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Goodwill | 9 Months Ended
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May 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Note 6 – Goodwill The Company performed its annual goodwill impairment test during the third quarter. The Company determined the fair value of the reporting units considering both the income and market approaches. Under the income approach, the Company calculates the fair value of a reporting unit based on the present value of estimated future cash flows which incorporates forecasted revenues, long-term growth rate, gross margin percentages, operating expenses, and the use of discount rates. Under the market approach, the Company estimates the fair value based on observed market multiples for comparable businesses, when appropriate. Based on the results of the annual goodwill impairment test, the fair values of the reporting units exceeded their carrying values and the Company concluded that goodwill was not impaired. As of May 31, 2023, the goodwill balance was $128.3 million of which $85.3 million related to the Manufacturing segment and $43.0 million related to the Maintenance Services segment. The Manufacturing segment includes the North America Manufacturing reporting unit with a goodwill balance of $56.3 million and the Europe Manufacturing reporting unit with a goodwill balance of $29.0 million. As part of the Company’s annual goodwill impairment test, the fair value of the Europe Manufacturing reporting unit indicated an increase in the maximum redemption amount of the Contingently redeemable noncontrolling interest in Greenbrier-Astra Rail. The increase in fair value is primarily attributed to the impact of industry and entity-specific indicators which positively impacted the estimated future cash flows of Greenbrier-Astra Rail. During the three and nine months ended May 31, 2023, the Company recorded a noncash $26.3 million redemption value adjustment to Contingently redeemable noncontrolling interest and Retained earnings to record the carrying value at the maximum redemption amount, which represented a Level 3 valuation within the fair value hierarchy.

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