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Financial Data of Business Segments
 12 Months Ended
Dec. 31, 2022
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. Historically, we also reported financial results for ASC as a fourth segment.

In 2021, we began investing directly in aircraft spare engines through our entity, GATX Engine Leasing Ltd. ("GEL"). In 2021, GEL acquired 14 aircraft spare engines for approximately $352 million, including four engines for $120 million from the RRPF affiliates. In 2022, GEL acquired five aircraft spare engines for approximately $150 million. Financial results for this business are reported in the Portfolio Management segment.
On December 29, 2020, we acquired Trifleet Leasing Holding B.V. ("Trifleet), one of the largest tank container lessors in the world. Financial results for this business are reported in the Other segment. See "Note 4. Business Combinations" for additional information.

On May 14, 2020, we completed the sale of our ASC business. As a result, ASC is now reported as discontinued operations, and financial data for the ASC segment has been segregated and presented as discontinued operations for all periods presented. See "Note 25. Discontinued Operations" for additional information.

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 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. In 2022, after a thorough strategic review, we made the decision to exit Rail Russia. As a result, the net assets of Rail Russia have been classified as held for sale as of December 31, 2022. See "Note 10. Asset Impairments and Assets Held for Sale" for further information. On January 31, 2023, we completed the sale of Rail Russia. See "Note 26. Subsequent Events".

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 2022, we made the decision to sell the Specialized Gas Vessels. As a result of this decision, the Specialized Gas Vessels have been classified as held for sale. GATX sold two of the vessels in 2022. See "Note 10. Asset Impairments and Assets Held for Sale" for further information.

Other includes Trifleet Leasing 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 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 the years ended December 31, 2022, 2021, and 2020 (in millions):



Rail North America
Rail International
Portfolio Management		OtherGATX Consolidated
2022 Profitability
Revenues
Lease revenue
$826.0 $266.2 $33.0 $29.4 $1,154.6 
Marine operating revenue
— — 18.9 — 18.9 
Other revenue
82.0 9.1 1.7 6.7 99.5 
Total Revenues
908.0  275.3 53.6 36.1 1,273.0 
Expenses
Maintenance expense
238.5 51.4 — 2.8 292.7 
Marine operating expense
— — 14.1 — 14.1 
Depreciation expense
258.6 69.1 17.8 12.0 357.5 
Operating lease expense
36.1 — — — 36.1 
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 from continuing operations
$155.9 
Net income from discontinued operations, net of taxes
— 
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 from continuing operations
$6,445.7 $1,774.4 $1,106.6 $745.3 $10,072.0 
__________
(1) Includes net gains (losses) from scrapping of railcars.


Rail North America
Rail International		Portfolio ManagementOtherGATX Consolidated
2021 Profitability
Revenues
Lease revenue
$814.5 $272.9 $28.1 $25.0 $1,140.5 
Marine operating revenue
— — 19.1 — 19.1 
Other revenue
77.2 11.4 0.5 8.7 97.8 
Total Revenues
891.7 284.3 47.7 33.7 1,257.4 
Expenses
Maintenance expense
235.4 57.6 — 4.1 297.1 
Marine operating expense
— — 17.5 — 17.5 
Depreciation expense
261.1 73.6 17.6 12.1 364.4 
Operating lease expense
39.2 — — — 39.2 
Other operating expense
30.3 9.0 1.7 3.0 44.0 
Total Expenses
566.0 140.2 36.8 19.2 762.2 
Other Income (Expense)
Net gain on asset dispositions
94.3 2.7 8.0 0.9 105.9 
Interest expense, net
(136.2)(45.2)(16.6)(6.0)(204.0)
Other income (expense)
1.6 3.4 2.0 (10.7)(3.7)
Share of affiliates' pre-tax earnings
— — 56.5 — 56.5 
Segment profit (loss)
$285.4 $105.0 $60.8 $(1.3)449.9 
Less:
Selling, general and administrative expense
198.3 
Income taxes (includes $55.3 related to affiliates' earnings)
108.5 
Net income from continuing operations
$143.1 
Net income from discontinued operations, net of taxes
— 
Net income
$143.1 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets
$80.7 $1.2 $— $0.5 $82.4 
Residual sharing income
0.9 — 8.0 — 8.9 
Non-remarketing net gains (1)
15.1 1.5 — 0.4 17.0 
Asset impairments
(2.4)— — — (2.4)
$94.3 $2.7 $8.0 $0.9 $105.9 
Capital Expenditures
Portfolio investments and capital additions
$574.4 $173.3 $353.0 $31.2 $1,131.9 
Selected Balance Sheet Data
Investments in affiliated companies
$0.3 $— $588.1 $— $588.4 
Identifiable assets from continuing operations
$6,141.7 $1,729.9 $1,048.7 $621.4 $9,541.7 
__________
(1) Includes net gains (losses) from scrapping of railcars.


Rail North America
Rail International		Portfolio ManagementOtherGATX Consolidated
2020 Profitability
Revenues
Lease revenue
$838.3 $248.4 $0.8 $— $1,087.5 
Marine operating revenue
— — 15.6 — 15.6 
Other revenue
95.8 9.7 0.6 — 106.1 
Total Revenues
934.1 258.1 17.0 — 1,209.2 
Expenses
Maintenance expense
264.7 50.8 — — 315.5 
Marine operating expense
— — 19.7 — 19.7 
Depreciation expense
258.6 66.6 5.3 — 330.5 
Operating lease expense
49.3 — — — 49.3 
Other operating expense
27.3 7.5 0.5 — 35.3 
Total Expenses
599.9 124.9 25.5 — 750.3 
Other Income (Expense)
Net gain on asset dispositions
38.3 1.2 2.2 — 41.7 
Interest (expense) income, net
(139.9)(45.9)(12.2)7.7 (190.3)
Other expense
(4.9)(5.0)— (3.1)(13.0)
Share of affiliates' pre-tax (loss) earnings
(0.1)— 95.9 — 95.8 
Segment profit
$227.6 $83.5 $77.4 $4.6 393.1 
Less:
Selling, general and administrative expense
172.0 
Income taxes (includes $33.6 related to affiliates' earnings)
70.9 
Net income from continuing operations
$150.2 
Net income from discontinued operations, net of taxes
1.1 
Net income
$151.3 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets
$38.8 $0.5 $0.1 $— $39.4 
Residual sharing income
0.4 — 2.1 — 2.5 
Non-remarketing net (losses) gains (1)
(0.6)0.7 — — 0.1 
Asset impairments
(0.3)— — — (0.3)
$38.3 $1.2 $2.2 $— $41.7 
Capital Expenditures
Portfolio investments and capital additions
$642.0 $216.0 $0.5 $205.5 $1,064.0 
Selected Balance Sheet Data
Investments in affiliated companies
$— $— $584.7 $— $584.7 
Identifiable assets from continuing operations
$5,944.4 $1,745.8 $706.1 $541.3 $8,937.6 
__________
(1) Includes net gains (losses) from scrapping of railcars.