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Discontinued Operation (Tables) | 12 Months Ended
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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 |

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