The Greenbrier Companies, Inc. (GBX) 10-Q 2 Jul 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2019	Jun. 26, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	GREENBRIER COMPANIES INC
Trading Symbol	GBX
Security Exchange Name	NYSE
Entity Central Index Key	0000923120
Current Fiscal Year End Date	--08-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Entity Common Stock, Shares Outstanding		32,483,540

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2019	Aug. 31, 2018
Assets
Cash and cash equivalents	$ 359,625	$ 530,655
Restricted cash	21,471	8,819
Accounts receivable, net	330,385	348,406
Inventories	592,099	432,314
Leased railcars for syndication	130,489	130,926
Equipment on operating leases, net	376,241	322,855
Property, plant and equipment, net	478,502	457,196
Investment in unconsolidated affiliates	53,036	61,414
Intangibles and other assets, net	97,022	94,668
Goodwill	74,318	78,211
Total assets	2,513,188	2,465,464
Liabilities and Equity
Revolving notes	25,952	27,725
Accounts payable and accrued liabilities	473,106	449,857
Deferred income taxes	12,089	31,740
Deferred revenue	76,170	105,954
Notes payable, net	483,918	436,205
Commitments and contingencies (Note 17)
Contingently redeemable noncontrolling interest	24,722	29,768
Greenbrier
Preferred stock—without par value; 25,000 shares authorized; none outstanding
Common stock—without par value; 50,000 shares authorized; 32,484 and 32,191 shares outstanding at May 31, 2019 and August 31, 2018
Additional paid-in capital	449,002	442,569
Retained earnings	847,433	830,898
Accumulated other comprehensive loss	(34,120)	(23,366)
Total equity – Greenbrier	1,262,315	1,250,101
Noncontrolling interest	154,916	134,114
Total equity	1,417,231	1,384,215
Liabilities and Equity	$ 2,513,188	$ 2,465,464

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	May 31, 2019	Aug. 31, 2018
Preferred stock, without par value
Preferred stock, shares authorized	25,000	25,000
Preferred stock, outstanding
Common stock, without par value
Common stock, shares authorized	50,000	50,000
Common stock, shares outstanding	32,484	32,191

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended			9 Months Ended
		May 31, 2019		May 31, 2018	May 31, 2019		May 31, 2018
Revenue
Revenue		$ 856,152		$ 641,387	$ 2,119,346		$ 1,830,258
Cost of revenue
Cost of revenue		749,580		532,880	1,886,397		1,527,090
Margin		106,572		108,507	232,949		303,168
Selling and administrative expense		54,377		51,793	152,701		149,130
Net gain on disposition of equipment		(11,019)		(14,825)	(37,474)		(39,813)
Goodwill impairment		10,025		0	10,025		0
Earnings from operations		53,189		71,539	107,697		193,851
Other costs
Interest and foreign exchange		9,770		6,533	23,411		20,582
Earnings before income taxes and loss from unconsolidated affiliates		43,419		65,006	84,286		173,269
Income tax expense		(13,008)		(15,944)	(24,391)		(22,778)
Earnings before loss from unconsolidated affiliates		30,411		49,062	59,895		150,491
Loss from unconsolidated affiliates		(4,564)		(12,823)	(4,883)		(15,586)
Net earnings		25,847		36,239	55,012		134,905
Net earnings attributable to noncontrolling interest		(10,599)		(3,288)	(19,043)		(14,059)
Net earnings attributable to Greenbrier		$ 15,248		$ 32,951	$ 35,969		$ 120,846
Basic earnings per common share		$ 0.47		$ 1.03	$ 1.10		$ 3.99
Diluted earnings per common share		$ 0.46		$ 1.01	$ 1.08		$ 3.75
Weighted average common shares:
Basic	[1]	32,603		32,034	32,623		30,250
Diluted		33,183		32,914	33,161		32,774
Dividends declared per common share		$ 0.25		$ 0.25	$ 0.75		$ 0.71
Manufacturing
Revenue
Revenue		$ 681,588		$ 510,099	$ 1,629,396		$ 1,473,411
Cost of revenue
Cost of revenue		590,788		427,875	1,451,589		1,237,890
Earnings from operations		72,110		62,435	122,955		178,589
Wheels, Repair & Parts
Revenue
Revenue		124,980	[2]	94,515	358,801	[3]	261,236
Cost of revenue
Cost of revenue		119,821		85,850	339,254		239,064
Earnings from operations		(8,820)	[2]	5,546	(2,750)	[3]	13,083
Leasing & Services
Revenue
Revenue		49,584		36,773	131,149		95,611
Cost of revenue
Cost of revenue		38,971		19,155	95,554		50,136
Earnings from operations		$ 15,337		$ 26,704	$ 53,880		$ 71,008
[1]	Restricted stock grants and restricted stock units that are considered participating securities, 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]	A non-cash impairment charge of $10.0 million was recorded during the three months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.
[3]	A non-cash impairment charge of $10.0 million was recorded during the nine months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net earnings		$ 25,847	$ 36,239	$ 55,012	$ 134,905
Other comprehensive income
Translation adjustment		(5,083)	(15,136)	(7,269)	(14,163)
Reclassification of derivative financial instruments recognized in net earnings	[1]	306	59	1,476	(606)
Unrealized loss on derivative financial instruments	[2]	(1,729)	(2,103)	(5,066)	(274)
Other (net of tax effect)		(1)	29	75	54
Other comprehensive income		(6,507)	(17,151)	(10,784)	(14,989)
Comprehensive income		19,340	19,088	44,228	119,916
Comprehensive income attributable to noncontrolling interest		(10,590)	(3,266)	(19,013)	(14,041)
Comprehensive income attributable to Greenbrier		$ 8,750	$ 15,822	$ 25,215	$ 105,875
[1]	Net of tax effect of $0.1 million and $0.01 million for the three months ended May 31, 2019 and 2018 and $0.5 million and $0.1 million for the nine months ended May 31, 2019 and 2018.
[2]	Net of tax effect of $0.5 million and $0.6 million for the three months ended May 31, 2019 and 2018 and $1.6 million and $0.1 million for the nine months ended May 31, 2019 and 2018.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 100	$ 10	$ 500	$ 100
Unrealized loss on derivative financial instruments, tax	$ 500	$ 600	$ 1,600	$ 100

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total Equity - Greenbrier	Noncontrolling Interest	Equity Excluding Contingently Redeemable Noncontrolling Interest	Contingently Redeemable Noncontrolling Interest
Beginning balance at Aug. 31, 2017									$ 36,148
Net earnings									(5,013)
Ending Balance at May. 31, 2018									31,135
Beginning balance (in shares) at Aug. 31, 2017		28,503
Beginning balance at Aug. 31, 2017			$ 315,306	$ 709,103	$ (6,279)	$ 1,018,130	$ 160,763	$ 1,178,893
Net earnings	$ 134,905			120,846		120,846	19,072	139,918
Other comprehensive income (loss), net	(14,989)				(14,971)	(14,971)	(18)	(14,989)
Noncontrolling interest adjustments							1,067	1,067
Joint venture partner distribution declared							(59,014)	(59,014)
Noncontrolling interest acquired							(7)	(7)
Investment by joint venture partner							6,500	6,500
Restricted stock awards (net of cancellations) (in shares)		336
Restricted stock awards (net of cancellations)			7,335			7,335		7,335
Unamortized restricted stock			(15,052)			(15,052)		(15,052)
Restricted stock amortization			12,084			12,084		12,084
Cash dividends				(21,747)		(21,747)		(21,747)
Conversion of 2018 Convertible Senior Notes (in shares)		3,352
Conversion of 2018 Convertible Senior Notes			118,887			118,887		118,887
Ending Balance (in shares) at May. 31, 2018		32,191
Ending Balance at May. 31, 2018			438,560	808,202	(21,250)	1,225,512	128,363	1,353,875
Beginning balance at Feb. 28, 2018									33,046
Net earnings									(1,911)
Ending Balance at May. 31, 2018									31,135
Beginning balance (in shares) at Feb. 28, 2018		28,732
Beginning balance at Feb. 28, 2018			316,073	783,495	(4,121)	1,095,447	147,586	1,243,033
Net earnings	36,239			32,951		32,951	5,199	38,150
Other comprehensive income (loss), net	$ (17,151)				(17,129)	(17,129)	(22)	(17,151)
Noncontrolling interest adjustments							3,628	3,628
Joint venture partner distribution declared							(28,021)	(28,021)
Noncontrolling interest acquired							(7)	(7)
Restricted stock awards (net of cancellations) (in shares)		107
Restricted stock awards (net of cancellations)			11,585			11,585		11,585
Unamortized restricted stock			(14,102)			(14,102)		(14,102)
Restricted stock amortization			6,117			6,117		6,117
Cash dividends				(8,244)		(8,244)		(8,244)
Conversion of 2018 Convertible Senior Notes (in shares)		3,352
Conversion of 2018 Convertible Senior Notes			118,887			118,887		118,887
Ending Balance (in shares) at May. 31, 2018		32,191
Ending Balance at May. 31, 2018			438,560	808,202	(21,250)	1,225,512	128,363	1,353,875
Beginning balance at Aug. 31, 2018									29,768
Net earnings									(5,046)
Ending Balance at May. 31, 2019									24,722
Beginning balance (in shares) at Aug. 31, 2018	32,191	32,191
Beginning balance at Aug. 31, 2018	$ 1,384,215		442,569	830,898	(23,366)	1,250,101	134,114	1,384,215
Net earnings	55,012			35,969		35,969	24,089	60,058
Other comprehensive income (loss), net	$ (10,784)				(10,754)	(10,754)	(30)	(10,784)
Noncontrolling interest adjustments							7,322	7,322
Joint venture partner distribution declared							(12,494)	(12,494)
Noncontrolling interest acquired							1,915	1,915
Cumulative effect adjustment due to adoption of ASU 2014-09 (See Note 1) at Aug. 31, 2018				5,461		5,461		5,461
Restricted stock awards (net of cancellations) (in shares)		293
Restricted stock awards (net of cancellations)			12,721			12,721		12,721
Unamortized restricted stock			(17,445)			(17,445)		(17,445)
Restricted stock amortization			11,157			11,157		11,157
Cash dividends				(24,895)		(24,895)		(24,895)
Ending Balance (in shares) at May. 31, 2019	32,484	32,484
Ending Balance at May. 31, 2019	$ 1,417,231		449,002	847,433	(34,120)	1,262,315	154,916	1,417,231
Beginning balance at Feb. 28, 2019									25,637
Net earnings									(915)
Ending Balance at May. 31, 2019									$ 24,722
Beginning balance (in shares) at Feb. 28, 2019		32,379
Beginning balance at Feb. 28, 2019			444,962	840,478	(27,622)	1,257,818	145,459	1,403,277
Net earnings	25,847			15,248		15,248	11,514	26,762
Other comprehensive income (loss), net	$ (6,507)				(6,498)	(6,498)	(9)	(6,507)
Noncontrolling interest adjustments							2,016	2,016
Joint venture partner distribution declared							(4,064)	(4,064)
Restricted stock awards (net of cancellations) (in shares)		105
Restricted stock awards (net of cancellations)			38			38		38
Unamortized restricted stock			0			0		0
Restricted stock amortization			4,002			4,002		4,002
Cash dividends				(8,293)		(8,293)		(8,293)
Ending Balance (in shares) at May. 31, 2019	32,484	32,484
Ending Balance at May. 31, 2019	$ 1,417,231		$ 449,002	$ 847,433	$ (34,120)	$ 1,262,315	$ 154,916	$ 1,417,231

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Cash dividend per share	$ 0.25	$ 0.25	$ 0.75	$ 0.71
Equity Excluding Contingently Redeemable Noncontrolling Interest [Member]
Cash dividend per share	$ 0.25	$ 0.25	$ 0.75	$ 0.71

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2019	May 31, 2018
Cash flows from operating activities
Net earnings	$ 55,012	$ 134,905
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	(20,478)	(38,825)
Depreciation and amortization	60,833	55,161
Net gain on disposition of equipment	(37,474)	(39,813)
Accretion of debt discount	3,268	3,109
Stock based compensation expense	10,792	20,311
Goodwill impairment	10,025	0
Noncontrolling interest adjustments	7,322	1,067
Other	1,916	1,345
Decrease (increase) in assets:
Accounts receivable, net	27,926	(24,980)
Inventories	(169,813)	(4,270)
Leased railcars for syndication	(43,796)	(69,994)
Other	(2,525)	30,549
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	30,581	34,898
Deferred revenue	(27,712)	(23,837)
Net cash provided by (used in) operating activities	(94,123)	79,626
Cash flows from investing activities
Proceeds from sales of assets	100,730	129,828
Capital expenditures	(149,945)	(118,656)
Investment in and advances to unconsolidated affiliates	(11,393)	(21,455)
Cash distribution from unconsolidated affiliates	1,986	3,941
Net cash used in investing activities	(58,622)	(6,342)
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	(1,882)	16,013
Proceeds from issuance of notes payable	225,000	13,749
Repayments of notes payable	(179,803)	(19,274)
Debt issuance costs	(2,974)
Investment by joint venture partner		6,500
Dividends	(25,072)	(21,866)
Cash distribution to joint venture partner	(11,715)	(69,413)
Tax payments for net share settlement of restricted stock	(6,321)	(7,716)
Net cash used in financing activities	(2,767)	(82,007)
Effect of exchange rate changes	(2,866)	(12,462)
Decrease in cash and cash equivalents and restricted cash	(158,378)	(21,185)
Cash and cash equivalents and restricted cash
Beginning of period	539,474	620,358
End of period	381,096	599,173
Balance Sheet Reconciliation:
Cash and cash equivalents	359,625	589,969
Restricted cash	21,471	9,204
Total cash and cash equivalents and restricted cash as presented above	381,096	599,173
Cash paid during the period for
Interest	11,350	13,080
Income taxes, net	45,904	62,219
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	42,802	5,541
Capital expenditures accrued in Accounts payable and accrued liabilities	14,455	1,868
Change in Accounts payable and accrued liabilities associated with dividends declared	177	119
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	$ (779)	29
Conversion of 2018 Senior Convertible Notes		$ 118,887

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	May 31, 2019
Interim Financial Statements	Note 1 – Interim Financial Statements The Condensed Consolidated Financial Statements of The Greenbrier Companies, Inc. and its subsidiaries (Greenbrier or the Company) as of May 31, 2019 and for the three and nine months ended May 31, 2018 and 2019 have been prepared to reflect all adjustments (consisting of normal recurring accruals) that, in the opinion of management, are necessary for a fair presentation of the financial position, operating results and cash flows for the periods indicated. The results of operations for the three and nine months ended May 31, 2019 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2019. 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 unaudited financial statements should be read in conjunction with the Consolidated Financial Statements contained in the Company’s 2018 Annual Report on Form 10-K. Management Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires judgment on the part of management to arrive at estimates and assumptions on matters that are inherently uncertain. These estimates may affect the amount of assets, liabilities, revenue and expenses reported in the financial statements and accompanying notes and disclosure of contingent assets and liabilities within the financial statements. Estimates and assumptions are periodically evaluated and may be adjusted in future periods. Actual results could differ from those estimates. Initial Adoption of Accounting Policies – In the first quarter of 2019, the Company adopted Accounting Standard Update 2014-09, Revenue from Contracts with Customers (ASU 2014-09). This standard was issued to provide a common revenue recognition model for entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for the goods or services. The new standard also requires additional disclosures to sufficiently describe the nature, amount, timing, and uncertainty of revenue and cash flow arising from contracts with customers. As a result of adopting the new standard, the timing of the Company’s revenue recognition has principally remained unchanged. Certain minor changes have occurred related to maintenance and repair services. Costs incurred while fulfilling maintenance contracts will now be recognized as incurred while the related revenue will continue to be recognized over time. Additionally, repair service revenue, while previously recognized upon completion of the services, will now be recognized over time. This standard was adopted using a modified retrospective approach through a cumulative effect adjustment, which increased retained earnings by $5.5 million at September 1, 2018. The adoption of the new revenue standard did not have a material effect on the Company’s Unaudited Condensed Consolidated Balance Sheets and Statements of Income. In the first quarter of 2019, the Company adopted Accounting Standard Update 2016-18, Restricted Cash (ASU 2016-18). This update requires additional disclosure and that the Statement of Cash Flows explain the change during the period in the total cash, cash equivalents and amounts generally described as restricted cash. Therefore, amounts generally described as restricted cash are included with cash & cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. The guidance requires retrospective adjustment to each period presented. The adoption of ASU 2016-18 did not have an impact on the Condensed Consolidated Balance Sheet or the Statement of Income, but did result in revisions to the Condensed Consolidated Statement of Cash Flows as well as other revised disclosures. Prospective Accounting Changes – In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (ASU 2017-12). This update improves the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance. The guidance expands the ability to qualify for hedge accounting for non-financial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, as well as eases certain hedge effectiveness assessment requirements. The new guidance is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt this guidance beginning September 1, 2019. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. Share Repurchase Program – The Board of Directors has authorized the Company to repurchase shares of the Company’s common stock. In January 2019, the expiration date of this share repurchase program was extended from March 31, 2019 to March 31, 2021 and the amount remaining for repurchase was increased from $88 million to $100 million. Under the share repurchase program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time to time. The timing and amount of purchases will be based upon market conditions, securities law limitations and other factors. The program may be modified, suspended or discontinued at any time without prior notice. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period. The Company did not repurchase any shares during the three and nine months ended May 31, 2019. As of May 31, 2019, the Company had cumulatively repurchased 3,206,226 shares for approximately $137.0 million since October 2013 and had $100.0 million available under the share repurchase program.

Revenue Recognition

Revenue Recognition	9 Months Ended
	May 31, 2019
Revenue Recognition	Note 2 – Revenue Recognition The Company measures revenue at the amounts that reflect the consideration to which it expects to be entitled in exchange for transferring control of goods and services to customers. The Company recognizes revenue either at the point in time or over the period of time that performance obligations to customers are satisfied. Payment terms vary by segment and product type and are generally due within normal commercial terms. The Company’s contracts with customers may include multiple performance obligations (e.g. railcars, maintenance, management services, etc.). For such arrangements, the Company allocates revenues to each performance obligation based on its relative standalone selling price. The Company has disaggregated revenue from contracts with customers into categories which describe the principal activities from which the Company generates its revenues. See Note 15—Segment Information for further disaggregated revenue information. Manufacturing Railcars are manufactured in accordance with contracts with customers. The Company recognizes revenue upon its customers’ acceptance of the completed railcars at a specified delivery point. From time to time, the Company enters into multi-year supply agreements. Each railcar delivery is considered a distinct performance obligation, such that the amounts that are recognized as revenue following railcar delivery are generally not subject to change. The Company typically recognizes marine vessel manufacturing revenue over time using the cost input method, based on progress toward contract completion measured by actual costs incurred to date in relation to the estimate of total expected costs. This method best depicts the Company’s performance in completing the construction of the marine vessel for the customer and is consistent with the percentage of completion method used prior to the adoption of the new revenue standard. Wheels, Repair & Parts The Company operates a network of wheel, repair and parts shops in North America that provide complete wheelset reconditioning, railcar repair services and parts. Wheels revenue is recognized when wheelsets are shipped to the customer or when consumed by customers in the case of consignment arrangements. Parts revenue is recognized upon shipment of the parts to the customers. Repair revenue is typically recognized over time using the cost input method, based on progress toward contract completion measured by actual costs incurred to date in relation to the estimate of total expected costs. This method best depicts the Company’s performance in repairing the railcars for the customer. Repair services are typically completed in less than 90 days. Leasing & Services The Company owns a fleet of new and used cars which are leased to third-party customers. Lease revenue is recognized over the lease-term in the period in which it is earned in accordance with ASC 840: Leases . Syndication transactions represent new and used railcars which have been placed on lease to a customer and which the Company intends to sell to an investor with the lease attached. At the time of such sale, revenue and cost of revenue associated with railcars that the Company has manufactured are recognized in the Manufacturing segment; while revenue and cost of revenue associated with railcars which were obtained from a third-party with the intent to resell them and subsequently sold, are recognized in the Leasing & Services segment in accordance with ASC 840: Leases . The Company enters into multi-year contracts to provide management and maintenance services to customers for which revenue is generally recognized ratably over the contract term as a stand-ready obligation. Costs to fulfill these contracts are recognized as incurred. Contract balances Contract assets primarily consist of unbilled receivables related to marine vessel construction and repair services, for which the respective contracts do not yet permit billing at the reporting date. Contract liabilities primarily consist of customer prepayments for manufacturing, maintenance, and other management-type services, for which the Company has not yet satisfied the related performance obligations. The opening and closing balances of the Company’s contract balances are as follows: (in thousands) Balance sheet classification September 1, 2018 May 31, 2019 $ change Contract assets Inventories $ 7,228 $ 9,715 $ 2,487 Contract liabilities 1 Deferred revenue $ 41,250 $ 36,237 $ (5,013 ) 1 Contract liabilities balance includes deferred revenue within the scope of the new revenue standard. For the three and nine month periods ended May 31, 2019, the Company recognized $2.0 million and $10.6 million of revenue that was included in Contract liabilities as of September 1, 2018. Performance obligations As of May 31, 2019, the Company has entered into contracts with customers for which revenue has not yet been recognized. The following table outlines estimated revenue related to performance obligations wholly or partially unsatisfied, that the Company anticipates will be recognized in future periods. (in millions) May 31, 2019 Revenue type 1 Manufacturing – Railcar sales $ 2,047.3 Manufacturing – Railcars intended for syndication 2 $ 669.5 Manufacturing – Marine $ 82.5 Services $ 130.4 1 Unsatisfied performance obligation related to Wheels, Repair & Parts revenue is not material 2 Not within the scope of the new revenue standard Based on current production and delivery schedules and existing contracts, approximately $1.8 billion of the Railcar Sales amount is expected to be recognized through fiscal 2020 while the remaining amount is expected in future periods. The table above excludes estimated revenue to be recognized at the Company’s Brazilian manufacturing operation, as they are accounted for under the equity method. Revenue amounts reflected in Railcars intended for syndication may be syndicated to third parties or held in the Company’s fleet depending on a variety of factors. Marine revenue is expected to be recognized from 2019-2021 as vessel construction is completed. Services includes management and maintenance services of which approximately 54% are expected to be performed from 2019-2024 and the remaining amount ratably through 2037.

Acquisitions

Acquisitions	9 Months Ended
	May 31, 2019
Acquisitions	Note 3 – Acquisitions On August 20, 2018, the Company entered into a dissolution agreement with Watco Companies, LLC, its previous joint venture partner, to discontinue their GBW Railcar Services railcar repair joint venture. Pursuant to the dissolution agreement, previously operated Greenbrier repair shops and associated employees returned to the Company. Additionally, the dissolution agreement provides that certain agreements entered into in connection with the original creation of GBW in 2014 were terminated as of the transaction date, including the leases of real and personal property, service agreements, and certain employment-related agreements. GBW will complete its cessation of activities in an orderly manner in fiscal 2019. As the assets received and liabilities assumed from GBW meet the definition of a business, the Company has accounted for this transaction as a business combination. The total net assets acquired were approximately $57.6 million. Additionally, the Company removed the book value of its remaining equity method investment in, and note receivable due from, the joint venture. The accumulated deficit reflected in GBW’s balance sheet as of August 31, 2018 continues to be funded by the joint venture partners. The Company has included this assumed liability within the purchase price allocation in the table below. For the nine months ended May 31, 2019, the Repair operations contributed by this acquisition generated consolidated revenues of $71.1 million and a loss from operations of $20.3 million, which are reported in the Company’s condensed consolidated financial statements as part of the Wheels, Repair & Parts segment. 10.0 The impact of the acquisition was not material to the Company’s results of operations, therefore pro forma financial information has not been included. Minor adjustments were made to the purchase price allocation during the three months ended May 31, 2019. The preliminary allocation of the purchase price, based on the fair value of the net assets acquired was: (in thousands) Cash and cash equivalents $ 5,000 Accounts receivable, net 12,230 Inventories 18,106 Property, plant and equipment, net 16,748 Intangibles and other assets, net 9,200 Goodwill 10,025 Total assets acquired 71,309 Accounts payable and accrued liabilities 13,679 Total liabilities assumed 13,679 Net assets acquired $ 57,630 Certain liabilities in the table above are estimates and the Company will adjust the purchase price allocation as they are settled. Pending acquisition of ARI’s manufacturing business On April 17, 2019, the Company entered into an agreement to acquire the manufacturing business of American Railcar Industries in a transaction valued at $400 million, after adjustments for net tax benefits valued at $30 million. The gross purchase price totals $ 430 30 50

Inventories

Inventories	9 Months Ended
	May 31, 2019
Inventories	Note 4 – Inventories Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance: (In thousands) May 31, 2019 August 31, 2018 Manufacturing supplies and raw materials $ 367,744 $ 278,726 Work-in-process 130,573 105,021 Finished goods 99,646 54,181 Excess and obsolete adjustment (5,864 ) (5,614 ) $ 592,099 $ 432,314

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	May 31, 2019
Intangibles and Other Assets, net	Note 5 – Intangibles and Other Assets, net Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment. The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, 2019 August 31, 2018 Intangible assets subject to amortization: Customer relationships $ 72,625 $ 72,521 Accumulated amortization (46,580 ) (43,576 ) Other intangibles 15,713 16,300 Accumulated amortization (7,635 ) (6,400 ) 34,123 38,845 Intangible assets not subject to amortization 4,703 5,115 Prepaid and other assets 23,941 18,935 Nonqualified savings plan investments 27,141 26,299 Revolving notes issuance costs, net 3,464 1,824 Assets held for sale 3,650 3,650 Total Intangible and other assets, net $ 97,022 $ 94,668 Amortization expense for the three and nine months ended May 31, 2019 was $1.3 million and $4.6 million and for the three and nine months ended May 31, 2018 was $1.4 million and $4.2 million. Amortization expense for the years ending August 31, 2019, 2020, 2021, 2022 and 2023 is expected to be $5.8 million, $5.1 million, $5.1 million, $3.7 million and $3.5 million, respectively.

Goodwill

Goodwill	9 Months Ended
	May 31, 2019
Goodwill	Note 6 – Goodwill Changes in the carrying value of goodwill are as follows: (In thousands) Manufacturing Wheels, Leasing Total Balance August 31, 2018 $ 27,083 $ 51,128 $ — $ 78,211 Additions (1) 5,122 2,162 — 7,284 Translation (1,152 ) — — (1,152 ) Goodwill impairment — (10,025 ) — (10,025 ) Balance May 31, 2019 $ 31,053 $ 43,265 $ — $ 74,318 (1) Additions to goodwill relate to the GBW repair shop transaction (Wheels, Repair & Parts) and Rayvag acquisition (Manufacturing). The inception to date of the Company’s gross goodwill balance, accumulated impairment losses and accumulated other reductions were as follows: (In thousands) Goodwill Gross goodwill balance before accumulated goodwill impairment losses and other reductions $ 236,868 Accumulated goodwill impairment losses (138,234 ) Accumulated other reductions (24,316 ) Balance May 31, 2019 $ 74,318 The Company performs a goodwill impairment test annually during the third quarter. Goodwill is also tested more frequently if changes in circumstances or the occurrence of events indicates that a potential impairment exists. The provisions of ASC 350, Intangibles—Goodwill and Other Based on the results of the Company’s annual impairment test, the fair values of its reporting units exceeded their carrying values except for the repair reporting unit. The Company initially recorded the repair goodwill following the GBW repair shop transaction in 2018. As a result of a greater number of shop closures than initially expected, near-term operational challenges and updated estimated future cash flows, a non-cash impairment charge of $ 10.0

Revolving Notes

Revolving Notes	9 Months Ended
	May 31, 2019
Revolving Notes	Note 7 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $692.7 million as of May 31, 2019. As of May 31, 2019, a $600.0 million revolving line of credit, maturing September 2023, 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 1.50% or Prime plus 0.50% depending on the type of borrowing. Available borrowings under the credit facility are generally based on defined levels of inventory, receivables, property, plant and equipment and leased equipment, as well as total debt to consolidated capitalization and fixed charges coverage ratios. As of May 31, 2019, lines of credit totaling $42.7 million secured by certain of the Company’s European assets, with variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.1% to WIBOR plus 1.3% and Euro Interbank Offered Rate (EURIBOR) plus 1.1%, were available for working capital needs of the European manufacturing operations. The European lines of credit include a $12.5 million facility which is guaranteed by the Company. European credit facilities are continually being renewed. Currently, these European credit facilities have maturities that range from July February 2021 The Company’s Mexican railcar manufacturing joint venture has two lines of credit totaling $50.0 million. The first line of credit provides up to $30.0 million. 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 March 2024. 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 June 2021. As of May 31, 2019, outstanding commitments under the senior secured credit facilities consisted of $23.9 million in letters of credit under the North American credit facility and $26.0 million outstanding under the European credit facilities. As of August 31, 2018, outstanding commitments under the senior secured credit facilities consisted of $72.2 million in letters of credit under the North American credit facility and $27.7 million outstanding under the European credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	May 31, 2019
Accounts Payable and Accrued Liabilities	Note 8 – Accounts Payable and Accrued Liabilities (In thousands) May 31, 2019 August 31, 2018 Trade payables $ 256,452 $ 226,405 Other accrued liabilities 93,905 73,273 Accrued payroll and related liabilities 88,653 105,111 Accrued warranty 23,965 27,395 Income taxes payable 7,645 4,771 Other 2,486 12,902 $ 473,106 $ 449,857

Warranty Accruals

Warranty Accruals	9 Months Ended
	May 31, 2019
Warranty Accruals	Note 9 – Warranty Accruals Warranty costs are estimated and charged to operations to cover a defined warranty period. The estimated warranty cost is based on the history of warranty claims for each particular product type. For new product types without a warranty history, preliminary estimates are based on historical information for similar product types. The warranty accruals, included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, are reviewed periodically and updated based on warranty trends and expirations of warranty periods. Warranty accrual activity: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 24,994 $ 26,977 $ 27,395 $ 20,737 Charged to cost of revenue, net 1,235 3,183 4,088 10,782 Payments (2,004 ) (1,855 ) (6,801 ) (3,695 ) Currency translation effect (260 ) (1,059 ) (717 ) (578 ) Balance at end of period $ 23,965 $ 27,246 $ 23,965 $ 27,246

Notes Payable

Notes Payable	9 Months Ended
	May 31, 2019
Notes Payable	Note 10 – Notes Payable In September 2018, the Company refinanced approximately $170 million of existing senior term debt, due in March 2020, secured by a pool of leased railcars with new 5-year $225 million senior term debt also secured by a pool of leased railcars. The new debt bears a floating interest rate of LIBOR plus 1.50% or Prime plus 0.50%. The term loan is to be repaid in equal quarterly installments of $1.97 million with the remaining outstanding amounts, plus accrued interest, to be paid on the maturity date in September 2023. An interest rate swap agreement was entered into on 50% of the initial balance to swap the floating interest rate to a fixed rate of 2.99%.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	May 31, 2019
Accumulated Other Comprehensive Loss	Note 11 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Gain (loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Other Accumulated Other Comprehensive Loss Balance, August 31, 2018 $ (431 ) $ (21,506 ) $ (1,429 ) $ (23,366 ) Other comprehensive gain (loss) before reclassifications (5,066 ) (7,239 ) 75 (12,230 ) Amounts reclassified from Accumulated other comprehensive loss 1,476 — — 1,476 Balance, May 31, 2019 $ (4,021 ) $ (28,745 ) $ (1,354 ) $ (34,120 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended May 31, (In thousands) 2019 2018 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 249 $ 71 Revenue and cost of revenue Interest rate swap contracts 142 39 Interest and foreign exchange 391 110 Total before tax (85 ) (51 ) Income tax expense $ 306 $ 59 Net of tax Nine Months Ended May 31, (In thousands) 2019 2018 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,506 $ (986 ) Revenue and cost of revenue Interest rate swap contracts 438 312 Interest and foreign exchange 1,944 (674 ) Total before tax (468 ) 68 Income tax expense $ 1,476 $ (606 ) Net of tax

Earnings Per Share

Earnings Per Share	9 Months Ended
	May 31, 2019
Earnings Per Share	Note 12 – Earnings Per Share The shares used in the computation of basic and diluted earnings per common share are reconciled as follows: Three Months Ended May 31, Nine Months Ended May 31, (In thousands ) 2019 2018 2019 2018 Weighted average basic common shares outstanding (1) 32,603 32,034 32,623 30,250 Dilutive effect of 2018 Convertible notes (2) n/a 655 n/a 2,435 Dilutive effect of 2024 Convertible notes (3) — — — — Dilutive effect of restricted stock units (4) 580 225 538 89 Weighted average diluted common shares outstanding 33,183 32,914 33,161 32,774 (1) Restricted stock grants and restricted stock units that are considered participating securities, 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 for the three and nine months ended May 31, 2018 as they were considered dilutive under the “if converted” method as further discussed below. The 2018 Convertible notes matured on April 1, 2018. (3) The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2019 and 2018 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) Restricted stock units that are not considered participating securities and 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, restricted stock units that are not considered participating securities 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 during the periods in which they were outstanding. 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 May 31, Nine Months Ended May 31, 2019 2018 2019 2018 Net earnings attributable to Greenbrier $ 15,248 $ 32,951 $ 35,969 $ 120,846 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax n/a 297 n/a 2,031 Earnings before interest and debt issuance costs on 2018 Convertible Notes n/a $ 33,248 n/a $ 122,877 Weighted average diluted common shares outstanding 33,183 32,914 33,161 32,774 Diluted earnings per share $ 0.46 $ 1.01 (1) $ 1.08 $ 3.75 (1) (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	May 31, 2019
Stock Based Compensation	Note 13 – Stock Based Compensation The value of stock based compensation awards is amortized as compensation expense from the date of grant through the earlier of the vesting period or in some instances the recipient’s eligible retirement date. Stock based compensation expense consists of restricted stock units, restricted stock and phantom stock units awards. Stock based compensation expense was $3.5 million and $10.8 million for the three and nine months ended May 31, 2019, respectively and $7.7 million and $20.3 million for the three and nine months ended May 31, 2018, respectively. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Income.

Derivative Instruments

Derivative Instruments	9 Months Ended
	May 31, 2019
Derivative Instruments	Note 14 – Derivative Instruments Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk. Interest rate swap agreements are used to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. At May 31, 2019 exchange rates, forward exchange contracts for the purchase of Polish Zlotys and the sale of Euros and Pound Sterling; and the purchase of Mexican Pesos and the sale of U.S. Dollars aggregated to $81.0 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 March 2021, any such gain or loss remaining will be recognized in manufacturing revenue or cost of revenue along with the related transactions. In the event that the underlying transaction does not occur or does not occur in the period designated at the inception of the hedge, the amount classified in accumulated other comprehensive loss would be reclassified to the results of operations in Interest and foreign exchange at the time of occurrence. At May 31, 2019 exchange rates, approximately $0.1 million would be reclassified to revenue or cost of revenue in the next year. At May 31, 2019, an interest rate swap agreement maturing in September 2023 had a notional amount of $110.5 million. The fair value of the contract is included on the Consolidated Balance Sheets in Accounts payable and accrued liabilities when there is a loss, or in Accounts receivable, net when there is a gain. As interest expense on the underlying debt is recognized, amounts corresponding to the interest rate swap are reclassified from Accumulated other comprehensive loss and charged or credited to interest expense. At May 31, 2019 interest rates, approximately $0.6 million would be reclassified to interest expense in the next year. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Value Fair Value Balance sheet location Fair Value Fair Value Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,083 $ 700 Accounts payable and accrued liabilities $ — $ 1,211 Interest rate swap contracts Accounts receivable, net — 781 Accounts payable and accrued liabilities 5,174 1 $ 1,083 $ 1,481 $ 5,174 $ 1,212 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 106 $ 76 Accounts payable and accrued liabilities $ — $ 354 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 185 — $ 106 $ 76 $ 185 $ 354 The Effect of Derivative Instruments on the Statements of Income Three Months Ended May 31, 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on 2019 2018 Foreign forward exchange contract Interest and foreign exchange $ — $ (852 ) Interest rate swap contracts Interest and foreign exchange — — $ — $ (852 ) Derivatives in cash flow hedging relationships Gain (loss) recognized Location of gain Gain (loss) reclassified Location of gain Gain (loss) recognized 2019 2018 2019 2018 2019 2018 Foreign forward exchange contracts $ 330 $ (2,285 ) Revenue $ (68 ) $ (168 ) Revenue $ 264 $ 190 Foreign forward exchange contracts 102 (343 ) Cost of revenue (181 ) 97 Cost of revenue 179 157 Interest rate swap contracts (2,704 ) 12 Interest and (143 ) (39 ) Interest and (163 ) — $ (2,272 ) $ (2,616 ) $ (392 ) $ (110 ) $ 280 $ 347 Nine Months Ended May 31, 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on 2019 2018 Foreign forward exchange contract Interest and foreign exchange $ 495 $ 1,081 Interest rate swap contracts Interest and foreign exchange — (1 ) $ 495 $ 1,080 Derivatives in cash flow hedging relationships Gain (loss) recognized Location of gain Gain (loss) reclassified Location of gain Gain (loss) recognized 2019 2018 2019 2018 2019 2018 Foreign forward exchange contracts $ (16 ) $ (1,063 ) Revenue $ (735 ) $ 1,262 Revenue $ 1,164 $ 472 Foreign forward exchange contracts (293 ) (566 ) Cost of revenue (771 ) (276 ) Cost of revenue 857 353 Interest rate swap contracts (6,393 ) 1,485 Interest and (438 ) (312 ) Interest and (185 ) — $ (6,702 ) $ (144 ) $ (1,944 ) $ 674 $ 1,836 $ 825

Segment Information

Segment Information	9 Months Ended
	May 31, 2019
Segment Information	Note 15 – Segment Information The Company operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services. Prior to August 20, 2018, the Company operated in four reportable segments: Manufacturing; Wheels, Repair & Parts; Leasing & Services; and GBW Joint Venture. On August 20, 2018 the Company entered into an agreement with its joint venture partner to discontinue the GBW railcar repair joint venture, which resulted in 12 repair shops returned to the Company. Beginning on August 20, 2018, the GBW Joint Venture is no longer considered a reportable segment. 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 2018 Annual Report on Form 10-K except for the revenue recognition accounting policy which has subsequently been updated (see Note 2 – Revenue Recognition). 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 was accounted for under the equity method of accounting. For the three months ended May 31, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 681,588 $ 29,201 $ 710,789 $ 72,110 $ 2,000 $ 74,110 Wheels, Repair & Parts 1 124,980 11,601 136,581 (8,820 ) 808 (8,012 ) Leasing & Services 49,584 5,848 55,432 15,337 4,913 20,250 Eliminations — (46,650 ) (46,650 ) — (7,721 ) (7,721 ) Corporate — — — (25,438 ) — (25,438 ) $ 856,152 $ — $ 856,152 $ 53,189 $ — $ 53,189 1 A non-cash impairment charge of $ 10.0 For the nine months ended May 31, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,629,396 $ 82,257 $ 1,711,653 $ 122,955 $ 4,791 $ 127,746 Wheels, Repair & Parts 1 358,801 36,440 395,241 (2,750 ) 262 (2,488 ) Leasing & Services 131,149 14,758 145,907 53,880 12,466 66,346 Eliminations — (133,455 ) (133,455 ) — (17,519 ) (17,519 ) Corporate — — — (66,388 ) — (66,388 ) $ 2,119,346 $ — $ 2,119,346 $ 107,697 $ — $ 107,697 1 A non-cash impairment charge of $ 10.0 For the three months ended May 31, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 510,099 $ 53,501 $ 563,600 $ 62,435 $ 6,215 $ 68,650 Wheels, Repair & Parts 94,515 10,879 105,394 5,546 686 6,232 Leasing & Services 36,773 3,886 40,659 26,704 3,380 30,084 Eliminations — (68,266 ) (68,266 ) — (10,281 ) (10,281 ) Corporate — — — (23,146 ) — (23,146 ) $ 641,387 $ — $ 641,387 $ 71,539 $ — $ 71,539 For the nine months ended May 31, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,473,411 $ 84,253 $ 1,557,664 $ 178,589 $ 13,816 $ 192,405 Wheels, Repair & Parts 261,236 27,563 288,799 13,083 2,214 15,297 Leasing & Services 95,611 9,855 105,466 71,008 8,546 79,554 Eliminations — (121,671 ) (121,671 ) — (24,576 ) (24,576 ) Corporate — — — (68,829 ) — (68,829 ) $ 1,830,258 $ — $ 1,830,258 $ 193,851 $ — $ 193,851 Total assets (In thousands) May 31, 2019 August 31, 2018 Manufacturing $ 1,143,718 $ 1,020,757 Wheels, Repair & Parts 307,630 306,756 Leasing & Services 650,483 578,818 Unallocated 411,357 559,133 $ 2,513,188 $ 2,465,464 Reconciliation of Earnings from operations to Earnings before income tax and loss from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2019 2018 2019 2018 Earnings from operations $ 53,189 $ 71,539 $ 107,697 $ 193,851 Interest and foreign exchange 9,770 6,533 23,411 20,582 Earnings before income tax and loss from unconsolidated affiliates $ 43,419 $ 65,006 $ 84,286 $ 173,269

Income Taxes

Income Taxes	9 Months Ended
	May 31, 2019
Income Taxes	Note 16 – Income Taxes The Company recognized the income tax effects of the Tax Cuts and Jobs Act (Tax Act) in accordance with Staff Accounting Bulletin No. 118 (SAB 118), which required the financial results to reflect effects for which the accounting is complete and those which are provisional. Provisional effects were adjusted during the measurement period determined under SAB 118 based on ongoing analysis of data, tax positions and regulatory guidance. The accounting was considered complete as of November 30, 2018. There were no material adjustments made to the provisional effects during 2019. The Tax Act also made other significant changes to U.S. federal income tax laws, including a global intangible low-taxed income tax (GILTI) and a base erosion anti-abuse tax (BEAT) which became effective for the Company beginning on September 1, 2018. Though the impact of GILTI and BEAT during the nine months ended May 31, 2019 was not material, those taxes were included in the projected effective tax rate for the current year.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2019
Commitments and Contingencies	Note 17 – Commitments and Contingencies Portland Harbor Superfund Site 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 EPA issued its Record of Decision (ROD) for the Portland Harbor Site on January 6, 2017 and accordingly on October 26, 2017, the AOC was terminated. 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 , U.S. District Court, District of Oregon, Case #3:09-cv-453-PK. All but 12 of these parties elected to sign tolling agreements and be dismissed without prejudice, and the case has been stayed by the court until January 16, 2020. The allocation process is continuing in parallel with the process to define the remediation steps. 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 EPA has also requested that potentially responsible parties enter AOCs 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 case has been stayed until January 16, 2020. Oregon Department of Environmental Quality (DEQ) Regulation of Portland Manufacturing Operations 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. Other Litigation, Commitments and Contingencies 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 May 31, 2019, the Company had outstanding letters of credit aggregating to $23.9 million associated with performance guarantees, facility leases and workers compensation insurance. As of May 31, 2019, the Company had a $10.0 million note receivable from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $19.2 million note receivable balance from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. These note receivables are included on the Consolidated Balance Sheet in Accounts receivable, net. In the future, the Company may make loans to or provide guarantees for Amsted-Maxion Cruzeiro or Greenbrier-Maxion.

Fair Value Measures

Fair Value Measures	9 Months Ended
	May 31, 2019
Fair Value Measures	Note 18 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of May 31, 2019 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,189 $ — $ 1,189 $ — Nonqualified savings plan investments 27,141 27,141 — — Cash equivalents 82,756 82,756 — — $ 111,086 $ 109,897 $ 1,189 $ — Liabilities: Derivative financial instruments $ 5,359 $ — $ 5,359 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 14—Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2018 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,557 $ — $ 1,557 $ — Nonqualified savings plan investments 26,299 26,299 — — Cash equivalents 126,430 126,430 — — $ 154,286 $ 152,729 $ 1,557 $ — Liabilities: Derivative financial instruments $ 1,566 $ — $ 1,566 $ —

Related Party Transactions

Related Party Transactions	9 Months Ended
	May 31, 2019
Related Party Transactions	Note 19 – 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 May 31, 2019, the carrying amount of the investment was $5.8 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 nine months ended May 31, 2019, the Company recognized $18 million in revenue associated with railcars sold into the leasing warehouse and an additional $6 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 immaterial for the nine months ended May 31, 2019. As of May 31, 2019, the Company had a $10.0 million note receivable from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $19.2 million note receivable balance from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. These note receivables are included on the Consolidated Balance Sheet in Accounts receivable, net.

Subsequent Event

Subsequent Event	9 Months Ended
	May 31, 2019
Subsequent Event	Note 20 – Subsequent Event On June 3, 2019, the Company amended its $ 600.0 300.0 1.25 600.0 2.875

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	May 31, 2019
Summary of Contract Balances	The opening and closing balances of the Company’s contract balances are as follows: (in thousands) Balance sheet classification September 1, 2018 May 31, 2019 $ change Contract assets Inventories $ 7,228 $ 9,715 $ 2,487 Contract liabilities 1 Deferred revenue $ 41,250 $ 36,237 $ (5,013 ) 1 Contract liabilities balance includes deferred revenue within the scope of the new revenue standard.
Summary of Estimated Revenue Related to Performance Obligations Wholly or Partially Unsatisfied	The following table outlines estimated revenue related to performance obligations wholly or partially unsatisfied, that the Company anticipates will be recognized in future periods. (in millions) May 31, 2019 Revenue type 1 Manufacturing – Railcar sales $ 2,047.3 Manufacturing – Railcars intended for syndication 2 $ 669.5 Manufacturing – Marine $ 82.5 Services $ 130.4

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	May 31, 2019
GBW Railcar Services LLC
Preliminary Allocation of Purchase Price Based on Fair Value of Net Assets Acquired	The preliminary allocation of the purchase price, based on the fair value of the net assets acquired was: (in thousands) Cash and cash equivalents $ 5,000 Accounts receivable, net 12,230 Inventories 18,106 Property, plant and equipment, net 16,748 Intangibles and other assets, net 9,200 Goodwill 10,025 Total assets acquired 71,309 Accounts payable and accrued liabilities 13,679 Total liabilities assumed 13,679 Net assets acquired $ 57,630

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2019
Components of Inventories	Inventories are valued at the lower of cost (first-in, first-out) or market. Work-in-process includes material, labor and overhead. The following table summarizes the Company’s inventory balance: (In thousands) May 31, 2019 August 31, 2018 Manufacturing supplies and raw materials $ 367,744 $ 278,726 Work-in-process 130,573 105,021 Finished goods 99,646 54,181 Excess and obsolete adjustment (5,864 ) (5,614 ) $ 592,099 $ 432,314

Intangibles and Other Assets,_2

Intangibles and Other Assets, net (Tables)	9 Months Ended
	May 31, 2019
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, 2019 August 31, 2018 Intangible assets subject to amortization: Customer relationships $ 72,625 $ 72,521 Accumulated amortization (46,580 ) (43,576 ) Other intangibles 15,713 16,300 Accumulated amortization (7,635 ) (6,400 ) 34,123 38,845 Intangible assets not subject to amortization 4,703 5,115 Prepaid and other assets 23,941 18,935 Nonqualified savings plan investments 27,141 26,299 Revolving notes issuance costs, net 3,464 1,824 Assets held for sale 3,650 3,650 Total Intangible and other assets, net $ 97,022 $ 94,668

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	May 31, 2019
Schedule of Changes in Carrying Value of Goodwill	Changes in the carrying value of goodwill are as follows: (In thousands) Manufacturing Wheels, Leasing Total Balance August 31, 2018 $ 27,083 $ 51,128 $ — $ 78,211 Additions (1) 5,122 2,162 — 7,284 Translation (1,152 ) — — (1,152 ) Goodwill impairment — (10,025 ) — (10,025 ) Balance May 31, 2019 $ 31,053 $ 43,265 $ — $ 74,318 (1) Additions to goodwill relate to the GBW repair shop transaction (Wheels, Repair & Parts) and Rayvag acquisition (Manufacturing). The inception to date of the Company’s gross goodwill balance, accumulated impairment losses and accumulated other reductions were as follows: (In thousands) Goodwill Gross goodwill balance before accumulated goodwill impairment losses and other reductions $ 236,868 Accumulated goodwill impairment losses (138,234 ) Accumulated other reductions (24,316 ) Balance May 31, 2019 $ 74,318

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	May 31, 2019
Accounts Payable and Accrued Liabilities	(In thousands) May 31, 2019 August 31, 2018 Trade payables $ 256,452 $ 226,405 Other accrued liabilities 93,905 73,273 Accrued payroll and related liabilities 88,653 105,111 Accrued warranty 23,965 27,395 Income taxes payable 7,645 4,771 Other 2,486 12,902 $ 473,106 $ 449,857

Warranty Accruals (Tables)

Warranty Accruals (Tables)	9 Months Ended
	May 31, 2019
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2019 2018 2019 2018 Balance at beginning of period $ 24,994 $ 26,977 $ 27,395 $ 20,737 Charged to cost of revenue, net 1,235 3,183 4,088 10,782 Payments (2,004 ) (1,855 ) (6,801 ) (3,695 ) Currency translation effect (260 ) (1,059 ) (717 ) (578 ) Balance at end of period $ 23,965 $ 27,246 $ 23,965 $ 27,246

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	May 31, 2019
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 Gain (loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Other Accumulated Other Comprehensive Loss Balance, August 31, 2018 $ (431 ) $ (21,506 ) $ (1,429 ) $ (23,366 ) Other comprehensive gain (loss) before reclassifications (5,066 ) (7,239 ) 75 (12,230 ) Amounts reclassified from Accumulated other comprehensive loss 1,476 — — 1,476 Balance, May 31, 2019 $ (4,021 ) $ (28,745 ) $ (1,354 ) $ (34,120 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with presentation location, were as follows: Three Months Ended May 31, (In thousands) 2019 2018 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 249 $ 71 Revenue and cost of revenue Interest rate swap contracts 142 39 Interest and foreign exchange 391 110 Total before tax (85 ) (51 ) Income tax expense $ 306 $ 59 Net of tax Nine Months Ended May 31, (In thousands) 2019 2018 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,506 $ (986 ) Revenue and cost of revenue Interest rate swap contracts 438 312 Interest and foreign exchange 1,944 (674 ) Total before tax (468 ) 68 Income tax expense $ 1,476 $ (606 ) Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May 31, 2019
Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share	The shares used in the computation of basic and diluted earnings per common share are reconciled as follows: Three Months Ended May 31, Nine Months Ended May 31, (In thousands ) 2019 2018 2019 2018 Weighted average basic common shares outstanding (1) 32,603 32,034 32,623 30,250 Dilutive effect of 2018 Convertible notes (2) n/a 655 n/a 2,435 Dilutive effect of 2024 Convertible notes (3) — — — — Dilutive effect of restricted stock units (4) 580 225 538 89 Weighted average diluted common shares outstanding 33,183 32,914 33,161 32,774 (1) Restricted stock grants and restricted stock units that are considered participating securities, 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 for the three and nine months ended May 31, 2018 as they were considered dilutive under the “if converted” method as further discussed below. The 2018 Convertible notes matured on April 1, 2018. (3) The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2019 and 2018 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (4) Restricted stock units that are not considered participating securities and 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 May 31, Nine Months Ended May 31, 2019 2018 2019 2018 Net earnings attributable to Greenbrier $ 15,248 $ 32,951 $ 35,969 $ 120,846 Add back: Interest and debt issuance costs on the 2018 Convertible notes, net of tax n/a 297 n/a 2,031 Earnings before interest and debt issuance costs on 2018 Convertible Notes n/a $ 33,248 n/a $ 122,877 Weighted average diluted common shares outstanding 33,183 32,914 33,161 32,774 Diluted earnings per share $ 0.46 $ 1.01 (1) $ 1.08 $ 3.75 (1) (1) Diluted earnings per share was calculated as follows: Earnings before interest and debt issuance costs (net of tax) on convertible notes Weighted average diluted common shares outstanding

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	May 31, 2019
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, August 31, May 31, August 31, (In thousands) Balance sheet location Fair Value Fair Value Balance sheet location Fair Value Fair Value Derivatives designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 1,083 $ 700 Accounts payable and accrued liabilities $ — $ 1,211 Interest rate swap contracts Accounts receivable, net — 781 Accounts payable and accrued liabilities 5,174 1 $ 1,083 $ 1,481 $ 5,174 $ 1,212 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 106 $ 76 Accounts payable and accrued liabilities $ — $ 354 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 185 — $ 106 $ 76 $ 185 $ 354
Effect of Derivative Instruments on the Statements of Income	The Effect of Derivative Instruments on the Statements of Income Three Months Ended May 31, 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on 2019 2018 Foreign forward exchange contract Interest and foreign exchange $ — $ (852 ) Interest rate swap contracts Interest and foreign exchange — — $ — $ (852 ) Derivatives in cash flow hedging relationships Gain (loss) recognized Location of gain Gain (loss) reclassified Location of gain Gain (loss) recognized 2019 2018 2019 2018 2019 2018 Foreign forward exchange contracts $ 330 $ (2,285 ) Revenue $ (68 ) $ (168 ) Revenue $ 264 $ 190 Foreign forward exchange contracts 102 (343 ) Cost of revenue (181 ) 97 Cost of revenue 179 157 Interest rate swap contracts (2,704 ) 12 Interest and (143 ) (39 ) Interest and (163 ) — $ (2,272 ) $ (2,616 ) $ (392 ) $ (110 ) $ 280 $ 347 Nine Months Ended May 31, 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on 2019 2018 Foreign forward exchange contract Interest and foreign exchange $ 495 $ 1,081 Interest rate swap contracts Interest and foreign exchange — (1 ) $ 495 $ 1,080 Derivatives in cash flow hedging relationships Gain (loss) recognized Location of gain Gain (loss) reclassified Location of gain Gain (loss) recognized 2019 2018 2019 2018 2019 2018 Foreign forward exchange contracts $ (16 ) $ (1,063 ) Revenue $ (735 ) $ 1,262 Revenue $ 1,164 $ 472 Foreign forward exchange contracts (293 ) (566 ) Cost of revenue (771 ) (276 ) Cost of revenue 857 353 Interest rate swap contracts (6,393 ) 1,485 Interest and (438 ) (312 ) Interest and (185 ) — $ (6,702 ) $ (144 ) $ (1,944 ) $ 674 $ 1,836 $ 825

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May 31, 2019
Results of Operations	For the three months ended May 31, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 681,588 $ 29,201 $ 710,789 $ 72,110 $ 2,000 $ 74,110 Wheels, Repair & Parts 1 124,980 11,601 136,581 (8,820 ) 808 (8,012 ) Leasing & Services 49,584 5,848 55,432 15,337 4,913 20,250 Eliminations — (46,650 ) (46,650 ) — (7,721 ) (7,721 ) Corporate — — — (25,438 ) — (25,438 ) $ 856,152 $ — $ 856,152 $ 53,189 $ — $ 53,189 1 A non-cash impairment charge of $ 10.0 For the nine months ended May 31, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,629,396 $ 82,257 $ 1,711,653 $ 122,955 $ 4,791 $ 127,746 Wheels, Repair & Parts 1 358,801 36,440 395,241 (2,750 ) 262 (2,488 ) Leasing & Services 131,149 14,758 145,907 53,880 12,466 66,346 Eliminations — (133,455 ) (133,455 ) — (17,519 ) (17,519 ) Corporate — — — (66,388 ) — (66,388 ) $ 2,119,346 $ — $ 2,119,346 $ 107,697 $ — $ 107,697 1 A non-cash impairment charge of $ 10.0 For the three months ended May 31, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 510,099 $ 53,501 $ 563,600 $ 62,435 $ 6,215 $ 68,650 Wheels, Repair & Parts 94,515 10,879 105,394 5,546 686 6,232 Leasing & Services 36,773 3,886 40,659 26,704 3,380 30,084 Eliminations — (68,266 ) (68,266 ) — (10,281 ) (10,281 ) Corporate — — — (23,146 ) — (23,146 ) $ 641,387 $ — $ 641,387 $ 71,539 $ — $ 71,539 For the nine months ended May 31, 2018: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,473,411 $ 84,253 $ 1,557,664 $ 178,589 $ 13,816 $ 192,405 Wheels, Repair & Parts 261,236 27,563 288,799 13,083 2,214 15,297 Leasing & Services 95,611 9,855 105,466 71,008 8,546 79,554 Eliminations — (121,671 ) (121,671 ) — (24,576 ) (24,576 ) Corporate — — — (68,829 ) — (68,829 ) $ 1,830,258 $ — $ 1,830,258 $ 193,851 $ — $ 193,851 Total assets (In thousands) May 31, 2019 August 31, 2018 Manufacturing $ 1,143,718 $ 1,020,757 Wheels, Repair & Parts 307,630 306,756 Leasing & Services 650,483 578,818 Unallocated 411,357 559,133 $ 2,513,188 $ 2,465,464
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Loss from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and loss from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2019 2018 2019 2018 Earnings from operations $ 53,189 $ 71,539 $ 107,697 $ 193,851 Interest and foreign exchange 9,770 6,533 23,411 20,582 Earnings before income tax and loss from unconsolidated affiliates $ 43,419 $ 65,006 $ 84,286 $ 173,269

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	May 31, 2019
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of May 31, 2019 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 1,189 $ — $ 1,189 $ — Nonqualified savings plan investments 27,141 27,141 — — Cash equivalents 82,756 82,756 — — $ 111,086 $ 109,897 $ 1,189 $ — Liabilities: Derivative financial instruments $ 5,359 $ — $ 5,359 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 14—Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2018 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 1,557 $ — $ 1,557 $ — Nonqualified savings plan investments 26,299 26,299 — — Cash equivalents 126,430 126,430 — — $ 154,286 $ 152,729 $ 1,557 $ — Liabilities: Derivative financial instruments $ 1,566 $ — $ 1,566 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	68 Months Ended
	Sep. 02, 2018	May 31, 2019	May 31, 2019	May 31, 2019	Jan. 31, 2019	Jan. 30, 2019
Accounting Standards Update 2014-09
Equity, Class of Treasury Stock [Line Items]
Increase to retained earnings	$ 5.5
Share Repurchase Program - 2013
Equity, Class of Treasury Stock [Line Items]
Remaining authorized repurchase amount		$ 100	$ 100	$ 100	$ 100	$ 88
Stock repurchased during period, shares		0	0
Stock repurchase program total cost of repurchased shares				$ 137
Repurchase of common stock, shares				3,206,226

Revenue Recognition - Additiona

Revenue Recognition - Additional information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2019USD ($)		May 31, 2019USD ($)
Revenue From Contract With Customers [Line Items]
Revenue recognized from contract with customers liability	$ 2		$ 10.6
Railcar sales
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	1,800		1,800
Services
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	$ 130.4	[1]	$ 130.4	[1]
Expected performance percentage	54.00%		54.00%
Maximum
Revenue From Contract With Customers [Line Items]
Repair service period			90 days
[1]	Unsatisfied performance obligation related to Wheels, Repair & Parts revenue is not material

Revenue Recognition - Summary o

Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands	9 Months Ended
	May 31, 2019	Sep. 01, 2018
Contract with Customer Asset and Liability [Line Items]
Change in contract assets	$ 2,487
Change in contract liabilities	(5,013)
Contract assets	9,715	$ 7,228
Contract liabilities	$ 36,237	$ 41,250

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Estimated Revenue Related to Performance Obligations (Detail) $ in Millions	May 31, 2019USD ($)
Railcar sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue type 1	$ 1,800
Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue type 1	130.4	[1]
Manufacturing | Railcar sales
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue type 1	2,047.3	[1]
Manufacturing | Railcars for Syndication
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue type 1	669.5	[1],[2]
Manufacturing | Marine
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue type 1	$ 82.5	[1]
[1]	Unsatisfied performance obligation related to Wheels, Repair & Parts revenue is not material
[2]	Not within the scope of the new revenue standard

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Apr. 17, 2019	May 31, 2019		May 31, 2018	May 31, 2019		May 31, 2018	Aug. 20, 2018
Business Acquisition [Line Items]
Net assets acquired								$ 57,600
Revenue		$ 856,152		$ 641,387	$ 2,119,346		$ 1,830,258
Earnings (loss) from operations		53,189		71,539	107,697		193,851
Goodwill impairment		10,000			10,025
Wheels, Repair & Parts
Business Acquisition [Line Items]
Revenue		124,980	[1]	94,515	358,801	[2]	261,236
Earnings (loss) from operations		$ (8,820)	[1]	$ 5,546	(2,750)	[2]	$ 13,083
Goodwill impairment					10,025
Repair Operations | Wheels, Repair & Parts
Business Acquisition [Line Items]
Revenue					71,100
Earnings (loss) from operations					$ 20,300
American Railcar Industries
Business Acquisition [Line Items]
Business combination estimated gross purchase price	$ 430,000
Business combination consideration transferred for capital expenditures	30,000
Business combination consideration transferred Liabilities Incurred	50,000
Related party transaction amounts of transaction	400,000
Income tax credits and adjustments	$ 30,000
[1]	A non-cash impairment charge of $10.0 million was recorded during the three months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.
[2]	A non-cash impairment charge of $10.0 million was recorded during the nine months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.

Acquisitions - Preliminary Allo

Acquisitions - Preliminary Allocation of Purchase Price Based on Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands	May 31, 2019	Aug. 31, 2018	Aug. 20, 2018
Business Acquisition [Line Items]
Goodwill	$ 74,318	$ 78,211
Net assets acquired			$ 57,600
GBW Railcar Services LLC
Business Acquisition [Line Items]
Cash and cash equivalents	5,000
Accounts receivable, net	12,230
Inventories	18,106
Property, plant and equipment, net	16,748
Intangibles and other assets, net	9,200
Goodwill	10,025
Total assets acquired	71,309
Accounts payable and accrued liabilities	13,679
Total liabilities assumed	13,679
Net assets acquired	$ 57,630

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	May 31, 2019	Aug. 31, 2018
Inventory [Line Items]
Manufacturing supplies and raw materials	$ 367,744	$ 278,726
Work-in-process	130,573	105,021
Finished goods	99,646	54,181
Excess and obsolete adjustment	(5,864)	(5,614)
Inventories	$ 592,099	$ 432,314

Intangibles and Other Assets,_3

Intangibles and Other Assets, Net - Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	May 31, 2019	Aug. 31, 2018
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 34,123	$ 38,845
Intangible assets not subject to amortization	4,703	5,115
Prepaid and other assets	23,941	18,935
Nonqualified savings plan investments	27,141	26,299
Revolving notes issuance costs, net	3,464	1,824
Assets held for sale	3,650	3,650
Total Intangible and other assets, net	97,022	94,668
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	72,625	72,521
Accumulated amortization	(46,580)	(43,576)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	15,713	16,300
Accumulated amortization	$ (7,635)	$ (6,400)

Intangibles and Other Assets,_4

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Schedule of Intangible Assets Disclosure [Line Items]
Amortization expense	$ 1.3	$ 1.4	$ 4.6	$ 4.2
Future amortization expense, 2019	5.8		5.8
Future amortization expense, 2020	5.1		5.1
Future amortization expense, 2021	5.1		5.1
Future amortization expense, 2022	3.7		3.7
Future amortization expense, 2023	$ 3.5		$ 3.5

Goodwill - Schedule of Changes

Goodwill - Schedule of Changes in Carrying Value of Goodwill (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2019USD ($)	May 31, 2019USD ($)
Goodwill [Line Items]
Beginning balance		$ 78,211
Addition		7,284	[1]
Translation		(1,152)
Goodwill impairment	$ (10,000)	(10,025)
Ending balance	74,318	74,318
Gross goodwill balance before accumulated goodwill impairment losses and other reductions	236,868	236,868
Accumulated goodwill impairment losses	(138,234)	(138,234)
Accumulated other reductions	(24,316)	(24,316)
Manufacturing
Goodwill [Line Items]
Beginning balance		27,083
Addition		5,122	[1]
Translation		(1,152)
Ending balance	31,053	31,053
Wheels, Repair & Parts
Goodwill [Line Items]
Beginning balance		51,128
Addition		2,162	[1]
Goodwill impairment		(10,025)
Ending balance	$ 43,265	$ 43,265
[1]	Additions to goodwill relate to the GBW repair shop transaction (Wheels, Repair & Parts) and Rayvag acquisition (Manufacturing).

Goodwill - Additional Informati

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2019	May 31, 2019
Goodwill impairment	$ 10,000	$ 10,025

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2018	May 31, 2019USD ($)FacilityCreditFacility	Aug. 31, 2018USD ($)
Line of Credit Facility [Line Items]
Number of lines of credits | CreditFacility		2
Long-term Line of Credit		$ 25,952	$ 27,725
LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.50%
Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	0.50%
Senior Secured Credit Facilities, Consisting of 3 Components
Line of Credit Facility [Line Items]
Number of senior secured credit facilities | Facility		3
Line of credit facility maximum capacity		$ 692,700
Letter of credit facility outstanding amount		23,900	72,200
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 600,000
Line of credit maturity date		2023-09
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		1.50%
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		0.50%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity		$ 42,700
Letter of credit facility outstanding amount		26,000	$ 27,700
Long-term Line of Credit		$ 12,500
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date		2019-07
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date		2021-02
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		1.10%
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
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
Line of credit facility borrowings outstanding due period		2024-03
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
Line of credit facility borrowings outstanding due period		2021-06
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 _3

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	May 31, 2019	Feb. 28, 2019	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Aug. 31, 2017
Accounts Payable and Accrued Liabilities [Line Items]
Trade payables	$ 256,452		$ 226,405
Other accrued liabilities	93,905		73,273
Accrued payroll and related liabilities	88,653		105,111
Accrued warranty	23,965	$ 24,994	27,395	$ 27,246	$ 26,977	$ 20,737
Income taxes payable	7,645		4,771
Other	2,486		12,902
Accounts payable and accrued liabilities	$ 473,106		$ 449,857

Warranty Accruals - Warranty Ac

Warranty Accruals - Warranty Accruals Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Product Liability Contingency [Line Items]
Balance at beginning of period	$ 24,994	$ 26,977	$ 27,395	$ 20,737
Charged to cost of revenue, net	1,235	3,183	4,088	10,782
Payments	(2,004)	(1,855)	(6,801)	(3,695)
Currency translation effect	(260)	(1,059)	(717)	(578)
Balance at end of period	$ 23,965	$ 27,246	$ 23,965	$ 27,246

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) $ in Thousands	1 Months Ended
	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Periodic payment	$ 1,970
Swap agreement interest rate	50.00%
Fixed interest rate	2.99%
Senior Term Debt
Debt Instrument [Line Items]
Senior term debt	$ 170,000
5 Year Senior Term Debt
Debt Instrument [Line Items]
Senior term debt	$ 225,000
LIBOR
Debt Instrument [Line Items]
Debt instrument, percentage points added to the reference rate	1.50%
Prime Rate
Debt Instrument [Line Items]
Debt instrument, percentage points added to the reference rate	0.50%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	9 Months Ended
	May 31, 2019USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,250,101
Ending balance	1,262,315
Unrealized Gain (Loss) on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(431)
Other comprehensive gain (loss) before reclassifications	(5,066)
Amounts reclassified from Accumulated other comprehensive loss	1,476
Ending balance	(4,021)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(21,506)
Other comprehensive gain (loss) before reclassifications	(7,239)
Ending balance	(28,745)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,429)
Other comprehensive gain (loss) before reclassifications	75
Ending balance	(1,354)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(23,366)
Other comprehensive gain (loss) before reclassifications	(12,230)
Amounts reclassified from Accumulated other comprehensive loss	1,476
Ending balance	$ (34,120)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 9,770	$ 6,533	$ 23,411	$ 20,582
Total before tax	(43,419)	(65,006)	(84,286)	(173,269)
Income tax expense	13,008	15,944	24,391	22,778
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	391	110	1,944	(674)
Income tax expense	(85)	(51)	(468)	68
Net of tax	306	59	1,476	(606)
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	249	71	1,506	(986)
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	$ 142	$ 39	$ 438	$ 312

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		9 Months Ended
		May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	32,603	32,034	32,623	30,250
Dilutive effect of restricted stock units	[2]	580	225	538	89
Weighted average diluted common shares outstanding		33,183	32,914	33,161	32,774
2018 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]		655		2,435
2024 Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]	0	0	0	0
[1]	Restricted stock grants and restricted stock units that are considered participating securities, 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 that are not considered participating securities and 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 for the three and nine months ended May 31, 2018 as they were considered dilutive under the “if converted” method as further discussed below. The 2018 Convertible notes matured on April 1, 2018.
[4]	The dilutive effect of the 2024 Convertible notes was excluded for the three and nine months ended May 31, 2019 and 2018 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

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		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net earnings attributable to Greenbrier	$ 15,248	$ 32,951	$ 35,969	$ 120,846
Weighted average diluted common shares outstanding	33,183	32,914	33,161	32,774
Diluted earnings per share	$ 0.46	$ 1.01	$ 1.08	$ 3.75
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		$ 297		$ 2,031
Earnings before interest and debt issuance costs on 2018 Convertible Notes		$ 33,248		$ 122,877

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items]
Stock based compensation expense	$ 3,500	$ 7,700	$ 10,792	$ 20,311

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	9 Months Ended
	May 31, 2019USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 81,000,000
Amount reclassified to revenue or cost of revenue in the next year	100,000
Interest rate swap contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 110,500,000
Maturity date	2023-09
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next year	$ 600,000

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	May 31, 2019	Aug. 31, 2018
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 1,189	$ 1,557
Liability Derivatives	5,359	1,566
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,083	1,481
Liability Derivatives	5,174	1,212
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	1,083	700
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	1,211
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	781
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	5,174	1
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Asset Derivatives	106	76
Liability Derivatives	185	354
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	106	76
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	0	354
Not Designated as Hedging Instrument | Interest rate swap contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	0	0
Not Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 185	$ 0

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statements of Income (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	$ 0	$ (852)	$ 495	$ 1,080
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,272)	(2,616)	(6,702)	(144)
Gain (loss) reclassified accumulated OCI income (effective portion)	(392)	(110)	(1,944)	674
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	280	347	1,836	825
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	0	(852)	495	1,081
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	330	(2,285)	(16)	(1,063)
Gain (loss) reclassified accumulated OCI income (effective portion)	(68)	(168)	(735)	1,262
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	264	190	1,164	472
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives (effective portion)	102	(343)	(293)	(566)
Gain (loss) reclassified accumulated OCI income (effective portion)	(181)	97	(771)	(276)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	179	157	857	353
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	0	0	0	(1)
Gain (loss) recognized in OCI on derivatives (effective portion)	(2,704)	12	(6,393)	1,485
Gain (loss) reclassified accumulated OCI income (effective portion)	(143)	(39)	(438)	$ (312)
Gain (loss) recognized on derivative (ineffective portion and amount excluded from effectiveness testing)	$ (163)	$ 0	$ (185)

Segment Information - Additiona

Segment Information - Additional Information (Detail) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 20, 2018FacilitySegment	Aug. 19, 2018Segment	May 31, 2019USD ($)	May 31, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	3	4
Number of railcars repair shops returned to business | Facility	12
Goodwill impairment | $			$ 10,000	$ 10,025

Segment Information - Segments

Segment Information - Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	May 31, 2019		May 31, 2018	May 31, 2019		May 31, 2018	Aug. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 856,152		$ 641,387	$ 2,119,346		$ 1,830,258
Earnings (loss) from operations	53,189		71,539	107,697		193,851
Assets	2,513,188			2,513,188			$ 2,465,464
Manufacturing
Segment Reporting Information [Line Items]
Revenues	681,588		510,099	1,629,396		1,473,411
Earnings (loss) from operations	72,110		62,435	122,955		178,589
Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenues	124,980	[1]	94,515	358,801	[2]	261,236
Earnings (loss) from operations	(8,820)	[1]	5,546	(2,750)	[2]	13,083
Leasing & Services
Segment Reporting Information [Line Items]
Revenues	49,584		36,773	131,149		95,611
Earnings (loss) from operations	15,337		26,704	53,880		71,008
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenues	710,789		563,600	1,711,653		1,557,664
Earnings (loss) from operations	74,110		68,650	127,746		192,405
Assets	1,143,718			1,143,718			1,020,757
Operating Segments | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenues	136,581	[1]	105,394	395,241	[2]	288,799
Earnings (loss) from operations	(8,012)	[1]	6,232	(2,488)	[2]	15,297
Assets	307,630			307,630			306,756
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	55,432		40,659	145,907		105,466
Earnings (loss) from operations	20,250		30,084	66,346		79,554
Assets	650,483			650,483			578,818
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	411,357			411,357			$ 559,133
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(46,650)		(68,266)	(133,455)		(121,671)
Earnings (loss) from operations	(7,721)		(10,281)	(17,519)		(24,576)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenues	29,201		53,501	82,257		84,253
Earnings (loss) from operations	2,000		6,215	4,791		13,816
Intersegment Eliminations | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenues	11,601	[1]	10,879	36,440	[2]	27,563
Earnings (loss) from operations	808	[1]	686	262	[2]	2,214
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenues	5,848		3,886	14,758		9,855
Earnings (loss) from operations	4,913		3,380	12,466		8,546
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Revenues	0			0
Earnings (loss) from operations	$ (25,438)		$ (23,146)	$ (66,388)		$ (68,829)
[1]	A non-cash impairment charge of $10.0 million was recorded during the three months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.
[2]	A non-cash impairment charge of $10.0 million was recorded during the nine months ended May 31, 2019 related to the Company’s repair reporting unit. See Note 6 – Goodwill for additional information.

Segment Information - Reconcili

Segment Information - Reconciliation of Earnings from Operations to Earnings Before Income Tax and Loss from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Earnings from operations	$ 53,189	$ 71,539	$ 107,697	$ 193,851
Interest and foreign exchange	9,770	6,533	23,411	20,582
Earnings before income tax and loss from unconsolidated affiliates	$ 43,419	$ 65,006	$ 84,286	$ 173,269

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jan. 06, 2017USD ($)Segment	Dec. 31, 2016USD ($)	May 31, 2019USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study		$ 110,000,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount			$ 23,900,000
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%
Amsted-Maxion Cruzeiro
Commitments and Contingencies Disclosure [Line Items]
Note receivable			10,000,000
Greenbrier-Maxion
Commitments and Contingencies Disclosure [Line Items]
Note receivable			$ 19,200,000

Fair Value Measures - Assets an

Fair Value Measures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May 31, 2019		Aug. 31, 2018
Assets:
Derivative financial instruments	$ 1,189		$ 1,557
Nonqualified savings plan investments	27,141		26,299
Cash equivalents	82,756		126,430
Assets, Fair Value Disclosure, Total	111,086		154,286
Liabilities:
Derivative financial instruments	5,359		1,566
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	27,141		26,299
Cash equivalents	82,756		126,430
Assets, Fair Value Disclosure, Total	109,897		152,729
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	1,189	[1]	1,557
Assets, Fair Value Disclosure, Total	1,189	[1]	1,557
Liabilities:
Derivative financial instruments	$ 5,359	[1]	$ 1,566
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 14 - Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	May 31, 2019	Jun. 30, 2017
Related Party Transaction [Line Items]
Carrying amount of investment in unconsolidated affiliates	$ 5.8
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	$ 18
Leasing Warehouse
Related Party Transaction [Line Items]
Revenue recognize from railcars sold	6
Greenbrier
Related Party Transaction [Line Items]
Percentage of ownership in entity		40.00%
Amsted-Maxion Cruzeiro
Related Party Transaction [Line Items]
Note receivable	10
Greenbrier-Maxion
Related Party Transaction [Line Items]
Note receivable	$ 19.2

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Amended Line Of Credit Facility [Member] - Subsequent Event [Member] $ in Millions	Jun. 03, 2019USD ($)
Amended Line Of Credit Facility Maximum Borrowing Capacity	$ 600
Line of credit facility expiration date description	The Amended Credit Facility (including the Term Loan) matures on June 3, 2024, unless Greenbrier’s currently outstanding 2.875% convertible senior notes remain outstanding as of November 1, 2023, in which case the Amended Credit Facility matures on November 1, 2023.
Term Loan [Member]
Term loan capacity available to borrow	$ 300
Term loan variable rate of interest	1.25%