Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Jan. 31, 2021 | |
Entity Addresses [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-2328 | |
Entity Registrant Name | GATX Corporation | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 36-1124040 | |
Entity Address, Address Line One | 233 South Wacker Drive | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 312 | |
Local Phone Number | 621-6200 | |
Entity Central Index Key | 0000040211 | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Public Float | $ 2.1 | |
Entity Common Stock, Shares Outstanding | 35,100,000 | |
Entity Shell Company | false | |
Documents Incorporated by Reference | GATX’s definitive Proxy Statement to be filed on or about March 12, 2021 | |
ICFR Auditor Attestation Flag | true | |
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | GATX | |
Security Exchange Name | NYSE | |
Common Stock [Member] | CHICAGO STOCK EXCHANGE, INC [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | GATX | |
Security Exchange Name | CHX | |
Senior Notes [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | ||
Entity Addresses [Line Items] | ||
Title of 12(b) Security | 5.625% Senior Notes due 2066 | |
Trading Symbol | GMTA | |
Security Exchange Name | NYSE |
Cover
Cover | 12 Months Ended |
Dec. 31, 2020 | |
Cover [Abstract] | |
Documents Incorporated by Reference | GATX’s definitive Proxy Statement to be filed on or about March 12, 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and Cash Equivalents | $ 292.2 | $ 151 |
Restricted Cash and Cash Equivalents | 0.4 | 0 |
Receivables | ||
Rent and other receivables | 74.7 | 65.9 |
Finance leases | 74 | 90.3 |
Less: allowance for losses | (6.5) | (6.2) |
Receivables, net | 142.2 | 150 |
Operating Assets and Facilities | ||
Operating Assets and Facilities | 10,484 | 9,523.5 |
Less: allowance for depreciation | (3,313.3) | (3,066.2) |
Operating assets and facilities, net | 7,170.7 | 6,457.3 |
Operating Lease, Right-of-Use Asset | 335.9 | 411.7 |
Finance Lease, Right-of-Use Asset | 37.5 | 8.9 |
Lease, Right-of-Use Asset | 373.4 | 420.6 |
Investments in Affiliated Companies | 584.7 | 512.6 |
Goodwill | 143.7 | 81.5 |
Other Assets | 230.3 | 221 |
Total Assets of Discontinued Operations | 0 | 291.1 |
Total Assets | 8,937.6 | 8,285.1 |
Liabilities and Shareholders’ Equity | ||
Accounts Payable and Accrued Expenses | 147.3 | 119.4 |
Debt | ||
Commercial paper and borrowings under bank credit facilities | 23.6 | 15.8 |
Recourse | 5,329 | 4,780.4 |
Debt, Long-term and Short-term, Combined Amount | 5,352.6 | 4,796.2 |
Operating Lease, Liability | 348.6 | 429.4 |
Finance Lease, Liability | 33.3 | 7.9 |
Lease, Liability | 381.9 | 437.3 |
Deferred Income Taxes | 962.8 | 888.5 |
Other Liabilities | 135.6 | 139.1 |
Total Liabilities of Discontinued Operations | 0 | 69.5 |
Total Liabilities | 6,980.2 | 6,450 |
Shareholders’ Equity | ||
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,751,074 and 67,536,794 Outstanding shares — 35,047,317 and 34,833,037 | 41.9 | 41.8 |
Additional paid in capital | 735.4 | 720.1 |
Retained earnings | 2,682.1 | 2,601.3 |
Accumulated other comprehensive loss | (137.5) | (163.6) |
Treasury stock at cost (32,703,757 and 32,703,757 shares) | (1,364.5) | (1,364.5) |
Total Shareholders’ Equity | 1,957.4 | 1,835.1 |
Total Liabilities and Shareholders’ Equity | $ 8,937.6 | $ 8,285.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value | $ 0.625 | $ 0.625 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 67,751,074 | 67,536,794 |
Common stock, shares outstanding | 35,047,317 | 34,833,037 |
Treasury stock, shares outstanding | 32,703,757 | 32,703,757 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Lease revenue | $ 1,087.5 | $ 1,088.5 | $ 1,083.7 |
MarineOperatingRevenue | 15.6 | 8.2 | 14.3 |
Other revenue | 106.1 | 105.4 | 77.1 |
Total Revenues | 1,209.2 | 1,202.1 | 1,175.1 |
Expenses | |||
Maintenance expense | 315.5 | 314.4 | 299.2 |
Marine operating expense | 19.7 | 18.9 | 16.8 |
Depreciation | 330.5 | 321.3 | 311.3 |
Operating lease expense | 49.3 | 54.4 | 49.6 |
Other operating expense | 35.3 | 31.3 | 33.1 |
Selling, general and administrative | 172 | 180.4 | 182.5 |
Total Expenses | 922.3 | 920.7 | 892.5 |
Other Income (Expense) | |||
Net gain on asset dispositions | 41.7 | 51.6 | 72.7 |
Interest expense, net | (190.3) | (180.5) | (162.9) |
Other (expense) income | (13) | (7.3) | (21.7) |
Income before Income Taxes and Share of Affiliates’ Earnings | 125.3 | 145.2 | 170.7 |
Income Taxes | (37.3) | (40.9) | (30.5) |
Share of Affiliates’ Earnings (net of tax) | 62.2 | 76.5 | 50.3 |
Income from continuing operations | 150.2 | 180.8 | 190.5 |
Net Income | 151.3 | 211.2 | 211.3 |
Total Discontinued Operations, Net of Taxes | 1.1 | 30.4 | 20.8 |
Other Comprehensive Income, net of taxes | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 24.4 | (10.1) | (47.5) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (4.5) | 3.9 | 4.5 |
Post-retirement benefit plans | 6.2 | 7.2 | 7.4 |
Other comprehensive income (loss) | 1 | (35.6) | |
Comprehensive Income | $ 177.4 | $ 212.2 | $ 175.7 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 4.30 | $ 5.07 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | 0.03 | 0.85 | 0.55 |
Share Data | |||
Basic earnings per share (in dollars per share) | $ 4.33 | $ 5.92 | $ 5.62 |
Average number of common shares (in shares) | 35 | 35.7 | 37.6 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 4.24 | $ 4.97 | $ 4.98 |
Diluted earnings per share (in dollars per share) | 4.27 | 5.81 | 5.52 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $ 0.03 | $ 0.84 | $ 0.54 |
Average number of common shares and common share equivalents (in shares) | 35.4 | 36.4 | 38.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income | $ 151.3 | $ 211.2 | $ 211.3 |
Total Discontinued Operations, Net of Taxes | 1.1 | 30.4 | 20.8 |
Income from continuing operations | 150.2 | 180.8 | 190.5 |
Adjustments to reconcile income to net cash provided by operating activities: | |||
Depreciation | 342.8 | 332.7 | 327.3 |
Gains on sales of assets | (39.5) | (56.2) | (79.3) |
Asset Impairment Charges | 0.3 | 6.6 | 9 |
Employee benefit plans | 6.9 | 3.9 | 4.6 |
Share-based Payment Arrangement, Noncash Expense | 15.6 | 12.3 | 16.4 |
Deferred income taxes | 29.1 | 33.8 | 18.1 |
Share of affiliates’ earnings, net of dividends | (62.2) | (49) | (15.2) |
Other | (6.4) | (39.1) | 13.8 |
Net cash provided by operating activities | 436.8 | 425.8 | 485.2 |
Investing Activities | |||
Additions to operating assets and facilities | (860.8) | (722.8) | (913.5) |
Acquisition of new businesses | (203.2) | 0 | 0 |
Investments in affiliates | 0 | 0 | (14.1) |
Portfolio investments and capital additions | (1,064) | (722.8) | (927.6) |
Purchases of leased-in assets | 0 | (1) | (66.6) |
Portfolio proceeds | 131.1 | 250.3 | 234.4 |
Proceeds from sales of other assets | 26 | 23 | 37.3 |
Proceeds from sale-leasebacks | 0 | 0 | 59.1 |
Payments for (Proceeds from) Other Investing Activities | 2 | 2.7 | 3.1 |
Net cash used in investing activities | (904.9) | (447.8) | (660.3) |
Financing Activities | |||
Net proceeds from issuances of debt (original maturities longer than 90 days) | 1,586.5 | 743 | 693.7 |
Repayments of debt (original maturities longer than 90 days) | (1,100) | (410) | (632.8) |
Net increase (decrease) in debt with original maturities of 90 days or less | 6.4 | (94.6) | 106.5 |
Payments on capital lease obligations | (40) | (11.3) | 0 |
Stock repurchases | 0 | (150) | (115.5) |
Dividends | (71) | (69.3) | (69.3) |
Other (add shares used to pay taxes) | (26.3) | 59.1 | 3.5 |
Net cash (used in) provided by financing activities | 355.6 | 66.9 | (13.9) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.1) | (0.5) | (4) |
Net Cash Used in (Provided By) Operating Activities | (8.5) | 36.8 | 23.3 |
Net Cash Provided By (Used In) Investing Activities (1) | 240.9 | 8.1 | (15.8) |
Net Cash Provided By (Used In) Financing Activities | 21.8 | (45) | (7.5) |
Cash Provided By Discontinued Operations, Net | 254.2 | (0.1) | 0 |
Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash during the year | 141.6 | 44.3 | (193) |
Cash, Cash Equivalents, and Restricted Cash at beginning of period | 151 | 106.7 | 299.7 |
Cash, Cash Equivalents, and Restricted Cash at end of period | $ 292.6 | $ 151 | $ 106.7 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of period, Shares | (29,200,000) | |||||||
Dividends Declared [Table Text Block] | 1.76 | |||||||
Balance at beginning of year at Dec. 31, 2017 | 67,100,000 | |||||||
Balance at beginning of period, Common Stock at Dec. 31, 2017 | $ 41.6 | |||||||
Balance at beginning of period at Dec. 31, 2017 | $ (1,099) | $ 698 | $ 2,261.7 | $ (109.6) | ||||
Balance at beginning of period (Retained Earnings [Member]) at Dec. 31, 2017 | $ 15.2 | |||||||
Balance at beginning of period (Reclassification out of Accumulated Other Comprehensive Income [Domain]) at Dec. 31, 2017 | (19.4) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
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 ($1.92 in 2020, $1.84 in 2019 and $1.76 in 2018) | 69 | |||||||
Other comprehensive income (loss) | (35.6) | (35.6) | ||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2018 | 67,300,000 | |||||||
Balance at end of period, Common Stock at Dec. 31, 2018 | $ 41.6 | |||||||
Balance at end of period at Dec. 31, 2018 | $ 1,788.1 | $ (1,214.5) | 706.4 | 2,419.2 | $ 2,419.2 | (164.6) | ||
Balance at end of period (Retained Earnings [Member]) at Dec. 31, 2018 | 39.4 | |||||||
Balance at end of period (Reclassification out of Accumulated Other Comprehensive Income [Domain]) at Dec. 31, 2018 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of period, Shares | (30,700,000) | |||||||
Dividends Declared [Table Text Block] | 1.84 | |||||||
Issuance of common stock, Shares | 200,000 | |||||||
Issuance of common stock | $ 0.2 | |||||||
Stock repurchases, Shares | 2,000,000 | |||||||
Stock repurchases | $ (150) | |||||||
Share-based compensation effects | 13.7 | |||||||
Net income | 211.2 | |||||||
Dividends declared ($1.92 in 2020, $1.84 in 2019 and $1.76 in 2018) | 68.5 | |||||||
Other comprehensive income (loss) | $ 1 | 1 | ||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2019 | 67,536,794 | 67,500,000 | ||||||
Balance at end of period, Common Stock at Dec. 31, 2019 | $ 41.8 | $ 41.8 | ||||||
Balance at end of period at Dec. 31, 2019 | $ 1,835.1 | $ (1,364.5) | 720.1 | 2,601.3 | 2,601.3 | (163.6) | ||
Balance at end of period (Retained Earnings [Member]) at Dec. 31, 2019 | 0 | |||||||
Balance at end of period (Reclassification out of Accumulated Other Comprehensive Income [Domain]) at Dec. 31, 2019 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of period, Shares | (32,700,000) | |||||||
Dividends Declared [Table Text Block] | 1.92 | |||||||
Issuance of common stock, Shares | 300,000 | |||||||
Issuance of common stock | $ 0.1 | |||||||
Stock repurchases, Shares | 0 | |||||||
Stock repurchases | $ 0 | |||||||
Share-based compensation effects | 15.3 | |||||||
Net income | $ 151.3 | |||||||
Dividends declared ($1.92 in 2020, $1.84 in 2019 and $1.76 in 2018) | $ 70.5 | |||||||
Other comprehensive income (loss) | $ 26.1 | |||||||
Balance at end of period, Common Stock, Shares at Dec. 31, 2020 | 67,751,074 | 67,800,000 | ||||||
Balance at end of period, Common Stock at Dec. 31, 2020 | $ 41.9 | $ 41.9 | ||||||
Balance at end of period at Dec. 31, 2020 | $ 1,957.4 | $ (1,364.5) | $ 735.4 | $ 2,682.1 | $ (137.5) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance at beginning of period, Shares | (32,700,000) |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See " Note 27. Discontinued Operations " for additional information. On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), the fourth largest tank container lessor in the world. Financial results for this business will be reported in the Other segment. See "Note 5. Business Combinations" for additional information. |
Extraordinary and Unusual Items
Extraordinary and Unusual Items | 12 Months Ended |
Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items, or Both, Disclosure | Coronavirus Impacts On March 11, 2020, the World Health Organization declared the Coronavirus Disease 2019 (“COVID-19”) a pandemic and on March 13, 2020, the United States declared a national emergency related to COVID-19. Our consolidated financial statements reflect estimates and assumptions at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. We considered the impact of COVID-19 on our operations and the assumptions and estimates used. While COVID-19 did have a negative impact on operating conditions in 2020, we determined the impact to our assumptions and estimates was not significant. However, we expect COVID-19 will continue to have an adverse impact on our operating and financial results in future periods, the magnitude and duration of which cannot be determined at this time. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which includes modifications to the interest expense limitation threshold and net operating loss carryback period and utilization limitation, the acceleration of payments for alternative minimum tax credit refunds, and the deferral of employer payroll tax payments. The CARES Act did not have a material impact on our consolidated financial statements. |
Accounting Changes
Accounting Changes | 12 Months Ended |
Dec. 31, 2020 | |
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 Credit Losses Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which supersedes previous guidance. The FASB subsequently issued ASU 2018-19, clarifying operating lease receivables are not within the scope of subtopic 326-20 and should be accounted for in accordance with Topic 842, Leases . The new guidance modifies the impairment model to be based on expected losses rather than incurred losses. The adoption of this standard required us to modify our assessment for a limited population of receivables, including the net investment in our finance leases. As part of our modified assessment, we considered historical information as well as current and future economic conditions. The application of this new guidance did not impact our financial statements or related disclosures . Pension Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans, which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other post retirement plans. We adopted the new guidance as part of our annual pension disclosures in “Note 8. Pension and Other Post-Retirement Benefits”. The application of this guidance did not impact our financial statements and had an immaterial impact on related disclosures. New Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Income Taxes Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes which eliminates exceptions for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. The new guidance is effective for us in the first quarter of 2021, with early adoption permitted. We plan to adopt this standard on January 1, 2021. Reference Rate Reform Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional practical expedients and exceptions in the application of GAAP principles to contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates being discontinued as a result of reference rate reform. Optional expedients are available for adoption from March 12, 2020 through December 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 presentation. Discontinued Operations On May 14, 2020, we completed the sale of our ASC business. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. Accordingly, the results of operations from our ASC business are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2020, 2019, and 2018, and the related assets and liabilities are classified as assets and liabilities of discontinued operations as of December 31, 2020 and 2019 in the accompanying balance sheets. In addition, cash flows from our ASC business are reported as cash flows from discontinued operations in the accompanying statements of cash flows for the years ended December 31, 2020, 2019, and 2018. See "Note 27. Discontinued Operations" for more information. 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 7. Leases." In 2019, we adopted ASU 2016-02, Leases ("Topic 842") . As provided in the guidance, we elected the package of practical expedients that retains the classification of existing leases at the time of adoption and does not require re-evaluation of the embedded leases or reassessment of initial direct costs. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of Topic 842, and we have elected not to separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 7. Leases." Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount 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. See "Note 7. Leases." Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. For vessels operating in a pooling arrangement, we recognize pool revenue based on the right to receive our portion of net distributions reported by the pool, with net distributions being the net voyage revenue of the pool after deduction of voyage expenses. For vessels operating out of the pool, we recognize revenue over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Other Revenue Other revenue is comprised of customer liability repair revenue, termination fees, utilization income, fee income, interest on loans, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842. Cash and Cash Equivalents We classify all highly liquid investments with a maturity of three months or less as cash equivalents. Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs. Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of operations. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under the current expected credit loss standard that we adopted on January 1, 2020. See the “Allowance for Losses” section within this Note for more information. Allowance for Losses The allowance for losses is our estimate of credit losses associated with 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 under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2020. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2020. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 19. Allowance for Losses." Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 20–45 years Locomotives 15–25 years Buildings 40–50 years Leasehold improvements 5–15 years Marine vessels 30 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 11. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale. Leased Assets as a Lessee We record right-of-use assets for operating leases and finance leases and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. Investments in Affiliates We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We include loans to and from affiliates as part of our investment in the affiliate and include interest on any such loans in our share of the affiliates’ earnings. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 8. 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. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 18. Goodwill." Inventory Our inventory consists primarily of railcar and locomotive repair components. All inventory balances are stated at lower of cost or net realizable value. Railcar repair components are valued using the average cost method. Inventory is included in other assets on the balance sheet. Income Taxes We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. 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. Additional guidance was issued in 2018 by the Internal Revenue Service, the U.S. Department of the Treasury, and state taxing authorities 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 future 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 14. 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 10. 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 10. 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 $(10.8) million, $1.7 million and $(3.4) million for 2020, 2019, and 2018. Environmental Liabilities We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 24. Legal Proceedings and Other Contingencies." Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 12. 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 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 7. Leases." Share-Based Compensation We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 13. 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 ended December 31 (in millions): 2020 2019 2018 Net disposition gains $ 39.4 $ 58.6 $ 64.7 Residual sharing income 2.5 1.9 2.5 Non-remarketing net disposition gains (losses) 0.1 (2.3) 14.5 Asset impairment losses (1) (0.3) (6.6) (9.0) Net Gain on Asset Dispositions $ 41.7 $ 51.6 $ 72.7 __________ (1) See "Note 11. 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 $1.5 million in 2020, $3.8 million in 2019, and $5.7 million in 2018. Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). Business Combinations We account for business combinations using the acquisition method of accounting, which requires assets acquired and liabilities assumed be recorded at their respective fair values as of the acquisition date. The excess consideration paid over the fair value of the assets acquired and liabilities assumed represents goodwill. The allocation of the purchase price requires management to make significant estimates in determining fair values. These estimates can include, but are not limited to, expected future cash flows, discount rates, and the expected use of the acquired assets. Transaction costs associated with business combinations are expensed when incurred. See "Note 5. Business Combinations." |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), the fourth largest tank container lessor in the world, for approximately €165 million ($203.2 million) in cash. Transaction costs associated with this acquisition were approximately $2.7 million. Headquartered in the Netherlands with offices worldwide, Trifleet owns and manages a fleet of over 19,000 tank containers leased to a diverse customer base in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical industries, as well as to tank container operators. We have allocated $146.2 million and $57.0 million to tangible net assets and goodwill in the preliminary purchase accounting for the acquisition. The initial allocation of the purchase price is incomplete with respect to certain assets and liabilities acquired. The purchase price allocation will be finalized during the measurement period, which will not exceed 12 months from the acquisition date. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented. |
Supplemental Cash Flow and Nonc
Supplemental Cash Flow and Noncash Investing Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow and Noncash Investing Transaction | Supplemental Cash Flow Information 2020 2019 2018 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 189.8 $ 185.1 $ 164.0 Income taxes paid, net 21.4 11.6 18.1 ________ (1) Interest paid consisted of interest on debt obligations, interest rate swaps (net of interest received), and finance leases. |
Leases Lessor, Operating Leases
Leases Lessor, Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Finance Leases [Text Block] | Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. See "Note 3. Accounting Changes" for additional information and impact on our financial statements from adoption of this standard. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income for the years ended December 31 (in millions): 2020 2019 Operating lease income: Fixed lease income $ 1,020.9 $ 1,013.5 Variable lease income 59.4 65.2 Total operating lease income $ 1,080.3 $ 1,078.7 Finance lease income 7.2 9.8 Total lease income $ 1,087.5 $ 1,088.5 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $88.9 million and $88.2 million in 2020 and 2019. The following table shows the components of our finance leases as of December 31 (in millions): 2020 2019 Total contractual lease payments receivable $ 77.1 $ 84.4 Estimated unguaranteed residual value of leased assets 24.6 40.7 Unearned income (27.7) (34.8) Finance leases $ 74.0 $ 90.3 The following table shows our future contractual receipts from our noncancelable operating leases and finance leases as of December 31, 2020 (in millions): Operating Leases (1) Finance Leases Total 2021 $ 925.5 $ 16.2 $ 941.7 2022 702.7 21.8 724.5 2023 524.7 8.4 533.1 2024 357.7 9.3 367.0 2025 193.1 5.8 198.9 Years thereafter 215.0 15.6 230.6 $ 2,918.7 $ 77.1 $ 2,995.8 __________ (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 We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, 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. Our lease agreements do not contain any material residual value guarantees. At December 31, 2020, we leased approximately 6,700 railcars at Rail North America, all of which are accounted for as operating leases. To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense for the years ended December 31 (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 0.6 $ 0.7 Interest on lease liabilities 0.2 0.3 Operating lease cost (1): Fixed lease cost - operating leases 53.3 59.7 Total lease cost $ 54.1 $ 60.7 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $64.3 million for the year ended December 31, 2020 was recognized in connection with these operating leases compared to $70.1 million for the year ended December 31, 2019. The following table shows the maturities of our lease liabilities as of December 31, 2019 (in millions): Operating Leases Finance Leases Total 2021 $ 50.6 $ 33.3 $ 83.9 2022 49.0 — 49.0 2023 48.0 — 48.0 2024 45.1 — 45.1 2025 37.7 — 37.7 Thereafter 180.0 — 180.0 Total undiscounted lease payments $ 410.4 $ 33.3 $ 443.7 Less: amounts representing interest (61.8) — (61.8) Total discounted lease liabilities $ 348.6 $ 33.3 $ 381.9 The following table shows assets recorded as finance leases as of December 31 (in millions): 2020 2019 Railcars $ 37.8 $ 9.0 Less: allowance for depreciation (0.3) (0.1) Finance leases, net of accumulated depreciation $ 37.5 $ 8.9 The following table shows the lease terms and discount rates related to leases as of December 31: 2020 2019 Weighted-average remaining lease term (years): Operating leases 9.3 9.6 Finance leases (1) — — Weighted-average discount rate: Operating leases 3.57 % 3.66 % Finance leases 0.95 % 2.26 % ________ (1) The weighted-average remaining lease term for outstanding finance leases was less than one year in both 2020 and 2019. The following table shows other information related to leases for the years ended December 31 (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 58.5 $ 66.5 Operating cash flows for finance leases — 0.3 Financing cash flows for finance leases 40.0 11.3 Total cash for leases $ 98.5 $ 78.1 Non-cash financing lease transactions (1) $ 64.9 $ 7.8 __________ (1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option. In 2020, we exercised options to acquire 732 railcars previously recorded on the balance sheet as a finance lease for $40.0 million, compared to the exercise of options to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million in 2019. |
Lessor, Operating Leases [Text Block] | Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. See "Note 3. Accounting Changes" for additional information and impact on our financial statements from adoption of this standard. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income for the years ended December 31 (in millions): 2020 2019 Operating lease income: Fixed lease income $ 1,020.9 $ 1,013.5 Variable lease income 59.4 65.2 Total operating lease income $ 1,080.3 $ 1,078.7 Finance lease income 7.2 9.8 Total lease income $ 1,087.5 $ 1,088.5 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $88.9 million and $88.2 million in 2020 and 2019. The following table shows the components of our finance leases as of December 31 (in millions): 2020 2019 Total contractual lease payments receivable $ 77.1 $ 84.4 Estimated unguaranteed residual value of leased assets 24.6 40.7 Unearned income (27.7) (34.8) Finance leases $ 74.0 $ 90.3 The following table shows our future contractual receipts from our noncancelable operating leases and finance leases as of December 31, 2020 (in millions): Operating Leases (1) Finance Leases Total 2021 $ 925.5 $ 16.2 $ 941.7 2022 702.7 21.8 724.5 2023 524.7 8.4 533.1 2024 357.7 9.3 367.0 2025 193.1 5.8 198.9 Years thereafter 215.0 15.6 230.6 $ 2,918.7 $ 77.1 $ 2,995.8 __________ (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 We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, 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. Our lease agreements do not contain any material residual value guarantees. At December 31, 2020, we leased approximately 6,700 railcars at Rail North America, all of which are accounted for as operating leases. To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense for the years ended December 31 (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 0.6 $ 0.7 Interest on lease liabilities 0.2 0.3 Operating lease cost (1): Fixed lease cost - operating leases 53.3 59.7 Total lease cost $ 54.1 $ 60.7 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $64.3 million for the year ended December 31, 2020 was recognized in connection with these operating leases compared to $70.1 million for the year ended December 31, 2019. The following table shows the maturities of our lease liabilities as of December 31, 2019 (in millions): Operating Leases Finance Leases Total 2021 $ 50.6 $ 33.3 $ 83.9 2022 49.0 — 49.0 2023 48.0 — 48.0 2024 45.1 — 45.1 2025 37.7 — 37.7 Thereafter 180.0 — 180.0 Total undiscounted lease payments $ 410.4 $ 33.3 $ 443.7 Less: amounts representing interest (61.8) — (61.8) Total discounted lease liabilities $ 348.6 $ 33.3 $ 381.9 The following table shows assets recorded as finance leases as of December 31 (in millions): 2020 2019 Railcars $ 37.8 $ 9.0 Less: allowance for depreciation (0.3) (0.1) Finance leases, net of accumulated depreciation $ 37.5 $ 8.9 The following table shows the lease terms and discount rates related to leases as of December 31: 2020 2019 Weighted-average remaining lease term (years): Operating leases 9.3 9.6 Finance leases (1) — — Weighted-average discount rate: Operating leases 3.57 % 3.66 % Finance leases 0.95 % 2.26 % ________ (1) The weighted-average remaining lease term for outstanding finance leases was less than one year in both 2020 and 2019. The following table shows other information related to leases for the years ended December 31 (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 58.5 $ 66.5 Operating cash flows for finance leases — 0.3 Financing cash flows for finance leases 40.0 11.3 Total cash for leases $ 98.5 $ 78.1 Non-cash financing lease transactions (1) $ 64.9 $ 7.8 __________ (1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option. In 2020, we exercised options to acquire 732 railcars previously recorded on the balance sheet as a finance lease for $40.0 million, compared to the exercise of options to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million in 2019. |
Lessee, Operating Leases [Text Block] | Leases Adoption of ASU 2016-02, "Leases (Topic 842)" In the first quarter of 2019, we adopted ASU 2016-02 using the modified retrospective transition method with a cumulative effect adjustment upon adoption. Amounts for comparative periods are not required to be included in the footnote disclosures. See "Note 3. Accounting Changes" for additional information and impact on our financial statements from adoption of this standard. We elected the package of practical expedients related to whether a contract is or contains a lease, lease classification and initial direct costs. We also elected the practical expedient that allows lessors and lessees to not separate non-lease components from the associated lease components for operating leases. The adoption of this new standard required us to recognize right-of-use assets and lease liabilities on our balance sheet attributable to operating leases for railcars, offices, and certain equipment. In addition, the adoption of this new standard also required us to eliminate deferred gains associated with our railcar sale-leaseback financing arrangements, resulting in a one-time increase to equity. The adoption of this standard did not have any impact on our cash flows. GATX as Lessor 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 maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income for the years ended December 31 (in millions): 2020 2019 Operating lease income: Fixed lease income $ 1,020.9 $ 1,013.5 Variable lease income 59.4 65.2 Total operating lease income $ 1,080.3 $ 1,078.7 Finance lease income 7.2 9.8 Total lease income $ 1,087.5 $ 1,088.5 In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $88.9 million and $88.2 million in 2020 and 2019. The following table shows the components of our finance leases as of December 31 (in millions): 2020 2019 Total contractual lease payments receivable $ 77.1 $ 84.4 Estimated unguaranteed residual value of leased assets 24.6 40.7 Unearned income (27.7) (34.8) Finance leases $ 74.0 $ 90.3 The following table shows our future contractual receipts from our noncancelable operating leases and finance leases as of December 31, 2020 (in millions): Operating Leases (1) Finance Leases Total 2021 $ 925.5 $ 16.2 $ 941.7 2022 702.7 21.8 724.5 2023 524.7 8.4 533.1 2024 357.7 9.3 367.0 2025 193.1 5.8 198.9 Years thereafter 215.0 15.6 230.6 $ 2,918.7 $ 77.1 $ 2,995.8 __________ (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 We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. The railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, 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. Our lease agreements do not contain any material residual value guarantees. At December 31, 2020, we leased approximately 6,700 railcars at Rail North America, all of which are accounted for as operating leases. To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term. The following table shows the components of lease expense for the years ended December 31 (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 0.6 $ 0.7 Interest on lease liabilities 0.2 0.3 Operating lease cost (1): Fixed lease cost - operating leases 53.3 59.7 Total lease cost $ 54.1 $ 60.7 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $64.3 million for the year ended December 31, 2020 was recognized in connection with these operating leases compared to $70.1 million for the year ended December 31, 2019. The following table shows the maturities of our lease liabilities as of December 31, 2019 (in millions): Operating Leases Finance Leases Total 2021 $ 50.6 $ 33.3 $ 83.9 2022 49.0 — 49.0 2023 48.0 — 48.0 2024 45.1 — 45.1 2025 37.7 — 37.7 Thereafter 180.0 — 180.0 Total undiscounted lease payments $ 410.4 $ 33.3 $ 443.7 Less: amounts representing interest (61.8) — (61.8) Total discounted lease liabilities $ 348.6 $ 33.3 $ 381.9 The following table shows assets recorded as finance leases as of December 31 (in millions): 2020 2019 Railcars $ 37.8 $ 9.0 Less: allowance for depreciation (0.3) (0.1) Finance leases, net of accumulated depreciation $ 37.5 $ 8.9 The following table shows the lease terms and discount rates related to leases as of December 31: 2020 2019 Weighted-average remaining lease term (years): Operating leases 9.3 9.6 Finance leases (1) — — Weighted-average discount rate: Operating leases 3.57 % 3.66 % Finance leases 0.95 % 2.26 % ________ (1) The weighted-average remaining lease term for outstanding finance leases was less than one year in both 2020 and 2019. The following table shows other information related to leases for the years ended December 31 (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 58.5 $ 66.5 Operating cash flows for finance leases — 0.3 Financing cash flows for finance leases 40.0 11.3 Total cash for leases $ 98.5 $ 78.1 Non-cash financing lease transactions (1) $ 64.9 $ 7.8 __________ (1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option. In 2020, we exercised options to acquire 732 railcars previously recorded on the balance sheet as a finance lease for $40.0 million, compared to the exercise of options to acquire 157 railcars previously recorded on the balance sheet as a finance lease for $10.5 million in 2019. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Affiliated Companies | Investments in Affiliated Companies Investments in affiliated companies substantially comprises investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2020 2019 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 584.7 $ 512.4 50.0 % Adler Funding LLC (2) Rail North America — 0.2 12.5 % Investments in Affiliated Companies $ 584.7 $ 512.6 __________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates"). (2) During 2020, Adler Funding LLC was legally dissolved, and final proceeds were distributed. As such, we no longer have an investment in this affiliate as of December 31, 2020. The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2020 2019 2018 Rail North America $ (0.1) $ — $ 0.6 Portfolio Management 95.9 94.5 60.5 Share of affiliates' pre-tax income 95.8 94.5 61.1 Income taxes (33.6) (18.0) (10.8) Share of affiliates' earnings, net of taxes $ 62.2 $ 76.5 $ 50.3 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 2020 2019 2018 2020 2019 2018 Rail North America (1) $ — $ — $ — $ 0.1 $ — $ 6.3 Portfolio Management — — 14.1 0.6 27.6 35.2 Total $ — $ — $ 14.1 $ 0.7 $ 27.6 $ 41.5 __________ (1) Loan payments received from affiliates in 2018. 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): 2020 2019 2018 Revenues $ 491.0 $ 469.8 $ 436.9 Net gains on sales of assets 115.7 86.4 12.2 Net income 146.1 161.4 120.5 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 203.6 Noncurrent assets 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,219.5 Current liabilities $ 311.0 $ 525.5 Noncurrent liabilities 3,674.7 3,703.6 Shareholders’ equity 1,133.9 990.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,219.5 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 445 aircraft engines at December 31, 2020, of which 215 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 18 to 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $62.0 million in 2020, $76.5 million in 2019, and $49.8 million in 2018. Financial results for the current year included a transaction involving the refinancing and sale of a group of aircraft spare engines at the RRPF affiliates. In this transaction, the RRPF affiliates sold 21 aircraft spare engines for total proceeds of $233.0 million in 2020. GATX's 50% share of the resulting pre-tax net gains were $35.3 million. We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2020 2019 2018 Lease revenue from third parties $ 257.6 $ 213.3 $ 178.6 Lease revenue from Rolls-Royce 233.4 256.7 232.7 Depreciation expense (248.7) (223.9) (195.6) Interest expense (116.0) (126.4) (94.3) Other expenses (50.3) (16.5) (12.6) Other income, including net gains on sales of assets 115.7 86.4 12.5 Income before income taxes 191.7 189.6 121.3 Income taxes (1) (45.6) (27.9) (18.1) Net income $ 146.1 $ 161.7 $ 103.2 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 202.6 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,283.6 and $1,178.5 (a) 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,218.5 Accounts payable and accrued expenses $ 110.4 $ 96.2 Debt: Current 200.6 429.3 Noncurrent, net of adjustments for hedges 3,243.6 3,367.5 Other liabilities 431.1 336.1 Shareholders’ equity 1,133.9 989.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,218.5 _________ (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, 2020 (in millions): Rolls-Royce Third Parties Total 2021 $ 228.9 $ 213.3 $ 442.2 2022 217.1 198.9 416.0 2023 193.9 186.1 380.0 2024 186.9 173.1 360.0 2025 165.1 154.3 319.4 Thereafter 266.1 548.9 815.0 Total $ 1,258.0 $ 1,474.6 $ 2,732.6 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2020 (in millions): 2021 $ 203.3 2022 362.0 2023 389.7 2024 293.6 2025 210.6 Thereafter 1,995.5 Total debt principal (1) $ 3,454.7 _______ (1) All debt obligations are nonrecourse to the shareholders. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions) December 31 2020 2019 Balance $ 23.6 $ 15.8 Weighted-average interest rate 0.85 % 0.65 % 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 Interest Rate 2020 2019 Recourse Fixed Rate Debt 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 (1) 12/15/20 12/31/22 0.70 % 122.1 — Unsecured 03/19/13 03/30/23 3.90 % 250.0 250.0 Unsecured 11/05/18 02/15/24 4.35 % 300.0 300.0 Unsecured (1)(2) 12/22/16 05/23/24 0.85 % 128.3 — Unsecured (1) 11/05/19 11/05/24 0.96 % 122.2 112.1 Unsecured (1) 03/20/20 03/20/25 1.00 % 122.2 — Unsecured 02/06/15 03/30/25 3.25 % 300.0 300.0 Unsecured (1) 08/03/20 08/03/25 1.13 % 122.1 — Unsecured 09/13/16 09/15/26 3.25 % 350.0 350.0 Unsecured (1) 11/04/19 11/04/26 1.07 % 91.6 84.1 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 % 300.0 300.0 Unsecured 01/31/19 04/01/29 4.70 % 500.0 500.0 Unsecured 05/12/20 06/30/30 4.00 % 500.0 — 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 10/31/14 03/30/20 2.60 % — 250.0 Unsecured 02/06/15 03/30/20 2.60 % — 100.0 Total recourse fixed rate debt $ 5,058.5 $ 4,396.2 Recourse Floating Rate Debt Unsecured 11/06/17 11/05/21 2.61 % $ 300.0 $ 300.0 Unsecured (2) 12/22/16 05/23/24 0.90 % — 117.7 Total recourse floating rate debt $ 300.0 $ 417.7 Total debt principal $ 5,358.5 $ 4,813.9 Unamortized debt discount and debt issuance costs (35.1) (34.9) Debt adjustment for fair value hedges 5.6 1.4 Total Debt $ 5,329.0 $ 4,780.4 _______ (1) Denominated in euros, but presented in U.S. dollars in this table. (2) This term loan was originally issued on December 22, 2016, with a maturity date of December 20, 2021. During 2019, GATX increased the size of the term loan and extended the maturity date to May 23, 2024. On November 23, 2020, this term loan was repriced from floating rate to fixed rate. The following table shows the scheduled principal payments of our debt obligations as of December 31, 2020 (in millions): 2021 $ 600.0 2022 372.2 2023 250.0 2024 550.4 2025 544.3 Thereafter 3,041.6 Total debt principal $ 5,358.5 Credit Lines and Facilities We have a $600 million, 5-year unsecured revolving credit facility in the U.S., expiring in May 2024. The credit facility contains two 1-year extension options. As of December 31, 2020, the full $600 million was available under this facility. Additionally, we have a $250 million 3-year unsecured revolving credit facility in the U.S. In 2020, we extended the maturity of this facility by one year from May 2022 to May 2023. This facility also has two 1-year extension options. As of December 31, 2020, the full $250 million was available under this facility. In addition, our European subsidiaries have unsecured credit facilities with an aggregate limit of €35.0 million. As of December 31, 2020, €7.3 million was available under these credit facilities. Annual commitment fees for GATX's credit facilities were $1.2 million for 2020, $1.6 million for 2019, and $2.0 million for 2018. Delayed Draw Term Loan On December 14, 2020, we executed a delayed draw term loan agreement (“Term Loan”) which provides for a 3-year term loan in the aggregate principal amount of up to $500 million. Advances may be made from December 14, 2020 through April 17, 2021 pursuant to the terms of the agreement and may not be re-borrowed. The amounts borrowed under the Term Loan agreement are required to be repaid no later than December 14, 2023. As of December 31, 2020 the Term Loan had not been drawn. 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 2.1 for the period ended December 31, 2020, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2020, 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, 2020, this limit was $1,717.9 million . Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2020, we were in compliance with all covenants and conditions of the indentures. At December 31, 2020, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had outstanding term loan and private placement debt balances totaling €580.0 million. The loans are guaranteed by GATX Corporation and are subject to similar restrictive covenants as the revolving credit facility noted above. We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing. At December 31, 2020, we were in compliance with all covenants and conditions of all of our credit agreements. Shelf Registration Statement |
Fair Value Disclosure
Fair Value Disclosure | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at December 31, 2020 and December 31, 2019. In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows (including net proceeds from sale), independent appraisals, and market comparables, as applicable. Certain assets were subject to non-recurring Level 3 fair value measurements during 2020 and 2019 and continue to be held and used at December 31, 2020 and 2019. The fair value of such assets at the time of their measurement was $1.7 million in 2020 and $1.6 million in 2019 and included railcars, inland marine vessels, maintenance facilities and an affiliate investment. See "Note 11. Asset Impairments and Assets Held for Sale" for further information. Derivative Instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had five instruments outstanding with an aggregate notional amount of $300.0 million as of December 31, 2020 with maturities ranging from 2021 to 2022 and eight instruments outstanding with an aggregate notional amount of $450.0 million as of December 31, 2019 with maturities ranging from 2020 to 2022. Cash Flow Hedges We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps, forwards, and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. We had one instrument outstanding with an aggregate notional amount of $105.7 million as of December 31, 2020 that matures in 2021 and seven instruments outstanding with an aggregate notional amount of $336.5 million as of December 31, 2019 with maturities ranging from 2020 to 2022. Within the next 12 months, we expect to reclassify $1.9 million ($1.4 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive income (loss) to interest expense or operating lease expense, as applicable. We reclassify these amounts when interest and operating lease expense on the related hedged transactions affect earnings. Non-Designated Derivatives We do not hold derivative financial instruments for purposes other than hedging, although certain of our derivatives are not designated as accounting hedges. We recognize changes in the fair value of these derivatives in other (income) expense immediately. Certain of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. We had no derivative instruments with credit risk related contingent features that were in a liability position as of December 31, 2020. We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered. In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote. The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 5.6 $ — $ 5.6 $ — Foreign exchange contracts (1) Other assets 0.4 — 0.4 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 6.4 $ — $ 6.4 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ — $ — $ — $ — Foreign exchange contracts (1) Other liabilities — — — — Foreign exchange contracts (2) Other liabilities — — — — Total derivative liabilities $ — $ — $ — $ — Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Foreign exchange contracts (1) Other assets $ 1.4 $ — $ 1.4 $ — Foreign exchange contracts (1) Other assets 6.9 — 6.9 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 8.5 $ — $ 8.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.6 $ — $ 0.6 $ — Foreign exchange contracts (1) Other liabilities 7.0 — 7.0 — Foreign exchange contracts (2) Other liabilities 6.0 — 6.0 — Total derivative liabilities $ 13.6 $ — $ 13.6 $ — _________ (1) Designated as hedges. (2) Not designated as hedges. We value derivatives using a pricing model with inputs (such as yield curves and foreign currency rates) that are observable in the market or that can be derived principally from observable market data. As of December 31, 2020 and December 31, 2019, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3. The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (in millions): Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included 2020 2019 2020 2019 Recourse debt $ (303.6) $ (449.9) $ 5.6 $ 1.4 The following tables show the impacts of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Derivative Designation 2020 2019 2018 2020 2019 2018 Derivatives in cash flow hedging relationships: Interest expense $ 2.1 $ 2.5 $ 4.2 Interest rate contracts $ (0.5) $ 0.5 $ — Operating lease expense — — 0.1 Foreign exchange contracts 20.1 (19.5) (12.6) Other (income) expense 12.8 (14.3) (11.7) Total $ 19.6 $ (19.0) $ (12.6) Total $ 14.9 $ (11.8) $ (7.4) The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2020 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (190.3) $ (13.0) $ (49.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — — Derivatives designated as hedging instruments 4.2 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) — Gain (loss) on non-designated derivative contracts — 6.2 — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2019 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (180.5) $ (7.3) $ (54.4) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — — Derivatives designated as hedging instruments 9.0 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 — Gain (loss) on non-designated derivative contracts — (1.7) — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2018 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (162.9) $ (21.7) $ (49.6) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 3.0 — — Derivatives designated as hedging instruments (3.0) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (4.2) — (0.1) Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 11.7 — Gain (loss) on non-designated derivative contracts — 2.2 — _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). Other Financial Instruments Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and commercial paper and borrowings under bank credit facilities with maturities under one year approximate fair value due to the short maturity of those instruments. We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs. The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions): 2020 2020 2019 2019 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,056.3 $ 5,696.9 $ 4,389.3 $ 4,644.6 Recourse floating rate debt 299.9 300.4 417.5 419.0 |
Asset Impairments and Assets He
Asset Impairments and Assets Held for Sale (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment [Abstract] | |
Asset Impairments | Asset Impairments and Assets Held for Sale We review our operating assets annually, or whenever indicators of impairment may be present. We considered the impact of COVID-19, and it did not have a material impact on our impairment results. The following table summarizes the components of asset impairments for the years ended December 31 (in millions): 2020 2019 2018 Attributable to Consolidated Assets Rail North America $ 0.3 $ 0.4 $ 0.6 Rail International — — 0.9 Portfolio Management — 6.2 4.5 Rail International - railcar maintenance facility closure — — 3.0 Total $ 0.3 $ 6.6 $ 9.0 Impairment losses recorded at Rail North America and Rail International were primarily attributable to railcars with declines in value due to excessive damage or functional obsolescence. Impairment losses recorded at Portfolio Management each year related to certain offshore marine supply vessels. 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. As of December 31, 2020 and 2019, assets held for sale were $4.8 million and $3.4 million, all of which were at Rail North America. All assets held for sale at December 31, 2020 are expected to be sold in 2021. |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits We maintain both funded and unfunded noncontributory defined benefit pension plans covering our domestic employees and the employees of our subsidiaries. We also have a funded noncontributory defined benefit pension plan related to a former business in the United Kingdom that has no active employees. The plans base benefits payable on years of service and/or final average salary. We base our funding policies for the pension plans on actuarially determined cost methods allowable under IRS regulations and statutory requirements in the UK. In addition to the pension plans, we have other post-retirement plans that provide health care, life insurance, and other benefits for certain retired domestic employees who meet established criteria. Most domestic employees that retire with immediate benefits under our pension plan are eligible for health care and life insurance benefits. The other post-retirement plans are either contributory or noncontributory, depending on various factors. Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $2.1 million of expense in 2018. 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): 2020 Pension 2019 Pension 2020 Retiree 2019 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 475.4 $ 413.7 $ 24.6 $ 27.5 Service cost 8.1 6.5 0.2 0.2 Interest cost 12.3 15.2 0.5 0.9 Actuarial loss (gain) 45.2 63.7 (0.2) (1.1) Benefits paid (33.4) (24.9) (2.2) (2.9) Effect of foreign exchange rate changes 1.0 1.2 — — Benefit obligation at end of year $ 508.6 $ 475.4 $ 22.9 $ 24.6 Change in Fair Value of Plan Assets Plan assets at beginning of year 432.7 369.8 — — Actual return on plan assets 61.4 84.6 — — Effect of exchange rate changes 1.2 1.3 — — Company contributions 3.6 1.9 2.2 2.9 Benefits paid (33.4) (24.9) (2.2) (2.9) Plan assets at end of year $ 465.5 $ 432.7 $ — $ — Funded Status at end of year $ (43.1) $ (42.7) $ (22.9) $ (24.6) Amount Recognized Other liabilities and other assets (net) $ (43.1) $ (42.7) $ (22.9) $ (24.6) Accumulated other comprehensive loss (income): Net actuarial loss (gain) 109.9 118.5 (3.0) (3.1) Prior service credit — — (1.0) (1.2) Accumulated other comprehensive loss (income) 109.9 118.5 (4.0) (4.3) Total recognized $ 66.8 $ 75.8 $ (26.9) $ (28.9) After-tax amount recognized in accumulated other comprehensive loss (gain) $ 82.2 $ 88.6 $ (3.0) $ (3.2) The aggregate accumulated benefit obligation for the defined benefit pension plans was $481.6 million at December 31, 2020 and $450.5 million at December 31, 2019. The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions): 2020 2019 Projected benefit obligations $ 380.7 $ 354.1 Fair value of plan assets 321.6 300.4 The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions): 2020 2019 Accumulated benefit obligations $ 41.7 $ 37.0 Fair value of plan assets — — The following table shows the components of net periodic cost (benefit) for the years ended December 31 (in millions): 2020 2019 2018 2020 2019 2018 Service cost $ 8.1 $ 6.5 $ 8.2 $ 0.2 $ 0.2 $ 0.2 Interest cost 12.3 15.2 14.7 0.5 0.9 1.0 Expected return on plan assets (20.4) (22.0) (22.2) — — — Settlement expense — — 2.1 — — — Amortization of: Unrecognized prior service credit — — — (0.2) (0.2) (0.1) Unrecognized net actuarial loss (gain) 12.7 7.9 10.0 (0.4) (0.1) — Net periodic cost $ 12.7 $ 7.6 $ 12.8 $ 0.1 $ 0.8 $ 1.1 The service cost component of net period cost is recorded in selling, general and administrative expense in the statements of comprehensive income, and the non-service components are recorded in other expense. We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2020 2019 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 2.42 % 3.17 % Discount rate — salaried unfunded plans 1.19% - 2.35% 2.45% - 3.12% Discount rate — hourly funded plan 2.73 % 3.35 % Cash balance interest crediting rate — salaried funded plan 3.09 % 3.09 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 3.17 % 4.32 % Discount rate — hourly funded plan 3.35 % 4.43 % Expected return on plan assets — salaried funded plan 5.60 % 6.20 % Expected return on plan assets — hourly funded plan 5.30 % 6.00 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 1.20 % 1.90 % Rate of pension-in-payment increases 2.90 % 3.00 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 1.90 % 2.60 % Expected return on plan assets 3.60 % 4.00 % Rate of pension-in-payment increases 3.00 % 3.20 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 1.93 % 2.88 % Discount rate - combined life insurance 2.46 % 3.19 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - combined health 2.85 % 4.05 % Discount rate - combined life insurance 3.19 % 4.32 % 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. 2020 2019 Assumed Health Care Cost Trend Rates at December 31: Health care cost trend assumed for next year Medical claims - pre age 65 6.44 % 6.40 % Medical claims - post age 65 5.63 % 5.60 % Prescription drugs claims - pre age 65 8.78 % 8.80 % Prescription drugs claims - post age 65 8.63 % 8.60 % 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 2028 2028 Prescription drugs claims 2028 2028 Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2020 and 2019, and current target asset allocation for 2021, by asset category: Plan Assets for Salaried Employees at Target 2020 2019 Asset Category Equity securities 53.0 % 54.6 % 46.6 % Debt securities 43.0 % 41.4 % 48.5 % Real estate 4.0 % 2.9 % 3.4 % Cash — % 1.1 % 1.5 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at Target 2020 2019 Asset Category Equity securities 31.8 % 33.7 % 30.5 % Debt securities 65.0 % 62.8 % 65.1 % Real estate 3.2 % 2.5 % 3.2 % Cash — % 1.0 % 1.2 % 100.0 % 100.0 % 100.0 % The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2020 and 2019, and current target asset allocation for 2021, by asset category: Plan Assets at Target 2020 2019 Asset Category Equity securities 36.8 % 30.7 % 33.4 % Debt securities 63.2 % 69.3 % 66.6 % 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): 2020 2019 Assets measured at net asset value (1): Short-term investment collective trust fund $ 4.6 $ 5.9 Common stock collective trust funds 223.0 181.3 Fixed income collective trust funds 226.0 232.4 Real estate collective trust funds 11.9 13.1 Total $ 465.5 $ 432.7 _______ (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, 2020 and 2019. Short-term investment collective trust fund We value the short-term investment collective trust fund based on the closing net asset values ("NAV") quoted by the funds. The short-term investment fund is a highly liquid investment in obligations of the U.S. Government, or its agencies or instrumentalities, and the related money market instruments. The short-term investment fund has no unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term. Common stock collective trust funds and fixed income collective trust funds We value common stock collective trust funds and fixed income collective trust funds based on the closing NAV prices quoted by the funds. None of the collective trust funds have unfunded commitments, restrictions on redemption frequency, or advance notice periods required for redemption. The investment objective of each of the common stock funds is long-term total return through capital appreciation and current income. The fixed income funds are each designed to deliver safety and stability by preserving principal and accumulated earnings. The fixed income fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the long-term domestic investment grade credit bond market. Real estate collective trust funds We value real estate collective trust funds based on the NAV provided by the funds' administrators. A lack of liquidity in the funds may limit or delay redemptions. The investment objective of the real estate funds, which are diversified by location and property type, is long-term return through property appreciation, current income, and timely sales. The primary investing objective of the pension plans is to provide benefits to plan participants and their beneficiaries. To achieve this goal, we invest in a diversified portfolio of equities, debt, and real estate investments to maximize return and to keep long-term investment risk at a reasonable level. Equity investments are diversified across U.S. and non-U.S. stocks, growth and value stocks, and small cap and large cap stocks. Debt securities are predominately investments in long-term, investment-grade corporate bonds. Real estate investments include investments in funds that are diversified by location and property type. On a timely basis, but not less than twice a year, we formally review pension plan investments to ensure we adhere to investment guidelines and our stated investment approach. Our review also evaluates the reasonableness of our investment decisions and risk positions. We compare our investments' performance to indices and peers to determine if investment performance has been acceptable. In 2021, 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 2021 $ 30.3 $ 3.4 $ 2.3 2022 29.6 3.7 2.2 2023 28.8 3.8 2.0 2024 29.9 3.8 1.8 2025 29.6 3.8 1.7 Years 2026-2030 134.6 17.5 6.7 Total $ 282.8 $ 36.0 $ 16.7 In addition to our defined benefit plans, we have two 401(k) retirement savings plans available to substantially all salaried employees and certain other employee groups. We may contribute to the plans as specified by their respective terms and as our Board of Directors determines. Contributions to our 401(k) retirement plans were $2.3 million for 2020, $2.3 million for 2019, and $2.2 million for 2018. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation We provide equity awards to our employees under the GATX Corporation 2012 Incentive Award Plan, including grants of non-qualified stock options, stock appreciation rights, restricted stock units, performance shares, and phantom stock awards. As of December 31, 2020, 6.2 million shares were authorized under the 2012 Plan and 2.9 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 $15.9 million for 2020, $19.3 million for 2019, and $19.3 million for 2018, and the related tax benefits were $4.0 million for 2020, $4.8 million for 2019, and $4.8 million for 2018. 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 2020, 2019, and 2018. The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value: 2020 2019 2018 Weighted-average estimated fair value $ 22.50 $ 22.23 $ 21.87 Quarterly dividend rate $ 0.48 $ 0.46 $ 0.44 Expected term of stock options, in years 4.2 4.2 4.5 Risk-free interest rate 1.3 % 2.5 % 2.4 % Dividend yield 2.5 % 2.6 % 2.5 % Expected stock price volatility 28.5 % 28.9 % 27.9 % Present value of dividends $ 7.89 $ 7.29 $ 7.51 The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2020: Number of Stock Options and Stock Appreciation Rights Weighted-Average Exercise Price Outstanding at beginning of the year 1,551 59.32 Granted 288 77.07 Exercised (337) 54.69 Forfeited/Cancelled (33) 72.28 Expired (2) 69.24 Outstanding at end of the year 1,467 63.56 Vested and exercisable at end of the year 907 57.10 The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2020, 2019, and 2018, 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, 2020: Stock Options and Stock Appreciation Rights Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Exercised in 2018 $ 17.2 Exercised in 2019 4.0 Exercised in 2020 7.6 Outstanding at December 31, 2020 (a) 3.8 28.8 Vested and exercisable at December 31, 2020 2.8 23.6 _______ (a) As of December 31, 2020, 153,366 stock appreciation rights and 1,313,577 stock options were outstanding. Total cash received from employees for exercises of stock options during the years ended December 31, 2020, 2019, and 2018 was $6.6 million, $4.4 million, and $3.7 million. As of December 31, 2020, we had $6.7 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, 2020, there was $8.3 million of unrecognized compensation expense related to these awards, which we expect to be recognized over a weighted-average period of 1.8 years. The following table shows information about restricted stock units and performance shares for the year ended December 31, 2020: Number of Share Units Outstanding (in thousands) Weighted-Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 164 $ 67.73 Granted 34 77.08 Vested (56) 61.19 Forfeited (4) 71.82 Nonvested at end of the year 138 72.59 Performance Shares: Nonvested at beginning of the year 135 $ 68.23 Granted 54 80.63 Net increase due to estimated performance 4 71.71 Vested (70) 65.16 Forfeited (11) 70.54 Nonvested at end of the year 112 76.03 The total fair value of restricted stock units and performance shares that vested during the year was $10.2 million in 2020, $12.6 million in 2019, and $12.0 million in 2018. 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 2020, we granted 26,552 units of phantom stock and there were 228,105 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions): 2020 2019 2018 Income before Income Taxes Domestic $ (2.0) $ 39.1 $ 84.5 Foreign 127.3 106.1 86.2 Total $ 125.3 $ 145.2 $ 170.7 The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions): 2020 2019 2018 Income Tax Expense Current Domestic: Federal $ (3.4) $ (11.3) $ (5.6) State and local 0.3 (1.2) 0.5 $ (3.1) $ (12.5) $ (5.1) Foreign 11.3 19.6 17.5 Total Current $ 8.2 $ 7.1 $ 12.4 Deferred Domestic: Federal 3.6 19.6 1.1 State and local 0.9 4.3 8.6 $ 4.5 $ 23.9 $ 9.7 Foreign 24.6 9.9 8.4 Total Deferred $ 29.1 $ 33.8 $ 18.1 Income taxes $ 37.3 $ 40.9 $ 30.5 The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions): 2020 2019 2018 Income taxes at federal statutory rate $ 26.3 $ 30.5 $ 35.8 Adjust for effect of: Foreign tax credits — — (1.4) Foreign earnings taxed at applicable statutory rates 9.8 9.8 7.8 Foreign deferred tax rate change impact (0.7) (2.8) — Corporate owned life insurance (0.6) (0.8) (1.0) State income taxes 1.2 3.8 4.7 Other 1.3 0.4 1.1 Tax Act: Revaluation of deferred tax liabilities — — 9.4 Transition tax on foreign earnings and profits — — (23.1) Other — — (2.8) Total Tax Act impact $ — $ — $ (16.5) Income taxes $ 37.3 $ 40.9 $ 30.5 Effective income tax rate 29.8 % 28.2 % 17.9 % In 2020, our effective tax rate was 29.8% compared to 28.2% in 2019 and 17.9% in 2018. The 2019 effective tax rate included a net benefit of $2.8 million associated with the reduction of the corporate income tax rate in Alberta, Canada. Excluding this item, our effective tax rate was 30.1%. The 2018 effective tax rate included 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 reflected 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 28.4% in 2018. The adjustment for foreign earnings in each year reflected 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 $33.6 million, $18.0 million, and $10.8 million respectively in 2020, 2019, and 2018. During 2020, the United Kingdom eliminated a previously announced corporate tax rate reduction which resulted in a one-time $12.3 million tax expense adjustment. The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2020 2019 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 1,017.8 $ 901.3 Right-of-use assets 93.8 103.9 Investments in affiliated companies 26.1 38.5 Lease accounting 33.4 31.6 Other 2.8 — Total deferred tax liabilities $ 1,173.9 $ 1,075.3 Deferred Tax Assets Lease liability 95.9 108.6 Federal net operating loss 53.5 15.1 Alternative minimum tax credit — 1.7 Foreign tax credit 0.8 0.8 Valuation allowance on foreign tax credit (0.8) (0.8) State net operating loss 38.3 31.1 Valuation allowance on state net operating loss (13.9) (12.9) Foreign net operating loss 2.1 2.2 Accruals not currently deductible for tax purposes 16.0 19.2 Allowance for losses 1.1 1.2 Pension and post-retirement benefits 16.4 16.8 Other 1.7 3.8 Total deferred tax assets $ 211.1 $ 186.8 Net deferred tax liabilities $ 962.8 $ 888.5 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. At December 31, 2020, we had a U.S. federal tax net operating loss carryforward of $254.9 million that can be carried forward indefinitely until the loss is fully recovered. Under the Tax Act, the utilization of net operating losses carried forward are limited to 80% of future taxable income. We also had foreign tax credits of $0.8 million that expire after 2027. We have recorded a $0.8 million valuation allowance related to these credits, as we believe it is more likely than not that we will be unable to utilize them. At December 31, 2020, we had state tax net operating losses of $38.3 million, net of federal benefits that are scheduled to expire at various times beginning in 2021. We have recorded a $13.9 million valuation allowance related to state net operating losses, as we believe it is more likely than not that we will be unable to use all of these losses. Additionally, we had foreign net operating losses of $2.1 million, which have an unlimited carryforward period. Our use of future operating losses depends on a number of variables, including the amount of taxable income and state apportionment factors for state net operating loss carryforwards. At December 31, 2020, our gross liability for unrecognized tax benefits was $1.6 million. 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, 2020, all audits or statutes of limitations with respect to our federal tax returns for years prior to 2017 have been closed or expired. Additionally, we currently have no open federal income tax audits, two open state income tax audits, and two open tax audits on our foreign operations. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Concentrations Concentration of Revenues We derived revenue from a wide range of industries and companies. In 2020, we generated approximately 28% of our total revenues from customers in the petroleum industry, 22% from the chemical industry, 21% from the transportation industry, 11% from food/agriculture industries and 10% from the mining, minerals and aggregates industry. Our foreign identifiable revenues were primarily derived in Canada, Poland, Germany, Austria and Mexico. 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, 2020, 2019, and 2018. 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, 2020, collective bargaining agreements covered approximately 35% of our employees, of which agreements covering 2% of employees will expire within the next year. The hourly employees at our US service centers are represented by the United Steelworkers. Employees at three of Rail North America's Canadian service centers are represented by Unifor, the union formerly known as the Communication, Energy and Paperworkers Union of Canada, and the Employee Shop Committee of Riviere-des-Prairies. Certain employees of GATX Rail Europe are represented by one union in Poland. |
Commercial Commitments
Commercial Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Commercial Commitments | Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments as of December 31 (in millions): 2020 2019 Standby letters of credit and performance bonds $ 9.1 $ 9.3 Derivative guarantees 1.5 — Total commercial commitments (1) $ 10.6 $ 9.3 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2020 and December 31, 2019. As of December 31, 2020, our outstanding commitments expire in 2021 through 2023. We are not aware of any event that would require us to satisfy any of our commitments. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share We compute basic earnings per share by dividing net income available to our common shareholders by the weighted-average number of shares of our common stock outstanding. We weight shares issued or reacquired during the year for the portion of the year that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted net income per common share for the years ended December 31 (in millions, except per share amounts): 2020 2019 2018 Numerator: Net income from continuing operations $ 150.2 $ 180.8 $ 190.5 Net income from discontinued operations 1.1 30.4 20.8 Net income $ 151.3 $ 211.2 $ 211.3 Denominator: Weighted-average shares outstanding - basic 35.0 35.7 37.6 Effect of dilutive securities: Equity compensation plans 0.4 0.7 0.7 Weighted-average shares outstanding - diluted 35.4 36.4 38.3 Basic earnings per share from continuing operations $ 4.30 $ 5.07 $ 5.07 Basic earnings per share from discontinued operations 0.03 0.85 0.55 Basic earnings per share from consolidated operations $ 4.33 $ 5.92 $ 5.62 Diluted earnings per share from continuing operations $ 4.24 $ 4.97 $ 4.98 Diluted earnings per share from discontinued operations 0.03 0.84 0.54 Diluted earnings per share from consolidated operations $ 4.27 $ 5.81 $ 5.52 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Our goodwill was $143.7 million as of December 31, 2020 and $81.5 million as of December 31, 2019. In the fourth quarter of 2020, we performed a review for impairment of goodwill, and concluded that goodwill was not impaired. The following table summarizes the components of goodwill for the years ended December 31 (in millions): 2020 2019 Rail North America $ 23.8 $ 23.8 Rail International 62.9 57.7 Other 57.0 — Ending balance $ 143.7 $ 81.5 We acquired Trifleet in December 2020. See "Note 5. Business Combinations" for additional information. A preliminary valuation of the acquired net assets of Trifleet resulted in the allocation of $57.0 million to goodwill. We expect to finalize the valuation of the acquired net assets of Trifleet, including the related goodwill, within the one-year measurement period from the date of acquisition. Other than the goodwill acquired as part of the Trifleet acquisition, changes in the carrying amount of our goodwill for 2020 resulted from fluctuations in foreign currency exchange rates. |
Allowance for Losses
Allowance for Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Losses | Allowance for Losses The following table shows changes in the allowance for losses at December 31 (in millions): 2020 2019 Beginning balance $ 6.2 $ 6.4 Provision for losses 0.7 0.5 Charges to allowance (0.9) (0.6) Recoveries and other, including foreign exchange adjustments 0.5 (0.1) Ending balance $ 6.5 $ 6.2 |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets and Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other Assets and Other Liabilities The following table shows the components of other assets reported on our balance sheets as of December 31 (in millions): 2020 2019 Inventory $ 64.3 $ 59.4 Office furniture, fixtures and other equipment, net of accumulated depreciation 32.2 34.4 Prepaid items 18.9 21.5 Prepaid pension 16.0 11.0 Derivatives 6.4 8.5 Assets held for sale 4.8 3.4 Deferred financing costs 3.0 2.6 Other 84.7 80.2 Total other assets $ 230.3 $ 221.0 The following table shows the components of other liabilities reported on our balance sheets as of December 31 (in millions): 2020 2019 Accrued pension and other post-retirement benefits $ 82.0 $ 78.3 Environmental accruals 10.6 14.4 Derivatives — 13.6 Other 43.0 32.8 Total other liabilities $ 135.6 $ 139.1 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
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. During 2020, we did not repurchase any shares of common stock. In 2019, we purchased 2.0 million shares of common stock for $150.0 million. In 2018, we purchased 1.5 million shares of common stock for $115.5 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, 2020, 67.8 million shares were issued and 35.0 million shares were outstanding. The following shares of common stock were reserved as of December 31, 2020 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.1 GATX Corporation 2012 Incentive Award Plan 6.2 Total 8.3 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
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 Loss on Derivative Instruments Post-Retirement Benefit Plans Total 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) Change in component (10.1) 17.4 1.5 8.8 Reclassification adjustments into earnings (1) — (11.8) 7.6 (4.2) Income tax effect — (1.7) (1.9) (3.6) Balance at December 31, 2019 (68.1) (10.1) (85.4) (163.6) Change in component 24.4 (20.4) (3.8) 0.2 Reclassification adjustments into earnings (1) — 14.9 12.1 27.0 Income tax effect — 1.0 (2.1) (1.1) Balance at December 31, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) ________ (1) See "Note 10. Fair Value Disclosure" and "Note 12. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statement of comprehensive income. (2) In 2018, we adopted ASU 2018-02 Income Statement Reporting - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Foreign Operations
Foreign Operations | 12 Months Ended |
Dec. 31, 2020 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign Operations | Foreign Operations For the years ended December 31, 2020, 2019, and 2018, we did not derive revenues in excess of 10% of our consolidated revenues from any one foreign country. Additionally, at December 31, 2020 and 2019, 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): 2020 2019 2018 Revenues From Continuing Operations Foreign $ 374.9 $ 331.1 $ 333.5 United States 834.3 871.0 841.6 Total $ 1,209.2 $ 1,202.1 $ 1,175.1 Identifiable Assets From Continuing Operations Foreign $ 3,438.6 $ 2,624.5 $ 2,470.9 United States 5,499.0 5,369.5 4,848.0 Total $ 8,937.6 $ 7,994.0 $ 7,318.9 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Legal Proceedings and Other Contingencies Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. Viareggio Derailment In June 2009, tank cars owned by GATX Rail Austria GmbH and its subsidiaries (collectively, “GRA”) and leased to a subsidiary of the Italian state-owned railway (the "Italian Railway") were involved in a train derailment in Viareggio, Italy, resulting in personal injuries, deaths, and property damage. Claimants filed numerous civil claims, and Italian prosecutors brought criminal charges against GRA, various Italian Railway companies, and certain of their current or former employees. The insurers for the Italian Railway and GRA have fully settled and resolved most of the civil claims. In January 2017, an Italian trial court in Lucca, Italy found the defendants 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 its employees. GRA appealed the trial court's ruling to the Court of Appeals in Florence, and on June 20, 2019, the appellate court affirmed the judgments, with minor reductions in fines and penalties. GRA and the employees appealed to the Supreme Court in Rome, Italy, which heard the parties' oral arguments in December 2020. On January 8, 2021, the Italian Supreme Court reversed the finding of criminal liability against GRA and dismissed all criminal charges, fines and penalties. The Supreme Court also dismissed certain criminal charges against the employees, but affirmed guilty verdicts for the crime of a rail disaster. The Supreme Court ordered the case remanded to the Appellate Court in Florence for proceedings to assess criminal penalties against the employees and to consider the remaining civil claims that survived the dismissal. GRA will continue to incur expenses for certain civil claims and legal defense and related costs in connection with the remanded proceeding, although these expenses and costs are not expected to be material. 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. 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 $5.4 million at December 31, 2020 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 form of 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, 2020, we have recorded accruals of $10.6 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, 2020 | |
Segment Reporting [Abstract] | |
Financial Data of Business Segments | Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Portfolio Management. Historically, we also reported financial results for ASC as a fourth segment. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See " Note 27. Discontinued Operations " for additional information. On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet), the fourth largest tank container lessor in the world. Financial results for this business will be reported in the Other segment. See "Note 5. Business Combinations" for additional information. Rail North America is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("GRI"), and Russia ("Rail Russia"). GRE primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. Portfolio Management is composed primarily of our ownership in a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. 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, 2020, 2019, and 2018 (in millions): Other GATX Consolidated 2020 Profitability Revenues Lease revenue $ 838.3 $ 248.4 $ 0.8 $ — $ 1,087.5 Marine operating revenue — — 15.6 — 15.6 Other revenue 95.8 9.7 0.6 — 106.1 Total Revenues 934.1 258.1 17.0 — 1,209.2 Expenses Maintenance expense 264.7 50.8 — — 315.5 Marine operating expense — — 19.7 — 19.7 Depreciation expense 258.6 66.6 5.3 — 330.5 Operating lease expense 49.3 — — — 49.3 Other operating expense 27.3 7.5 0.5 — 35.3 Total Expenses 599.9 124.9 25.5 — 750.3 Other Income (Expense) Net gain on asset dispositions 38.3 1.2 2.2 — 41.7 Interest (expense) income, net (139.9) (45.9) (12.2) 7.7 (190.3) Other expense (4.9) (5.0) — (3.1) (13.0) Share of affiliates' (loss) pre-tax income (0.1) — 95.9 — 95.8 Segment profit $ 227.6 $ 83.5 $ 77.4 $ 4.6 393.1 Less: Selling, general and administrative expense 172.0 Income taxes (includes $33.6 related to affiliates' earnings) 70.9 Net income from continuing operations $ 150.2 Net income from discontinued operations, net of taxes 1.1 Net income $ 151.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 38.8 $ 0.5 $ 0.1 $ — $ 39.4 Residual sharing income 0.4 — 2.1 — 2.5 Non-remarketing net (losses) gains (1) (0.6) 0.7 — — 0.1 Asset impairments (0.3) — — — (0.3) $ 38.3 $ 1.2 $ 2.2 $ — $ 41.7 Capital Expenditures Portfolio investments and capital additions $ 642.0 $ 216.0 $ 0.5 $ 205.5 $ 1,064.0 Selected Balance Sheet Data Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets from continuing operations $ 5,944.4 $ 1,851.8 $ 706.1 $ 435.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Portfolio Management Other GATX Consolidated 2019 Profitability Revenues Lease revenue $ 868.3 $ 219.2 $ 1.0 $ — $ 1,088.5 Marine operating revenue — — 8.2 — 8.2 Other revenue 96.2 8.5 0.7 — 105.4 Total Revenues 964.5 227.7 9.9 — 1,202.1 Expenses Maintenance expense 267.9 46.5 — — 314.4 Marine operating expense — — 18.9 — 18.9 Depreciation expense 256.9 57.8 6.6 — 321.3 Operating lease expense 54.4 — — — 54.4 Other operating expense 23.9 6.8 0.6 — 31.3 Total Expenses 603.1 111.1 26.1 — 740.3 Other Income (Expense) Net gain (loss) on asset dispositions 54.6 1.7 (4.7) — 51.6 Interest (expense) income, net (134.5) (40.6) (11.2) 5.8 (180.5) Other (expense) income (5.3) 1.2 — (3.2) (7.3) Share of affiliates' pre-tax income — — 94.5 — 94.5 Segment profit $ 276.2 $ 78.9 $ 62.4 $ 2.6 420.1 Less: Selling, general and administrative expense 180.4 Income taxes (includes $18.0 related to affiliates' earnings) 58.9 Net income from continuing operations $ 180.8 Net income from discontinued operations, net of taxes 30.4 Net income $ 211.2 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 58.5 $ 0.1 $ — $ — $ 58.6 Residual sharing income 0.4 — 1.5 — 1.9 Non-remarketing net (losses) gains (1) (3.9) 1.6 — — (2.3) Asset impairments (0.4) — (6.2) — (6.6) $ 54.6 $ 1.7 $ (4.7) $ — $ 51.6 Capital Expenditures Portfolio investments and capital additions $ 502.2 $ 215.7 $ — $ 4.9 $ 722.8 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 512.4 $ — $ 512.6 Identifiable assets from continuing operations $ 5,646.7 $ 1,486.7 $ 653.7 $ 206.9 $ 7,994.0 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 291.1 __________ (1) Includes net gains (losses) from scrapping of railcars. Portfolio Management Other GATX Consolidated 2018 Profitability Revenues Lease revenue $ 873.4 $ 209.3 $ 1.0 $ — $ 1,083.7 Marine operating revenue — — 14.3 — 14.3 Other revenue 68.1 8.2 0.8 — 77.1 Total Revenues 941.5 217.5 16.1 — 1,175.1 Expenses Maintenance expense 254.7 44.5 — — 299.2 Marine operating expense — — 16.8 — 16.8 Depreciation expense 248.5 55.5 7.3 — 311.3 Operating lease expense 49.6 — — — 49.6 Other operating expense 27.3 5.8 — — 33.1 Total Expenses 580.1 105.8 24.1 — 710.0 Other Income (Expense) Net gain (loss) on asset dispositions 76.3 (0.2) (3.4) — 72.7 Interest (expense) income, net (125.2) (35.9) (10.4) 8.6 (162.9) Other expense (5.2) (7.0) — (9.5) (21.7) Share of affiliates' pre-tax income 0.6 — 60.5 — 61.1 Segment profit (loss) $ 307.9 $ 68.6 $ 38.7 $ (0.9) 414.3 Less: Selling, general and administrative expense 182.5 Income taxes (includes $10.8 related to affiliates' earnings) 41.3 Net income from continuing operations $ 190.5 Net income from discontinued operations, net of taxes 20.8 Net income $ 211.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 64.7 $ — $ — $ — $ 64.7 Residual sharing income 1.4 — 1.1 — 2.5 Non-remarketing net gains (1) 10.8 3.7 — — 14.5 Asset impairments (0.6) (3.9) (4.5) — (9.0) $ 76.3 $ (0.2) $ (3.4) $ — $ 72.7 Capital Expenditures Portfolio investments and capital additions $ 737.4 $ 152.7 $ 14.1 $ 23.4 $ 927.6 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 464.3 $ — $ 464.5 Identifiable assets from continuing operations $ 5,236.6 $ 1,363.2 $ 606.8 $ 112.3 $ 7,318.9 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 297.8 __________ (1) Includes net gains (losses) from scrapping of railcars. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On May 14, 2020, we completed the sale of our ASC business for estimated proceeds of $258.3 million in cash, of which $1.1 million was held in escrow as of December 31, 2020 to satisfy potential indemnification claims for one year after the sale date. Accordingly, the results of operations from our ASC business and gain on sale of ASC are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2020, 2019, and 2018. The related assets and liabilities are classified as assets and liabilities of discontinued operations as of December 31, 2020 and 2019 in the accompanying balance sheets. We recognized a net gain of $3.6 million, net of taxes, during the second quarter of 2020 in connection with this sale. In the third quarter of 2020, we recognized a net loss of $0.3 million, net of taxes. The net loss on sale recognized in the third quarter was attributable to final post-closing adjustments and expenses related to the sale. Results of discontinued operations reflect directly attributable revenues, operating and ownership expenses, and income taxes. Results also reflect intercompany allocations for interest. Interest expense was $2.0 million, $6.1 million, and $5.7 million for the years ended December 31, 2020, 2019, and 2018. Interest was allocated consistent with GATX's risk-adjusted approach for continuing operations. The following table shows the financial results of our discontinued operations for the years ended December 31 (in millions): 2020 2019 2018 Revenues $ 27.2 $ 191.7 $ 185.8 Expenses Operating expense 22.5 138.8 136.7 Depreciation expense 1.7 10.6 10.6 Selling, general and administrative expense 2.8 8.2 8.6 Total Expenses 27.0 157.6 155.9 Other (expense) income (3.0) 3.8 (5.5) (Loss) Income from Discontinued Operations Before Taxes (2.8) 37.9 24.4 Income tax benefit (expense) 0.6 (7.5) (3.6) Net (Loss) Income from Discontinued Operations, Net of Taxes $ (2.2) $ 30.4 $ 20.8 Gain on Sale of Discontinued Operations, Net of Taxes 3.3 — — Total Discontinued Operations, Net of Taxes $ 1.1 $ 30.4 $ 20.8 The following table shows the assets and liabilities of the discontinued business as of December 31 (in millions): 2020 2019 Assets of Discontinued Operations: Rent and other receivables $ — $ 21.2 Operating assets and facilities, net — 249.9 Other — 20.0 Total Assets of Discontinued Operations $ — $ 291.1 Liabilities of Discontinued Operations: Accounts payable and accrued expenses — 29.7 Deferred income taxes — 35.8 Other — 4.0 Total Liabilities of Discontinued Operations $ — $ 69.5 The following table shows cash flow information for our discontinued operations for the years ending December 31 (in millions): 2020 2019 2018 Net Cash Used in (Provided By) Operating Activities $ (8.5) $ 36.8 $ 23.3 Net Cash Provided By (Used In) Investing Activities (1) 240.9 8.1 (15.8) Net Cash Provided By (Used In) Financing Activities 21.8 (45.0) (7.5) Cash Provided By Discontinued Operations, Net $ 254.2 $ (0.1) $ — ________ (1) Net cash provided by investing activities for the year ended December 31, 2020 included proceeds from the sale of ASC of $257.2 million. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Event [Line Items] | |
Unusual or Infrequent Items, or Both, Disclosure | Coronavirus Impacts On March 11, 2020, the World Health Organization declared the Coronavirus Disease 2019 (“COVID-19”) a pandemic and on March 13, 2020, the United States declared a national emergency related to COVID-19. Our consolidated financial statements reflect estimates and assumptions at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting periods presented. We considered the impact of COVID-19 on our operations and the assumptions and estimates used. While COVID-19 did have a negative impact on operating conditions in 2020, we determined the impact to our assumptions and estimates was not significant. However, we expect COVID-19 will continue to have an adverse impact on our operating and financial results in future periods, the magnitude and duration of which cannot be determined at this time. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which includes modifications to the interest expense limitation threshold and net operating loss carryback period and utilization limitation, the acceleration of payments for alternative minimum tax credit refunds, and the deferral of employer payroll tax payments. The CARES Act did not have a material impact on our consolidated financial statements. |
Mergers, Acquisitions and Dispositions Disclosures | Business Combinations On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), the fourth largest tank container lessor in the world, for approximately €165 million ($203.2 million) in cash. Transaction costs associated with this acquisition were approximately $2.7 million. Headquartered in the Netherlands with offices worldwide, Trifleet owns and manages a fleet of over 19,000 tank containers leased to a diverse customer base in the chemical, industrial gas, energy, food, cryogenic and pharmaceutical industries, as well as to tank container operators. We have allocated $146.2 million and $57.0 million to tangible net assets and goodwill in the preliminary purchase accounting for the acquisition. The initial allocation of the purchase price is incomplete with respect to certain assets and liabilities acquired. The purchase price allocation will be finalized during the measurement period, which will not exceed 12 months from the acquisition date. The acquisition was not significant in relation to our financial results and, therefore, pro-forma financial information has not been presented. |
Subsequent Events | Subsequent EventsSubsequent to December 31, 2020, we invested approximately $120 million at Portfolio Management for the acquisition of Rolls-Royce aircraft spare engines that are on long-term leases to strong airline customers. The investment was funded with proceeds from a draw on our delayed draw term loan in January 2021. RRPF will continue to invest at the joint venture level while also managing these direct investments for GATX. The assets acquired, and the related leasing activities and financial results, will be reported in the Portfolio Management segment. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Basis of presentation | Basis of Presentation We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). Certain prior year amounts have been reclassified to conform to the 2020 presentation. Discontinued Operations On May 14, 2020, we completed the sale of our ASC business. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. Accordingly, the results of operations from our ASC business are reported in the accompanying consolidated statements of operations as “discontinued operations, net of taxes” for the years ended December 31, 2020, 2019, and 2018, and the related assets and liabilities are classified as assets and liabilities of discontinued operations as of December 31, 2020 and 2019 in the accompanying balance sheets. In addition, cash flows from our ASC business are reported as cash flows from discontinued operations in the accompanying statements of cash flows for the years ended December 31, 2020, 2019, and 2018. See "Note 27. Discontinued Operations" for more information. | |
Consolidation | ConsolidationOur consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances. | |
Use of Estimates | Use of Estimates Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates. | |
Lease Classification | Lease Classification We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, other than by renewal or extension, we evaluate whether that change would have resulted in a different lease classification had the change been in effect at inception. If so, the revised agreement is considered a new lease for lease classification purposes. See "Note 7. Leases." In 2019, we adopted ASU 2016-02, Leases ("Topic 842") . As provided in the guidance, we elected the package of practical expedients that retains the classification of existing leases at the time of adoption and does not require re-evaluation of the embedded leases or reassessment of initial direct costs. | |
Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services. We disaggregate revenue into three categories as presented on our income statement: Lease Revenue Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue. Operating Lease Revenue We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of Topic 842, and we have elected not to separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 7. Leases." Finance Lease Revenue In certain cases, we lease railcars and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount 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. See "Note 7. Leases." Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. For vessels operating in a pooling arrangement, we recognize pool revenue based on the right to receive our portion of net distributions reported by the pool, with net distributions being the net voyage revenue of the pool after deduction of voyage expenses. For vessels operating out of the pool, we recognize revenue over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Other Revenue Other revenue is comprised of customer liability repair revenue, termination fees, utilization income, fee income, interest on loans, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842. | |
Cash and Cash Equivalents | Cash and Cash EquivalentsWe classify all highly liquid investments with a maturity of three months or less as cash equivalents | |
Restricted cash | Restricted Cash Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs. | |
Finance Lease Receivables | Finance Lease Receivables We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Gross lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of operations. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under the current expected credit loss standard that we adopted on January 1, 2020. See the “Allowance for Losses” section within this Note for more information. | |
Allowance for Losses | Allowance for Losses The allowance for losses is our estimate of credit losses associated with 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 under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above. We charge amounts against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2020. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2020. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 19. Allowance for Losses." | |
Operating Assets and Facilities | Operating Assets and Facilities We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows: Railcars 20–45 years Locomotives 15–25 years Buildings 40–50 years Leasehold improvements 5–15 years Marine vessels 30 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 11. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale. | |
Leased assets as a Lessee | Leased Assets as a LesseeWe record right-of-use assets for operating leases and finance leases and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. | |
Variable Interest Entities | Variable Interest Entities We evaluate whether an entity is a variable interest entity based on the sufficiency of the entity’s equity and by determining whether the equity holders have the characteristics of a controlling financial interest. To determine if we are the primary beneficiary of a variable interest entity, we assess whether we have the power to direct the activities that most significantly impact the economic performance of the entity as well as the obligation to absorb losses or the right to receive benefits that may be significant to the entity. These determinations are both qualitative and quantitative, and they require us to make judgments and assumptions about the entity’s forecasted financial performance and the volatility inherent in those forecasted results. We evaluate new investments for variable interest entity determination and regularly review all existing entities for events that may result in an entity becoming a variable interest entity or us becoming the primary beneficiary of an existing variable interest entity. | |
Goodwill | Goodwill | |
Inventory | Inventory Our inventory consists primarily of railcar and locomotive repair components. All inventory balances are stated at lower of cost or net realizable value. Railcar repair components are valued using the average cost method. Inventory is included in other assets on the balance sheet. | |
Income Taxes | Income TaxesWe 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. Additional guidance was issued in 2018 by the Internal Revenue Service, the U.S. Department of the Treasury, and state taxing authorities 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 future 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 14. Income Taxes." | |
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 10. Fair Value Disclosure." | |
Derivatives | Derivatives We use derivatives, such as interest rate swap agreements, Treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis. 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 | |
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 $(10.8) million, $1.7 million and $(3.4) million for 2020, 2019, and 2018. | |
Environmental Liabilities | Environmental LiabilitiesWe record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 24. Legal Proceedings and Other Contingencies. | |
Defined Benefit Pension and Other Post-Retirement Plans | Defined Benefit Pension and Other Post-Retirement Plans Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive income (loss). We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 12. Pension and Other Post-Retirement Benefits." | |
Maintenance and Repair Costs | Maintenance and Repair CostsWe expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement. We capitalize required regulatory survey costs for vessels and amortize those costs over the applicable survey period, which is generally five years. | |
Operating Lease Expense | Operating Lease Expense We classify leases of certain railcars 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 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 7. Leases." | |
Share-Based Compensation | Share-Based CompensationWe base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. See "Note 13. 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. | |
Interest expense, net | nterest Expense, netInterest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $1.5 million in 2020, $3.8 million in 2019, and $5.7 million in 2018. | |
Other Income (Expense) | Other Income (Expense) We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions and remeasurements, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other income (expense). Business Combinations We account for business combinations using the acquisition method of accounting, which requires assets acquired and liabilities assumed be recorded at their respective fair values as of the acquisition date. The excess consideration paid over the fair value of the assets acquired and liabilities assumed represents goodwill. The allocation of the purchase price requires management to make significant estimates in determining fair values. These estimates can include, but are not limited to, expected future cash flows, discount rates, and the expected use of the acquired assets. Transaction costs associated with business combinations are expensed when incurred. See "Note 5. Business Combinations." | |
Equity Method Investments | 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 8. Investments in Affiliated Companies." |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Net gain on disposition of assets | The following table presents the net gain on asset dispositions for the years ended December 31 (in millions): 2020 2019 2018 Net disposition gains $ 39.4 $ 58.6 $ 64.7 Residual sharing income 2.5 1.9 2.5 Non-remarketing net disposition gains (losses) 0.1 (2.3) 14.5 Asset impairment losses (1) (0.3) (6.6) (9.0) Net Gain on Asset Dispositions $ 41.7 $ 51.6 $ 72.7 __________ (1) See "Note 11. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses. |
Supplemental Cash Flow and No_2
Supplemental Cash Flow and Noncash Investing Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 2020 2019 2018 Supplemental Cash Flow Information (in millions) Interest paid (1) $ 189.8 $ 185.1 $ 164.0 Income taxes paid, net 21.4 11.6 18.1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Assets And Liabilities, Lessee [Table Text Block] | The following table shows the lease terms and discount rates related to leases as of December 31: 2020 2019 Weighted-average remaining lease term (years): Operating leases 9.3 9.6 Finance leases (1) — — Weighted-average discount rate: Operating leases 3.57 % 3.66 % Finance leases 0.95 % 2.26 % ________ (1) The weighted-average remaining lease term for outstanding finance leases was less than one year in both 2020 and 2019. | |
Lease, Cost [Table Text Block] | The following table shows the components of lease expense for the years ended December 31 (in millions): 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 0.6 $ 0.7 Interest on lease liabilities 0.2 0.3 Operating lease cost (1): Fixed lease cost - operating leases 53.3 59.7 Total lease cost $ 54.1 $ 60.7 ________ (1) Total operating lease cost includes amounts recorded in selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial. The following table shows other information related to leases for the years ended December 31 (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 58.5 $ 66.5 Operating cash flows for finance leases — 0.3 Financing cash flows for finance leases 40.0 11.3 Total cash for leases $ 98.5 $ 78.1 Non-cash financing lease transactions (1) $ 64.9 $ 7.8 __________ (1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option. | |
Operating Lease, Lease Income [Table Text Block] | The following table shows the components of our lease income for the years ended December 31 (in millions): 2020 2019 Operating lease income: Fixed lease income $ 1,020.9 $ 1,013.5 Variable lease income 59.4 65.2 Total operating lease income $ 1,080.3 $ 1,078.7 Finance lease income 7.2 9.8 Total lease income $ 1,087.5 $ 1,088.5 The following table shows the components of our finance leases as of December 31 (in millions): 2020 2019 Total contractual lease payments receivable $ 77.1 $ 84.4 Estimated unguaranteed residual value of leased assets 24.6 40.7 Unearned income (27.7) (34.8) Finance leases $ 74.0 $ 90.3 | |
Components of GATX's finance leases | The following table shows assets recorded as finance leases as of December 31 (in millions): 2020 2019 Railcars $ 37.8 $ 9.0 Less: allowance for depreciation (0.3) (0.1) Finance leases, net of accumulated depreciation $ 37.5 $ 8.9 | |
Lessee, Leases, Future Minimum Payments [Table Text Block] | The following table shows the maturities of our lease liabilities as of December 31, 2019 (in millions): Operating Leases Finance Leases Total 2021 $ 50.6 $ 33.3 $ 83.9 2022 49.0 — 49.0 2023 48.0 — 48.0 2024 45.1 — 45.1 2025 37.7 — 37.7 Thereafter 180.0 — 180.0 Total undiscounted lease payments $ 410.4 $ 33.3 $ 443.7 Less: amounts representing interest (61.8) — (61.8) Total discounted lease liabilities $ 348.6 $ 33.3 $ 381.9 | The following table shows our future contractual receipts from our noncancelable operating leases and finance leases as of December 31, 2020 (in millions): Operating Leases (1) Finance Leases Total 2021 $ 925.5 $ 16.2 $ 941.7 2022 702.7 21.8 724.5 2023 524.7 8.4 533.1 2024 357.7 9.3 367.0 2025 193.1 5.8 198.9 Years thereafter 215.0 15.6 230.6 $ 2,918.7 $ 77.1 $ 2,995.8 __________ (1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance. |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Significant Investments in Affiliated Companies, by Segment | The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2020 2019 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 584.7 $ 512.4 50.0 % Adler Funding LLC (2) Rail North America — 0.2 12.5 % Investments in Affiliated Companies $ 584.7 $ 512.6 __________ | |
Equity Method Investments, Earnings by Segment | The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2020 2019 2018 Rail North America $ (0.1) $ — $ 0.6 Portfolio Management 95.9 94.5 60.5 Share of affiliates' pre-tax income 95.8 94.5 61.1 Income taxes (33.6) (18.0) (10.8) Share of affiliates' earnings, net of taxes $ 62.2 $ 76.5 $ 50.3 | |
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 2020 2019 2018 2020 2019 2018 Rail North America (1) $ — $ — $ — $ 0.1 $ — $ 6.3 Portfolio Management — — 14.1 0.6 27.6 35.2 Total $ — $ — $ 14.1 $ 0.7 $ 27.6 $ 41.5 | |
Equity Method Investments, Guarantees | Investments in Affiliated Companies Investments in affiliated companies substantially comprises investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions): Segment 2020 2019 Percentage Rolls-Royce & Partners Finance (1) Portfolio Management $ 584.7 $ 512.4 50.0 % Adler Funding LLC (2) Rail North America — 0.2 12.5 % Investments in Affiliated Companies $ 584.7 $ 512.6 __________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates"). (2) During 2020, Adler Funding LLC was legally dissolved, and final proceeds were distributed. As such, we no longer have an investment in this affiliate as of December 31, 2020. The following table shows our share of affiliates’ earnings by segment for the years ended December 31 (in millions): 2020 2019 2018 Rail North America $ (0.1) $ — $ 0.6 Portfolio Management 95.9 94.5 60.5 Share of affiliates' pre-tax income 95.8 94.5 61.1 Income taxes (33.6) (18.0) (10.8) Share of affiliates' earnings, net of taxes $ 62.2 $ 76.5 $ 50.3 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 2020 2019 2018 2020 2019 2018 Rail North America (1) $ — $ — $ — $ 0.1 $ — $ 6.3 Portfolio Management — — 14.1 0.6 27.6 35.2 Total $ — $ — $ 14.1 $ 0.7 $ 27.6 $ 41.5 __________ (1) Loan payments received from affiliates in 2018. 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): 2020 2019 2018 Revenues $ 491.0 $ 469.8 $ 436.9 Net gains on sales of assets 115.7 86.4 12.2 Net income 146.1 161.4 120.5 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 203.6 Noncurrent assets 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,219.5 Current liabilities $ 311.0 $ 525.5 Noncurrent liabilities 3,674.7 3,703.6 Shareholders’ equity 1,133.9 990.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,219.5 Summarized Financial Data for the RRPF Affiliates Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively “Rolls-Royce”), a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in their engine maintenance programs. In aggregate, the RRPF affiliates owned 445 aircraft engines at December 31, 2020, of which 215 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 18 to 25 years to an estimated residual value. Lease terms vary but typically range from 3 to 12 years. Rolls-Royce manages each of the RRPF affiliates and also performs substantially all required maintenance activities. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $62.0 million in 2020, $76.5 million in 2019, and $49.8 million in 2018. Financial results for the current year included a transaction involving the refinancing and sale of a group of aircraft spare engines at the RRPF affiliates. In this transaction, the RRPF affiliates sold 21 aircraft spare engines for total proceeds of $233.0 million in 2020. GATX's 50% share of the resulting pre-tax net gains were $35.3 million. We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions): 2020 2019 2018 Lease revenue from third parties $ 257.6 $ 213.3 $ 178.6 Lease revenue from Rolls-Royce 233.4 256.7 232.7 Depreciation expense (248.7) (223.9) (195.6) Interest expense (116.0) (126.4) (94.3) Other expenses (50.3) (16.5) (12.6) Other income, including net gains on sales of assets 115.7 86.4 12.5 Income before income taxes 191.7 189.6 121.3 Income taxes (1) (45.6) (27.9) (18.1) Net income $ 146.1 $ 161.7 $ 103.2 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 202.6 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,283.6 and $1,178.5 (a) 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,218.5 Accounts payable and accrued expenses $ 110.4 $ 96.2 Debt: Current 200.6 429.3 Noncurrent, net of adjustments for hedges 3,243.6 3,367.5 Other liabilities 431.1 336.1 Shareholders’ equity 1,133.9 989.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,218.5 _________ (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, 2020 (in millions): Rolls-Royce Third Parties Total 2021 $ 228.9 $ 213.3 $ 442.2 2022 217.1 198.9 416.0 2023 193.9 186.1 380.0 2024 186.9 173.1 360.0 2025 165.1 154.3 319.4 Thereafter 266.1 548.9 815.0 Total $ 1,258.0 $ 1,474.6 $ 2,732.6 The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2020 (in millions): 2021 $ 203.3 2022 362.0 2023 389.7 2024 293.6 2025 210.6 Thereafter 1,995.5 Total debt principal (1) $ 3,454.7 _______ (1) All debt obligations are nonrecourse to the shareholders. | |
Equity Method Investments, Summarized Financial Data | The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions): 2020 2019 2018 Revenues $ 491.0 $ 469.8 $ 436.9 Net gains on sales of assets 115.7 86.4 12.2 Net income 146.1 161.4 120.5 The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 203.6 Noncurrent assets 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,219.5 Current liabilities $ 311.0 $ 525.5 Noncurrent liabilities 3,674.7 3,703.6 Shareholders’ equity 1,133.9 990.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,219.5 | |
Schedule of Maturities of Debt Obligations | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2020 (in millions): 2021 $ 600.0 2022 372.2 2023 250.0 2024 550.4 2025 544.3 Thereafter 3,041.6 Total debt principal $ 5,358.5 | |
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): 2020 2019 2018 Lease revenue from third parties $ 257.6 $ 213.3 $ 178.6 Lease revenue from Rolls-Royce 233.4 256.7 232.7 Depreciation expense (248.7) (223.9) (195.6) Interest expense (116.0) (126.4) (94.3) Other expenses (50.3) (16.5) (12.6) Other income, including net gains on sales of assets 115.7 86.4 12.5 Income before income taxes 191.7 189.6 121.3 Income taxes (1) (45.6) (27.9) (18.1) Net income $ 146.1 $ 161.7 $ 103.2 _________ (1) Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions): 2020 2019 Current assets $ 352.7 $ 202.6 Noncurrent assets, including operating assets, net of accumulated depreciation of $1,283.6 and $1,178.5 (a) 4,766.9 5,015.9 Total assets $ 5,119.6 $ 5,218.5 Accounts payable and accrued expenses $ 110.4 $ 96.2 Debt: Current 200.6 429.3 Noncurrent, net of adjustments for hedges 3,243.6 3,367.5 Other liabilities 431.1 336.1 Shareholders’ equity 1,133.9 989.4 Total liabilities and shareholders' equity $ 5,119.6 $ 5,218.5 _________ (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, 2020 (in millions): Rolls-Royce Third Parties Total 2021 $ 228.9 $ 213.3 $ 442.2 2022 217.1 198.9 416.0 2023 193.9 186.1 380.0 2024 186.9 173.1 360.0 2025 165.1 154.3 319.4 Thereafter 266.1 548.9 815.0 Total $ 1,258.0 $ 1,474.6 $ 2,732.6 | |
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, 2020 (in millions): 2021 $ 203.3 2022 362.0 2023 389.7 2024 293.6 2025 210.6 Thereafter 1,995.5 Total debt principal (1) $ 3,454.7 _______ |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Commercial Paper and Borrowings Under Bank Credit Facilities | Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions) December 31 2020 2019 Balance $ 23.6 $ 15.8 Weighted-average interest rate 0.85 % 0.65 % |
Outstanding balances of debt obligations and the applicable interest rates | The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 ($ in millions): Date of Issue Final Interest Rate 2020 2019 Recourse Fixed Rate Debt 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 (1) 12/15/20 12/31/22 0.70 % 122.1 — Unsecured 03/19/13 03/30/23 3.90 % 250.0 250.0 Unsecured 11/05/18 02/15/24 4.35 % 300.0 300.0 Unsecured (1)(2) 12/22/16 05/23/24 0.85 % 128.3 — Unsecured (1) 11/05/19 11/05/24 0.96 % 122.2 112.1 Unsecured (1) 03/20/20 03/20/25 1.00 % 122.2 — Unsecured 02/06/15 03/30/25 3.25 % 300.0 300.0 Unsecured (1) 08/03/20 08/03/25 1.13 % 122.1 — Unsecured 09/13/16 09/15/26 3.25 % 350.0 350.0 Unsecured (1) 11/04/19 11/04/26 1.07 % 91.6 84.1 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 % 300.0 300.0 Unsecured 01/31/19 04/01/29 4.70 % 500.0 500.0 Unsecured 05/12/20 06/30/30 4.00 % 500.0 — 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 10/31/14 03/30/20 2.60 % — 250.0 Unsecured 02/06/15 03/30/20 2.60 % — 100.0 Total recourse fixed rate debt $ 5,058.5 $ 4,396.2 Recourse Floating Rate Debt Unsecured 11/06/17 11/05/21 2.61 % $ 300.0 $ 300.0 Unsecured (2) 12/22/16 05/23/24 0.90 % — 117.7 Total recourse floating rate debt $ 300.0 $ 417.7 Total debt principal $ 5,358.5 $ 4,813.9 Unamortized debt discount and debt issuance costs (35.1) (34.9) Debt adjustment for fair value hedges 5.6 1.4 Total Debt $ 5,329.0 $ 4,780.4 |
Maturities of GATX's debt obligation | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2020 (in millions): 2021 $ 600.0 2022 372.2 2023 250.0 2024 550.4 2025 544.3 Thereafter 3,041.6 Total debt principal $ 5,358.5 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities at fair value recurring basis | The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 5.6 $ — $ 5.6 $ — Foreign exchange contracts (1) Other assets 0.4 — 0.4 — Foreign exchange contracts (2) Other assets 0.4 — 0.4 — Total derivative assets $ 6.4 $ — $ 6.4 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ — $ — $ — $ — Foreign exchange contracts (1) Other liabilities — — — — Foreign exchange contracts (2) Other liabilities — — — — Total derivative liabilities $ — $ — $ — $ — Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Foreign exchange contracts (1) Other assets $ 1.4 $ — $ 1.4 $ — Foreign exchange contracts (1) Other assets 6.9 — 6.9 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 8.5 $ — $ 8.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ 0.6 $ — $ 0.6 $ — Foreign exchange contracts (1) Other liabilities 7.0 — 7.0 — Foreign exchange contracts (2) Other liabilities 6.0 — 6.0 — Total derivative liabilities $ 13.6 $ — $ 13.6 $ — _________ (1) Designated as hedges. (2) Not designated as hedges. |
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss) | The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (in millions): Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Line Item in the Balance Sheet in Which the Hedged Item is Included 2020 2019 2020 2019 Recourse debt $ (303.6) $ (449.9) $ 5.6 $ 1.4 The following tables show the impacts of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Derivative Designation 2020 2019 2018 2020 2019 2018 Derivatives in cash flow hedging relationships: Interest expense $ 2.1 $ 2.5 $ 4.2 Interest rate contracts $ (0.5) $ 0.5 $ — Operating lease expense — — 0.1 Foreign exchange contracts 20.1 (19.5) (12.6) Other (income) expense 12.8 (14.3) (11.7) Total $ 19.6 $ (19.0) $ (12.6) Total $ 14.9 $ (11.8) $ (7.4) |
Fair value hedging instruments | The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2020 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (190.3) $ (13.0) $ (49.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — — Derivatives designated as hedging instruments 4.2 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) — Gain (loss) on non-designated derivative contracts — 6.2 — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2019 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (180.5) $ (7.3) $ (54.4) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — — Derivatives designated as hedging instruments 9.0 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 — Gain (loss) on non-designated derivative contracts — (1.7) — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2018 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (162.9) $ (21.7) $ (49.6) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 3.0 — — Derivatives designated as hedging instruments (3.0) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (4.2) — (0.1) Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 11.7 — Gain (loss) on non-designated derivative contracts — 2.2 — _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). |
Cash flow hedging instruments | The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2020 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (190.3) $ (13.0) $ (49.3) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (4.2) — — Derivatives designated as hedging instruments 4.2 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.1) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (12.8) — Gain (loss) on non-designated derivative contracts — 6.2 — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2019 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (180.5) $ (7.3) $ (54.4) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items (9.0) — — Derivatives designated as hedging instruments 9.0 — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (2.5) — — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 14.3 — Gain (loss) on non-designated derivative contracts — (1.7) — Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Interest (expense), net Other income (expense) Operating lease (expense) 2018 Total amounts of income and expense presented in the statements of comprehensive income in which the effects of fair value or cash flow hedges are recorded $ (162.9) $ (21.7) $ (49.6) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 3.0 — — Derivatives designated as hedging instruments (3.0) — — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (4.2) — (0.1) Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 11.7 — Gain (loss) on non-designated derivative contracts — 2.2 — _________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other income (expense). |
Other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions): 2020 2020 2019 2019 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,056.3 $ 5,696.9 $ 4,389.3 $ 4,644.6 Recourse floating rate debt 299.9 300.4 417.5 419.0 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Pension obligations and plan assets and other post-retirement obligations | We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions): 2020 Pension 2019 Pension 2020 Retiree 2019 Retiree Change in Benefit Obligation Benefit obligation at beginning of year $ 475.4 $ 413.7 $ 24.6 $ 27.5 Service cost 8.1 6.5 0.2 0.2 Interest cost 12.3 15.2 0.5 0.9 Actuarial loss (gain) 45.2 63.7 (0.2) (1.1) Benefits paid (33.4) (24.9) (2.2) (2.9) Effect of foreign exchange rate changes 1.0 1.2 — — Benefit obligation at end of year $ 508.6 $ 475.4 $ 22.9 $ 24.6 Change in Fair Value of Plan Assets Plan assets at beginning of year 432.7 369.8 — — Actual return on plan assets 61.4 84.6 — — Effect of exchange rate changes 1.2 1.3 — — Company contributions 3.6 1.9 2.2 2.9 Benefits paid (33.4) (24.9) (2.2) (2.9) Plan assets at end of year $ 465.5 $ 432.7 $ — $ — Funded Status at end of year $ (43.1) $ (42.7) $ (22.9) $ (24.6) Amount Recognized Other liabilities and other assets (net) $ (43.1) $ (42.7) $ (22.9) $ (24.6) Accumulated other comprehensive loss (income): Net actuarial loss (gain) 109.9 118.5 (3.0) (3.1) Prior service credit — — (1.0) (1.2) Accumulated other comprehensive loss (income) 109.9 118.5 (4.0) (4.3) Total recognized $ 66.8 $ 75.8 $ (26.9) $ (28.9) After-tax amount recognized in accumulated other comprehensive loss (gain) $ 82.2 $ 88.6 $ (3.0) $ (3.2) The aggregate accumulated benefit obligation for the defined benefit pension plans was $481.6 million at December 31, 2020 and $450.5 million at December 31, 2019. |
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): 2020 2019 Projected benefit obligations $ 380.7 $ 354.1 Fair value of plan assets 321.6 300.4 |
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): 2020 2019 Accumulated benefit obligations $ 41.7 $ 37.0 Fair value of plan assets — — |
Components of pension and other post retirement benefit costs | The following table shows the components of net periodic cost (benefit) for the years ended December 31 (in millions): 2020 2019 2018 2020 2019 2018 Service cost $ 8.1 $ 6.5 $ 8.2 $ 0.2 $ 0.2 $ 0.2 Interest cost 12.3 15.2 14.7 0.5 0.9 1.0 Expected return on plan assets (20.4) (22.0) (22.2) — — — Settlement expense — — 2.1 — — — Amortization of: Unrecognized prior service credit — — — (0.2) (0.2) (0.1) Unrecognized net actuarial loss (gain) 12.7 7.9 10.0 (0.4) (0.1) — Net periodic cost $ 12.7 $ 7.6 $ 12.8 $ 0.1 $ 0.8 $ 1.1 |
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year | We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees. |
Expected long term return on assets and to measure the periodic cost | We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31: 2020 2019 Domestic defined benefit pension plans Benefit Obligation at December 31: Discount rate — salaried funded plans 2.42 % 3.17 % Discount rate — salaried unfunded plans 1.19% - 2.35% 2.45% - 3.12% Discount rate — hourly funded plan 2.73 % 3.35 % Cash balance interest crediting rate — salaried funded plan 3.09 % 3.09 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plans n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate — salaried funded and unfunded plans 3.17 % 4.32 % Discount rate — hourly funded plan 3.35 % 4.43 % Expected return on plan assets — salaried funded plan 5.60 % 6.20 % Expected return on plan assets — hourly funded plan 5.30 % 6.00 % Rate of compensation increases — salaried funded and unfunded plans 3.00 % 3.00 % Rate of compensation increases — hourly funded plan n/a n/a Foreign defined benefit pension plan Benefit Obligation at December 31: Discount rate 1.20 % 1.90 % Rate of pension-in-payment increases 2.90 % 3.00 % Net Periodic Cost (Benefit) for the years ended December 31: Discount rate 1.90 % 2.60 % Expected return on plan assets 3.60 % 4.00 % Rate of pension-in-payment increases 3.00 % 3.20 % Other post-retirement benefit plans Benefit Obligation at December 31: Discount rate - combined health 1.93 % 2.88 % Discount rate - combined life insurance 2.46 % 3.19 % Rate of compensation increases n/a n/a Net Periodic Cost (Benefit) for the years ended December 31: Discount rate - combined health 2.85 % 4.05 % Discount rate - combined life insurance 3.19 % 4.32 % 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. 2020 2019 Assumed Health Care Cost Trend Rates at December 31: Health care cost trend assumed for next year Medical claims - pre age 65 6.44 % 6.40 % Medical claims - post age 65 5.63 % 5.60 % Prescription drugs claims - pre age 65 8.78 % 8.80 % Prescription drugs claims - post age 65 8.63 % 8.60 % 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 2028 2028 Prescription drugs claims 2028 2028 |
Pension plan assets fair value | The following table sets forth the fair value of our pension plan assets as of December 31 (in millions): 2020 2019 Assets measured at net asset value (1): Short-term investment collective trust fund $ 4.6 $ 5.9 Common stock collective trust funds 223.0 181.3 Fixed income collective trust funds 226.0 232.4 Real estate collective trust funds 11.9 13.1 Total $ 465.5 $ 432.7 |
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 2021 $ 30.3 $ 3.4 $ 2.3 2022 29.6 3.7 2.2 2023 28.8 3.8 2.0 2024 29.9 3.8 1.8 2025 29.6 3.8 1.7 Years 2026-2030 134.6 17.5 6.7 Total $ 282.8 $ 36.0 $ 16.7 |
UNITED STATES | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Weighted-average asset allocations of domestic funded pension plans | Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2020 and 2019, and current target asset allocation for 2021, by asset category: Plan Assets for Salaried Employees at Target 2020 2019 Asset Category Equity securities 53.0 % 54.6 % 46.6 % Debt securities 43.0 % 41.4 % 48.5 % Real estate 4.0 % 2.9 % 3.4 % Cash — % 1.1 % 1.5 % 100.0 % 100.0 % 100.0 % Plan Assets for Hourly Employees at Target 2020 2019 Asset Category Equity securities 31.8 % 33.7 % 30.5 % Debt securities 65.0 % 62.8 % 65.1 % Real estate 3.2 % 2.5 % 3.2 % Cash — % 1.0 % 1.2 % 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, 2020 and 2019, and current target asset allocation for 2021, by asset category: Plan Assets at Target 2020 2019 Asset Category Equity securities 36.8 % 30.7 % 33.4 % Debt securities 63.2 % 69.3 % 66.6 % 100.0 % 100.0 % 100.0 % |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Weighted Average Fair Value and Assumptions | The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value: 2020 2019 2018 Weighted-average estimated fair value $ 22.50 $ 22.23 $ 21.87 Quarterly dividend rate $ 0.48 $ 0.46 $ 0.44 Expected term of stock options, in years 4.2 4.2 4.5 Risk-free interest rate 1.3 % 2.5 % 2.4 % Dividend yield 2.5 % 2.6 % 2.5 % Expected stock price volatility 28.5 % 28.9 % 27.9 % Present value of dividends $ 7.89 $ 7.29 $ 7.51 |
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, 2020: Number of Stock Options and Stock Appreciation Rights Weighted-Average Exercise Price Outstanding at beginning of the year 1,551 59.32 Granted 288 77.07 Exercised (337) 54.69 Forfeited/Cancelled (33) 72.28 Expired (2) 69.24 Outstanding at end of the year 1,467 63.56 Vested and exercisable at end of the year 907 57.10 |
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 2020, 2019, and 2018, 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, 2020: Stock Options and Stock Appreciation Rights Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Exercised in 2018 $ 17.2 Exercised in 2019 4.0 Exercised in 2020 7.6 Outstanding at December 31, 2020 (a) 3.8 28.8 Vested and exercisable at December 31, 2020 2.8 23.6 _______ (a) As of December 31, 2020, 153,366 stock appreciation rights and 1,313,577 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, 2020: Number of Share Units Outstanding (in thousands) Weighted-Average Grant-Date Fair Value Restricted Stock Units: Nonvested at beginning of the year 164 $ 67.73 Granted 34 77.08 Vested (56) 61.19 Forfeited (4) 71.82 Nonvested at end of the year 138 72.59 Performance Shares: Nonvested at beginning of the year 135 $ 68.23 Granted 54 80.63 Net increase due to estimated performance 4 71.71 Vested (70) 65.16 Forfeited (11) 70.54 Nonvested at end of the year 112 76.03 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred tax Assets and Liabilities | The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions): 2020 2019 Deferred Tax Liabilities Book/tax basis difference due to depreciation $ 1,017.8 $ 901.3 Right-of-use assets 93.8 103.9 Investments in affiliated companies 26.1 38.5 Lease accounting 33.4 31.6 Other 2.8 — Total deferred tax liabilities $ 1,173.9 $ 1,075.3 Deferred Tax Assets Lease liability 95.9 108.6 Federal net operating loss 53.5 15.1 Alternative minimum tax credit — 1.7 Foreign tax credit 0.8 0.8 Valuation allowance on foreign tax credit (0.8) (0.8) State net operating loss 38.3 31.1 Valuation allowance on state net operating loss (13.9) (12.9) Foreign net operating loss 2.1 2.2 Accruals not currently deductible for tax purposes 16.0 19.2 Allowance for losses 1.1 1.2 Pension and post-retirement benefits 16.4 16.8 Other 1.7 3.8 Total deferred tax assets $ 211.1 $ 186.8 Net deferred tax liabilities $ 962.8 $ 888.5 |
Income before income taxes | The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions): 2020 2019 2018 Income before Income Taxes Domestic $ (2.0) $ 39.1 $ 84.5 Foreign 127.3 106.1 86.2 Total $ 125.3 $ 145.2 $ 170.7 |
Consolidated federal income taxes | The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions): 2020 2019 2018 Income Tax Expense Current Domestic: Federal $ (3.4) $ (11.3) $ (5.6) State and local 0.3 (1.2) 0.5 $ (3.1) $ (12.5) $ (5.1) Foreign 11.3 19.6 17.5 Total Current $ 8.2 $ 7.1 $ 12.4 Deferred Domestic: Federal 3.6 19.6 1.1 State and local 0.9 4.3 8.6 $ 4.5 $ 23.9 $ 9.7 Foreign 24.6 9.9 8.4 Total Deferred $ 29.1 $ 33.8 $ 18.1 Income taxes $ 37.3 $ 40.9 $ 30.5 |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions): 2020 2019 2018 Income taxes at federal statutory rate $ 26.3 $ 30.5 $ 35.8 Adjust for effect of: Foreign tax credits — — (1.4) Foreign earnings taxed at applicable statutory rates 9.8 9.8 7.8 Foreign deferred tax rate change impact (0.7) (2.8) — Corporate owned life insurance (0.6) (0.8) (1.0) State income taxes 1.2 3.8 4.7 Other 1.3 0.4 1.1 Tax Act: Revaluation of deferred tax liabilities — — 9.4 Transition tax on foreign earnings and profits — — (23.1) Other — — (2.8) Total Tax Act impact $ — $ — $ (16.5) Income taxes $ 37.3 $ 40.9 $ 30.5 Effective income tax rate 29.8 % 28.2 % 17.9 % |
Commercial Commitments (Tables)
Commercial Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Commercial Commitments | The following table shows our commercial commitments as of December 31 (in millions): 2020 2019 Standby letters of credit and performance bonds $ 9.1 $ 9.3 Derivative guarantees 1.5 — Total commercial commitments (1) $ 10.6 $ 9.3 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2020 and December 31, 2019. As of December 31, 2020, our outstanding commitments expire in 2021 through 2023. We are not aware of any event that would require us to satisfy any of our commitments. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table shows the computation of our basic and diluted net income per common share for the years ended December 31 (in millions, except per share amounts): 2020 2019 2018 Numerator: Net income from continuing operations $ 150.2 $ 180.8 $ 190.5 Net income from discontinued operations 1.1 30.4 20.8 Net income $ 151.3 $ 211.2 $ 211.3 Denominator: Weighted-average shares outstanding - basic 35.0 35.7 37.6 Effect of dilutive securities: Equity compensation plans 0.4 0.7 0.7 Weighted-average shares outstanding - diluted 35.4 36.4 38.3 Basic earnings per share from continuing operations $ 4.30 $ 5.07 $ 5.07 Basic earnings per share from discontinued operations 0.03 0.85 0.55 Basic earnings per share from consolidated operations $ 4.33 $ 5.92 $ 5.62 Diluted earnings per share from continuing operations $ 4.24 $ 4.97 $ 4.98 Diluted earnings per share from discontinued operations 0.03 0.84 0.54 Diluted earnings per share from consolidated operations $ 4.27 $ 5.81 $ 5.52 |
Allowance for Losses (Tables)
Allowance for Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Changes in the allowance for possible losses | The following table shows changes in the allowance for losses at December 31 (in millions): 2020 2019 Beginning balance $ 6.2 $ 6.4 Provision for losses 0.7 0.5 Charges to allowance (0.9) (0.6) Recoveries and other, including foreign exchange adjustments 0.5 (0.1) Ending balance $ 6.5 $ 6.2 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common stock reserved for conversion and incentive plans | The following shares of common stock were reserved as of December 31, 2020 (in millions): GATX Corporation 2004 Equity Incentive Compensation Plan 2.1 GATX Corporation 2012 Incentive Award Plan 6.2 Total 8.3 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | The following table shows the change in components for accumulated other comprehensive loss (in millions): Foreign Currency Translation Gain (Loss) Unrealized Loss on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 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) Change in component (10.1) 17.4 1.5 8.8 Reclassification adjustments into earnings (1) — (11.8) 7.6 (4.2) Income tax effect — (1.7) (1.9) (3.6) Balance at December 31, 2019 (68.1) (10.1) (85.4) (163.6) Change in component 24.4 (20.4) (3.8) 0.2 Reclassification adjustments into earnings (1) — 14.9 12.1 27.0 Income tax effect — 1.0 (2.1) (1.1) Balance at December 31, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) ________ (1) See "Note 10. Fair Value Disclosure" and "Note 12. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statement of comprehensive income. (2) In 2018, we adopted ASU 2018-02 Income Statement Reporting - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income |
Foreign Operations (Tables)
Foreign Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Concentration Risks, Types, No Concentration Percentage [Abstract] | |
Foreign operations data | The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions): 2020 2019 2018 Revenues From Continuing Operations Foreign $ 374.9 $ 331.1 $ 333.5 United States 834.3 871.0 841.6 Total $ 1,209.2 $ 1,202.1 $ 1,175.1 Identifiable Assets From Continuing Operations Foreign $ 3,438.6 $ 2,624.5 $ 2,470.9 United States 5,499.0 5,369.5 4,848.0 Total $ 8,937.6 $ 7,994.0 $ 7,318.9 |
Financial Data of Business Se_2
Financial Data of Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment data | The following tables show certain segment data for the years ended December 31, 2020, 2019, and 2018 (in millions): Other GATX Consolidated 2020 Profitability Revenues Lease revenue $ 838.3 $ 248.4 $ 0.8 $ — $ 1,087.5 Marine operating revenue — — 15.6 — 15.6 Other revenue 95.8 9.7 0.6 — 106.1 Total Revenues 934.1 258.1 17.0 — 1,209.2 Expenses Maintenance expense 264.7 50.8 — — 315.5 Marine operating expense — — 19.7 — 19.7 Depreciation expense 258.6 66.6 5.3 — 330.5 Operating lease expense 49.3 — — — 49.3 Other operating expense 27.3 7.5 0.5 — 35.3 Total Expenses 599.9 124.9 25.5 — 750.3 Other Income (Expense) Net gain on asset dispositions 38.3 1.2 2.2 — 41.7 Interest (expense) income, net (139.9) (45.9) (12.2) 7.7 (190.3) Other expense (4.9) (5.0) — (3.1) (13.0) Share of affiliates' (loss) pre-tax income (0.1) — 95.9 — 95.8 Segment profit $ 227.6 $ 83.5 $ 77.4 $ 4.6 393.1 Less: Selling, general and administrative expense 172.0 Income taxes (includes $33.6 related to affiliates' earnings) 70.9 Net income from continuing operations $ 150.2 Net income from discontinued operations, net of taxes 1.1 Net income $ 151.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 38.8 $ 0.5 $ 0.1 $ — $ 39.4 Residual sharing income 0.4 — 2.1 — 2.5 Non-remarketing net (losses) gains (1) (0.6) 0.7 — — 0.1 Asset impairments (0.3) — — — (0.3) $ 38.3 $ 1.2 $ 2.2 $ — $ 41.7 Capital Expenditures Portfolio investments and capital additions $ 642.0 $ 216.0 $ 0.5 $ 205.5 $ 1,064.0 Selected Balance Sheet Data Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets from continuing operations $ 5,944.4 $ 1,851.8 $ 706.1 $ 435.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Portfolio Management Other GATX Consolidated 2019 Profitability Revenues Lease revenue $ 868.3 $ 219.2 $ 1.0 $ — $ 1,088.5 Marine operating revenue — — 8.2 — 8.2 Other revenue 96.2 8.5 0.7 — 105.4 Total Revenues 964.5 227.7 9.9 — 1,202.1 Expenses Maintenance expense 267.9 46.5 — — 314.4 Marine operating expense — — 18.9 — 18.9 Depreciation expense 256.9 57.8 6.6 — 321.3 Operating lease expense 54.4 — — — 54.4 Other operating expense 23.9 6.8 0.6 — 31.3 Total Expenses 603.1 111.1 26.1 — 740.3 Other Income (Expense) Net gain (loss) on asset dispositions 54.6 1.7 (4.7) — 51.6 Interest (expense) income, net (134.5) (40.6) (11.2) 5.8 (180.5) Other (expense) income (5.3) 1.2 — (3.2) (7.3) Share of affiliates' pre-tax income — — 94.5 — 94.5 Segment profit $ 276.2 $ 78.9 $ 62.4 $ 2.6 420.1 Less: Selling, general and administrative expense 180.4 Income taxes (includes $18.0 related to affiliates' earnings) 58.9 Net income from continuing operations $ 180.8 Net income from discontinued operations, net of taxes 30.4 Net income $ 211.2 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 58.5 $ 0.1 $ — $ — $ 58.6 Residual sharing income 0.4 — 1.5 — 1.9 Non-remarketing net (losses) gains (1) (3.9) 1.6 — — (2.3) Asset impairments (0.4) — (6.2) — (6.6) $ 54.6 $ 1.7 $ (4.7) $ — $ 51.6 Capital Expenditures Portfolio investments and capital additions $ 502.2 $ 215.7 $ — $ 4.9 $ 722.8 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 512.4 $ — $ 512.6 Identifiable assets from continuing operations $ 5,646.7 $ 1,486.7 $ 653.7 $ 206.9 $ 7,994.0 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 291.1 __________ (1) Includes net gains (losses) from scrapping of railcars. Portfolio Management Other GATX Consolidated 2018 Profitability Revenues Lease revenue $ 873.4 $ 209.3 $ 1.0 $ — $ 1,083.7 Marine operating revenue — — 14.3 — 14.3 Other revenue 68.1 8.2 0.8 — 77.1 Total Revenues 941.5 217.5 16.1 — 1,175.1 Expenses Maintenance expense 254.7 44.5 — — 299.2 Marine operating expense — — 16.8 — 16.8 Depreciation expense 248.5 55.5 7.3 — 311.3 Operating lease expense 49.6 — — — 49.6 Other operating expense 27.3 5.8 — — 33.1 Total Expenses 580.1 105.8 24.1 — 710.0 Other Income (Expense) Net gain (loss) on asset dispositions 76.3 (0.2) (3.4) — 72.7 Interest (expense) income, net (125.2) (35.9) (10.4) 8.6 (162.9) Other expense (5.2) (7.0) — (9.5) (21.7) Share of affiliates' pre-tax income 0.6 — 60.5 — 61.1 Segment profit (loss) $ 307.9 $ 68.6 $ 38.7 $ (0.9) 414.3 Less: Selling, general and administrative expense 182.5 Income taxes (includes $10.8 related to affiliates' earnings) 41.3 Net income from continuing operations $ 190.5 Net income from discontinued operations, net of taxes 20.8 Net income $ 211.3 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on dispositions of owned assets $ 64.7 $ — $ — $ — $ 64.7 Residual sharing income 1.4 — 1.1 — 2.5 Non-remarketing net gains (1) 10.8 3.7 — — 14.5 Asset impairments (0.6) (3.9) (4.5) — (9.0) $ 76.3 $ (0.2) $ (3.4) $ — $ 72.7 Capital Expenditures Portfolio investments and capital additions $ 737.4 $ 152.7 $ 14.1 $ 23.4 $ 927.6 Selected Balance Sheet Data Investments in affiliated companies $ 0.2 $ — $ 464.3 $ — $ 464.5 Identifiable assets from continuing operations $ 5,236.6 $ 1,363.2 $ 606.8 $ 112.3 $ 7,318.9 Identifiable assets from discontinued operations $ — $ — $ — $ — $ 297.8 __________ (1) Includes net gains (losses) from scrapping of railcars. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | First Second Third Fourth Total In millions, except per share data 2020 Total revenues from continuing operations $ 299.4 $ 300.5 $ 304.4 $ 304.9 $ 1,209.2 Net income from continuing operations $ 47.2 $ 37.0 $ 48.2 $ 17.8 $ 150.2 Net (loss) income from discontinued operations (0.9) 2.3 (0.3) — 1.1 Net income from consolidated operations $ 46.3 $ 39.3 $ 47.9 $ 17.8 $ 151.3 Share Data (1) Basic earnings per share from continuing operations $ 1.35 $ 1.06 $ 1.38 $ 0.51 $ 4.30 Basic earnings per share from discontinued operations (0.02) 0.06 (0.01) — 0.03 Basic earnings per share from consolidated operations $ 1.33 $ 1.12 $ 1.37 $ 0.51 $ 4.33 Diluted earnings per share from continuing operations $ 1.33 $ 1.05 $ 1.36 $ 0.50 $ 4.24 Diluted earnings per share from discontinued operations (0.02) 0.06 (0.01) — 0.03 Diluted earnings per share from consolidated operations $ 1.31 $ 1.11 $ 1.35 $ 0.50 $ 4.27 2019 Total revenues from continuing operations $ 305.3 $ 297.5 $ 298.8 $ 300.5 $ 1,202.1 Net income from continuing operations $ 41.2 $ 60.3 $ 37.2 $ 42.1 $ 180.8 Net income from discontinued operations 0.3 7.7 7.9 14.5 30.4 Net income from consolidated operations $ 41.5 $ 68.0 $ 45.1 $ 56.6 $ 211.2 Share Data (1) Basic earnings per share from continuing operations $ 1.13 $ 1.68 $ 1.05 $ 1.21 $ 5.07 Basic earnings per share from discontinued operations 0.01 0.21 0.23 0.41 0.85 Basic earnings per share from consolidated operations $ 1.14 $ 1.89 $ 1.28 $ 1.62 $ 5.92 Diluted earnings per share from continuing operations $ 1.11 $ 1.65 $ 1.03 $ 1.18 $ 4.97 Diluted earnings per share from discontinued operations 0.01 0.21 0.22 0.41 0.84 Diluted earnings per share from consolidated operations $ 1.12 $ 1.86 $ 1.25 $ 1.59 $ 5.81 _______ (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 2019, net income included a $2.8 million deferred income tax adjustment due to a reduction of the corporate income tax rate enacted in Alberta, Canada. (3) In the third quarter of 2020, net income included a $12.3 million deferred income tax adjustment due to the elimination of a previously announced corporate income tax rate reduction in the United Kingdom. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table shows the financial results of our discontinued operations for the years ended December 31 (in millions): 2020 2019 2018 Revenues $ 27.2 $ 191.7 $ 185.8 Expenses Operating expense 22.5 138.8 136.7 Depreciation expense 1.7 10.6 10.6 Selling, general and administrative expense 2.8 8.2 8.6 Total Expenses 27.0 157.6 155.9 Other (expense) income (3.0) 3.8 (5.5) (Loss) Income from Discontinued Operations Before Taxes (2.8) 37.9 24.4 Income tax benefit (expense) 0.6 (7.5) (3.6) Net (Loss) Income from Discontinued Operations, Net of Taxes $ (2.2) $ 30.4 $ 20.8 Gain on Sale of Discontinued Operations, Net of Taxes 3.3 — — Total Discontinued Operations, Net of Taxes $ 1.1 $ 30.4 $ 20.8 The following table shows the assets and liabilities of the discontinued business as of December 31 (in millions): 2020 2019 Assets of Discontinued Operations: Rent and other receivables $ — $ 21.2 Operating assets and facilities, net — 249.9 Other — 20.0 Total Assets of Discontinued Operations $ — $ 291.1 Liabilities of Discontinued Operations: Accounts payable and accrued expenses — 29.7 Deferred income taxes — 35.8 Other — 4.0 Total Liabilities of Discontinued Operations $ — $ 69.5 The following table shows cash flow information for our discontinued operations for the years ending December 31 (in millions): 2020 2019 2018 Net Cash Used in (Provided By) Operating Activities $ (8.5) $ 36.8 $ 23.3 Net Cash Provided By (Used In) Investing Activities (1) 240.9 8.1 (15.8) Net Cash Provided By (Used In) Financing Activities 21.8 (45.0) (7.5) Cash Provided By Discontinued Operations, Net $ 254.2 $ (0.1) $ — ________ (1) Net cash provided by investing activities for the year ended December 31, 2020 included proceeds from the sale of ASC of $257.2 million. |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2020Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of business segments | 3 |
Accounting Changes Pension and
Accounting Changes Pension and Post-Retirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2020 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Additions to Other Assets, Amount | $ 411.7 | $ 335.9 | $ 460.7 |
Operating Lease, Liability | 429.4 | $ 348.6 | $ 483.6 |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | $ 4 |
Accounting Changes Adjustments
Accounting Changes Adjustments for New Accounting Pronouncements (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2020 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 411,700,000 | $ 335,900,000 | $ 460,700,000 | ||
Operating Lease, Liability | 429,400,000 | 348,600,000 | 483,600,000 | ||
Shareholders’ equity | 1,835,100,000 | $ 1,957,400,000 | $ 1,788,100,000 | ||
Reclassification out of Accumulated Other Comprehensive Income [Domain] | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Shareholders’ equity | 0 | $ 0 | $ (19,400,000) | ||
Accounting Standards Update 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | $ 4,000,000 | ||||
Accounting Standards Update 2016-02 | Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Shareholders’ equity | $ 39,400,000 |
Significant Accounting Polici_4
Significant Accounting Policies (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Interest Income (Expense), Net | $ (190.3) | $ (180.5) | $ (162.9) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Disposition gains | $ 39.4 | $ 58.6 | $ 64.7 |
Residual sharing income | (2.5) | (1.9) | (2.5) |
Non-remarketing disposition gains | (0.1) | 2.3 | (14.5) |
Asset impairments | (0.3) | (6.6) | (9) |
Net Gain on Asset Dispositions | $ 41.7 | $ 51.6 | $ 72.7 |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent | 29.80% | 28.20% | 17.90% |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | $ 0 | $ 0 | $ 16.5 |
Interest Expense, Deposits | 1.5 | 3.8 | 5.7 |
Interest expense net of interest income on bank deposits | $ 190.3 | 180.5 | $ 162.9 |
Accounting Standards Update 2016-02 | |||
Deferred Tax Assets, Deferred Gain on Sale Leaseback Transaction | $ 4 |
Significant Accounting Polici_7
Significant Accounting Policies Foreign Currency (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ (10.8) | $ 1.7 | $ (3.4) |
Business Combinations (Details)
Business Combinations (Details) € in Millions, $ in Millions | Dec. 29, 2020USD ($)tankContainer | Dec. 29, 2020EUR (€) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||
Amount allocated to goodwill | $ 143.7 | $ 81.5 | ||
Trifleet Leasing Holding B.V. | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire business, gross | $ 203.2 | € 165 | ||
Number of tank containers | tankContainer | 19,000 | |||
Amount allocated to tangible net assets | $ 146.2 | |||
Amount allocated to goodwill | 57 | |||
Business Acquisition, Transaction Costs | $ 2.7 |
Supplemental Cash Flow and No_3
Supplemental Cash Flow and Noncash Investing Transactions (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)railcar | Dec. 31, 2019USD ($)railcar | Dec. 31, 2018USD ($) | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Number of railcars received | railcar | 732 | 157 | |
Supplemental Cash Flow Information | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 189.8 | $ 185.1 | $ 164 |
Income taxes paid (refunded), net | 21.4 | 11.6 | 18.1 |
Portfolio proceeds | $ 131.1 | $ 250.3 | $ 234.4 |
Supplemental Cash Flow and No_4
Supplemental Cash Flow and Noncash Investing Transactions (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)railcar | Dec. 31, 2019USD ($)railcar | Dec. 31, 2018USD ($) | |
Noncash or Part Noncash Divestitures [Line Items] | |||
Portfolio proceeds | $ | $ 131.1 | $ 250.3 | $ 234.4 |
Number of railcars received | railcar | 732 | 157 |
Leases (Details)
Leases (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)railcar | Dec. 31, 2019USD ($)railcar | Dec. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | |||
2023 | $ 8.4 | ||
Repayments of Long-term Capital Lease Obligations | $ (40) | $ (11.3) | $ 0 |
Number of railcars received | railcar | 732 | 157 | |
Lessee, Lease, Number of Railcars Leased | railcar | 6,700 | ||
Direct Financing Lease, Lease Income | $ 7.2 | $ 9.8 | |
Operating Lease, Lease Income, Lease Payments | 1,020.9 | 1,013.5 | |
Operating Lease, Variable Lease Income | 59.4 | 65.2 | |
Operating Lease, Lease Income | 1,080.3 | 1,078.7 | |
Lease Income | 1,087.5 | 1,088.5 | $ 1,083.7 |
Total contractual lease payments receivable | 77.1 | 84.4 | |
Estimated unguaranteed residual value of leased assets | 24.6 | 40.7 | |
Unearned income | (27.7) | (34.8) | |
Finance leases | $ 74 | $ 90.3 |
Leases (Details 2)
Leases (Details 2) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets that are financed with capital lease obligations | ||
Less: allowance for depreciation | $ (0.3) | $ (0.1) |
Railcars [Member] | ||
Assets that are financed with capital lease obligations | ||
Capital leased assets, gross | $ 37.8 | $ 9 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating Leased Assets [Line Items] | |||
Capital Leases, Net Investment in Direct Financing Leases, Minimum Payments to be Received | $ 33.3 | $ 7.9 | |
Operating and Finance Leases, Future Minimum Payments Due, Next Twelve Months | 83.9 | ||
2021 | 941.7 | ||
Operating Leases | |||
2017, Operating Lease | 49 | ||
2018, Operating Lease | 48 | ||
2019, Operating Lease | 45.1 | ||
2020, Operating Lease | 37.7 | ||
Years thereafter, Operating Leases | 180 | ||
Total, Operating Leases | 443.7 | ||
Lessee Operating Leases Future MinimumPayments Interest Included In Payments | (61.8) | ||
Operating Lease, Liability | 348.6 | 429.4 | $ 483.6 |
Lease, Liability | 381.9 | $ 437.3 | |
Recourse Operating Leases [Member] | |||
Operating Leases | |||
2016, Operating Lease | 50.6 | ||
2017, Operating Lease | 49 | ||
2018, Operating Lease | 48 | ||
2019, Operating Lease | 45.1 | ||
2020, Operating Lease | 37.7 | ||
Years thereafter, Operating Leases | 180 | ||
Total, Operating Leases | 410.4 | ||
Lessee Operating Leases Future MinimumPayments Interest Included In Payments | (61.8) | ||
Operating Lease, Liability | $ 348.6 |
Leases (Details Textual)
Leases (Details Textual) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)railcar | Dec. 31, 2019railcar | |
Operating Leased Assets [Line Items] | ||
Lessee, Lease, Number of Railcars Leased | railcar | 6,700 | |
Sublease Income | $ | $ 64.3 | |
Number of railcars received | railcar | 732 | 157 |
Repayment of Long Term Finance Lease Obligations | $ | $ 40 |
Leases Lease cost (Details)
Leases Lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 0.6 | $ 0.7 |
Finance Lease, Interest Expense | 0.2 | 0.3 |
Operating Lease, Cost, Variable Leases | 53.3 | 59.7 |
Lease, Cost, Excluding Sublease Income | $ 54.1 | $ 60.7 |
Leases Lessee, Schedule of Fina
Leases Lessee, Schedule of Finance Leases (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)railcar | Dec. 31, 2019USD ($)railcar | Dec. 31, 2018USD ($) | |
Lessee, Lease, Description [Line Items] | |||||||
Acquisition Costs, Period Cost | $ 40 | $ 11.3 | $ 0 | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | $ (0.3) | (0.3) | (0.1) | ||||
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Other Property, Plant, and Equipment, Net | 37.5 | 37.5 | 8.9 | ||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 17.8 | $ 48.2 | $ 37 | $ 47.2 | $ 125.3 | $ 145.2 | $ 170.7 |
Number of railcars received | railcar | 732 | 157 | |||||
Repayment of Long Term Finance Lease Obligations | $ 40 | ||||||
Railcars [Member] | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Capital Leased Assets, Gross | $ 37.8 | $ 37.8 | $ 9 |
Leases Lessee, Lease Terms and
Leases Lessee, Lease Terms and Discount Rates (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Lease Terms and Discount Rates [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 9 years 3 months 18 days | 9 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.57% | 3.66% |
Finance Lease, Weighted Average Discount Rate, Percent | 0.95% | 2.26% |
Leases Cash paid for amounts in
Leases Cash paid for amounts included in the measurement of lease liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)railcar | Dec. 31, 2019USD ($)railcar | |
Lessee, Lease Terms and Discount Rates [Abstract] | ||
Operating Lease, Payments | $ 58.5 | $ 66.5 |
Finance Lease, Principal Payments | 0 | 0.3 |
Lease, Payments | 40 | 11.3 |
Lease, Payments | 98.5 | 78.1 |
Non-cash financing lease transactions | $ 64.9 | $ 7.8 |
Number of railcars received | railcar | 732 | 157 |
Leases Future Contractual Recei
Leases Future Contractual Receipts (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2016, Operating Leases | $ 925.5 |
2021 | 16.2 |
2021 | 941.7 |
2017, Operating Leases | 702.7 |
2022 | 21.8 |
2022 | 724.5 |
2018, Operating Leases | 524.7 |
2023 | 8.4 |
Leases Future Minimum Payments Receivable in Three Years | 533.1 |
2024 | 357.7 |
2024 | 9.3 |
2024 | 367 |
2020, Operating Leases | 193.1 |
2025 | 5.8 |
2025 | 198.9 |
Years thereafter, Operating Leases | 215 |
Years thereafter | 15.6 |
Years thereafter | 230.6 |
Total future receipts from leases | 2,918.7 |
Total, Finance Leases | 77.1 |
Leases Future Minimum Payments Receivable | $ 2,995.8 |
Leases - Maturity Schedule (Det
Leases - Maturity Schedule (Details) $ in Millions | Dec. 31, 2020USD ($) |
Lessee, Operating Lease, Description [Abstract] | |
2021 | $ 925.5 |
2022 | 702.7 |
2023 | 524.7 |
2024 | 357.7 |
2025 | 193.1 |
Years thereafter | 215 |
Total future receipts from leases | 2,918.7 |
Finance Lease Liability [Abstract] | |
2021 | 16.2 |
2022 | 21.8 |
2023 | 8.4 |
2024 | 9.3 |
2025 | 5.8 |
Years thereafter | 15.6 |
Total, Finance Leases | 77.1 |
2021 | 941.7 |
2022 | 724.5 |
2023 | 533.1 |
2024 | 367 |
2025 | 198.9 |
Years thereafter | 230.6 |
Leases Future Minimum Payments Receivable | $ 2,995.8 |
Investments in Affiliated Com_3
Investments in Affiliated Companies (Significant Investments in Affiliates) (Details 1) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | $ 0.3 | $ 6.6 | $ 9 | |
Portfolio proceeds and other | 131.1 | 250.3 | 234.4 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | $ 584.7 | 512.6 | 464.5 | |
Rolls Royce Partners Finance [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
GATX's Percentage Ownership | [1] | 50.00% | ||
Adler Funding Llc [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
GATX's Percentage Ownership | 12.50% | |||
Rail North America [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | $ 0.3 | 0.4 | 0.6 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 0.2 | 0.2 | ||
Rail North America [Member] | Adler Funding Llc [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 0 | 0.2 | ||
Portfolio Management [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Asset Impairment Charges | 0 | 6.2 | 4.5 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | 512.4 | $ 464.3 | ||
Portfolio Management [Member] | Rolls Royce Partners Finance [Member] | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||||
Investments in affiliated companies | $ 584.7 | $ 512.4 | ||
[1] | (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (collectively, the "RRPF affiliates") |
Investments in Affiliated Com_4
Investments in Affiliated Companies (Share of Affiliate Earnings) (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 95.8 | $ 94.5 | $ 61.1 |
Provision for Income Taxes, Equity Method Investment | (33.6) | (18) | (10.8) |
Share of Affiliates' Earnings | 62.2 | 76.5 | 50.3 |
Rail North America [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | (0.1) | 0 | 0.6 |
Rail International [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 |
Portfolio Management [Member] | |||
Pre tax share of affiliates earnings by segment | |||
Share of affiliates' earnings (pre-tax) | $ 95.9 | $ 94.5 | $ 60.5 |
Investments in Affiliated Com_5
Investments in Affiliated Companies (Investments and Distributions) (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 0.3 | $ 6.6 | $ 9 |
Payments to Acquire Equity Method Investments | 0 | 0 | 14.1 |
Proceeds from Equity Method Investment, Distribution | 0.7 | 27.6 | 41.5 |
Rail North America [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0.3 | 0.4 | 0.6 |
Payments to Acquire Equity Method Investments | 0 | 0 | 0 |
Proceeds from Equity Method Investment, Distribution | 0.1 | 0 | 6.3 |
Rail International [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 3.9 |
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | 0 | 6.2 | 4.5 |
Payments to Acquire Equity Method Investments | 0 | 0 | 14.1 |
Proceeds from Equity Method Investment, Distribution | $ 0.6 | $ 27.6 | $ 35.2 |
Investments in Affiliated Com_6
Investments in Affiliated Companies (Operating Results, Affiliates) (Details 4) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | $ 304.9 | $ 304.4 | $ 300.5 | $ 299.4 | $ 300.5 | $ 298.8 | $ 297.5 | $ 305.3 | $ 1,209.2 | $ 1,202.1 | $ 1,175.1 |
Net Income | $ 17.8 | $ 47.9 | $ 39.3 | $ 46.3 | $ 56.6 | $ 45.1 | $ 68 | $ 41.5 | 151.3 | 211.2 | 211.3 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenues | 491 | 469.8 | 436.9 | ||||||||
Gains on sales of assets | 115.7 | 86.4 | 12.2 | ||||||||
Net Income | $ 146.1 | $ 161.4 | $ 120.5 |
Investments in Affiliated Com_7
Investments in Affiliated Companies (Balance Sheet, Affiliates) (Details 5) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Total Assets | $ 8,937.6 | $ 8,285.1 | $ 7,318.9 |
Shareholders’ equity | 1,957.4 | 1,835.1 | $ 1,788.1 |
Total Liabilities and Shareholders’ Equity | 8,937.6 | 8,285.1 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 352.7 | 203.6 | |
Noncurrent assets | 4,766.9 | 5,015.9 | |
Total Assets | 5,119.6 | 5,219.5 | |
Current liabilities | 311 | 525.5 | |
Liabilities, Noncurrent | 3,674.7 | 3,703.6 | |
Shareholders’ equity | 1,133.9 | 990.4 | |
Total Liabilities and Shareholders’ Equity | $ 5,119.6 | $ 5,219.5 |
Investments in Affiliated Com_8
Investments in Affiliated Companies (Summarized Financial Data-RRPF) (Details 6) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 3,313.3 | $ 3,066.2 | $ 3,313.3 | $ 3,066.2 | ||||||||
Income Statement [Abstract] | ||||||||||||
Depreciation expense | (342.8) | (332.7) | $ (327.3) | |||||||||
Interest expense, net | (190.3) | (180.5) | (162.9) | |||||||||
Income Taxes | (37.3) | (40.9) | (30.5) | |||||||||
Net Income | 17.8 | $ 47.9 | $ 39.3 | $ 46.3 | 56.6 | $ 45.1 | $ 68 | $ 41.5 | 151.3 | 211.2 | 211.3 | |
Assets [Abstract] | ||||||||||||
Total Assets | 8,937.6 | 8,285.1 | 8,937.6 | 8,285.1 | 7,318.9 | |||||||
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | 147.3 | 119.4 | 147.3 | 119.4 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Other liabilities | 135.6 | 139.1 | 135.6 | 139.1 | ||||||||
Total Liabilities and Shareholders’ Equity | 8,937.6 | 8,285.1 | 8,937.6 | 8,285.1 | ||||||||
Total Revenues | 304.9 | $ 304.4 | $ 300.5 | $ 299.4 | 300.5 | $ 298.8 | $ 297.5 | $ 305.3 | 1,209.2 | 1,202.1 | 1,175.1 | |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Gains on sales of assets | 115.7 | 86.4 | 12.2 | |||||||||
Net Income | 146.1 | 161.4 | 120.5 | |||||||||
Assets [Abstract] | ||||||||||||
Total Assets | 5,119.6 | 5,219.5 | 5,119.6 | 5,219.5 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Current liabilities | 311 | 525.5 | 311 | 525.5 | ||||||||
Liabilities, Noncurrent | 3,674.7 | 3,703.6 | 3,674.7 | 3,703.6 | ||||||||
Total Liabilities and Shareholders’ Equity | 5,119.6 | 5,219.5 | 5,119.6 | 5,219.5 | ||||||||
Total Revenues | 491 | 469.8 | 436.9 | |||||||||
Current assets | 352.7 | 203.6 | 352.7 | 203.6 | ||||||||
RRPF Joint Ventures [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,283.6 | 1,178.5 | 1,283.6 | 1,178.5 | ||||||||
RRPF Joint Ventures [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||||
Income Statement [Abstract] | ||||||||||||
Depreciation expense | (248.7) | (223.9) | (195.6) | |||||||||
Interest expense, net | (116) | (126.4) | (94.3) | |||||||||
Other expenses | (50.3) | (16.5) | (12.6) | |||||||||
Gains on sales of assets | 115.7 | 86.4 | 12.5 | |||||||||
Income Taxes | (45.6) | (27.9) | (18.1) | |||||||||
Net Income | 146.1 | 161.7 | 103.2 | |||||||||
Assets [Abstract] | ||||||||||||
Total Assets | 5,119.6 | 5,218.5 | 5,119.6 | 5,218.5 | ||||||||
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense | 110.4 | 96.2 | 110.4 | 96.2 | ||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Current liabilities | 200.6 | 429.3 | 200.6 | 429.3 | ||||||||
Liabilities, Noncurrent | 3,243.6 | 3,367.5 | 3,243.6 | 3,367.5 | ||||||||
Other liabilities | 431.1 | 336.1 | 431.1 | 336.1 | ||||||||
Shareholders’ equity | 1,133.9 | 989.4 | 1,133.9 | 989.4 | ||||||||
Total Liabilities and Shareholders’ Equity | 5,119.6 | 5,218.5 | 5,119.6 | 5,218.5 | ||||||||
Net Assets | [1] | 4,766.9 | 5,015.9 | 4,766.9 | 5,015.9 | |||||||
Current assets | $ 352.7 | $ 202.6 | 352.7 | 202.6 | ||||||||
Income (Loss) Attributable to Parent, before Tax | 191.7 | 189.6 | 121.3 | |||||||||
RRPF Joint Ventures [Member] | Third Parties [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Total Revenues | 257.6 | 213.3 | 178.6 | |||||||||
RRPF Joint Ventures [Member] | Rolls Royce [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||||
Liabilities and Equity [Abstract] | ||||||||||||
Total Revenues | $ 233.4 | $ 256.7 | $ 232.7 | |||||||||
[1] | (a) All operating assets were pledged as collateral for long-term debt obligations. |
Investments in Affiliated Com_9
Investments in Affiliated Companies (Future Lease Receipts) (Details 7) $ in Millions | Dec. 31, 2020USD ($) |
Schedule of Equity Method Investments [Line Items] | |
2021 | $ 925.5 |
2022 | 702.7 |
2023 | 524.7 |
2019 | 357.7 |
2025 | 193.1 |
Years thereafter | 215 |
Total future receipts from leases | 2,918.7 |
RRPF Joint Ventures [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2021 | 442.2 |
2022 | 416 |
2023 | 380 |
2019 | 360 |
2025 | 319.4 |
Years thereafter | 815 |
Total future receipts from leases | 2,732.6 |
RRPF Joint Ventures [Member] | Rolls-Royce [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2021 | 228.9 |
2022 | 217.1 |
2023 | 193.9 |
2019 | 186.9 |
2025 | 165.1 |
Years thereafter | 266.1 |
Total future receipts from leases | 1,258 |
RRPF Joint Ventures [Member] | Third Parties [Member] | |
Schedule of Equity Method Investments [Line Items] | |
2021 | 213.3 |
2022 | 198.9 |
2023 | 186.1 |
2019 | 173.1 |
2025 | 154.3 |
Years thereafter | 548.9 |
Total future receipts from leases | $ 1,474.6 |
Investments in Affiliated Co_10
Investments in Affiliated Companies (Future Debt Maturities) (Details 8) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | |||
Investments in Affiliated Companies | $ 584.7 | $ 512.6 | $ 464.5 |
2016 | 600 | ||
2017 | 372.2 | ||
2018 | 250 | ||
2019 | 550.4 | ||
2020 | 544.3 | ||
Thereafter | 3,041.6 | ||
Total debt principal | 5,358.5 | 4,813.9 | |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
2016 | 203.3 | ||
2017 | 362 | ||
2018 | 389.7 | ||
2019 | 293.6 | ||
2020 | 210.6 | ||
Thereafter | 1,995.5 | ||
Total debt principal | 3,454.7 | ||
Rail North America [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Affiliated Companies | 0.2 | $ 0.2 | |
Rail North America [Member] | Adler Funding Llc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in Affiliated Companies | $ 0 | $ 0.2 |
Investments in Affiliated Co_11
Investments in Affiliated Companies (Textual) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)AircraftEnginesBusiness_Activity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 0.3 | $ 6.6 | $ 9 |
Share of affiliates' earnings (net of tax) | 62.2 | 76.5 | 50.3 |
Portfolio proceeds | $ 131.1 | 250.3 | 234.4 |
RRPF Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
GATX ownership percentage in joint venture | 50.00% | ||
Number of business activities | Business_Activity | 2 | ||
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines | 215 | ||
Share of affiliates' earnings (net of tax) | $ 62 | $ 76.5 | 49.8 |
RRPF Joint Ventures [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 3 years | ||
RRPF Joint Ventures [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Lease term | 12 years | ||
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Minimum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful lives of depreciable assets | 18 years | ||
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Maximum [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Estimated useful lives of depreciable assets | 25 years | ||
Portfolio Management [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 6.2 | $ 4.5 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commercial Paper and Borrowings Under Bank Credit Facilities | ||
Balance | $ 23.6 | $ 15.8 |
Weighted average interest rate | 0.85% | 0.65% |
Outstanding balances of debt obligations and the applicable interest rates | ||
Total debt principal | $ (5,358.5) | $ (4,813.9) |
Debt discount, net | (35.1) | (34.9) |
Debt adjustment for fair value hedges | 5.6 | 1.4 |
Total Debt | 5,329 | 4,780.4 |
Rail Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 250 | |
Delayed draw term loan [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |
Recourse Fixed Rate Debt Unsecured One | ||
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 Four [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 Three [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 Six [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 15, 2020 | |
Final Maturity | Dec. 31, 2022 | |
Fixed Interest Rate | 0.70% | |
Total Debt | $ 122.1 | 0 |
Recourse Fixed Rate Debt Unsecured Seven [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 Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 5, 2018 | |
Final Maturity | Feb. 15, 2024 | |
Fixed Interest Rate | 4.35% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Eight [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Dec. 22, 2016 | |
Final Maturity | May 23, 2024 | |
Fixed Interest Rate | 0.85% | |
Total Debt | $ 128.3 | 0 |
Recourse Fixed Rate Debt Unsecured Eight [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 5, 2019 | |
Final Maturity | Nov. 5, 2024 | |
Fixed Interest Rate | 0.96% | |
Total Debt | $ 122.2 | 112.1 |
Recourse Fixed Rate Debt Unsecured Sixteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Mar. 20, 2020 | |
Final Maturity | Mar. 20, 2025 | |
Fixed Interest Rate | 1.00% | |
Total Debt | $ 122.2 | 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 | Aug. 3, 2020 | |
Final Maturity | Aug. 3, 2025 | |
Fixed Interest Rate | 1.13% | |
Total Debt | $ 122.1 | 0 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
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 Thirteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 4, 2019 | |
Final Maturity | Nov. 4, 2026 | |
Fixed Interest Rate | 1.07% | |
Total Debt | $ 91.6 | 84.1 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [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 Fifteen [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 2, 2017 | |
Final Maturity | Mar. 15, 2028 | |
Fixed Interest Rate | 3.50% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Twenty [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 7, 2018 | |
Final Maturity | Nov. 7, 2028 | |
Fixed Interest Rate | 4.55% | |
Total Debt | $ 300 | 300 |
Recourse Fixed Rate Debt Unsecured Seventeen [Member] [Domain] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Jan. 31, 2019 | |
Final Maturity | Apr. 1, 2029 | |
Fixed Interest Rate | 4.70% | |
Total Debt | $ 500 | 500 |
Recourse Fixed Rate Debt Unsecured Eighteen [Member] [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | May 12, 2020 | |
Final Maturity | Jun. 30, 2030 | |
Fixed Interest Rate | 4.00% | |
Total Debt | $ 500 | 0 |
Recourse Fixed Rate Debt Unsecured Twenty [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 Twenty | ||
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 One | ||
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 Twenty Two | ||
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 | $ 0 | 250 |
Recourse Fixed Rate Debt Unsecured Twenty Three | ||
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 | $ 0 | 100 |
Recourse Floating Rate Debt Unsecured One [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Date of Issue | Nov. 6, 2017 | |
Final Maturity | Nov. 5, 2021 | |
Floating Interest Rate | 2.61% | |
Total debt principal | $ (300) | (300) |
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 | May 23, 2024 | |
Floating Interest Rate | 0.90% | |
Total debt principal | $ 0 | (117.7) |
Total Recourse Floating Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | 300 | 417.7 |
Recourse Fixed Rate Debt [Member] | ||
Outstanding balances of debt obligations and the applicable interest rates | ||
Total Debt | 5,058.5 | $ 4,396.2 |
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 | $ 600 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Maturities of GATX's debt obligations | ||
2016 | $ 600 | |
2017 | 372.2 | |
2018 | 250 | |
2019 | 550.4 | |
2020 | 544.3 | |
Thereafter | 3,041.6 | |
Total debt principal | $ 5,358.5 | $ 4,813.9 |
Debt (Details Textual)
Debt (Details Textual) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | |
Line of Credit Facility [Line Items] | ||||
Other Short-term Borrowings | $ 23.6 | $ 15.8 | ||
Annual commitment fees | $ 1.2 | 1.6 | $ 2 | |
Fixed charge coverage ratio | 2.1 | |||
Minimum debt covenant fixed charge coverage ratio | 1.2 | |||
Amount of secured debt available to be borrowed in accordance with public debt covenants | $ 1,717.9 | |||
Total debt principal | 5,358.5 | $ 4,813.9 | ||
Foreign Line of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | € | € 35 | |||
Line of Credit Facility, Remaining Borrowing Capacity | € | 7.3 | |||
Total debt principal | € | € 580 | |||
Line of Credit US [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | 600 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 600 | |||
Rail Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 250 | |||
Rail Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unsecured revolving credit facility | $ 250 |
Fair Value Disclosure (Details)
Fair Value Disclosure (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($)Instrument | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Net | $ 7,170.7 | $ 6,457.3 | |
Derivative Liability | 0 | 13.6 | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1.4 | ||
Asset Impairment Charges | 0.3 | 6.6 | $ 9 |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | 13.6 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | 13.6 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | 0 | |
Portfolio Management [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 0 | 6.2 | 4.5 |
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 0 | 3 | |
Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant and Equipment, Net | 1.7 | 1.6 | |
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | 0.6 | |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 0 | 0.6 | |
Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 0 | $ 0 | |
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | Instrument | (5) | (8) | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Number of Instruments Held | Instrument | (1) | (7) | |
Interest Rate Contract [Member] | Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Effective portion reclassified from accumulated other comprehensive loss | $ 0 | $ 0 |
Fair Value Disclosure (Details
Fair Value Disclosure (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 6.4 | $ 8.5 | |
Derivative Liability | 0 | 13.6 | |
Asset Impairment Charges | 0.3 | 6.6 | $ 9 |
Operating assets and facilities, net | 7,170.7 | 6,457.3 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6.4 | 8.5 | |
Derivative Liability | 0 | 13.6 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6.4 | 8.5 | |
Derivative Liability | 0 | 13.6 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Fair Value, 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 | 0 | $ 3 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 5.6 | ||
Derivative Liability | 0 | 0.6 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liability | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 5.6 | ||
Derivative Liability | 0 | 0.6 | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Derivative Liability | 0 | 0 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0.4 | 1.4 | |
Derivative Liability | 0 | 7 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0.4 | 1.4 | |
Derivative Liability | 0 | 7 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract, Two | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6.9 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract, Two | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract, Two | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 6.9 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract, Two | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0.4 | 0.2 | |
Derivative Liability | 0 | 6 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0.4 | 0.2 | |
Derivative Liability | 0 | 6 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | 0 | 0 | |
Derivative Liability | $ 0 | $ 0 |
Fair Value Disclosure (Detail_2
Fair Value Disclosure (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impact of GATX's Derivative Instrument on Income Statement and Other comprehensive income (loss) | |||
Other comprehensive loss (effective portion) | $ (20.4) | $ 17.4 | $ 12.9 |
Fair Value Disclosure (Detail_3
Fair Value Disclosure (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | $ 14.9 | $ (11.8) | $ (7.4) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (20.4) | 17.4 | 12.9 |
Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 12.8 | (14.3) | (11.7) |
Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 2.1 | 2.5 | 4.2 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (12.8) | 14.3 | 11.7 |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Interest Rate Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (4.2) | (9) | 3 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2.1) | (2.5) | (4.2) |
Operating Expense [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 0 | 0 | $ 0.1 |
Carrying Amount [Member] | |||
Liabilities | |||
Recourse fixed rate debt | 5,056.3 | 4,389.3 | |
Recourse floating rate debt | 299.9 | 417.5 | |
Estimate of Fair Value Measurement [Member] | |||
Liabilities | |||
Recourse fixed rate debt | 5,696.9 | 4,644.6 | |
Recourse floating rate debt | $ 300.4 | $ 419 |
Fair Value Disclosure (Detail_4
Fair Value Disclosure (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Operating assets and facilities, net | $ 7,170.7 | $ 6,457.3 |
Fair Value Disclosure (Textual) [Abstract] | ||
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months | $ (1.4) |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Instrument | Dec. 31, 2019USD ($)Instrument | Dec. 31, 2018USD ($) | |
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (14.9) | $ 11.8 | $ 7.4 |
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months | 1.9 | ||
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax | 1.4 | ||
Derivative liability | $ 0 | 13.6 | |
Document Period End Date | Dec. 31, 2020 | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ 19.6 | (19) | (12.6) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (0.5) | 0.5 | 0 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | $ 20.1 | $ (19.5) | (12.6) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | Instrument | 5 | 8 | |
Derivative, Notional Amount | $ 300 | $ 450 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | Instrument | 1 | 7 | |
Derivative, Notional Amount | $ 105.7 | $ 336.5 | |
Recourse Debt [Member] | |||
Derivative [Line Items] | |||
Carrying Amount of the Hedged Assets/(Liabilities) | (303.6) | (449.9) | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 5.6 | 1.4 | |
Other Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (12.8) | 14.3 | 11.7 |
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (2.1) | $ (2.5) | $ (4.2) |
Fair Value Disclosure Fair Valu
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 6.4 | $ 8.5 |
Derivative liability | 0 | 13.6 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 6.4 | 8.5 |
Derivative liability | 0 | 13.6 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 6.4 | 8.5 |
Derivative liability | 0 | 13.6 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.4 | 1.4 |
Derivative liability | 0 | 7 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.4 | 1.4 |
Derivative liability | 0 | 7 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 5.6 | |
Derivative liability | 0 | 0.6 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 5.6 | |
Derivative liability | 0 | 0.6 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.4 | 0.2 |
Derivative liability | 0 | 6 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.4 | 0.2 |
Derivative liability | 0 | 6 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | $ 0 | $ 0 |
Fair Value Disclosure Fair Va_2
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Interest Expense | $ (190.3) | $ (180.5) | $ (162.9) |
Other Nonoperating Income (Expense) | (13) | (7.3) | (21.7) |
Operating Lease, Expense | (49.3) | (54.4) | (49.6) |
Recourse Debt [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 5.6 | 1.4 | |
Interest Expense [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (loss) on non-designated derivative contracts | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4.2) | (9) | 3 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (4.2) | (9) | 3 |
Other Nonoperating Income (Expense) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Gain (loss) on non-designated derivative contracts | 6.2 | (1.7) | 2.2 |
Other Nonoperating Income (Expense) [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 | |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 0 | 0 | |
Cash Flow Hedging [Member] | Interest Expense [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2.1) | (2.5) | (4.2) |
Cash Flow Hedging [Member] | Interest Expense [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | |
Cash Flow Hedging [Member] | Other Nonoperating Income (Expense) [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (12.8) | 14.3 | 11.7 |
Cash Flow Hedging [Member] | Operating Expense [Member] | Interest Rate Contract [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ (0.1) |
Fair Value Disclosure Fair Va_3
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest Expense | $ (190.3) | $ (180.5) | $ (162.9) |
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 14.9 | (11.8) | (7.4) |
Other Nonoperating Income (Expense) | (13) | (7.3) | (21.7) |
Operating Lease, Expense | (49.3) | (54.4) | (49.6) |
Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 19.6 | (19) | (12.6) |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | (0.5) | 0.5 | 0 |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 20.1 | (19.5) | (12.6) |
Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 2.1 | 2.5 | 4.2 |
Gain (loss) on non-designated derivative contracts | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged items | (4.2) | (9) | 3 |
Derivatives designated as hedging instruments | 4.2 | 9 | (3) |
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (2.1) | (2.5) | (4.2) |
Interest Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | |
Other Nonoperating Income (Expense) [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 12.8 | (14.3) | (11.7) |
Gain (loss) on non-designated derivative contracts | 6.2 | (1.7) | 2.2 |
Other Nonoperating Income (Expense) [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged items | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | |
Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (12.8) | 14.3 | 11.7 |
Operating Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | (0.1) | |
Operating Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | $ 0 | $ 0 | $ 0.1 |
Fair Value Disclosure Fair Va_4
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense, net | $ (190.3) | $ (180.5) | $ (162.9) |
Other (expense) income | (13) | (7.3) | (21.7) |
Operating Lease, Expense | 49.3 | 54.4 | 49.6 |
Interest Expense [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Gain (loss) on non-designated derivative contracts | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Hedged items | (4.2) | (9) | 3 |
Derivatives designated as hedging instruments | 4.2 | 9 | (3) |
Interest Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (2.1) | (2.5) | (4.2) |
Interest Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | |
Other (Income) Expense [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Gain (loss) on non-designated derivative contracts | 6.2 | (1.7) | 2.2 |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Hedged items | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | |
Other (Income) Expense [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | $ (12.8) | 14.3 | 11.7 |
Operating Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | |||
Gain (loss) on fair value hedging relationships | |||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | $ 0 | $ (0.1) |
Fair Value Disclosure Fair Va_5
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | $ 5,056.3 | $ 4,389.3 |
Recourse Floating Rate Debt Fair Value Disclosure | 299.9 | 417.5 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | 5,696.9 | 4,644.6 |
Recourse Floating Rate Debt Fair Value Disclosure | $ 300.4 | $ 419 |
Asset Impairments and Assets _2
Asset Impairments and Assets Held for Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 4.8 | $ 3.4 | |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 39.5 | 56.2 | $ 79.3 |
Asset Impairment Charges | 0.3 | 6.6 | 9 |
Rail North America [Member] | |||
Asset Impairment Charges | 0.3 | 0.4 | 0.6 |
Rail International [Member] | |||
Asset Impairment Charges | 0 | 0 | 3.9 |
Portfolio Management [Member] | |||
Asset Impairment Charges | 0 | 6.2 | 4.5 |
Fair Value, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset Impairment Charges | $ 0 | 3 | |
Fair Value, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Facility Closing [Member] | Rail International [Member] | |||
Asset Impairment Charges | $ 0 | 3 | |
Fair Value, Nonrecurring [Member] | Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Railcars [Member] | Rail International [Member] | |||
Asset Impairment Charges | $ 0.9 |
Asset Impairments and Assets _3
Asset Impairments and Assets Held for Sale Asset Held For Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | $ 0.3 | $ 6.6 | $ 9 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 4.8 | 3.4 | |
Portfolio Management [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 0 | 6.2 | 4.5 |
Rail North America [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 0.3 | 0.4 | 0.6 |
Rail International [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 0 | 0 | 3.9 |
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | $ 0 | 3 | |
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Railcars [Member] | Rail International [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | 0.9 | ||
Changes Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Facility Closing [Member] | Rail International [Member] | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Asset Impairment Charges | $ 0 | $ 3 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits - Narrative (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)Postretirement_Plan | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of Postretirement Plans | Postretirement_Plan | 2 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 2.3 | $ 2.3 | $ 2.2 | |
Defined Benefit Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement expense | $ 0 | 0 | $ 2.1 | |
Aggregate accumulated benefit obligation | 481.6 | 450.5 | ||
Defined benefit plan, estimated future employer contributions in next fiscal year | 5.7 | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 3.6 | $ 1.9 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Fair Value of Plan Assets | ||||
Plan assets at beginning of year | $ 432.7 | |||
Company contributions | $ 2.3 | $ 2.3 | $ 2.2 | |
Plan assets at end of year | 465.5 | 432.7 | ||
Amount Recognized | ||||
Other liabilities | (82) | (78.3) | ||
Accumulative other comprehensive loss: | ||||
After-tax amount recognized in accumulated other comprehensive loss | 79.2 | 85.4 | 92.6 | $ 83.6 |
Defined Benefit Pension [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at beginning of year | 475.4 | 413.7 | ||
Service cost | 8.1 | 6.5 | 8.2 | |
Interest cost | 12.3 | 15.2 | 14.7 | |
Actuarial loss | (45.2) | (63.7) | ||
Benefits paid | 33.4 | 24.9 | ||
Effect of foreign exchange rate changes | 1 | 1.2 | ||
Benefit obligation at end of year | 508.6 | 475.4 | 413.7 | |
Change in Fair Value of Plan Assets | ||||
Plan assets at beginning of year | 432.7 | 369.8 | ||
Actual return on plan assets | 61.4 | 84.6 | ||
Effect of exchange rate changes | 1.2 | 1.3 | ||
Company contributions | 3.6 | 1.9 | ||
Benefits paid | (33.4) | (24.9) | ||
Plan assets at end of year | 465.5 | 432.7 | 369.8 | |
Funded Status at end of year | (43.1) | (42.7) | ||
Amount Recognized | ||||
Other liabilities | (43.1) | (42.7) | ||
Accumulative other comprehensive loss: | ||||
Net actuarial loss | 109.9 | 118.5 | ||
Prior service credit (cost) | 0 | 0 | ||
Accumulated other comprehensive loss | 109.9 | 118.5 | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | 66.8 | 75.8 | ||
After-tax amount recognized in accumulated other comprehensive loss | 82.2 | 88.6 | ||
Retiree Health and Life [Member] | ||||
Change in Benefit Obligation | ||||
Benefit obligation at beginning of year | 24.6 | 27.5 | ||
Service cost | 0.2 | 0.2 | 0.2 | |
Interest cost | 0.5 | 0.9 | 1 | |
Actuarial loss | 0.2 | 1.1 | ||
Benefits paid | 2.2 | 2.9 | ||
Effect of foreign exchange rate changes | 0 | 0 | ||
Benefit obligation at end of year | 22.9 | 24.6 | 27.5 | |
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 | 2.2 | 2.9 | ||
Benefits paid | (2.2) | (2.9) | ||
Plan assets at end of year | 0 | 0 | $ 0 | |
Funded Status at end of year | (22.9) | (24.6) | ||
Amount Recognized | ||||
Other liabilities | (22.9) | (24.6) | ||
Accumulative other comprehensive loss: | ||||
Net actuarial loss | (3) | (3.1) | ||
Prior service credit (cost) | (1) | (1.2) | ||
Accumulated other comprehensive loss | (4) | (4.3) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | (26.9) | (28.9) | ||
After-tax amount recognized in accumulated other comprehensive loss | $ (3) | $ (3.2) |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Projected and Accumulated Benefit Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
Projected benefit obligations | $ 380.7 | $ 354.1 |
Fair value of plan assets | 321.6 | 300.4 |
Pension plans with an accumulated benefit obligation in excess of plan assets | ||
Accumulated benefit obligations | 41.7 | 37 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Pension [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | $ 8.1 | $ 6.5 | $ 8.2 |
Interest cost | 12.3 | 15.2 | 14.7 |
Expected return on plan assets | (20.4) | (22) | (22.2) |
Settlement expense | 0 | 0 | 2.1 |
Amortization of unrecognized prior service credit | 0 | 0 | 0 |
Unrecognized net actuarial loss (gain) | 12.7 | 7.9 | 10 |
Net periodic (benefit) cost | 12.7 | 7.6 | 12.8 |
Retiree Health and Life [Member] | |||
Components of pension and other post retirement benefit costs | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.5 | 0.9 | 1 |
Expected return on plan assets | 0 | 0 | 0 |
Settlement expense | 0 | 0 | 0 |
Amortization of unrecognized prior service credit | (0.2) | (0.2) | (0.1) |
Unrecognized net actuarial loss (gain) | (0.4) | (0.1) | 0 |
Net periodic (benefit) cost | $ 0.1 | $ 0.8 | $ 1.1 |
Pension and Other Post-Retire_6
Pension and Other Post-Retirement Benefits - Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 1.93% | 2.88% |
Retiree Health and Life [Member] | Salaried and Hourly Life Insurance [Member] [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.46% | 3.19% |
UNITED STATES | Salaried Funded Plans [Member] [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.42% | 3.17% |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance | 3.09% | 3.09% |
UNITED STATES | Hourly Funded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.73% | 3.35% |
Discount rate, net periodic cost (benefit) | 3.35% | 4.43% |
Expected return on plan assets, net periodic cost (benefit) | 5.30% | 6.00% |
UNITED STATES | Salaried Funded and Unfunded Plans [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Rate of compensation and pension-in-payment increases, benefit obligation | 3.00% | 3.00% |
Discount rate, net periodic cost (benefit) | 3.17% | 4.32% |
Expected return on plan assets, net periodic cost (benefit) | 5.60% | 6.20% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 3.00% | 3.00% |
Foreign Plan [Member] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 1.20% | 1.90% |
Rate of compensation and pension-in-payment increases, benefit obligation | 2.90% | 3.00% |
Discount rate, net periodic cost (benefit) | 1.90% | 2.60% |
Expected return on plan assets, net periodic cost (benefit) | 3.60% | 4.00% |
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) | 3.00% | 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 | 1.19% | 2.45% |
Maximum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain] | ||
Expected long term return on assets and to measure the periodic cost | ||
Discount rate, benefit obligation | 2.35% | 3.12% |
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) | 2.85% | 4.05% |
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) | 3.19% | 4.32% |
Pension and Other Post-Retire_7
Pension and Other Post-Retirement Benefits - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 5.63% | 5.60% |
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 | 6.44% | 6.40% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | |
Year that rate reaches the ultimate trend rate | 2028 | 2028 |
Prescription Drugs Claims [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 | 8.78% | 8.80% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 | 8.63% | 8.60% |
Review of historical returns | ||
Rate to which the cost trend is expected to decline (the ultimate trend rate) | 4.50% | |
Year that rate reaches the ultimate trend rate | 2028 | 2028 |
Pension and Other Post-Retire_8
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Domestic Funded Plans (Details) - UNITED STATES | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | 53.00% | |
Actual plan asset allocations, salaried employees | 54.60% | 46.60% |
Target allocation, hourly employees | 31.80% | |
Actual plan asset allocation, hourly employees | 33.70% | 30.50% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 43.00% | |
Actual plan asset allocations, salaried employees | 41.40% | 48.50% |
Target allocation, hourly employees | 65.00% | |
Actual plan asset allocation, hourly employees | 62.80% | 65.10% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 4.00% | |
Actual plan asset allocations, salaried employees | 2.90% | 3.40% |
Target allocation, hourly employees | 3.20% | |
Actual plan asset allocation, hourly employees | 2.50% | 3.20% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, salaried employees | 0.00% | |
Actual plan asset allocations, salaried employees | 1.10% | 1.50% |
Target allocation, hourly employees | 0.00% | |
Actual plan asset allocation, hourly employees | 1.00% | 1.20% |
Pension and Other Post-Retire_9
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Foreign Funded (Details) - Foreign Plan [Member] - Defined Benefit Pension [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 100.00% | 100.00% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |
Equity Securities [Member] | ||
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 30.70% | 33.40% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 36.80% | |
Debt Securities [Member] | ||
Weighted-average asset allocations of its foreign funded pension plan | ||
Actual plan asset allocations | 69.30% | 66.60% |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 63.20% |
Pension and Other Post-Retir_10
Pension and Other Post-Retirement Benefits - Fair Value Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of pension plan assets | ||
Assets | $ 465.5 | $ 432.7 |
Short-term investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 4.6 | 5.9 |
Common stock collective funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 223 | 181.3 |
Fixed income collective trust funds [Member] | ||
Fair value of pension plan assets | ||
Assets | 226 | 232.4 |
Real estate investment funds [Member] | ||
Fair value of pension plan assets | ||
Assets | $ 11.9 | $ 13.1 |
Pension and Other Post-Retir_11
Pension and Other Post-Retirement Benefits - Expected Benefit Plan Payments (Details) $ in Millions | Dec. 31, 2020USD ($) |
Qualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 30.3 |
2019 | 29.6 |
2020 | 28.8 |
2021 | 29.9 |
2022 | 29.6 |
Years 2026-2030 | 134.6 |
Total | 282.8 |
Nonqualified Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 3.4 |
2019 | 3.7 |
2020 | 3.8 |
2021 | 3.8 |
2022 | 3.8 |
Years 2026-2030 | 17.5 |
Total | 36 |
Other Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 2.3 |
2019 | 2.2 |
2020 | 2 |
2021 | 1.8 |
2022 | 1.7 |
Years 2026-2030 | 6.7 |
Total | $ 16.7 |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average and Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Weighted-average estimated fair value | $ 22.50 | $ 22.23 | $ 21.87 |
Quarterly dividend rate | $ 0.48 | $ 0.46 | $ 0.44 |
Expected term of stock options, in years | 4 years 2 months 12 days | 4 years 2 months 12 days | 4 years 6 months |
Risk-free interest rate | 1.30% | 2.50% | 2.40% |
Dividend yield | 2.50% | 2.60% | 2.50% |
Expected stock price volatility | 28.50% | 28.90% | 27.90% |
Present value of dividends | $ 7.89 | $ 7.29 | $ 7.51 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Options and Rights (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, Number of Stock Options and Stock Appreciation Rights | 1,551,000 |
Granted, Number of Stock Options and Stock Appreciation Rights | 288,000 |
Exercised, Number of Stock Options and Stock Appreciation Rights | 337,000 |
Forfeitured/Cancelled, Number of Stock Options and Stock Appreciation Rights | 33,000 |
Expired, Number of Stock Options and Stock Appreciation Rights | (2,000) |
Ending balance, Number of Stock Options and Stock Appreciation Rights | 1,467,000 |
Vested and exercisable at end of the year, Number of Stock Options and Stock Appreciation Rights | 907,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance, Weighted Average Exercise Price | $ / shares | $ 59.32 |
Granted, Weighted Average Exercise Price | $ / shares | 77.07 |
Exercised, Weighted Average Exercise Price | $ / shares | 54.69 |
Forfeited/Cancelled, Weighted Average Exercise Price | $ / shares | 72.28 |
Expired, Weighted Average Exercise Price | $ / shares | 69.24 |
Ending balance, Weighted Average Exercise Price | $ / shares | 63.56 |
Vested and exercisable at end of the year | $ / shares | $ 57.10 |
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 | 153,366 |
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 | 1,313,577 |
Share Based Compensation - Aggr
Share Based Compensation - Aggregate Intrinsic Value (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value | $ 23.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 9 months 18 days | ||
Stock Options and Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value | $ 28.8 | ||
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 | $ 7.6 | $ 4 | $ 17.2 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation - Restricted Stock and Performance Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Beginning balance, Weighted Average Grant Date Fair Value | $ 22.23 | $ 21.87 |
Ending balance, Weighted Average Grant Date Fair Value | $ 22.50 | $ 22.23 |
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 | 164 | |
Granted, Number of Share Units Outstanding | 34 | |
Vested, Number of Share Units Outstanding | 56 | |
Forfeited, Number of Share Units Outstanding | (4) | |
Ending balance, Number of Share Units Outstanding | 138 | 164 |
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 | $ 67.73 | |
Granted, Weighted Average Grant Date Fair Value | 77.08 | |
Vested, Weighted Average Grant Date Fair Value | 61.19 | |
Forfeited, Weighted Average Grant Date Fair Value | 71.82 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 72.59 | $ 67.73 |
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 | 135 | |
Granted, Number of Share Units Outstanding | 54 | |
Net increase due to estimated performance, Number of Share Units Outstanding | 4 | |
Vested, Number of Share Units Outstanding | 70 | |
Forfeited, Number of Share Units Outstanding | (11) | |
Ending balance, Number of Share Units Outstanding | 112 | 135 |
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 | $ 68.23 | |
Granted, Weighted Average Grant Date Fair Value | 80.63 | |
Net increase due to estimated performance, Weighted Average Grant Date Fair Value | 71.71 | |
Vested, Weighted Average Grant Date Fair Value | 65.16 | |
Forfeited, Weighted Average Grant Date Fair Value | 70.54 | |
Ending balance, Weighted Average Grant Date Fair Value | $ 76.03 | $ 68.23 |
Share Based Compensation (Detai
Share Based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 25, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchased During Period, Shares | 0 | 2,000,000 | 1,500,000 | |
Number of shares authorized for awards | 6,200,000 | |||
Number of shares available for future issuance | 2,900,000 | |||
Share-based compensation expense | $ 15,900,000 | $ 19,300,000 | $ 19,300,000 | |
Tax benefit from share-based compensation expense | $ 4,000,000 | $ 4,800,000 | 4,800,000 | |
Award vesting period | 3 years | |||
Units outstanding | 1,467,000 | 1,551,000 | ||
Proceeds from Stock Options Exercised | $ 6,600,000 | $ 4,400,000 | 3,700,000 | |
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 | $ 0 | $ 150,000,000 | $ 115,500,000 | |
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 | 153,366 | |||
Stock Option SAR Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost not yet recognized | $ 6,700,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 8 months 12 days | |||
Units outstanding | 1,313,577 | |||
Restricted Stock and Performance Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Compensation cost not yet recognized | $ 8,300,000 | |||
Compensation cost not yet recognized, period for recognition | 1 year 9 months 18 days | |||
Fair value of restricted stock units and performance shares vested during period | $ 10,200,000 | $ 12,600,000 | $ 12,000,000 | |
Phantom Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units granted during period | 26,552 | |||
Units outstanding | 228,105 | |||
Series A and Series B preferred Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Preferred Stock, Shares Authorized | 5,000,000 | |||
Preferred Stock, Par or Stated Value Per Share | $ 1 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 0.80 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 800,000 | $ 800,000 | |
Tax Credit Carryforward, Valuation Allowance | $ 800,000 | $ 800,000 | |
Effective Income Tax Rate Reconciliation, Percent | 29.80% | 28.20% | 17.90% |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | $ 0 | $ 0 | $ 16,500,000 |
Deferred Tax Liabilities | |||
Book/tax basis difference due to depreciation | 1,017,800,000 | 901,300,000 | |
Deferred Tax Liabilities, Right of Use Assets | 93,800,000 | 103,900,000 | |
Investments in affiliated companies | 26,100,000 | 38,500,000 | |
Lease accounting (other than leveraged) | 33,400,000 | 31,600,000 | |
Other | 2,800,000 | 0 | |
Total deferred tax liabilities | 1,173,900,000 | 1,075,300,000 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Contingencies | 95,900,000 | 108,600,000 | |
Deferred Tax Assets | |||
Alternative minimum tax credit | 0 | 1,700,000 | |
Federal net operating loss | 53,500,000 | 15,100,000 | |
State net operating loss | 38,300,000 | 31,100,000 | |
Valuation on state net operating loss | (13,900,000) | (12,900,000) | |
Foreign net operating loss | 2,100,000 | 2,200,000 | |
Accruals not currently deductible for tax purposes | 16,000,000 | 19,200,000 | |
Allowance for losses | 1,100,000 | 1,200,000 | |
Pension and post-retirement benefits | 16,400,000 | 16,800,000 | |
Other | 1,700,000 | 3,800,000 | |
Total deferred tax assets | 211,100,000 | 186,800,000 | |
Net deferred tax liabilities | 962,800,000 | 888,500,000 | |
Gross liability for unrecognized tax benefits | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 0 | $ 0 | 1,400,000 |
Tax Cuts and Jobs Act of 2017, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense (Benefit) | $ 23,100,000 | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 30.10% | 28.40% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | $ 0 | $ 9,400,000 |
Provision for Income Taxes, Equity Method Investment | 33,600,000 | $ 18,000,000 | $ 10,800,000 |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 2,100,000 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
DeferredTaxAssetsOperatingLeaseLiability | $ 95.9 | $ 108.6 | |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 0.8 | 0.8 | |
Provision for Income Taxes, Equity Method Investment | 33.6 | 18 | $ 10.8 |
Income before income taxes | |||
Domestic | (2) | 39.1 | 84.5 |
Foreign | 127.3 | 106.1 | 86.2 |
Income before Income Taxes and Share of Affiliates’ Earnings | 125.3 | 145.2 | $ 170.7 |
Tax Credit Carryforward, Valuation Allowance | 0.8 | 0.8 | |
Deferred Tax Liabilities, Right of Use Assets | $ 93.8 | $ 103.9 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 0.80 | ||
Tax Credit Carryforward, Valuation Allowance | (800,000) | $ (800,000) | |
Current | |||
Federal | (3,400,000) | (11,300,000) | $ (5,600,000) |
State and local | 300,000 | (1,200,000) | 500,000 |
Current domestic taxes | (3,100,000) | (12,500,000) | (5,100,000) |
Foreign | 11,300,000 | 19,600,000 | 17,500,000 |
Current Income Tax Expense (Benefit) | 8,200,000 | 7,100,000 | 12,400,000 |
Deferred | |||
Federal | 3,600,000 | 19,600,000 | 1,100,000 |
State and local | 900,000 | 4,300,000 | 8,600,000 |
Deferred domestic taxes | 4,500,000 | 23,900,000 | 9,700,000 |
Foreign | 24,600,000 | 9,900,000 | 8,400,000 |
Deferred Income Tax Expense (Benefit) | 29,100,000 | 33,800,000 | 18,100,000 |
Income taxes | 37,300,000 | $ 40,900,000 | $ 30,500,000 |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 254,900,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 30.10% | 28.40% | |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | |||
Income taxes at federal statutory rate | $ 26.3 | $ 30.5 | $ 35.8 |
Adjust for effect of: | |||
Foreign tax credits | 0 | 0 | (1.4) |
Foreign earnings taxed at lower rates | 9.8 | 9.8 | 7.8 |
Corporate owned life insurance | (0.6) | (0.8) | (1) |
State income taxes | 1.2 | 3.8 | 4.7 |
Other | 1.3 | 0.4 | 1.1 |
Revaluation of deferred tax liabilities | 0 | 0 | (9.4) |
Transition tax on foreign earnings and profits | 0 | 0 | (23.1) |
Other | 0 | 0 | (2.8) |
Total Tax Act impact | 0 | 0 | (16.5) |
Income taxes | $ 37.3 | $ 40.9 | $ 30.5 |
Effective income tax rate | 29.80% | 28.20% | 17.90% |
Canada Revenue Agency [Member] | |||
Adjust for effect of: | |||
Revaluation of deferred tax liabilities | $ 0.7 | $ 2.8 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | $ 0 | $ 0 | $ 16,500,000 |
Effective Income Tax Rate Reconciliation, Percent | 29.80% | 28.20% | 17.90% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 0 | $ 0 | $ 9,400,000 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 30.10% | 28.40% | |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 0 | $ 0 | $ 1,400,000 |
Provision for Income Taxes, Equity Method Investment | (33,600,000) | (18,000,000) | (10,800,000) |
Amount of U.S. federal tax net operating loss | 0.80 | ||
Alternative minimum tax credit | 0 | 1,700,000 | |
State net operating loss | 38,300,000 | 31,100,000 | |
State net operating loss carryforwards valuation allowance | 13,900,000 | 12,900,000 | |
Foreign net operating loss | 2,100,000 | 2,200,000 | |
Tax Cuts and Jobs Act of 2017, transition tax for accumulated roreign earnings, income tax expense (benefit) | 23,100,000 | ||
Canada Revenue Agency [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (700,000) | $ (2,800,000) | $ 0 |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Amount of U.S. federal tax net operating loss | 2,100,000 | ||
Foreign Tax Authority | United Kingdom tax authority | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 12,300,000 |
Concentrations (Details)
Concentrations (Details) | 12 Months Ended |
Dec. 31, 2020unionService_Center | |
POLAND | |
Concentration [Abstract] | |
Number Of Unions | union | 1 |
Canadian | |
Concentration [Abstract] | |
Number of service centers | Service_Center | 3 |
Petroleum Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 28.00% |
Chemical Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 22.00% |
Transportation Industry [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 21.00% |
Mining [Member] [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 10.00% |
Food/Agriculture [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 11.00% |
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 | 35.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member] | |
Concentration [Abstract] | |
Approximate percentage of revenue | 2.00% |
Commercial Commitments (Details
Commercial Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | |||
Total commercial commitments | [1] | $ 10.6 | $ 9.3 |
Property Lease Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Total commercial commitments | 9.1 | 9.3 | |
Standby letters of credit [Member] | |||
Guarantor Obligations [Line Items] | |||
Total commercial commitments | $ 1.5 | $ 0 | |
[1] | (1) There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2020 and December 31, 2019. As of December 31, 2020, our outstanding commitments expire in 2021 through 2023. We are not aware of any event that would require us to satisfy any of our commitments. |
Commercial Commitments (Detai_2
Commercial Commitments (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Expiration of commitment range | 2021 through 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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income | $ 17.8 | $ 47.9 | $ 39.3 | $ 46.3 | $ 56.6 | $ 45.1 | $ 68 | $ 41.5 | $ 151.3 | $ 211.2 | $ 211.3 |
Denominator: | |||||||||||
Denominator for basic earnings per share — weighted average shares | 35 | 35.7 | 37.6 | ||||||||
Effect of dilutive securities: | |||||||||||
Equity compensation plans | 0.4 | 0.7 | 0.7 | ||||||||
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion | 35.4 | 36.4 | 38.3 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.51 | $ 1.37 | $ 1.12 | $ 1.33 | $ 1.62 | $ 1.28 | $ 1.89 | $ 1.14 | $ 4.33 | $ 5.92 | $ 5.62 |
Diluted earnings per share (in dollars per share) | 0.50 | 1.35 | 1.11 | 1.31 | $ 1.59 | $ 1.25 | $ 1.86 | $ 1.12 | $ 4.27 | $ 5.81 | $ 5.52 |
Income from continuing operations | $ 42.1 | $ 37.2 | $ 60.3 | $ 41.2 | $ 150.2 | $ 180.8 | $ 190.5 | ||||
Income (Loss) from Continuing Operations, Per Basic Share | 0.51 | 1.38 | 1.06 | 1.35 | $ 1.21 | $ 1.05 | $ 1.68 | $ 1.13 | $ 4.30 | $ 5.07 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | $ 0 | $ (0.01) | $ 0.06 | $ (0.02) | $ 0.41 | $ 0.23 | $ 0.21 | $ 0.01 | $ 0.03 | $ 0.85 | $ 0.55 |
Total Discontinued Operations, Net of Taxes | $ 0 | $ (0.3) | $ 2.3 | $ (0.9) | $ 14.5 | $ 7.9 | $ 7.7 | $ 0.3 | $ 1.1 | $ 30.4 | $ 20.8 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.50 | $ 1.36 | $ 1.05 | $ 1.33 | $ 1.18 | $ 1.03 | $ 1.65 | $ 1.11 | $ 4.24 | $ 4.97 | $ 4.98 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ (0.01) | $ 0.06 | $ (0.02) | $ 0.41 | $ 0.22 | $ 0.21 | $ 0.01 | $ 0.03 | $ 0.84 | $ 0.54 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 29, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 143.7 | $ 81.5 | |
Goodwill [Line Items] | |||
Goodwill | 143.7 | 81.5 | |
Trifleet Leasing Holding B.V. | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 57 | ||
Goodwill [Line Items] | |||
Goodwill | $ 57 | ||
Rail North America [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 23.8 | 23.8 | |
Goodwill [Line Items] | |||
Goodwill | 23.8 | 23.8 | |
Rail International [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 62.9 | 57.7 | |
Goodwill [Line Items] | |||
Goodwill | $ 62.9 | 57.7 | |
Other Business Segments [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 0 | ||
Goodwill [Line Items] | |||
Goodwill | $ 0 |
Allowance for Losses (Details)
Allowance for Losses (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in the allowance for possible losses | ||
Beginning balance | $ 6.2 | $ 6.4 |
(Reversal) provision for losses | 0.7 | 0.5 |
Charges to allowance | (0.9) | (0.6) |
Recoveries and other, including foreign exchange adjustments | 0.5 | (0.1) |
Ending balance | $ 6.5 | $ 6.2 |
Allowance for Losses (Details T
Allowance for Losses (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for Losses (Textual) [Abstract] | |||
Allowances for trade receivables | $ (6.5) | $ (6.2) | $ (6.4) |
Other Assets and Other Liabil_2
Other Assets and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Other Assets reported on the consolidated balance sheets | ||
Inventory | $ 64.3 | $ 59.4 |
Office furniture, fixtures and other equipment, net of accumulated depreciation | 32.2 | 34.4 |
Assets for Plan Benefits, Defined Benefit Plan | 16 | 11 |
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Net | 3 | 2.6 |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 4.8 | 3.4 |
Prepaid items | (18.9) | (21.5) |
Derivative asset | 6.4 | 8.5 |
Other | 84.7 | 80.2 |
Total | $ 230.3 | $ 221 |
Other Assets and Other Liabil_3
Other Assets and Other Liabilities (Details 1) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Other Liabilities reported on the consolidated balance sheets | ||
Pension and other post-retirement liabilities | $ 82 | $ 78.3 |
Liability for Asbestos and Environmental Claims, Net | 10.6 | 14.4 |
Derivatives | 0 | 13.6 |
Environmental reserves | 10.6 | |
Other Liabilities, Noncurrent | 43 | 32.8 |
Total | $ 135.6 | $ 139.1 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | 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 | 8.3 | |||
Stock Repurchased During Period, Shares | 0 | (2) | (1.5) | |
Share-based compensation award plans [Member] | ||||
Common stock reserved for conversion and incentive plans | ||||
Common stock reserved for conversion and incentive plans | 2.1 | |||
GATX Corporation 2004 Equity Incentive Compensation Plan [Member] | ||||
Common stock reserved for conversion and incentive plans | ||||
Common stock reserved for conversion and incentive plans | 6.2 | |||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 25, 2019 | |
Shareholders' Equity (Textual) | ||||
Common stock authorized under repurchase program | $ 300,000,000 | |||
Stock repurchases, Shares | 0 | 2,000,000 | 1,500,000 | |
Payments for stock repurchases | $ 0 | $ (150,000,000) | $ (115,500,000) | |
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 | 67,751,074 | 67,536,794 | ||
Common stock, shares outstanding | 35,047,317 | 34,833,037 | ||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance, Foreign Currency Translation Gain (Loss) | $ 68.1 | $ 58 | $ 10.5 | |
Change in Foreign Currency Translation Gain (Loss) | 24.4 | (10.1) | (47.5) | |
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) | 43.7 | 68.1 | 58 | |
Beginning Balance, Unrealized Loss on Derivative Instruments | 10.1 | 14 | 15.5 | |
Change in Unrealized Loss on Derivative Instruments | (20.4) | 17.4 | 12.9 | |
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings | 14.9 | (11.8) | (7.4) | |
Unrealized Loss on Derivative Instruments, Income tax effect | 1 | (1.7) | (1) | |
Ending Balance, Unrealized Loss on Derivative Instruments | 14.6 | 10.1 | 14 | |
Beginning Balance, Post-Retirement Benefit Plans | (85.4) | (92.6) | (83.6) | |
Change in Post-Retirement Benefit Plans | (3.8) | 1.5 | 2.1 | |
Post-Retirement Benefit Plans, Reclassification adjustments into earnings | 12.1 | 7.6 | 9.9 | |
Post-Retirement Benefit Plans, Income tax effect | (2.1) | (1.9) | (4.6) | |
Ending Balance, Post-Retirement Benefit Plans | (79.2) | (85.4) | (92.6) | |
Other Comprehensive Income Change in Component | 0.2 | 8.8 | (32.5) | |
Reclassification adjustments into earnings, Total | 27 | (4.2) | 2.5 | |
Income tax effect, Total | (1.1) | (3.6) | (5.6) | |
Accumulated other comprehensive income (loss), net of tax | $ 137.5 | $ 163.6 | $ 164.6 | $ 109.6 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201802Member | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Foreign currency translation gain loss before reclassification adjustment into earnings | $ 0 | |||
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings | 3 | |||
Post-Retirement Benefit Plans, Reclassification adjustments into earnings | (16.4) | |||
Reclassification adjustments into earnings, Total | $ (19.4) |
Foreign Operations (Details)
Foreign Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign operations data | |||||||||||
Revenues | $ 304,900,000 | $ 304,400,000 | $ 300,500,000 | $ 299,400,000 | $ 300,500,000 | $ 298,800,000 | $ 297,500,000 | $ 305,300,000 | $ 1,209,200,000 | $ 1,202,100,000 | $ 1,175,100,000 |
Foreign Operations (Textual) [Abstract] | |||||||||||
Maximum percentage of consolidated revenues derive from any individual foreign country | 10.00% | ||||||||||
Percentage of company's identifiable assets | 10.00% | 10.00% | |||||||||
Assets of Continuing Operations | $ 8,937,600,000 | 7,994,000,000 | $ 8,937,600,000 | 7,994,000,000 | 7,318,900,000 | ||||||
Foreign [Member] | |||||||||||
Foreign operations data | |||||||||||
Revenues | 374,900,000 | 331,100,000 | 333,500,000 | ||||||||
Foreign Operations (Textual) [Abstract] | |||||||||||
Assets of Continuing Operations | 3,438,600,000 | 2,624,500,000 | 3,438,600,000 | 2,624,500,000 | 2,470,900,000 | ||||||
United States [Member] | |||||||||||
Foreign operations data | |||||||||||
Revenues | 834,300,000 | 871,000,000 | 841,600,000 | ||||||||
Foreign Operations (Textual) [Abstract] | |||||||||||
Assets of Continuing Operations | $ 5,499,000,000 | $ 5,369,500,000 | $ 5,499,000,000 | $ 5,369,500,000 | $ 4,848,000,000 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017EUR (€) | Dec. 31, 2020USD ($)Site | |
Loss Contingencies [Line Items] | ||
Accruals for losses related to probable litigation matters | $ 5.4 | |
Number of sites for which the Company is involved in environmental remediation | Site | 13 | |
Accruals for remediation and restoration | $ 10.6 | |
Viareggio [Member] | ||
Loss Contingencies [Line Items] | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | € | € 1.4 |
Financial Data of Business Se_3
Financial Data of Business Segments (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Provision for Income Taxes, Equity Method Investment | $ 33,600,000 | $ 18,000,000 | $ 10,800,000 | ||||||||
Number of business segments | Segment | 3 | ||||||||||
Profitability | |||||||||||
Lease revenue | $ 1,087,500,000 | 1,088,500,000 | 1,083,700,000 | ||||||||
Marine operating revenue | 15,600,000 | 8,200,000 | 14,300,000 | ||||||||
Other revenue | 106,100,000 | 105,400,000 | 77,100,000 | ||||||||
Total Revenues | $ 304,900,000 | $ 304,400,000 | $ 300,500,000 | $ 299,400,000 | $ 300,500,000 | $ 298,800,000 | $ 297,500,000 | $ 305,300,000 | 1,209,200,000 | 1,202,100,000 | 1,175,100,000 |
Maintenance expense | 315,500,000 | 314,400,000 | 299,200,000 | ||||||||
Marine operating expense | 19,700,000 | 18,900,000 | 16,800,000 | ||||||||
Depreciation | 330,500,000 | 321,300,000 | 311,300,000 | ||||||||
Operating lease expense | 49,300,000 | 54,400,000 | 49,600,000 | ||||||||
Other operating expense | 35,300,000 | 31,300,000 | 33,100,000 | ||||||||
Total Expenses | 750,300,000 | 740,300,000 | 710,000,000 | ||||||||
Net gain on asset dispositions | 41,700,000 | 51,600,000 | 72,700,000 | ||||||||
Interest Income (Expense), Net | (190,300,000) | (180,500,000) | (162,900,000) | ||||||||
Other (expense) income | (13,000,000) | (7,300,000) | (21,700,000) | ||||||||
Share of affiliates' earnings (pre-tax) | 95,800,000 | 94,500,000 | 61,100,000 | ||||||||
Segment profit (loss) | 393,100,000 | 420,100,000 | 414,300,000 | ||||||||
SG&A | 172,000,000 | 180,400,000 | 182,500,000 | ||||||||
Income tax benefit | 37,300,000 | 40,900,000 | 30,500,000 | ||||||||
Income from continuing operations | 42,100,000 | 37,200,000 | 60,300,000 | 41,200,000 | 150,200,000 | 180,800,000 | 190,500,000 | ||||
Disposition Gains on Owned Assets | 39,400,000 | 58,600,000 | 64,700,000 | ||||||||
Nonoperating Income, Residual Sharing Income | 2,500,000 | 1,900,000 | 2,500,000 | ||||||||
Nonremarketing Disposition Gain (Loss) | 100,000 | (2,300,000) | 14,500,000 | ||||||||
Asset Impairment Charges | (300,000) | (6,600,000) | (9,000,000) | ||||||||
Selected Balance Sheet Data | |||||||||||
Investments in affiliated companies | 584,700,000 | 512,600,000 | 584,700,000 | 512,600,000 | 464,500,000 | ||||||
Assets of Continuing Operations | 8,937,600,000 | 7,994,000,000 | 8,937,600,000 | 7,994,000,000 | 7,318,900,000 | ||||||
Total Assets of Discontinued Operations | 0 | 291,100,000 | 0 | 291,100,000 | 297,800,000 | ||||||
Identifiable assets | 8,937,600,000 | 8,285,100,000 | 8,937,600,000 | 8,285,100,000 | 7,318,900,000 | ||||||
Capital Expenditures | |||||||||||
Portfolio investments and capital additions | (1,064,000,000) | (722,800,000) | (927,600,000) | ||||||||
Total Discontinued Operations, Net of Taxes | 0 | (300,000) | 2,300,000 | (900,000) | 14,500,000 | 7,900,000 | 7,700,000 | 300,000 | 1,100,000 | 30,400,000 | 20,800,000 |
Net Income | 17,800,000 | $ 47,900,000 | $ 39,300,000 | $ 46,300,000 | 56,600,000 | $ 45,100,000 | $ 68,000,000 | $ 41,500,000 | 151,300,000 | 211,200,000 | 211,300,000 |
Rail North America [Member] | |||||||||||
Profitability | |||||||||||
Lease revenue | 838,300,000 | 868,300,000 | 873,400,000 | ||||||||
Marine operating revenue | 0 | 0 | 0 | ||||||||
Other revenue | 95,800,000 | 96,200,000 | 68,100,000 | ||||||||
Total Revenues | 934,100,000 | 964,500,000 | 941,500,000 | ||||||||
Maintenance expense | 264,700,000 | 267,900,000 | 254,700,000 | ||||||||
Marine operating expense | 0 | 0 | |||||||||
Depreciation | 258,600,000 | 256,900,000 | 248,500,000 | ||||||||
Operating lease expense | 49,300,000 | 54,400,000 | 49,600,000 | ||||||||
Other operating expense | 27,300,000 | 23,900,000 | 27,300,000 | ||||||||
Total Expenses | 599,900,000 | 603,100,000 | 580,100,000 | ||||||||
Net gain on asset dispositions | 38,300,000 | 54,600,000 | 76,300,000 | ||||||||
Interest Income (Expense), Net | (139,900,000) | (134,500,000) | (125,200,000) | ||||||||
Other (expense) income | (4,900,000) | (5,300,000) | (5,200,000) | ||||||||
Share of affiliates' earnings (pre-tax) | (100,000) | 0 | 600,000 | ||||||||
Segment profit (loss) | 227,600,000 | 276,200,000 | 307,900,000 | ||||||||
Disposition Gains on Owned Assets | 38,800,000 | 58,500,000 | 64,700,000 | ||||||||
Nonoperating Income, Residual Sharing Income | 400,000 | 400,000 | 1,400,000 | ||||||||
Nonremarketing Disposition Gain (Loss) | (600,000) | (3,900,000) | 10,800,000 | ||||||||
Asset Impairment Charges | (300,000) | (400,000) | (600,000) | ||||||||
Selected Balance Sheet Data | |||||||||||
Investments in affiliated companies | 200,000 | 200,000 | 200,000 | ||||||||
Assets of Continuing Operations | 5,944,400,000 | 5,646,700,000 | 5,944,400,000 | 5,646,700,000 | |||||||
Total Assets of Discontinued Operations | 0 | 0 | 0 | ||||||||
Identifiable assets | 5,236,600,000 | ||||||||||
Capital Expenditures | |||||||||||
Portfolio investments and capital additions | (642,000,000) | (502,200,000) | (737,400,000) | ||||||||
Rail International [Member] | |||||||||||
Profitability | |||||||||||
Lease revenue | 248,400,000 | 219,200,000 | 209,300,000 | ||||||||
Marine operating revenue | 0 | 0 | 0 | ||||||||
Other revenue | 9,700,000 | 8,500,000 | 8,200,000 | ||||||||
Total Revenues | 258,100,000 | 227,700,000 | 217,500,000 | ||||||||
Maintenance expense | 50,800,000 | 46,500,000 | 44,500,000 | ||||||||
Marine operating expense | 0 | 0 | 0 | ||||||||
Depreciation | 66,600,000 | 57,800,000 | 55,500,000 | ||||||||
Operating lease expense | 0 | 0 | 0 | ||||||||
Other operating expense | 7,500,000 | 6,800,000 | 5,800,000 | ||||||||
Total Expenses | 124,900,000 | 111,100,000 | 105,800,000 | ||||||||
Net gain on asset dispositions | 1,200,000 | 1,700,000 | (200,000) | ||||||||
Interest Income (Expense), Net | (45,900,000) | (40,600,000) | (35,900,000) | ||||||||
Other (expense) income | (5,000,000) | 1,200,000 | (7,000,000) | ||||||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | ||||||||
Segment profit (loss) | 83,500,000 | 78,900,000 | 68,600,000 | ||||||||
Disposition Gains on Owned Assets | 500,000 | 100,000 | 0 | ||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | ||||||||
Nonremarketing Disposition Gain (Loss) | 700,000 | 1,600,000 | 3,700,000 | ||||||||
Asset Impairment Charges | 0 | 0 | (3,900,000) | ||||||||
Selected Balance Sheet Data | |||||||||||
Investments in affiliated companies | 0 | 0 | 0 | ||||||||
Assets of Continuing Operations | 1,851,800,000 | 1,486,700,000 | 1,851,800,000 | 1,486,700,000 | |||||||
Total Assets of Discontinued Operations | 0 | 0 | 0 | ||||||||
Identifiable assets | 1,363,200,000 | ||||||||||
Capital Expenditures | |||||||||||
Portfolio investments and capital additions | (216,000,000) | (215,700,000) | (152,700,000) | ||||||||
Portfolio Management [Member] | |||||||||||
Profitability | |||||||||||
Lease revenue | 800,000 | 1,000,000 | 1,000,000 | ||||||||
Marine operating revenue | 15,600,000 | 8,200,000 | 14,300,000 | ||||||||
Other revenue | 600,000 | 700,000 | 800,000 | ||||||||
Total Revenues | 17,000,000 | 9,900,000 | 16,100,000 | ||||||||
Maintenance expense | 0 | 0 | 0 | ||||||||
Marine operating expense | 19,700,000 | 18,900,000 | 16,800,000 | ||||||||
Depreciation | 5,300,000 | 6,600,000 | 7,300,000 | ||||||||
Operating lease expense | 0 | 0 | 0 | ||||||||
Other operating expense | 500,000 | 600,000 | 0 | ||||||||
Total Expenses | 25,500,000 | 26,100,000 | 24,100,000 | ||||||||
Net gain on asset dispositions | 2,200,000 | (4,700,000) | (3,400,000) | ||||||||
Interest Income (Expense), Net | (12,200,000) | (11,200,000) | (10,400,000) | ||||||||
Other (expense) income | 0 | 0 | 0 | ||||||||
Share of affiliates' earnings (pre-tax) | 95,900,000 | 94,500,000 | 60,500,000 | ||||||||
Segment profit (loss) | 77,400,000 | 62,400,000 | 38,700,000 | ||||||||
Disposition Gains on Owned Assets | 100,000 | 0 | 0 | ||||||||
Nonoperating Income, Residual Sharing Income | 2,100,000 | 1,500,000 | 1,100,000 | ||||||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | ||||||||
Asset Impairment Charges | 0 | (6,200,000) | (4,500,000) | ||||||||
Selected Balance Sheet Data | |||||||||||
Investments in affiliated companies | 512,400,000 | 512,400,000 | 464,300,000 | ||||||||
Assets of Continuing Operations | 706,100,000 | 653,700,000 | 706,100,000 | 653,700,000 | 606,800,000 | ||||||
Total Assets of Discontinued Operations | 0 | 0 | 0 | ||||||||
Capital Expenditures | |||||||||||
Portfolio investments and capital additions | (500,000) | 0 | (14,100,000) | ||||||||
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 | ||||||||
Other operating expense | 0 | 0 | 0 | ||||||||
Total Expenses | 0 | 0 | 0 | ||||||||
Net gain on asset dispositions | 0 | 0 | 0 | ||||||||
Interest Income (Expense), Net | 7,700,000 | 5,800,000 | 8,600,000 | ||||||||
Other (expense) income | (3,100,000) | (3,200,000) | (9,500,000) | ||||||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | ||||||||
Segment profit (loss) | 4,600,000 | 2,600,000 | (900,000) | ||||||||
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 | ||||||||
Assets of Continuing Operations | $ 435,300,000 | 206,900,000 | 435,300,000 | 206,900,000 | |||||||
Total Assets of Discontinued Operations | 0 | 0 | 0 | ||||||||
Identifiable assets | 112,300,000 | ||||||||||
Capital Expenditures | |||||||||||
Portfolio investments and capital additions | (205,500,000) | (4,900,000) | (23,400,000) | ||||||||
Parent [Member] | |||||||||||
Profitability | |||||||||||
Income tax benefit | $ 70,900,000 | 58,900,000 | $ 41,300,000 | ||||||||
Adler Funding Llc [Member] | |||||||||||
Capital Expenditures | |||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 12.50% | 12.50% | |||||||||
Adler Funding Llc [Member] | Rail North America [Member] | |||||||||||
Selected Balance Sheet Data | |||||||||||
Investments in affiliated companies | $ 0 | $ 200,000 | $ 0 | $ 200,000 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Impairment Charges | $ 0.3 | $ 6.6 | $ 9 | ||||||||
Nonoperating Income, Residual Sharing Income | 2.5 | 1.9 | 2.5 | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount | 0 | 0 | 1.4 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 39.5 | 56.2 | 79.3 | ||||||||
Revaluation of deferred tax liabilities | 0 | 0 | (9.4) | ||||||||
Total Revenues | $ 304.9 | $ 304.4 | $ 300.5 | $ 299.4 | $ 300.5 | $ 298.8 | $ 297.5 | $ 305.3 | 1,209.2 | 1,202.1 | 1,175.1 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 17.8 | 48.2 | 37 | 47.2 | 125.3 | 145.2 | 170.7 | ||||
Income from continuing operations | 42.1 | 37.2 | 60.3 | 41.2 | 150.2 | 180.8 | 190.5 | ||||
Total Discontinued Operations, Net of Taxes | 0 | (0.3) | 2.3 | (0.9) | 14.5 | 7.9 | 7.7 | 0.3 | 1.1 | 30.4 | 20.8 |
Net Income | $ 17.8 | $ 47.9 | $ 39.3 | $ 46.3 | $ 56.6 | $ 45.1 | $ 68 | $ 41.5 | $ 151.3 | $ 211.2 | $ 211.3 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.51 | $ 1.38 | $ 1.06 | $ 1.35 | $ 1.21 | $ 1.05 | $ 1.68 | $ 1.13 | $ 4.30 | $ 5.07 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.01) | 0.06 | (0.02) | 0.41 | 0.23 | 0.21 | 0.01 | 0.03 | 0.85 | 0.55 |
Earnings Per Share, Basic | 0.51 | 1.37 | 1.12 | 1.33 | 1.62 | 1.28 | 1.89 | 1.14 | 4.33 | 5.92 | 5.62 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.50 | 1.36 | 1.05 | 1.33 | 1.18 | 1.03 | 1.65 | 1.11 | 4.24 | 4.97 | 4.98 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | 0 | (0.01) | 0.06 | (0.02) | 0.41 | 0.22 | 0.21 | 0.01 | 0.03 | 0.84 | 0.54 |
Earnings Per Share, Diluted | $ 0.50 | $ 1.35 | $ 1.11 | $ 1.31 | $ 1.59 | $ 1.25 | $ 1.86 | $ 1.12 | $ 4.27 | $ 5.81 | $ 5.52 |
Selected Quarterly Financial Data (unaudited) | |||||||||||
Revenues | $ 304.9 | $ 304.4 | $ 300.5 | $ 299.4 | $ 300.5 | $ 298.8 | $ 297.5 | $ 305.3 | $ 1,209.2 | $ 1,202.1 | $ 1,175.1 |
Net income | $ 17.8 | $ 47.9 | $ 39.3 | $ 46.3 | $ 56.6 | $ 45.1 | $ 68 | $ 41.5 | $ 151.3 | $ 211.2 | $ 211.3 |
Share Data | |||||||||||
Basic earnings per share (in dollars per share) | $ 0.51 | $ 1.37 | $ 1.12 | $ 1.33 | $ 1.62 | $ 1.28 | $ 1.89 | $ 1.14 | $ 4.33 | $ 5.92 | $ 5.62 |
Diluted earnings per share (in dollars per share) | $ 0.50 | $ 1.35 | $ 1.11 | $ 1.31 | $ 1.59 | $ 1.25 | $ 1.86 | $ 1.12 | $ 4.27 | $ 5.81 | $ 5.52 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 17.8 | $ 48.2 | $ 37 | $ 47.2 | $ 125.3 | $ 145.2 | $ 170.7 | ||||
Total Discontinued Operations, Net of Taxes | $ 0 | $ (0.3) | $ 2.3 | $ (0.9) | $ 14.5 | $ 7.9 | $ 7.7 | $ 0.3 | $ 1.1 | $ 30.4 | $ 20.8 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.51 | $ 1.38 | $ 1.06 | $ 1.35 | $ 1.21 | $ 1.05 | $ 1.68 | $ 1.13 | $ 4.30 | $ 5.07 | $ 5.07 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Basic Share | 0 | (0.01) | 0.06 | (0.02) | 0.41 | 0.23 | 0.21 | 0.01 | 0.03 | 0.85 | 0.55 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.50 | 1.36 | 1.05 | 1.33 | 1.18 | 1.03 | 1.65 | 1.11 | 4.24 | 4.97 | 4.98 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share | $ 0 | $ (0.01) | $ 0.06 | $ (0.02) | $ 0.41 | $ 0.22 | $ 0.21 | $ 0.01 | $ 0.03 | $ 0.84 | $ 0.54 |
Income from continuing operations | $ 42.1 | $ 37.2 | $ 60.3 | $ 41.2 | $ 150.2 | $ 180.8 | $ 190.5 | ||||
Rail International [Member] | |||||||||||
Asset Impairment Charges | 0 | 0 | 3.9 | ||||||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | ||||||||
Total Revenues | 258.1 | 227.7 | 217.5 | ||||||||
Selected Quarterly Financial Data (unaudited) | |||||||||||
Revenues | 258.1 | 227.7 | 217.5 | ||||||||
Portfolio Management [Member] | |||||||||||
Asset Impairment Charges | 0 | 6.2 | 4.5 | ||||||||
Nonoperating Income, Residual Sharing Income | 2.1 | 1.5 | 1.1 | ||||||||
Total Revenues | 17 | 9.9 | 16.1 | ||||||||
Selected Quarterly Financial Data (unaudited) | |||||||||||
Revenues | 17 | 9.9 | 16.1 | ||||||||
Rail North America [Member] | |||||||||||
Asset Impairment Charges | 0.3 | 0.4 | 0.6 | ||||||||
Nonoperating Income, Residual Sharing Income | 0.4 | 0.4 | 1.4 | ||||||||
Total Revenues | 934.1 | 964.5 | 941.5 | ||||||||
Selected Quarterly Financial Data (unaudited) | |||||||||||
Revenues | 934.1 | 964.5 | 941.5 | ||||||||
Canada Revenue Agency [Member] | |||||||||||
Revaluation of deferred tax liabilities | $ 0.7 | $ 2.8 | $ 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) Normalized Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NetCasualtyGains [Line Items] | |||
Revaluation of deferred tax liabilities | $ 0 | $ 0 | $ (9.4) |
Canada Revenue Agency [Member] | |||
NetCasualtyGains [Line Items] | |||
Revaluation of deferred tax liabilities | 0.7 | $ 2.8 | $ 0 |
United Kingdom [Member] | |||
NetCasualtyGains [Line Items] | |||
Revaluation of deferred tax liabilities | $ 12.3 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - Discontinued Operations, Disposed of by Sale - ASC - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 14, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of discontinued operation | $ 258,300 | |||||
Escrow deposit | $ 1,100 | |||||
Gain on Sale of Discontinued Operations, Net of Taxes | $ (300) | $ 3,600 | 3,300 | $ 0 | $ 0 | |
Interest expense | $ 2,000 | $ 6,100 | $ 5,700 |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Total Discontinued Operations, Net of Taxes | $ 0 | $ (300) | $ 2,300 | $ (900) | $ 14,500 | $ 7,900 | $ 7,700 | $ 300 | $ 1,100 | $ 30,400 | $ 20,800 |
ASC | Discontinued Operations, Disposed of by Sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenues | 27,200 | 191,700 | 185,800 | ||||||||
Operating expense | 22,500 | 138,800 | 136,700 | ||||||||
Depreciation expense | 1,700 | 10,600 | 10,600 | ||||||||
Selling, general and administrative expense | 2,800 | 8,200 | 8,600 | ||||||||
Total Expenses | 27,000 | 157,600 | 155,900 | ||||||||
Other (expense) income | (3,000) | 3,800 | (5,500) | ||||||||
(Loss) Income from Discontinued Operations Before Taxes | (2,800) | 37,900 | 24,400 | ||||||||
Income tax benefit (expense) | 600 | (7,500) | (3,600) | ||||||||
Net (Loss) Income from Discontinued Operations, Net of Taxes | (2,200) | 30,400 | 20,800 | ||||||||
Gain on Sale of Discontinued Operations, Net of Taxes | $ (300) | $ 3,600 | 3,300 | 0 | 0 | ||||||
Total Discontinued Operations, Net of Taxes | $ 1,100 | $ 30,400 | $ 20,800 |
Discontinued Operations - Asset
Discontinued Operations - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total Assets of Discontinued Operations | $ 0 | $ 291,100 | $ 297,800 |
Total Liabilities of Discontinued Operations | 0 | 69,500 | |
ASC | Discontinued Operations, Disposed of by Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rent and other receivables | 0 | 21,200 | |
Operating assets and facilities, net | 0 | 249,900 | |
Other | 0 | 20,000 | |
Total Assets of Discontinued Operations | 0 | 291,100 | |
Accounts payable and accrued expenses | 0 | 29,700 | |
Deferred income taxes | 0 | 35,800 | |
Other | 0 | 4,000 | |
Total Liabilities of Discontinued Operations | $ 0 | $ 69,500 |
Discontinued Operations - Cash
Discontinued Operations - Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Net Cash Used in (Provided By) Operating Activities | $ (8.5) | $ 36.8 | $ 23.3 |
Net Cash Provided By (Used In) Investing Activities (1) | 240.9 | 8.1 | (15.8) |
Net Cash Provided By (Used In) Financing Activities | 21.8 | (45) | (7.5) |
Cash Provided By Discontinued Operations, Net | 254.2 | $ (0.1) | $ 0 |
Proceeds from Divestiture of Businesses | $ 257.2 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||||
Long-term Debt, Gross | $ 5,329 | $ 4,780.4 | ||
Segment Profit Loss | $ 393.1 | $ 420.1 | $ 414.3 | |
Noncontrolling Interest, Ownership Percentage by Parent | 10.00% | |||
Subsequent Event [Member] | Rolls-Royce Aircraft Engines [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments For Asset Acquisition | $ 120 |