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Discontinued Operations | 9 Months Ended
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Sep. 30, 2022
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. 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. In the third quarter of 2022, the Company finalized the definitive agreement to sell the Rail Repair business and divested substantially all of the remaining leases under the Rail Leasing business. The sale of the Rail Repair business for a purchase price of approximately $56.3 million, resulted in a pre-tax gain of approximately $27.1 million that was recorded in Other income, net in the table below. As a result of the sale of the Rail Leasing business and the intent to divest the Rail Repair business in the third quarter of 2021, substantially all of the assets and liabilities of the former Rail segment was classified as held for sale in the accompanying Condensed Consolidated Balance Sheets. As a part of the Rail Repair agreement, the Company retained the working capital from the Rail Repair business along with an immaterial group of right of use assets and lease liabilities from the Rail Leasing business that were not sold. The Company no longer has the intent to sell these remaining Rail items and has included these balances in continuing operations within the Condensed Consolidated Balance Sheet as of September 30, 2022. 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, 2022 and 2021 which are reflected in the Consolidated Statements of Operations as discontinued operations:
| Three months ended September 30, |  | Nine months ended September 30,
(in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Sales and merchandising revenues | $ | 513 |  |  | $ | 25,018 |  |  | $ | 25,704 |  |  | $ | 103,950 |
Cost of sales and merchandising revenues | 1,932 |  |  | 19,065 |  |  | 25,880 |  |  | 78,089 |
Gross profit (loss) | (1,419) |  |  | 5,953 |  |  | (176) |  |  | 25,861 |
Operating, administrative and general expenses | 333 |  |  | 3,415 |  |  | 6,146 |  |  | 10,705 |
Interest expense, net | — |  |  | 2,139 |  |  | — |  |  | 8,714 |
Other income (loss), net | 26,970 |  |  | (1,330) |  |  | 33,590 |  |  | 583 |
Income (loss) from discontinued operations before income taxes | 25,218 |  |  | (931) |  |  | 27,268 |  |  | 7,025 |
Income tax provision | 5,826 |  |  | (2,777) |  |  | 9,169 |  |  | (428) |
Income (loss) from discontinued operations, net of income taxes | $ | 19,392 |  |  | $ | 1,846 |  |  | $ | 18,099 |  |  | $ | 7,453 |
The following table summarizes the assets and liabilities which are classified as discontinued operations at September 30, 2022, December 31, 2021 and September 30, 2021:
(in thousands) | September 30, 2022 |  | December 31, 2021 |  | September 30, 2021
Assets |  |  |  |  |
Current assets: |  |  |  |  |
Accounts receivable, net | $ | — |  |  | $ | 12,643 |  |  | $ | 18,389 |
Inventories | — |  |  | 6,739 |  |  | 6,803 |
Other current assets | — |  |  | 1,503 |  |  | 1,369 |
Current assets held-for-sale | — |  |  | 20,885 |  |  | 26,561 |
Other assets: |  |  |  |  |
Property, plant and equipment, net | — |  |  | 17,280 |  |  | 17,439 |
Goodwill | — |  |  | 4,167 |  |  | 4,167 |
Right of use assets, net | — |  |  | 20,999 |  |  | 16,521 |
Other assets, net | — |  |  | 723 |  |  | 736 |
Total non-current assets held-for-sale | — |  |  | 43,169 |  |  | 38,863 |
Total assets held-for-sale | $ | — |  |  | $ | 64,054 |  |  | $ | 65,424 |
Liabilities |  |  |  |  |
Current liabilities: |  |  |  |  |
Trade and other payables | $ | — |  |  | $ | 2,546 |  |  | $ | 4,223 |
Current operating lease liabilities | — |  |  | 4,672 |  |  | 4,262 |
Accrued expenses and other current liabilities | — |  |  | 6,161 |  |  | 4,942 |
Total current liabilities held-for-sale | — |  |  | 13,379 |  |  | 13,427 |
Long-term lease liabilities | — |  |  | 16,119 |  |  | 13,592 |
Total liabilities held-for-sale | $ | — |  |  | $ | 29,498 |  |  | $ | 27,019 |
The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2022 and 2021:
| Nine months ended September 30,
(in thousands) | 2022 |  | 2021
Depreciation and amortization | $ | — |  |  | $ | 21,786 |
Capital expenditures | (27,464) |  |  | (8,368) |
Proceeds from sale of assets | 36,706 |  |  | 18,705 |
(Gain) loss on sale of discontinued operations | (27,091) |  |  | 1,491 |
Non-cash operating activities - gain on sale of railcars | (6,030) |  |  | (5,603) |
Non-cash operating activities - asset impairment | 2,818 |  |  | 626 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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