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Discontinued Operations | 12 Months Ended
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Dec. 31, 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 which resulted in a loss of $1.5 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 2022, the Company finalized the definitive agreement to sell the Rail Repair business and divested substantially all of the remaining leases from 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 Consolidated Balance Sheets. As a part of the definitive agreement to sell the Rail Repair business, the Company retained the working capital from the Rail Repair business along with a small group of right of use assets and lease liabilities from the Rail Leasing business that were not sold. These balances are included in continuing operations within the Consolidated Balance Sheet as of December 31, 2022. 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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- 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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