GATX (GATX) 10-Q27 Jul 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information shares in Thousands	6 Months Ended
Document and Entity Information shares in Thousands	Jun. 30, 2023 shares
Document Information [Line Items]
Document Transition Report	false
Entity Registrant Name	GATX Corporation
Document Period End Date	Jun. 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	35,400
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	Q2
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	36-1124040
Document Type	10-Q
Entity File Number	1-2328
NEW YORK STOCK EXCHANGE, INC. [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	NYSE
CHICAGO STOCK EXCHANGE, INC [Member]
Document Information [Line Items]
Trading Symbol	GATX
Security Exchange Name	CHX

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and Cash Equivalents	$ 317.5	$ 303.7
Restricted Cash	0.2	0.3
Receivables
Rent and other receivables	70	71.4
Finance leases (as lessor)	127.9	96.5
Less: allowance for losses	(5.9)	(5.9)
Receivables, net	192	162
Property, Plant and Equipment, Net [Abstract]
Operating Assets and Facilities	12,392.5	11,675
Less: allowance for depreciation	(3,521.8)	(3,424.7)
Operating assets and facilities, net	8,870.7	8,250.3
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation	228.4	243.5
Lease assets	228.4	243.5
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	611.7	575.1
Goodwill	119	117.2
Other Assets	250.6	271.4
Total Assets	10,590.1	10,072
Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	202.8	202.2
Debt
Commercial paper and borrowings under bank credit facilities	10.9	17.3
Recourse	6,785.6	6,431.5
Commercial paper and borrowings under bank credit facilities	6,796.5	6,448.8
Lease, Liability [Abstract]
Operating leases	241.1	257.9
Lease obligations	241.1	257.9
Deferred Income Tax Liabilities, Net	1,066.6	1,031.5
Other Liabilities	104.2	102
Total Liabilities	8,411.2	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	807.8	792.2
Retained earnings	2,931.6	2,831.5
Accumulated other comprehensive loss	$ (178.1)	$ (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	2,178.9	2,029.6
Total Liabilities and Shareholders’ Equity	$ 10,590.1	$ 10,072
Common Stock, Shares Authorized	120,000,000
Common Stock, Par or Stated Value Per Share	$ 0.625
Common Stock, Shares, Outstanding	35,448,375	35,268,308
Short-Term Investments	$ 0	$ 148.5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Other assets related to assets held for sale	$ 9.7	$ 40
Common stock, par value	$ 0.625
Common stock, shares authorized	120,000,000
Common stock, shares issued	68,756,041	68,575,974
Common stock, shares outstanding	35,448,375	35,268,308

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Lease revenue	$ 308.6	$ 284.9	$ 610.6	$ 568.2
Marine operating revenue	2	5.2	5.5	11.4
Other revenue	32.6	22.6	66	49.7
Total Revenues	343.2	312.7	682.1	629.3
Expenses
Maintenance expense	82.3	70.8	166.2	145.4
Marine operating expense	2.4	3.9	4.4	8.1
Depreciation	92.1	90	181.9	179.5
Operating Lease, Expense	9	9	18	18.1
Other operating expense	11	9.3	22	20
Selling, general and administrative	52	47.9	102.4	95.1
Total Expenses	248.8	230.9	494.9	466.2
Other Income (Expense)
Net gain on asset dispositions	41.1	(24.2)	88.2	49.5
Interest expense, net	(63.7)	(51.9)	(122.7)	(103.1)
Other (expense) income	(4.9)	(11.3)	(8.9)	(13.3)
Income before Income Taxes and Share of Affiliates’ Earnings	66.9	(5.6)	143.8	96.2
Income taxes	(17.6)	(2.7)	(37.8)	(25.1)
Share of affiliates' earnings, net of taxes	14	10.9	34.7	7.3
Net income	63.3	2.6	140.7	78.4
Other Comprehensive Income, net of taxes
Foreign currency translation adjustments	23.1	(34.7)	31.9	(60.5)
Unrealized Gain (Loss) on Derivatives	(0.2)	0.2	0.6	0.6
Post-retirement benefit plans	1.1	1.7	1	3.2
Other comprehensive (loss) income	24	(32.8)	33.5	(56.7)
Comprehensive Income	$ 87.3	$ (30.2)	$ 174.2	$ 21.7
Share Data
Basic earnings per share (in dollars per share)	$ 1.74	$ 0.07	$ 3.88	$ 2.21
Average number of common shares (in shares)	35,600	35,500	35,600	35,500
Diluted earnings per share (in dollars per share)	$ 1.74	$ 0.07	$ 3.87	$ 2.18
Average number of common shares and common share equivalents (in shares)	35,700	36,000	35,700	36,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Activities
Net Income (Loss) Attributable to Parent	$ 63,300,000	$ 2,600,000	$ 140,700,000	$ 78,400,000
Adjustments to reconcile income to net cash provided by operating activities:
Depreciation expense			189,700,000	186,100,000
Net gains on sales of assets			(89,000,000)	(77,300,000)
Asset Impairment Charges	0	31,500,000	1,200,000	31,500,000
Deferred income taxes			27,800,000	15,600,000
Share of affiliates’ earnings, net of dividends			(34,700,000)	(7,300,000)
Changes in working capital items			22,700,000	(10,500,000)
Net cash provided by operating activities			258,400,000	216,500,000
Investing Activities
Portfolio investments and capital additions			(873,600,000)	(684,500,000)
Portfolio proceeds			166,500,000	160,800,000
Proceeds from sales of other assets			10,900,000	19,400,000
Other			1,600,000	28,200,000
Net cash used in investing activities			(544,600,000)	(476,100,000)
Financing Activities
Net proceeds from issuances of debt (original maturities longer than 90 days)			585,400,000	395,100,000
Repayments of debt (original maturities longer than 90 days)			(250,000,000)	(250,000,000)
Net (decrease) increase in debt with original maturities of 90 days or less			(6,800,000)	3,400,000
Stock repurchases			0	(39,200,000)
Dividends			(40,800,000)	(39,200,000)
Purchases of assets previously leased			0	(1,500,000)
Other			11,100,000	30,400,000
Net cash provided by financing activities			298,900,000	99,000,000
Effect of Exchange Rate Changes on Cash and Cash Equivalents			1,000,000	(3,400,000)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance			304,000,000	344,500,000	$ 344,500,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	$ 317,700,000	$ 180,500,000	317,700,000	180,500,000	$ 304,000,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total			13,700,000	(164,000,000)
Payments to Acquire Short-Term Investments			$ 150,000,000	$ 0

Consolidated Statements of Chan

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						(400,000)
Repurchase of common stock						$ (42.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			20.9
Net income	$ 78.4			78.4
Dividends, Common Stock, Cash				(38.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	56.7				56.7
Common stock, shares issued		68,500,000
Common Stock, Value, Issued		$ 42.4
Shares, Issued						(32,900,000)
Stockholders' Equity Attributable to Parent			(781.5)	(2,808.1)	184.5	$ (1,386.7)
Stock Issued During Period, Shares, New Issues		0
Stock Issued During Period, Value, New Issues		$ 0
Stock Repurchased During Period, Shares						(300,000)
Repurchase of common stock						$ (33.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			3.2
Net income	$ 2.6			2.6
Dividends declared (in dollars per share)	$ 0.52
Dividends, Common Stock, Cash				(19.1)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 32.8				32.8
Common stock, shares issued		68,500,000
Common Stock, Value, Issued		$ 42.4
Shares, Issued						(33,200,000)
Stockholders' Equity Attributable to Parent	$ (1,981.5)		(784.7)	(2,791.6)	217.3	$ (1,419.9)
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
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			15.6
Net income	140.7			140.7
Dividends, Common Stock, Cash				(40.6)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(33.5)				(33.5)
Common stock, shares issued		68,700,000
Common Stock, Value, Issued		$ 42.4
Shares, Issued						(33,300,000)
Stockholders' Equity Attributable to Parent			(797.5)	(2,888.6)	202.1	$ (1,424.9)
Stock Issued During Period, Shares, New Issues		100,000
Stock Issued During Period, Value, New Issues		$ 0.1
Stock Repurchased During Period, Shares						0
Repurchase of common stock						$ 0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition			10.3
Net income	$ 63.3
Dividends declared (in dollars per share)	$ 0.55
Dividends, Common Stock, Cash				(20.3)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ (24)				(24)
Common stock, shares issued	68,756,041	68,800,000
Common Stock, Value, Issued	$ 42.5	$ 42.5
Shares, Issued						(33,300,000)
Stockholders' Equity Attributable to Parent	$ (2,178.9)		$ (807.8)	$ (2,931.6)	$ 178.1	$ (1,424.9)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity Statement (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.55	$ 0.52

Description of Business

Description of Business	6 Months Ended
Description of Business	Jun. 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 June 30, 2023. In the second quarter of 2023, GATX Engine Leasing ("GEL") acquired nine aircraft spare engines for approximately $239 million.

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 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 six months ended June 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/Description Effective Date and Adoption Considerations Effect on Financial Statements or Other Significant Matters Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional practical expedients and exceptions in the application of GAAP principles to contracts, hedging relationships, and other transactions that reference LIBOR or other reference rates being discontinued as a result of reference rate reform. Optional expedients are available for adoption from March 12, 2020 through December 31, 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.

Revenue Revenue

Revenue Revenue	6 Months Ended
Revenue Revenue	Jun. 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.

Leases

Leases	6 Months Ended
Leases	Jun. 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 Six Months Ended 2023 2022 2023 2022 Operating lease revenue: Fixed lease revenue $ 281.7 $ 260.9 $ 558.5 $ 521.2 Variable lease revenue 23.9 21.7 46.4 42.5 Total operating lease revenue $ 305.6 $ 282.6 $ 604.9 $ 563.7 Finance lease revenue 3.0 2.3 5.7 4.5 Total lease revenue $ 308.6 $ 284.9 $ 610.6 $ 568.2 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 $21.8 million and $45.7 million for the three and six months ended June 30, 2023 and $18.3 million and $40.9 million for the three and six months ended June 30, 2022.

Fair Value Disclosure

Fair Value Disclosure	6 Months Ended
Fair Value Disclosure	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Disclosure	Fair Value The assets and liabilities that GATX records at fair value on a recurring basis consisted entirely of derivatives at June 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 June 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 twelve instruments outstanding with an aggregate notional amount of $172.6 million as of June 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 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 as of June 30, 2023 was $14.9 million. We are not required to post any collateral on our derivative instruments and do not expect the credit risk provisions to be triggered. In the event that a counterparty fails to meet the terms of an interest rate swap agreement or a foreign exchange contract, our exposure is limited to the fair value of the swap, if in our favor. We manage the credit risk of counterparties by transacting with institutions that we consider financially sound and by avoiding concentrations of risk with a single counterparty. We believe that the risk of non-performance by any of our counterparties is remote. The following table shows our derivative assets and liabilities that are measured at fair value (in millions): Significant Observable Inputs (Level 2) Balance Sheet Location Fair Value Fair Value Derivative Assets Foreign exchange contracts (1) Other assets $ 0.1 $ — Foreign exchange contracts (2) Other assets — 0.7 Total derivative assets $ 0.1 $ 0.7 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 11.9 $ 11.6 Foreign exchange contracts (1) Other liabilities 3.0 0.5 Foreign exchange contracts (2) Other liabilities 10.4 — Total derivative liabilities $ 25.3 $ 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 June 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 Included June 30 December 31 June 30 December 31 Recourse debt $ (195.2) $ (195.2) $ (11.9) $ (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 Six Months Derivative Designation 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign exchange contracts $ 1.0 $ (4.6) $ 2.5 $ (7.9) Total $ 1.0 $ (4.6) $ 2.5 $ (7.9) Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings Three Months Six Months 2023 2022 2023 2022 Interest expense $ 0.4 $ 0.4 $ 0.8 $ 0.8 Other expense 0.8 (5.2) 2.4 (8.1) Total $ 1.2 $ (4.8) $ 3.2 $ (7.3) 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 June 30 Six Months Ended June 30 2023 2022 2023 2022 Total interest expense $ (63.7) $ (51.9) $ (122.7) $ (103.1) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 2.6 1.5 0.3 7.2 Derivatives designated as hedging instruments (2.6) (1.5) (0.3) (7.2) 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) (0.8) (0.8) Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts Three Months Ended June 30 Six Months Ended June 30 2023 2022 2023 2022 Total other expense $ (4.9) $ (11.3) $ (8.9) $ (13.3) Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of (loss) gain reclassified from accumulated other comprehensive loss into earnings (1) (0.8) 5.2 (2.4) 8.1 (Loss) gain on non-designated derivative contracts (7.5) 3.2 (11.2) 4.7 _________ (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 June 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): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 6,248.3 $ 5,564.2 $ 6,045.1 $ 5,309.8 Recourse floating rate debt 570.0 567.9 417.8 417.0

Asset Impairments and Assets He

Asset Impairments and Assets Held for Sale	6 Months Ended
Asset Impairments and Assets Held for Sale	Jun. 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 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 $8.9 million as of June 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 Six Months Ended 2023 2022 2023 2022 Attributable to Consolidated Assets Portfolio Management $ — $ 31.5 $ 1.2 $ 31.5 Total $ — $ 31.5 $ 1.2 $ 31.5 The following table summarizes assets held for sale by business segment (in millions): June 30 December 31 Rail North America $ 0.8 $ 1.2 Rail International — 13.7 Portfolio Management 8.9 25.1 Total $ 9.7 $ 40.0 All assets held for sale at June 30, 2023 are expected to be sold within one year and are included in Other Assets on the balance sheet.

Pension and Other Post-Retireme

Pension and Other Post-Retirement Benefits	6 Months Ended
Pension and Other Post-Retirement Benefits	Jun. 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 June 30, 2023 and 2022 (in millions): 2023 2022 2023 2022 Service cost $ 1.4 $ 1.9 $ 0.1 $ 0.1 Interest cost 4.1 2.3 0.2 0.1 Expected return on plan assets (5.3) (3.8) — — Settlement accounting adjustment 1.4 0.9 — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 0.3 2.4 (0.2) (0.1) Net periodic cost $ 1.9 $ 3.7 $ — $ — The following table shows the components of net periodic cost for the six months ended June 30, 2023 and 2022 (in millions): 2023 2022 2023 2022 Service cost $ 2.7 $ 3.9 $ 0.1 $ 0.1 Interest cost 8.3 4.9 0.4 0.2 Expected return on plan assets (10.7) (7.8) — — Settlement accounting adjustment 1.4 0.9 — — Amortization of (1): Unrecognized prior service credit — — (0.2) (0.1) Unrecognized net actuarial loss (gain) 0.5 4.6 (0.3) (0.2) Net periodic cost $ 2.2 $ 6.5 $ — $ — _________ (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 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 three and six months ended June 30, 2023, and $0.9 million of expense for the three and six months ended June 30, 2022.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
Share-Based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the six months ended June 30, 2023, we granted 189,900 non-qualified employee stock options, 32,970 restricted stock units, 36,860 performance shares, and 11,018 restricted stock units awarded to non-employee directors. For the three and six months ended June 30, 2023, total share-based compensation expense was $5.1 million and $8.6 million and the related tax benefits were $1.3 million and $2.2 million. For the three and six months ended June 30, 2022, total share-based compensation expense was $2.4 million and $7.1 million and the related tax benefits were $0.6 million and $1.8 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 years 4.2 Risk-free interest rate 3.7 % Dividend yield 1.9 % Expected stock price volatility 35.4 % Present value of dividends $ 8.57

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table shows our effective income tax rate for the six months ended June 30: 2023 2022 Effective income tax rate 26.3 % 26.1 % The small increase in the effective rate for the current year compared to the prior year was primarily due to the mix of pre-tax income among domestic and foreign jurisdictions, which are taxed at different rates.

Commercial Commitments

Commercial Commitments	6 Months Ended
Commercial Commitments	Jun. 30, 2023
Guarantees [Abstract]
Commercial Commitments	Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): June 30 December 31 Standby letters of credit and performance bonds $ 8.8 $ 9.0 Derivative guarantees 1.6 1.9 Total commercial commitments (1) $ 10.4 $ 10.9 _________ (1) There were no liabilities recorded on the balance sheet for commercial commitments at June 30, 2023 and December 31, 2022. As of June 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.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 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 Six Months Ended 2023 2022 2023 2022 Basic earnings per share: Net income $ 63.3 $ 2.6 $ 140.7 $ 78.4 Less: Net income allocated to participating securities (1.3) — (2.8) — Net income available to common shareholders $ 62.0 $ 2.6 $ 137.9 $ 78.4 Weighted-average shares outstanding - basic 35.6 35.5 35.6 35.5 Basic earnings per share $ 1.74 $ 0.07 $ 3.88 $ 2.21 Diluted earnings per share: Net income $ 63.3 $ 2.6 $ 140.7 $ 78.4 Less: Net income allocated to participating securities (1.3) — (2.8) — Net income available to common shareholders $ 62.0 $ 2.6 $ 137.9 $ 78.4 Weighted-average shares outstanding - basic 35.6 35.5 35.6 35.5 Effect of dilutive securities: Equity compensation plans 0.1 0.5 0.1 0.5 Weighted-average shares outstanding - diluted 35.7 36.0 35.7 36.0 Diluted earnings per share $ 1.74 $ 0.07 $ 3.87 $ 2.18

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
Accumulated Other Comprehensive Income (Loss)	Jun. 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 Loss Unrealized Gain (Loss) on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2022 $ (152.1) $ (11.2) $ (48.3) $ (211.6) Change in component 8.8 (1.1) (0.1) 7.6 Reclassification adjustments into earnings (1) — 2.0 — 2.0 Income tax effect — (0.1) — (0.1) Balance at March 31, 2023 $ (143.3) $ (10.4) $ (48.4) $ (202.1) Change in component 23.1 (1.3) 1.6 23.4 Reclassification adjustments into earnings (1) — 1.2 — 1.2 Income tax effect — (0.1) (0.5) (0.6) Balance at June 30, 2023 $ (120.2) $ (10.6) $ (47.3) $ (178.1) _________ (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).

Legal Proceedings and Other Con

Legal Proceedings and Other Contingencies	6 Months Ended
Legal Proceedings and Other Contingencies	Jun. 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 this lawsuit. 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 claims related to the derailment of the Norfolk Southern train in East Palestine, Ohio. As of the time of this Quarterly Report on Form 10-Q, the Company has not yet been served in this action. If served, the Company intends to vigorously defend this lawsuit. 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. 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.

Financial Data of Business Segm

Financial Data of Business Segments	6 Months Ended
Financial Data of Business Segments	Jun. 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 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 June 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 Other GATX Consolidated Three Months Ended June 30, 2023 Revenues Lease revenue $ 218.9 $ 73.1 $ 8.1 $ 8.5 $ 308.6 Marine operating revenue — — 2.0 — 2.0 Other revenue 21.5 3.1 6.4 1.6 32.6 Total Revenues 240.4 76.2 16.5 10.1 343.2 Expenses Maintenance expense 66.8 14.6 — 0.9 82.3 Marine operating expense — — 2.4 — 2.4 Depreciation expense 66.1 16.6 6.1 3.3 92.1 Operating lease expense 9.0 — — — 9.0 Other operating expense 6.7 2.3 1.4 0.6 11.0 Total Expenses 148.6 33.5 9.9 4.8 196.8 Other Income (Expense) Net gain on asset dispositions 34.1 0.7 6.0 0.3 41.1 Interest expense (income), net (44.5) (13.5) (6.5) 0.8 (63.7) Other (expense) income (2.1) (2.6) 0.2 (0.4) (4.9) Share of affiliates' pre-tax earnings — — 20.3 — 20.3 Segment profit $ 79.3 $ 27.3 $ 26.6 $ 6.0 $ 139.2 Less: Selling, general and administrative expense 52.0 Income taxes (includes $6.3 related to affiliates' earnings) 23.9 Net income $ 63.3 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 30.7 $ 0.1 $ 5.9 $ 0.2 $ 36.9 Residual sharing income 0.1 — 0.1 — 0.2 Non-remarketing net gains (1) 3.3 0.6 — 0.1 4.0 $ 34.1 $ 0.7 $ 6.0 $ 0.3 $ 41.1 Capital Expenditures Portfolio investments and capital additions $ 161.3 $ 77.3 $ 239.0 $ 9.0 $ 486.6 Selected Balance Sheet Data at June 30, 2023 Investments in affiliated companies $ 0.4 $ — $ 611.3 $ — $ 611.7 Identifiable assets $ 6,680.2 $ 1,952.3 $ 1,371.6 $ 586.0 $ 10,590.1 _________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated Three Months Ended June 30, 2022 Revenues Lease revenue $ 203.0 $ 66.5 $ 8.2 $ 7.2 $ 284.9 Marine operating revenue — — 5.2 — 5.2 Other revenue 18.8 1.9 0.1 1.8 22.6 Total Revenues 221.8 68.4 13.5 9.0 312.7 Expenses Maintenance expense 57.8 12.2 — 0.8 70.8 Marine operating expense — — 3.9 — 3.9 Depreciation expense 64.9 17.2 4.9 3.0 90.0 Operating lease expense 9.0 — — — 9.0 Other operating expense 5.9 2.1 0.6 0.7 9.3 Total Expenses 137.6 31.5 9.4 4.5 183.0 Other Income (Expense) Net gain (loss) on asset dispositions 5.1 1.4 (30.8) 0.1 (24.2) Interest expense, net (34.9) (11.1) (4.6) (1.3) (51.9) Other (expense) income (1.3) 1.1 — (11.1) (11.3) Share of affiliates' pre-tax earnings — — 15.6 — 15.6 Segment profit (loss) $ 53.1 $ 28.3 $ (15.7) $ (7.8) $ 57.9 Less: Selling, general and administrative expense 47.9 Income taxes (includes $4.7 related to affiliates' earnings) 7.4 Net income $ 2.6 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 1.2 $ 0.3 $ — $ 0.1 $ 1.6 Residual sharing income 0.1 — 0.7 — 0.8 Non-remarketing net gains (1) 3.8 1.1 — — 4.9 Asset impairments — — (31.5) — (31.5) $ 5.1 $ 1.4 $ (30.8) $ 0.1 $ (24.2) Capital Expenditures Portfolio investments and capital additions $ 253.7 $ 48.8 $ — $ 11.6 $ 314.1 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 Other GATX Consolidated Six Months Ended June 30, 2023 Revenues Lease revenue $ 434.0 $ 143.5 $ 16.4 $ 16.7 $ 610.6 Marine operating revenue — — 5.5 — 5.5 Other revenue 45.3 6.0 10.9 3.8 66.0 Total Revenues 479.3 149.5 32.8 20.5 682.1 Expenses Maintenance expense 133.7 30.5 — 2.0 166.2 Marine operating expense — — 4.4 — 4.4 Depreciation expense 131.6 32.3 11.5 6.5 181.9 Operating lease expense 18.0 — — — 18.0 Other operating expense 13.7 4.5 2.3 1.5 22.0 Total Expenses 297.0 67.3 18.2 10.0 392.5 Other Income (Expense) Net gain on asset dispositions 81.9 1.5 4.5 0.3 88.2 Interest (expense) income, net (86.8) (26.0) (12.2) 2.3 (122.7) Other (expense) income (2.5) (6.9) (0.3) 0.8 (8.9) Share of affiliates' pre-tax (losses) earnings (0.4) — 48.3 — 47.9 Segment profit $ 174.5 $ 50.8 $ 54.9 $ 13.9 $ 294.1 Less: Selling, general and administrative expense 102.4 Income taxes (includes $13.2 related to affiliates' earnings) 51.0 Net income $ 140.7 Net Gain on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 75.4 $ 0.5 $ 5.5 $ 0.2 $ 81.6 Residual sharing income 0.2 — 0.2 — 0.4 Non-remarketing net gains (1) 6.3 1.0 — 0.1 7.4 Asset impairments — — (1.2) — (1.2) $ 81.9 $ 1.5 $ 4.5 $ 0.3 $ 88.2 Capital Expenditures Portfolio investments and capital additions $ 457.8 $ 158.4 $ 239.0 $ 18.4 $ 873.6 _________ (1) Includes net gains (losses) from scrapping of railcars. Rail North America Rail International Portfolio Management Other GATX Consolidated Six Months Ended June 30, 2022 Revenues Lease revenue $ 403.7 $ 134.1 $ 16.5 $ 13.9 $ 568.2 Marine operating revenue — — 11.4 — 11.4 Other revenue 41.8 4.2 0.1 3.6 49.7 Total Revenues 445.5 138.3 28.0 17.5 629.3 Expenses Maintenance expense 117.7 26.2 — 1.5 145.4 Marine operating expense — — 8.1 — 8.1 Depreciation expense 128.4 35.2 9.9 6.0 179.5 Operating lease expense 18.1 — — — 18.1 Other operating expense 13.2 4.5 1.1 1.2 20.0 Total Expenses 277.4 65.9 19.1 8.7 371.1 Other Income (Expense) Net gain (loss) on asset dispositions 76.7 2.4 (29.9) 0.3 49.5 Interest expense, net (69.3) (22.3) (9.3) (2.2) (103.1) Other (expense) income (2.0) 0.7 (0.1) (11.9) (13.3) Share of affiliates' pre-tax earnings — — 10.8 — 10.8 Segment profit (loss) $ 173.5 $ 53.2 $ (19.6) $ (5.0) $ 202.1 Less: Selling, general and administrative expense 95.1 Income taxes (includes $3.5 related to affiliates' earnings) 28.6 Net income $ 78.4 Net Gain (Loss) on Asset Dispositions Asset Remarketing Income: Net gains on disposition of owned assets $ 65.6 $ 0.7 $ — $ 0.2 $ 66.5 Residual sharing income 2.1 — 1.6 — 3.7 Non-remarketing net gains (1) 9.0 1.7 — 0.1 10.8 Asset impairments — — (31.5) — (31.5) $ 76.7 $ 2.4 $ (29.9) $ 0.3 $ 49.5 Capital Expenditures Portfolio investments and capital additions $ 534.1 $ 127.7 $ — $ 22.7 $ 684.5 _________ (1) Includes net gains (losses) from scrapping of railcars.

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Components of Lease Income	The following table shows the components of our lease revenue (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease revenue: Fixed lease revenue $ 281.7 $ 260.9 $ 558.5 $ 521.2 Variable lease revenue 23.9 21.7 46.4 42.5 Total operating lease revenue $ 305.6 $ 282.6 $ 604.9 $ 563.7 Finance lease revenue 3.0 2.3 5.7 4.5 Total lease revenue $ 308.6 $ 284.9 $ 610.6 $ 568.2
Components of Lease Income	The following table shows the components of our lease revenue (in millions): Three Months Ended Six Months Ended 2023 2022 2023 2022 Operating lease revenue: Fixed lease revenue $ 281.7 $ 260.9 $ 558.5 $ 521.2 Variable lease revenue 23.9 21.7 46.4 42.5 Total operating lease revenue $ 305.6 $ 282.6 $ 604.9 $ 563.7 Finance lease revenue 3.0 2.3 5.7 4.5 Total lease revenue $ 308.6 $ 284.9 $ 610.6 $ 568.2

Fair Value Disclosure (Tables)

Fair Value Disclosure (Tables)	6 Months Ended
Fair Value Disclosure (Tables)	Jun. 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 Location Fair Value Fair Value Derivative Assets Foreign exchange contracts (1) Other assets $ 0.1 $ — Foreign exchange contracts (2) Other assets — 0.7 Total derivative assets $ 0.1 $ 0.7 Derivative Liabilities Interest rate contracts (1) Other liabilities $ 11.9 $ 11.6 Foreign exchange contracts (1) Other liabilities 3.0 0.5 Foreign exchange contracts (2) Other liabilities 10.4 — Total derivative liabilities $ 25.3 $ 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 Included June 30 December 31 June 30 December 31 Recourse debt $ (195.2) $ (195.2) $ (11.9) $ (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 Six Months Derivative Designation 2023 2022 2023 2022 Derivatives in cash flow hedging relationships: Foreign exchange contracts $ 1.0 $ (4.6) $ 2.5 $ (7.9) Total $ 1.0 $ (4.6) $ 2.5 $ (7.9) Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings Three Months Six Months 2023 2022 2023 2022 Interest expense $ 0.4 $ 0.4 $ 0.8 $ 0.8 Other expense 0.8 (5.2) 2.4 (8.1) Total $ 1.2 $ (4.8) $ 3.2 $ (7.3) 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 June 30 Six Months Ended June 30 2023 2022 2023 2022 Total interest expense $ (63.7) $ (51.9) $ (122.7) $ (103.1) Gain (loss) on fair value hedging relationships Interest rate contracts: Hedged items 2.6 1.5 0.3 7.2 Derivatives designated as hedging instruments (2.6) (1.5) (0.3) (7.2) 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) (0.8) (0.8)
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): June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair Liabilities Recourse fixed rate debt $ 6,248.3 $ 5,564.2 $ 6,045.1 $ 5,309.8 Recourse floating rate debt 570.0 567.9 417.8 417.0

Pension and Other Post-Retire_2

Pension and Other Post-Retirement Benefits (Tables)	6 Months Ended
Pension and Other Post-Retirement Benefits (Tables)	Jun. 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 June 30, 2023 and 2022 (in millions): 2023 2022 2023 2022 Service cost $ 1.4 $ 1.9 $ 0.1 $ 0.1 Interest cost 4.1 2.3 0.2 0.1 Expected return on plan assets (5.3) (3.8) — — Settlement accounting adjustment 1.4 0.9 — — Amortization of (1): Unrecognized prior service credit — — (0.1) (0.1) Unrecognized net actuarial loss (gain) 0.3 2.4 (0.2) (0.1) Net periodic cost $ 1.9 $ 3.7 $ — $ — The following table shows the components of net periodic cost for the six months ended June 30, 2023 and 2022 (in millions): 2023 2022 2023 2022 Service cost $ 2.7 $ 3.9 $ 0.1 $ 0.1 Interest cost 8.3 4.9 0.4 0.2 Expected return on plan assets (10.7) (7.8) — — Settlement accounting adjustment 1.4 0.9 — — Amortization of (1): Unrecognized prior service credit — — (0.2) (0.1) Unrecognized net actuarial loss (gain) 0.5 4.6 (0.3) (0.2) Net periodic cost $ 2.2 $ 6.5 $ — $ — _________ (1) Amounts reclassified from accumulated other comprehensive loss.

Commercial Commitments (Tables)

Commercial Commitments (Tables)	6 Months Ended
Commercial Commitments (Tables)	Jun. 30, 2023
Guarantees [Abstract]
Commercial Commitments	NOTE 10. Commercial Commitments We have entered into various commercial commitments, such as guarantees, standby letters of credit, performance bonds, and guarantees related to certain transactions. These commercial commitments require us to fulfill specific obligations in the event of third-party demands. Similar to our balance sheet investments, these commitments expose us to credit, market, and equipment risk. Accordingly, we evaluate these commitments and other contingent obligations using techniques similar to those we use to evaluate funded transactions. The following table shows our commercial commitments (in millions): June 30 December 31 Standby letters of credit and performance bonds $ 8.8 $ 9.0 Derivative guarantees 1.6 1.9 Total commercial commitments (1) $ 10.4 $ 10.9 _________ (1) There were no liabilities recorded on the balance sheet for commercial commitments at June 30, 2023 and December 31, 2022. As of June 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.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 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 Six Months Ended 2023 2022 2023 2022 Basic earnings per share: Net income $ 63.3 $ 2.6 $ 140.7 $ 78.4 Less: Net income allocated to participating securities (1.3) — (2.8) — Net income available to common shareholders $ 62.0 $ 2.6 $ 137.9 $ 78.4 Weighted-average shares outstanding - basic 35.6 35.5 35.6 35.5 Basic earnings per share $ 1.74 $ 0.07 $ 3.88 $ 2.21 Diluted earnings per share: Net income $ 63.3 $ 2.6 $ 140.7 $ 78.4 Less: Net income allocated to participating securities (1.3) — (2.8) — Net income available to common shareholders $ 62.0 $ 2.6 $ 137.9 $ 78.4 Weighted-average shares outstanding - basic 35.6 35.5 35.6 35.5 Effect of dilutive securities: Equity compensation plans 0.1 0.5 0.1 0.5 Weighted-average shares outstanding - diluted 35.7 36.0 35.7 36.0 Diluted earnings per share $ 1.74 $ 0.07 $ 3.87 $ 2.18

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
Accumulated Other Comprehensive Income (Loss) (Tables)	Jun. 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 Loss Unrealized Gain (Loss) on Derivative Instruments Post-Retirement Benefit Plans Total Balance at December 31, 2022 $ (152.1) $ (11.2) $ (48.3) $ (211.6) Change in component 8.8 (1.1) (0.1) 7.6 Reclassification adjustments into earnings (1) — 2.0 — 2.0 Income tax effect — (0.1) — (0.1) Balance at March 31, 2023 $ (143.3) $ (10.4) $ (48.4) $ (202.1) Change in component 23.1 (1.3) 1.6 23.4 Reclassification adjustments into earnings (1) — 1.2 — 1.2 Income tax effect — (0.1) (0.5) (0.6) Balance at June 30, 2023 $ (120.2) $ (10.6) $ (47.3) $ (178.1) _________ (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).

Description of Business (Detail

Description of Business (Details) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
Description of Business (Details) $ in Millions	Jun. 30, 2023 USD ($) AircraftEngines	Mar. 31, 2023 USD ($) AircraftEngines	Sep. 30, 2022 AircraftEngines	Jun. 30, 2022 USD ($) AircraftEngines	Jun. 30, 2023 USD ($) AircraftEngines Segment	Jun. 30, 2022 USD ($) AircraftEngines	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of business segments \| Segment					3
Net gain on asset dispositions	$ 41.1			$ (24.2)	$ 88.2	$ 49.5
Number of Specialized Gas Vessels Sold \| AircraftEngines	1	1
Asset Impairment Charges	$ 0			31.5	1.2	31.5
Portfolio Investments and Capital Additions	$ 486.6			$ 314.1	$ 873.6	$ 684.5
Number of Aircraft Engines Acquired \| AircraftEngines	9
Number of Specialized Gas Vessels \| AircraftEngines	1	2		5	1	5
Portfolio Management
Schedule of Equity Method Investments [Line Items]
Number of Specialized Gas Vessels Sold \| AircraftEngines		1	2
Asset Impairment Charges	$ 0	$ 1.2		$ 31.5	$ 1.2	$ 31.5	$ 34.3
Portfolio Investments and Capital Additions	$ 239			0	239	0
Number of Aircraft Engines Acquired \| AircraftEngines	9
Rail International
Schedule of Equity Method Investments [Line Items]
Asset Impairment Charges					0		$ 14.6
Portfolio Investments and Capital Additions	$ 77.3			$ 48.8	$ 158.4	$ 127.7

Leases - Components of Lease In

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating lease revenue:
Variable lease revenue	$ 281.7	$ 260.9	$ 558.5	$ 521.2
Operating Lease, Variable Lease Income	23.9	21.7	46.4	42.5
Operating Lease, Lease Income	305.6	282.6	604.9	563.7
Finance lease revenue	3	2.3	5.7	4.5
Total lease revenue	308.6	284.9	610.6	568.2
Total operating lease revenue	21.8	18.3	45.7	40.9
gatxOperatingLeaseOtherIncome	$ 21.8	$ 18.3	$ 45.7	$ 40.9

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Total discounted lease liabilities	$ 241.1	$ 257.9
Total
Total discounted lease liabilities	$ 241.1	$ 257.9

Fair Value Disclosure - Narrati

Fair Value Disclosure - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Fair Value Disclosure - Narrative (Details)	Jun. 30, 2023 USD ($) Instrument	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Instrument	Jun. 30, 2022 USD ($)	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	14,900,000		$ 14,900,000
Asset Impairment Charges	0	$ 31,500,000	1,200,000	$ 31,500,000
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset Impairment Charges	$ 0	$ 31,500,000	1,200,000	$ 31,500,000
Rail International
Derivative [Line Items]
Asset Impairment Charges			0		$ 14,600,000
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Asset Impairment Charges			$ 0		$ 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	12		12		1
Derivative, Notional Amount	$ 172,600,000		$ 172,600,000		$ 110,100,000

Fair Value Disclosure Fair Valu

Fair Value Disclosure Fair Value Disclosure - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 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	$ 0.1	$ 0.7
Derivative liability	25.3	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	0.1	0
Derivative liability	3	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	11.9	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	10.4
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	0.7
Derivative liability		$ 0

Fair Value Disclosure Fair Va_2

Fair Value Disclosure Fair Value Disclosure - Amounts Recorded on Balance Sheet Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Liability, Fair Value Hedge	$ (195.2)		$ (195.2)		$ (195.2)
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)	1	$ (4.6)	2.5	$ (7.9)
Recourse Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)	$ (11.9)		$ (11.9)		$ (11.6)

Fair Value Disclosure Fair Va_3

Fair Value Disclosure Fair Value Disclosure - Impacts of Derivative Instrument on Statement of Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 1.2	$ (4.8)	$ 3.2	$ (7.3)
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	0.8	0.8
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)	1	(4.6)	2.5	(7.9)
Other (Income) Expense [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	$ 0.8	$ (5.2)	$ 2.4	$ (8.1)

Fair Value Disclosure Fair Va_4

Fair Value Disclosure Fair Value Disclosure - Impact of Cash Flow and Hedge Accounting Relationships (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	$ 63.7	$ 51.9	$ 122.7	$ 103.1
Other (expense) income	(4.9)	(11.3)	(8.9)	(13.3)
Not Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other (expense) income	(7.5)	3.2	(11.2)	4.7
Interest Rate Contract [Member] \| Cash Flow Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	(0.4)	(0.4)	(0.8)	(0.8)
Interest Rate Contract [Member] \| Fair Value Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	2.6	1.5	0.3	7.2
Interest Rate Contract [Member] \| Fair Value Hedging [Member] \| Designated as Hedging Instrument [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Expense	(2.6)	(1.5)	(0.3)	(7.2)
Foreign Exchange Contract [Member] \| Cash Flow Hedging [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Other (expense) income	$ (0.8)	$ 5.2	$ (2.4)	$ 8.1

Fair Value Disclosure Fair Va_5

Fair Value Disclosure Fair Value Disclosure - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 9.7	$ 40
Short-Term Investments	0	148.5
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recourse Fixed Rate Debt Fair Value Disclosure	6,248.3	6,045.1
Recourse Floating Rate Debt Fair Value Disclosure	570	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	5,564.2	5,309.8
Recourse Floating Rate Debt Fair Value Disclosure	$ 567.9	$ 417

Asset Impairments and Assets _2

Asset Impairments and Assets Held for Sale (Details) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) AircraftEngines	Mar. 31, 2023 USD ($) AircraftEngines	Sep. 30, 2022 AircraftEngines	Jun. 30, 2022 USD ($) AircraftEngines	Jun. 30, 2023 USD ($) AircraftEngines	Jun. 30, 2022 USD ($) AircraftEngines	Dec. 31, 2022 USD ($)
Asset Impairment [Line Items]
Asset Impairment Charges	$ 0			$ 31.5	$ 1.2	$ 31.5
Total	$ 9.7				$ 9.7		$ 40
Number of Specialized Gas Vessels Sold \| AircraftEngines	1	1
Number of Specialized Gas Vessels With Impairment Recorded \| AircraftEngines		1
Number of Specialized Gas Vessels \| AircraftEngines	1	2		5	1	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	$ 0	$ 1.2		$ 31.5	$ 1.2	$ 31.5	34.3
Total	8.9				8.9		25.1
Number of Specialized Gas Vessels Sold \| AircraftEngines		1	2
Gain (Loss) on Disposition of Assets	0.2	$ 0.4
Gain (Loss) on Disposition of Assets	0.2	0.4
Rail North America
Asset Impairment [Line Items]
Asset Impairment Charges					0
Total	0.8				0.8		1.2
Rail International
Asset Impairment [Line Items]
Asset Impairment Charges					0		14.6
Total	$ 0				$ 0		$ 13.7
Gain (Loss) on Disposition of Business		$ 0.3

Pension and Other Post-Retire_3

Pension and Other Post-Retirement Benefits - Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Benefit Pension [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1.4	$ 1.9	$ 2.7	$ 3.9
Interest cost	4.1	2.3	8.3	4.9
Expected return on plan assets	(5.3)	(3.8)	(10.7)	(7.8)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement	(1.4)	(0.9)	(1.4)	(0.9)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0		0	0
Defined Benefit Plan, Amortization of Gain (Loss)	0.3	2.4	0.5	4.6
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	1.9	3.7	2.2	6.5
Retiree Health and Life [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.1	0.1
Interest cost	0.2	0.1	0.4	0.2
Expected return on plan assets	0	0	0	0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement			0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	(0.1)	(0.1)	(0.2)	(0.1)
Defined Benefit Plan, Amortization of Gain (Loss)	(0.2)	(0.1)	(0.3)	(0.2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 0	$ 0	$ 0	$ 0

Share Based Compensation - Weig

Share Based Compensation - Weighted Average and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 5.1	$ 2.4	$ 8.6	$ 7.1
Tax benefit from share-based compensation expense	$ 1.3	$ 0.6	$ 2.2	$ 1.8
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

Share Based Compensation - Outs

Share Based Compensation - Outstanding Options and Rights (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.1	$ 2.4	$ 8.6	$ 7.1
Tax benefit from share-based compensation expense	1.3	0.6	2.2	1.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Tax benefit from share-based compensation expense	$ 1.3	$ 0.6	$ 2.2	$ 1.8

Share Based Compensation (Detai

Share Based Compensation (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 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	$ 5.1	$ 2.4	$ 8.6	$ 7.1
Tax benefit from share-based compensation expense	$ 1.3	$ 0.6	$ 2.2	$ 1.8
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			32,970
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			11,018

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent			26.30%	26.10%
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax benefit	$ 17.6	$ 2.7	$ 37.8	$ 25.1

Commercial Commitments (Details

Commercial Commitments (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Total commercial commitments	$ 10.4	$ 10.9
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	8.8	9
RRPF \| Derivative [Member]
Guarantor Obligations [Line Items]
Total commercial commitments	$ 1.6	$ 1.9

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net Income (Loss) Attributable to Parent	$ 63.3	$ 2.6	$ 140.7	$ 78.4
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	(1.3)	0	(2.8)	0
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted	(1.3)	0	(2.8)	0
Net Income (Loss) Available to Common Stockholders, Basic	62	2.6	137.9	78.4
Net Income (Loss) Available to Common Stockholders, Diluted	$ 62	$ 2.6	$ 137.9	$ 78.4
Denominator:
Denominator for basic earnings per share — weighted average shares	35,600	35,500	35,600	35,500
Basic earnings per share from consolidated operations (in dollars per share)	$ 1.74	$ 0.07	$ 3.88	$ 2.21
Effect of dilutive securities:
Equity compensation plans	100	500	100	500
Weighted-average shares outstanding - diluted	35,700	36,000	35,700	36,000
Diluted earnings per share (in dollars per share)	$ 1.74	$ 0.07	$ 3.87	$ 2.18

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance		$ 2,029.6
Change in component	$ 23.4	7.6
Reclassification adjustments into earnings	(1.2)	(2)
Income tax effect	0.6	0.1
Ending balance	2,178.9
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(202.1)	(211.6)
Ending balance	(178.1)	(202.1)
Foreign Currency Translation Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(143.3)	(152.1)
Change in component	23.1	8.8
Reclassification adjustments into earnings	0	0
Income tax effect	0	0
Ending balance	(120.2)	(143.3)
Unrealized Gain (Loss) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(10.4)	(11.2)
Change in component	(1.3)	(1.1)
Reclassification adjustments into earnings	1.2	2
Income tax effect	0.1	0.1
Ending balance	(10.6)	(10.4)
Post-Retirement Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	48.4	48.3
Change in component	1.6	(0.1)
Reclassification adjustments into earnings	0	0
Income tax effect	(0.5)	0
Ending balance	$ 47.3	$ 48.4

Financial Data of Business Se_2

Financial Data of Business Segments (Details) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
Financial Data of Business Segments (Details) $ in Millions	Jun. 30, 2023 USD ($) AircraftEngines	Mar. 31, 2023 USD ($) AircraftEngines	Sep. 30, 2022 AircraftEngines	Jun. 30, 2022 USD ($) AircraftEngines	Jun. 30, 2023 USD ($) AircraftEngines Segment	Jun. 30, 2022 USD ($) AircraftEngines	Dec. 31, 2022 USD ($)
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net Income (Loss) Attributable to Parent	$ 63.3			$ 2.6	$ 140.7	$ 78.4
Provision for Income Taxes, Equity Method Investment	6.3			4.7	13.2	3.5
Lease Income	308.6			284.9	610.6	568.2
Marine operating revenue	2			5.2	5.5	11.4
Other Operating Income	32.6			22.6	66	49.7
Total Revenues	343.2			312.7	682.1	629.3
Cost of Property Repairs and Maintenance	82.3			70.8	166.2	145.4
Marine operating expense	2.4			3.9	4.4	8.1
Depreciation	92.1			90	181.9	179.5
Operating Lease, Expense	9			9	18	18.1
Other operating expense	11			9.3	22	20
Total Expenses	196.8			183	392.5	371.1
Gain (Loss) on Disposition of Assets, Net	41.1			(24.2)	88.2	49.5
Interest expense, net	(63.7)			(51.9)	(122.7)	(103.1)
Other (expense) income	(4.9)			(11.3)	(8.9)	(13.3)
Share of affiliates' earnings (pre-tax)	20.3			15.6	47.9	10.8
Segment profit (loss)	139.2			57.9	294.1	202.1
Income tax benefit	17.6			2.7	37.8	25.1
Selling, general and administrative	52			47.9	102.4	95.1
Disposition Gains on Owned Assets	36.9			1.6	81.6	66.5
Nonoperating Income, Residual Sharing Income	0.2			0.8	0.4	3.7
Nonremarketing Disposition Gain (Loss)	4			4.9	7.4	10.8
Portfolio Investments and Capital Additions	486.6			314.1	873.6	684.5
Identifiable assets	10,590.1				10,590.1
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(611.7)				(611.7)		$ (575.1)
Assets	(10,590.1)				$ (10,590.1)		(10,072)
Number of business segments \| Segment					3
Asset Impairment Charges	$ 0			$ 31.5	$ 1.2	$ 31.5
Number of Specialized Gas Vessels \| AircraftEngines	1	2		5	1	5
Number of Specialized Gas Vessels Sold \| AircraftEngines	1	1
Number of Aircraft Engines Acquired \| AircraftEngines	9
Segment Reporting Information [Line Items]
Lease Income	$ 308.6			$ 284.9	$ 610.6	$ 568.2
Marine operating revenue	2			5.2	5.5	11.4
Other Operating Income	32.6			22.6	66	49.7
Total Revenues	343.2			312.7	682.1	629.3
Cost of Property Repairs and Maintenance	82.3			70.8	166.2	145.4
Marine operating expense	2.4			3.9	4.4	8.1
Depreciation	92.1			90	181.9	179.5
Operating Lease, Expense	9			9	18	18.1
Other operating expense	11			9.3	22	20
Operating Costs and Expenses	196.8			183	392.5	371.1
Gain (Loss) on Disposition of Assets, Net	41.1			(24.2)	88.2	49.5
Interest Expense	63.7			51.9	122.7	103.1
Other (expense) income	(4.9)			(11.3)	(8.9)	(13.3)
Share of affiliates' earnings (pre-tax)	20.3			15.6	47.9	10.8
Segment Profit Loss	139.2			57.9	294.1	202.1
Portfolio Investments and Capital Additions	486.6			314.1	873.6	684.5
Net Income (Loss) Attributable to Parent	63.3			2.6	140.7	78.4
Disposition Gains on Owned Assets	36.9			1.6	81.6	66.5
Nonoperating Income, Residual Sharing Income	0.2			0.8	0.4	3.7
Nonremarketing Disposition Gain (Loss)	4			4.9	7.4	10.8
Asset Impairment Charges	0			31.5	1.2	31.5
Parent [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income tax benefit	23.9			7.4	51	28.6
Rail North America
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	218.9			203	434	403.7
Marine operating revenue	0			0	0	0
Other Operating Income	21.5			18.8	45.3	41.8
Total Revenues	240.4			221.8	479.3	445.5
Cost of Property Repairs and Maintenance	66.8			57.8	133.7	117.7
Marine operating expense	0			0	0	0
Depreciation	66.1			64.9	131.6	128.4
Operating Lease, Expense	9			9	18	18.1
Other operating expense	6.7			5.9	13.7	13.2
Total Expenses	148.6			137.6	297	277.4
Gain (Loss) on Disposition of Assets, Net	34.1			5.1	81.9	76.7
Interest expense, net	(44.5)			(34.9)	(86.8)	(69.3)
Other (expense) income	(2.1)			(1.3)	(2.5)	(2)
Share of affiliates' earnings (pre-tax)	0			0	(0.4)	0
Segment profit (loss)	79.3			53.1	174.5	173.5
Disposition Gains on Owned Assets	30.7			1.2	75.4	65.6
Nonoperating Income, Residual Sharing Income	0.1			0.1	0.2	2.1
Nonremarketing Disposition Gain (Loss)	3.3			3.8	6.3	9
Portfolio Investments and Capital Additions	161.3			253.7	457.8	534.1
Identifiable assets	6,680.2				6,680.2		6,445.7
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(0.4)				(0.4)		0.8
Asset Impairment Charges					0
Segment Reporting Information [Line Items]
Lease Income	218.9			203	434	403.7
Marine operating revenue	0			0	0	0
Other Operating Income	21.5			18.8	45.3	41.8
Total Revenues	240.4			221.8	479.3	445.5
Cost of Property Repairs and Maintenance	66.8			57.8	133.7	117.7
Marine operating expense	0			0	0	0
Depreciation	66.1			64.9	131.6	128.4
Operating Lease, Expense	9			9	18	18.1
Other operating expense	6.7			5.9	13.7	13.2
Operating Costs and Expenses	148.6			137.6	297	277.4
Gain (Loss) on Disposition of Assets, Net	34.1			5.1	81.9	76.7
Interest Expense	44.5			34.9	86.8	69.3
Other (expense) income	(2.1)			(1.3)	(2.5)	(2)
Share of affiliates' earnings (pre-tax)	0			0	(0.4)	0
Segment Profit Loss	79.3			53.1	174.5	173.5
Portfolio Investments and Capital Additions	161.3			253.7	457.8	534.1
Disposition Gains on Owned Assets	30.7			1.2	75.4	65.6
Nonoperating Income, Residual Sharing Income	0.1			0.1	0.2	2.1
Nonremarketing Disposition Gain (Loss)	3.3			3.8	6.3	9
Asset Impairment Charges					0
Rail International
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	73.1			66.5	143.5	134.1
Marine operating revenue	0			0	0	0
Other Operating Income	3.1			1.9	6	4.2
Total Revenues	76.2			68.4	149.5	138.3
Cost of Property Repairs and Maintenance	14.6			12.2	30.5	26.2
Marine operating expense	0			0	0	0
Depreciation	16.6			17.2	32.3	35.2
Operating Lease, Expense	0			0	0	0
Other operating expense	2.3			2.1	4.5	4.5
Total Expenses	33.5			31.5	67.3	65.9
Gain (Loss) on Disposition of Assets, Net	0.7			1.4	1.5	2.4
Interest expense, net	(13.5)			(11.1)	(26)	(22.3)
Other (expense) income	(2.6)			1.1	(6.9)	0.7
Share of affiliates' earnings (pre-tax)	0			0	0	0
Segment profit (loss)	27.3			28.3	50.8	53.2
Disposition Gains on Owned Assets	0.1			0.3	0.5	0.7
Nonoperating Income, Residual Sharing Income	0			0	0	0
Nonremarketing Disposition Gain (Loss)	0.6			1.1	1	1.7
Portfolio Investments and Capital Additions	77.3			48.8	158.4	127.7
Identifiable assets	1,952.3				1,952.3		1,774.4
Asset Impairment Charges					0		14.6
Segment Reporting Information [Line Items]
Lease Income	73.1			66.5	143.5	134.1
Marine operating revenue	0			0	0	0
Other Operating Income	3.1			1.9	6	4.2
Total Revenues	76.2			68.4	149.5	138.3
Cost of Property Repairs and Maintenance	14.6			12.2	30.5	26.2
Marine operating expense	0			0	0	0
Depreciation	16.6			17.2	32.3	35.2
Operating Lease, Expense	0			0	0	0
Other operating expense	2.3			2.1	4.5	4.5
Operating Costs and Expenses	33.5			31.5	67.3	65.9
Gain (Loss) on Disposition of Assets, Net	0.7			1.4	1.5	2.4
Interest Expense	13.5			11.1	26	22.3
Other (expense) income	(2.6)			1.1	(6.9)	0.7
Share of affiliates' earnings (pre-tax)	0			0	0	0
Segment Profit Loss	27.3			28.3	50.8	53.2
Portfolio Investments and Capital Additions	77.3			48.8	158.4	127.7
Disposition Gains on Owned Assets	0.1			0.3	0.5	0.7
Nonoperating Income, Residual Sharing Income	0			0	0	0
Nonremarketing Disposition Gain (Loss)	0.6			1.1	1	1.7
Asset Impairment Charges					0		14.6
Portfolio Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	8.1			8.2	16.4	16.5
Marine operating revenue	2			5.2	5.5	11.4
Other Operating Income	6.4			0.1	10.9	0.1
Total Revenues	16.5			13.5	32.8	28
Cost of Property Repairs and Maintenance	0			0	0	0
Marine operating expense	2.4			3.9	4.4	8.1
Depreciation	6.1			4.9	11.5	9.9
Operating Lease, Expense	0			0	0	0
Other operating expense	1.4			0.6	2.3	1.1
Total Expenses	9.9			9.4	18.2	19.1
Gain (Loss) on Disposition of Assets, Net	6			(30.8)	4.5	(29.9)
Interest expense, net	(6.5)			(4.6)	(12.2)	(9.3)
Other (expense) income	0.2			0	(0.3)	(0.1)
Share of affiliates' earnings (pre-tax)	20.3			15.6	48.3	10.8
Segment profit (loss)	26.6			(15.7)	54.9	(19.6)
Disposition Gains on Owned Assets	5.9			0	5.5	0
Nonoperating Income, Residual Sharing Income	0.1			0.7	0.2	1.6
Nonremarketing Disposition Gain (Loss)	0			0	0	0
Portfolio Investments and Capital Additions	239			0	239	0
Identifiable assets	1,371.6				1,371.6		1,106.6
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	(611.3)				(611.3)		574.3
Asset Impairment Charges	$ 0	$ 1.2		31.5	1.2	31.5	34.3
Number of Specialized Gas Vessels Sold \| AircraftEngines		1	2
Number of Aircraft Engines Acquired \| AircraftEngines	9
Segment Reporting Information [Line Items]
Lease Income	$ 8.1			8.2	16.4	16.5
Marine operating revenue	2			5.2	5.5	11.4
Other Operating Income	6.4			0.1	10.9	0.1
Total Revenues	16.5			13.5	32.8	28
Cost of Property Repairs and Maintenance	0			0	0	0
Marine operating expense	2.4			3.9	4.4	8.1
Depreciation	6.1			4.9	11.5	9.9
Operating Lease, Expense	0			0	0	0
Other operating expense	1.4			0.6	2.3	1.1
Operating Costs and Expenses	9.9			9.4	18.2	19.1
Gain (Loss) on Disposition of Assets, Net	6			(30.8)	4.5	(29.9)
Interest Expense	6.5			4.6	12.2	9.3
Other (expense) income	0.2			0	(0.3)	(0.1)
Share of affiliates' earnings (pre-tax)	20.3			15.6	48.3	10.8
Segment Profit Loss	26.6			(15.7)	54.9	(19.6)
Portfolio Investments and Capital Additions	239			0	239	0
Disposition Gains on Owned Assets	5.9			0	5.5	0
Nonoperating Income, Residual Sharing Income	0.1			0.7	0.2	1.6
Nonremarketing Disposition Gain (Loss)	0			0	0	0
Asset Impairment Charges	0	$ 1.2		31.5	1.2	31.5	34.3
Other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Lease Income	8.5			7.2	16.7	13.9
Marine operating revenue	0			0	0	0
Other Operating Income	1.6			1.8	3.8	3.6
Total Revenues	10.1			9	20.5	17.5
Cost of Property Repairs and Maintenance	0.9			0.8	2	1.5
Marine operating expense	0			0	0	0
Depreciation	3.3			3	6.5	6
Operating Lease, Expense	0			0	0	0
Other operating expense	0.6			0.7	1.5	1.2
Total Expenses	4.8			4.5	10	8.7
Gain (Loss) on Disposition of Assets, Net	0.3			0.1	0.3	0.3
Interest expense, net	0.8			(1.3)	2.3	(2.2)
Other (expense) income	(0.4)			(11.1)	0.8	(11.9)
Share of affiliates' earnings (pre-tax)	0			0	0	0
Segment profit (loss)	6			(7.8)	13.9	(5)
Disposition Gains on Owned Assets	0.2			0.1	0.2	0.2
Nonoperating Income, Residual Sharing Income	0			0	0	0
Nonremarketing Disposition Gain (Loss)	0.1			0	0.1	0.1
Portfolio Investments and Capital Additions	9			11.6	18.4	22.7
Identifiable assets	586				586		$ 745.3
Segment Reporting Information [Line Items]
Lease Income	8.5			7.2	16.7	13.9
Marine operating revenue	0			0	0	0
Other Operating Income	1.6			1.8	3.8	3.6
Total Revenues	10.1			9	20.5	17.5
Cost of Property Repairs and Maintenance	0.9			0.8	2	1.5
Marine operating expense	0			0	0	0
Depreciation	3.3			3	6.5	6
Operating Lease, Expense	0			0	0	0
Other operating expense	0.6			0.7	1.5	1.2
Operating Costs and Expenses	4.8			4.5	10	8.7
Gain (Loss) on Disposition of Assets, Net	0.3			0.1	0.3	0.3
Interest Expense	(0.8)			1.3	(2.3)	2.2
Other (expense) income	(0.4)			(11.1)	0.8	(11.9)
Share of affiliates' earnings (pre-tax)	0			0	0	0
Segment Profit Loss	6			(7.8)	13.9	(5)
Portfolio Investments and Capital Additions	9			11.6	18.4	22.7
Disposition Gains on Owned Assets	0.2			0.1	0.2	0.2
Nonoperating Income, Residual Sharing Income	0			0	0	0
Nonremarketing Disposition Gain (Loss)	$ 0.1			$ 0	$ 0.1	$ 0.1