The Greenbrier Companies, Inc. (GBX) 10-Q 10 Jul 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	May 31, 2020	Jul. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	THE 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 Filer Category	Large Accelerated Filer
Title of 12(b) Security	Common Stock
Entity Common Stock, Shares Outstanding		32,700,933
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-13146
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Incorporation, State or Country Code	OR
Entity Tax Identification Number	93-0816972
Entity Address, Address Line One	One Centerpointe Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Lake Oswego
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97035
City Area Code	503
Local Phone Number	684-7000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Assets
Cash and cash equivalents	$ 735,258	$ 329,684
Restricted cash	8,704	8,803
Accounts receivable, net	261,629	373,383
Inventories	675,442	664,693
Leased railcars for syndication	136,144	182,269
Equipment on operating leases, net	355,841	366,688
Property, plant and equipment, net	719,155	717,973
Investment in unconsolidated affiliates	75,508	91,818
Intangibles and other assets, net	181,315	125,379
Goodwill	130,035	129,947
Total assets	3,279,031	2,990,637
Liabilities and Equity
Revolving notes	416,535	27,115
Accounts payable and accrued liabilities	488,969	568,360
Deferred income taxes	4,354	13,946
Deferred revenue	63,536	85,070
Notes payable, net	806,919	822,885
Commitments and contingencies (Note 15)
Contingently redeemable noncontrolling interest	30,611	31,564
Greenbrier
Preferred stock – without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 32,701 and 32,488 shares outstanding at May 31, 2020 and August 31, 2019
Additional paid-in capital	459,668	453,943
Retained earnings	894,619	867,602
Accumulated other comprehensive loss	(63,066)	(44,815)
Total equity – Greenbrier	1,291,221	1,276,730
Noncontrolling interest	176,886	164,967
Total equity	1,468,107	1,441,697
Liabilities and Equity	$ 3,279,031	$ 2,990,637

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 31, 2020	Aug. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, without par value	$ 0	$ 0
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, outstanding	0	0
Common stock, without par value	$ 0	$ 0
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares outstanding	32,701,000	32,488,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Revenue
Revenue		$ 762,557	$ 856,152	$ 2,155,764	$ 2,119,346
Cost of revenue
Cost of revenue		655,026	749,580	1,869,708	1,886,397
Margin		107,531	106,572	286,056	232,949
Selling and administrative expense		49,494	54,377	158,455	152,701
Net gain on disposition of equipment		(8,775)	(11,019)	(19,431)	(37,474)
Goodwill impairment			10,025		10,025
Earnings from operations		66,812	53,189	147,032	107,697
Other costs
Interest and foreign exchange		7,562	9,770	33,023	23,411
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		59,250	43,419	114,009	84,286
Income tax expense		(24,421)	(13,008)	(37,878)	(24,391)
Earnings before earnings (loss) from unconsolidated affiliates		34,829	30,411	76,131	59,895
Earnings (loss) from unconsolidated affiliates		1,040	(4,564)	3,764	(4,883)
Net earnings		35,869	25,847	79,895	55,012
Net earnings attributable to noncontrolling interest		(8,097)	(10,599)	(30,825)	(19,043)
Net earnings attributable to Greenbrier		$ 27,772	$ 15,248	$ 49,070	$ 35,969
Basic earnings per common share		$ 0.85	$ 0.47	$ 1.50	$ 1.10
Diluted earnings per common share		$ 0.83	$ 0.46	$ 1.47	$ 1.08
Weighted average common shares:
Basic	[1]	32,690	32,603	32,660	32,623
Diluted		33,478	33,183	33,414	33,161
Dividends declared per common share		$ 0.27	$ 0.25	$ 0.79	$ 0.75
Manufacturing
Revenue
Revenue		$ 653,007	$ 681,588	$ 1,800,317	$ 1,629,396
Cost of revenue
Cost of revenue		562,793	590,788	1,567,014	1,451,589
Earnings from operations		68,445	72,110	167,693	122,955
Wheels, Repair & Parts
Revenue
Revenue		82,024	124,980	259,857	358,801
Cost of revenue
Cost of revenue		75,001	119,821	241,266	339,254
Earnings from operations		3,785	(8,820)	8,219	(2,750)
Leasing & Services
Revenue
Revenue		27,526	49,584	95,590	131,149
Cost of revenue
Cost of revenue		17,232	38,971	61,428	95,554
Earnings from operations		$ 11,837	$ 15,337	$ 34,407	$ 53,880
[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.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net earnings		$ 35,869	$ 25,847	$ 79,895	$ 55,012
Other comprehensive income (loss)
Translation adjustment		(11,029)	(5,083)	(13,315)	(7,269)
Reclassification of derivative financial instruments recognized in net earnings	[1]	1,845	306	2,322	1,476
Unrealized loss on derivative financial instruments	[2]	(5,643)	(1,729)	(7,127)	(5,066)
Other (net of tax effect)		81	(1)	(140)	75
Other comprehensive income		(14,746)	(6,507)	(18,260)	(10,784)
Comprehensive income		21,123	19,340	61,635	44,228
Comprehensive income attributable to noncontrolling interest		(8,096)	(10,590)	(30,816)	(19,013)
Comprehensive income attributable to Greenbrier		$ 13,027	$ 8,750	$ 30,819	$ 25,215
[1]	Net of tax effect of ($0.6 million) and ($0.1 million) for the three months ended May 31, 2020 and 2019 and ($0.8 million) and ($0.5 million) for the nine months ended May 31, 2020 and 2019.
[2]	Net of tax effect of $2.1 million and $0.5 million for the three months ended May 31, 2020 and 2019 and $2.8 million and $1.6 million for the nine months ended May 31, 2020 and 2019.

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 0.6	$ 0.1	$ 0.8	$ 0.5
Unrealized loss on derivative financial instruments, tax	$ 2.1	$ 0.5	$ 2.8	$ 1.6

Condensed Consolidated Statem_2

Condensed 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 Feb. 28, 2018									$ 25,637
Net earnings									(915)
Beginning balance at Feb. 28, 2018			$ 444,962	$ 840,478	$ (27,622)	$ 1,257,818	$ 145,459	$ 1,403,277
Beginning balance (in shares) at Feb. 28, 2018		32,379
Net earnings				15,248		15,248	11,514	26,762
Other comprehensive loss, net					(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
Restricted stock amortization			4,002			4,002		4,002
Cash dividends				(8,293)		(8,293)		(8,293)
Ending balance at May. 31, 2019			449,002	847,433	(34,120)	1,262,315	154,916	1,417,231
Ending Balance (in shares) at May. 31, 2019		32,484
Ending Balance at May. 31, 2019									24,722
Cumulative effect adjustment due to adoption of ASU				5,461		5,461		5,461
Beginning balance at Aug. 31, 2018									29,768
Net earnings									(5,046)
Beginning balance at Aug. 31, 2018			442,569	830,898	(23,366)	1,250,101	134,114	1,384,215
Beginning balance (in shares) at Aug. 31, 2018		32,191
Net earnings	$ 55,012			35,969		35,969	24,089	60,058
Other comprehensive 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
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 at May. 31, 2019			449,002	847,433	(34,120)	1,262,315	154,916	1,417,231
Ending Balance (in shares) at May. 31, 2019		32,484
Ending Balance at May. 31, 2019									24,722
Cumulative effect adjustment due to adoption of ASU				4,393		4,393		4,393
Beginning balance at Aug. 31, 2019									31,564
Net earnings									(953)
Beginning balance at Aug. 31, 2019	$ 1,441,697		453,943	867,602	(44,815)	1,276,730	164,967	1,441,697
Beginning balance (in shares) at Aug. 31, 2019	32,488	32,488
Net earnings	$ 79,895			49,070		49,070	31,778	80,848
Other comprehensive loss, net	(18,260)				(18,251)	(18,251)	(9)	(18,260)
Noncontrolling interest adjustments							2,826	2,826
Joint venture partner distribution declared							(34,751)	(34,751)
Noncontrolling interest acquired							12,075	12,075
Restricted stock awards (net of cancellations) (in shares)		213
Restricted stock awards (net of cancellations)			6,797			6,797		6,797
Unamortized restricted stock			(9,063)			(9,063)		(9,063)
Restricted stock amortization			7,991			7,991		7,991
Cash dividends				(26,446)		(26,446)		(26,446)
Ending balance at May. 31, 2020	$ 1,468,107		459,668	894,619	(63,066)	1,291,221	176,886	1,468,107
Ending Balance (in shares) at May. 31, 2020	32,701	32,701
Ending Balance at May. 31, 2020									30,611
Beginning balance at Feb. 29, 2020									30,782
Net earnings									(171)
Beginning balance at Feb. 29, 2020			458,908	875,885	(48,321)	1,286,472	201,410	1,487,882
Beginning balance (in shares) at Feb. 29, 2020		32,642
Net earnings	$ 35,869			27,772		27,772	8,268	36,040
Other comprehensive loss, net	(14,746)				(14,745)	(14,745)	(1)	(14,746)
Noncontrolling interest adjustments							(6,212)	(6,212)
Joint venture partner distribution declared							(26,579)	(26,579)
Restricted stock awards (net of cancellations) (in shares)		59
Restricted stock awards (net of cancellations)			(4,317)			(4,317)		(4,317)
Unamortized restricted stock			3,945			3,945		3,945
Restricted stock amortization			1,132			1,132		1,132
Cash dividends				(9,038)		(9,038)		(9,038)
Ending balance at May. 31, 2020	$ 1,468,107		$ 459,668	$ 894,619	$ (63,066)	$ 1,291,221	$ 176,886	$ 1,468,107
Ending Balance (in shares) at May. 31, 2020	32,701	32,701
Ending Balance at May. 31, 2020									$ 30,611

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended		15 Months Ended
	May 31, 2020	May 31, 2020	May 31, 2019	May 31, 2019
Cash dividend per share	$ 0.27	$ 0.79	$ 0.75
Equity Excluding Contingently Redeemable Noncontrolling Interest [Member]
Cash dividend per share	$ 0.27	$ 0.79	$ 0.75	$ 0.25

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	May 31, 2020	May 31, 2019
Cash flows from operating activities
Net earnings	$ 79,895	$ 55,012
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Deferred income taxes	(11,450)	(20,478)
Depreciation and amortization	82,452	60,833
Net gain on disposition of equipment	(19,431)	(37,474)
Accretion of debt discount	4,102	3,268
Stock based compensation expense	8,265	10,792
Goodwill impairment		10,025
Noncontrolling interest adjustments	2,826	7,322
Other	568	1,916
Decrease (increase) in assets:
Accounts receivable, net	110,431	27,926
Inventories	12,555	(169,813)
Leased railcars for syndication	(38,826)	(43,796)
Other assets	(59,212)	(2,525)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(77,243)	30,581
Deferred revenue	(5,900)	(27,712)
Net cash provided by (used in) operating activities	89,032	(94,123)
Cash flows from investing activities
Proceeds from sales of assets	78,521	100,730
Capital expenditures	(55,326)	(149,945)
Investment in and advances to unconsolidated affiliates	(1,500)	(11,393)
Cash distribution from unconsolidated affiliates and other	11,273	1,986
Net cash provided by (used in) investing activities	32,968	(58,622)
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	214,932	(1,882)
Proceeds from revolving notes with maturities longer than 90 days	175,000
Proceeds from issuance of notes payable		225,000
Repayments of notes payable	(24,002)	(179,803)
Debt issuance costs		(2,974)
Dividends	(26,344)	(25,072)
Cash distribution to joint venture partner	(36,152)	(11,715)
Tax payments for net share settlement of restricted stock	(2,266)	(6,321)
Net cash provided by (used in) financing activities	301,168	(2,767)
Effect of exchange rate changes	(17,693)	(2,866)
Increase (decrease) in cash and cash equivalents and restricted cash	405,475	(158,378)
Cash and cash equivalents and restricted cash
Beginning of period	338,487	539,474
Cash and cash equivalents and restricted cash, Ending balance	743,962	381,096
Balance sheet reconciliation
Cash and cash equivalents	735,258	359,625
Restricted cash	8,704	21,471
Cash and cash equivalents and restricted cash, Ending balance	743,962	381,096
Cash paid during the period for
Interest	16,757	11,350
Income taxes, net	36,393	45,904
Non-cash activity
Transfer from Leased railcars for syndication to Equipment on operating leases, net	55,739	42,802
Capital expenditures accrued in Accounts payable and accrued liabilities	2,769	14,455
Change in Accounts payable and accrued liabilities associated with dividends declared	(102)	177
Conversion of unconsolidated affiliate note receivable to Investment in unconsolidated affiliates	4,760
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner	$ 1,401	$ (779)

Interim Financial Statements

Interim Financial Statements	9 Months Ended
	May 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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, 2020 and for the three and nine months ended May 31, 2020 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, 2020 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2020. 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 2019 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 Standards Lease accounting On September 1, 2019, the Company adopted Accounting Standards Update 2016-02, Leases Revenue from Contracts with Customers The Company adopted the provisions of the new standard using the modified retrospective adoption method, utilizing the simplified transition option which allows entities to continue to apply the legacy guidance in Topic 840 in the comparative periods presented in the year of adoption. The Company elected the “package of practical expedients,” which allows it to not reassess under the new guidance prior conclusions about lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight practical expedient. The Company elected to not separate lease and non-lease components. The Company elected the short-term lease recognition exemption for all leases that qualify, which means it will not recognize ROU assets or lease liabilities for leases with lease terms of less than twelve months. Following the adoption of Topic 842, the Company will utilize both Topic 842 and Topic 606 when evaluating retained risk of services and other performance obligations in conjunction with selling railcars with a lease attached as part of the syndication model. As a result of adoption, the Company recognized operating lease ROU assets and lease liabilities of $40.4 and $41.6 million, respectively, as of September 1, 2019. The Company also recognized an immaterial finance lease asset and corresponding lease liability. Additionally, the Company derecognized certain existing property, plant and equipment and deferred revenue for railcar transactions previously not qualifying as sales due to continuing involvement, that now qualify as sales under the new guidance. The gain associated with this change in accounting, was mostly offset by the recognition of a new guarantee liability. The adoption of this new standard also required the Company to eliminate deferred gains associated with certain sale-leaseback transactions. A cumulative-effect adjustment of $4.4 million was recorded as an increase to retained earnings as of September 1, 2019. Derivatives and Hedging In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities Prospective Accounting Changes Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued Accounting Standard Update 2016-13, Financial Instruments – Credit Losses

Revenue Recognition

Revenue Recognition	9 Months Ended
	May 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition Contract balances Contract assets primarily consist of unbilled receivables related to marine vessel construction and railcar 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 contract balances are as follows: (in thousands) Balance sheet classification May 31, 2020 August 31, 2019 $ change Contract assets Inventories $ 7,471 $ 10,196 $ (2,725 ) Contract liabilities 1 Deferred revenue $ 47,648 $ 52,118 $ (4,470 ) 1 For the three and nine months ended May 31, 2020, the Company recognized $2.7 million and $27.2 million of revenue that was included in Contract liabilities as of August 31, 2019. Performance obligations As of May 31, 2020, 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, 2020 Revenue type: Manufacturing – Railcar sales $ 2,292.1 Manufacturing – Marine $ 36.8 Services $ 134.8 Other $ 132.3 Manufacturing – Railcars intended for syndication 1 $ 239.1 1 Based on current production and delivery schedules and existing contracts, approximately $0.4 billion of the Railcar sales amount is expected to be recognized in the final three months of 2020 while the remaining amount is expected to be recognized through 2024. The table above excludes estimated revenue to be recognized at the Company’s Brazilian manufacturing operations, 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 through 2021 as vessel construction is completed. Services includes management and maintenance services of which approximately 45% are expected to be performed through 2024 and the remaining amount through 2037.

Acquisitions

Acquisitions	9 Months Ended
	May 31, 2020
Business Combinations [Abstract]
Acquisitions	Note 3 – Acquisitions Manufacturing business of American Railcar Industries, Inc. (ARI) On July 26, 2019, the Company completed its acquisition of the manufacturing business of ARI for a purchase price of approximately $417.2 million. In connection with the acquisition, the Company acquired two railcar manufacturing facilities in Arkansas, as well as other facilities which produce a range of railcar components and parts and create enhanced vertical integration for our manufacturing operations. The purchase price included approximately $8.5 million for capital expenditures on railcar lining operations and other facility improvements. Included in the acquisition were equity interests in two railcar component manufacturing businesses which Greenbrier accounts for under the equity method of accounting and recognized at their respective fair value as investments in unconsolidated affiliates. The purchase price was funded by, and consisted of, a combination of cash on hand, the proceeds of a $300 million secured term loan and the issuance to the seller of a $50 million senior convertible note. For the nine months ended May 31, 2020, the operations contributed by ARI’s manufacturing business generated revenues of $338.7 million and net earnings of $6.7 million, which are reported in the Company’s consolidated financial statements as part of the Manufacturing segment. The preliminary purchase price of the net assets acquired from ARI was allocated as follows: (in thousands) Accounts receivable, net $ 27,659 Inventories 98,053 Property, plant and equipment, net 225,045 Investments in unconsolidated affiliates 40,314 Intangibles and other assets, net 36,785 Goodwill 56,514 Total assets acquired 484,370 Total liabilities assumed 67,174 Net assets acquired $ 417,196 The above purchase price allocation, including the residual amount allocated to goodwill, is based on preliminary information and is subject to change as additional information is obtained related to the amounts allocated to the assets acquired and liabilities assumed. During the measurement period, which may extend up to 12 months after the date of acquisition, the Company will adjust these assets and liabilities if new information is obtained about the facts and circumstances that existed as of the acquisition date and revised amounts will be recorded as of that date. The effect of measurement period adjustments to the estimated amounts will be reflected on a prospective basis and were not material during the nine months ended May 31, 2020. The identified intangible assets assumed in the acquisition were recognized as follows: (in thousands) Fair value Weighted average estimated useful life (in years) Trademarks and patents $ 19,500 9 Customer and supplier relationships 16,071 7 Identified intangible assets subject to amortization 35,571 Other identified intangible assets not subject to amortization 860 Total identified intangible assets $ 36,431

Inventories

Inventories	9 Months Ended
	May 31, 2020
Inventory Disclosure [Abstract]
Inventories	Note 4 – Inventories Inventories are valued at the lower of cost or net realizable value using the first-in first-out method. Work-in-process includes material, labor and overhead. Finished goods includes completed wheels, parts and railcars not on lease or in transit. The following table summarizes the Company’s inventory balance: (In thousands) May 31, 2020 August 31, 2019 Manufacturing supplies and raw materials $ 326,686 $ 387,015 Work-in-process 148,342 156,614 Finished goods 219,050 130,576 Excess and obsolete adjustment (18,636 ) (9,512 ) $ 675,442 $ 664,693

Intangibles and Other Assets, n

Intangibles and Other Assets, net	9 Months Ended
	May 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
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, 2020 August 31, 2019 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (54,600 ) (48,850 ) Other intangibles 36,748 34,031 Accumulated amortization (9,274 ) (6,908 ) 62,596 67,995 Intangible assets not subject to amortization 2,513 5,450 Prepaid and other assets 19,646 15,749 Operating lease ROU assets 56,886 — Nonqualified savings plan investments 32,165 27,967 Revolving notes issuance costs, net 3,859 4,568 Assets held for sale 3,650 3,650 Total Intangible and other assets, net $ 181,315 $ 125,379 Amortization expense was $2.7 million and $8.2 million for the three and nine months ended May 31, 2020 and $1.3 million and $4.6 million for the three and nine months ended May 31, 2019. Amortization expense for the years ending August 31, 2020, 2021, 2022, 2023 and 2024 is expected to be $10.4 million, $10.4 million, $7.0 million, $5.8 million and $5.8 million, respectively.

Revolving Notes

Revolving Notes	9 Months Ended
	May 31, 2020
Debt Disclosure [Abstract]
Revolving Notes	Note 6 – Revolving Notes Senior secured credit facilities, consisting of three components, aggregated to $705.1 million as of May 31, 2020. As of May 31, 2020, a $600.0 million revolving line of credit, maturing June 2024, 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 eligible 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, 2020, lines of credit totaling $55.1 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 1.5% 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 $13.9 million of facilities which are guaranteed by the Company. European credit facilities are regularly renewed. Currently, these European credit facilities have maturities that range from August 2020 through July 2021. As of May 31, 2020, the Company’s Mexican railcar manufacturing joint venture had two lines of credit totaling $50.0 million. The first line of credit provides up to $30.0 million. Advances under this facility bear interest at LIBOR plus 3.75% to 4.25%. 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 3.75%. The Mexican railcar manufacturing joint venture will be able to draw amounts available under this facility through June 2021. As of May 31 , 2020, outstanding commitments under the senior secured credit facilities consisted of $ million in letters of credit and $ million in borrowings under the North American credit facility , $ million outstanding under the European credit facilities and $ million outstanding under the Mexican credit facilities . As of May 31 , 2020, the Company had an aggregate of $ 136.8 million available to draw down under committed credit facilities. As of August 31, 2019, outstanding commitments under the senior secured credit facilities consisted of $24.4 million in letters of credit under the North American credit facility and $27.1 million outstanding under the European credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	May 31, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Note 7 – Accounts Payable and Accrued Liabilities (In thousands) May 31, 2020 August 31, 2019 Trade payables $ 161,900 $ 302,009 Other accrued liabilities 106,200 108,939 Operating lease liabilities 58,158 — Accrued payroll and related liabilities 100,152 106,669 Accrued warranty 47,743 46,678 Income taxes payable 14,816 4,065 $ 488,969 $ 568,360

Warranty Accruals

Warranty Accruals	9 Months Ended
	May 31, 2020
Guarantees And Product Warranties [Abstract]
Warranty Accruals	Note 8 – 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) 2020 2019 2020 2019 Balance at beginning of period $ 46,850 $ 24,994 $ 46,678 $ 27,395 Charged to cost of revenue, net 2,600 1,235 5,862 4,088 Payments (1,518 ) (2,004 ) (4,653 ) (6,801 ) Currency translation effect (189 ) (260 ) (144 ) (717 ) Balance at end of period $ 47,743 $ 23,965 $ 47,743 $ 23,965

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	May 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 9 – 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, 2019 $ (8,841 ) $ (34,194 ) $ (1,780 ) $ (44,815 ) Other comprehensive loss before reclassifications (7,127 ) (13,306 ) (140 ) (20,573 ) Amounts reclassified from Accumulated other comprehensive loss 2,322 — — 2,322 Balance, May 31, 2020 $ (13,646 ) $ (47,500 ) $ (1,920 ) $ (63,066 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with financial statement caption, were as follows: Three Months Ended May 31, (In thousands) 2020 2019 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,711 $ 249 Revenue and Cost of revenue Interest rate swap contracts 783 142 Interest and foreign exchange 2,494 391 Total before tax (649 ) (85 ) Income tax benefit $ 1,845 $ 306 Net of tax Nine Months Ended May 31, (In thousands) 2020 2019 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,812 $ 1,506 Revenue and cost of revenue Interest rate swap contracts 1,319 438 Interest and foreign exchange 3,131 1,944 Total before tax (809 ) (468 ) Income tax benefit $ 2,322 $ 1,476 Net of tax

Earnings Per Share

Earnings Per Share	9 Months Ended
	May 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Note 10 – 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) 2020 2019 2020 2019 Weighted average basic common shares outstanding (1) 32,690 32,603 32,660 32,623 Dilutive effect of 2.875% Convertible notes (2) — — — — Dilutive effect of 2.25% Convertible notes (3) — n/a — n/a Dilutive effect of restricted stock units (4) 788 580 754 538 Weighted average diluted common shares outstanding 33,478 33,183 33,414 33,161 (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 2.875% Convertible notes was excluded for the three and nine months ended May 31, 2020 and 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (3) The 2.25% Convertible notes were issued in July 2019. The dilutive effect of the 2.25% Convertible notes was excluded for the three and nine months ended May 31, 2020 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 treasury stock method associated with shares underlying the 2.875% Convertible notes, 2.25% 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. Three Months Ended May 31, Nine Months Ended May 31, 2020 2019 2020 2019 Net earnings attributable to Greenbrier $ 27,772 $ 15,248 $ 49,070 $ 35,969 Weighted average diluted common shares outstanding 33,478 33,183 33,414 33,161 Diluted earnings per share $ 0.83 $ 0.46 $ 1.47 $ 1.08

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	May 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	Note 11 – 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 unit, restricted stock and phantom stock unit awards. Stock based compensation expense was $1.0 million and $8.3 million for the three and nine months ended May 31, 2020, respectively and $3.5 million and $10.8 million for the three and nine months ended May 31, 2019, 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, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 12 – 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, 2020 exchange rates, notional amounts of 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 $37.3 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 May 2022, 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, 2020 exchange rates, approximately $1.1 million would be reclassified to revenue or cost of revenue in the next year. At May 31, 2020, an interest rate swap agreement maturing in September 2023 had a notional amount of $106.6 million and an interest rate swap agreement maturing June 2024 had a notional amount of $146.3 million. The fair value of the contracts are 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, 2020 interest rates, approximately $5.0 million would be reclassified to interest expense in the next year. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, 2020 August 31, 2019 May 31, 2020 August 31, 2019 (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 $ 147 $ 64 Accounts payable and accrued liabilities $ 768 $ 437 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 16,876 10,255 $ 147 $ 64 $ 17,644 $ 10,692 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ — Accounts payable and accrued liabilities $ 2 $ 587 The Effect of Derivative Instruments on the Statements of Income Three Months Ended May 31, 2020 and 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on derivatives three months ended May 31, 2020 May 31, 2019 Foreign forward exchange contract Interest and foreign exchange $ 154 $ — Derivatives in cash flow hedging relationships Gain (loss) recognized in OCI on derivatives three months ended, Location of gain (loss) reclassified from accumulated OCI into income Gain (loss) reclassified from accumulated OCI into income three months ended Location of gain (loss) on derivative (amount excluded from effectiveness testing) Gain (loss) recognized on derivative (amount excluded from effectiveness testing) three months ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign forward exchange contracts $ (599 ) $ 330 Revenue $ (485 ) $ (68 ) Revenue $ 138 $ 264 Foreign forward exchange contracts (2,015 ) 102 Cost of revenue (1,226 ) (181 ) Cost of revenue 130 179 Interest rate swap contracts (5,155 ) (2,704 ) Interest and foreign exchange (783 ) (143 ) Interest and foreign exchange 281 (163 ) $ (7,769 ) $ (2,272 ) $ (2,494 ) $ (392 ) $ 549 $ 280 The following table presents the amounts in the Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the three months ended May 31, 2020 and 2019: For The Three Months Ended May 31, 2020 May 31, 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 762,557 $ (485 ) $ 856,152 $ (68 ) Cost of revenue 655,026 (1,226 ) 749,580 (181 ) Interest and foreign exchange 7,562 (783 ) 9,770 (143 ) Nine Months Ended May 31, 2020 and 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on derivatives nine months ended May 31, 2020 May 31, 2019 Foreign forward exchange contract Interest and foreign exchange $ 60 $ 495 Derivatives in cash flow hedging relationships Gain (loss) recognized in OCI on derivatives nine months ended Location of gain (loss) reclassified from accumulated OCI into income Gain (loss) reclassified from accumulated OCI into income nine months ended Location of gain (loss) on derivative amount excluded from effectiveness testing) Gain (loss) recognized on derivative (amount excluded from effectiveness testing) nine months ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign forward exchange contracts $ 164 $ (16 ) Revenue $ (584 ) $ (735 ) Revenue $ 781 $ 1,164 Foreign forward exchange contracts (2,198 ) (293 ) Cost of revenue (1,228 ) (771 ) Cost of revenue 474 857 Interest rate swap contracts (7,939 ) (6,393 ) Interest and foreign exchange (1,319 ) (438 ) Interest and foreign exchange — (185 ) $ (9,973 ) $ (6,702 ) $ (3,131 ) $ (1,944 ) $ 1,255 $ 1,836 For the Nine Months Ended May 31, 2020 May 31, 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 2,155,764 $ (584 ) $ 2,119,346 $ (735 ) Cost of revenue 1,869,708 (1,228 ) 1,886,397 (771 ) Interest and foreign exchange 33,023 (1,319 ) 23,411 (438 )

Segment Information

Segment Information	9 Months Ended
	May 31, 2020
Segment Reporting [Abstract]
Segment Information	Note 13 – Segment Information The Company operates in three reportable segments: Manufacturing; Wheels, Repair & Parts; and Leasing & Services. 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 2019 Annual Report on Form 10-K. Performance is evaluated based on Earnings from operations. Corporate includes selling and administrative costs not directly related to goods and services and certain costs that are intertwined among segments due to our integrated business model. The Company does not allocate Interest and foreign exchange or Income tax expense for either external or internal reporting purposes. Intersegment sales and transfers are valued as if the sales or transfers were to third parties. Related revenue and margin are eliminated in consolidation and therefore are not included in consolidated results in the Company’s Consolidated Financial Statements. The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. For the three months ended May 31, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 653,007 $ 1,151 $ 654,158 $ 68,445 $ 95 $ 68,540 Wheels, Repair & Parts 82,024 1,527 83,551 3,785 (393 ) 3,392 Leasing & Services 27,526 14,841 42,367 11,837 14,454 26,291 Eliminations — (17,519 ) (17,519 ) — (14,156 ) (14,156 ) Corporate — — — (17,255 ) — (17,255 ) $ 762,557 $ — $ 762,557 $ 66,812 $ — $ 66,812 For the nine months ended May 31, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,800,317 $ 1,269 $ 1,801,586 $ 167,693 $ 73 $ 167,766 Wheels, Repair & Parts 259,857 12,511 272,368 8,219 (903 ) 7,316 Leasing & Services 95,590 31,830 127,420 34,407 30,127 64,534 Eliminations — (45,610 ) (45,610 ) — (29,297 ) (29,297 ) Corporate — — — (63,287 ) — (63,287 ) $ 2,155,764 $ — $ 2,155,764 $ 147,032 $ — $ 147,032 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 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 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 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 Total assets (In thousands) May 31, 2020 August 31, 2019 Manufacturing $ 1,441,052 $ 1,606,571 Wheels, Repair & Parts 296,888 306,725 Leasing & Services 777,523 708,799 Unallocated 763,568 368,542 $ 3,279,031 $ 2,990,637 Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2020 2019 2020 2019 Earnings from operations $ 66,812 $ 53,189 $ 147,032 $ 107,697 Interest and foreign exchange 7,562 9,770 33,023 23,411 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 59,250 $ 43,419 $ 114,009 $ 84,286

Leases

Leases	9 Months Ended
	May 31, 2020
Leases [Abstract]
Leases	Note 14 – Leases Lessor Equipment on operating leases is reported net of accumulated depreciation of $31.1 million and $44.2 million as of May 31, 2020 and August 31, 2019, respectively. Depreciation expense was $2.6 million and $9.2 million for the three and nine months ended May 31, 2020. In addition, certain railcar equipment leased-in by the Company on operating leases is subleased to customers under non-cancelable operating leases with lease terms ranging from one to nine years. Operating lease rental revenues included in the Company’s Statement of Income for the three and nine months ended May 31, 2020 was $9.0 million and $30.2 million, which included $2.8 million and $9.3 million, respectively, of revenue as a result of daily, monthly or car hire utilization arrangements. Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases at May 31, 2020, will mature as follows: (in thousands) Remaining three months of 2020 $ 7,579 2021 28,249 2022 26,044 2023 20,567 2024 16,984 Thereafter 24,203 $ 123,626 Lessee The Company leases railcars, real estate, and certain equipment under operating and, to a lesser extent, finance lease arrangements. As of and for the three and nine months ended May 31, 2020, finance leases were not a material component of the Company's lease portfolio. The components of operating lease costs were as follows: (in thousands) Three months ended May 31, 2020 Nine months ended May 31, 2020 Operating lease expense $ 4,388 $ 11,238 Short-term lease expense 1,707 6,437 Total $ 6,095 $ 17,675 Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at May 31, 2020 will mature as follows: (in thousands) Remaining three months of 2020 $ 3,935 2021 13,977 2022 10,722 2023 10,231 2024 8,754 Thereafter 18,640 Total lease payments $ 66,259 Less: Imputed interest (8,101 ) Total lease obligations $ 58,158 The table below presents additional information related to the Company’s leases: Weighted average remaining lease term Operating leases 11.6 years Weighted average discount rate Operating leases 3.4 % Supplemental cash flow information related to leases were as follows: (in thousands) Nine months ended May 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,121 ROU assets obtained in exchange for new operating lease liabilities $ 26,372

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	May 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15 – 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 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, agreed to help fund the additional sampling, which is now complete. The EPA requested that potentially responsible parties enter AOCs during 2019 agreeing to conduct remedial design studies. Some parties have signed AOCs, including one party with respect to RM9W which includes the area offshore of the Company’s manufacturing facility. The Company has not signed an AOC 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., 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 In connection with the acquisition of the manufacturing business of ARI, the Company agreed to assume potential legacy liabilities (known and unknown) related to railcars manufactured by ARI. Among these potential liabilities are certain retrofit and repair obligations arising from regulatory actions by the Federal Railroad Administration and the Association of American Railroads. In some cases, the seller shares with the Company the costs of these retrofit and repair obligations. The Company currently is not able to determine if any of these liabilities will have a material adverse impact on the Company’s results of operations. 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, 2020, the Company had outstanding letters of credit aggregating to $28.7 million associated with performance guarantees, facility leases and workers compensation insurance. As of May 31, 2020, the Company had a $4.5 million note receivable from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $3.9 million note receivable 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, its unconsolidated Brazilian railcar manufacturer.

Fair Value Measures

Fair Value Measures	9 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measures	Note 16 – 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, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 147 $ — $ 147 $ — Nonqualified savings plan investments 32,165 32,165 — — Cash equivalents 203,301 203,301 — — $ 235,613 $ 235,466 $ 147 $ — Liabilities: Derivative financial instruments $ 17,646 $ — $ 17,646 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 12 - Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2019 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 64 $ — $ 64 $ — Nonqualified savings plan investments 27,967 27,967 — — Cash equivalents 68,100 68,100 — — $ 96,131 $ 96,067 $ 64 $ — Liabilities: Derivative financial instruments $ 11,279 $ — $ 11,279 $ —

Related Party Transactions

Related Party Transactions	9 Months Ended
	May 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 17 – 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, 2020, the carrying amount of the investment was $4.7 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. There were no sales to or from this entity during the three and nine months ended May 31, 2020. The Company recognized $18.2 million in revenue associated with railcars sold into the leasing warehouse during the nine months ended May 31, 2019. The Company also recognized $5.6 million in revenue associated with railcars sold out of the leasing warehouse during the nine months ended May 31, 2019. 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, 2020 and May 31, 2019. The Company has a 41.9% interest in Axis, LLC (Axis), a joint venture. The Company obtained its ownership interest in Axis as part of the acquisition of the manufacturing business of ARI on July 26, 2019. For the three and nine months ended May 31, 2020, the Company purchased $4.3 million and $11.5 million of railcar components from Axis. In November 2019, the Company increased its ownership interest in Amsted-Maxion Cruzeiro from 24.5% to 29.5%. This transaction included a conversion to equity of $4.8 million from a note receivable, including accrued interest, and a re-payment to the Company of $1.5 million which was used to acquire the additional 5% ownership interest. As of May 31, 2020, the Company had a remaining $4.5 million note receivable due from Amsted-Maxion Cruzeiro, its unconsolidated Brazilian castings and components manufacturer and a $3.9 million note receivable from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. These note receivables are included on the Consolidated Balance Sheet in Accounts receivable, net. In May 2020, the Company and its manufacturing partner Grupo Industrial Monclova, S.A. (GIMSA) amended its joint venture agreement for its joint ventures in Monclova, Mexico. In addition to certain temporary changes to the existing fee arrangements, the joint ventures also paid dividends of $22.5 million to each of the joint venture partners during the three months ended May 31, 2020.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	May 31, 2020
Revenue From Contract With Customer [Abstract]
Summary of Contract Balances	The contract balances are as follows: (in thousands) Balance sheet classification May 31, 2020 August 31, 2019 $ change Contract assets Inventories $ 7,471 $ 10,196 $ (2,725 ) Contract liabilities 1 Deferred revenue $ 47,648 $ 52,118 $ (4,470 ) 1
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, 2020 Revenue type: Manufacturing – Railcar sales $ 2,292.1 Manufacturing – Marine $ 36.8 Services $ 134.8 Other $ 132.3 Manufacturing – Railcars intended for syndication 1 $ 239.1 1

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	May 31, 2020
Schedule of Identified Intangible Assets Assumed In the Acquisition	The identified intangible assets assumed in the acquisition were recognized as follows: (in thousands) Fair value Weighted average estimated useful life (in years) Trademarks and patents $ 19,500 9 Customer and supplier relationships 16,071 7 Identified intangible assets subject to amortization 35,571 Other identified intangible assets not subject to amortization 860 Total identified intangible assets $ 36,431
American Railcar Industries
Preliminary Allocation of Purchase Price Based on Fair Value of Net Assets Acquired	The preliminary purchase price of the net assets acquired from ARI was allocated as follows: (in thousands) Accounts receivable, net $ 27,659 Inventories 98,053 Property, plant and equipment, net 225,045 Investments in unconsolidated affiliates 40,314 Intangibles and other assets, net 36,785 Goodwill 56,514 Total assets acquired 484,370 Total liabilities assumed 67,174 Net assets acquired $ 417,196

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	May 31, 2020
Inventory Disclosure [Abstract]
Components of Inventories	Inventories are valued at the lower of cost or net realizable value using the first-in first-out method. Work-in-process includes material, labor and overhead. Finished goods includes completed wheels, parts and railcars not on lease or in transit. The following table summarizes the Company’s inventory balance: (In thousands) May 31, 2020 August 31, 2019 Manufacturing supplies and raw materials $ 326,686 $ 387,015 Work-in-process 148,342 156,614 Finished goods 219,050 130,576 Excess and obsolete adjustment (18,636 ) (9,512 ) $ 675,442 $ 664,693

Intangibles and Other Assets,_2

Intangibles and Other Assets, net (Tables)	9 Months Ended
	May 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Identifiable Intangible and Other Assets	The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) May 31, 2020 August 31, 2019 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (54,600 ) (48,850 ) Other intangibles 36,748 34,031 Accumulated amortization (9,274 ) (6,908 ) 62,596 67,995 Intangible assets not subject to amortization 2,513 5,450 Prepaid and other assets 19,646 15,749 Operating lease ROU assets 56,886 — Nonqualified savings plan investments 32,165 27,967 Revolving notes issuance costs, net 3,859 4,568 Assets held for sale 3,650 3,650 Total Intangible and other assets, net $ 181,315 $ 125,379

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	May 31, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	(In thousands) May 31, 2020 August 31, 2019 Trade payables $ 161,900 $ 302,009 Other accrued liabilities 106,200 108,939 Operating lease liabilities 58,158 — Accrued payroll and related liabilities 100,152 106,669 Accrued warranty 47,743 46,678 Income taxes payable 14,816 4,065 $ 488,969 $ 568,360

Warranty Accruals (Tables)

Warranty Accruals (Tables)	9 Months Ended
	May 31, 2020
Guarantees And Product Warranties [Abstract]
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2020 2019 2020 2019 Balance at beginning of period $ 46,850 $ 24,994 $ 46,678 $ 27,395 Charged to cost of revenue, net 2,600 1,235 5,862 4,088 Payments (1,518 ) (2,004 ) (4,653 ) (6,801 ) Currency translation effect (189 ) (260 ) (144 ) (717 ) Balance at end of period $ 47,743 $ 23,965 $ 47,743 $ 23,965

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	May 31, 2020
Equity [Abstract]
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, 2019 $ (8,841 ) $ (34,194 ) $ (1,780 ) $ (44,815 ) Other comprehensive loss before reclassifications (7,127 ) (13,306 ) (140 ) (20,573 ) Amounts reclassified from Accumulated other comprehensive loss 2,322 — — 2,322 Balance, May 31, 2020 $ (13,646 ) $ (47,500 ) $ (1,920 ) $ (63,066 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Income, with financial statement caption, were as follows: Three Months Ended May 31, (In thousands) 2020 2019 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,711 $ 249 Revenue and Cost of revenue Interest rate swap contracts 783 142 Interest and foreign exchange 2,494 391 Total before tax (649 ) (85 ) Income tax benefit $ 1,845 $ 306 Net of tax Nine Months Ended May 31, (In thousands) 2020 2019 Financial Statement Location (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,812 $ 1,506 Revenue and cost of revenue Interest rate swap contracts 1,319 438 Interest and foreign exchange 3,131 1,944 Total before tax (809 ) (468 ) Income tax benefit $ 2,322 $ 1,476 Net of tax

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	May 31, 2020
Earnings Per Share [Abstract]
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) 2020 2019 2020 2019 Weighted average basic common shares outstanding (1) 32,690 32,603 32,660 32,623 Dilutive effect of 2.875% Convertible notes (2) — — — — Dilutive effect of 2.25% Convertible notes (3) — n/a — n/a Dilutive effect of restricted stock units (4) 788 580 754 538 Weighted average diluted common shares outstanding 33,478 33,183 33,414 33,161 (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 2.875% Convertible notes was excluded for the three and nine months ended May 31, 2020 and 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (3) The 2.25% Convertible notes were issued in July 2019. The dilutive effect of the 2.25% Convertible notes was excluded for the three and nine months ended May 31, 2020 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, 2020 2019 2020 2019 Net earnings attributable to Greenbrier $ 27,772 $ 15,248 $ 49,070 $ 35,969 Weighted average diluted common shares outstanding 33,478 33,183 33,414 33,161 Diluted earnings per share $ 0.83 $ 0.46 $ 1.47 $ 1.08

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	May 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, 2020 August 31, 2019 May 31, 2020 August 31, 2019 (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 $ 147 $ 64 Accounts payable and accrued liabilities $ 768 $ 437 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 16,876 10,255 $ 147 $ 64 $ 17,644 $ 10,692 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ — Accounts payable and accrued liabilities $ 2 $ 587
Effect of Derivative Instruments on the Statements of Income	The Effect of Derivative Instruments on the Statements of Income Three Months Ended May 31, 2020 and 2019 Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on derivatives three months ended May 31, 2020 May 31, 2019 Foreign forward exchange contract Interest and foreign exchange $ 154 $ — Derivatives in cash flow hedging relationships Gain (loss) recognized in OCI on derivatives three months ended, Location of gain (loss) reclassified from accumulated OCI into income Gain (loss) reclassified from accumulated OCI into income three months ended Location of gain (loss) on derivative (amount excluded from effectiveness testing) Gain (loss) recognized on derivative (amount excluded from effectiveness testing) three months ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign forward exchange contracts $ (599 ) $ 330 Revenue $ (485 ) $ (68 ) Revenue $ 138 $ 264 Foreign forward exchange contracts (2,015 ) 102 Cost of revenue (1,226 ) (181 ) Cost of revenue 130 179 Interest rate swap contracts (5,155 ) (2,704 ) Interest and foreign exchange (783 ) (143 ) Interest and foreign exchange 281 (163 ) $ (7,769 ) $ (2,272 ) $ (2,494 ) $ (392 ) $ 549 $ 280
Effects of Cash Flow Hedges Included in Statements of Income	The following table presents the amounts in the Consolidated Statements of Income in which the effects of the cash flow hedges are recorded and the effects of the cash flow hedge activity on these line items for the three months ended May 31, 2020 and 2019: For The Three Months Ended May 31, 2020 May 31, 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 762,557 $ (485 ) $ 856,152 $ (68 ) Cost of revenue 655,026 (1,226 ) 749,580 (181 ) Interest and foreign exchange 7,562 (783 ) 9,770 (143 ) Derivatives in cash flow hedging relationships Gain (loss) recognized in OCI on derivatives nine months ended Location of gain (loss) reclassified from accumulated OCI into income Gain (loss) reclassified from accumulated OCI into income nine months ended Location of gain (loss) on derivative amount excluded from effectiveness testing) Gain (loss) recognized on derivative (amount excluded from effectiveness testing) nine months ended May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 May 31, 2020 May 31, 2019 Foreign forward exchange contracts $ 164 $ (16 ) Revenue $ (584 ) $ (735 ) Revenue $ 781 $ 1,164 Foreign forward exchange contracts (2,198 ) (293 ) Cost of revenue (1,228 ) (771 ) Cost of revenue 474 857 Interest rate swap contracts (7,939 ) (6,393 ) Interest and foreign exchange (1,319 ) (438 ) Interest and foreign exchange — (185 ) $ (9,973 ) $ (6,702 ) $ (3,131 ) $ (1,944 ) $ 1,255 $ 1,836 For the Nine Months Ended May 31, 2020 May 31, 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 2,155,764 $ (584 ) $ 2,119,346 $ (735 ) Cost of revenue 1,869,708 (1,228 ) 1,886,397 (771 ) Interest and foreign exchange 33,023 (1,319 ) 23,411 (438 )

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	May 31, 2020
Segment Reporting [Abstract]
Segments Internal Financial Reports	The information in the following table is derived directly from the segments’ internal financial reports used for corporate management purposes. For the three months ended May 31, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 653,007 $ 1,151 $ 654,158 $ 68,445 $ 95 $ 68,540 Wheels, Repair & Parts 82,024 1,527 83,551 3,785 (393 ) 3,392 Leasing & Services 27,526 14,841 42,367 11,837 14,454 26,291 Eliminations — (17,519 ) (17,519 ) — (14,156 ) (14,156 ) Corporate — — — (17,255 ) — (17,255 ) $ 762,557 $ — $ 762,557 $ 66,812 $ — $ 66,812 For the nine months ended May 31, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 1,800,317 $ 1,269 $ 1,801,586 $ 167,693 $ 73 $ 167,766 Wheels, Repair & Parts 259,857 12,511 272,368 8,219 (903 ) 7,316 Leasing & Services 95,590 31,830 127,420 34,407 30,127 64,534 Eliminations — (45,610 ) (45,610 ) — (29,297 ) (29,297 ) Corporate — — — (63,287 ) — (63,287 ) $ 2,155,764 $ — $ 2,155,764 $ 147,032 $ — $ 147,032 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 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 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 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 Total assets (In thousands) May 31, 2020 August 31, 2019 Manufacturing $ 1,441,052 $ 1,606,571 Wheels, Repair & Parts 296,888 306,725 Leasing & Services 777,523 708,799 Unallocated 763,568 368,542 $ 3,279,031 $ 2,990,637
Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates	Reconciliation of Earnings from operations to Earnings before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2020 2019 2020 2019 Earnings from operations $ 66,812 $ 53,189 $ 147,032 $ 107,697 Interest and foreign exchange 7,562 9,770 33,023 23,411 Earnings before income tax and earnings (loss) from unconsolidated affiliates $ 59,250 $ 43,419 $ 114,009 $ 84,286

Leases (Tables)

Leases (Tables)	9 Months Ended
	May 31, 2020
Leases [Abstract]
Aggregate Minimum Future Amounts Receivable Under All Non-Cancelable Operating Leases and Subleases	Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases at May 31, 2020, will mature as follows: (in thousands) Remaining three months of 2020 $ 7,579 2021 28,249 2022 26,044 2023 20,567 2024 16,984 Thereafter 24,203 $ 123,626
Components of Operating Lease Costs	The components of operating lease costs were as follows: (in thousands) Three months ended May 31, 2020 Nine months ended May 31, 2020 Operating lease expense $ 4,388 $ 11,238 Short-term lease expense 1,707 6,437 Total $ 6,095 $ 17,675
Aggregate Minimum Future Amounts Payable Under Operating Leases	Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at May 31, 2020 will mature as follows: (in thousands) Remaining three months of 2020 $ 3,935 2021 13,977 2022 10,722 2023 10,231 2024 8,754 Thereafter 18,640 Total lease payments $ 66,259 Less: Imputed interest (8,101 ) Total lease obligations $ 58,158
Additional Information Related to Company's Leases	The table below presents additional information related to the Company’s leases: Weighted average remaining lease term Operating leases 11.6 years Weighted average discount rate Operating leases 3.4 %
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases were as follows: (in thousands) Nine months ended May 31, 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 12,121 ROU assets obtained in exchange for new operating lease liabilities $ 26,372

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	May 31, 2020
Fair Value Disclosures [Abstract]
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, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 147 $ — $ 147 $ — Nonqualified savings plan investments 32,165 32,165 — — Cash equivalents 203,301 203,301 — — $ 235,613 $ 235,466 $ 147 $ — Liabilities: Derivative financial instruments $ 17,646 $ — $ 17,646 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 12 - Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2019 were: (In thousands) Total Level 1 Level 2 Level 3 Assets: Derivative financial instruments $ 64 $ — $ 64 $ — Nonqualified savings plan investments 27,967 27,967 — — Cash equivalents 68,100 68,100 — — $ 96,131 $ 96,067 $ 64 $ — Liabilities: Derivative financial instruments $ 11,279 $ — $ 11,279 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 01, 2019	May 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cumulative-effect adjustment	$ 4,400
Operating lease ROU assets	40,400	$ 56,886
Operating lease liabilities	$ 41,600	$ 58,158

Revenue Recognition - Summary o

Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands		9 Months Ended
		May 31, 2020	Aug. 31, 2019
Change In Contract With Customer Asset And Liability [Abstract]
Contract assets		$ 7,471	$ 10,196
Contract liabilities	[1]	47,648	$ 52,118
Change in contract assets		(2,725)
Change in contract liabilities	[1]	$ (4,470)
[1]	Contract liabilities balance includes deferred revenue within the scope of Topic 606.

Revenue Recognition - Additiona

Revenue Recognition - Additional information (Detail) $ in Millions	3 Months Ended	9 Months Ended
	May 31, 2020USD ($)	May 31, 2020USD ($)
Revenue From Contract With Customers [Line Items]
Revenue recognized from contract with customers liability	$ 2.7	$ 27.2
Railcar sales
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	400	400
Services
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	$ 134.8	$ 134.8
Expected performance percentage	45.00%	45.00%

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Estimated Revenue Related to Performance Obligations (Detail) $ in Millions	May 31, 2020USD ($)
Railcar sales
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	$ 400
Services
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	134.8
Other
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	132.3
Manufacturing | Railcar sales
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	2,292.1
Manufacturing | Marine
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	36.8
Manufacturing | Railcars for Syndication
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	$ 239.1	[1]
[1]	Not a performance obligation as defined in Topic 606

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) $ in Thousands	Jul. 26, 2019USD ($)Railcar	May 31, 2020USD ($)	May 31, 2019USD ($)	May 31, 2020USD ($)	May 31, 2019USD ($)
Business Acquisition [Line Items]
Revenue		$ 762,557	$ 856,152	$ 2,155,764	$ 2,119,346
Earnings (loss) from operations		66,812	53,189	147,032	107,697
Manufacturing
Business Acquisition [Line Items]
Revenue		653,007	681,588	1,800,317	1,629,396
Earnings (loss) from operations		68,445	$ 72,110	167,693	$ 122,955
American Railcar Industries
Business Acquisition [Line Items]
Business combination estimated gross purchase price	$ 417,200
Number of railcar manufacturing facilities acquired | Railcar	2
Business combination consideration transferred for capital expenditures	$ 8,500
Senior term debt		300,000		300,000
Convertible senior notes		$ 50,000		50,000
American Railcar Industries | Manufacturing
Business Acquisition [Line Items]
Revenue				338,700
Earnings (loss) from operations				$ 6,700

Acquisitions - Preliminary Allo

Acquisitions - Preliminary Allocation of Purchase Price Based on Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Business Acquisition [Line Items]
Intangibles and other assets, net	$ 36,431
Goodwill	130,035	$ 129,947
American Railcar Industries
Business Acquisition [Line Items]
Accounts receivable, net	27,659
Inventories	98,053
Property, plant and equipment, net	225,045
Investments in unconsolidated affiliates	40,314
Intangibles and other assets, net	36,785
Goodwill	56,514
Total assets acquired	484,370
Total liabilities assumed	67,174
Net assets acquired	$ 417,196

Acquisitions - Identified Intan

Acquisitions - Identified Intangible Assets (Detail) - American Railcar Industries $ in Thousands	9 Months Ended
	May 31, 2020USD ($)
Business Acquisition [Line Items]
Identified intangible assets subject to amortization	$ 35,571
Other identified intangible assets not subject to amortization	860
Total identified intangible assets	36,431
Trademarks and patents
Business Acquisition [Line Items]
Identified intangible assets subject to amortization	$ 19,500
Identified intangible assets subject to amortization,Useful Life	9 years
Customer and supplier relationships
Business Acquisition [Line Items]
Identified intangible assets subject to amortization	$ 16,071
Identified intangible assets subject to amortization,Useful Life	7 years

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Inventory Disclosure [Abstract]
Manufacturing supplies and raw materials	$ 326,686	$ 387,015
Work-in-process	148,342	156,614
Finished goods	219,050	130,576
Excess and obsolete adjustment	(18,636)	(9,512)
Inventories	$ 675,442	$ 664,693

Intangibles and Other Assets,_3

Intangibles and Other Assets, Net - Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	May 31, 2020	Sep. 01, 2019	Aug. 31, 2019
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 62,596		$ 67,995
Intangible assets not subject to amortization	2,513		5,450
Prepaid and other assets	19,646		15,749
Operating lease ROU assets	56,886	$ 40,400
Nonqualified savings plan investments	32,165		27,967
Revolving notes issuance costs, net	3,859		4,568
Assets held for sale	3,650		3,650
Total Intangible and other assets, net	181,315		125,379
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	89,722		89,722
Accumulated amortization	(54,600)		(48,850)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	36,748		34,031
Accumulated amortization	$ (9,274)		$ (6,908)

Intangibles and Other Assets,_4

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.7	$ 1.3	$ 8.2	$ 4.6
Future amortization expense, 2020	10.4		10.4
Future amortization expense, 2021	10.4		10.4
Future amortization expense, 2022	7		7
Future amortization expense, 2023	5.8		5.8
Future amortization expense, 2024	$ 5.8		$ 5.8

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	9 Months Ended
	May 31, 2020USD ($)FacilityCreditFacility	Aug. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 136,800,000
Long-term Line of Credit	$ 416,535,000	$ 27,115,000
Number of lines of credits | CreditFacility	2
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	$ 705,100,000
Letter of credit facility outstanding amount	28,700,000	24,400,000
Borrowings	350,000,000
Revolving Line of Credit, 1st Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 600,000,000
Line of credit maturity date	2024-06
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	$ 55,100,000
Long-term Line of Credit	13,900,000
Letter of credit facility outstanding amount	$ 46,500,000	$ 27,100,000
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date	2020-08
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date	2021-07
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	1.50%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | EURIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.10%
Mexican Railcar Manufacturing Joint Venture Line of Credit, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 50,000,000
Letter of credit facility outstanding amount	20,000,000
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	$ 30,000,000
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 | Minimum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	3.75%
Mexican Railcar Manufacturing Joint Venture Line of Credit 1, 3rd Component of Senior Secured Credit Facilities | LIBOR | Maximum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	4.25%
Mexican Railcar Manufacturing Joint Venture Line of Credit 2, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 20,000,000
Line of credit facility borrowings outstanding due period	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	3.75%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	May 31, 2020	Feb. 29, 2020	Sep. 01, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Aug. 31, 2018
Payables And Accruals [Abstract]
Trade payables	$ 161,900			$ 302,009
Other accrued liabilities	106,200			108,939
Operating lease liabilities	58,158		$ 41,600
Accrued payroll and related liabilities	100,152			106,669
Accrued warranty	47,743	$ 46,850		46,678	$ 23,965	$ 24,994	$ 27,395
Income taxes payable	14,816			4,065
Accounts payable and accrued liabilities	$ 488,969			$ 568,360

Warranty Accruals - Warranty Ac

Warranty Accruals - Warranty Accrual Activity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Guarantees And Product Warranties [Abstract]
Balance at beginning of period	$ 46,850	$ 24,994	$ 46,678	$ 27,395
Charged to cost of revenue, net	2,600	1,235	5,862	4,088
Payments	(1,518)	(2,004)	(4,653)	(6,801)
Currency translation effect	(189)	(260)	(144)	(717)
Balance at end of period	$ 47,743	$ 23,965	$ 47,743	$ 23,965

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, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,276,730
Ending balance	1,291,221
Unrealized Gain (Loss) on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(8,841)
Other comprehensive loss before reclassifications	(7,127)
Amounts reclassified from Accumulated other comprehensive loss	2,322
Ending balance	(13,646)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(34,194)
Other comprehensive loss before reclassifications	(13,306)
Ending balance	(47,500)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,780)
Other comprehensive loss before reclassifications	(140)
Ending balance	(1,920)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(44,815)
Other comprehensive loss before reclassifications	(20,573)
Amounts reclassified from Accumulated other comprehensive loss	2,322
Ending balance	$ (63,066)

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, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 7,562	$ 9,770	$ 33,023	$ 23,411
Total before tax	(59,250)	(43,419)	(114,009)	(84,286)
Income tax benefit	24,421	13,008	37,878	24,391
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	2,494	391	3,131	1,944
Income tax benefit	(649)	(85)	(809)	(468)
Net of tax	1,845	306	2,322	1,476
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	1,711	249	1,812	1,506
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	$ 783	$ 142	$ 1,319	$ 438

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, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	32,690	32,603	32,660	32,623
Dilutive effect of restricted stock units	[2]	788	580	754	538
Weighted average diluted common shares outstanding		33,478	33,183	33,414	33,161
2.875% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3]	0	0	0	0
2.25% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[4]	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 2.875% Convertible notes was excluded for the three and nine months ended May 31, 2020 and 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.
[4]	The 2.25% Convertible notes were issued in July 2019. The dilutive effect of the 2.25% Convertible notes was excluded for the three and nine months ended May 31, 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

Earnings Per Share - Reconcil_2

Earnings Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail)	May 31, 2020	May 31, 2019
2.875% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Debt instrument, interest rate	2.875%	2.875%
2.25% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Debt instrument, interest rate	2.25%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	May 31, 2020	May 31, 2019
2.875% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Debt instrument, interest rate	2.875%	2.875%
2.25% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Debt instrument, interest rate	2.25%

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, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Earnings Per Share [Abstract]
Net earnings attributable to Greenbrier	$ 27,772	$ 15,248	$ 49,070	$ 35,969
Weighted average diluted common shares outstanding	33,478	33,183	33,414	33,161
Diluted earnings per share	$ 0.83	$ 0.46	$ 1.47	$ 1.08

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock based compensation expense	$ 1,000	$ 3,500	$ 8,265	$ 10,792

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	9 Months Ended
	May 31, 2020USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 37,300,000
Amount reclassified to revenue or cost of revenue in the next year	1,100,000
Interest rate swap contracts
Derivative [Line Items]
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next year	5,000,000
Interest rate swap contracts | Derivatives maturing on September 2023
Derivative [Line Items]
Aggregate derivative notional amount	$ 106,600,000
Maturity date	2023-09
Interest rate swap contracts | Derivatives maturing on June 2024
Derivative [Line Items]
Aggregate derivative notional amount	$ 146,300,000
Maturity date	2024-06

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	May 31, 2020	Aug. 31, 2019
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 17,644	$ 10,692
Designated as Hedging Instrument | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	147	64
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	768	437
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives, Fair Value [Line Items]
Asset Derivatives	147	64
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	16,876	10,255
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 2	$ 587

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, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	$ (7,769)	$ (2,272)	$ (9,973)	$ (6,702)
Gain (loss) reclassified accumulated OCI income	(2,494)	(392)	(3,131)	(1,944)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	549	280	1,255	1,836
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	154		60	495
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	(599)	330	164	(16)
Gain (loss) reclassified accumulated OCI income	(485)	(68)	(584)	(735)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	138	264	781	1,164
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	(2,015)	102	(2,198)	(293)
Gain (loss) reclassified accumulated OCI income	(1,226)	(181)	(1,228)	(771)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	130	179	474	857
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	(5,155)	(2,704)	(7,939)	(6,393)
Gain (loss) reclassified accumulated OCI income	(783)	(143)	$ (1,319)	(438)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	$ 281	$ (163)		$ (185)

Derivative Instruments - Effe_2

Derivative Instruments - Effects of Cash Flow Hedges Included in Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Derivative [Line Items]
Revenue	$ 762,557	$ 856,152	$ 2,155,764	$ 2,119,346
Cost of revenue	655,026	749,580	1,869,708	1,886,397
Interest and foreign exchange	7,562	9,770	33,023	23,411
Sales
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	(485)	(68)	(584)	(735)
Cost of Sales
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	(1,226)	(181)	(1,228)	(771)
Interest and Foreign Exchange
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	$ (783)	$ (143)	$ (1,319)	$ (438)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	May 31, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information - Segments

Segment Information - Segments Internal Financial Reports (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019	Aug. 31, 2019
Segment Reporting Information [Line Items]
Revenue	$ 762,557	$ 856,152	$ 2,155,764	$ 2,119,346
Earnings (loss) from operations	66,812	53,189	147,032	107,697
Assets	3,279,031		3,279,031		$ 2,990,637
Manufacturing
Segment Reporting Information [Line Items]
Revenue	653,007	681,588	1,800,317	1,629,396
Earnings (loss) from operations	68,445	72,110	167,693	122,955
Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	82,024	124,980	259,857	358,801
Earnings (loss) from operations	3,785	(8,820)	8,219	(2,750)
Leasing & Services
Segment Reporting Information [Line Items]
Revenue	27,526	49,584	95,590	131,149
Earnings (loss) from operations	11,837	15,337	34,407	53,880
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(17,255)	(25,438)	(63,287)	(66,388)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(17,519)	(46,650)	(45,610)	(133,455)
Earnings (loss) from operations	(14,156)	(7,721)	(29,297)	(17,519)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenue	1,151	29,201	1,269	82,257
Earnings (loss) from operations	95	2,000	73	4,791
Intersegment Eliminations | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	1,527	11,601	12,511	36,440
Earnings (loss) from operations	(393)	808	(903)	262
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenue	14,841	5,848	31,830	14,758
Earnings (loss) from operations	14,454	4,913	30,127	12,466
Operating Segments
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(17,255)	(25,438)	(63,287)	(66,388)
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenue	654,158	710,789	1,801,586	1,711,653
Earnings (loss) from operations	68,540	74,110	167,766	127,746
Assets	1,441,052		1,441,052		1,606,571
Operating Segments | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	83,551	136,581	272,368	395,241
Earnings (loss) from operations	3,392	(8,012)	7,316	(2,488)
Assets	296,888		296,888		306,725
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenue	42,367	55,432	127,420	145,907
Earnings (loss) from operations	26,291	$ 20,250	64,534	$ 66,346
Assets	777,523		777,523		708,799
Operating Segments | Unallocated Amount to Segment
Segment Reporting Information [Line Items]
Assets	$ 763,568		$ 763,568		$ 368,542

Segment Information - Reconcili

Segment Information - Reconciliation of Earnings from Operations to Earnings Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2020	May 31, 2019	May 31, 2020	May 31, 2019
Segment Reporting [Abstract]
Earnings from operations	$ 66,812	$ 53,189	$ 147,032	$ 107,697
Interest and foreign exchange	7,562	9,770	33,023	23,411
Earnings before income tax and earnings (loss) from unconsolidated affiliates	$ 59,250	$ 43,419	$ 114,009	$ 84,286

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020	Aug. 31, 2019
Lessor and Lessee, Lease, Description [Line Items]
Operating lease rental revenues	$ 9	$ 30.2
Finance lease option to extend		options to extend up to 15 years
Car Hire Utilization Arrangements
Lessor and Lessee, Lease, Description [Line Items]
Operating lease rental revenues	2.8	$ 9.3
Minimum
Lessor and Lessee, Lease, Description [Line Items]
Sublease period		1 year
Financing lease remaining lease term		1 year
Maximum
Lessor and Lessee, Lease, Description [Line Items]
Sublease period		9 years
Financing lease remaining lease term		78 years
Equipment on Operating Lease
Lessor and Lessee, Lease, Description [Line Items]
Accumulated depreciation	31.1	$ 31.1	$ 44.2
Depreciation expense	$ 2.6	$ 9.2

Leases - Aggregate Minimum Futu

Leases - Aggregate Minimum Future Amounts Receivable Under All Non-Cancelable Operating Leases and Subleases (Detail) $ in Thousands	May 31, 2020USD ($)
Leases [Abstract]
Remaining three months of 2020	$ 7,579
2021	28,249
2022	26,044
2023	20,567
2024	16,984
Thereafter	24,203
Operating Leases, Future Minimum Payments Receivable, Total	$ 123,626

Leases - Components of Operatin

Leases - Components of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	May 31, 2020	May 31, 2020
Leases [Abstract]
Operating lease expense	$ 4,388	$ 11,238
Short-term lease expense	1,707	6,437
Total	$ 6,095	$ 17,675

Leases - Aggregate Minimum Fu_2

Leases - Aggregate Minimum Future Amounts Payable Under Operating Leases (Detail) - USD ($) $ in Thousands	May 31, 2020	Sep. 01, 2019
Leases [Abstract]
Remaining three months of 2020	$ 3,935
2021	13,977
2022	10,722
2023	10,231
2024	8,754
Thereafter	18,640
Total lease payments	66,259
Less: Imputed interest	(8,101)
Total lease obligations	$ 58,158	$ 41,600

Leases - Additional Informati_2

Leases - Additional Information Related to Company's Leases (Detail)	May 31, 2020
Leases [Abstract]
Weighted average remaining lease term	11 years 7 months 6 days
Weighted average discount rate	3.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	9 Months Ended
	May 31, 2020USD ($)
Cash Flow Operating Activities Lessee [Abstract]
Operating cash flows from operating leases	$ 12,121
ROU assets obtained in exchange for new operating lease liabilities	$ 26,372

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jan. 06, 2017USD ($)Segment	Dec. 31, 2016USD ($)	May 31, 2020USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study		$ 110,000,000
Amsted-Maxion Cruzeiro
Commitments and Contingencies Disclosure [Line Items]
Note receivable			$ 4,500,000
Greenbrier-Maxion
Commitments and Contingencies Disclosure [Line Items]
Note receivable			3,900,000
Performance Guarantee
Commitments and Contingencies Disclosure [Line Items]
Letter of credit facility outstanding amount			$ 28,700,000
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%

Fair Value Measures - Assets an

Fair Value Measures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	May 31, 2020		Aug. 31, 2019
Assets:
Nonqualified savings plan investments	$ 32,165		$ 27,967
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	147		64
Nonqualified savings plan investments	32,165		27,967
Cash equivalents	203,301		68,100
Assets, Fair Value Disclosure, Total	235,613		96,131
Liabilities:
Derivative financial instruments	17,646		11,279
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments	32,165		27,967
Cash equivalents	203,301		68,100
Assets, Fair Value Disclosure, Total	235,466		96,067
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	147	[1]	64
Assets, Fair Value Disclosure, Total	147	[1]	64
Liabilities:
Derivative financial instruments	17,646	[1]	$ 11,279
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Liabilities:
Derivative financial instruments	$ 0
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 12 - Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 30, 2019	May 31, 2020	May 31, 2020	May 31, 2019	Aug. 31, 2019	Jun. 30, 2017
Related Party Transaction [Line Items]
Carrying amount of investment in unconsolidated affiliates		$ 4,700	$ 4,700
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				$ 18,200
Dividends paid to joint venture partner		22,500	$ 36,152	11,715
Amsted-Maxion Cruzeiro
Related Party Transaction [Line Items]
Percentage of ownership in entity	29.50%				24.50%
Notes receivable conversion to equity	$ 4,800
Proceeds from notes receivable	$ 1,500
Additional equity method investment ownership percentage	5.00%
Note receivable		4,500	4,500
Greenbrier-Maxion
Related Party Transaction [Line Items]
Note receivable		3,900	3,900
Leasing Warehouse
Related Party Transaction [Line Items]
Revenue recognize from railcars sold				$ 5,600
Greenbrier
Related Party Transaction [Line Items]
Percentage of ownership in entity						40.00%
Greenbrier | Leasing Warehouse
Related Party Transaction [Line Items]
Revenue recognize from railcars sold		$ 0	$ 0
Axis LLC
Related Party Transaction [Line Items]
Percentage of ownership in entity		41.90%	41.90%
Axis LLC | Railcar Components
Related Party Transaction [Line Items]
Purchases of goods from related party		$ 4,300	$ 11,500