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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net sales:        
Total net sales $ 2,663 $ 2,550 $ 7,804 $ 7,151
Cost of sales:        
Total cost of sales (1,783) (1,758) (5,235) (4,971)
Gross profit 880 792 2,569 2,180
Operating expenses:        
Selling, general and administrative expenses (318) (295) (915) (843)
Engineering expenses (50) (53) (155) (157)
Amortization expense (79) (74) (224) (222)
Total operating expenses (447) (422) (1,294) (1,222)
Income from operations 433 370 1,275 958
Other income and expenses:        
Interest expense, net (52) (60) (148) (163)
Other (expense) income, net (3) 10 (1) 17
Income before income taxes 378 320 1,126 812
Income tax expense (92) (78) (272) (204)
Net income 286 242 854 608
Less: Net income attributable to noncontrolling interest (3) (2) (10) (8)
Net income attributable to Wabtec shareholders $ 283 $ 240 $ 844 $ 600
Basic        
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.63 $ 1.34 $ 4.81 $ 3.34
Diluted        
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.63 $ 1.33 $ 4.80 $ 3.33
Weighted average shares outstanding        
Basic (in shares) 173.4 178.6 175.1 179.1
Diluted (in shares) 174.1 179.2 175.7 179.7
Goods        
Net sales:        
Total net sales $ 2,171 $ 2,048 $ 6,323 $ 5,631
Cost of sales:        
Total cost of sales (1,512) (1,475) (4,413) (4,132)
Services        
Net sales:        
Total net sales 492 502 1,481 1,520
Cost of sales:        
Total cost of sales $ (271) $ (283) $ (822) $ (839)