Discontinued Operation (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations.

	Three months ended March 31,
(in thousands)	2022		2021
Sales and merchandising revenues	$	13,115	$	41,010
Cost of sales and merchandising revenues	11,071		31,739
Gross profit	2,044		9,271
Operating, administrative and general expenses	1,379		2,874
Interest expense, net	—		3,180
Other income, net:	73		1,674
Income from discontinued operations before income taxes	738		4,891
Income tax provision	1,292		1,384
Income from discontinued operations, net of income taxes	$	(554)	$	3,507

The following table summarizes the assets and liabilities which are classified as discontinued operations at March 31, 2022, December 31, 2021 and March 31, 2021.

(in thousands)	March 31, 2022		December 31, 2021		March 31, 2021
Assets
Current assets:
Accounts receivable, net	$	11,424	$	12,643	$	22,607
Inventories	7,119		6,739		7,424
Other current assets	1,712		1,503		7,105
Current assets held-for-sale	20,255		20,885		37,136
Other assets:
Rail assets leased to others, net	3,574		458		580,599
Property, plant and equipment, net	17,375		17,280		18,319
Goodwill	4,167		4,167		4,167
Other intangible assets, net	—		24		2,412
Right of use assets, net	19,918		20,999		20,836
Other assets, net	230		241		2,895
Total non-current assets held-for-sale	45,264		43,169		629,228
Total assets held-for-sale	$	65,519	$	64,054	$	666,364
Liabilities
Current liabilities:
Trade and other payables	$	2,864	$	2,546	$	4,031
Customer prepayments and deferred revenue	—		—		2,239
Current maturities of long-term debt	—		—		7,113
Current operating lease liabilities	4,235		4,672		6,561
Accrued expenses and other current liabilities	3,101		6,161		6,418
Total current liabilities held-for-sale	10,200		13,379		26,362
Long-term lease liabilities	14,738		16,119		16,035
Long-term debt, less current maturities	—		—		29,137
Non-current liabilities held-for-sale	14,738		16,119		45,172
Total liabilities held-for-sale	$	24,938	$	29,498	$	71,534

The following table summarizes cash flow data relating to discontinued operations for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
(in thousands)	2022		2021
Depreciation and amortization	$	—	$	8,887
Capital expenditures	(3,284)		(2,913)
Proceeds from sale of assets	248		5,383
Non-cash operating activities - Gain on sale of railcars	—		(2,717)
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end	—		(110)