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Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]  
Fair Value Measurements Note 4 – Fair Value Measurements

The following table sets forth by level within the ASC 820 Fair Value Measurement fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.

Recurring Fair Value Measurements

As of December 31, 2020

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

$

7,993

$

-

$

-

$

7,993

Restricted certificates of deposit

$

182

$

-

$

-

$

182

Liabilities:

Warrant liability

$

-

$

12,730

$

-

$

12,730

Non-recurring Fair Value Measurements

During the Year-Ended December 31, 2020

Level 1

Level 2

Level 3

Total

Assets:

Assets held for sale

$

-

$

-

$

10,383

$

10,383

Right of use assets

$

-

$

-

$

28,960

$

28,960

Property, plant and equipment, net

$

-

$

-

$

11,515

$

11,515

Railcars available for lease, net

$

-

$

-

$

13,175

$

13,175

Recurring Fair Value Measurements

As of December 31, 2019

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

$

4,580

$

-

$

-

$

4,580

Restricted certificates of deposit

$

3,769

$

-

$

-

$

3,769

Escrow receivable

$

-

$

-

$

930

$

930

The fair value of the Company’s warrant liability recorded in the Company’s financial statements, determined using the quoted price of the Company’s common stock in an active market, exercise price ($0.01/share) and number of shares exercisable at December 31, 2020, is a Level 2 measurement.

On September 10, 2020 the Company announced its plan to permanently close its Shoals Facility. In connection with the announcement, the Company estimated the fair value of the related asset group because it determined that an impairment trigger had occurred due to the shortened asset recoverability timeframe. Non-cash impairment charges of $8,978 for property, plant and equipment at the Shoals Facility and $17,540 for the right of use asset were recognized during September 2020. Assets held for sale represents property, plant and equipment to be sold or

transferred to the Shoals landlord as consideration for the landlord’s entry into the lease amendment. See Note 8 –Restructuring and Impairment Charges for more information regarding the non-recurring fair value measurement considerations during the year ended December 31, 2020 for the impairment charge related to the Shoals Facility.

See Note 7 for more information regarding the non-recurring fair value measurement considerations during the year ended December 31, 2020 for the impairment charge related to our leased small cube covered hopper railcars. In 2019, the Company had a non-recurring fair value measurement of $309 for certain property, plant and equipment, net, that was impaired at its Roanoke location as disclosed in Note 8 – Restructuring and Impairment Charges.

The sale of the Company’s railcar repair and maintenance services business on September 30, 2015 resulted in $1,960 of the aggregate purchase price being placed into escrow in order to secure the indemnification obligations of FCRS and FCSL. The fair market value of the remaining escrow receivable above represents the escrow balance of $980 as of December 31, 2019, net of the fair value of the indemnification obligations, which was estimated using the discounted probability-weighted cash flow method.