Guarantor Subsidiaries Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for June 30, 2018:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	741	$	573		$	244,260		$	—		$	245,574
Receivables, net	95,354		72,507			1,045,373			—			1,213,234
Inventories	141,125		59,043			663,625			—			863,793
Current assets - other	1,207		651			122,428			—			124,286
Total current assets	238,427		132,774			2,075,686			—			2,446,887
Property, plant and equipment, net	47,713		25,186			482,935			—			555,834
Goodwill	25,275		283,241			2,120,075			—			2,428,591
Investment in subsidiaries	6,639,920		2,662,153			—			(9,302,073		)	—
Other intangibles, net	29,915		79,792			1,064,693			—			1,174,400
Other long-term assets	21,800		(23,892		)	73,986			—			71,894
Total assets	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606
Current liabilities	$	186,353	$	98,432		$	1,321,683		$	—		$	1,606,468
Inter-company	2,272,527		(1,378,182		)	(894,345		)	—			—
Long-term debt	1,632,729		3			225,074			—			1,857,806
Long-term liabilities - other	54,161		20,832			263,711			—			338,704
Total liabilities	4,145,770		(1,258,915		)	916,123			—			3,802,978
Shareholders' equity	2,857,280		4,418,169			4,883,904			(9,302,073		)	2,857,280
Non-controlling interest	—		—			17,348			—			17,348
Total shareholders' equity	$	2,857,280	$	4,418,169		$	4,901,252		$	(9,302,073	)	$	2,874,628
Total Liabilities and Shareholders' Equity	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606

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		283,241			2,151,588			—			2,460,103
Investment in subsidiaries	6,517,205		2,450,722			—			(8,967,927		)	—
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	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980
Current liabilities	$	196,827	$	77,283		$	1,299,220		$	—		$	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		(1,209,519		)	926,777			—			3,751,448
Shareholders' equity	2,808,868		4,134,099			4,833,828			(8,967,927		)	2,808,868
Non-controlling interest	—		—			19,664			—			19,664
Total shareholders' equity	$	2,808,868	$	4,134,099		$	4,853,492		$	(8,967,927	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980

Condensed Income Statement

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

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	168,426		$	137,966		$	873,375		$	(68,087	)	$	1,111,680
Cost of sales	(122,919		)	(88,688		)	(614,861		)	38,755			(787,713		)
Gross profit	45,507			49,278			258,514			(29,332		)	323,967
Total operating expenses	(49,780		)	(12,267		)	(138,397		)	—			(200,444		)
(Loss) income from operations	(4,273		)	37,011			120,117			(29,332		)	123,523
Interest (expense) income, net	(31,734		)	3,137			(3,323		)	—			(31,920		)
Other income (expense), net	483			—			1,688			—			2,171
Equity earnings (loss)	128,744			118,771			—			(247,515		)	—
Pretax income (loss)	93,220			158,919			118,482			(276,847		)	93,774
Income tax expense	(7,213		)	—			(3,290		)	—			(10,503		)
Net income	86,007			158,919			115,192			(276,847		)	83,271
Less: Net loss attributable to noncontrolling interest	—			—			1,145			—			1,145
Net income (loss) attributable to Wabtec shareholders	$	86,007		$	158,919		$	116,337		$	(276,847	)	$	84,416
Comprehensive income (loss) attributable to Wabtec shareholders	$	86,231		$	158,919		$	(74,104	)	$	(276,847	)	$	(105,801	)

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

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	137,708		$	93,372		$	728,849		$	(27,676	)	$	932,253
Cost of sales	(100,331		)	(59,637		)	(518,604		)	20,282			(658,290		)
Gross profit	37,377			33,735			210,245			(7,394		)	273,963
Total operating expenses	(33,126		)	(12,741		)	(114,739		)	—			(160,606		)
Income (loss) from operations	4,251			20,994			95,506			(7,394		)	113,357
Interest (expense) income, net	(19,805		)	2,690			(449		)	—			(17,564		)
Other income (expense), net	(8,984		)	—			9,920			—			936
Equity earnings (loss)	96,963			75,715			—			(172,678		)	—
Pretax income (loss)	72,425			99,399			104,977			(180,072		)	96,729
Income tax expense	(401		)	—			(24,168		)	—			(24,569		)
Net income (loss)	72,024			99,399			80,809			(180,072		)	72,160
Less: Net income attributable to noncontrolling interest	—			—			(135		)	—			(135		)
Net income (loss) attributable to Wabtec shareholders	$	72,024		$	99,399		$	80,674		$	(180,072	)	$	72,025
Comprehensive income (loss) attributable to Wabtec shareholders	$	72,921		$	99,399		$	226,877		$	(180,072	)	$	219,125

Income Statement for the Six Months Ended June 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	329,727		$	256,083		$	1,700,594		$	(118,547	)	$	2,167,857
Cost of sales	(241,577		)	(161,678		)	(1,200,588		)	70,834			(1,533,009		)
Gross profit (loss)	88,150			94,405			500,006			(47,713		)	634,848
Total operating expenses	(85,407		)	(25,941		)	(268,698		)	—			(380,046		)
Income (loss) from operations	2,743			68,464			231,308			(47,713		)	254,802
Interest (expense) income, net	(52,128		)	6,079			(6,155		)	—			(52,204		)
Other income (expense), net	9,212			(679		)	(3,776		)	—			4,757
Equity earnings (loss)	235,442			210,877			—			(446,319		)	—
Pretax income (loss)	195,269			284,741			221,377			(494,032		)	207,355
Income tax expense	(20,895		)	—			(15,732		)	—			(36,627		)
Net income (loss)	174,374			284,741			205,645			(494,032		)	170,728
Less: Net income attributable to noncontrolling interest	—			—			2,054			—			2,054
Net income (loss) attributable to Wabtec shareholders	$	174,374		$	284,741		$	207,699		$	(494,032	)	$	172,782
Comprehensive income (loss) attributable to Wabtec shareholders	$	174,881		$	284,741		$	95,983		$	(494,032	)	$	61,573

Income Statement for the Six Months Ended June 30, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	282,251		$	198,431		$	1,424,975		$	(57,370	)	$	1,848,287
Cost of sales	(199,263		)	(123,901		)	(1,025,282		)	43,829			(1,304,617		)
Gross profit (loss)	82,988			74,530			399,693			(13,541		)	543,670
Total operating expenses	(57,592		)	(25,069		)	(233,140		)	—			(315,801		)
Income (loss) from operations	25,396			49,461			166,553			(13,541		)	227,869
Interest (expense) income, net	(35,488		)	5,230			(7,164		)	—			(37,422		)
Other income (expense), net	5,343			(229		)	633			—			5,747
Equity earnings (loss)	165,229			117,246			—			(282,475		)	—
Pretax income (loss)	160,480			171,708			160,022			(296,016		)	196,194
Income tax expense	(14,567		)	—			(37,463		)	—			(52,030		)
Net income (loss)	145,913			171,708			122,559			(296,016		)	144,164
Less: Net income attributable to noncontrolling interest	—			—			1,750			—			1,750
Net income (loss) attributable to Wabtec shareholders	$	145,913		$	171,708		$	124,309		$	(296,016	)	$	145,914
Comprehensive income (loss) attributable to Wabtec shareholders	$	147,668		$	171,708		$	317,607		$	(296,016	)	$	340,967

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2018:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(116,378	)	$	72,206		$	159,789		$	(47,713	)	$	67,904
Net cash used for investing activities	(9,669		)	(249		)	(59,182		)	—			(69,100		)
Net cash provided by (used for) financing activities	125,855			(72,009		)	(78,795		)	47,713			22,764
Effect of changes in currency exchange rates	—			—			(9,395		)	—			(9,395		)
(Decrease) Increase in cash	(192		)	(52		)	12,417			—			12,173
Cash and cash equivalents, beginning of period	933			625			231,843			—			233,401
Cash and cash equivalents, end of period	$	741		$	573		$	244,260		$	—		$	245,574

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(50,070	)	$	65,857		$	(15,949	)	$	(13,541	)	$	(13,703	)
Net cash (used for) provided by investing activities	(8,670		)	(1,705		)	(874,254		)	—			(884,629		)
Net cash provided by (used for) financing activities	58,408			(62,148		)	31,789			13,541			41,590
Effect of changes in currency exchange rates	—			—			42,032			—			42,032
(Decrease) Increase in cash	(332		)	2,004			(816,382		)	—			(814,710		)
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	$	2,190		$	3,230		$	323,102		$	—		$	328,522