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Financial Data of Business Segments | 12 Months Ended
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Dec. 31, 2024
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 Engine Leasing (previously named Portfolio Management). Financial results for Trifleet are reported in the Other segment. 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 an aggregation of our operating segments in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India") and, until January 31, 2023, Rail Russia. In 2023, we completed the sale of Rail Russia. GRE primarily leases railcars to customers throughout Europe pursuant to full-service leases under which it maintains the railcars and provides value-added services according to customer requirements. Rail India primarily leases railcars to customers in India pursuant to net leases, under which the lessee assumes responsibility for maintenance of the railcars. As previously disclosed, we changed the name of our Portfolio Management business segment to Engine Leasing in 2024 to reflect the prospective operations of the segment. Historically, this business segment included marine operations from our Specialized Gas Vessels. As of December 31, 2023, we had sold all of our marine assets and no longer have any marine operations. Engine Leasing is now almost entirely composed our engine leasing operations, which include our ownership interest in the RRPF affiliates, a group of joint ventures with Rolls-Royce that lease aircraft spare engines, and GEL, our business that directly owns aircraft spare engines that are leased to airline customers or employed in engine capacity agreements. Other includes Trifleet operations, as well as selling, general and administrative expenses, income taxes, and certain other amounts not allocated to the segments. Segment profit is an internal performance measure reported to GATX's President and Chief Executive Officer, our chief operating decision maker ("CODM"), for purposes of assessing performance and allocating capital and resources to 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. We have disclosed in each segment the significant expense categories that are reviewed by the CODM, and there are no additional significant expenses within the expense categories presented in the segment tables. The CODM uses segment profit during the annual budget and forecasting processes and considers comparisons of actual segment profit against budget, forecast, and prior periods to assess current period performance and when making decisions about allocating capital and resources to each segment. The following tables show certain segment data for the years ended December 31, 2024, 2023, and 2022 (in millions):
| Rail North America |  | Rail International |  | Engine Leasing |  | Other |  | GATX Consolidated
2024 Profitability |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 983.5 |  |  | $ | 333.6 |  |  | $ | 32.4 |  |  | $ | 31.6 |  |  | $ | 1,381.1 |
Non-dedicated engine revenue | — |  |  | — |  |  | 64.6 |  |  | — |  |  | 64.6 |
Other revenue | 115.5 |  |  | 16.7 |  |  | 0.1 |  |  | 7.5 |  |  | 139.8 |
Total Revenues | 1,099.0 |  |  | 350.3 |  |  | 97.1 |  |  | 39.1 |  |  | 1,585.5 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 306.9 |  |  | 70.7 |  |  | — |  |  | 4.0 |  |  | 381.6 |
Depreciation expense | 271.1 |  |  | 78.7 |  |  | 37.8 |  |  | 14.8 |  |  | 402.4 |
Operating lease expense | 33.9 |  |  | — |  |  | — |  |  | — |  |  | 33.9 |
Other operating expense | 26.4 |  |  | 17.4 |  |  | 9.6 |  |  | 4.3 |  |  | 57.7 |
Total Expenses | 638.3 |  |  | 166.8 |  |  | 47.4 |  |  | 23.1 |  |  | 875.6 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 132.8 |  |  | 4.5 |  |  | 0.6 |  |  | 0.4 |  |  | 138.3 |
Interest (expense) income, net | (232.1) |  |  | (71.4) |  |  | (41.9) |  |  | 4.4 |  |  | (341.0) |
Other (expense) income | (5.4) |  |  | 3.2 |  |  | 0.6 |  |  | (7.9) |  |  | (9.5) |
Share of affiliates' pre-tax earnings | — |  |  | — |  |  | 108.3 |  |  | — |  |  | 108.3 |
Segment profit | $ | 356.0 |  |  | $ | 119.8 |  |  | $ | 117.3 |  |  | $ | 12.9 |  |  | $ | 606.0 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 236.3 |
Income taxes (includes $25.5 related to affiliates' earnings) | 85.5 |
Net income | $ | 284.2 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on dispositions of owned assets | $ | 119.4 |  |  | $ | 1.7 |  |  | $ | 0.6 |  |  | $ | 0.3 |  |  | $ | 122.0 |
Residual sharing income | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Non-remarketing net gains (1) | 12.9 |  |  | 2.8 |  |  | — |  |  | 0.1 |  |  | 15.8 |
| $ | 132.8 |  |  | $ | 4.5 |  |  | $ | 0.6 |  |  | $ | 0.4 |  |  | $ | 138.3 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 1,162.4 |  |  | $ | 232.9 |  |  | $ | 260.8 |  |  | $ | 18.3 |  |  | $ | 1,674.4 |
Selected Balance Sheet Data |  |  |
Investments in affiliated companies | $ | 0.2 |  |  | $ | — |  |  | $ | 663.1 |  |  | $ | — |  |  | $ | 663.3 |
Identifiable assets | $ | 7,751.6 |  |  | $ | 2,233.3 |  |  | $ | 1,653.4 |  |  | $ | 658.2 |  |  | $ | 12,296.5 |
__________ (1) Includes net gains from scrapping of railcars.
| Rail North America |  | Rail International |  | Engine Leasing |  | Other |  | GATX Consolidated
2023 Profitability |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 888.8 |  |  | $ | 296.6 |  |  | $ | 32.6 |  |  | $ | 33.4 |  |  | $ | 1,251.4 |
Non-dedicated engine revenue | — |  |  | — |  |  | 37.6 |  |  | — |  |  | 37.6 |
Marine operating revenue | — |  |  | — |  |  | 6.9 |  |  | — |  |  | 6.9 |
Other revenue | 93.9 |  |  | 12.9 |  |  | 0.1 |  |  | 8.1 |  |  | 115.0 |
Total Revenues | 982.7 |  |  | 309.5 |  |  | 77.2 |  |  | 41.5 |  |  | 1,410.9 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 276.6 |  |  | 64.1 |  |  | — |  |  | 4.1 |  |  | 344.8 |
Depreciation expense | 265.9 |  |  | 68.2 |  |  | 28.3 |  |  | 13.9 |  |  | 376.3 |
Operating lease expense | 36.0 |  |  | — |  |  | — |  |  | — |  |  | 36.0 |
Marine operating expense | — |  |  | — |  |  | 6.5 |  |  | — |  |  | 6.5 |
Other operating expense | 25.9 |  |  | 10.4 |  |  | 7.3 |  |  | 3.0 |  |  | 46.6 |
Total Expenses | 604.4 |  |  | 142.7 |  |  | 42.1 |  |  | 21.0 |  |  | 810.2 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain on asset dispositions | 120.5 |  |  | 7.0 |  |  | 2.2 |  |  | 0.6 |  |  | 130.3 |
Interest (expense) income, net | (182.9) |  |  | (56.2) |  |  | (29.8) |  |  | 5.5 |  |  | (263.4) |
Other (expense) income | (8.0) |  |  | (4.2) |  |  | 0.2 |  |  | 2.6 |  |  | (9.4) |
Share of affiliates' pre-tax (loss) earnings | (0.6) |  |  | — |  |  | 98.7 |  |  | — |  |  | 98.1 |
Segment profit | $ | 307.3 |  |  | $ | 113.4 |  |  | $ | 106.4 |  |  | $ | 29.2 |  |  | $ | 556.3 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 212.7 |
Income taxes (includes $25.7 related to affiliates' earnings) | 84.4 |
Net income | $ | 259.2 |
Net Gain on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on dispositions of owned assets | $ | 111.7 |  |  | $ | 4.9 |  |  | $ | 2.9 |  |  | $ | 0.3 |  |  | $ | 119.8 |
Residual sharing income | 0.4 |  |  | — |  |  | 0.5 |  |  | — |  |  | 0.9 |
Non-remarketing net gains (1) | 8.4 |  |  | 2.4 |  |  | — |  |  | 0.3 |  |  | 11.1 |
Asset impairments | — |  |  | (0.3) |  |  | (1.2) |  |  | — |  |  | (1.5) |
| $ | 120.5 |  |  | $ | 7.0 |  |  | $ | 2.2 |  |  | $ | 0.6 |  |  | $ | 130.3 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 976.9 |  |  | $ | 382.4 |  |  | $ | 267.3 |  |  | $ | 38.4 |  |  | $ | 1,665.0 |
Selected Balance Sheet Data |  |  |
Investments in affiliated companies | $ | 0.2 |  |  | $ | — |  |  | $ | 626.8 |  |  | $ | — |  |  | $ | 627.0 |
Identifiable assets | $ | 6,993.8 |  |  | $ | 2,175.2 |  |  | $ | 1,355.1 |  |  | $ | 801.9 |  |  | $ | 11,326.0 |
__________ (1) Includes net gains from scrapping of railcars.
| Rail North America |  | Rail International |  | Engine Leasing |  | Other |  | GATX Consolidated
2022 Profitability |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |
Lease revenue | $ | 826.0 |  |  | $ | 266.2 |  |  | $ | 33.0 |  |  | $ | 29.4 |  |  | $ | 1,154.6 |
Non-dedicated engine revenue | — |  |  | — |  |  | 1.5 |  |  | — |  |  | 1.5 |
Marine operating revenue | — |  |  | — |  |  | 18.9 |  |  | — |  |  | 18.9 |
Other revenue | 82.0 |  |  | 9.1 |  |  | 0.2 |  |  | 6.7 |  |  | 98.0 |
Total Revenues | 908.0 |  |  | 275.3 |  |  | 53.6 |  |  | 36.1 |  |  | 1,273.0 |
Expenses |  |  |  |  |  |  |  |  |
Maintenance expense | 238.5 |  |  | 51.4 |  |  | — |  |  | 2.8 |  |  | 292.7 |
Depreciation expense | 258.6 |  |  | 69.1 |  |  | 17.8 |  |  | 12.0 |  |  | 357.5 |
Operating lease expense | 36.1 |  |  | — |  |  | — |  |  | — |  |  | 36.1 |
Marine operating expense | — |  |  | — |  |  | 14.1 |  |  | — |  |  | 14.1 |
Other operating expense | 24.5 |  |  | 8.3 |  |  | 2.3 |  |  | 2.3 |  |  | 37.4 |
Total Expenses | 557.7 |  |  | 128.8 |  |  | 34.2 |  |  | 17.1 |  |  | 737.8 |
Other Income (Expense) |  |  |  |  |  |  |  |  |
Net gain (loss) on asset dispositions | 119.7 |  |  | (11.2) |  |  | (31.1) |  |  | 0.5 |  |  | 77.9 |
Interest expense, net | (144.6) |  |  | (45.6) |  |  | (19.0) |  |  | (4.8) |  |  | (214.0) |
Other expense | (4.6) |  |  | (3.8) |  |  | — |  |  | (18.6) |  |  | (27.0) |
Share of affiliates' pre-tax earnings | 0.5 |  |  | — |  |  | 45.4 |  |  | — |  |  | 45.9 |
Segment profit (loss) | $ | 321.3 |  |  | $ | 85.9 |  |  | $ | 14.7 |  |  | $ | (3.9) |  |  | $ | 418.0 |
Less: |  |  |  |  |  |  |  |  |
Selling, general and administrative expense | 195.0 |
Income taxes (includes $12.3 related to affiliates' earnings) | 67.1 |
Net income | $ | 155.9 |
Net Gain (Loss) on Asset Dispositions |  |  |  |  |  |  |  |  |
Asset Remarketing Income: |  |  |  |  |  |  |  |  |
Net gains on dispositions of owned assets | $ | 102.2 |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | 104.1 |
Residual sharing income | 2.4 |  |  | — |  |  | 3.2 |  |  | — |  |  | 5.6 |
Non-remarketing net gains (1) | 15.1 |  |  | 1.8 |  |  | — |  |  | 0.2 |  |  | 17.1 |
Asset impairments | — |  |  | (14.6) |  |  | (34.3) |  |  | — |  |  | (48.9) |
| $ | 119.7 |  |  | $ | (11.2) |  |  | $ | (31.1) |  |  | $ | 0.5 |  |  | $ | 77.9 |
Capital Expenditures |  |  |  |  |  |  |  |  |
Portfolio investments and capital additions | $ | 815.9 |  |  | $ | 243.9 |  |  | $ | 149.7 |  |  | $ | 46.3 |  |  | $ | 1,255.8 |
Selected Balance Sheet Data |  |  |
Investments in affiliated companies | $ | 0.8 |  |  | $ | — |  |  | $ | 574.3 |  |  | $ | — |  |  | $ | 575.1 |
Identifiable assets | $ | 6,445.7 |  |  | $ | 1,774.4 |  |  | $ | 1,106.6 |  |  | $ | 745.3 |  |  | $ | 10,072.0 |
__________ (1) Includes net gains from scrapping of railcars.

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- Definition The entire disclosure for reporting segments including data and tables. 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