Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 23, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Transition Report | false | |
Entity File Number | 000-51237 | |
Entity Registrant Name | FREIGHTCAR AMERICA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 25-1837219 | |
Entity Address, Address Line One | 125 South Wacker Drive | |
Entity Address, Address Line Two | Suite 1500 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606 | |
City Area Code | 800 | |
Local Phone Number | 458-2235 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | RAIL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,319,161 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001320854 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash, cash equivalents and restricted cash equivalents | $ 48,540 | $ 66,257 |
Restricted certificates of deposit | 3,855 | 3,769 |
Accounts receivable, net of allowance for doubtful accounts of $496 and $91, respectively | 6,789 | 6,991 |
Inventories, net | 47,116 | 25,092 |
Income tax receivable | 1,027 | 535 |
Other current assets | 14,265 | 7,035 |
Total current assets | 121,592 | 109,679 |
Property, plant and equipment, net | 39,469 | 38,564 |
Railcars available for lease, net | 38,393 | 38,900 |
Right of use asset | 53,442 | 56,507 |
Other long-term assets | 888 | 1,552 |
Total assets | 253,784 | 245,202 |
Current liabilities | ||
Accounts and contractual payables | 18,054 | 11,713 |
Accrued payroll and other employee costs | 306 | 1,389 |
Reserve for workers’ compensation | 3,344 | 3,210 |
Accrued warranty | 7,903 | 8,388 |
Customer deposits | 33,012 | 5,123 |
Deferred income state and local incentives, current | 2,219 | 2,219 |
Lease liability, current | 15,063 | 14,960 |
Current portion of long-term debt | 13,950 | |
Other current liabilities | 5,626 | 2,428 |
Total current liabilities | 99,477 | 49,430 |
Long-term debt, net of current portion | 6,250 | 10,200 |
Accrued pension costs | 6,006 | 6,510 |
Deferred income state and local incentives, long-term | 3,612 | 4,722 |
Lease liability, long-term | 48,306 | 53,766 |
Other long-term liabilities | 2,833 | 3,420 |
Total liabilities | 166,484 | 128,048 |
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 June 30, 2020 and December 31, 2019) | ||
Common stock, $0.01 par value, 50,000,000 shares authorized, 13,604,172 and 12,731,678 shares issued at June 30, 2020 and December 31, 2019, respectively | 136 | 127 |
Additional paid in capital | 83,318 | 83,027 |
Treasury stock, at cost, 285,011 and 44,855 shares at June 30, 2020 and December 31, 2019, respectively | (1,281) | (989) |
Accumulated other comprehensive loss | (10,499) | (10,780) |
Retained earnings | 16,086 | 45,824 |
Total FreightCar America stockholders' equity | 87,760 | 117,209 |
Noncontrolling interest in JV | (460) | (55) |
Total stockholders’ equity | 87,300 | 117,154 |
Total liabilities and stockholders’ equity | $ 253,784 | $ 245,202 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 496 | $ 91 |
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 | 13,604,172 | 12,731,678 |
Treasury stock, shares at cost | 285,011 | 44,855 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed Consolidated Statements of Operations [Abstract] | ||||
Revenues | $ 17,458 | $ 73,661 | $ 22,655 | $ 144,369 |
Cost of sales | 23,602 | 67,637 | 37,602 | 145,194 |
Gross (loss) profit | (6,144) | 6,024 | (14,947) | (825) |
Selling, general and administrative expenses | 6,537 | 15,352 | 13,947 | 23,019 |
Loss on sale of railcars available for lease | 5,196 | 5,196 | ||
Restructuring and impairment charges | 267 | 1,319 | 1,147 | 1,319 |
Operating loss | (12,948) | (15,843) | (30,041) | (30,359) |
Interest expense and deferred financing costs | (167) | (115) | (463) | (151) |
Other income | 134 | 83 | 358 | 402 |
Loss before income taxes | (12,981) | (15,875) | (30,146) | (30,108) |
Income tax (benefit) provision | (1) | 12 | (3) | (189) |
Net loss | (12,980) | (15,887) | (30,143) | (29,919) |
Less: Net loss attributable to noncontrolling interest in JV | (189) | (405) | ||
Net loss attributable to FreightCar America | $ (12,791) | $ (15,887) | $ (29,738) | $ (29,919) |
Net loss per common share attributable to FreightCar America- basic and diluted | $ (0.97) | $ (1.26) | $ (2.26) | $ (2.37) |
Weighted average common shares outstanding – basic and diluted | 12,405,011 | 12,352,271 | 12,385,946 | 12,344,684 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Condensed Consolidated Statements of Comprehensive Loss [Abstract] | ||||
Net loss | $ (12,980) | $ (15,887) | $ (30,143) | $ (29,919) |
Other comprehensive income net of tax: | ||||
Pension and postretirement liability adjustments, net of tax | 140 | 44 | 281 | 87 |
Other comprehensive income | 140 | 44 | 281 | 87 |
Comprehensive loss | $ (12,840) | $ (15,843) | $ (29,862) | $ (29,832) |
Condensed Consolidated Statem_3
Condensed 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] | Noncontrolling Interest [Member] | Total |
Cumulative effective of adoption of ASC 842 | $ 208 | $ 208 | |||||
Balance at Dec. 31, 2018 | $ 127 | $ 90,593 | $ (9,721) | $ (8,188) | 120,799 | 193,610 | |
Balance (Shares) at Dec. 31, 2018 | 12,731,678 | 272,030 | |||||
Net loss | (29,919) | (29,919) | |||||
Other comprehensive income | 87 | 87 | |||||
Restricted stock awards | (7,806) | $ 7,806 | |||||
Restricted stock awards, shares | 233,463 | ||||||
Employee stock settlement | $ (59) | (59) | |||||
Employee stock settlement, shares | (7,404) | ||||||
Forfeiture of restricted stock awards | 374 | $ (374) | |||||
Forfeiture of restricted stock awards, shares | (56,980) | ||||||
Stock-based compensation recognized | 274 | 274 | |||||
Balance at Jun. 30, 2019 | $ 127 | 83,435 | $ (2,348) | (8,101) | 91,088 | 164,201 | |
Balance (Shares) at Jun. 30, 2019 | 12,731,678 | 102,951 | |||||
Balance at Mar. 31, 2019 | $ 127 | 86,074 | $ (4,572) | (8,145) | 106,975 | 180,459 | |
Balance (Shares) at Mar. 31, 2019 | 12,731,678 | 135,286 | |||||
Net loss | (15,887) | (15,887) | |||||
Other comprehensive income | 44 | 44 | |||||
Restricted stock awards | (2,579) | $ 2,579 | |||||
Restricted stock awards, shares | 86,515 | ||||||
Forfeiture of restricted stock awards | 355 | $ (355) | |||||
Forfeiture of restricted stock awards, shares | (54,180) | ||||||
Stock-based compensation recognized | (415) | (415) | |||||
Balance at Jun. 30, 2019 | $ 127 | 83,435 | $ (2,348) | (8,101) | 91,088 | 164,201 | |
Balance (Shares) at Jun. 30, 2019 | 12,731,678 | 102,951 | |||||
Balance at Dec. 31, 2019 | $ 127 | 83,027 | $ (989) | (10,780) | 45,824 | $ (55) | 117,154 |
Balance (Shares) at Dec. 31, 2019 | 12,731,678 | 44,855 | |||||
Net loss | (29,738) | (405) | (30,143) | ||||
Other comprehensive income | 281 | 281 | |||||
Restricted stock awards | $ 9 | (9) | |||||
Restricted stock awards, shares | 872,494 | ||||||
Employee stock settlement | $ (9) | (9) | |||||
Employee stock settlement, shares | (5,717) | ||||||
Forfeiture of restricted stock awards | 283 | $ (283) | |||||
Forfeiture of restricted stock awards, shares | (234,439) | ||||||
Stock-based compensation recognized | 17 | 17 | |||||
Balance at Jun. 30, 2020 | $ 136 | 83,318 | $ (1,281) | (10,499) | 16,086 | (460) | 87,300 |
Balance (Shares) at Jun. 30, 2020 | 13,604,172 | 285,011 | |||||
Balance at Mar. 31, 2020 | $ 133 | 83,374 | $ (1,124) | (10,639) | 28,877 | (271) | 100,350 |
Balance (Shares) at Mar. 31, 2020 | 13,319,197 | 152,617 | |||||
Net loss | (12,791) | (189) | (12,980) | ||||
Other comprehensive income | 140 | 140 | |||||
Restricted stock awards | $ 3 | (3) | |||||
Restricted stock awards, shares | 284,975 | ||||||
Forfeiture of restricted stock awards | 157 | $ (157) | |||||
Forfeiture of restricted stock awards, shares | (132,394) | ||||||
Stock-based compensation recognized | (210) | (210) | |||||
Balance at Jun. 30, 2020 | $ 136 | $ 83,318 | $ (1,281) | $ (10,499) | $ 16,086 | $ (460) | $ 87,300 |
Balance (Shares) at Jun. 30, 2020 | 13,604,172 | 285,011 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (30,143) | $ (29,919) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Non-cash restructuring and impairment charges | 352 | 1,319 |
Depreciation and amortization | 5,884 | 6,471 |
Change in inventory reserve | 5,052 | (440) |
Amortization expense - right-of-use leased assets | 3,065 | 5,662 |
Recognition of deferred income from state and local incentives | (1,110) | (1,109) |
Loss on sale of railcars available for lease | 5,196 | |
Stock-based compensation recognized | 17 | 274 |
Other non-cash items, net | 153 | 90 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 202 | 5,338 |
Inventories | (27,076) | 3,214 |
Other assets | (7,188) | (2,307) |
Accounts and contractual payables | 6,456 | (4,890) |
Accrued payroll and employee benefits | (941) | 910 |
Income taxes receivable/payable | (13) | (197) |
Accrued warranty | (485) | (1,516) |
Lease liability | (5,391) | (9,091) |
Customer deposits | 27,889 | (1,719) |
Other liabilities | 2,625 | 7,827 |
Accrued pension costs and accrued postretirement benefits | (131) | (266) |
Net cash flows used in operating activities | (20,783) | (15,153) |
Cash flows from investing activities | ||
Purchase of restricted certificates of deposit | (3,855) | (1,117) |
Maturity of restricted certificates of deposit | 3,769 | 4,400 |
Purchase of securities held to maturity | (1,986) | |
Proceeds from maturity of securities | 20,025 | |
Purchase of property, plant and equipment | (7,009) | (2,034) |
Proceeds from sale of property, plant and equipment and railcars available for lease | 170 | 11,442 |
Net cash flows (used in) provided by investing activities | (6,925) | 30,730 |
Cash flows from financing activities | ||
Proceeds from issuance of long-term debt | 10,000 | 10,200 |
Employee stock settlement | (9) | (59) |
Deferred financing costs | (929) | |
Net cash flows provided by financing activities | 9,991 | 9,212 |
Net (decrease) increase in cash and cash equivalents | (17,717) | 24,789 |
Cash, cash equivalents and restricted cash equivalents at beginning of period | 66,257 | 45,070 |
Cash, cash equivalents and restricted cash equivalents at end of period | 48,540 | 69,859 |
Supplemental cash flow information | ||
Interest paid | 217 | 31 |
Income tax refunds received | ||
Income tax paid | $ 7 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2020 | |
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 America Leasing, LLC, FreightCar America Leasing 1, LLC, FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (“Mauritius”), FreightCar Rail Services, LLC (“FCRS”), FreightCar Short Line, Inc. (“FCSL”), FreightCar Alabama, LLC FreightCar (Shanghai) Trading Co., Ltd, FCAI Holdings, LLC, (“FCAI”), FCA-FASEMEX, LLC, FCA-FASEMEX, S. de R.L. de C.V. and FCA-FASEMEX Enterprise, S. de R.L. de C.V., (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 as well as railcar conversions. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China, and in Castaños , Mexico . The Company’s direct and indirect subsidiaries are wholly owned except for the Fasemex entities related to our Mexico operations. The Company and its direct and indirect subsidiaries are all Delaware corporations or Delaware limited liability companies except Mauritius, which is incorporated in Mauritius, FreightCar (Shanghai) Trading Co., Ltd., which is organized in the People’s Republic of China, and FCA-FASEMEX, S. de R.L., de C.V. and FCA-FASEMEX Enterprise, S. de R.L. de C.V. which are organized in Mexico. On September 19, 2019, the Company announced the formation of a joint venture with Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”), a Mexican company with operations in both Mexico and the United States. The joint venture will lease a manufacturing facility in Castaños , Mexico in which it will manufacture railcars. Production of railcars at the facility is expected to begin in the second half of 2020. The Company ceased operations at its Roanoke, Virginia manufacturing facility and has vacated the facility as of March 31, 2020. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 2 – Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of FreightCar America, Inc. and subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. During 2019 the Company entered into a joint venture arrangement with Fasemex to manufacture railcars in Castaños , Mexico, in exchange for a 50 % interest in the operation. Under the terms of the joint venture operating agreement, the Company has the right to appoint the majority of the members of the board and management for the joint venture. The Company therefore, has determined that it has the power to direct the activities of the related entities that most significantly impact their economic performance and it also has the right to receive significant benefits and obligation to absorb losses from the operations, and as such, the Company has determined that it is the primary beneficiary of these variable interest entities (“VIEs”). Therefore, these entities are consolidated as VIEs. The Company’s initial commitments under the joint venture include capital contributions of up to $ 25.0 million over several years through a combination of assets and cash of which $ 7.1 million has been provided as of June 30, 2020. The total assets of the Mexico operations amount to $ 5.2 million, consisting primarily of construction in progress as of June 30, 2020. The total liabilities of the Mexico operations amount to $ 0.1 million as of June 30, 2020. The net loss of the Mexico operations for the three and six months ended June 30, 2020 is $ 0.4 million and $ 0.8 million, respectively. The noncontrolling minority interest as of June 30, 2020 and net loss attributable to the noncontrolling minority interest for the six months ended June 30, 2020 amounted to $( 0.5 ) million and $( 0.4 ) million, respectively. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2019 year-end balance sheet data was derived from the audited financial statements as of December 31, 2019. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2019. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 3 – Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform , which provides companies with optional guidance, including expedients and exceptions for applying generally accepted accounting principles to contracts and other transactions affected by reference rate reform, such as the London Interbank Offered Rate (LIBOR). This new standard was effective upon issuance and generally can be applied to applicable contract modifications through December 31, 2022. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software , which requires capitalization of certain implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Adoption of this standard on January 1, 2020 did not have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General , which modifies the disclosure requirements for defined benefit and other postretirement plans. ASU 2018-14 eliminates certain disclosures related to accumulated other comprehensive income, plan assets, related parties and the effects of interest rate basis point changes on assumed health care costs, and adds disclosures to address significant gains and losses related to changes in benefit obligations. ASU 2018-14 also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. ASU 2018-14 is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. Adoption on a retrospective basis for all periods presented is required. The Company is currently assessing the impact of this standard on its consolidated financial statements and related disclosures. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 4 – Leases The Company determines if an arrangement is a lease at inception of a contract. Substantially all of the Company’s leases are operating leases. A significant portion of the Company’s operating lease portfolio includes manufacturing sites, component warehouses and corporate offices. The remaining lease terms on the majority of the Company’s leases is between 2.5 to 8 years, some of which include options to extend the lease terms. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheet. Operating lease right of use (“ROU”) assets are presented within long term assets, the current portion of operating lease liabilities is presented within current liabilities and the non-current portion of operating lease liabilities are presented within long term liabilities on the condensed consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset during the lease term and the lease liabilities represent the Company’s obligation to make the lease payments arising during the lease. ROU assets and liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. The components of the lease costs were as follows: Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Operating lease costs: Fixed $ 2,815 $ 5,897 Short-term 132 371 Total lease cost $ 2,947 $ 6,268 Supplemental balance sheet information related to leases were as follows: June 30, 2020 Operating leases: Right of use assets $ 53,442 Lease liabilities: Lease liability, current $ 15,063 Lease liability, long-term 48,306 Total operating lease liabilities $ 63,369 Supplemental cash flow information is as follows: Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,982 Total $ 8,982 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 1,326 Total $ 1,326 The aggregate future lease payments for operating leases as of June 30, 2020 are as follows: Operating leases 2020 (Excluding the six months ended June 30, 2020) $ 8,761 2021 17,411 2022 10,205 2023 9,074 2024 8,332 Thereafter 18,039 Total lease payments 71,822 Less: interest ( 8,453 ) Total $ 63,369 The aggregate future lease payments for operating leases as of December 31, 2019 were as follows: Operating leases 2020 $ 17,743 2021 17,200 2022 9,969 2023 8,832 2024 8,082 Thereafter 16,164 Total lease payments 77,990 Less: interest ( 9,263 ) Total $ 68,726 Weighted-average remaining lease term (years) Operating leases 7.2 Weighted-average discount rate Operating leases 4.5 % On February 26, 2019, the Company entered into an Amendment to its lease of the Shoals, Alabama manufacturing facility to extend the initial term thereof from December 31, 2021 to December 31, 2026, with two five -year extension terms thereafter through December 31, 2031 and December 31, 2036, at the Company’s option. In addition, the Company will vacate up to 40 % of the manufacturing facility on or before December 31, 2021 with the base rent payable to the Landlord reduced on proportional basis. The Company accounted for the amendment as a modification of the lease, resulting in a non-cash increase to lease liability and right of use asset of $ 32,079 during the first quarter of 2019. The Company concluded that the initial term through December 31, 2026 would be included in the measurement of lease liabilities as of the modification date. The Company has concluded that the options for extensions beyond that date are not reasonably certain of exercise, and have been excluded from the measurement of lease liabilities. During 2019, the Company entered into a lease agreement of new office space for which the Company took possession on February 1, 2020. The new lease arrangement requires total minimum lease payments of approximately $ 3,000 over 11.5 years. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 5 – Revenue Recognition The following table disaggregates the Company’s revenues by major source: Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Railcar sales $ 13,746 $ 69,173 $ 15,272 $ 135,117 Parts sales 2,297 2,795 4,510 5,859 Other sales 1 11 1 30 Revenues from contracts with customers 16,044 71,979 19,783 141,006 Leasing revenues 1,414 1,682 2,872 3,363 Total revenues $ 17,458 $ 73,661 $ 22,655 $ 144,369 Contract Balances and Accounts Receivable Accounts receivable payments for railcar sales are typically due within 5 to 10 business days of invoicing, while payments from parts sales are typically due within 30 to 45 business days of invoicing. The Company has not experienced significant historical credit losses. However, during the second quarter of 2020, the Company recognized a provision for doubtful accounts of $ 334 largely related to one customer in its leasing portfolio that filed for bankruptcy. Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company has no contract assets as of June 30, 2020. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue and customer deposits included in customer deposits, other current liabilities and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheet were $ 36,198 and $ 5,607 as of June 30, 2020 and December 31, 2019, respectively. Performance Obligations The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of June 30, 2020 with expected duration of greater than one year of $ 55,684 . |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
Segment Information | Note 6 – 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 and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented. 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 and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented . Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Manufacturing $ 15,129 $ 70,817 $ 18,069 $ 138,412 Corporate and Other 2,329 2,844 4,586 5,957 Consolidated revenues $ 17,458 $ 73,661 $ 22,655 $ 144,369 Operating loss: Manufacturing (1) $ ( 8,348 ) $ ( 3,019 ) $ ( 20,148 ) $ ( 12,656 ) Corporate and Other ( 4,600 ) ( 12,824 ) ( 9,893 ) ( 17,703 ) Consolidated operating loss ( 12,948 ) ( 15,843 ) ( 30,041 ) ( 30,359 ) Consolidated interest expense and deferred financing costs ( 167 ) ( 115 ) ( 463 ) ( 151 ) Consolidated other income 134 83 358 402 Consolidated loss before income taxes $ ( 12,981 ) $ ( 15,875 ) $ ( 30,146 ) $ ( 30,108 ) Depreciation and amortization: Manufacturing $ 2,688 $ 3,075 $ 5,483 $ 6,097 Corporate and Other 183 191 401 374 Consolidated depreciation and amortization $ 2,871 $ 3,266 $ 5,884 $ 6,471 Capital expenditures: Manufacturing $ 3,033 $ 898 $ 5,953 $ 1,432 Corporate and Other 305 377 1,056 602 Consolidated capital expenditures $ 3,338 $ 1,275 $ 7,009 $ 2,034 (1) Results for the three months and six months ended June 30, 2020 include restructuring and impairment charges of $ 267 and $ 1,147 , respectively. June 30, December 31, 2020 2019 Assets: Manufacturing $ 182,141 $ 156,859 Corporate and Other 70,619 87,329 Total operating assets 252,760 244,188 Consolidated income taxes receivable 1,027 1,014 Consolidated deferred income taxes, long-term ( 3 ) - Consolidated assets $ 253,784 $ 245,202 Geographic Information Revenues Long Lived Assets(a) Three Months Ended Six Months Ended June 30, June 30, June 30, December 31, 2020 2019 2020 2019 2020 2019 United States $ 17,458 $ 73,661 $ 22,655 $ 144,369 $ 125,748 $ 132,825 Mexico (b) - - - - 5,555 1,146 Total $ 17,458 $ 73,661 $ 22,655 $ 144,369 $ 131,303 $ 133,971 (a) Long lived assets include net property plant and equipment, Railcars available for lease, and ROU Assets (b) Included in manufacturing segment |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 7 – Fair Value Measurements The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis. Recurring Fair Value Measurements As of June 30, 2020 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents and restricted cash equivalents $ 4,303 $ - $ - $ 4,303 Restricted certificates of deposit $ 3,855 $ - $ - $ 3,855 Escrow receivable $ - $ - $ 930 $ 930 Recurring Fair Value Measurements As of December 31, 2019 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents and restricted cash equivalents $ 4,580 $ - $ - $ 4,580 Restricted certificates of deposit $ 3,769 $ - $ - $ 3,769 Escrow receivable $ - $ - $ 930 $ 930 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 $ 980 as of each of June 30, 2020 and December 31, 2019, net of the fair value of the indemnification obligations, which was estimated using the discounted probability-weighted cash flow method . |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash | Note 8 – Restricted Cash The Company establishes restricted cash balances when required by customer contracts and to collateralize standby letters of credit. The carrying value of restricted cash approximates fair value. The Company’s restricted cash balances are as follows: June 30, December 31, 2020 2019 Restricted cash from customer deposit $ 13,692 $ - Restricted cash to collateralize standby letters of credit 203 - Total restricted cash $ 13,895 $ - |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Inventories | Note 9 – Inventories Inventories, net of reserve for excess and obsolete items, consist of the following: June 30, December 31, 2020 2019 Work in process $ 41,978 $ 19,742 Finished new railcars - - Parts inventory 5,138 5,350 Total inventories, net $ 47,116 $ 25,092 Inventory on the Company’s Condensed Consolidated Balance Sheets includes reserves of $ 10,685 and $ 5,633 relating to excess or slow-moving inventory and lower of cost or net realizable value for parts and work in process at June 30, 2020 and December 31, 2019, respectively. |
Debt Financing and Revolving Cr
Debt Financing and Revolving Credit Facilities | 6 Months Ended |
Jun. 30, 2020 | |
Debt Financing and Revolving Credit Facilities [Abstract] | |
Debt Financing and Revolving Credit Facilities | Note 10 – Debt Financing and Revolving Credit Facilities BMO Credit Agreement On April 12, 2019, the Company entered into a Credit and Security Agreement (the “BMO Credit Agreement”) by and among the Company and certain of its subsidiaries, as borrowers and guarantors (together with the Company, the “Borrowers”), and BMO Harris Bank N.A., as lender (“BMO”). Pursuant to the BMO Credit Agreement, BMO extended an asset-based credit facility, in the maximum aggregate principal amount of up to $ 50,000 , consisting of revolving loans and a sub-facility for letters of credit not to exceed the lesser of $ 10,000 and the amount of the revolving credit facility. The BMO Credit Agreement has a term ending on April 12, 2024 . Revolving loans outstanding thereunder will bear interest, at the Borrowers’ option and subject to the provisions of the BMO Credit Agreement, at Base Rate (as defined in the BMO Credit Agreement) or LIBOR Rate (as defined in the BMO Credit Agreement) plus the Applicable Margin for each such interest rate set forth in the BMO Credit Agreement. The BMO Credit Agreement provides for a revolving credit facility with maximum availability of $ 42,500 , subject to borrowing base requirements set forth in the BMO Credit Agreement. The maximum availability under the BMO Credit Agreement is determined by a formula and may fluctuate depending on the value of the borrowing base included in such formula at the time of determination. On February 21, 2020, the Company, certain of its subsidiaries, as borrowers and guarantors, and BMO, amended the BMO Credit Agreement, to, among other things, increase the borrowing base during the period commencing February 21, 2020 until May 15, 2020 by the lesser of (i) 100 % of qualified unrestricted cash and (ii) $ 4,000 . The BMO Credit Agreement has both affirmative and negative covenants, including, without limitation, limitations on indebtedness, liens and investments. The BMO Credit Agreement also provides for customary events of default. Borrowings under the BMO Credit Agreement are collateralized by substantially all of the Borrowers’ assets. As of June 30, 2020, the Company had no borrowings under the BMO credit facility and $ 10,195 available for borrowing under the BMO credit facility. The Company has a $ 4,000 letter of credit outstanding under the letter of credit sub-facility of the BMO Credit Agreement. M&T Credit Agreement On April 16, 2019, FreightCar America Leasing 1, LLC, an indirect wholly-owned subsidiary of the Company (“Freightcar Leasing Borrower”), entered into a Credit Agreement (the “M&T Credit Agreement”) with M & T Bank, N.A., as lender (“M&T”). Pursuant to the M&T Credit Agreement, M&T extended a revolving credit facility to Freightcar Leasing Borrower in an aggregate amount of up to $ 40,000 for the purpose of financing railcars which will be leased to third parties. Freightcar Leasing Borrower also entered into a Security Agreement on April 16, 2019 (the “M&T Security Agreement”) pursuant to which it granted a security interest in all of its assets to M&T to secure its obligations under the M&T Credit Agreement. On April 16 , 2019, FreightCar America Leasing, LLC, a wholly-owned subsidiary of the Company and parent of Freightcar Leasing Borrower (“Freightcar Leasing Guarantor”), entered into (i) a Guaranty Agreement (the “M&T Guaranty Agreement”) pursuant to which Freightcar Leasing Guarantor guaranteed the repayment and performance of certain obligations of Freightcar Leasing Borrower and (ii) a Pledge Agreement (the “M&T Pledge Agreement”) pursuant to which Freightcar Leasing Guarantor pledged to M&T all of the equity of Freightcar Leasing Borrower held by Freightcar Leasing Guarantor. The loans under the M&T Credit Agreement are non-recourse to the assets of the Company or its subsidiaries other than the assets of Freightcar Leasing Borrower and Freightcar Leasing Guarantor. The M&T Credit Agreement has a term ending on April 16 , 2021 . Loans outstanding thereunder bear interest, accrued daily, at the Adjusted LIBOR Rate (as defined in the M&T Credit Agreement) or the Adjusted Base Rate (as defined in the M&T Credit Agreement). The M&T Credit Agreement has both affirmative and negative covenants, including, without limitation, maintaining an Interest Coverage Ratio (as defined in the M&T Credit Agreement) of not less than 1.25 :1.00, measured quarterly, and limitations on indebtedness, loans, liens and investments. The M&T Credit Agreement also provides for customary events of default. As of June 30, 2020, FreightCar Leasing Borrower had $ 10,200 in outstanding debt under the M&T Credit Agreement which was collateralized by leased railcars with a carrying value of $ 16,253 . As of June 30, 2020, the interest rate on outstanding debt under the M&T Credit Agreement was 2.24 % representing the 90 day LIBOR plus 2.05 %. On August 7, 2020, Freightcar Leasing Borrower was notified of an event of default by M&T Bank. See Note 17 – Subsequent Event. SBA Paycheck Protection Program Loan In March 2020, Congress passed the Paycheck Protection Program (“PPP”), authorizing loans to small businesses for use in paying employees that they continue to employ throughout the COVID-19 pandemic and for rent, utilities and interest on mortgages. In June 2020, Congress enacted the Paycheck Protection Program Flexibility Act (“PPPFA”), amending the PPP. Loans obtained through the PPP, as amended, are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. On April 16, 2020, the Company received a loan in the amount of $ 10,000 through the Paycheck Protection Program. Management expects that the entire loan will be used for payroll, utilities and interest; therefore, management anticipates that the majority of the PPP Loan will be forgiven. To the extent it is not forgiven, the Company would be required to repay that portion at an interest rate of 1 % over a period of two year s, with $ 7,500 due in 2021 and with $ 2,500 due in 2022 with a final installment in April 2022. Long-term debt consists of the following as of June 30, 2020: Advances under M&T Credit Agreement $ 10,200 SBA Payroll Protection Program Loan 10,000 Total debt 20,200 Less amounts due within one year ( 13,950 ) Long-term debt, net of current portion $ 6,250 The fair value of the PPP loan approximates is carrying value as of June 30, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 11 – Accumulated Other Comprehensive Income (Loss) The changes in accumulated other comprehensive income (loss) consist of the following: Pre-Tax Tax After-Tax Three months ended June 30, 2020 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 140 $ - $ 140 $ 140 $ - $ 140 Pre-Tax Tax After-Tax Three months ended June 30, 2019 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 137 $ - $ 137 Postretirement liability activity: Reclassification adjustment for amortization of net gain (pre-tax other income (expense)) ( 97 ) - ( 97 ) Reclassification adjustment for amortization of prior service cost (pre-tax other income (expense)) 4 - 4 $ 44 $ - $ 44 Pre-Tax Tax After-Tax Six months ended June 30, 2020 Pension liability activity: Actuarial gain $ 281 $ - $ 281 $ 281 $ - $ 281 Pre-Tax Tax After-Tax Six months ended June 30, 2019 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 274 $ - $ 274 Postretirement liability activity: Reclassification adjustment for amortization of net gain (pre-tax other income (expense)) ( 194 ) - ( 194 ) Reclassification adjustment for amortization of prior service cost (pre-tax other income (expense)) 7 - 7 $ 87 $ - $ 87 The components of accumulated other comprehensive loss consist of the following: June 30, December 31, 2020 2019 Unrecognized pension cost, net of tax of $ 6,282 and $ 6,282 , respectively $ ( 10,499 ) $ ( 10,780 ) $ ( 10,499 ) $ ( 10,780 ) |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 12 – Stock-Based Compensation Total stock-based compensation was $( 156 ) and $( 415 ) for the three months ended June 30, 2020 and 2019, respectively and $ 94 and $ 274 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there was $ 1,569 of unearned compensation expense related to restricted stock awards, which will be recognized over the remaining weighed average requisite service period of 22 months. As of June 30, 2020, there was $ 330 of unearned compensation related to time-vested stock options, which will be recognized over the remaining requisite service period of 18 months. During the six months ended June 30, 2020, the Company granted 1,129,464 cash settled stock appreciation rights to certain employees of which 260,431 were forfeited during 2020 and 869,033 remain outstanding as of June 30, 2020. Each stock appreciation right represents the right to receive a payment measured by the increase in the fair market value of one share of the Company’s stock from the date of grant of the stock appreciation right to the date of exercise of the stock appreciation right. The cash settled stock appreciation rights vest ratably over three year s and have a contractual life of 10 years. Cash settled stock appreciation rights are classified as liabilities. The Company measures the fair value of cash settled stock appreciation rights using the Black-Scholes option valuation model and remeasures the fair value of the award each reporting period until the award is settled. Compensation cost for cash settled stock appreciation rights is trued up each reporting period for changes in fair value pro-rated for the portion of the requisite service period rendered. Once vested the Company immediately recognizes compensation cost for any changes in fair value of cash settled stock appreciation rights until settlement. The estimated fair value of the cash settled stock appreciation rights as of June 30, 2020 was $ 470 . Stock-based compensation for cash settled stock appreciation rights for the three and six months ended June 30, 2020 was not material. The fair value of cash settled stock appreciation rights as of June 30, 2020 was estimated using the Black-Scholes option valuation model with the following assumptions: Expected Risk Free Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2020 1/24/2020 5.6 years 57.50 % 0.00 % 0.33 % $ 0.54 2020 3/9/2020 5.7 years 57.39 % 0.00 % 0.34 % $ 0.59 2020 4/7/2020 5.8 years 57.24 % 0.00 % 0.35 % $ 0.71 |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | Note 13 – 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 assets are held by an independent trustee and consist primarily of equity and fixed income securities. The Company also provided certain postretirement health care benefits for certain of its salaried retired employees. Generally, employees became eligible for health care benefits if they retired after attaining specified age and service requirements. These benefits were subject to deductibles, co-payment provisions and other limitations. On October 15, 2019, the Company notified retirees and affected active employees that it would terminate medical benefits offered to retirees of the Company and their dependents effective January 1, 2020. The retiree benefits that were terminated include medical insurance and vison insurance that were offered under the FreightCar America, Inc. Health and Welfare Plan. The components of net periodic benefit cost (benefit) for the three and six months ended June 30, 2020 and 2019, are as follows: Three Months Ended Six Months Ended June 30, June 30, Pension Benefits 2020 2019 2020 2019 Interest cost $ 358 $ 466 $ 716 $ 932 Expected return on plan assets ( 609 ) ( 555 ) ( 1,218 ) ( 1,110 ) Amortization of unrecognized net loss 140 137 280 274 $ ( 111 ) $ 48 $ ( 222 ) $ 96 Three Months Ended Six Months Ended June 30, June 30, Postretirement Benefit Plan 2020 2019 2020 2019 Service cost $ - $ 5 $ - $ 10 Interest cost - 45 - 90 Amortization of prior service cost - 4 - 8 Amortization of unrecognized net gain - ( 97 ) - ( 194 ) $ - $ ( 43 ) $ - $ ( 86 ) The Company made no contributions to the Company’s defined benefit pension plan for each of the three and six months ended June 30, 2020 and 2019. The Company expects to make no contributions to its pension plan in 2020. Due to the plan termination the Company made no postretirement benefit plan contributions during each of the three and six months ended June 30, 2020. The Company made contributions to the Company’s postretirement benefit plan for salaried retirees of $ 158 and $ 276 for the three and six months ended June 30, 2019, respectively. The Company also maintains qualified defined contribution plans, which provide benefits to employees based on employee contributions and employee earnings with discretionary contributions allowed. Expenses related to these plans were $ 372 and $ 743 for the three and six months ended June 30, 2019, respectively. Effective January 1, 2020, the Company suspended the employer contribution to its defined contribution plans. |
Contingencies and Legal Settlem
Contingencies and Legal Settlements | 6 Months Ended |
Jun. 30, 2020 | |
Contingencies and Legal Settlements [Abstract] | |
Contingencies and Legal Settlements | Note 14 – Contingencies and Legal Settlements 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. The Company received cash payments of $ 15,733 and $ 1,410 during 2015 and 2017, respectively, for Alabama state and local incentives related to its 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 up to six year s from the date of the incentive. 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 balance of $ 5,831 as of June 30, 2020. As part of a settlement agreement reached with one of its customers during 2019, the Company agreed to pay $ 7,500 to settle all claims related to a prior year’s commercial dispute. During 2019, the Company paid $ 3,500 of the settlement amount and the remaining $ 4,000 will be paid over a period of three year s, or on an accelerated basis in the event both parties agree to accelerate delivery of railcars currently in the backlog. 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15 – Earnings Per Share Shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average common shares outstanding 12,405,011 12,352,271 12,385,946 12,344,684 Dilutive effect of employee stock options and nonvested share awards - - - - Weighted average diluted common shares outstanding 12,405,011 12,352,271 12,385,946 12,344,684 Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of nonvested share awards. For the three months ended June 30, 2020 and 2019, 1,107,304 and 707,395 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. For the six months ended June 30, 2020 and 2019, 1,076,577 and 668,370 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Impairment Charges [Abstract] | |
Restructuring and Impairment Charges | Note 16 – Restructuring and Impairment Charges On July 22, 2019, the Company announced its intention to close its Roanoke, Virginia manufacturing facility as part of its “Back to Basics” strategy. The Company ceased operations at the facility as of November 29, 2019. The Company terminated its leases for the facility effective as of March 31, 2020. Restructuring and impairment charges of $ 3,295 and a lease termination gain of $ 2,224 related to the plant closure were recorded during 2019. Restructuring and impairment charges related to the plant closure primarily include non-cash impairment charges for property, plant and equipment at the Roanoke facility and employee severance and retention charges. Restructuring and impairment charges are reported as a separate line item on the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2020 and 2019, and are detailed below: Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Impairment and loss on disposal of machinery and equipment $ - $ 1,319 $ 438 $ 1,319 Employee severance and retention 1 - ( 3 ) - Other charges related to facility closure 266 - 712 - Total restructuring and impairment costs $ 267 $ 1,319 $ 1,147 $ 1,319 Accrued as of December 31, 2019 Cash Charges Non-cash charges Cash payments Accrued as of June 30, 2020 Impairment and loss on disposal of machinery and equipment $ - $ - $ 438 $ - $ - Employee severance and retention 647 ( 4 ) - ( 636 ) 7 Other charges related to facility closure 359 798 ( 86 ) ( 1,097 ) 60 Total restructuring and impairment costs $ 1,006 $ 794 $ 352 $ ( 1,733 ) $ 67 Accrued as of December 31, 2018 Cash Charges Non-cash charges Cash payments Accrued as of June 30, 2019 Impairment charges for leasehold improvements and equipment $ - $ - $ 1,319 $ - $ - Employee severance and retention - - - - - Other charges related to facility closure - - - - - Total restructuring and impairment costs $ - $ - $ 1,319 $ - $ - |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 17 – Subsequent Event On August 7, 2020, FreightCar America Leasing 1, LLC (the “Leasing Company”) received notice (the “Notice”) from M&T Bank that, based on an appraisal (the “Appraisal”) conducted by a third party at the request of M&T Bank with respect to the railcars in the Leasing Company’s Borrowing Base under the M&T Credit Agreement, the unpaid principal balance under the M&T Credit Agreement exceeded the availability under the M&T Credit Agreement as of the date of the Appraisal by $ 5,081 (the “Payment Demand Amount”). In the Notice, M&T Bank has: (a) asserted that an Event of Default under the M&T Credit Agreement has occurred because the Leasing Company did no t pay the Payment Demand Amount to M&T Bank within five day s of the asserted change in availability; (b) demanded payment of the amount within five days of the date of the Notice; and (c) terminated the commitment to advance additional loans under the M&T Credit Agreement. The Leasing Company does not believe that an Event of Default has occurred and is contesting M&T Bank’s assertion . The Leasing Company has contacted M&T Bank with a demand to withdraw the Notice. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements include the accounts of FreightCar America, Inc. and subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. During 2019 the Company entered into a joint venture arrangement with Fasemex to manufacture railcars in Castaños , Mexico, in exchange for a 50 % interest in the operation. Under the terms of the joint venture operating agreement, the Company has the right to appoint the majority of the members of the board and management for the joint venture. The Company therefore, has determined that it has the power to direct the activities of the related entities that most significantly impact their economic performance and it also has the right to receive significant benefits and obligation to absorb losses from the operations, and as such, the Company has determined that it is the primary beneficiary of these variable interest entities (“VIEs”). Therefore, these entities are consolidated as VIEs. The Company’s initial commitments under the joint venture include capital contributions of up to $ 25.0 million over several years through a combination of assets and cash of which $ 7.1 million has been provided as of June 30, 2020. The total assets of the Mexico operations amount to $ 5.2 million, consisting primarily of construction in progress as of June 30, 2020. The total liabilities of the Mexico operations amount to $ 0.1 million as of June 30, 2020. The net loss of the Mexico operations for the three and six months ended June 30, 2020 is $ 0.4 million and $ 0.8 million, respectively. The noncontrolling minority interest as of June 30, 2020 and net loss attributable to the noncontrolling minority interest for the six months ended June 30, 2020 amounted to $( 0.5 ) million and $( 0.4 ) million, respectively. The foregoing financial information has been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) and rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year. The accompanying interim financial information is unaudited; however, the Company believes the financial information reflects all adjustments (consisting of items of a normal recurring nature) necessary for a fair presentation of financial position, results of operations and cash flows in conformity with GAAP. The 2019 year-end balance sheet data was derived from the audited financial statements as of December 31, 2019. Certain information and note disclosures normally included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted. These interim financial statements should be read in conjunction with the audited financial statements contained in the Company’s annual report on Form 10-K for the year ended December 31, 2019. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Operating lease costs: Fixed $ 2,815 $ 5,897 Short-term 132 371 Total lease cost $ 2,947 $ 6,268 |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases were as follows: June 30, 2020 Operating leases: Right of use assets $ 53,442 Lease liabilities: Lease liability, current $ 15,063 Lease liability, long-term 48,306 Total operating lease liabilities $ 63,369 |
Supplemental Cash Flow Information | Supplemental cash flow information is as follows: Six Months Ended June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,982 Total $ 8,982 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 1,326 Total $ 1,326 |
Aggregate Future Operating Lease Payments | The aggregate future lease payments for operating leases as of June 30, 2020 are as follows: Operating leases 2020 (Excluding the six months ended June 30, 2020) $ 8,761 2021 17,411 2022 10,205 2023 9,074 2024 8,332 Thereafter 18,039 Total lease payments 71,822 Less: interest ( 8,453 ) Total $ 63,369 The aggregate future lease payments for operating leases as of December 31, 2019 were as follows: Operating leases 2020 $ 17,743 2021 17,200 2022 9,969 2023 8,832 2024 8,082 Thereafter 16,164 Total lease payments 77,990 Less: interest ( 9,263 ) Total $ 68,726 |
Operating Lease Information | Weighted-average remaining lease term (years) Operating leases 7.2 Weighted-average discount rate Operating leases 4.5 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue Recognition | Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Railcar sales $ 13,746 $ 69,173 $ 15,272 $ 135,117 Parts sales 2,297 2,795 4,510 5,859 Other sales 1 11 1 30 Revenues from contracts with customers 16,044 71,979 19,783 141,006 Leasing revenues 1,414 1,682 2,872 3,363 Total revenues $ 17,458 $ 73,661 $ 22,655 $ 144,369 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment | 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 and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented . Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenues: Manufacturing $ 15,129 $ 70,817 $ 18,069 $ 138,412 Corporate and Other 2,329 2,844 4,586 5,957 Consolidated revenues $ 17,458 $ 73,661 $ 22,655 $ 144,369 Operating loss: Manufacturing (1) $ ( 8,348 ) $ ( 3,019 ) $ ( 20,148 ) $ ( 12,656 ) Corporate and Other ( 4,600 ) ( 12,824 ) ( 9,893 ) ( 17,703 ) Consolidated operating loss ( 12,948 ) ( 15,843 ) ( 30,041 ) ( 30,359 ) Consolidated interest expense and deferred financing costs ( 167 ) ( 115 ) ( 463 ) ( 151 ) Consolidated other income 134 83 358 402 Consolidated loss before income taxes $ ( 12,981 ) $ ( 15,875 ) $ ( 30,146 ) $ ( 30,108 ) Depreciation and amortization: Manufacturing $ 2,688 $ 3,075 $ 5,483 $ 6,097 Corporate and Other 183 191 401 374 Consolidated depreciation and amortization $ 2,871 $ 3,266 $ 5,884 $ 6,471 Capital expenditures: Manufacturing $ 3,033 $ 898 $ 5,953 $ 1,432 Corporate and Other 305 377 1,056 602 Consolidated capital expenditures $ 3,338 $ 1,275 $ 7,009 $ 2,034 (1) Results for the three months and six months ended June 30, 2020 include restructuring and impairment charges of $ 267 and $ 1,147 , respectively. |
Reconciliation of Assets From Segment to Consolidated | June 30, December 31, 2020 2019 Assets: Manufacturing $ 182,141 $ 156,859 Corporate and Other 70,619 87,329 Total operating assets 252,760 244,188 Consolidated income taxes receivable 1,027 1,014 Consolidated deferred income taxes, long-term ( 3 ) - Consolidated assets $ 253,784 $ 245,202 |
Geographic Information | Geographic Information Revenues Long Lived Assets(a) Three Months Ended Six Months Ended June 30, June 30, June 30, December 31, 2020 2019 2020 2019 2020 2019 United States $ 17,458 $ 73,661 $ 22,655 $ 144,369 $ 125,748 $ 132,825 Mexico (b) - - - - 5,555 1,146 Total $ 17,458 $ 73,661 $ 22,655 $ 144,369 $ 131,303 $ 133,971 (a) Long lived assets include net property plant and equipment, Railcars available for lease, and ROU Assets (b) Included in manufacturing segment |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Recurring Fair Value Measurements As of June 30, 2020 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents and restricted cash equivalents $ 4,303 $ - $ - $ 4,303 Restricted certificates of deposit $ 3,855 $ - $ - $ 3,855 Escrow receivable $ - $ - $ 930 $ 930 Recurring Fair Value Measurements As of December 31, 2019 Level 1 Level 2 Level 3 Total ASSETS: Cash equivalents and restricted cash equivalents $ 4,580 $ - $ - $ 4,580 Restricted certificates of deposit $ 3,769 $ - $ - $ 3,769 Escrow receivable $ - $ - $ 930 $ 930 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash | June 30, December 31, 2020 2019 Restricted cash from customer deposit $ 13,692 $ - Restricted cash to collateralize standby letters of credit 203 - Total restricted cash $ 13,895 $ - |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventories [Abstract] | |
Schedule of Inventory Current | June 30, December 31, 2020 2019 Work in process $ 41,978 $ 19,742 Finished new railcars - - Parts inventory 5,138 5,350 Total inventories, net $ 47,116 $ 25,092 |
Debt Financing and Revolving _2
Debt Financing and Revolving Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Financing and Revolving Credit Facilities [Abstract] | |
Long-Term Debt | Advances under M&T Credit Agreement $ 10,200 SBA Payroll Protection Program Loan 10,000 Total debt 20,200 Less amounts due within one year ( 13,950 ) Long-term debt, net of current portion $ 6,250 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Pre-Tax Tax After-Tax Three months ended June 30, 2020 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 140 $ - $ 140 $ 140 $ - $ 140 Pre-Tax Tax After-Tax Three months ended June 30, 2019 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 137 $ - $ 137 Postretirement liability activity: Reclassification adjustment for amortization of net gain (pre-tax other income (expense)) ( 97 ) - ( 97 ) Reclassification adjustment for amortization of prior service cost (pre-tax other income (expense)) 4 - 4 $ 44 $ - $ 44 Pre-Tax Tax After-Tax Six months ended June 30, 2020 Pension liability activity: Actuarial gain $ 281 $ - $ 281 $ 281 $ - $ 281 Pre-Tax Tax After-Tax Six months ended June 30, 2019 Pension liability activity: Reclassification adjustment for amortization of net loss (pre-tax other income (expense)) $ 274 $ - $ 274 Postretirement liability activity: Reclassification adjustment for amortization of net gain (pre-tax other income (expense)) ( 194 ) - ( 194 ) Reclassification adjustment for amortization of prior service cost (pre-tax other income (expense)) 7 - 7 $ 87 $ - $ 87 |
Components of Accumulated Other Comprehensive Income (Loss) | June 30, December 31, 2020 2019 Unrecognized pension cost, net of tax of $ 6,282 and $ 6,282 , respectively $ ( 10,499 ) $ ( 10,780 ) $ ( 10,499 ) $ ( 10,780 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Stock-Based Compensation [Abstract] | |
Valuation Assumptions | Expected Risk Free Expected Dividend Interest Fair Value Grant Year Grant Date Expected Life Volatility Yield Rate Per Award 2020 1/24/2020 5.6 years 57.50 % 0.00 % 0.33 % $ 0.54 2020 3/9/2020 5.7 years 57.39 % 0.00 % 0.34 % $ 0.59 2020 4/7/2020 5.8 years 57.24 % 0.00 % 0.35 % $ 0.71 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Pension Benefits [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of Net Periodic Benefit Cost | Three Months Ended Six Months Ended June 30, June 30, Pension Benefits 2020 2019 2020 2019 Interest cost $ 358 $ 466 $ 716 $ 932 Expected return on plan assets ( 609 ) ( 555 ) ( 1,218 ) ( 1,110 ) Amortization of unrecognized net loss 140 137 280 274 $ ( 111 ) $ 48 $ ( 222 ) $ 96 |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Components of Net Periodic Benefit Cost | Three Months Ended Six Months Ended June 30, June 30, Postretirement Benefit Plan 2020 2019 2020 2019 Service cost $ - $ 5 $ - $ 10 Interest cost - 45 - 90 Amortization of prior service cost - 4 - 8 Amortization of unrecognized net gain - ( 97 ) - ( 194 ) $ - $ ( 43 ) $ - $ ( 86 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares Outstanding | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Weighted average common shares outstanding 12,405,011 12,352,271 12,385,946 12,344,684 Dilutive effect of employee stock options and nonvested share awards - - - - Weighted average diluted common shares outstanding 12,405,011 12,352,271 12,385,946 12,344,684 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Impairment Charges [Abstract] | |
Components of Restructuring and Impairment Charges | Three months ended Six months ended June 30, June 30, 2020 2019 2020 2019 Impairment and loss on disposal of machinery and equipment $ - $ 1,319 $ 438 $ 1,319 Employee severance and retention 1 - ( 3 ) - Other charges related to facility closure 266 - 712 - Total restructuring and impairment costs $ 267 $ 1,319 $ 1,147 $ 1,319 |
Schedule of Restructuring Reserve Activity | Accrued as of December 31, 2019 Cash Charges Non-cash charges Cash payments Accrued as of June 30, 2020 Impairment and loss on disposal of machinery and equipment $ - $ - $ 438 $ - $ - Employee severance and retention 647 ( 4 ) - ( 636 ) 7 Other charges related to facility closure 359 798 ( 86 ) ( 1,097 ) 60 Total restructuring and impairment costs $ 1,006 $ 794 $ 352 $ ( 1,733 ) $ 67 Accrued as of December 31, 2018 Cash Charges Non-cash charges Cash payments Accrued as of June 30, 2019 Impairment charges for leasehold improvements and equipment $ - $ - $ 1,319 $ - $ - Employee severance and retention - - - - - Other charges related to facility closure - - - - - Total restructuring and impairment costs $ - $ - $ 1,319 $ - $ - |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Assets | $ 253,784 | $ 253,784 | $ 245,202 |
Liabilities | 166,484 | 166,484 | 128,048 |
Noncontrolling minority interest, net loss | (189) | (405) | |
Noncontrolling interest in JV | (460) | (460) | $ (55) |
Mexico Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint Venture Ownership Percentage | 50.00% | ||
Future capital contributions | 25,000 | 25,000 | |
Assets and cash | 7,100 | 7,100 | |
Assets | 5,200 | 5,200 | |
Liabilities | 100 | 100 | |
Net loss | 400 | 800 | |
Noncontrolling minority interest, net loss | (400) | ||
Noncontrolling interest in JV | $ (500) | $ (500) |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Leases [Line Items] | ||||
Operating lease liabilities | $ 63,369 | $ 68,726 | ||
Extension term | 5 years | |||
Increase in liability | $ 1,326 | $ 32,079 | ||
Minimum [Member] | ||||
Leases [Line Items] | ||||
Lease term | 2 years 6 months | |||
Maximum [Member] | ||||
Leases [Line Items] | ||||
Lease term | 8 years | |||
Office Space [Member] | ||||
Leases [Line Items] | ||||
Operating lease liabilities | $ 3,000 | |||
Lease term | 11 years 6 months | |||
Scenario, Forecast [Member] | ||||
Leases [Line Items] | ||||
Change in leased area | 40.00% |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Fixed | $ 2,815 | $ 5,897 |
Short-term | 132 | 371 |
Total lease cost | $ 2,947 | $ 6,268 |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right of use asset | $ 53,442 | $ 56,507 |
Lease liability, current | 15,063 | 14,960 |
Lease liability, long-term | 48,306 | 53,766 |
Total operating lease liabilities | $ 63,369 | $ 68,726 |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 8,982 | |
Operating leases | $ 1,326 | $ 32,079 |
Leases (Aggregate Future Operat
Leases (Aggregate Future Operating Lease Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2020 | $ 17,743 | |
2020 (Excluding the six months ended June 30, 2020) | $ 8,761 | |
2021 | 17,411 | 17,200 |
2022 | 10,205 | 9,969 |
2023 | 9,074 | 8,832 |
2024 | 8,332 | 8,082 |
Thereafter | 18,039 | 16,164 |
Total lease payments | 71,822 | 77,990 |
Less: Interest | (8,453) | (9,263) |
Total | $ 63,369 | $ 68,726 |
Leases (Operating Lease Informa
Leases (Operating Lease Information) (Details) | Jun. 30, 2020 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 7 years 2 months 12 days |
Weighted-average discount rate | 4.50% |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Contract assets, current | $ 0 | $ 0 | |
Contract assets, noncurrent | 0 | 0 | |
Deferred revenue and customer deposits | 36,198,000 | 36,198,000 | $ 5,607,000 |
Performance obligation | 55,684,000 | $ 55,684,000 | |
Provision for doubtful accounts | $ 334,000 | ||
Minimum [Member] | Railcar Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Term | 5 days | ||
Minimum [Member] | Parts Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Term | 30 days | ||
Maximum [Member] | Railcar Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Term | 10 days | ||
Maximum [Member] | Parts Sales [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Accounts Receivable, Term | 45 days |
Revenue Recognition (Schedule O
Revenue Recognition (Schedule Of Revenue Recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 16,044 | $ 71,979 | $ 19,783 | $ 141,006 |
Leasing revenues | 1,414 | 1,682 | 2,872 | 3,363 |
Total revenues | 17,458 | 73,661 | 22,655 | 144,369 |
Railcar Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 13,746 | 69,173 | 15,272 | 135,117 |
Parts Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 2,297 | 2,795 | 4,510 | 5,859 |
Other sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 1 | $ 11 | $ 1 | $ 30 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 17,458 | $ 73,661 | $ 22,655 | $ 144,369 |
Operating (Loss) Income | (12,948) | (15,843) | (30,041) | (30,359) |
Consolidated interest expense and deferred financing costs | (167) | (115) | (463) | (151) |
Consolidated other income | 134 | 83 | 358 | 402 |
Loss before income taxes | (12,981) | (15,875) | (30,146) | (30,108) |
Restructuring and impairment charges | 267 | 1,319 | 1,147 | 1,319 |
Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and impairment charges | 267 | 1,147 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 17,458 | 73,661 | 22,655 | 144,369 |
Operating (Loss) Income | (12,948) | (15,843) | (30,041) | (30,359) |
Consolidated interest expense and deferred financing costs | (167) | (115) | (463) | (151) |
Consolidated other income | 134 | 83 | 358 | 402 |
Loss before income taxes | (12,981) | (15,875) | (30,146) | (30,108) |
Depreciation and amortization | 2,871 | 3,266 | 5,884 | 6,471 |
Capital expenditures | 3,338 | 1,275 | 7,009 | 2,034 |
Operating Segments [Member] | Manufacturing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15,129 | 70,817 | 18,069 | 138,412 |
Operating (Loss) Income | (8,348) | (3,019) | (20,148) | (12,656) |
Depreciation and amortization | 2,688 | 3,075 | 5,483 | 6,097 |
Capital expenditures | 3,033 | 898 | 5,953 | 1,432 |
Operating Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,329 | 2,844 | 4,586 | 5,957 |
Operating (Loss) Income | (4,600) | (12,824) | (9,893) | (17,703) |
Depreciation and amortization | 183 | 191 | 401 | 374 |
Capital expenditures | $ 305 | $ 377 | $ 1,056 | $ 602 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Consolidated income taxes receivable | $ 1,027 | $ 535 |
Total assets | 253,784 | 245,202 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 252,760 | 244,188 |
Consolidated income taxes receivable | 1,027 | 1,014 |
Consolidated deferred income taxes, long-term | (3) | |
Total assets | 253,784 | 245,202 |
Operating Segments [Member] | Manufacturing [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | 182,141 | 156,859 |
Operating Segments [Member] | Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Total operating assets | $ 70,619 | $ 87,329 |
Segment Information (Geographic
Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 17,458 | $ 73,661 | $ 22,655 | $ 144,369 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,458 | 73,661 | 22,655 | 144,369 | |
Long-Lived Assets | 131,303 | 131,303 | $ 133,971 | ||
Operating Segments [Member] | United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 17,458 | $ 73,661 | 22,655 | $ 144,369 | |
Long-Lived Assets | 125,748 | 125,748 | 132,825 | ||
Operating Segments [Member] | Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Long-Lived Assets | $ 5,555 | $ 5,555 | $ 1,146 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2015 |
Fair Value Measurements [Abstract] | |||
Purchase price in escrow | $ 980 | $ 980 | $ 1,960 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value, Assets Measured on Recurring Basis) (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and restricted cash equivalents | $ 4,303 | $ 4,580 |
Restricted certificates of deposit | 3,855 | 3,769 |
Escrow receivable | 930 | 930 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents and restricted cash equivalents | 4,303 | 4,580 |
Restricted certificates of deposit | 3,855 | 3,769 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Escrow receivable | $ 930 | $ 930 |
Restricted Cash (Details)
Restricted Cash (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Total restricted cash | $ 13,895 |
Customer Deposit [Member] | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Total restricted cash | 13,692 |
Collateralize Standby Letters Of Credit [Member] | |
Restricted Cash and Cash Equivalents Items [Line Items] | |
Total restricted cash | $ 203 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Inventory valuation reserves | $ 10,685 | $ 5,633 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventories [Abstract] | ||
Work in process | $ 41,978 | $ 19,742 |
Finished new railcars | ||
Parts inventory | 5,138 | 5,350 |
Total inventories, net | $ 47,116 | $ 25,092 |
Debt Financing and Revolving _3
Debt Financing and Revolving Credit Facilities (Narrative) (Details) | Feb. 21, 2020USD ($) | Apr. 16, 2019USD ($)item | Jun. 30, 2020USD ($) | Apr. 12, 2019USD ($) |
Line of Credit Facility [Line Items] | ||||
2021 | $ 7,500,000 | |||
2022 | 2,500,000 | |||
Paycheck Protection Program Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount | $ 10,000,000 | |||
Interest rate | 1.00% | |||
Term | 2 years | |||
BMO Harris Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount | $ 50,000,000 | |||
Line of Credit Facility, Expiration Date | Apr. 12, 2024 | |||
Maximum borrowing capacity | 42,500,000 | |||
Outstanding borrowings | $ 0 | |||
Current borrowing capacity | 10,195,000 | |||
qualified unrestricted cash, percent | 100.00% | |||
Qualified unrestricted cash | $ 4,000,000 | |||
BMO Harris Bank [Member] | Revolving Sub-Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Aggregate principal amount | $ 10,000,000 | |||
Outstanding borrowings | 4,000,000 | |||
M & T Bank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Collateral carrying value | $ 16,253,000 | |||
Aggregate principal amount | $ 40,000,000 | |||
Line of Credit Facility, Expiration Date | Apr. 16, 2021 | |||
Outstanding borrowings | $ 10,200,000 | |||
Interest coverage ratio | item | 1.25 | |||
Interest rate | 2.24% | |||
M & T Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% |
Debt Financing and Revolving _4
Debt Financing and Revolving Credit Facilities (Long-Term Debt) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 20,200 |
Less amounts due within one year | (13,950) |
Long-term debt, net of current portion | 6,250 |
M&T Credit Agreement [Member] | |
Debt Instrument [Line Items] | |
Total debt | 10,200 |
Paycheck Protection Program Loan [Member] | |
Debt Instrument [Line Items] | |
Total debt | $ 10,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule of Changes in Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pre-Tax | $ 140 | $ 44 | $ 281 | $ 87 |
After-Tax | 140 | 44 | 281 | 87 |
Accumulated Defined Benefit Plans Adjustment, Actuarial Gain (Loss) Attributable to Parent [Member] | Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pre-Tax | 281 | |||
After-Tax | $ 281 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pre-Tax | 140 | 137 | 274 | |
After-Tax | $ 140 | 137 | 274 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | Postretirement Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pre-Tax | (97) | (194) | ||
After-Tax | (97) | (194) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Postretirement Benefit Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Pre-Tax | 4 | 7 | ||
After-Tax | $ 4 | $ 7 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | $ 87,300 | $ 100,350 | $ 117,154 | $ 164,201 | $ 180,459 | $ 193,610 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | (10,499) | (10,780) | ||||
Pension Benefits [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Accumulated other comprehensive loss, net of tax | (10,499) | (10,780) | ||||
Accumulated other comprehensive loss, tax | $ 6,282 | $ 6,282 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ (156) | $ (415) | $ 94 | $ 274 |
Unearned compensation | 1,569 | $ 1,569 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining requisite service period | 22 months | |||
Time-Vested Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unearned compensation related to options | 330 | $ 330 | ||
Remaining service period | 18 months | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award Vesting Period | 3 years | |||
Award contractual term | 10 years | |||
Estimated fair value | $ 470 | $ 470 | ||
Options Outstanding (shares) | 869,033 | 869,033 | ||
Certain Employees [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options granted | 1,129,464 | |||
Options forfeited | 260,431 |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Grants) (Details) - Stock Appreciation Rights (SARs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / shares | |
1/24/2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Jan. 24, 2020 |
Expected Life | 5 years 7 months 6 days |
Expected Volatility | 57.50% |
Expected Dividend Yield | 0.00% |
Risk Free Interest Rate | 0.33% |
Fair Value Per Award | $ 0.54 |
3/9/2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Mar. 9, 2020 |
Expected Life | 5 years 8 months 12 days |
Expected Volatility | 57.39% |
Expected Dividend Yield | 0.00% |
Risk Free Interest Rate | 0.34% |
Fair Value Per Award | $ 0.59 |
4/7/2020 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Grant Year | 2020 |
Grant Date | Apr. 7, 2020 |
Expected Life | 5 years 9 months 18 days |
Expected Volatility | 57.24% |
Expected Dividend Yield | 0.00% |
Risk Free Interest Rate | 0.35% |
Fair Value Per Award | $ 0.71 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan expense recognized | $ 372,000 | $ 743,000 | ||
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected total contributions for current fiscal year | $ 0 | $ 0 | ||
Employer contributions | 0 | 0 | 0 | 0 |
Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer contributions | $ 0 | $ 158,000 | $ 0 | $ 276,000 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Pension Benefits [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Interest cost | $ 358 | $ 466 | $ 716 | $ 932 |
Expected return on plan assets | (609) | (555) | (1,218) | (1,110) |
Amortization of unrecognized net (gain) loss | 140 | 137 | 280 | 274 |
Total net periodic benefit cost | $ (111) | 48 | $ (222) | 96 |
Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 5 | 10 | ||
Interest cost | 45 | 90 | ||
Amortization of prior service cost | 4 | 8 | ||
Amortization of unrecognized net (gain) loss | (97) | (194) | ||
Total net periodic benefit cost | $ (43) | $ (86) |
Contingencies and Legal Settl_2
Contingencies and Legal Settlements (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2022 | |
State and local incentives received | $ 1,410 | $ 15,733 | |||
Deferred liability balance | $ 5,831 | ||||
Contingency losses | $ 7,500 | ||||
Settlement payments | $ 3,500 | ||||
Settlement payment term | 3 years | ||||
Maximum [Member] | |||||
Incentive term | 6 years | ||||
Scenario, Forecast [Member] | |||||
Settlement payments | $ 4,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive common shares excluded from computation of earnings per share amount | 1,107,304 | 707,395 | 1,076,577 | 668,370 |
Earnings Per Share (Weighted Av
Earnings Per Share (Weighted Average Common Shares Outstanding) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding (shares) | 12,405,011 | 12,352,271 | 12,385,946 | 12,344,684 |
Dilutive effect of employee stock options and nonvested share awards (shares) | ||||
Weighted average diluted common shares outstanding (shares) | 12,405,011 | 12,352,271 | 12,385,946 | 12,344,684 |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring and Impairment Charges [Abstract] | |
Gain related to lease termination | $ 2,224 |
Restructuring and impairment charges | $ 3,295 |
Restructuring and Impairment _4
Restructuring and Impairment Charges (Components of Restructuring and Impairment Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring and Impairment Charges [Abstract] | ||||
Impairment charge for leasehold improvements and equipment | $ 1,319 | $ 438 | $ 1,319 | |
Employee severance and retention | $ 1 | (3) | ||
Other charges related to facility closure | 266 | 712 | ||
Total restructuring and impairment charges | $ 267 | $ 1,319 | $ 1,147 | $ 1,319 |
Restructuring and Impairment _5
Restructuring and Impairment Charges (Schedule Of Restructuring Reserve Activity) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Accrued | $ 1,006 | |
Cash Charges | 794 | |
Non-cash charges | 352 | $ 1,319 |
Cash payments | (1,733) | |
Accrued | 67 | |
Impairment Charges For Leasehold Improvements And Equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Non-cash charges | $ 1,319 | |
Loss On Disposal Of Machinery And Equipment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Non-cash charges | 438 | |
Employee Severance And Retention [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued | 647 | |
Cash Charges | (4) | |
Cash payments | (636) | |
Accrued | 7 | |
Other Charges Related To Facility Closure [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accrued | 359 | |
Cash Charges | 798 | |
Non-cash charges | (86) | |
Cash payments | (1,097) | |
Accrued | $ 60 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] | Aug. 07, 2020USD ($) |
Subsequent Event [Line Items] | |
Payment Demand Amount | $ 5,081,000 |
Payment Demand Amount, Payment | $ 0 |
Payment Demand Amount, Term | 5 days |