The Greenbrier Companies, Inc. (GBX) 10-Q 5 Jan 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2017	Dec. 29, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2017
Document Fiscal Year Focus	2,018
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		28,700,612

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Assets
Cash and cash equivalents	$ 591,406	$ 611,466
Restricted cash	8,839	8,892
Accounts receivable, net	315,393	279,964
Inventories	411,371	400,127
Leased railcars for syndication	130,991	91,272
Equipment on operating leases, net	274,598	315,941
Property, plant and equipment, net	426,961	428,021
Investment in unconsolidated affiliates	101,529	108,255
Intangibles and other assets, net	83,819	85,177
Goodwill	67,783	68,590
Total assets	2,412,690	2,397,705
Liabilities and Equity
Revolving notes	6,885	4,324
Accounts payable and accrued liabilities	441,373	415,061
Deferred income taxes	69,984	75,791
Deferred revenue	120,044	129,260
Notes payable, net	558,987	558,228
Commitments and contingencies (Note 13)
Contingently redeemable noncontrolling interest	35,209	36,148
Greenbrier
Preferred stock-without par value; 25,000 shares authorized; none outstanding
Common stock-without par value; 50,000 shares authorized; 28,701 and 28,503 shares outstanding at November 30, 2017 and August 31, 2017	0	0
Additional paid-in capital	312,789	315,306
Retained earnings	728,755	709,103
Accumulated other comprehensive loss	(8,987)	(6,279)
Total equity - Greenbrier	1,032,557	1,018,130
Noncontrolling interest	147,651	160,763
Total equity	1,180,208	1,178,893
Liabilities and Equity	$ 2,412,690	$ 2,397,705

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2017	Aug. 31, 2017
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	28,701,000	28,503,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2017	Nov. 30, 2016
Revenue
Revenue		$ 559,535	$ 552,314
Cost of revenue
Cost of revenue		470,221	439,563
Margin		89,314	112,751
Selling and administrative expense		47,043	41,213
Net gain on disposition of equipment		(19,171)	(1,122)
Earnings from operations		61,442	72,660
Other costs
Interest and foreign exchange		7,020	1,724
Earnings before income taxes and loss from unconsolidated affiliates		54,422	70,936
Income tax expense		(18,135)	(20,386)
Earnings before loss from unconsolidated affiliates		36,287	50,550
Loss from unconsolidated affiliates		(2,910)	(2,584)
Net earnings		33,377	47,966
Net earnings attributable to noncontrolling interest		(7,124)	(23,004)
Net earnings attributable to Greenbrier		$ 26,253	$ 24,962
Basic earnings per common share:		$ 0.90	$ 0.86
Diluted earnings per common share:	[1]	$ 0.83	$ 0.79
Weighted average common shares:
Basic	[2]	29,332	29,097
Diluted		32,696	32,412
Dividends declared per common share		$ 0.23	$ 0.21
Manufacturing
Revenue
Revenue		$ 451,485	$ 454,033
Cost of revenue
Cost of revenue		380,850	356,555
Earnings from operations		52,969	83,341
Wheels & Parts
Revenue
Revenue		78,011	69,635
Cost of revenue
Cost of revenue		72,506	64,978
Earnings from operations		2,418	2,894
Leasing & Services
Revenue
Revenue		30,039	28,646
Cost of revenue
Cost of revenue		16,865	18,030
Earnings from operations		$ 28,190	$ 7,390
[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, 2017	Nov. 30, 2016
Net earnings		$ 33,377	$ 47,966
Other comprehensive income
Translation adjustment		(3,187)	(6,720)
Reclassification of derivative financial instruments recognized in net earnings	[1]	(328)	323
Unrealized gain (loss) on derivative financial instruments	[2]	822	(4,904)
Other (net of tax effect)		(19)	(1)
Other comprehensive income		(2,712)	(11,302)
Comprehensive income		30,665	36,664
Comprehensive income attributable to noncontrolling interest		(7,120)	(23,004)
Comprehensive income attributable to Greenbrier		$ 23,545	$ 13,660
[1]	Net of tax effect of $0.02 million and $0.2 million for the three months ended November 30, 2017 and 2016.
[2]	Net of tax effect of $0.3 million and $1.0 million for the three months ended November 30, 2017 and 2016.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 20	$ 200
Unrealized loss on derivative financial instruments, tax	$ 300	$ 1,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Contingently Redeemable Noncontrolling Interest	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Attributable to Greenbrier	Attributable to Noncontrolling Interest
Beginning balance (in shares) at Aug. 31, 2016			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
Ending Balance at Nov. 30, 2016	$ 1,031,762			281,754	637,026	(38,055)	880,725	151,037
Beginning balance at Aug. 31, 2017		$ 36,148
Ending Balance at Nov. 30, 2017		$ 35,209
Beginning balance (in shares) at Aug. 31, 2017	28,503		28,503
Beginning balance at Aug. 31, 2017	$ 1,178,893			315,306	709,103	(6,279)	1,018,130	160,763
Net earnings	33,377				26,253		26,253	8,063
Other comprehensive loss, net	(2,712)					(2,708)	(2,708)	(4)
Noncontrolling interest adjustments	(882)							(882)
Joint venture partner distribution declared	(26,789)							(26,789)
Investment by joint venture partner	6,500							6,500
Restricted stock awards (net of cancellations) (in shares)			198
Restricted stock awards (net of cancellations)	(5,061)			(5,061)			(5,061)
Restricted stock amortization	2,544			2,544			2,544
Cash dividends	$ (6,601)				(6,601)		(6,601)
Ending Balance (in shares) at Nov. 30, 2017	28,701		28,701
Ending Balance at Nov. 30, 2017	$ 1,180,208			$ 312,789	$ 728,755	$ (8,987)	$ 1,032,557	$ 147,651

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Cash flows from operating activities
Net earnings	$ 33,377	$ 47,966
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	(5,865)	2,756
Depreciation and amortization	18,370	15,595
Net gain on disposition of equipment	(19,171)	(1,122)
Accretion of debt discount	1,024
Stock based compensation expense	5,939	5,343
Noncontrolling interest adjustments	(875)	(3,781)
Other	477	229
Decrease (increase) in assets:
Accounts receivable, net	(35,510)	(5,256)
Inventories	(16,311)	(39,108)
Leased railcars for syndication	(35,541)	34,295
Other	6,304	8,893
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	16,676	(22,873)
Deferred revenue	(8,548)	(11,111)
Net cash provided by (used in) operating activities	(39,654)	31,826
Cash flows from investing activities
Proceeds from sales of assets	75,060	9,189
Capital expenditures	(29,893)	(12,584)
Decrease in restricted cash	53	15,637
Cash distribution from unconsolidated affiliates		550
Investment in and advances to unconsolidated affiliates		(550)
Net cash provided by investing activities	45,220	12,242
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	2,561
Proceeds from issuance of notes payable	2,138
Repayments of notes payable	(2,809)	(1,750)
Investment by joint venture partner	6,500
Cash distribution to joint venture partner	(26,900)	(11,185)
Dividends	(319)	(6,147)
Tax payments for net share settlement of restricted stock	(5,061)	(2,820)
Excess tax deficiency from restricted stock awards		(2,464)
Net cash used in financing activities	(23,890)	(24,366)
Effect of exchange rate changes	(1,736)	(8,591)
Increase (decrease) in cash and cash equivalents	(20,060)	11,111
Cash and cash equivalents
Beginning of period	611,466	222,679
End of period	591,406	233,790
Cash paid during the period for
Interest	3,662	3,511
Income taxes, net	385	10,433
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net		6,082
Capital expenditures accrued in Accounts payable and accrued liabilities	14,840	$ 5,447
Dividends declared and accrued in Accounts payable and accrued liabilities	$ 6,282

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Nov. 30, 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 November 30, 2017 and for the three months ended November 30, 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 months ended November 30, 2017 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2018. 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 2016-09, Improvements to Employee Share-Based Payment Accounting 2016-09). tax-related Prospective Accounting Changes 2014-09, Revenue from Contracts with Customers 2014-09), 2014-09, 2014-09 2014-09, In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases 2016-02). 2016-02 right-of-use In December 2016, the FASB issued Accounting Standards Update 2016-18, Restricted Cash 2016-18). beginning-of-period end-of-period In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities 2017-12). non-financial Share Repurchase Program – time-to-time. The Company did not repurchase any shares during the three months ended November 30, 2017. As of November 30, 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.

Acquisitions

Acquisitions	3 Months Ended
	Nov. 30, 2017
Acquisitions	Note 2 – Acquisitions On June 1, 2017, Greenbrier and Astra Holding GmbH (Astra) contributed their European operations to a newly formed company, Greenbrier-Astra Rail, a Europe-based freight railcar manufacturing, engineering and repair business. As consideration for an approximate 75% controlling interest, Greenbrier agreed to pay Astra €30 million at closing and €30 million 12 months after closing and issue an approximate 25% noncontrolling interest in the new company. The total net assets acquired of $114.6 million includes $38.3 million representing the fair value of the noncontrolling interest at the acquisition date. Astra also received a put option to sell its entire noncontrolling interest to Greenbrier at an exercise price equal to the higher of fair value or a defined EBITDA multiple as measured on the exercise date. The option is exercisable 30 days prior to and up until June 1, 2022. Due to Astra’s redemption right under the put option, the noncontrolling interest has been classified as a Contingently redeemable noncontrolling interest in the mezzanine section of the Consolidated Balance Sheets. The carrying value of the noncontrolling interest cannot be less than the maximum redemption amount, which is the amount Greenbrier will settle the put option for if exercised. Adjustments to reconcile the carrying value to the maximum redemption amount are recorded to retained earnings. There were no such adjustments during the period ended November 30, 2017. For the three months ended November 30, 2017, the European operations contributed by Astra generated revenues of $43.2 million and earnings from operations of $0.4 million, which are reported in the Company’s consolidated financial statements as part of the Manufacturing segment. The impact of the acquisition was not material to the Company’s consolidated results of operations, therefore pro forma financial information has not been included. Minor adjustments were made to the purchase price allocation during the three months ended November 30, 2017. The preliminary allocation of the purchase price based on the fair value of the net assets acquired from Astra was as follows as of June 1, 2017, the acquisition date: (in thousands) Cash and cash equivalents $ 6,562 Accounts receivable 10,984 Inventories 30,454 Property, plant and equipment 75,296 Intangibles and other assets 17,300 Goodwill 24,518 Total assets acquired 165,114 Accounts payable and accrued liabilities 17,879 Deferred income taxes 7,292 Deferred revenue 964 Notes payable 24,382 Total liabilities assumed 50,517 Net assets acquired $ 114,597

Inventories

Inventories	3 Months Ended
	Nov. 30, 2017
Inventories	Note 3 – Inventories Inventories are valued at the lower of cost (first-in, first-out) Work-in-process (In thousands) November 30, August 31, Manufacturing supplies and raw materials $ 241,018 $ 222,080 Work-in-process 90,457 86,794 Finished goods 84,438 95,389 Excess and obsolete adjustment (4,542 ) (4,136 ) $ 411,371 $ 400,127

Intangibles and Other Assets, n

Intangibles and Other Assets, net	3 Months Ended
	Nov. 30, 2017
Intangibles and Other Assets, net	Note 4 – 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 $ 64,521 $ 64,521 Accumulated amortization (41,000 ) (40,153 ) Other intangibles 16,773 20,207 Accumulated amortization (5,402 ) (4,866 ) 34,892 39,709 Intangible assets not subject to amortization 4,164 912 Prepaid and other assets 15,003 16,914 Nonqualified savings plan investments 23,694 20,974 Revolving notes issuance costs, net 2,416 2,623 Assets held for sale 3,650 4,045 Total Intangible and other assets, net $ 83,819 $ 85,177 Amortization expense for the three months ended November 30, 2017 was $1.4 million and for the three months ended November 30, 2016 was $1.7 million. Amortization expense for the years ending August 31, 2018, 2019, 2020, 2021 and 2022 is expected to be $5.8 million, $5.4 million, $5.7 million, $5.4 million and $4.0 million.

Revolving Notes

Revolving Notes	3 Months Ended
	Nov. 30, 2017
Revolving Notes	Note 5 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $626.7 million as of November 30, 2017. As of November 30, 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 November 30, 2017, lines of credit totaling $26.7 million secured by certain of the Company’s European assets, with variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.3% and Euro Interbank Offered Rate (EURIBOR) plus 1.9%, 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 November 30, 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 July 2019. As of November 30, 2017, outstanding commitments under the senior secured credit facilities consisted of $75.4 million in letters of credit under the North American credit facility and $6.9 million outstanding under the European credit facilities. As of August 31, 2017, outstanding commitments under the senior secured credit facilities consisted of $77.6 million in letters of credit under the North American credit facility and $4.3 million outstanding under the European credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Nov. 30, 2017
Accounts Payable and Accrued Liabilities	Note 6 – Accounts Payable and Accrued Liabilities (In thousands) November 30, August 31, Trade payables $ 193,919 $ 180,592 Other accrued liabilities 122,919 111,316 Accrued payroll and related liabilities 76,273 84,749 Accrued warranty 21,952 20,737 Accrued maintenance 17,462 17,667 Income taxes payable 8,848 — $ 441,373 $ 415,061

Warranty Accruals

Warranty Accruals	3 Months Ended
	Nov. 30, 2017
Warranty Accruals	Note 7 – 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 2017 2016 Balance at beginning of period $ 20,737 $ 12,159 Charged to cost of revenue, net 1,953 357 Payments (751 ) (637 ) Currency translation effect 13 (142 ) Balance at end of period $ 21,952 $ 11,737

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Nov. 30, 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, 2017 $ 181 $ (5,366 ) $ (1,094 ) $ (6,279 ) Other comprehensive loss before reclassifications 822 (3,183 ) (19 ) (2,380 ) Amounts reclassified from Accumulated other comprehensive loss (328 ) — — (328 ) Balance, November 30, 2017 $ 675 $ (8,549 ) $ (1,113 ) $ (8,987 ) 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 (In thousands) 2017 2016 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (511 ) $ 143 Revenue and Cost of revenue Interest rate swap contracts 167 338 Interest and foreign exchange (344 ) 481 Total before tax 16 (158 ) Tax expense $ (328 ) $ 323 Net of tax

Earnings Per Share

Earnings Per Share	3 Months Ended
	Nov. 30, 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 2017 2016 Weighted average basic common shares outstanding (1) 29,332 29,097 Dilutive effect of 2018 Convertible notes (2) 3,331 3,258 Dilutive effect of 2024 Convertible notes (3) — n/a Dilutive effect of performance based restricted stock units (4) 33 57 Weighted average diluted common shares outstanding 32,696 32,412 (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 months ended November 30, 2017 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. Diluted 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 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 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 2017 2016 Net earnings attributable to Greenbrier $ 26,253 $ 24,962 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 733 Earnings before interest and debt issuance costs on convertible notes $ 26,986 $ 25,695 Weighted average diluted common shares outstanding 32,696 32,412 Diluted earnings per share (1) $ 0.83 $ 0.79 (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, 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 $5.9 million for the three months ended November 30, 2017 and $5.3 million for the three months ended November 30, 2016. 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, 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 November 30, 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 $243.5 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, 2017 exchange rates, approximately $0.6 million would be reclassified to revenue or cost of revenue in the next 12 months. At November 30, 2017, an interest rate swap agreement maturing in March 2020 had a notional amount of $87.8 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, 2017 interest rates, approximately $0.6 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 $ 1,735 $ 2,341 Accounts payable and accrued liabilities $ 1,194 $ 1,761 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 227 1,125 $ 1,735 $ 2,341 $ 1,421 $ 2,886 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2,018 $ 1,473 Accounts payable and accrued liabilities $ 5 $ — 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 $ 380 $ 47 Interest rate swap contracts Interest and foreign exchange (17 ) 38 $ 363 $ 85 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 $ 730 $ (6,456 ) Revenue $ 710 $ (87 ) Revenue $ 56 $ (1,258 ) Foreign forward exchange contracts (354 ) (834 ) Cost of revenue (199 ) (56 ) Cost of revenue 82 (32 ) Interest rate swap contracts 771 1,146 Interest and foreign (167 ) (338 ) Interest and foreign — — $ 1,147 $ (6,144 ) $ 344 $ (481 ) $ 138 $ (1,290 )

Segment Information

Segment Information	3 Months Ended
	Nov. 30, 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 2017 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 November 30, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 451,485 $ 16,804 $ 468,289 $ 52,969 $ 4,186 $ 57,155 Wheels & Parts 78,011 7,732 85,743 2,418 748 3,166 Leasing & Services 30,039 1,605 31,644 28,190 1,372 29,562 Eliminations — (26,141 ) (26,141 ) — (6,306 ) (6,306 ) Corporate — — — (22,135 ) — (22,135 ) $ 559,535 $ — $ 559,535 $ 61,442 $ — $ 61,442 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 Total assets (In thousands) November 30, August 31, Manufacturing $ 915,918 $ 914,450 Wheels & Parts 262,349 236,315 Leasing & Services 535,847 535,323 Unallocated 698,576 711,617 $ 2,412,690 $ 2,397,705 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended (In thousands) 2017 2016 Earnings from operations $ 61,442 $ 72,660 Interest and foreign exchange 7,020 1,724 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 54,422 $ 70,936 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, 2017 and August 31, 2017 and for the three months ended November 30, 2017 and 2016 are included in the tables below. Three Months Ended (In thousands) 2017 2016 Revenue $ 58,000 $ 70,253 Loss from operations $ (5,744 ) $ (4,561 ) Total Assets November 30, August 31, GBW (1) $ 204,288 $ 206,009 (1) Includes goodwill and intangible assets of $78.1 million and $78.8 million as of November 30, 2017 and August 31, 2017.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 30, 2017
Commitments and Contingencies	Note 13 – Commitments and Contingencies The Company’s Portland, Oregon manufacturing facility is located adjacent to the Willamette River. 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. Ten private and public entities, including the Company (the Lower Willamette Group or LWG), 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 nevertheless contributed money to the effort. The EPA-mandated 17-year 17-year Separate from the process described above which focused on the type of remediation to be performed at the Portland Harbor Site and the schedule for such remediation, 83 parties, including the State of Oregon and the federal government, entered into a non-judicial Arkema Inc. et al v. A & C Foundry Products, Inc. et al #3:09-cv-453-PK. The EPA’s January 6, 2017 ROD identifies a clean-up -30% 2-year costs by Sediment Decision Unit. The EPA’s ROD concluded that more data was needed to better define clean-up clean-up On January 30, 2017 the Confederated Tribes and Bands of Yakama Nation sued 33 parties including the Company as well as the United States and the State of Oregon for costs it incurred in assessing alleged natural resource damages to the Columbia River from contaminants deposited in Portland Harbor. Confederated Tribes and Bands of the Yakama Nation v. Air Liquide America Corp., et al., 3i17-CV-00164-SB. The ROD does not address responsibility for the costs of clean-up, pre-remedial 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. 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 discussing with the DEQ potential remedial actions which may be required. The Company’s 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 judgment was affirmed on appeal. The Company has reached an agreement in principle, subject to final documentation and court approval, to settle such litigation and certain related matters. 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. As of November 30, 2017, the Company had outstanding letters of credit aggregating $75.4 million associated with performance guarantees, facility leases and workers compensation insurance. As of November 30, 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. The Company is likely to make additional capital contributions or loans to GBW, an unconsolidated 50/50 joint venture, in the future. As of November 30, 2017, the Company had a $10.0 million note receivable from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $9.2 million note receivable balance from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. These note receivables are included on the Consolidated Balance Sheet in Accounts receivable, net. In the future, the Company may make loans to or provide guarantees for Amsted-Maxion Cruzeiro or Greenbrier-Maxion.

Fair Value Measures

Fair Value Measures	3 Months Ended
	Nov. 30, 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 November 30, 2017 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,753 $ — $ 3,753 $ — Nonqualified savings plan investments 23,694 23,694 — — Cash equivalents 105,563 105,563 — — $ 133,010 $ 129,257 $ 3,753 $ — Liabilities: Derivative financial instruments $ 1,426 $ — $ 1,426 $ — (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, 2017 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 3,814 $ — $ 3,814 $ — Nonqualified savings plan investments 20,974 20,974 — — Cash equivalents 105,337 105,337 — — $ 130,125 $ 126,311 $ 3,814 $ — Liabilities: Derivative financial instruments $ 2,886 $ — $ 2,886 $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
	Nov. 30, 2017
Related Party Transactions	Note 15 – Related Party Transactions In June 2017, the Company purchased a 40% interest in the common stock of an entity that buys and sells railcar assets that are leased to third parties. The railcars sold to this leasing warehouse are principally built by Greenbrier. The Company accounts for this leasing warehouse investment under the equity method of accounting. As of November 30, 2017, the carrying amount of the investment was $7.2 million which is classified in Investment in unconsolidated affiliates in the Consolidated Balance Sheet. Upon sale of railcars to this entity from Greenbrier, 60% of the related revenue and margin is recognized and 40% is deferred until the railcars are ultimately sold by the entity. During the three months ended November 30, 2017, the Company recognized $16 million in revenue associated with railcars sold into the leasing warehouse and an additional $8 million associated with railcars sold out of the leasing warehouse. The Company also provides administrative and remarketing services to this entity and earns management fees for these services which were minor for the three months ended November 30, 2017.

Subsequent Event

Subsequent Event	3 Months Ended
	Nov. 30, 2017
Subsequent Event	Note 16 – Subsequent Event On December 22, 2017 the Tax Cuts and Jobs Act of 2017 was signed into law. The provisions of the law include a reduction of the corporate tax rate and the taxation of a multi-national corporation’s permanently reinvested foreign earnings. The Company is currently evaluating the impact to its financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Nov. 30, 2017
Preliminary Fair Value of Net Assets Acquired	The preliminary allocation of the purchase price based on the fair value of the net assets acquired from Astra was as follows as of June 1, 2017, the acquisition date: (in thousands) Cash and cash equivalents $ 6,562 Accounts receivable 10,984 Inventories 30,454 Property, plant and equipment 75,296 Intangibles and other assets 17,300 Goodwill 24,518 Total assets acquired 165,114 Accounts payable and accrued liabilities 17,879 Deferred income taxes 7,292 Deferred revenue 964 Notes payable 24,382 Total liabilities assumed 50,517 Net assets acquired $ 114,597

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 30, 2017
Components of Inventories	(In thousands) November 30, August 31, Manufacturing supplies and raw materials $ 241,018 $ 222,080 Work-in-process 90,457 86,794 Finished goods 84,438 95,389 Excess and obsolete adjustment (4,542 ) (4,136 ) $ 411,371 $ 400,127

Intangibles and Other Assets,27

Intangibles and Other Assets, net (Tables)	3 Months Ended
	Nov. 30, 2017
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 $ 64,521 $ 64,521 Accumulated amortization (41,000 ) (40,153 ) Other intangibles 16,773 20,207 Accumulated amortization (5,402 ) (4,866 ) 34,892 39,709 Intangible assets not subject to amortization 4,164 912 Prepaid and other assets 15,003 16,914 Nonqualified savings plan investments 23,694 20,974 Revolving notes issuance costs, net 2,416 2,623 Assets held for sale 3,650 4,045 Total Intangible and other assets, net $ 83,819 $ 85,177

Accounts Payable and Accrued 28

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Nov. 30, 2017
Accounts Payable and Accrued Liabilities	(In thousands) November 30, August 31, Trade payables $ 193,919 $ 180,592 Other accrued liabilities 122,919 111,316 Accrued payroll and related liabilities 76,273 84,749 Accrued warranty 21,952 20,737 Accrued maintenance 17,462 17,667 Income taxes payable 8,848 — $ 441,373 $ 415,061

Warranty Accruals (Tables)

Warranty Accruals (Tables)	3 Months Ended
	Nov. 30, 2017
Warranty Accrual Activity	Warranty accrual activity: (In thousands) Three Months Ended 2017 2016 Balance at beginning of period $ 20,737 $ 12,159 Charged to cost of revenue, net 1,953 357 Payments (751 ) (637 ) Currency translation effect 13 (142 ) Balance at end of period $ 21,952 $ 11,737

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Nov. 30, 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, 2017 $ 181 $ (5,366 ) $ (1,094 ) $ (6,279 ) Other comprehensive loss before reclassifications 822 (3,183 ) (19 ) (2,380 ) Amounts reclassified from Accumulated other comprehensive loss (328 ) — — (328 ) Balance, November 30, 2017 $ 675 $ (8,549 ) $ (1,113 ) $ (8,987 )
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 (In thousands) 2017 2016 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (511 ) $ 143 Revenue and Cost of revenue Interest rate swap contracts 167 338 Interest and foreign exchange (344 ) 481 Total before tax 16 (158 ) Tax expense $ (328 ) $ 323 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Nov. 30, 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 2017 2016 Weighted average basic common shares outstanding (1) 29,332 29,097 Dilutive effect of 2018 Convertible notes (2) 3,331 3,258 Dilutive effect of 2024 Convertible notes (3) — n/a Dilutive effect of performance based restricted stock units (4) 33 57 Weighted average diluted common shares outstanding 32,696 32,412 (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 months ended November 30, 2017 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 2017 2016 Net earnings attributable to Greenbrier $ 26,253 $ 24,962 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 733 733 Earnings before interest and debt issuance costs on convertible notes $ 26,986 $ 25,695 Weighted average diluted common shares outstanding 32,696 32,412 Diluted earnings per share (1) $ 0.83 $ 0.79 (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, 2017
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 $ 1,735 $ 2,341 Accounts payable and accrued liabilities $ 1,194 $ 1,761 Interest rate swap contracts Intangibles and other assets, net — — Accounts payable and accrued liabilities 227 1,125 $ 1,735 $ 2,341 $ 1,421 $ 2,886 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 2,018 $ 1,473 Accounts payable and accrued liabilities $ 5 $ —
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 $ 380 $ 47 Interest rate swap contracts Interest and foreign exchange (17 ) 38 $ 363 $ 85 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 $ 730 $ (6,456 ) Revenue $ 710 $ (87 ) Revenue $ 56 $ (1,258 ) Foreign forward exchange contracts (354 ) (834 ) Cost of revenue (199 ) (56 ) Cost of revenue 82 (32 ) Interest rate swap contracts 771 1,146 Interest and foreign (167 ) (338 ) Interest and foreign — — $ 1,147 $ (6,144 ) $ 344 $ (481 ) $ 138 $ (1,290 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 451,485 $ 16,804 $ 468,289 $ 52,969 $ 4,186 $ 57,155 Wheels & Parts 78,011 7,732 85,743 2,418 748 3,166 Leasing & Services 30,039 1,605 31,644 28,190 1,372 29,562 Eliminations — (26,141 ) (26,141 ) — (6,306 ) (6,306 ) Corporate — — — (22,135 ) — (22,135 ) $ 559,535 $ — $ 559,535 $ 61,442 $ — $ 61,442 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 Total assets (In thousands) November 30, August 31, Manufacturing $ 915,918 $ 914,450 Wheels & Parts 262,349 236,315 Leasing & Services 535,847 535,323 Unallocated 698,576 711,617 $ 2,412,690 $ 2,397,705
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) 2017 2016 Earnings from operations $ 61,442 $ 72,660 Interest and foreign exchange 7,020 1,724 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 54,422 $ 70,936
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, 2017 and August 31, 2017 and for the three months ended November 30, 2017 and 2016 are included in the tables below. Three Months Ended (In thousands) 2017 2016 Revenue $ 58,000 $ 70,253 Loss from operations $ (5,744 ) $ (4,561 ) Total Assets November 30, August 31, GBW (1) $ 204,288 $ 206,009 (1) Includes goodwill and intangible assets of $78.1 million and $78.8 million as of November 30, 2017 and August 31, 2017.

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Nov. 30, 2017
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, 2017 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 3,753 $ — $ 3,753 $ — Nonqualified savings plan investments 23,694 23,694 — — Cash equivalents 105,563 105,563 — — $ 133,010 $ 129,257 $ 3,753 $ — Liabilities: Derivative financial instruments $ 1,426 $ — $ 1,426 $ — (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, 2017 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 3,814 $ — $ 3,814 $ — Nonqualified savings plan investments 20,974 20,974 — — Cash equivalents 105,337 105,337 — — $ 130,125 $ 126,311 $ 3,814 $ — Liabilities: Derivative financial instruments $ 2,886 $ — $ 2,886 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2017USD ($)shares
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, shares | shares	0
Stock repurchase program total cost of repurchased shares	$ 137,000,000
Repurchase of common stock, shares | shares	3,206,226
Remaining authorized repurchase amount	$ 88,000,000
Maximum | Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase	$ 225,000,000

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) € in Millions	Jun. 01, 2017EUR (€)	Nov. 30, 2017USD ($)	Nov. 30, 2016USD ($)	Aug. 31, 2017USD ($)	Jun. 01, 2017USD ($)
Business Acquisition [Line Items]
Revenue		$ 559,535,000	$ 552,314,000
Earnings (loss) from operations		61,442,000	$ 72,660,000
Greenbrier-Astra Rail
Business Acquisition [Line Items]
Ownership percentage by parent					75.00%
Amount to be paid at closing | €	€ 30
Amount to be paid 12 months after closing by providing a guarantee | €	€ 30
Percentage of noncontrolling interest					25.00%
Net assets acquired					$ 114,597,000
Noncontrolling interest, fair value of acquisition					$ 38,300,000
Adjustments to reconcile carrying value of redemption amount to recorded retained earnings				$ 0
Revenue		43,200,000
Earnings (loss) from operations		$ 400,000

Preliminary Fair Value of Net A

Preliminary Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017	Jun. 01, 2017
Business Acquisition [Line Items]
Goodwill	$ 67,783	$ 68,590
Greenbrier-Astra Rail
Business Acquisition [Line Items]
Cash and cash equivalents			$ 6,562
Accounts receivable			10,984
Inventories			30,454
Property, plant and equipment			75,296
Intangibles and other assets			17,300
Goodwill			24,518
Total assets acquired			165,114
Accounts payable and accrued liabilities			17,879
Deferred income taxes			7,292
Deferred revenue			964
Notes payable			24,382
Total liabilities assumed			50,517
Net assets acquired			$ 114,597

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 241,018	$ 222,080
Work-in-process	90,457	86,794
Finished goods	84,438	95,389
Excess and obsolete adjustment	(4,542)	(4,136)
Inventories	$ 411,371	$ 400,127

Identifiable Intangible and Oth

Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 34,892	$ 39,709
Intangible assets not subject to amortization	4,164	912
Prepaid and other assets	15,003	16,914
Nonqualified savings plan investments	23,694	20,974
Revolving notes issuance costs, net	2,416	2,623
Assets held for sale	3,650	4,045
Total Intangible and other assets, net	83,819	85,177
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	64,521	64,521
Accumulated amortization	(41,000)	(40,153)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	16,773	20,207
Accumulated amortization	$ (5,402)	$ (4,866)

Intangibles and Other Assets,40

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.4	$ 1.7
Future amortization expense, 2018	5.8
Future amortization expense, 2019	5.4
Future amortization expense, 2020	5.7
Future amortization expense, 2021	5.4
Future amortization expense, 2022	$ 4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2017USD ($)CreditFacilityFacility	Aug. 31, 2017USD ($)
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	$ 626,700,000
Letter of credit facility outstanding amount	75,400,000	$ 77,600,000
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 550,000,000
Line of credit maturity date	2020-10
Revolving 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	$ 26,700,000
Letter of credit facility outstanding amount	$ 6,900,000	$ 4,300,000
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%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | EURIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.90%
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	2019-07
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 42

Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016	Aug. 31, 2016
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 193,919	$ 180,592
Other accrued liabilities	122,919	111,316
Accrued payroll and related liabilities	76,273	84,749
Accrued warranty	21,952	20,737	$ 11,737	$ 12,159
Accrued maintenance	17,462	17,667
Income taxes payable	8,848
Accounts payable and accrued liabilities	$ 441,373	$ 415,061

Warranty Accruals Activity (Det

Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 20,737	$ 12,159
Charged to cost of revenue, net	1,953	357
Payments	(751)	(637)
Currency translation effect	13	(142)
Balance at end of period	$ 21,952	$ 11,737

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	3 Months Ended
	Nov. 30, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,018,130
Other comprehensive loss before reclassifications	(2,380)
Amounts reclassified from Accumulated other comprehensive loss	(328)
Ending balance	1,032,557
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	181
Other comprehensive loss before reclassifications	822
Amounts reclassified from Accumulated other comprehensive loss	(328)
Ending balance	675
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,366)
Other comprehensive loss before reclassifications	(3,183)
Ending balance	(8,549)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,094)
Other comprehensive loss before reclassifications	(19)
Ending balance	(1,113)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(6,279)
Ending balance	$ (8,987)

Amounts Reclassified out of Acc

Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 7,020	$ 1,724
Total before tax	(54,422)	(70,936)
Tax expense	(18,135)	(20,386)
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]
Total before tax	(344)	481
Tax expense	16	(158)
Net of tax	(328)	323
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	(511)	143
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	$ 167	$ 338

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended
		Nov. 30, 2017	Nov. 30, 2016
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,332	29,097
Dilutive effect of performance based restricted stock units	[2]	33	57
Weighted average diluted common shares outstanding		32,696	32,412
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,331	3,258
[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.

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, 2017	Nov. 30, 2016
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 26,253	$ 24,962
Earnings before interest and debt issuance costs on convertible notes		$ 26,986	$ 25,695
Weighted average diluted common shares outstanding		32,696	32,412
Diluted earnings per share	[1]	$ 0.83	$ 0.79
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
[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, 2017	Nov. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 5,939	$ 5,343

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2017USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 243,500,000
Amount reclassified to revenue or cost of revenue in the next 12 months	600,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 87,800,000
Maturity date	2020-03
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 600,000

Fair Values of Derivative Instr

Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2017	Aug. 31, 2017
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 1,735	$ 2,341
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,421	2,886
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,735	2,341
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1,194	1,761
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	227	1,125
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	2,018	$ 1,473
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 5

Effect of Derivative Instrument

Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	$ 363	$ 85
Gain (loss) recognized in OCI on derivatives (effective portion)	1,147	(6,144)
Gain (loss) reclassified accumulated OCI income (effective portion)	344	(481)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	138	(1,290)
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	730	(6,456)
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	380	47
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified accumulated OCI income (effective portion)	710	(87)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	56	(1,258)
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(354)	(834)
Gain (loss) reclassified accumulated OCI income (effective portion)	(199)	(56)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	82	(32)
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	771	1,146
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	(17)	38
Gain (loss) reclassified accumulated OCI income (effective portion)	$ (167)	$ (338)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Nov. 30, 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
	Nov. 30, 2017	Nov. 30, 2016	Aug. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 559,535	$ 552,314
Earnings (loss) from operations	61,442	72,660
Assets	2,412,690		$ 2,397,705
Manufacturing
Segment Reporting Information [Line Items]
Revenues	451,485	454,033
Earnings (loss) from operations	52,969	83,341
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	78,011	69,635
Earnings (loss) from operations	2,418	2,894
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	30,039	28,646
Earnings (loss) from operations	28,190	7,390
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	468,289	454,033
Earnings (loss) from operations	57,155	83,341
Assets	915,918		914,450
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	85,743	76,836
Earnings (loss) from operations	3,166	3,506
Assets	262,349		236,315
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	31,644	33,980
Earnings (loss) from operations	29,562	12,640
Assets	535,847		535,323
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	698,576		$ 711,617
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(22,135)	(20,965)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(26,141)	(12,535)
Earnings (loss) from operations	(6,306)	(5,862)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues	(16,804)
Earnings (loss) from operations	(4,186)
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	(7,732)	(7,201)
Earnings (loss) from operations	(748)	(612)
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	(1,605)	(5,334)
Earnings (loss) from operations	$ (1,372)	$ (5,250)

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, 2017	Nov. 30, 2016
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 61,442	$ 72,660
Interest and foreign exchange	7,020	1,724
Earnings before income tax and earnings (loss) from unconsolidated affiliates	$ 54,422	$ 70,936

Results of Operations for GBW J

Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2017	Nov. 30, 2016	Aug. 31, 2017
Segment Reporting Information [Line Items]
Revenue		$ 559,535	$ 552,314
Loss from operations		61,442	72,660
Assets		2,412,690		$ 2,397,705
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Revenue		58,000	70,253
Loss from operations		(5,744)	$ (4,561)
Assets	[1]	$ 204,288		$ 206,009
[1]	Includes goodwill and intangible assets of $78.1 million and $78.8 million as of November 30, 2017 and August 31, 2017.

Results of Operations for GBW56

Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Nov. 30, 2017	Aug. 31, 2017
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 78.1	$ 78.8

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2017USD ($)	Jan. 06, 2017USD ($)Segment	Dec. 31, 2016USD ($)	Nov. 30, 2017USD ($)	Nov. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study			$ 110,000,000
Equity method investment, percentage of ownership interest				50.00%
Note receivable				$ 36,500,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount				$ 75,400,000
Portland Harbor Site
Commitments and Contingencies Disclosure [Line Items]
Number of sediment decision units | Segment		13
Estimated undiscounted cost		$ 1,700,000,000
Period for remedial action		13 years
Period for monitoring		30 years
New data collection period to reflect actual cost prior to final remedy design		2 years
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%
Amsted-Maxion Cruzeiro
Commitments and Contingencies Disclosure [Line Items]
Note receivable				$ 10,000,000
Greenbrier-Maxion
Commitments and Contingencies Disclosure [Line Items]
Note receivable				$ 9,200,000
Pending Litigation | Commercial Litigation in a Foreign Jurisdictions
Commitments and Contingencies Disclosure [Line Items]
Adverse judgment					$ 15,000,000
Adverse judgment	$ 10,000,000

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Nov. 30, 2017		Aug. 31, 2017
Assets:
Nonqualified savings plan investments	$ 23,694		$ 20,974
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,753		3,814
Nonqualified savings plan investments	23,694		20,974
Cash equivalents	105,563		105,337
Assets, Fair Value Disclosure, Total	133,010		130,125
Liabilities:
Derivative financial instruments	1,426		2,886
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	23,694		20,974
Cash equivalents	105,563		105,337
Assets, Fair Value Disclosure, Total	129,257		126,311
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	3,753	[1]	3,814
Assets, Fair Value Disclosure, Total	3,753	[1]	3,814
Liabilities:
Derivative financial instruments	$ 1,426	[1]	$ 2,886
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2017	Jun. 30, 2017
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest	50.00%
Carrying amount of investment in unconsolidated affiliates	$ 7.2
Percentage of recognized revenue and margin from sale	60.00%
Percentage of deferred revenue and margin from sale	40.00%
Revenue recognize from railcars sold	$ 8
Leasing Warehouse [Member]
Related Party Transaction [Line Items]
Revenue recognize from railcars sold	$ 16
Greenbrier
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest		40.00%