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Financial Data of Business Segments
 3 Months Ended
Mar. 31, 2021
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 Portfolio Management. Financial results for Trifleet Leasing are reported in the Other segment.

In the first quarter of 2021, GATX invested directly in aircraft spare engines through its entity, GEL. GEL acquired 14 aircraft spare engines for approximately $352 million, including 4 engines for $120 million from the RRPF affiliates. Financial results for this business are reported in the Portfolio Management 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 composed of our operations in Europe ("GATX Rail Europe" or "GRE"), India ("Rail India"), and Russia ("Rail Russia"). GRE 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. After a thorough strategic review, in the third quarter of 2022,we decided to exit Rail Russia. As such, we have classified the net assets of Rail Russia as held for sale as of September 30, 2022. See "Note 6. Asset Impairments and Assets Held for Sale" for further information.

Portfolio Management is composed primarily of our ownership in the RRPF affiliates, a group of joint ventures with Rolls-Royce plc that lease aircraft spare engines, GEL, our direct ownership of aircraft spare engines that we lease, as well as liquefied gas carrying vessels (the "Specialized Gas Vessels"). In the second quarter of 2022, we made the decision to sell the Specialized Gas Vessels. As a result of this decision, we classified the Specialized Gas Vessels as held for sale. During the third quarter of 2022, GATX sold two of the Specialized Gas Vessels. See "Note 6. Asset Impairments and Assets Held for Sale" for further information.

Other includes our Trifleet Leasing business, 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 used by the Chief Executive Officer to assess the profitability of 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.
The following tables show certain segment data for each of our business segments (in millions):


Rail
North America
Rail International
Portfolio Management		OtherGATX Consolidated
Three Months Ended September 30, 2022
Revenues
Lease revenue
$211.3 $65.3 $8.3 $7.5 $292.4 
Marine operating revenue
— — 4.8 — 4.8 
Other revenue
20.0 2.3 — 1.5 23.8 
Total Revenues
231.3 67.6 13.1 9.0 321.0 
Expenses
Maintenance expense
62.4 12.8 — 0.7 75.9 
Marine operating expense
— — 3.6 — 3.6 
Depreciation expense
65.3 16.8 3.7 2.9 88.7 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.0 1.5 0.6 0.6 8.7 
Total Expenses
142.7 31.1 7.9 4.2 185.9 
Other Income (Expense)
Net gain (loss) on asset dispositions
13.3 (10.3)0.8 0.1 3.9 
Interest expense, net
(36.5)(11.2)(4.6)(1.3)(53.6)
Other (expense) income
(1.4)(0.5)0.1 (0.7)(2.5)
Share of affiliates' pre-tax earnings
0.3 — 9.7 — 10.0 
Segment profit
$64.3 $14.5 $11.2 $2.9 $92.9 
Less:
Selling, general and administrative expense
47.6 
Income taxes (includes $2.5 related to affiliates' earnings)
16.2 
Net income
$29.1 
Net Gain (Loss) on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$8.8 $0.3 $— $— $9.1 
Residual sharing income
0.2 — 0.8 — 1.0 
Non-remarketing net gains (1)
4.3 0.2 — 0.1 4.6 
Asset impairments
— (10.8)— — (10.8)
$13.3 $(10.3)$0.8 $0.1 $3.9 
Capital Expenditures
Portfolio investments and capital additions
$142.5 $50.1 $— $10.8 $203.4 
Selected Balance Sheet Data at September 30, 2022
Investments in affiliated companies
$0.6 $— $603.7 $— $604.3 
Identifiable assets
$6,412.3 $1,610.2 $991.1 $861.8 $9,875.4 
__________
(1) Includes net gains (losses) from scrapping of railcars.


Rail
North America
Rail International
Portfolio Management		OtherGATX Consolidated
Three Months Ended September 30, 2021
Revenues
Lease revenue
$200.4 $68.8 $8.2 $6.5 $283.9 
Marine operating revenue
— — 5.0 — 5.0 
Other revenue
19.4 2.7 0.1 2.4 24.6 
Total Revenues
219.8 71.5 13.3 8.9 313.5 
Expenses
Maintenance expense
58.9 14.0 — 1.3 74.2 
Marine operating expense
— — 3.7 — 3.7 
Depreciation expense
64.8 18.5 4.9 2.9 91.1 
Operating lease expense
9.0 — — — 9.0 
Other operating expense
6.6 1.8 0.6 0.7 9.7 
Total Expenses
139.3 34.3 9.2 4.9 187.7 
Other Income (Expense)
Net gain on asset dispositions
20.2 0.9 0.6 0.2 21.9 
Interest expense, net
(32.9)(10.9)(4.5)(1.5)(49.8)
Other (expense) income
(1.1)(0.2)2.0 (1.0)(0.3)
Share of affiliates' pre-tax (loss) earnings
(0.2)— 4.0 — 3.8 
Segment profit
$66.5 $27.0 $6.2 $1.7 $101.4 
Less:
Selling, general and administrative expense
45.9 
Income taxes (includes $1.0 related to affiliates' earnings)
15.4 
Net income$40.1 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets
$14.4 $0.3 $— $0.2 $14.9 
Residual sharing income
0.2 — 0.6 — 0.8 
Non-remarketing net gains (1)
5.6 0.6 — — 6.2 
$20.2 $0.9 $0.6 $0.2 $21.9 
Capital Expenditures
Portfolio investments and capital additions
$178.9 $40.9 $— $10.0 $229.8 
Selected Balance Sheet Data at December 31, 2021
Investments in affiliated companies
$0.3 $— $588.1 $— $588.4 
Identifiable assets
$6,141.7 $1,729.9 $1,048.7 $621.4 $9,541.7 
__________
(1) Includes net gains (losses) from scrapping of railcars