Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 19, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Document Period End Date | Dec. 31, 2017 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 1,320,854 | ||
Entity Registrant Name | FREIGHTCAR AMERICA, INC. | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 12,437,495 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 207.9 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 87,788 | $ 92,750 |
Restricted cash and restricted certificates of deposit | 5,720 | 5,970 |
Marketable securities | 42,917 | |
Accounts receivable, net of allowance for doubtful accounts of $56 and $22, respectively | 7,581 | 25,207 |
Inventories, net | 45,292 | 97,904 |
Income taxes receivable | 815 | 13,283 |
Other current assets | 9,834 | 6,056 |
Total current assets | 199,947 | 241,170 |
Property, plant and equipment, net | 38,253 | 46,347 |
Railcars available for lease, net | 23,434 | 24,018 |
Goodwill | 21,521 | 21,521 |
Deferred income taxes, net | 9,446 | 4,221 |
Other long-term assets | 3,303 | 1,978 |
Total assets | 295,904 | 339,255 |
Current liabilities | ||
Accounts and contractual payables | 23,329 | 34,536 |
Accrued payroll and other employee costs | 1,809 | 3,117 |
Reserve for workers' compensation | 3,394 | 4,444 |
Accrued warranty | 8,062 | 8,324 |
Deferred income state and local incentives, current | 2,219 | 2,219 |
Other current liabilities | 1,504 | 1,495 |
Total current liabilities | 40,317 | 54,135 |
Accrued pension costs | 5,763 | 6,821 |
Accrued postretirement benefits, less current portion | 5,556 | 5,769 |
Deferred income state and local incentives, long-term | 9,161 | 11,380 |
Accrued taxes and other long-term liabilities | 3,375 | 4,236 |
Total liabilities | 64,172 | 82,341 |
Stockholders' equity | ||
Preferred stock, $0.01 par value, 2,500,000 shares authorized (100,000 shares each designated as Series A voting and Series B non-voting, 0 shares issued and outstanding at December 31, 2017 and December 31, 2016) | ||
Common stock, $0.01 par value, 50,000,000 shares authorized, 12,731,678 shares issued at December 31, 2017 and December 31, 2016 | 127 | 127 |
Additional paid in capital | 90,347 | 92,025 |
Treasury stock, at cost, 336,982 and 351,746 shares at December 31, 2017 and December 31, 2016, respectively | (12,555) | (14,583) |
Accumulated other comprehensive loss | (7,567) | (8,163) |
Retained earnings | 161,380 | 187,508 |
Total stockholders' equity | 231,732 | 256,914 |
Total liabilities and stockholders' equity | $ 295,904 | $ 339,255 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 56 | $ 22 |
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 | 12,731,678 | 12,731,678 |
Treasury stock, shares at cost | 336,982 | 351,746 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Consolidated Statements of Operations [Abstract] | |||
Revenues | $ 409,474 | $ 523,731 | $ 772,854 |
Cost of sales | 406,143 | 483,552 | 690,193 |
Gross profit | 3,331 | 40,179 | 82,661 |
Selling, general and administrative expenses | 32,911 | 36,376 | 41,663 |
Gain on sale of railcars available for lease | (1,187) | ||
Gain on sale of railcar repair and maintenance services business and facility | (4,578) | ||
Gain on settlement of postretirement benefit obligation, net of plaintiffs' attorneys' fees | (14,306) | ||
Restructuring and impairment charges | 2,212 | 2,261 | |
Operating (loss) income | (31,792) | 15,848 | 46,763 |
Interest expense and deferred financing costs | (163) | (171) | (243) |
Other income | 548 | 111 | 116 |
(Loss) income before income taxes | (31,407) | 15,788 | 46,636 |
Income tax (benefit) provision | (8,845) | 3,464 | 14,831 |
Net (loss) income | $ (22,562) | $ 12,324 | $ 31,805 |
Net (loss) income per common share - basic | $ (1.82) | $ 1 | $ 2.59 |
Net (loss) income per common share - diluted | $ (1.82) | $ 1 | $ 2.58 |
Weighted average common shares outstanding - basic | 12,285,566 | 12,262,275 | 12,175,955 |
Weighted average common shares outstanding - diluted | 12,285,566 | 12,262,275 | 12,217,755 |
Dividends declared per common share | $ 0.27 | $ 0.36 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net (loss) income | $ (22,562) | $ 12,324 | $ 31,805 |
Other comprehensive income (loss) net of tax: | |||
Pension liability adjustments, net of tax | 734 | 43 | 154 |
Postretirement liability adjustments, net of tax | (138) | 12,872 | 2,785 |
Other comprehensive income | 596 | 12,915 | 2,939 |
Comprehensive (loss) income | $ (21,966) | $ 25,239 | $ 34,744 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2014 | $ 127 | $ 100,303 | $ (29,971) | $ (24,017) | $ 152,253 | $ 198,695 |
Balance (Shares) at Dec. 31, 2014 | 12,731,678 | (665,869) | ||||
Net (loss) income | 31,805 | 31,805 | ||||
Other comprehensive income | 2,939 | 2,939 | ||||
Stock options exercised | (5,772) | $ 10,697 | 4,925 | |||
Stock options exercised, shares | 240,410 | |||||
Restricted stock awards | (2,955) | $ 2,955 | ||||
Restricted stock awards, shares | 66,017 | |||||
Employee stock settlement | $ (1,052) | (1,052) | ||||
Employee stock settlement, shares | (35,989) | |||||
Forfeiture of restricted stock awards | 145 | $ (145) | ||||
Forfeiture of restricted stock awards, shares | (6,735) | |||||
Stock-based compensation recognized | 2,183 | 2,183 | ||||
Excess tax benefit from stock-based compensation | 35 | 35 | ||||
Cash dividends | (4,419) | (4,419) | ||||
Balance at Dec. 31, 2015 | $ 127 | 93,939 | $ (17,516) | (21,078) | 179,639 | 235,111 |
Balance (Shares) at Dec. 31, 2015 | 12,731,678 | (402,166) | ||||
Net (loss) income | 12,324 | 12,324 | ||||
Other comprehensive income | 12,915 | $ 12,915 | ||||
Stock options exercised, shares | ||||||
Restricted stock awards | (3,431) | $ 3,431 | ||||
Restricted stock awards, shares | 84,353 | |||||
Employee stock settlement | $ (78) | $ (78) | ||||
Employee stock settlement, shares | (4,343) | |||||
Forfeiture of restricted stock awards | 420 | $ (420) | ||||
Forfeiture of restricted stock awards, shares | (29,590) | |||||
Stock-based compensation recognized | 1,149 | 1,149 | ||||
Deficiency of tax benefit from stock-based compensation | (52) | (52) | ||||
Cash dividends | (4,455) | (4,455) | ||||
Balance at Dec. 31, 2016 | $ 127 | 92,025 | $ (14,583) | (8,163) | 187,508 | 256,914 |
Balance (Shares) at Dec. 31, 2016 | 12,731,678 | (351,746) | ||||
Cumulative effect of adoption of ASU 2016-09 | 215 | (215) | ||||
Net (loss) income | (22,562) | (22,562) | ||||
Other comprehensive income | 596 | $ 596 | ||||
Stock options exercised, shares | ||||||
Restricted stock awards | (2,957) | $ 2,957 | ||||
Restricted stock awards, shares | 72,503 | |||||
Employee stock settlement | $ (23) | $ (23) | ||||
Employee stock settlement, shares | (1,500) | |||||
Forfeiture of restricted stock awards | 906 | $ (906) | ||||
Forfeiture of restricted stock awards, shares | (56,239) | |||||
Stock-based compensation recognized | 1,162 | 1,162 | ||||
Cash dividends | (3,351) | (3,351) | ||||
Other | (1,004) | (1,004) | ||||
Balance at Dec. 31, 2017 | $ 127 | $ 90,347 | $ (12,555) | $ (7,567) | $ 161,380 | $ 231,732 |
Balance (Shares) at Dec. 31, 2017 | 12,731,678 | (336,982) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net (loss) income | $ (22,562) | $ 12,324 | $ 31,805 |
Adjustments to reconcile net (loss) income to net cash flows provided by (used in) operating activities: | |||
Depreciation and amortization | 9,366 | 9,736 | 10,028 |
Recognition of deferred income from state and local incentives | (2,219) | (2,129) | (1,415) |
Gain on sale of railcars available for lease | (1,187) | ||
Gain on sale of railcar repair and maintenance services business and facility | (4,578) | ||
Gain on settlement of postretirement benefit plan obligation | (15,606) | ||
Deferred income taxes | (6,424) | 22,723 | (2,679) |
Stock-based compensation recognized | 1,162 | 1,149 | 2,183 |
Other non-cash items, net | 1,957 | 1,800 | 1,465 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 16,216 | 15,911 | (38,398) |
Inventories | 50,639 | 17,056 | (36,927) |
Other assets | (3,248) | 2,992 | (1,642) |
Accounts and contractual payables | (11,170) | 260 | 137 |
Accrued payroll and employee benefits | (1,305) | (5,589) | 2,033 |
Income taxes receivable/payable | 9,623 | (12,746) | 6,374 |
Accrued warranty | (262) | (915) | 497 |
Other liabilities | (754) | (8,690) | (34,802) |
Payment for settlement of postretirement benefit plan obligation | (31,616) | ||
Accrued pension costs and accrued postretirement benefits | (678) | (6,445) | 1,421 |
Net cash flows provided by (used in) operating activities: | 40,341 | 215 | (65,685) |
Cash flows from investing activities | |||
Purchase of restricted certificates of deposit | (10,492) | (6,370) | (2,165) |
Maturity of restricted certificates of deposit | 10,742 | 7,296 | 1,284 |
Purchase of securities held to maturity | (85,821) | (32,944) | |
Proceeds from maturity of securities | 43,080 | 27,001 | 54,004 |
Purchase of property, plant and equipment | (967) | (13,846) | (16,699) |
Proceeds from sale of property, plant and equipment and railcars available for lease | 119 | 2 | 7,654 |
Proceeds from sale of railcar repair and maintenance services business and facility | 17,589 | ||
Cost of railcars available for lease | (8,724) | ||
State and local incentives received | 1,410 | 15,733 | |
Net cash flows (used in) provided by investing activities: | (41,929) | 14,083 | 35,732 |
Cash flows from financing activities | |||
Deferred financing costs | (83) | ||
Stock option exercise | 4,925 | ||
Employee stock settlement | (23) | (78) | (1,052) |
Excess tax benefit from stock-based compensation | 35 | ||
Cash dividends paid to stockholders | (3,351) | (4,455) | (4,419) |
Net cash flows used in financing activities: | (3,374) | (4,616) | (511) |
Net (decrease) increase in cash and cash equivalents | (4,962) | 9,682 | (30,464) |
Cash and cash equivalents at beginning of year | 92,750 | 83,068 | 113,532 |
Cash and cash equivalents at end of year | 87,788 | 92,750 | 83,068 |
Supplemental cash flow information | |||
Interest paid | 72 | 83 | 109 |
Income tax refunds received | 11,929 | 4,096 | 646 |
Income taxes paid | $ 104 | $ 4,668 | $ 13,371 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2017 | |
Description of the Business [Abstract] | |
Description of the Business | Note 1 – Description of the Business FreightCar America, Inc. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries, JAC Operations, Inc., Johnstown America, LLC, Freight Car Services, Inc., JAIX Leasing Company (“JAIX”), FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (“Mauritius”), FreightCar Rail Services, LLC (“FCRS”), FreightCar Short Line, Inc. (“FCSL”), FreightCar Alabama, LLC and FreightCar (Shanghai) Trading Co., Ltd. (herein collectively referred to as the “Company”), and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars. The Company designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People’s Republic of China. The Company and its direct and indirect subsidiaries are all Delaware corporations or Delaware limited liability companies except Mauritius, which is incorporated in Mauritius, and FreightCar (Shanghai) Trading Co., Ltd., which is organized in the People’s Republic of China. The Company’s direct and indirect subsidiaries are all wholly owned. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of used railcars received in sale transactions, useful lives of long-lived assets, warranty accruals , workers’ compensation accruals, pension and postretirement benefit assumptions, stock compensation, evaluation of goodwill, other intangibles and property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. Cash and Cash Equivalents On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments. The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments. The Company’s cash and cash equivalents are primarily deposited with one U.S. financial institution. Such deposits are in excess of federally insured limits. Restricted Cash and Restricted Certificates of Deposit The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees and to support the Company’s worker’s compensation insurance claims. The restrictions expire upon completing the Company’s related obligation. Financial Instruments Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, marketable securities, accounts receivable and accounts payable) as of December 31, 201 7 and 201 6 , have fair values that approximate their carrying values. Upon purchase, the Company categorizes debt securities as securities held to maturity , securities available for sale or trading securities . Debt securities that the Company has the positive intent and ability to hold to maturity are classified as securities held to maturity and are reported at amortized cost adjusted for amortization of premium and accretion of discount on a level yield basis. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Debt securities not classified as either held-to-maturity or trading securities are classified as securities available for sale and are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a component of other comprehensive income, which is included in stockholders’ equity, net of deferred taxes. Fair Value Measurements Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels. The Company classifies the inputs to valuation techniques used to measure fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. Inventories Inventories are stated at the lower of cost or market value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of work in progress and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties. Leased Railcars The Company offers railcar leases to its customers at market rates with terms and conditions that have been negotiated with the customers. It is the Company’s strategy to actively market these leased assets for sale to leasing companies and financial institutions rather than holding them to maturity. If, as of the date of the initial lease, management determines that the sale of the leased railcars is probable, and transfer of the leased railcars is expected to qualify for recognition as a completed sale within one year, then the leased railcars are classified as current assets on the balance sheet (Inventory on Lease). In determining whether it is probable that the leased railcars will be sold within one year, management considers general market conditions for similar railcars and considers whether market conditions are indicative of a potential sales price that will be acceptable to the Company to sell the cars within one year. Inventory on Lease is carried at the lower of cost or market value and is not depreciated. At the one-year anniversary of the initial lease or such earlier date when management no longer believes the leased railcars will be sold within one year of the initial lease, the leased railcars are reclassified from current assets (Inventory on Lease) to long-term assets (Railcars Available for Lease). Railcars Available for Lease are depreciated over 40 years from the date the railcars are placed in service under the initial lease and evaluated for impairment on a quarterly basis. Property, Plant and Equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows: Description of Assets Life Buildings and improvements 15 - 40 years Leasehold improvements 6 - 10 years Machinery and equipment 3 - 7 years Software 3 - 7 years 3-7 years Maintenance and repairs are charged to expense as incurred, while major refurbishments and improvements are capitalized. The cost and accumulated depreciation of items sold or retired are removed from the property accounts and any gain or loss is recorded in the consolidated statement of operations upon disposal or retirement. Long-Lived Assets The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. Research and Development Costs associated with research and development are expensed as incurred and totaled approximately $298 , $386 and $379 for the years ended December 31, 201 7 , 201 6 and 201 5 , respectively. Such costs are reported within selling, general and administrative expenses in the consolidated statements of operations. Goodwill and Intangible Assets The Company assesses the carrying value of goodwill for impairment as required by ASC 350, Intangibles – Goodwill and Other , annually or more frequently whenever events occur and circumstances change indicating potential impairment. During its annual goodwill impairment assessments as of August 1, 2017 , 201 6 and 201 5 , management estimated the value of the Company’s reporting units that carry goodwill using the income approach, which indicates the fair value of a business based on the present value of the cash flows that the business can be expected to generate in the future, and the market approach, which uses the price at which shares of similar companies are exchanged to estimate the fair value of a company’s equity. Within the income approach, the discounted cash flow method was used, and within the market approach, the guideline company method was used. Fair value based on the income approach was given a 60% weighting and fair value based on the market approach was given a 40% weighting. Only t he market approach was used in evaluating goodwill impairment for the Services reporting unit as of August 1, 2015. Management concluded that the estimated fair value of the Company’s reporting units exceeded the carrying value as of the dates of the Company’s impairment tests for 201 7 , 201 6 and 201 5, and therefore no impairment charges were recorded. If market conditions further deteriorate or the performance of t he Manufacturing reporting unit is worse than is currently project ed over an extended period of time, the reporting unit could potentially be at risk of an impairment charge. As of December 31, 2017 , the total goodwill balance of the Manufacturing reporting unit was $21.5 million. Patents are amortized on a straight-line method over their remaining legal lives from the date of acquisition. Income Taxes For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has operations. In conformity with ASC 740, Income Taxes , the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary. Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. On December 22, 2017, the President of the United States signed into law the Tax Act. The Tax Act includes a number of changes to existing U.S. tax laws that impact the C ompany, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The Tax Act also provides for the acceleration of depreciation for certain assets placed into service after September 27, 2017 as well as prospective changes beginning in 2018, including repeal of the domestic manufacturing deduction and additional limitations on executive compensation. The C ompany recognized the income tax effects of the Tax Act in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the Tax Act was signed into law. The Company is still analyzing the Tax Act and refining its calculations; however, reasonable estimates have been made for the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The Company also provides limited warranties with respect to certain rebuilt railcars. With respect to parts and materials manufactured by others and incorporated by the Company in its products, such parts and materials may be covered by the warranty provided by the original manufacturer. The Company establishes a warranty reserve at the time of sale to account for future warranty charges. The warranty reserve consists of two categories: assigned claims and unassigned claims. The unassigned warranty reserve is calculated based on historical warranty costs adjusted for estimated material price changes and other factors. Once a warranty claim is filed for railcars under warranty, the estimated cost to correct the defect is moved from the unassigned reserve to the assigned reserve and tracked separately. State and Local Incentives The Company records state and local incentives when there is reasonable assurance that the incentive will be received and the Company is able to comply with the conditions attached to the incentives received. State and local incentives related to assets are recorded as deferred income and recognized on a straight-line basis over the useful life of the related long-lived assets of seven to sixteen years. Revenue Recognition Revenues on new and rebuilt railcars are recognized when (1) individual cars are completed, (2) the railcars are accepted by the customer following inspection, (3) the risk for any damage or other loss with respect to the railcars passes to the customer and (4) title to the railcars transfers to the customer. There are no sales returns or allowances. Revenues derived from a single sales contract that contains multiple products and services are allocated based on the relative fair value of each item to be delivered and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. When the Company retains substantial risk of ownership in railcars sold to customers, the proceeds received by the Company are not treated as a sale but are accounted for as a customer advance by recording the proceeds as a liability. Customer advances on the Company’s consolidated balance sheets are reported net of any repayments made by the Company and include imputed interest that is included in interest expense on the Company’s consolidated statements of operations. The Company recognizes revenue from parts sales when the risk of any damage or loss and title pass to the customer and delivery has occurred. Through September 30, 2015, the Company recognize d service-related revenue from maintenance and repairs and inspections when all significant maintenance or repair or inspections services ha d been completed, quality accepted and delivery ha d occurred. The Company recognizes operating lease revenue on Inventory on Lease on a contractual basis and recognizes operating lease revenue on Railcars Available for Lease on a straight-line basis over the life of the lease. The Company recognizes revenue from the sale of Inventory on Lease on a gross basis in manufacturing sales and cost of sales if the manufacture of the railcars and the sales process is completed within 12 months. The Company recognizes revenue from the sale of Railcars Available for Lease on a net basis as Gain (Loss) on Sale of Railcars Available for Lease since the sale represents the disposal of a long-term operating asset. The Company recognizes a loss when it has a contractual commitment to manufacture railcars at an estimated cost in excess of the contractual selling price. The Company reports amounts billed to customers for shipping and handling as part of sales in accordance with ASC 605-45, Revenue Recognition – Principal Agent Consideration , and reports related costs in cost of sales. Earnings Per Share The Company computes earnings (loss) per share using the two-class method, which is an earnings (loss) allocation formula that determines earnings (loss) per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. Basic earnings (loss) per share attributable to common shareholders is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation. Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU does not change how benefit costs are measured but changes where the components of net periodic benefit cost are reported within the income statement. Under ASU 2017-07, the service component of net periodic benefit cost will be included with other employee compensation costs within income from operations and other components of net periodic benefit cost will be presented separately (in one or more line items) outside of income from operations. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Topic 350 currently requires an entity to perform a two-step test to determine the amount, if any, of goodwill impairment. The amendment in ASU 2017-04 removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash . The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. As a result, restricted cash and restricted cash equivalents will be included in beginning-of-period and end-of-period total amounts shown on the statement of cash flows and changes in restricted cash and restricted cash equivalents will no longer be included in cash flows from investing activities. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, to simplify the accounting for stock compensation. The Company adopted this standard effective January 1, 2017 and, on a prospective basis, all excess tax benefits and tax deficiencies related to share-based payments are recognized as income tax expense or benefit rather than additional paid-in capital and are classified as operating activities on the consolidated statements of cash flows. Excess tax benefits and tax deficiencies are considered discrete items in the reporting period during which they occur and are not included in the estimate of the Company’s annual effective tax rate. Additionally, excess tax benefits and tax deficiencies are prospectively excluded from the assumed proceeds in the calculation of diluted shares. As permitted by ASU 2016-09, the Company elected to account for forfeitures as they occur, rather than continuing to estimate expected forfeitures. This election was applied using a modified retrospective transition method whereby the cumulative effect of the change as of January 1, 2017 was recorded as a decrease of $215 to retained earnings and an increase of $215 to additional paid in capital. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to record a right-of-use asset and a lease liability for all leases with a term greater than twelve months regardless of whether the lease is classified as an operating lease or a financing lease. Leases with a term of twelve months or less will be accounted for in a similar manner to existing guidance for operating leases. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently assessing the impact of this standard on the Company’s financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under ASU 2015-11, inventory is measured at the lower of cost and net realizable value, which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (net realizable value) or below the floor (net realizable value less normal profit margin). ASU 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The adoption of this standard did not have a material impact on the Company’s financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which was further clarified in March 2016. The ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU is effective for annual reporting periods beginning after December 15, 2017 and early adoption for annual reporting periods beginning after December 15, 2016 is permitted. The Company adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective method of adoption. Adoption of this standard did not have any significant impact on the Company’s revenue recognition methods or costs to fulfill its contracts. Additionally, no significant changes in business processes or systems were required as a result of the adoption of this new standard. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 3 – Fair Value Measurements The following table sets fo rth by level within the ASC 820 Fair Value Measurement fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis. Recurring Fair Value Measurements As of December 31, 2017 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents $ 45,542 $ - $ - $ 45,542 Restricted certificates of deposit $ 5,720 $ - $ - $ 5,720 Escrow receivable $ - $ - $ 1,420 $ 1,420 Non-Recurring Fair Value Measurements As of December 31, 2017 Level 1 Level 2 Level 3 Total ASSETS: Property, plant and equipment $ - $ - $ 1,434 $ 1,434 Recurring Fair Value Measurements As of December 31, 2016 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents $ 15,156 $ - $ - $ 15,156 Restricted certificates of deposit $ 5,970 $ - $ - $ 5,970 Escrow receivable $ - $ - $ 1,910 $ 1,910 The sale of the Company’s railcar repair and maintenance services business on September 30, 2015 resulted in $1,960 of the aggregate purchase price being placed into escrow in order to secure the indemnification obligations of FCRS and FCSL. The fair market value of the remaining escrow receivable above represents the escrow balance of $1,470 , after cash received during 2017 of $490 and $1,960 as of December 31, 2017 and 2016, respectively, net of the fair value of the indemnification obligations, which was estimated using the discounted probability-weighted cash flow method . The carrying value of property, plant and equipment at the Company’s idled Danville, Illinois manufacturing facility was reduced to its estimated fair market value during the second quarter of 2017, resulting in a non-cash impairment charge of $333 . Fair market value was estimated using the market approach using market data such as recent sales of comparable assets in active markets and estimated salvage values. The carrying value of property, plant and equipment at the Company’s Johnstown, Pennsylvania administrative facility was reduced to its estimated fair market value during the third quarter of 2016 , resulting in a non-cash impairment charge of $1,255 . Fair market value was estimated using the market approach using market data such as recent sales of comparable assets in active markets and estimated salvage values. The proceeds from sale of the facility during the first quarter of 2017 and the resulting gain on sale were not material . |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2017 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 4 – Marketable Securities The Company’s current investment policy is to invest in cash, certificates of deposit, U.S. treasury securities, U.S. government agency obligations and money market funds invested in U.S. government securities. Marketable securities as of December 31, 201 7 of $42,917 consisted of U.S. treasury securities held to maturity and certificates of deposit with original maturities of greater than 90 days and up to one year . Due to the short-term nature of these securities and their low interest rates, there is no material difference between their fair market values and amortized costs. The Company owned no marketable securities as of December 31, 2016. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | Note 5 – Inventories Inventories, net of reserve for excess and obsolete items, consist of the following: December 31, 2017 2016 Work in process $ 42,460 $ 83,576 Finished new railcars 85 11,858 Parts inventory 2,747 2,470 Total inventories, net $ 45,292 $ 97,904 Inventory on the Company’s consolidated balance sheets includes reserves of $6,160 and $4,307 relating to excess or slow-moving inventory for parts and work in process at December 31, 201 7 and 201 6 , respectively. |
Leased Railcars
Leased Railcars | 12 Months Ended |
Dec. 31, 2017 | |
Leased Railcars [Abstract] | |
Leased Railcars | Note 6 – Leased Railcars Railcars availabl e for lease at December 31, 2017 was $23,434 (cost of $28,074 and accumulated depreciation of $4,640 ) and at December 31, 2016 was $24,018 (cost of $27,954 and accumulated depreciation of $3,936 ). The Company’s lease utilization rate for railcars in its lease fleet was 73% as of each of December 31, 2017 and 2016 . Depreciation expense on railcars available for lease was $704 , $711 and $499 for the yea rs ended December 31, 2017, 2016 and 2015 , respectively. Leas ed railcars at December 31, 2017 are subject to lease agreements with external customers with remaining terms of up to three and a half years and are accounted for as operating leases. Future minimum rental revenues on leases at December 31, 201 7 are as follows: Year ending December 31, 2018 $ 1,124 Year ending December 31, 2019 1,002 Year ending December 31, 2020 1,001 Year ending December 31, 2021 275 Thereafter - $ 3,402 |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Impairment Charges [Abstract] | |
Restructuring and Impairment Charges | Note 7 – Restructuring and Impairment Charges On August 1, 2016, the Company announced a cost reduction program whereby approximately 15% of the Company’s salaried administrative workforce would be eliminated, its Johnstown, Pennsylvania administrative facility would be closed and certain discretionary spending would be reduced. During the year ended December 31, 2016, the Company recorded restructuring and impairment charges of $2,261 , which consisted primarily of non-cash impairment charges of $1,255 for property, plant and equipment at the Company’s Johnstown, Pennsylvania administrative facility and employee severance and other employment termination costs of $1,006 . In the first quarter of 2017, in response to lower order trends in the industry, the Company announced further reductions to its salaried workforce, initiatives to reduce discretionary spending and the idling of the Company’s Danville, Illinois facility. In connection with this cost reduction program, the Company recorded restructuring charges of $1,879 during the year ended December 31, 2017, which consisted primarily of employee severance and other employment termination costs, and pension and postretirement benefit plan curtailment and special termination benefits. During the year ended December 31, 2017, the Company recorded non-cash impairment charges of $333 for property, plant and equipment at the Company’s idled Danville, Illinois manufacturing facility. Restructuring and impairment charges are reported as a separate line item on the Company’s consolidated statements of operations. Approximately $250 and $371 of employee severance and other employment termination costs relating to the 2016 and 2017 cost reduction programs remained outstanding as of December 31, 2017 and 2016, respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 8 – Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2017 2016 Land $ 140 $ 151 Buildings and improvements 670 1,398 Leasehold improvements 14,945 14,888 Machinery and equipment 69,442 69,960 Software 8,979 9,034 Construction in process 230 640 Total cost 94,406 96,071 Less: Accumulated depreciation and amortization (56,153) (49,724) Total property, plant and equipment, net $ 38,253 $ 46,347 Depreciation expense for t he years ended December 31, 2017, 2016 and 2015 , was $8,662 , $8,666 and $8,858 , respectively. The table above reflects the impairment charges of $333 and $1,255 to property , plant and equipment for the years ended December 31, 2017 and 2016, respectively described in Note 7. |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Intangible Assets and Goodwill | Note 9 – Intangible Assets and Goodwill The Company’s patents were fully amortized as of December 31, 2016. Amortization expense related to patents, which is included in cost of sales, was $359 and $591 for t he years ended December 31, 2016 and 201 5 , respectively. The Company had $21,521 of goodwill associated with its Manufacturing segment as of each of December 31, 201 7 and 2016. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties [Abstract] | |
Product Warranties | Note 10 – Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars produced by it will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The changes in the warranty reserve for t he years ended December 31, 2017, 2016 and 2015 , are as follows: December 31, 2017 2016 2015 Balance at the beginning of the year $ 8,324 $ 9,239 $ 8,742 Current year provision 1,661 2,394 3,209 Reductions for payments, costs of repairs and other (894) (1,812) (1,611) Adjustments to prior warranties (1,029) (1,497) (1,101) Balance at the end of the year $ 8,062 $ 8,324 $ 9,239 Adjustments to prior warranties includes changes in the warranty reserve for warranties issued in prior periods due to expiration of the warranty period, revised warranty cost estimates and other factors. |
State and Local Incentives
State and Local Incentives | 12 Months Ended |
Dec. 31, 2017 | |
State and Local Incentives [Abstract] | |
State and Local Incentives | Note 11 – State and Local Incentives During the year ended December 31, 2015, the Company received cash payments of $15,733 for Alabama state and local incentives related to the Company’s capital investment and employment levels at its Cherokee, Alabama (“Shoals”) facility. Under the incentive agreements, a certain portion of the incentives may be repayable by the Company if targeted levels of employment are not maintained for a period of six years from the date of the incentive. The Company’s level of employment at its Shoals facility currently exceeds the minimum targeted levels of employment. In the event that employment levels drop below the minimum targeted levels of employment and any portion of the incentives is required to be paid back, the amount is unlikely to exceed the deferred liability bala nce at December 31, 2017 . In December 2016, the Company also qualified for an additional $1,410 in incentives at the Shoals facility. This amount was received in January 2017. The changes in deferred income from these incentives for the years ended Dec ember 31, 2017 and 2016 , are as follows: December 31, 2017 2016 Balance at the beginning of the year $ 13,599 $ 14,318 State and local incentives received during the year - 1,410 Recognition of state and local incentives as a reduction of cost of sales (2,219) (2,129) Balance at the end of the year, including current portion $ 11,380 $ 13,599 |
Revolving Credit Facility
Revolving Credit Facility | 12 Months Ended |
Dec. 31, 2017 | |
Revolving Credit Facility [Abstract] | |
Revolving Credit Facility | Note 12 – Revolving Credit Facility On June 13, 2 016, the Company amended the credit agreement dated as of July 26, 2013 (as so amended, the “Credit Agreement”), b y and among FreightCar and certain of its subsidiaries, as borrowers and guarantors (together, the “Borrowers”), and Bank of America, N.A., as lender, administrative agent, swingline lender and letter of credit issuer (the “Bank”) , to, among other things, extend the term of the Credit Agreement to July 26, 2019 . The Credit Agreement contains a $50,000 senior secured revolving credit facility (the “Revolving Credit Facility”) and a sub-facility for letters of credit not to exceed the lesser of $30,000 and the amount of the senior secured revolving credit facility at such time. The Revolving Credit Facility can be used for general corporate purposes, including working capital. Under the Credit Agreement, revolving loans outstanding will bear interest at a rate of LIBOR plus an applicable margin of between 1.25% and 1.75% depending on the Company’s consolidated leverage ratio or at a base rate, as selected by the Company. Base rate loans will bear interest at the highest of (a) the federal funds rate plus 0.50% , (b) the prime rate or (c) LIBOR plus 1.00% . The Company is required to pay a non-utilization fee of between 0.10% and 0.25% on the unused portion of the revolving loan commitment depending on the Company’s quarterly average balance of unrestricted cash and the Company’s consolidated leverage ratio. Borrowings under the Revolving Credit Facility are secured by a first priority perfected security interest in substantially all of the Borrowers’ assets excluding railcars held by the Company’s railcar leasing subsidiary, JAIX. The Borrowers also have pledged all of the equity interests in the Company’s direct and indirect domestic subsidiaries as security for the Revolving Credit Facility. The Credit Agreement has both affirmative and negative covenants, including, without limitation, a negative covenant requiring a maximum consolidated net leverage ratio of 2.50 :1.00 and limitations on indebtedness, liens and investments. The Credit Agreement also provides for customary events of default. As of December 31, 2017 and 201 6 , the Company had no borrowings under the Revolving Credit Facility . As of December 31, 2017 and 2016 , the Company had $5,452 and $5,720 , respectively, in outstanding letters of credit under the Revolving Credit Facility and therefore had $44,548 and $44,280 , respectively, available for borrowing under the Revolving Credit Facility. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 13 – Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) consist of the following: Pre-Tax Tax After-Tax Year ended December 31, 2017 Pension liability activity: Actuarial gain $ 545 $ 119 $ 426 Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $514 and selling, general and administrative expenses of $(39) ) 475 167 308 Postretirement liability activity: Actuarial gain 74 17 57 Reclassification adjustment for amortization of net gain (pre-tax cost of sales of $(8) and selling, general and administrative expenses of $(309) ) (317) (112) (205) Reclassification adjustment for amortization of prior service cost (pre-tax selling, general and administrative expenses of $14 ) 14 4 10 $ 791 $ 195 $ 596 Pre-Tax Tax After-Tax Year ended December 31, 2016 Pension liability activity: Actuarial loss $ (433) $ (154) $ (279) Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $279 and selling, general and administrative expenses of $220 ) 499 177 322 Postretirement liability activity: Actuarial loss (1,586) (563) (1,023) Settlement gain 37,190 13,202 23,988 Reclassification adjustment for settlement income (pre-tax gain on settlement of postretirement benefit obligation) (15,606) (5,540) (10,066) Reclassification adjustment for prior service curtailment cost 38 14 24 Reclassification adjustment for amortization of net gain (pre-tax cost of sales ( $80 ), selling, general and administrative expenses of ( $17 )) (97) (34) (63) Reclassification adjustment for amortization of prior service cost (pre-tax cost of sales of $14 and selling, general and administrative expenses of $4 ) 18 6 12 $ 20,023 $ 7,108 $ 12,915 Pre-Tax Tax After-Tax Year ended December 31, 2015 Pension liability activity: Actuarial loss $ (190) $ (67) $ (123) Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $333 and selling, general and administrative expenses of $107 ) 440 163 277 Postretirement liability activity: Actuarial gain 3,621 1,273 2,348 Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $567 and selling, general and administrative expenses of $80 ) 647 237 410 Reclassification adjustment for amortization of prior service cost (pre-tax cost of sales of $37 and selling, general and administrative expenses of $5 ) 42 15 27 $ 4,560 $ 1,621 $ 2,939 The components of accumulated other comprehensive loss consist of the following: December 31, December 31, 2017 2016 Unrecognized pension cost, net of tax of $6,120 and $6,405 $ (9,707) $ (10,441) Unrecognized postretirement income, net of tax of $533 and $623 2,140 2,278 $ (7,567) $ (8,163) |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 14 – Employee Benefit Plans The Company has a qualified, defined benefit pension plan that was established to provide benefits to certain employees. The plan is frozen and participants are no longer accruing benefits. Generally, contributions to the plan are not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The plan’s assets are held by independent trustees and consist primarily of equity and fixed income securities. The Company also historically provided certain postretirement health care benefits for certain of its salaried and hourly retired employees. Generally, employees may become eligible for health care benefits if they retire after attaining specified age and service requirements. These benefits are subject to deductibles, co-payment provisions and other limitations. On March 25, 2016, the Company mad e a cash settlement payment of $31,616 (including $166 of interest) to settle disputed retiree medical and life insurance benefits for hourly retirees of the Company’s Johnstown, Pennsylvania manufacturing facility . The settlement resulted in a pre-tax gain of $14,306 (net of plaintiffs’ attorneys’ fees of $1,300 ) and a reduction in the postretirement benefit obligation of approximately $68,806 as of March 25, 2016. Additionally, as a result of the cost reduction programs initiated in August 2016 and January 2017 (see Note 7), certain employees participating in the salaried pension and postretirement benefit plans were impacted , which triggered curtailment s of the respective plans. As of January 1, 2017, the Company changed the method it used to estimate the service and interest components of net periodic benefit cost for postretirement benefits and the interest component for pension benefits. Historically, the Company estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company has elected to utilize a full yield curve approach in estimating these components by applying the specific spot rates along the yield curve used in determining the benefit obligation to the relevant projected cash flows. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. This change did not affect the measurement of the Company’s total benefit obligation at the Company’s annual measurement date of December 31, 2017, as the refinement compared to the previous method results in a decrease in the service cost and interest components of net periodic benefit cost with an equal offset to actuarial gains (losses) with no net impact on the total benefit obligation. The refinement did not have a material impact on the consolidated balance sheet as of December 31, 2017 or the consolidated statement of operations for the year ended December 31, 2017. This change is accounted for prospectively as a change in accounting estimate. The changes in benefit obligation, change in plan assets and funde d status as of December 31, 2017 and 2016 , are as follows: Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation Benefit obligation – Beginning of year $ 53,293 $ 53,440 $ 6,172 $ 72,902 Service cost - - 48 60 Interest cost 1,786 2,329 199 934 Actuarial loss (gain) 2,599 1,222 (74) 1,586 Benefits paid (3,629) (3,778) (539) (488) Lump-sum settlement payment - - - (31,616) Settlement gain - - - (37,190) Plan curtailment - (51) - (32) Special termination benefits 270 131 150 16 Benefit obligation – End of year 54,319 53,293 5,956 6,172 Change in plan assets Plan assets – Beginning of year 46,472 46,767 - - Return on plan assets 5,713 3,483 - - Employer contributions - - 539 32,104 Benefits paid (3,629) (3,778) (539) (488) Lump-sum settlement payment - - - (31,616) Plan assets at fair value – End of year 48,556 46,472 - - Funded status of plans – End of year $ (5,763) $ (6,821) $ (5,956) $ (6,172) Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets Current liabilities $ - $ - $ (400) $ (403) Noncurrent liabilities (5,763) (6,821) (5,556) (5,769) Net amount recognized at December 31 $ (5,763) $ (6,821) $ (5,956) $ (6,172) Amounts recognized in accumulated other comprehensive loss but not yet recognized in earnings at December 31, 2017 and 2016, are as follows: Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Net actuarial loss (gain) $ 15,827 $ 16,847 $ (2,846) $ (3,089) Prior service cost - - 173 187 $ 15,827 $ 16,847 $ (2,673) $ (2,902) The estimated net loss for the defined benefit pension plan that will be amortized from accumulated other comprehensive loss into n et periodic benefit cost in 2018 is $453 . The estimated net gain and prior service cost for the postretirement benefit plan that will be amortized from accumulated other comprehensive loss into n et periodic benefit cost in 2018 are $(258) and $14 , respectively. C omponents of net periodic benefit cost for the years ended December 31, 201 7 , 201 6 and 201 5 , are as follows: Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost Service cost $ - $ - $ - $ 48 $ 60 $ 70 Interest cost 1,786 2,329 2,319 199 934 2,970 Expected return on plan assets (2,569) (2,745) (3,046) - - - Amortization of unrecognized prior service cost - - - 14 18 42 Amortization of unrecognized net loss (gain) 475 499 440 (317) (97) 647 Lump-sum settlement cost - - - - (15,606) - Curtailment recognition - - - - 6 - Contractual benefit charge 270 131 - 150 16 - Total net periodic benefit cost $ (38) $ 214 $ (287) $ 94 $ (14,669) $ 3,729 The increase (decrease) in accumulated other comprehensive loss (pre-tax) for t he years ended December 31, 2017 and 2016 , are as follows: 2017 2016 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Net actuarial loss (gain) $ (545) $ (74) $ 433 $ 1,586 Settlement gain - - - (37,190) Curtailment - prior service cost - - - (38) Net actuarial loss settlement expense - - - 15,606 Amortization of net actuarial loss (gain) (475) 317 (499) 97 Amortization of prior service cost - (14) - (18) Total recognized in accumulated other comprehensive loss (gain) $ (1,020) $ 229 $ (66) $ (19,957) The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2017 : Pension Benefits Postretirement Benefits 2018 $ 3,437 $ 400 2019 3,334 383 2020 3,307 374 2021 3,281 370 2022 3,282 370 2023 through 2027 16,032 1,814 The Company is not required to make any contributions to its pension plan in 2018 to meet its minimum funding requirements. The postretirement benefits in the table above represent benefit payments for the Company’s salaried retirees. The assumptions used to determine end of year benefit obligations are shown in the following table: Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Discount rates 3.68% 4.21% 3.65% 4.21% The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2017, the Society of Actuaries published updated mortality improvement assumptions for U.S. plans, scale (MP-2017), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2016) were developed. Scale (MP-2017) results in lower projected mortality improvement than scale (MP-2016). The Company has historically utilized the Society of Actuaries’ published mortality data in its plan assumptions. Accordingly, the Company adopted MP-2017 for purposes of measuring its pension and postretirement obligations at December 31, 2017. The assumptions used in the measurement of net periodic cost are shown in the following table: Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount rate for benefit obligations 4.22% 4.47% 4.15% 4.18% 4.39% 4.03% Expected return on plan assets 5.75% 6.11% 6.24% N/A N/A N/A Rate for interest on benefit obligations 3.51% N/A N/A 3.48% N/A N/A Discount rate for service cost N/A N/A N/A 4.55% N/A N/A As benefits under these postretirement healthcare plans have been capped, assumed health care cost trend rates have no effect on the amounts reported for the health care plans. The Company’s pension plan’s weighted average asset allocations at December 31, 2017 and 2016, and target allocations for 2018, by asset category, are as follows: Plan Assets at December 31, Target Allocation 2017 2016 2018 Asset Category Cash and cash equivalents 1% 1% 0% - 5% Equity securities 57% 55% 45% - 65% Fixed income securities 37% 39% 30% - 50% Real estate 5% 5% 4% -6% 100% 100% 100% The basic goal underlying the pension plan investment policy is to ensure that the assets of the plans, along with expected plan sponsor contributions, will be invested in a prudent manner to meet the obligations of the plans as those obligations come due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within the capital markets to protect asset values against adverse movements in any one market. The Company’s investment strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to manage the risk of such investments with less volatile assets, such as fixed-income securities. Investment practices must comply with the requirements of ERISA and any other applicable laws and regulations. The Company, in consultation with its investment advisors, has determined a targeted allocation of invested assets by category and it works with its advisors to reasonably maintain the actual allocation of assets near the target. The long term return on assets was estimated based upon historical market performance, expectations of future market performance for debt and equity securities and the related risks of various allocations between debt and equity securities. Numerous asset classes with differing expected rates of return, return volatility and correlations are utilized to reduce risk through diversification. The Company’s pension plan assets are invested in one mutual fund for each fund classification. The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2 for a description of the fair value hierarchy) as of December 31, 2017 and 2016: Pension Plan Assets As of December 31, 2017 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,250 - - $ 18,250 Large cap funds 15,356 - - 15,356 Small cap funds 4,589 - - 4,589 International funds 7,755 - - 7,755 Real estate funds 2,385 - - 2,385 Cash and equivalents 221 - - 221 Total $ 48,556 $ - $ - $ 48,556 Pension Plan Assets As of December 31, 2016 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,051 - - $ 18,051 Large cap funds 14,864 - - 14,864 Small cap funds 3,970 - - 3,970 International funds 6,554 - - 6,554 Real estate funds 2,273 - - 2,273 Cash and equivalents 760 - - 760 Total $ 46,472 $ - $ - $ 46,472 The Company also maintains qualified defined contribution plans, which provide benefits to their employees based on employee contributions and employee earnings, with discretionary contributions allowed. Expenses related to these plans were $1,486 , $2,062 and $2,857 for the years ended December 31, 201 7 , 201 6 and 201 5 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 15 - Income Taxes On December 22, 2017, the President of the United States signed into law the Tax Act . The Tax Act includes a number of changes to existing U.S. tax laws that impact the company, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The Tax Act also provides for the acceleration of depreciation for certain assets placed into service after September 27, 2017 as well as prospective changes beginning in 2018, including the repeal of the domestic manufacturing deduction and additional limitations on executive compensation. The C ompany recognized the income tax effects of the Tax Act in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the Tax Act was signed into law. The Company is still analyzing the Tax Act and refining its calculations; however, reasonable estimates have been made for the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. The change to existing U.S. tax law as a result of the Tax Act which we believe has the most s ignificant impact on the C ompany’s income tax provision is the reduction of the U.S. cor porate statutory tax rate. The C ompany measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recov ered or paid. Accordingly, the C ompany’s deferred tax assets and liabilities were remeasured to reflect the reduction in the U.S. corporate income tax rate from 35 percent to 21 percent, resulting in a $2,502 increase in income tax expense for the year ended December 31, 2017 and a corresponding $2,502 decrease in net deferred tax assets as of December 31, 2017. The (benefit) provision for income taxes for the periods indicated includes current and deferred components as follows: Year Ended December 31, 2017 2016 2015 Current taxes Federal $ (2,230) $ (15,747) $ 16,709 State (187) (486) 751 (2,417) (16,233) 17,460 Deferred taxes Federal (4,703) 23,869 (2,767) State (1,721) (1,146) 88 (6,424) 22,723 (2,679) Tax (benefit) expense related to a (decrease) increase in unrecognized tax benefits (57) (1,120) 59 Interest expense, gross of related tax effects 53 (1,906) (9) Total (benefit) provision $ (8,845) $ 3,464 $ 14,831 The (benefit) provision for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows: Year Ended December 31, 2017 2016 2015 Statutory U.S. federal income tax rate 35.0% 35.0% 35.0% State income taxes, net of federal tax benefit 3.4% 3.4% 3.2% Valuation allowance 0.1% (2.6)% (1.0)% Enactment of the Tax Cuts and Jobs Act (8.0)% 0.0% 0.0% Domestic manufacturing deduction (1.0)% 7.6% (3.6)% State rate and other changes in deferred taxes (1.3)% (1.9)% 0.4% Federal and state credits 0.1% (4.8)% (2.7)% Uncertain tax positions (0.3)% (16.1) % 0.4% Nondeductible expenses and other 0.2% 1.3% 0.1% Effective income tax rate 28.2% 21.9% 31.8% Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities. Components of deferred tax assets (liabilities) consisted of the following: December 31, 2017 December 31, 2016 Description Assets Liabilities Assets Liabilities Accrued postretirement and pension benefits $ 2,545 $ - $ 4,624 $ - Intangible assets - (1,669) - (2,838) Accrued expenses 4,104 - 6,961 - Deferred state and local incentive revenue 2,933 - 4,733 - Inventory valuation 1,869 - 2,621 - Property, plant and equipment and railcars on operating leases - (8,957) - (14,897) Net operating loss and tax credit carryforwards 13,371 - 5,731 - Stock-based compensation expense 807 - 2,825 - Other 1,085 (379) 419 (761) 26,714 (11,005) 27,914 (18,496) Valuation allowance (6,263) - (5,197) - Deferred tax assets (liabilities) $ 20,451 $ (11,005) $ 22,717 $ (18,496) Increase (decrease) in valuation allowance $ 1,066 $ (600) A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Although realization of our net deferred assets is not certain, management has concluded that, based on the positive and negative evidence considered, we will more likely than not realize the full benefit of the deferred tax assets except for our deferred tax assets in certain states. The Company has certain pretax state net operating loss carryforwards of $116,621 which will expire between 2020 and 2037 , of which $80,749 have a valuation allowance recorded. The Company has federal net operating loss carryforwards and federal tax credit carryforwards of $18,578 and $2,051 , respectively, which will expire between 2030 and 2037 . A reconciliation of the beginning and ending gross amounts of unrecognized tax benefits for t he years ended December 31, 2017, 2016 and 2015 , were as follows: 2017 2016 2015 Beginning of year balance $ 1,572 $ 2,503 $ 2,444 Increases in prior period tax positions - 13 - Decreases in prior period tax positions (189) (1,924) - Increases in current period tax positions - 980 59 End of year balance $ 1,383 $ 1,572 $ 2,503 The total estimated unrecognized tax benefit that, if recognized, would affect the Company's effective tax rate was approximately $408 , $465 and $1,581 as of December 31, 2017, 2016 and 2015 , respectively. Due to the nature of the Company's unrecognized tax benefits, the Company does not expect changes in its unrecognized tax benefit reserve in the next twelve months to have a material impact on its financial statements. The Company's income tax provision included $106 of expense (net of a federal tax benefit of $13 ), $1,419 of benefit (net of a federal tax expense of $667 ) and $110 of expense (net of a federal tax benefit of $60 ) related to interest and penalties for the years ended December 31, 2017, 2016 and 2015, respectively. The Company records interest and penalties as a component of income tax expense. Such expenses brought the balance of accrued interest and penalties to $106 , $0 and $2,086 at December 31, 201 7 , 201 6 and 201 5 , respectively. The Company and/or its subsidiaries file income tax returns with the U.S. f ederal government and in various state and foreign jurisdictions. The Company is currently under examination of its 2015 and 2016 federal income tax return s by the Internal Revenue Service. A summary of tax years that remain subject to examination is as follows: Jurisdiction Earliest Year Open to Examination U.S. Federal 2010 States: Pennsylvania 2000 Texas 2013 Illinois 2010 Virginia 2014 Colorado 2010 Indiana 2010 Nebraska 2010 Alabama 2014 Foreign: China 2015 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 16 - Stock-Based Compensation The Company’s incentive compensation plan, titled “The 2005 Long Term Incentive Plan” (as restated to incorporate all amendments, the “Incentive Plan”), was approved by the Company’s board of directors and ratified by the stockholders. The Incentive Plan provides for the grant to eligible persons of stock options, share appreciation rights, or SARs, restricted shares, restricted share units, or RSUs, performance shares, performance units, dividend equivalents and other share-based awards, referred to collectively as the awards. Time-vested stock o ption awards generally vest based on one to three years of service and have 10 year contractual terms. Share awards generally vest over one to three years. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Incentive Plan). The Incentive Plan will terminate as to future awards on May 17, 2023. Under the Incentive Plan, 2,459,616 shares of common stock have been reserved for issuance (from either authorized but unissued shares or treasury shares), of which 689,002 were available f or issuance at December 31, 2017 . The Company recognizes stock-based compensation expense for time-vested stock option awards based on the fair value of the award on the grant date using the Black-Scholes option valuation model. Expected life in years for time-vested stock option awards was determined using the simplified method. The Company believes that it is appropriate to use the simplified method in determining the expected life for time-vested stock options because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for time-vested stock options. Expected volatility was based on the historical volatility of the Company’s stock. The risk-free interest rate was based on the U.S. Treasury bond rate for the expected life of the option. The expected dividend yield was based on the latest annualized dividend rate and the current market price of the underlying common stock on the date of the grant. The Company recognizes stock-based compensation for restricted stock awards over the vesting period based on the fair market value of the stock on the date of the award, calculated as the average of the high and low trading prices for the Company’s common stock on the award date. In each of January 2015, 2016 and 2017, the Company granted performance shares with performance measurement periods of three calendar years. Since the outcome of the performance conditions were below the threshold level, no performance shares from the January 2015 grant were earned. The performance shares from the January 2016 and January 2017 grants will vest and be earned at the end of each performance measurement period, if at all, based on the Company’s three-year cumulative basic earnings per share, provided that a minimum three-year average return on invested capital goal is also met or exceeded. The earnings per share thresholds and return on invested capital goals were established by the Company’s board of directors on the grant dates. The Company recognizes stock-based compensation cost for performance shares over the vesting period based on the fair market value of the Company’s stock on the award date multiplied by the estimated number of shares to be awarded based on the probable outcome of the performance conditions. As of December 31, 201 7 , the probable outcome of the performance conditions for the January 2016 and January 2017 awards was estimated to be below the threshold level. On July 31, 2017, the Company granted non-qualified stock options to purchase 350,000 shares of our common stock to an executive of the Company. The award features a performance earning vesting schedule whereby the stock options will vest if the average closing price per share of the Company’s stock over the previous 90 calendar days (the “Threshold Stock Price”) exceeds the closing price per share of the Company’s stock on July 31, 2017 (the “Reference Stock Price”) as follows: 34% of the stock options will vest if the Threshold Stock Price exceeds the Reference Stock Price by $5.00 ; another 33% of the stock options will vest if the Threshold Stock Price exceeds the Reference Stock Price by $10.00 ; and the remaining 33% of the stock options will vest if the Threshold Stock Price exceeds the Reference Stock Price by $15.00 . Such stock price appreciation goals can be achieved at any point during the options’ ten -year contractual term. When vesting of an award of stock-based compensation is dependent upon the attainment of a target stock price, the award is considered to be subject to a market condition. The Company recognizes stock-based compensation cost for stock options with market conditions over the derived service period of the stock options. The estimated fair value and derived service period for the stock options were calculated using a Monte Carlo simulation. Assumptions used in valuing the July 31, 2017 stock options include the expected stock option life, expected volatility, expected dividend yield and risk-free rate. The stock options were assumed to have an expected life equal to the midpoint of (a) the date the performance goal is attained and (b) the date the stock options expire. The expected volatility assumption of 49.22% was based on the Company’s historical stock price volatility over the ten -year period ended on the grant date. The expected dividend yield assumption of 2.19% was based on the Company’s then quarterly dividend payment of $0.09 and the grant date stock price of $16.44 . The risk-free rate assumption of 2.30% was based on the yields on U.S. Treasury STRIPS with a remaining term that approximates the life assumed at the date of the grant. The estimated fair value of the three vesting tranches for the stock options ranged from $6.88 to $7.25 with derived service periods from 0.98 years to 2.39 years. Stock-based compensation expense of $1,162 , $1,149 a nd $2,183 is included within selling, general and administrative expense for t he years ended December 31, 2017, 2016 and 2015 , respectively. The total income tax benefit recognized on the consolidated statements of operations for share-based compensation arrangements was $330 , $405 and $768 for t he years ended December 31, 2017, 2016 and 2015 , respectively. A summary of the Company’s time-vested stock options activity and related information at December 31, 2017 and 2016 , and changes during the years then ended, is presented below: December 31, 2017 2016 Weighted- Weighted- Average Average Exercise Exercise Options Price Options Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 378,990 $ 24.32 507,783 $ 24.80 Granted - - - - Exercised - - - - Forfeited or expired (203,370) 23.67 (128,793) 26.20 Outstanding at the end of the year 175,620 $ 25.13 378,990 $ 24.32 Exercisable at the end of the year 175,620 $ 25.13 341,194 $ 24.18 There were no time vested stock options granted during 201 7, 201 6 or 2015. A summary of the Company’s time vested stock options outstanding as of December 31, 201 7 is presented below: Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate Options Term Price Intrinsic Outstanding (in years) (per share) Value Options outstanding 175,620 4.2 $ 25.13 $ - Vested or expected to vest 175,620 4.2 $ 25.13 $ - Options exercisable 175,620 4.2 $ 25.13 $ - There were no time-vested stock options exercised during 2017 or 2016. There were 240,410 stock options exercised during 2015 with an intrinsic value of $2,258 . A summary of the Company’s nonvested restricte d shares as of December 31, 2017 and 20 16 , and changes during the years then ended is presented below: December 31, 2017 2016 Weighted- Weighted- Average Average Grant Date Grant Date Fair Value Fair Value Shares (per share) Shares (per share) Nonvested at the beginning of the year 111,549 $ 19.19 85,317 $ 23.75 Granted 72,503 15.44 84,353 16.57 Vested (27,949) 15.55 (28,531) 24.49 Forfeited or expired (56,239) 18.73 (29,590) 19.90 Nonvested at the end of the year 99,864 $ 17.75 111,549 $ 19.19 Expected to vest 99,864 $ 17.75 102,962 $ 18.94 The weighted-average grant-date fair value per share of stock awards granted during t he years ended December 31, 2017, 2016 and 2015 , was $15.44 , $16.57 and $24.04 , respectively. The fair value of stock awards vested during t he years ended December 31, 2017, 2016 and 2015 , was $475 , $486 and $754 , respectively, based on the value at vestin g date. As of December 31, 2017 , there was $685 of total unrecognized compensation expense related to nonvested restricted stock awards, which will be recognized over the average remaining requisite service period of 22 months . |
Risks and Contingencies
Risks and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Contingencies [Abstract] | |
Risks and Contingencies | Note 17 - Risks and Contingencies The Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings with its customers in the normal course of business. In the opinion of management, the Company’s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company’s consolidated financial condition, results of operations or cash flows. On April 17, 2015 and September 30, 2015, National Steel Car Limited (“NSC”) filed Complaints for Patent Infringement against the Company in the United States District Court for the Northern District of Illinois (Eastern Division) in Chicago, Illinois. The complaints asserted five United States patents against certain aggregate gondola freight cars sold to certain customers. The complaints sought injunctive relief and an unspecified amount of damages. The Court consolidated both cases on November 12, 2015. On January 29, 2016, NSC filed an amended complaint, alleging that 18 offers to sell made by the Company also infringed NSC’s patents. The Company filed its answer to NSC’s amended complaint, responding to NSC’s newly raised allegations and adding new affirmative defenses as well as counterclaims for non-infringement and invalidity. The Company also filed inter partes review (“IPR”) petitions in March 2016 with the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board (“PTAB”) for two of the five asserted patents. In September 2016, the PTAB granted the IPR petitions and instituted trials on all asserted claims for both patents. On October 5, 2016, the Company filed a motion to stay the district court litigation in order to allow the IPR trials to run their course, which the district court denied. A claim construction hearing before the district court took place on January 31, 2017 and the court’s ruling was issued on June 8, 2017. The PTAB rendered its final written decisions in both IPR trials on September 22 and 25, 2017, finding that the Company had not shown by a preponderance of the evidence that the subject claims of the two patents were unpatentable. On October 4, 2017, the court entered a new case schedule for the litigation, although a trial date had not yet been set, and the parties engaged in settlement discussions. Settlement was reached on November 15, 2017 the terms of which are confidential. As part of the settlement, the Company received a release for past claims. The Company made no admissions of liability. The parties filed a Stipulation of Dismissal on November 20, 2017 and the court dismissed all claims and counterclaims with prejudice. In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers’ compensation and employee matters arising out of the conduct of its business. While the ultimate outcome of these other legal proceedings cannot be determined at this time, it is the opinion of management that the resolution of these other actions will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows. On a quarterly basis, the Company evaluates the potential outcome of all significant contingencies and estimates the likelihood that a future event or events will confirm the loss of an asset or the incurrence of a liability. When information available prior to the issuance of the Company’s financial statements indicates that, in management’s judgment, it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements and the amount of loss can be reasonably estimated, the contingency is accrued by a charge to income. During the third and fourth quarters of 2017, the Company recorded pre-tax contingent liability charges of $2,850 and $1,450 , respectively, related to the foregoing matters. |
Other Commitments
Other Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Other Commitments [Abstract] | |
Other Commitments | Note 18 - Other Commitments The Company leases certain property and equipment under long-term operating leases expiring at various dates through 2024 . The leases generally contain specific renewal options at lease-end at the then fair market amounts. Future minimum lea se payments at December 31, 2017 are as follows: Year ending December 31, 2018 $ 10,011 Year ending December 31, 2019 10,049 Year ending December 31, 2020 10,363 Year ending December 31, 2021 10,201 Year ending December 31, 2022 3,346 Thereafter 6,336 $ 50,306 The Company is liable for maintenance, insurance and similar costs under most of its leases and such costs are not included in the future minimum lease payments. Total rental expense for the years ended December 31, 201 7 , 201 6 and 201 5 , was $9,818 , $10,048 and $10,413 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 19 – Earnings Per Share The weighted average common shares outstanding are as follows: Year Ended December 31, 2017 2016 2015 Weighted average common shares outstanding 12,285,566 12,262,275 12,175,955 Dilutive effect of employee stock options and nonvested share awards - - 41,800 Weighted average diluted common shares outstanding 12,285,566 12,262,275 12,217,755 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 computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of nonvested share awards. For the years ended December 31, 201 7 , 201 6 and 201 5 , 443,047 , 545,541 and 475,847 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. |
Revenue Sources and Concentrati
Revenue Sources and Concentration of Sales | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Sources and Concentration of Sales [Abstract] | |
Revenue Sources and Concentration of Sales | Note 20 – Revenue Sources and Concentration of Sales The following table sets forth the Company’s sales resulting from various revenue sources for the periods indicated below: Year ended December 31, 2017 2016 2015 Railcar sales $ 398,095 $ 513,543 $ 743,135 Parts sales 8,874 7,573 9,845 Leasing revenues 2,298 2,605 2,654 Maintenance and repair revenues 77 10 17,020 Other sales 130 - 200 $ 409,474 $ 523,731 $ 772,854 Due to the nature of its operations, the Company is subject to significant concentration of risks related to business with a few customers. Sales to the Company’s top three customers accounted for 21 % , 15 % and 1 2 % , respectively, of revenues for the year ended December 31, 201 7 . Sales to the Company’s top three customers accounted for 23% , 17% and 15% , respectively, of revenues for the year ended December 31, 2016. Sales to the Company’s top three customers accounted for 22% , 19% and 10% , respectively, of revenues for the year ended December 31, 2015. The Company’s sales to customers outside the United States were $23,212 , $34,039 and $62,589 in 201 7 , 201 6 and 201 5 , respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 21 - Selected Quarterly Financial Data (Unaudited) Quarterly financial data is as follows: First Second Third Fourth 2017 Quarter Quarter Quarter Quarter Revenues $ 139,536 $ 118,672 $ 72,025 $ 79,241 Gross profit $ 9,890 $ 5,328 $ (7,838) $ (4,049) Net income (loss) (1) (2) (3) $ 638 $ (448) $ (11,614) $ (11,138) Net income (loss) per common share-basic $ 0.05 $ (0.04) $ (0.94) $ (0.90) Net income (loss) per common share-diluted $ 0.05 $ (0.04) $ (0.94) $ (0.90) 2016 Revenues $ 148,590 $ 126,157 $ 113,461 $ 135,523 Gross profit $ 15,887 $ 8,077 $ 9,489 $ 6,726 Net income (loss) (4) (5) $ 12,667 $ (468) $ 51 $ 74 Net income (loss) per common share-basic $ 1.03 $ (0.04) $ - $ 0.01 Net income (loss) per common share-diluted $ 1.03 $ (0.04) $ - $ 0.01 (1) Results for the first quarter of 2017 include pre-tax restructuring and impairment charges of $1,777 . (2) Results for the third and fourth quarters of 2017 include pre-tax contingent liability charges of $2,850 and $1,450 , respectively. (3) Results for the fourth quarter of 2017 include tax expense of $2,502 related to remeasurement of net deferred tax assets as a result of the Tax Act. (4) Results for the first quarter of 2016 include a $14,306 pre-tax gain on settlement of a postretirement benefit plan obligation, net of plaintiffs' attorneys' fees. (5) Results for the third and fourth quarters of 2016 include pre-tax restructuring and impairment charges of $1,531 and $730 , respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | Note 22 – Segment Information The Company’s operations comprise two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, railcar leasing and major railcar rebuilds. The Company’s Parts operating segment is not significant for reporting purposes and has been combined with corporate and other non-operating activities as Corporate and Other. Segment operating income is an internal performance measure used by the Company’s Chief Operating Decision Maker to assess the performance of each segment in a given period. Segment operating income includes all external revenues attributable to the segments as well as operating costs and income that management believes are directly attributable to the current production of goods and services. The Company’s management reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered as a component of segment operating income. Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented. Year Ended December 31, 2017 2016 2015 Revenues: Manufacturing $ 400,481 $ 516,063 $ 745,723 Corporate and Other 8,993 7,668 27,131 Consolidated Revenues $ 409,474 $ 523,731 $ 772,854 Operating (Loss) Income: Manufacturing $ (6,998) $ 29,012 $ 69,165 Corporate and Other (24,794) (13,164) (22,402) Consolidated Operating (Loss) Income (31,792) 15,848 46,763 Consolidated interest expense and deferred financing costs (163) (171) (243) Consolidated other income 548 111 116 Consolidated (Loss) Income Before Income Taxes $ (31,407) $ 15,788 $ 46,636 Depreciation and Amortization: Manufacturing $ 8,642 $ 8,328 $ 7,170 Corporate and Other 724 1,408 2,858 Consolidated Depreciation and Amortization $ 9,366 $ 9,736 $ 10,028 Capital Expenditures: Manufacturing $ 624 $ 13,079 $ 15,176 Corporate and Other 343 767 1,523 Consolidated Capital Expenditures $ 967 $ 13,846 $ 16,699 December 31, December 31, 2017 2016 Assets: Manufacturing $ 136,448 $ 211,043 Corporate and Other 149,195 110,708 Total Operating Assets 285,643 321,751 Consolidated income taxes receivable 815 13,283 Consolidated deferred income taxes, long-term 9,446 4,221 Consolidated Assets $ 295,904 $ 339,255 |
Sale of Repair and Maintenance
Sale of Repair and Maintenance Services Business | 12 Months Ended |
Dec. 31, 2017 | |
Sale of Repair and Maintenance Services Business [Abstract] | |
Sale of Repair and Maintenance Services Business | Note 23 – S ale of Repair and Maintenance Services Business On September 30, 2015, the Company sold its railcar repair and maintenance services business for an aggregate purchase price of $20,000 . The sale included assets of FCRS, which operated the Company’s railcar repair and maintenance services business, and FCSL, which owned a short-line railway. The net book value of assets that were sold was $14,283 , which included accounts receivable of $2,776 , inventory of $2,537 , property plant and equipment of $7,740 and intangible assets of $1,230 . On September 30, 2015, $1,960 of the aggregate purchase price was placed into escrow (which is recorded as a long-term receivable) in order to secure the indemnification obligations of FCRS and FCSL under the asset purchase agreement relating to the sale and $451 was used to settle certain liabilities of FCRS and FCSL, resulting in cash proceeds to the Company of $17,589 . Twenty-five percent ( 25% ) of the escrow amount, reduced by the amount of any pending claims, will be released to FCRS on each of the dates that are 18 months and three years after the closing date of the transaction and the remaining amount, reduced by the amount of any pending claims, will be released to FCRS on the fifth anniversary of the closing date of the transaction. As a result of the sale, the Company recorded a pre-tax gain of $4,578 . |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 24 – Subsequent Event On February 28, 2018, the Company acquired substantially all of the operating assets of Navistar, Inc. and its subsidiary, International Truck and Engine Investments Corporation , at the Shoals facility, including their railcar business, and assumed the lease for the facility (the”Acquisition”). The Company has subleased a portion of the Shoals facility since 2013. As a result of the Acquisition the Company will become the sole tenant of the approximately 2.2 million square foot facility. Additionally, the Company will be offering employment opportunities to the majority of Navistar Inc’s approximately 200 employees on site. The purchase price paid by the Company for the Acquisition was $17,264 in cash, plus the value of the inventory acquired at closing, which was estimated at $3,510 . The amount of the purchase price paid by the Company at closing was offset by $24,130 paid by Navistar Inc. to the Company to cover future operating costs including rent payments at the facility, and certain other closing payments, resulting in a net payment by Navistar Inc. to the Company at closing of $2,760 . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II – Valuation and Qualifying Accounts For the Years Ended December 31, 201 7 , 201 6 and 201 5 (in thousands) Balance at Beginning of Period Additions Charged to Costs and Expenses Deductions, Accounts Charged Off and Recoveries of Amounts Previously Written Off Balance at End of Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 22 $ 34 $ - $ 56 Deferred tax assets valuation allowance 5,197 - 1,066 6,263 Inventory reserve 4,307 2,672 (819) 6,160 Year Ended December 31, 2016 Allowance for doubtful accounts $ 82 $ - $ (60) $ 22 Deferred tax assets valuation allowance 5,797 - (600) 5,197 Inventory reserve 3,793 2,344 (1,830) 4,307 Year Ended December 31, 2015 Allowance for doubtful accounts $ 188 $ - $ (106) $ 82 Deferred tax assets valuation allowance 6,219 - (422) 5,797 Inventory reserve 2,381 1,458 (46) 3,793 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of used railcars received in sale transactions, useful lives of long-lived assets, warranty accruals , workers’ compensation accruals, pension and postretirement benefit assumptions, stock compensation, evaluation of goodwill, other intangibles and property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents On a daily basis, cash in excess of current operating requirements is invested in various highly liquid investments. The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments. The Company’s cash and cash equivalents are primarily deposited with one U.S. financial institution. Such deposits are in excess of federally insured limits. |
Restricted Cash and Restricted Certificates of Deposit | Restricted Cash and Restricted Certificates of Deposit The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees and to support the Company’s worker’s compensation insurance claims. The restrictions expire upon completing the Company’s related obligation. |
Financial Instruments | Financial Instruments Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, marketable securities, accounts receivable and accounts payable) as of December 31, 201 7 and 201 6 , have fair values that approximate their carrying values. Upon purchase, the Company categorizes debt securities as securities held to maturity , securities available for sale or trading securities . Debt securities that the Company has the positive intent and ability to hold to maturity are classified as securities held to maturity and are reported at amortized cost adjusted for amortization of premium and accretion of discount on a level yield basis. Debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Debt securities not classified as either held-to-maturity or trading securities are classified as securities available for sale and are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a component of other comprehensive income, which is included in stockholders’ equity, net of deferred taxes. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels. The Company classifies the inputs to valuation techniques used to measure fair value as follows: Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities. Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means. Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. |
Inventories | Inventories Inventories are stated at the lower of cost or market value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of work in progress and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties. |
Leased Railcars | Leased Railcars The Company offers railcar leases to its customers at market rates with terms and conditions that have been negotiated with the customers. It is the Company’s strategy to actively market these leased assets for sale to leasing companies and financial institutions rather than holding them to maturity. If, as of the date of the initial lease, management determines that the sale of the leased railcars is probable, and transfer of the leased railcars is expected to qualify for recognition as a completed sale within one year, then the leased railcars are classified as current assets on the balance sheet (Inventory on Lease). In determining whether it is probable that the leased railcars will be sold within one year, management considers general market conditions for similar railcars and considers whether market conditions are indicative of a potential sales price that will be acceptable to the Company to sell the cars within one year. Inventory on Lease is carried at the lower of cost or market value and is not depreciated. At the one-year anniversary of the initial lease or such earlier date when management no longer believes the leased railcars will be sold within one year of the initial lease, the leased railcars are reclassified from current assets (Inventory on Lease) to long-term assets (Railcars Available for Lease). Railcars Available for Lease are depreciated over 40 years from the date the railcars are placed in service under the initial lease and evaluated for impairment on a quarterly basis. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows: Description of Assets Life Buildings and improvements 15 - 40 years Leasehold improvements 6 - 10 years Machinery and equipment 3 - 7 years Software 3 - 7 years 3-7 years Maintenance and repairs are charged to expense as incurred, while major refurbishments and improvements are capitalized. The cost and accumulated depreciation of items sold or retired are removed from the property accounts and any gain or loss is recorded in the consolidated statement of operations upon disposal or retirement. |
Long-Lived Assets | Long-Lived Assets The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. |
Research and Development | Research and Development Costs associated with research and development are expensed as incurred and totaled approximately $298 , $386 and $379 for the years ended December 31, 201 7 , 201 6 and 201 5 , respectively. Such costs are reported within selling, general and administrative expenses in the consolidated statements of operations. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The Company assesses the carrying value of goodwill for impairment as required by ASC 350, Intangibles – Goodwill and Other , annually or more frequently whenever events occur and circumstances change indicating potential impairment. During its annual goodwill impairment assessments as of August 1, 2017 , 201 6 and 201 5 , management estimated the value of the Company’s reporting units that carry goodwill using the income approach, which indicates the fair value of a business based on the present value of the cash flows that the business can be expected to generate in the future, and the market approach, which uses the price at which shares of similar companies are exchanged to estimate the fair value of a company’s equity. Within the income approach, the discounted cash flow method was used, and within the market approach, the guideline company method was used. Fair value based on the income approach was given a 60% weighting and fair value based on the market approach was given a 40% weighting. Only t he market approach was used in evaluating goodwill impairment for the Services reporting unit as of August 1, 2015. Management concluded that the estimated fair value of the Company’s reporting units exceeded the carrying value as of the dates of the Company’s impairment tests for 201 7 , 201 6 and 201 5, and therefore no impairment charges were recorded. If market conditions further deteriorate or the performance of t he Manufacturing reporting unit is worse than is currently project ed over an extended period of time, the reporting unit could potentially be at risk of an impairment charge. As of December 31, 2017 , the total goodwill balance of the Manufacturing reporting unit was $21.5 million. Patents are amortized on a straight-line method over their remaining legal lives from the date of acquisition. |
Income Taxes | Income Taxes For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has operations. In conformity with ASC 740, Income Taxes , the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary. Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. On December 22, 2017, the President of the United States signed into law the Tax Act. The Tax Act includes a number of changes to existing U.S. tax laws that impact the C ompany, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. The Tax Act also provides for the acceleration of depreciation for certain assets placed into service after September 27, 2017 as well as prospective changes beginning in 2018, including repeal of the domestic manufacturing deduction and additional limitations on executive compensation. The C ompany recognized the income tax effects of the Tax Act in its 2017 financial statements in accordance with Staff Accounting Bulletin No. 118, which provides SEC staff guidance for the application of ASC 740, Income Taxes, in the reporting period in which the Tax Act was signed into law. The Company is still analyzing the Tax Act and refining its calculations; however, reasonable estimates have been made for the remeasurement of U.S. deferred tax balances to reflect the new U.S. corporate income tax rate. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018. |
Product Warranties | Product Warranties Warranty terms are based on the negotiated railcar sales contracts. The Company generally warrants that new railcars will be free from defects in material and workmanship under normal use and service identified for a period of up to five years from the time of sale. The Company also provides limited warranties with respect to certain rebuilt railcars. With respect to parts and materials manufactured by others and incorporated by the Company in its products, such parts and materials may be covered by the warranty provided by the original manufacturer. The Company establishes a warranty reserve at the time of sale to account for future warranty charges. The warranty reserve consists of two categories: assigned claims and unassigned claims. The unassigned warranty reserve is calculated based on historical warranty costs adjusted for estimated material price changes and other factors. Once a warranty claim is filed for railcars under warranty, the estimated cost to correct the defect is moved from the unassigned reserve to the assigned reserve and tracked separately. |
State and Local Incentives | State and Local Incentives The Company records state and local incentives when there is reasonable assurance that the incentive will be received and the Company is able to comply with the conditions attached to the incentives received. State and local incentives related to assets are recorded as deferred income and recognized on a straight-line basis over the useful life of the related long-lived assets of seven to sixteen years. |
Revenue Recognition | Revenue Recognition Revenues on new and rebuilt railcars are recognized when (1) individual cars are completed, (2) the railcars are accepted by the customer following inspection, (3) the risk for any damage or other loss with respect to the railcars passes to the customer and (4) title to the railcars transfers to the customer. There are no sales returns or allowances. Revenues derived from a single sales contract that contains multiple products and services are allocated based on the relative fair value of each item to be delivered and recognized in accordance with the applicable revenue recognition criteria for the specific unit of accounting. When the Company retains substantial risk of ownership in railcars sold to customers, the proceeds received by the Company are not treated as a sale but are accounted for as a customer advance by recording the proceeds as a liability. Customer advances on the Company’s consolidated balance sheets are reported net of any repayments made by the Company and include imputed interest that is included in interest expense on the Company’s consolidated statements of operations. The Company recognizes revenue from parts sales when the risk of any damage or loss and title pass to the customer and delivery has occurred. Through September 30, 2015, the Company recognize d service-related revenue from maintenance and repairs and inspections when all significant maintenance or repair or inspections services ha d been completed, quality accepted and delivery ha d occurred. The Company recognizes operating lease revenue on Inventory on Lease on a contractual basis and recognizes operating lease revenue on Railcars Available for Lease on a straight-line basis over the life of the lease. The Company recognizes revenue from the sale of Inventory on Lease on a gross basis in manufacturing sales and cost of sales if the manufacture of the railcars and the sales process is completed within 12 months. The Company recognizes revenue from the sale of Railcars Available for Lease on a net basis as Gain (Loss) on Sale of Railcars Available for Lease since the sale represents the disposal of a long-term operating asset. The Company recognizes a loss when it has a contractual commitment to manufacture railcars at an estimated cost in excess of the contractual selling price. The Company reports amounts billed to customers for shipping and handling as part of sales in accordance with ASC 605-45, Revenue Recognition – Principal Agent Consideration , and reports related costs in cost of sales. |
Earnings Per Share | Earnings Per Share The Company computes earnings (loss) per share using the two-class method, which is an earnings (loss) allocation formula that determines earnings (loss) per share for common stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. Basic earnings (loss) per share attributable to common shareholders is computed by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The ASU does not change how benefit costs are measured but changes where the components of net periodic benefit cost are reported within the income statement. Under ASU 2017-07, the service component of net periodic benefit cost will be included with other employee compensation costs within income from operations and other components of net periodic benefit cost will be presented separately (in one or more line items) outside of income from operations. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Topic 350 currently requires an entity to perform a two-step test to determine the amount, if any, of goodwill impairment. The amendment in ASU 2017-04 removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. This standard is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash . The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. As a result, restricted cash and restricted cash equivalents will be included in beginning-of-period and end-of-period total amounts shown on the statement of cash flows and changes in restricted cash and restricted cash equivalents will no longer be included in cash flows from investing activities. This standard is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company does not expect the adoption of this standard to have a material impact on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, to simplify the accounting for stock compensation. The Company adopted this standard effective January 1, 2017 and, on a prospective basis, all excess tax benefits and tax deficiencies related to share-based payments are recognized as income tax expense or benefit rather than additional paid-in capital and are classified as operating activities on the consolidated statements of cash flows. Excess tax benefits and tax deficiencies are considered discrete items in the reporting period during which they occur and are not included in the estimate of the Company’s annual effective tax rate. Additionally, excess tax benefits and tax deficiencies are prospectively excluded from the assumed proceeds in the calculation of diluted shares. As permitted by ASU 2016-09, the Company elected to account for forfeitures as they occur, rather than continuing to estimate expected forfeitures. This election was applied using a modified retrospective transition method whereby the cumulative effect of the change as of January 1, 2017 was recorded as a decrease of $215 to retained earnings and an increase of $215 to additional paid in capital. The adoption of this standard did not have a material impact on the Company’s financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires a lessee to record a right-of-use asset and a lease liability for all leases with a term greater than twelve months regardless of whether the lease is classified as an operating lease or a financing lease. Leases with a term of twelve months or less will be accounted for in a similar manner to existing guidance for operating leases. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. The Company is currently assessing the impact of this standard on the Company’s financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. Under ASU 2015-11, inventory is measured at the lower of cost and net realizable value, which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling (net realizable value) or below the floor (net realizable value less normal profit margin). ASU 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The adoption of this standard did not have a material impact on the Company’s financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which was further clarified in March 2016. The ASU outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most prior revenue recognition guidance, including industry-specific guidance. The ASU is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. The ASU is effective for annual reporting periods beginning after December 15, 2017 and early adoption for annual reporting periods beginning after December 15, 2016 is permitted. The Company adopted ASU 2014-09 effective January 1, 2018 using the modified retrospective method of adoption. Adoption of this standard did not have any significant impact on the Company’s revenue recognition methods or costs to fulfill its contracts. Additionally, no significant changes in business processes or systems were required as a result of the adoption of this new standard. |
State and Local Incentives (Pol
State and Local Incentives (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
State and Local Incentives [Abstract] | |
State and Local Incentives | State and Local Incentives The Company records state and local incentives when there is reasonable assurance that the incentive will be received and the Company is able to comply with the conditions attached to the incentives received. State and local incentives related to assets are recorded as deferred income and recognized on a straight-line basis over the useful life of the related long-lived assets of seven to sixteen years. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Useful Life of Property, Plant and Equipment | Description of Assets Life Buildings and improvements 15 - 40 years Leasehold improvements 6 - 10 years Machinery and equipment 3 - 7 years Software 3 - 7 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis | Recurring Fair Value Measurements As of December 31, 2017 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents $ 45,542 $ - $ - $ 45,542 Restricted certificates of deposit $ 5,720 $ - $ - $ 5,720 Escrow receivable $ - $ - $ 1,420 $ 1,420 Non-Recurring Fair Value Measurements As of December 31, 2017 Level 1 Level 2 Level 3 Total ASSETS: Property, plant and equipment $ - $ - $ 1,434 $ 1,434 Recurring Fair Value Measurements As of December 31, 2016 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents $ 15,156 $ - $ - $ 15,156 Restricted certificates of deposit $ 5,970 $ - $ - $ 5,970 Escrow receivable $ - $ - $ 1,910 $ 1,910 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Schedule of Inventory Current | December 31, 2017 2016 Work in process $ 42,460 $ 83,576 Finished new railcars 85 11,858 Parts inventory 2,747 2,470 Total inventories, net $ 45,292 $ 97,904 |
Leased Railcars (Tables)
Leased Railcars (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leased Railcars [Abstract] | |
Future Minimum Rental Revenues On Leases | Year ending December 31, 2018 $ 1,124 Year ending December 31, 2019 1,002 Year ending December 31, 2020 1,001 Year ending December 31, 2021 275 Thereafter - $ 3,402 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, 2017 2016 Land $ 140 $ 151 Buildings and improvements 670 1,398 Leasehold improvements 14,945 14,888 Machinery and equipment 69,442 69,960 Software 8,979 9,034 Construction in process 230 640 Total cost 94,406 96,071 Less: Accumulated depreciation and amortization (56,153) (49,724) Total property, plant and equipment, net $ 38,253 $ 46,347 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties [Abstract] | |
Changes in Warranty Reserve | December 31, 2017 2016 2015 Balance at the beginning of the year $ 8,324 $ 9,239 $ 8,742 Current year provision 1,661 2,394 3,209 Reductions for payments, costs of repairs and other (894) (1,812) (1,611) Adjustments to prior warranties (1,029) (1,497) (1,101) Balance at the end of the year $ 8,062 $ 8,324 $ 9,239 |
State and Local Incentives (Tab
State and Local Incentives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
State and Local Incentives [Abstract] | |
Changes in Deferred Income from State Incentives | December 31, 2017 2016 Balance at the beginning of the year $ 13,599 $ 14,318 State and local incentives received during the year - 1,410 Recognition of state and local incentives as a reduction of cost of sales (2,219) (2,129) Balance at the end of the year, including current portion $ 11,380 $ 13,599 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Pre-Tax Tax After-Tax Year ended December 31, 2017 Pension liability activity: Actuarial gain $ 545 $ 119 $ 426 Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $514 and selling, general and administrative expenses of $(39) ) 475 167 308 Postretirement liability activity: Actuarial gain 74 17 57 Reclassification adjustment for amortization of net gain (pre-tax cost of sales of $(8) and selling, general and administrative expenses of $(309) ) (317) (112) (205) Reclassification adjustment for amortization of prior service cost (pre-tax selling, general and administrative expenses of $14 ) 14 4 10 $ 791 $ 195 $ 596 Pre-Tax Tax After-Tax Year ended December 31, 2016 Pension liability activity: Actuarial loss $ (433) $ (154) $ (279) Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $279 and selling, general and administrative expenses of $220 ) 499 177 322 Postretirement liability activity: Actuarial loss (1,586) (563) (1,023) Settlement gain 37,190 13,202 23,988 Reclassification adjustment for settlement income (pre-tax gain on settlement of postretirement benefit obligation) (15,606) (5,540) (10,066) Reclassification adjustment for prior service curtailment cost 38 14 24 Reclassification adjustment for amortization of net gain (pre-tax cost of sales ( $80 ), selling, general and administrative expenses of ( $17 )) (97) (34) (63) Reclassification adjustment for amortization of prior service cost (pre-tax cost of sales of $14 and selling, general and administrative expenses of $4 ) 18 6 12 $ 20,023 $ 7,108 $ 12,915 Pre-Tax Tax After-Tax Year ended December 31, 2015 Pension liability activity: Actuarial loss $ (190) $ (67) $ (123) Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $333 and selling, general and administrative expenses of $107 ) 440 163 277 Postretirement liability activity: Actuarial gain 3,621 1,273 2,348 Reclassification adjustment for amortization of net loss (pre-tax cost of sales of $567 and selling, general and administrative expenses of $80 ) 647 237 410 Reclassification adjustment for amortization of prior service cost (pre-tax cost of sales of $37 and selling, general and administrative expenses of $5 ) 42 15 27 $ 4,560 $ 1,621 $ 2,939 |
Components of Accumulated Other Comprehensive Income Loss | December 31, December 31, 2017 2016 Unrecognized pension cost, net of tax of $6,120 and $6,405 $ (9,707) $ (10,441) Unrecognized postretirement income, net of tax of $533 and $623 2,140 2,278 $ (7,567) $ (8,163) |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefit Plans [Abstract] | |
Change in Plan Assets and Funded Status | Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation Benefit obligation – Beginning of year $ 53,293 $ 53,440 $ 6,172 $ 72,902 Service cost - - 48 60 Interest cost 1,786 2,329 199 934 Actuarial loss (gain) 2,599 1,222 (74) 1,586 Benefits paid (3,629) (3,778) (539) (488) Lump-sum settlement payment - - - (31,616) Settlement gain - - - (37,190) Plan curtailment - (51) - (32) Special termination benefits 270 131 150 16 Benefit obligation – End of year 54,319 53,293 5,956 6,172 Change in plan assets Plan assets – Beginning of year 46,472 46,767 - - Return on plan assets 5,713 3,483 - - Employer contributions - - 539 32,104 Benefits paid (3,629) (3,778) (539) (488) Lump-sum settlement payment - - - (31,616) Plan assets at fair value – End of year 48,556 46,472 - - Funded status of plans – End of year $ (5,763) $ (6,821) $ (5,956) $ (6,172) |
Schedule of Amounts Recognized in Balance Sheet | Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Amounts recognized in the Consolidated Balance Sheets Current liabilities $ - $ - $ (400) $ (403) Noncurrent liabilities (5,763) (6,821) (5,556) (5,769) Net amount recognized at December 31 $ (5,763) $ (6,821) $ (5,956) $ (6,172) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Net actuarial loss (gain) $ 15,827 $ 16,847 $ (2,846) $ (3,089) Prior service cost - - 173 187 $ 15,827 $ 16,847 $ (2,673) $ (2,902) |
Components of Net Periodic Benefit Cost | Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Components of net periodic benefit cost Service cost $ - $ - $ - $ 48 $ 60 $ 70 Interest cost 1,786 2,329 2,319 199 934 2,970 Expected return on plan assets (2,569) (2,745) (3,046) - - - Amortization of unrecognized prior service cost - - - 14 18 42 Amortization of unrecognized net loss (gain) 475 499 440 (317) (97) 647 Lump-sum settlement cost - - - - (15,606) - Curtailment recognition - - - - 6 - Contractual benefit charge 270 131 - 150 16 - Total net periodic benefit cost $ (38) $ 214 $ (287) $ 94 $ (14,669) $ 3,729 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | 2017 2016 Pension Benefits Postretirement Benefits Pension Benefits Postretirement Benefits Net actuarial loss (gain) $ (545) $ (74) $ 433 $ 1,586 Settlement gain - - - (37,190) Curtailment - prior service cost - - - (38) Net actuarial loss settlement expense - - - 15,606 Amortization of net actuarial loss (gain) (475) 317 (499) 97 Amortization of prior service cost - (14) - (18) Total recognized in accumulated other comprehensive loss (gain) $ (1,020) $ 229 $ (66) $ (19,957) |
Schedule of Expected Benefit Payments | Pension Benefits Postretirement Benefits 2018 $ 3,437 $ 400 2019 3,334 383 2020 3,307 374 2021 3,281 370 2022 3,282 370 2023 through 2027 16,032 1,814 |
Schedule of Assumptions Used | The assumptions used to determine end of year benefit obligations are shown in the following table: Pension Benefits Postretirement Benefits 2017 2016 2017 2016 Discount rates 3.68% 4.21% 3.65% 4.21% The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates. In October 2017, the Society of Actuaries published updated mortality improvement assumptions for U.S. plans, scale (MP-2017), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2016) were developed. Scale (MP-2017) results in lower projected mortality improvement than scale (MP-2016). The Company has historically utilized the Society of Actuaries’ published mortality data in its plan assumptions. Accordingly, the Company adopted MP-2017 for purposes of measuring its pension and postretirement obligations at December 31, 2017. The assumptions used in the measurement of net periodic cost are shown in the following table: Pension Benefits Postretirement Benefits 2017 2016 2015 2017 2016 2015 Discount rate for benefit obligations 4.22% 4.47% 4.15% 4.18% 4.39% 4.03% Expected return on plan assets 5.75% 6.11% 6.24% N/A N/A N/A Rate for interest on benefit obligations 3.51% N/A N/A 3.48% N/A N/A Discount rate for service cost N/A N/A N/A 4.55% N/A N/A |
Schedule of Allocation of Plan Assets | The Company’s pension plan’s weighted average asset allocations at December 31, 2017 and 2016, and target allocations for 2018, by asset category, are as follows: Plan Assets at December 31, Target Allocation 2017 2016 2018 Asset Category Cash and cash equivalents 1% 1% 0% - 5% Equity securities 57% 55% 45% - 65% Fixed income securities 37% 39% 30% - 50% Real estate 5% 5% 4% -6% 100% 100% 100% The basic goal underlying the pension plan investment policy is to ensure that the assets of the plans, along with expected plan sponsor contributions, will be invested in a prudent manner to meet the obligations of the plans as those obligations come due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within the capital markets to protect asset values against adverse movements in any one market. The Company’s investment strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to manage the risk of such investments with less volatile assets, such as fixed-income securities. Investment practices must comply with the requirements of ERISA and any other applicable laws and regulations. The Company, in consultation with its investment advisors, has determined a targeted allocation of invested assets by category and it works with its advisors to reasonably maintain the actual allocation of assets near the target. The long term return on assets was estimated based upon historical market performance, expectations of future market performance for debt and equity securities and the related risks of various allocations between debt and equity securities. Numerous asset classes with differing expected rates of return, return volatility and correlations are utilized to reduce risk through diversification. The Company’s pension plan assets are invested in one mutual fund for each fund classification. The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2 for a description of the fair value hierarchy) as of December 31, 2017 and 2016: Pension Plan Assets As of December 31, 2017 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,250 - - $ 18,250 Large cap funds 15,356 - - 15,356 Small cap funds 4,589 - - 4,589 International funds 7,755 - - 7,755 Real estate funds 2,385 - - 2,385 Cash and equivalents 221 - - 221 Total $ 48,556 $ - $ - $ 48,556 Pension Plan Assets As of December 31, 2016 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,051 - - $ 18,051 Large cap funds 14,864 - - 14,864 Small cap funds 3,970 - - 3,970 International funds 6,554 - - 6,554 Real estate funds 2,273 - - 2,273 Cash and equivalents 760 - - 760 Total $ 46,472 $ - $ - $ 46,472 |
Schedule of Changes in Fair Value of Plan Assets | Pension Plan Assets As of December 31, 2017 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,250 - - $ 18,250 Large cap funds 15,356 - - 15,356 Small cap funds 4,589 - - 4,589 International funds 7,755 - - 7,755 Real estate funds 2,385 - - 2,385 Cash and equivalents 221 - - 221 Total $ 48,556 $ - $ - $ 48,556 Pension Plan Assets As of December 31, 2016 Level 1 Level 2 Level 3 Total Mutual funds: Fixed income funds $ 18,051 - - $ 18,051 Large cap funds 14,864 - - 14,864 Small cap funds 3,970 - - 3,970 International funds 6,554 - - 6,554 Real estate funds 2,273 - - 2,273 Cash and equivalents 760 - - 760 Total $ 46,472 $ - $ - $ 46,472 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Composition of Income Tax Expense | Year Ended December 31, 2017 2016 2015 Current taxes Federal $ (2,230) $ (15,747) $ 16,709 State (187) (486) 751 (2,417) (16,233) 17,460 Deferred taxes Federal (4,703) 23,869 (2,767) State (1,721) (1,146) 88 (6,424) 22,723 (2,679) Tax (benefit) expense related to a (decrease) increase in unrecognized tax benefits (57) (1,120) 59 Interest expense, gross of related tax effects 53 (1,906) (9) Total (benefit) provision $ (8,845) $ 3,464 $ 14,831 |
Reconciliation of Income Tax Rate | Year Ended December 31, 2017 2016 2015 Statutory U.S. federal income tax rate 35.0% 35.0% 35.0% State income taxes, net of federal tax benefit 3.4% 3.4% 3.2% Valuation allowance 0.1% (2.6)% (1.0)% Enactment of the Tax Cuts and Jobs Act (8.0)% 0.0% 0.0% Domestic manufacturing deduction (1.0)% 7.6% (3.6)% State rate and other changes in deferred taxes (1.3)% (1.9)% 0.4% Federal and state credits 0.1% (4.8)% (2.7)% Uncertain tax positions (0.3)% (16.1) % 0.4% Nondeductible expenses and other 0.2% 1.3% 0.1% Effective income tax rate 28.2% 21.9% 31.8% |
Components of Deferred Tax Assets and Liabilities | December 31, 2017 December 31, 2016 Description Assets Liabilities Assets Liabilities Accrued postretirement and pension benefits $ 2,545 $ - $ 4,624 $ - Intangible assets - (1,669) - (2,838) Accrued expenses 4,104 - 6,961 - Deferred state and local incentive revenue 2,933 - 4,733 - Inventory valuation 1,869 - 2,621 - Property, plant and equipment and railcars on operating leases - (8,957) - (14,897) Net operating loss and tax credit carryforwards 13,371 - 5,731 - Stock-based compensation expense 807 - 2,825 - Other 1,085 (379) 419 (761) 26,714 (11,005) 27,914 (18,496) Valuation allowance (6,263) - (5,197) - Deferred tax assets (liabilities) $ 20,451 $ (11,005) $ 22,717 $ (18,496) Increase (decrease) in valuation allowance $ 1,066 $ (600) |
Reconciliation of Unrecognized Tax Benefits | 2017 2016 2015 Beginning of year balance $ 1,572 $ 2,503 $ 2,444 Increases in prior period tax positions - 13 - Decreases in prior period tax positions (189) (1,924) - Increases in current period tax positions - 980 59 End of year balance $ 1,383 $ 1,572 $ 2,503 |
Income Tax Years Subject to Examination | Jurisdiction Earliest Year Open to Examination U.S. Federal 2010 States: Pennsylvania 2000 Texas 2013 Illinois 2010 Virginia 2014 Colorado 2010 Indiana 2010 Nebraska 2010 Alabama 2014 Foreign: China 2015 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation [Abstract] | |
Option Activity | December 31, 2017 2016 Weighted- Weighted- Average Average Exercise Exercise Options Price Options Price Outstanding (per share) Outstanding (per share) Outstanding at the beginning of the year 378,990 $ 24.32 507,783 $ 24.80 Granted - - - - Exercised - - - - Forfeited or expired (203,370) 23.67 (128,793) 26.20 Outstanding at the end of the year 175,620 $ 25.13 378,990 $ 24.32 Exercisable at the end of the year 175,620 $ 25.13 341,194 $ 24.18 |
Options Outstanding | Weighted- Average Weighted- Remaining Average Contractual Exercise Aggregate Options Term Price Intrinsic Outstanding (in years) (per share) Value Options outstanding 175,620 4.2 $ 25.13 $ - Vested or expected to vest 175,620 4.2 $ 25.13 $ - Options exercisable 175,620 4.2 $ 25.13 $ - |
Nonvested Restricted Shares | December 31, 2017 2016 Weighted- Weighted- Average Average Grant Date Grant Date Fair Value Fair Value Shares (per share) Shares (per share) Nonvested at the beginning of the year 111,549 $ 19.19 85,317 $ 23.75 Granted 72,503 15.44 84,353 16.57 Vested (27,949) 15.55 (28,531) 24.49 Forfeited or expired (56,239) 18.73 (29,590) 19.90 Nonvested at the end of the year 99,864 $ 17.75 111,549 $ 19.19 Expected to vest 99,864 $ 17.75 102,962 $ 18.94 |
Other Commitments (Tables)
Other Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Commitments [Abstract] | |
Operating Leases of Lessee Disclosure | Year ending December 31, 2018 $ 10,011 Year ending December 31, 2019 10,049 Year ending December 31, 2020 10,363 Year ending December 31, 2021 10,201 Year ending December 31, 2022 3,346 Thereafter 6,336 $ 50,306 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding | Year Ended December 31, 2017 2016 2015 Weighted average common shares outstanding 12,285,566 12,262,275 12,175,955 Dilutive effect of employee stock options and nonvested share awards - - 41,800 Weighted average diluted common shares outstanding 12,285,566 12,262,275 12,217,755 |
Revenue Sources and Concentra48
Revenue Sources and Concentration of Sales (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Revenue Sources and Concentration of Sales [Abstract] | |
Schedule of Revenue Sources and Concentration of Sales | Year ended December 31, 2017 2016 2015 Railcar sales $ 398,095 $ 513,543 $ 743,135 Parts sales 8,874 7,573 9,845 Leasing revenues 2,298 2,605 2,654 Maintenance and repair revenues 77 10 17,020 Other sales 130 - 200 $ 409,474 $ 523,731 $ 772,854 |
Selected Quarterly Financial 49
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | First Second Third Fourth 2017 Quarter Quarter Quarter Quarter Revenues $ 139,536 $ 118,672 $ 72,025 $ 79,241 Gross profit $ 9,890 $ 5,328 $ (7,838) $ (4,049) Net income (loss) (1) (2) (3) $ 638 $ (448) $ (11,614) $ (11,138) Net income (loss) per common share-basic $ 0.05 $ (0.04) $ (0.94) $ (0.90) Net income (loss) per common share-diluted $ 0.05 $ (0.04) $ (0.94) $ (0.90) 2016 Revenues $ 148,590 $ 126,157 $ 113,461 $ 135,523 Gross profit $ 15,887 $ 8,077 $ 9,489 $ 6,726 Net income (loss) (4) (5) $ 12,667 $ (468) $ 51 $ 74 Net income (loss) per common share-basic $ 1.03 $ (0.04) $ - $ 0.01 Net income (loss) per common share-diluted $ 1.03 $ (0.04) $ - $ 0.01 (1) Results for the first quarter of 2017 include pre-tax restructuring and impairment charges of $1,777 . (2) Results for the third and fourth quarters of 2017 include pre-tax contingent liability charges of $2,850 and $1,450 , respectively. (3) Results for the fourth quarter of 2017 include tax expense of $2,502 related to remeasurement of net deferred tax assets as a result of the Tax Act. (4) Results for the first quarter of 2016 include a $14,306 pre-tax gain on settlement of a postretirement benefit plan obligation, net of plaintiffs' attorneys' fees. (5) Results for the third and fourth quarters of 2016 include pre-tax restructuring and impairment charges of $1,531 and $730 , respectively. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2017 2016 2015 Revenues: Manufacturing $ 400,481 $ 516,063 $ 745,723 Corporate and Other 8,993 7,668 27,131 Consolidated Revenues $ 409,474 $ 523,731 $ 772,854 Operating (Loss) Income: Manufacturing $ (6,998) $ 29,012 $ 69,165 Corporate and Other (24,794) (13,164) (22,402) Consolidated Operating (Loss) Income (31,792) 15,848 46,763 Consolidated interest expense and deferred financing costs (163) (171) (243) Consolidated other income 548 111 116 Consolidated (Loss) Income Before Income Taxes $ (31,407) $ 15,788 $ 46,636 Depreciation and Amortization: Manufacturing $ 8,642 $ 8,328 $ 7,170 Corporate and Other 724 1,408 2,858 Consolidated Depreciation and Amortization $ 9,366 $ 9,736 $ 10,028 Capital Expenditures: Manufacturing $ 624 $ 13,079 $ 15,176 Corporate and Other 343 767 1,523 Consolidated Capital Expenditures $ 967 $ 13,846 $ 16,699 |
Reconciliation of Assets From Segment to Consolidated | December 31, December 31, 2017 2016 Assets: Manufacturing $ 136,448 $ 211,043 Corporate and Other 149,195 110,708 Total Operating Assets 285,643 321,751 Consolidated income taxes receivable 815 13,283 Consolidated deferred income taxes, long-term 9,446 4,221 Consolidated Assets $ 295,904 $ 339,255 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Railcars Available for Lease, Useful Life | 40 years | |||
Research and Development Expense | $ 298 | $ 386 | $ 379 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |
Income tax rate | 35.00% | 35.00% | 35.00% | |
Scenario, Plan [Member] | ||||
Income tax rate | 21.00% | |||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | ||||
Cumulative effect | $ 215 | |||
Accounting Standards Update 2016-09 [Member] | Additional Paid In Capital [Member] | ||||
Cumulative effect | $ 215 | |||
Maximum [Member] | ||||
Warranty period | 5 years | |||
Useful life of assets related to state and local incentives | 16 years | |||
Minimum [Member] | ||||
Useful life of assets related to state and local incentives | 7 years | |||
Income Approach Valuation Technique [Member] | ||||
Valuation weighting | 60.00% | |||
Market Approach Valuation Technique [Member] | ||||
Valuation weighting | 40.00% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Useful Life of Property, Plant and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 6 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Maximum [Member] | Buildings and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Maximum [Member] | Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
Fair Value Measurements [Abstract] | |||||
Purchase price in escrow | $ 1,960 | ||||
Escrow receivable | $ 1,470 | $ 1,960 | |||
cash received from escrow | 490 | ||||
Asset impairment charge | $ 333 | $ 1,255 | $ 333 | $ 1,255 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow receivable | $ 1,470 | $ 1,960 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 45,542 | 15,156 |
Restricted certificates of deposit | 5,720 | 5,970 |
Escrow receivable | 1,420 | 1,910 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, plant and equipment | 1,434 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 45,542 | 15,156 |
Restricted certificates of deposit | 5,720 | 5,970 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow receivable | 1,420 | $ 1,910 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, plant and equipment | $ 1,434 |
Marketable Securities (Details)
Marketable Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Held-to-maturity Securities, Current | $ 42,917 |
Maximum [Member] | |
Marketable securities, original maturity | 1 year |
Minimum [Member] | |
Marketable securities, original maturity | 90 days |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Inventory valuation reserves | $ 6,160 | $ 4,307 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventories [Abstract] | ||
Work in process | $ 42,460 | $ 83,576 |
Finished new railcars | 85 | 11,858 |
Parts inventory | 2,747 | 2,470 |
Total inventories, net | $ 45,292 | $ 97,904 |
Leased Railcars (Narrative) (De
Leased Railcars (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leased Railcars [Abstract] | |||
Railcars Available for Lease, net | $ 23,434 | $ 24,018 | |
Railcars Available for Lease, cost | 28,074 | 27,954 | |
Railcars Available for Lease, accumulated depreciation | $ 4,640 | $ 3,936 | |
Lease utilization rate | 73.00% | 73.00% | |
Lease term | 3 years 6 months | ||
Depreciation Expense on Leased Railcars | $ 704 | $ 711 | $ 499 |
Leased Railcars (Future Minimum
Leased Railcars (Future Minimum Rental Revenues on Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leased Railcars [Abstract] | |
Year ending December 31, 2018 | $ 1,124 |
Year ending December 31, 2019 | 1,002 |
Year ending December 31, 2020 | 1,001 |
Year ending December 31, 2021 | 275 |
Thereafter | |
Total Future Minimum Rental Revenues on Leases | $ 3,402 |
Restructuring and Impairment 60
Restructuring and Impairment Charges (Details) - USD ($) $ in Thousands | Aug. 01, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Restructuring and Impairment Charges [Abstract] | |||||||
Percent of salaried workforce eliminated | 15.00% | ||||||
Restructuring and impairment charges | $ 1,777 | $ 730 | $ 1,531 | $ 2,212 | $ 2,261 | ||
Asset impairment charge | $ 333 | $ 1,255 | 333 | 1,255 | |||
Severance costs | 1,006 | ||||||
Employee severance and other employment termination costs | $ 371 | 250 | $ 371 | ||||
Restructuring costs | $ 1,879 |
Property, Plant and Equipment61
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |||||
Depreciation | $ 8,662 | $ 8,666 | $ 8,858 | ||
Asset Impairment Charges | $ 333 | $ 1,255 | $ 333 | $ 1,255 |
Property, Plant and Equipment62
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 94,406 | $ 96,071 |
Less: Accumulated depreciation and amortization | (56,153) | (49,724) |
Total property, plant and equipment, net | 38,253 | 46,347 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 140 | 151 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 670 | 1,398 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 14,945 | 14,888 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 69,442 | 69,960 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 8,979 | 9,034 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 230 | $ 640 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 21,521 | $ 21,521 | |
Patents [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization Expense | $ 359 | $ 591 |
Product Warranties (Narrative)
Product Warranties (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Maximum [Member] | |
Warranty period | 5 years |
Product Warranties (Changes in
Product Warranties (Changes in Warranty Reserve) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Warranties [Abstract] | |||
Balance at the beginning of the year | $ 8,324 | $ 9,239 | $ 8,742 |
Current year provision | 1,661 | 2,394 | 3,209 |
Reductions for payments, cost of repairs and other | (894) | (1,812) | (1,611) |
Adjustments to prior warranties | (1,029) | (1,497) | (1,101) |
Balance at the end of the year | $ 8,062 | $ 8,324 | $ 9,239 |
State and Local Incentives (Nar
State and Local Incentives (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
State and Local Incentives [Abstract] | ||
State incentives received during the year | $ 1,410 | $ 15,733 |
State and Local Incentives (Cha
State and Local Incentives (Changes in Deferred Income from State Incentives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
State and Local Incentives [Abstract] | |||
Balance at the beginning of the period | $ 13,599 | $ 14,318 | |
State and local incentives received during the year | 1,410 | $ 15,733 | |
Recognition of state and local incentives as a reduction of cost of sales | (2,219) | (2,129) | (1,415) |
Balance at the end of the year, including current portion | $ 11,380 | $ 13,599 | $ 14,318 |
Revolving Credit Facility (Deta
Revolving Credit Facility (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 44,548 | $ 44,280 |
Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Date | Jul. 26, 2019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000 | |
Outstanding borrowings | $ 0 | 0 |
Line of Credit Facility, Interest Rate Description | rate of LIBOR plus an applicable margin of between 1.25% and 1.75% depending on the Company's consolidated leverage ratio or at a base rate, as selected by the Company. Base rate loans will bear interest at the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate or (c) LIBOR plus 1.00% | |
Line of Credit Facility, Collateral | Borrowings under the Revolving Credit Facility are secured by a first priority perfected security interest in substantially all of the Borrowers' assets excluding railcars held by the Company's railcar leasing subsidiary, JAIX. The Borrowers also have pledged all of the equity interests in the Company's direct and indirect domestic subsidiaries as security for the Revolving Credit Facility. | |
Revolving Credit Facility [Member] | Letter of Credit Sub-Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Outstanding borrowings | $ 5,452 | $ 5,720 |
Revolving Credit Facility [Member] | Base Rate Loans [Member] | Federal Funds Rate [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Revolving Credit Facility [Member] | Base Rate Loans [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
Letter of Credit [Member] | Letter of Credit Sub-Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |
Minimum [Member] | Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |
Minimum [Member] | Revolving Credit Facility [Member] | Revolving Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Maximum [Member] | Revolving Credit Facility [Member] | Senior Secured Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Maximum net leverage ratio | 2.50 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |
Maximum [Member] | Revolving Credit Facility [Member] | Revolving Loan Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Accumulated Other Comprehensi69
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Pension liability activity, actuarial gain (loss), before tax | $ 545 | $ (433) | $ (190) |
Pension liability activity, actuarial gain (loss), tax effect | 119 | (154) | (67) |
Pension liability activity, actuarial gain (loss), net of tax | 426 | (279) | (123) |
Pension liability activity, reclassfication adjustment for amortization of net loss, before tax | 475 | 499 | 440 |
Pension liability activity, reclassification adjustment for amortization of net loss, tax effect | 167 | 177 | 163 |
Pension liability activity, reclassification adjustment for amortization of net loss, net of tax | 308 | 322 | 277 |
Postretirement liability activity, actuarial gain (loss), before tax | 74 | (1,586) | 3,621 |
Postretirement liability activity, actuarial gain (loss), tax effect | 17 | (563) | 1,273 |
Postretirement liability activity, actuarial gain (loss), net of tax | 57 | (1,023) | 2,348 |
Postretirement liability activity, settlement gain, before tax | 37,190 | ||
Postretirement liability activity, settlement gain, tax effect | 13,202 | ||
Postretirement liability activity, settlement gain, net of tax | 23,988 | ||
Postretirement liability activity, reclassification adjustment for settlement income, before tax | (15,606) | ||
Postretirement liability activity, reclassification adjustment for settlement income, tax effect | (5,540) | ||
Postretirement liability activity, reclassification adjustment for settlement income, net of tax | (10,066) | ||
Postretirement liability activity, reclassification adjustment for prior service curtailment cost, before tax | 38 | ||
Postretirement liability activity, reclassification adjustment for prior service curtailment cost, tax effect | 14 | ||
Postretirement liability activity, reclassification adjustment for prior service curtailment cost, net of tax | 24 | ||
Postretirement liability activity, reclassification adjustment for amortization of net loss, before tax | 647 | ||
Postretirement liability activity, reclassification adjustment for amortization of net loss, tax effect | 237 | ||
Postretirement liability activity, reclassification adjustment for amortization of net loss, net of tax | 410 | ||
Postretirement liability activity, reclassification adjustment for amortization of net gain, before tax | (317) | (97) | |
Postretirement liability activity, reclassification adjustment for amortization of net gain, tax effect | (112) | (34) | |
Postretirement liability activity, reclassification adjustment for amortization of net gain, net of tax | (205) | (63) | |
Postretirement liability activity, reclassification adjustment for amortization of prior service cost, before tax | 14 | 18 | 42 |
Postretirement liability activity, reclassfication adjustment for amortization of prior service cost, tax effect | 4 | 6 | 15 |
Postretirement liability activity, reclassification adjustment for amortization of prior service cost, net of tax | 10 | 12 | 27 |
Pre-tax | 791 | 20,023 | 4,560 |
Tax | 195 | 7,108 | 1,621 |
Other comprehensive income | $ 596 | $ 12,915 | $ 2,939 |
Accumulated Other Comprehensi70
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 406,143 | $ 483,552 | $ 690,193 |
Selling, general and administrative expenses | 32,911 | 36,376 | 41,663 |
Accumulated Defined Benefit Plans Adjustment, Amortization of Unrecognized Net Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | 514 | 279 | 333 |
Selling, general and administrative expenses | (39) | 220 | 107 |
Accumulated Postretirement Plans Adjustment, Amortization of Unrecognized Net Loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | 567 | ||
Selling, general and administrative expenses | 80 | ||
Accumulated Postretirement Plans Adjustment Amortization Of Unrecognized Net Gain [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | (8) | (80) | |
Selling, general and administrative expenses | (309) | (17) | |
Accumulated Postretirement Plans Adjustment, Amortization of Prior Service Cost [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | 14 | 37 | |
Selling, general and administrative expenses | $ 14 | $ 4 | $ 5 |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Unrecognized pension cost, net of tax of $6,120 and $6,405 | $ (9,707) | $ (10,441) |
Unrecognized postretirement income, net of tax of $533 and $623 | 2,140 | 2,278 |
Accumulated other comprehensive loss, net of tax | (7,567) | (8,163) |
Unrecognized pension cost, tax amount | 6,120 | 6,405 |
Unrecognized postretirement income, tax amount | $ 533 | $ 623 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | Mar. 25, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Cash payment for settlement of postretirement benefit plan obligation | $ 31,616 | $ 31,616 | |||
Postretirement benefit plan obligation settlement interest | 166 | ||||
Gain on settlement of postretirement benefit plan obligation, net of plaintiffs' attorneys' fees | 14,306 | $ 14,306 | (14,306) | ||
Attorneys' fees | 1,300 | ||||
Reduction in postretirement benefit obligation | $ 68,806 | ||||
Defined contribution plan expense recognized | $ 1,486 | 2,062 | $ 2,857 | ||
Minimum [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Contributions to pension plan | 0 | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Cash payment for settlement of postretirement benefit plan obligation | |||||
Defined benefit plan, future amortization of net gains (losses) | 453 | ||||
Employer contributions | |||||
Postretirement Benefit Plan [Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Cash payment for settlement of postretirement benefit plan obligation | (31,616) | ||||
Defined benefit plan, future amortization of net gains (losses) | (258) | ||||
Defined Benefit Plan, Future Amortization of Prior Service Cost (Credit) | 14 | ||||
Employer contributions | $ 539 | $ 32,104 |
Employee Benefit Plans (Change
Employee Benefit Plans (Change in Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands | Mar. 25, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Lump-sum settlement payment | $ 31,616 | $ 31,616 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation - Beginning of year | $ 53,293 | 53,440 | ||
Service cost | ||||
Interest cost | 1,786 | 2,329 | $ 2,319 | |
Actuarial loss (gain) | 2,599 | 1,222 | ||
Benefits paid | (3,629) | (3,778) | ||
Lump-sum settlement payment | ||||
Settlement gain | ||||
Plan curtailment | (51) | |||
Special termination benefits | 270 | 131 | ||
Benefit obligation - End of year | 54,319 | 53,293 | 53,440 | |
Plan assets - Beginning of year | 46,472 | 46,767 | ||
Return on plan assets | 5,713 | 3,483 | ||
Employer contributions | ||||
Benefits paid | (3,629) | (3,778) | ||
Lump-sum settlement payment | ||||
Plan assets at fair value - End of year | 48,556 | 46,472 | 46,767 | |
Funded status of plans - End of year | (5,763) | (6,821) | ||
Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Benefit obligation - Beginning of year | 6,172 | 72,902 | ||
Service cost | 48 | 60 | 70 | |
Interest cost | 199 | 934 | 2,970 | |
Actuarial loss (gain) | (74) | 1,586 | ||
Benefits paid | (539) | (488) | ||
Lump-sum settlement payment | (31,616) | |||
Settlement gain | (37,190) | |||
Plan curtailment | (32) | |||
Special termination benefits | 150 | 16 | ||
Benefit obligation - End of year | 5,956 | 6,172 | 72,902 | |
Plan assets - Beginning of year | ||||
Return on plan assets | ||||
Employer contributions | 539 | 32,104 | ||
Benefits paid | (539) | (488) | ||
Lump-sum settlement payment | (31,616) | |||
Plan assets at fair value - End of year | ||||
Funded status of plans - End of year | $ (5,956) | $ (6,172) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in the Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Noncurrent liabilities | $ (5,763) | $ (6,821) |
Net amount recognized at December 31 | (5,763) | (6,821) |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Current liabilities | (400) | (403) |
Noncurrent liabilities | (5,556) | (5,769) |
Net amount recognized at December 31 | $ (5,956) | $ (6,172) |
Employee Benefit Plans (Amoun75
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | $ 15,827 | $ 16,847 |
Amount recognized in accumulated other comprehensive loss | 15,827 | 16,847 |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net actuarial loss (gain) | (2,846) | (3,089) |
Prior service cost | 173 | 187 |
Amount recognized in accumulated other comprehensive loss | $ (2,673) | $ (2,902) |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Lump-sum settlement cost | $ (15,606) | ||
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | |||
Interest cost | 1,786 | 2,329 | $ 2,319 |
Expected return on plan assets | (2,569) | (2,745) | (3,046) |
Amortization of unrecognized net loss (gain) | 475 | 499 | 440 |
Contractual benefit charge | 270 | 131 | |
Total net periodic benefit cost | (38) | 214 | (287) |
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 48 | 60 | 70 |
Interest cost | 199 | 934 | 2,970 |
Amortization of unrecognized prior service cost | 14 | 18 | 42 |
Amortization of unrecognized net loss (gain) | (317) | (97) | 647 |
Lump-sum settlement cost | (15,606) | ||
Curtailment recognition | 6 | ||
Contractual benefit charge | 150 | 16 | |
Total net periodic benefit cost | $ 94 | $ (14,669) | $ 3,729 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Total recognized in accumulated other comprehensive loss (gain) | $ (791) | $ (20,023) | $ (4,560) |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | (545) | 433 | |
Amortization of net actuarial loss (gain) | (475) | (499) | |
Total recognized in accumulated other comprehensive loss (gain) | (1,020) | (66) | |
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net actuarial loss (gain) | (74) | 1,586 | |
Settlement gain | (37,190) | ||
Curtailment - prior service cost | (38) | ||
Net actuarial loss settlement expense | 15,606 | ||
Amortization of net actuarial loss (gain) | 317 | 97 | |
Amortization of prior service cost | (14) | (18) | |
Total recognized in accumulated other comprehensive loss (gain) | $ 229 | $ (19,957) |
Employee Benefit Plans (Sched78
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | $ 3,437 |
2,019 | 3,334 |
2,020 | 3,307 |
2,021 | 3,281 |
2,022 | 3,282 |
2023 through 2027 | 16,032 |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,018 | 400 |
2,019 | 383 |
2,020 | 374 |
2,021 | 370 |
2,022 | 370 |
2023 through 2027 | $ 1,814 |
Employee Benefit Plans (Sched79
Employee Benefit Plans (Schedule of Assumptions Used) (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Benefits [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.68% | 4.21% |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rates | 3.65% | 4.21% |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used in the Measurement of Net Periodic Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate for benefit obligations | 4.22% | 4.47% | 4.15% |
Expected return on plan assets | 5.75% | 6.11% | 6.24% |
Rate for interest on benefit obligations | 3.51% | ||
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate for benefit obligations | 4.18% | 4.39% | 4.03% |
Rate for interest on benefit obligations | 3.48% | ||
Discount rate for service cost | 4.55% |
Employee Benefit Plans (Sched81
Employee Benefit Plans (Schedule of Allocation of Plan Assets) (Details) - Pension Benefits [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Target Allocation | 100.00% | |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Plan Assets | 1.00% | 1.00% |
Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Plan Assets | 57.00% | 55.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Plan Assets | 37.00% | 39.00% |
Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Plan Assets | 5.00% | 5.00% |
Minimum [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | |
Minimum [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 45.00% | |
Minimum [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 30.00% | |
Minimum [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 4.00% | |
Maximum [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 5.00% | |
Maximum [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 65.00% | |
Maximum [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 50.00% | |
Maximum [Member] | Real Estate [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 6.00% |
Employee Benefit Plans (Sched82
Employee Benefit Plans (Schedule of Changes in Fair Value of Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | $ 48,556 | $ 46,472 | $ 46,767 |
Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 18,250 | 18,051 | |
Large cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 15,356 | 14,864 | |
Small cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 4,589 | 3,970 | |
International fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 7,755 | 6,554 | |
Real Estate Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 2,385 | 2,273 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 221 | 760 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 48,556 | 46,472 | |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 18,250 | 18,051 | |
Fair Value, Inputs, Level 1 [Member] | Large cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 15,356 | 14,864 | |
Fair Value, Inputs, Level 1 [Member] | Small cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 4,589 | 3,970 | |
Fair Value, Inputs, Level 1 [Member] | International fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 7,755 | 6,554 | |
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 2,385 | 2,273 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | 221 | 760 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Large cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Small cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | International fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Large cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Small cap stock fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | International fund [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Real Estate Funds [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets | |||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension Plan Assets |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income tax rate | 35.00% | 35.00% | 35.00% | ||
Increase in income tax expense | $ 2,502 | ||||
Decrease in net deferred tax assets | $ 2,502 | (2,502) | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 408 | 408 | $ 465 | $ 1,581 | |
Income tax provision included in expense | 106 | 1,419 | 110 | ||
Income tax provision included in expense, federal benefit | 13 | 667 | 60 | ||
Income tax provision included in expense, penalties and accrued interest | 106 | 106 | $ 0 | $ 2,086 | |
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards | 116,621 | 116,621 | |||
Operating Loss Carryforwards, Valuation Allowance | 80,749 | 80,749 | |||
U.S. Federal [Member] | |||||
Operating Loss Carryforwards | 18,578 | 18,578 | |||
Tax Credit Carryforwards | $ 2,051 | $ 2,051 | |||
U.S. Federal [Member] | Earliest Tax Year [Member] | |||||
Income Tax Examination, Year under Examination | 2,015 | ||||
U.S. Federal [Member] | Latest Tax Year [Member] | |||||
Income Tax Examination, Year under Examination | 2,016 | ||||
Minimum [Member] | State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2020 | ||||
Minimum [Member] | U.S. Federal [Member] | |||||
Carryforwards, Expiration Date | Dec. 31, 2030 | ||||
Maximum [Member] | State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | ||||
Maximum [Member] | U.S. Federal [Member] | |||||
Carryforwards, Expiration Date | Dec. 31, 2037 | ||||
Scenario, Plan [Member] | |||||
Income tax rate | 21.00% |
Income Taxes (Composition of In
Income Taxes (Composition of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current taxes | |||
Federal | $ (2,230) | $ (15,747) | $ 16,709 |
State | (187) | (486) | 751 |
Current taxes | (2,417) | (16,233) | 17,460 |
Deferred taxes | |||
Federal | (4,703) | 23,869 | (2,767) |
State | (1,721) | (1,146) | 88 |
Deferred taxes | (6,424) | 22,723 | (2,679) |
Tax (benefit) expense related to a (decrease) increase in unrecognized tax benefits | (57) | (1,120) | 59 |
Interest expense, gross of related tax effects | 53 | (1,906) | (9) |
Total (benefit) provision | $ (8,845) | $ 3,464 | $ 14,831 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 3.40% | 3.40% | 3.20% |
Valuation allowance | 0.10% | (2.60%) | (1.00%) |
Enactment of the Tax Cuts and Jobs Act | (8.00%) | 0.00% | 0.00% |
Domestic manufacturing deduction | (1.00%) | 7.60% | (3.60%) |
State rate and other changes in deferred taxes | (1.30%) | (1.90%) | 0.40% |
Federal and state credits | 0.10% | (4.80%) | (2.70%) |
Uncertain tax positions | (0.30%) | (16.10%) | 0.40% |
Nondeductible expenses and other | 0.20% | 1.30% | 0.10% |
Effective income tax rate | 28.20% | 21.90% | 31.80% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | ||
Deferred tax assets, Accrued postretirement and pension benefits-long-term | $ 2,545 | $ 4,624 |
Deferred tax liabilities, Intangible assets | (1,669) | (2,838) |
Deferred tax assets, Accrued expenses | 4,104 | 6,961 |
Deferred tax assets, Deferred state and local incentive revenue | 2,933 | 4,733 |
Deferred tax assets, Inventory valuation | 1,869 | 2,621 |
Deferred tax liabilities, Property, plant and equipment and railcars on operating leases | (8,957) | (14,897) |
Deferred tax assets, Net operating loss and tax credit | 13,371 | 5,731 |
Deferred tax assets, Stock-based compensation expense | 807 | 2,825 |
Deferred tax assets, Other | 1,085 | 419 |
Deferred tax Liabilities, Other | (379) | (761) |
Deferred Tax Assets, Gross, Total | 26,714 | 27,914 |
Deferred Tax Liabilities, Gross, Total | (11,005) | (18,496) |
Deferred Tax Assets, Valuation Allowance | (6,263) | (5,197) |
Deferred tax assets, net, total | 20,451 | 22,717 |
Increase (decrease) in valuation allowance | $ 1,066 | $ (600) |
Income Taxes (Reconciliation 87
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Beginning of year balance | $ 1,572 | $ 2,503 | $ 2,444 |
Increases in prior period tax positions | 13 | ||
Decreases in prior period tax positions | (189) | (1,924) | |
Increases in current period tax positions | 980 | 59 | |
End of year balance | $ 1,383 | $ 1,572 | $ 2,503 |
Income Taxes (Income Tax Years
Income Taxes (Income Tax Years Subject to Examination) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
U.S. Federal [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,010 |
Pennsylvania [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,000 |
Texas [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,013 |
Illinois [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,010 |
Virginia [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,014 |
Colorado [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,010 |
Indiana [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,010 |
Nebraska [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,010 |
Alabama [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,014 |
China [Member] | |
Income Tax Contingency [Line Items] | |
Open Tax Year | 2,015 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,162 | $ 1,149 | $ 2,183 | |
Income tax benefit recognized | $ 330 | $ 405 | 768 | |
Stock options exercised, shares | ||||
Options granted | ||||
Proceeds from exercise of stock options | $ 4,925 | |||
weighted-average grant-date fair value | $ 15.44 | $ 16.57 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercised, shares | 0 | 0 | 240,410 | |
Intrinsic value of options exercised | $ 2,258 | |||
Options granted | 0 | 0 | 0 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 685 | |||
weighted-average grant-date fair value | $ 15.44 | $ 16.57 | $ 24.04 | |
Fair value of stock awards | $ 475 | $ 486 | $ 754 | |
Remaining requisite service period | 22 months | |||
The 2005 Long Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award, Number of Shares Authorized | 2,459,616 | |||
Shares available for grant | 689,002 | |||
The 2005 Long Term Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term | 10 years | |||
The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award contractual term | 10 years | |||
Options granted | 350,000 | |||
Expected volatility | 49.22% | |||
Derived service period | 10 years | |||
Expected dividend yield | 2.19% | |||
quarterly dividend payment | $ 0.09 | |||
grant date stock price | $ 16.44 | |||
Risk-free rate | 2.30% | |||
The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 34.00% | |||
Threshold Stock Price | $ 5 | |||
The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.00% | |||
Threshold Stock Price | $ 10 | |||
The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | Share-based Compensation Award, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.00% | |||
Threshold Stock Price | $ 15 | |||
Minimum [Member] | The 2005 Long Term Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 1 year | |||
Minimum [Member] | The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 11 months 23 days | |||
Weighted-average grant-date fair value | 6.88 | |||
Minimum [Member] | The 2005 Long Term Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 1 year | |||
Maximum [Member] | The 2005 Long Term Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 3 years | |||
Maximum [Member] | The 2005 Long Term Incentive Plan [Member] | Performance Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 2 years 4 months 21 days | |||
Weighted-average grant-date fair value | $ 7.25 | |||
Maximum [Member] | The 2005 Long Term Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 3 years |
Stock-Based Compensation (Optio
Stock-Based Compensation (Option Activity) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | ||
Options Outstanding, Outstanding at the beginning of the year (shares) | 378,990 | 507,783 |
Options Outstanding, Granted (shares) | ||
Options Outstanding, Exercised (shares) | ||
Options Outstanding, Forfeited or expired (shares) | (203,370) | (128,793) |
Options Outstanding, Outstanding at the end of the year (shares) | 175,620 | 378,990 |
Options Outstanding, Exercisable at the end of the year (shares) | 175,620 | 341,194 |
Weighted-Average Exercise Price, Outstanding at the beginning of the year (per share) | $ 24.32 | $ 24.80 |
Weighted-Average Exercise Price, Granted (per share) | ||
Weighted-Average Exercise Price, Excercised (per share) | ||
Weighted-Average Exercise Price, Forfeited or expired (per share) | 23.67 | 26.20 |
Weighted-Average Exercise Price, Outstanding at the end of the year (per share) | 25.13 | 24.32 |
Weighted-Average Exercise Price, Exercisable at the end of the year (per share) | $ 25.13 | $ 24.18 |
Stock-Based Compensation (Opt91
Stock-Based Compensation (Options Outstanding) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |||
Options Outstanding (shares) | 175,620 | 378,990 | 507,783 |
Vested or expected to vest (shares) | 175,620 | ||
Options exercisable (shares) | 175,620 | 341,194 | |
Weighted-Average Remaining Contractual Term, Options Outstanding (in years) | 4 years 2 months 12 days | ||
Weighted-Average Remaining Contractual Term, Vested or expected to vest (in years) | 4 years 2 months 12 days | ||
Weighted-Average Remaining Contractual Term, Options exercisable (in years) | 4 years 2 months 12 days | ||
Weighted Average Exercise Price, Options outstanding (per share) | $ 25.13 | $ 24.32 | $ 24.80 |
Weighted Average Exercise Price, Vested or expected to vest (per share) | 25.13 | ||
Weighted-Average Exercise Price, Options exercisable (per share) | $ 25.13 | $ 24.18 | |
Aggregate Intrinsic Value, Options outstanding | |||
Aggregate Intrinsic Value, Vested or expected to vest | |||
Aggregate Intrinsic Value, Options exercisable |
Stock-Based Compensation (Nonve
Stock-Based Compensation (Nonvested Restricted Shares) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-Based Compensation [Abstract] | ||
Nonvested at the beginning of the year (shares) | 111,549 | 85,317 |
Granted (shares) | 72,503 | 84,353 |
Vested (shares) | (27,949) | (28,531) |
Forfeited or expired (shares) | (56,239) | (29,590) |
Nonvested at the end of the year (shares) | 99,864 | 111,549 |
Expected to vest (shares) | 99,864 | 102,962 |
Weighted-Average Grant Date Fair Value, Nonvested at the beginning of the year (per share) | $ 19.19 | $ 23.75 |
Weighted Average Grant Date Fair Value, Granted (per share) | 15.44 | 16.57 |
Weighted Average Grant Date Fair Value, Vested (per share) | 15.55 | 24.49 |
Weighted Average Grant Date Fair Value, Forfeited or expired (per share) | 18.73 | 19.90 |
Weighted-Average Grant Date Fair Value, Nonvested at the end of the year (per share) | 17.75 | 19.19 |
Weighted Average Grant Date Fair Value, Expected to vest (per share) | $ 17.75 | $ 18.94 |
Risks and Contingencies (Detail
Risks and Contingencies (Details) $ in Thousands | Sep. 25, 2017item | Sep. 22, 2017item | Jan. 29, 2016item | Sep. 30, 2015item | Apr. 17, 2015item | Mar. 31, 2016item | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) |
Loss Contingencies [Line Items] | ||||||||
Contingent liability charges | $ | $ 1,450 | $ 2,850 | ||||||
Freight Car America v National Steel Car Limited [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of unpatentable patents | 2 | 2 | ||||||
Number of new complaints | 18 | |||||||
Patents | 5 | 5 | ||||||
Freight Car America v National Steel Car Limited [Member] | Pending Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Patents | 2 |
Other Commitments (Narrative) (
Other Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Commitments [Abstract] | |||
Lease Expiration Date | Dec. 31, 2024 | ||
Operating Leases, Rent Expense, Net | $ 9,818 | $ 10,048 | $ 10,413 |
Other Commitments (Operating Le
Other Commitments (Operating Leases of Lessee Disclosure) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Other Commitments [Abstract] | |
Year ending December 31, 2018 | $ 10,011 |
Year ending December 31, 2019 | 10,049 |
Year ending December 31, 2020 | 10,363 |
Year ending December 31, 2021 | 10,201 |
Year ending December 31, 2022 | 3,346 |
Thereafter | 6,336 |
Total future minimum lease payments | $ 50,306 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive common shares excluded from computation of earnings per share amount | 443,047 | 545,541 | 475,847 |
Earnings Per Share (Weighted Av
Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding (shares) | 12,285,566 | 12,262,275 | 12,175,955 |
Dilutive effect of employee stock options and nonvested share awards (shares) | 41,800 | ||
Weighted average diluted common shares outstanding (shares) | 12,285,566 | 12,262,275 | 12,217,755 |
Revenue Sources and Concentra98
Revenue Sources and Concentration of Sales (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 79,241 | $ 72,025 | $ 118,672 | $ 139,536 | $ 135,523 | $ 113,461 | $ 126,157 | $ 148,590 | $ 409,474 | $ 523,731 | $ 772,854 |
Sales Revenue, Net [Member] | Customers Outside of US [Member] | |||||||||||
Revenues | $ 23,212 | $ 34,039 | $ 62,589 | ||||||||
Sales Revenue, Net [Member] | Largest Customer [Member] | |||||||||||
Concentration Risk, Percentage | 21.00% | 23.00% | 22.00% | ||||||||
Sales Revenue, Net [Member] | Second Largest Customer [Member] | |||||||||||
Concentration Risk, Percentage | 15.00% | 17.00% | 19.00% | ||||||||
Sales Revenue, Net [Member] | Third Largest Customer [Member] | |||||||||||
Concentration Risk, Percentage | 12.00% | 15.00% | 10.00% |
Revenue Sources and Concentra99
Revenue Sources and Concentration of Sales (Schedule of Revenue Sources and Concentration of Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues | $ 79,241 | $ 72,025 | $ 118,672 | $ 139,536 | $ 135,523 | $ 113,461 | $ 126,157 | $ 148,590 | $ 409,474 | $ 523,731 | $ 772,854 |
Railcar sales [Member] | |||||||||||
Revenues | 398,095 | 513,543 | 743,135 | ||||||||
Parts sales [Member] | |||||||||||
Revenues | 8,874 | 7,573 | 9,845 | ||||||||
Leasing revenues [Member] | |||||||||||
Revenues | 2,298 | 2,605 | 2,654 | ||||||||
Maintenance and Repair [Member] | |||||||||||
Revenues | 77 | 10 | 17,020 | ||||||||
Other sales [Member] | |||||||||||
Revenues | $ 130 | $ 0 | $ 200 |
Selected Quarterly Financial100
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 25, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Selected Quarterly Financial Data [Abstract] | ||||||||||||
Revenues | $ 79,241 | $ 72,025 | $ 118,672 | $ 139,536 | $ 135,523 | $ 113,461 | $ 126,157 | $ 148,590 | $ 409,474 | $ 523,731 | $ 772,854 | |
Gross Profit | (4,049) | (7,838) | 5,328 | 9,890 | 6,726 | 9,489 | 8,077 | 15,887 | 3,331 | 40,179 | 82,661 | |
Net income (loss) | $ (11,138) | $ (11,614) | $ (448) | $ 638 | $ 74 | 51 | $ (468) | $ 12,667 | $ (22,562) | $ 12,324 | $ 31,805 | |
Net income (loss) per common share- basic | $ (0.90) | $ (0.94) | $ (0.04) | $ 0.05 | $ 0.01 | $ (0.04) | $ 1.03 | $ (1.82) | $ 1 | $ 2.59 | ||
Net income (loss) per common share - diluted | $ (0.90) | $ (0.94) | $ (0.04) | $ 0.05 | $ 0.01 | $ (0.04) | $ 1.03 | $ (1.82) | $ 1 | $ 2.58 | ||
Restructuring and impairment charges | $ 1,777 | $ 730 | $ 1,531 | $ 2,212 | $ 2,261 | |||||||
Contingent liability charges | $ 1,450 | $ 2,850 | ||||||||||
Decrease in net deferred tax assets | $ 2,502 | $ (2,502) | ||||||||||
Pre-tax gain on settlement of a postretirement benefit plan obligation, net of plaintiffs' attorneys' fees | $ 14,306 | $ 14,306 | $ (14,306) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Information [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 | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 79,241 | $ 72,025 | $ 118,672 | $ 139,536 | $ 135,523 | $ 113,461 | $ 126,157 | $ 148,590 | $ 409,474 | $ 523,731 | $ 772,854 |
Operating (Loss) Income | (31,792) | 15,848 | 46,763 | ||||||||
Consolidated interest expense and deferred financing costs | (163) | (171) | (243) | ||||||||
Consolidated other income | 548 | 111 | 116 | ||||||||
(Loss) income before income taxes | (31,407) | 15,788 | 46,636 | ||||||||
Depreciation and amortization | 9,366 | 9,736 | 10,028 | ||||||||
Capital expenditures | 967 | 13,846 | 16,699 | ||||||||
Manufacturing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 400,481 | 516,063 | 745,723 | ||||||||
Operating (Loss) Income | (6,998) | 29,012 | 69,165 | ||||||||
Depreciation and amortization | 8,642 | 8,328 | 7,170 | ||||||||
Capital expenditures | 624 | 13,079 | 15,176 | ||||||||
Corporate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,993 | 7,668 | 27,131 | ||||||||
Operating (Loss) Income | (24,794) | (13,164) | (22,402) | ||||||||
Depreciation and amortization | 724 | 1,408 | 2,858 | ||||||||
Capital expenditures | $ 343 | $ 767 | $ 1,523 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total Operating Assets | $ 285,643 | $ 321,751 |
Consolidated income taxes receivable | 815 | 13,283 |
Consolidated deferred income taxes, long-term | 9,446 | 4,221 |
Total assets | 295,904 | 339,255 |
Manufacturing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Operating Assets | 136,448 | 211,043 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total Operating Assets | $ 149,195 | $ 110,708 |
Sale of Repair and Maintenan104
Sale of Repair and Maintenance Services Business (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2015 |
Purchase price in escrow | $ 1,960 | |
Proceeds from sale of railcar repair and maintenance services business and facility | $ 17,589 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 4,578 | |
Railcar repair and maintenance services business [Member] | ||
Purchase price | 20,000 | |
Book value of assets included in sale | 14,283 | |
Book value of accounts receivable included in sale | 2,776 | |
Book value of inventory included in sale | 2,537 | |
Book value of property, plant, and equipment included in sale | 7,740 | |
Book value of intangible assets included in sale | 1,230 | |
Purchase price in escrow | 1,960 | |
Purchase price used to pay liabilities | 451 | |
Proceeds from sale of railcar repair and maintenance services business and facility | $ 17,589 | |
Escrow release percentage | 25.00% | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 4,578 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - Navistar Inc [Member] $ in Thousands, ft² in Millions | Feb. 28, 2018USD ($)ft²employee |
Subsequent Event [Line Items] | |
Size of facility | ft² | 2.2 |
Number of employees | employee | 200 |
Acquisition of business | $ 17,264 |
Inventories | 3,510 |
Closing offset | 24,130 |
Net payment | $ 2,760 |
Valuation and Qualifying Acc106
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 22 | $ 82 | $ 188 |
Additions Charged to Costs and Expenses | 34 | ||
Deductions, Accounts Charged Off and Recoveries of Amounts Previously Written Off | (60) | (106) | |
Balance at End of Period | 56 | 22 | 82 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 5,197 | 5,797 | 6,219 |
Additions Charged to Costs and Expenses | |||
Deductions, Accounts Charged Off and Recoveries of Amounts Previously Written Off | 1,066 | (600) | (422) |
Balance at End of Period | 6,263 | 5,197 | 5,797 |
Inventory Valuation Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 4,307 | 3,793 | 2,381 |
Additions Charged to Costs and Expenses | 2,672 | 2,344 | 1,458 |
Deductions, Accounts Charged Off and Recoveries of Amounts Previously Written Off | (819) | (1,830) | (46) |
Balance at End of Period | $ 6,160 | $ 4,307 | $ 3,793 |