Income Taxes	9 Months Ended
Sep. 30, 2012
Income Taxes	NOTE 8. Income Taxes GATX’s effective tax rate was 20% for the nine months ended September 30, 2012, compared to 25% for the nine months ended September 30, 2011. GATX’s effective tax rate in any period is driven by the mix of pre-tax income, including share of affiliates’ earnings, among domestic and foreign jurisdictions which are taxed at different rates. The effective rate for both the current and prior periods reflects the impact of $20.9 million of losses and $11.0 million of gains, respectively, related to certain interest rate swaps at GATX’s European Rail affiliate, AAE Cargo A.G. (“AAE”), which were taxed at the Swiss statutory rate of approximately 10%. Additionally, in the current year, tax benefits of $15.5 million were recognized in connection with the close of a federal tax audit, a $4.6 million deferred tax benefit was recognized in connection with a reduction in the statutory tax rates of the United Kingdom and a $0.7 million deferred tax expense was recognized in connection with an increase in the statutory tax rates of Canada. In the prior year, a $4.1 million deferred tax benefit was recognized in connection with a reduction in the statutory tax rates of the United Kingdom. Excluding the effect of the AAE interest rate swaps and tax adjustments from each period, the effective tax rates for each of the first nine months of 2012 and 2011 was 31%. As of September 30, 2012, GATX’s gross liability for unrecognized tax benefits totaled $4.7 million, which, if fully recognized, would decrease income tax expense by $4.7 million ($3.2 million net of federal tax). Subject to the completion of certain audits or the expiration of the applicable statute of limitations, the Company believes it is reasonably possible that within the next 12 months, unrecognized foreign tax benefits of $0.4 million may be recognized.

Income Taxes

9 Months Ended

Sep. 30, 2012

NOTE 8. Income Taxes

GATX’s effective tax rate was 20% for the nine months ended September 30, 2012, compared to 25% for the nine months ended September 30, 2011. GATX’s effective tax rate in any period is driven by the mix of pre-tax income, including share of affiliates’ earnings, among domestic and foreign jurisdictions which are taxed at different rates. The effective rate for both the current and prior periods reflects the impact of $20.9 million of losses and $11.0 million of gains, respectively, related to certain interest rate swaps at GATX’s European Rail affiliate, AAE Cargo A.G. (“AAE”), which were taxed at the Swiss statutory rate of approximately 10%. Additionally, in the current year, tax benefits of $15.5 million were recognized in connection with the close of a federal tax audit, a $4.6 million deferred tax benefit was recognized in connection with a reduction in the statutory tax rates of the United Kingdom and a $0.7 million deferred tax expense was recognized in connection with an increase in the statutory tax rates of Canada. In the prior year, a $4.1 million deferred tax benefit was recognized in connection with a reduction in the statutory tax rates of the United Kingdom. Excluding the effect of the AAE interest rate swaps and tax adjustments from each period, the effective tax rates for each of the first nine months of 2012 and 2011 was 31%.

As of September 30, 2012, GATX’s gross liability for unrecognized tax benefits totaled $4.7 million, which, if fully recognized, would decrease income tax expense by $4.7 million ($3.2 million net of federal tax). Subject to the completion of certain audits or the expiration of the applicable statute of limitations, the Company believes it is reasonably possible that within the next 12 months, unrecognized foreign tax benefits of $0.4 million may be recognized.