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Discontinued Operation (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations.
| Three months ended June 30, |  | Six months ended June 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Sales and merchandising revenues | $ | 12,076 |  |  | $ | 37,921 |  |  | $ | 25,191 |  |  | $ | 78,931 |
Cost of sales and merchandising revenues | 12,877 |  |  | 27,284 |  |  | 23,948 |  |  | 59,023 |
Gross profit (loss) | (801) |  |  | 10,637 |  |  | 1,243 |  |  | 19,908 |
Operating, administrative and general expenses | 4,434 |  |  | 4,416 |  |  | 5,813 |  |  | 7,290 |
Interest expense, net | — |  |  | 3,394 |  |  | — |  |  | 6,574 |
Other income, net | 6,547 |  |  | 237 |  |  | 6,620 |  |  | 1,911 |
Income from discontinued operations before income taxes | 1,312 |  |  | 3,064 |  |  | 2,050 |  |  | 7,955 |
Income tax provision | 2,051 |  |  | 965 |  |  | 3,344 |  |  | 2,349 |
Income (loss) from discontinued operations, net of income taxes | $ | (739) |  |  | $ | 2,099 |  |  | $ | (1,294) |  |  | $ | 5,606 |
The following table summarizes the assets and liabilities which are classified as discontinued operations at June 30, 2022, December 31, 2021 and June 30, 2021.
(in thousands) | June 30, 2022 |  | December 31, 2021 |  | June 30, 2021
Assets |  |  |  |  |
Current assets: |  |  |  |  |
Accounts receivable, net | $ | 11,998 |  |  | $ | 12,643 |  |  | $ | 18,707 |
Inventories | 6,318 |  |  | 6,739 |  |  | 7,375 |
Other current assets | 311 |  |  | 1,503 |  |  | 2,473 |
Current assets held-for-sale | 18,627 |  |  | 20,885 |  |  | 28,555 |
Other assets: |  |  |  |  |
Rail assets leased to others, net | 427 |  |  | 458 |  |  | 574,585 |
Property, plant and equipment, net | 17,370 |  |  | 17,280 |  |  | 18,199 |
Goodwill | 4,167 |  |  | 4,167 |  |  | 4,167 |
Other intangible assets, net | — |  |  | 24 |  |  | 2,025 |
Right of use assets, net | 2,322 |  |  | 20,999 |  |  | 18,969 |
Other assets, net | 12 |  |  | 241 |  |  | 2,800 |
Total non-current assets held-for-sale | 24,298 |  |  | 43,169 |  |  | 620,745 |
Total assets held-for-sale | $ | 42,925 |  |  | $ | 64,054 |  |  | $ | 649,300 |
Liabilities |  |  |  |  |
Current liabilities: |  |  |  |  |
Trade and other payables | $ | 1,883 |  |  | $ | 2,546 |  |  | $ | 3,666 |
Customer prepayments and deferred revenue | — |  |  | — |  |  | 2,211 |
Current maturities of long-term debt | — |  |  | — |  |  | 6,513 |
Current operating lease liabilities | 2,112 |  |  | 4,672 |  |  | 6,023 |
Accrued expenses and other current liabilities | 3,319 |  |  | 6,161 |  |  | 6,772 |
Total current liabilities held-for-sale | 7,314 |  |  | 13,379 |  |  | 25,185 |
Long-term lease liabilities | 3,113 |  |  | 16,119 |  |  | 14,718 |
Long-term debt, less current maturities | — |  |  | — |  |  | 28,845 |
Other long-term liabilities | — |  |  | — |  |  | 430 |
Non-current liabilities held-for-sale | 3,113 |  |  | 16,119 |  |  | 43,993 |
Total liabilities held-for-sale | $ | 10,427 |  |  | $ | 29,498 |  |  | $ | 69,178 |
The following table summarizes cash flow data relating to discontinued operations for the six months ended June 30, 2022 and 2021:
| Six months ended June 30,
(in thousands) | 2022 |  | 2021
Depreciation and amortization | $ | — |  |  | $ | 17,588 |
Capital expenditures | (27,276) |  |  | (5,703) |
Proceeds from sale of assets | 36,341 |  |  | 15,616 |
Non-cash operating activities - Gain on sale of railcars | (6,176) |  |  | (4,987) |
Non-cash operating activities - fixed asset impairment | 2,818 |  |  | 234 |
Non-cash investing activities - capital expenditures, consisting of unpaid capital expenditure liabilities at period end | — |  |  | (113) |

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