Document and Entity Information
Document and Entity Information shares in Thousands | 6 Months Ended |
Jun. 30, 2021shares | |
Document Information [Line Items] | |
Document Transition Report | false |
Entity Registrant Name | GATX Corporation |
Document Period End Date | Jun. 30, 2021 |
City Area Code | 312 |
Local Phone Number | 621-6200 |
Title of 12(b) Security | Common Stock |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 35,500 |
Entity Shell Company | false |
Entity Address, Address Line One | 233 South Wacker Drive |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60606 |
Amendment Flag | false |
Entity Central Index Key | 0000040211 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Current Fiscal Year End Date | --12-31 |
Document Quarterly Report | true |
Entity Incorporation, State or Country Code | NY |
Entity Tax Identification Number | 36-1124040 |
Document Type | 10-Q |
Entity File Number | 1-2328 |
NEW YORK STOCK EXCHANGE, INC. [Member] | |
Document Information [Line Items] | |
Trading Symbol | GATX |
Security Exchange Name | NYSE |
CHICAGO STOCK EXCHANGE, INC [Member] | |
Document Information [Line Items] | |
Trading Symbol | GATX |
Security Exchange Name | CHX |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and Cash Equivalents | $ 417.9 | $ 292.2 |
Restricted Cash | 0.2 | 0.4 |
Receivables | ||
Rent and other receivables | 83.3 | 74.7 |
Finance leases | 66.5 | 74 |
Less: allowance for losses | (6.5) | (6.5) |
Receivables, net | 143.3 | 142.2 |
Operating Assets and Facilities | ||
Operating Assets and Facilities | 10,923.4 | 10,484 |
Less: allowance for depreciation | (3,340.7) | (3,313.3) |
Operating assets and facilities, net | 7,582.7 | 7,170.7 |
Lease Assets (as lessee) | ||
Right-of-use assets, net of accumulated depreciation | 286.3 | 335.9 |
Finance leases, net of accumulated depreciation | 49.5 | 37.5 |
Lease assets | 335.8 | 373.4 |
Investments in Affiliated Companies | 561.4 | 584.7 |
Goodwill | 140.3 | 143.7 |
Other Assets | 218.9 | 230.3 |
Total Assets | 9,400.5 | 8,937.6 |
Liabilities and Shareholders’ Equity | ||
Accounts Payable and Accrued Expenses | 165.8 | 147.3 |
Debt | ||
Commercial paper and borrowings under bank credit facilities | 17.9 | 23.6 |
Recourse | 5,803.1 | 5,329 |
Debt | 5,821 | 5,352.6 |
Lease, Liability [Abstract] | ||
Operating leases | 298.7 | 348.6 |
Finance leases | 43.6 | 33.3 |
Lease obligations | 342.3 | 381.9 |
Deferred Income Tax Liabilities, Net | 971.2 | 962.8 |
Other Liabilities | 128.8 | 135.6 |
Total Liabilities | 7,429.1 | 6,980.2 |
Shareholders’ Equity | ||
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641 | 42.2 | 41.9 |
Additional paid in capital | 759.4 | 735.4 |
Retained earnings | 2,687.3 | 2,682.1 |
Accumulated other comprehensive loss | (153) | (137.5) |
Treasury stock at cost (29,693,573 and 29,187,508 shares) | (1,364.5) | (1,364.5) |
Total Shareholders’ Equity | 1,971.4 | 1,957.4 |
Total Liabilities and Shareholders’ Equity | $ 9,400.5 | $ 8,937.6 |
Common Stock, Shares Authorized | 120,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.625 | |
Common Stock, Shares, Outstanding | 35,471,796 | 35,047,317 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.625 | |
Common stock, shares authorized | 120,000,000 | |
Common stock, shares issued | 68,175,553 | 67,751,074 |
Common stock, shares outstanding | 35,471,796 | 35,047,317 |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | ||||
Lease revenue | $ 287.6 | $ 269.3 | $ 568.2 | $ 540 |
Marine operating revenue | 5.1 | 3.3 | 8.7 | 6.6 |
Other revenue | 24.4 | 27.9 | 46 | 53.3 |
Total Revenues | 317.1 | 300.5 | 622.9 | 599.9 |
Expenses | ||||
Maintenance expense | 76.6 | 82.3 | 150.9 | 168.1 |
Marine operating expense | 5.5 | 3.2 | 10.1 | 7.3 |
Depreciation | 91.5 | 81.6 | 180.1 | 162 |
Operating lease expense | 10.2 | 12.5 | 21.1 | 25.8 |
Other operating expense | 11.4 | 9.2 | 21.6 | 17.7 |
Selling, general and administrative | 47.8 | 43.4 | 94.9 | 83.8 |
Total Expenses | 243 | 232.2 | 478.7 | 464.7 |
Other Income (Expense) | ||||
Net gain on asset dispositions | 34.7 | 6 | 57.2 | 33.4 |
Interest expense, net | (50) | (47.4) | (103.6) | (92.9) |
Other (expense) income | (8.1) | (3) | (9.4) | (11) |
Income before Income Taxes and Share of Affiliates’ Earnings | 50.7 | 23.9 | 88.4 | 64.7 |
Income taxes | (13.6) | (4.7) | (22) | (17.8) |
Share of affiliates’ earnings, net of taxes | (31.6) | 17.8 | (24.4) | 37.3 |
Net income from continuing operations | 5.5 | 37 | 42 | 84.2 |
Income from Discontinued Operations, Net of Taxes | 0 | (1.3) | 0 | (2.2) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3.6 | 3.6 | ||
Net loss from discontinued operations, net of taxes | 0 | 2.3 | 0 | 1.4 |
Net income | 5.5 | 39.3 | 42 | 85.6 |
Other Comprehensive Income, net of taxes | ||||
Foreign currency translation adjustments | 15.3 | 19 | (21.3) | (20.6) |
Unrealized (loss) gain on derivative instruments | 0.4 | (3.3) | 1 | (4) |
Post-retirement benefit plans | 2.3 | 3.5 | 4.8 | 5.7 |
Other comprehensive income (loss) | 18 | 19.2 | (15.5) | (18.9) |
Comprehensive Income | $ 23.5 | $ 58.5 | $ 26.5 | $ 66.7 |
Share Data | ||||
Basic earnings per share from continuing operations (in dollars per share) | $ 0.16 | $ 1.06 | $ 1.19 | $ 2.41 |
Basic earnings per share from discontinued operations (in dollars per share) | 0 | 0.06 | 0 | 0.04 |
Basic earnings per share (in dollars per share) | $ 0.16 | $ 1.12 | $ 1.19 | $ 2.45 |
Average number of common shares (in shares) | 35.4 | 34.9 | 35.3 | 34.9 |
Diluted earnings per share from continuing operations (in dollars per share) | $ 0.15 | $ 1.05 | $ 1.17 | $ 2.38 |
Diluted earnings per share from discontinued operations (in dollars per share) | 0 | 0.06 | 0 | 0.04 |
Diluted earnings per share (in dollars per share) | $ 0.15 | $ 1.11 | $ 1.17 | $ 2.42 |
Average number of common shares and common share equivalents (in shares) | 36 | 35.4 | 35.9 | 35.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Repayments of Long-term Capital Lease Obligations | $ 33.3 | $ 7.9 |
Payments to Acquire Property, Plant, and Equipment | 663.4 | 391.5 |
Lease Obligation Incurred | 43.6 | 31.8 |
Operating Activities | ||
Net income | 42 | 85.6 |
Income from discontinued operations, net of taxes | 0 | 1.4 |
Net Income | 42 | 84.2 |
Adjustments to reconcile income to net cash provided by operating activities: | ||
Depreciation | 187.3 | 168 |
Gains on sales of assets | (55.5) | (32.2) |
Deferred income taxes | 10.7 | 23.3 |
Share of affiliates’ earnings, net of dividends | 24.5 | (37.2) |
Other | (10.4) | (6.8) |
Net cash provided by operating activities | 198.6 | 199.3 |
Investing Activities | ||
Additions to operating assets and facilities | (663.4) | (391.5) |
Portfolio proceeds | 124.1 | 89.6 |
Proceeds from sales of other assets | 29.1 | 12.8 |
Other | (0.1) | 1.2 |
Net cash used in investing activities | (510.3) | (287.9) |
Financing Activities | ||
Net proceeds from issuances of debt (original maturities longer than 90 days) | 1,072.6 | 1,348 |
Repayments of debt (original maturities longer than 90 days) | (584) | (1,100) |
Net increase (decrease) in debt with original maturities of 90 days or less | (5.2) | (10.1) |
Payments of Dividends | (37.9) | (36.4) |
Proceeds from (Payments for) Other Financing Activities | 24.1 | (13.5) |
Net cash (used in) provided by financing activities | 436.3 | 180.1 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.2) | (1.2) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | (8.5) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 1.1 | 238.3 |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 21.8 |
Net Cash Provided by (Used in) Discontinued Operations | 1.1 | 251.6 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | 125.5 | 341.9 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 292.6 | 151 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 418.1 | 492.9 |
Repayments of Long-term Capital Lease Obligations | $ (33.3) | $ (7.9) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($) $ in Millions | Total | AOCI Attributable to Parent [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Common Stock, Shares, Issued | 67,500,000 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ (163.6) | $ (1,364.5) | $ 720.1 | $ 2,601.3 | ||
Common Stock, Value, Issued | $ 41.8 | |||||
Dividends Declared [Table Text Block] | 0.96 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ 0 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 8.7 | |||||
Stock Issued During Period, Shares, New Issues | 200,000 | |||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||
Net income | 85.6 | |||||
Dividends, Common Stock, Cash | (35.2) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 18.9 | |||||
Common Stock, Shares, Issued | 67,600,000 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | (201.7) | $ (1,364.5) | 725.4 | 2,630 | ||
Common Stock, Value, Issued | $ 41.8 | |||||
Dividends Declared [Table Text Block] | 0.48 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ 0 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3.4 | |||||
Stock Issued During Period, Shares, New Issues | 100,000 | |||||
Stock Issued During Period, Value, New Issues | $ 0 | |||||
Net income | 39.3 | |||||
Dividends, Common Stock, Cash | (17.6) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (19.2) | |||||
Common Stock, Shares, Issued | 67,700,000 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ 1,875.3 | (182.5) | $ (1,364.5) | 728.8 | 2,651.7 | |
Common Stock, Value, Issued | $ 41.8 | |||||
Common Stock, Shares, Issued | 67,751,074 | 67,800,000 | ||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ 1,957.4 | (137.5) | $ (1,364.5) | 735.4 | 2,682.1 | |
Common Stock, Value, Issued | $ 41.9 | $ 41.9 | ||||
Dividends Declared [Table Text Block] | 1.00 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ 0 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 24 | |||||
Stock Issued During Period, Shares, New Issues | 400,000 | |||||
Stock Issued During Period, Value, New Issues | $ 0.3 | |||||
Net income | 42 | |||||
Dividends, Common Stock, Cash | (36.8) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ 15.5 | |||||
Common Stock, Shares, Issued | 68,100,000 | |||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | (171) | $ (1,364.5) | 753.1 | 2,700.3 | ||
Common Stock, Value, Issued | $ 42.1 | |||||
Dividends Declared [Table Text Block] | 0.50 | |||||
Stock Repurchased During Period, Shares | 0 | |||||
Repurchase of common stock | $ 0 | |||||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 6.3 | |||||
Stock Issued During Period, Shares, New Issues | 100,000 | |||||
Stock Issued During Period, Value, New Issues | $ 0.1 | |||||
Net income | 5.5 | |||||
Dividends, Common Stock, Cash | (18.5) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | $ (18) | |||||
Common Stock, Shares, Issued | 68,175,553 | 68,200,000 | ||||
Shares, Issued | (32,700,000) | |||||
Stockholders' Equity Attributable to Parent | $ 1,971.4 | $ (153) | $ (1,364.5) | $ 759.4 | $ 2,687.3 | |
Common Stock, Value, Issued | $ 42.2 | $ 42.2 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America , Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. In the first quarter of 2021, GATX began investing directly in aircraft spare engines through its new entity, GATX Engine Leasing ("GEL"). During the first quarter of 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the Rolls-Royce & Partners Finance joint ventures (collectively the “RRPF affiliates” or "RRPF"). Financial results for this business are reported in the Portfolio Management segment. 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 are reported in the Other segment. See "Note 3. Business Combinations" for additional information. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 16. Discontinued Operations" for additional information. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Basis of Presentation | Basis of Presentation We prepared the accompanying unaudited consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation. Certain prior year amounts have been reclassified to conform to the 2021 presentation, including the separate presentation and reporting of discontinued operations. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2021. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2020. New Accounting Pronouncements Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes , which eliminates exceptions for intraperiod tax allocation and the recognition of deferred tax liabilities for outside basis differences and clarifies the methodology for calculating income taxes in an interim period. We adopted the new guidance in the first quarter of 2021. 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 Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional practical expedients and exceptions in the application of GAAP principles to contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates being discontinued as a result of reference rate reform. Optional expedients are available for adoption from March 12, 2020 through December 31, 2022. For any contracts that reference LIBOR, we are currently assessing how this standard may be applied to specific contract modifications. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 3. 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 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 initially 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. |
Revenue Revenue
Revenue Revenue | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. We disaggregate revenue into three categories as presented on our 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, tank containers, aircraft spare engines, and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of Topic 842, and we have elected not to separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 5. Leases". Finance Lease Revenue In certain cases, we lease railcars, tank containers, and other operating assets that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount by which the original lease payment receivable and the estimated residual value of the leased asset exceeds the original cost or carrying value of the leased asset. See "Note 5. Leases". Marine Operating Revenue We generate marine operating revenue through shipping services completed by our marine vessels. For vessels operating in a pooling arrangement, we recognize pool revenue based on the right to receive our portion of net distributions reported by the pool, with net distributions being the net voyage revenue of the pool after deduction of voyage expenses. For vessels operating out of the pool, we recognize revenue over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge. Other Revenue Other revenue is comprised of customer liability repair revenue, termination fees, utilization income, fee income, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842. |
Investments in Affiliated Compa
Investments in Affiliated Companies | 6 Months Ended |
Jun. 30, 2021 | |
Investments in and Advances to Affiliates [Abstract] | |
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | Investments in Affiliated Companies Our affiliate investments primarily include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. In accordance with Regulation S-X, we must assess if any of our investments in affiliated companies is a “significant subsidiary”. Although we determined that Alpha Partners Leasing Limited, which is part of the RRPF affiliates, did not trigger any of the significance tests as of June 30, 2021, we determined that at least one of the significance tests was triggered as of June 30, 2020. As a result, and in accordance with Rule 10-01(b) of Regulation S-X, the following table shows summarized unaudited financial information for Alpha Partners Leasing Limited (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Total revenue $ 92.4 $ 102.0 $ 186.2 $ 206.0 Total expenses (88.2) (88.7) (175.5) (175.1) Other income, including net gains on sales of assets 19.5 15.9 28.5 38.2 Net income (1) 19.1 23.6 31.7 55.9 _______ (1) Net income for the three months and six months ended June 30, 2021 excludes the impact from the change in the enacted corporate income tax rate increase in the United Kingdom in 2021. |
Fair Value Disclosure
Fair Value Disclosure | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure | Fair Value Disclosure The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at June 30, 2021 and December 31, 2020. In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We considered COVID-19 as part of our assessment during the quarter and determined there were no material impacts on our final conclusions. We will continue to monitor our long-lived assets, investments in affiliates, and goodwill for indicators of impairment as COVID-19 continues to impact the global economy. Derivative Instruments Fair Value Hedges We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had three instruments outstanding with an aggregate notional amount of $200.0 million as of June 30, 2021 with maturities in 2022 and five instruments outstanding with an aggregate notional amount of $300.0 million as of December 31, 2020 with maturities ranging from 2021 to 2022. Cash Flow Hedges We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps, forwards, and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. We had nine instruments outstanding with an aggregate notional amount of $305.0 million as of June 30, 2021 that mature in 2021 and one instrument outstanding with an aggregate notional amount of $105.7 million as of December 31, 2020 that matures in 2021. Within the next 12 months, we expect to reclassify $1.8 million ($1.3 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 June 30, 2021. 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 $ 3.2 $ — $ 3.2 $ — Foreign exchange contracts (1) Other assets 4.1 — 4.1 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 7.5 $ — $ 7.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ — $ — $ — $ — Foreign exchange contracts (1) Other liabilities — — — — Foreign exchange contracts (2) Other liabilities 1.0 — 1.0 — Total derivative liabilities $ 1.0 $ — $ 1.0 $ — 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 $ — $ — $ — $ — _________ (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 June 30, 2021 and December 31, 2020, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3. The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of June 30, 2021 and December 31, 2020 (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 June 30 December 31 June 30 December 31 Recourse debt $ (202.3) $ (303.6) $ 3.2 $ 5.6 The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three and six months ended June 30, 2021 and 2020 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended June 30 Three Months Ended June 30 Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.4) Interest expense $ 0.5 $ 0.4 Foreign exchange contracts 0.9 8.5 Other (income) expense 0.5 4.4 Total $ 0.9 $ 8.1 Total $ 1.0 $ 4.8 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 Six Months Ended Six Months Ended Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) Interest expense $ 1.1 $ 0.8 Foreign exchange contracts (3.9) 4.7 Other (income) expense (4.2) (0.9) Total $ (3.9) $ 4.2 Total $ (3.1) $ (0.1) 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 statement of comprehensive income for the three and six months ended June 30, 2021 and 2020 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended 2021 2020 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) 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 $ (50.0) $ (8.1) $ (47.4) $ (3.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 1.1 — 0.2 — Derivatives designated as hedging instruments (1.1) — (0.2) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.5) — (0.4) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (0.5) — (4.4) Gain (loss) on non-designated derivative contracts — (3.7) — (4.5) Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Six Months Ended Six Months Ended 2021 2020 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) 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 $ (103.6) $ (9.4) $ (92.9) $ (11.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 2.4 — (6.7) — Derivatives designated as hedging instruments (2.4) — 6.7 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.1) — (0.8) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 4.2 — 0.9 Gain (loss) on non-designated derivative contracts — (1.7) — 2.4 _______ (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, rent and other receivables, accounts payable, and commercial paper and borrowings under bank credit facilities with maturities under one year approximate fair value due to the short maturity of those instruments. We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs. The following table shows the carrying amounts and fair values of our other financial instruments (in millions): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,280.9 $ 5,734.6 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 550.0 550.4 299.9 300.4 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The following table shows the components of net periodic cost for the three months ended June 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 2.2 $ 2.0 $ 0.1 $ 0.1 Interest cost 2.0 3.0 — 0.2 Expected return on plan assets (4.6) (5.0) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 3.2 3.3 — (0.2) Net periodic cost $ 2.8 $ 3.3 $ — $ — The following table shows the components of net periodic cost for the six months ended June 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 4.4 $ 4.0 $ 0.1 $ 0.1 Interest cost 4.0 6.1 0.1 0.3 Expected return on plan assets (9.3) (10.1) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 6.6 6.4 (0.1) (0.2) Net periodic cost $ 5.7 $ 6.4 $ — $ 0.1 _______ (1) Amounts reclassified from accumulated other comprehensive loss. The service cost component of net periodic cost is recorded in selling, general and administrative expense in the statements of comprehensive income, and the non-service components are recorded in other expense. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table shows our effective income tax rate for continuing operations for the six months ended June 30: 2021 2020 Effective income tax rate for continuing operations 24.9 % 27.5 % The difference in the effective rate for the current year compared to the prior year is primarily due to incremental benefits associated with share-based compensation in the current year, as well as the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates. 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 effective tax rate. |
Commercial Commitments
Commercial Commitments | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Commercial Commitments | Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): June 30 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.1 Derivative guarantees 1.0 1.5 Total commercial commitments (1) $ 10.0 $ 10.6 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at June 30, 2021 and December 31, 2020. As of June 30, 2021, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per ShareWe compute basic earnings per share by dividing net income available to our common shareholders by the weighted-average number of shares of our common stock outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Our diluted earnings per share reflect the impacts of our potentially dilutive securities, which include our equity compensation awards. The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 5.5 $ 37.0 $ 42.0 $ 84.2 Net income from discontinued operations — 2.3 — 1.4 Net income $ 5.5 $ 39.3 $ 42.0 $ 85.6 Denominator: Weighted-average shares outstanding - basic 35.4 34.9 35.3 34.9 Effect of dilutive securities: Equity compensation plans 0.6 0.5 0.6 0.5 Weighted-average shares outstanding - diluted 36.0 35.4 35.9 35.4 Basic earnings per share from continuing operations $ 0.16 $ 1.06 $ 1.19 $ 2.41 Basic earnings per share from discontinued operations — 0.06 — 0.04 Basic earnings per share from consolidated operations $ 0.16 $ 1.12 $ 1.19 $ 2.45 Diluted earnings per share from continuing operations $ 0.15 $ 1.05 $ 1.17 $ 2.38 Diluted earnings per share from discontinued operations — 0.06 — 0.04 Diluted earnings per share from consolidated operations $ 0.15 $ 1.11 $ 1.17 $ 2.42 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) Change in component (36.6) 4.8 — (31.8) Reclassification adjustments into earnings (1) — (4.1) 3.3 (0.8) Income tax effect — (0.1) (0.8) (0.9) Balance at March 31, 2021 $ (80.3) $ (14.0) $ (76.7) $ (171.0) Change in component 15.3 (0.6) — 14.7 Reclassification adjustments into earnings (1) — 1.0 3.1 4.1 Income tax effect — — (0.8) (0.8) Balance at June 30, 2021 $ (65.0) $ (13.6) $ (74.4) $ (153.0) ________ (1) See "Note 7. Fair Value Disclosure" and "Note 8. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statement of comprehensive income. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Legal Proceedings and Other Contingencies Various legal actions, claims, assessments and other contingencies arising in the ordinary course of business are pending against GATX and certain of our subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved or settled adversely. For a full discussion of our pending legal matters, please refer to the notes included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Financial Data of Business Segm
Financial Data of Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Financial Data of Business Segments | Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America , Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. In the first quarter of 2021, GATX began investing directly in aircraft spare engines through its new entity, GEL. During the first quarter of 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the RRPF affiliates. Financial results for this business are reported in the Portfolio Management segment. On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V. ("Trifleet"), the fourth largest tank container lessor in the world. Financial results for this business are reported in the Other segment. See "Note 3. Business Combinations" for additional information. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 16. Discontinued Operations" for additional information. Rail North America is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("GRI"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, and GEL, our direct ownership of aircraft spare engines that we lease, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels") and assorted other marine assets. Other includes Trifleet operations, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. The following tables show certain segment data for each of our business segments (in millions): Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended June 30, 2021 Revenues Lease revenue $ 204.2 $ 69.0 $ 8.3 $ 6.1 $ 287.6 Marine operating revenue — — 5.1 — 5.1 Other revenue 19.2 2.7 0.2 2.3 24.4 Total Revenues 223.4 71.7 13.6 8.4 317.1 Expenses Maintenance expense 61.5 14.2 — 0.9 76.6 Marine operating expense — — 5.5 — 5.5 Depreciation expense 65.2 18.4 5.0 2.9 91.5 Operating lease expense 10.2 — — — 10.2 Other operating expense 8.4 1.7 0.4 0.9 11.4 Total Expenses 145.3 34.3 10.9 4.7 195.2 Other Income (Expense) Net gain on asset dispositions 33.1 0.8 0.5 0.3 34.7 Interest expense, net (32.6) (11.1) (4.4) (1.9) (50.0) Other (expense) income (1.0) 0.2 — (7.3) (8.1) Share of affiliates' pre-tax income — — 13.4 — 13.4 Segment profit (loss) $ 77.6 $ 27.3 $ 12.2 $ (5.2) $ 111.9 Less: Selling, general and administrative expense 47.8 Income taxes (includes $45.0 related to affiliates' earnings) 58.6 Net income $ 5.5 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 31.5 $ 0.4 $ — $ 0.3 $ 32.2 Residual sharing income 0.5 — 0.5 — 1.0 Non-remarketing net gains (1) 1.1 0.4 — — 1.5 $ 33.1 $ 0.8 $ 0.5 $ 0.3 $ 34.7 Capital Expenditures Portfolio investments and capital additions $ 106.4 $ 40.8 $ 0.5 $ 6.2 $ 153.9 Selected Balance Sheet Data at June 30, 2021 Investments in affiliated companies $ 0.4 $ — $ 561.0 $ — $ 561.4 Identifiable assets $ 5,955.2 $ 1,731.9 $ 1,039.5 $ 673.9 $ 9,400.5 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail Rail International Portfolio Management Other GATX Consolidated Three Months Ended June 30, 2020 Revenues Lease revenue $ 210.0 $ 59.1 $ 0.2 $ — $ 269.3 Marine operating revenue — — 3.3 — 3.3 Other revenue 25.5 2.1 0.3 — 27.9 Total Revenues 235.5 61.2 3.8 — 300.5 Expenses Maintenance expense 70.4 11.9 — — 82.3 Marine operating expense — — 3.2 — 3.2 Depreciation expense 64.4 15.8 1.4 — 81.6 Operating lease expense 12.5 — — — 12.5 Other operating expense 7.6 1.5 0.1 — 9.2 Total Expenses 154.9 29.2 4.7 — 188.8 Other Income (Expense) Net gain on asset dispositions 5.2 0.2 0.6 — 6.0 Interest (expense) income, net (34.5) (11.5) (3.0) 1.6 (47.4) Other expense (1.3) (0.7) — (1.0) (3.0) Share of affiliates' pre-tax income — — 22.6 — 22.6 Segment profit $ 50.0 $ 20.0 $ 19.3 $ 0.6 $ 89.9 Less: Selling, general and administrative expense 43.4 Income taxes (includes $4.8 related to affiliates' earnings) 9.5 Net income from continuing operations $ 37.0 Discontinued Operations, Net of Taxes Net loss from discontinued operations, net of taxes $ (1.3) Gain on sale of discontinued operations, net of taxes 3.6 Total discontinued operations, net of taxes $ 2.3 Net income $ 39.3 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 4.4 $ — $ 0.1 $ — $ 4.5 Residual sharing income 0.1 — 0.5 — 0.6 Non-remarketing net gains (1) 0.7 0.2 — — 0.9 $ 5.2 $ 0.2 $ 0.6 $ — $ 6.0 Capital Expenditures Portfolio investments and capital additions $ 159.6 $ 49.9 $ — $ 1.0 $ 210.5 Selected Balance Sheet Data at December 31, 2020 Investments in affiliated companies $ — $ — $ 584.7 $ — $ 584.7 Identifiable assets $ 5,944.4 $ 1,745.8 $ 706.1 $ 541.3 $ 8,937.6 __________ (1) Includes net gains (losses) from scrapping of railcars. Rail Rail International Portfolio Management Other GATX Consolidated Six Months Ended June 30, 2021 Revenues Lease revenue $ 411.0 $ 135.9 $ 11.6 $ 9.7 $ 568.2 Marine operating revenue — — 8.7 — 8.7 Other revenue 37.0 5.2 0.4 3.4 46.0 Total Revenues 448.0 141.1 20.7 13.1 622.9 Expenses Maintenance expense 119.9 29.6 — 1.4 150.9 Marine operating expense — — 10.1 — 10.1 Depreciation expense 130.9 36.7 7.7 4.8 180.1 Operating lease expense 21.1 — — — 21.1 Other operating expense 16.0 3.7 0.6 1.3 21.6 Total Expenses 287.9 70.0 18.4 7.5 383.8 Other Income (Expense) Net gain on asset dispositions 54.6 1.1 1.1 0.4 57.2 Interest expense, net (69.6) (23.3) (7.5) (3.2) (103.6) Other (expense) income (1.8) 0.2 — (7.8) (9.4) Share of affiliates' pre-tax income — — 22.4 — 22.4 Segment profit (loss) $ 143.3 $ 49.1 $ 18.3 $ (5.0) $ 205.7 Less: Selling, general and administrative expense 94.9 Income taxes (includes $46.8 related to affiliates' earnings) 68.8 Net income $ 42.0 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 47.8 $ 0.4 $ — $ 0.3 $ 48.5 Residual sharing income 0.6 — 1.1 — 1.7 Non-remarketing net (loss) gains (1) 6.2 0.7 — 0.1 7.0 $ 54.6 $ 1.1 $ 1.1 $ 0.4 $ 57.2 Capital Expenditures Portfolio investments and capital additions $ 215.5 $ 85.2 $ 353.0 $ 9.7 $ 663.4 __________ (1) Includes net gains (losses) from scrapping of railcars. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Components of Lease Income | The following table shows the components of our lease income (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating lease income: Fixed lease income $ 268.3 $ 252.0 $ 530.4 $ 506.1 Variable lease income 17.7 15.7 34.5 30.5 Total operating lease income $ 286.0 $ 267.7 $ 564.9 $ 536.6 Finance lease income 1.6 1.6 3.3 3.4 Total lease income $ 287.6 $ 269.3 $ 568.2 $ 540.0 |
Components of Lease Income | The following table shows the components of our lease income (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Operating lease income: Fixed lease income $ 268.3 $ 252.0 $ 530.4 $ 506.1 Variable lease income 17.7 15.7 34.5 30.5 Total operating lease income $ 286.0 $ 267.7 $ 564.9 $ 536.6 Finance lease income 1.6 1.6 3.3 3.4 Total lease income $ 287.6 $ 269.3 $ 568.2 $ 540.0 |
Fair Value Disclosure (Tables)
Fair Value Disclosure (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities at fair value recurring basis | The following tables show our derivative assets and liabilities that are measured at fair value (in millions): Balance Sheet Location Fair Value Quoted Significant Observable Inputs Significant Unobservable Derivative Assets Interest rate contracts (1) Other assets $ 3.2 $ — $ 3.2 $ — Foreign exchange contracts (1) Other assets 4.1 — 4.1 — Foreign exchange contracts (2) Other assets 0.2 — 0.2 — Total derivative assets $ 7.5 $ — $ 7.5 $ — Derivative Liabilities Interest rate contracts (1) Other liabilities $ — $ — $ — $ — Foreign exchange contracts (1) Other liabilities — — — — Foreign exchange contracts (2) Other liabilities 1.0 — 1.0 — Total derivative liabilities $ 1.0 $ — $ 1.0 $ — 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 $ — $ — $ — $ — _________ (1) Designated as hedges. (2) Not designated as hedges. |
Fair value hedging instruments | The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of June 30, 2021 and December 31, 2020 (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 June 30 December 31 June 30 December 31 Recourse debt $ (202.3) $ (303.6) $ 3.2 $ 5.6 The following tables show the impacts of our derivative instruments on our statement of comprehensive income for the three and six months ended June 30, 2021 and 2020 (in millions): Amount of Loss (Gain) Recognized in Other Comprehensive Income Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income Three Months Ended June 30 Three Months Ended June 30 Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.4) Interest expense $ 0.5 $ 0.4 Foreign exchange contracts 0.9 8.5 Other (income) expense 0.5 4.4 Total $ 0.9 $ 8.1 Total $ 1.0 $ 4.8 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 Six Months Ended Six Months Ended Derivative Designation 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate contracts $ — $ (0.5) Interest expense $ 1.1 $ 0.8 Foreign exchange contracts (3.9) 4.7 Other (income) expense (4.2) (0.9) Total $ (3.9) $ 4.2 Total $ (3.1) $ (0.1) |
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 statement of comprehensive income for the three and six months ended June 30, 2021 and 2020 (in millions): Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Three Months Ended Three Months Ended 2021 2020 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) 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 $ (50.0) $ (8.1) $ (47.4) $ (3.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 1.1 — 0.2 — Derivatives designated as hedging instruments (1.1) — (0.2) — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (0.5) — (0.4) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — (0.5) — (4.4) Gain (loss) on non-designated derivative contracts — (3.7) — (4.5) Location and Amount of Gain (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships Six Months Ended Six Months Ended 2021 2020 Interest (expense), net Other income (expense) Interest (expense), net Other income (expense) 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 $ (103.6) $ (9.4) $ (92.9) $ (11.0) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 2.4 — (6.7) — Derivatives designated as hedging instruments (2.4) — 6.7 — Gain (loss) on cash flow hedging relationships Interest rate contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1.1) — (0.8) — Foreign exchange contracts: Amount of gain (loss) reclassified from accumulated other comprehensive income into income (1) — 4.2 — 0.9 Gain (loss) on non-designated derivative contracts — (1.7) — 2.4 _______ |
Other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments (in millions): June 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 5,280.9 $ 5,734.6 $ 5,056.3 $ 5,696.9 Recourse floating rate debt 550.0 550.4 299.9 300.4 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Components of pension and other post retirement benefit costs | The following table shows the components of net periodic cost for the three months ended June 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 2.2 $ 2.0 $ 0.1 $ 0.1 Interest cost 2.0 3.0 — 0.2 Expected return on plan assets (4.6) (5.0) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 3.2 3.3 — (0.2) Net periodic cost $ 2.8 $ 3.3 $ — $ — The following table shows the components of net periodic cost for the six months ended June 30, 2021 and 2020 (in millions): 2021 2020 2021 2020 Service cost $ 4.4 $ 4.0 $ 0.1 $ 0.1 Interest cost 4.0 6.1 0.1 0.3 Expected return on plan assets (9.3) (10.1) — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 6.6 6.4 (0.1) (0.2) Net periodic cost $ 5.7 $ 6.4 $ — $ 0.1 _______ (1) Amounts reclassified from accumulated other comprehensive loss. |
Commercial Commitments (Tables)
Commercial Commitments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Commercial Commitments | The following table shows our commercial commitments (in millions): June 30 December 31 Standby letters of credit and performance bonds $ 9.0 $ 9.1 Derivative guarantees 1.0 1.5 Total commercial commitments (1) $ 10.0 $ 10.6 _______ (1) There were no liabilities recorded on the balance sheet for commercial commitments at June 30, 2021 and December 31, 2020. As of June 30, 2021, 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) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table shows the computation of our basic and diluted net income per common share (in millions, except per share amounts): Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator: Net income from continuing operations $ 5.5 $ 37.0 $ 42.0 $ 84.2 Net income from discontinued operations — 2.3 — 1.4 Net income $ 5.5 $ 39.3 $ 42.0 $ 85.6 Denominator: Weighted-average shares outstanding - basic 35.4 34.9 35.3 34.9 Effect of dilutive securities: Equity compensation plans 0.6 0.5 0.6 0.5 Weighted-average shares outstanding - diluted 36.0 35.4 35.9 35.4 Basic earnings per share from continuing operations $ 0.16 $ 1.06 $ 1.19 $ 2.41 Basic earnings per share from discontinued operations — 0.06 — 0.04 Basic earnings per share from consolidated operations $ 0.16 $ 1.12 $ 1.19 $ 2.45 Diluted earnings per share from continuing operations $ 0.15 $ 1.05 $ 1.17 $ 2.38 Diluted earnings per share from discontinued operations — 0.06 — 0.04 Diluted earnings per share from consolidated operations $ 0.15 $ 1.11 $ 1.17 $ 2.42 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 $ (43.7) $ (14.6) $ (79.2) $ (137.5) Change in component (36.6) 4.8 — (31.8) Reclassification adjustments into earnings (1) — (4.1) 3.3 (0.8) Income tax effect — (0.1) (0.8) (0.9) Balance at March 31, 2021 $ (80.3) $ (14.0) $ (76.7) $ (171.0) Change in component 15.3 (0.6) — 14.7 Reclassification adjustments into earnings (1) — 1.0 3.1 4.1 Income tax effect — — (0.8) (0.8) Balance at June 30, 2021 $ (65.0) $ (13.6) $ (74.4) $ (153.0) ________ (1) See "Note 7. Fair Value Disclosure" and "Note 8. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statement of comprehensive income. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table shows the financial results of our discontinued operations (in millions): Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenues $ — $ 17.7 $ — $ 27.2 Expenses Operating expense — 15.4 — 22.5 Depreciation expense — 1.7 — 1.7 Selling, general and administrative expense — 0.8 — 2.8 Total Expenses — 17.9 — 27.0 Other expense — (1.5) — (3.0) Loss from Discontinued Operations Before Taxes $ — $ (1.7) $ — $ (2.8) Income tax benefit — 0.4 — 0.6 Loss from Discontinued Operations, Net of Taxes $ — $ (1.3) $ — $ (2.2) Gain on Sale of Discontinued Operations, Net of Taxes — 3.6 — 3.6 Income from Discontinued Operations, Net of Taxes $ — $ 2.3 $ — $ 1.4 The following table shows cash flow information for our discontinued operations (in millions): Six Months Ended 2021 2020 Net Cash Used In Operating Activities $ — $ (8.5) Net Cash Provided By Investing Activities (1) 1.1 238.3 Net Cash Provided By Financing Activities — 21.8 Cash provided by discontinued operations, net $ 1.1 $ 251.6 |
Description of Business (Detail
Description of Business (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Jun. 30, 2021USD ($)AircraftEnginesSegment | Jun. 30, 2020USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of business segments | Segment | 3 | |||
Payments to Acquire Property, Plant, and Equipment | $ (663.4) | $ (391.5) | ||
Portfolio Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft engines | AircraftEngines | 14 | |||
Rolls-Royce Aircraft Engines | Portfolio Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 352 | |||
Rolls-Royce Aircraft Engines | Portfolio Management | RRPF | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft engines | AircraftEngines | 4 | |||
Payments for asset acquisition | $ 120 |
Business Combinations (Details)
Business Combinations (Details) € in Millions, $ in Millions | Dec. 29, 2020USD ($) | Dec. 29, 2020EUR (€) | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 140.3 | $ 143.7 | ||
Trifleet Leasing Holding B.V. | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 203.2 | € 165 | ||
Business Acquisition, Transaction Costs | 2.7 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 146.2 | |||
Goodwill | $ 57 |
Leases - Components of Lease In
Leases - Components of Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating lease income: | ||||
Variable lease income | $ 268.3 | $ 252 | $ 530.4 | $ 506.1 |
Operating Lease, Variable Lease Income | 17.7 | 15.7 | 34.5 | 30.5 |
Operating Lease, Lease Income | 286 | 267.7 | 564.9 | 536.6 |
Finance lease income | 1.6 | 1.6 | 3.3 | 3.4 |
Total lease income | 287.6 | 269.3 | 568.2 | 540 |
Total operating lease income | $ 18.9 | $ 23.7 | $ 35.7 | $ 46.4 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Total discounted lease liabilities | $ 298.7 | $ 348.6 |
Finance Leases | ||
Total discounted lease liabilities | 43.6 | 33.3 |
Total | ||
Total discounted lease liabilities | $ 342.3 | $ 381.9 |
Investments in Affiliated Com_2
Investments in Affiliated Companies (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Alpha Partners Leasing Limited [Domain] | ||||
Equity Method Investment, Summarized Financial Information. Revenue. | $ 92.4 | $ 102 | $ 186.2 | $ 206 |
Equity Method Investment, Summarized Financial Information, Other Expenses | (88.2) | (88.7) | (175.5) | (175.1) |
Equity Method Investment, Summarized Financial Information, Gains (Losses) | 19.5 | 15.9 | 28.5 | 38.2 |
RRPF | ||||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 19.1 | $ 23.6 | $ 31.7 | $ 55.9 |
Fair Value Disclosure - Narrati
Fair Value Disclosure - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)Instrument | Dec. 31, 2020USD ($)Instrument | |
Derivative [Line Items] | ||
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months | $ 1.8 | |
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax | $ 1.3 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments | Instrument | 3 | 5 |
Derivative, Notional Amount | $ 200 | $ 300 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments | Instrument | 9 | 1 |
Derivative, Notional Amount | $ 305 | $ 105.7 |
Fair Value Disclosure Fair Valu
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 7.5 | $ 6.4 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 7.5 | 6.4 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4.1 | 0.4 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 4.1 | 0.4 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3.2 | 5.6 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3.2 | 5.6 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.2 | 0.4 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0.2 | 0.4 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 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) - Recourse Debt [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Hedged Liability, Fair Value Hedge | $ (202.3) | $ (303.6) |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 3.2 | $ 5.6 |
Fair Value Disclosure Fair Va_3
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Interest Expense | $ (50) | $ (47.4) | $ (103.6) | $ (92.9) | |
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 1 | 4.8 | (3.1) | (0.1) | |
Other Nonoperating Income (Expense) | (8.1) | (3) | (9.4) | (11) | |
Fair Value, Recurring [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 1 | 1 | $ 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 1 | 1 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | ||||
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | ||||
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | ||||
Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | ||||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 1 | 1 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 1 | 1 | 0 | ||
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Derivative liability | 0 | 0 | $ 0 | ||
Cash Flow Hedging [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0.9 | 8.1 | (3.9) | 4.2 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0 | (0.4) | 0 | (0.5) | |
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0.9 | 8.5 | (3.9) | 4.7 | |
Interest Expense [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 0.5 | 0.4 | 1.1 | 0.8 | |
Gain (loss) on non-designated derivative contracts | 0 | 0 | 0 | 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Hedged items | 1.1 | 0.2 | 2.4 | (6.7) | |
Derivatives designated as hedging instruments | (1.1) | (0.2) | (2.4) | 6.7 | |
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | (0.5) | (0.4) | (1.1) | (0.8) | |
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 | 0 | 0 | |
Other (Income) Expense [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 0.5 | 4.4 | (4.2) | (0.9) | |
Gain (loss) on non-designated derivative contracts | (3.7) | (4.5) | (1.7) | 2.4 | |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Hedged items | 0 | 0 | 0 | 0 | |
Derivatives designated as hedging instruments | 0 | 0 | 0 | 0 | |
Other (Income) Expense [Member] | 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 | 0 | 0 | |
Other (Income) Expense [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | $ (0.5) | $ (4.4) | $ 4.2 | $ 0.9 |
Fair Value Disclosure Fair Va_4
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | $ 1 | $ 4.8 | $ (3.1) | $ (0.1) |
Interest expense, net | (50) | (47.4) | (103.6) | (92.9) |
Other (expense) income | (8.1) | (3) | (9.4) | (11) |
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0.9 | 8.1 | (3.9) | 4.2 |
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0 | (0.4) | 0 | (0.5) |
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Recognized in Other Comprehensive Income | 0.9 | 8.5 | (3.9) | 4.7 |
Interest Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 0.5 | 0.4 | 1.1 | 0.8 |
Gain (loss) on fair value hedging relationships | ||||
Gain (loss) on non-designated derivative contracts | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Contract [Member] | ||||
Gain (loss) on fair value hedging relationships | ||||
Hedged items | 1.1 | 0.2 | 2.4 | (6.7) |
Derivatives designated as hedging instruments | (1.1) | (0.2) | (2.4) | 6.7 |
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 | (0.5) | (0.4) | (1.1) | (0.8) |
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 | 0 | 0 |
Other (Income) Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income | 0.5 | 4.4 | (4.2) | (0.9) |
Gain (loss) on fair value hedging relationships | ||||
Gain (loss) on non-designated derivative contracts | (3.7) | (4.5) | (1.7) | 2.4 |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | ||||
Gain (loss) on fair value hedging relationships | ||||
Hedged items | 0 | 0 | 0 | 0 |
Derivatives designated as hedging instruments | 0 | 0 | 0 | 0 |
Other (Income) Expense [Member] | Interest Rate Contract [Member] | Cash Flow Hedging [Member] | ||||
Gain (loss) on fair value hedging relationships | ||||
Amount of gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 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 | $ (0.5) | $ (4.4) | $ 4.2 | $ 0.9 |
Fair Value Disclosure Fair Va_5
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | $ 5,280.9 | $ 5,056.3 |
Recourse Floating Rate Debt Fair Value Disclosure | 550 | 299.9 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Recourse Fixed Rate Debt Fair Value Disclosure | 5,734.6 | 5,696.9 |
Recourse Floating Rate Debt Fair Value Disclosure | $ 550.4 | $ 300.4 |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | $ 3.1 | $ 3.3 | |||
Defined Benefit Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Service Cost | $ 2.2 | $ 2 | $ 4.4 | $ 4 |
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 | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
Accumulative other comprehensive loss: | ||||||
After-tax amount recognized in accumulated other comprehensive loss | $ 74.4 | $ 74.4 | $ 76.7 | $ 79.2 | ||
Defined Benefit Pension [Member] | ||||||
Change in Benefit Obligation | ||||||
Service cost | 2.2 | $ 2 | 4.4 | $ 4 | ||
Interest cost | 2 | 3 | 4 | 6.1 | ||
Accumulative other comprehensive loss: | ||||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (4.6) | (5) | (9.3) | (10.1) | ||
Defined Benefit Plan, Amortization of Gain (Loss) | 3.2 | 3.3 | 6.6 | 6.4 | ||
Retiree Health and Life [Member] | ||||||
Change in Benefit Obligation | ||||||
Service cost | 0.1 | 0.1 | 0.1 | 0.1 | ||
Interest cost | 0 | 0.2 | 0.1 | 0.3 | ||
Accumulative other comprehensive loss: | ||||||
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | 0 | 0 | 0 | 0 | ||
Defined Benefit Plan, Amortization of Gain (Loss) | $ 0 | $ (0.2) | $ (0.1) | $ (0.2) |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Pension [Member] | ||||
Components of pension and other post retirement benefit costs | ||||
Service cost | $ 2.2 | $ 2 | $ 4.4 | $ 4 |
Interest cost | 2 | 3 | 4 | 6.1 |
Expected return on plan assets | (4.6) | (5) | (9.3) | (10.1) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2.8 | 3.3 | 5.7 | 6.4 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | ||
Defined Benefit Plan, Amortization of Gain (Loss) | 3.2 | 3.3 | 6.6 | 6.4 |
Retiree Health and Life [Member] | ||||
Components of pension and other post retirement benefit costs | ||||
Service cost | 0.1 | 0.1 | 0.1 | 0.1 |
Interest cost | 0 | 0.2 | 0.1 | 0.3 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0 | 0 | 0 | 0.1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.1) | (0.1) | (0.1) | (0.1) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | (0.2) | (0.1) | (0.2) |
RRPF | ||||
Components of pension and other post retirement benefit costs | ||||
Equity Method Investment. Summarized Financial Data. Net Income | 19.1 | 23.6 | 31.7 | 55.9 |
Alpha Partners Leasing Limited [Domain] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Equity Method Investment, Summarized Financial Information. Revenue. | 92.4 | 102 | 186.2 | 206 |
Components of pension and other post retirement benefit costs | ||||
Equity Method Investment, Summarized Financial Information, Expenses | (88.2) | (88.7) | (175.5) | (175.1) |
Equity Method Investment, Summarized Financial Information, Gains (Losses) | $ 19.5 | $ 15.9 | $ 28.5 | $ 38.2 |
Share Based Compensation - Weig
Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 3.9 | $ 3.7 | $ 9.4 | $ 5.9 |
Tax benefit from share-based compensation expense | $ 1 | $ 0.9 | $ 2.4 | $ 1.5 |
Weighted average estimated fair value | $ 29.56 | $ 29.56 | ||
Quarterly dividend rate | $ 0.50 | |||
Expected term of stock options and stock appreciation rights, in years | 4 years 3 months 18 days | |||
Risk-free interest rate | 0.30% | |||
Dividend yield | 2.20% | |||
Expected stock price volatility | 34.40% | |||
Present value of dividends | $ 8.61 |
Share Based Compensation - Outs
Share Based Compensation - Outstanding Options and Rights (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 3.9 | $ 3.7 | $ 9.4 | $ 5.9 |
Tax benefit from share-based compensation expense | 1 | 0.9 | 2.4 | 1.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Tax benefit from share-based compensation expense | $ 1 | $ 0.9 | $ 2.4 | $ 1.5 |
Share Based Compensation (Detai
Share Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 281,900 | |||
Share-based compensation expense | $ 3.9 | $ 3.7 | $ 9.4 | $ 5.9 |
Tax benefit from share-based compensation expense | $ 1 | $ 0.9 | $ 2.4 | $ 1.5 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,020 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,290 | |||
Phantom Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,064 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 24.90% | 27.50% | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Income tax benefit | $ 13.6 | $ 4.7 | $ 22 | $ 17.8 |
Commercial Commitments (Details
Commercial Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Total commercial commitments | $ 10 | $ 10.6 |
Standby letters of credit [Member] | ||
Guarantor Obligations [Line Items] | ||
Total commercial commitments | 9 | 9.1 |
RRPF | Derivative [Member] | ||
Guarantor Obligations [Line Items] | ||
Total commercial commitments | $ 1 | $ 1.5 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net income from continuing operations | $ 5.5 | $ 37 | $ 42 | $ 84.2 |
Net income | $ 5.5 | $ 39.3 | $ 42 | $ 85.6 |
Denominator: | ||||
Denominator for basic earnings per share — weighted average shares | 35.4 | 34.9 | 35.3 | 34.9 |
Effect of dilutive securities: | ||||
Equity compensation plans | 0.6 | 0.5 | 0.6 | 0.5 |
Weighted-average shares outstanding - diluted | 36 | 35.4 | 35.9 | 35.4 |
Basic earnings per share from continuing operations (in dollars per share) | $ 0.16 | $ 1.06 | $ 1.19 | $ 2.41 |
Basic earnings per share from discontinued operations (in dollars per share) | 0 | 0.06 | 0 | 0.04 |
Basic earnings per share from consolidated operations (in dollars per share) | 0.16 | 1.12 | 1.19 | 2.45 |
Diluted earnings per share from continuing operations (in dollars per share) | 0.15 | 1.05 | 1.17 | 2.38 |
Diluted earnings per share from discontinued operations (in dollars per share) | 0 | 0.06 | 0 | 0.04 |
Diluted earnings per share from discontinued operations (in dollars per share) | $ 0.15 | $ 1.11 | $ 1.17 | $ 2.42 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance, Foreign Currency Translation Gain (Loss) | $ (80.3) | $ (43.7) | |
Change in Foreign Currency Translation Gain (Loss) | 15.3 | (36.6) | |
Foreign currency translation gain loss before reclassification adjustment into earnings | 0 | 0 | |
Foreign Currency Translation Gain (Loss), Income tax effect | 0 | 0 | |
Ending Balance, Foreign Currency Translation Gain (Loss) | (65) | (80.3) | |
Change in Unrealized Loss on Derivative Instruments | (0.6) | 4.8 | |
Unrealized Loss on Derivative Instruments, Reclassification adjustments into earnings | 1 | (4.1) | |
Unrealized Loss on Derivative Instruments, Income tax effect | 0 | (0.1) | |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (13.6) | (14) | $ (14.6) |
Beginning Balance, Post-Retirement Benefit Plans | (76.7) | (79.2) | |
Change in Post-Retirement Benefit Plans | 0 | 0 | |
Post-Retirement Benefit Plans, Reclassification adjustments into earnings | 3.1 | 3.3 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, before Tax | 4.1 | (0.8) | |
Post-Retirement Benefit Plans, Income tax effect | (0.8) | (0.8) | |
Ending Balance, Post-Retirement Benefit Plans | (74.4) | (76.7) | |
Other Comprehensive Income Change in Component | 14.7 | (31.8) | |
Income tax effect, Total | (0.8) | (0.9) | |
Accumulated other comprehensive income (loss), net of tax | $ (153) | $ (171) | $ (137.5) |
Financial Data of Business Se_2
Financial Data of Business Segments (Details) € in Millions, $ in Millions | Dec. 29, 2020USD ($) | Dec. 29, 2020EUR (€) | Jun. 30, 2021USD ($)AircraftEngines | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)AircraftEngines | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest expense, net | $ (50) | $ (47.4) | $ (103.6) | $ (92.9) | ||||
Provision for Income Taxes, Equity Method Investment | 45 | 4.8 | 46.8 | 9.1 | ||||
Lease Income | 287.6 | 269.3 | 568.2 | 540 | ||||
Marine operating revenue | 5.1 | 3.3 | 8.7 | 6.6 | ||||
Other Operating Income | 24.4 | 27.9 | 46 | 53.3 | ||||
Total Revenues | 317.1 | 300.5 | 622.9 | 599.9 | ||||
Cost of Property Repairs and Maintenance | 76.6 | 82.3 | 150.9 | 168.1 | ||||
Marine operating expense | 5.5 | 3.2 | 10.1 | 7.3 | ||||
Depreciation | 91.5 | 81.6 | 180.1 | 162 | ||||
Operating lease expense | 10.2 | 12.5 | 21.1 | 25.8 | ||||
Other operating expense | 11.4 | 9.2 | 21.6 | 17.7 | ||||
Total Expenses | 195.2 | 188.8 | 383.8 | 380.9 | ||||
Net gain on asset dispositions | 34.7 | 6 | 57.2 | 33.4 | ||||
Other (expense) income | (8.1) | (3) | (9.4) | (11) | ||||
Share of affiliates' earnings (pre-tax) | 13.4 | 22.6 | 22.4 | 46.4 | ||||
Segment profit (loss) | 111.9 | 89.9 | 205.7 | 194.9 | ||||
Net loss from discontinued operations, net of taxes | 0 | 2.3 | 0 | 1.4 | ||||
Disposition Gains on Owned Assets | 32.2 | 4.5 | 48.5 | 31.4 | ||||
Nonoperating Income, Residual Sharing Income | 1 | 0.6 | 1.7 | 1.2 | ||||
Nonremarketing Disposition Gain (Loss) | 1.5 | 0.9 | 7 | 0.8 | ||||
Net income | 5.5 | 39.3 | 42 | 85.6 | ||||
Net Income | 5.5 | 37 | 42 | 84.2 | ||||
Income tax benefit | 13.6 | 4.7 | 22 | 17.8 | ||||
Selling, general and administrative | 47.8 | 43.4 | 94.9 | 83.8 | ||||
Portfolio Investments and Capital Additions | 153.9 | 210.5 | 663.4 | 391.5 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 561.4 | 561.4 | $ 584.7 | |||||
Identifiable assets | 9,400.5 | 9,400.5 | 8,937.6 | |||||
Payments to Acquire Property, Plant, and Equipment | (663.4) | (391.5) | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3.6 | 3.6 | ||||||
Income from Discontinued Operations, Net of Taxes | 0 | (1.3) | 0 | (2.2) | ||||
Trifleet Leasing Holding B.V. | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 203.2 | € 165 | ||||||
Parent [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Income tax benefit | 58.6 | 9.5 | 68.8 | 26.9 | ||||
Other Business Segments [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest expense, net | (1.9) | 1.6 | (3.2) | 2.9 | ||||
Lease Income | 6.1 | 0 | 9.7 | 0 | ||||
Marine operating revenue | 0 | 0 | 0 | 0 | ||||
Other Operating Income | 2.3 | 0 | 3.4 | 0 | ||||
Total Revenues | 8.4 | 0 | 13.1 | 0 | ||||
Cost of Property Repairs and Maintenance | 0.9 | 0 | 1.4 | 0 | ||||
Marine operating expense | 0 | 0 | 0 | 0 | ||||
Depreciation | 2.9 | 0 | 4.8 | 0 | ||||
Operating lease expense | 0 | 0 | 0 | 0 | ||||
Other operating expense | 0.9 | 0 | 1.3 | 0 | ||||
Total Expenses | 4.7 | 0 | 7.5 | 0 | ||||
Net gain on asset dispositions | 0.3 | 0 | 0.4 | 0 | ||||
Other (expense) income | (7.3) | (1) | (7.8) | (2.7) | ||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | 0 | ||||
Segment profit (loss) | (5.2) | 0.6 | (5) | 0.2 | ||||
Disposition Gains on Owned Assets | 0.3 | 0 | 0.3 | 0 | ||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | 0 | ||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0.1 | 0 | ||||
Portfolio Investments and Capital Additions | 6.2 | 1 | 9.7 | 1.5 | ||||
Identifiable assets | 673.9 | 673.9 | 541.3 | |||||
Rail North America [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest expense, net | (32.6) | (34.5) | (69.6) | (67.8) | ||||
Lease Income | 204.2 | 210 | 411 | 422.1 | ||||
Marine operating revenue | 0 | 0 | 0 | 0 | ||||
Other Operating Income | 19.2 | 25.5 | 37 | 49.1 | ||||
Total Revenues | 223.4 | 235.5 | 448 | 471.2 | ||||
Cost of Property Repairs and Maintenance | 61.5 | 70.4 | 119.9 | 143.3 | ||||
Marine operating expense | 0 | 0 | 0 | 0 | ||||
Depreciation | 65.2 | 64.4 | 130.9 | 128 | ||||
Operating lease expense | 10.2 | 12.5 | 21.1 | 25.8 | ||||
Other operating expense | 8.4 | 7.6 | 16 | 14.2 | ||||
Total Expenses | 145.3 | 154.9 | 287.9 | 311.3 | ||||
Net gain on asset dispositions | 33.1 | 5.2 | 54.6 | 32 | ||||
Other (expense) income | (1) | (1.3) | (1.8) | (2.1) | ||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | 0 | ||||
Segment profit (loss) | 77.6 | 50 | 143.3 | 122 | ||||
Disposition Gains on Owned Assets | 31.5 | 4.4 | 47.8 | 31.3 | ||||
Nonoperating Income, Residual Sharing Income | 0.5 | 0.1 | 0.6 | 0.2 | ||||
Nonremarketing Disposition Gain (Loss) | 1.1 | 0.7 | 6.2 | 0.5 | ||||
Portfolio Investments and Capital Additions | 106.4 | 159.6 | 215.5 | 270.5 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0.4 | 0.4 | 0 | |||||
Identifiable assets | 5,955.2 | 5,955.2 | 5,944.4 | |||||
Rail International [Member] | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest expense, net | (11.1) | (11.5) | (23.3) | (22.1) | ||||
Lease Income | 69 | 59.1 | 135.9 | 117.4 | ||||
Marine operating revenue | 0 | 0 | 0 | 0 | ||||
Other Operating Income | 2.7 | 2.1 | 5.2 | 3.9 | ||||
Total Revenues | 71.7 | 61.2 | 141.1 | 121.3 | ||||
Cost of Property Repairs and Maintenance | 14.2 | 11.9 | 29.6 | 24.8 | ||||
Marine operating expense | 0 | 0 | 0 | 0 | ||||
Depreciation | 18.4 | 15.8 | 36.7 | 31.3 | ||||
Operating lease expense | 0 | 0 | 0 | 0 | ||||
Other operating expense | 1.7 | 1.5 | 3.7 | 3.3 | ||||
Total Expenses | 34.3 | 29.2 | 70 | 59.4 | ||||
Net gain on asset dispositions | 0.8 | 0.2 | 1.1 | 0.3 | ||||
Other (expense) income | 0.2 | (0.7) | 0.2 | (6.2) | ||||
Share of affiliates' earnings (pre-tax) | 0 | 0 | 0 | 0 | ||||
Segment profit (loss) | 27.3 | 20 | 49.1 | 33.9 | ||||
Disposition Gains on Owned Assets | 0.4 | 0 | 0.4 | 0 | ||||
Nonoperating Income, Residual Sharing Income | 0 | 0 | 0 | 0 | ||||
Nonremarketing Disposition Gain (Loss) | 0.4 | 0.2 | 0.7 | 0.3 | ||||
Portfolio Investments and Capital Additions | 40.8 | 49.9 | 85.2 | 119.2 | ||||
Identifiable assets | 1,731.9 | 1,731.9 | 1,745.8 | |||||
Portfolio Management | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Interest expense, net | (4.4) | (3) | (7.5) | (5.9) | ||||
Lease Income | 8.3 | 0.2 | 11.6 | 0.5 | ||||
Marine operating revenue | 5.1 | 3.3 | 8.7 | 6.6 | ||||
Other Operating Income | 0.2 | 0.3 | 0.4 | 0.3 | ||||
Total Revenues | 13.6 | 3.8 | 20.7 | 7.4 | ||||
Cost of Property Repairs and Maintenance | 0 | 0 | 0 | 0 | ||||
Marine operating expense | 5.5 | 3.2 | 10.1 | 7.3 | ||||
Depreciation | 5 | 1.4 | 7.7 | 2.7 | ||||
Operating lease expense | 0 | 0 | 0 | 0 | ||||
Other operating expense | 0.4 | 0.1 | 0.6 | 0.2 | ||||
Total Expenses | 10.9 | 4.7 | 18.4 | 10.2 | ||||
Net gain on asset dispositions | 0.5 | 0.6 | 1.1 | 1.1 | ||||
Other (expense) income | 0 | 0 | 0 | 0 | ||||
Share of affiliates' earnings (pre-tax) | 13.4 | 22.6 | 22.4 | 46.4 | ||||
Segment profit (loss) | 12.2 | 19.3 | 18.3 | 38.8 | ||||
Disposition Gains on Owned Assets | 0 | 0.1 | 0 | 0.1 | ||||
Nonoperating Income, Residual Sharing Income | 0.5 | 0.5 | 1.1 | 1 | ||||
Nonremarketing Disposition Gain (Loss) | 0 | 0 | 0 | 0 | ||||
Portfolio Investments and Capital Additions | 0.5 | $ 0 | 353 | $ 0.3 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 561 | 561 | 584.7 | |||||
Identifiable assets | $ 1,039.5 | $ 1,039.5 | $ 706.1 | |||||
Number of aircraft engines | AircraftEngines | 14 | 14 | ||||||
Number of Specialized Gas Vessels | AircraftEngines | 5 | 5 | ||||||
Portfolio Management | Rolls-Royce Aircraft Engines | ||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||
Payments to Acquire Property, Plant, and Equipment | $ 352 |
Discontinued Operations - Finan
Discontinued Operations - Financial Results (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 14, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net Cash Used In Operating Activities | $ 0 | $ (8,500,000) | |||
Net Cash Provided By Investing Activities (1) | 1,100,000 | 238,300,000 | |||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 21,800,000 | |||
Net Cash Provided by (Used in) Discontinued Operations | 1,100,000 | 251,600,000 | |||
Income from Discontinued Operations, Net of Taxes | $ 0 | $ (1,300,000) | 0 | (2,200,000) | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3,600,000 | 3,600,000 | |||
Net loss from discontinued operations, net of taxes | 0 | 2,300,000 | 0 | 1,400,000 | |
ASC [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration | $ 258,300,000 | ||||
Amount held in escrow | $ 1,100,000 | ||||
Interest expense | 0.7 | 2,000,000 | |||
Revenues | 0 | 17,700,000 | 0 | 27,200,000 | |
Operating expense | 0 | 15,400,000 | 0 | 22,500,000 | |
Selling, general and administrative expense | 0 | 800,000 | 0 | 2,800,000 | |
Total Expenses | 0 | 17,900,000 | 0 | 27,000,000 | |
Other expense | 0 | (1,500,000) | 0 | (3,000,000) | |
Loss from Discontinued Operations Before Taxes | 0 | (1,700,000) | 0 | (2,800,000) | |
Income tax benefit | 0 | 400,000 | 0 | 600,000 | |
Income from Discontinued Operations, Net of Taxes | 0 | (1,300,000) | 0 | (2,200,000) | |
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 1,700,000 | 1,700,000 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3,600,000 | 3,600,000 | |||
Net loss from discontinued operations, net of taxes | $ 0 | $ 2,300,000 | $ 0 | $ 1,400,000 |
Discontinued Operations - Opera
Discontinued Operations - Operating and Investing Cash Flow (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Proceeds from the sale of ASC | $ 256.5 | |
Net Cash Provided By Investing Activities (1) | $ 1.1 | $ 238.3 |