockholders' Equity Attributable to Parent | 160.6 | 137.5 | 163.6 | $ 164.6 |
OCI, before Reclassifications, before Tax, Attributable to Parent | (16.5) | 0.2 | 8.8 | |
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent | 2.7 | 27 | (4.2) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (9.3) | $ (1.1) | $ (3.6) |
Foreign Operations (Details)
Foreign Operations (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign operations data | |||
Revenues | $ 1,257,400,000 | $ 1,209,200,000 | $ 1,202,100,000 |
Foreign Operations (Textual) [Abstract] | |||
Maximum percentage of consolidated revenues derive from any individual foreign country | 10.00% | ||
Percentage of company's identifiable assets | 10.00% | ||
Assets of Continuing Operations | $ 9,541,700,000 | 8,937,600,000 | 7,994,000,000 |
Foreign [Member] | |||
Foreign operations data | |||
Revenues | 468,500,000 | 374,900,000 | 331,100,000 |
Foreign Operations (Textual) [Abstract] | |||
Assets of Continuing Operations | 3,783,300,000 | 3,438,600,000 | 2,624,500,000 |
United States [Member] | |||
Foreign operations data | |||
Revenues | 788,900,000 | 834,300,000 | 871,000,000 |
Foreign Operations (Textual) [Abstract] | |||
Assets of Continuing Operations | $ 5,758,400,000 | $ 5,499,000,000 | $ 5,369,500,000 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)Site | |
Loss Contingencies [Line Items] | |
Estimated Litigation Liability | $ 4.6 |
Administrative and Judicial Proceedings at Sites | Site | 13 |
Accruals for remediation and restoration | $ 3.5 |
Financial Data of Business Se_3
Financial Data of Business Segments - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)AircraftEnginesSegment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2021AircraftEngines | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Number of business segments | Segment | 3 | |||||
Payments to Acquire Property, Plant, and Equipment | $ | $ 1,130.1 | $ 860.8 | $ 722.8 | |||
Portfolio Management [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Number Of Aircraft Engines | AircraftEngines | 14 | |||||
Number of Specialized Gas Vessels | AircraftEngines | 5 | |||||
Portfolio Management [Member] | Rolls-Royce Aircraft Engines [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ | $ (352) | |||||
Portfolio Management [Member] | Rolls-Royce Aircraft Engines [Member] | RRPF Joint Ventures [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Number Of Aircraft Engines | AircraftEngines | 4 | |||||
Payments For Asset Acquisition | $ | $ 120 |
Financial Data of Busines Segme
Financial Data of Busines Segments (Details) | Dec. 29, 2020USD ($) | Dec. 29, 2020EUR (€) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)AircraftEngines | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Lease Income | $ 1,140,500,000 | $ 1,087,500,000 | $ 1,088,500,000 | |||
MarineOperatingRevenue | 19,100,000 | 15,600,000 | 8,200,000 | |||
Other Operating Income | 97,800,000 | 106,100,000 | 105,400,000 | |||
Total Revenues | 1,257,400,000 | 1,209,200,000 | 1,202,100,000 | |||
Maintenance Expense | 297,100,000 | 315,500,000 | 314,400,000 | |||
Marine operating expense | 17,500,000 | 19,700,000 | 18,900,000 | |||
Depreciation | 364,400,000 | 330,500,000 | 321,300,000 | |||
Operating Lease, Expense | 39,200,000 | 49,300,000 | 54,400,000 | |||
Other operating expense | 44,000,000 | 35,300,000 | 31,300,000 | |||
Total Expenses | 762,200,000 | 750,300,000 | 740,300,000 | |||
Net gain on asset dispositions | 105,900,000 | 41,700,000 | 51,600,000 | |||
Interest Income (Expense), Net | (204,000,000) | (190,300,000) | (180,500,000) | |||
Other (expense) income | (3,700,000) | (13,000,000) | (7,300,000) | |||
Share of affiliates' earnings (pre-tax) | 56,500,000 | 95,800,000 | 94,500,000 | |||
Segment Profit Loss | 449,900,000 | 393,100,000 | 420,100,000 | |||
Selling, general and administrative | 198,300,000 | 172,000,000 | 180,400,000 | |||
Income tax benefit | 53,200,000 | 37,300,000 | 40,900,000 | |||
Income from continuing operations | 143,100,000 | 150,200,000 | 180,800,000 | |||
Net Income | 143,100,000 | 151,300,000 | 211,200,000 | |||
Disposition Gains on Owned Assets | 82,400,000 | 39,400,000 | 58,600,000 | |||
Nonoperating Income, Residual Sharing Income | 8,900,000 | 2,500,000 | 1,900,000 | |||
Asset Impairment Charges | (2,400,000) | (300,000) | (6,600,000) | |||
Identifiable assets | 9,541,700,000 | 8,937,600,000 | 7,994,000,000 | |||
Disposal Group, Including Discontinued Operation, Assets | 291,100,000 | |||||
Nonremarketing Disposition Gain (Loss) | 17,000,000 | 100,000 | (2,300,000) | |||
Portfolio Investments and Capital Additions | 1,131,900,000 | 1,064,000,000 | 722,800,000 | |||
Investments in Affiliated Companies | 588,400,000 | 584,700,000 | 512,600,000 | |||
Assets of Continuing Operations | 9,541,700,000 | 8,937,600,000 | 7,994,000,000 | |||
Payments to Acquire Property, Plant, and Equipment | (1,130,100,000) | (860,800,000) | (722,800,000) | |||
Total Discontinued Operations, Net of Taxes | 0 | 1,100,000 | 30,400,000 | |||
Trifleet Leasing Holding B.V. | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Payments to acquire business, gross | $ 203,200,000 | € 165,000,000 | ||||
Parent [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Income tax benefit | 108,500,000 | 70,900,000 | 58,900,000 | |||
Other Business Segments [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Lease Income | 25,000,000 | 0 | 0 | |||
MarineOperatingRevenue | 0 | 0 | 0 | |||
Other Operating Income | 8,700,000 | 0 | 0 | |||
Total Revenues | 33,700,000 | 0 | 0 | |||
Maintenance Expense | 4,100,000 | 0 | 0 | |||
Marine operating expense | 0 | 0 | 0 | |||
Depreciation | 12,100,000 | 0 | 0 | |||
Operating Lease, Expense | 0 | 0 | 0 | |||
Other operating expense | 3,000,000 | 0 | 0 | |||
Total Expenses | 19,200,000 | 0 | 0 | |||
Net gain on asset dispositions | 900,000 | 0 | 0 | |||
Interest Income (Expense), Net | (6,000,000) | 7,700,000 | 5,800,000 | |||
Other (expense) income | (10,700,000) | (3,100,000) | (3,200,000) | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | |||
Segment Profit Loss | (1,300,000) | 4,600,000 | 2,600,000 | |||
Disposition Gains on Owned Assets | 500,000 | 0 | 0 | |||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||
Asset Impairment Charges | 0 | 0 | 0 | |||
Identifiable assets | 206,900,000 | |||||
Disposal Group, Including Discontinued Operation, Assets | 0 | |||||
Nonremarketing Disposition Gain (Loss) | 400,000 | 0 | 0 | |||
Portfolio Investments and Capital Additions | 31,200,000 | 205,500,000 | 4,900,000 | |||
Investments in Affiliated Companies | 0 | 0 | 0 | |||
Assets of Continuing Operations | 621,400,000 | 541,300,000 | ||||
Rail North America [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Lease Income | 814,500,000 | 838,300,000 | 868,300,000 | |||
MarineOperatingRevenue | 0 | 0 | 0 | |||
Other Operating Income | 77,200,000 | 95,800,000 | 96,200,000 | |||
Total Revenues | 891,700,000 | 934,100,000 | 964,500,000 | |||
Maintenance Expense | 235,400,000 | 264,700,000 | 267,900,000 | |||
Marine operating expense | 0 | 0 | 0 | |||
Depreciation | 261,100,000 | 258,600,000 | 256,900,000 | |||
Operating Lease, Expense | 39,200,000 | 49,300,000 | 54,400,000 | |||
Other operating expense | 30,300,000 | 27,300,000 | 23,900,000 | |||
Total Expenses | 566,000,000 | 599,900,000 | 603,100,000 | |||
Net gain on asset dispositions | 94,300,000 | 38,300,000 | 54,600,000 | |||
Interest Income (Expense), Net | (136,200,000) | (139,900,000) | (134,500,000) | |||
Other (expense) income | 1,600,000 | (4,900,000) | (5,300,000) | |||
Share of affiliates' earnings (pre-tax) | 0 | (100,000) | 0 | |||
Segment Profit Loss | 285,400,000 | 227,600,000 | 276,200,000 | |||
Disposition Gains on Owned Assets | 80,700,000 | 38,800,000 | 58,500,000 | |||
Nonoperating Income, Residual Sharing Income | 900,000 | 400,000 | 400,000 | |||
Asset Impairment Charges | (2,400,000) | (300,000) | (400,000) | |||
Identifiable assets | 5,646,700,000 | |||||
Disposal Group, Including Discontinued Operation, Assets | 0 | |||||
Nonremarketing Disposition Gain (Loss) | 15,100,000 | (600,000) | (3,900,000) | |||
Portfolio Investments and Capital Additions | 574,400,000 | 642,000,000 | 502,200,000 | |||
Investments in Affiliated Companies | 0 | 200,000 | ||||
Assets of Continuing Operations | 6,141,700,000 | 5,944,400,000 | ||||
Rail North America [Member] | Adler Funding Llc [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Investments in Affiliated Companies | 300,000 | |||||
Rail International [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Lease Income | 272,900,000 | 248,400,000 | 219,200,000 | |||
MarineOperatingRevenue | 0 | 0 | 0 | |||
Other Operating Income | 11,400,000 | 9,700,000 | 8,500,000 | |||
Total Revenues | 284,300,000 | 258,100,000 | 227,700,000 | |||
Maintenance Expense | 57,600,000 | 50,800,000 | 46,500,000 | |||
Marine operating expense | 0 | 0 | 0 | |||
Depreciation | 73,600,000 | 66,600,000 | 57,800,000 | |||
Operating Lease, Expense | 0 | 0 | 0 | |||
Other operating expense | 9,000,000 | 7,500,000 | 6,800,000 | |||
Total Expenses | 140,200,000 | 124,900,000 | 111,100,000 | |||
Net gain on asset dispositions | 2,700,000 | 1,200,000 | 1,700,000 | |||
Interest Income (Expense), Net | (45,200,000) | (45,900,000) | (40,600,000) | |||
Other (expense) income | 3,400,000 | (5,000,000) | 1,200,000 | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | |||
Segment Profit Loss | 105,000,000 | 83,500,000 | 78,900,000 | |||
Disposition Gains on Owned Assets | 1,200,000 | 500,000 | 100,000 | |||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||
Asset Impairment Charges | 0 | 0 | 0 | |||
Identifiable assets | 1,486,700,000 | |||||
Disposal Group, Including Discontinued Operation, Assets | 0 | |||||
Nonremarketing Disposition Gain (Loss) | 1,500,000 | 700,000 | 1,600,000 | |||
Portfolio Investments and Capital Additions | 173,300,000 | 216,000,000 | 215,700,000 | |||
Investments in Affiliated Companies | 0 | 0 | 0 | |||
Assets of Continuing Operations | 1,729,900,000 | 1,745,800,000 | ||||
Portfolio Management [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Lease Income | 28,100,000 | 800,000 | 1,000,000 | |||
MarineOperatingRevenue | 19,100,000 | 15,600,000 | 8,200,000 | |||
Other Operating Income | 500,000 | 600,000 | 700,000 | |||
Total Revenues | 47,700,000 | 17,000,000 | 9,900,000 | |||
Maintenance Expense | 0 | 0 | 0 | |||
Marine operating expense | 17,500,000 | 19,700,000 | 18,900,000 | |||
Depreciation | 17,600,000 | 5,300,000 | 6,600,000 | |||
Operating Lease, Expense | 0 | 0 | 0 | |||
Other operating expense | 1,700,000 | 500,000 | 600,000 | |||
Total Expenses | 36,800,000 | 25,500,000 | 26,100,000 | |||
Net gain on asset dispositions | 8,000,000 | 2,200,000 | (4,700,000) | |||
Interest Income (Expense), Net | (16,600,000) | (12,200,000) | (11,200,000) | |||
Other (expense) income | 2,000,000 | 0 | 0 | |||
Share of affiliates' earnings (pre-tax) | 56,500,000 | 95,900,000 | 94,500,000 | |||
Segment Profit Loss | 60,800,000 | 77,400,000 | 62,400,000 | |||
Disposition Gains on Owned Assets | 0 | 100,000 | 0 | |||
Nonoperating Income, Residual Sharing Income | 8,000,000 | 2,100,000 | 1,500,000 | |||
Asset Impairment Charges | 0 | 0 | (6,200,000) | |||
Disposal Group, Including Discontinued Operation, Assets | 0 | |||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | |||
Portfolio Investments and Capital Additions | 353,000,000 | 500,000 | 0 | |||
Investments in Affiliated Companies | 584,700,000 | 512,400,000 | ||||
Assets of Continuing Operations | $ 1,048,700,000 | 706,100,000 | $ 653,700,000 | |||
Number Of Aircraft Engines | AircraftEngines | 14 | |||||
Number of Specialized Gas Vessels | AircraftEngines | 5 | |||||
Portfolio Management [Member] | Rolls Royce Partners Finance [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Investments in Affiliated Companies | $ 588,100,000 | $ 584,700,000 | ||||
Portfolio Management [Member] | Rolls-Royce Aircraft Engines [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 352,000,000 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 14, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net Cash Provided By Investing Activities (1) | $ 1,100 | $ 240,900 | $ 8,100 | |||
Discontinued Operations, Disposed of by Sale | ASC | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operation | $ 258,300 | |||||
Escrow deposit | $ 1,100 | |||||
Gain on Sale of Discontinued Operations, Net of Taxes | $ (300) | $ 3,600 | 0 | 3,300 | 0 | |
Interest expense | $ 0 | $ 2,000 | $ 6,100 |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total Discontinued Operations, Net of Taxes | $ 0 | $ 1,100 | $ 30,400 | ||
ASC | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenues | 0 | 27,200 | 191,700 | ||
Operating expense | 0 | 22,500 | 138,800 | ||
Depreciation expense | 0 | 1,700 | 10,600 | ||
Selling, general and administrative expense | 0 | 2,800 | 8,200 | ||
Total Expenses | 0 | 27,000 | 157,600 | ||
Other (expense) income | 0 | (3,000) | 3,800 | ||
(Loss) Income from Discontinued Operations Before Taxes | 0 | (2,800) | 37,900 | ||
Income tax benefit (expense) | 0 | 600 | (7,500) | ||
Net (Loss) Income from Discontinued Operations, Net of Taxes | 0 | (2,200) | 30,400 | ||
Gain on Sale of Discontinued Operations, Net of Taxes | $ (300) | $ 3,600 | 0 | 3,300 | 0 |
Total Discontinued Operations, Net of Taxes | $ 0 | $ 1,100 | $ 30,400 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net Cash Used In (Provided By) Operating Activities | $ 0 | $ (8.5) | $ 36.8 |
Net Cash Provided By Investing Activities (1) | 1.1 | 240.9 | 8.1 |
Net Cash Provided By (Used In) Financing Activities | 0 | 21.8 | (45) |
Cash Provided By (Used In) Discontinued Operations, Net | $ 1.1 | 254.2 | $ (0.1) |
Proceeds from Divestiture of Businesses | $ 257.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | |||
Long-term Debt, Gross | $ 5,887.5 | $ 5,329 | |
Segment Profit Loss | $ 449.9 | $ 393.1 | $ 420.1 |
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% |