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Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Fair Value Measurements [Abstract]  
Fair Value Measurements Note 5 – Fair Value Measurements

The following table sets forth by level within the 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 March 31, 2021

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

$

7,662

$

-

$

-

$

7,662

Restricted certificates of deposit

$

182

$

-

$

-

$

182

Liabilities:

Warrant liability

$

-

$

34,858

$

-

$

34,858

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

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 March 31, 2021 and 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.

During the fourth quarter of 2020, the oil and gas proppants (or “frac sand”) industry continued to experience economic pressure created by low oil prices, reduced fracking activity, and the ongoing economic impact of COVID-19. In particular, small cube covered hopper railcars are primarily used in North America to serve the frac sand industry. The Company believes that the events and circumstances that arose during the fourth quarter of 2020 constituted an impairment triggering event related to the small cube covered hopper car type in its leased railcar portfolio. During the fourth quarter of 2020, the Company recorded a pre-tax non-cash impairment charge of $16,952 related to its small cube covered hopper railcars. Additionally, the Company evaluated the ROU asset associated with its leased railcar portfolio of small cube covered hopper railcars and determined that these assets were impaired based on consideration of an expected decline in future cash flows over the remaining lease term, which resulted in an additional pre-tax non-cash impairment charge of approximately $1,999 during the fourth quarter of 2020.