Guarantor Subsidiaries Financial Information (Tables)

3 Months Ended

Mar. 31, 2020

Balance Sheet for March 31, 2020:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Cash and cash equivalents	$	14.6	$	5.8	$	595.5	$	—	$	615.9
Receivables, net	130.3		316.5		1,225.2		—		1,672.0
Inventories	137.7		759.5		888.5		—		1,785.7
Current assets - other	0.3		29.4		137.8		—		167.5
Total current assets	282.9		1,111.2		2,847.0		—		4,241.1
Property, plant and equipment, net	78.8		68.0		1,476.2		—		1,623.0
Goodwill	527.4		284.2		7,462.1		—		8,273.7
Investment in subsidiaries	15,638.8		6,698.2		—		(22,337.0)		—
Other intangibles, net	36.5		760.2		3,213.3		—		4,010.0
Other long-term assets	103.6		115.9		405.8		—		625.3
Total assets	$	16,668.0	$	9,037.7	$	15,404.4	$	(22,337.0)	$	18,773.1
Current liabilities	$	503.0	$	1,042.2	$	1,436.4	$	—	$	2,981.6
Inter-company	1,382.0		(2,763.0)		1,381.0		—		—
Long-term debt	4,643.4		—		11.7		—		4,655.1
Long-term liabilities - other	378.0		128.4		832.3		—		1,338.7
Total liabilities	6,906.4		(1,592.4)		3,661.4		—		8,975.4
Shareholders' equity	9,746.6		10,630.1		11,722.1		(22,337.0)		9,761.8
Non-controlling interest	15.0		—		20.9		—		35.9
Total shareholders' equity	$	9,761.6	$	10,630.1	$	11,743.0	$	(22,337.0)	$	9,797.7
Total Liabilities and Shareholders' Equity	$	16,668.0	$	9,037.7	$	15,404.4	$	(22,337.0)	$	18,773.1

Balance Sheet for December 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Cash and cash equivalents	$	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, net	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

Income Statement for the Three Months Ended March 31, 2020:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net sales	$	168.4	$	903.0	$	1,365.0	$	(506.5)	$	1,929.9
Cost of sales	(128.6)		(748.1)		(879.1)		404.6		(1,351.2)
Gross profit	39.8		154.9		485.9		(101.9)		578.7
Total operating expenses	(53.4)		(63.8)		(244.2)		—		(361.4)
Income from operations	(13.6)		91.1		241.7		(101.9)		217.3
Interest (expense) income, net	(51.1)		2.4		(4.6)		—		(53.3)
Other income (expense), net	(32.8)		49.8		(31.8)		—		(14.8)
Equity earnings (loss)	220.7		114.1		—		(334.8)		—
Pretax income (loss)	123.2		257.4		205.3		(436.7)		149.2
Income tax (expense) benefit	(11.7)		22.1		(48.4)		—		(38.0)
Net income (loss)	111.5		279.5		156.9		(436.7)		111.2
Less: Net loss attributable to noncontrolling interest	—		—		0.4		—		0.4
Net income (loss) attributable to Wabtec shareholders	$	111.5	$	279.5	$	157.3	$	(436.7)	$	111.6

Comprehensive income (loss) attributable to Wabtec shareholders	$	111.5	$	279.5	$	(20.7)	$	(436.7)	$	(66.4)

Income Statement for the Three Months Ended March 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net sales	$	193.1	$	128.8	$	1,327.2	$	(55.5)	$	1,593.6
Cost of sales	(157.7)		(82.0)		(998.0)		33.1		(1,204.6)
Gross profit	35.4		46.8		329.2		(22.4)		389.0
Total operating expenses	(97.5)		(15.3)		(208.9)		—		(321.7)
Income from operations	(62.1)		31.5		120.3		(22.4)		67.3
Interest (expense) income, net	(41.6)		3.5		(6.5)		—		(44.6)
Other income (expense), net	20.3		(2.5)		(26.0)		—		(8.2)
Equity earnings (loss)	91.5		79.8		—		(171.3)		—
Pretax income (loss)	8.1		112.3		87.8		(193.7)		14.5
Income tax expense	(12.5)		—		(6.0)		—		(18.5)
Net income	(4.4)		112.3		81.8		(193.7)		(4.0)
Less: Net gain attributable to noncontrolling interest	—		—		(0.5)		—		(0.5)
Net (loss) income attributable to Wabtec shareholders	$	(4.4)	$	112.3	$	81.3	$	(193.7)	$	(4.5)

Comprehensive income (loss) attributable to Wabtec shareholders	$	(4.4)	$	112.3	$	28.9	$	(193.7)	$	(56.9)

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2020:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net cash (used for) provided by operating activities	$	(176.8)	$	23.7	$	173.1	$	(101.9)	$	(81.9)
Net cash (used for) provided by investing activities	(8.9)		(6.2)		(47.5)		—		(62.6)
Net cash provided by (used for) financing activities	176.3		(26.4)		(68.3)		101.9		183.5
Effect of changes in currency exchange rates	—		—		(27.3)		—		(27.3)
(Decrease) increase in cash	(9.4)		(8.9)		30.0		—		11.7
Cash, cash equivalents, and restricted cash, beginning of period	24.0		14.7		565.5		—		604.2
Cash and cash equivalents, end of period	$	14.6	$	5.8	$	595.5	$	—	$	615.9

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2019:


In millions	Parent		Guarantors		Non-Guarantors		Elimination		Consolidated
Net cash (used for) provided by operating activities	$	(118.4)	$	24.1	$	148.0	$	(22.4)	$	31.3
Net cash provided by (used for) investing activities	6,898.0		(1.6)		(9,636.0)		—		(2,739.6)
Net cash (used for) provided by financing activities	(8,557.0)		(22.5)		9,440.1		22.4		883.0
Effect of changes in currency exchange rates	—		—		(4.2)		—		(4.2)
(Decrease) increase in cash	(1,777.4)		—		(52.1)		—		(1,829.5)
Cash, cash equivalents, and restricted cash, beginning of period	1,782.7		—		559.7		—		2,342.4
Cash and cash equivalents, end of period	$	5.3	$	—	$	507.6	$	—	$	512.9