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Debt
 12 Months Ended
Dec. 31, 2023
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):
20232022
Unsecured Recourse Fixed Rate Debt:
U.S.
4.35% Notes due February 2024$300.0 $300.0 
3.25% Notes due March 2025300.0 300.0 
3.25% Notes due September 2026350.0 350.0 
3.85% Notes due March 2027300.0 300.0 
3.50% Notes due March 2028300.0 300.0 
4.55% Notes due November 2028300.0 300.0 
4.70% Notes due April 2029500.0 500.0 
4.00% Notes due June 2030500.0 500.0 
1.90% Notes due June 2031400.0 400.0 
3.50% Notes due June 2032400.0 400.0 
4.90% Notes due March 2033400.0 400.0 
5.45% Notes due September 2033400.0 — 
6.05% Notes due March 2034300.0 — 
6.90% Notes due May 2034400.0 — 
5.20% Notes due March 2044300.0 300.0 
4.50% Notes due March 2045250.0 250.0 
3.10% Notes due June 2051550.0 550.0 
3.90% Notes due March 2023— 250.0 
$6,250.0 $5,400.0 
Europe (1)
0.85% Notes due May 2024$115.8 $112.4 
0.96% Notes due November 2024110.4 107.1 
1.00% Notes due March 2025110.4 107.1 
1.13% Notes due August 2025110.4 107.1 
0.90% Schuldschein loan due October 202625.4 24.6 
20232022
1.07% Notes due November 202682.8 80.2 
5.23% Schuldschein loan due November 202641.4 — 
1.17% Schuldschein loan due October 202857.4 55.6 
1.56% Schuldschein loan due October 203182.8 80.3 
$736.8 $674.4 
India (2)
8.39% - 8.83% Delayed draw term loan due June 2027 (3)$49.4 $— 
8.13% - 8.53% Delayed draw term loan due February 2028 (3)27.6 — 
8.74% - 8.94% Delayed draw term loan due February 2029 (3)24.0 — 
$101.0 $— 
Total unsecured fixed rate debt
$7,087.8 $6,074.4 
Unsecured Recourse Floating Rate Debt:
U.S.
7.08% Notes due January 2026$100.0 $— 
6.73% Notes due January 202850.0 — 
7.58% Notes due September 202950.0 50.0 
5.10% Delayed draw term loan due December 2023— 250.0 
$200.0 $300.0 
Europe (1)
5.42% Notes due December 2027$121.4 $117.8 
6.33% Schuldschein loan due November 203041.4 — 
$162.8 $117.8 
Total recourse floating rate debt
$362.8 $417.8 
Total debt principal$7,450.6 $6,492.2 
Unamortized debt discount and debt issuance costs(54.5)(49.1)
Debt adjustment for fair value hedges(8.0)(11.6)
Total Debt$7,388.1 $6,431.5 
__________
(1) Denominated in euros, but presented in U.S. dollars in this table.
(2) Denominated in Indian rupees, but presented in U.S. dollars in this table.
(3) Delayed draw term loan was drawn against in multiple tranches, resulting in various interest rates for each tranche.

The following table shows the weighted-average interest rate and term of our recourse debt as of December 31:
20232022
Weighted-average interest rate4.08 %3.72 %
Weighted-average term, in years8.48.6
The following table shows the scheduled principal payments of our debt obligations as of December 31, 2023 (in millions):
2024$526.3 
2025520.8 
2026611.9 
2027458.4 
2028735.0 
Thereafter
4,598.2 
Total debt principal
$7,450.6 

Commercial Paper and Borrowings Under Bank Credit Facilities

The following table shows the balance and weighted-average interest rate of our commercial paper and borrowings under bank credit facilities as of December 31 (in millions):
20232022
Balance$11.0 $17.3 
Weighted-average interest rate3.86 %2.74 %
Credit Lines and Facilities

We have a $600 million, 5-year unsecured revolving credit facility in the United States. In 2023, we entered into an amendment to this facility to extend the maturity by one year from May 2027 to May 2028. As of December 31, 2023, 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 2023, we also entered into an amendment to this facility, which extended the maturity by one year from May 2025 to May 2026. As of December 31, 2023, 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, 2023, €25.0 million was available under these credit facilities.

Annual commitment fees for GATX's credit facilities were $1.1 million for 2023, $1.2 million for 2022, and $1.2 million for 2021.

Delayed Draw Term Loans

As of December 31, 2023, we had $24.2 million available under an outstanding delayed draw term loan in India.

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, 2023, which is in excess of the minimum covenant ratio of 1.2. At December 31, 2023, we were in compliance with all covenants and conditions of the facilities. Some of our bank term loans have the same financial covenants as the facilities.

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, 2023, this limit was $2.1 billion. Additionally, certain exceptions to the covenants permit us to incur an unlimited amount of purchase money and nonrecourse indebtedness. At December 31, 2023, we were in compliance with all covenants and conditions of the indentures.

At December 31, 2023, our European rail subsidiaries ("GATX Rail Europe" or "GRE") had outstanding term loans, public debt, and private placement debt balances totaling €815.0 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, 2023, we were in compliance with all covenants and conditions of all of our credit agreements.