The Greenbrier Companies, Inc. (GBX) 10-Q 6 Apr 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 28, 2018	Apr. 02, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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		32,153,485

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017
Assets
Cash and cash equivalents	$ 586,008	$ 611,466
Restricted cash	8,875	8,892
Accounts receivable, net	321,795	279,964
Inventories	408,419	400,127
Leased railcars for syndication	168,748	91,272
Equipment on operating leases, net	258,417	315,941
Property, plant and equipment, net	429,465	428,021
Investment in unconsolidated affiliates	98,009	108,255
Intangibles and other assets, net	83,308	85,177
Goodwill	69,011	68,590
Total assets	2,432,055	2,397,705
Liabilities and Equity
Revolving notes	7,990	4,324
Accounts payable and accrued liabilities	461,088	415,061
Deferred income taxes	41,257	75,791
Deferred revenue	85,886	129,260
Notes payable, net	559,755	558,228
Commitments and contingencies (Note 14)
Contingently redeemable noncontrolling interest	33,046	36,148
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 28,732 and 28,503 shares outstanding at February 28, 2018 and August 31, 2017	0	0
Additional paid-in capital	316,073	315,306
Retained earnings	783,495	709,103
Accumulated other comprehensive loss	(4,121)	(6,279)
Total equity - Greenbrier	1,095,447	1,018,130
Noncontrolling interest	147,586	160,763
Total equity	1,243,033	1,178,893
Liabilities and Equity	$ 2,432,055	$ 2,397,705

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2018	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	28,732,000	28,503,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Revenue
Revenue		$ 629,336	$ 566,282	$ 1,188,871	$ 1,118,596
Cost of revenue
Cost of revenue		523,989	447,357	994,210	886,920
Margin		105,347	118,925	194,661	231,676
Selling and administrative expense		50,294	39,495	97,337	80,708
Net gain on disposition of equipment		(5,817)	(2,090)	(24,988)	(3,212)
Earnings from operations		60,870	81,520	122,312	154,180
Other costs
Interest and foreign exchange		7,029	5,673	14,049	7,397
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		53,841	75,847	108,263	146,783
Income tax benefit (expense)		11,301	(24,858)	(6,834)	(45,244)
Earnings before earnings (loss) from unconsolidated affiliates		65,142	50,989	101,429	101,539
Earnings (loss) from unconsolidated affiliates		147	(1,988)	(2,763)	(4,572)
Net earnings		65,289	49,001	98,666	96,967
Net earnings attributable to noncontrolling interest		(3,647)	(14,465)	(10,771)	(37,469)
Net earnings attributable to Greenbrier		$ 61,642	$ 34,536	$ 87,895	$ 59,498
Basic earnings per common share		$ 2.10	$ 1.19	$ 3	$ 2.04
Diluted earnings per common share	[1]	$ 1.91	$ 1.09	$ 2.74	$ 1.88
Weighted average common shares:
Basic	[2]	29,355	29,130	29,343	29,113
Diluted		32,711	32,427	32,703	32,423
Dividends declared per common share		$ 0.23	$ 0.21	$ 0.46	$ 0.42
Manufacturing
Revenue
Revenue		$ 511,827	$ 445,504	$ 963,312	$ 899,537
Cost of revenue
Cost of revenue		429,165	346,653	810,015	703,208
Earnings from operations		63,185	85,369	116,154	168,710
Wheels & Parts
Revenue
Revenue		88,710	82,714	166,721	152,349
Cost of revenue
Cost of revenue		80,708	75,497	153,214	140,475
Earnings from operations		5,119	5,569	7,537	8,463
Leasing & Services
Revenue
Revenue		28,799	38,064	58,838	66,710
Cost of revenue
Cost of revenue		14,116	25,207	30,981	43,237
Earnings from operations		$ 16,114	$ 9,889	$ 44,304	$ 17,279
[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		6 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Net earnings		$ 65,289	$ 49,001	$ 98,666	$ 96,967
Other comprehensive income
Translation adjustment		4,160	4,010	973	(2,710)
Reclassification of derivative financial instruments recognized in net earnings	[1]	(337)	2,828	(665)	3,151
Unrealized gain (loss) on derivative financial instruments	[2]	1,007	2,716	1,829	(2,188)
Other (net of tax effect)		44	(849)	25	(850)
Other comprehensive income		4,874	8,705	2,162	(2,597)
Comprehensive income		70,163	57,706	100,828	94,370
Comprehensive income attributable to noncontrolling interest		(3,655)	(14,465)	(10,775)	(37,469)
Comprehensive income attributable to Greenbrier		$ 66,508	$ 43,241	$ 90,053	$ 56,901
[1]	Net of tax effect of $0.1 million and $0.8 million for the three months ended February 28, 2018 and 2017 and $0.1 million and $0.9 million for the six months ended February 28, 2018 and 2017.
[2]	Net of tax effect of $0.4 million and $0.8 million for the three months ended February 28, 2018 and 2017 and $0.7 million and $0.2 million for the six months ended February 28, 2018 and 2017.

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 0.1	$ 0.8	$ 0.1	$ 0.9
Unrealized loss on derivative financial instruments, tax	$ 0.4	$ 0.8	$ 0.7	$ 0.2

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	Contingently Redeemable Noncontrolling Interest	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, 2016					28,205
Beginning balance at Aug. 31, 2016	$ 1,016,827					$ 282,886			$ 618,178	$ (26,753)	$ 874,311			$ 142,516
Net earnings	96,967								59,498		59,498			37,469
Other comprehensive income, net	(2,597)									(2,597)	(2,597)
Noncontrolling interest adjustments	(3,255)													(3,255)
Joint venture partner distribution declared	(18,783)													(18,783)
Restricted stock awards (net of cancellations) (in shares)					195
Restricted stock awards (net of cancellations)	(1,876)					(1,876)					(1,876)
Unamortized restricted stock	(1,105)					(1,105)					(1,105)
Restricted stock amortization	8,437					8,437					8,437
Tax deficiency from restricted stock awards	(2,453)					(2,453)					(2,453)
Cash dividends	(12,234)								(12,234)		(12,234)
2024 Convertible Senior Notes - equity component, net of tax		$ 20,818	$ (715)				$ 20,818	$ (715)				$ 20,818	$ (715)
Ending Balance (in shares) at Feb. 28, 2017					28,400
Ending Balance at Feb. 28, 2017	$ 1,100,031					305,992			665,442	(29,350)	942,084			157,947
Beginning balance at Aug. 31, 2017				$ 36,148
Net earnings				(3,102)
Ending Balance at Feb. 28, 2018				$ 33,046
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	98,666								87,895		87,895			13,873
Other comprehensive income, net	2,162									2,158	2,158			4
Noncontrolling interest adjustments	(2,561)													(2,561)
Joint venture partner distribution declared	(30,993)													(30,993)
Investment by joint venture partner	6,500													6,500
Restricted stock awards (net of cancellations) (in shares)					229
Restricted stock awards (net of cancellations)	(4,250)					(4,250)					(4,250)
Unamortized restricted stock	(950)					(950)					(950)
Restricted stock amortization	5,967					5,967					5,967
Cash dividends	$ (13,503)								(13,503)		(13,503)
Ending Balance (in shares) at Feb. 28, 2018	28,732				28,732
Ending Balance at Feb. 28, 2018	$ 1,243,033					$ 316,073			$ 783,495	$ (4,121)	$ 1,095,447			$ 147,586

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities
Net earnings	$ 98,666	$ 96,967
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	(35,080)	2,272
Depreciation and amortization	36,454	30,580
Net gain on disposition of equipment	(24,988)	(3,212)
Accretion of debt discount	2,060	330
Stock based compensation expense	12,574	10,854
Noncontrolling interest adjustments	(2,555)	(3,255)
Other	958	548
Decrease (increase) in assets:
Accounts receivable, net	(25,681)	(67,271)
Inventories	(10,211)	(17,673)
Leased railcars for syndication	(74,129)	37,903
Other	10,434	5,550
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	46,434	1,718
Deferred revenue	(42,589)	(10,468)
Net cash provided by (used in) operating activities	(7,653)	84,843
Cash flows from investing activities
Proceeds from sales of assets	105,142	19,898
Capital expenditures	(53,503)	(21,194)
Decrease in restricted cash	17	15,583
Investment in and advances to unconsolidated affiliates	(17,739)	(550)
Other	1,207	550
Net cash provided by investing activities	35,124	14,287
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	3,666
Proceeds from revolving notes with maturities longer than 90 days	0	0
Repayments of revolving notes with maturities longer than 90 days	0	0
Proceeds from issuance of notes payable	13,929	275,000
Repayments of notes payable	(16,056)	(3,719)
Investment by joint venture partner	6,500
Debt issuance costs		(9,450)
Dividends	(13,546)	(12,138)
Cash distribution to joint venture partner	(41,758)	(19,486)
Tax payments for net share settlement of restricted stock	(5,199)	(2,981)
Excess tax deficiency from restricted stock awards		(2,453)
Net cash provided by (used in) financing activities	(52,464)	224,773
Effect of exchange rate changes	(465)	(830)
Increase (decrease) in cash and cash equivalents	(25,458)	323,073
Cash and cash equivalents
Beginning of period	611,466	222,679
End of period	586,008	545,752
Cash paid during the period for
Interest	9,234	4,944
Income taxes, net	20,789	18,818
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	12,748	4,783
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	396	703
Change in Accounts payable and accrued liabilities associated with dividends declared	$ 43	$ (96)

Interim Financial Statements

Interim Financial Statements	6 Months Ended
	Feb. 28, 2018
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 February 28, 2018 and for the three and six months ended February 28, 2018 and 2017 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 six months ended February 28, 2018 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. Therefore, these financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s 2017 Annual Report on Form 10-K. Management Estimates – Initial Adoption of Accounting Policies Improvements to Employee Share-Based Payment Accounting Prospective Accounting Changes Revenue from Contracts with Customers In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In December 2016, the FASB issued Accounting Standards Update 2016-18, Restricted Cash In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities Share Repurchase Program – The Company did not repurchase any shares during the three and six months ended February 28, 2018. As of February 28, 2018, 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	6 Months Ended
	Feb. 28, 2018
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 $115.8 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 February 28, 2018. For the six months ended February 28, 2018, the European operations contributed by Astra generated revenues of $76.9 million and an immaterial loss from operations, 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. The purchase price of the net assets acquired from Astra is allocated as follows: (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 25,746 Total assets acquired 166,342 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 $ 115,825 The valuation of certain assets and liabilities in the Astra acquisition is preliminary. Minor adjustments were made to the purchase price allocation during the six months ended February 28, 2018.

Inventories

Inventories	6 Months Ended
	Feb. 28, 2018
Inventories	Note 3 – 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) February 28, August 31, Manufacturing supplies and raw materials $ 250,495 $ 222,080 Work-in-process 86,442 86,794 Finished goods 76,581 95,389 Excess and obsolete adjustment (5,099 ) (4,136 ) $ 408,419 $ 400,127

Intangibles and Other Assets, n

Intangibles and Other Assets, net	6 Months Ended
	Feb. 28, 2018
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) February 28, August 31, Intangible assets subject to amortization: Customer relationships $ 64,521 $ 64,521 Accumulated amortization (41,847 ) (40,153 ) Other intangibles 17,155 20,207 Accumulated amortization (6,020 ) (4,866 ) 33,809 39,709 Intangible assets not subject to amortization 4,254 912 Prepaid and other assets 14,676 16,914 Nonqualified savings plan investments 24,710 20,974 Revolving notes issuance costs, net 2,209 2,623 Assets held for sale 3,650 4,045 Total Intangible and other assets, net $ 83,308 $ 85,177 Amortization expense for the three and six months ended February 28, 2018 was $1.4 million and $2.7 million and for the three and six months ended February 28, 2017 was $0.9 million and $2.6 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	6 Months Ended
	Feb. 28, 2018
Revolving Notes	Note 5 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $634.1 million as of February 28, 2018. As of February 28, 2018, 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 February 28, 2018, lines of credit totaling $34.1 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 1.1%, 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 December 2018 through June 2019. As of February 28, 2018, 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 February 28, 2018, outstanding commitments under the senior secured credit facilities consisted of $75.0 million in letters of credit under the North American credit facility and $8.0 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	6 Months Ended
	Feb. 28, 2018
Accounts Payable and Accrued Liabilities	Note 6 – Accounts Payable and Accrued Liabilities (In thousands) February 28, August 31, Trade payables $ 215,491 $ 180,592 Other accrued liabilities 114,655 111,316 Accrued payroll and related liabilities 85,481 84,749 Accrued warranty 26,977 20,737 Accrued maintenance 18,484 17,667 $ 461,088 $ 415,061

Warranty Accruals

Warranty Accruals	6 Months Ended
	Feb. 28, 2018
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 Six Months Ended 2018 2017 2018 2017 Balance at beginning of period $ 21,952 $ 11,737 $ 20,737 $ 12,159 Charged to cost of revenue, net 5,646 3,288 7,599 3,645 Payments (1,089 ) (495 ) (1,840 ) (1,132 ) Currency translation effect 468 52 481 (90 ) Balance at end of period $ 26,977 $ 14,582 $ 26,977 $ 14,582

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Feb. 28, 2018
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 1,829 969 25 2,823 Amounts reclassified from Accumulated other comprehensive loss (665 ) — — (665 ) Balance, February 28, 2018 $ 1,345 $ (4,397 ) $ (1,069 ) $ (4,121 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: (In thousands) Three Months Ended Financial Statement 2018 2017 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (546 ) $ 3,299 Revenue and cost of revenue Interest rate swap contracts 106 288 Interest and foreign exchange (440 ) 3,587 Total before tax 103 (759 ) Income tax benefit (expense) $ (337 ) $ 2,828 Net of tax (In thousands) Six Months Ended Financial Statement Location 2018 2017 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (1,057 ) $ 3,442 Revenue and cost of revenue Interest rate swap contracts 273 626 Interest and foreign exchange (784 ) 4,068 Total before tax 119 (917 ) Income tax benefit (expense) $ (665 ) $ 3,151 Net of tax

Earnings Per Share

Earnings Per Share	6 Months Ended
	Feb. 28, 2018
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 Six Months Ended 2018 2017 2018 2017 Weighted average basic common shares outstanding (1) 29,355 29,130 29,343 29,113 Dilutive effect of 2018 Convertible notes (2) 3,349 3,287 3,340 3,276 Dilutive effect of 2024 Convertible notes (3) — — — — Dilutive effect of performance based restricted stock units (4) 7 10 20 34 Weighted average diluted common shares outstanding 32,711 32,427 32,703 32,423 (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 six months ended February 28, 2018 and 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 Six Months Ended 2018 2017 2018 2017 Net earnings attributable to Greenbrier $ 61,642 $ 34,536 $ 87,895 $ 59,498 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 843 733 1,686 1,466 Earnings before interest and debt issuance costs on convertible notes $ 62,485 $ 35,269 $ 89,581 $ 60,964 Weighted average diluted common shares outstanding 32,711 32,427 32,703 32,423 Diluted earnings per share (1) $ 1.91 $ 1.09 $ 2.74 $ 1.88 (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	6 Months Ended
	Feb. 28, 2018
Stock Based Compensation	Note 10 – Stock Based Compensation The value of stock based compensation awards is amortized as compensation expense from the grant date 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 $6.6 million and $12.6 million for the three and six months ended February 28, 2018, respectively and $5.5 million and $10.9 million for the three and six months ended February 28, 2017, respectively. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Income.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Feb. 28, 2018
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 February 28, 2018 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 $205.7 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when there is a loss, or as Accounts receivable, net when there is a gain. As the contracts mature at various dates through December 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 February 28, 2018 exchange rates, approximately $0.7 million would be reclassified to revenue or cost of revenue in the next 12 months. At February 28, 2018, an interest rate swap agreement maturing in March 2020 had a notional amount of $86.9 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 February 28, 2018 interest rates, approximately $0.4 million would be reclassified to interest expense in the next 12 months. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives February 28, August 31, February 28, 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 $ 2,158 $ 2,341 Accounts payable and accrued liabilities $ 685 $ 1,761 Interest rate swap contracts Accounts receivable, net 598 — Accounts payable and accrued liabilities 1 1,125 $ 2,756 $ 2,341 $ 686 $ 2,886 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,722 $ 1,473 Accounts payable and accrued liabilities $ 30 $ — 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) 2018 2017 Foreign forward exchange contract Interest and foreign exchange $ 1,933 $ 520 Interest rate swap contracts Interest and foreign exchange (1 ) 23 $ 1,932 $ 543 Derivatives in cash flow hedging relationships Gain (loss) Location of gain (loss) Gain (loss) Location of gain (loss) on Gain (loss) recognized on 2018 2017 2018 2017 2018 2017 Foreign forward exchange contracts $ 1,222 $ (3,592 ) Revenue $ 1,430 $ (3,096 ) Revenue $ 282 $ (3,355 ) Foreign forward exchange contracts (223 ) (435 ) Cost of revenue (373 ) (346 ) Cost of revenue 196 100 Interest rate swap contracts 1,473 1,464 Interest and foreign (273 ) (626 ) Interest and foreign — — $ 2,472 $ (2,563 ) $ 784 $ (4,068 ) $ 478 $ (3,255 )

Segment Information

Segment Information	6 Months Ended
	Feb. 28, 2018
Segment Information	Note 12 – Segment Information Greenbrier operates in four reportable segments: Manufacturing; Wheels & Parts; Leasing & Services; and GBW Joint Venture. 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. Performance is evaluated based on Earnings from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to our integrated business model. The Company does not allocate Interest and foreign exchange or Income tax expense for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements. The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. The results of operations for the GBW Joint Venture are not reflected in the tables below as the investment is accounted for under the equity method of accounting. For the three months ended February 28, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 511,827 $ 13,948 $ 525,775 $ 63,185 $ 3,415 $ 66,600 Wheels & Parts 88,710 8,951 97,661 5,119 780 5,899 Leasing & Services 28,799 4,365 33,164 16,114 3,794 19,908 Eliminations — (27,264 ) (27,264 ) — (7,989 ) (7,989 ) Corporate — — — (23,548 ) — (23,548 ) $ 629,336 $ — $ 629,336 $ 60,870 $ — $ 60,870 For the six months ended February 28, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 963,312 $ 30,752 $ 994,064 $ 116,154 $ 7,601 $ 123,755 Wheels & Parts 166,721 16,683 183,404 7,537 1,528 9,065 Leasing & Services 58,838 5,970 64,808 44,304 5,166 49,470 Eliminations — (53,405 ) (53,405 ) — (14,295 ) (14,295 ) Corporate — — — (45,683 ) — (45,683 ) $ 1,188,871 $ — $ 1,188,871 $ 122,312 $ — $ 122,312 For the three months ended February 28, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 445,504 $ — $ 445,504 $ 85,369 $ — $ 85,369 Wheels & Parts 82,714 7,233 89,947 5,569 512 6,081 Leasing & Services 38,064 2,112 40,176 9,889 1,924 11,813 Eliminations — (9,345 ) (9,345 ) — (2,436 ) (2,436 ) Corporate — — — (19,307 ) — (19,307 ) $ 566,282 $ — $ 566,282 $ 81,520 $ — $ 81,520 For the six months ended February 28, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 899,537 $ — $ 899,537 $ 168,710 $ — $ 168,710 Wheels & Parts 152,349 14,434 166,783 8,463 1,124 9,587 Leasing & Services 66,710 7,446 74,156 17,279 7,174 24,453 Eliminations — (21,880 ) (21,880 ) — (8,298 ) (8,298 ) Corporate — — — (40,272 ) — (40,272 ) $ 1,118,596 $ — $ 1,118,596 $ 154,180 $ — $ 154,180 Total assets February 28, August 31, (In thousands) 2018 2017 Manufacturing $ 911,505 $ 914,450 Wheels & Parts 260,077 236,315 Leasing & Services 565,626 535,323 Unallocated 694,847 711,617 $ 2,432,055 $ 2,397,705 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Earnings from operations $ 60,870 $ 81,520 $ 122,312 $ 154,180 Interest and foreign exchange 7,029 5,673 14,049 7,397 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 53,841 $ 75,847 $ 108,263 $ 146,783 The Company has a 50% ownership interest in the GBW Joint Venture and accounts for its interest under the equity method of accounting. The Company’s 50% share of the results of operations are included in Earnings (loss) from unconsolidated affiliates in the Consolidated Statement of Income and its investment is included in Investments in unconsolidated affiliates in the Consolidated Balance Sheet. The GBW Joint Venture is Greenbrier’s fourth reportable segment. Information included in the tables below represent totals for GBW Railcar Services LLC (GBW) rather than Greenbrier’s 50% share, as this is how performance and resource allocation is evaluated. Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Revenue $ 62,685 $ 64,249 $ 120,685 $ 134,502 Loss from operations $ (5,460 ) $ (6,901 ) $ (11,204 ) $ (11,463 ) Total Assets February 28, August 31, GBW (1) $ 208,522 $ 206,009 (1) Includes goodwill and intangible assets of $77.5 million and $78.8 million as of February 28, 2018 and August 31, 2017.

Income Taxes

Income Taxes	6 Months Ended
	Feb. 28, 2018
Income Taxes	Note 13 – Income Taxes The enactment of the Tax Cuts and Jobs Act (Tax Act) on December 22, 2017 significantly changed U.S. federal income tax law. The changes with the largest effects on the Company were the reduction of the statutory federal corporate tax rate from 35% to 21% effective January 1, 2018 and the imposition of a transition tax on foreign earnings not previously subject to U.S. taxation. As a result of the Company’s fiscal year, the Company’s statutory federal corporate rate is a blended rate of 25.7% in 2018, which will be reduced to 21% in 2019 and thereafter. Deferred income taxes were remeasured as a result of the new statutory rate, resulting in a tax benefit of $34.3 million for the three and six months ended February 28, 2018. The Tax Act requires the Company to accrue a transition tax in its 2018 taxable income on foreign earnings not previously subject to U.S. taxation. The transition tax resulted in a tax expense of $11.5 million for the three and six months ended February 28, 2018. The Company intends to pay this transition tax over eight years as permitted by the Tax Act. Notwithstanding this deemed inclusion in taxable income, any actual repatriation of these foreign earnings would be accompanied by foreign withholding taxes. The Company does not intend to repatriate these foreign earnings and continues to assert that its foreign earnings are indefinitely reinvested. The Tax Act also imposed a tax on global intangible low-taxed income (GILTI tax) for taxable years beginning after December 31, 2017, which is applicable to the Company beginning in 2019. Staff Accounting Bulletin 118, issued by the SEC on the date of the Tax Act, allows registrants to record provisional amounts related to the Tax Act during a measurement period that will end at the earlier of one year from the date of the enactment of the Tax Act or whenever the registrant has obtained and analyzed the information necessary to finalize its accounting. The amounts that were recorded in the three and six months ended February 28, 2018 for the remeasurement of deferred income taxes and for the transition tax are provisional amounts. Both were recorded as discrete items of tax expense or benefit. These amounts may be revised in subsequent quarters as further information is obtained and analyzed. The table below reconciles the effects of the Tax Act discussed above on the effective tax rate for the six months ended February 28, 2018: Effective tax rate before the Tax Act 33.0 % Benefit from reduction in statutory federal corporate tax rate from 35% to 25.7% (5.6 ) Effective tax rate before discrete items 27.4 Discrete benefit from revaluation of deferred income taxes (31.7 ) Discrete expense from transition tax 10.6 Effective tax rate 6.3 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Feb. 28, 2018
Commitments and Contingencies	Note 14 – 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 RI/FS was produced by the LWG and cost over $110 million during a 17-year period. The Company bore a percentage of the total costs incurred by the LWG in connection with the investigation. The Company’s aggregate expenditure during the 17-year period was not material. Some or all of any such outlay may be recoverable from other responsible parties. The LWG requested on October 18, 2017 that the AOC be terminated since the EPA issued its Record of Decision (ROD) for the Portland Harbor Site on January 6, 2017. On October 26, 2017, the EPA project manager approved that request. 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 mediation process to try to allocate costs associated with remediation of the Portland Harbor site. Approximately 110 additional parties signed tolling agreements related to such allocations. On April 23, 2009, the Company and the other AOC signatories filed suit against 69 other parties due to a possible limitations period for some such claims; Arkema Inc. et al v. A & C Foundry Products, Inc. et al The EPA’s January 6, 2017 ROD identifies a clean-up remedy that the EPA estimates will take 13 years of active remediation, followed by 30 years of monitoring with an estimated undiscounted cost of $1.7 billion. The EPA typically expects its cost estimates to be accurate within a range of -30% to +50%, but this ROD states that changes in costs are likely to occur as a result of new data it wants to collect over a 2-year period prior to final remedy design. The ROD identifies 13 Sediment Decision Units. One of the units, RM9W, includes the nearshore area of the river sediments offshore of the Company’s Portland, Oregon manufacturing facility as well as upstream and downstream of the facility. It also includes a portion of the Company’s riverbank. The ROD does not break down total remediation costs by Sediment Decision Unit. The EPA’s ROD concluded that more data was needed to better define clean-up scope and cost. On December 8, 2017, the EPA announced that Portland Harbor is one of 21 Superfund sites targeted for greater attention. On December 19, 2017, the EPA announced that it had entered a new AOC with a group of four potentially responsible parties to conduct additional sampling during 2018 and 2019 to provide more certainty about clean-up costs and aid the mediation process to allocate those costs. The parties to the mediation, including the Company, have agreed to help fund the additional sampling. The ROD does not address responsibility for the costs of clean-up, nor does it allocate such costs among the potentially responsible parties. Responsibility for funding and implementing the EPA’s selected cleanup remedy will be determined at an unspecified later date. Based on the investigation to date, the Company believes that it did not contribute in any material way to contamination in the river sediments or the damage of natural resources in the Portland Harbor Site and that the damage in the area of the Portland Harbor Site adjacent to its property precedes its ownership of the Portland, Oregon manufacturing facility. Because these environmental investigations are still underway, including the collection of new pre-remedial design sampling data by EPA, sufficient information is currently not available to determine the Company’s liability, if any, for the cost of any required remediation or restoration of the Portland Harbor Site or to estimate a range of potential loss. Based on the results of the pending investigations and future assessments of natural resource damages, the Company may be required to incur costs associated with additional phases of investigation or remedial action, and may be liable for damages to natural resources. In addition, the Company may be required to perform periodic maintenance dredging in order to continue to launch vessels from its launch ways in Portland, Oregon, on the Willamette River, and the river’s classification as a Superfund site could result in some limitations on future dredging and launch activities. Any of these matters could adversely affect the Company’s business and Consolidated Financial Statements, or the value of its Portland property. 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., 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. 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 settled the litigation for less than the judgment and expects final dismissal of the case in the ordinary course. 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. 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 February 28, 2018, the Company had outstanding letters of credit aggregating $75.0 million associated with performance guarantees, facility leases and workers compensation insurance. As of February 28, 2018, the Company had a $42.5 million note receivable balance from GBW which is included on the Consolidated Balance Sheet in Accounts receivable, net. The Company may make additional capital contributions or loans to GBW, an unconsolidated 50/50 joint venture, in the future. As of February 28, 2018, the Company had a $10.0 million note receivable from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $9.1 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	6 Months Ended
	Feb. 28, 2018
Fair Value Measures	Note 15 – 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 February 28, 2018 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 4,478 $ — $ 4,478 $ — Nonqualified savings plan investments 24,710 24,710 — — Cash equivalents 105,791 105,791 — — $ 134,979 $ 130,501 $ 4,478 $ — Liabilities: Derivative financial instruments $ 716 $ — $ 716 $ — (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	6 Months Ended
	Feb. 28, 2018
Related Party Transactions	Note 16 – Related Party Transactions In June 2017, the Company purchased a 40% interest in the common equity 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 February 28, 2018, the carrying amount of the investment was $5.3 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 six months ended February 28, 2018, the Company recognized $16 million in revenue associated with railcars sold into the leasing warehouse and an additional $41 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 six months ended February 28, 2018.

Subsequent Event

Subsequent Event	6 Months Ended
	Feb. 28, 2018
Subsequent Event	Note 17 – Subsequent Event The Company’s 3.5% convertible senior notes due 2018 had a balance of $119.1 million at February 28, 2018. These notes matured on March 30, 2018 with a conversion price of $35.47. The conversion of these notes resulted in the issuance of an additional 3.4 million shares of the Company’s common stock. These additional shares have historically been included in the calculation of diluted earnings per share.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Feb. 28, 2018
Purchase Price of Net Assets Acquired	The purchase price of the net assets acquired from Astra is allocated as follows: (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 25,746 Total assets acquired 166,342 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 $ 115,825

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Feb. 28, 2018
Components of Inventories	The following table summarizes the Company’s inventory balance: (In thousands) February 28, August 31, Manufacturing supplies and raw materials $ 250,495 $ 222,080 Work-in-process 86,442 86,794 Finished goods 76,581 95,389 Excess and obsolete adjustment (5,099 ) (4,136 ) $ 408,419 $ 400,127

Intangibles and Other Assets,28

Intangibles and Other Assets, net (Tables)	6 Months Ended
	Feb. 28, 2018
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) February 28, August 31, Intangible assets subject to amortization: Customer relationships $ 64,521 $ 64,521 Accumulated amortization (41,847 ) (40,153 ) Other intangibles 17,155 20,207 Accumulated amortization (6,020 ) (4,866 ) 33,809 39,709 Intangible assets not subject to amortization 4,254 912 Prepaid and other assets 14,676 16,914 Nonqualified savings plan investments 24,710 20,974 Revolving notes issuance costs, net 2,209 2,623 Assets held for sale 3,650 4,045 Total Intangible and other assets, net $ 83,308 $ 85,177

Accounts Payable and Accrued 29

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Feb. 28, 2018
Accounts Payable and Accrued Liabilities	(In thousands) February 28, August 31, Trade payables $ 215,491 $ 180,592 Other accrued liabilities 114,655 111,316 Accrued payroll and related liabilities 85,481 84,749 Accrued warranty 26,977 20,737 Accrued maintenance 18,484 17,667 $ 461,088 $ 415,061

Warranty Accruals (Tables)

Warranty Accruals (Tables)	6 Months Ended
	Feb. 28, 2018
Warranty Accrual Activity	Warranty accrual activity: (In thousands) Three Months Ended Six Months Ended 2018 2017 2018 2017 Balance at beginning of period $ 21,952 $ 11,737 $ 20,737 $ 12,159 Charged to cost of revenue, net 5,646 3,288 7,599 3,645 Payments (1,089 ) (495 ) (1,840 ) (1,132 ) Currency translation effect 468 52 481 (90 ) Balance at end of period $ 26,977 $ 14,582 $ 26,977 $ 14,582

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Feb. 28, 2018
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 1,829 969 25 2,823 Amounts reclassified from Accumulated other comprehensive loss (665 ) — — (665 ) Balance, February 28, 2018 $ 1,345 $ (4,397 ) $ (1,069 ) $ (4,121 )
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: (In thousands) Three Months Ended Financial Statement 2018 2017 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (546 ) $ 3,299 Revenue and cost of revenue Interest rate swap contracts 106 288 Interest and foreign exchange (440 ) 3,587 Total before tax 103 (759 ) Income tax benefit (expense) $ (337 ) $ 2,828 Net of tax (In thousands) Six Months Ended Financial Statement Location 2018 2017 (Gain) loss on derivative financial instruments: Foreign exchange contracts $ (1,057 ) $ 3,442 Revenue and cost of revenue Interest rate swap contracts 273 626 Interest and foreign exchange (784 ) 4,068 Total before tax 119 (917 ) Income tax benefit (expense) $ (665 ) $ 3,151 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Feb. 28, 2018
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 Six Months Ended 2018 2017 2018 2017 Weighted average basic common shares outstanding (1) 29,355 29,130 29,343 29,113 Dilutive effect of 2018 Convertible notes (2) 3,349 3,287 3,340 3,276 Dilutive effect of 2024 Convertible notes (3) — — — — Dilutive effect of performance based restricted stock units (4) 7 10 20 34 Weighted average diluted common shares outstanding 32,711 32,427 32,703 32,423 (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 six months ended February 28, 2018 and 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 Six Months Ended 2018 2017 2018 2017 Net earnings attributable to Greenbrier $ 61,642 $ 34,536 $ 87,895 $ 59,498 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax 843 733 1,686 1,466 Earnings before interest and debt issuance costs on convertible notes $ 62,485 $ 35,269 $ 89,581 $ 60,964 Weighted average diluted common shares outstanding 32,711 32,427 32,703 32,423 Diluted earnings per share (1) $ 1.91 $ 1.09 $ 2.74 $ 1.88 (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)	6 Months Ended
	Feb. 28, 2018
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives February 28, August 31, February 28, 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 $ 2,158 $ 2,341 Accounts payable and accrued liabilities $ 685 $ 1,761 Interest rate swap contracts Accounts receivable, net 598 — Accounts payable and accrued liabilities 1 1,125 $ 2,756 $ 2,341 $ 686 $ 2,886 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,722 $ 1,473 Accounts payable and accrued liabilities $ 30 $ —
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) 2018 2017 Foreign forward exchange contract Interest and foreign exchange $ 1,933 $ 520 Interest rate swap contracts Interest and foreign exchange (1 ) 23 $ 1,932 $ 543 Derivatives in cash flow hedging relationships Gain (loss) Location of gain (loss) Gain (loss) Location of gain (loss) on Gain (loss) recognized on 2018 2017 2018 2017 2018 2017 Foreign forward exchange contracts $ 1,222 $ (3,592 ) Revenue $ 1,430 $ (3,096 ) Revenue $ 282 $ (3,355 ) Foreign forward exchange contracts (223 ) (435 ) Cost of revenue (373 ) (346 ) Cost of revenue 196 100 Interest rate swap contracts 1,473 1,464 Interest and foreign (273 ) (626 ) Interest and foreign — — $ 2,472 $ (2,563 ) $ 784 $ (4,068 ) $ 478 $ (3,255 )

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Feb. 28, 2018
Results of Operations for GBW Joint Venture	For the three months ended February 28, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 511,827 $ 13,948 $ 525,775 $ 63,185 $ 3,415 $ 66,600 Wheels & Parts 88,710 8,951 97,661 5,119 780 5,899 Leasing & Services 28,799 4,365 33,164 16,114 3,794 19,908 Eliminations — (27,264 ) (27,264 ) — (7,989 ) (7,989 ) Corporate — — — (23,548 ) — (23,548 ) $ 629,336 $ — $ 629,336 $ 60,870 $ — $ 60,870 For the six months ended February 28, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 963,312 $ 30,752 $ 994,064 $ 116,154 $ 7,601 $ 123,755 Wheels & Parts 166,721 16,683 183,404 7,537 1,528 9,065 Leasing & Services 58,838 5,970 64,808 44,304 5,166 49,470 Eliminations — (53,405 ) (53,405 ) — (14,295 ) (14,295 ) Corporate — — — (45,683 ) — (45,683 ) $ 1,188,871 $ — $ 1,188,871 $ 122,312 $ — $ 122,312 For the three months ended February 28, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 445,504 $ — $ 445,504 $ 85,369 $ — $ 85,369 Wheels & Parts 82,714 7,233 89,947 5,569 512 6,081 Leasing & Services 38,064 2,112 40,176 9,889 1,924 11,813 Eliminations — (9,345 ) (9,345 ) — (2,436 ) (2,436 ) Corporate — — — (19,307 ) — (19,307 ) $ 566,282 $ — $ 566,282 $ 81,520 $ — $ 81,520 For the six months ended February 28, 2017: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 899,537 $ — $ 899,537 $ 168,710 $ — $ 168,710 Wheels & Parts 152,349 14,434 166,783 8,463 1,124 9,587 Leasing & Services 66,710 7,446 74,156 17,279 7,174 24,453 Eliminations — (21,880 ) (21,880 ) — (8,298 ) (8,298 ) Corporate — — — (40,272 ) — (40,272 ) $ 1,118,596 $ — $ 1,118,596 $ 154,180 $ — $ 154,180 Total assets February 28, August 31, (In thousands) 2018 2017 Manufacturing $ 911,505 $ 914,450 Wheels & Parts 260,077 236,315 Leasing & Services 565,626 535,323 Unallocated 694,847 711,617 $ 2,432,055 $ 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 Six Months Ended (In thousands) 2018 2017 2018 2017 Earnings from operations $ 60,870 $ 81,520 $ 122,312 $ 154,180 Interest and foreign exchange 7,029 5,673 14,049 7,397 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 53,841 $ 75,847 $ 108,263 $ 146,783
GBW Railcar Services LLC
Results of Operations for GBW Joint Venture	The Company has a 50% ownership interest in the GBW Joint Venture and accounts for its interest under the equity method of accounting. The Company’s 50% share of the results of operations are included in Earnings (loss) from unconsolidated affiliates in the Consolidated Statement of Income and its investment is included in Investments in unconsolidated affiliates in the Consolidated Balance Sheet. The GBW Joint Venture is Greenbrier’s fourth reportable segment. Information included in the tables below represent totals for GBW Railcar Services LLC (GBW) rather than Greenbrier’s 50% share, as this is how performance and resource allocation is evaluated. Three Months Ended Six Months Ended (In thousands) 2018 2017 2018 2017 Revenue $ 62,685 $ 64,249 $ 120,685 $ 134,502 Loss from operations $ (5,460 ) $ (6,901 ) $ (11,204 ) $ (11,463 ) Total Assets February 28, August 31, GBW (1) $ 208,522 $ 206,009 (1) Includes goodwill and intangible assets of $77.5 million and $78.8 million as of February 28, 2018 and August 31, 2017.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Feb. 28, 2018
Reconciliation of Effects of Tax Act on Effective Tax Rate	The table below reconciles the effects of the Tax Act discussed above on the effective tax rate for the six months ended February 28, 2018: Effective tax rate before the Tax Act 33.0 % Benefit from reduction in statutory federal corporate tax rate from 35% to 25.7% (5.6 ) Effective tax rate before discrete items 27.4 Discrete benefit from revaluation of deferred income taxes (31.7 ) Discrete expense from transition tax 10.6 Effective tax rate 6.3 %

Fair Value Measures (Tables)

Fair Value Measures (Tables)	6 Months Ended
	Feb. 28, 2018
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of February 28, 2018 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 4,478 $ — $ 4,478 $ — Nonqualified savings plan investments 24,710 24,710 — — Cash equivalents 105,791 105,791 — — $ 134,979 $ 130,501 $ 4,478 $ — Liabilities: Derivative financial instruments $ 716 $ — $ 716 $ — (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	6 Months Ended
	Feb. 28, 2018USD ($)shares	Feb. 28, 2018USD ($)shares
Share Repurchase Program - 2014
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period, shares | shares	0	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	$ 88,000,000
Maximum | Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Amount authorized for repurchase	$ 225,000,000	$ 225,000,000

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) € in Millions	Jun. 01, 2017EUR (€)	Feb. 28, 2018USD ($)	Feb. 28, 2017USD ($)	Feb. 28, 2018USD ($)	Feb. 28, 2017USD ($)	Jun. 01, 2017USD ($)
Business Acquisition [Line Items]
Revenue		$ 629,336,000	$ 566,282,000	$ 1,188,871,000	$ 1,118,596,000
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						$ 115,825,000
Noncontrolling interest, fair value of acquisition						$ 38,300,000
Adjustments to reconcile carrying value of redemption amount to recorded retained earnings				0
Revenue				$ 76,900,000

Acquisitions - Purchase Price o

Acquisitions - Purchase Price of Net Assets Acquired (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017	Jun. 01, 2017
Business Acquisition [Line Items]
Goodwill	$ 69,011	$ 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			25,746
Total assets acquired			166,342
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			$ 115,825

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 250,495	$ 222,080
Work-in-process	86,442	86,794
Finished goods	76,581	95,389
Excess and obsolete adjustment	(5,099)	(4,136)
Inventories	$ 408,419	$ 400,127

Intangibles and Other Assets,41

Intangibles and Other Assets, Net - Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total		$ 33,809	$ 39,709
Intangible assets not subject to amortization		4,254	912
Prepaid and other assets		14,676	16,914
Nonqualified savings plan investments		24,710	20,974
Revolving notes issuance costs, net		2,209	2,623
Assets held for sale		3,650	4,045
Total Intangible and other assets, net	$ 83,308	83,308	85,177
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross		64,521	64,521
Accumulated amortization		(41,847)	(40,153)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross		17,155	20,207
Accumulated amortization		$ (6,020)	$ (4,866)

Intangibles and Other Assets,42

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.4	$ 0.9	$ 2.7	$ 2.6
Future amortization expense, 2018	5.8		5.8
Future amortization expense, 2019	5.4		5.4
Future amortization expense, 2020	5.7		5.7
Future amortization expense, 2021	5.4		5.4
Future amortization expense, 2022	$ 4		$ 4

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	6 Months Ended
	Feb. 28, 2018USD ($)CreditFacilityFacility	Aug. 31, 2017USD ($)
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	$ 634,100,000
Letter of credit facility outstanding amount	75,000,000	$ 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	$ 34,100,000
Letter of credit facility outstanding amount	$ 8,000,000	$ 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	2018-12
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	1.10%
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 44

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 215,491		$ 180,592
Other accrued liabilities	114,655		111,316
Accrued payroll and related liabilities	85,481		84,749
Accrued warranty	26,977	$ 21,952	20,737	$ 14,582	$ 11,737	$ 12,159
Accrued maintenance	18,484		17,667
Accounts payable and accrued liabilities	$ 461,088		$ 415,061

Warranty Accruals - Warranty Ac

Warranty Accruals - Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 21,952	$ 11,737	$ 20,737	$ 12,159
Charged to cost of revenue, net	5,646	3,288	7,599	3,645
Payments	(1,089)	(495)	(1,840)	(1,132)
Currency translation effect	468	52	481	(90)
Balance at end of period	$ 26,977	$ 14,582	$ 26,977	$ 14,582

Accumulated Other Comprehensi46

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	6 Months Ended
	Feb. 28, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,018,130
Other comprehensive loss before reclassifications	2,823
Amounts reclassified from Accumulated other comprehensive loss	(665)
Ending balance	1,095,447
Unrealized (Gain) Loss on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	181
Other comprehensive loss before reclassifications	1,829
Amounts reclassified from Accumulated other comprehensive loss	(665)
Ending balance	1,345
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(5,366)
Other comprehensive loss before reclassifications	969
Ending balance	(4,397)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,094)
Other comprehensive loss before reclassifications	25
Ending balance	(1,069)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(6,279)
Ending balance	$ (4,121)

Accumulated Other Comprehensi47

Accumulated Other Comprehensive Loss - Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 7,029	$ 5,673	$ 14,049	$ 7,397
Total before tax	(53,841)	(75,847)	(108,263)	(146,783)
Income tax benefit (expense)	11,301	(24,858)	(6,834)	(45,244)
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	(440)	3,587	(784)	4,068
Income tax benefit (expense)	103	(759)	119	(917)
Net of tax	(337)	2,828	(665)	3,151
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	(546)	3,299	(1,057)	3,442
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	$ 106	$ 288	$ 273	$ 626

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	29,355	29,130	29,343	29,113
Dilutive effect of performance based restricted stock units	[2]	7	10	20	34
Weighted average diluted common shares outstanding		32,711	32,427	32,703	32,423
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	3,349	3,287	3,340	3,276
[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.

Earnings Per Share - Approach t

Earnings Per Share - Approach to Calculate Diluted Earning Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier		$ 61,642	$ 34,536	$ 87,895	$ 59,498
Earnings before interest and debt issuance costs on convertible notes		$ 62,485	$ 35,269	$ 89,581	$ 60,964
Weighted average diluted common shares outstanding		32,711	32,427	32,703	32,423
Diluted earnings per share	[1]	$ 1.91	$ 1.09	$ 2.74	$ 1.88
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		$ 843	$ 733	$ 1,686	$ 1,466
[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		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 6,600	$ 5,500	$ 12,574	$ 10,854

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	6 Months Ended
	Feb. 28, 2018USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 205,700,000
Amount reclassified to revenue or cost of revenue in the next 12 months	700,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 86,900,000
Maturity date	2020-03
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next 12 months	$ 400,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017
Designated as Hedging Instrument | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 2,756	$ 2,341
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	686	2,886
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	2,158	2,341
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	685	1,761
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	598
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	1	1,125
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,722	$ 1,473
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 30

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	$ 1,932	$ 543
Gain (loss) recognized in OCI on derivatives (effective portion)	2,472	(2,563)
Gain (loss) reclassified from accumulated OCI into income (effective portion)	784	(4,068)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	478	(3,255)
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,222	(3,592)
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	1,933	520
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) reclassified from accumulated OCI into income (effective portion)	1,430	(3,096)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	282	(3,355)
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	(223)	(435)
Gain (loss) reclassified from accumulated OCI into income (effective portion)	(373)	(346)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	196	100
Interest rate swap contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	1,473	1,464
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in income on derivatives	(1)	23
Gain (loss) reclassified from accumulated OCI into income (effective portion)	$ (273)	$ (626)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Feb. 28, 2018Segment
Segment Reporting Information [Line Items]
Number of reportable segments	4
Equity method investment, percentage of ownership interest	50.00%
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Equity method investment, percentage of ownership interest	50.00%

Segment Information - Segments

Segment Information - Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 629,336	$ 566,282	$ 1,188,871	$ 1,118,596
Earnings (loss) from operations	60,870	81,520	122,312	154,180
Assets	2,432,055		2,432,055		$ 2,397,705
Manufacturing
Segment Reporting Information [Line Items]
Revenues	511,827	445,504	963,312	899,537
Earnings (loss) from operations	63,185	85,369	116,154	168,710
Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	88,710	82,714	166,721	152,349
Earnings (loss) from operations	5,119	5,569	7,537	8,463
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	28,799	38,064	58,838	66,710
Earnings (loss) from operations	16,114	9,889	44,304	17,279
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	525,775	445,504	994,064	899,537
Earnings (loss) from operations	66,600	85,369	123,755	168,710
Assets	911,505		911,505		914,450
Operating Segments | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	97,661	89,947	183,404	166,783
Earnings (loss) from operations	5,899	6,081	9,065	9,587
Assets	260,077		260,077		236,315
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	33,164	40,176	64,808	74,156
Earnings (loss) from operations	19,908	11,813	49,470	24,453
Assets	565,626		565,626		535,323
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	694,847		694,847		$ 711,617
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(23,548)	(19,307)	(45,683)	(40,272)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(27,264)	(9,345)	(53,405)	(21,880)
Earnings (loss) from operations	(7,989)	(2,436)	(14,295)	(8,298)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues	(13,948)		(30,752)
Earnings (loss) from operations	(3,415)		(7,601)
Intersegment Eliminations | Wheels & Parts
Segment Reporting Information [Line Items]
Revenues	(8,951)	(7,233)	(16,683)	(14,434)
Earnings (loss) from operations	(780)	(512)	(1,528)	(1,124)
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	(4,365)	(2,112)	(5,970)	(7,446)
Earnings (loss) from operations	$ (3,794)	$ (1,924)	$ (5,166)	$ (7,174)

Segment Information - Reconcili

Segment Information - Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 60,870	$ 81,520	$ 122,312	$ 154,180
Interest and foreign exchange	7,029	5,673	14,049	7,397
Earnings before income tax and earnings (loss) from unconsolidated affiliates	$ 53,841	$ 75,847	$ 108,263	$ 146,783

Segment Information - Results o

Segment Information - Results of Operations for GBW Joint Venture (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017
Segment Reporting Information [Line Items]
Revenue		$ 629,336	$ 566,282	$ 1,188,871	$ 1,118,596
Loss from operations		60,870	81,520	122,312	154,180
Assets		2,432,055		2,432,055		$ 2,397,705
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Revenue		62,685	64,249	120,685	134,502
Loss from operations		(5,460)	$ (6,901)	(11,204)	$ (11,463)
Assets	[1]	$ 208,522		$ 208,522		$ 206,009
[1]	Includes goodwill and intangible assets of $77.5 million and $78.8 million as of February 28, 2018 and August 31, 2017.

Segment Information - Results58

Segment Information - Results of Operations for GBW Joint Venture (Parenthetical) (Detail) - USD ($) $ in Millions	Feb. 28, 2018	Aug. 31, 2017
GBW Railcar Services LLC
Segment Reporting Information [Line Items]
Goodwill and intangible assets	$ 77.5	$ 78.8

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2018	Feb. 28, 2018	Dec. 31, 2017	Feb. 28, 2018	Aug. 31, 2019	Aug. 31, 2018
Operating Loss Carryforwards [Line Items]
Statutory federal corporate tax rate	21.00%		35.00%
Tax benefit due to remeasurement of deferred tax assets and liabilities		$ 34.3		$ 34.3
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense				$ 11.5
Scenario, Forecast
Operating Loss Carryforwards [Line Items]
Statutory federal corporate tax rate					21.00%	25.70%
Maximum
Operating Loss Carryforwards [Line Items]
Statutory federal corporate tax rate	25.70%
Transition tax payable period				8 years

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Effects of Tax Act on Effective Tax Rate (Detail)	6 Months Ended
	Feb. 28, 2018
Income Taxes [Line Items]
Effective tax rate before the Tax Act	33.00%
Benefit from reduction in statutory federal corporate tax rate from 35% to 25.7%	(5.60%)
Effective tax rate before discrete items	27.40%
Discrete benefit from revaluation of deferred income taxes	(31.70%)
Discrete expense from transition tax	10.60%
Effective tax rate	6.30%

Income Taxes - Reconciliation61

Income Taxes - Reconciliation of Effects of Tax Act on Effective Tax Rate (Parenthetical) (Detail)	2 Months Ended	4 Months Ended
	Feb. 28, 2018	Dec. 31, 2017
Income Taxes [Line Items]
Statutory federal corporate tax rate	21.00%	35.00%
Maximum
Income Taxes [Line Items]
Statutory federal corporate tax rate	25.70%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jun. 30, 2017USD ($)	Jan. 06, 2017USD ($)Segment	Dec. 31, 2016USD ($)	Feb. 28, 2018USD ($)	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				$ 42,500,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount				$ 75,000,000
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				$ 9,100,000
Pending Litigation | Commercial Litigation in a Foreign Jurisdictions
Commitments and Contingencies Disclosure [Line Items]
Adverse judgment					$ 15,000,000
Adverse judgment	$ 10,000,000

Fair Value Measures - Assets an

Fair Value Measures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Feb. 28, 2018		Nov. 30, 2017	Aug. 31, 2017
Assets:
Nonqualified savings plan investments			$ 24,710	$ 20,974
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	$ 4,478			3,814
Nonqualified savings plan investments	24,710			20,974
Cash equivalents	105,791			105,337
Assets, Fair Value Disclosure, Total	134,979			130,125
Liabilities:
Derivative financial instruments	716			2,886
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	24,710			20,974
Cash equivalents	105,791			105,337
Assets, Fair Value Disclosure, Total	130,501			126,311
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	4,478	[1]		3,814
Assets, Fair Value Disclosure, Total	4,478	[1]		3,814
Liabilities:
Derivative financial instruments	$ 716	[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	6 Months Ended
	Feb. 28, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Equity method investment, percentage of ownership interest	50.00%
Carrying amount of investment in unconsolidated affiliates	$ 5.3
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	$ 41
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%

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - 2018 Senior Notes - USD ($) $ / shares in Units, $ in Millions	Mar. 30, 2018	Feb. 28, 2018
Subsequent Event [Line Items]
Debt instrument, interest rate		3.50%
Convertible senior notes		$ 119.1
Debt instrument, maturity date		Mar. 30, 2018
Subsequent Event
Subsequent Event [Line Items]
Convertible notes conversion rate, per share	$ 35.47
Original debt Conversion, Amount	$ 3.4