The Greenbrier Companies, Inc. (GBX) 10-K25 Oct 162016 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Aug. 31, 2016	Oct. 19, 2016	Feb. 29, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Aug. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	GBX
Entity Registrant Name	GREENBRIER COMPANIES INC
Entity Central Index Key	923,120
Current Fiscal Year End Date	--08-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,363,846
Entity Public Float			$ 684,081,392

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Assets
Cash and cash equivalents	$ 222,679	$ 172,930
Restricted cash	24,279	8,869
Accounts receivable, net	232,517	196,029
Inventories	365,805	445,535
Leased railcars for syndication	144,932	212,534
Equipment on operating leases, net	306,266	255,391
Property, plant and equipment, net	329,990	303,135
Investment in unconsolidated affiliates	98,682	87,270
Intangibles and other assets, net	69,475	65,554
Goodwill	43,265	43,265
Total assets	1,837,890	1,790,512
Liabilities and Equity
Revolving notes		50,888
Accounts payable and accrued liabilities	369,754	455,213
Deferred income taxes	51,619	60,657
Deferred revenue	95,721	33,836
Notes payable	303,969	326,429
Commitments and contingencies (Notes 21 & 22)
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,205 and 28,907 outstanding at August 31, 2016 and 2015	0	0
Additional paid-in capital	282,886	295,444
Retained earnings	618,178	458,599
Accumulated other comprehensive loss	(26,753)	(21,205)
Total equity - Greenbrier	874,311	732,838
Noncontrolling interest	142,516	130,651
Total equity	1,016,827	863,489
Liabilities and Equity	$ 1,837,890	$ 1,790,512

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 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	28,205,000	28,907,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Revenue
Revenue	[1]	$ 2,679,524		$ 2,605,278		$ 2,203,962
Cost of revenue
Cost of revenue		2,128,087		2,067,925		1,881,742
Margin		551,437		537,353		322,220
Selling and administrative		158,681		151,791		125,270
Net gain on disposition of equipment		(15,796)		(1,330)		(15,039)
Gain on contribution to joint venture						(29,006)
Restructuring charges						1,475
Earnings from operations		408,552		386,892		239,520
Other costs
Interest and foreign exchange		13,502		11,179		18,695
Earnings before income tax and earnings from unconsolidated affiliates		395,050		375,713		220,825
Income tax expense		(112,322)		(112,160)		(72,401)
Earnings before earnings from unconsolidated affiliates		282,728		263,553		148,424
Earnings from unconsolidated affiliates		2,096		1,756		1,355
Net earnings		284,824		265,309		149,779
Net earnings attributable to noncontrolling interest		(101,611)		(72,477)		(37,860)
Net earnings attributable to Greenbrier		$ 183,213		$ 192,832		$ 111,919
Basic earnings per common share:		$ 6.28	[2]	$ 6.85	[2]	$ 3.97
Diluted earnings per common share:	[3]	$ 5.73	[2]	$ 5.93	[2]	$ 3.44
Weighted average common shares:
Basic	[4]	29,156		28,151		28,164
Diluted		32,468		33,328		34,209
Dividends declared per common share		$ 0.81		$ 0.60		$ 0.15
Manufacturing
Revenue
Revenue		$ 2,096,331		$ 2,136,051		$ 1,624,916
Cost of revenue
Cost of revenue		1,630,554		1,691,414		1,374,008
Earnings from operations		415,094		396,921		202,555
Wheels & Parts
Revenue
Revenue		322,395		371,237		495,627
Cost of revenue
Cost of revenue		293,751		334,680		463,938
Earnings from operations		19,948		27,563		40,597
Leasing & Services
Revenue
Revenue		260,798		97,990		83,419
Cost of revenue
Cost of revenue		203,782		41,831		43,796
Earnings from operations		$ 51,723		$ 41,887		$ 41,055

[1]	Revenue is presented on the basis of geographic location of customers.
[2]	Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the "if converted" method in which debt issuance and interest costs, net of tax, were added back to net earnings.
[3]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding
[4]	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. No restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2016, 2015 and 2014.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		12 Months Ended
		Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Net earnings		$ 284,824	$ 265,309	$ 149,779
Other comprehensive income
Translation adjustment		(2,204)	(14,009)	116
Reclassification of derivative financial instruments recognized in net earnings	[1]	2,544	737	471
Unrealized loss on derivative financial instruments	[2]	(5,842)	(1,330)	(1,019)
Other (net of tax effect)		(84)	173	10
Other comprehensive income		(5,586)	(14,429)	(422)
Comprehensive income		279,238	250,880	149,357
Comprehensive income attributable to noncontrolling interest		(101,573)	(72,321)	(37,866)
Comprehensive income attributable to Greenbrier		$ 177,665	$ 178,559	$ 111,491

[1]	Net of tax of effect of $1.2 million, $0.6 million and $0.5 million for the years ended August 31, 2016, 2015 and 2014.
[2]	Net of tax of effect of $2.1 million, $1.0 million and $0.7 million for the years ended August 31, 2016, 2015 and 2014.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 1.2	$ 0.6	$ 0.5
Unrealized loss on derivative financial instruments, tax	$ 2.1	$ 1	$ 0.7

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, 2013		28,084
Beginning balance at Aug. 31, 2013	$ 456,827		$ 259,864	$ 174,842	$ (6,504)	$ 428,202	$ 28,625
Net earnings	149,779			111,919		111,919	37,860
Other comprehensive income (loss), net	(422)				(428)	(428)	6
Noncontrolling interest adjustments	2,774						2,774
Investment by joint venture partner	419						419
Joint venture partner distribution declared	(7,353)						(7,353)
Restricted stock awards (net of cancellations and expense) (in shares)		44
Restricted stock awards (net of cancellations and expense)	11,303		11,303			11,303
Unamortized restricted stock	(12,360)		(12,360)			(12,360)
Restricted stock amortization	11,285		11,285			11,285
Excess tax benefit from restricted stock awards	109		109			109
Dividends	(4,202)			(4,202)		(4,202)
Repurchase of stock	(34,438)		(34,438)			(34,438)
Repurchase of stock, shares		(764)
Ending Balance (in shares) at Aug. 31, 2014		27,364
Ending Balance at Aug. 31, 2014	573,721		235,763	282,559	(6,932)	511,390	62,331
Beginning balance (in shares) at Aug. 31, 2013		28,084
Beginning balance at Aug. 31, 2013	$ 456,827		259,864	174,842	(6,504)	428,202	28,625
Ending Balance (in shares) at Aug. 31, 2016	28,205	28,205
Ending Balance at Aug. 31, 2016	$ 1,016,827		282,886	618,178	(26,753)	874,311	142,516
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	265,309			192,832		192,832	72,477
Other comprehensive income (loss), net	(14,429)				(14,273)	(14,273)	(156)
Noncontrolling interest adjustments	17,215						17,215
Purchase of noncontrolling interest	(80)						(80)
Joint venture partner distribution declared	(21,136)						(21,136)
Restricted stock awards (net of cancellations and expense) (in shares)		(15)
Restricted stock awards (net of cancellations and expense)	22,622		22,622			22,622
Unamortized restricted stock	(24,477)		(24,477)			(24,477)
Restricted stock amortization	19,459		19,459			19,459
Excess tax benefit from restricted stock awards	2,908		2,908			2,908
Conversion of convertible notes, net of debt issuance costs (in shares)		2,945
Conversion of convertible notes, net of debt issuance costs	109,387		109,387			109,387
Dividends	(16,792)			(16,792)		(16,792)
Repurchase of stock	$ (70,218)		(70,218)			(70,218)
Repurchase of stock, shares		(1,387)
Ending Balance (in shares) at Aug. 31, 2015	28,907	28,907
Ending Balance at Aug. 31, 2015	$ 863,489		295,444	458,599	(21,205)	732,838	130,651
Net earnings	284,824			183,213		183,213	101,611
Other comprehensive income (loss), net	(5,586)				(5,548)	(5,548)	(38)
Noncontrolling interest adjustments	526						526
Investment by joint venture partner	5,400						5,400
Purchase of noncontrolling interest	(1,195)						(1,195)
Joint venture partner distribution declared	(94,439)						(94,439)
Restricted stock awards (net of cancellations and expense) (in shares)		353
Restricted stock awards (net of cancellations and expense)	6,055		6,055			6,055
Unamortized restricted stock	(11,555)		(11,555)			(11,555)
Restricted stock amortization	22,502		22,502			22,502
Excess tax benefit from restricted stock awards	2,813		2,813			2,813
Dividends	(23,634)			(23,634)		(23,634)
Repurchase of stock	$ (32,373)		(32,373)			(32,373)
Repurchase of stock, shares		(1,055)
Ending Balance (in shares) at Aug. 31, 2016	28,205	28,205
Ending Balance at Aug. 31, 2016	$ 1,016,827		$ 282,886	$ 618,178	$ (26,753)	$ 874,311	$ 142,516

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Cash flows from operating activities:
Net earnings	$ 284,824	$ 265,309	$ 149,779
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes	(8,935)	(20,151)	(4,687)
Depreciation and amortization	63,345	45,156	40,422
Net gain on disposition of equipment	(15,796)	(1,330)	(15,039)
Stock based compensation expense	24,037	19,459	11,285
Gain on contribution to joint venture			(29,006)
Noncontrolling interest adjustments	526	17,215	2,774
Other	560	1,184	576
Decrease (increase) in assets:
Accounts receivable, net	(32,051)	13,652	(23,749)
Inventories	53,711	(143,849)	(9,675)
Leased railcars for syndication	19,154	(90,614)	(57,779)
Other	(16,989)	575	(4,069)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(91,428)	72,419	63,362
Deferred revenue	50,712	13,308	11,713
Net cash provided by operating activities	331,670	192,333	135,907
Cash flows from investing activities:
Proceeds from sales of assets	103,715	5,295	54,235
Capital expenditures	(139,013)	(105,989)	(70,227)
Decrease (increase) in restricted cash	(15,410)	271	(333)
Investment in and advances to unconsolidated affiliates	(12,855)	(34,453)	(13,753)
Cash distribution from joint ventures	7,855	3,345
Net cash used in investing activities	(55,708)	(131,531)	(30,078)
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		44,451	37,819
Repayments of revolving notes with maturities longer than 90 days	(1,888)	(55,644)	(72,947)
Proceeds from issuance of notes payable			200,000
Repayments of notes payable	(22,299)	(7,475)	(128,797)
Debt issuance costs	(4,161)		(382)
Decrease (increase) in restricted cash		11,000	(11,000)
Repurchase of stock	(33,498)	(69,950)	(33,583)
Dividends	(23,303)	(16,491)	(4,123)
Cash distribution to joint venture partner	(95,092)	(20,375)	(5,076)
Investment by joint venture partner	5,400		419
Excess tax benefit from restricted stock awards	2,813	2,908	109
Other	(887)	(248)
Net cash used in financing activities	(221,915)	(62,824)	(17,561)
Effect of exchange rate changes	(4,298)	(9,964)	(787)
Increase (decrease) in cash and cash equivalents	49,749	(11,986)	87,481
Cash and cash equivalents
Beginning of period	172,930	184,916	97,435
End of period	222,679	172,930	184,916
Cash paid during the period for:
Interest	12,277	15,535	14,347
Income taxes, net	125,455	139,960	69,263
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	48,096	3,313
Transfer from Inventories to Equipment on operating leases, net	25,069
Capital expenditures accrued in Accounts payable and accrued liabilities	8,408	8,758	3,349
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	652
Change in Accounts payable and accrued liabilities associated with repurchase of stock	1,125	268
Transfer of Property, plant and equipment, net to Intangibles and other assets, net	588	4,045
Change in Accounts payable and accrued liabilities associated with dividends declared	$ (331)	301	79
Conversion of convertible notes, net of debt issuance costs		$ 109,387
Transfer of Inventories to Accounts receivable, net			$ 20,986

Nature of Operations

Nature of Operations	12 Months Ended
Nature of Operations	Aug. 31, 2016
Nature of Operations	Note 1 - Nature of Operations The Greenbrier Companies, Inc. and its subsidiaries currently operate in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. The segments are operationally integrated. The Manufacturing segment, operating from facilities in the United States, Mexico and Poland, produces double-stack intermodal railcars, tank cars, conventional railcars, automotive railcar products and marine vessels. The Wheels & Parts segment performs wheel and axle servicing in North America and production of a variety of parts for the railroad industry. The Leasing & Services segment owns approximately 8,900 railcars (6,600 railcars held as equipment on operating leases, 2,200 held as leased railcars for syndication and 100 held as finished goods inventory) and provides management services for approximately 264,000 railcars for railroads, shippers, carriers, institutional investors and other leasing and transportation companies in North America. The GBW Joint Venture segment provides repair services at over 30 locations across North America, including more than 10 tank car repair and maintenance facilities certified by the Association of American Railroads (AAR). The results of these operations were included as part of Earnings from unconsolidated affiliates as the Company accounts for their interest in GBW under the equity method of accounting. Through unconsolidated joint ventures the Company also produces rail castings, tank heads and other components and has a direct and indirect 35% ownership stake in a railcar manufacturer in Brazil.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Aug. 31, 2016
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Principles of consolidation Unclassified balance sheet Foreign currency translation Cash and cash equivalents Restricted cash Accounts receivable As of August 31, (In thousands) 2016 2015 2014 Allowance for doubtful accounts Balance at beginning of period $ 2,449 $ 2,033 $ 3,894 Additions, net of reversals 70 684 604 Usage (277 ) (108 ) (2,524 ) Currency translation effect (27 ) (160 ) 59 Balance at end of period $ 2,215 $ 2,449 $ 2,033 Inventories Leased railcars for syndication Equipment on operating leases, net Investment in unconsolidated affiliates Property, plant and equipment Depreciable Buildings and improvements 10 – 25 years Machinery and equipment 3 – 15 years Other 3 – 7 years Goodwill Intangible and other assets, net Impairment of long-lived assets Maintenance obligations Warranty accruals Income taxes Noncontrolling interest Accumulated other comprehensive loss (In thousands) Unrealized Foreign (1) Other Accumulated Balance, August 31, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (5,842 ) (2,166 ) (84 ) (8,092 ) Amounts reclassified from accumulated other comprehensive loss 2,544 – – 2,544 Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) 1 Primarily relates to the foreign currency translation of the Company’s Zloty functional currency operations in Poland to U.S. Dollars. The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Year Ended August 31, Financial Statement Location (In thousands) 2016 2015 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 2,135 $ (457 ) Revenue and Cost of revenue Interest rate swap contracts 1,561 1,786 Interest and foreign exchange 3,696 1,329 Total before tax (1,152 ) (592 ) Tax expense $ 2,544 $ 737 Net of tax Revenue recognition Railcars are generally manufactured, repaired or refurbished under firm orders from third parties. Revenue is recognized when new, used, refurbished or repaired railcars are completed, accepted by an unaffiliated customer and contractual contingencies removed. Marine revenues are either recognized on the percentage of completion method during the construction period or on the completed contract method based on the terms of the contract. Under the percentage of completion method, revenue is recognized based on the progress toward contract completion measured by actual costs incurred to date in relation to the estimate of total expected costs. Under the completed contract method, revenue is not recognized until the project has been fully completed. Cash payments received prior to meeting revenue recognition criteria are accounted for in Deferred revenue. Operating lease revenue is recognized as earned under the lease terms. Certain leases are operated under car hire arrangements whereby revenue is earned based on utilization, car hire rates and terms specified in the lease agreement. The Company sells railcars with leases attached to financial investors. Revenue and cost of revenue associated with railcars that the Company has manufactured are recognized in Manufacturing once sold. Revenue and cost of revenue associated with railcars which were obtained from a third party with the intent to resell them and subsequently sold are recognized in Leasing & Services. In addition the Company will often perform management or maintenance services at market rates for these railcars. The Company evaluates the terms of any remarketing agreements and any contractual provisions that represent retained risk and the level of retained risk based on those provisions. The Company applies a 10% threshold to determine whether the level of retained risk exceeds 10% of the individual fair value of the rail cars delivered. For any contracts with multiple elements (i.e. railcars, maintenance, management services, etc.) the Company allocates revenue among the deliverables primarily based upon objective and reliable evidence of the fair value of each element in the arrangement. If objective and reliable evidence of fair value of any element is not available, the Company will use its estimated selling price for purposes of allocating the total arrangement consideration among the elements. Interest and foreign exchange (In thousands) Years ended August 31, 2016 2015 2014 Interest and foreign exchange: Interest and other expense $ 17,268 $ 18,975 $ 18,306 Foreign exchange (gain) loss (3,766 ) (7,796 ) 389 $ 13,502 $ 11,179 $ 18,695 Research and development Forward exchange contracts Interest rate instruments Net earnings per share 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. Stock-based compensation Restricted stock units and restricted stock are accounted for as equity based awards (see Note 15 – Equity). Phantom stock units are accounted for as liability based awards. Phantom Stock Units The Company began granting phantom stock units during the year ended August 31, 2016. Every phantom stock unit entitles the participant to receive a cash payment equal to the value of a single share of the Company’s common stock upon vesting. The holders of unvested phantom stock units are entitled to participate in dividend equivalents. During the year ended August 31, 2016, the Company awarded 268,161 phantom stock units which include performance-based grants. As of August 31, 2016, there were a total of 133,139 phantom stock units associated with unvested performance-based grants. The actual number of phantom stock units that will vest associated with performance-based phantom stock units will vary depending on the Company’s performance. Approximately 133,139 additional phantom stock units may be granted if performance-based phantom stock units vest at stretch level of performance. These additional units are associated with phantom stock unit awards granted during the year ended August 31, 2016. The grant date fair value of phantom stock awards was $7.9 million for the year ended August 31, 2016. Our phantom stock unit grants are considered liability based awards and therefore are re-measured at the end of each reporting period. Compensation expense is recognized through the earlier of the vesting period or the recipient’s eligible retirement date. Awards are expensed upon grant when the recipient’s eligible retirement date precedes the grant date. Compensation expense related to phantom stock unit grants is recorded in Selling and administrative expense and Cost of revenue on the Company’s Consolidated Statements of Income. Compensation expense recognized related to phantom stock units for the year ended August 31, 2016 was $1.5 million. Unamortized compensation cost related to phantom stock unit grants was $7.5 million as of August 31, 2016. Management estimates Prospective Accounting Changes Revenue from Contracts with Customers 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, Improvements to Employee Share-Based Payment Accounting

Gain on Contribution to Joint V

Gain on Contribution to Joint Venture	12 Months Ended
Gain on Contribution to Joint Venture	Aug. 31, 2016
Gain on Contribution to Joint Venture	Note 3 - Gain on Contribution to Joint Venture On July 18, 2014 the Company and Watco contributed its respective Repair operations to a newly formed entity, GBW, a 50/50 unconsolidated joint venture. The Company accounts for its interest in GBW under the equity method of accounting. Upon formation of GBW, the Company recognized a pre-tax non-cash gain of $29.0 million for the year ended August 31, 2014 which was calculated as the fair value of the Company’s 50% share in GBW, less cash and intangibles contributed to GBW and an allocation of goodwill attributed to the Repair business the Company contributed to GBW. The gain was included as Gain on contribution to joint venture in the Consolidated Statements of Income.

Restructuring

Restructuring	12 Months Ended
Restructuring	Aug. 31, 2016
Restructuring	Note 4 - Restructuring During 2013, the Company implemented a restructuring plan to sell or close certain wheels, repair and parts facilities to enhance margins and improve capital efficiency and completed the restructuring plan during 2014. Restructuring charges related to this plan totaled $1.5 million for the year ended August 31, 2014 and were included in the Consolidated Statement of Income. All of the restructuring charges for the year ended August 31, 2014 related to the Company’s wheels, repair and parts operations. As of August 31, 2016, all amounts related to this plan have been paid.

Inventories

Inventories	12 Months Ended
Inventories	Aug. 31, 2016
Inventories	Note 5 - Inventories As of August 31, (In thousands) 2016 2015 Manufacturing supplies and raw materials $ 240,865 $ 311,880 Work-in-process 68,727 75,032 Finished goods 59,470 61,302 Excess and obsolete adjustment (3,257 ) (2,679 ) $ 365,805 $ 445,535 As of August 31, (In thousands) 2016 2015 2014 Excess and obsolete adjustment Balance at beginning of period $ 2,679 $ 2,866 $ 4,228 Charge to cost of revenue 2,422 2,564 1,945 Disposition of inventory (1,792 ) (2,434 ) (3,307 ) Currency translation effect (52 ) (317 ) – Balance at end of period $ 3,257 $ 2,679 $ 2,866

Equipment on Operating Leases,

Equipment on Operating Leases, net	12 Months Ended
Equipment on Operating Leases, net	Aug. 31, 2016
Equipment on Operating Leases, net	Note 6 - Equipment on Operating Leases, net Equipment on operating leases is reported net of accumulated depreciation of $92.6 million and $96.6 million as of August 31, 2016 and 2015. Depreciation expense was $16.6 million, $9.4 million and $9.8 million as of August 31, 2016, 2015 and 2014. In addition, certain railcar equipment leased-in by the Company on operating leases (see Note 21 Lease Commitments) is subleased to customers under non-cancelable operating leases. Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases are as follows: (In thousands) Year ending August 31, 2017 $ 29,892 2018 24,198 2019 19,177 2020 11,883 2021 4,849 Thereafter 6,463 $ 96,462 Certain equipment is also operated under daily, monthly or car hire utilization arrangements. Associated revenue amounted to $14.7 million, $20.2 million and $24.8 million for the years ended August 31, 2016, 2015 and 2014.

Property, Plant and Equipment,

Property, Plant and Equipment, net	12 Months Ended
Property, Plant and Equipment, net	Aug. 31, 2016
Property, Plant and Equipment, net	Note 7 - Property, Plant and Equipment, net As of August 31, (In thousands) 2016 2015 Land and improvements $ 50,979 $ 46,849 Machinery and equipment 325,100 283,032 Buildings and improvements 147,160 130,577 Construction in progress 42,879 63,518 Other 46,428 41,252 612,546 565,228 Accumulated depreciation (282,556 ) (262,093 ) $ 329,990 $ 303,135 Depreciation expense was $39.2 million, $31.4 million and $25.8 million as of August 31, 2016, 2015 and 2014.

Goodwill

Goodwill	12 Months Ended
Goodwill	Aug. 31, 2016
Goodwill	Note 8 - Goodwill The Company’s goodwill balance of $43.3 million as of August 31, 2016 and 2015 related to our Wheels & Parts segment. The gross goodwill balance before accumulated goodwill impairment losses and other reductions was $195.8 million. Total accumulated goodwill impairment losses and other reductions were $152.5 million, of which $128.2 million related to goodwill impairment losses, all of which occurred prior to 2016. The Company performs a goodwill impairment test annually during the third quarter. Goodwill is also tested more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. The provisions of ASC 350, Intangibles – Goodwill and Other In the first step, the Company compares the fair value of each reporting unit with its carrying value. The Company determines the fair value of the reporting unit based on a weighting of income and market approaches. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows. Under the market approach, the Company estimates the fair value based on observed market multiples for comparable businesses. The Company completed step 1 as part of its annual goodwill impairment test during the third quarter of 2016 and concluded that goodwill was not impaired. As a result, step 2 was not considered necessary.

Intangibles and Other Assets, n

Intangibles and Other Assets, net	12 Months Ended
Intangibles and Other Assets, net	Aug. 31, 2016
Intangibles and Other Assets, net	Note 9 - 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: As of August 31, (In thousands) 2016 2015 Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (37,251 ) (33,828 ) Other intangibles 6,298 3,422 Accumulated amortization (5,967 ) (3,121 ) 28,103 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 14,891 13,111 Nonqualified savings plan investments 15,864 11,815 Debt issuance costs, net 5,597 3,823 Assets held for sale 4,108 4,397 $ 69,475 $ 65,554 Amortization expense for the years ended August 31, 2016, 2015 and 2014 was $6.3 million, $3.7 million and $4.5 million. Amortization expense for the years ending August 31, 2017, 2018, 2019, 2020 and 2021 is expected to be $3.6 million, $3.5 million, $3.4 million, $3.4 million and $3.4 million.

Revolving Notes

Revolving Notes	12 Months Ended
Revolving Notes	Aug. 31, 2016
Revolving Notes	Note 10 - Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $615.6 million as of August 31, 2016. As of August 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 August 31, 2016, lines of credit totaling $15.6 million secured by certain of the Company’s European assets, with various variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.3%, were available for working capital needs of the European manufacturing operation. European credit facilities are continually being renewed. Currently these European credit facilities have maturities that range from February 2017 through June 2017. As of August 31, 2016, 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 August 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	12 Months Ended
Accounts Payable and Accrued Liabilities	Aug. 31, 2016
Accounts Payable and Accrued Liabilities	Note 11 - Accounts Payable and Accrued Liabilities As of August 31, (In thousands) 2016 2015 Trade payables $ 182,334 $ 263,665 Accrued payroll and related liabilities 76,058 70,836 Other accrued liabilities 71,260 64,584 Accrued maintenance 18,646 18,642 Accrued warranty 12,159 11,512 Income taxes payable 3,991 22,465 Other 5,306 3,509 $ 369,754 $ 455,213

Maintenance and Warranty Accrua

Maintenance and Warranty Accruals	12 Months Ended
Maintenance and Warranty Accruals	Aug. 31, 2016
Maintenance and Warranty Accruals	Note 12 - Maintenance and Warranty Accruals As of August 31, (In thousands) 2016 2015 2014 Accrued maintenance Balance at beginning of period $ 18,642 $ 14,329 $ 11,420 Charged to cost of revenue 12,926 13,622 11,423 Payments (12,922 ) (9,309 ) (8,514 ) Balance at end of period $ 18,646 $ 18,642 $ 14,329 Accrued warranty Balance at beginning of period $ 11,512 $ 9,340 $ 12,128 Charged to cost of revenue 6,069 7,206 2,205 Payments (5,299 ) (4,703 ) (5,122 ) Currency translation effect (123 ) (331 ) 129 Balance at end of period $ 12,159 $ 11,512 $ 9,340

Notes Payable

Notes Payable	12 Months Ended
Notes Payable	Aug. 31, 2016
Notes Payable	Note 13 - Notes Payable As of August 31, (In thousands) 2016 2015 Convertible senior notes, due 2018 $ 119,063 $ 119,063 Convertible senior notes, due 2026 – 14,851 Term loans 184,906 192,515 $ 303,969 $ 326,429 Convertible senior notes, due 2018, bear interest at a fixed rate of 3.5%, paid semi-annually in arrears on April 1 st and October 1 st . The convertible notes mature on April 1, 2018, unless earlier repurchased by the Company or converted in accordance with their terms. Holders may convert at their option at any time prior to the business day immediately preceding the stated maturity date. The convertible notes are senior unsecured obligations and rank equally with other senior unsecured debt. The convertible notes are convertible into shares of the Company’s common stock, at an initial conversion rate of 26.2838 shares per $1,000 principal amount of the notes (which is equal to an initial conversion price of $38.05 per share). The initial conversion rate and conversion price are subject to adjustment upon the occurrence of certain events, such as distributions, dividends or stock splits. There were $7.9 million in original debt issuance costs, included in Intangibles and other assets on the Consolidated Balance Sheets, which are being amortized using the effective interest method. The amortization expense is being included in Interest and foreign exchange on the Consolidated Statements of Income. During 2015, $110.9 million in principal of the original $230.0 million was converted into 2.9 million shares of the Company’s common stock which resulted in a principal balance of $119.1 million. Associated debt issuance costs of $1.5 million were removed from Intangibles and other assets, net and charged against additional paid in capital in 2015. Convertible senior notes, due 2026, all of which have been retired, bore interest at a fixed rate of 2.375%, paid semi-annually in arrears on May 15 th and November 15 th . The terms of the 2026 Notes specified dates or events involving certain fundamental changes, where holders could 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). Greenbrier also had an option to redeem all or a portion of the notes at a redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest (the Call Option). During the year ended August 31, 2016, the Company retired the remaining $14.9 million of outstanding 2026 Notes of which $14.0 million was retired pursuant to a scheduled Put Option and $0.9 million was retired pursuant to the Company’s Call Option. Term loans are primarily composed of: • $200 million of senior term debt, with a maturity date of March 2020, which is secured by a pool of leased railcars and cash. The debt bears a floating interest rate of LIBOR plus 1.75% with principal of $1.75 million paid quarterly in arrears and a balloon payment of $159.8 million due at maturity. An interest rate swap agreement was entered into on 50% of the initial balance to swap the floating interest rate of LIBOR plus 1.75% to a fixed rate of 3.7375%. The principal balance as of August 31, 2016 was $184.2 million. • Other term loans with an aggregate balance of $0.7 million as of August 31, 2016 and a maturity date of February 2018. The notes payable, along with the revolving and operating lines of credit, contain certain covenants with respect to the Company and various subsidiaries, the most restrictive of which, among other things, limit the ability to: incur additional indebtedness or guarantees; pay dividends or repurchase stock; enter into sale leaseback transactions; create liens; sell assets; engage in transactions with affiliates, including joint ventures and non U.S. subsidiaries, including but not limited to loans, advances, equity investments and guarantees; enter into mergers, consolidations or sales of substantially all the Company’s assets; and enter into new lines of business. The covenants also require certain maximum ratios of debt to total capitalization and minimum levels of fixed charges (interest and rent) coverage. Principal payments on the notes payable are expected as follows: (In thousands) Year ending August 31, 2017 $ 7,437 2018 (1) 126,282 2019 7,000 2020 163,250 2021 – Thereafter – $ 303,969 (1) The repayment of the $119.1 million of Convertible senior notes due 2018 is assumed to occur at the scheduled maturity in 2018 instead of assuming an earlier conversion by the holders.

Derivative Instruments

Derivative Instruments	12 Months Ended
Derivative Instruments	Aug. 31, 2016
Derivative Instruments	Note 14 - 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 August 31, 2016 exchange rates, forward exchange contracts for the purchase of Polish Zlotys and the sale of Euros and U.S. Dollars; and for the purchase of U.S. Dollars and the sale of Saudi Riyals aggregated to $405.2 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 August 31, 2016 exchange rates, approximately $2.5 million would be reclassified to revenue in the next 12 months. At August 31, 2016, an interest rate swap agreement maturing in March 2020 had a notional amount of $92.1 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 August 31, 2016 interest rates, approximately $1.3 million would be reclassified to interest expense in the next 12 months. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives August 31, August 31, 2016 2015 2016 2015 (In thousands) Balance sheet location Fair Fair Value Balance sheet location Fair Value Fair Value Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,570 $ 1,820 Accounts payable and accrued liabilities $ 4,287 $ 737 Interest rate swap contracts Intangibles and other assets, net – – Accounts payable and accrued liabilities 3,157 2,393 $ 1,570 $ 1,820 $ 7,444 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 25 $ 93 Accounts payable and accrued liabilities $ 22 $ 76 The Effect of Derivative Instruments on the Consolidated Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in Gain (loss) recognized in Years ended 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ 336 $ (366 ) Interest rate swap contracts Interest and foreign exchange 90 60 $ 426 $ (306 ) Derivatives in cash flow hedging relationships Gain (loss) Years Location of Gain (loss) Years Location of Gain Years 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (4,698) $ 457 Revenue $ (1,224) $ 457 Revenue $ 138 $ 2,843 Foreign forward exchange contracts (944) – Cost of revenue (911) – Cost of revenue 121 – Interest rate swap contracts (2,354) (2,936 ) Interest and foreign exchange (1,561) (1,786 ) Interest and foreign exchange – – $ (7,996) $ (2,479 ) $ (3,696) $ (1,329 ) $ 259 $ 2,843

Equity

Equity	12 Months Ended
Equity	Aug. 31, 2016
Equity	Note 15 - Equity Stock Incentive Plan The 2014 Amended and Restated Stock Incentive Plan provides for the grant of incentive stock options, non-statutory stock options, restricted shares, restricted stock units and stock appreciation rights. The maximum aggregate number of the Company’s common shares authorized for issuance is 4,325,000. On August 31, 2016 there were 476,770 shares available for grant compared to 905,139 and 1,144,143 shares available for grant as of the years ended August 31, 2015 and 2014. There are no stock options or stock appreciation rights outstanding as of August 31, 2016. The Company currently grants restricted shares and restricted stock units. Restricted share grants are considered outstanding shares of common stock at the time they are issued. The holders of unvested restricted shares are entitled to voting rights and participation in dividends. The dividends are not forfeitable if the awards are later forfeited prior to vesting. Shares associated with restricted stock unit awards are not considered legally outstanding shares of common stock until vested. Restricted stock unit awards, including performance-based awards, are entitled to participate in dividends and these awards are considered participating securities and are considered outstanding for earnings per share purposes when the effect is dilutive. During the years ended August 31, 2016, 2015 and 2014, the Company awarded restricted share and restricted stock unit grants totaling 447,895, 402,196 and 269,665 shares which include performance-based grants. As of August 31, 2016, there were a total of 495,137 shares associated with unvested performance-based grants. The actual number of shares that will vest associated with performance-based grants will vary depending on the Company’s performance. Approximately 495,137 additional shares may be granted if performance-based restricted stock unit awards vest at stretch levels of performance. These additional shares are associated with restricted stock unit awards granted during the years ended August 31, 2016, 2015 and 2014. The fair value of awards granted was $12.5 million, $24.6 million and $13.1 million for the years ended August 31, 2016, 2015 and 2014. The value, at the date of grant, of stock awarded under restricted share grants and restricted stock unit grants is amortized as compensation expense over the lesser of the vesting period of one to three years or to the recipients eligible retirement date. Compensation expense recognized related to restricted share grants and restricted stock unit grants for the years ended August 31, 2016, 2015 and 2014 was $22.5 million, $19.5 million and $11.3 million and was recorded in Selling and administrative and Cost of Revenue on the Consolidated Statements of Income. Unamortized compensation cost related to restricted stock grants was $22.3 million as of August 31, 2016. The unvested restricted share and restricted stock unit grants were 902,068 and 815,496 as of August 31, 2016 and 2015. The following table summarizes restricted share and restricted stock unit grant transactions for shares, both vested and unvested, under the 2014 Amended and Restated Stock Incentive Plan: Shares Balance at August 31, 2013 (1) 2,940,003 Granted 269,665 Forfeited (28,811 ) Balance at August 31, 2014 (1) 3,180,857 Granted 402,196 Forfeited (163,192 ) Balance at August 31, 2015 (1) 3,419,861 Granted 447,895 Forfeited (19,526 ) Balance at August 31, 2016 (1) 3,848,230 (1) Balance represents cumulative grants net of forfeitures. Share Repurchase Program Since October 2013, the Board of Directors has authorized the Company to repurchase in aggregate up to $225 million of the Company’s common stock. The program may be modified, suspended or discontinued at any time without prior notice. Under the share repurchase program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time-to-time. The timing and amount of purchases will be based upon market conditions, securities law limitations and other factors. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period. During the year ended August 31, 2016 and August 31, 2015, the Company repurchased a total of 1,054,687 shares for approximately $32.4 million and 1,386,993 shares for approximately $70.2 million, respectively, under these share repurchase programs. As of August 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 which has an expiration date of January 1, 2018.

Earnings per Share

Earnings per Share	12 Months Ended
Earnings per Share	Aug. 31, 2016
Earnings per Share	Note 16 - Earnings per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Years ended August 31, (In thousands) 2016 2015 2014 Weighted average basic common shares outstanding (1) 29,156 28,151 28,164 Dilutive effect of 2018 Convertible notes (2) 3,214 5,130 6,045 Dilutive effect of 2026 Convertible notes (3) – 2 – Dilutive effect of performance based restricted stock units (4) 98 45 – Weighted average diluted common shares outstanding 32,468 33,328 34,209 (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. No restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2016, 2015 and 2014. (2) The dilutive effect of the 2018 Convertible notes was included for the years ended August, 2016, 2015 and 2014 as they were considered dilutive under the “if converted” method as further discussed below. (3) The 2026 Convertible notes were retired during 2016. The effect of the 2026 Convertible notes was excluded for the years ended August 31, 2016 and 2014 as the average stock price was less than $48.05 and therefore the notes were considered anti-dilutive. The dilutive effect of the 2026 Convertible notes was included for the year ended August 31, 2015 as the average stock price was greater than $48.05, as further described below. (4) Restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position. Dilutive EPS is calculated using the more dilutive of two approaches. The first approach includes the dilutive effect, using the treasury stock method, associated with shares underlying the 2026 Convertible notes and performance based restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved. The second approach supplements the first by including the “if converted” effect of the 2018 Convertible notes issued in March 2011. Under the “if converted” method, debt issuance and interest costs, both net of tax, associated with the convertible notes are added back to net earnings and the share count is increased by the shares underlying the convertible notes. The 2026 Convertible notes are included in the calculation of both approaches using the treasury stock method when the average stock price is greater than the applicable conversion price. Years ended August 31, 2016 2015 2014 Net earnings attributable to Greenbrier $ 183,213 $ 192,832 $ 111,919 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 2,695 4,818 5,664 Earnings before interest and debt issuance costs on convertible notes $ 185,908 $ 197,650 $ 117,583 Weighted average diluted common shares outstanding 32,468 33,328 34,209 Diluted earnings per share (1) $ 5.73 $ 5.93 $ 3.44 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Aug. 31, 2016
Related Party Transactions	Note 17 - Related Party Transactions In July 2014, the Company and Watco completed the formation of GBW, an unconsolidated 50/50 joint venture. The Company accounts for its interest in GBW under the equity method of accounting. The Company leases real and personal property to GBW with lease revenue totaling $4.9 million for the years ended August 31, 2016 and 2015. The Company sold wheel sets and components to GBW which totaled $28.5 million and $25.4 million for the years ended August 31, 2016 and 2015, respectively. GBW provided Repair services to the Company which totaled $1.3 million and $2.4 million for the years ended August 31, 2016 and 2015, respectively. As of August 31, 2016, the Company had a $36.5 million note receivable balance from GBW. 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 with the intent 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. The transaction was approved by the Company’s disinterested, independent directors. During the year ended August 31, 2016, the Company sold to third parties 3,406 of these railcars with the underlying leases attached for $167.2 million. The Company recognized revenue on 3,017 of these railcars for $159.4 million and deferred revenue recognition on 389 of these railcars for $7.8 million due to the Company’s continuing involvement. The remaining 479 railcars are anticipated to be sold or disposed of in the next year. 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 assumed equity portion of its 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 year ended August 31, 2016, the Company paid a total of $7.2 million to WL Ross pursuant to this profit sharing agreement and as of August 31, 2016 has accrued an additional $8.7 million that it anticipates will be paid to WL Ross in the future. William Furman, Chairman of the Board, President and Chief Executive Officer of the Company, also served as director of Schnitzer Steel Industries, Inc. (Schnitzer) until January 2016. In the normal course of business, the Company sells scrap metal to Schnitzer. During the years ended August 31, 2016, 2015 and 2014, the Company sold scrap metal to Schnitzer totaling $2.0 million, $3.5 million and $3.0 million, respectively. Mr. Furman is the owner of a private aircraft managed by a private independent management company. From time to time, the Company’s business requires charter use of privately-owned aircraft. In such instances, it is possible that charters may be placed on Mr. Furman’s aircraft. The Company placed charters on Mr. Furman’s aircraft aggregating $0.8 million, $0.5 million and $0.5 million for each of the years ended August 31, 2016, 2015 and 2014, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Aug. 31, 2016
Income Taxes	Note 18 - Income Taxes Components of income tax expense of continuing operations were as follows: Years ended August 31, (In thousands) 2016 2015 2014 Current Federal $ 66,455 $ 92,525 $ 49,795 State 4,595 6,349 3,791 Foreign 50,299 32,748 23,229 121,349 131,622 76,815 Deferred Federal (6,199 ) (13,565 ) (79 ) State (1,174 ) (1,112 ) (1,142 ) Foreign (1,644 ) (4,423 ) (3,148 ) (9,017 ) (19,100 ) (4,369 ) Change in valuation allowance (10 ) (362 ) (45 ) Income Tax Expense $ 112,322 $ 112,160 $ 72,401 Income tax expense is computed at rates different from statutory rates. The reconciliation between effective and statutory tax rates on operations is as follows: Years ended August 31, 2016 2015 2014 Federal statutory rate 35.0% 35.0% 35.0% State income taxes, net of federal benefit 0.7 1.0 1.3 Impact of foreign operations 0.1 (0.5 ) (0.8 ) Change in valuation allowance related to deferred tax asset – (0.1 ) – Noncontrolling interest in flow-through entity (7.4 ) (5.7 ) (5.3 ) Permanent differences and other – 0.2 0.7 Non-deductible goodwill – – 1.9 Effective Tax Rate 28.4% 29.9% 32.8% Earnings before income tax and earnings from unconsolidated affiliates for the years ended August 31, 2016, 2015 and 2014 were $264.8 million, $292.6 million and $161.1 million, respectively, for our domestic U.S. operations and $130.3 million, $83.1 million and $59.7 million, respectively, for our foreign operations. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities were as follows: As of August 31, (In thousands) 2016 2015 Deferred tax assets: Accrued payroll and related liabilities $ 26,384 $ 21,083 Deferred revenue 18,533 7,575 Maintenance and warranty accruals 10,604 11,037 Inventories and other 7,599 9,612 Derivative instruments and translation adjustment 1,153 858 Investment and asset tax credits 511 776 Net operating losses 429 689 Contract placement – 1,828 65,213 53,458 Deferred tax liabilities: Fixed assets 97,490 87,031 Investment in GBW Joint Venture 16,144 16,356 Original issue discount – 4,036 Intangibles 3,212 3,030 Deferred gain on redemption of debt 1,718 2,611 Other (2,344 ) 357 116,220 113,421 Valuation allowance 612 694 Net deferred tax liability $ 51,619 $ 60,657 As of August 31, 2016 the Company had $0.7 million of state net operating loss (NOL) carryforwards that will begin to expire in 2020, $0.4 million of state credit carryforwards that will begin to expire in 2021, and $3.7 million of foreign NOL carryforwards that will begin to expire in 2017. The Company has placed valuation allowances against any deferred tax assets for which no benefit is anticipated, including those for loss and credit carryforwards likely to expire before their expiration dates. The net decrease in the total valuation allowance was approximately $0.1 million for the year ended August 31, 2016. The Company uses tax law ordering for purposes of determining when excess tax benefits have been realized. During the current year the Company also realized excess tax benefits of $2.8 million from the vesting of restricted stock awards. The net decrease in the total valuation allowance on deferred taxes for which no benefit is anticipated was approximately $0.1 million for the year ended August 31, 2016. No provision has been made for U.S. income taxes on approximately $160.1 million of cumulative undistributed earnings of certain foreign subsidiaries because the Company plans to reinvest these earnings indefinitely in operations outside the U.S. Generally, such amounts become subject to U.S. taxation upon the remittance of dividends and under certain other circumstances. It is not practicable to estimate the amount of deferred tax liability related to investments in foreign subsidiaries. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: Years ended August 31, (In thousands) 2016 2015 2014 Unrecognized Tax Benefit – Opening Balance $ 1,275 $ 1,268 $ 1,289 Gross increases – tax positions in prior period 22 18 18 Gross decreases – tax positions in prior period – – – Settlements – – – Lapse of statute of limitations (124 ) (11 ) (39 ) Unrecognized Tax Benefit – Ending Balance $ 1,173 $ 1,275 $ 1,268 The Company is subject to taxation in the U.S. and in various states and foreign jurisdictions. The Company is no longer subject to U.S. Federal examination for fiscal years ending before 2013, to state and local examinations before 2012, or to foreign examinations before 2011. Unrecognized tax benefits, excluding interest, at August 31, 2016 were $0.9 million, of which $0.6 million, if recognized, would affect the effective tax rate. The unrecognized tax benefits at August 31, 2015 were $1.0 million. Accrued interest on reserves for uncertain tax positions as of August 31, 2016 and 2015 was $0.2 million and $0.3 million, respectively. The Company recorded annual interest benefits of less than $0.1 million for changes in the reserves during each of the years ended August 31, 2016 and 2015. The Company had not accrued any penalties on the reserves. Interest and penalties related to income taxes are not classified as a component of income tax expense. Benefits from the realization of unrecognized tax benefits for deductible differences attributable to ordinary operations will be recognized as a reduction of income tax expense. The Company does not anticipate a significant decrease in the reserves for uncertain tax positions during the next twelve months.

Segment Information

Segment Information	12 Months Ended
Segment Information	Aug. 31, 2016
Segment Information	Note 19 - 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 the same as those described in the summary of significant accounting policies. 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 year ended August 31, 2016: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 2,096,331 $ 89,158 $ 2,185,489 $ 415,094 $ 24,299 $ 439,393 Wheels & Parts 322,395 32,436 354,831 19,948 2,602 22,550 Leasing & Services 260,798 13,101 273,899 51,723 13,101 64,824 Eliminations – (134,695 ) (134,695 ) – (40,002 ) (40,002 ) Corporate – – – (78,213 ) – (78,213 ) $ 2,679,524 $ – $ 2,679,524 $ 408,552 $ – $ 408,552 For the year ended August 31, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 2,136,051 $ 7,534 $ 2,143,585 $ 396,921 $ 795 $ 397,716 Wheels & Parts 371,237 27,257 398,494 27,563 2,629 30,192 Leasing & Services 97,990 62,600 160,590 41,887 62,600 104,487 Eliminations – (97,391 ) (97,391 ) – (66,024 ) (66,024 ) Corporate – – – (79,479 ) – (79,479 ) $ 2,605,278 $ – $ 2,605,278 $ 386,892 $ – $ 386,892 For the year ended August 31, 2014: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 1,624,916 $ 790 $ 1,625,706 $ 202,555 $ 61 $ 202,616 Wheels & Parts 495,627 11,833 507,460 40,597 442 41,039 Leasing & Services 83,419 25,973 109,392 41,055 25,973 67,028 Eliminations – (38,596 ) (38,596 ) – (26,476 ) (26,476 ) Corporate – – – (44,687 ) – (44,687 ) $ 2,203,962 $ – $ 2,203,962 $ 239,520 $ – $ 239,520 Years ended August 31, (In thousands) 2016 2015 2014 Assets: Manufacturing $ 701,296 $ 675,409 $ 521,711 Wheels & Parts 275,599 291,798 298,009 Leasing & Services 518,263 549,073 436,075 Unallocated 342,732 274,232 261,373 $ 1,837,890 $ 1,790,512 $ 1,517,168 Depreciation and amortization: Manufacturing $ 27,137 $ 20,668 $ 15,341 Wheels & Parts 11,971 11,748 12,582 Leasing & Services 24,237 12,740 12,499 $ 63,345 $ 45,156 $ 40,422 Capital expenditures: Manufacturing $ 51,294 $ 84,354 $ 55,979 Wheels & Parts 10,190 9,381 8,774 Leasing & Services 77,529 12,254 5,474 $ 139,013 $ 105,989 $ 70,227 The following table summarizes selected geographic information. Years ended August 31, (In thousands) 2016 2015 2014 Revenue (1) U.S. $ 2,297,501 $ 2,404,266 $ 1,998,579 Foreign 382,023 201,012 205,383 $ 2,679,524 $ 2,605,278 $ 2,203,962 Identifiable assets: U.S. $ 957,790 $ 1,184,811 $ 1,115,473 Mexico 788,878 524,724 321,391 Europe 91,222 80,977 80,304 $ 1,837,890 $ 1,790,512 $ 1,517,168 (1) Revenue is presented on the basis of geographic location of customers. Reconciliation of Earnings from operations to Earnings before income tax and earnings from unconsolidated affiliates: Years ended August 31, (In thousands) 2016 2015 2014 Earnings from operations $ 408,552 $ 386,892 $ 239,520 Interest and foreign exchange 13,502 11,179 18,695 Earnings before income tax and earnings from unconsolidated affiliates $ 395,050 $ 375,713 $ 220,825 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 for 2016, 2015 and 2014 are included in the tables below. Years ended August 31, (In thousands) 2016 2015 2014 (1) GBW Joint Venture: Revenue $ 373,490 $ 349,849 $ 38,549 Earnings (loss) from operations $ 8,558 $ (1,160 ) $ 702 Assets (2) $ 247,610 $ 239,871 $ 210,631 Depreciation and amortization $ 7,676 $ 4,590 $ 470 Capital expenditures $ 16,110 $ 26,396 $ 1,255 (1) 2014 includes activity after July 18, 2014, the date GBW was formed. (2) Includes goodwill and intangible assets of $93.4 million, $96.9 million and $100.2 million as of August 31, 2016, 2015 and 2014.

Customer Concentration

Customer Concentration	12 Months Ended
Customer Concentration	Aug. 31, 2016
Customer Concentration	Note 20 - Customer Concentration Customer concentration is defined as a single customer that accounts for more than 10% of total revenues or accounts receivable. In 2016, revenue from two customers represented 17% and 14% of total revenue. In 2015, revenue from one customer represented 17% of total revenue. In 2014, revenue from two customers represented 24% and 17% of total revenue, respectively. No other customers accounted for more than 10% of total revenues for the years ended August 31, 2016, 2015, or 2014. Two customers had balances that individually equaled or exceeded 10% of accounts receivable and represented 23% and 11% of the consolidated accounts receivable balance at August 31, 2016. Two customers had balances that individually equaled or exceeded 10% of accounts receivable and represented 28% and 12% of the consolidated accounts receivable balance at August 31, 2015.

Lease Commitments

Lease Commitments	12 Months Ended
Lease Commitments	Aug. 31, 2016
Lease Commitments	Note 21 - Lease Commitments Lease expense for railcar equipment leased-in under non-cancelable leases was $6.6 million, $6.3 million and $6.8 million for the years ended August 31, 2016, 2015 and 2014. Aggregate minimum future amounts payable under these non-cancelable railcar equipment leases are as follows: (In thousands) Year ending August 31, 2017 $ 6,756 2018 6,158 2019 5,022 2020 4,056 2021 1,181 Thereafter 3,817 $ 26,990 Operating leases for domestic railcar repair facilities, office space and certain manufacturing and office equipment expire at various dates through May 2022. Rental expense for facilities, office space and equipment was $9.3 million, $9.3 million and $12.3 million for the years ended August 31, 2016, 2015 and 2014. Aggregate minimum future amounts payable under these non-cancelable operating leases are as follows: (In thousands) Year ending August 31, 2017 $ 4,716 2018 3,241 2019 2,960 2020 2,773 2021 1,644 Thereafter 340 15,674

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Aug. 31, 2016
Commitments and Contingencies	Note 22 - 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 accepted comments from the public on its Proposed Plan through September 6, 2016. The EPA’s FS includes remediation alternatives that would take from 4 to 62 years of active remediation, with an estimated 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. The 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 the Company’s 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 $2.6 million in third party warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of August 31, 2016, the Mexican joint venture had $0.7 million of third party debt outstanding, for which the Company and its joint venture partner had each guaranteed approximately $0.3 million. As of August 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 $7.9 million in cash contributions and $5.0 million in loans to GBW, an unconsolidated 50/50 joint venture, for the year ended August 31, 2016. The Company is likely to make additional capital contributions or loans to GBW in the future. As of August 31, 2016, the Company had a $36.5 million note receivable balance from GBW which is included on the Consolidated Balance Sheet in Accounts receivable, net.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Aug. 31, 2016
Fair Value of Financial Instruments	Note 23 - Fair Value of Financial Instruments The estimated fair values of financial instruments and the methods and assumptions used to estimate such fair values are as follows: (In thousands) Carrying Amount Estimated Fair Value (Level 2) Notes payable as of August 31, 2016 $ 303,969 $ 314,687 Notes payable as of August 31, 2015 $ 326,429 $ 345,350 The carrying amount of cash and cash equivalents, accounts and notes receivable, revolving notes, accounts payable and accrued liabilities, foreign currency forward contracts and interest rate swaps is a reasonable estimate of fair value of these financial instruments. Estimated rates currently available to the Company for debt with similar terms and remaining maturities and current market data are used to estimate the fair value of notes payable.

Fair Value Measures

Fair Value Measures	12 Months Ended
Fair Value Measures	Aug. 31, 2016
Fair Value Measures	Note 24 - 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 which prioritizes the inputs used in measuring a 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 August 31, 2016 are: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,595 $ – $ 1,595 $ – Nonqualified savings plan investments 15,864 15,864 – – Cash equivalents 5,077 5,077 – – $ 22,536 $ 20,941 $ 1,595 $ – Liabilities: Derivative financial instruments $ 7,466 $ – $ 7,466 $ – (1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2015 are: (In thousands) Total Level 1 Level 2 (1) 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 $ – (1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion.

Subsequent Event

Subsequent Event	12 Months Ended
Subsequent Event	Aug. 31, 2016
Subsequent Event	Note 25 - Subsequent Event In October 2016, the Company entered into an agreement with Astra Rail Management GmbH (Astra) to form a new company, Greenbrier-Astra Rail, which will create an end-to-end, Europe-based freight railcar manufacturing, engineering and repair business. The combined enterprise will be formed between Greenbrier’s European operations headquartered in Swidnica, Poland and Astra Rail based in Germany and Arad, Romania. It will be led by an experienced Europe-based management team from both companies. Greenbrier-Astra Rail will offer manufacturing and service capability in Europe with greater scale and efficiency for current customers. It also provides the opportunity to pursue growth in railcar markets in the GCC nations and Eurasia. Greenbrier-Astra Rail will be controlled by Greenbrier with an approximate 75% interest. As partial consideration for its majority interest, Greenbrier will pay Astra Rail €30 million at closing and €30 million 12 months after closing. Greenbrier will provide a guarantee in connection with the €30 million to be paid to Astra twelve months after the closing. Closing of the transaction is contingent on, among other conditions, achieving antitrust approval in certain EU countries.

Quarterly Results of Operations

Quarterly Results of Operations (Unaudited)	12 Months Ended
Quarterly Results of Operations (Unaudited)	Aug. 31, 2016
Quarterly Results of Operations (Unaudited)	Quarterly Results of Operations (Unaudited) (In thousands, except per share amount) First Second Third Fourth Total 2016 Revenue Manufacturing $ 698,661 $ 454,531 $ 458,494 $ 484,645 $ 2,096,331 Wheels & Parts 78,729 90,458 78,417 74,791 322,395 Leasing & Services 24,999 124,090 75,955 35,754 260,798 802,389 669,079 612,866 595,190 2,679,524 Cost of revenue Manufacturing 533,033 361,827 352,775 382,919 1,630,554 Wheels & Parts 73,002 81,388 69,818 69,543 293,751 Leasing & Services 11,589 105,973 63,175 23,045 203,782 617,624 549,188 485,768 475,507 2,128,087 Margin 184,765 119,891 127,098 119,683 551,437 Selling and administrative 36,549 38,244 43,280 40,608 158,681 Net gain on disposition of equipment (269 ) (10,746 ) (311 ) (4,470 ) (15,796 ) Earnings from operations 148,485 92,393 84,129 83,545 408,552 Other costs Interest and foreign exchange 5,436 1,417 3,712 2,937 13,502 Earnings before income tax and earnings (loss) from unconsolidated affiliates 143,049 90,976 80,417 80,608 395,050 Income tax expense (44,719 ) (25,734 ) (22,449 ) (19,420 ) (112,322 ) Earnings (loss) from unconsolidated affiliates 383 974 1,564 (825 ) 2,096 Net earnings 98,713 66,216 59,532 60,363 284,824 Net earnings attributable to noncontrolling interest (29,280 ) (21,348 ) (24,180 ) (26,803 ) (101,611 ) Net earnings attributable to Greenbrier $ 69,433 $ 44,868 $ 35,352 $ 33,560 $ 183,213 Basic earnings per common share: (1) $ 2.36 $ 1.54 $ 1.22 $ 1.15 $ 6.28 Diluted earnings per common share: (1) $ 2.15 $ 1.41 $ 1.12 $ 1.06 $ 5.73 (1) Quarterly amounts may not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings. Quarterly Results of Operations (Unaudited) (In thousands, except per share amount) First Second Third Fourth Total 2015 Revenue Manufacturing $ 379,949 $ 505,241 $ 593,376 $ 657,485 $ 2,136,051 Wheels & Parts 86,624 102,640 97,407 84,566 371,237 Leasing & Services 28,485 22,268 23,823 23,414 97,990 495,058 630,149 714,606 765,465 2,605,278 Cost of revenue Manufacturing 316,037 403,227 465,658 506,492 1,691,414 Wheels & Parts 76,872 92,768 89,645 75,395 334,680 Leasing & Services 14,081 8,844 10,017 8,889 41,831 406,990 504,839 565,320 590,776 2,067,925 Margin 88,068 125,310 149,286 174,689 537,353 Selling and administrative 33,729 32,899 45,595 39,568 151,791 Net gain on disposition of equipment (83 ) (121 ) (720 ) (406 ) (1,330 ) Earnings from operations 54,422 92,532 104,411 135,527 386,892 Other costs Interest and foreign exchange 3,141 1,929 4,285 1,824 11,179 Earnings before income tax and earnings (loss) from unconsolidated affiliates 51,281 90,603 100,126 133,703 375,713 Income tax expense (16,054 ) (29,372 ) (30,783 ) (35,951 ) (112,160 ) Earnings (loss) from unconsolidated affiliates 755 (185 ) 982 204 1,756 Net earnings 35,982 61,046 70,325 97,956 265,309 Net earnings attributable to noncontrolling interest (3,196 ) (10,695 ) (27,514 ) (31,072 ) (72,477 ) Net earnings attributable to Greenbrier $ 32,786 $ 50,351 $ 42,811 $ 66,884 $ 192,832 Basic earnings per common share: (1) $ 1.19 $ 1.86 $ 1.54 $ 2.23 $ 6.85 Diluted earnings per common share: (1) $ 1.01 $ 1.57 $ 1.33 $ 2.02 $ 5.93 (1) Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings.

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 31, 2016
Principles of consolidation	Principles of consolidation
Unclassified balance sheet	Unclassified balance sheet
Foreign currency translation	Foreign currency translation
Cash and cash equivalents	Cash and cash equivalents
Restricted cash	Restricted cash
Accounts receivable	Accounts receivable As of August 31, (In thousands) 2016 2015 2014 Allowance for doubtful accounts Balance at beginning of period $ 2,449 $ 2,033 $ 3,894 Additions, net of reversals 70 684 604 Usage (277 ) (108 ) (2,524 ) Currency translation effect (27 ) (160 ) 59 Balance at end of period $ 2,215 $ 2,449 $ 2,033
Inventories	Inventories
Leased railcars for syndication	Leased railcars for syndication
Equipment on operating leases, net	Equipment on operating leases, net
Investment in unconsolidated affiliates	Investment in unconsolidated affiliates
Property, plant and equipment	Property, plant and equipment Depreciable Buildings and improvements 10 – 25 years Machinery and equipment 3 – 15 years Other 3 – 7 years
Goodwill	Goodwill
Intangible and other assets, net	Intangible and other assets, net
Impairment of long-lived assets	Impairment of long-lived assets
Maintenance obligations	Maintenance obligations
Warranty accruals	Warranty accruals
Income taxes	Income taxes
Noncontrolling interest	Noncontrolling interest
Accumulated other comprehensive loss	Accumulated other comprehensive loss (In thousands) Unrealized Foreign (1) Other Accumulated Balance, August 31, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (5,842 ) (2,166 ) (84 ) (8,092 ) Amounts reclassified from accumulated other comprehensive loss 2,544 – – 2,544 Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) 1 Primarily relates to the foreign currency translation of the Company’s Zloty functional currency operations in Poland to U.S. Dollars. The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Year Ended August 31, Financial Statement Location (In thousands) 2016 2015 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 2,135 $ (457 ) Revenue and Cost of revenue Interest rate swap contracts 1,561 1,786 Interest and foreign exchange 3,696 1,329 Total before tax (1,152 ) (592 ) Tax expense $ 2,544 $ 737 Net of tax
Revenue recognition	Revenue recognition Railcars are generally manufactured, repaired or refurbished under firm orders from third parties. Revenue is recognized when new, used, refurbished or repaired railcars are completed, accepted by an unaffiliated customer and contractual contingencies removed. Marine revenues are either recognized on the percentage of completion method during the construction period or on the completed contract method based on the terms of the contract. Under the percentage of completion method, revenue is recognized based on the progress toward contract completion measured by actual costs incurred to date in relation to the estimate of total expected costs. Under the completed contract method, revenue is not recognized until the project has been fully completed. Cash payments received prior to meeting revenue recognition criteria are accounted for in Deferred revenue. Operating lease revenue is recognized as earned under the lease terms. Certain leases are operated under car hire arrangements whereby revenue is earned based on utilization, car hire rates and terms specified in the lease agreement. The Company sells railcars with leases attached to financial investors. Revenue and cost of revenue associated with railcars that the Company has manufactured are recognized in Manufacturing once sold. Revenue and cost of revenue associated with railcars which were obtained from a third party with the intent to resell them and subsequently sold are recognized in Leasing & Services. In addition the Company will often perform management or maintenance services at market rates for these railcars. The Company evaluates the terms of any remarketing agreements and any contractual provisions that represent retained risk and the level of retained risk based on those provisions. The Company applies a 10% threshold to determine whether the level of retained risk exceeds 10% of the individual fair value of the rail cars delivered. For any contracts with multiple elements (i.e. railcars, maintenance, management services, etc.) the Company allocates revenue among the deliverables primarily based upon objective and reliable evidence of the fair value of each element in the arrangement. If objective and reliable evidence of fair value of any element is not available, the Company will use its estimated selling price for purposes of allocating the total arrangement consideration among the elements.
Interest and foreign exchange	Interest and foreign exchange (In thousands) Years ended August 31, 2016 2015 2014 Interest and foreign exchange: Interest and other expense $ 17,268 $ 18,975 $ 18,306 Foreign exchange (gain) loss (3,766 ) (7,796 ) 389 $ 13,502 $ 11,179 $ 18,695
Research and development	Research and development
Net earnings per share	Net earnings per share 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.
Stock-based compensation	Stock-based compensation Restricted stock units and restricted stock are accounted for as equity based awards (see Note 15 – Equity). Phantom stock units are accounted for as liability based awards. Phantom Stock Units The Company began granting phantom stock units during the year ended August 31, 2016. Every phantom stock unit entitles the participant to receive a cash payment equal to the value of a single share of the Company’s common stock upon vesting. The holders of unvested phantom stock units are entitled to participate in dividend equivalents. During the year ended August 31, 2016, the Company awarded 268,161 phantom stock units which include performance-based grants. As of August 31, 2016, there were a total of 133,139 phantom stock units associated with unvested performance-based grants. The actual number of phantom stock units that will vest associated with performance-based phantom stock units will vary depending on the Company’s performance. Approximately 133,139 additional phantom stock units may be granted if performance-based phantom stock units vest at stretch level of performance. These additional units are associated with phantom stock unit awards granted during the year ended August 31, 2016. The grant date fair value of phantom stock awards was $7.9 million for the year ended August 31, 2016. Our phantom stock unit grants are considered liability based awards and therefore are re-measured at the end of each reporting period. Compensation expense is recognized through the earlier of the vesting period or the recipient’s eligible retirement date. Awards are expensed upon grant when the recipient’s eligible retirement date precedes the grant date. Compensation expense related to phantom stock unit grants is recorded in Selling and administrative expense and Cost of revenue on the Company’s Consolidated Statements of Income. Compensation expense recognized related to phantom stock units for the year ended August 31, 2016 was $1.5 million. Unamortized compensation cost related to phantom stock unit grants was $7.5 million as of August 31, 2016.
Management estimates	Management estimates
Prospective accounting changes	Prospective Accounting Changes Revenue from Contracts with Customers 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, Improvements to Employee Share-Based Payment Accounting
Foreign Exchange Contracts
Derivatives	Forward exchange contracts
Interest rate swap contracts
Derivatives	Interest rate instruments

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Aug. 31, 2016
Allowance for Doubtful Accounts	Accounts receivable includes receivables from related parties (see Note 17 – Related Party Transactions) and is stated net of allowance for doubtful accounts of $2.2 million and $2.4 million as of August 31, 2016 and 2015. As of August 31, (In thousands) 2016 2015 2014 Allowance for doubtful accounts Balance at beginning of period $ 2,449 $ 2,033 $ 3,894 Additions, net of reversals 70 684 604 Usage (277 ) (108 ) (2,524 ) Currency translation effect (27 ) (160 ) 59 Balance at end of period $ 2,215 $ 2,449 $ 2,033
Estimated Useful Lives	Depreciation is provided on the straight-line method over estimated useful lives which are as follows: Depreciable Buildings and improvements 10 – 25 years Machinery and equipment 3 – 15 years Other 3 – 7 years
Components of Accumulated Other Comprehensive Loss, Net of Tax	Accumulated other comprehensive loss, net of tax as appropriate, consisted of the following: (In thousands) Unrealized Foreign (1) Other Accumulated Balance, August 31, 2015 $ (2,194 ) $ (18,666 ) $ (345 ) $ (21,205 ) Other comprehensive loss before reclassifications (5,842 ) (2,166 ) (84 ) (8,092 ) Amounts reclassified from accumulated other comprehensive loss 2,544 – – 2,544 Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) 1 Primarily relates to the foreign currency translation of the Company’s Zloty functional currency operations in Poland to U.S. Dollars.
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Year Ended August 31, Financial Statement Location (In thousands) 2016 2015 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 2,135 $ (457 ) Revenue and Cost of revenue Interest rate swap contracts 1,561 1,786 Interest and foreign exchange 3,696 1,329 Total before tax (1,152 ) (592 ) Tax expense $ 2,544 $ 737 Net of tax
Interest and Foreign Exchange	Interest and foreign exchange (In thousands) Years ended August 31, 2016 2015 2014 Interest and foreign exchange: Interest and other expense $ 17,268 $ 18,975 $ 18,306 Foreign exchange (gain) loss (3,766 ) (7,796 ) 389 $ 13,502 $ 11,179 $ 18,695

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Aug. 31, 2016
Components of Inventories	As of August 31, (In thousands) 2016 2015 Manufacturing supplies and raw materials $ 240,865 $ 311,880 Work-in-process 68,727 75,032 Finished goods 59,470 61,302 Excess and obsolete adjustment (3,257 ) (2,679 ) $ 365,805 $ 445,535
Inventory Valuation	As of August 31, (In thousands) 2016 2015 2014 Excess and obsolete adjustment Balance at beginning of period $ 2,679 $ 2,866 $ 4,228 Charge to cost of revenue 2,422 2,564 1,945 Disposition of inventory (1,792 ) (2,434 ) (3,307 ) Currency translation effect (52 ) (317 ) – Balance at end of period $ 3,257 $ 2,679 $ 2,866

Equipment on Operating Leases38

Equipment on Operating Leases, net (Tables)	12 Months Ended
Equipment on Operating Leases, net (Tables)	Aug. 31, 2016
Aggregate Minimum Future Amounts Receivable Under All Non-Cancelable Operating Leases and Subleases	Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases are as follows: (In thousands) Year ending August 31, 2017 $ 29,892 2018 24,198 2019 19,177 2020 11,883 2021 4,849 Thereafter 6,463 $ 96,462

Property, Plant and Equipment39

Property, Plant and Equipment, net (Tables)	12 Months Ended
Property, Plant and Equipment, net (Tables)	Aug. 31, 2016
Property, Plant and Equipment, Net	As of August 31, (In thousands) 2016 2015 Land and improvements $ 50,979 $ 46,849 Machinery and equipment 325,100 283,032 Buildings and improvements 147,160 130,577 Construction in progress 42,879 63,518 Other 46,428 41,252 612,546 565,228 Accumulated depreciation (282,556 ) (262,093 ) $ 329,990 $ 303,135

Intangibles and Other Assets,40

Intangibles and Other Assets, net (Tables)	12 Months Ended
Intangibles and Other Assets, net (Tables)	Aug. 31, 2016
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: As of August 31, (In thousands) 2016 2015 Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (37,251 ) (33,828 ) Other intangibles 6,298 3,422 Accumulated amortization (5,967 ) (3,121 ) 28,103 31,496 Intangible assets not subject to amortization 912 912 Prepaid and other assets 14,891 13,111 Nonqualified savings plan investments 15,864 11,815 Debt issuance costs, net 5,597 3,823 Assets held for sale 4,108 4,397 $ 69,475 $ 65,554

Accounts Payable and Accrued 41

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Aug. 31, 2016
Accounts Payable and Accrued Liabilities	As of August 31, (In thousands) 2016 2015 Trade payables $ 182,334 $ 263,665 Accrued payroll and related liabilities 76,058 70,836 Other accrued liabilities 71,260 64,584 Accrued maintenance 18,646 18,642 Accrued warranty 12,159 11,512 Income taxes payable 3,991 22,465 Other 5,306 3,509 $ 369,754 $ 455,213

Maintenance and Warranty Accr42

Maintenance and Warranty Accruals (Tables)	12 Months Ended
Maintenance and Warranty Accruals (Tables)	Aug. 31, 2016
Maintenance and Warranty Accruals	As of August 31, (In thousands) 2016 2015 2014 Accrued maintenance Balance at beginning of period $ 18,642 $ 14,329 $ 11,420 Charged to cost of revenue 12,926 13,622 11,423 Payments (12,922 ) (9,309 ) (8,514 ) Balance at end of period $ 18,646 $ 18,642 $ 14,329 Accrued warranty Balance at beginning of period $ 11,512 $ 9,340 $ 12,128 Charged to cost of revenue 6,069 7,206 2,205 Payments (5,299 ) (4,703 ) (5,122 ) Currency translation effect (123 ) (331 ) 129 Balance at end of period $ 12,159 $ 11,512 $ 9,340

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
Notes Payable (Tables)	Aug. 31, 2016
Notes Payable	As of August 31, (In thousands) 2016 2015 Convertible senior notes, due 2018 $ 119,063 $ 119,063 Convertible senior notes, due 2026 – 14,851 Term loans 184,906 192,515 $ 303,969 $ 326,429
Principal Payments on the Notes Payable	Principal payments on the notes payable are expected as follows: (In thousands) Year ending August 31, 2017 $ 7,437 2018 (1) 126,282 2019 7,000 2020 163,250 2021 – Thereafter – $ 303,969 (1) The repayment of the $119.1 million of Convertible senior notes due 2018 is assumed to occur at the scheduled maturity in 2018 instead of assuming an earlier conversion by the holders.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
Derivative Instruments (Tables)	Aug. 31, 2016
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives August 31, August 31, 2016 2015 2016 2015 (In thousands) Balance sheet location Fair Fair Value Balance sheet location Fair Value Fair Value Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,570 $ 1,820 Accounts payable and accrued liabilities $ 4,287 $ 737 Interest rate swap contracts Intangibles and other assets, net – – Accounts payable and accrued liabilities 3,157 2,393 $ 1,570 $ 1,820 $ 7,444 $ 3,130 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 25 $ 93 Accounts payable and accrued liabilities $ 22 $ 76
Effect of Derivative Instruments on Consolidated Statements of Income	The Effect of Derivative Instruments on the Consolidated Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in Gain (loss) recognized in Years ended 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ 336 $ (366 ) Interest rate swap contracts Interest and foreign exchange 90 60 $ 426 $ (306 ) Derivatives in cash flow hedging relationships Gain (loss) Years Location of Gain (loss) Years Location of Gain Years 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (4,698) $ 457 Revenue $ (1,224) $ 457 Revenue $ 138 $ 2,843 Foreign forward exchange contracts (944) – Cost of revenue (911) – Cost of revenue 121 – Interest rate swap contracts (2,354) (2,936 ) Interest and foreign exchange (1,561) (1,786 ) Interest and foreign exchange – – $ (7,996) $ (2,479 ) $ (3,696) $ (1,329 ) $ 259 $ 2,843

Equity (Tables)

Equity (Tables)	12 Months Ended
Equity (Tables)	Aug. 31, 2016
Summary of Restricted Stock Share and Restricted Stock Unit Grant Transactions for Shares, both Vested and Unvested	The following table summarizes restricted share and restricted stock unit grant transactions for shares, both vested and unvested, under the 2014 Amended and Restated Stock Incentive Plan: Shares Balance at August 31, 2013 (1) 2,940,003 Granted 269,665 Forfeited (28,811 ) Balance at August 31, 2014 (1) 3,180,857 Granted 402,196 Forfeited (163,192 ) Balance at August 31, 2015 (1) 3,419,861 Granted 447,895 Forfeited (19,526 ) Balance at August 31, 2016 (1) 3,848,230 (1) Balance represents cumulative grants net of forfeitures.

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
Earnings per Share (Tables)	Aug. 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: Years ended August 31, (In thousands) 2016 2015 2014 Weighted average basic common shares outstanding (1) 29,156 28,151 28,164 Dilutive effect of 2018 Convertible notes (2) 3,214 5,130 6,045 Dilutive effect of 2026 Convertible notes (3) – 2 – Dilutive effect of performance based restricted stock units (4) 98 45 – Weighted average diluted common shares outstanding 32,468 33,328 34,209 (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. No restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2016, 2015 and 2014. (2) The dilutive effect of the 2018 Convertible notes was included for the years ended August, 2016, 2015 and 2014 as they were considered dilutive under the “if converted” method as further discussed below. (3) The 2026 Convertible notes were retired during 2016. The effect of the 2026 Convertible notes was excluded for the years ended August 31, 2016 and 2014 as the average stock price was less than $48.05 and therefore the notes were considered anti-dilutive. The dilutive effect of the 2026 Convertible notes was included for the year ended August 31, 2015 as the average stock price was greater than $48.05, as further described below. (4) Restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.
Approach to Calculate Diluted Earning per Share	Years ended August 31, 2016 2015 2014 Net earnings attributable to Greenbrier $ 183,213 $ 192,832 $ 111,919 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 2,695 4,818 5,664 Earnings before interest and debt issuance costs on convertible notes $ 185,908 $ 197,650 $ 117,583 Weighted average diluted common shares outstanding 32,468 33,328 34,209 Diluted earnings per share (1) $ 5.73 $ 5.93 $ 3.44 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Aug. 31, 2016
Components of Income Tax Expense of Continuing Operations	Components of income tax expense of continuing operations were as follows: Years ended August 31, (In thousands) 2016 2015 2014 Current Federal $ 66,455 $ 92,525 $ 49,795 State 4,595 6,349 3,791 Foreign 50,299 32,748 23,229 121,349 131,622 76,815 Deferred Federal (6,199 ) (13,565 ) (79 ) State (1,174 ) (1,112 ) (1,142 ) Foreign (1,644 ) (4,423 ) (3,148 ) (9,017 ) (19,100 ) (4,369 ) Change in valuation allowance (10 ) (362 ) (45 ) Income Tax Expense $ 112,322 $ 112,160 $ 72,401
Reconciliation Between Effective and Statutory Tax Rates on Operations	The reconciliation between effective and statutory tax rates on operations is as follows: Years ended August 31, 2016 2015 2014 Federal statutory rate 35.0% 35.0% 35.0% State income taxes, net of federal benefit 0.7 1.0 1.3 Impact of foreign operations 0.1 (0.5 ) (0.8 ) Change in valuation allowance related to deferred tax asset – (0.1 ) – Noncontrolling interest in flow-through entity (7.4 ) (5.7 ) (5.3 ) Permanent differences and other – 0.2 0.7 Non-deductible goodwill – – 1.9 Effective Tax Rate 28.4% 29.9% 32.8%
Tax Effects of Temporary Differences that give rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities were as follows: As of August 31, (In thousands) 2016 2015 Deferred tax assets: Accrued payroll and related liabilities $ 26,384 $ 21,083 Deferred revenue 18,533 7,575 Maintenance and warranty accruals 10,604 11,037 Inventories and other 7,599 9,612 Derivative instruments and translation adjustment 1,153 858 Investment and asset tax credits 511 776 Net operating losses 429 689 Contract placement – 1,828 65,213 53,458 Deferred tax liabilities: Fixed assets 97,490 87,031 Investment in GBW Joint Venture 16,144 16,356 Original issue discount – 4,036 Intangibles 3,212 3,030 Deferred gain on redemption of debt 1,718 2,611 Other (2,344 ) 357 116,220 113,421 Valuation allowance 612 694 Net deferred tax liability $ 51,619 $ 60,657
Unrecognized Tax Benefits	The following is a tabular reconciliation of the total amounts of unrecognized tax benefits: Years ended August 31, (In thousands) 2016 2015 2014 Unrecognized Tax Benefit – Opening Balance $ 1,275 $ 1,268 $ 1,289 Gross increases – tax positions in prior period 22 18 18 Gross decreases – tax positions in prior period – – – Settlements – – – Lapse of statute of limitations (124 ) (11 ) (39 ) Unrecognized Tax Benefit – Ending Balance $ 1,173 $ 1,275 $ 1,268

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Aug. 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 year ended August 31, 2016: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 2,096,331 $ 89,158 $ 2,185,489 $ 415,094 $ 24,299 $ 439,393 Wheels & Parts 322,395 32,436 354,831 19,948 2,602 22,550 Leasing & Services 260,798 13,101 273,899 51,723 13,101 64,824 Eliminations – (134,695 ) (134,695 ) – (40,002 ) (40,002 ) Corporate – – – (78,213 ) – (78,213 ) $ 2,679,524 $ – $ 2,679,524 $ 408,552 $ – $ 408,552 For the year ended August 31, 2015: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 2,136,051 $ 7,534 $ 2,143,585 $ 396,921 $ 795 $ 397,716 Wheels & Parts 371,237 27,257 398,494 27,563 2,629 30,192 Leasing & Services 97,990 62,600 160,590 41,887 62,600 104,487 Eliminations – (97,391 ) (97,391 ) – (66,024 ) (66,024 ) Corporate – – – (79,479 ) – (79,479 ) $ 2,605,278 $ – $ 2,605,278 $ 386,892 $ – $ 386,892 For the year ended August 31, 2014: Revenue Earnings (loss) from operations External Intersegment Total External Intersegment Total Manufacturing $ 1,624,916 $ 790 $ 1,625,706 $ 202,555 $ 61 $ 202,616 Wheels & Parts 495,627 11,833 507,460 40,597 442 41,039 Leasing & Services 83,419 25,973 109,392 41,055 25,973 67,028 Eliminations – (38,596 ) (38,596 ) – (26,476 ) (26,476 ) Corporate – – – (44,687 ) – (44,687 ) $ 2,203,962 $ – $ 2,203,962 $ 239,520 $ – $ 239,520 Years ended August 31, (In thousands) 2016 2015 2014 Assets: Manufacturing $ 701,296 $ 675,409 $ 521,711 Wheels & Parts 275,599 291,798 298,009 Leasing & Services 518,263 549,073 436,075 Unallocated 342,732 274,232 261,373 $ 1,837,890 $ 1,790,512 $ 1,517,168 Depreciation and amortization: Manufacturing $ 27,137 $ 20,668 $ 15,341 Wheels & Parts 11,971 11,748 12,582 Leasing & Services 24,237 12,740 12,499 $ 63,345 $ 45,156 $ 40,422 Capital expenditures: Manufacturing $ 51,294 $ 84,354 $ 55,979 Wheels & Parts 10,190 9,381 8,774 Leasing & Services 77,529 12,254 5,474 $ 139,013 $ 105,989 $ 70,227
Summary of Selected Geographic Information	The following table summarizes selected geographic information. Years ended August 31, (In thousands) 2016 2015 2014 Revenue (1) U.S. $ 2,297,501 $ 2,404,266 $ 1,998,579 Foreign 382,023 201,012 205,383 $ 2,679,524 $ 2,605,278 $ 2,203,962 Identifiable assets: U.S. $ 957,790 $ 1,184,811 $ 1,115,473 Mexico 788,878 524,724 321,391 Europe 91,222 80,977 80,304 $ 1,837,890 $ 1,790,512 $ 1,517,168 (1) Revenue is presented on the basis of geographic location of customers.
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: Years ended August 31, (In thousands) 2016 2015 2014 Earnings from operations $ 408,552 $ 386,892 $ 239,520 Interest and foreign exchange 13,502 11,179 18,695 Earnings before income tax and earnings from unconsolidated affiliates $ 395,050 $ 375,713 $ 220,825
GBW Railcar Services 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 for 2016, 2015 and 2014 are included in the tables below. Years ended August 31, (In thousands) 2016 2015 2014 (1) GBW Joint Venture: Revenue $ 373,490 $ 349,849 $ 38,549 Earnings (loss) from operations $ 8,558 $ (1,160 ) $ 702 Assets (2) $ 247,610 $ 239,871 $ 210,631 Depreciation and amortization $ 7,676 $ 4,590 $ 470 Capital expenditures $ 16,110 $ 26,396 $ 1,255 (1) 2014 includes activity after July 18, 2014, the date GBW was formed. (2) Includes goodwill and intangible assets of $93.4 million, $96.9 million and $100.2 million as of August 31, 2016, 2015 and 2014.

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
Lease Commitments (Tables)	Aug. 31, 2016
Railcar Equipment
Aggregate Minimum Future Amounts Payable Under Non-Cancelable Operating Leases	Aggregate minimum future amounts payable under these non-cancelable railcar equipment leases are as follows: (In thousands) Year ending August 31, 2017 $ 6,756 2018 6,158 2019 5,022 2020 4,056 2021 1,181 Thereafter 3,817 $ 26,990
Domestic railcar repair facilities, office space and certain manufacturing and office equipment
Aggregate Minimum Future Amounts Payable Under Non-Cancelable Operating Leases	Aggregate minimum future amounts payable under these non-cancelable operating leases are as follows: (In thousands) Year ending August 31, 2017 $ 4,716 2018 3,241 2019 2,960 2020 2,773 2021 1,644 Thereafter 340 15,674

Fair Value of Financial Instr50

Fair Value of Financial Instruments (Tables)	12 Months Ended
Fair Value of Financial Instruments (Tables)	Aug. 31, 2016
Estimated Fair Values of Financial Instruments and Methods and Assumptions Used	The estimated fair values of financial instruments and the methods and assumptions used to estimate such fair values are as follows: (In thousands) Carrying Amount Estimated Fair Value (Level 2) Notes payable as of August 31, 2016 $ 303,969 $ 314,687 Notes payable as of August 31, 2015 $ 326,429 $ 345,350

Fair Value Measures (Tables)

Fair Value Measures (Tables)	12 Months Ended
Fair Value Measures (Tables)	Aug. 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 August 31, 2016 are: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,595 $ – $ 1,595 $ – Nonqualified savings plan investments 15,864 15,864 – – Cash equivalents 5,077 5,077 – – $ 22,536 $ 20,941 $ 1,595 $ – Liabilities: Derivative financial instruments $ 7,466 $ – $ 7,466 $ – (1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2015 are: (In thousands) Total Level 1 Level 2 (1) 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 $ – (1) Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion.

Quarterly Results of Operatio52

Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
Quarterly Results of Operations (Unaudited) (Tables)	Aug. 31, 2016
Quarterly Financial Data	(In thousands, except per share amount) First Second Third Fourth Total 2016 Revenue Manufacturing $ 698,661 $ 454,531 $ 458,494 $ 484,645 $ 2,096,331 Wheels & Parts 78,729 90,458 78,417 74,791 322,395 Leasing & Services 24,999 124,090 75,955 35,754 260,798 802,389 669,079 612,866 595,190 2,679,524 Cost of revenue Manufacturing 533,033 361,827 352,775 382,919 1,630,554 Wheels & Parts 73,002 81,388 69,818 69,543 293,751 Leasing & Services 11,589 105,973 63,175 23,045 203,782 617,624 549,188 485,768 475,507 2,128,087 Margin 184,765 119,891 127,098 119,683 551,437 Selling and administrative 36,549 38,244 43,280 40,608 158,681 Net gain on disposition of equipment (269 ) (10,746 ) (311 ) (4,470 ) (15,796 ) Earnings from operations 148,485 92,393 84,129 83,545 408,552 Other costs Interest and foreign exchange 5,436 1,417 3,712 2,937 13,502 Earnings before income tax and earnings (loss) from unconsolidated affiliates 143,049 90,976 80,417 80,608 395,050 Income tax expense (44,719 ) (25,734 ) (22,449 ) (19,420 ) (112,322 ) Earnings (loss) from unconsolidated affiliates 383 974 1,564 (825 ) 2,096 Net earnings 98,713 66,216 59,532 60,363 284,824 Net earnings attributable to noncontrolling interest (29,280 ) (21,348 ) (24,180 ) (26,803 ) (101,611 ) Net earnings attributable to Greenbrier $ 69,433 $ 44,868 $ 35,352 $ 33,560 $ 183,213 Basic earnings per common share: (1) $ 2.36 $ 1.54 $ 1.22 $ 1.15 $ 6.28 Diluted earnings per common share: (1) $ 2.15 $ 1.41 $ 1.12 $ 1.06 $ 5.73 (1) Quarterly amounts may not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings. (In thousands, except per share amount) First Second Third Fourth Total 2015 Revenue Manufacturing $ 379,949 $ 505,241 $ 593,376 $ 657,485 $ 2,136,051 Wheels & Parts 86,624 102,640 97,407 84,566 371,237 Leasing & Services 28,485 22,268 23,823 23,414 97,990 495,058 630,149 714,606 765,465 2,605,278 Cost of revenue Manufacturing 316,037 403,227 465,658 506,492 1,691,414 Wheels & Parts 76,872 92,768 89,645 75,395 334,680 Leasing & Services 14,081 8,844 10,017 8,889 41,831 406,990 504,839 565,320 590,776 2,067,925 Margin 88,068 125,310 149,286 174,689 537,353 Selling and administrative 33,729 32,899 45,595 39,568 151,791 Net gain on disposition of equipment (83 ) (121 ) (720 ) (406 ) (1,330 ) Earnings from operations 54,422 92,532 104,411 135,527 386,892 Other costs Interest and foreign exchange 3,141 1,929 4,285 1,824 11,179 Earnings before income tax and earnings (loss) from unconsolidated affiliates 51,281 90,603 100,126 133,703 375,713 Income tax expense (16,054 ) (29,372 ) (30,783 ) (35,951 ) (112,160 ) Earnings (loss) from unconsolidated affiliates 755 (185 ) 982 204 1,756 Net earnings 35,982 61,046 70,325 97,956 265,309 Net earnings attributable to noncontrolling interest (3,196 ) (10,695 ) (27,514 ) (31,072 ) (72,477 ) Net earnings attributable to Greenbrier $ 32,786 $ 50,351 $ 42,811 $ 66,884 $ 192,832 Basic earnings per common share: (1) $ 1.19 $ 1.86 $ 1.54 $ 2.23 $ 6.85 Diluted earnings per common share: (1) $ 1.01 $ 1.57 $ 1.33 $ 2.02 $ 5.93 (1) Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings.

Nature of Operations - Addition

Nature of Operations - Additional Information (Detail)	12 Months Ended
Nature of Operations - Additional Information (Detail)	Aug. 31, 2016VehicleStoreSegment
Organization and Nature of Operations [Line Items]
Number of reportable segments \| Segment	4
BRAZIL
Organization and Nature of Operations [Line Items]
Ownership stake in a railcar manufacturer	35.00%
Leasing & Services
Organization and Nature of Operations [Line Items]
Number of railcars owned	8,900
Number of railcars that get services	264,000
Leasing & Services \| Equipment on operating leases, net
Organization and Nature of Operations [Line Items]
Number of railcars owned	6,600
Leasing & Services \| Leased railcars for syndication
Organization and Nature of Operations [Line Items]
Number of railcars owned	2,200
Leasing & Services \| Inventory Finished Goods
Organization and Nature of Operations [Line Items]
Number of railcars owned	100
GBW Railcar Services LLC \| North America
Organization and Nature of Operations [Line Items]
Number of railcar repair shops \| Store	30
GBW Railcar Services LLC \| Association of American Railroads
Organization and Nature of Operations [Line Items]
Number of railcar repair shops \| Store	10

Summary of Significant Accoun54

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014	Jul. 18, 2014	Aug. 31, 2013	Oct. 31, 2006
Summary Of Significant Accounting Policies [Line Items]
Foreign currency translation adjustment	$ 20,800	$ 18,700	$ 4,800
Allowance for doubtful accounts	2,215	2,449	2,033		$ 3,894
Leased railcars for syndication	$ 144,932	212,534
Property, Plant and Equipment useful life	35 years
Equity method investment, percentage of ownership interest	50.00%
Goodwill impairment	$ 0	0	0
Research and development	$ 2,700	$ 2,500	$ 3,600
Performance based share based compensation	447,895	402,196	269,665
Share based compensation, non vested shares	495,137
Unamortized share based compensation	$ 22,300
Selling and Administrative
Summary Of Significant Accounting Policies [Line Items]
Stock compensation expenses	24,000	$ 19,500	$ 11,300
GIMSA
Summary Of Significant Accounting Policies [Line Items]
Interest in joint venture						50.00%
Phantom Stock Units (PSUs)
Summary Of Significant Accounting Policies [Line Items]
Stock compensation expenses	$ 1,500
Performance based share based compensation	268,161
Share based compensation, non vested shares	133,139
Additional shares available for grant if performance-based phantom stock units vest at stretch level of performance	133,139
Share based compensation, fair value of phantom stock	$ 7,900
Unamortized share based compensation	$ 7,500
GBW Railcar Services LLC
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	50.00%			50.00%
Ohio Castings Company LLC
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	33.00%
Greenbrier-Maxion
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	19.50%
Greenbrier-Maxion \| BRAZIL
Summary Of Significant Accounting Policies [Line Items]
Ownership percentage by parent	80.50%
Amsted-Maxion Cruzeiro
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	19.50%
GGSynergy SA de C.V.
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	50.00%
MUL Greenbrier LLC
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	8.00%
Green Union One Trust
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	1.00%
Green Union Two Trust
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	1.00%
Green Union Three Trust
Summary Of Significant Accounting Policies [Line Items]
Equity method investment, percentage of ownership interest	1.00%
Customer Relationships \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	5 years
Customer Relationships \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated useful lives	20 years

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Allowance for doubtful accounts
Balance at beginning of period	$ 2,449	$ 2,033	$ 3,894
Additions, net of reversals	70	684	604
Usage	(277)	(108)	(2,524)
Currency translation effect	(27)	(160)	59
Balance at end of period	$ 2,215	$ 2,449	$ 2,033

Estimated Useful Lives (Detail)

Estimated Useful Lives (Detail)	12 Months Ended
Estimated Useful Lives (Detail)	Aug. 31, 2016
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	35 years
Building and improvements \| Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	10 years
Building and improvements \| Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	25 years
Machinery and Equipment \| Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	3 years
Machinery and Equipment \| Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	15 years
Other \| Minimum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	3 years
Other \| Maximum
Property Plant and Equipment Estimated Useful Lives [Line Items]
Property, Plant and Equipment useful life	7 years

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	12 Months Ended
	Aug. 31, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 732,838
Other comprehensive loss before reclassifications	(8,092)
Amounts reclassified from accumulated other comprehensive loss	2,544
Ending balance	874,311
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(2,194)
Other comprehensive loss before reclassifications	(5,842)
Amounts reclassified from accumulated other comprehensive loss	2,544
Ending balance	(5,492)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(18,666)	[1]
Other comprehensive loss before reclassifications	(2,166)	[1]
Ending balance	(20,832)	[1]
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(345)
Other comprehensive loss before reclassifications	(84)
Ending balance	(429)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(21,205)
Ending balance	$ (26,753)

[1]	Primarily relates to the foreign currency translation of the Company's Zloty functional currency operations in Poland to U.S. Dollars.

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 2,937	$ 3,712	$ 1,417	$ 5,436	$ 1,824	$ 4,285	$ 1,929	$ 3,141	$ 13,502	$ 11,179	$ 18,695
Earnings before income tax and earnings from unconsolidated affiliates	80,608	80,417	90,976	143,049	133,703	100,126	90,603	51,281	395,050	375,713	220,825
Tax expense	$ (19,420)	$ (22,449)	$ (25,734)	$ (44,719)	$ (35,951)	$ (30,783)	$ (29,372)	$ (16,054)	(112,322)	(112,160)	$ (72,401)
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 tax and earnings from unconsolidated affiliates									3,696	1,329
Tax expense									(1,152)	(592)
Net of tax									2,544	737
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 and Cost of revenue									2,135	(457)
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									$ 1,561	$ 1,786

Interest and Foreign Exchange (

Interest and Foreign Exchange (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Interest Expense [Line Items]
Interest and other expense									$ 17,268	$ 18,975	$ 18,306
Foreign exchange (gain) loss									(3,766)	(7,796)	389
Interest and foreign exchange	$ 2,937	$ 3,712	$ 1,417	$ 5,436	$ 1,824	$ 4,285	$ 1,929	$ 3,141	$ 13,502	$ 11,179	$ 18,695

Gain on Contribution to Joint60

Gain on Contribution to Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2016	Jul. 18, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investment, percentage of ownership interest		50.00%
Pre-tax non-cash gain from investment in unconsolidated affiliates	$ 29,006
GBW Railcar Services LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, percentage of ownership interest		50.00%	50.00%
Pre-tax non-cash gain from investment in unconsolidated affiliates	$ 29,000
GBW Railcar Services LLC \| Watco Companies LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, percentage of ownership interest			50.00%

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Thousands	12 Months Ended
	Aug. 31, 2014USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,475

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 240,865	$ 311,880
Work-in-process	68,727	75,032
Finished goods	59,470	61,302
Excess and obsolete adjustment	(3,257)	(2,679)
Inventories	$ 365,805	$ 445,535

Inventory Valuation (Detail)

Inventory Valuation (Detail) - USD ($) $ in Thousands	12 Months Ended
Inventory Valuation (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 2,679
Balance at end of period	3,257	$ 2,679
Inventory Valuation Reserve
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	2,679	2,866	$ 4,228
Charge to cost of revenue	2,422	2,564	1,945
Disposition of inventory	(1,792)	(2,434)	(3,307)
Currency translation effect	(52)	(317)
Balance at end of period	$ 3,257	$ 2,679	$ 2,866

Equipment on Operating Leases64

Equipment on Operating Leases, Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ 282,556	$ 262,093
Depreciation expense	39,200	31,400	$ 25,800
Revenue associated with equipment hiring arrangements	14,700	20,200	24,800
Property Subject to Operating Lease
Property, Plant and Equipment [Line Items]
Accumulated depreciation	92,600	96,600
Depreciation expense	$ 16,600	$ 9,400	$ 9,800

Aggregate Minimum Future Amount

Aggregate Minimum Future Amounts Receivable Under All Non-Cancelable Operating Leases and Subleases (Detail) $ in Thousands	Aug. 31, 2016USD ($)
Future Minimum Payments Receivable [Line Items]
2,017	$ 29,892
2,018	24,198
2,019	19,177
2,020	11,883
2,021	4,849
Thereafter	6,463
Operating Leases, Future Minimum Payments Receivable, Total	$ 96,462

Property, Plant and Equipment66

Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 612,546	$ 565,228
Accumulated depreciation	(282,556)	(262,093)
Property, plant and equipment, net	329,990	303,135
Land and improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment	50,979	46,849
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment	325,100	283,032
Building and improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment	147,160	130,577
Construction in Progress
Property, Plant and Equipment [Line Items]
Property plant and equipment	42,879	63,518
Other
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 46,428	$ 41,252

Property, Plant and Equipment67

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 39.2	$ 31.4	$ 25.8

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Goodwill [Line Items]
Gross goodwill	$ 195,800
Accumulated goodwill impairment losses and other reductions	152,500
Accumulated goodwill impairment losses	128,200
Goodwill	43,265	$ 43,265
Wheels & Parts
Goodwill [Line Items]
Goodwill	$ 43,300	$ 43,300

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 28,103	$ 31,496
Intangible assets not subject to amortization	912	912
Prepaid and other assets	14,891	13,111
Nonqualified savings plan investments	15,864	11,815
Debt issuance costs, net	5,597	3,823
Assets held for sale	4,108	4,397
Total Intangible and other assets, net	69,475	65,554
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	65,023	65,023
Accumulated amortization	(37,251)	(33,828)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	6,298	3,422
Accumulated amortization	$ (5,967)	$ (3,121)

Intangibles and Other Assets,70

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 6.3	$ 3.7	$ 4.5
Future amortization expense, 2017	3.6
Future amortization expense, 2018	3.5
Future amortization expense, 2019	3.4
Future amortization expense, 2020	3.4
Future amortization expense, 2021	$ 3.4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	1 Months Ended	12 Months Ended
Revolving Notes - Additional Information (Detail)	Mar. 31, 2014	Aug. 31, 2016USD ($)CreditFacilityFacility	Aug. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Revolving notes			$ 50,888,000
LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.75%
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		$ 615,600,000
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		$ 15,600,000
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 72

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2013
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 182,334	$ 263,665
Accrued payroll and related liabilities	76,058	70,836
Other accrued liabilities	71,260	64,584
Accrued maintenance	18,646	18,642	$ 14,329	$ 11,420
Accrued warranty	12,159	11,512	$ 9,340	$ 12,128
Income taxes payable	3,991	22,465
Other	5,306	3,509
Accounts payable and accrued liabilities	$ 369,754	$ 455,213

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Accrued maintenance
Balance at beginning of period	$ 18,642	$ 14,329	$ 11,420
Charged to cost of revenue	12,926	13,622	11,423
Payments	(12,922)	(9,309)	(8,514)
Balance at end of period	18,646	18,642	14,329
Accrued warranty
Balance at beginning of period	11,512	9,340	12,128
Charged to cost of revenue	6,069	7,206	2,205
Payments	(5,299)	(4,703)	(5,122)
Currency translation effect	(123)	(331)	129
Balance at end of period	$ 12,159	$ 11,512	$ 9,340

Notes Payable (Detail)

Notes Payable (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Debt Instrument [Line Items]
Term loans	$ 184,906	$ 192,515
Notes payable	303,969	326,429
2018 Senior Notes
Debt Instrument [Line Items]
Convertible senior notes	$ 119,063	119,063
2026 Senior Notes
Debt Instrument [Line Items]
Convertible senior notes		$ 14,851

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2014USD ($)	Aug. 31, 2016USD ($)$ / shares	Aug. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2014$ / shares
Debt Instrument [Line Items]
Periodic Principal Payment	$ 1,750
Balloon payment	$ 159,800
Swap agreement interest rate	50.00%
Fixed interest rate	3.7375%
Debt instrument amount outstanding		$ 184,200
LIBOR
Debt Instrument [Line Items]
Debt instrument, percentage points added to the reference rate	1.75%
Term Loan
Debt Instrument [Line Items]
Senior term debt		200,000
Other Term Loan Due February 2018
Debt Instrument [Line Items]
Senior term debt		$ 700
2018 Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate		3.50%
Description of long term debt		Convertible senior notes, due 2018, bear interest at a fixed rate of 3.5%, paid semi-annually in arrears on April 1st and October 1st.
Debt instrument, maturity date		Apr. 1, 2018
Convertible notes initial conversion rate, shares per $1,000 principal amount		26.2838
Convertible notes conversion rate, per share \| $ / shares		$ 38.05
Debt issuance costs		$ 7,900
Senior term debt			$ 230,000
Original debt Conversion, Amount			$ 110,900
Conversion of debt in to common stock, shares \| shares			2.9
Debt instrument, carrying value of the principal balance			$ 119,100
Debt issuance costs removed from Intangibles and other assets, net and charged against additional paid in capital		$ 1,500
2026 Senior Notes
Debt Instrument [Line Items]
Description of long term debt		Convertible senior notes, due 2026, all of which have been retired, bore interest at a fixed rate of 2.375%, paid semi-annually in arrears on May 15thand November 15th.
Convertible notes conversion rate, per share \| $ / shares		$ 48.05	$ 48.05	$ 48.05
Convertible senior notes, fixed interest rate		2.375%
Repurchase percentage price of principal of notes amount		100.00%
Retired outstanding Notes		$ 14,900
2026 Senior Notes \| Put Option
Debt Instrument [Line Items]
Retired outstanding Notes		14,000
2026 Senior Notes \| Call Option
Debt Instrument [Line Items]
Retired outstanding Notes		$ 900

Principal Payments on Notes Pay

Principal Payments on Notes Payable (Detail) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Debt Instrument [Line Items]
2,017		$ 7,437
2,018	[1]	126,282
2,019		7,000
2,020		163,250
2,021		0
Thereafter		0
Notes payable		$ 303,969	$ 326,429

[1]	The repayment of the $119.1 million of Convertible senior notes due 2018 is assumed to occur at the scheduled maturity in 2018 instead of assuming an earlier conversion by the holders.

Principal Payments on Notes P77

Principal Payments on Notes Payable (Parenthetical) (Detail) - 2018 Senior Notes - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Debt Instrument [Line Items]
Convertible senior notes	$ 119,063	$ 119,063
Debt instrument, redemption, description	The repayment of the $119.1 million of Convertible senior notes due 2018 is assumed to occur at the scheduled maturity in 2018 instead of assuming an earlier conversion by the holders.

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	12 Months Ended
Derivative Instruments - Additional Information (Detail)	Aug. 31, 2016USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 405,200,000
Amount reclassified to revenue in the next 12 months	2,500,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 92,100,000
Maturity date	2020-03
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 1,300,000

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 1,570	$ 1,820
Designated as Hedging Instrument \| Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	7,444	3,130
Designated as Hedging Instrument \| Foreign Exchange Contracts \| Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,570	1,820
Designated as Hedging Instrument \| Foreign Exchange Contracts \| Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	4,287	737
Designated as Hedging Instrument \| Interest rate swap contracts \| Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	3,157	2,393
Not Designated as Hedging Instrument \| Foreign Exchange Contracts \| Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	25	93
Not Designated as Hedging Instrument \| Foreign Exchange Contracts \| Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 22	$ 76

Effect of Derivative Instrument

Effect of Derivative Instruments on Consolidated Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	$ 426	$ (306)
Gain (loss) recognized in OCI on derivatives (effective portion)	(7,996)	(2,479)
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(3,696)	(1,329)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	259	2,843
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(4,698)	457
Foreign Exchange Forward \| Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	336	(366)
Foreign Exchange Forward \| Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(1,224)	457
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	138	2,843
Foreign Exchange Forward \| Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(944)
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	(911)
Gain (loss) Recognized on Derivative (Ineffective portion and Amount Excluded from Effectiveness Testing)	121
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,354)	(2,936)
Interest rate swap contracts \| Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivative	90	60
Gain (loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (1,561)	$ (1,786)

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	12 Months Ended			36 Months Ended
Equity - Additional Information (Detail) - USD ($)	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014	Aug. 31, 2016	Oct. 31, 2013	Jan. 31, 2013
Stockholders Equity Note [Line Items]
Maximum aggregate number of common shares authorized for issuance						4,325,000
Shares available for grant	476,770	905,139	1,144,143	476,770
Restricted stock grants	447,895	402,196	269,665
Unvested restricted stock grants	495,137			495,137
Additional shares available for grant	495,137
Unamortized compensation cost of restricted stock grants	$ 22,300,000			$ 22,300,000
Stock repurchase program total cost of repurchased shares	32,373,000	$ 70,218,000	$ 34,438,000
Selling, Administrative and Cost of Revenue
Stockholders Equity Note [Line Items]
Restricted stock compensation expense	22,500,000	19,500,000	11,300,000
Share Repurchase Program - 2014
Stockholders Equity Note [Line Items]
Stock repurchase program total cost of repurchased shares	$ 32,400,000	$ 70,200,000		$ 137,000,000
Repurchase of common stock, shares	1,054,687	1,386,993		3,206,226
Remaining authorized repurchase amount	$ 88,000,000			$ 88,000,000
Repurchase program expiration date				Jan. 1, 2018
Maximum \| Share Repurchase Program - 2013
Stockholders Equity Note [Line Items]
Amount authorized for repurchase					$ 225,000,000
Unvested Restricted Stock Grants
Stockholders Equity Note [Line Items]
Unvested restricted stock grants	902,068	815,496		902,068
Fair value of awards granted	$ 12,500,000	$ 24,600,000	$ 13,100,000
Restricted Stock \| Maximum
Stockholders Equity Note [Line Items]
Vesting period of compensation expense	3 years
Restricted Stock \| Minimum
Stockholders Equity Note [Line Items]
Vesting period of compensation expense	1 year

Summary of Restricted Stock Sha

Summary of Restricted Stock Share and Restricted Stock Unit Grant Transactions for Shares, both Vested and Unvested (Detail) - shares		12 Months Ended
		Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Reconciliation of Restricted Stock Activity [Line Items]
Beginning Balance	[1]	3,419,861	3,180,857	2,940,003
Granted		447,895	402,196	269,665
Forfeited		(19,526)	(163,192)	(28,811)
Ending Balance	[1]	3,848,230	3,419,861	3,180,857

[1]	Balance represents cumulative grants net of forfeitures.

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		12 Months Ended
		Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,156	28,151	28,164
Dilutive effect of performance based restricted stock units	[2]	98	45
Weighted average diluted common shares outstanding		32,468	33,328	34,209
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,214	5,130	6,045
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]		2

[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. No restricted stock and restricted stock units were anti-dilutive for the years ended August 31, 2016, 2015 and 2014.
[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 years ended August, 2016, 2015 and 2014 as they were considered dilutive under the "if converted" method as further discussed below.
[4]	The 2026 Convertible notes were retired during 2016. The effect of the 2026 Convertible notes was excluded for the years ended August 31, 2016 and 2014 as the average stock price was less than $48.05 and therefore the notes were considered anti-dilutive. The dilutive effect of the 2026 Convertible notes was included for the year ended August 31, 2015 as the average stock price was greater than $48.05, as further described below.

Reconciliation of Basic and D84

Reconciliation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Restricted Stock
Earnings Per Share Disclosure [Line Items]
Anti-dilutive shares excluded from calculation	0	0	0
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Convertible notes conversion rate, per share	$ 48.05	$ 48.05	$ 48.05

Approach to Calculate Diluted E

Approach to Calculate Diluted Earning Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended																12 Months Ended
	Aug. 31, 2016		May 31, 2016		Feb. 29, 2016		Nov. 30, 2015		Aug. 31, 2015		May 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier	$ 33,560		$ 35,352		$ 44,868		$ 69,433		$ 66,884		$ 42,811		$ 50,351		$ 32,786		$ 183,213		$ 192,832		$ 111,919
Earnings before interest and debt issuance costs on convertible notes																	$ 185,908		$ 197,650		$ 117,583
Weighted average diluted common shares outstanding																	32,468		33,328		34,209
Diluted earnings per share	$ 1.06	[1]	$ 1.12	[1]	$ 1.41	[1]	$ 2.15	[1]	$ 2.02	[1]	$ 1.33	[1]	$ 1.57	[1]	$ 1.01	[1]	$ 5.73	[1],[2]	$ 5.93	[1],[2]	$ 3.44	[2]
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																	$ 2,695		$ 4,818		$ 5,664

[1]	Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the "if converted" method in which debt issuance and interest costs, net of tax, were added back to net earnings.
[2]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Vehicle	Aug. 31, 2016USD ($)Vehicle	Aug. 31, 2015USD ($)	Aug. 31, 2014USD ($)	Apr. 30, 2016USD ($)Vehicle	Jul. 18, 2014
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest		50.00%
Sale of railcars		$ 167.2
Related party expenses		0.8	$ 0.5	$ 0.5
Note receivable		$ 36.5
Number of railcars sold \| Vehicle		3,406
Number of railcars sold and recognized \| Vehicle		3,017
Revenue recognize from railcars sold		$ 159.4
Deferred revenue on railcars sold		$ 7.8
Deferred revenue, number of railcars sold \| Vehicle		389
Number of railcars to be sold or disposed \| Vehicle		479
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				$ 256
Related party fee	$ 1
Percentage of rate of return to receive after recoup of assumed equity portion of investment		25.00%
Percentage of profit sharing after defined levels have been met		100.00%
Profit sharing agreement, amount paid		$ 7.2
Accrued profit sharing		8.7
Schnitzer
Related Party Transaction [Line Items]
Related party transaction other revenue		$ 2	3.5	$ 3
GBW Railcar Services LLC
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest		50.00%				50.00%
Related party transaction other revenue		$ 4.9	4.9
Sale of railcars		28.5	25.4
Related party expenses		1.3	$ 2.4
Note receivable		$ 36.5
GBW Railcar Services LLC \| Watco Companies LLC
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest						50.00%

Components of Income Tax Expens

Components of Income Tax Expense of Continuing Operations (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Current
Federal									$ 66,455	$ 92,525	$ 49,795
State									4,595	6,349	3,791
Foreign									50,299	32,748	23,229
Current Income Tax Expense (Benefit), Total									121,349	131,622	76,815
Deferred
Federal									(6,199)	(13,565)	(79)
State									(1,174)	(1,112)	(1,142)
Foreign									(1,644)	(4,423)	(3,148)
Total Deferred Income Tax Expense (Benefit)									(9,017)	(19,100)	(4,369)
Change in valuation allowance									(10)	(362)	(45)
Income Tax Expense	$ 19,420	$ 22,449	$ 25,734	$ 44,719	$ 35,951	$ 30,783	$ 29,372	$ 16,054	$ 112,322	$ 112,160	$ 72,401

Reconciliation Between Effectiv

Reconciliation Between Effective and Statutory Tax Rates on Continuing Operations (Detail)	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Income Taxes [Line Items]
Federal statutory rate	35.00%	35.00%	35.00%
State income taxes, net of federal benefit	0.70%	1.00%	1.30%
Impact of foreign operations	0.10%	(0.50%)	(0.80%)
Change in valuation allowance related to deferred tax asset		(0.10%)
Noncontrolling interest in flow-through entity	(7.40%)	(5.70%)	(5.30%)
Permanent differences and other		0.20%	0.70%
Non-deductible goodwill			1.90%
Effective Tax Rate	28.40%	29.90%	32.80%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Operating Loss Carryforwards [Line Items]
Income tax and earnings from unconsolidated affiliates,Domestic u.s. operations	$ 264,800	$ 292,600	$ 161,100
Income tax and earnings from unconsolidated affiliates,Foreign operations	130,300	83,100	59,700
Excess tax benefits from vesting of restricted stock awards	2,813	2,908	$ 109
Net increase (Decrease) in the valuation allowance	100
Cumulative undistributed earnings of foreign subsidiaries	160,100
Unrecognized tax benefits, excluding interest	900	1,000
Unrecognized tax benefits if recognized would affect effective tax rate	600
Accrued interest related to uncertain tax provisions	200	300
Interest benefit relating to reserves for uncertain tax provisions	100	$ 100
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 700
Operating loss carryforwards expiration dates	2,020
Credit carryforwards	$ 400
Credit carryforwards expiration Year	2,021
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 3,700
Operating loss carryforwards expiration dates	2,017

Tax Effects of Temporary Differ

Tax Effects of Temporary Differences that give rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Deferred tax assets:
Accrued payroll and related liabilities	$ 26,384	$ 21,083
Deferred revenue	18,533	7,575
Maintenance and warranty accruals	10,604	11,037
Inventories and other	7,599	9,612
Derivative instruments and translation adjustment	1,153	858
Investment and asset tax credits	511	776
Net operating losses	429	689
Contract placement		1,828
Deferred Tax Assets, Gross, Total	65,213	53,458
Deferred tax liabilities:
Fixed assets	97,490	87,031
Investment in GBW Joint Venture	16,144	16,356
Original issue discount		4,036
Intangibles	3,212	3,030
Deferred gain on redemption of debt	1,718	2,611
Other	(2,344)	357
Deferred Tax Liabilities, Gross, Total	116,220	113,421
Valuation allowance	612	694
Net deferred tax liability	$ 51,619	$ 60,657

Unrecognized Tax Benefits (Deta

Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Income Taxes [Line Items]
Unrecognized Tax Benefit - Opening Balance	$ 1,275	$ 1,268	$ 1,289
Gross increases - tax positions in prior period	22	18	18
Gross decreases - tax positions in prior period	0	0	0
Settlements	0	0	0
Lapse of statute of limitations	(124)	(11)	(39)
Unrecognized Tax Benefit - Ending Balance	$ 1,173	$ 1,275	$ 1,268

Segment Information - Additiona

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Aug. 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								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Segment Reporting Information [Line Items]
Revenues	$ 595,190	$ 612,866	$ 669,079	$ 802,389	$ 765,465	$ 714,606	$ 630,149	$ 495,058	$ 2,679,524	[1]	$ 2,605,278	[1]	$ 2,203,962	[1]
Earnings (loss) from operations	83,545	84,129	92,393	148,485	135,527	104,411	92,532	54,422	408,552		386,892		239,520
Assets	1,837,890				1,790,512				1,837,890		1,790,512		1,517,168
Depreciation and amortization									63,345		45,156		40,422
Capital expenditures									139,013		105,989		70,227
Manufacturing
Segment Reporting Information [Line Items]
Revenues	484,645	458,494	454,531	698,661	657,485	593,376	505,241	379,949	2,096,331		2,136,051		1,624,916
Earnings (loss) from operations									415,094		396,921		202,555
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	74,791	78,417	90,458	78,729	84,566	97,407	102,640	86,624	322,395		371,237		495,627
Earnings (loss) from operations									19,948		27,563		40,597
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	35,754	$ 75,955	$ 124,090	$ 24,999	23,414	$ 23,823	$ 22,268	$ 28,485	260,798		97,990		83,419
Earnings (loss) from operations									51,723		41,887		41,055
Operating Segments \| Manufacturing
Segment Reporting Information [Line Items]
Revenues									2,185,489		2,143,585		1,625,706
Earnings (loss) from operations									439,393		397,716		202,616
Assets	701,296				675,409				701,296		675,409		521,711
Depreciation and amortization									27,137		20,668		15,341
Capital expenditures									51,294		84,354		55,979
Operating Segments \| Wheels & Parts
Segment Reporting Information [Line Items]
Revenues									354,831		398,494		507,460
Earnings (loss) from operations									22,550		30,192		41,039
Assets	275,599				291,798				275,599		291,798		298,009
Depreciation and amortization									11,971		11,748		12,582
Capital expenditures									10,190		9,381		8,774
Operating Segments \| Leasing & Services
Segment Reporting Information [Line Items]
Revenues									273,899		160,590		109,392
Earnings (loss) from operations									64,824		104,487		67,028
Assets	518,263				549,073				518,263		549,073		436,075
Depreciation and amortization									24,237		12,740		12,499
Capital expenditures									77,529		12,254		5,474
Operating Segments \| Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	$ 342,732				$ 274,232				342,732		274,232		261,373
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations									(78,213)		(79,479)		(44,687)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues									(134,695)		(97,391)		(38,596)
Earnings (loss) from operations									(40,002)		(66,024)		(26,476)
Intersegment Eliminations \| Manufacturing
Segment Reporting Information [Line Items]
Revenues									89,158		7,534		790
Earnings (loss) from operations									24,299		795		61
Intersegment Eliminations \| Wheels & Parts
Segment Reporting Information [Line Items]
Revenues									32,436		27,257		11,833
Earnings (loss) from operations									2,602		2,629		442
Intersegment Eliminations \| Leasing & Services
Segment Reporting Information [Line Items]
Revenues									13,101		62,600		25,973
Earnings (loss) from operations									$ 13,101		$ 62,600		$ 25,973

[1]	Revenue is presented on the basis of geographic location of customers.

Summary of Geographic Informati

Summary of Geographic Information (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue		$ 595,190	$ 612,866	$ 669,079	$ 802,389	$ 765,465	$ 714,606	$ 630,149	$ 495,058	$ 2,679,524	[1]	$ 2,605,278	[1]	$ 2,203,962	[1]
Assets		1,837,890				1,790,512				1,837,890		1,790,512		1,517,168
UNITED STATES
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	[1]									2,297,501		2,404,266		1,998,579
Assets		957,790				1,184,811				957,790		1,184,811		1,115,473
Foreign
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	[1]									382,023		201,012		205,383
Mexico
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets		788,878				524,724				788,878		524,724		321,391
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Assets		$ 91,222				$ 80,977				$ 91,222		$ 80,977		$ 80,304

[1]	Revenue is presented on the basis of geographic location of customers.

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								12 Months Ended
	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 83,545	$ 84,129	$ 92,393	$ 148,485	$ 135,527	$ 104,411	$ 92,532	$ 54,422	$ 408,552	$ 386,892	$ 239,520
Interest and foreign exchange	2,937	3,712	1,417	5,436	1,824	4,285	1,929	3,141	13,502	11,179	18,695
Earnings before income tax and earnings from unconsolidated affiliates	$ 80,608	$ 80,417	$ 90,976	$ 143,049	$ 133,703	$ 100,126	$ 90,603	$ 51,281	$ 395,050	$ 375,713	$ 220,825

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	Aug. 31, 2015	May 31, 2015	Feb. 28, 2015	Nov. 30, 2014	Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Segment Reporting Information [Line Items]
Revenue		$ 595,190	$ 612,866	$ 669,079	$ 802,389	$ 765,465	$ 714,606	$ 630,149	$ 495,058	$ 2,679,524	[1]	$ 2,605,278	[1]	$ 2,203,962	[1]
Earnings (loss) from operations		83,545	$ 84,129	$ 92,393	$ 148,485	135,527	$ 104,411	$ 92,532	$ 54,422	408,552		386,892		239,520
Assets		1,837,890				1,790,512				1,837,890		1,790,512		1,517,168
Capital expenditures										139,013		105,989		70,227
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Revenue										373,490		349,849		38,549	[2]
Earnings (loss) from operations										8,558		(1,160)		702	[2]
Assets	[3]	$ 247,610				$ 239,871				247,610		239,871		210,631	[2]
Depreciation and amortization										7,676		4,590		470	[2]
Capital expenditures										$ 16,110		$ 26,396		$ 1,255	[2]

[1]	Revenue is presented on the basis of geographic location of customers.
[2]	2014 includes activity after July 18, 2014, the date GBW was formed.
[3]	Includes goodwill and intangible assets of $93.4 million, $96.9 million and $100.2 million as of August 31, 2016, 2015 and 2014.

Results of Operations for GBW97

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 93.4	$ 96.9	$ 100.2

Customer Concentration - Additi

Customer Concentration - Additional Information (Detail)	12 Months Ended
Customer Concentration - Additional Information (Detail)	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Customer Concentration Risk \| Sales Revenue, Net \| Customer One Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	17.00%	24.00%
Customer Concentration Risk \| Sales Revenue, Net \| Customer Two Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%		17.00%
Credit Concentration Risk \| Accounts Receivable \| Customer One Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	28.00%
Credit Concentration Risk \| Accounts Receivable \| Customer Two Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	12.00%

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2014
Railcar Equipment
Leases Disclosure [Line Items]
Lease expense	$ 6.6	$ 6.3	$ 6.8
Domestic railcar repair facilities, office space and certain manufacturing and office equipment
Leases Disclosure [Line Items]
Lease expense	$ 9.3	$ 9.3	$ 12.3

Aggregate Minimum Future Amo100

Aggregate Minimum Future Amounts Payable under Non-Cancelable Railcar Equipment Leases (Detail) - Railcar Equipment $ in Thousands	Aug. 31, 2016USD ($)
Operating Leased Assets [Line Items]
2,017	$ 6,756
2,018	6,158
2,019	5,022
2,020	4,056
2,021	1,181
Thereafter	3,817
Operating Leases, Future Minimum Payments Due	$ 26,990

Aggregate Minimum Future Amo101

Aggregate Minimum Future Amounts Payable Under Non-Cancelable Operating Leases (Detail) - Domestic railcar repair facilities, office space and certain manufacturing and office equipment $ in Thousands	Aug. 31, 2016USD ($)
Operating Leased Assets [Line Items]
2,017	$ 4,716
2,018	3,241
2,019	2,960
2,020	2,773
2,021	1,644
Thereafter	340
Operating Leases, Future Minimum Payments Due, Total	$ 15,674

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 08, 2016USD ($)Segment	Aug. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 18, 2014
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study			$ 110,000,000
Bank and third party warranty and performance guarantee facilities		$ 2,600,000
Equity method investment, percentage of ownership interest		50.00%
Payment to acquire equity method investments		$ 7,900,000
Expected loan to unconsolidated joint venture		5,000,000
Note receivable		36,500,000
Mexican Railcar Manufacturing Joint Venture Credit Facility
Commitments and Contingencies Disclosure [Line Items]
Debt outstanding		700,000
Guarantee obligations		300,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount		$ 81,300,000
Portland Harbor Site
Commitments and Contingencies Disclosure [Line Items]
Discount rate	7.00%
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
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
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
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%)
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%
GBW Railcar Services LLC
Commitments and Contingencies Disclosure [Line Items]
Equity method investment, percentage of ownership interest		50.00%		50.00%
Note receivable		$ 36,500,000

Fair Value of Financial Inst103

Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Aug. 31, 2016	Aug. 31, 2015
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 303,969	$ 326,429
Estimate of Fair Value, Fair Value Disclosure \| Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 314,687	$ 345,350

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Aug. 31, 2016	Aug. 31, 2015
Assets:
Nonqualified savings plan investments		$ 15,864	$ 11,815
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments		1,595	1,913
Nonqualified savings plan investments		15,864	11,815
Cash equivalents		5,077	5,071
Assets, Fair Value Disclosure, Total		22,536	18,799
Liabilities:
Derivative financial instruments		7,466	3,206
Fair Value, Inputs, Level 1 \| Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments		15,864	11,815
Cash equivalents		5,077	5,071
Assets, Fair Value Disclosure, Total		20,941	16,886
Fair Value, Inputs, Level 2 \| Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	[1]	1,595	1,913
Assets, Fair Value Disclosure, Total	[1]	1,595	1,913
Liabilities:
Derivative financial instruments	[1]	$ 7,466	$ 3,206

[1]	Level 2 assets include derivative financial instruments which are valued based on significant observable inputs. See Note 14 Derivative Instruments for further discussion.

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event - Greenbrier-Astra Rail € in Millions	1 Months Ended
	Oct. 25, 2016EUR (€)
Subsequent Event [Line Items]
Ownership percentage by parent	75.00%
Amount to be paid at closing	€ 30
Amount to be paid 12 months after closing by providing a guarantee	€ 30

Quarterly Results of Operati106

Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Aug. 31, 2016		May 31, 2016		Feb. 29, 2016		Nov. 30, 2015		Aug. 31, 2015		May 31, 2015		Feb. 28, 2015		Nov. 30, 2014		Aug. 31, 2016		Aug. 31, 2015		Aug. 31, 2014
Revenue
Revenues	$ 595,190		$ 612,866		$ 669,079		$ 802,389		$ 765,465		$ 714,606		$ 630,149		$ 495,058		$ 2,679,524	[1]	$ 2,605,278	[1]	$ 2,203,962	[1]
Cost of revenue
Cost of revenue	475,507		485,768		549,188		617,624		590,776		565,320		504,839		406,990		2,128,087		2,067,925		1,881,742
Margin	119,683		127,098		119,891		184,765		174,689		149,286		125,310		88,068		551,437		537,353		322,220
Selling and administrative	40,608		43,280		38,244		36,549		39,568		45,595		32,899		33,729		158,681		151,791		125,270
Net gain on disposition of equipment	(4,470)		(311)		(10,746)		(269)		(406)		(720)		(121)		(83)		(15,796)		(1,330)		(15,039)
Earnings from operations	83,545		84,129		92,393		148,485		135,527		104,411		92,532		54,422		408,552		386,892		239,520
Other costs
Interest and foreign exchange	2,937		3,712		1,417		5,436		1,824		4,285		1,929		3,141		13,502		11,179		18,695
Earnings before income tax and earnings (loss) from unconsolidated affiliates	80,608		80,417		90,976		143,049		133,703		100,126		90,603		51,281		395,050		375,713		220,825
Income tax expense	(19,420)		(22,449)		(25,734)		(44,719)		(35,951)		(30,783)		(29,372)		(16,054)		(112,322)		(112,160)		(72,401)
Earnings (loss) from unconsolidated affiliates	(825)		1,564		974		383		204		982		(185)		755		2,096		1,756		1,355
Net earnings	60,363		59,532		66,216		98,713		97,956		70,325		61,046		35,982		284,824		265,309		149,779
Net earnings attributable to noncontrolling interest	(26,803)		(24,180)		(21,348)		(29,280)		(31,072)		(27,514)		(10,695)		(3,196)		(101,611)		(72,477)		(37,860)
Net earnings attributable to Greenbrier	$ 33,560		$ 35,352		$ 44,868		$ 69,433		$ 66,884		$ 42,811		$ 50,351		$ 32,786		$ 183,213		$ 192,832		$ 111,919
Basic earnings per common share	$ 1.15	[2]	$ 1.22	[2]	$ 1.54	[2]	$ 2.36	[2]	$ 2.23	[2]	$ 1.54	[2]	$ 1.86	[2]	$ 1.19	[2]	$ 6.28	[2]	$ 6.85	[2]	$ 3.97
Diluted earnings per common share	$ 1.06	[2]	$ 1.12	[2]	$ 1.41	[2]	$ 2.15	[2]	$ 2.02	[2]	$ 1.33	[2]	$ 1.57	[2]	$ 1.01	[2]	$ 5.73	[2],[3]	$ 5.93	[2],[3]	$ 3.44	[3]
Manufacturing
Revenue
Revenues	$ 484,645		$ 458,494		$ 454,531		$ 698,661		$ 657,485		$ 593,376		$ 505,241		$ 379,949		$ 2,096,331		$ 2,136,051		$ 1,624,916
Cost of revenue
Cost of revenue	382,919		352,775		361,827		533,033		506,492		465,658		403,227		316,037		1,630,554		1,691,414		1,374,008
Earnings from operations																	415,094		396,921		202,555
Wheels & Parts
Revenue
Revenues	74,791		78,417		90,458		78,729		84,566		97,407		102,640		86,624		322,395		371,237		495,627
Cost of revenue
Cost of revenue	69,543		69,818		81,388		73,002		75,395		89,645		92,768		76,872		293,751		334,680		463,938
Earnings from operations																	19,948		27,563		40,597
Leasing & Services
Revenue
Revenues	35,754		75,955		124,090		24,999		23,414		23,823		22,268		28,485		260,798		97,990		83,419
Cost of revenue
Cost of revenue	$ 23,045		$ 63,175		$ 105,973		$ 11,589		$ 8,889		$ 10,017		$ 8,844		$ 14,081		203,782		41,831		43,796
Earnings from operations																	$ 51,723		$ 41,887		$ 41,055

[1]	Revenue is presented on the basis of geographic location of customers.
[2]	Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share includes the dilutive effect of the 2026 Convertible Notes using the treasury stock method when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the "if converted" method in which debt issuance and interest costs, net of tax, were added back to net earnings.
[3]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs on convertible notes Weighted average diluted common shares outstanding