Guarantor Subsidiaries Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for September 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Cash, cash equivalents, and restricted cash	$	1,760,805		$	73		$	374,503		$	—		$	2,135,381
Receivables, net	117,117			70,128			1,053,276			—			1,240,521
Inventories	147,208			63,186			655,811			—			866,205
Current assets - other	(14,278		)	936			124,783			—			111,441
Total current assets	2,010,852			134,323			2,208,373			—			4,353,548
Property, plant and equipment, net	49,355			24,847			483,221			—			557,423
Goodwill	25,275			283,241			2,104,038			—			2,412,554
Investment in subsidiaries	6,686,158			2,745,446			—			(9,431,604		)	—
Other intangibles, net	29,585			79,169			1,048,670			—			1,157,424
Other long-term assets	20,595			(33,748		)	85,430			—			72,277
Total assets	$	8,821,820		$	3,233,278		$	5,929,732		$	(9,431,604	)	$	8,553,226
Current liabilities	$	198,264		$	89,160		$	1,242,869		$	—		$	1,530,293
Inter-company	1,909,286			(1,402,141		)	(507,145		)	—			—
Long-term debt	3,804,601			—			13,460			—			3,818,061
Long-term liabilities - other	14,499			11,601			268,420			—			294,520
Total liabilities	5,926,650			(1,301,380		)	1,017,604			—			5,642,874
Shareholders' equity	2,895,170			4,534,658			4,896,946			(9,431,604		)	2,895,170
Non-controlling interest	—			—			15,182			—			15,182
Total shareholders' equity	$	2,895,170		$	4,534,658		$	4,912,128		$	(9,431,604	)	$	2,910,352
Total Liabilities and Shareholders' Equity	$	8,821,820		$	3,233,278		$	5,929,732		$	(9,431,604	)	$	8,553,226

Balance Sheet for December 31, 2017:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	625		$	231,843		$	—		$	233,401
Receivables, net	77,046		59,166			1,030,575			—			1,166,787
Inventories	120,937		46,626			575,071			—			742,634
Current assets - other	1,142		563			120,586			—			122,291
Total current assets	200,058		106,980			1,958,075			—			2,265,113
Property, plant and equipment, net	52,532		26,492			494,948			—			573,972
Goodwill	25,274		283,242			2,151,587			—			2,460,103
Investment in subsidiaries	6,517,205		2,440,665			—			(8,957,870		)	—
Other intangibles, net	30,575		81,037			1,092,820			—			1,204,432
Other long-term assets	17,414		(23,892		)	82,838			—			76,360
Total assets	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980
Current liabilities	$	196,827	$	77,284		$	1,299,219		$	—		$	1,573,330
Inter-company	2,121,546		(1,307,410		)	(814,136		)	—			—
Long-term debt	1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other	54,046		20,594			280,175			—			354,815
Total liabilities	4,034,190		(1,209,518		)	926,776			—			3,751,448
Shareholders' equity	2,808,868		4,124,042			4,833,828			(8,957,870		)	2,808,868
Non-controlling interest	—		—			19,664			—			19,664
Total shareholders' equity	$	2,808,868	$	4,124,042		$	4,853,492		$	(8,957,870	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980

Condensed Income Statement

Income Statement for the Three Months Ended September 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	169,445		$	118,516		$	850,250		$	(60,397	)	$	1,077,814
Cost of sales	(122,946		)	(75,021		)	(612,073		)	34,238			(775,802		)
Gross profit	46,499			43,495			238,177			(26,159		)	302,012
Total operating expenses	(37,090		)	(14,746		)	(124,997		)	—			(176,833		)
(Loss) income from operations	9,409			28,749			113,180			(26,159		)	125,179
Interest (expense) income, net	(23,012		)	3,212			(3,913		)	—			(23,713		)
Other income (expense), net	(1,479		)	1			2,679			—			1,201
Equity earnings (loss)	97,128			91,758			—			(188,886		)	—
Pretax income (loss)	82,046			123,720			111,946			(215,045		)	102,667
Income tax expense	5,693			(2		)	(22,289		)	—			(16,598		)
Net income	87,739			123,718			89,657			(215,045		)	86,069
Less: Net loss attributable to noncontrolling interest	—			—			1,670			—			1,670
Net income (loss) attributable to Wabtec shareholders	$	87,739		$	123,718		$	91,327		$	(215,045	)	$	87,739
Comprehensive income (loss) attributable to Wabtec shareholders	$	87,867		$	123,718		$	41,667		$	(215,045	)	$	38,207

Income Statement for the Three Months Ended September 30, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	134,905		$	89,881		$	761,566		$	(28,421	)	$	957,931
Cost of sales	(111,774		)	(53,692		)	(554,819		)	15,557			(704,728		)
Gross profit	23,131			36,189			206,747			(12,864		)	253,203
Total operating expenses	(22,886		)	(12,714		)	(115,937		)	—			(151,537		)
Income (loss) from operations	245			23,475			90,810			(12,864		)	101,666
Interest (expense) income, net	(20,295		)	2,811			(2,554		)	—			(20,038		)
Other income (expense), net	1,520			—			(1,963		)	—			(443		)
Equity earnings (loss)	80,874			64,820			—			(145,694		)	—
Pretax income (loss)	62,344			91,106			86,293			(158,558		)	81,185
Income tax expense	5,056			—			(17,802		)	—			(12,746		)
Net income (loss)	67,400			91,106			68,491			(158,558		)	68,439
Less: Net income attributable to noncontrolling interest	—			—			(1,040		)	—			(1,040		)
Net income (loss) attributable to Wabtec shareholders	$	67,400		$	91,106		$	67,451		$	(158,558	)	$	67,399
Comprehensive income (loss) attributable to Wabtec shareholders	$	66,815		$	91,106		$	160,656		$	(158,558	)	$	160,019

Income Statement for the Nine Months Ended September 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	499,172		$	374,599		$	2,550,843		$	(178,943	)	$	3,245,671
Cost of sales	(364,523		)	(236,699		)	(1,812,660		)	105,071			(2,308,811		)
Gross profit (loss)	134,649			137,900			738,183			(73,872		)	936,860
Total operating expenses	(122,497		)	(40,687		)	(393,695		)	—			(556,879		)
Income (loss) from operations	12,152			97,213			344,488			(73,872		)	379,981
Interest (expense) income, net	(75,140		)	9,291			(10,068		)	—			(75,917		)
Other income (expense), net	7,733			(678		)	(1,097		)	—			5,958
Equity earnings (loss)	330,978			304,227			—			(635,205		)	—
Pretax income (loss)	275,723			410,053			333,323			(709,077		)	310,022
Income tax expense	(15,202		)	(2		)	(38,021		)	—			(53,225		)
Net income (loss)	260,521			410,051			295,302			(709,077		)	256,797
Less: Net income attributable to noncontrolling interest	—			—			3,724			—			3,724
Net income (loss) attributable to Wabtec shareholders	$	260,521		$	410,051		$	299,026		$	(709,077	)	$	260,521
Comprehensive income (loss) attributable to Wabtec shareholders	$	261,156		$	410,051		$	137,650		$	(709,077	)	$	99,780

Income Statement for the Nine Months Ended September 30, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	417,156		$	288,312		$	2,186,541		$	(85,791	)	$	2,806,218
Cost of sales	(311,037		)	(177,593		)	(1,580,101		)	59,386			(2,009,345		)
Gross profit (loss)	106,119			110,719			606,440			(26,405		)	796,873
Total operating expenses	(80,478		)	(37,783		)	(349,077		)	—			(467,338		)
Income (loss) from operations	25,641			72,936			257,363			(26,405		)	329,535
Interest (expense) income, net	(55,783		)	8,041			(9,718		)	—			(57,460		)
Other income (expense), net	6,863			(229		)	(1,330		)	—			5,304
Equity earnings (loss)	246,103			182,066			—			(428,169		)	—
Pretax income (loss)	222,824			262,814			246,315			(454,574		)	277,379
Income tax expense	(9,511		)	—			(55,265		)	—			(64,776		)
Net income (loss)	213,313			262,814			191,050			(454,574		)	212,603
Less: Net income attributable to noncontrolling interest	—			—			710			—			710
Net income (loss) attributable to Wabtec shareholders	$	213,313		$	262,814		$	191,760		$	(454,574	)	$	213,313
Comprehensive income (loss) attributable to Wabtec shareholders	$	214,483		$	262,814		$	478,265		$	(454,574	)	$	500,988

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(111,120	)	$	95,503		$	127,527		$	(73,872	)	$	38,038
Net cash used for investing activities	(12,498		)	(1,303		)	(90,359		)	—			(104,160		)
Net cash provided by (used for) financing activities	1,883,490			(94,752		)	132,700			73,872			1,995,310
Effect of changes in currency exchange rates	—			—			(27,208		)	—			(27,208		)
Increase (Decrease) in cash	1,759,872			(552		)	142,660			—			1,901,980
Cash and cash equivalents, beginning of period	933			625			231,843			—			233,401
Cash, cash equivalents, and restricted cash, end of period	$	1,760,805		$	73		$	374,503		$	—		$	2,135,381

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(38,959	)	$	101,597		$	(9,722	)	$	(26,405	)	$	26,511
Net cash (used for) provided by investing activities	(12,591		)	(2,358		)	(890,923		)	—			(905,872		)
Net cash provided by (used for) financing activities	52,077			(99,615		)	(48,916		)	26,405			(70,049		)
Effect of changes in currency exchange rates	—			—			34,258			—			34,258
Increase (Decrease) in cash	527			(376		)	(915,303		)	—			(915,152		)
Cash, cash equivalents and restricted cash, beginning of period	2,522			1,226			1,139,484			—			1,143,232
Cash and cash equivalents, end of period	$	3,049		$	850		$	224,181		$	—		$	228,080