The Greenbrier Companies, Inc. (GBX) 10-Q 6 Jan 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2016	Dec. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	GBX
Entity Registrant Name	GREENBRIER COMPANIES INC
Entity Central Index Key	923,120
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,367,827

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2016	Aug. 31, 2016
Assets
Cash and cash equivalents	$ 233,790	$ 222,679
Restricted cash	8,642	24,279
Accounts receivable, net	237,037	232,517
Inventories	402,064	365,805
Leased railcars for syndication	102,686	144,932
Equipment on operating leases, net	305,586	306,266
Property, plant and equipment, net	327,170	329,990
Investment in unconsolidated affiliates	93,330	98,682
Intangibles and other assets, net	63,780	67,359
Goodwill	43,265	43,265
Total assets	1,817,350	1,835,774
Liabilities and Equity
Accounts payable and accrued liabilities	345,776	369,754
Deferred income taxes	54,123	51,619
Deferred revenue	85,358	95,721
Notes payable, net	300,331	301,853
Commitments and contingencies (Note 12)
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,368 and 28,205 shares outstanding at November 30, 2016 and August 31, 2016	0	0
Additional paid-in capital	281,754	282,886
Retained earnings	637,026	618,178
Accumulated other comprehensive loss	(38,055)	(26,753)
Total equity - Greenbrier	880,725	874,311
Noncontrolling interest	151,037	142,516
Total equity	1,031,762	1,016,827
Liabilities and Equity	$ 1,817,350	$ 1,835,774

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2016	Aug. 31, 2016
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	28,368,000	28,205,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2016	Nov. 30, 2015
Revenue
Revenue		$ 552,314	$ 802,389
Cost of revenue
Cost of revenue		439,563	617,624
Margin		112,751	184,765
Selling and administrative expense		41,213	36,549
Net gain on disposition of equipment		(1,122)	(269)
Earnings from operations		72,660	148,485
Other costs
Interest and foreign exchange		1,724	5,436
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		70,936	143,049
Income tax expense		(20,386)	(44,719)
Earnings before earnings (loss) from unconsolidated affiliates		50,550	98,330
Earnings (loss) from unconsolidated affiliates		(2,584)	383
Net earnings		47,966	98,713
Net earnings attributable to noncontrolling interest		(23,004)	(29,280)
Net earnings attributable to Greenbrier		$ 24,962	$ 69,433
Basic earnings per common share:		$ 0.86	$ 2.36
Diluted earnings per common share:	[1]	$ 0.79	$ 2.15
Weighted average common shares:
Basic	[2]	29,097	29,391
Diluted		32,412	32,578
Dividends declared per common share		$ 0.21	$ 0.20
Manufacturing
Revenue
Revenue		$ 454,033	$ 698,661
Cost of revenue
Cost of revenue		356,555	533,033
Earnings from operations		83,341	153,704
Wheels & Parts
Revenue
Revenue		69,635	78,729
Cost of revenue
Cost of revenue		64,978	73,002
Earnings from operations		2,894	3,403
Leasing & Services
Revenue
Revenue		28,646	24,999
Cost of revenue
Cost of revenue		18,030	11,589
Earnings from operations		$ 7,390	$ 9,958
[1]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding
[2]	Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2016	Nov. 30, 2015
Net earnings		$ 47,966	$ 98,713
Other comprehensive income (loss)
Translation adjustment		(6,720)	(3,967)
Reclassification of derivative financial instruments recognized in net earnings	[1]	323	492
Unrealized loss on derivative financial instruments	[2]	(4,904)	(6,052)
Other (net of tax effect)		(1)
Other comprehensive income		(11,302)	(9,527)
Comprehensive income		36,664	89,186
Comprehensive income attributable to noncontrolling interest		(23,004)	(29,207)
Comprehensive income attributable to Greenbrier		$ 13,660	$ 59,979
[1]	Net of tax effect of $0.2 million and $0.2 million for the three months ended November 30, 2016 and 2015.
[2]	Net of tax effect of $1.0 million and $1.5 million for the three months ended November 30, 2016 and 2015.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 0.2	$ 0.2
Unrealized loss on derivative financial instruments, tax	$ 1	$ 1.5

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total Attributable to Greenbrier	Attributable to Noncontrolling Interest
Beginning balance (in shares) at Aug. 31, 2015		28,907
Beginning balance at Aug. 31, 2015	$ 863,489		$ 295,444	$ 458,599	$ (21,205)	$ 732,838	$ 130,651
Net earnings	98,713			69,433		69,433	29,280
Other comprehensive loss, net	(9,527)				(9,454)	(9,454)	(73)
Noncontrolling interest adjustments	262						262
Purchase of noncontrolling interest	(4)						(4)
Joint venture partner distribution declared	(17,606)						(17,606)
Restricted stock awards (net of cancellations) (in shares)		212
Restricted stock awards (net of cancellations)	(3,469)		(3,469)			(3,469)
Unamortized restricted stock	(603)		(603)			(603)
Restricted stock amortization	5,301		5,301			5,301
Excess tax benefit from restricted stock awards	2,827		2,827			2,827
Cash dividends	(5,850)			(5,850)		(5,850)
Repurchase of stock	(19,078)		(19,078)			(19,078)
Repurchase of stock, shares		(522)
Ending Balance (in shares) at Nov. 30, 2015		28,597
Ending Balance at Nov. 30, 2015	$ 914,455		280,422	522,182	(30,659)	771,945	142,510
Beginning balance (in shares) at Aug. 31, 2016	28,205	28,205
Beginning balance at Aug. 31, 2016	$ 1,016,827		282,886	618,178	(26,753)	874,311	142,516
Net earnings	47,966			24,962		24,962	23,004
Other comprehensive loss, net	(11,302)				(11,302)	(11,302)
Noncontrolling interest adjustments	(3,781)						(3,781)
Joint venture partner distribution declared	(10,702)						(10,702)
Restricted stock awards (net of cancellations) (in shares)		163
Restricted stock awards (net of cancellations)	(2,945)		(2,945)			(2,945)
Unamortized restricted stock	125		125			125
Restricted stock amortization	4,152		4,152			4,152
Tax deficiency from restricted stock awards	(2,464)		(2,464)			(2,464)
Cash dividends	$ (6,114)			(6,114)		(6,114)
Ending Balance (in shares) at Nov. 30, 2016	28,368	28,368
Ending Balance at Nov. 30, 2016	$ 1,031,762		$ 281,754	$ 637,026	$ (38,055)	$ 880,725	$ 151,037

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Cash flows from operating activities
Net earnings	$ 47,966	$ 98,713
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	2,756	3,019
Depreciation and amortization	15,595	12,974
Net gain on disposition of equipment	(1,122)	(269)
Stock based compensation expense	5,343	5,301
Noncontrolling interest adjustments	(3,781)	262
Other	229	637
Decrease (increase) in assets:
Accounts receivable, net	(5,256)	(40,889)
Inventories	(39,108)	(274)
Leased railcars for syndication	34,295	(61,059)
Other	8,893	(3,578)
Decrease in liabilities:
Accounts payable and accrued liabilities	(25,693)	(77,605)
Deferred revenue	(11,111)	(723)
Net cash provided by (used in) operating activities	29,006	(63,491)
Cash flows from investing activities
Proceeds from sales of assets	9,189	41,353
Capital expenditures	(12,584)	(15,595)
Decrease (increase) in restricted cash	15,637	(949)
Cash distribution from unconsolidated affiliates	550	616
Investment in and advances to unconsolidated affiliates	(550)	(1,866)
Net cash provided by investing activities	12,242	23,559
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less		113,000
Repayments of notes payable	(1,750)	(1,761)
Debt issuance costs		(4,493)
Cash distribution to joint venture partner	(11,185)	(17,654)
Repurchase of stock		(20,203)
Dividends	(6,147)	(105)
Excess tax benefit (deficiency) from restricted stock awards	(2,464)	2,827
Other		(6)
Net cash provided by (used in) financing activities	(21,546)	71,605
Effect of exchange rate changes	(8,591)	(6,970)
Increase in cash and cash equivalents	11,111	24,703
Cash and cash equivalents
Beginning of period	222,679	172,930
End of period	233,790	197,633
Cash paid during the period for
Interest	3,511	4,058
Income taxes, net	10,433	48,349
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	6,082	31,568
Capital expenditures accrued in Accounts payable and accrued liabilities	$ 5,447	5,931
Dividends declared and accrued in Accounts payable and accrued liabilities		$ 5,745

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Nov. 30, 2016
Interim Financial Statements	Note 1 – Interim Financial Statements The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries (Greenbrier or the Company) as of November 30, 2016, for the three months ended November 30, 2016 and 2015 have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. The results of operations for the three months ended November 30, 2016 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2017. Certain notes and other information have been condensed or omitted from the interim financial statements presented in this Quarterly Report on Form 10-Q. Therefore, these financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s 2016 Annual Report on Form 10-K. Management Estimates – Initial Adoption of Accounting Policies Simplifying the Presentation of Debt Issuance Costs In the first quarter of 2017, the Company adopted Accounting Standards Update 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line of Credit Arrangements Prospective Accounting Changes Revenue from Contracts with Customers 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 Share Repurchase Program – The Company did not repurchase any shares during the three months ended November 30, 2016. As of November 30, 2016, the Company had cumulatively repurchased 3,206,226 shares for approximately $137.0 million and had $88.0 million available under the share repurchase program with an expiration date of January 1, 2018.

Inventories

Inventories	3 Months Ended
	Nov. 30, 2016
Inventories	Note 2 – Inventories Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance: (In thousands) November 30, August 31, Manufacturing supplies and raw materials $ 242,255 $ 240,865 Work-in-process 78,851 68,727 Finished goods 83,880 59,470 Excess and obsolete adjustment (2,922 ) (3,257 ) $ 402,064 $ 365,805

Intangibles and Other Assets, n

Intangibles and Other Assets, net	3 Months Ended
	Nov. 30, 2016
Intangibles and Other Assets, net	Note 3 – Intangibles and Other Assets, net Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment. The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) November 30, August 31, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (38,106 ) (37,251 ) Other intangibles 4,944 6,298 Accumulated amortization (3,995 ) (5,967 ) 27,866 28,103 Intangible assets not subject to amortization 912 912 Prepaid and other assets 10,551 14,891 Nonqualified savings plan investments 17,161 15,864 Revolving notes issuance costs, net 3,245 3,481 Assets held for sale 4,045 4,108 Total Intangible and other assets, net $ 63,780 $ 67,359 Amortization expense for the three months ended November 30, 2016 and 2015 was $1.7 million and $1.2 million. Amortization expense for the years ending August 31, 2017, 2018, 2019, 2020 and 2021 is expected to be $4.4 million, $3.8 million, $3.4 million, $3.7 million and $3.4 million.

Revolving Notes

Revolving Notes	3 Months Ended
	Nov. 30, 2016
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $614.6 million as of November 30, 2016. As of November 30, 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 November 30, 2016, lines of credit totaling $14.6 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 November 30, 2016, the Company’s Mexican railcar manufacturing joint venture had 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 November 30, 2016 and August 31, 2016, the Company had no borrowings outstanding under our senior secured credit facilities and outstanding commitments consisted of $81.3 million in letters of credit under the North American credit facility.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Nov. 30, 2016
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) November 30, August 31, Trade payables $ 169,360 $ 182,334 Other accrued liabilities 69,471 71,260 Accrued payroll and related liabilities 59,960 76,058 Accrued maintenance 19,090 18,646 Accrued warranty 11,737 12,159 Income taxes payable 10,943 3,991 Other 5,215 5,306 $ 345,776 $ 369,754

Warranty Accruals

Warranty Accruals	3 Months Ended
	Nov. 30, 2016
Warranty Accruals	Note 6 – Warranty Accruals Warranty costs are estimated and charged to operations to cover a defined warranty period. The estimated warranty cost is based on the history of warranty claims for each particular product type. For new product types without a warranty history, preliminary estimates are based on historical information for similar product types. The warranty accruals, included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, are reviewed periodically and updated based on warranty trends and expirations of warranty periods. Warranty accrual activity: Three Months Ended November 30, (In thousands) 2016 2015 Balance at beginning of period $ 12,159 $ 11,512 Charged to cost of revenue, net 357 1,421 Payments (637 ) (1,229 ) Currency translation effect (142 ) (95 ) Balance at end of period $ 11,737 $ 11,609

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Nov. 30, 2016
Accumulated Other Comprehensive Loss	Note 7 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Foreign Other Accumulated Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) Other comprehensive loss before reclassifications (4,904 ) (6,720 ) (1 ) (11,625 ) Amounts reclassified from accumulated other comprehensive loss 323 — — 323 Balance, November 30, 2016 $ (10,073 ) $ (27,552 ) $ (430 ) $ (38,055 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Financial Statement Location (In thousands) 2016 2015 Loss on derivative financial instruments: Foreign exchange contracts $ 143 $ 267 Revenue and Cost of revenue Interest rate swap contracts 338 445 Interest and foreign exchange 481 712 Total before tax (158 ) (220 ) Tax expense $ 323 $ 492 Net of tax

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 30, 2016
Earnings Per Share	Note 8 – Earnings Per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended (In thousands 2016 2015 Weighted average basic common shares outstanding (1) 29,097 29,391 Dilutive effect of 2018 Convertible notes (2) 3,258 3,177 Dilutive effect of 2026 Convertible notes (3) — — Dilutive effect of performance based restricted stock units (4) 57 10 Weighted average diluted common shares outstanding 32,412 32,578 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included as they were considered dilutive under the “if converted” method as further discussed below. (3) The 2026 Convertible notes were retired during 2016 and therefore were excluded from the three months ended November 30, 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three months ended November 30, 2015 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) Restricted stock units 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 subject to performance criteria, for which actual levels of performance above target have been achieved. The second approach supplements the first by including the “if converted” effect of the 2018 Convertible notes issued in March 2011. Under the “if converted” method, debt issuance and interest costs, both net of tax, associated with the convertible notes are added back to net earnings and the share count is increased by the shares underlying the convertible notes. The 2026 Convertible notes are included in the calculation of both approaches using the treasury stock method when the average stock price is greater than the applicable conversion price. Three Months Ended 2016 2015 Net earnings attributable to Greenbrier $ 24,962 $ 69,433 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 496 Earnings before interest and debt issuance costs on convertible notes $ 25,695 $ 69,929 Weighted average diluted common shares outstanding 32,412 32,578 Diluted earnings per share (1) $ 0.79 $ 2.15 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Nov. 30, 2016
Stock Based Compensation	Note 9 – Stock Based Compensation The value of stock based compensation awards is amortized as compensation expense from the date of grant through the earlier of the vesting period or the recipient’s eligible retirement date. Awards are expensed upon grant when the recipient’s eligible retirement date precedes the grant date. Stock based compensation expense was $5.3 million for each of the three months ended November 30, 2016 and 2015, respectively. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Income.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Nov. 30, 2016
Derivative Instruments	Note 10 – Derivative Instruments Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk. Interest rate swap agreements are used to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. At November 30, 2016 exchange rates, forward exchange contracts for the purchase of Polish Zlotys and the sale of Euros and U.S. Dollars; the purchase of Mexican Pesos and the sale of U.S. Dollars; and for the purchase of U.S. Dollars and the sale of Saudi Riyals aggregated to $423.4 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 July 2019, 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 November 30, 2016 exchange rates, approximately $7.3 million would be reclassified to revenue or cost of revenue in the next 12 months. At November 30, 2016, an interest rate swap agreement maturing in March 2020 had a notional amount of $91.3 million. The fair value of the contract is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets. As interest expense on the underlying debt is recognized, amounts corresponding to the interest rate swap are reclassified from Accumulated other comprehensive loss and charged or credited to interest expense. At November 30, 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 November 30, August 31, November 30, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 764 $ 1,570 Accounts payable and accrued liabilities $ 11,552 $ 4,287 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 1,725 3,157 $ 764 $ 1,570 $ 13,277 $ 7,444 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2 $ 25 Accounts payable and accrued liabilities $ 64 $ 22 The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ 47 $ (186 ) Interest rate swap contracts Interest and foreign exchange 38 86 $ 85 $ (100 ) Derivatives in cash flow hedging relationships Gain (loss) Location of loss reclassified from accumulated OCI Loss Location of gain (loss) on derivative (ineffective portion and amount excluded from effectiveness testing) Gain (loss) recognized on 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (6,456 ) $ (7,043 ) Revenue $ (87 ) $ (267 ) Revenue $ (1,258 ) $ 4,592 Foreign forward exchange contracts (834 ) — Cost of revenue (56 ) — Cost of revenue (32 ) — Interest rate swap contracts 1,146 (592 ) Interest and foreign exchange (338 ) (445 ) Interest and foreign exchange — — $ (6,144 ) $ (7,635 ) $ (481 ) $ (712 ) $ (1,290 ) $ 4,592

Segment Information

Segment Information	3 Months Ended
	Nov. 30, 2016
Segment Information	Note 11 – Segment Information Greenbrier operates in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. The results of GBW Joint Venture are included as part of Earnings (loss) from unconsolidated affiliates as the Company accounts for its interest in GBW Railcar Services LLC (GBW) under the equity method of accounting. The accounting policies of the segments are described in the summary of significant accounting policies in the Consolidated Financial Statements contained in the Company’s 2016 Annual Report on Form 10-K. Performance is evaluated based on Earnings from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to our integrated business model. The Company does not allocate Interest and foreign exchange or Income tax expense for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements. The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three months ended November 30, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 454,033 $ — $ 454,033 $ 83,341 $ — $ 83,341 Wheels & Parts 69,635 7,201 76,836 2,894 612 3,506 Leasing & Services 28,646 5,334 33,980 7,390 5,250 12,640 Eliminations — (12,535 ) (12,535 ) — (5,862 ) (5,862 ) Corporate — — — (20,965 ) — (20,965 ) $ 552,314 $ — $ 552,314 $ 72,660 $ — $ 72,660 For the three months ended November 30, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 698,661 $ — $ 698,661 $ 153,704 $ — $ 153,704 Wheels & Parts 78,729 6,816 85,545 3,403 684 4,087 Leasing & Services 24,999 6,709 31,708 9,958 6,709 16,667 Eliminations — (13,525 ) (13,525 ) — (7,393 ) (7,393 ) Corporate — — — (18,580 ) — (18,580 ) $ 802,389 $ — $ 802,389 $ 148,485 $ — $ 148,485 Total assets November 30, August 31, (In thousands) 2016 2016 Manufacturing $ 729,361 $ 701,296 Wheels & Parts 279,971 275,599 Leasing & Services 471,957 516,147 Unallocated 336,061 342,732 $ 1,817,350 $ 1,835,774 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended (In thousands) 2016 2015 Earnings from operations $ 72,660 $ 148,485 Interest and foreign exchange 1,724 5,436 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 70,936 $ 143,049 The results of operations for the GBW Joint Venture are accounted for under the equity method of accounting. The GBW Joint Venture is the Company’s fourth reportable segment and information as of November 30, 2016 and August 31, 2016 and for the three months ended November 30, 2016 and 2015 are included in the tables below. Three Months Ended (In thousands) 2016 2015 Revenue $ 70,253 $ 95,982 Earnings (loss) from operations $ (4,561 ) $ 2,408 Total Assets November 30, August 31, GBW (1) $ 238,303 $ 247,610 (1) Includes goodwill and intangible assets of $92.5 million and $93.4 million as of November 30, 2016 and August 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 30, 2016
Commitments and Contingencies	Note 12 – Commitments and Contingencies The Company’s Portland, Oregon manufacturing facility is located adjacent to the Willamette River. The Company has entered into a Voluntary Cleanup Agreement with the Oregon Department of Environmental Quality (DEQ) in which the Company agreed to conduct an investigation of whether, and to what extent, past or present operations at the Portland property may have released hazardous substances into the environment. In December 2000, the U.S. Environmental Protection Agency (EPA) classified portions of the Willamette River bed known as the Portland Harbor, including the portion fronting the Company’s manufacturing facility, as a federal “National Priority List” or “Superfund” site due to sediment contamination (the Portland Harbor Site). The Company and more than 140 other parties have received a “General Notice” of potential liability from the EPA relating to the Portland Harbor Site. The letter advised the Company that it may be liable for the costs of investigation and remediation (which liability may be joint and several with other potentially responsible parties) as well as for natural resource damages resulting from releases of hazardous substances to the site. At this time, ten private and public entities, including the Company (the Lower Willamette Group or LWG), have signed an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) of the Portland Harbor Site under EPA oversight, and several additional entities have not signed such consent, but are nevertheless contributing money to the effort. The EPA-mandated RI/FS was produced by the LWG and has cost over $110 million during a 15-year period. The Company bore 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 January 9, 2017. Based on the investigation to date, the Company believes that it did not contribute in any material way to contamination in the river sediments or the damage of natural resources in the Portland Harbor Site and that the damage in the area of the Portland Harbor Site adjacent to its property precedes its ownership of the Portland, Oregon manufacturing facility. Because these environmental investigations are still underway, sufficient information is currently not available to determine the Company’s liability, if any, for the cost of any required remediation or restoration of the Portland Harbor Site or to estimate a range of potential loss. Based on the results of the pending investigations and future assessments of natural resource damages, the Company may be required to incur costs associated with additional phases of investigation or remedial action, and may be liable for damages to natural resources. In addition, the Company may be required to perform periodic maintenance dredging in order to continue to launch vessels from its launch ways in Portland, Oregon, on the Willamette River, and the river’s classification as a Superfund site could result in some limitations on future dredging and launch activities. Any of these matters could adversely affect the Company’s business and Consolidated Financial Statements, or the value of its Portland property. The Company has also signed an Order on Consent with the DEQ to finalize the investigation of potential onsite sources of contamination that may have a release pathway to the Willamette River. Interim precautionary measures are also required in the order and the Company is currently discussing with the DEQ potential remedial actions which may be required. Our aggregate expenditure has not been material, however the Company could incur significant expenses for remediation. Some or all of any such outlay may be recoverable from other responsible parties. From time to time, Greenbrier is involved as a defendant in litigation in the ordinary course of business, the outcomes of which cannot be predicted with certainty. Recently, the Company received an adverse judgment of approximately $15 million on one matter related to commercial litigation in a foreign jurisdiction. The Company believes the judgment is erroneous and intends to vigorously contest the judgment on appeal. While the ultimate outcome of such legal proceedings cannot be determined at this time, the Company believes that the resolution of pending litigation 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 $2.1 million in third party warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of November 30, 2016, the Mexican railcar manufacturing 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 November 30, 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 $0.6 million in cash contributions to GBW, an unconsolidated 50/50 joint venture, for the three months ended November 30, 2016 which represented a reinvestment of a distribution received from GBW during the quarter. The Company expects to make additional cash contributions to GBW of approximately $1.9 million during 2017, which represent reinvestments of additional distributions the Company expects to receive from GBW this year. The Company is likely to make additional capital contributions or loans to GBW in the future. As of November 30, 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 Measures

Fair Value Measures	3 Months Ended
	Nov. 30, 2016
Fair Value Measures	Note 13 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of November 30, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 766 $ — $ 766 $ — Nonqualified savings plan investments 17,161 17,161 — — Cash equivalents 5,077 5,077 — — $ 23,004 $ 22,238 $ 766 $ — Liabilities: Derivative financial instruments $ 13,341 $ — $ 13,341 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2016 were: (In thousands) Total Level 1 Level 2 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 $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
	Nov. 30, 2016
Related Party Transactions	Note 14 – Related Party Transactions In April 2010, WLR–Greenbrier Rail Inc. (WLR-GBX) was formed and acquired a lease fleet of nearly 4,000 railcars valued at approximately $256.0 million. WLR-GBX is wholly owned by affiliates of WL Ross & Co, LLC (WL Ross) and a member of the Company’s board of directors, Wendy Teramoto, is also an affiliate of WL Ross. In September 2015, the Company purchased the entire remaining WLR-GBX lease fleet of 3,885 railcars for approximately $148.0 million plus a $1.0 million fee. The transaction was approved by the Company’s disinterested, independent directors. The Company intends to sell the railcars and underlying attached leases to third parties in the short-term and therefore has classified these railcars as Leased railcars for syndication on the Company’s Consolidated Balance Sheet. During the three months ended November 30, 2016, the Company sold to third parties 176 of these railcars with the underlying leases attached for $1.8 million. Since September 2015, the Company sold to third parties a total of 3,582 of these railcars with the underlying leases attached for $169.0 million. The Company recognized revenue on 3,193 of these railcars for $161.2 million and deferred revenue recognition on 389 of these railcars for $7.8 million due to the Company’s continuing involvement. The remaining 303 railcars are anticipated to be sold or disposed of in the current year. The Company and WL Ross have agreed that the Company will receive a preferred return on the proceeds of the sale of the railcar portfolio, after which it will share a portion of the profits with WL Ross up to certain defined levels. During the three months ended November 30, 2016, the Company paid a total of $4.5 million to WL Ross pursuant to this profit sharing agreement. In November 2016, the Company’s disinterested, independent directors approved an amendment to this profit sharing agreement in which the Company will pay WL Ross $3.6 million to buy out WL Ross’ future participation in profits with no further obligations owed by either party. As of November 30, 2016, the Company has accrued $3.6 million that it will pay WL Ross in the second quarter of 2017 to complete this agreement.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 30, 2016
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) November 30, August 31, Manufacturing supplies and raw materials $ 242,255 $ 240,865 Work-in-process 78,851 68,727 Finished goods 83,880 59,470 Excess and obsolete adjustment (2,922 ) (3,257 ) $ 402,064 $ 365,805

Intangibles and Other Assets,24

Intangibles and Other Assets, net (Tables)	3 Months Ended
	Nov. 30, 2016
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) November 30, August 31, Intangible assets subject to amortization: Customer relationships $ 65,023 $ 65,023 Accumulated amortization (38,106 ) (37,251 ) Other intangibles 4,944 6,298 Accumulated amortization (3,995 ) (5,967 ) 27,866 28,103 Intangible assets not subject to amortization 912 912 Prepaid and other assets 10,551 14,891 Nonqualified savings plan investments 17,161 15,864 Revolving notes issuance costs, net 3,245 3,481 Assets held for sale 4,045 4,108 Total Intangible and other assets, net $ 63,780 $ 67,359

Accounts Payable and Accrued 25

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Nov. 30, 2016
Accounts Payable and Accrued Liabilities	(In thousands) November 30, August 31, Trade payables $ 169,360 $ 182,334 Other accrued liabilities 69,471 71,260 Accrued payroll and related liabilities 59,960 76,058 Accrued maintenance 19,090 18,646 Accrued warranty 11,737 12,159 Income taxes payable 10,943 3,991 Other 5,215 5,306 $ 345,776 $ 369,754

Warranty Accruals (Tables)

Warranty Accruals (Tables)	3 Months Ended
	Nov. 30, 2016
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended November 30, (In thousands) 2016 2015 Balance at beginning of period $ 12,159 $ 11,512 Charged to cost of revenue, net 357 1,421 Payments (637 ) (1,229 ) Currency translation effect (142 ) (95 ) Balance at end of period $ 11,737 $ 11,609

Accumulated Other Comprehensi27

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Nov. 30, 2016
Components of Accumulated Other Comprehensive Loss, Net of Tax	Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Foreign Other Accumulated Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) Other comprehensive loss before reclassifications (4,904 ) (6,720 ) (1 ) (11,625 ) Amounts reclassified from accumulated other comprehensive loss 323 — — 323 Balance, November 30, 2016 $ (10,073 ) $ (27,552 ) $ (430 ) $ (38,055 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Financial Statement Location (In thousands) 2016 2015 Loss on derivative financial instruments: Foreign exchange contracts $ 143 $ 267 Revenue and Cost of revenue Interest rate swap contracts 338 445 Interest and foreign exchange 481 712 Total before tax (158 ) (220 ) Tax expense $ 323 $ 492 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 30, 2016
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: Three Months Ended (In thousands 2016 2015 Weighted average basic common shares outstanding (1) 29,097 29,391 Dilutive effect of 2018 Convertible notes (2) 3,258 3,177 Dilutive effect of 2026 Convertible notes (3) — — Dilutive effect of performance based restricted stock units (4) 57 10 Weighted average diluted common shares outstanding 32,412 32,578 (1) Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. (2) The dilutive effect of the 2018 Convertible notes was included as they were considered dilutive under the “if converted” method as further discussed below. (3) The 2026 Convertible notes were retired during 2016 and therefore were excluded from the three months ended November 30, 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three months ended November 30, 2015 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) Restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position.
Approach to Calculate Diluted Earning per Share	Three Months Ended 2016 2015 Net earnings attributable to Greenbrier $ 24,962 $ 69,433 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 496 Earnings before interest and debt issuance costs on convertible notes $ 25,695 $ 69,929 Weighted average diluted common shares outstanding 32,412 32,578 Diluted earnings per share (1) $ 0.79 $ 2.15 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Nov. 30, 2016
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives November 30, August 31, November 30, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 764 $ 1,570 Accounts payable and accrued liabilities $ 11,552 $ 4,287 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 1,725 3,157 $ 764 $ 1,570 $ 13,277 $ 7,444 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2 $ 25 Accounts payable and accrued liabilities $ 64 $ 22
Effect of Derivative Instruments on Statements of Income	The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) 2016 2015 Foreign forward exchange contract Interest and foreign exchange $ 47 $ (186 ) Interest rate swap contracts Interest and foreign exchange 38 86 $ 85 $ (100 ) Derivatives in cash flow hedging relationships Gain (loss) Location of loss reclassified from accumulated OCI Loss Location of gain (loss) on derivative (ineffective portion and amount excluded from effectiveness testing) Gain (loss) recognized on 2016 2015 2016 2015 2016 2015 Foreign forward exchange contracts $ (6,456 ) $ (7,043 ) Revenue $ (87 ) $ (267 ) Revenue $ (1,258 ) $ 4,592 Foreign forward exchange contracts (834 ) — Cost of revenue (56 ) — Cost of revenue (32 ) — Interest rate swap contracts 1,146 (592 ) Interest and foreign exchange (338 ) (445 ) Interest and foreign exchange — — $ (6,144 ) $ (7,635 ) $ (481 ) $ (712 ) $ (1,290 ) $ 4,592

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Nov. 30, 2016
Segments' Internal Financial Reports	The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three months ended November 30, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 454,033 $ — $ 454,033 $ 83,341 $ — $ 83,341 Wheels & Parts 69,635 7,201 76,836 2,894 612 3,506 Leasing & Services 28,646 5,334 33,980 7,390 5,250 12,640 Eliminations — (12,535 ) (12,535 ) — (5,862 ) (5,862 ) Corporate — — — (20,965 ) — (20,965 ) $ 552,314 $ — $ 552,314 $ 72,660 $ — $ 72,660 For the three months ended November 30, 2015: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 698,661 $ — $ 698,661 $ 153,704 $ — $ 153,704 Wheels & Parts 78,729 6,816 85,545 3,403 684 4,087 Leasing & Services 24,999 6,709 31,708 9,958 6,709 16,667 Eliminations — (13,525 ) (13,525 ) — (7,393 ) (7,393 ) Corporate — — — (18,580 ) — (18,580 ) $ 802,389 $ — $ 802,389 $ 148,485 $ — $ 148,485 Total assets November 30, August 31, (In thousands) 2016 2016 Manufacturing $ 729,361 $ 701,296 Wheels & Parts 279,971 275,599 Leasing & Services 471,957 516,147 Unallocated 336,061 342,732 $ 1,817,350 $ 1,835,774
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended (In thousands) 2016 2015 Earnings from operations $ 72,660 $ 148,485 Interest and foreign exchange 1,724 5,436 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 70,936 $ 143,049
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 as of November 30, 2016 and August 31, 2016 and for the three months ended November 30, 2016 and 2015 are included in the tables below. Three Months Ended (In thousands) 2016 2015 Revenue $ 70,253 $ 95,982 Earnings (loss) from operations $ (4,561 ) $ 2,408 Total Assets November 30, August 31, GBW (1) $ 238,303 $ 247,610 (1) Includes goodwill and intangible assets of $92.5 million and $93.4 million as of November 30, 2016 and August 31, 2016.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Nov. 30, 2016
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of November 30, 2016 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 766 $ — $ 766 $ — Nonqualified savings plan investments 17,161 17,161 — — Cash equivalents 5,077 5,077 — — $ 23,004 $ 22,238 $ 766 $ — Liabilities: Derivative financial instruments $ 13,341 $ — $ 13,341 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2016 were: (In thousands) Total Level 1 Level 2 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 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($)	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Aug. 31, 2016	Oct. 31, 2013
Equity, Class of Treasury Stock [Line Items]
Intangibles and other assets, net	$ 63,780,000		$ 67,359,000
Notes payable	$ 300,331,000		301,853,000
Stock repurchase program total cost of repurchased shares		$ 19,078,000
Accounting Standards Update 2015-03 | Reclassifications
Equity, Class of Treasury Stock [Line Items]
Intangibles and other assets, net			(2,100,000)
Notes payable			$ 2,100,000
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, shares	0
Stock repurchase program total cost of repurchased shares	$ 137,000,000
Repurchase of common stock, shares	3,206,226
Remaining authorized repurchase amount	$ 88,000,000
Repurchase program expiration date	Jan. 1, 2018
Maximum | Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase				$ 225,000,000

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	Aug. 31, 2016
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 242,255	$ 240,865
Work-in-process	78,851	68,727
Finished goods	83,880	59,470
Excess and obsolete adjustment	(2,922)	(3,257)
Inventories	$ 402,064	$ 365,805

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	Aug. 31, 2016
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 27,866	$ 28,103
Intangible assets not subject to amortization	912	912
Prepaid and other assets	10,551	14,891
Nonqualified savings plan investments	17,161	15,864
Revolving notes issuance costs, net	3,245	3,481
Assets held for sale	4,045	4,108
Total Intangible and other assets, net	63,780	67,359
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	65,023	65,023
Accumulated amortization	(38,106)	(37,251)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	4,944	6,298
Accumulated amortization	$ (3,995)	$ (5,967)

Intangibles and Other Assets,35

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015	Aug. 31, 2016
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.7	$ 1.2
Future amortization expense, 2017			$ 4.4
Future amortization expense, 2018			3.8
Future amortization expense, 2019			3.4
Future amortization expense, 2020			3.7
Future amortization expense, 2021			$ 3.4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2016USD ($)CreditFacilityFacility	Aug. 31, 2016USD ($)
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	$ 614,600,000
Letter of credit facility outstanding amount	81,300,000	$ 81,300,000
Line of credit outstanding amount	0	$ 0
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 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	$ 14,600,000
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
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 37

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2016	Aug. 31, 2016	Nov. 30, 2015	Aug. 31, 2015
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 169,360	$ 182,334
Other accrued liabilities	69,471	71,260
Accrued payroll and related liabilities	59,960	76,058
Accrued maintenance	19,090	18,646
Accrued warranty	11,737	12,159	$ 11,609	$ 11,512
Income taxes payable	10,943	3,991
Other	5,215	5,306
Accounts payable and accrued liabilities	$ 345,776	$ 369,754

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 12,159	$ 11,512
Charged to cost of revenue, net	357	1,421
Payments	(637)	(1,229)
Currency translation effect	(142)	(95)
Balance at end of period	$ 11,737	$ 11,609

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	3 Months Ended
	Nov. 30, 2016USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 874,311
Other comprehensive loss before reclassifications	(11,625)
Amounts reclassified from accumulated other comprehensive loss	323
Ending balance	880,725
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,492)
Other comprehensive loss before reclassifications	(4,904)
Amounts reclassified from accumulated other comprehensive loss	323
Ending balance	(10,073)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(20,832)
Other comprehensive loss before reclassifications	(6,720)
Ending balance	(27,552)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(429)
Other comprehensive loss before reclassifications	(1)
Ending balance	(430)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(26,753)
Ending balance	$ (38,055)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 1,724	$ 5,436
Earnings before income taxes and earnings (loss) from unconsolidated affiliates	70,936	143,049
Income tax expense	(20,386)	(44,719)
Unrealized (Gain) Loss on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Earnings before income taxes and earnings (loss) from unconsolidated affiliates	481	712
Income tax expense	(158)	(220)
Net of tax	323	492
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	143	267
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	$ 338	$ 445

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended
		Nov. 30, 2016	Nov. 30, 2015
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,097	29,391
Dilutive effect of performance based restricted stock units	[2]	57	10
Weighted average diluted common shares outstanding		32,412	32,578
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,258	3,177
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]	0	0
[1]	Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.
[2]	Restricted stock units 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 as they were considered dilutive under the "if converted" method as further discussed below.
[4]	The 2026 Convertible notes were retired during 2016 and therefore were excluded from the three months ended November 30, 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three months ended November 30, 2015 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

Approach to Calculate Diluted E

Approach to Calculate Diluted Earning Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2016	Nov. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 24,962	$ 69,433
Earnings before interest and debt issuance costs on convertible notes		$ 25,695	$ 69,929
Weighted average diluted common shares outstanding		32,412	32,578
Diluted earnings per share	[1]	$ 0.79	$ 2.15
2018 Senior Notes
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Interest and debt issuance costs on the 2018 Convertible notes, net of tax		$ 733	$ 496
[1]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 5,343	$ 5,301

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2016USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 423,400,000
Amount reclassified to revenue or cost of revenue in the next 12 months	7,300,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 91,300,000
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	Nov. 30, 2016	Aug. 31, 2016
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 764	$ 1,570
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	13,277	7,444
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	764	1,570
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	11,552	4,287
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,725	3,157
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	2	25
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 64	$ 22

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ 85	$ (100)
Gain (loss) recognized in OCI on derivatives (effective portion)	(6,144)	(7,635)
Loss reclassified from accumulated OCI into income (effective portion)	(481)	(712)
Gain (loss)recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	(1,290)	4,592
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(6,456)	(7,043)
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	47	(186)
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Loss reclassified from accumulated OCI into income (effective portion)	(87)	(267)
Gain (loss)recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	(1,258)	4,592
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(834)
Loss reclassified from accumulated OCI into income (effective portion)	(56)
Gain (loss)recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	(32)
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,146	(592)
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	38	86
Loss reclassified from accumulated OCI into income (effective portion)	$ (338)	$ (445)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Nov. 30, 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
	Nov. 30, 2016	Nov. 30, 2015	Aug. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 552,314	$ 802,389
Earnings (loss) from operations	72,660	148,485
Assets	1,817,350		$ 1,835,774
Manufacturing
Segment Reporting Information [Line Items]
Revenues	454,033	698,661
Earnings (loss) from operations	83,341	153,704
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	69,635	78,729
Earnings (loss) from operations	2,894	3,403
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	28,646	24,999
Earnings (loss) from operations	7,390	9,958
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	454,033	698,661
Earnings (loss) from operations	83,341	153,704
Assets	729,361		701,296
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	76,836	85,545
Earnings (loss) from operations	3,506	4,087
Assets	279,971		275,599
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	33,980	31,708
Earnings (loss) from operations	12,640	16,667
Assets	471,957		516,147
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	336,061		$ 342,732
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(20,965)	(18,580)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(12,535)	(13,525)
Earnings (loss) from operations	(5,862)	(7,393)
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	7,201	6,816
Earnings (loss) from operations	612	684
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	5,334	6,709
Earnings (loss) from operations	$ 5,250	$ 6,709

Reconciliation of Segment Margi

Reconciliation of Segment Margin to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2016	Nov. 30, 2015
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 72,660	$ 148,485
Interest and foreign exchange	1,724	5,436
Earnings before income tax and earnings (loss) from unconsolidated affiliates	$ 70,936	$ 143,049

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2016	Nov. 30, 2015	Aug. 31, 2016
Segment Reporting Information [Line Items]
Revenue		$ 552,314	$ 802,389
Earnings (loss) from operations		72,660	148,485
Assets		1,817,350		$ 1,835,774
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Revenue		70,253	95,982
Earnings (loss) from operations		(4,561)	$ 2,408
Assets	[1]	$ 238,303		$ 247,610
[1]	Includes goodwill and intangible assets of $92.5 million and $93.4 million as of November 30, 2016 and August 31, 2016.

Results of Operations for GBW51

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Nov. 30, 2016	Aug. 31, 2016
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 92.5	$ 93.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 08, 2016USD ($)Segment	Nov. 30, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study			$ 110,000,000
Bank and third party warranty and performance guarantee facilities		$ 2,100,000
Equity method investment, percentage of ownership interest		50.00%
Payment to acquire equity method investments		$ 600,000
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%
Additional cash contributions in 2017				$ 1,900,000
Commercial Litigation in a Foreign Jurisdictions | Pending Litigation
Commitments and Contingencies Disclosure [Line Items]
Adverse judgment		$ 15,000,000

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 30, 2016		Aug. 31, 2016
Assets:
Nonqualified savings plan investments	$ 17,161		$ 15,864
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	766		1,595
Nonqualified savings plan investments	17,161		15,864
Cash equivalents	5,077		5,077
Assets, Fair Value Disclosure, Total	23,004		22,536
Liabilities:
Derivative financial instruments	13,341		7,466
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	17,161		15,864
Cash equivalents	5,077		5,077
Assets, Fair Value Disclosure, Total	22,238		20,941
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	766	[1]	1,595
Assets, Fair Value Disclosure, Total	766	[1]	1,595
Liabilities:
Derivative financial instruments	$ 13,341	[1]	$ 7,466
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 10 Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended	15 Months Ended
	Sep. 30, 2015USD ($)Vehicle	Nov. 30, 2016USD ($)Vehicle	Nov. 30, 2016USD ($)Vehicle	Apr. 30, 2010USD ($)Vehicle
Related Party Transaction [Line Items]
Number of railcars sold | Vehicle		176	3,582
Sale of railcars		$ 1.8	$ 169
Number of railcars sold and recognized | Vehicle		3,193	3,193
Revenue recognize from railcars sold			$ 161.2
Deferred revenue on railcars sold			$ 7.8
Deferred revenue, number of railcars sold | Vehicle		389	389
Number of railcars to be sold or disposed | Vehicle		303	303
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
Profit sharing agreement, amount paid		$ 4.5	$ 4.5
Accrued profit sharing		$ 3.6	$ 3.6