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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net sales      
Total net sales $ 8,200.0 $ 4,363.5 $ 3,881.7
Cost of sales      
Total cost of sales (5,922.0) (3,129.6) (2,816.4)
Gross profit 2,278.0 1,233.9 1,065.3
Selling, general and administrative expenses (1,166.6) (633.2) (512.5)
Engineering expenses (209.9) (87.5) (95.2)
Amortization expense (238.4) (39.8) (36.5)
Total operating expenses (1,614.9) (760.5) (644.2)
Income from operations 663.1 473.4 421.1
Other income and expenses      
Interest expense, net (219.1) (112.2) (77.9)
Other income, net 2.8 6.4 8.9
Income from operations before income taxes 446.8 367.6 352.1
Income tax expense (120.3) (75.9) (89.8)
Net income 326.5 291.7 262.3
Less: Net loss attributable to noncontrolling interest 0.2 3.2 0.0
Net income attributable to Wabtec shareholders $ 326.7 $ 294.9 $ 262.3
Basic      
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.91 $ 3.06 $ 2.74
Diluted      
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.84 $ 3.05 $ 2.72
Weighted average shares outstanding      
Basic (in shares) 170.5 96.0 95.5
Diluted (in shares) 177.3 96.5 96.1
Product      
Net sales      
Total net sales $ 6,907.9 $ 4,178.0 $ 3,685.6
Cost of sales      
Total cost of sales (5,128.4) (2,973.5) (2,667.8)
Services      
Net sales      
Total net sales 1,292.1 185.5 196.1
Cost of sales      
Total cost of sales $ (793.6) $ (156.1) $ (148.6)