Discontinued Operation (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2022, 2021 and 2020, which are reflected in the Consolidated Statements of Operations as Income from discontinued operations, net of income taxes:

	Year ended December 31,
(in thousands)	2022		2021		2020
Sales and merchandising revenues	$	25,121	$	116,787	$	143,816
Cost of sales and merchandising revenues	26,244		88,393		105,091
Gross profit (loss)	(1,123)		28,394		38,725
Operating, administrative and general expenses	3,968		12,350		21,512
Asset impairment	2,818		626		—
Interest expense, net	—		8,783		17,491
Other income, net	33,046		1,020		2,885
Income from discontinued operations before income taxes	25,137		7,655		2,607
Income tax provision from discontinued operations	13,112		3,331		651
Income from discontinued operations, net of income taxes	$	12,025	$	4,324	$	1,956

The following table summarizes the assets and liabilities which are classified as held-for-sale in the Consolidated Balance Sheets as of December 31, 2022 and 2021.

(in thousands)	December 31, 2022		December 31, 2021
Assets
Current assets:
Accounts receivable, net	$	—	$	12,643
Inventories	—		6,739
Other current assets	2,871		1,503
Current assets held-for-sale	2,871		20,885
Other assets:
Rail assets leased to others, net	—		458
Property, plant and equipment, net	—		17,280
Goodwill	—		4,167
Other intangible assets, net	—		24
Right of use assets, net	—		20,999
Other assets, net	—		241
Non-current assets held-for-sale	—		43,169
Total assets held-for-sale	$	2,871	$	64,054
Liabilities
Current liabilities:
Trade and other payables	$	—	$	2,546
Short-term lease liabilities	—		4,672
Accrued expenses and other current liabilities	—		6,161
Current liabilities held-for-sale	—		13,379
Long-term lease liabilities	—		16,119
Non-current liabilities held-for-sale	—		16,119
Total liabilities held-for-sale	$	—	$	29,498

The following table summarizes cash flow information relating to discontinued operations for the years ended December 31, 2022, 2021 and 2020, respectively:

	Year Ended December 31,
(in thousands)	2022		2021		2020
Depreciation and amortization	$	—	$	21,760	$	35,573
Rail capital expenditures	(31,458)		(8,669)		(32,161)
Proceeds from sale of Rail assets	36,706		19,150		10,077
Loss (gain) on sale of discontinued operations	(27,091)		1,491		—
Non-cash operating activities - gain on sale of railcars	(5,463)		(5,603)		(649)
Non-cash operating activities - asset impairment	2,818		626		—
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end	—		—		491