Acquisitions (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax.



	Annax
In thousands	March 22, 2018
Current assets	$	32,827
Property, plant & equipment	674
Goodwill	38,511
Other intangible assets	11,715
Total assets acquired	83,727
Total liabilities assumed	(55,064		)
Net assets acquired	$	28,663

The following table summarizes the preliminary fair values of the GET assets acquired and liabilities assumed:



In thousands
Assets acquired
Cash and cash equivalents	$	174,334
Accounts receivable	525,966
Inventories	1,185,574
Other current assets	64,115
Property, plant, and equipment	1,086,245
Goodwill	5,758,264
Trade names	50,000
Customer relationships	550,000
Intellectual property	1,210,000
Backlog	1,530,000
Other noncurrent assets	211,081
Total assets acquired	12,345,579
Liabilities assumed
Current liabilities	1,514,189
Contingent consideration	440,000
Other noncurrent liabilities	522,465
Total liabilities assumed	2,476,654
Net assets acquired	9,868,925
Noncontrolling interest	$	86,765

Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2018:



In thousands	Three Months Ended June 30, 2019		Three Months Ended June 30, 2018		Six Months Ended June 30, 2019		Six Months Ended June 30, 2018
Net sales	$	2,236,284	$	2,023,848	$	4,316,055	$	3,905,572
Gross profit	703,676		634,868		1,247,156		1,019,549
Net income attributable to Wabtec shareholders	171,875		151,475		255,152		99,206
Diluted earnings per share
As Reported	$	0.54	$	0.87	$	0.61	$	1.79
Pro forma	$	0.90	$	0.79	$	1.34	$	0.52