GATX (GATX) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information shares in Thousands	3 Months Ended
	Mar. 31, 2022shares
Document Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GATX Corporation
Document Period End Date	Mar. 31, 2022
City Area Code	312
Local Phone Number	621-6200
Title of 12(b) Security	Common Stock
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	35,600
Entity Shell Company	false
Entity Address, Address Line One	233 South Wacker Drive
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
Amendment Flag	false
Entity Central Index Key	0000040211
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	36-1124040
Document Type	10-Q
Entity File Number	1-2328
NEW YORK STOCK EXCHANGE, INC. [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	NYSE
CHICAGO STOCK EXCHANGE, INC [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	CHX

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and Cash Equivalents	$ 649.3	$ 344.3
Restricted Cash	0.2	0.2
Receivables
Rent and other receivables	69.9	69.8
Finance leases	98.9	100.2
Less: allowance for losses	(6.1)	(6.2)
Receivables, net	162.7	163.8
Operating Assets and Facilities
Operating Assets and Facilities	11,203.2	11,163.6
Less: allowance for depreciation	(3,328.3)	(3,378.8)
Operating assets and facilities, net	7,874.9	7,784.8
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation	262.8	270.7
Finance leases, net of accumulated depreciation	0	1.5
Lease assets	262.8	272.2
Investments in Affiliated Companies	585	588.4
Goodwill	120.3	123
Other Assets	253.4	265
Total Assets	9,908.6	9,541.7
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	170.5	215.8
Debt
Commercial paper and borrowings under bank credit facilities	18.6	18.1
Recourse	6,256.9	5,887.5
Debt	6,275.5	5,905.6
Lease, Liability [Abstract]
Operating leases	273.4	286.2
Finance leases	0	1.5
Lease obligations	273.4	287.7
Deferred Income Tax Liabilities, Net	1,013.5	1,001
Other Liabilities	114.9	112.4
Total Liabilities	7,847.8	7,522.5
Shareholders’ Equity
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641	42.4	42.2
Additional paid in capital	781.5	763.8
Retained earnings	2,808.1	2,751.5
Accumulated other comprehensive loss	(184.5)	(160.6)
Treasury stock at cost (29,693,573 and 29,187,508 shares)	(1,386.7)	(1,377.7)
Total Shareholders’ Equity	2,060.8	2,019.2
Total Liabilities and Shareholders’ Equity	$ 9,908.6	$ 9,541.7
Common Stock, Shares Authorized	120,000,000
Common Stock, Par or Stated Value Per Share	$ 0.625
Common Stock, Shares, Outstanding	35,609,060	35,421,617

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.625
Common stock, shares authorized	120,000,000
Common stock, shares issued	68,533,697	68,254,574
Common stock, shares outstanding	35,609,060	35,421,617
Treasury stock, shares outstanding	32,924,637	32,832,957

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Lease revenue	$ 283.3	$ 280.6
Marine operating revenue	6.2	3.6
Other revenue	27.1	21.6
Total Revenues	316.6	305.8
Expenses
Maintenance expense	74.6	74.3
Marine operating expense	4.2	4.6
Depreciation	89.5	88.6
Operating Lease, Expense	9.1	10.9
Other operating expense	10.7	10.2
Selling, general and administrative	47.2	47.1
Total Expenses	235.3	235.7
Other Income (Expense)
Net gain on asset dispositions	73.7	22.5
Interest expense, net	(51.2)	(53.6)
Other (expense) income	(2)	(1.3)
Income before Income Taxes and Share of Affiliates’ Earnings	101.8	37.7
Income taxes	(22.4)	(8.4)
Share of affiliates’ (losses) earnings, net of taxes	(3.6)	7.2
Net income	75.8	36.5
Other Comprehensive Income, net of taxes
Foreign currency translation adjustments	(25.8)	(36.6)
Unrealized Gain (Loss) on Derivatives	0.4	0.6
Post-retirement benefit plans	1.5	2.5
Other comprehensive (loss) income	(23.9)	(33.5)
Comprehensive Income	$ 51.9	$ 3
Share Data
Basic earnings per share (in dollars per share)	$ 2.13	$ 1.04
Average number of common shares (in shares)	35.5	35.2
Diluted earnings per share (in dollars per share)	$ 2.10	$ 1.02
Average number of common shares and common share equivalents (in shares)	36	35.9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 75,800,000	$ 36,500,000
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation expense	92,800,000	92,000,000
Net gains on sales of assets	(70,800,000)	(21,800,000)
Deferred income taxes	16,600,000	2,500,000
Share of affiliates’ earnings, net of dividends	3,600,000	(7,200,000)
Changes in working capital items	(17,800,000)	(25,600,000)
Net Cash Provided by (Used in) Operating Activities	100,200,000	76,400,000
Investing Activities
Portfolio investments and capital additions	(370,400,000)	(509,500,000)
Portfolio proceeds	151,500,000	47,000,000
Proceeds from sales of other assets	11,800,000	15,300,000
Other	28,100,000	400,000
Net Cash Provided by (Used in) Investing Activities	(179,000,000)	(446,800,000)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)	395,900,000	1,074,100,000
Net decrease in debt with original maturities of 90 days or less	900,000	(3,200,000)
Stock repurchases	(9,000,000)	0
Dividends	(20,400,000)	(19,700,000)
Purchases of assets previously leased	(1,500,000)	(33,300,000)
Other	19,700,000	20,800,000
Net Cash Provided by (Used in) Financing Activities	385,600,000	1,038,700,000
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(1,800,000)	(1,800,000)
Net increase in Cash, Cash Equivalents, and Restricted Cash during the period	305,000,000	666,500,000
Cash, Cash Equivalents, and Restricted Cash at beginning of period	344,500,000	292,600,000
Cash, Cash Equivalents, and Restricted Cash at end of period	$ 649,500,000	$ 959,100,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Common stock, shares issued		67,800,000
Common Stock, Value, Issued		$ 41.9
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent			$ (1,364.5)	$ (735.4)	$ (2,682.1)	$ 137.5
Stock Issued During Period, Shares, New Issues		300,000
Stock Issued During Period, Value, New Issues		$ 0.2
Stock Repurchased During Period, Shares			0
Repurchase of common stock			$ 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				17.7
Net income	$ 36.5				36.5
Dividends declared (in dollars per share)	$ 0.50
Dividends, Common Stock, Cash					(18.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 33.5					33.5
Common stock, shares issued		68,100,000
Common Stock, Value, Issued		$ 42.1
Shares, Issued			(32,700,000)
Stockholders' Equity Attributable to Parent	$ (1,960)		$ (1,364.5)	(753.1)	(2,700.3)	171
Common stock, shares issued	68,254,574	68,300,000
Common Stock, Value, Issued	$ 42.2	$ 42.2
Shares, Issued			(32,800,000)
Stockholders' Equity Attributable to Parent	(2,019.2)		$ (1,377.7)	(763.8)	(2,751.5)	160.6
Stock Issued During Period, Shares, New Issues		200,000
Stock Issued During Period, Value, New Issues		$ 0.2
Stock Repurchased During Period, Shares			(100,000)
Repurchase of common stock			$ (9)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition				17.7
Net income	$ 75.8				75.8
Dividends declared (in dollars per share)	$ 0.52
Dividends, Common Stock, Cash					(19.2)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 23.9					23.9
Common stock, shares issued	68,533,697	68,500,000
Common Stock, Value, Issued	$ 42.4	$ 42.4
Shares, Issued			(32,900,000)
Stockholders' Equity Attributable to Parent	$ (2,060.8)		$ (1,386.7)	$ (781.5)	$ (2,808.1)	$ 184.5

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.52	$ 0.50

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2022
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. Financial results for our tank container leasing business ("Trifleet leasing") are reported in the Other segment. In the first quarter of 2021, GATX invested directly in aircraft spare engines through its new entity, GATX Engine Leasing ("GEL"). GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the Rolls-Royce & Partners Finance joint ventures (collectively the “RRPF affiliates” or "RRPF"). Financial results for this business are reported in the Portfolio Management segment.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Basis of Presentation	Basis of Presentation We prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2022. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2021. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters 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. 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.

Revenue Revenue

Revenue Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We disaggregate revenue into three categories as presented on our statement of comprehensive income: 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, tank containers, 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 4. Leases". Finance Lease Revenue In certain cases, we lease railcars, tank containers, and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount by which the original lease payment receivable and the estimated residual value of the leased asset exceeds the original cost or carrying value of the leased asset. See "Note 4. 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.

Fair Value Disclosure

Fair Value Disclosure	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value Disclosure The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at March 31, 2022 and December 31, 2021. In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We considered the Russia/Ukraine conflict as part of our assessment during the quarter and determined there were no material impacts on our final conclusions. We will continue to monitor our long-lived assets, investments in affiliates, and goodwill for indicators of impairment as this conflict continues to impact the global economy. Derivative Instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had five instruments outstanding with an aggregate notional amount of $300.0 million as of March 31, 2022 with maturities ranging from 2022 to 2027 and five instruments outstanding with an aggregate notional amount of $300.0 million as of December 31, 2021 with maturities ranging from 2022 to 2027. 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 twelve instruments outstanding with an aggregate notional amount of $132.3 million as of March 31, 2022 that mature in 2022 and one instrument outstanding with an aggregate notional amount of $101.7 million as of December 31, 2021 that matures in 2022. Within the next 12 months, we expect to reclassify $1.7 million ($1.2 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive 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 March 31, 2022 was $5.1 million. We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered. In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote. The following table shows 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 $ 0.4 $ 1.4 Foreign exchange contracts (1) Other assets 6.5 3.6 Foreign exchange contracts (2) Other assets 5.3 3.9 Total derivative assets $ 12.2 $ 8.9 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 5.0 $ 0.3 Foreign exchange contracts (1) Other liabilities 0.1 — Total derivative liabilities $ 5.1 $ 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 March 31, 2022 and December 31, 2021, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3. The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2022 and December 31, 2021 (in millions): Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included March 31 December 31 March 31 December 31 Recourse debt $ (298.9) $ (300.4) $ (4.6) $ 1.1 The following table shows the impacts of our derivative instruments on our statements of comprehensive income for the three months ended March 31, 2022 and 2021 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Three Months Derivative Designation 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign exchange contracts $ (3.3) $ (4.8) Interest expense $ 0.4 $ 0.6 Total $ (3.3) $ (4.8) Other (income) expense (2.9) (4.7) Total $ (2.5) $ (4.1) The following table shows the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the three months ended March 31, 2022 and 2021 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended 2022 2021 Interest (expense), Other income Interest (expense), Other income Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (51.2) $ (2.0) $ (53.6) $ (1.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 5.7 — 1.3 — Derivatives designated as hedging instruments (5.7) — (1.3) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4) — (0.6) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 2.9 — 4.7 Gain (loss) on non-designated derivative contracts — 1.5 — 2.0 _______ (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 (in millions): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 6,037.7 $ 5,962.5 $ 5,666.1 $ 6,040.2 Recourse floating rate debt 250.0 250.0 250.0 250.0

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Pension and Other Post-Retirement Benefits	Pension and Other Post-Retirement Benefits The following table shows the components of net periodic cost for the three months ended March 31, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 2.0 $ 2.2 $ — $ — Interest cost 2.6 2.0 0.1 0.1 Expected return on plan assets (4.0) (4.7) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss (gain) 2.2 3.4 (0.1) (0.1) Net periodic cost $ 2.8 $ 2.9 $ — $ — _______ (1) Amounts reclassified from accumulated other comprehensive loss. The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive income, and the non-service components are recorded in other expense.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table shows our effective income tax rate for the three months ended March 31: 2022 2021 Effective income tax rate 22.0 % 22.2 % The difference in the effective rate for the current year compared to the prior year is primarily due to a reduction in the statutory tax rate of Austria in the current year, as well as the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates.

Commercial Commitments

Commercial Commitments	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): March 31 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.0 Derivative guarantees — 0.5 Total commercial commitments (1) $ 9.0 $ 9.5 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2022 and December 31, 2021. As of March 31, 2022, 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	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per Share We compute basic earnings per share by dividing net income available to our common shareholders by the weighted-average number of shares of our common stock outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted earnings per common share (in millions, except per share amounts): Three Months Ended 2022 2021 Numerator: Net income $ 75.8 $ 36.5 Denominator: Weighted-average shares outstanding - basic 35.5 35.2 Effect of dilutive securities: Equity compensation plans 0.5 0.7 Weighted-average shares outstanding - diluted 36.0 35.9 Basic earnings per share $ 2.13 $ 1.04 Diluted earnings per share $ 2.10 $ 1.02

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [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 Loss Unrealized Gain (Loss) on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2021 $ (95.4) $ (12.6) $ (52.6) $ (160.6) Change in component (25.8) 3.3 (0.1) (22.6) Reclassification adjustments into earnings (1) — (2.5) 2.1 (0.4) Income tax effect — (0.4) (0.5) (0.9) Balance at March 31, 2022 $ (121.2) $ (12.2) $ (51.1) $ (184.5) ________ (1) See "Note 5. Fair Value Disclosure" and "Note 6. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings and Other Contingencies	Legal Proceedings and Other Contingencies Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. For a full discussion of our pending legal matters, please refer to the notes included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021.

Financial Data of Business Segm

Financial Data of Business Segments	3 Months Ended
	Mar. 31, 2022
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. Financial results for our tank container leasing business ("Trifleet leasing") are reported in the Other segment. In the first quarter of 2021, GATX invested directly in aircraft spare engines through its new entity, GEL. 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. Rail North America is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("GRI"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, GEL, our direct ownership of aircraft spare engines that we lease, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. Other includes our Trifleet leasing business, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. The following tables show certain segment data for each of our business segments (in millions): Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended March 31, 2022 Revenues Lease revenue $ 200.7 $ 67.6 $ 8.3 $ 6.7 $ 283.3 Marine operating revenue — — 6.2 — 6.2 Other revenue 23.0 2.3 — 1.8 27.1 Total Revenues 223.7 69.9 14.5 8.5 316.6 Expenses Maintenance expense 59.9 14.0 — 0.7 74.6 Marine operating expense — — 4.2 — 4.2 Depreciation expense 63.5 18.0 5.0 3.0 89.5 Operating lease expense 9.1 — — — 9.1 Other operating expense 7.3 2.4 0.5 0.5 10.7 Total Expenses 139.8 34.4 9.7 4.2 188.1 Other Income (Expense) Net gain on asset dispositions 71.6 1.0 0.9 0.2 73.7 Interest expense, net (34.4) (11.2) (4.7) (0.9) (51.2) Other expense (0.7) (0.4) (0.1) (0.8) (2.0) Share of affiliates' pre-tax losses — — (4.8) — (4.8) Segment profit (loss) $ 120.4 $ 24.9 $ (3.9) $ 2.8 $ 144.2 Less: Selling, general and administrative expense 47.2 Income taxes (includes $1.2 of income tax benefit related to affiliates' losses) 21.2 Net income $ 75.8 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 64.4 $ 0.4 $ — $ 0.1 $ 64.9 Residual sharing income 2.0 — 0.9 — 2.9 Non-remarketing net gains (1) 5.2 0.6 — 0.1 5.9 $ 71.6 $ 1.0 $ 0.9 $ 0.2 $ 73.7 Capital Expenditures Portfolio investments and capital additions $ 280.4 $ 78.9 $ — $ 11.1 $ 370.4 Selected Balance Sheet Data at March 31, 2022 Investments in affiliated companies $ 0.3 $ — $ 584.7 $ — $ 585.0 Identifiable assets $ 6,228.4 $ 1,719.1 $ 1,040.1 $ 921.0 $ 9,908.6 __________ (1) Includes net gains (losses) from scrapping of railcars and tank containers. Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended March 31, 2021 Revenues Lease revenue $ 206.8 $ 66.9 $ 3.3 $ 3.6 $ 280.6 Marine operating revenue — — 3.6 — 3.6 Other revenue 17.8 2.5 0.2 1.1 21.6 Total Revenues 224.6 69.4 7.1 4.7 305.8 Expenses Maintenance expense 58.4 15.4 — 0.5 74.3 Marine operating expense — — 4.6 — 4.6 Depreciation expense 65.7 18.3 2.7 1.9 88.6 Operating lease expense 10.9 — — — 10.9 Other operating expense 7.6 2.0 0.2 0.4 10.2 Total Expenses 142.6 35.7 7.5 2.8 188.6 Other Income (Expense) Net gain on asset dispositions 21.5 0.3 0.6 0.1 22.5 Interest expense, net (37.0) (12.2) (3.1) (1.3) (53.6) Other expense (0.8) — — (0.5) (1.3) Share of affiliates' pre-tax earnings — — 9.0 — 9.0 Segment profit $ 65.7 $ 21.8 $ 6.1 $ 0.2 $ 93.8 Less: Selling, general and administrative expense 47.1 Income taxes (includes $1.8 related to affiliates' earnings) 10.2 Net income $ 36.5 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 16.3 $ — $ — $ — $ 16.3 Residual sharing income 0.1 — 0.6 — 0.7 Non-remarketing net gains (1) 5.1 0.3 — 0.1 5.5 $ 21.5 $ 0.3 $ 0.6 $ 0.1 $ 22.5 Capital Expenditures Portfolio investments and capital additions $ 109.1 $ 44.4 $ 352.5 $ 3.5 $ 509.5 Selected Balance Sheet Data at December 31, 2021 Investments in affiliated companies $ 0.3 $ — $ 588.1 $ — $ 588.4 Identifiable assets $ 6,141.7 $ 1,729.9 $ 1,048.7 $ 621.4 $ 9,541.7 __________

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended 2022 2021 Operating lease income: Fixed lease income $ 260.3 $ 262.1 Variable lease income 20.8 16.8 Total operating lease income $ 281.1 $ 278.9 Finance lease income 2.2 1.7 Total lease income $ 283.3 $ 280.6
Components of Lease Income	The following table shows the components of our lease income (in millions): Three Months Ended 2022 2021 Operating lease income: Fixed lease income $ 260.3 $ 262.1 Variable lease income 20.8 16.8 Total operating lease income $ 281.1 $ 278.9 Finance lease income 2.2 1.7 Total lease income $ 283.3 $ 280.6

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Assets and liabilities at fair value recurring basis	The following table shows 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 $ 0.4 $ 1.4 Foreign exchange contracts (1) Other assets 6.5 3.6 Foreign exchange contracts (2) Other assets 5.3 3.9 Total derivative assets $ 12.2 $ 8.9 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 5.0 $ 0.3 Foreign exchange contracts (1) Other liabilities 0.1 — Total derivative liabilities $ 5.1 $ 0.3 _________ (1) Designated as hedges. (2) Not designated as hedges.
Fair value hedging instruments	The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of March 31, 2022 and December 31, 2021 (in millions): Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included March 31 December 31 March 31 December 31 Recourse debt $ (298.9) $ (300.4) $ (4.6) $ 1.1 The following table shows the impacts of our derivative instruments on our statements of comprehensive income for the three months ended March 31, 2022 and 2021 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Three Months Derivative Designation 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Foreign exchange contracts $ (3.3) $ (4.8) Interest expense $ 0.4 $ 0.6 Total $ (3.3) $ (4.8) Other (income) expense (2.9) (4.7) Total $ (2.5) $ (4.1)
Cash flow hedging instruments	The following table shows the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the three months ended March 31, 2022 and 2021 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended 2022 2021 Interest (expense), Other income Interest (expense), Other income Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (51.2) $ (2.0) $ (53.6) $ (1.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 5.7 — 1.3 — Derivatives designated as hedging instruments (5.7) — (1.3) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.4) — (0.6) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 2.9 — 4.7 Gain (loss) on non-designated derivative contracts — 1.5 — 2.0 _______ (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 (in millions): March 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 6,037.7 $ 5,962.5 $ 5,666.1 $ 6,040.2 Recourse floating rate debt 250.0 250.0 250.0 250.0

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Components of pension and other post retirement benefit costs	The following table shows the components of net periodic cost for the three months ended March 31, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 2.0 $ 2.2 $ — $ — Interest cost 2.6 2.0 0.1 0.1 Expected return on plan assets (4.0) (4.7) — — Amortization of (1): Unrecognized prior service credit — — — — Unrecognized net actuarial loss (gain) 2.2 3.4 (0.1) (0.1) Net periodic cost $ 2.8 $ 2.9 $ — $ — _______ (1) Amounts reclassified from accumulated other comprehensive loss.

Commercial Commitments (Tables)

Commercial Commitments (Tables)	3 Months Ended
	Mar. 31, 2022
Guarantees [Abstract]
Commercial Commitments	The following table shows our commercial commitments (in millions): March 31 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.0 Derivative guarantees — 0.5 Total commercial commitments (1) $ 9.0 $ 9.5 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at March 31, 2022 and December 31, 2021. As of March 31, 2022, 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)	3 Months Ended
	Mar. 31, 2022
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 earnings per common share (in millions, except per share amounts): Three Months Ended 2022 2021 Numerator: Net income $ 75.8 $ 36.5 Denominator: Weighted-average shares outstanding - basic 35.5 35.2 Effect of dilutive securities: Equity compensation plans 0.5 0.7 Weighted-average shares outstanding - diluted 36.0 35.9 Basic earnings per share $ 2.13 $ 1.04 Diluted earnings per share $ 2.10 $ 1.02

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Accumulated other comprehensive income (loss)	The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Loss Unrealized Gain (Loss) on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2021 $ (95.4) $ (12.6) $ (52.6) $ (160.6) Change in component (25.8) 3.3 (0.1) (22.6) Reclassification adjustments into earnings (1) — (2.5) 2.1 (0.4) Income tax effect — (0.4) (0.5) (0.9) Balance at March 31, 2022 $ (121.2) $ (12.2) $ (51.1) $ (184.5) ________ (1) See "Note 5. Fair Value Disclosure" and "Note 6. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.

Description of Business (Detail

Description of Business (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2021USD ($)	Mar. 31, 2022SegmentAircraftEngines	Mar. 31, 2021USD ($)AircraftEngines
Schedule of Equity Method Investments [Line Items]
Number of business segments | Segment		3
Portfolio Management
Schedule of Equity Method Investments [Line Items]
Number of aircraft engines | AircraftEngines			14
Rolls-Royce Aircraft Engines | Portfolio Management
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Property, Plant, and Equipment | $			$ 352
Rolls-Royce Aircraft Engines | Portfolio Management | RRPF
Schedule of Equity Method Investments [Line Items]
Number of aircraft engines | AircraftEngines		4	4
Payments for asset acquisition | $	$ 120		$ 120

Leases - Components of Lease In

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating lease income:
Variable lease income	$ 260.3	$ 262.1
Operating Lease, Variable Lease Income	20.8	16.8
Operating Lease, Lease Income	281.1	278.9
Finance lease income	2.2	1.7
Total lease income	283.3	280.6
Total operating lease income	$ 22.6	$ 16.8

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Operating Leases
Total discounted lease liabilities	$ 273.4	$ 286.2
Finance Leases
Total discounted lease liabilities	0	1.5
Total
Total discounted lease liabilities	$ 273.4	$ 287.7

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Instrument	Dec. 31, 2021USD ($)Instrument
Derivative [Line Items]
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months	$ 1,700,000
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax	1,200,000
Derivative, Fair Value, Net	$ 5,100,000
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	$ 300,000,000	$ 300,000,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative [Line Items]
Number of derivative instruments | Instrument	12	1
Derivative, Notional Amount	$ 132,300,000	$ 101,700,000

Fair Value Disclosure Fair Valu

Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 12.2
Derivative liability	5.1
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	6.5
Derivative liability	0.1
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		3.6
Derivative liability		0
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	0.4
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		1.4
Derivative liability	5	0.3
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	$ 5.3
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		$ 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) - Recourse Debt [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Liability, Fair Value Hedge	$ (298.9)	$ (300.4)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ (4.6)	$ 1.1

Fair Value Disclosure Fair Va_3

Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	$ (51.2)	$ (53.6)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(2.5)	(4.1)
Other Nonoperating Income (Expense)	(2)	(1.3)
Cash Flow Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(3.3)	(4.8)
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Recognized in Other Comprehensive Income	(3.3)	(4.8)
Interest Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	0.4	0.6
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	5.7	1.3
Derivatives designated as hedging instruments	(5.7)	(1.3)
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	(0.4)	(0.6)
Interest Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income	(2.9)	(4.7)
Gain (loss) on non-designated derivative contracts	1.5	2
Other (Income) Expense [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedged items	0	0
Derivatives designated as hedging instruments	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	0	0
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive income into income	$ 2.9	$ 4.7

Fair Value Disclosure Fair Va_4

Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	$ 6,037.7	$ 5,666.1
Recourse Floating Rate Debt Fair Value Disclosure	250	250
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	5,962.5	6,040.2
Recourse Floating Rate Debt Fair Value Disclosure	$ 250	$ 250

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2.2
Interest cost	2.6	2
Expected return on plan assets	(4)	(4.7)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0
Defined Benefit Plan, Amortization of Gain (Loss)	2.2	3.4
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	2.8	2.9
Retiree Health and Life [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	0.1	0.1
Expected return on plan assets	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0
Defined Benefit Plan, Amortization of Gain (Loss)	(0.1)	(0.1)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)	$ 0	$ 0

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 4.7	$ 6
Tax benefit from share-based compensation expense	$ 1.2	$ 1.5
Weighted average estimated fair value	$ 34.77
Quarterly dividend rate	$ 0.52
Expected term of stock options and stock appreciation rights, in years	4 years 3 months 18 days
Risk-free interest rate	1.60%
Dividend yield	2.00%
Expected stock price volatility	35.00%
Present value of dividends	$ 8.58

Share Based Compensation - Outs

Share Based Compensation - Outstanding Options and Rights (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4.7	$ 6
Tax benefit from share-based compensation expense	1.2	1.5
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Tax benefit from share-based compensation expense	$ 1.2	$ 1.5

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	284,400
Share-based compensation expense	$ 4.7	$ 6
Tax benefit from share-based compensation expense	$ 1.2	$ 1.5
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	39,740
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	62,350
Phantom Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,769

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	22.00%	22.20%
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit	$ 22.4	$ 8.4

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Total commercial commitments	$ 9	$ 9.5
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	9	9
RRPF | Derivative [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	$ 0	$ 0.5

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 75.8	$ 36.5
Denominator:
Denominator for basic earnings per share — weighted average shares	35.5	35.2
Effect of dilutive securities:
Equity compensation plans	0.5	0.7
Weighted-average shares outstanding - diluted	36	35.9
Basic earnings per share from consolidated operations (in dollars per share)	$ 2.13	$ 1.04

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,019.2
Change in component	(22.6)
Reclassification adjustments into earnings	0.4
Income tax effect	0.9
Ending balance	2,060.8
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(160.6)
Ending balance	(184.5)
Foreign Currency Translation Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(95.4)
Change in component	(25.8)
Reclassification adjustments into earnings	0
Income tax effect	0
Ending balance	(121.2)
Unrealized Gain (Loss) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(12.6)
Change in component	3.3
Reclassification adjustments into earnings	(2.5)
Income tax effect	0.4
Ending balance	(12.2)
Post-Retirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	52.6
Change in component	(0.1)
Reclassification adjustments into earnings	2.1
Income tax effect	(0.5)
Ending balance	$ 51.1

Financial Data of Business Se_2

Financial Data of Business Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)SegmentAircraftEngines	Mar. 31, 2021USD ($)AircraftEngines	Dec. 31, 2021USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net income	$ 75.8	$ 36.5
Provision for Income Taxes, Equity Method Investment	(1.2)	1.8
Lease Income	283.3	280.6
Marine operating revenue	6.2	3.6
Other Operating Income	27.1	21.6
Total Revenues	316.6	305.8
Cost of Property Repairs and Maintenance	74.6	74.3
Marine operating expense	4.2	4.6
Depreciation	89.5	88.6
Operating Lease, Expense	9.1	10.9
Other operating expense	10.7	10.2
Total Expenses	188.1	188.6
Gain (Loss) on Disposition of Assets, Net	73.7	22.5
Interest expense, net	(51.2)	(53.6)
Other (expense) income	(2)	(1.3)
Share of affiliates' earnings (pre-tax)	(4.8)	9
Segment profit (loss)	144.2	93.8
Income tax benefit	22.4	8.4
Selling, general and administrative	47.2	47.1
Disposition Gains on Owned Assets	64.9	16.3
Nonoperating Income, Residual Sharing Income	2.9	0.7
Nonremarketing Disposition Gain (Loss)	5.9	5.5
Portfolio Investments and Capital Additions	370.4	509.5
Identifiable assets	9,908.6
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	585		$ 588.4
Assets	$ 9,908.6		9,541.7
Number of business segments | Segment	3
Parent [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax benefit	$ 21.2	10.2
Other Business Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	6.7	3.6
Marine operating revenue	0	0
Other Operating Income	1.8	1.1
Total Revenues	8.5	4.7
Cost of Property Repairs and Maintenance	0.7	0.5
Marine operating expense	0	0
Depreciation	3	1.9
Operating Lease, Expense	0	0
Other operating expense	0.5	0.4
Total Expenses	4.2	2.8
Gain (Loss) on Disposition of Assets, Net	0.2	0.1
Interest expense, net	(0.9)	(1.3)
Other (expense) income	(0.8)	(0.5)
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	2.8	0.2
Disposition Gains on Owned Assets	0.1	0
Nonoperating Income, Residual Sharing Income	0	0
Nonremarketing Disposition Gain (Loss)	0.1	0.1
Portfolio Investments and Capital Additions	11.1	3.5
Identifiable assets	921
Assets			621.4
Rail North America [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	200.7	206.8
Marine operating revenue	0	0
Other Operating Income	23	17.8
Total Revenues	223.7	224.6
Cost of Property Repairs and Maintenance	59.9	58.4
Marine operating expense	0	0
Depreciation	63.5	65.7
Operating Lease, Expense	9.1	10.9
Other operating expense	7.3	7.6
Total Expenses	139.8	142.6
Gain (Loss) on Disposition of Assets, Net	71.6	21.5
Interest expense, net	(34.4)	(37)
Other (expense) income	(0.7)	(0.8)
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	120.4	65.7
Disposition Gains on Owned Assets	64.4	16.3
Nonoperating Income, Residual Sharing Income	2	0.1
Nonremarketing Disposition Gain (Loss)	5.2	5.1
Portfolio Investments and Capital Additions	280.4	109.1
Identifiable assets	6,228.4
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	0.3		0.3
Assets			6,141.7
Rail International [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	67.6	66.9
Marine operating revenue	0	0
Other Operating Income	2.3	2.5
Total Revenues	69.9	69.4
Cost of Property Repairs and Maintenance	14	15.4
Marine operating expense	0	0
Depreciation	18	18.3
Operating Lease, Expense	0	0
Other operating expense	2.4	2
Total Expenses	34.4	35.7
Gain (Loss) on Disposition of Assets, Net	1	0.3
Interest expense, net	(11.2)	(12.2)
Other (expense) income	(0.4)	0
Share of affiliates' earnings (pre-tax)	0	0
Segment profit (loss)	24.9	21.8
Disposition Gains on Owned Assets	0.4	0
Nonoperating Income, Residual Sharing Income	0	0
Nonremarketing Disposition Gain (Loss)	0.6	0.3
Portfolio Investments and Capital Additions	78.9	44.4
Identifiable assets	1,719.1
Assets			1,729.9
Portfolio Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	8.3	3.3
Marine operating revenue	6.2	3.6
Other Operating Income	0	0.2
Total Revenues	14.5	7.1
Cost of Property Repairs and Maintenance	0	0
Marine operating expense	4.2	4.6
Depreciation	5	2.7
Operating Lease, Expense	0	0
Other operating expense	0.5	0.2
Total Expenses	9.7	7.5
Gain (Loss) on Disposition of Assets, Net	0.9	0.6
Interest expense, net	(4.7)	(3.1)
Other (expense) income	(0.1)	0
Share of affiliates' earnings (pre-tax)	(4.8)	9
Segment profit (loss)	(3.9)	6.1
Disposition Gains on Owned Assets	0	0
Nonoperating Income, Residual Sharing Income	0.9	0.6
Nonremarketing Disposition Gain (Loss)	0	0
Portfolio Investments and Capital Additions	0	$ 352.5
Identifiable assets	1,040.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 584.7		588.1
Assets			$ 1,048.7
Number of aircraft engines | AircraftEngines		14
Number of Specialized Gas Vessels | AircraftEngines	5
Portfolio Management | Rolls-Royce Aircraft Engines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Payments to Acquire Property, Plant, and Equipment		$ 352