XML 93 R37.htm IDEA: XBRL DOCUMENT v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2019
Leases [Abstract]    
Assets And Liabilities, Lessee [Table Text Block]  
The following table shows the lease terms and discount rates related to leases as of December 31:
20222021
Weighted-average remaining lease term (years):
Operating leases
7.97.9
Finance leases (1)
— — 
Weighted-average discount rate:
Operating leases
3.58 %3.40 %
Finance leases
— %0.22 %
________
(1) The weighted-average remaining lease term for outstanding finance leases was less than one year in 2022 and 2021.
Lease, Cost [Table Text Block]
The following table shows the components of lease expense for the years ended December 31 (in millions):
202220212020
Operating lease cost (1):
Fixed lease cost - operating leases
$41.4 $40.0 $53.3 
Finance lease cost:
Amortization of right-of-use assets
— 0.2 0.6 
Interest on lease liabilities
— — 0.2 
Total lease cost
$41.4 $40.2 $54.1 
________
(1) Total operating lease cost includes amounts recorded in operating lease expense and selling, general and administrative expense. Operating lease cost also includes short-term leases, which are immaterial.
The following table shows other information related to leases for the years ended December 31 (in millions):
202220212020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases
$42.4 $40.5 $58.5 
Financing cash flows for finance leases
1.5 77.2 40.0 
Total cash for leases$43.9 $117.7 $98.5 
Non-cash financing lease transactions (1)$— $45.1 $64.9 
__________
(1) Non-cash financing lease transactions are a result of the reclassification from operating lease liability to finance lease liability upon notice of the intent to exercise an early buy-out option.
  
Operating Lease, Lease Income [Table Text Block]  
The following table shows the components of our lease revenue for the years ended December 31 (in millions):
202220212020
Operating lease revenue:
Fixed lease revenue
$1,058.3 $1,063.4 $1,020.9 
Variable lease revenue
86.5 70.1 59.4 
Total operating lease revenue
$1,144.8 $1,133.5 $1,080.3 
Finance lease revenue
9.8 7.0 7.2 
Total lease revenue
$1,154.6 $1,140.5 $1,087.5 
The following table shows the components of our finance leases as of December 31 (in millions):
20222021
Total contractual lease payments receivable
$110.4 $106.9 
Estimated unguaranteed residual value of leased assets
18.1 20.0 
Unearned income
(32.0)(26.7)
Finance leases
$96.5 $100.2 
Components of GATX's finance leases The following table shows assets recorded as finance leases as of December 31 (in millions):
20222021
Railcars
$— $1.5 
Less: allowance for depreciation
— — 
Finance leases, net of accumulated depreciation$— $1.5 
  
Lessee, Leases, Future Minimum Payments [Table Text Block]
The following table shows the maturities of our lease liabilities as of December 31, 2022 (in millions):
Operating Leases
2023$41.0 
202438.9 
202536.2 
202644.8 
202738.7 
Thereafter
98.4 
Total undiscounted lease payments$298.0 
Less: amounts representing interest
(40.1)
Total discounted lease liabilities
$257.9 
The following table shows our future contractual receipts from our noncancelable operating and finance leases as of December 31, 2022 (in millions):
 
 		Operating Leases (1)Finance Leases Total
2023$986.5 $24.0 $1,010.5 
2024742.9 22.8 765.7 
2025508.0 22.0 530.0 
2026339.4 19.5 358.9 
2027210.8 9.9 220.7 
Years thereafter
561.1 12.2 573.3 
$3,348.7 $110.4 $3,459.1 
__________
(1) The future contractual receipts due under our full-service operating leases include executory costs such as maintenance, car taxes, and insurance.