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Financial Data of Business Segments | 9 Months Ended
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Sep. 30, 2020
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 market. We report our financial results through three primary business segments: Rail North America, Rail International, and Portfolio Management. Historically, we also reported financial results for American Steamship Company ("ASC") as a fourth segment. On May 14, 2020, we completed the sale of our ASC business, subject to customary post-closing adjustments. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 16. Discontinued Operations" of this Form 10-Q for additional information. Rail North America is composed of our operations in the United States, Canada, and Mexico. 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 composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("GRI"), and Russia ("Rail Russia"). GRE leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-adding services according to customer requirements. Portfolio Management is composed primarily of our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, as well as five liquefied gas carrying vessels (the "Specialized Gas Vessels"). Segment profit is an internal performance measure used by the Chief Executive Officer to assess the profitability of each segment. Segment profit includes all revenues, expenses, pre-tax earnings from affiliates, and net gains on asset dispositions that are directly attributable to each segment. We allocate interest expense to the segments based on what we believe to be the appropriate risk-adjusted borrowing costs for each segment. 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. The following tables show certain segment data for each of our business segments (in millions):
| Rail North America |  | Rail International |  | Portfolio Management |  | Other |  | GATX Consolidated
Three Months Ended September 30, 2020 |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 208.7 |  |  | $ | 64.5 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 273.3 |
Marine operating revenue | — |  |  | — |  |  | 5.0 |  |  | — |  |  | 5.0 |
Other revenue | 23.4 |  |  | 2.6 |  |  | 0.1 |  |  | — |  |  | 26.1 |
Total Revenues | 232.1 |  |  | 67.1 |  |  | 5.2 |  |  | — |  |  | 304.4 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 63.2 |  |  | 13.5 |  |  | — |  |  | — |  |  | 76.7 |
Marine operating expense | — |  |  | — |  |  | 3.6 |  |  | — |  |  | 3.6 |
Depreciation expense | 65.0 |  |  | 17.1 |  |  | 1.3 |  |  | — |  |  | 83.4 |
Operating lease expense | 12.3 |  |  | — |  |  | — |  |  | — |  |  | 12.3 |
Other operating expense | 6.6 |  |  | 1.6 |  |  | 0.1 |  |  | — |  |  | 8.3 |
Total Expenses | 147.1 |  |  | 32.2 |  |  | 5.0 |  |  | — |  |  | 184.3 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 7.9 |  |  | 0.5 |  |  | 0.5 |  |  | — |  |  | 8.9 |
Interest (expense) income, net | (35.7) |  |  | (11.9) |  |  | (3.2) |  |  | 2.2 |  |  | (48.6) |
Other (expense) income | (1.1) |  |  | 0.5 |  |  | — |  |  | (0.6) |  |  | (1.2) |
Share of affiliates' pre-tax income | — |  |  | — |  |  | 46.8 |  |  | — |  |  | 46.8 |
Segment profit | $ | 56.1 |  |  | $ | 24.0 |  |  | $ | 44.3 |  |  | $ | 1.6 |  |  | $ | 126.0 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 42.0 |
Income taxes (includes $24.0 related to affiliates' earnings) | 35.8 |
Net income from continuing operations | $ | 48.2 |
Discontinued Operations, Net of Taxes |  |  |  |  |  |  |  |  |
Net income from discontinued operations, net of taxes |  | $ | — |
Loss on sale of discontinued operations, net of taxes |  | (0.3) |
Total discontinued operations, net of taxes | $ | (0.3) |
Net income | $ | 47.9 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on disposition of owned assets | $ | 7.8 |  |  | $ | 0.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 8.0 |
Residual sharing income | 0.1 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.6 |
Non-remarketing net gains (1) | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
| $ | 7.9 |  |  | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 8.9 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 204.1 |  |  | $ | 45.3 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 249.9 |
Selected Balance Sheet Data at September 30, 2020 |  |  |  |  |  |
Investments in affiliated companies | $ | 0.2 |  |  | $ | — |  |  | $ | 582.3 |  |  | $ | — |  |  | $ | 582.5 |
Identifiable assets from continuing operations | $ | 5,838.9 |  |  | $ | 1,654.3 |  |  | $ | 709.7 |  |  | $ | 487.4 |  |  | $ | 8,690.3 |
__________ (1) Includes net gains (losses) from scrapping of railcars.
| Rail North America |  | Rail International |  | Portfolio Management |  | Other |  | GATX Consolidated
Three Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 214.6 |  |  | $ | 55.6 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 270.5 |
Marine operating revenue | — |  |  | — |  |  | 1.9 |  |  | — |  |  | 1.9 |
Other revenue | 23.9 |  |  | 2.4 |  |  | 0.1 |  |  | — |  |  | 26.4 |
Total Revenues | 238.5 |  |  | 58.0 |  |  | 2.3 |  |  | — |  |  | 298.8 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 64.0 |  |  | 12.2 |  |  | — |  |  | — |  |  | 76.2 |
Marine operating expense | — |  |  | — |  |  | 3.4 |  |  | — |  |  | 3.4 |
Depreciation expense | 63.9 |  |  | 14.5 |  |  | 1.6 |  |  | — |  |  | 80.0 |
Operating lease expense | 13.7 |  |  | — |  |  | — |  |  | — |  |  | 13.7 |
Other operating expense | 6.2 |  |  | 1.4 |  |  | 0.1 |  |  | — |  |  | 7.7 |
Total Expenses | 147.8 |  |  | 28.1 |  |  | 5.1 |  |  | — |  |  | 181.0 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 4.3 |  |  | 0.3 |  |  | 0.5 |  |  | — |  |  | 5.1 |
Interest (expense) income, net | (33.1) |  |  | (10.2) |  |  | (2.8) |  |  | 1.4 |  |  | (44.7) |
Other expense | (1.0) |  |  | (0.1) |  |  | — |  |  | (0.6) |  |  | (1.7) |
Share of affiliates' pre-tax income | — |  |  | — |  |  | 15.8 |  |  | — |  |  | 15.8 |
Segment profit | $ | 60.9 |  |  | $ | 19.9 |  |  | $ | 10.7 |  |  | $ | 0.8 |  |  | $ | 92.3 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 42.6 |
Income taxes (includes $3.0 related to affiliates' earnings) | 12.5 |
Net income from continuing operations | $ | 37.2 |
Discontinued Operations, Net of Taxes |
Net income from discontinued operations, net of taxes | $ | 7.9 |
Gain on sale of discontinued operations, net of taxes | — |
Total discontinued operations, net of taxes | $ | 7.9 |
Net income | $ | 45.1 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on disposition of owned assets | $ | 4.4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 4.4 |
Residual sharing income | 0.1 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.6 |
Non-remarketing net gains (1) | (0.2) |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.1 |
| $ | 4.3 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | 5.1 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 138.1 |  |  | $ | 51.8 |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | 190.8 |
Selected Balance Sheet Data at December 31, 2019 |  |  |  |  |  |
Investments in affiliated companies | $ | 0.2 |  |  | $ | — |  |  | $ | 512.4 |  |  | $ | — |  |  | $ | 512.6 |
Identifiable assets from continuing operations | $ | 5,646.7 |  |  | $ | 1,486.7 |  |  | $ | 653.7 |  |  | $ | 206.9 |  |  | $ | 7,994.0 |
Identifiable assets from discontinued operations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 291.1 |
__________ (1) Includes net gains (losses) from scrapping of railcars.
| Rail North America |  | Rail International |  | Portfolio Management |  | Other |  | GATX Consolidated
Nine Months Ended September 30, 2020 |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 630.8 |  |  | $ | 181.9 |  |  | $ | 0.6 |  |  | $ | — |  |  | $ | 813.3 |
Marine operating revenue | — |  |  | — |  |  | 11.6 |  |  | — |  |  | 11.6 |
Other revenue | 72.5 |  |  | 6.5 |  |  | 0.4 |  |  | — |  |  | 79.4 |
Total Revenues | 703.3 |  |  | 188.4 |  |  | 12.6 |  |  | — |  |  | 904.3 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 206.5 |  |  | 38.3 |  |  | — |  |  | — |  |  | 244.8 |
Marine operating expense | — |  |  | — |  |  | 10.9 |  |  | — |  |  | 10.9 |
Depreciation expense | 193.0 |  |  | 48.4 |  |  | 4.0 |  |  | — |  |  | 245.4 |
Operating lease expense | 38.1 |  |  | — |  |  | — |  |  | — |  |  | 38.1 |
Other operating expense | 20.8 |  |  | 4.9 |  |  | 0.3 |  |  | — |  |  | 26.0 |
Total Expenses | 458.4 |  |  | 91.6 |  |  | 15.2 |  |  | — |  |  | 565.2 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 39.9 |  |  | 0.8 |  |  | 1.6 |  |  | — |  |  | 42.3 |
Interest (expense) income, net | (103.5) |  |  | (34.0) |  |  | (9.1) |  |  | 5.1 |  |  | (141.5) |
Other expense | (3.2) |  |  | (5.7) |  |  | — |  |  | (3.3) |  |  | (12.2) |
Share of affiliates' pre-tax income | — |  |  | — |  |  | 93.2 |  |  | — |  |  | 93.2 |
Segment profit | $ | 178.1 |  |  | $ | 57.9 |  |  | $ | 83.1 |  |  | $ | 1.8 |  |  | $ | 320.9 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 125.8 |
Income taxes (includes $33.1 related to affiliates' earnings) | 62.7 |
Net income from continuing operations | $ | 132.4 |
Discontinued operations, net of taxes |
Net loss from discontinued operations, net of taxes | $ | (2.2) |
Gain on sale of discontinued operations, net of taxes | 3.3 |
Total discontinued operations, net of taxes | $ | 1.1 |
Net income | $ | 133.5 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on disposition of owned assets | $ | 39.1 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 39.4 |
Residual sharing income | 0.3 |  |  | — |  |  | 1.5 |  |  | — |  |  | 1.8 |
Non-remarketing net gains (1) | 0.5 |  |  | 0.6 |  |  | — |  |  | — |  |  | 1.1 |
| $ | 39.9 |  |  | $ | 0.8 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 42.3 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 474.6 |  |  | $ | 164.5 |  |  | $ | 0.3 |  |  | $ | 2.0 |  |  | $ | 641.4 |
__________ (1) Includes net gains (losses) from scrapping of railcars.
| Rail North America |  | Rail International |  | Portfolio Management |  | Other |  | GATX Consolidated
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 654.3 |  |  | $ | 161.7 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 816.8 |
Marine operating revenue | — |  |  | — |  |  | 4.4 |  |  | — |  |  | 4.4 |
Other revenue | 73.7 |  |  | 6.2 |  |  | 0.5 |  |  | — |  |  | 80.4 |
Total Revenues | 728.0 |  |  | 167.9 |  |  | 5.7 |  |  | — |  |  | 901.6 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 199.8 |  |  | 35.5 |  |  | — |  |  | — |  |  | 235.3 |
Marine operating expense | — |  |  | — |  |  | 12.0 |  |  | — |  |  | 12.0 |
Depreciation expense | 192.6 |  |  | 42.7 |  |  | 4.9 |  |  | — |  |  | 240.2 |
Operating lease expense | 41.1 |  |  | — |  |  | — |  |  | — |  |  | 41.1 |
Other operating expense | 19.0 |  |  | 4.2 |  |  | 0.3 |  |  | — |  |  | 23.5 |
Total Expenses | 452.5 |  |  | 82.4 |  |  | 17.2 |  |  | — |  |  | 552.1 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 44.6 |  |  | 1.2 |  |  | 1.1 |  |  | — |  |  | 46.9 |
Interest (expense) income, net | (101.4) |  |  | (30.2) |  |  | (8.3) |  |  | 4.6 |  |  | (135.3) |
Other expense | (3.6) |  |  | (0.5) |  |  | — |  |  | (1.2) |  |  | (5.3) |
Share of affiliates' pre-tax income | — |  |  | — |  |  | 53.6 |  |  | — |  |  | 53.6 |
Segment profit | $ | 215.1 |  |  | $ | 56.0 |  |  | $ | 34.9 |  |  | $ | 3.4 |  |  | $ | 309.4 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 129.6 |
Income taxes (includes $10.0 related to affiliates' earnings) | 41.1 |
Net income from continuing operations | $ | 138.7 |
Discontinued operations, net of taxes |
Net income from discontinued operations, net of taxes | $ | 15.9 |
Gain on sale of discontinued operations, net of taxes | — |
Total discontinued operations, net of taxes | $ | 15.9 |
Net income | $ | 154.6 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on disposition of owned assets | $ | 40.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 40.9 |
Residual sharing income | 0.3 |  |  | — |  |  | 1.1 |  |  | — |  |  | 1.4 |
Non-remarketing net gains (1) | 3.4 |  |  | 1.2 |  |  | — |  |  | — |  |  | 4.6 |
| $ | 44.6 |  |  | $ | 1.2 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 46.9 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 342.4 |  |  | $ | 158.6 |  |  | $ | — |  |  | $ | 2.8 |  |  | $ | 503.8 |
__________ (1) Includes net gains (losses) from scrapping of railcars.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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