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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Components of Deferred tax Assets and Liabilities | significant components of our deferred tax liabilities and assets as of December 31 (in millions):
| 2014 |  | 2013
Deferred Tax Liabilities |  |  |
Book/tax basis difference due to depreciation | $ | 963.8 |  |  | $ | 852.0 |
Investments in affiliated companies | 99.7 |  |  | 93.7 |
Lease accounting | 10.5 |  |  | 24.4 |
Other | 0.1 |  |  | — |
Total deferred tax liabilities | 1,074.1 |  |  | 970.1 |
Deferred Tax Assets |  |  |
Federal net operating loss | 41.8 |  |  | 8.9 |
Alternative minimum tax credit | 9.2 |  |  | 8.4 |
Foreign tax credit | 3.6 |  |  | 3.6 |
Valuation allowance on foreign tax credit | (3.6 | ) |  | (3.6 | )
State net operating loss | 28.7 |  |  | 27.1 |
Valuation allowance on state net operating loss | (11.3 | ) |  | (11.2 | )
Foreign net operating loss | 5.8 |  |  | 8.5 |
Valuation allowance on foreign net operating loss | (0.2 | ) |  | (0.2 | )
Accruals not currently deductible for tax purposes | 18.7 |  |  | 14.1 |
Allowance for losses | 1.7 |  |  | 2.2 |
Pension and post-retirement benefits | 32.6 |  |  | 13.3 |
Other | 9.8 |  |  | 7.6 |
Total deferred tax assets | 136.8 |  |  | 78.7 |
Net deferred tax liabilities | 937.3 |  |  | $ | 891.4 |
Gross liability for unrecognized tax benefits | The following table shows a reconciliation of the beginning and ending amount of our gross liability for unrecognized tax benefits (in millions)
| 2014 |  | 2013
Beginning balance | $ | 5.7 |  |  | $ | 4.7 |
Reductions due to settlement of tax audit issues | (0.4 | ) |  | — |
Additions to tax positions for prior years | 0.3 |  |  | 1.0 |
Ending balance | $ | 5.6 |  |  | $ | 5.7 |
Income before income taxes | The following table shows the components of income before income taxes, excluding affiliates, for the years ending December 31 (in millions):
| 2014 |  | 2013 |  | 2012
Domestic | $ | 137.9 |  |  | $ | 66.0 |  |  | $ | 80.5 |
Foreign | 93.3 |  |  | 93.0 |  |  | 63.3 |
| $ | 231.2 |  |  | $ | 159.0 |  |  | $ | 143.8 |
Consolidated federal income taxes | The following table shows income taxes, excluding domestic and foreign joint ventures, for the years ending December 31 (in millions):
| 2014 |  | 2013 |  | 2012
Current |  |  |  |  |
Domestic: |  |  |  |  |
Federal | $ | 0.7 |  |  | $ | 1.4 |  |  | $ | (8.8 | )
State and local | 0.6 |  |  | — |  |  | 2.5 |
| 1.3 |  |  | 1.4 |  |  | (6.3 | )
Foreign | 13.0 |  |  | 10.5 |  |  | 8.0 |
| 14.3 |  |  | 11.9 |  |  | 1.7 |
Deferred |  |  |  |  |
Domestic: |  |  |  |  |
Federal | 45.0 |  |  | 36.6 |  |  | 16.0 |
State and local | 5.6 |  |  | 5.3 |  |  | (3.1 | )
| 50.6 |  |  | 41.9 |  |  | 12.9 |
Foreign | 10.8 |  |  | 11.7 |  |  | 11.5 |
| 61.4 |  |  | 53.6 |  |  | 24.4 |
Income taxes | $ | 75.7 |  |  | $ | 65.5 |  |  | $ | 26.1 |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | The following table shows the differences between our effective income tax rate and the federal statutory income tax rate for the years ending December 31 (in millions):
| 2014 |  | 2013 |  | 2012
Income taxes at federal statutory rate | $ | 80.9 |  |  | $ | 55.6 |  |  | $ | 50.4 |
Adjust for effect of: |  |  |  |  |
GATX income taxes on sale of AAE | — |  |  | 23.2 |  |  | — |
Foreign tax credits | — |  |  | (3.9 | ) |  | (13.7 | )
Foreign earnings taxed at lower rates | (8.5 | ) |  | (10.3 | ) |  | (4.1 | )
Tax effect of foreign dividends | — |  |  | — |  |  | 6.3 |
Expiration of the applicable statute of limitations | — |  |  | — |  |  | (15.5 | )
Corporate owned life insurance | (0.6 | ) |  | (0.5 | ) |  | (0.3 | )
State income taxes | 4.1 |  |  | 1.5 |  |  | 1.9 |
Other | (0.2 | ) |  | (0.1 | ) |  | 1.1 |
Income taxes | $ | 75.7 |  |  | $ | 65.5 |  |  | $ | 26.1 |
Effective income tax rate | 32.7 | % |  | 41.2 | % |  | 18.2 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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