The Greenbrier Companies, Inc. (GBX) 10-Q 5 Apr 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 29, 2016	Mar. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 29, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		28,094,347

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015
Assets
Cash and cash equivalents	$ 283,541	$ 172,930
Restricted cash	8,877	8,869
Accounts receivable, net	228,072	196,029
Inventories	421,243	445,535
Leased railcars for syndication	179,975	212,534
Equipment on operating leases, net	235,171	255,391
Property, plant and equipment, net	310,019	303,135
Investment in unconsolidated affiliates	86,850	87,270
Intangibles and other assets, net	73,296	65,554
Goodwill	43,265	43,265
Total assets	1,870,309	1,790,512
Liabilities and Equity
Revolving notes	75,000	50,888
Accounts payable and accrued liabilities	401,010	455,213
Deferred income taxes	55,204	60,657
Deferred revenue	84,362	33,836
Notes payable	$ 322,539	$ 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; 28,094 and 28,907 shares outstanding at February 29, 2016 and August 31, 2015	$ 0	$ 0
Additional paid-in capital	272,502	295,444
Retained earnings	561,198	458,599
Accumulated other comprehensive loss	(32,760)	(21,205)
Total equity - Greenbrier	800,940	732,838
Noncontrolling interest	131,254	130,651
Total equity	932,194	863,489
Liabilities and Equity	$ 1,870,309	$ 1,790,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 29, 2016	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	28,094,000	28,907,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Revenue
Revenue		$ 669,079	$ 630,149	$ 1,471,468	$ 1,125,207
Cost of revenue
Cost of revenue		549,188	504,839	1,166,812	911,829
Margin		119,891	125,310	304,656	213,378
Selling and administrative expense		38,244	32,899	74,793	66,628
Net gain on disposition of equipment		(10,746)	(121)	(11,015)	(204)
Earnings from operations		92,393	92,532	240,878	146,954
Other costs
Interest and foreign exchange		1,417	1,929	6,853	5,070
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		90,976	90,603	234,025	141,884
Income tax (expense) benefit		(25,734)	(29,372)	(70,453)	(45,426)
Earnings before earnings (loss) from unconsolidated affiliates		65,242	61,231	163,572	96,458
Earnings (loss) from unconsolidated affiliates		974	(185)	1,357	570
Net earnings		66,216	61,046	164,929	97,028
Net earnings attributable to noncontrolling interest		(21,348)	(10,695)	(50,628)	(13,891)
Net earnings attributable to Greenbrier		$ 44,868	$ 50,351	$ 114,301	$ 83,137
Basic earnings per common share		$ 1.54	$ 1.86	$ 3.91	$ 3.04
Diluted earnings per common share	[1]	$ 1.41	$ 1.57	$ 3.55	$ 2.57
Weighted average common shares:
Basic	[2]	29,098	27,028	29,244	27,348
Diluted		32,360	33,073	32,542	33,395
Dividends declared per common share		$ 0.20	$ 0.15	$ 0.40	$ 0.30
Manufacturing
Revenue
Revenue		$ 454,531	$ 505,241	$ 1,153,192	$ 885,190
Cost of revenue
Cost of revenue		361,827	403,227	894,860	719,264
Earnings from operations		78,798	90,876	232,502	142,927
Wheels & Parts
Revenue
Revenue		90,458	102,640	169,187	189,264
Cost of revenue
Cost of revenue		81,388	92,768	154,390	169,640
Earnings from operations		6,506	7,976	9,909	15,908
Leasing & Services
Revenue
Revenue		124,090	22,268	149,089	50,753
Cost of revenue
Cost of revenue		105,973	8,844	117,562	22,925
Earnings from operations		$ 24,412	$ 9,811	$ 34,370	$ 20,853
[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		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Net earnings		$ 66,216	$ 61,046	$ 164,929	$ 97,028
Other comprehensive income
Translation adjustment		(1,165)	(6,241)	(5,132)	(9,691)
Reclassification of derivative financial instruments recognized in net earnings	[1]	559	382	1,051	671
Unrealized gain (loss) on derivative financial instruments	[2]	(1,478)	192	(7,530)	(114)
Other (net of tax effect)		(6)	8	(6)	6
Other comprehensive income (loss)		(2,090)	(5,659)	(11,617)	(9,128)
Comprehensive income		64,126	55,387	153,312	87,900
Comprehensive income attributable to noncontrolling interest		(21,359)	(10,608)	(50,566)	(13,756)
Comprehensive income attributable to Greenbrier		$ 42,767	$ 44,779	$ 102,746	$ 74,144
[1]	Net of tax effect of $0.2 million and $0.2 million for the three months ended February 29, 2016 and February 28, 2015 and $0.5 million and $0.4 million for the six months ended February 29, 2016 and February 28, 2015.
[2]	Net of tax effect of $0.9 million and $0.1 million for the three months ended February 29, 2016 and February 28, 2015 and $2.4 million and $0.5 million for the six months ended February 29, 2016 and February 28, 2015.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Reclassification of derivative financial instruments recognized in net earnings, tax	$ 0.2	$ 0.2	$ 0.5	$ 0.4
Unrealized gain (loss) on derivative financial instruments, tax	$ 0.9	$ 0.1	$ 2.4	$ 0.5

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	97,028			83,137		83,137	13,891
Other comprehensive income (loss), net	(9,128)				(8,993)	(8,993)	(135)
Noncontrolling interest adjustments	21,824						21,824
Purchase of noncontrolling interest	(80)						(80)
Joint venture partner distribution declared	(4,565)						(4,565)
Restricted stock awards (net of cancellations)	(1,298)		(1,298)			(1,298)
Restricted stock awards (net of cancellations)(Shares)		(82)
Unamortized restricted stock	1,298		1,298			1,298
Restricted stock amortization	7,193		7,193			7,193
Excess tax benefit from restricted stock awards	3,858		3,858			3,858
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	(8,173)			(8,173)		(8,173)
Repurchase of stock	(46,946)		(46,946)			(46,946)
Repurchase of stock, shares		(863)
Ending Balance (in shares) at Feb. 28, 2015		26,420
Ending Balance at Feb. 28, 2015	$ 634,757		199,893	357,523	(15,925)	541,491	93,266
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	164,929			114,301		114,301	50,628
Other comprehensive income (loss), net	(11,617)				(11,555)	(11,555)	(62)
Noncontrolling interest adjustments	2,815						2,815
Purchase of noncontrolling interest	(4)						(4)
Joint venture partner distribution declared	(52,774)						(52,774)
Restricted stock awards (net of cancellations)	(3,306)		(3,306)			(3,306)
Restricted stock awards (net of cancellations)(Shares)		242
Unamortized restricted stock	(789)		(789)			(789)
Restricted stock amortization	10,740		10,740			10,740
Excess tax benefit from restricted stock awards	2,786		2,786			2,786
Cash dividends	(11,702)			(11,702)		(11,702)
Repurchase of stock	$ (32,373)		(32,373)			(32,373)
Repurchase of stock, shares		(1,055)
Ending Balance (in shares) at Feb. 29, 2016	28,094	28,094
Ending Balance at Feb. 29, 2016	$ 932,194		$ 272,502	$ 561,198	$ (32,760)	$ 800,940	$ 131,254

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities
Net earnings	$ 164,929	$ 97,028
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	(5,287)	(3,245)
Depreciation and amortization	27,842	22,398
Net gain on disposition of equipment	(11,015)	(204)
Stock based compensation expense	10,740	7,193
Noncontrolling interest adjustments	2,815	21,824
Other	491	549
Decrease (increase) in assets:
Accounts receivable, net	(30,356)	(6,256)
Inventories	21,922	(116,432)
Leased railcars for syndication	(15,391)	(75,564)
Other	(3,717)	(355)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(55,448)	37,521
Deferred revenue	41,790	7,750
Net cash provided by (used in) operating activities	149,315	(7,793)
Cash flows from investing activities
Proceeds from sales of assets	80,541	3,019
Capital expenditures	(27,974)	(53,856)
Investment in and advances to unconsolidated affiliates	(5,140)	(5,715)
Decrease (increase) in restricted cash	(8)	418
Other	2,640	467
Net cash provided by (used in) investing activities	50,059	(55,667)
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	26,000	53,000
Proceeds from revolving notes with maturities longer than 90 days		42,563
Repayments of revolving notes with maturities longer than 90 days	(1,888)	(18,081)
Repayments of notes payable	(3,730)	(3,740)
Debt issuance costs	(4,149)
Decrease in restricted cash		11,000
Repurchase of stock	(33,246)	(46,946)
Dividends	(11,575)	(8,016)
Cash distribution to joint venture partner	(53,543)	(4,422)
Excess tax benefit from restricted stock awards	2,786	3,858
Other	(6)
Net cash provided by (used in) financing activities	(79,351)	29,216
Effect of exchange rate changes	(9,412)	(5,160)
Increase (decrease) in cash and cash equivalents	110,611	(39,404)
Cash and cash equivalents
Beginning of period	172,930	184,916
End of period	283,541	145,512
Cash paid during the period for
Interest	6,928	7,439
Income taxes, net	63,050	50,570
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	45,615	3,313
Capital expenditures accrued in Accounts payable and accrued liabilities	6,430	4,451
Change in Accounts payable and accrued liabilities associated with repurchase of stock	873
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	769
Change in Accounts payable and accrued liabilities associated with dividends declared	$ (127)	$ 157

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Feb. 29, 2016
Interim Financial Statements	Note 1 – Interim Financial Statements The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries (Greenbrier or the Company) as of February 29, 2016, for the three and six months ended February 29, 2016 and for the three and six months ended February 28, 2015 have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. The results of operations for the three and six months ended February 29, 2016 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 In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases Share Repurchase Program – During the three and six months ended February 29, 2016, the Company purchased a total of 533,061 and 1,054,687 shares for approximately $13.3 million and $32.4 million, respectively. As of February 29, 2016 the Company had cumulatively repurchased 3,206,226 shares for approximately $137.0 million and had $88.0 million available under the share repurchase program with an expiration date of January 1, 2018.

Inventories

Inventories	6 Months Ended
	Feb. 29, 2016
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) February 29, August 31, Manufacturing supplies and raw materials $ 253,289 $ 311,880 Work-in-process 59,737 75,032 Finished goods 111,208 61,302 Excess and obsolete adjustment (2,991 ) (2,679 ) $ 421,243 $ 445,535

Intangibles and Other Assets, n

Intangibles and Other Assets, net	6 Months Ended
	Feb. 29, 2016
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) February 29, August 31, Intangible assets subject to amortization: Customer relationships $ 64,504 $ 65,023 Accumulated amortization (35,020 ) (33,828 ) Other intangibles 6,035 3,422 Accumulated amortization (4,883 ) (3,121 ) 30,636 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 16,920 13,111 Nonqualified savings plan investments 13,988 11,815 Debt issuance costs, net 6,443 3,823 Assets held for sale 4,397 4,397 Total Intangible and other assets, net $ 73,296 $ 65,554 Amortization expense for the three and six months ended February 29, 2016 was $2.5 million and $3.8 million and for the three and six months ended February 28, 2015 was $0.9 million and $1.8 million. Amortization expense for the years ending August 31, 2016, 2017, 2018, 2019 and 2020 is expected to be $5.9 million, $4.1 million, $3.4 million, $3.4 million and $3.4 million.

Revolving Notes

Revolving Notes	6 Months Ended
	Feb. 29, 2016
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $625.3 million as of February 29, 2016. As of February 29, 2016, 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 February 29, 2016, lines of credit totaling $15.3 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 2017 through June 2017. As of February 29, 2016, 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 February 29, 2016, outstanding commitments under the senior secured credit facilities consisted of $81.3 million in letters of credit and $75.0 million in revolving notes under the North American credit facility. 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	6 Months Ended
	Feb. 29, 2016
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) February 29, August 31, Trade payables $ 186,965 $ 263,665 Other accrued liabilities 82,766 64,584 Accrued payroll and related liabilities 63,451 70,836 Income taxes payable 31,330 22,465 Accrued maintenance 18,458 18,642 Accrued warranty 12,147 11,512 Other 5,893 3,509 $ 401,010 $ 455,213

Warranty Accruals

Warranty Accruals	6 Months Ended
	Feb. 29, 2016
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 Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Balance at beginning of period $ 11,609 $ 8,896 $ 11,512 $ 9,340 Charged to cost of revenue, net 1,463 1,299 2,884 1,946 Payments (952 ) (829 ) (2,181 ) (1,803 ) Currency translation effect 27 (178 ) (68 ) (295 ) Balance at end of period $ 12,147 $ 9,188 $ 12,147 $ 9,188

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Feb. 29, 2016
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 (7,530 ) (5,070 ) (6 ) (12,606 ) Amounts reclassified from accumulated other comprehensive loss 1,051 — — 1,051 Balance, February 29, 2016 $ (8,673 ) $ (23,736 ) $ (351 ) $ (32,760 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended (In thousands) February 29, February 28, Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 420 $ 127 Revenue and cost of revenue Interest rate swap contracts 387 450 Interest and foreign exchange 807 577 Total before tax (248 ) (195 ) Tax expense $ 559 $ 382 Net of tax Six Months Ended (In thousands) February 29, February 28, Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 686 $ 134 Revenue and cost of revenue Interest rate swap contracts 833 907 Interest and foreign exchange 1,519 1,041 Total before tax (468 ) (370 ) Tax expense $ 1,051 $ 671 Net of tax

Earnings Per Share

Earnings Per Share	6 Months Ended
	Feb. 29, 2016
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: Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Weighted average basic common shares outstanding (1) 29,098 27,028 29,244 27,348 Dilutive effect of 2018 Convertible notes (2) 3,203 6,044 3,190 6,044 Dilutive effect of 2026 Convertible notes (3) — 1 — 3 Dilutive effect of performance based restricted stock units (4) 59 — 108 — Weighted average diluted common shares outstanding 32,360 33,073 32,542 33,395 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included for the three and six months ended February 29, 2016 and the three and six months ended February 28, 2015 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 and six months ended February 29, 2016 as the average stock price was less than the conversion price of $47.33 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and six months ended February 28, 2015 as the average stock price was greater than the applicable conversion price, 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 applicable conversion price. Three Months Ended Six Months Ended February 29, February 28, February 29, February 28, Net earnings attributable to Greenbrier $ 44,868 $ 50,351 $ 114,301 $ 83,137 Add back: Interest and debt issuance costs on the 2018 733 1,416 1,229 2,832 Earnings before interest and debt issuance $ 45,601 $ 51,767 $ 115,530 $ 85,969 Weighted average diluted common shares 32,360 33,073 32,542 33,395 Diluted earnings per share (1) $ 1.41 $ 1.57 $ 3.55 $ 2.57 (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	6 Months Ended
	Feb. 29, 2016
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 $5.4 million and $10.7 million for the three and six months ended February 29, 2016, respectively and $3.8 million and $7.2 million for the three and six months ended February 28, 2015, 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	6 Months Ended
	Feb. 29, 2016
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 February 29, 2016 exchange rates, forward exchange contracts for the purchase of Polish Zlotys and the sale of Euros and U.S. Dollars; the purchase of Mexican Pesos and the sale of U.S. Dollars; and for the purchase of U.S. Dollars and the sale of Saudi Riyals aggregated to $430.6 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 or cost of revenue along with the related transactions. In the event that the underlying 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 February 29, 2016, an interest rate swap agreement maturing in March 2020 had a notional amount of $93.9 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 February 29, 2016 interest rates, approximately $1.4 million would be reclassified to interest expense in the next 12 months. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives February 29, August 31, February 29, August 31, (In thousands) Balance sheet Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts $ 4,699 $ 1,820 Accounts payable $ 7,128 $ 737 Interest rate swap contracts Intangibles and — — Accounts payable 3,761 2,393 $ 4,699 $ 1,820 $ 10,889 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts $ — $ 93 Accounts payable $ 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 February 29, February 28, Foreign forward exchange contract Interest and foreign exchange $ (436 ) $ 81 Interest rate swap contracts Interest and foreign exchange 138 69 $ (298 ) $ 150 Derivatives in cash flow hedging relationships Gain (loss) recognized Location of loss reclassified from accumulated OCI into income Loss reclassified from Location of gain on derivative (ineffective portion and amount excluded from effectiveness testing) Gain recognized on 2/29/16 2/28/15 2/29/16 2/28/15 2/29/16 2/28/15 Foreign forward exchange contracts $ (6,756 ) $ 1,204 Revenue $ (491 ) $ (134 ) Revenue $ 3,795 $ 792 Foreign forward exchange contracts (982 ) — Cost of revenue (195 ) — Cost of revenue 23 — Interest rate swap contracts (2,278 ) (1,925 ) Interest and foreign exchange (833 ) (907 ) Interest and foreign exchange — — $ (10,016 ) $ (721 ) $ (1,519 ) $ (1,041 ) $ 3,818 $ 792

Segment Information

Segment Information	6 Months Ended
	Feb. 29, 2016
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 Joint Venture are included as part of Earnings from unconsolidated affiliates as the Company accounts for its interest in GBW Railcar Services LLC (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 February 29, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 454,531 $ — $ 454,531 $ 78,798 $ 17 $ 78,815 Wheels & Parts 90,458 7,200 97,658 6,506 761 7,267 Leasing & Services 124,090 3,133 127,223 24,412 3,133 27,545 Eliminations — (10,333 ) (10,333 ) — (3,911 ) (3,911 ) Corporate — — — (17,323 ) — (17,323 ) $ 669,079 $ — $ 669,079 $ 92,393 $ — $ 92,393 For the six months ended February 29, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,153,192 $ — $ 1,153,192 $ 232,502 $ 17 $ 232,519 Wheels & Parts 169,187 14,016 183,203 9,909 1,445 11,354 Leasing & Services 149,089 9,843 158,932 34,370 9,843 44,213 Eliminations — (23,859 ) (23,859 ) — (11,305 ) (11,305 ) Corporate — — — (35,903 ) — (35,903 ) $ 1,471,468 $ — $ 1,471,468 $ 240,878 $ — $ 240,878 For the three months ended February 28, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 505,241 $ 81 $ 505,322 $ 90,876 $ 9 $ 90,885 Wheels & Parts 102,640 5,934 108,574 7,976 653 8,629 Leasing & Services 22,268 18,627 40,895 9,811 18,627 28,438 Eliminations — (24,642 ) (24,642 ) — (19,289 ) (19,289 ) Corporate — — — (16,131 ) — (16,131 ) $ 630,149 $ — $ 630,149 $ 92,532 $ — $ 92,532 For the six months ended February 28, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 885,190 $ 7,501 $ 892,691 $ 142,927 $ 795 $ 143,722 Wheels & Parts 189,264 12,845 202,109 15,908 1,437 17,345 Leasing & Services 50,753 31,811 82,564 20,853 31,811 52,664 Eliminations — (52,157 ) (52,157 ) — (34,043 ) (34,043 ) Corporate — — — (32,734 ) — (32,734 ) $ 1,125,207 $ — $ 1,125,207 $ 146,954 $ — $ 146,954 Total assets (In thousands) February 29, August 31, Manufacturing $ 624,961 $ 675,409 Wheels & Parts 307,724 291,798 Leasing & Services 551,763 549,073 Unallocated 385,861 274,232 $ 1,870,309 $ 1,790,512 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Earnings from operations $ 92,393 $ 92,532 $ 240,878 $ 146,954 Interest and foreign exchange 1,417 1,929 6,853 5,070 Earnings before income tax and earnings from unconsolidated affiliates $ 90,976 $ 90,603 $ 234,025 $ 141,884 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 February 29, 2016 and August 31, 2015, for the three and six months ended February 29, 2016 and for the three and six months ended February 28, 2015 are included in the tables below. Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Revenue $ 97,700 $ 83,315 $ 193,682 $ 165,857 Earnings (loss) from operations $ 3,626 $ (1,992 ) $ 6,034 $ (1,734 ) Total Assets February 29, August 31, GBW (1) $ 247,707 $ 239,871 (1) Includes goodwill and intangible assets of $95.2 million and $96.9 million as of February 29, 2016 and August 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Feb. 29, 2016
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 February 29, 2016, the Mexican joint venture had $0.9 million of third party debt outstanding, for which the Company and its joint venture partner had each guaranteed approximately $0.4 million. As of February 29, 2016, the Company had outstanding letters of credit aggregating $81.3 million associated with performance guarantees, facility leases and workers compensation insurance. The Company made $2.6 million in cash contributions and $2.5 million in loans to GBW, an unconsolidated 50/50 joint venture, for the six months ended February 29, 2016. The Company expects to loan additional amounts of approximately $2.5 million during 2016. The Company is likely to make additional capital contributions or loans to GBW in the future. As of February 29, 2016, the Company had a $34.0 million note receivable balance from GBW which is included on the Consolidated Balance Sheet in Accounts receivable, net.

Fair Value Measures

Fair Value Measures	6 Months Ended
	Feb. 29, 2016
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 February 29, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 4,699 $ — $ 4,699 $ — Nonqualified savings plan investments 13,988 13,988 — — Cash equivalents 5,076 5,076 — — $ 23,763 $ 19,064 $ 4,699 $ — Liabilities: Derivative financial instruments $ 10,997 $ — $ 10,997 $ — (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 $ —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Feb. 29, 2016
Related Party Transactions	Note 14 – Related Party Transactions In April 2010, WLR–Greenbrier Rail Inc. (WLR-GBX) was formed and acquired a lease fleet of nearly 4,000 railcars valued at approximately $256.0 million. WLR-GBX is wholly owned by affiliates of WL Ross & Co, LLC (WL Ross) and a member of the Company’s board of directors, Wendy Teramoto, is also an affiliate of WL Ross. In September 2015, the Company purchased the entire remaining WLR-GBX lease fleet of 3,885 railcars for approximately $148.0 million plus a $1.0 million fee. The transaction was approved by the Company’s disinterested, independent directors. The Company intends to sell the railcars and underlying attached leases to third parties in the short-term and therefore has classified these railcars as Leased railcars for syndication on the Company’s Consolidated Balance Sheet. During the three months ended February 29, 2016, the Company sold to third parties 2,567 of these railcars with the underlying leases attached for $123.8 million. The Company recognized revenue on 1,979 of these railcars for $100.3 million and deferred revenue recognition on 588 of these railcars for $23.5 million due to the Company’s continuing involvement. The Company and WL Ross have agreed that the Company will receive a preferred return on the proceeds of the sale of the portfolio, after which it will share a portion of the profits with WL Ross up to certain defined levels. The Company is first entitled to recoup its total investment plus a rate of return of 25%. The Company and WL Ross will then share in the profits up to certain defined levels. Once those defined levels have been met, the Company is entitled to receive 100% of the remaining profits. As of February 29, 2016, the Company has accrued $14.1 million which represents the portion of the profits for sales through February 29, 2016 that it anticipates will be paid to WL Ross pursuant to this agreement.

Guarantor_Non-Guarantor

Guarantor/Non-Guarantor	6 Months Ended
	Feb. 29, 2016
Guarantor/Non-Guarantor	Note 15 – Guarantor/Non-Guarantor The convertible senior notes due 2026 (the “Notes”) issued on May 22, 2006 are fully and unconditionally and jointly and severally guaranteed by substantially all of Greenbrier’s material 100% owned U.S. subsidiaries: Autostack Company LLC; Greenbrier-Concarril, LLC; Greenbrier Leasing Company LLC; Greenbrier Leasing Limited Partner, LLC; Greenbrier Management Services, LLC; Greenbrier Leasing, L.P.; Greenbrier Railcar LLC; Gunderson LLC; Gunderson Marine LLC; Gunderson Rail Services LLC; Meridian Rail Holding Corp.; Meridian Rail Acquisition Corp.; Meridian Rail Mexico City Corp.; Brandon Railroad LLC; Gunderson Specialty Products, LLC; Greenbrier Railcar Leasing, Inc. and Greenbrier Rail Services Holdings, LLC. No other subsidiaries guarantee the Notes including Greenbrier Union Holdings I LLC; Greenbrier MUL Holdings I LLC; Greenbrier Leasing Limited; Greenbrier Europe B.V.; Greenbrier Europe Holdings B.V.; Greenbrier 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 February 29, 2016 and August 31, 2015, for the three and six months ended February 29, 2016 and for the three and six months ended February 28, 2015. 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 February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 128,078 $ 1,073 $ 154,390 $ — $ 283,541 Restricted cash — 1,973 6,904 — 8,877 Accounts receivable, net 4,677 580,026 21,066 (377,697 ) 228,072 Inventories — 243,198 190,272 (12,227 ) 421,243 Leased railcars for syndication — 185,410 — (5,435 ) 179,975 Equipment on operating leases, net — 235,311 2,703 (2,843 ) 235,171 Property, plant and equipment, net 9,019 101,754 199,246 — 310,019 Goodwill — 43,265 — — 43,265 Investment in unconsolidated affiliates 1,313,934 183,369 19,857 (1,430,310 ) 86,850 Intangibles and other assets, net 20,878 46,181 16,346 (10,109 ) 73,296 $ 1,476,586 $ 1,621,560 $ 610,784 $ (1,838,621 ) $ 1,870,309 Liabilities and Equity Revolving notes $ 75,000 $ — $ — $ — $ 75,000 Accounts payable and accrued liabilities 419,016 232,014 177,737 (427,757 ) 401,010 Deferred income taxes 14,984 60,162 — (19,942 ) 55,204 Deferred revenue 32,732 47,113 — 4,517 84,362 Notes payable 133,914 187,750 875 — 322,539 Total equity—Greenbrier 800,940 1,094,521 301,227 (1,395,748 ) 800,940 Noncontrolling interest — — 130,945 309 131,254 Total equity 800,940 1,094,521 432,172 (1,395,439 ) 932,194 $ 1,476,586 $ 1,621,560 $ 610,784 $ (1,838,621 ) $ 1,870,309 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ (2,096 ) $ 255,398 $ 404,793 $ (203,564 ) $ 454,531 Wheels & Parts — 91,371 — (913 ) 90,458 Leasing & Services (784 ) 124,833 1 40 124,090 (2,880 ) 471,602 404,794 (204,437 ) 669,079 Cost of revenue Manufacturing — 231,052 329,639 (198,864 ) 361,827 Wheels & Parts — 82,152 — (764 ) 81,388 Leasing & Services — 106,000 — (27 ) 105,973 — 419,204 329,639 (199,655 ) 549,188 Margin (2,880 ) 52,398 75,155 (4,782 ) 119,891 Selling and administrative 17,477 10,759 9,799 209 38,244 Net gain on disposition of equipment — (10,486 ) 1 (261 ) (10,746 ) Earnings (loss) from operations (20,357 ) 52,125 65,355 (4,730 ) 92,393 Other costs Interest and foreign exchange 3,106 1,899 (3,302 ) (286 ) 1,417 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (23,463 ) 50,226 68,657 (4,444 ) 90,976 Income tax (expense) benefit 1,220 (17,830 ) (10,344 ) 1,220 (25,734 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (22,243 ) 32,396 58,313 (3,224 ) 65,242 Earnings (loss) from unconsolidated affiliates 67,111 12,132 (2 ) (78,267 ) 974 Net earnings (loss) 44,868 44,528 58,311 (81,491 ) 66,216 Net (earnings) loss attributable to noncontrolling interest — — (23,901 ) 2,553 (21,348 ) Net earnings (loss) attributable to Greenbrier $ 44,868 $ 44,528 $ 34,410 $ (78,938 ) $ 44,868 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 3,047 $ 627,243 $ 916,785 $ (393,883 ) $ 1,153,192 Wheels & Parts — 170,452 — (1,265 ) 169,187 Leasing & Services 60 149,015 1 13 149,089 3,107 946,710 916,786 (395,135 ) 1,471,468 Cost of revenue Manufacturing — 528,590 755,105 (388,835 ) 894,860 Wheels & Parts — 155,494 — (1,104 ) 154,390 Leasing & Services — 117,613 — (51 ) 117,562 — 801,697 755,105 (389,990 ) 1,166,812 Margin 3,107 145,013 161,681 (5,145 ) 304,656 Selling and administrative 33,892 19,845 20,722 334 74,793 Net gain on disposition of equipment — (10,642 ) 2 (375 ) (11,015 ) Earnings (loss) from operations (30,785 ) 135,810 140,957 (5,104 ) 240,878 Other costs Interest and foreign exchange 6,340 3,272 (2,473 ) (286 ) 6,853 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (37,125 ) 132,538 143,430 (4,818 ) 234,025 Income tax (expense) benefit (3,523 ) (45,150 ) (22,927 ) 1,147 (70,453 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (40,648 ) 87,388 120,503 (3,671 ) 163,572 Earnings (loss) from unconsolidated affiliates 154,949 14,106 (364 ) (167,334 ) 1,357 Net earnings (loss) 114,301 101,494 120,139 (171,005 ) 164,929 Net (earnings) loss attributable to noncontrolling interest — — (53,443 ) 2,815 (50,628 ) Net earnings (loss) attributable to Greenbrier $ 114,301 $ 101,494 $ 66,696 $ (168,190 ) $ 114,301 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 44,868 $ 44,528 $ 58,311 $ (81,491 ) $ 66,216 Other comprehensive income (loss) Translation adjustment 1,527 — (1,165 ) (1,527 ) (1,165 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 240 319 — 559 Unrealized loss on derivative financial instruments (96 ) (1,046 ) (336 ) — (1,478 ) Other (net of tax effect) — — (6 ) — (6 ) 1,431 (806 ) (1,188 ) (1,527 ) (2,090 ) Comprehensive income (loss) 46,299 43,722 57,123 (83,018 ) 64,126 Comprehensive (income) loss attributable to noncontrolling interest — — (23,912 ) 2,553 (21,359 ) Comprehensive income (loss) attributable to Greenbrier $ 46,299 $ 43,722 $ 33,211 $ (80,465 ) $ 42,767 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 114,301 $ 101,494 $ 120,139 $ (171,005 ) $ 164,929 Other comprehensive income (loss) Translation adjustment 1,527 — (5,132 ) (1,527 ) (5,132 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 516 535 — 1,051 Unrealized loss on derivative financial instruments (28 ) (1,412 ) (6,090 ) — (7,530 ) Other (net of tax effect) — — (6 ) — (6 ) 1,499 (896 ) (10,693 ) (1,527 ) (11,617 ) Comprehensive income (loss) 115,800 100,598 109,446 (172,532 ) 153,312 Comprehensive (income) loss attributable to noncontrolling interest — — (53,381 ) 2,815 (50,566 ) Comprehensive income (loss) attributable to Greenbrier $ 115,800 $ 100,598 $ 56,065 $ (169,717 ) $ 102,746 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 114,301 $ 101,494 $ 120,139 $ (171,005 ) $ 164,929 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 15,569 (12,164 ) 435 (9,127 ) (5,287 ) Depreciation and amortization 1,344 15,713 10,836 (51 ) 27,842 Net (gain) loss on disposition of equipment — (10,642 ) 2 (375 ) (11,015 ) Stock based compensation expense 10,740 — — — 10,740 Noncontrolling interest adjustments — — — 2,815 2,815 Other — (54 ) 544 1 491 Decrease (increase) in assets: Accounts receivable, net 44,794 (15,521 ) 842 (60,471 ) (30,356 ) Inventories — (52,405 ) 65,809 8,518 21,922 Leased railcars for syndication — (9,817 ) — (5,574 ) (15,391 ) Other (1,419 ) (1,199 ) (54,642 ) 53,543 (3,717 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (29,978 ) (50,920 ) (27,894 ) 53,344 (55,448 ) Deferred revenue 32,732 9,058 — — 41,790 Net cash provided by (used in) operating activities 188,083 (26,457 ) 116,071 (128,382 ) 149,315 Cash flows from investing activities: Proceeds from sales of assets — 80,541 — — 80,541 Capital expenditures (1,961 ) (6,423 ) (19,590 ) — (27,974 ) Investment in and net advances to unconsolidated affiliates (122,431 ) (12,618 ) — 129,909 (5,140 ) Increase in restricted cash — (7 ) (1 ) — (8 ) Other 2,640 — — — 2,640 Net cash provided by (used in) investing activities (121,752 ) 61,493 (19,591 ) 129,909 50,059 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 26,000 — — — 26,000 Proceeds from revolving notes with maturities longer than 90 days — — — — — Repayment of revolving notes with maturities longer than 90 days — — (1,888 ) — (1,888 ) Repayments of notes payable — (3,511 ) (219 ) — (3,730 ) Debt issuance costs (4,149 ) — — — (4,149 ) Intercompany advances 26,896 (28,589 ) 1,693 — — Repurchase of stock (33,246 ) — — — (33,246 ) Dividends (11,575 ) — — — (11,575 ) Cash distribution to joint venture — — (53,543 ) — (53,543 ) Excess tax benefit from restricted stock awards 2,786 — — — 2,786 Other — — (6 ) — (6 ) Net cash provided by (used in) financing activities 6,712 (32,100 ) (53,963 ) — (79,351 ) Effect of exchange rate changes 1,500 (1,982 ) (7,403 ) (1,527 ) (9,412 ) Increase in cash and cash equivalents 74,543 954 35,114 — 110,611 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 128,078 $ 1,073 $ 154,390 $ — $ 283,541 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 February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 322,665 $ 427,555 $ (244,979 ) $ 505,241 Wheels & Parts — 103,706 — (1,066 ) 102,640 Leasing & Services 295 21,836 1 136 22,268 295 448,207 427,556 (245,909 ) 630,149 Cost of revenue Manufacturing — 269,619 359,452 (225,844 ) 403,227 Wheels & Parts — 93,966 — (1,198 ) 92,768 Leasing & Services — 8,868 — (24 ) 8,844 — 372,453 359,452 (227,066 ) 504,839 Margin 295 75,754 68,104 (18,843 ) 125,310 Selling and administrative 14,477 8,522 10,146 (246 ) 32,899 Net gain on disposition of equipment — (120 ) — (1 ) (121 ) Earnings (loss) from operations (14,182 ) 67,352 57,958 (18,596 ) 92,532 Other costs Interest and foreign exchange 3,120 1,743 (2,934 ) — 1,929 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (17,302 ) 65,609 60,892 (18,596 ) 90,603 Income tax (expense) benefit (7,481 ) (16,420 ) (9,846 ) 4,375 (29,372 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (24,783 ) 49,189 51,046 (14,221 ) 61,231 Earnings (loss) from unconsolidated affiliates 75,134 10,852 48 (86,219 ) (185 ) Net earnings (loss) 50,351 60,041 51,094 (100,440 ) 61,046 Net (earnings) loss attributable to noncontrolling interest — — (19,429 ) 8,734 (10,695 ) Net earnings (loss) attributable to Greenbrier $ 50,351 $ 60,041 $ 31,665 $ (91,706 ) $ 50,351 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 596,477 $ 793,301 $ (504,588 ) $ 885,190 Wheels & Parts — 192,171 — (2,907 ) 189,264 Leasing & Services 173 50,302 1 277 50,753 173 838,950 793,302 (507,218 ) 1,125,207 Cost of revenue Manufacturing — 505,271 673,225 (459,232 ) 719,264 Wheels & Parts — 172,624 — (2,984 ) 169,640 Leasing & Services — 22,973 — (48 ) 22,925 — 700,868 673,225 (462,264 ) 911,829 Margin 173 138,082 120,077 (44,954 ) 213,378 Selling and administrative 30,265 16,217 20,257 (111 ) 66,628 Net gain on disposition of equipment — (203 ) — (1 ) (204 ) Earnings (loss) from operations (30,092 ) 122,068 99,820 (44,842 ) 146,954 Other costs Interest and foreign exchange 6,105 3,349 (4,384 ) — 5,070 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (36,197 ) 118,719 104,204 (44,842 ) 141,884 Income tax (expense) benefit (8,691 ) (36,413 ) (14,671 ) 14,349 (45,426 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (44,888 ) 82,306 89,533 (30,493 ) 96,458 Earnings (loss) from unconsolidated affiliates 128,025 16,235 95 (143,785 ) 570 Net earnings (loss) 83,137 98,541 89,628 (174,278 ) 97,028 Net (earnings) loss attributable to noncontrolling interest — — (35,577 ) 21,686 (13,891 ) Net earnings (loss) attributable to Greenbrier $ 83,137 $ 98,541 $ 54,051 $ (152,592 ) $ 83,137 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 50,351 $ 60,041 $ 51,094 $ (100,440 ) $ 61,046 Other comprehensive income (loss) Translation adjustment — (71 ) (6,170 ) — (6,241 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 103 279 — 382 Unrealized gain on derivative financial instruments — (366 ) 558 — 192 Other (net of tax effect) — — 8 — 8 — (334 ) (5,325 ) — (5,659 ) Comprehensive income (loss) 50,351 59,707 45,769 (100,440 ) 55,387 Comprehensive (income) loss attributable to noncontrolling interest — — (19,342 ) 8,734 (10,608 ) Comprehensive income (loss) attributable to Greenbrier $ 50,351 $ 59,707 $ 26,427 $ (91,706 ) $ 44,779 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 83,137 $ 98,541 $ 89,628 $ (174,278 ) $ 97,028 Other comprehensive income (loss) Translation adjustment — (119 ) (9,572 ) — (9,691 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 562 109 — 671 Unrealized gain on derivative financial instruments — (1,197 ) 1,083 — (114 ) Other (net of tax effect) — — 6 — 6 — (754 ) (8,374 ) — (9,128 ) Comprehensive income (loss) 83,137 97,787 81,254 (174,278 ) 87,900 Comprehensive (income) loss attributable to noncontrolling interest — — (35,442 ) 21,686 (13,756 ) Comprehensive income (loss) attributable to Greenbrier $ 83,137 $ 97,787 $ 45,812 $ (152,592 ) $ 74,144 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 83,137 $ 98,541 $ 89,628 $ (174,278 ) $ 97,028 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 2,846 (8,417 ) 2,326 — (3,245 ) Depreciation and amortization 955 13,179 8,312 (48 ) 22,398 Net gain on disposition of equipment — (203 ) — (1 ) (204 ) Stock based compensation expense 7,193 — — — 7,193 Noncontrolling interest adjustments — — — 21,824 21,824 Other 43 6 501 (1 ) 549 Decrease (increase) in assets: Accounts receivable, net (19 ) 19,260 7,687 (33,184 ) (6,256 ) Inventories — (16,186 ) (100,168 ) (78 ) (116,432 ) Leased railcars for syndication — (96,990 ) — 21,426 (75,564 ) Other 1,542 1,726 (6,347 ) 2,724 (355 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities 25,397 (16,725 ) 41,013 (12,164 ) 37,521 Deferred revenue — 8,171 (421 ) — 7,750 Net cash provided by (used in) operating activities 121,094 2,362 42,531 (173,780 ) (7,793 ) Cash flows from investing activities: Proceeds from sales of assets — 3,019 — — 3,019 Capital expenditures (4,618 ) (14,709 ) (34,927 ) 398 (53,856 ) Investment in and net advances to unconsolidated affiliates (163,337 ) (15,760 ) — 173,382 (5,715 ) Decrease (increase) in restricted cash — 419 (1 ) — 418 Other 467 — — — 467 Net cash provided by (used in) investing activities (167,488 ) (27,031 ) (34,928 ) 173,780 (55,667 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 53,000 — — — 53,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayment of revolving notes with maturities longer than 90 days — — (18,081 ) — (18,081 ) Repayments of notes payable (5 ) (3,516 ) (219 ) — (3,740 ) Intercompany advances (20,716 ) 21,269 (553 ) — — Decrease in restricted cash — 11,000 — — 11,000 Repurchase of stock (46,946 ) — — — (46,946 ) Dividends (8,016 ) — — — (8,016 ) Cash distribution to joint venture partner — — (4,422 ) — (4,422 ) Excess tax benefit from restricted stock awards 3,858 — — — 3,858 Net cash provided by (used in) financing activities (18,825 ) 28,753 19,288 — 29,216 Effect of exchange rate changes — (1,867 ) (3,293 ) — (5,160 ) Increase (decrease) in cash and cash equivalents (65,219 ) 2,217 23,598 — (39,404 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 84,528 $ 2,329 $ 58,655 $ — $ 145,512

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Feb. 29, 2016
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) February 29, August 31, Manufacturing supplies and raw materials $ 253,289 $ 311,880 Work-in-process 59,737 75,032 Finished goods 111,208 61,302 Excess and obsolete adjustment (2,991 ) (2,679 ) $ 421,243 $ 445,535

Intangibles and Other Assets,25

Intangibles and Other Assets, net (Tables)	6 Months Ended
	Feb. 29, 2016
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) February 29, August 31, Intangible assets subject to amortization: Customer relationships $ 64,504 $ 65,023 Accumulated amortization (35,020 ) (33,828 ) Other intangibles 6,035 3,422 Accumulated amortization (4,883 ) (3,121 ) 30,636 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 16,920 13,111 Nonqualified savings plan investments 13,988 11,815 Debt issuance costs, net 6,443 3,823 Assets held for sale 4,397 4,397 Total Intangible and other assets, net $ 73,296 $ 65,554

Accounts Payable and Accrued 26

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Feb. 29, 2016
Accounts Payable and Accrued Liabilities	(In thousands) February 29, August 31, Trade payables $ 186,965 $ 263,665 Other accrued liabilities 82,766 64,584 Accrued payroll and related liabilities 63,451 70,836 Income taxes payable 31,330 22,465 Accrued maintenance 18,458 18,642 Accrued warranty 12,147 11,512 Other 5,893 3,509 $ 401,010 $ 455,213

Warranty Accruals (Tables)

Warranty Accruals (Tables)	6 Months Ended
	Feb. 29, 2016
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Balance at beginning of period $ 11,609 $ 8,896 $ 11,512 $ 9,340 Charged to cost of revenue, net 1,463 1,299 2,884 1,946 Payments (952 ) (829 ) (2,181 ) (1,803 ) Currency translation effect 27 (178 ) (68 ) (295 ) Balance at end of period $ 12,147 $ 9,188 $ 12,147 $ 9,188

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Feb. 29, 2016
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 (7,530 ) (5,070 ) (6 ) (12,606 ) Amounts reclassified from accumulated other comprehensive loss 1,051 — — 1,051 Balance, February 29, 2016 $ (8,673 ) $ (23,736 ) $ (351 ) $ (32,760 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended (In thousands) February 29, February 28, Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 420 $ 127 Revenue and cost of revenue Interest rate swap contracts 387 450 Interest and foreign exchange 807 577 Total before tax (248 ) (195 ) Tax expense $ 559 $ 382 Net of tax Six Months Ended (In thousands) February 29, February 28, Financial Statement Location Loss on derivative financial instruments: Foreign exchange contracts $ 686 $ 134 Revenue and cost of revenue Interest rate swap contracts 833 907 Interest and foreign exchange 1,519 1,041 Total before tax (468 ) (370 ) Tax expense $ 1,051 $ 671 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Feb. 29, 2016
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Weighted average basic common shares outstanding (1) 29,098 27,028 29,244 27,348 Dilutive effect of 2018 Convertible notes (2) 3,203 6,044 3,190 6,044 Dilutive effect of 2026 Convertible notes (3) — 1 — 3 Dilutive effect of performance based restricted stock units (4) 59 — 108 — Weighted average diluted common shares outstanding 32,360 33,073 32,542 33,395 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included for the three and six months ended February 29, 2016 and the three and six months ended February 28, 2015 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 and six months ended February 29, 2016 as the average stock price was less than the conversion price of $47.33 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and six months ended February 28, 2015 as the average stock price was greater than the applicable conversion price, 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 Six Months Ended February 29, February 28, February 29, February 28, Net earnings attributable to Greenbrier $ 44,868 $ 50,351 $ 114,301 $ 83,137 Add back: Interest and debt issuance costs on the 2018 733 1,416 1,229 2,832 Earnings before interest and debt issuance $ 45,601 $ 51,767 $ 115,530 $ 85,969 Weighted average diluted common shares 32,360 33,073 32,542 33,395 Diluted earnings per share (1) $ 1.41 $ 1.57 $ 3.55 $ 2.57 (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)	6 Months Ended
	Feb. 29, 2016
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives February 29, August 31, February 29, August 31, (In thousands) Balance sheet Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts $ 4,699 $ 1,820 Accounts payable $ 7,128 $ 737 Interest rate swap contracts Intangibles and — — Accounts payable 3,761 2,393 $ 4,699 $ 1,820 $ 10,889 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts $ — $ 93 Accounts payable $ 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 February 29, February 28, Foreign forward exchange contract Interest and foreign exchange $ (436 ) $ 81 Interest rate swap contracts Interest and foreign exchange 138 69 $ (298 ) $ 150 Derivatives in cash flow hedging relationships Gain (loss) recognized Location of loss reclassified from accumulated OCI into income Loss reclassified from Location of gain on derivative (ineffective portion and amount excluded from effectiveness testing) Gain recognized on 2/29/16 2/28/15 2/29/16 2/28/15 2/29/16 2/28/15 Foreign forward exchange contracts $ (6,756 ) $ 1,204 Revenue $ (491 ) $ (134 ) Revenue $ 3,795 $ 792 Foreign forward exchange contracts (982 ) — Cost of revenue (195 ) — Cost of revenue 23 — Interest rate swap contracts (2,278 ) (1,925 ) Interest and foreign exchange (833 ) (907 ) Interest and foreign exchange — — $ (10,016 ) $ (721 ) $ (1,519 ) $ (1,041 ) $ 3,818 $ 792

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Feb. 29, 2016
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 February 29, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 454,531 $ — $ 454,531 $ 78,798 $ 17 $ 78,815 Wheels & Parts 90,458 7,200 97,658 6,506 761 7,267 Leasing & Services 124,090 3,133 127,223 24,412 3,133 27,545 Eliminations — (10,333 ) (10,333 ) — (3,911 ) (3,911 ) Corporate — — — (17,323 ) — (17,323 ) $ 669,079 $ — $ 669,079 $ 92,393 $ — $ 92,393 For the six months ended February 29, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,153,192 $ — $ 1,153,192 $ 232,502 $ 17 $ 232,519 Wheels & Parts 169,187 14,016 183,203 9,909 1,445 11,354 Leasing & Services 149,089 9,843 158,932 34,370 9,843 44,213 Eliminations — (23,859 ) (23,859 ) — (11,305 ) (11,305 ) Corporate — — — (35,903 ) — (35,903 ) $ 1,471,468 $ — $ 1,471,468 $ 240,878 $ — $ 240,878 For the three months ended February 28, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 505,241 $ 81 $ 505,322 $ 90,876 $ 9 $ 90,885 Wheels & Parts 102,640 5,934 108,574 7,976 653 8,629 Leasing & Services 22,268 18,627 40,895 9,811 18,627 28,438 Eliminations — (24,642 ) (24,642 ) — (19,289 ) (19,289 ) Corporate — — — (16,131 ) — (16,131 ) $ 630,149 $ — $ 630,149 $ 92,532 $ — $ 92,532 For the six months ended February 28, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 885,190 $ 7,501 $ 892,691 $ 142,927 $ 795 $ 143,722 Wheels & Parts 189,264 12,845 202,109 15,908 1,437 17,345 Leasing & Services 50,753 31,811 82,564 20,853 31,811 52,664 Eliminations — (52,157 ) (52,157 ) — (34,043 ) (34,043 ) Corporate — — — (32,734 ) — (32,734 ) $ 1,125,207 $ — $ 1,125,207 $ 146,954 $ — $ 146,954 Total assets (In thousands) February 29, August 31, Manufacturing $ 624,961 $ 675,409 Wheels & Parts 307,724 291,798 Leasing & Services 551,763 549,073 Unallocated 385,861 274,232 $ 1,870,309 $ 1,790,512
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Earnings from operations $ 92,393 $ 92,532 $ 240,878 $ 146,954 Interest and foreign exchange 1,417 1,929 6,853 5,070 Earnings before income tax and earnings from unconsolidated affiliates $ 90,976 $ 90,603 $ 234,025 $ 141,884
GBW Railcar Services Holdings, LLC
Segments' Internal Financial Reports	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 February 29, 2016 and August 31, 2015, for the three and six months ended February 29, 2016 and for the three and six months ended February 28, 2015 are included in the tables below. Three Months Ended Six Months Ended (In thousands) February 29, February 28, February 29, February 28, Revenue $ 97,700 $ 83,315 $ 193,682 $ 165,857 Earnings (loss) from operations $ 3,626 $ (1,992 ) $ 6,034 $ (1,734 ) Total Assets February 29, August 31, GBW (1) $ 247,707 $ 239,871 (1) Includes goodwill and intangible assets of $95.2 million and $96.9 million as of February 29, 2016 and August 31, 2015.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Feb. 29, 2016
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of February 29, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 4,699 $ — $ 4,699 $ — Nonqualified savings plan investments 13,988 13,988 — — Cash equivalents 5,076 5,076 — — $ 23,763 $ 19,064 $ 4,699 $ — Liabilities: Derivative financial instruments $ 10,997 $ — $ 10,997 $ — (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)	6 Months Ended
	Feb. 29, 2016
Condensed Consolidating Balance Sheet	The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 128,078 $ 1,073 $ 154,390 $ — $ 283,541 Restricted cash — 1,973 6,904 — 8,877 Accounts receivable, net 4,677 580,026 21,066 (377,697 ) 228,072 Inventories — 243,198 190,272 (12,227 ) 421,243 Leased railcars for syndication — 185,410 — (5,435 ) 179,975 Equipment on operating leases, net — 235,311 2,703 (2,843 ) 235,171 Property, plant and equipment, net 9,019 101,754 199,246 — 310,019 Goodwill — 43,265 — — 43,265 Investment in unconsolidated affiliates 1,313,934 183,369 19,857 (1,430,310 ) 86,850 Intangibles and other assets, net 20,878 46,181 16,346 (10,109 ) 73,296 $ 1,476,586 $ 1,621,560 $ 610,784 $ (1,838,621 ) $ 1,870,309 Liabilities and Equity Revolving notes $ 75,000 $ — $ — $ — $ 75,000 Accounts payable and accrued liabilities 419,016 232,014 177,737 (427,757 ) 401,010 Deferred income taxes 14,984 60,162 — (19,942 ) 55,204 Deferred revenue 32,732 47,113 — 4,517 84,362 Notes payable 133,914 187,750 875 — 322,539 Total equity—Greenbrier 800,940 1,094,521 301,227 (1,395,748 ) 800,940 Noncontrolling interest — — 130,945 309 131,254 Total equity 800,940 1,094,521 432,172 (1,395,439 ) 932,194 $ 1,476,586 $ 1,621,560 $ 610,784 $ (1,838,621 ) $ 1,870,309 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 February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ (2,096 ) $ 255,398 $ 404,793 $ (203,564 ) $ 454,531 Wheels & Parts — 91,371 — (913 ) 90,458 Leasing & Services (784 ) 124,833 1 40 124,090 (2,880 ) 471,602 404,794 (204,437 ) 669,079 Cost of revenue Manufacturing — 231,052 329,639 (198,864 ) 361,827 Wheels & Parts — 82,152 — (764 ) 81,388 Leasing & Services — 106,000 — (27 ) 105,973 — 419,204 329,639 (199,655 ) 549,188 Margin (2,880 ) 52,398 75,155 (4,782 ) 119,891 Selling and administrative 17,477 10,759 9,799 209 38,244 Net gain on disposition of equipment — (10,486 ) 1 (261 ) (10,746 ) Earnings (loss) from operations (20,357 ) 52,125 65,355 (4,730 ) 92,393 Other costs Interest and foreign exchange 3,106 1,899 (3,302 ) (286 ) 1,417 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (23,463 ) 50,226 68,657 (4,444 ) 90,976 Income tax (expense) benefit 1,220 (17,830 ) (10,344 ) 1,220 (25,734 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (22,243 ) 32,396 58,313 (3,224 ) 65,242 Earnings (loss) from unconsolidated affiliates 67,111 12,132 (2 ) (78,267 ) 974 Net earnings (loss) 44,868 44,528 58,311 (81,491 ) 66,216 Net (earnings) loss attributable to noncontrolling interest — — (23,901 ) 2,553 (21,348 ) Net earnings (loss) attributable to Greenbrier $ 44,868 $ 44,528 $ 34,410 $ (78,938 ) $ 44,868 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 3,047 $ 627,243 $ 916,785 $ (393,883 ) $ 1,153,192 Wheels & Parts — 170,452 — (1,265 ) 169,187 Leasing & Services 60 149,015 1 13 149,089 3,107 946,710 916,786 (395,135 ) 1,471,468 Cost of revenue Manufacturing — 528,590 755,105 (388,835 ) 894,860 Wheels & Parts — 155,494 — (1,104 ) 154,390 Leasing & Services — 117,613 — (51 ) 117,562 — 801,697 755,105 (389,990 ) 1,166,812 Margin 3,107 145,013 161,681 (5,145 ) 304,656 Selling and administrative 33,892 19,845 20,722 334 74,793 Net gain on disposition of equipment — (10,642 ) 2 (375 ) (11,015 ) Earnings (loss) from operations (30,785 ) 135,810 140,957 (5,104 ) 240,878 Other costs Interest and foreign exchange 6,340 3,272 (2,473 ) (286 ) 6,853 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (37,125 ) 132,538 143,430 (4,818 ) 234,025 Income tax (expense) benefit (3,523 ) (45,150 ) (22,927 ) 1,147 (70,453 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (40,648 ) 87,388 120,503 (3,671 ) 163,572 Earnings (loss) from unconsolidated affiliates 154,949 14,106 (364 ) (167,334 ) 1,357 Net earnings (loss) 114,301 101,494 120,139 (171,005 ) 164,929 Net (earnings) loss attributable to noncontrolling interest — — (53,443 ) 2,815 (50,628 ) Net earnings (loss) attributable to Greenbrier $ 114,301 $ 101,494 $ 66,696 $ (168,190 ) $ 114,301 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 322,665 $ 427,555 $ (244,979 ) $ 505,241 Wheels & Parts — 103,706 — (1,066 ) 102,640 Leasing & Services 295 21,836 1 136 22,268 295 448,207 427,556 (245,909 ) 630,149 Cost of revenue Manufacturing — 269,619 359,452 (225,844 ) 403,227 Wheels & Parts — 93,966 — (1,198 ) 92,768 Leasing & Services — 8,868 — (24 ) 8,844 — 372,453 359,452 (227,066 ) 504,839 Margin 295 75,754 68,104 (18,843 ) 125,310 Selling and administrative 14,477 8,522 10,146 (246 ) 32,899 Net gain on disposition of equipment — (120 ) — (1 ) (121 ) Earnings (loss) from operations (14,182 ) 67,352 57,958 (18,596 ) 92,532 Other costs Interest and foreign exchange 3,120 1,743 (2,934 ) — 1,929 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (17,302 ) 65,609 60,892 (18,596 ) 90,603 Income tax (expense) benefit (7,481 ) (16,420 ) (9,846 ) 4,375 (29,372 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (24,783 ) 49,189 51,046 (14,221 ) 61,231 Earnings (loss) from unconsolidated affiliates 75,134 10,852 48 (86,219 ) (185 ) Net earnings (loss) 50,351 60,041 51,094 (100,440 ) 61,046 Net (earnings) loss attributable to noncontrolling interest — — (19,429 ) 8,734 (10,695 ) Net earnings (loss) attributable to Greenbrier $ 50,351 $ 60,041 $ 31,665 $ (91,706 ) $ 50,351 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 596,477 $ 793,301 $ (504,588 ) $ 885,190 Wheels & Parts — 192,171 — (2,907 ) 189,264 Leasing & Services 173 50,302 1 277 50,753 173 838,950 793,302 (507,218 ) 1,125,207 Cost of revenue Manufacturing — 505,271 673,225 (459,232 ) 719,264 Wheels & Parts — 172,624 — (2,984 ) 169,640 Leasing & Services — 22,973 — (48 ) 22,925 — 700,868 673,225 (462,264 ) 911,829 Margin 173 138,082 120,077 (44,954 ) 213,378 Selling and administrative 30,265 16,217 20,257 (111 ) 66,628 Net gain on disposition of equipment — (203 ) — (1 ) (204 ) Earnings (loss) from operations (30,092 ) 122,068 99,820 (44,842 ) 146,954 Other costs Interest and foreign exchange 6,105 3,349 (4,384 ) — 5,070 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (36,197 ) 118,719 104,204 (44,842 ) 141,884 Income tax (expense) benefit (8,691 ) (36,413 ) (14,671 ) 14,349 (45,426 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (44,888 ) 82,306 89,533 (30,493 ) 96,458 Earnings (loss) from unconsolidated affiliates 128,025 16,235 95 (143,785 ) 570 Net earnings (loss) 83,137 98,541 89,628 (174,278 ) 97,028 Net (earnings) loss attributable to noncontrolling interest — — (35,577 ) 21,686 (13,891 ) Net earnings (loss) attributable to Greenbrier $ 83,137 $ 98,541 $ 54,051 $ (152,592 ) $ 83,137
Condensed Consolidating Statement of Comprehensive Income (Loss)	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 44,868 $ 44,528 $ 58,311 $ (81,491 ) $ 66,216 Other comprehensive income (loss) Translation adjustment 1,527 — (1,165 ) (1,527 ) (1,165 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 240 319 — 559 Unrealized loss on derivative financial instruments (96 ) (1,046 ) (336 ) — (1,478 ) Other (net of tax effect) — — (6 ) — (6 ) 1,431 (806 ) (1,188 ) (1,527 ) (2,090 ) Comprehensive income (loss) 46,299 43,722 57,123 (83,018 ) 64,126 Comprehensive (income) loss attributable to noncontrolling interest — — (23,912 ) 2,553 (21,359 ) Comprehensive income (loss) attributable to Greenbrier $ 46,299 $ 43,722 $ 33,211 $ (80,465 ) $ 42,767 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 114,301 $ 101,494 $ 120,139 $ (171,005 ) $ 164,929 Other comprehensive income (loss) Translation adjustment 1,527 — (5,132 ) (1,527 ) (5,132 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 516 535 — 1,051 Unrealized loss on derivative financial instruments (28 ) (1,412 ) (6,090 ) — (7,530 ) Other (net of tax effect) — — (6 ) — (6 ) 1,499 (896 ) (10,693 ) (1,527 ) (11,617 ) Comprehensive income (loss) 115,800 100,598 109,446 (172,532 ) 153,312 Comprehensive (income) loss attributable to noncontrolling interest — — (53,381 ) 2,815 (50,566 ) Comprehensive income (loss) attributable to Greenbrier $ 115,800 $ 100,598 $ 56,065 $ (169,717 ) $ 102,746 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 50,351 $ 60,041 $ 51,094 $ (100,440 ) $ 61,046 Other comprehensive income (loss) Translation adjustment — (71 ) (6,170 ) — (6,241 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 103 279 — 382 Unrealized gain on derivative financial instruments — (366 ) 558 — 192 Other (net of tax effect) — — 8 — 8 — (334 ) (5,325 ) — (5,659 ) Comprehensive income (loss) 50,351 59,707 45,769 (100,440 ) 55,387 Comprehensive (income) loss attributable to noncontrolling interest — — (19,342 ) 8,734 (10,608 ) Comprehensive income (loss) attributable to Greenbrier $ 50,351 $ 59,707 $ 26,427 $ (91,706 ) $ 44,779 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 83,137 $ 98,541 $ 89,628 $ (174,278 ) $ 97,028 Other comprehensive income (loss) Translation adjustment — (119 ) (9,572 ) — (9,691 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 562 109 — 671 Unrealized gain on derivative financial instruments — (1,197 ) 1,083 — (114 ) Other (net of tax effect) — — 6 — 6 — (754 ) (8,374 ) — (9,128 ) Comprehensive income (loss) 83,137 97,787 81,254 (174,278 ) 87,900 Comprehensive (income) loss attributable to noncontrolling interest — — (35,442 ) 21,686 (13,756 ) Comprehensive income (loss) attributable to Greenbrier $ 83,137 $ 97,787 $ 45,812 $ (152,592 ) $ 74,144
Condensed Consolidating Statement of Cash Flows	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the six months ended February 29, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 114,301 $ 101,494 $ 120,139 $ (171,005 ) $ 164,929 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 15,569 (12,164 ) 435 (9,127 ) (5,287 ) Depreciation and amortization 1,344 15,713 10,836 (51 ) 27,842 Net (gain) loss on disposition of equipment — (10,642 ) 2 (375 ) (11,015 ) Stock based compensation expense 10,740 — — — 10,740 Noncontrolling interest adjustments — — — 2,815 2,815 Other — (54 ) 544 1 491 Decrease (increase) in assets: Accounts receivable, net 44,794 (15,521 ) 842 (60,471 ) (30,356 ) Inventories — (52,405 ) 65,809 8,518 21,922 Leased railcars for syndication — (9,817 ) — (5,574 ) (15,391 ) Other (1,419 ) (1,199 ) (54,642 ) 53,543 (3,717 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (29,978 ) (50,920 ) (27,894 ) 53,344 (55,448 ) Deferred revenue 32,732 9,058 — — 41,790 Net cash provided by (used in) operating activities 188,083 (26,457 ) 116,071 (128,382 ) 149,315 Cash flows from investing activities: Proceeds from sales of assets — 80,541 — — 80,541 Capital expenditures (1,961 ) (6,423 ) (19,590 ) — (27,974 ) Investment in and net advances to unconsolidated affiliates (122,431 ) (12,618 ) — 129,909 (5,140 ) Increase in restricted cash — (7 ) (1 ) — (8 ) Other 2,640 — — — 2,640 Net cash provided by (used in) investing activities (121,752 ) 61,493 (19,591 ) 129,909 50,059 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 26,000 — — — 26,000 Proceeds from revolving notes with maturities longer than 90 days — — — — — Repayment of revolving notes with maturities longer than 90 days — — (1,888 ) — (1,888 ) Repayments of notes payable — (3,511 ) (219 ) — (3,730 ) Debt issuance costs (4,149 ) — — — (4,149 ) Intercompany advances 26,896 (28,589 ) 1,693 — — Repurchase of stock (33,246 ) — — — (33,246 ) Dividends (11,575 ) — — — (11,575 ) Cash distribution to joint venture — — (53,543 ) — (53,543 ) Excess tax benefit from restricted stock awards 2,786 — — — 2,786 Other — — (6 ) — (6 ) Net cash provided by (used in) financing activities 6,712 (32,100 ) (53,963 ) — (79,351 ) Effect of exchange rate changes 1,500 (1,982 ) (7,403 ) (1,527 ) (9,412 ) Increase in cash and cash equivalents 74,543 954 35,114 — 110,611 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 128,078 $ 1,073 $ 154,390 $ — $ 283,541 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the six months ended February 28, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 83,137 $ 98,541 $ 89,628 $ (174,278 ) $ 97,028 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 2,846 (8,417 ) 2,326 — (3,245 ) Depreciation and amortization 955 13,179 8,312 (48 ) 22,398 Net gain on disposition of equipment — (203 ) — (1 ) (204 ) Stock based compensation expense 7,193 — — — 7,193 Noncontrolling interest adjustments — — — 21,824 21,824 Other 43 6 501 (1 ) 549 Decrease (increase) in assets: Accounts receivable, net (19 ) 19,260 7,687 (33,184 ) (6,256 ) Inventories — (16,186 ) (100,168 ) (78 ) (116,432 ) Leased railcars for syndication — (96,990 ) — 21,426 (75,564 ) Other 1,542 1,726 (6,347 ) 2,724 (355 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities 25,397 (16,725 ) 41,013 (12,164 ) 37,521 Deferred revenue — 8,171 (421 ) — 7,750 Net cash provided by (used in) operating activities 121,094 2,362 42,531 (173,780 ) (7,793 ) Cash flows from investing activities: Proceeds from sales of assets — 3,019 — — 3,019 Capital expenditures (4,618 ) (14,709 ) (34,927 ) 398 (53,856 ) Investment in and net advances to unconsolidated affiliates (163,337 ) (15,760 ) — 173,382 (5,715 ) Decrease (increase) in restricted cash — 419 (1 ) — 418 Other 467 — — — 467 Net cash provided by (used in) investing activities (167,488 ) (27,031 ) (34,928 ) 173,780 (55,667 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 53,000 — — — 53,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayment of revolving notes with maturities longer than 90 days — — (18,081 ) — (18,081 ) Repayments of notes payable (5 ) (3,516 ) (219 ) — (3,740 ) Intercompany advances (20,716 ) 21,269 (553 ) — — Decrease in restricted cash — 11,000 — — 11,000 Repurchase of stock (46,946 ) — — — (46,946 ) Dividends (8,016 ) — — — (8,016 ) Cash distribution to joint venture partner — — (4,422 ) — (4,422 ) Excess tax benefit from restricted stock awards 3,858 — — — 3,858 Net cash provided by (used in) financing activities (18,825 ) 28,753 19,288 — 29,216 Effect of exchange rate changes — (1,867 ) (3,293 ) — (5,160 ) Increase (decrease) in cash and cash equivalents (65,219 ) 2,217 23,598 — (39,404 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 84,528 $ 2,329 $ 58,655 $ — $ 145,512

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended		30 Months Ended
	Feb. 29, 2016	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Oct. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares		$ 32,373,000	$ 46,946,000
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares	$ 13,300,000	$ 32,400,000		$ 137,000,000
Repurchase of common stock, shares	533,061	1,054,687		3,206,226
Remaining authorized repurchase amount	$ 88,000,000	$ 88,000,000		$ 88,000,000
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	Feb. 29, 2016	Aug. 31, 2015
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 253,289	$ 311,880
Work-in-process	59,737	75,032
Finished goods	111,208	61,302
Excess and obsolete adjustment	(2,991)	(2,679)
Inventories	$ 421,243	$ 445,535

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 30,636	$ 31,496
Intangible assets not subject to amortization	912	912
Prepaid and other assets	16,920	13,111
Nonqualified savings plan investments	13,988	11,815
Debt issuance costs, net	6,443	3,823
Assets held for sale	4,397	4,397
Total Intangible and other assets, net	73,296	65,554
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	64,504	65,023
Accumulated amortization	(35,020)	(33,828)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	6,035	3,422
Accumulated amortization	$ (4,883)	$ (3,121)

Intangibles and Other Assets,37

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 2.5	$ 0.9	$ 3.8	$ 1.8
Future amortization expense, 2016	5.9		5.9
Future amortization expense, 2017	4.1		4.1
Future amortization expense, 2018	3.4		3.4
Future amortization expense, 2019	3.4		3.4
Future amortization expense, 2020	$ 3.4		$ 3.4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	6 Months Ended
	Feb. 29, 2016USD ($)CreditFacilityFacility	Aug. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving notes	$ 75,000,000	$ 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	$ 625,300,000
Letter of credit facility outstanding amount	81,300,000	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	$ 75,000,000	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	$ 15,300,000
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date	2017-02
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
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 39

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2014
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 186,965		$ 263,665
Other accrued liabilities	82,766		64,584
Accrued payroll and related liabilities	63,451		70,836
Income taxes payable	31,330		22,465
Accrued maintenance	18,458		18,642
Accrued warranty	12,147	$ 11,609	11,512	$ 9,188	$ 8,896	$ 9,340
Other	5,893		3,509
Accounts payable and accrued liabilities	$ 401,010		$ 455,213

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 11,609	$ 8,896	$ 11,512	$ 9,340
Charged to cost of revenue, net	1,463	1,299	2,884	1,946
Payments	(952)	(829)	(2,181)	(1,803)
Currency translation effect	27	(178)	(68)	(295)
Balance at end of period	$ 12,147	$ 9,188	$ 12,147	$ 9,188

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	6 Months Ended
	Feb. 29, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (21,205)
Other comprehensive loss before reclassifications	(12,606)
Amounts reclassified from accumulated other comprehensive loss	1,051
Ending balance	(32,760)
Unrealized Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(2,194)
Other comprehensive loss before reclassifications	(7,530)
Amounts reclassified from accumulated other comprehensive loss	1,051
Ending balance	(8,673)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(18,666)
Other comprehensive loss before reclassifications	(5,070)
Ending balance	(23,736)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(345)
Other comprehensive loss before reclassifications	(6)
Ending balance	$ (351)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 1,417	$ 1,929	$ 6,853	$ 5,070
Earnings before income taxes and earnings (loss) from unconsolidated affiliates	90,976	90,603	234,025	141,884
Tax expense	(25,734)	(29,372)	(70,453)	(45,426)
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 taxes and earnings (loss) from unconsolidated affiliates	807	577	1,519	1,041
Tax expense	(248)	(195)	(468)	(370)
Net of tax	559	382	1,051	671
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 and cost of revenue	420	127	686	134
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	$ 387	$ 450	$ 833	$ 907

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,098	27,028	29,244	27,348
Dilutive effect of performance based restricted stock units	[2]	59		108
Weighted average diluted common shares outstanding		32,360	33,073	32,542	33,395
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,203	6,044	3,190	6,044
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]		1		3
[1]	Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.
[2]	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 and six months ended February 29, 2016 and the three and six months ended February 28, 2015 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 and six months ended February 29, 2016 as the average stock price was less than the conversion price of $47.33 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and six months ended February 28, 2015 as the average stock price was greater than the applicable conversion price, as further described below.

Reconciliation of Basic and D44

Reconciliation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail)	Feb. 29, 2016$ / shares
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Convertible notes conversion rate, per share	$ 47.33

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		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 44,868	$ 50,351	$ 114,301	$ 83,137
Earnings before interest and debt issuance costs on convertible notes		$ 45,601	$ 51,767	$ 115,530	$ 85,969
Weighted average diluted common shares outstanding		32,360	33,073	32,542	33,395
Diluted earnings per share	[1]	$ 1.41	$ 1.57	$ 3.55	$ 2.57
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		$ 733	$ 1,416	$ 1,229	$ 2,832
[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		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 5.4	$ 3.8	$ 5.4	$ 7.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock compensation expense	$ 10.7	$ 3.8	$ 10.7	$ 7.2

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	6 Months Ended
	Feb. 29, 2016USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 430,600,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 93,900,000
Maturity date	2020-03
Unrealized Pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 1,400,000

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 4,699	$ 1,820
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	10,889	3,130
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable, Net
Derivatives, Fair Value [Line Items]
Asset Derivatives	4,699	1,820
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	7,128	737
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,761	2,393
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable, Net
Derivatives, Fair Value [Line Items]
Asset Derivatives		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	6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ (298)	$ 150
Gain (loss) recognized in OCI on derivatives (effective portion)	(10,016)	(721)
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(1,519)	(1,041)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	3,818	792
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(6,756)	1,204
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(436)	81
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(491)	(134)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	3,795	792
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(982)
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	(195)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	23
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,278)	(1,925)
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	138	69
Loss Reclassified from Accumulated OCI into Income (Effective Portion)	$ (833)	$ (907)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Feb. 29, 2016Segment
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		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 669,079	$ 630,149	$ 1,471,468	$ 1,125,207
Earnings (loss) from operations	92,393	92,532	240,878	146,954
Assets	1,870,309		1,870,309		$ 1,790,512
Manufacturing
Segment Reporting Information [Line Items]
Revenues	454,531	505,241	1,153,192	885,190
Earnings (loss) from operations	78,798	90,876	232,502	142,927
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	90,458	102,640	169,187	189,264
Earnings (loss) from operations	6,506	7,976	9,909	15,908
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	124,090	22,268	149,089	50,753
Earnings (loss) from operations	24,412	9,811	34,370	20,853
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	454,531	505,322	1,153,192	892,691
Earnings (loss) from operations	78,815	90,885	232,519	143,722
Assets	624,961		624,961		675,409
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	97,658	108,574	183,203	202,109
Earnings (loss) from operations	7,267	8,629	11,354	17,345
Assets	307,724		307,724		291,798
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	127,223	40,895	158,932	82,564
Earnings (loss) from operations	27,545	28,438	44,213	52,664
Assets	551,763		551,763		549,073
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	385,861		385,861		$ 274,232
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(17,323)	(16,131)	(35,903)	(32,734)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(10,333)	(24,642)	(23,859)	(52,157)
Earnings (loss) from operations	(3,911)	(19,289)	(11,305)	(34,043)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues		(81)		(7,501)
Earnings (loss) from operations	17	(9)	17	(795)
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	7,200	(5,934)	14,016	(12,845)
Earnings (loss) from operations	761	(653)	1,445	(1,437)
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	3,133	(18,627)	9,843	(31,811)
Earnings (loss) from operations	$ 3,133	$ (18,627)	$ 9,843	$ (31,811)

Reconciliation of Segment Margi

Reconciliation of Segment Margin to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 92,393	$ 92,532	$ 240,878	$ 146,954
Interest and foreign exchange	1,417	1,929	6,853	5,070
Earnings before income tax and earnings from unconsolidated affiliates	$ 90,976	$ 90,603	$ 234,025	$ 141,884

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenue		$ 669,079	$ 630,149	$ 1,471,468	$ 1,125,207
Earnings (loss) from operations		92,393	92,532	240,878	146,954
Assets		1,870,309		1,870,309		$ 1,790,512
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Revenue		97,700	83,315	193,682	165,857
Earnings (loss) from operations		3,626	(1,992)	6,034	(1,734)
Assets	[1]	$ 247,707	$ 239,871	$ 247,707	$ 239,871
[1]	Includes goodwill and intangible assets of $95.2 million and $96.9 million as of February 29, 2016 and August 31, 2015.

Results of Operations for GBW54

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Feb. 29, 2016	Aug. 31, 2015
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 95.2	$ 96.9

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended	168 Months Ended
	Aug. 31, 2015	Feb. 29, 2016	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		$ 2,600,000
Expected loan to unconsolidated joint venture		2,500,000
Note receivable		34,000,000
Loan to unconsolidated joint venture		2,500,000
Mexican Joint Venture Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Debt outstanding		900,000
Guarantee obligations		400,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount		$ 81,300,000
GBW Railcar Services Holdings, 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	Feb. 29, 2016		Aug. 31, 2015
Assets:
Nonqualified savings plan investments	$ 13,988		$ 11,815
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	4,699		1,913
Nonqualified savings plan investments	13,988		11,815
Cash equivalents	5,076		5,071
Assets, Fair Value Disclosure, Total	23,763		18,799
Liabilities:
Derivative financial instruments	10,997		3,206
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	13,988		11,815
Cash equivalents	5,076		5,071
Assets, Fair Value Disclosure, Total	19,064		16,886
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	4,699	[1]	1,913
Assets, Fair Value Disclosure, Total	4,699	[1]	1,913
Liabilities:
Derivative financial instruments	$ 10,997	[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.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2015USD ($)Vehicle	Feb. 29, 2016USD ($)Vehicle	Feb. 28, 2015USD ($)	Feb. 29, 2016USD ($)Vehicle	Feb. 28, 2015USD ($)	Apr. 30, 2010USD ($)Vehicle
Related Party Transaction [Line Items]
Number of railcars sold and recognized | Vehicle		1,979		1,979
Revenue		$ 669,079	$ 630,149	$ 1,471,468	$ 1,125,207
Sale of railcars		$ 123,800
Number of railcars sold | Vehicle		2,567		2,567
Deferred revenue on railcars sold		$ 23,500
Deferred revenue, number of railcars sold | Vehicle		588		588
Percentage of rate of return the company is entitled to receive after recoup of total investment		25.00%
Percentage of profit sharing after defined levels have been met		100.00%
WL Ross & Co., LLC (WL Ross)
Related Party Transaction [Line Items]
Number of related party railcars purchased | Vehicle	3,885					4,000
Value of railcars	$ 148,000					$ 256,000
Related party fee	$ 1,000
Revenue		$ 100,300
Accrued profit sharing		$ 14,100		$ 14,100

Guarantor_Non Guarantor - Addit

Guarantor/Non Guarantor - Additional Information (Detail)	6 Months Ended
	Feb. 29, 2016
Guarantor Obligations [Line Items]
Percentage of ownership in subsidiaries	100.00%

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	Feb. 29, 2016	Aug. 31, 2015	Feb. 28, 2015	Aug. 31, 2014
Assets
Cash and cash equivalents	$ 283,541	$ 172,930	$ 145,512	$ 184,916
Restricted cash	8,877	8,869
Accounts receivable, net	228,072	196,029
Inventories	421,243	445,535
Leased railcars for syndication	179,975	212,534
Equipment on operating leases, net	235,171	255,391
Property, plant and equipment, net	310,019	303,135
Goodwill	43,265	43,265
Investment in unconsolidated affiliates	86,850	87,270
Intangibles and other assets, net	73,296	65,554
Total assets	1,870,309	1,790,512
Liabilities and Equity
Revolving notes	75,000	50,888
Accounts payable and accrued liabilities	401,010	455,213
Deferred income taxes	55,204	60,657
Deferred revenue	84,362	33,836
Notes payable	322,539	326,429
Total equity Greenbrier	800,940	732,838
Noncontrolling interest	131,254	130,651
Total equity	932,194	863,489	634,757	573,721
Liabilities and Equity	1,870,309	1,790,512
Parent
Assets
Cash and cash equivalents	128,078	53,535	84,528	149,747
Accounts receivable, net	4,677	49,471
Property, plant and equipment, net	9,019	8,402
Investment in unconsolidated affiliates	1,313,934	1,209,698
Intangibles and other assets, net	20,878	15,895
Total assets	1,476,586	1,337,001
Liabilities and Equity
Revolving notes	75,000	49,000
Accounts payable and accrued liabilities	419,016	421,249
Deferred income taxes	14,984
Deferred revenue	32,732
Notes payable	133,914	133,914
Total equity Greenbrier	800,940	732,838
Total equity	800,940	732,838
Liabilities and Equity	1,476,586	1,337,001
Combined Guarantor Subsidiaries
Assets
Cash and cash equivalents	1,073	119	2,329	112
Restricted cash	1,973	1,966
Accounts receivable, net	580,026	535,916
Inventories	243,198	191,625
Leased railcars for syndication	185,410	228,646
Equipment on operating leases, net	235,311	255,130
Property, plant and equipment, net	101,754	102,738
Goodwill	43,265	43,265
Investment in unconsolidated affiliates	183,369	169,659
Intangibles and other assets, net	46,181	46,387
Total assets	1,621,560	1,575,451
Liabilities and Equity
Accounts payable and accrued liabilities	232,014	282,662
Deferred income taxes	60,162	72,326
Deferred revenue	47,113	33,792
Notes payable	187,750	191,422
Total equity Greenbrier	1,094,521	995,249
Total equity	1,094,521	995,249
Liabilities and Equity	1,621,560	1,575,451
Combined Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	154,390	119,276	$ 58,655	$ 35,057
Restricted cash	6,904	6,903
Accounts receivable, net	21,066	24,415
Inventories	190,272	257,619
Equipment on operating leases, net	2,703	2,901
Property, plant and equipment, net	199,246	191,995
Investment in unconsolidated affiliates	19,857	21,369
Intangibles and other assets, net	16,346	14,235
Total assets	610,784	638,713
Liabilities and Equity
Revolving notes		1,888
Accounts payable and accrued liabilities	177,737	208,538
Notes payable	875	1,093
Total equity Greenbrier	301,227	296,852
Noncontrolling interest	130,945	130,342
Total equity	432,172	427,194
Liabilities and Equity	610,784	638,713
Eliminations
Assets
Accounts receivable, net	(377,697)	(413,773)
Inventories	(12,227)	(3,709)
Leased railcars for syndication	(5,435)	(16,112)
Equipment on operating leases, net	(2,843)	(2,640)
Investment in unconsolidated affiliates	(1,430,310)	(1,313,456)
Intangibles and other assets, net	(10,109)	(10,963)
Total assets	(1,838,621)	(1,760,653)
Liabilities and Equity
Accounts payable and accrued liabilities	(427,757)	(457,236)
Deferred income taxes	(19,942)	(11,669)
Deferred revenue	4,517	44
Total equity Greenbrier	(1,395,748)	(1,292,101)
Noncontrolling interest	309	309
Total equity	(1,395,439)	(1,291,792)
Liabilities and Equity	$ (1,838,621)	$ (1,760,653)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Revenue
Revenue	$ 669,079	$ 630,149	$ 1,471,468	$ 1,125,207
Cost of revenue
Cost of revenue	549,188	504,839	1,166,812	911,829
Margin	119,891	125,310	304,656	213,378
Selling and administrative	38,244	32,899	74,793	66,628
Net gain on disposition of equipment	(10,746)	(121)	(11,015)	(204)
Earnings from operations	92,393	92,532	240,878	146,954
Other costs
Interest and foreign exchange	1,417	1,929	6,853	5,070
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	90,976	90,603	234,025	141,884
Income tax (expense) benefit	(25,734)	(29,372)	(70,453)	(45,426)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	65,242	61,231	163,572	96,458
Earnings (loss) from unconsolidated affiliates	974	(185)	1,357	570
Net earnings (loss)	66,216	61,046	164,929	97,028
Net (earnings) loss attributable to noncontrolling interest	(21,348)	(10,695)	(50,628)	(13,891)
Net earnings (loss) attributable to Greenbrier	44,868	50,351	114,301	83,137
Manufacturing
Revenue
Revenue	454,531	505,241	1,153,192	885,190
Cost of revenue
Cost of revenue	361,827	403,227	894,860	719,264
Earnings from operations	78,798	90,876	232,502	142,927
Wheels & Parts
Revenue
Revenue	90,458	102,640	169,187	189,264
Cost of revenue
Cost of revenue	81,388	92,768	154,390	169,640
Earnings from operations	6,506	7,976	9,909	15,908
Leasing & Services
Revenue
Revenue	124,090	22,268	149,089	50,753
Cost of revenue
Cost of revenue	105,973	8,844	117,562	22,925
Earnings from operations	24,412	9,811	34,370	20,853
Parent
Revenue
Revenue	(2,880)	295	3,107	173
Cost of revenue
Margin	(2,880)	295	3,107	173
Selling and administrative	17,477	14,477	33,892	30,265
Earnings from operations	(20,357)	(14,182)	(30,785)	(30,092)
Other costs
Interest and foreign exchange	3,106	3,120	6,340	6,105
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(23,463)	(17,302)	(37,125)	(36,197)
Income tax (expense) benefit	1,220	(7,481)	(3,523)	(8,691)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(22,243)	(24,783)	(40,648)	(44,888)
Earnings (loss) from unconsolidated affiliates	67,111	75,134	154,949	128,025
Net earnings (loss)	44,868	50,351	114,301	83,137
Net earnings (loss) attributable to Greenbrier	44,868	50,351	114,301	83,137
Parent | Manufacturing
Revenue
Revenue	(2,096)		3,047
Parent | Leasing & Services
Revenue
Revenue	(784)	295	60	173
Combined Guarantor Subsidiaries
Revenue
Revenue	471,602	448,207	946,710	838,950
Cost of revenue
Cost of revenue	419,204	372,453	801,697	700,868
Margin	52,398	75,754	145,013	138,082
Selling and administrative	10,759	8,522	19,845	16,217
Net gain on disposition of equipment	(10,486)	(120)	(10,642)	(203)
Earnings from operations	52,125	67,352	135,810	122,068
Other costs
Interest and foreign exchange	1,899	1,743	3,272	3,349
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	50,226	65,609	132,538	118,719
Income tax (expense) benefit	(17,830)	(16,420)	(45,150)	(36,413)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	32,396	49,189	87,388	82,306
Earnings (loss) from unconsolidated affiliates	12,132	10,852	14,106	16,235
Net earnings (loss)	44,528	60,041	101,494	98,541
Net earnings (loss) attributable to Greenbrier	44,528	60,041	101,494	98,541
Combined Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	255,398	322,665	627,243	596,477
Cost of revenue
Cost of revenue	231,052	269,619	528,590	505,271
Combined Guarantor Subsidiaries | Wheels & Parts
Revenue
Revenue	91,371	103,706	170,452	192,171
Cost of revenue
Cost of revenue	82,152	93,966	155,494	172,624
Combined Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue	124,833	21,836	149,015	50,302
Cost of revenue
Cost of revenue	106,000	8,868	117,613	22,973
Combined Non-Guarantor Subsidiaries
Revenue
Revenue	404,794	427,556	916,786	793,302
Cost of revenue
Cost of revenue	329,639	359,452	755,105	673,225
Margin	75,155	68,104	161,681	120,077
Selling and administrative	9,799	10,146	20,722	20,257
Net gain on disposition of equipment	1		2
Earnings from operations	65,355	57,958	140,957	99,820
Other costs
Interest and foreign exchange	(3,302)	(2,934)	(2,473)	(4,384)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	68,657	60,892	143,430	104,204
Income tax (expense) benefit	(10,344)	(9,846)	(22,927)	(14,671)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	58,313	51,046	120,503	89,533
Earnings (loss) from unconsolidated affiliates	(2)	48	(364)	95
Net earnings (loss)	58,311	51,094	120,139	89,628
Net (earnings) loss attributable to noncontrolling interest	(23,901)	(19,429)	(53,443)	(35,577)
Net earnings (loss) attributable to Greenbrier	34,410	31,665	66,696	54,051
Combined Non-Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	404,793	427,555	916,785	793,301
Cost of revenue
Cost of revenue	329,639	359,452	755,105	673,225
Combined Non-Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue	1	1	1	1
Eliminations
Revenue
Revenue	(204,437)	(245,909)	(395,135)	(507,218)
Cost of revenue
Cost of revenue	(199,655)	(227,066)	(389,990)	(462,264)
Margin	(4,782)	(18,843)	(5,145)	(44,954)
Selling and administrative	209	(246)	334	(111)
Net gain on disposition of equipment	(261)	(1)	(375)	(1)
Earnings from operations	(4,730)	(18,596)	(5,104)	(44,842)
Other costs
Interest and foreign exchange	(286)		(286)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(4,444)	(18,596)	(4,818)	(44,842)
Income tax (expense) benefit	1,220	4,375	1,147	14,349
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(3,224)	(14,221)	(3,671)	(30,493)
Earnings (loss) from unconsolidated affiliates	(78,267)	(86,219)	(167,334)	(143,785)
Net earnings (loss)	(81,491)	(100,440)	(171,005)	(174,278)
Net (earnings) loss attributable to noncontrolling interest	2,553	8,734	2,815	21,686
Net earnings (loss) attributable to Greenbrier	(78,938)	(91,706)	(168,190)	(152,592)
Eliminations | Manufacturing
Revenue
Revenue	(203,564)	(244,979)	(393,883)	(504,588)
Cost of revenue
Cost of revenue	(198,864)	(225,844)	(388,835)	(459,232)
Eliminations | Wheels & Parts
Revenue
Revenue	(913)	(1,066)	(1,265)	(2,907)
Cost of revenue
Cost of revenue	(764)	(1,198)	(1,104)	(2,984)
Eliminations | Leasing & Services
Revenue
Revenue	40	136	13	277
Cost of revenue
Cost of revenue	$ (27)	$ (24)	$ (51)	$ (48)

Condensed Consolidating State61

Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		$ 66,216	$ 61,046	$ 164,929	$ 97,028
Other comprehensive income (loss)
Translation adjustment		(1,165)	(6,241)	(5,132)	(9,691)
Reclassification of derivative financial instruments recognized in net earnings (loss)	[1]	559	382	1,051	671
Unrealized gain on derivative financial instruments	[2]	(1,478)	192	(7,530)	(114)
Other (net of tax effect)		(6)	8	(6)	6
Other comprehensive income (loss)		(2,090)	(5,659)	(11,617)	(9,128)
Comprehensive income (loss)		64,126	55,387	153,312	87,900
Comprehensive (income) loss attributable to noncontrolling interest		(21,359)	(10,608)	(50,566)	(13,756)
Comprehensive income (loss) attributable to Greenbrier		42,767	44,779	102,746	74,144
Parent
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		44,868	50,351	114,301	83,137
Other comprehensive income (loss)
Translation adjustment		1,527		1,527
Unrealized gain on derivative financial instruments		(96)		(28)
Other comprehensive income (loss)		1,431		1,499
Comprehensive income (loss)		46,299	50,351	115,800	83,137
Comprehensive income (loss) attributable to Greenbrier		46,299	50,351	115,800	83,137
Combined Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		44,528	60,041	101,494	98,541
Other comprehensive income (loss)
Translation adjustment			(71)		(119)
Reclassification of derivative financial instruments recognized in net earnings (loss)		240	103	516	562
Unrealized gain on derivative financial instruments		(1,046)	(366)	(1,412)	(1,197)
Other comprehensive income (loss)		(806)	(334)	(896)	(754)
Comprehensive income (loss)		43,722	59,707	100,598	97,787
Comprehensive income (loss) attributable to Greenbrier		43,722	59,707	100,598	97,787
Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		58,311	51,094	120,139	89,628
Other comprehensive income (loss)
Translation adjustment		(1,165)	(6,170)	(5,132)	(9,572)
Reclassification of derivative financial instruments recognized in net earnings (loss)		319	279	535	109
Unrealized gain on derivative financial instruments		(336)	558	(6,090)	1,083
Other (net of tax effect)		(6)	8	(6)	6
Other comprehensive income (loss)		(1,188)	(5,325)	(10,693)	(8,374)
Comprehensive income (loss)		57,123	45,769	109,446	81,254
Comprehensive (income) loss attributable to noncontrolling interest		(23,912)	(19,342)	(53,381)	(35,442)
Comprehensive income (loss) attributable to Greenbrier		33,211	26,427	56,065	45,812
Eliminations
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		(81,491)	(100,440)	(171,005)	(174,278)
Other comprehensive income (loss)
Translation adjustment		(1,527)		(1,527)
Other comprehensive income (loss)		(1,527)		(1,527)
Comprehensive income (loss)		(83,018)	(100,440)	(172,532)	(174,278)
Comprehensive (income) loss attributable to noncontrolling interest		2,553	8,734	2,815	21,686
Comprehensive income (loss) attributable to Greenbrier		$ (80,465)	$ (91,706)	$ (169,717)	$ (152,592)
[1]	Net of tax effect of $0.2 million and $0.2 million for the three months ended February 29, 2016 and February 28, 2015 and $0.5 million and $0.4 million for the six months ended February 29, 2016 and February 28, 2015.
[2]	Net of tax effect of $0.9 million and $0.1 million for the three months ended February 29, 2016 and February 28, 2015 and $2.4 million and $0.5 million for the six months ended February 29, 2016 and February 28, 2015.

Condensed Consolidating State62

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities:
Net earnings (loss)	$ 66,216	$ 61,046	$ 164,929	$ 97,028
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(5,287)	(3,245)
Depreciation and amortization			27,842	22,398
Net (gain) loss on disposition of equipment	(10,746)	(121)	(11,015)	(204)
Stock based compensation expense			10,740	7,193
Noncontrolling interest adjustments			2,815	21,824
Other			491	549
Decrease (increase) in assets:
Accounts receivable, net			(30,356)	(6,256)
Inventories			21,922	(116,432)
Leased railcars for syndication			(15,391)	(75,564)
Other			(3,717)	(355)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(55,448)	37,521
Deferred revenue			41,790	7,750
Net cash provided by (used in) operating activities			149,315	(7,793)
Cash flows from investing activities:
Proceeds from sales of assets			80,541	3,019
Capital expenditures			(27,974)	(53,856)
Investment in and net advances to unconsolidated affiliates			(5,140)	(5,715)
Decrease (increase) in restricted cash			(8)	418
Other			2,640	467
Net cash provided by (used in) investing activities			50,059	(55,667)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			26,000	53,000
Proceeds from revolving notes with maturities longer than 90 days				42,563
Repayment of revolving notes with maturities longer than 90 days			(1,888)	(18,081)
Repayments of notes payable			(3,730)	(3,740)
Debt issuance costs			(4,149)
Decrease in restricted cash				11,000
Repurchase of stock			(33,246)	(46,946)
Dividends			(11,575)	(8,016)
Cash distribution to joint venture			(53,543)	(4,422)
Excess tax benefit from restricted stock awards			2,786	3,858
Other			(6)
Net cash provided by (used in) financing activities			(79,351)	29,216
Effect of exchange rate changes			(9,412)	(5,160)
Increase (decrease) in cash and cash equivalents			110,611	(39,404)
Beginning of period			172,930	184,916
End of period	283,541	145,512	283,541	145,512
Parent
Cash flows from operating activities:
Net earnings (loss)	44,868	50,351	114,301	83,137
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			15,569	2,846
Depreciation and amortization			1,344	955
Stock based compensation expense			10,740	7,193
Other				43
Decrease (increase) in assets:
Accounts receivable, net			44,794	(19)
Other			(1,419)	1,542
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(29,978)	25,397
Deferred revenue			32,732
Net cash provided by (used in) operating activities			188,083	121,094
Cash flows from investing activities:
Capital expenditures			(1,961)	(4,618)
Investment in and net advances to unconsolidated affiliates			(122,431)	(163,337)
Other			2,640	467
Net cash provided by (used in) investing activities			(121,752)	(167,488)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			26,000	53,000
Repayments of notes payable				(5)
Debt issuance costs			(4,149)
Intercompany advances			26,896	(20,716)
Repurchase of stock			(33,246)	(46,946)
Dividends			(11,575)	(8,016)
Excess tax benefit from restricted stock awards			2,786	3,858
Net cash provided by (used in) financing activities			6,712	(18,825)
Effect of exchange rate changes			1,500
Increase (decrease) in cash and cash equivalents			74,543	(65,219)
Beginning of period			53,535	149,747
End of period	128,078	84,528	128,078	84,528
Combined Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	44,528	60,041	101,494	98,541
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(12,164)	(8,417)
Depreciation and amortization			15,713	13,179
Net (gain) loss on disposition of equipment	(10,486)	(120)	(10,642)	(203)
Other			(54)	6
Decrease (increase) in assets:
Accounts receivable, net			(15,521)	19,260
Inventories			(52,405)	(16,186)
Leased railcars for syndication			(9,817)	(96,990)
Other			(1,199)	1,726
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(50,920)	(16,725)
Deferred revenue			9,058	8,171
Net cash provided by (used in) operating activities			(26,457)	2,362
Cash flows from investing activities:
Proceeds from sales of assets			80,541	3,019
Capital expenditures			(6,423)	(14,709)
Investment in and net advances to unconsolidated affiliates			(12,618)	(15,760)
Decrease (increase) in restricted cash			(7)	419
Net cash provided by (used in) investing activities			61,493	(27,031)
Cash flows from financing activities:
Repayments of notes payable			(3,511)	(3,516)
Intercompany advances			(28,589)	21,269
Decrease in restricted cash				11,000
Net cash provided by (used in) financing activities			(32,100)	28,753
Effect of exchange rate changes			(1,982)	(1,867)
Increase (decrease) in cash and cash equivalents			954	2,217
Beginning of period			119	112
End of period	1,073	2,329	1,073	2,329
Combined Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	58,311	51,094	120,139	89,628
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			435	2,326
Depreciation and amortization			10,836	8,312
Net (gain) loss on disposition of equipment	1		2
Other			544	501
Decrease (increase) in assets:
Accounts receivable, net			842	7,687
Inventories			65,809	(100,168)
Other			(54,642)	(6,347)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(27,894)	41,013
Deferred revenue				(421)
Net cash provided by (used in) operating activities			116,071	42,531
Cash flows from investing activities:
Capital expenditures			(19,590)	(34,927)
Decrease (increase) in restricted cash			(1)	(1)
Net cash provided by (used in) investing activities			(19,591)	(34,928)
Cash flows from financing activities:
Proceeds from revolving notes with maturities longer than 90 days				42,563
Repayment of revolving notes with maturities longer than 90 days			(1,888)	(18,081)
Repayments of notes payable			(219)	(219)
Intercompany advances			1,693	(553)
Cash distribution to joint venture			(53,543)	(4,422)
Other			(6)
Net cash provided by (used in) financing activities			(53,963)	19,288
Effect of exchange rate changes			(7,403)	(3,293)
Increase (decrease) in cash and cash equivalents			35,114	23,598
Beginning of period			119,276	35,057
End of period	154,390	58,655	154,390	58,655
Eliminations
Cash flows from operating activities:
Net earnings (loss)	(81,491)	(100,440)	(171,005)	(174,278)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(9,127)
Depreciation and amortization			(51)	(48)
Net (gain) loss on disposition of equipment	$ (261)	$ (1)	(375)	(1)
Noncontrolling interest adjustments			2,815	21,824
Other			1	(1)
Decrease (increase) in assets:
Accounts receivable, net			(60,471)	(33,184)
Inventories			8,518	(78)
Leased railcars for syndication			(5,574)	21,426
Other			53,543	2,724
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			53,344	(12,164)
Net cash provided by (used in) operating activities			(128,382)	(173,780)
Cash flows from investing activities:
Capital expenditures				398
Investment in and net advances to unconsolidated affiliates			129,909	173,382
Net cash provided by (used in) investing activities			129,909	$ 173,780
Cash flows from financing activities:
Effect of exchange rate changes			$ (1,527)