Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
31-May-14 | Jun. 26, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-May-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'GBX | ' |
Entity Registrant Name | 'GREENBRIER COMPANIES INC | ' |
Entity Central Index Key | '0000923120 | ' |
Current Fiscal Year End Date | '--08-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,485,046 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $198,492 | $97,435 |
Restricted cash | 9,468 | 8,807 |
Accounts receivable, net | 181,850 | 154,848 |
Inventories | 337,197 | 316,783 |
Leased railcars for syndication | 96,332 | 68,480 |
Equipment on operating leases, net | 274,863 | 305,468 |
Property, plant and equipment, net | 215,942 | 201,533 |
Goodwill | 57,416 | 57,416 |
Intangibles and other assets, net | 79,012 | 78,971 |
Total assets | 1,450,572 | 1,289,741 |
Liabilities and Equity | ' | ' |
Revolving notes | 18,082 | 48,209 |
Accounts payable and accrued liabilities | 356,541 | 315,938 |
Deferred income taxes | 79,526 | 86,040 |
Deferred revenue | 21,153 | 8,838 |
Notes payable | 447,068 | 373,889 |
Commitments and contingencies (Note 14) | ' | ' |
Greenbrier | ' | ' |
Preferred stock - without par value; 25,000 shares authorized; none outstanding | ' | ' |
Common stock - without par value; 50,000 shares authorized; 27,489 and 28,084 shares outstanding at May 31, 2014 and August 31, 2013 | ' | ' |
Additional paid-in capital | 239,124 | 259,864 |
Retained earnings | 239,405 | 174,842 |
Accumulated other comprehensive loss | -2,384 | -6,504 |
Total equity - Greenbrier | 476,145 | 428,202 |
Noncontrolling interest | 52,057 | 28,625 |
Total equity | 528,202 | 456,827 |
Liabilities and Equity, Total | $1,450,572 | $1,289,741 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Preferred stock, without par value | ' | ' |
Preferred stock, shares authorized | 25,000 | 25,000 |
Preferred stock, outstanding | ' | ' |
Common stock, without par value | ' | ' |
Common stock, shares authorized | 50,000 | 50,000 |
Common stock, shares outstanding | 27,489 | 28,084 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Revenue | ' | ' | ' | ' | ||||
Manufacturing | $425,583 | $284,591 | $1,132,811 | $864,006 | ||||
Wheels, Repair & Parts | 140,663 | 131,167 | 390,604 | 355,219 | ||||
Leasing & Services | 27,039 | 17,905 | 62,441 | 52,978 | ||||
Revenue | 593,285 | 433,663 | 1,585,856 | 1,272,203 | ||||
Cost of revenue | ' | ' | ' | ' | ||||
Manufacturing | 351,829 | 253,360 | 969,841 | 774,502 | ||||
Wheels, Repair & Parts | 129,825 | 120,476 | 365,740 | 325,086 | ||||
Leasing & Services | 14,856 | 9,808 | 34,090 | 26,542 | ||||
Cost of revenue | 496,510 | 383,644 | 1,369,671 | 1,126,130 | ||||
Margin | 96,775 | 50,019 | 216,185 | 146,073 | ||||
Selling and administrative expense | 34,800 | 25,322 | 89,034 | 76,364 | ||||
Net gain on disposition of equipment | -5,619 | -5,131 | -14,686 | -9,615 | ||||
Goodwill impairment | ' | 76,900 | ' | 76,900 | ||||
Restructuring charges | 56 | ' | 1,475 | ' | ||||
Earnings (loss) from operations | 67,538 | -47,072 | 140,362 | 2,424 | ||||
Other costs | ' | ' | ' | ' | ||||
Interest and foreign exchange | 5,437 | 5,905 | 14,280 | 18,127 | ||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | 62,101 | -52,977 | 126,082 | -15,703 | ||||
Income tax (expense) benefit | -16,303 | -2,729 | -36,708 | -12,905 | ||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | 45,798 | -55,706 | 89,374 | -28,608 | ||||
Earnings (loss) from unconsolidated affiliates | 298 | 82 | 272 | -63 | ||||
Net earnings (loss) | 46,096 | -55,624 | 89,646 | -28,671 | ||||
Net earnings attributable to noncontrolling interest | -12,508 | -406 | -25,083 | -3,093 | ||||
Net earnings (loss) attributable to Greenbrier | $33,588 | ($56,030) | $64,563 | ($31,764) | ||||
Basic earnings (loss) per common share | $1.20 | ($2.10) | $2.29 | ($1.20) | ||||
Diluted earnings (loss) per common share | $1.03 | [1] | ($2.10) | $2.01 | [1] | ($1.20) | ||
Weighted average common shares: | ' | ' | ' | ' | ||||
Basic | 27,956 | [2] | 26,619 | [2] | 28,223 | [2] | 26,510 | [2] |
Diluted | 34,001 | [3] | 26,619 | [3] | 34,268 | [3] | 26,510 | [3] |
[1] | Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding | |||||||
[2] | Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. Shares outstanding exclude shares of unvested restricted stock and restricted stock units for the three and nine months ended May 31, 2013 due to a net loss. | |||||||
[3] | The dilutive effect of the 2026 Convertible notes was included for the three months ended May 31, 2014 as the average stock price was greater than $48.05 however the dilutive impact was inconsequential. The dilutive effect of the 2026 Convertible notes was excluded for the nine months ended May 31, 2014 and the three and nine months ended May 31, 2013 as the stock price was less than $48.05 and therefore is considered anti-dilutive. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Net earnings (loss) | $46,096 | ($55,624) | $89,646 | ($28,671) | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Translation adjustment | 80 | -1,761 | 3,402 | 279 | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | 4 | [1] | 105 | [1] | 321 | [1] | -790 | [1] |
Unrealized gain (loss) on derivative financial instruments | -659 | [2] | -1,325 | [2] | 454 | [2] | -817 | [2] |
Other (net of tax effect) | -4 | 5 | -3 | 5 | ||||
Other comprehensive income (loss) | -579 | -2,976 | 4,174 | -1,323 | ||||
Comprehensive income (loss) | 45,517 | -58,600 | 93,820 | -29,994 | ||||
Comprehensive income attributable to noncontrolling interest | -12,501 | -374 | -25,137 | -3,102 | ||||
Comprehensive income (loss) attributable to Greenbrier | $33,016 | ($58,974) | $68,683 | ($33,096) | ||||
[1] | Net of tax of effect of $0.1 million and $0.1 million for the three months ended May 31, 2014 and 2013 and $0.4 million and $0.1 million for the nine months ended May 31, 2014 and 2013. | |||||||
[2] | Net of tax of effect of $0.5 million and $0.3 million for the three months ended May 31, 2014 and 2013 and $0.2 million and $0.2 million for the nine months ended May 31, 2014 and 2013. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Reclassification of derivative financial instruments recognized in net earnings, tax | $0.10 | $0.10 | $0.40 | $0.10 |
Unrealized gain (loss) on derivative financial instruments, tax | $0.50 | $0.30 | $0.20 | $0.20 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock Shares | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Attributable to Greenbrier | Attributable to Noncontrolling Interest |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Beginning balance at Aug. 31, 2012 | $453,645 | ' | $252,256 | $185,890 | ($6,369) | $431,777 | $21,868 |
Beginning balance (in shares) at Aug. 31, 2012 | ' | 27,143,000 | ' | ' | ' | ' | ' |
Net earnings | -28,671 | ' | ' | -31,764 | ' | -31,764 | 3,093 |
Other comprehensive income (loss), net | -1,323 | ' | ' | ' | -1,332 | -1,332 | 9 |
Noncontrolling interest adjustments | -1,954 | ' | ' | ' | ' | ' | -1,954 |
Investment by joint venture partner | 2,577 | ' | ' | ' | ' | ' | 2,577 |
Restricted stock awards (net of cancellations and expense) (in shares) | ' | 27,000 | ' | ' | ' | ' | ' |
Restricted stock awards (net of cancellations and expense) | 8,436 | ' | 8,436 | ' | ' | 8,436 | ' |
Unamortized restricted stock | -8,444 | ' | -8,444 | ' | ' | -8,444 | ' |
Restricted stock amortization | 5,257 | ' | 5,257 | ' | ' | 5,257 | ' |
Excess tax benefit from restricted stock awards | 777 | ' | 777 | ' | ' | 777 | ' |
Warrants exercised | ' | 52,000 | ' | ' | ' | ' | ' |
Ending Balance at May. 31, 2013 | 430,300 | ' | 258,282 | 154,126 | -7,701 | 404,707 | 25,593 |
Ending Balance (in shares) at May. 31, 2013 | ' | 27,222,000 | ' | ' | ' | ' | ' |
Beginning balance at Aug. 31, 2013 | 456,827 | ' | 259,864 | 174,842 | -6,504 | 428,202 | 28,625 |
Beginning balance (in shares) at Aug. 31, 2013 | 28,084,000 | 28,084,000 | ' | ' | ' | ' | ' |
Net earnings | 89,646 | ' | ' | 64,563 | ' | 64,563 | 25,083 |
Other comprehensive income (loss), net | 4,174 | ' | ' | ' | 4,120 | 4,120 | 54 |
Noncontrolling interest adjustments | 2,953 | ' | ' | ' | ' | ' | 2,953 |
Investment by joint venture partner | 419 | ' | ' | ' | ' | ' | 419 |
Joint venture partner distribution declared | -5,077 | ' | ' | ' | ' | ' | -5,077 |
Restricted stock awards (net of cancellations and expense) (in shares) | ' | 46,000 | ' | ' | ' | ' | ' |
Restricted stock awards (net of cancellations and expense) | 11,599 | ' | 11,599 | ' | ' | 11,599 | ' |
Unamortized restricted stock | -12,610 | ' | -12,610 | ' | ' | -12,610 | ' |
Restricted stock amortization | 6,455 | ' | 6,455 | ' | ' | 6,455 | ' |
Excess tax benefit from restricted stock awards | 109 | ' | 109 | ' | ' | 109 | ' |
Repurchase of stock, shares | ' | -641,327 | ' | ' | ' | ' | ' |
Repurchase of stock | -26,293 | ' | -26,293 | ' | ' | -26,293 | ' |
Ending Balance at May. 31, 2014 | $528,202 | ' | $239,124 | $239,405 | ($2,384) | $476,145 | $52,057 |
Ending Balance (in shares) at May. 31, 2014 | 27,489,000 | 27,489,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Cash flows from operating activities | ' | ' |
Net earnings (loss) | $89,646 | ($28,671) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ' | ' |
Deferred income taxes | -6,745 | -9,391 |
Depreciation and amortization | 30,824 | 31,523 |
Net gain on disposition of equipment | -14,686 | -9,615 |
Accretion of debt discount | ' | 2,455 |
Stock based compensation expense | 6,454 | 4,843 |
Goodwill impairment | ' | 76,900 |
Other | 3,341 | -1,895 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | -26,226 | -15,499 |
Inventories | -21,722 | -9,114 |
Leased railcars for syndication | -25,420 | 22,067 |
Other | -2,491 | 338 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 36,507 | -43,605 |
Deferred revenue | 12,258 | -1,099 |
Net cash provided by operating activities | 81,740 | 19,237 |
Cash flows from investing activities | ' | ' |
Proceeds from sales of assets | 39,515 | 39,611 |
Capital expenditures | -34,522 | -49,677 |
Increase in restricted cash | -661 | -2,629 |
Investment in and net advances to unconsolidated affiliates | -1,253 | -1,016 |
Other | ' | -3,582 |
Net cash provided by (used in) investing activities | 3,079 | -17,293 |
Cash flows from financing activities | ' | ' |
Net change in revolving notes with maturities of 90 days or less | ' | 26,973 |
Proceeds from revolving notes with maturities longer than 90 days | 34,674 | 31,847 |
Repayments of revolving notes with maturities longer than 90 days | -64,801 | -26,877 |
Proceeds from issuance of notes payable | 200,000 | ' |
Repayments of notes payable | -126,821 | -57,592 |
Debt issuance costs | -382 | ' |
Repurchase of stock | -26,293 | ' |
Cash distribution to joint venture partner | -3,109 | ' |
Investment by joint venture partner | 419 | 2,577 |
Excess tax benefit from restricted stock awards | 109 | 777 |
Other | ' | -8 |
Net cash provided by (used in) financing activities | 13,796 | -22,303 |
Effect of exchange rate changes | 2,442 | -1,606 |
Increase (decrease) in cash and cash equivalents | 101,057 | -21,965 |
Cash and cash equivalents | ' | ' |
Beginning of period | 97,435 | 53,571 |
End of period | 198,492 | 31,606 |
Cash paid during the period for | ' | ' |
Interest | 12,816 | 13,844 |
Income taxes, net | 41,643 | 16,404 |
Non-cash activity | ' | ' |
Transfer of Inventories to Leased railcars for syndication | 2,691 | ' |
Transfer of Leased railcars for syndication to Equipment on operating leases | ' | 4,640 |
Transfer of Equipment on operating leases to Inventories | ' | 17,762 |
Transfer of Property, plant and equipment, net to Intangibles and other assets, net | ' | $1,194 |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
31-May-14 | |
Interim Financial Statements | ' |
Note 1 – Interim Financial Statements | |
The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and Subsidiaries (Greenbrier or the Company) as of May 31, 2014, for the three and nine months ended May 31, 2014 and 2013 have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position and operating results and cash flows for the periods indicated. The results of operations for the three and nine months ended May 31, 2014 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2014. | |
Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s 2013 Annual Report on Form 10-K. | |
Management Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires judgment on the part of management to arrive at estimates and assumptions on matters that are inherently uncertain. These estimates may affect the amount of assets, liabilities, revenue and expenses reported in the financial statements and accompanying notes and disclosure of contingent assets and liabilities within the financial statements. Estimates and assumptions are periodically evaluated and may be adjusted in future periods. Actual results could differ from those estimates. | |
Initial Adoption of Accounting Policies – In the first quarter of 2014, the Company adopted an accounting standard update regarding the testing of indefinite-lived intangible assets for impairment. This update was intended to reduce the cost and complexity of testing indefinite-lived intangible assets for impairment by providing entities with an option to perform a qualitative assessment to determine whether further impairment testing is necessary. This update impacted testing steps only and therefore the adoption did not have an impact on the Company’s Consolidated Financial Statements. | |
In the first quarter of 2014, the Company adopted an accounting standard update that amended prior reporting requirements with respect to comprehensive income by requiring additional disclosures by component about the amounts reclassified out of accumulated other comprehensive loss. The adoption of this accounting standard update did require additional disclosures, but did not have an impact on the Company’s financial position, results of operations or cash flows. | |
Prospective Accounting Changes – In May 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued a jointly converged standard on the recognition of revenue from contracts with customers. The issued guidance converges the criteria for reporting revenue, as well as requiring disclosures sufficient to describe the nature, amount, timing, and uncertainty of revenue and cash flows arising from these contracts. Companies can transition to the standard either retrospectively or as a cumulative effective adjustment as of the date of adoption. The new standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company plans to adopt this guidance beginning September 1, 2017. The Company is evaluating the impact of this standard on its consolidated financial statements and disclosures. | |
Share Repurchase Program – In October 2013, the Board of Directors authorized the Company to repurchase up to $50 million of the Company’s common stock. Under the share repurchase program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time-to-time. The timing and amount of purchases will be based upon market conditions, securities law limitations and other factors. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period. The share repurchase program expires April 30, 2015, but may be modified, suspended or discontinued at any time without prior notice. During the three and nine months ended May 31, 2014, the Company repurchased a total of 352,000 shares and 641,327 shares for approximately $16.0 million and $26.3 million. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Restructuring | ' | ||||||||||||||||
Note 2 – Restructuring | |||||||||||||||||
During 2013, the Company implemented a restructuring plan to sell or close certain Wheels, Repair & Parts facilities to enhance margins and improve capital efficiency. Restructuring charges related to this plan, associated with the Company’s Wheels, Repair & Parts segment, totaled $0.1 million and $1.5 million for the three and nine months ended May 31, 2014 and were included in the Consolidated Statement of Operations. | |||||||||||||||||
(In thousands) | Accrual at | Charged to | Paid or | Accrual at | |||||||||||||
August 31, | Expense | Settled | May 31, | ||||||||||||||
2013 | 2014 | ||||||||||||||||
Employee termination costs | $ | 1,409 | $ | 1,290 | $ | 2,699 | $ | — | |||||||||
Other costs | 299 | 185 | 484 | — | |||||||||||||
$ | 1,708 | $ | 1,475 | $ | 3,183 | $ | — | ||||||||||
Inventories
Inventories | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Inventories | ' | ||||||||
Note 3 – Inventories | |||||||||
Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance: | |||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Manufacturing supplies and raw materials | $ | 238,867 | $ | 217,182 | |||||
Work-in-process | 62,316 | 48,990 | |||||||
Finished goods | 40,073 | 54,839 | |||||||
Excess and obsolete adjustment | (4,059 | ) | (4,228 | ) | |||||
$ | 337,197 | $ | 316,783 | ||||||
Intangibles_and_Other_Assets_n
Intangibles and Other Assets, net | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Intangibles and Other Assets, net | ' | ||||||||
Note 4 – Intangibles and Other Assets, net | |||||||||
Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment. | |||||||||
The following table summarizes the Company’s identifiable intangible and other assets balance: | |||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Intangible assets subject to amortization: | |||||||||
Customer relationships | $ | 66,288 | $ | 66,288 | |||||
Accumulated amortization | (30,347 | ) | (26,964 | ) | |||||
Other intangibles | 5,071 | 4,967 | |||||||
Accumulated amortization | (4,415 | ) | (4,162 | ) | |||||
36,597 | 40,129 | ||||||||
Intangible assets not subject to amortization | 912 | 912 | |||||||
Investment in unconsolidated affiliates | 12,129 | 10,739 | |||||||
Prepaid and other assets | 10,685 | 10,601 | |||||||
Nonqualified savings plan investments | 10,086 | 7,687 | |||||||
Debt issuance costs, net | 8,214 | 7,802 | |||||||
Assets held for sale | 389 | 1,101 | |||||||
Total intangible and other assets | $ | 79,012 | $ | 78,971 | |||||
Amortization expense for the three and nine months ended May 31, 2014 was $1.0 million and $3.6 million and for the three and nine months ended May 31, 2013 was $1.0 million and $3.3 million. Amortization expense for the years ending August 31, 2014, 2015, 2016, 2017 and 2018 is expected to be $4.5 million, $3.8 million, $3.8 million, $3.7 million and $3.4 million. |
Revolving_Notes
Revolving Notes | 9 Months Ended |
31-May-14 | |
Revolving Notes | ' |
Note 5 – Revolving Notes | |
Senior secured credit facilities, consisting of three components, aggregated to $360.0 million as of May 31, 2014. | |
As of May 31, 2014, a $290.0 million revolving line of credit secured by substantially all the Company’s assets in the U.S. not otherwise pledged as security for term loans and maturing June 2016, was available to provide working capital and interim financing of equipment, principally for the U.S. and Mexican operations. Advances under this facility bear interest at LIBOR plus 2.25% or Prime plus 1.25% depending on the type of borrowing. Available borrowings under the credit facility are generally based on defined levels of inventory, receivables, property, plant and equipment and leased equipment, as well as total debt to consolidated capitalization and fixed charges coverage ratios. | |
As of May 31, 2014, lines of credit totaling $20.0 million secured by certain of the Company’s European assets, with various variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.5%, were available for working capital needs of the European manufacturing operation. European credit facilities are continually being renewed. Currently these European credit facilities have maturities that range from December 2014 through June 2015. | |
As of May 31, 2014, the Company’s Mexican joint venture had two lines of credit totaling $50.0 million. The first line of credit provides up to $20.0 million and is secured by certain of the joint venture’s accounts receivable and inventory. Advances under this facility bear interest at LIBOR plus 2.5%. The Mexican joint venture will be able to draw amounts available under this facility through January 2015. The second line of credit provides up to $30.0 million and is fully guaranteed by each of the joint venture partners, including the Company. Advances under this facility bear interest at LIBOR plus 2.0%. The Mexican joint venture will be able to draw against this facility through January 2015. | |
As of May 31, 2014, outstanding borrowings under the senior secured credit facilities consisted of $6.9 million in letters of credit under the North American credit facility and $18.1 million outstanding under the Mexican joint venture credit facilities. | |
As of August 31, 2013, outstanding borrowings under the senior secured credit facilities consisted of $6.8 million in letters of credit under the North American credit facility and $48.2 million outstanding under the Mexican joint venture credit facilities. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
Note 6 – Accounts Payable and Accrued Liabilities | |||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Trade payables | $ | 205,805 | $ | 163,490 | |||||
Other accrued liabilities | 62,104 | 70,691 | |||||||
Accrued payroll and related liabilities | 50,128 | 42,047 | |||||||
Accrued maintenance | 13,382 | 11,420 | |||||||
Income taxes payable | 11,945 | 13,094 | |||||||
Accrued warranty | 9,718 | 12,128 | |||||||
Other | 3,459 | 3,068 | |||||||
$ | 356,541 | $ | 315,938 | ||||||
Warranty_Accruals
Warranty Accruals | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Warranty Accruals | ' | ||||||||||||||||
Note 7 – Warranty Accruals | |||||||||||||||||
Warranty costs are estimated and charged to operations to cover a defined warranty period. The estimated warranty cost is based on the history of warranty claims for each particular product type. For new product types without a warranty history, preliminary estimates are based on historical information for similar product types. The warranty accruals, included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, are reviewed periodically and updated based on warranty trends and expirations of warranty periods. | |||||||||||||||||
Warranty accrual activity: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 10,673 | $ | 10,289 | $ | 12,128 | $ | 9,221 | |||||||||
Charged to cost of revenue, net | 170 | 667 | 1,418 | 3,279 | |||||||||||||
Payments | (1,208 | ) | (904 | ) | (4,191 | ) | (2,540 | ) | |||||||||
Currency translation effect | 83 | (69 | ) | 363 | 23 | ||||||||||||
Balance at end of period | $ | 9,718 | $ | 9,983 | $ | 9,718 | $ | 9,983 | |||||||||
Notes_Payable
Notes Payable | 9 Months Ended |
31-May-14 | |
Notes Payable | ' |
Note 8 – Notes Payable | |
In March 2014, the Company refinanced approximately $125 million of existing senior term debt, due in March 2014 and May 2015, secured by a pool of leased railcars with new 6-year $200 million senior term debt also secured by a pool of leased railcars. The new debt bears a floating interest rate of LIBOR plus 1.75% with principal of $1.75 million paid quarterly in arrears and a balloon payment of $160 million due at maturity. An interest rate swap agreement was entered into on 50% of the initial balance to swap the floating interest rate of LIBOR plus 1.75% to a fixed rate of 3.7375%. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Note 9 – Accumulated Other Comprehensive Loss | |||||||||||||||||
Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: | |||||||||||||||||
(In thousands) | Unrealized | Foreign | Other | Accumulated | |||||||||||||
Income | Currency | Other | |||||||||||||||
(Loss) on | Translation | Comprehensive | |||||||||||||||
Derivative | Adjustment | Income (Loss) | |||||||||||||||
Financial | |||||||||||||||||
Instruments | |||||||||||||||||
Balance, August 31, 2013 | $ | (1,053 | ) | $ | (4,923 | ) | $ | (528 | ) | $ | (6,504 | ) | |||||
Other comprehensive income (loss) before reclassifications | 454 | 3,348 | (3 | ) | 3,799 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 321 | — | — | 321 | |||||||||||||
Balance, May 31, 2014 | $ | (278 | ) | $ | (1,575 | ) | $ | (531 | ) | $ | (2,384 | ) | |||||
The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Operations, with presentation location, was as follows: | |||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | Location | ||||||||||||||
May 31, 2014 | May 31, 2014 | ||||||||||||||||
(Gain) loss on derivative financial instruments: | |||||||||||||||||
Foreign exchange contracts | $ | (335 | ) | $ | (575 | ) | Revenue | ||||||||||
Interest rate swap contracts | 446 | 1,275 | Interest and foreign exchange | ||||||||||||||
111 | 700 | Total before tax | |||||||||||||||
(107 | ) | (379 | ) | Tax expense | |||||||||||||
$ | 4 | $ | 321 | Net of tax |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Earnings (Loss) Per Share | ' | ||||||||||||||||
Note 10 – Earnings (Loss) Per Share | |||||||||||||||||
The shares used in the computation of the Company’s basic and diluted earnings (loss) per common share are reconciled as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average basic common shares outstanding (1) | 27,956 | 26,619 | 28,223 | 26,510 | |||||||||||||
Dilutive effect of 2018 Convertible notes (2) | 6,045 | — | 6,045 | — | |||||||||||||
Weighted average diluted common shares outstanding (3) | 34,001 | 26,619 | 34,268 | 26,510 | |||||||||||||
-1 | Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. Shares outstanding exclude shares of unvested restricted stock and restricted stock units for the three and nine months ended May 31, 2013 due to a net loss. | ||||||||||||||||
-2 | The dilutive effect of the 2018 Convertible notes are included for the three and nine months ended May 31, 2014 as they were considered dilutive under the “if converted” method as further discussed below. The dilutive effect of warrants and the 2018 Convertible notes were excluded for the three and nine months ended May 31, 2013 due to a net loss. | ||||||||||||||||
-3 | The dilutive effect of the 2026 Convertible notes was included for the three months ended May 31, 2014 as the average stock price was greater than $48.05 however the dilutive impact was inconsequential. The dilutive effect of the 2026 Convertible notes was excluded for the nine months ended May 31, 2014 and the three and nine months ended May 31, 2013 as the stock price was less than $48.05 and therefore is considered anti-dilutive. | ||||||||||||||||
Dilutive EPS for the three and nine months ended May 31, 2014 was calculated using the more dilutive of two approaches. The first approach includes the dilutive effect of shares underlying the 2026 Convertible notes in the share count using the treasury stock method. The second approach supplements the first by including the “if converted” effect of the 2018 Convertible notes issued in March 2011. Under the “if converted” method, debt issuance and interest costs, both net of tax, associated with the convertible notes are added back to net earnings and the share count is increased by the shares underlying the convertible notes. The 2026 Convertible notes are included in the calculation of both approaches using the treasury stock method when the average stock price is greater than the initial conversion price of $48.05. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, 2014 | May 31, 2014 | ||||||||||||||||
Net earnings attributable to Greenbrier | $ | 33,588 | $ | 64,563 | |||||||||||||
Add back: | |||||||||||||||||
Interest and debt issuance costs on the 2018 Convertible notes, net of tax | 1,416 | 4,248 | |||||||||||||||
Earnings before interest and debt issuance costs on convertible notes | $ | 35,004 | $ | 68,811 | |||||||||||||
Weighted average diluted common shares outstanding | 34,001 | 34,268 | |||||||||||||||
Diluted earnings per share | $ | 1.03 | (1) | $ | 2.01 | (1) | |||||||||||
-1 | Diluted earnings per share was calculated as follows: | ||||||||||||||||
Earnings before interest and debt issuance costs (net of tax) on convertible notes | |||||||||||||||||
Weighted average diluted common shares outstanding |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended |
31-May-14 | |
Stock Based Compensation | ' |
Note 11 – Stock Based Compensation | |
The value of restricted stock and restricted stock unit awards is amortized as compensation expense from the date of grant through the earlier of the vesting period or the recipient’s eligible retirement date. Awards are expensed upon grant when the recipient’s eligible retirement date precedes the grant date. | |
Compensation expense for restricted stock and restricted stock unit grants was $3.6 million and $6.5 million for the three and nine months ended May 31, 2014 and $2.0 million and $4.8 million for the three and nine months ended May 31, 2013. Compensation expense related to restricted stock and restricted stock unit grants is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Operations. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||
Note 12 – Derivative Instruments | |||||||||||||||||||||||||||||
Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk in Euro. Interest rate swap agreements are utilized to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. | |||||||||||||||||||||||||||||
At May 31, 2014 exchange rates, forward exchange contracts for the purchase of Polish Zloty and the sale of Euro aggregated $66.0 million. Adjusting the foreign currency exchange contracts to the fair value of the cash flow hedges at May 31, 2014 resulted in an unrealized pre-tax gain of $0.6 million that was recorded in accumulated other comprehensive loss. The fair value of the contracts is included in Accounts payable and accrued liabilities when there is a loss, or Accounts receivable when there is a gain, on the Consolidated Balance Sheets. As the contracts mature at various dates through October 2015, any such gain or loss remaining will be recognized in manufacturing revenue along with the related transactions. In the event that the underlying sales transaction does not occur or does not occur in the period designated at the inception of the hedge, the amount classified in accumulated other comprehensive loss would be reclassified to the current year’s results of operations in Interest and foreign exchange. | |||||||||||||||||||||||||||||
At May 31, 2014, an interest rate swap agreement had a notional amount of $100.0 million and matures March 2020. The fair value of this cash flow hedge at May 31, 2014 resulted in an unrealized pre-tax loss of $1.3 million. The loss is included in Accumulated other comprehensive loss and the fair value of the contract is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets. As interest expense on the underlying debt is recognized, amounts corresponding to the interest rate swap are reclassified from Accumulated other comprehensive loss and charged or credited to interest expense. At May 31, 2014 interest rates, approximately $1.8 million would be reclassified to interest expense in the next 12 months. | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Balance sheet | May 31, | August 31, | Balance sheet | May 31, | August 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | location | Fair Value | Fair Value | location | Fair Value | Fair Value | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
Foreign forward exchange contracts | Accounts | $ | 838 | $ | 819 | Accounts payable | $ | 4 | $ | 342 | |||||||||||||||||||
receivable | and accrued liabilities | ||||||||||||||||||||||||||||
Interest rate swap contracts | Other assets | — | — | Accounts payable | 1,256 | 1,250 | |||||||||||||||||||||||
and accrued liabilities | |||||||||||||||||||||||||||||
$ | 838 | $ | 819 | $ | 1,260 | $ | 1,592 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Foreign forward exchange contracts | Accounts | $ | 244 | $ | 223 | Accounts payable | $ | — | $ | 40 | |||||||||||||||||||
receivable | and accrued liabilities | ||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging | Location of gain (loss) recognized in | Gain (loss) recognized in income on derivative | |||||||||||||||||||||||||||
relationships | income on derivative | nine months ended May 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Foreign forward exchange contract | Interest and foreign exchange | $ | 230 | $ | (108 | ) | |||||||||||||||||||||||
Derivatives in | Gain (loss) recognized | Location of | Gain (loss) reclassified | Location of | Gain recognized on | ||||||||||||||||||||||||
cash flow | in OCI on derivatives | gain (loss) | from accumulated OCI | gain in income | derivative (ineffective | ||||||||||||||||||||||||
hedging | (effective portion) | reclassified | into income | on derivative | portion and amount | ||||||||||||||||||||||||
relationships | nine months ended | from | (effective portion) | (ineffective | excluded from | ||||||||||||||||||||||||
May 31, | accumulated | nine months ended | portion and | effectiveness testing) | |||||||||||||||||||||||||
OCI into | May 31, | amount | nine months ended | ||||||||||||||||||||||||||
income | excluded from | May 31, | |||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Foreign forward exchange contracts | $ | 1,558 | $ | (997 | ) | Revenue | $ | 575 | $ | 1,927 | Interest and foreign | $ | 684 | $ | 2,088 | ||||||||||||||
exchange | |||||||||||||||||||||||||||||
Interest rate swap contracts | (1,281 | ) | (47 | ) | Interest and foreign | (1,275 | ) | (1,250 | ) | Interest and foreign | — | — | |||||||||||||||||
exchange | exchange | ||||||||||||||||||||||||||||
$ | 277 | $ | (1,044 | ) | $ | (700 | ) | $ | 677 | $ | 684 | $ | 2,088 | ||||||||||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
Note 13 – Segment Information | |||||||||||||||||||||||||
Greenbrier operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services. The accounting policies of the segments are described in the summary of significant accounting policies in the Consolidated Financial Statements contained in the Company’s 2013 Annual Report on Form 10-K. Performance for each of these segments is evaluated based on earnings (loss) from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to the Company’s integrated business. Greenbrier’s management does not allocate Interest and foreign exchange or Income tax benefit (expense) for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements. | |||||||||||||||||||||||||
The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. | |||||||||||||||||||||||||
For the three months ended May 31, 2014: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 425,583 | $ | — | $ | 425,583 | $ | 61,116 | $ | — | $ | 61,116 | |||||||||||||
Wheels, Repair & Parts | 140,663 | 3,783 | 144,446 | 5,524 | 473 | 5,997 | |||||||||||||||||||
Leasing & Services | 27,039 | 9,334 | 36,373 | 14,582 | 9,334 | 23,916 | |||||||||||||||||||
Eliminations | — | (13,117 | ) | (13,117 | ) | — | (9,807 | ) | (9,807 | ) | |||||||||||||||
Corporate | — | — | — | (13,684 | ) | — | (13,684 | ) | |||||||||||||||||
$ | 593,285 | $ | — | $ | 593,285 | $ | 67,538 | $ | — | $ | 67,538 | ||||||||||||||
For the nine months ended May 31, 2014: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 1,132,811 | $ | — | $ | 1,132,811 | $ | 129,542 | $ | — | $ | 129,542 | |||||||||||||
Wheels, Repair & Parts | 390,604 | 7,743 | 398,347 | 8,724 | 546 | 9,270 | |||||||||||||||||||
Leasing & Services | 62,441 | 17,623 | 80,064 | 32,888 | 17,623 | 50,511 | |||||||||||||||||||
Eliminations | — | (25,366 | ) | (25,366 | ) | — | (18,169 | ) | (18,169 | ) | |||||||||||||||
Corporate | — | — | — | (30,792 | ) | — | (30,792 | ) | |||||||||||||||||
$ | 1,585,856 | $ | — | $ | 1,585,856 | $ | 140,362 | $ | — | $ | 140,362 | ||||||||||||||
For the three months ended May 31, 2013: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 284,591 | $ | 27 | $ | 284,618 | $ | 21,551 | $ | — | $ | 21,551 | |||||||||||||
Wheels, Repair & Parts (1) | 131,167 | 2,548 | 133,715 | (70,242 | ) | 29 | (70,213 | ) | |||||||||||||||||
Leasing & Services | 17,905 | 2,853 | 20,758 | 9,427 | 2,851 | 12,278 | |||||||||||||||||||
Eliminations | — | (5,428 | ) | (5,428 | ) | — | (2,880 | ) | (2,880 | ) | |||||||||||||||
Corporate | — | — | — | (7,808 | ) | — | (7,808 | ) | |||||||||||||||||
$ | 433,663 | $ | — | $ | 433,663 | $ | (47,072 | ) | $ | — | $ | (47,072 | ) | ||||||||||||
For the nine months ended May 31, 2013: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 864,006 | $ | 7,229 | $ | 871,235 | $ | 58,595 | $ | (30 | ) | $ | 58,565 | ||||||||||||
Wheels, Repair & Parts (1) | 355,219 | 11,632 | 366,851 | (60,858 | ) | (225 | ) | (61,083 | ) | ||||||||||||||||
Leasing & Services | 52,978 | 9,700 | 62,678 | 27,164 | 9,697 | 36,861 | |||||||||||||||||||
Eliminations | — | (28,561 | ) | (28,561 | ) | — | (9,442 | ) | (9,442 | ) | |||||||||||||||
Corporate | — | — | — | (22,477 | ) | — | (22,477 | ) | |||||||||||||||||
$ | 1,272,203 | $ | — | $ | 1,272,203 | $ | 2,424 | $ | — | $ | 2,424 | ||||||||||||||
Total assets | |||||||||||||||||||||||||
May 31, | August 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Manufacturing | $ | 500,434 | $ | 401,630 | |||||||||||||||||||||
Wheels, Repair & Parts | 316,416 | 318,483 | |||||||||||||||||||||||
Leasing & Services | 425,751 | 463,381 | |||||||||||||||||||||||
Unallocated | 207,971 | 106,247 | |||||||||||||||||||||||
$ | 1,450,572 | $ | 1,289,741 | ||||||||||||||||||||||
(1) | The three and nine months ended May 31, 2013 for Wheels, Repair & Parts includes a pre-tax non-cash impairment charge of $76.9 million. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
31-May-14 | |
Commitments and Contingencies | ' |
Note 14 – Commitments and Contingencies | |
The Company’s Portland, Oregon manufacturing facility is located adjacent to the Willamette River. The Company has entered into a Voluntary Cleanup Agreement with the Oregon Department of Environmental Quality (“DEQ”) in which the Company agreed to conduct an investigation of whether, and to what extent, past or present operations at the Portland property may have released hazardous substances into the environment. The Company is also conducting groundwater remediation relating to a historical spill on the property which preceded its ownership. | |
In December 2000, the U.S. Environmental Protection Agency (EPA) has classified portions of the river bed of the Portland Harbor, including the portion fronting the Company’s manufacturing facility, as a federal “National Priority List” or “Superfund” site due to sediment contamination (the “Portland Harbor Site”). The Company and more than 140 other parties have received a “General Notice” of potential liability from the EPA relating to the Portland Harbor Site. The letter advised the Company that it may be liable for the costs of investigation and remediation (which liability may be joint and several with other potentially responsible parties) as well as for natural resource damages resulting from releases of hazardous substances to the site. At this time, ten private and public entities, including the Company (the “Lower Willamette Group” or “LWG”), have signed an Administrative Order on Consent (“AOC”) to perform a remedial investigation/feasibility study (“RI/FS”) of the Portland Harbor Site under EPA oversight, and several additional entities have not signed such consent, but are nevertheless contributing money to the effort. The EPA-mandated RI/FS is being conducted by the LWG and has cost over $110 million during a 14-year period. The Company has agreed to initially bear a percentage of the total costs incurred by the LWG in connection with the investigation. The Company’s aggregate expenditure has not been material during the 14-year period. Some or all of any such outlay may be recoverable from other responsible parties. The investigation is expected to continue for at least one more year. | |
Eighty-three parties, including the State of Oregon and the federal government, have entered into a non-judicial mediation process to try to allocate costs associated with the Portland Harbor site. Approximately 110 additional parties have signed tolling agreements related to such allocations. On April 23, 2009, the Company and the other AOC signatories filed suit against 69 other parties due to a possible limitations period for some such claims; Arkema Inc. et al v. A & C Foundry Products, Inc.et al, US District Court, District of Oregon, Case #3:09-cv-453-PK. All but 12 of these parties elected to sign tolling agreements and be dismissed without prejudice, and the case has now been stayed by the court, pending completion of the RI/FS. Although, as described below, the draft feasibility study has been submitted, the RI/FS will not be complete until the EPA approves it, which is not likely to occur until at least 2015. | |
A draft of the remedial investigation study was submitted to the EPA on October 27, 2009. The draft feasibility study was submitted to the EPA on March 30, 2012. The draft feasibility study evaluates several alternative cleanup approaches. The approaches submitted would take from 2 to 28 years with costs ranging from $169 million to $1.8 billion for cleanup of the entire Portland Harbor Site, depending primarily on the selected remedial action levels. The draft feasibility study suggests costs ranging from $9 million to $163 million for cleanup of the area of the Willamette River adjacent to the Company’s Portland, Oregon manufacturing facility, depending primarily on the selected remedial action level. | |
The draft feasibility study does not address responsibility for the costs of clean-up or allocate such costs among the potentially responsible parties, or define precise boundaries for the cleanup. Responsibility for funding and implementing the EPA’s selected cleanup will be determined after the issuance of the Record of Decision. Based on the investigation to date, the Company believes that it did not contribute in any material way to the damage of natural resources in the Portland Harbor Site and that the damage in the area of the Portland Harbor Site adjacent to its property precedes its ownership of the Portland, Oregon manufacturing facility. Because these environmental investigations are still underway, sufficient information is currently not available to determine the Company’s liability, if any, for the cost of any required remediation of the Portland Harbor Site or to estimate a range of potential loss. Based on the results of the pending investigations and future assessments of natural resource damages, the Company may be required to incur costs associated with additional phases of investigation or remedial action, and may be liable for damages to natural resources. In addition, the Company may be required to perform periodic maintenance dredging in order to continue to launch vessels from its launch ways in Portland, Oregon, on the Willamette River, and the river’s classification as a Superfund site could result in some limitations on future dredging and launch activities. Any of these matters could adversely affect the Company’s business and Consolidated Financial Statements, or the value of its Portland property. | |
We have also signed an Order on Consent with DEQ to finalize the investigation of potential onsite sources of contamination that may have a release pathway to the Willamette River. Interim precautionary measures are also required in the order and those are in the process of being completed. Our aggregate expenditure has not been material during the 14-year period. Some or all of any such outlay may be recoverable from other responsible parties. | |
From time to time, Greenbrier is involved as a defendant in litigation in the ordinary course of business, the outcome of which cannot be predicted with certainty. While the ultimate outcome of such legal proceedings cannot be determined at this time, management believes that the resolution of these actions will not have a material adverse effect on the Company’s Consolidated Financial Statements. | |
In accordance with customary business practices in Europe, the Company has $4.0 million in bank and third party warranty and performance guarantee facilities, all of which have been utilized as of May 31, 2014. To date no amounts have been drawn under these guarantee facilities. | |
As of May 31, 2014, the Mexican joint venture had $19.8 million of third party debt outstanding, for which the Company had guaranteed approximately $15.9 million. | |
As of May 31, 2014, the Company had outstanding letters of credit aggregating $6.9 million associated with facility leases and workers compensation insurance. |
Fair_Value_Measures
Fair Value Measures | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Fair Value Measures | ' | ||||||||||||||||
Note 15 – Fair Value Measures | |||||||||||||||||
Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1 - | observable inputs such as unadjusted quoted prices in active markets for identical instruments; | ||||||||||||||||
Level 2 - | inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and | ||||||||||||||||
Level 3 - | unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of May 31, 2014 were: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 (1) | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments | $ | 1,082 | $ | — | $ | 1,082 | $ | — | |||||||||
Nonqualified savings plan | 10,086 | 10,086 | — | — | |||||||||||||
investments | |||||||||||||||||
Cash equivalents | 20,016 | 20,016 | — | — | |||||||||||||
$ | 31,184 | $ | 30,102 | $ | 1,082 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 1,260 | $ | — | $ | 1,260 | $ | — | |||||||||
-1 | Level 2 assets and liabilities include derivative financial instruments which are valued based on observable inputs. See Note 12 Derivative Instruments for further discussion. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of August 31, 2013 were: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments | $ | 1,042 | $ | — | $ | 1,042 | $ | — | |||||||||
Nonqualified savings plan | 7,687 | 7,687 | — | — | |||||||||||||
investments | |||||||||||||||||
Cash equivalents | 1,004 | 1,004 | — | — | |||||||||||||
$ | 9,733 | $ | 8,691 | $ | 1,042 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 1,632 | $ | — | $ | 1,632 | $ | — |
Variable_Interest_Entities
Variable Interest Entities | 9 Months Ended |
31-May-14 | |
Variable Interest Entities | ' |
Note 16 – Variable Interest Entities | |
March 2012 Agreement | |
In March 2012, the Company purchased a 1% interest in three trusts (the “Trusts”) which are 99% owned by a third party. As of August 31, 2013, the Company had completed the sale of railcars to the Trusts for an aggregate value of $99.6 million. | |
As of May 31, 2014, the carrying amount of the Company’s investment in the Trusts is $0.9 million, which is recorded in Intangibles and other assets, net on the Consolidated Balance Sheets. | |
May 2013 Agreement | |
In May 2013, the Company purchased an 8% interest in an entity that owns a portfolio of railcar assets that are leased to third parties; the remaining 92% is owned by a third party. In the first quarter of 2014, the Company sold 204 railcars to this entity for $16.0 million resulting in a total of 468 railcars manufactured by the Company and subject to operating leases sold for $39.2 million to this entity as of May 31, 2014. | |
As of May 31, 2014, the carrying amount of the Company’s investment in this entity is $3.1 million which is recorded in Intangibles and other assets, net on the Consolidated Balance Sheets. |
GuarantorNonGuarantor
Guarantor/Non-Guarantor | 9 Months Ended | ||||||||||||||||||||
31-May-14 | |||||||||||||||||||||
Guarantor/Non-Guarantor | ' | ||||||||||||||||||||
Note 17 – Guarantor/Non-Guarantor | |||||||||||||||||||||
The convertible senior notes due 2026 (the Notes) issued on May 22, 2006 are fully and unconditionally and jointly and severally guaranteed by substantially all of Greenbrier’s material 100% owned U.S. subsidiaries: Autostack Company LLC, Greenbrier-Concarril, LLC, Greenbrier Leasing Company LLC, Greenbrier Leasing Limited Partner, LLC, Greenbrier Management Services, LLC, Greenbrier Leasing, L.P., Greenbrier Railcar LLC, Gunderson LLC, Gunderson Marine LLC, Gunderson Rail Services LLC, Meridian Rail Holding Corp., Meridian Rail Acquisition Corp., Meridian Rail Mexico City Corp., Brandon Railroad LLC, Gunderson Specialty Products, LLC and Greenbrier Railcar Leasing, Inc. No other subsidiaries guarantee the Notes including Greenbrier Union Holdings I LLC, Greenbrier MUL Holdings I LLC, Greenbrier Leasing Limited, Greenbrier Europe B.V., Greenbrier Germany GmbH, WagonySwidnica S.A., Zaklad Naprawczy Taboru Kolejowego Olawa sp. z o.o., Zaklad Transportu Kolejowego SIARKOPOL sp. z o.o., Gunderson-Concarril, S.A. de C.V., Greenbrier Rail Services Canada, Inc., Mexico Meridianrail Services, S.A. de C.V., Greenbrier Railcar Services – Tierra Blanca S.A. de C.V., YSD Doors, S.A. de C.V., Gunderson-Gimsa S.A. de C.V., Greenbrier, S.A. de C.V. and Greenbrier-Gimsa, LLC. | |||||||||||||||||||||
The following represents the supplemental consolidating condensed financial information of Greenbrier and its guarantor and non-guarantor subsidiaries, as of May 31, 2014 and August 31, 2013, for the three and nine months ended May 31, 2014 and 2013. The information is presented on the basis of Greenbrier accounting for its ownership of its wholly owned subsidiaries using the equity method of accounting. The equity method investment for each subsidiary is recorded by the parent in intangibles and other assets. Intercompany transactions of goods and services between the guarantor and non-guarantor subsidiaries are presented as if the sales or transfers were at fair value to third parties and eliminated in consolidation. | |||||||||||||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 160,223 | $ | 60 | $ | 38,209 | $ | — | $ | 198,492 | |||||||||||
Restricted cash | — | 2,567 | 6,901 | — | 9,468 | ||||||||||||||||
Accounts receivable, net | 1,050 | 400,877 | 54,494 | (274,571 | ) | 181,850 | |||||||||||||||
Inventories | — | 127,876 | 209,464 | (143 | ) | 337,197 | |||||||||||||||
Leased railcars for syndication | — | 99,630 | — | (3,298 | ) | 96,332 | |||||||||||||||
Equipment on operating leases, net | — | 273,241 | 3,821 | (2,199 | ) | 274,863 | |||||||||||||||
Property, plant and equipment, net | 6,087 | 100,320 | 109,535 | — | 215,942 | ||||||||||||||||
Goodwill | — | 57,416 | — | — | 57,416 | ||||||||||||||||
Intangibles and other assets, net | 811,751 | 121,980 | 16,727 | (871,446 | ) | 79,012 | |||||||||||||||
$ | 979,111 | $ | 1,183,967 | $ | 439,151 | $ | (1,151,657 | ) | $ | 1,450,572 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||
Revolving notes | $ | — | $ | — | $ | 18,082 | $ | — | $ | 18,082 | |||||||||||
Accounts payable and accrued | 254,171 | 185,047 | 193,521 | (276,198 | ) | 356,541 | |||||||||||||||
liabilities | |||||||||||||||||||||
Deferred income taxes | 3,900 | 84,820 | — | (9,194 | ) | 79,526 | |||||||||||||||
Deferred revenue | 39 | 19,393 | 1,677 | 44 | 21,153 | ||||||||||||||||
Notes payable | 244,856 | 200,463 | 1,749 | — | 447,068 | ||||||||||||||||
Total equity - Greenbrier | 476,145 | 694,244 | 173,048 | (867,292 | ) | 476,145 | |||||||||||||||
Noncontrolling interest | — | — | 51,074 | 983 | 52,057 | ||||||||||||||||
Total equity | 476,145 | 694,244 | 224,122 | (866,309 | ) | 528,202 | |||||||||||||||
$ | 979,111 | $ | 1,183,967 | $ | 439,151 | $ | (1,151,657 | ) | $ | 1,450,572 | |||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 211,921 | $ | 363,401 | $ | (149,739 | ) | $ | 425,583 | ||||||||||
Wheels, Repair & Parts | — | 142,625 | — | (1,962 | ) | 140,663 | |||||||||||||||
Leasing & Services | 108 | 26,771 | — | 160 | 27,039 | ||||||||||||||||
108 | 381,317 | 363,401 | (151,541 | ) | 593,285 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 184,870 | 315,398 | (148,439 | ) | 351,829 | |||||||||||||||
Wheels, Repair & Parts | — | 131,769 | — | (1,944 | ) | 129,825 | |||||||||||||||
Leasing & Services | — | 14,876 | — | (20 | ) | 14,856 | |||||||||||||||
— | 331,515 | 315,398 | (150,403 | ) | 496,510 | ||||||||||||||||
Margin | 108 | 49,802 | 48,003 | (1,138 | ) | 96,775 | |||||||||||||||
Selling and administrative | 13,987 | 10,645 | 10,016 | 152 | 34,800 | ||||||||||||||||
Net gain on disposition of equipment | — | (5,411 | ) | (205 | ) | (3 | ) | (5,619 | ) | ||||||||||||
Restructuring charges | — | 56 | — | — | 56 | ||||||||||||||||
Earnings (loss) from operations | (13,879 | ) | 44,512 | 38,192 | (1,287 | ) | 67,538 | ||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 2,918 | 1,417 | 1,102 | — | 5,437 | ||||||||||||||||
Earnings (loss) before income taxes | (16,797 | ) | 43,095 | 37,090 | (1,287 | ) | 62,101 | ||||||||||||||
and earnings (loss) from unconsolidated affiliates | |||||||||||||||||||||
Income tax (expense) benefit | 3,337 | (11,506 | ) | (8,388 | ) | 254 | (16,303 | ) | |||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (13,460 | ) | 31,589 | 28,702 | (1,033 | ) | 45,798 | ||||||||||||||
Earnings (loss) from unconsolidated affiliates | 47,048 | 5,412 | 44 | (52,206 | ) | 298 | |||||||||||||||
Net earnings (loss) | 33,588 | 37,001 | 28,746 | (53,239 | ) | 46,096 | |||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (12,830 | ) | 322 | (12,508 | ) | ||||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | 33,588 | $ | 37,001 | $ | 15,916 | $ | (52,917 | ) | $ | 33,588 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 617,120 | $ | 981,040 | $ | (465,349 | ) | $ | 1,132,811 | ||||||||||
Wheels, Repair & Parts | — | 395,537 | — | (4,933 | ) | 390,604 | |||||||||||||||
Leasing & Services | 865 | 61,101 | 1 | 474 | 62,441 | ||||||||||||||||
865 | 1,073,758 | 981,041 | (469,808 | ) | 1,585,856 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 552,871 | 876,395 | (459,425 | ) | 969,841 | |||||||||||||||
Wheels, Repair & Parts | — | 370,626 | — | (4,886 | ) | 365,740 | |||||||||||||||
Leasing & Services | — | 34,152 | — | (62 | ) | 34,090 | |||||||||||||||
— | 957,649 | 876,395 | (464,373 | ) | 1,369,671 | ||||||||||||||||
Margin | 865 | 116,109 | 104,646 | (5,435 | ) | 216,185 | |||||||||||||||
Selling and administrative | 31,698 | 29,802 | 27,083 | 451 | 89,034 | ||||||||||||||||
Net gain on disposition of equipment | — | (13,556 | ) | (820 | ) | (310 | ) | (14,686 | ) | ||||||||||||
Restructuring charges | — | 1,475 | — | — | 1,475 | ||||||||||||||||
Earnings (loss) from operations | (30,833 | ) | 98,388 | 78,383 | (5,576 | ) | 140,362 | ||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 8,751 | 3,180 | 2,349 | — | 14,280 | ||||||||||||||||
Earnings (loss) before income taxes | (39,584 | ) | 95,208 | 76,034 | (5,576 | ) | 126,082 | ||||||||||||||
and earnings (loss) from unconsolidated affiliates | |||||||||||||||||||||
Income tax (expense) benefit | 10,772 | (31,059 | ) | (18,044 | ) | 1,623 | (36,708 | ) | |||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (28,812 | ) | 64,149 | 57,990 | (3,953 | ) | 89,374 | ||||||||||||||
Earnings (loss) from unconsolidated affiliates | 93,375 | 7,857 | 121 | (101,081 | ) | 272 | |||||||||||||||
Net earnings (loss) | 64,563 | 72,006 | 58,111 | (105,034 | ) | 89,646 | |||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (27,362 | ) | 2,279 | (25,083 | ) | ||||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | 64,563 | $ | 72,006 | $ | 30,749 | $ | (102,755 | ) | $ | 64,563 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the three months ended May 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | 33,588 | $ | 37,001 | $ | 28,746 | $ | (53,239 | ) | $ | 46,096 | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 73 | 7 | — | 80 | ||||||||||||||||
Reclassification of | — | 276 | (272 | ) | — | 4 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments recognized in | |||||||||||||||||||||
net earnings (loss) | |||||||||||||||||||||
Unrealized gain (loss) on | — | 139 | (798 | ) | — | (659 | ) | ||||||||||||||
derivative financial | |||||||||||||||||||||
instruments | |||||||||||||||||||||
Other (net of tax effect) | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
— | 488 | (1,067 | ) | — | (579 | ) | |||||||||||||||
Comprehensive income (loss) | 33,588 | 37,489 | 27,679 | (53,239 | ) | 45,517 | |||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (12,823 | ) | 322 | (12,501 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | 33,588 | $ | 37,489 | $ | 14,856 | $ | (52,917 | ) | $ | 33,016 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | 64,563 | $ | 72,006 | $ | 58,111 | $ | (105,034 | ) | $ | 89,646 | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 86 | 3,316 | — | 3,402 | ||||||||||||||||
Reclassification of | — | 787 | (466 | ) | — | 321 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments recognized in | |||||||||||||||||||||
net earnings (loss) | |||||||||||||||||||||
Unrealized gain (loss) on | — | 1,245 | (791 | ) | — | 454 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments | |||||||||||||||||||||
Other (net of tax effect) | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
— | 2,118 | 2,056 | — | 4,174 | |||||||||||||||||
Comprehensive income (loss) | 64,563 | 74,124 | 60,167 | (105,034 | ) | 93,820 | |||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (27,416 | ) | 2,279 | (25,137 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | 64,563 | $ | 74,124 | $ | 32,751 | $ | (102,755 | ) | $ | 68,683 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net earnings (loss) | $ | 64,563 | $ | 72,006 | $ | 58,111 | $ | (105,034 | ) | $ | 89,646 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Deferred income taxes | (4,194 | ) | (1,789 | ) | (762 | ) | — | (6,745 | ) | ||||||||||||
Depreciation and amortization | 1,427 | 20,713 | 8,746 | (62 | ) | 30,824 | |||||||||||||||
Net gain on disposition of equipment | — | (13,556 | ) | (820 | ) | (310 | ) | (14,686 | ) | ||||||||||||
Stock based compensation expense | 6,454 | — | — | — | 6,454 | ||||||||||||||||
Other | — | 372 | 16 | 2,953 | 3,341 | ||||||||||||||||
Decrease (increase) in assets: | |||||||||||||||||||||
Accounts receivable | 36,573 | (43,867 | ) | 694 | (19,626 | ) | (26,226 | ) | |||||||||||||
Inventories | — | 20,456 | (42,225 | ) | 47 | (21,722 | ) | ||||||||||||||
Leased railcars for syndication | — | (28,371 | ) | — | 2,951 | (25,420 | ) | ||||||||||||||
Other | (1,220 | ) | 81 | (2,788 | ) | 1,436 | (2,491 | ) | |||||||||||||
Increase (decrease) in liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | (22,404 | ) | 9,143 | 31,774 | 17,994 | 36,507 | |||||||||||||||
Deferred revenue | (116 | ) | 10,798 | 1,574 | 2 | 12,258 | |||||||||||||||
Net cash provided by (used in) operating activities | 81,083 | 45,986 | 54,320 | (99,649 | ) | 81,740 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from sales of assets | — | 38,509 | 1,006 | — | 39,515 | ||||||||||||||||
Capital expenditures | (3,543 | ) | (9,929 | ) | (21,050 | ) | — | (34,522 | ) | ||||||||||||
Decrease (increase) in restricted cash | — | (660 | ) | (1 | ) | — | (661 | ) | |||||||||||||
Investment in and net advances to unconsolidated affiliates | (91,939 | ) | (7,710 | ) | (1,253 | ) | 99,649 | (1,253 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (95,482 | ) | 20,210 | (21,298 | ) | 99,649 | 3,079 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net changes in revolving notes with maturities of 90 days or less | — | — | — | — | — | ||||||||||||||||
Proceeds from revolving notes with maturities longer than 90 days | — | — | 34,674 | — | 34,674 | ||||||||||||||||
Repayment of revolving notes with maturities longer than 90 days | — | — | (64,801 | ) | — | (64,801 | ) | ||||||||||||||
Intercompany advances | 137,633 | (139,741 | ) | 2,108 | — | — | |||||||||||||||
Proceeds from notes payable | — | 200,000 | — | — | 200,000 | ||||||||||||||||
Repayments of notes payable | — | (126,400 | ) | (421 | ) | — | (126,821 | ) | |||||||||||||
Debt issuance costs | — | (382 | ) | — | — | (382 | ) | ||||||||||||||
Repurchase of stock | (26,293 | ) | — | — | — | (26,293 | ) | ||||||||||||||
Cash distribution to joint venture partner | — | — | (3,109 | ) | (3,109 | ) | |||||||||||||||
Investment by joint venture partner | — | — | 419 | — | 419 | ||||||||||||||||
Excess tax benefit from restricted stock awards | 109 | — | — | — | 109 | ||||||||||||||||
Net cash provided by (used in) financing activities | 111,449 | (66,523 | ) | (31,130 | ) | — | 13,796 | ||||||||||||||
Effect of exchange rate changes | — | 362 | 2,080 | — | 2,442 | ||||||||||||||||
Increase in cash and cash equivalents | 97,050 | 35 | 3,972 | — | 101,057 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Beginning of period | 63,173 | 25 | 34,237 | — | 97,435 | ||||||||||||||||
End of period | $ | 160,223 | $ | 60 | $ | 38,209 | $ | — | $ | 198,492 | |||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
August 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 63,173 | $ | 25 | $ | 34,237 | $ | — | $ | 97,435 | |||||||||||
Restricted cash | — | 1,907 | 6,900 | — | 8,807 | ||||||||||||||||
Accounts receivable, net | 37,623 | 217,268 | 54,412 | (154,455 | ) | 154,848 | |||||||||||||||
Inventories | — | 151,023 | 165,855 | (95 | ) | 316,783 | |||||||||||||||
Leased railcars for syndication | — | 68,827 | — | (347 | ) | 68,480 | |||||||||||||||
Equipment on operating leases, net | — | 304,234 | 3,809 | (2,575 | ) | 305,468 | |||||||||||||||
Property, plant and equipment, net | 2,112 | 103,315 | 96,106 | — | 201,533 | ||||||||||||||||
Goodwill | — | 57,416 | — | — | 57,416 | ||||||||||||||||
Intangibles and other assets, net | 716,029 | 118,541 | 13,515 | (769,114 | ) | 78,971 | |||||||||||||||
$ | 818,937 | $ | 1,022,556 | $ | 374,834 | $ | (926,586 | ) | $ | 1,289,741 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||
Revolving notes | $ | — | $ | — | $ | 48,209 | $ | — | $ | 48,209 | |||||||||||
Accounts payable and accrued liabilities | 137,631 | 178,662 | 154,096 | (154,451 | ) | 315,938 | |||||||||||||||
Deferred income taxes | 8,093 | 86,610 | — | (8,663 | ) | 86,040 | |||||||||||||||
Deferred revenue | 155 | 8,546 | 98 | 39 | 8,838 | ||||||||||||||||
Notes payable | 244,856 | 126,863 | 2,170 | — | 373,889 | ||||||||||||||||
Total equity - Greenbrier | 428,202 | 621,875 | 141,945 | (763,820 | ) | 428,202 | |||||||||||||||
Noncontrolling interest | — | — | 28,316 | 309 | 28,625 | ||||||||||||||||
Total equity | 428,202 | 621,875 | 170,261 | (763,511 | ) | 456,827 | |||||||||||||||
$ | 818,937 | $ | 1,022,556 | $ | 374,834 | $ | (926,586 | ) | $ | 1,289,741 | |||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended May 31, 2013 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 143,411 | $ | 251,120 | $ | (109,940 | ) | $ | 284,591 | ||||||||||
Wheels, Repair & Parts | — | 133,069 | — | (1,902 | ) | 131,167 | |||||||||||||||
Leasing & Services | 310 | 17,596 | (1 | ) | — | 17,905 | |||||||||||||||
310 | 294,076 | 251,119 | (111,842 | ) | 433,663 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 129,348 | 234,390 | (110,378 | ) | 253,360 | |||||||||||||||
Wheels, Repair & Parts | — | 122,316 | — | (1,840 | ) | 120,476 | |||||||||||||||
Leasing & Services | — | 9,830 | — | (22 | ) | 9,808 | |||||||||||||||
— | 261,494 | 234,390 | (112,240 | ) | 383,644 | ||||||||||||||||
Margin | 310 | 32,582 | 16,729 | 398 | 50,019 | ||||||||||||||||
Selling and administrative | 9,903 | 7,771 | 7,648 | — | 25,322 | ||||||||||||||||
Net gain on disposition of equipment | — | (4,214 | ) | (723 | ) | (194 | ) | (5,131 | ) | ||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Earnings (loss) from operations | (9,593 | ) | (47,875 | ) | 9,804 | 592 | (47,072 | ) | |||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 4,124 | 1,001 | 780 | — | 5,905 | ||||||||||||||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | (13,717 | ) | (48,876 | ) | 9,024 | 592 | (52,977 | ) | |||||||||||||
Income tax (expense) benefit | 3,960 | (4,716 | ) | (1,568 | ) | (405 | ) | (2,729 | ) | ||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (9,757 | ) | (53,592 | ) | 7,456 | 187 | (55,706 | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates | (46,273 | ) | 3,317 | 11 | 43,027 | 82 | |||||||||||||||
Net earnings (loss) | (56,030 | ) | (50,275 | ) | 7,467 | 43,214 | (55,624 | ) | |||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (383 | ) | (23 | ) | (406 | ) | |||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | (56,030 | ) | $ | (50,275 | ) | $ | 7,084 | $ | 43,191 | $ | (56,030 | ) | ||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 473,213 | $ | 690,319 | $ | (299,526 | ) | $ | 864,006 | ||||||||||
Wheels, Repair & Parts | — | 363,799 | — | (8,580 | ) | 355,219 | |||||||||||||||
Leasing & Services | 787 | 52,208 | — | (17 | ) | 52,978 | |||||||||||||||
787 | 889,220 | 690,319 | (308,123 | ) | 1,272,203 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 431,221 | 646,924 | (303,643 | ) | 774,502 | |||||||||||||||
Wheels, Repair & Parts | — | 333,823 | — | (8,737 | ) | 325,086 | |||||||||||||||
Leasing & Services | — | 26,617 | — | (75 | ) | 26,542 | |||||||||||||||
— | 791,661 | 646,924 | (312,455 | ) | 1,126,130 | ||||||||||||||||
Margin | 787 | 97,559 | 43,395 | 4,332 | 146,073 | ||||||||||||||||
Selling and administrative | 30,014 | 23,309 | 23,041 | — | 76,364 | ||||||||||||||||
Net gain on disposition of equipment | — | (7,781 | ) | (1,276 | ) | (558 | ) | (9,615 | ) | ||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Earnings (loss) from operations | (29,227 | ) | 5,131 | 21,630 | 4,890 | 2,424 | |||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 12,207 | 2,870 | 3,251 | (201 | ) | 18,127 | |||||||||||||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | (41,434 | ) | 2,261 | 18,379 | 5,091 | (15,703 | ) | ||||||||||||||
Income tax (expense) benefit | 16,645 | (24,086 | ) | (3,964 | ) | (1,500 | ) | (12,905 | ) | ||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (24,789 | ) | (21,825 | ) | 14,415 | 3,591 | (28,608 | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates | (6,975 | ) | 3,755 | 27 | 3,130 | (63 | ) | ||||||||||||||
Net earnings (loss) | (31,764 | ) | (18,070 | ) | 14,442 | 6,721 | (28,671 | ) | |||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (1,570 | ) | (1,523 | ) | (3,093 | ) | |||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | (31,764 | ) | $ | (18,070 | ) | $ | 12,872 | $ | 5,198 | $ | (31,764 | ) | ||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the three months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | (56,030 | ) | $ | (50,275 | ) | $ | 7,467 | $ | 43,214 | $ | (55,624 | ) | ||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 81 | (1,842 | ) | — | (1,761 | ) | ||||||||||||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | — | 260 | (155 | ) | — | 105 | |||||||||||||||
Unrealized loss on derivative financial instruments | — | (16 | ) | (1,309 | ) | — | (1,325 | ) | |||||||||||||
Other (net of tax effect) | — | — | 5 | — | 5 | ||||||||||||||||
— | 325 | (3,301 | ) | — | (2,976 | ) | |||||||||||||||
Comprehensive income (loss) | (56,030 | ) | (49,950 | ) | 4,166 | 43,214 | (58,600 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (351 | ) | (23 | ) | (374 | ) | |||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | (56,030 | ) | $ | (49,950 | ) | $ | 3,815 | $ | 43,191 | $ | (58,974 | ) | ||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | (31,764 | ) | $ | (18,070 | ) | $ | 14,442 | $ | 6,721 | $ | (28,671 | ) | ||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 303 | (24 | ) | — | 279 | |||||||||||||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | — | 771 | (1,561 | ) | — | (790 | ) | ||||||||||||||
Unrealized loss on derivative financial instruments | — | (29 | ) | (788 | ) | — | (817 | ) | |||||||||||||
Other (net of tax effect) | — | — | 5 | — | 5 | ||||||||||||||||
— | 1,045 | (2,368 | ) | — | (1,323 | ) | |||||||||||||||
Comprehensive income (loss) | (31,764 | ) | (17,025 | ) | 12,074 | 6,721 | (29,994 | ) | |||||||||||||
Comprehensive income attributable to noncontrolling interest | — | — | (1,579 | ) | (1,523 | ) | (3,102 | ) | |||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | (31,764 | ) | $ | (17,025 | ) | $ | 10,495 | $ | 5,198 | $ | (33,096 | ) | ||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net earnings (loss) | $ | (31,764 | ) | $ | (18,070 | ) | $ | 14,442 | $ | 6,721 | $ | (28,671 | ) | ||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Deferred income taxes | (5,373 | ) | (5,585 | ) | 67 | 1,500 | (9,391 | ) | |||||||||||||
Depreciation and amortization | 1,651 | 22,918 | 7,030 | (76 | ) | 31,523 | |||||||||||||||
Net gain on disposition of equipment | — | (7,780 | ) | (1,277 | ) | (558 | ) | (9,615 | ) | ||||||||||||
Accretion of debt discount | 2,455 | — | — | — | 2,455 | ||||||||||||||||
Stock based compensation | 4,843 | — | — | — | 4,843 | ||||||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Other | — | 128 | (69 | ) | (1,954 | ) | (1,895 | ) | |||||||||||||
Decrease (increase) in assets: | |||||||||||||||||||||
Accounts receivable | (2,062 | ) | (43,032 | ) | 29,985 | (390 | ) | (15,499 | ) | ||||||||||||
Inventories | — | (9,185 | ) | 198 | (127 | ) | (9,114 | ) | |||||||||||||
Leased railcars for syndication | — | 24,331 | — | (2,264 | ) | 22,067 | |||||||||||||||
Other | (650 | ) | 1,351 | 25,904 | (26,267 | ) | 338 | ||||||||||||||
Increase (decrease) in liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | 7,580 | (14,813 | ) | (36,373 | ) | 1 | (43,605 | ) | |||||||||||||
Deferred revenue | (116 | ) | (533 | ) | (460 | ) | 10 | (1,099 | ) | ||||||||||||
Net cash provided by (used in) operating activities | (23,436 | ) | 26,630 | 39,447 | (23,404 | ) | 19,237 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from sales of assets | — | 38,817 | 794 | — | 39,611 | ||||||||||||||||
Capital expenditures | (371 | ) | (24,555 | ) | (25,022 | ) | 271 | (49,677 | ) | ||||||||||||
Decrease (increase) in restricted cash | — | 40 | (2,669 | ) | — | (2,629 | ) | ||||||||||||||
Investment in and net advances to unconsolidated affiliates | 712 | (23,845 | ) | (1,016 | ) | 23,133 | (1,016 | ) | |||||||||||||
Intercompany advances | 1,261 | — | — | (1,261 | ) | — | |||||||||||||||
Other | — | — | (3,582 | ) | — | (3,582 | ) | ||||||||||||||
Net cash provided by (used in) investing | 1,602 | (9,543 | ) | (31,495 | ) | 22,143 | (17,293 | ) | |||||||||||||
activities | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net changes in revolving notes with maturities of 90 days or less | 43,000 | — | (16,027 | ) | — | 26,973 | |||||||||||||||
Proceeds from revolving notes with maturities longer than 90 days | — | — | 31,847 | — | 31,847 | ||||||||||||||||
Repayment of revolving notes with maturities longer than 90 days | — | — | (26,877 | ) | — | (26,877 | ) | ||||||||||||||
Intercompany advances | 16,374 | (15,274 | ) | (2,361 | ) | 1,261 | — | ||||||||||||||
Repayments of notes payable | (52,868 | ) | (3,069 | ) | (1,655 | ) | — | (57,592 | ) | ||||||||||||
Investment by joint venture partner | — | — | 2,577 | — | 2,577 | ||||||||||||||||
Excess tax benefit from restricted stock awards | 777 | — | — | — | 777 | ||||||||||||||||
Other | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 7,275 | (18,343 | ) | (12,496 | ) | 1,261 | (22,303 | ) | |||||||||||||
Effect of exchange rate changes | 4 | 1,018 | (2,628 | ) | — | (1,606 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (14,555 | ) | (238 | ) | (7,172 | ) | — | (21,965 | ) | ||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Beginning of period | 34,323 | 294 | 18,954 | — | 53,571 | ||||||||||||||||
End of period | $ | 19,768 | $ | 56 | $ | 11,782 | $ | — | $ | 31,606 | |||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
31-May-14 | |
Subsequent Events | ' |
Note 18 – Subsequent Events | |
In June 2014, the Company announced a potential railcar repair joint venture with Watco Companies, LLC (“Watco”). The joint venture forms GBW Railcar Services, LLC (“GBW”) which will own and operate Greenbrier’s and Watco’s railcar repair, refurbishment and maintenance businesses. | |
Closing of the new joint venture is subject to customary conditions, including the negotiation and execution of definitive transaction documents, receipt of all necessary approvals and other conditions. Subject to the completion of all required documents and the fulfillment of all conditions, the closing is currently expected to occur before the Company’s fiscal year end. |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Restructuring Reserve by Type of Cost | ' | ||||||||||||||||
(In thousands) | Accrual at | Charged to | Paid or | Accrual at | |||||||||||||
August 31, | Expense | Settled | May 31, | ||||||||||||||
2013 | 2014 | ||||||||||||||||
Employee termination costs | $ | 1,409 | $ | 1,290 | $ | 2,699 | $ | — | |||||||||
Other costs | 299 | 185 | 484 | — | |||||||||||||
$ | 1,708 | $ | 1,475 | $ | 3,183 | $ | — | ||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Components of Inventories | ' | ||||||||
The following table summarizes the Company’s inventory balance: | |||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Manufacturing supplies and raw materials | $ | 238,867 | $ | 217,182 | |||||
Work-in-process | 62,316 | 48,990 | |||||||
Finished goods | 40,073 | 54,839 | |||||||
Excess and obsolete adjustment | (4,059 | ) | (4,228 | ) | |||||
$ | 337,197 | $ | 316,783 | ||||||
Intangibles_and_Other_Assets_n1
Intangibles and Other Assets, net (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Identifiable Intangible and Other Assets | ' | ||||||||
The following table summarizes the Company’s identifiable intangible and other assets balance: | |||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Intangible assets subject to amortization: | |||||||||
Customer relationships | $ | 66,288 | $ | 66,288 | |||||
Accumulated amortization | (30,347 | ) | (26,964 | ) | |||||
Other intangibles | 5,071 | 4,967 | |||||||
Accumulated amortization | (4,415 | ) | (4,162 | ) | |||||
36,597 | 40,129 | ||||||||
Intangible assets not subject to amortization | 912 | 912 | |||||||
Investment in unconsolidated affiliates | 12,129 | 10,739 | |||||||
Prepaid and other assets | 10,685 | 10,601 | |||||||
Nonqualified savings plan investments | 10,086 | 7,687 | |||||||
Debt issuance costs, net | 8,214 | 7,802 | |||||||
Assets held for sale | 389 | 1,101 | |||||||
Total intangible and other assets | $ | 79,012 | $ | 78,971 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
31-May-14 | |||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
(In thousands) | May 31, | August 31, | |||||||
2014 | 2013 | ||||||||
Trade payables | $ | 205,805 | $ | 163,490 | |||||
Other accrued liabilities | 62,104 | 70,691 | |||||||
Accrued payroll and related liabilities | 50,128 | 42,047 | |||||||
Accrued maintenance | 13,382 | 11,420 | |||||||
Income taxes payable | 11,945 | 13,094 | |||||||
Accrued warranty | 9,718 | 12,128 | |||||||
Other | 3,459 | 3,068 | |||||||
$ | 356,541 | $ | 315,938 | ||||||
Warranty_Accruals_Tables
Warranty Accruals (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Warranty Accrual Activity | ' | ||||||||||||||||
Warranty accrual activity: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 10,673 | $ | 10,289 | $ | 12,128 | $ | 9,221 | |||||||||
Charged to cost of revenue, net | 170 | 667 | 1,418 | 3,279 | |||||||||||||
Payments | (1,208 | ) | (904 | ) | (4,191 | ) | (2,540 | ) | |||||||||
Currency translation effect | 83 | (69 | ) | 363 | 23 | ||||||||||||
Balance at end of period | $ | 9,718 | $ | 9,983 | $ | 9,718 | $ | 9,983 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Components of Accumulated Other Comprehensive Loss, Net of Tax | ' | ||||||||||||||||
Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: | |||||||||||||||||
(In thousands) | Unrealized | Foreign | Other | Accumulated | |||||||||||||
Income | Currency | Other | |||||||||||||||
(Loss) on | Translation | Comprehensive | |||||||||||||||
Derivative | Adjustment | Income (Loss) | |||||||||||||||
Financial | |||||||||||||||||
Instruments | |||||||||||||||||
Balance, August 31, 2013 | $ | (1,053 | ) | $ | (4,923 | ) | $ | (528 | ) | $ | (6,504 | ) | |||||
Other comprehensive income (loss) before reclassifications | 454 | 3,348 | (3 | ) | 3,799 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 321 | — | — | 321 | |||||||||||||
Balance, May 31, 2014 | $ | (278 | ) | $ | (1,575 | ) | $ | (531 | ) | $ | (2,384 | ) | |||||
Amounts Reclasssified out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Operations, with presentation location, was as follows: | |||||||||||||||||
(In thousands) | Three Months Ended | Nine Months Ended | Location | ||||||||||||||
May 31, 2014 | May 31, 2014 | ||||||||||||||||
(Gain) loss on derivative financial instruments: | |||||||||||||||||
Foreign exchange contracts | $ | (335 | ) | $ | (575 | ) | Revenue | ||||||||||
Interest rate swap contracts | 446 | 1,275 | Interest and foreign exchange | ||||||||||||||
111 | 700 | Total before tax | |||||||||||||||
(107 | ) | (379 | ) | Tax expense | |||||||||||||
$ | 4 | $ | 321 | Net of tax |
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings (Loss) Per Common Share | ' | ||||||||||||||||
The shares used in the computation of the Company’s basic and diluted earnings (loss) per common share are reconciled as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, | May 31, | ||||||||||||||||
(In thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average basic common shares outstanding (1) | 27,956 | 26,619 | 28,223 | 26,510 | |||||||||||||
Dilutive effect of 2018 Convertible notes (2) | 6,045 | — | 6,045 | — | |||||||||||||
Weighted average diluted common shares outstanding (3) | 34,001 | 26,619 | 34,268 | 26,510 | |||||||||||||
-1 | Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. Shares outstanding exclude shares of unvested restricted stock and restricted stock units for the three and nine months ended May 31, 2013 due to a net loss. | ||||||||||||||||
-2 | The dilutive effect of the 2018 Convertible notes are included for the three and nine months ended May 31, 2014 as they were considered dilutive under the “if converted” method as further discussed below. The dilutive effect of warrants and the 2018 Convertible notes were excluded for the three and nine months ended May 31, 2013 due to a net loss. | ||||||||||||||||
-3 | The dilutive effect of the 2026 Convertible notes was included for the three months ended May 31, 2014 as the average stock price was greater than $48.05 however the dilutive impact was inconsequential. The dilutive effect of the 2026 Convertible notes was excluded for the nine months ended May 31, 2014 and the three and nine months ended May 31, 2013 as the stock price was less than $48.05 and therefore is considered anti-dilutive. | ||||||||||||||||
Approach to Calculate Diluted Earning per Share | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
May 31, 2014 | May 31, 2014 | ||||||||||||||||
Net earnings attributable to Greenbrier | $ | 33,588 | $ | 64,563 | |||||||||||||
Add back: | |||||||||||||||||
Interest and debt issuance costs on the 2018 Convertible notes, net of tax | 1,416 | 4,248 | |||||||||||||||
Earnings before interest and debt issuance costs on convertible notes | $ | 35,004 | $ | 68,811 | |||||||||||||
Weighted average diluted common shares outstanding | 34,001 | 34,268 | |||||||||||||||
Diluted earnings per share | $ | 1.03 | (1) | $ | 2.01 | (1) | |||||||||||
-1 | Diluted earnings per share was calculated as follows: | ||||||||||||||||
Earnings before interest and debt issuance costs (net of tax) on convertible notes | |||||||||||||||||
Weighted average diluted common shares outstanding |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | ' | ||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Balance sheet | May 31, | August 31, | Balance sheet | May 31, | August 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | location | Fair Value | Fair Value | location | Fair Value | Fair Value | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||
Foreign forward exchange contracts | Accounts | $ | 838 | $ | 819 | Accounts payable | $ | 4 | $ | 342 | |||||||||||||||||||
receivable | and accrued liabilities | ||||||||||||||||||||||||||||
Interest rate swap contracts | Other assets | — | — | Accounts payable | 1,256 | 1,250 | |||||||||||||||||||||||
and accrued liabilities | |||||||||||||||||||||||||||||
$ | 838 | $ | 819 | $ | 1,260 | $ | 1,592 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Foreign forward exchange contracts | Accounts | $ | 244 | $ | 223 | Accounts payable | $ | — | $ | 40 | |||||||||||||||||||
receivable | and accrued liabilities | ||||||||||||||||||||||||||||
Effect of Derivative Instruments on Statement of Operations | ' | ||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging | Location of gain (loss) recognized in | Gain (loss) recognized in income on derivative | |||||||||||||||||||||||||||
relationships | income on derivative | nine months ended May 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Foreign forward exchange contract | Interest and foreign exchange | $ | 230 | $ | (108 | ) | |||||||||||||||||||||||
Derivatives in | Gain (loss) recognized | Location of | Gain (loss) reclassified | Location of | Gain recognized on | ||||||||||||||||||||||||
cash flow | in OCI on derivatives | gain (loss) | from accumulated OCI | gain in income | derivative (ineffective | ||||||||||||||||||||||||
hedging | (effective portion) | reclassified | into income | on derivative | portion and amount | ||||||||||||||||||||||||
relationships | nine months ended | from | (effective portion) | (ineffective | excluded from | ||||||||||||||||||||||||
May 31, | accumulated | nine months ended | portion and | effectiveness testing) | |||||||||||||||||||||||||
OCI into | May 31, | amount | nine months ended | ||||||||||||||||||||||||||
income | excluded from | May 31, | |||||||||||||||||||||||||||
effectiveness | |||||||||||||||||||||||||||||
testing) | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Foreign forward exchange contracts | $ | 1,558 | $ | (997 | ) | Revenue | $ | 575 | $ | 1,927 | Interest and foreign | $ | 684 | $ | 2,088 | ||||||||||||||
exchange | |||||||||||||||||||||||||||||
Interest rate swap contracts | (1,281 | ) | (47 | ) | Interest and foreign | (1,275 | ) | (1,250 | ) | Interest and foreign | — | — | |||||||||||||||||
exchange | exchange | ||||||||||||||||||||||||||||
$ | 277 | $ | (1,044 | ) | $ | (700 | ) | $ | 677 | $ | 684 | $ | 2,088 | ||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
31-May-14 | |||||||||||||||||||||||||
Segments' Internal Financial Reports | ' | ||||||||||||||||||||||||
The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. | |||||||||||||||||||||||||
For the three months ended May 31, 2014: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 425,583 | $ | — | $ | 425,583 | $ | 61,116 | $ | — | $ | 61,116 | |||||||||||||
Wheels, Repair & Parts | 140,663 | 3,783 | 144,446 | 5,524 | 473 | 5,997 | |||||||||||||||||||
Leasing & Services | 27,039 | 9,334 | 36,373 | 14,582 | 9,334 | 23,916 | |||||||||||||||||||
Eliminations | — | (13,117 | ) | (13,117 | ) | — | (9,807 | ) | (9,807 | ) | |||||||||||||||
Corporate | — | — | — | (13,684 | ) | — | (13,684 | ) | |||||||||||||||||
$ | 593,285 | $ | — | $ | 593,285 | $ | 67,538 | $ | — | $ | 67,538 | ||||||||||||||
For the nine months ended May 31, 2014: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 1,132,811 | $ | — | $ | 1,132,811 | $ | 129,542 | $ | — | $ | 129,542 | |||||||||||||
Wheels, Repair & Parts | 390,604 | 7,743 | 398,347 | 8,724 | 546 | 9,270 | |||||||||||||||||||
Leasing & Services | 62,441 | 17,623 | 80,064 | 32,888 | 17,623 | 50,511 | |||||||||||||||||||
Eliminations | — | (25,366 | ) | (25,366 | ) | — | (18,169 | ) | (18,169 | ) | |||||||||||||||
Corporate | — | — | — | (30,792 | ) | — | (30,792 | ) | |||||||||||||||||
$ | 1,585,856 | $ | — | $ | 1,585,856 | $ | 140,362 | $ | — | $ | 140,362 | ||||||||||||||
For the three months ended May 31, 2013: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 284,591 | $ | 27 | $ | 284,618 | $ | 21,551 | $ | — | $ | 21,551 | |||||||||||||
Wheels, Repair & Parts (1) | 131,167 | 2,548 | 133,715 | (70,242 | ) | 29 | (70,213 | ) | |||||||||||||||||
Leasing & Services | 17,905 | 2,853 | 20,758 | 9,427 | 2,851 | 12,278 | |||||||||||||||||||
Eliminations | — | (5,428 | ) | (5,428 | ) | — | (2,880 | ) | (2,880 | ) | |||||||||||||||
Corporate | — | — | — | (7,808 | ) | — | (7,808 | ) | |||||||||||||||||
$ | 433,663 | $ | — | $ | 433,663 | $ | (47,072 | ) | $ | — | $ | (47,072 | ) | ||||||||||||
For the nine months ended May 31, 2013: | |||||||||||||||||||||||||
Revenue | Earnings (loss) from operations | ||||||||||||||||||||||||
External | Intersegment | Total | External | Intersegment | Total | ||||||||||||||||||||
Manufacturing | $ | 864,006 | $ | 7,229 | $ | 871,235 | $ | 58,595 | $ | (30 | ) | $ | 58,565 | ||||||||||||
Wheels, Repair & Parts (1) | 355,219 | 11,632 | 366,851 | (60,858 | ) | (225 | ) | (61,083 | ) | ||||||||||||||||
Leasing & Services | 52,978 | 9,700 | 62,678 | 27,164 | 9,697 | 36,861 | |||||||||||||||||||
Eliminations | — | (28,561 | ) | (28,561 | ) | — | (9,442 | ) | (9,442 | ) | |||||||||||||||
Corporate | — | — | — | (22,477 | ) | — | (22,477 | ) | |||||||||||||||||
$ | 1,272,203 | $ | — | $ | 1,272,203 | $ | 2,424 | $ | — | $ | 2,424 | ||||||||||||||
Total assets | |||||||||||||||||||||||||
May 31, | August 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Manufacturing | $ | 500,434 | $ | 401,630 | |||||||||||||||||||||
Wheels, Repair & Parts | 316,416 | 318,483 | |||||||||||||||||||||||
Leasing & Services | 425,751 | 463,381 | |||||||||||||||||||||||
Unallocated | 207,971 | 106,247 | |||||||||||||||||||||||
$ | 1,450,572 | $ | 1,289,741 | ||||||||||||||||||||||
(1) | The three and nine months ended May 31, 2013 for Wheels, Repair & Parts includes a pre-tax non-cash impairment charge of $76.9 million. |
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 9 Months Ended | ||||||||||||||||
31-May-14 | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of May 31, 2014 were: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 (1) | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments | $ | 1,082 | $ | — | $ | 1,082 | $ | — | |||||||||
Nonqualified savings plan | 10,086 | 10,086 | — | — | |||||||||||||
investments | |||||||||||||||||
Cash equivalents | 20,016 | 20,016 | — | — | |||||||||||||
$ | 31,184 | $ | 30,102 | $ | 1,082 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 1,260 | $ | — | $ | 1,260 | $ | — | |||||||||
-1 | Level 2 assets and liabilities include derivative financial instruments which are valued based on observable inputs. See Note 12 Derivative Instruments for further discussion. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of August 31, 2013 were: | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments | $ | 1,042 | $ | — | $ | 1,042 | $ | — | |||||||||
Nonqualified savings plan | 7,687 | 7,687 | — | — | |||||||||||||
investments | |||||||||||||||||
Cash equivalents | 1,004 | 1,004 | — | — | |||||||||||||
$ | 9,733 | $ | 8,691 | $ | 1,042 | $ | — | ||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments | $ | 1,632 | $ | — | $ | 1,632 | $ | — |
GuarantorNonGuarantor_Tables
Guarantor/Non-Guarantor (Tables) | 9 Months Ended | ||||||||||||||||||||
31-May-14 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 160,223 | $ | 60 | $ | 38,209 | $ | — | $ | 198,492 | |||||||||||
Restricted cash | — | 2,567 | 6,901 | — | 9,468 | ||||||||||||||||
Accounts receivable, net | 1,050 | 400,877 | 54,494 | (274,571 | ) | 181,850 | |||||||||||||||
Inventories | — | 127,876 | 209,464 | (143 | ) | 337,197 | |||||||||||||||
Leased railcars for syndication | — | 99,630 | — | (3,298 | ) | 96,332 | |||||||||||||||
Equipment on operating leases, net | — | 273,241 | 3,821 | (2,199 | ) | 274,863 | |||||||||||||||
Property, plant and equipment, net | 6,087 | 100,320 | 109,535 | — | 215,942 | ||||||||||||||||
Goodwill | — | 57,416 | — | — | 57,416 | ||||||||||||||||
Intangibles and other assets, net | 811,751 | 121,980 | 16,727 | (871,446 | ) | 79,012 | |||||||||||||||
$ | 979,111 | $ | 1,183,967 | $ | 439,151 | $ | (1,151,657 | ) | $ | 1,450,572 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||
Revolving notes | $ | — | $ | — | $ | 18,082 | $ | — | $ | 18,082 | |||||||||||
Accounts payable and accrued | 254,171 | 185,047 | 193,521 | (276,198 | ) | 356,541 | |||||||||||||||
liabilities | |||||||||||||||||||||
Deferred income taxes | 3,900 | 84,820 | — | (9,194 | ) | 79,526 | |||||||||||||||
Deferred revenue | 39 | 19,393 | 1,677 | 44 | 21,153 | ||||||||||||||||
Notes payable | 244,856 | 200,463 | 1,749 | — | 447,068 | ||||||||||||||||
Total equity - Greenbrier | 476,145 | 694,244 | 173,048 | (867,292 | ) | 476,145 | |||||||||||||||
Noncontrolling interest | — | — | 51,074 | 983 | 52,057 | ||||||||||||||||
Total equity | 476,145 | 694,244 | 224,122 | (866,309 | ) | 528,202 | |||||||||||||||
$ | 979,111 | $ | 1,183,967 | $ | 439,151 | $ | (1,151,657 | ) | $ | 1,450,572 | |||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
August 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 63,173 | $ | 25 | $ | 34,237 | $ | — | $ | 97,435 | |||||||||||
Restricted cash | — | 1,907 | 6,900 | — | 8,807 | ||||||||||||||||
Accounts receivable, net | 37,623 | 217,268 | 54,412 | (154,455 | ) | 154,848 | |||||||||||||||
Inventories | — | 151,023 | 165,855 | (95 | ) | 316,783 | |||||||||||||||
Leased railcars for syndication | — | 68,827 | — | (347 | ) | 68,480 | |||||||||||||||
Equipment on operating leases, net | — | 304,234 | 3,809 | (2,575 | ) | 305,468 | |||||||||||||||
Property, plant and equipment, net | 2,112 | 103,315 | 96,106 | — | 201,533 | ||||||||||||||||
Goodwill | — | 57,416 | — | — | 57,416 | ||||||||||||||||
Intangibles and other assets, net | 716,029 | 118,541 | 13,515 | (769,114 | ) | 78,971 | |||||||||||||||
$ | 818,937 | $ | 1,022,556 | $ | 374,834 | $ | (926,586 | ) | $ | 1,289,741 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||
Revolving notes | $ | — | $ | — | $ | 48,209 | $ | — | $ | 48,209 | |||||||||||
Accounts payable and accrued liabilities | 137,631 | 178,662 | 154,096 | (154,451 | ) | 315,938 | |||||||||||||||
Deferred income taxes | 8,093 | 86,610 | — | (8,663 | ) | 86,040 | |||||||||||||||
Deferred revenue | 155 | 8,546 | 98 | 39 | 8,838 | ||||||||||||||||
Notes payable | 244,856 | 126,863 | 2,170 | — | 373,889 | ||||||||||||||||
Total equity - Greenbrier | 428,202 | 621,875 | 141,945 | (763,820 | ) | 428,202 | |||||||||||||||
Noncontrolling interest | — | — | 28,316 | 309 | 28,625 | ||||||||||||||||
Total equity | 428,202 | 621,875 | 170,261 | (763,511 | ) | 456,827 | |||||||||||||||
$ | 818,937 | $ | 1,022,556 | $ | 374,834 | $ | (926,586 | ) | $ | 1,289,741 | |||||||||||
Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 211,921 | $ | 363,401 | $ | (149,739 | ) | $ | 425,583 | ||||||||||
Wheels, Repair & Parts | — | 142,625 | — | (1,962 | ) | 140,663 | |||||||||||||||
Leasing & Services | 108 | 26,771 | — | 160 | 27,039 | ||||||||||||||||
108 | 381,317 | 363,401 | (151,541 | ) | 593,285 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 184,870 | 315,398 | (148,439 | ) | 351,829 | |||||||||||||||
Wheels, Repair & Parts | — | 131,769 | — | (1,944 | ) | 129,825 | |||||||||||||||
Leasing & Services | — | 14,876 | — | (20 | ) | 14,856 | |||||||||||||||
— | 331,515 | 315,398 | (150,403 | ) | 496,510 | ||||||||||||||||
Margin | 108 | 49,802 | 48,003 | (1,138 | ) | 96,775 | |||||||||||||||
Selling and administrative | 13,987 | 10,645 | 10,016 | 152 | 34,800 | ||||||||||||||||
Net gain on disposition of equipment | — | (5,411 | ) | (205 | ) | (3 | ) | (5,619 | ) | ||||||||||||
Restructuring charges | — | 56 | — | — | 56 | ||||||||||||||||
Earnings (loss) from operations | (13,879 | ) | 44,512 | 38,192 | (1,287 | ) | 67,538 | ||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 2,918 | 1,417 | 1,102 | — | 5,437 | ||||||||||||||||
Earnings (loss) before income taxes | (16,797 | ) | 43,095 | 37,090 | (1,287 | ) | 62,101 | ||||||||||||||
and earnings (loss) from unconsolidated affiliates | |||||||||||||||||||||
Income tax (expense) benefit | 3,337 | (11,506 | ) | (8,388 | ) | 254 | (16,303 | ) | |||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (13,460 | ) | 31,589 | 28,702 | (1,033 | ) | 45,798 | ||||||||||||||
Earnings (loss) from unconsolidated affiliates | 47,048 | 5,412 | 44 | (52,206 | ) | 298 | |||||||||||||||
Net earnings (loss) | 33,588 | 37,001 | 28,746 | (53,239 | ) | 46,096 | |||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (12,830 | ) | 322 | (12,508 | ) | ||||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | 33,588 | $ | 37,001 | $ | 15,916 | $ | (52,917 | ) | $ | 33,588 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 617,120 | $ | 981,040 | $ | (465,349 | ) | $ | 1,132,811 | ||||||||||
Wheels, Repair & Parts | — | 395,537 | — | (4,933 | ) | 390,604 | |||||||||||||||
Leasing & Services | 865 | 61,101 | 1 | 474 | 62,441 | ||||||||||||||||
865 | 1,073,758 | 981,041 | (469,808 | ) | 1,585,856 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 552,871 | 876,395 | (459,425 | ) | 969,841 | |||||||||||||||
Wheels, Repair & Parts | — | 370,626 | — | (4,886 | ) | 365,740 | |||||||||||||||
Leasing & Services | — | 34,152 | — | (62 | ) | 34,090 | |||||||||||||||
— | 957,649 | 876,395 | (464,373 | ) | 1,369,671 | ||||||||||||||||
Margin | 865 | 116,109 | 104,646 | (5,435 | ) | 216,185 | |||||||||||||||
Selling and administrative | 31,698 | 29,802 | 27,083 | 451 | 89,034 | ||||||||||||||||
Net gain on disposition of equipment | — | (13,556 | ) | (820 | ) | (310 | ) | (14,686 | ) | ||||||||||||
Restructuring charges | — | 1,475 | — | — | 1,475 | ||||||||||||||||
Earnings (loss) from operations | (30,833 | ) | 98,388 | 78,383 | (5,576 | ) | 140,362 | ||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 8,751 | 3,180 | 2,349 | — | 14,280 | ||||||||||||||||
Earnings (loss) before income taxes | (39,584 | ) | 95,208 | 76,034 | (5,576 | ) | 126,082 | ||||||||||||||
and earnings (loss) from unconsolidated affiliates | |||||||||||||||||||||
Income tax (expense) benefit | 10,772 | (31,059 | ) | (18,044 | ) | 1,623 | (36,708 | ) | |||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (28,812 | ) | 64,149 | 57,990 | (3,953 | ) | 89,374 | ||||||||||||||
Earnings (loss) from unconsolidated affiliates | 93,375 | 7,857 | 121 | (101,081 | ) | 272 | |||||||||||||||
Net earnings (loss) | 64,563 | 72,006 | 58,111 | (105,034 | ) | 89,646 | |||||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (27,362 | ) | 2,279 | (25,083 | ) | ||||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | 64,563 | $ | 72,006 | $ | 30,749 | $ | (102,755 | ) | $ | 64,563 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the three months ended May 31, 2013 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 143,411 | $ | 251,120 | $ | (109,940 | ) | $ | 284,591 | ||||||||||
Wheels, Repair & Parts | — | 133,069 | — | (1,902 | ) | 131,167 | |||||||||||||||
Leasing & Services | 310 | 17,596 | (1 | ) | — | 17,905 | |||||||||||||||
310 | 294,076 | 251,119 | (111,842 | ) | 433,663 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 129,348 | 234,390 | (110,378 | ) | 253,360 | |||||||||||||||
Wheels, Repair & Parts | — | 122,316 | — | (1,840 | ) | 120,476 | |||||||||||||||
Leasing & Services | — | 9,830 | — | (22 | ) | 9,808 | |||||||||||||||
— | 261,494 | 234,390 | (112,240 | ) | 383,644 | ||||||||||||||||
Margin | 310 | 32,582 | 16,729 | 398 | 50,019 | ||||||||||||||||
Selling and administrative | 9,903 | 7,771 | 7,648 | — | 25,322 | ||||||||||||||||
Net gain on disposition of equipment | — | (4,214 | ) | (723 | ) | (194 | ) | (5,131 | ) | ||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Earnings (loss) from operations | (9,593 | ) | (47,875 | ) | 9,804 | 592 | (47,072 | ) | |||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 4,124 | 1,001 | 780 | — | 5,905 | ||||||||||||||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | (13,717 | ) | (48,876 | ) | 9,024 | 592 | (52,977 | ) | |||||||||||||
Income tax (expense) benefit | 3,960 | (4,716 | ) | (1,568 | ) | (405 | ) | (2,729 | ) | ||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (9,757 | ) | (53,592 | ) | 7,456 | 187 | (55,706 | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates | (46,273 | ) | 3,317 | 11 | 43,027 | 82 | |||||||||||||||
Net earnings (loss) | (56,030 | ) | (50,275 | ) | 7,467 | 43,214 | (55,624 | ) | |||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (383 | ) | (23 | ) | (406 | ) | |||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | (56,030 | ) | $ | (50,275 | ) | $ | 7,084 | $ | 43,191 | $ | (56,030 | ) | ||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||
For the nine months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Combined | Combined | Eliminations | Consolidated | |||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Revenue | |||||||||||||||||||||
Manufacturing | $ | — | $ | 473,213 | $ | 690,319 | $ | (299,526 | ) | $ | 864,006 | ||||||||||
Wheels, Repair & Parts | — | 363,799 | — | (8,580 | ) | 355,219 | |||||||||||||||
Leasing & Services | 787 | 52,208 | — | (17 | ) | 52,978 | |||||||||||||||
787 | 889,220 | 690,319 | (308,123 | ) | 1,272,203 | ||||||||||||||||
Cost of revenue | |||||||||||||||||||||
Manufacturing | — | 431,221 | 646,924 | (303,643 | ) | 774,502 | |||||||||||||||
Wheels, Repair & Parts | — | 333,823 | — | (8,737 | ) | 325,086 | |||||||||||||||
Leasing & Services | — | 26,617 | — | (75 | ) | 26,542 | |||||||||||||||
— | 791,661 | 646,924 | (312,455 | ) | 1,126,130 | ||||||||||||||||
Margin | 787 | 97,559 | 43,395 | 4,332 | 146,073 | ||||||||||||||||
Selling and administrative | 30,014 | 23,309 | 23,041 | — | 76,364 | ||||||||||||||||
Net gain on disposition of equipment | — | (7,781 | ) | (1,276 | ) | (558 | ) | (9,615 | ) | ||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Earnings (loss) from operations | (29,227 | ) | 5,131 | 21,630 | 4,890 | 2,424 | |||||||||||||||
Other costs | |||||||||||||||||||||
Interest and foreign exchange | 12,207 | 2,870 | 3,251 | (201 | ) | 18,127 | |||||||||||||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | (41,434 | ) | 2,261 | 18,379 | 5,091 | (15,703 | ) | ||||||||||||||
Income tax (expense) benefit | 16,645 | (24,086 | ) | (3,964 | ) | (1,500 | ) | (12,905 | ) | ||||||||||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates | (24,789 | ) | (21,825 | ) | 14,415 | 3,591 | (28,608 | ) | |||||||||||||
Earnings (loss) from unconsolidated affiliates | (6,975 | ) | 3,755 | 27 | 3,130 | (63 | ) | ||||||||||||||
Net earnings (loss) | (31,764 | ) | (18,070 | ) | 14,442 | 6,721 | (28,671 | ) | |||||||||||||
Net (earnings) loss attributable to noncontrolling interest | — | — | (1,570 | ) | (1,523 | ) | (3,093 | ) | |||||||||||||
Net earnings (loss) attributable to Greenbrier | $ | (31,764 | ) | $ | (18,070 | ) | $ | 12,872 | $ | 5,198 | $ | (31,764 | ) | ||||||||
Consolidating Statement of Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the three months ended May 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | 33,588 | $ | 37,001 | $ | 28,746 | $ | (53,239 | ) | $ | 46,096 | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 73 | 7 | — | 80 | ||||||||||||||||
Reclassification of | — | 276 | (272 | ) | — | 4 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments recognized in | |||||||||||||||||||||
net earnings (loss) | |||||||||||||||||||||
Unrealized gain (loss) on | — | 139 | (798 | ) | — | (659 | ) | ||||||||||||||
derivative financial | |||||||||||||||||||||
instruments | |||||||||||||||||||||
Other (net of tax effect) | — | — | (4 | ) | — | (4 | ) | ||||||||||||||
— | 488 | (1,067 | ) | — | (579 | ) | |||||||||||||||
Comprehensive income (loss) | 33,588 | 37,489 | 27,679 | (53,239 | ) | 45,517 | |||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (12,823 | ) | 322 | (12,501 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | 33,588 | $ | 37,489 | $ | 14,856 | $ | (52,917 | ) | $ | 33,016 | ||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Consolidating Statement of Comprehensive Income (Loss) | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net earnings (loss) | $ | 64,563 | $ | 72,006 | $ | 58,111 | $ | (105,034 | ) | $ | 89,646 | ||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||
Translation adjustment | — | 86 | 3,316 | — | 3,402 | ||||||||||||||||
Reclassification of | — | 787 | (466 | ) | — | 321 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments recognized in | |||||||||||||||||||||
net earnings (loss) | |||||||||||||||||||||
Unrealized gain (loss) on | — | 1,245 | (791 | ) | — | 454 | |||||||||||||||
derivative financial | |||||||||||||||||||||
instruments | |||||||||||||||||||||
Other (net of tax effect) | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
— | 2,118 | 2,056 | — | 4,174 | |||||||||||||||||
Comprehensive income (loss) | 64,563 | 74,124 | 60,167 | (105,034 | ) | 93,820 | |||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | — | — | (27,416 | ) | 2,279 | (25,137 | ) | ||||||||||||||
Comprehensive income (loss) attributable to Greenbrier | $ | 64,563 | $ | 74,124 | $ | 32,751 | $ | (102,755 | ) | $ | 68,683 | ||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended May 31, 2014 | |||||||||||||||||||||
(In thousands, unaudited) | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net earnings (loss) | $ | 64,563 | $ | 72,006 | $ | 58,111 | $ | (105,034 | ) | $ | 89,646 | ||||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Deferred income taxes | (4,194 | ) | (1,789 | ) | (762 | ) | — | (6,745 | ) | ||||||||||||
Depreciation and amortization | 1,427 | 20,713 | 8,746 | (62 | ) | 30,824 | |||||||||||||||
Net gain on disposition of equipment | — | (13,556 | ) | (820 | ) | (310 | ) | (14,686 | ) | ||||||||||||
Stock based compensation expense | 6,454 | — | — | — | 6,454 | ||||||||||||||||
Other | — | 372 | 16 | 2,953 | 3,341 | ||||||||||||||||
Decrease (increase) in assets: | |||||||||||||||||||||
Accounts receivable | 36,573 | (43,867 | ) | 694 | (19,626 | ) | (26,226 | ) | |||||||||||||
Inventories | — | 20,456 | (42,225 | ) | 47 | (21,722 | ) | ||||||||||||||
Leased railcars for syndication | — | (28,371 | ) | — | 2,951 | (25,420 | ) | ||||||||||||||
Other | (1,220 | ) | 81 | (2,788 | ) | 1,436 | (2,491 | ) | |||||||||||||
Increase (decrease) in liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | (22,404 | ) | 9,143 | 31,774 | 17,994 | 36,507 | |||||||||||||||
Deferred revenue | (116 | ) | 10,798 | 1,574 | 2 | 12,258 | |||||||||||||||
Net cash provided by (used in) operating activities | 81,083 | 45,986 | 54,320 | (99,649 | ) | 81,740 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from sales of assets | — | 38,509 | 1,006 | — | 39,515 | ||||||||||||||||
Capital expenditures | (3,543 | ) | (9,929 | ) | (21,050 | ) | — | (34,522 | ) | ||||||||||||
Decrease (increase) in restricted cash | — | (660 | ) | (1 | ) | — | (661 | ) | |||||||||||||
Investment in and net advances to unconsolidated affiliates | (91,939 | ) | (7,710 | ) | (1,253 | ) | 99,649 | (1,253 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (95,482 | ) | 20,210 | (21,298 | ) | 99,649 | 3,079 | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net changes in revolving notes with maturities of 90 days or less | — | — | — | — | — | ||||||||||||||||
Proceeds from revolving notes with maturities longer than 90 days | — | — | 34,674 | — | 34,674 | ||||||||||||||||
Repayment of revolving notes with maturities longer than 90 days | — | — | (64,801 | ) | — | (64,801 | ) | ||||||||||||||
Intercompany advances | 137,633 | (139,741 | ) | 2,108 | — | — | |||||||||||||||
Proceeds from notes payable | — | 200,000 | — | — | 200,000 | ||||||||||||||||
Repayments of notes payable | — | (126,400 | ) | (421 | ) | — | (126,821 | ) | |||||||||||||
Debt issuance costs | — | (382 | ) | — | — | (382 | ) | ||||||||||||||
Repurchase of stock | (26,293 | ) | — | — | — | (26,293 | ) | ||||||||||||||
Cash distribution to joint venture partner | — | — | (3,109 | ) | (3,109 | ) | |||||||||||||||
Investment by joint venture partner | — | — | 419 | — | 419 | ||||||||||||||||
Excess tax benefit from restricted stock awards | 109 | — | — | — | 109 | ||||||||||||||||
Net cash provided by (used in) financing activities | 111,449 | (66,523 | ) | (31,130 | ) | — | 13,796 | ||||||||||||||
Effect of exchange rate changes | — | 362 | 2,080 | — | 2,442 | ||||||||||||||||
Increase in cash and cash equivalents | 97,050 | 35 | 3,972 | — | 101,057 | ||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Beginning of period | 63,173 | 25 | 34,237 | — | 97,435 | ||||||||||||||||
End of period | $ | 160,223 | $ | 60 | $ | 38,209 | $ | — | $ | 198,492 | |||||||||||
The Greenbrier Companies, Inc. | |||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
For the nine months ended May 31, 2013 | |||||||||||||||||||||
(In thousands) | Parent | Combined | Combined | Eliminations | Consolidated | ||||||||||||||||
Guarantor | Non- | ||||||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net earnings (loss) | $ | (31,764 | ) | $ | (18,070 | ) | $ | 14,442 | $ | 6,721 | $ | (28,671 | ) | ||||||||
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Deferred income taxes | (5,373 | ) | (5,585 | ) | 67 | 1,500 | (9,391 | ) | |||||||||||||
Depreciation and amortization | 1,651 | 22,918 | 7,030 | (76 | ) | 31,523 | |||||||||||||||
Net gain on disposition of equipment | — | (7,780 | ) | (1,277 | ) | (558 | ) | (9,615 | ) | ||||||||||||
Accretion of debt discount | 2,455 | — | — | — | 2,455 | ||||||||||||||||
Stock based compensation | 4,843 | — | — | — | 4,843 | ||||||||||||||||
Goodwill impairment | — | 76,900 | — | — | 76,900 | ||||||||||||||||
Other | — | 128 | (69 | ) | (1,954 | ) | (1,895 | ) | |||||||||||||
Decrease (increase) in assets: | |||||||||||||||||||||
Accounts receivable | (2,062 | ) | (43,032 | ) | 29,985 | (390 | ) | (15,499 | ) | ||||||||||||
Inventories | — | (9,185 | ) | 198 | (127 | ) | (9,114 | ) | |||||||||||||
Leased railcars for syndication | — | 24,331 | — | (2,264 | ) | 22,067 | |||||||||||||||
Other | (650 | ) | 1,351 | 25,904 | (26,267 | ) | 338 | ||||||||||||||
Increase (decrease) in liabilities: | |||||||||||||||||||||
Accounts payable and accrued liabilities | 7,580 | (14,813 | ) | (36,373 | ) | 1 | (43,605 | ) | |||||||||||||
Deferred revenue | (116 | ) | (533 | ) | (460 | ) | 10 | (1,099 | ) | ||||||||||||
Net cash provided by (used in) operating activities | (23,436 | ) | 26,630 | 39,447 | (23,404 | ) | 19,237 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Proceeds from sales of assets | — | 38,817 | 794 | — | 39,611 | ||||||||||||||||
Capital expenditures | (371 | ) | (24,555 | ) | (25,022 | ) | 271 | (49,677 | ) | ||||||||||||
Decrease (increase) in restricted cash | — | 40 | (2,669 | ) | — | (2,629 | ) | ||||||||||||||
Investment in and net advances to unconsolidated affiliates | 712 | (23,845 | ) | (1,016 | ) | 23,133 | (1,016 | ) | |||||||||||||
Intercompany advances | 1,261 | — | — | (1,261 | ) | — | |||||||||||||||
Other | — | — | (3,582 | ) | — | (3,582 | ) | ||||||||||||||
Net cash provided by (used in) investing | 1,602 | (9,543 | ) | (31,495 | ) | 22,143 | (17,293 | ) | |||||||||||||
activities | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net changes in revolving notes with maturities of 90 days or less | 43,000 | — | (16,027 | ) | — | 26,973 | |||||||||||||||
Proceeds from revolving notes with maturities longer than 90 days | — | — | 31,847 | — | 31,847 | ||||||||||||||||
Repayment of revolving notes with maturities longer than 90 days | — | — | (26,877 | ) | — | (26,877 | ) | ||||||||||||||
Intercompany advances | 16,374 | (15,274 | ) | (2,361 | ) | 1,261 | — | ||||||||||||||
Repayments of notes payable | (52,868 | ) | (3,069 | ) | (1,655 | ) | — | (57,592 | ) | ||||||||||||
Investment by joint venture partner | — | — | 2,577 | — | 2,577 | ||||||||||||||||
Excess tax benefit from restricted stock awards | 777 | — | — | — | 777 | ||||||||||||||||
Other | (8 | ) | — | — | — | (8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 7,275 | (18,343 | ) | (12,496 | ) | 1,261 | (22,303 | ) | |||||||||||||
Effect of exchange rate changes | 4 | 1,018 | (2,628 | ) | — | (1,606 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | (14,555 | ) | (238 | ) | (7,172 | ) | — | (21,965 | ) | ||||||||||||
Cash and cash equivalents | |||||||||||||||||||||
Beginning of period | 34,323 | 294 | 18,954 | — | 53,571 | ||||||||||||||||
End of period | $ | 19,768 | $ | 56 | $ | 11,782 | $ | — | $ | 31,606 | |||||||||||
Interim_Financial_Statements_A
Interim Financial Statements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Oct. 31, 2013 | 31-May-14 | 31-May-14 | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Stock repurchase program total cost of repurchased shares | ' | ' | $26,293,000 |
Share Repurchase Program - 2013 | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Expiration date of share repurchase program | 30-Apr-15 | ' | ' |
Repurchase of common stock, shares | ' | 352,000 | 641,327 |
Stock repurchase program total cost of repurchased shares | ' | 16,000,000 | 26,293,000 |
Share Repurchase Program - 2013 | Maximum | ' | ' | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' |
Amount authorized for repurchase | 50,000,000 | ' | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-14 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Restructuring charges | $56 | $1,475 |
Restructuring_Reserve_by_Type_
Restructuring Reserve by Type of Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-14 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual at Beginning of Period | ' | $1,708 |
Charged to Expense | 56 | 1,475 |
Paid or Settled | ' | 3,183 |
Accrual at end of Period | ' | ' |
Employee termination costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual at Beginning of Period | ' | 1,409 |
Charged to Expense | ' | 1,290 |
Paid or Settled | ' | 2,699 |
Accrual at end of Period | ' | ' |
Other costs | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Accrual at Beginning of Period | ' | 299 |
Charged to Expense | ' | 185 |
Paid or Settled | ' | 484 |
Accrual at end of Period | ' | ' |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Manufacturing supplies and raw materials | $238,867 | $217,182 |
Work-in-process | 62,316 | 48,990 |
Finished goods | 40,073 | 54,839 |
Excess and obsolete adjustment | -4,059 | -4,228 |
Inventories | $337,197 | $316,783 |
Identifiable_Intangible_and_Ot
Identifiable Intangible and Other Assets (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Intangible Assets by Major Class [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Net | $36,597 | $40,129 |
Intangible assets not subject to amortization | 912 | 912 |
Investment in unconsolidated affiliates | 12,129 | 10,739 |
Prepaid and other assets | 10,685 | 10,601 |
Nonqualified savings plan investments | 10,086 | 7,687 |
Debt issuance costs, net | 8,214 | 7,802 |
Assets held for sale | 389 | 1,101 |
Total intangible and other assets | 79,012 | 78,971 |
Customer Relationships | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Finite lived intangible assets gross | 66,288 | 66,288 |
Accumulated amortization | -30,347 | -26,964 |
Other Intangible Assets | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Finite lived intangible assets gross | 5,071 | 4,967 |
Accumulated amortization | ($4,415) | ($4,162) |
Recovered_Sheet1
Intangibles and Other Assets, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Schedule of Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense | $1 | $1 | $3.60 | $3.30 |
Future amortization expense, 2014 | 4.5 | ' | 4.5 | ' |
Future amortization expense, 2015 | 3.8 | ' | 3.8 | ' |
Future amortization expense, 2016 | 3.8 | ' | 3.8 | ' |
Future amortization expense, 2017 | 3.7 | ' | 3.7 | ' |
Future amortization expense, 2018 | $3.40 | ' | $3.40 | ' |
Revolving_Notes_Additional_Inf
Revolving Notes - Additional Information (Detail) (USD $) | 31-May-14 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | Aug. 31, 2013 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 | 31-May-14 |
In Millions, unless otherwise specified | North American Revolving Credit Facility | North American Revolving Credit Facility | Mexican Joint Venture Credit Facility | Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | Senior Secured Credit Facility Revolving Line Of Credit | |
CreditFacility | North American Revolving Credit Facility | Mexican Joint Venture Credit Facility | Mexican Joint Venture Credit Facility | Mexican Joint Venture Credit Facility | European Credit Facilities | European Credit Facilities | European Credit Facilities | ||||||
Facility | First Line of Credit | Second Line of Credit | Minimum | Maximum | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of senior secured credit facilities | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility maximum capacity | ' | ' | ' | ' | ' | $360 | $290 | $50 | $20 | $30 | $20 | ' | ' |
Line of credit maturity date | ' | ' | ' | ' | ' | ' | '2016-06 | ' | ' | '2015-01 | ' | '2014-12 | '2015-06 |
LIBOR plus rate | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' |
Prime plus rate | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' |
Variable rate above WIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | 1.50% |
Number of lines of credits | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Interest on borrowings above LIBOR rate | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | 2.00% | ' | ' | ' |
Line of credit facility borrowings outstanding due period | ' | ' | ' | ' | ' | ' | ' | ' | '2015-01 | ' | ' | ' | ' |
Letter of credit facility outstanding amount | 6.9 | 6.9 | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding amount | ' | ' | ' | $18.10 | $48.20 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Detail) (USD $) | 31-May-14 | Feb. 28, 2014 | Aug. 31, 2013 | 31-May-13 | Feb. 28, 2013 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' | ' | ' | ' | ' |
Trade payables | $205,805 | ' | $163,490 | ' | ' | ' |
Other accrued liabilities | 62,104 | ' | 70,691 | ' | ' | ' |
Accrued payroll and related liabilities | 50,128 | ' | 42,047 | ' | ' | ' |
Accrued maintenance | 13,382 | ' | 11,420 | ' | ' | ' |
Income taxes payable | 11,945 | ' | 13,094 | ' | ' | ' |
Accrued warranty | 9,718 | 10,673 | 12,128 | 9,983 | 10,289 | 9,221 |
Other | 3,459 | ' | 3,068 | ' | ' | ' |
Accounts payable and accrued liabilities | $356,541 | ' | $315,938 | ' | ' | ' |
Warranty_Accruals_Activity_Det
Warranty Accruals Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Product Liability Contingency [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $10,673 | $10,289 | $12,128 | $9,221 |
Charged to cost of revenue, net | 170 | 667 | 1,418 | 3,279 |
Payments | -1,208 | -904 | -4,191 | -2,540 |
Currency translation effect | 83 | -69 | 363 | 23 |
Balance at end of period | $9,718 | $9,983 | $9,718 | $9,983 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Debt Disclosure [Line Items] | ' |
Senior term debt | $125 |
Floating interest on borrowings above LIBOR rate | 1.75% |
Periodic Principal Payment | 1.75 |
Balloon payment | 160 |
Swap agreement interest rate | 50.00% |
Fixed interest rate | 3.74% |
6-Year Senior Term Debt | ' |
Debt Disclosure [Line Items] | ' |
Senior term debt | $200 |
Senior term debt, maturity term | '6 years |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | ($6,504) | ' | ||||
Other comprehensive income (loss) before reclassifications | ' | ' | 3,799 | ' | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | 4 | [1] | 105 | [1] | 321 | [1] | -790 | [1] |
Ending balance | -2,384 | ' | -2,384 | ' | ||||
Unrealized Income (Loss) on Derivative Financial Instruments | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | -1,053 | ' | ||||
Other comprehensive income (loss) before reclassifications | ' | ' | 454 | ' | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | ' | ' | 321 | ' | ||||
Ending balance | -278 | ' | -278 | ' | ||||
Foreign Currency Translation Adjustment | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | -4,923 | ' | ||||
Other comprehensive income (loss) before reclassifications | ' | ' | 3,348 | ' | ||||
Ending balance | -1,575 | ' | -1,575 | ' | ||||
Other | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | -528 | ' | ||||
Other comprehensive income (loss) before reclassifications | ' | ' | -3 | ' | ||||
Ending balance | ($531) | ' | ($531) | ' | ||||
[1] | Net of tax of effect of $0.1 million and $0.1 million for the three months ended May 31, 2014 and 2013 and $0.4 million and $0.1 million for the nine months ended May 31, 2014 and 2013. |
Amounts_Reclassified_out_of_Ac
Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Revenue | $593,285 | $433,663 | $1,585,856 | $1,272,203 |
Interest and foreign exchange | -5,437 | -5,905 | -14,280 | -18,127 |
Total before tax | 62,101 | -52,977 | 126,082 | -15,703 |
Tax expense | -16,303 | -2,729 | -36,708 | -12,905 |
Net of tax | 45,798 | -55,706 | 89,374 | -28,608 |
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total before tax | 111 | ' | 700 | ' |
Tax expense | -107 | ' | -379 | ' |
Net of tax | 4 | ' | 321 | ' |
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange contracts | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Revenue | -335 | ' | -575 | ' |
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swap contracts | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Interest and foreign exchange | $446 | ' | $1,275 | ' |
Reconciliation_of_Basic_and_Di
Reconciliation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' | ||||
Weighted average basic common shares outstanding | 27,956 | [1] | 26,619 | [1] | 28,223 | [1] | 26,510 | [1] |
Dilutive effect of 2018 Convertible notes | 6,045 | [2] | ' | 6,045 | [2] | ' | ||
Weighted average diluted common shares outstanding | 34,001 | [3] | 26,619 | [3] | 34,268 | [3] | 26,510 | [3] |
[1] | Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. Shares outstanding exclude shares of unvested restricted stock and restricted stock units for the three and nine months ended May 31, 2013 due to a net loss. | |||||||
[2] | The dilutive effect of the 2018 Convertible notes are included for the three and nine months ended May 31, 2014 as they were considered dilutive under the "if converted" method as further discussed below. The dilutive effect of warrants and the 2018 Convertible notes were excluded for the three and nine months ended May 31, 2013 due to a net loss. | |||||||
[3] | The dilutive effect of the 2026 Convertible notes was included for the three months ended May 31, 2014 as the average stock price was greater than $48.05 however the dilutive impact was inconsequential. The dilutive effect of the 2026 Convertible notes was excluded for the nine months ended May 31, 2014 and the three and nine months ended May 31, 2013 as the stock price was less than $48.05 and therefore is considered anti-dilutive. |
Reconciliation_of_Basic_and_Di1
Reconciliation of Basic and Diluted Earnings (Loss) Per Common Share (Parenthetical) (Detail) (2026 Senior Notes, USD $) | 3 Months Ended | 9 Months Ended | ||
31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | |
Minimum | Maximum | Maximum | Maximum | |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Stock price dilutive effect | $48.05 | $48.05 | $48.05 | $48.05 |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) (2026 Senior Notes, USD $) | 31-May-14 |
2026 Senior Notes | ' |
Computation Of Earnings Per Share Line Items | ' |
Convertible notes initial conversion rate, per share | $48.05 |
Approach_to_Calculate_Diluted_
Approach to Calculate Diluted Earning Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Net earnings attributable to Greenbrier | $33,588 | ($56,030) | $64,563 | ($31,764) | ||||
Weighted average diluted common shares outstanding | 34,001 | [1] | 26,619 | [1] | 34,268 | [1] | 26,510 | [1] |
Diluted earnings per share | $1.03 | [2] | ($2.10) | $2.01 | [2] | ($1.20) | ||
2018 Senior Notes | ' | ' | ' | ' | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ||||
Interest and debt issuance costs on the 2018 Convertible notes, net of tax | 1,416 | ' | 4,248 | ' | ||||
Earnings before interest and debt issuance costs on convertible notes | $35,004 | ' | $68,811 | ' | ||||
[1] | The dilutive effect of the 2026 Convertible notes was included for the three months ended May 31, 2014 as the average stock price was greater than $48.05 however the dilutive impact was inconsequential. The dilutive effect of the 2026 Convertible notes was excluded for the nine months ended May 31, 2014 and the three and nine months ended May 31, 2013 as the stock price was less than $48.05 and therefore is considered anti-dilutive. | |||||||
[2] | Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (Restricted Stock And Restricted Stock Unit, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Restricted Stock And Restricted Stock Unit | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock compensation expense | $3.60 | $2 | $6.50 | $4.80 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | 31-May-14 |
Derivative [Line Items] | ' |
Unrealized Pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months | $1.80 |
Foreign Currency Forward Exchange Contracts | ' |
Derivative [Line Items] | ' |
Aggregate derivative notional amount | 66 |
Unrealized pre-tax gain (loss) | 0.6 |
Interest rate swap contracts | ' |
Derivative [Line Items] | ' |
Aggregate derivative notional amount | 100 |
Unrealized pre-tax gain (loss) | $1.30 |
Maturity date | '2020-03 |
Fair_Values_of_Derivative_Inst
Fair Values of Derivative Instruments (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $838 | $819 |
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1,260 | 1,592 |
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Receivable | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 838 | 819 |
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 4 | 342 |
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | 1,256 | 1,250 |
Not Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Receivable | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 244 | 223 |
Not Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Payable and Accrued Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | ' | $40 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Statement of Operations (Detail) (Cash Flow Hedging, USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in OCI on derivatives (effective portion) | $277 | ($1,044) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -700 | 677 |
Gain Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing) | 684 | 2,088 |
Foreign Exchange Forward | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in OCI on derivatives (effective portion) | 1,558 | -997 |
Foreign Exchange Forward | Interest and Foreign Exchange | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss)recognized in income on derivative | 230 | -108 |
Gain Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing) | 684 | 2,088 |
Foreign Exchange Forward | Sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 575 | 1,927 |
Interest rate swap contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (loss) recognized in OCI on derivatives (effective portion) | -1,281 | -47 |
Interest rate swap contracts | Interest and Foreign Exchange | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($1,275) | ($1,250) |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
31-May-14 | |
Segment | |
Segment Reporting Disclosure [Line Items] | ' |
Number of reportable segments | 3 |
Segments_Internal_Financial_Re
Segments Internal Financial Reports (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | Mar. 31, 2013 | 31-May-14 | 31-May-13 | Mar. 31, 2013 | Aug. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | $593,285 | $433,663 | ' | $1,585,856 | $1,272,203 | ' | ' | ||
Earnings (loss) from operations | 67,538 | -47,072 | ' | 140,362 | 2,424 | ' | ' | ||
Assets | 1,450,572 | ' | ' | 1,450,572 | ' | ' | 1,289,741 | ||
Pre-tax non-cash impairment charges | ' | 76,900 | ' | ' | 76,900 | ' | ' | ||
Intersegment Elimination | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | -13,117 | -5,428 | ' | -25,366 | -28,561 | ' | ' | ||
Earnings (loss) from operations | -9,807 | -2,880 | ' | -18,169 | -9,442 | ' | ' | ||
External Customers | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 593,285 | 433,663 | ' | 1,585,856 | 1,272,203 | ' | ' | ||
Earnings (loss) from operations | 67,538 | -47,072 | ' | 140,362 | 2,424 | ' | ' | ||
Inter Segment | Intersegment Elimination | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | -13,117 | -5,428 | ' | -25,366 | -28,561 | ' | ' | ||
Earnings (loss) from operations | -9,807 | -2,880 | ' | -18,169 | -9,442 | ' | ' | ||
Manufacturing | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 425,583 | 284,618 | ' | 1,132,811 | 871,235 | ' | ' | ||
Earnings (loss) from operations | 61,116 | 21,551 | ' | 129,542 | 58,565 | ' | ' | ||
Assets | 500,434 | ' | ' | 500,434 | ' | ' | 401,630 | ||
Manufacturing | External Customers | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 425,583 | 284,591 | ' | 1,132,811 | 864,006 | ' | ' | ||
Earnings (loss) from operations | 61,116 | 21,551 | ' | 129,542 | 58,595 | ' | ' | ||
Manufacturing | Inter Segment | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | 27 | ' | ' | 7,229 | ' | ' | ||
Earnings (loss) from operations | ' | ' | ' | ' | -30 | ' | ' | ||
Wheels, Repair & Parts | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 144,446 | 133,715 | [1] | ' | 398,347 | 366,851 | [1] | ' | ' |
Earnings (loss) from operations | 5,997 | -70,213 | [1] | ' | 9,270 | -61,083 | [1] | ' | ' |
Assets | 316,416 | ' | ' | 316,416 | ' | ' | 318,483 | ||
Pre-tax non-cash impairment charges | ' | ' | 76,900 | ' | ' | 76,900 | ' | ||
Wheels, Repair & Parts | External Customers | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 140,663 | 131,167 | [1] | ' | 390,604 | 355,219 | [1] | ' | ' |
Earnings (loss) from operations | 5,524 | -70,242 | [1] | ' | 8,724 | -60,858 | [1] | ' | ' |
Wheels, Repair & Parts | Inter Segment | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 3,783 | 2,548 | [1] | ' | 7,743 | 11,632 | [1] | ' | ' |
Earnings (loss) from operations | 473 | 29 | [1] | ' | 546 | -225 | [1] | ' | ' |
Leasing & Services | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 36,373 | 20,758 | ' | 80,064 | 62,678 | ' | ' | ||
Earnings (loss) from operations | 23,916 | 12,278 | ' | 50,511 | 36,861 | ' | ' | ||
Assets | 425,751 | ' | ' | 425,751 | ' | ' | 463,381 | ||
Leasing & Services | External Customers | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 27,039 | 17,905 | ' | 62,441 | 52,978 | ' | ' | ||
Earnings (loss) from operations | 14,582 | 9,427 | ' | 32,888 | 27,164 | ' | ' | ||
Leasing & Services | Inter Segment | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Revenues | 9,334 | 2,853 | ' | 17,623 | 9,700 | ' | ' | ||
Earnings (loss) from operations | 9,334 | 2,851 | ' | 17,623 | 9,697 | ' | ' | ||
Unallocated Amount to Segment | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Assets | 207,971 | ' | ' | 207,971 | ' | ' | 106,247 | ||
Corporate Segment | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Earnings (loss) from operations | -13,684 | -7,808 | ' | -30,792 | -22,477 | ' | ' | ||
Corporate Segment | External Customers | ' | ' | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Earnings (loss) from operations | ($13,684) | ($7,808) | ' | ($30,792) | ($22,477) | ' | ' | ||
[1] | The three and nine months ended May 31, 2013 for Wheels, Repair & Parts includes a pre-tax non-cash impairment charge of $76.9 million. |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | 31-May-14 |
Commitments and Contingencies Disclosure [Line Items] | ' |
Remedial investigation and feasibility study | $110 |
Remedial investigation and feasibility study, period | '14 years |
Bank and third party warranty and performance guarantee facilities | 4 |
Outstanding letters of credit | 6.9 |
Mexican Joint Venture Credit Facility | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Debt outstanding | 19.8 |
Guarantee obligations | 15.9 |
Minimum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Period for remedial action | '2 years |
Maximum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Period for remedial action | '28 years |
Additional Investigation Year | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Remedial investigation and feasibility study, period | '1 year |
Portland Harbor Site | Minimum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Cleanup expenses | 169 |
Portland Harbor Site | Maximum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Cleanup expenses | 1,800 |
Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Minimum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Cleanup expenses | 9 |
Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Maximum | ' |
Commitments and Contingencies Disclosure [Line Items] | ' |
Cleanup expenses | $163 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | |
Nonqualified savings plan investments | $10,086 | $7,687 | |
Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Derivative financial instruments | 1,082 | 1,042 | |
Nonqualified savings plan investments | 10,086 | 7,687 | |
Cash equivalents | 20,016 | 1,004 | |
Assets, Fair Value Disclosure, Total | 31,184 | 9,733 | |
Liabilities: | ' | ' | |
Derivative financial instruments | 1,260 | 1,632 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Nonqualified savings plan investments | 10,086 | 7,687 | |
Cash equivalents | 20,016 | 1,004 | |
Assets, Fair Value Disclosure, Total | 30,102 | 8,691 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' | |
Assets: | ' | ' | |
Derivative financial instruments | 1,082 | [1] | 1,042 |
Assets, Fair Value Disclosure, Total | 1,082 | [1] | 1,042 |
Liabilities: | ' | ' | |
Derivative financial instruments | $1,260 | [1] | $1,632 |
[1] | Level 2 assets and liabilities include derivative financial instruments which are valued based on observable inputs. See Note 12 Derivative Instruments for further discussion. |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Mar. 31, 2012 | 31-May-14 | Aug. 31, 2013 | 31-May-13 | 31-May-14 | 31-May-14 | 31-May-14 |
Vehicle | May 2013 Agreement | May 2013 Agreement | Intangible and other assets | Intangible and other assets | |||
Vehicle | May 2013 Agreement | ||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Ownership interest in VIE | 1.00% | ' | ' | 8.00% | ' | ' | ' |
Third party Ownership interest | 99.00% | ' | ' | 92.00% | ' | ' | ' |
Value of railcars | ' | $39.20 | $99.60 | ' | $16 | ' | ' |
Carrying amounts | ' | ' | ' | ' | ' | $0.90 | $3.10 |
Number of railcars sold | ' | 468 | ' | ' | 204 | ' | ' |
GuarantorNonGuarantor_Addition
Guarantor/Non-Guarantor - Additional Information (Detail) | 9 Months Ended |
31-May-14 | |
Guarantor Obligations [Line Items] | ' |
Percentage of ownership in subsidiaries | 100.00% |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheet (Detail) (USD $) | 31-May-14 | Aug. 31, 2013 | 31-May-13 | Aug. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $198,492 | $97,435 | $31,606 | $53,571 |
Restricted cash | 9,468 | 8,807 | ' | ' |
Accounts receivable, net | 181,850 | 154,848 | ' | ' |
Inventories | 337,197 | 316,783 | ' | ' |
Leased railcars for syndication | 96,332 | 68,480 | ' | ' |
Equipment on operating leases, net | 274,863 | 305,468 | ' | ' |
Property, plant and equipment, net | 215,942 | 201,533 | ' | ' |
Goodwill | 57,416 | 57,416 | ' | ' |
Intangibles and other assets, net | 79,012 | 78,971 | ' | ' |
Total assets | 1,450,572 | 1,289,741 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Revolving notes | 18,082 | 48,209 | ' | ' |
Accounts payable and accrued liabilities | 356,541 | 315,938 | ' | ' |
Deferred income taxes | 79,526 | 86,040 | ' | ' |
Deferred revenue | 21,153 | 8,838 | ' | ' |
Notes payable | 447,068 | 373,889 | ' | ' |
Total equity - Greenbrier | 476,145 | 428,202 | ' | ' |
Noncontrolling interest | 52,057 | 28,625 | ' | ' |
Total equity | 528,202 | 456,827 | 430,300 | 453,645 |
Liabilities and Equity | 1,450,572 | 1,289,741 | ' | ' |
Parent | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 160,223 | 63,173 | 19,768 | 34,323 |
Accounts receivable, net | 1,050 | 37,623 | ' | ' |
Property, plant and equipment, net | 6,087 | 2,112 | ' | ' |
Intangibles and other assets, net | 811,751 | 716,029 | ' | ' |
Total assets | 979,111 | 818,937 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 254,171 | 137,631 | ' | ' |
Deferred income taxes | 3,900 | 8,093 | ' | ' |
Deferred revenue | 39 | 155 | ' | ' |
Notes payable | 244,856 | 244,856 | ' | ' |
Total equity - Greenbrier | 476,145 | 428,202 | ' | ' |
Total equity | 476,145 | 428,202 | ' | ' |
Liabilities and Equity | 979,111 | 818,937 | ' | ' |
Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 60 | 25 | 56 | 294 |
Restricted cash | 2,567 | 1,907 | ' | ' |
Accounts receivable, net | 400,877 | 217,268 | ' | ' |
Inventories | 127,876 | 151,023 | ' | ' |
Leased railcars for syndication | 99,630 | 68,827 | ' | ' |
Equipment on operating leases, net | 273,241 | 304,234 | ' | ' |
Property, plant and equipment, net | 100,320 | 103,315 | ' | ' |
Goodwill | 57,416 | 57,416 | ' | ' |
Intangibles and other assets, net | 121,980 | 118,541 | ' | ' |
Total assets | 1,183,967 | 1,022,556 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 185,047 | 178,662 | ' | ' |
Deferred income taxes | 84,820 | 86,610 | ' | ' |
Deferred revenue | 19,393 | 8,546 | ' | ' |
Notes payable | 200,463 | 126,863 | ' | ' |
Total equity - Greenbrier | 694,244 | 621,875 | ' | ' |
Total equity | 694,244 | 621,875 | ' | ' |
Liabilities and Equity | 1,183,967 | 1,022,556 | ' | ' |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 38,209 | 34,237 | 11,782 | 18,954 |
Restricted cash | 6,901 | 6,900 | ' | ' |
Accounts receivable, net | 54,494 | 54,412 | ' | ' |
Inventories | 209,464 | 165,855 | ' | ' |
Equipment on operating leases, net | 3,821 | 3,809 | ' | ' |
Property, plant and equipment, net | 109,535 | 96,106 | ' | ' |
Intangibles and other assets, net | 16,727 | 13,515 | ' | ' |
Total assets | 439,151 | 374,834 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Revolving notes | 18,082 | 48,209 | ' | ' |
Accounts payable and accrued liabilities | 193,521 | 154,096 | ' | ' |
Deferred revenue | 1,677 | 98 | ' | ' |
Notes payable | 1,749 | 2,170 | ' | ' |
Total equity - Greenbrier | 173,048 | 141,945 | ' | ' |
Noncontrolling interest | 51,074 | 28,316 | ' | ' |
Total equity | 224,122 | 170,261 | ' | ' |
Liabilities and Equity | 439,151 | 374,834 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Accounts receivable, net | -274,571 | -154,455 | ' | ' |
Inventories | -143 | -95 | ' | ' |
Leased railcars for syndication | -3,298 | -347 | ' | ' |
Equipment on operating leases, net | -2,199 | -2,575 | ' | ' |
Intangibles and other assets, net | -871,446 | -769,114 | ' | ' |
Total assets | -1,151,657 | -926,586 | ' | ' |
Liabilities and Equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -276,198 | -154,451 | ' | ' |
Deferred income taxes | -9,194 | -8,663 | ' | ' |
Deferred revenue | 44 | 39 | ' | ' |
Total equity - Greenbrier | -867,292 | -763,820 | ' | ' |
Noncontrolling interest | 983 | 309 | ' | ' |
Total equity | -866,309 | -763,511 | ' | ' |
Liabilities and Equity | ($1,151,657) | ($926,586) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 |
Revenue | ' | ' | ' | ' |
Manufacturing | $425,583 | $284,591 | $1,132,811 | $864,006 |
Wheels, Repair & Parts | 140,663 | 131,167 | 390,604 | 355,219 |
Leasing & Services | 27,039 | 17,905 | 62,441 | 52,978 |
Revenue | 593,285 | 433,663 | 1,585,856 | 1,272,203 |
Cost of revenue | ' | ' | ' | ' |
Manufacturing | 351,829 | 253,360 | 969,841 | 774,502 |
Wheels, Repair & Parts | 129,825 | 120,476 | 365,740 | 325,086 |
Leasing & Services | 14,856 | 9,808 | 34,090 | 26,542 |
Cost of revenue | 496,510 | 383,644 | 1,369,671 | 1,126,130 |
Margin | 96,775 | 50,019 | 216,185 | 146,073 |
Selling and administrative | 34,800 | 25,322 | 89,034 | 76,364 |
Net gain on disposition of equipment | -5,619 | -5,131 | -14,686 | -9,615 |
Restructuring charges | 56 | ' | 1,475 | ' |
Goodwill impairment | ' | 76,900 | ' | 76,900 |
Earnings (loss) from operations | 67,538 | -47,072 | 140,362 | 2,424 |
Other costs | ' | ' | ' | ' |
Interest and foreign exchange | 5,437 | 5,905 | 14,280 | 18,127 |
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | 62,101 | -52,977 | 126,082 | -15,703 |
Income tax (expense) benefit | -16,303 | -2,729 | -36,708 | -12,905 |
Earnings (loss) before earnings (loss) from unconsolidated affiliates | 45,798 | -55,706 | 89,374 | -28,608 |
Earnings (loss) from unconsolidated affiliates | 298 | 82 | 272 | -63 |
Net earnings (loss) | 46,096 | -55,624 | 89,646 | -28,671 |
Net (earnings) loss attributable to noncontrolling interest | -12,508 | -406 | -25,083 | -3,093 |
Net earnings (loss) attributable to Greenbrier | 33,588 | -56,030 | 64,563 | -31,764 |
Parent | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Leasing & Services | 108 | 310 | 865 | 787 |
Revenue | 108 | 310 | 865 | 787 |
Cost of revenue | ' | ' | ' | ' |
Margin | 108 | 310 | 865 | 787 |
Selling and administrative | 13,987 | 9,903 | 31,698 | 30,014 |
Earnings (loss) from operations | -13,879 | -9,593 | -30,833 | -29,227 |
Other costs | ' | ' | ' | ' |
Interest and foreign exchange | 2,918 | 4,124 | 8,751 | 12,207 |
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | -16,797 | -13,717 | -39,584 | -41,434 |
Income tax (expense) benefit | 3,337 | 3,960 | 10,772 | 16,645 |
Earnings (loss) before earnings (loss) from unconsolidated affiliates | -13,460 | -9,757 | -28,812 | -24,789 |
Earnings (loss) from unconsolidated affiliates | 47,048 | -46,273 | 93,375 | -6,975 |
Net earnings (loss) | 33,588 | -56,030 | 64,563 | -31,764 |
Net earnings (loss) attributable to Greenbrier | 33,588 | -56,030 | 64,563 | -31,764 |
Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Manufacturing | 211,921 | 143,411 | 617,120 | 473,213 |
Wheels, Repair & Parts | 142,625 | 133,069 | 395,537 | 363,799 |
Leasing & Services | 26,771 | 17,596 | 61,101 | 52,208 |
Revenue | 381,317 | 294,076 | 1,073,758 | 889,220 |
Cost of revenue | ' | ' | ' | ' |
Manufacturing | 184,870 | 129,348 | 552,871 | 431,221 |
Wheels, Repair & Parts | 131,769 | 122,316 | 370,626 | 333,823 |
Leasing & Services | 14,876 | 9,830 | 34,152 | 26,617 |
Cost of revenue | 331,515 | 261,494 | 957,649 | 791,661 |
Margin | 49,802 | 32,582 | 116,109 | 97,559 |
Selling and administrative | 10,645 | 7,771 | 29,802 | 23,309 |
Net gain on disposition of equipment | -5,411 | -4,214 | -13,556 | -7,781 |
Restructuring charges | 56 | ' | 1,475 | ' |
Goodwill impairment | ' | 76,900 | ' | 76,900 |
Earnings (loss) from operations | 44,512 | -47,875 | 98,388 | 5,131 |
Other costs | ' | ' | ' | ' |
Interest and foreign exchange | 1,417 | 1,001 | 3,180 | 2,870 |
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | 43,095 | -48,876 | 95,208 | 2,261 |
Income tax (expense) benefit | -11,506 | -4,716 | -31,059 | -24,086 |
Earnings (loss) before earnings (loss) from unconsolidated affiliates | 31,589 | -53,592 | 64,149 | -21,825 |
Earnings (loss) from unconsolidated affiliates | 5,412 | 3,317 | 7,857 | 3,755 |
Net earnings (loss) | 37,001 | -50,275 | 72,006 | -18,070 |
Net earnings (loss) attributable to Greenbrier | 37,001 | -50,275 | 72,006 | -18,070 |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Manufacturing | 363,401 | 251,120 | 981,040 | 690,319 |
Leasing & Services | ' | -1 | 1 | ' |
Revenue | 363,401 | 251,119 | 981,041 | 690,319 |
Cost of revenue | ' | ' | ' | ' |
Manufacturing | 315,398 | 234,390 | 876,395 | 646,924 |
Cost of revenue | 315,398 | 234,390 | 876,395 | 646,924 |
Margin | 48,003 | 16,729 | 104,646 | 43,395 |
Selling and administrative | 10,016 | 7,648 | 27,083 | 23,041 |
Net gain on disposition of equipment | -205 | -723 | -820 | -1,276 |
Earnings (loss) from operations | 38,192 | 9,804 | 78,383 | 21,630 |
Other costs | ' | ' | ' | ' |
Interest and foreign exchange | 1,102 | 780 | 2,349 | 3,251 |
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | 37,090 | 9,024 | 76,034 | 18,379 |
Income tax (expense) benefit | -8,388 | -1,568 | -18,044 | -3,964 |
Earnings (loss) before earnings (loss) from unconsolidated affiliates | 28,702 | 7,456 | 57,990 | 14,415 |
Earnings (loss) from unconsolidated affiliates | 44 | 11 | 121 | 27 |
Net earnings (loss) | 28,746 | 7,467 | 58,111 | 14,442 |
Net (earnings) loss attributable to noncontrolling interest | -12,830 | -383 | -27,362 | -1,570 |
Net earnings (loss) attributable to Greenbrier | 15,916 | 7,084 | 30,749 | 12,872 |
Eliminations | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' |
Manufacturing | -149,739 | -109,940 | -465,349 | -299,526 |
Wheels, Repair & Parts | -1,962 | -1,902 | -4,933 | -8,580 |
Leasing & Services | 160 | ' | 474 | -17 |
Revenue | -151,541 | -111,842 | -469,808 | -308,123 |
Cost of revenue | ' | ' | ' | ' |
Manufacturing | -148,439 | -110,378 | -459,425 | -303,643 |
Wheels, Repair & Parts | -1,944 | -1,840 | -4,886 | -8,737 |
Leasing & Services | -20 | -22 | -62 | -75 |
Cost of revenue | -150,403 | -112,240 | -464,373 | -312,455 |
Margin | -1,138 | 398 | -5,435 | 4,332 |
Selling and administrative | 152 | ' | 451 | ' |
Net gain on disposition of equipment | -3 | -194 | -310 | -558 |
Earnings (loss) from operations | -1,287 | 592 | -5,576 | 4,890 |
Other costs | ' | ' | ' | ' |
Interest and foreign exchange | ' | ' | ' | -201 |
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates | -1,287 | 592 | -5,576 | 5,091 |
Income tax (expense) benefit | 254 | -405 | 1,623 | -1,500 |
Earnings (loss) before earnings (loss) from unconsolidated affiliates | -1,033 | 187 | -3,953 | 3,591 |
Earnings (loss) from unconsolidated affiliates | -52,206 | 43,027 | -101,081 | 3,130 |
Net earnings (loss) | -53,239 | 43,214 | -105,034 | 6,721 |
Net (earnings) loss attributable to noncontrolling interest | 322 | -23 | 2,279 | -1,523 |
Net earnings (loss) attributable to Greenbrier | ($52,917) | $43,191 | ($102,755) | $5,198 |
Consolidating_Statement_of_Com
Consolidating Statement of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 | 31-May-14 | 31-May-13 | ||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net earnings (loss) | $46,096 | ($55,624) | $89,646 | ($28,671) | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Translation adjustment | 80 | -1,761 | 3,402 | 279 | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | 4 | [1] | 105 | [1] | 321 | [1] | -790 | [1] |
Unrealized gain (loss) on derivative financial instruments | -659 | [2] | -1,325 | [2] | 454 | [2] | -817 | [2] |
Other (net of tax effect) | -4 | 5 | -3 | 5 | ||||
Other comprehensive income (loss) | -579 | -2,976 | 4,174 | -1,323 | ||||
Comprehensive income (loss) | 45,517 | -58,600 | 93,820 | -29,994 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | -12,501 | -374 | -25,137 | -3,102 | ||||
Comprehensive income (loss) attributable to Greenbrier | 33,016 | -58,974 | 68,683 | -33,096 | ||||
Parent | ' | ' | ' | ' | ||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net earnings (loss) | 33,588 | -56,030 | 64,563 | -31,764 | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Comprehensive income (loss) | 33,588 | -56,030 | 64,563 | -31,764 | ||||
Comprehensive income (loss) attributable to Greenbrier | 33,588 | -56,030 | 64,563 | -31,764 | ||||
Combined Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net earnings (loss) | 37,001 | -50,275 | 72,006 | -18,070 | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Translation adjustment | 73 | 81 | 86 | 303 | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | 276 | 260 | 787 | 771 | ||||
Unrealized gain (loss) on derivative financial instruments | 139 | -16 | 1,245 | -29 | ||||
Other comprehensive income (loss) | 488 | 325 | 2,118 | 1,045 | ||||
Comprehensive income (loss) | 37,489 | -49,950 | 74,124 | -17,025 | ||||
Comprehensive income (loss) attributable to Greenbrier | 37,489 | -49,950 | 74,124 | -17,025 | ||||
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net earnings (loss) | 28,746 | 7,467 | 58,111 | 14,442 | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Translation adjustment | 7 | -1,842 | 3,316 | -24 | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss) | -272 | -155 | -466 | -1,561 | ||||
Unrealized gain (loss) on derivative financial instruments | -798 | -1,309 | -791 | -788 | ||||
Other (net of tax effect) | -4 | 5 | -3 | 5 | ||||
Other comprehensive income (loss) | -1,067 | -3,301 | 2,056 | -2,368 | ||||
Comprehensive income (loss) | 27,679 | 4,166 | 60,167 | 12,074 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | -12,823 | -351 | -27,416 | -1,579 | ||||
Comprehensive income (loss) attributable to Greenbrier | 14,856 | 3,815 | 32,751 | 10,495 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Consolidating Statement of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net earnings (loss) | -53,239 | 43,214 | -105,034 | 6,721 | ||||
Other comprehensive income (loss) | ' | ' | ' | ' | ||||
Comprehensive income (loss) | -53,239 | 43,214 | -105,034 | 6,721 | ||||
Comprehensive (income) loss attributable to noncontrolling interest | 322 | -23 | 2,279 | -1,523 | ||||
Comprehensive income (loss) attributable to Greenbrier | ($52,917) | $43,191 | ($102,755) | $5,198 | ||||
[1] | Net of tax of effect of $0.1 million and $0.1 million for the three months ended May 31, 2014 and 2013 and $0.4 million and $0.1 million for the nine months ended May 31, 2014 and 2013. | |||||||
[2] | Net of tax of effect of $0.5 million and $0.3 million for the three months ended May 31, 2014 and 2013 and $0.2 million and $0.2 million for the nine months ended May 31, 2014 and 2013. |
Condensed_Consolidating_Statem1
Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | 31-May-14 | 31-May-13 |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | $89,646 | ($28,671) |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -6,745 | -9,391 |
Depreciation and amortization | 30,824 | 31,523 |
Net gain on disposition of equipment | -14,686 | -9,615 |
Accretion of debt discount | ' | 2,455 |
Stock based compensation | 6,454 | 4,843 |
Goodwill impairment | ' | 76,900 |
Other | 3,341 | -1,895 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | -26,226 | -15,499 |
Inventories | -21,722 | -9,114 |
Leased railcars for syndication | -25,420 | 22,067 |
Other | -2,491 | 338 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 36,507 | -43,605 |
Deferred revenue | 12,258 | -1,099 |
Net cash provided by (used in) operating activities | 81,740 | 19,237 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of assets | 39,515 | 39,611 |
Capital expenditures | -34,522 | -49,677 |
Decrease (increase) in restricted cash | -661 | -2,629 |
Investment in and net advances to unconsolidated affiliates | -1,253 | -1,016 |
Other | ' | -3,582 |
Net cash provided by (used in) investing activities | 3,079 | -17,293 |
Cash flows from financing activities: | ' | ' |
Net changes in revolving notes with maturities of 90 days or less | ' | 26,973 |
Proceeds from revolving notes with maturities longer than 90 days | 34,674 | 31,847 |
Repayment of revolving notes with maturities longer than 90 days | -64,801 | -26,877 |
Proceeds from notes payable | 200,000 | ' |
Repayments of notes payable | -126,821 | -57,592 |
Debt issuance costs | -382 | ' |
Repurchase of stock | -26,293 | ' |
Cash distribution to joint venture partner | -3,109 | ' |
Investment by joint venture partner | 419 | 2,577 |
Excess tax benefit from restricted stock awards | 109 | 777 |
Other | ' | -8 |
Net cash provided by (used in) financing activities | 13,796 | -22,303 |
Effect of exchange rate changes | 2,442 | -1,606 |
Increase (decrease) in cash and cash equivalents | 101,057 | -21,965 |
Beginning of period | 97,435 | 53,571 |
End of period | 198,492 | 31,606 |
Parent | ' | ' |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | 64,563 | -31,764 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -4,194 | -5,373 |
Depreciation and amortization | 1,427 | 1,651 |
Accretion of debt discount | ' | 2,455 |
Stock based compensation | 6,454 | 4,843 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | 36,573 | -2,062 |
Other | -1,220 | -650 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | -22,404 | 7,580 |
Deferred revenue | -116 | -116 |
Net cash provided by (used in) operating activities | 81,083 | -23,436 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -3,543 | ' |
Investment in and net advances to unconsolidated affiliates | -91,939 | 712 |
Intercompany advances | ' | 1,261 |
Net cash provided by (used in) investing activities | -95,482 | 1,602 |
Cash flows from financing activities: | ' | ' |
Net changes in revolving notes with maturities of 90 days or less | ' | 43,000 |
Intercompany advances | 137,633 | 16,374 |
Repayments of notes payable | ' | -52,868 |
Repurchase of stock | -26,293 | ' |
Excess tax benefit from restricted stock awards | 109 | 777 |
Other | ' | -8 |
Net cash provided by (used in) financing activities | 111,449 | 7,275 |
Effect of exchange rate changes | ' | 4 |
Increase (decrease) in cash and cash equivalents | 97,050 | -14,555 |
Beginning of period | 63,173 | 34,323 |
End of period | 160,223 | 19,768 |
Combined Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | 72,006 | -18,070 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -1,789 | -5,585 |
Depreciation and amortization | 20,713 | 22,918 |
Net gain on disposition of equipment | -13,556 | -7,780 |
Goodwill impairment | ' | 76,900 |
Other | 372 | 128 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | -43,867 | -43,032 |
Inventories | 20,456 | -9,185 |
Leased railcars for syndication | -28,371 | 24,331 |
Other | 81 | 1,351 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 9,143 | -14,813 |
Deferred revenue | 10,798 | -533 |
Net cash provided by (used in) operating activities | 45,986 | 26,630 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of assets | 38,509 | 38,817 |
Capital expenditures | -9,929 | ' |
Decrease (increase) in restricted cash | -660 | ' |
Investment in and net advances to unconsolidated affiliates | -7,710 | -23,845 |
Net cash provided by (used in) investing activities | 20,210 | -9,543 |
Cash flows from financing activities: | ' | ' |
Intercompany advances | -139,741 | -15,274 |
Proceeds from notes payable | 200,000 | ' |
Repayments of notes payable | -126,400 | -3,069 |
Debt issuance costs | -382 | ' |
Net cash provided by (used in) financing activities | -66,523 | -18,343 |
Effect of exchange rate changes | 362 | 1,018 |
Increase (decrease) in cash and cash equivalents | 35 | -238 |
Beginning of period | 25 | 294 |
End of period | 60 | 56 |
Combined Non-Guarantor Subsidiaries | ' | ' |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | 58,111 | 14,442 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -762 | 67 |
Depreciation and amortization | 8,746 | 7,030 |
Net gain on disposition of equipment | -820 | -1,277 |
Other | 16 | -69 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | 694 | 29,985 |
Inventories | -42,225 | 198 |
Other | -2,788 | 25,904 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 31,774 | -36,373 |
Deferred revenue | 1,574 | -460 |
Net cash provided by (used in) operating activities | 54,320 | 39,447 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of assets | 1,006 | 794 |
Capital expenditures | -21,050 | ' |
Decrease (increase) in restricted cash | -1 | ' |
Investment in and net advances to unconsolidated affiliates | -1,253 | -1,016 |
Other | ' | -3,582 |
Net cash provided by (used in) investing activities | -21,298 | -31,495 |
Cash flows from financing activities: | ' | ' |
Net changes in revolving notes with maturities of 90 days or less | ' | -16,027 |
Proceeds from revolving notes with maturities longer than 90 days | 34,674 | 31,847 |
Repayment of revolving notes with maturities longer than 90 days | -64,801 | -26,877 |
Intercompany advances | 2,108 | -2,361 |
Repayments of notes payable | -421 | -1,655 |
Cash distribution to joint venture partner | -3,109 | ' |
Investment by joint venture partner | 419 | 2,577 |
Net cash provided by (used in) financing activities | -31,130 | -12,496 |
Effect of exchange rate changes | 2,080 | -2,628 |
Increase (decrease) in cash and cash equivalents | 3,972 | -7,172 |
Beginning of period | 34,237 | 18,954 |
End of period | 38,209 | 11,782 |
Consolidated | ' | ' |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | 89,646 | ' |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | -6,745 | ' |
Depreciation and amortization | 30,824 | ' |
Net gain on disposition of equipment | -14,686 | ' |
Stock based compensation | 6,454 | ' |
Other | 3,341 | ' |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | -26,226 | ' |
Inventories | -21,722 | ' |
Leased railcars for syndication | -25,420 | ' |
Other | -2,491 | ' |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 36,507 | ' |
Deferred revenue | 12,258 | ' |
Net cash provided by (used in) operating activities | 81,740 | ' |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of assets | 39,515 | ' |
Capital expenditures | -34,522 | ' |
Decrease (increase) in restricted cash | -661 | ' |
Investment in and net advances to unconsolidated affiliates | -1,253 | ' |
Net cash provided by (used in) investing activities | 3,079 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from revolving notes with maturities longer than 90 days | 34,674 | ' |
Repayment of revolving notes with maturities longer than 90 days | -64,801 | ' |
Proceeds from notes payable | 200,000 | ' |
Repayments of notes payable | -126,821 | ' |
Debt issuance costs | -382 | ' |
Repurchase of stock | -26,293 | ' |
Cash distribution to joint venture partner | -3,109 | ' |
Investment by joint venture partner | 419 | ' |
Excess tax benefit from restricted stock awards | 109 | ' |
Net cash provided by (used in) financing activities | 13,796 | ' |
Effect of exchange rate changes | 2,442 | ' |
Increase (decrease) in cash and cash equivalents | 101,057 | ' |
Beginning of period | 97,435 | ' |
End of period | 198,492 | ' |
Eliminations | ' | ' |
Cash flows from operating activities: | ' | ' |
Net earnings (loss) | -105,034 | 6,721 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ' | ' |
Deferred income taxes | ' | 1,500 |
Depreciation and amortization | -62 | -76 |
Net gain on disposition of equipment | -310 | -558 |
Other | 2,953 | -1,954 |
Decrease (increase) in assets: | ' | ' |
Accounts receivable | -19,626 | -390 |
Inventories | 47 | -127 |
Leased railcars for syndication | 2,951 | -2,264 |
Other | 1,436 | -26,267 |
Increase (decrease) in liabilities: | ' | ' |
Accounts payable and accrued liabilities | 17,994 | 1 |
Deferred revenue | 2 | 10 |
Net cash provided by (used in) operating activities | -99,649 | -23,404 |
Cash flows from investing activities: | ' | ' |
Investment in and net advances to unconsolidated affiliates | 99,649 | 23,133 |
Intercompany advances | ' | -1,261 |
Net cash provided by (used in) investing activities | 99,649 | 22,143 |
Cash flows from financing activities: | ' | ' |
Intercompany advances | ' | 1,261 |
Net cash provided by (used in) financing activities | ' | $1,261 |