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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.