GATX CORP, 10-Q filed on 10/26/2023
Quarterly Report
v3.23.3
Document and Entity Information
shares in Thousands
 9 Months Ended
Sep. 30, 2023
shares
Document Information [Line Items]  
Document Transition Report false
Entity Registrant Name GATX Corporation
Document Period End Date Sep. 30, 2023
City Area Code 312
Local Phone Number 621-6200
Title of 12(b) Security Common Stock
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Common Stock, Shares Outstanding 35,500
Entity Shell Company false
Entity Address, Address Line One 233 South Wacker Drive
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606
Amendment Flag false
Entity Central Index Key 0000040211
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q3
Current Fiscal Year End Date --12-31
Document Quarterly Report true
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 36-1124040
Document Type 10-Q
Entity File Number 1-2328
NEW YORK STOCK EXCHANGE, INC. [Member]  
Document Information [Line Items]  
Trading Symbol GATX
Security Exchange Name NYSE
CHICAGO STOCK EXCHANGE, INC [Member]  
Document Information [Line Items]  
Trading Symbol GATX
Security Exchange Name CHX
v3.23.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets    
Cash and Cash Equivalents $ 203.1 $ 303.7
Restricted Cash 0.1 0.3
Receivables    
Rent and other receivables 75.2 71.4
Finance leases (as lessor) 135.4 96.5
Less: allowance for losses (5.7) (5.9)
Receivables, net 204.9 162.0
Property, Plant and Equipment, Net [Abstract]    
Operating Assets and Facilities 12,576.5 11,675.0
Less: allowance for depreciation (3,561.1) (3,424.7)
Operating assets and facilities, net 9,015.4 8,250.3
Lease Assets (as lessee)    
Right-of-use assets, net of accumulated depreciation 220.2 243.5
Lease assets 220.2 243.5
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures 626.9 575.1
Goodwill 116.0 117.2
Other Assets 260.9 271.4
Total Assets 10,647.5 10,072.0
Liabilities and Shareholders’ Equity    
Accounts Payable and Accrued Expenses 221.6 202.2
Debt    
Commercial paper and borrowings under bank credit facilities 12.3 17.3
Recourse 6,835.6 6,431.5
Commercial paper and borrowings under bank credit facilities 6,847.9 6,448.8
Lease, Liability [Abstract]    
Operating leases 233.2 257.9
Lease obligations 233.2 257.9
Deferred Income Tax Liabilities, Net 1,072.2 1,031.5
Other Liabilities 98.1 102.0
Total Liabilities 8,473.0 8,042.4
Shareholders’ Equity    
Common stock, $0.625 par value: Authorized shares — 120,000,000 Issued shares — 67,325,950 and 67,083,149 Outstanding shares — 37,632,377 and 37,895,641 42.5 42.4
Additional paid in capital 813.1 792.2
Retained earnings 2,963.7 2,831.5
Accumulated other comprehensive loss $ (219.9) $ (211.6)
Treasury Stock, Common, Shares 33,307,666 33,307,666
Treasury stock at cost (29,693,573 and 29,187,508 shares) $ (1,424.9) $ (1,424.9)
Total Shareholders’ Equity 2,174.5 2,029.6
Total Liabilities and Shareholders’ Equity $ 10,647.5 $ 10,072.0
Common Stock, Shares Authorized 120,000,000  
Common Stock, Par or Stated Value Per Share $ 0.625  
Common Stock, Shares, Outstanding 35,479,758 35,268,308
Short-Term Investments $ 0.0 $ 148.5
v3.23.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Other assets related to assets held for sale $ 11.9 $ 40.0
Common stock, par value $ 0.625  
Common stock, shares authorized 120,000,000  
Common stock, shares issued 68,787,424 68,575,974
Common stock, shares outstanding 35,479,758 35,268,308
v3.23.3
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues        
Lease revenue $ 317.2 $ 292.4 $ 927.8 $ 860.6
Marine operating revenue 0.6 4.8 6.1 16.2
Other revenue 42.3 23.8 108.3 73.5
Total Revenues 360.1 321.0 1,042.2 950.3
Expenses        
Maintenance expense 87.9 75.9 254.1 221.3
Marine operating expense 1.0 3.6 5.4 11.7
Depreciation 96.2 88.7 278.1 268.2
Operating Lease, Expense 9.0 9.0 27.0 27.1
Other operating expense 12.0 8.7 34.0 28.7
Selling, general and administrative 51.0 47.6 153.4 142.7
Total Expenses 257.1 233.5 752.0 699.7
Other Income (Expense)        
Net gain on asset dispositions 16.9 3.9 105.1 53.4
Interest expense, net (68.1) (53.6) (190.8) (156.7)
Other (expense) income 1.8 (2.5) (7.1) (15.8)
Income before Income Taxes and Share of Affiliates’ Earnings 53.6 35.3 197.4 131.5
Income taxes (14.5) (13.7) (52.3) (38.8)
Share of affiliates' earnings, net of taxes 13.4 7.5 48.1 14.8
Net income 52.5 29.1 193.2 107.5
Other Comprehensive Income, net of taxes        
Foreign currency translation adjustments (40.6) (57.8) (8.7) (118.3)
Unrealized Gain (Loss) on Derivatives 0.8 0.2 1.4 0.8
Post-retirement benefit plans (2.0) 8.3 (1.0) 11.5
Other comprehensive (loss) income (41.8) (49.3) (8.3) (106.0)
Comprehensive Income $ 10.7 $ (20.2) $ 184.9 $ 1.5
Share Data        
Basic earnings per share (in dollars per share) $ 1.44 $ 0.82 $ 5.32 $ 3.04
Average number of common shares (in shares) 35,700 35,200 35,600 35,400
Diluted earnings per share (in dollars per share) $ 1.44 $ 0.81 $ 5.30 $ 2.99
Average number of common shares and common share equivalents (in shares) 35,800 35,700 35,700 35,900
v3.23.3
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Operating Activities          
Net Income (Loss) Attributable to Parent $ 52,500,000 $ 29,100,000 $ 193,200,000 $ 107,500,000  
Adjustments to reconcile income to net cash provided by operating activities:          
Depreciation expense     289,800,000 278,200,000  
Net gains on sales of assets     (105,600,000) (91,000,000.0)  
Asset Impairment Charges 0 10,800,000 1,200,000 42,300,000  
Deferred income taxes     38,700,000 24,000,000.0  
Share of affiliates’ earnings, net of dividends     (48,100,000) (14,800,000)  
Changes in working capital items     30,900,000 6,400,000  
Net cash provided by operating activities     400,100,000 352,600,000  
Investing Activities          
Portfolio investments and capital additions     (1,237,500,000) (887,900,000)  
Portfolio proceeds     208,200,000 224,900,000  
Proceeds from sales of other assets     16,400,000 26,400,000  
Other     2,300,000 30,100,000  
Net cash used in investing activities     (860,600,000) (606,500,000)  
Financing Activities          
Net proceeds from issuances of debt (original maturities longer than 90 days)     909,200,000 837,800,000  
Repayments of debt (original maturities longer than 90 days)     (500,000,000.0) (250,000,000.0)  
Net (decrease) increase in debt with original maturities of 90 days or less     (5,000,000.0) 700,000  
Stock repurchases     0 (47,200,000)  
Dividends     (60,700,000) (57,900,000)  
Purchases of assets previously leased     0 (1,500,000)  
Other     16,400,000 30,900,000  
Net cash provided by financing activities     359,900,000 512,800,000  
Effect of Exchange Rate Changes on Cash and Cash Equivalents     (200,000) (6,800,000)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance     304,000,000.0 344,500,000 $ 344,500,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance $ 203,200,000 $ 596,600,000 203,200,000 596,600,000 $ 304,000,000.0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total     (100,800,000) 252,100,000  
Payments to Acquire Short-Term Investments     $ 150,000,000.0 $ 0  
v3.23.3
Consolidated Statements of Changes in Shareholders' Equity Statement - USD ($)
$ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Treasury Stock, Common
Common stock, shares issued   68,300,000        
Common Stock, Value, Issued   $ 42.2        
Shares, Issued           (32,800,000)
Stockholders' Equity Attributable to Parent     $ (763.8) $ (2,751.5) $ 160.6 $ (1,377.7)
Stock Issued During Period, Shares, New Issues   200,000        
Stock Issued During Period, Value, New Issues   $ 0.2        
Stock Repurchased During Period, Shares           (500,000)
Repurchase of common stock           $ (47.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     24.1      
Net income $ 107.5     107.5    
Dividends declared (in dollars per share) $ 1.56          
Dividends, Common Stock, Cash       (57.3)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 106.0       106.0  
Common stock, shares issued   68,500,000        
Common Stock, Value, Issued   $ 42.4        
Shares, Issued           (33,200,000)
Stockholders' Equity Attributable to Parent     (784.7) (2,791.6) 217.3 $ (1,419.9)
Stock Issued During Period, Shares, New Issues   0        
Stock Issued During Period, Value, New Issues   $ 0.0        
Stock Repurchased During Period, Shares           (100,000)
Repurchase of common stock           $ (5.0)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     3.2      
Net income $ 29.1     29.1    
Dividends declared (in dollars per share) $ 0.52          
Dividends, Common Stock, Cash       (19.0)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 49.3       49.3  
Common stock, shares issued   68,500,000        
Common Stock, Value, Issued   $ 42.4        
Shares, Issued           (33,300,000)
Stockholders' Equity Attributable to Parent $ (1,940.5)   (787.9) (2,801.7) 266.6 $ (1,424.9)
Common stock, shares issued 68,575,974 68,600,000        
Common Stock, Value, Issued $ 42.4 $ 42.4        
Shares, Issued           (33,300,000)
Stockholders' Equity Attributable to Parent (2,029.6)   (792.2) (2,831.5) 211.6 $ (1,424.9)
Stock Issued During Period, Shares, New Issues   200,000        
Stock Issued During Period, Value, New Issues   $ 0.1        
Stock Repurchased During Period, Shares           0
Repurchase of common stock           $ 0.0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     20.9      
Net income $ 193.2     193.2    
Dividends declared (in dollars per share) $ 1.65          
Dividends, Common Stock, Cash       (61.0)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 8.3       8.3  
Common stock, shares issued   68,800,000        
Common Stock, Value, Issued   $ 42.5        
Shares, Issued           (33,300,000)
Stockholders' Equity Attributable to Parent     (807.8) (2,931.6) 178.1 $ (1,424.9)
Stock Issued During Period, Shares, New Issues   0        
Stock Issued During Period, Value, New Issues   $ 0.0        
Stock Repurchased During Period, Shares           0
Repurchase of common stock           $ 0.0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition     5.3      
Net income $ 52.5     52.5    
Dividends declared (in dollars per share) $ 0.55          
Dividends, Common Stock, Cash       (20.4)    
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent $ 41.8       41.8  
Common stock, shares issued 68,787,424 68,800,000        
Common Stock, Value, Issued $ 42.5 $ 42.5        
Shares, Issued           (33,300,000)
Stockholders' Equity Attributable to Parent $ (2,174.5)   $ (813.1) $ (2,963.7) $ 219.9 $ (1,424.9)
v3.23.3
Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Dividends declared (in dollars per share) $ 0.55 $ 0.52 $ 1.65 $ 1.56
v3.23.3
Description of Business
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
As used herein, "GATX," "we," "us," "our," and similar terms refer to GATX Corporation and its subsidiaries, unless indicated otherwise.

We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Portfolio Management. Financial results for our tank container leasing business ("Trifleet Leasing") are reported in the Other segment.

In the first quarter of 2023, we sold our rail business in Russia ("Rail Russia") within the Rail International segment. The net assets of Rail Russia had been reported as held for sale since the third quarter of 2022. See "Note 6. Asset Impairments and Assets Held for Sale" for further information.

In the second quarter of 2023, we sold one of our liquefied gas-carrying vessels (the "Specialized Gas Vessels") within the Portfolio Management segment. We had previously sold one vessel in the first quarter of 2023 and two vessels in the third quarter of 2022. The one remaining vessel is classified as held for sale as of September 30, 2023.

In 2023, GATX Engine Leasing ("GEL") acquired ten aircraft spare engines for $267.3 million.
v3.23.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
Basis of Presentation Basis of Presentation
We prepared the accompanying unaudited condensed consolidated financial statements in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our unaudited condensed consolidated financial statements do not include all of the information and footnotes required for complete financial statements. We have included all of the normal recurring adjustments that we deemed necessary for a fair presentation.

Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2023. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2022.

New Accounting Pronouncements Not Yet Adopted
Standard/DescriptionEffective Date and Adoption ConsiderationsEffect on Financial Statements or Other Significant Matters
Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional practical expedients and exceptions in the application of GAAP principles to contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates being discontinued as a result of reference rate reform.


Optional expedients are available for adoption from March 12, 2020 through December 31, 2024.

For any contracts that reference LIBOR, we are currently assessing how this standard may be applied to specific contract modifications through December 31, 2024.
v3.23.3
Revenue Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

We disaggregate revenue into three categories as presented on our statement of comprehensive income (loss):

Lease Revenue

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

Operating Lease Revenue

We lease railcars, aircraft spare engines, tank containers, and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. We do not offer stand-alone maintenance service contracts. Operating lease revenue is within the scope of Topic 842, and we have elected not to separate non-lease components from the associated lease component for qualifying leases. Operating lease revenue is recognized on a straight-line basis over the term of the underlying lease. As a result, lease revenue may not be recognized in the same period as maintenance and other costs, which we expense as incurred. Variable rents are recognized when applicable contingencies are resolved. Revenue is not recognized if collectability is not reasonably assured. See "Note 4. Leases".

Finance Lease Revenue

In certain cases, we lease railcars and tank containers that, at lease inception, are classified as finance leases. In accordance with Topic 842, finance lease revenue is recognized using the interest method, which produces a constant yield over the lease term. Initial unearned income is the amount by which the original lease payment receivable and the estimated residual value of the leased asset exceeds the original cost or carrying value of the leased asset. See "Note 4. Leases".

Marine Operating Revenue

We generate marine operating revenue through shipping services completed by our marine vessels. For vessels operating in a pooling arrangement, we recognize pool revenue based on the right to receive our portion of net distributions reported by the pool, with net distributions being the net voyage revenue of the pool after deduction of voyage expenses. For vessels operating out of the pool, we recognize revenue over time as the performance obligation is satisfied, beginning when cargo is loaded through its delivery and discharge.

Other Revenue

Other revenue is composed of customer liability repair revenue, termination fees, revenue from aircraft spare engines utilized in an engine capacity agreement, and other miscellaneous revenues. Select components of other revenue are within the scope of Topic 606. Revenue attributable to terms provided in our lease contracts are variable lease components that are recognized when earned, in accordance with Topic 842.
v3.23.3
Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
GATX as Lessor

We lease railcars, aircraft spare engines, tank containers, and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. 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 lease inception, 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 (in millions):
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Operating lease revenue:
Fixed lease revenue
$289.7 $267.5 $848.2 $788.7 
Variable lease revenue
24.2 22.6 70.6 65.1 
Total operating lease revenue
$313.9 $290.1 $918.8 $853.8 
Finance lease revenue
3.3 2.3 9.0 6.8 
Total lease revenue
$317.2 $292.4 $927.8 $860.6 

In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. This additional revenue is reported in other revenue in the statements of comprehensive income (loss) and was $23.1 million and $68.8 million for the three and nine months ended September 30, 2023 and $20.3 million and $61.2 million for the three and nine months ended September 30, 2022.
v3.23.3
Fair Value Disclosure
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at September 30, 2023 and December 31, 2022.

In addition, we review long-lived assets, such as operating assets and facilities, investments in affiliates, and goodwill, for impairment whenever circumstances indicate that the carrying amount of these assets may not be recoverable or when assets may be classified as held for sale. We determine the fair value of the respective assets using Level 3 inputs, including estimates of discounted future cash flows (including net proceeds from sale), independent appraisals, and market comparables, as applicable. See "Note 6. 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 September 30, 2023 with maturities ranging from 2025 to 2027 and four instruments outstanding with an aggregate notional amount of $200.0 million as of December 31, 2022 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. We had eleven instruments outstanding with an aggregate notional amount of $203.5 million as of September 30, 2023 that mature in 2023 and one instrument outstanding with an aggregate notional amount of $110.1 million as of December 31, 2022 that matures in 2023. Within the next 12 months, we expect to reclassify $1.6 million ($1.2 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 income (expense) immediately.

Certain of our derivative instruments contain credit risk provisions that could require us to make immediate payment on net liability positions in the event that we default on certain outstanding debt obligations. The aggregate fair value of our derivative instruments with credit risk related contingent features that were in a liability position was $11.8 million as of September 30, 2023 and $12.1 million as of December 31, 2022. We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered.

In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote.

The following table shows our derivative assets and liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
September 30, 2023		Fair Value
December 31, 2022
Derivative Assets
Foreign exchange contracts (1)Other assets$2.6 $— 
Foreign exchange contracts (2)Other assets— 0.7 
Total derivative assets$2.6 $0.7 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$11.7 $11.6 
Foreign exchange contracts (1)
Other liabilities
0.1 0.5 
Foreign exchange contracts (2)
Other liabilities
6.5 — 
Total derivative liabilities$18.3 $12.1 
_________
(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 September 30, 2023 and December 31, 2022, 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 (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 IncludedSeptember 30
2023		December 31
2022		September 30
2023		December 31
2022
Recourse debt$(195.4)$(195.2)$(11.7)$(11.6)
The following tables show the impacts of our derivative instruments on our statements of comprehensive income (loss) (in millions):
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss)
Three Months
Ended September 30		Nine Months
Ended September 30
Derivative Designation2023202220232022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts$(6.1)$(6.8)$(3.6)$(14.7)
Total$(6.1)$(6.8)$(3.6)$(14.7)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Interest expense$0.4 $0.4 $1.2 $1.2 
Other income (expense)(5.7)(6.8)(3.3)(14.9)
Total$(5.3)$(6.4)$(2.1)$(13.7)

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 (loss) (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Total interest expense$(68.1)$(53.6)$(190.8)$(156.7)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(0.2)6.0 0.1 13.2 
Derivatives designated as hedging instruments
0.2 (6.0)(0.1)(13.2)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.4)(0.4)(1.2)(1.2)
Amount of Gain (Loss) Recognized in Other Income (Expense) on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Total other income (expense)$1.8 $(2.5)$(7.1)$(15.8)
Gain (loss) on cash flow hedging relationships
Foreign exchange contracts:
Amount of gain reclassified from accumulated other comprehensive loss into earnings (1)5.7 6.8 3.3 14.9 
Gain (Loss) on non-designated derivative contracts3.2 2.7 (8.0)7.4 
_________
(1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.

Other Financial Instruments

Except for derivatives, as disclosed above, GATX has no other assets and liabilities measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, rent and other receivables, accounts payable, and commercial paper and borrowings under bank credit facilities with maturities under one year approximate fair value due to the short maturity of those instruments. There were no short-term investments at September 30, 2023. As of December 31, 2022, short-term investments of $148.5 million consisted of U.S. Treasury securities, which were classified as held-to-maturity and valued at amortized cost.

We estimate the fair values of fixed and floating rate debt using discounted cash flow analyses that are based on interest rates currently offered for loans with similar terms to borrowers of similar credit quality. The inputs we use to estimate each of these values are classified in Level 2 of the fair value hierarchy because they are directly or indirectly observable inputs.

The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
September 30, 2023December 31, 2022
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$6,553.4 $5,723.7 $6,045.1 $5,309.8 
Recourse floating rate debt316.3 316.3 417.8 417.0 
v3.23.3
Asset Impairments and Assets Held for Sale
 9 Months Ended
Sep. 30, 2023
Asset Impairment [Abstract]  
Asset Impairments and Assets Held for Sale Asset Impairments and Assets Held for Sale
In the third quarter of 2022, we made the decision to exit Rail Russia, which is reported within the Rail International segment. The net assets of Rail Russia were then 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 totaling $14.6 million in 2022, which are presented in net gain on asset dispositions in the statements of comprehensive income (loss). The impairment charges included $1.2 million for the anticipated liquidation of the cumulative translation adjustment. In the first quarter of 2023, we completed the sale of Rail Russia and recorded a gain of $0.3 million, which is presented in net gain on asset dispositions in the statements of comprehensive income (loss).

In the second quarter of 2022, we made the decision to sell our five Specialized Gas Vessels within the Portfolio Management 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 totaling $34.3 million in 2022. The impairments were driven by our decision to sell these vessels and resulted from the associated change in our expected use and holding periods for these assets. We sold two vessels in the third quarter of 2022. In the first quarter of 2023, we sold one vessel, resulting in a loss on disposition of $0.4 million, and recorded an impairment loss of $1.2 million on one of the two remaining vessels. The impairment loss was included in net gain on asset dispositions in the statements of comprehensive income (loss). In the second quarter of 2023, we sold one vessel and recorded a gain of $0.2 million associated with this sale. The one remaining vessel continues to be classified as held for sale and its fair value was $11.4 million as of September 30, 2023. We based the fair value of the asset on our estimate of the expected net sales proceeds.
The following table summarizes the components of asset impairments by segment (in millions):
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Attributable to Consolidated Assets
Rail International
$— $10.8 $— $10.8 
Portfolio Management
— — 1.2 31.5 
Total
$— $10.8 $1.2 $42.3 

The following table summarizes assets held for sale by business segment (in millions):
September 30
2023		December 31
2022
Rail North America$0.5 $1.2 
Rail International— 13.7 
Portfolio Management11.4 25.1 
Total$11.9 $40.0 

All assets held for sale at September 30, 2023 are expected to be sold within one year and are included in Other Assets on the balance sheet.
v3.23.3
Pension and Other Post-Retirement Benefits
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Pension and Other Post-Retirement Benefits Pension and Other Post-Retirement Benefits
The following table shows the components of net periodic cost for the three months ended September 30, 2023 and 2022 (in millions):

 
 
 
 		2023
Pension
Benefits 		2022
Pension
Benefits 		2023
Retiree
Health and Life		2022
Retiree
Health and Life
Service cost
$1.3 $2.0 $— $— 
Interest cost
4.1 2.5 0.1 0.1 
Expected return on plan assets
(5.2)(4.0)— — 
Amortization of (1):
Unrecognized prior service credit
— — — (0.1)
Unrecognized net actuarial loss (gain)
0.2 2.2 (0.1)(0.1)
Net periodic cost
$0.4 $2.7 $— $(0.1)

The following table shows the components of net periodic cost for the nine months ended September 30, 2023 and 2022 (in millions):

 
 
 
 		2023
Pension
Benefits 		2022
Pension
Benefits 		2023
Retiree
Health and Life		2022
Retiree
Health and Life
Service cost
$4.0 $5.9 $0.1 $0.1 
Interest cost
12.4 7.4 0.5 0.3 
Expected return on plan assets
(15.9)(11.8)— — 
Settlement accounting adjustment
1.4 0.9 — — 
Amortization of (1):
Unrecognized prior service credit
— — (0.2)(0.2)
Unrecognized net actuarial loss (gain)
0.7 6.8 (0.4)(0.3)
Net periodic cost
$2.6 $9.2 $— $(0.1)
_________
(1) Amounts reclassified from accumulated other comprehensive loss.

The service cost component of net periodic cost is recorded in selling, general and administrative expense and the non-service components are recorded in other income (expense) in the statements of comprehensive income (loss).

Certain lump sum distributions paid to retirees triggered settlement accounting, resulting in the recognition of $1.4 million of expense for the nine months ended September 30, 2023, and $0.9 million of expense for the nine months ended September 30, 2022.
v3.23.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
During the nine months ended September 30, 2023, we granted 189,900 non-qualified employee stock options, 33,462 restricted stock units, 36,860 performance shares, and 13,266 restricted stock units awarded to non-employee directors. For the three and nine months ended September 30, 2023, total share-based compensation expense was $2.8 million and $11.4 million and the related tax benefits were $0.7 million and $2.9 million. For the three and nine months ended September 30, 2022, total share-based compensation expense was $3.4 million and $10.5 million and the related tax benefits were $0.9 million and $2.6 million.

The estimated fair value of our 2023 non-qualified employee stock option awards and related underlying assumptions are shown in the table below:
2023
Weighted-average estimated fair value$41.06 
Quarterly dividend rate$0.55 
Expected term of stock options, in years4.2
Risk-free interest rate3.7 %
Dividend yield1.9 %
Expected stock price volatility35.4 %
Present value of dividends$8.57 
v3.23.3
Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table shows our effective income tax rate for the nine months ended September 30:
20232022
Effective income tax rate26.5 %29.5 %

The decrease in the effective rate for the current year compared to the prior year was primarily due to the impairments of the Rail Russia business and the Specialized Gas Vessels in the prior year, for both of which no tax benefit is allowed. These impacts were partially offset by a benefit related to a reduction in the statutory tax rate of Austria in the prior year. Both years were also impacted by the incremental benefits associated with equity awards vested or exercised during the year, as well as the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates.
v3.23.3
Commercial Commitments
 9 Months Ended
Sep. 30, 2023
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.

The following table shows our commercial commitments (in millions):
September 30
2023		December 31
2022
Standby letters of credit and performance bonds$8.8 $9.0 
Derivative guarantees0.6 1.9 
Total commercial commitments (1)$9.4 $10.9 
_________
(1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2023 and December 31, 2022. As of September 30, 2023, our outstanding commitments expire in 2023 through 2026. We are not aware of any event that would require us to satisfy any of our commitments.
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. We also guarantee payment by an affiliate for final settlement of certain derivatives if they are in a liability position at expiration. The amount of the payment is ultimately determined by the value of the derivative upon final settlement.
v3.23.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2023
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 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.

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 allocable to participating securities include the portion of dividends declared and the portion of undistributed earnings during the period.

The following table shows the computation of our basic and diluted earnings per common share (in millions, except per share amounts):
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Basic earnings per share:
Net income
$52.5 $29.1 $193.2 $107.5 
Less: Net income allocated to participating securities(0.9)— (3.7)— 
Net income available to common shareholders$51.6 $29.1 $189.5 $107.5 
Weighted-average shares outstanding - basic
35.7 35.2 35.6 35.4 
Basic earnings per share
$1.44 $0.82 $5.32 $3.04 
Diluted earnings per share:
Net income
$52.5 $29.1 $193.2 $107.5 
Less: Net income allocated to participating securities(0.9)— (3.7)— 
Net income available to common shareholders$51.6 $29.1 $189.5 $107.5 
Weighted-average shares outstanding - basic
35.7 35.2 35.6 35.4 
Effect of dilutive securities:
Equity compensation plans0.1 0.5 0.1 0.5 
Weighted-average shares outstanding - diluted
35.8 35.7 35.7 35.9 
Diluted earnings per share
$1.44 $0.81 $5.30 $2.99 
v3.23.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Loss
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plan AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2022$(152.1)$(11.2)$(48.3)$(211.6)
Change in component8.8 (1.1)(0.1)7.6 
Reclassification adjustments into earnings (1)— 2.0 — 2.0 
Income tax effect— (0.1)— (0.1)
Accumulated other comprehensive loss at March 31, 2023$(143.3)$(10.4)$(48.4)$(202.1)
Change in component23.1 (1.3)1.6 23.4 
Reclassification adjustments into earnings (1)— 1.2 — 1.2 
Income tax effect— (0.1)(0.5)(0.6)
Accumulated other comprehensive loss at June 30, 2023$(120.2)$(10.6)$(47.3)$(178.1)
Change in component(40.6)6.1 (2.9)(37.4)
Reclassification adjustments into earnings (1)— (5.3)0.1 (5.2)
Income tax effect— — 0.8 0.8 
Accumulated other comprehensive loss at September 30, 2023$(160.8)$(9.8)$(49.3)$(219.9)
_________
(1)    See "Note 5. Fair Value" and "Note 7. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income (loss).
v3.23.3
Legal Proceedings and Other Contingencies
 9 Months Ended
Sep. 30, 2023
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.

On June 30, 2023 a third-party complaint was filed by Norfolk Southern Railway Company and Norfolk Southern Corporation (collectively, “Norfolk Southern”) against us 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 intends to vigorously defend itself against this lawsuit. On September 15, 2023, the Company filed a motion to dismiss Norfolk Southern's third-party complaint. At this time, the Company cannot reasonably estimate the loss or range of loss, if any, that may ultimately be incurred in connection with this lawsuit and therefore has not established any accruals for potential liability related to this incident.

On July 25, 2023 a separate third-party complaint was filed by Norfolk Southern against us 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 themselves subsequently filed direct claims against GATX and the two other third-party defendants alleging many of the same facts as Norfolk Southern. The Company intends to vigorously defend itself against these lawsuits. 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. At this time, the Company cannot reasonably estimate the loss or range of loss, if any, that may ultimately be incurred in connection with these lawsuits and therefore has not established any accruals for potential liability related to this incident.

For a full discussion of our other pending legal matters, please refer to the notes included with our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022.
v3.23.3
Financial Data of Business Segments
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Financial Data of Business Segments Financial Data of Business Segments
The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments.

We lease, operate, manage, and remarket long-lived, widely used assets, primarily in the rail market. We report our financial results through three primary business segments: Rail North America, Rail International, and Portfolio Management. Financial results for Trifleet Leasing are reported in the Other segment.

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

Rail International is composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India"), and until January 31, 2023, 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. In the first quarter of 2023, we completed the sale of Rail Russia. See "Note 6. Asset Impairments and Assets Held for Sale" for further information.

Portfolio Management is composed primarily of our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, GEL, our direct ownership of aircraft spare engines that are leased or employed in engine capacity agreements, and the Specialized Gas Vessels. In the third quarter of 2023, GEL acquired one aircraft spare engine for approximately $28 million. In the second quarter of 2023, GEL acquired nine aircraft spare engines for approximately $239 million, and GATX sold one of the Specialized Gas Vessels. GATX had previously sold one of the Specialized Gas Vessels in the first quarter of 2023 and two Specialized Gas Vessels in the third quarter of 2022. The one remaining vessel continues to be classified as held for sale as of September 30, 2023. See "Note 6. Asset Impairments and Assets Held for Sale" for further information.

Other includes Trifleet Leasing operations, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments.

Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments.
The following tables show certain segment data for each of our business segments (in millions):


Rail North America		Rail International
Portfolio Management		OtherGATX Consolidated
Three Months Ended September 30, 2023
Revenues
Lease revenue
$225.2 $75.6 $8.1 $8.3 $317.2 
Marine operating revenue
— — 0.6 — 0.6 
Other revenue
22.7 3.6 13.7 2.3 42.3 
Total Revenues
247.9 79.2 22.4 10.6 360.1 
Expenses
Maintenance expense
69.4 17.1 — 1.4 87.9 
Marine operating expense
— — 1.0 — 1.0 
Depreciation expense
66.9 17.5 8.4 3.4 96.2 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.5 2.7 2.1 0.7 12.0 
Total Expenses
151.8 37.3 11.5 5.5 206.1 
Other Income (Expense)
Net gain on asset dispositions
15.5 0.9 0.2 0.3 16.9 
Interest (expense) income, net
(46.6)(14.5)(8.7)1.7 (68.1)
Other income (expense)
1.2 (0.1)(0.2)0.9 1.8 
Share of affiliates' pre-tax (losses) earnings
(0.1)— 18.0 — 17.9 
Segment profit
$66.1 $28.2 $20.2 $8.0 $122.5 
Less:
Selling, general and administrative expense
51.0 
Income taxes (includes $4.5 related to affiliates' earnings)
19.0 
Net income
$52.5 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$13.0 $— $— $0.1 $13.1 
Residual sharing income
0.1 — 0.2 — 0.3 
Non-remarketing net gains (1)
2.4 0.9 — 0.2 3.5 
$15.5 $0.9 $0.2 $0.3 $16.9 
Capital Expenditures
Portfolio investments and capital additions
$197.0 $129.6 $28.3 $9.0 $363.9 
Selected Balance Sheet Data at September 30, 2023
Investments in affiliated companies
$0.4 $— $626.5 $— $626.9 
Identifiable assets
$6,778.4 $1,979.2 $1,369.4 $520.5 $10,647.5 
_________
(1) Includes net gains (losses) from scrapping of railcars.


Rail North America
Rail International
Portfolio Management		OtherGATX Consolidated
Three Months Ended September 30, 2022
Revenues
Lease revenue
$211.3 $65.3 $8.3 $7.5 $292.4 
Marine operating revenue
— — 4.8 — 4.8 
Other revenue
20.0 2.3 — 1.5 23.8 
Total Revenues
231.3 67.6 13.1 9.0 321.0 
Expenses
Maintenance expense
62.4 12.8 — 0.7 75.9 
Marine operating expense
— — 3.6 — 3.6 
Depreciation expense
65.3 16.8 3.7 2.9 88.7 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.0 1.5 0.6 0.6 8.7 
Total Expenses
142.7 31.1 7.9 4.2 185.9 
Other Income (Expense)
Net gain (loss) on asset dispositions
13.3 (10.3)0.8 0.1 3.9 
Interest expense, net
(36.5)(11.2)(4.6)(1.3)(53.6)
Other (expense) income
(1.4)(0.5)0.1 (0.7)(2.5)
Share of affiliates' pre-tax earnings
0.3 — 9.7 — 10.0 
Segment profit
$64.3 $14.5 $11.2 $2.9 $92.9 
Less:
Selling, general and administrative expense
47.6 
Income taxes (includes $2.5 related to affiliates' earnings)
16.2 
Net income$29.1 
Net Gain (Loss) on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$8.8 $0.3 $— $— $9.1 
Residual sharing income
0.2 — 0.8 — 1.0 
Non-remarketing net gains (1)
4.3 0.2 — 0.1 4.6 
Asset impairments
— (10.8)— — (10.8)
$13.3 $(10.3)$0.8 $0.1 $3.9 
Capital Expenditures
Portfolio investments and capital additions
$142.5 $50.1 $— $10.8 $203.4 
Selected Balance Sheet Data at December 31, 2022
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 (losses) from scrapping of railcars


Rail North America
Rail International
Portfolio Management		OtherGATX Consolidated
Nine Months Ended September 30, 2023
Revenues
Lease revenue
$659.2 $219.1 $24.5 $25.0 $927.8 
Marine operating revenue
— — 6.1 — 6.1 
Other revenue
68.0 9.6 24.6 6.1 108.3 
Total Revenues
727.2 228.7 55.2 31.1 1,042.2 
Expenses
Maintenance expense
203.1 47.6 — 3.4 254.1 
Marine operating expense
— — 5.4 — 5.4 
Depreciation expense
198.5 49.8 19.9 9.9 278.1 
Operating lease expense
27.0 — — — 27.0 
Other operating expense
20.2 7.2 4.4 2.2 34.0 
Total Expenses
448.8 104.6 29.7 15.5 598.6 
Other Income (Expense)
Net gain on asset dispositions
97.4 2.4 4.7 0.6 105.1 
Interest (expense) income, net
(133.4)(40.5)(20.9)4.0 (190.8)
Other (expense) income
(1.3)(7.0)(0.5)1.7 (7.1)
Share of affiliates' pre-tax (losses) earnings
(0.5)— 66.3 — 65.8 
Segment profit
$240.6 $79.0 $75.1 $21.9 $416.6 
Less:
Selling, general and administrative expense
153.4 
Income taxes (includes $17.7 related to affiliates' earnings)
70.0 
Net income
$193.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$88.4 $0.5 $5.5 $0.3 $94.7 
Residual sharing income
0.3 — 0.4 — 0.7 
Non-remarketing net gains (1)
8.7 1.9 — 0.3 10.9 
Asset impairments
— — (1.2)— (1.2)
$97.4 $2.4 $4.7 $0.6 $105.1 
Capital Expenditures
Portfolio investments and capital additions
$654.8 $288.0 $267.3 $27.4 $1,237.5 
_________
(1) Includes net gains (losses) from scrapping of railcars.


Rail North America
Rail International
Portfolio Management		OtherGATX Consolidated
Nine Months Ended September 30, 2022
Revenues
Lease revenue
$615.0 $199.4 $24.8 $21.4 $860.6 
Marine operating revenue
— — 16.2 — 16.2 
Other revenue
61.8 6.5 0.1 5.1 73.5 
Total Revenues
676.8 205.9 41.1 26.5 950.3 
Expenses
Maintenance expense
180.1 39.0 — 2.2 221.3 
Marine operating expense
— — 11.7 — 11.7 
Depreciation expense
193.7 52.0 13.6 8.9 268.2 
Operating lease expense
27.1 — — — 27.1 
Other operating expense
19.2 6.0 1.7 1.8 28.7 
Total Expenses
420.1 97.0 27.0 12.9 557.0 
Other Income (Expense)
Net gain (loss) on asset dispositions
90.0 (7.9)(29.1)0.4 53.4 
Interest expense, net
(105.8)(33.5)(13.9)(3.5)(156.7)
Other (expense) income
(3.4)0.2 — (12.6)(15.8)
Share of affiliates' pre-tax earnings
0.3 — 20.5 — 20.8 
Segment profit (loss)
$237.8 $67.7 $(8.4)$(2.1)$295.0 
Less:
Selling, general and administrative expense
142.7 
Income taxes (includes $6.0 related to affiliates' earnings)
44.8 
Net income$107.5 
Net Gain (Loss) on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$74.4 $1.0 $— $0.2 $75.6 
Residual sharing income
2.3 — 2.4 — 4.7 
Non-remarketing net gains (1)
13.3 1.9 — 0.2 15.4 
Asset impairments
— (10.8)(31.5)— (42.3)
$90.0 $(7.9)$(29.1)$0.4 $53.4 
Capital Expenditures
Portfolio investments and capital additions
$676.6 $177.8 $— $33.5 $887.9 
_________
(1) Includes net gains (losses) from scrapping of railcars.
v3.23.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Components of Lease Income
The following table shows the components of our lease revenue (in millions):
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Operating lease revenue:
Fixed lease revenue
$289.7 $267.5 $848.2 $788.7 
Variable lease revenue
24.2 22.6 70.6 65.1 
Total operating lease revenue
$313.9 $290.1 $918.8 $853.8 
Finance lease revenue
3.3 2.3 9.0 6.8 
Total lease revenue
$317.2 $292.4 $927.8 $860.6 
Components of Lease Income
The following table shows the components of our lease revenue (in millions):
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Operating lease revenue:
Fixed lease revenue
$289.7 $267.5 $848.2 $788.7 
Variable lease revenue
24.2 22.6 70.6 65.1 
Total operating lease revenue
$313.9 $290.1 $918.8 $853.8 
Finance lease revenue
3.3 2.3 9.0 6.8 
Total lease revenue
$317.2 $292.4 $927.8 $860.6 
v3.23.3
Fair Value Disclosure (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Assets and liabilities at fair value recurring basis
The following table shows our derivative assets and liabilities that are measured at fair value (in millions):
Significant Observable Inputs (Level 2)
Balance Sheet LocationFair Value
September 30, 2023		Fair Value
December 31, 2022
Derivative Assets
Foreign exchange contracts (1)Other assets$2.6 $— 
Foreign exchange contracts (2)Other assets— 0.7 
Total derivative assets$2.6 $0.7 
Derivative Liabilities
Interest rate contracts (1)
Other liabilities
$11.7 $11.6 
Foreign exchange contracts (1)
Other liabilities
0.1 0.5 
Foreign exchange contracts (2)
Other liabilities
6.5 — 
Total derivative liabilities$18.3 $12.1 
_________
(1) Designated as hedges.
(2) Not designated as hedges.
Fair value hedging instruments
The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges (in millions):
Carrying Amount of the Hedged Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is IncludedSeptember 30
2023		December 31
2022		September 30
2023		December 31
2022
Recourse debt$(195.4)$(195.2)$(11.7)$(11.6)
The following tables show the impacts of our derivative instruments on our statements of comprehensive income (loss) (in millions):
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss)
Three Months
Ended September 30		Nine Months
Ended September 30
Derivative Designation2023202220232022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts$(6.1)$(6.8)$(3.6)$(14.7)
Total$(6.1)$(6.8)$(3.6)$(14.7)

Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into EarningsAmount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Interest expense$0.4 $0.4 $1.2 $1.2 
Other income (expense)(5.7)(6.8)(3.3)(14.9)
Total$(5.3)$(6.4)$(2.1)$(13.7)

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 (loss) (in millions):

Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
Three Months
Ended September 30		Nine Months
Ended September 30
2023202220232022
Total interest expense$(68.1)$(53.6)$(190.8)$(156.7)
Gain (loss) on fair value hedging relationships
Interest rate contracts:
Hedged items
(0.2)6.0 0.1 13.2 
Derivatives designated as hedging instruments
0.2 (6.0)(0.1)(13.2)
Gain (loss) on cash flow hedging relationships
Interest rate contracts:
Amount of loss reclassified from accumulated other comprehensive loss into earnings(0.4)(0.4)(1.2)(1.2)
Cash flow hedging instruments (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense.
Other financial instruments
The following table shows the carrying amounts and fair values of our other financial instruments (in millions):
September 30, 2023December 31, 2022
 
 		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Liabilities
Recourse fixed rate debt$6,553.4 $5,723.7 $6,045.1 $5,309.8 
Recourse floating rate debt316.3 316.3 417.8 417.0 
v3.23.3
Pension and Other Post-Retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Components of pension and other post retirement benefit costs
The following table shows the components of net periodic cost for the three months ended September 30, 2023 and 2022 (in millions):

 
 
 
 		2023
Pension
Benefits 		2022
Pension
Benefits 		2023
Retiree
Health and Life		2022
Retiree
Health and Life
Service cost
$1.3 $2.0 $— $— 
Interest cost
4.1 2.5 0.1 0.1 
Expected return on plan assets
(5.2)(4.0)— — 
Amortization of (1):
Unrecognized prior service credit
— — — (0.1)
Unrecognized net actuarial loss (gain)
0.2 2.2 (0.1)(0.1)
Net periodic cost
$0.4 $2.7 $— $(0.1)

The following table shows the components of net periodic cost for the nine months ended September 30, 2023 and 2022 (in millions):

 
 
 
 		2023
Pension
Benefits 		2022
Pension
Benefits 		2023
Retiree
Health and Life		2022
Retiree
Health and Life
Service cost
$4.0 $5.9 $0.1 $0.1 
Interest cost
12.4 7.4 0.5 0.3 
Expected return on plan assets
(15.9)(11.8)— — 
Settlement accounting adjustment
1.4 0.9 — — 
Amortization of (1):
Unrecognized prior service credit
— — (0.2)(0.2)
Unrecognized net actuarial loss (gain)
0.7 6.8 (0.4)(0.3)
Net periodic cost
$2.6 $9.2 $— $(0.1)
_________
(1) Amounts reclassified from accumulated other comprehensive loss.
v3.23.3
Commercial Commitments (Tables)
 9 Months Ended
Sep. 30, 2023
Guarantees [Abstract]  
Commercial Commitments
NOTE 10. 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.

The following table shows our commercial commitments (in millions):
September 30
2023		December 31
2022
Standby letters of credit and performance bonds$8.8 $9.0 
Derivative guarantees0.6 1.9 
Total commercial commitments (1)$9.4 $10.9 
_________
(1) There were no liabilities recorded on the balance sheet for commercial commitments at September 30, 2023 and December 31, 2022. As of September 30, 2023, our outstanding commitments expire in 2023 through 2026. We are not aware of any event that would require us to satisfy any of our commitments.
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. We also guarantee payment by an affiliate for final settlement of certain derivatives if they are in a liability position at expiration. The amount of the payment is ultimately determined by the value of the derivative upon final settlement.
v3.23.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Computation of basic and diluted net income per common share
The following table shows the computation of our basic and diluted earnings per common share (in millions, except per share amounts):
Three Months Ended
September 30		Nine Months Ended
September 30
2023202220232022
Basic earnings per share:
Net income
$52.5 $29.1 $193.2 $107.5 
Less: Net income allocated to participating securities(0.9)— (3.7)— 
Net income available to common shareholders$51.6 $29.1 $189.5 $107.5 
Weighted-average shares outstanding - basic
35.7 35.2 35.6 35.4 
Basic earnings per share
$1.44 $0.82 $5.32 $3.04 
Diluted earnings per share:
Net income
$52.5 $29.1 $193.2 $107.5 
Less: Net income allocated to participating securities(0.9)— (3.7)— 
Net income available to common shareholders$51.6 $29.1 $189.5 $107.5 
Weighted-average shares outstanding - basic
35.7 35.2 35.6 35.4 
Effect of dilutive securities:
Equity compensation plans0.1 0.5 0.1 0.5 
Weighted-average shares outstanding - diluted
35.8 35.7 35.7 35.9 
Diluted earnings per share
$1.44 $0.81 $5.30 $2.99 
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Accumulated other comprehensive income (loss)
The following table shows the change in components for accumulated other comprehensive loss (in millions):

 
 
 		 Foreign Currency Translation AdjustmentsUnrealized Loss on Derivative InstrumentsPost-Retirement Benefit Plan AdjustmentsTotal
Accumulated other comprehensive loss at December 31, 2022$(152.1)$(11.2)$(48.3)$(211.6)
Change in component8.8 (1.1)(0.1)7.6 
Reclassification adjustments into earnings (1)— 2.0 — 2.0 
Income tax effect— (0.1)— (0.1)
Accumulated other comprehensive loss at March 31, 2023$(143.3)$(10.4)$(48.4)$(202.1)
Change in component23.1 (1.3)1.6 23.4 
Reclassification adjustments into earnings (1)— 1.2 — 1.2 
Income tax effect— (0.1)(0.5)(0.6)
Accumulated other comprehensive loss at June 30, 2023$(120.2)$(10.6)$(47.3)$(178.1)
Change in component(40.6)6.1 (2.9)(37.4)
Reclassification adjustments into earnings (1)— (5.3)0.1 (5.2)
Income tax effect— — 0.8 0.8 
Accumulated other comprehensive loss at September 30, 2023$(160.8)$(9.8)$(49.3)$(219.9)
_________
(1)    See "Note 5. Fair Value" and "Note 7. Pension and Other Post-Retirement Benefits" for impacts of the reclassification adjustments on the statements of comprehensive income (loss).
v3.23.3
Description of Business (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
AircraftEngines
Jun. 30, 2023
USD ($)
AircraftEngines
Mar. 31, 2023
USD ($)
AircraftEngines
Sep. 30, 2022
USD ($)
AircraftEngines
Sep. 30, 2023
USD ($)
AircraftEngines
Segment
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2022
AircraftEngines
Schedule of Equity Method Investments [Line Items]                
Number of business segments | Segment         3      
Net gain on asset dispositions | $ $ 16.9     $ 3.9 $ 105.1 $ 53.4    
Number of Specialized Gas Vessels Sold   1 1          
Asset Impairment Charges | $ 0.0     10.8 1.2 42.3    
Portfolio Investments and Capital Additions | $ $ 363.9     $ 203.4 1,237.5 887.9    
Number of Aircraft Engines Acquired 1 9            
Number of Specialized Gas Vessels               5
Number of Specialized Gas Vessels               5
Portfolio Management                
Schedule of Equity Method Investments [Line Items]                
Number of Specialized Gas Vessels Sold   1 1 2        
Asset Impairment Charges | $     $ 1.2 $ 0.0 1.2 31.5 $ 34.3  
Portfolio Investments and Capital Additions | $ $ 28.3 $ 239.0   0.0 $ 267.3 0.0    
Number of Aircraft Engines Acquired         10      
Number of Specialized Gas Vessels 1   2   1      
Number of Specialized Gas Vessels 1   2   1      
Rail International                
Schedule of Equity Method Investments [Line Items]                
Asset Impairment Charges | $       10.8 $ 0.0 10.8 $ 14.6  
Portfolio Investments and Capital Additions | $ $ 129.6     $ 50.1 $ 288.0 $ 177.8    
v3.23.3
Leases - Components of Lease Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating lease revenue:        
Variable lease revenue $ 289.7 $ 267.5 $ 848.2 $ 788.7
Operating Lease, Variable Lease Income 24.2 22.6 70.6 65.1
Operating Lease, Lease Income 313.9 290.1 918.8 853.8
Finance lease revenue 3.3 2.3 9.0 6.8
Total lease revenue 317.2 292.4 927.8 860.6
Total operating lease revenue 23.1 20.3 68.8 61.2
gatxOperatingLeaseOtherIncome $ 23.1 $ 20.3 $ 68.8 $ 61.2
v3.23.3
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Operating Leases    
Total discounted lease liabilities $ 233.2 $ 257.9
Total    
Total discounted lease liabilities $ 233.2 $ 257.9
v3.23.3
Fair Value Disclosure - Narrative (Details)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
Instrument
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Instrument
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Instrument
Derivative [Line Items]          
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months $ 1,600,000        
Gain (loss) on cash flow hedges expected to be reclassified within next twelve months, net of tax 1,200,000        
Derivative, Fair Value, Net 11,800,000   $ 11,800,000   $ 12,100,000
Asset Impairment Charges 0 $ 10,800,000 1,200,000 $ 42,300,000  
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Asset Impairment Charges $ 0 10,800,000 1,200,000 42,300,000  
Rail International          
Derivative [Line Items]          
Asset Impairment Charges   10,800,000 0 10,800,000 14,600,000
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Asset Impairment Charges   $ 10,800,000 $ 0 $ 10,800,000 $ 14,600,000
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest Rate Contract [Member]          
Derivative [Line Items]          
Number of derivative instruments | Instrument 4   4   4
Derivative, Notional Amount $ 200,000,000   $ 200,000,000   $ 200,000,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member]          
Derivative [Line Items]          
Number of derivative instruments | Instrument 11   11   1
Derivative, Notional Amount $ 203,500,000   $ 203,500,000   $ 110,100,000
v3.23.3
Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 2.6 $ 0.7
Derivative liability 18.3 12.1
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset 2.6 0.0
Derivative liability 0.1 0.5
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 11.7 11.6
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liability 6.5  
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative asset $ 0.0 0.7
Derivative liability   $ 0.0
v3.23.3
Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Hedged Liability, Fair Value Hedge $ (195.4)   $ (195.4)   $ (195.2)
Cash Flow Hedging [Member]          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss) (6.1) $ (6.8) (3.6) $ (14.7)  
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss) (6.1) $ (6.8) (3.6) $ (14.7)  
Recourse Debt [Member]          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) $ (11.7)   $ (11.7)   $ (11.6)
v3.23.3
Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ (5.3) $ (6.4) $ (2.1) $ (13.7)
Cash Flow Hedging [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss) (6.1) (6.8) (3.6) (14.7)
Interest Expense [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax 0.4 0.4 1.2 1.2
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Loss (Gain) Recognized in Other Comprehensive Income (Loss) (6.1) (6.8) (3.6) (14.7)
Other (Income) Expense [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax $ (5.7) $ (6.8) $ (3.3) $ (14.9)
v3.23.3
Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Interest Expense $ 68.1 $ 53.6 $ 190.8 $ 156.7
Other (expense) income 1.8 (2.5) (7.1) (15.8)
Not Designated as Hedging Instrument [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other (expense) income 3.2 2.7 (8.0) 7.4
Interest Rate Contract [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Interest Expense (0.4) (0.4) (1.2) (1.2)
Interest Rate Contract [Member] | Fair Value Hedging [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Interest Expense (0.2) 6.0 0.1 13.2
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Interest Expense 0.2 (6.0) (0.1) (13.2)
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Other (expense) income $ 5.7 $ 6.8 $ 3.3 $ 14.9
v3.23.3
Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 11.9 $ 40.0
Short-Term Investments 0.0 148.5
Reported Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 6,553.4 6,045.1
Recourse Floating Rate Debt Fair Value Disclosure 316.3 417.8
Estimate of Fair Value Measurement [Member]    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Recourse Fixed Rate Debt Fair Value Disclosure 5,723.7 5,309.8
Recourse Floating Rate Debt Fair Value Disclosure $ 316.3 $ 417.0
v3.23.3
Asset Impairments and Assets Held for Sale (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
AircraftEngines
Jun. 30, 2023
USD ($)
AircraftEngines
Mar. 31, 2023
USD ($)
AircraftEngines
Sep. 30, 2022
USD ($)
AircraftEngines
Sep. 30, 2023
USD ($)
AircraftEngines
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2022
AircraftEngines
Asset Impairment [Line Items]                
Asset Impairment Charges $ 0.0     $ 10.8 $ 1.2 $ 42.3    
Total 11.9       11.9   $ 40.0  
Number of Specialized Gas Vessels Sold | AircraftEngines   1 1          
Number of Specialized Gas Vessels | AircraftEngines               5
Number of Specialized Gas Vessels | AircraftEngines               5
Accumulated Foreign Currency Adjustment Attributable to Rail International                
Asset Impairment [Line Items]                
Asset Impairment Charges             1.2  
Portfolio Management                
Asset Impairment [Line Items]                
Asset Impairment Charges     $ 1.2 $ 0.0 1.2 31.5 34.3  
Total $ 11.4       $ 11.4   25.1  
Number of Specialized Gas Vessels Sold | AircraftEngines   1 1 2        
Number of Specialized Gas Vessels With Impairment Recorded | AircraftEngines     1          
Gain (Loss) on Disposition of Assets   $ 0.2 $ 0.4          
Number of Specialized Gas Vessels | AircraftEngines 1   2   1      
Number of Specialized Gas Vessels | AircraftEngines 1   2   1      
Gain (Loss) on Disposition of Assets   $ 0.2 $ 0.4          
Rail North America                
Asset Impairment [Line Items]                
Asset Impairment Charges         $ 0.0      
Total $ 0.5       0.5   1.2  
Rail International                
Asset Impairment [Line Items]                
Asset Impairment Charges       $ 10.8 0.0 $ 10.8 14.6  
Total $ 0.0       $ 0.0   $ 13.7  
Gain (Loss) on Disposition of Business     $ 0.3          
v3.23.3
Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Defined Benefit Pension [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 1.3 $ 2.0 $ 4.0 $ 5.9
Interest cost 4.1 2.5 12.4 7.4
Expected return on plan assets (5.2) (4.0) (15.9) (11.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement     (1.4) (0.9)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) 0.0 0.0 0.0 0.0
Defined Benefit Plan, Amortization of Gain (Loss) 0.2 2.2 0.7 6.8
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total 0.4 2.7 2.6 9.2
Retiree Health and Life [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0.0 0.0 0.1 0.1
Interest cost 0.1 0.1 0.5 0.3
Expected return on plan assets 0.0 0.0 0.0 0.0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement     0.0 0.0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) 0.0 (0.1) (0.2) (0.2)
Defined Benefit Plan, Amortization of Gain (Loss) (0.1) (0.1) (0.4) (0.3)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 0.0 $ (0.1) $ 0.0 $ (0.1)
v3.23.3
Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense $ 2.8 $ 3.4 $ 11.4 $ 10.5
Tax benefit from share-based compensation expense $ 0.7 $ 0.9 $ 2.9 $ 2.6
Weighted average estimated fair value $ 41.06   $ 41.06  
Quarterly dividend rate     $ 0.55  
Expected term of stock options and stock appreciation rights, in years     4 years 2 months 12 days  
Risk-free interest rate     3.70%  
Dividend yield     1.90%  
Expected stock price volatility     35.40%  
Present value of dividends     $ 8.57  
v3.23.3
Share Based Compensation - Outstanding Options and Rights (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 2.8 $ 3.4 $ 11.4 $ 10.5
Tax benefit from share-based compensation expense 0.7 0.9 2.9 2.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]        
Tax benefit from share-based compensation expense $ 0.7 $ 0.9 $ 2.9 $ 2.6
v3.23.3
Share Based Compensation (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross     189,900  
Share-based compensation expense $ 2.8 $ 3.4 $ 11.4 $ 10.5
Tax benefit from share-based compensation expense $ 0.7 $ 0.9 $ 2.9 $ 2.6
Restricted Stock [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period     33,462  
Performance Shares [Member]        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period     36,860  
Director Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period     13,266  
v3.23.3
Income Taxes (Details Textual) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Tax Disclosure [Abstract]        
Effective Income Tax Rate Reconciliation, Percent     26.50% 29.50%
Effective Income Tax Rate Reconciliation, Amount [Abstract]        
Income tax benefit $ 14.5 $ 13.7 $ 52.3 $ 38.8
v3.23.3
Commercial Commitments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Guarantor Obligations [Line Items]    
Total commercial commitments $ 9.4 $ 10.9
Standby letters of credit [Member]    
Guarantor Obligations [Line Items]    
Total commercial commitments 8.8 9.0
RRPF | Derivative [Member]    
Guarantor Obligations [Line Items]    
Total commercial commitments $ 0.6 $ 1.9
v3.23.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Numerator:        
Net Income (Loss) Attributable to Parent $ 52.5 $ 29.1 $ 193.2 $ 107.5
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic (0.9) 0.0 (3.7) 0.0
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted (0.9) 0.0 (3.7) 0.0
Net Income (Loss) Available to Common Stockholders, Basic 51.6 29.1 189.5 107.5
Net Income (Loss) Available to Common Stockholders, Diluted $ 51.6 $ 29.1 $ 189.5 $ 107.5
Denominator:        
Denominator for basic earnings per share — weighted average shares 35,700 35,200 35,600 35,400
Basic earnings per share from consolidated operations (in dollars per share) $ 1.44 $ 0.82 $ 5.32 $ 3.04
Effect of dilutive securities:        
Equity compensation plans 100 500 100 500
Weighted-average shares outstanding - diluted 35,800 35,700 35,700 35,900
Diluted earnings per share (in dollars per share) $ 1.44 $ 0.81 $ 5.30 $ 2.99
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance     $ 2,029.6
Change in component $ (37.4) $ 23.4 7.6
Reclassification adjustments into earnings 5.2 (1.2) (2.0)
Income tax effect (0.8) 0.6 0.1
Ending balance 2,174.5    
AOCI Attributable to Parent [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (178.1) (202.1) (211.6)
Ending balance (219.9) (178.1) (202.1)
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (120.2) (143.3) (152.1)
Change in component (40.6) 23.1 8.8
Reclassification adjustments into earnings 0.0 0.0 0.0
Income tax effect 0.0 0.0 0.0
Ending balance (160.8) (120.2) (143.3)
Unrealized Loss on Derivative Instruments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (10.6) (10.4) (11.2)
Change in component 6.1 (1.3) (1.1)
Reclassification adjustments into earnings (5.3) 1.2 2.0
Income tax effect 0.0 0.1 0.1
Ending balance (9.8) (10.6) (10.4)
Post-Retirement Benefit Plan Adjustments      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance 47.3 48.4 48.3
Change in component (2.9) 1.6 (0.1)
Reclassification adjustments into earnings 0.1 0.0 0.0
Income tax effect 0.8 (0.5) 0.0
Ending balance $ 49.3 $ 47.3 $ 48.4
v3.23.3
Financial Data of Business Segments (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
USD ($)
AircraftEngines
Jun. 30, 2023
USD ($)
AircraftEngines
Mar. 31, 2023
USD ($)
AircraftEngines
Sep. 30, 2022
USD ($)
AircraftEngines
Sep. 30, 2023
USD ($)
AircraftEngines
Segment
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2022
AircraftEngines
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Net Income (Loss) Attributable to Parent $ 52.5     $ 29.1 $ 193.2 $ 107.5    
Provision for Income Taxes, Equity Method Investment 4.5     2.5 17.7 6.0    
Lease Income 317.2     292.4 927.8 860.6    
Marine operating revenue 0.6     4.8 6.1 16.2    
Other Operating Income 42.3     23.8 108.3 73.5    
Total Revenues 360.1     321.0 1,042.2 950.3    
Cost of Property Repairs and Maintenance 87.9     75.9 254.1 221.3    
Marine operating expense 1.0     3.6 5.4 11.7    
Depreciation 96.2     88.7 278.1 268.2    
Operating Lease, Expense 9.0     9.0 27.0 27.1    
Other operating expense 12.0     8.7 34.0 28.7    
Total Expenses 206.1     185.9 598.6 557.0    
Gain (Loss) on Disposition of Assets, Net 16.9     3.9 105.1 53.4    
Interest expense, net (68.1)     (53.6) (190.8) (156.7)    
Other (expense) income 1.8     (2.5) (7.1) (15.8)    
Share of affiliates' earnings (pre-tax) 17.9     10.0 65.8 20.8    
Segment profit (loss) 122.5     92.9 416.6 295.0    
Income tax benefit 14.5     13.7 52.3 38.8    
Selling, general and administrative 51.0     47.6 153.4 142.7    
Disposition Gains on Owned Assets 13.1     9.1 94.7 75.6    
Nonoperating Income, Residual Sharing Income 0.3     1.0 0.7 4.7    
Nonremarketing Disposition Gain (Loss) 3.5     4.6 10.9 15.4    
Portfolio Investments and Capital Additions 363.9     203.4 1,237.5 887.9    
Identifiable assets 10,647.5       10,647.5      
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures (626.9)       (626.9)   $ (575.1)  
Assets (10,647.5)       $ (10,647.5)   (10,072.0)  
Number of business segments | Segment         3      
Asset Impairment Charges $ 0.0     10.8 $ 1.2 42.3    
Number of Specialized Gas Vessels | AircraftEngines               5
Number of Specialized Gas Vessels Sold | AircraftEngines   1 1          
Number of Aircraft Engines Acquired | AircraftEngines 1 9            
Number of Aircraft Engines Acquired | AircraftEngines 1 9            
Segment Reporting Information [Line Items]                
Lease Income $ 317.2     292.4 927.8 860.6    
Marine operating revenue 0.6     4.8 6.1 16.2    
Other Operating Income 42.3     23.8 108.3 73.5    
Total Revenues 360.1     321.0 1,042.2 950.3    
Cost of Property Repairs and Maintenance 87.9     75.9 254.1 221.3    
Marine operating expense 1.0     3.6 5.4 11.7    
Depreciation 96.2     88.7 278.1 268.2    
Operating Lease, Expense 9.0     9.0 27.0 27.1    
Other operating expense 12.0     8.7 34.0 28.7    
Operating Costs and Expenses 206.1     185.9 598.6 557.0    
Gain (Loss) on Disposition of Assets, Net 16.9     3.9 105.1 53.4    
Interest Expense 68.1     53.6 190.8 156.7    
Other (expense) income 1.8     (2.5) (7.1) (15.8)    
Share of affiliates' earnings (pre-tax) 17.9     10.0 65.8 20.8    
Segment Profit Loss 122.5     92.9 416.6 295.0    
Portfolio Investments and Capital Additions 363.9     203.4 1,237.5 887.9    
Net Income (Loss) Attributable to Parent 52.5     29.1 193.2 107.5    
Disposition Gains on Owned Assets 13.1     9.1 94.7 75.6    
Nonoperating Income, Residual Sharing Income 0.3     1.0 0.7 4.7    
Nonremarketing Disposition Gain (Loss) 3.5     4.6 10.9 15.4    
Asset Impairment Charges 0.0     10.8 1.2 42.3    
Parent [Member]                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Income tax benefit 19.0     16.2 70.0 44.8    
Rail North America                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Lease Income 225.2     211.3 659.2 615.0    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 22.7     20.0 68.0 61.8    
Total Revenues 247.9     231.3 727.2 676.8    
Cost of Property Repairs and Maintenance 69.4     62.4 203.1 180.1    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 66.9     65.3 198.5 193.7    
Operating Lease, Expense 9.0     9.0 27.0 27.1    
Other operating expense 6.5     6.0 20.2 19.2    
Total Expenses 151.8     142.7 448.8 420.1    
Gain (Loss) on Disposition of Assets, Net 15.5     13.3 97.4 90.0    
Interest expense, net (46.6)     (36.5) (133.4) (105.8)    
Other (expense) income 1.2     (1.4) (1.3) (3.4)    
Share of affiliates' earnings (pre-tax) (0.1)     0.3 (0.5) 0.3    
Segment profit (loss) 66.1     64.3 240.6 237.8    
Disposition Gains on Owned Assets 13.0     8.8 88.4 74.4    
Nonoperating Income, Residual Sharing Income 0.1     0.2 0.3 2.3    
Nonremarketing Disposition Gain (Loss) 2.4     4.3 8.7 13.3    
Portfolio Investments and Capital Additions 197.0     142.5 654.8 676.6    
Identifiable assets 6,778.4       6,778.4   6,445.7  
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures (0.4)       (0.4)   0.8  
Asset Impairment Charges         0.0      
Segment Reporting Information [Line Items]                
Lease Income 225.2     211.3 659.2 615.0    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 22.7     20.0 68.0 61.8    
Total Revenues 247.9     231.3 727.2 676.8    
Cost of Property Repairs and Maintenance 69.4     62.4 203.1 180.1    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 66.9     65.3 198.5 193.7    
Operating Lease, Expense 9.0     9.0 27.0 27.1    
Other operating expense 6.5     6.0 20.2 19.2    
Operating Costs and Expenses 151.8     142.7 448.8 420.1    
Gain (Loss) on Disposition of Assets, Net 15.5     13.3 97.4 90.0    
Interest Expense 46.6     36.5 133.4 105.8    
Other (expense) income 1.2     (1.4) (1.3) (3.4)    
Share of affiliates' earnings (pre-tax) (0.1)     0.3 (0.5) 0.3    
Segment Profit Loss 66.1     64.3 240.6 237.8    
Portfolio Investments and Capital Additions 197.0     142.5 654.8 676.6    
Disposition Gains on Owned Assets 13.0     8.8 88.4 74.4    
Nonoperating Income, Residual Sharing Income 0.1     0.2 0.3 2.3    
Nonremarketing Disposition Gain (Loss) 2.4     4.3 8.7 13.3    
Asset Impairment Charges         0.0      
Rail International                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Lease Income 75.6     65.3 219.1 199.4    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 3.6     2.3 9.6 6.5    
Total Revenues 79.2     67.6 228.7 205.9    
Cost of Property Repairs and Maintenance 17.1     12.8 47.6 39.0    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 17.5     16.8 49.8 52.0    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 2.7     1.5 7.2 6.0    
Total Expenses 37.3     31.1 104.6 97.0    
Gain (Loss) on Disposition of Assets, Net 0.9     (10.3) 2.4 (7.9)    
Interest expense, net (14.5)     (11.2) (40.5) (33.5)    
Other (expense) income (0.1)     (0.5) (7.0) 0.2    
Share of affiliates' earnings (pre-tax) 0.0     0.0 0.0 0.0    
Segment profit (loss) 28.2     14.5 79.0 67.7    
Disposition Gains on Owned Assets 0.0     0.3 0.5 1.0    
Nonoperating Income, Residual Sharing Income 0.0     0.0 0.0 0.0    
Nonremarketing Disposition Gain (Loss) 0.9     0.2 1.9 1.9    
Portfolio Investments and Capital Additions 129.6     50.1 288.0 177.8    
Identifiable assets 1,979.2       1,979.2   1,774.4  
Asset Impairment Charges       10.8 0.0 10.8 14.6  
Segment Reporting Information [Line Items]                
Lease Income 75.6     65.3 219.1 199.4    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 3.6     2.3 9.6 6.5    
Total Revenues 79.2     67.6 228.7 205.9    
Cost of Property Repairs and Maintenance 17.1     12.8 47.6 39.0    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 17.5     16.8 49.8 52.0    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 2.7     1.5 7.2 6.0    
Operating Costs and Expenses 37.3     31.1 104.6 97.0    
Gain (Loss) on Disposition of Assets, Net 0.9     (10.3) 2.4 (7.9)    
Interest Expense 14.5     11.2 40.5 33.5    
Other (expense) income (0.1)     (0.5) (7.0) 0.2    
Share of affiliates' earnings (pre-tax) 0.0     0.0 0.0 0.0    
Segment Profit Loss 28.2     14.5 79.0 67.7    
Portfolio Investments and Capital Additions 129.6     50.1 288.0 177.8    
Disposition Gains on Owned Assets 0.0     0.3 0.5 1.0    
Nonoperating Income, Residual Sharing Income 0.0     0.0 0.0 0.0    
Nonremarketing Disposition Gain (Loss) 0.9     0.2 1.9 1.9    
Asset Impairment Charges       10.8 0.0 10.8 14.6  
Portfolio Management                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Lease Income 8.1     8.3 24.5 24.8    
Marine operating revenue 0.6     4.8 6.1 16.2    
Other Operating Income 13.7     0.0 24.6 0.1    
Total Revenues 22.4     13.1 55.2 41.1    
Cost of Property Repairs and Maintenance 0.0     0.0 0.0 0.0    
Marine operating expense 1.0     3.6 5.4 11.7    
Depreciation 8.4     3.7 19.9 13.6    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 2.1     0.6 4.4 1.7    
Total Expenses 11.5     7.9 29.7 27.0    
Gain (Loss) on Disposition of Assets, Net 0.2     0.8 4.7 (29.1)    
Interest expense, net (8.7)     (4.6) (20.9) (13.9)    
Other (expense) income (0.2)     0.1 (0.5) 0.0    
Share of affiliates' earnings (pre-tax) 18.0     9.7 66.3 20.5    
Segment profit (loss) 20.2     11.2 75.1 (8.4)    
Disposition Gains on Owned Assets 0.0     0.0 5.5 0.0    
Nonoperating Income, Residual Sharing Income 0.2     0.8 0.4 2.4    
Nonremarketing Disposition Gain (Loss) 0.0     0.0 0.0 0.0    
Portfolio Investments and Capital Additions 28.3 $ 239.0   0.0 267.3 0.0    
Identifiable assets 1,369.4       1,369.4   1,106.6  
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures $ (626.5)       (626.5)   574.3  
Asset Impairment Charges     $ 1.2 $ 0.0 $ 1.2 31.5 34.3  
Number of Specialized Gas Vessels | AircraftEngines 1   2   1      
Number of Specialized Gas Vessels Sold | AircraftEngines   1 1 2        
Number of Aircraft Engines Acquired | AircraftEngines         10      
Number of Aircraft Engines Acquired | AircraftEngines         10      
Segment Reporting Information [Line Items]                
Lease Income $ 8.1     $ 8.3 $ 24.5 24.8    
Marine operating revenue 0.6     4.8 6.1 16.2    
Other Operating Income 13.7     0.0 24.6 0.1    
Total Revenues 22.4     13.1 55.2 41.1    
Cost of Property Repairs and Maintenance 0.0     0.0 0.0 0.0    
Marine operating expense 1.0     3.6 5.4 11.7    
Depreciation 8.4     3.7 19.9 13.6    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 2.1     0.6 4.4 1.7    
Operating Costs and Expenses 11.5     7.9 29.7 27.0    
Gain (Loss) on Disposition of Assets, Net 0.2     0.8 4.7 (29.1)    
Interest Expense 8.7     4.6 20.9 13.9    
Other (expense) income (0.2)     0.1 (0.5) 0.0    
Share of affiliates' earnings (pre-tax) 18.0     9.7 66.3 20.5    
Segment Profit Loss 20.2     11.2 75.1 (8.4)    
Portfolio Investments and Capital Additions 28.3 $ 239.0   0.0 267.3 0.0    
Disposition Gains on Owned Assets 0.0     0.0 5.5 0.0    
Nonoperating Income, Residual Sharing Income 0.2     0.8 0.4 2.4    
Nonremarketing Disposition Gain (Loss) 0.0     0.0 0.0 0.0    
Asset Impairment Charges     $ 1.2 0.0 1.2 31.5 34.3  
Other                
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]                
Lease Income 8.3     7.5 25.0 21.4    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 2.3     1.5 6.1 5.1    
Total Revenues 10.6     9.0 31.1 26.5    
Cost of Property Repairs and Maintenance 1.4     0.7 3.4 2.2    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 3.4     2.9 9.9 8.9    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 0.7     0.6 2.2 1.8    
Total Expenses 5.5     4.2 15.5 12.9    
Gain (Loss) on Disposition of Assets, Net 0.3     0.1 0.6 0.4    
Interest expense, net 1.7     (1.3) 4.0 (3.5)    
Other (expense) income 0.9     (0.7) 1.7 (12.6)    
Share of affiliates' earnings (pre-tax) 0.0     0.0 0.0 0.0    
Segment profit (loss) 8.0     2.9 21.9 (2.1)    
Disposition Gains on Owned Assets 0.1     0.0 0.3 0.2    
Nonoperating Income, Residual Sharing Income 0.0     0.0 0.0 0.0    
Nonremarketing Disposition Gain (Loss) 0.2     0.1 0.3 0.2    
Portfolio Investments and Capital Additions 9.0     10.8 27.4 33.5    
Identifiable assets 520.5       520.5   $ 745.3  
Segment Reporting Information [Line Items]                
Lease Income 8.3     7.5 25.0 21.4    
Marine operating revenue 0.0     0.0 0.0 0.0    
Other Operating Income 2.3     1.5 6.1 5.1    
Total Revenues 10.6     9.0 31.1 26.5    
Cost of Property Repairs and Maintenance 1.4     0.7 3.4 2.2    
Marine operating expense 0.0     0.0 0.0 0.0    
Depreciation 3.4     2.9 9.9 8.9    
Operating Lease, Expense 0.0     0.0 0.0 0.0    
Other operating expense 0.7     0.6 2.2 1.8    
Operating Costs and Expenses 5.5     4.2 15.5 12.9    
Gain (Loss) on Disposition of Assets, Net 0.3     0.1 0.6 0.4    
Interest Expense (1.7)     1.3 (4.0) 3.5    
Other (expense) income 0.9     (0.7) 1.7 (12.6)    
Share of affiliates' earnings (pre-tax) 0.0     0.0 0.0 0.0    
Segment Profit Loss 8.0     2.9 21.9 (2.1)    
Portfolio Investments and Capital Additions 9.0     10.8 27.4 33.5    
Disposition Gains on Owned Assets 0.1     0.0 0.3 0.2    
Nonoperating Income, Residual Sharing Income 0.0     0.0 0.0 0.0    
Nonremarketing Disposition Gain (Loss) $ 0.2     $ 0.1 $ 0.3 $ 0.2