Fair Value Disclosure (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Assets and liabilities at fair value recurring basis

The following tables set forth GATX’s assets and liabilities measured at fair value on a recurring basis as of December 31 (in millions):

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total December 31, 2012
Interest rate derivatives (a)	$	—	$	10.2	$	—	$	10.2
Available for sale equity securities	3.3		—		—		3.3
Liabilities
Interest rate derivatives (a)	—		1.0		—		1.0
Interest rate derivatives (b)	—		0.3		—		0.3
Foreign exchange rate derivatives (b)	—		2.1		—		2.1

Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total December 31, 2011
Interest rate derivatives (a)	$	—	$	15.3	$	—	$	15.3
Foreign exchange rate derivatives (b)	—		2.1		—		2.1
Available for sale equity securities	2.9		—		—		2.9
Liabilities
Interest rate derivatives (a)	—		2.1		—		2.1
Interest rate derivatives (b)	—		0.3		—		0.3

_________

(a)     Designated as hedges

(b)     Not designated as hedges

Non-recurring Level 3 fair value measurements

The following table sets forth certain disclosures relating to GATX’s non-recurring Level 3 fair value measurements in 2012 and 2011(in millions):

	Fair Value of Assets		Impairment Losses
2012
Investment in affiliated companies	$	32.9	$	14.8
Operating assets	0.7		0.7
2011
Operating assets	2.8		4.1

Impact of GATX's Derivative Instrument On Income Statement and Other comprehensive income (loss)

The income statement and other comprehensive income (loss) impacts of GATX’s derivative instruments for the years ended December 31 were (in millions):

Derivative Designation	Location of Gain (Loss) Recognized	2012			2011			2010
Fair value hedges *	Interest expense	$	5.0		$	2.3		$	(7.4	)
Cash flow hedges	Other comprehensive loss (effective portion)	(0.2		)	(5.9		)	(8.1		)
Cash flow hedges	Interest expense (effective portion reclassified from accumulated other comprehensive loss)	4.2			2.5			7.7
Cash flow hedges	Operating lease expense (effective portion reclassified from accumulated other comprehensive loss)	1.4			1.5			1.5
Cash flow hedges	Other (expense) income (ineffective portion)	(0.1		)	—			(0.1		)
Non-designated	Other (expense) income	(5.0		)	1.8			0.4

_________

(*) Equally offsetting the amount recognized in interest expense was the fair value adjustment relating to the underlying debt.

Fair Value Other Financial Instruments

The following table sets forth the carrying amounts and fair values of GATX’s other financial instruments as of December 31 (in millions):

	2012		2012		2011		2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Investment Funds	$	2.5	$	5.8	$	2.7	$	7.4
Loans	27.2		27.7		30.4		30.7
Liabilities
Recourse fixed rate debt	$	2,343.3	$	2,513.4	$	2,627.2	$	2,754.9
Recourse floating rate debt	809.1		807.9		727.6		714.8
Nonrecourse debt	130.6		138.2		149.4		159.3