Discontinued Operation (Tables)

9 Months Ended

Sep. 30, 2021

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The table below summarizes the results of the Rail Leasing business and the Rail Repair business for the three and nine months ended September 30, 2021 and 2020 which are reflected in the consolidated statements of operations as discontinued operations.

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2021		2020		2021		2020
Sales and merchandising revenues	$	25,018	$	36,647	$	103,950	$	109,202
Cost of sales and merchandising revenues	19,065		28,049		78,089		80,187
Gross profit	5,953		8,598		25,861		29,015
Operating, administrative and general expenses	3,415		5,609		10,705		16,052
Interest expense, net	2,139		3,716		8,714		12,032
Other income, net:
Other income (loss), net	(1,330)		588		583		2,543
Income (loss) from discontinued operations before income taxes	(931)		(139)		7,025		3,474
Income tax provision (benefit)	(2,777)		(566)		(428)		250
Income (loss) from discontinued operations, net of income taxes	$	1,846	$	427	$	7,453	$	3,224

The following table summarizes the assets and liabilities which are classified as discontinued operations at September 30, 2021, December 31, 2020 and September 30, 2020.

(in thousands)	September 30, 2021		December 31, 2020		September 30, 2020
Assets
Current assets:
Cash and cash equivalents	$	—	$	—	$	—
Accounts receivable, net	18,389		18,508		19,620
Inventories	6,803		7,627		7,016
Other current assets	1,369		6,524		18,496
Current assets held-for-sale	26,561		32,659		45,132
Other assets:
Rail assets leased to others, net	458		591,946		587,848
Property, plant and equipment, net	17,439		18,868		18,360
Goodwill	4,167		4,167		4,167
Other intangible assets, net	24		2,855		3,369
Right of use assets, net	16,521		22,644		24,561
Other assets, net	254		2,994		4,233
Total non-current assets held-for-sale	38,863		643,474		642,538
Total assets held-for-sale	$	65,424	$	676,133	$	687,670
Liabilities
Current liabilities:
Trade and other payables	$	4,223	$	2,874	$	6,607
Customer prepayments and deferred revenue	128		1,934		1,667
Current maturities of long-term debt	—		6,109		5,286
Accrued expenses and other current liabilities	9,076		14,360		14,436
Total current liabilities held-for-sale	13,427		25,277		27,996
Long-term lease liabilities	13,592		17,342		19,016
Long-term debt, less current maturities	—		30,087		198,889
Other long-term liabilities	—		667		3,429
Non-current liabilities held-for-sale	13,592		48,096		221,334
Total liabilities held-for-sale	$	27,019	$	73,373	$	249,330

The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2021 and 2020:

	Nine months ended September 30,
(in thousands)	2021		2020
Depreciation and amortization	$	21,786	$	26,670
Capital expenditures	(8,368)		(29,460)
Proceeds from sale of assets	18,705		7,774
Loss on sale of discontinued operations	1,491		—
Non-cash operating activities - Gain on sale of railcars	(5,603)		(175)
Non-cash operating activities - fixed asset impairment	626		—
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end	—		1,081