The Greenbrier Companies, Inc. (GBX) 10-Q 6 Jan 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Nov. 30, 2020	Dec. 31, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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		32,824,080
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	Nov. 30, 2020	Aug. 31, 2020
Assets
Cash and cash equivalents	$ 724,547	$ 833,745
Restricted cash	8,547	8,342
Accounts receivable, net	240,668	239,597
Inventories	490,282	529,529
Leased railcars for syndication	51,087	107,671
Equipment on operating leases, net	445,542	350,442
Property, plant and equipment, net	696,333	711,524
Investment in unconsolidated affiliates	72,254	72,354
Intangibles and other assets, net	186,509	190,322
Goodwill	130,315	130,308
Total assets	3,046,084	3,173,834
Liabilities and Equity
Revolving notes	276,248	351,526
Accounts payable and accrued liabilities	434,138	463,880
Deferred income taxes	10,120	7,701
Deferred revenue	36,916	42,467
Notes payable, net	797,089	804,088
Commitments and contingencies (Note 14)
Contingently redeemable noncontrolling interest	30,711	31,117
Greenbrier
Preferred stock - without par value; 25,000 shares authorized; none outstanding
Common stock - without par value; 50,000 shares authorized; 32,824 and 32,701 shares outstanding at November 30, 2020 and August 31, 2020
Additional paid-in capital	462,498	460,400
Retained earnings	866,367	885,460
Accumulated other comprehensive loss	(48,458)	(52,817)
Total equity – Greenbrier	1,280,407	1,293,043
Noncontrolling interest	180,455	180,012
Total equity	1,460,862	1,473,055
Liabilities and Equity	$ 3,046,084	$ 3,173,834

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2020	Aug. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, without par value
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, outstanding	0	0
Common stock, without par value
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares outstanding	32,824,000	32,701,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Nov. 30, 2020	Nov. 30, 2019
Revenue
Revenue		$ 402,989	$ 769,359
Cost of revenue
Cost of revenue		362,318	677,170
Margin		40,671	92,189
Selling and administrative expense		43,707	54,364
Net gain on disposition of equipment		(922)	(3,959)
Earnings (loss) from operations		(2,114)	41,784
Other costs
Interest and foreign exchange		11,103	12,852
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates		(13,217)	28,932
Income tax benefit (expense)		7,332	(5,994)
Earnings (loss) before earnings (loss) from unconsolidated affiliates		(5,885)	22,938
Earnings (loss) from unconsolidated affiliates		(744)	1,073
Net earnings (loss)		(6,629)	24,011
Net earnings attributable to noncontrolling interest		(3,343)	(16,342)
Net earnings (loss) attributable to Greenbrier		$ (9,972)	$ 7,669
Basic earnings (loss) per common share		$ (0.30)	$ 0.24
Diluted earnings (loss) per common share		$ (0.30)	$ 0.23
Weighted average common shares:
Basic	[1]	32,723	32,629
Diluted		32,723	33,284
Manufacturing
Revenue
Revenue		$ 308,722	$ 657,367
Cost of revenue
Cost of revenue		280,890	581,912
Earnings (loss) from operations		9,686	53,143
Wheels, Repair & Parts
Revenue
Revenue		65,556	86,608
Cost of revenue
Cost of revenue		62,984	81,892
Earnings (loss) from operations		(200)	1,114
Leasing & Services
Revenue
Revenue		28,711	25,384
Cost of revenue
Cost of revenue		18,444	13,366
Earnings (loss) from operations		$ 5,890	$ 9,777
[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.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net earnings (loss)		$ (6,629)	$ 24,011
Other comprehensive income (loss)
Translation adjustment		3,867	(1,583)
Reclassification of derivative financial instruments recognized in net earnings (loss)	[1]	1,241	309
Unrealized gain (loss) on derivative financial instruments	[2]	(753)	2,154
Other (net of tax effect)		1	(463)
Other comprehensive income		4,356	417
Comprehensive income (loss)		(2,273)	24,428
Comprehensive income attributable to noncontrolling interest		(3,340)	(16,336)
Comprehensive income (loss) attributable to Greenbrier		$ (5,613)	$ 8,092
[1]	Net of tax effect of $0.4 million and $0.1 million for the three months ended November 30, 2020 and 2019.
[2]	Net of tax effect of nil and $0.5 million for the three months ended November 30, 2020 and 2019.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Reclassification of derivative financial instruments recognized in net earnings (loss), tax	$ 0.4	$ 0.1
Unrealized loss on derivative financial instruments, tax		$ 0.5

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock Shares	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect Adjustment Due to Adoption	Accumulated Other Comprehensive (Loss)	Total Equity - Greenbrier	Total Equity - GreenbrierCumulative Effect Adjustment Due to Adoption	Noncontrolling Interest	Equity Excluding Contingently Redeemable Noncontrolling Interest	Equity Excluding Contingently Redeemable Noncontrolling InterestCumulative Effect Adjustment Due to Adoption	Contingently Redeemable Noncontrolling Interest
Beginning balance at Aug. 31, 2019			$ 453,943	$ 867,602	$ 4,393	$ (44,815)	$ 1,276,730	$ 4,393	$ 164,967	$ 1,441,697	$ 4,393
Beginning balance (in shares) at Aug. 31, 2019		32,488
Beginning balance at Aug. 31, 2019												$ 31,564
Accounting Standards Update [Extensible List]				us-gaap:AccountingStandardsUpdate201602Member			us-gaap:AccountingStandardsUpdate201602Member			us-gaap:AccountingStandardsUpdate201602Member
Net earnings (loss)	$ 24,011			$ 7,669			$ 7,669		16,183	$ 23,852
Net earnings (loss)												159
Other comprehensive income (loss), net	417					423	423		(6)	417
Noncontrolling interest adjustments									1,736	1,736
Joint venture partner distribution declared									(3,905)	(3,905)
Consolidation of joint venture									12,075	12,075
Restricted stock awards (net of cancellations)			9,472				9,472			9,472
Restricted stock awards (net of cancellations) (in shares)		108
Unamortized restricted stock			(11,341)				(11,341)			(11,341)
Restricted stock amortization			2,826				2,826			2,826
Cash dividends				(8,364)			(8,364)			(8,364)
Ending balance at Nov. 30, 2019			454,900	871,300		(44,392)	1,281,808		191,050	1,472,858
Ending Balance (in shares) at Nov. 30, 2019		32,596
Ending Balance at Nov. 30, 2019												31,723
Beginning balance at Aug. 31, 2020	$ 1,473,055		460,400	$ 885,460	$ (509)	(52,817)	$ 1,293,043	$ (509)	180,012	$ 1,473,055	$ (509)
Beginning balance (in shares) at Aug. 31, 2020	32,701	32,701
Beginning balance at Aug. 31, 2020												31,117
Accounting Standards Update [Extensible List]				us-gaap:AccountingStandardsUpdate201613Member			us-gaap:AccountingStandardsUpdate201613Member			us-gaap:AccountingStandardsUpdate201613Member
Net earnings (loss)	$ (6,629)			$ (9,972)			$ (9,972)		3,749	$ (6,223)
Net earnings (loss)												(406)
Other comprehensive income (loss), net	4,356					4,359	4,359		(3)	4,356
Noncontrolling interest adjustments									(1,271)	(1,271)
Joint venture partner distribution declared									(2,032)	(2,032)
Restricted stock awards (net of cancellations)			14,196				14,196			14,196
Restricted stock awards (net of cancellations) (in shares)		123
Unamortized restricted stock			(16,533)				(16,533)			(16,533)
Restricted stock amortization			4,435				4,435			4,435
Cash dividends				(8,612)			(8,612)			(8,612)
Ending balance at Nov. 30, 2020	$ 1,460,862		$ 462,498	$ 866,367		$ (48,458)	$ 1,280,407		$ 180,455	$ 1,460,862
Ending Balance (in shares) at Nov. 30, 2020	32,824	32,824
Ending Balance at Nov. 30, 2020												$ 30,711

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Equity Excluding Contingently Redeemable Noncontrolling Interest
Cash dividend per share	$ 0.27	$ 0.25

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash flows from operating activities
Net earnings (loss)	$ (6,629)	$ 24,011
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	2,338	(6,515)
Depreciation and amortization	26,046	29,335
Net gain on disposition of equipment	(922)	(3,959)
Accretion of debt discount	1,419	1,350
Stock based compensation expense	4,435	3,157
Noncontrolling interest adjustments	(1,271)	1,736
Other	560	(391)
Decrease (increase) in assets:
Accounts receivable, net	(6,377)	58,488
Inventories	13,404	(69,662)
Leased railcars for syndication	6,222	(13,132)
Other assets	2,224	(37,304)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities	(27,257)	(47,421)
Deferred revenue	(5,521)	(10,012)
Net cash provided by (used in) operating activities	8,671	(70,319)
Cash flows from investing activities
Proceeds from sales of assets	8,691	27,463
Capital expenditures	(38,604)	(23,216)
Investments in and advances to / repayments from unconsolidated affiliates	4,526	(1,500)
Cash distribution from unconsolidated affiliates and other	488	4,452
Net cash provided by (used in) investing activities	(24,899)	7,199
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less	(9,738)	2,399
Proceeds from revolving notes with maturities longer than 90 days	110,000
Repayments of revolving notes with maturities longer than 90 days	(175,000)
Repayments of notes payable	(8,908)	(9,749)
Debt issuance costs		(4)
Dividends	(9,180)	(343)
Cash distribution to joint venture partner	(2,810)	(4,531)
Tax payments for net share settlement of restricted stock	(2,337)	(1,870)
Net cash used in financing activities	(97,973)	(14,098)
Effect of exchange rate changes	5,208	981
Decrease in cash and cash equivalents and restricted cash	(108,993)	(76,237)
Cash and cash equivalents and restricted cash
Beginning of period	842,087	338,487
Cash and cash equivalents and restricted cash, Ending balance	733,094	262,250
Balance sheet reconciliation
Cash and cash equivalents	724,547	253,602
Restricted cash	8,547	8,648
Cash and cash equivalents and restricted cash, Ending balance	733,094	262,250
Cash paid during the period for
Interest	6,347	6,601
Income taxes, net	5,203	11,692
Non-cash activity
Transfer from Leased railcars for syndication and Inventories to Equipment on operating leases, net	75,677	55,626
Capital expenditures accrued in Accounts payable and accrued liabilities	1,831	6,888
Change in Accounts payable and accrued liabilities associated with dividends declared	(568)	8,021
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	$ 778	$ 626

Interim Financial Statements

Interim Financial Statements	3 Months Ended
	Nov. 30, 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 November 30, 2020 and for the three months ended November 30, 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 months ended November 30, 2020 are not necessarily indicative of the results to be expected for the entire year ending August 31, 2021. 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 2020 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 Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued Accounting Standard Update 2016-13, Financial Instruments – Credit Losses Prospective Accounting Changes Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued Accounting Standard Update 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity Simplification of Accounting for Income Taxes In December 2019, the FASB issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Revenue Recognition

Revenue Recognition	3 Months Ended
	Nov. 30, 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 November 30, 2020 August 31, 2020 $ change Contract assets Inventories $ 5,738 $ 7,081 $ (1,343 ) Contract liabilities 1 Deferred revenue $ 30,444 $ 27,009 $ 3,435 1 For the three months ended November 30, 2020, the Company recognized $2.7 million of revenue that was included in Contract liabilities as of August 31, 2020. Performance obligations As of November 30, 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) November 30, 2020 Revenue type: Manufacturing – Railcar sales $ 1,923.0 Manufacturing – Marine $ 66.4 Services $ 127.1 Other $ 60.4 Manufacturing – Railcars intended for syndication 1 $ 237.0 1 Based on current production and delivery schedules and existing contracts, approximately $1.0 billion of the Railcar sales amount is expected to be recognized in the remaining nine months of 2021 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 2022 as vessel construction is completed. Services includes management and maintenance services of which approximately 50% are expected to be performed through 2025 and the remaining amount through 2037.

Inventories

Inventories	3 Months Ended
	Nov. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Note 3 – 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) November 30, 2020 August 31, 2020 Manufacturing supplies and raw materials $ 255,112 $ 263,080 Work-in-process 103,540 116,909 Finished goods 153,878 173,761 Excess and obsolete adjustment (22,248 ) (24,221 ) $ 490,282 $ 529,529

Intangibles and Other Assets, n

Intangibles and Other Assets, net	3 Months Ended
	Nov. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles and Other Assets, net	Note 4 – Intangibles and Other Assets, net Intangible assets that are determined to have finite lives are amortized over their useful lives. Intangible assets with indefinite useful lives are not amortized and are periodically evaluated for impairment. The following table summarizes the Company’s identifiable intangible and other assets balance: (In thousands) November 30, 2020 August 31, 2020 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (58,419 ) (56,509 ) Other intangibles 39,477 37,798 Accumulated amortization (11,569 ) (10,595 ) 59,211 60,416 Intangible assets not subject to amortization 2,474 2,474 Prepaid and other assets 18,231 22,026 Operating lease ROU assets 58,767 62,389 Nonqualified savings plan investments 39,026 35,744 Revolving notes issuance costs, net 3,387 3,623 Assets held for sale 5,413 3,650 Total Intangible and other assets, net $ 186,509 $ 190,322 Amortization expense was $2.8 million and $2.7 million for the three months ended November 30, 2020 and 2019 respectively. Amortization expense for the years ending August 31, 2021, 2022, 2023, 2024 and 2025 is expected to be $11.5 million, $8.1 million, $6.7 million, $6.6 million and $5.7 million, respectively.

Revolving Notes

Revolving Notes	3 Months Ended
	Nov. 30, 2020
Debt Disclosure [Abstract]
Revolving Notes	Note 5 – Revolving Notes Senior secured credit facilities, consisting of four components, aggregated to $738.2 million as of November 30, 2020. As of November 30, 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, existed to provide working capital and interim financing of equipment, principally for the U.S. and Mexican operations. Advances under this North American credit 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 November 30, 2020, lines of credit totaling $68.2 million secured by certain of the Company’s European assets, with variable rates that range from Warsaw Interbank Offered Rate (WIBOR) plus 1.2% to WIBOR plus 1.5% 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 $28.0 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 June 2021 through September 2022. As of November 30, 2020, the Company’s Mexican railcar manufacturing operations had three lines of credit totaling $70.0 million. The first line of credit provides up to $30.0 million and matures in June 2024. Advances under this facility bear interest at LIBOR plus 3.75% to 4.25%. The second line of credit provides up to $35.0 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. The third line of credit provides up to $5.0 million and matures in September 2022. Advances under this facility bear interest at LIBOR plus 2.95% and are to be used for working capital needs. As of November 30, 2020, outstanding commitments under the senior secured credit facilities consisted of $28.4 million in letters of credit and $210.0 million in borrowings under the North American credit facility, $36.2 million outstanding under the European credit facilities and $30.0 million outstanding under the Mexican credit facilities. As of November 30, 2020, the Company had an aggregate of $85.3 million available to draw down under committed credit facilities. As of August 31, 2020, outstanding commitments under the senior secured credit facilities consisted of $28.7 million in letters of credit and $275.0 million in borrowings under the North American credit facility, $46.5 million outstanding under the European credit facilities and $30.0 million outstanding under the Mexican credit facilities.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Nov. 30, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Note 6 – Accounts Payable and Accrued Liabilities (In thousands) November 30, 2020 August 31, 2020 Trade payables $ 126,096 $ 148,971 Other accrued liabilities 107,798 100,168 Operating lease liabilities 61,072 64,509 Accrued payroll and related liabilities 93,552 105,008 Accrued warranty 45,620 45,224 $ 434,138 $ 463,880

Warranty Accruals

Warranty Accruals	3 Months Ended
	Nov. 30, 2020
Guarantees And Product Warranties [Abstract]
Warranty Accruals	Note 7 – Warranty Accruals Warranty costs are estimated and charged to operations to cover a defined warranty period. The estimated warranty cost is based on the history of warranty claims for each particular product type. For new product types without a warranty history, preliminary estimates are based on historical information for similar product types. The warranty accruals, included in Accounts payable and accrued liabilities on the Consolidated Balance Sheets, are reviewed periodically and updated based on warranty trends and expirations of warranty periods. Warranty accrual activity: Three Months Ended November 30, (In thousands) 2020 2019 Balance at beginning of period $ 45,224 $ 46,678 Charged to cost of revenue, net 1,954 2,378 Payments (1,415 ) (1,999 ) Currency translation effect (143 ) 53 Balance at end of period $ 45,620 $ 47,110

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Nov. 30, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Note 8 – Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax effect as appropriate, consisted of the following: (In thousands) Unrealized Gain (Loss) on Derivative Financial Instruments Foreign Currency Translation Adjustment Other Accumulated Other Comprehensive Loss Balance, August 31, 2020 $ (11,970 ) $ (39,816 ) $ (1,031 ) $ (52,817 ) Other comprehensive loss before reclassifications (753 ) 3,870 1 3,118 Amounts reclassified from Accumulated other comprehensive loss 1,241 — — 1,241 Balance, November 30, 2020 $ (11,482 ) $ (35,946 ) $ (1,030 ) $ (48,458 ) The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Operations, with financial statement caption, were as follows: Three Months Ended November 30, (In thousands) 2020 2019 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,331 $ 241 Revenue and Cost of revenue Interest rate swap contracts 287 167 Interest and foreign exchange 1,618 408 Total before tax (377 ) (99 ) Income tax expense $ 1,241 $ 309 Net of tax

Earnings (Loss) Per Share

Earnings (Loss) Per Share	3 Months Ended
	Nov. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 9 – Earnings (Loss) Per Share The shares used in the computation of basic and diluted earnings per common share are reconciled as follows: Three Months Ended November 30, (In thousands) 2020 2019 Weighted average basic common shares outstanding (1) 32,723 32,629 Dilutive effect of 2.875% convertible notes (2)(3) — — Dilutive effect of 2.25% convertible notes (2)(4) — — Dilutive effect of restricted stock units (2)(5) — 655 Weighted average diluted common shares outstanding 32,723 33,284 (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 common stock equivalents was excluded from the share calculation for the three months ended November 30, 2020 due to a net loss. ( 3 ) The dilutive effect of the 2.875% convertible notes was excluded for the three months ended November 30, 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. ( 4 ) The dilutive effect of the 2.25 % c onvertible notes was excluded for the three months ended November 30 , 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. ( 5 ) 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 November 30, 2020 2019 Net earnings (loss) attributable to Greenbrier $ (9,972 ) $ 7,669 Weighted average diluted common shares outstanding 32,723 33,284 Diluted earnings (loss) per share $ (0.30 ) $ 0.23

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Nov. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	Note 10 – Stock Based Compensation The value of stock based compensation awards is amortized as compensation expense from the date of grant through the earlier of the vesting period or 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 $4.4 million for the three months ended November 30, 2020 and $3.2 million for the three months ended November 30, 2019. Compensation expense is recorded in Selling and administrative expense and Cost of revenue on the Consolidated Statements of Operations.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Nov. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 11 – Derivative Instruments Foreign operations give rise to market risks from changes in foreign currency exchange rates. Foreign currency forward exchange contracts with established financial institutions are utilized to hedge a portion of that risk. Interest rate swap agreements are used to reduce the impact of changes in interest rates on certain debt. The Company’s foreign currency forward exchange contracts and interest rate swap agreements are designated as cash flow hedges, and therefore the effective portion of unrealized gains and losses is recorded in accumulated other comprehensive income or loss. At November 30, 2020 exchange rates, notional amounts of forward exchange contracts for the purchase of Polish Zlotys and the sale of Euros; and the purchase of Mexican Pesos and the sale of U.S. Dollars aggregated to $243.7 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when there is a loss, or as Accounts receivable, net when there is a gain. As the contracts mature at various dates through August 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 November 30, 2020 exchange rates, approximately $0.7 million would be reclassified to revenue or cost of revenue in the next year. At November 30, 2020, an interest rate swap agreement maturing in September 2023 had a notional amount of $104.6 million and an interest rate swap agreement maturing June 2024 had a notional amount of $142.5 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 November 30, 2020 interest rates, approximately $4.9 million would be reclassified to interest expense in the next year. Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives November 30, 2020 August 31, 2020 November 30, 2020 August 31, 2020 (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 $ 112 $ 560 Accounts payable and accrued liabilities $ 389 $ 3 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 14,250 15,904 $ 112 $ 560 $ 14,639 $ 15,907 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ 22 Accounts payable and accrued liabilities $ — $ — The Effect of Derivative Instruments on the Statements of Operations Three Months Ended November 30, 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 November 30, 2020 November 30, 2019 Foreign forward exchange contract Interest and foreign exchange $ (123 ) $ 71 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 November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Foreign forward exchange contracts $ (1,010 ) $ 573 Revenue $ (246 ) $ (166 ) Revenue $ 148 $ 453 Foreign forward exchange contracts (61 ) (594 ) Cost of revenue (41 ) (75 ) Cost of revenue 5 134 Interest rate swap contracts 323 2,719 Interest and foreign exchange (1,331 ) (167 ) Interest and foreign exchange — (165 ) $ (748 ) $ 2,698 $ (1,618 ) $ (408 ) $ 153 $ 422 The following table presents the amounts in the Consolidated Statements of Operations 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 November 30, 2020 and 2019: Three Months Ended November 30, 2020 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 402,989 $ (246 ) $ 769,359 $ (166 ) Cost of revenue 362,318 (41 ) 677,170 (75 ) Interest and foreign exchange 11,103 (1,331 ) 12,852 (167 )

Segment Information

Segment Information	3 Months Ended
	Nov. 30, 2020
Segment Reporting [Abstract]
Segment Information	Note 12 – 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 2020 Annual Report on Form 10-K. Performance is evaluated based on Earnings (loss) 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 benefit (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 November 30, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 308,722 $ 20,591 $ 329,313 $ 9,686 $ 2,505 $ 12,191 Wheels, Repair & Parts 65,556 301 65,857 (200 ) (9 ) (209 ) Leasing & Services 28,711 4,665 33,376 5,890 4,285 10,175 Eliminations — (25,557 ) (25,557 ) — (6,781 ) (6,781 ) Corporate — — — (17,490 ) — (17,490 ) $ 402,989 $ — $ 402,989 $ (2,114 ) $ — $ (2,114 ) For the three months ended November 30, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 657,367 $ 97 $ 657,464 $ 53,143 $ (23 ) $ 53,120 Wheels, Repair & Parts 86,608 5,851 92,459 1,114 (342 ) 772 Leasing & Services 25,384 1,749 27,133 9,777 1,289 11,066 Eliminations — (7,697 ) (7,697 ) — (924 ) (924 ) Corporate — — — (22,250 ) — (22,250 ) $ 769,359 $ — $ 769,359 $ 41,784 $ — $ 41,784 Total assets (In thousands) November 30, 2020 August 31, 2020 Manufacturing $ 1,264,616 $ 1,301,715 Wheels, Repair & Parts 274,534 271,862 Leasing & Services 758,820 739,025 Unallocated, including cash 748,114 861,232 $ 3,046,084 $ 3,173,834 Reconciliation of Earnings (loss) from operations to Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended November 30, (In thousands) 2020 2019 Earnings (loss) from operations $ (2,114 ) $ 41,784 Interest and foreign exchange 11,103 12,852 Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates $ (13,217 ) $ 28,932

Leases

Leases	3 Months Ended
	Nov. 30, 2020
Leases [Abstract]
Leases	Note 13 – Leases Lessor Equipment on operating leases is reported net of accumulated depreciation of $31.5 million and $33.4 million as of November 30, 2020 and August 31, 2020, respectively. Depreciation expense was $3.9 million and $3.5 million for the three months ended November 30, 2020 and 2019. 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 fifteen years. Operating lease rental revenues included in the Company’s Statements of Operations for the three months ended November 30, 2020 and 2019 was $11.8 million and $11.4 million, which included $3.6 million and $3.7 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 November 30, 2020, will mature as follows: (in thousands) Remaining nine months of 2021 $ 34,031 2022 31,217 2023 26,558 2024 23,535 2025 12,458 Thereafter 27,112 $ 154,911 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 months ended November 30, 2020 and 2019, 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 November 30, 2020 2019 Operating lease expense $ 3,848 $ 3,422 Short-term lease expense 1,326 1,406 Total $ 5,174 $ 4,828 Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at November 30, 2020 will mature as follows: (in thousands) Remaining nine months of 2021 $ 10,118 2022 12,404 2023 11,980 2024 10,712 2025 6,248 Thereafter 17,385 Total lease payments $ 68,847 Less: Imputed interest (7,775 ) Total lease obligations $ 61,072 The table below presents additional information related to the Company’s leases: Weighted average remaining lease term: Operating leases 11.4 years Weighted average discount rate: Operating leases 3.2 % Supplemental cash flow information related to leases were as follows: (in thousands) Three months ended November 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,700 ROU assets obtained in exchange for new operating lease liabilities $ (197 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Nov. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 – Commitments and Contingencies Portland Harbor Superfund Site The Company’s Portland, Oregon Separate from the process Arkema Inc. et al v. A & C Foundry Products, Inc. et al The EPA's January 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 the Company’s ownership of the Portland Property. 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 the 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 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 it 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 American Railcar Industries, Inc. ( 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 November 30, 2020, the Company had outstanding letters of credit aggregating to $28.4 million associated with performance guarantees, facility leases and workers compensation insurance. As of November 30, 2020, the Company had a $3.9 million note receivable from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. This note receivable is included on the Consolidated Balance Sheet in Accounts receivable, net.

Fair Value Measures

Fair Value Measures	3 Months Ended
	Nov. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measures	Note 15 – Fair Value Measures Certain assets and liabilities are reported at fair value on either a recurring or nonrecurring basis. Fair value, for this disclosure, is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, under a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 - observable inputs such as unadjusted quoted prices in active markets for identical instruments; Level 2 - inputs, other than the quoted market prices in active markets for similar instruments, which are observable, either directly or indirectly; and Level 3 - unobservable inputs for which there is little or no market data available, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value on a recurring basis as of November 30, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 112 $ — $ 112 $ — Nonqualified savings plan investments 39,026 39,026 — — Cash equivalents 203,643 203,643 — — $ 242,781 $ 242,669 $ 112 $ — Liabilities: Derivative financial instruments $ 14,639 $ — $ 14,639 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 - Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 582 $ — $ 582 $ — Nonqualified savings plan investments 35,744 35,744 — — Cash equivalents 203,509 203,509 — — $ 239,835 $ 239,253 $ 582 $ — Liabilities: Derivative financial instruments $ 15,907 $ — $ 15,907 $ —

Related Party Transactions

Related Party Transactions	3 Months Ended
	Nov. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 – Related Party Transactions The Company has a 41.9% interest in Axis, LLC (Axis), a joint venture. The Company purchased $3.8 million and $4.0 million of railcar components from Axis for the three months ended November 30, 2020 and 2019, respectively. As of November 30, 2020, the Company had a $3.9 million note receivable from Greenbrier-Maxion, its unconsolidated Brazilian railcar manufacturer. This note receivable is included on the Consolidated Balance Sheet in Accounts receivable, net. The Company has a 40% interest in the common equity of an entity that buys and sells railcar assets that are leased to third parties. As of November 30, 2020, the carrying amount of the investment was $3.5 million which is classified in Investment in unconsolidated affiliates in the Consolidated Balance Sheet. There were no sales to or from this entity during the three months ended November 30, 2020 and 2019. The Company also provides administrative and remarketing services to this entity and earns management fees for these services which were immaterial for the three months ended November 30, 2020 and 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Nov. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 17 – Subsequent Events The Board of Directors has authorized the Company to repurchase shares of its common stock. In January 2021, the expiration date of this share repurchase program was extended from March 31, 2021 to January 31, 2023. The amount remaining for repurchase is $100 million as of November 30, 2020. Under the share repurchase program, shares of common stock may be purchased on the open market or through privately negotiated transactions from time to time. The timing and amount of purchases will be based upon market conditions, securities law limitations and other factors. The program may be modified, suspended or discontinued at any time without prior notice. The share repurchase program does not obligate the Company to acquire any specific number of shares in any period.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Nov. 30, 2020
Revenue From Contract With Customer [Abstract]
Summary of Contract Balances	The contract balances are as follows: (in thousands) Balance sheet classification November 30, 2020 August 31, 2020 $ change Contract assets Inventories $ 5,738 $ 7,081 $ (1,343 ) Contract liabilities 1 Deferred revenue $ 30,444 $ 27,009 $ 3,435 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) November 30, 2020 Revenue type: Manufacturing – Railcar sales $ 1,923.0 Manufacturing – Marine $ 66.4 Services $ 127.1 Other $ 60.4 Manufacturing – Railcars intended for syndication 1 $ 237.0 1

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Nov. 30, 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) November 30, 2020 August 31, 2020 Manufacturing supplies and raw materials $ 255,112 $ 263,080 Work-in-process 103,540 116,909 Finished goods 153,878 173,761 Excess and obsolete adjustment (22,248 ) (24,221 ) $ 490,282 $ 529,529

Intangibles and Other Assets,_2

Intangibles and Other Assets, net (Tables)	3 Months Ended
	Nov. 30, 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) November 30, 2020 August 31, 2020 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (58,419 ) (56,509 ) Other intangibles 39,477 37,798 Accumulated amortization (11,569 ) (10,595 ) 59,211 60,416 Intangible assets not subject to amortization 2,474 2,474 Prepaid and other assets 18,231 22,026 Operating lease ROU assets 58,767 62,389 Nonqualified savings plan investments 39,026 35,744 Revolving notes issuance costs, net 3,387 3,623 Assets held for sale 5,413 3,650 Total Intangible and other assets, net $ 186,509 $ 190,322

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Nov. 30, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Liabilities	(In thousands) November 30, 2020 August 31, 2020 Trade payables $ 126,096 $ 148,971 Other accrued liabilities 107,798 100,168 Operating lease liabilities 61,072 64,509 Accrued payroll and related liabilities 93,552 105,008 Accrued warranty 45,620 45,224 $ 434,138 $ 463,880

Warranty Accruals (Tables)

Warranty Accruals (Tables)	3 Months Ended
	Nov. 30, 2020
Guarantees And Product Warranties [Abstract]
Warranty Accrual Activity	Warranty accrual activity: Three Months Ended November 30, (In thousands) 2020 2019 Balance at beginning of period $ 45,224 $ 46,678 Charged to cost of revenue, net 1,954 2,378 Payments (1,415 ) (1,999 ) Currency translation effect (143 ) 53 Balance at end of period $ 45,620 $ 47,110

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Nov. 30, 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, 2020 $ (11,970 ) $ (39,816 ) $ (1,031 ) $ (52,817 ) Other comprehensive loss before reclassifications (753 ) 3,870 1 3,118 Amounts reclassified from Accumulated other comprehensive loss 1,241 — — 1,241 Balance, November 30, 2020 $ (11,482 ) $ (35,946 ) $ (1,030 ) $ (48,458 )
Amounts Reclassified out of Accumulated Other Comprehensive Loss	The amounts reclassified out of Accumulated other comprehensive loss into the Consolidated Statements of Operations, with financial statement caption, were as follows: Three Months Ended November 30, (In thousands) 2020 2019 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,331 $ 241 Revenue and Cost of revenue Interest rate swap contracts 287 167 Interest and foreign exchange 1,618 408 Total before tax (377 ) (99 ) Income tax expense $ 1,241 $ 309 Net of tax

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Nov. 30, 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 November 30, (In thousands) 2020 2019 Weighted average basic common shares outstanding (1) 32,723 32,629 Dilutive effect of 2.875% convertible notes (2)(3) — — Dilutive effect of 2.25% convertible notes (2)(4) — — Dilutive effect of restricted stock units (2)(5) — 655 Weighted average diluted common shares outstanding 32,723 33,284 (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 common stock equivalents was excluded from the share calculation for the three months ended November 30, 2020 due to a net loss. ( 3 ) The dilutive effect of the 2.875% convertible notes was excluded for the three months ended November 30, 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. ( 4 ) The dilutive effect of the 2.25 % c onvertible notes was excluded for the three months ended November 30 , 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. ( 5 ) 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 November 30, 2020 2019 Net earnings (loss) attributable to Greenbrier $ (9,972 ) $ 7,669 Weighted average diluted common shares outstanding 32,723 33,284 Diluted earnings (loss) per share $ (0.30 ) $ 0.23

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Nov. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments	Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives November 30, 2020 August 31, 2020 November 30, 2020 August 31, 2020 (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 $ 112 $ 560 Accounts payable and accrued liabilities $ 389 $ 3 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 14,250 15,904 $ 112 $ 560 $ 14,639 $ 15,907 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ — $ 22 Accounts payable and accrued liabilities $ — $ —
Effect of Derivative Instruments on the Statements of Operations	The Effect of Derivative Instruments on the Statements of Operations Three Months Ended November 30, 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 November 30, 2020 November 30, 2019 Foreign forward exchange contract Interest and foreign exchange $ (123 ) $ 71 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 November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 November 30, 2020 November 30, 2019 Foreign forward exchange contracts $ (1,010 ) $ 573 Revenue $ (246 ) $ (166 ) Revenue $ 148 $ 453 Foreign forward exchange contracts (61 ) (594 ) Cost of revenue (41 ) (75 ) Cost of revenue 5 134 Interest rate swap contracts 323 2,719 Interest and foreign exchange (1,331 ) (167 ) Interest and foreign exchange — (165 ) $ (748 ) $ 2,698 $ (1,618 ) $ (408 ) $ 153 $ 422
Effects of Cash Flow Hedges Included in Statements of Operations	The following table presents the amounts in the Consolidated Statements of Operations 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 November 30, 2020 and 2019: Three Months Ended November 30, 2020 2019 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 402,989 $ (246 ) $ 769,359 $ (166 ) Cost of revenue 362,318 (41 ) 677,170 (75 ) Interest and foreign exchange 11,103 (1,331 ) 12,852 (167 )

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2020: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 308,722 $ 20,591 $ 329,313 $ 9,686 $ 2,505 $ 12,191 Wheels, Repair & Parts 65,556 301 65,857 (200 ) (9 ) (209 ) Leasing & Services 28,711 4,665 33,376 5,890 4,285 10,175 Eliminations — (25,557 ) (25,557 ) — (6,781 ) (6,781 ) Corporate — — — (17,490 ) — (17,490 ) $ 402,989 $ — $ 402,989 $ (2,114 ) $ — $ (2,114 ) For the three months ended November 30, 2019: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 657,367 $ 97 $ 657,464 $ 53,143 $ (23 ) $ 53,120 Wheels, Repair & Parts 86,608 5,851 92,459 1,114 (342 ) 772 Leasing & Services 25,384 1,749 27,133 9,777 1,289 11,066 Eliminations — (7,697 ) (7,697 ) — (924 ) (924 ) Corporate — — — (22,250 ) — (22,250 ) $ 769,359 $ — $ 769,359 $ 41,784 $ — $ 41,784 Total assets (In thousands) November 30, 2020 August 31, 2020 Manufacturing $ 1,264,616 $ 1,301,715 Wheels, Repair & Parts 274,534 271,862 Leasing & Services 758,820 739,025 Unallocated, including cash 748,114 861,232 $ 3,046,084 $ 3,173,834
Reconciliation of Earnings (Loss) from Operations to Earnings (Loss) Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates	Reconciliation of Earnings (loss) from operations to Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates: Three Months Ended November 30, (In thousands) 2020 2019 Earnings (loss) from operations $ (2,114 ) $ 41,784 Interest and foreign exchange 11,103 12,852 Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates $ (13,217 ) $ 28,932

Leases (Tables)

Leases (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2020, will mature as follows: (in thousands) Remaining nine months of 2021 $ 34,031 2022 31,217 2023 26,558 2024 23,535 2025 12,458 Thereafter 27,112 $ 154,911
Components of Operating Lease Costs	The components of operating lease costs were as follows: (in thousands) Three Months Ended November 30, 2020 2019 Operating lease expense $ 3,848 $ 3,422 Short-term lease expense 1,326 1,406 Total $ 5,174 $ 4,828
Aggregate Minimum Future Amounts Payable Under Operating Leases	Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at November 30, 2020 will mature as follows: (in thousands) Remaining nine months of 2021 $ 10,118 2022 12,404 2023 11,980 2024 10,712 2025 6,248 Thereafter 17,385 Total lease payments $ 68,847 Less: Imputed interest (7,775 ) Total lease obligations $ 61,072
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 11.4 years Weighted average discount rate: Operating leases 3.2 %
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases were as follows: (in thousands) Three months ended November 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,700 ROU assets obtained in exchange for new operating lease liabilities $ (197 )

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Nov. 30, 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 November 30, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 112 $ — $ 112 $ — Nonqualified savings plan investments 39,026 39,026 — — Cash equivalents 203,643 203,643 — — $ 242,781 $ 242,669 $ 112 $ — Liabilities: Derivative financial instruments $ 14,639 $ — $ 14,639 $ — (1) Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 - Derivative Instruments for further discussion. Assets and liabilities measured at fair value on a recurring basis as of August 31, 2020 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 582 $ — $ 582 $ — Nonqualified savings plan investments 35,744 35,744 — — Cash equivalents 203,509 203,509 — — $ 239,835 $ 239,253 $ 582 $ — Liabilities: Derivative financial instruments $ 15,907 $ — $ 15,907 $ —

Interim Financial Statements -

Interim Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Sep. 01, 2020	Aug. 31, 2020
Equity Class Of Treasury Stock [Line Items]
Retained earnings	$ 866,367		$ 885,460
ASU 2016-13
Equity Class Of Treasury Stock [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Sep. 1, 2020
ASU 2016-13 | Cumulative Effect Adjustment Due to Adoption
Equity Class Of Treasury Stock [Line Items]
Retained earnings		$ (500)

Revenue Recognition - Summary o

Revenue Recognition - Summary of Contract Balances (Detail) - USD ($) $ in Thousands		3 Months Ended
		Nov. 30, 2020	Aug. 31, 2020
Change In Contract With Customer Asset And Liability [Abstract]
Contract assets		$ 5,738	$ 7,081
Contract liabilities	[1]	30,444	$ 27,009
Change in contract assets		(1,343)
Change in contract liabilities	[1]	$ 3,435
[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
	Nov. 30, 2020USD ($)
Revenue From Contract With Customers [Line Items]
Revenue recognized from contract with customers liability	$ 2.7
Railcar sales
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	1,000
Services
Revenue From Contract With Customers [Line Items]
Expected revenue recognized in the reminder of fiscal year	$ 127.1
Expected performance percentage	50.00%

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Estimated Revenue Related to Performance Obligations (Detail) $ in Millions	Nov. 30, 2020USD ($)
Railcar sales
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	$ 1,000
Services
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	127.1
Other
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	60.4
Manufacturing | Railcar sales
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	1,923
Manufacturing | Marine
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	66.4
Manufacturing | Railcars for Syndication
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue type 1	$ 237	[1]
[1]	Not a performance obligation as defined in Topic 606

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Inventory Disclosure [Abstract]
Manufacturing supplies and raw materials	$ 255,112	$ 263,080
Work-in-process	103,540	116,909
Finished goods	153,878	173,761
Excess and obsolete adjustment	(22,248)	(24,221)
Inventories	$ 490,282	$ 529,529

Intangibles and Other Assets,_3

Intangibles and Other Assets, Net - Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Intangibles and Other Assets by Major Class [Line Items]
Finite-Lived Intangible Assets, Net, Total	$ 59,211	$ 60,416
Intangible assets not subject to amortization	2,474	2,474
Prepaid and other assets	18,231	22,026
Operating lease ROU assets	58,767	62,389
Nonqualified savings plan investments	39,026	35,744
Revolving notes issuance costs, net	3,387	3,623
Assets held for sale	5,413	3,650
Total Intangible and other assets, net	186,509	190,322
Customer Relationships
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	89,722	89,722
Accumulated amortization	(58,419)	(56,509)
Other Intangible Assets
Intangibles and Other Assets by Major Class [Line Items]
Finite lived intangible assets gross	39,477	37,798
Accumulated amortization	$ (11,569)	$ (10,595)

Intangibles and Other Assets,_4

Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2.8	$ 2.7
Future amortization expense, 2021	11.5
Future amortization expense, 2022	8.1
Future amortization expense, 2023	6.7
Future amortization expense, 2024	6.6
Future amortization expense, 2025	$ 5.7

Revolving Notes - Additional In

Revolving Notes - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)FacilityCreditFacility	Aug. 31, 2020USD ($)
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 85,300,000
Long-term Line of Credit	$ 276,248,000	$ 351,526,000
Number of lines of credits | CreditFacility	3
Senior Secured Credit Facilities, Consisting of 4 Components
Line of Credit Facility [Line Items]
Number of senior secured credit facilities | Facility	4
Line of credit facility maximum capacity	$ 738,200,000
Letter of credit facility outstanding amount	28,400,000	28,700,000
Borrowings	210,000,000	275,000,000
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	$ 68,200,000
Long-term Line of Credit	28,000,000
Letter of credit facility outstanding amount	$ 36,200,000	46,500,000
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Minimum
Line of Credit Facility [Line Items]
Line of credit maturity date	2021-06
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | Maximum
Line of Credit Facility [Line Items]
Line of credit maturity date	2022-09
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | WIBOR | Minimum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.20%
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | WIBOR | Maximum
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	1.50%
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 Operations Line of Credit, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 70,000,000
Letter of credit facility outstanding amount	30,000,000	$ 30,000,000
Mexican Railcar Manufacturing Operations 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	2024-06
Mexican Railcar Manufacturing Operations 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 Operations 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 Operations Line of Credit 2, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 35,000,000
Line of credit facility borrowings outstanding due period	2021-06
Joint venture partner each guaranteed percentage	50.00%
Mexican Railcar Manufacturing Operations 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%
Mexican Railcar Manufacturing Operations Line of Credit 3, 3rd Component of Senior Secured Credit Facilities
Line of Credit Facility [Line Items]
Line of credit facility maximum capacity	$ 5,000,000
Line of credit facility borrowings outstanding due period	2022-09
Mexican Railcar Manufacturing Operations Line of Credit 3, 3rd Component of Senior Secured Credit Facilities | LIBOR
Line of Credit Facility [Line Items]
Debt instrument, percentage points added to the reference rate	2.95%

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019	Aug. 31, 2019
Payables And Accruals [Abstract]
Trade payables	$ 126,096	$ 148,971
Other accrued liabilities	107,798	100,168
Operating lease liabilities	61,072	64,509
Accrued payroll and related liabilities	93,552	105,008
Accrued warranty	45,620	45,224	$ 47,110	$ 46,678
Accounts payable and accrued liabilities	$ 434,138	$ 463,880

Warranty Accruals - Warranty Ac

Warranty Accruals - Warranty Accrual Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Guarantees And Product Warranties [Abstract]
Balance at beginning of period	$ 45,224	$ 46,678
Charged to cost of revenue, net	1,954	2,378
Payments	(1,415)	(1,999)
Currency translation effect	(143)	53
Balance at end of period	$ 45,620	$ 47,110

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss, Net of Tax (Detail) $ in Thousands	3 Months Ended
	Nov. 30, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,293,043
Ending balance	1,280,407
Unrealized Gain (Loss) on Derivative Financial Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(11,970)
Other comprehensive loss before reclassifications	(753)
Amounts reclassified from Accumulated other comprehensive loss	1,241
Ending balance	(11,482)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(39,816)
Other comprehensive loss before reclassifications	3,870
Ending balance	(35,946)
Other
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(1,031)
Other comprehensive loss before reclassifications	1
Ending balance	(1,030)
Accumulated Other Comprehensive (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(52,817)
Other comprehensive loss before reclassifications	3,118
Amounts reclassified from Accumulated other comprehensive loss	1,241
Ending balance	$ (48,458)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Amounts Reclassified out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Interest and foreign exchange	$ 11,103	$ 12,852
Total before tax	13,217	(28,932)
Income tax expense	(7,332)	5,994
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	1,618	408
Income tax expense	(377)	(99)
Net of tax	1,241	309
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	1,331	241
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	$ 287	$ 167

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share (Detail) - shares shares in Thousands		3 Months Ended
		Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share Disclosure [Line Items]
Weighted average basic common shares outstanding	[1]	32,723	32,629
Dilutive effect of restricted stock units	[2],[3]		655
Weighted average diluted common shares outstanding		32,723	33,284
2.875% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3],[4]	0	0
2.25% Convertible Senior Notes
Earnings Per Share Disclosure [Line Items]
Dilutive effect of convertible notes	[3],[5]	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 common stock equivalents was excluded from the share calculation for the three months ended November 30, 2020 due to a net loss.
[4]	The dilutive effect of the 2.875% convertible notes was excluded for the three months ended November 30, 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.
[5]	The dilutive effect of the 2.25 % c onvertible notes was excluded for the three months ended November 30 , 2019 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

Earnings (Loss) Per Share - R_2

Earnings (Loss) Per Share - Reconciliation of Shares Used in Computation of Basic and Diluted Earnings Per Common Share (Parenthetical) (Detail)	Nov. 30, 2020	Nov. 30, 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%	2.25%

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail)	Nov. 30, 2020	Nov. 30, 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%	2.25%

Earnings (Loss) Per Share - App

Earnings (Loss) Per Share - Approach to Calculate Diluted Earning Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Earnings Per Share [Abstract]
Net earnings (loss) attributable to Greenbrier	$ (9,972)	$ 7,669
Weighted average diluted common shares outstanding	32,723	33,284
Diluted earnings (loss) per common share	$ (0.30)	$ 0.23

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock based compensation expense	$ 4,435	$ 3,157

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	3 Months Ended
	Nov. 30, 2020USD ($)
Foreign Exchange Contracts
Derivative [Line Items]
Aggregate derivative notional amount	$ 243,700,000
Amount reclassified to revenue or cost of revenue in the next year	700,000
Interest rate swap contracts
Derivative [Line Items]
Unrealized pre-tax gain (loss) that would be reclassified to interest expense in the next year	4,900,000
Interest rate swap contracts | Derivatives maturing on September 2023
Derivative [Line Items]
Aggregate derivative notional amount	$ 104,600,000
Maturity date	2023-09
Interest rate swap contracts | Derivatives maturing on June 2024
Derivative [Line Items]
Aggregate derivative notional amount	$ 142,500,000
Maturity date	2024-06

Derivative Instruments - Fair V

Derivative Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives	$ 14,639	$ 15,907
Designated as Hedging Instrument | Accounts Receivable
Derivatives Fair Value [Line Items]
Asset Derivatives	112	560
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives	389	3
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives Fair Value [Line Items]
Asset Derivatives	112	560
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities
Derivatives Fair Value [Line Items]
Liability Derivatives	$ 14,250	15,904
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable
Derivatives Fair Value [Line Items]
Asset Derivatives		$ 22

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on Statements of Operations (Detail) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	$ (748)	$ 2,698
Gain (loss) reclassified from accumulated OCI into income	(1,618)	(408)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	153	422
Foreign Exchange Forward | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in income on derivatives	(123)	71
Foreign Exchange Forward | Sales
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	(1,010)	573
Gain (loss) reclassified from accumulated OCI into income	(246)	(166)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	148	453
Foreign Exchange Forward | Cost Of Revenue
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	(61)	(594)
Gain (loss) reclassified from accumulated OCI into income	(41)	(75)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)	5	134
Interest rate swap contracts | Interest and Foreign Exchange
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in OCI on derivatives	323	2,719
Gain (loss) reclassified from accumulated OCI into income	$ (1,331)	(167)
Gain (loss) recognized on derivative (amount excluded from effectiveness testing)		$ (165)

Derivative Instruments - Effe_2

Derivative Instruments - Effects of Cash Flow Hedges Included in Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Derivative [Line Items]
Revenue	$ 402,989	$ 769,359
Cost of revenue	362,318	677,170
Interest and foreign exchange	11,103	12,852
Sales
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	(246)	(166)
Cost of Sales
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	(41)	(75)
Interest and Foreign Exchange
Derivative [Line Items]
Amount of gain (loss) on cash flow hedge activity	$ (1,331)	$ (167)

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Nov. 30, 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
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 402,989	$ 769,359
Earnings (loss) from operations	(2,114)	41,784
Assets	3,046,084		$ 3,173,834
Manufacturing
Segment Reporting Information [Line Items]
Revenue	308,722	657,367
Earnings (loss) from operations	9,686	53,143
Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	65,556	86,608
Earnings (loss) from operations	(200)	1,114
Leasing & Services
Segment Reporting Information [Line Items]
Revenue	28,711	25,384
Earnings (loss) from operations	5,890	9,777
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(17,490)	(22,250)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenue	(25,557)	(7,697)
Earnings (loss) from operations	(6,781)	(924)
Intersegment Eliminations | Manufacturing
Segment Reporting Information [Line Items]
Revenue	20,591	97
Earnings (loss) from operations	2,505	(23)
Intersegment Eliminations | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	301	5,851
Earnings (loss) from operations	(9)	(342)
Intersegment Eliminations | Leasing & Services
Segment Reporting Information [Line Items]
Revenue	4,665	1,749
Earnings (loss) from operations	4,285	1,289
Operating Segments
Segment Reporting Information [Line Items]
Earnings (loss) from operations	(17,490)	(22,250)
Operating Segments | Manufacturing
Segment Reporting Information [Line Items]
Revenue	329,313	657,464
Earnings (loss) from operations	12,191	53,120
Assets	1,264,616		1,301,715
Operating Segments | Wheels, Repair & Parts
Segment Reporting Information [Line Items]
Revenue	65,857	92,459
Earnings (loss) from operations	(209)	772
Assets	274,534		271,862
Operating Segments | Leasing & Services
Segment Reporting Information [Line Items]
Revenue	33,376	27,133
Earnings (loss) from operations	10,175	$ 11,066
Assets	758,820		739,025
Operating Segments | Unallocated, including cash
Segment Reporting Information [Line Items]
Assets	$ 748,114		$ 861,232

Segment Information - Reconcili

Segment Information - Reconciliation of Earnings (Loss) from Operations to Earnings (Loss) Before Income Tax and Earnings (Loss) from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Segment Reporting [Abstract]
Earnings (loss) from operations	$ (2,114)	$ 41,784
Interest and foreign exchange	11,103	12,852
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates	$ (13,217)	$ 28,932

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Lessor and Lessee, Lease, Description [Line Items]
Operating lease rental revenues	$ 11.8	$ 11.4
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	$ 3.6	3.7
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	15 years
Financing lease remaining lease term	78 years
Equipment on Operating Lease
Lessor and Lessee, Lease, Description [Line Items]
Accumulated depreciation	$ 31.5		$ 33.4
Depreciation expense	$ 3.9	$ 3.5

Leases - Aggregate Minimum Futu

Leases - Aggregate Minimum Future Amounts Receivable Under All Non-Cancelable Operating Leases and Subleases (Detail) $ in Thousands	Nov. 30, 2020USD ($)
Leases [Abstract]
Remaining nine months of 2021	$ 34,031
2022	31,217
2023	26,558
2024	23,535
2025	12,458
Thereafter	27,112
Operating Leases, Future Minimum Payments Receivable, Total	$ 154,911

Leases - Components of Operatin

Leases - Components of Operating Lease Costs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Leases [Abstract]
Operating lease expense	$ 3,848	$ 3,422
Short-term lease expense	1,326	1,406
Total	$ 5,174	$ 4,828

Leases - Aggregate Minimum Fu_2

Leases - Aggregate Minimum Future Amounts Payable Under Operating Leases (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Aug. 31, 2020
Leases [Abstract]
Remaining nine months of 2021	$ 10,118
2022	12,404
2023	11,980
2024	10,712
2025	6,248
Thereafter	17,385
Total lease payments	68,847
Less: Imputed interest	(7,775)
Total lease obligations	$ 61,072	$ 64,509
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Leases - Additional Informati_2

Leases - Additional Information Related to Company's Leases (Detail)	Nov. 30, 2020
Leases [Abstract]
Weighted average remaining lease term	11 years 4 months 24 days
Weighted average discount rate	3.20%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands	3 Months Ended
	Nov. 30, 2020USD ($)
Cash Flow Operating Activities Lessee [Abstract]
Operating cash flows from operating leases	$ 3,700
ROU assets obtained in exchange for new operating lease liabilities	$ (197)

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Jan. 06, 2017USD ($)Segment	Dec. 31, 2016USD ($)	Nov. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Line Items]
Remedial investigation and feasibility study		$ 110,000,000
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			$ 28,400,000
Portland Harbor Site
Commitments and Contingencies Disclosure [Line Items]
Number of sediment decision units | Segment	13
Estimated undiscounted cost	$ 1,700,000,000
Period for remedial action	13 years
Period for monitoring	30 years
New data collection period to reflect actual cost prior to final remedy design	2 years
Portland Harbor Site | Minimum
Commitments and Contingencies Disclosure [Line Items]
Accuracy of cost estimate	(30.00%)
Portland Harbor Site | Maximum
Commitments and Contingencies Disclosure [Line Items]
Accuracy of cost estimate	50.00%

Fair Value Measures - Assets an

Fair Value Measures - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Nov. 30, 2020	Aug. 31, 2020
Assets:
Nonqualified savings plan investments		$ 39,026	$ 35,744
Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments		112	582
Nonqualified savings plan investments		39,026	35,744
Cash equivalents		203,643	203,509
Assets, Fair Value Disclosure, Total		242,781	239,835
Liabilities:
Derivative financial instruments		14,639	15,907
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Assets:
Nonqualified savings plan investments		39,026	35,744
Cash equivalents		203,643	203,509
Assets, Fair Value Disclosure, Total		242,669	239,253
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Assets:
Derivative financial instruments	[1]	112	582
Assets, Fair Value Disclosure, Total	[1]	112	582
Liabilities:
Derivative financial instruments	[1]	$ 14,639	$ 15,907
[1]	Level 2 assets and liabilities include derivative financial instruments that are valued based on observable inputs. See Note 11 - Derivative Instruments for further discussion.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Related Party Transaction [Line Items]
Carrying amount of investment in unconsolidated affiliates	$ 3,500,000
Greenbrier-Maxion
Related Party Transaction [Line Items]
Note receivable	$ 3,900,000
Axis LLC
Related Party Transaction [Line Items]
Percentage of ownership in entity	41.90%
Axis LLC | Railcar Components
Related Party Transaction [Line Items]
Purchases of goods from related party	$ 3,800,000	$ 4,000,000
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

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Jan. 06, 2021	Nov. 30, 2020
Subsequent Event [Line Items]
Stock repurchase program, expiration date		Mar. 31, 2021
Stock repurchase program, amount remaining for repurchase		$ 100,000,000
Subsequent Events
Subsequent Event [Line Items]
Stock repurchase program, expiration date	Jan. 31, 2023