The Greenbrier Companies, Inc. (GBX) 10-Q 29 Jun 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2017	Jun. 23, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	GBX
Entity Registrant Name	GREENBRIER COMPANIES INC
Entity Central Index Key	923,120
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		28,502,788

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2017	Aug. 31, 2016
Assets
Cash and cash equivalents	$ 465,413	$ 222,679
Restricted cash	8,753	24,279
Accounts receivable, net	267,830	232,517
Inventories	414,012	365,805
Leased railcars for syndication	149,119	144,932
Equipment on operating leases, net	315,976	306,266
Property, plant and equipment, net	330,471	329,990
Investment in unconsolidated affiliates	110,058	98,682
Intangibles and other assets, net	68,930	67,359
Goodwill	43,265	43,265
Total assets	2,173,827	1,835,774
Liabilities and Equity
Accounts payable and accrued liabilities	339,001	369,754
Deferred income taxes	80,482	51,619
Deferred revenue	82,006	95,721
Notes payable, net	532,638	301,853
Commitments and contingencies (Note 13)
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,503 and 28,205 shares outstanding at May 31, 2017 and August 31, 2016	0	0
Additional paid-in capital	310,074	282,886
Retained earnings	691,808	618,178
Accumulated other comprehensive loss	(15,661)	(26,753)
Total equity - Greenbrier	986,221	874,311
Noncontrolling interest	153,479	142,516
Total equity	1,139,700	1,016,827
Liabilities and Equity	$ 2,173,827	$ 1,835,774

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2017	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	28,503,000	28,205,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Revenue
Revenue		$ 439,161	$ 612,866	$ 1,557,757	$ 2,084,334
Cost of revenue
Cost of revenue		349,460	485,768	1,236,380	1,652,580
Margin		89,701	127,098	321,377	431,754
Selling and administrative expense		42,810	43,280	123,518	118,073
Net gain on disposition of equipment		(1,581)	(311)	(4,793)	(11,326)
Earnings from operations		48,472	84,129	202,652	325,007
Other costs
Interest and foreign exchange		7,894	3,712	15,291	10,565
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		40,578	80,417	187,361	314,442
Income tax expense		(8,656)	(22,449)	(53,900)	(92,902)
Earnings before earnings (loss) from unconsolidated affiliates		31,922	57,968	133,461	221,540
Earnings (loss) from unconsolidated affiliates		(681)	1,564	(5,253)	2,921
Net earnings		31,241	59,532	128,208	224,461
Net (earnings) loss attributable to noncontrolling interest		1,582	(24,180)	(35,887)	(74,808)
Net earnings attributable to Greenbrier		$ 32,823	$ 35,352	$ 92,321	$ 149,653
Basic earnings per common share		$ 1.12	$ 1.22	$ 3.16	$ 5.13
Diluted earnings per common share	[1]	$ 1.03	$ 1.12	$ 2.91	$ 4.67
Weighted average common shares:
Basic	[2]	29,348	29,059	29,192	29,182
Diluted		32,690	32,342	32,515	32,475
Dividends declared per common share		$ 0.22	$ 0.20	$ 0.64	$ 0.60
Manufacturing
Revenue
Revenue		$ 317,104	$ 458,494	$ 1,216,641	$ 1,611,686
Cost of revenue
Cost of revenue		245,228	352,775	948,436	1,247,635
Earnings from operations		57,901	92,713	226,611	325,215
Wheels & Parts
Revenue
Revenue		85,231	78,417	237,580	247,604
Cost of revenue
Cost of revenue		77,985	69,818	218,460	224,208
Earnings from operations		4,239	5,811	12,702	15,720
Leasing & Services
Revenue
Revenue		36,826	75,955	103,536	225,044
Cost of revenue
Cost of revenue		26,247	63,175	69,484	180,737
Earnings from operations		$ 7,084	$ 8,298	$ 24,363	$ 42,668
[1]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding
[2]	Restricted stock grants and restricted stock units, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Net earnings		$ 31,241	$ 59,532	$ 128,208	$ 224,461
Other comprehensive income
Translation adjustment		8,334	1,477	5,624	(3,655)
Reclassification of derivative financial instruments recognized in net earnings	[1]	871	659	4,022	1,710
Unrealized gain (loss) on derivative financial instruments	[2]	4,420	1,113	2,232	(6,417)
Other (net of tax effect)		64	7	(786)	1
Other comprehensive income		13,689	3,256	11,092	(8,361)
Comprehensive income		44,930	62,788	139,300	216,100
Comprehensive income attributable to noncontrolling interest		1,582	(24,195)	(35,887)	(74,761)
Comprehensive income attributable to Greenbrier		$ 46,512	$ 38,593	$ 103,413	$ 141,339
[1]	Net of tax effect of $0.2 million and $0.3 million for the three months ended May 31, 2017 and 2016 and $1.2 million and $0.7 million for the nine months ended May 31, 2017 and 2016.
[2]	Net of tax effect of $1.1 million and $0.3 million for the three months ended May 31, 2017 and 2016 and $0.9 million and $2.2 million for the nine months ended May 31, 2017 and 2016.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 0.2	$ 0.3	$ 1.2	$ 0.7
Unrealized loss on derivative financial instruments, tax	$ 1.1	$ 0.3	$ 0.9	$ 2.2

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	2024 Convertible Senior Notes	2024 Convertible Senior Notes Issuance Costs	Common Stock Shares	Additional Paid-in Capital	Additional Paid-in Capital2024 Convertible Senior Notes	Additional Paid-in Capital2024 Convertible Senior Notes Issuance Costs	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Attributable to Greenbrier	Total Attributable to Greenbrier2024 Convertible Senior Notes	Total Attributable to Greenbrier2024 Convertible Senior Notes Issuance Costs	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	224,461							149,653		149,653			74,808
Other comprehensive income (loss), net	(8,361)								(8,314)	(8,314)			(47)
Noncontrolling interest adjustments	837												837
Purchase of noncontrolling interest	(4)												(4)
Joint venture partner distribution declared	(61,855)												(61,855)
Investment by joint venture partner	5,400												5,400
Restricted stock awards (net of cancellations) (in shares)				350
Restricted stock awards (net of cancellations)	6,186				6,186					6,186
Unamortized restricted stock	(11,646)				(11,646)					(11,646)
Restricted stock amortization	18,483				18,483					18,483
Excess tax benefit from restricted stock awards	2,786				2,786					2,786
Cash dividends	(17,527)							(17,527)		(17,527)
Repurchase of stock	(32,373)				(32,373)					(32,373)
Repurchase of stock, shares				(1,055)
Ending Balance (in shares) at May. 31, 2016				28,202
Ending Balance at May. 31, 2016	$ 989,876				278,880			590,725	(29,519)	840,086			149,790
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	128,208							92,321		92,321			35,887
Other comprehensive income (loss), net	11,092								11,092	11,092
Noncontrolling interest adjustments	1,203												1,203
Joint venture partner distribution declared	(26,127)												(26,127)
Restricted stock awards (net of cancellations) (in shares)				298
Restricted stock awards (net of cancellations)	5,567				5,567					5,567
Unamortized restricted stock	(10,775)				(10,775)					(10,775)
Restricted stock amortization	14,645				14,645					14,645
Tax deficiency from restricted stock awards	(2,396)				(2,396)					(2,396)
Cash dividends	$ (18,691)							(18,691)		(18,691)
2024 Convertible Senior Notes - equity component, net of tax		$ 20,818	$ (671)			$ 20,818	$ (671)				$ 20,818	$ (671)
Ending Balance (in shares) at May. 31, 2017	28,503			28,503
Ending Balance at May. 31, 2017	$ 1,139,700				$ 310,074			$ 691,808	$ (15,661)	$ 986,221			$ 153,479

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2017	May 31, 2016
Cash flows from operating activities
Net earnings	$ 128,208	$ 224,461
Adjustments to reconcile net earnings to net cash provided by operating activities:
Deferred income taxes	16,815	(10,143)
Depreciation and amortization	46,616	41,681
Net gain on disposition of equipment	(4,793)	(11,326)
Accretion of debt discount	1,329
Stock based compensation expense	19,007	19,055
Noncontrolling interest adjustments	1,203	837
Other	1,017	564
(Increase) decrease in assets:
Accounts receivable, net	(27,109)	(14,333)
Inventories	(47,209)	(15,346)
Leased railcars for syndication	(16,122)	28,823
Other	8,419	(5,191)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(41,008)	(88,707)
Deferred revenue	(13,650)	24,303
Net cash provided by operating activities	72,723	194,678
Cash flows from investing activities
Proceeds from sales of assets	20,344	88,707
Capital expenditures	(53,848)	(51,707)
Decrease in restricted cash	15,526	200
Investment in and advances to unconsolidated affiliates	(34,068)	(9,088)
Cash distribution from unconsolidated affiliates	550	5,338
Net cash provided by (used in) investing activities	(51,496)	33,450
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less		(49,000)
Proceeds from revolving notes with maturities longer than 90 days	0	0
Repayments of revolving notes with maturities longer than 90 days		(1,888)
Proceeds from issuance of notes payable	275,000
Repayments of notes payable	(5,469)	(19,461)
Debt issuance costs	(9,082)	(4,160)
Repurchase of stock		(33,498)
Dividends	(18,619)	(17,362)
Cash distribution to joint venture partner	(27,267)	(62,710)
Investment by joint venture partner		5,400
Excess tax benefit (deficiency) from restricted stock awards	(2,396)	2,786
Other		(7)
Net cash provided by (used in) financing activities	212,167	(179,900)
Effect of exchange rate changes	9,340	(6,718)
Increase in cash and cash equivalents	242,734	41,510
Cash and cash equivalents
Beginning of period	222,679	172,930
End of period	465,413	214,440
Cash paid during the period for
Interest	8,500	10,852
Income taxes, net	40,587	77,867
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	8,597	45,535
Capital expenditures accrued in Accounts payable and accrued liabilities	4,301	3,529
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	1,140	855
Change in Accounts payable and accrued liabilities associated with dividends declared	$ (72)	(165)
Change in Accounts payable and accrued liabilities associated with repurchase of stock		$ 1,125

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	May 31, 2017
Interim Financial Statements	Note 1 – Interim Financial Statements The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries (Greenbrier or the Company) as of May 31, 2017 and for the three and nine months ended May 31, 2017 and 2016 have been prepared without audit and reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. The results of operations for the three and nine months ended May 31, 2017 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. 10-K. Management Estimates – Initial Adoption of Accounting Policies 2015-03, Simplifying the Presentation of Debt Issuance Costs 2015-03). 2015-03 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 2015-15). 2015-03 In the second quarter of 2017, the Company adopted Accounting Standards Update 2017-04, Simplifying the Test for Goodwill Impairment 2017-04) 2017-04 Prospective Accounting Changes 2014-09, Revenue from Contracts with Customers 2014-09). In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases 2016-02). 2016-02 right-of-use In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting 2016-09). In December 2016, the FASB issued Accounting Standards Update 2016-18, Restricted Cash 2016-18). beginning-of-period end-of-period Share Repurchase Program – time-to-time. The Company did not repurchase any shares during the nine months ended May 31, 2017. As of May 31, 2017, the Company had cumulatively repurchased 3,206,226 shares for approximately $137.0 million since October 2013 and had $88.0 million available under the share repurchase program with an expiration date of January 1, 2018.

Inventories

Inventories	9 Months Ended
	May 31, 2017
Inventories	Note 2 – Inventories Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance: (In thousands) May 31, August 31, Manufacturing supplies and raw materials $ 241,753 $ 240,865 Work-in-process 89,091 68,727 Finished goods 86,987 59,470 Excess and obsolete adjustment (3,819 ) (3,257 ) $ 414,012 $ 365,805

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	May 31, 2017
Intangibles and Other Assets, net	Note 3 – Intangibles and Other Assets, net Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment. The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, August 31, Intangible assets subject to amortization: Customer relationships $ 64,521 $ 65,023 Accumulated amortization (39,306 ) (37,251 ) Other intangibles 5,105 6,298 Accumulated amortization (4,253 ) (5,967 ) 26,067 28,103 Intangible assets not subject to amortization 912 912 Prepaid and other assets 14,091 14,891 Nonqualified savings plan investments 20,985 15,864 Revolving notes issuance costs, net 2,830 3,481 Assets held for sale 4,045 4,108 Total Intangible and other assets, net $ 68,930 $ 67,359 Amortization expense for the three and nine months ended May 31, 2017 was $0.9 million and $3.5 million and for the three and nine months ended May 31, 2016 was $1.5 million and $5.3 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	9 Months Ended
	May 31, 2017
Revolving Notes	Note 4 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $616.3 million as of May 31, 2017. As of May 31, 2017, a $550.0 million revolving line of credit, maturing October 2020, secured by substantially all the Company’s assets in the U.S. not otherwise pledged as security for term loans, was available to provide working capital and interim financing of equipment, principally for the U.S. and Mexican operations. Advances under this facility bear interest at LIBOR plus 1.75% or Prime plus 0.75% depending on the type of borrowing. Available borrowings under the credit facility are generally based on defined levels of inventory, receivables, property, plant and equipment and leased equipment, as well as total debt to consolidated capitalization and fixed charges coverage ratios. As of May 31, 2017, lines of credit totaling $16.3 million secured by certain of the Company’s European assets, with various variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.3%, were available for working capital needs of the European manufacturing operation. European credit facilities are continually being renewed. Currently these European credit facilities have maturities that range from February 2018 through June 2019. As of May 31, 2017, 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 May 31, 2017, the Company had no borrowings outstanding under our senior secured credit facilities and outstanding commitments consisted of $79.2 million in letters of credit under the North American credit facility. As of 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	9 Months Ended
	May 31, 2017
Accounts Payable and Accrued Liabilities	Note 5 – Accounts Payable and Accrued Liabilities (In thousands) May 31, August 31, Trade payables $ 172,324 $ 182,334 Accrued payroll and related liabilities 69,403 76,058 Other accrued liabilities 58,682 71,260 Accrued maintenance 17,780 18,646 Accrued warranty 16,222 12,159 Income taxes payable — 3,991 Other 4,590 5,306 $ 339,001 $ 369,754

Warranty Accruals

Warranty Accruals	9 Months Ended
	May 31, 2017
Warranty Accruals	Note 6 – Warranty Accruals Warranty costs are estimated and charged to operations to cover a defined warranty period. The estimated warranty cost is based on the history of warranty claims for each particular product type. For new product types without a warranty history, preliminary estimates are based on historical information for similar product types. The warranty accruals, included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, are reviewed periodically and updated based on warranty trends and expirations of warranty periods. Warranty accrual activity: (In thousands) Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Balance at beginning of period $ 14,582 $ 12,147 $ 12,159 $ 11,512 Charged to cost of revenue, net 1,574 1,202 5,219 4,086 Payments (377 ) (1,205 ) (1,509 ) (3,386 ) Currency translation effect 443 (12 ) 353 (80 ) Balance at end of period $ 16,222 $ 12,132 $ 16,222 $ 12,132

Notes Payable, Net

Notes Payable, Net	9 Months Ended
	May 31, 2017
Notes Payable, Net	Note 7 – Notes Payable, Net (In thousands) May 31, August 31, Convertible senior notes, due 2018, net $ 118,577 $ 118,140 Convertible senior notes, due 2024, net 235,557 — Term loans, net 178,504 183,713 $ 532,638 $ 301,853 In February 2017, the Company issued $275 million of convertible senior notes, due 2024 (2024 Convertible Notes). The notes are senior unsecured obligations and rank equally with other senior unsecured debt. The notes bear interest at an annual rate of 2.875% payable semiannually in arrears on February 1 and August 1 of each year, commencing August 1, 2017. The notes will mature on February 1, 2024, unless earlier repurchased or converted in accordance with their terms prior to such date. The notes are convertible into shares of the Company’s common stock, at an initial conversion rate of 16.6234 per $1,000 principal amount of the notes which is equivalent to an initial conversion price of approximately $60.16 per share. The conversion rate and the resulting conversion price are subject to adjustment in certain events. Prior to November 1, 2023, the notes are convertible at the option of the holders only upon the satisfaction of certain conditions and during certain periods and thereafter, at any time until the close of business on the business day immediately preceding the maturity date. Upon conversion, the notes may be settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares. 2024 Convertible Notes: (In thousands) May 31, Debt principal $ 275,000 Debt discount, net (31,775 ) Debt issuance costs, net (7,668 ) $ 235,557 As of May 31, 2017, the 2024 Convertible Notes had a balance of $235.6 million, reflecting the $275 million debt principal net of $31.8 million of net debt discount and $7.7 million of net debt issuance costs, which was included in Notes payable, net on the Company’s Consolidated Balance Sheet. The debt discount represents the difference between the debt principal and the fair value of a similar debt instrument that does not have a conversion feature at issuance. The debt discount is being amortized using the effective interest rate method through February 2024 and the amortization expense is included in Interest and foreign exchange on the Company’s Consolidated Statement of Income. In accordance with ASC 470-20, paid-in

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	May 31, 2017
Accumulated Other Comprehensive Loss	Note 8 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Foreign Other Accumulated Balance, August 31, 2016 $ (5,492 ) $ (20,832 ) $ (429 ) $ (26,753 ) Other comprehensive loss before reclassifications 2,232 5,624 (786 ) 7,070 Amounts reclassified from Accumulated other comprehensive loss 4,022 — — 4,022 Balance, May 31, 2017 $ 762 $ (15,208 ) $ (1,215 ) $ (15,661 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement Location (In thousands) 2017 2016 2017 2016 Loss on derivative financial instruments: Foreign exchange contracts $ 862 $ 561 $ 4,304 $ 1,203 Revenue Interest rate swap contracts 245 370 871 1,247 Interest and foreign exchange 1,107 931 5,175 2,450 Total before tax (236 ) (272 ) (1,153 ) (740 ) Tax expense $ 871 $ 659 $ 4,022 $ 1,710 Net of tax

Earnings Per Share

Earnings Per Share	9 Months Ended
	May 31, 2017
Earnings Per Share	Note 9 – Earnings Per Share The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: (In thousands ) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average basic common shares outstanding (1) 29,348 29,059 29,192 29,182 Dilutive effect of 2018 Convertible notes (2) 3,305 3,224 3,286 3,202 Dilutive effect of 2024 Convertible notes (3) — n/a — n/a Dilutive effect of 2026 Convertible notes (4) n/a — n/a — Dilutive effect of performance based restricted stock units (5) 37 59 37 91 Weighted average diluted common shares outstanding 32,690 32,342 32,515 32,475 (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 2024 Convertible notes were issued in February 2017. The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2017 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) The 2026 Convertible notes were retired in August 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2016 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (5) 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 2024 Convertible notes and 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. 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 2024 Convertible notes and 2026 Convertible notes are included in the calculation of both approaches using the treasury stock method when the average stock price is greater than the applicable conversion price. Three Months Ended Nine Months Ended 2017 2016 2017 2016 Net earnings attributable to Greenbrier $ 32,823 $ 35,352 $ 92,321 $ 149,653 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 733 2,199 1,962 Earnings before interest and debt issuance costs on convertible notes $ 33,556 $ 36,085 $ 94,520 $ 151,615 Weighted average diluted common shares outstanding 32,690 32,342 32,515 32,475 Diluted earnings per share (1) $ 1.03 $ 1.12 $ 2.91 $ 4.67 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	May 31, 2017
Stock Based Compensation	Note 10 – Stock Based Compensation The value of stock based compensation awards is amortized as compensation expense from the date of grant through the earlier of the vesting period or the recipient’s eligible retirement date. Awards are expensed upon grant when the recipient’s eligible retirement date precedes the grant date. Stock based compensation expense was $8.2 million and $19.0 million for the three and nine months ended May 31, 2017, respectively and $8.3 million and $19.1 million for the three and nine months ended May 31, 2016, respectively. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Income.

Derivative Instruments

Derivative Instruments	9 Months Ended
	May 31, 2017
Derivative Instruments	Note 11 – Derivative Instruments Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk. Interest rate swap agreements are used to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. At May 31, 2017 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 $321.8 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when there is a loss, or as Accounts receivable, net when there is a gain. As the contracts mature at various dates through 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 May 31, 2017 exchange rates, approximately $1.5 million would be reclassified to revenue or cost of revenue in the next 12 months. At May 31, 2017, an interest rate swap agreement maturing in March 2020 had a notional amount of $89.5 million. The fair value of the contract is included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets. As interest expense on the underlying debt is recognized, amounts corresponding to the interest rate swap are reclassified from Accumulated other comprehensive loss and charged or credited to interest expense. At May 31, 2017 interest rates, approximately $0.9 million would be reclassified to interest expense in the next 12 months. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2,810 $ 1,570 Accounts payable and accrued liabilities $ 1,704 $ 4,287 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 1,104 3,157 $ 2,810 $ 1,570 $ 2,808 $ 7,444 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 233 $ 25 Accounts payable and accrued liabilities $ 331 $ 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) 2017 2016 Foreign forward exchange contract Interest and foreign exchange $ 2,494 $ (245 ) Interest rate swap contracts Interest and foreign exchange 24 88 $ 2,518 $ (157 ) Derivatives in cash flow hedging relationships Gain (loss) Location of gain (loss) Gain (loss) Location of gain (loss) on Gain (loss) recognized on 2017 2016 2017 2016 2017 2016 Foreign forward exchange contracts $ 1,888 $ (5,430 ) Revenue $ (4,130 ) $ (835 ) Revenue $ (3,216 ) $ 2,572 Foreign forward exchange contracts 166 (919 ) Cost of revenue (174 ) (412 ) Cost of revenue 205 88 Interest rate swap contracts 1,248 (2,274 ) Interest and foreign (871 ) (1,203 ) Interest and foreign — — $ 3,302 $ (8,623 ) $ (5,175 ) $ (2,450 ) $ (3,011 ) $ 2,660

Segment Information

Segment Information	9 Months Ended
	May 31, 2017
Segment Information	Note 12 – Segment Information Greenbrier operates in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. The results of GBW Joint Venture are included as part of Earnings (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. The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three months ended May 31, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 317,104 $ 19,291 $ 336,395 $ 57,901 $ 1,022 $ 58,923 Wheels & Parts 85,231 8,959 94,190 4,239 839 5,078 Leasing & Services 36,826 595 37,421 7,084 427 7,511 Eliminations — (28,845 ) (28,845 ) — (2,288 ) (2,288 ) Corporate — — — (20,752 ) — (20,752 ) $ 439,161 $ — $ 439,161 $ 48,472 $ — $ 48,472 For the nine months ended May 31, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,216,641 $ 19,291 $ 1,235,932 $ 226,611 $ 1,022 $ 227,633 Wheels & Parts 237,580 23,393 260,973 12,702 1,962 14,664 Leasing & Services 103,536 8,040 111,576 24,363 7,602 31,965 Eliminations — (50,724 ) (50,724 ) — (10,586 ) (10,586 ) Corporate — — — (61,024 ) — (61,024 ) $ 1,557,757 $ — $ 1,557,757 $ 202,652 $ — $ 202,652 For the three months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 458,494 $ 5,595 $ 464,089 $ 92,713 $ 923 $ 93,636 Wheels & Parts 78,417 10,058 88,475 5,811 711 6,522 Leasing & Services 75,955 601 76,556 8,298 601 8,899 Eliminations — (16,254 ) (16,254 ) — (2,235 ) (2,235 ) Corporate — — — (22,693 ) — (22,693 ) $ 612,866 $ — $ 612,866 $ 84,129 $ — $ 84,129 For the nine months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,611,686 $ 5,595 $ 1,617,281 $ 325,215 $ 941 $ 326,156 Wheels & Parts 247,604 24,074 271,678 15,720 2,155 17,875 Leasing & Services 225,044 10,444 235,488 42,668 10,444 53,112 Eliminations — (40,113 ) (40,113 ) — (13,540 ) (13,540 ) Corporate — — — (58,596 ) — (58,596 ) $ 2,084,334 $ — $ 2,084,334 $ 325,007 $ — $ 325,007 Total assets (In thousands) May 31, August 31, Manufacturing $ 705,229 $ 701,296 Wheels & Parts 264,308 275,599 Leasing & Services 625,569 516,147 Unallocated 578,721 342,732 $ 2,173,827 $ 1,835,774 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Earnings from operations $ 48,472 $ 84,129 $ 202,652 $ 325,007 Interest and foreign exchange 7,894 3,712 15,291 10,565 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 40,578 $ 80,417 $ 187,361 $ 314,442 The results of operations for the GBW Joint Venture are accounted for under the equity method of accounting. The GBW Joint Venture is the Company’s fourth reportable segment and information as of May 31, 2017 and August 31, 2016 and for the three and nine months ended May 31, 2017 and 2016 are included in the tables below. Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Revenue $ 62,674 $ 95,699 $ 197,176 $ 289,381 Earnings (loss) from operations $ (5,525 ) $ 3,030 $ (16,988 ) $ 9,065 Total Assets May 31, August 31, GBW (1) $ 218,789 $ 247,610 (1) Includes goodwill and intangible assets of $90.8 million and $93.4 million as of May 31, 2017 and August 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2017
Commitments and Contingencies	Note 13 – Commitments and Contingencies The Company’s Portland, Oregon manufacturing facility is located adjacent to the Willamette River. The Company has entered into a Voluntary Cleanup Agreement with the Oregon Department of Environmental Quality (DEQ) in which the Company agreed to conduct an investigation of whether, and to what extent, past or present operations at the Portland property may have released hazardous substances into the environment. In December 2000, the U.S. Environmental Protection Agency (EPA) classified portions of the Willamette River bed known as the Portland Harbor, including the portion fronting the Company’s manufacturing facility, as a federal “National Priority List” or “Superfund” site due to sediment contamination (the Portland Harbor Site). The Company and more than 140 other parties have received a “General Notice” of potential liability from the EPA relating to the Portland Harbor Site. The letter advised the Company that it may be liable for the costs of investigation and remediation (which liability may be joint and several with other potentially responsible parties) as well as for natural resource damages resulting from releases of hazardous substances to the site. At this time, ten private and public entities, including the Company (the Lower Willamette Group or LWG), have signed an Administrative Order on Consent (AOC) to perform a remedial investigation/feasibility study (RI/FS) of the Portland Harbor Site under EPA oversight, and several additional entities have not signed such consent, but are nevertheless contributing money to the effort. The EPA-mandated 17-year 17-year Eighty-three parties, including the State of Oregon and the federal government, have entered into a non-judicial Arkema Inc. et al v. A & C Foundry Products, Inc. et al #3:09-cv-453-PK. On January 6, 2017, the EPA issued its Record of Decision (ROD) for the Portland Harbor Site. The ROD identifies a clean-up -30 percent, 2-year The ROD does not address responsibility for the costs of clean-up, pre-remedial 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. In the quarter ended November 30, 2016, the Company received an adverse judgment of approximately $15 million on one matter related to commercial litigation in a foreign jurisdiction. The judgment was reversed on appeal and the case was remanded to the trial court. In June 2017 the court issued a new judgment against the Company of approximately $10 million. The Company is in the process of appealing the judgment. 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 $1.2 million in third party performance and warranty guarantee facilities. To date no amounts have been drawn under these guarantee facilities. As of May 31, 2017, the Mexican railcar manufacturing joint venture had $0.4 million of third party debt outstanding, for which the Company and its joint venture partner had each guaranteed approximately $0.2 million. As of May 31, 2017, the Company had outstanding letters of credit aggregating $79.2 million associated with performance guarantees and workers compensation insurance. The Company made $0.6 million in cash contributions to GBW, an unconsolidated 50/50 joint venture, for the nine months ended May 31, 2017 which represented a reinvestment of a distribution received from GBW during the year. The Company is likely to make additional capital contributions or loans to GBW in the future. As of May 31, 2017, 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	9 Months Ended
	May 31, 2017
Fair Value Measures	Note 14 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of May 31, 2017 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,043 $ — $ 3,043 $ — Nonqualified savings plan investments 20,985 20,985 — — Cash equivalents 95,154 95,154 — — $ 119,182 $ 116,139 $ 3,043 $ — Liabilities: Derivative financial instruments $ 3,139 $ — $ 3,139 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 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	9 Months Ended
	May 31, 2017
Related Party Transactions	Note 15 – Related Party Transactions In April 2010, WLR–Greenbrier Rail Inc. (WLR-GBX) WLR-GBX WLR-GBX During the first quarter of 2017, the Company paid profit sharing of $4.5 million to WL Ross and during the second quarter of 2017, the Company paid $3.6 million to WL Ross to complete this agreement.

Acquisitions

Acquisitions	9 Months Ended
	May 31, 2017
Acquisitions	Note 16 – Acquisitions In May 2017, the Company completed its previously announced additional investment in Amsted-Maxion Equipamentos E Serviços Ferroviários S.A. (Greenbrier-Maxion), a railcar manufacturer in Brazil, which resulted in an increase in the Company’s ownership from 19.5% to 60% for $20 million, which was used to retire third-party debt at Greenbrier-Maxion. Simultaneously with the closing of its investment into Greenbrier-Maxion, the Company increased its ownership from 19.5% to 24.5% for $3.25 million in Amsted-Maxion Fundição E Equipamentos Ferroviários S.A. (Amsted-Maxion Cruzeiro), a manufacturer of castings and components for railcars and other heavy equipment. Proceeds from the Company’s increased ownership in Amsted-Maxion Cruzeiro, along with loans from each of the partners, were used to retire third-party debt at Amsted-Maxion Cruzeiro. The Company retains an option to increase its ownership in Amsted-Maxion Cruzeiro to 29.5% subject to certain conditions. The Company will continue to account for these investments under the equity method of accounting.

Subsequent Events

Subsequent Events	9 Months Ended
	May 31, 2017
Subsequent Events	Note 17 – Subsequent Events In June 2017, the Company completed its previously announced plans to create Greenbrier-Astra Rail. The combined enterprise was formed between the Company’s European operations headquartered in Swidnica, Poland and Astra Rail, based in Germany and Arad, Romania. Greenbrier-Astra Rail is controlled by the Company with an approximate 75% interest and the Company will consolidate Greenbrier-Astra Rail for financial reporting purposes. Greenbrier paid €30 million in June 2017 and will pay an additional €30 million in June 2018 as consideration for this transaction. In June 2017, the Company completed agreements with Mitsubishi UFJ Lease & Finance (MUL) to expand their existing commercial relationship in North America consistent with the previously announced Memorandum of Understanding. MUL intends to grow its portfolio from 5,000 railcars to a total of 25,000 railcars over the next four years. As part of these growth plans, MUL has entered a multi-year purchase commitment for 6,000 newly-manufactured railcars from Greenbrier, with deliveries commencing during the fourth calendar quarter of 2017 and continuing through calendar 2020. Further, MUL will obtain all its newly-manufactured railcars exclusively from Greenbrier through calendar 2023. In addition to the new equipment ordered, over the next several years, MUL will supplement its portfolio growth through a combination of lease syndications and used equipment originated and owned by Greenbrier. The parties have also formed MUL Greenbrier Management Services, LLC, a new railcar management services entity owned 50% by each company that will solely manage all railcars in the MUL fleet. Greenbrier will receive continuing fee income related to the ongoing railcar asset management services provided for the MUL fleet.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2017
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) May 31, August 31, Manufacturing supplies and raw materials $ 241,753 $ 240,865 Work-in-process 89,091 68,727 Finished goods 86,987 59,470 Excess and obsolete adjustment (3,819 ) (3,257 ) $ 414,012 $ 365,805

Intangibles and Other Assets,27

Intangibles and Other Assets, net (Tables)	9 Months Ended
	May 31, 2017
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, August 31, Intangible assets subject to amortization: Customer relationships $ 64,521 $ 65,023 Accumulated amortization (39,306 ) (37,251 ) Other intangibles 5,105 6,298 Accumulated amortization (4,253 ) (5,967 ) 26,067 28,103 Intangible assets not subject to amortization 912 912 Prepaid and other assets 14,091 14,891 Nonqualified savings plan investments 20,985 15,864 Revolving notes issuance costs, net 2,830 3,481 Assets held for sale 4,045 4,108 Total Intangible and other assets, net $ 68,930 $ 67,359

Accounts Payable and Accrued 28

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	May 31, 2017
Accounts Payable and Accrued Liabilities	(In thousands) May 31, August 31, Trade payables $ 172,324 $ 182,334 Accrued payroll and related liabilities 69,403 76,058 Other accrued liabilities 58,682 71,260 Accrued maintenance 17,780 18,646 Accrued warranty 16,222 12,159 Income taxes payable — 3,991 Other 4,590 5,306 $ 339,001 $ 369,754

Warranty Accruals (Tables)

Warranty Accruals (Tables)	9 Months Ended
	May 31, 2017
Warranty Accrual Activity	Warranty accrual activity: (In thousands) Three Months Ended Nine Months Ended May 31, May 31, May 31, May 31, Balance at beginning of period $ 14,582 $ 12,147 $ 12,159 $ 11,512 Charged to cost of revenue, net 1,574 1,202 5,219 4,086 Payments (377 ) (1,205 ) (1,509 ) (3,386 ) Currency translation effect 443 (12 ) 353 (80 ) Balance at end of period $ 16,222 $ 12,132 $ 16,222 $ 12,132

Notes Payable, Net (Tables)

Notes Payable, Net (Tables)	9 Months Ended
	May 31, 2017
Notes Payable,Net	(In thousands) May 31, August 31, Convertible senior notes, due 2018, net $ 118,577 $ 118,140 Convertible senior notes, due 2024, net 235,557 — Term loans, net 178,504 183,713 $ 532,638 $ 301,853
Convertible Notes	2024 Convertible Notes: (In thousands) May 31, Debt principal $ 275,000 Debt discount, net (31,775 ) Debt issuance costs, net (7,668 ) $ 235,557

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	May 31, 2017
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 2,232 5,624 (786 ) 7,070 Amounts reclassified from Accumulated other comprehensive loss 4,022 — — 4,022 Balance, May 31, 2017 $ 762 $ (15,208 ) $ (1,215 ) $ (15,661 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended Nine Months Ended Financial Statement Location (In thousands) 2017 2016 2017 2016 Loss on derivative financial instruments: Foreign exchange contracts $ 862 $ 561 $ 4,304 $ 1,203 Revenue Interest rate swap contracts 245 370 871 1,247 Interest and foreign exchange 1,107 931 5,175 2,450 Total before tax (236 ) (272 ) (1,153 ) (740 ) Tax expense $ 871 $ 659 $ 4,022 $ 1,710 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May 31, 2017
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows: (In thousands ) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average basic common shares outstanding (1) 29,348 29,059 29,192 29,182 Dilutive effect of 2018 Convertible notes (2) 3,305 3,224 3,286 3,202 Dilutive effect of 2024 Convertible notes (3) — n/a — n/a Dilutive effect of 2026 Convertible notes (4) n/a — n/a — Dilutive effect of performance based restricted stock units (5) 37 59 37 91 Weighted average diluted common shares outstanding 32,690 32,342 32,515 32,475 (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 2024 Convertible notes were issued in February 2017. The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2017 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) The 2026 Convertible notes were retired in August 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2016 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (5) 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 Nine Months Ended 2017 2016 2017 2016 Net earnings attributable to Greenbrier $ 32,823 $ 35,352 $ 92,321 $ 149,653 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 733 2,199 1,962 Earnings before interest and debt issuance costs on convertible notes $ 33,556 $ 36,085 $ 94,520 $ 151,615 Weighted average diluted common shares outstanding 32,690 32,342 32,515 32,475 Diluted earnings per share (1) $ 1.03 $ 1.12 $ 2.91 $ 4.67 (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	May 31, 2017
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Fair Balance sheet location Fair Fair Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2,810 $ 1,570 Accounts payable and accrued liabilities $ 1,704 $ 4,287 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 1,104 3,157 $ 2,810 $ 1,570 $ 2,808 $ 7,444 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 233 $ 25 Accounts payable and accrued liabilities $ 331 $ 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) 2017 2016 Foreign forward exchange contract Interest and foreign exchange $ 2,494 $ (245 ) Interest rate swap contracts Interest and foreign exchange 24 88 $ 2,518 $ (157 ) Derivatives in cash flow hedging relationships Gain (loss) Location of gain (loss) Gain (loss) Location of gain (loss) on Gain (loss) recognized on 2017 2016 2017 2016 2017 2016 Foreign forward exchange contracts $ 1,888 $ (5,430 ) Revenue $ (4,130 ) $ (835 ) Revenue $ (3,216 ) $ 2,572 Foreign forward exchange contracts 166 (919 ) Cost of revenue (174 ) (412 ) Cost of revenue 205 88 Interest rate swap contracts 1,248 (2,274 ) Interest and foreign (871 ) (1,203 ) Interest and foreign — — $ 3,302 $ (8,623 ) $ (5,175 ) $ (2,450 ) $ (3,011 ) $ 2,660

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May 31, 2017
Segments' Internal Financial Reports	The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three months ended May 31, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 317,104 $ 19,291 $ 336,395 $ 57,901 $ 1,022 $ 58,923 Wheels & Parts 85,231 8,959 94,190 4,239 839 5,078 Leasing & Services 36,826 595 37,421 7,084 427 7,511 Eliminations — (28,845 ) (28,845 ) — (2,288 ) (2,288 ) Corporate — — — (20,752 ) — (20,752 ) $ 439,161 $ — $ 439,161 $ 48,472 $ — $ 48,472 For the nine months ended May 31, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,216,641 $ 19,291 $ 1,235,932 $ 226,611 $ 1,022 $ 227,633 Wheels & Parts 237,580 23,393 260,973 12,702 1,962 14,664 Leasing & Services 103,536 8,040 111,576 24,363 7,602 31,965 Eliminations — (50,724 ) (50,724 ) — (10,586 ) (10,586 ) Corporate — — — (61,024 ) — (61,024 ) $ 1,557,757 $ — $ 1,557,757 $ 202,652 $ — $ 202,652 For the three months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 458,494 $ 5,595 $ 464,089 $ 92,713 $ 923 $ 93,636 Wheels & Parts 78,417 10,058 88,475 5,811 711 6,522 Leasing & Services 75,955 601 76,556 8,298 601 8,899 Eliminations — (16,254 ) (16,254 ) — (2,235 ) (2,235 ) Corporate — — — (22,693 ) — (22,693 ) $ 612,866 $ — $ 612,866 $ 84,129 $ — $ 84,129 For the nine months ended May 31, 2016: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,611,686 $ 5,595 $ 1,617,281 $ 325,215 $ 941 $ 326,156 Wheels & Parts 247,604 24,074 271,678 15,720 2,155 17,875 Leasing & Services 225,044 10,444 235,488 42,668 10,444 53,112 Eliminations — (40,113 ) (40,113 ) — (13,540 ) (13,540 ) Corporate — — — (58,596 ) — (58,596 ) $ 2,084,334 $ — $ 2,084,334 $ 325,007 $ — $ 325,007 Total assets (In thousands) May 31, August 31, Manufacturing $ 705,229 $ 701,296 Wheels & Parts 264,308 275,599 Leasing & Services 625,569 516,147 Unallocated 578,721 342,732 $ 2,173,827 $ 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 Nine Months Ended (In thousands) 2017 2016 2017 2016 Earnings from operations $ 48,472 $ 84,129 $ 202,652 $ 325,007 Interest and foreign exchange 7,894 3,712 15,291 10,565 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 40,578 $ 80,417 $ 187,361 $ 314,442
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 May 31, 2017 and August 31, 2016 and for the three and nine months ended May 31, 2017 and 2016 are included in the tables below. Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Revenue $ 62,674 $ 95,699 $ 197,176 $ 289,381 Earnings (loss) from operations $ (5,525 ) $ 3,030 $ (16,988 ) $ 9,065 Total Assets May 31, August 31, GBW (1) $ 218,789 $ 247,610 (1) Includes goodwill and intangible assets of $90.8 million and $93.4 million as of May 31, 2017 and August 31, 2016.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	May 31, 2017
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of May 31, 2017 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,043 $ — $ 3,043 $ — Nonqualified savings plan investments 20,985 20,985 — — Cash equivalents 95,154 95,154 — — $ 119,182 $ 116,139 $ 3,043 $ — Liabilities: Derivative financial instruments $ 3,139 $ — $ 3,139 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 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 ($)	9 Months Ended
	May 31, 2017	May 31, 2016	Aug. 31, 2016
Equity, Class of Treasury Stock [Line Items]
Intangibles and other assets, net	$ 68,930,000		$ 67,359,000
Notes payable	$ 532,638,000		301,853,000
Stock repurchase program total cost of repurchased shares		$ 32,373,000
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	May 31, 2017	Aug. 31, 2016
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 241,753	$ 240,865
Work-in-process	89,091	68,727
Finished goods	86,987	59,470
Excess and obsolete adjustment	(3,819)	(3,257)
Inventories	$ 414,012	$ 365,805

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	May 31, 2017	Aug. 31, 2016
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 26,067	$ 28,103
Intangible assets not subject to amortization	912	912
Prepaid and other assets	14,091	14,891
Nonqualified savings plan investments	20,985	15,864
Revolving notes issuance costs, net	2,830	3,481
Assets held for sale	4,045	4,108
Total Intangible and other assets, net	68,930	67,359
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	64,521	65,023
Accumulated amortization	(39,306)	(37,251)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	5,105	6,298
Accumulated amortization	$ (4,253)	$ (5,967)

Intangibles and Other Assets,39

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Aug. 31, 2016
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 0.9	$ 1.5	$ 3.5	$ 5.3
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)	9 Months Ended
	May 31, 2017USD ($)CreditFacilityFacility	Aug. 31, 2016USD ($)
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	$ 616,300,000
Letter of credit facility outstanding amount	79,200,000	$ 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	$ 16,300,000
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date	2018-02
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date	2019-06
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 41

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017	Aug. 31, 2016	May 31, 2016	Feb. 29, 2016	Aug. 31, 2015
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 172,324		$ 182,334
Accrued payroll and related liabilities	69,403		76,058
Other accrued liabilities	58,682		71,260
Accrued maintenance	17,780		18,646
Accrued warranty	16,222	$ 14,582	12,159	$ 12,132	$ 12,147	$ 11,512
Income taxes payable			3,991
Other	4,590		5,306
Accounts payable and accrued liabilities	$ 339,001		$ 369,754

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 14,582	$ 12,147	$ 12,159	$ 11,512
Charged to cost of revenue, net	1,574	1,202	5,219	4,086
Payments	(377)	(1,205)	(1,509)	(3,386)
Currency translation effect	443	(12)	353	(80)
Balance at end of period	$ 16,222	$ 12,132	$ 16,222	$ 12,132

Notes Payable Net (Detail)

Notes Payable Net (Detail) - USD ($) $ in Thousands	May 31, 2017	Aug. 31, 2016
Debt Instrument [Line Items]
Term loans	$ 178,504	$ 183,713
Notes payable	532,638	301,853
2018 Senior Notes
Debt Instrument [Line Items]
Convertible senior notes	118,577	$ 118,140
2024 Senior Notes
Debt Instrument [Line Items]
Convertible senior notes	$ 235,557

Notes Payable Net - Additional

Notes Payable Net - Additional Information (Detail) - 2024 Convertible Senior Notes $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2017USD ($)$ / shares	May 31, 2017USD ($)
Debt Instrument [Line Items]
Aggregate principal amount of notes issued	$ 275,000	$ 275,000
Debt instrument interest rate stated percentage	2.875%
Frequency of payments	Semiannually
Debt instrument maturity date	Feb. 1, 2024
Initial conversion rate of common stock	16.6234
Initial conversion price per share of common stock | $ / shares	$ 60.16
Convertible notes payable		235,557
Debt discount, net		31,775
Debt issuance costs, net		$ 7,668
Debt discount, amortization end date		2024-02
ASC 470-20
Debt Instrument [Line Items]
Fair value assumed, interest rate		5.00%
Convertible notes, fair value		$ 241,900
Proceeds from the issuance of the notes		275,000
Convertible notes, equity component		33,100
ASC 470-20 | Additional Paid-in Capital
Debt Instrument [Line Items]
Convertible senior notes - equity component, net of tax		$ 12,300

Convertible Notes (Detail)

Convertible Notes (Detail) - 2024 Convertible Senior Notes - USD ($) $ in Thousands	May 31, 2017	Feb. 28, 2017
Debt Instrument [Line Items]
Debt principal	$ 275,000	$ 275,000
Debt discount, net	(31,775)
Debt issuance costs, net	(7,668)
Convertible notes payable	$ 235,557

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	9 Months Ended
	May 31, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 874,311
Other comprehensive loss before reclassifications	7,070
Amounts reclassified from Accumulated other comprehensive loss	4,022
Ending balance	986,221
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,492)
Other comprehensive loss before reclassifications	2,232
Amounts reclassified from Accumulated other comprehensive loss	4,022
Ending balance	762
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(20,832)
Other comprehensive loss before reclassifications	5,624
Ending balance	(15,208)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(429)
Other comprehensive loss before reclassifications	(786)
Ending balance	(1,215)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(26,753)
Ending balance	$ (15,661)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Revenue	$ (439,161)	$ (612,866)	$ (1,557,757)	$ (2,084,334)
Interest and foreign exchange	7,894	3,712	15,291	10,565
Earnings before income taxes and earnings (loss) from unconsolidated affiliates	40,578	80,417	187,361	314,442
Income tax expense	(8,656)	(22,449)	(53,900)	(92,902)
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	1,107	931	5,175	2,450
Income tax expense	(236)	(272)	(1,153)	(740)
Net of tax	871	659	4,022	1,710
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	862	561	4,304	1,203
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	$ 245	$ 370	$ 871	$ 1,247

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended		9 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,348	29,059	29,192	29,182
Dilutive effect of performance based restricted stock units	[2]	37	59	37	91
Weighted average diluted common shares outstanding		32,690	32,342	32,515	32,475
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,305	3,224	3,286	3,202
2024 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]	0	0	0	0
2026 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[5]	0	0	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 2024 Convertible notes were issued in February 2017. The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2017 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.
[5]	The 2026 Convertible notes were retired in August 2016. The dilutive effect of the 2026 Convertible notes was excluded for the three and nine months ended May 31, 2016 as the average stock price was less than the 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		9 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 32,823	$ 35,352	$ 92,321	$ 149,653
Earnings before interest and debt issuance costs on convertible notes		$ 33,556	$ 36,085	$ 94,520	$ 151,615
Weighted average diluted common shares outstanding		32,690	32,342	32,515	32,475
Diluted earnings per share	[1]	$ 1.03	$ 1.12	$ 2.91	$ 4.67
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	$ 733	$ 2,199	$ 1,962
[1]	Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 8,200	$ 8,300	$ 19,007	$ 19,055

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	9 Months Ended
	May 31, 2017USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 321,800,000
Amount reclassified to revenue or cost of revenue in the next 12 months	1,500,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 89,500,000
Maturity date	2020-03
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 900,000

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	May 31, 2017	Aug. 31, 2016
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 2,810	$ 1,570
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	2,808	7,444
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	2,810	1,570
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,704	4,287
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,104	3,157
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	233	25
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 331	$ 22

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	9 Months Ended
	May 31, 2017	May 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ 2,518	$ (157)
Gain (loss) recognized in OCI on derivatives (effective portion)	3,302	(8,623)
Gain (loss) reclassified accumulated OCI income (effective portion)	(5,175)	(2,450)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	(3,011)	2,660
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,888	(5,430)
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	2,494	(245)
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified accumulated OCI income (effective portion)	(4,130)	(835)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	(3,216)	2,572
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	166	(919)
Gain (loss) reclassified accumulated OCI income (effective portion)	(174)	(412)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	205	88
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,248	(2,274)
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	24	88
Gain (loss) reclassified accumulated OCI income (effective portion)	$ (871)	$ (1,203)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	May 31, 2017Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4

Segments Internal Financial Rep

Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Aug. 31, 2016
Segment Reporting Information [Line Items]
Revenues	$ 439,161	$ 612,866	$ 1,557,757	$ 2,084,334
Earnings (loss) from operations	48,472	84,129	202,652	325,007
Assets	2,173,827		2,173,827		$ 1,835,774
Manufacturing
Segment Reporting Information [Line Items]
Revenues	317,104	458,494	1,216,641	1,611,686
Earnings (loss) from operations	57,901	92,713	226,611	325,215
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	85,231	78,417	237,580	247,604
Earnings (loss) from operations	4,239	5,811	12,702	15,720
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	36,826	75,955	103,536	225,044
Earnings (loss) from operations	7,084	8,298	24,363	42,668
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	336,395	464,089	1,235,932	1,617,281
Earnings (loss) from operations	58,923	93,636	227,633	326,156
Assets	705,229		705,229		701,296
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	94,190	88,475	260,973	271,678
Earnings (loss) from operations	5,078	6,522	14,664	17,875
Assets	264,308		264,308		275,599
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	37,421	76,556	111,576	235,488
Earnings (loss) from operations	7,511	8,899	31,965	53,112
Assets	625,569		625,569		516,147
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	578,721		578,721		$ 342,732
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(20,752)	(22,693)	(61,024)	(58,596)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(28,845)	(16,254)	(50,724)	(40,113)
Earnings (loss) from operations	(2,288)	(2,235)	(10,586)	(13,540)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues	19,291	5,595	19,291	5,595
Earnings (loss) from operations	1,022	923	1,022	941
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	8,959	10,058	23,393	24,074
Earnings (loss) from operations	839	711	1,962	2,155
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	595	601	8,040	10,444
Earnings (loss) from operations	$ 427	$ 601	$ 7,602	$ 10,444

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		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 48,472	$ 84,129	$ 202,652	$ 325,007
Interest and foreign exchange	7,894	3,712	15,291	10,565
Earnings before income tax and earnings (loss) from unconsolidated affiliates	$ 40,578	$ 80,417	$ 187,361	$ 314,442

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016	Aug. 31, 2016
Segment Reporting Information [Line Items]
Revenue		$ 439,161	$ 612,866	$ 1,557,757	$ 2,084,334
Earnings (loss) from operations		48,472	84,129	202,652	325,007
Assets		2,173,827		2,173,827		$ 1,835,774
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Revenue		62,674	95,699	197,176	289,381
Earnings (loss) from operations		(5,525)	$ 3,030	(16,988)	$ 9,065
Assets	[1]	$ 218,789		$ 218,789		$ 247,610
[1]	Includes goodwill and intangible assets of $90.8 million and $93.4 million as of May 31, 2017 and August 31, 2016.

Results of Operations for GBW58

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	May 31, 2017	Aug. 31, 2016
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 90.8	$ 93.4

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2017USD ($)	Jan. 06, 2017USD ($)Segment	May 31, 2017USD ($)	Dec. 31, 2016USD ($)	Nov. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study				$ 110,000,000
Bank and third party warranty and performance guarantee facilities			$ 1,200,000
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			400,000
Guarantee obligations			200,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount			$ 79,200,000
Portland Harbor Site
Commitments and Contingencies Disclosure [Line Items]
Period for remedial action		13 years
Period for monitoring		30 years
Net present value of remedial alternatives		$ 1,700,000,000
Number of sediment decision units | Segment		13
Portland Harbor Site | Minimum
Commitments and Contingencies Disclosure [Line Items]
Accuracy of cost estimate		(30.00%)
Portland Harbor Site | Maximum
Commitments and Contingencies Disclosure [Line Items]
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%
Commercial Litigation in a Foreign Jurisdictions | Pending Litigation
Commitments and Contingencies Disclosure [Line Items]
Adverse judgment					$ 15,000,000
Commercial Litigation in a Foreign Jurisdictions | Pending Litigation | Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Adverse judgment	$ 10,000,000

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May 31, 2017		Aug. 31, 2016
Assets:
Nonqualified savings plan investments	$ 20,985		$ 15,864
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,043		1,595
Nonqualified savings plan investments	20,985		15,864
Cash equivalents	95,154		5,077
Assets, Fair Value Disclosure, Total	119,182		22,536
Liabilities:
Derivative financial instruments	3,139		7,466
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	20,985		15,864
Cash equivalents	95,154		5,077
Assets, Fair Value Disclosure, Total	116,139		20,941
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,043	[1]	1,595
Assets, Fair Value Disclosure, Total	3,043	[1]	1,595
Liabilities:
Derivative financial instruments	$ 3,139	[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	9 Months Ended
	Sep. 30, 2015USD ($)Vehicle	May 31, 2017Vehicle	Feb. 28, 2017USD ($)	Nov. 30, 2016USD ($)	Apr. 30, 2010USD ($)Vehicle
Related Party Transaction [Line Items]
Number of railcars sold, scrapped or transferred | Vehicle		3,885
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			$ 3.6	$ 4.5

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2017	May 31, 2017	May 31, 2016
Business Acquisition [Line Items]
Payment for investment		$ 34,068	$ 9,088
Equity method investment, percentage of ownership interest	50.00%	50.00%
Greenbrier-Maxion
Business Acquisition [Line Items]
Payment for investment	$ 20,000
Ownership percentage by parent, before transaction	19.50%
Ownership percentage by parent, after transaction	60.00%
Amsted-Maxion Cruzeiro
Business Acquisition [Line Items]
Payment for investment	$ 3,250
Ownership percentage by parent, before transaction	19.50%
Ownership percentage by parent, after transaction	24.50%
Amsted-Maxion Cruzeiro | Option to increase ownership subject to certain conditions
Business Acquisition [Line Items]
Equity method investment, percentage of ownership interest	29.50%	29.50%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) € in Millions	1 Months Ended
	Jun. 28, 2018EUR (€)	Jun. 30, 2017EUR (€)Vehicle
Scenario, Forecast | Greenbrier-Astra Rail
Subsequent Event [Line Items]
Additional amount to be paid as consideration in June 2018 | €	€ 30
Subsequent Event | Greenbrier-Astra Rail
Subsequent Event [Line Items]
Ownership percentage by parent		75.00%
Amount to be paid | €		€ 30
Subsequent Event | Mitsubishi UFJ Lease & Finance
Subsequent Event [Line Items]
Number of railcars over the next four years		25,000
Purchase of newly manufactured railcars		6,000
Percentage of ownership held in asset management service entity		50.00%
Number of new and used railcars sold		5,000