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Financial Data of Business Segments | 12 Months Ended
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Dec. 31, 2014
Segment Reporting [Abstract] |
Financial Data of Business Segments | Financial Data of Business Segments The financial data presented below depicts the profitability, financial position, and capital expenditures of each of our business segments. We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail and marine markets. We also invest in joint ventures that complement our existing business activities. We report our financial results through four primary business segments: Rail North America, Rail International, American Steamship Company (“ASC”), and Portfolio Management. Rail North America is comprised of our wholly owned operations in the United States, Canada, and Mexico, as well as an affiliate investment. Rail North America primarily provides railcars pursuant to full-service leases under which it maintains the railcars, pays ad valorem taxes and insurance, and provides other ancillary services. Rail International is comprised of our wholly owned European operations ("GATX Rail Europe" or "GRE") and a recently established railcar leasing business in India ("Rail India"), as well as one development stage affiliate in China. GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides insurance and other ancillary services. ASC operates the largest fleet of US-flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone. Portfolio Management generates leasing, marine operating, asset remarketing and management fee income through a collection of diversified wholly owned assets and joint venture investments. Segment profit is an internal performance measure used by the Chief Executive Officer to assess the performance of each segment in a given period. Segment profit includes all revenues, pretax earnings from affiliates, and net gains on asset dispositions that are attributable to the segments, as well as expenses that management believes are directly associated with the financing, maintenance, and operation of the revenue earning assets. Segment profit excludes selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. These amounts are included in Other. We allocate debt balances and related interest expense to each segment based upon a predetermined fixed recourse leverage level expressed as a ratio of recourse debt (including off-balance-sheet debt) to equity. The leverage levels are 5:1 for Rail North America, 2:1 for Rail International, 1.5:1 for ASC, and 3:1 for Portfolio Management. We believe that by using this leverage and interest expense allocation methodology, each operating segment’s financial performance reflects appropriate risk-adjusted borrowing costs. The following tables show certain segment data for the years ended December 31, 2014, 2013, and 2012 (in millions):
| Rail North America |  | Rail International |  | ASC |  | Portfolio Management |  | Other |  | GATX Consolidated
2014 Profitability |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 864.1 |  |  | $ | 188.6 |  |  | $ | 4.2 |  |  | $ | 29.7 |  |  | $ | — |  |  | $ | 1,086.6 |
Marine operating revenue | — |  |  | — |  |  | 223.0 |  |  | 63.3 |  |  | — |  |  | 286.3 |
Other revenue | 63.4 |  |  | 10.3 |  |  | — |  |  | 4.4 |  |  | — |  |  | 78.1 |
Total Revenues | 927.5 |  |  | 198.9 |  |  | 227.2 |  |  | 97.4 |  |  | — |  |  | 1,451.0 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Maintenance expense | 265.5 |  |  | 45.9 |  |  | 25.6 |  |  | — |  |  | — |  |  | 337.0 |
Marine operating expense | — |  |  | — |  |  | 149.2 |  |  | 48.6 |  |  | — |  |  | 197.8 |
Depreciation expense | 190.0 |  |  | 47.1 |  |  | 13.6 |  |  | 22.8 |  |  | — |  |  | 273.5 |
Operating lease expense | 103.7 |  |  | — |  |  | 5.2 |  |  | — |  |  | (0.2 | ) |  | 108.7 |
Other operating expense | 21.9 |  |  | 5.1 |  |  | — |  |  | 1.9 |  |  | — |  |  | 28.9 |
Total Expenses | 581.1 |  |  | 98.1 |  |  | 193.6 |  |  | 73.3 |  |  | (0.2 | ) |  | 945.9 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) on asset dispositions | 72.3 |  |  | 6.0 |  |  | (0.5 | ) |  | 9.4 |  |  | — |  |  | 87.2 |
Interest expense, net | (98.4 | ) |  | (24.7 | ) |  | (5.6 | ) |  | (24.3 | ) |  | (5.4 | ) |  | (158.4 | )
Other expense | (7.2 | ) |  | (3.1 | ) |  | (0.2 | ) |  | (1.2 | ) |  | (1.8 | ) |  | (13.5 | )
Share of affiliates' earnings (pretax) | 7.9 |  |  | (0.3 | ) |  | — |  |  | 60.2 |  |  | — |  |  | 67.8 |
Segment profit (loss) | $ | 321.0 |  |  | $ | 78.7 |  |  | $ | 27.3 |  |  | $ | 68.2 |  |  | $ | (7.0 | ) |  | 488.2 |
Selling, general and administrative expense | 189.2 |
Income taxes (including $18.3 related to affiliates' earnings) | 94.0 |
Net income | $ | 205.0 |
Selected Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |
Investments in affiliated companies | $ | 17.2 |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 338.7 |  |  | $ | — |  |  | $ | 357.7 |
Identifiable assets | $ | 4,358.3 |  |  | $ | 1,229.4 |  |  | $ | 286.7 |  |  | $ | 813.3 |  |  | $ | 249.8 |  |  | $ | 6,937.5 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 810.6 |  |  | $ | 163.6 |  |  | $ | 18.4 |  |  | $ | 32.3 |  |  | $ | 5.6 |  |  | $ | 1,030.5 |
| Rail North America |  | Rail International |  | ASC |  | Portfolio Management |  | Other |  | GATX Consolidated
2013 Profitability |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 758.9 |  |  | $ | 180.2 |  |  | $ | 4.2 |  |  | $ | 31.9 |  |  | $ | — |  |  | $ | 975.2 |
Marine operating revenue | — |  |  | — |  |  | 223.5 |  |  | 51.6 |  |  | — |  |  | 275.1 |
Other revenue | 58.2 |  |  | 8.8 |  |  | — |  |  | 3.7 |  |  | — |  |  | 70.7 |
Total Revenues | 817.1 |  |  | 189.0 |  |  | 227.7 |  |  | 87.2 |  |  | — |  |  | 1,321.0 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Maintenance expense | 228.2 |  |  | 42.9 |  |  | 22.9 |  |  | — |  |  | — |  |  | 294.0 |
Marine operating expense | — |  |  | — |  |  | 151.3 |  |  | 38.5 |  |  | — |  |  | 189.8 |
Depreciation expense | 176.7 |  |  | 43.2 |  |  | 12.1 |  |  | 23.0 |  |  | — |  |  | 255.0 |
Operating lease expense | 124.4 |  |  | — |  |  | 5.2 |  |  | — |  |  | (0.2 | ) |  | 129.4 |
Other operating expense | 18.4 |  |  | 5.3 |  |  | — |  |  | 2.4 |  |  | — |  |  | 26.1 |
Total Expenses | 547.7 |  |  | 91.4 |  |  | 191.5 |  |  | 63.9 |  |  | (0.2 | ) |  | 894.3 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |
Net gain (loss) on asset dispositions | 67.7 |  |  | 3.7 |  |  | (1.3 | ) |  | 15.5 |  |  | — |  |  | 85.6 |
Interest expense, net | (106.0 | ) |  | (23.9 | ) |  | (6.2 | ) |  | (26.7 | ) |  | (3.8 | ) |  | (166.6 | )
Other (expense) income | (9.8 | ) |  | (1.1 | ) |  | 0.2 |  |  | 1.4 |  |  | 0.9 |  |  | (8.4 | )
Share of affiliates' earnings (pretax) | 10.3 |  |  | 21.1 |  |  | — |  |  | 60.9 |  |  | — |  |  | 92.3 |
Segment profit (loss) | $ | 231.6 |  |  | $ | 97.4 |  |  | $ | 28.9 |  |  | $ | 74.4 |  |  | $ | (2.7 | ) |  | 429.6 |
Selling, general and administrative expense | 178.3 |
Income taxes (including $16.5 related to affiliates' earnings) | 82.0 |
Net income | $ | 169.3 |
Selected Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |
Investments in affiliated companies | $ | 31.4 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 320.9 |  |  | $ | — |  |  | $ | 354.3 |
Identifiable assets | $ | 3,710.5 |  |  | $ | 1,297.1 |  |  | $ | 271.0 |  |  | $ | 856.9 |  |  | $ | 414.1 |  |  | $ | 6,549.6 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 502.4 |  |  | $ | 168.5 |  |  | $ | 11.2 |  |  | $ | 170.5 |  |  | $ | 7.0 |  |  | $ | 859.6 |
| Rail North America |  | Rail International |  | ASC |  | Portfolio Management |  | Other |  | GATX Consolidated
2012 Profitability |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | 713.9 |  |  | $ | 161.2 |  |  | $ | 4.3 |  |  | $ | 37.6 |  |  | $ | — |  |  | $ | 917.0 |
Marine operating revenue | — |  |  | — |  |  | 239.1 |  |  | 26.4 |  |  | — |  |  | 265.5 |
Other revenue | 51.4 |  |  | 6.5 |  |  | — |  |  | 2.8 |  |  | — |  |  | 60.7 |
Total Revenues | 765.3 |  |  | 167.7 |  |  | 243.4 |  |  | 66.8 |  |  | — |  |  | 1,243.2 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Maintenance expense | 201.4 |  |  | 46.6 |  |  | 21.7 |  |  | — |  |  | — |  |  | 269.7 |
Marine operating expense | — |  |  | — |  |  | 160.3 |  |  | 22.1 |  |  | — |  |  | 182.4 |
Depreciation expense | 167.7 |  |  | 36.1 |  |  | 11.9 |  |  | 21.7 |  |  | — |  |  | 237.4 |
Operating lease expense | 126.5 |  |  | — |  |  | 3.8 |  |  | 0.2 |  |  | (0.3 | ) |  | 130.2 |
Other operating expense | 18.5 |  |  | 5.1 |  |  | (0.3 | ) |  | 0.9 |  |  | 0.0 |  |  | 24.2 |
Total Expenses | 514.1 |  |  | 87.8 |  |  | 197.4 |  |  | 44.9 |  |  | (0.3 | ) |  | 843.9 |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 58.6 |  |  | 1.7 |  |  | — |  |  | 19.2 |  |  | — |  |  | 79.5 |
Interest expense, net | (101.9 | ) |  | (24.5 | ) |  | (7.1 | ) |  | (27.7 | ) |  | (5.4 | ) |  | (166.6 | )
Other (expense) income | (5.1 | ) |  | (6.1 | ) |  | (1.4 | ) |  | 3.4 |  |  | 1.0 |  |  | (8.2 | )
Share of affiliates' earnings (pretax) | 6.5 |  |  | (18.3 | ) |  | — |  |  | 33.4 |  |  | — |  |  | 21.6 |
Segment profit (loss) | $ | 209.3 |  |  | $ | 32.7 |  |  | $ | 37.5 |  |  | $ | 50.2 |  |  | $ | (4.1 | ) |  | 325.6 |
Selling, general and administrative expense | 160.2 |
Income taxes (including $2.0 related to affiliates' earnings) | 28.1 |
Net income | $ | 137.3 |
Selected Balance Sheet Data |  |  |  |  |  |  |  |  |  |  |
Investments in affiliated companies | $ | 46.9 |  |  | $ | 77.2 |  |  | $ | — |  |  | $ | 377.9 |  |  | $ | — |  |  | $ | 502.0 |
Identifiable assets | $ | 3,601.1 |  |  | $ | 1,105.8 |  |  | $ | 284.2 |  |  | $ | 797.4 |  |  | $ | 266.9 |  |  | $ | 6,055.4 |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 465.9 |  |  | $ | 200.1 |  |  | $ | 12.6 |  |  | $ | 83.5 |  |  | $ | 7.9 |  |  | $ | 770.0 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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