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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net sales:        
Total net sales $ 2,001.7 $ 1,077.8 $ 5,831.6 $ 3,245.7
Cost of sales:        
Total cost of sales (1,402.3) (775.8) (4,228.5) (2,308.8)
Gross profit 599.4 302.0 1,603.1 936.9
Operating expenses:        
Selling, general and administrative expenses (292.2) (146.8) (842.9) (465.2)
Engineering expenses (58.6) (20.1) (150.3) (61.6)
Amortization expense (79.5) (9.9) (172.9) (30.1)
Total operating expenses (430.3) (176.8) (1,166.1) (556.9)
Income from operations 169.1 125.2 437.0 380.0
Other income and expenses:        
Interest expense, net (57.7) (23.7) (160.8) (75.9)
Other income (expense), net 1.9 1.2 (4.1) 6.0
Income from operations before income taxes 113.3 102.7 272.1 310.1
Income tax expense (22.7) (16.6) (82.6) (53.2)
Net income 90.6 86.1 189.5 256.9
Less: Net loss attributable to noncontrolling interest 0.5 1.6 1.5 3.7
Net income attributable to Wabtec shareholders $ 91.1 $ 87.7 $ 191.0 $ 260.6
Basic        
Net income attributable to Wabtec shareholders (in dollars per share) $ 0.48 $ 0.91 $ 1.17 $ 2.71
Diluted        
Net income attributable to Wabtec shareholders (in dollars per share) $ 0.48 $ 0.91 $ 1.11 $ 2.70
Weighted average shares outstanding        
Basic (in shares) 189.6 96.2 163.2 95.9
Diluted (in shares) 191.5 96.6 172.2 96.4
Goods        
Net sales:        
Total net sales $ 1,605.4 $ 1,031.7 $ 4,932.4 $ 3,108.3
Cost of sales:        
Total cost of sales (1,184.1) (735.8) (3,635.4) (2,194.2)
Services        
Net sales:        
Total net sales 396.3 46.1 899.2 137.4
Cost of sales:        
Total cost of sales $ (218.2) $ (40.0) $ (593.1) $ (114.6)