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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information

Note 20 – Segment Information

 

The Company’s operations consist of two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, railcar leasing and major railcar rebuilds. The Company’s Parts operating segment is not significant for reporting purposes and has been combined with corporate and other non-operating activities as Corporate and Other.

 

Segment operating income is an internal performance measure used by the Company’s Chief Operating Decision Maker to assess the performance of each segment in a given period. Segment operating income includes all external revenues attributable to the segments as well as operating costs and income that management believes are directly attributable to the current production of goods and services. The Company’s management reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered as a component of segment operating income. Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented.

 

 

 

Year Ended

 

 

 

December 31,

 

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

Manufacturing

 

$

345,866

 

 

$

352,827

 

Corporate and Other

 

 

12,227

 

 

 

11,927

 

Consolidated revenues

 

$

358,093

 

 

$

364,754

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

Manufacturing (1)

 

$

31,554

 

 

$

14,801

 

Corporate and Other (2)

 

 

(21,062

)

 

 

(29,825

)

Consolidated operating income (loss)

 

 

10,492

 

 

 

(15,024

)

Consolidated interest expense

 

 

(15,031

)

 

 

(25,423

)

(Loss) gain on change in fair market value of Warrant liability

 

 

(2,229

)

 

 

1,486

 

Loss on extinguishment of debt

 

 

(14,880

)

 

 

-

 

Consolidated other (expense) income

 

 

(440

)

 

 

2,426

 

Consolidated income (loss) before income taxes

 

$

(22,088

)

 

$

(36,535

)

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

Manufacturing

 

$

4,026

 

 

$

3,491

 

Corporate and Other

 

 

580

 

 

 

644

 

Consolidated depreciation and amortization

 

$

4,606

 

 

$

4,135

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

Manufacturing

 

$

12,536

 

 

$

7,327

 

Corporate and Other

 

 

186

 

 

 

489

 

Consolidated capital expenditures

 

$

12,722

 

 

$

7,816

 

 

(1) Results for the year ended December 31, 2023 include an impairment on leased railcars of $4,091 and a gain on sale of railcars available for lease of $622. Results for the year ended December 31, 2022 include an impairment on leased railcars of $4,515 and no gain on sale of railcars available for lease.

(2) Results for the year ended December 31, 2023 include a pension settlement loss of $313. Results for the year ended December 31, 2022 include a pension settlement loss of $8,105.

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

207,093

 

 

$

149,014

 

Corporate and Other

 

 

51,158

 

 

 

50,631

 

Total operating assets

 

 

258,251

 

 

 

199,645

 

Consolidated income taxes receivable

 

 

1,208

 

 

 

93

 

Consolidated assets

 

$

259,459

 

 

$

199,738

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Year Ended

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

United States

 

$

358,093

 

 

$

364,740

 

 

$

7,377

 

 

$

15,018

 

Mexico

 

 

-

 

 

 

14

 

 

 

69,826

 

 

 

54,243

 

Total

 

$

358,093

 

 

$

364,754

 

 

$

77,203

 

 

$

69,261

 

 

(a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets.