Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Components of Deferred tax Assets and Liabilities

	2011			2010
Deferred Tax Liabilities
Book/tax basis difference due to depreciation	$	756.2		$	704.4
Leveraged leases		62.7			61.8
Investments in affiliated companies		82.4			84.1
Lease accounting (other than leveraged)		13.7			13.9
Other		2.9			1.7
Total deferred tax liabilities		917.9			865.9
Deferred Tax Assets
Alternative minimum tax credit		8.9			11.5
Federal net operating loss		38.1			14.8
Foreign tax credit		13.9			16.9
Valuation on foreign tax credit		(13.9	)		(16.9	)
State net operating loss		31.1			28.2
Valuation on state net operating loss		(15.8	)		(15.8	)
Foreign net operating loss		7.3			4.7
Accruals not currently deductible for tax purposes		21.8			20.9
Allowance for losses		5.4			3.9
Pension and post-retirement benefits		40.7			31.4
Other		14.5			15.7
Total deferred tax assets		152.0			115.3
Net deferred tax liabilities	$	765.9		$	750.6

Gross liability for unrecognized tax benefits

	2011			2010
Beginning balance	$	42.7		$	54.8
Additions to positions for prior years, including interest		—			2.6
Reductions due to resolution of audit issues		(21.9	)		(14.7	)
Ending balance	$	20.8		$	42.7

Income before income taxes

	2011		2010		2009
Domestic	$	56.7	$	25.0	$	35.4
Foreign		91.5		72.4		72.5
	$	148.2	$	97.4	$	107.9

Consolidated federal income taxes

	2011		2010			2009
Current
Domestic:
Federal	$	0.7	$	(0.2	)	$	(10.4	)
State and local		0.8		0.8			—
		1.5		0.6			(10.4	)
Foreign		5.0		5.0			12.9
		6.5		5.6			2.5
Deferred
Domestic:
Federal		14.8		3.9			12.3
State and local		0.9		0.8			1.9
		15.7		4.7			14.2
Foreign		15.2		6.3			9.8
		30.9		11.0			24.0
Income taxes	$	37.4	$	16.6		$	26.5

Summary of reasons for difference between GATX's effective income tax rate and federal statutory income tax

	2011			2010			2009
Income taxes at federal statutory rate	$	51.9		$	34.1		$	37.8
Adjust for effect of:
Foreign tax credits		(0.1	)		—			(7.4	)
Foreign income tax rates		(8.5	)		(4.5	)		(1.4	)
Foreign income tax rate change		(4.1	)		(1.9	)		(1.4	)
Resolution of audit issues		(4.8	)		(9.5	)		—
Corporate owned life insurance		(0.2	)		(2.4	)		(0.8	)
State income taxes		1.1			0.1			1.2
Other		2.1			0.7			(1.5	)
Income taxes	$	37.4		$	16.6		$	26.5
Effective income tax rate		25.2	%		17.1	%		24.6	%