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Leased Railcars | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Leases | Note 7 – Leased Railcars The value of railcars available for lease at December 31, 2023 was $2,842 (cost of $2,842 and accumulated depreciation of zero due to the impairment taken in 2023) and at December 31, 2022 was $11,324 (cost of $14,995 and accumulated depreciation of $3,671). Depreciation expense on railcars available for lease was $332 and $616 for the years ended December 31, 2023 and 2022, respectively. In the fourth quarter of 2023, we initiated the process to gain possession of our fleet of triple hopper aggregate railcars under lease with the intention of repairing or converting and selling these railcars. As such, we performed a cash flow recoverability test of our fleet of triple hopper aggregate railcars and compared the undiscounted cash flows to the carrying value of the assets. This analysis indicated that the carrying value exceeded the estimated undiscounted cash flows, and therefore, we were required to measure the fair value of our triple hopper aggregate railcars and determine the amount of an impairment loss, if any. The fair value of the asset group, which is part of the Company’s Manufacturing segment, was determined using both a market and cost approach, which we believe most accurately reflects a market participant’s viewpoint in valuing these railcars. The results of our analysis indicated an estimated fair value of $2,842, in comparison to the asset group’s carrying value of $6,933. As a result, during the fourth quarter of 2023, we recorded a pre-tax non-cash impairment charge of $4,091 related to our triple hopper aggregate railcars. The impairment is reflected in the impairment of leased railcars line of our consolidated statements of operations for the year ended December 31, 2023. Management judgment was used to determine the key assumptions utilized in our impairment analysis, the substantial majority of which represent unobservable (Level 3) inputs. Management selected these estimates and assumptions based on our railcar industry expertise. Although we believe the estimates utilized in our analysis were reasonable, any change in these estimates could materially affect the amount of the impairment charge. In the fourth quarter of 2022, we recorded a pre-tax non-cash impairment charge of $4,515 related to our small cube covered hopper railcars using a market approach. These railcars were subsequently sold during the year ended December 31, 2023. Our triple hopper aggregate railcars are the final assets included in our lease fleet. In the first quarter of 2024, the Company gained possession of these railcars, thus terminating the lease under consideration. The portion of railcars intended to be sold in their current condition were reclassified from railcars available for lease to assets held for sale, while the remaining railcars intended to be converted into a new car type were reclassified from railcars available for lease to inventory during the first quarter of 2024. We do not have any other leased railcars subject to lease agreements with external customers as of December 31, 2023. As such, the Company does not expect any future minimum rental revenues on leases going forward.

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- Definition The entire disclosure for leased railcars including: 1. The Company's policy for (a) classifying leased railcars as Inventory on lease (current assets) or Railcars available for lease (long-term assets) (b)Recognizing and reporting revenue from the sale of railcars classified as Inventory on lease versus Railcars available for lease. 2. Lease fleet utilization rate 3. Future minimal rental revenues + References No definition available. + Details
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- References No definition available. + Details
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