Cover Page
Cover Page - shares | 9 Months Ended | |
May 31, 2021 | Jul. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
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 | 32,377,439 | |
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, 2021 | Aug. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 628,200 | $ 833,745 |
Restricted cash | 8,689 | 8,342 |
Accounts receivable, net | 274,792 | 230,488 |
Income tax receivable | 75,135 | 9,109 |
Inventories | 553,137 | 529,529 |
Leased railcars for syndication | 154,017 | 107,671 |
Equipment on operating leases, net | 446,888 | 350,442 |
Property, plant and equipment, net | 676,010 | 711,524 |
Investment in unconsolidated affiliates | 79,420 | 72,354 |
Intangibles and other assets, net | 180,829 | 190,322 |
Goodwill | 133,050 | 130,308 |
Total assets | 3,210,167 | 3,173,834 |
Liabilities and Equity | ||
Revolving notes | 325,150 | 351,526 |
Accounts payable and accrued liabilities | 480,373 | 463,880 |
Deferred income taxes | 44,900 | 7,701 |
Deferred revenue | 43,676 | 42,467 |
Notes payable, net | 835,027 | 804,088 |
Commitments and contingencies (Note 15) | ||
Contingently redeemable noncontrolling interest | 30,323 | 31,117 |
Greenbrier | ||
Preferred stock - without par value; 25,000 shares authorized; none outstanding | ||
Common stock - without par value; 50,000 shares authorized; 32,377 and 32,701 shares outstanding at May 31, 2021 and August 31, 2020 | ||
Additional paid-in capital | 467,806 | 460,400 |
Retained earnings | 858,947 | 885,460 |
Accumulated other comprehensive loss | (39,990) | (52,817) |
Total equity – Greenbrier | 1,286,763 | 1,293,043 |
Noncontrolling interest | 163,955 | 180,012 |
Total equity | 1,450,718 | 1,473,055 |
Liabilities and Equity | $ 3,210,167 | $ 3,173,834 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | May 31, 2021 | 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 | 32,377,000 | 32,701,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | ||
Revenue | |||||
Revenue | $ 450,143 | $ 762,557 | $ 1,148,754 | $ 2,155,764 | |
Cost of revenue | |||||
Cost of revenue | 375,011 | 655,026 | 1,015,280 | 1,869,708 | |
Margin | 75,132 | 107,531 | 133,474 | 286,056 | |
Selling and administrative expense | 49,239 | 49,494 | 136,371 | 158,455 | |
Net (gain) loss on disposition of equipment | 184 | (8,775) | (765) | (19,431) | |
Earnings (loss) from operations | 25,709 | 66,812 | (2,132) | 147,032 | |
Other costs | |||||
Interest and foreign exchange | 10,204 | 7,562 | 30,875 | 33,023 | |
Net loss on extinguishment of debt | (4,763) | (4,763) | |||
Earnings (loss) before income tax and earnings from unconsolidated affiliates | 10,742 | 59,250 | (37,770) | 114,009 | |
Income tax benefit (expense) | 6,914 | (24,421) | 35,998 | (37,878) | |
Earnings (loss) before earnings from unconsolidated affiliates | 17,656 | 34,829 | (1,772) | 76,131 | |
Earnings from unconsolidated affiliates | 2,379 | 1,040 | 1,257 | 3,764 | |
Net earnings (loss) | 20,035 | 35,869 | (515) | 79,895 | |
Net (earnings) loss attributable to noncontrolling interest | (298) | (8,097) | 1,215 | (30,825) | |
Net earnings attributable to Greenbrier | $ 19,737 | $ 27,772 | $ 700 | $ 49,070 | |
Basic earnings per common share | $ 0.61 | $ 0.85 | $ 0.02 | $ 1.50 | |
Diluted earnings per common share | $ 0.59 | $ 0.83 | $ 0.02 | $ 1.47 | |
Weighted average common shares: | |||||
Basic | [1] | 32,573 | 32,690 | 32,726 | 32,660 |
Diluted | 33,605 | 33,478 | 33,747 | 33,414 | |
Manufacturing | |||||
Revenue | |||||
Revenue | $ 341,939 | $ 653,007 | $ 852,755 | $ 1,800,317 | |
Cost of revenue | |||||
Cost of revenue | 292,464 | 562,793 | 775,125 | 1,567,014 | |
Earnings (loss) from operations | 31,341 | 68,445 | 23,811 | 167,693 | |
Wheels, Repair & Parts | |||||
Revenue | |||||
Revenue | 80,871 | 82,024 | 218,050 | 259,857 | |
Cost of revenue | |||||
Cost of revenue | 73,690 | 75,001 | 203,341 | 241,266 | |
Earnings (loss) from operations | 4,173 | 3,785 | 6,406 | 8,219 | |
Leasing & Services | |||||
Revenue | |||||
Revenue | 27,333 | 27,526 | 77,949 | 95,590 | |
Cost of revenue | |||||
Cost of revenue | 8,857 | 17,232 | 36,814 | 61,428 | |
Earnings (loss) from operations | $ 12,280 | $ 11,837 | $ 24,590 | $ 34,407 | |
[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 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net earnings (loss) | $ 20,035 | $ 35,869 | $ (515) | $ 79,895 | |
Other comprehensive income (loss) | |||||
Translation adjustment | 4,835 | (11,029) | 9,299 | (13,315) | |
Reclassification of derivative financial instruments recognized in net earnings (loss) | [1] | 1,389 | 1,845 | 3,904 | 2,322 |
Unrealized income (loss) on derivative financial instruments | [2] | 658 | (5,643) | (237) | (7,127) |
Other (net of tax effect) | (191) | 81 | (138) | (140) | |
Other comprehensive income | 6,691 | (14,746) | 12,828 | (18,260) | |
Comprehensive income | 26,726 | 21,123 | 12,313 | 61,635 | |
Comprehensive (income) loss attributable to noncontrolling interest | (295) | (8,096) | 1,214 | (30,816) | |
Comprehensive income attributable to Greenbrier | $ 26,431 | $ 13,027 | $ 13,527 | $ 30,819 | |
[1] | Net of tax effect of $(0.5 million) and $(0.6 million) for the three months ended May 31, 2021 and 2020 and $(1.2 million) and $(0.8 million) for the nine months | ||||
[2] | Net of tax effect of ($0.4 million) and $2.1 million for the three months ended May 31, 2021 and 2020 and $0.3 million and $2.8 million for the nine months ended May 31, 2021 and 2020. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Reclassification of derivative financial instruments recognized in net earnings (loss), tax | $ (0.5) | $ (0.6) | $ (1.2) | $ (0.8) |
Unrealized loss on derivative financial instruments, tax | $ (0.4) | $ 2.1 | $ 0.3 | $ 2.8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Shares | Additional Paid-in Capital | Additional Paid-in Capital2.875% Convertible senior notes, due 2028 | Additional Paid-in Capital2.875% Convertible senior notes, due 2024 | Additional Paid-in Capital2.25% Convertible senior notes, due 2024 | Retained Earnings | Retained EarningsCumulative Effect Adjustment Due to Adoption | Accumulated Other Comprehensive (Loss) | Total Equity - Greenbrier | Total Equity - Greenbrier2.875% Convertible senior notes, due 2028 | Total Equity - Greenbrier2.875% Convertible senior notes, due 2024 | Total Equity - Greenbrier2.25% Convertible senior notes, due 2024 | Total Equity - GreenbrierCumulative Effect Adjustment Due to Adoption | Noncontrolling Interest | Equity Excluding Contingently Redeemable Noncontrolling Interest | Equity Excluding Contingently Redeemable Noncontrolling Interest2.875% Convertible senior notes, due 2028 | Equity Excluding Contingently Redeemable Noncontrolling Interest2.875% Convertible senior notes, due 2024 | Equity Excluding Contingently Redeemable Noncontrolling Interest2.25% Convertible senior notes, due 2024 | 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) | $ 79,895 | $ 49,070 | $ 49,070 | 31,778 | $ 80,848 | ||||||||||||||||
Other comprehensive income (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) | 6,797 | 6,797 | 6,797 | ||||||||||||||||||
Restricted stock awards (net of cancellations) (in shares) | 213 | ||||||||||||||||||||
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 | 459,668 | 894,619 | (63,066) | 1,291,221 | 176,886 | 1,468,107 | |||||||||||||||
Ending Balance (in shares) at May. 31, 2020 | 32,701 | ||||||||||||||||||||
Ending Balance at May. 31, 2020 | 30,611 | ||||||||||||||||||||
Net earnings (loss) | (953) | ||||||||||||||||||||
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 | ||||||||||||||||||||
Beginning balance at Feb. 29, 2020 | 30,782 | ||||||||||||||||||||
Net earnings (loss) | 35,869 | 27,772 | 27,772 | 8,268 | 36,040 | ||||||||||||||||
Other comprehensive income (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) | (4,317) | (4,317) | (4,317) | ||||||||||||||||||
Restricted stock awards (net of cancellations) (in shares) | 59 | ||||||||||||||||||||
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 | 459,668 | 894,619 | (63,066) | 1,291,221 | 176,886 | 1,468,107 | |||||||||||||||
Ending Balance (in shares) at May. 31, 2020 | 32,701 | ||||||||||||||||||||
Ending Balance at May. 31, 2020 | 30,611 | ||||||||||||||||||||
Net earnings (loss) | (171) | ||||||||||||||||||||
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] | ASU 2016-13 | ASU 2016-13 | ASU 2016-13 | ||||||||||||||||||
Net earnings (loss) | $ (515) | $ 700 | $ 700 | (421) | $ 279 | (794) | |||||||||||||||
Other comprehensive income (loss), net | 12,828 | 12,827 | 12,827 | 1 | 12,828 | ||||||||||||||||
Noncontrolling interest adjustments | 343 | 343 | |||||||||||||||||||
Joint venture partner distribution declared | (22,980) | (22,980) | |||||||||||||||||||
Investment by joint venture partner | 7,000 | 7,000 | |||||||||||||||||||
Restricted stock awards (net of cancellations) | 15,053 | 15,053 | 15,053 | ||||||||||||||||||
Restricted stock awards (net of cancellations) (in shares) | 145 | ||||||||||||||||||||
Unamortized restricted stock | (17,854) | (17,854) | (17,854) | ||||||||||||||||||
Restricted stock amortization | 12,468 | 12,468 | 12,468 | ||||||||||||||||||
Repurchase of stock | (20,000) | (20,000) | (20,000) | ||||||||||||||||||
Repurchase of stock (in shares) | (469) | ||||||||||||||||||||
Convertible senior notes, due 2028 - equity component, net of tax | $ 56,253 | $ 56,253 | $ 56,253 | ||||||||||||||||||
Convertible senior notes, due 2028 issuance costs - equity component, net of tax | (1,801) | (1,801) | (1,801) | ||||||||||||||||||
Convertible senior notes, due 2024 - equity component extinguishment, net of tax | $ (28,499) | $ (8,214) | $ (28,499) | $ (8,214) | $ (28,499) | $ (8,214) | |||||||||||||||
Cash dividends | (26,704) | (26,704) | (26,704) | ||||||||||||||||||
Ending balance at May. 31, 2021 | $ 1,450,718 | 467,806 | 858,947 | (39,990) | 1,286,763 | 163,955 | 1,450,718 | ||||||||||||||
Ending Balance (in shares) at May. 31, 2021 | 32,377 | 32,377 | |||||||||||||||||||
Ending Balance at May. 31, 2021 | 30,323 | ||||||||||||||||||||
Beginning balance at Feb. 28, 2021 | 466,994 | 848,192 | (46,684) | 1,268,502 | 175,857 | 1,444,359 | |||||||||||||||
Beginning balance (in shares) at Feb. 28, 2021 | 32,825 | ||||||||||||||||||||
Beginning balance at Feb. 28, 2021 | 30,037 | ||||||||||||||||||||
Net earnings (loss) | $ 20,035 | 19,737 | 19,737 | 12 | 19,749 | 286 | |||||||||||||||
Other comprehensive income (loss), net | 6,691 | 6,694 | 6,694 | (3) | 6,691 | ||||||||||||||||
Noncontrolling interest adjustments | 1,628 | 1,628 | |||||||||||||||||||
Joint venture partner distribution declared | (20,539) | (20,539) | |||||||||||||||||||
Investment by joint venture partner | 7,000 | 7,000 | |||||||||||||||||||
Restricted stock awards (net of cancellations) | (444) | (444) | (444) | ||||||||||||||||||
Restricted stock awards (net of cancellations) (in shares) | 21 | ||||||||||||||||||||
Restricted stock amortization | 3,517 | 3,517 | 3,517 | ||||||||||||||||||
Repurchase of stock | (20,000) | (20,000) | (20,000) | ||||||||||||||||||
Repurchase of stock (in shares) | (469) | ||||||||||||||||||||
Convertible senior notes, due 2028 - equity component, net of tax | 56,253 | 56,253 | 56,253 | ||||||||||||||||||
Convertible senior notes, due 2028 issuance costs - equity component, net of tax | $ (1,801) | $ (1,801) | $ (1,801) | ||||||||||||||||||
Convertible senior notes, due 2024 - equity component extinguishment, net of tax | $ (28,499) | $ (8,214) | $ (28,499) | $ (8,214) | $ (28,499) | $ (8,214) | |||||||||||||||
Cash dividends | (8,982) | (8,982) | (8,982) | ||||||||||||||||||
Ending balance at May. 31, 2021 | $ 1,450,718 | $ 467,806 | $ 858,947 | $ (39,990) | $ 1,286,763 | $ 163,955 | $ 1,450,718 | ||||||||||||||
Ending Balance (in shares) at May. 31, 2021 | 32,377 | 32,377 | |||||||||||||||||||
Ending Balance at May. 31, 2021 | $ 30,323 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
2.875% Convertible senior notes, due 2028 | ||||
Debt instrument, interest rate | 2.875% | 2.875% | ||
2.875% Convertible senior notes, due 2024 | ||||
Debt instrument, interest rate | 2.875% | 2.875% | ||
2.25% Convertible senior notes, due 2024 | ||||
Debt instrument, interest rate | 2.25% | 2.25% | ||
Equity Excluding Contingently Redeemable Noncontrolling Interest | ||||
Cash dividend per share | $ 0.27 | $ 0.27 | $ 0.81 | $ 0.79 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash flows from operating activities | ||
Net earnings (loss) | $ (515) | $ 79,895 |
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: | ||
Deferred income taxes | 20,197 | (11,450) |
Depreciation and amortization | 75,637 | 82,452 |
Net (gain) loss on disposition of equipment | (765) | (19,431) |
Accretion of debt discount | 4,639 | 4,102 |
Stock based compensation expense | 12,468 | 8,265 |
Net loss on extinguishment of debt | 4,763 | |
Noncontrolling interest adjustments | 343 | 2,826 |
Other | 1,729 | 568 |
Decrease (increase) in assets: | ||
Accounts receivable, net | (49,160) | 110,431 |
Income tax receivable | (66,026) | |
Inventories | (92,294) | 12,555 |
Leased railcars for syndication | (55,532) | (38,826) |
Other assets | 863 | (59,212) |
Increase (decrease) in liabilities: | ||
Accounts payable and accrued liabilities | 18,626 | (77,243) |
Deferred revenue | 1,189 | (5,900) |
Net cash provided by (used in) operating activities | (123,838) | 89,032 |
Cash flows from investing activities | ||
Proceeds from sales of assets | 12,156 | 78,521 |
Capital expenditures | (62,774) | (55,326) |
Investments in and advances to / repayments from unconsolidated affiliates | 674 | (1,500) |
Cash distribution from unconsolidated affiliates and other | 652 | 11,273 |
Net cash provided by (used in) investing activities | (49,292) | 32,968 |
Cash flows from financing activities | ||
Net change in revolving notes with maturities of 90 days or less | 147,571 | 214,932 |
Proceeds from revolving notes with maturities longer than 90 days | 112,000 | 175,000 |
Repayments of revolving notes with maturities longer than 90 days | (286,000) | |
Proceeds from issuance of notes payable | 373,750 | |
Repayments of notes payable | (308,468) | (24,002) |
Debt issuance costs | (14,067) | |
Repurchase of stock | (20,000) | |
Dividends | (26,882) | (26,344) |
Investment by joint venture partner | 7,000 | |
Cash distribution to joint venture partner | (24,055) | (36,152) |
Tax payments for net share settlement of restricted stock | (2,802) | (2,266) |
Net cash provided by (used in) financing activities | (41,953) | 301,168 |
Effect of exchange rate changes | 9,885 | (17,693) |
Increase (decrease) in cash and cash equivalents and restricted cash | (205,198) | 405,475 |
Cash and cash equivalents and restricted cash | ||
Cash and cash equivalents and restricted cash, Beginning balance | 842,087 | 338,487 |
Cash and cash equivalents and restricted cash, Ending balance | 636,889 | 743,962 |
Balance sheet reconciliation | ||
Cash and cash equivalents | 628,200 | 735,258 |
Restricted cash | 8,689 | 8,704 |
Cash and cash equivalents and restricted cash, Ending balance | 636,889 | 743,962 |
Cash paid during the period for | ||
Interest | 20,670 | 16,757 |
Income taxes, net | 9,940 | 36,393 |
Non-cash activity | ||
Transfer from Leased railcars for syndication and Inventories to Equipment on operating leases, net | 78,124 | 55,739 |
Capital expenditures accrued in Accounts payable and accrued liabilities | 1,943 | 2,769 |
Change in Accounts payable and accrued liabilities associated with dividends declared | 179 | (102) |
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 | $ 1,075 | $ 1,401 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
May 31, 2021 | |
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, 2021 and for the three and nine months ended May 31, 2021 and 2020 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, 2021 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 Annual Report on Form 10-K for the year ended August 31, 2020. Management Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) 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 Financial Accounting Standards Board (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 reporting periods beginning after December 15, 2021, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures. 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 | 9 Months Ended |
May 31, 2021 | |
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, 2021 August 31, 2020 $ change Contract assets Accounts receivable, net $ 18,999 $ 430 $ 18,569 Contract assets Inventories $ 9,728 $ 7,081 $ 2,647 Contract liabilities 1 Deferred revenue $ 36,867 $ 27,009 $ 9,858 1 For the nine months ended May 31 Performance obligations As of May 31 (in millions) May 31, 2021 Revenue type: Manufacturing – Railcar sales $ 2,145.0 Manufacturing – Marine $ 39.4 Services $ 131.0 Other $ 68.1 Manufacturing – Railcars intended for syndication 1 $ 253.0 1 Based on current production and delivery schedules and existing contracts, approximately $0.4 billion of Railcar sales are expected to be recognized in the remaining three months of 2021 while the remaining amount is expected to be recognized into 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 47% are expected to be performed through 2025 and the remaining amount through 2037. |
Inventories
Inventories | 9 Months Ended |
May 31, 2021 | |
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) May 31, 2021 August 31, 2020 Manufacturing supplies and raw materials $ 315,587 $ 263,080 Work-in-process 140,285 116,909 Finished goods 117,012 173,761 Excess and obsolete adjustment (19,747 ) (24,221 ) $ 553,137 $ 529,529 |
Intangibles and Other Assets, n
Intangibles and Other Assets, net | 9 Months Ended |
May 31, 2021 | |
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) May 31, 2021 August 31, 2020 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (62,237 ) (56,509 ) Other intangibles 38,928 37,798 Accumulated amortization (12,147 ) (10,595 ) 54,266 60,416 Intangible assets not subject to amortization 2,474 2,474 Prepaid and other assets 26,349 22,026 Operating lease ROU assets 41,621 62,389 Nonqualified savings plan investments 45,816 35,744 Revolving notes issuance costs, net 4,890 3,623 Assets held for sale 5,413 3,650 Total Intangible and other assets, net $ 180,829 $ 190,322 Amortization expense was $2.9 million and $8.5 million for the three and nine months ended May 31, 2021 and $2.7 million and $8.2 million for the three and nine months ended May 31, 2020. Amortization expense for the years ending August 31, 2021, 2022, 2023, 2024 and 2025 is expected to be $11.6 million, $8.3 million, $6.9 million, $6.7 million and $5.8 million, respectively. |
Revolving Notes
Revolving Notes | 9 Months Ended |
May 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving Notes | Note 5 – Revolving Notes Senior secured credit facilities, consisting of four components, aggregated to $1.04 billion as of May 31, 2021. As of May 31, 2021, a $600.0 million revolving line of credit, maturing June 2024, secured by substantially all the Company’s assets in the U.S. U.S. As of May 31, 2021, a $300.0 million non-recourse warehouse credit facility existed to support the operations of GBX Leasing, a joint venture in which the Company owns approximately 90%. Advances under this facility bear interest at LIBOR plus 2.0%. The warehouse credit facility converts to a term loan in April 2023 which matures in April 2025. As of May 31, 2021, there were $96.6 million in outstanding borrowings associated with this facility. As of May 31, 2021, lines of credit totaling $71.4 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 Company’s European manufacturing operations. The European lines of credit include $36.6 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 August2021 through September 2022. As of May 31, 2021, 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, of which the Company and its joint venture partner have each guaranteed 50%. 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 amounts available under this facility through June 2024. 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 3.70%. The Mexican railcar manufacturing joint venture will be able to draw amounts available under this facility through June 2023. 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 May 31, 2021, outstanding commitments under the senior secured credit facilities consisted of $160.0 million in borrowings and $25.2 million in letters of credit under the North American credit facility, $38.6 million outstanding under the European credit facilities and $30.0 million outstanding under the Mexican credit facilities. As of May 31, 2021, the Company had an aggregate of $221.3 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 | 9 Months Ended |
May 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 6 – Accounts Payable and Accrued Liabilities (In thousands) May 31, 2021 August 31, 2020 Trade payables $ 190,802 $ 148,971 Other accrued liabilities 104,839 100,168 Operating lease liabilities 44,317 64,509 Accrued payroll and related liabilities 108,812 105,008 Accrued warranty 31,603 45,224 $ 480,373 $ 463,880 |
Warranty Accruals
Warranty Accruals | 9 Months Ended |
May 31, 2021 | |
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 May 31, Nine Months Ended May 31, (In thousands) 2021 2020 2021 2020 Balance at beginning of period $ 42,689 $ 46,850 $ 45,224 $ 46,678 Charged to cost of revenue, net (9,232 ) 2,600 (7,881 ) 5,862 Payments (1,980 ) (1,518 ) (5,824 ) (4,653 ) Currency translation effect 126 (189 ) 84 (144 ) Balance at end of period $ 31,603 $ 47,743 $ 31,603 $ 47,743 |
Notes Payable, Net
Notes Payable, Net | 9 Months Ended |
May 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable, Net | Note 8 – Notes Payable, Net (In thousands) May 31, 2021 August 31, 2020 2.875% Convertible senior notes, due 2028 $ 373,750 $ - 2.875% Convertible senior notes, due 2024 67,876 275,000 Term loans 481,396 498,858 2.25% Convertible senior notes, due 2024 — 50,000 Other notes payable 1,936 10,135 $ 924,958 $ 833,993 Debt discount and issuance costs (89,931 ) (29,905 ) $ 835,027 $ 804,088 In April 2021, the Company issued $373.8 million of convertible senior notes, due 2028 (2028 Convertible Notes) and used $283.3 million of the net proceeds to repurchase $207.1 million of our 2.875% 2024 Convertible Notes and the 2.25% 2024 Convertible Notes. The proceeds were allocated between the repurchase of the liability and the equity components for both notes with liability component fair values of $198.1 million and $46.5 million for the 2.875% and 2.25% 2024 Convertible Notes respectively, with the remaining accounted for as a repurchase of the equity components, reducing Additional paid-in capital. The difference between the fair value of the debt component and the carrying value, net of unamortized debt discount and issuance costs, resulted in a loss on extinguishment of $4.8 million. After giving effect to the repurchase, the remaining principal amount outstanding on the 2.875% 2024 Notes was $67.9 million. 2028 Convertible Notes: The 2028 Convertible Notes are senior unsecured obligations and rank equally with other senior unsecured debt. The notes bear interest at an annual rate of 2.875% payable semiannually in arrears on April 15 and October 15 of each year, commencing October 15, 2021. The notes will mature on April 15, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. The notes are convertible into shares of the Company’s common stock, at an initial conversion rate of 18.0317 shares of common stock per $1,000 principal amount which is equivalent to an initial conversion price of approximately $55.46 per share. The conversion rate and the resulting conversion price are subject to adjustment in certain events. Upon a conversion of the notes, the Company may elect to pay or deliver, as the case may be, cash and, if applicable, shares of the Company’s common stock, as provided in the 2028 Notes Indenture (as defined below). The 2028 Convertible Notes are subject to that certain indenture entered into on April 20, 2021 by the Company and Wells Fargo Bank, National Association, as trustee, as amended and restated by the first supplemental indenture dated June 1, 2021 (2028 Notes Indenture). The 2028 Convertible Notes are convertible at the option of the holders prior to January 15, 2028, under certain circumstances as described in the 2028 Notes Indenture. Additionally, the Company may elect to call the notes on or after April 15, 2025 and on or before the 40 th The Company evaluated the accounting for the issuance of the 2028 Convertible Notes and concluded the embedded conversion features met the requirements for a derivative scope exception and that the cash conversion guidance applies. Therefore, proceeds of $373.8 million are allocated first to the liability component based on non-convertible debt with the residual proceeds allocated to the equity component for the conversion features. The carrying amount of the equity component of $73.6 million is recorded in Additional paid-in capital and is not remeasured as long as it continues to meet the condition for equity classification. The debt discount, representing the excess of the principal amount of the liability component over the carrying amount of the debt, is amortized to interest expense at an effective interest rate of 5.75% over the contractual term. The Company allocated $12.0 million in issuance costs associated with the 2028 Convertible Notes to the liability and equity component in the same proportion as the $373.8 million in proceeds. The following table summarizes the net carrying amount of the 2028 Convertible Notes: (In thousands) May 31, 2021 Debt principal $ 373,750 Debt discount, net $ (72,888 ) Debt issuance costs, net $ (9,517 ) $ 291,345 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
May 31, 2021 | |
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, 2020 $ (11,970 ) $ (39,816 ) $ (1,031 ) $ (52,817 ) Other comprehensive gain (loss) before reclassifications (237 ) 9,298 (138 ) 8,923 Amounts reclassified from Accumulated other comprehensive loss 3,904 — — 3,904 Balance, May 31, 2021 $ (8,303 ) $ (30,518 ) $ (1,169 ) $ (39,990 ) 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) 2021 2020 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 546 $ 1,711 Revenue and Cost of revenue Interest rate swap contracts 1,307 783 Interest and foreign exchange Total before tax 1,853 2,494 Income tax (464 ) (649 ) Net of tax $ 1,389 $ 1,845 Nine Months Ended May 31, (In thousands) 2021 2020 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,218 $ 1,812 Revenue and Cost of revenue Interest rate swap contracts 3,901 1,319 Interest and foreign exchange Total before tax 5,119 3,131 Income tax (1,215 ) (809 ) Net of tax $ 3,904 $ 2,322 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
May 31, 2021 | |
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) 2021 2020 2021 2020 Weighted average basic common shares outstanding (1) 32,573 32,690 32,726 32,660 Dilutive effect of 2.875% convertible notes, due 2024 (2) — — — — Dilutive effect of 2.875% convertible notes, due 2028 (3) — N/A — N/A Dilutive effect of 2.25% convertible notes, due 2024 (4) — — — — Dilutive effect of restricted stock units (5) 1,032 788 1,021 754 Weighted average diluted common shares outstanding 33,605 33,478 33,747 33,414 (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, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (3) The dilutive effect of the 2.875% convertible notes, due 2028 was excluded for the three and nine months ended May 31, 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were issued in April 2021. ( 4 ) The dilutive effect of the 2.25% convertible notes, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were retired in April 2021. ( 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 due 2024, 2.875% convertible notes due 2028, 2.25% convertible notes due 2024, 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, 2021 2020 2021 2020 Net earnings attributable to Greenbrier $ 19,737 $ 27,772 $ 700 $ 49,070 Weighted average diluted common shares outstanding 33,605 33,478 33,747 33,414 Diluted earnings per share $ 0.59 $ 0.83 $ 0.02 $ 1.47 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
May 31, 2021 | |
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 awards. Stock based compensation expense was $3.5 million and $12.5 million for the three and nine months ended May 31, 2021, respectively and $1.0 million and $8.3 million for the three and nine months ended May 31, 2020, 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, 2021 | |
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, 2021 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 $147.7 million. The fair value of the contracts is included on the Consolidated Balance Sheets as Accounts payable and accrued liabilities when in a loss position, or as Accounts receivable, net when in a gain position. As the contracts mature at various dates through December 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, 2021 exchange rates, approximately $0.4 million would be reclassified to revenue or cost of revenue in the next year. At May 31, 2021, an interest rate swap agreement maturing in September 2023 had a notional amount of $102.7 million and an interest rate swap agreement maturing June 2024 had a notional amount of $138.8 million. The fair value of the contracts are included on the Consolidated Balance Sheets in Accounts payable and accrued liabilities when in a loss position, or in Accounts receivable, net when in a gain position. 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, 2021 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, 2021 August 31, 2020 May 31, 2021 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 $ 606 $ 560 Accounts payable and accrued liabilities $ 9 $ 3 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 11,361 15,904 $ 606 $ 560 $ 11,370 $ 15,907 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 4 $ 22 Accounts payable and accrued liabilities $ 47 $ — The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on derivatives three months ended May 31, 2021 May 31, 2020 Foreign forward exchange contract Interest and foreign exchange $ 95 $ 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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign forward exchange contracts $ 494 $ (599 ) Revenue $ (522 ) $ (485 ) Revenue $ 165 $ 138 Foreign forward exchange contracts 273 (2,015 ) Cost of revenue (24 ) (1,226 ) Cost of revenue 32 130 Interest rate swap contracts (515 ) (5,155 ) Interest and foreign exchange (1,307 ) (783 ) Interest and foreign exchange — 281 $ 252 $ (7,769 ) $ (1,853 ) $ (2,494 ) $ 197 $ 549 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, 2021 and 2020: For The Three Months Ended May 31, 2021 May 31, 2020 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 450,143 $ (522 ) $ 762,557 $ (485 ) Cost of revenue 375,011 (24 ) 655,026 (1,226 ) Interest and foreign exchange 10,204 (1,307 ) 7,562 (783 ) 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, 2021 May 31, 2020 Foreign forward exchange contract Interest and foreign exchange $ (37 ) $ 60 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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign forward exchange contracts $ (1,118 ) $ 164 Revenue $ (1,145 ) $ (584 ) Revenue $ 467 $ 781 Foreign forward exchange contracts (22 ) (2,198 ) Cost of revenue (73 ) (1,228 ) Cost of revenue 97 474 Interest rate swap contracts 642 (7,939 ) Interest and foreign exchange (3,901 ) (1,319 ) Interest and foreign exchange — — $ (498 ) $ (9,973 ) $ (5,119 ) $ (3,131 ) $ 564 $ 1,255 For the Nine Months Ended May 31, 2021 May 31, 2020 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 1,148,754 $ (1,145 ) $ 2,155,764 $ (584 ) Cost of revenue 1,015,280 (73 ) 1,869,708 (1,228 ) Interest and foreign exchange 30,875 (3,901 ) 33,023 (1,319 ) |
Segment Information
Segment Information | 9 Months Ended |
May 31, 2021 | |
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 Annual Report on Form 10-K for the year ended August 31, 2020. 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 May 31, 2021: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 341,939 $ 7,451 $ 349,390 $ 31,341 $ 492 $ 31,833 Wheels, Repair & Parts 80,871 2,292 83,163 4,173 75 4,248 Leasing & Services 27,333 2,286 29,619 12,280 2,272 14,552 Eliminations — (12,029 ) (12,029 ) — (2,839 ) (2,839 ) Corporate — — — (22,085 ) — (22,085 ) $ 450,143 $ — $ 450,143 $ 25,709 $ — $ 25,709 For the nine months ended May 31, 2021: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 852,755 $ 30,467 $ 883,222 $ 23,811 $ 3,097 $ 26,908 Wheels, Repair & Parts 218,050 4,196 222,246 6,406 52 6,458 Leasing & Services 77,949 8,064 86,013 24,590 7,191 31,781 Eliminations — (42,727 ) (42,727 ) — (10,340 ) (10,340 ) Corporate — — — (56,939 ) — (56,939 ) $ 1,148,754 $ — $ 1,148,754 $ (2,132 ) $ — $ (2,132 ) 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 Total assets (In thousands) May 31, 2021 August 31, 2020 Manufacturing $ 1,413,590 $ 1,301,715 Wheels, Repair & Parts 265,847 271,862 Leasing & Services 878,743 739,025 Unallocated, including cash 651,987 861,232 $ 3,210,167 $ 3,173,834 Reconciliation of Earnings (loss) from operations to Earnings (loss) before income tax and earnings from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2021 2020 2021 2020 Earnings (loss) from operations $ 25,709 $ 66,812 $ (2,132 ) $ 147,032 Interest and foreign exchange 10,204 7,562 30,875 33,023 Net loss on extinguishment of debt 4,763 — 4,763 — Earnings (loss) before income tax and earnings from unconsolidated affiliates $ 10,742 $ 59,250 $ (37,770 ) $ 114,009 |
Leases
Leases | 9 Months Ended |
May 31, 2021 | |
Leases [Abstract] | |
Leases | Note 14 – Leases Lessor Equipment on operating leases is reported net of accumulated depreciation of $30.5 million and $33.4 million as of May 31, 2021 and August 31, 2020, respectively. Depreciation expense was $3.3 million and $10.1 Aggregate minimum future amounts receivable under all non-cancelable operating leases and subleases at May 31, 2021, will mature as follows: (in thousands) Remaining three months of 2021 $ 8,705 2022 24,151 2023 19,714 2024 17,224 2025 10,775 Thereafter 23,627 $ 104,196 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, 2021 and 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 Nine Months Ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Operating lease expense $ 2,920 $ 4,388 $ 10,438 $ 11,238 Short-term lease expense 991 1,707 3,577 6,437 Total $ 3,911 $ 6,095 $ 14,015 $ 17,675 Aggregate minimum future amounts payable under operating leases having initial or remaining non-cancelable terms at May 31, 2021 will mature as follows: (in thousands) Remaining three months of 2021 $ 2,405 2022 9,151 2023 8,713 2024 7,429 2025 5,070 Thereafter 17,557 Total lease payments $ 50,325 Less: Imputed interest (6,008 ) Total lease obligations $ 44,317 The table below presents additional information related to the Company’s leases: Weighted average remaining lease term: Operating leases 13.8 Years Weighted average discount rate: Operating leases 3.0 % Supplemental cash flow information related to leases were as follows: (in thousands) Nine months ended May 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,091 ROU assets obtained in exchange for new operating lease liabilities $ 404 ROU assets disposed of for lease terminations $ (12,053 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
May 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 – 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, 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 U.S. Confederated Tribes and Bands of the Yakama Nation v. Air Liquide America Corp., et al., U.S. 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. (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 Consolidated Financial Statements. 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, 2021, the Company had outstanding letters of credit aggregating to $25.2 million associated with performance guarantees, facility leases and workers compensation insurance. |
Fair Value Measures
Fair Value Measures | 9 Months Ended |
May 31, 2021 | |
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, 2021 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 610 $ — $ 610 $ — Nonqualified savings plan investments 45,816 45,816 — — Cash equivalents 203,833 203,833 — — $ 250,259 $ 249,649 $ 610 $ — Liabilities: Derivative financial instruments $ 11,417 $ — $ 11,417 $ — (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, 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 | 9 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 17 – Related Party Transactions The Company has a 41.9% interest in Axis, LLC (Axis), a joint venture. The Company purchased $3.3 million and $10.0 million for the three and nine months ended May 31, 2021, respectively and $4.3 million and $11.5 million for the three and nine months ended May 31, 2020, respectively of railcar components from Axis. 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 May 31, 2021, the carrying amount of the investment was $3.2 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 nine months ended May 31, 2021 and 2020. The Company also provides administrative and remarketing services to this entity and earns management fees for these services which were immaterial for the three and nine months ended May 31, 2021 and 2020. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
May 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Contract Balances | The contract balances are as follows: (in thousands) Balance sheet classification May 31, 2021 August 31, 2020 $ change Contract assets Accounts receivable, net $ 18,999 $ 430 $ 18,569 Contract assets Inventories $ 9,728 $ 7,081 $ 2,647 Contract liabilities 1 Deferred revenue $ 36,867 $ 27,009 $ 9,858 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, 2021 Revenue type: Manufacturing – Railcar sales $ 2,145.0 Manufacturing – Marine $ 39.4 Services $ 131.0 Other $ 68.1 Manufacturing – Railcars intended for syndication 1 $ 253.0 1 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
May 31, 2021 | |
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, 2021 August 31, 2020 Manufacturing supplies and raw materials $ 315,587 $ 263,080 Work-in-process 140,285 116,909 Finished goods 117,012 173,761 Excess and obsolete adjustment (19,747 ) (24,221 ) $ 553,137 $ 529,529 |
Intangibles and Other Assets,_2
Intangibles and Other Assets, net (Tables) | 9 Months Ended |
May 31, 2021 | |
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, 2021 August 31, 2020 Intangible assets subject to amortization: Customer relationships $ 89,722 $ 89,722 Accumulated amortization (62,237 ) (56,509 ) Other intangibles 38,928 37,798 Accumulated amortization (12,147 ) (10,595 ) 54,266 60,416 Intangible assets not subject to amortization 2,474 2,474 Prepaid and other assets 26,349 22,026 Operating lease ROU assets 41,621 62,389 Nonqualified savings plan investments 45,816 35,744 Revolving notes issuance costs, net 4,890 3,623 Assets held for sale 5,413 3,650 Total Intangible and other assets, net $ 180,829 $ 190,322 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
May 31, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | (In thousands) May 31, 2021 August 31, 2020 Trade payables $ 190,802 $ 148,971 Other accrued liabilities 104,839 100,168 Operating lease liabilities 44,317 64,509 Accrued payroll and related liabilities 108,812 105,008 Accrued warranty 31,603 45,224 $ 480,373 $ 463,880 |
Warranty Accruals (Tables)
Warranty Accruals (Tables) | 9 Months Ended |
May 31, 2021 | |
Guarantees And Product Warranties [Abstract] | |
Warranty Accrual Activity | Warranty accrual activity: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2021 2020 2021 2020 Balance at beginning of period $ 42,689 $ 46,850 $ 45,224 $ 46,678 Charged to cost of revenue, net (9,232 ) 2,600 (7,881 ) 5,862 Payments (1,980 ) (1,518 ) (5,824 ) (4,653 ) Currency translation effect 126 (189 ) 84 (144 ) Balance at end of period $ 31,603 $ 47,743 $ 31,603 $ 47,743 |
Notes Payable, Net (Tables)
Notes Payable, Net (Tables) | 9 Months Ended |
May 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable, Net | (In thousands) May 31, 2021 August 31, 2020 2.875% Convertible senior notes, due 2028 $ 373,750 $ - 2.875% Convertible senior notes, due 2024 67,876 275,000 Term loans 481,396 498,858 2.25% Convertible senior notes, due 2024 — 50,000 Other notes payable 1,936 10,135 $ 924,958 $ 833,993 Debt discount and issuance costs (89,931 ) (29,905 ) $ 835,027 $ 804,088 |
Summary of Net Carrying Amount of Convertible Notes | The following table summarizes the net carrying amount of the 2028 Convertible Notes: (In thousands) May 31, 2021 Debt principal $ 373,750 Debt discount, net $ (72,888 ) Debt issuance costs, net $ (9,517 ) $ 291,345 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
May 31, 2021 | |
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 gain (loss) before reclassifications (237 ) 9,298 (138 ) 8,923 Amounts reclassified from Accumulated other comprehensive loss 3,904 — — 3,904 Balance, May 31, 2021 $ (8,303 ) $ (30,518 ) $ (1,169 ) $ (39,990 ) |
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) 2021 2020 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 546 $ 1,711 Revenue and Cost of revenue Interest rate swap contracts 1,307 783 Interest and foreign exchange Total before tax 1,853 2,494 Income tax (464 ) (649 ) Net of tax $ 1,389 $ 1,845 Nine Months Ended May 31, (In thousands) 2021 2020 Financial Statement Caption (Gain) loss on derivative financial instruments: Foreign exchange contracts $ 1,218 $ 1,812 Revenue and Cost of revenue Interest rate swap contracts 3,901 1,319 Interest and foreign exchange Total before tax 5,119 3,131 Income tax (1,215 ) (809 ) Net of tax $ 3,904 $ 2,322 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
May 31, 2021 | |
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) 2021 2020 2021 2020 Weighted average basic common shares outstanding (1) 32,573 32,690 32,726 32,660 Dilutive effect of 2.875% convertible notes, due 2024 (2) — — — — Dilutive effect of 2.875% convertible notes, due 2028 (3) — N/A — N/A Dilutive effect of 2.25% convertible notes, due 2024 (4) — — — — Dilutive effect of restricted stock units (5) 1,032 788 1,021 754 Weighted average diluted common shares outstanding 33,605 33,478 33,747 33,414 (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, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. (3) The dilutive effect of the 2.875% convertible notes, due 2028 was excluded for the three and nine months ended May 31, 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were issued in April 2021. ( 4 ) The dilutive effect of the 2.25% convertible notes, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were retired in April 2021. ( 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 May 31, Nine Months Ended May 31, 2021 2020 2021 2020 Net earnings attributable to Greenbrier $ 19,737 $ 27,772 $ 700 $ 49,070 Weighted average diluted common shares outstanding 33,605 33,478 33,747 33,414 Diluted earnings per share $ 0.59 $ 0.83 $ 0.02 $ 1.47 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
May 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments Asset Derivatives Liability Derivatives May 31, 2021 August 31, 2020 May 31, 2021 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 $ 606 $ 560 Accounts payable and accrued liabilities $ 9 $ 3 Interest rate swap contracts Accounts receivable, net — — Accounts payable and accrued liabilities 11,361 15,904 $ 606 $ 560 $ 11,370 $ 15,907 Derivatives not designated as hedging instruments Foreign forward exchange contracts Accounts receivable, net $ 4 $ 22 Accounts payable and accrued liabilities $ 47 $ — |
Effect of Derivative Instruments on the Statements of Income | The Effect of Derivative Instruments on the Statements of Income Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income on derivatives Gain (loss) recognized in income on derivatives three months ended May 31, 2021 May 31, 2020 Foreign forward exchange contract Interest and foreign exchange $ 95 $ 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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign forward exchange contracts $ 494 $ (599 ) Revenue $ (522 ) $ (485 ) Revenue $ 165 $ 138 Foreign forward exchange contracts 273 (2,015 ) Cost of revenue (24 ) (1,226 ) Cost of revenue 32 130 Interest rate swap contracts (515 ) (5,155 ) Interest and foreign exchange (1,307 ) (783 ) Interest and foreign exchange — 281 $ 252 $ (7,769 ) $ (1,853 ) $ (2,494 ) $ 197 $ 549 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, 2021 May 31, 2020 Foreign forward exchange contract Interest and foreign exchange $ (37 ) $ 60 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, 2021 May 31, 2020 May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Foreign forward exchange contracts $ (1,118 ) $ 164 Revenue $ (1,145 ) $ (584 ) Revenue $ 467 $ 781 Foreign forward exchange contracts (22 ) (2,198 ) Cost of revenue (73 ) (1,228 ) Cost of revenue 97 474 Interest rate swap contracts 642 (7,939 ) Interest and foreign exchange (3,901 ) (1,319 ) Interest and foreign exchange — — $ (498 ) $ (9,973 ) $ (5,119 ) $ (3,131 ) $ 564 $ 1,255 |
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, 2021 and 2020: For The Three Months Ended May 31, 2021 May 31, 2020 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 450,143 $ (522 ) $ 762,557 $ (485 ) Cost of revenue 375,011 (24 ) 655,026 (1,226 ) Interest and foreign exchange 10,204 (1,307 ) 7,562 (783 ) For the Nine Months Ended May 31, 2021 May 31, 2020 Total Amount of gain (loss) on cash flow hedge activity Total Amount of gain (loss) on cash flow hedge activity Revenue $ 1,148,754 $ (1,145 ) $ 2,155,764 $ (584 ) Cost of revenue 1,015,280 (73 ) 1,869,708 (1,228 ) Interest and foreign exchange 30,875 (3,901 ) 33,023 (1,319 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
May 31, 2021 | |
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, 2021: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 341,939 $ 7,451 $ 349,390 $ 31,341 $ 492 $ 31,833 Wheels, Repair & Parts 80,871 2,292 83,163 4,173 75 4,248 Leasing & Services 27,333 2,286 29,619 12,280 2,272 14,552 Eliminations — (12,029 ) (12,029 ) — (2,839 ) (2,839 ) Corporate — — — (22,085 ) — (22,085 ) $ 450,143 $ — $ 450,143 $ 25,709 $ — $ 25,709 For the nine months ended May 31, 2021: Revenue Earnings (loss) from operations (In thousands) External Intersegment Total External Intersegment Total Manufacturing $ 852,755 $ 30,467 $ 883,222 $ 23,811 $ 3,097 $ 26,908 Wheels, Repair & Parts 218,050 4,196 222,246 6,406 52 6,458 Leasing & Services 77,949 8,064 86,013 24,590 7,191 31,781 Eliminations — (42,727 ) (42,727 ) — (10,340 ) (10,340 ) Corporate — — — (56,939 ) — (56,939 ) $ 1,148,754 $ — $ 1,148,754 $ (2,132 ) $ — $ (2,132 ) 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 Total assets (In thousands) May 31, 2021 August 31, 2020 Manufacturing $ 1,413,590 $ 1,301,715 Wheels, Repair & Parts 265,847 271,862 Leasing & Services 878,743 739,025 Unallocated, including cash 651,987 861,232 $ 3,210,167 $ 3,173,834 |
Reconciliation of Earnings (Loss) from Operations to Earnings (Loss) Before Income Tax and Earnings from Unconsolidated Affiliates | Reconciliation of Earnings (loss) from operations to Earnings (loss) before income tax and earnings from unconsolidated affiliates: Three Months Ended May 31, Nine Months Ended May 31, (In thousands) 2021 2020 2021 2020 Earnings (loss) from operations $ 25,709 $ 66,812 $ (2,132 ) $ 147,032 Interest and foreign exchange 10,204 7,562 30,875 33,023 Net loss on extinguishment of debt 4,763 — 4,763 — Earnings (loss) before income tax and earnings from unconsolidated affiliates $ 10,742 $ 59,250 $ (37,770 ) $ 114,009 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
May 31, 2021 | |
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, 2021, will mature as follows: (in thousands) Remaining three months of 2021 $ 8,705 2022 24,151 2023 19,714 2024 17,224 2025 10,775 Thereafter 23,627 $ 104,196 |
Components of Operating Lease Costs | The components of operating lease costs were as follows: (in thousands) Three Months Ended Nine Months Ended May 31, 2021 May 31, 2020 May 31, 2021 May 31, 2020 Operating lease expense $ 2,920 $ 4,388 $ 10,438 $ 11,238 Short-term lease expense 991 1,707 3,577 6,437 Total $ 3,911 $ 6,095 $ 14,015 $ 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, 2021 will mature as follows: (in thousands) Remaining three months of 2021 $ 2,405 2022 9,151 2023 8,713 2024 7,429 2025 5,070 Thereafter 17,557 Total lease payments $ 50,325 Less: Imputed interest (6,008 ) Total lease obligations $ 44,317 |
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 13.8 Years Weighted average discount rate: Operating leases 3.0 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases were as follows: (in thousands) Nine months ended May 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 10,091 ROU assets obtained in exchange for new operating lease liabilities $ 404 ROU assets disposed of for lease terminations $ (12,053 ) |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 9 Months Ended |
May 31, 2021 | |
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, 2021 were: (In thousands) Total Level 1 Level 2 (1) Level 3 Assets: Derivative financial instruments $ 610 $ — $ 610 $ — Nonqualified savings plan investments 45,816 45,816 — — Cash equivalents 203,833 203,833 — — $ 250,259 $ 249,649 $ 610 $ — Liabilities: Derivative financial instruments $ 11,417 $ — $ 11,417 $ — (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, 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 | May 31, 2021 | Sep. 01, 2020 | Aug. 31, 2020 |
Equity Class Of Treasury Stock [Line Items] | |||
Retained earnings | $ 858,947 | $ 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 | 9 Months Ended | ||
May 31, 2021 | Aug. 31, 2020 | ||
Contract With Customer Asset And Liability [Line Items] | |||
Contract liabilities | [1] | $ 36,867 | $ 27,009 |
Change in contract liabilities | [1] | 9,858 | |
Accounts Receivable, Net | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract assets | 18,999 | 430 | |
Change in contract assets | 18,569 | ||
Inventories | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract assets | 9,728 | $ 7,081 | |
Change in contract assets | $ 2,647 | ||
[1] | Contract liabilities balance includes deferred revenue within the scope of Topic 606. |
Revenue Recognition - Additiona
Revenue Recognition - Additional information (Detail) $ in Millions | 9 Months Ended |
May 31, 2021USD ($) | |
Revenue From Contract With Customers [Line Items] | |
Revenue recognized from contract with customers liability | $ 5.9 |
Railcar sales | |
Revenue From Contract With Customers [Line Items] | |
Expected revenue recognized in the reminder of fiscal year | 400 |
Services | |
Revenue From Contract With Customers [Line Items] | |
Expected revenue recognized in the reminder of fiscal year | $ 131 |
Expected performance percentage | 47.00% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Estimated Revenue Related to Performance Obligations (Detail) $ in Millions | May 31, 2021USD ($) | |
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 | 131 | |
Other | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue type 1 | 68.1 | |
Manufacturing | Railcar sales | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue type 1 | 2,145 | |
Manufacturing | Marine | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue type 1 | 39.4 | |
Manufacturing | Railcars for Syndication | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | ||
Revenue type 1 | $ 253 | [1] |
[1] | Not a performance obligation as defined in Topic 606 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Manufacturing supplies and raw materials | $ 315,587 | $ 263,080 |
Work-in-process | 140,285 | 116,909 |
Finished goods | 117,012 | 173,761 |
Excess and obsolete adjustment | (19,747) | (24,221) |
Inventories | $ 553,137 | $ 529,529 |
Intangibles and Other Assets,_3
Intangibles and Other Assets, Net - Identifiable Intangible and Other Assets (Detail) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Intangibles and Other Assets by Major Class [Line Items] | ||
Finite-Lived Intangible Assets, Net, Total | $ 54,266 | $ 60,416 |
Intangible assets not subject to amortization | 2,474 | 2,474 |
Prepaid and other assets | 26,349 | 22,026 |
Operating lease ROU assets | 41,621 | 62,389 |
Nonqualified savings plan investments | 45,816 | 35,744 |
Revolving notes issuance costs, net | 4,890 | 3,623 |
Assets held for sale | 5,413 | 3,650 |
Total Intangible and other assets, net | 180,829 | 190,322 |
Customer Relationships | ||
Intangibles and Other Assets by Major Class [Line Items] | ||
Finite lived intangible assets gross | 89,722 | 89,722 |
Accumulated amortization | (62,237) | (56,509) |
Other Intangible Assets | ||
Intangibles and Other Assets by Major Class [Line Items] | ||
Finite lived intangible assets gross | 38,928 | 37,798 |
Accumulated amortization | $ (12,147) | $ (10,595) |
Intangibles and Other Assets,_4
Intangibles and Other Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2.9 | $ 2.7 | $ 8.5 | $ 8.2 |
Future amortization expense, 2021 | 11.6 | 11.6 | ||
Future amortization expense, 2022 | 8.3 | 8.3 | ||
Future amortization expense, 2023 | 6.9 | 6.9 | ||
Future amortization expense, 2024 | 6.7 | 6.7 | ||
Future amortization expense, 2025 | $ 5.8 | $ 5.8 |
Revolving Notes - Additional In
Revolving Notes - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
May 31, 2021USD ($)FacilityCreditFacility | Aug. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum capacity | $ 221,300,000 | |
Long-term Line of Credit | $ 325,150,000 | $ 351,526,000 |
Number of lines of credits | CreditFacility | 3 | |
Joint venture partner each guaranteed percentage | 50.00% | |
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 | $ 1,040,000,000 | |
Letter of credit facility outstanding amount | 25,200,000 | 28,700,000 |
Borrowings | 160,000,000 | 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% | |
GBX Leasing Warehouse Facility | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum capacity | $ 300,000,000 | |
Line of credit maturity date | 2025-04 | |
Percentage of ownership in join venture | 90.00% | |
Letter of credit facility outstanding borrowings | $ 96,600,000 | |
GBX Leasing Warehouse Facility | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, percentage points added to the reference rate | 2.00% | |
European Line of Credit, 2nd Component of Senior Secured Credit Facilities | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility maximum capacity | $ 71,400,000 | |
Long-term Line of Credit | 36,600,000 | |
Letter of credit facility outstanding amount | $ 38,600,000 | 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 | 2021-08 | |
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 | |
Joint venture partner each guaranteed percentage | 50.00% | |
Line of credit facility borrowings outstanding due period | 2023-06 | |
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 | 3.70% | |
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 | May 31, 2021 | Feb. 28, 2021 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Aug. 31, 2019 |
Payables And Accruals [Abstract] | ||||||
Trade payables | $ 190,802 | $ 148,971 | ||||
Other accrued liabilities | 104,839 | 100,168 | ||||
Operating lease liabilities | 44,317 | 64,509 | ||||
Accrued payroll and related liabilities | 108,812 | 105,008 | ||||
Accrued warranty | 31,603 | $ 42,689 | 45,224 | $ 47,743 | $ 46,850 | $ 46,678 |
Accounts payable and accrued liabilities | $ 480,373 | $ 463,880 |
Warranty Accruals - Warranty Ac
Warranty Accruals - Warranty Accrual Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Guarantees And Product Warranties [Abstract] | ||||
Balance at beginning of period | $ 42,689 | $ 46,850 | $ 45,224 | $ 46,678 |
Charged to cost of revenue, net | (9,232) | 2,600 | (7,881) | 5,862 |
Payments | (1,980) | (1,518) | (5,824) | (4,653) |
Currency translation effect | 126 | (189) | 84 | (144) |
Balance at end of period | $ 31,603 | $ 47,743 | $ 31,603 | $ 47,743 |
Notes Payable, Net - Notes Paya
Notes Payable, Net - Notes Payable, Net (Detail) - USD ($) $ in Thousands | May 31, 2021 | Apr. 30, 2021 | Aug. 31, 2020 |
Debt Instrument [Line Items] | |||
Term loans | $ 481,396 | $ 498,858 | |
Other notes payable | 1,936 | 10,135 | |
Notes payable, gross | 924,958 | 833,993 | |
Debt discount and issuance costs | (89,931) | (29,905) | |
Notes payable, net | 835,027 | 804,088 | |
2.875% Convertible senior notes, due 2028 | |||
Debt Instrument [Line Items] | |||
Convertible senior notes | 373,750 | ||
Notes payable, gross | 373,750 | ||
2.875% Convertible senior notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Convertible senior notes | $ 67,876 | $ 67,900 | 275,000 |
2.25% Convertible senior notes, due 2024 | |||
Debt Instrument [Line Items] | |||
Convertible senior notes | $ 50,000 |
Notes Payable, Net - Additional
Notes Payable, Net - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021USD ($) | May 31, 2021USD ($)$ / shares | May 31, 2021USD ($)$ / shares | Aug. 31, 2020USD ($) | May 31, 2020 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ 4,800,000 | $ 4,763,000 | $ 4,763,000 | ||
2.875% Convertible senior notes, due 2028 | |||||
Debt Instrument [Line Items] | |||||
Proceeds from convertible senior notes | 373,800,000 | $ 373,800,000 | |||
Debt instrument, interest rate | 2.875% | 2.875% | |||
Principal amount outstanding | $ 373,750,000 | $ 373,750,000 | |||
Description of long term debt | The notes bear interest at an annual rate of 2.875% payable semiannually in arrears on April 15 and October 15 of each year, commencing October 15, 2021. | ||||
Frequency of payments | semiannually | ||||
Debt instrument, maturity date | Apr. 15, 2028 | ||||
Convertible notes initial conversion rate, shares per $1,000 principal amount | 0.180317 | ||||
Debt instrument, convertible, principal amount | $ 1,000 | ||||
Convertible notes conversion rate, per share | $ / shares | $ 55.46 | $ 55.46 | |||
Convertible senior notes, due 2028 - equity component, net of tax | $ 73,600,000 | ||||
Debt instrument amortized to interest expense, effective interest rate | 5.75% | ||||
Convertible notes, liability and equity component | $ 12,000,000 | ||||
2.875% Convertible senior notes, due 2028 | Redemption on or After April 15, 2025 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, convertible, latest date | Jan. 15, 2028 | ||||
Debt instrument redemption start date | Apr. 15, 2025 | ||||
Debt instrument redemption end date | Apr. 15, 2028 | ||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130.00% | ||||
Debt instrument redemption description | Additionally, the Company may elect to call the notes on or after April 15, 2025 and on or before the 40th trading day prior to April 15, 2028, at a cash redemption price described in the 2028 Notes Indenture if the stock price exceeds 130% of the conversion price during certain trading days as defined in the 2028 Notes Indenture. | ||||
2.875% and 2.25% Convertible senior notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Net proceeds used to repurchase convertible notes | 283,300,000 | ||||
Principal amount of debt repurchased | $ 207,100,000 | ||||
2.875% Convertible senior notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 2.875% | 2.875% | 2.875% | 2.875% | |
Fair value of the liability component | $ 198,100,000 | ||||
Principal amount outstanding | $ 67,900,000 | $ 67,876,000 | $ 67,876,000 | $ 275,000,000 | |
2.25% Convertible senior notes, due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | |
Fair value of the liability component | $ 46,500,000 | ||||
Principal amount outstanding | $ 50,000,000 |
Notes Payable, Net - Summary of
Notes Payable, Net - Summary of Net Carrying Amount of Convertible Notes (Detail) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Debt Instrument [Line Items] | ||
Debt principal | $ 924,958 | $ 833,993 |
2.875% Convertible senior notes, due 2028 | ||
Debt Instrument [Line Items] | ||
Debt principal | 373,750 | |
Debt discount, net | (72,888) | |
Debt issuance costs, net | (9,517) | |
Long-term Debt | $ 291,345 |
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, 2021USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | $ 1,293,043 |
Ending balance | 1,286,763 |
Unrealized Gain (Loss) on Derivative Financial Instruments | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (11,970) |
Other comprehensive gain (loss) before reclassifications | (237) |
Amounts reclassified from Accumulated other comprehensive loss | 3,904 |
Ending balance | (8,303) |
Foreign Currency Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (39,816) |
Other comprehensive gain (loss) before reclassifications | 9,298 |
Ending balance | (30,518) |
Other | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (1,031) |
Other comprehensive gain (loss) before reclassifications | (138) |
Ending balance | (1,169) |
Accumulated Other Comprehensive (Loss) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance | (52,817) |
Other comprehensive gain (loss) before reclassifications | 8,923 |
Amounts reclassified from Accumulated other comprehensive loss | 3,904 |
Ending balance | $ (39,990) |
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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Interest and foreign exchange | $ 10,204 | $ 7,562 | $ 30,875 | $ 33,023 |
Total before tax | (10,742) | (59,250) | 37,770 | (114,009) |
Income tax | (6,914) | 24,421 | (35,998) | 37,878 |
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 | 1,853 | 2,494 | 5,119 | 3,131 |
Income tax | (464) | (649) | (1,215) | (809) |
Net of tax | 1,389 | 1,845 | 3,904 | 2,322 |
Unrealized Gain (Loss) on Derivative Financial Instruments | Reclassification out of Accumulated Other Comprehensive loss | Foreign Exchange Contracts | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Revenue and Cost of revenue | 546 | 1,711 | 1,218 | 1,812 |
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 | $ 1,307 | $ 783 | $ 3,901 | $ 1,319 |
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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | ||
Earnings Per Share Disclosure [Line Items] | |||||
Weighted average basic common shares outstanding | [1] | 32,573 | 32,690 | 32,726 | 32,660 |
Dilutive effect of restricted stock units | [2] | 1,032 | 788 | 1,021 | 754 |
Weighted average diluted common shares outstanding | 33,605 | 33,478 | 33,747 | 33,414 | |
2.875% Convertible senior notes, due 2024 | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Dilutive effect of convertible notes | [3] | 0 | 0 | 0 | 0 |
2.875% Convertible Notes Due 2028 | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Dilutive effect of convertible notes | [4] | 0 | 0 | 0 | 0 |
2.25% Convertible Notes Due 2024 | |||||
Earnings Per Share Disclosure [Line Items] | |||||
Dilutive effect of convertible notes | [5] | 0 | 0 | 0 | 0 |
[1] | Restricted stock grants and restricted stock units that are considered participating securities, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position. | ||||
[2] | Restricted stock units that are not considered participating securities and restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in weighted average diluted common shares outstanding when the Company is in a net earnings position. | ||||
[3] | The dilutive effect of the 2.875% convertible notes, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. | ||||
[4] | The dilutive effect of the 2.875% convertible notes, due 2028 was excluded for the three and nine months ended May 31, 2021 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were issued in April 2021. | ||||
[5] | The dilutive effect of the 2.25% convertible notes, due 2024 was excluded for the three and nine months ended May 31, 2021 and 2020 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive. These convertible notes were retired in April 2021. |
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, 2021 | Apr. 30, 2021 | May 31, 2020 |
2.875% Convertible Notes Due 2024 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.875% | 2.875% | 2.875% |
2.875% Convertible Notes Due 2028 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.875% | ||
2.25% Convertible Notes Due 2024 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.25% | 2.25% | 2.25% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | May 31, 2021 | Apr. 30, 2021 | May 31, 2020 |
2.875% Convertible Notes Due 2024 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.875% | 2.875% | 2.875% |
2.875% Convertible Notes Due 2028 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.875% | ||
2.25% Convertible Notes Due 2024 | |||
Earnings Per Share Disclosure [Line Items] | |||
Debt instrument, interest rate | 2.25% | 2.25% | 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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Net earnings attributable to Greenbrier | $ 19,737 | $ 27,772 | $ 700 | $ 49,070 |
Weighted average diluted common shares outstanding | 33,605 | 33,478 | 33,747 | 33,414 |
Diluted earnings per common share | $ 0.59 | $ 0.83 | $ 0.02 | $ 1.47 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Stock based compensation expense | $ 3,500 | $ 1,000 | $ 12,468 | $ 8,265 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 9 Months Ended |
May 31, 2021USD ($) | |
Foreign Exchange Contracts | |
Derivative [Line Items] | |
Aggregate derivative notional amount | $ 147,700,000 |
Amount reclassified to revenue or cost of revenue in the next year | 400,000 |
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 | $ 102,700,000 |
Maturity date | 2023-09 |
Interest rate swap contracts | Derivatives maturing on June 2024 | |
Derivative [Line Items] | |
Aggregate derivative notional amount | $ 138,800,000 |
Maturity date | 2024-06 |
Derivative Instruments - Fair V
Derivative Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Designated as Hedging Instrument | Accounts Payable and Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | $ 11,370 | $ 15,907 |
Designated as Hedging Instrument | Accounts Receivable | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 606 | 560 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | 9 | 3 |
Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | 606 | 560 |
Designated as Hedging Instrument | Interest rate swap contracts | Accounts Payable and Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | 11,361 | 15,904 |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Payable and Accrued Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives | 47 | |
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Accounts Receivable | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 4 | $ 22 |
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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | $ 252 | $ (7,769) | $ (498) | $ (9,973) |
Gain (loss) reclassified from accumulated OCI into income | (1,853) | (2,494) | (5,119) | (3,131) |
Gain (loss) recognized on derivative (amount excluded from effectiveness testing) | 197 | 549 | 564 | 1,255 |
Foreign Exchange Forward | Interest and Foreign Exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in income on derivatives | 95 | 154 | (37) | 60 |
Foreign Exchange Forward | Sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | 494 | (599) | (1,118) | 164 |
Gain (loss) reclassified from accumulated OCI into income | (522) | (485) | (1,145) | (584) |
Gain (loss) recognized on derivative (amount excluded from effectiveness testing) | 165 | 138 | 467 | 781 |
Foreign Exchange Forward | Cost Of Revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | 273 | (2,015) | (22) | (2,198) |
Gain (loss) reclassified from accumulated OCI into income | (24) | (1,226) | (73) | (1,228) |
Gain (loss) recognized on derivative (amount excluded from effectiveness testing) | 32 | 130 | 97 | 474 |
Interest rate swap contracts | Interest and Foreign Exchange | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in OCI on derivatives | (515) | (5,155) | 642 | (7,939) |
Gain (loss) reclassified from accumulated OCI into income | $ (1,307) | (783) | $ (3,901) | $ (1,319) |
Gain (loss) recognized on derivative (amount excluded from effectiveness testing) | $ 281 |
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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Derivative [Line Items] | ||||
Revenue | $ 450,143 | $ 762,557 | $ 1,148,754 | $ 2,155,764 |
Cost of revenue | 375,011 | 655,026 | 1,015,280 | 1,869,708 |
Interest and foreign exchange | 10,204 | 7,562 | 30,875 | 33,023 |
Sales | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on cash flow hedge activity | (522) | (485) | (1,145) | (584) |
Cost of Sales | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on cash flow hedge activity | (24) | (1,226) | (73) | (1,228) |
Interest and Foreign Exchange | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) on cash flow hedge activity | $ (1,307) | $ (783) | $ (3,901) | $ (1,319) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
May 31, 2021Segment | |
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, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | Aug. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 450,143 | $ 762,557 | $ 1,148,754 | $ 2,155,764 | |
Earnings (loss) from operations | 25,709 | 66,812 | (2,132) | 147,032 | |
Assets | 3,210,167 | 3,210,167 | $ 3,173,834 | ||
Manufacturing | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 341,939 | 653,007 | 852,755 | 1,800,317 | |
Earnings (loss) from operations | 31,341 | 68,445 | 23,811 | 167,693 | |
Wheels, Repair & Parts | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 80,871 | 82,024 | 218,050 | 259,857 | |
Earnings (loss) from operations | 4,173 | 3,785 | 6,406 | 8,219 | |
Leasing & Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 27,333 | 27,526 | 77,949 | 95,590 | |
Earnings (loss) from operations | 12,280 | 11,837 | 24,590 | 34,407 | |
Corporate, Non-Segment | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (loss) from operations | (22,085) | (17,255) | (56,939) | (63,287) | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (12,029) | (17,519) | (42,727) | (45,610) | |
Earnings (loss) from operations | (2,839) | (14,156) | (10,340) | (29,297) | |
Intersegment Eliminations | Manufacturing | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 7,451 | 1,151 | 30,467 | 1,269 | |
Earnings (loss) from operations | 492 | 95 | 3,097 | 73 | |
Intersegment Eliminations | Wheels, Repair & Parts | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 2,292 | 1,527 | 4,196 | 12,511 | |
Earnings (loss) from operations | 75 | (393) | 52 | (903) | |
Intersegment Eliminations | Leasing & Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 2,286 | 14,841 | 8,064 | 31,830 | |
Earnings (loss) from operations | 2,272 | 14,454 | 7,191 | 30,127 | |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Earnings (loss) from operations | (22,085) | (17,255) | (56,939) | (63,287) | |
Operating Segments | Manufacturing | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 349,390 | 654,158 | 883,222 | 1,801,586 | |
Earnings (loss) from operations | 31,833 | 68,540 | 26,908 | 167,766 | |
Assets | 1,413,590 | 1,413,590 | 1,301,715 | ||
Operating Segments | Wheels, Repair & Parts | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 83,163 | 83,551 | 222,246 | 272,368 | |
Earnings (loss) from operations | 4,248 | 3,392 | 6,458 | 7,316 | |
Assets | 265,847 | 265,847 | 271,862 | ||
Operating Segments | Leasing & Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 29,619 | 42,367 | 86,013 | 127,420 | |
Earnings (loss) from operations | 14,552 | $ 26,291 | 31,781 | $ 64,534 | |
Assets | 878,743 | 878,743 | 739,025 | ||
Operating Segments | Unallocated, including cash | |||||
Segment Reporting Information [Line Items] | |||||
Assets | $ 651,987 | $ 651,987 | $ 861,232 |
Segment Information - Reconcili
Segment Information - Reconciliation of Earnings (Loss) from Operations to Earnings (Loss) Before Income Tax and Earnings from Unconsolidated Affiliates (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2021 | May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Segment Reporting [Abstract] | |||||
Earnings (loss) from operations | $ 25,709 | $ 66,812 | $ (2,132) | $ 147,032 | |
Interest and foreign exchange | 10,204 | 7,562 | 30,875 | 33,023 | |
Loss on extinguishment of debt | $ 4,800 | 4,763 | 4,763 | ||
Earnings (loss) before income tax and earnings from unconsolidated affiliates | $ 10,742 | $ 59,250 | $ (37,770) | $ 114,009 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | Aug. 31, 2020 | |
Lessor and Lessee, Lease, Description [Line Items] | |||||
Operating lease rental revenues | $ 8 | $ 9 | $ 32.1 | $ 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 | 2.8 | $ 10.2 | 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 | 15 years | ||||
Financing lease remaining lease term | 77 years | ||||
Equipment on Operating Lease | |||||
Lessor and Lessee, Lease, Description [Line Items] | |||||
Accumulated depreciation | 30.5 | $ 30.5 | $ 33.4 | ||
Depreciation expense | $ 3.3 | $ 2.6 | $ 10.1 | $ 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, 2021USD ($) |
Leases [Abstract] | |
Remaining three months of 2021 | $ 8,705 |
2022 | 24,151 |
2023 | 19,714 |
2024 | 17,224 |
2025 | 10,775 |
Thereafter | 23,627 |
Operating Leases, Future Minimum Payments Receivable, Total | $ 104,196 |
Leases - Components of Operatin
Leases - Components of Operating Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 2,920 | $ 4,388 | $ 10,438 | $ 11,238 |
Short-term lease expense | 991 | 1,707 | 3,577 | 6,437 |
Total | $ 3,911 | $ 6,095 | $ 14,015 | $ 17,675 |
Leases - Aggregate Minimum Fu_2
Leases - Aggregate Minimum Future Amounts Payable Under Operating Leases (Detail) - USD ($) $ in Thousands | May 31, 2021 | Aug. 31, 2020 |
Leases [Abstract] | ||
Remaining three months of 2021 | $ 2,405 | |
2022 | 9,151 | |
2023 | 8,713 | |
2024 | 7,429 | |
2025 | 5,070 | |
Thereafter | 17,557 | |
Total lease payments | 50,325 | |
Less: Imputed interest | (6,008) | |
Total lease obligations | $ 44,317 | $ 64,509 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities |
Leases - Additional Informati_2
Leases - Additional Information Related to Company's Leases (Detail) | May 31, 2021 |
Leases [Abstract] | |
Weighted average remaining lease term | 13 years 9 months 18 days |
Weighted average discount rate | 3.00% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 9 Months Ended |
May 31, 2021USD ($) | |
Cash Flow Operating Activities Lessee [Abstract] | |
Operating cash flows from operating leases | $ 10,091 |
ROU assets obtained in exchange for new operating lease liabilities | 404 |
ROU assets disposed of for lease terminations | $ (12,053) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jan. 06, 2017USD ($)Segment | Dec. 31, 2016USD ($) | May 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Line Items] | |||
Remedial investigation and feasibility study | $ 110,000,000 | ||
Performance Guarantee | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Letter of credit facility outstanding amount | $ 25,200,000 | ||
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, 2021 | Aug. 31, 2020 | |
Assets: | |||
Nonqualified savings plan investments | $ 45,816 | $ 35,744 | |
Fair Value, Measurements, Recurring | |||
Assets: | |||
Derivative financial instruments | 610 | 582 | |
Nonqualified savings plan investments | 45,816 | 35,744 | |
Cash equivalents | 203,833 | 203,509 | |
Assets, Fair Value Disclosure, Total | 250,259 | 239,835 | |
Liabilities: | |||
Derivative financial instruments | 11,417 | 15,907 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Assets: | |||
Nonqualified savings plan investments | 45,816 | 35,744 | |
Cash equivalents | 203,833 | 203,509 | |
Assets, Fair Value Disclosure, Total | 249,649 | 239,253 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Assets: | |||
Derivative financial instruments | 610 | [1] | 582 |
Assets, Fair Value Disclosure, Total | 610 | [1] | 582 |
Liabilities: | |||
Derivative financial instruments | $ 11,417 | [1] | $ 15,907 |
[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 ($) | 3 Months Ended | 9 Months Ended | ||
May 31, 2021 | May 31, 2020 | May 31, 2021 | May 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Carrying amount of investment in unconsolidated affiliates | $ 3,200,000 | $ 3,200,000 | ||
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 | $ 3,300,000 | $ 4,300,000 | $ 10,000,000 | $ 11,500,000 |
Greenbrier | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ownership in entity | 40.00% | 40.00% | ||
Greenbrier | Leasing Warehouse | ||||
Related Party Transaction [Line Items] | ||||
Revenue recognize from railcars sold | $ 0 | $ 0 |