(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
GATX CORPORATION | ||
(Registrant) | ||
/s/ Thomas A. Ellman | ||
Thomas A. Ellman | ||
Executive Vice President and Chief Financial Officer |
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
Per Diluted Share | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Income from Continuing Operations | $ | 1.69 | $ | 0.50 | $ | 3.98 | $ | 4.24 | |||||||||||||||
Income from Discontinued Operations | — | — | — | 0.03 | |||||||||||||||||||
Total | $ | 1.69 | $ | 0.50 | $ | 3.98 | $ | 4.27 |
(Income per diluted share) | Three Months Ended December 31 | Twelve Months Ended December 31 | |||||||||||||||||||||
Discontinued Operations | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations, net of taxes | $ | — | $ | — | $ | — | $ | (0.06) | |||||||||||||||
Gain on sale of ASC, net of taxes | — | — | — | 0.09 | |||||||||||||||||||
Total Discontinued Operations | $ | — | $ | — | $ | — | $ | 0.03 |
•the duration and effects of the global COVID-19 pandemic and any mandated pandemic mitigation requirements, including adverse impacts on our business, personnel, operations, commercial activity, supply chain, the demand for our transportation assets, the value of our assets, our liquidity, and macroeconomic conditions •exposure to damages, fines, criminal and civil penalties, and reputational harm arising from a negative outcome in litigation, including claims arising from an accident involving transportation assets •inability to maintain our transportation assets on lease at satisfactory rates due to oversupply of assets in the market or other changes in supply and demand •a significant decline in customer demand for our transportation assets or services, including as a result of: ◦weak macroeconomic conditions ◦weak market conditions in our customers' businesses ◦adverse changes in the price of, or demand for, commodities ◦changes in railroad operations, efficiency, pricing and service offerings, including those related to "precision scheduled railroading" ◦changes in, or disruptions to, supply chains ◦availability of pipelines, trucks, and other alternative modes of transportation ◦changes in conditions affecting the aviation industry, including reduced demand for air travel, geographic exposure and customer concentrations ◦other operational or commercial needs or decisions of our customers ◦customers' desire to buy, rather than lease, our transportation assets •higher costs associated with increased assignments of our transportation assets following non-renewal of leases, customer defaults, and compliance maintenance programs or other maintenance initiatives •events having an adverse impact on assets, customers, or regions where we have a concentrated investment exposure •financial and operational risks associated with long-term purchase commitments for transportation assets •reduced opportunities to generate asset remarketing income | •inability to successfully consummate and manage ongoing acquisition and divestiture activities •reliance on Rolls-Royce in connection with our aircraft spare engine leasing businesses, and the risks that certain factors that adversely affect Rolls-Royce could have an adverse effect on our businesses •fluctuations in foreign exchange rates •inflation or deflation •failure to successfully negotiate collective bargaining agreements with the unions representing a substantial portion of our employees •asset impairment charges we may be required to recognize •deterioration of conditions in the capital markets, reductions in our credit ratings, or increases in our financing costs •changes in banks' inter-lending rate reporting practices and the phasing out of LIBOR •competitive factors in our primary markets, including competitors with significantly lower costs of capital •risks related to our international operations and expansion into new geographic markets, including laws, regulations, tariffs, taxes, treaties, sanctions, or trade barriers affecting our activities in the countries where we do business •changes in, or failure to comply with, laws, rules, and regulations •U.S. and global political conditions •inability to obtain cost-effective insurance •environmental liabilities and remediation costs •potential obsolescence of our assets •inadequate allowances to cover credit losses in our portfolio •operational, functional and regulatory risks associated with severe weather events, climate change and natural disasters •inability to maintain and secure our information technology infrastructure from cybersecurity threats and related disruption of our business •changes in assumptions, increases in funding requirements or investment losses in our pension and post-retirement plans •inability to maintain effective internal control over financial reporting and disclosure controls and procedures |
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Lease revenue | $ | 288.4 | $ | 274.2 | $ | 1,140.5 | $ | 1,087.5 | |||||||||||||||
Marine operating revenue | 5.4 | 4.0 | 19.1 | 15.6 | |||||||||||||||||||
Other revenue | 27.2 | 26.7 | 97.8 | 106.1 | |||||||||||||||||||
Total Revenues | 321.0 | 304.9 | 1,257.4 | 1,209.2 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Maintenance expense | 72.0 | 70.7 | 297.1 | 315.5 | |||||||||||||||||||
Marine operating expense | 3.7 | 8.8 | 17.5 | 19.7 | |||||||||||||||||||
Depreciation expense | 93.2 | 85.1 | 364.4 | 330.5 | |||||||||||||||||||
Operating lease expense | 9.1 | 11.2 | 39.2 | 49.3 | |||||||||||||||||||
Other operating expense | 12.7 | 9.3 | 44.0 | 35.3 | |||||||||||||||||||
Selling, general and administrative expense | 57.5 | 46.2 | 198.3 | 172.0 | |||||||||||||||||||
Total Expenses | 248.2 | 231.3 | 960.5 | 922.3 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Net gain (loss) on asset dispositions | 26.8 | (0.6) | 105.9 | 41.7 | |||||||||||||||||||
Interest expense, net | (50.6) | (48.8) | (204.0) | (190.3) | |||||||||||||||||||
Other income (expense) | 6.0 | (0.8) | (3.7) | (13.0) | |||||||||||||||||||
Income before Income Taxes and Share of Affiliates’ Earnings | 55.0 | 23.4 | 195.1 | 125.3 | |||||||||||||||||||
Income taxes | (16.8) | (7.7) | (53.2) | (37.3) | |||||||||||||||||||
Share of affiliates’ earnings, net of taxes | 22.8 | 2.1 | 1.2 | 62.2 | |||||||||||||||||||
Net Income from Continuing Operations | $ | 61.0 | $ | 17.8 | $ | 143.1 | $ | 150.2 | |||||||||||||||
Discontinued Operations, Net of Taxes | |||||||||||||||||||||||
Net loss from discontinued operations, net of taxes | $ | — | $ | — | $ | — | $ | (2.2) | |||||||||||||||
Gain on sale of discontinued operations, net of taxes | — | — | — | 3.3 | |||||||||||||||||||
Total Discontinued Operations, Net of Taxes | $ | — | $ | — | $ | — | $ | 1.1 | |||||||||||||||
Net Income | $ | 61.0 | $ | 17.8 | $ | 143.1 | $ | 151.3 | |||||||||||||||
Share Data | |||||||||||||||||||||||
Basic earnings per share from continuing operations | 1.72 | $ | 0.51 | 4.04 | $ | 4.30 | |||||||||||||||||
Basic earnings per share from discontinued operations | — | — | — | 0.03 | |||||||||||||||||||
Basic earnings per share from consolidated operations | $ | 1.72 | $ | 0.51 | $ | 4.04 | $ | 4.33 | |||||||||||||||
Average number of common shares | 35.5 | 35.0 | 35.4 | 35.0 | |||||||||||||||||||
Diluted earnings per share from continuing operations | 1.69 | $ | 0.50 | 3.98 | $ | 4.24 | |||||||||||||||||
Diluted earnings per share from discontinued operations | — | — | — | 0.03 | |||||||||||||||||||
Diluted earnings per share from consolidated operations | $ | 1.69 | $ | 0.50 | $ | 3.98 | $ | 4.27 | |||||||||||||||
Average number of common shares and common share equivalents | 36.0 | 35.6 | 36.0 | 35.4 | |||||||||||||||||||
Dividends declared per common share | $ | 0.50 | $ | 0.48 | $ | 2.00 | $ | 1.92 |
December 31 | December 31 | ||||||||||
2021 | 2020 | ||||||||||
Assets | |||||||||||
Cash and Cash Equivalents | $ | 344.3 | $ | 292.2 | |||||||
Restricted Cash | 0.2 | 0.4 | |||||||||
Receivables | |||||||||||
Rent and other receivables | 69.8 | 74.7 | |||||||||
Finance leases (as lessor) | 100.2 | 74.0 | |||||||||
Less: allowance for losses | (6.2) | (6.5) | |||||||||
163.8 | 142.2 | ||||||||||
Operating Assets and Facilities | 11,163.6 | 10,484.0 | |||||||||
Less: allowance for depreciation | (3,378.8) | (3,313.3) | |||||||||
7,784.8 | 7,170.7 | ||||||||||
Lease Assets (as lessee) | |||||||||||
Right-of-use assets, net of accumulated depreciation | 270.7 | 335.9 | |||||||||
Finance leases, net of accumulated depreciation | 1.5 | 37.5 | |||||||||
272.2 | 373.4 | ||||||||||
Investments in Affiliated Companies | 588.4 | 584.7 | |||||||||
Goodwill | 123.0 | 143.7 | |||||||||
Other Assets | 265.0 | 230.3 | |||||||||
Total Assets | $ | 9,541.7 | $ | 8,937.6 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Accounts Payable and Accrued Expenses | 215.8 | $ | 147.3 | ||||||||
Debt | |||||||||||
Commercial paper and borrowings under bank credit facilities | 18.1 | 23.6 | |||||||||
Recourse | 5,887.5 | 5,329.0 | |||||||||
5,905.6 | 5,352.6 | ||||||||||
Lease Obligations (as lessee) | |||||||||||
Operating leases | 286.2 | 348.6 | |||||||||
Finance leases | 1.5 | 33.3 | |||||||||
287.7 | 381.9 | ||||||||||
Deferred Income Taxes | 1,001.0 | 962.8 | |||||||||
Other Liabilities | 112.4 | 135.6 | |||||||||
Total Liabilities | 7,522.5 | 6,980.2 | |||||||||
Total Shareholders’ Equity | 2,019.2 | 1,957.4 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 9,541.7 | $ | 8,937.6 |
Rail North America | Rail International | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Lease revenue | $ | 203.1 | $ | 68.2 | $ | 8.3 | $ | 8.8 | $ | 288.4 | |||||||||||||||||||
Marine operating revenue | — | — | 5.4 | — | 5.4 | ||||||||||||||||||||||||
Other revenue | 20.8 | 3.5 | — | 2.9 | 27.2 | ||||||||||||||||||||||||
Total Revenues | 223.9 | 71.7 | 13.7 | 11.7 | 321.0 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Maintenance expense | 56.6 | 14.0 | — | 1.4 | 72.0 | ||||||||||||||||||||||||
Marine operating expense | — | — | 3.7 | — | 3.7 | ||||||||||||||||||||||||
Depreciation expense | 65.4 | 18.4 | 5.0 | 4.4 | 93.2 | ||||||||||||||||||||||||
Operating lease expense | 9.1 | — | — | — | 9.1 | ||||||||||||||||||||||||
Other operating expense | 7.7 | 3.5 | 0.5 | 1.0 | 12.7 | ||||||||||||||||||||||||
Total Expenses | 138.8 | 35.9 | 9.2 | 6.8 | 190.7 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Net gain on asset dispositions | 19.5 | 0.7 | 6.3 | 0.3 | 26.8 | ||||||||||||||||||||||||
Interest expense, net | (33.7) | (11.0) | (4.6) | (1.3) | (50.6) | ||||||||||||||||||||||||
Other income (expense) | 4.5 | 3.4 | — | (1.9) | 6.0 | ||||||||||||||||||||||||
Share of affiliates' pre-tax income | 0.2 | — | 30.1 | — | 30.3 | ||||||||||||||||||||||||
Segment profit | $ | 75.6 | $ | 28.9 | $ | 36.3 | $ | 2.0 | $ | 142.8 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Selling, general and administrative expense | 57.5 | ||||||||||||||||||||||||||||
Income taxes (includes $7.5 related to affiliates' earnings) | 24.3 | ||||||||||||||||||||||||||||
Net income from continuing operations | $ | 61.0 | |||||||||||||||||||||||||||
Discontinued operations, net of taxes | |||||||||||||||||||||||||||||
Net income from discontinuing operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Loss on sale of discontinued operations, net of taxes | — | ||||||||||||||||||||||||||||
Total discontinued operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Net income | $ | 61.0 | |||||||||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||||||||
Investment volume | $ | 180.0 | $ | 47.2 | $ | — | $ | 11.5 | $ | 238.7 | |||||||||||||||||||
Net (Loss) Gain on Asset Dispositions | |||||||||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||||||||
Net gains on disposition of owned assets | $ | 18.5 | $ | 0.5 | $ | — | $ | — | $ | 19.0 | |||||||||||||||||||
Residual sharing income | 0.1 | — | 6.3 | — | 6.4 | ||||||||||||||||||||||||
Non-remarketing net gains (1) | 3.3 | 0.2 | — | 0.3 | 3.8 | ||||||||||||||||||||||||
Asset impairments | (2.4) | — | — | — | (2.4) | ||||||||||||||||||||||||
$ | 19.5 | $ | 0.7 | $ | 6.3 | $ | 0.3 | $ | 26.8 |
Rail North America | Rail International | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Lease revenue | $ | 207.5 | $ | 66.5 | $ | 0.2 | $ | — | $ | 274.2 | |||||||||||||||||||
Marine operating revenue | — | — | 4.0 | — | 4.0 | ||||||||||||||||||||||||
Other revenue | 23.3 | 3.2 | 0.2 | — | 26.7 | ||||||||||||||||||||||||
Total Revenues | 230.8 | 69.7 | 4.4 | — | 304.9 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Maintenance expense | 58.2 | 12.5 | — | — | 70.7 | ||||||||||||||||||||||||
Marine operating expense | — | — | 8.8 | — | 8.8 | ||||||||||||||||||||||||
Depreciation expense | 65.6 | 18.2 | 1.3 | — | 85.1 | ||||||||||||||||||||||||
Operating lease expense | 11.2 | — | — | — | 11.2 | ||||||||||||||||||||||||
Other operating expense | 6.5 | 2.6 | 0.2 | — | 9.3 | ||||||||||||||||||||||||
Total Expenses | 141.5 | 33.3 | 10.3 | — | 185.1 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Net (loss) gain on asset dispositions | (1.6) | 0.4 | 0.6 | — | (0.6) | ||||||||||||||||||||||||
Interest (expense) income, net | (36.4) | (11.9) | (3.1) | 2.6 | (48.8) | ||||||||||||||||||||||||
Other (expense) income | (1.7) | 0.7 | — | 0.2 | (0.8) | ||||||||||||||||||||||||
Share of affiliates' pre-tax (loss) income | (0.1) | — | 2.7 | — | 2.6 | ||||||||||||||||||||||||
Segment profit (loss) | $ | 49.5 | $ | 25.6 | $ | (5.7) | $ | 2.8 | $ | 72.2 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Selling, general and administrative expense | 46.2 | ||||||||||||||||||||||||||||
Income taxes (includes $0.5 related to affiliates' earnings) | 8.2 | ||||||||||||||||||||||||||||
Net income from continuing operations | $ | 17.8 | |||||||||||||||||||||||||||
Discontinued operations, net of taxes | |||||||||||||||||||||||||||||
Net income from discontinued operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Gain on sale of discontinued operations, net of taxes | — | ||||||||||||||||||||||||||||
Total discontinued operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Net income | $ | 17.8 | |||||||||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||||||||
Investment volume | $ | 167.4 | $ | 51.5 | $ | 0.2 | $ | 203.5 | $ | 422.6 | |||||||||||||||||||
Net Gain (Loss) on Asset Dispositions | |||||||||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||||||||
Net (loss) gains on disposition of owned assets | $ | (0.3) | $ | 0.3 | $ | — | $ | — | $ | — | |||||||||||||||||||
Residual sharing income | 0.1 | — | 0.6 | — | 0.7 | ||||||||||||||||||||||||
Non-remarketing net (losses) gains (1) | (1.1) | 0.1 | — | — | (1.0) | ||||||||||||||||||||||||
Asset impairments | (0.3) | — | — | — | (0.3) | ||||||||||||||||||||||||
$ | (1.6) | $ | 0.4 | $ | 0.6 | $ | — | $ | (0.6) |
Rail North America | Rail International | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Lease revenue | $ | 814.5 | $ | 272.9 | $ | 28.1 | $ | 25.0 | $ | 1,140.5 | |||||||||||||||||||
Marine operating revenue | — | — | 19.1 | — | 19.1 | ||||||||||||||||||||||||
Other revenue | 77.2 | 11.4 | 0.5 | 8.7 | 97.8 | ||||||||||||||||||||||||
Total Revenues | 891.7 | 284.3 | 47.7 | 33.7 | 1,257.4 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Maintenance expense | 235.4 | 57.6 | — | 4.1 | 297.1 | ||||||||||||||||||||||||
Marine operating expense | — | — | 17.5 | — | 17.5 | ||||||||||||||||||||||||
Depreciation expense | 261.1 | 73.6 | 17.6 | 12.1 | 364.4 | ||||||||||||||||||||||||
Operating lease expense | 39.2 | — | — | — | 39.2 | ||||||||||||||||||||||||
Other operating expense | 30.3 | 9.0 | 1.7 | 3.0 | 44.0 | ||||||||||||||||||||||||
Total Expenses | 566.0 | 140.2 | 36.8 | 19.2 | 762.2 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Net gain on asset dispositions | 94.3 | 2.7 | 8.0 | 0.9 | 105.9 | ||||||||||||||||||||||||
Interest expense, net | (136.2) | (45.2) | (16.6) | (6.0) | (204.0) | ||||||||||||||||||||||||
Other income (expense) | 1.6 | 3.4 | 2.0 | (10.7) | (3.7) | ||||||||||||||||||||||||
Share of affiliates' pre-tax income | — | — | 56.5 | — | 56.5 | ||||||||||||||||||||||||
Segment profit (loss) | $ | 285.4 | $ | 105.0 | $ | 60.8 | $ | (1.3) | $ | 449.9 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Selling, general and administrative expense | 198.3 | ||||||||||||||||||||||||||||
Income taxes (includes $55.3 related to affiliates' earnings) | 108.5 | ||||||||||||||||||||||||||||
Net income from continuing operations | $ | 143.1 | |||||||||||||||||||||||||||
Discontinued operations, net of taxes | |||||||||||||||||||||||||||||
Net income from discontinued operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Gain on sale of discontinued operations, net of taxes | — | ||||||||||||||||||||||||||||
Total discontinued operations, net of taxes | $ | — | |||||||||||||||||||||||||||
Net income | $ | 143.1 | |||||||||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||||||||
Investment volume | $ | 574.4 | $ | 173.3 | $ | 353.0 | $ | 31.2 | $ | 1,131.9 | |||||||||||||||||||
Net Gain (Loss) on Asset Dispositions | |||||||||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||||||||
Net gains on disposition of owned assets | $ | 80.7 | $ | 1.2 | $ | — | $ | 0.5 | $ | 82.4 | |||||||||||||||||||
Residual sharing income | 0.9 | — | 8.0 | — | 8.9 | ||||||||||||||||||||||||
Non-remarketing net gains (1) | 15.1 | 1.5 | — | 0.4 | 17.0 | ||||||||||||||||||||||||
Asset impairments | (2.4) | — | — | — | (2.4) | ||||||||||||||||||||||||
$ | 94.3 | $ | 2.7 | $ | 8.0 | $ | 0.9 | $ | 105.9 |
Rail North America | Rail International | Portfolio Management | Other | GATX Consolidated | |||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Lease revenue | $ | 838.3 | $ | 248.4 | $ | 0.8 | $ | — | $ | 1,087.5 | |||||||||||||||||||
Marine operating revenue | — | — | 15.6 | — | 15.6 | ||||||||||||||||||||||||
Other revenue | 95.8 | 9.7 | 0.6 | — | 106.1 | ||||||||||||||||||||||||
Total Revenues | 934.1 | 258.1 | 17.0 | — | 1,209.2 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Maintenance expense | 264.7 | 50.8 | — | — | 315.5 | ||||||||||||||||||||||||
Marine operating expense | — | — | 19.7 | — | 19.7 | ||||||||||||||||||||||||
Depreciation expense | 258.6 | 66.6 | 5.3 | — | 330.5 | ||||||||||||||||||||||||
Operating lease expense | 49.3 | — | — | — | 49.3 | ||||||||||||||||||||||||
Other operating expense | 27.3 | 7.5 | 0.5 | — | 35.3 | ||||||||||||||||||||||||
Total Expenses | 599.9 | 124.9 | 25.5 | — | 750.3 | ||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||
Net gain on asset dispositions | 38.3 | 1.2 | 2.2 | — | 41.7 | ||||||||||||||||||||||||
Interest (expense) income, net | (139.9) | (45.9) | (12.2) | 7.7 | (190.3) | ||||||||||||||||||||||||
Other expense | (4.9) | (5.0) | — | (3.1) | (13.0) | ||||||||||||||||||||||||
Share of affiliates' pre-tax (loss) income | (0.1) | — | 95.9 | — | 95.8 | ||||||||||||||||||||||||
Segment profit | $ | 227.6 | $ | 83.5 | $ | 77.4 | $ | 4.6 | $ | 393.1 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Selling, general and administrative expense | 172.0 | ||||||||||||||||||||||||||||
Income taxes (includes $33.6 related to affiliates' earnings) | 70.9 | ||||||||||||||||||||||||||||
Net income from continuing operations | $ | 150.2 | |||||||||||||||||||||||||||
Discontinued operations, net of taxes | |||||||||||||||||||||||||||||
Net loss from discontinued operations, net of taxes | $ | (2.2) | |||||||||||||||||||||||||||
Gain on sale of discontinued operations, net of taxes | 3.3 | ||||||||||||||||||||||||||||
Total discontinued operations, net of taxes | $ | 1.1 | |||||||||||||||||||||||||||
Net income | $ | 151.3 | |||||||||||||||||||||||||||
Selected Data: | |||||||||||||||||||||||||||||
Investment volume | $ | 642.0 | $ | 216.0 | $ | 0.5 | $ | 205.5 | $ | 1,064.0 | |||||||||||||||||||
Net Gain (Loss) on Asset Dispositions | |||||||||||||||||||||||||||||
Asset Remarketing Income: | |||||||||||||||||||||||||||||
Net gains on disposition of owned assets | $ | 38.8 | $ | 0.5 | $ | 0.1 | $ | — | $ | 39.4 | |||||||||||||||||||
Residual sharing income | 0.4 | — | 2.1 | — | 2.5 | ||||||||||||||||||||||||
Non-remarketing net (losses) gains (1) | (0.6) | 0.7 | — | — | 0.1 | ||||||||||||||||||||||||
Asset impairments | (0.3) | — | — | — | (0.3) | ||||||||||||||||||||||||
$ | 38.3 | $ | 1.2 | $ | 2.2 | $ | — | $ | 41.7 |
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (GAAP) | $ | 61.0 | $ | 17.8 | $ | 143.1 | $ | 151.3 | |||||||||||||||
Less: Net income from discontinued operations (GAAP) | — | — | — | 1.1 | |||||||||||||||||||
Net income from continuing operations (GAAP) | $ | 61.0 | $ | 17.8 | $ | 143.1 | $ | 150.2 | |||||||||||||||
Adjustments attributable to pre-tax income from continuing operations: | |||||||||||||||||||||||
Net insurance proceeds (2) | $ | (5.3) | $ | — | $ | (5.3) | $ | — | |||||||||||||||
Debt extinguishment costs (3) | — | — | 4.5 | — | |||||||||||||||||||
Total adjustments attributable to pre-tax income from continuing operations | $ | (5.3) | $ | — | $ | (0.8) | $ | — | |||||||||||||||
Income taxes thereon, based on applicable effective tax rate | $ | 1.3 | $ | — | $ | 0.2 | $ | — | |||||||||||||||
Adjustments attributable to affiliates' earnings, net of taxes: | |||||||||||||||||||||||
Income tax rate changes (4) | — | — | 39.7 | 12.3 | |||||||||||||||||||
Total adjustments attributable to affiliates' earnings, net of taxes | $ | — | $ | — | $ | 39.7 | $ | 12.3 | |||||||||||||||
Net income from continuing operations, excluding tax adjustments and other items (non-GAAP) | $ | 57.0 | $ | 17.8 | $ | 182.2 | $ | 162.5 | |||||||||||||||
Net income from discontinued operations, excluding tax adjustments and other items (non-GAAP) | — | — | — | 1.1 | |||||||||||||||||||
Net income from consolidated operations, excluding tax adjustments and other items (non-GAAP) | $ | 57.0 | $ | 17.8 | $ | 182.2 | $ | 163.6 |
Three Months Ended December 31 | Twelve Months Ended December 31 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Diluted earnings per share from continuing operations (GAAP) | $ | 1.69 | $ | 0.50 | $ | 3.98 | $ | 4.24 | |||||||||||||||
Diluted earnings per share from discontinued operations (GAAP) | — | — | — | 0.03 | |||||||||||||||||||
Diluted earnings per share from consolidated operations (GAAP) | $ | 1.69 | $ | 0.50 | $ | 3.98 | $ | 4.27 | |||||||||||||||
Diluted earnings per share from continuing operations, excluding tax adjustments and other items (non-GAAP) | $ | 1.58 | $ | 0.50 | $ | 5.06 | $ | 4.59 | |||||||||||||||
Diluted earnings per share from discontinued operations, excluding tax adjustments and other items (non-GAAP) | — | — | — | 0.03 | |||||||||||||||||||
Diluted earnings per share from consolidated operations, excluding tax adjustments and other items (non-GAAP) | $ | 1.58 | $ | 0.50 | $ | 5.06 | $ | 4.62 |
Twelve Months Ended December 31 | |||||||||||
2021 | 2020 | ||||||||||
Return on Equity (GAAP) | 7.2 | % | 8.0 | % | |||||||
Return on Equity, excluding tax adjustments and other items (non-GAAP) (5) | 11.0 | % | 10.5 | % |
12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | ||||||||||||||||||||||||||||
Total Assets, Excluding Cash, by Segment | ||||||||||||||||||||||||||||||||
Rail North America | $ | 6,101.6 | $ | 5,976.8 | $ | 5,916.3 | $ | 5,896.5 | $ | 5,887.5 | ||||||||||||||||||||||
Rail International | 1,689.2 | 1,672.2 | 1,695.8 | 1,653.4 | 1,699.2 | |||||||||||||||||||||||||||
Portfolio Management | 1,040.0 | 1,019.6 | 1,023.2 | 1,057.5 | 700.5 | |||||||||||||||||||||||||||
Other | 366.4 | 351.5 | 347.1 | 348.8 | 357.8 | |||||||||||||||||||||||||||
Total Assets, excluding cash | $ | 9,197.2 | $ | 9,020.1 | $ | 8,982.4 | $ | 8,956.2 | $ | 8,645.0 | ||||||||||||||||||||||
Debt and Lease Obligations, Net of Unrestricted Cash | ||||||||||||||||||||||||||||||||
Unrestricted cash | $ | (344.3) | $ | (566.0) | $ | (417.9) | $ | (958.9) | $ | (292.2) | ||||||||||||||||||||||
Commercial paper and bank credit facilities | 18.1 | 20.7 | 17.9 | 19.6 | 23.6 | |||||||||||||||||||||||||||
Recourse debt | 5,887.5 | 6,029.8 | 5,803.1 | 6,374.6 | 5,329.0 | |||||||||||||||||||||||||||
Operating lease obligations | 286.2 | 292.1 | 298.7 | 328.0 | 348.6 | |||||||||||||||||||||||||||
Finance lease obligations | 1.5 | — | 43.6 | — | 33.3 | |||||||||||||||||||||||||||
Total debt and lease obligations, net of unrestricted cash | 5,849.0 | 5,776.6 | 5,745.4 | 5,763.3 | 5,442.3 | |||||||||||||||||||||||||||
Shareholders’ Equity | $ | 2,019.2 | $ | 1,976.9 | $ | 1,971.4 | $ | 1,690.0 | $ | 1,957.4 | ||||||||||||||||||||||
Recourse Leverage (1) | 2.9 | 2.9 | 2.9 | 2.9 | 2.8 |
Reconciliation of Total Assets to Total Assets, Excluding Cash | ||||||||||||||||||||||||||||||||
Total Assets | $ | 9,541.7 | $ | 9,586.3 | $ | 9,400.5 | $ | 9,915.3 | $ | 8,937.6 | ||||||||||||||||||||||
Less: cash | (344.5) | (566.2) | (418.1) | (959.1) | (292.6) | |||||||||||||||||||||||||||
Total Assets, excluding cash | $ | 9,197.2 | $ | 9,020.1 | $ | 8,982.4 | $ | 8,956.2 | $ | 8,645.0 |
12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | 12/31/2020 | |||||||||||||||||||||||||
Rail North America Statistics | |||||||||||||||||||||||||||||
Lease Price Index (LPI) (1) | |||||||||||||||||||||||||||||
Average renewal lease rate change | (0.7) | % | (8.1) | % | (6.7) | % | (18.1) | % | (22.6) | % | |||||||||||||||||||
Average renewal term (months) | 37 | 32 | 29 | 30 | 34 | ||||||||||||||||||||||||
Fleet Rollforward (2) | |||||||||||||||||||||||||||||
Beginning balance | 101,341 | 102,144 | 102,903 | 103,745 | 103,363 | ||||||||||||||||||||||||
Cars added | 959 | 742 | 693 | 977 | 1,015 | ||||||||||||||||||||||||
Cars scrapped | (358) | (947) | (770) | (1,002) | (571) | ||||||||||||||||||||||||
Cars sold | (372) | (598) | (682) | (817) | (62) | ||||||||||||||||||||||||
Ending balance | 101,570 | 101,341 | 102,144 | 102,903 | 103,745 | ||||||||||||||||||||||||
Utilization | 99.2 | % | 99.2 | % | 98.5 | % | 97.8 | % | 98.1 | % | |||||||||||||||||||
Average active railcars | 100,658 | 100,467 | 100,722 | 101,099 | 101,723 | ||||||||||||||||||||||||
Boxcar Fleet | |||||||||||||||||||||||||||||
Ending balance | 12,946 | 12,809 | 12,659 | 13,880 | 14,315 | ||||||||||||||||||||||||
Utilization | 99.7 | % | 98.4 | % | 97.1 | % | 97.1 | % | 95.8 | % | |||||||||||||||||||
Rail Europe Statistics | |||||||||||||||||||||||||||||
Fleet Rollforward | |||||||||||||||||||||||||||||
Beginning balance | 26,840 | 26,727 | 26,498 | 26,343 | 25,956 | ||||||||||||||||||||||||
Cars added | 333 | 213 | 359 | 226 | 446 | ||||||||||||||||||||||||
Cars scrapped/sold | (64) | (100) | (130) | (71) | (59) | ||||||||||||||||||||||||
Ending balance | 27,109 | 26,840 | 26,727 | 26,498 | 26,343 | ||||||||||||||||||||||||
Utilization | 98.7 | % | 98.1 | % | 98.4 | % | 98.2 | % | 98.1 | % | |||||||||||||||||||
Average active railcars | 26,562 | 26,310 | 26,156 | 25,917 | 25,669 | ||||||||||||||||||||||||
Rail North America Industry Statistics | |||||||||||||||||||||||||||||
Manufacturing Capacity Utilization Index (3) | 76.5 | % | 75.2 | % | 75.6 | % | 74.6 | % | 74.7 | % | |||||||||||||||||||
Year-over-year Change in U.S. Carloadings (excl. intermodal) (4) | 6.6 | % | 7.9 | % | 9.4 | % | (2.6) | % | (12.9) | % | |||||||||||||||||||
Year-over-year Change in U.S. Carloadings (chemical) (4) | 5.6 | % | 5.6 | % | 5.9 | % | (3.8) | % | (3.4) | % | |||||||||||||||||||
Year-over-year Change in U.S. Carloadings (petroleum) (4) | (4.5) | % | (3.6) | % | (4.3) | % | (14.4) | % | (14.0) | % | |||||||||||||||||||
Production Backlog at Railcar Manufacturers (5) | n/a (6) | 37,779 | 37,470 | 34,829 | 34,598 |
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Document and Entity Information Statement |
Jan. 25, 2022 |
---|---|
Document Information [Line Items] | |
Document Period End Date | Jan. 25, 2022 |
Entity Registrant Name | false |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 1-2328 |
Entity Tax Identification Number | 36-1124040 |
Entity Address, Address Line One | 233 South Wacker Drive |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60606 |
City Area Code | 312 |
Local Phone Number | 621-6200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | GATX |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000040211 |
Document Type | 8-K |
Entity Registrant Name | GATX Corporation |
CHICAGO STOCK EXCHANGE, INC [Member] | |
Document Information [Line Items] | |
Security Exchange Name | CHX |
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