Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Mar. 06, 2025 |
Jun. 30, 2024 |
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| Document Information [Line Items] | |||
| Document Type | 10-K | ||
| Document Annual Report | true | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Period End Date | Dec. 31, 2024 | ||
| Document Fiscal Year Focus | 2024 | ||
| 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 S. Wacker Drive | ||
| Entity Address, Address Line Two | Suite 1500 | ||
| Entity Address, City or Town | Chicago | ||
| Entity Address, State or Province | IL | ||
| Entity Address, Postal Zip Code | 60606 | ||
| City Area Code | 800 | ||
| Local Phone Number | 458-2235 | ||
| Title of 12(b) Security | Common stock, par value $0.01 per share | ||
| Trading Symbol | RAIL | ||
| Security Exchange Name | NASDAQ | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Document Financial Statement Error Correction [Flag] | false | ||
| Entity Filer Category | Non-accelerated Filer | ||
| Entity Small Business | true | ||
| Entity Emerging Growth Company | false | ||
| Entity Shell Company | false | ||
| ICFR Auditor Attestation Flag | false | ||
| Entity Public Float | $ 43.3 | ||
| Entity Common Stock, Shares Outstanding | 19,060,397 | ||
| Amendment Flag | false | ||
| Document Fiscal Period Focus | FY | ||
| Entity Central Index Key | 0001320854 | ||
| Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement for its Annual Meeting of Stockholders to be filed within 120 days of the end of the registrant’s fiscal year ended December 31, 2024 (the “2025 Proxy Statement”) is incorporated by reference into Part III hereof. |
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| Auditor Name | Grant Thornton LLP | ||
| Auditor Location | Chicago, Illinois | ||
| Auditor Firm ID | 248 | ||
| Auditor Opinion | Opinion on the financial statements
We have audited the accompanying consolidated balance sheets of FreightCar America, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, mezzanine equity and stockholders’ deficit, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Allowance for doubtful accounts | $ 47 | $ 18 |
| 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 | 18,960,608 | 17,903,437 |
| Common stock, shares outstanding | 18,960,608 | 17,903,437 |
| Series A Preferred Stock [Member] | ||
| Preferred stock, shares authorized | 100,000 | 100,000 |
| Series B Preferred Stock [Member] | ||
| Preferred stock, shares authorized | 100,000 | 100,000 |
| Preferred stock, shares outstanding | 0 | 0 |
| Preferred Stock, Shares Issued | 0 | 0 |
| Series C Preferred Stock [Member] | ||
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 85,412 | 85,412 |
| Preferred stock, shares outstanding | 0 | 85,412 |
| Preferred Stock, Shares Issued | 0 | 85,412 |
| Liquidation value | $ 0 | $ 95,048 |
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Statement of Comprehensive Income [Abstract] | ||
| Net loss | $ (75,817) | $ (23,589) |
| Other comprehensive (loss) income, net of tax: | ||
| Loss on pension settlement | 0 | 313 |
| Unrealized (loss) gain on foreign currency derivatives | (2,002) | 606 |
| Pension and post-retirement liability adjustments | 358 | 424 |
| Comprehensive loss | $ (77,461) | $ (22,246) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management, Strategy, and Governance |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Item 1C. Cybersecurity.
Overview
We are cognizant of the evolving risks associated with cybersecurity and recognize a material cybersecurity incident could adversely impact our financial results and condition. We further recognize the importance of maintaining processes to identify, mitigate, and manage those cybersecurity threats. No cybersecurity threats occurred during the year ended December 31, 2024 that have had, or are reasonably likely to have had, a material impact on our business strategy, results of operations, or financial condition. However, if as a result of any future attacks, our information technology systems are significantly damaged, cease to function properly or are subject to a significant cybersecurity breach, we may suffer an interruption in our ability to manage and operate our business, and our business strategy, results of operations or financial condition could be adversely affected. Such attacks, whether or not successful, could result in significant costs related to, for example, repairing or replacing our IT systems; the loss of critical data; and interruptions or delays in our ability to perform critical functions. In addition, the volume, frequency and sophistication of these threats (including through the use of artificial intelligence) continues to grow and the complexity and scale of the systems to be protected continues to increase.
We utilize the National Institute of Standards and Technology (“NIST”) framework with our security program to identify, mitigate, and manage cybersecurity risks. We have implemented controls and a formal security policy following this framework. This security policy functions in conjunction with other policies, such as our acceptable use policy and our mobile device policy. We also maintain a specific incident response policy and procedure document including notification and participation of key workforce personnel and external stakeholders to contain, eradicate, and recover from any security incidents.
The Company emphasizes the importance of security awareness to our workforce through the administration of third-party cybersecurity training and prioritizes the monitoring and prevention of unauthorized access to Company information technology (“IT”) assets such as networks, computers, mobile devices, applications, and stored information. Our internal IT team considers cybersecurity capabilities of third-party service providers prior to engaging them and on an ongoing basis. Our key external IT vendors provide the Company with system and organizational control reports that are reviewed by our internal IT team and may reveal potential security risks.
A third-party managed security services provider (“MSSP”) works in tandem with our internal IT team to implement and maintain processes and procedures to detect and handle identified security incidents, including the performance of phishing simulations to evaluate our workforce’s ability to recognize malicious emails. Our MSSP team leaders have significant experience working in cybersecurity and employ a trained workforce designed to provide proactive and comprehensive cybersecurity care. Together with our MSSP, we also monitor the frequency and extent of cybersecurity threats and update our processes and procedures as necessary. On an annual basis, our internal auditors conduct penetration testing and other assessments.
Governance
Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for oversight of our risk management programs, including processes and procedures related to cybersecurity threats and incidents. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Company’s cybersecurity risk management program is under the direction of our Director of IT, who reports directly to our Chief Financial Officer and has over two decades of experience in the field of information technology and security. Our Director of IT drives collective focus and central coordination of our cybersecurity risk management program internally and oversees our retained external MSSP personnel. Management reports to the Audit Committee, at least quarterly, and more frequently if needed, on the Company’s cybersecurity risk management program, including periodic assessments and tests addressing cybersecurity threats and incidents. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We utilize the National Institute of Standards and Technology (“NIST”) framework with our security program to identify, mitigate, and manage cybersecurity risks. We have implemented controls and a formal security policy following this framework. This security policy functions in conjunction with other policies, such as our acceptable use policy and our mobile device policy. We also maintain a specific incident response policy and procedure document including notification and participation of key workforce personnel and external stakeholders to contain, eradicate, and recover from any security incidents. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee primary responsibility for oversight of our risk management programs, including processes and procedures related to cybersecurity threats and incidents. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Company’s cybersecurity risk management program is under the direction of our Director of IT, who reports directly to our Chief Financial Officer and has over two decades of experience in the field of information technology and security. Our Director of IT drives collective focus and central coordination of our cybersecurity risk management program internally and oversees our retained external MSSP personnel. Management reports to the Audit Committee, at least quarterly, and more frequently if needed, on the Company’s cybersecurity risk management program, including periodic assessments and tests addressing cybersecurity threats and incidents. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | the Audit Committee primary responsibility for oversight of our risk management programs, including processes and procedures related to cybersecurity threats and incidents |
| Cybersecurity Risk Role of Management [Text Block] | The Company’s cybersecurity risk management program is under the direction of our Director of IT, who reports directly to our Chief Financial Officer and has over two decades of experience in the field of information technology and security. Our Director of IT drives collective focus and central coordination of our cybersecurity risk management program internally and oversees our retained external MSSP personnel. Management reports to the Audit Committee, at least quarterly, and more frequently if needed, on the Company’s cybersecurity risk management program, including periodic assessments and tests addressing cybersecurity threats and incidents. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Director of IT drives collective focus and central coordination of our cybersecurity risk management program internally and oversees our retained external MSSP personnel |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | over two decades of experience in the field of information technology and security |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Management reports to the Audit Committee, at least quarterly, and more frequently if needed, on the Company’s cybersecurity risk management program, including periodic assessments and tests addressing cybersecurity threats and incidents. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Description of the Business |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Description of the Business [Abstract] | |
| Description of the Business | Note 1 – Description of the Business
FreightCar America, Inc. (“FreightCar”) operates primarily in North America through its direct and indirect subsidiaries, and designs and manufactures a wide range of railroad freight cars, completes railcar rebody and repair services, provides railcar conversion services that repurpose idled rail assets back into revenue service, and supplies railcar parts. The Company designs and builds high-quality railcars, including boxcars, covered and open-top hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and coal cars. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Johnstown, Pennsylvania; Qingdao, People’s Republic of China, and Castaños, Coahuila, Mexico (the “Manufacturing Facility”). |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, useful lives of long-lived assets, warranty accruals, pension benefit assumptions, stock compensation, evaluation of property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates.
Reclassifications
Certain prior year amounts have been reclassified, where necessary, to conform to current year presentation.
Cash and Cash Equivalents
The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments.
The Company’s cash and cash equivalents are primarily deposited with one United States financial institution. Such deposits are in excess of federally insured limits.
Restricted Cash and Restricted Certificates of Deposit
The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees, as well as foreign currency forward contracts. The restrictions expire upon completing the Company’s related obligation.
Financial Instruments
Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, accounts receivable, VAT receivable, accounts payable, accrued expenses, foreign currency derivative liability, and long-term debt) as of December 31, 2024 and 2023, have fair values that approximate their carrying values.
Fair Value Measurements
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels.
The Company classifies the inputs to valuation techniques used to measure fair value as follows:
Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means.
Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability.
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of raw materials, work in progress, and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties.
Property, Plant and Equipment
Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows:
Long-Lived Assets
The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. There were no indicators of impairment present as of December 31, 2024. For further information, see Note 7 - Leased Railcars.
Income Taxes
For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has significant sales or operations. In conformity with ASC 740, Income Taxes, the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized.
Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary.
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized.
Product Warranties
Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis.
Revenue Recognition
The following table disaggregates the Company’s revenues by major source:
(1) Includes $1,386 litigation settlement allocated to leasing revenues for the year ended December 31, 2024.
The Company generally recognizes revenue at a point in time as it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue is measured at the transaction price, which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer.
Due to the nature of its operations, the Company is subject to significant concentration of risks related to business with a few customers. Sales to the Company’s top three customers accounted for 13%, 9% and 9%, respectively, of revenues for the year ended December 31, 2024, all of which relate to the Manufacturing segment. Sales to the Company’s top three customers accounted for 19%, 16% and 15%, respectively, of revenues for the year ended December 31, 2023. Our railcar sales to customers outside the United States were $9,722 in 2024. There were no sales to customers outside the United States in 2023. As of December 31, 2024, 39% of the accounts receivable balance of $12,506 reported on the consolidated balance sheet was receivable from one customer, and 25% and 10% were receivable from a second and third customer, respectively. As of December 31, 2023, 28% of the accounts receivable balance of $6,408 reported on the consolidated balance sheet was receivable from one customer, and 19% and 17% were receivable from a second and third customer, respectively.
Railcar Sales
Performance obligations are typically completed and revenue is recognized for the sale of new and rebuilt railcars when the finished railcar is transferred to a specified railroad connection point. In certain sales contracts, revenue is recognized when a certificate of acceptance has been issued by the customer and control has been transferred to the customer. At that time, the customer directs the use of, and obtains substantially all of the remaining benefits from, the asset. When a railcar sales contract contains multiple performance obligations, the Company allocates the transaction price to the performance obligations based on the relative stand-alone selling price of the performance obligation determined at the inception of the contract based on an observable market price, expected cost plus margin or market price of similar items. The Company treats shipping costs that occur after control is transferred as fulfillment costs. Accordingly, gross revenue is recognized, and shipping cost is accrued, when control transfers to the customer. The Company does not provide discounts or rebates in the normal course of business.
As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is generally one year or less.
Aftermarket Sales
The Company sells forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance. Performance obligations are satisfied, and the Company recognizes revenue, as applicable, when parts are supplies are shipped to customers, and when services are performed.
Leasing Revenue
The Company recognizes operating lease revenue on railcars available for lease on a straight-line basis over the contract term. The Company recognizes revenue from the sale of railcars available for lease on a net basis as Gain (Loss) on sale of railcars available for lease since the sale represents the disposal of a long-term operating asset.
Contract Balances and Accounts Receivable
Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no contract assets as of December 31, 2024, 2023 and 2022. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue included in current liabilities in the Company’s consolidated balance sheet as of December 31, 2024 and 2023 were $8,556 and $5,686, respectively. Deferred revenue was $219 as of January 1, 2023 and was recognized as revenue during the year ended December 31, 2023. The 2023 deferred revenue balance was recognized as revenue during the year ended December 31, 2024. Accounts receivable, net of allowance for credit losses of $126, was $9,571 as of January 1, 2023. The Company has not experienced significant historical credit losses.
Performance Obligations
The Company is electing not to disclose the value of the remaining unsatisfied performance obligations with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of December 31, 2024 with expected duration of greater than one year of $81,321.
Loss Per Share
The Company computes loss per share using the two-class method, which is a loss allocation formula that determines loss per share for Common Stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. Basic loss per share attributable to common shareholders is computed by dividing net loss attributable to common shareholders by the weighted average common shares outstanding. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award, and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which improves segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within reported measures of segment profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM, how the CODM assesses segment performance, and additional detail around other segment items. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. We adopted this ASU effective January 1, 2024 which did not have a material impact on our consolidated financial statements. Prior year amounts have been reclassified to conform to current year presentation.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which addresses investor requests for more transparency around income tax information. ASU 2023-09 requires additional information within the disclosures related to income tax rate reconciliations and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 requirements will be applied prospectively with the option of retrospective application. Early adoption is permitted. Future adoption of the new standard is not expected to have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. ASU 2024-03 requires disclosure in the footnotes the following information at each interim and reporting period: tabular disclosure of amounts of specified natural expenses included in each relevant expense caption including, but not limited to, purchases of inventory, employee compensation, depreciation, intangible asset amortization; certain expense, gain, or loss amounts that are already required to be disclosed under US GAAP; qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of these expense categories. ASU 2024-03 applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. ASU 2024-03 requirements will be applied prospectively with the option of retrospective application. Early adoption is permitted. Future adoption of the new standard is not expected to have a material impact on our consolidated financial statements.
All other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Note 3 – Leases
The Company determines if an arrangement is a lease at inception of a contract. The Company’s lease portfolio includes a manufacturing site, component warehouse and corporate offices. The remaining lease terms on the Company’s leases recorded on the consolidated balance sheet are between 4.0 and 15.8 years, most of which include options to extend the lease terms. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet.
The Company took possession of additional square footage at the Manufacturing Facility in 2023 and 2024. The Manufacturing Facility lease is classified as finance lease, while substantially all other leases are classified as operating leases.
Operating and finance lease right of use assets are presented separately in long-term assets, the current portion of finance lease liabilities is presented separately in current liabilities, the current portion of operating lease liabilities is presented within other current liabilities, and the non-current portion of operating and finance lease liabilities are presented separately within long-term liabilities on the consolidated balance sheet.
Right of use 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. Right of use assets and liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company’s lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. As most of the Company’s operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company revalued the incremental borrowing rates used in determining the present value of lease payment for the Manufacturing Facility lease as a result of the lease modifications in 2024. Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease right of use asset amortization expense is recognized on a straight-line basis over the lease term, while interest expense on finance lease liabilities is recognized using the interest method.
The components of the lease costs were as follows:
The aggregate future lease payments for leases as of December 31, 2024 are as follows:
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 4 – Fair Value Measurements
The following table sets forth by level within the ASC 820, Fair Value Measurement, fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.
The fair value of the Company’s Warrant (as defined in Note 12 - Warrants) liability recorded in the Company’s financial statements, determined using the quoted price of the Company’s Common Stock in an active market, exercise price ($0.01/share) and number of shares exercisable, as of December 31, 2024 and 2023, is a Level 2 measurement.
The fair value of the Company’s foreign currency forward contracts determined using exit prices obtained from each counterparty, which are based on currency spot and forward rates, as of December 31, 2024 in an active market, is a Level 2 measurement. See Note 8 - Derivatives.
The fair value of the Company's fleet of triple hopper aggregate railcars determined using a cost plus market value approach for a portion of the assets and a market-based appraisal for the remainder of the assets, as of December 31, 2023, is a Level 3 measurement. In the first quarter of 2024, the Company gained possession of these railcars. The portion of railcars intended to be sold in their current condition are classified as assets held for sale, while the remaining railcars were converted into a new car type during the year ended December 31, 2024. For further information, see Note 7 - Leased Railcars. |
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Restricted Cash |
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| Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash | Note 5 – Restricted Cash The Company establishes restricted cash balances (i) when required by customer contracts, (ii) to collateralize standby letters of credit, and (iii) to collateralize foreign currency derivative contracts. The carrying value of restricted cash approximates fair value.
The Company’s restricted cash balances are as follows:
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Inventories |
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| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Note 6 – Inventories
Inventories, net of reserve for excess and obsolete items, consist of the following:
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Leased Railcars |
12 Months Ended |
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Dec. 31, 2024 | |
| Leases [Abstract] | |
| Leases | Note 7 – Leased Railcars
The Company had no railcars available for lease as of December 31, 2024 and no depreciation expense on railcars available for lease for the year ended December 31, 2024. The value of railcars available for lease as of December 31, 2023 was $2,842 (cost of $2,842 and accumulated depreciation of zero due to the impairment taken in 2023). Depreciation expense on railcars available for lease was $332 for the year ended December 31, 2023.
The Company had no impairment charge for the year ended December 31, 2024. During the year ended December 31, 2023, we recognized a pre-tax non cash impairment charge of $4,091 related to our fleet of triple hopper aggregate railcars, which is reflected in the impairment on leased railcars line on our consolidated statements of operations.
In 2024, the Company gained possession of the final assets included in our lease fleet, our triple hopper aggregate railcars, thus terminating the lease under consideration. The portion of railcars intended to be sold in their current condition were reclassified from railcars available for lease to assets held for sale, while the remaining railcars intended to be converted into a new car type were reclassified from railcars available for lease to inventory during the first quarter of 2024. These cars were subsequently sold in 2024. We do not have any other leased railcars subject to lease agreements with external customers as of December 31, 2024. As such, the Company does not expect any future minimum rental revenues on leases going forward. |
Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | Note 8 – Derivatives
The Company’s operations and expenditures in its normal course of business are subject to opportunities and risks related to foreign currency fluctuations. The Company utilizes foreign currency forward contracts to protect against downward currency exposure by hedging Mexican Peso denominated expenses against the risk of volatility in foreign currency exchange rates between the Mexican Peso and the United States Dollar.
During 2023 and 2024, the Company entered into forward contracts to hedge the Company’s anticipated and probable Mexican Peso denominated expenses against the foreign currency rate exposure. The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date. The counterparties to the contracts consist of a limited number of major domestic and international financial institutions. The Company classifies these contracts as cash flow hedges in accordance with ASC 815, Derivatives and Hedging. The Company does not have any non-designated derivatives.
The Company assesses the assumed effectiveness of the contracts at each reporting period. The foreign currency derivatives are recorded on the balance sheet at fair value. For further information on the fair value, see Note 4 - Fair Value Measurements. The Company records unrealized gains or losses related to changes in the fair value of the forward contracts in other comprehensive income as long as the contracts are assumed to be effective. For further information on unrealized gains or losses, see Note 14 - Accumulated Other Comprehensive Income. Amounts accumulated in other comprehensive income (loss) are reclassified to the consolidated statement of operations on the same line as the items being hedged when the hedged item impacts earnings or upon determination that the contract is no longer assumed to be effective. The notional amounts of outstanding foreign currency derivatives are as follows:
The fair value of outstanding foreign currency derivatives designated as hedges are as follows:
The pre-tax realized loss (gain) on foreign currency derivatives is recognized in the consolidated statements of operations as follows:
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Property, Plant and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Note 9 – Property, Plant and Equipment
Property, plant and equipment consists of the following:
Depreciation expense for the years ended December 31, 2024 and 2023 was $5,763 and $4,274, respectively. |
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Product Warranties |
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| Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranties | Note 10 – Product Warranties
Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Changes in the warranty reserve for the years ended December 31, 2024 and 2023, are as follows:
Adjustments to prior warranties include changes in the warranty reserve for warranties issued in prior periods due to expiration of the warranty period, revised warranty cost estimates and other factors. |
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Debt Financing and Credit Facilities |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Financing and Credit Facilities | Note 11 – Debt Financing and Credit Facilities
Long-term debt consists of the following as of December 31, 2024 and 2023:
In 2023, the Company terminated the term loan credit agreement by and between FreightCar America Leasing 1, LLC and M&T Bank, N.A., entered into in 2020 (as amended from time to time, the “Term Loan Credit Agreement”) and the revolving credit facility entered into in 2019 for the purpose of financing railcars to be leased to third parties (as amended from time to time, the “M&T Credit Agreement and Forbearance Agreement”). On May 22, 2023, the Company settled $60,178 in-full all of the principal amount of the outstanding Term Loan Credit Agreement, together with all $1,727 accrued unpaid interest, fees, penalties, and other obligations under the Term Loan Credit Agreement through the issuance of Series C Preferred Stock, resulting in a loss on extinguishment of $17,772 for the year ending December 31, 2023. On June 30, 2023, the Company terminated the M&T Credit Agreement and Forbearance Agreement, paying an aggregate of $4,480, which resulted in a gain on extinguishment of $2,892 for the year ended December 31, 2023.
As of December 31, 2023, the Company had $29,415 in outstanding debt and remaining availability of $10,853 under a revolving line of credit in the maximum aggregate principal amount of up to $45,000, secured by a standby letter of credit in the principal amount of $25,000 and the Company’s accounts receivable. This facility was terminated and paid in full at its maturity date on December 31, 2024.
On December 31, 2024, the Company entered into a term loan agreement by and among the Company, FreightCar North America, LLC and certain subsidiaries of FreightCar North America, LLC, the lenders from time to time party thereto, and Blue Torch Finance LLC, as collateral agent and administrative agent in the principal amount of $115,000 (the “Term Loan”) with a maturity date of December 31, 2028. The Term Loan contains both affirmative and negative covenants, as well as financial covenants, including covenants related to liquidity levels, assessed at any time, and quarterly leverage ratios commencing with the quarter ended March 31, 2025. Proceeds from the Term Loan were used to redeem in full the Preferred Stock (as defined below in Note 13 - Mezzanine Equity). The Company incurred $6,585 in deferred financing costs that are presented as a reduction of the long-term debt balance and amortized to interest expense over the term of the Term Loan.
The Term Loan bears interest at the Term SOFR rate, with a floor of 3.00% per annum, plus an applicable margin of 6.00% per annum or at a base rate, as selected by the Company as the borrower. Base rate loans, with respect to the Term Loan, bear interest at the highest of (a) 4.00% per annum, (b) the federal funds rate plus 0.50%, (c) the prime rate or (d) the Term SOFR rate plus 1.00% per annum plus an applicable margin of 5.00%. The Term Loan bears interest at 10.40% as of December 31, 2024.
As the Term Loan was issued on December 31, 2024, the fair value of long-term debt approximates its carrying value as of December 31, 2024.
Estimated annual maturities of long-term debt, including the current portion as of December 31, 2024 are as follows:
On February 12, 2025 (the “ABL Effective Date”), the Company entered into a new revolving credit facility by and among the Company, FreightCar North America, LLC, certain subsidiaries of FreightCar North America, LLC, the lenders from time to time party thereto, and Bank of America, N.A., as agent for the lenders in the form of an asset backed credit facility in the maximum aggregate principal amount of $35,000 (the “ABL”), subject to borrowing base requirements and consisting of revolving loans and a sub-facility for letters of credit. The ABL has a term ending on February 12, 2030, provided that if the aggregate outstanding principal amount and related obligations under the Term Loan have not been repaid in full or prior to October 1, 2028, or refinanced with a new maturity date no earlier than May 13, 2030, the term will end on October 2, 2028.
Extensions of credit under the ABL are subject to availability under a borrowing base comprised of various percentages of the value of eligible inventory and accounts receivable, which also serves as collateral for borrowings under the ABL. Borrowing availability was $11,002 as of the ABL Effective Date. The ABL contains both affirmative and negative covenants, as well as certain financial covenants that are triggered if the availability drops below a certain level. These financial covenants remain in effect as long as the availability stays below that level. Revolving loans outstanding bear interest at the Term SOFR rate plus an applicable margin ranging from 1.50% to 2.00% per annum or at a base rate plus an applicable margin ranging from 0.50% to 1.00% per annum, as selected by the Company as the borrower. Base rate loans, with respect to the ABL, bear interest at the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% or (c) Term SOFR rate plus 1.00%, provided that the base rate may not be less than 1.00%. |
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Warrants |
12 Months Ended |
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Dec. 31, 2024 | |
| Warrants and Rights Note Disclosure [Abstract] | |
| Warrant | Note 12 – Warrants
The Company issued warrants to OC III LFE II LP (“OC III LFE”) and various affiliates of OC III LFE (collectively, the “Warrantholder”) in previous years to purchase a number of shares of Common Stock equal to 23% (the “2020 Warrant”), 5% (the “2021 Warrant”), and 5% (the “2022 Warrant”) of the outstanding Common Stock (after giving effect to such issuance) on a fully-diluted basis at the time the warrants are exercised. The 2020 Warrant, 2021 Warrant, and 2022 Warrant each have a per share exercise price of $0.01 and a term of ten (10) years from date of issuance.
The 2020 Warrant, issued in November 2020, was exercisable for an aggregate of 9,626,968 and 8,712,618 shares of Common Stock as of December 31, 2024 and December 31, 2023, respectively. The 2021 Warrant, issued in December 2021, was exercisable for an aggregate of 2,092,819 and 1,894,047 shares of Common Stock as of December 31, 2024 and December 31, 2023, respectively. The 2022 Warrant, issued in April 2022, was exercisable for an aggregate of 2,092,819 and 1,894,047 shares of Common Stock as of December 31, 2024 and December 31, 2023, respectively. The Company also issued a warrant to the Warrantholder in May 2023 to purchase an aggregate of 1,636,313 shares of Common Stock (the “2023 Warrant”), exercisable for a term of ten (10) years from date of issuance with a per share exercise price of $3.57.
The 2020 Warrant, 2021 Warrant, 2022 Warrant and 2023 Warrant are collectively referred to herein as the “Warrant”. As of December 31, 2024, the Warrant is classified as a liability and subject to fair value remeasurement at each balance sheet date. The fair value of the Warrant as of December 31, 2024 and December 31, 2023 was $136,319 and $36,801, respectively. The change in fair value of the Warrant is reported on a separate line in the condensed consolidated statements of operations. |
Mezzanine Equity and 2023 Warrant |
12 Months Ended |
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Dec. 31, 2024 | |
| Equity [Abstract] | |
| Mezzanine Equity and 2023 Warrant | Note 13 – Mezzanine Equity
In May 2023, the Company issued to OC III LFE 85,412 shares of non-convertible Series C Preferred Stock, $0.01 par value per share, with an initial stated and fair value of $85,412 or $1,000 per share (the “Preferred Stock”). As of December 31, 2023, 85,412 shares of the Preferred Stock were issued and outstanding. The Company classified the Preferred Stock as mezzanine equity (temporary equity outside of permanent equity) because a deemed liquidation event following a change of control may have required redemption of the Preferred Stock that was not solely within the control of the Company. Dividends were cumulative and accrued at a rate of 17.50% per annum on the initial stated value of the Preferred Stock. Issuance costs of $2,301 were allocated against the outstanding shares of the Preferred Stock upon issuance and amortized using the effective yield method.
On December 31, 2024, the Company used the proceeds from the Term Loan to redeem all outstanding shares of Preferred Stock. The Preferred Stock was redeemed at $1,000 per share, for a total redemption price of $113,275, including accrued dividends of $27,863. See Note 11 - Debt Financing and Credit Facilities. As a result of this transaction, there were no Preferred Stock shares issued or outstanding as of December 31, 2024. The Company accelerated any unamortized issuance costs upon redemption, recognizing discount amortization of $1,954 and $347 during the years ended December 31, 2024 and 2023, respectively. |
Accumulated Other Comprehensive Loss |
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| Accumulated Other Comprehensive Loss | Note 14 – Accumulated Other Comprehensive Income
The changes in accumulated other comprehensive income consist of the following:
The components of accumulated other comprehensive income consist of the following:
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Employee Benefit Plans |
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| Employee Benefit Plans | Note 15 – Employee Benefit Plans
The Company has a qualified, defined benefit pension plan (the “Plan”) that was established to provide benefits to certain employees. The Plan is frozen and participants are no longer accruing benefits. Generally, contributions to the Plan are not less than the minimum amounts required under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and not more than the maximum amount that can be deducted for federal income tax purposes. The Plan assets are held by an independent trustee and consist primarily of equity and fixed income securities.
The Company has elected to utilize a full yield curve approach in estimating the interest component for pension benefits by applying the specific spot rates along the yield curve used in determining the benefit obligation to the relevant projected cash flows.
The changes in benefit obligation, change in plan assets and funded status as of December 31, 2024 and 2023, are as follows:
Amounts recognized in accumulated other comprehensive income but not yet recognized in earnings as of December 31, 2024 and 2023, are as follows:
Components of net periodic benefit cost for the years ended December 31, 2024 and 2023, are as follows:
The increase in accumulated other comprehensive income (pre-tax) for the years ended December 31, 2024 and 2023, are as follows:
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2024:
As of December 31, 2024, the Company expects to make contributions of approximately $7 to its pension plan in 2025 to meet its minimum funding requirements.
The assumptions used to determine end of year benefit obligations are shown in the following table:
The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate. The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates.
In October 2021, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for United States plans, scale (MP-2021 with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) were developed. The Company used the base mortality table Pri-2012 projected generationally using a modified MP-2021 with Endemic COVID adjustment for purposes of measuring its pension obligations as of December 31, 2024.
The 2024 actuarial gain of $821 was driven by the mortality improvement scale MP-2021 with Endemic COVID adjustment to reflect anticipated slow recovery from COVID. The 2023 actuarial gain of $119 was largely the result of the change in the yield curve to Pri-2012 with MP-2021.
The assumptions used in the measurement of net periodic cost are shown in the following table:
The Company’s pension plan’s weighted average asset allocations as of December 31, 2024 and 2023, and target allocations for 2025, by asset category, are as follows:
The basic goal underlying the pension plan investment policy is to ensure that the assets of the plans, along with expected plan sponsor contributions, will be invested in a prudent manner to meet the obligations of the plans as those obligations come due under a broad range of potential economic and financial scenarios, maximize the long-term investment return with an acceptable level of risk based on such obligations, and broadly diversify investments across and within the capital markets to protect asset values against adverse movements in any one market. The Company’s investment strategy balances the requirement to maximize returns using potentially higher return generating assets, such as equity securities, with the need to manage the risk of such investments with less volatile assets, such as fixed-income securities. Investment practices must comply with the requirements of ERISA and any other applicable laws and regulations. The Company, in consultation with its investment advisors, has determined a targeted allocation of invested assets by category and it works with its advisors to reasonably maintain the actual allocation of assets near the target. The long term return on assets was estimated based upon historical market performance, expectations of future market performance for debt and equity securities and the related risks of various allocations between debt and equity securities. Numerous asset classes with differing expected rates of return, return volatility and correlations are utilized to reduce risk through diversification.
The Company’s pension plan assets are invested in one mutual fund for each fund classification. The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820, Fair Value Measurement, fair value hierarchy as of December 31, 2024 and 2023. For further information on the fair value hierarchy, see Note 2 - Summary of Significant Accounting Policies.
The Company offered a one-time, lump sum pay-out option, funded by the assets of the Plan, to its terminated vested participants under the Plan in 2023. As a result, the Company reduced its gross Plan liabilities by $536 and recognized a non-cash pre-tax pension settlement loss of $313 during the year ended December 31, 2023.
The Company also maintains qualified defined contribution plans, which provide benefits to their employees based on employee contributions and employee earnings, with discretionary contributions allowed. Expenses related to these plans were $360 and $354 for the years ended December 31, 2024 and 2023, respectively. |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Note 16 - Income Taxes
The provision for income taxes for the periods indicated includes current and deferred components as follows:
The provision for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows:
Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities.
Components of deferred tax assets (liabilities) consisted of the following:
A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management has concluded that, based on evaluation of the positive and negative evidence, primarily the history of United States and China operating losses, we will not more likely than not realize the benefit of the United States and China deferred tax assets. The Company has certain pretax state net operating loss carryforwards of $212,092 which will expire between 2025 and 2043, for which a full valuation allowance has been recorded. The Company also has federal net operating loss carryforwards, tax credits, and interest carryforwards of $198,214, $2,016, and $37,821, respectively, which will begin to expire in 2032, for which a full valuation allowance also has been recorded.
No deferred taxes have been provided on the approximately $386 of undistributed earnings in foreign subsidiaries. These earnings are permanently reinvested and necessary for operations locally in China and Mexico.
The Company does not have any unrecognized tax benefit that, if recognized, would affect the Company's effective tax rate as of December 31, 2024 and 2023. The Company’s income tax provision included $0 expenses related to interest and penalties for the years ended December 31, 2024 and 2023. The Company records interest and penalties as a component of income tax expense. However, as there are no unrecognized tax benefits for the year ended 2024 and 2023, the Company has zero penalties or interest accrued as of December 31, 2024 and 2023, respectively.
The Company and/or its subsidiaries file income tax returns with the United States federal government and in various state and foreign jurisdictions. A summary of tax years that remain subject to examination is as follows:
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Stock-Based Compensation |
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| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | Note 17 - Stock-Based Compensation
The Company’s incentive compensation plan, titled “The 2022 Long Term Incentive Plan” (as amended to date, the “2022 Plan” or “Incentive Plan”) provides for the grant to eligible persons of stock options, share appreciation rights (“SAR”), restricted shares, restricted share units, performance shares, performance units, dividend equivalents and other share-based awards, referred to collectively as the awards. Time-vested stock option awards generally vest based on to of service and have 10-year contractual terms. Share awards generally vest over to . Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Incentive Plan). The Company accounts for forfeitures of stock‑based awards as incurred. The 2022 Plan will terminate as to future awards on May 12, 2032.
A proposal to increase the shares of Common Stock reserved for issuance under the 2022 Plan by 3,000,000 shares was approved by the Company’s Board and ratified by the stockholders on May 14, 2024. As a result, 5,804,977 shares of Common Stock have been reserved for general use issuance under the 2022 Plan, of which 3,125,031 were available for issuance as of December 31, 2024. Under the 2022 Plan, 2,132,113 shares of Common Stock have been reserved for issuance for settlement of stock appreciation rights outstanding, of which 1,791,660 were available for issuance as of December 31, 2024.
Stock Options
Time-Vested Options
The Company recognizes stock-based compensation expense for time-vested stock option awards based on the fair value of the award on the grant date using the Black-Scholes option valuation model. Expected life in years for time-vested stock option awards was determined using the simplified method. The Company believes that it is appropriate to use the simplified method in determining the expected life for time-vested stock options because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for time-vested stock options. Expected volatility was based on the historical volatility of the Company’s stock. The risk-free interest rate was based on the United States Treasury bond rate for the expected life of the option. The expected dividend yield was based on the latest annualized dividend rate and the current market price of the underlying Common Stock on the date of the grant.
Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:
A summary of the Company’s time-vested stock options activity and related information as of December 31, 2024 and 2023, and changes during the years then ended, is presented below:
A summary of the Company’s time-vested stock options outstanding as of December 31, 2024 is presented below:
The Company issued 33,581 shares of Common Stock as a result of cashless exercise of 88,817 time-vested stock options and 17,022 shares of Common Stock as a result of cash exercise of 17,022 time-vested stock options during the year ended December 31, 2024. There were no time-vested stock options exercised during the year ended December 31, 2023. As of December 31, 2024, there was $1,599 of total unrecognized compensation expense related to time-vested stock options, which will be recognized over the average remaining requisite service period of 23 months.
Inducement Options
On June 26, 2023 (the “Grant Date”), the Company issued 300,000 inducement stock options (the “Inducement Options”) outside of the 2022 Plan to one individual. The Inducement Options were issued at an exercise price of $2.73 and have a contractual life of 10 years. Vesting of the Inducement Options is contingent on the achievement of the later of (i) the first date the closing price of one share of the Company’s Common Stock is equal to or greater than 125% of the exercise price; and (ii) the vesting of one-third of the options per year for three consecutive years after, and on each anniversary of, the Grant Date.
The Company measured the fair value of the Inducement Options as of the Grant Date using a Monte Carlo Simulation Model considering the following assumptions: trading stock price as of the Grant Date of $2.74, risk-free rate of 3.65%, volatility rate of 69.81%, and a term of 10 years. As the likelihood of achieving the market condition is factored into the Monte Carlo model, the stock-based compensation for the Inducement Options will be recognized ratably over the three-year service period. Stock-based compensation for Inducement Options was $229 for the year ended December 31, 2024. As of December 31, 2024, there was $135 of unrecognized compensation expense related to the Inducement Options, which will be recognized over the remaining requisite service period of 18 months.
Stock Appreciation Rights
During 2020 and 2021, the Company granted 1,164,464 and 1,735,500 cash settled stock appreciation rights, respectively, to certain employees. Each stock appreciation right represents the right to receive a payment measured by the increase in the fair market value of one share of the Company’s stock from the date of grant of the stock appreciation right to the date of exercise of the stock appreciation right. The cash settled stock appreciation rights were classified as liabilities upon grant. As such, the Company measures the fair value of unvested cash settled stock appreciation rights using the Black-Scholes option valuation model and remeasures the fair value of the award each reporting period until the award is vested. Effective May 11, 2023, the outstanding cash settled stock appreciation rights were amended to provide for such awards to be settled in shares of the Company’s Common Stock rather than in cash as they were initially structured, resulting in a modification of the classification of these awards from liability to equity.
The estimated fair value of the stock appreciation rights immediately preceding the modification was $1,738, estimated using the Black-Scholes option valuation model. Stock-based compensation for stock appreciation rights was $4 and $(1,058) for the year ended December 31, 2024 and 2023, respectively.
A summary of the Company’s stock appreciation rights activity and related information as of December 31, 2024 and 2023 and changes during the year is presented below:
The Company issued 39,640 shares of Common Stock as a result of cashless exercise of 115,702 cash settled stock appreciation rights and 300,000 shares of Common Stock as a result of cash exercise of 300,000 cash settled stock appreciation rights during the year ended December 31, 2024.
As of December 31, 2024, the Company had 1,644,815 SARS outstanding, vested or expected to vest, and exercisable with a weighted average remaining contractual term of 5.7 years, a weighted average exercise price of $2.17 per share, and an aggregate intrinsic value of $11,166.
Restricted Shares
The Company recognizes stock-based compensation for restricted stock awards over the vesting period based on the fair market value of the stock on the date of the award, calculated as the average of the high and low trading prices for the Company’s Common Stock on the award date. A summary of the Company’s non-vested restricted shares as of December 31, 2024 and 2023, and changes during the years then ended is presented below:
The fair value of stock awards vested during the years ended December 31, 2024 and 2023, was $900 and $905, respectively, based on the value at vesting date. As of December 31, 2024, there was $1,628 of unrecognized compensation expense related to non-vested restricted stock awards, which will be recognized over the average remaining requisite service period of 19 months. Stock-based compensation expense of $3,110 and $1,240 is included within selling, general and administrative expense for the years ended December 31, 2024 and 2023, respectively. |
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 18 - Commitments and Contingencies
The Company is involved in various litigation matters from time to time, including intellectual property litigation, and warranty and repair claims incidental to the conduct of our business. Although the Company is taking actions to vigorously contest these matters, it is not possible to determine the outcome of these matters and proceedings. The Company does not believe these actions will have a material adverse effect on our financial position, results of operations or cash flows. |
Loss Per Share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Per Share | Note 19 – Loss Per Share
The net loss available to common stockholders and weighted average common shares outstanding are as follows:
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for Common Stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. The Company computes basic earnings per share by dividing net income allocated to common shareholders by the weighted average number of shares outstanding during the year. Warrants issued in connection with the Company's long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The 2023 Warrant was issued out-of-the money and the Company will apply the treasury stock method to this warrant when computing earnings per share. Diluted earnings per share is calculated to give effect to all potentially dilutive common shares that were outstanding during the year. Weighted average diluted common shares outstanding include the incremental shares that would be issued upon the assumed exercise of stock options and the assumed vesting of non-vested share awards. For the years ended December 31, 2024 and 2023, 2,029,134 and 3,771,495 shares, respectively, were not included in the weighted average common shares outstanding calculation as they were anti-dilutive. |
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Segment Information |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Note 20 – Segment Information
The Company’s operations consist of two operating and reportable segments, Manufacturing and Aftermarket. The Company identifies reportable segments based on differences in products and services. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, and major railcar conversions and rebodies. The Company’s Aftermarket segment includes the selling of forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance.
The Company’s designated Chief Operating Decision Maker (“CODM”) is our President and Chief Executive Officer. The CODM uses segment gross profit and segment operating income to allocate resources to segments during the planning and forecasting process and assess performance in a given period. Segment gross profit and segment operating income include 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. Intersegment revenues were not material in any period presented.
A summary of segment information and reconciliation to consolidated loss before income taxes is as follows:
(1) Other segment items in Manufacturing segment include selling, general and administrative expenses and litigation settlement. Other segment items in Aftermarket segment and Corporate include selling, general and administrative expenses.
(2) Other segment items in Manufacturing segment include selling, general and administrative expenses, impairment on leased railcars and gain on sale of railcars available for lease. Other segment items in Aftermarket segment include selling, general and administrative expenses. Other segment items in Corporate include selling, general and administrative expenses and pension settlement loss.
A summary of segment depreciation, amortization and capital expenditures is as follows:
Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. A summary of segment assets is as follows:
A summary of revenues and long-lived assets by geographic information is as follows:
(a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
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Related Parties |
12 Months Ended |
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Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| Related Parties | Note 21 – Related Parties The following persons are owners of Fabricaciones y Servicios de México, S.A. de C.V. (“Fasemex”): Jesús Gil, a director of the Company; and Alejandro Gil and Salvador Gil, siblings of Jesús Gil. Fasemex owns approximately 10.2% of the outstanding shares of Common Stock as of December 31, 2024 and provides steel fabrication services to the Company. The lessors of the Manufacturing Facility are Jesús Gil, Alejandro Gil, and Salvador Gil. Distribuciones Industriales JAS S.A. de C.V. (“DI”) is owned by Alejandro Gil and Salvador Gil and provides material and safety supplies to the Company. Maquinaria y equipo de transporte Jova S.A. de C.V (“METJ”) is owned by Jorge Gil, a sibling of Jesús Gil, and provides trucking services to the Company. Fasemex, DI, METJ, Jesús Gil, Alejandro Gil, Salvador Gil, and Jorge Gil are collectively referred to as the “Gil Family”. The Company paid $27,214 and $17,379 to the Gil Family during the years ended December 31, 2024 and 2023, respectively, related to steel fabrication services, rent and security deposit payments for the Manufacturing Facility, material and safety supplies, trucking services and royalty payments. Commercial Specialty Truck Holdings, LLC (“CSTH”) is minority owned by James R. Meyer, a member of our Board, our former CEO, and beneficial owner of over 5% of our Common Stock. The Company sold specialty parts supplies in an amount equal to $885 and $121 to CSTH during the years ended December 31, 2024 and 2023, respectively.
Related party asset on the consolidated balance sheet of $959 as of December 31, 2024 includes other receivables of $614 from the Gil Family and $345 from CSTH. Related party accounts payable on the consolidated balance sheet of $2,693 as of December 31, 2024 is payable to the Gil Family. Related party asset on the consolidated balance sheet of $638 as of December 31, 2023 includes other receivables of $517 from the Gil Family and $121 from CSTH. Related party accounts payable on the consolidated balance sheet of $2,478 as of December 31, 2023 is payable to the Gil Family.
The Warrantholder beneficially owns approximately 49.40% of the Company’s common stock as of December 31, 2024. The Company paid dividends of $27,863 and a cash fee of $2,163 to the Warrantholder during the year ended December 31, 2024 upon redemption of the Preferred Shares. For further information about the redemption of the Preferred Shares, see Note 13 - Mezzanine Equity. The Company did not pay dividends to the Warrantholder during the year ended December 31, 2023.
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation
The accompanying consolidated financial statements include the accounts of FreightCar America, Inc. and all of its direct and indirect subsidiaries (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. |
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| Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include, useful lives of long-lived assets, warranty accruals, pension benefit assumptions, stock compensation, evaluation of property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. |
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| Reclassifications | Reclassifications
Certain prior year amounts have been reclassified, where necessary, to conform to current year presentation. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents
The Company considers all unrestricted short-term investments with maturities of three months or less when acquired to be cash equivalents. The amortized cost of cash equivalents approximate fair value because of the short maturity of these instruments.
The Company’s cash and cash equivalents are primarily deposited with one United States financial institution. Such deposits are in excess of federally insured limits. |
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| Restricted Cash and Restricted Certificates of Deposit | Restricted Cash and Restricted Certificates of Deposit The Company establishes restricted cash balances and restricted certificates of deposit to collateralize certain standby letters of credit with respect to purchase price payment guarantees and performance guarantees, as well as foreign currency forward contracts. The restrictions expire upon completing the Company’s related obligation. |
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| Financial Instruments | Financial Instruments
Management estimates that all financial instruments (including cash equivalents, restricted cash and restricted certificates of deposit, accounts receivable, VAT receivable, accounts payable, accrued expenses, foreign currency derivative liability, and long-term debt) as of December 31, 2024 and 2023, have fair values that approximate their carrying values. |
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| Fair Value Measurements | Fair Value Measurements
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of assets and liabilities and the placement within the fair value hierarchy levels.
The Company classifies the inputs to valuation techniques used to measure fair value as follows:
Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2 — Inputs other than quoted prices for Level 1 inputs that are either directly or indirectly observable for the asset or liability including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived from observable market data by correlation or other means.
Level 3 — Unobservable inputs for the asset or liability, including situations where there is little, if any, market activity for the asset or liability. |
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| Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis and includes material, labor and manufacturing overhead. The Company’s inventory consists of raw materials, work in progress, and finished goods for individual customer contracts, used railcars acquired upon trade-in and railcar parts retained for sale to external parties. |
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| Property, Plant and Equipment | Property, Plant and Equipment
Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows:
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| Long-Lived Assets | Long-Lived Assets
The Company tests long-lived assets for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These changes in circumstances may include a significant decrease in the market price of an asset group, a significant adverse change in the manner or extent in which an asset group is used, a current year operating loss combined with history of operating losses, or a current expectation that, more likely than not, a long-lived asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life.
For assets to be held and used, the Company groups a long-lived asset or assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Estimates of future cash flows used to test the recoverability of a long-lived asset group include only the future cash flows that are directly associated with and that are expected to arise as a direct result of the use and eventual disposition of the asset group. Recoverability of the carrying value of the asset group is determined by comparing the carrying value of the asset group to total undiscounted future cash flows of the asset group. If the carrying value of the asset group is not recoverable, an impairment loss is measured based on the excess of the carrying amount of asset group over the estimated fair value of the asset group. An impairment loss for an asset group reduces only the carrying amounts of a long-lived asset or assets of the group being evaluated. There were no indicators of impairment present as of December 31, 2024. For further information, see Note 7 - Leased Railcars. |
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| Income Taxes | Income Taxes
For federal income tax purposes, the Company files a consolidated federal tax return. The Company also files state tax returns in states where the Company has significant sales or operations. In conformity with ASC 740, Income Taxes, the Company provides for deferred income taxes on differences between the book and tax bases of its assets and liabilities and for items that are reported for financial statement purposes in periods different from those for income tax reporting purposes. The Company’s deferred tax liability or asset amounts are based upon the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized.
Management evaluates net deferred tax assets and provides a valuation allowance when it believes that it is more likely than not that some portion of these assets will not be realized. In making this determination, management evaluates both positive evidence, such as cumulative pre-tax income for previous years, the projection of future taxable income, the reversals of existing taxable temporary differences and tax planning strategies, and negative evidence, such as any recent history of losses and any projected losses. Management also considers the expiration dates of net operating loss carryforwards in the evaluation of net deferred tax assets. Management evaluates the realizability of the Company’s net deferred tax assets and assesses the valuation allowance on a quarterly basis, adjusting the amount of such allowance as necessary.
Tax benefits related to uncertain tax positions taken or expected to be taken on a tax return are recorded when such benefits meet a more likely than not threshold. Otherwise, these tax benefits are recorded when a tax position has been effectively settled, which means that the appropriate taxing authority has completed its examination even though the statute of limitations remains open, or the statute of limitation expires. Interest and penalties related to uncertain tax positions are recognized as part of the provision for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related tax benefits are recognized. |
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| Product Warranties | Product Warranties
Warranty terms are based on the negotiated railcar sale, rebody or conversion contract, as applicable. Warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. |
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| Revenue Recognition | Revenue Recognition
The following table disaggregates the Company’s revenues by major source:
(1) Includes $1,386 litigation settlement allocated to leasing revenues for the year ended December 31, 2024.
The Company generally recognizes revenue at a point in time as it satisfies a performance obligation by transferring control over a product or service to a customer. Revenue is measured at the transaction price, which is based on the amount of consideration that the Company expects to receive in exchange for transferring the promised goods or services to the customer.
Due to the nature of its operations, the Company is subject to significant concentration of risks related to business with a few customers. Sales to the Company’s top three customers accounted for 13%, 9% and 9%, respectively, of revenues for the year ended December 31, 2024, all of which relate to the Manufacturing segment. Sales to the Company’s top three customers accounted for 19%, 16% and 15%, respectively, of revenues for the year ended December 31, 2023. Our railcar sales to customers outside the United States were $9,722 in 2024. There were no sales to customers outside the United States in 2023. As of December 31, 2024, 39% of the accounts receivable balance of $12,506 reported on the consolidated balance sheet was receivable from one customer, and 25% and 10% were receivable from a second and third customer, respectively. As of December 31, 2023, 28% of the accounts receivable balance of $6,408 reported on the consolidated balance sheet was receivable from one customer, and 19% and 17% were receivable from a second and third customer, respectively.
Railcar Sales
Performance obligations are typically completed and revenue is recognized for the sale of new and rebuilt railcars when the finished railcar is transferred to a specified railroad connection point. In certain sales contracts, revenue is recognized when a certificate of acceptance has been issued by the customer and control has been transferred to the customer. At that time, the customer directs the use of, and obtains substantially all of the remaining benefits from, the asset. When a railcar sales contract contains multiple performance obligations, the Company allocates the transaction price to the performance obligations based on the relative stand-alone selling price of the performance obligation determined at the inception of the contract based on an observable market price, expected cost plus margin or market price of similar items. The Company treats shipping costs that occur after control is transferred as fulfillment costs. Accordingly, gross revenue is recognized, and shipping cost is accrued, when control transfers to the customer. The Company does not provide discounts or rebates in the normal course of business.
As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset that the Company otherwise would have recognized is generally one year or less.
Aftermarket Sales
The Company sells forged, cast and fabricated railcar parts and supplies for all railcar types, and provides aftermarket services including safety training, railcar inspections, and preventative maintenance. Performance obligations are satisfied, and the Company recognizes revenue, as applicable, when parts are supplies are shipped to customers, and when services are performed.
Leasing Revenue
The Company recognizes operating lease revenue on railcars available for lease on a straight-line basis over the contract term. The Company recognizes revenue from the sale of railcars available for lease on a net basis as Gain (Loss) on sale of railcars available for lease since the sale represents the disposal of a long-term operating asset.
Contract Balances and Accounts Receivable
Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company had no contract assets as of December 31, 2024, 2023 and 2022. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue included in current liabilities in the Company’s consolidated balance sheet as of December 31, 2024 and 2023 were $8,556 and $5,686, respectively. Deferred revenue was $219 as of January 1, 2023 and was recognized as revenue during the year ended December 31, 2023. The 2023 deferred revenue balance was recognized as revenue during the year ended December 31, 2024. Accounts receivable, net of allowance for credit losses of $126, was $9,571 as of January 1, 2023. The Company has not experienced significant historical credit losses.
Performance Obligations The Company is electing not to disclose the value of the remaining unsatisfied performance obligations with a duration of one year or less as permitted by the practical expedient in ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of December 31, 2024 with expected duration of greater than one year of $81,321. |
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| Loss Per Share | Loss Per Share
The Company computes loss per share using the two-class method, which is a loss allocation formula that determines loss per share for Common Stock and participating securities. The Company’s participating securities are its grants of restricted stock which contain non-forfeitable rights to dividends. The Company allocates earnings between both classes; however, in periods of undistributed losses, they are only allocated to common shares as the unvested restricted stockholders do not contractually participate in losses of the Company. Basic loss per share attributable to common shareholders is computed by dividing net loss attributable to common shareholders by the weighted average common shares outstanding. Warrants issued in connection with the Company’s long-term debt were issued at a nominal exercise price and are considered outstanding at the date of issuance. The calculation of diluted earnings per share includes the effect of any dilutive equity incentive instruments. The Company uses the treasury stock method to calculate the effect of outstanding dilutive equity incentive instruments, which requires the Company to compute total proceeds as the sum of (1) the amount the employee must pay upon exercise of the award, and (2) the amount of unearned stock-based compensation costs attributed to future services. Equity incentive instruments for which the total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income from continuing operations, and accordingly, the Company excludes them from the calculation. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which improves segment disclosure requirements primarily through enhanced disclosures about significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within reported measures of segment profit or loss. ASU 2023-07 also requires disclosure of the title and position of the CODM, how the CODM assesses segment performance, and additional detail around other segment items. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. We adopted this ASU effective January 1, 2024 which did not have a material impact on our consolidated financial statements. Prior year amounts have been reclassified to conform to current year presentation.
Recently Issued Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which addresses investor requests for more transparency around income tax information. ASU 2023-09 requires additional information within the disclosures related to income tax rate reconciliations and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. ASU 2023-09 requirements will be applied prospectively with the option of retrospective application. Early adoption is permitted. Future adoption of the new standard is not expected to have a material impact on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. ASU 2024-03 requires disclosure in the footnotes the following information at each interim and reporting period: tabular disclosure of amounts of specified natural expenses included in each relevant expense caption including, but not limited to, purchases of inventory, employee compensation, depreciation, intangible asset amortization; certain expense, gain, or loss amounts that are already required to be disclosed under US GAAP; qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contains any of these expense categories. ASU 2024-03 applies to all public business entities and is effective for annual reporting periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. ASU 2024-03 requirements will be applied prospectively with the option of retrospective application. Early adoption is permitted. Future adoption of the new standard is not expected to have a material impact on our consolidated financial statements.
All other recent accounting pronouncements issued by the FASB, its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
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Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Useful Life of Property, Plant and Equipment | Property, plant and equipment are stated at acquisition cost less accumulated depreciation. Depreciation is provided using the straight-line method over the original estimated useful lives of the assets or lease term if shorter, which are as follows:
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| Schedule of Revenue Recognition | The following table disaggregates the Company’s revenues by major source:
(1) Includes $1,386 litigation settlement allocated to leasing revenues for the year ended December 31, 2024. |
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Leases (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Lease Cost | The components of the lease costs were as follows:
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| Supplemental Balance Sheet Information |
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| Supplemental Cash Flow Information |
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| Future Minimum Operating Lease Payments | The aggregate future lease payments for leases as of December 31, 2024 are as follows:
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| Operating Lease Information |
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Fair Value Measurements (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets Measured on Recurring Basis and Non-Recurring Basis | The following table sets forth by level within the ASC 820, Fair Value Measurement, fair value hierarchy the Company’s financial assets that were recorded at fair value on a recurring basis and the Company’s non-financial assets that were recorded at fair value on a non-recurring basis.
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Restricted Cash (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted Cash | The Company’s restricted cash balances are as follows:
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Inventories (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Inventory Current | Inventories, net of reserve for excess and obsolete items, consist of the following:
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Derivatives (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Currency [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Outstanding Foreign currency derivatives | The notional amounts of outstanding foreign currency derivatives are as follows:
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| Schedule of fair value of outstanding foreign currency derivatives designated as hedges | The fair value of outstanding foreign currency derivatives designated as hedges are as follows:
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| Schedule of pre-tax realized Gain on foreign currency derivatives | The pre-tax realized loss (gain) on foreign currency derivatives is recognized in the consolidated statements of operations as follows:
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Property, Plant and Equipment (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following:
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Product Warranties (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Product Warranties Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Warranty Reserve | hanges in the warranty reserve for the years ended December 31, 2024 and 2023, are as follows:
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Accumulated Other Comprehensive Loss (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income consist of the following:
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| Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income consist of the following:
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Debt Financing and Credit Facilities (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long Term Debt Instruments | Long-term debt consists of the following as of December 31, 2024 and 2023:
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| Schedule of Estimated annual maturities | Estimated annual maturities of long-term debt, including the current portion as of December 31, 2024 are as follows:
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Employee Benefit Plans (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in Plan Assets and Funded Status | The changes in benefit obligation, change in plan assets and funded status as of December 31, 2024 and 2023, are as follows:
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| Amounts Recognized in the Balance Sheets |
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| Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive income but not yet recognized in earnings as of December 31, 2024 and 2023, are as follows:
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| Components of Net Periodic Benefit Cost | Components of net periodic benefit cost for the years ended December 31, 2024 and 2023, are as follows:
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| Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The increase in accumulated other comprehensive income (pre-tax) for the years ended December 31, 2024 and 2023, are as follows:
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| Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2024:
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| Schedule of Assumptions Used | The assumptions used to determine end of year benefit obligations are shown in the following table:
The assumptions used in the measurement of net periodic cost are shown in the following table:
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| Schedule of Allocation of Plan Assets | The Company’s pension plan’s weighted average asset allocations as of December 31, 2024 and 2023, and target allocations for 2025, by asset category, are as follows:
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| Schedule of Changes in Fair Value of Plan Assets | The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820, Fair Value Measurement, fair value hierarchy as of December 31, 2024 and 2023. For further information on the fair value hierarchy, see Note 2 - Summary of Significant Accounting Policies.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Composition of Income Tax Expense | The provision for income taxes for the periods indicated includes current and deferred components as follows:
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| Reconciliation of Income Tax Rate | The provision for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows:
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| Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) consisted of the following:
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| Income Tax Years Subject to Examination | A summary of tax years that remain subject to examination is as follows:
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Stock-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Nonvested Restricted Shares | A summary of the Company’s non-vested restricted shares as of December 31, 2024 and 2023, and changes during the years then ended is presented below:
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| Time-Vested Stock Options [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Assumptions, Options | Grant date fair values of time-vested stock option awards were estimated using the Black-Scholes option valuation model with the following assumptions:
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| Schedule of Option Activity | A summary of the Company’s time-vested stock options activity and related information as of December 31, 2024 and 2023, and changes during the years then ended, is presented below:
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| Schedule of Shares Outstanding | A summary of the Company’s time-vested stock options outstanding as of December 31, 2024 is presented below:
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| Stock Appreciation Rights (SARs) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Shares Outstanding | December 31, 2024, the Company had 1,644,815 SARS outstanding, vested or expected to vest, and exercisable with a weighted average remaining contractual term of 5.7 years, a weighted average exercise price of $2.17 per share, and an aggregate intrinsic value of $11,166. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Valuation Assumptions | The estimated fair value of the stock appreciation rights immediately preceding the modification was $1,738, estimated using the Black-Scholes option valuation model. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of SAR Activity | A summary of the Company’s stock appreciation rights activity and related information as of December 31, 2024 and 2023 and changes during the year is presented below:
The Company issued 39,640 shares of Common Stock as a result of cashless exercise of 115,702 cash settled stock appreciation rights and 300,000 shares of Common Stock as a result of cash exercise of 300,000 cash settled stock appreciation rights during the year ended December 31, 2024. As of |
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Loss Per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted Average Common Shares Outstanding | The net loss available to common stockholders and weighted average common shares outstanding are as follows:
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Segment Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information, by Segment | A summary of segment information and reconciliation to consolidated loss before income taxes is as follows:
(1) Other segment items in Manufacturing segment include selling, general and administrative expenses and litigation settlement. Other segment items in Aftermarket segment and Corporate include selling, general and administrative expenses.
(2) Other segment items in Manufacturing segment include selling, general and administrative expenses, impairment on leased railcars and gain on sale of railcars available for lease. Other segment items in Aftermarket segment include selling, general and administrative expenses. Other segment items in Corporate include selling, general and administrative expenses and pension settlement loss.
A summary of segment depreciation, amortization and capital expenditures is as follows:
|
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| Reconciliation of Assets From Segment to Consolidated | A summary of segment assets is as follows:
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| Geographic Information | A summary of revenues and long-lived assets by geographic information is as follows:
(a) Long lived assets include property plant and equipment, net, railcars available for lease, and right-of-use (ROU) assets. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies (Schedule Of Revenue Recognition) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 557,699 | $ 356,822 | ||
| Leasing revenues | [1] | 1,726 | 1,271 | |
| Total revenues | 559,425 | 358,093 | ||
| Railcar Sales [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | 539,458 | 344,595 | ||
| Aftermarket Sales [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenues from contracts with customers | $ 18,241 | $ 12,227 | ||
| ||||
Summary of Significant Accounting Policies (Schedule of Revenue Recognition) (Parenthetical) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Disaggregation of Revenue [Line Items] | ||
| Litigation settlement | $ (3,214) | $ 0 |
| Leasing Revenues [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Litigation settlement | $ 1,386 | |
Leases (Narrative) (Details) |
Dec. 31, 2024 |
|---|---|
| Minimum [Member] | |
| Leases [Line Items] | |
| Lease term | 4 years |
| Maximum [Member] | |
| Leases [Line Items] | |
| Lease term | 15 years 9 months 18 days |
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lease, Cost [Abstract] | ||
| Fixed | $ 634 | $ 737 |
| Short-term | 2,157 | 2,202 |
| Total operating lease costs | 2,791 | 2,939 |
| Amortization of leased assets | 2,610 | 2,168 |
| Interest on lease liabilities | 3,061 | 2,759 |
| Total finance lease costs | 5,671 | 4,927 |
| Total lease cost | $ 8,462 | $ 7,866 |
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Right of use assets: | ||
| Right of use asset operating lease | $ 2,423 | $ 2,826 |
| Right of use asset finance lease | 45,081 | 40,277 |
| Total | $ 47,504 | $ 43,103 |
| Operating lease liabilities: | ||
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
| Operating lease liabilitie, current | $ 519 | $ 470 |
| Operating Lease liability, long-term | 2,645 | 3,164 |
| Total operating lease costs | $ 3,164 | $ 3,634 |
| Finance lease liabilities: | ||
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
| Finance lease liabilities, current | $ 1,256 | $ 1,378 |
| Finance lease liabilities, long-term | 46,678 | 41,273 |
| Total finance lease costs | 47,934 | 42,651 |
| Total Lease Liabilities | $ 51,098 | $ 46,285 |
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash Flow, Operating Activities, Lessee [Abstract] | ||
| Operating cash flows for operating leases | $ 685 | $ 992 |
| Operating cash flows for finance leases | 3,061 | 2,759 |
| Financing cash flows for finance leases | 2,145 | 1,007 |
| Total | 5,891 | 4,758 |
| Right of use assets obtained in exchange for new lease obligations: | ||
| Operating leases | 0 | 1,805 |
| Finance leases | 7,414 | 9,352 |
| Total | $ 7,414 | $ 11,157 |
Leases (Aggregate Future Operating Lease Payments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases [Line Items] | ||
| 2025 | $ 700 | |
| 2026 | 716 | |
| 2027 | 732 | |
| 2028 | 749 | |
| 2029 | 286 | |
| Thereafter | 520 | |
| Total lease payments | 3,703 | |
| Less: interest | (539) | |
| Total | 3,164 | $ 3,634 |
| Finance leases | ||
| 2025 | 4,706 | |
| 2026 | 4,935 | |
| 2027 | 4,935 | |
| 2028 | 4,935 | |
| 2029 | 4,935 | |
| Thereafter | 57,569 | |
| Total lease payments | 82,015 | |
| Less: interest | (34,081) | |
| Total | $ 47,934 | $ 42,651 |
Leases (Operating Lease Information) (Details) |
Dec. 31, 2024 |
|---|---|
| Leases [Abstract] | |
| Weighted-average remaining lease term (years),Operating Lease | 6 years 3 months 18 days |
| Weighted-average Remaining lease Term (years),Finance Lease | 15 years 9 months 18 days |
| Weighted-average discount rate,Operating Lease | 6.24% |
| Weighted-average discount rate,Finance Lease | 7.28% |
Fair Value Measurements (Narrative) (Details) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Fair Value, Inputs, Level 2 [Member] | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.01 | $ 0.01 |
Inventories (Schedule of Inventory Current) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Raw materials | $ 47,340 | $ 65,639 |
| Work in process | 9,323 | 31,138 |
| Finished railcars | 12,640 | 23,196 |
| Parts inventory | 5,978 | 5,049 |
| Total inventories, net | $ 75,281 | $ 125,022 |
Inventories (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Inventory valuation reserves | $ 1,852 | $ 1,594 |
Leased Railcars (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Leases [Line Items] | ||
| Railcars Available for Lease, net | $ 0 | $ 2,842 |
| Railcars Available for Lease, cost | 2,842 | |
| Railcars Available for Lease, accumulated depreciation | 0 | |
| Depreciation Expense on Leased Railcars | 0 | 332 |
| Impairment Of Leased Railcars | $ 0 | 4,091 |
| Lessee, Operating Lease, Discount Rate | 6.24% | |
| Manufacturing [Member] | ||
| Leases [Line Items] | ||
| Impairment Of Leased Railcars | $ 0 | $ 4,091 |
Derivatives ( Schedule of notional amounts of outstanding foreign currency derivatives (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative Instruments Designated as Hedges [Member] | ||
| Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
| Notional Amount | $ 8,780 | $ 11,562 |
Derivatives ( Schedule of fair value of outstanding foreign currency derivatives designated as hedges (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Prepaid Expenses and Other Current Assets [Member] | ||
| Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
| Fair Value | $ 0 | $ 606 |
| Other Current Liabilities [Member] | ||
| Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
| Fair Value | $ 1,396 | $ 0 |
Derivatives ( Schedule of pre-tax realized gain on foreign currency derivatives (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
| Unrealized Loss/(Gain) on foreign currency derivatives, before Tax | $ (2,002) | $ 606 |
| Gain (Loss) on Derivative Instruments [Member] | ||
| Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
| Unrealized Loss/(Gain) on foreign currency derivatives, before Tax | $ 525 | $ (3) |
Derivatives (Additional Information) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Foreign Currency [Abstract] | |
| Description Of Contract | The contracts have terms between one and 12 months and require the Company to exchange currencies at agreed-upon rates at each settlement date. |
Restructuring and Impairment Charges (Narrative) (Details) |
Dec. 31, 2024 |
|---|---|
| Restructuring Cost and Reserve [Line Items] | |
| Lessee, Operating Lease, Discount Rate | 6.24% |
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total cost | $ 72,296 | $ 67,694 |
| Less: Accumulated depreciation and amortization | (42,189) | (36,436) |
| Total property, plant and equipment, net | 30,107 | 31,258 |
| Buildings and Improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 242 | 242 |
| Leasehold Improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 7,970 | 7,378 |
| Machinery and Equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 54,158 | 50,152 |
| Software [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | 9,206 | 8,967 |
| Construction in Progress [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Total cost | $ 720 | $ 955 |
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | ||
| Depreciation | $ 5,763 | $ 4,274 |
Product Warranties (Changes in Warranty Reserve) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Product Warranties Disclosures [Abstract] | ||
| Balance at the beginning of the year | $ 1,602 | $ 1,940 |
| Current year provision | 1,461 | 863 |
| Reductions for payments, costs of repairs and other | (392) | (955) |
| Adjustments to prior warranties | (282) | (246) |
| Balance at the end of the year | $ 2,389 | $ 1,602 |
Debt Financing and Credit Facilities (Long-Term Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total Debt | $ 115,000 | $ 29,415 |
| Less term loan deferred financing costs | (6,585) | 0 |
| Total debt, net of deferred financing costs | 108,415 | 29,415 |
| Less amounts due within one year | (2,875) | (29,415) |
| Long-term debt, net of current portion | 105,540 | 0 |
| Revolving line of credit | ||
| Debt Instrument [Line Items] | ||
| Total Debt | 0 | 29,415 |
| Term Loan | ||
| Debt Instrument [Line Items] | ||
| Total Debt | 115,000 | $ 0 |
| Term Loan Credit Agreement [Member] | ||
| Debt Instrument [Line Items] | ||
| Less term loan deferred financing costs | $ (6,585) |
Debt Financing and Credit Facilities (Estimated Annual Maturities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Disclosure [Abstract] | ||
| 2025 | $ 2,875 | |
| 2026 | 2,875 | |
| 2027 | 2,875 | |
| 2028 | 106,375 | |
| 2029 | 0 | |
| Thereafter | 0 | |
| Total Debt | $ 115,000 | $ 29,415 |
Mezzanine Equity and 2023 Warrant (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
May 31, 2023 |
|
| Class of Stock [Line Items] | |||
| Preferred stock, par value | $ 0.01 | $ 0.01 | |
| Preferred Stock, Redemption Price Per Share | $ 1,000 | ||
| Dividends declared on preferred shares | $ 27,863 | ||
| Preferred Stock, Redemption Amount | $ 113,275 | ||
| Preferred Stock [Member] | |||
| Class of Stock [Line Items] | |||
| Preferred stock, shares issued | 0 | ||
| Preferred stock, shares outstanding | 0 | ||
| Amortization cost | $ 1,954 | $ 347 | |
| Series C Preferred Stock [Member] | |||
| Class of Stock [Line Items] | |||
| Preferred stock, shares issued | 0 | 85,412 | 85,412 |
| Preferred stock, shares outstanding | 0 | 85,412 | |
| Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
| Preferred stock initial stated value | 85,412 | ||
| Preferred Stock Initial Fair Value Per Share | $ 1,000 | ||
| Preferred stock dividend rate | 17.50% | ||
Accumulated Other Comprehensive Loss (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Accumulated other comprehensive loss, net of tax | $ (150,273) | $ (46,206) | $ (28,584) |
| 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 | 2,117 | 1,759 | |
| Unrealized (loss) gain on foreign currency derivatives | (1,396) | 606 | |
| Accumulated Other Comprehensive Income | $ 721 | $ 2,365 | |
Accumulated Other Comprehensive Loss - (Components of Accumulated Other Comprehensive Income (Loss))(Parenthetical) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | ||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
| Accumulated other comprehensive loss, tax | $ 6,282 | $ 6,282 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | $ 821 | $ 119 |
| Employee Benefits and Share-Based Compensation | 360,000 | 354,000 |
| OneAmerica Agreement [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Line of Credit Facility, Increase (Decrease), Other, Net | 536 | |
| Non cash pre tax pension settlement charge | $ 313 | |
| Pension Benefits [Member] | ||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Contributions to pension plan | $ 7 | |
Employee Benefit Plans (Change in Plan Assets and Funded Status) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Defined Benefit Plan, Benefit Obligation, Beginning Balance | $ 11,393 | $ 12,443 |
| Interest cost | 535 | 599 |
| Actuarial (gain) loss | (821) | (119) |
| Benefits paid | (690) | (1,530) |
| Annuity purchase | 0 | 0 |
| Defined Benefit Plan, Benefit Obligation, Ending Balance | 10,417 | 11,393 |
| Plan assets - Beginning of year | 10,347 | 11,403 |
| Return on plan assets | (312) | 474 |
| Annuity purchase | 0 | 0 |
| Benefits paid | (690) | (1,530) |
| Plan assets at fair value - End of year | 9,345 | 10,347 |
| Funded status of plans - End of year | $ (1,072) | $ (1,046) |
Employee Benefit Plans (Amounts Recognized in the Balance Sheets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Noncurrent liabilities | $ (1,072) | $ (1,046) |
| Net amount recognized at December 31 | $ (1,072) | $ (1,046) |
Employee Benefit Plans (Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Net actuarial loss (gain) | $ 4,174 | $ 4,524 |
Employee Benefit Plans (Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Net actuarial gain | $ (213) | $ (274) |
| Actuarial loss from settlement | 0 | (313) |
| Net actuarial loss | (145) | (150) |
| Total recognized in accumulated other comprehensive income | $ (358) | $ (737) |
Employee Benefit Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Retirement Benefits [Abstract] | |
| 2025 | $ 772 |
| 2026 | 762 |
| 2027 | 747 |
| 2028 | 771 |
| 2029 | 772 |
| 2030 through 2034 | $ 3,900 |
Employee Benefit Plans (Schedule of Assumptions Used) (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Discount rates | 5.67% | 5.01% |
Employee Benefit Plans (Assumptions Used in the Measurement of Net Periodic Cost) (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
| Discount rate for benefit obligations | 5.67% | 5.01% |
| Expected return on plan assets | 3.00% | 3.00% |
| Rate for interest on benefit obligations | 5.39% | 4.91% |
Income Taxes (Composition of Income Tax Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Current Tax Provision | ||
| Federal | $ 567 | $ 0 |
| Foreign | 4,978 | 2,556 |
| State | 213 | 39 |
| Total Current Tax Provision | 5,758 | 2,595 |
| Deferred Tax Provision (Benefit) | ||
| Federal | 1 | 1 |
| Foreign | 77 | (1,095) |
| State | 2 | 0 |
| Total Deferred Tax Provision (Benefit) | 80 | (1,094) |
| Total Tax Provision | $ 5,838 | $ 1,501 |
Income Taxes (Reconciliation of Income Tax Rate) (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | ||
| Statutory U.S. federal income tax rate | 21.00% | 21.00% |
| State income taxes, net of federal tax benefit | 0.19% | 0.50% |
| Valuation allowance | 7.64% | (18.50%) |
| Provision to return | (0.91%) | (0.60%) |
| Foreign rate differential | (1.74%) | (2.20%) |
| Foreign tax adjustments | 0.00% | 0.00% |
| Deferred tax adjustments | (1.77%) | 0.60% |
| Nondeductible mark-to-market adjustment | (29.86%) | (2.10%) |
| Foreign nondeductible expenses | (1.88%) | (1.40%) |
| Nondeductible expenses and other | (1.01%) | (4.10%) |
| Effective income tax rate | (8.34%) | (6.80%) |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Deferred tax assets, interest carryforwards | $ 8,059 | $ 10,103 |
| Deferred tax liabilities, undistributed foreign earnings | 0 | |
| Undistributed earnings of foreign subsidiaries | 386 | |
| Unrecognized tax benefits that would impact effective tax rate | 0 | 0 |
| Unrecognized tax benefits, income tax penalties and interest expense | 0 | $ 0 |
| State and Local Jurisdiction [Member] | ||
| Operating loss carryforwards | 212,092 | |
| U.S. Federal [Member] | ||
| Operating loss carryforwards | 198,214 | |
| Tax credit carryforwards | 2,016 | |
| Deferred tax assets, interest carryforwards | $ 37,821 | |
Stock-Based Compensation (SAR Activity) (Details) - Stock Appreciation Rights (SARs) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Outstanding at the beginning of the year | 2,068,705 | 2,132,113 |
| Exercised | (415,702) | (35,522) |
| Forfeited or expired | (8,188) | (27,886) |
| Outstanding at the end of the year | 1,644,815 | 2,068,705 |
| Options Outstanding, Exercisable at the end of the year (shares) | 1,644,815 | 1,564,300 |
| Weighted-Average Grant Date Fair Value, Nonvested at the beginning of the year (per share) | $ 2.2 | $ 2.2 |
| Weighted Average Grant Date Fair Value, Exercised (per share) | 2.33 | 2.24 |
| Weighted Average Grant Date Fair Value, Forfeited or expired (per share) | 2.14 | 2.2 |
| Weighted-Average Grant Date Fair Value, Nonvested at the end of the year (per share) | 2.17 | 2.2 |
| Weighted-Average Exercise Price, Exercisable at the end of the year (per share) | $ 2.17 | $ 2.15 |
Loss Per Share (Weighted Average Common Shares Outstanding) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings Per Share [Abstract] | ||
| Net loss | $ (75,817) | $ (23,589) |
| Accretion of financing fees | (1,954) | (347) |
| Accrued dividends on Series C Preferred Stock | (18,227) | (9,636) |
| Net loss available to common stockholders - basic | (95,998) | (33,572) |
| Net loss available to common stockholders - diluted | $ (95,998) | $ (33,572) |
| Weighted average common shares outstanding | 17,495,542 | 16,965,161 |
| Issuance of Warrants | 13,231,374 | 11,401,296 |
| Weighted average common shares outstanding - basic | 30,726,916 | 28,366,457 |
| Weighted average common shares outstanding - diluted | 30,726,916 | 28,366,457 |
Loss Per Share (Narrative) (Details) - shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Earnings Per Share [Abstract] | ||
| Anti-dilutive common shares excluded from computation of earnings per share amount | 2,029,134 | 3,771,495 |
Segment Information (Additional Information) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 2 |
| Number of reportable segments | 2 |
Segment Information (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||||||
| Segment Reporting Information [Line Items] | ||||||||
| Revenues | $ 559,425 | $ 358,093 | ||||||
| Cost of sales | 492,383 | 316,330 | ||||||
| Gross profit | 67,042 | 41,763 | ||||||
| Operating income (loss) | 37,341 | 10,492 | ||||||
| Loss on change in fair market value of Warrant Liability | (99,518) | (2,229) | ||||||
| Loss on extinguishment of debt | 0 | (14,880) | ||||||
| Consolidated other expense | (952) | (440) | ||||||
| Operating Segments [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Revenues | 559,425 | 358,093 | ||||||
| Cost of sales | 492,383 | 316,330 | ||||||
| Gross profit | 67,042 | 41,763 | ||||||
| Other segment items | 29,701 | [1] | 31,271 | [2] | ||||
| Operating income (loss) | 37,341 | 10,492 | ||||||
| Consolidated interest expense | (6,850) | (15,031) | ||||||
| Loss on change in fair market value of Warrant Liability | (99,518) | (2,229) | ||||||
| Loss on extinguishment of debt | (14,880) | |||||||
| Consolidated other expense | (952) | (440) | ||||||
| Consolidated income (loss) before income taxes | (69,979) | (22,088) | ||||||
| Depreciation and amortization | 5,763 | 4,606 | ||||||
| Capital expenditures | 5,019 | 12,722 | ||||||
| Operating Segments [Member] | Manufacturing [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Revenues | 541,184 | 345,866 | ||||||
| Cost of sales | 482,769 | 308,711 | ||||||
| Gross profit | 58,415 | 37,155 | ||||||
| Other segment items | (1,204) | [1] | 5,600 | [2] | ||||
| Operating income (loss) | 59,619 | 31,555 | ||||||
| Depreciation and amortization | 5,292 | 4,026 | ||||||
| Capital expenditures | 4,708 | 12,536 | ||||||
| Operating Segments [Member] | Corporate [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Revenues | 0 | 0 | ||||||
| Cost of sales | 0 | 0 | ||||||
| Gross profit | 0 | 0 | ||||||
| Other segment items | 29,450 | [1] | 24,942 | [2] | ||||
| Operating income (loss) | (29,450) | (24,942) | ||||||
| Depreciation and amortization | 313 | 297 | ||||||
| Capital expenditures | 296 | 181 | ||||||
| Operating Segments [Member] | Aftermarket [Member] | ||||||||
| Segment Reporting Information [Line Items] | ||||||||
| Revenues | 18,241 | 12,227 | ||||||
| Cost of sales | 9,614 | 7,619 | ||||||
| Gross profit | 8,627 | 4,608 | ||||||
| Other segment items | 1,455 | [1] | 729 | [2] | ||||
| Operating income (loss) | 7,172 | 3,879 | ||||||
| Depreciation and amortization | 158 | 283 | ||||||
| Capital expenditures | $ 15 | $ 5 | ||||||
| ||||||||
Segment Information (Summary of Segment Depreciation, Amortization and Capital Expenditures) (Details) - Operating Segments [Member] - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | $ 5,763 | $ 4,606 |
| Capital expenditures | 5,019 | 12,722 |
| Manufacturing [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 5,292 | 4,026 |
| Capital expenditures | 4,708 | 12,536 |
| Aftermarket [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 158 | 283 |
| Capital expenditures | 15 | 5 |
| Corporate [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Depreciation and amortization | 313 | 297 |
| Capital expenditures | $ 296 | $ 181 |
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Segment Reporting Information [Line Items] | ||
| Total assets | $ 224,216 | $ 259,459 |
| Operating Segments [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total operating assets | 223,077 | 258,251 |
| Consolidated income taxes receivable | 1,139 | 1,208 |
| Total assets | 224,216 | 259,459 |
| Operating Segments [Member] | Manufacturing [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total operating assets | 165,702 | 207,093 |
| Operating Segments [Member] | Aftermarket [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total operating assets | 11,014 | 9,281 |
| Operating Segments [Member] | Corporate [Member] | ||
| Segment Reporting Information [Line Items] | ||
| Total operating assets | $ 46,361 | $ 41,877 |
Segment Information (Geographic Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|||
| Segment Reporting Information [Line Items] | ||||
| Revenues | $ 559,425 | $ 358,093 | ||
| Operating Segments [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 559,425 | 358,093 | ||
| Long-Lived Assets | [1] | 77,611 | 77,203 | |
| Operating Segments [Member] | United States [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 559,425 | 358,093 | ||
| Long-Lived Assets | [1] | 3,856 | 7,377 | |
| Operating Segments [Member] | Mexico [Member] | ||||
| Segment Reporting Information [Line Items] | ||||
| Revenues | 0 | 0 | ||
| Long-Lived Assets | [1] | $ 73,755 | $ 69,826 | |
| ||||
Acquisition (Narrative) (Details) - $ / shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Business Acquisition [Line Items] | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
Related Parties (Additional Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transaction [Line Items] | ||
| Related party asset | $ 959 | $ 638 |
| Related party accounts payable | 2,693 | 2,478 |
| Dividends Paid | $ 27,863 | 0 |
| Fasemex [Member] | ||
| Related Party Transaction [Line Items] | ||
| Percentage of common stock outstanding | 10.20% | |
| CSTH [member] | ||
| Related Party Transaction [Line Items] | ||
| Percentage of common stock outstanding | 5.00% | |
| Related party asset | $ 345 | 121 |
| Specialty parts supplies | $ 885 | 121 |
| Warrantholder [Member] | ||
| Related Party Transaction [Line Items] | ||
| Percentage of common stock outstanding | 49.40% | |
| Warrantholder [Member] | Standby Letters of Credit [Member] | ||
| Related Party Transaction [Line Items] | ||
| Dividends Paid | $ 27,863 | |
| Cash fees | 2,163 | |
| Gil Family [Member] | ||
| Related Party Transaction [Line Items] | ||
| Operating costs and expenses | 27,214 | 17,379 |
| Related party asset | 614 | 517 |
| Related party accounts payable | $ 2,693 | $ 2,478 |