GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

Balance Sheet for December 31, 2016:



In thousands	Parent		Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	2,522	$	9,496		$	386,466	$	—		$	398,484
Receivables, net	79,041		202,779			660,688		—			942,508
Inventories	120,042		128,076			410,392		—			658,510
Current assets - other	52,576		(17,844		)	833,397		—			868,129
Total current assets	254,181		322,507			2,290,943		—			2,867,631
Property, plant and equipment	49,031		126,661			342,684		—			518,376
Goodwill	25,275		477,472			1,576,018		—			2,078,765
Investment in subsidiaries	5,388,613		1,325,150			—		(6,713,763		)	—
Other intangibles, net	31,897		204,512			817,451		—			1,053,860
Other long term assets	9,592		(1,914		)	54,708		—			62,386
Total assets	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018
Current liabilities	$	194,983	196,956			$	1,054,700	—			$	1,446,639
Inter-company	1,562,399		(1,848,777		)	286,378		—			—
Long-term debt	1,761,933		58			976		—			1,762,967
Long-term liabilities - other	33,298		74,977			286,312		—			394,587
Total liabilities	3,552,613		(1,576,786		)	1,628,366		—			3,604,193
Shareholders' equity	2,205,976		4,032,250			2,681,514		(6,713,763		)	2,205,977
Non-controlling interest	—		(1,076		)	771,924		—			770,848
Total shareholders' equity	$	2,205,976	$	4,031,174		$	3,453,438	$	(6,713,763	)	$	2,976,825
Total Liabilities and Shareholders' Equity	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018

Balance Sheet for December 31, 2015:



In thousands	Parent			Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	—		$	13,157		$	213,034	$	—		$	226,191
Receivables, net	83,449			230,221			285,119		—			598,789
Inventories	136,224			133,332			209,018		—			478,574
Current assets - other	15,613			3,562			217,291		—			236,466
Total current assets	235,286			380,272			924,462		—			1,540,020
Property, plant and equipment	43,275			128,089			181,829		—			353,193
Goodwill	25,275			472,374			360,883		—			858,532
Investment in subsidiaries	3,516,159			624,031			—		(4,140,190		)	—
Other intangibles, net	33,224			208,040			199,270		—			440,534
Other long term assets	(8,525		)	3,162			42,597		—			37,234
Total assets	$	3,844,694		$	1,815,968		$	1,709,041	$	(4,140,190	)	$	3,229,513
Current liabilities	$	178,132		222,231			$	264,413	—			$	664,776
Inter-company	1,238,536			(1,596,142		)	357,606		—			—
Long-term debt	691,512			121			172		—			691,805
Long-term liabilities - other	36,907			47,172			87,514		—			171,593
Total liabilities	2,145,087			(1,326,618		)	709,705		—			1,528,174
Shareholders' equity	1,699,607			3,143,472			996,718		(4,140,190		)	1,699,607
Non-controlling interest	—			(886		)	2,618		—			1,732
Total shareholders' equity	$	1,699,607		$	3,142,586		$	999,336	$	(4,140,190	)	$	1,701,339
Total Liabilities and Shareholders' Equity	$	3,844,694		$	1,815,968		$	1,709,041	$	(4,140,190	)	$	3,229,513

Income Statement for the Year Ended December 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	641,809		$	1,112,001		$	1,322,937		$	(145,559	)	$	2,931,188
Cost of sales	(473,700		)	(708,062		)	(928,608		)	103,421			(2,006,949		)
Gross profit (loss)	168,109			403,939			394,329			(42,138		)	924,239
Total operating expenses	(141,940		)	(122,617		)	(201,321		)	—			(465,878		)
Income (loss) from operations	26,169			281,322			193,008			(42,138		)	458,361
Interest (expense) income, net	(34,975		)	7,012			(14,598		)	—			(42,561		)
Other income (expense), net	20,509			(2,284		)	(21,188		)	—			(2,963		)
Equity earnings (loss)	322,650			131,234			—			(453,884		)	—
Pretax income (loss)	334,353			417,284			157,222			(496,022		)	412,837
Income tax expense	(29,466		)	(57,667		)	(12,300		)	—			(99,433		)
Net income (loss)	304,887			359,617			144,922			(496,022		)	313,404
Less: Net income attributable to noncontrolling interest	—			—			(8,517		)	—			(8,517		)
Net income (loss) attributable to Wabtec shareholders	$	304,887		$	359,617		$	136,405		$	(496,022	)	$	304,887

Comprehensive income (loss) attributable to Wabtec shareholders	$	305,180		$	359,617		$	33,226		$	(496,022	)	$	202,001

Income Statement for the Year Ended December 31, 2015:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	743,262		$	1,436,935		$	1,300,577		$	(172,776	)	$	3,307,998
Cost of sales	(531,269		)	(843,104		)	(976,798		)	90,989			(2,260,182		)
Gross profit (loss)	211,993			593,831			323,779			(81,787		)	1,047,816
Total operating expenses	(142,953		)	(131,251		)	(166,045		)	—			(440,249		)
(Loss) income from operations	69,040			462,580			157,734			(81,787		)	607,567
Interest (expense) income, net	(23,129		)	5,914			327			—			(16,888		)
Other income (expense), net	23,193			(9,140		)	(19,364		)	—			(5,311		)
Equity earnings (loss)	506,903			112,286			—			(619,189		)	—
Pretax income (loss)	576,007			571,640			138,697			(700,976		)	585,368
Income tax expense	(177,379		)	8,989			(18,350		)	—			(186,740		)
Net income (loss)	398,628			580,629			120,347			(700,976		)	398,628
Less: Net income attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Wabtec shareholders	$	398,628		$	580,629		$	120,347		$	(700,976	)	$	398,628

Comprehensive income (loss) attributable to Wabtec shareholders	$	409,734		$	580,629		$	(7,992	)	$	(700,976	)	$	281,395

Income Statement for the Year Ended December 31, 2014:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	722,317		$	1,239,154		$	1,278,876		$	(195,893	)	$	3,044,454
Cost of sales	(516,607		)	(730,946		)	(982,072		)	121,153			(2,108,472		)
Gross (loss) profit	205,710			508,208			296,804			(74,740		)	935,982
Total operating expenses	(140,002		)	(116,569		)	(152,302		)	—			(408,873		)
(Loss) income from operations	65,708			391,639			144,502			(74,740		)	527,109
Interest (expense) income, net	(23,551		)	5,793			184			—			(17,574		)
Other income (expense), net	18,295			(3,334		)	(16,641		)	—			(1,680		)
Equity earnings (loss)	399,507			89,931			—			(489,438		)	—
Pretax income (loss)	459,959			484,029			128,045			(564,178		)	507,855
Income tax expense	(108,279		)	(15,222		)	(32,674		)	—			(156,175		)
Net income (loss)	351,680			468,807			95,371			(564,178		)	351,680
Less: Net income attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Wabtec shareholders	$	351,680		$	468,807		$	95,371		$	(564,178	)	$	351,680

Comprehensive income (loss) attributable to Wabtec shareholders	$	345,581		$	468,807		$	(23,160	)	$	(564,178	)	$	227,050

Condensed Statement of Cash Flows for the year ended December 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(45,834	)	$	332,822		$	204,457		$	(42,138	)	$	449,307
Net cash used in investing activities	(829,783		)	(14,725		)	69,443			—			(775,065		)
Net cash provided by (used in) financing activities	878,139			(321,758		)	(74,325		)	42,138			524,194
Effect of changes in currency exchange rates	—			—			(26,143		)	—			(26,143		)
Increase (decrease) in cash	2,522			(3,661		)	173,432			—			172,293
Cash, beginning of year	—			13,157			213,034			—			226,191
Cash, end of year	$	2,522		$	9,496		$	386,466		$	—		$	398,484

Condensed Statement of Cash Flows for the year ended December 31, 2015:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(92,958	)	$	487,516		$	135,489		$	(81,787	)	$	448,260
Net cash used in investing activities	(7,862		)	(109,326		)	(262,948		)	—			(380,136		)
Net cash (used in) provided by financing activities	(45,986		)	(378,330		)	93,615			81,787			(248,914		)
Effect of changes in currency exchange rates	—			—			(18,868		)	—			(18,868		)
(Decrease) increase in cash	(146,806		)	(140		)	(52,712		)	—			(199,658		)
Cash, beginning of year	146,806			13,297			265,746			—			425,849
Cash, end of year	$	—		$	13,157		$	213,034		$	—		$	226,191

Condensed Statement of Cash Flows for the year ended December 31, 2014:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash provided by (used in) operating activities	$	58,451		$	452,641		$	36,033		$	(74,740	)	$	472,385
Net cash used in investing activities	(8,637		)	(20,239		)	(318,802		)	—			(347,678		)
Net cash provided by (used in) financing activities	61,460			(426,911		)	316,217			74,740			25,506
Effect of changes in currency exchange rates	—			—			(10,124		)	—			(10,124		)
Increase in cash	111,274			5,491			23,324			—			140,089
Cash, beginning of year	35,532			7,806			242,422			—			285,760
Cash, end of year	$	146,806		$	13,297		$	265,746		$	—		$	425,849