Financial Data of Business Segments (Tables)

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Segment Reporting Information [Line Items]

Segment Reporting Disclosure [Text Block]

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 and marine markets. We also invest in joint ventures that complement our existing business activities. We report our financial results through fourprimary business segments: Rail North America, Rail International, ASC, and Portfolio Management.

Rail North America is comprised of our wholly owned operations in the United States, Canada, and Mexico, as well as two affiliate investments. Rail North America primarily provides railcars and locomotives 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 comprised of our wholly owned European operations ("Rail Europe") and a recently established railcar leasing business in India ("Rail India"), as well as one development stage affiliate in China. Rail Europe leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides insurance, and other ancillary services.

ASC operates the largest fleet of US flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone.

Portfolio Management provides leasing, shipping, asset remarketing and asset management services through a collection of diversified wholly owned assets and joint venture investments.

Segment profit is an internal performance measure used by the Chief Executive Officer to assess the performance of each segment in a given period. Segment profit includes all revenues, pretax earnings from affiliates, and net gains on asset dispositions that are attributable to the segments, as well as expenses that management believes are directly associated with the financing, maintenance, and operation of the revenue earning assets. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. These amounts are included in Other.

We allocate debt balances and related interest expense to each segment based upon a predetermined fixed recourse leverage level expressed as a ratio of recourse debt (including off-balance-sheet debt) to equity. The leverage levels are 5:1 for Rail North America, 2:1 for Rail International, 1.5:1 for ASC, and 3:1 for Portfolio Management. We believe that by using this leverage and interest expense allocation methodology, each operating segment’s financial performance reflects appropriate risk-adjusted borrowing costs.

The following tables show certain segment data for each of our business segments (in millions):

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2014
Profitability
Revenues
Lease revenue	$	222.6		$	47.9		$	1.1		$	7.5		$	—		$	279.1
Marine operating revenue	—			—			82.7			16.2			—			98.9
Other revenue	15.7			2.3			—			1.2			—			19.2
Total Revenues	238.3			50.2			83.8			24.9			—			397.2
Expenses
Maintenance expense	65.7			11.0			8.9			—			—			85.6
Marine operating expense	—			—			52.2			12.6			—			64.8
Depreciation expense	49.7			11.9			4.5			5.8			—			71.9
Operating lease expense	25.6			—			1.8			—			—			27.4
Other operating expense	6.1			1.2			—			0.7			—			8.0
Total Expenses	147.1			24.1			67.4			19.1			—			257.7
Other Income (Expense)
Net gain on asset dispositions	4.4			0.8			—			1.1			—			6.3
Interest expense, net	(24.1		)	(6.0		)	(1.4		)	(5.8		)	(0.8		)	(38.1		)
Other (expense) income	(1.0		)	(1.1		)	0.2			(1.4		)	0.2			(3.1		)
Share of affiliates' earnings (pretax)	0.1			(0.1		)	—			17.0			—			17.0
Segment Profit (Loss)	$	70.6		$	19.7		$	15.2		$	16.7		$	(0.6	)	121.6
Selling, general and administrative expense																45.8
Income taxes (including $4.6 related to affiliates' earnings)																24.5
Net Income																$	51.3
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	1.2		$	—		$	—		$	—		$	—		$	1.2
Residual sharing income	0.1			—			—			1.1			—			1.2
Non-remarketing disposition gains (1)	3.1			0.9			—			—			—			4.0
Asset impairment	—			(0.1		)	—			—			—			(0.1		)
	$	4.4		$	0.8		$	—		$	1.1		$	—		$	6.3
Capital Expenditures
Portfolio investments and capital additions	$	118.9		$	45.6		$	0.9		$	5.0		$	1.1		$	171.5
Selected Balance Sheet Data at September 30, 2014
Investments in affiliated companies	$	18.4		$	1.8		$	—		$	327.9		$	—		$	348.1
Identifiable assets	$	4,331.0		$	1,234.9		$	291.4		$	816.4		$	142.6		$	6,816.3

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	192.2		$	45.6		$	1.1		$	7.8		$	—		$	246.7
Marine operating revenue	—			—			73.0			16.0			—			89.0
Other revenue	14.3			1.9			—			1.3			—			17.5
Total Revenues	206.5			47.5			74.1			25.1			—			353.2
Expenses
Maintenance expense	58.6			10.9			7.4			—			—			76.9
Marine operating expense	—			—			47.2			11.0			—			58.2
Depreciation expense	44.9			10.8			4.1			5.8			—			65.6
Operating lease expense	29.7			—			1.8			—			—			31.5
Other operating expense	4.9			1.3			—			0.7			—			6.9
Total Expenses	138.1			23.0			60.5			17.5			—			239.1
Other Income (Expense)
Net gain on asset dispositions	20.5			1.3			—			1.7			—			23.5
Interest expense, net	(26.1		)	(6.7		)	(1.6		)	(6.3		)	(0.4		)	(41.1		)
Other (expense) income	(4.8		)	(1.0		)	0.9			—			0.5			(4.4		)
Share of affiliates' earnings (pretax)	(0.1		)	16.7			—			14.7			—			31.3
Segment Profit	$	57.9		$	34.8		$	12.9		$	17.7		$	0.1		123.4
Selling, general and administrative expense																42.0
Income taxes (including $3.7 of net tax benefits related to affiliates' earnings)																27.6
Net Income																$	53.8
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	18.1		$	—		$	—		$	0.1		$	—		$	18.2
Residual sharing income	0.3			—			—			1.5			—			1.8
Non-remarketing disposition gains (1)	2.2			1.5			—			—			—			3.7
Asset impairment	(0.1		)	(0.2		)	—			0.1			—			(0.2		)
	$	20.5		$	1.3		$	—		$	1.7		$	—		$	23.5
Capital Expenditures
Portfolio investments and capital additions	$	130.8		$	43.7		$	—		$	19.3		$	2.4		$	196.2
Selected Balance Sheet Data at December 31, 2013
Investments in affiliated companies	$	31.4		$	2.0		$	—		$	320.9		$	—		$	354.3
Identifiable assets	$	3,710.5		$	1,297.1		$	271.0		$	856.9		$	414.1		$	6,549.6

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2014
Profitability
Revenues
Lease revenue	$	635.7		$	142.8		$	3.2		$	22.3		$	—		$	804.0
Marine operating revenue	—			—			145.2			43.6			—			188.8
Other revenue	46.4			6.7			—			3.7			—			56.8
Total Revenues	682.1			149.5			148.4			69.6			—			1,049.6
Expenses
Maintenance expense	192.2			34.1			16.4			—			—			242.7
Marine operating expense	—			—			97.9			36.5			—			134.4
Depreciation expense	140.3			35.4			8.9			17.1			—			201.7
Operating lease expense	78.2			—			3.5			—			(0.1		)	81.6
Other operating expense	16.1			3.6			—			1.6			—			21.3
Total Expenses	426.8			73.1			126.7			55.2			(0.1		)	681.7
Other Income (Expense)
Net gain (loss) on asset dispositions	53.1			5.8			(0.4		)	4.1			—			62.6
Interest expense, net	(74.0		)	(18.4		)	(4.2		)	(18.7		)	(4.3		)	(119.6		)
Other expense	(4.7		)	(3.8		)	—			(1.1		)	(1.8		)	(11.4		)
Share of affiliates' earnings (pretax)	7.6			(0.2		)	—			41.4			—			48.8
Segment Profit (Loss)	$	237.3		$	59.8		$	17.1		$	40.1		$	(6.0	)	348.3
Selling, general and administrative expense																133.4
Income taxes (including $14.2 related to affiliates' earnings)																68.4
Net Income																$	146.5
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	40.5		$	0.6		$	—		$	0.5		$	—		$	41.6
Residual sharing income	4.5			—			—			3.5			—			8.0
Non-remarketing disposition gains (1)	8.1			5.3			—			—			—			13.4
Asset impairment	—			(0.1		)	(0.4		)	0.1			—			(0.4		)
	$	53.1		$	5.8		$	(0.4	)	$	4.1		$	—		$	62.6
Capital Expenditures
Portfolio investments and capital additions	$	660.7		$	127.2		$	16.9		$	17.0		$	4.8		$	826.6

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	563.3		$	132.2		$	3.2		$	24.2		$	—		$	722.9
Marine operating revenue	—			—			157.0			33.8			—			190.8
Other revenue	41.9			5.8			—			3.0			—			50.7
Total Revenues	605.2			138.0			160.2			61.0			—			964.4
Expenses
Maintenance expense	170.8			32.0			15.1			—			—			217.9
Marine operating expense	—			—			105.2			27.3			—			132.5
Depreciation expense	129.9			31.5			8.1			17.1			—			186.6
Operating lease expense	94.0			—			3.5			—			(0.1		)	97.4
Other operating expense	13.9			3.6			—			1.7			—			19.2
Total Expenses	408.6			67.1			131.9			46.1			(0.1		)	653.6
Other Income (Expense)
Net gain on asset dispositions	40.9			3.8			—			15.1			—			59.8
Interest expense, net	(80.5		)	(17.5		)	(4.8		)	(19.7		)	(2.7		)	(125.2		)
Other (expense) income	(8.9		)	(0.5		)	0.3			—			0.5			(8.6		)
Share of affiliates' earnings (pretax)	8.3			21.1			—			37.2			—			66.6
Segment Profit (Loss)	$	156.4		$	77.8		$	23.8		$	47.5		$	(2.1	)	303.4
Selling, general and administrative expense																129.8
Income taxes (including $9.7 related to affiliates' earnings)																57.6
Net Income																$	116.0
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	27.0		$	—		$	—		$	8.4		$	—		$	35.4
Residual sharing income	3.2			—			—			6.6			—			9.8
Non-remarketing disposition gains (1)	11.5			5.3			—			—			—			16.8
Asset impairment	(0.8		)	(1.5		)	—			0.1			—			(2.2		)
	$	40.9		$	3.8		$	—		$	15.1		$	—		$	59.8
Capital Expenditures
Portfolio investments and capital additions	$	345.9		$	134.9		$	11.0		$	170.5		$	4.5		$	666.8

_____

(1) Includes scrapping gains.

Segment data

The following tables show certain segment data for each of our business segments (in millions):

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2014
Profitability
Revenues
Lease revenue	$	222.6		$	47.9		$	1.1		$	7.5		$	—		$	279.1
Marine operating revenue	—			—			82.7			16.2			—			98.9
Other revenue	15.7			2.3			—			1.2			—			19.2
Total Revenues	238.3			50.2			83.8			24.9			—			397.2
Expenses
Maintenance expense	65.7			11.0			8.9			—			—			85.6
Marine operating expense	—			—			52.2			12.6			—			64.8
Depreciation expense	49.7			11.9			4.5			5.8			—			71.9
Operating lease expense	25.6			—			1.8			—			—			27.4
Other operating expense	6.1			1.2			—			0.7			—			8.0
Total Expenses	147.1			24.1			67.4			19.1			—			257.7
Other Income (Expense)
Net gain on asset dispositions	4.4			0.8			—			1.1			—			6.3
Interest expense, net	(24.1		)	(6.0		)	(1.4		)	(5.8		)	(0.8		)	(38.1		)
Other (expense) income	(1.0		)	(1.1		)	0.2			(1.4		)	0.2			(3.1		)
Share of affiliates' earnings (pretax)	0.1			(0.1		)	—			17.0			—			17.0
Segment Profit (Loss)	$	70.6		$	19.7		$	15.2		$	16.7		$	(0.6	)	121.6
Selling, general and administrative expense																45.8
Income taxes (including $4.6 related to affiliates' earnings)																24.5
Net Income																$	51.3
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	1.2		$	—		$	—		$	—		$	—		$	1.2
Residual sharing income	0.1			—			—			1.1			—			1.2
Non-remarketing disposition gains (1)	3.1			0.9			—			—			—			4.0
Asset impairment	—			(0.1		)	—			—			—			(0.1		)
	$	4.4		$	0.8		$	—		$	1.1		$	—		$	6.3
Capital Expenditures
Portfolio investments and capital additions	$	118.9		$	45.6		$	0.9		$	5.0		$	1.1		$	171.5
Selected Balance Sheet Data at September 30, 2014
Investments in affiliated companies	$	18.4		$	1.8		$	—		$	327.9		$	—		$	348.1
Identifiable assets	$	4,331.0		$	1,234.9		$	291.4		$	816.4		$	142.6		$	6,816.3

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	192.2		$	45.6		$	1.1		$	7.8		$	—		$	246.7
Marine operating revenue	—			—			73.0			16.0			—			89.0
Other revenue	14.3			1.9			—			1.3			—			17.5
Total Revenues	206.5			47.5			74.1			25.1			—			353.2
Expenses
Maintenance expense	58.6			10.9			7.4			—			—			76.9
Marine operating expense	—			—			47.2			11.0			—			58.2
Depreciation expense	44.9			10.8			4.1			5.8			—			65.6
Operating lease expense	29.7			—			1.8			—			—			31.5
Other operating expense	4.9			1.3			—			0.7			—			6.9
Total Expenses	138.1			23.0			60.5			17.5			—			239.1
Other Income (Expense)
Net gain on asset dispositions	20.5			1.3			—			1.7			—			23.5
Interest expense, net	(26.1		)	(6.7		)	(1.6		)	(6.3		)	(0.4		)	(41.1		)
Other (expense) income	(4.8		)	(1.0		)	0.9			—			0.5			(4.4		)
Share of affiliates' earnings (pretax)	(0.1		)	16.7			—			14.7			—			31.3
Segment Profit	$	57.9		$	34.8		$	12.9		$	17.7		$	0.1		123.4
Selling, general and administrative expense																42.0
Income taxes (including $3.7 of net tax benefits related to affiliates' earnings)																27.6
Net Income																$	53.8
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	18.1		$	—		$	—		$	0.1		$	—		$	18.2
Residual sharing income	0.3			—			—			1.5			—			1.8
Non-remarketing disposition gains (1)	2.2			1.5			—			—			—			3.7
Asset impairment	(0.1		)	(0.2		)	—			0.1			—			(0.2		)
	$	20.5		$	1.3		$	—		$	1.7		$	—		$	23.5
Capital Expenditures
Portfolio investments and capital additions	$	130.8		$	43.7		$	—		$	19.3		$	2.4		$	196.2
Selected Balance Sheet Data at December 31, 2013
Investments in affiliated companies	$	31.4		$	2.0		$	—		$	320.9		$	—		$	354.3
Identifiable assets	$	3,710.5		$	1,297.1		$	271.0		$	856.9		$	414.1		$	6,549.6

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2014
Profitability
Revenues
Lease revenue	$	635.7		$	142.8		$	3.2		$	22.3		$	—		$	804.0
Marine operating revenue	—			—			145.2			43.6			—			188.8
Other revenue	46.4			6.7			—			3.7			—			56.8
Total Revenues	682.1			149.5			148.4			69.6			—			1,049.6
Expenses
Maintenance expense	192.2			34.1			16.4			—			—			242.7
Marine operating expense	—			—			97.9			36.5			—			134.4
Depreciation expense	140.3			35.4			8.9			17.1			—			201.7
Operating lease expense	78.2			—			3.5			—			(0.1		)	81.6
Other operating expense	16.1			3.6			—			1.6			—			21.3
Total Expenses	426.8			73.1			126.7			55.2			(0.1		)	681.7
Other Income (Expense)
Net gain (loss) on asset dispositions	53.1			5.8			(0.4		)	4.1			—			62.6
Interest expense, net	(74.0		)	(18.4		)	(4.2		)	(18.7		)	(4.3		)	(119.6		)
Other expense	(4.7		)	(3.8		)	—			(1.1		)	(1.8		)	(11.4		)
Share of affiliates' earnings (pretax)	7.6			(0.2		)	—			41.4			—			48.8
Segment Profit (Loss)	$	237.3		$	59.8		$	17.1		$	40.1		$	(6.0	)	348.3
Selling, general and administrative expense																133.4
Income taxes (including $14.2 related to affiliates' earnings)																68.4
Net Income																$	146.5
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	40.5		$	0.6		$	—		$	0.5		$	—		$	41.6
Residual sharing income	4.5			—			—			3.5			—			8.0
Non-remarketing disposition gains (1)	8.1			5.3			—			—			—			13.4
Asset impairment	—			(0.1		)	(0.4		)	0.1			—			(0.4		)
	$	53.1		$	5.8		$	(0.4	)	$	4.1		$	—		$	62.6
Capital Expenditures
Portfolio investments and capital additions	$	660.7		$	127.2		$	16.9		$	17.0		$	4.8		$	826.6

_____

(1) Includes scrapping gains.

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	563.3		$	132.2		$	3.2		$	24.2		$	—		$	722.9
Marine operating revenue	—			—			157.0			33.8			—			190.8
Other revenue	41.9			5.8			—			3.0			—			50.7
Total Revenues	605.2			138.0			160.2			61.0			—			964.4
Expenses
Maintenance expense	170.8			32.0			15.1			—			—			217.9
Marine operating expense	—			—			105.2			27.3			—			132.5
Depreciation expense	129.9			31.5			8.1			17.1			—			186.6
Operating lease expense	94.0			—			3.5			—			(0.1		)	97.4
Other operating expense	13.9			3.6			—			1.7			—			19.2
Total Expenses	408.6			67.1			131.9			46.1			(0.1		)	653.6
Other Income (Expense)
Net gain on asset dispositions	40.9			3.8			—			15.1			—			59.8
Interest expense, net	(80.5		)	(17.5		)	(4.8		)	(19.7		)	(2.7		)	(125.2		)
Other (expense) income	(8.9		)	(0.5		)	0.3			—			0.5			(8.6		)
Share of affiliates' earnings (pretax)	8.3			21.1			—			37.2			—			66.6
Segment Profit (Loss)	$	156.4		$	77.8		$	23.8		$	47.5		$	(2.1	)	303.4
Selling, general and administrative expense																129.8
Income taxes (including $9.7 related to affiliates' earnings)																57.6
Net Income																$	116.0
Net Gain on Asset Dispositions
Asset Remarketing Income:
Disposition gains on owned assets	$	27.0		$	—		$	—		$	8.4		$	—		$	35.4
Residual sharing income	3.2			—			—			6.6			—			9.8
Non-remarketing disposition gains (1)	11.5			5.3			—			—			—			16.8
Asset impairment	(0.8		)	(1.5		)	—			0.1			—			(2.2		)
	$	40.9		$	3.8		$	—		$	15.1		$	—		$	59.8
Capital Expenditures
Portfolio investments and capital additions	$	345.9		$	134.9		$	11.0		$	170.5		$	4.5		$	666.8