The Greenbrier Companies, Inc. (GBX) 10-Q 1 Jul 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May. 31, 2015	Jun. 25, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	GBX
Entity Registrant Name	GREENBRIER COMPANIES INC
Entity Central Index Key	923,120
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		29,400,115

Consolidated Balance Sheets

Consolidated Balance Sheets - Entity [Domain] - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Assets
Cash and cash equivalents	$ 122,783	$ 184,916
Restricted cash	8,912	20,140
Accounts receivable, net	214,890	199,679
Inventories	426,655	305,656
Leased railcars for syndication	213,197	125,850
Equipment on operating leases, net	257,962	258,848
Property, plant and equipment, net	285,570	243,698
Investment in unconsolidated affiliates	91,217	69,359
Goodwill	43,265	43,265
Intangibles and other assets, net	62,664	65,757
Total assets	1,727,115	1,517,168
Liabilities and Equity
Revolving notes	92,507	13,081
Accounts payable and accrued liabilities	405,544	383,289
Deferred income taxes	75,572	81,383
Deferred revenue	24,209	20,603
Notes payable	$ 346,279	$ 445,091
Commitments and contingencies (Note 13)
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,925 and 27,364 shares outstanding at May 31, 2015 and August 31, 2014	$ 0	$ 0
Additional paid-in capital	293,407	235,763
Retained earnings	396,250	282,559
Accumulated other comprehensive loss	(17,261)	(6,932)
Total equity - Greenbrier	672,396	511,390
Noncontrolling interest	110,608	62,331
Total equity	783,004	573,721
Liabilities and Equity	$ 1,727,115	$ 1,517,168

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296	May. 31, 2015	Aug. 31, 2014
Preferred stock, without par value
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, outstanding
Common stock, without par value
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares outstanding	28,925,000	27,364,000

Consolidated Statements of Inco

Consolidated Statements of Income - Entity [Domain] - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Revenue
Revenue		$ 714,606	$ 593,285	$ 1,839,813	$ 1,585,856
Cost of revenue
Cost of revenue		565,320	496,510	1,477,149	1,369,671
Margin		149,286	96,775	362,664	216,185
Selling and administrative expense		45,595	34,800	112,223	89,034
Net gain on disposition of equipment		(720)	(5,619)	(924)	(14,686)
Restructuring charges			56		1,475
Earnings from operations		104,411	67,538	251,365	140,362
Other costs
Interest and foreign exchange		4,285	5,437	9,355	14,280
Earnings before income taxes and earnings from unconsolidated affiliates		100,126	62,101	242,010	126,082
Income tax (expense) benefit		(30,783)	(16,303)	(76,209)	(36,708)
Earnings before earnings from unconsolidated affiliates		69,343	45,798	165,801	89,374
Earnings from unconsolidated affiliates		982	298	1,552	272
Net earnings		70,325	46,096	167,353	89,646
Net earnings attributable to noncontrolling interest		(27,514)	(12,508)	(41,405)	(25,083)
Net earnings attributable to Greenbrier		$ 42,811	$ 33,588	$ 125,948	$ 64,563
Basic earnings per common share		$ 1.54	$ 1.20	$ 4.58	$ 2.29
Diluted earnings per common share	[1]	$ 1.33	$ 1.03	$ 3.91	$ 2.01
Weighted average common shares:
Basic	[2]	27,842	27,956	27,514	28,223
Diluted		33,000	34,001	33,262	34,268
Dividends declared per common share		$ 0.15		$ 0.45
Manufacturing
Revenue
Revenue		$ 593,376	$ 425,583	$ 1,478,566	$ 1,132,811
Cost of revenue
Cost of revenue		465,658	351,829	1,184,922	969,841
Wheels & Parts
Revenue
Revenue		97,407	140,663	286,671	390,604
Cost of revenue
Cost of revenue		89,645	129,825	259,285	365,740
Leasing & Services
Revenue
Revenue		23,823	27,039	74,576	62,441
Cost of revenue
Cost of revenue		$ 10,017	$ 14,856	$ 32,942	$ 34,090
[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.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - Entity [Domain] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Net earnings		$ 70,325	$ 46,096	$ 167,353	$ 89,646
Other comprehensive income
Translation adjustment		(1,299)	80	(10,990)	3,402
Reclassification of derivative financial instruments recognized in net earnings	[1]	(254)	4	417	321
Unrealized gain (loss) on derivative financial instruments	[2]	107	(659)	(7)	454
Other (net of tax effect)		93	(4)	99	(3)
Other comprehensive income (loss)		(1,353)	(579)	(10,481)	4,174
Comprehensive income		68,972	45,517	156,872	93,820
Comprehensive income attributable to noncontrolling interest		(27,497)	(12,501)	(41,253)	(25,137)
Comprehensive income attributable to Greenbrier		$ 41,475	$ 33,016	$ 115,619	$ 68,683
[1]	Net of tax of effect of $0.04 million and $0.1 million for the three months ended May 31, 2015 and 2014 and $0.4 million and $0.4 million for the nine months ended May 31, 2015 and 2014.
[2]	Net of tax of effect of $0.1 million and $0.5 million for the three months ended May 31, 2015 and 2014 and $0.6 million and $0.2 million for the nine months ended May 31, 2015 and 2014.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Reclassification of derivative financial instruments recognized in net earnings, tax	$ 40	$ 100	$ 400	$ 400
Unrealized gain (loss) on derivative financial instruments, tax	$ 100	$ 500	$ 600	$ 200

Consolidated Statements of Equi

Consolidated Statements of Equity - Entity [Domain] - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Attributable to Greenbrier	Attributable to Noncontrolling Interest
Beginning balance (in shares) at Aug. 31, 2013		28,084
Beginning balance at Aug. 31, 2013	$ 456,827		$ 259,864	$ 174,842	$ (6,504)	$ 428,202	$ 28,625
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
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	(26,293)		(26,293)			(26,293)
Repurchase of stock, shares		(641)
Ending Balance (in shares) at May. 31, 2014		27,489
Ending Balance at May. 31, 2014	$ 528,202		239,124	239,405	(2,384)	476,145	52,057
Beginning balance (in shares) at Aug. 31, 2014	27,364	27,364
Beginning balance at Aug. 31, 2014	$ 573,721		235,763	282,559	(6,932)	511,390	62,331
Net earnings	167,353			125,948		125,948	41,405
Other comprehensive income (loss), net	(10,481)				(10,329)	(10,329)	(152)
Noncontrolling interest adjustments	20,371						20,371
Purchase of noncontrolling interest	(80)						(80)
Joint venture partner distribution declared	(13,267)						(13,267)
Restricted stock awards (net of cancellations and expense) (in shares)		(19)
Restricted stock awards (net of cancellations and expense)	22,600		22,600			22,600
Unamortized restricted stock	(24,394)		(24,394)			(24,394)
Restricted stock amortization	13,176		13,176			13,176
Excess tax benefit from restricted stock awards	2,964		2,964			2,964
Conversion of convertible notes, net of debt issuance costs (in shares)		2,471
Conversion of convertible notes, net of debt issuance costs	91,749		91,749			91,749
Cash dividends	(12,257)			(12,257)		(12,257)
Repurchase of stock	$ (48,451)		(48,451)			(48,451)
Repurchase of stock, shares		(891)
Ending Balance (in shares) at May. 31, 2015	28,925	28,925
Ending Balance at May. 31, 2015	$ 783,004		$ 293,407	$ 396,250	$ (17,261)	$ 672,396	$ 110,608

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - Entity [Domain] - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Cash flows from operating activities
Net earnings	$ 167,353	$ 89,646
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes	(5,245)	(6,745)
Depreciation and amortization	33,258	30,824
Net gain on disposition of equipment	(924)	(14,686)
Stock based compensation expense	13,176	6,454
Noncontrolling interest adjustments	20,371	2,953
Other	1,008	388
Increase in assets:
Accounts receivable, net	(8,769)	(26,226)
Inventories	(124,906)	(21,722)
Leased railcars for syndication	(90,914)	(25,420)
Other	(1,666)	(2,491)
Increase in liabilities:
Accounts payable and accrued liabilities	23,135	36,507
Deferred revenue	3,680	12,258
Net cash provided by operating activities	29,557	81,740
Cash flows from investing activities
Proceeds from sales of assets	4,628	39,515
Capital expenditures	(75,892)	(34,522)
Decrease (increase) in restricted cash	228	(661)
Investment in and advances to unconsolidated affiliates	(29,923)	(1,253)
Other	715
Net cash provided by (used in) investing activities	(100,244)	3,079
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	73,000
Proceeds from revolving notes with maturities longer than 90 days	42,563	34,674
Repayments of revolving notes with maturities longer than 90 days	(36,137)	(64,801)
Proceeds from issuance of notes payable		200,000
Repayments of notes payable	(5,504)	(126,821)
Debt issuance costs		(382)
Repurchase of stock	(48,451)	(26,293)
Dividends	(12,069)
Decrease in restricted cash	11,000
Cash distribution to joint venture partner	(12,489)	(3,109)
Investment by joint venture partner		419
Excess tax benefit from restricted stock awards	2,964	109
Other	(248)
Net cash provided by (used in) financing activities	14,629	13,796
Effect of exchange rate changes	(6,075)	2,442
Increase (decrease) in cash and cash equivalents	(62,133)	101,057
Cash and cash equivalents
Beginning of period	184,916	97,435
End of period	122,783	198,492
Cash paid during the period for
Interest	13,509	12,816
Income taxes, net	87,829	41,643
Non-cash activity
Conversion of convertible notes, net of debt issuance costs	91,749
Dividends declared and accrued in Accounts payable and accrued liabilities	188
Transfer from Leased railcars for syndication to Equipment on operating leases, net	3,313
Capital expenditures accrued in Accounts payable and accrued liabilities	$ 2,304
Transfer of Inventories to Leased railcars for syndication		$ 2,691

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	May. 31, 2015
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, 2015 and for the three and nine months ended May 31, 2015 and 2014 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, operating results and cash flows for the periods indicated. The results of operations for the three and nine months ended May 31, 2015 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2015. 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 2014 Annual Report on Form 10-K. Management Estimates – Prospective Accounting Changes In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs Share Repurchase Programs – During the three and nine months ended May 31, 2015, the Company purchased a total of 28,363 and 891,041 shares for approximately $1.5 million and $48.5 million, respectively, under these share repurchase programs. As of May 31, 2015 the Company had $42.1 million available under the $75 million share repurchase program.

Inventories

Inventories	9 Months Ended
	May. 31, 2015
Inventories	Note 2 – 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, Manufacturing supplies and raw materials $ 323,164 $ 235,903 Work-in-process 62,668 48,853 Finished goods 44,143 23,766 Excess and obsolete adjustment (3,320 ) (2,866 ) $ 426,655 $ 305,656

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	May. 31, 2015
Intangibles and Other Assets, net	Note 3 – 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, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (32,886 ) (30,282 ) Other intangibles 3,426 3,699 Accumulated amortization (3,084 ) (3,156 ) 32,479 35,284 Intangible assets not subject to amortization 912 912 Nonqualified savings plan investments 12,666 10,223 Prepaid and other assets 12,063 11,736 Debt issuance costs, net 4,544 7,602 Total Intangible and other assets, net $ 62,664 $ 65,757 Amortization expense for the three and nine months ended May 31, 2015 was $0.9 million and $2.7 million and for the three and nine months ended May 31, 2014 was $1.0 million and $3.6 million. Amortization expense for the years ending August 31, 2015, 2016, 2017, 2018 and 2019 is expected to be $3.6 million, $3.6 million, $3.6 million, $3.4 million and $3.4 million.

Revolving Notes

Revolving Notes	9 Months Ended
	May. 31, 2015
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $346.2 million as of May 31, 2015. As of May 31, 2015, a $290.0 million revolving line of credit, maturing June 2016, secured by substantially all the Company’s assets in the U.S. not otherwise pledged as security for term loans, 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, 2015, lines of credit totaling $16.2 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 1.3%, 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 February 2016 through June 2017. The Company’s Mexican joint venture has two lines of credit totaling $40.0 million. The first line of credit provides up to $10.0 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 June 2016. 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 2019. As of May 31, 2015, outstanding commitments under the senior secured credit facilities consisted of $49.8 million in letters of credit and $73.0 million in revolving notes under the North American credit facility and $19.5 million outstanding in revolving notes under the Mexican joint venture credit facilities. As of August 31, 2014, outstanding commitments under the senior secured credit facilities consisted of $9.6 million in letters of credit under the North American credit facility and $13.1 million outstanding in revolving notes under the Mexican joint venture credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	May. 31, 2015
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) May 31, August 31, Trade payables $ 251,634 $ 204,744 Other accrued liabilities 64,189 66,421 Accrued payroll and related liabilities 57,839 64,959 Accrued maintenance 17,965 14,329 Accrued warranty 10,198 9,340 Income taxes payable 163 19,709 Other 3,556 3,787 $ 405,544 $ 383,289

Warranty Accruals

Warranty Accruals	9 Months Ended
	May. 31, 2015
Warranty Accruals	Note 6 – 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 (In thousands) 2015 2014 2015 2014 Balance at beginning of period $ 9,188 $ 10,673 $ 9,340 $ 12,128 Charged to cost of revenue, net 2,036 170 3,982 1,418 Payments (994 ) (1,208 ) (2,797 ) (4,191 ) Currency translation effect (32 ) 83 (327 ) 363 Balance at end of period $ 10,198 $ 9,718 $ 10,198 $ 9,718

Notes Payable

Notes Payable	9 Months Ended
	May. 31, 2015
Notes Payable	Note 7 – Notes Payable The Company’s 3.5% convertible senior notes will mature on April 1, 2018, unless repurchased earlier by the Company or converted in accordance with their terms. Holders may convert at their option at any time prior to the business day immediately preceding the stated maturity date. During 2015, $93.1 million in principal of the original $230.0 million was converted into 2.5 million shares of the Company’s common stock which resulted in a principal balance of $136.9 million as of May 31, 2015. Associated debt issuance costs of $1.3 million were removed from Intangibles and other assets, net and charged against additional paid in capital. 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 Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	May. 31, 2015
Accumulated Other Comprehensive Loss	Note 8 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Foreign Other Accumulated Balance, August 31, 2014 $ (1,601 ) $ (4,813 ) $ (518 ) $ (6,932 ) Other comprehensive income (loss) before reclassifications (7 ) (10,838 ) 1 99 (10,746 ) Amounts reclassified from accumulated other comprehensive loss 417 — — 417 Balance, May 31, 2015 $ (1,191 ) $ (15,651 ) $ (419 ) $ (17,261 ) 1 Primarily relates to the foreign currency translation of the Company’s Zloty functional currency operations in Poland to US Dollars. The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement (In thousands) 2015 2014 2015 2014 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (652 ) $ (335 ) $ (518 ) $ (575 ) Revenue Interest rate swap contracts 442 446 1,349 1,275 Interest and foreign exchange (210 ) 111 831 700 Total before tax (44 ) (107 ) (414 ) (379 ) Tax expense $ (254 ) $ 4 $ 417 $ 321 Net of tax

Earnings Per Share

Earnings Per Share	9 Months Ended
	May. 31, 2015
Earnings Per Share	Note 9 – Earnings Per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended Nine Months Ended (In thousands) 2015 2014 2015 2014 Weighted average basic common shares outstanding (1) 27,842 27,956 27,514 28,223 Dilutive effect of 2018 Convertible notes (2) 5,155 6,045 5,745 6,045 Dilutive effect of 2026 Convertible notes (3) 3 — 3 — Weighted average diluted common shares outstanding 33,000 34,001 33,262 34,268 (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. (2) The dilutive effect of the 2018 Convertible notes was included for the three and nine months ended May 31, 2015 and 2014 as they were considered dilutive under the “if converted” method as further discussed below. (3) The dilutive effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than $48.05, as further described below. The effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2014 as the average stock price was less than $48.05 and therefore was considered anti-dilutive. Dilutive EPS for the three and nine months ended May 31, 2015 and 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 2015 2014 2015 2014 Net earnings attributable to Greenbrier $ 42,811 $ 33,588 $ 125,948 $ 64,563 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 1,234 1,416 4,066 4,248 Earnings before interest and debt issuance costs on convertible notes $ 44,045 $ 35,004 $ 130,014 $ 68,811 Weighted average diluted common shares outstanding 33,000 34,001 33,262 34,268 Diluted earnings per share (1) $ 1.33 $ 1.03 $ 3.91 $ 2.01 (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
	May. 31, 2015
Stock Based Compensation	Note 10 – 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 $6.0 million and $13.2 million for the three and nine months ended May 31, 2015 and $3.6 million and $6.5 million for the three and nine months ended May 31, 2014. 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 Income.

Derivative Instruments

Derivative Instruments	9 Months Ended
	May. 31, 2015
Derivative Instruments	Note 11 – 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 used 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, 2015 exchange rates, forward exchange contracts for the purchase of Polish Zloty and the sale of Euro aggregated $73.7 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when there is a loss, or as Accounts receivable, net when there is a gain. As the contracts mature at various dates through February 2017, 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, 2015, an interest rate swap agreement maturing in March 2020 had a notional amount of $96.5 million. 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, 2015 interest rates, approximately $1.7 million would be reclassified to interest expense in the next 12 months. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet Fair Fair Balance sheet Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,271 $ 129 Accounts payable $ 177 $ 704 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable 2,525 1,286 $ 1,271 $ 129 $ 2,702 $ 1,990 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 256 $ 71 Accounts payable $ — $ 5 The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in Gain (loss) recognized in income on 2015 2014 Foreign forward exchange contract Interest and foreign exchange $ (22 ) $ 230 Interest rate swap contracts Interest and foreign exchange 69 — $ 47 $ 230 Derivatives in cash flow hedging relationships Gain (loss) Location of Gain (loss) Location of Gain recognized on 2015 2014 2015 2014 2015 2014 Foreign forward exchange contracts $ 1,867 $ 1,558 Revenue $ 518 $ 575 Interest and foreign exchange $ 1,024 $ 684 Interest rate swap contracts (2,640 ) (1,281 ) Interest and (1,349 ) (1,275 ) Interest and foreign exchange — — $ (773 ) $ 277 $ (831 ) $ (700 ) $ 1,024 $ 684

Segment Information

Segment Information	9 Months Ended
	May. 31, 2015
Segment Information	Note 12 – Segment Information Through July 18, 2014, Greenbrier operated in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services. On July 18, 2014, the Company completed the formation of GBW, an unconsolidated 50/50 joint venture with Watco which became the Company’s fourth reportable segment (GBW Joint Venture) upon formation. The Wheels & Parts segment (previously known as Wheels, Repair & Parts through 2014) included the results of operations for its repair, refurbishment, maintenance and retrofitting (“Repair”) operations through July 18, 2014. After July 18, 2014, the results of GBW were included as part of Earnings (loss) from unconsolidated affiliates as the Company accounts for its interest in GBW under the equity method of accounting. Certain assets including real property, personal property, accounts receivable and accounts payable were not contributed or sold to GBW and remained as part of the Wheels & Parts segment. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three and nine months ended May 31, 2015, GBW generated total revenue of $88.8 million and $254.7 million. GBW had total assets of $230.1 million and $210.6 million as of May 31, 2015 and August 31, 2014. The Company recorded earnings of $0.4 million in Earnings from unconsolidated affiliates associated with GBW for both the three and nine months ended May 31, 2015. The Company’s total investment in GBW at May 31, 2015 was $57.6 million which is included in unallocated assets in the tables below. 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 2014 Annual Report on Form 10-K. Performance is evaluated based on Earnings 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 our integrated business. The Company does not allocate Interest and foreign exchange or Income tax 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, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 593,376 $ 33 $ 593,409 $ 115,675 $ — $ 115,675 Wheels & Parts 97,407 7,605 105,012 5,078 607 5,685 Leasing & Services 23,823 11,722 35,545 10,824 11,722 22,546 Eliminations — (19,360 ) (19,360 ) — (12,329 ) (12,329 ) Corporate — — — (27,166 ) — (27,166 ) $ 714,606 $ — $ 714,606 $ 104,411 $ — $ 104,411 For the nine months ended May 31, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 1,478,566 $ 7,534 $ 1,486,100 $ 258,602 $ 795 $ 259,397 Wheels & Parts 286,671 20,450 307,121 20,986 2,044 23,030 Leasing & Services 74,576 43,533 118,109 31,677 43,533 75,210 Eliminations — (71,517 ) (71,517 ) — (46,372 ) (46,372 ) Corporate — — — (59,900 ) — (59,900 ) $ 1,839,813 $ — $ 1,839,813 $ 251,365 $ — $ 251,365 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 Total assets May 31, August 31, 2015 2014 Manufacturing $ 697,342 $ 521,711 Wheels & Parts 290,363 298,009 Leasing & Services 538,896 436,075 Unallocated 200,514 261,373 $ 1,727,115 $ 1,517,168

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May. 31, 2015
Commitments and Contingencies	Note 13 – 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. In December 2000, the U.S. Environmental Protection Agency (EPA) classified portions of the Willamette River bed known as 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 EPA expects the investigation to continue until 2017. 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 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, currently scheduled by the EPA for 2017. Based on the investigation to date, the Company believes that it did not contribute in any material way to contamination in the river sediments or 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 or restoration 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. The Company has also signed an Order on Consent with the 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 the Company is currently discussing with the DEQ potential remedial actions which may be required. Our aggregate expenditure has not been material, however the Company could incur significant expenses for remediation. 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 $3.5 million in third party warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of May 31, 2015, the Mexican joint venture had $20.8 million of third party debt outstanding, for which the Company and its joint venture partner had each guaranteed approximately $18.8 million. As of May 31, 2015, the Company had outstanding letters of credit aggregating $49.8 million associated with performance guarantees, facility leases and workers compensation insurance. On July 18, 2014, the Company and Watco contributed its respective Repair operations to GBW, an unconsolidated 50/50 joint venture. The Company made $12.5 million in cash contributions in 2014 and $3.2 million in cash contributions and $7.5 million in loans during the nine months ended May 31, 2015. The Company expects to loan additional amounts, up to $7.0 million, during the fourth quarter of 2015. The Company is likely to make additional capital contributions or loans to GBW in the future. As of May 31, 2015, the Company had a $7.5 million note receivable and a $21.0 million account receivable from GBW. The account receivable from GBW was for the initial sale of inventory to GBW which may be converted into a note receivable during the year. The Company receives approximately $5 million annually from GBW in lease payments for the Company’s owned facilities and equipment leased to GBW as well as quarterly distributions of a portion of GBW’s earnings. During the nine months ended May 31, 2015, the Company received $0.7 million in quarterly distributions from GBW.

Fair Value Measures

Fair Value Measures	9 Months Ended
	May. 31, 2015
Fair Value Measures	Note 14 – 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, 2015 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,527 $ — $ 1,527 $ — Nonqualified savings plan investments 12,666 12,666 — — Cash equivalents 5,068 5,068 — — $ 19,261 $ 17,734 $ 1,527 $ — Liabilities: Derivative financial instruments $ 2,702 $ — $ 2,702 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2014 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 200 $ — $ 200 $ — Nonqualified savings plan investments 10,223 10,223 — — Cash equivalents 35,036 35,036 — — $ 45,459 $ 45,259 $ 200 $ — Liabilities: Derivative financial instruments $ 1,995 $ — $ 1,995 $ —

Guarantor_Non-Guarantor

Guarantor/Non-Guarantor	9 Months Ended
	May. 31, 2015
Guarantor/Non-Guarantor	Note 15 – 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; Greenbrier Railcar Leasing, Inc. and Greenbrier Rail Services Holdings, LLC. 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 Europe Holdings 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.; 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.; Greenbrier do Brasil Participações Ltda; Greenbrier Tank Components, LLC; Gunderson-Gimsa S.A. de C.V., Greenbrier; S.A. de C.V.; Greenbrier Industries, 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, 2015 and August 31, 2014, for the three and nine months ended May 31, 2015 and 2014. 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, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 55,896 $ 487 $ 66,400 $ — $ 122,783 Restricted cash — 2,009 6,903 — 8,912 Accounts receivable, net 576 474,518 15,268 (275,472 ) 214,890 Inventories — 152,396 275,883 (1,624 ) 426,655 Leased railcars for syndication — 234,560 — (21,363 ) 213,197 Equipment on operating leases, net — 257,653 2,973 (2,664 ) 257,962 Property, plant and equipment, net 7,116 104,124 174,330 — 285,570 Investment in unconsolidated affiliates 1,116,076 166,455 23,099 (1,214,413 ) 91,217 Goodwill — 43,265 — — 43,265 Intangibles and other assets, net 17,035 41,625 12,186 (8,182 ) 62,664 $ 1,196,699 $ 1,477,092 $ 577,042 $ (1,523,718 ) $ 1,727,115 Liabilities and Equity Revolving notes $ 73,000 $ — $ 19,507 $ — $ 92,507 Accounts payable and accrued liabilities 287,539 247,506 192,335 (321,836 ) 405,544 Deferred income taxes 11,971 72,489 — (8,888 ) 75,572 Deferred revenue — 24,028 137 44 24,209 Notes payable 151,792 193,175 1,312 — 346,279 Total equity – Greenbrier 672,397 939,894 253,236 (1,193,131 ) 672,396 Noncontrolling interest — — 110,515 93 110,608 Total equity 672,397 939,894 363,751 (1,193,038 ) 783,004 $ 1,196,699 $ 1,477,092 $ 577,042 $ (1,523,718 ) $ 1,727,115 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 280,928 $ 492,302 $ (179,854 ) $ 593,376 Wheels & Parts — 98,746 — (1,339 ) 97,407 Leasing & Services (90 ) 23,762 — 151 23,823 (90 ) 403,436 492,302 (181,042 ) 714,606 Cost of revenue Manufacturing — 230,143 418,273 (182,758 ) 465,658 Wheels & Parts — 91,131 — (1,486 ) 89,645 Leasing & Services — 10,041 — (24 ) 10,017 — 331,315 418,273 (184,268 ) 565,320 Margin (90 ) 72,121 74,029 3,226 149,286 Selling and administrative expense 24,851 10,688 9,912 144 45,595 Net (gain) loss on disposition of equipment — (724 ) 7 (3 ) (720 ) Earnings (loss) from operations (24,941 ) 62,157 64,110 3,085 104,411 Other costs Interest and foreign exchange 3,240 1,649 (604 ) — 4,285 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (28,181 ) 60,508 64,714 3,085 100,126 Income tax (expense) benefit 4,215 (26,025 ) (7,888 ) (1,085 ) (30,783 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,966 ) 34,483 56,826 2,000 69,343 Earnings (loss) from unconsolidated affiliates 66,777 5,142 47 (70,984 ) 982 Net earnings (loss) 42,811 39,625 56,873 (68,984 ) 70,325 Net earnings attributable to noncontrolling interest — — (26,415 ) (1,099 ) (27,514 ) Net earnings (loss) attributable to Greenbrier $ 42,811 $ 39,625 $ 30,458 $ (70,083 ) $ 42,811 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 877,405 $ 1,285,603 $ (684,442 ) $ 1,478,566 Wheels & Parts — 290,917 — (4,246 ) 286,671 Leasing & Services 83 74,064 1 428 74,576 83 1,242,386 1,285,604 (688,260 ) 1,839,813 Cost of revenue Manufacturing — 735,414 1,091,498 (641,990 ) 1,184,922 Wheels & Parts — 263,755 — (4,470 ) 259,285 Leasing & Services — 33,014 — (72 ) 32,942 — 1,032,183 1,091,498 (646,532 ) 1,477,149 Margin 83 210,203 194,106 (41,728 ) 362,664 Selling and administrative expense 55,116 26,905 30,169 33 112,223 Net (gain) loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Earnings (loss) from operations (55,033 ) 184,225 163,930 (41,757 ) 251,365 Other costs Interest and foreign exchange 9,345 4,998 (4,988 ) — 9,355 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (64,378 ) 179,227 168,918 (41,757 ) 242,010 Income tax (expense) benefit (4,476 ) (62,438 ) (22,559 ) 13,264 (76,209 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (68,854 ) 116,789 146,359 (28,493 ) 165,801 Earnings (loss) from unconsolidated affiliates 194,802 21,377 142 (214,769 ) 1,552 Net earnings (loss) 125,948 138,166 146,501 (243,262 ) 167,353 Net (earnings) loss attributable to noncontrolling interest — — (61,992 ) 20,587 (41,405 ) Net earnings (loss) attributable to Greenbrier $ 125,948 $ 138,166 $ 84,509 $ (222,675 ) $ 125,948 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 42,811 $ 39,625 $ 56,873 $ (68,984 ) $ 70,325 Other comprehensive income (loss) Translation adjustment — (18 ) (1,281 ) — (1,299 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 275 (529 ) — (254 ) Unrealized gain (loss) on derivative financial instruments — (443 ) 550 — 107 Other (net of tax effect) — — 93 — 93 — (186 ) (1,167 ) — (1,353 ) Comprehensive income (loss) 42,811 39,439 55,706 (68,984 ) 68,972 Comprehensive income attributable to noncontrolling interest — — (26,398 ) (1,099 ) (27,497 ) Comprehensive income (loss) attributable to Greenbrier $ 42,811 $ 39,439 $ 29,308 $ (70,083 ) $ 41,475 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Other comprehensive income (loss) Translation adjustment — (137 ) (10,853 ) — (10,990 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 837 (420 ) — 417 Unrealized gain (loss) on derivative financial instruments — (1,640 ) 1,633 — (7 ) Other (net of tax effect) — — 99 — 99 — (940 ) (9,541 ) — (10,481 ) Comprehensive income (loss) 125,948 137,226 136,960 (243,262 ) 156,872 Comprehensive (income) loss attributable to noncontrolling interest — — (61,840 ) 20,587 (41,253 ) Comprehensive income (loss) attributable to Greenbrier $ 125,948 $ 137,226 $ 75,120 $ (222,675 ) $ 115,619 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes (138 ) (8,000 ) 2,893 — (5,245 ) Depreciation and amortization 1,484 19,909 11,936 (71 ) 33,258 Net (gain)loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Stock based compensation expense 13,176 — — — 13,176 Noncontrolling interest adjustments — — — 20,371 20,371 Other 43 105 860 — 1,008 Decrease (increase) in assets: Accounts receivable, net 50 (10,046 ) 37,034 (35,807 ) (8,769 ) Inventories — (39,279 ) (87,156 ) 1,529 (124,906 ) Leased railcars for syndication — (109,324 ) — 18,410 (90,914 ) Other 20,641 763 (33,634 ) 10,564 (1,666 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (3,824 ) 25,612 9,112 (7,765 ) 23,135 Deferred revenue (122 ) 4,078 (276 ) — 3,680 Net cash provided by (used in) operating activities 157,258 21,057 87,277 (236,035 ) 29,557 Cash flows from investing activities: Proceeds from sales of assets — 4,623 5 — 4,628 Capital expenditures (2,424 ) (18,807 ) (55,059 ) 398 (75,892 ) Decrease (increase) in restricted cash — 229 (1 ) — 228 Investment in and net advances to unconsolidated affiliates (245,594 ) (19,966 ) — 235,637 (29,923 ) Other 715 — — — 715 Net cash provided by (used in) investing activities (247,303 ) (33,921 ) (55,055 ) 236,035 (100,244 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 73,000 — — — 73,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayments of revolving notes with maturities longer than 90 days — — (36,137 ) — (36,137 ) Repayments of notes payable (5 ) (5,280 ) (219 ) — (5,504 ) Intercompany advances (18,997 ) 9,788 9,209 — — Repurchase of stock (48,451 ) — — — (48,451 ) Dividends (12,069 ) — — — (12,069 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distributions to joint venture partner — — (12,489 ) — (12,489 ) Excess tax benefit from restricted stock awards 2,964 — — — 2,964 Other (248 ) — — — (248 ) Net cash provided by (used in) financing activities (3,806 ) 15,508 2,927 — 14,629 Effect of exchange rate changes — (2,269 ) (3,806 ) — (6,075 ) Increase (decrease) in cash and cash equivalents (93,851 ) 375 31,343 — (62,133 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 55,896 $ 487 $ 66,400 $ — $ 122,783 The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet August 31, 2014 (In thousands) Parent Combined Combined Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 149,747 $ 112 $ 35,057 $ — $ 184,916 Restricted cash — 13,238 6,902 — 20,140 Accounts receivable, net 626 474,409 62,421 (337,777 ) 199,679 Inventories — 113,117 192,634 (95 ) 305,656 Leased railcars for syndication — 128,965 — (3,115 ) 125,850 Equipment on operating leases, net — 257,415 3,613 (2,180 ) 258,848 Property, plant and equipment, net 6,220 102,972 134,506 — 243,698 Investment in unconsolidated affiliates 910,732 143,768 3,961 (989,102 ) 69,359 Goodwill — 43,265 — — 43,265 Intangibles and other assets, net 17,031 45,013 14,221 (10,508 ) 65,757 $ 1,084,356 $ 1,322,274 $ 453,315 $ (1,342,777 ) $ 1,517,168 Liabilities and Equity Revolving notes $ — $ — $ 13,081 $ — $ 13,081 Accounts payable and accrued liabilities 315,879 221,863 185,335 (339,788 ) 383,289 Deferred income taxes 12,109 80,489 — (11,215 ) 81,383 Deferred revenue 122 19,950 487 44 20,603 Notes payable 244,856 198,705 1,530 — 445,091 Total equity Greenbrier 511,390 801,267 190,861 (992,128 ) 511,390 Noncontrolling interest — — 62,021 310 62,331 Total equity 511,390 801,267 252,882 (991,818 ) 573,721 $ 1,084,356 $ 1,322,274 $ 453,315 $ (1,342,777 ) $ 1,517,168 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated 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 and earnings (loss) from unconsolidated affiliates (16,797 ) 43,095 37,090 (1,287 ) 62,101 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 Income For the nine months ended May 31, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated 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 and earnings (loss) from unconsolidated affiliates (39,584 ) 95,208 76,034 (5,576 ) 126,082 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 Comprehensive Income (Loss) For the three months ended May 31, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 33,588 $ 37,001 $ 28,746 $ (53,239 ) $ 46,096 Other comprehensive income (loss) Translation adjustment — 73 7 — 80 Reclassification of derivative financial instruments recognized in net earnings (loss) — 276 (272 ) — 4 Unrealized gain (loss) on derivative financial instruments — 139 (798 ) — (659 ) 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. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated 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 derivative financial instruments recognized in net earnings (loss) — 787 (466 ) — 321 Unrealized gain (loss) on derivative financial instruments — 1,245 (791 ) — 454 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 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 Noncontrolling interest adjustments — — — 2,953 2,953 Other — 372 16 — 388 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

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May. 31, 2015
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) May 31, August 31, Manufacturing supplies and raw materials $ 323,164 $ 235,903 Work-in-process 62,668 48,853 Finished goods 44,143 23,766 Excess and obsolete adjustment (3,320 ) (2,866 ) $ 426,655 $ 305,656

Intangibles and Other Assets,25

Intangibles and Other Assets, net (Tables)	9 Months Ended
	May. 31, 2015
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, August 31, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (32,886 ) (30,282 ) Other intangibles 3,426 3,699 Accumulated amortization (3,084 ) (3,156 ) 32,479 35,284 Intangible assets not subject to amortization 912 912 Nonqualified savings plan investments 12,666 10,223 Prepaid and other assets 12,063 11,736 Debt issuance costs, net 4,544 7,602 Total Intangible and other assets, net $ 62,664 $ 65,757

Accounts Payable and Accrued 26

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	May. 31, 2015
Accounts Payable and Accrued Liabilities	(In thousands) May 31, August 31, Trade payables $ 251,634 $ 204,744 Other accrued liabilities 64,189 66,421 Accrued payroll and related liabilities 57,839 64,959 Accrued maintenance 17,965 14,329 Accrued warranty 10,198 9,340 Income taxes payable 163 19,709 Other 3,556 3,787 $ 405,544 $ 383,289

Warranty Accruals (Tables)

Warranty Accruals (Tables)	9 Months Ended
	May. 31, 2015
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended Nine Months Ended (In thousands) 2015 2014 2015 2014 Balance at beginning of period $ 9,188 $ 10,673 $ 9,340 $ 12,128 Charged to cost of revenue, net 2,036 170 3,982 1,418 Payments (994 ) (1,208 ) (2,797 ) (4,191 ) Currency translation effect (32 ) 83 (327 ) 363 Balance at end of period $ 10,198 $ 9,718 $ 10,198 $ 9,718

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	May. 31, 2015
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 Balance, August 31, 2014 $ (1,601 ) $ (4,813 ) $ (518 ) $ (6,932 ) Other comprehensive income (loss) before reclassifications (7 ) (10,838 ) 1 99 (10,746 ) Amounts reclassified from accumulated other comprehensive loss 417 — — 417 Balance, May 31, 2015 $ (1,191 ) $ (15,651 ) $ (419 ) $ (17,261 ) 1 Primarily relates to the foreign currency translation of the Company’s Zloty functional currency operations in Poland to US Dollars.
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement (In thousands) 2015 2014 2015 2014 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (652 ) $ (335 ) $ (518 ) $ (575 ) Revenue Interest rate swap contracts 442 446 1,349 1,275 Interest and foreign exchange (210 ) 111 831 700 Total before tax (44 ) (107 ) (414 ) (379 ) Tax expense $ (254 ) $ 4 $ 417 $ 321 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May. 31, 2015
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended Nine Months Ended (In thousands) 2015 2014 2015 2014 Weighted average basic common shares outstanding (1) 27,842 27,956 27,514 28,223 Dilutive effect of 2018 Convertible notes (2) 5,155 6,045 5,745 6,045 Dilutive effect of 2026 Convertible notes (3) 3 — 3 — Weighted average diluted common shares outstanding 33,000 34,001 33,262 34,268 (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. (2) The dilutive effect of the 2018 Convertible notes was included for the three and nine months ended May 31, 2015 and 2014 as they were considered dilutive under the “if converted” method as further discussed below. (3) The dilutive effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than $48.05, as further described below. The effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2014 as the average stock price was less than $48.05 and therefore was considered anti-dilutive.
Approach to Calculate Diluted Earning per Share	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net earnings attributable to Greenbrier $ 42,811 $ 33,588 $ 125,948 $ 64,563 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 1,234 1,416 4,066 4,248 Earnings before interest and debt issuance costs on convertible notes $ 44,045 $ 35,004 $ 130,014 $ 68,811 Weighted average diluted common shares outstanding 33,000 34,001 33,262 34,268 Diluted earnings per share (1) $ 1.33 $ 1.03 $ 3.91 $ 2.01 (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
	May. 31, 2015
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet Fair Fair Balance sheet Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,271 $ 129 Accounts payable $ 177 $ 704 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable 2,525 1,286 $ 1,271 $ 129 $ 2,702 $ 1,990 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 256 $ 71 Accounts payable $ — $ 5
Effect of Derivative Instruments on Statements of Income	The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in Gain (loss) recognized in income on 2015 2014 Foreign forward exchange contract Interest and foreign exchange $ (22 ) $ 230 Interest rate swap contracts Interest and foreign exchange 69 — $ 47 $ 230 Derivatives in cash flow hedging relationships Gain (loss) Location of Gain (loss) Location of Gain recognized on 2015 2014 2015 2014 2015 2014 Foreign forward exchange contracts $ 1,867 $ 1,558 Revenue $ 518 $ 575 Interest and foreign exchange $ 1,024 $ 684 Interest rate swap contracts (2,640 ) (1,281 ) Interest and (1,349 ) (1,275 ) Interest and foreign exchange — — $ (773 ) $ 277 $ (831 ) $ (700 ) $ 1,024 $ 684

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May. 31, 2015
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, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 593,376 $ 33 $ 593,409 $ 115,675 $ — $ 115,675 Wheels & Parts 97,407 7,605 105,012 5,078 607 5,685 Leasing & Services 23,823 11,722 35,545 10,824 11,722 22,546 Eliminations — (19,360 ) (19,360 ) — (12,329 ) (12,329 ) Corporate — — — (27,166 ) — (27,166 ) $ 714,606 $ — $ 714,606 $ 104,411 $ — $ 104,411 For the nine months ended May 31, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 1,478,566 $ 7,534 $ 1,486,100 $ 258,602 $ 795 $ 259,397 Wheels & Parts 286,671 20,450 307,121 20,986 2,044 23,030 Leasing & Services 74,576 43,533 118,109 31,677 43,533 75,210 Eliminations — (71,517 ) (71,517 ) — (46,372 ) (46,372 ) Corporate — — — (59,900 ) — (59,900 ) $ 1,839,813 $ — $ 1,839,813 $ 251,365 $ — $ 251,365 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 Total assets May 31, August 31, 2015 2014 Manufacturing $ 697,342 $ 521,711 Wheels & Parts 290,363 298,009 Leasing & Services 538,896 436,075 Unallocated 200,514 261,373 $ 1,727,115 $ 1,517,168

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	May. 31, 2015
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, 2015 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,527 $ — $ 1,527 $ — Nonqualified savings plan investments 12,666 12,666 — — Cash equivalents 5,068 5,068 — — $ 19,261 $ 17,734 $ 1,527 $ — Liabilities: Derivative financial instruments $ 2,702 $ — $ 2,702 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2014 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 200 $ — $ 200 $ — Nonqualified savings plan investments 10,223 10,223 — — Cash equivalents 35,036 35,036 — — $ 45,459 $ 45,259 $ 200 $ — Liabilities: Derivative financial instruments $ 1,995 $ — $ 1,995 $ —

Guarantor_Non-Guarantor (Tables

Guarantor/Non-Guarantor (Tables)	9 Months Ended
	May. 31, 2015
Condensed Consolidating Balance Sheet	The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 55,896 $ 487 $ 66,400 $ — $ 122,783 Restricted cash — 2,009 6,903 — 8,912 Accounts receivable, net 576 474,518 15,268 (275,472 ) 214,890 Inventories — 152,396 275,883 (1,624 ) 426,655 Leased railcars for syndication — 234,560 — (21,363 ) 213,197 Equipment on operating leases, net — 257,653 2,973 (2,664 ) 257,962 Property, plant and equipment, net 7,116 104,124 174,330 — 285,570 Investment in unconsolidated affiliates 1,116,076 166,455 23,099 (1,214,413 ) 91,217 Goodwill — 43,265 — — 43,265 Intangibles and other assets, net 17,035 41,625 12,186 (8,182 ) 62,664 $ 1,196,699 $ 1,477,092 $ 577,042 $ (1,523,718 ) $ 1,727,115 Liabilities and Equity Revolving notes $ 73,000 $ — $ 19,507 $ — $ 92,507 Accounts payable and accrued liabilities 287,539 247,506 192,335 (321,836 ) 405,544 Deferred income taxes 11,971 72,489 — (8,888 ) 75,572 Deferred revenue — 24,028 137 44 24,209 Notes payable 151,792 193,175 1,312 — 346,279 Total equity – Greenbrier 672,397 939,894 253,236 (1,193,131 ) 672,396 Noncontrolling interest — — 110,515 93 110,608 Total equity 672,397 939,894 363,751 (1,193,038 ) 783,004 $ 1,196,699 $ 1,477,092 $ 577,042 $ (1,523,718 ) $ 1,727,115 The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet August 31, 2014 (In thousands) Parent Combined Combined Non-Guarantor Eliminations Consolidated Assets Cash and cash equivalents $ 149,747 $ 112 $ 35,057 $ — $ 184,916 Restricted cash — 13,238 6,902 — 20,140 Accounts receivable, net 626 474,409 62,421 (337,777 ) 199,679 Inventories — 113,117 192,634 (95 ) 305,656 Leased railcars for syndication — 128,965 — (3,115 ) 125,850 Equipment on operating leases, net — 257,415 3,613 (2,180 ) 258,848 Property, plant and equipment, net 6,220 102,972 134,506 — 243,698 Investment in unconsolidated affiliates 910,732 143,768 3,961 (989,102 ) 69,359 Goodwill — 43,265 — — 43,265 Intangibles and other assets, net 17,031 45,013 14,221 (10,508 ) 65,757 $ 1,084,356 $ 1,322,274 $ 453,315 $ (1,342,777 ) $ 1,517,168 Liabilities and Equity Revolving notes $ — $ — $ 13,081 $ — $ 13,081 Accounts payable and accrued liabilities 315,879 221,863 185,335 (339,788 ) 383,289 Deferred income taxes 12,109 80,489 — (11,215 ) 81,383 Deferred revenue 122 19,950 487 44 20,603 Notes payable 244,856 198,705 1,530 — 445,091 Total equity Greenbrier 511,390 801,267 190,861 (992,128 ) 511,390 Noncontrolling interest — — 62,021 310 62,331 Total equity 511,390 801,267 252,882 (991,818 ) 573,721 $ 1,084,356 $ 1,322,274 $ 453,315 $ (1,342,777 ) $ 1,517,168
Condensed Consolidating Statement of Income	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 280,928 $ 492,302 $ (179,854 ) $ 593,376 Wheels & Parts — 98,746 — (1,339 ) 97,407 Leasing & Services (90 ) 23,762 — 151 23,823 (90 ) 403,436 492,302 (181,042 ) 714,606 Cost of revenue Manufacturing — 230,143 418,273 (182,758 ) 465,658 Wheels & Parts — 91,131 — (1,486 ) 89,645 Leasing & Services — 10,041 — (24 ) 10,017 — 331,315 418,273 (184,268 ) 565,320 Margin (90 ) 72,121 74,029 3,226 149,286 Selling and administrative expense 24,851 10,688 9,912 144 45,595 Net (gain) loss on disposition of equipment — (724 ) 7 (3 ) (720 ) Earnings (loss) from operations (24,941 ) 62,157 64,110 3,085 104,411 Other costs Interest and foreign exchange 3,240 1,649 (604 ) — 4,285 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (28,181 ) 60,508 64,714 3,085 100,126 Income tax (expense) benefit 4,215 (26,025 ) (7,888 ) (1,085 ) (30,783 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,966 ) 34,483 56,826 2,000 69,343 Earnings (loss) from unconsolidated affiliates 66,777 5,142 47 (70,984 ) 982 Net earnings (loss) 42,811 39,625 56,873 (68,984 ) 70,325 Net earnings attributable to noncontrolling interest — — (26,415 ) (1,099 ) (27,514 ) Net earnings (loss) attributable to Greenbrier $ 42,811 $ 39,625 $ 30,458 $ (70,083 ) $ 42,811 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 877,405 $ 1,285,603 $ (684,442 ) $ 1,478,566 Wheels & Parts — 290,917 — (4,246 ) 286,671 Leasing & Services 83 74,064 1 428 74,576 83 1,242,386 1,285,604 (688,260 ) 1,839,813 Cost of revenue Manufacturing — 735,414 1,091,498 (641,990 ) 1,184,922 Wheels & Parts — 263,755 — (4,470 ) 259,285 Leasing & Services — 33,014 — (72 ) 32,942 — 1,032,183 1,091,498 (646,532 ) 1,477,149 Margin 83 210,203 194,106 (41,728 ) 362,664 Selling and administrative expense 55,116 26,905 30,169 33 112,223 Net (gain) loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Earnings (loss) from operations (55,033 ) 184,225 163,930 (41,757 ) 251,365 Other costs Interest and foreign exchange 9,345 4,998 (4,988 ) — 9,355 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (64,378 ) 179,227 168,918 (41,757 ) 242,010 Income tax (expense) benefit (4,476 ) (62,438 ) (22,559 ) 13,264 (76,209 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (68,854 ) 116,789 146,359 (28,493 ) 165,801 Earnings (loss) from unconsolidated affiliates 194,802 21,377 142 (214,769 ) 1,552 Net earnings (loss) 125,948 138,166 146,501 (243,262 ) 167,353 Net (earnings) loss attributable to noncontrolling interest — — (61,992 ) 20,587 (41,405 ) Net earnings (loss) attributable to Greenbrier $ 125,948 $ 138,166 $ 84,509 $ (222,675 ) $ 125,948 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated 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 and earnings (loss) from unconsolidated affiliates (16,797 ) 43,095 37,090 (1,287 ) 62,101 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 Income For the nine months ended May 31, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated 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 and earnings (loss) from unconsolidated affiliates (39,584 ) 95,208 76,034 (5,576 ) 126,082 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
Condensed Consolidating Statement of Comprehensive Income (Loss)	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 42,811 $ 39,625 $ 56,873 $ (68,984 ) $ 70,325 Other comprehensive income (loss) Translation adjustment — (18 ) (1,281 ) — (1,299 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 275 (529 ) — (254 ) Unrealized gain (loss) on derivative financial instruments — (443 ) 550 — 107 Other (net of tax effect) — — 93 — 93 — (186 ) (1,167 ) — (1,353 ) Comprehensive income (loss) 42,811 39,439 55,706 (68,984 ) 68,972 Comprehensive income attributable to noncontrolling interest — — (26,398 ) (1,099 ) (27,497 ) Comprehensive income (loss) attributable to Greenbrier $ 42,811 $ 39,439 $ 29,308 $ (70,083 ) $ 41,475 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Other comprehensive income (loss) Translation adjustment — (137 ) (10,853 ) — (10,990 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 837 (420 ) — 417 Unrealized gain (loss) on derivative financial instruments — (1,640 ) 1,633 — (7 ) Other (net of tax effect) — — 99 — 99 — (940 ) (9,541 ) — (10,481 ) Comprehensive income (loss) 125,948 137,226 136,960 (243,262 ) 156,872 Comprehensive (income) loss attributable to noncontrolling interest — — (61,840 ) 20,587 (41,253 ) Comprehensive income (loss) attributable to Greenbrier $ 125,948 $ 137,226 $ 75,120 $ (222,675 ) $ 115,619 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 33,588 $ 37,001 $ 28,746 $ (53,239 ) $ 46,096 Other comprehensive income (loss) Translation adjustment — 73 7 — 80 Reclassification of derivative financial instruments recognized in net earnings (loss) — 276 (272 ) — 4 Unrealized gain (loss) on derivative financial instruments — 139 (798 ) — (659 ) 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. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated 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 derivative financial instruments recognized in net earnings (loss) — 787 (466 ) — 321 Unrealized gain (loss) on derivative financial instruments — 1,245 (791 ) — 454 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, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes (138 ) (8,000 ) 2,893 — (5,245 ) Depreciation and amortization 1,484 19,909 11,936 (71 ) 33,258 Net (gain)loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Stock based compensation expense 13,176 — — — 13,176 Noncontrolling interest adjustments — — — 20,371 20,371 Other 43 105 860 — 1,008 Decrease (increase) in assets: Accounts receivable, net 50 (10,046 ) 37,034 (35,807 ) (8,769 ) Inventories — (39,279 ) (87,156 ) 1,529 (124,906 ) Leased railcars for syndication — (109,324 ) — 18,410 (90,914 ) Other 20,641 763 (33,634 ) 10,564 (1,666 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (3,824 ) 25,612 9,112 (7,765 ) 23,135 Deferred revenue (122 ) 4,078 (276 ) — 3,680 Net cash provided by (used in) operating activities 157,258 21,057 87,277 (236,035 ) 29,557 Cash flows from investing activities: Proceeds from sales of assets — 4,623 5 — 4,628 Capital expenditures (2,424 ) (18,807 ) (55,059 ) 398 (75,892 ) Decrease (increase) in restricted cash — 229 (1 ) — 228 Investment in and net advances to unconsolidated affiliates (245,594 ) (19,966 ) — 235,637 (29,923 ) Other 715 — — — 715 Net cash provided by (used in) investing activities (247,303 ) (33,921 ) (55,055 ) 236,035 (100,244 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 73,000 — — — 73,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayments of revolving notes with maturities longer than 90 days — — (36,137 ) — (36,137 ) Repayments of notes payable (5 ) (5,280 ) (219 ) — (5,504 ) Intercompany advances (18,997 ) 9,788 9,209 — — Repurchase of stock (48,451 ) — — — (48,451 ) Dividends (12,069 ) — — — (12,069 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distributions to joint venture partner — — (12,489 ) — (12,489 ) Excess tax benefit from restricted stock awards 2,964 — — — 2,964 Other (248 ) — — — (248 ) Net cash provided by (used in) financing activities (3,806 ) 15,508 2,927 — 14,629 Effect of exchange rate changes — (2,269 ) (3,806 ) — (6,075 ) Increase (decrease) in cash and cash equivalents (93,851 ) 375 31,343 — (62,133 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 55,896 $ 487 $ 66,400 $ — $ 122,783 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 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 Noncontrolling interest adjustments — — — 2,953 2,953 Other — 372 16 — 388 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

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2015	May. 31, 2015	May. 31, 2015	May. 31, 2014	Oct. 31, 2014	Oct. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares			$ 48,451,000	$ 26,293,000
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase	$ 75,000,000
Expiration date of share repurchase program			Jun. 30, 2016
Additional amount authorized for repurchase	$ 25,000,000
Stock repurchase program total cost of repurchased shares		$ 1,500,000	$ 48,500,000
Repurchase of common stock, shares		28,363	891,041
Remaining authorized repurchase amount		$ 42,100,000	$ 42,100,000
Maximum | Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase						$ 50,000,000
Maximum | Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase					$ 50,000,000

Components of Inventories (Deta

Components of Inventories (Detail) - Entity [Domain] - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 323,164	$ 235,903
Work-in-process	62,668	48,853
Finished goods	44,143	23,766
Excess and obsolete adjustment	(3,320)	(2,866)
Inventories	$ 426,655	$ 305,656

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - Entity [Domain] - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Intangible Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 32,479	$ 35,284
Intangible assets not subject to amortization	912	912
Nonqualified savings plan investments	12,666	10,223
Prepaid and other assets	12,063	11,736
Debt issuance costs, net	4,544	7,602
Total Intangible and other assets, net	62,664	65,757
Customer Relationships
Intangible Assets by Major Class [Line Items]
Finite lived intangible assets gross	65,023	65,023
Accumulated amortization	(32,886)	(30,282)
Other Intangible Assets
Intangible Assets by Major Class [Line Items]
Finite lived intangible assets gross	3,426	3,699
Accumulated amortization	$ (3,084)	$ (3,156)

Intangibles and Other Assets,37

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 0.9	$ 1	$ 2.7	$ 3.6
Future amortization expense, 2015	3.6		3.6
Future amortization expense, 2016	3.6		3.6
Future amortization expense, 2017	3.6		3.6
Future amortization expense, 2018	3.4		3.4
Future amortization expense, 2019	$ 3.4		$ 3.4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail) - Entity [Domain] $ in Thousands	1 Months Ended	9 Months Ended
	Mar. 31, 2014	May. 31, 2015USD ($)CreditFacilityFacility	Aug. 31, 2014USD ($)
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.75%
Line of credit facility outstanding amount		$ 92,507	$ 13,081
Senior Secured Credit Facility Revolving Line Of Credit
Line of Credit Facility [Line Items]
Number of senior secured credit facilities | CreditFacility		3
Line of credit facility maximum capacity		$ 346,200
North American Revolving Credit Facility
Line of Credit Facility [Line Items]
Letter of credit facility outstanding amount		49,800	9,600
Line of credit facility outstanding amount		73,000
North American Revolving Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 290,000
Line of credit maturity date		2016-06
North American Revolving Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		2.25%
North American Revolving Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		1.25%
Mexican Joint Venture Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility outstanding amount		$ 19,500	$ 13,100
Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 40,000
Number of lines of credits | Facility		2
Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | First Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 10,000
Line of credit facility borrowings outstanding due period		2016-06
Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | Second Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 30,000
Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | LIBOR | First Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		2.50%
Mexican Joint Venture Credit Facility | Senior Secured Credit Facility Revolving Line Of Credit | LIBOR | Second Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		2.00%
European Credit Facilities | Senior Secured Credit Facility Revolving Line Of Credit
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 16,200
European Credit Facilities | Senior Secured Credit Facility Revolving Line Of Credit | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date		2016-02
European Credit Facilities | Senior Secured Credit Facility Revolving Line Of Credit | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date		2017-06
European Credit Facilities | Senior Secured Credit Facility Revolving Line Of Credit | WIBOR | Minimum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		1.20%
European Credit Facilities | Senior Secured Credit Facility Revolving Line Of Credit | WIBOR | Maximum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate		1.30%

Accounts Payable and Accrued 39

Accounts Payable and Accrued Liabilities (Detail) - Entity [Domain] - USD ($) $ in Thousands	May. 31, 2015	Feb. 28, 2015	Aug. 31, 2014	May. 31, 2014	Feb. 28, 2014	Aug. 31, 2013
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 251,634		$ 204,744
Other accrued liabilities	64,189		66,421
Accrued payroll and related liabilities	57,839		64,959
Accrued maintenance	17,965		14,329
Accrued warranty	10,198	$ 9,188	9,340	$ 9,718	$ 10,673	$ 12,128
Income taxes payable	163		19,709
Other	3,556		3,787
Accounts payable and accrued liabilities	$ 405,544		$ 383,289

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 9,188	$ 10,673	$ 9,340	$ 12,128
Charged to cost of revenue, net	2,036	170	3,982	1,418
Payments	(994)	(1,208)	(2,797)	(4,191)
Currency translation effect	(32)	83	(327)	363
Balance at end of period	$ 10,198	$ 9,718	$ 10,198	$ 9,718

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2014	May. 31, 2015
Debt Disclosure [Line Items]
Senior term debt	$ 125,000
Floating interest on borrowings above LIBOR rate	1.75%
Periodic Principal Payment	$ 1,750
Balloon payment	$ 160,000
Swap agreement interest rate	50.00%
Fixed interest rate	3.7375%
3.5% Convertible Senior Notes
Debt Disclosure [Line Items]
Debt instrument, interest rate		3.50%
Debt instrument, maturity date		Apr. 1, 2018
Senior term debt		$ 230,000
Original debt Conversion, Amount		$ 93,100
Conversion of debt in to common stock, shares		2.5
Debt instrument, carrying value of the principal balance		$ 136,900
Debt issuance costs removed from Intangibles and other assets, net and charged against additional paid in capital		$ 1,300
6-Year Senior Term Debt
Debt Disclosure [Line Items]
Senior term debt	$ 200,000
Senior term debt, maturity term	6 years

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands		9 Months Ended
		May. 31, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		$ (6,932)
Other comprehensive income (loss) before reclassifications		(10,746)
Amounts reclassified from accumulated other comprehensive loss		417
Ending balance		(17,261)
Unrealized Losses on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(1,601)
Other comprehensive income (loss) before reclassifications		(7)
Amounts reclassified from accumulated other comprehensive loss		417
Ending balance		(1,191)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(4,813)
Other comprehensive income (loss) before reclassifications	[1]	(10,838)
Ending balance		(15,651)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(518)
Other comprehensive income (loss) before reclassifications		99
Ending balance		$ (419)
[1]	Primarily relates to the foreign currency translation of the Company's Zloty functional currency operations in Poland to US Dollars.

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - Entity [Domain] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 714,606	$ 593,285	$ 1,839,813	$ 1,585,856
Interest and foreign exchange	(4,285)	(5,437)	(9,355)	(14,280)
Earnings before income taxes and earnings from unconsolidated affiliates	100,126	62,101	242,010	126,082
Tax expense	(30,783)	(16,303)	(76,209)	(36,708)
Net of tax	69,343	45,798	165,801	89,374
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Earnings before income taxes and earnings from unconsolidated affiliates	(210)	111	831	700
Tax expense	(44)	(107)	(414)	(379)
Net of tax	(254)	4	417	321
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income | Foreign Exchange Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	(652)	(335)	(518)	(575)
Unrealized Losses on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swap contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 442	$ 446	$ 1,349	$ 1,275

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	27,842	27,956	27,514	28,223
Weighted average diluted common shares outstanding		33,000	34,001	33,262	34,268
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[2]	5,155	6,045	5,745	6,045
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3		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.
[2]	The dilutive effect of the 2018 Convertible notes was included for the three and nine months ended May 31, 2015 and 2014 as they were considered dilutive under the "if converted" method as further discussed below.
[3]	The dilutive effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than $48.05, as further described below. The effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2014 as the average stock price was less than $48.05 and therefore was considered anti-dilutive.

Reconciliation of Basic and D45

Reconciliation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - $ / shares	May. 31, 2015	May. 31, 2014
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Convertible notes average stock price, per share	$ 48.05	$ 48.05

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - $ / shares	May. 31, 2015	May. 31, 2014
2026 Senior Notes
Computation of Earnings Per Share [Line Items]
Convertible notes initial conversion rate, per share	$ 48.05	$ 48.05

Approach to Calculate Diluted E

Approach to Calculate Diluted Earning Per Share (Detail) - Entity [Domain] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 42,811	$ 33,588	$ 125,948	$ 64,563
Weighted average diluted common shares outstanding		33,000	34,001	33,262	34,268
Diluted earnings per share	[1]	$ 1.33	$ 1.03	$ 3.91	$ 2.01
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		$ 1,234	$ 1,416	$ 4,066	$ 4,248
Earnings before interest and debt issuance costs on convertible notes		$ 44,045	$ 35,004	$ 130,014	$ 68,811
[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 - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 6	$ 3.6	$ 13.2	$ 6.5
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 6	$ 3.6	$ 13.2	$ 6.5

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - May. 31, 2015 - USD ($)	Total
Derivative [Line Items]
Unrealized Pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 1,700,000
Foreign Currency Forward Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	73,700,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 96,500,000
Maturity date	2020-03

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 1,271	$ 129
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,702	1,990
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	177	704
Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Receivable, net
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,271	129
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,525	1,286
Not Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives		5
Not Designated as Hedging Instrument | Foreign Currency Forward Exchange Contracts | Accounts Receivable, net
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 256	$ 71

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - USD ($) $ in Thousands	9 Months Ended
	May. 31, 2015	May. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ 47	$ 230
Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(773)	277
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(831)	(700)
Gain Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	1,024	684
Foreign Exchange Forward | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,867	1,558
Foreign Exchange Forward | Interest and Foreign Exchange | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(22)	230
Gain Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	1,024	684
Foreign Exchange Forward | Sales | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	518	575
Interest rate swap contracts | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,640)	(1,281)
Interest rate swap contracts | Interest and Foreign Exchange | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	69
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (1,349)	$ (1,275)

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015USD ($)	May. 31, 2014USD ($)	May. 31, 2015USD ($)Segment	May. 31, 2014USD ($)	Aug. 31, 2014USD ($)	Jul. 18, 2014
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			3
Total revenue	$ 714,606	$ 593,285	$ 1,839,813	$ 1,585,856
Total assets	1,727,115		1,727,115		$ 1,517,168
Earnings (loss) from unconsolidated affiliates	982	$ 298	1,552	$ 272
Investment in unconsolidated affiliates	91,217		91,217		69,359
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Equity method investment, percentage of ownership interest						50.00%
Total revenue	88,800		254,700
Total assets	230,100		230,100		$ 210,600
Earnings (loss) from unconsolidated affiliates	400		400
Investment in unconsolidated affiliates	$ 57,600		$ 57,600
GBW Railcar Services Holdings, LLC | Watco Companies LLC
Segment Reporting Information [Line Items]
Equity method investment, percentage of ownership interest						50.00%

Segments Internal Financial Rep

Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Aug. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 714,606	$ 593,285	$ 1,839,813	$ 1,585,856
Earnings (loss) from operations	104,411	67,538	251,365	140,362
Assets	1,727,115		1,727,115		$ 1,517,168
Manufacturing
Segment Reporting Information [Line Items]
Revenues	593,376	425,583	1,478,566	1,132,811
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	97,407	140,663	286,671	390,604
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	23,823	27,039	74,576	62,441
Wheels, Repairs & Parts
Segment Reporting Information [Line Items]
Revenues		140,663		390,604
External Customers
Segment Reporting Information [Line Items]
Revenues	714,606	593,285	1,839,813	1,585,856
Earnings (loss) from operations	104,411	67,538	251,365	140,362
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	593,409	425,583	1,486,100	1,132,811
Earnings (loss) from operations	115,675	61,116	259,397	129,542
Assets	697,342		697,342		521,711
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	105,012		307,121
Earnings (loss) from operations	5,685		23,030
Assets	290,363		290,363		298,009
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	35,545	36,373	118,109	80,064
Earnings (loss) from operations	22,546	23,916	75,210	50,511
Assets	538,896		538,896		436,075
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	200,514		200,514		$ 261,373
Operating Segments | Wheels, Repairs & Parts
Segment Reporting Information [Line Items]
Revenues		144,446		398,347
Earnings (loss) from operations		5,997		9,270
Operating Segments | External Customers | Manufacturing
Segment Reporting Information [Line Items]
Revenues	593,376	425,583	1,478,566	1,132,811
Earnings (loss) from operations	115,675	61,116	258,602	129,542
Operating Segments | External Customers | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	97,407		286,671
Earnings (loss) from operations	5,078		20,986
Operating Segments | External Customers | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	23,823	27,039	74,576	62,441
Earnings (loss) from operations	10,824	14,582	31,677	32,888
Operating Segments | External Customers | Wheels, Repairs & Parts
Segment Reporting Information [Line Items]
Revenues		140,663		390,604
Earnings (loss) from operations		5,524		8,724
Operating Segments | Inter Segment | Manufacturing
Segment Reporting Information [Line Items]
Revenues	33		7,534
Earnings (loss) from operations			795
Operating Segments | Inter Segment | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	7,605		20,450
Earnings (loss) from operations	607		2,044
Operating Segments | Inter Segment | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	11,722	9,334	43,533	17,623
Earnings (loss) from operations	11,722	9,334	43,533	17,623
Operating Segments | Inter Segment | Wheels, Repairs & Parts
Segment Reporting Information [Line Items]
Revenues		3,783		7,743
Earnings (loss) from operations		473		546
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(19,360)	(13,117)	(71,517)	(25,366)
Earnings (loss) from operations	(12,329)	(9,807)	(46,372)	(18,169)
Intersegment Eliminations | Inter Segment
Segment Reporting Information [Line Items]
Revenues	(19,360)	(13,117)	(71,517)	(25,366)
Earnings (loss) from operations	(12,329)	(9,807)	(46,372)	(18,169)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(27,166)	(13,684)	(59,900)	(30,792)
Corporate, Non-Segment | External Customers
Segment Reporting Information [Line Items]
Earnings (loss) from operations	$ (27,166)	$ (13,684)	$ (59,900)	$ (30,792)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	May. 31, 2015	Aug. 31, 2014	Jul. 18, 2014
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study	$ 110,000,000
Remedial investigation and feasibility study, period	14 years
Remedial investigation and feasibility study, expiration year	2,017
Bank and third party warranty and performance guarantee facilities	$ 3,500,000
GBW Railcar Services Holdings, LLC
Commitments and Contingencies Disclosure [Line Items]
Equity method investment, percentage of ownership interest			50.00%
Payment to acquire equity method investments	3,200,000	$ 12,500,000
Account receivable	21,000,000
Note receivable	7,500,000
Proceeds from lease receivables	5,000,000
Quarterly distributions received	700,000
GBW Railcar Services Holdings, LLC | Watco Companies LLC
Commitments and Contingencies Disclosure [Line Items]
Equity method investment, percentage of ownership interest			50.00%
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Outstanding letters of credit	49,800,000
Mexican Joint Venture Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Debt outstanding	20,800,000
Guarantee obligations	$ 18,800,000
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
Maximum | GBW Railcar Services Holdings, LLC
Commitments and Contingencies Disclosure [Line Items]
Expected loan to unconsolidated joint venture	$ 7,000,000
Portland Harbor Site | Minimum
Commitments and Contingencies Disclosure [Line Items]
Cleanup expenses	169,000,000
Portland Harbor Site | Maximum
Commitments and Contingencies Disclosure [Line Items]
Cleanup expenses	1,800,000,000
Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Minimum
Commitments and Contingencies Disclosure [Line Items]
Cleanup expenses	9,000,000
Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Maximum
Commitments and Contingencies Disclosure [Line Items]
Cleanup expenses	$ 163,000,000

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May. 31, 2015		Aug. 31, 2014
Assets:
Nonqualified savings plan investments	$ 12,666		$ 10,223
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	1,527		200
Nonqualified savings plan investments	12,666		10,223
Cash equivalents	5,068		35,036
Assets, Fair Value Disclosure, Total	19,261		45,459
Liabilities:
Derivative financial instruments	2,702		1,995
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	12,666		10,223
Cash equivalents	5,068		35,036
Assets, Fair Value Disclosure, Total	17,734		45,259
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	1,527	[1]	200
Assets, Fair Value Disclosure, Total	1,527	[1]	200
Liabilities:
Derivative financial instruments	$ 2,702	[1]	$ 1,995
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion.

Guarantor_Non Guarantor - Addit

Guarantor/Non Guarantor - Additional Information (Detail)	9 Months Ended
	May. 31, 2015
Guarantor Obligations [Line Items]
Percentage of ownership in subsidiaries	100.00%

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	May. 31, 2015	Aug. 31, 2014	May. 31, 2014	Aug. 31, 2013
Assets
Cash and cash equivalents	$ 122,783	$ 184,916	$ 198,492	$ 97,435
Restricted cash	8,912	20,140
Accounts receivable, net	214,890	199,679
Inventories	426,655	305,656
Leased railcars for syndication	213,197	125,850
Equipment on operating leases, net	257,962	258,848
Property, plant and equipment, net	285,570	243,698
Investment in unconsolidated affiliates	91,217	69,359
Goodwill	43,265	43,265
Intangibles and other assets, net	62,664	65,757
Total assets	1,727,115	1,517,168
Liabilities and Equity
Revolving notes	92,507	13,081
Accounts payable and accrued liabilities	405,544	383,289
Deferred income taxes	75,572	81,383
Deferred revenue	24,209	20,603
Notes payable	346,279	445,091
Total equity - Greenbrier	672,396	511,390
Noncontrolling interest	110,608	62,331
Total equity	783,004	573,721	528,202	456,827
Liabilities and Equity	1,727,115	1,517,168
Parent
Assets
Cash and cash equivalents	55,896	149,747	160,223	63,173
Accounts receivable, net	576	626
Property, plant and equipment, net	7,116	6,220
Investment in unconsolidated affiliates	1,116,076	910,732
Intangibles and other assets, net	17,035	17,031
Total assets	1,196,699	1,084,356
Liabilities and Equity
Revolving notes	73,000
Accounts payable and accrued liabilities	287,539	315,879
Deferred income taxes	11,971	12,109
Deferred revenue		122
Notes payable	151,792	244,856
Total equity - Greenbrier	672,397	511,390
Total equity	672,397	511,390
Liabilities and Equity	1,196,699	1,084,356
Combined Guarantor Subsidiaries
Assets
Cash and cash equivalents	487	112	60	25
Restricted cash	2,009	13,238
Accounts receivable, net	474,518	474,409
Inventories	152,396	113,117
Leased railcars for syndication	234,560	128,965
Equipment on operating leases, net	257,653	257,415
Property, plant and equipment, net	104,124	102,972
Investment in unconsolidated affiliates	166,455	143,768
Goodwill	43,265	43,265
Intangibles and other assets, net	41,625	45,013
Total assets	1,477,092	1,322,274
Liabilities and Equity
Accounts payable and accrued liabilities	247,506	221,863
Deferred income taxes	72,489	80,489
Deferred revenue	24,028	19,950
Notes payable	193,175	198,705
Total equity - Greenbrier	939,894	801,267
Total equity	939,894	801,267
Liabilities and Equity	1,477,092	1,322,274
Combined Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	66,400	35,057	$ 38,209	$ 34,237
Restricted cash	6,903	6,902
Accounts receivable, net	15,268	62,421
Inventories	275,883	192,634
Equipment on operating leases, net	2,973	3,613
Property, plant and equipment, net	174,330	134,506
Investment in unconsolidated affiliates	23,099	3,961
Intangibles and other assets, net	12,186	14,221
Total assets	577,042	453,315
Liabilities and Equity
Revolving notes	19,507	13,081
Accounts payable and accrued liabilities	192,335	185,335
Deferred revenue	137	487
Notes payable	1,312	1,530
Total equity - Greenbrier	253,236	190,861
Noncontrolling interest	110,515	62,021
Total equity	363,751	252,882
Liabilities and Equity	577,042	453,315
Eliminations
Assets
Accounts receivable, net	(275,472)	(337,777)
Inventories	(1,624)	(95)
Leased railcars for syndication	(21,363)	(3,115)
Equipment on operating leases, net	(2,664)	(2,180)
Investment in unconsolidated affiliates	(1,214,413)	(989,102)
Intangibles and other assets, net	(8,182)	(10,508)
Total assets	(1,523,718)	(1,342,777)
Liabilities and Equity
Accounts payable and accrued liabilities	(321,836)	(339,788)
Deferred income taxes	(8,888)	(11,215)
Deferred revenue	44	44
Total equity - Greenbrier	(1,193,131)	(992,128)
Noncontrolling interest	93	310
Total equity	(1,193,038)	(991,818)
Liabilities and Equity	$ (1,523,718)	$ (1,342,777)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Revenue
Revenue	$ 714,606	$ 593,285	$ 1,839,813	$ 1,585,856
Cost of revenue
Cost of revenue	565,320	496,510	1,477,149	1,369,671
Margin	149,286	96,775	362,664	216,185
Selling and administrative expense	45,595	34,800	112,223	89,034
Net (gain) loss on disposition of equipment	(720)	(5,619)	(924)	(14,686)
Restructuring charges		56		1,475
Earnings (loss) from operations	104,411	67,538	251,365	140,362
Other costs
Interest and foreign exchange	4,285	5,437	9,355	14,280
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	100,126	62,101	242,010	126,082
Income tax (expense) benefit	(30,783)	(16,303)	(76,209)	(36,708)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	69,343	45,798	165,801	89,374
Earnings (loss) from unconsolidated affiliates	982	298	1,552	272
Net earnings (loss)	70,325	46,096	167,353	89,646
Net (earnings) loss attributable to noncontrolling interest	(27,514)	(12,508)	(41,405)	(25,083)
Net earnings (loss) attributable to Greenbrier	42,811	33,588	125,948	64,563
Manufacturing
Revenue
Revenue	593,376	425,583	1,478,566	1,132,811
Cost of revenue
Cost of revenue	465,658	351,829	1,184,922	969,841
Wheels, Repairs & Parts
Revenue
Revenue		140,663		390,604
Cost of revenue
Cost of revenue		129,825		365,740
Leasing & Services
Revenue
Revenue	23,823	27,039	74,576	62,441
Cost of revenue
Cost of revenue	10,017	14,856	32,942	34,090
Wheels & Parts
Revenue
Revenue	97,407	140,663	286,671	390,604
Cost of revenue
Cost of revenue	89,645	129,825	259,285	365,740
Parent
Revenue
Revenue	(90)	108	83	865
Cost of revenue
Margin	(90)	108	83	865
Selling and administrative expense	24,851	13,987	55,116	31,698
Earnings (loss) from operations	(24,941)	(13,879)	(55,033)	(30,833)
Other costs
Interest and foreign exchange	3,240	2,918	9,345	8,751
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(28,181)	(16,797)	(64,378)	(39,584)
Income tax (expense) benefit	4,215	3,337	(4,476)	10,772
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(23,966)	(13,460)	(68,854)	(28,812)
Earnings (loss) from unconsolidated affiliates	66,777	47,048	194,802	93,375
Net earnings (loss)	42,811	33,588	125,948	64,563
Net earnings (loss) attributable to Greenbrier	42,811	33,588	125,948	64,563
Parent | Leasing & Services
Revenue
Revenue	(90)	108	83	865
Combined Guarantor Subsidiaries
Revenue
Revenue	403,436	381,317	1,242,386	1,073,758
Cost of revenue
Cost of revenue	331,315	331,515	1,032,183	957,649
Margin	72,121	49,802	210,203	116,109
Selling and administrative expense	10,688	10,645	26,905	29,802
Net (gain) loss on disposition of equipment	(724)	(5,411)	(927)	(13,556)
Restructuring charges		56		1,475
Earnings (loss) from operations	62,157	44,512	184,225	98,388
Other costs
Interest and foreign exchange	1,649	1,417	4,998	3,180
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	60,508	43,095	179,227	95,208
Income tax (expense) benefit	(26,025)	(11,506)	(62,438)	(31,059)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	34,483	31,589	116,789	64,149
Earnings (loss) from unconsolidated affiliates	5,142	5,412	21,377	7,857
Net earnings (loss)	39,625	37,001	138,166	72,006
Net earnings (loss) attributable to Greenbrier	39,625	37,001	138,166	72,006
Combined Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	280,928	211,921	877,405	617,120
Cost of revenue
Cost of revenue	230,143	184,870	735,414	552,871
Combined Guarantor Subsidiaries | Wheels, Repairs & Parts
Revenue
Revenue		142,625		395,537
Cost of revenue
Cost of revenue		131,769		370,626
Combined Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue	23,762	26,771	74,064	61,101
Cost of revenue
Cost of revenue	10,041	14,876	33,014	34,152
Combined Guarantor Subsidiaries | Wheels & Parts
Revenue
Revenue	98,746		290,917
Cost of revenue
Cost of revenue	91,131		263,755
Combined Non-Guarantor Subsidiaries
Revenue
Revenue	492,302	363,401	1,285,604	981,041
Cost of revenue
Cost of revenue	418,273	315,398	1,091,498	876,395
Margin	74,029	48,003	194,106	104,646
Selling and administrative expense	9,912	10,016	30,169	27,083
Net (gain) loss on disposition of equipment	7	(205)	7	(820)
Earnings (loss) from operations	64,110	38,192	163,930	78,383
Other costs
Interest and foreign exchange	(604)	1,102	(4,988)	2,349
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	64,714	37,090	168,918	76,034
Income tax (expense) benefit	(7,888)	(8,388)	(22,559)	(18,044)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	56,826	28,702	146,359	57,990
Earnings (loss) from unconsolidated affiliates	47	44	142	121
Net earnings (loss)	56,873	28,746	146,501	58,111
Net (earnings) loss attributable to noncontrolling interest	(26,415)	(12,830)	(61,992)	(27,362)
Net earnings (loss) attributable to Greenbrier	30,458	15,916	84,509	30,749
Combined Non-Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	492,302	363,401	1,285,603	981,040
Cost of revenue
Cost of revenue	418,273	315,398	1,091,498	876,395
Combined Non-Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue			1	1
Eliminations
Revenue
Revenue	(181,042)	(151,541)	(688,260)	(469,808)
Cost of revenue
Cost of revenue	(184,268)	(150,403)	(646,532)	(464,373)
Margin	3,226	(1,138)	(41,728)	(5,435)
Selling and administrative expense	144	152	33	451
Net (gain) loss on disposition of equipment	(3)	(3)	(4)	(310)
Earnings (loss) from operations	3,085	(1,287)	(41,757)	(5,576)
Other costs
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	3,085	(1,287)	(41,757)	(5,576)
Income tax (expense) benefit	(1,085)	254	13,264	1,623
Earnings (loss) before earnings (loss) from unconsolidated affiliates	2,000	(1,033)	(28,493)	(3,953)
Earnings (loss) from unconsolidated affiliates	(70,984)	(52,206)	(214,769)	(101,081)
Net earnings (loss)	(68,984)	(53,239)	(243,262)	(105,034)
Net (earnings) loss attributable to noncontrolling interest	(1,099)	322	20,587	2,279
Net earnings (loss) attributable to Greenbrier	(70,083)	(52,917)	(222,675)	(102,755)
Eliminations | Manufacturing
Revenue
Revenue	(179,854)	(149,739)	(684,442)	(465,349)
Cost of revenue
Cost of revenue	(182,758)	(148,439)	(641,990)	(459,425)
Eliminations | Wheels, Repairs & Parts
Revenue
Revenue		(1,962)		(4,933)
Cost of revenue
Cost of revenue		(1,944)		(4,886)
Eliminations | Leasing & Services
Revenue
Revenue	151	160	428	474
Cost of revenue
Cost of revenue	(24)	$ (20)	(72)	$ (62)
Eliminations | Wheels & Parts
Revenue
Revenue	(1,339)		(4,246)
Cost of revenue
Cost of revenue	$ (1,486)		$ (4,470)

Condensed Consolidating State59

Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		$ 70,325	$ 46,096	$ 167,353	$ 89,646
Other comprehensive income (loss)
Translation adjustment		(1,299)	80	(10,990)	3,402
Reclassification of derivative financial instruments recognized in net earnings (loss)	[1]	(254)	4	417	321
Unrealized gain (loss) on derivative financial instruments	[2]	107	(659)	(7)	454
Other (net of tax effect)		93	(4)	99	(3)
Other comprehensive income (loss)		(1,353)	(579)	(10,481)	4,174
Comprehensive income (loss)		68,972	45,517	156,872	93,820
Comprehensive (income) loss attributable to noncontrolling interest		(27,497)	(12,501)	(41,253)	(25,137)
Comprehensive income (loss) attributable to Greenbrier		41,475	33,016	115,619	68,683
Parent
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		42,811	33,588	125,948	64,563
Other comprehensive income (loss)
Comprehensive income (loss)		42,811	33,588	125,948	64,563
Comprehensive income (loss) attributable to Greenbrier		42,811	33,588	125,948	64,563
Combined Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		39,625	37,001	138,166	72,006
Other comprehensive income (loss)
Translation adjustment		(18)	73	(137)	86
Reclassification of derivative financial instruments recognized in net earnings (loss)		275	276	837	787
Unrealized gain (loss) on derivative financial instruments		(443)	139	(1,640)	1,245
Other comprehensive income (loss)		(186)	488	(940)	2,118
Comprehensive income (loss)		39,439	37,489	137,226	74,124
Comprehensive income (loss) attributable to Greenbrier		39,439	37,489	137,226	74,124
Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		56,873	28,746	146,501	58,111
Other comprehensive income (loss)
Translation adjustment		(1,281)	7	(10,853)	3,316
Reclassification of derivative financial instruments recognized in net earnings (loss)		(529)	(272)	(420)	(466)
Unrealized gain (loss) on derivative financial instruments		550	(798)	1,633	(791)
Other (net of tax effect)		93	(4)	99	(3)
Other comprehensive income (loss)		(1,167)	(1,067)	(9,541)	2,056
Comprehensive income (loss)		55,706	27,679	136,960	60,167
Comprehensive (income) loss attributable to noncontrolling interest		(26,398)	(12,823)	(61,840)	(27,416)
Comprehensive income (loss) attributable to Greenbrier		29,308	14,856	75,120	32,751
Eliminations
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		(68,984)	(53,239)	(243,262)	(105,034)
Other comprehensive income (loss)
Comprehensive income (loss)		(68,984)	(53,239)	(243,262)	(105,034)
Comprehensive (income) loss attributable to noncontrolling interest		(1,099)	322	20,587	2,279
Comprehensive income (loss) attributable to Greenbrier		$ (70,083)	$ (52,917)	$ (222,675)	$ (102,755)
[1]	Net of tax of effect of $0.04 million and $0.1 million for the three months ended May 31, 2015 and 2014 and $0.4 million and $0.4 million for the nine months ended May 31, 2015 and 2014.
[2]	Net of tax of effect of $0.1 million and $0.5 million for the three months ended May 31, 2015 and 2014 and $0.6 million and $0.2 million for the nine months ended May 31, 2015 and 2014.

Condensed Consolidating State60

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Cash flows from operating activities:
Net earnings (loss)	$ 70,325	$ 46,096	$ 167,353	$ 89,646
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(5,245)	(6,745)
Depreciation and amortization			33,258	30,824
Net (gain) loss on disposition of equipment	(720)	(5,619)	(924)	(14,686)
Stock based compensation expense			13,176	6,454
Noncontrolling interest adjustments			20,371	2,953
Other			1,008	388
Decrease (increase) in assets:
Accounts receivable			(8,769)	(26,226)
Inventories			(124,906)	(21,722)
Leased railcars for syndication			(90,914)	(25,420)
Other			(1,666)	(2,491)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			23,135	36,507
Deferred revenue			3,680	12,258
Net cash provided by (used in) operating activities			29,557	81,740
Cash flows from investing activities:
Proceeds from sales of assets			4,628	39,515
Capital expenditures			(75,892)	(34,522)
Decrease (increase) in restricted cash			228	(661)
Investment in and net advances to unconsolidated affiliates			(29,923)	(1,253)
Other			715
Net cash provided by (used in) investing Activities			(100,244)	3,079
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			73,000
Proceeds from revolving notes with maturities longer than 90 days			42,563	34,674
Repayment of revolving notes with maturities longer than 90 days			(36,137)	(64,801)
Repayments of notes payable			(5,504)	(126,821)
Proceeds from notes payable				200,000
Debt issuance costs				(382)
Repurchase of stock			(48,451)	(26,293)
Dividends			(12,069)
Decrease in restricted cash			11,000
Cash distribution to joint venture partner			(12,489)	(3,109)
Investment by joint venture partner				419
Excess tax benefit from restricted stock awards			2,964	109
Other			(248)
Net cash provided by (used in) financing activities			14,629	13,796
Effect of exchange rate changes			(6,075)	2,442
Increase (decrease) in cash and cash equivalents			(62,133)	101,057
Beginning of period			184,916	97,435
End of period	122,783	198,492	122,783	198,492
Parent
Cash flows from operating activities:
Net earnings (loss)	42,811	33,588	125,948	64,563
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(138)	(4,194)
Depreciation and amortization			1,484	1,427
Stock based compensation expense			13,176	6,454
Other			43
Decrease (increase) in assets:
Accounts receivable			50	36,573
Other			20,641	(1,220)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(3,824)	(22,404)
Deferred revenue			(122)	(116)
Net cash provided by (used in) operating activities			157,258	81,083
Cash flows from investing activities:
Capital expenditures			(2,424)	(3,543)
Investment in and net advances to unconsolidated affiliates			(245,594)	(91,939)
Other			715
Net cash provided by (used in) investing Activities			(247,303)	(95,482)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			73,000
Repayments of notes payable			(5)
Intercompany advances			(18,997)	137,633
Repurchase of stock			(48,451)	(26,293)
Dividends			(12,069)
Excess tax benefit from restricted stock awards			2,964	109
Other			(248)
Net cash provided by (used in) financing activities			(3,806)	111,449
Increase (decrease) in cash and cash equivalents			(93,851)	97,050
Beginning of period			149,747	63,173
End of period	55,896	160,223	55,896	160,223
Combined Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	39,625	37,001	138,166	72,006
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(8,000)	(1,789)
Depreciation and amortization			19,909	20,713
Net (gain) loss on disposition of equipment	(724)	(5,411)	(927)	(13,556)
Other			105	372
Decrease (increase) in assets:
Accounts receivable			(10,046)	(43,867)
Inventories			(39,279)	20,456
Leased railcars for syndication			(109,324)	(28,371)
Other			763	81
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			25,612	9,143
Deferred revenue			4,078	10,798
Net cash provided by (used in) operating activities			21,057	45,986
Cash flows from investing activities:
Proceeds from sales of assets			4,623	38,509
Capital expenditures			(18,807)	(9,929)
Decrease (increase) in restricted cash			229	(660)
Investment in and net advances to unconsolidated affiliates			(19,966)	(7,710)
Net cash provided by (used in) investing Activities			(33,921)	20,210
Cash flows from financing activities:
Repayments of notes payable			(5,280)	(126,400)
Intercompany advances			9,788	(139,741)
Proceeds from notes payable				200,000
Debt issuance costs				(382)
Decrease in restricted cash			11,000
Net cash provided by (used in) financing activities			15,508	(66,523)
Effect of exchange rate changes			(2,269)	362
Increase (decrease) in cash and cash equivalents			375	35
Beginning of period			112	25
End of period	487	60	487	60
Combined Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	56,873	28,746	146,501	58,111
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			2,893	(762)
Depreciation and amortization			11,936	8,746
Net (gain) loss on disposition of equipment	7	(205)	7	(820)
Other			860	16
Decrease (increase) in assets:
Accounts receivable			37,034	694
Inventories			(87,156)	(42,225)
Other			(33,634)	(2,788)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			9,112	31,774
Deferred revenue			(276)	1,574
Net cash provided by (used in) operating activities			87,277	54,320
Cash flows from investing activities:
Proceeds from sales of assets			5	1,006
Capital expenditures			(55,059)	(21,050)
Decrease (increase) in restricted cash			(1)	(1)
Investment in and net advances to unconsolidated affiliates				(1,253)
Net cash provided by (used in) investing Activities			(55,055)	(21,298)
Cash flows from financing activities:
Proceeds from revolving notes with maturities longer than 90 days			42,563	34,674
Repayment of revolving notes with maturities longer than 90 days			(36,137)	(64,801)
Repayments of notes payable			(219)	(421)
Intercompany advances			9,209	2,108
Cash distribution to joint venture partner			(12,489)	(3,109)
Investment by joint venture partner				419
Net cash provided by (used in) financing activities			2,927	(31,130)
Effect of exchange rate changes			(3,806)	2,080
Increase (decrease) in cash and cash equivalents			31,343	3,972
Beginning of period			35,057	34,237
End of period	66,400	38,209	66,400	38,209
Eliminations
Cash flows from operating activities:
Net earnings (loss)	(68,984)	(53,239)	(243,262)	(105,034)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			(71)	(62)
Net (gain) loss on disposition of equipment	$ (3)	$ (3)	(4)	(310)
Noncontrolling interest adjustments			20,371	2,953
Decrease (increase) in assets:
Accounts receivable			(35,807)	(19,626)
Inventories			1,529	47
Leased railcars for syndication			18,410	2,951
Other			10,564	1,436
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(7,765)	17,994
Deferred revenue				2
Net cash provided by (used in) operating activities			(236,035)	(99,649)
Cash flows from investing activities:
Capital expenditures			398
Investment in and net advances to unconsolidated affiliates			235,637	99,649
Net cash provided by (used in) investing Activities			$ 236,035	$ 99,649