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Guarantor Subsidiaries Financial Information (Tables)
 9 Months Ended
Sep. 30, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
Balance Sheet for September 30, 2019:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Cash and cash equivalents
$
9.8

 
$
110.0

 
$
467.6

 
$
—

 
$
587.4

Receivables, net
134.9

 
235.2

 
1,303.2

 
—

 
1,673.3

Inventories
143.2

 
751.0

 
1,063.1

 
—

 
1,957.3

Current assets - other
18.0

 
24.7

 
149.7

 
—

 
192.4

Total current assets
305.9

 
1,120.9

 
2,983.6

 
—

 
4,410.4

Property, plant and equipment, net
65.5

 
44.5

 
1,512.7

 
—

 
1,622.7

Goodwill
512.1

 
283.2

 
7,307.9

 
—

 
8,103.2

Investment in subsidiaries
16,823.1

 
6,151.0

 
—

 
(22,974.1
)
 
—

Other intangibles, net
37.3

 
76.7

 
4,093.0

 
—

 
4,207.0

Other long-term assets
47.8

 
162.3

 
347.5

 
—

 
557.6

Total assets
$
17,791.7

 
$
7,838.6

 
$
16,244.7

 
$
(22,974.1
)
 
$
18,900.9

Current liabilities
$
424.0

 
$
1,107.4

 
$
1,667.5

 
$
—

 
$
3,198.9

Inter-company
2,838.8

 
(2,170.4
)
 
(668.4
)
 
—

 
—

Long-term debt
4,422.3

 
—

 
211.2

 
—

 
4,633.5

Long-term liabilities - other
410.2

 
174.8

 
754.1

 
—

 
1,339.1

Total liabilities
8,095.3

 
(888.2
)
 
1,964.4

 
—

 
9,171.5

Shareholders' equity
9,681.4

 
8,726.8

 
14,262.3

 
(22,974.1
)
 
9,696.4

Non-controlling interest
15.0

 
—

 
18.0

 
—

 
33.0

Total shareholders' equity
$
9,696.4

 
$
8,726.8

 
$
14,280.3

 
$
(22,974.1
)
 
$
9,729.4

Total Liabilities and Shareholders' Equity
$
17,791.7

 
$
7,838.6

 
$
16,244.7

 
$
(22,974.1
)
 
$
18,900.9

 












Balance Sheet for December 31, 2018:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Cash and cash equivalents
$
1,782.6

 
$
(0.1
)
 
$
559.8

 
$
—

 
$
2,342.3

Receivables, net
106.8

 
61.5

 
978.5

 
—

 
1,146.8

Inventories
149.7

 
69.1

 
626.1

 
—

 
844.9

Current assets - other
11.9

 
0.7

 
103.0

 
—

 
115.6

Total current assets
2,051.0

 
131.2

 
2,267.4

 
—

 
4,449.6

Property, plant and equipment, net
51.6

 
24.8

 
487.4

 
—

 
563.8

Goodwill
25.3

 
283.2

 
2,088.0

 
—

 
2,396.5

Investment in subsidiaries
6,708.0

 
4,022.1

 
—

 
(10,730.1
)
 
—

Other intangibles, net
29.3

 
78.5

 
1,022.1

 
—

 
1,129.9

Other long-term assets
8.8

 
0.1

 
100.5

 
—

 
109.4

Total assets
$
8,874.0

 
$
4,539.9

 
$
5,965.4

 
$
(10,730.1
)
 
$
8,649.2

Current liabilities
$
264.5

 
$
91.0

 
$
1,291.1

 
$
—

 
$
1,646.6

Inter-company
1,947.5

 
(1,436.2
)
 
(511.3
)
 
—

 
—

Long-term debt
3,779.7

 
—

 
13.1

 
—

 
3,792.8

Long-term liabilities - other
17.1

 
48.6

 
275.0

 
—

 
340.7

Total liabilities
6,008.8

 
(1,296.6
)
 
1,067.9

 
—

 
5,780.1

Shareholders' equity
2,865.2

 
5,836.5

 
4,893.6

 
(10,730.1
)
 
2,865.2

Non-controlling interest
—

 
—

 
3.9

 
—

 
3.9

Total shareholders' equity
$
2,865.2

 
$
5,836.5

 
$
4,897.5

 
$
(10,730.1
)
 
$
2,869.1

Total Liabilities and Shareholders' Equity
$
8,874.0

 
$
4,539.9

 
$
5,965.4

 
$
(10,730.1
)
 
$
8,649.2
Condensed Income Statement
Income Statement for the Three Months Ended September 30, 2019:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net Sales
$
174.3

 
$
900.4

 
$
1,378.9

 
$
(451.9
)
 
$
2,001.7

Cost of sales
(126.6
)
 
(617.8
)
 
(1,019.9
)
 
362.0

 
(1,402.3
)
Gross profit
47.7

 
282.6

 
359.0

 
(89.9
)
 
599.4

Total operating expenses
(70.9
)
 
(80.7
)
 
(278.7
)
 
—

 
(430.3
)
Income from operations
(23.2
)
 
201.9

 
80.3

 
(89.9
)
 
169.1

Interest (expense) income, net
(58.8
)
 
3.3

 
(2.2
)
 
—

 
(57.7
)
Other income (expense), net
23.0

 
(9.3
)
 
(11.8
)
 
—

 
1.9

Equity earnings (loss)
125.1

 
16.8

 
—

 
(141.9
)
 
—

Pretax income (loss)
66.1

 
212.7

 
66.3

 
(231.8
)
 
113.3

Income tax benefit (expense)
24.9

 
(35.3
)
 
(12.3
)
 
—

 
(22.7
)
Net income
91.0

 
177.4

 
54.0

 
(231.8
)
 
90.6

Less: Net loss attributable to noncontrolling interest
—

 
—

 
0.5

 
—

 
0.5

Net income (loss) attributable to Wabtec shareholders
$
91.0

 
$
177.4

 
$
54.5

 
$
(231.8
)
 
$
91.1

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Wabtec shareholders
$
91.0

 
$
177.4

 
$
(124.9
)
 
$
(231.8
)
 
$
(88.3
)
    


Income Statement for the Three Months Ended September 30, 2018:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net Sales
$
169.4

 
$
118.5

 
$
850.3

 
$
(60.4
)
 
$
1,077.8

Cost of sales
(122.9
)
 
(75.0
)
 
(612.1
)
 
34.2

 
(775.8
)
Gross profit
46.5

 
43.5

 
238.2

 
(26.2
)
 
302.0

Total operating expenses
(37.1
)
 
(14.7
)
 
(125.0
)
 
—

 
(176.8
)
Income from operations
9.4

 
28.8

 
113.2

 
(26.2
)
 
125.2

Interest (expense) income, net
(23.0
)
 
3.2

 
(3.9
)
 
—

 
(23.7
)
Other income (expense), net
(1.5
)
 
—

 
2.7

 
—

 
1.2

Equity earnings (loss)
97.1

 
91.8

 
—

 
(188.9
)
 
—

Pretax income (loss)
82.0

 
123.8

 
112.0

 
(215.1
)
 
102.7

Income tax expense
5.7

 
—

 
(22.3
)
 
—

 
(16.6
)
Net income
87.7

 
123.8

 
89.7

 
(215.1
)
 
86.1

Less: Net loss attributable to noncontrolling interest
—

 
—

 
1.6

 
—

 
1.6

Net income (loss) attributable to Wabtec shareholders
$
87.7

 
$
123.8

 
$
91.3

 
$
(215.1
)
 
$
87.7

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Wabtec shareholders
$
87.7

 
$
123.8

 
$
41.8

 
$
(215.1
)
 
$
38.2

Income Statement for the Nine Months Ended September 30, 2019:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net Sales
$
553.1

 
$
2,133.9

 
$
4,138.9

 
$
(994.3
)
 
$
5,831.6

Cost of sales
(428.5
)
 
(1,520.1
)
 
(3,055.2
)
 
775.3

 
(4,228.5
)
Gross profit
124.6

 
613.8

 
1,083.7

 
(219.0
)
 
1,603.1

Total operating expenses
(235.9
)
 
(177.9
)
 
(752.3
)
 
—

 
(1,166.1
)
Income from operations
(111.3
)
 
435.9

 
331.4

 
(219.0
)
 
437.0

Interest (expense) income, net
(159.8
)
 
9.9

 
(10.9
)
 
—

 
(160.8
)
Other income (expense), net
44.6

 
(16.0
)
 
(32.7
)
 
—

 
(4.1
)
Equity earnings (loss)
402.4

 
180.5

 
—

 
(582.9
)
 
—

Pretax income (loss)
175.9

 
610.3

 
287.8

 
(801.9
)
 
272.1

Income tax expense
14.9

 
(77.9
)
 
(19.6
)
 
—

 
(82.6
)
Net income
190.8

 
532.4

 
268.2

 
(801.9
)
 
189.5

Less: Net loss attributable to noncontrolling interest
—

 
—

 
1.5

 
—

 
1.5

Net income (loss) attributable to Wabtec shareholders
$
190.8

 
$
532.4

 
$
269.7

 
$
(801.9
)
 
$
191.0

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Wabtec shareholders
$
190.8

 
$
532.4

 
$
57.7

 
$
(801.9
)
 
$
(21.0
)
    







Income Statement for the Nine Months Ended September 30, 2018:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net Sales
$
499.2

 
$
374.6

 
$
2,550.8

 
$
(178.9
)
 
$
3,245.7

Cost of sales
(364.5
)
 
(236.7
)
 
(1,812.7
)
 
105.1

 
(2,308.8
)
Gross profit (loss)
134.7

 
137.9

 
738.1

 
(73.8
)
 
936.9

Total operating expenses
(122.5
)
 
(40.7
)
 
(393.7
)
 
—

 
(556.9
)
Income (loss) from operations
12.2

 
97.2

 
344.4

 
(73.8
)
 
380.0

Interest (expense) income, net
(75.1
)
 
9.3

 
(10.1
)
 
—

 
(75.9
)
Other income (expense), net
7.7

 
(0.7
)
 
(1.0
)
 
—

 
6.0

Equity earnings (loss)
331.0

 
304.2

 
—

 
(635.2
)
 
—

Pretax income (loss)
275.8

 
410.0

 
333.3

 
(709.0
)
 
310.1

Income tax expense
(15.2
)
 
—

 
(38.0
)
 
—

 
(53.2
)
Net income (loss)
260.6

 
410.0

 
295.3

 
(709.0
)
 
256.9

Less: Net loss attributable to noncontrolling interest
—

 
—

 
3.7

 
—

 
3.7

Net income (loss) attributable to Wabtec shareholders
$
260.6

 
$
410.0

 
$
299.0

 
$
(709.0
)
 
$
260.6

 
 
 
 
 
 
 
 
 
 
Comprehensive income (loss) attributable to Wabtec shareholders
$
261.2

 
$
410.0

 
$
137.7

 
$
(709.0
)
 
$
99.9
Condensed Cash Flow Statement
Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2019:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net cash (used for) provided by operating activities
$
(170.7
)
 
$
422.5

 
$
534.9

 
$
(219.0
)
 
$
567.7

Net cash provided by (used for) investing activities
6,828.1

 
(481.0
)
 
(9,456.9
)
 
—

 
(3,109.8
)
Net cash (used for) provided by financing activities
(8,430.2
)
 
168.6

 
8,859.7

 
219.0

 
817.1

Effect of changes in currency exchange rates
—

 
—

 
(29.9
)
 
—

 
(29.9
)
(Decrease) increase in cash
(1,772.8
)
 
110.1

 
(92.2
)
 
—

 
(1,754.9
)
Cash, cash equivalents, and restricted cash, beginning of period
1,782.6

 
(0.1
)
 
559.8

 
—

 
2,342.3

Cash, cash equivalents, and restricted cash, end of period
$
9.8

 
$
110.0

 
$
467.6

 
$
—

 
$
587.4

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018:
In millions
Parent
 
Guarantors
 
Non-Guarantors
 
Elimination
 
Consolidated
Net cash (used for) provided by operating activities
$
(111.1
)
 
$
95.5

 
$
127.5

 
$
(73.9
)
 
$
38.0

Net cash (used for) provided by investing activities
(12.5
)
 
(1.3
)
 
(90.4
)
 
—

 
(104.2
)
Net cash provided by (used for) financing activities
1,883.5

 
(94.8
)
 
132.7

 
73.9

 
1,995.3

Effect of changes in currency exchange rates
—

 
—

 
(27.1
)
 
—

 
(27.1
)
Increase (decrease) in cash

1,759.9

 
(0.6
)
 
142.7

 
—

 
1,902.0

Cash, cash equivalents, and restricted cash, beginning of period
0.9

 
0.7

 
231.8

 
—

 
233.4

Cash, cash equivalents, and restricted cash, end of period
$
1,760.8

 
$
0.1

 
$
374.5

 
$
—

 
$
2,135.4