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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Deferred tax Assets and Liabilities | The following table shows the significant components of our deferred tax liabilities and assets as of December 31 (in millions):
| 2024 |  | 2023
Deferred Tax Liabilities |  |  |
Book/tax basis difference due to depreciation | $ | 1,327.9 |  |  | $ | 1,263.5 |
Right-of-use assets | 41.3 |  |  | 52.9 |
Investments in affiliated companies | 4.5 |  |  | 16.8 |
Lease accounting | 18.0 |  |  | 17.2 |
Intangible amortization | 1.5 |  |  | 1.7 |
Other | 4.9 |  |  | 4.5 |
Total deferred tax liabilities | $ | 1,398.1 |  |  | $ | 1,356.6 |
Deferred Tax Assets |  |  |
Lease liability | $ | 44.4 |  |  | $ | 56.6 |
Federal net operating loss | 82.6 |  |  | 75.0 |
Foreign tax credit | 0.8 |  |  | 0.8 |
Valuation allowance on foreign tax credit | (0.8) |  |  | (0.8) |
Federal interest limitation carryforward | 72.5 |  |  | 77.3 |
State net operating loss | 37.4 |  |  | 40.1 |
Valuation allowance on state net operating loss | (20.4) |  |  | (20.3) |
State interest limitation carryforward | 11.4 |  |  | 13.0 |
Foreign net operating loss | 4.4 |  |  | 4.1 |
Accruals not currently deductible for tax purposes | 32.3 |  |  | 21.0 |
Allowance for losses | 1.3 |  |  | 1.0 |
Pension and post-retirement benefits | 2.1 |  |  | 5.8 |
Other | 2.8 |  |  | 1.9 |
Total deferred tax assets | $ | 270.8 |  |  | $ | 275.5 |
Net deferred tax liabilities | $ | 1,127.3 |  |  | $ | 1,081.1 |
Income before income taxes | The following table shows the components of income before income taxes, excluding affiliates, for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Income before Income Taxes |  |  |  |  |
Domestic | $ | 80.6 |  |  | $ | 82.9 |  |  | $ | 55.8 |
Foreign | 180.8 |  |  | 162.6 |  |  | 121.3 |
Total | $ | 261.4 |  |  | $ | 245.5 |  |  | $ | 177.1 |
Consolidated federal income taxes | The following table shows income taxes, excluding domestic and foreign affiliates, for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Income Tax Expense |  |  |  |  |
Current |  |  |  |  |
Domestic: |  |  |  |  |
Federal | $ | — |  |  | $ | 2.9 |  |  | $ | 0.2 |
State and local | 0.7 |  |  | 0.2 |  |  | — |
| $ | 0.7 |  |  | $ | 3.1 |  |  | $ | 0.2 |
Foreign | 13.5 |  |  | 17.3 |  |  | 18.3 |
Total current | $ | 14.2 |  |  | $ | 20.4 |  |  | $ | 18.5 |
Deferred |  |  |  |  |
Domestic: |  |  |  |  |
Federal | $ | 18.4 |  |  | $ | 13.5 |  |  | $ | 11.1 |
State and local | (6.4) |  |  | (1.8) |  |  | 2.7 |
| $ | 12.0 |  |  | $ | 11.7 |  |  | $ | 13.8 |
Foreign | 33.8 |  |  | 26.6 |  |  | 22.5 |
Total deferred | $ | 45.8 |  |  | $ | 38.3 |  |  | $ | 36.3 |
Income taxes | $ | 60.0 |  |  | $ | 58.7 |  |  | $ | 54.8 |
Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax | The following table is a reconciliation between the federal statutory income tax rate and our effective income tax rate for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Income taxes at federal statutory rate | $ | 54.9 |  |  | $ | 51.6 |  |  | $ | 37.2 |
Adjust for effect of: |  |  |  |  |
Foreign earnings taxed at applicable statutory rates | 9.3 |  |  | 9.8 |  |  | 18.0 |
Foreign deferred tax rate change impact | — |  |  | — |  |  | (2.9) |
Nondeductible compensation | 4.3 |  |  | 2.7 |  |  | 2.6 |
Share-based compensation | (2.2) |  |  | (1.7) |  |  | (2.3) |
State income taxes | 3.0 |  |  | 3.7 |  |  | 2.6 |
State income tax rate change impact | (6.0) |  |  | (3.0) |  |  | (8.3) |
State net operating loss valuation allowance | (1.8) |  |  | (2.3) |  |  | 9.9 |
Other | (1.5) |  |  | (2.1) |  |  | (2.0) |
Income taxes | $ | 60.0 |  |  | $ | 58.7 |  |  | $ | 54.8 |
Effective income tax rate | 23.0 | % |  | 23.9 | % |  | 30.9 | %

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