Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 16, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Transition Report | false | ||
Securities Act File Number | 000-51237 | ||
Entity Registrant Name | FREIGHTCAR AMERICA, INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 25-1837219 | ||
Entity Address, Address Line One | 125 S. Wacker Drive | ||
Entity Address, Address Line Two | Suite 1500 | ||
Entity Address, City or Town | Chicago | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606 | ||
City Area Code | 800 | ||
Local Phone Number | 458-2235 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | RAIL | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 45 | ||
Entity Common Stock, Shares Outstanding | 17,702,459 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001320854 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Documents Part of Form 10-K Portions of the registrant’s definitive Proxy Statement for the 2023 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days of the end of the registrant’s fiscal year ended December 31, 2022 Part III | ||
Auditor Name | Grant Thornton LLP | ||
Auditor Location | Chicago, Illinois | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash, cash equivalents and restricted cash equivalents | $ 37,912 | $ 26,240 |
Accounts receivable, net of allowance for doubtful accounts of $126 and $323 respectively | 9,571 | 9,571 |
VAT receivable | 4,682 | 31,136 |
Inventories, net | 64,317 | 56,012 |
Assets held for sale | 3,675 | |
Related party asset | 3,261 | 8,680 |
Prepaid expenses | 5,470 | 5,087 |
Total current assets | 128,888 | 136,726 |
Property, plant and equipment, net | 23,248 | 18,236 |
Railcars available for lease, net | 11,324 | 20,160 |
Right of use asset operating lease | 1,596 | 16,669 |
Right of use asset finance lease | 33,093 | 0 |
Other long-term assets | 1,589 | 8,873 |
Total assets | 199,738 | 200,664 |
Liabilities, Current [Abstract] | ||
Accounts and contractual payables | 48,449 | 41,185 |
Related party accounts payable | 3,393 | 8,870 |
Accrued payroll and other employee costs | 4,081 | 2,912 |
Reserve for workers’ compensation | 841 | 1,563 |
Accrued warranty | 1,940 | 2,533 |
Customer deposits | 0 | 3,300 |
Deferred income state and local incentives, current | 0 | 1,291 |
Current portion of long-term debt | 40,742 | 0 |
Other current liabilities | 6,539 | 7,666 |
Total current liabilities | 105,985 | 69,320 |
Long-term debt, net of current portion | 51,494 | 79,484 |
Warrant liability | 31,028 | 32,514 |
Accrued pension costs | 1,040 | 35 |
Deferred income state and local incentives, long-term | 0 | 1,216 |
Lease liability operating lease, long-term | 1,780 | 16,617 |
Lease liability finance lease, long-term | 33,245 | 0 |
Other long-term liabilities | 3,750 | 3,134 |
Total liabilities | 228,322 | 202,320 |
Stockholders' (deficit) equity | ||
Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding at December 31, 2022 and December 31, 2021) | 0 | 0 |
Common stock, $0.01 par value, 50,000,000 shares authorized, 17,223,306 and 15,947,228 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 203 | 190 |
Additional paid in capital | 89,104 | 83,742 |
Accumulated other comprehensive income (loss) | 1,022 | (5,522) |
Accumulated deficit | (118,913) | (80,066) |
Total stockholders' deficit | (28,584) | (1,656) |
Total liabilities and stockholders' deficit | $ 199,738 | $ 200,664 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for doubtful accounts | $ 126 | $ 323 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 17,223,306 | 15,947,228 |
Common stock, shares outstanding | 17,223,306 | 15,947,228 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 364,754 | $ 203,050 |
Cost of sales | 338,931 | 191,592 |
Gross profit (loss) | 25,823 | 11,458 |
Selling, general and administrative expenses | 28,227 | 27,532 |
Impairment on leased railcars | 4,515 | 158 |
Loss on pension settlement | 8,105 | 0 |
Restructuring and impairment charges | 0 | 6,530 |
Operating loss | (15,024) | (22,762) |
Interest expense | (25,423) | (13,317) |
Gain (loss) on change in fair market value of Warrant liability | 1,486 | (14,894) |
Gain on extinguishment of debt | 0 | 10,122 |
Other income | 2,426 | 817 |
Loss before income taxes | (36,535) | (40,034) |
Income tax provision | 2,312 | 1,413 |
Net loss | $ (38,847) | $ (41,447) |
Net loss per common share attributable to FreightCar America- basic | $ (1.56) | $ (2) |
Net loss per common share attributable to FreightCar America- diluted | $ (1.56) | $ (2) |
Weighted average common shares outstanding - basic | 24,838,399 | 20,766,398 |
Weighted average common shares outstanding - diluted | 24,838,399 | 20,766,398 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (38,847) | $ (41,447) |
Other comprehensive income net of tax: | ||
Loss on pension settlement | 8,105 | 0 |
Reclassification adjustment for amortization of net loss (pre-tax other income) | (1,561) | 6,241 |
Comprehensive loss | $ (32,303) | $ (35,206) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' (Deficit) Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2020 | $ (30,497) | $ 159 | $ 82,064 | $ (1,344) | $ (11,763) | $ (38,619) |
Balance (Shares) at Dec. 31, 2020 | 15,861,406 | 327,577 | ||||
Net loss | (41,447) | (41,447) | ||||
Other comprehensive Income | 6,241 | 6,241 | ||||
Restricted stock awards | $ 2 | (2) | ||||
Restricted stock awards, shares | 213,465 | |||||
Employee stock settlement | (12) | (5) | $ (7) | |||
Employee stock settlement, shares | (1,638) | (2,215) | ||||
Forfeiture of restricted stock awards | (1) | $ (2) | 432 | $ (431) | ||
Forfeiture of restricted stock awards, shares | (144,026) | (116,795) | ||||
Exercise of stock appreciation rights | 54 | 54 | ||||
Exercise of stock appreciation rights, shares | 10,237 | |||||
Stock-based compensation recognized | 762 | 762 | ||||
Equity Fees | 2,250 | $ 31 | 437 | $ 1,782 | ||
Equity Fees, Shares | 7,784 | 446,587 | ||||
Balance at Dec. 31, 2021 | $ (1,656) | $ 190 | 83,742 | (5,522) | (80,066) | |
Balance (Shares) at Dec. 31, 2021 | 15,947,228 | 15,947,228 | ||||
Net loss | $ (38,847) | (38,847) | ||||
Other comprehensive Income | 6,544 | 6,544 | ||||
Restricted stock awards | $ 4 | (4) | ||||
Restricted stock awards, shares | 386,908 | |||||
Stock options exercised | 5,292 | |||||
Employee stock settlement | (57) | (57) | ||||
Employee stock settlement, shares | (15,158) | |||||
Forfeiture of restricted stock awards | (69) | $ (1) | (68) | |||
Forfeiture of restricted stock awards, shares | (81,394) | |||||
Stock-based compensation recognized | 1,501 | 1,501 | ||||
Equity Fees | 4,000 | $ 10 | 3,990 | |||
Equity Fees, Shares | 980,430 | |||||
Balance at Dec. 31, 2022 | $ (28,584) | $ 203 | $ 89,104 | $ 1,022 | $ (118,913) | |
Balance (Shares) at Dec. 31, 2022 | 17,223,306 | 17,223,306 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (38,847) | $ (41,447) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Restructuring and impairment charges | 0 | 6,530 |
Depreciation and amortization | 4,135 | 4,304 |
Non-cash lease expense on right-of-use assets | 2,325 | 1,483 |
Recognition of deferred income from state and local incentives | (2,507) | (2,215) |
(Gain) loss on change in fair market value for Warrant liability | (1,486) | 14,894 |
Impairment on leased railcars | 4,515 | 158 |
Loss on pension settlement | 8,105 | 0 |
Stock-based compensation recognized | 2,106 | 2,977 |
Non-cash interest expense | 16,563 | 5,502 |
Gain on extinguishment of debt | 0 | (10,122) |
Other non-cash items, net | 20 | 529 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 0 | 150 |
VAT receivable | 24,946 | 24,675 |
Inventories | (8,476) | (12,369) |
Related party asset, net | (58) | (624) |
Accounts and contractual payables | 8,181 | 7,878 |
Lease liability | (3,006) | (2,106) |
Other assets and liabilities | (5,013) | (5,944) |
Net cash flows used in operating activities | 11,503 | (55,397) |
Cash flows from investing activities | ||
Maturity of restricted certificates of deposit | 0 | 182 |
Purchase of property, plant and equipment | (7,816) | (2,290) |
Proceeds from sale of property, plant and equipment | 0 | 433 |
Net cash flows used in investing activities | (7,816) | (1,675) |
Cash flows from financing activities | ||
Proceeds from issuance of long-term debt | 0 | 16,000 |
Deferred financing costs | 0 | (1,688) |
Borrowings on revolving line of credit | 133,652 | 48,400 |
Repayments on revolving line of credit | (124,852) | (33,378) |
Employee stock settlement | (57) | (12) |
Payment for stock appreciation rights exercised | (20) | (57) |
Financing lease payments | (738) | 0 |
Net cash flows provided by financing activities | 7,985 | 29,265 |
Net increase (decrease) in cash and cash equivalents | 11,672 | (27,807) |
Cash, cash equivalents and restricted cash equivalents at beginning of year | 26,240 | 54,047 |
Cash, cash equivalents and restricted cash equivalents at end of year | 37,912 | 26,240 |
Supplemental cash flow information | ||
Interest paid | 8,849 | 6,537 |
Income tax refunds received, net of payments | 0 | 5 |
Non-cash transactions | ||
Change in unpaid construction in process | 715 | 122 |
Accrued PIK interest paid through issuance of PIK Note | 1,467 | 1,278 |
Issuance of warrants | 8,560 | 4,891 |
Issuance Of Equity Fee | $ 4,000 | $ 2,000 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2022 | |
Description of the Business [Abstract] | |
Description of the Business | Note 1 – Description of the Business FreightCar America, Inc. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries, and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars. The Company designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars, and also specializes in the conversion of railcars for re-purposed use. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Johnstown, Pennsylvania; Shanghai, People’s Republic of China, and Castaños, Coahuila, Mexico (“Castaños”). The Company ceased operations at its Roanoke, Virginia manufacturing facility (the “Roanoke Facility”) and vacated the facility in March 2020. In September 2020, the Company announced its plan to permanently close its manufacturing facility in Cherokee, Alabama (the “Shoals Facility”) in light of the ongoing cyclical industry downturn, which was magnified by the COVID-19 pandemic. The closure reduced costs and helped align the Company’s manufacturing capacity with the current railcar market. The Company ceased production at the Shoals Facility in February 2021. The closure reduced costs and helped align the Company’s manufacturing capacity with the current railcar market. See Note 8 – Restructuring and Impairment Charges. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, useful lives of long-lived assets, warranty accruals, workers’ compensation accruals, pension benefit assumptions, stock compensation, evaluation of property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Cash and Cash Equivalents The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments. The Company’s cash and cash equivalents are primarily deposited with one U.S. financial institution. Such deposits are in excess of federally insured limits. Restricted Cash and Restricted Certificates of Deposit The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees. The restrictions expire upon completing the Company’s related obligation. Financial Instruments Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, accounts receivable, accounts payable and long-term debt) as of December 31, 2022 and 2021 , have fair values that approximate their carrying values. Fair Value Measurements Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels. The Company classifies the inputs to valuation techniques used to measure fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of raw materials, work in progress, and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties. Property, Plant and Equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows: Description of Assets Life Buildings and improvements 15 - 40 years Leasehold improvements 6 - 19 years Machinery and equipment 3 - 7 years Software 3 - 7 years Long-Lived Assets The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. Income Taxes For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has operations. In conformity with ASC 740, Income Taxes , the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary. Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The Company also provides limited warranties with respect to certain rebuilt railcars. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. State and Local Incentives The Company records state and local incentives when there is reasonable assurance that the incentive will be received. State and local incentives related to assets are recorded as deferred income and recognized on a straight-line basis over the useful life of the related long-lived assets of seven to sixteen years . Revenue Recognition The following table disaggregates the Company’s revenues by major source: Year Ended December 31, 2022 2021 Railcar sales $ 349,556 $ 189,579 Parts sales 11,941 10,228 Revenues from contracts with customers 361,497 199,807 Leasing revenues 3,257 3,243 Total revenues $ 364,754 $ 203,050 The Company generally recognizes revenue at a point in time as it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue is measured at the transaction price, which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. Railcar Sales Performance obligations are typically completed and revenue is recognized for the sale of new and rebuilt railcars when the finished railcar is transferred to a specified railroad connection point. In certain sales contracts, revenue is recognized when a certificate of acceptance has been issued by the customer and control has been transferred to the customer. At that time, the customer directs the use of, and obtains substantially all of the remaining benefits from, the asset. When a railcar sales contract contains multiple performance obligations, the Company allocates the transaction price to the performance obligations based on the relative stand-alone selling price of the performance obligation determined at the inception of the contract based on an observable market price, expected cost plus margin or market price of similar items. The Company treats shipping costs that occur after control is transferred as fulfillment costs. Accordingly, gross revenue is recognized, and shipping cost is accrued, when control transfers to the customer. The Company does not provide discounts or rebates in the normal course of business. As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is generally one year or less. Parts Sales The Company sells forged, cast and fabricated parts for all of the railcars it produces, as well as those manufactured by others. Performance obligations are satisfied and the Company recognizes revenue from most parts sales when the parts are shipped to customers. Leasing Revenue The Company recognizes operating lease revenue on Railcars Available for Lease on a straight-line basis over the contract term. The Company recognizes revenue from the sale of Railcars Available for Lease on a net basis as Gain (Loss) on Sale of Railcars Available for Lease since the sale represents the disposal of a long-term operating asset. Contract Balances and Accounts Receivable Accounts receivable payments for railcar sales are typically due within 5 to 10 business days of invoicing while payments from parts sales are typically due within 30 to 45 business days of invoicing. The Company has not experienced significant historical credit losses. Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no co ntract assets as of December 31, 2022 and 2021. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue and customer deposits included in customer deposits, other current liabilities and other long-term liabilities in the Company’s Consolidated Balance Sheet as of December 31, 2022 and 2021 were $ 219 and $ 4,807 , respectively. Performance Obligations The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of December 31, 2022 with expected duration of greater than one year of $ 40,635 . Loss Per Share The Company computes loss per share using the two-class method, which is a loss allocation formula that determines loss per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. Basic loss per share attributable to common shareholders is computed by dividing net loss attributable to common shareholders by the weighted average common shares outstanding. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation. Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 3 – Leases The Company determines if an arrangement is a lease at inception of a contract. The Company’s lease portfolio includes manufacturing sites, component warehouses and corporate offices. The remaining lease terms on the majority of the Company’s leases are between 0.3 and 17.8 years, some of which include options to extend the lease terms. Leases with initial term of 12 months or less are not recorded on the consolidated balance sheet. In 2021, substantially all of the Company’s leases were operating leases. In April 2022, the Company and the lessors of the Company’s leased facility in Castaños (the “Castaños Facility”) amended the original lease to incorporate additional square footage into the lease. The modification resulted in a lease classification modification from operating to finance. Operating and finance lease ROU assets are presented separately in long term assets, the current portion of operating and finance lease liabilities are presented within other current liabilities, and the non-current portion of operating and finance lease liabilities are presented separately within long term liabilities on the consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset during the lease term and the lease liabilities represent the Company’s obligation to make the lease payments arising during the lease. ROU assets and liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company revalued the incremental borrowing rate used in determining the present value of lease payment for the Castaños Facility lease as a result of the lease modification in April 2022. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease ROU asset amortization expense is recognized on a straight-line basis over the lease term, while interest expense on finance lease liabilities is recognized using the interest method. The components of the lease costs were as follows: Year Ended Year Ended Operating lease costs: Fixed $ 1,735 $ 3,710 Short-term 505 761 Total operating lease costs $ 2,240 $ 4,471 Finance lease costs: Amortization of leased assets $ 1,182 $ - Interest on lease liabilities 1,355 - Total finance lease costs $ 2,537 $ - Total lease cost $ 4,777 $ 4,471 Supplemental balance sheet information related to leases were as follows: December 31, 2022 December 31, 2021 Right of use assets: Right of use operating lease assets $ 1,596 $ 16,669 Right of use finance lease assets 33,093 - Total $ 34,689 $ 16,669 Lease liabilities: Operating lease liabilities: Current $ 897 $ 1,955 Long-term 1,780 16,617 Total operating lease liabilities $ 2,677 $ 18,572 Finance lease liabilities: Current 605 $ - Long-term 33,245 - Total finance lease liabilities $ 33,850 $ - Total $ 36,527 $ 18,572 Supplemental cash flow information is as follows: Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,630 $ 4,315 Operating cash flows from finance leases 1,355 - Financing cash flows from finance leases 738 - Total $ 4,723 $ 4,315 Right of use assets obtained in exchange for new lease obligations: Operating leases $ - $ - Finance leases 20,344 - Total $ 20,344 $ - The aggregate future lease payments for leases as of December 31, 2022 are as follows: Operating leases Finance leases 2023 $ 992 $ 3,298 2024 250 3,298 2025 256 3,354 2026 263 3,523 2027 271 3,523 Thereafter 1,085 48,139 Total lease payments 3,117 65,135 Less: interest ( 440 ) ( 31,285 ) Total $ 2,677 $ 33,850 Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 17.8 Weighted-average discount rate Operating leases 4.5 % Finance leases 8.0 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [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, 2022 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 31,028 $ - $ 31,028 Non-recurring Fair Value Measurements During the Year Ended December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Railcars available for lease, net $ - $ 4,116 $ - $ 4,116 Assets held for sale $ - $ 3,675 $ - $ 3,675 Recurring Fair Value Measurements As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 32,514 $ - $ 32,514 Non-recurring Fair Value Measurements During the Year Ended December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Railcars available for lease, net $ - $ - $ 6,638 $ 6,638 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, 2022 and 2021, is a Level 2 measurement. See Note 7 - Leased Railcars for more information regarding the non-recurring fair value measurement considerations during the years ended December 31, 2022 and 2021 , for the impairment charges related to our leased small cube covered hopper railcars. |
Restricted Cash and Restricted
Restricted Cash and Restricted Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash and Restricted Cash Equivalents | Note 5 – Restricted Cash and Restricted Cash Equivalents The Company establishes restricted cash balances when required by customer contracts and to collateralize standby letters of credit. The carrying value of restricted cash and restricted cash equivalents approximates fair value. The Company’s restricted cash balances are as follows: December 31, December 31, 2022 2021 Restricted cash from customer deposit $ 282 $ 282 Restricted cash to collateralize standby letters of credit 103 1,133 Restricted cash equivalents to collateralize standby letters of credit 3,542 3,542 Restricted cash equivalents - other 151 - Total restricted cash and restricted cash equivalents $ 4,078 $ 4,957 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6 – Inventories Inventories, net of reserve for excess and obsolete items, consist of the following: December 31, December 31, 2022 2021 Raw materials 46,421 34,885 Work in process 4,527 11,306 Finished railcars 8,783 4,696 Parts inventory 4,586 5,125 Total inventories, net $ 64,317 $ 56,012 Inventory on the Company’s consolidated balance sheets includes reserves of $ 1,672 and $ 1,621 relating to excess or slow-moving inventory for parts and work in process at December 31, 2022 and 2021 , respectively. |
Leased Railcars
Leased Railcars | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leased Railcars | Note 7 – Leased Railcars Railcars available for lease at December 31, 2022 were $ 11,324 (cost of $ 14,995 and accumulated depreciation of $ 3,671 ) and at December 31, 2021 were $ 20,160 (cost of $ 23,717 and accumulated depreciation of $ 3,557 ). Depreciation expense on railcars available for lease was $ 616 and $ 646 for the years ended December 31, 2022 and 2021, respectively. Leased railcars subject to lease agreements with external customers have remaining terms of up to two and a half years a nd are accounted for as operating leases. Future minimum rental revenues on leases at December 31, 2022 are as follows: Year ending December 31, 2023 $ 1,297 Year ending December 31, 2024 $ 300 Year ending December 31, 2025 $ 100 Year ending December 31, 2026 $ - Year ending December 31, 2027 $ - Thereafter - $ 1,697 We performed a cash flow recoverability test of our small cube covered hopper 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 fleet of small cube covered hopper 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 a market approach, which we believe most accurately reflects a market participa nt's viewpoint in valuing these railcars. The Company used known selling prices for a portion of the cars, and a weighted average selling price was applied to the remaining cars in the asset group (Level 2 observable inputs). The results of our analysis indicated an estimated fair value of the asset group of approximately $ 7,791 , in comparison to the asset group's carrying amount of $ 12,306 . As a result, we recorded a pre-tax non-cash impairment charge of $ 4,515 related to our small cube covered hopper railcars into the fourth quarter of 2022. The portion of these assets intended to be sold were reclassified as assets held for sale as of December 31, 2022 and are no longer depreciated. The impairment is reflected in the impairment of leased railcars line of our consolidated statements of operations for the year ended December 31, 2022. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Note 8 – Restructuring and Impairment Charges In September 2020, the Company announced its plan to permanently close its Shoals Facility in light of the ongoing cyclical industry downturn, which had been magnified by the COVID-19 pandemic. In October 2020, the Company reached an agreement with the Shoals Facility owner and landlord to shorten the Shoals lease term by amending the expiration date to the end of February 2021. In addition, the landlord agreed to waive the base rent payable under the original lease for the months of October 2020 through February 2021. Property, plant and equipment with an estimated fair value of $ 10,148 was sold or transferred to the Shoals landlord during 2021 as consideration for the landlord’s entry into the lease amendment and the aforementioned rent waiver. Restructuring and impairment charges (benefits) related to the plant closure for 2021 were primarily due to relocating some of the facility’s equipment to Castaños. Restructuring and impairment charges are reported as a separate line item on the Company’s consolidated statements of operations for the years ended December 31, 2022 and 2021, and are detailed below: Year Ended December 31, 2022 2021 Impairment and loss on disposal of machinery and equipment $ - $ 1,591 Employee severance and retention - ( 5 ) Other charges related to facility closure - 4,944 Total restructuring and impairment costs $ - $ 6,530 Accrued restructuring and impairment charges primarily related to the Manufacturing segment and are detailed below: Accrued as of December 31, 2021 Cash Non-cash charges Cash payments Accrued as of December 31, 2022 Impairment and loss on disposal of machinery and equipment $ - $ - $ - $ - $ - Employee severance and retention 163 - - ( 163 ) - Other charges related to facility closure - - - - - Total restructuring and impairment costs $ 163 $ - $ - $ ( 163 ) $ - Accrued as of December 31, 2020 Cash Non-cash charges Cash payments Accrued as of Impairment and loss on disposal of machinery and equipment $ - $ - $ 269 $ - $ - Employee severance and retention 1,596 - ( 80 ) ( 1,353 ) 163 Other charges related to facility closure 251 6,437 ( 96 ) ( 6,688 ) - Total restructuring and impairment costs $ 1,847 $ 6,437 $ 93 $ ( 8,041 ) $ 163 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 9 – Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2022 2021 Buildings and improvements $ 162 $ 162 Leasehold improvements 4,072 3,954 Machinery and equipment 37,468 33,808 Software 8,744 8,560 Construction in process 4,969 401 Total cost 55,415 46,885 Less: Accumulated depreciation and amortization ( 32,167 ) ( 28,649 ) Total property, plant and equipment, net $ 23,248 $ 18,236 Depreciation expense for the years ended December 31, 2022 and 2021 was $ 3,519 and $ 3,658 , r espectively. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Product Warranties | Note 10 – Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars produced by it will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The changes in the warranty reserve for the years ended December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Balance at the beginning of the year $ 2,533 $ 5,216 Current year provision 3,462 200 Reductions for payments, costs of repairs and other ( 3,365 ) ( 1,358 ) Adjustments to prior warranties ( 690 ) ( 1,525 ) Balance at the end of the year $ 1,940 $ 2,533 Adjustments to prior warranties include changes in the warranty reserve for warranties issued in prior periods due to expiration of the warranty period, revised warranty cost estimates and other factors. |
State and Local Incentives
State and Local Incentives | 12 Months Ended |
Dec. 31, 2022 | |
State and Local Incentives [Abstract] | |
State and Local Incentives | Note 11 – State and Local Incentives During the year ended December 31, 2015, the Company received cash payments of $ 15,733 for Alabama state and local incentives related to the Company’s capital investment and employment levels at the Shoals Facility. In December 2016, the Company also qualified for an additional $ 1,410 in incentives at the Shoals Facility. This amount was received in January 2017. Under the incentive agreements, a certain portion of the incentives may be repayable by the Company if targeted levels of employment are not maintained for a period of six years from the date of the incentive. In the year ended December 31, 2022 employment levels dropped below the minimum targeted levels of employment. The incentives paid back did not exceed the deferred liability balance at December 31, 2021. The changes in deferred income from these incentives for the years ended December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Balance at the beginning of the year $ 2,507 $ 4,722 Recognition of state and local incentives as a reduction of cost of sales ( 1,857 ) ( 2,215 ) State and local incentives paid during the year ( 650 ) - Balance at the end of the year, including current portion $ — $ 2,507 |
Debt Financing and Revolving Cr
Debt Financing and Revolving Credit Facilities | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Financing and Revolving Credit Facilities | Note 12 – Debt Financing and Revolving Credit Facilities Long-term debt consists of the following as of December 31, 2022 and 2021: December 31, December 31, 2022 2021 M&T Credit Agreement outstanding $ 6,917 $ 7,917 Siena Loan Agreement outstanding 33,825 24,026 Credit Agreement outstanding 58,745 57,278 Total debt 99,487 89,221 Less Credit Agreement discount ( 5,262 ) ( 7,077 ) Less Credit Agreement deferred financing costs ( 1,989 ) ( 2,660 ) Total debt, net of discount and deferred financing costs 92,236 79,484 Less amounts due within one year ( 40,742 ) - Long-term debt, net of current portion $ 51,494 $ 79,484 The fair value of long-term debt approximates its carrying value as of December 31, 2022 and 2021. Credit Agreement In October 2020, the Company entered into a $ 40,000 Credit Agreement (as amended from time to time, the “Credit Agreement”) by and among FCA, as guarantor, FreightCar North America, LLC (“Borrower” and together with FCA and certain other subsidiary guarantors, collectively, the “Loan Parties”), CO Finance LVS VI LLC, as lender (the “Lender”), and U.S. Bank National Association, as disbursing agent and collateral agent (“Agent”). The $ 40,000 term loan under the Credit Agreement closed and was funded on November 24, 2020. The Company incurred $ 2,872 in deferred financing costs that are presented as a reduction of the long-term debt balance and amortized to interest expense over the term of the Credit Agreement. The term loan outstanding under the Credit Agreement bears interest, at Borrower’s option and subject to the provisions of the Credit Agreement, at Base Rate (as defined in the Credit Agreement) or Eurodollar Rate (as defined in the Credit Agreement) plus the Applicable Margin (as defined in the Credit Agreement) for each such interest rate set forth in the Credit Agreement. As of December 31, 2022, the interest rate on the original advance under the Credit Agreement was 17.2 % . In May 2021, the Loan Parties entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with Lender and the Agent, pursuant to which the principal amount of the Credit Agreement was increased by $ 16,000 to a total of $ 56,000 (the “Additional Loan”). The Additional Loan closed and was funded on May 17, 2021. The Company incurred $ 480 in deferred financing costs related to the Second Amendment which are presented as a reduction of the long-term debt balance and amortized on a straight-line basis to interest expense over the term of the Second Amendment. As of December 31, 2022, the interest rate on the Second Amendment under the Credit Agreement was 17.2 % . The Credit Agreement contains customary affirmative and negative covenants and events of default, and is secured by a pledge of all assets of the Loan Parties. Pursuant to the Second Amendment, in the event that the Additional Loan was not repaid in full by March 31, 2022, the Company was to issue to the Lender and/or a Lender affiliate, a warrant (the “2022 Warrant”) to purchase a number of shares of Common Stock equal to 5 % of the Company’s outstanding Common Stock on a fully-diluted basis at the time the 2022 Warrant is exercised. The Company believed it was probable that the 2022 Warrant would be issued and recorded an additional Warrant liability of $ 7,351 during the third quarter of 202 1. The 2022 Warrant was issued on April 4, 2022 with an exercise price of $ 0.01 and a term of ten ( 10 ) years. As of December 31, 2022 and 2021, the 2022 Warrant was exercisable for an aggregate of 1,473,726 and zero ( 0 ) shares of Common Stock, respectively with a per share exercise price of $ 0.01 . Pursuant to the Second Amendment, the Company was required to, among other things, (i) obtain a term sheet for additional financing of no less than $ 15,000 by July 31, 2021 and (ii) file a registration statement on Form S-3 registering Company securities by no later than August 31, 2021. The Company has met each of the aforementioned obligations. The Form S-3 registering Company securities was filed with the Securities and Exchange Commission on August 27, 2021 and became effective on September 9, 2021. In July 2021, the Loan Parties entered into Amendment No. 3 to Credit Agreement (the “Third Amendment”) with the Lender and the Agent, pursuant to which, among other things, Lender obtained a standby letter of credit (as may be amended from time to time, the “Third Amendment Letter of Credit”) from Wells Fargo Bank, N.A., in the principal amount of $ 25,000 for the account of the Company and for the benefit of the Revolving Loan Lender (as defined below). In December 2021, the Loan Parties entered into Amendment No. 4 to Credit Agreement (the “Fourth Amendment”) with the Lender and the Agent, pursuant to which the principal amount of the term loan credit facility was increased by $ 15,000 to a total of $ 71,000 , with such additional $ 15,000 (the “Delayed Draw Loan”) to be funded, at the Borrower’s option, upon the satisfaction of certain conditions precedent set forth in the Fourth Amendment. The Borrower had the option to draw on the Delayed Draw Loan through January 31, 2023. The Delayed Draw Loan, if funded, would bear the same interest rate as the original term loan. In January 2023, the Loan Parties entered into Amendment No. 6 to Credit Agreement (the “Sixth Amendment”) to extend the date for the Company to draw on the delayed draw loan of $ 15,000 from January 31, 2023 to March 3, 2023. See Note 22 - Subsequent Events. In February 2023, the Loan Parties entered into Amendment No. 7 to Credit Agreement (the “Seventh Amendment”) to extend the date for the Company to draw on the delayed draw loan of $ 15,000 from March 3, 2023 to April 3, 2023. See Note 22 - Subsequent Events. Reimbursement Agreement Pursuant to the Third Amendment, on July 30, 2021, the Company, the Lender, Alter Domus (US) LLC, as calculation agent, and the Agent entered into a reimbursement agreement (the “Reimbursement Agreement”), pursuant to which, among other things, the Company agreed to reimburse the Agent, for the account of the Lender, in the event of any drawings under the Third Amendment Letter of Credit by the Revolving Loan Lender. The Company shall make certain other payments as set forth below, so long as the Third Amendment Letter of Credit remains outstanding: Letter of Credit Fee The Company shall pay to Agent, for the account of Lender, an annual fee of $ 500 , which shall be due and payable quarterly beginning on August 2, 2021, and every three months thereafter. Equity Fee Every three months (the “Measurement Period”), commencing on August 6, 2021, the Company shall pay to the Lender or designee thereof a fee (the “Equity Fee”) payable in shares of Common Stock. The Equity Fee shall be calculated by dividing $ 1,000 by the volume weighted average price of the Common Stock on the Nasdaq Global Market for the ten (10) trading days ending on the last business day of the applicable Measurement Period. The Company may pay the Equity Fee in cash if certain conditions are met. The Equity Fee shall no longer be paid once the Company has issued Equity Fees in an amount of Common Stock equal to 9.99 % multiplied by the total number of shares of Common Stock outstanding as of July 30, 2021, rounded down to the nearest whole share of Common Stock, or 1,547,266 shares of Common Stock (the “Maximum Equity”). Through December 31, 2022, the Company has paid Equity Fees totaling 1,388,388 shares of Common Stock. Cash Fee The Company shall pay to the Agent, for the account of the Lender or a designee thereof a cash fee (the “Cash Fee”) which shall be due and payable in cash quarterly beginning on the date that the Maximum Equity has been issued and thereafter on the business day immediately succeeding the last business day of the applicable Measurement Period. The Cash Fee shall be equal to $ 1,000 , provided that, in the quarter in which the Maximum Equity is issued, such fee shall be equitably reduced by the value of any Equity Fee issued by the Company that quarter. Warrant In connection with the Credit Agreement, the Company issued to an affiliate of the Lender (the “Warrantholder”) a warrant (the “2020 Warrant”), pursuant to that certain warrant acquisition agreement, dated as of October 13, 2020, by and between the Company and the Lender, to purchase a number of shares of Common Stock equal to 23 % of the outstanding Common Stock on a fully-diluted basis at the time the 2020 Warrant is exercised (after giving effect to such issuance). The 2020 Warrant was issued on November 24, 2020 and is exercisable for a term of ten ( 10 ) years from the date of the issuance of the 2020 Warrant. As of December 31, 2022 and 2021, the 2020 Warrant was exercisable for an aggregate of 6,799,139 and 6,098,217 shares, respectively, of Common Stock with a per share exercise price of $ 0.01 . The Company determined that the 2020 Warrant should be accounted for as a derivative instrument and classified as a liability on its Consolidated Balance Sheets primarily due to the instrument obligating the Company to settle the 2020 Warrant in a variable number of shares of Common Stock. The 2020 Warrant was recorded at fair value and is treated as a discount on the term loan. The discount on the associated debt is amortized over the life of the Credit Agreement and included in interest expense. Pursuant to the Fourth Amendment and a warrant acquisition agreement, dated as of December 30, 2021, the Company issued to the Lender a warrant (the “2021 Warrant”) to purchase a number of shares of Common Stock equal to 5 % of the outstanding Common Stock on a fully-diluted basis at the time the 2021 Warrant is exercised. The 2021 Warrant has an exercise price of $ 0.01 and a term of ten years. As of December 31, 2022 and 2021, the 2021 Warrant was exercisable for an aggregate of 1,473,726 and 1,325,699 shares of Common Stock, respectively with a per share exercise price of $ 0.01 . The 2020 Warrant, 2021 Warrant, and 2022 Warrant collectively are referred to herein as the “Warrant”. The following schedule shows the change in fair value of the Warrant as of December 31, 2022. Warrant liability as of December 31, 2021 $ 32,514 Change in fair value ( 1,486 ) Warrant liability as of December 31, 2022 $ 31,028 The change in fair value of the Warrant is reported on a separate line in the consolidated statements of operations. The Term Loan Credit Agreement is presented net of the unamortized discount and unamortized deferred financing costs. To the extent the Delayed Draw Loan is funded, the Company has agreed to issue to the Lender a warrant (the “ 3 % Additional Warrant”) to purchase up to a number of shares of Common Stock equal to 3 % of the outstanding Common Stock on a fully-diluted basis at the time the 3% Additional Warrant is exercised (after giving effect to such issuance). The 3% Additional Warrant, if issued, will have an exercise price of $ 0.01 and a term of ten years . Siena Loan and Security Agreement In October 2020, the Company entered into a Loan and Security Agreement (the “Siena Loan Agreement”) by and among the Company, as guarantor, and certain of its subsidiaries, as borrowers (together with the Company, the “Revolving Loan Parties”), and Siena Lending Group LLC, as lender (“Revolving Loan Lender”). Pursuant to the Siena Loan Agreement, the Revolving Loan Lender provided an asset backed credit facility, in the maximum aggregate principal amount of up to $ 20,000 , (the “Maximum Revolving Facility Amount”) consisting of revolving loans (the “Revolving Loans”). The Siena Loan Agreement provided for a revolving credit facility with maximum availability of $ 20,000 , subject to certain borrowing base requirements set forth in the Siena Loan Agreement. In July 2021, the Revolving Loan Parties and the Revolving Loan Lender entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan and Security Agreement”), which amended and restated the terms and conditions of the Siena Loan Agreement, including, among other things, an increase of $ 25,000 to the Maximum Revolving Facility Amount. The Amended and Restated Loan and Security Agreement has a term ending on October 8, 2023. Revolving Loans outstanding under the Amended and Restated Loan and Security Agreement bear interest, subject to the provisions of the Amended and Restated Loan and Security Agreement, at an interest rate of 2 % per annum in excess of the Base Rate (as defined in the Siena Loan Agreement). The Amended and Restated Loan and Security Agreement contains customary affirmative and negative covenants and events of default, and is secured by a pledge of all assets of the Revolving Loan Parties. In February 2022, the Revolving Loan Parties and the Revolving Loan Lender entered into a First Amendment to Amended and Restated Loan and Security Agreement (the “First Amendment to Amended and Restated Loan and Security Agreement”), pursuant to which, among other things, the Maximum Revolving Facility Amount was increased to $ 35,000 . Revolving Loans outstanding under the First Amendment to Amended and Restated Loan and Security Agreement bear interest, subject to the provisions of the First Amendment to Amended and Restated Loan and Security Agreement, at a rate of 2% per annum in excess of the Base Rate (as defined in the Amended and Restated Loan and Security Agreement). Notwithstanding the foregoing, Revolving Loans made in respect of Excess Availability (as defined in the First Amendment to Amended and Restated Loan and Security Agreement) arising from clause (b) of the definition of “Borrowing Base” (as defined in the First Amendment to Amended and Restated Loan and Security Agreement) bear interest, subject to the provisions of the First Amendment to Amended and Restated Loan and Security Agreement, at a rate of 1.5 % per annum in excess of the Base Rate (as defined in the Amended and Restated Loan and Security Agreement). As of December 31, 2022, the interest rate on outstanding debt under the Amended and Restated Loan and Security Agreement was 9.00 % and under the First Amendment to Amended and Restated Loan and Security Agreement was 9.50 % . As of December 31, 2022, the Company had $ 33,825 in outstanding debt under the Siena Loan Agreement an d remaining borrowing availability of zero . As of December 31, 2021, the Company had $ 24,026 in outstanding debt under the Siena Loan Agreement and remaining borrowing availability of $ 122 . The Company incurred $ 1,101 in deferred financing costs related to the Siena Loan Agreement during the fourth quarter of 2020 and incurred $ 1,037 in additional deferred financing costs related to the Amended and Restated Loan and Security Agreement during the third quarter of 2021. The deferred financing costs are presented as an asset and amortized to interest expense on a straight-line basis over the term of the Siena Loan Agreement. SBA Paycheck Protection Program Loan In April 2020, the Company received a loan from BMO Harris Bank N.A. in the amount of $ 10.0 million pursuant to the Paycheck Protection Program (the “PPP Loan”) of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In July 2021, the Company received a notification from BMO Harris Bank N.A. that the Small Business Administration approved the Company’s PPP Loan forgiveness application for the entire $ 10.0 million balance, together with interest accrued thereon, of the PPP Loan and that the remaining balance of the PPP Loan was zero . The Company recognized a gain on extinguishment of debt of $ 10.1 million related to PPP Loan forgiveness during 2021. M&T Credit Agreement In April 2019, FreightCar America Leasing 1, LLC, an indirect wholly-owned subsidiary of the Company (“FreightCar Leasing Borrower”), entered into a Credit Agreement (the “M&T Credit Agreement”) with M & T Bank, N.A., as lender (“M&T”), with a term that ended on April 16, 2021 (the “Term End”). Pursuant to the M&T Credit Agreement, M&T extended a revolving credit facility to FreightCar Leasing Borrower in an aggregate amount of up to $ 40,000 for the purpose of financing railcars to be leased to third parties. In connection with the M&T Credit Agreement, (i) FreightCar Leasing LLC, a wholly owned subsidiary of the Company and parent of FreightCar Leasing Borrower (“FreightCar Leasing Guarantor”), entered into a Guaranty Agreement (the “M&T Guaranty Agreement”) and Pledge Agreement (the “M&T Pledge Agreement”) with M&T and (ii) FreightCar Leasing Borrower entered into a Security Agreement with M&T (the “M&T Security Agreement”) pursuant to which it granted a security interest in all of its assets to M&T to secure its obligations under the M&T Credit Agreement. The Loans outstanding under the M&T Credit Agreement are non-recourse to the assets of the Company or its subsidiaries (other than the assets of FreightCar Leasing Borrower and FreightCar Leasing Guarantor), and bear interest, accrued daily, at the Adjusted LIBOR Rate (as defined in the M&T Credit Agreement) or the Adjusted Base Rate (as defined in the M&T Credit Agreement). Between August 2020 and April 2021, FreightCar Leasing Borrower received notices from M&T that various Events of Default (as defined in the M&T Credit Agreement) had occurred, including a notice in April 2021 that an Event of Default had occurred due to all amounts outstanding under the M&T Credit Agreement having not been paid by the Term End. In December 2021 (the “Execution Date”), FreightCar Leasing Borrower, FreightCar Leasing Guarantor (together with FreightCar Leasing Borrower, the “Obligors”), the Company, FreightCar America Railcar Management, LLC (“FCA Management”), and M&T, entered into a Forbearance and Settlement Agreement (the “Forbearance Agreement”) with respect to the M&T Credit Agreement and its related Credit Documents (as defined in the M&T Credit Agreement), as well as certain intercompany services agreements related thereto. Pursuant to the Forbearance Agreement, the Obligors will continue to perform and comply with all of their performance obligations (as opposed to payment obligations) under certain provisions of the M&T Credit Agreement (primarily related to information obligations and the preservation of the collateral pledged by FreightCar Leasing Borrower to M&T pursuant to the M&T Security Agreement (the “Collateral”)) and all the provisions of the M&T Security Agreement. On December 1, 2023, or sooner if requested by the Lender (the “Turnover Date”), FreightCar Leasing Borrower shall execute and deliver to M&T documents required to deliver and assign to M&T all the leased railcars and related leases serving as Collateral for the M&T Credit Agreement, and the Company shall turn over to M&T certain rents in the amount of $ 715 that it had previously collected as servicing agent for FreightCar Leasing Borrower. Upon the Turnover Date and the Obligors’ performance of their respective obligations under the Forbearance Agreement, including the delivery of certain Collateral to M&T upon the Turnover Date, all Obligations (as defined in the M&T Credit Agreement) shall be deemed satisfied in full, M&T shall no longer have any further claims against the Obligors under the Credit Documents and the Credit Documents shall automatically terminate and be of no further force or effect except for the provisions thereof that expressly survive termination. As of December 31, 2022 and December 31, 2021, FreightCar Leasing Borrower had $ 6,917 and $ 7,917 , respectively, in outstanding debt under the M&T Credit Agreement, which was collateralized by leased railcars with a carrying value of $ 4,116 and $ 6,638 , respectively. As of December 31, 2022, the interest rate on outstanding debt under the M&T Credit Agreement was 8.50 % . Estimated annual maturities of long-term debt, including the current portion at December 31, 2022 are as follows based on the most recent debt agreements. 2023 $ 40,742 2024 - 2025 58,745 2026 - 2027 - Thereafter - $ 99,487 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 13 – Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) consist of the following: Pre-Tax Tax After-Tax Year ended December 31, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 1,561 ) - ( 1,561 ) $ 6,544 $ - $ 6,544 Pre-Tax Tax After-Tax Year ended December 31, 2021 Pension liability activity: Actuarial gain 5,620 - $ 5,620 Reclassification adjustment for amortization of net loss (pre-tax other income) 621 - $ 621 $ 6,241 $ - $ 6,241 The components of accumulated other comprehensive loss consist of the following: December 31, December 31, 2022 2021 Unrecognized pension income (cost), net of tax of $ 6,282 and $ 6,282 , respectively $ 1,022 $ ( 5,522 ) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 14 – Employee Benefit Plans The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan are not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities. The Company has elected to utilize a full yield curve approach in estimating the interest component for pension benefits by applying the specific spot rates along the yield curve used in determining the benefit obligation to the relevant projected cash flows. The changes in benefit obligation, change in plan assets and funded status as of December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Change in benefit obligation Benefit obligation – Beginning of year $ 50,938 $ 55,359 Interest cost 867 944 Actuarial (gain) loss ( 8,985 ) ( 2,098 ) Benefits paid ( 2,730 ) ( 3,267 ) Annuity purchase ( 27,647 ) - Benefit obligation – End of year 12,443 50,938 Change in plan assets Plan assets – Beginning of year 50,903 48,314 Return on plan assets ( 9,123 ) 5,856 Annuity purchase ( 27,647 ) - Benefits paid ( 2,730 ) ( 3,267 ) Plan assets at fair value – End of year 11,403 50,903 Funded status of plans – End of year $ ( 1,040 ) $ ( 35 ) Pension Benefits 2022 2021 Amounts recognized in the Consolidated Balance Sheets Current liabilities $ - $ - Noncurrent liabilities ( 1,040 ) ( 35 ) Net amount recognized at December 31 $ ( 1,040 ) $ ( 35 ) Amounts recognized in accumulated other comprehensive income (loss) but not yet recognized in earnings at December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Net actuarial loss $ 5,260 $ 11,803 $ 5,260 $ 11,803 Components of net periodic benefit cost (income) for the years ended December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Components of net periodic benefit cost Interest cost $ 867 $ 944 Expected return on plan assets ( 1,650 ) ( 2,335 ) Amortization of unrecognized net loss (gain) 228 621 Total net periodic (income) benefit cost $ ( 555 ) $ ( 770 ) The increase (decrease) in accumulated other comprehensive income (loss) (pre-tax) for the years ended December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Net actuarial (gain) loss $ 1,789 $ ( 5,620 ) Amortization of: Actuarial loss from settlement ( 8,105 ) - Net actuarial loss ( 228 ) ( 621 ) Total recognized in accumulated other comprehensive loss $ ( 6,544 ) $ ( 6,241 ) The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2022: Pension Benefits 2023 $ 760 2024 765 2025 789 2026 804 2027 796 2028 through 2032 4,196 The Company is no t required to make any contributions to its pension pla n in 2023 to meet its minimum funding requirements. The assumptions used to determine end of year benefit obligations are shown in the following table: Pension Benefits 2022 2021 Discount rates 5.22 % 2.84 % The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2021, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for U.S. plans, scale (MP-2021 with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company used the base mortality table Pri-2012 projected generationally using a modified MP-2021 with Endemic COVID adjustment for purposes of measuring its pension obligations at December 31, 2022. The 2022 actuarial gain of $ 8,985 was largely the result of the change in mortality improvement scale MP-2021 with Endemic COVID adjustment to reflect anticipated slow recovery from COVID. The 2021 actuarial gain of $ 2,098 was largely the result of the change in the yield curve to Pri-2012 with MP-2021. The impact of the mortality improvement scale MP-2021 also created a slight actuarial gain for 2021. The assumptions used in the measurement of net periodic cost are shown in the following table: Pension Benefits 2022 2021 Discount rate for benefit obligations 5.22 % 2.48 % Expected return on plan assets 3.00 % 5.00 % Rate for interest on benefit obligations 5.10 % 1.77 % Discount rate for service cost N/A N/A The Company’s pension plan’s weighted average asset allocations at December 31, 2022 and 2021, and target allocations for 2023, by asset category, are as follows: Plan Assets at December 31, Target Allocation 2022 2021 2023 Asset Category Cash and cash equivalents 1 % 2 % 0 % - 5 % Equity securities 0 % 54 % 0 % Fixed income securities 99 % 33 % 95 %- 100 % Real estate 0 % 11 % 0 % 100 % 100 % 100 % The basic goal underlying the pension plan investment policy is to ensure that the assets of the plans, along with expected plan sponsor contributions, will be invested in a prudent manner to meet the obligations of the plans as those obligations come due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within the capital markets to protect asset values against adverse movements in any one market. The Company’s investment strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to manage the risk of such investments with less volatile assets, such as fixed-income securities. Investment practices must comply with the requirements of ERISA and any other applicable laws and regulations. The Company, in consultation with its investment advisors, has determined a targeted allocation of invested assets by category and it works with its advisors to reasonably maintain the actual allocation of assets near the target. The long term return on assets was estimated based upon historical market performance, expectations of future market performance for debt and equity securities and the related risks of various allocations between debt and equity securities. Numerous asset classes with differing expected rates of return, return volatility and correlations are utilized to reduce risk through diversification. The Company’s pension plan assets are invested in one mutual fund for each fund classification. The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2, Summary of Significant Accounting Policies for a description of the fair value hierarchy) as of December 31, 2022 and 2021: Pension Plan Assets As of December 31, 2022 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 11,268 $ - $ - $ 11,268 Large cap funds - - - - Small cap funds - - - - International funds - - - - Real estate funds - - - - Cash and equivalents 135 - - 135 Total $ 11,403 $ - $ - $ 11,403 Pension Plan Assets As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 16,645 $ - $ - $ 16,645 Large cap funds 16,238 - - 16,238 Small cap funds 4,877 - - 4,877 International funds 6,607 - - 6,607 Real estate funds 5,529 - - 5,529 Cash and equivalents 1,007 - - 1,007 Total $ 50,903 $ - $ - $ 50,903 The Company entered into a commitment agreement (the “OneAmerica Agreement”) with OneAmerica Financial Partners, Inc. (“OneAmerica”) during the year ended December 31, 2022. Under the OneAmerica Agreement, the Company purchased a non-participating group annuity contract (the “Annuity Contract”) from OneAmerica and transferred to OneAmerica about 67.7 % of its future benefit obligations under the Plan. Upon payment of the premium to OneAmerica and the closing of the OneAmerica Agreement, the applicable pension benefit obligations were irrevocably transferred from the Plan to OneAmerica. By transferring the future benefit obligations and annuity administration to OneAmerica, the Company reduced its gross Plan liabilities by $ 27.6 million during the year ended December 31, 2022. The purchase of the Annuity Contract was funded by the assets of the Plan. As a result of the OneAmerica Agreement, the Company recognized a non-cash pre-tax pension settlement loss of $ 8.1 million during the year ended December 31, 2022. The Company also maintains qualified defined contribution plans, which provide benefits to their employees based on employee contributions and employee earnings, with discretionary contributions allowed. Expenses related to these plans were $ 289 for the year ended December 31, 2022 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15 - Income Taxes The provision (benefit) for income taxes for the periods indicated includes current and deferred components as follows: Year Ended December 31 2022 2021 Current Tax Expense/(Benefit) Federal $ - $ ( 10 ) Foreign 2,285 1,533 State 40 26 2,325 1,549 Deferred Tax Expense/(Benefit) Federal 1 - Foreign ( 14 ) ( 136 ) ( 13 ) ( 136 ) Total $ 2,312 $ 1,413 The (provision) benefit for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows: Year Ended December 31 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 0.4 % 0.7 % Valuation allowance ( 5.8 ) % ( 20.4 ) % Provision to return ( 0.2 ) % 0.0 % Foreign rate differential ( 1.5 ) % ( 1.0 ) % Foreign tax adjustments ( 1.1 ) % 0.0 % Deferred tax adjustments ( 17.9 ) % 0.4 % Nondeductible expenses and other ( 1.2 ) % ( 4.2 ) % Effective income tax rate ( 6.3 ) % ( 3.5 ) % Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities. Components of deferred tax assets (liabilities) consisted of the following: December 31, 2022 December 31, 2021 Description Assets Liabilities Assets Liabilities Accrued post-retirement and pension benefits $ 360 $ - $ 149 $ - Intangible assets - ( 26 ) - ( 22 ) Accrued expenses 2,326 - 1,367 - Accrued warranty costs - - - - Prepaid expenses - ( 1,155 ) - - Deferred state and local incentive revenue - - 537 - Accrued severance - - - - Inventory valuation 1,219 - 496 - Property, plant and equipment and railcars on operating leases - ( 1,166 ) 103 - Net operating loss, tax credit, and interest carryforwards 65,218 - 62,536 - Stock-based compensation expense 1,715 - 1,539 - Other 371 ( 1,448 ) 99 - Right of use asset - ( 10,902 ) - ( 4,780 ) Lease liability 11,376 - 5,175 - 82,585 ( 14,697 ) 72,001 ( 4,802 ) Valuation Allowance ( 67,881 ) - ( 67,204 ) - Deferred tax assets (liabilities) $ 14,704 $ ( 14,697 ) $ 4,797 $ ( 4,802 ) Increase (decrease) in valuation allowance $ 677 $ 7,591 A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management has concluded that, based on evaluation of the positive and negative evidence, primarily the history of US and China operating losses, we will not more likely than not realize the benefit of the US and China deferred tax assets. The Company has certain pretax state net operating loss carryforwards of $ 220,406 which will expire between 2023 and 2042, for which a full valuation allowance has been recorded. The Company also has federal net operating loss carryforwards, tax credits, and interest carryforwards of $ 210,223 , $ 2,016 , and $ 33,392 , respectively, which will begin to expire in 2032, for which a full valuation allowance also has been recorded. The Company has Chinese net operating loss carryforwards of $ 356 which will expire between 2023 and 2027 for which a full valuation allowance also has been recorded. As of December 31, 2022, the Company has released a valuation allowance in Mexico to realize its deferred tax assets of $ 0.1 as a result of significant positive evidence, most notably three years of cumulative income in Mexico and management expectations of continued profitability. The Company does no t have any unrecognized tax benefit that, if recognized, would affect the Company's effective tax rate as of December 31, 2022 and 2021. The Company's income tax provision included $ 0 of expenses related to interest and penalties for the years ended December 31, 2022 and 2021. The Company records interest and penalties as a component of income tax expense. However, as there are no unrecognized tax benefits for the year ended 2022 and 2021, the Company has zero penalties or interest accrued at December 31, 2022 and 2021, respectively. The Company and/or its subsidiaries file income tax returns with the U.S. federal government and in various state and foreign jurisdictions. A summary of tax years that remain subject to examination is as follows: Jurisdiction Earliest Year U.S. Federal 2019 States: Pennsylvania 2001 Texas 2019 Illinois 2010 Virginia 2019 Colorado 2010 Indiana 2019 Nebraska 2016 Alabama 2016 Foreign: China 2019 Mexico 2020 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Note 16 - Stock-Based Compensation The Company’s incentive compensation plans, titled “The 2005 Long Term Incentive Plan” (as restated to incorporate all amendments, the “2005 Plan”) and “The FreightCar America, Inc. 2018 Long Term Incentive Plan (the “2018 Plan” and, collectively, the “Prior LTIPs”), were terminated and replaced by the Company's new incentive compensation plan, titled “The FreightCar America, Inc. 2022 Long Term Incentive Plan” (the “2022 Plan” or “Incentive Plan”). The 2022 Plan was approved by the Company’s Board of Directors and ratified by the stockholders on May 12, 2022. Awards previously granted under the Prior LTIPs were unaffected by the adoption of the 2022 Plan, and they remain outstanding under the terms pursuant to which they were previously granted. The Incentive Plan provides for the grant to eligible persons of stock options, share appreciation rights (“SAR”), restricted shares, restricted share units (“RSU”), performance shares, performance units, dividend equivalents and other share-based awards, referred to collectively as the awards. Time-vested stock option awards generally vest based on one to three years of service and have 10 ‑year contractual terms. Share awards generally vest over one to three years . Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Incentive Plans). The Company accounts for forfeitures of stock‑based awards as incurred. The 2022 Plan will terminate as to future awards on May 12, 2032. Upon approval of the 2022 Plan, 880,000 shares of common stock were registered and made available for issuance, together with 494,977 shares of common stock that were available under the Prior LTIPs on May 12, 2022. Under the 2022 Plan, 1,374,977 shares of common stock have been reserved for issuance (from either authorized but unissued shares or treasury shares), of which 1,285,806 were available for issuance at December 31, 2022. Stock Options The Company recognizes stock-based compensation expense for time-vested stock option awards based on the fair value of the award on the grant date using the Black-Scholes option valuation model. Expected life in years for time-vested stock option awards was determined using the simplified method. The Company believes that it is appropriate to use the simplified method in determining the expected life for time-vested stock options because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for time-vested stock options. Expected volatility was based on the historical volatility of the Company’s stock. The risk-free interest rate was based on the U.S. Treasury bond rate for the expected life of the option. The expected dividend yield was based on the latest annualized dividend rate and the current market price of the underlying common stock on the date of the grant. The Company recognizes stock-based compensation for restricted stock awards over the vesting period based on the fair market value of the stock on the date of the award, calculated as the average of the high and low trading prices for the Company’s common stock on the award date. Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions: Expected Risk Free Grant Date Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2022 1/17/2022 6 years 74.32 % 0.00 % 1.60 % $ 2.63 2022 2/4/2022 6 years 74.27 % 0.00 % 1.81 % $ 2.30 2022 3/21/2022 6 years 74.45 % 0.00 % 2.33 % $ 2.90 2022 4/19/2022 6 years 75.31 % 0.00 % 2.91 % $ 3.87 2022 7/11/2022 6 years 77.95 % 0.00 % 3.04 % $ 2.41 2022 7/18/2022 6 years 77.92 % 0.00 % 3.04 % $ 2.51 2022 8/29/2022 6 years 78.17 % 0.00 % 3.24 % $ 3.10 2022 9/6/2022 6 years 78.19 % 0.00 % 3.41 % $ 2.81 2022 12/1/2022 6 years 78.20 % 0.00 % 3.65 % $ 2.60 A summary of the Company’s time-vested stock options activity and related information at December 31, 2022 and 2021, and changes during the years then ended, is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Exercise Exercise Options Price Options Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 733,967 $ 5.66 211,361 $ 11.68 Granted 513,518 3.95 608,485 4.04 Exercised ( 102,850 ) 3.98 - - Forfeited or expired ( 255,821 ) 4.76 ( 85,879 ) 9.02 Outstanding at the end of the year 888,814 $ 5.12 733,967 $ 5.66 Exercisable at the end of the year 227,056 $ 8.39 111,516 $ 13.86 A summary of the Company’s time vested stock options outstanding as of December 31, 2022 is presented below: Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate Options Term Price Intrinsic Outstanding (in years) (per share) Value Options outstanding 888,814 8.3 $ 5.12 $ - Vested or expected to vest 888,814 8.3 $ 5.12 $ - Options exercisable 227,056 6.5 $ 8.39 $ - The Company issued 5,292 shares of common stock as a result of cashless exercise of 102,850 time-vested stock options during the year ended December 31, 2022 . There were no time-vested stock options exercised during 2021. As of December 31, 2022, there was $ 1,178 of total unrecognized compensation expense related to time-vested stock options, which will be recognized over the average remaining requisite service period of 23 months. Stock Appreciation Rights 2020 Grants of Stock Appreciation Rights During 2020, the Company granted 1,164,464 cash settled stock appreciation rights to certain employees. Each stock appreciation right represents the right to receive a payment measured by the increase in the fair market value of one share of the Company’s stock from the date of grant of the stock appreciation right to the date of exercise of the stock appreciation right. The cash settled stock appreciation rights vest ratably over three years and have a contractual life of 10 years. Cash settled stock appreciation rights are classified as liabilities. The Company measures the fair value of unvested cash settled stock appreciation rights using the Black-Scholes option valuation model and remeasures the fair value of the award each reporting period until the award is vested. Once vested the Company immediately recognizes compensation cost for any changes in fair value of cash settled stock appreciation rights until settlement. Fair value of vested cash settled stock appreciation rights represents the fair market value of one share of the Company’s stock on the measurement date less the exercise price per share. Compensation cost for cash settled stock appreciation rights is trued up each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered. 2021 Grants of Stock Appreciation Rights During 2021, the Company granted 1,735,500 cash settled stock appreciation rights to certain employees. Each of the 2021 cash settled stock appreciation rights allows the holder to receive, upon exercise, and subject to the vesting restrictions, a distribution in cash equal to the excess of the fair market value of a share of the Company’s stock on the date of exercise over the exercise price. The 2021 cash settled stock appreciation rights vest ratably over three years and have a contractual life of 10 years . Vesting of the 2021 cash settled stock appreciation rights is contingent upon the achievement of a thirty-day trailing average fair market value of a share of the Company’s common stock of 133.3% ($3.17) or more of the exercise price per share ($ 2.38 ). When vesting of an award of stock-based compensation is dependent upon the attainment of a target stock price, the award is considered to be subject to a market condition. The 2021 cash settled stock appreciation rights are classified as liabilities. Because vesting of the 2021 cash settled stock appreciation rights included a market condition, the grant date fair market value of the 2021 cash settled stock appreciation rights of $ 1.74 was calculated using a Monte Carlo simulation model. During 2021, the market condition for the 2021 cash settled stock appreciation rights was met. Thereafter the Company measures the fair value of the 2021 cash settled stock appreciation rights using the Black-Scholes option valuation model and remeasures the fair value of the award each reporting period until the award is vested. Once vested, the Company immediately recognizes compensation cost for any changes in fair value of the 2021 cash settled stock appreciation rights until settlement. Fair value of vested 2021 cash settled stock appreciation rights represents the fair market value of one share of the Company’s stock on the measurement date less the exercise price per share. Compensation cost for the 2021 cash settled stock appreciation rights is trued up each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered. The estimated fair value of the cash settled stock appreciation rights as of December 31, 2022 was $ 3,021 . Stock-based compensation for cash settled stock appreciation rights was $ 632 and $ 2,145 for the year ended December 31, 2022 and 2021, respectively. The fair value of cash settled stock appreciation rights as of December 31, 2022 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected Risk Free Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2020 1/24/2020 3.6 years 94.35 % 0.00 % 4.19 % $ 2.44 2020 9/14/2020 4.2 years 89.86 % 0.00 % 4.10 % $ 2.38 2020 11/30/2020 4.4 years 87.88 % 0.00 % 4.07 % $ 2.28 2021 1/5/2021 4.3 years 89.36 % 0.00 % 4.09 % $ 2.31 A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2022 and 2021 and changes during the year is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Exercise Exercise SARS Price SARS Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 2,163,339 $ 2.20 853,967 $ 1.69 Granted - - 1,735,500 2.38 Exercised ( 11,592 ) 2.16 ( 42,652 ) 1.64 Forfeited or expired ( 19,634 ) 2.31 ( 383,476 ) 1.92 Outstanding at the end of the year 2,132,113 $ 2.20 2,163,339 $ 2.20 Exercisable at the end of the year 909,313 $ 2.10 192,387 $ 1.71 A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2022 is presented below: Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate SARS Term Price Intrinsic Outstanding (in years) (per share) Value SARS outstanding 2,132,113 7.8 $ 2.20 $ 2,124,866 Vested or expected to vest 2,132,113 7.8 $ 2.20 $ 2,124,866 SARS exercisable 909,313 7.7 $ 2.10 $ 997,916 Restricted Shares A summary of the Company’s nonvested restricted shares as of December 31, 2022 and 2021, and changes during the years then ended is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Grant Date Grant Date Fair Value Fair Value Shares (per share) Shares (per share) Nonvested at the beginning of the year 491,239 $ 3.50 849,723 $ 2.86 Granted 386,908 3.93 213,465 4.23 Vested ( 113,886 ) 6.16 ( 311,128 ) 2.26 Forfeited ( 74,399 ) 4.44 ( 260,821 ) 3.49 Nonvested at the end of the year 689,862 $ 3.20 491,239 $ 3.50 Expected to vest 689,862 $ 3.20 491,239 $ 3.50 The fair value of stock awards vested during the years ended December 31, 2022 and 2021, was $ 427 an d $ 1,942 , respectively, based on the value at vesting date. As of December 31, 2022, there was $ 1,065 of u nrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the average remaining requisite service period of 20 months. Stock-based compensation expense of $ 2,106 and $ 2,977 is included within selling, general and administrative expense for the years ended December 31, 2022 and 2021 , respectively. |
Risks and Contingencies
Risks and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Risks and Contingencies | Note 17 - Risks and Contingencies The Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings with its customers in the normal course of business. In the opinion of management, the Company’s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company’s consolidated financial condition, results of operations or cash flows. In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers’ compensation and employee matters arising out of the conduct of its business. The Company has no reserve with respect to these matters at December 31, 2022 as they are neither probable nor estimable. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Note 18 – Loss Per Share The weighted average common shares outstanding are as follows: Year Ended December 31, 2022 2021 Weighted average common shares outstanding 16,052,920 15,023,853 Issuance of Warrants 8,785,479 5,742,545 Weighted average common shares outstanding - basic 24,838,399 20,766,398 Weighted average common shares outstanding - diluted 24,838,399 20,766,398 The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. The Company computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the year. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of nonvested share awards. For the years ended December 31, 2022 and 2021, 1,658,605 and 1,321,396 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. |
Revenue Sources and Concentrati
Revenue Sources and Concentration of Sales | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information, Additional Information [Abstract] | |
Revenue Sources and Concentration of Sales | Note 19 – Revenue Sources and Concentration of Sales The following table sets forth the Company’s sales resulting from various revenue sources for the periods indicated below: Year Ended December 31, 2022 2021 Railcar sales $ 349,556 $ 189,579 Parts sales 11,941 10,228 Revenues from contracts with customers 361,497 199,807 Leasing revenues 3,257 3,243 Total revenues $ 364,754 $ 203,050 Due to the nature of its operations, the Company is subject to significant concentration of risks related to business with a few customers. Sales to the Company’s top three customers accounted for 20 % , 19 % and 16 % , respectively, of revenues for the year ended December 31, 2022. Sales to the Company’s top three customers accounted for 46 % , 12 % and 8 % , respectively, of revenues for the year ended December 31, 2021 . The Company had no sales to customers outside the United States in 2022 and 2021. As of December 31, 2022, 35 % of the accounts receivable balance of $ 9,571 reported on the consolidated balance sheet was receivable from one customer and 29 % was receivable from a second customer. As of December 31, 2021, 62 % of the accounts receivable balance of $ 9,571 reported on the consolidated balance sheet was receivable from one customer. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Revenues: Manufacturing $ 352,827 $ 192,807 Corporate and Other 11,927 10,243 Consolidated revenues $ 364,754 $ 203,050 Operating loss: Manufacturing (1) $ 14,801 $ ( 757 ) Corporate and Other (2) ( 29,825 ) ( 22,005 ) Consolidated operating loss ( 15,024 ) ( 22,762 ) Consolidated interest expense ( 25,423 ) ( 13,317 ) Gain (loss) on change in fair market value of Warrant liability 1,486 ( 14,894 ) Gain on extinguishment of debt - 10,122 Consolidated other income 2,426 817 Consolidated loss before income taxes $ ( 36,535 ) $ ( 40,034 ) Depreciation and amortization: Manufacturing $ 3,491 $ 3,648 Corporate and Other 644 656 Consolidated depreciation and amortization $ 4,135 $ 4,304 Capital expenditures: Manufacturing $ 7,327 $ 1,880 Corporate and Other 489 410 Consolidated capital expenditures $ 7,816 $ 2,290 (1) There were no restructuring and impairment charges for the year ended December 31, 2022. Results for the year ended December 31, 2021 include restructuring and impairment charges of $ 6,530 . (2) Results for the year ended December 31, 2022 include a pension settlement loss of $ 8,105 . There were no pension settlement losses in the year ended December 31, 2021. December 31, December 31, 2022 2021 Assets: Manufacturing $ 149,014 $ 154,068 Corporate and Other 50,631 46,417 Total operating assets 199,645 200,485 Consolidated income taxes receivable 93 179 Consolidated assets $ 199,738 $ 200,664 Geographic Information Revenues Long Lived Assets(a) Year Ended December 31, December 31, December 31, 2022 2021 2022 2021 United States $ 364,740 $ 202,978 $ 15,018 $ 24,967 Mexico 14 72 54,243 30,098 Total $ 364,754 $ 203,050 $ 69,261 $ 55,065 (a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 21 – Related Parties The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesus Gil, VP Operations and a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesus Gil. Fasemex owns approximately 11.3 % o f the outstanding shares of Common Stock as of December 31, 2022. Fasemex provides steel fabrication services to the Company. Commencing November 2021, the lessors of the Company’s leased facility in Castaños (the “Castaños Facility”) have been Jesus Gil, Alejandro Gil, and Salvador Gil. Previously, Fasemex was the lessor of the Castaños Facility. The Company pa id $ 28,669 and $ 89,984 to Fas emex during the years ended December 31, 2022 and 2021, respectively, related to rent payment, security deposit, fabrication services and royalty payments. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil. The Company paid $ 2,709 and $ 1,735 d uring the years ended December 31, 2022 and 2021, respectively, to DI related to material and safety supplies. Maquinaria y equipo de transporte Jova S.A. de C.V (“METJ”) is owned by Jorge Gil, sibling of Jesus Gil. The Company paid $ 2,436 and $ 1,163 d uring the years ended December 31, 2022 and 2021, respectively, to METJ related to trucking services. Related party asset on the condensed balance sheet of $ 3,261 as of December 31, 2022 includes prepaid inventory of $ 2,014 and other receivables of $ 1,247 from Fasemex. Related party accounts payable on the condensed balance sheet of $ 3,393 as of December 31, 2022 includes $ 2,475 payable to Fasemex, $ 572 payable to DI, and $ 346 payable to METJ. Related party asset on the condensed consolidated balance sheet o f $ 8,680 as of December 31, 2021 includes prepaid inventory of $ 4,134 and other receivables of $ 4,546 from Fasemex. Related party accounts payable on the condensed consolidated balance sheet o f $ 8,870 as of December 31, 2021 include s $ 8,291 p ayable to Fasemex , $ 291 payable to DI an d $ 288 p ayable to METJ. The Warrantholder beneficially owns approximate ly 41.3 % of the outstanding shares of Common Stock (as disclosed by the Warrantholder in its Schedule 13D/A No. 5 filed with the SEC on November 8, 2022). The Company paid $ 8,652 and $ 7,533 t o the Warrantholder during the years ended December 31, 2022 and 2021, respectively, for term loan interest, of whi ch $ 7,185 and $ 6,255 was paid in cash during the years ended December 31, 2022 and 2021 , respectively, and $ 1,467 and $ 1,278 w as payment in kind during the years ended December 31, 2022 and 2021, respectively. Additionally, the Company paid $ 4,000 and $ 1,870 i n equity fees during the years ended December 31, 2022 and 2021 , respectively, to the Warrantholder related to the standby letter of credit described in Note 12 Debt Financing and Revolving Credit Facilities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22 – Subsequent Events On January 30, 2023, FreightCar North America, LLC, FreightCar America, Inc. (the “Company”), certain other subsidiary guarantors of the Company, CO Finance LVS VI LLC and OC III LFE II LP (collectively, the “Loan Parties”) entered into Amendment No. 6 to Credit Agreement (the “Sixth Amendment”), with respect to that certain Credit Agreement dated as of October 13, 2020 by and among the Loan Parties (as amended, restated, supplemented or otherwise modified from time to time, and together with the Amendment, the “Term Loan Credit Agreement). The Sixth Amendment amends the Term Loan Credit Agreement to extend the date for the Company to draw on the delayed draw loan of $ 15,000 from January 31, 2023 to March 3, 2023. On February 27, 2023, the Loan Parties entered into Amendment No. 7 to Credit Agreement (the “Seventh Amendment”), with respect to the Term Loan Credit Agreement. The Seventh Amendment amends the Term Loan Credit Agreement to extend the date for the Company to draw on the delayed draw loan of $ 15,000 from March 3, 2023 to April 3, 2023. On March 23, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) by and among the Company and OC III LFE II LP (the “Purchaser”) pursuant to which the Company will issue approximately 85,000 shares of new non-convertible Series C Preferred Stock of the Company, par value $ 0.01 (the “Preferred Stock”) at an initial stated value of $ 1,000 per share. The total purchase price and aggregate number of shares will depend on the total debt outstanding under the Term Loan Credit Agreement as of the closing date. Upon closing of the transactions contemplated by the Purchase Agreement (the “Closing”), the Purchaser will receive a detached warrant to purchase up to an estimated 3 % shares of Common Stock of the Company outstanding as of the Closing, for an exercise price equal to the average price of the Company’s Common Stock thirty (30) days prior to the date of announcement of the contemplated transaction. The Company expects to use the proceeds from the issuance of the Preferred Stock to repay in-full, in-cash all of the principal amount of the outstanding Term Loan Credit Agreement, together with all accrued unpaid interest, fees, penalties, and other obligations under the Term Loan Credit Agreement. Any excess proceeds will be used for general corporate purposes. In connection with the Closing, the Purchaser has agreed to extend the maturity date of the Third Amendment Letter of Credit for two (2) years and reduce the Letter of Credit Fee paid by the Company to $ 375 per quarter. On March 23, 2023, the Loan Parties, the Purchaser, and the designated disbursing and collateral agent (the “Agent”) entered into Amendment No. 8 to Credit Agreement (the “Eighth Amendment”), with respect to the Term Loan Credit Agreement. The Eighth Amendment amends the Term Loan Credit Agreement to provide the Company the option to pay all interest during the period between signing of the Purchase Agreement and the Closing (the “Pre-Closing Period”) in kind. On March 23, 2023, the Company, the Purchaser, the Agent, and the designated calculation agent entered into Amendment No. 1 to Amended and Restated Reimbursement Agreement, pursuant to which the parties have agreed the Letter of Credit Fee, Equity Fee or Cash Fee that would otherwise be due and payable for the Pre-Closing Period will accrue and become payable and be paid on the date the Pre-Closing Period terminates. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, useful lives of long-lived assets, warranty accruals, workers’ compensation accruals, pension benefit assumptions, stock compensation, evaluation of property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments. The Company’s cash and cash equivalents are primarily deposited with one U.S. financial institution. Such deposits are in excess of federally insured limits. |
Restricted Cash and Restricted Certificates of Deposit | Restricted Cash and Restricted Certificates of Deposit The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees. The restrictions expire upon completing the Company’s related obligation. |
Financial Instruments | Financial Instruments Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, accounts receivable, accounts payable and long-term debt) as of December 31, 2022 and 2021 , have fair values that approximate their carrying values. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels. The Company classifies the inputs to valuation techniques used to measure fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of raw materials, work in progress, and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows: Description of Assets Life Buildings and improvements 15 - 40 years Leasehold improvements 6 - 19 years Machinery and equipment 3 - 7 years Software 3 - 7 years |
Long-Lived Assets | Long-Lived Assets The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. |
Income Taxes | Income Taxes For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has operations. In conformity with ASC 740, Income Taxes , the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary. Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. |
Product Warranties | Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The Company also provides limited warranties with respect to certain rebuilt railcars. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. |
State and Local Incentives | State and Local Incentives The Company records state and local incentives when there is reasonable assurance that the incentive will be received. State and local incentives related to assets are recorded as deferred income and recognized on a straight-line basis over the useful life of the related long-lived assets of seven to sixteen years . |
Revenue Recognition | Revenue Recognition The following table disaggregates the Company’s revenues by major source: Year Ended December 31, 2022 2021 Railcar sales $ 349,556 $ 189,579 Parts sales 11,941 10,228 Revenues from contracts with customers 361,497 199,807 Leasing revenues 3,257 3,243 Total revenues $ 364,754 $ 203,050 The Company generally recognizes revenue at a point in time as it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue is measured at the transaction price, which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer. Railcar Sales Performance obligations are typically completed and revenue is recognized for the sale of new and rebuilt railcars when the finished railcar is transferred to a specified railroad connection point. In certain sales contracts, revenue is recognized when a certificate of acceptance has been issued by the customer and control has been transferred to the customer. At that time, the customer directs the use of, and obtains substantially all of the remaining benefits from, the asset. When a railcar sales contract contains multiple performance obligations, the Company allocates the transaction price to the performance obligations based on the relative stand-alone selling price of the performance obligation determined at the inception of the contract based on an observable market price, expected cost plus margin or market price of similar items. The Company treats shipping costs that occur after control is transferred as fulfillment costs. Accordingly, gross revenue is recognized, and shipping cost is accrued, when control transfers to the customer. The Company does not provide discounts or rebates in the normal course of business. As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is generally one year or less. Parts Sales The Company sells forged, cast and fabricated parts for all of the railcars it produces, as well as those manufactured by others. Performance obligations are satisfied and the Company recognizes revenue from most parts sales when the parts are shipped to customers. Leasing Revenue The Company recognizes operating lease revenue on Railcars Available for Lease on a straight-line basis over the contract term. The Company recognizes revenue from the sale of Railcars Available for Lease on a net basis as Gain (Loss) on Sale of Railcars Available for Lease since the sale represents the disposal of a long-term operating asset. Contract Balances and Accounts Receivable Accounts receivable payments for railcar sales are typically due within 5 to 10 business days of invoicing while payments from parts sales are typically due within 30 to 45 business days of invoicing. The Company has not experienced significant historical credit losses. Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no co ntract assets as of December 31, 2022 and 2021. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue and customer deposits included in customer deposits, other current liabilities and other long-term liabilities in the Company’s Consolidated Balance Sheet as of December 31, 2022 and 2021 were $ 219 and $ 4,807 , respectively. Performance Obligations The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of December 31, 2022 with expected duration of greater than one year of $ 40,635 . |
Loss Per Share | Loss Per Share The Company computes loss per share using the two-class method, which is a loss allocation formula that determines loss per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. Basic loss per share attributable to common shareholders is computed by dividing net loss attributable to common shareholders by the weighted average common shares outstanding. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Revenue Recognition | The following table disaggregates the Company’s revenues by major source: Year Ended December 31, 2022 2021 Railcar sales $ 349,556 $ 189,579 Parts sales 11,941 10,228 Revenues from contracts with customers 361,497 199,807 Leasing revenues 3,257 3,243 Total revenues $ 364,754 $ 203,050 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Cost | Year Ended Year Ended Operating lease costs: Fixed $ 1,735 $ 3,710 Short-term 505 761 Total operating lease costs $ 2,240 $ 4,471 Finance lease costs: Amortization of leased assets $ 1,182 $ - Interest on lease liabilities 1,355 - Total finance lease costs $ 2,537 $ - Total lease cost $ 4,777 $ 4,471 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows: December 31, 2022 December 31, 2021 Right of use assets: Right of use operating lease assets $ 1,596 $ 16,669 Right of use finance lease assets 33,093 - Total $ 34,689 $ 16,669 Lease liabilities: Operating lease liabilities: Current $ 897 $ 1,955 Long-term 1,780 16,617 Total operating lease liabilities $ 2,677 $ 18,572 Finance lease liabilities: Current 605 $ - Long-term 33,245 - Total finance lease liabilities $ 33,850 $ - Total $ 36,527 $ 18,572 |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Year Ended Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,630 $ 4,315 Operating cash flows from finance leases 1,355 - Financing cash flows from finance leases 738 - Total $ 4,723 $ 4,315 Right of use assets obtained in exchange for new lease obligations: Operating leases $ - $ - Finance leases 20,344 - Total $ 20,344 $ - |
Future Minimum Operating Lease Payments | The aggregate future lease payments for leases as of December 31, 2022 are as follows: Operating leases Finance leases 2023 $ 992 $ 3,298 2024 250 3,298 2025 256 3,354 2026 263 3,523 2027 271 3,523 Thereafter 1,085 48,139 Total lease payments 3,117 65,135 Less: interest ( 440 ) ( 31,285 ) Total $ 2,677 $ 33,850 |
Operating Lease Information | Weighted-average remaining lease term (years) Operating leases 7.9 Finance leases 17.8 Weighted-average discount rate Operating leases 4.5 % Finance leases 8.0 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis | 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, 2022 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 31,028 $ - $ 31,028 Non-recurring Fair Value Measurements During the Year Ended December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Railcars available for lease, net $ - $ 4,116 $ - $ 4,116 Assets held for sale $ - $ 3,675 $ - $ 3,675 Recurring Fair Value Measurements As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 32,514 $ - $ 32,514 Non-recurring Fair Value Measurements During the Year Ended December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Railcars available for lease, net $ - $ - $ 6,638 $ 6,638 |
Restricted Cash and Restricte_2
Restricted Cash and Restricted Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash [Abstract] | |
Restricted Cash | The Company’s restricted cash balances are as follows: December 31, December 31, 2022 2021 Restricted cash from customer deposit $ 282 $ 282 Restricted cash to collateralize standby letters of credit 103 1,133 Restricted cash equivalents to collateralize standby letters of credit 3,542 3,542 Restricted cash equivalents - other 151 - Total restricted cash and restricted cash equivalents $ 4,078 $ 4,957 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Current | Inventories, net of reserve for excess and obsolete items, consist of the following: December 31, December 31, 2022 2021 Raw materials 46,421 34,885 Work in process 4,527 11,306 Finished railcars 8,783 4,696 Parts inventory 4,586 5,125 Total inventories, net $ 64,317 $ 56,012 |
Leased Railcars (Tables)
Leased Railcars (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Future Minimum Rental Revenues On Leases | Future minimum rental revenues on leases at December 31, 2022 are as follows: Year ending December 31, 2023 $ 1,297 Year ending December 31, 2024 $ 300 Year ending December 31, 2025 $ 100 Year ending December 31, 2026 $ - Year ending December 31, 2027 $ - Thereafter - $ 1,697 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Components of Restructuring and Impairment Charges | Restructuring and impairment charges are reported as a separate line item on the Company’s consolidated statements of operations for the years ended December 31, 2022 and 2021, and are detailed below: Year Ended December 31, 2022 2021 Impairment and loss on disposal of machinery and equipment $ - $ 1,591 Employee severance and retention - ( 5 ) Other charges related to facility closure - 4,944 Total restructuring and impairment costs $ - $ 6,530 |
Schedule of Restructuring Reserve Activity | Accrued restructuring and impairment charges primarily related to the Manufacturing segment and are detailed below: Accrued as of December 31, 2021 Cash Non-cash charges Cash payments Accrued as of December 31, 2022 Impairment and loss on disposal of machinery and equipment $ - $ - $ - $ - $ - Employee severance and retention 163 - - ( 163 ) - Other charges related to facility closure - - - - - Total restructuring and impairment costs $ 163 $ - $ - $ ( 163 ) $ - Accrued as of December 31, 2020 Cash Non-cash charges Cash payments Accrued as of Impairment and loss on disposal of machinery and equipment $ - $ - $ 269 $ - $ - Employee severance and retention 1,596 - ( 80 ) ( 1,353 ) 163 Other charges related to facility closure 251 6,437 ( 96 ) ( 6,688 ) - Total restructuring and impairment costs $ 1,847 $ 6,437 $ 93 $ ( 8,041 ) $ 163 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following: December 31, 2022 2021 Buildings and improvements $ 162 $ 162 Leasehold improvements 4,072 3,954 Machinery and equipment 37,468 33,808 Software 8,744 8,560 Construction in process 4,969 401 Total cost 55,415 46,885 Less: Accumulated depreciation and amortization ( 32,167 ) ( 28,649 ) Total property, plant and equipment, net $ 23,248 $ 18,236 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Product Warranties Disclosures [Abstract] | |
Changes in Warranty Reserve | The changes in the warranty reserve for the years ended December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Balance at the beginning of the year $ 2,533 $ 5,216 Current year provision 3,462 200 Reductions for payments, costs of repairs and other ( 3,365 ) ( 1,358 ) Adjustments to prior warranties ( 690 ) ( 1,525 ) Balance at the end of the year $ 1,940 $ 2,533 |
State and Local Incentives (Tab
State and Local Incentives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
State and Local Incentives [Abstract] | |
Changes in Deferred Income from State Incentives | The changes in deferred income from these incentives for the years ended December 31, 2022 and 2021, are as follows: December 31, 2022 2021 Balance at the beginning of the year $ 2,507 $ 4,722 Recognition of state and local incentives as a reduction of cost of sales ( 1,857 ) ( 2,215 ) State and local incentives paid during the year ( 650 ) - Balance at the end of the year, including current portion $ — $ 2,507 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) consist of the following: Pre-Tax Tax After-Tax Year ended December 31, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 1,561 ) - ( 1,561 ) $ 6,544 $ - $ 6,544 Pre-Tax Tax After-Tax Year ended December 31, 2021 Pension liability activity: Actuarial gain 5,620 - $ 5,620 Reclassification adjustment for amortization of net loss (pre-tax other income) 621 - $ 621 $ 6,241 $ - $ 6,241 |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss consist of the following: December 31, December 31, 2022 2021 Unrecognized pension income (cost), net of tax of $ 6,282 and $ 6,282 , respectively $ 1,022 $ ( 5,522 ) |
Debt Financing and Revolving _2
Debt Financing and Revolving Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Change in fair value of the warrants | The 2020 Warrant, 2021 Warrant, and 2022 Warrant collectively are referred to herein as the “Warrant”. The following schedule shows the change in fair value of the Warrant as of December 31, 2022. Warrant liability as of December 31, 2021 $ 32,514 Change in fair value ( 1,486 ) Warrant liability as of December 31, 2022 $ 31,028 |
Schedule of Long Term Debt Instruments | Long-term debt consists of the following as of December 31, 2022 and 2021: December 31, December 31, 2022 2021 M&T Credit Agreement outstanding $ 6,917 $ 7,917 Siena Loan Agreement outstanding 33,825 24,026 Credit Agreement outstanding 58,745 57,278 Total debt 99,487 89,221 Less Credit Agreement discount ( 5,262 ) ( 7,077 ) Less Credit Agreement deferred financing costs ( 1,989 ) ( 2,660 ) Total debt, net of discount and deferred financing costs 92,236 79,484 Less amounts due within one year ( 40,742 ) - Long-term debt, net of current portion $ 51,494 $ 79,484 |
Schedule of Estimated annual maturities | Estimated annual maturities of long-term debt, including the current portion at December 31, 2022 are as follows based on the most recent debt agreements. 2023 $ 40,742 2024 - 2025 58,745 2026 - 2027 - Thereafter - $ 99,487 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Change in Plan Assets and Funded Status | The changes in benefit obligation, change in plan assets and funded status as of December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Change in benefit obligation Benefit obligation – Beginning of year $ 50,938 $ 55,359 Interest cost 867 944 Actuarial (gain) loss ( 8,985 ) ( 2,098 ) Benefits paid ( 2,730 ) ( 3,267 ) Annuity purchase ( 27,647 ) - Benefit obligation – End of year 12,443 50,938 Change in plan assets Plan assets – Beginning of year 50,903 48,314 Return on plan assets ( 9,123 ) 5,856 Annuity purchase ( 27,647 ) - Benefits paid ( 2,730 ) ( 3,267 ) Plan assets at fair value – End of year 11,403 50,903 Funded status of plans – End of year $ ( 1,040 ) $ ( 35 ) |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Pension Benefits 2022 2021 Amounts recognized in the Consolidated Balance Sheets Current liabilities $ - $ - Noncurrent liabilities ( 1,040 ) ( 35 ) Net amount recognized at December 31 $ ( 1,040 ) $ ( 35 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in accumulated other comprehensive income (loss) but not yet recognized in earnings at December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Net actuarial loss $ 5,260 $ 11,803 $ 5,260 $ 11,803 |
Components of Net Periodic Benefit Cost | Components of net periodic benefit cost (income) for the years ended December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Components of net periodic benefit cost Interest cost $ 867 $ 944 Expected return on plan assets ( 1,650 ) ( 2,335 ) Amortization of unrecognized net loss (gain) 228 621 Total net periodic (income) benefit cost $ ( 555 ) $ ( 770 ) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | The increase (decrease) in accumulated other comprehensive income (loss) (pre-tax) for the years ended December 31, 2022 and 2021, are as follows: Pension Benefits 2022 2021 Net actuarial (gain) loss $ 1,789 $ ( 5,620 ) Amortization of: Actuarial loss from settlement ( 8,105 ) - Net actuarial loss ( 228 ) ( 621 ) Total recognized in accumulated other comprehensive loss $ ( 6,544 ) $ ( 6,241 ) |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2022: Pension Benefits 2023 $ 760 2024 765 2025 789 2026 804 2027 796 2028 through 2032 4,196 |
Defined Benefit Plan, Assumptions [Table Text Block] | The assumptions used to determine end of year benefit obligations are shown in the following table: Pension Benefits 2022 2021 Discount rates 5.22 % 2.84 % The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2021, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for U.S. plans, scale (MP-2021 with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company used the base mortality table Pri-2012 projected generationally using a modified MP-2021 with Endemic COVID adjustment for purposes of measuring its pension obligations at December 31, 2022. The 2022 actuarial gain of $ 8,985 was largely the result of the change in mortality improvement scale MP-2021 with Endemic COVID adjustment to reflect anticipated slow recovery from COVID. The 2021 actuarial gain of $ 2,098 was largely the result of the change in the yield curve to Pri-2012 with MP-2021. The impact of the mortality improvement scale MP-2021 also created a slight actuarial gain for 2021. The assumptions used in the measurement of net periodic cost are shown in the following table: Pension Benefits 2022 2021 Discount rate for benefit obligations 5.22 % 2.48 % Expected return on plan assets 3.00 % 5.00 % Rate for interest on benefit obligations 5.10 % 1.77 % Discount rate for service cost N/A N/A |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s pension plan’s weighted average asset allocations at December 31, 2022 and 2021, and target allocations for 2023, by asset category, are as follows: Plan Assets at December 31, Target Allocation 2022 2021 2023 Asset Category Cash and cash equivalents 1 % 2 % 0 % - 5 % Equity securities 0 % 54 % 0 % Fixed income securities 99 % 33 % 95 %- 100 % Real estate 0 % 11 % 0 % 100 % 100 % 100 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2, Summary of Significant Accounting Policies for a description of the fair value hierarchy) as of December 31, 2022 and 2021: Pension Plan Assets As of December 31, 2022 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 11,268 $ - $ - $ 11,268 Large cap funds - - - - Small cap funds - - - - International funds - - - - Real estate funds - - - - Cash and equivalents 135 - - 135 Total $ 11,403 $ - $ - $ 11,403 Pension Plan Assets As of December 31, 2021 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 16,645 $ - $ - $ 16,645 Large cap funds 16,238 - - 16,238 Small cap funds 4,877 - - 4,877 International funds 6,607 - - 6,607 Real estate funds 5,529 - - 5,529 Cash and equivalents 1,007 - - 1,007 Total $ 50,903 $ - $ - $ 50,903 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Composition of Income Tax Expense | The provision (benefit) for income taxes for the periods indicated includes current and deferred components as follows: Year Ended December 31 2022 2021 Current Tax Expense/(Benefit) Federal $ - $ ( 10 ) Foreign 2,285 1,533 State 40 26 2,325 1,549 Deferred Tax Expense/(Benefit) Federal 1 - Foreign ( 14 ) ( 136 ) ( 13 ) ( 136 ) Total $ 2,312 $ 1,413 |
Reconciliation of Income Tax Rate | The (provision) benefit for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows: Year Ended December 31 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 0.4 % 0.7 % Valuation allowance ( 5.8 ) % ( 20.4 ) % Provision to return ( 0.2 ) % 0.0 % Foreign rate differential ( 1.5 ) % ( 1.0 ) % Foreign tax adjustments ( 1.1 ) % 0.0 % Deferred tax adjustments ( 17.9 ) % 0.4 % Nondeductible expenses and other ( 1.2 ) % ( 4.2 ) % Effective income tax rate ( 6.3 ) % ( 3.5 ) % |
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) consisted of the following: December 31, 2022 December 31, 2021 Description Assets Liabilities Assets Liabilities Accrued post-retirement and pension benefits $ 360 $ - $ 149 $ - Intangible assets - ( 26 ) - ( 22 ) Accrued expenses 2,326 - 1,367 - Accrued warranty costs - - - - Prepaid expenses - ( 1,155 ) - - Deferred state and local incentive revenue - - 537 - Accrued severance - - - - Inventory valuation 1,219 - 496 - Property, plant and equipment and railcars on operating leases - ( 1,166 ) 103 - Net operating loss, tax credit, and interest carryforwards 65,218 - 62,536 - Stock-based compensation expense 1,715 - 1,539 - Other 371 ( 1,448 ) 99 - Right of use asset - ( 10,902 ) - ( 4,780 ) Lease liability 11,376 - 5,175 - 82,585 ( 14,697 ) 72,001 ( 4,802 ) Valuation Allowance ( 67,881 ) - ( 67,204 ) - Deferred tax assets (liabilities) $ 14,704 $ ( 14,697 ) $ 4,797 $ ( 4,802 ) Increase (decrease) in valuation allowance $ 677 $ 7,591 |
Income Tax Years Subject to Examination | A summary of tax years that remain subject to examination is as follows: Jurisdiction Earliest Year U.S. Federal 2019 States: Pennsylvania 2001 Texas 2019 Illinois 2010 Virginia 2019 Colorado 2010 Indiana 2019 Nebraska 2016 Alabama 2016 Foreign: China 2019 Mexico 2020 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Nonvested Restricted Shares | A summary of the Company’s nonvested restricted shares as of December 31, 2022 and 2021, and changes during the years then ended is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Grant Date Grant Date Fair Value Fair Value Shares (per share) Shares (per share) Nonvested at the beginning of the year 491,239 $ 3.50 849,723 $ 2.86 Granted 386,908 3.93 213,465 4.23 Vested ( 113,886 ) 6.16 ( 311,128 ) 2.26 Forfeited ( 74,399 ) 4.44 ( 260,821 ) 3.49 Nonvested at the end of the year 689,862 $ 3.20 491,239 $ 3.50 Expected to vest 689,862 $ 3.20 491,239 $ 3.50 |
Time-Vested Stock Options [Member] | |
Valuation Assumptions, Options | Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions: Expected Risk Free Grant Date Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2022 1/17/2022 6 years 74.32 % 0.00 % 1.60 % $ 2.63 2022 2/4/2022 6 years 74.27 % 0.00 % 1.81 % $ 2.30 2022 3/21/2022 6 years 74.45 % 0.00 % 2.33 % $ 2.90 2022 4/19/2022 6 years 75.31 % 0.00 % 2.91 % $ 3.87 2022 7/11/2022 6 years 77.95 % 0.00 % 3.04 % $ 2.41 2022 7/18/2022 6 years 77.92 % 0.00 % 3.04 % $ 2.51 2022 8/29/2022 6 years 78.17 % 0.00 % 3.24 % $ 3.10 2022 9/6/2022 6 years 78.19 % 0.00 % 3.41 % $ 2.81 2022 12/1/2022 6 years 78.20 % 0.00 % 3.65 % $ 2.60 |
Option Activity | A summary of the Company’s time-vested stock options activity and related information at December 31, 2022 and 2021, and changes during the years then ended, is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Exercise Exercise Options Price Options Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 733,967 $ 5.66 211,361 $ 11.68 Granted 513,518 3.95 608,485 4.04 Exercised ( 102,850 ) 3.98 - - Forfeited or expired ( 255,821 ) 4.76 ( 85,879 ) 9.02 Outstanding at the end of the year 888,814 $ 5.12 733,967 $ 5.66 Exercisable at the end of the year 227,056 $ 8.39 111,516 $ 13.86 |
Shares Outstanding | A summary of the Company’s time vested stock options outstanding as of December 31, 2022 is presented below: Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate Options Term Price Intrinsic Outstanding (in years) (per share) Value Options outstanding 888,814 8.3 $ 5.12 $ - Vested or expected to vest 888,814 8.3 $ 5.12 $ - Options exercisable 227,056 6.5 $ 8.39 $ - |
Stock Appreciation Rights (SARs) [Member] | |
Shares Outstanding | A summary of the Company’s cash settled stock appreciation rights outstanding as of December 31, 2022 is presented below: Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate SARS Term Price Intrinsic Outstanding (in years) (per share) Value SARS outstanding 2,132,113 7.8 $ 2.20 $ 2,124,866 Vested or expected to vest 2,132,113 7.8 $ 2.20 $ 2,124,866 SARS exercisable 909,313 7.7 $ 2.10 $ 997,916 |
Valuation Assumptions | The fair value of cash settled stock appreciation rights as of December 31, 2022 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected Risk Free Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2020 1/24/2020 3.6 years 94.35 % 0.00 % 4.19 % $ 2.44 2020 9/14/2020 4.2 years 89.86 % 0.00 % 4.10 % $ 2.38 2020 11/30/2020 4.4 years 87.88 % 0.00 % 4.07 % $ 2.28 2021 1/5/2021 4.3 years 89.36 % 0.00 % 4.09 % $ 2.31 |
SAR Activity | A summary of the Company’s cash settled stock appreciation rights activity and related information at December 31, 2022 and 2021 and changes during the year is presented below: December 31, 2022 2021 Weighted- Weighted- Average Average Exercise Exercise SARS Price SARS Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 2,163,339 $ 2.20 853,967 $ 1.69 Granted - - 1,735,500 2.38 Exercised ( 11,592 ) 2.16 ( 42,652 ) 1.64 Forfeited or expired ( 19,634 ) 2.31 ( 383,476 ) 1.92 Outstanding at the end of the year 2,132,113 $ 2.20 2,163,339 $ 2.20 Exercisable at the end of the year 909,313 $ 2.10 192,387 $ 1.71 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding | The weighted average common shares outstanding are as follows: Year Ended December 31, 2022 2021 Weighted average common shares outstanding 16,052,920 15,023,853 Issuance of Warrants 8,785,479 5,742,545 Weighted average common shares outstanding - basic 24,838,399 20,766,398 Weighted average common shares outstanding - diluted 24,838,399 20,766,398 |
Revenue Sources and Concentra_2
Revenue Sources and Concentration of Sales (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting Information, Additional Information [Abstract] | |
Schedule of Revenue Sources and Concentration of Sales | The following table sets forth the Company’s sales resulting from various revenue sources for the periods indicated below: Year Ended December 31, 2022 2021 Railcar sales $ 349,556 $ 189,579 Parts sales 11,941 10,228 Revenues from contracts with customers 361,497 199,807 Leasing revenues 3,257 3,243 Total revenues $ 364,754 $ 203,050 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2022 2021 Revenues: Manufacturing $ 352,827 $ 192,807 Corporate and Other 11,927 10,243 Consolidated revenues $ 364,754 $ 203,050 Operating loss: Manufacturing (1) $ 14,801 $ ( 757 ) Corporate and Other (2) ( 29,825 ) ( 22,005 ) Consolidated operating loss ( 15,024 ) ( 22,762 ) Consolidated interest expense ( 25,423 ) ( 13,317 ) Gain (loss) on change in fair market value of Warrant liability 1,486 ( 14,894 ) Gain on extinguishment of debt - 10,122 Consolidated other income 2,426 817 Consolidated loss before income taxes $ ( 36,535 ) $ ( 40,034 ) Depreciation and amortization: Manufacturing $ 3,491 $ 3,648 Corporate and Other 644 656 Consolidated depreciation and amortization $ 4,135 $ 4,304 Capital expenditures: Manufacturing $ 7,327 $ 1,880 Corporate and Other 489 410 Consolidated capital expenditures $ 7,816 $ 2,290 (1) There were no restructuring and impairment charges for the year ended December 31, 2022. Results for the year ended December 31, 2021 include restructuring and impairment charges of $ 6,530 . (2) Results for the year ended December 31, 2022 include a pension settlement loss of $ 8,105 . There were no pension settlement losses in the year ended December 31, 2021. |
Reconciliation of Assets From Segment to Consolidated | December 31, December 31, 2022 2021 Assets: Manufacturing $ 149,014 $ 154,068 Corporate and Other 50,631 46,417 Total operating assets 199,645 200,485 Consolidated income taxes receivable 93 179 Consolidated assets $ 199,738 $ 200,664 |
Geographic Information | Geographic Information Revenues Long Lived Assets(a) Year Ended December 31, December 31, December 31, 2022 2021 2022 2021 United States $ 364,740 $ 202,978 $ 15,018 $ 24,967 Mexico 14 72 54,243 30,098 Total $ 364,754 $ 203,050 $ 69,261 $ 55,065 (a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract assets | $ 0 | $ 0 |
Contract liability | 219 | 4,807 |
Performance obligation | 40,635 | |
Fasemex [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 28,669 | $ 89,984 |
Maximum [Member] | ||
Warranty period | 5 years | |
Useful life of assets related to state and local incentives | 16 years | |
Maximum [Member] | Railcar Sales [Member] | ||
Contract payment term | 10 days | |
Maximum [Member] | Parts Sales [Member] | ||
Contract payment term | 45 days | |
Minimum [Member] | ||
Useful life of assets related to state and local incentives | 7 years | |
Minimum [Member] | Railcar Sales [Member] | ||
Contract payment term | 5 days | |
Minimum [Member] | Parts Sales [Member] | ||
Contract payment term | 30 days |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Useful Life of Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 6 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 19 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Maximum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policie (Schedule Of Revenue Recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 361,497 | $ 199,807 |
Leasing revenues | 3,257 | 3,243 |
Total revenues | 364,754 | 203,050 |
Railcar Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 349,556 | 189,579 |
Parts Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 11,941 | $ 10,228 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Line Items] | ||
Operating lease liabilities | $ 2,677 | $ 18,572 |
Operating leases | 20,344 | 0 |
Right of use asset operating lease | $ 1,596 | $ 16,669 |
Minimum [Member] | ||
Leases [Line Items] | ||
Lease term | 3 months 18 days | |
Maximum [Member] | ||
Leases [Line Items] | ||
Lease term | 17 years 9 months 18 days |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | ||
Fixed | $ 1,735 | $ 3,710 |
Short-term | 505 | 761 |
Total operating lease costs | 2,240 | 4,471 |
Amortization of leased assets | 1,182 | 0 |
Interest on lease liabilities | 1,355 | 0 |
Total finance lease costs | 2,537 | 0 |
Total lease cost | $ 4,777 | $ 4,471 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Right of use assets: | ||
Right of use asset operating lease | $ 1,596 | $ 16,669 |
Right of use asset finance lease | 33,093 | 0 |
Total | $ 34,689 | $ 16,669 |
Operating lease liabilities: | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Lease liability Operating lease, Current | $ 897 | $ 1,955 |
Lease liability operating lease, long-term | 1,780 | 16,617 |
Total operating lease costs | $ 2,677 | $ 18,572 |
Finance lease liabilities: | ||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Lease liability finance lease,Current | $ 605 | |
Lease liability finance lease, long-term | 33,245 | 0 |
Total finance lease costs | 33,850 | 0 |
Total Lease Liabilities | $ 36,527 | $ 18,572 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating cash flows from operating leases | $ 2,630 | $ 4,315 |
Financing lease payments | (738) | 0 |
Financing cash flows from finance leases | 1,355 | 0 |
Total | 4,723 | 4,315 |
Right of use assets obtained in exchange for new lease obligations: | ||
Operating leases | 20,344 | 0 |
Finance leases | $ 20,344 | $ 0 |
Leases (Aggregate Future Operat
Leases (Aggregate Future Operating Lease Payments) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Line Items] | ||
2023 | $ 992 | |
2024 | 250 | |
2025 | 256 | |
2026 | 263 | |
2027 | 271 | |
Thereafter | 1,085 | |
Total lease payments | 3,117 | |
Less: interest | (440) | |
Total | 2,677 | $ 18,572 |
Finance leases | ||
2023 | 3,298 | |
2024 | 3,298 | |
2025 | 3,354 | |
2026 | 3,523 | |
2027 | 3,523 | |
Thereafter | 48,139 | |
Total lease payments | 65,135 | |
Less: interest | (31,285) | |
Total | $ 33,850 | $ 0 |
Leases (Operating Lease Informa
Leases (Operating Lease Information) (Details) | Dec. 31, 2022 |
Leases [Abstract] | |
Weighted-average discount rate,Operating Lease | 4.50% |
Weighted-average Discount Rate,Finance Lease | 8% |
Weighted-average Remaining lease Term (years),Finance Lease | 17 years 9 months 18 days |
Weighted-average remaining lease term (years),Operating Lease | 7 years 10 months 24 days |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 31,028 | $ 32,514 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Railcars available for lease, net | 4,116 | 6,638 |
Assets held for sale | 3,675 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Railcars available for lease, net | 0 | |
Assets held for sale | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 31,028 | 32,514 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Railcars available for lease, net | 4,116 | 0 |
Assets held for sale | 3,675 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Railcars available for lease, net | $ 6,638 | |
Assets held for sale |
Restricted Cash and Restricte_3
Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and restricted cash equivalents | $ 4,078 | $ 4,957 |
Customer Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and restricted cash equivalents | 282 | 282 |
Restricted Cash To Collateralize Standby Letters Of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and restricted cash equivalents | 3,542 | 3,542 |
Restricted Cash Equivalents To Collateralize Standby Letters Of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and restricted cash equivalents | 103 | 1,133 |
Restricted Cash Equivalents Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash and restricted cash equivalents | $ 151 | $ 0 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46,421 | $ 34,885 |
Work in process | 4,527 | 11,306 |
Finished railcars | 8,783 | 4,696 |
Parts inventory | 4,586 | 5,125 |
Total inventories, net | $ 64,317 | $ 56,012 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 1,672 | $ 1,621 |
Leased Railcars (Future Minimum
Leased Railcars (Future Minimum Rental Revenues on Leases) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 1,297 |
2024 | 300 |
2025 | 100 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total operating lease costs | $ 1,697 |
Leased Railcars (Narrative) (De
Leased Railcars (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Line Items] | ||
Railcars Available for Lease, net | $ 11,324 | $ 20,160 |
Railcars Available for Lease, cost | 14,995 | 23,717 |
Railcars Available for Lease, accumulated depreciation | $ 3,671 | 3,557 |
Lease term | 2 years 6 months | |
Depreciation Expense on Leased Railcars | $ 616 | 646 |
Impairment Of Leased Railcars | $ 4,515 | $ 158 |
Lessee, Operating Lease, Discount Rate | 4.50% | |
Manufacturing [Member] | ||
Leases [Line Items] | ||
Assets, fair value | $ 7,791 | |
Impairment Of Leased Railcars | 4,515 | |
Manufacturing [Member] | Valuation, Cost Approach [Member] | ||
Leases [Line Items] | ||
Railcars Available for Lease, net | $ 12,306 |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Components of Restructuring and Impairment Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | ||
Impairment and loss on disposal of machinery and equipment | $ 0 | $ 1,591 |
Employee severance and retention | 0 | (5) |
Other charges related to facility closure | 0 | 4,944 |
Total restructuring and impairment charges | $ 0 | $ 6,530 |
Restructuring and Impairment _4
Restructuring and Impairment Charges (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 08, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and impairment charges | $ 0 | $ 6,530 | ||
Lessee, Operating Lease, Discount Rate | 4.50% | |||
Restructuring Reserve | $ 0 | 163 | $ 1,847 | |
Restructuring and impairment charges | $ 0 | $ 6,530 | ||
Facility Closing [Member] | Shoals Facility [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Fair value of property, plant and equipment | $ 10,148 |
Restructuring and Impairment _5
Restructuring and Impairment Charges (Schedule Of Restructuring Reserve Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrued | $ 163 | $ 1,847 |
Cash Charges | 0 | 6,437 |
Non-cash charges | 0 | 93 |
Cash payments | (163) | (8,041) |
Accrued | 0 | 163 |
Impairment And Loss On Disposal Of Machinery And Equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued | 0 | 0 |
Cash Charges | 0 | 0 |
Non-cash charges | 0 | 269 |
Cash payments | 0 | 0 |
Accrued | 0 | 0 |
Employee Severance And Retention [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued | 163 | 1,596 |
Cash Charges | 0 | 0 |
Non-cash charges | 0 | (80) |
Cash payments | (163) | (1,353) |
Accrued | 0 | 163 |
Other Charges Related To Facility Closure [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued | 0 | 251 |
Cash Charges | 0 | 6,437 |
Non-cash charges | 0 | (96) |
Cash payments | 0 | (6,688) |
Accrued | $ 0 | $ 0 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 55,415 | $ 46,885 |
Less: Accumulated depreciation and amortization | (32,167) | (28,649) |
Property, Plant and Equipment, Net, Total | 23,248 | 18,236 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 162 | 162 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 4,072 | 3,954 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 37,468 | 33,808 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 8,744 | 8,560 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 4,969 | $ 401 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 3,519 | $ 3,658 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Maximum [Member] | |
Warranty period | 5 years |
Product Warranties (Changes in
Product Warranties (Changes in Warranty Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Balance at the beginning of the year | $ 2,533 | $ 5,216 |
Current year provision | 3,462 | 200 |
Reductions for payments, costs of repairs and other | (3,365) | (1,358) |
Adjustments to prior warranties | (690) | (1,525) |
Balance at the end of the year | $ 1,940 | $ 2,533 |
State and Local Incentives (Nar
State and Local Incentives (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2015 | |
State and Local Incentives [Abstract] | |||
State incentives received during the year | $ 1,410 | $ 15,733 | |
Incentive Agreement, Term | 6 years |
State and Local Incentives (Cha
State and Local Incentives (Changes in Deferred Income from State Incentives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
State and Local Incentives [Abstract] | ||
Balance at the beginning of the year | $ 2,507 | $ 4,722 |
Recognition of state and local incentives as a reduction of cost of sales | (1,857) | (2,215) |
State and local incentives paid during the year | (650) | 0 |
Balance at the end of the year, including current portion | $ 0 | $ 2,507 |
Debt Financing and Revolving _3
Debt Financing and Revolving Credit Facilities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 04, 2022 | Dec. 30, 2021 | Dec. 28, 2021 | Aug. 06, 2021 | Jul. 31, 2021 | May 14, 2021 | Nov. 24, 2020 | Jul. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2023 | Feb. 27, 2023 | Jan. 31, 2023 | Feb. 23, 2022 | Jul. 14, 2021 | Oct. 13, 2020 | Oct. 08, 2020 | Apr. 16, 2020 | |
Line of Credit Facility [Line Items] | |||||||||||||||||||
deferred financing costs | $ 1,989 | $ 2,660 | |||||||||||||||||
Gain on extinguishment of debt | 0 | $ 10,122 | |||||||||||||||||
2024 | 0 | ||||||||||||||||||
2025 | $ 58,745 | ||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 23% | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,799,139 | 6,098,217 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||||||||||||||
Warrants Exercisable Term | 10 years | ||||||||||||||||||
Rent Under Forbearance Agreement | $ 715 | ||||||||||||||||||
Warrants and Rights Outstanding | $ 31,028 | $ 32,514 | |||||||||||||||||
Common Stock, Shares, Issued | 17,223,306 | 15,947,228 | |||||||||||||||||
Warrant Acquisition Agreement [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 5% | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,473,726 | 1,325,699 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | |||||||||||||||||
Term Loan Credit Agreement Three Amendment [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Equity Fee | $ 1,000 | ||||||||||||||||||
Percentage of common stock | 9.99% | ||||||||||||||||||
Cash fee | $ 1,000 | ||||||||||||||||||
Common Stock, Shares, Issued | 1,547,266 | ||||||||||||||||||
Equity Fees, Shares | 1,388,388 | ||||||||||||||||||
Paycheck Protection Program Loan [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Aggregate principal amount | $ 10,000 | $ 10,000 | |||||||||||||||||
Remaining Balance Of Loan | $ 0 | ||||||||||||||||||
Gain on extinguishment of debt | $ 10,100 | ||||||||||||||||||
Siena Loan Agreement [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 25,000 | $ 35,000 | $ 20,000 | ||||||||||||||||
Outstanding borrowings | 33,825 | 24,026 | |||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 | 122 | |||||||||||||||||
Deferred financing costs, gross | $ 1,037 | $ 1,101 | |||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 1.50% | |||||||||||||||||
Interest rate | 9% | ||||||||||||||||||
Siena Loan Agreement [Member] | Subsequent Event [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Maximum borrowing capacity | $ 15,000 | $ 15,000 | |||||||||||||||||
Siena Loan Agreement First Amendment [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Interest rate | 9.50% | ||||||||||||||||||
Term Loan Credit Agreement [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
deferred financing costs | $ 480 | $ 2,872 | |||||||||||||||||
Aggregate principal amount | $ 71,000 | 56,000 | $ 40,000 | $ 40,000 | |||||||||||||||
Term | 10 years | ||||||||||||||||||
Additional loan amount | 15,000 | $ 16,000 | |||||||||||||||||
Debt Instrument Covenant For Additional Financing | $ 15,000 | ||||||||||||||||||
Interest rate | 17.20% | ||||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 5% | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,473,726 | 0 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||||||||||||||
Additional warrant liability | $ 7,351 | ||||||||||||||||||
Debt instrument, Additional loan amount to be funded | $ 15,000 | ||||||||||||||||||
Delayed Draw Loan [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 3% | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||||||||||||||
Warrants Terms | 10 years | ||||||||||||||||||
Delayed Draw Loan [Member] | Subsequent Event [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Debt instrument, Additional loan amount to be funded | $ 15,000 | $ 15,000 | |||||||||||||||||
Letter Of Credit [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Equity Fee | $ 500 | ||||||||||||||||||
Letter Of Credit [Member] | Term Loan Credit Agreement [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Aggregate principal amount | $ 25,000 | ||||||||||||||||||
Interest rate | 17.20% | ||||||||||||||||||
M & T Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||
Line of Credit Facility, Collateral | 4,116 | 6,638 | |||||||||||||||||
Maximum borrowing capacity | $ 40,000 | ||||||||||||||||||
Outstanding borrowings | $ 6,917 | $ 7,917 | |||||||||||||||||
Interest rate | 8.50% |
Debt Financing and Revolving _4
Debt Financing and Revolving Credit Facilities (Fair Value of Warrant) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Disclosure [Abstract] | |
Warrant liability beginning | $ 32,514 |
Change in fair value | (1,486) |
Warrant liability Ending | $ 31,028 |
Debt Financing and Revolving _5
Debt Financing and Revolving Credit Facilities (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | May 14, 2021 | Nov. 24, 2020 |
Debt Instrument [Line Items] | ||||
Total Debt | $ 99,487 | $ 89,221 | ||
discount | (5,262) | (7,077) | ||
deferred financing costs | (1,989) | (2,660) | ||
Total debt, net of discount and deferred financing costs | 92,236 | 79,484 | ||
Less amounts due within one year | (40,742) | 0 | ||
Long-term debt, net of current portion | 51,494 | 79,484 | ||
M&T Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | 6,917 | 7,917 | ||
Siena Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | 33,825 | 24,026 | ||
Term Loan Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | $ 58,745 | $ 57,278 | ||
deferred financing costs | $ (480) | $ (2,872) |
Debt Financing and Revolving _6
Debt Financing and Revolving Credit Facilities (Estimated Annual Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 40,742 | |
2024 | 0 | |
2025 | 58,745 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 0 | |
Total Debt | $ 99,487 | $ 89,221 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-Tax | $ (1,561) | $ 6,241 |
Loss on pension settlement pre Tax | 6,544 | |
Loss on pension settlement After Tax | 6,544 | |
After-Tax | 6,241 | |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-Tax | 5,620 | |
After-Tax | 5,620 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Pre-Tax | (1,561) | 621 |
Loss on pension settlement pre Tax | 8,105 | |
Loss on pension settlement After Tax | 8,105 | |
After-Tax | $ (1,561) | $ 621 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net of tax | $ (28,584) | $ (1,656) | $ (30,497) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, net of tax | $ 1,022 | $ (5,522) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - (Components of Accumulated Other Comprehensive Income (Loss))(Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, tax | $ 6,282 | $ 6,282 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 8,985 | $ 2,098 |
Percentage of Future benefit obligations | 67.70% | |
Line of Credit Facility, Increase (Decrease), Other, Net | $ 27,600 | |
Non cash pre tax pension settlement charge | 8,100 | |
Employee Benefits and Share-Based Compensation | 289,000 | |
Minimum [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Contributions to pension plan | $ 0 |
Employee Benefit Plans (Change
Employee Benefit Plans (Change in Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 50,938 | $ 55,359 |
Interest cost | 867 | 944 |
Actuarial (gain) loss | (8,985) | (2,098) |
Benefits paid | (2,730) | (3,267) |
Annuity purchase | (27,647) | 0 |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 12,443 | 50,938 |
Plan assets - Beginning of year | 50,903 | 48,314 |
Return on plan assets | (9,123) | 5,856 |
Annuity purchase | (27,647) | 0 |
Benefits paid | (2,730) | (3,267) |
Plan assets at fair value - End of year | 11,403 | 50,903 |
Funded status of plans - End of year | $ (1,040) | $ (35) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in the Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | $ 0 | $ 0 |
Noncurrent liabilities | (1,040) | (35) |
Net amount recognized at December 31 | $ (1,040) | $ (35) |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 1,789 | $ (5,620) |
Actuarial loss from settlement | (8,105) | 0 |
Net actuarial loss | (228) | (621) |
Total recognized in accumulated other comprehensive loss (gain) | $ (6,544) | $ (6,241) |
Employee Benefit Plans (Sched_2
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Retirement Benefits [Abstract] | |
2023 | $ 760 |
2024 | 765 |
2025 | 789 |
2026 | 804 |
2027 | 796 |
2028 through 2032 | $ 4,196 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
Interest cost | $ 867 | $ 944 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
Expected return on plan assets | $ (1,650) | $ (2,335) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive Income (Loss), Net of Tax, Attributable to Parent | Comprehensive Income (Loss), Net of Tax, Attributable to Parent |
Amortization of unrecognized net loss (gain) | $ 228 | $ 621 |
Total net periodic (income) benefit cost | $ (555) | $ (770) |
Employee Benefit Plans (Sched_3
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 5.22% | 2.84% |
Employee Benefit Plans (Amoun_2
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 5,260 | $ 11,803 |
Amount recognized in accumulated other comprehensive loss | $ 5,260 | $ 11,803 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used in the Measurement of Net Periodic Cost) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate for benefit obligations | 5.22% | 2.48% |
Expected return on plan assets | 3% | 5% |
Rate for interest on benefit obligations | 5.10% | 1.77% |
Employee Benefit Plans (Sched_4
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) - Pension Plan [Member] | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 100% | 100% | |
Target Allocation | 100% | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 1% | 2% | |
Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0% | 54% | |
Target Allocation | 0% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 99% | 33% | |
Real Estate [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0% | 11% | |
Target Allocation | 0% | ||
Minimum [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target Allocation | 0% | ||
Minimum [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target Allocation | 95% | ||
Maximum [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target Allocation | 5% | ||
Maximum [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target Allocation | 100% |
Employee Benefit Plans (Sched_5
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | $ 11,403 | $ 50,903 | $ 48,314 |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 11,403 | 50,903 | |
Fixed Income Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 11,268 | 16,645 | |
Large cap stock fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 16,238 | ||
Small cap stock fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 4,877 | ||
International fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 6,607 | ||
Real Estate Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 5,529 | ||
Cash and Cash Equivalents [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 135 | 1,007 | |
Fair Value, Inputs, Level 1 [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 11,403 | 50,903 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 11,268 | 16,645 | |
Fair Value, Inputs, Level 1 [Member] | Large cap stock fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 16,238 | ||
Fair Value, Inputs, Level 1 [Member] | Small cap stock fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 4,877 | ||
Fair Value, Inputs, Level 1 [Member] | International fund [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 6,607 | ||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 5,529 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | $ 135 | $ 1,007 |
Income Taxes (Composition of In
Income Taxes (Composition of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current taxes | ||
Federal | $ 0 | $ (10) |
Foreign | 2,285 | 1,533 |
State | 40 | 26 |
Current taxes | 2,325 | 1,549 |
Deferred taxes | ||
Federal | 1 | 0 |
Deferred Foreign Income Tax Expense (Benefit) | (14) | (136) |
Non-current taxes | (13) | (136) |
Deferred taxes | 2,312 | 1,413 |
Total (benefit) provision | $ 2,312 | $ 1,413 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Rate) (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory U.S. federal income tax rate | 21% | 21% |
State income taxes, net of federal tax benefit | 0.40% | 0.70% |
Valuation allowance | (5.80%) | (20.40%) |
Provision to return | (0.20%) | 0% |
Foreign rate differential | (1.50%) | (1.00%) |
Foreign tax adjustments | (1.10%) | 0% |
Deferred tax adjustments | (17.90%) | 0.40% |
Nondeductible expenses and other | (1.20%) | (4.20%) |
Effective income tax rate | (6.30%) | (3.50%) |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, Accrued postretirement and pension benefits | $ 360 | $ 149 |
Deferred tax liabilities, Intangible assets | (26) | (22) |
Deferred tax assets, Accrued expenses | 2,326 | 1,367 |
Deferred tax assets, Accrued warranty costs | 0 | |
Prepaid expenses | (1,155) | |
Deferred tax assets, Deferred state and local incentive revenue | 537 | |
Deferred Tax Assets Accrued severance | 0 | |
Deferred tax assets, Inventory valuation | 1,219 | 496 |
Deferred tax assets, Property, plant and equipment and railcars on operating leases | 103 | |
Deferred tax liabilities, Property, plant and equipment and railcars on operating leases | (1,166) | |
Deferred tax assets, Net operating loss, tax credit, and interest carryforwards | 65,218 | 62,536 |
Deferred tax assets, Stock-based compensation expense | 1,715 | 1,539 |
Deferred tax assets, Other | 371 | 99 |
Right of use asset | (10,902) | (4,780) |
Deferred tax Liabilities, Other | (1,448) | |
Lease liability | 11,376 | 5,175 |
Deferred Tax Assets, Gross, Total | 82,585 | 72,001 |
Deferred Tax Liabilities, Gross, Total | (14,697) | (4,802) |
Deferred Tax Assets, Valuation Allowance | (67,881) | (67,204) |
Deferred tax assets, net, total | 14,704 | 4,797 |
Deferred tax liabilities, net, total | (14,697) | (4,802) |
Increase (decrease) in valuation allowance | $ 677 | $ 7,591 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income tax rate | 21% | 21% |
Deferred tax assets | $ 14,704,000 | $ 4,797,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 0 | 0 |
Income tax provision included in expense | 0 | $ 0 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards | 220,406,000 | |
U.S. Federal [Member] | ||
Operating Loss Carryforwards | 210,223,000 | |
Deferred Tax Asset, Interest Carryforward | 33,392,000 | |
Tax Credit Carryforwards | 2,016,000 | |
Interest Carryforwards | 33,392,000 | |
China [Member] | ||
Operating Loss Carryforwards | 356,000 | |
Mexico [Member] | ||
Deferred tax assets | $ 100 |
Income Taxes (Income Tax Years
Income Taxes (Income Tax Years Subject to Examination) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
U.S. Federal [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2019 |
Pennsylvania [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2001 |
Texas [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2019 |
Illinois [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2010 |
Virginia [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2019 |
Colorado [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2010 |
Indiana [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2019 |
Nebraska [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2016 |
Alabama [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2016 |
China [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2019 |
Mexico [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2020 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock-based compensation | $ 2,106 | $ 2,977 |
Common stock, shares issued | 17,223,306 | 15,947,228 |
Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Granted (shares) | 386,908 | 213,465 |
Stock awards, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.93 | $ 4.23 |
Unrecognized compensation expense | $ 1,065 | |
Fair value of stock awards | $ 427 | $ 1,942 |
Remaining requisite service period | 20 months | |
Time-Vested Stock Options [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award contractual term | 10 years | |
Common stock, shares issued | 5,292 | |
Stock options exercised, shares | 102,850 | 0 |
Expected volatility | 77.95% | |
Derived service period | 6 years | |
Expected dividend yield | 0% | |
Risk-free rate | 3.04% | |
Unearned compensation related to options | $ 1,178 | |
Remaining service period | 23 months | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award Vesting Period | 3 years | |
Award contractual term | 10 years | |
Granted | 1,735,500 | |
Granted (shares) | 1,735,500 | |
Stock appreciation award vesting rights | Vesting of the 2021 cash settled stock appreciation rights is contingent upon the achievement of a thirty-day trailing average fair market value of a share of the Company’s common stock of 133.3% ($3.17) | |
Exercise price | $ 2.38 | |
Stock awards, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.74 | |
Estimated fair value | $ 3,021 | |
Allocated share based compensation expense income | $ 632 | $ 2,145 |
The 2005 Long Term Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award, Number of Shares Authorized | 1,374,977 | |
The 2018 Long Term Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares available for grant | 1,285,806 | |
Share available for issuance | 1,285,806 | |
The 2022 Long Term Incentive Plans [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award, Number of Shares Authorized | 880,000 | |
Shares available for grant | 494,977 | |
Share available for issuance | 494,977 | |
Minimum [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award Vesting Period | 1 year | |
Minimum [Member] | Time-Vested Stock Options [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award Vesting Period | 1 year | |
Maximum [Member] | Restricted Stock [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award Vesting Period | 3 years | |
Maximum [Member] | Time-Vested Stock Options [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Award Vesting Period | 3 years | |
Certain Employees [Member] | Stock Appreciation Rights (SARs) [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Granted | 1,164,464 |
Stock-Based Compensation (Valua
Stock-Based Compensation (Valuation Assumptions, Options) (Details) - Time-Vested Stock Options [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Jul. 11, 2022 |
Expected Life | 6 years |
Expected Volatility | 77.95% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 3.04% |
Fair Value Per Award | $ 2.41 |
1/17/2022 (Member) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Jan. 17, 2022 |
Expected Life | 6 years |
Expected Volatility | 74.32% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 1.60% |
Fair Value Per Award | $ 2.63 |
2/4/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Feb. 04, 2022 |
Expected Life | 6 years |
Expected Volatility | 74.27% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 1.81% |
Fair Value Per Award | $ 2.30 |
3/21/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Mar. 21, 2022 |
Expected Life | 6 years |
Expected Volatility | 74.45% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 2.33% |
Fair Value Per Award | $ 2.90 |
4/19/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Apr. 19, 2022 |
Expected Life | 6 years |
Expected Volatility | 75.31% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 2.91% |
Fair Value Per Award | $ 3.87 |
7/18/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Jul. 18, 2022 |
Expected Life | 6 years |
Expected Volatility | 77.92% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 3.04% |
Fair Value Per Award | $ 2.51 |
8/29/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Aug. 29, 2022 |
Expected Life | 6 years |
Expected Volatility | 78.17% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 3.24% |
Fair Value Per Award | $ 3.10 |
9/6/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Sep. 06, 2022 |
Expected Life | 6 years |
Expected Volatility | 78.19% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 3.41% |
Fair Value Per Award | $ 2.81 |
12/1/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2022 |
Grant Date | Dec. 01, 2022 |
Expected Life | 6 years |
Expected Volatility | 78.20% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 3.65% |
Fair Value Per Award | $ 2.60 |
Stock-Based Compensation (Optio
Stock-Based Compensation (Option Activity) (Details) - Time-Vested Stock Options [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options Outstanding, Outstanding at the beginning of the year (shares) | 733,967 | 211,361 |
Options Outstanding, Granted (shares) | 513,518 | 608,485 |
Options Outstanding, Exercised (shares) | (102,850) | 0 |
Options Outstanding, Forfeited or expired (shares) | (255,821) | (85,879) |
Options Outstanding, Outstanding at the end of the year (shares) | 888,814 | 733,967 |
Options Outstanding, Exercisable at the end of the year (shares) | 227,056 | 111,516 |
Weighted-Average Exercise Price, Outstanding at the beginning of the year (per share) | $ 5.66 | $ 11.68 |
Weighted-Average Exercise Price, Granted (per share) | 3.95 | 4.04 |
Weighted-Average Exercise Price, exercised (per share) | 3.98 | |
Weighted-Average Exercise Price, Forfeited or expired (per share) | 4.76 | 9.02 |
Weighted-Average Exercise Price, Outstanding at the end of the year (per share) | 5.12 | 5.66 |
Weighted-Average Exercise Price, Exercisable at the end of the year (per share) | $ 8.39 | $ 13.86 |
Stock-Based Compensation (Share
Stock-Based Compensation (Shares Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Time-Vested Stock Options [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding (shares) | 888,814 | 733,967 | 211,361 |
Vested or expected to vest (shares) | 888,814 | ||
exercisable (shares) | 227,056 | 111,516 | |
Weighted-Average Remaining Contractual Term, Options Outstanding (in years) | 8 years 3 months 18 days | ||
Weighted-Average Remaining Contractual Term, Vested or expected to vest (in years) | 8 years 3 months 18 days | ||
Weighted-Average Remaining Contractual Term, Options exercisable (in years) | 6 years 6 months | ||
Weighted Average Exercise Price, Options outstanding (per share) | $ 5.12 | $ 5.66 | $ 11.68 |
Weighted Average Exercise Price, Vested or expected to vest (per share) | 5.12 | ||
Weighted-Average Exercise Price, Options exercisable (per share) | $ 8.39 | $ 13.86 | |
Stock Appreciation Rights (SARs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding (shares) | 2,132,113 | ||
Vested or expected to vest (shares) | 2,132,113 | ||
exercisable (shares) | 909,313 | 192,387 | |
Weighted-Average Remaining Contractual Term, Options Outstanding (in years) | 7 years 9 months 18 days | ||
Weighted-Average Remaining Contractual Term, Vested or expected to vest (in years) | 7 years 9 months 18 days | ||
Weighted-Average Remaining Contractual Term, Options exercisable (in years) | 7 years 8 months 12 days | ||
Weighted Average Exercise Price, Options outstanding (per share) | $ 2.20 | ||
Weighted Average Exercise Price, Vested or expected to vest (per share) | 2.20 | ||
Weighted-Average Exercise Price, Options exercisable (per share) | $ 2.10 | ||
Aggregate Intrinsic Value, Options outstanding | $ 2,124,866 | ||
Aggregate Intrinsic Value, Vested or expected to vest | 2,124,866 | ||
Aggregate Intrinsic Value, Vested or expected to vest, Options exercisable | $ 997,916 |
Stock-Based Compensation (Val_2
Stock-Based Compensation (Valuation Assumptions) (Details) - Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
1/24/2020 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Jan. 24, 2020 |
Expected Life | 3 years 7 months 6 days |
Expected Volatility | 94.35% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 4.19% |
Fair Value Per Award | $ 2.44 |
11/30/2020 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Jan. 05, 2021 |
Expected Life | 4 years 4 months 24 days |
Expected Volatility | 87.88% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 4.07% |
Fair Value Per Award | $ 2.28 |
9/14/2020 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Sep. 14, 2020 |
Expected Life | 4 years 2 months 12 days |
Expected Volatility | 89.86% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 4.10% |
Fair Value Per Award | $ 2.38 |
4/19/2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Grant Year | 2021 |
Grant Date | Nov. 30, 2020 |
Expected Life | 4 years 3 months 18 days |
Expected Volatility | 89.36% |
Expected Dividend Yield | 0% |
Risk Free Interest Rate | 4.09% |
Fair Value Per Award | $ 2.31 |
Stock-Based Compensation (SAR A
Stock-Based Compensation (SAR Activity) (Details) - Stock Appreciation Rights (SARs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Outstanding at the beginning of the year | 2,163,339 | 853,967 |
Granted | 1,735,500 | |
Exercised | (11,592) | (42,652) |
Forfeited or expired | (19,634) | (383,476) |
Outstanding at the end of the year | 2,132,113 | 2,163,339 |
Options Outstanding, Exercisable at the end of the year (shares) | 909,313 | 192,387 |
Weighted-Average Grant Date Fair Value, Nonvested at the beginning of the year (per share) | $ 2.20 | $ 1.69 |
Weighted Average Grant Date Fair Value, Granted (per share) | 2.38 | |
Weighted Average Grant Date Fair Value, Exercised (per share) | 2.16 | 1.64 |
Weighted Average Grant Date Fair Value, Forfeited or expired (per share) | 2.31 | 1.92 |
Weighted-Average Grant Date Fair Value, Nonvested at the end of the year (per share) | 2.20 | 2.20 |
Weighted-Average Exercise Price, Exercisable at the end of the year (per share) | $ 2.10 | $ 1.71 |
Stock-Based Compensation (Nonve
Stock-Based Compensation (Nonvested Restricted Shares) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Oustanding at the beginning of the year (shares) | 491,239 | 849,723 |
Granted (shares) | 386,908 | 213,465 |
Vested (shares) | (113,886) | (311,128) |
Forfeited (shares) | (74,399) | (260,821) |
Outstanding at the end of the year (shares) | 689,862 | 491,239 |
Expected to vest (shares) | 689,862 | 491,239 |
Weighted-Average Grant Date Fair Value, Nonvested at the beginning of the year (per share) | $ 3.50 | $ 2.86 |
Weighted Average Grant Date Fair Value, Granted (per share) | 3.93 | 4.23 |
Weighted Average Grant Date Fair Value, Vested (per share) | 6.16 | 2.26 |
Weighted Average Grant Date Fair Value, Forfeited or expired (per share) | 4.44 | 3.49 |
Weighted-Average Grant Date Fair Value, Nonvested at the end of the year (per share) | 3.20 | 3.50 |
Weighted Average Grant Date Fair Value, Expected to vest (per share) | $ 3.20 | $ 3.50 |
Loss Per Share (Weighted Averag
Loss Per Share (Weighted Average Common Shares Outstanding) (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding | 16,052,920 | 15,023,853 |
Issuance of Warrants | 8,785,479 | 5,742,545 |
Weighted average common shares outstanding - basic | 24,838,399 | 20,766,398 |
Weighted average common shares outstanding - diluted | 24,838,399 | 20,766,398 |
Loss Per Share (Narrative) (Det
Loss Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common shares excluded from computation of earnings per share amount | 1,658,605 | 1,321,396 |
Revenue Sources and Concentra_3
Revenue Sources and Concentration of Sales (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 364,754 | $ 203,050 |
Accounts Receivable, after Allowance for Credit Loss, Current | 9,571 | 9,571 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customers Outside of US [Member] | ||
Revenues | $ 0 | $ 0 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||
Concentration Risk, Percentage | 20% | 46% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member] | ||
Concentration Risk, Percentage | 19% | 12% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Third Largest Customer [Member] | ||
Concentration Risk, Percentage | 16% | 8% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 9,571 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 9,571 | |
Concentration Risk, Percentage | 35% | 62% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Second Largest Customer [Member] | ||
Concentration Risk, Percentage | 29% |
Revenue Sources and Concentra_4
Revenue Sources and Concentration of Sales (Schedule of Revenue Recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 361,497 | $ 199,807 |
Leasing revenues | 3,257 | 3,243 |
Total revenues | 364,754 | 203,050 |
Railcar Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | 349,556 | 189,579 |
Parts Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues from contracts with customers | $ 11,941 | $ 10,228 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Number of Reportable Segments | 1 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 364,754 | $ 203,050 | |
Consolidated operating loss | (15,024) | (22,762) | |
Loss on change in fair market value of warrant liability | (1,486) | 14,894 | |
Consolidated other income | 2,426 | 817 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 364,754 | 203,050 | |
Consolidated interest expense | (25,423) | (13,317) | |
Loss on change in fair market value of warrant liability | 1,486 | (14,894) | |
Gain on extinguishment of debt | 0 | 10,122 | |
Consolidated other income | 2,426 | 817 | |
Loss before income taxes | (36,535) | (40,034) | |
Depreciation and amortization | 4,135 | 4,304 | |
Capital expenditures | 7,816 | 2,290 | |
Operating Segments [Member] | Manufacturing [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 352,827 | 192,807 | |
Consolidated operating loss | [1] | 14,801 | (757) |
Depreciation and amortization | 3,491 | 3,648 | |
Capital expenditures | 7,327 | 1,880 | |
Operating Segments [Member] | Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 11,927 | 10,243 | |
Consolidated operating loss | [2] | (29,825) | (22,005) |
Depreciation and amortization | 644 | 656 | |
Capital expenditures | $ 489 | $ 410 | |
[1] (1) There were no restructuring and impairment charges for the year ended December 31, 2022. Results for the year ended December 31, 2021 include restructuring and impairment charges of $ 6,530 . (2) Results for the year ended December 31, 2022 include a pension settlement loss of $ 8,105 . There were no pension settlement losses in the year ended December 31, 2021. |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | ||
Restructuring and impairment charges | $ 0 | $ 6,530 |
Loss on pension settlement | $ 8,105 | $ 0 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 199,738 | $ 200,664 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 199,645 | 200,485 |
Consolidated income taxes receivable | 93 | 179 |
Total assets | 199,738 | 200,664 |
Operating Segments [Member] | Manufacturing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 149,014 | 154,068 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | $ 50,631 | $ 46,417 |
Segment Information (Geographic
Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Segment Reporting Information [Line Items] | |||
Revenues | $ 364,754 | $ 203,050 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 364,754 | 203,050 | |
Long-Lived Assets | [1] | 69,261 | 55,065 |
Operating Segments [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 364,740 | 202,978 | |
Long-Lived Assets | [1] | 15,018 | 24,967 |
Operating Segments [Member] | Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14 | 72 | |
Long-Lived Assets | [1] | $ 54,243 | $ 30,098 |
[1] (a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Related Parties (Additional Inf
Related Parties (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Related party asset | $ 3,261 | $ 8,680 |
Related party accounts payable | $ 3,393 | 8,870 |
Fasemex [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of common stock outstanding | 11.30% | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 28,669 | 89,984 |
Prepaid inventory | 2,014 | 4,134 |
Other receivables | 1,247 | 4,546 |
Related party accounts payable | 2,475 | 8,291 |
Distribuciones Industrials [Member] | ||
Related Party Transaction [Line Items] | ||
Related party costs | 2,709 | 1,735 |
Related party accounts payable | 572 | 291 |
Maquinaria y equipo de transporte [Member] | ||
Related Party Transaction [Line Items] | ||
Related party costs | 2,436 | 1,163 |
Related party accounts payable | $ 346 | 288 |
Warrantholder [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of common stock outstanding | 41.30% | |
Interest expense related party | $ 8,652 | 7,533 |
Interest paid in cash | 7,185 | 6,255 |
Interest paid in kind | 1,467 | 1,278 |
Warrantholder [Member] | Standby Letters of Credit [Member] | ||
Related Party Transaction [Line Items] | ||
Cash fees | $ 4,000 | $ 1,870 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 23, 2023 | Feb. 27, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Feb. 23, 2022 | Dec. 31, 2021 | Jul. 30, 2021 | Oct. 08, 2020 |
Subsequent Event [Line Items] | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Siena Loan Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | $ 35,000 | $ 25,000 | $ 20,000 | |||||
Subsequent Event [Member] | Siena Loan Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | $ 15,000 | $ 15,000 | ||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Reduction of the letter of credit fee paid per quarter | $ 375 | |||||||
Subsequent Event [Member] | Non Convertible Series C Preferred Stock [Member] | Securities Purchase Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred Stock, Shares Issued | 85,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||
Preferred stock initial stated value | $ 1,000 | |||||||
Percentage of warrant to purchase outstanding common stock | 3% |