The Greenbrier Companies, Inc. (GBX) 10-Q 7 Jan 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2015	Dec. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		28,596,821

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015
Assets
Cash and cash equivalents	$ 197,633	$ 172,930
Restricted cash	9,818	8,869
Accounts receivable, net	237,213	196,029
Inventories	444,023	445,535
Leased railcars for syndication	238,911	212,534
Equipment on operating leases, net	252,641	255,391
Property, plant and equipment, net	307,196	303,135
Investment in unconsolidated affiliates	86,658	87,270
Intangibles and other assets, net	76,157	65,554
Goodwill	43,265	43,265
Total assets	1,893,515	1,790,512
Liabilities and Equity
Revolving notes	163,888	50,888
Accounts payable and accrued liabilities	384,670	455,213
Deferred income taxes	63,483	60,657
Deferred revenue	42,351	33,836
Notes payable	$ 324,668	$ 326,429
Commitments and contingencies (Note 12)
Greenbrier
Preferred stock-without par value; 25,000 shares authorized; none outstanding
Common stock-without par value; 50,000 shares authorized; 28,597 and 28,907 shares outstanding at November 30, 2015 and August 31, 2015	$ 0	$ 0
Additional paid-in capital	280,422	295,444
Retained earnings	522,182	458,599
Accumulated other comprehensive loss	(30,659)	(21,205)
Total equity - Greenbrier	771,945	732,838
Noncontrolling interest	142,510	130,651
Total equity	914,455	863,489
Liabilities and Equity	$ 1,893,515	$ 1,790,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2015	Aug. 31, 2015
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	28,597,000	28,907,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014
Revenue
Revenue		$ 802,389	$ 495,058
Cost of revenue
Cost of revenue		617,624	406,990
Margin		184,765	88,068
Selling and administrative expense		36,549	33,729
Net gain on disposition of equipment		(269)	(83)
Earnings from operations		148,485	54,422
Other costs
Interest and foreign exchange		5,436	3,141
Earnings before income tax and earnings from unconsolidated affiliates		143,049	51,281
Income tax (expense) benefit		(44,719)	(16,054)
Earnings before earnings from unconsolidated affiliates		98,330	35,227
Earnings from unconsolidated affiliates		383	755
Net earnings		98,713	35,982
Net earnings attributable to noncontrolling interest		(29,280)	(3,196)
Net earnings attributable to Greenbrier		$ 69,433	$ 32,786
Basic earnings per common share:		$ 2.36	$ 1.19
Diluted earnings per common share:	[1]	$ 2.15	$ 1.01
Weighted average common shares:
Basic	[2]	29,391	27,665
Diluted		32,578	33,713
Dividends declared per common share		$ 0.20	$ 0.15
Adjustments
Other costs
Net earnings		$ 98,713	$ 35,982
Manufacturing
Revenue
Revenue		698,661	379,949
Cost of revenue
Cost of revenue		533,033	316,037
Earnings from operations		153,704	52,051
Wheels & Parts
Revenue
Revenue		78,729	86,624
Cost of revenue
Cost of revenue		73,002	76,872
Earnings from operations		3,403	7,932
Leasing & Services
Revenue
Revenue		24,999	28,485
Cost of revenue
Cost of revenue		11,589	14,081
Earnings from operations		$ 9,958	$ 11,042
[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 - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014
Net earnings		$ 98,713	$ 35,982
Other comprehensive income (loss)
Translation adjustment		(3,967)	(3,450)
Reclassification of derivative financial instruments recognized in net earnings	[1]	492	289
Unrealized loss on derivative financial instruments	[2]	(6,052)	(306)
Other (net of tax effect)			(2)
Other comprehensive income (loss)		(9,527)	(3,469)
Comprehensive income		89,186	32,513
Comprehensive income attributable to noncontrolling interest		(29,207)	(3,148)
Comprehensive income attributable to Greenbrier		$ 59,979	$ 29,365
[1]	Net of tax effect of $0.2 million and $0.2 million for the three months ended November 30, 2015 and 2014.
[2]	Net of tax effect of $1.5 million and $0.4 million for the three months ended November 30, 2015 and 2014.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Reclassification of derivative financial instruments recognized in net earnings, tax	$ 0.2	$ 0.2
Unrealized gain (loss) on derivative financial instruments, tax	$ 1.5	$ 0.4

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Attributable to Greenbrier	Attributable to Noncontrolling Interest
Beginning balance (in shares) at Aug. 31, 2014		27,364
Beginning balance at Aug. 31, 2014	$ 573,721		$ 235,763	$ 282,559	$ (6,932)	$ 511,390	$ 62,331
Net earnings	35,982			32,786		32,786	3,196
Other comprehensive income (loss), net	(3,469)				(3,421)	(3,421)	(48)
Noncontrolling interest adjustments	12,952						12,952
Joint venture partner distribution declared	(2,147)						(2,147)
Restricted stock cancellations	(1,936)		(1,936)			(1,936)
Restricted stock cancellations(Shares)		96
Unamortized restricted stock	1,936		1,936			1,936
Restricted stock amortization	3,411		3,411			3,411
Excess tax benefit from restricted stock awards	2,970		2,970			2,970
Conversion of convertible notes, net of debt issuance costs (in shares)		1
Conversion of convertible notes, net of debt issuance costs	25		25			25
Cash dividends	(4,170)			(4,170)		(4,170)
Repurchase of stock	(23,107)		(23,107)			(23,107)
Repurchase of stock, shares		(379)
Ending Balance (in shares) at Nov. 30, 2014		26,890
Ending Balance at Nov. 30, 2014	$ 596,168		219,062	311,175	(10,353)	519,884	76,284
Beginning balance (in shares) at Aug. 31, 2015	28,907	28,907
Beginning balance at Aug. 31, 2015	$ 863,489		295,444	458,599	(21,205)	732,838	130,651
Net earnings	98,713			69,433		69,433	29,280
Other comprehensive income (loss), net	(9,527)				(9,454)	(9,454)	(73)
Noncontrolling interest adjustments	262						262
Purchase of noncontrolling interest	(4)						(4)
Joint venture partner distribution declared	(17,606)						(17,606)
Restricted stock awards (net of cancellations)	(3,469)		(3,469)			(3,469)
Restricted stock cancellations(Shares)		212
Unamortized restricted stock	(603)		(603)			(603)
Restricted stock amortization	5,301		5,301			5,301
Excess tax benefit from restricted stock awards	2,827		2,827			2,827
Cash dividends	(5,850)			(5,850)		(5,850)
Repurchase of stock	$ (19,078)		(19,078)			(19,078)
Repurchase of stock, shares		(522)
Ending Balance (in shares) at Nov. 30, 2015	28,597	28,597
Ending Balance at Nov. 30, 2015	$ 914,455		$ 280,422	$ 522,182	$ (30,659)	$ 771,945	$ 142,510

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Cash flows from operating activities
Net earnings	$ 98,713	$ 35,982
Adjustments to reconcile net earnings to net cash used in operating activities:
Deferred income taxes	3,019	607
Depreciation and amortization	12,974	12,050
Net gain on disposition of equipment	(269)	(83)
Stock based compensation expense	5,301	3,411
Noncontrolling interest adjustments	262	12,952
Other	637	152
Decrease (increase) in assets:
Accounts receivable, net	(40,889)	7,806
Inventories	(274)	(67,642)
Leased railcars for syndication	(61,059)	(54,732)
Other	(3,578)	2,211
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(77,605)	(13,032)
Deferred revenue	(723)	6,488
Net cash used in operating activities	(63,491)	(53,830)
Cash flows from investing activities
Proceeds from sales of assets	41,353	2,073
Capital expenditures	(15,595)	(31,314)
Increase in restricted cash	(949)	(30)
Cash distribution from unconsolidated affiliates	616
Investment in and advances to unconsolidated affiliates	(1,866)	(2,500)
Net cash provided by (used in) investing activities	23,559	(31,771)
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	113,000	15,000
Proceeds from revolving notes with maturities longer than 90 days		23,056
Repayments of revolving notes with maturities longer than 90 days		(4,610)
Repayments of notes payable	(1,761)	(1,758)
Debt issuance costs	(4,493)
Decrease in restricted cash		11,000
Cash distribution to joint venture partner	(17,654)	(2,275)
Repurchase of stock	(20,203)	(21,730)
Dividends	(105)
Excess tax benefit from restricted stock awards	2,827	2,970
Other	(6)
Net cash provided by (used in) financing activities	71,605	21,653
Effect of exchange rate changes	(6,970)	(2,010)
Increase (decrease) in cash and cash equivalents	24,703	(65,958)
Cash and cash equivalents
Beginning of period	172,930	184,916
End of period	197,633	118,958
Cash paid during the period for
Interest	4,058	5,736
Income taxes, net	48,349	28,487
Non-cash activity
Dividends declared and accrued in Accounts payable and accrued liabilities	5,745	4,170
Capital expenditures accrued in Accounts payable and accrued liabilities	5,931	2,957
Transfer from Leased railcars for syndication to Equipment on operating leases, net	$ 31,568	$ 3,313

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Nov. 30, 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 November 30, 2015 and for the three months ended November 30, 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 months ended November 30, 2015 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2016. 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 2015 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 Program – During the three months ended November 30, 2015 and 2014, the Company purchased a total of 521,626 and 378,695 shares for approximately $19.1 million and $23.1 million, respectively. As of November 30, 2015 the Company had cumulatively repurchased 2,673,165 shares for approximately $123.7 million and had $101.3 million available under the share repurchase program with an expiration date of January 1, 2018.

Inventories

Inventories	3 Months Ended
	Nov. 30, 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) November 30, August 31, Manufacturing supplies and raw materials $ 275,343 $ 311,880 Work-in-process 51,342 75,032 Finished goods 120,264 61,302 Excess and obsolete adjustment (2,926 ) (2,679 ) $ 444,023 $ 445,535

Intangibles and Other Assets, n

Intangibles and Other Assets, net	3 Months Ended
	Nov. 30, 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) November 30, August 31, Intangible assets subject to amortization: Customer relationships $ 64,504 $ 65,023 Accumulated amortization (34,165 ) (33,828 ) Other intangibles 5,959 3,422 Accumulated amortization (3,204 ) (3,121 ) 33,094 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 17,021 13,111 Nonqualified savings plan investments 13,481 11,815 Debt issuance costs, net 7,252 3,823 Assets held for sale 4,397 4,397 Total Intangible and other assets, net $ 76,157 $ 65,554 Amortization expense for the three months ended November 30, 2015 and 2014 was $1.2 million and $0.9 million. Amortization expense for the years ending August 31, 2016, 2017, 2018, 2019 and 2020 is expected to be $4.6 million, $3.5 million, $3.4 million, $3.4 million and $3.4 million.

Revolving Notes

Revolving Notes	3 Months Ended
	Nov. 30, 2015
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $625.1 million as of November 30, 2015. As of November 30, 2015, a $550.0 million revolving line of credit, maturing October 2020, 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 1.75% or Prime plus 0.75% 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 November 30, 2015, lines of credit totaling $15.1 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. As of November 30, 2015, the Company’s Mexican joint venture has three lines of credit totaling $60.0 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 the Company and its joint venture partner. 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. The third line of credit provides up to $20.0 million, of which the Company and its joint venture partner have each guaranteed 50%. Advances under this facility bear interest at LIBOR plus 2.0%. The Mexican joint venture will be able to draw amounts available under this facility through August 2017. As of November 30, 2015, outstanding commitments under the senior secured credit facilities consisted of $80.1 million in letters of credit and $162.0 million in revolving notes under the North American credit facility and $1.9 million outstanding in revolving notes under the Mexican joint venture credit facilities. As of August 31, 2015, outstanding commitments under the senior secured credit facilities consisted of $47.2 million in letters of credit and $49.0 million in revolving notes under the North American credit facility and $1.9 million outstanding in revolving notes under the Mexican joint venture credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Nov. 30, 2015
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) November 30, August 31, Trade payables $ 201,955 $ 263,665 Other accrued liabilities 70,440 64,584 Accrued payroll and related liabilities 57,576 70,836 Accrued maintenance 18,693 18,642 Income taxes payable 13,411 22,465 Accrued warranty 11,609 11,512 Other 10,986 3,509 $ 384,670 $ 455,213

Warranty Accruals

Warranty Accruals	3 Months Ended
	Nov. 30, 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 (In thousands) 2015 2014 Balance at beginning of period $ 11,512 $ 9,340 Charged to cost of revenue, net 1,421 647 Payments (1,229 ) (974 ) Currency translation effect (95 ) (117 ) Balance at end of period $ 11,609 $ 8,896

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Nov. 30, 2015
Accumulated Other Comprehensive Loss	Note 7 – 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, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (6,052 ) (3,894 ) — (9,946 ) Amounts reclassified from accumulated other comprehensive loss 492 — — 492 Balance, November 30, 2015 $ (7,754 ) $ (22,560 ) $ (345 ) $ (30,659 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: (In thousands) Three Months Ended 2015 2014 Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 267 $ 8 Revenue Interest rate swap contracts 445 456 Interest and foreign exchange 712 464 Total before tax (220 ) (175 ) Tax expense $ 492 $ 289 Net of tax

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 30, 2015
Earnings Per Share	Note 8 – Earnings Per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: (In thousands) Three Months Ended 2015 2014 Weighted average basic common shares outstanding (1) 29,391 27,665 Dilutive effect of 2018 Convertible notes (2) 3,177 6,044 Dilutive effect of 2026 Convertible notes (3) — 4 Dilutive effect of performance based restricted stock units (4) 10 — Weighted average diluted common shares outstanding 32,578 33,713 (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 months ended November 30, 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 excluded for the three months ended November 30, 2015 as the average stock price was less than $48.05 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three months ended November 30, 2014 as the average stock price was greater than $48.05, as further described below. (4) Restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position. Dilutive EPS is calculated using the more dilutive of two approaches. The first approach includes the dilutive effect, using the treasury stock method, associated with shares underlying the 2026 Convertible notes and performance based restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved. 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 conversion price of $48.05. Three Months Ended 2015 2014 Net earnings attributable to Greenbrier $ 69,433 $ 32,786 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 496 1,416 Earnings before interest and debt issuance costs on convertible notes $ 69,929 $ 34,202 Weighted average diluted common shares outstanding 32,578 33,713 Diluted earnings per share (1) $ 2.15 $ 1.01 (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	3 Months Ended
	Nov. 30, 2015
Stock Based Compensation	Note 9 – 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 $5.3 million and $3.4 million for the three months ended November 30, 2015 and 2014, respectively. 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	3 Months Ended
	Nov. 30, 2015
Derivative Instruments	Note 10 – 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. 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 November 30, 2015 exchange rates, forward exchange contracts for the purchase of Polish Zloty and the sale of Euro and U.S. Dollar, and for the purchase of U.S. Dollars and the sale of Saudi Riyal aggregated to $458.8 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 September 2018, 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 results of operations in Interest and foreign exchange at the time of occurrence. At November 30, 2015, an interest rate swap agreement maturing in March 2020 had a notional amount of $94.8 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 November 30, 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 November 30, August 31, November 30, August 31, (In thousands) Balance sheet Fair Fair Balance sheet Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts $ 6,940 $ 1,820 Accounts payable $ 7,213 $ 737 Interest rate swap contracts Intangibles and — — Accounts payable and 2,514 2,393 $ 6,940 $ 1,820 $ 9,727 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts $ 56 $ 93 Accounts payable and $ 108 $ 76 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 $ (186 ) $ 54 Interest rate swap contracts Interest and foreign exchange 86 56 $ (100 ) $ 110 Derivatives in cash flow hedging relationships Gain (loss) Location of Loss reclassified Location of Gain recognized 2015 2014 2015 2014 2015 2014 Foreign forward exchange contracts $ (7,043 ) $ 600 Revenue $ (267 ) $ (8 ) Revenue $ 4,592 $ 494 Interest rate swap contracts (592 ) (1,335 ) Interest and (445 ) (456 ) Interest and — — $ (7,635 ) $ (735 ) $ (712 ) $ (464 ) $ 4,592 $ 494

Segment Information

Segment Information	3 Months Ended
	Nov. 30, 2015
Segment Information	Note 11 – Segment Information Greenbrier operates in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. The results of GBW are included as part of Earnings from unconsolidated affiliates as the Company accounts for its interest in GBW under the equity method of accounting. 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 2015 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 model. 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. 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 months ended November 30, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 698,661 $ — $ 698,661 $ 153,704 $ — $ 153,704 Wheels & Parts 78,729 6,816 85,545 3,403 684 4,087 Leasing & Services 24,999 6,709 31,708 9,958 6,709 16,667 Eliminations — (13,525 ) (13,525 ) — (7,393 ) (7,393 ) Corporate — — — (18,580 ) — (18,580 ) $ 802,389 $ — $ 802,389 $ 148,485 $ — $ 148,485 For the three months ended November 30, 2014: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 379,949 $ 7,420 $ 387,369 $ 52,051 $ 786 $ 52,837 Wheels & Parts 86,624 6,911 93,535 7,932 784 8,716 Leasing & Services 28,485 13,184 41,669 11,042 13,184 24,226 Eliminations — (27,515 ) (27,515 ) — (14,754 ) (14,754 ) Corporate — — — (16,603 ) — (16,603 ) $ 495,058 $ — $ 495,058 $ 54,422 $ — $ 54,422 Total assets November 30, August 31, (In thousands) 2015 2015 Manufacturing $ 656,505 $ 675,409 Wheels & Parts 302,164 291,798 Leasing & Services 631,699 549,073 Unallocated 303,147 274,232 $ 1,893,515 $ 1,790,512 Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates: Three Months Ended (In thousands) 2015 2014 Earnings from operations $ 148,485 $ 54,422 Interest and foreign exchange 5,436 3,141 Earnings before income tax and earnings from unconsolidated affiliates $ 143,049 $ 51,281 The results of operations for the GBW Joint Venture are accounted for under the equity method of accounting. The GBW Joint Venture is the Company’s fourth reportable segment and information as of November 30, 2015 and August 31, 2015 and for the three months ended November 30, 2015 and 2014 are included in the tables below. Three Months Ended (In thousands) 2015 2014 Revenue $ 95,982 $ 82,542 Earnings from operations $ 2,408 $ 258 Total Assets November 30, August 31, GBW (1) $ 245,741 $ 239,871 (1) Includes goodwill and intangible assets of $96.0 million and $96.9 million as of November 30, 2015 and August 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 30, 2015
Commitments and Contingencies	Note 12 – 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 produced by the LWG and has cost over $110 million during a 15-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 15-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 by the LWG to the EPA on October 27, 2009. The draft feasibility study was submitted to the EPA on March 30, 2012. That 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. In August 2015, the EPA released its own draft feasibility study that suggests a significantly higher range of site-wide costs (from $790 million to $2.4 billion) and clean-up durations ranging from 4 to 18 years. The EPA study does not break those costs down by sub-area. The EPA is currently revising its draft feasibility study. Neither draft feasibility study addresses responsibility for the costs of clean-up, allocates such costs among the potentially responsible parties, or defines 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 $3.8 million in third party warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of November 30, 2015, the Mexican joint venture had $3.0 million of third party debt outstanding, for which the Company and its joint venture partner had each guaranteed approximately $1.5 million. As of November 30, 2015, the Company had outstanding letters of credit aggregating $80.1 million associated with performance guarantees, facility leases and workers compensation insurance. The Company made $0.6 million in cash contributions and $1.25 million in loans to GBW, an unconsolidated 50/50 joint venture with Watco, for the three months ended November 30, 2015. The Company expects to loan additional amounts of approximately $3.75 million during 2016. The Company is likely to make additional capital contributions or loans to GBW in the future. As of November 30, 2015, the Company had a $32.7 million note receivable balance from GBW which is included on the Consolidated Balance Sheet in Accounts receivable, net.

Fair Value Measures

Fair Value Measures	3 Months Ended
	Nov. 30, 2015
Fair Value Measures	Note 13 – 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 November 30, 2015 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 6,996 $ — $ 6,996 $ — Nonqualified savings plan investments 13,481 13,481 — — Cash equivalents 5,074 5,074 — — $ 25,551 $ 18,555 $ 6,996 $ — Liabilities: Derivative financial instruments $ 9,835 $ — $ 9,835 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2015 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,913 $ — $ 1,913 $ — Nonqualified savings plan investments 11,815 11,815 — — Cash equivalents 5,071 5,071 — — $ 18,799 $ 16,886 $ 1,913 $ — Liabilities: Derivative financial instruments $ 3,206 $ — $ 3,206 $ —

Guarantor_Non-Guarantor

Guarantor/Non-Guarantor	3 Months Ended
	Nov. 30, 2015
Guarantor/Non-Guarantor	Note 14 – 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 International Holdings II, LLC; 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 November 30, 2015 and August 31, 2015, for the three months ended November 30, 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 November 30, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 46,071 $ 2,528 $ 149,034 $ — $ 197,633 Restricted cash — 2,914 6,904 — 9,818 Accounts receivable, net 7,366 420,870 40,725 (231,748 ) 237,213 Inventories — 256,401 199,708 (12,086 ) 444,023 Leased railcars for syndication — 242,050 — (3,139 ) 238,911 Equipment on operating leases, net — 252,559 2,698 (2,616 ) 252,641 Property, plant and equipment, net 8,520 102,437 196,239 — 307,196 Investment in unconsolidated affiliates 1,283,522 171,405 20,356 (1,388,625 ) 86,658 Intangibles and other assets, net 20,626 51,211 15,944 (11,624 ) 76,157 Goodwill — 43,265 — — 43,265 $ 1,366,105 $ 1,545,640 $ 631,608 $ (1,649,838 ) $ 1,893,515 Liabilities and Equity Revolving notes $ 162,000 $ — $ 1,888 $ — $ 163,888 Accounts payable and accrued liabilities 275,274 204,526 184,587 (279,717 ) 384,670 Deferred income taxes 22,972 61,968 — (21,457 ) 63,483 Deferred revenue — 37,577 — 4,774 42,351 Notes payable 133,914 189,661 1,093 — 324,668 Total equity—Greenbrier 771,945 1,051,908 301,839 (1,353,747 ) 771,945 Noncontrolling interest — — 142,201 309 142,510 Total equity 771,945 1,051,908 444,040 (1,353,438 ) 914,455 $ 1,366,105 $ 1,545,640 $ 631,608 $ (1,649,838 ) $ 1,893,515 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended November 30, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 5,143 $ 371,845 $ 511,992 $ (190,319 ) $ 698,661 Wheels & Parts — 79,081 — (352 ) 78,729 Leasing & Services 844 24,182 — (27 ) 24,999 5,987 475,108 511,992 (190,698 ) 802,389 Cost of revenue Manufacturing — 297,538 425,466 (189,971 ) 533,033 Wheels & Parts — 73,342 — (340 ) 73,002 Leasing & Services — 11,613 — (24 ) 11,589 — 382,493 425,466 (190,335 ) 617,624 Margin 5,987 92,615 86,526 (363 ) 184,765 Selling and administrative 16,415 9,086 10,923 125 36,549 Net gain on disposition of equipment — (156 ) 1 (114 ) (269 ) Earnings (loss) from operations (10,428 ) 83,685 75,602 (374 ) 148,485 Other costs Interest and foreign exchange 3,234 1,373 829 — 5,436 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (13,662 ) 82,312 74,773 (374 ) 143,049 Income tax (expense) benefit (4,743 ) (27,320 ) (12,583 ) (73 ) (44,719 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (18,405 ) 54,992 62,190 (447 ) 98,330 Earnings (loss) from unconsolidated affiliates 87,838 1,974 (362 ) (89,067 ) 383 Net earnings (loss) 69,433 56,966 61,828 (89,514 ) 98,713 Net (earnings) loss attributable to noncontrolling interest — — (29,542 ) 262 (29,280 ) Net earnings (loss) attributable to Greenbrier $ 69,433 $ 56,966 $ 32,286 $ (89,252 ) $ 69,433 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended November 30, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 69,433 $ 56,966 $ 61,828 $ (89,514 ) $ 98,713 Other comprehensive income (loss) Translation adjustment — — (3,967 ) — (3,967 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 276 216 — 492 Unrealized loss on derivative financial instruments 68 (366 ) (5,754 ) — (6,052 ) 68 (90 ) (9,505 ) — (9,527 ) Comprehensive income (loss) 69,501 56,876 52,323 (89,514 ) 89,186 Comprehensive (income) loss attributable to noncontrolling interest — — (29,469 ) 262 (29,207 ) Comprehensive income (loss) attributable to Greenbrier $ 69,501 $ 56,876 $ 22,854 $ (89,252 ) $ 59,979 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the three months ended November 30, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 69,433 $ 56,966 $ 61,828 $ (89,514 ) $ 98,713 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 23,557 (10,358 ) (1,053 ) (9,127 ) 3,019 Depreciation and amortization 656 7,151 5,191 (24 ) 12,974 Net gain on disposition of equipment — (156 ) 1 (114 ) (269 ) Stock based compensation expense 5,301 — — — 5,301 Noncontrolling interest adjustment — — — 262 262 Other — 103 534 — 637 Decrease (increase) in assets: Accounts receivable, net 42,106 200,971 (30,333 ) (253,633 ) (40,889 ) Inventories — (64,776 ) 56,125 8,377 (274 ) Leased railcars for syndication — (52,932 ) — (8,127 ) (61,059 ) Other (823 ) (3,086 ) (17,324 ) 17,655 (3,578 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (226,275 ) (78,626 ) (22,257 ) 249,553 (77,605 ) Deferred revenue — (723 ) — — (723 ) Net cash provided by (used in) operating activities (86,045 ) 54,534 52,712 (84,692 ) (63,491 ) Cash flows from investing activities: Proceeds from sales of assets — 41,353 — — 41,353 Capital expenditures (774 ) (3,668 ) (11,153 ) — (15,595 ) Decrease (increase) in restricted cash — (948 ) (1 ) — (949 ) Cash distribution from unconsolidated affiliates 616 — — — 616 Investment in and net advances to unconsolidated affiliates (85,213 ) (1,345 ) — 84,692 (1,866 ) Net cash provided by (used in) investing activities (85,371 ) 35,392 (11,154 ) 84,692 23,559 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 113,000 — — — 113,000 Repayments of notes payable — (1,761 ) — — (1,761 ) Debt issuance costs (4,493 ) — — — (4,493 ) Cash distribution to joint venture partner — — (17,654 ) (17,654 ) Intercompany advances 72,857 (85,925 ) 13,068 — — Repurchase of stock (20,203 ) — — — (20,203 ) Dividends (105 ) — — — (105 ) Excess tax benefit from restricted stock awards 2,827 — — — 2,827 Other — — (6 ) — (6 ) Net cash provided by (used in) financing activities 163,883 (87,686 ) (4,592 ) — 71,605 Effect of exchange rate changes 69 169 (7,208 ) — (6,970 ) Increase (decrease) in cash and cash equivalents (7,464 ) 2,409 29,758 — 24,703 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 46,071 $ 2,528 $ 149,034 $ — $ 197,633 The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet August 31, 2015 (In thousands) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 53,535 $ 119 $ 119,276 $ — $ 172,930 Restricted cash — 1,966 6,903 — 8,869 Accounts receivable, net 49,471 535,916 24,415 (413,773 ) 196,029 Inventories — 191,625 257,619 (3,709 ) 445,535 Leased railcars for syndication — 228,646 — (16,112 ) 212,534 Equipment on operating leases, net — 255,130 2,901 (2,640 ) 255,391 Property, plant and equipment, net 8,402 102,738 191,995 — 303,135 Investment in unconsolidated affiliates 1,209,698 169,659 21,369 (1,313,456 ) 87,270 Intangibles and other assets, net 15,895 46,387 14,235 (10,963 ) 65,554 Goodwill — 43,265 — — 43,265 $ 1,337,001 $ 1,575,451 $ 638,713 $ (1,760,653 ) $ 1,790,512 Liabilities and Equity Revolving notes $ 49,000 $ — $ 1,888 $ — $ 50,888 Accounts payable and accrued liabilities 421,249 282,662 208,538 (457,236 ) 455,213 Deferred income taxes — 72,326 — (11,669 ) 60,657 Deferred revenue — 33,792 — 44 33,836 Notes payable 133,914 191,422 1,093 — 326,429 Total equity Greenbrier 732,838 995,249 296,852 (1,292,101 ) 732,838 Noncontrolling interest — — 130,342 309 130,651 Total equity 732,838 995,249 427,194 (1,291,792 ) 863,489 $ 1,337,001 $ 1,575,451 $ 638,713 $ (1,760,653 ) $ 1,790,512 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended November 30, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 273,812 $ 365,746 $ (259,609 ) $ 379,949 Wheels & Parts — 88,465 — (1,841 ) 86,624 Leasing & Services (122 ) 28,466 — 141 28,485 (122 ) 390,743 365,746 (261,309 ) 495,058 Cost of revenue Manufacturing — 235,652 313,773 (233,388 ) 316,037 Wheels & Parts — 78,658 — (1,786 ) 76,872 Leasing & Services — 14,105 — (24 ) 14,081 — 328,415 313,773 (235,198 ) 406,990 Margin (122 ) 62,328 51,973 (26,111 ) 88,068 Selling and administrative 15,788 7,695 10,111 135 33,729 Net gain on disposition of equipment — (83 ) — — (83 ) Earnings (loss) from operations (15,910 ) 54,716 41,862 (26,246 ) 54,422 Other costs Interest and foreign exchange 2,985 1,606 (1,450 ) — 3,141 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (18,895 ) 53,110 43,312 (26,246 ) 51,281 Income tax (expense) benefit (1,210 ) (19,993 ) (4,825 ) 9,974 (16,054 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (20,105 ) 33,117 38,487 (16,272 ) 35,227 Earnings (loss) from unconsolidated affiliates 52,891 5,383 47 (57,566 ) 755 Net earnings (loss) 32,786 38,500 38,534 (73,838 ) 35,982 Net (earnings) loss attributable to noncontrolling interest — — (16,148 ) 12,952 (3,196 ) Net earnings (loss) attributable to Greenbrier $ 32,786 $ 38,500 $ 22,386 $ (60,886 ) $ 32,786 The Greenbrier Companies, Inc. Consolidating Statement of Comprehensive Income (Loss) For the three months ended November 30, 2014 (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 32,786 $ 38,500 $ 38,534 $ (73,838 ) $ 35,982 Other comprehensive income (loss) Translation adjustment — — (3,450 ) — (3,450 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 283 6 — 289 Unrealized gain (loss) on derivative financial instruments — (831 ) 525 — (306 ) Other (net of tax effect) — — (2 ) — (2 ) — (548 ) (2,921 ) — (3,469 ) Comprehensive income (loss) 32,786 37,952 35,613 (73,838 ) 32,513 Comprehensive (income) loss attributable to noncontrolling interest — — (16,100 ) 12,952 (3,148 ) Comprehensive income (loss) attributable to Greenbrier $ 32,786 $ 37,952 $ 19,513 $ (60,886 ) $ 29,365 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the three months ended November 30, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 32,786 $ 38,500 $ 38,534 $ (73,838 ) $ 35,982 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 8,962 (8,264 ) (91 ) — 607 Depreciation and amortization 455 6,618 5,001 (24 ) 12,050 Net gain on disposition of equipment — (83 ) — — (83 ) Stock based compensation expense 3,411 — — — 3,411 Noncontrolling interest adjustments — — — 12,952 12,952 Other — — 152 — 152 Decrease (increase) in assets: Accounts receivable, net (108 ) 25,614 15,362 (33,062 ) 7,806 Inventories — (11,166 ) (56,454 ) (22 ) (67,642 ) Leased railcars for syndication — (67,286 ) — 12,554 (54,732 ) Other 3,259 977 475 (2,500 ) 2,211 Increase (decrease) in liabilities: Accounts payable and accrued liabilities 27,277 (38,790 ) 4,686 (6,205 ) (13,032 ) Deferred revenue — 6,118 370 — 6,488 Net cash provided by (used in) operating activities 76,042 (47,762 ) 8,035 (90,145 ) (53,830 ) Cash flows from investing activities: Proceeds from sales of assets — 2,073 — — 2,073 Capital expenditures (839 ) (11,845 ) (19,024 ) 394 (31,314 ) Increase in restricted cash — (30 ) — — (30 ) Investment in unconsolidated affiliates (87,576 ) (4,675 ) — 89,751 (2,500 ) Net cash provided by (used in) investing activities (88,415 ) (14,477 ) (19,024 ) 90,145 (31,771 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 15,000 — — — 15,000 Proceeds from revolving notes with maturities longer than 90 days — — 23,056 — 23,056 Repayment of revolving notes with maturities longer than 90 days — — (4,610 ) — (4,610 ) Intercompany advances (55,267 ) 55,477 (210 ) — — Repayments of notes payable — (1,758 ) — — (1,758 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distribution to joint venture partner — — (2,275 ) — (2,275 ) Excess tax benefit from restricted stock awards 2,970 — — — 2,970 Repurchase of stock (21,730 ) — — — (21,730 ) Net cash provided by (used in) financing activities (59,027 ) 64,719 15,961 — 21,653 Effect of exchange rate changes — (1,015 ) (995 ) — (2,010 ) Increase (decrease) in cash and cash equivalents (71,400 ) 1,465 3,977 — (65,958 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 78,347 $ 1,577 $ 39,034 $ — $ 118,958

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 30, 2015
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) November 30, August 31, Manufacturing supplies and raw materials $ 275,343 $ 311,880 Work-in-process 51,342 75,032 Finished goods 120,264 61,302 Excess and obsolete adjustment (2,926 ) (2,679 ) $ 444,023 $ 445,535

Intangibles and Other Assets,24

Intangibles and Other Assets, net (Tables)	3 Months Ended
	Nov. 30, 2015
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) November 30, August 31, Intangible assets subject to amortization: Customer relationships $ 64,504 $ 65,023 Accumulated amortization (34,165 ) (33,828 ) Other intangibles 5,959 3,422 Accumulated amortization (3,204 ) (3,121 ) 33,094 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 17,021 13,111 Nonqualified savings plan investments 13,481 11,815 Debt issuance costs, net 7,252 3,823 Assets held for sale 4,397 4,397 Total Intangible and other assets, net $ 76,157 $ 65,554

Accounts Payable and Accrued 25

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Nov. 30, 2015
Accounts Payable and Accrued Liabilities	(In thousands) November 30, August 31, Trade payables $ 201,955 $ 263,665 Other accrued liabilities 70,440 64,584 Accrued payroll and related liabilities 57,576 70,836 Accrued maintenance 18,693 18,642 Income taxes payable 13,411 22,465 Accrued warranty 11,609 11,512 Other 10,986 3,509 $ 384,670 $ 455,213

Warranty Accruals (Tables)

Warranty Accruals (Tables)	3 Months Ended
	Nov. 30, 2015
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended (In thousands) 2015 2014 Balance at beginning of period $ 11,512 $ 9,340 Charged to cost of revenue, net 1,421 647 Payments (1,229 ) (974 ) Currency translation effect (95 ) (117 ) Balance at end of period $ 11,609 $ 8,896

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Nov. 30, 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, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (6,052 ) (3,894 ) — (9,946 ) Amounts reclassified from accumulated other comprehensive loss 492 — — 492 Balance, November 30, 2015 $ (7,754 ) $ (22,560 ) $ (345 ) $ (30,659 )
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: (In thousands) Three Months Ended 2015 2014 Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 267 $ 8 Revenue Interest rate swap contracts 445 456 Interest and foreign exchange 712 464 Total before tax (220 ) (175 ) Tax expense $ 492 $ 289 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 30, 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: (In thousands) Three Months Ended 2015 2014 Weighted average basic common shares outstanding (1) 29,391 27,665 Dilutive effect of 2018 Convertible notes (2) 3,177 6,044 Dilutive effect of 2026 Convertible notes (3) — 4 Dilutive effect of performance based restricted stock units (4) 10 — Weighted average diluted common shares outstanding 32,578 33,713 (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 months ended November 30, 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 excluded for the three months ended November 30, 2015 as the average stock price was less than $48.05 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three months ended November 30, 2014 as the average stock price was greater than $48.05, as further described below. (4) Restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.
Approach to Calculate Diluted Earning per Share	Three Months Ended 2015 2014 Net earnings attributable to Greenbrier $ 69,433 $ 32,786 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 496 1,416 Earnings before interest and debt issuance costs on convertible notes $ 69,929 $ 34,202 Weighted average diluted common shares outstanding 32,578 33,713 Diluted earnings per share (1) $ 2.15 $ 1.01 (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)	3 Months Ended
	Nov. 30, 2015
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives November 30, August 31, November 30, August 31, (In thousands) Balance sheet Fair Fair Balance sheet Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts $ 6,940 $ 1,820 Accounts payable $ 7,213 $ 737 Interest rate swap contracts Intangibles and — — Accounts payable and 2,514 2,393 $ 6,940 $ 1,820 $ 9,727 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts $ 56 $ 93 Accounts payable and $ 108 $ 76
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 $ (186 ) $ 54 Interest rate swap contracts Interest and foreign exchange 86 56 $ (100 ) $ 110 Derivatives in cash flow hedging relationships Gain (loss) Location of Loss reclassified Location of Gain recognized 2015 2014 2015 2014 2015 2014 Foreign forward exchange contracts $ (7,043 ) $ 600 Revenue $ (267 ) $ (8 ) Revenue $ 4,592 $ 494 Interest rate swap contracts (592 ) (1,335 ) Interest and (445 ) (456 ) Interest and — — $ (7,635 ) $ (735 ) $ (712 ) $ (464 ) $ 4,592 $ 494

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Nov. 30, 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. 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 months ended November 30, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 698,661 $ — $ 698,661 $ 153,704 $ — $ 153,704 Wheels & Parts 78,729 6,816 85,545 3,403 684 4,087 Leasing & Services 24,999 6,709 31,708 9,958 6,709 16,667 Eliminations — (13,525 ) (13,525 ) — (7,393 ) (7,393 ) Corporate — — — (18,580 ) — (18,580 ) $ 802,389 $ — $ 802,389 $ 148,485 $ — $ 148,485 For the three months ended November 30, 2014: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 379,949 $ 7,420 $ 387,369 $ 52,051 $ 786 $ 52,837 Wheels & Parts 86,624 6,911 93,535 7,932 784 8,716 Leasing & Services 28,485 13,184 41,669 11,042 13,184 24,226 Eliminations — (27,515 ) (27,515 ) — (14,754 ) (14,754 ) Corporate — — — (16,603 ) — (16,603 ) $ 495,058 $ — $ 495,058 $ 54,422 $ — $ 54,422 Total assets November 30, August 31, (In thousands) 2015 2015 Manufacturing $ 656,505 $ 675,409 Wheels & Parts 302,164 291,798 Leasing & Services 631,699 549,073 Unallocated 303,147 274,232 $ 1,893,515 $ 1,790,512
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates: Three Months Ended (In thousands) 2015 2014 Earnings from operations $ 148,485 $ 54,422 Interest and foreign exchange 5,436 3,141 Earnings before income tax and earnings from unconsolidated affiliates $ 143,049 $ 51,281
GBW Railcar Services Holdings, LLC
Segments' Internal Financial Reports	The GBW Joint Venture is the Company’s fourth reportable segment and information as of November 30, 2015 and August 31, 2015 and for the three months ended November 30, 2015 and 2014 are included in the tables below. Three Months Ended (In thousands) 2015 2014 Revenue $ 95,982 $ 82,542 Earnings from operations $ 2,408 $ 258 Total Assets November 30, August 31, GBW (1) $ 245,741 $ 239,871 (1) Includes goodwill and intangible assets of $96.0 million and $96.9 million as of November 30, 2015 and August 31, 2015.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Nov. 30, 2015
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of November 30, 2015 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 6,996 $ — $ 6,996 $ — Nonqualified savings plan investments 13,481 13,481 — — Cash equivalents 5,074 5,074 — — $ 25,551 $ 18,555 $ 6,996 $ — Liabilities: Derivative financial instruments $ 9,835 $ — $ 9,835 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2015 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,913 $ — $ 1,913 $ — Nonqualified savings plan investments 11,815 11,815 — — Cash equivalents 5,071 5,071 — — $ 18,799 $ 16,886 $ 1,913 $ — Liabilities: Derivative financial instruments $ 3,206 $ — $ 3,206 $ —

Guarantor_Non-Guarantor (Tables

Guarantor/Non-Guarantor (Tables)	3 Months Ended
	Nov. 30, 2015
Condensed Consolidating Balance Sheet	The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet November 30, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 46,071 $ 2,528 $ 149,034 $ — $ 197,633 Restricted cash — 2,914 6,904 — 9,818 Accounts receivable, net 7,366 420,870 40,725 (231,748 ) 237,213 Inventories — 256,401 199,708 (12,086 ) 444,023 Leased railcars for syndication — 242,050 — (3,139 ) 238,911 Equipment on operating leases, net — 252,559 2,698 (2,616 ) 252,641 Property, plant and equipment, net 8,520 102,437 196,239 — 307,196 Investment in unconsolidated affiliates 1,283,522 171,405 20,356 (1,388,625 ) 86,658 Intangibles and other assets, net 20,626 51,211 15,944 (11,624 ) 76,157 Goodwill — 43,265 — — 43,265 $ 1,366,105 $ 1,545,640 $ 631,608 $ (1,649,838 ) $ 1,893,515 Liabilities and Equity Revolving notes $ 162,000 $ — $ 1,888 $ — $ 163,888 Accounts payable and accrued liabilities 275,274 204,526 184,587 (279,717 ) 384,670 Deferred income taxes 22,972 61,968 — (21,457 ) 63,483 Deferred revenue — 37,577 — 4,774 42,351 Notes payable 133,914 189,661 1,093 — 324,668 Total equity—Greenbrier 771,945 1,051,908 301,839 (1,353,747 ) 771,945 Noncontrolling interest — — 142,201 309 142,510 Total equity 771,945 1,051,908 444,040 (1,353,438 ) 914,455 $ 1,366,105 $ 1,545,640 $ 631,608 $ (1,649,838 ) $ 1,893,515 The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet August 31, 2015 (In thousands) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 53,535 $ 119 $ 119,276 $ — $ 172,930 Restricted cash — 1,966 6,903 — 8,869 Accounts receivable, net 49,471 535,916 24,415 (413,773 ) 196,029 Inventories — 191,625 257,619 (3,709 ) 445,535 Leased railcars for syndication — 228,646 — (16,112 ) 212,534 Equipment on operating leases, net — 255,130 2,901 (2,640 ) 255,391 Property, plant and equipment, net 8,402 102,738 191,995 — 303,135 Investment in unconsolidated affiliates 1,209,698 169,659 21,369 (1,313,456 ) 87,270 Intangibles and other assets, net 15,895 46,387 14,235 (10,963 ) 65,554 Goodwill — 43,265 — — 43,265 $ 1,337,001 $ 1,575,451 $ 638,713 $ (1,760,653 ) $ 1,790,512 Liabilities and Equity Revolving notes $ 49,000 $ — $ 1,888 $ — $ 50,888 Accounts payable and accrued liabilities 421,249 282,662 208,538 (457,236 ) 455,213 Deferred income taxes — 72,326 — (11,669 ) 60,657 Deferred revenue — 33,792 — 44 33,836 Notes payable 133,914 191,422 1,093 — 326,429 Total equity Greenbrier 732,838 995,249 296,852 (1,292,101 ) 732,838 Noncontrolling interest — — 130,342 309 130,651 Total equity 732,838 995,249 427,194 (1,291,792 ) 863,489 $ 1,337,001 $ 1,575,451 $ 638,713 $ (1,760,653 ) $ 1,790,512
Condensed Consolidating Statement of Income	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended November 30, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 5,143 $ 371,845 $ 511,992 $ (190,319 ) $ 698,661 Wheels & Parts — 79,081 — (352 ) 78,729 Leasing & Services 844 24,182 — (27 ) 24,999 5,987 475,108 511,992 (190,698 ) 802,389 Cost of revenue Manufacturing — 297,538 425,466 (189,971 ) 533,033 Wheels & Parts — 73,342 — (340 ) 73,002 Leasing & Services — 11,613 — (24 ) 11,589 — 382,493 425,466 (190,335 ) 617,624 Margin 5,987 92,615 86,526 (363 ) 184,765 Selling and administrative 16,415 9,086 10,923 125 36,549 Net gain on disposition of equipment — (156 ) 1 (114 ) (269 ) Earnings (loss) from operations (10,428 ) 83,685 75,602 (374 ) 148,485 Other costs Interest and foreign exchange 3,234 1,373 829 — 5,436 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (13,662 ) 82,312 74,773 (374 ) 143,049 Income tax (expense) benefit (4,743 ) (27,320 ) (12,583 ) (73 ) (44,719 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (18,405 ) 54,992 62,190 (447 ) 98,330 Earnings (loss) from unconsolidated affiliates 87,838 1,974 (362 ) (89,067 ) 383 Net earnings (loss) 69,433 56,966 61,828 (89,514 ) 98,713 Net (earnings) loss attributable to noncontrolling interest — — (29,542 ) 262 (29,280 ) Net earnings (loss) attributable to Greenbrier $ 69,433 $ 56,966 $ 32,286 $ (89,252 ) $ 69,433 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended November 30, 2014 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 273,812 $ 365,746 $ (259,609 ) $ 379,949 Wheels & Parts — 88,465 — (1,841 ) 86,624 Leasing & Services (122 ) 28,466 — 141 28,485 (122 ) 390,743 365,746 (261,309 ) 495,058 Cost of revenue Manufacturing — 235,652 313,773 (233,388 ) 316,037 Wheels & Parts — 78,658 — (1,786 ) 76,872 Leasing & Services — 14,105 — (24 ) 14,081 — 328,415 313,773 (235,198 ) 406,990 Margin (122 ) 62,328 51,973 (26,111 ) 88,068 Selling and administrative 15,788 7,695 10,111 135 33,729 Net gain on disposition of equipment — (83 ) — — (83 ) Earnings (loss) from operations (15,910 ) 54,716 41,862 (26,246 ) 54,422 Other costs Interest and foreign exchange 2,985 1,606 (1,450 ) — 3,141 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (18,895 ) 53,110 43,312 (26,246 ) 51,281 Income tax (expense) benefit (1,210 ) (19,993 ) (4,825 ) 9,974 (16,054 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (20,105 ) 33,117 38,487 (16,272 ) 35,227 Earnings (loss) from unconsolidated affiliates 52,891 5,383 47 (57,566 ) 755 Net earnings (loss) 32,786 38,500 38,534 (73,838 ) 35,982 Net (earnings) loss attributable to noncontrolling interest — — (16,148 ) 12,952 (3,196 ) Net earnings (loss) attributable to Greenbrier $ 32,786 $ 38,500 $ 22,386 $ (60,886 ) $ 32,786
Condensed Consolidating Statement of Comprehensive Income (Loss)	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended November 30, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 69,433 $ 56,966 $ 61,828 $ (89,514 ) $ 98,713 Other comprehensive income (loss) Translation adjustment — — (3,967 ) — (3,967 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 276 216 — 492 Unrealized loss on derivative financial instruments 68 (366 ) (5,754 ) — (6,052 ) 68 (90 ) (9,505 ) — (9,527 ) Comprehensive income (loss) 69,501 56,876 52,323 (89,514 ) 89,186 Comprehensive (income) loss attributable to noncontrolling interest — — (29,469 ) 262 (29,207 ) Comprehensive income (loss) attributable to Greenbrier $ 69,501 $ 56,876 $ 22,854 $ (89,252 ) $ 59,979 The Greenbrier Companies, Inc. Consolidating Statement of Comprehensive Income (Loss) For the three months ended November 30, 2014 (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 32,786 $ 38,500 $ 38,534 $ (73,838 ) $ 35,982 Other comprehensive income (loss) Translation adjustment — — (3,450 ) — (3,450 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 283 6 — 289 Unrealized gain (loss) on derivative financial instruments — (831 ) 525 — (306 ) Other (net of tax effect) — — (2 ) — (2 ) — (548 ) (2,921 ) — (3,469 ) Comprehensive income (loss) 32,786 37,952 35,613 (73,838 ) 32,513 Comprehensive (income) loss attributable to noncontrolling interest — — (16,100 ) 12,952 (3,148 ) Comprehensive income (loss) attributable to Greenbrier $ 32,786 $ 37,952 $ 19,513 $ (60,886 ) $ 29,365
Condensed Consolidating Statement of Cash Flows	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the three months ended November 30, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 69,433 $ 56,966 $ 61,828 $ (89,514 ) $ 98,713 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 23,557 (10,358 ) (1,053 ) (9,127 ) 3,019 Depreciation and amortization 656 7,151 5,191 (24 ) 12,974 Net gain on disposition of equipment — (156 ) 1 (114 ) (269 ) Stock based compensation expense 5,301 — — — 5,301 Noncontrolling interest adjustment — — — 262 262 Other — 103 534 — 637 Decrease (increase) in assets: Accounts receivable, net 42,106 200,971 (30,333 ) (253,633 ) (40,889 ) Inventories — (64,776 ) 56,125 8,377 (274 ) Leased railcars for syndication — (52,932 ) — (8,127 ) (61,059 ) Other (823 ) (3,086 ) (17,324 ) 17,655 (3,578 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (226,275 ) (78,626 ) (22,257 ) 249,553 (77,605 ) Deferred revenue — (723 ) — — (723 ) Net cash provided by (used in) operating activities (86,045 ) 54,534 52,712 (84,692 ) (63,491 ) Cash flows from investing activities: Proceeds from sales of assets — 41,353 — — 41,353 Capital expenditures (774 ) (3,668 ) (11,153 ) — (15,595 ) Decrease (increase) in restricted cash — (948 ) (1 ) — (949 ) Cash distribution from unconsolidated affiliates 616 — — — 616 Investment in and net advances to unconsolidated affiliates (85,213 ) (1,345 ) — 84,692 (1,866 ) Net cash provided by (used in) investing activities (85,371 ) 35,392 (11,154 ) 84,692 23,559 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 113,000 — — — 113,000 Repayments of notes payable — (1,761 ) — — (1,761 ) Debt issuance costs (4,493 ) — — — (4,493 ) Cash distribution to joint venture partner — — (17,654 ) (17,654 ) Intercompany advances 72,857 (85,925 ) 13,068 — — Repurchase of stock (20,203 ) — — — (20,203 ) Dividends (105 ) — — — (105 ) Excess tax benefit from restricted stock awards 2,827 — — — 2,827 Other — — (6 ) — (6 ) Net cash provided by (used in) financing activities 163,883 (87,686 ) (4,592 ) — 71,605 Effect of exchange rate changes 69 169 (7,208 ) — (6,970 ) Increase (decrease) in cash and cash equivalents (7,464 ) 2,409 29,758 — 24,703 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 46,071 $ 2,528 $ 149,034 $ — $ 197,633 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the three months ended November 30, 2014 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 32,786 $ 38,500 $ 38,534 $ (73,838 ) $ 35,982 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 8,962 (8,264 ) (91 ) — 607 Depreciation and amortization 455 6,618 5,001 (24 ) 12,050 Net gain on disposition of equipment — (83 ) — — (83 ) Stock based compensation expense 3,411 — — — 3,411 Noncontrolling interest adjustments — — — 12,952 12,952 Other — — 152 — 152 Decrease (increase) in assets: Accounts receivable, net (108 ) 25,614 15,362 (33,062 ) 7,806 Inventories — (11,166 ) (56,454 ) (22 ) (67,642 ) Leased railcars for syndication — (67,286 ) — 12,554 (54,732 ) Other 3,259 977 475 (2,500 ) 2,211 Increase (decrease) in liabilities: Accounts payable and accrued liabilities 27,277 (38,790 ) 4,686 (6,205 ) (13,032 ) Deferred revenue — 6,118 370 — 6,488 Net cash provided by (used in) operating activities 76,042 (47,762 ) 8,035 (90,145 ) (53,830 ) Cash flows from investing activities: Proceeds from sales of assets — 2,073 — — 2,073 Capital expenditures (839 ) (11,845 ) (19,024 ) 394 (31,314 ) Increase in restricted cash — (30 ) — — (30 ) Investment in unconsolidated affiliates (87,576 ) (4,675 ) — 89,751 (2,500 ) Net cash provided by (used in) investing activities (88,415 ) (14,477 ) (19,024 ) 90,145 (31,771 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 15,000 — — — 15,000 Proceeds from revolving notes with maturities longer than 90 days — — 23,056 — 23,056 Repayment of revolving notes with maturities longer than 90 days — — (4,610 ) — (4,610 ) Intercompany advances (55,267 ) 55,477 (210 ) — — Repayments of notes payable — (1,758 ) — — (1,758 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distribution to joint venture partner — — (2,275 ) — (2,275 ) Excess tax benefit from restricted stock awards 2,970 — — — 2,970 Repurchase of stock (21,730 ) — — — (21,730 ) Net cash provided by (used in) financing activities (59,027 ) 64,719 15,961 — 21,653 Effect of exchange rate changes — (1,015 ) (995 ) — (2,010 ) Increase (decrease) in cash and cash equivalents (71,400 ) 1,465 3,977 — (65,958 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 78,347 $ 1,577 $ 39,034 $ — $ 118,958

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	3 Months Ended		27 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Oct. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares	$ 19,078,000	$ 23,107,000
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares	$ 19,100,000	$ 23,100,000	$ 123,700,000
Repurchase of common stock, shares	521,626	378,695	2,673,165
Remaining authorized repurchase amount	$ 101,300,000		$ 101,300,000
Repurchase program expiration date	Jan. 1, 2018
Maximum | Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase				$ 225,000,000

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 275,343	$ 311,880
Work-in-process	51,342	75,032
Finished goods	120,264	61,302
Excess and obsolete adjustment	(2,926)	(2,679)
Inventories	$ 444,023	$ 445,535

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 33,094	$ 31,496
Intangible assets not subject to amortization	912	912
Prepaid and other assets	17,021	13,111
Nonqualified savings plan investments	13,481	11,815
Debt issuance costs, net	7,252	3,823
Assets held for sale	4,397	4,397
Total Intangible and other assets, net	76,157	65,554
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	64,504	65,023
Accumulated amortization	(34,165)	(33,828)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	5,959	3,422
Accumulated amortization	$ (3,204)	$ (3,121)

Intangibles and Other Assets,36

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.2	$ 0.9
Future amortization expense, 2016	4.6
Future amortization expense, 2017	3.5
Future amortization expense, 2018	3.4
Future amortization expense, 2019	3.4
Future amortization expense, 2020	$ 3.4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2015USD ($)CreditFacilityFacility	Aug. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving notes	$ 163,888,000	$ 50,888,000
Senior Secured Credit Facilities, Consisting of 3 Components
Line of Credit Facility [Line Items]
Number of senior secured credit facilities | CreditFacility	3
Line of credit facility maximum capacity	$ 625,100,000
Letter of credit facility outstanding amount	80,100,000	47,200,000
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 550,000,000
Line of credit maturity date	2020-10
Revolving notes	$ 162,000,000	49,000,000
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.75%
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities | Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	0.75%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 15,100,000
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date	2016-02
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date	2017-06
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | WIBOR | Minimum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.20%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | WIBOR | Maximum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.30%
Mexican Joint Venture Line of Credit, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 60,000,000
Number of lines of credits | Facility	3
Revolving notes	$ 1,900,000	$ 1,900,000
Mexican Joint Venture Line of Credit 1, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 10,000,000
Line of credit facility borrowings outstanding due period	2016-06
Mexican Joint Venture Line of Credit 1, 3rd Component of Senior Secured Credit Facilities | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	2.50%
Mexican Joint Venture Line of Credit 2, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 30,000,000
Line of credit facility borrowings outstanding due period	2019-01
Mexican Joint Venture Line of Credit 2, 3rd Component of Senior Secured Credit Facilities | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	2.00%
Mexican Joint Venture Line of Credit 3, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 20,000,000
Line of credit facility borrowings outstanding due period	2017-08
Joint venture partner each guaranteed percentage	50.00%
Mexican Joint Venture Line of Credit 3, 3rd Component of Senior Secured Credit Facilities | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	2.00%

Accounts Payable and Accrued 38

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015	Nov. 30, 2014	Aug. 31, 2014
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 201,955	$ 263,665
Other accrued liabilities	70,440	64,584
Accrued payroll and related liabilities	57,576	70,836
Accrued maintenance	18,693	18,642
Income taxes payable	13,411	22,465
Accrued warranty	11,609	11,512	$ 8,896	$ 9,340
Other	10,986	3,509
Accounts payable and accrued liabilities	$ 384,670	$ 455,213

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 11,512	$ 9,340
Charged to cost of revenue, net	1,421	647
Payments	(1,229)	(974)
Currency translation effect	(95)	(117)
Balance at end of period	$ 11,609	$ 8,896

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	3 Months Ended
	Nov. 30, 2015USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (21,205)
Other comprehensive loss before reclassifications	(9,946)
Amounts reclassified from accumulated other comprehensive loss	492
Ending balance	(30,659)
Unrealized Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(2,194)
Other comprehensive loss before reclassifications	(6,052)
Amounts reclassified from accumulated other comprehensive loss	492
Ending balance	(7,754)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(18,666)
Other comprehensive loss before reclassifications	(3,894)
Ending balance	(22,560)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(345)
Ending balance	$ (345)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 802,389	$ 495,058
Interest and foreign exchange	5,436	3,141
Earnings before income tax and earnings from unconsolidated affiliates	143,049	51,281
Tax expense	(44,719)	(16,054)
Unrealized Loss on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Earnings before income tax and earnings from unconsolidated affiliates	712	464
Tax expense	(220)	(175)
Net of tax	492	289
Unrealized Loss on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive loss | Foreign Exchange Contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	267	8
Unrealized Loss on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive loss | Interest rate swap contracts
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 445	$ 456

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,391	27,665
Dilutive effect of performance based restricted stock units	[2]	10
Weighted average diluted common shares outstanding		32,578	33,713
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,177	6,044
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]		4
[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]	Restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.
[3]	The dilutive effect of the 2018 Convertible notes was included for the three months ended November 30, 2015 and 2014 as they were considered dilutive under the "if converted" method as further discussed below.
[4]	The dilutive effect of the 2026 Convertible notes was excluded for the three months ended November 30, 2015 as the average stock price was less than $48.05 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three months ended November 30, 2014 as the average stock price was greater than $48.05, as further described below.

Reconciliation of Basic and D43

Reconciliation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Convertible notes conversion rate, per share	$ 48.05	$ 48.05

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - $ / shares	Nov. 30, 2015	Nov. 30, 2014
2026 Senior Notes
Computation of Earnings Per Share [Line Items]
Convertible notes conversion rate, per share	$ 48.05	$ 48.05

Approach to Calculate Diluted E

Approach to Calculate Diluted Earning Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 69,433	$ 32,786
Earnings before interest and debt issuance costs on convertible notes		$ 69,929	$ 34,202
Weighted average diluted common shares outstanding		32,578	33,713
Diluted earnings per share	[1]	$ 2.15	$ 1.01
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		$ 496	$ 1,416
[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
	Nov. 30, 2015	Nov. 30, 2014
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 5.3	$ 3.4
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 5.3	$ 3.4

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2015USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 458,800,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 94,800,000
Maturity date	2020-03
Unrealized Pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 1,700,000

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 6,940	$ 1,820
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	9,727	3,130
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable, Net
Derivatives, Fair Value [Line Items]
Asset Derivatives	6,940	1,820
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	7,213	737
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,514	2,393
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable, Net
Derivatives, Fair Value [Line Items]
Asset Derivatives	56	93
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 108	$ 76

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ (100)	$ 110
Gain (loss) recognized in OCI on derivatives (effective portion)	(7,635)	(735)
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(712)	(464)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	4,592	494
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(7,043)	600
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(186)	54
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(267)	(8)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	4,592	494
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(592)	(1,335)
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	86	56
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ (445)	$ (456)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2015Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4

Segments Internal Financial Rep

Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 802,389	$ 495,058
Earnings (loss) from operations	148,485	54,422
Assets	1,893,515		$ 1,790,512
Manufacturing
Segment Reporting Information [Line Items]
Revenues	698,661	379,949
Earnings (loss) from operations	153,704	52,051
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	78,729	86,624
Earnings (loss) from operations	3,403	7,932
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	24,999	28,485
Earnings (loss) from operations	9,958	11,042
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(18,580)	(16,603)
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	698,661	387,369
Earnings (loss) from operations	153,704	52,837
Assets	656,505		675,409
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	85,545	93,535
Earnings (loss) from operations	4,087	8,716
Assets	302,164		291,798
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	31,708	41,669
Earnings (loss) from operations	16,667	24,226
Assets	631,699		549,073
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	303,147		$ 274,232
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(13,525)	(27,515)
Earnings (loss) from operations	(7,393)	(14,754)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues		7,420
Earnings (loss) from operations		786
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	6,816	6,911
Earnings (loss) from operations	684	784
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	6,709	13,184
Earnings (loss) from operations	$ 6,709	$ 13,184

Reconciliation of Segment Margi

Reconciliation of Segment Margin to Earnings Before Income Tax and Earnings from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 148,485	$ 54,422
Interest and foreign exchange	5,436	3,141
Earnings before income tax and earnings from unconsolidated affiliates	$ 143,049	$ 51,281

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenue		$ 802,389	$ 495,058
Earnings from operations		148,485	54,422
Assets		1,893,515		$ 1,790,512
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Revenue		95,982	82,542
Earnings from operations		2,408	258
Assets	[1]	$ 245,741	$ 239,871
[1]	Includes goodwill and intangible assets of $96.0 million and $96.9 million as of November 30, 2015 and August 31, 2015.

Results of Operations for GBW54

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Nov. 30, 2015	Aug. 31, 2015
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 96	$ 96.9

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended	168 Months Ended
	Aug. 31, 2015	Nov. 30, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study			$ 110,000,000
Remedial investigation and feasibility study, expiration year		2,017
Bank and third party warranty and performance guarantee facilities		$ 3,800,000
Equity method investment, percentage of ownership interest		50.00%
Payment to acquire equity method investments		$ 600,000
Expected loan to unconsolidated joint venture		3,750,000
Note receivable		32,700,000
Loan to unconsolidated joint venture		1,250,000
Mexican Joint Venture Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Debt outstanding		3,000,000
Guarantee obligations		1,500,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Outstanding letters of credit		$ 80,100,000
Watco Companies LLC
Commitments and Contingencies Disclosure [Line Items]
Equity method investment, percentage of ownership interest		50.00%
Minimum
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action	4 years	2 years
Cleanup expenses	$ 790,000,000
Maximum
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action	18 years	28 years
Cleanup expenses	$ 2,400,000,000
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	Nov. 30, 2015		Aug. 31, 2015
Assets:
Nonqualified savings plan investments	$ 13,481		$ 11,815
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	6,996		1,913
Nonqualified savings plan investments	13,481		11,815
Cash equivalents	5,074		5,071
Assets, Fair Value Disclosure, Total	25,551		18,799
Liabilities:
Derivative financial instruments	9,835		3,206
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	13,481		11,815
Cash equivalents	5,074		5,071
Assets, Fair Value Disclosure, Total	18,555		16,886
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	6,996	[1]	1,913
Assets, Fair Value Disclosure, Total	6,996	[1]	1,913
Liabilities:
Derivative financial instruments	$ 9,835	[1]	$ 3,206
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion.

Guarantor_Non Guarantor - Addit

Guarantor/Non Guarantor - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2015
Guarantor Obligations [Line Items]
Percentage of ownership in subsidiaries	100.00%

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Nov. 30, 2015	Aug. 31, 2015	Nov. 30, 2014	Aug. 31, 2014
Assets
Cash and cash equivalents	$ 197,633	$ 172,930	$ 118,958	$ 184,916
Restricted cash	9,818	8,869
Accounts receivable, net	237,213	196,029
Inventories	444,023	445,535
Leased railcars for syndication	238,911	212,534
Equipment on operating leases, net	252,641	255,391
Property, plant and equipment, net	307,196	303,135
Investment in unconsolidated affiliates	86,658	87,270
Intangibles and other assets, net	76,157	65,554
Goodwill	43,265	43,265
Total assets	1,893,515	1,790,512
Liabilities and Equity
Revolving notes	163,888	50,888
Accounts payable and accrued liabilities	384,670	455,213
Deferred income taxes	63,483	60,657
Deferred revenue	42,351	33,836
Notes payable	324,668	326,429
Total equity Greenbrier	771,945	732,838
Noncontrolling interest	142,510	130,651
Total equity	914,455	863,489	596,168	573,721
Liabilities and Equity	1,893,515	1,790,512
Parent
Assets
Cash and cash equivalents	46,071	53,535	78,347	149,747
Accounts receivable, net	7,366	49,471
Property, plant and equipment, net	8,520	8,402
Investment in unconsolidated affiliates	1,283,522	1,209,698
Intangibles and other assets, net	20,626	15,895
Total assets	1,366,105	1,337,001
Liabilities and Equity
Revolving notes	162,000	49,000
Accounts payable and accrued liabilities	275,274	421,249
Deferred income taxes	22,972
Notes payable	133,914	133,914
Total equity Greenbrier	771,945	732,838
Total equity	771,945	732,838
Liabilities and Equity	1,366,105	1,337,001
Combined Guarantor Subsidiaries
Assets
Cash and cash equivalents	2,528	119	1,577	112
Restricted cash	2,914	1,966
Accounts receivable, net	420,870	535,916
Inventories	256,401	191,625
Leased railcars for syndication	242,050	228,646
Equipment on operating leases, net	252,559	255,130
Property, plant and equipment, net	102,437	102,738
Investment in unconsolidated affiliates	171,405	169,659
Intangibles and other assets, net	51,211	46,387
Goodwill	43,265	43,265
Total assets	1,545,640	1,575,451
Liabilities and Equity
Accounts payable and accrued liabilities	204,526	282,662
Deferred income taxes	61,968	72,326
Deferred revenue	37,577	33,792
Notes payable	189,661	191,422
Total equity Greenbrier	1,051,908	995,249
Total equity	1,051,908	995,249
Liabilities and Equity	1,545,640	1,575,451
Combined Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	149,034	119,276	$ 39,034	$ 35,057
Restricted cash	6,904	6,903
Accounts receivable, net	40,725	24,415
Inventories	199,708	257,619
Equipment on operating leases, net	2,698	2,901
Property, plant and equipment, net	196,239	191,995
Investment in unconsolidated affiliates	20,356	21,369
Intangibles and other assets, net	15,944	14,235
Total assets	631,608	638,713
Liabilities and Equity
Revolving notes	1,888	1,888
Accounts payable and accrued liabilities	184,587	208,538
Notes payable	1,093	1,093
Total equity Greenbrier	301,839	296,852
Noncontrolling interest	142,201	130,342
Total equity	444,040	427,194
Liabilities and Equity	631,608	638,713
Eliminations
Assets
Accounts receivable, net	(231,748)	(413,773)
Inventories	(12,086)	(3,709)
Leased railcars for syndication	(3,139)	(16,112)
Equipment on operating leases, net	(2,616)	(2,640)
Investment in unconsolidated affiliates	(1,388,625)	(1,313,456)
Intangibles and other assets, net	(11,624)	(10,963)
Total assets	(1,649,838)	(1,760,653)
Liabilities and Equity
Accounts payable and accrued liabilities	(279,717)	(457,236)
Deferred income taxes	(21,457)	(11,669)
Deferred revenue	4,774	44
Total equity Greenbrier	(1,353,747)	(1,292,101)
Noncontrolling interest	309	309
Total equity	(1,353,438)	(1,291,792)
Liabilities and Equity	$ (1,649,838)	$ (1,760,653)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Revenue
Revenue	$ 802,389	$ 495,058
Cost of revenue
Cost of revenue	617,624	406,990
Margin	184,765	88,068
Selling and administrative	36,549	33,729
Net gain on disposition of equipment	(269)	(83)
Earnings (loss) from operations	148,485	54,422
Other costs
Interest and foreign exchange	5,436	3,141
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	143,049	51,281
Income tax (expense) benefit	(44,719)	(16,054)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	98,330	35,227
Earnings (loss) from unconsolidated affiliates	383	755
Net earnings (loss)	98,713	35,982
Net (earnings) loss attributable to noncontrolling interest	(29,280)	(3,196)
Net earnings (loss) attributable to Greenbrier	69,433	32,786
Adjustments
Other costs
Net earnings (loss)	98,713	35,982
Manufacturing
Revenue
Revenue	698,661	379,949
Cost of revenue
Cost of revenue	533,033	316,037
Earnings (loss) from operations	153,704	52,051
Wheels & Parts
Revenue
Revenue	78,729	86,624
Cost of revenue
Cost of revenue	73,002	76,872
Earnings (loss) from operations	3,403	7,932
Leasing & Services
Revenue
Revenue	24,999	28,485
Cost of revenue
Cost of revenue	11,589	14,081
Earnings (loss) from operations	9,958	11,042
Parent
Revenue
Revenue	5,987	(122)
Cost of revenue
Margin	5,987	(122)
Selling and administrative	16,415	15,788
Earnings (loss) from operations	(10,428)	(15,910)
Other costs
Interest and foreign exchange	3,234	2,985
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(13,662)	(18,895)
Income tax (expense) benefit	(4,743)	(1,210)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(18,405)	(20,105)
Earnings (loss) from unconsolidated affiliates	87,838	52,891
Net earnings (loss)	69,433	32,786
Net earnings (loss) attributable to Greenbrier	69,433	32,786
Parent | Adjustments
Other costs
Net earnings (loss)	69,433
Parent | Manufacturing
Revenue
Revenue	5,143
Parent | Leasing & Services
Revenue
Revenue	844	(122)
Combined Guarantor Subsidiaries
Revenue
Revenue	475,108	390,743
Cost of revenue
Cost of revenue	382,493	328,415
Margin	92,615	62,328
Selling and administrative	9,086	7,695
Net gain on disposition of equipment	(156)	(83)
Earnings (loss) from operations	83,685	54,716
Other costs
Interest and foreign exchange	1,373	1,606
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	82,312	53,110
Income tax (expense) benefit	(27,320)	(19,993)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	54,992	33,117
Earnings (loss) from unconsolidated affiliates	1,974	5,383
Net earnings (loss)	56,966	38,500
Net earnings (loss) attributable to Greenbrier	56,966	38,500
Combined Guarantor Subsidiaries | Adjustments
Other costs
Net earnings (loss)	56,966
Combined Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	371,845	273,812
Cost of revenue
Cost of revenue	297,538	235,652
Combined Guarantor Subsidiaries | Wheels & Parts
Revenue
Revenue	79,081	88,465
Cost of revenue
Cost of revenue	73,342	78,658
Combined Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue	24,182	28,466
Cost of revenue
Cost of revenue	11,613	14,105
Combined Non-Guarantor Subsidiaries
Revenue
Revenue	511,992	365,746
Cost of revenue
Cost of revenue	425,466	313,773
Margin	86,526	51,973
Selling and administrative	10,923	10,111
Net gain on disposition of equipment	1
Earnings (loss) from operations	75,602	41,862
Other costs
Interest and foreign exchange	829	(1,450)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	74,773	43,312
Income tax (expense) benefit	(12,583)	(4,825)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	62,190	38,487
Earnings (loss) from unconsolidated affiliates	(362)	47
Net earnings (loss)	61,828	38,534
Net (earnings) loss attributable to noncontrolling interest	(29,542)	(16,148)
Net earnings (loss) attributable to Greenbrier	32,286	22,386
Combined Non-Guarantor Subsidiaries | Adjustments
Other costs
Net earnings (loss)	61,828
Combined Non-Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	511,992	365,746
Cost of revenue
Cost of revenue	425,466	313,773
Eliminations
Revenue
Revenue	(190,698)	(261,309)
Cost of revenue
Cost of revenue	(190,335)	(235,198)
Margin	(363)	(26,111)
Selling and administrative	125	135
Net gain on disposition of equipment	(114)
Earnings (loss) from operations	(374)	(26,246)
Other costs
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(374)	(26,246)
Income tax (expense) benefit	(73)	9,974
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(447)	(16,272)
Earnings (loss) from unconsolidated affiliates	(89,067)	(57,566)
Net earnings (loss)	(89,514)	(73,838)
Net (earnings) loss attributable to noncontrolling interest	262	12,952
Net earnings (loss) attributable to Greenbrier	(89,252)	(60,886)
Eliminations | Adjustments
Other costs
Net earnings (loss)	(89,514)
Eliminations | Manufacturing
Revenue
Revenue	(190,319)	(259,609)
Cost of revenue
Cost of revenue	(189,971)	(233,388)
Eliminations | Wheels & Parts
Revenue
Revenue	(352)	(1,841)
Cost of revenue
Cost of revenue	(340)	(1,786)
Eliminations | Leasing & Services
Revenue
Revenue	(27)	141
Cost of revenue
Cost of revenue	$ (24)	$ (24)

Condensed Consolidating State60

Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2015	Nov. 30, 2014
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		$ 98,713	$ 35,982
Other comprehensive income (loss)
Translation adjustment		(3,967)	(3,450)
Reclassification of derivative financial instruments recognized in net earnings (loss)	[1]	492	289
Unrealized gain (loss) on derivative financial instruments	[2]	(6,052)	(306)
Other (net of tax effect)			(2)
Other comprehensive income (loss)		(9,527)	(3,469)
Comprehensive income (loss)		89,186	32,513
Comprehensive (income) loss attributable to noncontrolling interest		(29,207)	(3,148)
Comprehensive income (loss) attributable to Greenbrier		59,979	29,365
Parent
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		69,433	32,786
Other comprehensive income (loss)
Unrealized gain (loss) on derivative financial instruments		68
Other comprehensive income (loss)		68
Comprehensive income (loss)		69,501	32,786
Comprehensive income (loss) attributable to Greenbrier		69,501	32,786
Combined Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		56,966	38,500
Other comprehensive income (loss)
Reclassification of derivative financial instruments recognized in net earnings (loss)		276	283
Unrealized gain (loss) on derivative financial instruments		(366)	(831)
Other comprehensive income (loss)		(90)	(548)
Comprehensive income (loss)		56,876	37,952
Comprehensive income (loss) attributable to Greenbrier		56,876	37,952
Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		61,828	38,534
Other comprehensive income (loss)
Translation adjustment		(3,967)	(3,450)
Reclassification of derivative financial instruments recognized in net earnings (loss)		216	6
Unrealized gain (loss) on derivative financial instruments		(5,754)	525
Other (net of tax effect)			(2)
Other comprehensive income (loss)		(9,505)	(2,921)
Comprehensive income (loss)		52,323	35,613
Comprehensive (income) loss attributable to noncontrolling interest		(29,469)	(16,100)
Comprehensive income (loss) attributable to Greenbrier		22,854	19,513
Eliminations
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		(89,514)	(73,838)
Other comprehensive income (loss)
Comprehensive income (loss)		(89,514)	(73,838)
Comprehensive (income) loss attributable to noncontrolling interest		262	12,952
Comprehensive income (loss) attributable to Greenbrier		$ (89,252)	$ (60,886)
[1]	Net of tax effect of $0.2 million and $0.2 million for the three months ended November 30, 2015 and 2014.
[2]	Net of tax effect of $1.5 million and $0.4 million for the three months ended November 30, 2015 and 2014.

Condensed Consolidating State61

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Cash flows from operating activities:
Net earnings (loss)	$ 98,713	$ 35,982
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	3,019	607
Depreciation and amortization	12,974	12,050
Net gain on disposition of equipment	(269)	(83)
Stock based compensation expense	5,301	3,411
Noncontrolling interest adjustment	262	12,952
Other	637	152
Decrease (increase) in assets:
Accounts receivable, net	(40,889)	7,806
Inventories	(274)	(67,642)
Leased railcars for syndication	(61,059)	(54,732)
Other	(3,578)	2,211
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(77,605)	(13,032)
Deferred revenue	(723)	6,488
Net cash provided by (used in) operating activities	(63,491)	(53,830)
Cash flows from investing activities:
Proceeds from sales of assets	41,353	2,073
Capital expenditures	(15,595)	(31,314)
Decrease (increase) in restricted cash	(949)	(30)
Cash distribution from unconsolidated affiliates	616
Investment in and net advances to unconsolidated affiliates	(1,866)	(2,500)
Net cash provided by (used in) investing activities	23,559	(31,771)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less	113,000	15,000
Repayments of notes payable	(1,761)	(1,758)
Proceeds from revolving notes with maturities longer than 90 days		23,056
Debt issuance costs	(4,493)
Repayment of revolving notes with maturities longer than 90 days		(4,610)
Cash distribution to joint venture partner	(17,654)	(2,275)
Repurchase of stock	(20,203)	(21,730)
Decrease in restricted cash		11,000
Dividends	(105)
Excess tax benefit from restricted stock awards	2,827	2,970
Other	(6)
Net cash provided by (used in) financing activities	71,605	21,653
Effect of exchange rate changes	(6,970)	(2,010)
Increase (decrease) in cash and cash equivalents	24,703	(65,958)
Beginning of period	172,930	184,916
End of period	197,633	118,958
Parent
Cash flows from operating activities:
Net earnings (loss)	69,433	32,786
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	23,557	8,962
Depreciation and amortization	656	455
Stock based compensation expense	5,301	3,411
Decrease (increase) in assets:
Accounts receivable, net	42,106	(108)
Other	(823)	3,259
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(226,275)	27,277
Net cash provided by (used in) operating activities	(86,045)	76,042
Cash flows from investing activities:
Capital expenditures	(774)	(839)
Cash distribution from unconsolidated affiliates	616
Investment in and net advances to unconsolidated affiliates	(85,213)	(87,576)
Net cash provided by (used in) investing activities	(85,371)	(88,415)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less	113,000	15,000
Debt issuance costs	(4,493)
Intercompany advances	72,857	(55,267)
Repurchase of stock	(20,203)	(21,730)
Dividends	(105)
Excess tax benefit from restricted stock awards	2,827	2,970
Net cash provided by (used in) financing activities	163,883	(59,027)
Effect of exchange rate changes	69
Increase (decrease) in cash and cash equivalents	(7,464)	(71,400)
Beginning of period	53,535	149,747
End of period	46,071	78,347
Combined Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	56,966	38,500
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	(10,358)	(8,264)
Depreciation and amortization	7,151	6,618
Net gain on disposition of equipment	(156)	(83)
Other	103
Decrease (increase) in assets:
Accounts receivable, net	200,971	25,614
Inventories	(64,776)	(11,166)
Leased railcars for syndication	(52,932)	(67,286)
Other	(3,086)	977
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(78,626)	(38,790)
Deferred revenue	(723)	6,118
Net cash provided by (used in) operating activities	54,534	(47,762)
Cash flows from investing activities:
Proceeds from sales of assets	41,353	2,073
Capital expenditures	(3,668)	(11,845)
Decrease (increase) in restricted cash	(948)	(30)
Investment in and net advances to unconsolidated affiliates	(1,345)	(4,675)
Net cash provided by (used in) investing activities	35,392	(14,477)
Cash flows from financing activities:
Repayments of notes payable	(1,761)	(1,758)
Intercompany advances	(85,925)	55,477
Decrease in restricted cash		11,000
Net cash provided by (used in) financing activities	(87,686)	64,719
Effect of exchange rate changes	169	(1,015)
Increase (decrease) in cash and cash equivalents	2,409	1,465
Beginning of period	119	112
End of period	2,528	1,577
Combined Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	61,828	38,534
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	(1,053)	(91)
Depreciation and amortization	5,191	5,001
Net gain on disposition of equipment	1
Other	534	152
Decrease (increase) in assets:
Accounts receivable, net	(30,333)	15,362
Inventories	56,125	(56,454)
Other	(17,324)	475
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(22,257)	4,686
Deferred revenue		370
Net cash provided by (used in) operating activities	52,712	8,035
Cash flows from investing activities:
Capital expenditures	(11,153)	(19,024)
Decrease (increase) in restricted cash	(1)
Net cash provided by (used in) investing activities	(11,154)	(19,024)
Cash flows from financing activities:
Proceeds from revolving notes with maturities longer than 90 days		23,056
Repayment of revolving notes with maturities longer than 90 days		(4,610)
Cash distribution to joint venture partner	(17,654)	(2,275)
Intercompany advances	13,068	(210)
Other	(6)
Net cash provided by (used in) financing activities	(4,592)	15,961
Effect of exchange rate changes	(7,208)	(995)
Increase (decrease) in cash and cash equivalents	29,758	3,977
Beginning of period	119,276	35,057
End of period	149,034	39,034
Eliminations
Cash flows from operating activities:
Net earnings (loss)	(89,514)	(73,838)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	(9,127)
Depreciation and amortization	(24)	(24)
Net gain on disposition of equipment	(114)
Noncontrolling interest adjustment	262	12,952
Decrease (increase) in assets:
Accounts receivable, net	(253,633)	(33,062)
Inventories	8,377	(22)
Leased railcars for syndication	(8,127)	12,554
Other	17,655	(2,500)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	249,553	(6,205)
Net cash provided by (used in) operating activities	(84,692)	(90,145)
Cash flows from investing activities:
Capital expenditures		394
Investment in and net advances to unconsolidated affiliates	84,692	89,751
Net cash provided by (used in) investing activities	$ 84,692	$ 90,145