Fair Value Disclosure (Tables)

9 Months Ended

Sep. 30, 2018

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value recurring basis

The following tables show our assets and liabilities that are measured at fair value on a recurring basis (in millions):

Assets	Total September 30 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign exchange rate derivatives (1)	$	3.2	$	—	$	3.2	$	—
Foreign exchange rate derivatives (2)	0.2		—		0.2		—
Liabilities
Interest rate derivatives (1)	13.3		—		13.3		—
Foreign exchange rate derivatives (1)	21.4		—		21.4		—
Foreign exchange rate derivatives (2)	4.0		—		4.0		—

Assets	Total December 31 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Foreign exchange rate derivatives (1)	$	1.2	$	—	$	1.2	$	—
Liabilities
Interest rate derivatives (1)	4.7		—		4.7		—
Foreign exchange rate derivatives (1)	27.7		—		27.7		—
Foreign exchange rate derivatives (2)	6.9		—		6.9		—

_________

(1) Designated as hedges.

(2) Not designated as hedges.

Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss)

The following table shows the impacts of our derivative instruments on our statement of comprehensive income (in millions):

		Three Months Ended September 30						Nine Months Ended September 30
Derivative Designation	Location of Loss (Gain) Recognized	2018			2017			2018			2017
Fair value hedges (1)	Interest expense	$	1.0		$	0.6		$	8.6		$	1.5
Cash flow hedges	Other comprehensive loss (effective portion)	2.7			(11.1		)	8.4			(34.8		)
Cash flow hedges	Interest expense (effective portion reclassified from accumulated other comprehensive loss)	1.1			1.7			3.3			5.1
Cash flow hedges	Operating lease expense (effective portion reclassified from accumulated other comprehensive loss)	0.1			—			0.1			—
Cash flow hedges (2)	Other (income) expense (effective portion reclassified from accumulated other comprehensive loss)	(2.2		)	10.1			(10.3		)	33.8
Non-designated	Other (income) expense	3.0			(2.0		)	(2.7		)	4.1

_________

(1) The fair value adjustments related to the underlying debt equally offset the amounts recognized in interest expense.

(2) Includes (income) expense on foreign currency derivatives that are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in Other (income) expense.

Fair Value Other Financial Instruments

The following table shows the carrying amounts and fair values of our other financial instruments (in millions):

	September 30, 2018				December 31, 2017
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Liabilities
Recourse fixed rate debt	$	3,998.4	$	3,935.5	$	3,971.2	$	4,089.1
Recourse floating rate debt	423.8		425.2		426.0		428.7