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Leases | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Leases [Text Block] | NOTE 5. Leases GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease income: |  |  |  |  |  |  |
Fixed lease income | $ | 258.6 |  |  | $ | 253.4 |  |  | $ | 764.7 |  |  | $ | 759.1 |
Variable lease income | 13.2 |  |  | 14.9 |  |  | 43.7 |  |  | 50.0 |
Total operating lease income | $ | 271.8 |  |  | $ | 268.3 |  |  | $ | 808.4 |  |  | $ | 809.1 |
Finance lease income | 1.5 |  |  | 2.2 |  |  | 4.9 |  |  | 7.7 |
Total lease income | $ | 273.3 |  |  | $ | 270.5 |  |  | $ | 813.3 |  |  | $ | 816.8 |
In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $69.1 million for the three and nine months ended September 30, 2020 and $22.3 million and $66.6 million for the three and nine months ended September 30, 2019.
Leases | Leases GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease income: |  |  |  |  |  |  |
Fixed lease income | $ | 258.6 |  |  | $ | 253.4 |  |  | $ | 764.7 |  |  | $ | 759.1 |
Variable lease income | 13.2 |  |  | 14.9 |  |  | 43.7 |  |  | 50.0 |
Total operating lease income | $ | 271.8 |  |  | $ | 268.3 |  |  | $ | 808.4 |  |  | $ | 809.1 |
Finance lease income | 1.5 |  |  | 2.2 |  |  | 4.9 |  |  | 7.7 |
Total lease income | $ | 273.3 |  |  | $ | 270.5 |  |  | $ | 813.3 |  |  | $ | 816.8 |
In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $69.1 million for the three and nine months ended September 30, 2020 and $22.3 million and $66.6 million for the three and nine months ended September 30, 2019.
Leases | Leases GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease income: |  |  |  |  |  |  |
Fixed lease income | $ | 258.6 |  |  | $ | 253.4 |  |  | $ | 764.7 |  |  | $ | 759.1 |
Variable lease income | 13.2 |  |  | 14.9 |  |  | 43.7 |  |  | 50.0 |
Total operating lease income | $ | 271.8 |  |  | $ | 268.3 |  |  | $ | 808.4 |  |  | $ | 809.1 |
Finance lease income | 1.5 |  |  | 2.2 |  |  | 4.9 |  |  | 7.7 |
Total lease income | $ | 273.3 |  |  | $ | 270.5 |  |  | $ | 813.3 |  |  | $ | 816.8 |
In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $69.1 million for the three and nine months ended September 30, 2020 and $22.3 million and $66.6 million for the three and nine months ended September 30, 2019.
Leases | Leases GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease income: |  |  |  |  |  |  |
Fixed lease income | $ | 258.6 |  |  | $ | 253.4 |  |  | $ | 764.7 |  |  | $ | 759.1 |
Variable lease income | 13.2 |  |  | 14.9 |  |  | 43.7 |  |  | 50.0 |
Total operating lease income | $ | 271.8 |  |  | $ | 268.3 |  |  | $ | 808.4 |  |  | $ | 809.1 |
Finance lease income | 1.5 |  |  | 2.2 |  |  | 4.9 |  |  | 7.7 |
Total lease income | $ | 273.3 |  |  | $ | 270.5 |  |  | $ | 813.3 |  |  | $ | 816.8 |
In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $69.1 million for the three and nine months ended September 30, 2020 and $22.3 million and $66.6 million for the three and nine months ended September 30, 2019.
Leases | Leases GATX as Lessor We lease railcars and other operating assets under full-service and net operating leases. We price full-service leases as an integrated service that includes amounts related to maintenance, insurance, and ad valorem taxes. Upon adoption of the new lease accounting standard in 2019, we elected the lessor practical expedient which allows us not to separate lease and non-lease components when reporting revenue for our full-service operating leases. In some cases, we lease railcars that, at commencement, are classified as finance leases. For certain operating leases, revenue is based on equipment usage and is recognized when earned. Typically, our leases do not provide customers with renewal options or options to purchase the asset. Our lease agreements do not generally have residual value guarantees. We collect reimbursements from customers for damage to our railcars, as well as additional rental payments for usage above specified levels, as provided in the lease agreements. The following table shows the components of our lease income (in millions):
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2020 |  | 2019 |  | 2020 |  | 2019
Operating lease income: |  |  |  |  |  |  |
Fixed lease income | $ | 258.6 |  |  | $ | 253.4 |  |  | $ | 764.7 |  |  | $ | 759.1 |
Variable lease income | 13.2 |  |  | 14.9 |  |  | 43.7 |  |  | 50.0 |
Total operating lease income | $ | 271.8 |  |  | $ | 268.3 |  |  | $ | 808.4 |  |  | $ | 809.1 |
Finance lease income | 1.5 |  |  | 2.2 |  |  | 4.9 |  |  | 7.7 |
Total lease income | $ | 273.3 |  |  | $ | 270.5 |  |  | $ | 813.3 |  |  | $ | 816.8 |
In accordance with the terms of our leases with customers, we may earn additional revenue, primarily for customer liability repairs. These amounts are reported in other revenue in the statements of comprehensive income and were $22.7 million and $69.1 million for the three and nine months ended September 30, 2020 and $22.3 million and $66.6 million for the three and nine months ended September 30, 2019.

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