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Financial Data of Business Segments
 12 Months Ended
Dec. 31, 2023
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 are reported in the Other 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, until January 31, 2023, 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. Rail India primarily leases railcars to customers in India pursuant to net leases, under which the lessee assumes responsibility for maintenance of the railcars. In 2023, we sold Rail Russia. See "Note 10. 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 that lease aircraft spare engines, GEL, our direct ownership of aircraft spare engines that are leased directly to customers or employed in engine capacity agreements and historically the Specialized Gas Vessels. In 2023, we sold the three remaining Specialized Gas Vessels. GATX sold two Specialized Gas Vessels in 2022. See "Note 10. Asset Impairments and Assets Held for Sale" for further information.

Other includes Trifleet 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, 2023, 2022, and 2021 (in millions):


Rail North
America
Rail International
Portfolio Management		OtherGATX Consolidated
2023 Profitability
Revenues
Lease revenue$888.8 $296.6 $32.6 $33.4 $1,251.4 
Non-dedicated engine revenue— — 37.6 — 37.6 
Marine operating revenue— — 6.9 — 6.9 
Other revenue93.9 12.9 0.1 8.1 115.0 
Total Revenues982.7  309.5 77.2 41.5 1,410.9 
Expenses
Maintenance expense276.6 64.1 — 4.1 344.8 
Marine operating expense— — 6.5 — 6.5 
Depreciation expense265.9 68.2 28.3 13.9 376.3 
Operating lease expense36.0 — — — 36.0 
Other operating expense25.9 10.4 7.3 3.0 46.6 
Total Expenses604.4 142.7 42.1 21.0 810.2 
Other Income (Expense)
Net gain on asset dispositions120.5 7.0 2.2 0.6 130.3 
Interest (expense) income, net(182.9)(56.2)(29.8)5.5 (263.4)
Other (expense) income(8.0)(4.2)0.2 2.6 (9.4)
Share of affiliates' pre-tax (loss) earnings(0.6)— 98.7 — 98.1 
Segment profit$307.3 $113.4 $106.4 $29.2 $556.3 
Less:
Selling, general and administrative expense
212.7 
Income taxes (includes $25.7 related to affiliates' earnings)
84.4 
Net income
$259.2 
Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on dispositions of owned assets$111.7 $4.9 $2.9 $0.3 $119.8 
Residual sharing income0.4 — 0.5 — 0.9 
Non-remarketing net gains (1)8.4 2.4 — 0.3 11.1 
Asset impairments— (0.3)(1.2)— (1.5)
$120.5 $7.0 $2.2 $0.6 $130.3 
Capital Expenditures
Portfolio investments and capital additions$976.9 $382.4 $267.3 $38.4 $1,665.0 
Selected Balance Sheet Data 
Investments in affiliated companies$0.2 $— $626.8 $— $627.0 
Identifiable assets
$6,993.8 $2,175.2 $1,355.1 $801.9 $11,326.0 
__________
(1) Includes net gains (losses) from scrapping of railcars.


Rail North
America
Rail International		Portfolio ManagementOtherGATX Consolidated
2022 Profitability
Revenues
Lease revenue$826.0 $266.2 $33.0 $29.4 $1,154.6 
Non-dedicated engine revenue— — 1.5 — 1.5 
Marine operating revenue— — 18.9 — 18.9 
Other revenue82.0 9.1 0.2 6.7 98.0 
Total Revenues908.0 275.3 53.6 36.1 1,273.0 
Expenses
Maintenance expense238.5 51.4 — 2.8 292.7 
Marine operating expense— — 14.1 — 14.1 
Depreciation expense258.6 69.1 17.8 12.0 357.5 
Operating lease expense36.1 — — — 36.1 
Other operating expense24.5 8.3 2.3 2.3 37.4 
Total Expenses557.7 128.8 34.2 17.1 737.8 
Other Income (Expense)
Net gain (loss) on asset dispositions119.7 (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 earnings0.5 — 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
$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 income2.4 — 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
$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 
Non-dedicated engine revenue— — — — — 
Other revenue77.2 11.4 0.5 8.7 97.8 
Total Revenues891.7 284.3 47.7 33.7 1,257.4 
Expenses
Maintenance expense235.4 57.6 — 4.1 297.1 
Marine operating expense— — 17.5 — 17.5 
Depreciation expense261.1 73.6 17.6 12.1 364.4 
Operating lease expense39.2 — — — 39.2 
Other operating expense30.3 9.0 1.7 3.0 44.0 
Total Expenses566.0 140.2 36.8 19.2 762.2 
Other Income (Expense)
Net gain on asset dispositions94.3 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 expense198.3 
Income taxes (includes $55.3 related to affiliates' earnings)
108.5 
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 income0.9 — 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
$6,141.7 $1,729.9 $1,048.7 $621.4 $9,541.7 
__________
(1) Includes net gains (losses) from scrapping of railcars.