<SEC-DOCUMENT>0001193125-24-060992.txt : 20240409
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<ACCEPTANCE-DATETIME>20240306193426
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ACCESSION NUMBER:		0001193125-24-060992
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREENBRIER COMPANIES INC
		CENTRAL INDEX KEY:			0000923120
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROAD EQUIPMENT [3743]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				930816972
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE CENTERPOINTE DR
		STREET 2:		STE 200
		CITY:			LAKE OSWEGO
		STATE:			OR
		ZIP:			97035
		BUSINESS PHONE:		5036847000

	MAIL ADDRESS:	
		STREET 1:		ONE CENTERPOINTE DR
		STREET 2:		STE 200
		CITY:			LAKE OSWEGO
		STATE:			OR
		ZIP:			97035
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Greenbrier Companies, Inc.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Centerpointe Drive Suite 200</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lake Oswego Oregon 97035</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">503 684 7000 Fax 503 684 7553</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;6, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Claire Erlanger and Ms.&nbsp;Melissa Gilmore </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United
States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Manufacturing </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Greenbrier Companies, Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended August&nbsp;31, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished October&nbsp;25, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;001-13146</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Erlanger and Ms.&nbsp;Gilmore: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We are responding
to the comments set forth in your letter on January&nbsp;22, 2024. For ease of reference, we have repeated the SEC Staff&#146;s comment in bold text preceding our response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended August&nbsp;31, 2023 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Maintenance Services Segment, page 37 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure that Maintenance Services revenue increased $58.7&nbsp;million or 16.9% for the year
ended August&nbsp;31, 2023 compared to the prior year. You disclose that &#147;the increase was primarily attributed to improved pricing and higher volumes. This was partially offset by lower scrap metal pricing in the current year.&#148; When more
than one factor is responsible for the change in an income statement line item, please revise future filings to quantify each of the contributing factors, including any offsetting amounts. Please ensure this change is made throughout your MD&amp;A
discussion. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that in future filings,
beginning with our Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the interim period ended February&nbsp;29, 2024, we shall describe and quantify, where possible, the extent to which each material factor contributed to the overall change
between periods in an income statement line item, including any offsetting factors. In particular, we will provide quantification when there are factors that offset one another. We will ensure this change is made throughout our MD&amp;A discussion.
For certain items, such as changes in pricing and volume, it is often not possible for the impact to be measurable with sufficient precision due to fluctuations in product mix. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Claire Erlanger and Ms. Melissa Gilmore </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 6, 2024 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following is an illustrative example of the expanded disclosure we will incorporate into
future filings in the MD&amp;A. Expanded portions of the disclosure are <U>underlined</U> below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;Maintenance Services revenue
increased $58.7&nbsp;million or 16.9% for the year ended August&nbsp;31, 2023 compared to the prior year. The increase was primarily attributed to improved pricing and higher volumes. This was partially offset by lower scrap metal pricing in the
current year <U>which negatively impacted revenue by approximately $12.5</U><U></U><U>&nbsp;million for the year ended August</U><U></U><U>&nbsp;31, 2023</U>.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Notes to the Financial Statements </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 2. Summary of
Significant Accounting Policies </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Investment in Unconsolidated Affiliates, page 55 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note that investments in unconsolidated affiliates include your 60% interest in Greenbrier-Maxion. Please
explain to us, and revise future filings to disclose, why you do not consolidate this investment. As part of your response, please include consideration of your 29.5% interest in Amsted-Maxion Cruzeiro which owns 40% of Greenbrier-Maxion. See
guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-15-10(a).</FONT></FONT></FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that the Company considered the guidance in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-15-10(a)</FONT></FONT></FONT> and determined that Greenbrier-Maxion meets at least one of the criteria of a Variable Interest Entity (VIE) as defined
in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-15-14.</FONT></FONT></FONT> Accordingly, the consolidation guidance included in the VIE Subsections of ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">810-10-25</FONT></FONT> was applied. Although the Company holds an 11.8% indirect and 60% direct ownership interest in Greenbrier-Maxion, the governance provisions of Greenbrier-Maxion
require that all significant decisions are subject to shared consent of its shareholders. We concluded that we are not the primary beneficiary as defined in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">810-10-25-38,</FONT></FONT></FONT> as the activities of Greenbrier-Maxion are more closely aligned with the other shareholders and, therefore, do not consolidate our investment in Greenbrier-Maxion. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Consistent with the disclosure included in our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2017, the
following text underlined is an illustrative example of the disclosure we will incorporate into future filings, beginning with our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended August&nbsp;31, 2024. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Claire Erlanger and Ms. Melissa Gilmore </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 6, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;In May 2017, the Company completed a $20&nbsp;million investment in Greenbrier-Maxion,
a railcar manufacturer in Brazil resulting in an increase in the Company&#146;s ownership interest from 19.5% to 60%. Greenbrier-Maxion also assembles bogies and offers a range of aftermarket services including railcar overhaul and refurbishment.
<U>The Company does not consolidate Greenbrier-Maxion for financial reporting purposes and accounts for its interest under the equity method of accounting as the entity&#146;s governance provisions require that all significant decisions of
Greenbrier-Maxion are subject to shared consent of its shareholders.</U>&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 19. Segment Information, page 75 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note from your fourth quarter 2023 earnings release and earnings call transcripts in both fourth quarter
2023 and first quarter 2024, that you appear to have devoted a portion of your production lines to the refurbishment of large railcars. It also appears that you do not consistently record this refurbishment revenue as either manufacturing segment
revenue or maintenance segment revenue, but instead record the revenue based on the primary activity of the facility. We also note that the revenue related to these refurbishments may have higher margins than the production of new railcars. Please
tell us what consideration you gave to separately breaking out refurbishment revenue in the notes to the financial statements under the guidance in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and ASC <FONT STYLE="white-space:nowrap">280-</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">10-50-40.</FONT></FONT> Also, if material, please consider discussing the impact these refurbishments have on the changes in revenue and/or margin between periods, as part of your
MD&amp;A disclosure. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and advises the Staff that the Company
considered the guidance in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> when determining its disclosures related to the disaggregation of revenue. The Company
advises the Staff that refurbishment revenue recognized during the fiscal year ended August&nbsp;31, 2023 was insignificant to revenue and margin during the period representing less than 1% of both total revenue and total margin for the year ended
August&nbsp;31, 2023. We further advise the Staff that the comments made during our earnings calls were in reference to forward-looking statements we made around our expectations for financial results in 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company will continue to evaluate the disclosure of disaggregated revenue in future filings in accordance with the guidance in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">606-10-50-5</FONT></FONT></FONT> and ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-40.</FONT></FONT></FONT> This will include consideration of ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">606-10-55-89</FONT></FONT></FONT> through <FONT STYLE="white-space:nowrap">55-91.</FONT> Further, to the extent material, we will disclose the impact of refurbishments on revenue and / or margin as part of our MD&amp;A
disclosure. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Claire Erlanger and Ms. Melissa Gilmore </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 6, 2024 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">8-K</FONT> furnished October&nbsp;25, 2023 </U></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Exhibit 99.1 Earnings Release, page 1 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your disclosure of recurring revenue for the year ended August&nbsp;31, 2023 as well as a financial
target for this amount. When disclosed in future filings, please revise to define &#147;recurring revenue.&#148; </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The
Company acknowledges the Staff&#146;s comment and advises the Staff that when disclosed in future filings, we will include a definition of &#147;recurring revenue&#148;. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following is an illustrative example of the disclosure we will incorporate into future filings. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">&#147;Recurring revenue is defined as Leasing&nbsp;&amp; Management Services revenue excluding the impact of syndication transactions.&#148;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As requested in your letter, we hereby acknowledge that the adequacy and accuracy of the disclosure in our filings is our responsibility. We acknowledge
that neither your comments, nor our changes in response to your comments, foreclose the Securities and Exchange Commission from taking any action with respect to our filings. We agree that your comments may not be asserted as a defense in any
proceeding initiated by the Securities and Exchange Commission or any person under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that this
letter is fully responsive to your comments. If you have any further questions or comments or would like additional clarification, please contact me at (503) <FONT STYLE="white-space:nowrap">207-2002.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Adrian J. Downes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Adrian J. Downes</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior Vice President, Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Chris Rogers, KPMG </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Jonathan Ko, Paul Hastings </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
