Document and Entity Information
Document and Entity Information shares in Thousands | 9 Months Ended |
Sep. 30, 2022 shares | |
Document Information [Line Items] | |
Document Transition Report | false |
Entity Registrant Name | GATX Corporation |
Document Period End Date | Sep. 30, 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 | 35,200 |
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 | Q2 |
Current Fiscal Year End Date | --12-31 |
Document Quarterly Report | true |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 36-1124040 |
Document Type | 10-Q |
Entity File Number | 1-2328 |
NEW YORK STOCK EXCHANGE, INC. [Member] | |
Document Information [Line Items] | |
Trading Symbol | GATX |
Security Exchange Name | NYSE |
CHICAGO STOCK EXCHANGE, INC [Member] | |
Document Information [Line Items] | |
Trading Symbol | GATX |
Security Exchange Name | CHX |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and Cash Equivalents | $ 596.3 | $ 344.3 |
Restricted Cash | 0.3 | 0.2 |
Receivables | ||
Rent and other receivables | 71.9 | 69.8 |
Finance leases (as lessor) | 102.1 | 100.2 |
Less: allowance for losses | (6) | (6.2) |
Receivables, net | 168 | 163.8 |
Property, Plant and Equipment, Net [Abstract] | ||
Operating Assets and Facilities | 11,168.4 | 11,163.6 |
Less: allowance for depreciation | (3,310.2) | (3,378.8) |
Operating assets and facilities, net | 7,858.2 | 7,784.8 |
Lease Assets (as lessee) | ||
Right-of-use assets, net of accumulated depreciation | 246.4 | 270.7 |
Finance leases, net of accumulated depreciation | 0 | 1.5 |
Lease assets | 246.4 | 272.2 |
Investments in Affiliated Companies | 604.3 | 588.4 |
Goodwill | 109.3 | 123 |
Other Assets | 292.6 | 265 |
Total Assets | 9,875.4 | 9,541.7 |
Liabilities and Shareholders’ Equity | ||
Accounts Payable and Accrued Expenses | 184.5 | 215.8 |
Debt | ||
Commercial paper and borrowings under bank credit facilities | 16.3 | 18.1 |
Recourse | 6,353.1 | 5,887.5 |
Debt | 6,369.4 | 5,905.6 |
Lease, Liability [Abstract] | ||
Operating leases | 259 | 286.2 |
Finance leases | 0 | 1.5 |
Lease obligations | 259 | 287.7 |
Deferred Income Tax Liabilities, Net | 1,007.5 | 1,001 |
Other Liabilities | 114.5 | 112.4 |
Total Liabilities | 7,934.9 | 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 | 787.9 | 763.8 |
Retained earnings | 2,801.7 | 2,751.5 |
Accumulated other comprehensive loss | (266.6) | (160.6) |
Treasury stock at cost (29,693,573 and 29,187,508 shares) | (1,424.9) | (1,377.7) |
Total Shareholders’ Equity | 1,940.5 | 2,019.2 |
Total Liabilities and Shareholders’ Equity | $ 9,875.4 | $ 9,541.7 |
Common Stock, Shares Authorized | 120,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.625 | |
Common Stock, Shares, Outstanding | 35,230,184 | 35,421,617 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Other assets related to assets held for sale | $ 46.9 | $ 3.8 |
Common stock, par value | $ 0.625 | |
Common stock, shares authorized | 120,000,000 | |
Common stock, shares issued | 68,537,850 | 68,254,574 |
Common stock, shares outstanding | 35,230,184 | 35,421,617 |
Treasury stock, shares outstanding | 33,307,666 | 32,832,957 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||||
Lease revenue | $ 292.4 | $ 283.9 | $ 860.6 | $ 852.1 |
Marine operating revenue | 4.8 | 5 | 16.2 | 13.7 |
Other revenue | 23.8 | 24.6 | 73.5 | 70.6 |
Total Revenues | 321 | 313.5 | 950.3 | 936.4 |
Expenses | ||||
Maintenance expense | 75.9 | 74.2 | 221.3 | 225.1 |
Marine operating expense | 3.6 | 3.7 | 11.7 | 13.8 |
Depreciation | 88.7 | 91.1 | 268.2 | 271.2 |
Operating Lease, Expense | 9 | 9 | 27.1 | 30.1 |
Other operating expense | 8.7 | 9.7 | 28.7 | 31.3 |
Selling, general and administrative | 47.6 | 45.9 | 142.7 | 140.8 |
Total Expenses | 233.5 | 233.6 | 699.7 | 712.3 |
Other Income (Expense) | ||||
Net gain on asset dispositions | 3.9 | 21.9 | 53.4 | 79.1 |
Interest expense, net | (53.6) | (49.8) | (156.7) | (153.4) |
Other (expense) income | (2.5) | (0.3) | (15.8) | (9.7) |
Income before Income Taxes and Share of Affiliates’ Earnings | 35.3 | 51.7 | 131.5 | 140.1 |
Income taxes | (13.7) | (14.4) | (38.8) | (36.4) |
Share of affiliates’ earnings (losses), net of taxes | 7.5 | 2.8 | 14.8 | (21.6) |
Net income | 29.1 | 40.1 | 107.5 | 82.1 |
Other Comprehensive Income, net of taxes | ||||
Foreign currency translation adjustments | (57.8) | (20.7) | (118.3) | (42) |
Unrealized Gain (Loss) on Derivatives | 0.2 | 0.3 | 0.8 | 1.3 |
Post-retirement benefit plans | 8.3 | 2.4 | 11.5 | 7.2 |
Other comprehensive (loss) income | (49.3) | (18) | (106) | (33.5) |
Comprehensive Income | $ (20.2) | $ 22.1 | $ 1.5 | $ 48.6 |
Share Data | ||||
Basic earnings per share (in dollars per share) | $ 0.82 | $ 1.13 | $ 3.04 | $ 2.32 |
Average number of common shares (in shares) | 35.2 | 35.5 | 35.4 | 35.4 |
Diluted earnings per share (in dollars per share) | $ 0.81 | $ 1.11 | $ 2.99 | $ 2.28 |
Average number of common shares and common share equivalents (in shares) | 35.7 | 36 | 35.9 | 36 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net income | $ 107,500,000 | $ 82,100,000 |
Adjustments to reconcile income to net cash provided by operating activities: | ||
Depreciation expense | 278,200,000 | 281,900,000 |
Net gains on sales of assets | (91,000,000) | (76,600,000) |
Asset impairments | 42,300,000 | 0 |
Deferred income taxes | 24,000,000 | 19,700,000 |
Share of affiliates’ earnings (losses), net of dividends | (14,800,000) | 21,500,000 |
Changes in working capital items | 6,400,000 | 11,400,000 |
Net cash provided by operating activities | 352,600,000 | 340,000,000 |
Investing Activities | ||
Portfolio investments and capital additions | (887,900,000) | (893,200,000) |
Portfolio proceeds | 224,900,000 | 159,000,000 |
Proceeds from sales of other assets | 26,400,000 | 43,700,000 |
Other | 30,100,000 | 600,000 |
Net cash used in investing activities | (606,500,000) | (689,900,000) |
Financing Activities | ||
Net proceeds from issuances of debt (original maturities longer than 90 days) | 837,800,000 | 1,319,100,000 |
Repayments of debt (original maturities longer than 90 days) | (250,000,000) | (584,000,000) |
Net increase (decrease) in debt with original maturities of 90 days or less | 700,000 | (1,900,000) |
Stock repurchases | (47,200,000) | (400,000) |
Dividends | (57,900,000) | (56,200,000) |
Purchases of assets previously leased | (1,500,000) | (77,200,000) |
Other | 30,900,000 | 24,400,000 |
Net cash provided by financing activities | 512,800,000 | 623,800,000 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (6,800,000) | (1,400,000) |
Cash provided by discontinued operations, net | 0 | 1,100,000 |
Cash, Cash Equivalents, and Restricted Cash at beginning of the period | 344,500,000 | 292,600,000 |
Cash, Cash Equivalents, and Restricted Cash at end of the period | 596,600,000 | 566,200,000 |
Net increase in Cash, Cash Equivalents, and Restricted Cash during the period | 252,100,000 | 273,600,000 |
Non-cash financing lease transactions | $ 0 | $ 43,600,000 |
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 | 400,000 | |||||
Stock Issued During Period, Value, New Issues | $ 0.3 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ (0.4) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 26.3 | |||||
Net income | $ 82.1 | 82.1 | ||||
Dividends declared (in dollars per share) | $ 1.50 | |||||
Dividends, Common Stock, Cash | (55.3) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 33.5 | 33.5 | ||||
Common stock, shares issued | 68,200,000 | |||||
Common Stock, Value, Issued | $ 42.2 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ (1,364.5) | (759.4) | (2,687.3) | 153 | ||
Stock Issued During Period, Shares, New Issues | 0 | |||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ (0.4) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2.3 | |||||
Net income | $ 40.1 | 40.1 | ||||
Dividends declared (in dollars per share) | $ 0.50 | |||||
Dividends, Common Stock, Cash | (18.5) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 18 | 18 | ||||
Common stock, shares issued | 68,200,000 | |||||
Common Stock, Value, Issued | $ 42.2 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ (1,976.9) | $ (1,364.9) | (761.7) | (2,708.9) | 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 | (500,000) | |||||
Repurchase of common stock | $ (47.2) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 24.1 | |||||
Net income | $ 107.5 | 107.5 | ||||
Dividends declared (in dollars per share) | $ 1.56 | |||||
Dividends, Common Stock, Cash | (57.3) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 106 | 106 | ||||
Common stock, shares issued | 68,500,000 | |||||
Common Stock, Value, Issued | $ 42.4 | |||||
Shares, Issued | (33,200,000) | |||||
Stockholders' Equity Attributable to Parent | $ (1,419.9) | (784.7) | (2,791.6) | 217.3 | ||
Stock Issued During Period, Shares, New Issues | 0 | |||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||
Stock Repurchased During Period, Shares | (100,000) | |||||
Repurchase of common stock | $ (5) | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3.2 | |||||
Net income | $ 29.1 | 29.1 | ||||
Dividends declared (in dollars per share) | $ 0.52 | |||||
Dividends, Common Stock, Cash | (19) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 49.3 | 49.3 | ||||
Common stock, shares issued | 68,537,850 | 68,500,000 | ||||
Common Stock, Value, Issued | $ 42.4 | $ 42.4 | ||||
Shares, Issued | (33,300,000) | |||||
Stockholders' Equity Attributable to Parent | $ (1,940.5) | $ (1,424.9) | $ (787.9) | $ (2,801.7) | $ 266.6 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in dollars per share) | $ 0.52 | $ 0.50 | $ 1.56 | $ 1.50 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 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. After a thorough strategic review, in the third quarter of 2022 we decided to exit our rail business in Russia ("Rail Russia"), which is reported within the Rail International segment. This decision is due to the impacts of the Russia/Ukraine conflict on our business and the business risks associated with the geopolitical environment resulting from that conflict. As such, the net assets of Rail Russia have been classified as held for sale and an impairment loss of $10.8 million was recognized in the third quarter of 2022. During the second quarter of 2022, GATX management made the decision to sell its five liquefied gas-carrying vessels (the "Specialized Gas Vessels") within the Portfolio Management segment. As such, the Specialized Gas Vessels were classified as held for sale and an aggregate impairment loss of $31.5 million was recognized in the second quarter of 2022. During the third quarter of 2022, GATX sold two of the Specialized Gas Vessels, and the net proceeds received approximated the carrying value of these vessels. In the first quarter of 2021, GATX invested directly in aircraft spare engines through its 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 was 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 | 9 Months Ended |
Sep. 30, 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 (loss) 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 composed 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. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 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 September 30, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 2.0 $ 2.1 $ — $ — Interest cost 2.5 2.1 0.1 0.1 Expected return on plan assets (4.0) (4.6) — — Amortization of (1): Unrecognized prior service credit — — (0.1) — Unrecognized net actuarial loss (gain) 2.2 3.3 (0.1) (0.1) Net periodic cost $ 2.7 $ 2.9 $ (0.1) $ — The following table shows the components of net periodic cost for the nine months ended September 30, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 5.9 $ 6.5 $ 0.1 $ 0.1 Interest cost 7.4 6.1 0.3 0.2 Expected return on plan assets (11.8) (13.9) — — Settlement accounting adjustment 0.9 — — — Amortization of (1): Unrecognized prior service credit — — (0.2) (0.1) Unrecognized net actuarial loss (gain) 6.8 9.9 (0.3) (0.2) Net periodic cost $ 9.2 $ 8.6 $ (0.1) $ — _______ (1) Amounts reclassified from accumulated other comprehensive loss. The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive (loss) income, and the non-service components are recorded in other expense. In the nine months ended September 30, 2022, certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $0.9 million of expense. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table shows our effective income tax rate for the nine months ended September 30: 2022 2021 Effective income tax rate 29.5 % 26.0 % The increase in the effective rate compared to the prior year is primarily due to impairments of the Rail Russia business and the Specialized Gas Vessels, for both of which no tax benefit is allowed. These impacts were partially offset by benefits related 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 | 9 Months Ended |
Sep. 30, 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): September 30 December 31 Standby letters of credit and performance bonds $ 8.8 $ 9.0 Derivative guarantees 1.6 0.5 Total commercial commitments (1) $ 10.4 $ 9.5 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2022 and December 31, 2021. As of September 30, 2022, our outstanding commitments expire in 2023 through 2026. We are not aware of any event that would require us to satisfy any of our commitments. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net income $ 29.1 $ 40.1 $ 107.5 $ 82.1 Denominator: Weighted-average shares outstanding - basic 35.2 35.5 35.4 35.4 Effect of dilutive securities: Equity compensation plans 0.5 0.5 0.5 0.6 Weighted-average shares outstanding - diluted 35.7 36.0 35.9 36.0 Basic earnings per share $ 0.82 $ 1.13 $ 3.04 $ 2.32 Diluted earnings per share $ 0.81 $ 1.11 $ 2.99 $ 2.28 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 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) Change in component (34.7) 4.8 0.1 (29.8) Reclassification adjustments into earnings (1) — (4.8) 2.2 (2.6) Income tax effect — 0.2 (0.6) (0.4) Balance at June 30, 2022 $ (155.9) $ (12.0) $ (49.4) $ (217.3) Change in component (57.8) 6.8 9.1 (41.9) Reclassification adjustments into earnings (1) — (6.4) 2.0 (4.4) Income tax effect — (0.2) (2.8) (3.0) Balance at September 30, 2022 $ (213.7) $ (11.8) $ (41.1) $ (266.6) ________ (1) See "Note 5. Fair Value" and "Note 7. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive (loss) income. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 9 Months Ended |
Sep. 30, 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, 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. Financial results for Trifleet Leasing are reported in the Other segment. In the first quarter of 2021, GATX invested directly in aircraft spare engines through its 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 ("Rail India"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. After a thorough strategic review, in the third quarter of 2022,we decided to exit Rail Russia. As such, we have classified the net assets of Rail Russia as held for sale as of September 30, 2022. See "Note 6. Asset Impairments and Assets Held for Sale" for further information. 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 liquefied gas carrying vessels (the "Specialized Gas Vessels"). In the second quarter of 2022, we made the decision to sell the Specialized Gas Vessels. As a result of this decision, we classified the Specialized Gas Vessels as held for sale. During the third quarter of 2022, GATX sold two of the Specialized Gas Vessels. See "Note 6. Asset Impairments and Assets Held for Sale" for further information. 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 September 30, 2022 Revenues Lease revenue $ 211.3 $ 65.3 $ 8.3 $ 7.5 $ 292.4 Marine operating revenue — — 4.8 — 4.8 Other revenue 20.0 2.3 — 1.5 23.8 Total Revenues 231.3 67.6 13.1 9.0 321.0 Expenses Maintenance expense 62.4 12.8 — 0.7 75.9 Marine operating expense — — 3.6 — 3.6 Depreciation expense 65.3 16.8 3.7 2.9 88.7 Operating lease expense 9.0 — — — 9.0 Other operating expense 6.0 1.5 0.6 0.6 8.7 Total Expenses 142.7 31.1 7.9 4.2 185.9 Other Income (Expense) Net gain (loss) on asset dispositions 13.3 (10.3) 0.8 0.1 3.9 Interest expense, net (36.5) (11.2) (4.6) (1.3) (53.6) Other (expense) income (1.4) (0.5) 0.1 (0.7) (2.5) Share of affiliates' pre-tax earnings 0.3 — 9.7 — 10.0 Segment profit $ 64.3 $ 14.5 $ 11.2 $ 2.9 $ 92.9 Less: Selling, general and administrative expense 47.6 Income taxes (includes $2.5 related to affiliates' earnings) 16.2 Net income $ 29.1 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 8.8 $ 0.3 $ — $ — $ 9.1 Residual sharing income 0.2 — 0.8 — 1.0 Non-remarketing net gains (1) 4.3 0.2 — 0.1 4.6 Asset impairments — (10.8) — — (10.8) $ 13.3 $ (10.3) $ 0.8 $ 0.1 $ 3.9 Capital Expenditures Portfolio investments and capital additions $ 142.5 $ 50.1 $ — $ 10.8 $ 203.4 Selected Balance Sheet Data at September 30, 2022 Investments in affiliated companies $ 0.6 $ — $ 603.7 $ — $ 604.3 Identifiable assets $ 6,412.3 $ 1,610.2 $ 991.1 $ 861.8 $ 9,875.4 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended September 30, 2021 Revenues Lease revenue $ 200.4 $ 68.8 $ 8.2 $ 6.5 $ 283.9 Marine operating revenue — — 5.0 — 5.0 Other revenue 19.4 2.7 0.1 2.4 24.6 Total Revenues 219.8 71.5 13.3 8.9 313.5 Expenses Maintenance expense 58.9 14.0 — 1.3 74.2 Marine operating expense — — 3.7 — 3.7 Depreciation expense 64.8 18.5 4.9 2.9 91.1 Operating lease expense 9.0 — — — 9.0 Other operating expense 6.6 1.8 0.6 0.7 9.7 Total Expenses 139.3 34.3 9.2 4.9 187.7 Other Income (Expense) Net gain on asset dispositions 20.2 0.9 0.6 0.2 21.9 Interest expense, net (32.9) (10.9) (4.5) (1.5) (49.8) Other (expense) income (1.1) (0.2) 2.0 (1.0) (0.3) Share of affiliates' pre-tax (loss) earnings (0.2) — 4.0 — 3.8 Segment profit $ 66.5 $ 27.0 $ 6.2 $ 1.7 $ 101.4 Less: Selling, general and administrative expense 45.9 Income taxes (includes $1.0 related to affiliates' earnings) 15.4 Net income $ 40.1 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 14.4 $ 0.3 $ — $ 0.2 $ 14.9 Residual sharing income 0.2 — 0.6 — 0.8 Non-remarketing net gains (1) 5.6 0.6 — — 6.2 $ 20.2 $ 0.9 $ 0.6 $ 0.2 $ 21.9 Capital Expenditures Portfolio investments and capital additions $ 178.9 $ 40.9 $ — $ 10.0 $ 229.8 Selected Balance Sheet Data at 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) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Income | The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease income: Fixed lease income $ 267.5 $ 264.6 $ 788.7 $ 795.0 Variable lease income 22.6 17.4 65.1 51.9 Total operating lease income $ 290.1 $ 282.0 $ 853.8 $ 846.9 Finance lease income 2.3 1.9 6.8 5.2 Total lease income $ 292.4 $ 283.9 $ 860.6 $ 852.1 |
Components of Lease Income | The following table shows the components of our lease income (in millions): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease income: Fixed lease income $ 267.5 $ 264.6 $ 788.7 $ 795.0 Variable lease income 22.6 17.4 65.1 51.9 Total operating lease income $ 290.1 $ 282.0 $ 853.8 $ 846.9 Finance lease income 2.3 1.9 6.8 5.2 Total lease income $ 292.4 $ 283.9 $ 860.6 $ 852.1 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 9 Months Ended |
Sep. 30, 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 $ — $ 1.4 Foreign exchange contracts (1) Other assets 6.0 3.6 Foreign exchange contracts (2) Other assets 8.1 3.9 Total derivative assets $ 14.1 $ 8.9 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 12.1 $ 0.3 Foreign exchange contracts (1) Other liabilities 0.5 — Total derivative liabilities $ 12.6 $ 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 September 30, 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 September 30 December 31 September 30 December 31 Recourse debt $ (195.0) $ (300.4) $ (12.1) $ 1.1 The following table shows the impacts of our derivative instruments on our statements of comprehensive (loss) income for the three and nine months ended September 30, 2022 and 2021 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income Three Months Three Months Derivative Designation 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ — Interest expense $ 0.4 $ 0.4 Foreign exchange contracts (6.8) (6.4) Other expense (6.8) (6.4) Total $ (6.8) $ (6.4) Total $ (6.4) $ (6.0) Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income Nine Months Ended Nine Months Ended Derivative Designation 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ — Interest expense $ 1.2 $ 1.5 Foreign exchange contracts (14.7) (10.3) Other expense (14.9) (10.6) Total $ (14.7) $ (10.3) Total $ (13.7) $ (9.1) |
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 (loss) income for the three and nine months ended September 30, 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 Interest (expense), Other 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 $ (53.6) $ (2.5) $ (49.8) $ (0.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 6.0 — 0.8 — Derivatives designated as hedging instruments (6.0) — (0.8) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (0.4) — (0.4) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (1) — 6.8 — 6.4 Gain (loss) on non-designated derivative contracts — 2.7 — 2.6 Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Nine Months Ended Nine Months Ended 2022 2021 Interest (expense), Other Interest (expense), Other 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 $ (156.7) $ (15.8) $ (153.4) $ (9.7) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 13.2 — 3.2 — Derivatives designated as hedging instruments (13.2) — (3.2) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (1.2) — (1.5) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive loss into income (1) — 14.9 — 10.6 Gain (loss) on non-designated derivative contracts — 7.4 — 0.9 _______ (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): September 30, 2022 December 31, 2021 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 6,085.2 $ 5,261.6 $ 5,666.1 $ 6,040.2 Recourse floating rate debt 300.0 300.0 250.0 250.0 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 2.0 $ 2.1 $ — $ — Interest cost 2.5 2.1 0.1 0.1 Expected return on plan assets (4.0) (4.6) — — Amortization of (1): Unrecognized prior service credit — — (0.1) — Unrecognized net actuarial loss (gain) 2.2 3.3 (0.1) (0.1) Net periodic cost $ 2.7 $ 2.9 $ (0.1) $ — The following table shows the components of net periodic cost for the nine months ended September 30, 2022 and 2021 (in millions): 2022 2021 2022 2021 Service cost $ 5.9 $ 6.5 $ 0.1 $ 0.1 Interest cost 7.4 6.1 0.3 0.2 Expected return on plan assets (11.8) (13.9) — — Settlement accounting adjustment 0.9 — — — Amortization of (1): Unrecognized prior service credit — — (0.2) (0.1) Unrecognized net actuarial loss (gain) 6.8 9.9 (0.3) (0.2) Net periodic cost $ 9.2 $ 8.6 $ (0.1) $ — _______ (1) Amounts reclassified from accumulated other comprehensive loss. |
Commercial Commitments (Tables)
Commercial Commitments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Commercial Commitments | The following table shows our commercial commitments (in millions): September 30 December 31 Standby letters of credit and performance bonds $ 8.8 $ 9.0 Derivative guarantees 1.6 0.5 Total commercial commitments (1) $ 10.4 $ 9.5 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2022 and December 31, 2021. As of September 30, 2022, our outstanding commitments expire in 2023 through 2026. We are not aware of any event that would require us to satisfy any of our commitments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net income $ 29.1 $ 40.1 $ 107.5 $ 82.1 Denominator: Weighted-average shares outstanding - basic 35.2 35.5 35.4 35.4 Effect of dilutive securities: Equity compensation plans 0.5 0.5 0.5 0.6 Weighted-average shares outstanding - diluted 35.7 36.0 35.9 36.0 Basic earnings per share $ 0.82 $ 1.13 $ 3.04 $ 2.32 Diluted earnings per share $ 0.81 $ 1.11 $ 2.99 $ 2.28 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 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) Change in component (34.7) 4.8 0.1 (29.8) Reclassification adjustments into earnings (1) — (4.8) 2.2 (2.6) Income tax effect — 0.2 (0.6) (0.4) Balance at June 30, 2022 $ (155.9) $ (12.0) $ (49.4) $ (217.3) Change in component (57.8) 6.8 9.1 (41.9) Reclassification adjustments into earnings (1) — (6.4) 2.0 (4.4) Income tax effect — (0.2) (2.8) (3.0) Balance at September 30, 2022 $ (213.7) $ (11.8) $ (41.1) $ (266.6) ________ (1) See "Note 5. Fair Value" and "Note 7. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive (loss) income. |
Description of Business (Detail
Description of Business (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2021 USD ($) AircraftEngines | Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of business segments | Segment | 3 | ||||
Asset impairments | $ 10.8 | $ 42.3 | $ 0 | ||
Portfolio Management | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of aircraft engines | AircraftEngines | 14 | ||||
Asset impairments | 0 | $ 31.5 | 31.5 | ||
Rail International | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Asset impairments | $ (10.8) | $ 10.8 | |||
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 | ||||
Payments for asset acquisition | $ 120 |
Leases - Components of Lease In
Leases - Components of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease income: | ||||
Variable lease income | $ 267.5 | $ 264.6 | $ 788.7 | $ 795 |
Operating Lease, Variable Lease Income | 22.6 | 17.4 | 65.1 | 51.9 |
Operating Lease, Lease Income | 290.1 | 282 | 853.8 | 846.9 |
Finance lease income | 2.3 | 1.9 | 6.8 | 5.2 |
Total lease income | 292.4 | 283.9 | 860.6 | 852.1 |
Total operating lease income | $ 20.3 | $ 18.9 | $ 61.2 | $ 54.6 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Total discounted lease liabilities | $ 259 | $ 286.2 |
Finance Leases | ||
Total discounted lease liabilities | 0 | 1.5 |
Total | ||
Total discounted lease liabilities | $ 259 | $ 287.7 |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Instrument | Sep. 30, 2022 USD ($) Instrument | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Instrument | |
Derivative [Line Items] | ||||
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months | $ 1,600,000 | |||
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax | 1,200,000 | |||
Derivative, Fair Value, Net | 12,600,000 | $ 12,600,000 | ||
Asset impairments | 10,800,000 | 42,300,000 | $ 0 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Asset impairments | 10,800,000 | 42,300,000 | $ 0 | |
Rail International | ||||
Derivative [Line Items] | ||||
Asset impairments | (10,800,000) | 10,800,000 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Asset impairments | $ (10,800,000) | $ 10,800,000 | ||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | Instrument | 4 | 4 | 5 | |
Derivative, Notional Amount | $ 200,000,000 | $ 200,000,000 | $ 300,000,000 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | Instrument | 6 | 6 | 1 | |
Derivative, Notional Amount | $ 110,800,000 | $ 110,800,000 | $ 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] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 14.1 | $ 8.9 |
Derivative liability | 12.6 | 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 | 3.6 |
Derivative liability | 0.5 | 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 | 1.4 |
Derivative liability | 12.1 | 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 | $ 8.1 | $ 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Liability, Fair Value Hedge | $ (195) | $ (300.4) |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ (12.1) | $ 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest Expense | $ (53.6) | $ (49.8) | $ (156.7) | $ (153.4) |
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income | (6.4) | (6) | (13.7) | (9.1) |
Other Nonoperating Income (Expense) | (2.5) | (0.3) | (15.8) | (9.7) |
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income | (14.7) | (10.3) | ||
Interest Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income | 0.4 | 0.4 | 1.2 | 1.5 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income | (6.8) | (6.4) | 0 | 0 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive (Loss) Income | (6.8) | (6.4) | (14.7) | (10.3) |
Interest Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (loss) on non-designated derivative contracts | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Hedged items | 6 | 0.8 | 13.2 | 3.2 |
Derivatives designated as hedging instruments | (6) | (0.8) | (13.2) | (3.2) |
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | (0.4) | (0.4) | (1.2) | (1.5) |
Interest Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | 0 | 0 | 0 | 0 |
Other (Income) Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive (Loss) Income into Income | (6.8) | (6.4) | (14.9) | (10.6) |
Gain (loss) on non-designated derivative contracts | 2.7 | 2.6 | 7.4 | 0.9 |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Hedged items | 0 | 0 | 0 | 0 |
Derivatives designated as hedging instruments | 0 | 0 | 0 | 0 |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | 0 | 0 | 0 | 0 |
Other (Income) Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss into income | $ 6.8 | $ 6.4 | $ 14.9 | $ 10.6 |
Fair Value Disclosure Fair Va_4
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets held for sale | $ 46.9 | $ 3.8 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | 6,085.2 | 5,666.1 |
Recourse Floating Rate Debt Fair Value Disclosure | 300 | 250 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | 5,261.6 | 6,040.2 |
Recourse Floating Rate Debt Fair Value Disclosure | $ 300 | $ 250 |
Asset Impairments and Assets He
Asset Impairments and Assets Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Asset Impairment [Line Items] | |||||
Total assets held for sale | $ 46.9 | $ 46.9 | $ 3.8 | ||
Asset impairments | 10.8 | 42.3 | $ 0 | ||
Accumulated Foreign Currency Adjustment Attributable to Rail International | |||||
Asset Impairment [Line Items] | |||||
Asset impairments | 1.2 | ||||
Portfolio Management | |||||
Asset Impairment [Line Items] | |||||
Total assets held for sale | 28.4 | $ 70.3 | 28.4 | 0 | |
Asset impairments | 0 | $ 31.5 | 31.5 | ||
Rail North America | |||||
Asset Impairment [Line Items] | |||||
Total assets held for sale | 1.5 | 1.5 | $ 3.8 | ||
Asset impairments | 0 | 0 | |||
Rail International | |||||
Asset Impairment [Line Items] | |||||
Total assets held for sale | 17 | 17 | |||
Asset impairments | $ (10.8) | $ 10.8 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2 | $ 2.1 | $ 5.9 | $ 6.5 |
Interest cost | 2.5 | 2.1 | 7.4 | 6.1 |
Expected return on plan assets | (4) | (4.6) | (11.8) | (13.9) |
Settlement accounting adjustment | 0.9 | |||
Unrecognized prior service credit | 0 | 0 | ||
Unrecognized net actuarial loss (gain) | 2.2 | 3.3 | 6.8 | 9.9 |
Net periodic cost | 2.7 | 2.9 | 9.2 | 8.6 |
Retiree Health and Life [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0.1 | 0.1 |
Interest cost | 0.1 | 0.1 | 0.3 | 0.2 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Unrecognized prior service credit | (0.1) | 0 | (0.2) | (0.1) |
Unrecognized net actuarial loss (gain) | (0.1) | (0.1) | (0.3) | (0.2) |
Net periodic cost | $ (0.1) | $ 0 | $ (0.1) | $ 0 |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 3.4 | $ 4.3 | $ 10.5 | $ 14.2 |
Tax benefit from share-based compensation expense | $ 0.9 | $ 1.1 | $ 2.6 | $ 3.6 |
Weighted average estimated fair value | $ 34.77 | $ 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% | |||
Expected stock price volatility | 35% | |||
Present value of dividends | $ 8.58 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Options and Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 3.4 | $ 4.3 | $ 10.5 | $ 14.2 |
Tax benefit from share-based compensation expense | 0.9 | 1.1 | 2.6 | 3.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Tax benefit from share-based compensation expense | $ 0.9 | $ 1.1 | $ 2.6 | $ 3.6 |
Share Based Compensation (Detai
Share Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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 | $ 3.4 | $ 4.3 | $ 10.5 | $ 14.2 |
Tax benefit from share-based compensation expense | $ 0.9 | $ 1.1 | $ 2.6 | $ 3.6 |
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 | 49,966 | |||
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 | 9,185 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 29.50% | 26% | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income tax benefit | $ 13.7 | $ 14.4 | $ 38.8 | $ 36.4 |
Commercial Commitments (Details
Commercial Commitments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Guarantor Obligations [Line Items] | ||
Total commercial commitments | $ 10.4 | $ 9.5 |
Standby letters of credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Total commercial commitments | 8.8 | 9 |
RRPF | Derivative [Member] | ||
Guarantor Obligations [Line Items] | ||
Total commercial commitments | $ 1.6 | $ 0.5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net income | $ 29.1 | $ 40.1 | $ 107.5 | $ 82.1 |
Denominator: | ||||
Denominator for basic earnings per share — weighted average shares | 35.2 | 35.5 | 35.4 | 35.4 |
Effect of dilutive securities: | ||||
Equity compensation plans | 0.5 | 0.5 | 0.5 | 0.6 |
Weighted-average shares outstanding - diluted | 35.7 | 36 | 35.9 | 36 |
Basic earnings per share from consolidated operations (in dollars per share) | $ 0.82 | $ 1.13 | $ 3.04 | $ 2.32 |
Diluted earnings per share (in dollars per share) | $ 0.81 | $ 1.11 | $ 2.99 | $ 2.28 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 2,019.2 | ||
Change in component | $ (41.9) | $ (29.8) | (22.6) |
Reclassification adjustments into earnings | 4.4 | 2.6 | 0.4 |
Income tax effect | 3 | 0.4 | 0.9 |
Ending balance | 1,940.5 | ||
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (217.3) | (184.5) | (160.6) |
Ending balance | (266.6) | (217.3) | (184.5) |
Foreign Currency Translation Loss | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (155.9) | (121.2) | (95.4) |
Change in component | (57.8) | (34.7) | (25.8) |
Reclassification adjustments into earnings | 0 | 0 | 0 |
Income tax effect | 0 | 0 | 0 |
Ending balance | (213.7) | (155.9) | (121.2) |
Unrealized Gain (Loss) on Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (12) | (12.2) | (12.6) |
Change in component | 6.8 | 4.8 | 3.3 |
Reclassification adjustments into earnings | (6.4) | (4.8) | (2.5) |
Income tax effect | 0.2 | (0.2) | 0.4 |
Ending balance | (11.8) | (12) | (12.2) |
Post-Retirement Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 49.4 | 51.1 | 52.6 |
Change in component | 9.1 | 0.1 | (0.1) |
Reclassification adjustments into earnings | 2 | 2.2 | 2.1 |
Income tax effect | (2.8) | (0.6) | (0.5) |
Ending balance | $ 41.1 | $ 49.4 | $ 51.1 |
Financial Data of Business Se_2
Financial Data of Business Segments (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) AircraftEngines | Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Net income | $ 29.1 | $ 40.1 | $ 107.5 | $ 82.1 | |||
Provision for Income Taxes, Equity Method Investment | 2.5 | 1 | 6 | 47.8 | |||
Lease Income | 292.4 | 283.9 | 860.6 | 852.1 | |||
Marine operating revenue | 4.8 | 5 | 16.2 | 13.7 | |||
Other Operating Income | 23.8 | 24.6 | 73.5 | 70.6 | |||
Total Revenues | 321 | 313.5 | 950.3 | 936.4 | |||
Cost of Property Repairs and Maintenance | 75.9 | 74.2 | 221.3 | 225.1 | |||
Marine operating expense | 3.6 | 3.7 | 11.7 | 13.8 | |||
Depreciation | 88.7 | 91.1 | 268.2 | 271.2 | |||
Operating Lease, Expense | 9 | 9 | 27.1 | 30.1 | |||
Other operating expense | 8.7 | 9.7 | 28.7 | 31.3 | |||
Total Expenses | 185.9 | 187.7 | 557 | 571.5 | |||
Gain (Loss) on Disposition of Assets, Net | 3.9 | 21.9 | 53.4 | 79.1 | |||
Interest expense, net | (53.6) | (49.8) | (156.7) | (153.4) | |||
Other (expense) income | (2.5) | (0.3) | (15.8) | (9.7) | |||
Share of affiliates' earnings (pre-tax) | 10 | 3.8 | 20.8 | 26.2 | |||
Segment profit (loss) | 92.9 | 101.4 | 295 | 307.1 | |||
Income tax benefit | 13.7 | 14.4 | 38.8 | 36.4 | |||
Selling, general and administrative | 47.6 | 45.9 | 142.7 | 140.8 | |||
Disposition Gains on Owned Assets | 9.1 | 14.9 | 75.6 | 63.4 | |||
Nonoperating Income, Residual Sharing Income | 1 | 0.8 | 4.7 | 2.5 | |||
Nonremarketing Disposition Gain (Loss) | 4.6 | 6.2 | 15.4 | 13.2 | |||
Portfolio Investments and Capital Additions | 203.4 | 229.8 | 887.9 | 893.2 | |||
Identifiable assets | 9,875.4 | 9,875.4 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (604.3) | (604.3) | $ (588.4) | ||||
Assets | (9,875.4) | $ (9,875.4) | (9,541.7) | ||||
Number of business segments | Segment | 3 | ||||||
Asset impairments | 10.8 | $ 42.3 | 0 | ||||
Parent [Member] | |||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Income tax benefit | 16.2 | 15.4 | 44.8 | 84.2 | |||
Rail North America | |||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Lease Income | 211.3 | 200.4 | 615 | 611.4 | |||
Marine operating revenue | 0 | 0 | 0 | 0 | |||
Other Operating Income | 20 | 19.4 | 61.8 | 56.4 | |||
Total Revenues | 231.3 | 219.8 | 676.8 | 667.8 | |||
Cost of Property Repairs and Maintenance | 62.4 | 58.9 | 180.1 | 178.8 | |||
Marine operating expense | 0 | 0 | 0 | 0 | |||
Depreciation | 65.3 | 64.8 | 193.7 | 195.7 | |||
Operating Lease, Expense | 9 | 9 | 27.1 | 30.1 | |||
Other operating expense | 6 | 6.6 | 19.2 | 22.6 | |||
Total Expenses | 142.7 | 139.3 | 420.1 | 427.2 | |||
Gain (Loss) on Disposition of Assets, Net | 13.3 | 20.2 | 90 | 74.8 | |||
Interest expense, net | (36.5) | (32.9) | (105.8) | (102.5) | |||
Other (expense) income | (1.4) | (1.1) | (3.4) | (2.9) | |||
Share of affiliates' earnings (pre-tax) | 0.3 | (0.2) | 0.3 | (0.2) | |||
Segment profit (loss) | 64.3 | 66.5 | 237.8 | 209.8 | |||
Disposition Gains on Owned Assets | 8.8 | 14.4 | 74.4 | 62.2 | |||
Nonoperating Income, Residual Sharing Income | 0.2 | 0.2 | 2.3 | 0.8 | |||
Nonremarketing Disposition Gain (Loss) | 4.3 | 5.6 | 13.3 | 11.8 | |||
Portfolio Investments and Capital Additions | 142.5 | 178.9 | 676.6 | 394.4 | |||
Identifiable assets | 6,412.3 | 6,412.3 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (0.6) | (0.6) | 0.3 | ||||
Assets | 6,141.7 | ||||||
Asset impairments | 0 | 0 | |||||
Rail International | |||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Lease Income | 65.3 | 68.8 | 199.4 | 204.7 | |||
Marine operating revenue | 0 | 0 | 0 | 0 | |||
Other Operating Income | 2.3 | 2.7 | 6.5 | 7.9 | |||
Total Revenues | 67.6 | 71.5 | 205.9 | 212.6 | |||
Cost of Property Repairs and Maintenance | 12.8 | 14 | 39 | 43.6 | |||
Marine operating expense | 0 | 0 | 0 | 0 | |||
Depreciation | 16.8 | 18.5 | 52 | 55.2 | |||
Operating Lease, Expense | 0 | 0 | 0 | 0 | |||
Other operating expense | 1.5 | 1.8 | 6 | 5.5 | |||
Total Expenses | 31.1 | 34.3 | 97 | 104.3 | |||
Gain (Loss) on Disposition of Assets, Net | (10.3) | 0.9 | (7.9) | 2 | |||
Interest expense, net | (11.2) | (10.9) | (33.5) | (34.2) | |||
Other (expense) income | (0.5) | (0.2) | 0.2 | 0 | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | 0 | |||
Segment profit (loss) | 14.5 | 27 | 67.7 | 76.1 | |||
Disposition Gains on Owned Assets | 0.3 | 0.3 | 1 | 0.7 | |||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | 0 | |||
Nonremarketing Disposition Gain (Loss) | 0.2 | 0.6 | 1.9 | 1.3 | |||
Portfolio Investments and Capital Additions | 50.1 | 40.9 | 177.8 | 126.1 | |||
Identifiable assets | 1,610.2 | 1,610.2 | |||||
Assets | (1,729.9) | ||||||
Asset impairments | (10.8) | 10.8 | |||||
Portfolio Management | |||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Lease Income | 8.3 | 8.2 | 24.8 | 19.8 | |||
Marine operating revenue | 4.8 | 5 | 16.2 | 13.7 | |||
Other Operating Income | 0 | 0.1 | 0.1 | 0.5 | |||
Total Revenues | 13.1 | 13.3 | 41.1 | 34 | |||
Cost of Property Repairs and Maintenance | 0 | 0 | 0 | 0 | |||
Marine operating expense | 3.6 | 3.7 | 11.7 | 13.8 | |||
Depreciation | 3.7 | 4.9 | 13.6 | 12.6 | |||
Operating Lease, Expense | 0 | 0 | 0 | 0 | |||
Other operating expense | 0.6 | 0.6 | 1.7 | 1.2 | |||
Total Expenses | 7.9 | 9.2 | 27 | 27.6 | |||
Gain (Loss) on Disposition of Assets, Net | 0.8 | 0.6 | (29.1) | 1.7 | |||
Interest expense, net | (4.6) | (4.5) | (13.9) | (12) | |||
Other (expense) income | 0.1 | 2 | 0 | 2 | |||
Share of affiliates' earnings (pre-tax) | 9.7 | 4 | 20.5 | 26.4 | |||
Segment profit (loss) | 11.2 | 6.2 | (8.4) | 24.5 | |||
Disposition Gains on Owned Assets | 0 | 0 | 0 | 0 | |||
Nonoperating Income, Residual Sharing Income | 0.8 | 0.6 | 2.4 | 1.7 | |||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | 0 | |||
Portfolio Investments and Capital Additions | 0 | 0 | 0 | 353 | |||
Identifiable assets | 991.1 | 991.1 | |||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (603.7) | (603.7) | 588.1 | ||||
Assets | 1,048.7 | ||||||
Number of aircraft engines | AircraftEngines | 14 | ||||||
Asset impairments | 0 | $ 31.5 | 31.5 | ||||
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 | ||||||
Other | |||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||
Lease Income | 7.5 | 6.5 | 21.4 | 16.2 | |||
Marine operating revenue | 0 | 0 | 0 | 0 | |||
Other Operating Income | 1.5 | 2.4 | 5.1 | 5.8 | |||
Total Revenues | 9 | 8.9 | 26.5 | 22 | |||
Cost of Property Repairs and Maintenance | 0.7 | 1.3 | 2.2 | 2.7 | |||
Marine operating expense | 0 | 0 | 0 | 0 | |||
Depreciation | 2.9 | 2.9 | 8.9 | 7.7 | |||
Operating Lease, Expense | 0 | 0 | 0 | 0 | |||
Other operating expense | 0.6 | 0.7 | 1.8 | 2 | |||
Total Expenses | 4.2 | 4.9 | 12.9 | 12.4 | |||
Gain (Loss) on Disposition of Assets, Net | 0.1 | 0.2 | 0.4 | 0.6 | |||
Interest expense, net | (1.3) | (1.5) | (3.5) | (4.7) | |||
Other (expense) income | (0.7) | (1) | (12.6) | (8.8) | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | 0 | |||
Segment profit (loss) | 2.9 | 1.7 | (2.1) | (3.3) | |||
Disposition Gains on Owned Assets | 0 | 0.2 | 0.2 | 0.5 | |||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | 0 | |||
Nonremarketing Disposition Gain (Loss) | 0.1 | 0 | 0.2 | 0.1 | |||
Portfolio Investments and Capital Additions | 10.8 | $ 10 | 33.5 | $ 19.7 | |||
Identifiable assets | 861.8 | 861.8 | |||||
Assets | $ (621.4) | ||||||
Asset impairments | $ 0 | $ 0 |