Note 7 - Investments In Unconsolidated Affiliates

GBW

The Company has a 50% ownership interest in GBW which performs railcar repair, refurbishment, maintenance and retrofitting services. The Company accounts for its interest in GBW under the equity method of accounting.

Summarized financial data for GBW is as follows:


	Years ended August 31,
(In thousands)	2017		2016
Current assets	$	81,860	$	109,651
Total assets	$	206,009	$	247,610
Current liabilities	$	33,033	$	37,123
Total liabilities	$	111,384	$	116,077


	Years ended August 31,
(In thousands)	2017			2016		2015
Revenue	$	253,436		$	373,490	$	349,849
Margin	$	(4,058	)	$	33,929	$	21,752
Net income (loss) ⁽¹⁾	$	(36,947	)	$	4,006	$	(2,551	)

⁽¹⁾	In 2017, GBW recorded a pre-tax goodwill impairment loss of $11.2 million which reduced the goodwill balance to $41.5 million. The Company’s portion of the non-cash goodwill impairment was $3.5 million after-tax.

Greenbrier-Maxion

In May 2017, the Company completed a $20 million investment in Greenbrier-Maxion, a railcar manufacturer in Brazil resulting in an increase in the Company’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. 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’s governance provisions require that all significant decisions of Greenbrier-Maxion are subject to shared consent of its shareholders.

Summarized financial data for Greenbrier-Maxion is as follows:


	Years ended August 31,
(In thousands)	2017		2016
Current assets	$	48,012	$	49,104
Total assets	$	71,455	$	70,788
Current liabilities	$	38,055	$	59,967
Total liabilities	$	42,197	$	63,242


	Years ended August 31,

(In thousands)	2017		2016			2015
Revenue	$	228,510	$	168,465		$	71,204
Margin	$	24,372	$	14,245		$	6,323
Net income (loss)	$	1,378	$	(4,051	)	$	805

Amsted-Maxion Cruzeiro

In May 2017, the Company increased its ownership interest in Amsted-Maxion Cruzeiro, a manufacturer of castings and components for railcars and other heavy equipment, from 19.5% to 24.5% for $3.25 million. Proceeds from the Company’s increased ownership in Amsted-Maxion Cruzeiro, along with loans from each of the partners, were used to retire third-party debt at Amsted-Maxion Cruzeiro. The Company retains an option to increase its ownership in Amsted-Maxion Cruzeiro to 29.5% subject to certain conditions. Amsted-Maxion Cruzeiro has a 40% ownership position in Greenbrier-Maxion. The Company accounts for its interest in Amsted-Maxion Cruzeiro under the equity method of accounting.

Summarized financial data for Amsted-Maxion Cruzeiro is as follows:


	Years ended August 31,
(In thousands)	2017		2016
Current assets	$	23,777	$	22,944
Total assets	$	142,583	$	164,182
Current liabilities	$	28,084	$	59,696
Total liabilities	$	94,846	$	100,872


	Years ended August 31,
(In thousands)	2017			2016			2015
Revenue	$	90,114		$	87,833		$	36,696
Margin	$	5,983		$	8,256		$	4,083
Net income (loss)	$	(20,114	)	$	(12,640	)	$	48,113

Other Unconsolidated Affiliates

The Company has various other unconsolidated affiliates which are accounted for under the equity method of accounting. This includes the Company’s 33% interest in Ohio Castings Company LLC, 50% interest in GGSynergy SA de C.V., 40% interest in Greenbrier Railcar Funding I LLC, 8% interest in MUL Greenbrier LLC and a 1% interest in each of Green Union I Trust, Green Union II Trust and Green Union III Trust.

Summarized financial data for these other unconsolidated affiliates in aggregate are as follows:


	Years ended August 31,
(In thousands)	2017		2016
Current assets	$	16,996	$	19,852
Total assets	$	283,895	$	162,073
Current liabilities	$	3,003	$	6,586
Total liabilities	$	90,064	$	6,951


	Years ended August 31,
(In thousands)	2017		2016		2015
Revenue	$	39,161	$	75,851	$	98,385
Margin	$	8,015	$	11,087	$	14,025
Net income (loss)	$	5,202	$	6,051	$	10,022