Financial Data of Business Segments

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Financial Data of Business Segments

We lease, operate, manage, and remarket long-lived, widely-used assets, primarily in the rail and marine markets. We also invest in joint ventures that complement our existing business activities. We havefourprimary business segments: Rail North America, Rail International, American Steamship Company (“ASC”), and Portfolio Management.

Rail North America is comprised of our wholly-owned operations in the United States, Canada, and Mexico, as well as two affiliate investments. Rail North America primarily leases railcars to customers on full-service leases, which require us to maintain the railcars, pay ad valorem taxes and insurance, and provide other ancillary services.

Rail International is comprised of our wholly-owned European rail operations ("Rail Europe") and our newly-established railcar leasing business in India ("Rail India"), as well as one affiliate investment. Rail Europe leases railcars, predominantly tank cars, to customers throughout Europe on full-service leases, which require us to maintain the railcars and provide insurance and other ancillary services.

ASC operates the largest fleet of U.S. flagged vessels on the Great Lakes, providing waterborne transportation of dry bulk commodities such as iron ore, coal, limestone aggregates, and metallurgical limestone.

Portfolio Management is an aggregation of a group of diversified owned assets and joint venture investments ("affiliates"), and provides leasing, asset remarketing, and asset management services. Portfolio Management selectively invests in long-lived, widely-used assets with a focus on domestic marine and container related equipment, and extends our market reach through affiliate investments.

Segment profit is an internal performance measure our Chief Executive Officer uses to assess the performance of each segment in a given period. Segment profit includes all revenues, pre-tax earnings from affiliates, and net gains on asset dispositions that are attributable to the segments as well as expenses that we believe are directly associated with the financing, maintenance, and operation of our revenue-earning assets. Segment profit excludes selling, general and administrative expenses, income taxes, and other unallocated amounts.

We allocate debt and interest expense to each segment based upon a predetermined fixed recourse leverage level expressed as a ratio of recourse debt (including off-balance-sheet debt) to equity. The leverage levels are 5:1 for Rail North America, 2:1 for Rail International, 1.5:1 for ASC, and 3:1 for Portfolio Management.We believe that by utilizing this allocation methodology, each segment’s financial performance reflects appropriate risk-adjusted borrowing costs.

The following tables show the profitability, financial position, and investment volume of each of our business segments (in millions):

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	192.2		$	45.6		$	1.1		$	7.8		$	—		$	246.7
Marine operating revenue	—			—			73.0			16.0			—			89.0
Other revenue	14.3			1.9			—			1.3			—			17.5
Total Revenues	206.5			47.5			74.1			25.1			—			353.2
Expenses
Maintenance expense	58.6			10.9			7.4			—			—			76.9
Marine operating expense	—			—			47.2			11.0			—			58.2
Depreciation expense	44.9			10.8			4.1			5.8			—			65.6
Operating lease expense	29.7			—			1.8			—			—			31.5
Other operating expense	4.9			1.3			—			0.7			—			6.9
Total Expenses	138.1			23.0			60.5			17.5			—			239.1
Other Income (Expense)
Net gain on asset dispositions	20.5			1.3			—			1.7			—			23.5
Interest expense, net	(26.1		)	(6.7		)	(1.6		)	(6.3		)	(0.4		)	(41.1		)
Other (expense) income	(4.8		)	(1.0		)	0.9			—			0.5			(4.4		)
Share of affiliates' earnings (pre-tax)	(0.1		)	16.7			—			14.7			—			31.3
Segment Profit	$	57.9		$	34.8		$	12.9		$	17.7		$	0.1		123.4
Selling, general and administrative expense																42.0
Income taxes (includes $3.7 of net tax benefits related to affiliates' earnings)																27.6
Net Income																$	53.8
Investment Volume
Portfolio investments and capital additions	$	130.8		$	43.7		$	—		$	19.3		$	2.4		$	196.2
Selected Balance Sheet Data at September 30, 2013
Investments in affiliated companies	$	31.5		$	2.1		$	—		$	328.3		$	—		$	361.9
Identifiable assets	$	3,781.6		$	1,269.6		$	285.5		$	851.5		$	150.9		$	6,339.1

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Three Months Ended September 30, 2012
Profitability
Revenues
Lease revenue	$	180.7		$	40.1		$	1.1		$	9.6		$	—		$	231.5
Marine operating revenue	—			—			79.1			6.4			—			85.5
Other revenue	12.7			1.4			—			0.8			—			14.9
Total Revenues	193.4			41.5			80.2			16.8			—			331.9
Expenses
Maintenance expense	51.3			9.8			7.7			—			—			68.8
Marine operating expense	—			—			51.3			5.2			—			56.5
Depreciation expense	42.2			8.9			4.0			5.6			—			60.7
Operating lease expense	31.4			—			1.3			—			—			32.7
Other operating expense	5.2			1.1			—			0.3			—			6.6
Total Expenses	130.1			19.8			64.3			11.1			—			225.3
Other Income (Expense)
Net gain on asset dispositions	9.2			1.0			—			1.1			—			11.3
Interest expense, net	(26.3		)	(6.1		)	(1.8		)	(6.9		)	(1.8		)	(42.9		)
Other (expense) income	(1.8		)	(1.8		)	(0.9		)	0.3			0.3			(3.9		)
Share of affiliates' earnings (pre-tax)	1.2			3.1			—			14.8			—			19.1
Segment Profit (Loss)	$	45.6		$	17.9		$	13.2		$	15.0		$	(1.5	)	90.2
Selling, general and administrative expense																38.6
Income taxes (includes $0.5 of net tax benefits related to affiliates' earnings)																(2.2		)
Net Income																$	53.8
Investment Volume
Portfolio investments and capital additions	$	81.9		$	41.4		$	0.3		$	6.3		$	1.7		$	131.6
Selected Balance Sheet Data at December 31, 2012
Investments in affiliated companies	$	46.9		$	77.2		$	—		$	377.9		$	—		$	502.0
Identifiable assets	$	3,601.1		$	1,105.8		$	284.2		$	797.4		$	266.9		$	6,055.4

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2013
Profitability
Revenues
Lease revenue	$	563.3		$	132.2		$	3.2		$	24.2		$	—		$	722.9
Marine operating revenue	—			—			157.0			33.8			—			190.8
Other revenue	41.9			5.8			—			3.0			—			50.7
Total Revenues	605.2			138.0			160.2			61.0			—			964.4
Expenses
Maintenance expense	170.8			32.0			15.1			—			—			217.9
Marine operating expense	—			—			105.2			27.3			—			132.5
Depreciation expense	129.9			31.5			8.1			17.1			—			186.6
Operating lease expense	94.0			—			3.5			—			(0.1		)	97.4
Other operating expense	13.9			3.6			—			1.7			—			19.2
Total Expenses	408.6			67.1			131.9			46.1			(0.1		)	653.6
Other Income (Expense)
Net gain on asset dispositions	40.9			3.8			—			15.1			—			59.8
Interest expense, net	(80.5		)	(17.5		)	(4.8		)	(19.7		)	(2.7		)	(125.2		)
Other (expense) income	(8.9		)	(0.5		)	0.3			—			0.5			(8.6		)
Share of affiliates' earnings (pre-tax)	8.3			21.1			—			37.2			—			66.6
Segment Profit (Loss)	$	156.4		$	77.8		$	23.8		$	47.5		$	(2.1	)	303.4
Selling, general and administrative expense																129.8
Income taxes (includes $9.7 related to affiliates' earnings)																57.6
Net Income																$	116.0
Investment Volume
Portfolio investments and capital additions	$	345.9		$	134.9		$	11.0		$	170.5		$	4.5		$	666.8

	Rail North America			Rail International			ASC			Portfolio Management			Other			GATX Consolidated
Nine Months Ended September 30, 2012
Profitability
Revenues
Lease revenue	$	531.9		$	119.1		$	3.2		$	28.4		$	—		$	682.6
Marine operating revenue	—			—			166.0			20.1			—			186.1
Other revenue	36.6			3.9			—			2.3			—			42.8
Total Revenues	568.5			123.0			169.2			50.8			—			911.5
Expenses
Maintenance expense	148.1			34.6			14.8			—			—			197.5
Marine operating expense	—			—			108.6			16.6			—			125.2
Depreciation expense	125.7			26.1			7.9			16.2			—			175.9
Operating lease expense	94.1			—			2.5			0.2			(0.2		)	96.6
Other operating expense	13.6			4.0			(0.3		)	(0.7		)	—			16.6
Total Expenses	381.5			64.7			133.5			32.3			(0.2		)	611.8
Other Income (Expense)
Net gain on asset dispositions	39.7			3.1			—			14.8			—			57.6
Interest expense, net	(78.0		)	(19.0		)	(5.5		)	(20.6		)	(4.0		)	(127.1		)
Other (expense) income	(3.9		)	(3.3		)	(0.9		)	3.4			0.7			(4.0		)
Share of affiliates' earnings (pre-tax)	4.7			(16.9		)	—			35.5			—			23.3
Segment Profit (Loss)	$	149.5		$	22.2		$	29.3		$	51.6		$	(3.1	)	249.5
Selling, general and administrative expense																115.6
Income taxes (includes $4.0 related to affiliates' earnings)																26.3
Net Income																$	107.6
Investment Volume
Portfolio investments and capital additions	$	318.5		$	125.4		$	11.7		$	62.8		$	5.0		$	523.4