GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

Balance Sheet for December 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Cash, cash equivalents, and restricted cash	$	24.0	$	14.7	$	565.5	$	—	$	604.2
Receivables, net	103.5		298.2		1,262.2		—		1,663.9
Inventories	135.3		763.1		874.7		—		1,773.1
Current assets - other	(0.8)		22.0		129.7		—		150.9
Total current assets	262.0		1,098.0		2,832.1		—		4,192.1
Property, plant and equipment	73.2		65.0		1,517.6		—		1,655.8
Goodwill	564.1		283.2		7,513.3		—		8,360.6
Investment in subsidiaries	15,566.2		6,583.9		—		(22,150.1)		—
Other intangibles, net	35.8		731.2		3,337.0		—		4,104.0
Other long term assets	105.6		116.2		409.9		—		631.7
Total assets	$	16,606.9	$	8,877.5	$	15,609.9	$	(22,150.1)	$	18,944.2
Current liabilities	$	586.0	$	1,109.6	$	1,562.4	$	—	$	3,258.0
Inter-company	1,357.6		(2,546.3)		1,188.7		—		—
Long-term debt	4,321.8		—		11.8		—		4,333.6
Long-term liabilities - other	385.0		154.1		819.9		—		1,359.0
Total liabilities	6,650.4		(1,282.6)		3,582.8		—		8,950.6
Shareholders' equity	9,941.5		10,160.1		12,005.0		(22,150.1)		9,956.5
Non-controlling interest	15.0		—		22.1		—		37.1
Total shareholders' equity	$	9,956.5	$	10,160.1	$	12,027.1	$	(22,150.1)	$	9,993.6
Total Liabilities and Shareholders' Equity	$	16,606.9	$	8,877.5	$	15,609.9	$	(22,150.1)	$	18,944.2

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	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

Income Statement for the Year Ended December 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net sales	$	723.4	$	3,245.3	$	5,766.3	$	(1,535.0)	$	8,200.0
Cost of sales	(562.1)		(2,429.2)		(4,129.4)		1,198.7		(5,922.0)
Gross profit (loss)	161.3		816.1		1,636.9		(336.3)		2,278.0
Total operating expenses	(321.6)		(311.5)		(981.8)		—		(1,614.9)
Income (loss) from operations	(160.3)		504.6		655.1		(336.3)		663.1
Interest (expense) income, net	(214.8)		12.5		(16.8)		—		(219.1)
Other (expense) income, net	(131.5)		(11.1)		145.4		—		2.8
Equity earnings (loss)	809.5		613.4		—		(1,422.9)		—
Pretax income (loss)	302.9		1,119.4		783.7		(1,759.2)		446.8
Income tax expense	23.8		(97.0)		(47.1)		—		(120.3)
Net income (loss)	326.7		1,022.4		736.6		(1,759.2)		326.5
Less: Net loss attributable to noncontrolling interest	—		—		0.2		—		0.2
Net income (loss) attributable to Wabtec shareholders	$	326.7	$	1,022.4	$	736.8	$	(1,759.2)	$	326.7

Comprehensive income (loss) attributable to Wabtec shareholders	$	326.7	$	1,022.4	$	610.8	$	(1,759.2)	$	200.7

Income Statement for the Year Ended December 31, 2018:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net sales	$	671.0	$	483.1	$	3,442.2	$	(232.8)	$	4,363.5
Cost of sales	(495.1)		(304.3)		(2,462.5)		132.3		(3,129.6)
Gross profit (loss)	175.9		178.8		979.7		(100.5)		1,233.9
Total operating expenses	(173.0)		(57.3)		(530.2)		—		(760.5)
Income (loss) from operations	2.9		121.5		449.5		(100.5)		473.4
Interest (expense) income, net	(110.8)		12.8		(14.2)		—		(112.2)
Other income (expense), net	13.5		—		(7.1)		—		6.4
Equity earnings (loss)	396.9		369.4		—		(766.3)		—
Pretax income (loss)	302.5		503.7		428.2		(866.8)		367.6
Income tax expense	(7.6)		(3.3)		(65.0)		—		(75.9)
Net income (loss)	294.9		500.4		363.2		(866.8)		291.7
Less: Net loss attributable to noncontrolling interest	—		—		3.2		—		3.2
Net income (loss) attributable to Wabtec shareholders	$	294.9	$	500.4	$	366.4	$	(866.8)	$	294.9

Comprehensive income (loss) attributable to Wabtec shareholders	$	295.8	$	500.4	$	153.9	$	(866.8)	$	83.3

Income Statement for the Year Ended December 31, 2017:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net sales	$	577.4	$	398.2	$	3,035.4	$	(129.3)	$	3,881.7
Cost of sales	(440.9)		(255.8)		(2,218.4)		98.7		(2,816.4)
Gross profit (loss)	136.5		142.4		817.0		(30.6)		1,065.3
Total operating expenses	(114.2)		(50.9)		(479.1)		—		(644.2)
Income (loss) from operations	22.3		91.5		337.9		(30.6)		421.1
Interest (expense) income, net	(76.8)		10.9		(12.0)		—		(77.9)
Other income (expense), net	10.0		0.3		(1.4)		—		8.9
Equity earnings (loss)	416.1		317.6		—		(733.7)		—
Pretax income (loss)	371.6		420.3		324.5		(764.3)		352.1
Income tax (expense) benefit	(109.3)		18.8		0.7		—		(89.8)
Net income (loss)	262.3		439.1		325.2		(764.3)		262.3
Less: Net income attributable to noncontrolling interest	—		—		—		—		—
Net income (loss) attributable to Wabtec shareholders	$	262.3	$	439.1	$	325.2	$	(764.3)	$	262.3

Comprehensive income (loss) attributable to Wabtec shareholders	$	263.9	$	439.1	$	658.2	$	(764.3)	$	596.9

Condensed Statement of Cash Flows for the year ended December 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net cash (used in) provided by operating activities	$	(321.2)	$	419.4	$	1,253.6	$	(336.3)	$	1,015.5
Net cash provided by (used for) investing activities	6,849.3		(1,140.5)		(8,886.6)		—		(3,177.8)
Net cash (used in) provided by financing activities	(8,286.7)		735.9		7,676.0		336.3		461.5
Effect of changes in currency exchange rates	—		—		(37.3)		—		(37.3)
(Decrease) increase in cash	(1,758.6)		14.8		5.7		—		(1,738.1)
Cash and cash equivalents, beginning of year	1,782.6		(0.1)		559.8		—		2,342.3
Cash, cash equivalents, and restricted cash, end of year	$	24.0	$	14.7	$	565.5	$	—	$	604.2

Condensed Statement of Cash Flows for the year ended December 31, 2018:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net cash (used in) provided by operating activities	$	(87.2)	$	130.1	$	372.3	$	(100.5)	$	314.7
Net cash used in investing activities	(16.8)		(2.0)		(128.5)		—		(147.3)
Net cash provided by (used in) financing activities	1,885.7		(128.8)		120.7		100.5		1,978.1
Effect of changes in currency exchange rates	—		—		(36.6)		—		(36.6)
Increase (decrease) in cash	1,781.7		(0.7)		327.9		—		2,108.9
Cash and cash equivalents, beginning of year	0.9		0.6		231.9		—		233.4
Cash, cash equivalents, and restricted cash, end of year	$	1,782.6	$	(0.1)	$	559.8	$	—	$	2,342.3

Condensed Statement of Cash Flows for the year ended December 31, 2017:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net cash (used in) provided by operating activities	$	(49.2)	$	130.3	$	138.3	$	(30.6)	$	188.8
Net cash used in investing activities	(11.2)		(3.4)		(1,018.9)		—		(1,033.5)
Net cash provided by (used in) financing activities	58.8		(127.5)		(59.3)		30.6		(97.4)
Effect of changes in currency exchange rates	—		—		32.3		—		32.3
(Decrease) increase in cash	(1.6)		(0.6)		(907.6)		—		(909.8)
Cash, cash equivalents, and restricted cash, beginning of year	2.5		1.2		1,139.5		—		1,143.2
Cash and cash equivalents, end of year	$	0.9	$	0.6	$	231.9	$	—	$	233.4