2019 Form 10-K Financial Statement

#000119312520061709 Filed on March 04, 2020

View on sec.gov

Income Statement

Concept 2019 2018 Q4 2018
Revenue $230.0M $87.80M $316.5M
YoY Change -27.35% 10.86% -22.7%
Cost Of Revenue $244.3M $91.90M $320.1M
YoY Change -23.7% 10.19% -21.24%
Gross Profit -$14.30M -$4.000M -$3.627M
YoY Change 294.27% -2.44% -221.06%
Gross Profit Margin -6.22% -4.56% -1.15%
Selling, General & Admin $38.30M $7.200M $29.05M
YoY Change 31.84% -22.58% -11.93%
% of Gross Profit
Research & Development $955.0K $42.00K
YoY Change 2173.81% -85.91%
% of Gross Profit
Depreciation & Amortization $12.44M $3.700M $12.02M
YoY Change 3.5% 54.17% 28.3%
% of Gross Profit
Operating Expenses $39.26M $7.200M $29.09M
YoY Change 34.94% -22.58% -12.59%
Operating Profit -$75.60M -$11.20M -$32.11M
YoY Change 135.48% -16.42% 1.01%
Interest Expense $609.0K -$100.0K $155.0K
YoY Change 292.9% 0.0% -4.91%
% of Operating Profit
Other Income/Expense, Net $858.0K $400.0K $1.848M
YoY Change -53.57% 33.33% 242.86%
Pretax Income -$75.35M -$10.90M -$30.41M
YoY Change 147.77% -17.42% -3.17%
Income Tax -$115.0K $14.80M $10.17M
% Of Pretax Income
Net Earnings -$75.18M -$25.70M -$40.58M
YoY Change 85.27% 131.53% 79.86%
Net Earnings / Revenue -32.69% -29.27% -12.82%
Basic Earnings Per Share -$5.95 -$3.26
Diluted Earnings Per Share -$5.95 -$2.089M -$3.26
COMMON SHARES
Basic Shares Outstanding 12.35M 12.46M 12.32M
Diluted Shares Outstanding 12.35M 12.32M

Balance Sheet

Concept 2019 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.30M $63.10M $63.10M
YoY Change 5.07% -51.72% -51.72%
Cash & Equivalents $66.30M $45.07M $45.10M
Short-Term Investments $0.00 $18.00M $18.00M
Other Short-Term Assets $11.30M $5.012M $10.00M
YoY Change 13.0% -1.71% -35.9%
Inventory $25.10M $64.56M $64.60M
Prepaid Expenses
Receivables $7.000M $18.22M $18.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $109.7M $155.8M $155.8M
YoY Change -29.59% -22.06% -22.06%
LONG-TERM ASSETS
Property, Plant & Equipment $134.0M $45.32M $110.1M
YoY Change 21.71% 18.47% 78.44%
Goodwill $21.52M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.600M $2.311M $2.300M
YoY Change -30.43% -30.03% -81.89%
Total Long-Term Assets $135.5M $133.9M $133.9M
YoY Change 1.19% 39.55% 39.48%
TOTAL ASSETS
Total Short-Term Assets $109.7M $155.8M $155.8M
Total Long-Term Assets $135.5M $133.9M $133.9M
Total Assets $245.2M $289.7M $289.7M
YoY Change -15.36% -2.08% -2.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.70M $34.75M $34.70M
YoY Change -66.28% 48.95% 48.93%
Accrued Expenses $27.90M $14.30M $14.30M
YoY Change 95.1% 7.52% 7.52%
Deferred Revenue $3.000M
YoY Change 728.73%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $49.40M $62.05M $62.10M
YoY Change -20.45% 53.91% 54.09%
LONG-TERM LIABILITIES
Long-Term Debt $10.20M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $68.40M $801.0K $34.10M
YoY Change 100.59% 106.98% 42.68%
Total Long-Term Liabilities $78.60M $801.0K $34.10M
YoY Change 130.5% 106.98% 42.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.40M $62.05M $62.10M
Total Long-Term Liabilities $78.60M $801.0K $34.10M
Total Liabilities $128.0M $96.13M $96.10M
YoY Change 33.19% 49.8% 49.69%
SHAREHOLDERS EQUITY
Retained Earnings $120.8M
YoY Change -25.15%
Common Stock $127.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.721M
YoY Change -22.57%
Treasury Stock Shares $272.0K
Shareholders Equity $117.2M $193.6M $193.6M
YoY Change
Total Liabilities & Shareholders Equity $245.2M $289.7M $289.7M
YoY Change -15.36% -2.08% -2.1%

Cashflow Statement

Concept 2019 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$75.18M -$25.70M -$40.58M
YoY Change 85.27% 131.53% 79.86%
Depreciation, Depletion And Amortization $12.44M $3.700M $12.02M
YoY Change 3.5% 54.17% 28.3%
Cash From Operating Activities -$18.98M $35.80M -$31.64M
YoY Change -40.02% 280.85% -178.44%
INVESTING ACTIVITIES
Capital Expenditures $5.573M -$1.100M $2.185M
YoY Change 155.06% 175.0% 125.96%
Acquisitions
YoY Change
Other Investing Activities $36.50M -$22.50M -$8.800M
YoY Change -514.77% -364.71% -80.14%
Cash From Investing Activities $30.95M -$23.50M -$10.95M
YoY Change -382.79% -390.12% -75.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.212M 0.000 -128.0K
YoY Change -7296.88% -96.21%
NET CHANGE
Cash From Operating Activities -18.98M 35.80M -31.64M
Cash From Investing Activities 30.95M -23.50M -10.95M
Cash From Financing Activities 9.212M 0.000 -128.0K
Net Change In Cash 21.19M 12.30M -42.72M
YoY Change -149.6% -29.71% 413.31%
FREE CASH FLOW
Cash From Operating Activities -$18.98M $35.80M -$31.64M
Capital Expenditures $5.573M -$1.100M $2.185M
Free Cash Flow -$24.55M $36.90M -$33.83M
YoY Change -27.42% 276.53% -185.92%

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CY2019Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
3245000
CY2019Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
3278000
CY2019Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
3294000
CY2019Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
3304000
CY2019 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
6637000
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1603000
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1372000
CY2018 us-gaap Depreciation
Depreciation
10559000
CY2019 us-gaap Depreciation
Depreciation
11073000
CY2018 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12017000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
12438000
CY2018 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
573000
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.26
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.95
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.26
CY2019 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.95
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.334
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.597
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.201
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.010
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.011
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.005
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.043
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.050
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.029
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.003
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
0.017
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
-0.001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
-0.001
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
681000
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
261000
CY2019 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
2445000
CY2018Q4 us-gaap Goodwill
Goodwill
21521000
CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
21521000
CY2018 us-gaap Gross Profit
GrossProfit
-3627000
CY2019 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-75238000
CY2018 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
16311000
CY2019 us-gaap Gross Profit
GrossProfit
-14300000
CY2019 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Product Warranties</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">Warranty terms are based on the negotiated railcar sales contracts.&nbsp;&nbsp;The Company generally warrants that new railcars will be free from defects in material and workmanship under normal use and service identified for a period of up to </font><font style="display: inline;font-size:10pt;">seven</font><font style="display: inline;font-size:10pt;"> years from the time of sale.&nbsp;&nbsp;The Company also provides limited warranties with respect to certain rebuilt railcars.&nbsp;&nbsp;With respect to parts and materials manufactured by others and incorporated by the Company in its products, such parts and materials may be covered by the warranty provided by the original manufacturer.&nbsp;&nbsp;The Company establishes a warranty reserve at the time of sale to account for future warranty charges.&nbsp;&nbsp;The warranty reserve consists of two categories: assigned claims and unassigned claims.&nbsp;&nbsp;The unassigned warranty reserve is calculated based on historical warranty costs adjusted for estimated material price changes and other factors. Once a warranty claim is filed for railcars under warranty, the estimated cost to correct the defect is moved from the unassigned reserve to the assigned reserve and tracked separately. </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company does not provide its customers the option to purchase additional warranties and, therefore, the Company&#x2019;s warranties are not considered a separate service or performance obligation. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018Q4 us-gaap Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
18019000
CY2019Q4 us-gaap Held To Maturity Securities Current
HeldToMaturitySecuritiesCurrent
0
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-30412000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-75353000
CY2018 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-40581000
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
5000
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
79000
CY2018Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
2046000
CY2019Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
1014000
CY2018 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
47000
CY2019 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
-100000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10169000
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-115000
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
10693000
CY2019 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-23961000
CY2018 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
10637000
CY2019 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-11227000
CY2018 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-165000
CY2019 us-gaap Increase Decrease In Accrued Salaries
IncreaseDecreaseInAccruedSalaries
-1368000
CY2018 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-657000
CY2019 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-155000
CY2019 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-40649000
CY2018 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1728000
CY2019 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
2127000
CY2018 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2461000
CY2018Q4 us-gaap Inventory Net
InventoryNet
64562000
CY2019Q4 us-gaap Inventory Net
InventoryNet
25092000
CY2019 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
6201000
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
6812000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5633000
CY2018Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
60112000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
19742000
CY2018 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-1129000
CY2019 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-55000
CY2018 us-gaap Interest Expense
InterestExpense
155000
CY2019 us-gaap Interest Expense
InterestExpense
609000
CY2018 us-gaap Interest Paid Net
InterestPaidNet
68000
CY2019 us-gaap Interest Paid Net
InterestPaidNet
196000
CY2019 us-gaap Lease Cost
LeaseCost
14694000
CY2019Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.045
CY2019Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P11Y6M
CY2019Q4 us-gaap Long Term Line Of Credit
LongTermLineOfCredit
10200000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
73031000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
77990000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3024000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
16164000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
20295000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
17743000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3820000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8082000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4873000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8832000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
20424000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9969000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
20595000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
17200000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9263000
CY2019Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
18657000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
1545000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
2333000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
5461000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
515000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
4205000
CY2019Q4 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
4598000
CY2018Q4 us-gaap Liabilities
Liabilities
96127000
CY2019Q4 us-gaap Liabilities
Liabilities
128048000
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
289737000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
245202000
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
62050000
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
49430000
CY2019Q4 us-gaap Minority Interest
MinorityInterest
-55000
CY2019 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 17 - Risks and Contingencies </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings with its customers in the normal course of business. In the opinion of management, the Company&#x2019;s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company&#x2019;s consolidated financial condition, results of operations or cash flows. </font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <a name="_Hlk505548955"></a><font style="display: inline;font-family:Times New Roman;font-size:10pt;">As part of a settlement agreement reached with </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">one</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> of its customers, the Company agreed to pay </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$7,500</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> to settle all claims related to a prior year&#x2019;s commercial dispute.&nbsp;&nbsp;During </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">the year ended December 31, 2019,</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> the Company paid </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$3,500</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> of the settlement amount and the remaining </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$4,000</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> will be paid over a period of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">three</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> years, or on an accelerated basis in the event both parties agree to accelerate delivery of railcars currently in the backlog.&nbsp; </font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers&#x2019; compensation and employee matters arising out of the conduct of its business.&nbsp;&nbsp;While the ultimate outcome of these other legal proceedings cannot be determined at this time, it is the opinion of management that the resolution of these other actions will not have a material adverse effect on the Company&#x2019;s financial condition, results of operations or cash flows.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2019 us-gaap Nature Of Operations
NatureOfOperations
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 1 &#x2013; Description of the Business</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">FreightCar America, Inc. (&#x201C;FreightCar&#x201D;) operates primarily in North America through its direct and indirect subsidiaries,&nbsp;&nbsp;JAC Operations, Inc., Johnstown America, LLC, Freight Car Services, Inc., JAIX Leasing Company (&#x201C;JAIX&#x201D;),&nbsp;&nbsp;FreightCar America Leasing, LLC, FreightCar America Leasing 1, LLC, FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (&#x201C;Mauritius&#x201D;), FreightCar Rail Services, LLC (&#x201C;FCRS&#x201D;),&nbsp;&nbsp;FreightCar Short Line, Inc. (&#x201C;FCSL&#x201D;), FreightCar Alabama, LLC and FreightCar (Shanghai) Trading Co., Ltd (herein collectively referred to as the &#x201C;Company&#x201D;), and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars.&nbsp;&nbsp;The Company designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People&#x2019;s Republic of China.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company and its direct and indirect subsidiaries are all Delaware corporations or Delaware limited liability companies except Mauritius, which is incorporated in Mauritius, and FreightCar (Shanghai) Trading Co., Ltd., which is organized in the People&#x2019;s Republic of China.&nbsp;&nbsp;The Company&#x2019;s direct and indirect subsidiaries are all wholly owned.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">On September 19, 2019, the Company announced the formation of a&nbsp;joint venture with&nbsp;&nbsp;Fabricaciones y Servicios de M&#xE9;xico, S.A. de C.V. (&#x201C;Fasemex&#x201D;), a Mexican company with operations in both Mexico and the United States.</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;"> The joint venture will lease a manufacturing facility in Castanos, Mexico in which it will manufacture railcars. Production of railcars at the facility is expected to begin in mid</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">-</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:10pt;">2020.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">On October 1, 2019, Johnstown America, LLC notified the lessor of its Roanoke, Virginia manufacturing facility of its intention to cease operations at the facility as of November 29, 2019. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-128000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9212000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10946000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30954000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31644000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18979000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-40581000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-75183000
CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-55000
CY2019 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-32105000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-75602000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
13662000
CY2018 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
5886000
CY2019 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
6452000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
68726000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14960000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
53766000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
20778000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
56507000
CY2018 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
1458000
CY2019 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
929000
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
118000
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
59000
CY2018 us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
111356000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1416000
CY2019 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
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1365000
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1310000
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73000
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200000
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
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CY2019 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2019 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
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1623000
CY2019 us-gaap Use Of Estimates
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Use of Estimates </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the valuation of used railcars received in sale transactions, useful lives of long-lived assets, warranty accruals, workers&#x2019; compensation accruals, pension and postretirement benefit assumptions, stock compensation, evaluation of goodwill, other intangibles and property, plant and equipment for impairment and the valuation of deferred taxes. Actual results could differ from those estimates. </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12318861
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12352142
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12318861
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12352142
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3344000
CY2019Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3210000

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