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Fair Value Disclosure (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Assets and liabilities at fair value recurring basis | The following tables show our derivative assets and liabilities that are measured at fair value (in millions):
|  |  | Significant Observable Inputs (Level 2)
| Balance Sheet Location |  | Fair Value December 31, 2024 |  | Fair Value December 31, 2023
Derivative Assets |  |  |  |  |
Foreign exchange contracts (1) | Other assets |  | $ | — |  |  | $ | 0.5 |
Total derivative assets |  |  | $ | — |  |  | $ | 0.5 |
Derivative Liabilities |  |  |  |  |
Interest rate contracts (1) | Other liabilities |  | $ | 4.0 |  |  | $ | 8.0 |
Foreign exchange contracts (2) | Other liabilities |  | 8.1 |  |  | 10.5 |
Total derivative liabilities |  |  | $ | 12.1 |  |  | $ | 18.5 |
_________ (1) Designated as hedges. (2) Not designated as hedges.
Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss) | The following table shows the amounts recorded on the balance sheet related to cumulative basis adjustments for fair value hedges as of December 31 (in millions):
|  | Carrying Amount of the Hedged Assets/(Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
Line Item in the Balance Sheet in Which the Hedged Item is Included |  | 2024 |  | 2023 |  | 2024 |  | 2023
Recourse debt |  | $ | (198.9) |  |  | $ | (196.8) |  |  | $ | (4.0) |  |  | $ | (8.0) |
The following tables show the impact of our derivative instruments on our statements of comprehensive income for the years ended December 31 (in millions):
|  | Amount of (Gain) Loss Recognized in Other Comprehensive (Loss) Income
Derivative Designation |  | 2024 |  | 2023 |  | 2022
Derivatives in cash flow hedging relationships:
Foreign exchange contracts |  | $ | (3.4) |  |  | $ | 3.6 |  |  | $ | (5.7) |
Total |  | $ | (3.4) |  |  | $ | 3.6 |  |  | $ | (5.7) |
Location of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings |  | Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss into Earnings
| 2024 |  | 2023 |  | 2022
Interest expense |  | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | 1.7 |
Other expense |  | (3.7) |  |  | 3.7 |  |  | (5.7) |
Total |  | $ | (2.1) |  |  | $ | 5.3 |  |  | $ | (4.0) |
Fair value hedging instruments | The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions):
| Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
| 2024 |  | 2023 |  | 2022
Total interest expense | $ | (341.0) |  |  | $ | (263.4) |  |  | $ | (214.0) |
Gain (loss) on fair value hedging relationships |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Hedged items | (4.0) |  |  | (3.6) |  |  | 14.1 |
Derivatives designated as hedging instruments | 4.0 |  |  | 3.6 |  |  | (14.1) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss into earnings | (1.6) |  |  | (1.6) |  |  | (1.7) |
| Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
| 2024 |  | 2023 |  | 2022
Total other expense | $ | (9.5) |  |  | $ | (9.4) |  |  | $ | (27.0) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1) | 3.7 |  |  | (3.7) |  |  | 5.7 |
Gain (Loss) on non-designated foreign exchange derivative contracts (2) | 1.7 |  |  | (11.3) |  |  | 0.7 |
_________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense. (2) Foreign exchange contracts.
Cash flow hedging instruments | The following tables show the impact of our fair value and cash flow hedge accounting relationships, as well as the impact of our non-designated derivatives, on the statements of comprehensive income for the years ended December 31 (in millions):
| Amount of Gain (Loss) Recognized in Interest Expense on Fair Value and Cash Flow Hedging Relationships
| 2024 |  | 2023 |  | 2022
Total interest expense | $ | (341.0) |  |  | $ | (263.4) |  |  | $ | (214.0) |
Gain (loss) on fair value hedging relationships |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Hedged items | (4.0) |  |  | (3.6) |  |  | 14.1 |
Derivatives designated as hedging instruments | 4.0 |  |  | 3.6 |  |  | (14.1) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |
Interest rate contracts: |  |  |  |  |
Amount of loss reclassified from accumulated other comprehensive loss into earnings | (1.6) |  |  | (1.6) |  |  | (1.7) |
| Amount of Gain (Loss) Recognized in Other Expense on Cash Flow Hedging Relationships and Non-Designated Derivative Contracts
| 2024 |  | 2023 |  | 2022
Total other expense | $ | (9.5) |  |  | $ | (9.4) |  |  | $ | (27.0) |
Gain (loss) on cash flow hedging relationships |  |  |  |  |
Foreign exchange contracts: |  |  |  |  |
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings (1) | 3.7 |  |  | (3.7) |  |  | 5.7 |
Gain (Loss) on non-designated foreign exchange derivative contracts (2) | 1.7 |  |  | (11.3) |  |  | 0.7 |
_________ (1) These amounts are substantially offset by foreign currency remeasurement adjustments on related hedged instruments, also recognized in other expense. (2) Foreign exchange contracts.
Other financial instruments | The following table shows the carrying amounts and fair values of our other financial instruments as of December 31 (in millions):
| 2024 |  | 2023
| Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Liabilities |  |  |  |  |  |  |
Recourse fixed rate debt | $ | 7,609.5 |  |  | $ | 7,243.9 |  |  | $ | 7,026.6 |  |  | $ | 6,614.6 |
Recourse floating rate debt | 605.8 |  |  | 617.3 |  |  | 361.5 |  |  | 362.9 |
Total | $ | 8,215.3 |  |  | $ | 7,861.2 |  |  | $ | 7,388.1 |  |  | $ | 6,977.5 |

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