GATX CORP, 10-K filed on 2/19/2025
Annual Report
v3.25.0.1
Document and Entity Information - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Jan. 31, 2025
Jun. 30, 2024
Entity Addresses [Line Items]      
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 1-2328    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 36-1124040    
Entity Address, Address Line One 233 South Wacker Drive    
Entity Address, City or Town Chicago    
Entity Address, State or Province IL    
Entity Address, Postal Zip Code 60606    
City Area Code (312)    
Local Phone Number 621-6200    
Entity Interactive Data Current Yes    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Documents Incorporated by Reference GATX’s definitive Proxy Statement to be filed on or about March 14, 2025    
ICFR Auditor Attestation Flag true    
Amendment Flag false    
Entity Central Index Key 0000040211    
Entity Common Stock, Shares Outstanding   35.6  
Entity Well-known Seasoned Issuer Yes    
Entity Public Float     $ 4,700.0
Document Type 10-K    
Entity Registrant Name GATX Corporation    
Current Fiscal Year End Date --12-31    
Document Financial Statement Error Correction [Flag] false    
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member]      
Entity Addresses [Line Items]      
Security Exchange Name NYSE    
Title of 12(b) Security Common Stock    
Trading Symbol GATX    
Common Stock [Member] | CHICAGO STOCK EXCHANGE, INC [Member]      
Entity Addresses [Line Items]      
Security Exchange Name CHX    
Title of 12(b) Security Common Stock    
Trading Symbol GATX    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Chicago, Illinois
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Cash and Cash Equivalents $ 401.6 $ 450.7
Restricted Cash 0.2 0.1
Receivables    
Rent and other receivables 86.5 87.9
Finance leases (as lessor) 118.3 136.4
Less: allowance for losses (5.7) (5.9)
Receivables, net 199.1 218.4
Operating Assets and Facilities    
Property, Plant and Equipment, Gross 14,330.6 13,081.9
Less: allowance for depreciation (3,880.9) (3,670.7)
Net operating assets and facilities 10,449.7 9,411.2
Right-of-use assets, net of accumulated depreciation 165.4 212.0
Investments in Affiliated Companies 663.3 627.0
Goodwill 114.1 120.0
Other Assets 303.1 286.6
Total Assets 12,296.5 11,326.0
Liabilities and Shareholders’ Equity    
Accounts Payable and Accrued Expenses 217.1 239.6
Debt    
Borrowings under bank credit facilities 10.4 11.0
Recourse 8,215.3 7,388.1
Debt, Long-term and Short-term, Combined Amount 8,225.7 7,399.1
Operating leases 180.0 226.8
Deferred Income Taxes 1,127.3 1,081.1
Other Liabilities 107.5 106.4
Total Liabilities 9,857.6 9,053.0
Shareholders’ Equity    
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 69,075,329 and 68,797,027 Outstanding shares — 35,575,691 and 35,464,841 42.7 42.5
Additional paid in capital 847.1 816.1
Retained earnings 3,208.1 3,009.5
Accumulated other comprehensive loss (209.6) (167.6)
Treasury stock at cost (33,499,638 and 33,332,186 shares) (1,449.4) (1,427.5)
Total Shareholders’ Equity 2,438.9 2,273.0
Total Shareholders’ Equity $ 12,296.5 $ 11,326.0
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.625 $ 0.625
Authorized shares (in shares) 120,000,000 120,000,000
Issued shares (in shares) 69,075,329 68,797,027
Outstanding shares (in shares) 35,575,691 35,464,841
Treasury stock at cost (in shares) 33,499,638 33,332,186
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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Lease revenue $ 1,381.1 $ 1,251.4 $ 1,154.6
Non-dedicated engine revenue 64.6 37.6 1.5
MarineOperatingRevenue 0.0 6.9 18.9
Other revenue 139.8 115.0 98.0
Total Revenues 1,585.5 1,410.9 1,273.0
Expenses      
Maintenance Expense 381.6 344.8 292.7
Marine operating expense 0.0 6.5 14.1
Depreciation expense 402.4 376.3 357.5
Operating Lease, Expense 33.9 36.0 36.1
Other operating expense 57.7 46.6 37.4
Selling, general and administrative 236.3 212.7 195.0
Total Expenses 1,111.9 1,022.9 932.8
Other Income (Expense)      
Net gain on asset dispositions 138.3 130.3 77.9
Interest expense, net (341.0) (263.4) (214.0)
Other expense (9.5) (9.4) (27.0)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest 261.4 245.5 177.1
Income Taxes (60.0) (58.7) (54.8)
Share of Affiliates’ Earnings (net of tax) 82.8 72.4 33.6
Net Income 284.2 259.2 155.9
Other Comprehensive Income, net of taxes      
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax (53.8) 45.8 (56.7)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax 1.0 1.3 1.4
Post-retirement benefit plans 10.8 (3.1) 4.3
Other comprehensive income (loss) (42.0) 44.0 (51.0)
Comprehensive Income $ 242.2 $ 303.2 $ 104.9
Share Data      
Earnings Per Share, Basic $ 7.80 $ 7.13 $ 4.41
Average number of common shares (in shares) 35,800 35,700 35,400
Diluted earnings per share (in dollars per share) $ 7.78 $ 7.12 $ 4.35
Average number of common shares and common share equivalents (in shares) 35,900 35,700 35,900
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income $ 284,200 $ 259,200 $ 155,900
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization 421,400 392,100 371,300
Gains on sales of assets (137,800) (130,900) (121,200)
Asset Impairment Charges 0 1,500 48,900
Employee benefit plans (800) (4,300) 1,800
Share-based Payment Arrangement, Noncash Expense 23,000 18,300 12,700
Deferred income taxes 45,800 38,300 36,300
Share of affiliates’ earnings, net of dividends (32,800) (47,400) 12,700
Other (900) (6,400) 15,100
Investing Activities      
Portfolio investments and capital additions (1,674,400) (1,665,000) (1,255,800)
Portfolio proceeds 230,600 272,800 269,600
Proceeds from sales of other assets 24,900 20,200 31,100
Short-term investments 0 150,000 (148,500)
Payments for (Proceeds from) Other Investing Activities 2,200 2,700 30,100
Net cash used in investing activities (1,416,700) (1,219,300) (1,073,500)
Financing Activities      
Net proceeds from issuances of debt (original maturities longer than 90 days) 1,295,600 1,420,000 848,300
Repayments of debt (original maturities longer than 90 days) (413,500) (500,000) (250,000)
Net increase (decrease) in debt with original maturities of 90 days or less 0 (7,100) 0
Payments on capital lease obligations (30,400) 0 (1,500)
Stock repurchases (21,900) (2,600) (47,200)
Dividends (84,800) (80,600) (76,600)
Other (add shares used to pay taxes) 25,500 14,400 31,400
Net cash (used in) provided by financing activities 770,500 844,100 504,400
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations (4,900) 1,600 (4,900)
Net (decrease) increase in Cash, Cash Equivalents, and Restricted Cash during the year (49,000) 146,800 (40,500)
Cash, Cash Equivalents, and Restricted Cash at beginning of period 450,800 304,000 344,500
Cash, Cash Equivalents, and Restricted Cash at end of period 401,800 450,800 304,000
Net cash provided by operating activities $ 602,100 $ 520,400 $ 533,500
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Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Millions
Total
Common stock [Member]
Treasury Stock, Common
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance at beginning of period, Shares     32,800,000      
Dividends Declared [Table Text Block] 2.08          
Balance at beginning of year at Dec. 31, 2021   68,300,000        
Balance at beginning of period, Common Stock at Dec. 31, 2021   $ 42.2        
Balance at beginning of period at Dec. 31, 2021     $ (1,377.7) $ 763.8 $ 2,751.5 $ (160.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuance of common stock, Shares   300,000        
Issuance of common stock   $ 0.2        
Stock repurchases, Shares 472,609          
Share-based compensation effects       28.4    
Net income $ 155.9          
Dividends declared per share ($2.32 in 2024, $2.20 in 2023 and $2.08 in 2022)         75.9  
Other comprehensive income (loss) (51.0)          
Balance at end of period, Common Stock, Shares at Dec. 31, 2022   68,600,000        
Balance at end of period, Common Stock at Dec. 31, 2022   $ 42.4        
Balance at end of period at Dec. 31, 2022 2,029.6   $ (1,424.9) 792.2 2,831.5 (211.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock Repurchased During Period, Value $ 47.2          
Balance at beginning of period, Shares     33,300,000      
Dividends Declared [Table Text Block] 2.20          
Issuance of common stock, Shares   200,000        
Issuance of common stock   $ 0.1        
Stock repurchases, Shares 24,520          
Share-based compensation effects       23.9    
Net income $ 259.2          
Dividends declared per share ($2.32 in 2024, $2.20 in 2023 and $2.08 in 2022)         81.2  
Other comprehensive income (loss) $ 44.0          
Balance at end of period, Common Stock, Shares at Dec. 31, 2023 68,797,027 68,800,000        
Balance at end of period, Common Stock at Dec. 31, 2023 $ 42.5 $ 42.5        
Balance at end of period at Dec. 31, 2023 2,273.0   $ (1,427.5) 816.1 3,009.5 (167.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock Repurchased During Period, Value $ 2.6          
Balance at beginning of period, Shares     33,300,000      
Dividends Declared [Table Text Block] 2.32          
Issuance of common stock, Shares   300,000        
Issuance of common stock   $ 0.2        
Stock repurchases, Shares 167,452          
Share-based compensation effects       31.0    
Net income $ 284.2          
Dividends declared per share ($2.32 in 2024, $2.20 in 2023 and $2.08 in 2022)         85.6  
Other comprehensive income (loss) $ (42.0)          
Balance at end of period, Common Stock, Shares at Dec. 31, 2024 69,075,329 69,100,000        
Balance at end of period, Common Stock at Dec. 31, 2024 $ 42.7 $ 42.7        
Balance at end of period at Dec. 31, 2024 2,438.9   $ (1,449.4) $ 847.1 $ 3,208.1 $ (209.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Stock Repurchased During Period, Value $ 21.9          
Balance at beginning of period, Shares     33,500,000      
v3.25.0.1
Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business 1. 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 Engine Leasing (previously named Portfolio Management). Financial results for our tank container leasing business ("Trifleet") are reported in the Other segment.

In 2024, we changed the name of our Portfolio Management business segment to Engine Leasing to reflect the prospective operations of this business segment. Historically, this business segment included marine operations from our liquefied gas-carrying vessels (the "Specialized Gas Vessels"). As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations. The segment is now almost entirely composed of our engine leasing operations, which include our ownership interest in the Rolls-Royce & Partners Finance ("RRPF") affiliates, a group of joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce") that lease aircraft spare engines, and GATX Engine Leasing ("GEL"), our business that directly owns aircraft spare engines that are leased to airline customers or employed in an engine capacity agreement.
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Accounting Changes
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes 2. Accounting Changes
New Accounting Pronouncements Adopted
Standard/DescriptionEffective Date and Adoption ConsiderationsEffect on Financial Statements or Other Significant Matters
Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, particularly around the disclosure of segment expenses that are regularly reported to the chief operating decision maker ("CODM") and included within each reported measure of segment profit.



The company adopted this standard in 2024.

The application of this guidance did not have a significant impact on the Company's consolidated financial statement disclosures on Segment Reporting as presented in "Note 24. Financial Data of Business Segments".
New Accounting Pronouncements Not Yet Adopted
Standard/DescriptionEffective Date and Adoption ConsiderationsEffect on Financial Statements or Other Significant Matters
Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance disclosures for the effective rate reconciliation and income taxes paid.


The new guidance will be effective for the Company's Annual Report on Form 10-K for the year-ended December 31, 2025. Early adoption is permitted.

We continue to assess the effect the new guidance will have on our disclosures. We expect the primary impact to be the level of disaggregation disclosed in the effective rate reconciliation table and the addition of income taxes paid by jurisdiction.
Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures to require public companies to disclose a disaggregation of certain expenses that are presented on the face of the income statement including amounts of purchased inventory, employee compensation, depreciation, amortization, and other related costs and expenses.


The new guidance will be effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2027 and subsequent interim periods. Early adoption is permitted.

We are currently assessing the requirements and the level of disclosure that will be required for our income statement expenses.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation

We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP").

Consolidation

Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances.

Use of Estimates

Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates.

Lease Classification

We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, we evaluate whether the modification requires a reassessment of the classification per the guidance around lease modifications within ASC Topic 842, Leases ("Topic 842") and will reassess lease classification, if required. See "Note 6. Leases."

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services.
We disaggregate revenue into four categories as presented on our statements of comprehensive income:

Lease Revenue

Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue.

Operating Lease Revenue

We lease railcars, locomotives, aircraft spare engines, and tank containers 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 6. Leases."

Finance Lease Revenue

In certain cases, we lease railcars and tank containers that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the effective interest method, using the interest rate implicit in the lease. See "Note 6. Leases."

Non-Dedicated Engine Revenue

Certain of our owned aircraft spare engines are part of a pool of non-dedicated spare engines managed under a capacity agreement with Rolls-Royce. Revenue is earned based on our ability to meet engine capacity requirements under the agreement, which requires us to enroll a minimum number of engines in a pool of non-dedicated spare engines for short-term lease to Rolls-Royce customers. We recognize revenue based on our right to receive a portion of the revenue earned by the pool, which is calculated based on the average engine flight hours reported for each type of engine enrolled into the pool.

Marine Operating Revenue

Historically, we generated marine operating revenue through shipping services completed by our marine vessels. As of 2024, we no longer have marine operating revenue, as all marine vessels were sold as of December 31, 2023.

Other Revenue

Other revenue is comprised of customer repair revenue, termination fees, interest income, and other miscellaneous revenues. Select components of other revenue are within the scope of ASC Topic 606, Revenue from Contracts with Customers. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842.

Earnings Per Share

We compute basic and diluted earnings per share using the two-class method, which is an earnings allocation calculation that determines Earnings Per Share ("EPS") for each class of common stock and participating security. Our vested and exercisable stock options contain non-forfeitable rights to dividends or dividend equivalents and are classified as participating securities in the calculation of EPS. Our unvested stock options, restricted stock units, performance shares and non-employee director awards do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. Vested non-employee director awards are treated as shares outstanding for basic and diluted earnings per share because these awards are guaranteed to be settled in shares upon the passage of time.
Under the two-class method, net income is allocated between shares of common stock and participating securities based on their participating rights. Basic EPS is computed by dividing net income, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Diluted EPS is calculated by dividing net income, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding adjusted for the dilutive effect of unvested stock options, restricted stock units and performance shares. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method or the two-class method. Earnings allocated to participating securities include their portion of dividends declared and undistributed earnings during the period.

Cash and Cash Equivalents and Short-Term Investments

We classify all highly liquid investments with a maturity of three months or less at the date of purchase as cash equivalents. Investments with maturities greater than three months but less than one year at the date of purchase are classified as short-term investments.

Restricted Cash

Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs.

Finance Lease Receivables

We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of comprehensive income. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under ASC Topic 326, Financial Instruments - Credit Losses. See the “Allowance for Losses” section within this Note for more information.

Allowance for Losses

The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables.

Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts.

We evaluate reserve estimates for finance lease receivables under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above.

We record charges against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2024. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2024. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses."
Operating Assets and Facilities

We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows:
Railcars
15–45 years
Aircraft spare engines
20–30 years
Locomotives
10–20 years
Tank containers
15–25 years
Buildings
40–50 years
Leasehold improvements
5–15 years
Other equipment
3–30 years

We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale.

Leased Assets as a Lessee

We record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable.

Investments in Affiliates

We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 7. Investments in Affiliated Companies."

Goodwill and Intangible Assets

We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill."

We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. Intangible assets are included in other assets on the balance sheet.
Income Taxes

We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 13. Income Taxes."

Fair Value Measurements

Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value."

Derivatives

We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis.

We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of comprehensive income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in interest expense, and we include the related cash flows in the cash flow section corresponding to the hedged item. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive (loss) income, and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Cash flows from derivatives designated as cash flow hedges are included in the cash flow section corresponding to the hedged item. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 9. Fair Value."

Foreign Currency

We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized in other expense during the periods in which they occur. Net gains (losses) recognized were $0.6 million, $6.9 million and $(4.6) million for 2024, 2023, and 2022.
Environmental Liabilities

We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 23. Legal Proceedings and Other Contingencies."

Defined Benefit Pension and Other Post-Retirement Plans

Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive loss. We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits."

Maintenance and Repair Costs

We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement.

Operating Lease Expense

We classify leases of certain railcars and other equipment as operating leases. We record the lease expense associated with these leases in operating lease expense on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 6. Leases."

Share-Based Compensation

We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. For awards accounted for as liability awards, the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period. See "Note 12. Share-Based Compensation."

Net Gain on Asset Dispositions

Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions.

The following table presents the net gain on asset dispositions for the years ended December 31 (in millions):
202420232022
Net disposition gains$122.0 $119.8 $104.1 
Residual sharing income0.5 0.9 5.6 
Non-remarketing net disposition gains15.8 11.1 17.1 
Asset impairments (1)— (1.5)(48.9)
Net gain on asset dispositions$138.3 $130.3 $77.9 
__________
(1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses.
Interest Expense, net

Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $24.3 million in 2024, $15.2 million in 2023, and $6.4 million in 2022.

Other Expense

We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other expense.
Other Operating Income and Expense
Other Expense

We include fair value adjustments on certain financial instruments, gains and/or losses on foreign currency transactions, legal defense costs and litigation settlements, along with other miscellaneous income and expense items in other expense.
v3.25.0.1
Supplemental Cash Flow and Noncash Investing Transactions
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow and Noncash Investing Transaction Supplemental Cash Flow Information
The following table shows supplemental cash flow information for the years ended December 31 (in millions):
202420232022
Interest paid (1)
$350.1 $260.1 $202.7 
Income taxes paid, net
23.0 17.3 18.7 
________
(1) Interest paid consisted of interest on debt obligations and interest rate swaps (net of interest received).
v3.25.0.1
Operating Assets and Facilities
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Operating Assets and Facilities Operating Assets and Facilities
The following table shows the components of our operating assets and facilities as of December 31 (in millions):

20242023
Railcars and locomotives$12,702.9 $11,700.8 
Aircraft spare engines1,030.4 769.7 
Tank containers241.4 237.7 
Buildings, leasehold improvements, and other equipment265.3 253.0 
Other90.6 120.7 
$14,330.6 $13,081.9 
Less: allowance for depreciation(3,880.9)(3,670.7)
Net operating assets and facilities$10,449.7 $9,411.2 

The following table shows the components of our total depreciation expense for the years ended December 31 (in millions):

202420232022
Operating assets and facilities, included in depreciation expense$402.4 $376.3 $357.5 
Maintenance operating assets and facilities, included in maintenance expense11.8 9.3 7.5 
Depreciation on operating assets and facilities$414.2 $385.6 $365.0 
Non-operating assets, included in SG&A6.7 5.9 6.3 
Total depreciation expense$420.9 $391.5 $371.3 
v3.25.0.1
Leases Lessor, Operating Leases (Notes)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Finance Leases [Text Block] Leases
GATX as Lessor

We lease railcars, locomotives, aircraft spare engines, and tank containers under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.

The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202420232022
Operating lease revenue:
Fixed lease revenue
$1,263.5 $1,145.1 $1,058.3 
Variable lease revenue
104.1 93.7 86.5 
Total operating lease revenue
$1,367.6 $1,238.8 $1,144.8 
Finance lease revenue
13.5 12.6 9.8 
Total lease revenue
$1,381.1 $1,251.4 $1,154.6 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of comprehensive income and was $115.8 million, $94.6 million and $81.5 million in 2024, 2023 and 2022.

The following table shows the components of our finance leases as of December 31 (in millions):
20242023
Total contractual lease payments receivable
$160.0 $171.8 
Estimated unguaranteed residual value of leased assets
17.2 17.2 
Unearned income
(58.9)(52.6)
Finance leases
$118.3 $136.4 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2024 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2025$1,157.5 $35.9 $1,193.4 
2026915.0 33.3 948.3 
2027720.9 23.7 744.6 
2028565.8 20.7 586.5 
2029400.5 12.8 413.3 
Thereafter
1,048.0 33.6 1,081.6 
$4,807.7 $160.0 $4,967.7 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $8.5 million, $12.9 million and $1.0 million in 2024, 2023 and 2022. The gains are reported in net gain on asset dispositions in the statements of comprehensive income.
GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2024, we leased 4,432 railcars at Rail North America, all of which are accounted for as operating leases.

To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202420232022
Operating lease cost (1):
Fixed lease cost - operating leases
$40.0 $41.6 $41.4 
Finance lease cost:
Amortization of right-of-use assets
0.2 — — 
Interest on lease liabilities
0.3 — — 
Total lease cost
$40.5 $41.6 $41.4 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $41.9 million for 2024 was recognized in connection with these operating leases compared to $41.3 million for 2023 and $40.1 million for 2022.

The following table shows the maturities of our lease liabilities as of December 31, 2024 (in millions):
Operating Leases
2025$35.6 
202635.8 
202732.8 
202825.6 
202918.4 
Thereafter
55.3 
Total undiscounted lease payments$203.5 
Less: amounts representing interest
(23.5)
Total discounted lease liabilities
$180.0 
The following table shows the lease terms and discount rates related to leases as of December 31:
20242023
Weighted-average remaining lease term (in years):
Operating leases
6.57.0
Weighted-average discount rate:
Operating leases
3.66 %3.61 %

The following table shows other information related to leases for the years ended December 31 (in millions):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$40.0 $41.2 $42.4 
Financing cash flows for finance leases
30.4 — 1.5 
Total cash for leases$70.4 $41.2 $43.9 
Non-cash financing lease transactions (1)$30.1 $— $— 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2024, we exercised options to acquire 728 railcars previously recorded on the balance sheet as a finance lease for $30.4 million, compared to no activity in 2023 and 21 railcars for $1.5 million in 2022.
Lessor, Operating Leases [Text Block] Leases
GATX as Lessor

We lease railcars, locomotives, aircraft spare engines, and tank containers under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.

The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202420232022
Operating lease revenue:
Fixed lease revenue
$1,263.5 $1,145.1 $1,058.3 
Variable lease revenue
104.1 93.7 86.5 
Total operating lease revenue
$1,367.6 $1,238.8 $1,144.8 
Finance lease revenue
13.5 12.6 9.8 
Total lease revenue
$1,381.1 $1,251.4 $1,154.6 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of comprehensive income and was $115.8 million, $94.6 million and $81.5 million in 2024, 2023 and 2022.

The following table shows the components of our finance leases as of December 31 (in millions):
20242023
Total contractual lease payments receivable
$160.0 $171.8 
Estimated unguaranteed residual value of leased assets
17.2 17.2 
Unearned income
(58.9)(52.6)
Finance leases
$118.3 $136.4 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2024 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2025$1,157.5 $35.9 $1,193.4 
2026915.0 33.3 948.3 
2027720.9 23.7 744.6 
2028565.8 20.7 586.5 
2029400.5 12.8 413.3 
Thereafter
1,048.0 33.6 1,081.6 
$4,807.7 $160.0 $4,967.7 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $8.5 million, $12.9 million and $1.0 million in 2024, 2023 and 2022. The gains are reported in net gain on asset dispositions in the statements of comprehensive income.
GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2024, we leased 4,432 railcars at Rail North America, all of which are accounted for as operating leases.

To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202420232022
Operating lease cost (1):
Fixed lease cost - operating leases
$40.0 $41.6 $41.4 
Finance lease cost:
Amortization of right-of-use assets
0.2 — — 
Interest on lease liabilities
0.3 — — 
Total lease cost
$40.5 $41.6 $41.4 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $41.9 million for 2024 was recognized in connection with these operating leases compared to $41.3 million for 2023 and $40.1 million for 2022.

The following table shows the maturities of our lease liabilities as of December 31, 2024 (in millions):
Operating Leases
2025$35.6 
202635.8 
202732.8 
202825.6 
202918.4 
Thereafter
55.3 
Total undiscounted lease payments$203.5 
Less: amounts representing interest
(23.5)
Total discounted lease liabilities
$180.0 
The following table shows the lease terms and discount rates related to leases as of December 31:
20242023
Weighted-average remaining lease term (in years):
Operating leases
6.57.0
Weighted-average discount rate:
Operating leases
3.66 %3.61 %

The following table shows other information related to leases for the years ended December 31 (in millions):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$40.0 $41.2 $42.4 
Financing cash flows for finance leases
30.4 — 1.5 
Total cash for leases$70.4 $41.2 $43.9 
Non-cash financing lease transactions (1)$30.1 $— $— 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2024, we exercised options to acquire 728 railcars previously recorded on the balance sheet as a finance lease for $30.4 million, compared to no activity in 2023 and 21 railcars for $1.5 million in 2022.
Lessee, Operating Leases [Text Block] Leases
GATX as Lessor

We lease railcars, locomotives, aircraft spare engines, and tank containers under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. In accordance with applicable guidance, we do not separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars and tank containers that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements.

The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202420232022
Operating lease revenue:
Fixed lease revenue
$1,263.5 $1,145.1 $1,058.3 
Variable lease revenue
104.1 93.7 86.5 
Total operating lease revenue
$1,367.6 $1,238.8 $1,144.8 
Finance lease revenue
13.5 12.6 9.8 
Total lease revenue
$1,381.1 $1,251.4 $1,154.6 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer repairs. This additional revenue is reported in other revenue in the statements of comprehensive income and was $115.8 million, $94.6 million and $81.5 million in 2024, 2023 and 2022.

The following table shows the components of our finance leases as of December 31 (in millions):
20242023
Total contractual lease payments receivable
$160.0 $171.8 
Estimated unguaranteed residual value of leased assets
17.2 17.2 
Unearned income
(58.9)(52.6)
Finance leases
$118.3 $136.4 

The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2024 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2025$1,157.5 $35.9 $1,193.4 
2026915.0 33.3 948.3 
2027720.9 23.7 744.6 
2028565.8 20.7 586.5 
2029400.5 12.8 413.3 
Thereafter
1,048.0 33.6 1,081.6 
$4,807.7 $160.0 $4,967.7 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.

We recorded gains on finance leases of $8.5 million, $12.9 million and $1.0 million in 2024, 2023 and 2022. The gains are reported in net gain on asset dispositions in the statements of comprehensive income.
GATX as Lessee

We lease assets, including railcars at North America, as well as other assets such as offices, maintenance facilities, and other general purpose equipment. Railcars are subleased to customers as part of our normal course of operations. Certain leases have options to purchase the underlying assets early, renew the lease, or purchase the underlying assets at the end of the lease term. The specific terms of the renewal and purchase options vary, and we did not include these amounts in our future contractual rental payments. Additionally, the contractual rental payments do not include amounts we are required to pay for licenses, taxes, insurance, and maintenance. Our lease agreements do not contain any material residual value guarantees. At December 31, 2024, we leased 4,432 railcars at Rail North America, all of which are accounted for as operating leases.

To calculate the right-of-use asset and lease liability for our leases, we use the implicit rate if readily determinable or when the implicit rate is not readily determinable, we use our incremental borrowing rate. Our incremental borrowing rate is the interest rate we estimate we would have to pay to borrow on a collateralized basis over a similar term of the lease payments. The implicit rate was measurable for railcars leased at Rail North America. For our other operating leases, we used our incremental borrowing rate. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term.

The following table shows the components of lease expense for the years ended December 31 (in millions):
202420232022
Operating lease cost (1):
Fixed lease cost - operating leases
$40.0 $41.6 $41.4 
Finance lease cost:
Amortization of right-of-use assets
0.2 — — 
Interest on lease liabilities
0.3 — — 
Total lease cost
$40.5 $41.6 $41.4 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.

Operating lease cost includes amounts attributable to sale lease-back financing transactions for railcars we lease to customers. Lease revenue of $41.9 million for 2024 was recognized in connection with these operating leases compared to $41.3 million for 2023 and $40.1 million for 2022.

The following table shows the maturities of our lease liabilities as of December 31, 2024 (in millions):
Operating Leases
2025$35.6 
202635.8 
202732.8 
202825.6 
202918.4 
Thereafter
55.3 
Total undiscounted lease payments$203.5 
Less: amounts representing interest
(23.5)
Total discounted lease liabilities
$180.0 
The following table shows the lease terms and discount rates related to leases as of December 31:
20242023
Weighted-average remaining lease term (in years):
Operating leases
6.57.0
Weighted-average discount rate:
Operating leases
3.66 %3.61 %

The following table shows other information related to leases for the years ended December 31 (in millions):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$40.0 $41.2 $42.4 
Financing cash flows for finance leases
30.4 — 1.5 
Total cash for leases$70.4 $41.2 $43.9 
Non-cash financing lease transactions (1)$30.1 $— $— 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.

In 2024, we exercised options to acquire 728 railcars previously recorded on the balance sheet as a finance lease for $30.4 million, compared to no activity in 2023 and 21 railcars for $1.5 million in 2022.
v3.25.0.1
Investments in Affiliated Companies
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Affiliated Companies Investments in Affiliated Companies
Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines.

The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20242023Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$663.1 $626.8 50.0 %
RailPulse LLCRail North America0.2 0.2 10.0 %
Investments in Affiliated Companies$663.3 $627.0 
__________
(1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce.

The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202420232022
Rail North America$— $(0.6)$0.5 
Engine Leasing108.3 98.7 45.4 
Share of affiliates' pre-tax earnings108.3 98.1 45.9 
Income taxes(25.5)(25.7)(12.3)
Share of affiliates' earnings, net of taxes$82.8 $72.4 $33.6 
There were no cash investments in affiliates in any of the periods presented. The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202420232022
Engine Leasing$50.0 $25.0 $46.3 
Total$50.0 $25.0 $46.3 

Summarized Financial Data of Affiliates

The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202420232022
Revenues$514.0 $487.2 $417.7 
Net gains on sales of assets75.2 91.7 22.9 
Net income164.0 150.6 73.9 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20242023
Current assets$610.5 $495.9 
Noncurrent assets4,709.1 4,108.3 
Total assets$5,319.6 $4,604.2 
Current liabilities$618.4 $351.5 
Noncurrent liabilities3,405.1 3,024.1 
Shareholders’ equity1,296.1 1,228.6 
Total liabilities and shareholders' equity$5,319.6 $4,604.2 

Summarized Financial Data for the RRPF Affiliates

Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in its engine maintenance programs. In aggregate, the RRPF affiliates owned 427 aircraft engines at December 31, 2024, of which 198 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 20 to 30 years to their estimated residual value. Lease terms vary but typically range from 5 to 12 years. Seconded Rolls-Royce employees act as manager for each of the RRPF affiliates and also perform substantially all required maintenance activities. In addition, the RRPF affiliates manage all of GEL's aircraft spare engines, for which we paid them a fee of $4.1 million in 2024, $2.7 million in 2023, and $1.0 million in 2022. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $82.8 million in 2024, $72.8 million in 2023, and $33.2 million in 2022. In 2022, financial results included $11.5 million (after-tax) of impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover.
We derived the following financial information from the combined financial statements of the RRPF affiliates.

The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202420232022
Lease revenue from third parties$268.1 $224.8 $192.8 
Lease revenue from Rolls-Royce225.3 253.0 222.8 
Other revenue18.9 6.0 — 
Depreciation expense(206.2)(223.7)(230.6)
Interest expense(127.3)(135.9)(110.1)
Other expenses(37.7)(19.3)(7.0)
Other income, including net gains on sales of assets75.5 92.6 22.9 
Income before income taxes216.6 197.5 90.8 
Income taxes (1)(49.4)(42.5)(17.5)
Net income$167.2 $155.0 $73.3 
_________
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20242023
Current assets$607.9 $493.2 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,618.4 and $1,646.3 (1)
4,709.1 4,108.3 
Total assets$5,317.0 $4,601.5 
Accounts payable and accrued expenses$239.6 $170.0 
Debt:
   Current378.2 181.5 
   Noncurrent, net of adjustments for hedges2,673.7 2,451.1 
Other liabilities731.3 571.9 
Shareholders’ equity1,294.2 1,227.0 
Total liabilities and shareholders' equity$5,317.0 $4,601.5 
_________
(1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024.

    The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2024 (in millions):
Rolls-RoyceThird PartiesTotal
2025$188.0 $329.1 $517.1 
2026190.8 323.8 514.6 
2027134.8 264.2 399.0 
202861.3 234.4 295.7 
202949.0 218.1 267.1 
Thereafter
142.1 700.5 842.6 
Total
$766.0 $2,070.1 $2,836.1 
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2024 (in millions):
2025$366.0 
2026465.6 
2027427.9 
2028438.0 
202975.0 
Thereafter
1,024.0 
Total debt principal (1)
$2,796.5 
__________
(1) All debt obligations are nonrecourse to the shareholders.
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt Obligations

The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
20242023
Unsecured Recourse Fixed Rate Debt:
U.S.
3.25% Notes due March 2025$300.0 $300.0 
3.25% Notes due September 2026350.0 350.0 
5.40% Notes due March 2027350.0 — 
3.85% Notes due March 2027300.0 300.0 
3.50% Notes due March 2028300.0 300.0 
4.55% Notes due November 2028300.0 300.0 
4.70% Notes due April 2029500.0 500.0 
4.00% Notes due June 2030500.0 500.0 
1.90% Notes due June 2031400.0 400.0 
3.50% Notes due June 2032400.0 400.0 
4.90% Notes due March 2033400.0 400.0 
5.45% Notes due September 2033400.0 400.0 
6.05% Notes due March 2034500.0 300.0 
6.90% Notes due May 2034400.0 400.0 
5.20% Notes due March 2044300.0 300.0 
4.50% Notes due March 2045250.0 250.0 
3.10% Notes due June 2051550.0 550.0 
6.05% Notes due May 2054400.0 — 
4.35% Notes due February 2024— 300.0 
$6,900.0 $6,250.0 
Europe (1)
1.00% Notes due March 2025 $103.5 $110.4 
1.13% Notes due August 2025103.5 110.4 
0.90% Schuldschein loan due October 2026 23.8 25.4 
1.07% Notes due November 2026 77.7 82.8 
20242023
5.23% Schuldschein loan due November 2026 38.8 41.4 
4.37% Schuldschein loan due May 202736.2 — 
1.17% Schuldschein loan due October 2028 53.8 57.4 
1.56% Schuldschein loan due October 2031 77.7 82.8 
3.62% Loan due December 2031 (3)103.5 110.4 
0.85% Notes due May 2024— 115.8 
$618.5 $736.8 
India (2)
8.39% - 8.83% Term loan due June 2027 (4)$47.9 $49.4 
8.13% - 8.53% Term loan due February 2028 (4)26.9 27.6 
8.43% - 8.94% Term loan due February 2029 (4)46.7 24.0 
8.51% - 8.88% Term loan due January 2030 (4)23.4 — 
$144.9 $101.0 
Total unsecured fixed rate debt
$7,663.4 $7,087.8 
Unsecured Recourse Floating Rate Debt (5):
U.S.
6.47% Notes due January 2026$100.0 $100.0 
6.30% Notes due January 202850.0 50.0 
7.14% Notes due September 202950.0 50.0 
$200.0 $200.0 
Europe (1)
4.32% Loan due December 2025$125.3 $— 
4.84% Notes due December 2027 113.9 121.4 
5.36% Loan due May 202977.7 — 
6.05% Loan due November 203038.8 41.4 
5.02% Loan due March 203151.8 — 
$407.5 $162.8 
Total recourse floating rate debt
$607.5 $362.8 
Total debt principal$8,270.9 $7,450.6 
Unamortized debt discount and debt issuance costs(51.6)(54.5)
Debt adjustment for fair value hedges(4.0)(8.0)
Total Debt$8,215.3 $7,388.1 
__________
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) The loan was originally set to mature in November 2024 but was extended to December 2031 at a new rate of 3.62%.
(4) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche.
(5) For floating rate debt, the interest disclosed is the applicable interest rate as of December 31, 2024.
The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
20242023
Weighted-average interest rate4.59 %4.08 %
Weighted-average term, in years8.68.4

The following table shows the scheduled principal payments of our debt obligations as of December 31, 2024 (in millions):
2025$632.4 
2026602.3 
2027836.1 
2028730.7 
2029674.4 
Thereafter
4,795.0 
Total debt principal
$8,270.9 

Borrowings Under Bank Credit Facilities

The following table shows the balance and weighted-average interest rate of our borrowings under bank credit facilities as of December 31 (in millions):
20242023
Balance$10.4 $11.0 
Weighted-average interest rate4.24 %3.86 %
Credit Lines and Facilities

In 2024, we entered into a $600 million, 5-year unsecured revolving credit facility in the United States, expiring in May 2029. The facility contains two one-year extension options. This replaced our prior $600 million, 5-year unsecured revolving credit facility. As of December 31, 2024, the full $600 million was available under this facility. We also entered into a $350 million 3-year unsecured revolving credit facility in the United States, expiring in May 2027. This facility contains two one-year extension options. This replaced our prior $250 million 3-year unsecured revolving credit facility. As of December 31, 2024, the full $350 million was available under this facility.

In 2024, we entered into a new €210 million, 3-year unsecured revolving credit facility in Europe, expiring in December 2027. In total, our European subsidiaries have unsecured credit facilities with an aggregate limit of €245.0 million. As of December 31, 2024, €235.0 million was available under these credit facilities.

Annual commitment fees for GATX's credit facilities were $1.3 million for 2024, $1.1 million for 2023, and $1.2 million for 2022.

Delayed Draw Term Loans

As of December 31, 2024, we had INR 2.0 billion ($23.4 million) available under an outstanding delayed draw term loan in India.
Restrictive Covenants

Our $600 million and $350 million revolving credit facilities in the United States, and our €210 million revolving credit facility in Europe, contain various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.0 for the period ended December 31, 2024, which is in excess of the minimum covenant ratio of 1.2. Some of our bank term loans have the same financial covenants as these facilities.

The indentures for our public debt also contain various restrictive covenants, including limitations on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2024, this limit was $2.4 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness.

At December 31, 2024, our European subsidiaries had outstanding term loans, public debt, and private placement debt balances totaling €991.0 million. The loans are guaranteed by GATX Corporation and are subject to similar restrictive covenants as the revolving credit facility noted above.
At December 31, 2024, we were in compliance with all covenants and conditions of all of our credit agreements, indentures and loans. We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing.
v3.25.0.1
Fair Value Disclosure
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Disclosure Fair Value
The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at December 31, 2024 and December 31, 2023.

In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows, independent appraisals, and market comparables, as applicable.

Certain assets were subject to non-recurring Level 3 fair value measurements during 2024 and 2023 and continue to be held at December 31, 2024 and 2023. The fair value of such assets at the time of their measurement was $0.4 million at December 31, 2024 and $0.8 million at December 31, 2023 and primarily consisted of railcars in both periods. See "Note 10. Asset Impairments and Assets Held for Sale" for further information.

Derivative Instruments

Fair Value Hedges

We use interest rate swaps to manage the fixed-to-floating rate mix of our debt obligations by converting a portion of our fixed rate debt to floating rate debt. For fair value hedges, we recognize changes in fair value of both the derivative and the hedged item as interest expense. We had four instruments outstanding with an aggregate notional amount of $200.0 million as of December 31, 2024 with maturities ranging from 2025 to 2027 and four instruments outstanding with an aggregate notional amount of $200.0 million as of December 31, 2023 with maturities ranging from 2025 to 2027.

Cash Flow Hedges

We use Treasury rate locks and swap rate locks to hedge our exposure to interest rate risk on anticipated transactions. We also use currency swaps, forwards, and put/call options to hedge our exposure to fluctuations in the exchange rates of foreign currencies for certain loans and operating expenses denominated in non-functional currencies. There were no instruments outstanding as of December 31, 2024 and one instrument outstanding with an aggregate notional amount of $131.0 million as of December 31, 2023 that matured in 2024. Within the next 12 months, we expect to reclassify $1.1 million ($0.8 million after-tax) of net losses on previously terminated derivatives from accumulated other comprehensive loss to interest expense. 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 expense immediately.
Certain of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that were in a liability position was $4.0 million as of December 31, 2024 and $8.0 million as of December 31, 2023. 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):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
December 31, 2024		Fair Value
December 31, 2023
Derivative Assets
Foreign exchange contracts (1)
Other assets$— $0.5 
Total derivative assets$— $0.5 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$4.0 $8.0 
Foreign exchange contracts (2)
Other liabilities
8.1 10.5 
Total derivative liabilities$12.1 $18.5 
_________
(1) Designated as hedges.
(2) Not designated as hedges.

We value derivatives using a pricing model with inputs (such as yield curves and foreign currency rates) that are observable in the market or that can be derived principally from observable market data. As of December 31, 2024 and December 31, 2023, all derivatives were classified as Level 2 in the fair value hierarchy. There were no derivatives classified as Level 1 or Level 3.
    
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (in millions):
Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included2024202320242023
Recourse debt$(198.9)$(196.8)$(4.0)$(8.0)

The following tables show the impact of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions):

Amount of (Gain) Loss Recognized in Other Comprehensive (Loss) Income
Derivative Designation202420232022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts
$(3.4)$3.6 $(5.7)
Total$(3.4)$3.6 $(5.7)
Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
202420232022
Interest expense$1.6 $1.6 $1.7 
Other expense(3.7)3.7 (5.7)
Total$(2.1)$5.3 $(4.0)

The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202420232022
Total interest expense$(341.0)$(263.4)$(214.0)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(4.0)(3.6)14.1 
Derivatives designated as hedging instruments
4.0 3.6 (14.1)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.6)(1.6)(1.7)

Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202420232022
Total other expense$(9.5)$(9.4)$(27.0)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)3.7 (3.7)5.7 
Gain (Loss) on non-designated foreign exchange derivative contracts (2)1.7 (11.3)0.7 
_________
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.

Other Financial Instruments

Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and borrowings under bank credit facilities with maturities under one year approximate fair value due to the short maturity of those instruments.

We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs.
The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions):
20242023
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$7,609.5 $7,243.9 $7,026.6 $6,614.6 
Recourse floating rate debt605.8 617.3 361.5 362.9 
Total$8,215.3 $7,861.2 $7,388.1 $6,977.5 
v3.25.0.1
Asset Impairments and Assets Held for Sale (Notes)
 12 Months Ended
Dec. 31, 2024
Asset Impairment [Abstract]  
Asset Impairments Asset Impairments and Assets Held for Sale
In 2022, we made the decision to exit Rail Russia, which was historically reported within the Rail International segment. The net assets of Rail Russia were classified as held for sale and adjusted to the lower of carrying amount or fair value less costs to dispose. As a result, we recorded impairment losses totaling $14.6 million in 2022. The impairment charges included $1.2 million for the anticipated liquidation of the cumulative translation adjustment. We sold Rail Russia in 2023.

In 2022, we made the decision to sell our five Specialized Gas Vessels within the Engine Leasing segment. The Specialized Gas Vessels were classified as held for sale and adjusted to the lower of their respective carrying amounts or fair value less costs to dispose. As a result, we recorded impairment losses of $34.3 million in 2022 and $1.2 million in 2023. All vessels were sold as of December 31, 2023.

The following table summarizes the components of asset impairments for the years ended December 31 (in millions):
 202420232022
Attributable to Consolidated Assets
Rail International
$— $0.3 $14.6 
Engine Leasing
— 1.2 34.3 
Total
$— $1.5 $48.9 
We had no asset impairments in 2024. Impairment losses at Rail International in 2023 were due to declines in value of railcars from functional obsolescence and to the decision to sell Rail Russia in 2022, as noted above. Impairment losses at Engine Leasing in 2023 and 2022 were due to the decision to sell the Specialized Gas Vessels, as noted above.

In the consolidated statements of comprehensive income, impairment losses related to consolidated assets were included in net gain on asset dispositions.

Assets held for sale, all at Rail North America, were $0.4 million as of December 31, 2024 and $0.8 million as of December 31, 2023. All assets held for sale at December 31, 2024 are expected to be sold within one year and are included in Other Assets on the balance sheet.
v3.25.0.1
Pension and Other Post-Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefits
We maintain both funded and unfunded noncontributory defined benefit pension plans covering our domestic employees and the employees of our subsidiaries. We also have a funded noncontributory defined benefit pension plan related to a former business in the United Kingdom that has no active employees. The plans base benefits payable on years of service and/or final average salary. We base our funding policies for the pension plans on actuarially determined cost methods allowable under IRS regulations and statutory requirements in the United Kingdom.

In addition to the pension plans, we have other post-retirement plans that provide health care, life insurance, and other benefits for certain retired domestic employees who meet established criteria. Most domestic employees that retire with immediate benefits under our pension plan are eligible for health care and life insurance benefits. The other post-retirement plans are either contributory or noncontributory, depending on various factors.
Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $1.4 million of expense in 2023.

We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions):
 
 
 
 		2024 Pension
Benefits 		2023 Pension
Benefits 		2024 Retiree
Health
and Life		2023 Retiree
Health
and Life
Change in Benefit Obligation
Benefit obligation at beginning of year
$346.9 $341.8 $14.9 $15.6 
Service cost
6.1 5.3 0.1 0.1 
Interest cost
16.4 16.6 0.7 0.8 
Plan amendments
— 0.5 — — 
Actuarial loss (gain)
(14.9)12.4 (1.0)0.2 
Benefits paid
(24.3)(30.8)(1.6)(1.8)
Effect of foreign exchange rate changes
(0.5)1.1 — — 
Benefit obligation at end of year
$329.7 $346.9 $13.1 $14.9 
Change in Fair Value of Plan Assets
Plan assets at beginning of year
$328.8 $323.8 $— $— 
Actual return on plan assets
19.6 29.1 — — 
Effect of exchange rate changes
(0.4)1.4 — — 
Company contributions
1.3 5.3 1.6 1.8 
Benefits paid
(24.3)(30.8)(1.6)(1.8)
Plan assets at end of year
$325.0 $328.8 $— $— 
Funded Status at end of year
$(4.7)$(18.1)$(13.1)$(14.9)
Amount Recognized
Other liabilities
$(4.7)$(18.1)$(13.1)$(14.9)
Accumulated other comprehensive loss (income):
Net actuarial loss (gain)
58.0 72.0 (7.1)(6.7)
Prior service cost (credit)
0.5 0.6 — (0.2)
Accumulated other comprehensive loss (income)
58.5 72.6 (7.1)(6.9)
Total recognized
$53.8 $54.5 $(20.2)$(21.8)
After-tax amount recognized in accumulated other comprehensive loss (income)
$46.2 $56.8 $(5.6)$(5.4)

The aggregate accumulated benefit obligation for the defined benefit pension plans was $316.1 million at December 31, 2024 and $334.0 million at December 31, 2023.
The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions):
20242023
Projected benefit obligations$25.4 $259.4 
Fair value of plan assets— 227.3 

The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions):    
20242023
Accumulated benefit obligations$22.0 $22.8 
Fair value of plan assets— — 

The following table shows the components of net periodic cost for the years ended December 31 (in millions):

 
 
 
 		2024
Pension
Benefits 		2023
Pension
Benefits 		2022
Pension
Benefits 		2024
Retiree Health and Life		2023
Retiree Health and Life		2022
Retiree Health and Life
Service cost
$6.1 $5.3 $7.7 $0.1 $0.1 $0.2 
Interest cost
16.4 16.6 10.1 0.7 0.8 0.4 
Expected return on plan assets
(21.6)(21.4)(15.6)— — — 
Settlement accounting adjustment
— 1.4 7.1 — — — 
Amortization of (1):
Unrecognized prior service cost (credit)
0.1 — — (0.2)(0.3)(0.2)
Unrecognized net actuarial loss (gain)
1.0 0.9 8.6 (0.5)(0.5)(0.3)
Net periodic cost
$2.0 $2.8 $17.9 $0.1 $0.1 $0.1 
_________
(1) Amounts reclassified from accumulated other comprehensive loss.

The service cost component of net periodic cost was $6.2 million in 2024, $5.4 million in 2023, and $7.9 million in 2022 and is recorded in selling, general and administrative expense. The non-service components totaled income of $4.1 million in 2024, income of $2.5 million in 2023, and expense of $10.1 million in 2022 and are recorded in other expense in the statements of comprehensive income.

We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees.
We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31:
20242023
Domestic defined benefit pension plans
Benefit Obligation at December 31:
Discount rate — salaried funded plans5.59 %4.95 %
Discount rate — salaried unfunded plans
5.11% - 5.55%
4.74% - 4.92%
Discount rate — hourly funded plan5.74 %5.06 %
Cash balance interest crediting rate — salaried funded plan
4.54% - 4.78%
4.14% - 4.66%
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plansn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — salaried funded and unfunded plans4.95 %5.15 %
Discount rate — hourly funded plan5.06 %5.24 %
Expected return on plan assets — salaried funded plan6.40 %6.30 %
Expected return on plan assets — hourly funded plan5.60 %5.60 %
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plann/an/a
Foreign defined benefit pension plan
Benefit Obligation at December 31:
Discount rate5.40 %4.50 %
Rate of pension-in-payment increases3.00 %2.80 %
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate4.50 %4.90 %
Expected return on plan assets4.80 %4.70 %
Rate of pension-in-payment increases2.80 %3.00 %
Other post-retirement benefit plans
Benefit Obligation at December 31:
Discount rate — combined health5.41 %4.85 %
Discount rate — combined life insurance5.61 %4.97 %
Rate of compensation increasesn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — combined health4.84 %5.04 %
Discount rate — combined life insurance4.97 %5.16 %
Rate of compensation increasesn/an/a
We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate.
20242023
Assumed Health Care Cost Trend Rates at December 31:
Health care cost trend assumed for next year
Medical claims — pre age 657.50 %6.75 %
Medical claims — post age 656.00 %6.25 %
Prescription drugs claims — pre age 6513.00 %8.25 %
Prescription drugs claims — post age 6512.00 %8.25 %
Post age 65 Medicare Advantage Part D18.75 %17.95 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)
Medical claims4.50 %4.50 %
Prescription drugs claims4.50 %4.50 %
Year that rate reaches the ultimate trend rate
Medical claims20342033
Prescription drugs claims20342033

Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2024 and 2023, and current target asset allocation for 2024, by asset category:
  
 		Plan Assets for Salaried Employees at
December 31
Target20242023
Asset Category
Equity securities43.7 %44.4 %49.7 %
Debt securities53.0 %51.3 %46.1 %
Real estate3.3 %2.4 %2.5 %
Cash— %1.9 %1.7 %
100.0 %100.0 %100.0 %

 
 		 
 		Plan Assets for Hourly Employees at
December 31
Target20242023
Asset Category
Equity securities9.3 %9.2 %16.5 %
Debt securities90.0 %87.5 %78.7 %
Real estate0.7 %1.3 %1.5 %
Cash— %2.0 %3.3 %
100.0 %100.0 %100.0 %
The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2024 and 2023, and current target asset allocation for 2023, by asset category:
 
 		 
 		Plan Assets at
December 31
Target20242023
Asset Category
Debt securities50.0 %47.4 %99.8 %
Cash50.0 %52.6 %0.2 %
100.0 %100.0 %100.0 %

The following table sets forth the fair value of our pension plan assets as of December 31 (in millions):
20242023
Assets measured at net asset value (1):
Short-term investment collective trust fund
$18.5 $0.7 
Common stock collective trust funds
107.5 127.4 
Fixed-income collective trust funds
192.6 193.7 
Real estate collective trust funds
6.4 7.0 
Total
$325.0 $328.8 
_______
(1) In accordance with the relevant accounting standards, investments measured at fair value using the net asset value per share (or its equivalent) practical expedient are not recorded in any specific category of the fair value hierarchy.

The following is a description of the valuation techniques and inputs used as of December 31, 2024 and 2023.

Short-term investment collective trust fund

We value the short-term investment collective trust fund based on the closing net asset values ("NAV") quoted by the funds. The short-term investment collective trust fund is a highly liquid investment in obligations of the U.S. Government, or its agencies or instrumentalities, and the related money market instruments. The short-term investment fund has no restrictions on redemption frequency or advance notice periods required for redemption. The fund seeks to provide safety of principal, daily liquidity, and a competitive yield over the long term.

Common stock collective trust funds and fixed-income collective trust funds

We value common stock collective trust funds and fixed-income collective trust funds based on the closing NAV prices quoted by the funds. None of the collective trust funds have restrictions on redemption frequency or advance notice periods required for redemption. The investment objective of each of the common stock funds is long-term total return through capital appreciation and current income. The fixed-income funds are each designed to deliver safety and stability by preserving principal and accumulated earnings. The fixed-income fund seeks to achieve, over an extended period of time, total returns comparable or superior to broad measures of the long-term domestic investment grade credit bond market.

Real estate collective trust funds

We value real estate collective trust funds based on the NAV provided by the funds' administrators. A lack of liquidity in the funds may limit or delay redemptions. The investment objective of the real estate funds, which are diversified by location and property type, is long-term return through property appreciation, current income, and timely sales.

The primary investing objective of the pension plans is to provide benefits to plan participants and their beneficiaries. To achieve this goal, we invest in a diversified portfolio of equities, debt, and real estate investments to maximize return and to keep long-term investment risk at a reasonable level. Equity investments are diversified across U.S. and non-U.S. stocks, growth and value stocks, and small cap and large cap stocks. Debt securities are predominately investments in long-term, investment-grade corporate bonds. Real estate investments include investments in funds that are diversified by location and property type.
On a timely basis, but not less than twice a year, we formally review pension plan investments to ensure we adhere to investment guidelines and our stated investment approach. Our review also evaluates the reasonableness of our investment decisions and risk positions. We compare our investments' performance to indices and peers to determine if investment performance has been acceptable.

In 2025, we expect to contribute approximately $4.2 million to our pension and other post-retirement benefit plans. Additional contributions to the domestic funded pension plans will depend on investment returns on plan assets and actuarial experience.

The following table shows expected future benefit payments, which reflect expected future service (in millions):

 		Funded PlansUnfunded PlansRetiree Health and Life
2025$28.8 $2.6 $1.6 
202628.9 2.7 1.6 
202728.0 2.8 1.5 
202827.8 2.8 1.4 
202926.8 2.7 1.3 
Years 2030-2034125.8 11.7 5.0 
Total$266.1 $25.3 $12.4 

In addition to our defined benefit plans, we have two 401(k) retirement savings plans available to substantially all salaried employees and certain other employee groups. We may contribute to the plans as specified by their respective terms and as our Board of Directors determines. Contributions to our 401(k) retirement plans were $4.0 million for 2024, $2.6 million for 2023, and $2.3 million for 2022.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
We provide equity awards to our employees under the GATX Corporation 2012 Incentive Award Plan, including grants of non-qualified employee stock options, restricted stock units, performance shares, and phantom stock awards and restricted stock units to non-employee directors. As of December 31, 2024, 4.9 million shares were authorized under the 2012 Plan and 1.7 million shares were available for future issuance. We recognize compensation expense for our equity awards in selling, general and administrative expenses over the applicable service period of each award. Share-based compensation expense was $23.0 million for 2024, $18.3 million for 2023, and $12.7 million for 2022, and the related tax benefits were $5.8 million for 2024, $4.6 million for 2023, and $3.2 million for 2022.

Stock Options

Stock options entitle the holder to purchase shares of common stock for periods up to seven years from the grant date. Stock options entitle the holder to purchase shares of our common stock at a specified exercise price. The dividends that accrue on all stock options are paid upon vesting and continue to be paid until the stock options are exercised, canceled, or expire. The exercise price for stock options is equal to the average of the high and low trading prices of our common stock on the date of grant. We recognize compensation expense on a straight-line basis over the vesting period of the award, which is generally three years.

The estimated fair value of a stock option is the sum of the value we derive using the Black-Scholes option pricing model and the present value of dividends we expect to pay over the expected term of the award. The Black-Scholes valuation incorporates various assumptions, including expected term, expected volatility, and risk free interest rates. We base the expected term on historical exercise patterns and post-vesting terminations, and we base the expected volatility on the historical volatility of our stock price over a period equal to the expected term. We use risk-free interest rates that are based on the implied yield on recently-issued U.S. Treasury zero-coupon bonds with a term comparable to the expected term.
The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:
202420232022
Weighted-average estimated fair value$45.22 $41.06 $34.77 
Quarterly dividend rate$0.58 $0.55 $0.52 
Expected term of stock options, in years4.24.24.3
Risk-free interest rate4.0 %3.7 %1.6 %
Dividend yield1.8 %1.9 %2.0 %
Expected stock price volatility34.7 %35.4 %35.0 %
Present value of dividends
$8.87 $8.57 $8.58 

The following table shows information about outstanding stock options for the year ended December 31, 2024:

Number of Stock Options
(in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of the year997$89.85 
Granted194126.47 
Exercised(241)78.61 
Forfeited/Cancelled(2)122.15 
Outstanding at end of the year948100.13 
Vested and exercisable at end of the year56987.98 

The following table shows the aggregate intrinsic value of stock options exercised in 2024, 2023, and 2022, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options outstanding and vested as of December 31, 2024:
Stock OptionsWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in millions)
Exercised in 2022$13.4
Exercised in 20239.0 
Exercised in 202413.6 
Outstanding at December 31, 2024 (a)3.852.0
Vested and exercisable at December 31, 20242.838.1 
_______
(a) As of December 31, 2024, 948,100 stock options were outstanding.

Total cash received from employees for exercises of stock options during the years ended December 31, 2024, 2023, and 2022 was $32.1 million, $22.3 million, and $30.9 million. As of December 31, 2024, we had $8.8 million of unrecognized compensation expense related to nonvested stock options, which we expect to recognize over a weighted-average period of 1.7 years.

Restricted Stock Units and Performance Shares

Restricted stock units entitle the recipient to receive a specified number of restricted shares of common stock upon vesting. Restricted stock units do not carry voting rights and are not transferable prior to the expiration of a specified restriction period, which is generally three years, as determined by the Compensation Committee of the Board of Directors ("Compensation Committee"). We accrue dividends on all restricted stock units and pay those dividends when the awards vest. We recognize compensation expense for these awards over the applicable vesting period.
Performance shares are restricted shares that we grant to key employees for achieving certain strategic objectives. The shares convert to common stock at the end of a specified performance period if predetermined performance goals are achieved, as determined by the Compensation Committee. We estimate the number of shares we expect will vest as a result of actual performance against the performance criteria at the time of grant to determine total compensation expense to be recognized. We reevaluate the estimate annually and adjust total compensation expense for any changes to the estimate of the number of shares we expect to vest. The performance shares granted include an option to settle shares earned in cash upon vesting for certain eligible employees. As a result, these awards are accounted for as liability awards and recorded in other liabilities. The liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period, which is generally three years.

We value our restricted stock units and performance share awards using the average of the high and low values of our common stock on the grant date of the awards. As of December 31, 2024, there was $10.9 million of unrecognized compensation expense related to these awards, which we expect to be recognized over a weighted-average period of 1.7 years.

The following table shows information about restricted stock units and performance shares for the year ended December 31, 2024:

Number of Share Units Outstanding (in thousands)Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Nonvested at beginning of the year100 $103.19 
Granted32 126.52 
Vested(30)91.52 
Forfeited— 124.41 
Nonvested at end of the year102 113.79 
Performance Shares:
Nonvested at beginning of the year97 $106.89 
Granted39 126.47 
Net increase due to estimated performance5 115.81 
Vested(52)101.03 
Nonvested at end of the year89 119.39 

The total fair value of restricted stock units and performance shares that vested during the year was $11.9 million in 2024, $9.7 million in 2023, and $7.7 million in 2022. Cash paid to settle performance share awards was $4.7 million in 2024, $4.1 million in 2023, and $5.5 million in 2022.

Non-Employee Director Awards

We grant awards to non-employee directors as a component of their compensation for service on our board of directors. Currently, these awards are in the form of restricted stock units. Previously, these awards were in the form of phantom stock, which are units that equate to, but are not common shares. Restricted stock unit awards and phantom stock awards are both dividend participating and, for awards that are deferred, dividends are reinvested in additional shares at the average of the high and low trading prices of our stock on the dividend payment date. At the expiration of each director’s service on the board of directors, or in accordance with the deferral election, whole units of both restricted stock units and phantom stock will be settled with shares of common stock, and fractional units will be paid in cash. In 2024, we granted 14,213 units of restricted stock and there were a total of 250,464 restricted stock units and phantom stock outstanding as of December 31, 2024.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions):
202420232022
Income before Income Taxes
Domestic$80.6 $82.9 $55.8 
Foreign180.8 162.6 121.3 
Total$261.4 $245.5 $177.1 

The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions):
202420232022
Income Tax Expense
Current
Domestic:
Federal
$— $2.9 $0.2 
State and local
0.7 0.2 — 
$0.7 $3.1 $0.2 
Foreign
13.5 17.3 18.3 
Total current
$14.2 $20.4 $18.5 
Deferred
Domestic:
Federal
$18.4 $13.5 $11.1 
State and local
(6.4)(1.8)2.7 
$12.0 $11.7 $13.8 
Foreign
33.8 26.6 22.5 
Total deferred
$45.8 $38.3 $36.3 
Income taxes
$60.0 $58.7 $54.8 

The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions):
202420232022
Income taxes at federal statutory rate
$54.9 $51.6 $37.2 
Adjust for effect of:
Foreign earnings taxed at applicable statutory rates9.3 9.8 18.0 
Foreign deferred tax rate change impact— — (2.9)
Nondeductible compensation4.3 2.7 2.6 
Share-based compensation(2.2)(1.7)(2.3)
State income taxes3.0 3.7 2.6 
State income tax rate change impact(6.0)(3.0)(8.3)
State net operating loss valuation allowance(1.8)(2.3)9.9 
Other(1.5)(2.1)(2.0)
Income taxes
$60.0 $58.7 $54.8 
Effective income tax rate
23.0 %23.9 %30.9 %

In 2024, our effective tax rate was 23.0% compared to 23.9% in 2023 and 30.9% in 2022.
The adjustment for foreign earnings in each year reflected the impact of applicable statutory tax rates on income earned at our foreign subsidiaries. Compensation is adjusted for the difference between the deductibility of these expenses under the U.S. tax law versus U.S. GAAP. State income taxes are recognized on domestic pretax income or loss. The amount of our domestic income subject to state taxes relative to our total worldwide income impacts the effect state income tax has on our overall income tax rate.

Separately, our affiliates incurred income taxes of $25.5 million, $25.7 million, and $12.3 million respectively in 2024, 2023, and 2022.

The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions):
20242023
Deferred Tax Liabilities
Book/tax basis difference due to depreciation$1,327.9 $1,263.5 
Right-of-use assets41.3 52.9 
Investments in affiliated companies4.5 16.8 
Lease accounting18.0 17.2 
Intangible amortization1.5 1.7 
Other4.9 4.5 
Total deferred tax liabilities$1,398.1 $1,356.6 
Deferred Tax Assets
Lease liability$44.4 $56.6 
Federal net operating loss82.6 75.0 
Foreign tax credit0.8 0.8 
Valuation allowance on foreign tax credit(0.8)(0.8)
Federal interest limitation carryforward72.5 77.3 
State net operating loss37.4 40.1 
Valuation allowance on state net operating loss(20.4)(20.3)
State interest limitation carryforward11.4 13.0 
Foreign net operating loss4.4 4.1 
Accruals not currently deductible for tax purposes32.3 21.0 
Allowance for losses1.3 1.0 
Pension and post-retirement benefits2.1 5.8 
Other2.8 1.9 
Total deferred tax assets$270.8 $275.5 
Net deferred tax liabilities$1,127.3 $1,081.1 

Deferred income taxes are the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We expect at this time to continue reinvestment of foreign earnings outside the U.S. indefinitely. Consequently, our tax provision does not include any deferred tax costs that might arise due to book versus tax basis differences in investments in foreign subsidiaries. Under provisions of the territorial tax system, future dividend distributions from foreign subsidiaries and affiliates are generally exempt from U.S. income tax. Taxes may arise from withholding taxes or on foreign exchange or other gains recognized in connection with the basis differences in our investments in foreign subsidiaries. The ultimate tax cost of repatriating these earnings depends on tax laws in effect and other circumstances at the time of distribution.

At December 31, 2024, we had a U.S. federal tax net operating loss carryforward of $393.2 million that can be carried forward indefinitely until the loss is fully recovered. The utilization of net operating losses carried forward are limited to 80% of future taxable income. We also had foreign tax credits of $0.8 million that expire after 2027. We have recorded a $0.8 million valuation allowance related to these credits, as we believe it is more likely than not that we will be unable to utilize them.
At December 31, 2024, due to a provision of the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), the deductibility of interest expense may be limited on our federal tax return. Disallowed amounts can be carried forward indefinitely until the expense is fully utilized. As a result of this limitation, we have a federal interest expense carryforward amount of $356.5 million.

At December 31, 2024, we had state tax net operating losses of $37.4 million, net of federal benefits that are scheduled to expire at various times beginning in 2025. We have recorded a $20.4 million valuation allowance related to state net operating losses, as we believe it is more likely than not that we will be unable to use all of these losses. Also, as a result of the provision in the Tax Act limiting the deductibility of interest expense on our federal tax return, as referenced above, we had a corresponding state interest limitation of $11.4 million that can be carried forward indefinitely until the expense is fully utilized.

At December 31, 2024, we had foreign net operating losses of $4.4 million, with various carryforward periods. It is more likely than not that we will be able to use these losses in the future, and therefore, no valuation allowance is required at this time.

At December 31, 2024, our gross liability for unrecognized tax benefits was $8.3 million. Of this amount, $8.1 million is attributed to our foreign operations. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. To the extent interest is not assessed or is otherwise reduced with respect to uncertain tax positions, we will record any required adjustment as a reduction of income tax expense.

We file one separate federal income tax return and one consolidated federal income tax return with our domestic subsidiaries in the U.S. jurisdiction, as well as tax returns in various state and foreign jurisdictions. As of December 31, 2024, all audits or statutes of limitations with respect to our federal tax returns for years prior to 2021 have been closed or expired. Additionally, we currently have no open federal income tax audits, no open state income tax audits, and three of our foreign jurisdictions have open income tax audits.
v3.25.0.1
Concentrations
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentrations Concentrations
Concentration of Revenues

We derived revenue from a wide range of industries and companies. In 2024, we generated approximately 25% of our total revenues from customers in the transportation industry, 24% from the chemical industry, 22% from the petroleum industry, 12% from food/agriculture industries and 5% from the mining, minerals and aggregates industry. Our foreign identifiable revenues were primarily derived in Canada, Germany, United Kingdom, Poland and India.

Concentration of Credit Risk

We did not have revenue concentrations greater than 10% from any particular customer for any of the years ended December 31, 2024, 2023, and 2022. Under our lease agreements with customers, we typically retain legal ownership of the assets unless such assets have been financed by sale-leasebacks. We perform a credit evaluation prior to approval of a lease contract. Subsequently, we monitor the creditworthiness of the customer and the value of the collateral on an ongoing basis. We maintain an allowance for losses to provide for credit losses inherent in our receivables balances.

Concentration of Labor Force

As of December 31, 2024, collective bargaining agreements covered approximately 39% of our employees, of which agreements covering 2% of employees will expire within the next year. The hourly employees at our U.S. service centers are represented by the United Steelworkers. Employees at three of Rail North America's Canadian service centers are represented by Unifor and the Employee Shop Committee of Rivière-des-Prairies. Certain employees of GATX Rail Europe are represented by one union in Poland.
v3.25.0.1
Commercial Commitments
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Commercial Commitments Commercial Commitments
We have entered into various commercial commitments, including 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.
As of December 31, 2024 and December 31, 2023, we had commercial commitments of $8.7 million, consisting of standby letters of credit and performance bonds. There were no liabilities recorded on the balance sheet for commercial commitments at December 31, 2024 and December 31, 2023. As of December 31, 2024, our outstanding commitments expire in 2025 through 2028. We are not aware of any event that would require us to satisfy any of our commitments.

We are parties to standby letters of credit and performance bonds, which primarily relate to contractual obligations and general liability insurance coverages. No material claims have been made against these obligations, and no material losses are anticipated.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings per Share
We compute basic and diluted earnings per share using the two-class method, which is an earnings allocation calculation that determines EPS for each class of common stock and participating security. Our vested and exercisable stock options contain non-forfeitable rights to dividends or dividend equivalents and are classified as participating securities in the calculation of EPS. Our unvested stock options, restricted stock units, performance shares and non-employee director awards do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. See "Note 3. Significant Accounting Policies" for more detail of our EPS calculation methodology.

The following table shows the computation of our basic and diluted earnings per common share for the years ended December 31 (in millions, except per share amounts):
202420232022
Basic earnings per share:
Net income
$284.2 $259.2 $155.9 
Less: Net income allocated to participating securities(4.9)(4.9)— 
Net income available to common shareholders$279.3 $254.3 $155.9 
Weighted-average shares outstanding - basic
35.8 35.7 35.4 
Basic earnings per share
$7.80 $7.13 $4.41 
Diluted earnings per share:
Net income
$284.2 $259.2 $155.9 
Less: Net income allocated to participating securities(4.9)(4.9)— 
Net income available to common shareholders$279.3 $254.3 $155.9 
Weighted-average shares outstanding - basic
35.8 35.7 35.4 
Effect of dilutive securities:
Equity compensation plans0.1 0.1 0.5 
Weighted-average shares outstanding - diluted *
35.9 35.7 35.9 
Diluted earnings per share
$7.78 $7.12 $4.35 
________
(*) Sum of individual components may not be additive due to rounding.
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Our goodwill was $114.1 million as of December 31, 2024 and $120.0 million as of December 31, 2023. In the fourth quarter of 2024, we performed a review for impairment of goodwill, and concluded that goodwill was not impaired. The following table summarizes the components of goodwill by segment for the years ended December 31 (in millions):
20242023
Rail North America$23.8 $23.8 
Rail International (1)53.3 56.8 
Other (1)37.0 39.4 
Total$114.1 $120.0 
________
(1) Goodwill relates to our rail operations in Europe at the Rail International segment and Trifleet at the Other segment.

The changes in the carrying amount of our goodwill for 2024 resulted from fluctuations in foreign currency exchange rates.
v3.25.0.1
Allowance for Losses
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Allowance for Losses Allowance for Losses
The following table shows changes in the allowance for losses at December 31 (in millions):
20242023
Beginning balance$5.9 $5.9 
Provision for losses2.0 0.4 
Charges to allowance(1.9)(0.4)
Recoveries and other, including foreign exchange adjustments(0.3)— 
Ending balance$5.7 $5.9 
v3.25.0.1
Other Assets and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Other Assets and Other Liabilities [Abstract]  
Other Assets and Other Liabilities Other Assets and Other Liabilities
The following table shows the components of other assets reported on our balance sheets as of December 31 (in millions):
20242023
Inventory$71.8 $74.0 
Office furniture, fixtures and other equipment, net of accumulated depreciation26.8 28.5 
Utilization asset26.5 24.1 
Prepaid pension20.7 14.0 
Prepaid items18.4 14.3 
Deferred financing costs3.5 2.0 
Assets held for sale0.4 0.8 
Derivatives— 0.5 
Other135.0 128.4 
Total
$303.1 $286.6 

The following table shows the components of other liabilities reported on our balance sheets as of December 31 (in millions):
20242023
Accrued pension and other post-retirement benefits$38.5 $47.0 
Derivatives12.1 18.5 
Environmental accruals12.0 2.8 
Other44.9 38.1 
Total$107.5 $106.4 
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
On January 25, 2019, our board of directors ("Board") approved a $300 million share repurchase program, pursuant to which we are authorized to purchase shares of our common stock in the open market, in privately negotiated transactions, or otherwise, including pursuant to Rule 10b5-1 plans. The share repurchase program does not have an expiration date, does not obligate the Company to repurchase any dollar amount or number of shares of common stock, and may be suspended or discontinued at any time. The timing of share repurchases will be dependent on market conditions and other factors. During 2024, we repurchased 167,452 shares of common stock for $21.9 million. In 2023, we purchased 24,520 shares of common stock for $2.6 million. In 2022, we repurchased 472,609 shares of common stock for $47.2 million.

In accordance with our certificate of incorporation, 120 million shares of common stock are authorized, at a par value of $0.625 per share. As of December 31, 2024, 69.1 million shares were issued and 35.6 million shares were outstanding.

The following shares of common stock were reserved as of December 31, 2024 (in millions):
GATX Corporation 2004 Equity Incentive Compensation Plan2.1 
GATX Corporation 2012 Incentive Award Plan4.9 
Total7.0 
Our certificate of incorporation also authorizes five million shares of preferred stock at a par value of $1.00 per share. We had no outstanding shares of preferred stock as of December 31, 2024 or December 31, 2023.
v3.25.0.1
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Loss
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plans AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2021
$(95.4)$(12.6)$(52.6)$(160.6)
Change in component(56.7)5.8 (1.6)(52.5)
Reclassification adjustments into earnings (1)— (4.0)8.1 4.1 
Income tax effect— (0.4)(2.2)(2.6)
Accumulated other comprehensive loss at December 31, 2022$(152.1) $(11.2)$(48.3)$(211.6)
Change in component45.8 (3.6)(4.1)38.1 
Reclassification adjustments into earnings (1)— 5.3 0.1 5.4 
Income tax effect— (0.4)0.9 0.5 
Accumulated other comprehensive loss at December 31, 2023$(106.3)$(9.9)$(51.4)$(167.6)
Change in component(53.8)3.4 13.9 (36.5)
Reclassification adjustments into earnings (1)— (2.1)0.4 (1.7)
Income tax effect— (0.3)(3.5)(3.8)
Accumulated other comprehensive loss at December 31, 2024$(160.1)$(8.9)$(40.6)$(209.6)
________
(1) See "Note 9. Fair Value" and "Note 11. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.25.0.1
Foreign Operations
 12 Months Ended
Dec. 31, 2024
Concentration Risks, Types, No Concentration Percentage [Abstract]  
Foreign Operations Foreign Operations
For the years ended December 31, 2024, 2023, and 2022, we did not derive revenues in excess of 10% of our consolidated revenues from any one foreign country. At December 31, 2024 and December 31, 2023, the United Kingdom was the only foreign country that held more than 10% of our identifiable assets.

The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions):
202420232022
Revenues
Foreign
$637.3 $548.1 $466.9 
United States
948.2 862.8 806.1 
Total
$1,585.5 $1,410.9 $1,273.0 
Identifiable Assets
Foreign
$5,167.2 $4,718.5 $3,910.2 
United States
7,129.3 6,607.5 6,161.8 
Total
$12,296.5 $11,326.0 $10,072.0 
v3.25.0.1
Legal Proceedings and Other Contingencies
 12 Months Ended
Dec. 31, 2024
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.

Norfolk Southern Train Derailment in East Palestine, Ohio

On June 30, 2023, a third-party complaint was filed by Norfolk Southern Railway Company and Norfolk Southern Corporation (collectively, “Norfolk Southern”) against GATX and several other parties in the Northern District of Ohio (Eastern Division) for contribution and recovery of environmental damages related to the derailment of a Norfolk Southern train in East Palestine, Ohio that included railcars owned by GATX Corporation. The Company filed a motion to dismiss Norfolk Southern's third-party complaint on September 15, 2023. On March 6, 2024, the Court granted GATX's and the other third-party defendants’ motions and dismissed all Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA") claims. The Court also dismissed all state law claims, declining to exercise supplemental jurisdiction over them in light of its dismissal of the CERCLA claims. On March 26, 2024, Norfolk Southern moved the Court for entry of partial final judgment as to the order dismissing the third-party complaint in order to appeal before final judgment the Court’s dismissal order as to GATX and the other third-party defendants. The Court has not yet ruled on Norfolk Southern’s motion. In the interim, on May 23, 2024, Norfolk Southern entered into a Consent Decree settling claims with the United States Department of Justice and Environmental Protection Agency (but not the State of Ohio) to which GATX is not a party.
On July 25, 2023, a separate third-party complaint was filed by Norfolk Southern against GATX and two other defendants in the Northern District of Ohio (Eastern Division) for contribution to personal injury and property damages class claims related to the derailment of the Norfolk Southern train in East Palestine, Ohio. The plaintiffs who had originally filed the complaint against Norfolk Southern ("Plaintiffs") themselves subsequently filed direct claims against GATX and the two other third-party defendants alleging many of the same facts as Norfolk Southern. On September 15, 2023, the Company filed a motion to dismiss Norfolk Southern's third-party complaint, and on September 26, 2023, filed a motion to dismiss the Plaintiffs' complaint. Briefing was completed on October 30, 2023, and the Court issued an order on March 13, 2024, denying in part, and granting in part, the Company’s motion against Norfolk Southern and Plaintiffs. The Court held that Norfolk Southern’s contribution action was premature and dismissed the claim without prejudice but otherwise allowed the remaining claims against GATX to proceed. The Court also dismissed Plaintiffs’ claim for medical monitoring but held that Plaintiffs could seek such damages through their other claims, which could proceed. The Court also consolidated an additional action filed against GATX and others titled Almasy, et al. v. Norfolk Southern Corp., et al. by over 40 individual residents, employees and property owners in East Palestine, Ohio. Plaintiffs and Norfolk Southern reached a settlement for $600 million to resolve the consolidated class action claims of those within a 20-mile radius from the derailment, and, for those residents who choose to participate, personal injury claims within a 10-mile radius from the derailment. On September 25, 2024, the Court held a final approval hearing and two days later issued its final approval order for the settlement. To date, a handful of appeals challenging the fairness, reasonableness and adequacy of the settlement have been filed with the Sixth Circuit Court of Appeals. On October 9, 2024, all parties to the litigation filed motions for summary judgment for the pending claims. All motions have been fully briefed and are pending. The Court has indicated that rulings are imminent. Norfolk Southern has requested and has been granted leave to reinstate its contribution claims against GATX and others. Trial is currently scheduled for March 31, 2025.

On December 8, 2023, GATX and three other defendants were named as additional defendants in a putative class action lawsuit originally filed in federal court in Pennsylvania against Norfolk Southern by four Pennsylvania school districts and their students. The allegations largely mirror those in the action filed in federal court in Ohio. The amended complaint seeks monetary damages for the Pennsylvania plaintiffs for personal injury and property damage allegedly related to the derailment. The Company and other defendants filed a motion to dismiss on February 23, 2024. Briefing has been completed and the motions remain pending and undecided. The Court has not set any further deadlines.

GATX recently learned of two new lawsuits filed on February 3, 2025, in the Court of Common Pleas, Franklin County, Ohio on behalf of approximately 750 plaintiffs, of whom approximately 184 have opted out of the prior settlement agreements with Norfolk Southern or were not included and are now suing GATX and approximately 30 other defendants. The remaining plaintiffs who opted into the settlement with Norfolk Southern (approximately 550) are not suing GATX.

The Company is vigorously defending itself against each of these lawsuits. At this time, the Company cannot reasonably estimate the loss or range of loss, if any, that may ultimately be incurred in connection with any of these lawsuits and has not established any accruals for potential liability related to this incident.

Other Litigation

GATX and its subsidiaries have been named as defendants in various legal actions and claims, governmental proceedings, and private civil suits arising in the ordinary course of business, including environmental matters, workers’ compensation claims, and other personal injury claims. Some of these proceedings include claims for punitive as well as compensatory damages. Several of our subsidiaries have also been named as defendants or co-defendants in cases alleging injury caused by exposure to asbestos. The plaintiffs seek an unspecified amount of damages based on common law, statutory, or premises liability. In addition, demand has been made against GATX for asbestos-related claims under limited indemnities given in connection with the sale of certain of our former subsidiaries. These matters are subject to many uncertainties, and it is possible that some of these matters could ultimately be decided, resolved, or settled adversely.

Litigation Accruals

We have recorded accruals totaling $4.9 million at December 31, 2024 for losses related to those litigation matters that we believe to be probable and for which an amount of loss can be reasonably estimated. However, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in liability that materially exceeds the accrued amount.
In addition, we have other litigation matters pending for which we have not recorded any accruals because our potential liability for those matters is not probable or cannot be reasonably estimated based on currently available information. For those matters where we have not recorded an accrual but a loss is reasonably possible, we cannot determine a reasonable estimate of the maximum possible loss or range of loss for these matters given that they are at various stages of the litigation process and each case is subject to the inherent uncertainties of litigation (such as the strength of our legal defenses and the availability of insurance recovery). Although the maximum amount of liability that may ultimately result from any of these matters cannot be predicted with absolute certainty, management expects that none of the matters for which we have not recorded an accrual, when ultimately resolved, will have a material adverse effect on our consolidated financial position or liquidity. It is possible, however, that the ultimate resolution of one or more of these matters could have a material adverse effect on our results of operations in a particular quarter or year if such resolution results in a significant liability for GATX.

Environmental

Our operations are subject to extensive federal, state, and local environmental regulations. Our operating procedures include practices to protect the environment from the risks inherent in full service railcar leasing, which involves maintaining railcars used by customers to transport chemicals and other hazardous materials. Under some environmental laws in the U.S. and certain other countries, the owner of a leased transportation asset may be liable for environmental damage and cleanup or other costs in the event of a spill or discharge of material from such asset without regard to the owner’s fault. While our standard forms of lease agreements require the lessee to indemnify us against environmental claims and to carry liability insurance coverage, such indemnities and insurance may not fully protect us against claims for environmental damage. Additionally, some of our real estate holdings, including previously owned properties, are or have been used for industrial or transportation-related purposes or leased to commercial or industrial companies whose activities might have resulted in discharges on the property. As a result, we are subject to environmental cleanup and enforcement actions. In particular, CERCLA, also known as the Superfund law, as well as similar state laws, impose joint and several liability for cleanup and enforcement costs on current and former owners and operators of a site without regard to fault or the legality of the original conduct. If there are other potentially responsible parties (“PRPs”), we generally contribute to the cleanup of these sites through cost-sharing agreements with terms that vary from site to site. Costs are typically allocated based on the relative volumetric contribution of material, the period of time the site was owned or operated, and/or the portion of the site owned or operated by each PRP.

At the time a potential environmental issue is identified, initial accruals for environmental liability are established when such liability is determined to be probable and a reasonable estimate of the associated costs can be made. Costs are estimated based on the type and level of investigation and/or remediation activities that our internal environmental staff (and where appropriate, independent consultants) have advised to be necessary to comply with applicable laws and regulations. Activities include surveys and environmental studies of potentially contaminated sites as well as costs for remediation and restoration of sites determined to be contaminated. In addition, we have provided indemnities for potential environmental liabilities to buyers of divested companies. In these instances, accruals are based on the scope and duration of the respective indemnities together with the extent of known contamination. Estimates are periodically reviewed and adjusted as required to reflect additional information about facility or site characteristics or changes in regulatory requirements. We conduct a quarterly environmental contingency analysis, which considers a combination of factors including independent consulting reports, site visits, legal reviews, analysis of the likelihood of participation in and the ability of other PRPs to pay for cleanup, and historical trend analyses.

We are involved in administrative and judicial proceedings and other voluntary and mandatory cleanup efforts at 9 sites, including Superfund sites, for which we are contributing to the cost of performing the study or cleanup, or both, of alleged environmental contamination. As of December 31, 2024, we have recorded accruals of $12.0 million for remediation and restoration costs that we believe to be probable and for which the amount of loss can be reasonably estimated. These amounts are included in other liabilities on our balance sheet. Our environmental liabilities are not discounted.

We did not materially change our methodology for identifying and calculating environmental liabilities in the last three years. Currently, no known trends, demands, commitments, events or uncertainties exist that are reasonably likely to occur and materially affect the methodology or assumptions described above.

The recorded accruals represent our best estimate of all costs for remediation and restoration of affected sites, without reduction for anticipated recoveries from third parties, and include both asserted and unasserted claims. However, we are unable to provide a reasonable estimate of the maximum potential loss associated with these sites because cleanup costs cannot be predicted with certainty. Various factors beyond our control can impact the amount of loss GATX will ultimately incur with respect to these sites, including the extent of corrective actions that may be required; evolving environmental laws and regulations; advances in environmental technology, the extent of other parties' participation in cleanup efforts; developments in periodic environmental
analyses related to sites determined to be contaminated, and developments in environmental surveys and studies of potentially contaminated sites. As a result, future charges associated with these sites could have a significant effect on results of operations in a particular quarter or year if the costs materially exceed the accrued amount as individual site studies and remediation and restoration efforts proceed. However, management believes it is unlikely that the ultimate cost to GATX for any of these sites, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or liquidity.
v3.25.0.1
Financial Data of Business Segments
 12 Months Ended
Dec. 31, 2024
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 Engine Leasing (previously named Portfolio Management). Financial results for Trifleet are reported in the Other segment.

Rail North America is composed of our operations in the United States, Canada, and Mexico. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services.

Rail International is an aggregation of our operating segments in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India") and, until January 31, 2023, Rail Russia. In 2023, we completed the sale of Rail Russia. GRE primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. Rail India primarily leases railcars to customers in India pursuant to net leases, under which the lessee assumes responsibility for maintenance of the railcars.

As previously disclosed, we changed the name of our Portfolio Management business segment to Engine Leasing in 2024 to reflect the prospective operations of the segment. Historically, this business segment included marine operations from our Specialized Gas Vessels. As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations.

Engine Leasing is now almost entirely composed our engine leasing operations, which include our ownership interest in the RRPF affiliates, a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GEL, our business that directly owns aircraft spare engines that are leased to airline customers or employed in engine capacity agreements.

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 reported to GATX's President and Chief Executive Officer, our chief operating decision maker ("CODM"), for purposes of assessing performance and allocating capital and resources to 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. We have disclosed in each segment the significant expense categories that are reviewed by the CODM, and there are no additional significant expenses within the expense categories presented in the segment tables. The CODM uses segment profit during the annual budget and forecasting processes and considers comparisons of actual segment profit against budget, forecast, and prior periods to assess current period performance and when making decisions about allocating capital and resources to each segment.
The following tables show certain segment data for the years ended December 31, 2024, 2023, and 2022 (in millions):


Rail North
America
Rail International
Engine Leasing		OtherGATX Consolidated
2024 Profitability
Revenues
Lease revenue$983.5 $333.6 $32.4 $31.6 $1,381.1 
Non-dedicated engine revenue— — 64.6 — 64.6 
Other revenue115.5 16.7 0.1 7.5 139.8 
Total Revenues1,099.0  350.3 97.1 39.1 1,585.5 
Expenses
Maintenance expense306.9 70.7 — 4.0 381.6 
Depreciation expense271.1 78.7 37.8 14.8 402.4 
Operating lease expense33.9 — — — 33.9 
Other operating expense26.4 17.4 9.6 4.3 57.7 
Total Expenses638.3 166.8 47.4 23.1 875.6 
Other Income (Expense)
Net gain on asset dispositions132.8 4.5 0.6 0.4 138.3 
Interest (expense) income, net(232.1)(71.4)(41.9)4.4 (341.0)
Other (expense) income(5.4)3.2 0.6 (7.9)(9.5)
Share of affiliates' pre-tax earnings— — 108.3 — 108.3 
Segment profit$356.0 $119.8 $117.3 $12.9 $606.0 
Less:
Selling, general and administrative expense
236.3 
Income taxes (includes $25.5 related to affiliates' earnings)
85.5 
Net income
$284.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$119.4 $1.7 $0.6 $0.3 $122.0 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)12.9 2.8 — 0.1 15.8 
$132.8 $4.5 $0.6 $0.4 $138.3 
Capital Expenditures
Portfolio investments and capital additions$1,162.4 $232.9 $260.8 $18.3 $1,674.4 
Selected Balance Sheet Data 
Investments in affiliated companies$0.2 $— $663.1 $— $663.3 
Identifiable assets
$7,751.6 $2,233.3 $1,653.4 $658.2 $12,296.5 
__________
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2023 Profitability
Revenues
Lease revenue$888.8 $296.6 $32.6 $33.4 $1,251.4 
Non-dedicated engine revenue— — 37.6 — 37.6 
Marine operating revenue— — 6.9 — 6.9 
Other revenue93.9 12.9 0.1 8.1 115.0 
Total Revenues982.7 309.5 77.2 41.5 1,410.9 
Expenses
Maintenance expense276.6 64.1 — 4.1 344.8 
Depreciation expense265.9 68.2 28.3 13.9 376.3 
Operating lease expense36.0 — — — 36.0 
Marine operating expense— — 6.5 — 6.5 
Other operating expense25.9 10.4 7.3 3.0 46.6 
Total Expenses604.4 142.7 42.1 21.0 810.2 
Other Income (Expense)
Net gain on asset dispositions120.5 7.0 2.2 0.6 130.3 
Interest (expense) income, net(182.9)(56.2)(29.8)5.5 (263.4)
Other (expense) income(8.0)(4.2)0.2 2.6 (9.4)
Share of affiliates' pre-tax (loss) earnings(0.6)— 98.7 — 98.1 
Segment profit$307.3 $113.4 $106.4 $29.2 $556.3 
Less:
Selling, general and administrative expense
212.7 
Income taxes (includes $25.7 related to affiliates' earnings)
84.4 
Net income
$259.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$111.7 $4.9 $2.9 $0.3 $119.8 
Residual sharing income0.4 — 0.5 — 0.9 
Non-remarketing net gains (1)8.4 2.4 — 0.3 11.1 
Asset impairments— (0.3)(1.2)— (1.5)
$120.5 $7.0 $2.2 $0.6 $130.3 
Capital Expenditures
Portfolio investments and capital additions$976.9 $382.4 $267.3 $38.4 $1,665.0 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $626.8 $— $627.0 
Identifiable assets
$6,993.8 $2,175.2 $1,355.1 $801.9 $11,326.0 
__________
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2022 Profitability
Revenues
Lease revenue$826.0 $266.2 $33.0 $29.4 $1,154.6 
Non-dedicated engine revenue— — 1.5 — 1.5 
Marine operating revenue— — 18.9 — 18.9 
Other revenue82.0 9.1 0.2 6.7 98.0 
Total Revenues908.0 275.3 53.6 36.1 1,273.0 
Expenses
Maintenance expense238.5 51.4 — 2.8 292.7 
Depreciation expense258.6 69.1 17.8 12.0 357.5 
Operating lease expense36.1 — — — 36.1 
Marine operating expense— — 14.1 — 14.1 
Other operating expense24.5 8.3 2.3 2.3 37.4 
Total Expenses557.7 128.8 34.2 17.1 737.8 
Other Income (Expense)
Net gain (loss) on asset dispositions119.7 (11.2)(31.1)0.5 77.9 
Interest expense, net(144.6)(45.6)(19.0)(4.8)(214.0)
Other expense(4.6)(3.8)— (18.6)(27.0)
Share of affiliates' pre-tax earnings0.5 — 45.4 — 45.9 
Segment profit (loss)$321.3 $85.9 $14.7 $(3.9)$418.0 
Less:
Selling, general and administrative expense195.0 
Income taxes (includes $12.3 related to affiliates' earnings)
67.1 
Net income$155.9 
Net Gain (Loss) on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$102.2 $1.6 $— $0.3 $104.1 
Residual sharing income2.4 — 3.2 — 5.6 
Non-remarketing net gains (1)15.1 1.8 — 0.2 17.1 
Asset impairments— (14.6)(34.3)— (48.9)
$119.7 $(11.2)$(31.1)$0.5 $77.9 
Capital Expenditures
Portfolio investments and capital additions$815.9 $243.9 $149.7 $46.3 $1,255.8 
Selected Balance Sheet Data
Investments in affiliated companies$0.8 $— $574.3 $— $575.1 
Identifiable assets
$6,445.7 $1,774.4 $1,106.6 $745.3 $10,072.0 
__________
(1) Includes net gains from scrapping of railcars.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income $ 284.2 $ 259.2 $ 155.9
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2019
Accounting Policies [Abstract]    
Basis of presentation  
Basis of Presentation

We prepared the accompanying consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP").
Consolidation  
Consolidation
Our consolidated financial statements include our assets, liabilities, revenues, and expenses, as well as the assets, liabilities, revenues, and expenses of subsidiaries in which we had a controlling financial interest. We have eliminated intercompany transactions and balances.
Use of Estimates  
Use of Estimates

Preparing financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts we report. We regularly evaluate our estimates and judgments based on historical experience and other relevant facts and circumstances. Actual amounts could differ from our estimates.
Lease Classification
Lease Classification

We determine the classification of a lease at its inception. If the provisions of the lease subsequently change, we evaluate whether the modification requires a reassessment of the classification per the guidance around lease modifications within ASC Topic 842, Leases ("Topic 842") and will reassess lease classification, if required. See "Note 6. Leases."
  
Revenue Recognition  
Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services.
We disaggregate revenue into four categories as presented on our statements of comprehensive income:

Lease Revenue

Lease revenue, which includes operating lease revenue and finance lease revenue, is our primary source of revenue.

Operating Lease Revenue

We lease railcars, locomotives, aircraft spare engines, and tank containers 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 6. Leases."

Finance Lease Revenue

In certain cases, we lease railcars and tank containers that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the effective interest method, using the interest rate implicit in the lease. See "Note 6. Leases."

Non-Dedicated Engine Revenue

Certain of our owned aircraft spare engines are part of a pool of non-dedicated spare engines managed under a capacity agreement with Rolls-Royce. Revenue is earned based on our ability to meet engine capacity requirements under the agreement, which requires us to enroll a minimum number of engines in a pool of non-dedicated spare engines for short-term lease to Rolls-Royce customers. We recognize revenue based on our right to receive a portion of the revenue earned by the pool, which is calculated based on the average engine flight hours reported for each type of engine enrolled into the pool.

Marine Operating Revenue

Historically, we generated marine operating revenue through shipping services completed by our marine vessels. As of 2024, we no longer have marine operating revenue, as all marine vessels were sold as of December 31, 2023.

Other Revenue

Other revenue is comprised of customer repair revenue, termination fees, interest income, and other miscellaneous revenues. Select components of other revenue are within the scope of ASC Topic 606, Revenue from Contracts with Customers. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842.
Earnings Per Share
Earnings Per Share

We compute basic and diluted earnings per share using the two-class method, which is an earnings allocation calculation that determines Earnings Per Share ("EPS") for each class of common stock and participating security. Our vested and exercisable stock options contain non-forfeitable rights to dividends or dividend equivalents and are classified as participating securities in the calculation of EPS. Our unvested stock options, restricted stock units, performance shares and non-employee director awards do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. Vested non-employee director awards are treated as shares outstanding for basic and diluted earnings per share because these awards are guaranteed to be settled in shares upon the passage of time.
Under the two-class method, net income is allocated between shares of common stock and participating securities based on their participating rights. Basic EPS is computed by dividing net income, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding. We weight shares issued or reacquired for the portion of the period that they were outstanding. Diluted EPS is calculated by dividing net income, adjusted for earnings allocated to participating securities, by the weighted-average number of common shares outstanding adjusted for the dilutive effect of unvested stock options, restricted stock units and performance shares. The dilutive effect of participating securities is calculated using the more dilutive of the treasury stock method or the two-class method. Earnings allocated to participating securities include their portion of dividends declared and undistributed earnings during the period.
  
Cash and Cash Equivalents  
Cash and Cash Equivalents and Short-Term Investments

We classify all highly liquid investments with a maturity of three months or less at the date of purchase as cash equivalents. Investments with maturities greater than three months but less than one year at the date of purchase are classified as short-term investments.
Restricted Cash  
Restricted Cash

Restricted cash is cash and cash equivalents that are restricted as to withdrawal and use. Our restricted cash primarily relates to cash received from a specific customer and held to pay for potential repairs.
Allowance for Losses  
Allowance for Losses

The allowance for losses is our estimate of credit losses associated with receivable balances. Receivables include rent and other receivables and finance lease receivables.

Our loss reserves for rent and other receivables are based on historical loss experience and judgments about the impact of economic conditions, the state of the markets we operate in, and collateral values, if applicable. In addition, we may establish specific reserves for known troubled accounts.

We evaluate reserve estimates for finance lease receivables under ASC 326, on a customer-specific basis, considering each customer's particular credit situation, current economic conditions, and expected value of the underlying collateral upon its repossession, to adjust the allowance when necessary. We also consider the factors we use to evaluate rent and other receivables, which are outlined above.

We record charges against the allowance when we deem them uncollectable. We made no material changes in our estimation methods or assumptions for the allowance during 2024. We believe that the allowance is adequate to cover losses inherent in our receivables balances as of December 31, 2024. Since the allowance is based on judgments and estimates, it is possible that actual losses incurred will differ from the estimate. See "Note 18. Allowance for Losses."
Operating Assets and Facilities  
Operating Assets and Facilities

We record operating assets, facilities, and capitalized improvements at cost. We depreciate operating assets and facilities over their estimated useful lives to estimated residual values using the straight-line method. We depreciate leasehold improvements over the shorter of their useful lives or the lease term. Our estimated depreciable lives of operating assets and facilities are as follows:
Railcars
15–45 years
Aircraft spare engines
20–30 years
Locomotives
10–20 years
Tank containers
15–25 years
Buildings
40–50 years
Leasehold improvements
5–15 years
Other equipment
3–30 years

We review our operating assets and facilities for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. We evaluate the recoverability of assets to be held and used by comparing the carrying amount of the asset to the undiscounted future net cash flows we expect the asset to generate. If we determine an asset is impaired, we recognize an impairment loss equal to the amount the carrying amount exceeds the asset’s fair value. We classify assets we plan to sell or otherwise dispose of as held for sale, provided they meet specified accounting criteria, and we record those assets at the lower of their carrying amount or fair value less costs to sell. See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses and assets held for sale.
Leased assets as a Lessee
Leased Assets as a Lessee
We record right-of-use assets for operating leases and finance leases as a lessee and we record the related obligations as liabilities. We amortize the leased assets over the lease terms. We review our right-of-use assets for impairment annually, or if circumstances indicate that the carrying amount of those assets may not be recoverable. 		 
Investments in Affiliates  
Investments in Affiliates

We use the equity method to account for investments in joint ventures and other unconsolidated entities if we have the ability to exercise significant influence over the financial and operating policies of those investees. Under the equity method, we record our initial investments in these entities at cost and subsequently adjust the investment for our share of the affiliates’ earnings (losses), and distributions. We review the carrying amount of our investments in affiliates annually, or whenever circumstances indicate that the value of these investments may have declined. If we determine an investment is impaired on an other-than-temporary basis, we record a loss equal to the difference between the fair value of the investment and its carrying amount. See "Note 7. Investments in Affiliated Companies."
Goodwill and Intangible Assets  
Goodwill and Intangible Assets

We recognize goodwill when the consideration paid to acquire a business exceeds the fair value of the net assets acquired. We assign goodwill to the same reporting unit as the net assets of the acquired business and we assess our goodwill for impairment on an annual basis in the fourth quarter, or if impairment indicators are present. Goodwill is initially assessed for impairment by performing a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value. If necessary, the fair value of the reporting unit is then compared to its carrying value, including goodwill. If the carrying amount of the applicable reporting unit exceeds its fair value, we record an impairment loss for the difference. The fair values of our reporting units are determined using discounted cash flow models. See "Note 17. Goodwill."

We recognize intangible assets acquired in a business combination at their estimated fair value at the time of the business combination. Intangible assets consist of customer relationships and trade names and are amortized on a straight-line basis over their estimated useful lives ranging from 10 years to 25 years. We review intangible assets for potential impairment if circumstances indicate that the carrying amount of those assets may not be recoverable. Intangible assets are included in other assets on the balance sheet.
Income Taxes  
Income Taxes
We calculate provisions for federal, state, and foreign income taxes on our reported income before income taxes. We base our calculations of deferred tax assets and liabilities on the differences between the financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year we expect the differences will reverse. We reflect the cumulative effect of changes in tax rates from those we previously used to determine deferred tax assets and liabilities in the provision for income taxes in the period the change is enacted. Provisions for income taxes in any given period can differ from those currently payable or receivable because certain items of income and expense are recognized in different periods for financial reporting purposes than for income tax purposes. We may deduct expenses or defer income attributable to uncertain tax positions for tax purposes, and include those items in our liability for uncertain tax positions in other liabilities on the balance sheet. See "Note 13. Income Taxes."
Fair Value Measurements  
Fair Value Measurements

Fair value is the price that a market participant would receive to sell an asset or pay to transfer a liability in an orderly transaction at the measurement date. We classify fair value measurements according to the three-level hierarchy defined by GAAP, and those classifications are based on our judgment about the reliability of the inputs we use in the fair value measurement. Level 1 inputs are quoted prices available in active markets for identical assets or liabilities. Level 2 inputs are observable, either directly or indirectly, and may include quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. For assets or liabilities with a specified contractual term, Level 2 inputs must be observable for substantially the full term of that asset or liability. Level 3 inputs are unobservable, meaning they are supported by little or no market activity. Fair value measurements classified as Level 3 typically rely on pricing models and discounted cash flow methodologies, both of which require significant judgment. See "Note 9. Fair Value."
Derivatives  
Derivatives

We use derivatives, such as interest rate swap agreements, treasury rate locks, options, cross currency swaps, and currency forwards, to hedge our exposure to interest rate and foreign currency exchange rate risk on existing and anticipated transactions. We formally designate derivatives that meet specific accounting criteria as qualifying hedges at inception. These criteria require us to have the expectation that the derivative will be highly effective at offsetting changes in the fair value or expected cash flows of the hedged exposure, both at the inception of the hedging relationship and on an ongoing basis.
We recognize all derivative instruments at fair value and classify them on the balance sheet as either other assets or other liabilities. We generally base the classification of derivative activity in the statements of comprehensive income and cash flows on the nature of the hedged item. For derivatives we designate as fair value hedges, we recognize changes in the fair value of both the derivative and the hedged item in interest expense, and we include the related cash flows in the cash flow section corresponding to the hedged item. For derivatives we designate as cash flow hedges, we record the effective portion of the change in the fair value of the derivative as part of other comprehensive (loss) income, and we recognize those changes in earnings in the period the hedged transaction affects earnings. We recognize any ineffective portion of the change in the fair value of the derivative immediately in earnings. Cash flows from derivatives designated as cash flow hedges are included in the cash flow section corresponding to the hedged item. Although we do not hold or issue derivative financial instruments for purposes other than hedging, we may not designate certain derivatives as accounting hedges. We recognize changes in the fair value of these derivatives in earnings immediately. We classify gains and losses on derivatives that are not designated as hedges as other expenses, and we include the related cash flows in cash flows from operating activities. See "Note 9. Fair Value
Foreign Currency  
Foreign Currency

We translate the assets and liabilities of our operations that have non-US dollar functional currencies at exchange rates in effect at year-end. Revenue, expenses, and cash flows are translated monthly using average exchange rates. We defer gains and losses resulting from foreign currency translation and record those gains and losses as a separate component of accumulated other comprehensive loss. Gains and losses resulting from foreign currency transactions and from the remeasurement of non-functional currency assets and liabilities are recognized in other expense during the periods in which they occur. Net gains (losses) recognized were $0.6 million, $6.9 million and $(4.6) million for 2024, 2023, and 2022.
Environmental Liabilities  
Environmental Liabilities
We record accruals for environmental remediation costs at applicable sites when they are probable and when we can reasonably estimate the expected costs. We record adjustments to initial estimates as necessary. Since these accruals are based on estimates, actual environmental remediation costs may differ. We expense or capitalize environmental remediation costs related to current or future operations as appropriate. See "Note 23. Legal Proceedings and Other Contingencies.
Defined Benefit Pension and Other Post-Retirement Plans  
Defined Benefit Pension and Other Post-Retirement Plans

Our balance sheet reflects the funded status of our pension and post-retirement plans, which is the difference between the fair value of the plan assets and the projected benefit obligation. We recognize the aggregate overfunding of any plans in other assets, the aggregate underfunding of any plans in other liabilities, and the corresponding adjustments for unrecognized actuarial gains (losses) and prior service cost (credits) in accumulated other comprehensive loss. We record the service cost component of net periodic cost in selling, general, and administrative expense in the statements of comprehensive income and the non-service components in other expense. See "Note 11. Pension and Other Post-Retirement Benefits."
Maintenance and Repair Costs  
Maintenance and Repair Costs

We expense maintenance and repair costs as incurred. We capitalize certain costs incurred in connection with planned major maintenance activities if those activities improve the asset or extend its useful life. We depreciate those capitalized costs over the estimated useful life of the improvement.
Operating Lease Expense  
Operating Lease Expense

We classify leases of certain railcars and other equipment as operating leases. We record the lease expense associated with these leases in operating lease expense on a straight-line basis. We also classify our leases of office facilities and related administrative assets as operating leases, and we record the associated expense in selling, general and administrative expense. See "Note 6. Leases."
Share-Based Compensation  
Share-Based Compensation
We base our measurement of share-based compensation expense on the grant date fair value of an award, and we recognize the expense over the requisite service period. Forfeitures are recorded when they occur. For awards accounted for as liability awards, the liability and related compensation expense is adjusted to reflect the fair value of the underlying shares at the end of each reporting period. We recognize compensation expense for these awards over the applicable vesting period. See "Note 12. Share-Based Compensation
Net Gain on Asset Dispositions  
Net Gain on Asset Dispositions

Net gain on dispositions includes gains and losses on sales of operating assets and residual sharing income, which we also refer to as asset remarketing income; non-remarketing disposition gains, primarily from scrapping of railcars; and asset impairment losses. We recognize disposition gains, including non-remarketing gains, upon completion of the sale or scrapping of operating assets. Residual sharing income includes fees we receive from the sale of managed assets, and we recognize these fees upon completion of the underlying transactions.
Interest expense, net   nterest Expense, net
Interest expense is the interest we accrue on indebtedness and the amortization of debt issuance costs and debt discounts and premiums. We defer debt issuance costs and debt discounts and premiums and amortize them over the term of the related debt. We report interest expense net of interest income on bank deposits. Interest income on bank deposits was $24.3 million in 2024, $15.2 million in 2023, and $6.4 million in 2022.
Receivable  
Finance Lease Receivables

We record a gross lease payment receivable and an estimated residual value, net of unearned income for our finance leases. For sales-type leases, we may also recognize a gain or loss in the period the lease is recorded. Lease payment receivables represent the present value of the rents we expect to receive through the end of the lease term for a leased asset. Estimated residual values are our estimates of value of an asset at the end of a finance lease term. The combination of these is considered the net investment in a lease. Over the lease term, the net investment in these leases is reduced and finance lease income is recognized in our consolidated statements of comprehensive income. We evaluate our net investment in finance leases for impairment based on current conditions and reasonable and supportable forecasts of future conditions under ASC Topic 326, Financial Instruments - Credit Losses. See the “Allowance for Losses” section within this Note for more information.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Net gain on disposition of assets
The following table presents the net gain on asset dispositions for the years ended December 31 (in millions):
202420232022
Net disposition gains$122.0 $119.8 $104.1 
Residual sharing income0.5 0.9 5.6 
Non-remarketing net disposition gains15.8 11.1 17.1 
Asset impairments (1)— (1.5)(48.9)
Net gain on asset dispositions$138.3 $130.3 $77.9 
__________
(1) See "Note 10. Asset Impairments and Assets Held for Sale" for further information about asset impairment losses.
v3.25.0.1
Supplemental Cash Flow and Noncash Investing Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information
202420232022
Interest paid (1)
$350.1 $260.1 $202.7 
Income taxes paid, net
23.0 17.3 18.7 
v3.25.0.1
Operating Assets and Facilities (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Operating Assets and Facilities
The following table shows the components of our operating assets and facilities as of December 31 (in millions):

20242023
Railcars and locomotives$12,702.9 $11,700.8 
Aircraft spare engines1,030.4 769.7 
Tank containers241.4 237.7 
Buildings, leasehold improvements, and other equipment265.3 253.0 
Other90.6 120.7 
$14,330.6 $13,081.9 
Less: allowance for depreciation(3,880.9)(3,670.7)
Net operating assets and facilities$10,449.7 $9,411.2 
The following table shows the components of our total depreciation expense for the years ended December 31 (in millions):
202420232022
Operating assets and facilities, included in depreciation expense$402.4 $376.3 $357.5 
Maintenance operating assets and facilities, included in maintenance expense11.8 9.3 7.5 
Depreciation on operating assets and facilities$414.2 $385.6 $365.0 
Non-operating assets, included in SG&A6.7 5.9 6.3 
Total depreciation expense$420.9 $391.5 $371.3 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2019
Leases [Abstract]    
Operating Lease, Lease Income [Table Text Block]  
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202420232022
Operating lease revenue:
Fixed lease revenue
$1,263.5 $1,145.1 $1,058.3 
Variable lease revenue
104.1 93.7 86.5 
Total operating lease revenue
$1,367.6 $1,238.8 $1,144.8 
Finance lease revenue
13.5 12.6 9.8 
Total lease revenue
$1,381.1 $1,251.4 $1,154.6 
The following table shows the components of our finance leases as of December 31 (in millions):
20242023
Total contractual lease payments receivable
$160.0 $171.8 
Estimated unguaranteed residual value of leased assets
17.2 17.2 
Unearned income
(58.9)(52.6)
Finance leases
$118.3 $136.4 
Assets And Liabilities, Lessee [Table Text Block]  
The following table shows the lease terms and discount rates related to leases as of December 31:
20242023
Weighted-average remaining lease term (in years):
Operating leases
6.57.0
Weighted-average discount rate:
Operating leases
3.66 %3.61 %
Lease, Cost [Table Text Block]
The following table shows the components of lease expense for the years ended December 31 (in millions):
202420232022
Operating lease cost (1):
Fixed lease cost - operating leases
$40.0 $41.6 $41.4 
Finance lease cost:
Amortization of right-of-use assets
0.2 — — 
Interest on lease liabilities
0.3 — — 
Total lease cost
$40.5 $41.6 $41.4 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.
The following table shows other information related to leases for the years ended December 31 (in millions):
202420232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$40.0 $41.2 $42.4 
Financing cash flows for finance leases
30.4 — 1.5 
Total cash for leases$70.4 $41.2 $43.9 
Non-cash financing lease transactions (1)$30.1 $— $— 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.
  
Lessee, Leases, Future Minimum Payments [Table Text Block]
The following table shows the maturities of our lease liabilities as of December 31, 2024 (in millions):
Operating Leases
2025$35.6 
202635.8 
202732.8 
202825.6 
202918.4 
Thereafter
55.3 
Total undiscounted lease payments$203.5 
Less: amounts representing interest
(23.5)
Total discounted lease liabilities
$180.0 
The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2024 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2025$1,157.5 $35.9 $1,193.4 
2026915.0 33.3 948.3 
2027720.9 23.7 744.6 
2028565.8 20.7 586.5 
2029400.5 12.8 413.3 
Thereafter
1,048.0 33.6 1,081.6 
$4,807.7 $160.0 $4,967.7 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.
v3.25.0.1
Investments in Affiliated Companies (Tables)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]      
Significant Investments in Affiliated Companies, by Segment    
The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20242023Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$663.1 $626.8 50.0 %
RailPulse LLCRail North America0.2 0.2 10.0 %
Investments in Affiliated Companies$663.3 $627.0 
__________
(1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce
Equity Method Investments, Earnings by Segment  
The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202420232022
Rail North America$— $(0.6)$0.5 
Engine Leasing108.3 98.7 45.4 
Share of affiliates' pre-tax earnings108.3 98.1 45.9 
Income taxes(25.5)(25.7)(12.3)
Share of affiliates' earnings, net of taxes$82.8 $72.4 $33.6 
  
Equity method Investments, Investments and Distributions     The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202420232022
Engine Leasing$50.0 $25.0 $46.3 
Total$50.0 $25.0 $46.3 
Equity Method Investments, Guarantees Investments in Affiliated Companies
Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines.

The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
Segment20242023Percentage
Ownership
Rolls-Royce & Partners Finance (1)Engine Leasing$663.1 $626.8 50.0 %
RailPulse LLCRail North America0.2 0.2 10.0 %
Investments in Affiliated Companies$663.3 $627.0 
__________
(1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce.

The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
202420232022
Rail North America$— $(0.6)$0.5 
Engine Leasing108.3 98.7 45.4 
Share of affiliates' pre-tax earnings108.3 98.1 45.9 
Income taxes(25.5)(25.7)(12.3)
Share of affiliates' earnings, net of taxes$82.8 $72.4 $33.6 
There were no cash investments in affiliates in any of the periods presented. The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
Cash Distributions
202420232022
Engine Leasing$50.0 $25.0 $46.3 
Total$50.0 $25.0 $46.3 

Summarized Financial Data of Affiliates

The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202420232022
Revenues$514.0 $487.2 $417.7 
Net gains on sales of assets75.2 91.7 22.9 
Net income164.0 150.6 73.9 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20242023
Current assets$610.5 $495.9 
Noncurrent assets4,709.1 4,108.3 
Total assets$5,319.6 $4,604.2 
Current liabilities$618.4 $351.5 
Noncurrent liabilities3,405.1 3,024.1 
Shareholders’ equity1,296.1 1,228.6 
Total liabilities and shareholders' equity$5,319.6 $4,604.2 

Summarized Financial Data for the RRPF Affiliates

Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in its engine maintenance programs. In aggregate, the RRPF affiliates owned 427 aircraft engines at December 31, 2024, of which 198 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 20 to 30 years to their estimated residual value. Lease terms vary but typically range from 5 to 12 years. Seconded Rolls-Royce employees act as manager for each of the RRPF affiliates and also perform substantially all required maintenance activities. In addition, the RRPF affiliates manage all of GEL's aircraft spare engines, for which we paid them a fee of $4.1 million in 2024, $2.7 million in 2023, and $1.0 million in 2022. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $82.8 million in 2024, $72.8 million in 2023, and $33.2 million in 2022. In 2022, financial results included $11.5 million (after-tax) of impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover.
We derived the following financial information from the combined financial statements of the RRPF affiliates.

The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202420232022
Lease revenue from third parties$268.1 $224.8 $192.8 
Lease revenue from Rolls-Royce225.3 253.0 222.8 
Other revenue18.9 6.0 — 
Depreciation expense(206.2)(223.7)(230.6)
Interest expense(127.3)(135.9)(110.1)
Other expenses(37.7)(19.3)(7.0)
Other income, including net gains on sales of assets75.5 92.6 22.9 
Income before income taxes216.6 197.5 90.8 
Income taxes (1)(49.4)(42.5)(17.5)
Net income$167.2 $155.0 $73.3 
_________
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20242023
Current assets$607.9 $493.2 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,618.4 and $1,646.3 (1)
4,709.1 4,108.3 
Total assets$5,317.0 $4,601.5 
Accounts payable and accrued expenses$239.6 $170.0 
Debt:
   Current378.2 181.5 
   Noncurrent, net of adjustments for hedges2,673.7 2,451.1 
Other liabilities731.3 571.9 
Shareholders’ equity1,294.2 1,227.0 
Total liabilities and shareholders' equity$5,317.0 $4,601.5 
_________
(1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024.

    The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2024 (in millions):
Rolls-RoyceThird PartiesTotal
2025$188.0 $329.1 $517.1 
2026190.8 323.8 514.6 
2027134.8 264.2 399.0 
202861.3 234.4 295.7 
202949.0 218.1 267.1 
Thereafter
142.1 700.5 842.6 
Total
$766.0 $2,070.1 $2,836.1 
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2024 (in millions):
2025$366.0 
2026465.6 
2027427.9 
2028438.0 
202975.0 
Thereafter
1,024.0 
Total debt principal (1)
$2,796.5 
__________
(1) All debt obligations are nonrecourse to the shareholders.
    
Equity Method Investments, Summarized Financial Data    
The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
202420232022
Revenues$514.0 $487.2 $417.7 
Net gains on sales of assets75.2 91.7 22.9 
Net income164.0 150.6 73.9 

The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
20242023
Current assets$610.5 $495.9 
Noncurrent assets4,709.1 4,108.3 
Total assets$5,319.6 $4,604.2 
Current liabilities$618.4 $351.5 
Noncurrent liabilities3,405.1 3,024.1 
Shareholders’ equity1,296.1 1,228.6 
Total liabilities and shareholders' equity$5,319.6 $4,604.2 
Schedule of Maturities of Debt Obligations    
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2024 (in millions):
2025$632.4 
2026602.3 
2027836.1 
2028730.7 
2029674.4 
Thereafter
4,795.0 
Total debt principal
$8,270.9 
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
Equity Method Investments, Summarized Financial Data    
The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
202420232022
Lease revenue from third parties$268.1 $224.8 $192.8 
Lease revenue from Rolls-Royce225.3 253.0 222.8 
Other revenue18.9 6.0 — 
Depreciation expense(206.2)(223.7)(230.6)
Interest expense(127.3)(135.9)(110.1)
Other expenses(37.7)(19.3)(7.0)
Other income, including net gains on sales of assets75.5 92.6 22.9 
Income before income taxes216.6 197.5 90.8 
Income taxes (1)(49.4)(42.5)(17.5)
Net income$167.2 $155.0 $73.3 
_________
(1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level.

The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
  20242023
Current assets$607.9 $493.2 
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,618.4 and $1,646.3 (1)
4,709.1 4,108.3 
Total assets$5,317.0 $4,601.5 
Accounts payable and accrued expenses$239.6 $170.0 
Debt:
   Current378.2 181.5 
   Noncurrent, net of adjustments for hedges2,673.7 2,451.1 
Other liabilities731.3 571.9 
Shareholders’ equity1,294.2 1,227.0 
Total liabilities and shareholders' equity$5,317.0 $4,601.5 
_________
(1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024.
Schedule of Future Minimum Lease Payments Receivable     The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2024 (in millions):
Rolls-RoyceThird PartiesTotal
2025$188.0 $329.1 $517.1 
2026190.8 323.8 514.6 
2027134.8 264.2 399.0 
202861.3 234.4 295.7 
202949.0 218.1 267.1 
Thereafter
142.1 700.5 842.6 
Total
$766.0 $2,070.1 $2,836.1 
Schedule of Maturities of Debt Obligations    
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2024 (in millions):
2025$366.0 
2026465.6 
2027427.9 
2028438.0 
202975.0 
Thereafter
1,024.0 
Total debt principal (1)
$2,796.5 
__________
(1) All debt obligations are nonrecourse to the shareholders.
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Outstanding balances of debt obligations and the applicable interest rates
The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
20242023
Unsecured Recourse Fixed Rate Debt:
U.S.
3.25% Notes due March 2025$300.0 $300.0 
3.25% Notes due September 2026350.0 350.0 
5.40% Notes due March 2027350.0 — 
3.85% Notes due March 2027300.0 300.0 
3.50% Notes due March 2028300.0 300.0 
4.55% Notes due November 2028300.0 300.0 
4.70% Notes due April 2029500.0 500.0 
4.00% Notes due June 2030500.0 500.0 
1.90% Notes due June 2031400.0 400.0 
3.50% Notes due June 2032400.0 400.0 
4.90% Notes due March 2033400.0 400.0 
5.45% Notes due September 2033400.0 400.0 
6.05% Notes due March 2034500.0 300.0 
6.90% Notes due May 2034400.0 400.0 
5.20% Notes due March 2044300.0 300.0 
4.50% Notes due March 2045250.0 250.0 
3.10% Notes due June 2051550.0 550.0 
6.05% Notes due May 2054400.0 — 
4.35% Notes due February 2024— 300.0 
$6,900.0 $6,250.0 
Europe (1)
1.00% Notes due March 2025 $103.5 $110.4 
1.13% Notes due August 2025103.5 110.4 
0.90% Schuldschein loan due October 2026 23.8 25.4 
1.07% Notes due November 2026 77.7 82.8 
20242023
5.23% Schuldschein loan due November 2026 38.8 41.4 
4.37% Schuldschein loan due May 202736.2 — 
1.17% Schuldschein loan due October 2028 53.8 57.4 
1.56% Schuldschein loan due October 2031 77.7 82.8 
3.62% Loan due December 2031 (3)103.5 110.4 
0.85% Notes due May 2024— 115.8 
$618.5 $736.8 
India (2)
8.39% - 8.83% Term loan due June 2027 (4)$47.9 $49.4 
8.13% - 8.53% Term loan due February 2028 (4)26.9 27.6 
8.43% - 8.94% Term loan due February 2029 (4)46.7 24.0 
8.51% - 8.88% Term loan due January 2030 (4)23.4 — 
$144.9 $101.0 
Total unsecured fixed rate debt
$7,663.4 $7,087.8 
Unsecured Recourse Floating Rate Debt (5):
U.S.
6.47% Notes due January 2026$100.0 $100.0 
6.30% Notes due January 202850.0 50.0 
7.14% Notes due September 202950.0 50.0 
$200.0 $200.0 
Europe (1)
4.32% Loan due December 2025$125.3 $— 
4.84% Notes due December 2027 113.9 121.4 
5.36% Loan due May 202977.7 — 
6.05% Loan due November 203038.8 41.4 
5.02% Loan due March 203151.8 — 
$407.5 $162.8 
Total recourse floating rate debt
$607.5 $362.8 
Total debt principal$8,270.9 $7,450.6 
Unamortized debt discount and debt issuance costs(51.6)(54.5)
Debt adjustment for fair value hedges(4.0)(8.0)
Total Debt$8,215.3 $7,388.1 
__________
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) The loan was originally set to mature in November 2024 but was extended to December 2031 at a new rate of 3.62%.
(4) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche.
(5) For floating rate debt, the interest disclosed is the applicable interest rate as of December 31, 2024.
Maturities of GATX's debt obligation
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2024 (in millions):
2025$632.4 
2026602.3 
2027836.1 
2028730.7 
2029674.4 
Thereafter
4,795.0 
Total debt principal
$8,270.9 
v3.25.0.1
Fair Value Disclosure (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Assets and liabilities at fair value recurring basis
The following tables show our derivative assets and liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
December 31, 2024		Fair Value
December 31, 2023
Derivative Assets
Foreign exchange contracts (1)
Other assets$— $0.5 
Total derivative assets$— $0.5 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$4.0 $8.0 
Foreign exchange contracts (2)
Other liabilities
8.1 10.5 
Total derivative liabilities$12.1 $18.5 
_________
(1) Designated as hedges.
(2) Not designated as hedges.
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss)
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (in millions):
Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included2024202320242023
Recourse debt$(198.9)$(196.8)$(4.0)$(8.0)

The following tables show the impact of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions):

Amount of (Gain) Loss Recognized in Other Comprehensive (Loss) Income
Derivative Designation202420232022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts
$(3.4)$3.6 $(5.7)
Total$(3.4)$3.6 $(5.7)
Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
202420232022
Interest expense$1.6 $1.6 $1.7 
Other expense(3.7)3.7 (5.7)
Total$(2.1)$5.3 $(4.0)
Fair value hedging instruments
The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202420232022
Total interest expense$(341.0)$(263.4)$(214.0)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(4.0)(3.6)14.1 
Derivatives designated as hedging instruments
4.0 3.6 (14.1)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.6)(1.6)(1.7)

Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202420232022
Total other expense$(9.5)$(9.4)$(27.0)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)3.7 (3.7)5.7 
Gain (Loss) on non-designated foreign exchange derivative contracts (2)1.7 (11.3)0.7 
_________
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.
Cash flow hedging instruments
The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
202420232022
Total interest expense$(341.0)$(263.4)$(214.0)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(4.0)(3.6)14.1 
Derivatives designated as hedging instruments
4.0 3.6 (14.1)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(1.6)(1.6)(1.7)

Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
202420232022
Total other expense$(9.5)$(9.4)$(27.0)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1)3.7 (3.7)5.7 
Gain (Loss) on non-designated foreign exchange derivative contracts (2)1.7 (11.3)0.7 
_________
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
(2) Foreign exchange contracts.
Other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions):
20242023
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$7,609.5 $7,243.9 $7,026.6 $6,614.6 
Recourse floating rate debt605.8 617.3 361.5 362.9 
Total$8,215.3 $7,861.2 $7,388.1 $6,977.5 
v3.25.0.1
Pension and Other Post-Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Pension obligations and plan assets and other post-retirement obligations
We use a December 31 measurement date for all of our plans. The following tables show pension obligations, plan assets, and other post-retirement obligations as of December 31 (in millions):
 
 
 
 		2024 Pension
Benefits 		2023 Pension
Benefits 		2024 Retiree
Health
and Life		2023 Retiree
Health
and Life
Change in Benefit Obligation
Benefit obligation at beginning of year
$346.9 $341.8 $14.9 $15.6 
Service cost
6.1 5.3 0.1 0.1 
Interest cost
16.4 16.6 0.7 0.8 
Plan amendments
— 0.5 — — 
Actuarial loss (gain)
(14.9)12.4 (1.0)0.2 
Benefits paid
(24.3)(30.8)(1.6)(1.8)
Effect of foreign exchange rate changes
(0.5)1.1 — — 
Benefit obligation at end of year
$329.7 $346.9 $13.1 $14.9 
Change in Fair Value of Plan Assets
Plan assets at beginning of year
$328.8 $323.8 $— $— 
Actual return on plan assets
19.6 29.1 — — 
Effect of exchange rate changes
(0.4)1.4 — — 
Company contributions
1.3 5.3 1.6 1.8 
Benefits paid
(24.3)(30.8)(1.6)(1.8)
Plan assets at end of year
$325.0 $328.8 $— $— 
Funded Status at end of year
$(4.7)$(18.1)$(13.1)$(14.9)
Amount Recognized
Other liabilities
$(4.7)$(18.1)$(13.1)$(14.9)
Accumulated other comprehensive loss (income):
Net actuarial loss (gain)
58.0 72.0 (7.1)(6.7)
Prior service cost (credit)
0.5 0.6 — (0.2)
Accumulated other comprehensive loss (income)
58.5 72.6 (7.1)(6.9)
Total recognized
$53.8 $54.5 $(20.2)$(21.8)
After-tax amount recognized in accumulated other comprehensive loss (income)
$46.2 $56.8 $(5.6)$(5.4)

The aggregate accumulated benefit obligation for the defined benefit pension plans was $316.1 million at December 31, 2024 and $334.0 million at December 31, 2023.
Pension plans with a projected benefit obligation in excess of plan assets
The following table shows our pension plans that have a projected benefit obligation in excess of plan assets as of December 31 (in millions):
20242023
Projected benefit obligations$25.4 $259.4 
Fair value of plan assets— 227.3 
Pension plans with an accumulated benefit obligation in excess of plan assets
The following table shows our pension plans that have an accumulated benefit obligation in excess of plan assets as of December 31 (in millions):    
20242023
Accumulated benefit obligations$22.0 $22.8 
Fair value of plan assets— — 
Components of pension and other post retirement benefit costs
The following table shows the components of net periodic cost for the years ended December 31 (in millions):

 
 
 
 		2024
Pension
Benefits 		2023
Pension
Benefits 		2022
Pension
Benefits 		2024
Retiree Health and Life		2023
Retiree Health and Life		2022
Retiree Health and Life
Service cost
$6.1 $5.3 $7.7 $0.1 $0.1 $0.2 
Interest cost
16.4 16.6 10.1 0.7 0.8 0.4 
Expected return on plan assets
(21.6)(21.4)(15.6)— — — 
Settlement accounting adjustment
— 1.4 7.1 — — — 
Amortization of (1):
Unrecognized prior service cost (credit)
0.1 — — (0.2)(0.3)(0.2)
Unrecognized net actuarial loss (gain)
1.0 0.9 8.6 (0.5)(0.5)(0.3)
Net periodic cost
$2.0 $2.8 $17.9 $0.1 $0.1 $0.1 
Schedule of amounts in accumulated other comprehensive loss (gain) to be recognized over next fiscal year We amortize the unrecognized prior service credit using a straight-line method over the average remaining service period of the employees we expect to receive benefits under the plan. We amortize the unrecognized net actuarial loss (gain), which is subject to certain averaging conventions, over the average remaining service period of active employees.
Expected long term return on assets and to measure the periodic cost
We use the following assumptions to measure the benefit obligation, compute the expected long-term return on assets, and measure the periodic cost for our defined benefit pension plans and other post-retirement benefit plans for the years ended December 31:
20242023
Domestic defined benefit pension plans
Benefit Obligation at December 31:
Discount rate — salaried funded plans5.59 %4.95 %
Discount rate — salaried unfunded plans
5.11% - 5.55%
4.74% - 4.92%
Discount rate — hourly funded plan5.74 %5.06 %
Cash balance interest crediting rate — salaried funded plan
4.54% - 4.78%
4.14% - 4.66%
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plansn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — salaried funded and unfunded plans4.95 %5.15 %
Discount rate — hourly funded plan5.06 %5.24 %
Expected return on plan assets — salaried funded plan6.40 %6.30 %
Expected return on plan assets — hourly funded plan5.60 %5.60 %
Rate of compensation increases — salaried funded and unfunded plans3.00 %3.00 %
Rate of compensation increases — hourly funded plann/an/a
Foreign defined benefit pension plan
Benefit Obligation at December 31:
Discount rate5.40 %4.50 %
Rate of pension-in-payment increases3.00 %2.80 %
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate4.50 %4.90 %
Expected return on plan assets4.80 %4.70 %
Rate of pension-in-payment increases2.80 %3.00 %
Other post-retirement benefit plans
Benefit Obligation at December 31:
Discount rate — combined health5.41 %4.85 %
Discount rate — combined life insurance5.61 %4.97 %
Rate of compensation increasesn/an/a
Net Periodic Cost (Benefit) for the years ended December 31:
Discount rate — combined health4.84 %5.04 %
Discount rate — combined life insurance4.97 %5.16 %
Rate of compensation increasesn/an/a
Review of historical returns
We calculate the present value of expected future pension and post-retirement cash flows as of the measurement date using a discount rate. We base the discount rate on yields for high-quality, long-term bonds with durations similar to that of our projected benefit obligation. We base the expected return on our plan assets on current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. We routinely review our historical returns along with current market conditions to ensure our expected return assumption is reasonable and appropriate.
20242023
Assumed Health Care Cost Trend Rates at December 31:
Health care cost trend assumed for next year
Medical claims — pre age 657.50 %6.75 %
Medical claims — post age 656.00 %6.25 %
Prescription drugs claims — pre age 6513.00 %8.25 %
Prescription drugs claims — post age 6512.00 %8.25 %
Post age 65 Medicare Advantage Part D18.75 %17.95 %
Rate to which the cost trend is expected to decline (the ultimate trend rate)
Medical claims4.50 %4.50 %
Prescription drugs claims4.50 %4.50 %
Year that rate reaches the ultimate trend rate
Medical claims20342033
Prescription drugs claims20342033
Pension plan assets fair value
The following table sets forth the fair value of our pension plan assets as of December 31 (in millions):
20242023
Assets measured at net asset value (1):
Short-term investment collective trust fund
$18.5 $0.7 
Common stock collective trust funds
107.5 127.4 
Fixed-income collective trust funds
192.6 193.7 
Real estate collective trust funds
6.4 7.0 
Total
$325.0 $328.8 
Schedule of Expected Benefit Payments
The following table shows expected future benefit payments, which reflect expected future service (in millions):

 		Funded PlansUnfunded PlansRetiree Health and Life
2025$28.8 $2.6 $1.6 
202628.9 2.7 1.6 
202728.0 2.8 1.5 
202827.8 2.8 1.4 
202926.8 2.7 1.3 
Years 2030-2034125.8 11.7 5.0 
Total$266.1 $25.3 $12.4 
UNITED STATES  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average asset allocations of domestic funded pension plans
Our investment policies require that asset allocations of domestic and foreign funded pension plans be maintained at certain targets. The following table shows our weighted-average asset allocations of our domestic funded pension plans at December 31, 2024 and 2023, and current target asset allocation for 2024, by asset category:
  
 		Plan Assets for Salaried Employees at
December 31
Target20242023
Asset Category
Equity securities43.7 %44.4 %49.7 %
Debt securities53.0 %51.3 %46.1 %
Real estate3.3 %2.4 %2.5 %
Cash— %1.9 %1.7 %
100.0 %100.0 %100.0 %

 
 		 
 		Plan Assets for Hourly Employees at
December 31
Target20242023
Asset Category
Equity securities9.3 %9.2 %16.5 %
Debt securities90.0 %87.5 %78.7 %
Real estate0.7 %1.3 %1.5 %
Cash— %2.0 %3.3 %
100.0 %100.0 %100.0 %
Foreign Plan [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average asset allocations of domestic funded pension plans
The following table shows the weighted-average asset allocations of our foreign funded pension plan at December 31, 2024 and 2023, and current target asset allocation for 2023, by asset category:
 
 		 
 		Plan Assets at
December 31
Target20242023
Asset Category
Debt securities50.0 %47.4 %99.8 %
Cash50.0 %52.6 %0.2 %
100.0 %100.0 %100.0 %
v3.25.0.1
Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Weighted Average Fair Value and Assumptions
The following table shows the weighted-average fair value for our stock options and the assumptions we used to estimate fair value:
202420232022
Weighted-average estimated fair value$45.22 $41.06 $34.77 
Quarterly dividend rate$0.58 $0.55 $0.52 
Expected term of stock options, in years4.24.24.3
Risk-free interest rate4.0 %3.7 %1.6 %
Dividend yield1.8 %1.9 %2.0 %
Expected stock price volatility34.7 %35.4 %35.0 %
Present value of dividends
$8.87 $8.57 $8.58 
Data With Respect to Stock Options SARs Activity
The following table shows information about outstanding stock options for the year ended December 31, 2024:

Number of Stock Options
(in thousands)		Weighted-Average Exercise Price
Outstanding at beginning of the year997$89.85 
Granted194126.47 
Exercised(241)78.61 
Forfeited/Cancelled(2)122.15 
Outstanding at end of the year948100.13 
Vested and exercisable at end of the year56987.98 
Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term
The following table shows the aggregate intrinsic value of stock options exercised in 2024, 2023, and 2022, and the weighted-average remaining contractual term and aggregate intrinsic value of stock options outstanding and vested as of December 31, 2024:
Stock OptionsWeighted-Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
(in millions)
Exercised in 2022$13.4
Exercised in 20239.0 
Exercised in 202413.6 
Outstanding at December 31, 2024 (a)3.852.0
Vested and exercisable at December 31, 20242.838.1 
_______
(a) As of December 31, 2024, 948,100 stock options were outstanding.
Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity
The following table shows information about restricted stock units and performance shares for the year ended December 31, 2024:

Number of Share Units Outstanding (in thousands)Weighted-Average Grant-Date Fair Value
Restricted Stock Units:
Nonvested at beginning of the year100 $103.19 
Granted32 126.52 
Vested(30)91.52 
Forfeited— 124.41 
Nonvested at end of the year102 113.79 
Performance Shares:
Nonvested at beginning of the year97 $106.89 
Granted39 126.47 
Net increase due to estimated performance5 115.81 
Vested(52)101.03 
Nonvested at end of the year89 119.39 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of Deferred tax Assets and Liabilities
The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions):
20242023
Deferred Tax Liabilities
Book/tax basis difference due to depreciation$1,327.9 $1,263.5 
Right-of-use assets41.3 52.9 
Investments in affiliated companies4.5 16.8 
Lease accounting18.0 17.2 
Intangible amortization1.5 1.7 
Other4.9 4.5 
Total deferred tax liabilities$1,398.1 $1,356.6 
Deferred Tax Assets
Lease liability$44.4 $56.6 
Federal net operating loss82.6 75.0 
Foreign tax credit0.8 0.8 
Valuation allowance on foreign tax credit(0.8)(0.8)
Federal interest limitation carryforward72.5 77.3 
State net operating loss37.4 40.1 
Valuation allowance on state net operating loss(20.4)(20.3)
State interest limitation carryforward11.4 13.0 
Foreign net operating loss4.4 4.1 
Accruals not currently deductible for tax purposes32.3 21.0 
Allowance for losses1.3 1.0 
Pension and post-retirement benefits2.1 5.8 
Other2.8 1.9 
Total deferred tax assets$270.8 $275.5 
Net deferred tax liabilities$1,127.3 $1,081.1 
Income before income taxes
The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions):
202420232022
Income before Income Taxes
Domestic$80.6 $82.9 $55.8 
Foreign180.8 162.6 121.3 
Total$261.4 $245.5 $177.1 
Consolidated federal income taxes
The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions):
202420232022
Income Tax Expense
Current
Domestic:
Federal
$— $2.9 $0.2 
State and local
0.7 0.2 — 
$0.7 $3.1 $0.2 
Foreign
13.5 17.3 18.3 
Total current
$14.2 $20.4 $18.5 
Deferred
Domestic:
Federal
$18.4 $13.5 $11.1 
State and local
(6.4)(1.8)2.7 
$12.0 $11.7 $13.8 
Foreign
33.8 26.6 22.5 
Total deferred
$45.8 $38.3 $36.3 
Income taxes
$60.0 $58.7 $54.8 
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax
The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions):
202420232022
Income taxes at federal statutory rate
$54.9 $51.6 $37.2 
Adjust for effect of:
Foreign earnings taxed at applicable statutory rates9.3 9.8 18.0 
Foreign deferred tax rate change impact— — (2.9)
Nondeductible compensation4.3 2.7 2.6 
Share-based compensation(2.2)(1.7)(2.3)
State income taxes3.0 3.7 2.6 
State income tax rate change impact(6.0)(3.0)(8.3)
State net operating loss valuation allowance(1.8)(2.3)9.9 
Other(1.5)(2.1)(2.0)
Income taxes
$60.0 $58.7 $54.8 
Effective income tax rate
23.0 %23.9 %30.9 %
v3.25.0.1
Commercial Commitments (Tables)
 12 Months Ended
Dec. 31, 2024
Guarantees [Abstract]  
Commercial Commitments
v3.25.0.1
Allowance for Losses (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Changes in the allowance for possible losses
The following table shows changes in the allowance for losses at December 31 (in millions):
20242023
Beginning balance$5.9 $5.9 
Provision for losses2.0 0.4 
Charges to allowance(1.9)(0.4)
Recoveries and other, including foreign exchange adjustments(0.3)— 
Ending balance$5.7 $5.9 
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Common stock reserved for conversion and incentive plans
The following shares of common stock were reserved as of December 31, 2024 (in millions):
GATX Corporation 2004 Equity Incentive Compensation Plan2.1 
GATX Corporation 2012 Incentive Award Plan4.9 
Total7.0 
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Accumulated other comprehensive income (loss)
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plans AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2021
$(95.4)$(12.6)$(52.6)$(160.6)
Change in component(56.7)5.8 (1.6)(52.5)
Reclassification adjustments into earnings (1)— (4.0)8.1 4.1 
Income tax effect— (0.4)(2.2)(2.6)
Accumulated other comprehensive loss at December 31, 2022$(152.1) $(11.2)$(48.3)$(211.6)
Change in component45.8 (3.6)(4.1)38.1 
Reclassification adjustments into earnings (1)— 5.3 0.1 5.4 
Income tax effect— (0.4)0.9 0.5 
Accumulated other comprehensive loss at December 31, 2023$(106.3)$(9.9)$(51.4)$(167.6)
Change in component(53.8)3.4 13.9 (36.5)
Reclassification adjustments into earnings (1)— (2.1)0.4 (1.7)
Income tax effect— (0.3)(3.5)(3.8)
Accumulated other comprehensive loss at December 31, 2024$(160.1)$(8.9)$(40.6)$(209.6)
________
(1) See "Note 9. Fair Value" and "Note 11. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income.
v3.25.0.1
Foreign Operations (Tables)
 12 Months Ended
Dec. 31, 2019
Concentration Risks, Types, No Concentration Percentage [Abstract]  
Foreign operations data
The following table shows our domestic and foreign revenues and identifiable assets for the years ended or as of December 31 (in millions):
202420232022
Revenues
Foreign
$637.3 $548.1 $466.9 
United States
948.2 862.8 806.1 
Total
$1,585.5 $1,410.9 $1,273.0 
Identifiable Assets
Foreign
$5,167.2 $4,718.5 $3,910.2 
United States
7,129.3 6,607.5 6,161.8 
Total
$12,296.5 $11,326.0 $10,072.0 
v3.25.0.1
Financial Data of Business Segments (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment data
The following tables show certain segment data for the years ended December 31, 2024, 2023, and 2022 (in millions):


Rail North
America
Rail International
Engine Leasing		OtherGATX Consolidated
2024 Profitability
Revenues
Lease revenue$983.5 $333.6 $32.4 $31.6 $1,381.1 
Non-dedicated engine revenue— — 64.6 — 64.6 
Other revenue115.5 16.7 0.1 7.5 139.8 
Total Revenues1,099.0  350.3 97.1 39.1 1,585.5 
Expenses
Maintenance expense306.9 70.7 — 4.0 381.6 
Depreciation expense271.1 78.7 37.8 14.8 402.4 
Operating lease expense33.9 — — — 33.9 
Other operating expense26.4 17.4 9.6 4.3 57.7 
Total Expenses638.3 166.8 47.4 23.1 875.6 
Other Income (Expense)
Net gain on asset dispositions132.8 4.5 0.6 0.4 138.3 
Interest (expense) income, net(232.1)(71.4)(41.9)4.4 (341.0)
Other (expense) income(5.4)3.2 0.6 (7.9)(9.5)
Share of affiliates' pre-tax earnings— — 108.3 — 108.3 
Segment profit$356.0 $119.8 $117.3 $12.9 $606.0 
Less:
Selling, general and administrative expense
236.3 
Income taxes (includes $25.5 related to affiliates' earnings)
85.5 
Net income
$284.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$119.4 $1.7 $0.6 $0.3 $122.0 
Residual sharing income0.5 — — — 0.5 
Non-remarketing net gains (1)12.9 2.8 — 0.1 15.8 
$132.8 $4.5 $0.6 $0.4 $138.3 
Capital Expenditures
Portfolio investments and capital additions$1,162.4 $232.9 $260.8 $18.3 $1,674.4 
Selected Balance Sheet Data 
Investments in affiliated companies$0.2 $— $663.1 $— $663.3 
Identifiable assets
$7,751.6 $2,233.3 $1,653.4 $658.2 $12,296.5 
__________
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2023 Profitability
Revenues
Lease revenue$888.8 $296.6 $32.6 $33.4 $1,251.4 
Non-dedicated engine revenue— — 37.6 — 37.6 
Marine operating revenue— — 6.9 — 6.9 
Other revenue93.9 12.9 0.1 8.1 115.0 
Total Revenues982.7 309.5 77.2 41.5 1,410.9 
Expenses
Maintenance expense276.6 64.1 — 4.1 344.8 
Depreciation expense265.9 68.2 28.3 13.9 376.3 
Operating lease expense36.0 — — — 36.0 
Marine operating expense— — 6.5 — 6.5 
Other operating expense25.9 10.4 7.3 3.0 46.6 
Total Expenses604.4 142.7 42.1 21.0 810.2 
Other Income (Expense)
Net gain on asset dispositions120.5 7.0 2.2 0.6 130.3 
Interest (expense) income, net(182.9)(56.2)(29.8)5.5 (263.4)
Other (expense) income(8.0)(4.2)0.2 2.6 (9.4)
Share of affiliates' pre-tax (loss) earnings(0.6)— 98.7 — 98.1 
Segment profit$307.3 $113.4 $106.4 $29.2 $556.3 
Less:
Selling, general and administrative expense
212.7 
Income taxes (includes $25.7 related to affiliates' earnings)
84.4 
Net income
$259.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$111.7 $4.9 $2.9 $0.3 $119.8 
Residual sharing income0.4 — 0.5 — 0.9 
Non-remarketing net gains (1)8.4 2.4 — 0.3 11.1 
Asset impairments— (0.3)(1.2)— (1.5)
$120.5 $7.0 $2.2 $0.6 $130.3 
Capital Expenditures
Portfolio investments and capital additions$976.9 $382.4 $267.3 $38.4 $1,665.0 
Selected Balance Sheet Data
Investments in affiliated companies$0.2 $— $626.8 $— $627.0 
Identifiable assets
$6,993.8 $2,175.2 $1,355.1 $801.9 $11,326.0 
__________
(1) Includes net gains from scrapping of railcars.


Rail North
America
Rail International		Engine LeasingOtherGATX Consolidated
2022 Profitability
Revenues
Lease revenue$826.0 $266.2 $33.0 $29.4 $1,154.6 
Non-dedicated engine revenue— — 1.5 — 1.5 
Marine operating revenue— — 18.9 — 18.9 
Other revenue82.0 9.1 0.2 6.7 98.0 
Total Revenues908.0 275.3 53.6 36.1 1,273.0 
Expenses
Maintenance expense238.5 51.4 — 2.8 292.7 
Depreciation expense258.6 69.1 17.8 12.0 357.5 
Operating lease expense36.1 — — — 36.1 
Marine operating expense— — 14.1 — 14.1 
Other operating expense24.5 8.3 2.3 2.3 37.4 
Total Expenses557.7 128.8 34.2 17.1 737.8 
Other Income (Expense)
Net gain (loss) on asset dispositions119.7 (11.2)(31.1)0.5 77.9 
Interest expense, net(144.6)(45.6)(19.0)(4.8)(214.0)
Other expense(4.6)(3.8)— (18.6)(27.0)
Share of affiliates' pre-tax earnings0.5 — 45.4 — 45.9 
Segment profit (loss)$321.3 $85.9 $14.7 $(3.9)$418.0 
Less:
Selling, general and administrative expense195.0 
Income taxes (includes $12.3 related to affiliates' earnings)
67.1 
Net income$155.9 
Net Gain (Loss) on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$102.2 $1.6 $— $0.3 $104.1 
Residual sharing income2.4 — 3.2 — 5.6 
Non-remarketing net gains (1)15.1 1.8 — 0.2 17.1 
Asset impairments— (14.6)(34.3)— (48.9)
$119.7 $(11.2)$(31.1)$0.5 $77.9 
Capital Expenditures
Portfolio investments and capital additions$815.9 $243.9 $149.7 $46.3 $1,255.8 
Selected Balance Sheet Data
Investments in affiliated companies$0.8 $— $574.3 $— $575.1 
Identifiable assets
$6,445.7 $1,774.4 $1,106.6 $745.3 $10,072.0 
__________
(1) Includes net gains from scrapping of railcars.
v3.25.0.1
Description of Business (Details)
 12 Months Ended
Dec. 31, 2024
Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of business segments 3
v3.25.0.1
Accounting Changes Pension and Post-Retirement Benefits (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Additions to Other Assets, Amount $ 165.4 $ 212.0
Operating leases $ 180.0 $ 226.8
v3.25.0.1
Significant Accounting Policies (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Estimated lives of useful depreciable assets      
Interest Expense, Deposits $ 24.3 $ 15.2 $ 6.4
Minimum [Member]      
Estimated lives of useful depreciable assets      
Finite-Lived Intangible Asset, Useful Life 10 years    
Minimum [Member] | Railcars [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Minimum [Member] | Locomotives [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 10 years    
Minimum [Member] | Buildings [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 40 years    
Minimum [Member] | Leasehold Improvements [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 5 years    
Minimum [Member] | Industrial Equipment [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 3 years    
Minimum [Member] | 3724 Aircraft Engines and Engine Parts      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 20 years    
Minimum [Member] | Containers      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Maximum [Member]      
Estimated lives of useful depreciable assets      
Finite-Lived Intangible Asset, Useful Life 25 years    
Maximum [Member] | Railcars [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 45 years    
Maximum [Member] | Locomotives [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 20 years    
Maximum [Member] | Buildings [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 50 years    
Maximum [Member] | Leasehold Improvements [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 15 years    
Maximum [Member] | Industrial Equipment [Member]      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 30 years    
Maximum [Member] | 3724 Aircraft Engines and Engine Parts      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 30 years    
Maximum [Member] | Containers      
Estimated lives of useful depreciable assets      
Estimated useful lives of depreciable assets, minimum 25 years    
v3.25.0.1
Significant Accounting Policies (Gain on Asset Dispositions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Disposition gains $ 122.0 $ 119.8 $ 104.1
Residual sharing income (0.5) (0.9) (5.6)
Non-remarketing disposition gains (15.8) (11.1) (17.1)
Asset impairments 0.0 (1.5) (48.9)
Net gain on asset dispositions $ 138.3 $ 130.3 $ 77.9
v3.25.0.1
Significant Accounting Policies (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent 23.00% 23.90% 30.90%
Interest Expense, Deposits $ 24.3 $ 15.2 $ 6.4
v3.25.0.1
Significant Accounting Policies - Operating Assets and Facilities (Details)
Dec. 31, 2024
Minimum [Member] | Railcars [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Minimum [Member] | 3724 Aircraft Engines and Engine Parts  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 20 years
Minimum [Member] | Locomotives [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 10 years
Minimum [Member] | Containers  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Minimum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 40 years
Minimum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 5 years
Minimum [Member] | Industrial Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 3 years
Maximum [Member] | Railcars [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 45 years
Maximum [Member] | 3724 Aircraft Engines and Engine Parts  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 30 years
Maximum [Member] | Locomotives [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 20 years
Maximum [Member] | Containers  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 25 years
Maximum [Member] | Buildings [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 50 years
Maximum [Member] | Leasehold Improvements [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 15 years
Maximum [Member] | Industrial Equipment [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful lives of depreciable assets, minimum 30 years
v3.25.0.1
Significant Accounting Policies Foreign Currency (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign Currency [Abstract]      
Foreign Currency Transaction Gain (Loss), before Tax $ 0.6 $ 6.9 $ (4.6)
v3.25.0.1
Supplemental Cash Flow and Noncash Investing Transactions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Noncash or Part Noncash Divestitures [Line Items]      
Number of railcars received | tankContainer 728   21
Assets Held-for-sale, Long Lived, Fair Value Disclosure $ 0.4 $ 0.8  
Supplemental Cash Flow Information      
Interest Paid, Excluding Capitalized Interest, Operating Activities 350.1 260.1 $ 202.7
Income taxes paid (refunded), net 23.0 17.3 18.7
Portfolio proceeds $ 230.6 $ 272.8 $ 269.6
v3.25.0.1
Supplemental Cash Flow and Noncash Investing Transactions (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Noncash or Part Noncash Divestitures [Line Items]      
Portfolio proceeds | $ $ 230.6 $ 272.8 $ 269.6
Number of railcars received | tankContainer 728   21
v3.25.0.1
Operating Assets and Facilities (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross $ 14,330.6 $ 13,081.9  
Less: allowance for depreciation (3,880.9) (3,670.7)  
Operating assets and facilities, net 10,449.7 9,411.2  
Total depreciation expense 420.9 391.5 $ 371.3
Interest Expense, Deposits 24.3 15.2 6.4
Railcars and locomotives      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 12,702.9 11,700.8  
Aircraft spare engines      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 1,030.4 769.7  
Tank containers      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 241.4 237.7  
Buildings, leasehold improvements, and other equipment      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 265.3 253.0  
Other      
Property, Plant and Equipment [Line Items]      
Property, Plant and Equipment, Gross 90.6 120.7  
Operating Assets and Facilities      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 414.2 $ 385.6 $ 365.0
v3.25.0.1
Operating Assets and Facilities (Details1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 420.9 $ 391.5 $ 371.3
Operating Assets and Facilities      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 414.2 385.6 365.0
Operating assets and facilities, included in depreciation expense      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 402.4 376.3 357.5
Maintenance operating assets and facilities, included in maintenance expense      
Property, Plant and Equipment [Line Items]      
Total depreciation expense 11.8 9.3 7.5
Non-operating assets, included in SG&A      
Property, Plant and Equipment [Line Items]      
Total depreciation expense $ 6.7 $ 5.9 $ 6.3
v3.25.0.1
Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
railcar
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Operating Leased Assets [Line Items]      
Number of railcars received | tankContainer 728   21
Lessee, Lease, Number of Railcars Leased | railcar 4,432,000,000    
Direct Financing Lease, Lease Income $ 13.5 $ 12.6 $ 9.8
Operating Lease, Lease Income, Lease Payments 1,263.5 1,145.1 1,058.3
Operating Lease, Variable Lease Income 104.1 93.7 86.5
Operating Lease, Lease Income 1,367.6 1,238.8 1,144.8
Lease Income 1,381.1 1,251.4 $ 1,154.6
Total contractual lease payments receivable 160.0 171.8  
Estimated unguaranteed residual value of leased assets 17.2 17.2  
Unearned income (58.9) (52.6)  
Finance leases $ 118.3 $ 136.4  
v3.25.0.1
Leases (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Capital Leased Assets [Line Items]      
gatxOperatingLeaseOtherIncome $ 115.8 $ 94.6 $ 81.5
Sublease Income $ 41.9 $ 41.3 $ 40.1
v3.25.0.1
Leases (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Leased Assets [Line Items]      
2025 $ 1,193.4    
Operating Leases      
Operating leases 180.0 $ 226.8  
gatxOperatingLeaseOtherIncome 115.8 $ 94.6 $ 81.5
Recourse Operating Leases [Member]      
Operating Leases      
2016, Operating Lease 35.6    
2017, Operating Lease 35.8    
2018, Operating Lease 32.8    
2019, Operating Lease 25.6    
2020, Operating Lease 18.4    
Years thereafter, Operating Leases 55.3    
Total, Operating Leases 203.5    
Lessee Operating Leases Future MinimumPayments Interest Included In Payments (23.5)    
Operating leases $ 180.0    
v3.25.0.1
Leases (Details Textual)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
railcar
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Operating Leased Assets [Line Items]      
Lessee, Lease, Number of Railcars Leased | railcar 4,432,000,000    
Sublease Income $ 41.9 $ 41.3 $ 40.1
Number of railcars received | tankContainer 728   21
Payments to Acquire Equipment on Lease $ 30.4   $ 1.5
v3.25.0.1
Leases Lease cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Fixed lease cost - operating leases $ 40.0 $ 41.6 $ 41.4
Finance Lease, Right-of-Use Asset, Amortization 0.2 0.0 0.0
Finance Lease, Interest Expense 0.3 0.0 0.0
Lease, Cost, Excluding Sublease Income 40.5 41.6 41.4
Gain (Loss) On Finance Lease, Liability $ 8.5 $ 12.9 $ 1.0
v3.25.0.1
Leases Lessee, Schedule of Finance Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Lessee, Lease, Description [Line Items]      
Number of railcars received | tankContainer 728   21
gatxOperatingLeaseOtherIncome | $ $ 115.8 $ 94.6 $ 81.5
v3.25.0.1
Leases Lessee, Lease Terms and Discount Rates (Details)
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease Terms and Discount Rates [Abstract]    
Operating Lease, Weighted Average Remaining Lease Term 6 years 6 months 7 years
Operating Lease, Weighted Average Discount Rate, Percent 3.66% 3.61%
v3.25.0.1
Leases Cash paid for amounts included in the measurement of lease liabilities (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tankContainer
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
tankContainer
Lessee, Lease Terms and Discount Rates [Abstract]      
Operating Lease, Payments $ 40.0 $ 41.2 $ 42.4
Lease, Payments 30.4 0.0 1.5
Lease, Payments 70.4 41.2 43.9
Non-cash financing lease transactions $ 30.1 $ 0.0 $ 0.0
Number of railcars received | tankContainer 728   21
v3.25.0.1
Leases Future Contractual Receipts (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]  
2025 $ 1,157.5
2026 915.0
2027 720.9
2028 565.8
2029 400.5
Thereafter 1,048.0
Total future receipts from leases 4,807.7
RRPF Joint Ventures [Member]  
Lessee, Lease, Description [Line Items]  
2025 517.1
2026 514.6
2027 399.0
2028 295.7
2029 267.1
Thereafter 842.6
Total future receipts from leases 2,836.1
RRPF Joint Ventures [Member] | Rolls-Royce [Member]  
Lessee, Lease, Description [Line Items]  
2025 188.0
2026 190.8
2027 134.8
2028 61.3
2029 49.0
Thereafter 142.1
Total future receipts from leases 766.0
RRPF Joint Ventures [Member] | Third Parties [Member]  
Lessee, Lease, Description [Line Items]  
2025 329.1
2026 323.8
2027 264.2
2028 234.4
2029 218.1
Thereafter 700.5
Total future receipts from leases $ 2,070.1
v3.25.0.1
Leases - Maturity Schedule (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Lessee, Operating Lease, Description [Abstract]  
2025 $ 1,157.5
Lessor, Finance Lease, Payment to be Received, Year One 35.9
2026 915.0
Lessor, Finance Lease, Payment to be Received, Year Two 33.3
2027 720.9
Lessor, Finance Lease, Payment to be Received, Year Three 23.7
2028 565.8
Lessor, Finance Lease, Payment to be Received, Year Four 20.7
2029 400.5
Lessor, Finance Lease, Payment to be Received, Year Five 12.8
Thereafter 1,048.0
Lessor, Finance Lease, Payment to be Received, After Year Five 33.6
Total future receipts from leases 4,807.7
Lessor, Finance Lease, Payments to be Received 160.0
2025 1,193.4
2026 948.3
2027 744.6
2028 586.5
2029 413.3
Thereafter 1,081.6
Leases Future Minimum Payments Receivable $ 4,967.7
v3.25.0.1
Investments in Affiliated Companies (Significant Investments in Affiliates) (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges $ 0.0 $ 1.5 $ 48.9
Portfolio proceeds and other 230.6 272.8 269.6
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies $ 663.3 627.0 575.1
Rolls Royce Partners Finance [Member]      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
GATX's Percentage Ownership [1] 50.00%    
RailPulse      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
GATX's Percentage Ownership 10.00%    
Rail North America [Member]      
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges   0.0 0.0
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies     0.8
Rail North America [Member] | RailPulse      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies $ 0.2 0.2  
Portfolio Management [Member]      
Investments in and Advances to Affiliates [Line Items]      
Asset Impairment Charges 0.0 1.2 34.3
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies 663.1 626.8 $ 574.3
Portfolio Management [Member] | Rolls Royce Partners Finance [Member]      
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]      
Investments in affiliated companies $ 663.1 $ 626.8  
[1] (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce
v3.25.0.1
Investments in Affiliated Companies (Share of Affiliate Earnings) (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) $ 108.3 $ 98.1 $ 45.9
Provision for Income Taxes, Equity Method Investment (25.5) (25.7) (12.3)
Share of Affiliates' Earnings 82.8 72.4 33.6
Rail North America [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) 0.0 (0.6) 0.5
Rail International [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Portfolio Management [Member]      
Pre tax share of affiliates earnings by segment      
Share of affiliates' earnings (pre-tax) $ 108.3 $ 98.7 $ 45.4
v3.25.0.1
Investments in Affiliated Companies (Investments and Distributions) (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 0.0 $ 1.5 $ 48.9
Proceeds from Equity Method Investment, Distribution 50.0 25.0 46.3
Rail North America [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges   0.0 0.0
Rail International [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges 0.0 0.3 14.6
Portfolio Management [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges 0.0 1.2 34.3
Proceeds from Equity Method Investment, Distribution $ 50.0 $ 25.0 $ 46.3
v3.25.0.1
Investments in Affiliated Companies (Operating Results, Affiliates) (Details 4) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Revenues $ 1,585.5 $ 1,410.9 $ 1,273.0
Net Income 284.2 259.2 155.9
Asset Impairment Charges 0.0 1.5 48.9
RRPF Joint Ventures [Member] | Russia      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges     11.5
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Schedule of Equity Method Investments [Line Items]      
Revenues 514.0 487.2 417.7
Gains on sales of assets 75.2 91.7 22.9
Net Income $ 164.0 $ 150.6 $ 73.9
v3.25.0.1
Investments in Affiliated Companies (Balance Sheet, Affiliates) (Details 5) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Total Assets $ 12,296.5 $ 11,326.0 $ 10,072.0
Shareholders’ equity 2,438.9 2,273.0 $ 2,029.6
Total Liabilities and Shareholders’ Equity 12,296.5 11,326.0  
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Schedule of Equity Method Investments [Line Items]      
Current assets 610.5 495.9  
Noncurrent assets 4,709.1 4,108.3  
Total Assets 5,319.6 4,604.2  
Current liabilities 618.4 351.5  
Liabilities, Noncurrent 3,405.1 3,024.1  
Shareholders’ equity 1,296.1 1,228.6  
Total Liabilities and Shareholders’ Equity $ 5,319.6 $ 4,604.2  
v3.25.0.1
Investments in Affiliated Companies (Summarized Financial Data-RRPF) (Details 6) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 3,880.9 $ 3,670.7  
Income Statement [Abstract]      
Total Revenues 1,585.5 1,410.9 $ 1,273.0
Depreciation expense (420.9) (391.5) (371.3)
Interest expense, net (341.0) (263.4) (214.0)
Income Taxes (60.0) (58.7) (54.8)
Net Income 284.2 259.2 155.9
Assets [Abstract]      
Identifiable assets 12,296.5 11,326.0 10,072.0
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense 217.1 239.6  
Liabilities and Equity [Abstract]      
Other liabilities 107.5 106.4  
Total Liabilities and Shareholders’ Equity 12,296.5 11,326.0  
Payment for Management Fee 4.1 2.7 1.0
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Income Statement [Abstract]      
Total Revenues 514.0 487.2 417.7
Gains on sales of assets 75.2 91.7 22.9
Net Income 164.0 150.6 73.9
Assets [Abstract]      
Current assets 610.5 495.9  
Noncurrent assets 4,709.1 4,108.3  
Identifiable assets 5,319.6 4,604.2  
Liabilities and Equity [Abstract]      
Current liabilities 618.4 351.5  
Liabilities, Noncurrent 3,405.1 3,024.1  
Total Liabilities and Shareholders’ Equity 5,319.6 4,604.2  
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 1,618.4 1,646.3  
Income Statement [Abstract]      
Depreciation expense (206.2) (223.7) (230.6)
Interest expense, net (127.3) (135.9) (110.1)
Other expenses (37.7) (19.3) (7.0)
Gains on sales of assets 75.5 92.6 22.9
Income (Loss) Attributable to Parent, before Tax 216.6 197.5 90.8
Income Taxes (49.4) (42.5) (17.5)
Net Income 167.2 155.0 73.3
Assets [Abstract]      
Current assets 607.9 493.2  
Noncurrent assets [1] 4,709.1 4,108.3  
Identifiable assets 5,317.0 4,601.5  
EquityMethodInvestmentSummarizedFinancialInformationAPandAccruedExpense 239.6 170.0  
Liabilities and Equity [Abstract]      
Current liabilities 378.2 181.5  
Liabilities, Noncurrent 2,673.7 2,451.1  
Other liabilities 731.3 571.9  
Shareholders’ equity 1,294.2 1,227.0  
Total Liabilities and Shareholders’ Equity 5,317.0 4,601.5  
Collateral of long-term debt 3,954.7    
Third Parties [Member] | RRPF Joint Ventures [Member]      
Income Statement [Abstract]      
Total Revenues 268.1 224.8 192.8
Rolls Royce [Member] | RRPF Joint Ventures [Member]      
Income Statement [Abstract]      
Total Revenues 225.3 253.0 222.8
Other revenue $ 18.9 $ 6.0 $ 0.0
[1]
(1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024.
v3.25.0.1
Investments in Affiliated Companies (Future Lease Receipts) (Details 7)
$ in Millions
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]  
2025 $ 1,157.5
2026 915.0
2027 720.9
2019 565.8
2029 400.5
Thereafter 1,048.0
Total future receipts from leases 4,807.7
RRPF Joint Ventures [Member]  
Schedule of Equity Method Investments [Line Items]  
2025 517.1
2026 514.6
2027 399.0
2019 295.7
2029 267.1
Thereafter 842.6
Total future receipts from leases 2,836.1
RRPF Joint Ventures [Member] | Rolls-Royce [Member]  
Schedule of Equity Method Investments [Line Items]  
2025 188.0
2026 190.8
2027 134.8
2019 61.3
2029 49.0
Thereafter 142.1
Total future receipts from leases 766.0
RRPF Joint Ventures [Member] | Third Parties [Member]  
Schedule of Equity Method Investments [Line Items]  
2025 329.1
2026 323.8
2027 264.2
2019 234.4
2029 218.1
Thereafter 700.5
Total future receipts from leases $ 2,070.1
v3.25.0.1
Investments in Affiliated Companies (Future Debt Maturities) (Details 8) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies $ 663.3 $ 627.0 $ 575.1
2025 632.4    
2026 602.3    
2027 836.1    
2028 730.7    
2029 674.4    
Thereafter 4,795.0    
Total debt principal 8,270.9 $ 7,450.6  
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
2025 366.0    
2026 465.6    
2027 427.9    
2028 438.0    
2029 75.0    
Thereafter 1,024.0    
Total debt principal $ 2,796.5    
Rail North America [Member]      
Schedule of Equity Method Investments [Line Items]      
Investments in Affiliated Companies     $ 0.8
v3.25.0.1
Investments in Affiliated Companies (Textual) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
AircraftEngines
Business_Activity
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 0.0 $ 1.5 $ 48.9
Share of affiliates' earnings (net of tax) 82.8 72.4 33.6
Portfolio proceeds $ 230.6 272.8 269.6
RRPF Joint Ventures [Member]      
Schedule of Equity Method Investments [Line Items]      
GATX ownership percentage in joint venture 50.00%    
Number of business activities | Business_Activity 2    
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines 427    
Share of affiliates' earnings (net of tax) $ 82.8 72.8 33.2
RRPF Joint Ventures [Member] | Russia      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges     11.5
RRPF Joint Ventures [Member] | Rolls-Royce [Member]      
Schedule of Equity Method Investments [Line Items]      
Number of Aircraft Engines Under Leasing Arrangement | AircraftEngines 198    
RRPF Joint Ventures [Member] | Minimum [Member]      
Schedule of Equity Method Investments [Line Items]      
Lease term 5 years    
RRPF Joint Ventures [Member] | Maximum [Member]      
Schedule of Equity Method Investments [Line Items]      
Lease term 12 years    
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Minimum [Member]      
Schedule of Equity Method Investments [Line Items]      
Estimated useful lives of depreciable assets 20 years    
RRPF Joint Ventures [Member] | Aircraft Engines [Member] | Maximum [Member]      
Schedule of Equity Method Investments [Line Items]      
Estimated useful lives of depreciable assets 30 years    
Portfolio Management [Member]      
Schedule of Equity Method Investments [Line Items]      
Asset Impairment Charges $ 0.0 $ 1.2 $ 34.3
v3.25.0.1
Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Commercial Paper and Borrowings Under Bank Credit Facilities    
Balance $ 10.4 $ 11.0
Weighted average interest rate 4.24% 3.86%
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal $ (8,270.9) $ (7,450.6)
Debt discount, net (51.6) (54.5)
Debt adjustment for fair value hedges (4.0) (8.0)
Recourse Debt 8,215.3 7,388.1
Second Line of Credit US    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity 350.0 250.0
3.25% Notes due March 2025    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 300.0 300.0
3.25% Notes due September 2026    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 350.0 350.0
5.40% Notes due March 2027    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 350.0 0.0
3.85% Notes due March 2027    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 300.0 300.0
3.50% Notes due March 2028    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 300.0 300.0
4.55% Notes due November 2028    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 300.0 300.0
4.70% Notes due April 2029    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 500.0 500.0
4.00% Notes due June 2030    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 500.0 500.0
1.90% Notes due June 2031    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 400.0
3.50% Notes due June 2032    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 400.0
4.90% Notes due March 2033    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 400.0
5.45% Notes due September 2033    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 400.0
6.05% Notes due March 2034    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 500.0 300.0
6.90% Notes due May 2034    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 400.0
3.10% Notes due June 2051    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 300.0 300.0
6.05% Notes due May 2054    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 250.0 250.0
4.35% Notes due February 2024    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 550.0 550.0
1.00% Notes due March 2025    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 400.0 0.0
1.13% Notes due August 2025    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 0.0 300.0
0.90% Schuldschein loan due October 2026    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 103.5 110.4
1.07% Notes due November 2026    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 103.5 110.4
5.23% Schuldschein loan due November 2026    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 23.8 25.4
4.37% Schuldschein loan due May 2027    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 77.7 82.8
1.17% Schuldschein loan due October 2028    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 38.8 41.4
0.85% Notes due May 2024    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 53.8 57.4
8.39% - 8.83% Term loan due June 2027 (4)    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 77.7 82.8
8.43% - 8.94% Term loan due February 2029 (4)    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 46.7 24.0
Total unsecured fixed rate debt    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 7,663.4 7,087.8
6.47% Notes due January 2026    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (100.0) (100.0)
6.30% Notes due January 2028    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (50.0) (50.0)
7.14% Notes due September 2029    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (50.0) (50.0)
4.32% Loan due December 2025    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (125.3) 0.0
Total Recourse Floating Rate Debt [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 607.5 362.8
Total Recourse Floating Rate Debt [Member] | Rail North America [Member]    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 200.0 200.0
4.32% Loan due December 2025    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (113.9) (121.4)
5.02% Loan due March 2031    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (77.7) 0.0
UNITED STATES    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 6,900.0 6,250.0
Europe    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (407.5) (162.8)
Total Debt 618.5 736.8
INDIA    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 144.9 101.0
Recourse Fixed Rate Debt Unsecured Twenty Six    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 36.2 0.0
Recourse Fixed Rate Debt Unsecured Twenty Nine    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 103.5 110.4
Interest rate, stated percentage 3.62%  
Recourse Fixed Rate Debt Unsecured Thirty    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt $ 0.0 115.8
Recourse Fixed Rate Debt Unsecured Thirty One    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 47.9 49.4
Recourse Fixed Rate Debt Unsecured Thirty Two    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 26.9 27.6
Recourse Fixed Rate Debt Unsecured Thirty Four    
Outstanding balances of debt obligations and the applicable interest rates    
Total Debt 23.4 0.0
Recourse Floating Rate Debt Unsecured Seven    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (38.8) (41.4)
Recourse Floating Rate Debt Unsecured Eight    
Outstanding balances of debt obligations and the applicable interest rates    
Total debt principal (51.8) 0.0
Line of Credit US [Member]    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity $ 600.0 $ 600.0
v3.25.0.1
Debt (Details 1) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Weighted-average interest rate 4.59% 4.08%
Weighted-average term, in years $ 8.6 $ 8.4
Maturities of GATX's debt obligations    
2025 632,400,000  
2026 602,300,000  
2027 836,100,000  
2028 730,700,000  
2029 674,400,000  
Thereafter 4,795,000,000  
Total debt principal 8,270,900,000 7,450,600,000
Balance $ 10,400,000 $ 11,000,000.0
v3.25.0.1
Debt (Details Textual)
€ in Millions, ₨ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
INR (₨)
Line of Credit Facility [Line Items]          
Annual commitment fees $ 1.3 $ 1.1 $ 1.2    
Fixed charge coverage ratio 2.0        
Minimum debt covenant fixed charge coverage ratio 1.2        
Amount of secured debt available to be borrowed in accordance with public debt covenants $ 2,400.0        
Total debt principal 8,270.9 7,450.6      
Foreign Line of Credit [Member]          
Line of Credit Facility [Line Items]          
Unsecured revolving credit facility | €       € 210  
Line of Credit Facility, Remaining Borrowing Capacity 235.0        
Total debt principal 991.0        
Line of Credit Facility, Current Borrowing Capacity | €       € 245  
Line of Credit US [Member]          
Line of Credit Facility [Line Items]          
Unsecured revolving credit facility 600.0 600.0      
Second Line of Credit US          
Line of Credit Facility [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity 350.0        
Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Unsecured revolving credit facility 350.0        
Rail India Facility          
Line of Credit Facility [Line Items]          
Line of Credit Facility, Remaining Borrowing Capacity 23.4       ₨ 2,000.0
Second Line of Credit US          
Line of Credit Facility [Line Items]          
Unsecured revolving credit facility $ 350.0 $ 250.0      
v3.25.0.1
Fair Value Disclosure (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Instrument
Dec. 31, 2023
USD ($)
Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net operating assets and facilities $ 10,449.7 $ 9,411.2
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months 0.8  
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Not Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Credit Risk Derivatives, at Fair Value, Net 4.0 8.0
Reported Value Measurement [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net operating assets and facilities $ 0.4 $ 0.8
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, Number of Instruments Held | Instrument (4) (4)
Interest Rate Contract [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative, Number of Instruments Held | Instrument   (1)
v3.25.0.1
Fair Value Disclosure (Details Textual) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Operating assets and facilities, net $ 10,449.7 $ 9,411.2
Fair Value Disclosure (Textual) [Abstract]    
Expected After tax reclassification of net losses from accumulated other comprehensive income to earnings in Next Twelve Months $ (0.8)  
v3.25.0.1
Fair Value Disclosure - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Instrument
Dec. 31, 2023
USD ($)
Instrument
Dec. 31, 2022
USD ($)
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ 2.1 $ (5.3) $ 4.0
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months 1.1    
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax 0.8    
Derivative liability 12.1 18.5  
Cash Flow Hedging [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax (3.4) 3.6 (5.7)
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax $ (3.4) $ 3.6 (5.7)
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument 4 4  
Derivative, Notional Amount $ 200.0 $ 200.0  
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Derivative [Line Items]      
Number of derivative instruments | Instrument   1  
Derivative, Notional Amount   $ 131.0  
Other Nonoperating Income (Expense) [Member]      
Derivative [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ 3.7 $ (3.7) $ 5.7
v3.25.0.1
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 0.0 $ 0.5
Derivative liability 12.1 18.5
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0.0 0.5
Derivative liability 12.1 18.5
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 0.0 0.5
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 4.0 8.0
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability $ 8.1 $ 10.5
v3.25.0.1
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Expense, Operating and Nonoperating $ (341.0) $ (263.4) $ (214.0)
Other Nonoperating Income (Expense) (9.5) (9.4) (27.0)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Expense, Operating and Nonoperating 1.6 1.6 1.7
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Other Nonoperating Income (Expense) 3.7 (3.7) $ 5.7
Recourse Debt [Member]      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) (4.0) (8.0)  
Carrying Amount of the Hedged Assets/(Liabilities) $ (198.9) $ (196.8)  
v3.25.0.1
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest Expense, Operating and Nonoperating $ (341.0) $ (263.4) $ (214.0)
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income (2.1) 5.3 (4.0)
Other Nonoperating Income (Expense) (9.5) (9.4) (27.0)
Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Recognized in Other Comprehensive Income (3.4) 3.6 (5.7)
Cash Flow Hedging [Member] | Interest Rate Contract [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest Expense, Operating and Nonoperating 1.6 1.6 1.7
Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Recognized in Other Comprehensive Income (3.4) 3.6 (5.7)
Other Nonoperating Income (Expense) 3.7 (3.7) 5.7
Other Nonoperating Income (Expense) [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income (3.7) 3.7 (5.7)
Interest Expense [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Income into Income $ 1.6 $ 1.6 $ 1.7
v3.25.0.1
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net $ (341.0) $ (263.4) $ (214.0)
Other (expense) income (9.5) (9.4) (27.0)
Not Designated as Hedging Instrument [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Other (expense) income 1.7 (11.3) 0.7
Interest Rate Contract [Member] | Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net 1.6 1.6 1.7
Interest Rate Contract [Member] | Fair Value Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net 4.0 3.6 (14.1)
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Interest expense, net (4.0) (3.6) 14.1
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Other (expense) income $ 3.7 $ (3.7) $ 5.7
v3.25.0.1
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Debt $ 8,215.3 $ 7,388.1
Debt Instrument, Fair Value Disclosure 7,861.2 6,977.5
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 7,609.5 7,026.6
Recourse Floating Rate Debt Fair Value Disclosure 605.8 361.5
Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 7,243.9 6,614.6
Recourse Floating Rate Debt Fair Value Disclosure $ 617.3 $ 362.9
v3.25.0.1
Asset Impairments and Assets Held for Sale (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property $ 137.8 $ 130.9 $ 121.2
Asset Impairment Charges 0.0 1.5 48.9
Assets Held-for-sale, Long Lived, Fair Value Disclosure 0.4 0.8  
Net gain (loss) on asset dispositions 138.3 130.3 77.9
Rail North America [Member]      
Asset Impairment Charges   0.0 0.0
Net gain (loss) on asset dispositions 132.8 120.5 119.7
Rail International [Member]      
Asset Impairment Charges 0.0 0.3 14.6
Charge for anticipated liquidation of translation adjustment     1.2
Net gain (loss) on asset dispositions 4.5 7.0 (11.2)
Portfolio Management [Member]      
Asset Impairment Charges 0.0 1.2 34.3
Net gain (loss) on asset dispositions $ 0.6 $ 2.2 $ (31.1)
v3.25.0.1
Asset Impairments and Assets Held for Sale Asset Held For Sale (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]    
Assets Held-for-sale, Long Lived, Fair Value Disclosure $ 0.4 $ 0.8
v3.25.0.1
Pension and Other Post Retirement Benefits - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Postretirement_Plan
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 6.2 $ 5.4 $ 7.9
Non-service cost components $ 4.1 $ 2.5 $ 10.1
Number of Postretirement Plans | Postretirement_Plan 2    
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 4.0    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Other (expense) income Other (expense) income Other (expense) income
Defined Benefit Pension [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Settlement accounting adjustment $ 0.0 $ 1.4 $ 7.1
Aggregate accumulated benefit obligation 316.1 334.0  
Service cost 6.1 5.3 7.7
Defined benefit plan, estimated future employer contributions in next fiscal year 4.2    
Defined Benefit Plan, Plan Assets, Contributions by Employer $ 1.3 5.3  
Other Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Contributions by Employer     $ 2.3
Defined Contribution Plan, Employer Discretionary Contribution Amount   $ 2.6  
v3.25.0.1
Pension and Other Post-Retirement Benefits - Pension Obligations, Plan Assets, and Other Post-retirement Obligations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Change in Benefit Obligation      
Service cost $ 6.2 $ 5.4 $ 7.9
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 328.8    
Plan assets at end of year 325.0 328.8  
Amount Recognized      
Other liabilities (38.5) (47.0)  
Defined Benefit Pension [Member]      
Change in Benefit Obligation      
Benefit obligation at beginning of year 346.9 341.8  
Service cost 6.1 5.3 7.7
Interest cost 16.4 16.6 10.1
Plan amendments 0.0 0.5  
Actuarial loss 14.9 (12.4)  
Benefits paid 24.3 30.8  
Effect of foreign exchange rate changes (0.5) 1.1  
Benefit obligation at end of year 329.7 346.9 341.8
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 328.8 323.8  
Actual return on plan assets 19.6 29.1  
Effect of exchange rate changes (0.4) 1.4  
Company contributions 1.3 5.3  
Benefits paid (24.3) (30.8)  
Plan assets at end of year 325.0 328.8 323.8
Funded Status at end of year (4.7) (18.1)  
Amount Recognized      
Other liabilities (4.7) (18.1)  
Accumulative other comprehensive loss:      
Net actuarial loss 58.0 72.0  
Prior service credit (cost) 0.5 0.6  
Accumulated other comprehensive loss 58.5 72.6  
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) 53.8 54.5  
After-tax amount recognized in accumulated other comprehensive loss 46.2 56.8  
Retiree Health and Life [Member]      
Change in Benefit Obligation      
Benefit obligation at beginning of year 14.9 15.6  
Service cost 0.1 0.1 0.2
Interest cost 0.7 0.8 0.4
Actuarial loss 1.0 (0.2)  
Benefits paid 1.6 1.8  
Effect of foreign exchange rate changes 0.0 0.0  
Benefit obligation at end of year 13.1 14.9 15.6
Change in Fair Value of Plan Assets      
Plan assets at beginning of year 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Effect of exchange rate changes 0.0 0.0  
Company contributions 1.6 1.8  
Benefits paid (1.6) (1.8)  
Plan assets at end of year 0.0 0.0 $ 0.0
Funded Status at end of year (13.1) (14.9)  
Amount Recognized      
Other liabilities (13.1) (14.9)  
Accumulative other comprehensive loss:      
Net actuarial loss (7.1) (6.7)  
Prior service credit (cost) 0.0 (0.2)  
Accumulated other comprehensive loss (7.1) (6.9)  
Defined Benefit Plan, Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) (20.2) (21.8)  
After-tax amount recognized in accumulated other comprehensive loss $ (5.6) $ (5.4)  
v3.25.0.1
Pension and Other Post-Retirement Benefits - Projected and Accumulated Benefit Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]    
Projected benefit obligations $ 25.4 $ 259.4
Fair value of plan assets 0.0 227.3
Pension plans with an accumulated benefit obligation in excess of plan assets    
Accumulated benefit obligations 22.0 22.8
Fair value of plan assets $ 0.0 $ 0.0
v3.25.0.1
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Components of pension and other post retirement benefit costs      
Service cost $ 6.2 $ 5.4 $ 7.9
Defined Benefit Pension [Member]      
Components of pension and other post retirement benefit costs      
Service cost 6.1 5.3 7.7
Interest cost 16.4 16.6 10.1
Expected return on plan assets (21.6) (21.4) (15.6)
Settlement accounting adjustment 0.0 1.4 7.1
Amortization of unrecognized prior service credit 0.1 0.0 0.0
Unrecognized net actuarial loss (gain) 1.0 0.9 8.6
Net periodic (benefit) cost 2.0 2.8 17.9
Retiree Health and Life [Member]      
Components of pension and other post retirement benefit costs      
Service cost 0.1 0.1 0.2
Interest cost 0.7 0.8 0.4
Expected return on plan assets 0.0 0.0 0.0
Settlement accounting adjustment 0.0 0.0 0.0
Amortization of unrecognized prior service credit (0.2) (0.3) (0.2)
Unrecognized net actuarial loss (gain) (0.5) (0.5) (0.3)
Net periodic (benefit) cost $ 0.1 $ 0.1 $ 0.1
v3.25.0.1
Pension and Other Post-Retirement Benefits - Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Expected long term return on assets and to measure the periodic cost    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.00% 6.25%
Medicare Advantage Part D    
Expected long term return on assets and to measure the periodic cost    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 18.75% 17.95%
Retiree Health and Life [Member] | Salaried and Hourly Health [Member] [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.41% 4.85%
Discount rate, net periodic cost (benefit) 4.84% 5.04%
Retiree Health and Life [Member] | Salaried and Hourly Life Insurance [Member] [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.61% 4.97%
Discount rate, net periodic cost (benefit) 4.97% 5.16%
UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.59% 4.95%
UNITED STATES | Hourly Funded Plans [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.74% 5.06%
Discount rate, net periodic cost (benefit) 5.06% 5.24%
Expected return on plan assets, net periodic cost (benefit) 5.60% 5.60%
UNITED STATES | Salaried Funded and Unfunded Plans [Member]    
Expected long term return on assets and to measure the periodic cost    
Rate of compensation and pension-in-payment increases, benefit obligation 3.00% 3.00%
Discount rate, net periodic cost (benefit) 4.95% 5.15%
Expected return on plan assets, net periodic cost (benefit) 6.40% 6.30%
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) 3.00% 3.00%
Foreign Plan [Member]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.40% 4.50%
Rate of compensation and pension-in-payment increases, benefit obligation 3.00% 2.80%
Discount rate, net periodic cost (benefit) 4.50% 4.90%
Expected return on plan assets, net periodic cost (benefit) 4.80% 4.70%
Rate of compensation and pension-in-payment increases, net periodic cost (benefit) 2.80% 3.00%
Minimum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.11% 4.74%
Minimum [Member] | UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance 4.54% 4.14%
Maximum [Member] | UNITED STATES | Salaried Unfunded Plans [Domain]    
Expected long term return on assets and to measure the periodic cost    
Discount rate, benefit obligation 5.55% 4.92%
Maximum [Member] | UNITED STATES | Salaried Funded Plans [Member] [Domain]    
Expected long term return on assets and to measure the periodic cost    
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationCashBalance 4.78% 4.66%
v3.25.0.1
Pension and Other Post-Retirement Benefits - Assumed Health Care Cost Trend Rates (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 6.00% 6.25%
Medical Claims [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 7.50% 6.75%
Review of historical returns    
Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50%
Year that rate reaches the ultimate trend rate 2034 2033
Prescription Drugs Claims [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Pre Age 65 13.00% 8.25%
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 12.00% 8.25%
Review of historical returns    
Rate to which the cost trend is expected to decline (the ultimate trend rate) 4.50% 4.50%
Year that rate reaches the ultimate trend rate 2034 2033
Medicare Advantage Part D    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year, Post Age 65 18.75% 17.95%
v3.25.0.1
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Domestic Funded Plans (Details) - UNITED STATES
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 100.00%  
Actual plan asset allocations, salaried employees 100.00% 100.00%
Actual plan asset allocation, hourly employees 100.00% 100.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 100.00%  
Equity Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 43.70%  
Actual plan asset allocations, salaried employees 44.40% 49.70%
Actual plan asset allocation, hourly employees 9.20% 16.50%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 9.30%  
Debt Securities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 53.00%  
Actual plan asset allocations, salaried employees 51.30% 46.10%
Actual plan asset allocation, hourly employees 87.50% 78.70%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 90.00%  
Real Estate [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 3.30%  
Actual plan asset allocations, salaried employees 2.40% 2.50%
Actual plan asset allocation, hourly employees 1.30% 1.50%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 0.70%  
Cash [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target allocation, salaried employees 0.00%  
Actual plan asset allocations, salaried employees 1.90% 1.70%
Actual plan asset allocation, hourly employees 2.00% 3.30%
Defined Benefit Plan, Plan Assets, Target Allocation, Hourly Employees, Percentage 0.00%  
v3.25.0.1
Pension and Other Post-Retirement Benefits - Weighted Average Asset Allocations of Foreign Funded (Details)
Dec. 31, 2024
Dec. 31, 2023
Foreign Plan [Member] | Defined Benefit Pension [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Actual plan asset allocations 100.00% 100.00%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 100.00%  
Foreign Plan [Member] | Defined Benefit Pension [Member] | Debt Securities [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Actual plan asset allocations 47.40% 99.80%
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 50.00%  
UNITED KINGDOM | Cash [Member]    
Weighted-average asset allocations of its foreign funded pension plan    
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage 50.00%  
Actual plan asset allocation, hourly employees 52.60% 0.20%
v3.25.0.1
Pension and Other Post-Retirement Benefits - Fair Value Pension Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair value of pension plan assets    
Assets $ 325.0 $ 328.8
Short-term investment funds [Member]    
Fair value of pension plan assets    
Assets 18.5 0.7
Common stock collective funds [Member]    
Fair value of pension plan assets    
Assets 107.5 127.4
Fixed income collective trust funds [Member]    
Fair value of pension plan assets    
Assets 192.6 193.7
Real estate investment funds [Member]    
Fair value of pension plan assets    
Assets $ 6.4 $ 7.0
v3.25.0.1
Pension and Other Post-Retirement Benefits - Expected Benefit Plan Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Funded Plans  
Defined Benefit Plan Disclosure [Line Items]  
2018 $ 28.8
2019 28.9
2020 28.0
2021 27.8
2022 26.8
Years 2030-2034 125.8
Total 266.1
Unfunded Plans  
Defined Benefit Plan Disclosure [Line Items]  
2018 2.6
2019 2.7
2020 2.8
2021 2.8
2022 2.7
Years 2030-2034 11.7
Total 25.3
Other Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2018 1.6
2019 1.6
2020 1.5
2021 1.4
2022 1.3
Years 2030-2034 5.0
Total $ 12.4
v3.25.0.1
Share Based Compensation - Weighted Average and Assumptions (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]      
Weighted-average estimated fair value $ 45.22 $ 41.06 $ 34.77
Quarterly dividend rate $ 0.58 $ 0.55 $ 0.52
Expected term of stock options, in years 4 years 2 months 12 days 4 years 2 months 12 days 4 years 3 months 18 days
Risk-free interest rate 4.00% 3.70% 1.60%
Dividend yield 1.80% 1.90% 2.00%
Expected stock price volatility 34.70% 35.40% 35.00%
Present value of dividends $ 8.87 $ 8.57 $ 8.58
v3.25.0.1
Share Based Compensation - Outstanding Options and Rights (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Beginning balance, Number of Stock Options and Stock Appreciation Rights | shares 997,000
Granted, Number of Stock Options and Stock Appreciation Rights | shares 194,000
Exercised, Number of Stock Options and Stock Appreciation Rights | shares 241,000
Forfeitured/Cancelled, Number of Stock Options and Stock Appreciation Rights | shares 2,000
Ending balance, Number of Stock Options and Stock Appreciation Rights | shares 948,100
Vested and exercisable at end of the year, Number of Stock Options and Stock Appreciation Rights | shares 569,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Beginning balance, Weighted Average Exercise Price | $ / shares $ 89.85
Granted, Weighted Average Exercise Price | $ / shares 126.47
Exercised, Weighted Average Exercise Price | $ / shares 78.61
Forfeited/Cancelled, Weighted Average Exercise Price | $ / shares 122.15
Ending balance, Weighted Average Exercise Price | $ / shares 100.13
Vested and exercisable at end of the year | $ / shares $ 87.98
v3.25.0.1
Share Based Compensation - Aggregate Intrinsic Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value $ 38.1    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 3 years 9 months 18 days    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term 2 years 9 months 18 days    
Stock Options and Stock Appreciation Rights, Outstanding, Aggregate Intrinsic Value $ 52.0    
Units outstanding 948,100 997,000  
Stock Option SAR Awards [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Options and Stock Appreciation Rights, Exercised, Aggregate Intrinsic Value $ 13.6 $ 9.0 $ 13.4
v3.25.0.1
Share-Based Compensation Share-Based Compensation - Restricted Stock and Performance Shares (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 41.06 $ 34.77
Ending balance, Weighted Average Grant Date Fair Value $ 45.22 $ 41.06
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning balance, Number of Share Units Outstanding 100  
Granted, Number of Share Units Outstanding 32  
Vested, Number of Share Units Outstanding 30  
Forfeited, Number of Share Units Outstanding 0  
Ending balance, Number of Share Units Outstanding 102 100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 103.19  
Granted, Weighted Average Grant Date Fair Value 126.52  
Vested, Weighted Average Grant Date Fair Value 91.52  
Forfeited, Weighted Average Grant Date Fair Value 124.41  
Ending balance, Weighted Average Grant Date Fair Value $ 113.79 $ 103.19
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning balance, Number of Share Units Outstanding 97  
Granted, Number of Share Units Outstanding 39  
Net increase due to estimated performance, Number of Share Units Outstanding 5  
Vested, Number of Share Units Outstanding 52  
Ending balance, Number of Share Units Outstanding 89 97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning balance, Weighted Average Grant Date Fair Value $ 106.89  
Granted, Weighted Average Grant Date Fair Value 126.47  
Net increase due to estimated performance, Weighted Average Grant Date Fair Value 115.81  
Vested, Weighted Average Grant Date Fair Value 101.03  
Ending balance, Weighted Average Grant Date Fair Value $ 119.39 $ 106.89
v3.25.0.1
Share Based Compensation (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2019
Jan. 25, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock Repurchased During Period, Shares 167,452 24,520 472,609    
Number of shares authorized for awards 4,900,000        
Number of shares available for future issuance 1,700,000        
Share-based compensation expense $ 23,000,000.0 $ 18,300,000 $ 12,700,000    
Tax benefit from share-based compensation expense $ 5,800,000 $ 4,600,000 3,200,000    
Award vesting period 3 years        
Units outstanding 948,100 997,000      
Proceeds from Stock Options Exercised $ 32,100,000 $ 22,300,000 30,900,000    
Portion of an award vesting for the 2012 SAR grant       1/3 vesting after each year  
Award vesting percentage       33.33%  
Payments for Repurchase of Common Stock $ 21,900,000 $ 2,600,000 $ 47,200,000    
Share Repurchase Program, Authorized, Amount         $ 300,000,000
Stock Options SARs Granted Since 2004 [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum granting period for stock option 7 years        
Stock Option SAR Awards [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation cost not yet recognized $ 8,800,000        
Compensation cost not yet recognized, period for recognition 1 year 8 months 12 days        
Restricted Stock and Performance Share Awards [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Compensation cost not yet recognized $ 10,900,000        
Compensation cost not yet recognized, period for recognition 1 year 8 months 12 days        
Fair value of restricted stock units and performance shares vested during period $ 11,900,000 $ 9,700,000 $ 7,700,000    
Phantom Stock Units [Member] | Non-employee directors          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Units granted during period 14,213        
Number of shares outstanding 250,464        
Restricted Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of restricted stock units and performance shares vested during period $ 91.52        
Units granted during period 32        
Number of shares outstanding 102 100      
Performance Shares [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of restricted stock units and performance shares vested during period $ 101.03        
Units granted during period 39        
Number of shares outstanding 89 97      
Share-Based Payment Arrangement, Cash Used to Settle Award $ 4,700,000 $ 4.1 $ 5.5    
Share-Based Payment Arrangement, Cash Used to Settle Award $ 4,700,000 $ 4.1 $ 5.5    
Series A and Series B preferred Stock [Member]          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Preferred Stock, Shares Authorized 5,000,000        
Preferred Stock, Par or Stated Value Per Share $ 1.00        
v3.25.0.1
Income Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards $ 393,200,000    
Foreign tax credit 800,000 $ 800,000  
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation $ 8,100,000    
Effective Income Tax Rate Reconciliation, Percent 23.00% 23.90% 30.90%
Deferred Tax Liabilities      
Book/tax basis difference due to depreciation $ 1,327,900,000 $ 1,263,500,000  
Right-of-use assets 41,300,000 52,900,000  
Investments in affiliated companies 4,500,000 16,800,000  
Lease accounting (other than leveraged) 18,000,000.0 17,200,000  
Intangible amortization 1,500,000 1,700,000  
Other 4,900,000 4,500,000  
Total deferred tax liabilities 1,398,100,000 1,356,600,000  
Deferred Tax Assets      
Lease liability 44,400,000 56,600,000  
Federal net operating loss 82,600,000 75,000,000.0  
Foreign tax credit 800,000 800,000  
Valuation allowance on foreign tax credit 800,000 800,000  
State net operating loss 37,400,000 40,100,000  
Federal interest limitation carryforward 72,500,000 77,300,000  
Valuation on state net operating loss (20,400,000) (20,300,000)  
State interest limitation carryforward 11,400,000 13,000,000.0  
Foreign net operating loss 4,400,000 4,100,000  
Accruals not currently deductible for tax purposes 32,300,000 21,000,000.0  
Allowance for losses 1,300,000 1,000,000.0  
Pension and post-retirement benefits 2,100,000 5,800,000  
Other 2,800,000 1,900,000  
Total deferred tax assets 270,800,000 275,500,000  
Net deferred tax liabilities 1,127,300,000 1,081,100,000  
Gross liability for unrecognized tax benefits      
Ending balance 8,300,000    
Provision for Income Taxes, Equity Method Investment $ 25,500,000 $ 25,700,000 $ 12,300,000
v3.25.0.1
Income Taxes (Details 1) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Provision for Income Taxes, Equity Method Investment $ 25.5 $ 25.7 $ 12.3
Income before income taxes      
Domestic 80.6 82.9 55.8
Foreign 180.8 162.6 121.3
Income before Income Taxes and Share of Affiliates’ Earnings 261.4 245.5 $ 177.1
Valuation allowance on foreign tax credit 0.8 0.8  
Right-of-use assets $ 41.3 $ 52.9  
v3.25.0.1
Income Taxes (Details 2) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Operating Loss Carryforwards $ 393.2    
Nondeductible compensation 4.3 $ 2.7 $ 2.6
Share-based compensation (2.2) (1.7) (2.3)
State income taxes 3.0 3.7 2.6
State income tax rate change impact (6.0) (3.0) (8.3)
State net operating loss valuation allowance (1.8) (2.3) 9.9
Other (1.5) (2.1) (2.0)
Tax Credit Carryforward, Valuation Allowance (0.8) (0.8)  
Current      
Federal 0.0 2.9 0.2
State and local 0.7 0.2 0.0
Current domestic taxes 0.7 3.1 0.2
Foreign 13.5 17.3 18.3
Current Income Tax Expense (Benefit) 14.2 20.4 18.5
Deferred      
Federal 18.4 13.5 11.1
State and local (6.4) (1.8) 2.7
Deferred domestic taxes 12.0 11.7 13.8
Foreign 33.8 26.6 22.5
Deferred Income Tax Expense (Benefit) 45.8 38.3 36.3
Income tax benefit $ 60.0 $ 58.7 $ 54.8
v3.25.0.1
Income Taxes (Details 3) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax      
Income taxes at federal statutory rate $ 54.9 $ 51.6 $ 37.2
Adjust for effect of:      
Foreign earnings taxed at applicable statutory rates 9.3 9.8 18.0
Share-based compensation (2.2) (1.7) (2.3)
State income taxes 3.0 3.7 2.6
State income tax rate change impact (6.0) (3.0) (8.3)
State net operating loss valuation allowance (1.8) (2.3) 9.9
Income tax benefit $ 60.0 $ 58.7 $ 54.8
Effective income tax rate 23.00% 23.90% 30.90%
Canada Revenue Agency [Member]      
Adjust for effect of:      
Foreign deferred tax rate change impact $ 0.0 $ 0.0 $ 2.9
v3.25.0.1
Income Taxes (Details Textual) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Effective Income Tax Rate Reconciliation, Percent 23.00% 23.90% 30.90%
Provision for Income Taxes, Equity Method Investment $ 25,500,000 $ 25,700,000 $ 12,300,000
State income tax rate change impact (6,000,000.0) (3,000,000.0) (8,300,000)
Amount of U.S. federal tax net operating loss 393,200,000    
State net operating loss 37,400,000 40,100,000  
State net operating loss carryforwards valuation allowance 20,400,000 20,300,000  
Foreign net operating loss 4,400,000 4,100,000  
Unrecognized Tax Benefits 8,300,000    
Deferred Tax Asset, Interest Carryforward 356,500,000    
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation $ 8,100,000    
Operating Loss Carryforwards, Maximum Future Taxable Income 80.00%    
Deferred Tax Asset, Interest Carryforward $ 356,500,000    
Canada Revenue Agency [Member]      
Operating Loss Carryforwards [Line Items]      
Foreign deferred tax rate change impact $ 0 $ 0 $ (2,900,000)
v3.25.0.1
Concentrations (Details)
 12 Months Ended
Dec. 31, 2024
Service_Center
union
POLAND  
Concentration [Abstract]  
Number Of Unions | union 1
Canadian  
Concentration [Abstract]  
Number of service centers | Service_Center 3
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Unionized Employees Concentration Risk [Member]  
Concentration [Abstract]  
Approximate percentage of revenue 2.00%
Revenue Benchmark | Petroleum Industry [Member] | Product Concentration Risk  
Concentration [Abstract]  
Approximate percentage of revenue 22.00%
Revenue Benchmark | Transportation Industry [Member] | Product Concentration Risk  
Concentration [Abstract]  
Approximate percentage of revenue 25.00%
Revenue Benchmark | Chemical Industry [Member] | Product Concentration Risk  
Concentration [Abstract]  
Approximate percentage of revenue 24.00%
Revenue Benchmark | Food and Agriculture [Member] | Product Concentration Risk  
Concentration [Abstract]  
Approximate percentage of revenue 12.00%
Revenue Benchmark | Mining [Member] [Member] | Product Concentration Risk  
Concentration [Abstract]  
Approximate percentage of revenue 5.00%
v3.25.0.1
Commercial Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Guarantor Obligations [Line Items]    
us-gaap_GuaranteeObligationsTerm 2025 through 2028  
Financial Standby Letter of Credit [Member]    
Guarantor Obligations [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted $ 8.7 $ 8.7
v3.25.0.1
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]      
Net Income $ 284.2 $ 259.2 $ 155.9
Less: Net income allocated to participating securities (4.9) (4.9) 0.0
Net income available to common shareholders $ 279.3 $ 254.3 $ 155.9
Denominator for basic earnings per share — weighted average shares 35,800 35,700 35,400
Earnings Per Share, Basic $ 7.80 $ 7.13 $ 4.41
Less: Net income allocated to participating securities $ (4.9) $ (4.9) $ 0.0
Net income available to common shareholders $ 279.3 $ 254.3 $ 155.9
Equity compensation plans (in shares) 100 100 500
Denominator for diluted earnings per share — adjusted weighted average and assumed conversion 35,900 35,700 35,900
Diluted earnings per share (in dollars per share) $ 7.78 $ 7.12 $ 4.35
v3.25.0.1
Goodwill (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 114.1 $ 120.0
Goodwill [Line Items]    
Goodwill 114.1 120.0
Rail North America [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 23.8 23.8
Goodwill [Line Items]    
Goodwill 23.8 23.8
Rail International [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 53.3 56.8
Goodwill [Line Items]    
Goodwill 53.3 56.8
Other Business Segments [Member]    
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill 37.0 39.4
Goodwill [Line Items]    
Goodwill $ 37.0 $ 39.4
v3.25.0.1
Allowance for Losses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Changes in the allowance for possible losses    
Beginning balance $ 5.9 $ 5.9
(Reversal) provision for losses 2.0 0.4
Charges to allowance (1.9) (0.4)
Recoveries and other, including foreign exchange adjustments (0.3) 0.0
Ending balance $ 5.7 $ 5.9
v3.25.0.1
Other Assets and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Components of Other Assets reported on the consolidated balance sheets    
Inventory $ 71.8 $ 74.0
Prepaid Supplies 18.4 14.3
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Gross 3.5 2.0
Assets Held-for-sale, Long Lived, Fair Value Disclosure 0.4 0.8
Prepaid items 20.7 14.0
Office furniture, fixtures and other equipment, net of accumulated depreciation 26.8 28.5
Utilization asset 26.5 24.1
Derivative asset 0.0 0.5
Other 135.0 128.4
Total $ 303.1 $ 286.6
v3.25.0.1
Other Assets and Other Liabilities (Details 1) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Components of Other Liabilities reported on the consolidated balance sheets    
Pension and other post-retirement liabilities $ 38.5 $ 47.0
Liability for Asbestos and Environmental Claims, Net 12.0 2.8
Derivatives 12.1 18.5
Environmental reserves 12.0  
Other Liabilities, Noncurrent 44.9 38.1
Other liabilities $ 107.5 $ 106.4
v3.25.0.1
Shareholders' Equity (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Jan. 25, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share Repurchase Program, Authorized, Amount       $ 300,000,000
Stock repurchases, Shares 167,452 24,520 472,609  
Payments for Repurchase of Common Stock $ 21,900,000 $ 2,600,000 $ 47,200,000  
Authorized shares (in shares) 120,000,000 120,000,000    
Common stock, par value (in dollars per share) $ 0.625 $ 0.625    
Issued shares (in shares) 69,075,329 68,797,027    
Outstanding shares (in shares) 35,575,691 35,464,841    
Common Stock, Capital Shares Reserved for Future Issuance 7,000,000.0      
Stock Repurchased During Period, Value $ 21,900,000 $ 2,600,000 $ 47,200,000  
Series A and Series B preferred Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Preferred Stock, Shares Authorized 5,000,000      
Preferred Stock, Par or Stated Value Per Share $ 1.00      
Share-based compensation award plans [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Stock, Capital Shares Reserved for Future Issuance 2,100,000      
Share-based Payment Arrangement [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common Stock, Capital Shares Reserved for Future Issuance 4,900,000      
v3.25.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Stockholders' Equity Attributable to Parent $ (2,438.9) $ (2,273.0) $ (2,029.6)  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Stockholders' Equity Attributable to Parent 8.9 9.9 11.2 $ 12.6
OCI, before Reclassifications, before Tax, Attributable to Parent 3.4 (3.6) 5.8  
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 2.1 (5.3) 4.0  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent (0.3) (0.4) (0.4)  
Accumulated Foreign Currency Adjustment Attributable to Parent        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Stockholders' Equity Attributable to Parent 160.1 106.3 152.1 95.4
OCI, before Reclassifications, before Tax, Attributable to Parent (53.8) 45.8 (56.7)  
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent 0.0 0.0 0.0  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 0.0 0.0 0.0  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Stockholders' Equity Attributable to Parent (40.6) (51.4) (48.3) (52.6)
OCI, before Reclassifications, before Tax, Attributable to Parent 13.9 (4.1) (1.6)  
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent (0.4) (0.1) (8.1)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent 3.5 (0.9) 2.2  
Accumulated Other Comprehensive Income (Loss) [Member]        
Accumulated Other Comprehensive Income (Loss) [Roll Forward]        
Stockholders' Equity Attributable to Parent 209.6 167.6 211.6 $ 160.6
OCI, before Reclassifications, before Tax, Attributable to Parent (36.5) 38.1 (52.5)  
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent (1.7) 5.4 4.1  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ (3.8) $ 0.5 $ (2.6)  
v3.25.0.1
Foreign Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Foreign operations data      
Revenues $ 1,585.5 $ 1,410.9 $ 1,273.0
Foreign Operations (Textual) [Abstract]      
Maximum percentage of consolidated revenues derive from any individual foreign country 10.00%    
Percentage of company's identifiable assets 10.00% 10.00%  
Identifiable assets $ 12,296.5 $ 11,326.0 10,072.0
Foreign [Member]      
Foreign operations data      
Revenues 637.3 548.1 466.9
Foreign Operations (Textual) [Abstract]      
Identifiable assets 5,167.2 4,718.5 3,910.2
United States [Member]      
Foreign operations data      
Revenues 948.2 862.8 806.1
Foreign Operations (Textual) [Abstract]      
Identifiable assets $ 7,129.3 $ 6,607.5 $ 6,161.8
v3.25.0.1
Legal Proceedings and Other Contingencies (Details)
$ in Millions
 12 Months Ended
Feb. 03, 2025
plaintiff
defendant
Dec. 31, 2024
USD ($)
Site
individual_resident
Loss Contingencies [Line Items]    
Estimated Litigation Liability | $   $ 4.9
Administrative and Judicial Proceedings at Sites | Site   9
Accruals for remediation and restoration | $   $ 12.0
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]   Other liabilities
Almasy Et Al. V. Norfolk Southern Corp    
Loss Contingencies [Line Items]    
Number of individual residents | individual_resident   40
Litigation Settlement, Amount Awarded to Other Party | $   $ 600.0
Almasy Et Al. V. Norfolk Southern Corp | Subsequent Event [Member]    
Loss Contingencies [Line Items]    
Number of plaintiffs | plaintiff 750  
Number of plaintiffs opted out of prior settlement agreements | plaintiff 184  
Number of other defendants | defendant 30  
Number of plaintiffs opted into prior settlement agreements | plaintiff 550  
v3.25.0.1
Financial Data of Business Segments - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Number of business segments | Segment 3    
Asset Impairment Charges $ 0.0 $ (1.5) $ (48.9)
Portfolio Management [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Asset Impairment Charges $ 0.0 $ (1.2) $ (34.3)
v3.25.0.1
Financial Data of Busines Segments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income $ 1,381.1 $ 1,251.4 $ 1,154.6
MarineOperatingRevenue 0.0 6.9 18.9
Other revenue 139.8 115.0 98.0
Total Revenues 1,585.5 1,410.9 1,273.0
Maintenance Expense 381.6 344.8 292.7
Depreciation expense 402.4 376.3 357.5
Marine operating expense 0.0 6.5 14.1
Operating Lease, Expense 33.9 36.0 36.1
Other operating expense 57.7 46.6 37.4
Total Expenses 875.6 810.2 737.8
Interest Income (Expense), Nonoperating (341.0) (263.4) (214.0)
Other (expense) income (9.5) (9.4) (27.0)
Share of affiliates' earnings (pre-tax) 108.3 98.1 45.9
Segment Profit Loss 606.0 556.3 418.0
Selling, general and administrative 236.3 212.7 195.0
Income tax benefit 60.0 58.7 54.8
Net Income 284.2 259.2 155.9
Disposition Gains on Owned Assets 122.0 119.8 104.1
Nonoperating Income, Residual Sharing Income 0.5 0.9 5.6
Asset Impairment Charges 0.0 (1.5) (48.9)
Identifiable assets 12,296.5 11,326.0 10,072.0
Nonremarketing Disposition Gain (Loss) 15.8 11.1 17.1
Portfolio Investments and Capital Additions 1,674.4 1,665.0 1,255.8
Investments in Affiliated Companies 663.3 627.0 575.1
Provision for Income Taxes, Equity Method Investment 25.5 25.7 12.3
Non-dedicated engine revenue 64.6 37.6 1.5
Net gain on asset dispositions 138.3 130.3 77.9
Parent [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Income tax benefit 85.5 84.4 67.1
Other Business Segments [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 31.6 33.4 29.4
MarineOperatingRevenue   0.0 0.0
Other revenue 7.5 8.1 6.7
Total Revenues 39.1 41.5 36.1
Maintenance Expense 4.0 4.1 2.8
Depreciation expense 14.8 13.9 12.0
Marine operating expense   0.0 0.0
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 4.3 3.0 2.3
Total Expenses 23.1 21.0 17.1
Interest Income (Expense), Nonoperating 4.4 5.5 (4.8)
Other (expense) income (7.9) 2.6 (18.6)
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Segment Profit Loss 12.9 29.2 (3.9)
Disposition Gains on Owned Assets 0.3 0.3 0.3
Nonoperating Income, Residual Sharing Income 0.0 0.0 0.0
Asset Impairment Charges   0.0 0.0
Identifiable assets 658.2 801.9 745.3
Nonremarketing Disposition Gain (Loss) 0.1 0.3 0.2
Portfolio Investments and Capital Additions 18.3 38.4 46.3
Investments in Affiliated Companies 0.0 0.0 0.0
Net gain on asset dispositions 0.4 0.6 0.5
Rail North America [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 983.5 888.8 826.0
MarineOperatingRevenue   0.0 0.0
Other revenue 115.5 93.9 82.0
Total Revenues 1,099.0 982.7 908.0
Maintenance Expense 306.9 276.6 238.5
Depreciation expense 271.1 265.9 258.6
Marine operating expense   0.0 0.0
Operating Lease, Expense 33.9 36.0 36.1
Other operating expense 26.4 25.9 24.5
Total Expenses 638.3 604.4 557.7
Interest Income (Expense), Nonoperating (232.1) (182.9) (144.6)
Other (expense) income (5.4) (8.0) (4.6)
Share of affiliates' earnings (pre-tax) 0.0 (0.6) 0.5
Segment Profit Loss 356.0 307.3 321.3
Disposition Gains on Owned Assets 119.4 111.7 102.2
Nonoperating Income, Residual Sharing Income 0.5 0.4 2.4
Asset Impairment Charges   0.0 0.0
Identifiable assets 7,751.6 6,993.8 6,445.7
Nonremarketing Disposition Gain (Loss) 12.9 8.4 15.1
Portfolio Investments and Capital Additions 1,162.4 976.9 815.9
Investments in Affiliated Companies     0.8
Net gain on asset dispositions 132.8 120.5 119.7
Rail North America [Member] | RailPulse      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in Affiliated Companies 0.2 0.2  
Rail International [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 333.6 296.6 266.2
MarineOperatingRevenue   0.0 0.0
Other revenue 16.7 12.9 9.1
Total Revenues 350.3 309.5 275.3
Maintenance Expense 70.7 64.1 51.4
Depreciation expense 78.7 68.2 69.1
Marine operating expense   0.0 0.0
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 17.4 10.4 8.3
Total Expenses 166.8 142.7 128.8
Interest Income (Expense), Nonoperating (71.4) (56.2) (45.6)
Other (expense) income 3.2 (4.2) (3.8)
Share of affiliates' earnings (pre-tax) 0.0 0.0 0.0
Segment Profit Loss 119.8 113.4 85.9
Disposition Gains on Owned Assets 1.7 4.9 1.6
Nonoperating Income, Residual Sharing Income 0.0 0.0 0.0
Asset Impairment Charges 0.0 (0.3) (14.6)
Identifiable assets 2,233.3 2,175.2 1,774.4
Nonremarketing Disposition Gain (Loss) 2.8 2.4 1.8
Portfolio Investments and Capital Additions 232.9 382.4 243.9
Investments in Affiliated Companies 0.0 0.0 0.0
Net gain on asset dispositions 4.5 7.0 (11.2)
Portfolio Management [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Lease Income 32.4 32.6 33.0
MarineOperatingRevenue   6.9 18.9
Other revenue 0.1 0.1 0.2
Total Revenues 97.1 77.2 53.6
Maintenance Expense 0.0 0.0 0.0
Depreciation expense 37.8 28.3 17.8
Marine operating expense   6.5 14.1
Operating Lease, Expense 0.0 0.0 0.0
Other operating expense 9.6 7.3 2.3
Total Expenses 47.4 42.1 34.2
Interest Income (Expense), Nonoperating (41.9) (29.8) (19.0)
Other (expense) income 0.6 0.2 0.0
Share of affiliates' earnings (pre-tax) 108.3 98.7 45.4
Segment Profit Loss 117.3 106.4 14.7
Disposition Gains on Owned Assets 0.6 2.9 0.0
Nonoperating Income, Residual Sharing Income 0.0 0.5 3.2
Asset Impairment Charges 0.0 (1.2) (34.3)
Identifiable assets 1,653.4 1,355.1 1,106.6
Nonremarketing Disposition Gain (Loss) 0.0 0.0 0.0
Portfolio Investments and Capital Additions 260.8 267.3 149.7
Investments in Affiliated Companies 663.1 626.8 574.3
Non-dedicated engine revenue 64.6 37.6 1.5
Net gain on asset dispositions 0.6 2.2 $ (31.1)
Portfolio Management [Member] | Rolls Royce Partners Finance [Member]      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Investments in Affiliated Companies $ 663.1 $ 626.8