Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Variable Interest Entities

Variable Interest Entities

We determined that we are the primary beneficiary of the GABX joint venture with Brookfield. While we do not hold a majority voting interest in the joint venture, GATX has the power to direct the most significant economic activities of GABX over the course of the expected life of the entity, primarily through the management services agreement that is effective upon closing of the Wells Fargo rail assets acquisition. As a result, we consolidate this variable interest entity. See "Note 3. Significant Accounting Policies" for further information on how we determine whether we are the primary beneficiary of a variable interest entity.

As of December 31, 2025, GABX was financed through equity contributions from GATX and Brookfield and debt, which is guaranteed by GATX. The recourse debt is the primary balance reflected in the financial statement assets and liabilities of GABX presented below. Upon closing of the acquisition, GABX will own and lease railcars, with GATX serving as manager of the railcars. As such, the risks associated with it are similar to those of our wholly owned railcar leasing activities.

The following table shows the carrying amounts of the assets and liabilities of the consolidated variable interest entity reported on our balance sheet as of December 31 (in millions):

	2025		2024
Cash and cash equivalents	$	32.2	$	—
Restricted cash	4,211.1		—
Other assets	30.6		—
Total assets	$	4,273.9	$	—
Accounts payable and accrued expenses	$	46.8	$	—
Recourse debt	2,942.9		—
Other liabilities	20.4		—
Total liabilities	$	3,010.1	$	—

GABX's assets can only be used to settle its obligations and may not be used to satisfy claims of GATX.