The Greenbrier Companies, Inc. (GBX) 10-Q 6 Jul 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2016	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	GBX
Entity Registrant Name	GREENBRIER COMPANIES INC
Entity Central Index Key	923,120
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,204,389

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015
Assets
Cash and cash equivalents	$ 214,440	$ 172,930
Restricted cash	8,669	8,869
Accounts receivable, net	213,510	196,029
Inventories	458,068	445,535
Leased railcars for syndication	136,812	212,534
Equipment on operating leases, net	232,791	255,391
Property, plant and equipment, net	318,010	303,135
Investment in unconsolidated affiliates	89,297	87,270
Intangibles and other assets, net	71,022	65,554
Goodwill	43,265	43,265
Total assets	1,785,884	1,790,512
Liabilities and Equity
Revolving notes		50,888
Accounts payable and accrued liabilities	370,652	455,213
Deferred income taxes	50,390	60,657
Deferred revenue	68,158	33,836
Notes payable	306,808	326,429
Commitments and contingencies (Note 13)
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,202 and 28,907 shares outstanding at May 31, 2016 and August 31, 2015	0	0
Additional paid-in capital	278,880	295,444
Retained earnings	590,725	458,599
Accumulated other comprehensive loss	(29,519)	(21,205)
Total equity - Greenbrier	840,086	732,838
Noncontrolling interest	149,790	130,651
Total equity	989,876	863,489
Liabilities and Equity	$ 1,785,884	$ 1,790,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 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	28,202,000	28,907,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Revenue
Revenue		$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Cost of revenue
Cost of revenue		485,768	565,320	1,652,580	1,477,149
Margin		127,098	149,286	431,754	362,664
Selling and administrative expense		43,280	45,595	118,073	112,223
Net gain on disposition of equipment		(311)	(720)	(11,326)	(924)
Earnings from operations		84,129	104,411	325,007	251,365
Other costs
Interest and foreign exchange		3,712	4,285	10,565	9,355
Earnings before income taxes and earnings from unconsolidated affiliates		80,417	100,126	314,442	242,010
Income tax (expense) benefit		(22,449)	(30,783)	(92,902)	(76,209)
Earnings before earnings from unconsolidated affiliates		57,968	69,343	221,540	165,801
Earnings from unconsolidated affiliates		1,564	982	2,921	1,552
Net earnings		59,532	70,325	224,461	167,353
Net earnings attributable to noncontrolling interest		(24,180)	(27,514)	(74,808)	(41,405)
Net earnings attributable to Greenbrier		$ 35,352	$ 42,811	$ 149,653	$ 125,948
Basic earnings per common share		$ 1.22	$ 1.54	$ 5.13	$ 4.58
Diluted earnings per common share	[1]	$ 1.12	$ 1.33	$ 4.67	$ 3.91
Weighted average common shares:
Basic	[2]	29,059	27,842	29,182	27,514
Diluted		32,342	33,000	32,475	33,262
Dividends declared per common share		$ 0.20	$ 0.15	$ 0.60	$ 0.45
Manufacturing
Revenue
Revenue		$ 458,494	$ 593,376	$ 1,611,686	$ 1,478,566
Cost of revenue
Cost of revenue		352,775	465,658	1,247,635	1,184,922
Earnings from operations		92,713	115,675	325,215	258,602
Wheels & Parts
Revenue
Revenue		78,417	97,407	247,604	286,671
Cost of revenue
Cost of revenue		69,818	89,645	224,208	259,285
Earnings from operations		5,811	5,078	15,720	20,986
Leasing & Services
Revenue
Revenue		75,955	23,823	225,044	74,576
Cost of revenue
Cost of revenue		63,175	10,017	180,737	32,942
Earnings from operations		$ 8,298	$ 10,824	$ 42,668	$ 31,677
[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		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Net earnings		$ 59,532	$ 70,325	$ 224,461	$ 167,353
Other comprehensive income
Translation adjustment		1,477	(1,299)	(3,655)	(10,990)
Reclassification of derivative financial instruments recognized in net earnings	[1]	659	(254)	1,710	417
Unrealized gain (loss) on derivative financial instruments	[2]	1,113	107	(6,417)	(7)
Other (net of tax effect)		7	93	1	99
Other comprehensive income (loss)		3,256	(1,353)	(8,361)	(10,481)
Comprehensive income		62,788	68,972	216,100	156,872
Comprehensive income attributable to noncontrolling interest		(24,195)	(27,497)	(74,761)	(41,253)
Comprehensive income attributable to Greenbrier		$ 38,593	$ 41,475	$ 141,339	$ 115,619
[1]	Net of tax effect of $0.3 million and $0.04 million for the three months ended May 31, 2016 and 2015 and $0.7 million and $0.4 million for the nine months ended May 31, 2016 and 2015.
[2]	Net of tax effect of $0.3 million and $0.1 million for the three months ended May 31, 2016 and 2015 and $2.2 million and $0.6 million for the nine months ended May 31, 2016 and 2015.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Reclassification of derivative financial instruments recognized in net earnings, tax	$ 300	$ 40	$ 700	$ 400
Unrealized gain (loss) on derivative financial instruments, tax	$ 300	$ 100	$ 2,200	$ 600

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	167,353			125,948		125,948	41,405
Other comprehensive loss, net	(10,481)				(10,329)	(10,329)	(152)
Noncontrolling interest adjustments	20,371						20,371
Purchase of noncontrolling interest	(80)						(80)
Joint venture partner distribution declared	(13,267)						(13,267)
Restricted stock awards (net of cancellations)	22,600		22,600			22,600
Restricted stock awards (net of cancellations)(Shares)		19
Unamortized restricted stock	(24,394)		(24,394)			(24,394)
Restricted stock amortization	13,176		13,176			13,176
Excess tax benefit from restricted stock awards	2,964		2,964			2,964
Conversion of convertible notes, net of debt issuance costs (in shares)		2,471
Conversion of convertible notes, net of debt issuance costs	91,749		91,749			91,749
Cash dividends	(12,257)			(12,257)		(12,257)
Repurchase of stock	(48,451)		(48,451)			(48,451)
Repurchase of stock, shares		(891)
Ending Balance (in shares) at May. 31, 2015		28,925
Ending Balance at May. 31, 2015	$ 783,004		293,407	396,250	(17,261)	672,396	110,608
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	224,461			149,653		149,653	74,808
Other comprehensive loss, net	(8,361)				(8,314)	(8,314)	(47)
Noncontrolling interest adjustments	837						837
Purchase of noncontrolling interest	(4)						(4)
Joint venture partner distribution declared	(61,855)						(61,855)
Investment by joint venture partner	5,400						5,400
Restricted stock awards (net of cancellations)	6,186		6,186			6,186
Restricted stock awards (net of cancellations)(Shares)		350
Unamortized restricted stock	(11,646)		(11,646)			(11,646)
Restricted stock amortization	18,483		18,483			18,483
Excess tax benefit from restricted stock awards	2,786		2,786			2,786
Cash dividends	(17,527)			(17,527)		(17,527)
Repurchase of stock	$ (32,373)		(32,373)			(32,373)
Repurchase of stock, shares		(1,055)
Ending Balance (in shares) at May. 31, 2016	28,202	28,202
Ending Balance at May. 31, 2016	$ 989,876		$ 278,880	$ 590,725	$ (29,519)	$ 840,086	$ 149,790

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2016	May 31, 2015
Cash flows from operating activities
Net earnings	$ 224,461	$ 167,353
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes	(10,143)	(5,245)
Depreciation and amortization	41,681	33,258
Net gain on disposition of equipment	(11,326)	(924)
Stock based compensation expense	19,055	13,176
Noncontrolling interest adjustments	837	20,371
Other	564	1,008
(Increase) decrease in assets:
Accounts receivable, net	(14,333)	(8,769)
Inventories	(15,346)	(124,906)
Leased railcars for syndication	28,823	(90,914)
Other	(5,191)	(1,666)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(88,707)	23,135
Deferred revenue	24,303	3,680
Net cash provided by operating activities	194,678	29,557
Cash flows from investing activities
Proceeds from sales of assets	88,707	4,628
Capital expenditures	(51,707)	(75,892)
Decrease in restricted cash	200	228
Investment in and advances to unconsolidated affiliates	(9,088)	(29,923)
Cash distribution from unconsolidated affiliates	5,338	715
Net cash provided by (used in) investing activities	33,450	(100,244)
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	(49,000)	73,000
Proceeds from revolving notes with maturities longer than 90 days		42,563
Repayments of revolving notes with maturities longer than 90 days	(1,888)	(36,137)
Repayments of notes payable	(19,461)	(5,504)
Debt issuance costs	(4,160)
Repurchase of stock	(33,498)	(48,451)
Dividends	(17,362)	(12,069)
Decrease in restricted cash		11,000
Cash distribution to joint venture partner	(62,710)	(12,489)
Investment by joint venture partner	5,400
Excess tax benefit from restricted stock awards	2,786	2,964
Other	(7)	(248)
Net cash provided by (used in) financing activities	(179,900)	14,629
Effect of exchange rate changes	(6,718)	(6,075)
Increase (decrease) in cash and cash equivalents	41,510	(62,133)
Cash and cash equivalents
Beginning of period	172,930	184,916
End of period	214,440	122,783
Cash paid during the period for
Interest	10,852	13,509
Income taxes, net	77,867	87,829
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	45,535	3,313
Capital expenditures accrued in Accounts payable and accrued liabilities	3,529	2,304
Change in Accounts payable and accrued liabilities associated with repurchase of stock	1,125
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	855
Change in Accounts payable and accrued liabilities associated with dividends declared	$ (165)	188
Conversion of convertible notes, net of debt issuance costs		$ 91,749

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	May 31, 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 May 31, 2016, for the three and nine months ended May 31, 2016 and 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 nine months ended May 31, 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 August 2015, the FASB issued Accounting Standards Update 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation-Stock Compensation: Improvements to Employee Share-Based Payment Accounting Share Repurchase Program – During the nine months ended May 31, 2016, the Company purchased a total of 1,054,687 shares for approximately $32.4 million. The Company did not repurchase any shares during the three months ended May 31, 2016. As of May 31, 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	9 Months Ended
	May 31, 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) May 31, August 31, Manufacturing supplies and raw materials $ 258,608 $ 311,880 Work-in-process 63,602 75,032 Finished goods 139,199 61,302 Excess and obsolete adjustment (3,341 ) (2,679 ) $ 458,068 $ 445,535

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	May 31, 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) May 31, August 31, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (36,395 ) (33,828 ) Other intangibles 6,288 3,422 Accumulated amortization (5,757 ) (3,121 ) 29,159 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 15,671 13,111 Nonqualified savings plan investments 15,093 11,815 Debt issuance costs, net 6,079 3,823 Assets held for sale 4,108 4,397 Total Intangible and other assets, net $ 71,022 $ 65,554 Amortization expense for the three and nine months ended May 31, 2016 was $1.5 million and $5.3 million and for the three and nine months ended May 31, 2015 was $0.9 million and $2.7 million. Amortization expense for the years ending August 31, 2016, 2017, 2018, 2019 and 2020 is expected to be $6.3 million, $3.6 million, $3.5 million, $3.4 million and $3.4 million.

Revolving Notes

Revolving Notes	9 Months Ended
	May 31, 2016
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $615.5 million as of May 31, 2016. As of May 31, 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 May 31, 2016, lines of credit totaling $15.5 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. The Company’s Mexican railcar manufacturing joint venture has two lines of credit totaling $50.0 million. The first 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 railcar manufacturing joint venture will be able to draw against this facility through January 2019. The second 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 railcar manufacturing joint venture will be able to draw amounts available under this facility through August 2017. As of May 31, 2016, outstanding commitments under the senior secured credit facilities consisted of $81.3 million in letters of credit 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 railcar manufacturing joint venture credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	May 31, 2016
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) May 31, August 31, Trade payables $ 187,240 $ 263,665 Other accrued liabilities 73,919 64,584 Accrued payroll and related liabilities 61,629 70,836 Accrued maintenance 18,488 18,642 Accrued warranty 12,132 11,512 Income taxes payable 11,604 22,465 Other 5,640 3,509 $ 370,652 $ 455,213

Warranty Accruals

Warranty Accruals	9 Months Ended
	May 31, 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: (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Balance at beginning of period $ 12,147 $ 9,188 $ 11,512 $ 9,340 Charged to cost of revenue, net 1,202 2,036 4,086 3,982 Payments (1,205 ) (994 ) (3,386 ) (2,797 ) Currency translation effect (12 ) (32 ) (80 ) (327 ) Balance at end of period $ 12,132 $ 10,198 $ 12,132 $ 10,198

Notes Payable

Notes Payable	9 Months Ended
	May 31, 2016
Notes Payable	Note 7 – Notes Payable The Company’s Notes payable balance was $306.8 million as of May 31, 2016 which includes Convertible senior notes, due 2026 (the 2026 Notes). On specified dates or in the event of certain fundamental changes, holders can require the Company to repurchase all or a portion of their 2026 Notes at a price equal to 100% of the principal amount of the 2026 Notes plus accrued and unpaid interest (the Put Option). During the three months ended May 31, 2016, the Company retired $14.0 million of its then $14.9 million outstanding 2026 Notes pursuant to a scheduled Put Option leaving $0.9 million outstanding in 2026 Notes as of May 31, 2016.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	May 31, 2016
Accumulated Other Comprehensive Loss	Note 8 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Foreign Other Accumulated Balance, August 31, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (6,417 ) (3,608 ) 1 (10,024 ) Amounts reclassified from accumulated other comprehensive loss 1,710 — — 1,710 Balance, May 31, 2016 $ (6,901 ) $ (22,274 ) $ (344 ) $ (29,519 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement Location (In thousands) 2016 2015 2016 2015 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 561 $ (652 ) $ 1,203 $ (518 ) Revenue Interest rate swap contracts 370 442 1,247 1,349 Interest and foreign exchange 931 (210 ) 2,450 831 Total before tax (272 ) (44 ) (740 ) (414 ) Tax expense $ 659 $ (254 ) $ 1,710 $ 417 Net of tax

Earnings Per Share

Earnings Per Share	9 Months Ended
	May 31, 2016
Earnings Per Share	Note 9 – Earnings Per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Weighted average basic common shares outstanding (1) 29,059 27,842 29,182 27,514 Dilutive effect of 2018 Convertible notes (2) 3,224 5,155 3,202 5,745 Dilutive effect of 2026 Convertible notes (3) — 3 — 3 Dilutive effect of performance based restricted stock units (4) 59 — 91 — Weighted average diluted common shares outstanding 32,342 33,000 32,475 33,262 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included for the three and nine months ended May 31, 2016 and 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 nine months ended May 31, 2016 as the average stock price was less than the conversion price of $47.15 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than 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 Nine Months Ended 2016 2015 2016 2015 Net earnings attributable to Greenbrier $ 35,352 $ 42,811 $ 149,653 $ 125,948 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 1,234 1,962 4,066 Earnings before interest and debt issuance costs on convertible notes $ 36,085 $ 44,045 $ 151,615 $ 130,014 Weighted average diluted common shares outstanding 32,342 33,000 32,475 33,262 Diluted earnings per share (1) $ 1.12 $ 1.33 $ 4.67 $ 3.91 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	May 31, 2016
Stock Based Compensation	Note 10 – Stock Based Compensation The value of stock based compensation 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. Stock based compensation expense was $8.3 million and $19.1 million for the three and nine months ended May 31, 2016, respectively and $6.0 million and $13.2 million for the three and nine months ended May 31, 2015, respectively. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Income.

Derivative Instruments

Derivative Instruments	9 Months Ended
	May 31, 2016
Derivative Instruments	Note 11 – Derivative Instruments Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk. Interest rate swap agreements are used to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. At May 31, 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 $429.7 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when there is a loss, or as Accounts receivable, net when there is a gain. As the contracts mature at various dates through 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 May 31, 2016, an interest rate swap agreement maturing in March 2020 had a notional amount of $93.0 million. The fair value of the contract is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets. As interest expense on the underlying debt is recognized, amounts corresponding to the interest rate swap are reclassified from Accumulated other comprehensive loss and charged or credited to interest expense. At May 31, 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 May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 3,640 $ 1,820 Accounts payable and accrued liabilities $ 5,402 $ 737 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 3,437 2,393 $ 3,640 $ 1,820 $ 8,839 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ 93 Accounts payable and accrued liabilities $ 190 $ 76 The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ (245 ) $ (22 ) Interest rate swap contracts Interest and foreign exchange 88 69 $ (157 ) $ 47 Derivatives in cash flow Gain (loss) Location of gain (loss) Gain (loss) Location of gain on Gain recognized on 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (5,430 ) $ 1,867 Revenue $ (835 ) $ 518 Revenue $ 2,572 $ 1,024 Foreign forward exchange contracts (919 ) — Cost of revenue (412 ) — Cost of revenue 88 — Interest rate swap contracts (2,274 ) (2,640 ) Interest and foreign exchange (1,203 ) (1,349 ) Interest and foreign exchange — — $ (8,623 ) $ (773 ) $ (2,450 ) $ (831 ) $ 2,660 $ 1,024

Segment Information

Segment Information	9 Months Ended
	May 31, 2016
Segment Information	Note 12 – 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 May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 458,494 $ 5,595 $ 464,089 $ 92,713 $ 923 $ 93,636 Wheels & Parts 78,417 10,058 88,475 5,811 711 6,522 Leasing & Services 75,955 601 76,556 8,298 601 8,899 Eliminations — (16,254 ) (16,254 ) — (2,235 ) (2,235 ) Corporate — — — (22,693 ) — (22,693 ) $ 612,866 $ — $ 612,866 $ 84,129 $ — $ 84,129 For the nine months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,611,686 $ 5,595 $ 1,617,281 $ 325,215 $ 941 $ 326,156 Wheels & Parts 247,604 24,074 271,678 15,720 2,155 17,875 Leasing & Services 225,044 10,444 235,488 42,668 10,444 53,112 Eliminations — (40,113 ) (40,113 ) — (13,540 ) (13,540 ) Corporate — — — (58,596 ) — (58,596 ) $ 2,084,334 $ — $ 2,084,334 $ 325,007 $ — $ 325,007 For the three months ended May 31, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 593,376 $ 33 $ 593,409 $ 115,675 $ — $ 115,675 Wheels & Parts 97,407 7,605 105,012 5,078 607 5,685 Leasing & Services 23,823 11,722 35,545 10,824 11,722 22,546 Eliminations — (19,360 ) (19,360 ) — (12,329 ) (12,329 ) Corporate — — — (27,166 ) — (27,166 ) $ 714,606 $ — $ 714,606 $ 104,411 $ — $ 104,411 For the nine months ended May 31, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,478,566 $ 7,534 $ 1,486,100 $ 258,602 $ 795 $ 259,397 Wheels & Parts 286,671 20,450 307,121 20,986 2,044 23,030 Leasing & Services 74,576 43,533 118,109 31,677 43,533 75,210 Eliminations — (71,517 ) (71,517 ) — (46,372 ) (46,372 ) Corporate — — — (59,900 ) — (59,900 ) $ 1,839,813 $ — $ 1,839,813 $ 251,365 $ — $ 251,365 Total assets May 31, August 31, (In thousands) 2016 2015 Manufacturing $ 641,090 $ 675,409 Wheels & Parts 301,474 291,798 Leasing & Services 523,989 549,073 Unallocated 319,331 274,232 $ 1,785,884 $ 1,790,512 Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates: Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Earnings from operations $ 84,129 $ 104,411 $ 325,007 $ 251,365 Interest and foreign exchange 3,712 4,285 10,565 9,355 Earnings before income tax and earnings from unconsolidated affiliates $ 80,417 $ 100,126 $ 314,442 $ 242,010 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 May 31, 2016 and August 31, 2015 and for the three and nine months ended May 31, 2016 and 2015 are included in the tables below. Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Revenue $ 95,699 $ 88,831 $ 289,381 $ 254,688 Earnings (loss) from operations $ 3,030 $ 227 $ 9,065 $ (1,507 ) Total Assets May 31, August 31, GBW (1) $ 255,400 $ 239,871 (1) Includes goodwill and intangible assets of $94.4 million and $96.9 million as of May 31, 2016 and August 31, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2016
Commitments and Contingencies	Note 13 – Commitments and Contingencies The Company’s Portland, Oregon manufacturing facility is located adjacent to the Willamette River. The Company has entered into a Voluntary Cleanup Agreement with the Oregon Department of Environmental Quality (DEQ) in which the Company agreed to conduct an investigation of whether, and to what extent, past or present operations at the Portland property may have released hazardous substances into the environment. In December 2000, the U.S. Environmental Protection Agency (EPA) classified portions of the Willamette River bed known as the Portland Harbor, including the portion fronting the Company’s manufacturing facility, as a federal “National Priority List” or “Superfund” site due to sediment contamination (the Portland Harbor Site). The Company and more than 140 other parties have received a “General Notice” of potential liability from the EPA relating to the Portland Harbor Site. The letter advised the Company that it may be liable for the costs of investigation and remediation (which liability may be joint and several with other potentially responsible parties) as well as for natural resource damages resulting from releases of hazardous substances to the site. At this time, ten private and public entities, including the Company (the Lower Willamette Group or LWG), have signed an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) of the Portland Harbor Site under EPA oversight, and several additional entities have not signed such consent, but are nevertheless contributing money to the effort. The EPA-mandated RI/FS is being 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. 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 On June 8, 2016, the EPA issued its Feasibility Study (FS) and Proposed Plan for the Portland Harbor Site. The EPA is accepting comments from the public on its Proposed Plan through August 8, 2016. The EPA’s FS includes remediation alternatives that would take from 4 to 62 years of active remediation, with an undiscounted cost ranging from $642 million to $10.2 billion and a net present value assuming a 7% discount rate ranging between $451 million and $9.4 billion. The Proposed Plan identifies the alternative currently favored by the EPA, which it assigns an estimated undiscounted cost of between $1.1 and $1.2 billion and a net present value of between $746 and $811 million. The EPA expects its cost estimates to be accurate within a range of +50 to -30 percent. EPA estimates that the remedy in the Proposed Plan would take 7 years of active remediation followed by 30 years of monitoring. The EPA’s FS and its Proposed Plan identify 13 Sediment Decision Units. One of the units, RM9W, includes the nearshore area of the river sediments offshore of our Portland, Oregon manufacturing facility as well as upstream and downstream of the facility. It also includes a portion of our riverbank. Neither the FS nor the Proposed Plan breaks down total remediation costs by unit. Neither the EPA’s FS nor its Proposed Plan 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 option will be determined after the issuance of the Record of Decision, currently scheduled by the EPA for December 31, 2016. 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 $3.2 million in third party warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of May 31, 2016, the Mexican railcar manufacturing 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 May 31, 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 $5.3 million in cash contributions and $3.75 million in loans to GBW, an unconsolidated 50/50 joint venture, for the nine months ended May 31, 2016. The Company expects to loan additional amounts of approximately $1.25 million during 2016. The Company is likely to make additional capital contributions or loans to GBW in the future. As of May 31, 2016, the Company had a $35.2 million note receivable balance from GBW which is included on the Consolidated Balance Sheet in Accounts receivable, net.

Fair Value Measures

Fair Value Measures	9 Months Ended
	May 31, 2016
Fair Value Measures	Note 14 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of May 31, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,640 $ — $ 3,640 $ — Nonqualified savings plan investments 15,093 15,093 — — Cash equivalents 5,076 5,076 — — $ 23,809 $ 20,169 $ 3,640 $ — Liabilities: Derivative financial instruments $ 9,029 $ — $ 9,029 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 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	9 Months Ended
	May 31, 2016
Related Party Transactions	Note 15 – 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 nine months ended May 31, 2016, the Company sold to third parties 3,159 of these railcars with the underlying leases attached for $162.0 million. The Company recognized revenue on 2,766 of these railcars for $154.2 million and deferred revenue recognition on 389 of these railcars for $7.8 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. During the nine months ended May 31, 2016, the Company paid a total of $7.2 million to WL Ross pursuant to this profit sharing agreement and as of May 31, 2016 has accrued an additional $11.3 million that it anticipates will be paid to WL Ross in the future.

Guarantor_Non-Guarantor

Guarantor/Non-Guarantor	9 Months Ended
	May 31, 2016
Guarantor/Non-Guarantor	Note 16 – 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., GBSummit, LLC and Greenbrier-GIMSA, LLC. The following represents the supplemental consolidating condensed financial information of Greenbrier and its guarantor and non-guarantor subsidiaries, as of May 31, 2016 and August 31, 2015 and for the three and nine months ended May 31, 2016 and 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 May 31, 2016 ( In thousands, unaudited Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 55,717 $ 1,263 $ 157,460 $ — $ 214,440 Restricted cash — 1,765 6,904 — 8,669 Accounts receivable, net 3,736 585,797 49,529 (425,552 ) 213,510 Inventories — 272,481 198,455 (12,868 ) 458,068 Leased railcars for syndication — 139,827 — (3,015 ) 136,812 Equipment on operating leases, net — 232,900 2,709 (2,818 ) 232,791 Property, plant and equipment, net 9,139 104,302 204,569 — 318,010 Investment in unconsolidated affiliates 1,367,146 198,977 21,056 (1,497,882 ) 89,297 Intangibles and other assets, net 21,185 44,083 14,036 (8,282 ) 71,022 Goodwill — 43,265 — — 43,265 $ 1,456,923 $ 1,624,660 $ 654,718 $ (1,950,417 ) $ 1,785,884 Liabilities and Equity Revolving notes $ — $ — $ — $ — $ — Accounts payable and accrued liabilities 449,757 223,954 170,823 (473,882 ) 370,652 Deferred income taxes 14,415 54,090 — (18,115 ) 50,390 Deferred revenue 32,732 30,870 281 4,275 68,158 Notes payable 119,933 186,000 875 — 306,808 Total equity - Greenbrier 840,086 1,129,746 332,880 (1,462,626 ) 840,086 Noncontrolling interest — — 149,859 (69 ) 149,790 Total equity 840,086 1,129,746 482,739 (1,462,695 ) 989,876 $ 1,456,923 $ 1,624,660 $ 654,718 $ (1,950,417 ) $ 1,785,884 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ (1,055 ) $ 235,613 $ 419,441 $ (195,505 ) $ 458,494 Wheels & Parts — 82,292 — (3,875 ) 78,417 Leasing & Services 1,294 74,668 — (7 ) 75,955 239 392,573 419,441 (199,387 ) 612,866 Cost of revenue Manufacturing — 216,829 334,498 (198,552 ) 352,775 Wheels & Parts — 73,475 — (3,657 ) 69,818 Leasing & Services — 63,201 — (26 ) 63,175 — 353,505 334,498 (202,235 ) 485,768 Margin 239 39,068 84,943 2,848 127,098 Selling and administrative expense 22,933 10,672 9,494 181 43,280 Net (gain) loss on disposition of equipment — (308 ) 254 (257 ) (311 ) Earnings (loss) from operations (22,694 ) 28,704 75,195 2,924 84,129 Other costs Interest and foreign exchange 2,069 1,910 (83 ) (184 ) 3,712 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (24,763 ) 26,794 75,278 3,108 80,417 Income tax (expense) benefit 1,460 (7,556 ) (15,244 ) (1,109 ) (22,449 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,303 ) 19,238 60,034 1,999 57,968 Earnings (loss) from unconsolidated affiliates 58,655 15,452 348 (72,891 ) 1,564 Net earnings (loss) 35,352 34,690 60,382 (70,892 ) 59,532 Net (earnings) loss attributable to noncontrolling interest — — (22,579 ) (1,601 ) (24,180 ) Net earnings (loss) attributable to Greenbrier $ 35,352 $ 34,690 $ 37,803 $ (72,493 ) $ 35,352 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 1,992 $ 862,856 $ 1,336,226 $ (589,388 ) $ 1,611,686 Wheels & Parts — 252,744 — (5,140 ) 247,604 Leasing & Services 1,354 223,683 1 6 225,044 3,346 1,339,283 1,336,227 (594,522 ) 2,084,334 Cost of revenue Manufacturing — 745,419 1,089,603 (587,387 ) 1,247,635 Wheels & Parts — 228,969 — (4,761 ) 224,208 Leasing & Services — 180,814 — (77 ) 180,737 — 1,155,202 1,089,603 (592,225 ) 1,652,580 Margin 3,346 184,081 246,624 (2,297 ) 431,754 Selling and administrative expense 56,825 30,517 30,216 515 118,073 Net (gain) loss on disposition of equipment — (10,950 ) 256 (632 ) (11,326 ) Earnings (loss) from operations (53,479 ) 164,514 216,152 (2,180 ) 325,007 Other costs Interest and foreign exchange 8,409 5,182 (2,556 ) (470 ) 10,565 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (61,888 ) 159,332 218,708 (1,710 ) 314,442 Income tax (expense) benefit (2,063 ) (52,706 ) (38,171 ) 38 (92,902 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (63,951 ) 106,626 180,537 (1,672 ) 221,540 Earnings (loss) from unconsolidated affiliates 213,604 29,558 (16 ) (240,225 ) 2,921 Net earnings (loss) 149,653 136,184 180,521 (241,897 ) 224,461 Net (earnings) loss attributable to noncontrolling interest — — (76,023 ) 1,215 (74,808 ) Net earnings (loss) attributable to Greenbrier $ 149,653 $ 136,184 $ 104,498 $ (240,682 ) $ 149,653 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 35,352 $ 34,690 $ 60,382 $ (70,892 ) $ 59,532 Other comprehensive income (loss) Translation adjustment — — 1,477 — 1,477 Reclassification of derivative financial instruments recognized in net earnings (loss) — 230 429 — 659 Unrealized gain on derivative financial instruments 5 3 1,105 — 1,113 Other (net of tax effect) — — 7 — 7 5 233 3,018 — 3,256 Comprehensive income (loss) 35,357 34,923 63,400 (70,892 ) 62,788 Comprehensive (income) loss attributable to noncontrolling interest — — (22,594 ) (1,601 ) (24,195 ) Comprehensive income (loss) attributable to Greenbrier $ 35,357 $ 34,923 $ 40,806 $ (72,493 ) $ 38,593 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 149,653 $ 136,184 $ 180,521 $ (241,897 ) $ 224,461 Other comprehensive income (loss) Translation adjustment 1,527 — (3,655 ) (1,527 ) (3,655 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 746 964 — 1,710 Unrealized loss on derivative financial instruments (23 ) (1,409 ) (4,985 ) — (6,417 ) Other (net of tax effect) — — 1 — 1 1,504 (663 ) (7,675 ) (1,527 ) (8,361 ) Comprehensive income (loss) 151,157 135,521 172,846 (243,424 ) 216,100 Comprehensive (income) loss attributable to noncontrolling interest — — (75,976 ) 1,215 (74,761 ) Comprehensive income (loss) attributable to Greenbrier $ 151,157 $ 135,521 $ 96,870 $ (242,209 ) $ 141,339 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the nine months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 149,653 $ 136,184 $ 180,521 $ (241,897 ) $ 224,461 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 15,000 (18,235 ) 2,219 (9,127 ) (10,143 ) Depreciation and amortization 2,059 23,314 16,385 (77 ) 41,681 Net gain on disposition of equipment — (10,950 ) 256 (632 ) (11,326 ) Stock based compensation expense 19,055 — — — 19,055 Noncontrolling interest adjustment — — — 837 837 Other — (32 ) 596 — 564 Decrease (increase) in assets: Accounts receivable, net 45,735 27,389 (27,697 ) (59,760 ) (14,333 ) Inventories — (82,518 ) 58,013 9,159 (15,346 ) Leased railcars for syndication — 36,802 — (7,979 ) 28,823 Other (1,715 ) (1,666 ) (64,522 ) 62,712 (5,191 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (48,102 ) (59,664 ) (34,987 ) 54,046 (88,707 ) Deferred revenue 32,732 (8,710 ) 281 — 24,303 Net cash provided by (used in) operating activities 214,417 41,914 131,065 (192,718 ) 194,678 Cash flows from investing activities: Proceeds from sales of assets — 88,697 10 — 88,707 Capital expenditures (2,796 ) (18,480 ) (30,431 ) — (51,707 ) Decrease (increase) in restricted cash — 201 (1 ) — 200 Investment in and net advances to unconsolidated affiliates (176,356 ) (26,977 ) — 194,245 (9,088 ) Cash distribution from unconsolidated affiliates 5,338 — — — 5,338 Net cash provided by (used in) investing activities (173,814 ) 43,441 (30,422 ) 194,245 33,450 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less (49,000 ) — — — (49,000 ) 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 (13,981 ) (5,261 ) (219 ) — (19,461 ) Debt issuance costs (4,160 ) — — — (4,160 ) Intercompany advances 75,289 (77,270 ) 1,981 — — Repurchase of stock (33,498 ) — — — (33,498 ) Dividends (17,362 ) — — — (17,362 ) Cash contribution to joint venture partner — — (62,710 ) — (62,710 ) Investment by joint venture partner — — 5,400 — 5,400 Excess tax benefit from restricted stock awards 2,786 — — — 2,786 Other — — (7 ) — (7 ) Net cash provided by (used in) financing activities (39,926 ) (82,531 ) (57,443 ) — (179,900 ) Effect of exchange rate changes 1,505 (1,680 ) (5,016 ) (1,527 ) (6,718 ) Increase (decrease) in cash and cash equivalents 2,182 1,144 38,184 — 41,510 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 55,717 $ 1,263 $ 157,460 $ — $ 214,440 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 May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 280,928 $ 492,302 $ (179,854 ) $ 593,376 Wheels & Parts — 98,746 — (1,339 ) 97,407 Leasing & Services (90 ) 23,762 — 151 23,823 (90 ) 403,436 492,302 (181,042 ) 714,606 Cost of revenue Manufacturing — 230,143 418,273 (182,758 ) 465,658 Wheels & Parts — 91,131 — (1,486 ) 89,645 Leasing & Services — 10,041 — (24 ) 10,017 — 331,315 418,273 (184,268 ) 565,320 Margin (90 ) 72,121 74,029 3,226 149,286 Selling and administrative expense 24,851 10,688 9,912 144 45,595 Net (gain) loss on disposition of equipment — (724 ) 7 (3 ) (720 ) Earnings (loss) from operations (24,941 ) 62,157 64,110 3,085 104,411 Other costs Interest and foreign exchange 3,240 1,649 (604 ) — 4,285 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (28,181 ) 60,508 64,714 3,085 100,126 Income tax (expense) benefit 4,215 (26,025 ) (7,888 ) (1,085 ) (30,783 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,966 ) 34,483 56,826 2,000 69,343 Earnings (loss) from unconsolidated affiliates 66,777 5,142 47 (70,984 ) 982 Net earnings (loss) 42,811 39,625 56,873 (68,984 ) 70,325 Net earnings attributable to noncontrolling interest — — (26,415 ) (1,099 ) (27,514 ) Net earnings (loss) attributable to Greenbrier $ 42,811 $ 39,625 $ 30,458 $ (70,083 ) $ 42,811 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 877,405 $ 1,285,603 $ (684,442 ) $ 1,478,566 Wheels & Parts — 290,917 — (4,246 ) 286,671 Leasing & Services 83 74,064 1 428 74,576 83 1,242,386 1,285,604 (688,260 ) 1,839,813 Cost of revenue Manufacturing — 735,414 1,091,498 (641,990 ) 1,184,922 Wheels & Parts — 263,755 — (4,470 ) 259,285 Leasing & Services — 33,014 — (72 ) 32,942 — 1,032,183 1,091,498 (646,532 ) 1,477,149 Margin 83 210,203 194,106 (41,728 ) 362,664 Selling and administrative expense 55,116 26,905 30,169 33 112,223 Net (gain) loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Earnings (loss) from operations (55,033 ) 184,225 163,930 (41,757 ) 251,365 Other costs Interest and foreign exchange 9,345 4,998 (4,988 ) — 9,355 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (64,378 ) 179,227 168,918 (41,757 ) 242,010 Income tax (expense) benefit (4,476 ) (62,438 ) (22,559 ) 13,264 (76,209 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (68,854 ) 116,789 146,359 (28,493 ) 165,801 Earnings (loss) from unconsolidated affiliates 194,802 21,377 142 (214,769 ) 1,552 Net earnings (loss) 125,948 138,166 146,501 (243,262 ) 167,353 Net (earnings) loss attributable to noncontrolling interest — — (61,992 ) 20,587 (41,405 ) Net earnings (loss) attributable to Greenbrier $ 125,948 $ 138,166 $ 84,509 $ (222,675 ) $ 125,948 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 42,811 $ 39,625 $ 56,873 $ (68,984 ) $ 70,325 Other comprehensive income (loss) Translation adjustment — (18 ) (1,281 ) — (1,299 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 275 (529 ) — (254 ) Unrealized gain (loss) on derivative financial instruments — (443 ) 550 — 107 Other (net of tax effect) — — 93 — 93 — (186 ) (1,167 ) — (1,353 ) Comprehensive income (loss) 42,811 39,439 55,706 (68,984 ) 68,972 Comprehensive income attributable to noncontrolling interest — — (26,398 ) (1,099 ) (27,497 ) Comprehensive income (loss) attributable to Greenbrier $ 42,811 $ 39,439 $ 29,308 $ (70,083 ) $ 41,475 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Other comprehensive income (loss) Translation adjustment — (137 ) (10,853 ) — (10,990 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 837 (420 ) — 417 Unrealized gain (loss) on derivative financial instruments — (1,640 ) 1,633 — (7 ) Other (net of tax effect) — — 99 — 99 — (940 ) (9,541 ) — (10,481 ) Comprehensive income (loss) 125,948 137,226 136,960 (243,262 ) 156,872 Comprehensive (income) loss attributable to noncontrolling interest — — (61,840 ) 20,587 (41,253 ) Comprehensive income (loss) attributable to Greenbrier $ 125,948 $ 137,226 $ 75,120 $ (222,675 ) $ 115,619 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes (138 ) (8,000 ) 2,893 — (5,245 ) Depreciation and amortization 1,484 19,909 11,936 (71 ) 33,258 Net (gain)loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Stock based compensation expense 13,176 — — — 13,176 Noncontrolling interest adjustments — — — 20,371 20,371 Other 43 105 860 — 1,008 Decrease (increase) in assets: Accounts receivable, net 50 (10,046 ) 37,034 (35,807 ) (8,769 ) Inventories — (39,279 ) (87,156 ) 1,529 (124,906 ) Leased railcars for syndication — (109,324 ) — 18,410 (90,914 ) Other 20,641 763 (33,634 ) 10,564 (1,666 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (3,824 ) 25,612 9,112 (7,765 ) 23,135 Deferred revenue (122 ) 4,078 (276 ) — 3,680 Net cash provided by (used in) operating activities 157,258 21,057 87,277 (236,035 ) 29,557 Cash flows from investing activities: Proceeds from sales of assets — 4,623 5 — 4,628 Capital expenditures (2,424 ) (18,807 ) (55,059 ) 398 (75,892 ) Decrease (increase) in restricted cash — 229 (1 ) — 228 Investment in and net advances to unconsolidated affiliates (245,594 ) (19,966 ) — 235,637 (29,923 ) Cash distribution from unconsolidated affiliates 715 — — — 715 Net cash provided by (used in) investing activities (247,303 ) (33,921 ) (55,055 ) 236,035 (100,244 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 73,000 — — — 73,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayments of revolving notes with maturities longer than 90 days — — (36,137 ) — (36,137 ) Repayments of notes payable (5 ) (5,280 ) (219 ) — (5,504 ) Intercompany advances (18,997 ) 9,788 9,209 — — Repurchase of stock (48,451 ) — — — (48,451 ) Dividends (12,069 ) — — — (12,069 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distributions to joint venture partner — — (12,489 ) — (12,489 ) Excess tax benefit from restricted stock awards 2,964 — — — 2,964 Other (248 ) — — — (248 ) Net cash provided by (used in) financing activities (3,806 ) 15,508 2,927 — 14,629 Effect of exchange rate changes — (2,269 ) (3,806 ) — (6,075 ) Increase (decrease) in cash and cash equivalents (93,851 ) 375 31,343 — (62,133 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 55,896 $ 487 $ 66,400 $ — $ 122,783

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2016
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) May 31, August 31, Manufacturing supplies and raw materials $ 258,608 $ 311,880 Work-in-process 63,602 75,032 Finished goods 139,199 61,302 Excess and obsolete adjustment (3,341 ) (2,679 ) $ 458,068 $ 445,535

Intangibles and Other Assets,26

Intangibles and Other Assets, net (Tables)	9 Months Ended
	May 31, 2016
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, August 31, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (36,395 ) (33,828 ) Other intangibles 6,288 3,422 Accumulated amortization (5,757 ) (3,121 ) 29,159 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 15,671 13,111 Nonqualified savings plan investments 15,093 11,815 Debt issuance costs, net 6,079 3,823 Assets held for sale 4,108 4,397 Total Intangible and other assets, net $ 71,022 $ 65,554

Accounts Payable and Accrued 27

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	May 31, 2016
Accounts Payable and Accrued Liabilities	(In thousands) May 31, August 31, Trade payables $ 187,240 $ 263,665 Other accrued liabilities 73,919 64,584 Accrued payroll and related liabilities 61,629 70,836 Accrued maintenance 18,488 18,642 Accrued warranty 12,132 11,512 Income taxes payable 11,604 22,465 Other 5,640 3,509 $ 370,652 $ 455,213

Warranty Accruals (Tables)

Warranty Accruals (Tables)	9 Months Ended
	May 31, 2016
Warranty Accrual Activity	Warranty accrual activity: (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Balance at beginning of period $ 12,147 $ 9,188 $ 11,512 $ 9,340 Charged to cost of revenue, net 1,202 2,036 4,086 3,982 Payments (1,205 ) (994 ) (3,386 ) (2,797 ) Currency translation effect (12 ) (32 ) (80 ) (327 ) Balance at end of period $ 12,132 $ 10,198 $ 12,132 $ 10,198

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	May 31, 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 (6,417 ) (3,608 ) 1 (10,024 ) Amounts reclassified from accumulated other comprehensive loss 1,710 — — 1,710 Balance, May 31, 2016 $ (6,901 ) $ (22,274 ) $ (344 ) $ (29,519 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement Location (In thousands) 2016 2015 2016 2015 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 561 $ (652 ) $ 1,203 $ (518 ) Revenue Interest rate swap contracts 370 442 1,247 1,349 Interest and foreign exchange 931 (210 ) 2,450 831 Total before tax (272 ) (44 ) (740 ) (414 ) Tax expense $ 659 $ (254 ) $ 1,710 $ 417 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May 31, 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: (In thousands) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Weighted average basic common shares outstanding (1) 29,059 27,842 29,182 27,514 Dilutive effect of 2018 Convertible notes (2) 3,224 5,155 3,202 5,745 Dilutive effect of 2026 Convertible notes (3) — 3 — 3 Dilutive effect of performance based restricted stock units (4) 59 — 91 — Weighted average diluted common shares outstanding 32,342 33,000 32,475 33,262 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included for the three and nine months ended May 31, 2016 and 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 nine months ended May 31, 2016 as the average stock price was less than the conversion price of $47.15 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than 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 Nine Months Ended 2016 2015 2016 2015 Net earnings attributable to Greenbrier $ 35,352 $ 42,811 $ 149,653 $ 125,948 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 1,234 1,962 4,066 Earnings before interest and debt issuance costs on convertible notes $ 36,085 $ 44,045 $ 151,615 $ 130,014 Weighted average diluted common shares outstanding 32,342 33,000 32,475 33,262 Diluted earnings per share (1) $ 1.12 $ 1.33 $ 4.67 $ 3.91 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	May 31, 2016
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 3,640 $ 1,820 Accounts payable and accrued liabilities $ 5,402 $ 737 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 3,437 2,393 $ 3,640 $ 1,820 $ 8,839 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ 93 Accounts payable and accrued liabilities $ 190 $ 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 income on derivatives Gain (loss) 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ (245 ) $ (22 ) Interest rate swap contracts Interest and foreign exchange 88 69 $ (157 ) $ 47 Derivatives in cash flow Gain (loss) Location of gain (loss) Gain (loss) Location of gain on Gain recognized on 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (5,430 ) $ 1,867 Revenue $ (835 ) $ 518 Revenue $ 2,572 $ 1,024 Foreign forward exchange contracts (919 ) — Cost of revenue (412 ) — Cost of revenue 88 — Interest rate swap contracts (2,274 ) (2,640 ) Interest and foreign exchange (1,203 ) (1,349 ) Interest and foreign exchange — — $ (8,623 ) $ (773 ) $ (2,450 ) $ (831 ) $ 2,660 $ 1,024

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May 31, 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 May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 458,494 $ 5,595 $ 464,089 $ 92,713 $ 923 $ 93,636 Wheels & Parts 78,417 10,058 88,475 5,811 711 6,522 Leasing & Services 75,955 601 76,556 8,298 601 8,899 Eliminations — (16,254 ) (16,254 ) — (2,235 ) (2,235 ) Corporate — — — (22,693 ) — (22,693 ) $ 612,866 $ — $ 612,866 $ 84,129 $ — $ 84,129 For the nine months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,611,686 $ 5,595 $ 1,617,281 $ 325,215 $ 941 $ 326,156 Wheels & Parts 247,604 24,074 271,678 15,720 2,155 17,875 Leasing & Services 225,044 10,444 235,488 42,668 10,444 53,112 Eliminations — (40,113 ) (40,113 ) — (13,540 ) (13,540 ) Corporate — — — (58,596 ) — (58,596 ) $ 2,084,334 $ — $ 2,084,334 $ 325,007 $ — $ 325,007 For the three months ended May 31, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 593,376 $ 33 $ 593,409 $ 115,675 $ — $ 115,675 Wheels & Parts 97,407 7,605 105,012 5,078 607 5,685 Leasing & Services 23,823 11,722 35,545 10,824 11,722 22,546 Eliminations — (19,360 ) (19,360 ) — (12,329 ) (12,329 ) Corporate — — — (27,166 ) — (27,166 ) $ 714,606 $ — $ 714,606 $ 104,411 $ — $ 104,411 For the nine months ended May 31, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,478,566 $ 7,534 $ 1,486,100 $ 258,602 $ 795 $ 259,397 Wheels & Parts 286,671 20,450 307,121 20,986 2,044 23,030 Leasing & Services 74,576 43,533 118,109 31,677 43,533 75,210 Eliminations — (71,517 ) (71,517 ) — (46,372 ) (46,372 ) Corporate — — — (59,900 ) — (59,900 ) $ 1,839,813 $ — $ 1,839,813 $ 251,365 $ — $ 251,365 Total assets May 31, August 31, (In thousands) 2016 2015 Manufacturing $ 641,090 $ 675,409 Wheels & Parts 301,474 291,798 Leasing & Services 523,989 549,073 Unallocated 319,331 274,232 $ 1,785,884 $ 1,790,512
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates: Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Earnings from operations $ 84,129 $ 104,411 $ 325,007 $ 251,365 Interest and foreign exchange 3,712 4,285 10,565 9,355 Earnings before income tax and earnings from unconsolidated affiliates $ 80,417 $ 100,126 $ 314,442 $ 242,010
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 May 31, 2016 and August 31, 2015 and for the three and nine months ended May 31, 2016 and 2015 are included in the tables below. Three Months Ended Nine Months Ended (In thousands) 2016 2015 2016 2015 Revenue $ 95,699 $ 88,831 $ 289,381 $ 254,688 Earnings (loss) from operations $ 3,030 $ 227 $ 9,065 $ (1,507 ) Total Assets May 31, August 31, GBW (1) $ 255,400 $ 239,871 (1) Includes goodwill and intangible assets of $94.4 million and $96.9 million as of May 31, 2016 and August 31, 2015.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	May 31, 2016
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of May 31, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,640 $ — $ 3,640 $ — Nonqualified savings plan investments 15,093 15,093 — — Cash equivalents 5,076 5,076 — — $ 23,809 $ 20,169 $ 3,640 $ — Liabilities: Derivative financial instruments $ 9,029 $ — $ 9,029 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 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)	9 Months Ended
	May 31, 2016
Condensed Consolidating Balance Sheet	The Greenbrier Companies, Inc. Condensed Consolidating Balance Sheet May 31, 2016 ( In thousands, unaudited Parent Combined Combined Eliminations Consolidated Assets Cash and cash equivalents $ 55,717 $ 1,263 $ 157,460 $ — $ 214,440 Restricted cash — 1,765 6,904 — 8,669 Accounts receivable, net 3,736 585,797 49,529 (425,552 ) 213,510 Inventories — 272,481 198,455 (12,868 ) 458,068 Leased railcars for syndication — 139,827 — (3,015 ) 136,812 Equipment on operating leases, net — 232,900 2,709 (2,818 ) 232,791 Property, plant and equipment, net 9,139 104,302 204,569 — 318,010 Investment in unconsolidated affiliates 1,367,146 198,977 21,056 (1,497,882 ) 89,297 Intangibles and other assets, net 21,185 44,083 14,036 (8,282 ) 71,022 Goodwill — 43,265 — — 43,265 $ 1,456,923 $ 1,624,660 $ 654,718 $ (1,950,417 ) $ 1,785,884 Liabilities and Equity Revolving notes $ — $ — $ — $ — $ — Accounts payable and accrued liabilities 449,757 223,954 170,823 (473,882 ) 370,652 Deferred income taxes 14,415 54,090 — (18,115 ) 50,390 Deferred revenue 32,732 30,870 281 4,275 68,158 Notes payable 119,933 186,000 875 — 306,808 Total equity - Greenbrier 840,086 1,129,746 332,880 (1,462,626 ) 840,086 Noncontrolling interest — — 149,859 (69 ) 149,790 Total equity 840,086 1,129,746 482,739 (1,462,695 ) 989,876 $ 1,456,923 $ 1,624,660 $ 654,718 $ (1,950,417 ) $ 1,785,884 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 May 31, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ (1,055 ) $ 235,613 $ 419,441 $ (195,505 ) $ 458,494 Wheels & Parts — 82,292 — (3,875 ) 78,417 Leasing & Services 1,294 74,668 — (7 ) 75,955 239 392,573 419,441 (199,387 ) 612,866 Cost of revenue Manufacturing — 216,829 334,498 (198,552 ) 352,775 Wheels & Parts — 73,475 — (3,657 ) 69,818 Leasing & Services — 63,201 — (26 ) 63,175 — 353,505 334,498 (202,235 ) 485,768 Margin 239 39,068 84,943 2,848 127,098 Selling and administrative expense 22,933 10,672 9,494 181 43,280 Net (gain) loss on disposition of equipment — (308 ) 254 (257 ) (311 ) Earnings (loss) from operations (22,694 ) 28,704 75,195 2,924 84,129 Other costs Interest and foreign exchange 2,069 1,910 (83 ) (184 ) 3,712 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (24,763 ) 26,794 75,278 3,108 80,417 Income tax (expense) benefit 1,460 (7,556 ) (15,244 ) (1,109 ) (22,449 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,303 ) 19,238 60,034 1,999 57,968 Earnings (loss) from unconsolidated affiliates 58,655 15,452 348 (72,891 ) 1,564 Net earnings (loss) 35,352 34,690 60,382 (70,892 ) 59,532 Net (earnings) loss attributable to noncontrolling interest — — (22,579 ) (1,601 ) (24,180 ) Net earnings (loss) attributable to Greenbrier $ 35,352 $ 34,690 $ 37,803 $ (72,493 ) $ 35,352 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2016 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ 1,992 $ 862,856 $ 1,336,226 $ (589,388 ) $ 1,611,686 Wheels & Parts — 252,744 — (5,140 ) 247,604 Leasing & Services 1,354 223,683 1 6 225,044 3,346 1,339,283 1,336,227 (594,522 ) 2,084,334 Cost of revenue Manufacturing — 745,419 1,089,603 (587,387 ) 1,247,635 Wheels & Parts — 228,969 — (4,761 ) 224,208 Leasing & Services — 180,814 — (77 ) 180,737 — 1,155,202 1,089,603 (592,225 ) 1,652,580 Margin 3,346 184,081 246,624 (2,297 ) 431,754 Selling and administrative expense 56,825 30,517 30,216 515 118,073 Net (gain) loss on disposition of equipment — (10,950 ) 256 (632 ) (11,326 ) Earnings (loss) from operations (53,479 ) 164,514 216,152 (2,180 ) 325,007 Other costs Interest and foreign exchange 8,409 5,182 (2,556 ) (470 ) 10,565 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (61,888 ) 159,332 218,708 (1,710 ) 314,442 Income tax (expense) benefit (2,063 ) (52,706 ) (38,171 ) 38 (92,902 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (63,951 ) 106,626 180,537 (1,672 ) 221,540 Earnings (loss) from unconsolidated affiliates 213,604 29,558 (16 ) (240,225 ) 2,921 Net earnings (loss) 149,653 136,184 180,521 (241,897 ) 224,461 Net (earnings) loss attributable to noncontrolling interest — — (76,023 ) 1,215 (74,808 ) Net earnings (loss) attributable to Greenbrier $ 149,653 $ 136,184 $ 104,498 $ (240,682 ) $ 149,653 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the three months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 280,928 $ 492,302 $ (179,854 ) $ 593,376 Wheels & Parts — 98,746 — (1,339 ) 97,407 Leasing & Services (90 ) 23,762 — 151 23,823 (90 ) 403,436 492,302 (181,042 ) 714,606 Cost of revenue Manufacturing — 230,143 418,273 (182,758 ) 465,658 Wheels & Parts — 91,131 — (1,486 ) 89,645 Leasing & Services — 10,041 — (24 ) 10,017 — 331,315 418,273 (184,268 ) 565,320 Margin (90 ) 72,121 74,029 3,226 149,286 Selling and administrative expense 24,851 10,688 9,912 144 45,595 Net (gain) loss on disposition of equipment — (724 ) 7 (3 ) (720 ) Earnings (loss) from operations (24,941 ) 62,157 64,110 3,085 104,411 Other costs Interest and foreign exchange 3,240 1,649 (604 ) — 4,285 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (28,181 ) 60,508 64,714 3,085 100,126 Income tax (expense) benefit 4,215 (26,025 ) (7,888 ) (1,085 ) (30,783 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (23,966 ) 34,483 56,826 2,000 69,343 Earnings (loss) from unconsolidated affiliates 66,777 5,142 47 (70,984 ) 982 Net earnings (loss) 42,811 39,625 56,873 (68,984 ) 70,325 Net earnings attributable to noncontrolling interest — — (26,415 ) (1,099 ) (27,514 ) Net earnings (loss) attributable to Greenbrier $ 42,811 $ 39,625 $ 30,458 $ (70,083 ) $ 42,811 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Income For the nine months ended May 31, 2015 (In thousands, unaudited) Parent Combined Combined Eliminations Consolidated Revenue Manufacturing $ — $ 877,405 $ 1,285,603 $ (684,442 ) $ 1,478,566 Wheels & Parts — 290,917 — (4,246 ) 286,671 Leasing & Services 83 74,064 1 428 74,576 83 1,242,386 1,285,604 (688,260 ) 1,839,813 Cost of revenue Manufacturing — 735,414 1,091,498 (641,990 ) 1,184,922 Wheels & Parts — 263,755 — (4,470 ) 259,285 Leasing & Services — 33,014 — (72 ) 32,942 — 1,032,183 1,091,498 (646,532 ) 1,477,149 Margin 83 210,203 194,106 (41,728 ) 362,664 Selling and administrative expense 55,116 26,905 30,169 33 112,223 Net (gain) loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Earnings (loss) from operations (55,033 ) 184,225 163,930 (41,757 ) 251,365 Other costs Interest and foreign exchange 9,345 4,998 (4,988 ) — 9,355 Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates (64,378 ) 179,227 168,918 (41,757 ) 242,010 Income tax (expense) benefit (4,476 ) (62,438 ) (22,559 ) 13,264 (76,209 ) Earnings (loss) before earnings (loss) from unconsolidated affiliates (68,854 ) 116,789 146,359 (28,493 ) 165,801 Earnings (loss) from unconsolidated affiliates 194,802 21,377 142 (214,769 ) 1,552 Net earnings (loss) 125,948 138,166 146,501 (243,262 ) 167,353 Net (earnings) loss attributable to noncontrolling interest — — (61,992 ) 20,587 (41,405 ) Net earnings (loss) attributable to Greenbrier $ 125,948 $ 138,166 $ 84,509 $ (222,675 ) $ 125,948
Condensed Consolidating Statement of Comprehensive Income (Loss)	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 35,352 $ 34,690 $ 60,382 $ (70,892 ) $ 59,532 Other comprehensive income (loss) Translation adjustment — — 1,477 — 1,477 Reclassification of derivative financial instruments recognized in net earnings (loss) — 230 429 — 659 Unrealized gain on derivative financial instruments 5 3 1,105 — 1,113 Other (net of tax effect) — — 7 — 7 5 233 3,018 — 3,256 Comprehensive income (loss) 35,357 34,923 63,400 (70,892 ) 62,788 Comprehensive (income) loss attributable to noncontrolling interest — — (22,594 ) (1,601 ) (24,195 ) Comprehensive income (loss) attributable to Greenbrier $ 35,357 $ 34,923 $ 40,806 $ (72,493 ) $ 38,593 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 149,653 $ 136,184 $ 180,521 $ (241,897 ) $ 224,461 Other comprehensive income (loss) Translation adjustment 1,527 — (3,655 ) (1,527 ) (3,655 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 746 964 — 1,710 Unrealized loss on derivative financial instruments (23 ) (1,409 ) (4,985 ) — (6,417 ) Other (net of tax effect) — — 1 — 1 1,504 (663 ) (7,675 ) (1,527 ) (8,361 ) Comprehensive income (loss) 151,157 135,521 172,846 (243,424 ) 216,100 Comprehensive (income) loss attributable to noncontrolling interest — — (75,976 ) 1,215 (74,761 ) Comprehensive income (loss) attributable to Greenbrier $ 151,157 $ 135,521 $ 96,870 $ (242,209 ) $ 141,339 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the three months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 42,811 $ 39,625 $ 56,873 $ (68,984 ) $ 70,325 Other comprehensive income (loss) Translation adjustment — (18 ) (1,281 ) — (1,299 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 275 (529 ) — (254 ) Unrealized gain (loss) on derivative financial instruments — (443 ) 550 — 107 Other (net of tax effect) — — 93 — 93 — (186 ) (1,167 ) — (1,353 ) Comprehensive income (loss) 42,811 39,439 55,706 (68,984 ) 68,972 Comprehensive income attributable to noncontrolling interest — — (26,398 ) (1,099 ) (27,497 ) Comprehensive income (loss) attributable to Greenbrier $ 42,811 $ 39,439 $ 29,308 $ (70,083 ) $ 41,475 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Comprehensive Income (Loss) For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Other comprehensive income (loss) Translation adjustment — (137 ) (10,853 ) — (10,990 ) Reclassification of derivative financial instruments recognized in net earnings (loss) — 837 (420 ) — 417 Unrealized gain (loss) on derivative financial instruments — (1,640 ) 1,633 — (7 ) Other (net of tax effect) — — 99 — 99 — (940 ) (9,541 ) — (10,481 ) Comprehensive income (loss) 125,948 137,226 136,960 (243,262 ) 156,872 Comprehensive (income) loss attributable to noncontrolling interest — — (61,840 ) 20,587 (41,253 ) Comprehensive income (loss) attributable to Greenbrier $ 125,948 $ 137,226 $ 75,120 $ (222,675 ) $ 115,619
Condensed Consolidating Statement of Cash Flows	The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the nine months ended May 31, 2016 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 149,653 $ 136,184 $ 180,521 $ (241,897 ) $ 224,461 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes 15,000 (18,235 ) 2,219 (9,127 ) (10,143 ) Depreciation and amortization 2,059 23,314 16,385 (77 ) 41,681 Net gain on disposition of equipment — (10,950 ) 256 (632 ) (11,326 ) Stock based compensation expense 19,055 — — — 19,055 Noncontrolling interest adjustment — — — 837 837 Other — (32 ) 596 — 564 Decrease (increase) in assets: Accounts receivable, net 45,735 27,389 (27,697 ) (59,760 ) (14,333 ) Inventories — (82,518 ) 58,013 9,159 (15,346 ) Leased railcars for syndication — 36,802 — (7,979 ) 28,823 Other (1,715 ) (1,666 ) (64,522 ) 62,712 (5,191 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (48,102 ) (59,664 ) (34,987 ) 54,046 (88,707 ) Deferred revenue 32,732 (8,710 ) 281 — 24,303 Net cash provided by (used in) operating activities 214,417 41,914 131,065 (192,718 ) 194,678 Cash flows from investing activities: Proceeds from sales of assets — 88,697 10 — 88,707 Capital expenditures (2,796 ) (18,480 ) (30,431 ) — (51,707 ) Decrease (increase) in restricted cash — 201 (1 ) — 200 Investment in and net advances to unconsolidated affiliates (176,356 ) (26,977 ) — 194,245 (9,088 ) Cash distribution from unconsolidated affiliates 5,338 — — — 5,338 Net cash provided by (used in) investing activities (173,814 ) 43,441 (30,422 ) 194,245 33,450 Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less (49,000 ) — — — (49,000 ) 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 (13,981 ) (5,261 ) (219 ) — (19,461 ) Debt issuance costs (4,160 ) — — — (4,160 ) Intercompany advances 75,289 (77,270 ) 1,981 — — Repurchase of stock (33,498 ) — — — (33,498 ) Dividends (17,362 ) — — — (17,362 ) Cash contribution to joint venture partner — — (62,710 ) — (62,710 ) Investment by joint venture partner — — 5,400 — 5,400 Excess tax benefit from restricted stock awards 2,786 — — — 2,786 Other — — (7 ) — (7 ) Net cash provided by (used in) financing activities (39,926 ) (82,531 ) (57,443 ) — (179,900 ) Effect of exchange rate changes 1,505 (1,680 ) (5,016 ) (1,527 ) (6,718 ) Increase (decrease) in cash and cash equivalents 2,182 1,144 38,184 — 41,510 Cash and cash equivalents Beginning of period 53,535 119 119,276 — 172,930 End of period $ 55,717 $ 1,263 $ 157,460 $ — $ 214,440 The Greenbrier Companies, Inc. Condensed Consolidating Statement of Cash Flows For the nine months ended May 31, 2015 (In thousands, unaudited) (In thousands) Parent Combined Combined Eliminations Consolidated Cash flows from operating activities: Net earnings (loss) $ 125,948 $ 138,166 $ 146,501 $ (243,262 ) $ 167,353 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Deferred income taxes (138 ) (8,000 ) 2,893 — (5,245 ) Depreciation and amortization 1,484 19,909 11,936 (71 ) 33,258 Net (gain)loss on disposition of equipment — (927 ) 7 (4 ) (924 ) Stock based compensation expense 13,176 — — — 13,176 Noncontrolling interest adjustments — — — 20,371 20,371 Other 43 105 860 — 1,008 Decrease (increase) in assets: Accounts receivable, net 50 (10,046 ) 37,034 (35,807 ) (8,769 ) Inventories — (39,279 ) (87,156 ) 1,529 (124,906 ) Leased railcars for syndication — (109,324 ) — 18,410 (90,914 ) Other 20,641 763 (33,634 ) 10,564 (1,666 ) Increase (decrease) in liabilities: Accounts payable and accrued liabilities (3,824 ) 25,612 9,112 (7,765 ) 23,135 Deferred revenue (122 ) 4,078 (276 ) — 3,680 Net cash provided by (used in) operating activities 157,258 21,057 87,277 (236,035 ) 29,557 Cash flows from investing activities: Proceeds from sales of assets — 4,623 5 — 4,628 Capital expenditures (2,424 ) (18,807 ) (55,059 ) 398 (75,892 ) Decrease (increase) in restricted cash — 229 (1 ) — 228 Investment in and net advances to unconsolidated affiliates (245,594 ) (19,966 ) — 235,637 (29,923 ) Cash distribution from unconsolidated affiliates 715 — — — 715 Net cash provided by (used in) investing activities (247,303 ) (33,921 ) (55,055 ) 236,035 (100,244 ) Cash flows from financing activities: Net changes in revolving notes with maturities of 90 days or less 73,000 — — — 73,000 Proceeds from revolving notes with maturities longer than 90 days — — 42,563 — 42,563 Repayments of revolving notes with maturities longer than 90 days — — (36,137 ) — (36,137 ) Repayments of notes payable (5 ) (5,280 ) (219 ) — (5,504 ) Intercompany advances (18,997 ) 9,788 9,209 — — Repurchase of stock (48,451 ) — — — (48,451 ) Dividends (12,069 ) — — — (12,069 ) Decrease in restricted cash — 11,000 — — 11,000 Cash distributions to joint venture partner — — (12,489 ) — (12,489 ) Excess tax benefit from restricted stock awards 2,964 — — — 2,964 Other (248 ) — — — (248 ) Net cash provided by (used in) financing activities (3,806 ) 15,508 2,927 — 14,629 Effect of exchange rate changes — (2,269 ) (3,806 ) — (6,075 ) Increase (decrease) in cash and cash equivalents (93,851 ) 375 31,343 — (62,133 ) Cash and cash equivalents Beginning of period 149,747 112 35,057 — 184,916 End of period $ 55,896 $ 487 $ 66,400 $ — $ 122,783

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended		33 Months Ended
	May 31, 2016	May 31, 2016	May 31, 2015	May 31, 2016	Oct. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares		$ 32,373,000	$ 48,451,000
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program total cost of repurchased shares		$ 32,400,000		$ 137,000,000
Repurchase of common stock, shares	0	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	May 31, 2016	Aug. 31, 2015
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 258,608	$ 311,880
Work-in-process	63,602	75,032
Finished goods	139,199	61,302
Excess and obsolete adjustment	(3,341)	(2,679)
Inventories	$ 458,068	$ 445,535

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 29,159	$ 31,496
Intangible assets not subject to amortization	912	912
Prepaid and other assets	15,671	13,111
Nonqualified savings plan investments	15,093	11,815
Debt issuance costs, net	6,079	3,823
Assets held for sale	4,108	4,397
Total Intangible and other assets, net	71,022	65,554
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	65,023	65,023
Accumulated amortization	(36,395)	(33,828)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	6,288	3,422
Accumulated amortization	$ (5,757)	$ (3,121)

Intangibles and Other Assets,38

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.5	$ 0.9	$ 5.3	$ 2.7
Future amortization expense, 2016	6.3		6.3
Future amortization expense, 2017	3.6		3.6
Future amortization expense, 2018	3.5		3.5
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)	9 Months Ended
	May 31, 2016USD ($)CreditFacilityFacility	Aug. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving notes		$ 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	$ 615,500,000
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		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	$ 15,500,000
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 Railcar Manufacturing Joint Venture Line of Credit, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 50,000,000
Number of lines of credits | Facility	2
Revolving notes		$ 1,900,000
Mexican Railcar Manufacturing 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	$ 30,000,000
Line of credit facility borrowings outstanding due period	2019-01
Mexican Railcar Manufacturing 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	2.00%
Mexican Railcar Manufacturing 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	$ 20,000,000
Line of credit facility borrowings outstanding due period	2017-08
Joint venture partner each guaranteed percentage	50.00%
Mexican Railcar Manufacturing 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%

Accounts Payable and Accrued 40

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	May 31, 2016	Feb. 29, 2016	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Aug. 31, 2014
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 187,240		$ 263,665
Other accrued liabilities	73,919		64,584
Accrued payroll and related liabilities	61,629		70,836
Accrued maintenance	18,488		18,642
Accrued warranty	12,132	$ 12,147	11,512	$ 10,198	$ 9,188	$ 9,340
Income taxes payable	11,604		22,465
Other	5,640		3,509
Accounts payable and accrued liabilities	$ 370,652		$ 455,213

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 12,147	$ 9,188	$ 11,512	$ 9,340
Charged to cost of revenue, net	1,202	2,036	4,086	3,982
Payments	(1,205)	(994)	(3,386)	(2,797)
Currency translation effect	(12)	(32)	(80)	(327)
Balance at end of period	$ 12,132	$ 10,198	$ 12,132	$ 10,198

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2016	May 31, 2016	May 31, 2015	Aug. 31, 2015
Debt Instrument [Line Items]
Notes payable	$ 306,808	$ 306,808		$ 326,429
Payment of aggregate principal amount of notes		19,461	$ 5,504
2026 Senior Notes
Debt Instrument [Line Items]
Notes payable	306,800	$ 306,800
Debt instrument, maturity date		2,026
Repurchase percentage price of principal of notes amount		100.00%
Payment of aggregate principal amount of notes	14,000
Convertible senior notes	900	$ 900
2026 Senior Notes | Put Option
Debt Instrument [Line Items]
Convertible senior notes	$ 14,900	$ 14,900

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	9 Months Ended
	May 31, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (21,205)
Other comprehensive loss before reclassifications	(10,024)
Amounts reclassified from accumulated other comprehensive loss	1,710
Ending balance	(29,519)
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(2,194)
Other comprehensive loss before reclassifications	(6,417)
Amounts reclassified from accumulated other comprehensive loss	1,710
Ending balance	(6,901)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(18,666)
Other comprehensive loss before reclassifications	(3,608)
Ending balance	(22,274)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(345)
Other comprehensive loss before reclassifications	1
Ending balance	$ (344)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Interest and foreign exchange	3,712	4,285	10,565	9,355
Earnings before income taxes and earnings from unconsolidated affiliates	80,417	100,126	314,442	242,010
Tax expense	(22,449)	(30,783)	(92,902)	(76,209)
Unrealized (Gain) 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 from unconsolidated affiliates	931	(210)	2,450	831
Tax expense	(272)	(44)	(740)	(414)
Net of tax	659	(254)	1,710	417
Unrealized (Gain) 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	561	(652)	1,203	(518)
Unrealized (Gain) 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	$ 370	$ 442	$ 1,247	$ 1,349

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,059	27,842	29,182	27,514
Dilutive effect of performance based restricted stock units	[2]	59		91
Weighted average diluted common shares outstanding		32,342	33,000	32,475	33,262
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,224	5,155	3,202	5,745
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]		3		3
[1]	Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.
[2]	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 nine months ended May 31, 2016 and 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 nine months ended May 31, 2016 as the average stock price was less than the conversion price of $47.15 and therefore was considered anti-dilutive. The effect of the 2026 Convertible notes was included for the three and nine months ended May 31, 2015 as the average stock price was greater than the applicable conversion price, as further described below.

Reconciliation of Basic and D46

Reconciliation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail)	May 31, 2016$ / shares
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Convertible notes conversion rate, per share	$ 47.15

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		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 35,352	$ 42,811	$ 149,653	$ 125,948
Earnings before interest and debt issuance costs on convertible notes		$ 36,085	$ 44,045	$ 151,615	$ 130,014
Weighted average diluted common shares outstanding		32,342	33,000	32,475	33,262
Diluted earnings per share	[1]	$ 1.12	$ 1.33	$ 4.67	$ 3.91
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	$ 1,234	$ 1,962	$ 4,066
[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 Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 8,300	$ 6,000	$ 19,055	$ 13,176

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	9 Months Ended
	May 31, 2016USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 429,700,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 93,000,000
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	May 31, 2016	Aug. 31, 2015
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 3,640	$ 1,820
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	8,839	3,130
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable, Net
Derivatives, Fair Value [Line Items]
Asset Derivatives	3,640	1,820
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	5,402	737
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,437	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	$ 190	$ 76

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	9 Months Ended
	May 31, 2016	May 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ (157)	$ 47
Gain (loss) recognized in OCI on derivatives (effective portion)	(8,623)	(773)
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(2,450)	(831)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	2,660	1,024
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(5,430)	1,867
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(245)	(22)
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(835)	518
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	2,572	1,024
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(919)
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(412)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	88
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,274)	(2,640)
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	88	69
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (1,203)	$ (1,349)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	May 31, 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		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenues	$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Earnings (loss) from operations	84,129	104,411	325,007	251,365
Assets	1,785,884		1,785,884		$ 1,790,512
Manufacturing
Segment Reporting Information [Line Items]
Revenues	458,494	593,376	1,611,686	1,478,566
Earnings (loss) from operations	92,713	115,675	325,215	258,602
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	78,417	97,407	247,604	286,671
Earnings (loss) from operations	5,811	5,078	15,720	20,986
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	75,955	23,823	225,044	74,576
Earnings (loss) from operations	8,298	10,824	42,668	31,677
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	464,089	593,409	1,617,281	1,486,100
Earnings (loss) from operations	93,636	115,675	326,156	259,397
Assets	641,090		641,090		675,409
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	88,475	105,012	271,678	307,121
Earnings (loss) from operations	6,522	5,685	17,875	23,030
Assets	301,474		301,474		291,798
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	76,556	35,545	235,488	118,109
Earnings (loss) from operations	8,899	22,546	53,112	75,210
Assets	523,989		523,989		549,073
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	319,331		319,331		$ 274,232
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(22,693)	(27,166)	(58,596)	(59,900)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(16,254)	(19,360)	(40,113)	(71,517)
Earnings (loss) from operations	(2,235)	(12,329)	(13,540)	(46,372)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues	5,595	(33)	5,595	(7,534)
Earnings (loss) from operations	923		941	(795)
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	10,058	(7,605)	24,074	(20,450)
Earnings (loss) from operations	711	(607)	2,155	(2,044)
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	601	(11,722)	10,444	(43,533)
Earnings (loss) from operations	$ 601	$ (11,722)	$ 10,444	$ (43,533)

Reconciliation of Segment Margi

Reconciliation of Segment Margin to Earnings Before Income Tax and Earnings from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 84,129	$ 104,411	$ 325,007	$ 251,365
Interest and foreign exchange	3,712	4,285	10,565	9,355
Earnings before income tax and earnings from unconsolidated affiliates	$ 80,417	$ 100,126	$ 314,442	$ 242,010

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015	Aug. 31, 2015
Segment Reporting Information [Line Items]
Revenue		$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Earnings (loss) from operations		84,129	104,411	325,007	251,365
Assets		1,785,884		1,785,884		$ 1,790,512
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Revenue		95,699	88,831	289,381	254,688
Earnings (loss) from operations		3,030	227	9,065	(1,507)
Assets	[1]	$ 255,400	$ 239,871	$ 255,400	$ 239,871
[1]	Includes goodwill and intangible assets of $94.4 million and $96.9 million as of May 31, 2016 and August 31, 2015.

Results of Operations for GBW56

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	May 31, 2016	Aug. 31, 2015
GBW Railcar Services Holdings, LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 94.4	$ 96.9

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 08, 2016USD ($)Segment	May 31, 2016USD ($)	Dec. 31, 2014USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study			$ 110,000,000
Bank and third party warranty and performance guarantee facilities		$ 3,200,000
Equity method investment, percentage of ownership interest		50.00%
Payment to acquire equity method investments		$ 5,300,000
Expected loan to unconsolidated joint venture		3,750,000
Note receivable		35,200,000
Loan to unconsolidated joint venture		1,250,000
Mexican Railcar Manufacturing 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%
Subsequent Event | Portland Harbor Site
Commitments and Contingencies Disclosure [Line Items]
Discount rate	7.00%
Subsequent Event | Portland Harbor Site | Minimum
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action	4 years
Undiscounted costs for remedial alternatives	$ 642,000,000
Net present value of remedial alternatives	$ 451,000,000
Subsequent Event | Portland Harbor Site | Maximum
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action	62 years
Undiscounted costs for remedial alternatives	$ 10,200,000,000
Net present value of remedial alternatives	$ 9,400,000,000
Subsequent Event | Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action	7 years
Number of sediment decision units | Segment	13
Period for monitoring	30 years
Subsequent Event | Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Minimum
Commitments and Contingencies Disclosure [Line Items]
Undiscounted costs for remedial alternatives	$ 1,100,000,000
Net present value of remedial alternatives	$ 746,000,000
Accuracy of cost estimate	(30.00%)
Subsequent Event | Area Of Willamette River Adjacent to the Company's Portland, Oregon Manufacturing Facility | Maximum
Commitments and Contingencies Disclosure [Line Items]
Undiscounted costs for remedial alternatives	$ 1,200,000,000
Net present value of remedial alternatives	$ 811,000,000
Accuracy of cost estimate	50.00%

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May 31, 2016		Aug. 31, 2015
Assets:
Nonqualified savings plan investments	$ 15,093		$ 11,815
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,640		1,913
Nonqualified savings plan investments	15,093		11,815
Cash equivalents	5,076		5,071
Assets, Fair Value Disclosure, Total	23,809		18,799
Liabilities:
Derivative financial instruments	9,029		3,206
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	15,093		11,815
Cash equivalents	5,076		5,071
Assets, Fair Value Disclosure, Total	20,169		16,886
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,640	[1]	1,913
Assets, Fair Value Disclosure, Total	3,640	[1]	1,913
Liabilities:
Derivative financial instruments	$ 9,029	[1]	$ 3,206
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Vehicle	May 31, 2016USD ($)Vehicle	May 31, 2015USD ($)	May 31, 2016USD ($)Vehicle	May 31, 2015USD ($)	Apr. 30, 2010USD ($)Vehicle
Related Party Transaction [Line Items]
Number of railcars sold and recognized | Vehicle		2,766		2,766
Revenue		$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Sale of railcars				$ 162,000
Number of railcars sold | Vehicle		3,159		3,159
Deferred revenue on railcars sold				$ 7,800
Deferred revenue, number of railcars sold | Vehicle		389		389
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				$ 154,200
Profit sharing agreement, amount paid		$ 7,200		7,200
Accrued profit sharing		$ 11,300		$ 11,300

Guarantor_Non Guarantor - Addit

Guarantor/Non Guarantor - Additional Information (Detail)	9 Months Ended
	May 31, 2016
Guarantor Obligations [Line Items]
Percentage of ownership in subsidiaries	100.00%

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands	May 31, 2016	Aug. 31, 2015	May 31, 2015	Aug. 31, 2014
Assets
Cash and cash equivalents	$ 214,440	$ 172,930	$ 122,783	$ 184,916
Restricted cash	8,669	8,869
Accounts receivable, net	213,510	196,029
Inventories	458,068	445,535
Leased railcars for syndication	136,812	212,534
Equipment on operating leases, net	232,791	255,391
Property, plant and equipment, net	318,010	303,135
Investment in unconsolidated affiliates	89,297	87,270
Intangibles and other assets, net	71,022	65,554
Goodwill	43,265	43,265
Total assets	1,785,884	1,790,512
Liabilities and Equity
Revolving notes		50,888
Accounts payable and accrued liabilities	370,652	455,213
Deferred income taxes	50,390	60,657
Deferred revenue	68,158	33,836
Notes payable	306,808	326,429
Total equity - Greenbrier	840,086	732,838
Noncontrolling interest	149,790	130,651
Total equity	989,876	863,489	783,004	573,721
Liabilities and Equity	1,785,884	1,790,512
Parent
Assets
Cash and cash equivalents	55,717	53,535	55,896	149,747
Accounts receivable, net	3,736	49,471
Property, plant and equipment, net	9,139	8,402
Investment in unconsolidated affiliates	1,367,146	1,209,698
Intangibles and other assets, net	21,185	15,895
Total assets	1,456,923	1,337,001
Liabilities and Equity
Revolving notes		49,000
Accounts payable and accrued liabilities	449,757	421,249
Deferred income taxes	14,415
Deferred revenue	32,732
Notes payable	119,933	133,914
Total equity - Greenbrier	840,086	732,838
Total equity	840,086	732,838
Liabilities and Equity	1,456,923	1,337,001
Combined Guarantor Subsidiaries
Assets
Cash and cash equivalents	1,263	119	487	112
Restricted cash	1,765	1,966
Accounts receivable, net	585,797	535,916
Inventories	272,481	191,625
Leased railcars for syndication	139,827	228,646
Equipment on operating leases, net	232,900	255,130
Property, plant and equipment, net	104,302	102,738
Investment in unconsolidated affiliates	198,977	169,659
Intangibles and other assets, net	44,083	46,387
Goodwill	43,265	43,265
Total assets	1,624,660	1,575,451
Liabilities and Equity
Accounts payable and accrued liabilities	223,954	282,662
Deferred income taxes	54,090	72,326
Deferred revenue	30,870	33,792
Notes payable	186,000	191,422
Total equity - Greenbrier	1,129,746	995,249
Total equity	1,129,746	995,249
Liabilities and Equity	1,624,660	1,575,451
Combined Non-Guarantor Subsidiaries
Assets
Cash and cash equivalents	157,460	119,276	$ 66,400	$ 35,057
Restricted cash	6,904	6,903
Accounts receivable, net	49,529	24,415
Inventories	198,455	257,619
Equipment on operating leases, net	2,709	2,901
Property, plant and equipment, net	204,569	191,995
Investment in unconsolidated affiliates	21,056	21,369
Intangibles and other assets, net	14,036	14,235
Total assets	654,718	638,713
Liabilities and Equity
Revolving notes		1,888
Accounts payable and accrued liabilities	170,823	208,538
Deferred revenue	281
Notes payable	875	1,093
Total equity - Greenbrier	332,880	296,852
Noncontrolling interest	149,859	130,342
Total equity	482,739	427,194
Liabilities and Equity	654,718	638,713
Eliminations
Assets
Accounts receivable, net	(425,552)	(413,773)
Inventories	(12,868)	(3,709)
Leased railcars for syndication	(3,015)	(16,112)
Equipment on operating leases, net	(2,818)	(2,640)
Investment in unconsolidated affiliates	(1,497,882)	(1,313,456)
Intangibles and other assets, net	(8,282)	(10,963)
Total assets	(1,950,417)	(1,760,653)
Liabilities and Equity
Accounts payable and accrued liabilities	(473,882)	(457,236)
Deferred income taxes	(18,115)	(11,669)
Deferred revenue	4,275	44
Total equity - Greenbrier	(1,462,626)	(1,292,101)
Noncontrolling interest	(69)	309
Total equity	(1,462,695)	(1,291,792)
Liabilities and Equity	$ (1,950,417)	$ (1,760,653)

Condensed Consolidating Stateme

Condensed Consolidating Statement of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Revenue
Revenue	$ 612,866	$ 714,606	$ 2,084,334	$ 1,839,813
Cost of revenue
Cost of revenue	485,768	565,320	1,652,580	1,477,149
Margin	127,098	149,286	431,754	362,664
Selling and administrative expense	43,280	45,595	118,073	112,223
Net (gain) loss on disposition of equipment	(311)	(720)	(11,326)	(924)
Earnings from operations	84,129	104,411	325,007	251,365
Other costs
Interest and foreign exchange	3,712	4,285	10,565	9,355
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	80,417	100,126	314,442	242,010
Income tax (expense) benefit	(22,449)	(30,783)	(92,902)	(76,209)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	57,968	69,343	221,540	165,801
Earnings (loss) from unconsolidated affiliates	1,564	982	2,921	1,552
Net earnings (loss)	59,532	70,325	224,461	167,353
Net (earnings) loss attributable to noncontrolling interest	(24,180)	(27,514)	(74,808)	(41,405)
Net earnings (loss) attributable to Greenbrier	35,352	42,811	149,653	125,948
Manufacturing
Revenue
Revenue	458,494	593,376	1,611,686	1,478,566
Cost of revenue
Cost of revenue	352,775	465,658	1,247,635	1,184,922
Earnings from operations	92,713	115,675	325,215	258,602
Wheels & Parts
Revenue
Revenue	78,417	97,407	247,604	286,671
Cost of revenue
Cost of revenue	69,818	89,645	224,208	259,285
Earnings from operations	5,811	5,078	15,720	20,986
Leasing & Services
Revenue
Revenue	75,955	23,823	225,044	74,576
Cost of revenue
Cost of revenue	63,175	10,017	180,737	32,942
Earnings from operations	8,298	10,824	42,668	31,677
Parent
Revenue
Revenue	239	(90)	3,346	83
Cost of revenue
Margin	239	(90)	3,346	83
Selling and administrative expense	22,933	24,851	56,825	55,116
Earnings from operations	(22,694)	(24,941)	(53,479)	(55,033)
Other costs
Interest and foreign exchange	2,069	3,240	8,409	9,345
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	(24,763)	(28,181)	(61,888)	(64,378)
Income tax (expense) benefit	1,460	4,215	(2,063)	(4,476)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(23,303)	(23,966)	(63,951)	(68,854)
Earnings (loss) from unconsolidated affiliates	58,655	66,777	213,604	194,802
Net earnings (loss)	35,352	42,811	149,653	125,948
Net earnings (loss) attributable to Greenbrier	35,352	42,811	149,653	125,948
Parent | Manufacturing
Revenue
Revenue	(1,055)		1,992
Parent | Leasing & Services
Revenue
Revenue	1,294	(90)	1,354	83
Combined Guarantor Subsidiaries
Revenue
Revenue	392,573	403,436	1,339,283	1,242,386
Cost of revenue
Cost of revenue	353,505	331,315	1,155,202	1,032,183
Margin	39,068	72,121	184,081	210,203
Selling and administrative expense	10,672	10,688	30,517	26,905
Net (gain) loss on disposition of equipment	(308)	(724)	(10,950)	(927)
Earnings from operations	28,704	62,157	164,514	184,225
Other costs
Interest and foreign exchange	1,910	1,649	5,182	4,998
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	26,794	60,508	159,332	179,227
Income tax (expense) benefit	(7,556)	(26,025)	(52,706)	(62,438)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	19,238	34,483	106,626	116,789
Earnings (loss) from unconsolidated affiliates	15,452	5,142	29,558	21,377
Net earnings (loss)	34,690	39,625	136,184	138,166
Net earnings (loss) attributable to Greenbrier	34,690	39,625	136,184	138,166
Combined Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	235,613	280,928	862,856	877,405
Cost of revenue
Cost of revenue	216,829	230,143	745,419	735,414
Combined Guarantor Subsidiaries | Wheels & Parts
Revenue
Revenue	82,292	98,746	252,744	290,917
Cost of revenue
Cost of revenue	73,475	91,131	228,969	263,755
Combined Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue	74,668	23,762	223,683	74,064
Cost of revenue
Cost of revenue	63,201	10,041	180,814	33,014
Combined Non-Guarantor Subsidiaries
Revenue
Revenue	419,441	492,302	1,336,227	1,285,604
Cost of revenue
Cost of revenue	334,498	418,273	1,089,603	1,091,498
Margin	84,943	74,029	246,624	194,106
Selling and administrative expense	9,494	9,912	30,216	30,169
Net (gain) loss on disposition of equipment	254	7	256	7
Earnings from operations	75,195	64,110	216,152	163,930
Other costs
Interest and foreign exchange	(83)	(604)	(2,556)	(4,988)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	75,278	64,714	218,708	168,918
Income tax (expense) benefit	(15,244)	(7,888)	(38,171)	(22,559)
Earnings (loss) before earnings (loss) from unconsolidated affiliates	60,034	56,826	180,537	146,359
Earnings (loss) from unconsolidated affiliates	348	47	(16)	142
Net earnings (loss)	60,382	56,873	180,521	146,501
Net (earnings) loss attributable to noncontrolling interest	(22,579)	(26,415)	(76,023)	(61,992)
Net earnings (loss) attributable to Greenbrier	37,803	30,458	104,498	84,509
Combined Non-Guarantor Subsidiaries | Manufacturing
Revenue
Revenue	419,441	492,302	1,336,226	1,285,603
Cost of revenue
Cost of revenue	334,498	418,273	1,089,603	1,091,498
Combined Non-Guarantor Subsidiaries | Leasing & Services
Revenue
Revenue			1	1
Eliminations
Revenue
Revenue	(199,387)	(181,042)	(594,522)	(688,260)
Cost of revenue
Cost of revenue	(202,235)	(184,268)	(592,225)	(646,532)
Margin	2,848	3,226	(2,297)	(41,728)
Selling and administrative expense	181	144	515	33
Net (gain) loss on disposition of equipment	(257)	(3)	(632)	(4)
Earnings from operations	2,924	3,085	(2,180)	(41,757)
Other costs
Interest and foreign exchange	(184)		(470)
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	3,108	3,085	(1,710)	(41,757)
Income tax (expense) benefit	(1,109)	(1,085)	38	13,264
Earnings (loss) before earnings (loss) from unconsolidated affiliates	1,999	2,000	(1,672)	(28,493)
Earnings (loss) from unconsolidated affiliates	(72,891)	(70,984)	(240,225)	(214,769)
Net earnings (loss)	(70,892)	(68,984)	(241,897)	(243,262)
Net (earnings) loss attributable to noncontrolling interest	(1,601)	(1,099)	1,215	20,587
Net earnings (loss) attributable to Greenbrier	(72,493)	(70,083)	(240,682)	(222,675)
Eliminations | Manufacturing
Revenue
Revenue	(195,505)	(179,854)	(589,388)	(684,442)
Cost of revenue
Cost of revenue	(198,552)	(182,758)	(587,387)	(641,990)
Eliminations | Wheels & Parts
Revenue
Revenue	(3,875)	(1,339)	(5,140)	(4,246)
Cost of revenue
Cost of revenue	(3,657)	(1,486)	(4,761)	(4,470)
Eliminations | Leasing & Services
Revenue
Revenue	(7)	151	6	428
Cost of revenue
Cost of revenue	$ (26)	$ (24)	$ (77)	$ (72)

Condensed Consolidating State63

Condensed Consolidating Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		$ 59,532	$ 70,325	$ 224,461	$ 167,353
Other comprehensive income (loss)
Translation adjustment		1,477	(1,299)	(3,655)	(10,990)
Reclassification of derivative financial instruments recognized in net earnings (loss)	[1]	659	(254)	1,710	417
Unrealized gain (loss) on derivative financial instruments	[2]	1,113	107	(6,417)	(7)
Other (net of tax effect)		7	93	1	99
Other comprehensive income (loss)		3,256	(1,353)	(8,361)	(10,481)
Comprehensive income (loss)		62,788	68,972	216,100	156,872
Comprehensive (income) loss attributable to noncontrolling interest		(24,195)	(27,497)	(74,761)	(41,253)
Comprehensive income (loss) attributable to Greenbrier		38,593	41,475	141,339	115,619
Parent
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		35,352	42,811	149,653	125,948
Other comprehensive income (loss)
Translation adjustment				1,527
Unrealized gain (loss) on derivative financial instruments		5		(23)
Other comprehensive income (loss)		5		1,504
Comprehensive income (loss)		35,357	42,811	151,157	125,948
Comprehensive income (loss) attributable to Greenbrier		35,357	42,811	151,157	125,948
Combined Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		34,690	39,625	136,184	138,166
Other comprehensive income (loss)
Translation adjustment			(18)		(137)
Reclassification of derivative financial instruments recognized in net earnings (loss)		230	275	746	837
Unrealized gain (loss) on derivative financial instruments		3	(443)	(1,409)	(1,640)
Other comprehensive income (loss)		233	(186)	(663)	(940)
Comprehensive income (loss)		34,923	39,439	135,521	137,226
Comprehensive income (loss) attributable to Greenbrier		34,923	39,439	135,521	137,226
Combined Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		60,382	56,873	180,521	146,501
Other comprehensive income (loss)
Translation adjustment		1,477	(1,281)	(3,655)	(10,853)
Reclassification of derivative financial instruments recognized in net earnings (loss)		429	(529)	964	(420)
Unrealized gain (loss) on derivative financial instruments		1,105	550	(4,985)	1,633
Other (net of tax effect)		7	93	1	99
Other comprehensive income (loss)		3,018	(1,167)	(7,675)	(9,541)
Comprehensive income (loss)		63,400	55,706	172,846	136,960
Comprehensive (income) loss attributable to noncontrolling interest		(22,594)	(26,398)	(75,976)	(61,840)
Comprehensive income (loss) attributable to Greenbrier		40,806	29,308	96,870	75,120
Eliminations
Condensed Statement of Income Captions [Line Items]
Net earnings (loss)		(70,892)	(68,984)	(241,897)	(243,262)
Other comprehensive income (loss)
Translation adjustment				(1,527)
Other comprehensive income (loss)				(1,527)
Comprehensive income (loss)		(70,892)	(68,984)	(243,424)	(243,262)
Comprehensive (income) loss attributable to noncontrolling interest		(1,601)	(1,099)	1,215	20,587
Comprehensive income (loss) attributable to Greenbrier		$ (72,493)	$ (70,083)	$ (242,209)	$ (222,675)
[1]	Net of tax effect of $0.3 million and $0.04 million for the three months ended May 31, 2016 and 2015 and $0.7 million and $0.4 million for the nine months ended May 31, 2016 and 2015.
[2]	Net of tax effect of $0.3 million and $0.1 million for the three months ended May 31, 2016 and 2015 and $2.2 million and $0.6 million for the nine months ended May 31, 2016 and 2015.

Condensed Consolidating State64

Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
Cash flows from operating activities:
Net earnings (loss)	$ 59,532	$ 70,325	$ 224,461	$ 167,353
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(10,143)	(5,245)
Depreciation and amortization			41,681	33,258
Net (gain) loss on disposition of equipment	(311)	(720)	(11,326)	(924)
Stock based compensation expense	8,300	6,000	19,055	13,176
Noncontrolling interest adjustments			837	20,371
Other			564	1,008
Decrease (increase) in assets:
Accounts receivable, net			(14,333)	(8,769)
Inventories			(15,346)	(124,906)
Leased railcars for syndication			28,823	(90,914)
Other			(5,191)	(1,666)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(88,707)	23,135
Deferred revenue			24,303	3,680
Net cash provided by (used in) operating activities			194,678	29,557
Cash flows from investing activities:
Proceeds from sales of assets			88,707	4,628
Capital expenditures			(51,707)	(75,892)
Decrease (increase) in restricted cash			200	228
Investment in and net advances to unconsolidated affiliates			(9,088)	(29,923)
Cash distribution from unconsolidated affiliates			5,338	715
Net cash provided by (used in) investing activities			33,450	(100,244)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			(49,000)	73,000
Proceeds from revolving notes with maturities longer than 90 days				42,563
Repayments of revolving notes with maturities longer than 90 days			(1,888)	(36,137)
Repayments of notes payable			(19,461)	(5,504)
Debt issuance costs			(4,160)
Repurchase of stock			(33,498)	(48,451)
Dividends			(17,362)	(12,069)
Decrease in restricted cash				11,000
Cash contribution to joint venture partner			(62,710)	(12,489)
Investment by joint venture partner			5,400
Excess tax benefit from restricted stock awards			2,786	2,964
Other			(7)
Other			(7)	(248)
Net cash provided by (used in) financing activities			(179,900)	14,629
Effect of exchange rate changes			(6,718)	(6,075)
Increase (decrease) in cash and cash equivalents			41,510	(62,133)
Beginning of period			172,930	184,916
End of period	214,440	122,783	214,440	122,783
Parent
Cash flows from operating activities:
Net earnings (loss)	35,352	42,811	149,653	125,948
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			15,000	(138)
Depreciation and amortization			2,059	1,484
Stock based compensation expense			19,055	13,176
Other				43
Decrease (increase) in assets:
Accounts receivable, net			45,735	50
Other			(1,715)	20,641
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(48,102)	(3,824)
Deferred revenue			32,732	(122)
Net cash provided by (used in) operating activities			214,417	157,258
Cash flows from investing activities:
Capital expenditures			(2,796)	(2,424)
Investment in and net advances to unconsolidated affiliates			(176,356)	(245,594)
Cash distribution from unconsolidated affiliates			5,338	715
Net cash provided by (used in) investing activities			(173,814)	(247,303)
Cash flows from financing activities:
Net changes in revolving notes with maturities of 90 days or less			(49,000)	73,000
Repayments of notes payable			(13,981)	(5)
Debt issuance costs			(4,160)
Intercompany advances			75,289	(18,997)
Repurchase of stock			(33,498)	(48,451)
Dividends			(17,362)	(12,069)
Excess tax benefit from restricted stock awards			2,786	2,964
Other				(248)
Net cash provided by (used in) financing activities			(39,926)	(3,806)
Effect of exchange rate changes			1,505
Increase (decrease) in cash and cash equivalents			2,182	(93,851)
Beginning of period			53,535	149,747
End of period	55,717	55,896	55,717	55,896
Combined Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	34,690	39,625	136,184	138,166
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(18,235)	(8,000)
Depreciation and amortization			23,314	19,909
Net (gain) loss on disposition of equipment	(308)	(724)	(10,950)	(927)
Other			(32)	105
Decrease (increase) in assets:
Accounts receivable, net			27,389	(10,046)
Inventories			(82,518)	(39,279)
Leased railcars for syndication			36,802	(109,324)
Other			(1,666)	763
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(59,664)	25,612
Deferred revenue			(8,710)	4,078
Net cash provided by (used in) operating activities			41,914	21,057
Cash flows from investing activities:
Proceeds from sales of assets			88,697	4,623
Capital expenditures			(18,480)	(18,807)
Decrease (increase) in restricted cash			201	229
Investment in and net advances to unconsolidated affiliates			(26,977)	(19,966)
Net cash provided by (used in) investing activities			43,441	(33,921)
Cash flows from financing activities:
Repayments of notes payable			(5,261)	(5,280)
Intercompany advances			(77,270)	9,788
Decrease in restricted cash				11,000
Net cash provided by (used in) financing activities			(82,531)	15,508
Effect of exchange rate changes			(1,680)	(2,269)
Increase (decrease) in cash and cash equivalents			1,144	375
Beginning of period			119	112
End of period	1,263	487	1,263	487
Combined Non-Guarantor Subsidiaries
Cash flows from operating activities:
Net earnings (loss)	60,382	56,873	180,521	146,501
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			2,219	2,893
Depreciation and amortization			16,385	11,936
Net (gain) loss on disposition of equipment	254	7	256	7
Other			596	860
Decrease (increase) in assets:
Accounts receivable, net			(27,697)	37,034
Inventories			58,013	(87,156)
Other			(64,522)	(33,634)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			(34,987)	9,112
Deferred revenue			281	(276)
Net cash provided by (used in) operating activities			131,065	87,277
Cash flows from investing activities:
Proceeds from sales of assets			10	5
Capital expenditures			(30,431)	(55,059)
Decrease (increase) in restricted cash			(1)	(1)
Net cash provided by (used in) investing activities			(30,422)	(55,055)
Cash flows from financing activities:
Proceeds from revolving notes with maturities longer than 90 days				42,563
Repayments of revolving notes with maturities longer than 90 days			(1,888)	(36,137)
Repayments of notes payable			(219)	(219)
Intercompany advances			1,981	9,209
Cash contribution to joint venture partner			(62,710)	(12,489)
Investment by joint venture partner			5,400
Other			(7)
Net cash provided by (used in) financing activities			(57,443)	2,927
Effect of exchange rate changes			(5,016)	(3,806)
Increase (decrease) in cash and cash equivalents			38,184	31,343
Beginning of period			119,276	35,057
End of period	157,460	66,400	157,460	66,400
Eliminations
Cash flows from operating activities:
Net earnings (loss)	(70,892)	(68,984)	(241,897)	(243,262)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes			(9,127)
Depreciation and amortization			(77)	(71)
Net (gain) loss on disposition of equipment	$ (257)	$ (3)	(632)	(4)
Noncontrolling interest adjustments			837	20,371
Decrease (increase) in assets:
Accounts receivable, net			(59,760)	(35,807)
Inventories			9,159	1,529
Leased railcars for syndication			(7,979)	18,410
Other			62,712	10,564
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities			54,046	(7,765)
Net cash provided by (used in) operating activities			(192,718)	(236,035)
Cash flows from investing activities:
Capital expenditures				398
Investment in and net advances to unconsolidated affiliates			194,245	235,637
Net cash provided by (used in) investing activities			194,245	$ 236,035
Cash flows from financing activities:
Effect of exchange rate changes			$ (1,527)