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Discontinued Operation (Tables) | 9 Months Ended
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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 |

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