GATX CORP
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
GATX$187.22+0.7%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Year Ended December 31 | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities | |||
| Net income | $259.2 | $155.9 | $143.1 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 392.1 | 371.3 | 378.4 |
| Net gains on sales of assets | (130.9) | (121.2) | (99.4) |
| Asset impairments | 1.5 | 48.9 | 2.4 |
| Employee benefit plans | (4.3) | 1.8 | 8.8 |
| Share-based compensation | 18.3 | 12.7 | 17.4 |
| Deferred income taxes | 38.3 | 36.3 | 34.2 |
| Share of affiliates’ earnings, net of dividends | (47.4) | 12.7 | (1.2) |
| Changes in working capital items | (6.4) | 15.1 | 23.5 |
| Net cash provided by operating activities of continuing operations | 520.4 | 533.5 | 507.2 |
| Investing Activities | |||
| Additions to operating assets and facilities | (1,665.0) | (1,255.8) | (1,130.1) |
| Acquisition of new businesses | — | — | (1.4) |
| Investments in affiliates | — | — | (0.4) |
| Portfolio investments and capital additions | (1,665.0) | (1,255.8) | (1,131.9) |
| Portfolio proceeds | 272.8 | 269.6 | 187.1 |
| Proceeds from sales of other assets | 20.2 | 31.1 | 54.7 |
| Short-term investments | 150.0 | (148.5) | — |
| Other | 2.7 | 30.1 | (27.6) |
| Net cash used in investing activities of continuing operations | (1,219.3) | (1,073.5) | (917.7) |
| Financing Activities | |||
| Net proceeds from issuances of debt (original maturities longer than 90 days) | 1,420.0 | 848.3 | 1,491.9 |
| Repayments of debt (original maturities longer than 90 days) | (500.0) | (250.0) | (884.0) |
| Net decrease in debt with original maturities of 90 days or less | (7.1) | — | (4.1) |
| Purchases of assets previously leased | — | (1.5) | (77.2) |
| Stock repurchases | (2.6) | (47.2) | (13.1) |
| Dividends | (80.6) | (76.6) | (74.3) |
| Other | 14.4 | 31.4 | 23.9 |
| Net cash provided by financing activities of continuing operations | 844.1 | 504.4 | 463.1 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1.6 | (4.9) | (1.8) |
| Net cash provided by investing activities of discontinued operations (1) | — | — | 1.1 |
| Cash provided by discontinued operations, net | — | — | 1.1 |
| Net increase (decrease) in Cash, Cash Equivalents, and Restricted Cash during the year | 146.8 | (40.5) | 51.9 |
| Cash, Cash Equivalents, and Restricted Cash at beginning of year | 304.0 | 344.5 | 292.6 |
| Cash, Cash Equivalents, and Restricted Cash at end of year | $450.8 | $304.0 | $344.5 |
(1) Net cash provided by investing of discontinued operations included $1.1 million in 2021 for the final proceeds from the sale of a business that had been held in escrow funds.
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