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Guarantor Subsidiaries Financial Information (Tables)

3 Months Ended

6 Months Ended

12 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Dec. 31, 2010

Guarantor Subsidiaries Financial Information

Guarantor Subsidiaries Balance Sheet


*In thousands*	Parent			Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	4,456		$	8,407		$	208,612	$	—		$	221,475
Accounts receivable		106			183,416			153,151		—			336,673
Inventories		—			221,307			89,862		—			311,169
Other current assets		47,841			3,617			11,157		—			62,615

Total current assets		52,403			416,747			462,782		—			931,932
Property, plant and equipment		3,517			120,908			94,019		—			218,444
Goodwill		7,980			396,828			170,868		—			575,676
Investment in subsidiaries		2,556,687			533,513			1,075,657		(4,165,857	)		—
Other intangibles		—			172,625			73,078		—			245,703
Other long term assets		(6,295	)		4,735			41,283		—			39,723

Total Assets	$	2,614,292		$	1,645,356		$	1,917,687	$	(4,165,857	)	$	2,011,478

Current liabilities	$	73,551		$	227,028		$	155,565	$	—		$	456,144
Intercompany		1,089,989			(1,166,815	)		76,826		—			—
Long-term debt		355,500			228			462		—			356,190
Other long term liabilities		76,936			32,619			71,273		—			180,828

Total liabilities		1,595,976			(906,940	)		304,126		—			993,162
Stockholders' equity		1,018,316			2,552,296			1,613,561		(4,165,857	)		1,018,316

Total Liabilities and Stockholders' Equity	$	2,614,292		$	1,645,356		$	1,917,687	$	(4,165,857	)	$	2,011,478


*In thousands*	Parent			Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	42,714		$	13,226		$	181,001	$	—		$	236,941
Accounts receivable		371			149,015			108,763		—			258,149
Inventories		—			183,607			69,884		—			253,491
Other current assets		41,600			2,700			9,072		—			53,372

Total current assets		84,685			348,548			368,720		—			801,953
Property, plant and equipment, net		2,614			122,467			81,144		—			206,225
Goodwill		7,980			395,902			141,950		—			545,832
Investment in Subsidiaries		2,380,766			533,249			403,412		(3,317,427	)		—
Other intangibles, net		—			155,475			61,438		—			216,913
Other long term assets		(5,279	)		(1,928	)		39,365		—			32,158

Total assets	$	2,470,766		$	1,553,713		$	1,096,029	$	(3,317,427	)	$	1,803,081

Current liabilities	$	66,722		$	174,188		$	107,464	$	—		$	348,374
Intercompany		1,043,791			(1,097,899	)		54,108		—			—
Long-term debt		381,500			258			249		—			382,007
Other long term liabilities		75,366			33,570			60,377		—			169,313

Total liabilities		1,567,379			(889,883	)		222,198		—			899,694
Stockholders' equity		903,387			2,443,596			873,831		(3,317,427	)		903,387

Total Liabilities and Stockholders' Equity	$	2,470,766		$	1,553,713		$	1,096,029	$	(3,317,427	)	$	1,803,081

Guarantor Subsidiaries Income Statement


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	326,248		$	190,868		$	(38,217	)	$	478,899
Cost of sales		(380	)		(211,286	)		(139,706	)		15,217			(336,155	)

Gross profit (loss)		(380	)		114,962			51,162			(23,000	)		142,744
Operating expenses		(33,899	)		(32,754	)		(19,729	)		—			(86,382	)

Operating (loss) profit		(34,279	)		82,208			31,433			(23,000	)		56,362
Interest (expense) income, net		(5,593	)		1,132			668			—			(3,793	)
Other income (expense), net		173			214			(797	)		—			(410	)
Equity earnings		80,047			21,624			—			(101,671	)		—

Income (loss) from operations before income tax		40,348			105,178			31,304			(124,671	)		52,159
Income tax expense		(4,014	)		(3,379	)		(8,432	)		—			(15,825	)

Net income (loss) attributable to Wabtec shareholders	$	36,334		$	101,799		$	22,872		$	(124,671	)	$	36,334

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	279,053		$	116,154		$	(21,070	)	$	374,137
Cost of sales		878			(184,642	)		(88,554	)		11,645			(260,673	)

Gross profit (loss)		878			94,411			27,600			(9,425	)		113,464
Operating expenses		(12,993	)		(35,206	)		(15,613	)		—			(63,812	)

Operating (loss) profit		(12,115	)		59,205			11,987			(9,425	)		49,652
Interest (expense) income, net		(5,733	)		1,594			47			—			(4,092	)
Other income (expense), net		225			517			344			—			1,086
Equity earnings		54,407			9,819			—			(64,226	)		—

Income (loss) from operations before income tax		36,784			71,135			12,378			(73,651	)		46,646
Income tax expense		(5,573	)		(3,552	)		(6,310	)		—			(15,435	)

Net income (loss) attributable to Wabtec shareholders	$	31,211		$	67,583		$	6,068		$	(73,651	)	$	31,211

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	653,507		$	344,624		$	(63,973	)	$	934,158
Cost of sales		(379	)		(428,830	)		(258,973	)		29,963			(658,219	)

Gross profit (loss)		(379	)		224,677			85,651			(34,010	)		275,939
Operating expenses		(47,981	)		(68,748	)		(36,471	)		—			(153,200	)

Operating (loss) profit		(48,360	)		155,929			49,180			(34,010	)		122,739
Interest (expense) income, net		(10,963	)		2,285			1,201			—			(7,477	)
Other income (expense), net		7,394			(1,027	)		(6,317	)		—			50
Equity earnings		148,831			28,033			—			(176,864	)		—

Income (loss) from operations before income tax		96,902			185,220			44,064			(210,874	)		115,312
Income tax expense		(19,616	)		(7,029	)		(11,381	)		—			(38,026	)

Net income (loss) attributable to Wabtec shareholders	$	77,286		$	178,191		$	32,683		$	(210,874	)	$	77,286

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	541,731		$	235,662		$	(39,329	)	$	738,064
Cost of sales		1,058			(361,774	)		(180,775	)		25,280			(516,211	)

Gross profit (loss)		1,058			179,957			54,887			(14,049	)		221,853
Operating expenses		(21,684	)		(68,576	)		(30,765	)		—			(121,025	)

Operating (loss) profit		(20,626	)		111,381			24,122			(14,049	)		100,828
Interest (expense) income, net		(11,378	)		3,199			175			—			(8,004	)
Other (expense) income, net		1,314			1,496			(2,445	)		—			365
Equity earnings		108,448			14,645			—			(123,093	)		—

Income (loss) from operations before income tax		77,758			130,721			21,852			(137,142	)		93,189
Income tax expense		(16,183	)		(7,142	)		(8,289	)		—			(31,614	)

Net income (loss) attributable to Wabtec shareholders	$	61,575		$	123,579		$	13,563		$	(137,142	)	$	61,575

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Guarantor Subsidiaries Condensed Statement of Cash Flows


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(11,754	)	$	199,900		$	88,774		$	(210,874	)	$	66,046
Net cash used for investing activities		(1,209	)		(26,498	)		(36,555	)		—			(64,262	)
Net cash (used for) provided by financing activities		(25,295	)		(178,221	)		(32,470	)		210,874			(25,112	)
Effect of changes in currency exchange rates		—			—			7,862			—			7,862

(Decrease) increase in cash		(38,258	)		(4,819	)		27,611			—			(15,466	)
Cash, beginning of year		42,714			13,226			181,001			—			236,941

Cash, end of period	$	4,456		$	8,407		$	208,612		$	—		$	221,475


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(10,719	)	$	155,418		$	16,831		$	(137,142	)	$	24,388
Net cash used for investing activities		(89	)		(42,092	)		(2,346	)		—			(44,527	)
Net cash provided by (used for) financing activities		14,078			(123,618	)		(13,979	)		137,142			13,623
Effect of changes in currency exchange rates		—			—			(15,634	)		—			(15,634	)

Increase (decrease) in cash		3,270			(10,292	)		(15,128	)		—			(22,150	)
Cash, beginning of year		12,026			12,124			164,509			—			188,659

Cash, end of period	$	15,296		$	1,832		$	149,381		$	—		$	166,509

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Current Assets
Cash and cash equivalents	$ 221,475	$ 236,941
Accounts receivable	336,673	258,149
Inventories	311,169	253,491
Deferred income taxes	39,437	39,573
Other current assets	23,178	13,799
Total current assets	931,932	801,953
Property, plant and equipment	505,842	478,023
Accumulated depreciation	(287,398)	(271,798)
Property, plant and equipment, net	218,444	206,225
Other Assets
Goodwill	575,676	545,832
Other intangibles, net	245,703	216,913
Deferred income taxes	3,294	3,346
Other noncurrent assets	36,429	28,812
Total other assets	861,102	794,903
Total Assets	2,011,478	1,803,081
Current Liabilities
Accounts payable	185,871	170,504
Customer deposits and advanced billings	79,013	23,810
Accrued compensation	39,139	39,870
Accrued warranty	24,033	20,510
Current portion of long-term debt	40,068	40,068
Other accrued liabilities	88,020	53,612
Total current liabilities	456,144	348,374
Long-term debt	356,190	382,007
Accrued postretirement and pension benefits	59,704	60,508
Deferred income taxes	83,175	76,505
Accrued warranty	23,945	15,003
Other long-term liabilities	14,004	17,297
Total liabilities	993,162	899,694
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, no shares issued
Common stock, $.01 par value; 100,000,000 shares authorized: 66,174,767 shares issued and 48,245,427 and 47,954,085 outstanding at June 30, 2011 and December 31, 2010, respectively	662	662
Additional paid-in capital	350,930	339,861
Treasury stock, at cost, 17,929,340 and 18,220,682 shares, at June 30, 2011 and December 31, 2010, respectively	(290,110)	(290,081)
Retained earnings	963,727	887,406
Accumulated other comprehensive loss	(10,393)	(38,077)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	1,014,816	899,771
Non-controlling interest	3,500	3,616
Total shareholders' equity	1,018,316	903,387
Total Liabilities and Shareholders' Equity	$ 2,011,478	$ 1,803,081

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating Activities
Net income attributable to Wabtec shareholders	$ 77,286	$ 61,575
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	20,774	17,176
Stock-based compensation expense	9,370	5,640
Loss on disposal of property, plant and equipment	122	207
Excess income tax benefits from exercise of stock options	(3,689)	(2,066)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable	(65,579)	(66,263)
Inventories	(46,806)	(5,496)
Accounts payable	6,462	5,024
Accrued income taxes	3,823	6,633
Accrued liabilities and customer deposits	76,538	(2,845)
Other assets and liabilities	(12,255)	4,803
Net cash provided by operating activities	66,046	24,388
Investing Activities
Purchase of property, plant and equipment	(12,816)	(7,007)
Proceeds from disposal of property, plant and equipment	291	55
Acquisitions of business, net of cash acquired	(51,777)	(39,943)
Acquisition purchase price adjustment	40	2,368
Net cash used for investing activities	(64,262)	(44,527)
Financing Activities
Proceeds from debt	79,000	166,400
Payments of debt	(104,817)	(150,230)
Proceeds from exercise of stock options and other benefit plans	4,168	2,647
Stock repurchase	(6,187)	(6,311)
Excess income tax benefits from exercise of stock options	3,689	2,066
Cash dividends ($0.02 and $0.02 per share for the six months ended June 30, 2011 and 2010, respectively)	(965)	(949)
Net cash (used for) provided by financing activities	(25,112)	13,623
Effect of changes in currency exchange rates	7,862	(15,634)
Decrease in cash	(15,466)	(22,150)
Cash, beginning of year	236,941	188,659
Cash, end of period	$ 221,475	$ 166,509

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
U.S. Pension Plans [Member]
Service cost	$ 74	$ 80	$ 148	$ 160
Interest cost	619	648	1,238	1,296
Expected return on plan assets	(851)	(775)	(1,702)	(1,551)
Net amortization/deferrals	607	479	1,213	958
Net periodic benefit cost	$ 449	$ 432	$ 897	$ 863
Discount rate	5.20%	5.75%	5.20%	5.75%
Expected long-term rate of return	8.00%	8.00%	8.00%	8.00%
Rate of compensation increase	3.00%	3.00%	3.00%	3.00%
International Pension Plans [Member]
Service cost	$ 820	$ 734	$ 1,622	$ 1,472
Interest cost	1,951	1,862	3,849	3,744
Expected return on plan assets	(2,166)	(1,936)	(4,294)	(3,877)
Net amortization/deferrals	513	457	1,018	910
Curtailment loss recognized		845		933
Settlement loss recognized	304	108	588	349
Net periodic benefit cost	$ 1,422	$ 2,070	$ 2,783	$ 3,531
Discount rate	5.43%	6.11%	5.43%	6.11%
Expected long-term rate of return	6.72%	6.94%	6.72%	6.94%
Rate of compensation increase	3.17%	3.28%	3.17%	3.28%
U.S. Post Retirement[Member]
Service cost	$ 10	$ 13	$ 20	$ 25
Interest cost	399	404	798	808
Net amortization/deferrals	(245)	(263)	(489)	(526)
Net periodic benefit cost	$ 164	$ 154	$ 329	$ 307
Discount rate	5.20%	5.75%	5.20%	5.75%
International Post Retirement [Member]
Service cost	$ 14	$ 17	$ 28	$ 34
Interest cost	59	76	117	151
Net amortization/deferrals	(98)	(62)	(195)	(123)
Net periodic benefit cost	$ (25)	$ 31	$ 50	$ 62
Discount rate	5.50%	6.40%	5.50%	6.40%

Accounting Policies

6 Months Ended

Jun. 30, 2011

Accounting Policies

Accounting Policies

2. ACCOUNTING POLICIES

Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its majority owned subsidiaries. These condensed interim financial statements do not include all of the information and footnotes required for complete financial statements. In Management's opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year.

The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30 and December 31.

The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec's Annual Report on Form 10-K for the year ended December 31, 2010. The December 31, 2010 information has been derived from the Company's Annual Report on Form 10-K for the year ended December 31, 2010.

Reclassifications Certain prior year amounts have been reclassified where necessary to conform to the current year presentation.

Revenue Recognition Revenue is recognized in accordance with Accounting Standards Codification ("ASC") 605 "Revenue Recognition". Revenue is recognized when products have been shipped to the respective customers, title has passed and the price for the product has been determined.

In general, the Company recognizes revenues on long-term contracts based on the percentage of completion method of accounting. The units-of-delivery method or other input-based or output-based measures, as appropriate, are used to measure the progress toward completion of individual contracts. Contract revenues and cost estimates are reviewed and revised at a minimum quarterly and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts.

Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $14.2 million and $11.9 million at June 30, 2011 and December 31, 2010, respectively.

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.

Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation based on the grant date fair value amortized ratably over the requisite service period following the date of grant.

Financial Derivatives and Hedging Activities The Company has periodically entered into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counter-party to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. There is no exchange of funds until the delivery date. At the delivery date the Company can either take delivery of the currency or settle on a net basis.

At June 30, 2011, the Company had forward contracts for the sale of South African Rand (ZAR) and the purchase of U.S. Dollars (USD). The Company concluded that these foreign currency forward contracts qualify for cash flow hedge accounting which permits the recording of the fair value of the forward contract and corresponding adjustment to other comprehensive income (loss), net of tax, on the balance sheet. As of June 30, 2011, the Company had forward contracts with a notional value of 16.7 million ZAR (or $2.3 million U.S.) with an average exchange rate of 7.23 ZAR per $1 USD, resulting in the recording of a current liability of $140,000 and a corresponding offset in accumulated other comprehensive income of $89,000, net of tax.

To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company entered into interest rate swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. The Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with an excellent credit ratings and history of performance. The Company currently believes the risk of nonperformance is negligible. The Company concluded that these interest rate swap agreements qualify for cash flow hedge accounting which permits the recording of the fair value of the interest rate swap agreements and corresponding adjustment to other comprehensive income (loss), net of tax, on the balance sheet. As of June 30, 2011, the Company had interest rate swap agreements with a notional value of $137.0 million and which effectively changed the Company's interest rate on bank debt at June 30, 2011 from a variable rate to a fixed rate of 2.24%. The interest rate swap agreements mature at various times through December 2012. As of June 30, 2011, the Company has recorded a current liability of $2.3 million and a corresponding offset in accumulated other comprehensive loss of $1.4 million, net of tax, related to these agreements.

Foreign Currency Translation Assets and liabilities of foreign subsidiaries, except for the Company's Mexican operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the weighted average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from transactions, and the translation of financial statements are recorded in the Company's consolidated financial statements based upon the provisions of ASC 830 "Foreign Currency Matters." The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of shareholders' equity. The effects of currency exchange rate changes on transactions that are denominated in a currency other than an entity's functional currency are charged or credited to earnings. Foreign exchange transaction losses recognized in other income (expense), net were $589,000 for the three months ended June 30, 2011. Foreign exchange transaction gains recognized in other income (expense), net were $893,000 for the three months ended June 30, 2010. Foreign exchange transaction losses recognized in other income (expense), net were $266,000 for the six months ended June 30, 2011. Foreign exchange transaction gains recognized in other income (expense), net were $296,000 for the six months ended June 30, 2010.

Non-controlling Interests In accordance with ASC 810, the Company has classified non-controlling interests as equity on our condensed consolidated balance sheets as of June 30, 2011 and December 31, 2010. Net income attributable to non-controlling interests for the three and six months ended June 30, 2011 and 2010 was not material.

Other Comprehensive Income Comprehensive income is defined as net income and all other non-owner changes in shareholders' equity. The Company's accumulated other comprehensive income consists of foreign currency translation adjustments, foreign currency hedges, foreign exchange contracts, interest rate swaps, and pension and post retirement related adjustments. Total comprehensive income was:


	Three Months Ended June 30,						Six Months Ended June 30,
*In thousands*	2011			2010			2011		2010
Net income attributable to Wabtec shareholders	$	36,334		$	31,211		$	77,286	$	61,575
Foreign currency translation gain (loss)		6,676			(27,787	)		27,095		(37,715	)
Unrealized gain on foreign exchange contracts, net of tax		10			37			33		71
Unrealized (loss) gain on interest rate swap contracts, net of tax		(68	)		(722	)		138		(1,173	)
Change in pension and post retirement benefit plans, net of tax		585			1,083			418		1,378

Total comprehensive income	$	43,537		$	3,822		$	104,970	$	24,136

The components of accumulated other comprehensive loss were:


*In thousands*	June 30, 2011			December 31, 2010
Foreign currency translation gain	$	37,362		$	10,267
Unrealized loss on foreign exchange contracts, net of tax		(89	)		(122	)
Unrealized loss on interest rate swap contracts, net of tax		(1,395	)		(1,533	)
Pension benefit plans and post retirement benefit plans, net of tax		(46,271	)		(46,689	)

Total accumulated comprehensive loss	$	(10,393	)	$	(38,077	)

Intangibles (Expected Amortization Expense) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2011 USD ($)
Intangibles
2011	$ 14,393
2012	11,581
2013	10,147
2014	9,932
2015	$ 9,437

Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes

Income Taxes

9. INCOME TAXES

The overall effective income tax rate was 30.3% and 33.0% for the three and six months ended June 30, 2011, respectively, and 33.1% and 33.9% for the three and six months ended June 30, 2010, respectively. The decrease in the effective rate is due primarily to a $1.7 million benefit recorded in the second quarter of 2011 relating to settlements with taxing authorities and the expiration of statutory review periods in various taxing jurisdictions.

As of June 30, 2011, the liability for income taxes associated with uncertain tax positions is $7.8 million, of which $1.7 million, if recognized would favorably affect the Company's effective tax rate. As of December 31, 2010 the liability associated with uncertain tax positions was $10.0 million, of which $3.1 million, if recognized, would favorably affect the Company's effective tax rate.

The Company includes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2011 the total accrued interest and penalties are $2.6 million and $1.3 million, respectively. As of December 31, 2010 the total accrued interest and penalties were $3.1 million and $1.7 million, respectively.

With limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for the years before 2009.

At this time, the Company believes that it is reasonably possible that unrecognized tax benefits of approximately $1.5 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Guarantor Subsidiaries Financial Information (Cash Flows) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Net cash (used for) provided by operating activities	$ 66,046	$ 24,388
Net cash used for investing activities	(64,262)	(44,527)
Net cash provided by (used for) financing activities	(25,112)	13,623
Effect of changes in currency exchange rates	7,862	(15,634)
Increase (decrease) in cash	(15,466)	(22,150)
Cash, beginning of year	236,941	188,659
Cash, end of period	221,475	166,509
Parent Company [Member]
Net cash (used for) provided by operating activities	(11,754)	(10,719)
Net cash used for investing activities	(1,209)	(89)
Net cash provided by (used for) financing activities	(25,295)	14,078
Increase (decrease) in cash	(38,258)	3,270
Cash, beginning of year	42,714	12,026
Cash, end of period	4,456	15,296
Guarantors [Member]
Net cash (used for) provided by operating activities	199,900	155,418
Net cash used for investing activities	(26,498)	(42,092)
Net cash provided by (used for) financing activities	(178,221)	(123,618)
Increase (decrease) in cash	(4,819)	(10,292)
Cash, beginning of year	13,226	12,124
Cash, end of period	8,407	1,832
Non-Guarantors [Member]
Net cash (used for) provided by operating activities	88,774	16,831
Net cash used for investing activities	(36,555)	(2,346)
Net cash provided by (used for) financing activities	(32,470)	(13,979)
Effect of changes in currency exchange rates	7,862	(15,634)
Increase (decrease) in cash	27,611	(15,128)
Cash, beginning of year	181,001	164,509
Cash, end of period	208,612	149,381
Elimination [Member]
Net cash (used for) provided by operating activities	(210,874)	(137,142)
Net cash provided by (used for) financing activities	$ 210,874	$ 137,142

Stock-Based Compensation (Narrative) (Details)	6 Months Ended
Stock-Based Compensation (Narrative) (Details)	Jun. 30, 2011 USD ($) shares	Jun. 30, 2010 USD ($)
Stock-based compensation expense	$ 9,400,000	$ 5,600,000
Unamortized compensation expense expected to be vested	$ 27,200,000
Recognized weighted average period, years	1.8
Stock Option [Member]
Stock-based compensation expense	$ 1,300,000
Restricted Stock [Member]
Stock-based compensation expense	2,100,000
Incentive Stock Awards [Member]
Stock-based compensation expense	5,500,000
Directors' Fee [Member]
Stock-based compensation expense	$ 450,000
2011 Plan [Member]
Shares authorized for grant \| shares	1,900,000
2011 Plan [Member] \| Stock Option [Member]
Vesting period, maximum years	4
Options expire from date of grant, years	10
2011 Plan [Member] \| Restricted Stock [Member]
Vesting period, maximum years	4
Directors Plan [Member] \| Stock Option [Member]
Vesting period, maximum years	3
Options expire from date of grant, years	10
Directors Plan [Member] \| Restricted Stock [Member]
Vesting period, maximum years	1

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2011

Accounting Policies

Total Comprehensive Income


	Three Months Ended June 30,						Six Months Ended June 30,
*In thousands*	2011			2010			2011		2010
Net income attributable to Wabtec shareholders	$	36,334		$	31,211		$	77,286	$	61,575
Foreign currency translation gain (loss)		6,676			(27,787	)		27,095		(37,715	)
Unrealized gain on foreign exchange contracts, net of tax		10			37			33		71
Unrealized (loss) gain on interest rate swap contracts, net of tax		(68	)		(722	)		138		(1,173	)
Change in pension and post retirement benefit plans, net of tax		585			1,083			418		1,378

Total comprehensive income	$	43,537		$	3,822		$	104,970	$	24,136

Accumulated Other Comprehensive Loss


*In thousands*	June 30, 2011			December 31, 2010
Foreign currency translation gain	$	37,362		$	10,267
Unrealized loss on foreign exchange contracts, net of tax		(89	)		(122	)
Unrealized loss on interest rate swap contracts, net of tax		(1,395	)		(1,533	)
Pension benefit plans and post retirement benefit plans, net of tax		(46,271	)		(46,689	)

Total accumulated comprehensive loss	$	(10,393	)	$	(38,077	)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Inventories
Raw materials	$ 137,302	$ 108,768
Work-in-process	98,494	81,254
Finished goods	75,373	63,469
Total inventories	$ 311,169	$ 253,491

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Other Income (Expense), Net
Foreign currency (loss) gain	$ (589)	$ 893	$ (266)	$ 296
Other miscellaneous income	179	193	316	69
Total other income (expense), net	$ (410)	$ 1,086	$ 50	$ 365

Accounting Policies (Policy)

6 Months Ended

Jun. 30, 2011

Accounting Policies

Basis of Presentation

The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30 and December 31.

Reclassifications

Reclassifications Certain prior year amounts have been reclassified where necessary to conform to the current year presentation.

Revenue Recognition

Use of Estimates

Stock-Based Compensation

Financial Derivatives and Hedging Activities

Foreign Currency Translation

Non-controlling Interests

Other Comprehensive Income


	Three Months Ended June 30,						Six Months Ended June 30,
*In thousands*	2011			2010			2011		2010
Net income attributable to Wabtec shareholders	$	36,334		$	31,211		$	77,286	$	61,575
Foreign currency translation gain (loss)		6,676			(27,787	)		27,095		(37,715	)
Unrealized gain on foreign exchange contracts, net of tax		10			37			33		71
Unrealized (loss) gain on interest rate swap contracts, net of tax		(68	)		(722	)		138		(1,173	)
Change in pension and post retirement benefit plans, net of tax		585			1,083			418		1,378

Total comprehensive income	$	43,537		$	3,822		$	104,970	$	24,136

The components of accumulated other comprehensive loss were:


*In thousands*	June 30, 2011			December 31, 2010
Foreign currency translation gain	$	37,362		$	10,267
Unrealized loss on foreign exchange contracts, net of tax		(89	)		(122	)
Unrealized loss on interest rate swap contracts, net of tax		(1,395	)		(1,533	)
Pension benefit plans and post retirement benefit plans, net of tax		(46,271	)		(46,689	)

Total accumulated comprehensive loss	$	(10,393	)	$	(38,077	)

Long-Term Debt (Narrative) (Details) $ in Millions	6 Months Ended
Long-Term Debt (Narrative) (Details) $ in Millions	Jun. 30, 2011 USD ($)	Jan. 28, 2011 USD ($)
Debt Instrument, Issuance Date	November 4, 2008
Credit facilities expiration date	January 2013
Deferred financing cost	$ 2.9
Current borrowing capacity	48.9
Maximum borrowing capacity	$ 113.1
Debt instrument, interest rate, effective percentage	0.50%
Fixed interest rate on bank debt	2.24%
Long-term debt, percentage bearing variable interest rate	1.45%
Interest rate swap agreements, notional value	$ 137.0
Debt instrument basis points spread on variable rate	150
Minimum interest expense coverage ratio	3.0
Maximum debt to cash flow ratio	3.25
Credit agreement, amount outstanding	$ 500.0	$ 350.0
Term Loan Facility [Member]
Unsecured revolving credit agreement	$ 200.0
Debt instrument maturity date period	five
Revolving Credit Facility [Member]
Unsecured revolving credit agreement	$ 300.0
Debt instrument maturity date period	five
6.875% Senior Notes, Due 2013 [Member]
Senior notes issued	$ 150.0
Maturity date of debt instrument	2013
Debt instrument, interest rate, stated percentage	6.875%
Minimum [Member] \| Base Rate [Member]
Debt instrument basis points spread on variable rate	25
Minimum [Member] \| Alternative Rate [Member]
Debt instrument basis points spread on variable rate	125
Maximum [Member] \| Base Rate [Member]
Debt instrument basis points spread on variable rate	50
Maximum [Member] \| Alternative Rate [Member]
Debt instrument basis points spread on variable rate	200

Stock-Based Compensation (Restricted Stock and Incentive Stock Awards Activity) (Details)	6 Months Ended
	Jun. 30, 2011 $ / shares shares
Weighted average grant date fair value, outstanding \| $ / shares	$ 35.90
Weighted average grant date fair value, granted \| $ / shares	52.47
Weighted average grant date fair value, vested \| $ / shares	36.33
Weighted average grant date fair value, canceled \| $ / shares	33.29
Weighted average grant date fair value, outstanding \| $ / shares	$ 43.87
Restricted Stock [Member]
Outstanding	276,627
Granted	110,082
Vested	(109,330)
Canceled	(2,500)
Outstanding	274,879
Incentive Stock Awards [Member]
Outstanding	356,327
Granted	316,409
Vested	(67,342)
Canceled	(1,999)
Outstanding	603,395

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Income Taxes
Effective income tax rate	30.30%	33.10%	33.00%	33.90%
Tax benefit relating to settlement with taxing authorities	$ 1.7
Liability for income taxes	7.8		$ 7.8		$ 10.0
Unrecognized tax benefits that would impact effective tax	1.7		1.7		3.1
Interest accrued	2.6		2.6		3.1
Penalties accrued	1.3		1.3		$ 1.7
Unrecognized tax benefits	$ 1.5		$ 1.5

Intangibles (Goodwill by Segment) (Details) $ in Thousands	6 Months Ended
Intangibles (Goodwill by Segment) (Details) $ in Thousands	Jun. 30, 2011 USD ($)
Beginning Balance	$ 545,832
Adjustment to preliminary purchase allocation	865
Acquisition	20,474
Foreign currency impact	8,505
Ending Balance	575,676
Freight Group [Member]
Beginning Balance	364,604
Adjustment to preliminary purchase allocation	627
Foreign currency impact	313
Ending Balance	365,544
Transit Group [Member]
Beginning Balance	181,228
Adjustment to preliminary purchase allocation	238
Acquisition	20,474
Foreign currency impact	8,192
Ending Balance	$ 210,132

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

The increase (decrease) in the recorded value of goodwill for foreign currency translation adjustments and purchase accounting adjustments needed to revise the carrying amount of goodwill to fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Segment Information (Schedule of Sales by Product) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net sales	$ 478,899	$ 374,137	$ 934,158	$ 738,064
Brake Products [Member]
Net sales	125,573	107,633	251,443	229,667
Electronics and Other Freight Related Products [Member]
Net sales	205,697	123,953	390,874	221,441
Remanufacturing, Overhaul & Build [Member]
Net sales	82,223	73,973	161,657	146,334
Transit Products [Member]
Net sales	48,994	55,525	99,884	114,999
Other [Member]
Net sales	$ 16,412	$ 13,053	$ 30,300	$ 25,623

Fair Value Measurement

6 Months Ended

Jun. 30, 2011

Fair Value Measurement

Fair Value Measurement

12. FAIR VALUE MEASUREMENT

ASC 820 "Fair Value Measurements and Disclosures" defines fair value, establishes a framework for measuring fair value and explains the related disclosure requirements. ASC 820 indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model.

Valuation Hierarchy. ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company's assumptions used to measure assets and liabilities at fair value. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the liabilities carried at fair value measured on a recurring basis as of June 30, 2011, which are included in other current liabilities on the Condensed Consolidated Balance sheet:


	Total Carrying Value at June 30, 2011			Fair Value Measurements at June 30, 2011 Using
*In thousands*	Total Carrying Value at June 30, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Foreign currency forward contracts	$	(140	)	$	—	$	(140	)	$	—
Interest rate swap agreements		(2,310	)		—		(2,310	)		—

Total	$	(2,450	)	$	—	$	(2,450	)	$	—

The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2010, which is included in other current liabilities on the Condensed Consolidated Balance sheet:


	Total Carrying Value at December 31, 2010			Fair Value Measurements at December 31, 2010 Using
*In thousands*	Total Carrying Value at December 31, 2010			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Foreign currency forward contracts	$	(192	)	$	—	$	(192	)	$	—
Interest rate swap agreements		(2,538	)		—		(2,538	)		—

Total	$	(2,730	)	$	—	$	(2,730	)	$	—

As a result of our global operating activities, the Company is exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, the Company minimizes these risks through entering into foreign currency forward contracts. The foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the counter markets. As such, these derivative instruments are classified within level 2.

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Intangibles (Intangible Assets Other than Goodwill and Trademarks) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Intangible assets, Total	$ 134,583	$ 113,402
Patents and Other [Member]
Intangible assets, Total	17,654	14,363
Intangible assets, Accumulated amortization	38,217	29,613
Customer Relationships [Member]
Intangible assets, Total	116,929	99,039
Intangible assets, Accumulated amortization	$ 17,681	$ 13,614

Employee Benefit Plans

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Employee Benefit Plans

7. EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German, and United Kingdom employees and which provide benefits of stated amounts for each year of service of the employee.

The Company uses a December 31 measurement date for the plans. The following tables provide information regarding the Company's defined benefit pension plans summarized by U.S. and international components.


	U.S.						International
	Three months ended June 30,						Three months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	74		$	80		$	820		$	734
Interest cost		619			648			1,951			1,862
Expected return on plan assets		(851	)		(775	)		(2,166	)		(1,936	)
Net amortization/deferrals		607			479			513			457
Curtailment loss recognized		—			—			—			845
Settlement loss recognized		—			—			304			108

Net periodic benefit cost	$	449		$	432		$	1,422		$	2,070


Assumptions
Discount rate		5.20	%		5.75	%		5.43	%		6.11	%
Expected long-term rate of return		8.00	%		8.00	%		6.72	%		6.94	%
Rate of compensation increase		3.00	%		3.00	%		3.17	%		3.28	%

	U.S.						International
	Six months ended June 30,						Six months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	148		$	160		$	1,622		$	1,472
Interest cost		1,238			1,296			3,849			3,744
Expected return on plan assets		(1,702	)		(1,551	)		(4,294	)		(3,877	)
Net amortization/deferrals		1,213			958			1,018			910
Curtailment loss recognized		—			—			—			933
Settlement loss recognized		—			—			588			349

Net periodic benefit cost	$	897		$	863		$	2,783		$	3,531


Assumptions
Discount rate		5.20	%		5.75	%		5.43	%		6.11	%
Expected long-term rate of return		8.00	%		8.00	%		6.72	%		6.94	%
Rate of compensation increase		3.00	%		3.00	%		3.17	%		3.28	%

Post Retirement Benefit Plans

In addition to providing pension benefits, the Company has provided certain unfunded postretirement health care and life insurance benefits for a portion of North American employees. The Company is not obligated to pay health care and life insurance benefits to individuals who had retired prior to 1990.

The Company uses a December 31 measurement date for all post retirement plans. The following tables provide information regarding the Company's post retirement benefit plans summarized by U.S. and international components.


	U.S.						International
	Three months ended June 30,						Three months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	10		$	13		$	14		$	17
Interest cost		399			404			59			76
Net amortization/deferrals		(245	)		(263	)		(98	)		(62	)

Net periodic benefit cost	$	164		$	154		$	(25	)	$	31


Assumptions
Discount rate		5.20	%		5.75	%		5.50	%		6.40	%

	U.S.						International
	Six months ended June 30,						Six months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	20		$	25		$	28		$	34
Interest cost		798			808			117			151
Net amortization/deferrals		(489	)		(526	)		(195	)		(123	)

Net periodic benefit cost	$	329		$	307		$	50		$	62


Assumptions
Discount rate		5.20	%		5.75	%		5.50	%		6.40	%

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Guarantor Subsidiaries Financial Information

6 Months Ended

Jun. 30, 2011

Guarantor Subsidiaries Financial Information

Guarantor Subsidiaries Financial Information

15. GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

Effective August 2003, the Company issued $150 million of Senior Notes due in 2013 ("the Notes"). The obligations under the Notes are fully and unconditionally guaranteed by all U.S. subsidiaries as guarantors. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions.

Balance Sheet as of June 30, 2011:


*In thousands*	Parent			Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	4,456		$	8,407		$	208,612	$	—		$	221,475
Accounts receivable		106			183,416			153,151		—			336,673
Inventories		—			221,307			89,862		—			311,169
Other current assets		47,841			3,617			11,157		—			62,615

Total current assets		52,403			416,747			462,782		—			931,932
Property, plant and equipment		3,517			120,908			94,019		—			218,444
Goodwill		7,980			396,828			170,868		—			575,676
Investment in subsidiaries		2,556,687			533,513			1,075,657		(4,165,857	)		—
Other intangibles		—			172,625			73,078		—			245,703
Other long term assets		(6,295	)		4,735			41,283		—			39,723

Total Assets	$	2,614,292		$	1,645,356		$	1,917,687	$	(4,165,857	)	$	2,011,478

Current liabilities	$	73,551		$	227,028		$	155,565	$	—		$	456,144
Intercompany		1,089,989			(1,166,815	)		76,826		—			—
Long-term debt		355,500			228			462		—			356,190
Other long term liabilities		76,936			32,619			71,273		—			180,828

Total liabilities		1,595,976			(906,940	)		304,126		—			993,162
Stockholders' equity		1,018,316			2,552,296			1,613,561		(4,165,857	)		1,018,316

Total Liabilities and Stockholders' Equity	$	2,614,292		$	1,645,356		$	1,917,687	$	(4,165,857	)	$	2,011,478

Balance Sheet as of December 31, 2010:


*In thousands*	Parent			Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	42,714		$	13,226		$	181,001	$	—		$	236,941
Accounts receivable		371			149,015			108,763		—			258,149
Inventories		—			183,607			69,884		—			253,491
Other current assets		41,600			2,700			9,072		—			53,372

Total current assets		84,685			348,548			368,720		—			801,953
Property, plant and equipment, net		2,614			122,467			81,144		—			206,225
Goodwill		7,980			395,902			141,950		—			545,832
Investment in Subsidiaries		2,380,766			533,249			403,412		(3,317,427	)		—
Other intangibles, net		—			155,475			61,438		—			216,913
Other long term assets		(5,279	)		(1,928	)		39,365		—			32,158

Total assets	$	2,470,766		$	1,553,713		$	1,096,029	$	(3,317,427	)	$	1,803,081

Current liabilities	$	66,722		$	174,188		$	107,464	$	—		$	348,374
Intercompany		1,043,791			(1,097,899	)		54,108		—			—
Long-term debt		381,500			258			249		—			382,007
Other long term liabilities		75,366			33,570			60,377		—			169,313

Total liabilities		1,567,379			(889,883	)		222,198		—			899,694
Stockholders' equity		903,387			2,443,596			873,831		(3,317,427	)		903,387

Total Liabilities and Stockholders' Equity	$	2,470,766		$	1,553,713		$	1,096,029	$	(3,317,427	)	$	1,803,081

Income Statement for the Three Months Ended June 30, 2011:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	326,248		$	190,868		$	(38,217	)	$	478,899
Cost of sales		(380	)		(211,286	)		(139,706	)		15,217			(336,155	)

Gross profit (loss)		(380	)		114,962			51,162			(23,000	)		142,744
Operating expenses		(33,899	)		(32,754	)		(19,729	)		—			(86,382	)

Operating (loss) profit		(34,279	)		82,208			31,433			(23,000	)		56,362
Interest (expense) income, net		(5,593	)		1,132			668			—			(3,793	)
Other income (expense), net		173			214			(797	)		—			(410	)
Equity earnings		80,047			21,624			—			(101,671	)		—

Income (loss) from operations before income tax		40,348			105,178			31,304			(124,671	)		52,159
Income tax expense		(4,014	)		(3,379	)		(8,432	)		—			(15,825	)

Net income (loss) attributable to Wabtec shareholders	$	36,334		$	101,799		$	22,872		$	(124,671	)	$	36,334

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Income Statement for the Three Months Ended June 30, 2010:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	279,053		$	116,154		$	(21,070	)	$	374,137
Cost of sales		878			(184,642	)		(88,554	)		11,645			(260,673	)

Gross profit (loss)		878			94,411			27,600			(9,425	)		113,464
Operating expenses		(12,993	)		(35,206	)		(15,613	)		—			(63,812	)

Operating (loss) profit		(12,115	)		59,205			11,987			(9,425	)		49,652
Interest (expense) income, net		(5,733	)		1,594			47			—			(4,092	)
Other income (expense), net		225			517			344			—			1,086
Equity earnings		54,407			9,819			—			(64,226	)		—

Income (loss) from operations before income tax		36,784			71,135			12,378			(73,651	)		46,646
Income tax expense		(5,573	)		(3,552	)		(6,310	)		—			(15,435	)

Net income (loss) attributable to Wabtec shareholders	$	31,211		$	67,583		$	6,068		$	(73,651	)	$	31,211

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Income Statement for the Six Months Ended June 30, 2011:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	653,507		$	344,624		$	(63,973	)	$	934,158
Cost of sales		(379	)		(428,830	)		(258,973	)		29,963			(658,219	)

Gross profit (loss)		(379	)		224,677			85,651			(34,010	)		275,939
Operating expenses		(47,981	)		(68,748	)		(36,471	)		—			(153,200	)

Operating (loss) profit		(48,360	)		155,929			49,180			(34,010	)		122,739
Interest (expense) income, net		(10,963	)		2,285			1,201			—			(7,477	)
Other income (expense), net		7,394			(1,027	)		(6,317	)		—			50
Equity earnings		148,831			28,033			—			(176,864	)		—

Income (loss) from operations before income tax		96,902			185,220			44,064			(210,874	)		115,312
Income tax expense		(19,616	)		(7,029	)		(11,381	)		—			(38,026	)

Net income (loss) attributable to Wabtec shareholders	$	77,286		$	178,191		$	32,683		$	(210,874	)	$	77,286

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Income Statement for the Six Months Ended June 30, 2010:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination(1)			Consolidated
Net sales	$	—		$	541,731		$	235,662		$	(39,329	)	$	738,064
Cost of sales		1,058			(361,774	)		(180,775	)		25,280			(516,211	)

Gross profit (loss)		1,058			179,957			54,887			(14,049	)		221,853
Operating expenses		(21,684	)		(68,576	)		(30,765	)		—			(121,025	)

Operating (loss) profit		(20,626	)		111,381			24,122			(14,049	)		100,828
Interest (expense) income, net		(11,378	)		3,199			175			—			(8,004	)
Other (expense) income, net		1,314			1,496			(2,445	)		—			365
Equity earnings		108,448			14,645			—			(123,093	)		—

Income (loss) from operations before income tax		77,758			130,721			21,852			(137,142	)		93,189
Income tax expense		(16,183	)		(7,142	)		(8,289	)		—			(31,614	)

Net income (loss) attributable to Wabtec shareholders	$	61,575		$	123,579		$	13,563		$	(137,142	)	$	61,575

(1)	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2011:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(11,754	)	$	199,900		$	88,774		$	(210,874	)	$	66,046
Net cash used for investing activities		(1,209	)		(26,498	)		(36,555	)		—			(64,262	)
Net cash (used for) provided by financing activities		(25,295	)		(178,221	)		(32,470	)		210,874			(25,112	)
Effect of changes in currency exchange rates		—			—			7,862			—			7,862

(Decrease) increase in cash		(38,258	)		(4,819	)		27,611			—			(15,466	)
Cash, beginning of year		42,714			13,226			181,001			—			236,941

Cash, end of period	$	4,456		$	8,407		$	208,612		$	—		$	221,475

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2010:


*In thousands*	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(10,719	)	$	155,418		$	16,831		$	(137,142	)	$	24,388
Net cash used for investing activities		(89	)		(42,092	)		(2,346	)		—			(44,527	)
Net cash provided by (used for) financing activities		14,078			(123,618	)		(13,979	)		137,142			13,623
Effect of changes in currency exchange rates		—			—			(15,634	)		—			(15,634	)

Increase (decrease) in cash		3,270			(10,292	)		(15,128	)		—			(22,150	)
Cash, beginning of year		12,026			12,124			164,509			—			188,659

Cash, end of period	$	15,296		$	1,832		$	149,381		$	—		$	166,509

Stock-Based Compensation

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation

Stock-Based Compensation

8. STOCK-BASED COMPENSATION

As of June 30, 2011, the Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock awards as governed by the 2011 Stock Incentive Compensation Plan (the "2011 Plan") and the 2000 Stock Incentive Plan, as amended (the "2000 Plan"). The 2011 Plan was approved by stockholders of Wabtec on May 11, 2011. The Company also maintains a Non-Employee Directors' Fee and Stock Option Plan ("Directors Plan"). No awards may be made under the 2000 Plan or the Directors Plan subsequent to October 31, 2016. The 2011 Plan has a 10 year term through March 27, 2021 and provides a maximum of 1,900,000 shares for grants or awards.

Stock-based compensation expense was $9.4 million and $5.6 million for the six months ended June 30, 2011 and 2010, respectively. Included in the stock-based compensation expense for 2011 above is $1.3 million of expense related to stock options, $2.1 million related to restricted stock, $5.5 million related to incentive stock awards and $450,000 related to awards issued for Directors' fees. At June 30, 2011, unamortized compensation expense related to stock options, restricted stock and incentive stock awards expected to vest totaled $27.2 million and will be recognized over a weighted average period of 1.8 years.

Stock Options Stock options are granted to eligible employees and directors at the fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Under the 2011 Plan and the 2000 Plan, options become exercisable over a four-year vesting period and expire 10 years from the date of grant. Under the Directors Plan, options become exercisable over a three-year vesting period and expire 10 years from the date of grant.

The following table summarizes the Company's stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2011:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2010		998,389		$	27.83		6.2	$	25,018
Granted		115,946			57.46				1,142
Exercised		(211,827	)		19.68				(10,090	)
Canceled		(8,213	)		26.17				(338	)

Outstanding at June 30, 2011		894,295		$	33.62		7.0	$	30,127

Exercisable at June 30, 2011		495,779		$	27.88		6.3	$	19,550

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Six months ended June 30,
	2011			2010
Dividend yield		.07	%		.10	%
Risk-free interest rate		3.03	%		3.16	%
Stock price volatility		45.6	%		46.1	%
Expected life (years)		5.0			5.0

The dividend yield is based on the Company's dividend rate and the current market price of the underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the U.S. Treasury bond rates for the expected life of the option.

Restricted Stock and Incentive Stock Beginning in 2006 the Company adopted a restricted stock program. As provided for under the 2011 and 2000 Plans, eligible employees are granted restricted stock that generally vests over four years from the date of grant. Under the Directors Plan, restricted stock awards vest one year from the date of grant.

In addition, the Company has issued incentive stock awards to eligible employees that vest upon attainment of certain cumulative three-year performance goals. The incentive stock awards included in the table below represent the number of shares that may vest if the performance targets are met. As of June 30, 2011, based on the Company's performance, we estimate that these stock awards will vest and have recorded compensation expense accordingly. If our estimate of the number of these stock awards expected to vest changes in a future accounting period, compensation expense could be reduced or increased and will be recognized over the remaining vesting period.

Compensation expense for the restricted stock and incentive stock awards is based on the average of the high and low Wabtec stock price on the date of grant and recognized over the applicable vesting period.

The following table summarizes the restricted stock activity for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock awards activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2011:


	Restricted Stock			Incentive Stock Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		276,627			356,327		$	35.90
Granted		110,082			316,409			52.47
Vested		(109,330	)		(67,342	)		36.33
Canceled		(2,500	)		(1,999	)		33.29

Outstanding at June 30, 2011		274,879			603,395		$	43.87

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

+ References + Details

Stock-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Stock-Based Compensation
Options, outstanding	998,389
Options, granted	115,946
Options, exercised	(211,827)
Options, canceled	(8,213)
Options, outstanding	894,295
Options, exercisable	495,779
Weighted average exercise price, outstanding	$ 27.83
Weighted average exercise price, granted	57.46
Weighted average exercise price, exercised	19.68
Weighted average exercise price, canceled	26.17
Weighted average exercise price, outstanding	33.62
Weighted average exercise price, exercisable	$ 27.88
Remaining contractual life, outstanding	6.2
Remaining contractual life, outstanding	7.0
Remaining contractual life, exercisable	6.3
Aggregate intrinsic value, outstanding	$ 25,018
Aggregate intrinsic value, granted	1,142
Aggregate intrinsic value, exercised	(10,090)
Aggregate intrinsic value, canceled	(338)
Aggregate intrinsic value, outstanding	30,127
Aggregate intrinsic value, exercisable	$ 19,550
Dividend yield	0.07%	0.10%
Risk-free interest rate	3.03%	3.16%
Stock price volatility	45.60%	46.10%
Expected life (years)	5.0	5.0

Accounting Policies (Total Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Accounting Policies
Net income attributable to Wabtec shareholders	$ 36,334	$ 31,211	$ 77,286	$ 61,575
Foreign currency translation gain (loss)	6,676	(27,787)	27,095	(37,715)
Unrealized gain on foreign exchange contracts, net of tax	10	37	33	71
Unrealized (loss) gain on interest rate swap contracts, net of tax	(68)	(722)	138	(1,173)
Change in pension and post retirement benefit plans, net of tax	585	1,083	418	1,378
Total comprehensive income	$ 43,537	$ 3,822	$ 104,970	$ 24,136

- Definition

The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
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- Definition

The aggregate unrealized foreign currency transaction gain (loss) (pretax) included in determining net income for the reporting period. Represents the aggregate of gains (losses) on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by or used in continuing operations. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity for the period being reported, net of tax. If an entity's functional currency is a foreign currency, translation adjustments result from the process of translating that entity's financial statements into the reporting currency. Includes gain (loss) on foreign currency forward exchange contracts. Includes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. Includes the gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) and that have been designated and have qualified as hedging instruments for hedges of the foreign currency exposure of a net investment in a foreign operation.

+ References

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- Definition

Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Segment Information (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Segment Information

Schedule of Segment Financial Information


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	280,036	$	198,863	$	—		$	478,899
Intersegment sales/(elimination)		3,619		1,639		(5,258	)		—

Total sales	$	283,655	$	200,502	$	(5,258	)	$	478,899

Income (loss) from operations	$	52,396	$	26,052	$	(22,086	)	$	56,362
Interest expense and other, net		—		—		(4,203	)		(4,203	)

Income (loss) from operations before income taxes	$	52,396	$	26,052	$	(26,289	)	$	52,159


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	189,974	$	184,163	$	—		$	374,137
Intersegment sales/(elimination)		4,637		1,476		(6,113	)		—

Total sales	$	194,611	$	185,639	$	(6,113	)	$	374,137

Income (loss) from operations	$	29,574	$	24,774	$	(4,696	)	$	49,652
Interest expense and other, net		—		—		(3,006	)		(3,006	)

Income (loss) from operations before income taxes	$	29,574	$	24,774	$	(7,702	)	$	46,646


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	544,892	$	389,266	$	—		$	934,158
Intersegment sales/(elimination)		7,910		2,034		(9,944	)		—

Total sales	$	552,802	$	391,300	$	(9,944	)	$	934,158

Income (loss) from operations	$	99,973	$	50,173	$	(27,407	)	$	122,739
Interest expense and other, net		—		—		(7,427	)		(7,427	)

Income (loss) from operations before income taxes	$	99,973	$	50,173	$	(34,834	)	$	115,312


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	355,118	$	382,946	$	—		$	738,064
Intersegment sales/(elimination)		11,537		2,016		(13,553	)		—

Total sales	$	366,655	$	384,962	$	(13,553	)	$	738,064

Income (loss) from operations	$	50,948	$	58,005	$	(8,125	)	$	100,828
Interest expense and other, net		—		—		(7,639	)		(7,639	)

Income (loss) from operations before income taxes	$	50,948	$	58,005	$	(15,764	)	$	93,189

Schedule of Sales by Product


	Three Months Ended June 30,
*In thousands*	2011		2010
Electronics and other freight related products	$	205,697	$	123,953
Brake products		125,573		107,633
Remanufacturing, overhaul & build		82,223		73,973
Transit products		48,994		55,525
Other		16,412		13,053

Total sales	$	478,899	$	374,137


	Six Months Ended June 30,
*In thousands*	2011		2010
Electronics and other freight related products	$	390,874	$	221,441
Brake products		251,443		229,667
Remanufacturing, overhaul & build		161,657		146,334
Transit products		99,884		114,999
Other		30,300		25,623

Total sales	$	934,158	$	738,064

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Acquisitions and Discontinued Operations (Narrative) (Details)				6 Months Ended
	Sep. 15, 2010 USD ($)	Sep. 09, 2009 USD ($)	Dec. 31, 2008 USD ($)	Jun. 30, 2011 USD ($)	Jun. 29, 2011 USD ($)	Feb. 25, 2011 USD ($)	Dec. 31, 2010 USD ($)	Nov. 05, 2010 USD ($)	Aug. 20, 2010 USD ($)	Jul. 28, 2010 USD ($)	Mar. 12, 2010 USD ($)	Feb. 25, 2010 USD ($)
Escrow deposit				$ 21,800,000
Acquired intangible assets				$ 245,703,000			$ 216,913,000
ATP [Member]
Purchase price					$ 21,100,000
Average useful life					20
Bach-Simpson [Member]
Purchase price									$ 12,000,000
Addition to goodwill									3,500,000
Goodwill tax deduction									2,600,000
Acquired intangible assets									5,100,000
G and B [Member]
Purchase price										$ 31,800,000
Addition to goodwill										13,200,000
Acquired intangible assets										16,000,000
Xorail [ Member]
Purchase price											$ 39,900,000
Addition to goodwill											29,600,000
Goodwill tax deduction											0
Acquired intangible assets											5,900,000
Brush Traction [Member]
Purchase price						$ 30,700,000
Addition to goodwill						$ 20,500,000
Acquired intangible assets												$ 10,200,000
Swiger [Member]
Purchase price								$ 43,000,000
Addition to goodwill								18,700,000
Acquired intangible assets								14,700,000
Adantech [Member]
Purchase price							1,900,000
Addition to goodwill							$ 1,800,000
Unifin DF [Member]
Investment in joint venture	$ 1,500,000
Percent in joint venture	60.00%
Shenyang [Member]
Investment in joint venture			$ 2,800,000
Additional investment in joint venture		$ 8,000,000
Customer Relationships [Member]
Average useful life				10
Customer Relationships [Member] \| ATP [Member]
Acquired intangible assets					$ 17,300,000
Customer Relationships [Member] \| Bach-Simpson [Member]
Acquired intangible assets									2,900,000
Average useful life				15
Customer Relationships [Member] \| G and B [Member]
Acquired intangible assets										12,300,000
Average useful life				15
Customer Relationships [Member] \| Xorail [ Member]
Acquired intangible assets											4,300,000
Average useful life				20
Customer Relationships [Member] \| Brush Traction [Member]
Acquired intangible assets												2,600,000
Customer Relationships [Member] \| Swiger [Member]
Acquired intangible assets								6,100,000
Average useful life				15
License Agreement [Member] \| ATP [Member]
Acquired intangible assets					2,100,000
Long-Term Contracts [Member] \| Bach-Simpson [Member]
Acquired intangible assets									486,000
Average useful life				2
Long-Term Contracts [Member] \| Swiger [Member]
Acquired intangible assets								2,400,000
Average useful life				4
Customer Backlog [Member] \| ATP [Member]
Acquired intangible assets					$ 1,700,000
Customer Backlog [Member] \| Bach-Simpson [Member]
Acquired intangible assets									752,000
Customer Backlog [Member] \| G and B [Member]
Acquired intangible assets										850,000
Customer Backlog [Member] \| Xorail [ Member]
Acquired intangible assets											750,000
Customer Backlog [Member] \| Brush Traction [Member]
Acquired intangible assets												2,000,000
Customer Backlog [Member] \| Swiger [Member]
Acquired intangible assets								510,000
Intellectual Property [Member] \| Xorail [ Member]
Acquired intangible assets											426,000
Average useful life				6
Non-Compete Agreements [Member] \| Xorail [ Member]
Acquired intangible assets											$ 470,000
Average useful life				6
Non-Compete Agreements [Member] \| Swiger [Member]
Acquired intangible assets								560,000
Average useful life				2
Trade Names [Member] \| Bach-Simpson [Member]
Acquired intangible assets									$ 914,000
Trade Names [Member] \| G and B [Member]
Acquired intangible assets										$ 2,800,000
Trade Names [Member] \| Brush Traction [Member]
Acquired intangible assets												$ 5,600,000
Trade Names [Member] \| Swiger [Member]
Acquired intangible assets								$ 5,100,000

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2011	Aug. 01, 2011
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Trading Symbol	WAB
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		48,249,927

Earnings Per Share (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended June 30,
*In thousands, except per share*	2011			2010
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	36,334		$	31,211
Less: dividends declared—common shares and non-vested restricted stock		(484	)		(481	)

Undistributed earnings		35,850			30,730
Percentage allocated to common shareholders(1)		99.5	%		99.5	%

		35,671			30,576
Add: dividends declared—common shares		482			479

Numerator for basic and diluted earnings per common share	$	36,153		$	31,055

Denominator
Denominator for basic earnings per common share—weighted-average shares		47,950			47,725
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		513			364

Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		48,463			48,089

Net income per common share attributable to Wabtec shareholders
Basic	$	0.75		$	0.65
Diluted	$	0.75		$	0.65
(1) Basic weighted-average common shares outstanding		47,950			47,725
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest		48,191			47,956
Percentage allocated to common shareholders		99.5	%		99.5	%


	Six Months Ended June 30,
*In thousands, except per share*	2011			2010
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	77,286		$	61,575
Less: dividends declared—common shares and non-vested restricted stock		(965	)		(949	)

Undistributed earnings		76,321			60,626
Percentage allocated to common shareholders(1)		99.5	%		99.5	%

		75,939			60,323
Add: dividends declared—common shares		963			944

Numerator for basic and diluted earnings per common share	$	76,902		$	61,267

Denominator
Denominator for basic earnings per common share—weighted-average shares		47,805			47,539
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		498			372

Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		48,303			47,911

Per common share net income attributable to Wabtec shareholders
Basic	$	1.61		$	1.29
Diluted	$	1.60		$	1.28
(1) Basic weighted-average common shares outstanding		47,805			47,539
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest		48,041			47,761
Percentage allocated to common shareholders		99.5	%		99.5	%

Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

14. SEGMENT INFORMATION

Wabtec has two reportable segments—the Freight Group and the Transit Group. The key factors used to identify these reportable segments are the organization and alignment of the Company's internal operations, the nature of the products and services, and customer type. The business segments are:

Freight Group primarily manufactures and services components for new and existing freight cars and locomotives, builds new switcher locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, friction products, and provides related heat exchange and cooling systems. Customers include large railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities.

Transit Group primarily manufactures and services components for new and existing passenger transit vehicles, typically subway cars and buses, builds new commuter locomotives, friction products, and refurbishes subway cars. Customers include public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses around the world.

The Company evaluates its business segments' operating results based on income from operations. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense and other unallocated charges. Since certain administrative and other operating expenses and other items have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies.

Segment financial information for the three months ended June 30, 2011 is as follows:


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	280,036	$	198,863	$	—		$	478,899
Intersegment sales/(elimination)		3,619		1,639		(5,258	)		—

Total sales	$	283,655	$	200,502	$	(5,258	)	$	478,899

Income (loss) from operations	$	52,396	$	26,052	$	(22,086	)	$	56,362
Interest expense and other, net		—		—		(4,203	)		(4,203	)

Income (loss) from operations before income taxes	$	52,396	$	26,052	$	(26,289	)	$	52,159

Segment financial information for the three months ended June 30, 2010 is as follows:


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	189,974	$	184,163	$	—		$	374,137
Intersegment sales/(elimination)		4,637		1,476		(6,113	)		—

Total sales	$	194,611	$	185,639	$	(6,113	)	$	374,137

Income (loss) from operations	$	29,574	$	24,774	$	(4,696	)	$	49,652
Interest expense and other, net		—		—		(3,006	)		(3,006	)

Income (loss) from operations before income taxes	$	29,574	$	24,774	$	(7,702	)	$	46,646

Segment financial information for the six months ended June 30, 2011 is as follows:


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	544,892	$	389,266	$	—		$	934,158
Intersegment sales/(elimination)		7,910		2,034		(9,944	)		—

Total sales	$	552,802	$	391,300	$	(9,944	)	$	934,158

Income (loss) from operations	$	99,973	$	50,173	$	(27,407	)	$	122,739
Interest expense and other, net		—		—		(7,427	)		(7,427	)

Income (loss) from operations before income taxes	$	99,973	$	50,173	$	(34,834	)	$	115,312

Segment financial information for the six months ended June 30, 2010 is as follows:


*In thousands*	Freight Group		Transit Group		Corporate Activities and Elimination			Total
Sales to external customers	$	355,118	$	382,946	$	—		$	738,064
Intersegment sales/(elimination)		11,537		2,016		(13,553	)		—

Total sales	$	366,655	$	384,962	$	(13,553	)	$	738,064

Income (loss) from operations	$	50,948	$	58,005	$	(8,125	)	$	100,828
Interest expense and other, net		—		—		(7,639	)		(7,639	)

Income (loss) from operations before income taxes	$	50,948	$	58,005	$	(15,764	)	$	93,189

Sales by product are as follows:


	Three Months Ended June 30,
*In thousands*	2011		2010
Electronics and other freight related products	$	205,697	$	123,953
Brake products		125,573		107,633
Remanufacturing, overhaul & build		82,223		73,973
Transit products		48,994		55,525
Other		16,412		13,053

Total sales	$	478,899	$	374,137


	Six Months Ended June 30,
*In thousands*	2011		2010
Electronics and other freight related products	$	390,874	$	221,441
Brake products		251,443		229,667
Remanufacturing, overhaul & build		161,657		146,334
Transit products		99,884		114,999
Other		30,300		25,623

Total sales	$	934,158	$	738,064

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	66,174,767	66,174,767
Common stock, shares outstanding	48,245,427	47,954,085
Treasury stock, shares	17,929,340	18,220,682

Business

6 Months Ended

Jun. 30, 2011

Business

Business

1. BUSINESS

Wabtec is one of the world's largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in approximately 100 countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in 17 countries. In the first six months of 2011, about 47% of the Company's revenues came from customers outside the U.S.

Accounting Policies (Narrative) (Details) R in Millions	3 Months Ended		6 Months Ended
Accounting Policies (Narrative) (Details) R in Millions	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 ZAR (R)	Jun. 30, 2011 USD ($)	Dec. 31, 2010 USD ($)
Deferred pre-production costs						$ 14,200,000	$ 11,900,000
Notional amount of forward contract					R 16.7	$ 2,300,000
Average exchange rate of forward contract					7.23	7.23
Interest rate swap agreements, notional value						$ 137,000,000
Fixed interest rate on bank debt					2.24%	2.24%
Forward contract, accumulated other comprehensive income						$ (89,000)	$ (122,000)
Foreign exchange transaction gains (losses) recognized in other income (expense)	$ (589,000)	$ 893,000	$ (266,000)	$ 296,000
Interest Rate Swap Agreements [Member]
Current liability						2,300,000
Interest rate swap, accumulated other comprehensive loss						1,400,000
Foreign Currency Forward Contracts [Member]
Current liability						140,000
Interest rate swap, accumulated other comprehensive loss						$ 89,000

Acquisitions and Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2011

Acquisitions and Discontinued Operations

Summary of Assets Acquired and Liabilities Assumed


	ATP		Brush Traction			Swiger			Bach-Simpson			G&B			Xorail
*In thousands*	June 29, 2011		February 25, 2011			November 5, 2010			August 20, 2010			July 28, 2010			March 12, 2010
Current assets	$	—	$	19,558		$	9,650		$	3,800		$	8,154		$	11,147
Property, plant & equipment		—		8,904			2,705			213			5,510			2,905
Goodwill and other intangible assets		21,100		30,774			33,411			8,559			29,162			35,545
Other assets		—		—			—			—			43			133

Total assets acquired		21,100		59,236			45,766			12,572			42,869			49,730
Total liabilities assumed		—		(28,559	)		(2,759	)		(574	)		(11,027	)		(9,787	)

Net assets acquired	$	21,100	$	30,677		$	43,007		$	11,998		$	31,842		$	39,943

Pro Forma Financial Information


*In thousands*	Three Months Ended June 30, 2011		Three Months Ended June 30, 2010		Six Months Ended June 30, 2011		Six Months Ended June 30, 2010
Net sales	$	481,399	$	411,922	$	947,828	$	806,580
Gross profit		144,154		128,142		280,951		246,115
Net income attributable to Wabtec shareholders		37,086		36,235		79,686		70,018
Diluted earnings per share
As Reported	$	0.75	$	0.65	$	1.60	$	1.28
Pro forma	$	0.77	$	0.75	$	1.65	$	1.46

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

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+ Details

Fair Value Measurement (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2011

Dec. 31, 2010

Fair Value Measurement

Liabilities Carried at Fair Value Measured on Recurring Basis


	Total Carrying Value at June 30, 2011			Fair Value Measurements at June 30, 2011 Using
*In thousands*	Total Carrying Value at June 30, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Foreign currency forward contracts	$	(140	)	$	—	$	(140	)	$	—
Interest rate swap agreements		(2,310	)		—		(2,310	)		—

Total	$	(2,450	)	$	—	$	(2,450	)	$	—


	Total Carrying Value at December 31, 2010			Fair Value Measurements at December 31, 2010 Using
*In thousands*	Total Carrying Value at December 31, 2010			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Foreign currency forward contracts	$	(192	)	$	—	$	(192	)	$	—
Interest rate swap agreements		(2,538	)		—		(2,538	)		—

Total	$	(2,730	)	$	—	$	(2,730	)	$	—

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References + Details

Warranties

6 Months Ended

Jun. 30, 2011

Warranties

Warranties

11. WARRANTIES

The following table reconciles the changes in the Company's product warranty reserve as follows:


	Six Months Ended June 30,
*In thousands*	2011			2010
Balance at December 31, 2010 and 2009, respectively	$	35,513		$	29,207
Warranty expense		9,384			10,787
Acquisition		12,008			—
Warranty claim payments		(8,927	)		(7,460	)

Balance at June 30, 2011 and 2010, respectively	$	47,978		$	32,534

Inventories (Tables)

6 Months Ended

Jun. 30, 2011

Inventories

Inventories


*In thousands*	June 30, 2011		December 31, 2010
Raw materials	$	137,302	$	108,768
Work-in-process		98,494		81,254
Finished goods		75,373		63,469

Total inventories	$	311,169	$	253,491

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

10. EARNINGS PER SHARE

The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as follows:


	Three Months Ended June 30,
*In thousands, except per share*	2011			2010
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	36,334		$	31,211
Less: dividends declared—common shares and non-vested restricted stock		(484	)		(481	)

Undistributed earnings		35,850			30,730
Percentage allocated to common shareholders(1)		99.5	%		99.5	%

		35,671			30,576
Add: dividends declared—common shares		482			479

Numerator for basic and diluted earnings per common share	$	36,153		$	31,055

Denominator
Denominator for basic earnings per common share—weighted-average shares		47,950			47,725
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		513			364

Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		48,463			48,089

Net income per common share attributable to Wabtec shareholders
Basic	$	0.75		$	0.65
Diluted	$	0.75		$	0.65
(1) Basic weighted-average common shares outstanding		47,950			47,725
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest		48,191			47,956
Percentage allocated to common shareholders		99.5	%		99.5	%


	Six Months Ended June 30,
*In thousands, except per share*	2011			2010
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	77,286		$	61,575
Less: dividends declared—common shares and non-vested restricted stock		(965	)		(949	)

Undistributed earnings		76,321			60,626
Percentage allocated to common shareholders(1)		99.5	%		99.5	%

		75,939			60,323
Add: dividends declared—common shares		963			944

Numerator for basic and diluted earnings per common share	$	76,902		$	61,267

Denominator
Denominator for basic earnings per common share—weighted-average shares		47,805			47,539
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		498			372

Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		48,303			47,911

Per common share net income attributable to Wabtec shareholders
Basic	$	1.61		$	1.29
Diluted	$	1.60		$	1.28
(1) Basic weighted-average common shares outstanding		47,805			47,539
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest		48,041			47,761
Percentage allocated to common shareholders		99.5	%		99.5	%

The Company's non-vested restricted stock contains rights to receive nonforfeitable dividends, and thus, are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock shown above excludes the income attributable to the non-vested restricted stock from the numerator and excludes the dilutive impact of those shares from the denominator.

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2011

Other Income (Expense), Net

Other Income (Expense), Net

16. OTHER INCOME (EXPENSE), NET

The components of other income (expense) are as follows:


	Three Months Ended June 30,					Six Months Ended June 30,
*In thousands*	2011			2010		2011			2010
Foreign currency (loss) gain	$	(589	)	$	893	$	(266	)	$	296
Other miscellaneous income		179			193		316			69

Total other income (expense), net	$	(410	)	$	1,086	$	50		$	365

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements of Operations
Net sales	$ 478,899	$ 374,137	$ 934,158	$ 738,064
Cost of sales	(336,155)	(260,673)	(658,219)	(516,211)
Gross profit	142,744	113,464	275,939	221,853
Selling, general and administrative expense	(73,943)	(51,243)	(128,759)	(95,874)
Engineering expense	(9,132)	(10,425)	(18,020)	(21,120)
Amortization expense	(3,307)	(2,144)	(6,421)	(4,031)
Total operating expenses	(86,382)	(63,812)	(153,200)	(121,025)
Income from operations	56,362	49,652	122,739	100,828
Other income and expenses
Interest expense, net	(3,793)	(4,092)	(7,477)	(8,004)
Other income (expense), net	(410)	1,086	50	365
Income from operations before income taxes	52,159	46,646	115,312	93,189
Income tax expense	(15,825)	(15,435)	(38,026)	(31,614)
Net income attributable to Wabtec shareholders	$ 36,334	$ 31,211	$ 77,286	$ 61,575
Basic
Net income attributable to Wabtec shareholders	$ 0.75	$ 0.65	$ 1.61	$ 1.29
Diluted
Net income attributable to Wabtec shareholders	$ 0.75	$ 0.65	$ 1.60	$ 1.28
Weighted average shares outstanding
Basic	47,950	47,725	47,805	47,539
Diluted	48,463	48,089	48,303	47,911

Warranties (Product Warranty Reserve) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Warranties
Balance at December 31, 2010 and 2009, respectively	$ 35,513	$ 29,207
Warranty expense	9,384	10,787
Acquisition	12,008
Warranty claim payments	(8,927)	(7,460)
Balance at June 30, 2011 and 2010, respectively	$ 47,978	$ 32,534

Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies

Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES

Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Most of these claims have been made against our wholly owned subsidiary, Railroad Friction Products Corporation ("RFPC"), and are based on a product sold by RFPC prior to the time that the Company acquired any interest in RFPC.

Most of these claims, including all of the RFPC claims, are submitted to insurance carriers for defense and indemnity or to non-affiliated companies that retain the liabilities for the asbestos-containing products at issue. We cannot, however, assure that all these claims will be fully covered by insurance or that the indemnitors or insurers will remain financially viable. Our ultimate legal and financial liability with respect to these claims, as is the case with other pending litigation, cannot be estimated.

It is Management's belief that the potential range of loss for asbestos-related bodily injury cases is not reasonably determinable at present due to a variety of factors, including: (1) the asbestos case settlement history of the Company's wholly owned subsidiary, RFPC; (2) the unpredictable nature of personal injury litigation in general; and (3) the uncertainty of asbestos litigation in particular. Despite this uncertainty, and although the results of the Company's operations and cash flows for any given period could be adversely affected by asbestos-related lawsuits, Management believes that the final resolution of the Company's asbestos-related cases will not be material to the Company's overall financial position, results of operations and cash flows. In general, this belief is based upon: (1) Wabtec's and RFPC's history of settlements and dismissals of asbestos-related cases to date; (2) the inability of many plaintiffs to establish any exposure or causal relationship to RFPC's product; and (3) the inability of many plaintiffs to demonstrate any identifiable injury or compensable loss.

More specifically, as to RFPC, Management's belief that any losses due to asbestos-related cases would not be material is also based on the fact that RFPC owns insurance which provides coverage for asbestos-related bodily injury claims. To date, RFPC's insurers have provided RFPC with defense and indemnity in these actions. The overall number of new claims being filed against RFPC has dropped significantly in recent years; however, these new claims, and all previously filed claims, may take a significant period of time to resolve. As to Wabtec and its divisions, Management's belief that asbestos-related cases will not have a material impact is also based on its position that it has no legal liability for asbestos-related bodily injury claims, and that the former owners of Wabtec's assets retained asbestos liabilities for the products at issue. To date, Wabtec has been able to successfully defend itself on this basis, including two arbitration decisions and a judicial opinion, all of which confirmed Wabtec's position that it did not assume any asbestos liabilities from the former owners of certain Wabtec assets. Although Wabtec has incurred defense and administrative costs in connection with asbestos bodily injury actions, these costs have not been material, and the Company has no information that would suggest these costs would become material in the foreseeable future.

On October 18, 2007, Faiveley Transport Malmo AB ("Faiveley Malmo") filed a request for arbitration with the International Chamber of Commerce alleging breach of contract and trade secret violations relating to the Company's manufacture and sale of certain components. The components at issue are limited in number and used in the transit industry. On that same day, Faiveley Malmo also filed a related proceeding against the Company in the United States District Court for the Southern District of New York ("Federal Court"), requesting a preliminary injunction in aid of the arbitration. In both forums, Faiveley sought to prevent the Company from manufacturing and selling the subject components until the arbitration panel decides Faiveley's claim. In the arbitration, Faiveley also sought monetary damages.

In the Federal Court action, Faiveley Malmo's request for a preliminary injunction was initially granted, in part, on August 22, 2008. That injunction was vacated by the appellate court on March 9, 2009, and the case was remanded to the District Court for further proceedings. On remand, Faiveley Malmo renewed its request for injunctive relief. The District Court denied that request on August 31, 2009, and Faiveley Malmo appealed that denial to the appellate court. Faiveley Malmo later voluntarily dismissed that appeal.

In the international arbitration proceeding, Faiveley Malmo originally alleged $128 million in damages, but later reduced its claim to $91 million in damages. The Company has stated that Faiveley Malmo's claims were grossly overstated, not supported by the facts or circumstances surrounding the case, and frivolous in most respects. An ICC International Court of Arbitration Arbitral Tribunal heard the case during the first half of 2009 and issued an award dated December 21, 2009. Pursuant to the Award, the Company was required to make a $3.9 million royalty payment to Faiveley Malmo, with respect to Faiveley Malmo's claims against the Company alleging breach of contract and trade secret violations. Faiveley Malmo's parent company, Faiveley Transport, stated that other Faiveley entities were considering filing claims against the Company arising from the same allegations.

On May 14, 2010, Faiveley Transport USA, Inc., Faiveley Transport Nordic AB, Faiveley Transport Amiens S.A.S, and Ellcon National, Inc. filed a complaint against Wabtec Corporation in the U.S. District Court for the Southern District of New York. That complaint was amended on June 8, 2010. The claims in the amended complaint include misappropriation of trade secrets, unfair competition, tortious interference with prospective business relations, tortious interference with prospective economic advantage, and unjust enrichment. On June 25, 2010, the Company filed a motion to dismiss the Faiveley entities' amended complaint in its entirety. That motion to dismiss was denied. In November 2010, the plaintiffs asserted a claim for $17.2 million in compensatory and other unspecified damages. On December 10, 2010 the Company filed a motion for summary judgment and the plaintiffs filed a motion for partial summary judgment. Briefing on those motions was completed on December 29, 2010 and oral argument was heard on January 7, 2011. On April 13, 2011, a judge issued an order, without an opinion, that granted the plaintiffs' motion for partial summary judgment on three of their four claims and denied Wabtec's motion for summary judgment. A jury trial on damages took place from June 20, 2011 to June 28, 2011, and the jury awarded the plaintiffs $18.1 million. On July 29, 2011, after considering post-trial motions on prejudgment interest and on potential adjustments to the jury's award, the Court entered a final verdict in the amount of $18.1 million, plus interest. The Company intends to appeal the verdict. The Company recorded a charge in the second quarter in the amount of $18.1 million.

The Company is subject to a number of other commitments and contingencies as described in its Annual Report on Form 10-K for the year ended December 31, 2010, filed on February 25, 2011. During the first six months of 2011, there were no material changes other than what is discussed above to the information described in Note 18 therein.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Nov. 30, 2010	Jun. 30, 2011	Jun. 28, 2011
Commitments and Contingencies
Loss contingency damages sought value		$ 128.0
Litigation settlement		91.0
Royalty payment		$ 3.9
Plaintiffs asserted claim	$ 17.2
Litigation expense			$ 18.1

- Definition

The value (monetary amount) of the award the plaintiff seeks in the legal matter.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2011

Long-Term Debt

Schedule of Long-Term Debt


*In thousands*	June 30, 2011		December 31, 2010
6.875% Senior Notes, due 2013	$	150,000	$	150,000
Term Loan Facility		107,500		137,500
Revolving Credit Facility		138,000		134,000
Capital Leases		758		575

Total		396,258		422,075
Less—current portion		40,068		40,068

Long-term portion	$	356,190	$	382,007

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Acquisitions and Discontinued Operations

6 Months Ended

Jun. 30, 2011

Acquisitions and Discontinued Operations

Acquisitions and Discontinued Operations

3. ACQUISITIONS AND DISCONTINUED OPERATIONS

The Company made the following acquisitions within the Transit Group:

•

On June 29, 2011, the Company acquired an aftermarket transit parts business ("ATP") from GE Transportation, a parts supply business for propulsion and control systems for the passenger transit car aftermarket in North America for a net purchase price of $21.1 million, resulting in no additional goodwill, on a preliminary basis.

•

On February 25, 2011, the Company acquired Brush Traction Group ("Brush Traction"), a UK-based provider of locomotive overhauls, services and aftermarket components for a net purchase price of approximately $30.7 million, resulting in additional goodwill of $20.5 million, on a preliminary basis, which will be deductible for tax purposes.

•

On November 5, 2010, the Company acquired substantially all of the assets of Swiger Coil Systems ("Swiger"), a manufacturer of traction motors and electric coils for the rail and power generation markets for a net purchase price of approximately $43.0 million, resulting in additional goodwill of $18.7 million, on a preliminary basis, which will be deductible for tax purposes.

The Company made the following acquisitions within the Freight Group:

•

On August 20, 2010, the Company acquired Bach-Simpson Corporation ("Bach-Simpson"), a designer and manufacturer of electronic instrumentation devices for rail and transit markets, for a net purchase price of approximately $12.0 million, resulting in additional goodwill of $3.5 million, on a preliminary basis, of which $2.6 million will be deductible for tax purposes.

•

On July 28, 2010, the Company acquired G&B Specialties, Inc. ("G&B"), a manufacturer of railroad track and signaling products, for a net purchase price of approximately $31.8 million, net of cash received, resulting in additional goodwill of $13.2 million, on a preliminary basis, none of which will be deductible for tax purposes.

•

On March 12, 2010, the Company acquired Xorail LLC ("Xorail"), a leading provider of signal engineering and design services. The purchase price was $39.9 million, net of cash received, resulting in additional goodwill of $29.6 million, none of which will be deductible for tax purposes.

The 2011 and 2010 acquisitions listed above include escrow deposits of $21.8 million, which act as security for indemnity and other claims in accordance with the purchase and related escrow agreements.

For the ATP, Brush Traction, Swiger, Bach-Simpson and G&B acquisitions, the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition. For the Xorail acquisition, the following table summarizes the final fair value of the assets acquired and liabilities assumed at the date of acquisition.


	ATP		Brush Traction			Swiger			Bach-Simpson			G&B			Xorail
*In thousands*	June 29, 2011		February 25, 2011			November 5, 2010			August 20, 2010			July 28, 2010			March 12, 2010
Current assets	$	—	$	19,558		$	9,650		$	3,800		$	8,154		$	11,147
Property, plant & equipment		—		8,904			2,705			213			5,510			2,905
Goodwill and other intangible assets		21,100		30,774			33,411			8,559			29,162			35,545
Other assets		—		—			—			—			43			133

Total assets acquired		21,100		59,236			45,766			12,572			42,869			49,730
Total liabilities assumed		—		(28,559	)		(2,759	)		(574	)		(11,027	)		(9,787	)

Net assets acquired	$	21,100	$	30,677		$	43,007		$	11,998		$	31,842		$	39,943

Of the preliminary allocation of $21.1 million of acquired intangible assets for ATP, $17.3 million was assigned to customer relationships, $2.1 million was assigned to a license agreement and $1.7 million was assigned to customer backlog. The customer relationships, as well as the license agreement, have an average useful life of 20 years.

Of the preliminary allocation of $10.2 million of acquired intangible assets for Brush Traction exclusive of goodwill, $2.6 million was assigned to customer relationships, $5.6 million was assigned to trade names and $2.0 million was assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships' average useful life is 10 years.

Of the preliminary allocation of $14.7 million of acquired intangible assets for Swiger exclusive of goodwill, $6.1 million was assigned to customer relationships, $5.1 million was assigned to trade names, $2.4 million was assigned to long-term contracts, $560,000 was assigned to non-compete agreements and $510,000 was assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships' average useful life is 15 years, the long term contracts' average useful life is four years and the non-compete agreements' average useful life is two years.

Of the preliminary allocation of $5.1 million of acquired intangible assets for Bach-Simpson exclusive of goodwill, $2.9 million was assigned to customer relationships, $486,000 was assigned to long-term contracts, $914,000 was assigned to trade names and $752,000 was assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships' average useful life is 15 years and the long term contracts' average useful life is two years.

Of the preliminary allocation of $16.0 million of acquired intangible assets for G&B exclusive of goodwill, $12.3 million was assigned to customer relationships, $2.8 million was assigned to trade names and $850,000 was assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships' average useful life is 15 years.

Of the allocation of $5.9 million of acquired intangible assets for Xorail exclusive of goodwill, $4.3 million was assigned to customer relationships, $426,000 was assigned to intellectual property, $470,000 was assigned to non-compete agreements and $750,000 was assigned to customer backlog. The customer relationships' average useful life is 20 years, the intellectual property's average useful life is six years and the non-compete agreements' average useful life is six years.

In addition to the acquisitions listed above, the Company completed the following transactions:

•

On December 31, 2010, the Company acquired Adantech Industria e Comercio de Metal ("Adantech"), a manufacturer of a variety of brake shoes and pads for subway cars, locomotives and freight cars for a net purchase price of approximately $1.9 million, resulting in preliminary additional goodwill of $1.8 million, of which all will be deductible for tax purposes.

•

On September 15, 2010, the Company formed a joint venture in China to manufacture transformer oil coolers, generator coolers and related products for the power generation market. The Company invested $1.5 million for a 60% interest in Hubei Dengfeng Unifin Electrical Equipment Cooling System Co., Ltd. ("Unifin DF"). Operating results have been included in the consolidated statement of operations from the date of acquisition forward.

•

On December 31, 2008, the Company invested $2.8 million in Shenyang CNR Wabtec Railway Brake Technology Company, Ltd. ("Shenyang") for an interest in a joint venture Company. On September 9, 2010, the Company invested an additional $8.0 million in this joint venture. Shenyang manufactures braking equipment for the freight car market in China. The Company does not consolidate the results of operations for Shenyang.

The following unaudited pro forma financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2010:


*In thousands*	Three Months Ended June 30, 2011		Three Months Ended June 30, 2010		Six Months Ended June 30, 2011		Six Months Ended June 30, 2010
Net sales	$	481,399	$	411,922	$	947,828	$	806,580
Gross profit		144,154		128,142		280,951		246,115
Net income attributable to Wabtec shareholders		37,086		36,235		79,686		70,018
Diluted earnings per share
As Reported	$	0.75	$	0.65	$	1.60	$	1.28
Pro forma	$	0.77	$	0.75	$	1.65	$	1.46

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
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+ Details

Intangibles

6 Months Ended

Jun. 30, 2011

Intangibles

Intangibles

5. INTANGIBLES

Goodwill was $575.7 million and $545.8 million at June 30, 2011 and December 31, 2010, respectively. The adjustment of $0.9 million to goodwill for preliminary purchase allocation is due to the Xorail, G&B Specialties, Bach-Simpson, Adantech and Swiger acquisitions. The change in the carrying amount of goodwill by segment for the six months ended June 30, 2011 is as follows:


*In thousands*	Freight Group		Transit Group		Total
Balance at December 31, 2010	$	364,604	$	181,228	$	545,832
Adjustment to preliminary purchase allocation		627		238		865
Acquisition		—		20,474		20,474
Foreign currency impact		313		8,192		8,505

Balance at June 30, 2011	$	365,544	$	210,132	$	575,676

As of June 30, 2011 and December 31, 2010, the Company's trademarks had a net carrying amount of $111.1 million and $103.5 million, respectively, and the Company believes these intangibles have an indefinite life. Intangible assets of the Company, other than goodwill and trademarks, consist of the following:


*In thousands*	June 30, 2011		December 31, 2010
Patents and other, net of accumulated amortization of $38,217 and $29,613	$	17,654	$	14,363
Customer relationships, net of accumulated amortization of $17,681 and $13,614		116,929		99,039

Total	$	134,583	$	113,402

The weighted average remaining useful life of patents, customer relationships and intellectual property were six years, 16 years and 18 years, respectively. Amortization expense for intangible assets was $3.3 million and $6.4 million for the three and six months ended June 30, 2011, respectively and $2.1 million and $4.0 million for the three and six months ended June 30, 2010, respectively.

Amortization expense for the five succeeding years is as follows (in thousands):


2011	$	14,393
2012		11,581
2013		10,147
2014		9,932
2015		9,437

Fair Value Measurement (Details) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	$ (2,450)	$ (2,730)
Fair Value, Inputs, Level 1 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Fair Value, Inputs, Level 2 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	(2,450)	(2,730)
Fair Value, Inputs, Level 3 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Interest Rate Swap Agreements [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	(2,310)	(2,538)
Interest Rate Swap Agreements [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Interest Rate Swap Agreements [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	(2,310)	(2,538)
Interest Rate Swap Agreements [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Foreign Currency Forward Contracts [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	(140)	(192)
Foreign Currency Forward Contracts [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Foreign Currency Forward Contracts [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	(140)	(192)
Foreign Currency Forward Contracts [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities

Intangibles (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
Intangibles (Narrative) (Details) $ in Thousands	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Jun. 30, 2011 USD ($)	Jun. 30, 2010 USD ($)	Dec. 31, 2010 USD ($)
Goodwill	$ 575,676		$ 575,676		$ 545,832
Adjustment to preliminary purchase allocation			865
Trademarks	111,100		111,100		$ 103,500
Intangible assets, amortization expense	$ 3,300	$ 2,100	$ 6,400	$ 4,000
Patents and Other [Member]
Intangible assets, weighted average useful life			6
Customer Relationships [Member]
Intangible assets, weighted average useful life			16
Intellectual Property [Member]
Intangible assets, weighted average useful life			18
Xorail, Adantech, and Swiger [Member]
Adjustment to preliminary purchase allocation			$ 900

- Definition

+ References

+ Details

Employee Benefit Plans (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Defined Benefit Pension Plans


	U.S.						International
	Three months ended June 30,						Three months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	74		$	80		$	820		$	734
Interest cost		619			648			1,951			1,862
Expected return on plan assets		(851	)		(775	)		(2,166	)		(1,936	)
Net amortization/deferrals		607			479			513			457
Curtailment loss recognized		—			—			—			845
Settlement loss recognized		—			—			304			108

Net periodic benefit cost	$	449		$	432		$	1,422		$	2,070


Assumptions
Discount rate		5.20	%		5.75	%		5.43	%		6.11	%
Expected long-term rate of return		8.00	%		8.00	%		6.72	%		6.94	%
Rate of compensation increase		3.00	%		3.00	%		3.17	%		3.28	%

	U.S.						International
	Six months ended June 30,						Six months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	148		$	160		$	1,622		$	1,472
Interest cost		1,238			1,296			3,849			3,744
Expected return on plan assets		(1,702	)		(1,551	)		(4,294	)		(3,877	)
Net amortization/deferrals		1,213			958			1,018			910
Curtailment loss recognized		—			—			—			933
Settlement loss recognized		—			—			588			349

Net periodic benefit cost	$	897		$	863		$	2,783		$	3,531


Assumptions
Discount rate		5.20	%		5.75	%		5.43	%		6.11	%
Expected long-term rate of return		8.00	%		8.00	%		6.72	%		6.94	%
Rate of compensation increase		3.00	%		3.00	%		3.17	%		3.28	%

Post Retirement Benefit Plans

	U.S.						International
	Three months ended June 30,						Three months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	10		$	13		$	14		$	17
Interest cost		399			404			59			76
Net amortization/deferrals		(245	)		(263	)		(98	)		(62	)

Net periodic benefit cost	$	164		$	154		$	(25	)	$	31


Assumptions
Discount rate		5.20	%		5.75	%		5.50	%		6.40	%

U.S.						International
	Six months ended June 30,						Six months ended June 30,
*In thousands, except percentages*	2011			2010			2011			2010
Net periodic benefit cost
Service cost	$	20		$	25		$	28		$	34
Interest cost		798			808			117			151
Net amortization/deferrals		(489	)		(526	)		(195	)		(123	)

Net periodic benefit cost	$	329		$	307		$	50		$	62


Assumptions
Discount rate		5.20	%		5.75	%		5.50	%		6.40	%

- Definition

Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 4, 7, 16, 20, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Earnings Per Share

Numerator for basic and diluted earnings per common share-net income attributable to Wabtec shareholders

$ 36,334

$ 31,211

$ 77,286

$ 61,575

Less: dividends declared-common shares and non-vested restricted stock

(484)

(481)

(965)

(949)

Undistributed earnings

$ 35,850

$ 30,730

$ 76,321

$ 60,626

Percentage allocated to common shareholders

99.50%

^[1]

99.50%

^[2]

99.50%

^[2]

Undistributed earnings allocated to common shareholders

$ 35,671

$ 30,576

$ 75,939

$ 60,323

Add: dividends declared-common shares

482

479

963

944

Numerator for basic and diluted earnings per common share

36,153

31,055

76,902

61,267

Assumed conversion of dilutive stock-based compensation plans

$ 513

$ 364

$ 498

$ 372

Denominator for diluted earnings per common share-adjusted weighted-average shares and assumed conversion

48,463

48,089

48,303

47,911

Earnings per share, Basic

$ 0.75

$ 0.65

$ 1.61

$ 1.29

Earnings per share, Diluted

$ 0.75

$ 0.65

$ 1.60

$ 1.28

Basic weighted-average common shares outstanding

47,950

47,725

47,805

47,539

Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest

48,191

47,956

48,041

47,761

[1]	Basic weighted-average common shares outstanding 47,950 47,725 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 48,191 47,956 Percentage allocated to common shareholders 99.5 % 99.5 %
[2]	Basic weighted-average common shares outstanding 47,805 47,539 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 48,041 47,761 Percentage allocated to common shareholders 99.5 % 99.5 %

Intangibles (Tables)

6 Months Ended

Jun. 30, 2011

Intangibles

Goodwill by Segment


*In thousands*	Freight Group		Transit Group		Total
Balance at December 31, 2010	$	364,604	$	181,228	$	545,832
Adjustment to preliminary purchase allocation		627		238		865
Acquisition		—		20,474		20,474
Foreign currency impact		313		8,192		8,505

Balance at June 30, 2011	$	365,544	$	210,132	$	575,676

Intangible Assets Other than Goodwill and Trademarks


*In thousands*	June 30, 2011		December 31, 2010
Patents and other, net of accumulated amortization of $38,217 and $29,613	$	17,654	$	14,363
Customer relationships, net of accumulated amortization of $17,681 and $13,614		116,929		99,039

Total	$	134,583	$	113,402

Expected Amortization Expense


2011	$	14,393
2012		11,581
2013		10,147
2014		9,932
2015		9,437

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements of Cash Flows
Cash dividends, per share	$ 0.02	$ 0.02

Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Accounting Policies
Foreign currency translation gain	$ 37,362	$ 10,267
Unrealized loss on foreign exchange contracts, net of tax	(89)	(122)
Unrealized loss on interest rate swap contracts, net of tax	(1,395)	(1,533)
Pension benefit plans and post retirement benefit plans, net of tax	(46,271)	(46,689)
Total accumulated comprehensive loss	$ (10,393)	$ (38,077)

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 5
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

+ Details

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References

+ Details

Warranties (Tables)

6 Months Ended

Jun. 30, 2011

Warranties

Product Warranty Reserve


	Six Months Ended June 30,
*In thousands*	2011			2010
Balance at December 31, 2010 and 2009, respectively	$	35,513		$	29,207
Warranty expense		9,384			10,787
Acquisition		12,008			—
Warranty claim payments		(8,927	)		(7,460	)

Balance at June 30, 2011 and 2010, respectively	$	47,978		$	32,534

Acquisitions and Discontinued Operations (Summary of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jun. 29, 2011	Feb. 25, 2011	Nov. 05, 2010	Aug. 20, 2010	Jul. 28, 2010	Mar. 12, 2010
Bach-Simpson [Member]
Current assets				$ 3,800
Property, plant & equipment				213
Goodwill and other intangible assets				8,559
Total assets acquired				12,572
Total liabilities assumed				(574)
Net assets acquired				$ 11,998
G and B [Member]
Current assets					$ 8,154
Property, plant & equipment					5,510
Goodwill and other intangible assets					29,162
Other assets					43
Total assets acquired					42,869
Total liabilities assumed					(11,027)
Net assets acquired					$ 31,842
Xorail [ Member]
Current assets						$ 11,147
Property, plant & equipment						2,905
Goodwill and other intangible assets						35,545
Other assets						133
Total assets acquired						49,730
Total liabilities assumed						(9,787)
Net assets acquired						$ 39,943
Brush Traction [Member]
Current assets		$ 19,558
Property, plant & equipment		8,904
Goodwill and other intangible assets		30,774
Total assets acquired		59,236
Total liabilities assumed		(28,559)
Net assets acquired		$ 30,677
Swiger [Member]
Current assets			$ 9,650
Property, plant & equipment			2,705
Goodwill and other intangible assets			33,411
Total assets acquired			45,766
Total liabilities assumed			(2,759)
Net assets acquired			$ 43,007
ATP [Member]
Goodwill and other intangible assets	$ 21,100
Total assets acquired	21,100
Net assets acquired	$ 21,100

Guarantor Subsidiaries Financial Information (Income Statement) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Net sales

$ 478,899

$ 374,137

$ 934,158

$ 738,064

Cost of sales

(336,155)

(260,673)

(658,219)

(516,211)

Gross profit (loss)

142,744

113,464

275,939

221,853

Operating expenses

(86,382)

(63,812)

(153,200)

(121,025)

Operating (loss) profit

56,362

49,652

122,739

100,828

Interest (expense) income, net

(3,793)

(4,092)

(7,477)

(8,004)

Other income (expense), net

(410)

1,086

365

Income (loss) from operations before income tax

52,159

46,646

115,312

93,189

Income tax expense

(15,825)

(15,435)

(38,026)

(31,614)

Net income (loss) attributable to Wabtec shareholders

36,334

31,211

77,286

61,575

Parent Company [Member]

Cost of sales

(380)

878

(379)

1,058

Gross profit (loss)

(380)

878

(379)

1,058

Operating expenses

(33,899)

(12,993)

(47,981)

(21,684)

Operating (loss) profit

(34,279)

(12,115)

(48,360)

(20,626)

Interest (expense) income, net

(5,593)

(5,733)

(10,963)

(11,378)

Other income (expense), net

173

225

7,394

1,314

Equity earnings

80,047

54,407

148,831

108,448

Income (loss) from operations before income tax

40,348

36,784

96,902

77,758

Income tax expense

(4,014)

(5,573)

(19,616)

(16,183)

Net income (loss) attributable to Wabtec shareholders

36,334

31,211

77,286

61,575

Guarantors [Member]

Net sales

326,248

279,053

653,507

541,731

Cost of sales

(211,286)

(184,642)

(428,830)

(361,774)

Gross profit (loss)

114,962

94,411

224,677

179,957

Operating expenses

(32,754)

(35,206)

(68,748)

(68,576)

Operating (loss) profit

82,208

59,205

155,929

111,381

Interest (expense) income, net

1,132

1,594

2,285

3,199

Other income (expense), net

214

517

(1,027)

1,496

Equity earnings

21,624

9,819

28,033

14,645

Income (loss) from operations before income tax

105,178

71,135

185,220

130,721

Income tax expense

(3,379)

(3,552)

(7,029)

(7,142)

Net income (loss) attributable to Wabtec shareholders

101,799

67,583

178,191

123,579

Non-Guarantors [Member]

Net sales

190,868

116,154

344,624

235,662

Cost of sales

(139,706)

(88,554)

(258,973)

(180,775)

Gross profit (loss)

51,162

27,600

85,651

54,887

Operating expenses

(19,729)

(15,613)

(36,471)

(30,765)

Operating (loss) profit

31,433

11,987

49,180

24,122

Interest (expense) income, net

668

1,201

175

Other income (expense), net

(797)

344

(6,317)

(2,445)

Income (loss) from operations before income tax

31,304

12,378

44,064

21,852

Income tax expense

(8,432)

(6,310)

(11,381)

(8,289)

Net income (loss) attributable to Wabtec shareholders

22,872

6,068

32,683

13,563

Elimination [Member]

Net sales

^[1]

(38,217)

(21,070)

(63,973)

(39,329)

Cost of sales

^[1]

15,217

11,645

29,963

25,280

Gross profit (loss)

^[1]

(23,000)

(9,425)

(34,010)

(14,049)

Operating (loss) profit

^[1]

(23,000)

(9,425)

(34,010)

(14,049)

Equity earnings

^[1]

(101,671)

(64,226)

(176,864)

(123,093)

Income (loss) from operations before income tax

^[1]

(124,671)

(73,651)

(210,874)

(137,142)

Net income (loss) attributable to Wabtec shareholders

^[1]

$ (124,671)

$ (73,651)

$ (210,874)

$ (137,142)

[1]	Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries.

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2011

Other Income (Expense), Net

Other Income (Expense), Net


	Three Months Ended June 30,					Six Months Ended June 30,
*In thousands*	2011			2010		2011			2010
Foreign currency (loss) gain	$	(589	)	$	893	$	(266	)	$	296
Other miscellaneous income		179			193		316			69

Total other income (expense), net	$	(410	)	$	1,086	$	50		$	365

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Long-term Debt	$ 396,258	$ 422,075
Less-current portion	40,068	40,068
Long-term portion	356,190	382,007
6.875% Senior Notes, Due 2013 [Member]
Long-term Debt	$ 150,000	150,000
Maturity date of debt instrument	2013
Debt instrument, interest rate, stated percentage	6.875%
Term Loan Facility [Member]
Long-term Debt	$ 107,500	137,500
Revolving Credit Facility [Member]
Long-term Debt	138,000	134,000
Capital Leases [Member]
Long-term Debt	$ 758	$ 575

Segment Information (Schedule of Segment Financial Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Sales to external customers	$ 478,899	$ 374,137	$ 934,158	$ 738,064
Total sales	478,899	374,137	934,158	738,064
Income (loss) from operations	56,362	49,652	122,739	100,828
Interest expense and other, net	(4,203)	(3,006)	(7,427)	(7,639)
Income (loss) from operations before income taxes	52,159	46,646	115,312	93,189
Freight Group [Member]
Sales to external customers	280,036	189,974	544,892	355,118
Intersegment sales/(elimination)	3,619	4,637	7,910	11,537
Total sales	283,655	194,611	552,802	366,655
Income (loss) from operations	52,396	29,574	99,973	50,948
Income (loss) from operations before income taxes	52,396	29,574	99,973	50,948
Transit Group [Member]
Sales to external customers	198,863	184,163	389,266	382,946
Intersegment sales/(elimination)	1,639	1,476	2,034	2,016
Total sales	200,502	185,639	391,300	384,962
Income (loss) from operations	26,052	24,774	50,173	58,005
Income (loss) from operations before income taxes	26,052	24,774	50,173	58,005
Corporate Activities and Elimination [Member]
Intersegment sales/(elimination)	(5,258)	(6,113)	(9,944)	(13,553)
Total sales	(5,258)	(6,113)	(9,944)	(13,553)
Income (loss) from operations	(22,086)	(4,696)	(27,407)	(8,125)
Interest expense and other, net	(4,203)	(3,006)	(7,427)	(7,639)
Income (loss) from operations before income taxes	$ (26,289)	$ (7,702)	$ (34,834)	$ (15,764)

Inventories

6 Months Ended

Jun. 30, 2011

Inventories

Inventories

4. INVENTORIES

The components of inventory, net of reserves, were:


*In thousands*	June 30, 2011		December 31, 2010
Raw materials	$	137,302	$	108,768
Work-in-process		98,494		81,254
Finished goods		75,373		63,469

Total inventories	$	311,169	$	253,491

Business (Details)	6 Months Ended
Business (Details)	Jun. 30, 2011
Business
Number of countries products used	100
Number of countries company operates in	17
Revenues from customers outside the U.S.	47.00%

Guarantor Subsidiaries Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Senior Notes	$ 150,000
Cash and cash equivalents	221,475	$ 236,941	$ 166,509	$ 188,659
Accounts receivable	336,673	258,149
Inventories	311,169	253,491
Other current assets	62,615	53,372
Total current assets	931,932	801,953
Property, plant and equipment	218,444	206,225
Goodwill	575,676	545,832
Other intangibles	245,703	216,913
Other long term assets	39,723	32,158
Total Assets	2,011,478	1,803,081
Current liabilities	456,144	348,374
Long-term debt	356,190	382,007
Other long term liabilities	180,828	169,313
Total liabilities	993,162	899,694
Stockholders' equity	1,018,316	903,387
Total Liabilities and Shareholders' Equity	2,011,478	1,803,081
Parent Company [Member]
Cash and cash equivalents	4,456	42,714	15,296	12,026
Accounts receivable	106	371
Other current assets	47,841	41,600
Total current assets	52,403	84,685
Property, plant and equipment	3,517	2,614
Goodwill	7,980	7,980
Investment in subsidiaries	2,556,687	2,380,766
Other long term assets	(6,295)	(5,279)
Total Assets	2,614,292	2,470,766
Current liabilities	73,551	66,722
Intercompany	1,089,989	1,043,791
Long-term debt	355,500	381,500
Other long term liabilities	76,936	75,366
Total liabilities	1,595,976	1,567,379
Stockholders' equity	1,018,316	903,387
Total Liabilities and Shareholders' Equity	2,614,292	2,470,766
Guarantors [Member]
Cash and cash equivalents	8,407	13,226	1,832	12,124
Accounts receivable	183,416	149,015
Inventories	221,307	183,607
Other current assets	3,617	2,700
Total current assets	416,747	348,548
Property, plant and equipment	120,908	122,467
Goodwill	396,828	395,902
Investment in subsidiaries	533,513	533,249
Other intangibles	172,625	155,475
Other long term assets	4,735	(1,928)
Total Assets	1,645,356	1,553,713
Current liabilities	227,028	174,188
Intercompany	(1,166,815)	(1,097,899)
Long-term debt	228	258
Other long term liabilities	32,619	33,570
Total liabilities	(906,940)	(889,883)
Stockholders' equity	2,552,296	2,443,596
Total Liabilities and Shareholders' Equity	1,645,356	1,553,713
Non-Guarantors [Member]
Cash and cash equivalents	208,612	181,001	$ 149,381	$ 164,509
Accounts receivable	153,151	108,763
Inventories	89,862	69,884
Other current assets	11,157	9,072
Total current assets	462,782	368,720
Property, plant and equipment	94,019	81,144
Goodwill	170,868	141,950
Investment in subsidiaries	1,075,657	403,412
Other intangibles	73,078	61,438
Other long term assets	41,283	39,365
Total Assets	1,917,687	1,096,029
Current liabilities	155,565	107,464
Intercompany	76,826	54,108
Long-term debt	462	249
Other long term liabilities	71,273	60,377
Total liabilities	304,126	222,198
Stockholders' equity	1,613,561	873,831
Total Liabilities and Shareholders' Equity	1,917,687	1,096,029
Elimination [Member]
Investment in subsidiaries	(4,165,857)	(3,317,427)
Total Assets	(4,165,857)	(3,317,427)
Stockholders' equity	(4,165,857)	(3,317,427)
Total Liabilities and Shareholders' Equity	$ (4,165,857)	$ (3,317,427)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation

Stock Option Activity


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2010		998,389		$	27.83		6.2	$	25,018
Granted		115,946			57.46				1,142
Exercised		(211,827	)		19.68				(10,090	)
Canceled		(8,213	)		26.17				(338	)

Outstanding at June 30, 2011		894,295		$	33.62		7.0	$	30,127

Exercisable at June 30, 2011		495,779		$	27.88		6.3	$	19,550

Fair Value of Each Option Grant Weighted-Average Assumptions


	Six months ended June 30,
	2011			2010
Dividend yield		.07	%		.10	%
Risk-free interest rate		3.03	%		3.16	%
Stock price volatility		45.6	%		46.1	%
Expected life (years)		5.0			5.0

Restricted Stock and Incentive Stock Awards Activity


	Restricted Stock			Incentive Stock Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		276,627			356,327		$	35.90
Granted		110,082			316,409			52.47
Vested		(109,330	)		(67,342	)		36.33
Canceled		(2,500	)		(1,999	)		33.29

Outstanding at June 30, 2011		274,879			603,395		$	43.87

Long-Term Debt

6 Months Ended

Jun. 30, 2011

Long-Term Debt

Long-Term Debt

6. LONG-TERM DEBT

Long-term debt consisted of the following:


*In thousands*	June 30, 2011		December 31, 2010
6.875% Senior Notes, due 2013	$	150,000	$	150,000
Term Loan Facility		107,500		137,500
Revolving Credit Facility		138,000		134,000
Capital Leases		758		575

Total		396,258		422,075
Less—current portion		40,068		40,068

Long-term portion	$	356,190	$	382,007

2008 Refinancing Credit Agreement

On November 4, 2008, the Company refinanced its existing unsecured revolving credit agreement with a consortium of commercial banks. This "2008 Refinancing Credit Agreement" provides the company with a $300 million five-year revolving credit facility and a $200 million five-year term loan facility. The Company incurred $2.9 million of deferred financing cost related to the 2008 Refinancing Credit Agreement. Both facilities expire in January 2013. The 2008 Refinancing Credit Agreement borrowings bear variable interest rates indexed to the indices described below. At June 30, 2011, the Company had available bank borrowing capacity, of approximately $113.1 million, net of $48.9 million of letters of credit, subject to certain financial covenant restrictions.

Under the 2008 Refinancing Credit Agreement, the Company may elect a Base Rate of interest or an interest rate based on the London Interbank Offered Rate ("LIBOR") of interest ("the Alternate Rate"). The Base Rate adjusts on a daily basis and is the greater of the PNC, N.A. prime rate, 30-day LIBOR plus 150 basis points or the Federal Funds Effective Rate plus 0.5% per annum, plus a margin that ranges from 25 to 50 basis points. The Alternate Rate is based on quoted LIBOR rates plus a margin that ranges from 125 to 200 basis points. Both the Base Rate and Alternate Rate margins are dependent on the Company's consolidated total indebtedness to cash flow ratios. The initial Base Rate margin is 25 basis points and the Alternate Rate margin is 125 basis points. At June 30, 2011 the weighted average interest rate on the Company's variable rate debt was 1.45%. To reduce the impact of interest rate changes on a portion of this variable-rate debt, the Company entered into interest rate swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. On June 30, 2011, the notional value of the interest rate swaps outstanding was $137.0 million and effectively changed the Company's interest rate on bank debt at June 30, 2011 from a variable rate to a fixed rate of 2.24%. The interest rate swap agreements mature at various times through December 2012. The Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible.

The 2008 Refinancing Credit Agreement limits the Company's ability to declare or pay cash dividends and prohibits the Company from declaring or making other distributions, subject to certain exceptions. The 2008 Refinancing Credit Agreement contains various other covenants and restrictions including the following limitations: incurrence of additional indebtedness; mergers, consolidations, sales of assets and acquisitions; additional liens; sale and leasebacks; permissible investments, loans and advances; certain debt payments; and imposes a minimum interest expense coverage ratio of 3.0 and a maximum debt to cash flow ratio of 3.25. The Company is in compliance with these measurements and covenants and expects that these measurements will not be any type of limiting factor in executing our operating activities.

On January 28, 2011, the Company entered into Amendment No. 1 to the 2008 Refinancing Credit Agreement. The amendment increased the limit on surety bonds, performance bonds, bid bonds, or similar obligations arising in the ordinary course of business from $350 million to $500 million in the aggregate. The amendment also expanded the definition of Issuing Lender to allow additional banks to issue Letters of Credit.

6.875% Senior Notes Due August 2013

In August 2003, the Company issued $150 million of Senior Notes due in 2013 ("the Notes"). The Notes were issued at par. Interest on the Notes accrues at a rate of 6.875% per annum and is payable semi-annually on January 31 and July 31 of each year. The proceeds were used to repay debt outstanding under the Company's existing credit agreement, and for general corporate purposes. The principal balance is due in full at maturity.

The Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers and consolidations and the incurrence of liens.

Acquisitions and Discontinued Operations (Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Acquisitions and Discontinued Operations
Net sales	$ 481,399	$ 411,922	$ 947,828	$ 806,580
Gross profit	144,154	128,142	280,951	246,115
Net income attributable to Wabtec shareholders	$ 37,086	$ 36,235	$ 79,686	$ 70,018
Diluted earnings per share as reported	$ 0.75	$ 0.65	$ 1.60	$ 1.28
Diluted earnings per share pro forma	$ 0.77	$ 0.75	$ 1.65	$ 1.46

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References + Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References + Details