Fair Value Disclosure (Tables)

9 Months Ended

Sep. 30, 2012

Assets and Liabilities at Fair Value Recurring Basis

The following tables set forth GATX’s assets and liabilities measured at fair value on a recurring basis (in millions):

	September  30, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Interest rate derivatives (a)	$	11.4	$	—	$	11.4	$	—
Available for sale equity securities and warrants		3.4		3.4		—		—
Liabilities
Interest rate derivatives (a)		1.0		—		1.0		—
Interest rate derivatives (b)		0.3		—		0.3		—
Foreign exchange rate derivatives (b)		0.9		—		0.9		—

	December 31, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Interest rate derivatives (a)	$	15.3	$	—	$	15.3	$	—
Foreign exchange rate derivatives (b)		2.1		—		2.1		—
Available for sale equity securities and warrants		2.9		2.9		—		—
Liabilities
Interest rate derivatives (a)		2.1		—		2.1		—
Interest rate derivatives (b)		0.3		—		0.3		—

(a) Designated as hedges

(b) Not designated as hedges

Income Statement and Comprehensive Income (Loss) Impacts of GATX's Derivative Instruments

The income statement and other comprehensive income impacts of GATX’s derivative instruments were (in millions):

Derivative Designation	Location of Gain (Loss) Recognized	Three Months  Ended September 30						Nine Months  Ended September 30
		2012			2011			2012			2011
Fair value hedges (a)	Interest expense	$	(1.3	)	$	0.4		$	(3.9	)	$	(0.3	)
Cash flow hedges	Other comprehensive income (loss) (effective portion)		0.3			0.8			1.0			(5.1	)
Cash flow hedges	Interest expense (effective portion reclassified from accumulated unrealized loss on derivative instruments)		(1.1	)		(2.1	)		(4.1	)		(6.0	)
Cash flow hedges	Operating lease expense (effective portion reclassified from accumulated unrealized loss on derivative instruments)		(0.4	)		(0.4	)		(1.1	)		(1.2	)
Non-designated	Other expense		(2.1	)		2.6			(0.6	)		2.3

(a) Equally offsetting the amount recognized in interest expense was the fair value adjustment relating to the underlying debt.

Fair Value Other Financial Instruments

The following table sets forth the carrying amounts and fair values of GATX’s other financial instruments as of (in millions):

	September 30, 2012				December 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Investment funds	$	2.5	$	5.8	$	2.7	$	7.4
Loans		28.0		28.5		30.4		30.7
Liabilities
Recourse fixed rate debt	$	2,661.4	$	2,830.0	$	2,627.2	$	2,754.9
Recourse floating rate debt		686.0		683.6		727.6		714.8
Nonrecourse debt		133.3		142.2		149.4		159.3