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v3.25.0.1

Debt | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Debt Obligations The following table shows the outstanding balances of our debt obligations and the applicable interest rates as of December 31 (in millions):
| 2024 |  | 2023
Unsecured Recourse Fixed Rate Debt: |  |  |
U.S. |  |  |
3.25% Notes due March 2025 | $ | 300.0 |  |  | $ | 300.0 |
3.25% Notes due September 2026 | 350.0 |  |  | 350.0 |
5.40% Notes due March 2027 | 350.0 |  |  | — |
3.85% Notes due March 2027 | 300.0 |  |  | 300.0 |
3.50% Notes due March 2028 | 300.0 |  |  | 300.0 |
4.55% Notes due November 2028 | 300.0 |  |  | 300.0 |
4.70% Notes due April 2029 | 500.0 |  |  | 500.0 |
4.00% Notes due June 2030 | 500.0 |  |  | 500.0 |
1.90% Notes due June 2031 | 400.0 |  |  | 400.0 |
3.50% Notes due June 2032 | 400.0 |  |  | 400.0 |
4.90% Notes due March 2033 | 400.0 |  |  | 400.0 |
5.45% Notes due September 2033 | 400.0 |  |  | 400.0 |
6.05% Notes due March 2034 | 500.0 |  |  | 300.0 |
6.90% Notes due May 2034 | 400.0 |  |  | 400.0 |
5.20% Notes due March 2044 | 300.0 |  |  | 300.0 |
4.50% Notes due March 2045 | 250.0 |  |  | 250.0 |
3.10% Notes due June 2051 | 550.0 |  |  | 550.0 |
6.05% Notes due May 2054 | 400.0 |  |  | — |
4.35% Notes due February 2024 | — |  |  | 300.0 |
| $ | 6,900.0 |  |  | $ | 6,250.0 |
Europe (1) |  |  |
1.00% Notes due March 2025 | $ | 103.5 |  |  | $ | 110.4 |
1.13% Notes due August 2025 | 103.5 |  |  | 110.4 |
0.90% Schuldschein loan due October 2026 | 23.8 |  |  | 25.4 |
1.07% Notes due November 2026 | 77.7 |  |  | 82.8 |
| 2024 |  | 2023
5.23% Schuldschein loan due November 2026 | 38.8 |  |  | 41.4 |
4.37% Schuldschein loan due May 2027 | 36.2 |  |  | — |
1.17% Schuldschein loan due October 2028 | 53.8 |  |  | 57.4 |
1.56% Schuldschein loan due October 2031 | 77.7 |  |  | 82.8 |
3.62% Loan due December 2031 (3) | 103.5 |  |  | 110.4 |
0.85% Notes due May 2024 | — |  |  | 115.8 |
| $ | 618.5 |  |  | $ | 736.8 |
India (2) |  |  |
8.39% - 8.83% Term loan due June 2027 (4) | $ | 47.9 |  |  | $ | 49.4 |
8.13% - 8.53% Term loan due February 2028 (4) | 26.9 |  |  | 27.6 |
8.43% - 8.94% Term loan due February 2029 (4) | 46.7 |  |  | 24.0 |
8.51% - 8.88% Term loan due January 2030 (4) | 23.4 |  |  | — |
| $ | 144.9 |  |  | $ | 101.0 |
Total unsecured fixed rate debt | $ | 7,663.4 |  |  | $ | 7,087.8 |
Unsecured Recourse Floating Rate Debt (5): |  |  |
U.S. |  |  |
6.47% Notes due January 2026 | $ | 100.0 |  |  | $ | 100.0 |
6.30% Notes due January 2028 | 50.0 |  |  | 50.0 |
7.14% Notes due September 2029 | 50.0 |  |  | 50.0 |
| $ | 200.0 |  |  | $ | 200.0 |
Europe (1) |  |  |
4.32% Loan due December 2025 | $ | 125.3 |  |  | $ | — |
4.84% Notes due December 2027 | 113.9 |  |  | 121.4 |
5.36% Loan due May 2029 | 77.7 |  |  | — |
6.05% Loan due November 2030 | 38.8 |  |  | 41.4 |
5.02% Loan due March 2031 | 51.8 |  |  | — |
| $ | 407.5 |  |  | $ | 162.8 |
Total recourse floating rate debt | $ | 607.5 |  |  | $ | 362.8 |
Total debt principal | $ | 8,270.9 |  |  | $ | 7,450.6 |
Unamortized debt discount and debt issuance costs | (51.6) |  |  | (54.5) |
Debt adjustment for fair value hedges | (4.0) |  |  | (8.0) |
Total Debt | $ | 8,215.3 |  |  | $ | 7,388.1 |
__________ (1) Denominated in euros, but presented in U.S. dollars in this table. (2) Denominated in Indian rupees, but presented in U.S. dollars in this table. (3) The loan was originally set to mature in November 2024 but was extended to December 2031 at a new rate of 3.62%. (4) Term loans were drawn against delayed draw term loans in multiple tranches, resulting in various interest rates for each tranche. (5) For floating rate debt, the interest disclosed is the applicable interest rate as of December 31, 2024. The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
| 2024 |  | 2023
Weighted-average interest rate | 4.59 | % |  | 4.08 | %
Weighted-average term, in years | 8.6 |  | 8.4
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2024 (in millions):
2025 | $ | 632.4 |
2026 | 602.3 |
2027 | 836.1 |
2028 | 730.7 |
2029 | 674.4 |
Thereafter | 4,795.0 |
Total debt principal | $ | 8,270.9 |
Borrowings Under Bank Credit Facilities The following table shows the balance and weighted-average interest rate of our borrowings under bank credit facilities as of December 31 (in millions):
| 2024 |  | 2023
Balance | $ | 10.4 |  |  | $ | 11.0 |
Weighted-average interest rate | 4.24 | % |  | 3.86 | %
Credit Lines and Facilities In 2024, we entered into a $600 million, 5-year unsecured revolving credit facility in the United States, expiring in May 2029. The facility contains two one-year extension options. This replaced our prior $600 million, 5-year unsecured revolving credit facility. As of December 31, 2024, the full $600 million was available under this facility. We also entered into a $350 million 3-year unsecured revolving credit facility in the United States, expiring in May 2027. This facility contains two one-year extension options. This replaced our prior $250 million 3-year unsecured revolving credit facility. As of December 31, 2024, the full $350 million was available under this facility. In 2024, we entered into a new €210 million, 3-year unsecured revolving credit facility in Europe, expiring in December 2027. In total, our European subsidiaries have unsecured credit facilities with an aggregate limit of €245.0 million. As of December 31, 2024, €235.0 million was available under these credit facilities. Annual commitment fees for GATX's credit facilities were $1.3 million for 2024, $1.1 million for 2023, and $1.2 million for 2022. Delayed Draw Term Loans As of December 31, 2024, we had INR 2.0 billion ($23.4 million) available under an outstanding delayed draw term loan in India. Restrictive Covenants Our $600 million and $350 million revolving credit facilities in the United States, and our €210 million revolving credit facility in Europe, contain various restrictive covenants, including requirements to maintain a fixed charge coverage ratio and an asset coverage test. Our ratio of earnings to fixed charges, as defined in this facility, was 2.0 for the period ended December 31, 2024, which is in excess of the minimum covenant ratio of 1.2. Some of our bank term loans have the same financial covenants as these facilities. The indentures for our public debt also contain various restrictive covenants, including limitations on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2024, this limit was $2.4 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2024, our European subsidiaries had outstanding term loans, public debt, and private placement debt balances totaling €991.0 million. The loans are guaranteed by GATX Corporation and are subject to similar restrictive covenants as the revolving credit facility noted above. At December 31, 2024, we were in compliance with all covenants and conditions of all of our credit agreements, indentures and loans. We do not anticipate any covenant violations nor do we expect that any of these covenants will restrict our operations or our ability to obtain additional financing.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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