ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of the GE Transportation assets acquired and liabilities assumed:

In millions
Assets acquired
Cash and cash equivalents	$	177.6
Accounts receivable	515.5
Inventories	1,189.2
Other current assets	71.5
Property, plant, and equipment	1,089.6
Goodwill	5,987.5
Trade names	55.0
Customer relationships	550.0
Intellectual property	1,180.0
Backlog	1,440.0
Other noncurrent assets	330.3
Total assets acquired	12,586.2
Liabilities assumed
Current liabilities	1,587.5
Contingent consideration	440.0
Other noncurrent liabilities	652.9
Total liabilities assumed	2,680.4
Net assets acquired	9,905.8
Noncontrolling interest	$	86.8

The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed at the date of acquisition for Annax:

	Annax
	March 22, 2018
In millions
Current assets, net of cash acquired	$	32.8
Property, plant & equipment	0.7
Goodwill	38.5
Other intangible assets	11.7
Total assets acquired	83.7
Total liabilities assumed	(55.1)
Net assets acquired	$	28.6

Pro Forma Financial Information

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

	For the year ended December 31,
In millions	2019		2018
Net sales	$	8,675.6	$	8,030.5
Gross profit	2,528.3		2,102.8
Net income attributable to Wabtec shareholders	485.1		234.8
Diluted earnings per share
As Reported	$	1.84	$	3.05
Pro forma	$	2.53	$	1.22