Discontinued Operations

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On August 16, 2021, the Company entered into a definitive agreement under which the Company sold the assets of the Company’s Rail Leasing business for a cash purchase price of approximately $543.1 million which resulted in a loss of $1.5 million. In conjunction with the sale of the Rail Leasing business, the Company announced its intent to divest the remaining pieces of the Rail Leasing business and the Rail Repair business.

	Year ended December 31,
(in thousands)	2021		2020		2019
Sales and merchandising revenues	$	116,787	$	143,816	$	166,938
Cost of sales and merchandising revenues	88,393		105,091		109,813
Gross profit	28,394		38,725		57,125
Operating, administrative and general expenses	12,350		21,512		27,132
Asset impairment	626		—		—
Interest expense, net	8,783		17,491		16,486
Other income, net:	1,020		2,885		1,583
Income from discontinued operations before income taxes	7,655		2,607		15,090
Income tax provision	3,331		651		3,906
Income from discontinued operations, net of income taxes	$	4,324	$	1,956	$	11,184

The following table summarizes the assets and liabilities which are classified as held-for-sale in the Consolidated Balance Sheets as of December 31, 2021 and 2020.

(in thousands)	December 31, 2021		December 31, 2020
Assets
Current assets:
Accounts receivable, net	$	12,643	$	18,508
Inventories	6,739		7,627
Other current assets	1,503		6,524
Current assets held-for-sale	20,885		32,659
Other assets:
Rail assets leased to others, net	458		591,946
Property, plant and equipment, net	17,280		18,868
Goodwill	4,167		4,167
Other intangible assets, net	24		2,855
Right of use assets, net	20,999		22,644
Other assets, net	241		2,994
Non-current assets held-for-sale	43,169		643,474
Total assets held-for-sale	$	64,054	$	676,133
Liabilities
Current liabilities:
Trade and other payables	$	2,546	$	2,874
Customer prepayments and deferred revenue	—		1,934
Current maturities of long-term debt	—		6,109
Current operating lease liability	4,672		6,988
Accrued expenses and other current liabilities	6,161		7,372
Current liabilities held-for-sale	13,379		25,277
Long-term lease liabilities	16,119		17,342
Long-term debt, less current maturities	—		30,087
Other long-term liabilities	—		667
Non-current liabilities held-for-sale	16,119		48,096
Total liabilities held-for-sale	$	29,498	$	73,373

The following table summarizes cash flow data relating to discontinued operations for the years ended December 31, 2021, 2020 and 2019, respectively:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Depreciation and amortization	$	21,760	$	35,573	$	34,122
Capital expenditures	(8,669)		(32,161)		(107,081)
Proceeds from sale of assets	19,150		10,077		18,090
Loss on sale of discontinued operations	1,491		—		—
Non-cash operating activities - gain on sale of railcars	(5,603)		(649)		(4,122)
Non-cash operating activities - fixed asset impairment	626		—		—
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end	—		491		373