Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Subsequent Event [Line Items] | |||
Entity Registrant Name | GATX Corporation | ||
Entity Central Index Key | 40,211 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 2.8 | ||
Entity Common Stock, Shares Outstanding | 36,621,649 | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and Cash Equivalents | $ 100.2 | $ 296.5 |
Restricted Cash and Cash Equivalents | 6.5 | 3.2 |
Receivables | ||
Rent and other receivables | 87 | 83.4 |
Finance leases | 126.4 | 136.1 |
Less: allowance for losses | (6.4) | (6.4) |
Receivables, net | 207 | 213.1 |
Operating Assets and Facilities | ||
Operating Assets and Facilities | 9,565.2 | 9,045.4 |
Less: allowance for depreciation | (3,015.7) | (2,853.3) |
Operating assets and facilities, net | 6,549.5 | 6,192.1 |
Investments in Affiliated Companies | 464.5 | 441 |
Goodwill | 82.9 | 85.6 |
Other Assets | 206.1 | 190.9 |
Total Assets | 7,616.7 | 7,422.4 |
Liabilities and Shareholders’ Equity | ||
Accounts Payable and Accrued Expenses | 177.5 | 154.3 |
Debt | ||
Commercial paper and borrowings under bank credit facilities | 110.8 | 4.3 |
Recourse | 4,429.7 | 4,371.7 |
Capital lease obligations | 11.3 | 12.5 |
Total Debt | 4,551.8 | 4,388.5 |
Deferred Income Taxes | 877.8 | 853.7 |
Other Liabilities | 221.5 | 233.2 |
Total Liabilities | 5,828.6 | 5,629.7 |
Shareholders’ Equity | ||
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,329,081 and 67,083,149 Outstanding shares — 36,612,227 and 37,895,641 | 41.6 | 41.6 |
Additional paid in capital | 706.4 | 698 |
Retained earnings | 2,419.2 | 2,261.7 |
Accumulated other comprehensive loss | (164.6) | (109.6) |
Treasury stock at cost (30,716,854 and 29,187,508 shares) | (1,214.5) | (1,099) |
Total Shareholders’ Equity | 1,788.1 | 1,792.7 |
Total Liabilities and Shareholders’ Equity | $ 7,616.7 | $ 7,422.4 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.625 | $ 0.625 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 67,329,081 | 67,083,149 |
Common stock, shares outstanding | 36,612,227 | 37,895,641 |
Treasury stock, shares outstanding | 30,716,854 | 29,187,508 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Lease revenue | $ 1,087.8 | $ 1,098.1 | $ 1,127.1 |
MarineOperatingRevenue | 196 | 193.4 | 199.3 |
Other revenue | 77.1 | 85.4 | 91.9 |
Total Revenues | 1,360.9 | 1,376.9 | 1,418.3 |
Expenses | |||
Maintenance expense | 321.8 | 328.3 | 332.3 |
Marine operating expense | 130.9 | 131 | 129.5 |
Depreciation | 321.9 | 307.3 | 297.2 |
Operating lease expense | 49.6 | 62.5 | 73.5 |
Other operating expense | 33.1 | 34.4 | 43.8 |
Selling, general and administrative | 191.1 | 180 | 169 |
Total Expenses | 1,048.4 | 1,043.5 | 1,045.3 |
Other Income (Expense) | |||
Net gain on asset dispositions | 72.8 | 54.1 | 98 |
Interest expense, net | (168.6) | (160.5) | (148.1) |
Other (expense) income | (21.6) | (12.6) | (17.5) |
Income before Income Taxes and Share of Affiliates’ Earnings | 195.1 | 214.4 | 305.4 |
Income Taxes | (34.1) | 243.7 | (95.7) |
Share of Affiliates’ Earnings (net of tax) | 50.3 | 43.9 | 47.4 |
Net Income | 211.3 | 502 | 257.1 |
Other Comprehensive Income, net of taxes | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (47.5) | 93.2 | (26) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax | 0 | 0 | 0.3 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 4.5 | 4.8 | 0.6 |
Post-retirement benefit plans | 7.4 | 3.5 | 12.8 |
Other comprehensive income (loss) | (35.6) | 101.5 | (12.3) |
Comprehensive Income | $ 175.7 | $ 603.5 | $ 244.8 |
Share Data | |||
Basic earnings per share (in dollars per share) | $ 5.62 | $ 12.95 | $ 6.35 |
Average number of common shares (in shares) | 37.6 | 38.8 | 40.5 |
Diluted earnings per share (in dollars per share) | $ 5.52 | $ 12.75 | $ 6.29 |
Average number of common shares and common share equivalents (in shares) | 38.3 | 39.4 | 40.9 |
Dividends declared per common share (in dollars per share) | $ 1.76 | $ 1.68 | $ 1.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income | $ 211.3 | $ 502 | $ 257.1 |
Adjustments to reconcile income to net cash provided by operating activities: | |||
Depreciation | 338.2 | 322.7 | 310.2 |
Change in accrued operating lease expense | (4) | (13.9) | 3 |
Gains on sales of assets | (79.4) | (52.5) | (52.9) |
Asset Impairment Charges | 9 | 8.6 | 38.5 |
Employee benefit plans | 4.6 | 3.3 | 7.1 |
Share-based Compensation | 16.4 | 9.9 | 15.8 |
Deferred income taxes | 19.2 | (260.5) | 72.8 |
Share of affiliates’ earnings, net of dividends | (15.2) | (13.7) | (12.2) |
Other | 8.4 | (9.1) | (10) |
Net cash provided by operating activities | 508.5 | 496.8 | 629.4 |
Investing Activities | |||
Additions to operating assets and facilities | (929.3) | (566.8) | (595.7) |
Investments in affiliates | (14.1) | (36.6) | (25) |
Portfolio investments and capital additions | (943.4) | (603.4) | (620.7) |
Purchases of leased-in assets | (66.6) | (111.8) | (117.1) |
Portfolio proceeds | 234.4 | 165.6 | 223.7 |
Proceeds from sales of other assets | 37.3 | 30.3 | 23 |
Proceeds from sale-leasebacks | 59.1 | 90.6 | 82.5 |
Payments for (Proceeds from) Other Investing Activities | 3.1 | 0.4 | 2.3 |
Net cash used in investing activities | (676.1) | (428.3) | (406.3) |
Financing Activities | |||
Net proceeds from issuances of debt (original maturities longer than 90 days) | 693.7 | 792.6 | 859.4 |
Repayments of debt (original maturities longer than 90 days) | (632.8) | (703) | (800) |
Net increase (decrease) in debt with original maturities of 90 days or less | 106.5 | (0.3) | (3.6) |
Payments on capital lease obligations | (1.2) | (2.4) | (3.6) |
Stock repurchases | (115.5) | (100) | (120.1) |
Dividends | (69.3) | (68.2) | (67.4) |
Other (add shares used to pay taxes) | (2.8) | (2.6) | 4.8 |
Net cash (used in) provided by financing activities | (21.4) | (83.9) | (130.5) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (4) | 4 | (1.2) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (193) | (11.4) | 91.4 |
Cash, Cash Equivalents, and Restricted Cash at beginning of period | 299.7 | 311.1 | 219.7 |
Cash, Cash Equivalents, and Restricted Cash at end of period | $ 106.7 | $ 299.7 | $ 311.1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Common stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Balance at beginning of period, Shares | (24,800,000) | |||||
Balance at beginning of year at Dec. 31, 2015 | 66,800,000 | |||||
Balance at beginning of period, Common Stock at Dec. 31, 2015 | $ 41.5 | |||||
Balance at beginning of period at Dec. 31, 2015 | $ (878.9) | $ 677.4 | $ 1,639 | $ (198.8) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock, Shares | 200,000 | |||||
Issuance of common stock | $ 0 | |||||
Stock repurchases, Shares | 2,700,000 | |||||
Stock repurchases | $ (120.1) | |||||
Share-based compensation effects | 10.4 | |||||
Net income | 257.1 | 257.1 | ||||
Dividends declared | 68.1 | |||||
Other comprehensive income (loss) | (12.3) | (12.3) | ||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2016 | 67,000,000 | |||||
Balance at end of period, Common Stock at Dec. 31, 2016 | $ 41.5 | |||||
Balance at end of period at Dec. 31, 2016 | 1,347.2 | $ (999) | 687.8 | 1,828 | (211.1) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain] | $ 0 | |||||
Balance at beginning of period, Shares | (27,500,000) | |||||
Issuance of common stock, Shares | 100,000 | |||||
Issuance of common stock | $ 0.1 | |||||
Stock repurchases, Shares | 1,700,000 | |||||
Stock repurchases | $ (100) | |||||
Share-based compensation effects | 10 | |||||
Net income | 502 | 502 | ||||
Dividends declared | 68.2 | |||||
Other comprehensive income (loss) | $ 101.5 | 101.5 | ||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2017 | 67,083,149 | 67,100,000 | ||||
Balance at end of period, Common Stock at Dec. 31, 2017 | $ 41.6 | $ 41.6 | ||||
Balance at end of period at Dec. 31, 2017 | 1,792.7 | $ (1,099) | 698 | 2,261.7 | (109.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0.2 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain] | $ (0.1) | |||||
Balance at beginning of period, Shares | (29,200,000) | |||||
Issuance of common stock, Shares | 200,000 | |||||
Issuance of common stock | $ 0 | |||||
Stock repurchases, Shares | 1,500,000 | |||||
Stock repurchases | $ (115.5) | |||||
Share-based compensation effects | 8.4 | |||||
Net income | 211.3 | |||||
Dividends declared | 69 | |||||
Other comprehensive income (loss) | $ (35.6) | |||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2018 | 67,329,081 | 67,300,000 | ||||
Balance at end of period, Common Stock at Dec. 31, 2018 | $ 41.6 | $ 41.6 | ||||
Balance at end of period at Dec. 31, 2018 | 1,788.1 | $ (1,214.5) | $ 706.4 | $ 2,419.2 | $ (164.6) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Retained Earnings [Member] | 15.2 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | Reclassification out of Accumulated Other Comprehensive Income [Domain] | $ (19.4) | |||||
Balance at beginning of period, Shares | (30,700,000) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”). |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes | New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606), which supersedes most current revenue recognition guidance, including industry-specific guidance. Subsequently, the FASB has issued updates which provide additional implementation guidance. The new guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. Financial Instruments Financial Instruments - Overall (Topic 825): Recognition and Measurement of Financial Assets and Financial Liabilities, which modifies the accounting and reporting requirements for certain equity securities and financial liabilities. We adopted the new guidance in the first quarter of 2018. The application of this new guidance did not impact our financial statements or related disclosures. Income Taxes Compensation New Accounting Pronouncements Adopted (Continued) Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Deferred Income Tax ber 2017, the FASB issued ASU 2017-15, Codification Improvements to Topic 995, U.S. Steamship Entities, which supersedes obsolete guidance in Topic 995 on unrecognized deferred taxes related to certain statutory reserve deposits. If an entity has unrecognized deferred income taxes related to statutory deposits made on or before December 15, 1992, the entity would be required to recognize the unrecognized income taxes in accordance with Topic 740. We elected to early adopt this new guidance in the first quarter of 2018, applying the modified retrospective method. The application of this new guidance had an immaterial impact on our financial statements and related disclosures, including the net cumulative effect adjustment recorded in retained earnings as of January 1, 2018. Accumulated Other Comprehensive Income Income Statement Reporting - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which permits reclassification of certain stranded tax effects from the Tax Cuts and Jobs Act from Accumulated Other Comprehensive Income to Retained Earnings. The amount of the reclassification is calculated on the basis of the difference between the historical and newly enacted tax rates recorded for the applicable AOCI components. We adopted the new guidance in the first quarter of 2018. The application of this new guidance resulted in the reclassification of stranded tax effects resulting from the newly enacted Tax Act of $19.4 million from Accumulated Other Comprehensive Income to Retained Earnings. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Leases Leases (Topic 842) , which supersedes most current lease guidance. The FASB subsequently issued ASU 2018-10, ASU 2018-11, and ASU 2018-20, Lease (Topic 842) , for codification and targeted improvements to the standard. The new guidance requires companies to recognize most leases on the balance sheet and modifies accounting, presentation, and disclosure for both lessors and lessees. The new guidance is effective for us in the first quarter of 2019 with early adoption permitted. We will elect the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We will also elect the practical expedient that allows lessors to not separate non-lease components from the associated lease components. The adoption of this new standard will require us to recognize right of use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. We estimate this will result in the recognition of right of use assets and lease liabilities of approximately $470 million and $480 million, respectively, as of January 1, 2019. The adoption of this new standard also requires us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, and we will record a one-time increase to equity of approximately $40 million. Elimination of these deferred gains will increase reported operating lease expense going forward. In 2019, we expect this impact to be approximately $4.0 million. We do not expect the adoption of this standard to have an impact on our cash flows. New Accounting Pronouncements Not Yet Adopted (Continued) Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Credit Losses In June 2016, the FASB issued ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies how entities will measure credit losses. The new guidance is effective for us in the first quarter of 2020, with early adoption permitted. We are evaluating the effect the new guidance will have on our financial statements and related disclosures. Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedge items in the financial statements, and includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. The update to the standard is effective for us beginning in the first quarter of 2019, with early adoption permitted in any interim period. We plan to adopt this standard January 1, 2019. We do not expect the new guidance to have a significant impact on our financial statements or related disclosures. Compensation Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which modifies the accounting for nonemployee share-based payments. The new guidance is effective for us in the first quarter of 2019, with early adoption permitted in any interim period. We plan to adopt this standard January 1, 2019. We do not expect the new guidance to have a significant impact on our financial statements or related disclosures. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain prior year amounts have been reclassified to conform to the 2018 presentation. Consolidation Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances. Use of Estimates Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates. Lease Classification We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, other than by renewal or extension, we evaluate whether that change would have resulted in a different lease classification had the change been in effect at inception. If so, the revised agreement is considered a new lease for lease classification purposes. See "Note 5 . Leases ." In 2019, we will adopt ASU 2016-02, Leases (Topic 842) which slightly modifies the criteria for lease classification. We do not anticipate any significant changes to our lease classification after adoption. See "Note 2 . Accounting Changes ." Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and financial lease revenue, is our primary source of revenue which continues to be within the scope of existing lease guidance. Therefore, the adoption of Topic 606 had no impact on our recognition or presentation of lease revenue. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to executory costs, such as maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts and are unable to separate executory costs from full-service lease revenue. Operating lease revenue, including amounts related to executory costs, is recognized on a straight-line basis over the term of the underlying lease. As a result, we may not recognize lease revenue in the same period as maintenance and other executory costs, which we expense as incurred. Contingent rents are recognized when the contingency is resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 5 . Leases ." Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. We recognize unearned income as lease revenue using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount that 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. We regularly review the finance lease portfolio and classify finance leases as non-performing if it is probable that we will be unable to collect all amounts due under the lease. We generally stop accruing income on non-performing finance leases until all contractual payments are current. We apply payments received for non-performing finance leases to the lease payment receivable. See "Note 5 . Leases ." Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. Upon adoption of Topic 606, marine operating revenue is recognized over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Revenue is recognized pro rata over the projected duration of each voyage. Other Revenue Other revenue comprises customer liability repair revenue, fee income, interest on loans, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606 but based on our assessment, we determined that our current revenue elements and timing for purposes of income recognition are consistent with applicable provisions in the new standard. The remaining items are considered lease components that continue to be within the scope of existing lease guidance. Cash and Cash Equivalents We classify all highly liquid investments with a maturity of three months or less as cash equivalents. Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to contractually required cash balances for one wholly owned special purpose limited liability company and required cash balances pursuant to terms of a bank guarantee. Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income, for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables are the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. We review our estimates of residual values annually or whenever circumstances indicate that residual values may have declined. Other-than-temporary declines in value are recognized as impairments. Allowance for Losses The allowance for losses is our estimate of credit losses associated with receivables balances. Receivables include rent and other receivables, loans, and finance lease receivables. Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts. We evaluate reserve estimates for loans and finance lease receivables on a customer-specific basis, considering each customer's particular credit situation. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2018 . We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2018 . Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 17 . Allowance for Losses ." Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We also include assets classified as capital leases in operating assets, and we record the related obligations as liabilities. We depreciate operating assets and facilities over their estimated useful lives or lease terms to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 20–45 years Locomotives 10–20 years Buildings 40–50 years Leasehold improvements 5–15 years Marine vessels 30–65 years Other equipment 5–30 years We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 9 . Asset Impairments and Assets Held for Sale " for further information about asset impairment losses and assets held for sale. Investments in Affiliates We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We include loans to and from affiliates as part of our investment in the affiliate and include interest on any such loans in our share of the affiliates’ earnings. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 6 . Investments in Affiliated Companies ." Variable Interest Entities We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may result in an entity becoming a variable interest entity or us becoming the primary beneficiary of an existing variable interest entity. Goodwill We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. If the carrying amount of the applicable reporting unit exceeds its fair value, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. We record an impairment loss if the carrying amount of goodwill exceeds its implied fair value. The fair values of our reporting units are determined using discounted cash flow models. See "Note 16 . Goodwill ." Inventory Our inventory consists of railcar and locomotive repair components and marine vessel spare parts. All inventory balances are stated at lower of cost or market. Railcar repair components are valued using the average cost method. Vessel spare parts inventory is valued using the first-in, first-out method. Inventory is included in other assets on the balance sheet. Income Taxes We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. During 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted, which made broad and complex changes to the U.S. tax laws. As a result, we recorded a one-time net tax benefit of $315.9 million , which represented our provisional estimate of the impact of the Tax Act. Additional guidance was issued by the Internal Revenue Service, the U.S. Department of the Treasury, and state taxing authorities during 2018 and, as a result, we recorded an adjustment to our provisional estimates. Specifically, in the fourth quarter of 2018, we recorded an additional net tax benefit of $16.5 million based on this clarifying guidance, the filing of our 2017 income tax returns, and the final determination of our foreign undistributed earnings and associated tax attributes. We do not expect to record any further material adjustments associated with the Tax Act. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 12 . Income Taxes ." Fair Value Measurements Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 8 . Fair Value Disclosure ." Derivatives We use derivatives, such as interest rate swap agreements, Treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis. We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of comprehensive income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in earnings. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive income (loss), and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 8 . Fair Value Disclosure ." Foreign Currency We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized net of related hedges in other expense during the periods in which they occur. Net gains (losses) recognized were $(3.4) million , $6.0 million and $(3.8) million for 2018 , 2017 , and 2016 . Environmental Liabilities We record accruals for environmental remediation costs at sites relating to past or discontinued operations when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 22 . Legal Proceedings and Other Contingencies ." Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense and the other components of net periodic cost in other expense. See "Note 10 . Pension and Other Post-Retirement Benefits ." Maintenance and Repair Costs We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement. We capitalize required regulatory survey costs for vessels and amortize those costs over the applicable survey period, which is generally five years. Operating Lease Expense We classify leases of certain railcars and other assets and facilities, such as maintenance facilities and equipment, as operating leases. We record the lease expense associated with these leases on a straight-line basis. We defer gains and transaction costs associated with sale-leasebacks of certain railcars and amortize those gains and costs as a component of operating lease expense over the related leaseback term. Upon adoption of the new lease standard, deferred gains will be eliminated and we will record a one-time increase to equity of approximately $40 million , net of income taxes. The elimination of deferred gains will increase reported operating lease expense in future years over the remaining terms of the sale-leasebacks, including approximately $4.0 million in 2019. See "Note 2 . Accounting Changes ." We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 5 . Leases ." ASC Expense Seasonality ASC's sailing season runs from April 1 to December 31 of each year. We defer certain expenses incurred prior to the beginning of the sailing season, such as winter maintenance, insurance, operating lease expense, and depreciation and amortize them ratably over the sailing season. Share-Based Compensation We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 11 . Share-Based Compensation ." Net Gain on Asset Dispositions Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets and assets subject to residual value guarantees, and we recognize these fees upon completion of the underlying transactions. The following table presents the net gain on asset dispositions for the years ending December 31 (in millions): 2018 2017 2016 Net disposition gains $ 64.8 $ 44.1 $ 49.7 Residual sharing income 2.5 10.2 83.6 Non-remarketing net disposition gains 14.5 8.4 3.2 Asset impairment losses (1) (9.0 ) (8.6 ) (38.5 ) Net Gain on Asset Dispositions $ 72.8 $ 54.1 $ 98.0 __________ (1) See "Note 9 . Asset Impairments and Assets Held for Sale " for further information about asset impairment losses. Interest Expense, net Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $5.7 million in 2018 , $3.1 million in 2017 , and $1.9 million in 2016 . Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). |
Supplemental Cash Flow and Nonc
Supplemental Cash Flow and Noncash Investing Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Noncash Investing Transaction | Supplemental Cash Flow Information and Noncash Investing Transactions 2018 2017 2016 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 164.0 $ 154.6 $ 145.4 Income taxes paid, net $ 18.1 $ 21.5 $ 28.6 2018 2017 2016 Noncash Investing Transactions (in millions) Purchase of leased-in assets (2) $ — $ 11.6 $ — ________ (1) Interest paid consisted of interest on debt obligations, interest rate swaps (net of interest received), and capital leases. The interest expense we capitalized as part of the cost of construction of major assets was immaterial for all periods presented. (2) In 2017, we acquired 1,224 railcars that were previously on operating lease for a cash payment of $20.7 million and assumed a debt obligation in the amount of $11.6 million . |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | GATX as Lessor The following table shows the components of our direct finance leases as of December 31 (in millions): 2018 2017 Total contractual lease payments receivable $ 119.5 $ 140.3 Estimated unguaranteed residual value of leased assets 57.5 58.3 Unearned income (50.6 ) (62.5 ) Finance leases $ 126.4 $ 136.1 Usage rents We earn lease revenue for certain operating leases, primarily boxcars, based on equipment usage. Lease revenue from such usage rents was $65.4 million in 2018 , $64.5 million in 2017 , and $74.5 million in 2016 . The decrease in 2017 compared to 2016 was driven by the redeployment of certain boxcars from utilization leases to fixed term leases. Future receipts The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2018 (in millions): Finance Leases Operating Leases (1) Total 2019 $ 20.9 $ 935.1 $ 956.0 2020 28.9 732.1 761.0 2021 15.0 548.1 563.1 2022 25.4 383.1 408.5 2023 7.3 277.5 284.8 Years thereafter 22.0 366.4 388.4 $ 119.5 $ 3,242.3 $ 3,361.8 __________ (1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance. GATX as Lessee Capital Lease Assets The following table shows assets we financed with capital lease obligations as of December 31 (in millions): 2018 2017 Railcars $ 19.3 $ 19.3 Less: allowance for depreciation (2.4 ) (1.6 ) $ 16.9 $ 17.7 Operating Leases We lease assets that are utilized in our revenue generating operations. At December 31, 2018, we leased approximately 8,400 railcars at Rail North America. During 2017, ASC returned two vessels that were previously on operating leases. In addition, we lease office facilities and other general purpose equipment. Total operating lease expense, which includes amounts recorded in selling, general and administrative expense, was $65.9 million in 2018 , $67.4 million in 2017 , and $77.6 million in 2016 . Lease Obligations For some leases, we have the option to renew the leases or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. The following table shows our future contractual rental payments due under noncancelable leases as of December 31, 2018 (in millions): Capital Leases Operating Leases 2019 $ 11.6 $ 68.2 2020 — 68.8 2021 — 65.4 2022 — 56.9 2023 — 54.3 Years thereafter — 265.7 $ 11.6 $ 579.3 Less: amounts representing interest (0.3 ) Present value of future contractual capital lease payments $ 11.3 |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliated Companies | Investments in affiliated companies represent investments in and loans to domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines and railcars. The loan amount included in investments in affiliated companies was zero and $6.5 million at December 31, 2018 and 2017. During 2017, we recorded an impairment loss of $3.0 million to reflect a decline in the value of the railcars remaining in the Adler Funding LLC fleet. As of December 31, 2018 , all railcar assets have been sold, and the partnership is in the process of winding down remaining activities. In 2015, as a result of our decision to exit the majority of our marine investments within our Portfolio Management segment, we sold our 50% interest in the Cardinal Marine joint venture. In 2016 and 2017, we recognized gains of $1.0 million and $1.1 million resulting from additional proceeds received related to the sale. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31, 2018 (in millions): Segment Investment Percentage Ownership Rolls-Royce & Partners Finance (1) Portfolio Management $ 464.3 50.0 % Adler Funding LLC Rail North America 0.2 12.5 % Investments in Affiliated Companies $ 464.5 __________ (1) Combined investment balances of seventeen separate joint ventures (collectively, the "RRPF affiliates"). The following table shows our share of affiliates’ income by segment for the years ending December 31 (in millions): 2018 2017 2016 Rail North America (1) $ 0.6 $ (2.4 ) $ 0.5 Rail International — (0.1 ) (0.2 ) Portfolio Management 60.5 58.4 52.8 Share of affiliates' pre-tax income 61.1 55.9 53.1 Income taxes (10.8 ) (12.0 ) (5.7 ) Share of Affiliates' Income $ 50.3 $ 43.9 $ 47.4 __________ (1) Amount for 2017 includes impairment losses of $3.0 million . The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions (1) 2018 2017 2016 2018 2017 2016 Rail North America $ — $ — $ — $ 6.3 $ 0.7 $ 1.5 Portfolio Management 14.1 36.6 25.0 35.2 30.2 35.2 Total $ 14.1 $ 36.6 $ 25.0 $ 41.5 $ 30.9 $ 36.7 __________ (1) Cash distributions exclude proceeds from sales of affiliates of zero in 2018 , $2.3 million in 2017 , and $1.0 million in 2016 . Summarized Financial Data of Affiliates The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2018 2017 2016 Revenues $ 458.8 $ 350.7 $ 333.7 Net gains on sales of assets 5.8 27.4 23.6 Net income 120.5 100.4 99.3 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2018 2017 Current assets $ 306.6 $ 144.8 Noncurrent assets 4,428.7 3,847.2 Total assets $ 4,735.3 $ 3,992.0 Current liabilities $ 830.6 $ 446.8 Noncurrent liabilities 3,013.0 2,704.9 Shareholders’ equity 891.7 840.3 Total liabilities and shareholders' equity $ 4,735.3 $ 3,992.0 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include 50% interests in each of the RRPF affiliates, a group of seventeen domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 452 aircraft engines at December 31, 2018, of which 253 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $49.8 million in 2018 , $44.8 million in 2017 , and $46.6 million in 2016 . We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2018 2017 2016 Lease revenue from third parties $ 200.5 $ 168.8 $ 173.7 Lease revenue from Rolls-Royce 232.7 176.0 150.2 Depreciation expense (195.6 ) (176.4 ) (171.6 ) Interest expense (94.3 ) (64.3 ) (59.2 ) Other expenses (28.1 ) (8.9 ) (8.0 ) Net gains on sales of assets 6.1 20.5 19.1 Income before income taxes 121.3 115.7 104.2 Income taxes (1) (18.1 ) (13.2 ) (6.9 ) Net income $ 103.2 $ 102.5 $ 97.3 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. Amounts shown for 2016 are net of income tax benefits of approximately $7.8 million attributable to statutory rate decreases enacted in the United Kingdom. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2018 2017 Current assets $ 304.7 $ 135.3 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,024.7 and $943.5 (a) 4,428.7 3,772.4 Total assets $ 4,733.4 $ 3,907.7 Accounts payable and accrued expenses $ 97.9 $ 53.9 Debt: Current 732.1 392.0 Noncurrent, net of adjustments for hedges 2,733.6 2,359.1 Other liabilities 279.4 274.1 Shareholders’ equity 890.4 828.6 Total liabilities and shareholders' equity $ 4,733.4 $ 3,907.7 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2018 (in millions): Rolls-Royce Third Parties Total 2019 $ 270.1 $ 173.0 $ 443.1 2020 258.7 153.5 412.2 2021 246.4 131.3 377.7 2022 235.4 115.9 351.3 2023 213.9 101.6 315.5 Thereafter 689.1 312.1 1,001.2 Total $ 1,913.6 $ 987.4 $ 2,901.0 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2018 (in millions): 2019 (1) $ 732.1 2020 420.3 2021 286.0 2022 425.6 2023 274.6 Thereafter 1,330.7 Total debt principal (2) $ 3,469.3 _______ (1) Includes $369.0 million outstanding on a credit facility and $259.0 million related to a bridge loan, both of which were refinanced in February, 2019 with long-term debt issuances. (2) All debt obligations are nonrecourse to the shareholders. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions) December 31 2018 2017 Balance $ 110.8 $ 4.3 Weighted average interest rate 2.77 % 1.02 % Debt Obligations The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions): Date of Issue Final Maturity Interest Rate 2018 2017 Recourse Fixed Rate Debt Unsecured 03/04/14 07/30/19 2.50 % $ 250.0 $ 250.0 Unsecured 10/31/14 03/30/20 2.60 % 250.0 250.0 Unsecured 02/06/15 03/30/20 2.60 % 100.0 100.0 Unsecured 05/27/11 06/01/21 4.85 % 250.0 250.0 Unsecured 09/20/11 06/01/21 4.85 % 50.0 50.0 Unsecured 06/11/12 06/15/22 4.75 % 250.0 250.0 Unsecured 03/19/13 03/30/23 3.90 % 250.0 250.0 Unsecured 11/05/18 02/15/24 4.35 % 300.0 — Unsecured 02/06/15 03/30/25 3.25 % 300.0 300.0 Unsecured 09/13/16 09/15/26 3.25 % 350.0 350.0 Unsecured 02/09/17 03/30/27 3.85 % 300.0 300.0 Unsecured 11/02/17 03/15/28 3.50 % 300.0 300.0 Unsecured 05/07/18 11/07/28 4.55 % 300.0 — Unsecured 03/04/14 03/15/44 5.20 % 300.0 300.0 Unsecured 02/06/15 03/30/45 4.50 % 250.0 250.0 Unsecured 05/16/16 05/30/66 5.63 % 150.0 150.0 Unsecured (1) 11/19/13 03/15/19 2.50 % — 300.0 Unsecured 01/30/15 12/31/18 1.20 % — 60.0 Unsecured 11/29/10 11/30/18 3.70 % — 3.0 Unsecured 12/27/10 10/31/18 3.84 % — 12.0 Unsecured 03/19/13 07/30/18 2.38 % — 250.0 Secured (2) 08/28/96 02/28/18 7.86 % — 11.6 Total recourse fixed rate debt $ 3,950.0 $ 3,986.6 Recourse Floating Rate Debt Unsecured 11/06/17 11/05/21 3.30 % $ 300.0 $ 200.0 Unsecured 12/22/16 12/20/21 0.85 % 63.1 66.0 Unsecured 08/28/14 08/28/24 4.00 % 100.0 100.0 Unsecured 09/23/15 09/23/25 4.07 % 60.0 60.0 Total recourse floating rate debt $ 523.1 $ 426.0 Total debt principal $ 4,473.1 $ 4,412.6 Unamortized debt discount and debt issuance costs (35.9 ) (36.2 ) Debt adjustment for fair value hedges (7.5 ) (4.7 ) Total Debt $ 4,429.7 $ 4,371.7 __________ (1) Debt repaid prior to the final maturity. (2) During 2017, we assumed this debt as part of a transaction to acquire railcars that were previously leased. The following table shows the scheduled principal payments of our debt obligations as of December 31, 2018 (in millions): 2019 $ 250.0 2020 350.0 2021 663.1 2022 250.0 2023 250.0 Thereafter 2,710.0 Total debt principal $ 4,473.1 At December 31, 2018 , $281.1 million of our operating assets were pledged as collateral for the secured railcar facility. Shelf Registration Statement During 2016, we filed an automatic shelf registration statement that enables us to issue debt securities and pass-through certificates. The registration statement is effective for three years and does not limit the amount of debt securities and pass-through certificates we can issue. Credit Lines and Facilities We have a $600 million , 5-year unsecured revolving credit facility in the U.S. that matures in May 2023. As of December 31, 2018, available capacity is $500 million , reflecting $100 million of outstanding commercial paper, which is backed by the facility. Additionally, we have a $250 million 5-year secured railcar facility in the U.S. with a 3-year revolving period that matures in May 2022. As of December 31, 2018 , the full $250 million was available under this facility. Annual commitment fees for GATX's credit facilities were $2.0 million for 2018 , $2.0 million for 2017 , and $1.5 million for 2016 . Restrictive Covenants Our $600 million revolving credit facility contains various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.3 for the period ended December 31, 2018 , which is in excess of the minimum covenant ratio of 1.2 . At December 31, 2018 , we were in compliance with all covenants and conditions of the facility. Some of our bank term loans have the same financial covenants as the facility. The indentures for our public debt also contain various restrictive covenants, including limitation on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2018 , this limit was $1,444.5 million . Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2018 , we were in compliance with all covenants and conditions of the indentures. At December 31, 2018, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had one outstanding loan agreement, which is guaranteed by GATX Corporation. We do not anticipate any covenant violations nor do we anticipate that any of these covenants will restrict our operations or our ability to obtain additional financing. |
Fair Value Disclosure
Fair Value Disclosure | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure The following tables show our assets and liabilities that are measured at fair value on a recurring basis (in millions): Assets Total December 31 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Foreign exchange rate derivatives (1) $ 4.4 $ — $ 4.4 $ — Foreign exchange rate derivatives (2) 0.5 — 0.5 — Liabilities Interest rate derivatives (1) 7.7 — 7.7 — Foreign exchange rate derivatives (1) 18.2 — 18.2 — Foreign exchange rate derivatives (2) 4.7 — 4.7 — Assets Total December 31 2017 Quoted Significant Observable Inputs Significant Unobservable Interest rate derivatives (1) $ 1.2 $ — $ 1.2 $ — Liabilities Interest rate derivatives (1) 4.7 — 4.7 — Foreign exchange rate derivatives (1) 27.7 — 27.7 — Foreign exchange rate derivatives (2) 6.9 — 6.9 — _________ (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. In addition, we review long-lived assets, such as operating assets and facilities, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows (including net proceeds from sale), independent appraisals, and market comparables, as applicable. Certain assets were subject to non-recurring Level 3 fair value measurements during 2018 and 2017 and continue to be held and used at December 31, 2018 and 2017. The fair value of such assets at the time of their measurement was $10.9 million in 2018 and $32.2 million in 2017 and included railcars, inland marine vessels, maintenance facilities and an affiliate investment. See "Note 9 . Asset Impairments and Assets Held for Sale " for further information. Derivative instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had nine instruments outstanding with an aggregate notional amount of $500.0 million as of December 31, 2018 with maturities ranging from 2019 to 2022 and ten instruments outstanding with an aggregate notional amount of $550.0 million as of December 31, 2017 with maturities ranging from 2018 to 2022. Cash Flow Hedges We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps to hedge our exposure to fluctuations in the exchange rates of the foreign currencies in which we conduct business. We had eight instruments outstanding with an aggregate notional amount of $501.9 million as of December 31, 2018 that mature from 2019 to 2022 and five instruments outstanding with an aggregate notional amount of $285.6 million as of December 31, 2017 with maturities ranging from 2019 to 2022. Within the next 12 months, we expect to reclassify $4.1 million ( $3.1 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive income (loss) to interest expense or operating lease expense, as applicable. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings. Non-designated Derivatives We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other (income) expense immediately. Some of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that are in a liability position as of December 31, 2018 was $25.9 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 the impacts of our derivative instruments on our statement of comprehensive income for the years ended December 31 (in millions): Derivative Designation Location of Loss (Gain) Recognized 2018 2017 2016 Fair value hedges (1) Interest expense $ 3.0 $ 5.3 $ 0.8 Cash flow hedges Other comprehensive loss (effective portion) 12.6 (41.5 ) 4.9 Cash flow hedges Interest expense (effective portion reclassified from accumulated other comprehensive loss) 4.2 6.8 6.9 Cash flow hedges Operating lease expense (effective portion reclassified from accumulated other comprehensive loss) 0.1 0.1 1.1 Cash flow hedges (2) Other (income) expense (effective portion reclassified from accumulated other comprehensive loss) (11.7 ) 38.9 (11.9 ) Non-designated Other (income) expense (2.2 ) 8.0 (2.6 ) _________ (1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense. (2) Includes (income) expense on foreign currency derivatives that are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in Other (income) expense. Other Financial Instruments The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and commercial paper and bank credit facilities approximate fair value due to the short maturity of those instruments. We estimate the fair values of loans and fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs. The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions): 2018 2018 2017 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 3,933.4 $ 3,836.0 $ 3,971.2 $ 4,089.1 Recourse floating rate debt 522.7 515.1 426.0 428.7 |
Asset Impairments and Assets He
Asset Impairments and Assets Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Asset Impairment [Abstract] | |
Asset Impairments | Asset Impairments and Assets Held for Sale We review our operating assets annually, or whenever indicators of impairment may be present. The following table summarizes the components of asset impairments for the years ending December 31 (in millions): 2018 2017 2016 Attributable to Consolidated Assets Rail North America - certain railcars in flammable service $ — $ — $ 29.8 Rail International - railcar maintenance facility closure 3.0 — — Portfolio Management - marine assets to be sold — — 6.7 Other 6.0 8.6 2.0 Total $ 9.0 $ 8.6 $ 38.5 Attributable to Affiliate Investments Rail North America $ — $ 3.0 $ — In 2015, the Pipeline and Hazardous Materials Safety Administration of the U.S. Department of Transportation (“PHMSA”) and Transport Canada ("TC") each issued rules that established new design standards for tank cars utilized in flammable liquids service in North America. In addition to setting standards for newly built tank cars, the regulations established guidelines for modifying existing tank cars utilized in certain flammable liquids service and deadlines for modifying or removing noncompliant cars from service. During 2016, excess railcar supply, muted demand for certain railcar types, and increased railroad efficiency combined to put pressure on lease rates for most car types. Within the flammable tank car market, the challenge of keeping existing tank cars in service was compounded by the increased availability of newer cars with enhanced designs, including those that comply with new regulations, to serve this market. Further, our expectations of redeploying certain tank cars in flammable service into nonflammable service diminished as a substantial oversupply of tank cars developed to serve these alternative markets. We expected those conditions to continue and potentially worsen. As a result of those changed expectations, we believed indicators of impairment were present for certain tank cars impacted by the new regulations, and a comprehensive impairment analysis was completed. While all of GATX's railcars subject to the new regulations were reviewed, approximately 2,400 railcars with a carrying value of approximately $90 million were determined to be most vulnerable based on their age, configuration, and carrying values. For purposes of this review, we modeled multiple scenarios of net cash flows using a range of assumptions, including revised estimated useful lives for these railcars. Based on this analysis, we concluded that our carrying values exceeded our estimates of projected undiscounted cash flows, indicating an impairment for this group of railcars. The market for this group of railcars is fairly illiquid, given the circumstances noted above. Accordingly, the fair value of this railcar group was estimated based on discounting our estimated cash flows using a discount rate we believe reflected the applicable return for typical buyers and sellers of these types of assets. Concurrently with this analysis, we entered into an agreement to sell approximately 400 of these railcars, for total proceeds consistent with our valuations. As a result, we recorded impairment losses of $29.8 million related to these tank cars. Lastly, we shortened the depreciable lives for these tank cars consistent with our revised expectations, beginning January 1, 2017; however, the impact of adjusting the useful lives for these assets was not material to subsequent financial results. In 2015, we made the decision to exit the majority of our marine investments within the Portfolio Management segment, including six chemical parcel tankers (the "Nordic Vessels"), most of our inland marine vessels, and our 50% interest in the Cardinal Marine joint venture. As a result, we recorded impairment losses of $6.7 million in 2016 related to certain of the assets. Impairment losses in 2016 were recorded based on final disposition results and revised estimates of expected net sales proceeds for assets that remained classified as held for sale at December 31, 2016. As of December 31, 2017, we had completed all planned sales of the marine assets, including our 50% interest in the Cardinal Marine joint venture. In 2017 and 2016, disposition gains of $1.8 million and $5.2 million were realized from the sale of these marine assets. Other impairment losses recorded in each year included railcars with declines in value due to excessive damage or functional obsolescence. In some instances, these railcars may be designated for scrap. In 2018 and 2017, impairment losses were also recorded for certain inland marine supply vessels In 2017, an impairment loss of $3.0 million attributable to affiliate investments was related to our investment in Adler Funding LLC, resulting from a decline in the value of certain railcars in the fleet. In 2018, GRE recorded $3.0 million of impairment losses associated with the closure of a railcar maintenance facility in Germany. In the consolidated statements of comprehensive income, impairment losses related to consolidated assets were included in net (loss) gains on asset dispositions, and impairment losses related to affiliate investments were recorded in share of affiliates' earnings. As of December 31, 2018 and 2017, assets held for sale were $1.3 million and $4.5 million , all of which were at Rail North America. All assets held for sale at December 31, 2018 are expected to be sold in 2019. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | We maintain both funded and unfunded noncontributory defined benefit pension plans covering our domestic employees and the employees of our subsidiaries. We also have a funded noncontributory defined benefit pension plan related to a former business in the United Kingdom that has no active employees. The plans base benefits payable on years of service and/or final average salary. We base our funding policies for the pension plans on actuarially determined cost methods allowable under IRS regulations and statutory requirements in the UK. In addition to the pension plans, we have other post-retirement plans that provide health care, life insurance, and other benefits for certain retired domestic employees who meet established criteria. Most domestic employees that retire with immediate benefits under our pension plan are eligible for health care and life insurance benefits. The other post-retirement plans are either contributory or noncontributory, depending on various factors. In 2018, we adopted ASU 2017-07 which modifies how an entity must present service costs and other components of net benefit cost. See "Note 2 . Accounting Changes " for further details. In accordance with this new guidance, the service cost component of net periodic cost is recorded in the applicable operating expense line, including maintenance expense and selling, general and administrative expense in the Statements of Comprehensive Income; and the other components are recorded in other expense. We recorded settlement accounting expenses of $2.1 million , $0.2 million , and $6.1 million in 2018, 2017, and 2016 attributable to lump sum distributions made during each year. We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2018 Retiree 2017 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 480.1 $ 464.4 $ 33.7 $ 30.3 Service cost 8.2 6.5 0.2 0.2 Interest cost 14.7 15.4 1.0 1.1 Actuarial (gain) loss (40.9 ) 34.8 (5.0 ) 5.5 Benefits paid (46.5 ) (44.2 ) (2.4 ) (3.4 ) Effect of foreign exchange rate changes (1.9 ) 3.2 — — Benefit obligation at end of year $ 413.7 $ 480.1 $ 27.5 $ 33.7 Change in Fair Value of Plan Assets Plan assets at beginning of year 435.6 413.5 — — Actual return on plan assets (23.9 ) 61.3 — — Effect of exchange rate changes (2.0 ) 3.4 — — Company contributions 6.6 1.6 2.4 3.4 Benefits paid (46.5 ) (44.2 ) (2.4 ) (3.4 ) Plan assets at end of year $ 369.8 $ 435.6 $ — $ — Funded Status at end of year $ (43.9 ) $ (44.5 ) $ (27.5 ) $ (33.7 ) Amount Recognized Other liabilities and other assets (net) $ (43.9 ) $ (44.5 ) $ (27.5 ) $ (33.7 ) Accumulated other comprehensive loss: Net actuarial loss (gain) 125.2 132.5 (2.2 ) 2.8 Prior service credit — (0.1 ) (1.4 ) (1.6 ) Accumulated other comprehensive loss (income) 125.2 132.4 (3.6 ) 1.2 Total recognized $ 81.3 $ 87.9 $ (31.1 ) $ (32.5 ) After-tax amount recognized in accumulated other comprehensive loss (gain) $ 95.4 $ 82.7 $ (2.8 ) $ 0.9 The aggregate accumulated benefit obligation for the defined benefit pension plans was $394.8 million at December 31, 2018 and $457.0 million at December 31, 2017 . The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions): 2018 2017 Projected benefit obligations $ 303.8 $ 350.7 Fair value of plan assets 255.5 299.9 The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions): 2018 2017 Accumulated benefit obligations $ 30.0 $ 37.1 Fair value of plan assets — — The following table shows the components of net periodic cost (benefit) for the year ended December 31 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2016 Pension Benefits 2018 Retiree Health and Life 2017 2016 Retiree Health and Life Service cost $ 8.2 $ 6.5 $ 6.1 $ 0.2 $ 0.2 $ 0.2 Interest cost 14.7 15.4 15.3 1.0 1.1 0.9 Expected return on plan assets (22.2 ) (24.0 ) (25.6 ) — — — Settlement expense 2.1 0.2 6.1 — — — Amortization of: Unrecognized prior service credit — — (1.0 ) (0.1 ) (0.2 ) (0.2 ) Unrecognized net actuarial loss (gain) 10.0 9.3 10.5 — (0.3 ) (0.3 ) Net periodic cost $ 12.8 $ 7.4 $ 11.4 $ 1.1 $ 0.8 $ 0.6 We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. The following table shows the amounts we expect to recognize as components of net periodic cost in 2019 from amounts recorded in accumulated comprehensive loss (income) as of December 31, 2018 (in millions): Pension Benefits Retiree Health and Life Unrecognized net actuarial loss $ 7.7 $ — Unrecognized prior service cost — (0.2 ) We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2018 2017 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 4.32 % 3.68 % Discount rate — salaried unfunded plans 3.72% - 4.26% 3.07% - 3.45% Discount rate — hourly funded plan 4.42 % 3.73 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 2.50 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 3.68 % 4.23 % Discount rate — hourly funded plan 3.74 % 4.31 % Expected return on plan assets — salaried funded plan 5.90 % 6.25 % Expected return on plan assets — hourly funded plan 5.50 % 6.15 % Rate of compensation increases — salaried funded and unfunded plans 2.50 % 2.50 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 2.60 % 2.40 % Rate of pension-in-payment increases 3.20 % 3.10 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 2.40 % 2.60 % Expected return on plan assets 4.10 % 4.20 % Rate of pension-in-payment increases 3.10 % 3.20 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 4.06 % 3.40 % Discount rate - combined life insurance 4.32 % 3.66 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - salaried health n/a 3.67 % Discount rate - hourly health n/a 4.00 % Discount rate - combined health 3.41 % n/a Discount rate - salaried life insurance n/a 4.19 % Discount rate - hourly life insurance n/a 3.84 % Discount rate - combined life insurance 3.66 % n/a Rate of compensation increases n/a n/a We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate. 2018 2017 Assumed Health Care Cost Trend Rates at December 31 Health care cost trend assumed for next year Medical claims - pre age 65 6.70 % 6.70 % Medical claims - post age 65 5.80 % 4.90 % Prescription drugs claims - pre age 65 9.30 % 11.10 % Prescription drugs claims - post age 65 9.20 % 11.10 % Rate to which the cost trend is expected to decline (the ultimate trend rate) Medical claims 4.50 % 4.50 % Prescription drugs claims 4.50 % 4.50 % Year that rate reaches the ultimate trend rate Medical claims 2026 2025 Prescription drugs claims 2026 2025 The health care cost trend, which is based on projected growth rates for medical and prescription drug claims, has an effect on our other post-retirement benefit costs and obligations. The following table shows the effects of a one percentage point change in the health care cost trend rate on service and interest costs for the year ended December 31, 2018 and the post-retirement benefit obligation as of December 31, 2018 (in millions): One Percentage Point Increase One Percentage Point Decrease Effect on total of service and interest cost (1) $ — $ — Effect on post-retirement benefit obligation 0.8 (0.7 ) _________ (1) The effect of a one percentage point increase (decrease) was less than $0.1 million. Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2018 and 2017 , and current target asset allocation for 2019, by asset category: Plan Assets for Salaried Employees at December 31 Target 2018 2017 Asset Category Equity securities 45.6 % 44.1 % 50.7 % Debt securities 51.0 % 51.8 % 44.8 % Real estate 3.4 % 3.9 % 3.7 % Cash — % 0.2 % 0.8 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at December 31 Target 2018 2017 Asset Category Equity securities 32.7 % 30.3 % 39.4 % Debt securities 64.1 % 64.9 % 56.8 % Real estate 3.2 % 4.7 % 3.7 % Cash — % 0.1 % 0.1 % 100.0 % 100.0 % 100.0 % The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2018 and 2017 , and current target asset allocation for 2019, by asset category: Plan Assets at December 31 Target 2018 2017 Asset Category Equity securities 36.8 % 33.4 % 36.0 % Debt securities 63.2 % 66.6 % 64.0 % 100.0 % 100.0 % 100.0 % The following table sets forth the fair value of our pension plan assets as of December 31 (in millions): 2018 2017 Assets measured at net asset value (1): Short-term investment fund $ 0.7 $ 2.6 Common stock collective trust funds 148.2 204.1 Fixed income group trusts 207.1 211.0 Real estate collective trust funds 13.8 14.8 Loan fund — 3.1 Total $ 369.8 $ 435.6 _______ (1) In accordance with the relevant accounting standards, investments measured at fair value using the net asset value per share (or its equivalent) practical expedient are not recorded in any specific category of the fair value hierarchy. The following is a description of the valuation techniques and inputs used as of December 31, 2018 and 2017 . Short-term investment fund We value the short-term investment fund based on the closing net asset values ("NAV") quoted by the funds. The short-term investment fund is a highly liquid investment in obligations of the U.S. Government, or its agencies or instrumentalities, and the related money market instruments. The short-term investment fund has no unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term. Common stock collective trust funds and fixed income group trusts We value common stock collective trust funds and fixed income group trusts based on the closing NAV prices quoted by the funds. None of the collective trusts or the group trusts have unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The investment objective of each of the common stock funds is long-term total return through capital appreciation and current income. The fixed income funds are each designed to deliver safety and stability by preserving principal and accumulated earnings. The group trust seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the long-term domestic investment grade credit bond market. Real estate collective trust funds We value real estate collective trust funds based on the NAV provided by the funds' administrators. A lack of liquidity in the funds may limit or delay redemptions. The investment objective of the real estate funds, which are diversified by location and property type, is long-term return through property appreciation, current income, and timely sales. Loan fund The loan fund is a limited liability company ("LLC") and is valued using the NAV provided by the administrator of the fund. As of December 31, 2017, we held investments in one LLC. Generally, capital may be withdrawn as of the last day of the month upon written notice given on no later than 30 days prior to the withdrawal date. The investment manager may determine in its discretion to allow withdrawals on any such other date. The LLC fund seeks to achieve risk-adjusted total returns by buying and selling investments that are anticipated to have a primarily bank loan focus. Investments will be primarily in debt securities of midsize and large capitalizations. There are no unfunded commitments. The primary investing objective of the pension plans is to provide benefits to plan participants and their beneficiaries. To achieve this goal, we invest in a diversified portfolio of equities, debt, and real estate investments to maximize return and to keep long-term investment risk at a reasonable level. Equity investments are diversified across U.S. and non-U.S. stocks, growth and value stocks, and small cap and large cap stocks. Debt securities are predominately investments in long-term, investment-grade corporate bonds. Real estate investments include investments in funds that are diversified by location and property type. On a timely basis, but not less than twice a year, we formally review pension plan investments to ensure we adhere to investment guidelines and our stated investment approach. Our review also evaluates the reasonableness of our investment decisions and risk positions. We compare our investments' performance to indices and peers to determine if investment performance has been acceptable. In 2019, we expect to contribute approximately $5.7 million to our pension and other post-retirement benefit plans. Additional contributions to the domestic funded pension plans will depend on investment returns on plan assets and actuarial experience. The following table shows benefit payments, which reflect expected future service (in millions): Funded Plans Unfunded Plans Retiree Health and Life 2019 $ 28.3 $ 2.5 $ 3.2 2020 27.6 2.8 3.0 2021 27.5 2.6 2.8 2022 27.5 2.9 2.6 2023 27.8 3.0 2.4 Years 2024-2028 137.2 14.9 9.5 Total $ 275.9 $ 28.7 $ 23.5 In addition to our defined benefit plans, we have two 401(k) retirement savings plans available to substantially all salaried employees and certain other employee groups. We may contribute to the plans as specified by their respective terms and as our board of directors determines. Contributions to our 401(k) retirement plans were $2.2 million for 2018 , $1.9 million for 2017 , and $1.8 million for 2016 . Multiemployer Plans Most of the shipboard personnel at ASC participate in various multiemployer benefit plans that provide pension, health care, and post-retirement and other benefits to active and retired employees. Unlike single employer plans, we do not recognize plan assets or obligations for multiemployer plans on our balance sheet. Rather, we recognize our contributions to the plans as marine operating expenses. The amounts we contribute are based on the number of crew hours worked, which depends on the number of vessels deployed and aggregate operating days in a particular year. The risks of participating in these multiemployer plans are different from single employer plans in the following aspects: • Assets contributed by one employer may be used to provide benefits to employees of other participating employers; • If a participating employer fails to make its required contributions, any unfunded obligations of the plan may be the responsibility of the remaining participating employers; and • If an employer chooses to stop participating in a multiemployer plan, the plan may require the withdrawing company to make additional contributions. The following table shows our contributions to multiemployer benefit plans for the years indicated (in millions): Multiemployer Plans EIN and Pension Plan Number Pension Protection Act Zone Status GATX Contributions Collective Bargaining Agreement Expiration Date 2018 2017 2016 American Maritime Officers Pension Plan (1) 13-1969709-001 Green $ 2.3 $ 2.3 $ 1.2 February 7, 2021 Other multiemployer post-retirement plans 5.8 6.1 5.9 Total $ 8.1 $ 8.4 $ 7.1 _______ (1) As of December 31, 2018, the actuary for the American Maritime Officers Pension Plan certified that the plan is in the “green zone” as defined by the Pension Protection Act of 2006. Our share of the total contributions was less than 5% in 2018 and more than 5% in 2017 and 2016. No surcharges were imposed for 2018, 2017, or 2016. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation We provide equity awards to our employees under the GATX Corporation 2012 Incentive Award Plan, including grants of non-qualified stock options, stock appreciation rights, restricted stock units, performance shares, and phantom stock awards. As of December 31, 2018 , 6.6 million shares were authorized under the 2012 Plan and 3.7 million shares were available for future issuance. We recognize compensation expense for our equity awards in selling, general and administrative expenses over the applicable service period of each award. Share-based compensation expense was $19.3 million for 2018 , $14.3 million for 2017 , and $15.8 million for 2016 , and the related tax benefits were $4.8 million for 2018 , $5.5 million for 2017 , and $6.0 million for 2016 . Stock Options and Stock Appreciation Rights Stock options and stock appreciation rights entitle the holder to purchase shares of common stock for periods up to seven years from the grant date. Stock appreciation rights entitle the holder to receive the difference between the market price of our common stock at the time of exercise and the exercise price, either in shares of common stock, cash, or a combination thereof, at our discretion. Stock options entitle the holder to purchase shares of our common stock at a specified exercise price. The dividends that accrue on all stock options and stock appreciation rights are paid upon vesting and continue to be paid until the stock options or stock appreciation rights are exercised, canceled, or expire. The exercise price for stock options and stock appreciation rights is equal to the average of the high and low trading prices of our common stock on the date of grant. We recognize compensation expense on a straight-line basis over the vesting period of the award, which is generally three years. The estimated fair value of a stock option or stock appreciation right is the sum of the value we derive using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award. The Black-Scholes valuation incorporates various assumptions, including expected term, expected volatility, and risk free interest rates. We base the expected term on historical exercise patterns and post-vesting terminations, and we base the expected volatility on the historical volatility of our stock price over a period equal to the expected term. We use risk-free interest rates that are based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term. No stock appreciation rights were issued during 2018, 2017, and 2016. The following table shows the weighted average fair value for our stock options and the assumptions we used to estimate fair value: 2018 2017 2016 Weighted average estimated fair value $ 21.87 $ 19.40 $ 13.86 Quarterly dividend rate $ 0.44 $ 0.42 $ 0.40 Expected term of stock options, in years 4.5 4.7 4.7 Risk-free interest rate 2.4 % 1.9 % 1.4 % Dividend yield 2.5 % 2.8 % 4.1 % Expected stock price volatility 27.9 % 27.7 % 29.4 % Present value of dividends $ 7.51 $ 7.50 $ 7.27 The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2018 : Number of Stock Options and Stock Appreciation Rights (in thousands) Weighted Average Exercise Price Outstanding at beginning of the year 1,723 $ 50.07 Granted 320 69.73 Exercised (611) 47.19 Forfeited/Cancelled (33) 53.94 Outstanding at end of the year 1,399 55.73 Vested and exercisable at end of the year 733 51.17 The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2018 , 2017 , and 2016 , and the weighted average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2018 : Stock Options and Stock Appreciation Rights Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Exercised in 2016 $ 6.2 Exercised in 2017 4.4 Exercised in 2018 17.2 Outstanding at December 31, 2018 (a) 4.2 21.5 Vested and exercisable at December 31, 2018 3.1 14.6 _______ (a) As of December 31, 2018 , 435,552 stock appreciation rights and 963,557 stock options were outstanding. Total cash received from employees for exercises of stock options during the year ended December 31, 2018 was $3.7 million and $1.6 million during the year ended December 31, 2017. No cash was received from employees for exercises of stock options during the year ended December 31, 2016. As of December 31, 2018 , we had $7.1 million of unrecognized compensation expense related to nonvested stock options and stock appreciation rights, which we expect to recognize over a weighted average period of 1.7 years. Restricted Stock Units and Performance Shares Restricted stock units entitle the recipient to receive a specified number of restricted shares of common stock upon vesting. Restricted stock units do not carry voting rights and are not transferable prior to the expiration of a specified restriction period, which is generally three years, as determined by the Compensation Committee of the Board of Directors ("Compensation Committee"). We accrue dividends on all restricted stock units and pay those dividends when the awards vest. We recognize compensation expense for these awards over the applicable vesting period. Performance shares are restricted shares that we grant to key employees for achieving certain strategic objectives. The shares convert to common stock at the end of a specified performance period if predetermined performance goals are achieved, as determined by the Compensation Committee. We estimate the number of shares we expect will vest as a result of actual performance against the performance criteria at the time of grant to determine total compensation expense to be recognized. We reevaluate the estimate annually and adjust total compensation expense for any changes to the estimate of the number of shares we expect to vest. The performance shares granted include an option to settle shares earned in cash upon vesting for certain eligible employees. As a result, these awards are accounted for as liability awards, and the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period, which is generally three years. We value our restricted stock units and performance share awards using the average of the high and low values of our common stock on the grant date of the awards. As of December 31, 2018 , there was $10.4 million of unrecognized compensation expense related to these awards, which we expect to be recognized over a weighted average period of 2.4 years. The following table shows information about restricted stock units and performance shares for the year ended December 31, 2018 : Number of Share Units Outstanding (in thousands) Weighted Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 187 $ 50.62 Granted 73 73.60 Vested (52 ) 55.56 Forfeited (4 ) 53.82 Nonvested at end of the year 204 57.57 Performance Shares: Nonvested at beginning of the year 161 $ 46.25 Granted 58 65.00 Net increase due to estimated performance 49 53.27 Vested (117 ) 38.83 Forfeited (8 ) 51.28 Nonvested at end of the year 143 62.08 The total fair value of restricted stock units and performance shares that vested during the year was $12.0 million in 2018 , $6.5 million in 2017 , and $7.5 million in 2016 . Phantom Stock Awards We grant phantom stock awards to non-employee directors as a component of their compensation for service on our board of directors. In accordance with the terms of the phantom stock awards, each director is credited with a quantity of units that equate to, but are not, common shares. Phantom stock awards are dividend participating, and all dividends are reinvested in additional phantom shares at the average of the high and low trading prices of our stock on the dividend payment date. At the expiration of each director’s service on the board of directors, or in accordance with his or her deferral election, whole units of phantom stock will be settled with shares of common stock and fractional units will be paid in cash. In 2018 , we granted 23,377 units of phantom stock and there were 227,466 units outstanding as of December 31, 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | In 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted and we recorded a one-time net tax benefit of $315.9 million , which represented our provisional estimate of the impact of the Tax Act. This amount included a net benefit of $371.4 million associated with the remeasurement of our net deferred tax liability utilizing the lower U.S. tax rate. The Tax Act also imposed a one-time transitional repatriation tax of $57.2 million on certain undistributed earnings of our non-U.S. subsidiaries and affiliates. Additional guidance was issued by the Internal Revenue Service, the U.S. Department of the Treasury, and state taxing authorities during 2018 and, as a result, we recorded an adjustment to our provisional estimates. Specifically, in the fourth quarter of 2018, we recorded an additional net tax benefit of $16.5 million based on this clarifying guidance, the filing of our 2017 income tax returns, and the final determination of our foreign undistributed earnings and associated tax attributes. We do not expect to record any further material adjustments associated with the Tax Act. Deferred income taxes are the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We expect at this time to continue reinvestment of foreign earnings outside the U.S. indefinitely. Consequently, our tax provision does not include any deferred tax costs that might arise due to book versus tax basis differences in investments in foreign subsidiaries. While the Tax Act provided an exemption from U.S. income taxation on future dividend distributions from foreign subsidiaries and affiliates, taxes may arise from withholding taxes or on foreign exchange or other gains recognized in connection with the basis differences in our investments in foreign subsidiaries. The ultimate tax cost of repatriating these earnings depends on tax laws in effect and other circumstances at the time of distribution. The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2018 2017 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 890.7 $ 872.8 Investments in affiliated companies 36.2 43.6 Lease accounting 12.2 9.0 Other 1.9 6.3 Total deferred tax liabilities $ 941.0 $ 931.7 Deferred Tax Assets Federal net operating loss — 4.1 Alternative minimum tax credit 3.4 8.0 Foreign tax credit 0.2 — Valuation allowance on foreign tax credit (0.2 ) — State net operating loss 26.4 29.5 Valuation allowance on state net operating loss (12.6 ) (10.3 ) Foreign net operating loss 2.1 2.1 Valuation allowance on foreign net operating loss (0.3 ) (0.4 ) Accruals not currently deductible for tax purposes 24.8 21.7 Allowance for losses 1.1 1.1 Pension and post-retirement benefits 17.8 19.6 Other 0.5 2.6 Total deferred tax assets $ 63.2 $ 78.0 Net deferred tax liabilities $ 877.8 $ 853.7 At December 31, 2018 , our prior U.S. federal tax net operating loss carryforward has been fully utilized. We have an alternative minimum tax credit of $3.4 million , which may be utilized or refunded over the next three years. We also have foreign tax credits of $0.2 million that expire after 2027. We have recorded a $0.2 million valuation allowance related to these credits, as we believe it is more likely than not that we will be unable to utilize them. At December 31, 2018 , we have state tax net operating losses of $26.4 million , net of federal benefits that are scheduled to expire at various times beginning in 2019. We have recorded a $12.6 million valuation allowance related to state net operating losses, as we believe it is more likely than not that we will be unable to use all of these losses. Additionally, we have foreign net operating losses, net of valuation allowances, of $1.8 million which have an unlimited carryforward period. Our use of future operating losses depends on a number of variables, including the amount of taxable income, and state apportionment factors for state net operating loss carryforwards. During the year ended December 31, 2017, based upon the status of our state income tax audits, we reduced the balance of our unrecognized tax benefits and recorded an income tax benefit of $4.3 million ( $2.8 million, net of federal tax). We recognize interest and penalties related to unrecognized tax benefits as income tax expense. We have not accrued any amounts for penalties. To the extent interest is not assessed or is otherwise reduced with respect to uncertain tax positions, we will record any required adjustment as a reduction of income tax expense. We file one consolidated federal income tax return with our domestic subsidiaries in the U.S. jurisdiction, as well as tax returns in various state and foreign jurisdictions. As of December 31, 2018 , all audits or statutes of limitations with respect to our federal tax returns for years prior to 2014 have been closed or expired. Additionally, we currently have four ongoing state income tax audits. The following table shows the components of income before income taxes, excluding affiliates, for the years ending December 31 (in millions): 2018 2017 2016 Domestic $ 108.9 $ 124.5 $ 211.0 Foreign 86.2 89.9 94.4 Total $ 195.1 $ 214.4 $ 305.4 The following table shows income taxes, excluding domestic and foreign affiliates, for the years ending December 31 (in millions): 2018 2017 2016 Current Domestic: Federal $ (3.3 ) $ (1.1 ) $ 6.0 State and local 0.7 (0.1 ) — $ (2.6 ) $ (1.2 ) $ 6.0 Foreign 17.5 18.0 16.9 $ 14.9 $ 16.8 $ 22.9 Deferred Domestic: Federal 2.1 (270.0 ) 55.8 State and local 8.7 1.2 10.5 $ 10.8 $ (268.8 ) $ 66.3 Foreign 8.4 8.3 6.5 $ 19.2 $ (260.5 ) $ 72.8 Income taxes $ 34.1 $ (243.7 ) $ 95.7 The following table shows the differences between our effective income tax rate and the federal statutory income tax rate for the years ending December 31 (in millions): 2018 2017 2016 Income taxes at federal statutory rate $ 41.0 $ 75.0 $ 106.9 Adjust for effect of: Foreign tax credits (1.4 ) — (7.8 ) Foreign earnings taxed at applicable statutory rates 7.8 (5.5 ) (9.7 ) Corporate owned life insurance (1.0 ) (0.9 ) (1.7 ) State income taxes 5.2 (0.5 ) 6.8 State deferred tax rate change impact — 5.0 — Other (1.0 ) (0.9 ) 1.2 Tax Act: Revaluation of deferred tax liabilities 9.4 (371.4 ) — Transition tax on foreign earnings and profits (23.1 ) 57.2 — Other (2.8 ) (1.7 ) — Total Tax Act impact $ (16.5 ) $ (315.9 ) $ — Income taxes $ 34.1 $ (243.7 ) $ 95.7 Effective income tax rate 17.5 % (113.7 )% 31.3 % In 2018 , our effective tax rate was 17.5% compared to (113.7)% in 2017 and 31.3% in 2016. The current year effective tax rate includes a net benefit of $16.5 million associated with the finalization of the accounting for the income tax effects from the adoption of the Tax Act on our operations. This amount included a net expense of $9.4 million associated with the remeasurement of our net deferred tax liability based on the filing of our 2017 income tax returns. It also included a net benefit of $23.1 million with respect to the transitional repatriation tax, based on our final determination of all applicable tax attributes associated with the undistributed earnings of our non-U.S. subsidiaries and affiliates. The 2018 effective tax rate also reflects the net benefit of $1.4 million from the utilization of foreign tax credits. Excluding the impacts of the Tax Act adjustment and foreign tax credits, our effective tax rate was 26.7% in 2018. The 2017 effective tax rate reflected our provisional net tax benefit of $315.9 million , associated with the initial impact of the Tax Act. The 2017 effective tax rate also included an incremental deferred state income tax of $5.0 million associated with a change in our consolidated effective state tax rate. Excluding the impact of the Tax Act adjustment, our 2017 effective tax rate was 33.7% . The 2016 effective tax rate reflected the utilization of $7.8 million in foreign tax credits. Excluding the impact of the foreign tax credits, our 2016 effective tax rate was 33.9% . The adjustment for foreign earnings in each year reflects the impact of applicable statutory tax rates on income earned at our foreign subsidiaries. State income taxes are recognized on domestic pretax income or loss. The amount of our domestic income subject to state taxes relative to our total worldwide income impacts the effect state income tax has on our overall income tax rate. Separately, our affiliates incurred income taxes of $10.8 million , $12.0 million , and $5.7 million respectively in 2018, 2017, and 2016. The 2016 amount was favorably impacted by a tax benefit of $3.9 million , as a result of income tax rate reductions enacted in the United Kingdom. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentration of Revenues We derived revenue from a wide range of industries and companies. In 2018 , we generated approximately 25% of our total revenues from customers in the petroleum industry, 18% from the chemical industry, 17% from the transportation industry, 9% from the mining, minerals and aggregates industry, and 9% from food/agriculture industries. Our foreign identifiable revenues were primarily derived in Canada, Germany, Poland, Mexico, and Austria. Concentration of Credit Risk We did not have revenue concentrations greater than 10% from any particular customer for any of the years ended December 31, 2018 , 2017 , and 2016 . Under our lease agreements with customers, we typically retain legal ownership of the assets unless such assets have been financed by sale-leasebacks. We perform a credit evaluation prior to approval of a lease contract. Subsequently, we monitor the creditworthiness of the customer and the value of the collateral on an ongoing basis. We maintain an allowance for losses to provide for credit losses inherent in our receivables balances. Concentration of Labor Force As of December 31, 2018 , collective bargaining agreements covered approximately 42% of our employees, of which agreements covering 26% of employees will expire within the next year. The hourly employees at our US service centers are represented by the United Steelworkers. Employees at three of Rail North America's Canadian service centers are represented by Unifor, the union formerly known as the Communication, Energy and Paperworkers Union of Canada, and the Employee Shop Committee of Riviere-des-Prairies. The unlicensed shipboard personnel on nine of the ASC vessels are represented by the Seafarers International Union. Licensed personnel on ASC’s vessels, other than captains, are represented by the American Maritime Officers. Certain employees of GATX Rail Europe are represented by one union in Germany and three unions in Poland. We have begun negotiating new terms for the agreements expiring in 2019, and no work interruptions or other adverse events are currently expected. |
Commercial Commitments
Commercial Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Commercial Commitments | We have entered into various commercial commitments, such as guarantees, standby letters of credit, and performance bonds, related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments as of December 31 (in millions): 2018 2017 Lease payment guarantees $ 2.0 $ 4.9 Standby letters of credit and performance bonds 9.5 17.8 Total commercial commitments (1) $ 11.5 $ 22.7 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.9 million at December 31, 2018 and $2.0 million at December 31, 2017 . The expirations of these commitments range from 2019 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments. Lease payment guarantees are commitments to financial institutions to make lease payments for a third party in the event they default. We reduce any liability that may result from these guarantees by the value of the underlying asset or group of assets. We are also parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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 weighted shares issued or reacquired during the year for the portion of the year that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted net income per common share for the years ending December 31 (in millions, except per share amounts): 2018 2017 2016 Numerator: Net income $ 211.3 $ 502.0 $ 257.1 Denominator: Weighted average shares outstanding - basic 37.6 38.8 40.5 Effect of dilutive securities: Equity compensation plans 0.7 0.6 0.4 Weighted average shares outstanding - diluted 38.3 39.4 40.9 Basic earnings per share $ 5.62 $ 12.95 $ 6.35 Diluted earnings per share $ 5.52 $ 12.75 $ 6.29 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Our goodwill, all of which pertains to Rail North America and Rail International, was $82.9 million as of December 31, 2018 and $85.6 million as of December 31, 2017 . In the fourth quarter of 2018 , we performed a review for impairment of goodwill, and concluded that goodwill was not impaired. For 2018 and 2017 , changes in the carrying amount of our goodwill resulted from fluctuations in foreign currency exchange rates. |
Allowance for Losses
Allowance for Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Losses | The following table shows changes in the allowance for losses at December 31 (in millions): 2018 2017 Beginning balance $ 6.4 $ 6.1 (Reversal) provision for losses (0.3 ) 0.6 Charges to allowance (0.1 ) 0.2 Recoveries and other, including foreign exchange adjustments 0.4 (0.5 ) Ending balance $ 6.4 $ 6.4 As of December 31, 2018 , the general allowance for trade receivables was $6.4 million , or 7.3% of rent and other receivables, compared to $6.4 million , or 7.7% of rent and other receivables at December 31, 2017 . |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | The following table shows the components of other assets reported on our balance sheets as of December 31 (in millions): 2018 2017 Inventory $ 63.7 $ 57.2 Office furniture, fixtures and other equipment, net of accumulated depreciation 34.3 20.5 Prepaid items 10.0 16.9 Derivatives 4.9 1.2 Prepaid pension 4.4 6.2 Deferred financing costs 3.1 3.8 Assets held for sale 1.3 4.5 Other 84.4 80.6 Total other assets $ 206.1 $ 190.9 The following table shows the components of other liabilities reported on our balance sheets as of December 31 (in millions): 2018 2017 Accrued pension and other post-retirement benefits $ 75.8 $ 84.4 Deferred gains on sale-leasebacks 53.8 55.9 Derivatives 30.6 39.3 Environmental accruals 13.7 13.1 Accrued operating lease expense 4.3 8.3 Other 43.3 32.2 Total other liabilities $ 221.5 $ 233.2 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On January 25, 2019, our board of directors ("Board") approved a $300 million share repurchase program, pursuant to which we are authorized to purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to Rule 10b5-1 plans. This authorization replaced a prior program approved in 2018. During 2018, we purchased 1.5 million shares of common stock for $115.5 million , including commissions. In 2017, we purchased 1.7 million shares of common stock for $100.0 million . In 2016, we purchased 2.7 million shares of common stock for $120.1 million . The share repurchase program does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. The timing of share repurchases will be dependent on market conditions and other factors. In accordance with our certificate of incorporation, 120 million shares of common stock are authorized, at a par value of $0.625 per share. As of December 31, 2018 , 67.3 million shares were issued and 36.6 million shares were outstanding. The following shares of common stock were reserved as of December 31, 2018 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.2 GATX Corporation 2012 Incentive Award Plan 6.6 Total 8.8 Our certificate of incorporation also authorizes five million shares of preferred stock at a par value of $1.00 per share. We had no outstanding shares of preferred stock as of December 31, 2018 and December 31, 2017 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Securities Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2015 $ (77.7 ) $ (0.3 ) $ (20.9 ) $ (99.9 ) $ (198.8 ) Change in component (26.0 ) 2.5 7.3 11.7 (4.5 ) Reclassification adjustments into earnings (1) — (1.9 ) (3.9 ) 9.0 3.2 Income tax effect — (0.3 ) (2.8 ) (7.9 ) (11.0 ) Balance at December 31, 2016 (103.7 ) — (20.3 ) (87.1 ) (211.1 ) Change in component 93.2 — (39.6 ) (3.2 ) 50.4 Reclassification adjustments into earnings (1) — — 45.8 8.8 54.6 Income tax effect — — (1.4 ) (2.1 ) (3.5 ) Balance at December 31, 2017 (10.5 ) — (15.5 ) (83.6 ) (109.6 ) Change in component (47.5 ) — 12.9 2.1 (32.5 ) Reclassification adjustments into earnings (1) — — (7.4 ) 9.9 2.5 Income tax effect — — (1.0 ) (4.6 ) (5.6 ) Reclassification adjustments into retained earnings (2) — — (3.0 ) (16.4 ) (19.4 ) Balance at December 31, 2018 $ (58.0 ) $ — $ (14.0 ) $ (92.6 ) $ (164.6 ) ________ (1) See "Note 8 . Fair Value Disclosure " and "Note 10 . Pension and Other Post-Retirement Benefits " for impacts of the reclassification adjustments on the statement of comprehensive income. (2) As detailed in "Note 2 . Accounting Changes ", we adopted ASU 2018-02, which permits reclassification of certain stranded tax effects related to the Tax Act from Accumulated Other Comprehensive Income to Retained Earnings. |
Foreign Operations
Foreign Operations | 12 Months Ended |
Dec. 31, 2018 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign Operations | For the years ended December 31, 2018 , 2017 , and 2016 , we did not derive revenues in excess of 10% of our consolidated revenues from any one foreign country. Additionally, at December 31, 2018 and 2017 , we did not have more than 10% of our identifiable assets in any one foreign country. The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions): 2018 2017 2016 Revenues Foreign $ 333.5 $ 324.0 $ 320.7 United States 1,027.4 1,052.9 1,097.6 Total $ 1,360.9 $ 1,376.9 $ 1,418.3 Identifiable Assets Foreign $ 2,470.9 $ 2,407.2 $ 2,098.2 United States 5,145.8 5,015.2 5,007.2 Total $ 7,616.7 $ 7,422.4 $ 7,105.4 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | OTE 22 . 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. Viareggio Derailment In June 2009, a train consisting of fourteen liquefied petroleum gas (“LPG”) tank cars owned by GATX Rail Austria GmbH and its subsidiaries (collectively, “GRA”) derailed while passing through the City of Viareggio, in the province of Lucca, Italy. Five tank cars overturned and one of the overturned cars was punctured by a peg or obstacle along the side of the track, resulting in a release of LPG, which subsequently ignited. The accident resulted in multiple deaths, personal injuries and property damage. The LPG tank cars were leased to FS Logistica S.p.A., a subsidiary of the Italian state-owned railway, Ferrovie dello Stato S.p.A (the “Italian Railway”). In January 2017, the court of Lucca found various Italian Railway companies, GRA, and certain of their employees guilty of negligence-based crimes related to the accident. The court imposed a fine of 1.4 million Euros against GRA and prison sentences against the employees. GRA has appealed and, pending the final disposition of the appeal, these fines and penalties are not enforceable. GRA believes that it and its employees acted diligently and in accordance with all applicable laws and regulations at all times. Appellate hearings began on November 13, 2018, but the duration of the first level of appeal is currently unknown. With respect to civil claims, the insurers for the Italian Railway and GRA have fully settled and resolved most of the claims arising out of the accident. GRA will continue to incur legal expenses for the criminal appeals although they are not expected to be material. We cannot predict the outcome of the appellate process and thus cannot reasonably estimate the possible amount or range of costs that may be ultimately incurred in connection with this litigation. Other Litigation GATX and its subsidiaries have been named as defendants in various other legal actions and claims, governmental proceedings, and private civil suits arising in the ordinary course of business, including environmental matters, workers’ compensation claims, and other personal injury claims. Some of these proceedings include claims for punitive as well as compensatory damages. Several of our subsidiaries have also been named as defendants or co-defendants in cases alleging injury caused by exposure to asbestos. The plaintiffs seek an unspecified amount of damages based on common law, statutory, or premises liability or, in the case of claims against ASC, the Jones Act, which provides limited remedies to certain maritime employees. In addition, demand has been made against GATX for asbestos-related claims under limited indemnities given in connection with the sale of certain of our former subsidiaries. Litigation Accruals We have recorded accruals totaling $5.8 million at December 31, 2018 for losses related to those litigation matters that we believe to be probable and for which an amount of loss can be reasonably estimated. However, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in liability that materially exceeds the accrued amount. In addition, we have other litigation matters pending for which we have not recorded any accruals because our potential liability for those matters is not probable or cannot be reasonably estimated based on currently available information. For those matters where we have not recorded an accrual but a loss is reasonably possible, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have not recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in a significant liability for GATX. Environmental Our operations are subject to extensive federal, state, and local environmental regulations. Our operating procedures include practices to protect the environment from the risks inherent in full service railcar leasing, which involves maintaining railcars used by customers to transport chemicals and other hazardous materials. Under some environmental laws in the U.S. and certain other countries, the owner of a leased railcar may be liable for environmental damage and cleanup or other costs in the event of a spill or discharge of material from a railcar without regard to the owner's fault. While our standard master railcar lease agreement requires the lessee to indemnify us against environmental claims and to carry liability insurance coverage, such indemnities and insurance may not fully protect us against claims for environmental damage. Additionally, some of our real estate holdings, including previously owned properties, are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies whose activities might have resulted in discharges on the property. As a result, we are subject to environmental cleanup and enforcement actions. In particular, the federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), also known as the Superfund law, as well as similar state laws, impose joint and several liability for cleanup and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. If there are other potentially responsible parties (“PRPs”), we generally contribute to the cleanup of these sites through cost-sharing agreements with terms that vary from site to site. Costs are typically allocated based on the relative volumetric contribution of material, the period of time the site was owned or operated, and/or the portion of the site owned or operated by each PRP. At the time a potential environmental issue is identified, initial accruals for environmental liability are established when such liability is determined to be probable and a reasonable estimate of the associated costs can be made. Costs are estimated based on the type and level of investigation and/or remediation activities that our internal environmental staff (and where appropriate, independent consultants) have advised to be necessary to comply with applicable laws and regulations. Activities include surveys and environmental studies of potentially contaminated sites as well as costs for remediation and restoration of sites determined to be contaminated. In addition, we have provided indemnities for potential environmental liabilities to buyers of divested companies. In these instances, accruals are based on the scope and duration of the respective indemnities together with the extent of known contamination. Estimates are periodically reviewed and adjusted as required to reflect additional information about facility or site characteristics or changes in regulatory requirements. We conduct a quarterly environmental contingency analysis, which considers a combination of factors including independent consulting reports, site visits, legal reviews, analysis of the likelihood of participation in and the ability of other PRPs to pay for cleanup, and historical trend analyses. We are involved in administrative and judicial proceedings and other voluntary and mandatory cleanup efforts at 13 sites, including Superfund sites, for which we are contributing to the cost of performing the study or cleanup, or both, of alleged environmental contamination. As of December 31, 2018, we have recorded accruals of $13.7 million for remediation and restoration costs that we believe to be probable and for which the amount of loss can be reasonably estimated. These amounts are included in other liabilities on our balance sheet. Our environmental liabilities are not discounted. We did not materially change our methodology for identifying and calculating environmental liabilities in the last three years. Currently, no known trends, demands, commitments, events or uncertainties exist that are reasonably likely to occur and materially affect the methodology or assumptions described above. The recorded accruals represent our best estimate of all costs for remediation and restoration of affected sites, without reduction for anticipated recoveries from third parties, and include both asserted and unasserted claims. However, we are unable to provide a reasonable estimate of the maximum potential loss associated with these sites because cleanup costs cannot be predicted with certainty. Various factors beyond our control can impact the amount of loss GATX will ultimately incur with respect to these sites, including the extent of corrective actions that may be required; evolving environmental laws and regulations; advances in environmental technology, the extent of other parties' participation in cleanup efforts; developments in periodic environmental analyses related to sites determined to be contaminated, and developments in environmental surveys and studies of potentially contaminated sites. As a result, future charges associated with these sites could have a significant effect on results of operations in a particular quarter or year if the costs materially exceed the accrued amount as individual site studies and remediation and restoration efforts proceed. However, management believes it is unlikely that the ultimate cost to GATX for any of these sites, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or liquidity. |
Financial Data of Business Segm
Financial Data of Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Financial Data of Business Segments | Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through four primary business segments: Rail North America, Rail International, Portfolio Management, and American Steamship Company (“ASC”). Rail North America is composed of our operations in the United States, Canada, and Mexico, as well as an affiliate investment. 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-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Norgas Vessels") and assorted other marine assets. In prior years, Portfolio Management generated leasing, marine operating, asset remarketing, and management fee income through a collection of diversified wholly owned assets and joint venture investments. In 2015, we made the decision to exit the majority of the marine investments, excluding the Norgas Vessels, within our Portfolio Management segment, including six chemical parcel tankers, a number of inland marine vessels, and our 50% interest in the Cardinal Marine joint venture, all of which have been sold as of December 31, 2017. ASC operates the largest fleet of US-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. These amounts are included in Other. The following tables show certain segment data for the years ended December 31, 2018 , 2017 , and 2016 (in millions): Rail North America Rail International ASC Other GATX Consolidated 2018 Profitability Revenues Lease revenue $ 873.4 $ 209.3 $ 1.0 $ 4.1 $ — $ 1,087.8 Marine operating revenue — — 14.3 181.7 — 196.0 Other revenue 68.1 8.2 0.8 — — 77.1 Total Revenues 941.5 217.5 16.1 185.8 — 1,360.9 Expenses Maintenance expense 254.7 44.5 — 22.6 — 321.8 Marine operating expense — — 16.8 114.1 — 130.9 Depreciation expense 248.5 55.5 7.3 10.6 — 321.9 Operating lease expense 49.6 — — — — 49.6 Other operating expense 27.3 5.8 — — — 33.1 Total Expenses 580.1 105.8 24.1 147.3 — 857.3 Other Income (Expense) Net gain (loss) on asset dispositions 76.3 (0.2 ) (3.4 ) 0.1 — 72.8 Interest (expense) income, net (125.2 ) (35.9 ) (10.4 ) (5.7 ) 8.6 (168.6 ) Other (expense) income (5.2 ) (7.0 ) — 0.1 (9.5 ) (21.6 ) Share of affiliates' pre-tax income 0.6 — 60.5 — — 61.1 Segment profit (loss) $ 307.9 $ 68.6 $ 38.7 $ 33.0 $ (0.9 ) 447.3 Less: Selling, general and administrative expense 191.1 Income taxes (includes $10.8 related to affiliates' earnings) 44.9 Net income $ 211.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Disposition gains on owned assets $ 64.7 $ — $ — $ 0.1 $ — $ 64.8 Residual sharing income 1.4 — 1.1 — — 2.5 Non-remarketing disposition gains (1) 10.8 3.7 — — — 14.5 Asset impairments (0.6 ) (3.9 ) (4.5 ) — — (9.0 ) $ 76.3 $ (0.2 ) $ (3.4 ) $ 0.1 $ — $ 72.8 Capital Expenditures Portfolio investments and capital additions $ 737.4 $ 152.7 $ 14.1 $ 15.8 $ 23.4 $ 943.4 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 464.3 $ — $ — $ 464.5 Identifiable assets $ 5,236.6 $ 1,363.2 $ 606.8 $ 297.8 $ 112.3 $ 7,616.7 __________ (1) Includes scrapping gains. Rail North America Rail International ASC Other GATX Consolidated 2017 Profitability Revenues Lease revenue $ 899.9 $ 190.3 $ 3.8 $ 4.1 $ — $ 1,098.1 Marine operating revenue — — 25.0 168.4 — 193.4 Other revenue 77.5 6.8 1.1 — — 85.4 Total Revenues 977.4 197.1 29.9 172.5 — 1,376.9 Expenses Maintenance expense 265.0 41.1 — 22.2 — 328.3 Marine operating expense — — 24.8 106.2 — 131.0 Depreciation expense 239.4 48.9 7.0 12.0 — 307.3 Operating lease expense 60.7 — — 1.8 — 62.5 Other operating expense 28.7 4.7 1.0 — — 34.4 Total Expenses 593.8 94.7 32.8 142.2 — 863.5 Other Income (Expense) Net gain (loss) on asset dispositions 45.2 3.1 7.7 (1.9 ) — 54.1 Interest (expense) income, net (121.2 ) (33.4 ) (9.2 ) (5.2 ) 8.5 (160.5 ) Other (expense) income (5.9 ) (3.2 ) 2.3 1.3 (7.1 ) (12.6 ) Share of affiliates' pre-tax (loss) income (2.4 ) (0.1 ) 58.4 — — 55.9 Segment profit $ 299.3 $ 68.8 $ 56.3 $ 24.5 $ 1.4 450.3 Less: Selling, general and administrative expense 180.0 Income taxes (includes $12.0 related to affiliates' earnings) (231.7 ) Net income $ 502.0 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Disposition gains (losses) on owned assets $ 44.0 $ 0.1 $ 1.8 $ (1.8 ) $ — $ 44.1 Residual sharing income 0.6 — 9.6 — — 10.2 Non-remarketing disposition gains (losses) (1) 5.2 3.3 — (0.1 ) — 8.4 Asset impairments (4.6 ) (0.3 ) (3.7 ) — — (8.6 ) $ 45.2 $ 3.1 $ 7.7 $ (1.9 ) $ — $ 54.1 Capital Expenditures Portfolio investments and capital additions $ 460.9 $ 90.9 $ 36.6 $ 14.0 $ 1.0 $ 603.4 Selected Balance Sheet Data Investments in affiliated companies $ 6.8 $ — $ 434.2 $ — $ — $ 441.0 Identifiable assets $ 4,915.0 $ 1,332.9 $ 582.8 $ 286.7 $ 305.0 $ 7,422.4 __________ (1) Includes scrapping gains. Rail North America Rail International ASC Other GATX Consolidated 2016 Profitability Revenues Lease revenue $ 935.1 $ 182.0 $ 5.8 $ 4.2 $ — $ 1,127.1 Marine operating revenue — — 49.3 150.0 — 199.3 Other revenue 83.4 7.0 1.5 — — 91.9 Total Revenues 1,018.5 189.0 56.6 154.2 — 1,418.3 Expenses Maintenance expense 266.5 47.2 — 18.6 — 332.3 Marine operating expense — — 32.8 96.7 — 129.5 Depreciation expense 231.8 45.5 7.0 12.9 — 297.2 Operating lease expense 67.6 — — 6.0 (0.1 ) 73.5 Other operating expense 34.1 5.3 4.4 — — 43.8 Total Expenses 600.0 98.0 44.2 134.2 (0.1 ) 876.3 Other Income (Expense) Net gain on asset dispositions 16.6 1.1 80.3 — — 98.0 Interest (expense) income, net (110.1 ) (29.7 ) (8.6 ) (4.5 ) 4.8 (148.1 ) Other (expense) income (3.6 ) 0.8 — (5.4 ) (9.3 ) (17.5 ) Share of affiliates' pre-tax income (loss) 0.5 (0.2 ) 52.8 — — 53.1 Segment profit $ 321.9 $ 63.0 $ 136.9 $ 10.1 $ (4.4 ) 527.5 Less: Selling, general and administrative expense 169.0 Income taxes (includes $5.7 related to affiliates' earnings) 101.4 Net income $ 257.1 Net Gain on Asset Dispositions Asset Remarketing Income: Disposition gains on owned assets $ 45.5 $ — $ 4.2 $ — $ — $ 49.7 Residual sharing income 0.8 — 82.8 — — 83.6 Non-remarketing disposition gains (1) 1.5 1.7 — — — 3.2 Asset impairments (31.2 ) (0.6 ) (6.7 ) — — (38.5 ) $ 16.6 $ 1.1 $ 80.3 $ — $ — $ 98.0 Capital Expenditures Portfolio investments and capital additions $ 495.6 $ 87.1 $ 25.0 $ 9.1 $ 3.9 $ 620.7 Selected Balance Sheet Data Investments in affiliated companies $ 10.5 $ 1.2 $ 375.3 $ — $ — $ 387.0 Identifiable assets $ 4,775.6 $ 1,128.7 $ 593.5 $ 278.8 $ 328.8 $ 7,105.4 __________ (1) Includes scrapping gains. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition, Milestone Method [Line Items] | |
Basis of presentation | Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain prior year amounts have been reclassified to conform to the 2018 presentation. |
Use of Estimates | Use of Estimates Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates. |
Consolidation | Consolidation Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances. |
Investments in Affiliated Companies | Investments in Affiliates We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We include loans to and from affiliates as part of our investment in the affiliate and include interest on any such loans in our share of the affiliates’ earnings. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 6 . Investments in Affiliated Companies ." |
Variable Interest Entities | Variable Interest Entities We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may result in an entity becoming a variable interest entity or us becoming the primary beneficiary of an existing variable interest entity. |
Fair Value Measurements | Fair Value Measurements Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 8 . Fair Value Disclosure ." |
Cash and Cash Equivalents | Cash and Cash Equivalents We classify all highly liquid investments with a maturity of three months or less as cash equivalents |
Restricted cash | Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to contractually required cash balances for one wholly owned special purpose limited liability company and required cash balances pursuant to terms of a bank guarantee. |
Operating Assets and Facilities | Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We also include assets classified as capital leases in operating assets, and we record the related obligations as liabilities. We depreciate operating assets and facilities over their estimated useful lives or lease terms to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 20–45 years Locomotives 10–20 years Buildings 40–50 years Leasehold improvements 5–15 years Marine vessels 30–65 years Other equipment 5–30 years We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 9 . Asset Impairments and Assets Held for Sale " for further information about asset impairment losses and assets held for sale. |
Lease Classification | Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income, for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables are the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. We review our estimates of residual values annually or whenever circumstances indicate that residual values may have declined. Other-than-temporary declines in value are recognized as impairments. |
Allowance for Losses | Allowance for Losses The allowance for losses is our estimate of credit losses associated with receivables balances. Receivables include rent and other receivables, loans, and finance lease receivables. Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts. We evaluate reserve estimates for loans and finance lease receivables on a customer-specific basis, considering each customer's particular credit situation. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2018 . We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2018 . Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 17 . Allowance for Losses ." |
Goodwill | Goodwill We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. If the carrying amount of the applicable reporting unit exceeds its fair value, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of goodwill. We record an impairment loss if the carrying amount of goodwill exceeds its implied fair value. The fair values of our reporting units are determined using discounted cash flow models. See "Note 16 . Goodwill . |
Income Taxes | Income Taxes We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. During 2017, the Tax Cuts and Jobs Act (the "Tax Act") was enacted, which made broad and complex changes to the U.S. tax laws. As a result, we recorded a one-time net tax benefit of $315.9 million , which represented our provisional estimate of the impact of the Tax Act. Additional guidance was issued by the Internal Revenue Service, the U.S. Department of the Treasury, and state taxing authorities during 2018 and, as a result, we recorded an adjustment to our provisional estimates. Specifically, in the fourth quarter of 2018, we recorded an additional net tax benefit of $16.5 million based on this clarifying guidance, the filing of our 2017 income tax returns, and the final determination of our foreign undistributed earnings and associated tax attributes. We do not expect to record any further material adjustments associated with the Tax Act. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 12 . Income Taxes ." |
Derivatives | Derivatives We use derivatives, such as interest rate swap agreements, Treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis. We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of comprehensive income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in earnings. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive income (loss), and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 8 . Fair Value Disclosure |
Defined Benefit Pension and Other Post-Retirement Plans | Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense and the other components of net periodic cost in other expense. See "Note 10 . Pension and Other Post-Retirement Benefits ." |
Foreign Currency | Foreign Currency We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive income (loss). Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized net of related hedges in other expense during the periods in which they occur. Net gains (losses) recognized were $(3.4) million , $6.0 million and $(3.8) million for 2018 , 2017 , and 2016 . |
Environmental Liabilities | Environmental Liabilities We record accruals for environmental remediation costs at sites relating to past or discontinued operations when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 22 . Legal Proceedings and Other Contingencies . |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and financial lease revenue, is our primary source of revenue which continues to be within the scope of existing lease guidance. Therefore, the adoption of Topic 606 had no impact on our recognition or presentation of lease revenue. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to executory costs, such as maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts and are unable to separate executory costs from full-service lease revenue. Operating lease revenue, including amounts related to executory costs, is recognized on a straight-line basis over the term of the underlying lease. As a result, we may not recognize lease revenue in the same period as maintenance and other executory costs, which we expense as incurred. Contingent rents are recognized when the contingency is resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 5 . Leases ." Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. We recognize unearned income as lease revenue using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount that 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. We regularly review the finance lease portfolio and classify finance leases as non-performing if it is probable that we will be unable to collect all amounts due under the lease. We generally stop accruing income on non-performing finance leases until all contractual payments are current. We apply payments received for non-performing finance leases to the lease payment receivable. See "Note 5 . Leases ." Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. Upon adoption of Topic 606, marine operating revenue is recognized over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Revenue is recognized pro rata over the projected duration of each voyage. Other Revenue |
Interest expense, net | nterest Expense, net Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $5.7 million in 2018 , $3.1 million in 2017 , and $1.9 million in 2016 . |
Operating Lease Expense | Operating Lease Expense We classify leases of certain railcars and other assets and facilities, such as maintenance facilities and equipment, as operating leases. We record the lease expense associated with these leases on a straight-line basis. We defer gains and transaction costs associated with sale-leasebacks of certain railcars and amortize those gains and costs as a component of operating lease expense over the related leaseback term. Upon adoption of the new lease standard, deferred gains will be eliminated and we will record a one-time increase to equity of approximately $40 million , net of income taxes. The elimination of deferred gains will increase reported operating lease expense in future years over the remaining terms of the sale-leasebacks, including approximately $4.0 million in 2019. See "Note 2 . Accounting Changes ." We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 5 . Leases ." |
Maintenance and Repair Costs | Maintenance and Repair Costs We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement. We capitalize required regulatory survey costs for vessels and amortize those costs over the applicable survey period, which is generally five years. |
ASC Expense Seasonality | ASC Expense Seasonality ASC's sailing season runs from April 1 to December 31 of each year. We defer certain expenses incurred prior to the beginning of the sailing season, such as winter maintenance, insurance, operating lease expense, and depreciation and amortize them ratably over the sailing season. |
Share-Based Compensation | Share-Based Compensation We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 11 . Share-Based Compensation |
Net Gain on Asset Dispositions | Net Gain on Asset Dispositions Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets and assets subject to residual value guarantees, and we recognize these fees upon completion of the underlying transactions. |
Other Income (Expense) | Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Net gain on disposition of assets | The following table presents the net gain on asset dispositions for the years ending December 31 (in millions): 2018 2017 2016 Net disposition gains $ 64.8 $ 44.1 $ 49.7 Residual sharing income 2.5 10.2 83.6 Non-remarketing net disposition gains 14.5 8.4 3.2 Asset impairment losses (1) (9.0 ) (8.6 ) (38.5 ) Net Gain on Asset Dispositions $ 72.8 $ 54.1 $ 98.0 |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Noncash Investing Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 2018 2017 2016 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 164.0 $ 154.6 $ 145.4 Income taxes paid, net $ 18.1 $ 21.5 $ 28.6 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Components of GATX's finance leases | GATX as Lessor The following table shows the components of our direct finance leases as of December 31 (in millions): 2018 2017 Total contractual lease payments receivable $ 119.5 $ 140.3 Estimated unguaranteed residual value of leased assets 57.5 58.3 Unearned income (50.6 ) (62.5 ) Finance leases $ 126.4 $ 136.1 |
Minimum Future Receipts | The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2018 (in millions): Finance Leases Operating Leases (1) Total 2019 $ 20.9 $ 935.1 $ 956.0 2020 28.9 732.1 761.0 2021 15.0 548.1 563.1 2022 25.4 383.1 408.5 2023 7.3 277.5 284.8 Years thereafter 22.0 366.4 388.4 $ 119.5 $ 3,242.3 $ 3,361.8 |
Assets that are financed with capital lease obligations | The following table shows assets we financed with capital lease obligations as of December 31 (in millions): 2018 2017 Railcars $ 19.3 $ 19.3 Less: allowance for depreciation (2.4 ) (1.6 ) $ 16.9 $ 17.7 |
Future minimum rental payments due under noncancelable operating leases | uture contractual rental payments due under noncancelable leases as of December 31, 2018 (in millions): Capital Leases Operating Leases 2019 $ 11.6 $ 68.2 2020 — 68.8 2021 — 65.4 2022 — 56.9 2023 — 54.3 Years thereafter — 265.7 $ 11.6 $ 579.3 Less: amounts representing interest (0.3 ) Present value of future contractual capital lease payments $ 11.3 |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |
Significant Investments in Affiliated Companies, by Segment | The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31, 2018 (in millions): Segment Investment Percentage Ownership Rolls-Royce & Partners Finance (1) Portfolio Management $ 464.3 50.0 % Adler Funding LLC Rail North America 0.2 12.5 % Investments in Affiliated Companies $ 464.5 __________ (1) Combined investment balances of seventeen separate joint ventures (collectively, the "RRPF affiliates") |
Equity Method Investments, Earnings by Segment | The following table shows our share of affiliates’ income by segment for the years ending December 31 (in millions): 2018 2017 2016 Rail North America (1) $ 0.6 $ (2.4 ) $ 0.5 Rail International — (0.1 ) (0.2 ) Portfolio Management 60.5 58.4 52.8 Share of affiliates' pre-tax income 61.1 55.9 53.1 Income taxes (10.8 ) (12.0 ) (5.7 ) Share of Affiliates' Income $ 50.3 $ 43.9 $ 47.4 |
Equity method Investments, Investments and Distributions | The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions (1) 2018 2017 2016 2018 2017 2016 Rail North America $ — $ — $ — $ 6.3 $ 0.7 $ 1.5 Portfolio Management 14.1 36.6 25.0 35.2 30.2 35.2 Total $ 14.1 $ 36.6 $ 25.0 $ 41.5 $ 30.9 $ 36.7 |
Equity Method Investments, Guarantees | Investments in affiliated companies represent investments in and loans to domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines and railcars. The loan amount included in investments in affiliated companies was zero and $6.5 million at December 31, 2018 and 2017. During 2017, we recorded an impairment loss of $3.0 million to reflect a decline in the value of the railcars remaining in the Adler Funding LLC fleet. As of December 31, 2018 , all railcar assets have been sold, and the partnership is in the process of winding down remaining activities. In 2015, as a result of our decision to exit the majority of our marine investments within our Portfolio Management segment, we sold our 50% interest in the Cardinal Marine joint venture. In 2016 and 2017, we recognized gains of $1.0 million and $1.1 million resulting from additional proceeds received related to the sale. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31, 2018 (in millions): Segment Investment Percentage Ownership Rolls-Royce & Partners Finance (1) Portfolio Management $ 464.3 50.0 % Adler Funding LLC Rail North America 0.2 12.5 % Investments in Affiliated Companies $ 464.5 __________ (1) Combined investment balances of seventeen separate joint ventures (collectively, the "RRPF affiliates"). The following table shows our share of affiliates’ income by segment for the years ending December 31 (in millions): 2018 2017 2016 Rail North America (1) $ 0.6 $ (2.4 ) $ 0.5 Rail International — (0.1 ) (0.2 ) Portfolio Management 60.5 58.4 52.8 Share of affiliates' pre-tax income 61.1 55.9 53.1 Income taxes (10.8 ) (12.0 ) (5.7 ) Share of Affiliates' Income $ 50.3 $ 43.9 $ 47.4 __________ (1) Amount for 2017 includes impairment losses of $3.0 million . The following table shows our cash investments in and distributions and loan payments from our affiliates by segment for the years ended December 31 (in millions): Cash Investments Cash Distributions (1) 2018 2017 2016 2018 2017 2016 Rail North America $ — $ — $ — $ 6.3 $ 0.7 $ 1.5 Portfolio Management 14.1 36.6 25.0 35.2 30.2 35.2 Total $ 14.1 $ 36.6 $ 25.0 $ 41.5 $ 30.9 $ 36.7 __________ (1) Cash distributions exclude proceeds from sales of affiliates of zero in 2018 , $2.3 million in 2017 , and $1.0 million in 2016 . Summarized Financial Data of Affiliates The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2018 2017 2016 Revenues $ 458.8 $ 350.7 $ 333.7 Net gains on sales of assets 5.8 27.4 23.6 Net income 120.5 100.4 99.3 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2018 2017 Current assets $ 306.6 $ 144.8 Noncurrent assets 4,428.7 3,847.2 Total assets $ 4,735.3 $ 3,992.0 Current liabilities $ 830.6 $ 446.8 Noncurrent liabilities 3,013.0 2,704.9 Shareholders’ equity 891.7 840.3 Total liabilities and shareholders' equity $ 4,735.3 $ 3,992.0 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include 50% interests in each of the RRPF affiliates, a group of seventeen domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 452 aircraft engines at December 31, 2018, of which 253 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $49.8 million in 2018 , $44.8 million in 2017 , and $46.6 million in 2016 . We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2018 2017 2016 Lease revenue from third parties $ 200.5 $ 168.8 $ 173.7 Lease revenue from Rolls-Royce 232.7 176.0 150.2 Depreciation expense (195.6 ) (176.4 ) (171.6 ) Interest expense (94.3 ) (64.3 ) (59.2 ) Other expenses (28.1 ) (8.9 ) (8.0 ) Net gains on sales of assets 6.1 20.5 19.1 Income before income taxes 121.3 115.7 104.2 Income taxes (1) (18.1 ) (13.2 ) (6.9 ) Net income $ 103.2 $ 102.5 $ 97.3 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. Amounts shown for 2016 are net of income tax benefits of approximately $7.8 million attributable to statutory rate decreases enacted in the United Kingdom. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2018 2017 Current assets $ 304.7 $ 135.3 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,024.7 and $943.5 (a) 4,428.7 3,772.4 Total assets $ 4,733.4 $ 3,907.7 Accounts payable and accrued expenses $ 97.9 $ 53.9 Debt: Current 732.1 392.0 Noncurrent, net of adjustments for hedges 2,733.6 2,359.1 Other liabilities 279.4 274.1 Shareholders’ equity 890.4 828.6 Total liabilities and shareholders' equity $ 4,733.4 $ 3,907.7 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2018 (in millions): Rolls-Royce Third Parties Total 2019 $ 270.1 $ 173.0 $ 443.1 2020 258.7 153.5 412.2 2021 246.4 131.3 377.7 2022 235.4 115.9 351.3 2023 213.9 101.6 315.5 Thereafter 689.1 312.1 1,001.2 Total $ 1,913.6 $ 987.4 $ 2,901.0 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2018 (in millions): 2019 (1) $ 732.1 2020 420.3 2021 286.0 2022 425.6 2023 274.6 Thereafter 1,330.7 Total debt principal (2) $ 3,469.3 _______ (1) Includes $369.0 million outstanding on a credit facility and $259.0 million related to a bridge loan, both of which were refinanced in February, 2019 with long-term debt issuances. (2) All debt obligations are nonrecourse to the shareholders. |
Equity Method Investments, Summarized Financial Data | The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2018 2017 2016 Revenues $ 458.8 $ 350.7 $ 333.7 Net gains on sales of assets 5.8 27.4 23.6 Net income 120.5 100.4 99.3 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2018 2017 Current assets $ 306.6 $ 144.8 Noncurrent assets 4,428.7 3,847.2 Total assets $ 4,735.3 $ 3,992.0 Current liabilities $ 830.6 $ 446.8 Noncurrent liabilities 3,013.0 2,704.9 Shareholders’ equity 891.7 840.3 Total liabilities and shareholders' equity $ 4,735.3 $ 3,992.0 |
Schedule of Future Minimum Lease Payments Receivable | The following table shows our future contractual receipts from finance leases and noncancelable operating leases as of December 31, 2018 (in millions): Finance Leases Operating Leases (1) Total 2019 $ 20.9 $ 935.1 $ 956.0 2020 28.9 732.1 761.0 2021 15.0 548.1 563.1 2022 25.4 383.1 408.5 2023 7.3 277.5 284.8 Years thereafter 22.0 366.4 388.4 $ 119.5 $ 3,242.3 $ 3,361.8 |
Schedule of Maturities of Debt Obligations | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2018 (in millions): 2019 $ 250.0 2020 350.0 2021 663.1 2022 250.0 2023 250.0 Thereafter 2,710.0 Total debt principal $ 4,473.1 |
RRPF Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments, Summarized Financial Data | The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2018 2017 2016 Lease revenue from third parties $ 200.5 $ 168.8 $ 173.7 Lease revenue from Rolls-Royce 232.7 176.0 150.2 Depreciation expense (195.6 ) (176.4 ) (171.6 ) Interest expense (94.3 ) (64.3 ) (59.2 ) Other expenses (28.1 ) (8.9 ) (8.0 ) Net gains on sales of assets 6.1 20.5 19.1 Income before income taxes 121.3 115.7 104.2 Income taxes (1) (18.1 ) (13.2 ) (6.9 ) Net income $ 103.2 $ 102.5 $ 97.3 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. Amounts shown for 2016 are net of income tax benefits of approximately $7.8 million attributable to statutory rate decreases enacted in the United Kingdom. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2018 2017 Current assets $ 304.7 $ 135.3 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,024.7 and $943.5 (a) 4,428.7 3,772.4 Total assets $ 4,733.4 $ 3,907.7 Accounts payable and accrued expenses $ 97.9 $ 53.9 Debt: Current 732.1 392.0 Noncurrent, net of adjustments for hedges 2,733.6 2,359.1 Other liabilities 279.4 274.1 Shareholders’ equity 890.4 828.6 Total liabilities and shareholders' equity $ 4,733.4 $ 3,907.7 _________ (a) All operating assets were pledged as collateral for long-term debt obligations. |
Schedule of Future Minimum Lease Payments Receivable | The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2018 (in millions): Rolls-Royce Third Parties Total 2019 $ 270.1 $ 173.0 $ 443.1 2020 258.7 153.5 412.2 2021 246.4 131.3 377.7 2022 235.4 115.9 351.3 2023 213.9 101.6 315.5 Thereafter 689.1 312.1 1,001.2 Total $ 1,913.6 $ 987.4 $ 2,901.0 |
Schedule of Maturities of Debt Obligations | The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2018 (in millions): 2019 (1) $ 732.1 2020 420.3 2021 286.0 2022 425.6 2023 274.6 Thereafter 1,330.7 Total debt principal (2) $ 3,469.3 _______ |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Commercial Paper and Borrowings Under Bank Credit Facilities | Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions) December 31 2018 2017 Balance $ 110.8 $ 4.3 Weighted average interest rate 2.77 % 1.02 % |
Outstanding balances of debt obligations and the applicable interest rates | utstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions): Date of Issue Final Maturity Interest Rate 2018 2017 Recourse Fixed Rate Debt Unsecured 03/04/14 07/30/19 2.50 % $ 250.0 $ 250.0 Unsecured 10/31/14 03/30/20 2.60 % 250.0 250.0 Unsecured 02/06/15 03/30/20 2.60 % 100.0 100.0 Unsecured 05/27/11 06/01/21 4.85 % 250.0 250.0 Unsecured 09/20/11 06/01/21 4.85 % 50.0 50.0 Unsecured 06/11/12 06/15/22 4.75 % 250.0 250.0 Unsecured 03/19/13 03/30/23 3.90 % 250.0 250.0 Unsecured 11/05/18 02/15/24 4.35 % 300.0 — Unsecured 02/06/15 03/30/25 3.25 % 300.0 300.0 Unsecured 09/13/16 09/15/26 3.25 % 350.0 350.0 Unsecured 02/09/17 03/30/27 3.85 % 300.0 300.0 Unsecured 11/02/17 03/15/28 3.50 % 300.0 300.0 Unsecured 05/07/18 11/07/28 4.55 % 300.0 — Unsecured 03/04/14 03/15/44 5.20 % 300.0 300.0 Unsecured 02/06/15 03/30/45 4.50 % 250.0 250.0 Unsecured 05/16/16 05/30/66 5.63 % 150.0 150.0 Unsecured (1) 11/19/13 03/15/19 2.50 % — 300.0 Unsecured 01/30/15 12/31/18 1.20 % — 60.0 Unsecured 11/29/10 11/30/18 3.70 % — 3.0 Unsecured 12/27/10 10/31/18 3.84 % — 12.0 Unsecured 03/19/13 07/30/18 2.38 % — 250.0 Secured (2) 08/28/96 02/28/18 7.86 % — 11.6 Total recourse fixed rate debt $ 3,950.0 $ 3,986.6 Recourse Floating Rate Debt Unsecured 11/06/17 11/05/21 3.30 % $ 300.0 $ 200.0 Unsecured 12/22/16 12/20/21 0.85 % 63.1 66.0 Unsecured 08/28/14 08/28/24 4.00 % 100.0 100.0 Unsecured 09/23/15 09/23/25 4.07 % 60.0 60.0 Total recourse floating rate debt $ 523.1 $ 426.0 Total debt principal $ 4,473.1 $ 4,412.6 Unamortized debt discount and debt issuance costs (35.9 ) (36.2 ) Debt adjustment for fair value hedges (7.5 ) (4.7 ) Total Debt $ 4,429.7 $ 4,371.7 |
Maturities of GATX's debt obligation | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2018 (in millions): 2019 $ 250.0 2020 350.0 2021 663.1 2022 250.0 2023 250.0 Thereafter 2,710.0 Total debt principal $ 4,473.1 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities at fair value recurring basis | The following tables show our assets and liabilities that are measured at fair value on a recurring basis (in millions): Assets Total December 31 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Foreign exchange rate derivatives (1) $ 4.4 $ — $ 4.4 $ — Foreign exchange rate derivatives (2) 0.5 — 0.5 — Liabilities Interest rate derivatives (1) 7.7 — 7.7 — Foreign exchange rate derivatives (1) 18.2 — 18.2 — Foreign exchange rate derivatives (2) 4.7 — 4.7 — Assets Total December 31 2017 Quoted Significant Observable Inputs Significant Unobservable Interest rate derivatives (1) $ 1.2 $ — $ 1.2 $ — Liabilities Interest rate derivatives (1) 4.7 — 4.7 — Foreign exchange rate derivatives (1) 27.7 — 27.7 — Foreign exchange rate derivatives (2) 6.9 — 6.9 — _________ (1) Designated as hedges. (2) Not designated as hedges. |
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss) | 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 nine instruments outstanding with an aggregate notional amount of $500.0 million as of December 31, 2018 with maturities ranging from 2019 to 2022 and ten instruments outstanding with an aggregate notional amount of $550.0 million as of December 31, 2017 with maturities ranging from 2018 to 2022. Cash Flow Hedges We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps to hedge our exposure to fluctuations in the exchange rates of the foreign currencies in which we conduct business. We had eight instruments outstanding with an aggregate notional amount of $501.9 million as of December 31, 2018 that mature from 2019 to 2022 and five instruments outstanding with an aggregate notional amount of $285.6 million as of December 31, 2017 with maturities ranging from 2019 to 2022. Within the next 12 months, we expect to reclassify $4.1 million ( $3.1 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive income (loss) to interest expense or operating lease expense, as applicable. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings. Non-designated Derivatives We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other (income) expense immediately. Some of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that are in a liability position as of December 31, 2018 was $25.9 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 the impacts of our derivative instruments on our statement of comprehensive income for the years ended December 31 (in millions): Derivative Designation Location of Loss (Gain) Recognized 2018 2017 2016 Fair value hedges (1) Interest expense $ 3.0 $ 5.3 $ 0.8 Cash flow hedges Other comprehensive loss (effective portion) 12.6 (41.5 ) 4.9 Cash flow hedges Interest expense (effective portion reclassified from accumulated other comprehensive loss) 4.2 6.8 6.9 Cash flow hedges Operating lease expense (effective portion reclassified from accumulated other comprehensive loss) 0.1 0.1 1.1 Cash flow hedges (2) Other (income) expense (effective portion reclassified from accumulated other comprehensive loss) (11.7 ) 38.9 (11.9 ) Non-designated Other (income) expense (2.2 ) 8.0 (2.6 ) _________ (1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense. (2) Includes (income) expense on foreign currency derivatives that are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in Other (income) expense. |
Fair Value Other Financial Instruments | The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions): 2018 2018 2017 2017 Carrying Amount Fair Value Carrying Amount Fair Value Liabilities Recourse fixed rate debt $ 3,933.4 $ 3,836.0 $ 3,971.2 $ 4,089.1 Recourse floating rate debt 522.7 515.1 426.0 428.7 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension obligations and plan assets and other post-retirement obligations | We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2018 Retiree 2017 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 480.1 $ 464.4 $ 33.7 $ 30.3 Service cost 8.2 6.5 0.2 0.2 Interest cost 14.7 15.4 1.0 1.1 Actuarial (gain) loss (40.9 ) 34.8 (5.0 ) 5.5 Benefits paid (46.5 ) (44.2 ) (2.4 ) (3.4 ) Effect of foreign exchange rate changes (1.9 ) 3.2 — — Benefit obligation at end of year $ 413.7 $ 480.1 $ 27.5 $ 33.7 Change in Fair Value of Plan Assets Plan assets at beginning of year 435.6 413.5 — — Actual return on plan assets (23.9 ) 61.3 — — Effect of exchange rate changes (2.0 ) 3.4 — — Company contributions 6.6 1.6 2.4 3.4 Benefits paid (46.5 ) (44.2 ) (2.4 ) (3.4 ) Plan assets at end of year $ 369.8 $ 435.6 $ — $ — Funded Status at end of year $ (43.9 ) $ (44.5 ) $ (27.5 ) $ (33.7 ) Amount Recognized Other liabilities and other assets (net) $ (43.9 ) $ (44.5 ) $ (27.5 ) $ (33.7 ) Accumulated other comprehensive loss: Net actuarial loss (gain) 125.2 132.5 (2.2 ) 2.8 Prior service credit — (0.1 ) (1.4 ) (1.6 ) Accumulated other comprehensive loss (income) 125.2 132.4 (3.6 ) 1.2 Total recognized $ 81.3 $ 87.9 $ (31.1 ) $ (32.5 ) After-tax amount recognized in accumulated other comprehensive loss (gain) $ 95.4 $ 82.7 $ (2.8 ) $ 0.9 The aggregate accumulated benefit obligation for the defined benefit pension plans was $394.8 million at December 31, 2018 and $457.0 million at December 31, 2017 . |
Pension plans with a projected benefit obligation in excess of plan assets | The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions): 2018 2017 Projected benefit obligations $ 303.8 $ 350.7 Fair value of plan assets 255.5 299.9 |
Pension plans with an accumulated benefit obligation in excess of plan assets | The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions): 2018 2017 Accumulated benefit obligations $ 30.0 $ 37.1 Fair value of plan assets — — |
Components of pension and other post retirement benefit costs | The following table shows the components of net periodic cost (benefit) for the year ended December 31 (in millions): 2018 Pension Benefits 2017 Pension Benefits 2016 Pension Benefits 2018 Retiree Health and Life 2017 2016 Retiree Health and Life Service cost $ 8.2 $ 6.5 $ 6.1 $ 0.2 $ 0.2 $ 0.2 Interest cost 14.7 15.4 15.3 1.0 1.1 0.9 Expected return on plan assets (22.2 ) (24.0 ) (25.6 ) — — — Settlement expense 2.1 0.2 6.1 — — — Amortization of: Unrecognized prior service credit — — (1.0 ) (0.1 ) (0.2 ) (0.2 ) Unrecognized net actuarial loss (gain) 10.0 9.3 10.5 — (0.3 ) (0.3 ) Net periodic cost $ 12.8 $ 7.4 $ 11.4 $ 1.1 $ 0.8 $ 0.6 |
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year | We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. The following table shows the amounts we expect to recognize as components of net periodic cost in 2019 from amounts recorded in accumulated comprehensive loss (income) as of December 31, 2018 (in millions): Pension Benefits Retiree Health and Life Unrecognized net actuarial loss $ 7.7 $ — Unrecognized prior service cost — (0.2 ) |
Expected long term return on assets and to measure the periodic cost | We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2018 2017 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 4.32 % 3.68 % Discount rate — salaried unfunded plans 3.72% - 4.26% 3.07% - 3.45% Discount rate — hourly funded plan 4.42 % 3.73 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 2.50 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 3.68 % 4.23 % Discount rate — hourly funded plan 3.74 % 4.31 % Expected return on plan assets — salaried funded plan 5.90 % 6.25 % Expected return on plan assets — hourly funded plan 5.50 % 6.15 % Rate of compensation increases — salaried funded and unfunded plans 2.50 % 2.50 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 2.60 % 2.40 % Rate of pension-in-payment increases 3.20 % 3.10 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 2.40 % 2.60 % Expected return on plan assets 4.10 % 4.20 % Rate of pension-in-payment increases 3.10 % 3.20 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 4.06 % 3.40 % Discount rate - combined life insurance 4.32 % 3.66 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - salaried health n/a 3.67 % Discount rate - hourly health n/a 4.00 % Discount rate - combined health 3.41 % n/a Discount rate - salaried life insurance n/a 4.19 % Discount rate - hourly life insurance n/a 3.84 % Discount rate - combined life insurance 3.66 % n/a Rate of compensation increases n/a n/a |
Review of historical returns | We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate. 2018 2017 Assumed Health Care Cost Trend Rates at December 31 Health care cost trend assumed for next year Medical claims - pre age 65 6.70 % 6.70 % Medical claims - post age 65 5.80 % 4.90 % Prescription drugs claims - pre age 65 9.30 % 11.10 % Prescription drugs claims - post age 65 9.20 % 11.10 % Rate to which the cost trend is expected to decline (the ultimate trend rate) Medical claims 4.50 % 4.50 % Prescription drugs claims 4.50 % 4.50 % Year that rate reaches the ultimate trend rate Medical claims 2026 2025 Prescription drugs claims 2026 2025 |
Effect on the other post-retirement benefit cost and obligation | The health care cost trend, which is based on projected growth rates for medical and prescription drug claims, has an effect on our other post-retirement benefit costs and obligations. The following table shows the effects of a one percentage point change in the health care cost trend rate on service and interest costs for the year ended December 31, 2018 and the post-retirement benefit obligation as of December 31, 2018 (in millions): One Percentage Point Increase One Percentage Point Decrease Effect on total of service and interest cost (1) $ — $ — Effect on post-retirement benefit obligation 0.8 (0.7 ) |
Pension plan assets fair value | The following table sets forth the fair value of our pension plan assets as of December 31 (in millions): 2018 2017 Assets measured at net asset value (1): Short-term investment fund $ 0.7 $ 2.6 Common stock collective trust funds 148.2 204.1 Fixed income group trusts 207.1 211.0 Real estate collective trust funds 13.8 14.8 Loan fund — 3.1 Total $ 369.8 $ 435.6 |
Schedule of Expected Benefit Payments | The following table shows benefit payments, which reflect expected future service (in millions): Funded Plans Unfunded Plans Retiree Health and Life 2019 $ 28.3 $ 2.5 $ 3.2 2020 27.6 2.8 3.0 2021 27.5 2.6 2.8 2022 27.5 2.9 2.6 2023 27.8 3.0 2.4 Years 2024-2028 137.2 14.9 9.5 Total $ 275.9 $ 28.7 $ 23.5 |
Contributions to Multiemployer Benefit Plans | The following table shows our contributions to multiemployer benefit plans for the years indicated (in millions): Multiemployer Plans EIN and Pension Plan Number Pension Protection Act Zone Status GATX Contributions Collective Bargaining Agreement Expiration Date 2018 2017 2016 American Maritime Officers Pension Plan (1) 13-1969709-001 Green $ 2.3 $ 2.3 $ 1.2 February 7, 2021 Other multiemployer post-retirement plans 5.8 6.1 5.9 Total $ 8.1 $ 8.4 $ 7.1 _______ (1) As of December 31, 2018, the actuary for the American Maritime Officers Pension Plan certified that the plan is in the “green zone” as defined by the Pension Protection Act of 2006. Our share of the total contributions was less than 5% in 2018 and more than 5% in 2017 and 2016. No surcharges were imposed for 2018, 2017, or 2016. |
UNITED STATES | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average asset allocations of domestic funded pension plans | Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2018 and 2017 , and current target asset allocation for 2019, by asset category: Plan Assets for Salaried Employees at December 31 Target 2018 2017 Asset Category Equity securities 45.6 % 44.1 % 50.7 % Debt securities 51.0 % 51.8 % 44.8 % Real estate 3.4 % 3.9 % 3.7 % Cash — % 0.2 % 0.8 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at December 31 Target 2018 2017 Asset Category Equity securities 32.7 % 30.3 % 39.4 % Debt securities 64.1 % 64.9 % 56.8 % Real estate 3.2 % 4.7 % 3.7 % Cash — % 0.1 % 0.1 % 100.0 % 100.0 % 100.0 % |
Foreign Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average asset allocations of domestic funded pension plans | The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2018 and 2017 , and current target asset allocation for 2019, by asset category: Plan Assets at December 31 Target 2018 2017 Asset Category Equity securities 36.8 % 33.4 % 36.0 % Debt securities 63.2 % 66.6 % 64.0 % 100.0 % 100.0 % 100.0 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Weighted Average Fair Value and Assumptions | The following table shows the weighted average fair value for our stock options and the assumptions we used to estimate fair value: 2018 2017 2016 Weighted average estimated fair value $ 21.87 $ 19.40 $ 13.86 Quarterly dividend rate $ 0.44 $ 0.42 $ 0.40 Expected term of stock options, in years 4.5 4.7 4.7 Risk-free interest rate 2.4 % 1.9 % 1.4 % Dividend yield 2.5 % 2.8 % 4.1 % Expected stock price volatility 27.9 % 27.7 % 29.4 % Present value of dividends $ 7.51 $ 7.50 $ 7.27 |
Data With Respect to Stock Options SARs Activity | The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2018 : Number of Stock Options and Stock Appreciation Rights (in thousands) Weighted Average Exercise Price Outstanding at beginning of the year 1,723 $ 50.07 Granted 320 69.73 Exercised (611) 47.19 Forfeited/Cancelled (33) 53.94 Outstanding at end of the year 1,399 55.73 Vested and exercisable at end of the year 733 51.17 |
Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term | The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2018 , 2017 , and 2016 , and the weighted average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2018 : Stock Options and Stock Appreciation Rights Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in millions) Exercised in 2016 $ 6.2 Exercised in 2017 4.4 Exercised in 2018 17.2 Outstanding at December 31, 2018 (a) 4.2 21.5 Vested and exercisable at December 31, 2018 3.1 14.6 _______ (a) As of December 31, 2018 , 435,552 stock appreciation rights and 963,557 stock options were outstanding. |
Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity | The following table shows information about restricted stock units and performance shares for the year ended December 31, 2018 : Number of Share Units Outstanding (in thousands) Weighted Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 187 $ 50.62 Granted 73 73.60 Vested (52 ) 55.56 Forfeited (4 ) 53.82 Nonvested at end of the year 204 57.57 Performance Shares: Nonvested at beginning of the year 161 $ 46.25 Granted 58 65.00 Net increase due to estimated performance 49 53.27 Vested (117 ) 38.83 Forfeited (8 ) 51.28 Nonvested at end of the year 143 62.08 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred tax Assets and Liabilities | significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2018 2017 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 890.7 $ 872.8 Investments in affiliated companies 36.2 43.6 Lease accounting 12.2 9.0 Other 1.9 6.3 Total deferred tax liabilities $ 941.0 $ 931.7 Deferred Tax Assets Federal net operating loss — 4.1 Alternative minimum tax credit 3.4 8.0 Foreign tax credit 0.2 — Valuation allowance on foreign tax credit (0.2 ) — State net operating loss 26.4 29.5 Valuation allowance on state net operating loss (12.6 ) (10.3 ) Foreign net operating loss 2.1 2.1 Valuation allowance on foreign net operating loss (0.3 ) (0.4 ) Accruals not currently deductible for tax purposes 24.8 21.7 Allowance for losses 1.1 1.1 Pension and post-retirement benefits 17.8 19.6 Other 0.5 2.6 Total deferred tax assets $ 63.2 $ 78.0 Net deferred tax liabilities $ 877.8 $ 853.7 |
Income before income taxes | The following table shows the components of income before income taxes, excluding affiliates, for the years ending December 31 (in millions): 2018 2017 2016 Domestic $ 108.9 $ 124.5 $ 211.0 Foreign 86.2 89.9 94.4 Total $ 195.1 $ 214.4 $ 305.4 |
Consolidated federal income taxes | The following table shows income taxes, excluding domestic and foreign affiliates, for the years ending December 31 (in millions): 2018 2017 2016 Current Domestic: Federal $ (3.3 ) $ (1.1 ) $ 6.0 State and local 0.7 (0.1 ) — $ (2.6 ) $ (1.2 ) $ 6.0 Foreign 17.5 18.0 16.9 $ 14.9 $ 16.8 $ 22.9 Deferred Domestic: Federal 2.1 (270.0 ) 55.8 State and local 8.7 1.2 10.5 $ 10.8 $ (268.8 ) $ 66.3 Foreign 8.4 8.3 6.5 $ 19.2 $ (260.5 ) $ 72.8 Income taxes $ 34.1 $ (243.7 ) $ 95.7 |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | The following table shows the differences between our effective income tax rate and the federal statutory income tax rate for the years ending December 31 (in millions): 2018 2017 2016 Income taxes at federal statutory rate $ 41.0 $ 75.0 $ 106.9 Adjust for effect of: Foreign tax credits (1.4 ) — (7.8 ) Foreign earnings taxed at applicable statutory rates 7.8 (5.5 ) (9.7 ) Corporate owned life insurance (1.0 ) (0.9 ) (1.7 ) State income taxes 5.2 (0.5 ) 6.8 State deferred tax rate change impact — 5.0 — Other (1.0 ) (0.9 ) 1.2 Tax Act: Revaluation of deferred tax liabilities 9.4 (371.4 ) — Transition tax on foreign earnings and profits (23.1 ) 57.2 — Other (2.8 ) (1.7 ) — Total Tax Act impact $ (16.5 ) $ (315.9 ) $ — Income taxes $ 34.1 $ (243.7 ) $ 95.7 Effective income tax rate 17.5 % (113.7 )% 31.3 % |
Commercial Commitments (Tables)
Commercial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Commercial Commitments | The following table shows our commercial commitments as of December 31 (in millions): 2018 2017 Lease payment guarantees $ 2.0 $ 4.9 Standby letters of credit and performance bonds 9.5 17.8 Total commercial commitments (1) $ 11.5 $ 22.7 _______ (1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.9 million at December 31, 2018 and $2.0 million at December 31, 2017 . The expirations of these commitments range from 2019 to 2023 . We are not aware of any event that would require us to satisfy any of our commitments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table shows the computation of our basic and diluted net income per common share for the years ending December 31 (in millions, except per share amounts): 2018 2017 2016 Numerator: Net income $ 211.3 $ 502.0 $ 257.1 Denominator: Weighted average shares outstanding - basic 37.6 38.8 40.5 Effect of dilutive securities: Equity compensation plans 0.7 0.6 0.4 Weighted average shares outstanding - diluted 38.3 39.4 40.9 Basic earnings per share $ 5.62 $ 12.95 $ 6.35 Diluted earnings per share $ 5.52 $ 12.75 $ 6.29 |
Allowance for Losses (Tables)
Allowance for Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Changes in the allowance for possible losses | The following table shows changes in the allowance for losses at December 31 (in millions): 2018 2017 Beginning balance $ 6.4 $ 6.1 (Reversal) provision for losses (0.3 ) 0.6 Charges to allowance (0.1 ) 0.2 Recoveries and other, including foreign exchange adjustments 0.4 (0.5 ) Ending balance $ 6.4 $ 6.4 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Common stock reserved for conversion and incentive plans | The following shares of common stock were reserved as of December 31, 2018 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.2 GATX Corporation 2012 Incentive Award Plan 6.6 Total 8.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Gain (Loss) on Securities Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2015 $ (77.7 ) $ (0.3 ) $ (20.9 ) $ (99.9 ) $ (198.8 ) Change in component (26.0 ) 2.5 7.3 11.7 (4.5 ) Reclassification adjustments into earnings (1) — (1.9 ) (3.9 ) 9.0 3.2 Income tax effect — (0.3 ) (2.8 ) (7.9 ) (11.0 ) Balance at December 31, 2016 (103.7 ) — (20.3 ) (87.1 ) (211.1 ) Change in component 93.2 — (39.6 ) (3.2 ) 50.4 Reclassification adjustments into earnings (1) — — 45.8 8.8 54.6 Income tax effect — — (1.4 ) (2.1 ) (3.5 ) Balance at December 31, 2017 (10.5 ) — (15.5 ) (83.6 ) (109.6 ) Change in component (47.5 ) — 12.9 2.1 (32.5 ) Reclassification adjustments into earnings (1) — — (7.4 ) 9.9 2.5 Income tax effect — — (1.0 ) (4.6 ) (5.6 ) Reclassification adjustments into retained earnings (2) — — (3.0 ) (16.4 ) (19.4 ) Balance at December 31, 2018 $ (58.0 ) $ — $ (14.0 ) $ (92.6 ) $ (164.6 ) |
Foreign Operations (Tables)
Foreign Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign operations data | The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions): 2018 2017 2016 Revenues Foreign $ 333.5 $ 324.0 $ 320.7 United States 1,027.4 1,052.9 1,097.6 Total $ 1,360.9 $ 1,376.9 $ 1,418.3 Identifiable Assets Foreign $ 2,470.9 $ 2,407.2 $ 2,098.2 United States 5,145.8 5,015.2 5,007.2 Total $ 7,616.7 $ 7,422.4 $ 7,105.4 |
Financial Data of Business Se_2
Financial Data of Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment data | The following tables show certain segment data for the years ended December 31, 2018 , 2017 , and 2016 (in millions): Rail North America Rail International ASC Other GATX Consolidated 2018 Profitability Revenues Lease revenue $ 873.4 $ 209.3 $ 1.0 $ 4.1 $ — $ 1,087.8 Marine operating revenue — — 14.3 181.7 — 196.0 Other revenue 68.1 8.2 0.8 — — 77.1 Total Revenues 941.5 217.5 16.1 185.8 — 1,360.9 Expenses Maintenance expense 254.7 44.5 — 22.6 — 321.8 Marine operating expense — — 16.8 114.1 — 130.9 Depreciation expense 248.5 55.5 7.3 10.6 — 321.9 Operating lease expense 49.6 — — — — 49.6 Other operating expense 27.3 5.8 — — — 33.1 Total Expenses 580.1 105.8 24.1 147.3 — 857.3 Other Income (Expense) Net gain (loss) on asset dispositions 76.3 (0.2 ) (3.4 ) 0.1 — 72.8 Interest (expense) income, net (125.2 ) (35.9 ) (10.4 ) (5.7 ) 8.6 (168.6 ) Other (expense) income (5.2 ) (7.0 ) — 0.1 (9.5 ) (21.6 ) Share of affiliates' pre-tax income 0.6 — 60.5 — — 61.1 Segment profit (loss) $ 307.9 $ 68.6 $ 38.7 $ 33.0 $ (0.9 ) 447.3 Less: Selling, general and administrative expense 191.1 Income taxes (includes $10.8 related to affiliates' earnings) 44.9 Net income $ 211.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Disposition gains on owned assets $ 64.7 $ — $ — $ 0.1 $ — $ 64.8 Residual sharing income 1.4 — 1.1 — — 2.5 Non-remarketing disposition gains (1) 10.8 3.7 — — — 14.5 Asset impairments (0.6 ) (3.9 ) (4.5 ) — — (9.0 ) $ 76.3 $ (0.2 ) $ (3.4 ) $ 0.1 $ — $ 72.8 Capital Expenditures Portfolio investments and capital additions $ 737.4 $ 152.7 $ 14.1 $ 15.8 $ 23.4 $ 943.4 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 464.3 $ — $ — $ 464.5 Identifiable assets $ 5,236.6 $ 1,363.2 $ 606.8 $ 297.8 $ 112.3 $ 7,616.7 __________ (1) Includes scrapping gains. Rail North America Rail International ASC Other GATX Consolidated 2017 Profitability Revenues Lease revenue $ 899.9 $ 190.3 $ 3.8 $ 4.1 $ — $ 1,098.1 Marine operating revenue — — 25.0 168.4 — 193.4 Other revenue 77.5 6.8 1.1 — — 85.4 Total Revenues 977.4 197.1 29.9 172.5 — 1,376.9 Expenses Maintenance expense 265.0 41.1 — 22.2 — 328.3 Marine operating expense — — 24.8 106.2 — 131.0 Depreciation expense 239.4 48.9 7.0 12.0 — 307.3 Operating lease expense 60.7 — — 1.8 — 62.5 Other operating expense 28.7 4.7 1.0 — — 34.4 Total Expenses 593.8 94.7 32.8 142.2 — 863.5 Other Income (Expense) Net gain (loss) on asset dispositions 45.2 3.1 7.7 (1.9 ) — 54.1 Interest (expense) income, net (121.2 ) (33.4 ) (9.2 ) (5.2 ) 8.5 (160.5 ) Other (expense) income (5.9 ) (3.2 ) 2.3 1.3 (7.1 ) (12.6 ) Share of affiliates' pre-tax (loss) income (2.4 ) (0.1 ) 58.4 — — 55.9 Segment profit $ 299.3 $ 68.8 $ 56.3 $ 24.5 $ 1.4 450.3 Less: Selling, general and administrative expense 180.0 Income taxes (includes $12.0 related to affiliates' earnings) (231.7 ) Net income $ 502.0 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Disposition gains (losses) on owned assets $ 44.0 $ 0.1 $ 1.8 $ (1.8 ) $ — $ 44.1 Residual sharing income 0.6 — 9.6 — — 10.2 Non-remarketing disposition gains (losses) (1) 5.2 3.3 — (0.1 ) — 8.4 Asset impairments (4.6 ) (0.3 ) (3.7 ) — — (8.6 ) $ 45.2 $ 3.1 $ 7.7 $ (1.9 ) $ — $ 54.1 Capital Expenditures Portfolio investments and capital additions $ 460.9 $ 90.9 $ 36.6 $ 14.0 $ 1.0 $ 603.4 Selected Balance Sheet Data Investments in affiliated companies $ 6.8 $ — $ 434.2 $ — $ — $ 441.0 Identifiable assets $ 4,915.0 $ 1,332.9 $ 582.8 $ 286.7 $ 305.0 $ 7,422.4 __________ (1) Includes scrapping gains. Rail North America Rail International ASC Other GATX Consolidated 2016 Profitability Revenues Lease revenue $ 935.1 $ 182.0 $ 5.8 $ 4.2 $ — $ 1,127.1 Marine operating revenue — — 49.3 150.0 — 199.3 Other revenue 83.4 7.0 1.5 — — 91.9 Total Revenues 1,018.5 189.0 56.6 154.2 — 1,418.3 Expenses Maintenance expense 266.5 47.2 — 18.6 — 332.3 Marine operating expense — — 32.8 96.7 — 129.5 Depreciation expense 231.8 45.5 7.0 12.9 — 297.2 Operating lease expense 67.6 — — 6.0 (0.1 ) 73.5 Other operating expense 34.1 5.3 4.4 — — 43.8 Total Expenses 600.0 98.0 44.2 134.2 (0.1 ) 876.3 Other Income (Expense) Net gain on asset dispositions 16.6 1.1 80.3 — — 98.0 Interest (expense) income, net (110.1 ) (29.7 ) (8.6 ) (4.5 ) 4.8 (148.1 ) Other (expense) income (3.6 ) 0.8 — (5.4 ) (9.3 ) (17.5 ) Share of affiliates' pre-tax income (loss) 0.5 (0.2 ) 52.8 — — 53.1 Segment profit $ 321.9 $ 63.0 $ 136.9 $ 10.1 $ (4.4 ) 527.5 Less: Selling, general and administrative expense 169.0 Income taxes (includes $5.7 related to affiliates' earnings) 101.4 Net income $ 257.1 Net Gain on Asset Dispositions Asset Remarketing Income: Disposition gains on owned assets $ 45.5 $ — $ 4.2 $ — $ — $ 49.7 Residual sharing income 0.8 — 82.8 — — 83.6 Non-remarketing disposition gains (1) 1.5 1.7 — — — 3.2 Asset impairments (31.2 ) (0.6 ) (6.7 ) — — (38.5 ) $ 16.6 $ 1.1 $ 80.3 $ — $ — $ 98.0 Capital Expenditures Portfolio investments and capital additions $ 495.6 $ 87.1 $ 25.0 $ 9.1 $ 3.9 $ 620.7 Selected Balance Sheet Data Investments in affiliated companies $ 10.5 $ 1.2 $ 375.3 $ — $ — $ 387.0 Identifiable assets $ 4,775.6 $ 1,128.7 $ 593.5 $ 278.8 $ 328.8 $ 7,105.4 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | First Quarter Second Quarter (2) Third Quarter Fourth Quarter (3) Total In millions, except per share data 2018 Total revenues $ 305.3 $ 349.5 $ 349.7 $ 356.4 $ 1,360.9 Net income $ 76.3 $ 38.8 $ 47.0 $ 49.2 $ 211.3 Per Share Data (1) Basic $ 2.02 $ 1.03 $ 1.25 $ 1.32 $ 5.62 Diluted $ 1.98 $ 1.01 $ 1.22 $ 1.30 $ 5.52 2017 Total revenues $ 316.1 $ 348.4 $ 359.6 $ 352.8 $ 1,376.9 Net income $ 57.5 $ 53.4 $ 49.0 $ 342.1 $ 502.0 Per Share Data (1) Basic $ 1.46 $ 1.37 $ 1.27 $ 8.98 $ 12.95 Diluted $ 1.44 $ 1.35 $ 1.25 $ 8.83 $ 12.75 _______ (1) Quarterly earnings per share may not be additive, as per share amounts are computed independently for each quarter and the full year is based on the respective weighted average common shares and common stock equivalents outstanding. (2) In the second quarter of 2018, net income included $5.8 million of expense (net of income taxes) attributable to the closure of a maintenance facility. (3) In the fourth quarters of 2018 and 2017, net income included $17.9 million and $315.9 million of income tax benefits, primarily related to the impacts of the enacted Tax Act. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 4 |
Accounting Changes Pension and
Accounting Changes Pension and Post-Retirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | $ (0.2) | $ 0 | |
Additions to Other Assets, Amount | $ 470 | |||
Operating Lease, Liability | 480 | |||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | 4 | $ 4 | ||
Reclassification out of Accumulated Other Comprehensive Income [Domain] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 19.4 | $ 0.1 | $ 0 |
Accounting Changes Adjustments
Accounting Changes Adjustments for New Accounting Pronouncements (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | $ 200,000 | $ 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Domain] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (19,400,000) | $ (100,000) | $ 0 | |
Accounting Standards Update 2016-02 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 40,000,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Interest Income (Expense), Net | $ (5.7) | $ (3.1) | $ (1.9) |
Minimum [Member] | Railcars [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 20 years | ||
Minimum [Member] | Locomotives [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 10 years | ||
Minimum [Member] | Buildings [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 40 years | ||
Minimum [Member] | Leasehold Improvements [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 5 years | ||
Minimum [Member] | Marine vessels [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 30 years | ||
Minimum [Member] | Industrial Equipment [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 5 years | ||
Maximum [Member] | Railcars [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 45 years | ||
Maximum [Member] | Locomotives [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 20 years | ||
Maximum [Member] | Buildings [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 50 years | ||
Maximum [Member] | Leasehold Improvements [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 15 years | ||
Maximum [Member] | Marine vessels [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 65 years | ||
Maximum [Member] | Industrial Equipment [Member] | |||
Estimated lives of useful depreciable assets | |||
Estimated useful lives of depreciable assets, minimum | 30 years |
Significant Accounting Polici_5
Significant Accounting Policies (Gain on Asset Dispositions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Disposition gains | $ 64.8 | $ 44.1 | $ 49.7 |
Residual sharing income | (2.5) | (10.2) | (83.6) |
Non-remarketing disposition gains | (14.5) | (8.4) | (3.2) |
Asset impairments | (9) | (8.6) | (38.5) |
Net Gain on Asset Dispositions | $ 72.8 | $ 54.1 | $ 98 |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textual) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)Entity | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Error Corrections and Prior Period Adjustments, Description | 40 | |||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | $ 4 | $ 4 | ||
Effective Income Tax Rate Reconciliation, Percent | 17.50% | (113.70%) | 31.30% | |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | $ 16.5 | $ 315.9 | $ 0 | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 0 | 0.2 | 0 | |
Wholly-owned bankruptcy remote special-purpose corporations | Entity | 1 | |||
Interest expense net of interest income on bank deposits | $ 5.7 | $ 3.1 | $ 1.9 |
Significant Accounting Polici_7
Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (3.4) | $ 6 | $ (3.8) |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Noncash Investing Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Car | Dec. 31, 2016USD ($) | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | $ 11.6 | $ 0 |
Number of railcars received | Car | 1,224 | ||
Supplemental Cash Flow Information | |||
Interest paid | 164 | $ 154.6 | 145.4 |
Income taxes paid (refunded), net | 18.1 | 21.5 | 28.6 |
Portfolio proceeds | $ 234.4 | $ 165.6 | $ 223.7 |
Supplemental Cash Flow and No_4
Supplemental Cash Flow and Noncash Investing Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Car | Dec. 31, 2016USD ($) | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Portfolio proceeds | $ 234.4 | $ 165.6 | $ 223.7 |
Number of railcars received | Car | 1,224 | ||
Payments for (Proceeds from) Productive Assets | $ 20.7 | ||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 0 | $ 11.6 | $ 0 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)Car | Dec. 31, 2018USD ($) | |
Leases [Abstract] | ||
Number of railcars received | Car | 1,224 | |
Direct Financing [Abstract] | ||
Total minimum lease payments receivable, Direct Financing | $ 140.3 | $ 119.5 |
Estimated non-guaranteed residual value of leased assets, Direct Financing | 58.3 | 57.5 |
Unearned income, Direct Financing | (62.5) | (50.6) |
Finance leases, Direct Financing | $ 136.1 | $ 126.4 |
Leases (Details 1)
Leases (Details 1) $ in Millions | Dec. 31, 2018USD ($) | |
Minimum Future Receipts | ||
2016, Finance Leases | $ 20.9 | |
2017, Finance Leases | 28.9 | |
2018, Finance Leases | 15 | |
2019, Finance Leases | 25.4 | |
2020, Finance Leases | 7.3 | |
Years thereafter, Finance Leases | 22 | |
Total, Finance Leases | 119.5 | |
2016, Operating Leases | 935.1 | |
2017, Operating Leases | 732.1 | |
2018, Operating Leases | 548.1 | |
2019, Operating Leases | 383.1 | |
2020, Operating Leases | 277.5 | |
Years thereafter, Operating Leases | 366.4 | |
Total future receipts from leases | (3,242.3) | [1] |
2016, Total | 956 | |
2017, Total | 761 | |
2018, Total | 563.1 | |
2019, Total | 408.5 | |
2020, Total | 284.8 | |
Years thereafter, Total | 388.4 | |
Total | $ 3,361.8 | |
[1] | (1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance. |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets that are financed with capital lease obligations | ||
Less: allowance for depreciation | $ (2.4) | $ (1.6) |
Capital leased assets, net | 16.9 | 17.7 |
Railcars [Member] | ||
Assets that are financed with capital lease obligations | ||
Capital leased assets, gross | $ 19.3 | $ 19.3 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leases | ||
2016, Capital Leases | $ 11.6 | |
2017, Capital Leases | 0 | |
2018, Capital Leases | 0 | |
2019, Capital Leases | 0 | |
2020, Capital Leases | 0 | |
Years thereafter, Capital Leases | 0 | |
Capital Leases, Future Minimum Payments Due, Total | 11.6 | |
Less: amounts representing interest | (0.3) | |
Present value of future minimum capital lease payments | 11.3 | $ 12.5 |
Recourse Operating Leases [Member] | ||
Operating Leases | ||
2016, Operating Lease | 68.2 | |
2017, Operating Lease | 68.8 | |
2018, Operating Lease | 65.4 | |
2019, Operating Lease | 56.9 | |
2020, Operating Lease | 54.3 | |
Years thereafter, Operating Leases | 265.7 | |
Total, Operating Leases | $ 579.3 |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Schedule of Capital Leased Assets [Table Text Block] | The following table shows assets we financed with capital lease obligations as of December 31 (in millions): 2018 2017 Railcars $ 19.3 $ 19.3 Less: allowance for depreciation (2.4 ) (1.6 ) $ 16.9 $ 17.7 | ||
Operating Leases, Rent Expense | $ 65.9 | $ 67.4 | $ 77.6 |
Leases (Textual) [Abstract] | |||
Rental income from usage rents | $ 65.4 | $ 64.5 | $ 74.5 |
Railroad Transportation Equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
Schedule of Capital Leased Assets [Table Text Block] | 8,400 | ||
Marine vessels [Member] | |||
Operating Leased Assets [Line Items] | |||
Schedule of Capital Leased Assets [Table Text Block] | 2 |
Investments in Affiliated Com_3
Investments in Affiliated Companies (Significant Investments in Affiliates) (Details 1) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Joint_Venture | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2015 | ||
Investments in and Advances to Affiliates [Line Items] | |||||
Advances to Affiliate | $ 0 | $ 6.5 | |||
Asset Impairment Charges | 9 | 8.6 | $ 38.5 | ||
Equity Method Investment, Net Sales Proceeds | 0 | 2.3 | 1 | ||
Portfolio proceeds and other | 234.4 | 165.6 | 223.7 | ||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
Investments in affiliated companies | 464.5 | 441 | 387 | ||
Cardinal Marine [Domain] | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
GATX's Percentage Ownership | 50.00% | ||||
Rolls Royce Partners Finance [Member] | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
Investments in affiliated companies | [1] | $ 464.3 | |||
GATX's Percentage Ownership | [1] | 50.00% | |||
Adler Funding Llc [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Asset Impairment Charges | $ 0 | 3 | 0 | ||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
Investments in affiliated companies | $ 0.2 | ||||
GATX's Percentage Ownership | 12.50% | ||||
RRPF Joint Ventures [Member] | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
Number of joint venture investments | Joint_Venture | 17 | ||||
Portfolio Management [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Asset Impairment Charges | $ 4.5 | 3.7 | 6.7 | ||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||||
Investments in affiliated companies | $ 464.3 | 434.2 | 375.3 | ||
Portfolio Management [Member] | Cardinal Marine [Domain] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Portfolio proceeds and other | $ 1.1 | $ 1 | |||
[1] | (1) Combined investment balances of seventeen separate joint ventures (collectively, the "RRPF affiliates") |
Investments in Affiliated Com_4
Investments in Affiliated Companies (Share of Affiliate Earnings) (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 61.1 | $ 55.9 | $ 53.1 |
Provision for Income Taxes, Equity Method Investment | (10.8) | (12) | (5.7) |
Share of Affiliates' Earnings | 50.3 | 43.9 | 47.4 |
Rail North America [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | 0.6 | (2.4) | 0.5 |
Rail International [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | 0 | (0.1) | (0.2) |
Portfolio Management [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 60.5 | $ 58.4 | $ 52.8 |
Investments in Affiliated Com_5
Investments in Affiliated Companies (Investments and Distributions) (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 9 | $ 8.6 | $ 38.5 |
Equity Method Investment, Net Sales Proceeds | 0 | 2.3 | 1 |
Payments to Acquire Equity Method Investments | 14.1 | 36.6 | 25 |
Proceeds from Equity Method Investment, Distribution | 41.5 | 30.9 | 36.7 |
Rail North America [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0.6 | 4.6 | 31.2 |
Payments to Acquire Equity Method Investments | 0 | 0 | 0 |
Proceeds from Equity Method Investment, Distribution | 6.3 | 0.7 | 1.5 |
Rail International [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 3.9 | 0.3 | 0.6 |
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 4.5 | 3.7 | 6.7 |
Payments to Acquire Equity Method Investments | 14.1 | 36.6 | 25 |
Proceeds from Equity Method Investment, Distribution | 35.2 | 30.2 | 35.2 |
Adler Funding Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 3 | $ 0 |
Investments in Affiliated Com_6
Investments in Affiliated Companies (Operating Results, Affiliates) (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating results for all affiliated companies of GATX | |||
Revenues | $ 458.8 | $ 350.7 | $ 333.7 |
Gains on sales of assets | 5.8 | 27.4 | 23.6 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 120.5 | $ 100.4 | $ 99.3 |
Investments in Affiliated Com_7
Investments in Affiliated Companies (Balance Sheet, Affiliates) (Details 5) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Summarized balance sheet for all affiliated companies | ||
Current assets | $ 306.6 | $ 144.8 |
Noncurrent assets | 4,428.7 | 3,847.2 |
Total assets | 4,735.3 | 3,992 |
Current liabilities | 830.6 | 446.8 |
Noncurrent liabilities | 3,013 | 2,704.9 |
Shareholders’ equity | 891.7 | 840.3 |
Total liabilities and shareholders' equity | $ 4,735.3 | $ 3,992 |
Investments in Affiliated Com_8
Investments in Affiliated Companies (Summarized Financial Data-RRPF) (Details 6) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($)AircraftEngines | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
Schedule of Equity Method Investments [Line Items] | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,015.7 | $ 2,853.3 | ||
Income Statement [Abstract] | ||||
Lease revenue | 458.8 | 350.7 | $ 333.7 | |
Net income | 120.5 | 100.4 | 99.3 | |
Assets [Abstract] | ||||
Current assets | 306.6 | 144.8 | ||
Other noncurrent assets | 4,428.7 | 3,847.2 | ||
Total assets | 4,735.3 | 3,992 | ||
Liabilities and Equity [Abstract] | ||||
Current liabilities | 830.6 | 446.8 | ||
Long-term debt | 3,013 | 2,704.9 | ||
Shareholders’ equity | 891.7 | 840.3 | ||
Total liabilities and shareholders' equity | 4,735.3 | 3,992 | ||
Rolls Royce Partners Finance [Member] | ||||
Income Statement [Abstract] | ||||
Income taxes | (7.8) | |||
RRPF Joint Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 1,024.7 | 943.5 | ||
Number of Aircraft Engines | AircraftEngines | 452 | |||
Income Statement [Abstract] | ||||
Depreciation expense | $ (195.6) | (176.4) | (171.6) | |
Interest expense | (94.3) | (64.3) | (59.2) | |
Other expenses | (28.1) | (8.9) | (8) | |
Gains on sales of assets | 6.1 | 20.5 | 19.1 | |
Income before income taxes | 121.3 | 115.7 | 104.2 | |
Income taxes | [1] | (18.1) | (13.2) | (6.9) |
Net income | 103.2 | 102.5 | 97.3 | |
Assets [Abstract] | ||||
Current assets | 304.7 | 135.3 | ||
Operating assets, net of accumulated depreciation of $744.5 and $651.8 | [2] | 4,428.7 | 3,772.4 | |
Total assets | 4,733.4 | 3,907.7 | ||
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | 97.9 | 53.9 | ||
Liabilities and Equity [Abstract] | ||||
Current liabilities | 732.1 | 392 | ||
Long-term debt | 2,733.6 | 2,359.1 | ||
Other liabilities | 279.4 | 274.1 | ||
Shareholders’ equity | 890.4 | 828.6 | ||
Total liabilities and shareholders' equity | 4,733.4 | 3,907.7 | ||
RRPF Joint Ventures [Member] | Third Parties [Member] | ||||
Income Statement [Abstract] | ||||
Lease revenue | 200.5 | 168.8 | 173.7 | |
RRPF Joint Ventures [Member] | Rolls Royce [Member] | ||||
Income Statement [Abstract] | ||||
Lease revenue | $ 232.7 | $ 176 | $ 150.2 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjBjNmQzNmVkNjNhMTRkNjA4MTcxNWQ5MDM4NGI0ZTY0fFRleHRTZWxlY3Rpb246RjgyMTg3OUE4MEREMjI1NjkxNDlDNzUyMzQ0ODczM0MM} | |||
[2] | (a) All operating assets were pledged as collateral for long-term debt obligations. |
Investments in Affiliated Com_9
Investments in Affiliated Companies (Future Lease Receipts) (Details 7) $ in Millions | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
2,016 | $ 935.1 | |
2,017 | 732.1 | |
2,018 | 548.1 | |
2,019 | 383.1 | |
2,020 | 277.5 | |
Years thereafter | 366.4 | |
Total future receipts from leases | 3,242.3 | [1] |
RRPF Joint Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2,016 | 443.1 | |
2,017 | 412.2 | |
2,018 | 377.7 | |
2,019 | 351.3 | |
2,020 | 315.5 | |
Years thereafter | 1,001.2 | |
Total future receipts from leases | 2,901 | |
RRPF Joint Ventures [Member] | Rolls-Royce [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2,016 | 270.1 | |
2,017 | 258.7 | |
2,018 | 246.4 | |
2,019 | 235.4 | |
2,020 | 213.9 | |
Years thereafter | 689.1 | |
Total future receipts from leases | 1,913.6 | |
RRPF Joint Ventures [Member] | Third Parties [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
2,016 | 173 | |
2,017 | 153.5 | |
2,018 | 131.3 | |
2,019 | 115.9 | |
2,020 | 101.6 | |
Years thereafter | 312.1 | |
Total future receipts from leases | $ 987.4 | |
[1] | (1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance. |
Investments in Affiliated Co_10
Investments in Affiliated Companies (Future Debt Maturities) (Details 8) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
2,016 | $ 250 | $ 250 | |
2,017 | 350 | 350 | |
2,018 | 663.1 | 663.1 | |
2,019 | 250 | 250 | |
2,020 | 250 | 250 | |
Thereafter | 2,710 | 2,710 | |
Total debt principal | $ 4,473.1 | $ 4,473.1 | $ 4,412.6 |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Long-term Debt, Contingent Payment of Principal or Interest | 369 | 259 | |
2,016 | $ 732.1 | $ 732.1 | |
2,017 | 420.3 | 420.3 | |
2,018 | 286 | 286 | |
2,019 | 425.6 | 425.6 | |
2,020 | 274.6 | 274.6 | |
Thereafter | 1,330.7 | 1,330.7 | |
Total debt principal | $ 3,469.3 | $ 3,469.3 |
Investments in Affiliated Co_11
Investments in Affiliated Companies (Textual) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)AircraftEnginesBusiness_ActivityJoint_Venture | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Loans to affiliated companies | $ 0 | $ 6.5 | |
Asset Impairment Charges | 9 | 8.6 | $ 38.5 |
Share of affiliates' earnings (net of tax) | 50.3 | 43.9 | 47.4 |
Portfolio proceeds | 234.4 | 165.6 | 223.7 |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | $ 97.9 | 53.9 | |
GATX ownership percentage in joint venture | 50.00% | ||
Number of joint venture investments | Joint_Venture | 17 | ||
Number of business activities | Business_Activity | 2 | ||
Number of Aircraft Engines | AircraftEngines | 452 | ||
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines | 253 | ||
Share of affiliates' earnings (net of tax) | $ 49.8 | 44.8 | 46.6 |
RRPF Joint Ventures [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 3 years | ||
RRPF Joint Ventures [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 12 years | ||
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful lives of depreciable assets | 25 years | ||
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 4.5 | 3.7 | 6.7 |
Cardinal Marine [Domain] | Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Portfolio proceeds | $ 1.1 | $ 1 |
Investments in Affiliated Co_12
Investments in Affiliated Companies Advances to Affiliates (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Advances to Affiliate | $ 0 | $ 6.5 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commercial Paper and Borrowings Under Bank Credit Facilities | ||
Balance | $ 110.8 | $ 4.3 |
Weighted average interest rate | 2.77% | 1.02% |
Outstanding balances of debt obligations and the applicable interest rates | ||
Total debt principal | $ 4,473.1 | $ 4,412.6 |
Debt discount, net | (35.9) | (36.2) |
Debt adjustment for fair value hedges | (7.5) | (4.7) |
Total Debt | $ 4,429.7 | 4,371.7 |
Recourse Fixed Rate Debt Secured One [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 4, 2014 | |
Final Maturity | Jul. 30, 2019 | |
Fixed Interest Rate | 2.50% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Three [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Aug. 28, 1996 | |
Final Maturity | Feb. 28, 2018 | |
Fixed Interest Rate | 7.86% | |
Total Debt | $ 0 | 11.6 |
Recourse Fixed Rate Debt Unsecured Four [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Oct. 31, 2014 | |
Final Maturity | Mar. 30, 2020 | |
Fixed Interest Rate | 2.60% | |
Total Debt | $ 250 | $ 250 |
Recourse Floating Rate Debt Unsecured Three [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Aug. 28, 2014 | |
Final Maturity | Aug. 28, 2024 | |
Floating Interest Rate | 4.00% | |
Total Debt | $ 100 | $ 100 |
Recourse Fixed Rate Debt Unsecured Four [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 6, 2015 | |
Final Maturity | Mar. 30, 2020 | |
Fixed Interest Rate | 2.60% | |
Total Debt | $ 100 | 100 |
Recourse Fixed Rate Debt Unsecured Five [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 27, 2011 | |
Final Maturity | Jun. 1, 2021 | |
Fixed Interest Rate | 4.85% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Six [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Sep. 20, 2011 | |
Final Maturity | Jun. 1, 2021 | |
Fixed Interest Rate | 4.85% | |
Total Debt | $ 50 | 50 |
Recourse Fixed Rate Debt Unsecured Seven [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jun. 11, 2012 | |
Final Maturity | Jun. 15, 2022 | |
Fixed Interest Rate | 4.75% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 19, 2013 | |
Final Maturity | Mar. 30, 2023 | |
Fixed Interest Rate | 3.90% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Eight [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 5, 2018 | |
Final Maturity | Feb. 15, 2024 | |
Fixed Interest Rate | 4.35% | |
Total Debt | $ 300 | 0 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 6, 2015 | |
Final Maturity | Mar. 30, 2025 | |
Fixed Interest Rate | 3.25% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Sep. 13, 2016 | |
Final Maturity | Sep. 15, 2026 | |
Fixed Interest Rate | 3.25% | |
Total Debt | $ 350 | 350 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 9, 2017 | |
Final Maturity | Mar. 30, 2027 | |
Fixed Interest Rate | 3.85% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 2, 2017 | |
Final Maturity | Mar. 15, 2028 | |
Fixed Interest Rate | 3.50% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Thirteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 7, 2018 | |
Final Maturity | Nov. 7, 2028 | |
Fixed Interest Rate | 4.55% | |
Total Debt | $ 300 | 0 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 4, 2014 | |
Final Maturity | Mar. 15, 2044 | |
Fixed Interest Rate | 5.20% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Feb. 6, 2015 | |
Final Maturity | Mar. 30, 2045 | |
Fixed Interest Rate | 4.50% | |
Total Debt | $ 250 | 250 |
Recourse Fixed Rate Debt Unsecured Twenty [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 16, 2016 | |
Final Maturity | May 30, 2066 | |
Fixed Interest Rate | 5.63% | |
Total Debt | $ 150 | 150 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 19, 2013 | |
Final Maturity | Mar. 15, 2019 | |
Fixed Interest Rate | 2.50% | |
Total Debt | $ 0 | 300 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jan. 30, 2015 | |
Final Maturity | Dec. 31, 2018 | |
Fixed Interest Rate | 1.20% | |
Total Debt | $ 0 | 60 |
Recourse Fixed Rate Debt Unsecured Twenty [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 29, 2010 | |
Final Maturity | Nov. 30, 2018 | |
Fixed Interest Rate | 3.70% | |
Total Debt | $ 0 | 3 |
Recourse Fixed Rate Debt Unsecured Twenty One [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 27, 2010 | |
Final Maturity | Oct. 31, 2018 | |
Fixed Interest Rate | 3.84% | |
Total Debt | $ 0 | 12 |
Recourse Fixed Rate Debt Unsecured Twenty Two [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 19, 2013 | |
Final Maturity | Jul. 30, 2018 | |
Fixed Interest Rate | 2.38% | |
Total Debt | $ 0 | 250 |
Recourse Fixed Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | $ 3,950 | $ 3,986.6 |
Recourse Floating Rate Debt Unsecured Five [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 6, 2017 | |
Final Maturity | Nov. 5, 2021 | |
Floating Interest Rate | 3.30% | |
Total debt principal | $ 300 | $ 200 |
Recourse Floating Rate Debt Secured Two [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 22, 2016 | |
Final Maturity | Dec. 20, 2021 | |
Floating Interest Rate | 0.85% | |
Total debt principal | $ 63.1 | $ 66 |
Recourse Floating Rate Debt Unsecured Four [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Sep. 23, 2015 | |
Final Maturity | Sep. 23, 2025 | |
Floating Interest Rate | 4.07% | |
Total Debt | $ 60 | $ 60 |
Total Recourse Floating Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | 523.1 | $ 426 |
Line of Credit US [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |
Line of Credit Facility, Capacity Available for Trade Purchases | $ 500 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of GATX's debt obligations | ||
2,016 | $ 250 | |
2,017 | 350 | |
2,018 | 663.1 | |
2,019 | 250 | |
2,020 | 250 | |
Thereafter | 2,710 | |
Total debt principal | $ 4,473.1 | $ 4,412.6 |
Debt (Details Textual)
Debt (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Instrument | Dec. 31, 2017USD ($)Instrument | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||
Operating assets pledged as collateral for notes | $ 281.1 | ||
Other Short-term Borrowings | 110.8 | $ 4.3 | |
Annual commitment fees | $ 2 | $ 2 | $ 1.5 |
Fixed charge coverage ratio | 2.3 | ||
Minimum debt covenant fixed charge coverage ratio | 1.2 | ||
Amount of secured debt available to be borrowed in accordance with public debt covenants | $ 1,444.5 | ||
Line of Credit US [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | 600 | ||
Rail Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 250 | ||
Fair Value Hedging [Member] | |||
Line of Credit Facility [Line Items] | |||
Derivative, Number of Instruments Held | Instrument | 9 | 10 | |
Rail Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Unsecured revolving credit facility | $ 250 |
Debt Operating assets pledged a
Debt Operating assets pledged as collateral (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Operating Assets Pledged as Collateral for Notes or Other Obligations | $ 281.1 |
Fair Value Disclosure (Details)
Fair Value Disclosure (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018USD ($)Instrument | Dec. 31, 2017USD ($)Instrument | Dec. 31, 2016USD ($) | Sep. 30, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ (3.1) | ||||
Derivative, Net Liability Position, Aggregate Fair Value | 25.9 | ||||
Derivative Asset, Notional Amount | 500 | $ 550 | |||
Asset Impairment Charges | 9 | 8.6 | $ 38.5 | ||
Liabilities | |||||
Derivative, Notional Amount | 501.9 | 285.6 | |||
Cash Flow Hedge Pre Tax Gain Loss to be Reclassified within Twelve Months | (4.1) | ||||
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Assets | |||||
Interest rate derivatives | [1] | 1.2 | |||
Foreign Currency Cash Flow Hedge Asset at Fair Value | [2] | 4.4 | |||
Liabilities | |||||
Interest rate derivatives | [1] | 7.7 | 4.7 | ||
Foreign Currency Fair Value Hedge Liability at Fair Value | [2] | 18.2 | |||
Foreign exchange rate derivatives | [2] | (27.7) | |||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | |||||
Assets | |||||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | [2] | 0.5 | |||
Liabilities | |||||
Foreign exchange rate derivatives | [2] | (4.7) | (6.9) | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Assets | |||||
Interest rate derivatives | [1] | 1.2 | |||
Foreign Currency Cash Flow Hedge Asset at Fair Value | [2] | 4.4 | |||
Liabilities | |||||
Interest rate derivatives | [1] | 7.7 | 4.7 | ||
Foreign Currency Fair Value Hedge Liability at Fair Value | [2] | $ 18.2 | |||
Foreign exchange rate derivatives | [2] | $ (27.7) | |||
Cash Flow Hedging [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, Number of Instruments Held | Instrument | 8 | 5 | |||
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Effective portion reclassified from accumulated other comprehensive loss | $ (11.7) | $ 38.9 | (11.9) | ||
Other Expense [Member] | Not Designated as Hedging Instrument [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (2.2) | 8 | (2.6) | ||
Cardinal Marine [Domain] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | ||||
Portfolio Management [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | 4.5 | 3.7 | 6.7 | ||
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | $ 6 | 8.6 | 2 | ||
Nordic Vessels [Member] | Changes Measurement [Member] | Portfolio Management [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Asset Impairment Charges | $ 0 | $ 6.7 | |||
[1] | (1) Designated as hedges | ||||
[2] | (2) Not designated as hedges |
Fair Value Disclosure (Details
Fair Value Disclosure (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | $ 9 | $ 8.6 | $ 38.5 |
Operating assets and facilities, net | 6,549.5 | 6,192.1 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset Impairment Charge [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 6 | 8.6 | $ 2 |
Equipment [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Operating assets and facilities, net | $ 10.9 | $ 32.2 |
Fair Value Disclosure (Detail_2
Fair Value Disclosure (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Other comprehensive loss (effective portion) | $ 12.9 | $ (39.6) | $ 7.3 | |
Interest Expense [Member] | Fair Value Hedging [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Interest expense | [1] | 3 | 5.3 | 0.8 |
Interest Expense [Member] | Cash Flow Hedges [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Effective portion reclassified from accumulated other comprehensive loss | 4.2 | 6.8 | 6.9 | |
Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Other comprehensive loss (effective portion) | 12.6 | (41.5) | 4.9 | |
Operating Expense [Member] | Cash Flow Hedges [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Effective portion reclassified from accumulated other comprehensive loss | 0.1 | 0.1 | 1.1 | |
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedges [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Effective portion reclassified from accumulated other comprehensive loss | (11.7) | 38.9 | (11.9) | |
Other Expense [Member] | Non-designated [Member] | ||||
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | ||||
Other expense | $ (2.2) | $ 8 | $ (2.6) | |
[1] | (1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense. |
Fair Value Disclosure (Detail_3
Fair Value Disclosure (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Carrying Amount [Member] | |||
Liabilities | |||
Recourse fixed rate debt | $ 3,933.4 | $ 3,971.2 | |
Recourse floating rate debt | 522.7 | 426 | |
Estimate of Fair Value Measurement [Member] | |||
Liabilities | |||
Recourse fixed rate debt | 3,836 | 4,089.1 | |
Recourse floating rate debt | 515.1 | 428.7 | |
Not Designated as Hedging Instrument [Member] | Other Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (2.2) | $ 8 | $ (2.6) |
Fair Value Disclosure (Detail_4
Fair Value Disclosure (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Instrument | Dec. 31, 2017USD ($)Instrument | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Operating assets and facilities, net | $ 6,549.5 | $ 6,192.1 | |
Fair Value Disclosure (Textual) [Abstract] | |||
Derivative, Notional Amount | 501.9 | 285.6 | |
Cash Flow Hedge Pre Tax Gain Loss to be Reclassified within Twelve Months | (4.1) | ||
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months | 3.1 | ||
Aggregate fair value of all derivative instruments with Net liability position | 25.9 | ||
Derivative Asset, Notional Amount | $ 500 | $ 550 | |
Fair Value Hedging [Member] | |||
Fair Value Disclosure (Textual) [Abstract] | |||
Number of instruments, outstanding | Instrument | 9 | 10 | |
Cash Flow Hedges [Member] | |||
Fair Value Disclosure (Textual) [Abstract] | |||
Number of instruments, outstanding | Instrument | 8 | 5 | |
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedges [Member] | |||
Fair Value Disclosure (Textual) [Abstract] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (11.7) | $ 38.9 | $ (11.9) |
Asset Impairments and Assets _2
Asset Impairments and Assets Held for Sale (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015Vessel | Sep. 30, 2015 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 1,300,000 | $ 4,500,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 79,400,000 | 52,500,000 | $ 52,900,000 | |||
Asset Impairment Charges | 9,000,000 | 8,600,000 | 38,500,000 | |||
Equity Method Investment, Net Sales Proceeds | 0 | 2,300,000 | 1,000,000 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Number of railars | 400 | |||||
Cardinal Marine [Domain] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||
Rail North America [Member] | ||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 43,900,000 | |||||
Asset Impairment Charges | 600,000 | 4,600,000 | 31,200,000 | |||
Rail International [Member] | ||||||
Asset Impairment Charges | 3,900,000 | 300,000 | 600,000 | |||
Portfolio Management [Member] | ||||||
Gain (Loss) on Disposition of Assets | 1,800,000 | 5,200,000 | ||||
Asset Impairment Charges | 4,500,000 | 3,700,000 | 6,700,000 | |||
Nordic Vessels [Member] | ||||||
Number Of Vessels | Vessel | 6 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Number of railars | 2,400 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Asset Impairment Charges | 6,000,000 | 8,600,000 | 2,000,000 | |||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Rail North America [Member] | ||||||
Asset Impairment Charges | 5,800,000 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Facility Closing [Member] | Rail International [Member] | ||||||
Asset Impairment Charges | $ 5,800,000 | 3,000,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Nordic Vessels [Member] | Portfolio Management [Member] | ||||||
Asset Impairment Charges | 0 | 6,700,000 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | InflammableRailcars [Member] | Rail North America [Member] | ||||||
Asset Impairment Charges | 0 | 0 | 29,800,000 | |||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | InflammableRailcars [Member] | Rail International [Member] | ||||||
Asset Impairment Charges | $ 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Marine vessels [Member] | Portfolio Management [Member] | ||||||
Asset Impairment Charges | $ 0 | $ 6,700,000 | ||||
Railcars [Member] | ||||||
Non-recurring Level 3 fair value measurements | 90 |
Asset Impairments and Assets _3
Asset Impairments and Assets Held for Sale Asset Held For Sale (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015Vessel | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Asset Impairment Charges | $ 9,000,000 | $ 8,600,000 | $ 38,500,000 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1,300,000 | 4,500,000 | ||
Portfolio Management [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on Disposition of Assets | 1,800,000 | 5,200,000 | ||
Asset Impairment Charges | 4,500,000 | 3,700,000 | 6,700,000 | |
Rail North America [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Asset Impairment Charges | 600,000 | 4,600,000 | 31,200,000 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 43,900,000 | |||
Rail International [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Asset Impairment Charges | 3,900,000 | 300,000 | 600,000 | |
Nordic Vessels [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number Of Vessels | Vessel | 6 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Railcars in Flammable Service | 2,400 | |||
Adler Funding Llc [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 3,000,000 | $ 0 | |
Railcars [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Assets | 90 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)EntityPostretirement_Plan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Postretirement Plans | Postretirement_Plan | 2 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.2 | $ 1.9 | $ 1.8 |
Defined Benefit Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (2.1) | (0.2) | (6.1) |
Defined Benefit Plan, Service Cost | 8.2 | 6.5 | $ 6.1 |
Aggregate accumulated benefit obligation | 394.8 | 457 | |
Defined benefit plan, estimated future employer contributions in next fiscal year | 5.7 | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 6.6 | $ 1.6 | |
Loan Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of Limited Liability Company with Investments | Entity | 1 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Pension Obligations, Plan Assets, and Other Post-retirement Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in Fair Value of Plan Assets | ||||
Plan assets at beginning of year | $ 435.6 | |||
Company contributions | 2.2 | $ 1.9 | $ 1.8 | |
Plan assets at end of year | 369.8 | 435.6 | ||
Amount Recognized | ||||
Other liabilities | (75.8) | (84.4) | ||
Accumulative other comprehensive loss: | ||||
After-tax amount recognized in accumulated other comprehensive loss | 92.6 | 83.6 | 87.1 | $ 99.9 |
Defined Benefit Pension [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at beginning of year | 480.1 | 464.4 | ||
Service cost | 8.2 | 6.5 | 6.1 | |
Interest cost | 14.7 | 15.4 | 15.3 | |
Actuarial loss | 40.9 | (34.8) | ||
Benefits paid | 46.5 | 44.2 | ||
Effect of foreign exchange rate changes | (1.9) | 3.2 | ||
Benefit obligation at end of year | 413.7 | 480.1 | 464.4 | |
Change in Fair Value of Plan Assets | ||||
Plan assets at beginning of year | 435.6 | 413.5 | ||
Actual return on plan assets | (23.9) | 61.3 | ||
Effect of exchange rate changes | (2) | 3.4 | ||
Company contributions | 6.6 | 1.6 | ||
Benefits paid | (46.5) | (44.2) | ||
Plan assets at end of year | 369.8 | 435.6 | 413.5 | |
Funded Status at end of year | (43.9) | (44.5) | ||
Amount Recognized | ||||
Other liabilities | (43.9) | (44.5) | ||
Accumulative other comprehensive loss: | ||||
Net actuarial loss | 125.2 | 132.5 | ||
Prior service credit (cost) | 0 | (0.1) | ||
Accumulated other comprehensive loss | 125.2 | 132.4 | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | 81.3 | 87.9 | ||
After-tax amount recognized in accumulated other comprehensive loss | 95.4 | 82.7 | ||
Retiree Health and Life [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at beginning of year | 33.7 | 30.3 | ||
Service cost | 0.2 | 0.2 | 0.2 | |
Interest cost | 1 | 1.1 | 0.9 | |
Actuarial loss | 5 | (5.5) | ||
Benefits paid | 2.4 | 3.4 | ||
Effect of foreign exchange rate changes | 0 | 0 | ||
Benefit obligation at end of year | 27.5 | 33.7 | 30.3 | |
Change in Fair Value of Plan Assets | ||||
Plan assets at beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Effect of exchange rate changes | 0 | 0 | ||
Company contributions | 2.4 | 3.4 | ||
Benefits paid | (2.4) | (3.4) | ||
Plan assets at end of year | 0 | 0 | $ 0 | |
Funded Status at end of year | (27.5) | (33.7) | ||
Amount Recognized | ||||
Other liabilities | (27.5) | (33.7) | ||
Accumulative other comprehensive loss: | ||||
Net actuarial loss | (2.2) | 2.8 | ||
Prior service credit (cost) | (1.4) | (1.6) | ||
Accumulated other comprehensive loss | (3.6) | 1.2 | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | (31.1) | (32.5) | ||
After-tax amount recognized in accumulated other comprehensive loss | $ (2.8) | $ 0.9 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Projected and Accumulated Benefit Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | $ 303.8 | $ 350.7 |
Fair value of plan assets | 255.5 | 299.9 |
Pension plans with an accumulated benefit obligation in excess of plan assets | ||
Accumulated benefit obligations | 30 | 37.1 |
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Post-Retire_5
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Pension [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | $ 8.2 | $ 6.5 | $ 6.1 |
Interest cost | 14.7 | 15.4 | 15.3 |
Expected return on plan assets | (22.2) | (24) | (25.6) |
Settlement expense | 2.1 | 0.2 | 6.1 |
Amortization of unrecognized prior service credit | 0 | 0 | (1) |
Unrecognized net actuarial loss (gain) | 10 | 9.3 | 10.5 |
Net periodic (benefit) cost | 12.8 | 7.4 | 11.4 |
Retiree Health and Life [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 1 | 1.1 | 0.9 |
Expected return on plan assets | 0 | 0 | 0 |
Settlement expense | 0 | 0 | 0 |
Amortization of unrecognized prior service credit | (0.1) | (0.2) | (0.2) |
Unrecognized net actuarial loss (gain) | 0 | (0.3) | (0.3) |
Net periodic (benefit) cost | $ 1.1 | $ 0.8 | $ 0.6 |
Pension and other Post-Retire_6
Pension and other Post-Retirement Benefits - Amounts Expected to be Recognized as Components of Net Periodic Cost (Details) $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss (gain) | $ 7.7 |
Unrecognized prior service credit | 0 |
Retiree Health and Life [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss (gain) | 0 |
Unrecognized prior service credit | $ (0.2) |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefits - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Multiemployer Plans, Certified Zone Status [Fixed List] | Green | |
Retiree Health and Life [Member] | Salaried Health [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 3.67% | |
Retiree Health and Life [Member] | Hourly Health [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 4.00% | |
Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 4.06% | 3.40% |
Retiree Health and Life [Member] | Salaried Life Insurance [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 4.19% | |
Retiree Health and Life [Member] | Hourly Life Insurance [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 3.84% | |
Retiree Health and Life [Member] | Salaried and Hourly Life Insurance [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 4.32% | 3.66% |
UNITED STATES | Salaried Funded Plans [Member] [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 4.32% | 3.68% |
UNITED STATES | Hourly Funded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 4.42% | 3.73% |
Discount rate, net periodic cost (benefit) | 3.74% | 4.31% |
Expected return on plan assets, net periodic cost (benefit) | 5.50% | 6.15% |
UNITED STATES | Salaried Funded and Unfunded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Rate of compensation and pension-in-payment increases, benefit obligation | 3.00% | 2.50% |
Discount rate, net periodic cost (benefit) | 3.68% | 4.23% |
Expected return on plan assets, net periodic cost (benefit) | 5.90% | 6.25% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 2.50% | 2.50% |
Foreign Plan [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.60% | 2.40% |
Rate of compensation and pension-in-payment increases, benefit obligation | 3.20% | 3.10% |
Discount rate, net periodic cost (benefit) | 2.40% | 2.60% |
Expected return on plan assets, net periodic cost (benefit) | 4.10% | 4.20% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 3.10% | 3.20% |
Minimum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 0.00% | 0.00% |
Maximum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 0.00% | 0.00% |
Health Care [Member] | Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 3.41% | |
Postretirement Life Insurance [Member] | Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, net periodic cost (benefit) | 3.66% |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefits - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 5.80% | 4.90% |
Medical Claims [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 | 6.70% | 6.70% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches the ultimate trend rate | 2,026 | 2,025 |
Prescription Drugs Claims [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 | 9.30% | 11.10% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 9.20% | 11.10% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that rate reaches the ultimate trend rate | 2,026 | 2,025 |
Pension and Other Post-Retire_9
Pension and Other Post-Retirement Benefits - Effects of Percentage Change (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Effect on the other post-retirement benefit cost and obligation | |
Effect on total of service and interest cost, one percentage point increase | $ 0 |
Effect on total of service and interest cost, one percentage point decrease | 0 |
Effect on post-retirement benefit obligation, one percentage point increase | 0.8 |
Effect on post-retirement benefit obligation, one percentage point decrease | $ (0.7) |
Pension and Other Post-Retir_10
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Domestic Funded Plans (Details) - UNITED STATES | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 100.00% | |
Actual plan asset allocations, salaried employees | 100.00% | 100.00% |
Target allocation, hourly employees | 100.00% | |
Actual plan asset allocation, hourly employees | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 45.60% | |
Actual plan asset allocations, salaried employees | 44.10% | 50.70% |
Target allocation, hourly employees | 32.70% | |
Actual plan asset allocation, hourly employees | 30.30% | 39.40% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 51.00% | |
Actual plan asset allocations, salaried employees | 51.80% | 44.80% |
Target allocation, hourly employees | 64.10% | |
Actual plan asset allocation, hourly employees | 64.90% | 56.80% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 3.40% | |
Actual plan asset allocations, salaried employees | 3.90% | 3.70% |
Target allocation, hourly employees | 3.20% | |
Actual plan asset allocation, hourly employees | 4.70% | 3.70% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 0.00% | |
Actual plan asset allocations, salaried employees | 0.20% | 0.80% |
Target allocation, hourly employees | 0.00% | |
Actual plan asset allocation, hourly employees | 0.10% | 0.10% |
Pension and Other Post-Retir_11
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Foreign Funded (Details) - Foreign Plan [Member] - Defined Benefit Pension [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 1 | |
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.368 | |
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 33.40% | 36.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Investment Policy and Strategy, Description | 0.632 | |
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 66.60% | 64.00% |
Pension and Other Post-Retir_12
Pension and Other Post-Retirement Benefits - Fair Value Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of pension plan assets | ||
Assets | $ 369.8 | $ 435.6 |
Short-term investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 0.7 | 2.6 |
Common stock collective funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 148.2 | 204.1 |
Fixed income collective trust funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 207.1 | 211 |
Real estate investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 13.8 | 14.8 |
Loan Fund [Member] | ||
Fair value of pension plan assets | ||
Assets | $ 0 | $ 3.1 |
Pension and Other Post-Retir_13
Pension and Other Post-Retirement Benefits - Expected Benefit Plan Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Qualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 28.3 |
2,019 | 27.6 |
2,020 | 27.5 |
2,021 | 27.5 |
2,022 | 27.8 |
Years 2024-2028 | 137.2 |
Total | 275.9 |
Nonqualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 2.5 |
2,019 | 2.8 |
2,020 | 2.6 |
2,021 | 2.9 |
2,022 | 3 |
Years 2024-2028 | 14.9 |
Total | 28.7 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | 3.2 |
2,019 | 3 |
2,020 | 2.8 |
2,021 | 2.6 |
2,022 | 2.4 |
Years 2024-2028 | 9.5 |
Total | $ 23.5 |
Pension and Other Post-Retir_14
Pension and Other Post-Retirement Benefits - Multiemployer Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Multiemployer Plans [Line Items] | ||||
Multiemployer Plans, Certified Zone Status [Fixed List] | Green | |||
Multiemployer Plans | ||||
Contributions | $ 8.1 | $ 8.4 | $ 7.1 | |
Multiemployer Plan Contributions | 0.00% | |||
American Maritime Officers Pension Plan [Member] | ||||
Multiemployer Plans | ||||
Contributions | [1] | $ 2.3 | $ 2.3 | 1.2 |
Collective Bargaining | Feb. 7, 2021 | |||
Other Multiemployer Post Retirement Plans [Member] | ||||
Multiemployer Plans | ||||
Contributions | $ 5.8 | $ 6.1 | $ 5.9 | |
[1] | _______(1) As of December 31, 2018, the actuary for the American Maritime Officers Pension Plan certified that the plan is in the “green zone” as defined by the Pension Protection Act of 2006. Our share of the total contributions was less than 5% in 2018 and more than 5% in 2017 and 2016. No surcharges were imposed for 2018, 2017, or 2016. |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average and Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted average estimated fair value | $ 21.87 | $ 19.40 | $ 13.86 |
Quarterly dividend rate | $ 0.44 | $ 0.42 | $ 0.40 |
Expected term of stock options, in years | 4 years 6 months | 4 years 8 months | 4 years 8 months |
Risk-free interest rate | 2.40% | 1.90% | 1.40% |
Dividend yield | 2.50% | 2.80% | 4.10% |
Expected stock price volatility | 27.90% | 27.70% | 29.40% |
Present value of dividends | $ 7.51 | $ 7.50 | $ 7.27 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Options and Rights (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, Number of Stock Options and Stock Appreciation Rights | 1,723,000 |
Granted, Number of Stock Options and Stock Appreciation Rights | 320,000 |
Exercised, Number of Stock Options and Stock Appreciation Rights | 611,000 |
Forfeitured/Cancelled, Number of Stock Options and Stock Appreciation Rights | 33,000 |
Ending balance, Number of Stock Options and Stock Appreciation Rights | 1,399,000 |
Vested and exercisable at end of the year, Number of Stock Options and Stock Appreciation Rights | 733,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance, Weighted Average Exercise Price | $ / shares | $ 50.07 |
Granted, Weighted Average Exercise Price | $ / shares | 69.73 |
Exercised, Weighted Average Exercise Price | $ / shares | 47.19 |
Forfeited/Cancelled, Weighted Average Exercise Price | $ / shares | 53.94 |
Ending balance, Weighted Average Exercise Price | $ / shares | 55.73 |
Vested and exercisable at end of the year | $ / shares | $ 51.17 |
Stock Appreciation Rights (SARs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Ending balance, Number of Stock Options and Stock Appreciation Rights | 435,552 |
Stock Option SAR Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Ending balance, Number of Stock Options and Stock Appreciation Rights | 963,557 |
Share Based Compensation - Aggr
Share Based Compensation - Aggregate Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value | $ 14.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 1 month | ||
Stock Options and Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value | $ 21.5 | ||
Stock Option SAR Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value | $ 17.2 | $ 4.4 | $ 6.2 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Restricted Stock and Performance Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 19.40 | $ 13.86 |
Ending balance, Weighted Average Grant Date Fair Value | $ 21.87 | $ 19.40 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance, Number of Share Units Outstanding | 187 | |
Granted, Number of Share Units Outstanding | 73 | |
Vested, Number of Share Units Outstanding | 52 | |
Forfeited, Number of Share Units Outstanding | (4) | |
Ending balance, Number of Share Units Outstanding | 204 | 187 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 50.62 | |
Granted, Weighted Average Grant Date Fair Value | 73.60 | |
Vested, Weighted Average Grant Date Fair Value | 55.56 | |
Forfeited, Weighted Average Grant Date Fair Value | 53.82 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 57.57 | $ 50.62 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance, Number of Share Units Outstanding | 161 | |
Granted, Number of Share Units Outstanding | 58 | |
Net increase due to estimated performance, Number of Share Units Outstanding | 49 | |
Vested, Number of Share Units Outstanding | 117 | |
Forfeited, Number of Share Units Outstanding | (8) | |
Ending balance, Number of Share Units Outstanding | 143 | 161 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 46.25 | |
Granted, Weighted Average Grant Date Fair Value | 65 | |
Net increase due to estimated performance, Weighted Average Grant Date Fair Value | 53.27 | |
Vested, Weighted Average Grant Date Fair Value | 38.83 | |
Forfeited, Weighted Average Grant Date Fair Value | $ 51.28 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 62.08 | $ 46.25 |
Share Based Compensation (Detai
Share Based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 25, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased During Period, Shares | 1,500,000 | 1,700,000 | 2,700,000 | |
Number of shares authorized for awards | 6,600,000 | |||
Number of shares available for future issuance | 3,700,000 | |||
Share-based compensation expense | $ 19,300,000 | $ 14,300,000 | $ 15,800,000 | |
Tax benefit from share-based compensation expense | $ 4,800,000 | $ 5,500,000 | 6,000,000 | |
Award vesting period | 3 years | |||
Units outstanding | 1,399,000 | 1,723,000 | ||
Proceeds from Stock Options Exercised | $ 3,700,000 | $ 1,600,000 | ||
Portion of an award vesting for the 2012 SAR grant | 1/3 vesting after each year | |||
Award vesting percentage | 33.33% | |||
Payments for Repurchase of Common Stock | $ 115,500,000 | $ 100,000,000 | $ 120,100,000 | |
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |||
Stock Options SARs Granted Since 2004 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum granting period for stock option | 7 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding | 435,552 | |||
Stock Option SAR Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | $ 7,100,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 8 months | |||
Units outstanding | 963,557 | |||
Restricted Stock and Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Compensation cost not yet recognized | $ 10,400,000 | |||
Compensation cost not yet recognized, period for recognition | 2 years 5 months | |||
Fair value of restricted stock units and performance shares vested during period | $ 12,000,000 | $ 6,500,000 | $ 7,500,000 | |
Phantom Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted during period | 23,377 | |||
Units outstanding | 227,466 | |||
Series A and Series B preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Percent | 17.50% | (113.70%) | 31.30% | ||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | $ 16.5 | $ 315.9 | $ 0 | ||
Deferred Tax Liabilities | |||||
Book/tax basis difference due to depreciation | $ 890.7 | $ 872.8 | 890.7 | 872.8 | |
Investments in affiliated companies | 36.2 | 43.6 | 36.2 | 43.6 | |
Lease accounting (other than leveraged) | 12.2 | 9 | 12.2 | 9 | |
Other | 1.9 | 6.3 | 1.9 | 6.3 | |
Total deferred tax liabilities | 941 | 931.7 | 941 | 931.7 | |
Deferred Tax Assets | |||||
Alternative minimum tax credit | 3.4 | 8 | 3.4 | 8 | |
Federal net operating loss | 0 | 4.1 | 0 | 4.1 | |
State net operating loss | 26.4 | 29.5 | 26.4 | 29.5 | |
Valuation on state net operating loss | (12.6) | (10.3) | (12.6) | (10.3) | |
Foreign net operating loss | 2.1 | 2.1 | 2.1 | 2.1 | |
Deferred Tax Assets, Valuation Allowance | (0.3) | (0.4) | (0.3) | (0.4) | |
Accruals not currently deductible for tax purposes | 24.8 | 21.7 | 24.8 | 21.7 | |
Allowance for losses | 1.1 | 1.1 | 1.1 | 1.1 | |
Pension and post-retirement benefits | 17.8 | 19.6 | 17.8 | 19.6 | |
Other | 0.5 | 2.6 | 0.5 | 2.6 | |
Total deferred tax assets | 63.2 | 78 | 63.2 | 78 | |
Net deferred tax liabilities | 877.8 | 853.7 | 877.8 | 853.7 | |
Gross liability for unrecognized tax benefits | |||||
Ending balance | 4.3 | 4.3 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 1.4 | 0 | $ 7.8 | ||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Income Tax Expense (Benefit) | 371.4 | ||||
Tax Cuts and Jobs Act of 2017, Change in Tax Rate, Deferred Tax Liability, Income Tax (Expense) Benefit | 5 | ||||
Tax Cuts and Jobs Act of 2017, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense (Benefit) | $ 23.1 | $ 57.2 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 26.70% | 33.70% | 33.90% | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 17.9 | $ 315.9 | $ 9.4 | $ (371.4) | $ 0 |
Provision for Income Taxes, Equity Method Investment | 10.8 | $ 12 | $ 5.7 | ||
Foreign Tax Authority [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating Loss Carryforwards | $ 1.8 | $ 1.8 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 0.2 | $ 0 | |
Provision for Income Taxes, Equity Method Investment | 10.8 | 12 | $ 5.7 |
Income before income taxes | |||
Domestic | 108.9 | 124.5 | 211 |
Foreign | 86.2 | 89.9 | 94.4 |
Income before Income Taxes and Share of Affiliates’ Earnings | 195.1 | 214.4 | $ 305.4 |
Tax Credit Carryforward, Valuation Allowance | $ 0.2 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax Credit Carryforward, Valuation Allowance | $ 0.2 | $ 0 | |
Current | |||
Federal | (3.3) | (1.1) | $ 6 |
State and local | 0.7 | (0.1) | 0 |
Current domestic taxes | (2.6) | (1.2) | 6 |
Foreign | 17.5 | 18 | 16.9 |
Current Income Tax Expense (Benefit) | 14.9 | 16.8 | 22.9 |
Deferred | |||
Federal | 2.1 | (270) | 55.8 |
State and local | 8.7 | 1.2 | 10.5 |
Deferred domestic taxes | 10.8 | (268.8) | 66.3 |
Foreign | 8.4 | 8.3 | 6.5 |
Deferred Income Tax Expense (Benefit) | 19.2 | (260.5) | 72.8 |
Income taxes | $ 34.1 | $ (243.7) | $ 95.7 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 26.70% | 33.70% | 33.90% | ||
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | |||||
Income taxes at federal statutory rate | $ 41 | $ 75 | $ 106.9 | ||
Adjust for effect of: | |||||
Foreign tax credits | (1.4) | 0 | (7.8) | ||
Foreign earnings taxed at lower rates | 7.8 | (5.5) | (9.7) | ||
Corporate owned life insurance | (1) | (0.9) | (1.7) | ||
State income taxes | 5.2 | (0.5) | 6.8 | ||
State deferred tax rate change impact | 5 | 0 | |||
Other | (1) | (0.9) | 1.2 | ||
Revaluation of deferred tax liabilities | $ 17.9 | $ 315.9 | 9.4 | (371.4) | 0 |
Transition tax on foreign earnings and profits | (23.1) | 57.2 | 0 | ||
Other | (2.8) | (1.7) | 0 | ||
Total Tax Act impact | (16.5) | (315.9) | 0 | ||
Income taxes | $ 34.1 | $ (243.7) | $ 95.7 | ||
Effective income tax rate | 17.50% | (113.70%) | 31.30% |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act of 2017, Amount | $ 16.5 | $ 315.9 | $ 0 |
Tax Cuts and Jobs Act of 2017, change in tax rate, income tax expense (benefit) | $ 371.4 | ||
Effective Income Tax Rate Reconciliation, Percent | 17.50% | (113.70%) | 31.30% |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | $ 1.4 | $ 0 | $ 7.8 |
State deferred tax rate change impact | 5 | 0 | |
Provision for Income Taxes, Equity Method Investment | (10.8) | (12) | (5.7) |
Alternative minimum tax credit | 3.4 | 8 | |
State net operating loss | 26.4 | 29.5 | |
State net operating loss carryforwards valuation allowance | 12.6 | 10.3 | |
Foreign net operating loss | 2.1 | 2.1 | |
Unrecognized Tax Benefits | 4.3 | ||
Decrease in income tax expenses unrecognized tax benefits if recognized | 2.8 | ||
Tax Cuts and Jobs Act of 2017, transition tax for accumulated roreign earnings, income tax expense (benefit) | 23.1 | 57.2 | |
Tax Cuts and Jobs Act of 2017, change in tax rate, deferred tax liability, income tax (expense) Benefit | $ 5 | ||
Foreign [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Income Tax | $ 3.9 | ||
Amount of U.S. federal tax net operating loss | $ 1.8 |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended |
Dec. 31, 2018unionVesselService_Center | |
POLAND | |
Concentration [Abstract] | |
Number Of Unions | 3 |
Canadian | |
Concentration [Abstract] | |
Number of service centers | Service_Center | 3 |
GERMANY | |
Concentration [Abstract] | |
Number Of Unions | 1 |
Petroleum Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 25.00% |
Chemical Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 18.00% |
Transportation Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 17.00% |
Mining [Member] [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 9.00% |
Food/Agriculture [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 9.00% |
Customer Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 10.00% |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 42.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 26.00% |
ASC [Member] | |
Concentration [Abstract] | |
Concentration Risk, Labor Subject to Collective Bargaining Arrangements | Vessel | 9 |
Commercial Commitments (Details
Commercial Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | $ 0.9 | $ 2 | |
Total commercial commitments | [1] | 11.5 | 22.7 |
Standby letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Total commercial commitments | $ 9.5 | $ 17.8 | |
[1] | (1) The carrying value of liabilities on the balance sheet for commercial commitments was $0.9 million at December 31, 2018 and $2.0 million at December 31, 2017. The expirations of these commitments range from 2019 to 2023. We are not aware of any event that would require us to satisfy any of our commitments. |
Commercial Commitments (Detai_2
Commercial Commitments (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantees [Abstract] | ||
Amount of liability included in recorded value of the company's commitment | $ 0.9 | $ 2 |
Expiration of commitment range | 2019 to 2023 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income | $ 49.2 | $ 47 | $ 38.8 | $ 76.3 | $ 342.1 | $ 49 | $ 53.4 | $ 57.5 | $ 211.3 | $ 502 | $ 257.1 |
Denominator: | |||||||||||
Denominator for basic earnings per share — weighted average shares | 37.6 | 38.8 | 40.5 | ||||||||
Effect of dilutive securities: | |||||||||||
Equity compensation plans | 0.7 | 0.6 | 0.4 | ||||||||
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion | 38.3 | 39.4 | 40.9 | ||||||||
Basic earnings per share (in dollars per share) | $ 1.32 | $ 1.25 | $ 1.03 | $ 2.02 | $ 8.98 | $ 1.27 | $ 1.37 | $ 1.46 | $ 5.62 | $ 12.95 | $ 6.35 |
Diluted earnings per share (in dollars per share) | $ 1.30 | $ 1.22 | $ 1.01 | $ 1.98 | $ 8.83 | $ 1.25 | $ 1.35 | $ 1.44 | $ 5.52 | $ 12.75 | $ 6.29 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 82.9 | $ 85.6 |
Allowance for Losses (Details)
Allowance for Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in the allowance for possible losses | ||
Beginning balance | $ 6.4 | $ 6.1 |
(Reversal) provision for losses | (0.3) | 0.6 |
Charges to allowance | (0.1) | (0.2) |
Recoveries and other, including foreign exchange adjustments | 0.4 | (0.5) |
Ending balance | $ 6.4 | $ 6.4 |
Allowance for Losses (Details T
Allowance for Losses (Details Textual) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Losses (Textual) [Abstract] | |||
Allowances for trade receivables | $ (6.4) | $ (6.4) | $ (6.1) |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Allowance for Losses (Textual) [Abstract] | |||
Allowances for trade receivables | $ (6.4) | $ (6.4) | |
Allowances for trade receivables as percentage of rent and other receivables | 7.30% | 7.70% |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Other Assets reported on the consolidated balance sheets | |||
Inventory | $ 63.7 | $ 57.2 | |
Office furniture, fixtures and other equipment, net of accumulated depreciation | 34.3 | 20.5 | |
Assets for Plan Benefits, Defined Benefit Plan | 4.4 | 6.2 | |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 3.1 | 3.8 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 1.3 | 4.5 | |
Prepaid items | 10 | 16.9 | |
Derivative Asset | [1] | 4.9 | 1.2 |
Other | 84.4 | 80.6 | |
Total | $ 206.1 | $ 190.9 | |
[1] | (2) Not designated as hedges |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities (Details 1) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Other Liabilities reported on the consolidated balance sheets | ||
Pension and other post-retirement liabilities | $ 75.8 | $ 84.4 |
Deferred gains on sale-leasebacks | 53.8 | 55.9 |
Derivatives | 30.6 | 39.3 |
Environmental reserves | 13.7 | 13.1 |
Accrued Operating Lease Expense Current and Non Current | 4.3 | 8.3 |
Other Liabilities, Noncurrent | 43.3 | 32.2 |
Total | $ 221.5 | $ 233.2 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 25, 2019 | |
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |||
Common stock reserved for conversion and incentive plans | ||||
Common stock reserved for conversion and incentive plans | 8.8 | |||
Stock Repurchased During Period, Shares | (1.5) | (1.7) | (2.7) | |
Share-based compensation award plans [Member] | ||||
Common stock reserved for conversion and incentive plans | ||||
Common stock reserved for conversion and incentive plans | 2.2 | |||
GATX Corporation 2004 Equity Incentive Compensation Plan [Member] | ||||
Common stock reserved for conversion and incentive plans | ||||
Common stock reserved for conversion and incentive plans | 6.6 | |||
Restricted Stock and Performance Share Awards [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 25, 2019 | |
Shareholders' Equity (Textual) | ||||
Common stock authorized under repurchase program | $ 300,000,000 | |||
Stock repurchases, Shares | 1,500,000 | 1,700,000 | 2,700,000 | |
Payments for stock repurchases | $ (115,500,000) | $ (100,000,000) | $ (120,100,000) | |
Common stock, shares authorized | 120,000,000 | 120,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.625 | $ 0.625 | ||
Common stock, shares issued | 67,329,081 | 67,083,149 | ||
Common stock, shares outstanding | 36,612,227 | 37,895,641 | ||
Series A and B $2.50 Cumulative Convertible Preferred Stock [Member] | ||||
Shareholders' Equity (Textual) | ||||
Preferred stock, shares authorized | 5,000,000 | |||
Preferred stock, par value | $ 1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance, Foreign Currency Translation Gain (Loss) | $ (10.5) | $ (103.7) | $ (77.7) | |
Change in Foreign Currency Translation Gain (Loss) | (47.5) | 93.2 | (26) | |
Foreign currency translation gain loss before reclassification adjustment into earnings | 0 | 0 | 0 | |
Foreign Currency Translation Gain (Loss), Income tax effect | 0 | 0 | 0 | |
Ending Balance, Foreign Currency Translation Gain (Loss) | (58) | (10.5) | (103.7) | |
Beginning Balance, Unrealized Gain (Loss) on Securities | 0 | 0 | (0.3) | |
Change in Unrealized Gain (Loss) on Securities | 0 | 0 | 2.5 | |
Unrealized Gain (Loss) on Securities, Reclassification adjustments into earnings | 0 | 0 | (1.9) | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | 0.2 | 0 | |
Unrealized Gain (Loss) on Securities, Income tax effect | 0 | 0 | (0.3) | |
Ending Balance, Unrealized Gain (Loss) on Securities | 0 | 0 | 0 | |
Beginning Balance, Unrealized Loss on Derivative Instruments | (15.5) | (20.3) | (20.9) | |
Change in Unrealized Loss on Derivative Instruments | 12.9 | (39.6) | 7.3 | |
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings | (7.4) | 45.8 | (3.9) | |
Unrealized Loss on Derivative Instruments, Income tax effect | (1) | (1.4) | (2.8) | |
Ending Balance, Unrealized Loss on Derivative Instruments | (14) | (15.5) | (20.3) | |
Beginning Balance, Post-Retirement Benefit Plans | (83.6) | (87.1) | (99.9) | |
Change in Post-Retirement Benefit Plans | 2.1 | (3.2) | 11.7 | |
Post-Retirement Benefit Plans, Reclassification adjustments into earnings | 9.9 | 8.8 | 9 | |
Post-Retirement Benefit Plans, Income tax effect | (4.6) | (2.1) | (7.9) | |
Ending Balance, Post-Retirement Benefit Plans | (92.6) | (83.6) | (87.1) | |
Other Comprehensive Income Change in Component | (32.5) | 50.4 | (4.5) | |
Reclassification adjustments into earnings, Total | 2.5 | 54.6 | 3.2 | |
Income tax effect, Total | (5.6) | (3.5) | (11) | |
Accumulated other comprehensive income (loss), net of tax | (164.6) | (109.6) | (211.1) | $ (198.8) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 0 | |||
Reclassification out of Accumulated Other Comprehensive Income [Domain] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (19.4) | $ (0.1) | $ 0 | |
Reclassification out of Accumulated Other Comprehensive Income [Domain] | Derivative [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (3) | |||
Postemployment Retirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Domain] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (16.4) |
Foreign Operations (Details)
Foreign Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign operations data | |||||||||||
Revenues | $ 356.4 | $ 349.7 | $ 349.5 | $ 305.3 | $ 352.8 | $ 359.6 | $ 348.4 | $ 316.1 | $ 1,360.9 | $ 1,376.9 | $ 1,418.3 |
Identifiable assets | $ 7,616.7 | 7,422.4 | $ 7,616.7 | 7,422.4 | 7,105.4 | ||||||
Foreign Operations (Textual) [Abstract] | |||||||||||
Maximum percentage of consolidated revenues derive from any individual foreign country | 10.00% | ||||||||||
Percentage of company's identifiable assets | 10.00% | 10.00% | |||||||||
Foreign [Member] | |||||||||||
Foreign operations data | |||||||||||
Revenues | $ 333.5 | 324 | 320.7 | ||||||||
Identifiable assets | $ 2,470.9 | 2,407.2 | 2,470.9 | 2,407.2 | 2,098.2 | ||||||
United States [Member] | |||||||||||
Foreign operations data | |||||||||||
Revenues | 1,027.4 | 1,052.9 | 1,097.6 | ||||||||
Identifiable assets | $ 5,145.8 | $ 5,015.2 | $ 5,145.8 | $ 5,015.2 | $ 5,007.2 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies (Details) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018EUR (€)caseSite | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 29, 2009Car | |
Loss Contingencies [Line Items] | ||||
Accruals for losses related to probable litigation matters | $ | $ 5.8 | |||
Number of sites for which the Company is involved in environmental remediation | Site | 13 | |||
Accruals for remediation and restoration | $ | $ 13.7 | $ 13.1 | ||
Viareggio [Member] | ||||
Loss Contingencies [Line Items] | ||||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | € | € 1.4 | |||
Asbestos Issue [Member] | ||||
Loss Contingencies [Line Items] | ||||
New cases filed number | case | 9 | |||
Punctured and Ignited [Member] | Viareggio [Member] | ||||
Loss Contingencies [Line Items] | ||||
number of railcars | 1 | |||
Overturned [Member] | Viareggio [Member] | ||||
Loss Contingencies [Line Items] | ||||
number of railcars | 5 | |||
Derailed [Member] | Viareggio [Member] | ||||
Loss Contingencies [Line Items] | ||||
number of railcars | 14 |
Financial Data of Business Se_3
Financial Data of Business Segments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)SegmentVessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Provision for Income Taxes, Equity Method Investment | $ 10.8 | $ 12 | $ 5.7 | |||||||||
Number of business segments | Segment | 4 | |||||||||||
Profitability | ||||||||||||
Lease revenue | $ 1,087.8 | 1,098.1 | 1,127.1 | |||||||||
Marine operating revenue | 196 | 193.4 | 199.3 | |||||||||
Other revenue | 77.1 | 85.4 | 91.9 | |||||||||
Total Revenues | $ 356.4 | $ 349.7 | $ 349.5 | $ 305.3 | $ 352.8 | $ 359.6 | $ 348.4 | $ 316.1 | 1,360.9 | 1,376.9 | 1,418.3 | |
Maintenance expense | 321.8 | 328.3 | 332.3 | |||||||||
Marine operating expense | 130.9 | 131 | 129.5 | |||||||||
Depreciation | 321.9 | 307.3 | 297.2 | |||||||||
Operating lease expense | 49.6 | 62.5 | 73.5 | |||||||||
Other operating expense | 33.1 | 34.4 | 43.8 | |||||||||
Total Expenses | 857.3 | 863.5 | 876.3 | |||||||||
Net gain on asset dispositions | 72.8 | 54.1 | 98 | |||||||||
Interest expense, net | (168.6) | (160.5) | (148.1) | |||||||||
Other (expense) income | (21.6) | (12.6) | (17.5) | |||||||||
Share of affiliates' earnings (pre-tax) | 61.1 | 55.9 | 53.1 | |||||||||
Segment profit (loss) | 447.3 | 450.3 | 527.5 | |||||||||
SG&A | 191.1 | 180 | 169 | |||||||||
Income tax benefit | 34.1 | (243.7) | 95.7 | |||||||||
Net Income | 49.2 | $ 47 | $ 38.8 | $ 76.3 | 342.1 | $ 49 | $ 53.4 | $ 57.5 | 211.3 | 502 | 257.1 | |
Disposition Gains on Owned Assets | 64.8 | 44.1 | 49.7 | |||||||||
Nonoperating Income, Residual Sharing Income | 2.5 | 10.2 | 83.6 | |||||||||
Nonremarketing Disposition Gain (Loss) | 14.5 | 8.4 | 3.2 | |||||||||
Asset Impairment Charges | (9) | (8.6) | (38.5) | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 464.5 | 441 | 464.5 | 441 | 387 | |||||||
Identifiable assets | 7,616.7 | 7,422.4 | 7,616.7 | 7,422.4 | 7,105.4 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | $ (943.4) | (603.4) | (620.7) | |||||||||
ASC [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number Of Vessels | Vessel | 9 | |||||||||||
Profitability | ||||||||||||
Lease revenue | $ 4.1 | 4.1 | 4.2 | |||||||||
Marine operating revenue | 181.7 | 168.4 | 150 | |||||||||
Other revenue | 0 | 0 | 0 | |||||||||
Total Revenues | 185.8 | 172.5 | 154.2 | |||||||||
Maintenance expense | 22.6 | 22.2 | 18.6 | |||||||||
Marine operating expense | 114.1 | 106.2 | 96.7 | |||||||||
Depreciation | 10.6 | 12 | 12.9 | |||||||||
Operating lease expense | 0 | 1.8 | 6 | |||||||||
Other operating expense | 0 | 0 | 0 | |||||||||
Total Expenses | 147.3 | 142.2 | 134.2 | |||||||||
Net gain on asset dispositions | 0.1 | (1.9) | 0 | |||||||||
Interest expense, net | (5.7) | (5.2) | (4.5) | |||||||||
Other (expense) income | 0.1 | 1.3 | (5.4) | |||||||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | |||||||||
Segment profit (loss) | 33 | 24.5 | 10.1 | |||||||||
Disposition Gains on Owned Assets | 0.1 | (1.8) | 0 | |||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||||||||
Nonremarketing Disposition Gain (Loss) | 0 | (0.1) | 0 | |||||||||
Asset Impairment Charges | 0 | 0 | 0 | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 0 | 0 | 0 | 0 | 0 | |||||||
Identifiable assets | 297.8 | 286.7 | 297.8 | 286.7 | 278.8 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | (15.8) | (14) | (9.1) | |||||||||
Rail North America [Member] | ||||||||||||
Profitability | ||||||||||||
Lease revenue | 873.4 | 899.9 | 935.1 | |||||||||
Marine operating revenue | 0 | 0 | 0 | |||||||||
Other revenue | 68.1 | 77.5 | 83.4 | |||||||||
Total Revenues | 941.5 | 977.4 | 1,018.5 | |||||||||
Maintenance expense | 254.7 | 265 | 266.5 | |||||||||
Marine operating expense | 0 | 0 | 0 | |||||||||
Depreciation | 248.5 | 239.4 | 231.8 | |||||||||
Operating lease expense | 49.6 | 60.7 | 67.6 | |||||||||
Other operating expense | 27.3 | 28.7 | 34.1 | |||||||||
Total Expenses | 580.1 | 593.8 | 600 | |||||||||
Net gain on asset dispositions | 76.3 | 45.2 | 16.6 | |||||||||
Interest expense, net | (125.2) | (121.2) | (110.1) | |||||||||
Other (expense) income | (5.2) | (5.9) | (3.6) | |||||||||
Share of affiliates' earnings (pre-tax) | 0.6 | (2.4) | 0.5 | |||||||||
Segment profit (loss) | 307.9 | 299.3 | 321.9 | |||||||||
Disposition Gains on Owned Assets | 64.7 | 44 | 45.5 | |||||||||
Nonoperating Income, Residual Sharing Income | 1.4 | 0.6 | 0.8 | |||||||||
Nonremarketing Disposition Gain (Loss) | 10.8 | 5.2 | 1.5 | |||||||||
Asset Impairment Charges | (0.6) | (4.6) | (31.2) | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 0.2 | 6.8 | 0.2 | 6.8 | 10.5 | |||||||
Identifiable assets | 5,236.6 | 4,915 | 5,236.6 | 4,915 | 4,775.6 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | (737.4) | (460.9) | (495.6) | |||||||||
Rail International [Member] | ||||||||||||
Profitability | ||||||||||||
Lease revenue | 209.3 | 190.3 | 182 | |||||||||
Marine operating revenue | 0 | 0 | 0 | |||||||||
Other revenue | 8.2 | 6.8 | 7 | |||||||||
Total Revenues | 217.5 | 197.1 | 189 | |||||||||
Maintenance expense | 44.5 | 41.1 | 47.2 | |||||||||
Marine operating expense | 0 | 0 | 0 | |||||||||
Depreciation | 55.5 | 48.9 | 45.5 | |||||||||
Operating lease expense | 0 | 0 | 0 | |||||||||
Other operating expense | 5.8 | 4.7 | 5.3 | |||||||||
Total Expenses | 105.8 | 94.7 | 98 | |||||||||
Net gain on asset dispositions | (0.2) | 3.1 | 1.1 | |||||||||
Interest expense, net | (35.9) | (33.4) | (29.7) | |||||||||
Other (expense) income | (7) | (3.2) | 0.8 | |||||||||
Share of affiliates' earnings (pre-tax) | 0 | (0.1) | (0.2) | |||||||||
Segment profit (loss) | 68.6 | 68.8 | 63 | |||||||||
Disposition Gains on Owned Assets | 0 | 0.1 | 0 | |||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||||||||
Nonremarketing Disposition Gain (Loss) | 3.7 | 3.3 | 1.7 | |||||||||
Asset Impairment Charges | (3.9) | (0.3) | (0.6) | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 0 | 0 | 0 | 0 | 1.2 | |||||||
Identifiable assets | 1,363.2 | 1,332.9 | 1,363.2 | 1,332.9 | 1,128.7 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | (152.7) | (90.9) | (87.1) | |||||||||
Portfolio Management [Member] | ||||||||||||
Profitability | ||||||||||||
Lease revenue | 1 | 3.8 | 5.8 | |||||||||
Marine operating revenue | 14.3 | 25 | 49.3 | |||||||||
Other revenue | 0.8 | 1.1 | 1.5 | |||||||||
Total Revenues | 16.1 | 29.9 | 56.6 | |||||||||
Maintenance expense | 0 | 0 | 0 | |||||||||
Marine operating expense | 16.8 | 24.8 | 32.8 | |||||||||
Depreciation | 7.3 | 7 | 7 | |||||||||
Operating lease expense | 0 | 0 | 0 | |||||||||
Other operating expense | 0 | 1 | 4.4 | |||||||||
Total Expenses | 24.1 | 32.8 | 44.2 | |||||||||
Net gain on asset dispositions | (3.4) | 7.7 | 80.3 | |||||||||
Interest expense, net | (10.4) | (9.2) | (8.6) | |||||||||
Other (expense) income | 0 | 2.3 | 0 | |||||||||
Share of affiliates' earnings (pre-tax) | 60.5 | 58.4 | 52.8 | |||||||||
Segment profit (loss) | 38.7 | 56.3 | 136.9 | |||||||||
Disposition Gains on Owned Assets | 0 | 1.8 | 4.2 | |||||||||
Nonoperating Income, Residual Sharing Income | 1.1 | 9.6 | 82.8 | |||||||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | |||||||||
Asset Impairment Charges | (4.5) | (3.7) | (6.7) | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 464.3 | 434.2 | 464.3 | 434.2 | 375.3 | |||||||
Identifiable assets | 606.8 | 582.8 | 606.8 | 582.8 | 593.5 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | (14.1) | (36.6) | (25) | |||||||||
Other [Member] | ||||||||||||
Profitability | ||||||||||||
Lease revenue | 0 | 0 | 0 | |||||||||
Marine operating revenue | 0 | 0 | 0 | |||||||||
Other revenue | 0 | 0 | 0 | |||||||||
Total Revenues | 0 | 0 | 0 | |||||||||
Maintenance expense | 0 | 0 | 0 | |||||||||
Marine operating expense | 0 | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | |||||||||
Operating lease expense | 0 | 0 | (0.1) | |||||||||
Other operating expense | 0 | 0 | 0 | |||||||||
Total Expenses | 0 | 0 | (0.1) | |||||||||
Net gain on asset dispositions | 0 | 0 | 0 | |||||||||
Interest expense, net | 8.6 | 8.5 | 4.8 | |||||||||
Other (expense) income | (9.5) | (7.1) | (9.3) | |||||||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | |||||||||
Segment profit (loss) | (0.9) | 1.4 | (4.4) | |||||||||
Disposition Gains on Owned Assets | 0 | 0 | 0 | |||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||||||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | |||||||||
Asset Impairment Charges | 0 | 0 | 0 | |||||||||
Selected Balance Sheet Data | ||||||||||||
Investments in affiliated companies | 0 | 0 | 0 | 0 | 0 | |||||||
Identifiable assets | $ 112.3 | $ 305 | 112.3 | 305 | 328.8 | |||||||
Capital Expenditures | ||||||||||||
Portfolio investments and capital additions | (23.4) | (1) | (3.9) | |||||||||
Parent [Member] | ||||||||||||
Profitability | ||||||||||||
Income tax benefit | $ 44.9 | $ (231.7) | $ 101.4 | |||||||||
Cardinal Marine [Domain] | ||||||||||||
Capital Expenditures | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
Asset Impairment Charges | $ 9 | $ 8.6 | $ 38.5 | |||||||||
Nonoperating Income, Residual Sharing Income | 2.5 | 10.2 | 83.6 | |||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 1.4 | 0 | 7.8 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 79.4 | 52.5 | 52.9 | |||||||||
State deferred tax rate change impact | 5 | 0 | ||||||||||
Revaluation of deferred tax liabilities | $ 17.9 | $ 315.9 | 9.4 | (371.4) | 0 | |||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||
Revenues | 356.4 | $ 349.7 | $ 349.5 | $ 305.3 | 352.8 | $ 359.6 | $ 348.4 | $ 316.1 | 1,360.9 | 1,376.9 | 1,418.3 | |
Net income | $ 49.2 | $ 47 | $ 38.8 | $ 76.3 | $ 342.1 | $ 49 | $ 53.4 | $ 57.5 | $ 211.3 | $ 502 | $ 257.1 | |
Share Data | ||||||||||||
Basic earnings per share (in dollars per share) | $ 1.32 | $ 1.25 | $ 1.03 | $ 2.02 | $ 8.98 | $ 1.27 | $ 1.37 | $ 1.46 | $ 5.62 | $ 12.95 | $ 6.35 | |
Diluted earnings per share (in dollars per share) | $ 1.30 | $ 1.22 | $ 1.01 | $ 1.98 | $ 8.83 | $ 1.25 | $ 1.35 | $ 1.44 | $ 5.52 | $ 12.75 | $ 6.29 | |
Rail International [Member] | ||||||||||||
Asset Impairment Charges | $ 3.9 | $ 0.3 | $ 0.6 | |||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | |||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||
Revenues | 217.5 | 197.1 | 189 | |||||||||
Portfolio Management [Member] | ||||||||||||
Asset Impairment Charges | 4.5 | 3.7 | 6.7 | |||||||||
Nonoperating Income, Residual Sharing Income | 1.1 | 9.6 | 82.8 | |||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||
Revenues | 16.1 | 29.9 | 56.6 | |||||||||
Rail North America [Member] | ||||||||||||
Asset Impairment Charges | 0.6 | 4.6 | 31.2 | |||||||||
Nonoperating Income, Residual Sharing Income | 1.4 | 0.6 | 0.8 | |||||||||
Selected Quarterly Financial Data (unaudited) | ||||||||||||
Revenues | $ 941.5 | $ 977.4 | 1,018.5 | |||||||||
Foreign Tax Authority [Member] | ||||||||||||
Equity Method Investment, Summarized Financial Information, Income Tax | $ 3.9 | |||||||||||
Cardinal Marine [Domain] | ||||||||||||
Number Of Vessels | 50.00% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 4,429.7 | $ 4,371.7 |