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Debt
 12 Months Ended
Dec. 31, 2022
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):
Date of IssueFinal
Maturity		Interest Rate20222021
Recourse Fixed Rate Debt
Unsecured
03/19/1303/30/233.90 %$250.0 $250.0 
Unsecured
11/05/1802/15/244.35 %300.0 300.0 
Unsecured (1)
12/22/1605/23/240.85 %112.4 119.4 
Unsecured (1)
11/05/1911/05/240.96 %107.1 113.7 
Unsecured (1)
03/20/2003/20/251.00 %107.1 113.7 
Unsecured
02/06/1503/30/253.25 %300.0 300.0 
Unsecured (1)
08/03/2008/03/251.13 %107.1 113.7 
Unsecured
09/13/1609/15/263.25 %350.0 350.0 
Unsecured (1)
10/27/2110/27/260.90 %24.6 26.1 
Unsecured (1)
11/04/1911/04/261.07 %80.2 85.3 
Unsecured
02/09/1703/30/273.85 %300.0 300.0 
Unsecured
11/02/1703/15/283.50 %300.0 300.0 
Unsecured (1)
10/27/2110/27/281.17 %55.6 59.1 
Unsecured
05/07/1811/07/284.55 %300.0 300.0 
Unsecured
01/31/1904/01/294.70 %500.0 500.0 
Unsecured
05/12/2006/30/304.00 %500.0 500.0 
Unsecured
02/03/2106/01/311.90 %400.0 400.0 
Unsecured (1)
10/27/2110/27/311.56 %80.3 85.3 
Unsecured
03/04/2206/01/323.50 %400.0 — 
Unsecured
08/10/2203/15/334.90 %400.0 — 
Unsecured
03/04/1403/15/445.20 %300.0 300.0 
Unsecured
02/06/1503/30/454.50 %250.0 250.0 
Unsecured
02/03/2106/01/513.10 %300.0 300.0 
Unsecured
08/09/2106/01/513.10 %250.0 250.0 
Unsecured
06/11/1206/15/224.75 %— 250.0 
Unsecured (1)(2)
12/15/2012/30/270.70 %— 113.7 
   Total recourse fixed rate debt
$6,074.4 $5,680.0 
Recourse Floating Rate Debt
Unsecured
01/15/2112/14/231.00 %$250.0 $250.0 
Unsecured (1)(2)
12/15/2012/30/273.69 %117.8 — 
Unsecured
09/15/2209/15/296.73 %50.0 — 
   Total recourse floating rate debt
$417.8 $250.0 
Total debt principal$6,492.2 $5,930.0 
Unamortized debt discount and debt issuance costs(49.1)(43.6)
Debt adjustment for fair value hedges(11.6)1.1 
   Total Debt$6,431.5 $5,887.5 
__________
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) This term loan was originally issued on December 15, 2020 with a maturity date of December 31, 2022. During 2022, GATX increased the size of the term loan and extended the maturity date to December 30, 2027. On December 30, 2022, this term loan was repriced from fixed rate to floating rate.
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2022 (in millions):
2023$500.0 
2024519.5 
2025514.1 
2026454.9 
2027417.8 
Thereafter
4,085.9 
Total debt principal
$6,492.2 

Commercial Paper and Borrowings Under Bank Credit Facilities ($ in millions)
December 31
20222021
Balance$17.3 $18.1 
Weighted-average interest rate2.74 %0.84 %
Credit Lines and Facilities

We have a $600 million, 5-year unsecured revolving credit facility in the United States. In 2022, we entered into an amendment, which extended the maturity on this facility by one year from May 2026 to May 2027 and replaced LIBOR with Term SOFR. This credit facility contains one additional extension option. As of December 31, 2022, the full $600 million was available under this facility. Additionally, we have a $250 million 3-year unsecured revolving credit facility in the United States. In 2022, we also entered into an amendment to this facility to extend the maturity by one year from May 2024 to May 2025 and to replace LIBOR with Term SOFR. This credit facility contains one additional extension option as well. As of December 31, 2022, the full $250 million was available under this facility.

In addition, our European subsidiaries have unsecured credit facilities with an aggregate limit of €35.0 million. As of December 31, 2022, €18.9 million was available under these credit facilities.

Annual commitment fees for GATX's credit facilities were $1.2 million for 2022, $1.2 million for 2021, and $1.2 million for 2020.

Delayed Draw Term Loans

On September 12, 2022, we executed a delayed draw term loan agreement in India which provided for a 5-year unsecured term loan in the aggregate principal amount of up to 2.3 billion Indian Rupees ($27.8 million as of December 31, 2022). Advances are allowed through March 31, 2023 pursuant to the terms of the agreement and any amounts borrowed and repaid may not be re-borrowed. The amounts borrowed under the loan agreement are required to be repaid no later than five years from the first drawdown date. As of December 31, 2022, no amount was drawn on this loan.

On December 14, 2020, we executed a delayed draw term loan agreement (“Term Loan”) which provided for a 3-year term loan in the aggregate principal amount of up to $500 million. Advances were allowed from December 14, 2020 through April 17, 2021 pursuant to the terms of the agreement and any amounts borrowed and repaid could not be re-borrowed. The amounts borrowed under the Term Loan agreement are required to be repaid no later than December 14, 2023. In 2021, we drew $384 million on the Term Loan, terminated the remaining unused commitment of $116 million, and subsequently repaid $134 million of the outstanding amount. As of December 31, 2022, $250 million was drawn on the Term Loan.

Restrictive Covenants

Our $600 million and $250 million revolving credit facilities 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 2.2 for the period ended December 31, 2022, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2022, we were in compliance with all covenants and conditions of the facility. Some of our bank term loans have the same financial covenants as the facility.
The indentures for our public debt also contain various restrictive covenants, including limitation on liens provisions that restrict the amount of additional secured indebtedness that we may incur. As of December 31, 2022, this limit was $1.9 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2022, we were in compliance with all covenants and conditions of the indentures.

At December 31, 2022, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had outstanding term loans, public debt, and private placement debt balances totaling €740.0 million. The loans are guaranteed by GATX Corporation and are subject to similar restrictive covenants as the revolving credit facility noted above.
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. At December 31, 2022, we were in compliance with all covenants and conditions of all of our credit agreements.