Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001320854 | |
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 South 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 $0.01 per share | |
Trading Symbol | RAIL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,903,437 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash, cash equivalents and restricted cash equivalents | $ 15,379 | $ 37,912 |
Accounts receivable, net of allowance for doubtful accounts of $41 and $126 respectively | 10,697 | 9,571 |
VAT receivable | 2,141 | 4,682 |
Inventories, net | 122,071 | 64,317 |
Assets held for sale | 0 | 3,675 |
Related party asset | 1,172 | 3,261 |
Prepaid expenses | 6,239 | 5,470 |
Total current assets | 157,699 | 128,888 |
Property, plant and equipment, net | 29,344 | 23,248 |
Railcars available for lease, net | 7,002 | 11,324 |
Right of use asset operating lease | 2,926 | 1,596 |
Right of use asset finance lease | 31,694 | 33,093 |
Other long-term assets | 644 | 1,589 |
Total assets | 229,309 | 199,738 |
Current liabilities | ||
Accounts and contractual payables | 51,611 | 48,449 |
Related party accounts payables | 1,569 | 3,393 |
Accrued payroll and other employee costs | 6,360 | 4,081 |
Accrued warranty | 1,638 | 1,940 |
Customer deposits | 19,644 | 0 |
Current portion of long-term debt | 0 | 40,742 |
Other current liabilities | 4,635 | 7,380 |
Total current liabilities | 85,457 | 105,985 |
Long-term debt, net of current portion | 31,062 | 51,494 |
Warrant liability | 36,441 | 31,028 |
Accrued pension costs | 709 | 1,040 |
Lease liability operating lease, long-term | 3,284 | 1,780 |
Lease liability finance lease, long-term | 32,749 | 33,245 |
Other long-term liabilities | 562 | 3,750 |
Total liabilities | 190,264 | 228,322 |
Commitments and contingencies | ||
Series C Preferred stock, $0.01 par value, 85,412 shares authorized, 85,412 and 0 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively. Liquidation value $90,947 and $0 at September 30, 2023 and December 31, 2022, respectively. | 83,314 | 0 |
Equity [Abstract] | ||
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 September 30, 2023 and December 31, 2022) | 0 | 0 |
Common stock, $0.01 par value, 50,000,000 shares authorized, 17,903,437 and 17,223,306 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 210 | 203 |
Additional paid in capital | 93,351 | 89,104 |
Accumulated other comprehensive loss | 2,019 | 1,022 |
Accumulated deficit | (139,849) | (118,913) |
Total stockholders' deficit | (44,269) | (28,584) |
Total liabilities, mezzanine equity and stockholders' equity | $ 229,309 | $ 199,738 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Allowance for doubtful accounts | $ 41 | $ 126 |
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 | 17,903,437 | 17,223,306 |
Common stock, shares outstanding | 17,903,437 | 17,223,306 |
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 issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 85,412 | 85,412 |
Preferred stock, shares issued | 85,412 | 0 |
Preferred stock, shares outstanding | 85,412 | 0 |
Liquidation value | $ 90,947 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 61,894 | $ 85,743 | $ 231,489 | $ 235,765 |
Cost of Revenue | 52,669 | 81,189 | 201,824 | 214,564 |
Gross profit | 9,225 | 4,554 | 29,665 | 21,201 |
Selling, general and administrative expenses | 7,511 | 7,112 | 19,750 | 21,878 |
Gain on sale of railcars available for lease | 0 | 0 | 622 | 0 |
Loss On Pension Settlement | 313 | 8,105 | 313 | 8,105 |
Operating income (loss) | 1,401 | (10,663) | 10,224 | (8,782) |
Interest expense | (2,037) | (6,087) | (12,988) | (17,549) |
Gain (loss) on change in fair market value of Warrant liability | 4,273 | (1,274) | (1,869) | (3,258) |
Loss on extinguishment of debt | 0 | 0 | (14,880) | 0 |
Other (expense) income | (228) | 190 | (333) | 2,347 |
Income (loss) before income taxes | 3,409 | (17,834) | (19,846) | (27,242) |
Income tax provision (benefit) | 216 | (28) | 887 | 1,872 |
Net income (loss) | $ 3,193 | $ (17,806) | $ (20,733) | $ (29,114) |
Net loss per common share - basic | $ (0.03) | $ (0.69) | $ (0.94) | $ (1.19) |
Net loss per common share - diluted | $ (0.03) | $ (0.69) | $ (0.94) | $ (1.19) |
Weighted average common shares outstanding - basic | 29,543,963 | 25,718,414 | 28,064,410 | 24,470,659 |
Weighted average common shares outstanding - diluted | 29,543,963 | 25,718,414 | 28,064,410 | 24,470,659 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ 3,193 | $ (17,806) | $ (20,733) | $ (29,114) |
Other comprehensive income net of tax: | ||||
Loss on pension settlement | 313 | 8,105 | 313 | 8,105 |
Unrealized gain on foreign currency derivatives | 34 | 0 | 34 | 0 |
Pension and postretirement liability adjustments, net of tax | 573 | (323) | 650 | (156) |
Comprehensive income (loss) | $ 4,113 | $ (10,024) | $ (19,736) | $ (21,165) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Series C Preferred Stock [Member] | Common Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained (Deficit) [Member] | Retained (Deficit) [Member] Series C Preferred Stock [Member] |
Balance at Dec. 31, 2021 | $ (1,656) | $ 190 | $ 83,742 | $ (5,522) | $ (80,066) | |||
Balance (Shares) at Dec. 31, 2021 | 15,947,228 | |||||||
Net loss | (29,114) | (29,114) | ||||||
Other comprehensive income | 7,949 | 7,949 | ||||||
Issuance of Series C preferred shares, net of issuance costs | 0 | |||||||
stock option exercised, shares | 5,292 | |||||||
Restricted stock awards | $ 4 | (4) | ||||||
Restricted stock awards, shares | 386,908 | |||||||
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 | 1,099 | 1,099 | ||||||
Equity fees | 3,000 | $ 8 | 2,992 | |||||
Equity fees, shares | 720,879 | |||||||
Balance at Sep. 30, 2022 | (18,848) | $ 201 | 87,704 | 2,427 | (109,180) | |||
Balance (Shares) at Sep. 30, 2022 | 16,963,755 | |||||||
Balance at Jun. 30, 2022 | (10,151) | $ 198 | 86,380 | (5,355) | (91,374) | |||
Balance (Shares) at Jun. 30, 2022 | 16,700,850 | |||||||
Net loss | (17,806) | (17,806) | ||||||
Other comprehensive income | 7,782 | 7,782 | ||||||
stock option exercised, shares | 5,292 | |||||||
Restricted stock awards, shares | 29,508 | |||||||
Employee stock settlement | (44) | (44) | ||||||
Employee stock settlement, shares | (11,720) | |||||||
Forfeiture of restricted stock awards | (62) | (62) | ||||||
Forfeiture of restricted stock awards, shares | (10,000) | |||||||
Stock-based compensation recognized | 433 | 433 | ||||||
Equity fees | 1,000 | $ 3 | 997 | |||||
Equity fees, shares | 249,825 | |||||||
Balance at Sep. 30, 2022 | (18,848) | $ 201 | 87,704 | 2,427 | (109,180) | |||
Balance (Shares) at Sep. 30, 2022 | 16,963,755 | |||||||
Preferred stock, shares issued | 0 | |||||||
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 | ||||||
Net loss | $ (20,733) | (20,733) | ||||||
Other comprehensive income | 997 | 997 | ||||||
Issuance of Series C preferred shares, net of issuance costs | 13,254 | $ (203) | $ 83,314 | $ (203) | ||||
Issuance of Series C preferred shares, net of issuance costs (Shares) | 85,412 | |||||||
Restricted stock awards | $ 4 | (4) | ||||||
Restricted stock awards, shares | 453,258 | |||||||
Employee stock settlement | (106) | (106) | ||||||
Employee stock settlement, shares | (31,888) | |||||||
Stock appreciation rights classification modification | 1,738 | 1,738 | ||||||
Vesting of Restricted Stock Units | 145 | 145 | ||||||
Vesting of restricted stock units, shares | 42,815 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 4,984 | |||||||
Exercise of stock appreciation rights | 3 | 3 | ||||||
Exercise of stock appreciation rights, shares | 4,984 | |||||||
Stock-based compensation recognized | 1,789 | 1,789 | ||||||
Equity fees | 685 | $ 3 | 682 | |||||
Equity fees, shares | 210,962 | |||||||
Balance at Sep. 30, 2023 | $ (44,269) | $ 210 | $ 83,314 | 93,351 | 2,019 | (139,849) | ||
Balance (Shares) at Sep. 30, 2023 | 17,903,437 | 17,903,437 | 85,412 | |||||
Balance at Jun. 30, 2023 | $ (48,954) | $ 210 | $ 83,253 | 92,633 | 1,099 | (142,896) | ||
Balance (Shares) at Jun. 30, 2023 | 17,899,191 | 85,412 | ||||||
Net loss | 3,193 | 3,193 | ||||||
Other comprehensive income | 920 | 920 | ||||||
Issuance of Series C preferred shares, net of issuance costs | $ (146) | $ 61 | $ (146) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 4,246 | |||||||
Exercise of stock appreciation rights | 3 | 3 | ||||||
Exercise of stock appreciation rights, shares | 4,246 | |||||||
Stock-based compensation recognized | 715 | 715 | ||||||
Balance at Sep. 30, 2023 | $ (44,269) | $ 210 | $ 83,314 | $ 93,351 | $ 2,019 | $ (139,849) | ||
Balance (Shares) at Sep. 30, 2023 | 17,903,437 | 17,903,437 | 85,412 | |||||
Preferred stock, shares issued | 85,412 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (20,733) | $ (29,114) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Depreciation and amortization | 3,189 | 3,110 |
Non cash lease expense on right of use of Asset | 1,873 | 944 |
Recognition of deferred income from state and local incentives | 0 | (2,507) |
Loss on change in fair market value for warrant liability | 1,869 | 3,258 |
Loss On Pension Settlement | 313 | 8,105 |
Stock-based compensation recognized | 524 | 2,307 |
Non-cash interest expense | 8,980 | 11,309 |
Loss on extinguishment of debt | 14,880 | 0 |
Other non-cash items, net | (435) | (9) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (1,126) | (2,603) |
VAT receivable | 2,320 | 24,634 |
Inventories | (57,213) | (30,110) |
Accounts and contractual payables | 2,739 | 4,386 |
Lease liability | (2,779) | (1,439) |
Customer deposits | 19,644 | (3,300) |
Other assets and liabilities | (455) | (2,556) |
Net cash flows used in operating activities | (26,410) | (13,585) |
Cash flows from investing activities | ||
Purchase of property, plant and equipment | (8,971) | (3,380) |
Proceeds from sale of property, plant and equipment and railcars available for lease, net of selling costs | 8,356 | 0 |
Net cash flows provided by (used in) investing activities | (615) | (3,380) |
Cash flows from financing activities | ||
Proceeds from issuance of preferred shares, net of issuance costs | 13,254 | 0 |
Deferred financing costs | (300) | 0 |
Borrowings on revolving line of credit | 115,172 | 84,396 |
Repayments on revolving line of credit | (123,062) | (75,239) |
Employee stock settlement | (106) | (57) |
Payment for stock appreciation rights exercised | (6) | (4) |
Financing lease payments | (460) | 0 |
Net cash flows (used in) provided by financing activities | 4,492 | 9,096 |
Net decrease in cash and cash equivalents | (22,533) | (7,869) |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 37,912 | 26,240 |
Cash, cash equivalents and restricted cash equivalents at end of period | 15,379 | 18,371 |
Supplemental cash flow information | ||
Interest paid | 3,961 | 6,240 |
Income taxes paid | 1,857 | 1,110 |
Non-cash transactions | ||
Change in unpaid construction in process | 51 | 2,168 |
Accrued PIK interest paid through issuance of PIK Note | 3,161 | 1,093 |
Issuance of preferred shares in exchange of term loan | 72,688 | 0 |
Issuance of Warrants | 3,014 | 8,560 |
Issuance of equity fee | $ 685 | $ 3,000 |
Description of the Business
Description of the Business | 9 Months Ended |
Sep. 30, 2023 | |
Description of the Business [Abstract] | |
Description of the Business | Note 1 – Description of the Business FreightCar America, Inc. (“FreightCar” or the “Company”), operating primarily in North America through its direct and indirect subsidiaries, is a leading designer, producer and supplier of railroad freight cars including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars, as well as railcar parts and components. The Company also specializes in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. The Company is headquartered in Chicago, Illinois, with facilities in Johnstown, Pennsylvania; Shanghai, People’s Republic of China; and Castaños, Coahuila, Mexico (the “Castaños Facility”). |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2 – Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of FreightCar America, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2022 year-end balance sheet data was derived from the audited financial statements as of December 31, 2022. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition The following table disaggregates the Company’s revenues by major source: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Railcar sales $ 58,407 $ 82,017 $ 220,752 $ 224,089 Parts sales 3,340 2,927 9,613 9,231 Revenues from contracts with customers 61,747 84,944 230,365 233,320 Leasing revenues 147 799 1,124 2,445 Total revenues $ 61,894 $ 85,743 $ 231,489 $ 235,765 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 contract assets a s of September 30, 2023 and December 31, 2022. 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 Condensed Consolidated Balance Sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue and customer deposits are included in customer deposits, other current liabilities and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheet and were $ 19,644 and $ 219 as of September 30, 2023 and December 31, 2022, 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 ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of September 30, 2023 with expected duration of greater than one year of $ 14,850 . |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 4 – 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, railcar leasing and major railcar conversions and 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 internal 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 and restricted cash and restricted 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. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues: Manufacturing $ 58,554 $ 82,817 $ 221,877 $ 226,548 Corporate and Other 3,340 2,926 9,612 9,217 Consolidated revenues $ 61,894 $ 85,743 $ 231,489 $ 235,765 Operating income (loss): Manufacturing $ 7,378 $ 3,054 $ 24,775 $ 16,470 Corporate and Other (1) ( 5,977 ) ( 13,717 ) ( 14,551 ) ( 25,252 ) Consolidated operating income (loss) 1,401 ( 10,663 ) 10,224 ( 8,782 ) Consolidated interest expense ( 2,037 ) ( 6,087 ) ( 12,988 ) ( 17,549 ) Gain (loss) on change in fair market value of Warrant liability 4,273 ( 1,274 ) ( 1,869 ) ( 3,258 ) Loss on extinguishment of debt - - ( 14,880 ) - Consolidated other (expense) income ( 228 ) 190 ( 333 ) 2,347 Consolidated income (loss) before income taxes $ 3,409 $ ( 17,834 ) $ ( 19,846 ) $ ( 27,242 ) Depreciation and amortization: Manufacturing $ 942 $ 877 $ 2,763 $ 2,614 Corporate and Other 143 172 426 496 Consolidated depreciation and amortization $ 1,085 $ 1,049 $ 3,189 $ 3,110 Capital expenditures: Manufacturing $ 3,989 $ 540 $ 8,815 $ 2,982 Corporate and Other 28 32 156 398 Consolidated capital expenditures $ 4,017 $ 572 $ 8,971 $ 3,380 (1) Results for the three and nine months ended September 30, 2023 include a pension settlement loss of $ 313 . Results from the three and nine months ended September 30, 2022 include a pension settlement loss of $ 8,105 . September 30, December 31, 2023 2022 Assets: Manufacturing $ 200,484 $ 149,014 Corporate and Other 28,737 50,631 Total operating assets 229,221 199,645 Consolidated income taxes receivable 88 93 Consolidated assets $ 229,309 $ 199,738 Geographic Information Revenues Long Lived Assets(a) Three Months Ended Nine Months Ended September 30, September 30, September 30, December 31, 2023 2022 2023 2022 2023 2022 United States $ 61,894 $ 85,743 $ 231,489 $ 235,751 $ 11,762 $ 15,018 Mexico - - - 14 59,204 54,243 Total $ 61,894 $ 85,743 $ 231,489 $ 235,765 $ 70,966 $ 69,261 (a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5 – Fair Value Measurements The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis. Recurring Fair Value Measurements As of September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 36,441 $ - $ 36,441 Assets: Foreign currency forward contracts asset $ - $ 34 $ - $ 34 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 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, par value $ 0.01 per share (the “Common Stock”), in an active market, exercise prices of $ 0.01 per share and $ 3.57 per share, and number of shares for which warrants are exercisable at September 30, 2023 and December 31, 2022, is a Level 2 measurement. The fair value of the Company’s foreign currency forward contracts determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates at September 30, 2023 in an active market, is a Level 2 measurement. See Note 13 - Foreign Currency Forward Contracts. The fair value of the Company's fleet of small cube covered hopper railcars determined using a market approach, using the known selling prices for a portion of the cars, and a weighted average selling price for the remaining cars in the asset group at December 31, 2022, is a Level 2 measurement. The portion of these assets intended to be sold were classified as assets held for sale and were no longer depreciated. These assets were sold during the nine months ended September 30, 2023 . |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Restricted Cash [Abstract] | |
Restricted Cash | Note 6 – Restricted Cash The Company establishes restricted cash balances when required by customer contracts and to collateralize standby letters of credit. The carrying value of restricted cash approximates fair value. The Company’s restricted cash balances are as follows: September 30, December 31, 2023 2022 Restricted cash from customer deposit $ 282 $ 282 Restricted cash to collateralize standby letters of credit 103 103 Restricted cash equivalents to collateralize standby letters of credit 3,542 3,542 Restricted cash equivalents - other 1,179 151 Total restricted cash and restricted cash equivalents $ 5,106 $ 4,078 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7 – Inventories Inventories, net of reserve for excess and obsolete items, consist of the following: September 30, December 31, 2023 2022 Raw materials $ 79,250 $ 46,421 Work in process 26,339 4,527 Finished railcars 11,911 8,783 Parts inventory 4,571 4,586 Total inventories, net $ 122,071 $ 64,317 Inventory on the Company’s Condensed Consolidated Balance Sheets includes reserves of $ 2,137 and $ 1,672 relating to excess or slow-moving inventory for parts and work in process at September 30, 2023 and December 31, 2022 , respectively. |
Debt Financing and Revolving Cr
Debt Financing and Revolving Credit Facilities | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt Financing and Revolving Credit Facilities | Note 8 – Debt Financing and Revolving Credit Facilities Long-term debt consists of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 M&T Credit Agreement outstanding $ - $ 6,917 Siena Loan Agreement outstanding 31,062 33,825 Credit Agreement outstanding - 58,745 Total debt 31,062 99,487 Less Credit Agreement discount - ( 5,262 ) Less Credit Agreement deferred financing costs - ( 1,989 ) Total debt, net of discount and deferred financing costs 31,062 92,236 Less amounts due within one year - ( 40,742 ) Long-term debt, net of current portion $ 31,062 $ 51,494 The fair value of the remaining debt approximates its carrying value as of September 30, 2023 and December 31, 2022. 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 the Company, as guarantor, FreightCar North America, LLC (“Borrower” and together with the Company 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 “Closing Date”). 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. In May 2021, the Loan Parties entered into an 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. 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 September 30, 2023 and December 31, 2022, the 2022 Warrant was exercisable for an aggregate of 1,894,047 and 1,473,726 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 an 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 an 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 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 the Credit Agreement. The Sixth Amendment amends the 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. In February 2023, the Loan Parties entered into Amendment No. 7 to Credit Agreement (the “Seventh Amendment”), with respect to the Credit Agreement. The Seventh Amendment amends the 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 (“Delayed Draw Extension Deadline”). The Delayed Draw Loan expired as the Company did not draw on the Delayed Draw Loan by April 3, 2023. In March 2023 prior to the Delayed Draw Extension Deadline, 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 issued 85,412 shares upon Closing of new non-convertible Series C Preferred Stock of the Company, par value $ 0.01 (the “Series C Preferred Stock”) at an initial stated value of $ 1,000 per share. Upon closing of the transactions contemplated by the Purchase Agreement on May 22, 2023 (the “Closing”), the Purchaser received a detached warrant to purchase 1,636,313 shares of Common Stock of the Company, for an exercise price equal to $ 3.57 (the “2023 Warrant”). See Note 9 - Mezzanine Equity and 2023 Warrant. In March 2023, contemporaneous with the execution of the Purchase Agreement and the First Amendment to Amended and Restated Reimbursement Agreement (as defined below), 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 Credit Agreement. The Eighth Amendment amends the 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. Upon the Closing, the Company settled $ 60,178 in-full all of the principal amount of the outstanding Term Loan Credit Agreement, together with all $ 1,727 accrued unpaid interest, fees, penalties, and other obligations under the Term Loan Credit Agreement through the issuance of the Series C Preferred Stock, resulting in a loss on extinguishment of $ 17,772 . Any excess proceeds are to be used for general corporate purposes. 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. 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 eliminate the Letter of Credit Fee paid by the Company. 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”). By March 2023, the Company had paid the Maximum Equity. 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. In connection with the Closing, the Purchaser has agreed to reduce the Cash Fee paid by the Company to $ 375 per quarter. Amendment to Reimbursement Agreement In March 2023, the Company, the Purchaser, the Agent, and the designated calculation agent entered into Amendment No. 1 to Amended and Restated Reimbursement Agreement (“First Amendment 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. Upon Closing, the Company paid $ 280 in accordance with the First Amendment to Amended and Restated Reimbursement Agreement. Amendment No. 2 to Amended and Restated Reimbursement Agreement In connection with the closing of the transactions contemplated by the Purchase Agreement, the Company entered into Amendment No. 2 to Amended and Restated Reimbursement Agreement (“Amendment No. 2”) with the Loan Parties (as defined therein), CO Finance LVS VI LLC (the “LC Provider”), and U.S. Bank, National Association, as disbursing agent and collateral agent. Amendment No. 2 amends and sets forth the terms of the Company’s continuing obligations to the LC Provider in connection with its outstanding standby letter of credit issued by Wells Fargo Bank, N.A., in the principal amount of $ 25.0 million for the account of the Company and for the benefit of Siena Lending Group LLC. Warrants 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 September 30, 2023 and December 31, 2022, the 2020 Warrant was exercisable for an aggregate of 8,712,618 and 6,799,139 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 September 30, 2023 and December 31, 2022, the 2021 Warrant was exercisable for an aggregate of 1,894,047 and 1,473,726 shares of Common Stock, respectively with a per share exercise price of $ 0.01 . 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 . The 3% Additional Warrant was never issued as the Delayed Draw Loan expired undrawn on April 3, 2023. The 2020 Warrant, 2021 Warrant, 2022 Warrant, and 2023 Warrant collectively are referred to herein as the “Warrant”. The following schedule shows the change in fair value of the Warrant as of September 30, 2023. Warrant liability as of December 31, 2022 $ 31,028 Warrant issued $ 3,544 Change in fair value 1,869 Warrant liability as of September 30, 2023 $ 36,441 The change in fair value of the Warrant is reported on a separate line in the condensed consolidated statement of operations. 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”), 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). 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 Agr eement, 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). In September 2023, the Revolving Loan Parties entered into a Third Amendment to Amended and Restated Loan and Security Agreement, which amends the Amended and Restated Loan and Security Agreement, dated July 30, 2021, as amended by the First Amendment to Amended and Restated Loan and Security Agreement, dated February 23, 2022, and by the Second Amendment to Amended and Restated Loan and Security Agreement, dated May 22, 2023, by and among the Revolving Loan Parties. The Third Amendment to Amended and Restated Loan and Security Agreement, among other things, (i) extended the scheduled maturity date of the Siena Loan Agreement from October 8, 2023 to October 31, 2024, and (ii) increased the Maximum Revolving Facility Amount by $ 10.0 million to a total of $ 45.0 million, provided, however, that after giving effect to each Revolving Loan and each letter of credit made available to the Loan Parties, (A) the outstanding balance of all Revolving Loans and the Letter of Credit Balance (which is defined in the Siena Loan Agreement as the sum of (a) the aggregate undrawn face amount of all outstanding Letters of Credit and (b) all interest, fees and costs due or, in Lender’s estimation, likely to become due in connection therewith) will not exceed the lesser of (x) the Maximum Revolving Facility Amount and (y) the Borrowing Base (as defined in the Siena Loan Agreement, as amended by the Third Amendment to Amended and Restated Loan and Security Agreement), and (B) none of the other Loan Limits (as defined in the Siena Loan Agreement) for Revolving Loans will be exceeded. The outstanding debt under the Third Amendment to Amended and Restated Loan and Security Agreement bears the same interest under the First Amendment to Amended and Restated Loan and Security Agreement as described above. As of September 30, 2023, the interest rate on outstanding debt under the Amended and Restated Loan and Security Agreement was 10 % and under the First Amendment to Amended and Restated Loan and Security Agreement was 10.5 % . As of September 30, 2023, the Company had $ 31,062 in outstanding debt under the Siena Loan Agreement and remaining borrowing availability of $ 1,467 . As of December 31, 2022, the Company had $ 33,825 in outstanding debt under the Siena Loan Agreement and remaining borrowing availability of zero . The Company incurred $ 1,101 in deferred financing costs related to the Siena Loan Agreement during the fourth quarter of 2020, $ 1,037 in additional deferred financing costs related to the Amended and Restated Loan and Security Agreement during the third quarter of 2021, and $ 352 in additional deferred financing costs related to the Third Amendment to the Amended and Restated Loan and Security Agreement. 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. 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, 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 with M&T. 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. On June 30, 2023, FreightCar Leasing Borrower paid an aggregate of $ 4,480 under the M&T Credit Agreement and with respect to the Forbearance Agreement. The payment consisted of proceeds from the sale to a third party of certain railcars and related leases, in lieu of turning over such railcars to M&T as contemplated by the Forbearance Agreement. As part of the payment terms, it was a condition that certain lease payments be made by the current lessees of the railcars to M&T in accordance with the Forbearance Agreement, which payments were timely made. Accordingly, FreightCar Leasing Borrower’s obligations under the M&T Credit Agreement are deemed satisfied in full and the M&T Credit Agreement and all other Credit Documents (as defined in the M&T Credit Agreement), as well as the Forbearance Agreement, are terminated, resulting in a gain on extinguishment of $ 2,892 . As of December 31, 2022, FreightCar Leasing Borrower had $ 6,917 in outstanding debt under the M&T Credit Agreement, which was collateralized by leased railcars with a carrying value of $ 4,116 . |
Mezzanine Equity and 2023 Warra
Mezzanine Equity and 2023 Warrant | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Mezzanine Equity and 2023 Warrant | Note 9 – Mezzanine Equity and 2023 Warrant 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”). On May 22, 2023, the transactions contemplated by the Purchase Agreement were consummated (the “Closing”), pursuant to which the Company issued 85,412 shares of Series C Preferred Stock, $ 0.01 par value per share (the “Series C Preferred Stock”), at an initial stated value of $ 1,000 per share, and the 2023 Warrant to purchase up to 1,636,313 shares of the Company’s outstanding Common Stock at an exercise price of $ 3.57 . This transaction resulted in $ 2,591 of total issuance costs, of which $ 2,301 were allocated against the Series C Preferred Shares. Preferred Stock During the nine months ended September 30, 2023, the Company settled its Term Loan Credit Agreement through the issuance of 85,412 of its authorized Series C Preferred Stock to the Purchaser pursuant to the Purchase Agreement at an initial stated and fair value of $ 85,412 . The Series C Preferred Stock was initially stated at fair value net of $ 2,591 issuance costs. The Company determined the Series C Preferred Stock should be classified as Mezzanine Equity (temporary equity outside of permanent equity) since a deemed liquidation event following a change of control may require redemption of the Series C Preferred Stock that is not solely within the control of the Company. Pursuant to the Purchase Agreement, a certificate of designation was filed with the Delaware Secretary of State in connection with the Closing (the “Certificate of Designation”) and contained rights, terms and provisions applicable to the Series C Preferred Stock. The Certificate of Designation provided, among other things, that the Series C Preferred Stock will rank senior to the Common Stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution and winding up. Dividends will accrue on the Series C Preferred Stock at a rate of 17.5 % per annum (the “Dividend Rate”) on the Stated Value and Accrued Dividends (each defined in the Certificate of Designation), whether or not declared, and shall be cumulative. The Series C Preferred Stock will not participate in any dividends paid to the holders of shares of Common Stock. The Company may redeem the outstanding Series C Preferred Stock at any time by payment of the Stated Value plus all accrued dividends (the “Redemption Price”). If the Company has not redeemed the Series C Preferred Stock on or prior to the fourth anniversary of the Closing, the Dividend Rate will increase by 0.5 % for every quarter thereafter until the Series C Preferred Stock is redeemed in full. The Purchaser has the right to request the Company redeem the Series C Preferred Stock at any time after the sixth anniversary of the Closing. If the Company does not redeem the Series C Preferred Stock within six months after receipt of a redemption request from the Purchaser, the holders of the Series C Preferred Stock will be entitled to certain limited voting rights as described in the Certificate of Designation. The Series C Preferred Stock has similar characteristics of an “Increasing Rate Security” as described by SEC Staff Accounting Bulletin Topic 5Q, Increasing Rate Preferred Stock. As a result, and as the Company has the ability to redeem the Series C Preferred Stock before the increasing Dividend Rate occurs, the discount on Series C Preferred Stock is considered an unstated dividend cost that is amortized over the period preceding commencement of the increasing Dividend Rate using the effective interest method, by charging imputed dividend cost against retained earnings, or additional paid in capital in the absence of retained earnings, and increasing the carrying amount of the Series C Preferred Stock by a corresponding amount. Accordingly, the discount is amortized over four years using the effective yield method. The Company recognized discount amortization of $ 203 during the three and nine months ended September 30, 2023. 2023 Warrant At the Closing, the Company issued a liability-classified warrant to purchase an aggregate of 1,636,313 shares of the Company’s Common Stock, exercisable for a term of ten years from the date of issuance with an exercise price of $ 3.57 . The 2023 Warrant had a fair value of $ 3,544 upon issuance, calculated using the Black-Scholes option valuation model. As of September 30, 2023 , the 2023 Warrant had a fair value of $ 3,189 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2023 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10 – Accumulated Other Comprehensive Income The changes in accumulated other comprehensive income consist of the following: Pre-Tax Tax After-Tax Three months ended September 30, 2023 Pension liability activity: Loss on pension settlement $ 313 $ - $ 313 Reclassification adjustment for amortization of net loss (pre-tax other income) 573 - 573 $ 886 $ - $ 886 Foreign currency derivative asset activity: Unrealized gain on foreign currency derivatives $ 34 $ - $ 34 $ 920 $ - $ 920 Three months ended September 30, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 323 ) - ( 323 ) $ 7,782 $ - $ 7,782 Nine months ended September 30, 2023 Pension liability activity: Loss on pension settlement $ 313 $ - $ 313 Reclassification adjustment for amortization of net loss (pre-tax other income) 650 - 650 $ 963 $ - $ 963 Foreign currency derivative asset activity: Unrealized gain on foreign currency derivatives $ 34 $ - $ 34 $ 997 $ - $ 997 Nine months ended September 30, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 156 ) - ( 156 ) $ 7,949 $ - $ 7,949 The components of accumulated other comprehensive income consist of the following: September 30, December 31, 2023 2022 Unrecognized pension income, net of tax of $ 6,282 and $ 6,282 , respectively $ 1,985 $ 1,022 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | Note 11 – Stock-Based Compensation Total stock-based compensation was $ 715 and $ 817 for the three months ended September 30, 2023 and 2022, respectively and $ 524 and $ 2,307 for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, there was $ 1,509 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighted average requisite service period of 20 months. As of September 30, 2023, there was $ 1,471 of unearned compensation related to time-vested stock options, which will be recognized over the remaining requisite service period of 23 months. As of September 30, 2023, there was $ 85 of unearned compensation related to the cash settled stock appreciation rights, which will be recognized over the remaining requisite service period of 4 months . In June 2023, the Company issued 300,000 inducement stock options (the “Inducement Options”) outside of The FreightCar America, Inc. 2022 Long Term Incentive Plan to one individual. Total stock-based compensation related to the Inducement Options was $ 81 for the three and nine months ended September 30, 2023. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Note 12 – 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 were 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 components of net periodic benefit cost (benefit) for the three and nine months ended September 30, 2023 and 2022, are as follows: Three Months Ended Nine Months Ended September 30, September 30, Pension Benefits 2023 2022 2023 2022 Interest cost $ 151 $ 157 $ 453 $ 709 Expected return on plan assets ( 83 ) ( 208 ) ( 250 ) ( 1,442 ) Amortization of unrecognized net income (loss) 38 40 115 207 Reclassification adjustment for amortization of net income (loss) - ( 36 ) - ( 36 ) Loss on pension settlement 313 8,105 313 8,105 $ 419 $ 8,058 $ 631 $ 7,543 The Company made no contributions to the Company’s defined benefit pension plan for the three and nine months ended September 30, 2023 and 2022 . The Company expects to make no further contributions to its pension plan. During the three and nine months ended September 30, 2023 , the Company offered a one-time, lump sum pay-out option to its terminated vested participants under the Plan. The lump sum pay-out was funded by the assets of the Plan. As a result of the lump sum pay-out, the Company reduced its gross Plan liabilities by $ 536 and recognized a non-cash pre-tax pension settlement loss of $ 313 during the three and nine months ended September 30, 2023. The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed. |
Foreign Currency Forward Contra
Foreign Currency Forward Contracts | 9 Months Ended |
Sep. 30, 2023 | |
Foreign Currency [Abstract] | |
Foreign Currency Forward Contracts | Note 13 – Foreign Currency Forward Contracts The Company’s operations and expenditures in its normal course of business are subject to opportunities and risks related to foreign currency fluctuations. The Company utilizes foreign currency forward contracts to protect against downward currency exposure by hedging Mexican Peso denominated expenses against the risk of variability in foreign currency exchange rates between the Mexican Peso and the U.S. Dollar. During the second and third quarters of 2023, the Company entered into forward contracts to hedge the Company’s anticipated and probable Mexican Peso denominated expenses against the foreign currency rate exposure. The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date . The counterparties to the contracts consist of a limited number of major domestic and international financial institutions. The Company classifies these contracts as cash flow hedges in accordance with ASC 815, Derivatives and Hedging . The Company does not have any non-designated derivatives. The Company will assess the assumed effectiveness of the contracts at each reporting period. The foreign currency derivatives are recorded on the balance sheet at fair value. The Company records unrealized gains or losses related to changes in the fair value of the forward contracts in other comprehensive income as long as the contracts are assumed to be effective. Amounts accumulated in other comprehensive income (loss) are reclassified to the consolidated statement of operations when the hedged item impacts earnings or upon determination that the contract is no longer assumed to be effective. The notional amounts of outstanding foreign currency derivatives are as follows: September 30, December 31, Notional Amount 2023 2022 Derivative instruments designated as hedges: Foreign currency derivatives $ 9,143 $ - The fair value of outstanding foreign currency derivatives designated as hedges are as follows: September 30, December 31, Fair Value 2023 2022 Prepaid expenses Foreign currency derivatives $ 34 $ - The pre-tax realized gain on foreign currency derivatives is recognized in the Condensed Consolidated Statements of Operations as follows: Amount of (Gain)/Loss Recognized Amount of (Gain)/Loss Recognized Three Months Ended Nine Months Ended Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statements of Operations 2023 2022 2023 2022 Derivative instruments designated as cash flow hedges: Foreign currency derivatives Cost of goods sold $ ( 8 ) $ - $ ( 8 ) $ - |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 14 – Earnings Per Share The net income (loss) available to common stockholders and weighted-average common shares outstanding are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net income (loss) 3,193 ( 17,806 ) ( 20,733 ) ( 29,114 ) Accretion of financing fees ( 146 ) - ( 203 ) - Accrued dividends on Series C Preferred Stock ( 3,923 ) - ( 5,535 ) - Net loss available to common stockholders - basic ( 876 ) ( 17,806 ) ( 26,471 ) ( 29,114 ) Net loss available to common stockholders - diluted ( 876 ) ( 17,806 ) ( 26,471 ) ( 29,114 ) Denominator: Weighted average common shares outstanding 17,044,251 16,158,516 16,937,968 15,920,458 Issuance of Warrants 12,499,712 9,559,898 11,126,442 8,550,201 Weighted average common shares outstanding - basic 29,543,963 25,718,414 28,064,410 24,470,659 Weighted average common shares outstanding - diluted 29,543,963 25,718,414 28,064,410 24,470,659 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 stockholders by the weighted average number of shares outstanding during the period. 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 2023 Warrant was issued out-of-the money and the Company will apply the treasury stock method to this warrant when computing earnings per share. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the period. 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 three months ended September 30, 2023 and 2022, 6,222,085 and 1,578,118 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the nine months ended September 30, 2023 and 2022, 5,996,646 and 1,687,216 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were antidilutive. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 15 – 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 10.8 % of the outstanding shares of Common Stock as of September 30, 2023 and provides steel fabrication services to the Company. The lessors of the Company’s leased facility in Castaños are Jesus Gil, Alejandro Gil, and Salvador Gil. The Company paid $ 2,172 and $ 8,766 during the three and nine months ended September 30, 2023 , respectively, and $ 7,121 and $ 23,777 during the three and nine months ended September 30, 2022, 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 $ 1,252 and $ 3,049 during the three and nine months ended September 30, 2023, respectively, and $ 524 and $ 1,596 dur ing the three and nine months ended September 30, 2022 , 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, another sibling of Jesus Gil. The Company paid $ 485 and $ 1,860 during the three and nine months ended September 30, 2023 , respectively, and $ 475 and $ 1,887 d uring the three and nine months ended September 30, 2022, respectively, to METJ related to trucking services. Related party asset on the condensed consolidated balance sheet of $ 1,172 as of September 30, 2023 includes prepaid inventory of $ 639 and other receivables of $ 533 from Fasemex. Related party accounts payable on the condensed consolidated balance sheet of $ 1,569 as of September 30, 2023 includes $ 668 payable to Fasemex, $ 654 payable to DI and $ 247 payable to METJ. Related party asset on the condensed consolidated 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 consolidated balance sheet of $ 3,393 as of December 31, 2022 includes $ 2,475 payable to Fasemex, $ 572 payable to DI and $ 346 p ayable to METJ. The Warrantholder beneficially owns approximately 47.4 % of the outstanding shares of Common Stock (as disclosed by the Warrantholder in its Schedule 13D/A No. 6 filed with the SEC on July 14, 2023). The Company did not pay interest to the Warrantholder during the three months ended September 30, 2023. The Company paid $ 4,776 to the Warrantholder during the nine months ended September 30, 2023 for term loan interest, of which $ 1,615 was paid in cash and $ 3,161 was payment in kind. Additionally, the Company did no t pay equity or cash fees during the three months ended September 30, 2023 and p aid $ 535 in equity fees and $ 866 in cash fees du ring the nine months ended September 30, 2023 to the Warrantholder related to the standby letter of credit described in Note 8 – Debt Financing and Revolving Credit Facilitie s. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16 – Income Taxes The Company’s reported effective income tax rate was 6.3 % and 0.2 % for the three months ended September 30, 2023 and 2022, respectively. The effective tax rate for the third quarter of 2023 varies from the U.S. statutory tax rate of 21 % primarily due to earnings from international jurisdictions and permanent differences, predominantly in Mexico, taxed at higher tax rates and a full valuation allowance in the U.S. The effective tax rate for the third quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences, predominantly in Mexico, taxed at higher tax rates and a full valuation allowance in the U.S . The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items. The Company’s reported effective income tax rate was ( 4.5 )% and ( 6.9 )% for the nine months ended September 30, 2023 and 2022, respectively. The effective tax rate for the third quarter of 2023 varies from the U.S. statutory tax rate of 21 % primarily due to earnings from international jurisdictions and permanent differences, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S. The effective tax rate for the third quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences and discrete events, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S . |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements include the accounts of FreightCar America, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2022 year-end balance sheet data was derived from the audited financial statements as of December 31, 2022. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Recognition | The following table disaggregates the Company’s revenues by major source: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Railcar sales $ 58,407 $ 82,017 $ 220,752 $ 224,089 Parts sales 3,340 2,927 9,613 9,231 Revenues from contracts with customers 61,747 84,944 230,365 233,320 Leasing revenues 147 799 1,124 2,445 Total revenues $ 61,894 $ 85,743 $ 231,489 $ 235,765 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Revenues: Manufacturing $ 58,554 $ 82,817 $ 221,877 $ 226,548 Corporate and Other 3,340 2,926 9,612 9,217 Consolidated revenues $ 61,894 $ 85,743 $ 231,489 $ 235,765 Operating income (loss): Manufacturing $ 7,378 $ 3,054 $ 24,775 $ 16,470 Corporate and Other (1) ( 5,977 ) ( 13,717 ) ( 14,551 ) ( 25,252 ) Consolidated operating income (loss) 1,401 ( 10,663 ) 10,224 ( 8,782 ) Consolidated interest expense ( 2,037 ) ( 6,087 ) ( 12,988 ) ( 17,549 ) Gain (loss) on change in fair market value of Warrant liability 4,273 ( 1,274 ) ( 1,869 ) ( 3,258 ) Loss on extinguishment of debt - - ( 14,880 ) - Consolidated other (expense) income ( 228 ) 190 ( 333 ) 2,347 Consolidated income (loss) before income taxes $ 3,409 $ ( 17,834 ) $ ( 19,846 ) $ ( 27,242 ) Depreciation and amortization: Manufacturing $ 942 $ 877 $ 2,763 $ 2,614 Corporate and Other 143 172 426 496 Consolidated depreciation and amortization $ 1,085 $ 1,049 $ 3,189 $ 3,110 Capital expenditures: Manufacturing $ 3,989 $ 540 $ 8,815 $ 2,982 Corporate and Other 28 32 156 398 Consolidated capital expenditures $ 4,017 $ 572 $ 8,971 $ 3,380 (1) Results for the three and nine months ended September 30, 2023 include a pension settlement loss of $ 313 . Results from the three and nine months ended September 30, 2022 include a pension settlement loss of $ 8,105 . |
Reconciliation of Assets From Segment to Consolidated | September 30, December 31, 2023 2022 Assets: Manufacturing $ 200,484 $ 149,014 Corporate and Other 28,737 50,631 Total operating assets 229,221 199,645 Consolidated income taxes receivable 88 93 Consolidated assets $ 229,309 $ 199,738 |
Geographic Information | Geographic Information Revenues Long Lived Assets(a) Three Months Ended Nine Months Ended September 30, September 30, September 30, December 31, 2023 2022 2023 2022 2023 2022 United States $ 61,894 $ 85,743 $ 231,489 $ 235,751 $ 11,762 $ 15,018 Mexico - - - 14 59,204 54,243 Total $ 61,894 $ 85,743 $ 231,489 $ 235,765 $ 70,966 $ 69,261 (a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis | Recurring Fair Value Measurements As of September 30, 2023 Level 1 Level 2 Level 3 Total Liabilities: Warrant liability $ - $ 36,441 $ - $ 36,441 Assets: Foreign currency forward contracts asset $ - $ 34 $ - $ 34 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 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restricted Cash [Abstract] | |
Restricted Cash | The Company’s restricted cash balances are as follows: September 30, December 31, 2023 2022 Restricted cash from customer deposit $ 282 $ 282 Restricted cash to collateralize standby letters of credit 103 103 Restricted cash equivalents to collateralize standby letters of credit 3,542 3,542 Restricted cash equivalents - other 1,179 151 Total restricted cash and restricted cash equivalents $ 5,106 $ 4,078 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory Current | Inventories, net of reserve for excess and obsolete items, consist of the following: September 30, December 31, 2023 2022 Raw materials $ 79,250 $ 46,421 Work in process 26,339 4,527 Finished railcars 11,911 8,783 Parts inventory 4,571 4,586 Total inventories, net $ 122,071 $ 64,317 |
Debt Financing and Revolving _2
Debt Financing and Revolving Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 M&T Credit Agreement outstanding $ - $ 6,917 Siena Loan Agreement outstanding 31,062 33,825 Credit Agreement outstanding - 58,745 Total debt 31,062 99,487 Less Credit Agreement discount - ( 5,262 ) Less Credit Agreement deferred financing costs - ( 1,989 ) Total debt, net of discount and deferred financing costs 31,062 92,236 Less amounts due within one year - ( 40,742 ) Long-term debt, net of current portion $ 31,062 $ 51,494 |
Fair Value of Warrant | The following schedule shows the change in fair value of the Warrant as of September 30, 2023. Warrant liability as of December 31, 2022 $ 31,028 Warrant issued $ 3,544 Change in fair value 1,869 Warrant liability as of September 30, 2023 $ 36,441 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income consist of the following: Pre-Tax Tax After-Tax Three months ended September 30, 2023 Pension liability activity: Loss on pension settlement $ 313 $ - $ 313 Reclassification adjustment for amortization of net loss (pre-tax other income) 573 - 573 $ 886 $ - $ 886 Foreign currency derivative asset activity: Unrealized gain on foreign currency derivatives $ 34 $ - $ 34 $ 920 $ - $ 920 Three months ended September 30, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 323 ) - ( 323 ) $ 7,782 $ - $ 7,782 Nine months ended September 30, 2023 Pension liability activity: Loss on pension settlement $ 313 $ - $ 313 Reclassification adjustment for amortization of net loss (pre-tax other income) 650 - 650 $ 963 $ - $ 963 Foreign currency derivative asset activity: Unrealized gain on foreign currency derivatives $ 34 $ - $ 34 $ 997 $ - $ 997 Nine months ended September 30, 2022 Pension liability activity: Loss on pension settlement $ 8,105 $ - $ 8,105 Reclassification adjustment for amortization of net loss (pre-tax other income) ( 156 ) - ( 156 ) $ 7,949 $ - $ 7,949 |
Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income consist of the following: September 30, December 31, 2023 2022 Unrecognized pension income, net of tax of $ 6,282 and $ 6,282 , respectively $ 1,985 $ 1,022 |
Foreign Currency Forward Cont_2
Foreign Currency Forward Contracts (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Foreign Currency [Abstract] | |
Schedule of notional amounts of outstanding foreign currency derivatives | The notional amounts of outstanding foreign currency derivatives are as follows: September 30, December 31, Notional Amount 2023 2022 Derivative instruments designated as hedges: Foreign currency derivatives $ 9,143 $ - |
Schedule of fair value of outstanding foreign currency derivatives designated as hedges | The fair value of outstanding foreign currency derivatives designated as hedges are as follows: September 30, December 31, Fair Value 2023 2022 Prepaid expenses Foreign currency derivatives $ 34 $ - |
Schedule of pre-tax realized gain on foreign currency derivatives | The pre-tax realized gain on foreign currency derivatives is recognized in the Condensed Consolidated Statements of Operations as follows: Amount of (Gain)/Loss Recognized Amount of (Gain)/Loss Recognized Three Months Ended Nine Months Ended Location of Realized (Gain)/Loss Recognized in the Condensed Consolidated Statements of Operations 2023 2022 2023 2022 Derivative instruments designated as cash flow hedges: Foreign currency derivatives Cost of goods sold $ ( 8 ) $ - $ ( 8 ) $ - |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost (benefit) for the three and nine months ended September 30, 2023 and 2022, are as follows: Three Months Ended Nine Months Ended September 30, September 30, Pension Benefits 2023 2022 2023 2022 Interest cost $ 151 $ 157 $ 453 $ 709 Expected return on plan assets ( 83 ) ( 208 ) ( 250 ) ( 1,442 ) Amortization of unrecognized net income (loss) 38 40 115 207 Reclassification adjustment for amortization of net income (loss) - ( 36 ) - ( 36 ) Loss on pension settlement 313 8,105 313 8,105 $ 419 $ 8,058 $ 631 $ 7,543 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding | The net income (loss) available to common stockholders and weighted-average common shares outstanding are as follows: Three Months Ended Nine Months Ended 2023 2022 2023 2022 Numerator: Net income (loss) 3,193 ( 17,806 ) ( 20,733 ) ( 29,114 ) Accretion of financing fees ( 146 ) - ( 203 ) - Accrued dividends on Series C Preferred Stock ( 3,923 ) - ( 5,535 ) - Net loss available to common stockholders - basic ( 876 ) ( 17,806 ) ( 26,471 ) ( 29,114 ) Net loss available to common stockholders - diluted ( 876 ) ( 17,806 ) ( 26,471 ) ( 29,114 ) Denominator: Weighted average common shares outstanding 17,044,251 16,158,516 16,937,968 15,920,458 Issuance of Warrants 12,499,712 9,559,898 11,126,442 8,550,201 Weighted average common shares outstanding - basic 29,543,963 25,718,414 28,064,410 24,470,659 Weighted average common shares outstanding - diluted 29,543,963 25,718,414 28,064,410 24,470,659 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 0 | $ 0 |
Deferred revenue and customer deposits | 19,644 | $ 219 |
Performance obligation | $ 14,850 | |
Minimum [Member] | Railcar Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 5 days | |
Minimum [Member] | Parts Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 30 days | |
Maximum [Member] | Railcar Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 10 days | |
Maximum [Member] | Parts Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract payment term | 45 days |
Revenue Recognition (Schedule o
Revenue Recognition (Schedule of Revenue Recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 61,747 | $ 84,944 | $ 230,365 | $ 233,320 |
Leasing revenues | 147 | 799 | 1,124 | 2,445 |
Total revenues | 61,894 | 85,743 | 231,489 | 235,765 |
Railcar Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 58,407 | 82,017 | 220,752 | 224,089 |
Parts Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 3,340 | $ 2,927 | $ 9,613 | $ 9,231 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2023 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 | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Segment Reporting Information [Line Items] | |||||
Revenues | $ 61,894 | $ 85,743 | $ 231,489 | $ 235,765 | |
Operating income (loss) | 1,401 | (10,663) | 10,224 | (8,782) | |
Gain (loss) on change in fair market value of Warrant liability | 4,273 | (1,274) | (1,869) | (3,258) | |
Loss on extinguishment of debt | 0 | 0 | (14,880) | 0 | |
Consolidated other income (loss) | (228) | 190 | (333) | 2,347 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 61,894 | 85,743 | 231,489 | 235,765 | |
Operating income (loss) | 1,401 | (10,663) | 10,224 | (8,782) | |
Consolidated interest expense | (2,037) | (6,087) | (12,988) | (17,549) | |
Gain (loss) on change in fair market value of Warrant liability | 4,273 | (1,274) | (1,869) | (3,258) | |
Loss on extinguishment of debt | 0 | 0 | (14,880) | 0 | |
Consolidated other income (loss) | (228) | 190 | (333) | 2,347 | |
Income (loss) before income taxes | 3,409 | (17,834) | (19,846) | (27,242) | |
Depreciation and amortization | 1,085 | 1,049 | 3,189 | 3,110 | |
Capital expenditures | 4,017 | 572 | 8,971 | 3,380 | |
Operating Segments [Member] | Manufacturing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 58,554 | 82,817 | 221,877 | 226,548 | |
Operating income (loss) | 7,378 | 3,054 | 24,775 | 16,470 | |
Depreciation and amortization | 942 | 877 | 2,763 | 2,614 | |
Capital expenditures | 3,989 | 540 | 8,815 | 2,982 | |
Operating Segments [Member] | Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3,340 | 2,926 | 9,612 | 9,217 | |
Operating income (loss) | [1] | (5,977) | (13,717) | (14,551) | (25,252) |
Depreciation and amortization | 143 | 172 | 426 | 496 | |
Capital expenditures | $ 28 | $ 32 | $ 156 | $ 398 | |
[1] Results for the three and nine months ended September 30, 2023 include a pension settlement loss of $ 313 . Results from the three and nine months ended September 30, 2022 include a pension settlement loss of $ 8,105 . |
Segment Information (Schedule_2
Segment Information (Schedule of Segment Reporting Information, by Segment - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting [Abstract] | ||||
Loss On Pension Settlement | $ 313 | $ 8,105 | $ 313 | $ 8,105 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 229,309 | $ 199,738 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 229,221 | 199,645 |
Consolidated income taxes receivable | 88 | 93 |
Total assets | 229,309 | 199,738 |
Operating Segments [Member] | Manufacturing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 200,484 | 149,014 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | $ 28,737 | $ 50,631 |
Segment Information (Geographic
Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 61,894 | $ 85,743 | $ 231,489 | $ 235,765 | ||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 61,894 | 85,743 | 231,489 | 235,765 | ||
Long Lived Assets | [1] | 70,966 | 70,966 | $ 69,261 | ||
Operating Segments [Member] | United States [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 61,894 | 85,743 | 231,489 | 235,751 | ||
Long Lived Assets | [1] | 11,762 | 11,762 | 15,018 | ||
Operating Segments [Member] | Mexico [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | $ 0 | 0 | $ 14 | ||
Long Lived Assets | [1] | $ 59,204 | $ 59,204 | $ 54,243 | ||
[1] Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
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, 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 | 3.57 |
Common Stock, No Par Value | $ 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | $ 36,441 | $ 31,028 |
Foreign currency forward contracts asset | 34 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 3,675 | |
Railcars available for lease, net | 4,116 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Foreign currency forward contracts asset | 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | |
Railcars available for lease, net | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 36,441 | 31,028 |
Foreign currency forward contracts asset | 34 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 3,675 | |
Railcars available for lease, net | 4,116 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liability | 0 | 0 |
Foreign currency forward contracts asset | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets held for sale | 0 | |
Railcars available for lease, net | $ 0 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 5,106 | $ 4,078 |
Customer Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 282 | 282 |
Restricted Cash to Collateralize Standby Letters of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 103 | 103 |
Restricted Cash Equivalents to Collateralize Standby Letters of Credit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | 3,542 | 3,542 |
Restricted Cash Equivalents - Other [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Total restricted cash | $ 1,179 | $ 151 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 79,250 | $ 46,421 |
Work in process | 26,339 | 4,527 |
Finished new railcars | 11,911 | 8,783 |
Parts inventory | 4,571 | 4,586 |
Total inventories, net | $ 122,071 | $ 64,317 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory valuation reserves | $ 2,137 | $ 1,672 |
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 | 6 Months Ended | 9 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, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | May 22, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Feb. 23, 2022 | Dec. 31, 2021 | Oct. 13, 2020 | Oct. 08, 2020 | |
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Deferred financing costs | $ 0 | $ 0 | $ 1,989 | ||||||||||||||||||||
Common Stock | 17,903,437 | 17,903,437 | 17,223,306 | ||||||||||||||||||||
Amendment to Reimbursement Agreement | $ 280 | ||||||||||||||||||||||
Rent Under Forbearance Agreement | $ 715 | ||||||||||||||||||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ (14,880) | $ 0 | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Warrants Exercisable Term | 10 years | ||||||||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 23% | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,712,618 | 8,712,618 | 6,799,139 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Loss on pension settlement | $ 0 | $ 0 | $ (14,880) | $ 0 | |||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | 10,000 | 10,000 | |||||||||||||||||||||
Letter of Credit [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Equity Fee | 500 | 500 | |||||||||||||||||||||
Fee reduce | 375 | 375 | |||||||||||||||||||||
Siena Loan Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,467 | 1,467 | $ 0 | ||||||||||||||||||||
Deferred financing costs, gross | 352 | 352 | $ 1,037 | $ 1,101 | |||||||||||||||||||
Maximum borrowing capacity | $ 25,000 | $ 35,000 | $ 20,000 | ||||||||||||||||||||
Outstanding borrowings | $ 31,062 | $ 31,062 | $ 33,825 | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||||||||||||||
Interest rate | 10% | 10% | |||||||||||||||||||||
Siena Loan Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 45,000 | $ 45,000 | |||||||||||||||||||||
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 | |||||||||||||||||||
Class of warrant or right percentage of outstanding common shares | 5% | ||||||||||||||||||||||
Term | 10 years | ||||||||||||||||||||||
Additional loan amount | 15,000 | $ 16,000 | |||||||||||||||||||||
Debt Instrument Covenant For Additional Financing | $ 15,000 | ||||||||||||||||||||||
Debt instrument, Additional loan amount to be funded | $ 15,000 | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,894,047 | 1,894,047 | 1,473,726 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | ||||||||||||||||||||||
Additional warrant liability | $ 7,351 | ||||||||||||||||||||||
Term Loan Credit Agreement [Member] | Letter of Credit [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 25,000 | ||||||||||||||||||||||
Term Loan Credit Agreement Third Amendment [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Common Stock | 1,547,266 | 1,547,266 | |||||||||||||||||||||
Cash fee | $ 1,000 | ||||||||||||||||||||||
Percentage of common stock, Maximum | 9.99% | ||||||||||||||||||||||
Equity Fee | $ 1,000 | ||||||||||||||||||||||
Term Loan Credit Agreement Six Amendment [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Debt instrument, Additional loan amount to be funded | $ 15,000 | ||||||||||||||||||||||
Term Loan Credit Agreement Seven Amendment [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Debt instrument, Additional loan amount to be funded | $ 15,000 | ||||||||||||||||||||||
Siena Loan Agreement First Amendment [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Interest rate | 10.50% | 10.50% | |||||||||||||||||||||
Siena Loan Agreement Amendment Two [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Aggregate principal amount | $ 25,000 | $ 25,000 | |||||||||||||||||||||
Delayed Draw Loan [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Class of warrant or right percentage of outstanding common shares | 3% | ||||||||||||||||||||||
Warrants outstanding term | 10 years | 10 years | |||||||||||||||||||||
Class Of Warrant Or Right, Percentage Of Oustanding Common Shares | 3% | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | |||||||||||||||||||||
Securities Purchase Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Purchase Shares Of Common Stock | 1,636,313 | ||||||||||||||||||||||
Common stock , Par Value | $ 3.57 | ||||||||||||||||||||||
M & T Bank [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Collateral | 4,116 | ||||||||||||||||||||||
Maximum borrowing capacity | $ 40,000 | $ 40,000 | |||||||||||||||||||||
Outstanding borrowings | $ 6,917 | ||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Preferred Stock, Shares Issued | 85,412 | 85,412 | 0 | ||||||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||||||
Series C Preferred Stock [Member] | Term Loan Credit Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Loss on extinguishment of debt | $ 17,772 | ||||||||||||||||||||||
Outstanding Term Loan Credit Agreement | 60,178 | ||||||||||||||||||||||
Accrued Unpaid Interest | $ 1,727 | 1,727 | |||||||||||||||||||||
Loss on pension settlement | $ 17,772 | ||||||||||||||||||||||
Series C Preferred Stock [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Preferred Stock, Shares Issued | 85,412 | 85,412 | |||||||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||||||||||||||||||
Preferrence stock, Stated Value | $ 1,000 | ||||||||||||||||||||||
Purchase Shares Of Common Stock | 1,636,313 | ||||||||||||||||||||||
Warrant Acquisition Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Class of warrant or right percentage of outstanding common shares | 5% | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,894,047 | 1,894,047 | 1,473,726 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Forbearance Agreement [Member] | |||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||
Proceeds from the sale of certain railcars and related leases | $ 4,480 | ||||||||||||||||||||||
Loss on extinguishment of debt | 2,892 | ||||||||||||||||||||||
Loss on pension settlement | $ 2,892 |
Debt Financing and Revolving _4
Debt Financing and Revolving Credit Facilities (Long-Term Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | May 14, 2021 | Nov. 24, 2020 |
Debt Instrument [Line Items] | ||||
Total Debt | $ 31,062 | $ 99,487 | ||
Less Credit Agreement discount | 0 | (5,262) | ||
Less Credit Agreement deferred financing costs | 0 | (1,989) | ||
Total debt, net of discount and deferred financing costs | 31,062 | 92,236 | ||
Less amounts due within one year | 0 | (40,742) | ||
Long-term debt, net of current portion | 31,062 | 51,494 | ||
M&T Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | 0 | 6,917 | ||
Siena Loan Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | 31,062 | 33,825 | ||
Term Loan Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt | $ 0 | $ 58,745 | ||
Less Credit Agreement deferred financing costs | $ (480) | $ (2,872) |
Debt Financing and Revolving _5
Debt Financing and Revolving Credit Facilities (Fair Value of Warrant) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Debt Disclosure [Abstract] | |
Warrant liability | $ 31,028 |
Warrant issued | 3,544 |
Change in fair value | 1,869 |
Warrant liability | $ 36,441 |
Mezzanine Equity and 2023 War_2
Mezzanine Equity and 2023 Warrant (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 22, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Fair Value Adjustment of Warrants | $ (4,273,000) | $ 1,274,000 | $ 1,869,000 | $ 3,258,000 | |||
2023 Warrant Fair value | $ 36,441,000 | $ 36,441,000 | $ 31,028,000 | ||||
Preferred stock, shares authorized | 2,500,000 | 2,500,000 | 2,500,000 | ||||
2023 Warrant | |||||||
Class of Stock [Line Items] | |||||||
Purchase Shares Of Common Stock | 1,636,313 | 1,636,313 | |||||
Common stock exercise price | $ 3.57 | $ 3.57 | |||||
Fair value | $ 3,544 | $ 3,544 | |||||
2023 Warrant Fair value | $ 3,189 | $ 3,189 | |||||
Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Issuance of costs | 85,412 | 85,412 | 0 | ||||
Preferred stock, shares issued | 85,412 | 85,412 | 0 | ||||
Preferred stock, shares authorized | 85,412 | 85,412 | 85,412 | ||||
Preferred stock dividend rate | 0.50% | ||||||
Amortization cost | $ 203 | $ 203 | |||||
Securities Purchase Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Purchase Shares Of Common Stock | 1,636,313 | ||||||
Common stock exercise price | $ 3.57 | ||||||
Securities Purchase Agreement [Member] | 2023 Warrant | |||||||
Class of Stock [Line Items] | |||||||
Issuance of costs | 2,591 | ||||||
Preferred stock, shares issued | 2,591 | ||||||
Securities Purchase Agreement [Member] | Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | |||||
Issuance of costs | 85,412 | 85,412 | |||||
Preferred stock initial stated value | $ 1,000 | ||||||
Purchase Shares Of Common Stock | 1,636,313 | ||||||
Preferred stock, shares issued | 85,412 | 85,412 | |||||
Preferred stock dividend rate | 17.50% | ||||||
Securities Purchase Agreement [Member] | Series C Preferred Stock [Member] | 2023 Warrant | |||||||
Class of Stock [Line Items] | |||||||
Issuance of costs | 2,301 | ||||||
Common stock exercise price | $ 3.57 | ||||||
Preferred stock, shares issued | 2,301 | ||||||
Term Loan Credit Agreement [Member] | Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock initial stated value | $ 85,412 | $ 85,412 | |||||
Preferred stock, shares authorized | 85,412 | 85,412 | |||||
Fair value of stock issuance cost | $ 2,591 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gain on foreign currency derivatives before tax | $ 34 | $ 0 | $ 34 | $ 0 |
Other comprehensive income loss, after-tax | 920 | 7,782 | 997 | 7,949 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Loss on pension settlement pre-tax | 886 | 7,782 | 963 | 7,949 |
Loss on pension settlement after-tax | 886 | 7,782 | 963 | 7,949 |
Unrealized gain on foreign currency derivatives before tax | 34 | 34 | ||
Unrealized gain on foreign currency derivatives after tax | 34 | 34 | ||
Other comprehensive income loss, before-tax | 920 | 997 | ||
Other comprehensive income loss, after-tax | 920 | 997 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Loss on pension settlement pre-tax | 313 | 8,105 | 313 | 8,105 |
Loss on pension settlement after-tax | 313 | 8,105 | 313 | 8,105 |
Reclassification adjustment for amortization of net loss (pre-tax other income) pre-tax | 573 | (323) | 650 | (156) |
Reclassification adjustment for amortization of net loss (pre-tax other income) after-tax | $ 573 | $ (323) | $ 650 | $ (156) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | $ (44,269) | $ (48,954) | $ (28,584) | $ (18,848) | $ (10,151) | $ (1,656) |
Pension Benefits [Member] | 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 | $ 1,985 | $ 1,022 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Inc (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Pension Benefits [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 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation recognized | $ 715 | $ 817 | $ 524 | $ 2,307 | |
2022 Long Term Incentive Plan | The FreightCar America, Inc [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted | 300,000 | ||||
Inducement Options [Member] | The FreightCar America, Inc [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation recognized | 81 | 81 | |||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unearned compensation related to options | 1,509 | $ 1,509 | |||
Remaining requisite service period | 20 months | ||||
Time-Vested Stock Options [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Unearned compensation related to options | 1,471 | $ 1,471 | |||
Remaining service period | 23 months | ||||
Cash Settled Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Remaining requisite service period | 4 months | ||||
Unearned compensation | $ 85 | $ 85 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions to pension plan | $ 0 | $ 0 | $ 0 |
Expected total contributions for current fiscal year | 0 | 0 | |
OneAmerica Agreement [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Line of Credit Facility, Increase (Decrease), Other, Net | 536 | 536 | |
Non cash pre tax pension settlement charge | $ 313 | $ 313 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 151 | $ 157 | $ 453 | $ 709 |
Expected return on plan assets | (83) | (208) | (250) | (1,442) |
Amortization of unrecognized net income (loss) | 38 | 40 | 115 | 207 |
Reclassification adjustment for amortization of net income (loss) | 0 | (36) | 0 | (36) |
Loss on pension settlement | 313 | 8,105 | 313 | 8,105 |
Total net periodic benefit cost | $ 419 | $ 8,058 | $ 631 | $ 7,543 |
Foreign Currency Forward Cont_3
Foreign Currency Forward Contracts (Additional Information) (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Foreign Currency Transaction [Abstract] | |
Description of contracts term | The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date |
Foreign Currency Forward Cont_4
Foreign Currency Forward Contracts - Schedule of notional amounts of outstanding foreign currency derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative instruments designated as hedges [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Notional Amount | $ 9,143 | $ 0 |
Foreign Currency Forward Cont_5
Foreign Currency Forward Contracts - Schedule of fair value of outstanding foreign currency derivatives designated as hedges (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Prepaid expenses [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Fair Value | $ 34 | $ 0 |
Foreign Currency Forward Cont_6
Foreign Currency Forward Contracts - Schedule of pre-tax realized gain on foreign currency derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Unrealized gain on foreign currency derivatives | $ (34) | $ 0 | $ (34) | $ 0 |
Location of Realized (Gain)/Loss Recognized [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Unrealized gain on foreign currency derivatives | $ (8) | $ 0 | $ (8) | $ 0 |
Earnings Per Share (Weighted Av
Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ 3,193 | $ (17,806) | $ (20,733) | $ (29,114) |
Accretion of financing fees | (146) | 0 | (203) | 0 |
Accrued dividends on Series C Preferred Stock | (3,923) | 0 | (5,535) | 0 |
Net loss available to common stockholders - basic | (876) | (17,806) | (26,471) | (29,114) |
Net loss available to common stockholders - diluted | $ (876) | $ (17,806) | $ (26,471) | $ (29,114) |
Weighted average common shares outstanding | 17,044,251 | 16,158,516 | 16,937,968 | 15,920,458 |
Issuance of Warrants | 12,499,712 | 9,559,898 | 11,126,442 | 8,550,201 |
Weighted average common shares outstanding - basic | 29,543,963 | 25,718,414 | 28,064,410 | 24,470,659 |
Weighted average common shares outstanding - diluted | 29,543,963 | 25,718,414 | 28,064,410 | 24,470,659 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive common shares excluded from computation of earnings per share amount | 6,222,085 | 1,578,118 | 5,996,646 | 1,687,216 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Related party asset | $ 1,172 | $ 1,172 | $ 3,261 | ||
Related party accounts payables | 1,569 | 1,569 | 3,393 | ||
Other receivables | 1,172 | 1,172 | 3,261 | ||
Cost of Revenue | 52,669 | $ 81,189 | 201,824 | $ 214,564 | |
Related party assets | 3,261 | ||||
Accounts and contractual payables | 51,611 | 51,611 | 48,449 | ||
Accounts Payable, Current | 51,611 | $ 51,611 | 48,449 | ||
Fasemex [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party asset | 10.80% | ||||
Related party asset | 533 | $ 533 | 1,247 | ||
Related party accounts payables | 668 | 668 | 2,475 | ||
Other receivables | 533 | 533 | 1,247 | ||
Prepaid inventory | 639 | 639 | 2,014 | ||
Operating costs and expenses | 2,172 | 7,121 | 8,766 | 23,777 | |
Distribuciones Industrials [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party accounts payables | 654 | 654 | 572 | ||
Distribuciones Industrials [Member] | Material And Safety Supplie[Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of Revenue | 1,252 | 524 | 3,049 | 1,596 | |
Maquinaria y equipo de transporte | |||||
Related Party Transaction [Line Items] | |||||
Related party accounts payables | 247 | 247 | $ 346 | ||
Maquinaria y equipo de transporte | Trucking Services [Member] | |||||
Related Party Transaction [Line Items] | |||||
Cost of Revenue | 485 | $ 475 | $ 1,860 | $ 1,887 | |
Warrantholder | |||||
Related Party Transaction [Line Items] | |||||
Related party asset | 47.40% | ||||
Interest Expanses | $ 4,776 | ||||
Interest paid in cash | 1,615 | ||||
Interest paid in kind | 3,161 | ||||
Warrantholder | Standby Letters of Credit [Member] | |||||
Related Party Transaction [Line Items] | |||||
Equity fees | 0 | 535 | |||
Cash fees | $ 0 | $ 866 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax [Line Items] | ||||
Effective income tax rate | 6.30% | 0.20% | (4.50%) | (6.90%) |
Effective tax rate description | The effective tax rate for the third quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences and discrete events, predominantly Mexico, taxed at higher tax rates and a full valuation allowance in the U.S | The effective tax rate for the third quarter of 2022 was lower than the 21% U.S. statutory tax rate primarily due to earnings from international jurisdictions and permanent differences, predominantly in Mexico, taxed at higher tax rates and a full valuation allowance in the U.S | ||
United States [Member] | ||||
Income Tax [Line Items] | ||||
Statutory tax rate | 21% | 21% |