Guarantor Subsidiaries Financial Information (Tables)

3 Months Ended

Mar. 31, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for March 31, 2018:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	12,708	$	2,090		$	235,088		$	—		$	249,886
Receivables, net	93,175		280,184			895,338			—			1,268,697
Inventories	124,032		149,409			555,835			—			829,276
Current assets - other	3,259		5,154			109,542			—			117,955
Total current assets	233,174		436,837			1,795,803			—			2,465,814
Property, plant and equipment, net	47,898		136,904			388,599			—			573,401
Goodwill	25,275		544,313			1,959,231			—			2,528,819
Investment in subsidiaries	6,702,613		2,599,111			—			(9,301,724		)	—
Other intangibles, net	30,245		248,356			953,126			—			1,231,727
Other long-term assets	17,165		295			58,560			—			76,020
Total assets	$	7,056,370	$	3,965,816		$	5,155,319		$	(9,301,724	)	$	6,875,781
Current liabilities	$	216,496	$	229,871		$	1,201,681		$	—		$	1,648,048
Inter-company	2,157,875		(2,045,578		)	(112,297		)	—			—
Long-term debt	1,659,730		10			211,336			—			1,871,076
Long-term liabilities - other	53,151		66,356			248,921			—			368,428
Total liabilities	4,087,252		(1,749,341		)	1,549,641			—			3,887,552
Shareholders' equity	2,969,118		5,716,834			3,584,890			(9,301,724		)	2,969,118
Non-controlling interest	—		(1,677		)	20,788			—			19,111
Total shareholders' equity	$	2,969,118	$	5,715,157		$	3,605,678		$	(9,301,724	)	$	2,988,229
Total Liabilities and Shareholders' Equity	$	7,056,370	$	3,965,816		$	5,155,319		$	(9,301,724	)	$	6,875,781

Balance Sheet for December 31, 2017:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	4,802		$	227,666		$	—		$	233,401
Receivables, net	77,046		237,360			852,381			—			1,166,787
Inventories	120,937		137,972			483,725			—			742,634
Current assets - other	1,142		4,507			116,642			—			122,291
Total current assets	200,058		384,641			1,680,414			—			2,265,113
Property, plant and equipment, net	52,532		136,382			385,058			—			573,972
Goodwill	25,274		546,527			1,888,302			—			2,460,103
Investment in subsidiaries	6,517,205		2,570,391			—			(9,087,596		)	—
Other intangibles, net	30,575		251,347			922,510			—			1,204,432
Other long-term assets	17,414		295			58,651			—			76,360
Total assets	$	6,843,058	$	3,889,583		$	4,934,935		$	(9,087,596	)	$	6,579,980
Current liabilities	$	196,827	$	217,176		$	1,159,327		$	—		$	1,573,330
Inter-company	2,121,546		(2,026,634		)	(94,912		)	—			—
Long-term debt	1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other	54,046		67,824			232,945			—			354,815
Total liabilities	4,034,190		(1,741,620		)	1,458,878			—			3,751,448
Shareholders' equity	2,808,868		5,632,665			3,454,931			(9,087,596		)	2,808,868
Non-controlling interest	—		(1,462		)	21,126			—			19,664
Total shareholders' equity	$	2,808,868	$	5,631,203		$	3,476,057		$	(9,087,596	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	3,889,583		$	4,934,935		$	(9,087,596	)	$	6,579,980

Condensed Income Statement

Income Statement for the Three Months Ended March 31, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	161,301		$	301,706		$	641,663		$	(48,493	)	$	1,056,177
Cost of sales	(118,658		)	(179,090		)	(488,233		)	40,685			(745,296		)
Gross profit	42,643			122,616			153,430			(7,808		)	310,881
Total operating expenses	(35,627		)	(37,327		)	(106,648		)	—			(179,602		)
Income from operations	7,016			85,289			46,782			(7,808		)	131,279
Interest (expense) income, net	(20,394		)	2,301			(2,191		)	—			(20,284		)
Other income (expense), net	8,729			(2,469		)	(3,674		)	—			2,586
Equity earnings	106,698			28,720			—			(135,418		)	—
Pretax income	102,049			113,841			40,917			(143,226		)	113,581
Income tax (expense) benefit	(13,682		)	1,194			(13,636		)	—			(26,124		)
Net income	88,367			115,035			27,281			(143,226		)	87,457
Less: Net income attributable to noncontrolling interest	—			215			694			—			909
Net income attributable to Wabtec shareholders	$	88,367		$	115,250		$	27,975		$	(143,226	)	$	88,366
Comprehensive income attributable to Wabtec shareholders	$	88,649		$	115,250		$	106,701		$	(143,226	)	$	167,374

Income Statement for the Three Months Ended March 31, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	144,544		$	258,712		$	544,388		$	(31,610	)	$	916,034
Cost of sales	(98,950		)	(167,607		)	(403,966		)	24,196			(646,327		)
Gross profit	45,594			91,105			140,422			(7,414		)	269,707
Total operating expenses	(24,463		)	(29,871		)	(100,861		)	—			(155,195		)
Income from operations	21,131			61,234			39,561			(7,414		)	114,512
Interest (expense) income, net	(14,966		)	2,160			(7,052		)	—			(19,858		)
Other income (expense), net	13,266			(1,260		)	(7,195		)	—			4,811
Equity earnings	68,285			11,942			—			(80,227		)	—
Pretax income	87,716			74,076			25,314			(87,641		)	99,465
Income tax expense	(14,165		)	(141		)	(13,155		)	—			(27,461		)
Net income	73,551			73,935			12,159			(87,641		)	72,004
Less: Net income attributable to noncontrolling interest	—			—			1,885			—			1,885
Net income attributable to Wabtec shareholders	$	73,551		$	73,935		$	14,044		$	(87,641	)	$	73,889
Comprehensive income attributable to Wabtec shareholders	$	74,407		$	73,935		$	61,141		$	(87,641	)	$	121,842

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(9,439	)	$	50,789		$	(9,342	)	$	(7,808	)	$	24,200
Net cash used for investing activities	(1,759		)	(3,693		)	(38,413		)	—			(43,865		)
Net cash provided by (used for) financing activities	22,973			(49,808		)	47,695			7,808			28,668
Effect of changes in currency exchange rates	—			—			7,482			—			7,482
Increase (decrease) in cash	11,775			(2,712		)	7,422			—			16,485
Cash and cash equivalents, beginning of period	933			4,802			227,666			—			233,401
Cash and cash equivalents, end of period	$	12,708		$	2,090		$	235,088		$	—		$	249,886

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(8,705	)	$	(5,829	)	$	(4,148	)	$	(7,414	)	$	(26,096	)
Net cash (used for) provided by investing activities	(5,124		)	(68,173		)	(745,827		)	—			(819,124		)
Net cash provided by (used for) financing activities	13,835			71,678			(132,400		)	7,414			(39,473		)
Effect of changes in currency exchange rates	—			—			21,640			—			21,640
Increase (decrease) in cash	6			(2,324		)	(860,735		)	—			(863,053		)
Cash, cash equivalents and restricted cash, beginning of period	2,522			9,496			1,131,214			—			1,143,232
Cash and cash equivalents, end of period	$	2,528		$	7,172		$	270,479		$	—		$	280,179