View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2013	Feb. 14, 2014	Jun. 30, 2013
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	WAB
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95,996,930
Entity Public Float			$ 4.9

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 285,760	$ 215,766
Accounts receivable	349,458	292,786
Unbilled accounts receivable	205,045	97,129
Inventories	403,229	407,039
Deferred income taxes	50,622	60,894
Other	38,933	19,324
Total current assets	1,333,047	1,092,938
Property, plant and equipment	597,740	555,924
Accumulated depreciation	(321,662)	(311,836)
Property, plant and equipment, net	276,078	244,088
Other Assets
Goodwill	786,433	666,022
Other intangibles, net	385,679	308,321
Deferred income taxes	987	183
Other noncurrent assets	39,773	39,990
Total other assets	1,212,872	1,014,516
Total Assets	2,821,997	2,351,542
Current Liabilities
Accounts payable	326,666	248,593
Customer deposits	66,573	82,810
Accrued compensation	57,058	53,222
Accrued warranty	43,197	39,860
Current portion of long-term debt	421	43
Commitments and contingencies	485	435
Other accrued liabilities	85,000	128,096
Total current liabilities	579,400	553,059
Long-term debt	450,288	317,853
Accrued postretirement and pension benefits	50,003	66,388
Deferred income taxes	114,486	91,176
Commitments and contingencies	1,141	1,238
Accrued warranty	17,396	18,352
Other long-term liabilities	22,116	21,459
Total liabilities	1,234,830	1,069,525
Shareholders’ Equity
Preferred stock, 1,000,000 shares authorized, no shares issued
Common stock, $.01 par value; 200,000,000 shares authorized: 132,349,534 shares issued and 95,909,948 and 95,407,368 outstanding at December 31, 2013 and December 31, 2012, respectively	1,323	1,323
Additional paid-in capital	415,059	381,348
Treasury stock, at cost, 36,439,586 and 36,518,656 shares, at December 31, 2013 and December 31, 2012, respectively	(372,969)	(349,388)
Retained earnings	1,576,702	1,297,111
Accumulated other comprehensive loss	(34,856)	(53,564)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	1,585,259	1,276,830
Non-controlling interest	1,908	5,187
Total shareholders’ equity	1,587,167	1,282,017
Total Liabilities and Shareholders’ Equity	$ 2,821,997	$ 2,351,542

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2013	Dec. 31, 2012
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	200,000,000	200,000,000
Common stock, shares issued	132,349,534	132,349,534
Common stock, shares outstanding	95,909,948	95,407,368
Treasury stock, shares	36,439,586	36,518,656

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net sales	$ 2,566,392	$ 2,391,122	$ 1,967,637
Cost of sales	(1,802,365)	(1,696,555)	(1,397,213)
Gross profit	764,027	694,567	570,424
Selling, general and administrative expenses	(262,718)	(245,709)	(247,534)
Engineering expenses	(46,289)	(41,307)	(37,193)
Amortization expense	(17,710)	(15,272)	(14,996)
Total operating expenses	(326,717)	(302,288)	(299,723)
Income from operations	437,310	392,279	270,701
Other income and expenses
Interest expense, net	(15,341)	(14,251)	(15,007)
Other (expense) income, net	(882)	(670)	(380)
Income from operations before income taxes	421,087	377,358	255,314
Income tax expense	(128,852)	(125,626)	(85,165)
Net income attributable to Wabtec shareholders	$ 292,235	$ 251,732	$ 170,149
Basic
Net income attributable to Wabtec shareholders	$ 3.05	$ 2.62	$ 1.77
Diluted
Net income attributable to Wabtec shareholders	$ 3.01	$ 2.60	$ 1.76
Weighted average shares outstanding
Basic	95,463	95,469	95,639
Diluted	96,832	96,742	96,657

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income attributable to Wabtec shareholders	$ 292,235	$ 251,732	$ 170,149
Foreign currency translation gain (loss)	5,345	14,428	(12,714)
Unrealized gain (loss) on foreign exchange contracts	(256)		191
Unrealized gain (loss) on interest rate swap contracts	1,066	(2,628)	1,096
Pension benefit plans and post-retirement benefit plans	21,102	(6,292)	(16,420)
Other comprehensive income (loss) before tax	27,257	5,508	(27,847)
Income tax (expense) benefit related to components of other comprehensive income	(8,549)	1,825	5,027
Other comprehensive income (loss), net of tax	18,708	7,333	(22,820)
Comprehensive income attributable to Wabtec shareholders	$ 310,943	$ 259,065	$ 147,329

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Activities
Net income attributable to Wabtec shareholders	$ 292,235	$ 251,732	$ 170,149
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	51,193	44,136	44,849
Stock-based compensation expense	24,107	19,848	18,646
Deferred income taxes	15,248	581	(16,595)
(Gain) loss on disposal of property, plant and equipment	(15)	1,112	1,191
Excess income tax benefits from exercise of stock options	(4,266)	(3,125)	(4,415)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(149,699)	(22,976)	(68,697)
Inventories	26,060	(32,491)	(79,537)
Accounts payable	60,976	(12,483)	59,974
Accrued income taxes	(15,033)	(33,202)	31,514
Accrued liabilities and customer deposits	(48,831)	13,323	43,201
Other assets and liabilities	(16,322)	10,983	48,346
Net cash provided by operating activities	235,653	237,438	248,626
Investing Activities
Purchase of property, plant and equipment	(41,238)	(36,001)	(37,971)
Proceeds from disposal of property, plant and equipment	6,000	971	663
Acquisitions of businesses, net of cash acquired	(223,454)	(149,914)	(108,874)
Net cash used for investing activities	(258,692)	(184,944)	(146,182)
Financing Activities
Proceeds from debt	959,067	233,400	257,000
Payments of debt	(829,842)	(311,457)	(283,202)
Stock re-purchase	(32,998)	(46,556)	(26,022)
Proceeds from exercise of stock options and other benefit plans	5,165	4,431	4,899
Excess income tax benefits from exercise of stock options	4,266	3,125	4,415
Cash dividends ($0.13, $0.08 and $0.04 per share for years ended December 31.2013,2012 and 2011	(12,644)	(7,666)	(3,849)
Net cash provided by (used for) financing activities	93,014	(124,723)	(46,759)
Effect of changes in currency exchange rates	19	2,380	(7,011)
Increase (decrease) in cash	69,994	(69,849)	48,674
Cash, beginning of year	215,766	285,615	236,941
Cash, end of year	$ 285,760	$ 215,766	$ 285,615

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash dividends, per share	$ 0.13	$ 0.08	$ 0.04

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2010	$ 899,771	$ 1,323	$ 339,861	$ (290,081)	$ 886,745	$ (38,077)
Beginning Balance (in shares) at Dec. 31, 2010		132,349,534		(36,268,255)
Cash dividends ($0.04 in 2011, $0.08 in 2012 and $ 0.13 in 2013)	(3,849)				(3,849)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, value	9,314		2,407	$ 6,907
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares				430,875
Stock based compensation	18,646		18,646
Net income	170,149				170,149
Translation adjustment	(12,714)					(12,714)
Unrealized gain (loss) on foreign exchange contracts, net of tax ($ 70 in 2011, and $61 in 2013)	122					122
Unrealized gain (loss) on interest rate swap contracts, net of tax ($434 in 2011 , $1,040 in 2012 and $422 in 2013)	662					662
Change in pension and post-retirement benefit plans, net of tax ($5,530 in 2011, $785 in 2012 and $8,188 in 2013)	(10,890)					(10,890)
Stock repurchase, value	(26,022)			$ (26,022)
Stock repurchase, shares				(438,600)
Ending Balance at Dec. 31, 2011	1,045,189	$ 1,323	360,914	$ (309,196)	1,053,045	(60,897)
Ending Balance (in shares) at Dec. 31, 2011		132,349,534		(36,275,980)
Cash dividends ($0.04 in 2011, $0.08 in 2012 and $ 0.13 in 2013)	(7,666)				(7,666)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, value	7,556		1,192	$ 6,364
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares				364,724
Stock based compensation	19,242		19,242
Net income	251,732				251,732
Translation adjustment	14,428					14,428
Unrealized gain (loss) on interest rate swap contracts, net of tax ($434 in 2011 , $1,040 in 2012 and $422 in 2013)	(1,588)					(1,588)
Change in pension and post-retirement benefit plans, net of tax ($5,530 in 2011, $785 in 2012 and $8,188 in 2013)	(5,507)					(5,507)
Stock repurchase, value	(46,556)			$ (46,556)
Stock repurchase, shares				(607,400)
Ending Balance at Dec. 31, 2012	1,276,830	$ 1,323	381,348	$ (349,388)	1,297,111	(53,564)
Ending Balance (in shares) at Dec. 31, 2012		132,349,534		(36,518,656)
Cash dividends ($0.04 in 2011, $0.08 in 2012 and $ 0.13 in 2013)	(12,644)				(12,644)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, value	21,232		11,815	$ 9,417
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares				586,175
Stock based compensation	21,896		21,896
Net income	292,235				292,235
Translation adjustment	5,345					5,345
Unrealized gain (loss) on foreign exchange contracts, net of tax ($ 70 in 2011, and $61 in 2013)	(195)					(195)
Unrealized gain (loss) on interest rate swap contracts, net of tax ($434 in 2011 , $1,040 in 2012 and $422 in 2013)	644					644
Change in pension and post-retirement benefit plans, net of tax ($5,530 in 2011, $785 in 2012 and $8,188 in 2013)	12,914					12,914
Stock repurchase, value	(32,998)			$ (32,998)
Stock repurchase, shares				(507,105)
Ending Balance at Dec. 31, 2013	$ 1,585,259	$ 1,323	$ 415,059	$ (372,969)	$ 1,576,702	$ (34,856)
Ending Balance (in shares) at Dec. 31, 2013		132,349,534		(36,439,586)

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash dividends	$ 0.13	$ 0.08	$ 0.04
Unrealized gain (loss) on foreign exchange contracts, tax	61,000		70,000
Unrealized gain (loss) on interest rate swap contracts, tax	422,000	1,040,000	434,000
Change in pension and post retirement benefit plans, tax	$ 8,188,000	$ 785,000	$ 5,530,000

Business

12 Months Ended

Dec. 31, 2013

Business

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 more than 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 19 countries. In 2013, about 48% of the Company’s revenues came from customers outside the U.S.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. Such statements have been prepared in accordance with generally accepted accounting principles. Sales between subsidiaries are billed at prices consistent with sales to third parties and are eliminated in consolidation.

Capital Structure On May 14, 2013, our stockholders approved an amendment to our Amended and Restated Certificate of Incorporation to increase the number of authorized shares of our common stock to 200.0 million shares. In addition, on May 14, 2013, our Board of Directors approved a two-for-one split of the Company’s issued and outstanding common stock in the form of a 100% stock dividend. The increase in the authorized shares and the stock split became effective on May 14, 2013 and June 11, 2013, respectively.

The Company issued approximately 66.2 million shares of its common stock as a result of the two-for-one stock split. The par value of the Company’s common stock remained unchanged at $0.01 per share.

Information regarding shares of common stock (except par value per share), retained earnings, and net income per common share attributable to Wabtec shareholders for all periods presented reflects the two-for-one split of the Company’s common stock. The number of shares of the Company’s common stock issuable upon exercise of outstanding stock options and vesting of other stock-based awards was proportionally increased, and the exercise price per share thereof was proportionally decreased, in accordance with the terms of the stock incentive plans.

Cash Equivalents Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.

Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects our best estimate of probable losses inherent in our receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available evidence. The allowance for doubtful accounts was $5.7 million and $6.7 million as of December 31, 2013 and 2012, respectively.

Inventories Inventories are stated at the lower of cost or market. Cost is determined under the first-in, first-out (FIFO) method. Inventory costs include material, labor and overhead.

Property, Plant and Equipment Property, plant and equipment additions are stated at cost. Expenditures for renewals and improvements are capitalized. Expenditures for ordinary maintenance and repairs are expensed as incurred. The Company provides for book depreciation principally on the straight-line method. Accelerated depreciation methods are utilized for income tax purposes.

Leasing Arrangements The Company conducts a portion of its operations from leased facilities and finances certain equipment purchases through lease agreements. In those cases in which the lease term approximates the useful life of the leased asset or the lease meets certain other prerequisites, the leasing arrangement is classified as a capital lease. The remaining arrangements are treated as operating leases.

Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed.

In July 2012, the FASB issued ASU No. 2012-02, “Intangibles-Goodwill and Other (Topic) 350) – Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02). The provisions of ASU 2012-02 provide an entity with the option to assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If, based on the review of the qualitative factors, an entity determines it is not more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, no further action is required. If an entity determines otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test required by prior accounting guidance. The entity has the option to bypass the qualitative assessment and proceed directly to the fair value calculation and the entity may resume performing the qualitative analysis in any subsequent period. ASU 2012-02 was effective for fiscal years beginning after September 15, 2012, with early adoption permitted if the financial statements for the most recent annual or interim period have not yet been issued. We chose to early adopt these new accounting provisions effective with our intangible impairment review during the fourth quarter of fiscal 2012. We determined, based upon our qualitative assessments, that the fair value calculation was not required for either 2012 and 2013 as there were no indications that the fair value of our indefinite-lived intangible assets was less than their carrying value.

In September 2011, the FASB issued Accounting Standards Updated (“ASU”) 2011-08 which amends the rules for testing goodwill for impairment. Under the new rules, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. We adopted ASU 2011-08 for our 2011 and 2012 annual goodwill impairment test. For 2013, the Company opted to perform a quantitative assessment and determined that step two was not necessary.

In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we assess relevant events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Wabtec specific events and share price trends and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact.

If our qualitative assessment concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company then performs a two-step impairment test. In the first step of the quantitative assessment, our assets and liabilities, including existing goodwill and other intangible assets, are assigned to the identified reporting units to determine the carrying value of the reporting units. The Company reviews goodwill for impairment at the reporting unit level. The Company prepares its goodwill impairment analysis by comparing the estimated fair value of each reporting unit, using an income approach (a discounted cash flow model) as well as a market approach, with its carrying value. The income approach and the market approach are equally weighted in arriving at fair value, which the Company has applied consistently. The discounted cash flow model requires several assumptions including future sales growth, EBIT (earnings before interest and taxes) margins and capital expenditures for the reporting units. The discounted cash flow model also requires the use of a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the three years forecasted by the reporting units), as well as projections of future operating margins. The market approach requires several assumptions including EBITDA (earnings before interest, taxes, depreciation and amortization) multiples for comparable companies that operate in the same markets as the Company’s reporting units.

Warranty Costs Warranty costs are accrued based on Management’s estimates of repair or upgrade costs per unit and historical experience. Warranty expense was $23.1 million, $22.9 million and $19.9 million for 2013, 2012 and 2011, respectively. Accrued warranty was $60.6 million and $58.2 million at December 31, 2013 and 2012, respectively.

Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws. The provision for income taxes includes federal, state and foreign income taxes.

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 entered into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counterparty 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 December 31, 2013, the Company had no forward contracts.

To reduce the impact of interest rate changes on a portion of this variable-rate debt, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. Effective July 31, 2013, with a termination date of November 7, 2016, this interest rate swap agreement converts a portion of the Company’s then outstanding debt from a variable rate to a fixed-rate borrowing. The Company is exposed to credit risk in the event of nonperformance by the counterparty. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparty is a large financial institution with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible. The Company concluded that the interest rate swap agreement qualifies for special cash flow hedge accounting which requires the recording of the fair value of the interest rate swap agreement and permits the corresponding adjustment to other comprehensive income (loss), net of tax, on the balance sheet. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate Rate margin. As of December 31, 2013, the Company has recorded a current liability of $3.0 million and a corresponding offset in accumulated other comprehensive loss of $1.8 million, net of tax, related to this agreement.

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 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 Accounting Standards Codification (“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 accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany 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 (expense) income, net were $3.5 million, $0.1 million and $2.0 million for 2013, 2012 and 2011, respectively.

Noncontrolling Interests In accordance with ASC 810, the Company has classified noncontrolling interests as equity on our condensed consolidated balance sheets as of December 31, 2013 and 2012. Net income attributable to noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 was not material.

Other Comprehensive Income (Loss) Comprehensive income (loss) 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.

Revenue Recognition Revenue is recognized in accordance with ASC 605 “Revenue Recognition,” The Company recognized revenue when the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred; 3) an established sales price has been set with the customer; 4) collection of the sale revenue from the customer is reasonably assured; and 5) no contingencies exist. Delivery is considered to have occurred when the customer assumes the risk and rewards of ownership. The Company estimates and records provisions for quantity rebates and sales returns and allowances as an offset to revenue in the same period the related revenue is recognized, based upon its experience. These items are included as a reduction in deriving net sales.

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 quarterly at a minimum and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts. Unbilled accounts receivables were $205.0 million and $97.1, customer deposits were $66.6 million and $82.8, and provisions for loss contracts were $14.0 million and $14.2 million at December 31, 2013 and 2012, respectively.

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 $19.2 million and $20.5 million at December 31, 2013 and 2012, respectively.

Significant Customers and Concentrations of Credit Risk The Company’s trade receivables are from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies. No one customer accounted for more than 10% of the Company’s consolidated net sales in 2013, 2012 and 2011.

Shipping and Handling Fees and Costs All fees billed to the customer for shipping and handling are classified as a component of net revenues. All costs associated with shipping and handling is classified as a component of cost of sales.

Research and Development Research and development costs are charged to expense as incurred. For the years ended December 31, 2013, 2012 and 2011, the Company incurred costs of approximately $46.3 million, $41.3 million and $37.2 million, respectively.

Employees As of December 31, 2013, approximately 27% of the Company’s workforce was covered by collective bargaining agreements. These agreements are generally effective from 2014 through 2017. Agreements expiring in 2014 cover approximately 15% of the Company’s workforce.

Earnings Per Share Basic and diluted earnings per common share is computed in accordance with ASC 260 “Earnings Per Share.” Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and included in the computation of earnings per share pursuant to the two-class method included in ASC 260-10-55. (See Note 11 “Earnings Per Share” included herein)

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

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.

Acquisitions

12 Months Ended

Dec. 31, 2013

Acquisitions

3.	ACQUISITIONS

The Company made the following acquisitions operating as a business unit or component of a business unit in the Freight Segment:

•

On September 24, 2013, the Company acquired Longwood Industries, Inc (“Longwood”), a manufacturer of specialty rubber products for transportation, oil and gas, and industrial markets, for a net purchase price of approximately $83.9 million, net of cash, resulting in preliminary goodwill of $36.0 million, none of which will be deductible for tax purposes.

•

On July 30, 2013, the Company acquired Turbonetics Holdings, Inc (“Turbonetics”), a manufacturer of turbochargers and related components for various industrial markets, for a net purchase price of approximately $23.2 million, net of cash, resulting in preliminary goodwill of $7.0 million, none of which will be deductible for tax purposes.

•

On February 26, 2013, the Company acquired Transdyne (“Transdyne”), a distributor of wear-protection components and other hardware used primarily on railroad freight cars, for a net purchase price of approximately $2.4 million, net of cash, resulting in preliminary goodwill of $0.5 million, which will be deductible for tax purposes.

•

On January 31, 2013, the Company acquired Napier Turbochargers Ltd. (“Napier”), a UK-based provider of turbochargers and related parts for the worldwide power generation and marine markets, for a net purchase price of approximately $112.3 million, net of cash, resulting in preliminary goodwill of $65.4 million, none of which will be deductible for tax purposes.

•

On July 31, 2012, the Company acquired Winco Equipamentos Ferroviarios Ltda. (“Winco”), an established marketing and sales company and provider of freight car components with capabilities including value-added engineering and assembly, service, technical support and logistics, based in Brazil, for an initial net payment of approximately $3.7 million, net of cash, resulting in additional goodwill of $3.8 million, none of which will be deductible for tax purposes. In addition to the $3.7 million, the purchase agreement includes contingent consideration to be paid in future periods based on the achievement of certain financial results.

For the Napier, Transdyne, Turbonetics and Longwood acquisition, the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition. For the Winco acquisition, the following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition.


	Longwood			Turbonetics			Transdyne			Napier			Winco
In thousands	September 24, 2013			July 30, 2013			February 26, 2013			January 31, 2013			July 31, 2012
Current assets	$	18,162		$	5,562		$	1,062		$	15,848		$	1,584
Property, plant & equipment		14,838			996			83			8,836			47
Goodwill and other intangible assets		75,411			18,135			1,485			106,030			6,471
Other assets		187			—			—			—			1,825
Total assets acquired		108,598			24,693			2,630			130,714			9,927
Total liabilities assumed		(24,735	)		(1,510	)		(228	)		(18,373	)		(6,271	)
Net assets acquired	$	83,863		$	23,183		$	2,402		$	112,341		$	3,656

The Company made the following acquisitions operating as a business unit or component of a business unit in the Transit Segment:

• On February 12, 2014, the Company signed a definitive agreement to acquire Fandstan Electric Group Ltd. (“Fandstan”), a leading rail and industrial equipment manufacturer for a variety of markets, including rail and tram transportation, industrial and energy, for a purchase price of approximately $215.0 million. The Company expects the transaction to be completed in the first quarter of 2014, subject to customary closing conditions and competition authority clearance.

•

On October 1, 2012, the Company acquired LH Group (“LH”), a UK-based provider of maintenance and overhaul services for the passenger transit market, for a net purchase price of approximately $48.1 million, net of cash, resulting in additional goodwill of $20.1 million, none of which will be deductible for tax purposes.

•

On July 13, 2012, the Company acquired Tec Tran Corp. and its affiliates (“Tec Tran”), the only U.S.-owned manufacturer of hydraulic braking systems for transit cars, based in North Carolina, for a net purchase price of approximately $8.3 million, net of cash, resulting in additional goodwill of $1.7 million, which will be deductible for tax purposes.

•

On June 14, 2012, the Company acquired Mors Smitt Holding (“Mors Smitt”), a leading manufacturer of electronic components for rail and industrial markets with operations in the Netherlands, the United Kingdom, the U.S., France, China and Hong-Kong, for a net purchase price of approximately $90.0 million, net of cash, resulting in additional goodwill of $42.9 million, none of which will be deductible for tax purposes.

For the LH, Tec Tran and Mors Smitt acquisitions, the following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition.


	LH Group			Tec Tran			Mors Smitt
In thousands	October 1, 2012			July 13, 2012			June 14, 2012
Current assets	$	19,126		$	1,955		$	23,649
Property, plant & equipment		5,874			116			10,389
Goodwill and other intangible assets		38,712			6,717			79,730
Other assets		—			—			944
Total assets acquired		63,712			8,788			114,712
Total liabilities assumed		(15,592	)		(470	)		(24,724	)
Net assets acquired	$	48,120		$	8,318		$	89,988

The 2013 acquisitions listed above include escrow deposits of $20.8 million, which may be released to the Company for indemnity and other claims in accordance with the purchase and escrow agreements.

The total goodwill and other intangible assets for acquisitions listed in the tables above was $332.6 million, of which $177.4 million and $155.2 million was related to goodwill and other intangible assets, respectively. Of the allocation of $155.2 million of acquired intangible assets for the companies listed in the above tables, $105.0 million was assigned to customer relationships, $39.4 million was assigned to trade names, $5.2 million was assigned to patents, $0.8 million was assigned to favorable leasehold interest, $0.6 million was assigned to non-compete agreements and $4.2 million was assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships’ useful life is 20 years, the patents’ useful life is 12 years, the favorable leasehold useful life is five years and non-compete agreements useful life is two years.

The following unaudited pro forma financial information presents income statement results as if the acquisition of Winco, Mors Smitt, Tec Tran, LH, Napier, Transdyne, Turbonetics and Longwood had occurred January 1, 2012:


	For the year ended December 31,
In thousands, except per share	2013		2012
Net sales	$	2,629,417	$	2,622,843
Gross profit		777,139		759,368
Net income attributable to Wabtec shareholders		297,040		275,403
Diluted earnings per share
As reported	$	3.01	$	2.60
Pro forma	$	3.07	$	2.84

- 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 Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Supplemental Cash Flow Disclosures

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Disclosures

4.	SUPPLEMENTAL CASH FLOW DISCLOSURES

	For the year ended December 31,
In thousands	2013		2012		2011
Interest paid during the year	$	15,601	$	16,309	$	16,505
Income taxes paid during the year, net of amount refunded		137,945		135,691		68,053
Business acquisitions:
Fair Value of assets acquired	$	267,306	$	198,066	$	160,862
Liabilities assumed		44,846		46,009		47,620
Cash paid		222,460		152,057		113,242
Less cash acquired		671		2,303		4,248
Net cash paid	$	221,789	$	149,754	$	108,994

On December 11, 2013, the Board of Directors amended its stock repurchase authorization to $200 million of the Company’s outstanding shares. This share repurchase authorization supersedes the previous authorization of $150 million of which $44.4 million remained. Through December 31, 2013, no shares have been repurchased under the new authorization.

The Company intends to purchase shares on the open market or in negotiated or block trades. No time limit was set for the completion of the programs which conform to the requirements under the 2013 Refinancing Credit Agreement, as well as the Notes currently outstanding.

During the first and second quarters of 2013, no shares were repurchased. During the third quarter of 2013, the Company repurchased 93,205 shares at an average price of $58.86 per share. During the fourth quarter of 2013, the Company repurchased 413,900 shares at an average price of $66.47 per share. All purchases were on the open market.

During the first quarter of 2012, no shares were repurchased. During the second quarter of 2012, the Company repurchased 597,600 shares at an average price of $36.69 per share. During the third quarter of 2012, the Company repurchased 155,000 shares at an average price of $39.16 per share. During the fourth quarter of 2012, the Company repurchased 462,200 shares at an average price of $40.15 per share. All purchases were on the open market.

Inventories

12 Months Ended

Dec. 31, 2013

Inventories

5.	INVENTORIES

The components of inventory, net of reserves, were:

	December 31,
In thousands	2013		2012
Raw materials	$	165,906	$	186,341
Work-in-progress		137,449		129,605
Finished goods		99,874		91,093
Total inventories	$	403,229	$	407,039

Property, Plant & Equipment

12 Months Ended

Dec. 31, 2013

Property, Plant & Equipment

6.	PROPERTY, PLANT & EQUIPMENT

The major classes of depreciable assets are as follows:

	December 31,
In thousands	2013			2012
Machinery and equipment	$	440,297		$	406,574
Buildings and improvements		138,469			129,869
Land and improvements		16,271			16,297
Locomotive leased fleet		2,703			3,184
PP&E		597,740			555,924
Less: accumulated depreciation		(321,662	)		(311,836	)
Total	$	276,078		$	244,088

The estimated useful lives of property, plant and equipment are as follows:



	Years
Land improvements	10 to 20
Buildings and improvements	20 to 40
Machinery and equipment	3 to 15
Locomotive leased fleet	4 to 15

Depreciation expense was $33.5 million, $28.9 million, and $29.9 million for 2013, 2012 and 2011, respectively.

Intangibles

12 Months Ended

Dec. 31, 2013

Intangibles

7.	INTANGIBLES

Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Goodwill and indefinite lived intangible assets are reviewed annually during the fourth quarter for impairment (See Note 2 “Summary of Significant Accounting Policies” included herein). Goodwill and indefinite live intangible assets were not impaired at December 31, 2013 and 2012.

The change in the carrying amount of goodwill by segment for the year ended December 31, 2013 is as follows:


In thousands		Freight Segment			Transit Segment		Total
Balance at December 31, 2012	$	397,184		$	268,838	$	666,022
Adjustment to preliminary purchase price allocation of acquisitions		(855	)		1,303		448
Acquisitions		115,062			--		115,062
Foreign currency impact		(1,727	)		6,628		4,901
Balance at December 31, 2013	$	509,664		$	276,769	$	786,433

As of December 31, 2013 and 2012, the Company’s trademarks had a net carrying amount of $156.8 million and $131.3 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:


	December 31,
In thousands		2013		2012
Patents, non-compete, and other intangibles, net of accumulated amortization of $37,824 and $35,556	$	15,561	$	11,835
Customer relationships, net of accumulated amortization of $44,910 and $31,572		213,324		165,160
Total	$	228,885	$	176,995

The remaining weighted average useful lives of patents, customer relationships and intellectual property were ten years, 17 years and 16 years respectively. Amortization expense for intangible assets was $17.7 million, $15.3 million, and $15.0 million for the years ended December 31, 2013, 2012, and 2011, respectively.

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


2014	$	17,574
2015	$	16,131
2016	$	15,980
2017	$	15,084
2018	$	14,448

Long-term Debt

12 Months Ended

Dec. 31, 2013

Long-term Debt

8.	LONG-TERM DEBT

Long-term debt consisted of the following:

	December 31,
In thousands	2013		2012
4.375% senior notes, due 2023	$	250,000	$	—
6.875% senior notes, due 2013		—		150,000
Revolving Credit Facility		200,000		167,000
Capital Leases		709		896
Total		450,709		317,896
Less—current portion		421		43
Long-term portion	$	450,288	$	317,853

2013 Refinancing Credit Agreement

On December 19, 2013, the Company amended its existing revolving credit facility with a consortium of commercial banks. This “2013 Refinancing Credit Agreement” provides the company with a $800 million, five-year revolving credit facility. The Company incurred approximately $1.0 million of deferred financing cost related to the 2013 Refinancing Credit Agreement. The facility expires on December 19, 2018. The 2013 Refinancing Credit Agreement borrowings bear variable interest rates indexed as described below. At December 31, 2013, the Company had available bank borrowing capacity, net of $59.8 million of letters of credit, of approximately $540.2 million, subject to certain financial covenant restrictions.

Under the 2013 Refinancing Credit Agreement, the Company may elect a Base Rate of interest for U.S. Dollar denominated loans or, for certain currencies, an interest rate based on the London Interbank Offered Rate (“LIBOR”) of interest, or other rates appropriate for such currencies (in any case, “the Alternate Rate”). The Base Rate adjusts on a daily basis and is the greater of the Federal Funds Effective Rate plus 0.5% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points, plus a margin that ranges from 0 to 75 basis points. The Alternate Rate is based on the quoted rates specific to the applicable currency, plus a margin that ranges from 75 to 175 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 0 basis points and the Alternate Rate margin is 100 basis points.

At December 31, 2013 the weighted average interest rate on the Company’s variable rate debt was 1.17%. On January 12, 2012, the Company entered into a forward starting interest rate swap agreement with a notional value of $150 million. The effective date of the interest rate swap agreement is July 31, 2013, and the termination date is November 7, 2016. The impact of the interest rate swap agreement converts a portion of the Company’s outstanding debt from a variable rate to a fixed-rate borrowing. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate Rate margin. The Company is exposed to credit risk in the event of nonperformance by the counterparty. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparty is a large financial institution with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible.

The 2013 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 2013 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 does not expect that these measurements will limit the Company in executing our operating activities. See Note 8 of “Notes to Consolidated Financial Statements” included in Part IV, Item 15 of this report.

2011 Refinancing Credit Agreement

On November 7, 2011, the Company refinanced its existing revolving credit and term loan facility with a consortium of commercial banks. This “2011 Refinancing Credit Agreement” provided the company with a $600 million, five-year revolving credit facility. The Company incurred approximately $1.9 million of deferred financing cost related to the 2011 Refinancing Credit Agreement. The facility was set to expire on November 7, 2016.

Under the 2011 Refinancing Credit Agreement, the Company may have elected 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 adjusted on a daily basis and was the greater of the Federal Funds Effective Rate plus 0.5% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points plus a margin that ranged from 0 to 75 basis points. The Alternate Rate was based on quoted LIBOR rates plus a margin that ranged from 75 to 175 basis points. Both the Base Rate and Alternate Rate margins were dependent on the Company’s consolidated total indebtedness to cash flow ratios. The current Base Rate margin was 0 basis points and the Alternate Rate margin was 100 basis points.

4.375% Senior Notes Due August 2023

In August 2013, the Company issued $250.0 million of Senior Notes due in 2023 (“the 2013 Notes”). Interest on the 2013 Notes accrues at a rate of 4.375% per annum and is payable semi-annually on February 15 and August 15 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 Company incurred $2.6 million of deferred financing costs related to the issuance.

The 2013 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 2013 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.

The Company is in compliance with the restrictions and covenants in the indenture under which the 2013 Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities.

6.875% Senior Notes Due August 2013

In August 2003, the Company issued $150.0 million of Senior Notes due in 2013 (“the 2003 Notes”). The 2003 Notes were issued at par. Interest on the 2003 Notes accrued at a rate of 6.875% per annum and was 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 Company paid off the 2003 Notes, which matured on July 31, 2013 utilizing available capacity under the 2011 Refinancing Credit Agreement.

Debt and Capital Leases

Scheduled principal repayments of debt and capital lease balances as of December 31, 2013 are as follows:


2014	$	421
2015		103
2016		86
2017		51
2018		200,030
Future years		250,018
Total	$	450,709

Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Employee Benefit Plans

9.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.

Obligations and Funded Status



	U.S.						International
In thousands	2013			2012			2013			2012
Change in projected benefit obligation
Obligation at beginning of year	$	(52,226	)	$	(52,351	)	$	(163,507	)	$	(144,641	)
Service cost		(432	)		(379	)		(2,035	)		(2,006	)
Interest cost		(1,960	)		(2,113	)		(6,661	)		(7,114	)
Employee contributions		—			—			(442	)		(419	)
Plan curtailments and amendments		—			—			34			—
Benefits paid		3,586			3,548			6,554			9,335
Expenses and premiums paid		—			—			360			541
Acquisition		—			—			—			(1,050	)
Actuarial gain (loss)		3,942			(931	)		(7,860	)		(13,360	)
Effect of currency rate changes		—			—			2,626			(4,793	)

Obligation at end of year	$	(47,090	)	$	(52,226	)	$	(170,931	)	$	(163,507	)

Change in plan assets
Fair value of plan assets at beginning of year	$	42,403		$	39,951		$	144,089		$	131,327
Actual return on plan assets		4,163			4,484			17,273			10,621
Employer contributions		—			1,516			4,810			6,739
Employee contributions		—			—			442			419
Benefits paid		(3,586	)		(3,548	)		(6,554	)		(9,335	)
Expenses and premiums paid		—			—			(360	)		(541	)
Acquisition		—			—			—			667
Effect of currency rate changes		—			—			(2,995	)		4,192

Fair value of plan assets at end of year	$	42,980		$	42,403		$	156,705		$	144,089

Funded status
Fair value of plan assets	$	42,980		$	42,403		$	156,705		$	144,089
Benefit obligations		(47,090	)		(52,226	)		(170,931	)		(163,507	)

Funded Status	$	(4,110	)	$	(9,823	)	$	(14,226	)	$	(19,418	)

Amounts recognized in the statement of financial position consist of:
Noncurrent assets	$	—		$	—		$	3,554		$	930
Current liabilities		—			—			(44	)		(47	)
Noncurrent liabilities		(4,110	)		(9,823	)		(17,736	)		(20,301	)

Net amount recognized	$	(4,110	)	$	(9,823	)	$	(14,226	)	$	(19,418	)

Amounts recognized in accumulated other comprehensive income (loss) consist of:
Initial net obligation	$	—		$	—		$	(647	)	$	(801	)
Prior service costs		(36	)		(98	)		(223	)		(390	)
Net actuarial loss		(22,249	)		(30,557	)		(40,359	)		(45,824	)

Net amount recognized	$	(22,285	)	$	(30,655	)	$	(41,229	)	$	(47,015	)

The aggregate accumulated benefit obligation for the U.S. pension plans was $46.3 million and $51.4 million as of December 31, 2013 and 2012, respectively. The aggregate accumulated benefit obligation for the international pension plans was $159.8 million and $154.2 million as of December 31, 2013 and 2012, respectively.



	U.S.						International
In thousands	2013			2012			2013			2012
Information for pension plans with accumulated benefit obligations in excess of plan assets:
Projected benefit obligation	$	(47,090	)	$	(52,226	)	$	(117,717	)	$	(125,145	)
Accumulated benefit obligation		(46,316	)		(51,428	)		(108,182	)		(115,885	)
Fair value of plan assets		42,980			42,403			100,798			104,797
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	(47,090	)	$	(52,226	)	$	(126,998	)	$	(125,145	)
Fair value of plan assets		42,980			42,403			109,219			104,797

Components of Net Periodic Benefit Costs



	U.S.									International
In thousands	2013			2012			2011			2013			2012			2011
Service cost	$	432		$	379		$	309		$	2,035		$	2,006		$	3,204
Interest cost		1,960			2,113			2,428			6,661			7,114			7,575
Expected return on plan assets		(2,977	)		(3,095	)		(3,331	)		(8,418	)		(8,132	)		(8,477	)
Amortization of initial net obligation and prior service cost		62			62			62			270			322			380
Amortization of net loss		3,180			2,968			2,502			3,107			2,412			1,665
Settlement and Curtailment losses recognized		—			—			—			168			1,149			1,024

Net periodic benefit cost	$	2,657		$	2,427		$	1,970		$	3,823		$	4,871		$	5,371

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2013 are as follows:



In thousands	U.S.		International
Net gain (loss) arising during the year	$	5,128	$	996
Effect of exchange rates		—		1,211
Amortization, settlement, or curtailment recognition of net transition obligation		—		160
Amortization or curtailment recognition of prior service cost		62		144
Amortization or settlement recognition of net loss		3,180		3,275

Total recognized in other comprehensive income (loss)	$	8,370	$	5,786

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	5,713	$	1,963



	U.S.						International
	2013		2012		2011		2013		2012		2011
Discount rate	4.70	%	3.90	%	4.30	%	4.43	%	4.30	%	4.96	%
Expected return on plan assets	6.20	%	7.50	%	7.50	%	6.07	%	6.09	%	6.12	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.59	%	3.10	%	3.21	%

The discount rate is based on settling the pension obligation with high grade, high yield corporate bonds, and the rate of compensation increase is based on actual experience. The expected return on plan assets is based on historical performance as well as expected future rates of return on plan assets considering the current investment portfolio mix and the long-term investment strategy.

As of December 31, 2013 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2014.



In thousands	U.S.		International
Net transition obligation	$	—	$	169
Prior service cost		23		90
Net actuarial loss		2,599		2,847

	$	2,622	$	3,106

Pension Plan Assets

The Company has established formal investment policies for the assets associated with our pension plans. Objectives include maximizing long-term return at acceptable risk levels and diversifying among asset classes. Asset allocation targets are based on periodic asset liability study results which help determine the appropriate investment strategies. The investment policies permit variances from the targets within certain parameters. The plan assets consist primarily of equity security funds, debt security funds, and temporary cash and cash equivalent investments. The assets held in these funds are generally passively managed and are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. Generally, all plan assets are considered Level 2 based on the fair value valuation hierarchy (See Note 17 “Fair Value Measurement” included herein). Plan assets by asset category at December 31, 2013 and 2012 are as follows:



	U.S.				International
In thousands	2013		2012		2013		2012
Pension Plan Assets
Equity security funds	$	21,562	$	21,081	$	84,699	$	77,715
Debt security funds and other		20,749		20,785		66,238		65,674
Cash and cash equivalents		669		537		5,768		700

Fair value of plan assets	$	42,980	$	42,403	$	156,705	$	144,089

The U.S. pension plan has a target asset allocation of 50% equity securities and 50% debt securities. The Canadian and German pension plans have target asset allocations of 50% equity securities and 50% debt securities. The United Kingdom plan has a target asset allocation of 62.5% equity securities and 37.5% debt securities. Investment policies are determined by the respective Plan’s Pension Committee and set forth in its Investment Policy. Rebalancing of the asset allocation occurs on a quarterly basis.

Cash Flows

The Company’s funding methods are based on governmental requirements and differ from those methods used to recognize pension expense. The Company expects to contribute $5.2 million to the international plans and does not expect to make a contribution to the U.S. plans during 2014.

Benefit payments expected to be paid to plan participants are as follows:



In thousands	U.S.		International
Year ended December 31,
2014	$	3,562	$	6,737
2015		3,610		6,765
2016		3,534		6,723
2017		3,555		7,210
2018		3,511		7,520
2019 through 2023		17,190		42,394

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.

Obligations and Funded Status



	U.S.						International
In thousands	2013			2012			2013			2012
Change in projected benefit obligation
Obligation at beginning of year	$	(33,807	)	$	(33,464	)	$	(4,296	)	$	(4,003	)
Service cost		(47	)		(24	)		(48	)		(45	)
Interest cost		(1,113	)		(1,387	)		(172	)		(201	)
Benefits paid		2,641			1,197			220			270
Actuarial (loss) gain		6,466			(129	)		153			(228	)
Effect of currency rate changes		—			—			272			(89	)

Obligation at end of year	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)

Change in plan assets
Fair value of plan assets at beginning of year	$	—		$	—		$	—		$	—
Employer contributions		1,158			1,197			220			270
Benefits paid		(1,158	)		(1,197	)		(220	)		(270	)

Fair value of plan assets at end of year	$	—		$	—		$	—		$	—

Funded status
Fair value of plan assets	$	—		$	—		$	—		$	—
Benefit obligations		(25,860	)		(33,807	)		(3,871	)		(4,296	)

Funded status	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)


	U.S.						International
In thousands		2013			2012			2013			2012
Amounts recognized in the statement of financial position consist of:
Current liabilities	$	(1,357	)	$	(1,509	)	$	(217	)	$	(330	)
Noncurrent liabilities		(24,503	)		(32,298	)		(3,654	)		(3,966	)

Net amount recognized	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)

Amounts recognized in accumulated other comprehensive income (loss) consist of:
Initial net obligation	$	—		$	—		$	—		$	—
Prior service credit		11,722			12,663			44			265
Net actuarial (loss) gain		(21,619	)		(29,719	)		761			753

Net amount recognized	$	(9,897	)	$	(17,056	)	$	805		$	1,018

Components of Net Periodic Benefit Cost



	U.S.									International
In thousands	2013			2012			2011			2013			2012			2011
Service cost	$	47		$	24		$	31		$	48		$	45		$	56
Interest cost		1,113			1,387			1,610			172			201			231
Amortization of initial net obligation and prior service credit		(2,689	)		(2,608	)		(2,661	)		(211	)		(240	)		(243	)
Amortization of net loss (gain)		1,634			1,790			1,761			(93	)		(90	)		(142	)

Net periodic benefit cost (credit)	$	105		$	593		$	741		$	(84	)	$	(84	)	$	(98	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2013 are as follows:



In thousands	U.S.			International
Net gain arising during the year	$	8,214		$	153
Effect of exchange rates		—			(62	)
Amortization or curtailment recognition of prior service cost		(2,689	)		(211	)
Amortization or settlement recognition of net loss (gain)		1,634			(93	)

Total recognized in other comprehensive income (loss)	$	7,159		$	(213	)

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	7,054		$	(129	)

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year. The discount rate is based on settling the pension obligation with high grade, high yield corporate bonds.



	U.S.						International
	2013		2012		2011		2013		2012		2011
Discount rate	4.70	%	3.90	%	4.30	%	4.60	%	4.30	%	5.15	%

As of December 31, 2013 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2014.



In thousands	U.S.			International
Prior service credit	$	(2,729	)	$	(9	)
Net actuarial loss (gain)		1,423			(55	)

	$	(1,306	)	$	(64	)

The assumed health care cost trend rate for the U.S. plans grades from an initial rate of 7.0% to an ultimate rate of 4.5% by 2027 and for international plans from 7.0% to 4.5% by 2027. A 1% increase in the assumed health care cost trend rate will increase the service and interest cost components of the expense recognized for the U.S. and international postretirement plans by approximately $159,000 and $17,000, respectively, for 2013, and increase the accumulated postretirement benefit obligation by approximately $3.3 million and $237,000, respectively. A 1% decrease in the assumed health care cost trend rate will decrease the service and interest cost components of the expense recognized for the U.S. and international postretirement plans by approximately $134,000 and $15,000, respectively, for 2013, and decrease the accumulated postretirement benefit obligation by approximately $2.8 million and $219,000, respectively.

Cash Flows

Benefit payments expected to be paid to plan participants are as follows:



In thousands	U.S.		International
Year ended December 31,
2014	$	1,357	$	217
2015		1,365		228
2016		1,431		235
2017		1,454		233
2018		1,558		245
2019 through 2023		8,924		1,430

Defined Contribution Plans

The Company also participates in certain defined contribution plans and multiemployer pension plans. Costs recognized under these plans are summarized as follows:



	For the year ended December 31,
In thousands	2013		2012		2011
Multi-employer pension and health & welfare plans	$	2,678	$	2,122	$	1,574
401(k) savings and other defined contribution plans		17,291		14,394		11,045

Total	$	19,969	$	16,516	$	12,619

The 401(k) savings plan is a participant directed defined contribution plan that holds shares of the Company’s stock as one of the investment options. At December 31, 2013 and 2012, the plan held on behalf of its participants about 713,200 shares with a market value of $53.0 million, and 742,400 shares with a market value of $32.5 million, respectively.

Additionally, the Company has stock option based benefit and other plans further described in Note 12.

The Company contributes to several multiemployer defined benefit pension plans under collective bargaining agreements that cover certain of its union-represented employees. The risks of participating in such plans are different from the risks of single-employer plans. Assets contributed to a multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company ceases to have an obligation to contribute to the multiemployer plan in which it had been a contributing employer, it may be required to pay to the plan an amount based on the underfunded status of the plan and on the history of the Company’s participation in the plan prior to the cessation of its obligation to contribute. The amount that an employer that has ceased to have an obligation to contribute to a multiemployer plan is required to pay to the plan is referred to as a withdrawal liability.

The Company’s participation in multiemployer plans for the year ended December 31, 2013 is outlined in the table below. For plans that are not individually significant to the Company, the total amount of contributions is presented in the aggregate.



		Pension Protection Act Zone Status (b)		FIP / RP Status Pending / Implemented (c)	Contributions by the Company				Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN / PN (a)	2012	2011		2013	2012	2011	Surcharge Imposed (d)
Idaho Operating Engineers– Employers Pension Trust Fund	EIN # 91- 6075538 Plan #001	Green	Green	No	$2,154(1)	$1,803(1)	$1,269(1)	No	6/30/2015
Automobile Mechanics’ Local No 701 Union and Industry Pension Plan	EIN #36-6042061 Plan #001	Red	Red	Yes (2)	$525	$310	$298	Yes (3)	12/11/2014

Other Plans					$0	$9	$7

Total Contributions					$2,678	$2,122	$1,574

(1)	The Company’s contribution represents more than 5% of the total contributions to the plan.

(2)	The Pension Fund’s board adopted a Rehabilitation Plan on September 30, 2012, increasing the weekly pension fund contribution rates by $75 with corresponding decreases to the weekly welfare fund contribution rates.

(3)	Critical status triggered a 5% surcharge on employer contributions effective June 2012. Effective January 1, 2013, this surcharge increases to 10% and remains in effect until the Company’s union adopts the Rehabilitation Plan.

(a)	The “EIN / PN” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

(b)

The most recent Pension Protection Act Zone Status available for 2012 and 2011 is for plan years that ended in 2012 and 2011, respectively. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan’s actuary. A plan in the “red” zone has been determined to be in “critical status”, based on criteria established under the Internal Revenue Code (“Code”), and is generally less than 65% funded. A plan in the “yellow” zone has been determined to be in “endangered status”, based on criteria established under the Code, and is generally less than 80% funded. A plan in the “green” zone has been determined to be neither in “critical status” nor in “endangered status”, and is generally at least 80% funded.

(c)

The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2013.

(d)	The “Surcharge Imposed” column indicates whether the Company’s contribution rate for 2013 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status”, in accordance with the requirements of the Code.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

10.	INCOME TAXES

The Company is responsible for filing consolidated U.S., foreign and combined, unitary or separate state income tax returns. The Company is responsible for paying the taxes relating to such returns, including any subsequent adjustments resulting from the redetermination of such tax liabilities by the applicable taxing authorities.

The components of the income from operations before provision for income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:

	For the year ended December 31,
In thousands	2013		2012		2011
Domestic	$	285,395	$	273,234	$	161,108
Foreign		135,692		104,124		94,206
Income from operations before income taxes	$	421,087	$	377,358	$	255,314

Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $515.8 million at December 31, 2013. Those earnings are considered to be indefinitely reinvested; accordingly, no provision for U.S. federal and state income taxes has been provided thereon. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to both U.S. income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable due to the complexities associated with its hypothetical calculation. Withholding taxes of approximately $5.4 million would be payable upon remittance of all previously unremitted earnings at December 31, 2013.

The consolidated provision for income taxes included in the Statement of Income consisted of the following:


	For the year ended December 31,
In thousands	2013		2012			2011
Current taxes
Federal	$	70,459	$	81,630		$	57,272
State		13,173		16,415			12,203
Foreign		29,972		27,000			32,285
	$	113,604	$	125,045		$	101,760
Deferred taxes
Federal		11,146		(2,203	)		(10,591	)
State		1,375		851			(2,326	)
Foreign		2,727		1,933			(3,678	)
		15,248		581			(16,595	)
Total provision	$	128,852	$	125,626		$	85,165

A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:

	For the year ended December 31,
In thousands	2013			2012			2011
U. S. federal statutory rate		35.0	%		35.0	%		35.0	%
State taxes		2.2			2.8			2.3
Tax reserves		0.0			0.3			(0.5	)
Foreign		(3.9	)		(2.7	)		(2.0	)
Research and development credit		(0.6	)		(0.2	)		(0.9	)
Manufacturing deduction		(1.7	)		(2.1	)		(1.6	)
Other, net		(0.4	)		0.2			1.1
Effective rate		30.6	%		33.3	%		33.4	%

On September 13, 2013, Treasury and the Internal Revenue Service issued final regulations regarding the deduction and capitalization of expenditures related to tangible property. The final regulations under Internal Revenue Code Sections 162, 167 and 263(a) apply to amounts paid to acquire, produce, or improve tangible property as well as dispositions of such property and are generally effective for tax years beginning on or after January 1, 2014. We have evaluated these regulations and determined they will not have a material impact on our consolidated results of operations, cash flows or financial position.

Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes. These deferred income taxes will be recognized as future tax benefits or costs when the temporary differences reverse.

Components of deferred tax assets and liabilities were as follows:

	December 31,
In thousands	2013			2012
Deferred income tax assets:
Accrued expenses and reserves	$	32,243		$	38,288
Warranty reserve		16,783			15,496
Deferred compensation/employee benefits		21,326			14,117
Pension and postretirement obligations		17,920			25,685
Inventory		10,089			9,841
Net operating loss carry forwards		5,770			4,744
Tax credit carry forwards		4,126			2,857
Gross deferred income tax assets		108,257			111,028
Valuation allowance		3,332			2,141
Total deferred income tax assets		104,925			108,887
Deferred income tax liabilities:
Property, plant & equipment		25,440			24,273
Intangibles		140,317			112,431
Other		2,045			2,282
Total deferred income tax liabilities		167,802			138,986
Net deferred income tax liability	$	(62,877	)	$	(30,099	)

A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2013, the valuation allowance for certain foreign carryforwards was $3.3 million.

State and foreign tax credit carry-forwards of approximately $4.1 million expire in various periods from December 31, 2015 to December 31, 2030. State net operating loss carry-forwards in the amount of $69.2 million expire in various periods from December 31, 2015 to December 31, 2034.

As of December 31, 2013, the liability for income taxes associated with uncertain tax positions was $10.5 million, of which $4.7 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2012, the liability for income taxes associated with uncertain tax positions was $11.3 million, of which $3.7 million, if recognized, would favorably affect the Company’s effective tax rate. A reconciliation of the beginning and ending amount of the liability for income taxes associated with uncertain tax positions follows:

In thousands	2013			2012			2011
Gross liability for uncertain tax positions at beginning of year	$	11,267		$	8,204		$	9,974
Gross increases—uncertain tax positions in prior periods		55			180			859
Gross increases—current period uncertain tax positions		3,279			4,649			375
Gross decreases—audit settlements during year		(2,515	)		(648	)		(1,889	)
Gross decreases—expiration of audit statute of limitations		(1,555	)		(1,118	)		(1,115	)
Gross liability for uncertain tax positions at end of year	$	10,531		$	11,267		$	8,204

The Company includes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2013, the total interest and penalties accrued was approximately $1.5 million and $0.9 million, respectively. As of December 31, 2012, the total interest and penalties accrued was approximately $2.5 million and $1.4 million, respectively.

With limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2011. At this time, the Company believes that it is reasonably possible that unrecognized tax benefits of approximately $0.3 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

11.	EARNINGS PER SHARE

The computation of earnings per share from operations is as follows:

	For the Year Ended December 31,
In thousands, except per share	2013			2012			2011
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	292,235		$	251,732		$	170,149
Less: dividends declared—common shares and non-vested restricted stock		(12,644	)		(7,666	)		(3,849	)
Undistributed earnings		279,591			244,066			166,300
Percentage allocated to common shareholders (1)		99.5	%		99.5	%		99.5	%
		278,193			242,846			165,469
Add: dividends declared—common shares		12,583			7,625			3,829
Numerator for basic and diluted earnings per common share	$	290,776		$	250,471		$	169,298
Denominator
Denominator for basic earnings per common share—weighted-average shares		95,463			95,469			95,639
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		1,369			1,273			1,018
Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		96,832			96,742			96,657
Net income per common share attributable to Wabtec shareholders
Basic	$	3.05		$	2.62		$	1.77
Diluted	$	3.01		$	2.60		$	1.76

(1) Basic weighted-average common shares outstanding	95,463		95,469		95,639
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	95,932		95,976		96,149
Percentage allocated to common shareholders	99.5	%	99.5	%	99.5	%

Options to purchase approximately 12,000, 38,000, and 50,000 shares of Common Stock were outstanding in 2013, 2012 and 2011, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price exceeded the average market price of the common shares.

Stock-based Compensation Plans

12 Months Ended

Dec. 31, 2013

Stock-based Compensation Plans

12.	STOCK-BASED COMPENSATION PLANS

As of December 31, 2013, 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 has a 10 year term through March 27, 2021 and as of December 31, 2013 the number of shares available for future grants under the 2011 Plan was 3,731,087 shares, which includes remaining shares to grant under the 2000 Plan. The 2011 Plan was approved by stockholders of Wabtec on May 11, 2011. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan (“ the Directors Plan”). The Directors Plan, as amended, authorizes a total of 1,000,000 shares of Common Stock to be issued. Under the Directors Plan options issued become exercisable over a three-year vesting period and expire ten years from the date of grant and restricted stock issued under the plan vests one year from the date of grant. As compensation for directors’ fees for the years ended December 31, 2013, 2012 and 2011, the Company issued a total of 17,875, 22,010 and 23,272 shares of restricted stock to non-employee directors. The total number of shares issued under the plan as of December 31, 2013 was 823,760 shares. No awards may be made under the Directors Plan subsequent to October 31, 2016.

Stock-based compensation expense for all of the plans was $24.1 million, $19.8 million and $18.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. The Company recognized associated tax benefits related to the stock-based compensation plans of $7.9 million, $5.9 million and $5.1 million for the respective periods. Included in the stock-based compensation expense for 2013 above is $2.3 million of expense related to stock options, $5.6 million related to non-vested restricted stock, $2.1 million related to restricted stock units, $13.1 million related to incentive stock awards and $1.0 million related to awards issued for Directors’ fees. At December 31, 2013, unamortized compensation expense related to those stock options, non-vested restricted shares and incentive stock awards expected to vest totaled $21.0 million and will be recognized over a weighted average period of 1.2 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.

The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and Directors Plan for the years ended December 31:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2010		1,996,778		$	13.92		6.2	$	25,018
Granted		252,892			29.03				1,505
Exercised		(505,720	)		9.69				(12,788	)
Canceled		(19,166	)		13.96				(403	)
Outstanding at December 31, 2011		1,724,784		$	17.37		6.5	$	30,362
Granted		151,396			35.36				1,274
Exercised		(346,736	)		12.78				(10,746	)
Canceled		(63,766	)		19.11				(1,573	)
Outstanding at December 31, 2012		1,465,678		$	20.24		6.3	$	34,487
Granted		116,392			48.29				3,024
Exercised		(344,806	)		14.98				(20,444	)
Canceled	(4,402		)		26.61				(210	)
Outstanding at December 31, 2013		1,232,862		$	24.36		6.1	$	61,530
Exercisable at December 31, 2013		798,316		$	18.76		5.3	$	44,317

Options outstanding at December 31, 2013 were as follows:


Range of Exercise Prices	Number of Options Outstanding		Weighted Average Exercise Price of Options Outstanding		Weighted Average Remaining Contractual Life		Number of Options Currently Exercisable		Weighted Average Exercise Price of Options Currently Exercisable
Under $10.00		1,666	$	8.54		1.2		1,666	$	8.54
10.00 – 15.00		269,084		14.39		5.0		269,084		14.39
15.00 – 23.00		452,332		18.19		4.9		399,848		18.07
23.00 – 30.00		231,746		28.60		6.8		93,978		28.45
Over 30.00		278,034		40.62		8.5		33,740		35.21
		1,232,862	$	24.36				798,316	$	18.76

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:

	For the year ended December 31,
	2013			2012			2011
Dividend yield		.21	%		.23	%		.08	%
Risk-free interest rate		1.4	%		1.4	%		3.0%	%
Stock price volatility		43.8			45.0			45.6
Expected life (years)		5.0			5.0			5.0
Weighted average fair value of options granted during the year	$	17.60		$	13.21		$	11.60

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 7 year 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. Based on the Company’s performance for each three year period then ended, the incentive stock awards can vest and be awarded ranging from 0% to 200% of the initial incentive stock awards granted. The incentive stock awards included in the table below represent the number of shares that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of December 31, 2013, the Company estimates that it will achieve 200%, 164% and 100% for the incentive stock awards expected to vest based on performance for the three year periods ending December 31, 2013, 2014, and 2015, respectively, and has recorded incentive compensation expense accordingly. If our estimate of the number of these stock awards expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period.

Compensation expense for the non-vested restricted stock and incentive stock awards is based on the closing price of the Company’s common stock on the date of grant and recognized over the applicable vesting period.

The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan, and Directors Plan, and incentive stock awards activity and related information for the 2011 Plan and the 2000 Plan with related information for the years ended December 31:


	Non-Vested Restricted Stock			Incentive Stock Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		553,254			712,654		$	17.95
Granted		227,164			234,300			14.18
Vested		(224,660	)		(134,684	)		18.24
Adjustment for incentive stock awards expected to vest		—			484,452			23.06
Canceled		(6,540	)		(3,998	)		17.41
Outstanding at December 31, 2011		549,218			1,292,724		$	22.02
Granted		223,960			237,320			35.45
Vested		(197,388	)		(244,158	)		17.87
Adjustment for incentive stock awards expected to vest		—			69,778			32.77
Canceled		(29,016	)		(26,586	)		22.52
Outstanding at December 31, 2012		546,774			1,329,078		$	26.69
Granted		173,887			200,090			48.62
Vested		(204,494	)		(570,918	)		20.86
Adjustment for incentive stock awards expected to vest		—			91,694			33.49
Canceled		(6,038	)		(6,350	)		26.98
Outstanding at December 31, 2013		510,129			1,043,594		$	35.27

Other Comprehensive Loss

12 Months Ended

Dec. 31, 2013

Other Comprehensive Loss

13.OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss were:

	December 31,
In thousands	2013			2012
Foreign currency translation gain	$	17,326		$	11,981
Unrealized loss on interest rate swap contracts, net of tax of $1,252 and $1,612		(2,010	)		(2,459	)
Pension and post-retirement benefit plans, net of tax of $(22,434) and $(30,622)		(50,172	)		(63,086	)
Total accumulated other comprehensive loss	$	(34,856	)	$	(53,564	)

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 2013 are as follows:

In thousands	Foreign currency translation		Interest rate swap contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2012	$	11,981	$	(2,459	)	$	(63,086	)	$	(53,564	)
Other comprehensive income before reclassifications		5,345		449			9,264			15,058
Amounts reclassified from accumulated other comprehensive income		-		-			3,650			3,650
Net current period other comprehensive income		5,345		449			12,914			18,708
Balance at December 31, 2013	$	17,326	$	(2,010	)	$	(50,172	)	$	(34,856	)

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2013 are as follows:

In thousands	Amount reclassified from accumulated other comprehensive income		Affected line item in the Condensed Consolidated Statements of Operations
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(2,568)	Cost of sales
Amortization of net loss		7,828	Cost of sales
		5,260	Income from Operations
		(1,610)	Income tax expense
	$	3,650	Net income

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=28358780&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e716-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: 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=28358780&loc=d3e637-108580

Reference 8: 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=28358780&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

Operating Leases

12 Months Ended

Dec. 31, 2013

Operating Leases

14.	OPERATING LEASES

The Company leases office and manufacturing facilities under operating leases with terms ranging from one to 15 years, excluding renewal options.

Total net rental expense charged to operations in 2013, 2012, and 2011 was $18.2 million, $14.7 million and $13.4 million respectively. The amounts above are shown net of sublease rentals of $0.3 million, $0.2 million and $0.3 million for the years 2013, 2012 and 2011, respectively.

Future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are as follows:

In thousands	Real Estate		Equipment		Total
2014	$	15,241	$	1,350	$	16,591
2015		13,461		924		14,385
2016		12,569		538		13,107
2017		9,794		151		9,945
2018		7,832		42		7,874
2019 and after		25,821		10		25,831

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

+ References + Details

Warranties

12 Months Ended

Dec. 31, 2013

Warranties

15.	WARRANTIES

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



	For the year ended December 31,
In thousands		2013			2012
Balance at beginning of period	$	58,212			50,640
Warranty expense		23,059			22,862
Acquisitions		2,227			1,529
Warranty payments		(20,603	)		(16,972	)
Foreign currency impact/other		(2,302	)		153
Balance at end of period	$	60,593		$	58,212

Preferred Stock

12 Months Ended

Dec. 31, 2013

Preferred Stock

16.	PREFERRED STOCK

The Company’s authorized capital stock includes 1,000,000 shares of preferred stock. The Board of Directors has the authority to issue the preferred stock and to fix the designations, powers, preferences and rights of the shares of each such class or series, including dividend rates, conversion rights, voting rights, terms of redemption and liquidation preferences, without any further vote or action by the Company’s shareholders. The rights and preferences of the preferred stock would be superior to those of the common stock. At December 31, 2013 and 2012 there was no preferred stock issued or outstanding.

Fair Value Measurements

12 Months Ended

Dec. 31, 2013

Fair Value Measurement and Fair Value of Financial Instruments

17.	FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

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 December 31, 2013, which are included in other current liabilities on the Consolidated Balance sheet:


		Fair Value Measurements at December 31, 2013 Using
In thousands		Total Carrying Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreement		3,005		—		3,005		—
Total	$	3,005	$	—	$	3,005	$	—

The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2012, which are included in other current liabilities on the Consolidated Balance sheet:


		Fair Value Measurements at December 31, 2012 Using
In thousands		Total Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements		4,070		—		4,070		—
Total	$	4,070	$	—	$	4,070	$	—

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. For certain derivative contracts whose fair values are based upon trades in liquid markets, such as interest rate swaps, valuation model inputs can generally be verified and valuation techniques do not involve significant management judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value hierarchy.

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.

The Company’s cash and cash equivalents are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash and cash equivalents approximated the carrying value at December 31, 2013 and December 31, 2012. The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. Generally, all plan assets are considered Level 2 based on the fair value valuation hierarchy. These investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, and money markets. Trusts are valued at the net asset value (“NAV”) as determined by their custodian. NAV represent the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. The 2013 Notes and the 2003 Notes are considered Level 2 based on the fair value valuation hierarchy.

The estimated fair values and related carrying values of the Company’s financial instruments are as follows:


	December 31, 2013				December 31, 2012
In thousands		Carry Value		Fair Value		Carry Value		Fair Value
Interest rate swap agreement	$	3,005	$	3,005	$	4,070	$	4,070
4.375% Senior Notes		250,000		253,135		—		—
6.875% Senior Notes		—		—		150,000		154,125

The fair value of the Company’s interest rate swap agreement, the 2013 Notes and the 2003 Notes were based on dealer quotes and represent the estimated amount the Company would pay to the counterparty to terminate the agreement.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies

18.	COMMITMENTS AND CONTINGENCIES

The Company is subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. The Company believes its operations currently comply in all material respects with all of the various environmental laws and regulations applicable to our business; however, there can be no assurance that environmental requirements will not change in the future or that we will not incur significant costs to comply with such requirements.

Under terms of the purchase agreement and related documents for the 1990 Acquisition, American Standard, Inc., now known as Trane (“Trane”), has indemnified the Company for certain items including, among other things, certain environmental claims the Company asserted prior to 2000. If Trane was unable to honor or meet these indemnifications, the Company would be responsible for such items. In the opinion of Management, Trane currently has the ability to meet its indemnification obligations.

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.

From time to time the Company is involved in litigation relating to claims arising out of its operations in the ordinary course of business. As of the date hereof, the Company is involved in no litigation that the Company believes will have a material adverse effect on its financial condition, results of operations or liquidity.

Segment Information

12 Months Ended

Dec. 31, 2013

Segment Information

19.	SEGMENT INFORMATION

Wabtec has two reportable segments—the Freight Segment and the Transit Segment. 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 Segment 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, and provides related heat exchange and cooling systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities.

Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically subway cars and buses, builds new commuter locomotives 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 2013 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,398,103	$	1,168,289	$	—		$	2,566,392
Intersegment sales/(elimination)		25,463		6,992		(32,455	)		—
Total sales	$	1,423,566	$	1,175,281	$	(32,455	)	$	2,566,392
Income (loss) from operations	$	309,133	$	143,634	$	(15,457	)	$	437,310
Interest expense and other		—		—		(16,223	)		(16,223	)
Income (loss) from operations before income taxes	$	309,133	$	143,634	$	(31,680	)	$	421,087
Depreciation and amortization		30,645		19,103		1,445			51,193
Capital expenditures		22,020		17,119		2,099			41,238
Segment assets		2,258,773		1,706,829		(1,143,605	)		2,821,997

Segment financial information for 2012 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,501,911	$	889,211	$	—		$	2,391,122
Intersegment sales/(elimination)		22,670		7,752		(30,422	)		—
Total sales	$	1,524,581	$	896,963	$	(30,422	)	$	2,391,122
Income (loss) from operations	$	314,627	$	94,861	$	(17,209	)	$	392,279
Interest expense and other		—		—		(14,921	)		(14,921	)
Income (loss) from operations before income taxes	$	314,627	$	94,861	$	(32,130	)	$	377,358
Depreciation and amortization		26,436		16,583		1,117			44,136
Capital expenditures		25,095		8,688		2,218			36,001
Segment assets		1,895,512		1,599,835		(1,143,805	)		2,351,542

Segment financial information for 2011 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,210,059	$	757,578	$	—		$	1,967,637
Intersegment sales/(elimination)		16,703		6,419		(23,122	)		—
Total sales	$	1,226,762	$	763,997	$	(23,122	)	$	1,967,637
Income (loss) from operations	$	225,282	$	83,760	$	(38,341	)	$	270,701
Interest expense and other		—		—		(15,387	)		(15,387	)
Income (loss) from operations before income taxes	$	225,282	$	83,760	$	(53,728	)	$	255,314
Depreciation and amortization		29,216		14,864		769			44,849
Capital expenditures		24,118		11,857		1,996			37,971
Segment assets		1,799,385		1,102,370		(742,802	)		2,158,953

The following geographic area data as of and for the years ended December 31, 2013, 2012 and 2011, respectively, includes net sales based on product shipment destination and long-lived assets, which consist of plant, property and equipment, net of depreciation, resident in their respective countries:

	Net Sales						Long-Lived Assets
In thousands	2013		2012		2011		2013		2012		2011
United States	$	1,336,604	$	1,199,294	$	1,051,372	$	150,952	$	131,850	$	126,837
United Kingdom		297,139		255,326		182,653		43,733		28,905		21,046
Canada		167,417		194,493		157,379		6,442		11,043		12,982
Australia		141,056		191,994		106,254		5,033		5,151		5,075
Mexico		128,184		139,089		104,384		5,862		4,886		5,281
Brazil		78,532		96,620		70,786		1,031		1,082		893
France		37,925		42,310		35,199		3,404		3,564		15
Italy		42,702		39,462		50,412		21,374		20,926		21,937
Germany		54,869		38,574		33,452		13,599		12,914		13,211
China		30,226		28,886		20,641		7,863		7,555		6,248
Other international		251,738		165,074		155,105		16,785		16,212		8,497
Total	$	2,566,392	$	2,391,122	$	1,967,637	$	276,078	$	244,088	$	222,022

Export sales from the Company’s United States operations were $542.3 million, $579.6 million and $410.6 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Sales by product are as follows:

In thousands	2013		2012		2011
Specialty Products & Electronics	$	1,041,771	$	1,094,148	$	880,030
Remanufacturing, Overhaul & Build		655,387		496,883		331,787
Brake Products		567,730		527,399		497,968
Other Transit Products		204,115		197,634		195,251
Other		97,389		75,058		62,601
Total Sales	$	2,566,392	$	2,391,122	$	1,967,637

- 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 Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Other Income (Expense)

12 Months Ended

Dec. 31, 2013

Other Income (Expense)

20.	OTHER INCOME (EXPENSE)

The components of other expense are as follows:

	For the year ended December 31,
In thousands	2013			2012			2011
Foreign currency loss	$	(3,512	)	$	(134	)	$	(2,041	)
Other miscellaneous income (expense)		2,630			(536	)		1,661
Total other (expense) income	$	(882	)	$	(670	)	$	(380	)

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Selected Quarterly Financial Data (Unaudited)

21.	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)


In thousands, except per share data		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2013
Net sales	$	615,510	$	638,002	$	631,398	$	681,482
Gross profit		182,888		192,881		188,133		200,125
Income from operations		103,667		112,554		109,871		111,218
Net income attributable to Wabtec shareholders		69,613		74,638		73,943		74,041
Basic earnings from operations per common share (1)	$	0.73	$	0.78	$	0.77	$	0.77
Diluted earnings from operations per common share (1)	$	0.72	$	0.77	$	0.76	$	0.76

2012
Net sales	$	583,309	$	609,820	$	587,593	$	610,400
Gross profit		169,381		173,427		171,279		180,480
Income from operations		94,110		100,865		96,842		100,462
Net income attributable to Wabtec shareholders		59,261		64,712		62,994		64,765
Basic earnings from operations per common share (1)	$	0.62	$	0.67	$	0.66	$	0.68
Diluted earnings from operations per common share (1)	$	0.61	$	0.67	$	0.65	$	0.67

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

(1)	Information above for basic earnings from operations per common share and diluted earnings from operations per common share for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013.

Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2013

Valuation And Qualifying Accounts

SCHEDULE II

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

VALUATION AND QUALIFYING ACCOUNTS

For each of the three years ended December 31


In thousands	Balance at beginning of period		Charged/ (credited) to expense			Charged to other accounts (1)		Deductions from reserves (2)		Balance at end of period
2013
Warranty and overhaul reserves	$	58,212	$	23,059		$	(75)	$	20,603	$	60,593
Allowance for doubtful accounts		6,656		2,361			—		3,310		5,707
Valuation allowance-taxes		2,141		1,191			—		—		3,332
Merger and restructuring reserve		836		—			—		61		775

2012
Warranty and overhaul reserves	$	50,640	$	22,862		$	1,682	$	16,972	$	58,212
Allowance for doubtful accounts		8,406		2,484			72		4,306		6,656
Valuation allowance-taxes		—		2,141			—		—		2,141
Merger and restructuring reserve		960		—			—		124		836

2011
Warranty and overhaul reserves	$	35,513	$	19,884		$	12,070	$	16,827	$	50,640
Allowance for doubtful accounts		7,503		5,047			—		4,144		8,406
Valuation allowance-taxes		2,471		(2,471	)		—		—		—
Merger and restructuring reserve		1,070		—			12		122		960

(1)	Reserves of acquired/(sold) companies; valuation allowances for state and foreign deferred tax assets; impact of fluctuations in foreign currency exchange rates.

(2)	Actual disbursements and/or charges.

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
Summary Of Significant Accounting Policies (Policies)	Dec. 31, 2013
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. Such statements have been prepared in accordance with generally accepted accounting principles. Sales between subsidiaries are billed at prices consistent with sales to third parties and are eliminated in consolidation.
Capital Structure	Capital Structure On May 14, 2013, our stockholders approved an amendment to our Amended and Restated Certificate of Incorporation to increase the number of authorized shares of our common stock to 200.0 million shares. In addition, on May 14, 2013, our Board of Directors approved a two-for-one split of the Company’s issued and outstanding common stock in the form of a 100% stock dividend. The increase in the authorized shares and the stock split became effective on May 14, 2013 and June 11, 2013, respectively. The Company issued approximately 66.2 million shares of its common stock as a result of the two-for-one stock split. The par value of the Company’s common stock remained unchanged at $0.01 per share. Information regarding shares of common stock (except par value per share), retained earnings, and net income per common share attributable to Wabtec shareholders for all periods presented reflects the two-for-one split of the Company’s common stock. The number of shares of the Company’s common stock issuable upon exercise of outstanding stock options and vesting of other stock-based awards was proportionally increased, and the exercise price per share thereof was proportionally decreased, in accordance with the terms of the stock incentive plans.
Cash Equivalents	Cash Equivalents Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects our best estimate of probable losses inherent in our receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other currently available evidence. The allowance for doubtful accounts was $5.7 million and $6.7 million as of December 31, 2013 and 2012, respectively.
Inventories	Inventories Inventories are stated at the lower of cost or market. Cost is determined under the first-in, first-out (FIFO) method. Inventory costs include material, labor and overhead.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment additions are stated at cost. Expenditures for renewals and improvements are capitalized. Expenditures for ordinary maintenance and repairs are expensed as incurred. The Company provides for book depreciation principally on the straight-line method. Accelerated depreciation methods are utilized for income tax purposes.
Leasing Arrangements	Leasing Arrangements The Company conducts a portion of its operations from leased facilities and finances certain equipment purchases through lease agreements. In those cases in which the lease term approximates the useful life of the leased asset or the lease meets certain other prerequisites, the leasing arrangement is classified as a capital lease. The remaining arrangements are treated as operating leases.
Intangible Assets	Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed. In July 2012, the FASB issued ASU No. 2012-02, “Intangibles-Goodwill and Other (Topic) 350) – Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02). The provisions of ASU 2012-02 provide an entity with the option to assess qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value. If, based on the review of the qualitative factors, an entity determines it is not more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, no further action is required. If an entity determines otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test required by prior accounting guidance. The entity has the option to bypass the qualitative assessment and proceed directly to the fair value calculation and the entity may resume performing the qualitative analysis in any subsequent period. ASU 2012-02 was effective for fiscal years beginning after September 15, 2012, with early adoption permitted if the financial statements for the most recent annual or interim period have not yet been issued. We chose to early adopt these new accounting provisions effective with our intangible impairment review during the fourth quarter of fiscal 2012. We determined, based upon our qualitative assessments, that the fair value calculation was not required for either 2012 and 2013 as there were no indications that the fair value of our indefinite-lived intangible assets was less than their carrying value. In September 2011, the FASB issued Accounting Standards Updated (“ASU”) 2011-08 which amends the rules for testing goodwill for impairment. Under the new rules, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. We adopted ASU 2011-08 for our 2011 and 2012 annual goodwill impairment test. For 2013, the Company opted to perform a quantitative assessment and determined that step two was not necessary. In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we assess relevant events and circumstances that may impact the fair value and the carrying amount of the reporting unit. The identification of relevant events and circumstances and how these may impact a reporting unit’s fair value or carrying amount involve significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Wabtec specific events and share price trends and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact. If our qualitative assessment concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company then performs a two-step impairment test. In the first step of the quantitative assessment, our assets and liabilities, including existing goodwill and other intangible assets, are assigned to the identified reporting units to determine the carrying value of the reporting units. The Company reviews goodwill for impairment at the reporting unit level. The Company prepares its goodwill impairment analysis by comparing the estimated fair value of each reporting unit, using an income approach (a discounted cash flow model) as well as a market approach, with its carrying value. The income approach and the market approach are equally weighted in arriving at fair value, which the Company has applied consistently. The discounted cash flow model requires several assumptions including future sales growth, EBIT (earnings before interest and taxes) margins and capital expenditures for the reporting units. The discounted cash flow model also requires the use of a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the three years forecasted by the reporting units), as well as projections of future operating margins. The market approach requires several assumptions including EBITDA (earnings before interest, taxes, depreciation and amortization) multiples for comparable companies that operate in the same markets as the Company’s reporting units.
Warranty Costs	Warranty Costs Warranty costs are accrued based on Management’s estimates of repair or upgrade costs per unit and historical experience. Warranty expense was $23.1 million, $22.9 million and $19.9 million for 2013, 2012 and 2011, respectively. Accrued warranty was $60.6 million and $58.2 million at December 31, 2013 and 2012, respectively.
Income Taxes	Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws. The provision for income taxes includes federal, state and foreign income taxes.
Stock-Based Compensation	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	Financial Derivatives and Hedging Activities The Company has entered into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counterparty 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 December 31, 2013, the Company had no forward contracts. To reduce the impact of interest rate changes on a portion of this variable-rate debt, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. Effective July 31, 2013, with a termination date of November 7, 2016, this interest rate swap agreement converts a portion of the Company’s then outstanding debt from a variable rate to a fixed-rate borrowing. The Company is exposed to credit risk in the event of nonperformance by the counterparty. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparty is a large financial institution with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible. The Company concluded that the interest rate swap agreement qualifies for special cash flow hedge accounting which requires the recording of the fair value of the interest rate swap agreement and permits the corresponding adjustment to other comprehensive income (loss), net of tax, on the balance sheet. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate Rate margin. As of December 31, 2013, the Company has recorded a current liability of $3.0 million and a corresponding offset in accumulated other comprehensive loss of $1.8 million, net of tax, related to this agreement.
Foreign Currency Translation	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 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 Accounting Standards Codification (“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 accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany 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 (expense) income, net were $3.5 million, $0.1 million and $2.0 million for 2013, 2012 and 2011, respectively.
Noncontrolling Interests	Noncontrolling Interests In accordance with ASC 810, the Company has classified noncontrolling interests as equity on our condensed consolidated balance sheets as of December 31, 2013 and 2012. Net income attributable to noncontrolling interests for the years ended December 31, 2013, 2012 and 2011 was not material.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) Comprehensive income (loss) 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.
Revenue Recognition	Revenue Recognition Revenue is recognized in accordance with ASC 605 “Revenue Recognition,” The Company recognized revenue when the following criteria are met: 1) persuasive evidence of an arrangement exists; 2) delivery has occurred; 3) an established sales price has been set with the customer; 4) collection of the sale revenue from the customer is reasonably assured; and 5) no contingencies exist. Delivery is considered to have occurred when the customer assumes the risk and rewards of ownership. The Company estimates and records provisions for quantity rebates and sales returns and allowances as an offset to revenue in the same period the related revenue is recognized, based upon its experience. These items are included as a reduction in deriving net sales. 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 quarterly at a minimum and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts. Unbilled accounts receivables were $205.0 million and $97.1, customer deposits were $66.6 million and $82.8, and provisions for loss contracts were $14.0 million and $14.2 million at December 31, 2013 and 2012, respectively. 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 $19.2 million and $20.5 million at December 31, 2013 and 2012, respectively.
Significant Customers and Concentrations of Credit Risk	Significant Customers and Concentrations of Credit Risk The Company’s trade receivables are from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies. No one customer accounted for more than 10% of the Company’s consolidated net sales in 2013, 2012 and 2011.
Shipping and Handling and Cost	Shipping and Handling Fees and Costs All fees billed to the customer for shipping and handling are classified as a component of net revenues. All costs associated with shipping and handling is classified as a component of cost of sales.
Research and Development	Research and Development Research and development costs are charged to expense as incurred. For the years ended December 31, 2013, 2012 and 2011, the Company incurred costs of approximately $46.3 million, $41.3 million and $37.2 million, respectively.
Employees	Employees As of December 31, 2013, approximately 27% of the Company’s workforce was covered by collective bargaining agreements. These agreements are generally effective from 2014 through 2017. Agreements expiring in 2014 cover approximately 15% of the Company’s workforce.
Earnings Per Share	Earnings Per Share Basic and diluted earnings per common share is computed in accordance with ASC 260 “Earnings Per Share.” Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and included in the computation of earnings per share pursuant to the two-class method included in ASC 260-10-55. (See Note 11 “Earnings Per Share” included herein)
Reclassifications	Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.
Use of Estimates	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.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed


	Longwood			Turbonetics			Transdyne			Napier			Winco
In thousands	September 24, 2013			July 30, 2013			February 26, 2013			January 31, 2013			July 31, 2012
Current assets	$	18,162		$	5,562		$	1,062		$	15,848		$	1,584
Property, plant & equipment		14,838			996			83			8,836			47
Goodwill and other intangible assets		75,411			18,135			1,485			106,030			6,471
Other assets		187			—			—			—			1,825
Total assets acquired		108,598			24,693			2,630			130,714			9,927
Total liabilities assumed		(24,735	)		(1,510	)		(228	)		(18,373	)		(6,271	)
Net assets acquired	$	83,863		$	23,183		$	2,402		$	112,341		$	3,656

For the LH, Tec Tran and Mors Smitt acquisitions, the following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition.


	LH Group			Tec Tran			Mors Smitt
In thousands	October 1, 2012			July 13, 2012			June 14, 2012
Current assets	$	19,126		$	1,955		$	23,649
Property, plant & equipment		5,874			116			10,389
Goodwill and other intangible assets		38,712			6,717			79,730
Other assets		—			—			944
Total assets acquired		63,712			8,788			114,712
Total liabilities assumed		(15,592	)		(470	)		(24,724	)
Net assets acquired	$	48,120		$	8,318		$	89,988

Pro Forma Financial Information


	For the year ended December 31,
In thousands, except per share	2013		2012
Net sales	$	2,629,417	$	2,622,843
Gross profit		777,139		759,368
Net income attributable to Wabtec shareholders		297,040		275,403
Diluted earnings per share
As reported	$	3.01	$	2.60
Pro forma	$	3.07	$	2.84

Supplemental Cash Flow Disclosures (Tables)

12 Months Ended

Dec. 31, 2013

Supplemental Cash Flow Disclosures

	For the year ended December 31,
In thousands	2013		2012		2011
Interest paid during the year	$	15,601	$	16,309	$	16,505
Income taxes paid during the year, net of amount refunded		137,945		135,691		68,053
Business acquisitions:
Fair Value of assets acquired	$	267,306	$	198,066	$	160,862
Liabilities assumed		44,846		46,009		47,620
Cash paid		222,460		152,057		113,242
Less cash acquired		671		2,303		4,248
Net cash paid	$	221,789	$	149,754	$	108,994

Inventories (Tables)

12 Months Ended

Dec. 31, 2013

Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:

	December 31,
In thousands	2013		2012
Raw materials	$	165,906	$	186,341
Work-in-progress		137,449		129,605
Finished goods		99,874		91,093
Total inventories	$	403,229	$	407,039

Property, Plant & Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Major Classes of Depreciable Assets

The major classes of depreciable assets are as follows:

	December 31,
In thousands	2013			2012
Machinery and equipment	$	440,297		$	406,574
Buildings and improvements		138,469			129,869
Land and improvements		16,271			16,297
Locomotive leased fleet		2,703			3,184
PP&E		597,740			555,924
Less: accumulated depreciation		(321,662	)		(311,836	)
Total	$	276,078		$	244,088

Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives of property, plant and equipment are as follows:



	Years
Land improvements	10 to 20
Buildings and improvements	20 to 40
Machinery and equipment	3 to 15
Locomotive leased fleet	4 to 15

Intangibles (Tables)

12 Months Ended

Dec. 31, 2013

Change in Carrying Amount of Goodwill by Segment

The change in the carrying amount of goodwill by segment for the year ended December 31, 2013 is as follows:


In thousands		Freight Segment			Transit Segment		Total
Balance at December 31, 2012	$	397,184		$	268,838	$	666,022
Adjustment to preliminary purchase price allocation of acquisitions		(855	)		1,303		448
Acquisitions		115,062			--		115,062
Foreign currency impact		(1,727	)		6,628		4,901
Balance at December 31, 2013	$	509,664		$	276,769	$	786,433

Intangible Assets Other Than Goodwill and Trademarks


	December 31,
In thousands		2013		2012
Patents, non-compete, and other intangibles, net of accumulated amortization of $37,824 and $35,556	$	15,561	$	11,835
Customer relationships, net of accumulated amortization of $44,910 and $31,572		213,324		165,160
Total	$	228,885	$	176,995

Amortization Expense

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


2014	$	17,574
2015	$	16,131
2016	$	15,980
2017	$	15,084
2018	$	14,448

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Long-term Debt

Long-term debt consisted of the following:

	December 31,
In thousands	2013		2012
4.375% senior notes, due 2023	$	250,000	$	—
6.875% senior notes, due 2013		—		150,000
Revolving Credit Facility		200,000		167,000
Capital Leases		709		896
Total		450,709		317,896
Less—current portion		421		43
Long-term portion	$	450,288	$	317,853

Principal Repayments of Debt and Capital Lease

Scheduled principal repayments of debt and capital lease balances as of December 31, 2013 are as follows:


2014	$	421
2015		103
2016		86
2017		51
2018		200,030
Future years		250,018
Total	$	450,709

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: 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.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of U.S. and International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets



	U.S.						International
In thousands	2013			2012			2013			2012
Information for pension plans with accumulated benefit obligations in excess of plan assets:
Projected benefit obligation	$	(47,090	)	$	(52,226	)	$	(117,717	)	$	(125,145	)
Accumulated benefit obligation		(46,316	)		(51,428	)		(108,182	)		(115,885	)
Fair value of plan assets		42,980			42,403			100,798			104,797
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	(47,090	)	$	(52,226	)	$	(126,998	)	$	(125,145	)
Fair value of plan assets		42,980			42,403			109,219			104,797

Pension Plan Assets by Asset Category

Pension Plan Assets



	U.S.				International
In thousands	2013		2012		2013		2012
Pension Plan Assets
Equity security funds	$	21,562	$	21,081	$	84,699	$	77,715
Debt security funds and other		20,749		20,785		66,238		65,674
Cash and cash equivalents		669		537		5,768		700

Fair value of plan assets	$	42,980	$	42,403	$	156,705	$	144,089

Costs Recognized Under Defined Contribution Plans and Multiemployer Pension Plans

The Company also participates in certain defined contribution plans and multiemployer pension plans. Costs recognized under these plans are summarized as follows:



	For the year ended December 31,
In thousands	2013		2012		2011
Multi-employer pension and health & welfare plans	$	2,678	$	2,122	$	1,574
401(k) savings and other defined contribution plans		17,291		14,394		11,045

Total	$	19,969	$	16,516	$	12,619

Contributions in Multiemployer Pension Plans



		Pension Protection Act Zone Status (b)		FIP / RP Status Pending / Implemented (c)	Contributions by the Company				Expiration Dates of Collective Bargaining Agreements
Pension Fund	EIN / PN (a)	2012	2011		2013	2012	2011	Surcharge Imposed (d)
Idaho Operating Engineers– Employers Pension Trust Fund	EIN # 91- 6075538 Plan #001	Green	Green	No	$2,154(1)	$1,803(1)	$1,269(1)	No	6/30/2015
Automobile Mechanics’ Local No 701 Union and Industry Pension Plan	EIN #36-6042061 Plan #001	Red	Red	Yes (2)	$525	$310	$298	Yes (3)	12/11/2014

Other Plans					$0	$9	$7

Total Contributions					$2,678	$2,122	$1,574

(1)	The Company’s contribution represents more than 5% of the total contributions to the plan.

(2)	The Pension Fund’s board adopted a Rehabilitation Plan on September 30, 2012, increasing the weekly pension fund contribution rates by $75 with corresponding decreases to the weekly welfare fund contribution rates.

(3)	Critical status triggered a 5% surcharge on employer contributions effective June 2012. Effective January 1, 2013, this surcharge increases to 10% and remains in effect until the Company’s union adopts the Rehabilitation Plan.

(a)	The “EIN / PN” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.

(b)

(c)

(d)	The “Surcharge Imposed” column indicates whether the Company’s contribution rate for 2013 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status”, in accordance with the requirements of the Code.

Post Retirement Benefit Plans

Obligations and Funded Status



	U.S.						International
In thousands	2013			2012			2013			2012
Change in projected benefit obligation
Obligation at beginning of year	$	(33,807	)	$	(33,464	)	$	(4,296	)	$	(4,003	)
Service cost		(47	)		(24	)		(48	)		(45	)
Interest cost		(1,113	)		(1,387	)		(172	)		(201	)
Benefits paid		2,641			1,197			220			270
Actuarial (loss) gain		6,466			(129	)		153			(228	)
Effect of currency rate changes		—			—			272			(89	)

Obligation at end of year	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)

Change in plan assets
Fair value of plan assets at beginning of year	$	—		$	—		$	—		$	—
Employer contributions		1,158			1,197			220			270
Benefits paid		(1,158	)		(1,197	)		(220	)		(270	)

Fair value of plan assets at end of year	$	—		$	—		$	—		$	—

Funded status
Fair value of plan assets	$	—		$	—		$	—		$	—
Benefit obligations		(25,860	)		(33,807	)		(3,871	)		(4,296	)

Funded status	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)


	U.S.						International
In thousands		2013			2012			2013			2012
Amounts recognized in the statement of financial position consist of:
Current liabilities	$	(1,357	)	$	(1,509	)	$	(217	)	$	(330	)
Noncurrent liabilities		(24,503	)		(32,298	)		(3,654	)		(3,966	)

Net amount recognized	$	(25,860	)	$	(33,807	)	$	(3,871	)	$	(4,296	)

Amounts recognized in accumulated other comprehensive income (loss) consist of:
Initial net obligation	$	—		$	—		$	—		$	—
Prior service credit		11,722			12,663			44			265
Net actuarial (loss) gain		(21,619	)		(29,719	)		761			753

Net amount recognized	$	(9,897	)	$	(17,056	)	$	805		$	1,018

Components of Net Periodic Benefit Costs

Components of Net Periodic Benefit Cost



	U.S.									International
In thousands	2013			2012			2011			2013			2012			2011
Service cost	$	47		$	24		$	31		$	48		$	45		$	56
Interest cost		1,113			1,387			1,610			172			201			231
Amortization of initial net obligation and prior service credit		(2,689	)		(2,608	)		(2,661	)		(211	)		(240	)		(243	)
Amortization of net loss (gain)		1,634			1,790			1,761			(93	)		(90	)		(142	)

Net periodic benefit cost (credit)	$	105		$	593		$	741		$	(84	)	$	(84	)	$	(98	)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2013 are as follows:



In thousands	U.S.			International
Net gain arising during the year	$	8,214		$	153
Effect of exchange rates		—			(62	)
Amortization or curtailment recognition of prior service cost		(2,689	)		(211	)
Amortization or settlement recognition of net loss (gain)		1,634			(93	)

Total recognized in other comprehensive income (loss)	$	7,159		$	(213	)

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	7,054		$	(129	)

Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation



	U.S.						International
	2013		2012		2011		2013		2012		2011
Discount rate	4.70	%	3.90	%	4.30	%	4.60	%	4.30	%	5.15	%

Amounts Included in Other Comprehensive Loss That are Expected to be Recognized as Components of Periodic Benefit Costs

As of December 31, 2013 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2014.



In thousands	U.S.			International
Prior service credit	$	(2,729	)	$	(9	)
Net actuarial loss (gain)		1,423			(55	)

	$	(1,306	)	$	(64	)

Benefit Payments Expected to be Paid to Plan Participants

Benefit payments expected to be paid to plan participants are as follows:



In thousands	U.S.		International
Year ended December 31,
2014	$	1,357	$	217
2015		1,365		228
2016		1,431		235
2017		1,454		233
2018		1,558		245
2019 through 2023		8,924		1,430

Defined Benefit Pension Plans

Obligations and Funded Status

The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components.

Obligations and Funded Status



	U.S.						International
In thousands	2013			2012			2013			2012
Change in projected benefit obligation
Obligation at beginning of year	$	(52,226	)	$	(52,351	)	$	(163,507	)	$	(144,641	)
Service cost		(432	)		(379	)		(2,035	)		(2,006	)
Interest cost		(1,960	)		(2,113	)		(6,661	)		(7,114	)
Employee contributions		—			—			(442	)		(419	)
Plan curtailments and amendments		—			—			34			—
Benefits paid		3,586			3,548			6,554			9,335
Expenses and premiums paid		—			—			360			541
Acquisition		—			—			—			(1,050	)
Actuarial gain (loss)		3,942			(931	)		(7,860	)		(13,360	)
Effect of currency rate changes		—			—			2,626			(4,793	)

Obligation at end of year	$	(47,090	)	$	(52,226	)	$	(170,931	)	$	(163,507	)

Change in plan assets
Fair value of plan assets at beginning of year	$	42,403		$	39,951		$	144,089		$	131,327
Actual return on plan assets		4,163			4,484			17,273			10,621
Employer contributions		—			1,516			4,810			6,739
Employee contributions		—			—			442			419
Benefits paid		(3,586	)		(3,548	)		(6,554	)		(9,335	)
Expenses and premiums paid		—			—			(360	)		(541	)
Acquisition		—			—			—			667
Effect of currency rate changes		—			—			(2,995	)		4,192

Fair value of plan assets at end of year	$	42,980		$	42,403		$	156,705		$	144,089

Funded status
Fair value of plan assets	$	42,980		$	42,403		$	156,705		$	144,089
Benefit obligations		(47,090	)		(52,226	)		(170,931	)		(163,507	)

Funded Status	$	(4,110	)	$	(9,823	)	$	(14,226	)	$	(19,418	)

Amounts recognized in the statement of financial position consist of:
Noncurrent assets	$	—		$	—		$	3,554		$	930
Current liabilities		—			—			(44	)		(47	)
Noncurrent liabilities		(4,110	)		(9,823	)		(17,736	)		(20,301	)

Net amount recognized	$	(4,110	)	$	(9,823	)	$	(14,226	)	$	(19,418	)

Amounts recognized in accumulated other comprehensive income (loss) consist of:
Initial net obligation	$	—		$	—		$	(647	)	$	(801	)
Prior service costs		(36	)		(98	)		(223	)		(390	)
Net actuarial loss		(22,249	)		(30,557	)		(40,359	)		(45,824	)

Net amount recognized	$	(22,285	)	$	(30,655	)	$	(41,229	)	$	(47,015	)

Components of Net Periodic Benefit Costs



	U.S.									International
In thousands	2013			2012			2011			2013			2012			2011
Service cost	$	432		$	379		$	309		$	2,035		$	2,006		$	3,204
Interest cost		1,960			2,113			2,428			6,661			7,114			7,575
Expected return on plan assets		(2,977	)		(3,095	)		(3,331	)		(8,418	)		(8,132	)		(8,477	)
Amortization of initial net obligation and prior service cost		62			62			62			270			322			380
Amortization of net loss		3,180			2,968			2,502			3,107			2,412			1,665
Settlement and Curtailment losses recognized		—			—			—			168			1,149			1,024

Net periodic benefit cost	$	2,657		$	2,427		$	1,970		$	3,823		$	4,871		$	5,371

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2013 are as follows:



In thousands	U.S.		International
Net gain (loss) arising during the year	$	5,128	$	996
Effect of exchange rates		—		1,211
Amortization, settlement, or curtailment recognition of net transition obligation		—		160
Amortization or curtailment recognition of prior service cost		62		144
Amortization or settlement recognition of net loss		3,180		3,275

Total recognized in other comprehensive income (loss)	$	8,370	$	5,786

Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	5,713	$	1,963

Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation



	U.S.						International
	2013		2012		2011		2013		2012		2011
Discount rate	4.70	%	3.90	%	4.30	%	4.43	%	4.30	%	4.96	%
Expected return on plan assets	6.20	%	7.50	%	7.50	%	6.07	%	6.09	%	6.12	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	3.59	%	3.10	%	3.21	%

Amounts Included in Other Comprehensive Loss That are Expected to be Recognized as Components of Periodic Benefit Costs

As of December 31, 2013 the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2014.



In thousands	U.S.		International
Net transition obligation	$	—	$	169
Prior service cost		23		90
Net actuarial loss		2,599		2,847

	$	2,622	$	3,106

Benefit Payments Expected to be Paid to Plan Participants

Benefit payments expected to be paid to plan participants are as follows:



In thousands	U.S.		International
Year ended December 31,
2014	$	3,562	$	6,737
2015		3,610		6,765
2016		3,534		6,723
2017		3,555		7,210
2018		3,511		7,520
2019 through 2023		17,190		42,394

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of Income from Operations before Provision for Income Taxes

The components of the income from operations before provision for income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below:

	For the year ended December 31,
In thousands	2013		2012		2011
Domestic	$	285,395	$	273,234	$	161,108
Foreign		135,692		104,124		94,206
Income from operations before income taxes	$	421,087	$	377,358	$	255,314

Consolidated Provision for Income Taxes

The consolidated provision for income taxes included in the Statement of Income consisted of the following:


	For the year ended December 31,
In thousands	2013		2012			2011
Current taxes
Federal	$	70,459	$	81,630		$	57,272
State		13,173		16,415			12,203
Foreign		29,972		27,000			32,285
	$	113,604	$	125,045		$	101,760
Deferred taxes
Federal		11,146		(2,203	)		(10,591	)
State		1,375		851			(2,326	)
Foreign		2,727		1,933			(3,678	)
		15,248		581			(16,595	)
Total provision	$	128,852	$	125,626		$	85,165

Reconciliation of Income Tax Rate

A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below:

	For the year ended December 31,
In thousands	2013			2012			2011
U. S. federal statutory rate		35.0	%		35.0	%		35.0	%
State taxes		2.2			2.8			2.3
Tax reserves		0.0			0.3			(0.5	)
Foreign		(3.9	)		(2.7	)		(2.0	)
Research and development credit		(0.6	)		(0.2	)		(0.9	)
Manufacturing deduction		(1.7	)		(2.1	)		(1.6	)
Other, net		(0.4	)		0.2			1.1
Effective rate		30.6	%		33.3	%		33.4	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities were as follows:

	December 31,
In thousands	2013			2012
Deferred income tax assets:
Accrued expenses and reserves	$	32,243		$	38,288
Warranty reserve		16,783			15,496
Deferred compensation/employee benefits		21,326			14,117
Pension and postretirement obligations		17,920			25,685
Inventory		10,089			9,841
Net operating loss carry forwards		5,770			4,744
Tax credit carry forwards		4,126			2,857
Gross deferred income tax assets		108,257			111,028
Valuation allowance		3,332			2,141
Total deferred income tax assets		104,925			108,887
Deferred income tax liabilities:
Property, plant & equipment		25,440			24,273
Intangibles		140,317			112,431
Other		2,045			2,282
Total deferred income tax liabilities		167,802			138,986
Net deferred income tax liability	$	(62,877	)	$	(30,099	)

Liability for Income Taxes Associated with Uncertain Tax Positions

In thousands	2013			2012			2011
Gross liability for uncertain tax positions at beginning of year	$	11,267		$	8,204		$	9,974
Gross increases—uncertain tax positions in prior periods		55			180			859
Gross increases—current period uncertain tax positions		3,279			4,649			375
Gross decreases—audit settlements during year		(2,515	)		(648	)		(1,889	)
Gross decreases—expiration of audit statute of limitations		(1,555	)		(1,118	)		(1,115	)
Gross liability for uncertain tax positions at end of year	$	10,531		$	11,267		$	8,204

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Basic and Diluted Earnings Per Share

The computation of earnings per share from operations is as follows:

	For the Year Ended December 31,
In thousands, except per share	2013			2012			2011
Numerator
Numerator for basic and diluted earnings per common share—net income attributable to Wabtec shareholders	$	292,235		$	251,732		$	170,149
Less: dividends declared—common shares and non-vested restricted stock		(12,644	)		(7,666	)		(3,849	)
Undistributed earnings		279,591			244,066			166,300
Percentage allocated to common shareholders (1)		99.5	%		99.5	%		99.5	%
		278,193			242,846			165,469
Add: dividends declared—common shares		12,583			7,625			3,829
Numerator for basic and diluted earnings per common share	$	290,776		$	250,471		$	169,298
Denominator
Denominator for basic earnings per common share—weighted-average shares		95,463			95,469			95,639
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans		1,369			1,273			1,018
Denominator for diluted earnings per common share—adjusted weighted-average shares and assumed conversion		96,832			96,742			96,657
Net income per common share attributable to Wabtec shareholders
Basic	$	3.05		$	2.62		$	1.77
Diluted	$	3.01		$	2.60		$	1.76

(1) Basic weighted-average common shares outstanding	95,463		95,469		95,639
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	95,932		95,976		96,149
Percentage allocated to common shareholders	99.5	%	99.5	%	99.5	%

Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2013

Stock Option Activity

The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and Directors Plan for the years ended December 31:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2010		1,996,778		$	13.92		6.2	$	25,018
Granted		252,892			29.03				1,505
Exercised		(505,720	)		9.69				(12,788	)
Canceled		(19,166	)		13.96				(403	)
Outstanding at December 31, 2011		1,724,784		$	17.37		6.5	$	30,362
Granted		151,396			35.36				1,274
Exercised		(346,736	)		12.78				(10,746	)
Canceled		(63,766	)		19.11				(1,573	)
Outstanding at December 31, 2012		1,465,678		$	20.24		6.3	$	34,487
Granted		116,392			48.29				3,024
Exercised		(344,806	)		14.98				(20,444	)
Canceled	(4,402		)		26.61				(210	)
Outstanding at December 31, 2013		1,232,862		$	24.36		6.1	$	61,530
Exercisable at December 31, 2013		798,316		$	18.76		5.3	$	44,317

Stock Option Outstanding

Options outstanding at December 31, 2013 were as follows:


Range of Exercise Prices	Number of Options Outstanding		Weighted Average Exercise Price of Options Outstanding		Weighted Average Remaining Contractual Life		Number of Options Currently Exercisable		Weighted Average Exercise Price of Options Currently Exercisable
Under $10.00		1,666	$	8.54		1.2		1,666	$	8.54
10.00 – 15.00		269,084		14.39		5.0		269,084		14.39
15.00 – 23.00		452,332		18.19		4.9		399,848		18.07
23.00 – 30.00		231,746		28.60		6.8		93,978		28.45
Over 30.00		278,034		40.62		8.5		33,740		35.21
		1,232,862	$	24.36				798,316	$	18.76

Schedule of Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions

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:

	For the year ended December 31,
	2013			2012			2011
Dividend yield		.21	%		.23	%		.08	%
Risk-free interest rate		1.4	%		1.4	%		3.0%	%
Stock price volatility		43.8			45.0			45.6
Expected life (years)		5.0			5.0			5.0
Weighted average fair value of options granted during the year	$	17.60		$	13.21		$	11.60

Restricted Stock Activity and Incentive Stock Awards Activity


	Non-Vested Restricted Stock			Incentive Stock Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		553,254			712,654		$	17.95
Granted		227,164			234,300			14.18
Vested		(224,660	)		(134,684	)		18.24
Adjustment for incentive stock awards expected to vest		—			484,452			23.06
Canceled		(6,540	)		(3,998	)		17.41
Outstanding at December 31, 2011		549,218			1,292,724		$	22.02
Granted		223,960			237,320			35.45
Vested		(197,388	)		(244,158	)		17.87
Adjustment for incentive stock awards expected to vest		—			69,778			32.77
Canceled		(29,016	)		(26,586	)		22.52
Outstanding at December 31, 2012		546,774			1,329,078		$	26.69
Granted		173,887			200,090			48.62
Vested		(204,494	)		(570,918	)		20.86
Adjustment for incentive stock awards expected to vest		—			91,694			33.49
Canceled		(6,038	)		(6,350	)		26.98
Outstanding at December 31, 2013		510,129			1,043,594		$	35.27

Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2013

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were:

	December 31,
In thousands	2013			2012
Foreign currency translation gain	$	17,326		$	11,981
Unrealized loss on interest rate swap contracts, net of tax of $1,252 and $1,612		(2,010	)		(2,459	)
Pension and post-retirement benefit plans, net of tax of $(22,434) and $(30,622)		(50,172	)		(63,086	)
Total accumulated other comprehensive loss	$	(34,856	)	$	(53,564	)

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 2013 are as follows:

In thousands	Foreign currency translation		Interest rate swap contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2012	$	11,981	$	(2,459	)	$	(63,086	)	$	(53,564	)
Other comprehensive income before reclassifications		5,345		449			9,264			15,058
Amounts reclassified from accumulated other comprehensive income		-		-			3,650			3,650
Net current period other comprehensive income		5,345		449			12,914			18,708
Balance at December 31, 2013	$	17,326	$	(2,010	)	$	(50,172	)	$	(34,856	)

Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2013 are as follows:

In thousands	Amount reclassified from accumulated other comprehensive income		Affected line item in the Condensed Consolidated Statements of Operations
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(2,568)	Cost of sales
Amortization of net loss		7,828	Cost of sales
		5,260	Income from Operations
		(1,610)	Income tax expense
	$	3,650	Net income

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2013

Future Minimum Rental Payments Under Operating Leases

Future minimum rental payments under operating leases with remaining non-cancelable terms in excess of one year are as follows:

In thousands	Real Estate		Equipment		Total
2014	$	15,241	$	1,350	$	16,591
2015		13,461		924		14,385
2016		12,569		538		13,107
2017		9,794		151		9,945
2018		7,832		42		7,874
2019 and after		25,821		10		25,831

Warranties (Tables)

12 Months Ended

Dec. 31, 2013

Changes in Product Warranty Reserve

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



	For the year ended December 31,
In thousands		2013			2012
Balance at beginning of period	$	58,212			50,640
Warranty expense		23,059			22,862
Acquisitions		2,227			1,529
Warranty payments		(20,603	)		(16,972	)
Foreign currency impact/other		(2,302	)		153
Balance at end of period	$	60,593		$	58,212

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2013

Liabilities Carried at Fair Value Measured on Recurring Basis


		Fair Value Measurements at December 31, 2013 Using
In thousands		Total Carrying Value at December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreement		3,005		—		3,005		—
Total	$	3,005	$	—	$	3,005	$	—


		Fair Value Measurements at December 31, 2012 Using
In thousands		Total Carrying Value at December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements		4,070		—		4,070		—
Total	$	4,070	$	—	$	4,070	$	—

Estimated Fair Values and Related Carrying Values of Financial Instruments

The estimated fair values and related carrying values of the Company’s financial instruments are as follows:


	December 31, 2013				December 31, 2012
In thousands		Carry Value		Fair Value		Carry Value		Fair Value
Interest rate swap agreement	$	3,005	$	3,005	$	4,070	$	4,070
4.375% Senior Notes		250,000		253,135		—		—
6.875% Senior Notes		—		—		150,000		154,125

Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Financial Information

Segment financial information for 2013 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,398,103	$	1,168,289	$	—		$	2,566,392
Intersegment sales/(elimination)		25,463		6,992		(32,455	)		—
Total sales	$	1,423,566	$	1,175,281	$	(32,455	)	$	2,566,392
Income (loss) from operations	$	309,133	$	143,634	$	(15,457	)	$	437,310
Interest expense and other		—		—		(16,223	)		(16,223	)
Income (loss) from operations before income taxes	$	309,133	$	143,634	$	(31,680	)	$	421,087
Depreciation and amortization		30,645		19,103		1,445			51,193
Capital expenditures		22,020		17,119		2,099			41,238
Segment assets		2,258,773		1,706,829		(1,143,605	)		2,821,997

Segment financial information for 2012 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,501,911	$	889,211	$	—		$	2,391,122
Intersegment sales/(elimination)		22,670		7,752		(30,422	)		—
Total sales	$	1,524,581	$	896,963	$	(30,422	)	$	2,391,122
Income (loss) from operations	$	314,627	$	94,861	$	(17,209	)	$	392,279
Interest expense and other		—		—		(14,921	)		(14,921	)
Income (loss) from operations before income taxes	$	314,627	$	94,861	$	(32,130	)	$	377,358
Depreciation and amortization		26,436		16,583		1,117			44,136
Capital expenditures		25,095		8,688		2,218			36,001
Segment assets		1,895,512		1,599,835		(1,143,805	)		2,351,542

Segment financial information for 2011 is as follows:

In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,210,059	$	757,578	$	—		$	1,967,637
Intersegment sales/(elimination)		16,703		6,419		(23,122	)		—
Total sales	$	1,226,762	$	763,997	$	(23,122	)	$	1,967,637
Income (loss) from operations	$	225,282	$	83,760	$	(38,341	)	$	270,701
Interest expense and other		—		—		(15,387	)		(15,387	)
Income (loss) from operations before income taxes	$	225,282	$	83,760	$	(53,728	)	$	255,314
Depreciation and amortization		29,216		14,864		769			44,849
Capital expenditures		24,118		11,857		1,996			37,971
Segment assets		1,799,385		1,102,370		(742,802	)		2,158,953

Geographic Area Data

	Net Sales						Long-Lived Assets
In thousands	2013		2012		2011		2013		2012		2011
United States	$	1,336,604	$	1,199,294	$	1,051,372	$	150,952	$	131,850	$	126,837
United Kingdom		297,139		255,326		182,653		43,733		28,905		21,046
Canada		167,417		194,493		157,379		6,442		11,043		12,982
Australia		141,056		191,994		106,254		5,033		5,151		5,075
Mexico		128,184		139,089		104,384		5,862		4,886		5,281
Brazil		78,532		96,620		70,786		1,031		1,082		893
France		37,925		42,310		35,199		3,404		3,564		15
Italy		42,702		39,462		50,412		21,374		20,926		21,937
Germany		54,869		38,574		33,452		13,599		12,914		13,211
China		30,226		28,886		20,641		7,863		7,555		6,248
Other international		251,738		165,074		155,105		16,785		16,212		8,497
Total	$	2,566,392	$	2,391,122	$	1,967,637	$	276,078	$	244,088	$	222,022

Sales by Product

Sales by product are as follows:

In thousands	2013		2012		2011
Specialty Products & Electronics	$	1,041,771	$	1,094,148	$	880,030
Remanufacturing, Overhaul & Build		655,387		496,883		331,787
Brake Products		567,730		527,399		497,968
Other Transit Products		204,115		197,634		195,251
Other		97,389		75,058		62,601
Total Sales	$	2,566,392	$	2,391,122	$	1,967,637

Other Income (Expense) (Tables)

12 Months Ended

Dec. 31, 2013

Components of Other Income (Expense)

The components of other expense are as follows:

	For the year ended December 31,
In thousands	2013			2012			2011
Foreign currency loss	$	(3,512	)	$	(134	)	$	(2,041	)
Other miscellaneous income (expense)		2,630			(536	)		1,661
Total other (expense) income	$	(882	)	$	(670	)	$	(380	)

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2013

Selected Quarterly Financial Data


In thousands, except per share data		First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2013
Net sales	$	615,510	$	638,002	$	631,398	$	681,482
Gross profit		182,888		192,881		188,133		200,125
Income from operations		103,667		112,554		109,871		111,218
Net income attributable to Wabtec shareholders		69,613		74,638		73,943		74,041
Basic earnings from operations per common share (1)	$	0.73	$	0.78	$	0.77	$	0.77
Diluted earnings from operations per common share (1)	$	0.72	$	0.77	$	0.76	$	0.76

2012
Net sales	$	583,309	$	609,820	$	587,593	$	610,400
Gross profit		169,381		173,427		171,279		180,480
Income from operations		94,110		100,865		96,842		100,462
Net income attributable to Wabtec shareholders		59,261		64,712		62,994		64,765
Basic earnings from operations per common share (1)	$	0.62	$	0.67	$	0.66	$	0.68
Diluted earnings from operations per common share (1)	$	0.61	$	0.67	$	0.65	$	0.67

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

(1)	Information above for basic earnings from operations per common share and diluted earnings from operations per common share for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013.

Business - Additional Information (Detail)	12 Months Ended
Business - Additional Information (Detail)	Dec. 31, 2013 Country
Product Information [Line Items]
Number of countries company operates	19
Revenues from customers outside the U.S.	48.00%
Minimum
Product Information [Line Items]
Number of countries where product found, minimum	100

Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 14, 2013 $ / shares shares	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) $ / shares shares	Dec. 31, 2011 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts		$ 5,700	$ 6,700
Product warranty expense		23,100	22,900	$ 19,900
Accrued product warranty		60,600	58,200
Foreign exchange transaction losses recognized in other (expense) income, net		(3,512)	(134)	(2,041)
Unbilled accounts receivable		205,045	97,129
Customer deposits		66,600	82,800
Provision for loss on contracts		14,000	14,200
Deferred pre-production costs		19,200	20,500
Engineering expenses		$ (46,289)	$ (41,307)	$ (37,193)
Percentage of work force covered by collective bargaining agreements		27.00%
Collective bargaining agreement, effective duration		2017
Common stock, shares authorized \| shares	200,000,000	200,000,000	200,000,000
Stock split ratio	2
Percentage of stock dividend	100.00%
Shares issued during stock split \| shares	66,200,000
Common stock, par value \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Interest Rate Swap
Summary Of Significant Accounting Policies [Line Items]
Interest rate on notional value		1.415%	1.415%
Forward Starting Interest Rate Swap Agreement
Summary Of Significant Accounting Policies [Line Items]
Interest rate swap agreements, notional amount		$ 150,000	$ 150,000
Current liability		3,000
Interest rate swap, accumulated other comprehensive loss		$ 1,800
Interest rate swap agreement termination date		Nov. 07, 2016
Agreements Expiring In 2012
Summary Of Significant Accounting Policies [Line Items]
Percentage of work force covered by collective bargaining agreements		15.00%

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Feb. 12, 2014	Sep. 24, 2013	Jul. 30, 2013	Feb. 26, 2013	Jan. 31, 2013	Oct. 01, 2012	Jul. 31, 2012	Jul. 13, 2012	Jun. 14, 2012
Indefinite Lived Intangible Assets By Major Class [Line Items]
Addition to goodwill	$ 177,400
Escrow deposits	20,800
Goodwill and other intangible assets	332,600
Acquired intangible assets	155,200
Trade Names
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	39,400
Customer Relationships
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	$ 105,000
Average useful life, years	20 years
Patents
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	$ 5,200
Average useful life, years	12 years
Favorable Leasehold Interest
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	$ 800
Average useful life, years	5 years
Noncompete Agreements
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	$ 600
Average useful life, years	2 years
Order or Production Backlog
Indefinite Lived Intangible Assets By Major Class [Line Items]
Acquired intangible assets	$ 4,200
Longwood Industries Inc
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Sep. 24, 2013
Business acquisition, net purchase price, net of cash			$ 83,900
Addition to goodwill			36,000
Goodwill tax deduction			0
Goodwill and other intangible assets			$ 75,411
Turbonetics
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Jul. 30, 2013
Business acquisition, net purchase price, net of cash				$ 23,200
Addition to goodwill				7,000
Goodwill tax deduction				0
Goodwill and other intangible assets				$ 18,135
Transdyne
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Feb. 26, 2013
Business acquisition, net purchase price, net of cash					$ 2,400
Addition to goodwill					500
Goodwill tax deduction					500
Goodwill and other intangible assets					$ 1,485
Napier
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Jan. 31, 2013
Business acquisition, net purchase price, net of cash						$ 112,300
Addition to goodwill						65,400
Goodwill tax deduction						0
Goodwill and other intangible assets						$ 106,030
Winco
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Jul. 31, 2012
Business acquisition, net purchase price, net of cash								$ 3,700
Addition to goodwill								3,800
Goodwill tax deduction								0
Goodwill and other intangible assets								$ 6,471
LH Group
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Oct. 01, 2012
Business acquisition, net purchase price, net of cash							$ 48,100
Addition to goodwill							20,100
Goodwill and other intangible assets							$ 38,712
Fandstan Electric Group Ltd
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Feb. 12, 2014
Business acquisition, net purchase price, net of cash		$ 215,000
Tec Tran
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Jul. 13, 2012
Business acquisition, net purchase price, net of cash									$ 8,300
Addition to goodwill									1,700
Goodwill tax deduction									1,700
Goodwill and other intangible assets									$ 6,717
Mors Smitt
Indefinite Lived Intangible Assets By Major Class [Line Items]
Date of acquisition	Jun. 14, 2012
Business acquisition, net purchase price, net of cash										$ 90,000
Addition to goodwill										42,900
Goodwill tax deduction										0
Goodwill and other intangible assets										$ 79,730

Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Sep. 24, 2013	Jul. 30, 2013	Feb. 26, 2013	Jan. 31, 2013	Oct. 01, 2012	Jul. 31, 2012	Jul. 13, 2012	Jun. 14, 2012
Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill and other intangible assets	$ 332,600
Longwood
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets		$ 18,162
Property, plant & equipment		14,838
Goodwill and other intangible assets		75,411
Other assets		187
Total assets acquired		108,598
Total liabilities assumed		(24,735)
Net assets acquired		$ 83,863
Turbonetics
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets			$ 5,562
Property, plant & equipment			996
Goodwill and other intangible assets			18,135
Total assets acquired			24,693
Total liabilities assumed			(1,510)
Net assets acquired			$ 23,183
Transdyne
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets				$ 1,062
Property, plant & equipment				83
Goodwill and other intangible assets				1,485
Total assets acquired				2,630
Total liabilities assumed				(228)
Net assets acquired				$ 2,402
Napier
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets					$ 15,848
Property, plant & equipment					8,836
Goodwill and other intangible assets					106,030
Total assets acquired					130,714
Total liabilities assumed					(18,373)
Net assets acquired					$ 112,341
Winco
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets							$ 1,584
Property, plant & equipment							47
Goodwill and other intangible assets							6,471
Other assets							1,825
Total assets acquired							9,927
Total liabilities assumed							(6,271)
Net assets acquired							$ 3,656
LH Group
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets						$ 19,126
Property, plant & equipment						5,874
Goodwill and other intangible assets						38,712
Total assets acquired						63,712
Total liabilities assumed						(15,592)
Net assets acquired						$ 48,120
Tec Tran
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets								$ 1,955
Property, plant & equipment								116
Goodwill and other intangible assets								6,717
Total assets acquired								8,788
Total liabilities assumed								(470)
Net assets acquired								$ 8,318
Mors Smitt
Indefinite Lived Intangible Assets By Major Class [Line Items]
Current assets									$ 23,649
Property, plant & equipment									10,389
Goodwill and other intangible assets									79,730
Other assets									944
Total assets acquired									114,712
Total liabilities assumed									(24,724)
Net assets acquired									$ 89,988

Pro Forma Financial Information (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

^[1]

Sep. 30, 2013

^[1]

Jun. 30, 2013

^[1]

Mar. 31, 2013

^[1]

Dec. 31, 2012

^[1]

Sep. 30, 2012

^[1]

Jun. 30, 2012

^[1]

Mar. 31, 2012

^[1]

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Business Acquisition [Line Items]

Net sales

$ 2,629,417

$ 2,622,843

Gross profit

777,139

759,368

Net income attributable to Wabtec shareholders

$ 297,040

$ 275,403

Diluted earnings per share, As reported

$ 0.76

$ 0.77

$ 0.72

$ 0.67

$ 0.65

$ 0.67

$ 0.61

$ 3.01

$ 2.60

$ 1.76

Diluted earnings per share, Pro forma

$ 3.07

$ 2.84

[1]	Information above for basic earnings from operations per common share and diluted earnings from operations per common share for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013.

Supplemental Cash Flow (Detail) - USD ($) $ in Thousands	12 Months Ended
Supplemental Cash Flow (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Cash Flow Supplemental [Line Items]
Interest paid during the year	$ 15,601	$ 16,309	$ 16,505
Income taxes paid during the year, net of amount refunded	137,945	135,691	68,053
Fair Value of assets acquired	267,306	198,066	160,862
Liabilities assumed	44,846	46,009	47,620
Cash paid	222,460	152,057	113,242
Less cash acquired	671	2,303	4,248
Net cash paid	$ 221,789	$ 149,754	$ 108,994

Supplemental Cash Flow - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013
Schedule Of Cash Flow Supplemental [Line Items]
Stock repurchase program, shares authorized	$ 200.0									$ 150.0
New share repurchase authorization, remaining										$ 44.4
Number of shares repurchased		413,900	93,205	0	0	462,200	155,000	597,600	0
Average price of shares repurchased		$ 66.47	$ 58.86			$ 40.15	$ 39.16	$ 36.69

Components of Inventory, Net of Reserves (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Inventory [Line Items]
Raw materials	$ 165,906	$ 186,341
Work-in-progress	137,449	129,605
Finished goods	99,874	91,093
Total inventories	$ 403,229	$ 407,039

Major Classes of Depreciable Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Line Items]
Machinery and equipment	$ 440,297	$ 406,574
Buildings and improvements	138,469	129,869
Land and improvements	16,271	16,297
Locomotive leased fleet	2,703	3,184
PP&E	597,740	555,924
Less: accumulated depreciation	(321,662)	(311,836)
Total	$ 276,078	$ 244,088	$ 222,022

Estimated Useful Lives of Property Plant and Equipment (Detail)	12 Months Ended
	Dec. 31, 2013
Land Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	10 years
Land Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Buildings And Improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Buildings And Improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	40 years
Machinery And Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	3 years
Machinery And Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	15 years
Locomotive Leased Fleet \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	4 years
Locomotive Leased Fleet \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	15 years

Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Line Items]
Depreciation expense	$ 33.5	$ 28.9	$ 29.9

Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Goodwill [Line Items]
Balance at December 31, 2012	$ 666,022
Adjustment to preliminary purchase price allocation of acquisitions	448
Acquisitions	115,062
Foreign currency impact	4,901
Balance at December 31, 2013	786,433
Freight Segment
Goodwill [Line Items]
Balance at December 31, 2012	397,184
Adjustment to preliminary purchase price allocation of acquisitions	(855)
Acquisitions	115,062
Foreign currency impact	(1,727)
Balance at December 31, 2013	509,664
Transit Segment
Goodwill [Line Items]
Balance at December 31, 2012	268,838
Adjustment to preliminary purchase price allocation of acquisitions	1,303
Acquisitions
Foreign currency impact	6,628
Balance at December 31, 2013	$ 276,769

Intangible Assets Other Than Goodwill and Trademarks (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Intangible Assets And Goodwill [Line Items]
Intangible assets, net of accumulated amortization	$ 228,885	$ 176,995
Patents And Other
Intangible Assets And Goodwill [Line Items]
Intangible assets, net of accumulated amortization	15,561	11,835
Customer Relationships
Intangible Assets And Goodwill [Line Items]
Intangible assets, net of accumulated amortization	$ 213,324	$ 165,160

Intangible Assets Other Than Goodwill and Trademarks (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Patents And Other
Intangible Assets And Goodwill [Line Items]
Intangible assets, net of accumulated amortization	$ 37,824	$ 35,556
Customer Relationships
Intangible Assets And Goodwill [Line Items]
Intangible assets, net of accumulated amortization	$ 44,910	$ 31,572

Amortization Expense (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
2014	$ 17,574
2015	16,131
2016	15,980
2017	15,084
2018	$ 14,448

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets Disclosure [Line Items]
Trademarks	$ 156.8	$ 131.3
Intangible assets, amortization expense	$ 17.7	$ 15.3	$ 15.0
Patents
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	10 years
Customer Relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	17 years
Intellectual property
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	16 years

Long Term Debt - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest rate	1.17%
Interest Rate Swap
Debt Instrument [Line Items]
Debt instrument, effective issuance date		Jul. 31, 2013
Maturity date of debt instrument		Nov. 07, 2016
Interest rate on notional value	1.415%	1.415%
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Deferred financing cost	$ 2.6
Maturity date of debt instrument	2023
Senior Notes issued	$ 250.0
Debt Instrument, Interest Rate, Stated Percentage	4.375%
6.875% Senior Notes, Due 2013
Debt Instrument [Line Items]
Maturity date of debt instrument	Jul. 31, 2013
Maturity date of debt instrument	2013
Senior Notes issued	$ 150.0
Debt Instrument, Interest Rate, Stated Percentage	6.875%
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Interest rate swap agreements, notional amount	$ 150.0	$ 150.0
2013 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost	$ 1.0
Debt instrument, effective issuance date	Dec. 19, 2013
Maturity date of debt instrument	Dec. 19, 2018
Debt instrument, interest rate, effective percentage	0.50%
Debt instrument basis points spread on variable rate	1.00%
Minimum interest expense coverage ratio	3.0
Maximum debt to cash flow ratio	3.25
2013 Refinancing Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.00%
2013 Refinancing Credit Agreement \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	1.00%
2013 Refinancing Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.00%
2013 Refinancing Credit Agreement \| Minimum \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.75%
2013 Refinancing Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.75%
2013 Refinancing Credit Agreement \| Maximum \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	1.75%
2011 Refinancing Credit Agreement
Debt Instrument [Line Items]
Credit facility loan term, years	5 years
Deferred financing cost	$ 1.9
Debt instrument, effective issuance date	Nov. 07, 2011
Maturity date of debt instrument	Nov. 07, 2016
Debt instrument, interest rate, effective percentage	0.50%
Debt instrument basis points spread on variable rate	1.00%
2011 Refinancing Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.00%
2011 Refinancing Credit Agreement \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	1.00%
2011 Refinancing Credit Agreement \| Minimum \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.00%
2011 Refinancing Credit Agreement \| Minimum \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.75%
2011 Refinancing Credit Agreement \| Maximum \| Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	0.75%
2011 Refinancing Credit Agreement \| Maximum \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate	1.75%
Revolving Credit Facility \| 2013 Refinancing Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, amount	$ 800.0
Credit facility loan term, years	5 years
Line of credit facility, amount currently available	$ 540.2
Revolving Credit Facility \| 2011 Refinancing Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, amount	600.0
Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 59.8

Long Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Long-term Debt	$ 450,709	$ 317,896
Current portion of long-term debt	421	43
Long-term debt	450,288	317,853
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt	200,000	167,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term Debt	250,000
6.875% Senior Notes, Due 2013
Debt Instrument [Line Items]
Long-term Debt		150,000
Capital Leases
Debt Instrument [Line Items]
Long-term Debt	$ 709	$ 896

Long Term Debt (Parenthetical) (Detail)	Dec. 31, 2013
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Maturity date of debt instrument	2023
Debt Instrument, Interest Rate, Stated Percentage	4.375%
6.875% Senior Notes, Due 2013
Debt Instrument [Line Items]
Maturity date of debt instrument	2013
Debt Instrument, Interest Rate, Stated Percentage	6.875%

Principal Repayments of Debt and Capital Lease (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Debt And Capital Lease Obligations [Line Items]
2014	$ 421
2015	103
2016	86
2017	51
2018	200,030
Future years	250,018
Total	$ 450,709	$ 317,896

Obligations and Funded Status (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (50,003)	$ (66,388)
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(52,226)
Service cost	(432)	(379)	$ (309)
Interest cost	(1,960)	(2,113)	(2,428)
Employee contributions	0
Obligation at end of year	(47,090)	(52,226)
Fair value of plan assets at beginning of year	42,403
Fair value of plan assets at end of year	42,980	42,403
Funded Status	(4,110)	(9,823)
Noncurrent liabilities	(4,110)	(9,823)
Net amount recognized	(4,110)	(9,823)
Prior service costs	(36)	(98)
Net actuarial loss	(22,249)	(30,557)
Net amount recognized	(22,285)	(30,655)
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(163,507)
Service cost	(2,035)	(2,006)	(3,204)
Interest cost	(6,661)	(7,114)	(7,575)
Employee contributions	5,200
Obligation at end of year	(170,931)	(163,507)
Fair value of plan assets at beginning of year	144,089
Fair value of plan assets at end of year	156,705	144,089
Funded Status	(14,226)	(19,418)
Noncurrent assets	3,554	930
Current liabilities	(44)	(47)
Noncurrent liabilities	(17,736)	(20,301)
Net amount recognized	(14,226)	(19,418)
Initial net obligation	(647)	(801)
Prior service costs	(223)	(390)
Net actuarial loss	(40,359)	(45,824)
Net amount recognized	(41,229)	(47,015)
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(33,807)
Service cost	(47)	(24)	(31)
Interest cost	(1,113)	(1,387)	(1,610)
Actuarial gain (loss)	6,466	(129)
Obligation at end of year	(25,860)	(33,807)
Fair value of plan assets at beginning of year
Fair value of plan assets at end of year
Funded Status	(25,860)	(33,807)
Current liabilities	(1,357)	(1,509)
Noncurrent liabilities	(24,503)	(32,298)
Net amount recognized	(25,860)	(33,807)
Initial net obligation
Prior service costs	11,722	12,663
Net actuarial loss	(21,619)	(29,719)
Net amount recognized	(9,897)	(17,056)
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(4,296)
Service cost	(48)	(45)	(56)
Interest cost	(172)	(201)	(231)
Actuarial gain (loss)	153	(228)
Obligation at end of year	(3,871)	(4,296)
Fair value of plan assets at beginning of year
Fair value of plan assets at end of year
Funded Status	(3,871)	(4,296)
Current liabilities	(217)	(330)
Noncurrent liabilities	(3,654)	(3,966)
Net amount recognized	(3,871)	(4,296)
Initial net obligation
Prior service costs	44	265
Net actuarial loss	761	753
Net amount recognized	805	1,018
Change In Projected Benefit Obligation \| U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(52,226)	(52,351)
Service cost	(432)	(379)
Interest cost	(1,960)	(2,113)
Benefits paid	3,586	3,548
Actuarial gain (loss)	3,942	(931)
Obligation at end of year	(47,090)	(52,226)	(52,351)
Change In Projected Benefit Obligation \| International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(163,507)	(144,641)
Service cost	(2,035)	(2,006)
Interest cost	(6,661)	(7,114)
Employee contributions	(442)	(419)
Plan curtailments and amendments	34
Benefits paid	6,554	9,335
Expenses and premiums paid	360	541
Acquisition		(1,050)
Actuarial gain (loss)	(7,860)	(13,360)
Effect of currency rate changes	2,626	(4,793)
Obligation at end of year	(170,931)	(163,507)	(144,641)
Effect of currency rate changes	(2,626)	4,793
Change In Projected Benefit Obligation \| U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(33,807)	(33,464)
Service cost	(47)	(24)
Interest cost	(1,113)	(1,387)
Benefits paid	2,641	1,197
Obligation at end of year	(25,860)	(33,807)	(33,464)
Change In Projected Benefit Obligation \| International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Obligation at beginning of year	(4,296)	(4,003)
Service cost	(48)	(45)
Interest cost	(172)	(201)
Benefits paid	220	270
Effect of currency rate changes	(272)	89
Obligation at end of year	(3,871)	(4,296)	(4,003)
Effect of currency rate changes	272	(89)
Change In Plan Assets \| U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	(3,586)	(3,548)
Fair value of plan assets at beginning of year	42,403	39,951
Actual return on plan assets	4,163	4,484
Employer contributions		1,516
Fair value of plan assets at end of year	42,980	42,403	39,951
Change In Plan Assets \| International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employee contributions	442	419
Benefits paid	(6,554)	(9,335)
Expenses and premiums paid	(360)	(541)
Acquisition		667
Effect of currency rate changes	2,995	(4,192)
Fair value of plan assets at beginning of year	144,089	131,327
Actual return on plan assets	17,273	10,621
Employer contributions	4,810	6,739
Effect of currency rate changes	(2,995)	4,192
Fair value of plan assets at end of year	156,705	144,089	131,327
Change In Plan Assets \| U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	(1,158)	(1,197)
Fair value of plan assets at beginning of year
Employer contributions	1,158	1,197
Fair value of plan assets at end of year
Change In Plan Assets \| International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Benefits paid	(220)	(270)
Fair value of plan assets at beginning of year
Employer contributions	220	270
Fair value of plan assets at end of year

U.S. and International Pension Plans With Accumulated and Projected Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (47,090)	$ (52,226)
Accumulated benefit obligation	(46,316)	(51,428)
Fair value of plan assets	42,980	42,403
Projected benefit obligation	(47,090)	(52,226)
Fair value of plan assets	42,980	42,403
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(117,717)	(125,145)
Accumulated benefit obligation	(108,182)	(115,885)
Fair value of plan assets	100,798	104,797
Projected benefit obligation	(126,998)	(125,145)
Fair value of plan assets	$ 109,219	$ 104,797

Components of Net Periodic Benefit Costs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 432	$ 379	$ 309
Interest cost	1,960	2,113	2,428
Expected return on plan assets	(2,977)	(3,095)	(3,331)
Amortization of initial net obligation and prior service (credit) cost	62	62	62
Amortization of net loss (gain)	3,180	2,968	2,502
Net periodic benefit (credit) cost	2,657	2,427	1,970
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2,035	2,006	3,204
Interest cost	6,661	7,114	7,575
Expected return on plan assets	(8,418)	(8,132)	(8,477)
Amortization of initial net obligation and prior service (credit) cost	270	322	380
Amortization of net loss (gain)	3,107	2,412	1,665
Settlement and Curtailment losses recognized	168	1,149	1,024
Net periodic benefit (credit) cost	3,823	4,871	5,371
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	47	24	31
Interest cost	1,113	1,387	1,610
Amortization of initial net obligation and prior service (credit) cost	(2,689)	(2,608)	(2,661)
Amortization of net loss (gain)	1,634	1,790	1,761
Net periodic benefit (credit) cost	105	593	741
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	48	45	56
Interest cost	172	201	231
Amortization of initial net obligation and prior service (credit) cost	(211)	(240)	(243)
Amortization of net loss (gain)	(93)	(90)	(142)
Net periodic benefit (credit) cost	$ (84)	$ (84)	$ (98)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Total recognized in other comprehensive income (loss)	$ (2,599)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	2,622
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Total recognized in other comprehensive income (loss)	(2,847)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	3,106
Defined Benefit Pension Plans \| U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the year	5,128
Amortization or curtailment recognition of prior service cost	62
Amortization or settlement recognition of net loss (gain)	3,180
Total recognized in other comprehensive income (loss)	8,370
Total recognized in net periodic benefit cost and other comprehensive (loss) income	5,713
Defined Benefit Pension Plans \| International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the year	996
Effect of exchange rates	1,211
Amortization, settlement, or curtailment recognition of net transition obligation	160
Amortization or curtailment recognition of prior service cost	144
Amortization or settlement recognition of net loss (gain)	3,275
Total recognized in other comprehensive income (loss)	5,786
Total recognized in net periodic benefit cost and other comprehensive (loss) income	1,963
Post Retirement Benefit Plans \| U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the year	8,214
Amortization or curtailment recognition of prior service cost	(2,689)
Amortization or settlement recognition of net loss (gain)	1,634
Total recognized in other comprehensive income (loss)	7,159
Total recognized in net periodic benefit cost and other comprehensive (loss) income	7,054
Post Retirement Benefit Plans \| International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Net gain (loss) arising during the year	153
Effect of exchange rates	(62)
Amortization or curtailment recognition of prior service cost	(211)
Amortization or settlement recognition of net loss (gain)	(93)
Total recognized in other comprehensive income (loss)	(213)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$ (129)

Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.70%	3.90%	4.30%
Expected return on plan assets	6.20%	7.50%	7.50%
Rate of compensation increase	3.00%	3.00%	3.00%
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.43%	4.30%	4.96%
Expected return on plan assets	6.07%	6.09%	6.12%
Rate of compensation increase	3.59%	3.10%	3.21%
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.70%	3.90%	4.30%
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.60%	4.30%	5.15%

Amounts Included in Other Comprehensive Loss That are Expected to be Recognized as Components of Periodic Benefit Costs (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	$ 23
Net actuarial loss (gain)	2,599
Total recognized in net periodic benefit cost and other comprehensive (loss) income	2,622
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net transition obligation	169
Prior service cost	90
Net actuarial loss (gain)	2,847
Total recognized in net periodic benefit cost and other comprehensive (loss) income	3,106
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Prior service credit	(2,729)
Net actuarial loss (gain)	1,423
Total recognized in net periodic benefit cost and other comprehensive (loss) income	(1,306)
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Prior service credit	(9)
Net actuarial loss (gain)	(55)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$ (64)

Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 42,980	$ 42,403
U.S. Defined Benefit Pension Plans \| Equity Security Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	21,562	21,081
U.S. Defined Benefit Pension Plans \| Debt Security Funds And Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	20,749	20,785
U.S. Defined Benefit Pension Plans \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	669	537
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	156,705	144,089
International Defined Benefit Pension Plans \| Equity Security Funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	84,699	77,715
International Defined Benefit Pension Plans \| Debt Security Funds And Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	66,238	65,674
International Defined Benefit Pension Plans \| Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 5,768	$ 700

Benefit Payments Expected to be Paid to Plan Participants (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2014	$ 3,562
2015	3,610
2016	3,534
2017	3,555
2018	3,511
2019 through 2023	17,190
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2014	6,737
2015	6,765
2016	6,723
2017	7,210
2018	7,520
2019 through 2023	42,394
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
2014	1,357
2015	1,365
2016	1,431
2017	1,454
2018	1,558
2019 through 2023	8,924
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
2014	217
2015	228
2016	235
2017	233
2018	245
2019 through 2023	$ 1,430

Costs Recognized Under Defined Contribution Plans and Multiemployer Pension Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Contribution Benefit Plans [Line Items]
Multi-employer pension and health & welfare plans	$ 2,678	$ 2,122	$ 1,574
401(k) savings and other defined contribution plans	17,291	14,394	11,045
Total	$ 19,969	$ 16,516	$ 12,619

Employee Benefit Plans - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of shares held on behalf of participants	713,200	742,400
Market value of the shares held on behalf of participants	$ 53,000,000	$ 32,500,000
U.S. Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate accumulated benefit obligation	46,300,000	51,400,000
Contribution to the plan	$ 0
U.S. Defined Benefit Pension Plans \| Equity Security Funds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	50.00%
U.S. Defined Benefit Pension Plans \| Debt Security Funds And Other
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	50.00%
International Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Aggregate accumulated benefit obligation	$ 159,800,000	$ 154,200,000
Contribution to the plan	$ 5,200,000
International Defined Benefit Pension Plans \| Equity Security Funds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	50.00%
International Defined Benefit Pension Plans \| Debt Security Funds And Other
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	50.00%
United Kingdom Defined Benefit Pension Plans \| Equity Security Funds
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	62.50%
United Kingdom Defined Benefit Pension Plans \| Debt Security Funds And Other
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Target asset allocation	37.50%
U.S. Post Retirement
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Assumed health care cost trend rate, initial rate	7.00%
Assumed health care cost trend rate, ultimate rate	4.50%
Assumed health care cost trend rate, year	2027
Effect of 1% point increase on service and interest cost components	$ 159,000
Effect of 1% point increase on accumulated postretirement benefit obligation	3,300,000
Effect of 1% point decrease on service and interest cost components	134,000
Effect of 1% point decrease on accumulated postretirement benefit obligation	$ 2,800,000
International Post Retirement
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Assumed health care cost trend rate, initial rate	7.00%
Assumed health care cost trend rate, ultimate rate	4.50%
Assumed health care cost trend rate, year	2027
Effect of 1% point increase on service and interest cost components	$ 17,000
Effect of 1% point increase on accumulated postretirement benefit obligation	237,000
Effect of 1% point decrease on service and interest cost components	15,000
Effect of 1% point decrease on accumulated postretirement benefit obligation	$ 219,000

Contributions in Multiemployer Pension Plans (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Defined Contribution Plan Disclosure [Line Items]

Contributions by the Company

$ 2,678

$ 2,122

$ 1,574

Idaho Operating Engineers Employers Pension Trust Fund

Defined Contribution Plan Disclosure [Line Items]

EIN

^[1]

916075538

Plan Number

^[1]

001

Pension Protection Act Zone Status

^[2]

Green

FIP / RP Status Pending / Implemented

^[3]

Contributions by the Company

^[4]

$ 2,154

$ 1,803

$ 1,269

Surcharge Imposed

^[5]

Expiration Dates of Collective Bargaining Agreements

Jun. 30, 2015

Automobile Mechanics Local Number Seven Hundred And One Union and Industry Pension Plan

Defined Contribution Plan Disclosure [Line Items]

EIN

^[1]

366042061

Plan Number

^[1]

001

Pension Protection Act Zone Status

^[2]

Red

FIP / RP Status Pending / Implemented

^[3],[6]

Implemented

Contributions by the Company

$ 525

$ 310

$ 298

Surcharge Imposed

^[5],[7]

Yes

Expiration Dates of Collective Bargaining Agreements

Dec. 11, 2014

Other Plans

Defined Contribution Plan Disclosure [Line Items]

Contributions by the Company

$ 0

$ 9

$ 7

[1]	The “EIN / PN” column provides the Employer Identification Number and the three-digit plan number assigned to a plan by the Internal Revenue Service.
[2]	The most recent Pension Protection Act Zone Status available for 2012 and 2011 is for plan years that ended in 2012 and 2011, respectively. The zone status is based on information provided to the Company and other participating employers by each plan and is certified by the plan’s actuary. A plan in the “red” zone has been determined to be in “critical status”, based on criteria established under the Internal Revenue Code (“Code”), and is generally less than 65% funded. A plan in the “yellow” zone has been determined to be in “endangered status”, based on criteria established under the Code, and is generally less than 80% funded. A plan in the “green” zone has been determined to be neither in “critical status” nor in “endangered status”, and is generally at least 80% funded.
[3]	The “FIP/RP Status Pending/Implemented” column indicates whether a Funding Improvement Plan, as required under the Code to be adopted by plans in the “yellow” zone, or a Rehabilitation Plan, as required under the Code to be adopted by plans in the “red” zone, is pending or has been implemented as of the end of the plan year that ended in 2013.
[4]	The Company’s contribution represents more than 5% of the total contributions to the plan.
[5]	The “Surcharge Imposed” column indicates whether the Company’s contribution rate for 2013 included an amount in addition the contribution rate specified in the applicable collective bargaining agreement, as imposed by a plan in “critical status”, in accordance with the requirements of the Code.
[6]	The Pension Fund’s board adopted a Rehabilitation Plan on September 30, 2012, increasing the weekly pension fund contribution rates by $75 with corresponding decreases to the weekly welfare fund contribution rates.
[7]	Critical status triggered a 5% surcharge on employer contributions effective June 2012. Effective January 1, 2013, this surcharge increases to 10% and remains in effect until the Company’s union adopts the Rehabilitation Plan.

Contributions in Multiemployer Pension Plans (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2013 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Percentage of contribution to the plan	5.00%
Increasing in weekly pension fund contribution rates	$ 75
Surcharge Imposed	5.00%
Red Zone
Defined Contribution Plan Disclosure [Line Items]
Percentage of funds required in the critical status	65.00%
Yellow Zone
Defined Contribution Plan Disclosure [Line Items]
Percentage of funds required in the critical status	80.00%
Green Zone
Defined Contribution Plan Disclosure [Line Items]
Percentage of funds required in the critical status	80.00%
Defined Contribution Plan
Defined Contribution Plan Disclosure [Line Items]
Surcharge Imposed	10.00%

Components of Income from Operations before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Components Of Income Before Income Tax Expense Benefit [Line Items]
Domestic	$ 285,395	$ 273,234	$ 161,108
Foreign	135,692	104,124	94,206
Income from operations before income taxes	$ 421,087	$ 377,358	$ 255,314

Consolidated Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Components Of Income Tax Expense Benefit [Line Items]
Current taxes, Federal	$ 70,459	$ 81,630	$ 57,272
Current taxes, State	13,173	16,415	12,203
Current taxes, Foreign	29,972	27,000	32,285
Current taxes	113,604	125,045	101,760
Deferred taxes, Federal	11,146	(2,203)	(10,591)
Deferred taxes, State	1,375	851	(2,326)
Deferred taxes, Foreign	2,727	1,933	(3,678)
Deferred taxes	15,248	581	(16,595)
Total provision	$ 128,852	$ 125,626	$ 85,165

Reconciliation of Income Tax Rate (Detail)	12 Months Ended
Reconciliation of Income Tax Rate (Detail)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation Of Statutory Federal Tax Rate [Line Items]
U. S. federal statutory rate	35.00%	35.00%	35.00%
State taxes	2.20%	2.80%	2.30%
Tax reserves	0.00%	0.30%	(0.50%)
Foreign	(3.90%)	(2.70%)	(2.00%)
Research and development credit	(0.60%)	(0.20%)	(0.90%)
Manufacturing deduction	(1.70%)	(2.10%)	(1.60%)
Other, net	(0.40%)	0.20%	1.10%
Effective rate	30.60%	33.30%	33.40%

Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Components Of Deferred Income Tax Assets And Liabilities [Line Items]
Deferred income tax assets, Accrued expenses and reserves	$ 32,243	$ 38,288
Deferred income tax assets, Warranty reserve	16,783	15,496
Deferred compensation/employee benefits	21,326	14,117
Deferred income tax assets, Pension and postretirement obligations	17,920	25,685
Deferred income tax assets, Inventory	10,089	9,841
Deferred income tax assets, Net operating loss carry forwards	5,770	4,744
Deferred income tax assets, Tax credit carry forwards	4,126	2,857
Gross deferred income tax assets	108,257	111,028
Valuation allowance	3,332	2,141
Total deferred income tax assets	104,925	108,887
Deferred income tax liabilities, Property, plant, and equipment	25,440	24,273
Deferred income tax liabilities, Intangibles	140,317	112,431
Deferred income tax liabilities, Other	2,045	2,282
Total deferred income tax liabilities	167,802	138,986
Net deferred income tax liability	$ (62,877)	$ (30,099)

Liability for Income Taxes Associated with Uncertain Tax Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes [Line Items]
Gross liability for uncertain tax positions at beginning of year	$ 11,267	$ 8,204	$ 9,974
Gross increases—uncertain tax positions in prior periods	55	180	859
Gross increases—current period uncertain tax positions	3,279	4,649	375
Gross decreases—audit settlements during year	(2,515)	(648)	(1,889)
Gross decreases—expiration of audit statute of limitations	(1,555)	(1,118)	(1,115)
Gross liability for uncertain tax positions at end of year	$ 10,531	$ 11,267	$ 8,204

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Income Taxes [Line Items]
Undistributed earnings of foreign subsidiaries	$ 515.8
Withholding tax payable upon remittance of all previously unremitted earnings	5.4
Valuation allowance for foreign carryforwards	3.3
State and foreign tax credit carryforwards	4.1
State net operating loss carryforwards	69.2
Liability for income taxes	10.5	$ 11.3
Unrecognized tax benefits if recognized that would affect effective tax rate	4.7	3.7
Accrued interest	1.5	2.5
Accrued penalties	0.9	$ 1.4
Unrecognized tax benefits subject to change within the next 12 months	$ 0.3
Minimum
Income Taxes [Line Items]
State and foreign tax credit carryforwards, expiration year	Dec. 31, 2015
Minimum \| State Net Operating Loss Carry-forwards
Income Taxes [Line Items]
State and foreign tax credit carryforwards, expiration year	Dec. 31, 2015
Maximum
Income Taxes [Line Items]
State and foreign tax credit carryforwards, expiration year	Dec. 31, 2030
Maximum \| State Net Operating Loss Carry-forwards
Income Taxes [Line Items]
State and foreign tax credit carryforwards, expiration year	Dec. 31, 2034

Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share Basic And Diluted By Common Class [Line Items]

Net income attributable to Wabtec shareholders

$ 74,041

$ 73,943

$ 74,638

$ 69,613

$ 64,765

$ 62,994

$ 64,712

$ 59,261

$ 292,235

$ 251,732

$ 170,149

Cash dividends ($0.04 in 2011, $0.08 in 2012 and $ 0.13 in 2013)

(12,644)

(7,666)

(3,849)

Undistributed earnings

$ 279,591

$ 244,066

$ 166,300

Percentage allocated to common shareholders

^[1]

99.50%

Undistributed earnings allocated to common shareholders

$ 278,193

$ 242,846

$ 165,469

Add: dividends declared—common shares

12,583

7,625

3,829

Numerator for basic and diluted earnings per common share

$ 290,776

$ 250,471

$ 169,298

Denominator for basic earnings per common share—weighted-average shares

95,463

95,469

95,639

Assumed conversion of dilutive stock-based compensation plans

1,369

1,273

1,018

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

96,832

96,742

96,657

Basic

$ 0.77

^[2]

$ 0.77

^[2]

$ 0.78

^[2]

$ 0.73

^[2]

$ 0.68

^[2]

$ 0.66

^[2]

$ 0.67

^[2]

$ 0.62

^[2]

$ 3.05

$ 2.62

$ 1.77

Diluted earnings per share, As reported

$ 0.76

^[2]

$ 0.76

^[2]

$ 0.77

^[2]

$ 0.72

^[2]

$ 0.67

^[2]

$ 0.65

^[2]

$ 0.67

^[2]

$ 0.61

^[2]

$ 3.01

$ 2.60

$ 1.76

[1]	(1) Basic weighted-average common shares outstanding 95,463 95,469 95,639 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 95,932 95,976 96,149 Percentage allocated to common shareholders 99.5% 99.5% 99.5%
[2]	Information above for basic earnings from operations per common share and diluted earnings from operations per common share for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013.

Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares
shares in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Earnings Per Share Basic And Diluted By Common Class [Line Items]

Denominator for basic earnings per common share—weighted-average shares

95,463

95,469

95,639

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

95,932

95,976

96,149

Percentage allocated to common shareholders

^[1]

99.50%

[1]	(1) Basic weighted-average common shares outstanding 95,463 95,469 95,639 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 95,932 95,976 96,149 Percentage allocated to common shareholders 99.5% 99.5% 99.5%

Earnings Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Line Items]
Shares not included in computation of diluted earnings per share	12,000	38,000	50,000

Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Options Outstanding
Outstanding, beginning of period	1,465,678	1,724,784	1,996,778
Granted	116,392	151,396	252,892
Exercised	(344,806)	(346,736)	(505,720)
Canceled	(4,402)	(63,766)	(19,166)
Outstanding, end of period	1,232,862	1,465,678	1,724,784	1,996,778
Exercisable at December 31, 2013	798,316
Weighted-Average Exercise Price per Share
Outstanding, beginning of period	$ 20.24	$ 17.37	$ 13.92
Granted	48.29	35.36	29.03
Exercised	14.98	12.78	9.69
Canceled	26.61	19.11	13.96
Outstanding, end of period	24.36	$ 20.24	$ 17.37	$ 13.92
Exercisable at December 31, 2013	$ 18.76
Weighted-Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life, outstanding	6 years 1 month 6 days	6 years 3 months 18 days	6 years 6 months	6 years 2 months 12 days
Exercisable at December 31, 2013	5 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding, beginning of period	$ 34,487	$ 30,362	$ 25,018
Granted	3,024	1,274	1,505
Exercised	(20,444)	(10,746)	(12,788)
Canceled	(210)	(1,573)	(403)
Outstanding, end of period	61,530	$ 34,487	$ 30,362	$ 25,018
Exercisable at December 31, 2013	$ 44,317

Stock Options Outstanding (Detail)	12 Months Ended
Stock Options Outstanding (Detail)	Dec. 31, 2013 $ / shares shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Number of Options Outstanding \| shares	1,232,862
Weighted Average Exercise Price of Options Outstanding	$ 24.36
Number of Options Currently Exercisable \| shares	798,316
Weighted Average Exercise Price of Options Currently Exercisable	$ 18.76
Under $10.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 10.00
Number of Options Outstanding \| shares	1,666
Weighted Average Exercise Price of Options Outstanding	$ 8.54
Weighted Average Remaining Contractual Life	1 year 2 months 12 days
Number of Options Currently Exercisable \| shares	1,666
Weighted Average Exercise Price of Options Currently Exercisable	$ 8.54
10.00 - 15.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of exercise prices, lower limit	10.00
Range of exercise prices, upper limit	$ 15.00
Number of Options Outstanding \| shares	269,084
Weighted Average Exercise Price of Options Outstanding	$ 14.39
Weighted Average Remaining Contractual Life	5 years
Number of Options Currently Exercisable \| shares	269,084
Weighted Average Exercise Price of Options Currently Exercisable	$ 14.39
15.00 - 23.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of exercise prices, lower limit	15.00
Range of exercise prices, upper limit	$ 23.00
Number of Options Outstanding \| shares	452,332
Weighted Average Exercise Price of Options Outstanding	$ 18.19
Weighted Average Remaining Contractual Life	4 years 10 months 24 days
Number of Options Currently Exercisable \| shares	399,848
Weighted Average Exercise Price of Options Currently Exercisable	$ 18.07
23.00 - 30.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of exercise prices, lower limit	23.00
Range of exercise prices, upper limit	$ 30.00
Number of Options Outstanding \| shares	231,746
Weighted Average Exercise Price of Options Outstanding	$ 28.60
Weighted Average Remaining Contractual Life	6 years 9 months 18 days
Number of Options Currently Exercisable \| shares	93,978
Weighted Average Exercise Price of Options Currently Exercisable	$ 28.45
Over 30.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of exercise prices, lower limit	$ 30.00
Number of Options Outstanding \| shares	278,034
Weighted Average Exercise Price of Options Outstanding	$ 40.62
Weighted Average Remaining Contractual Life	8 years 6 months
Number of Options Currently Exercisable \| shares	33,740
Weighted Average Exercise Price of Options Currently Exercisable	$ 35.21

Schedule of Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Dividend yield	0.21%	0.23%	0.08%
Risk-free interest rate	1.40%	1.40%	3.00%
Stock price volatility	43.80%	45.00%	45.60%
Expected life (years)	5 years	5 years	5 years
Weighted average fair value of options granted during the year	$ 17.60	$ 13.21	$ 11.60

Restricted Stock Activity and Incentive Stock Awards Activity (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	$ 26.69	$ 22.02	$ 17.95
Granted	48.62	35.45	14.18
Vested	20.86	17.87	18.24
Adjustment for incentive stock awards expected to vest	33.49	32.77	23.06
Canceled	26.98	22.52	17.41
Outstanding, end of period	$ 35.27	$ 26.69	$ 22.02
Non-Vested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	546,774	549,218	553,254
Granted	173,887	223,960	227,164
Vested	(204,494)	(197,388)	(224,660)
Adjustment for incentive stock awards expected to vest
Canceled	(6,038)	(29,016)	(6,540)
Outstanding, end of period	510,129	546,774	549,218
Incentive Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	1,329,078	1,292,724	712,654
Granted	200,090	237,320	234,300
Vested	(570,918)	(244,158)	(134,684)
Adjustment for incentive stock awards expected to vest	91,694	69,778	484,452
Canceled	(6,350)	(26,586)	(3,998)
Outstanding, end of period	1,043,594	1,329,078	1,292,724

Stock-based Compensation Plans - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term, years	10 years
Share based compensation arrangement, plan expiration	Oct. 31, 2016
Stock-based compensation expense	$ 24.1	$ 19.8	$ 18.6
Tax benefits related to the stock-based compensation plans	7.9	$ 5.9	$ 5.1
Unamortized compensation expense expected to be vested	$ 21.0
Recognized weighted average period, years	1 year 2 months 12 days
Risk-free interest rate, year	7 years
Performance goal period to vest incentive stock awards	3 years
December Thirty First Two Thousand Thirteen
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	200.00%
December Thirty First Two Thousand Fourteen
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	164.00%
December Thirty First Two Thousand And Fifteen
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	100.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	0.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	200.00%
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.3
Non-Vested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	5.6
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2.1
Incentive Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	13.1
Directors Fee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1.0
Plan 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant	3,731,087
Plan 2011 \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period, maximum years	4 years
Options expire from date of grant, years	10 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	823,760
Directors Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for grants	1,000,000
Vesting period, maximum years	3 years
Options expire from date of grant, years	10 years
Directors Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period, maximum years	1 year
Shares issued	17,875	22,010	23,272
Plan 2000 \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period, maximum years	4 years
Options expire from date of grant, years	10 years

Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Comprehensive Loss [Line Items]
Foreign currency translation gain	$ 17,326	$ 11,981
Pension benefit plans and post retirement benefit plans, net of tax	(50,172)	(63,086)
Total accumulated other comprehensive loss	(34,856)	(53,564)
Interest Rate Swap
Other Comprehensive Loss [Line Items]
Interest rate swap, accumulated other comprehensive loss	$ (2,010)	$ (2,459)

- 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

Components of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other Comprehensive Loss [Line Items]
Unrealized loss on interest rate swap contracts, tax	$ 1,252	$ 1,612
Pension benefit plans and post retirement benefit plans, tax	$ (22,434)	$ (30,622)

Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2012	$ (53,564)
Other comprehensive income before reclassifications	15,058
Amounts reclassified from accumulated other comprehensive income	3,650
Net current period other comprehensive income	18,708	$ 7,333	$ (22,820)
Balance at December 31, 2013	(34,856)	(53,564)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2012	11,981
Other comprehensive income before reclassifications	5,345
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	5,345
Balance at December 31, 2013	17,326	11,981
Interest Rate Swap Contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2012	(2,459)
Other comprehensive income before reclassifications	449
Amounts reclassified from accumulated other comprehensive income
Net current period other comprehensive income	449
Balance at December 31, 2013	(2,010)	(2,459)
Pension And Post Retirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2012	(63,086)
Other comprehensive income before reclassifications	9,264
Amounts reclassified from accumulated other comprehensive income	3,650
Net current period other comprehensive income	12,914
Balance at December 31, 2013	$ (50,172)	$ (63,086)

- Definition

+ References + Details

Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts Reclassified From Accumulated Other Comprehensive Income Before Income Taxes	$ 5,260
Amounts Reclassified From Accumulated Other Comprehensive Income, tax effect	(1,610)
Amounts reclassified from accumulated other comprehensive income	3,650
Cost of Sales
Accumulated Other Comprehensive Income Loss [Line Items]
Amortization of initial net obligation and prior service cost	(2,568)
Amortization of net loss	7,828
Pension And Post Retirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Amounts reclassified from accumulated other comprehensive income	$ 3,650

Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Leased Assets [Line Items]
Net rental expense	$ 18.2	$ 14.7	$ 13.4
Sublease rentals	$ 0.3	$ 0.2	$ 0.3
Minimum
Operating Leased Assets [Line Items]
Operating leases term, in years	1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases term, in years	15 years

Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items]
2014	$ 16,591
2015	14,385
2016	13,107
2017	9,945
2018	7,874
2019 and after	25,831
Real Estate
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items]
2014	15,241
2015	13,461
2016	12,569
2017	9,794
2018	7,832
2019 and after	25,821
Equipment
Future Minimum Payments Under Non Cancelable Operating Leases With Initial Terms Of One Year Or More [Line Items]
2014	1,350
2015	924
2016	538
2017	151
2018	42
2019 and after	$ 10

Changes in Product Warranty Reserve (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Warranties [Line Items]
Balance at beginning of period	$ 58,212	$ 50,640
Warranty expense	23,059	22,862
Acquisitions	2,227	1,529
Warranty payments	(20,603)	(16,972)
Foreign currency impact/other	(2,302)	153
Balance at end of period	$ 60,593	$ 58,212

Preferred Stock - Additional Information (Detail) - shares	Dec. 31, 2013	Dec. 31, 2012
Preferred Stock [Line Items]
Preferred stock, shares authorized	1,000,000	1,000,000

Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	$ 3,005	$ 4,070
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	3,005	4,070
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Interest Rate Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	3,005	4,070
Interest Rate Swap Agreement \| Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities
Interest Rate Swap Agreement \| Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	3,005	4,070
Interest Rate Swap Agreement \| Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities

Fair Value Measures and Disclosures (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Carry Value \| Interest Rate Swap Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	$ 3,005	$ 4,070
Fair Value \| Interest Rate Swap Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Fair value, liabilities measured on recurring basis, derivative financial instruments, liabilities	3,005	4,070
4.375% Senior Notes \| Carry Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	250,000
4.375% Senior Notes \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes	253,135
6.875% Senior Notes \| Carry Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes		150,000
6.875% Senior Notes \| Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Senior Notes		$ 154,125

Fair Value Measures and Disclosures (Parenthetical) (Detail)	Dec. 31, 2013
4.375% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%
6.875% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	6.875%

Segment Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net sales	$ 681,482	$ 631,398	$ 638,002	$ 615,510	$ 610,400	$ 587,593	$ 609,820	$ 583,309	$ 2,566,392	$ 2,391,122	$ 1,967,637
Income (loss) from operations	111,218	$ 109,871	$ 112,554	$ 103,667	100,462	$ 96,842	$ 100,865	$ 94,110	437,310	392,279	270,701
Interest expense and other									(16,223)	(14,921)	(15,387)
Income (loss) from operations before income taxes									421,087	377,358	255,314
Depreciation and amortization									51,193	44,136	44,849
Capital expenditures									41,238	36,001	37,971
Segment assets	2,821,997				2,351,542				2,821,997	2,351,542	2,158,953
External Customers
Segment Reporting Information [Line Items]
Net sales									2,566,392	2,391,122	1,967,637
Operating Segments \| Freight Segment
Segment Reporting Information [Line Items]
Net sales									1,423,566	1,524,581	1,226,762
Income (loss) from operations									309,133	314,627	225,282
Income (loss) from operations before income taxes									309,133	314,627	225,282
Depreciation and amortization									30,645	26,436	29,216
Capital expenditures									22,020	25,095	24,118
Segment assets	2,258,773				1,895,512				2,258,773	1,895,512	1,799,385
Operating Segments \| Freight Segment \| External Customers
Segment Reporting Information [Line Items]
Net sales									1,398,103	1,501,911	1,210,059
Operating Segments \| Freight Segment \| Intersegment Sales/(Elimination)
Segment Reporting Information [Line Items]
Net sales									25,463	22,670	16,703
Operating Segments \| Transit Segment
Segment Reporting Information [Line Items]
Net sales									1,175,281	896,963	763,997
Income (loss) from operations									143,634	94,861	83,760
Income (loss) from operations before income taxes									143,634	94,861	83,760
Depreciation and amortization									19,103	16,583	14,864
Capital expenditures									17,119	8,688	11,857
Segment assets	1,706,829				1,599,835				1,706,829	1,599,835	1,102,370
Operating Segments \| Transit Segment \| External Customers
Segment Reporting Information [Line Items]
Net sales									1,168,289	889,211	757,578
Operating Segments \| Transit Segment \| Intersegment Sales/(Elimination)
Segment Reporting Information [Line Items]
Net sales									6,992	7,752	6,419
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Net sales									(32,455)	(30,422)	(23,122)
Income (loss) from operations									(15,457)	(17,209)	(38,341)
Interest expense and other									(16,223)	(14,921)	(15,387)
Income (loss) from operations before income taxes									(31,680)	(32,130)	(53,728)
Depreciation and amortization									1,445	1,117	769
Capital expenditures									2,099	2,218	1,996
Segment assets	$ (1,143,605)				$ (1,143,805)				(1,143,605)	(1,143,805)	(742,802)
Corporate Activities and Elimination \| Intersegment Sales/(Elimination)
Segment Reporting Information [Line Items]
Net sales									$ (32,455)	$ (30,422)	$ (23,122)

Geographic Area Data (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Geographic Area Data (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales	$ 681,482	$ 631,398	$ 638,002	$ 615,510	$ 610,400	$ 587,593	$ 609,820	$ 583,309	$ 2,566,392	$ 2,391,122	$ 1,967,637
Long-Lived Assets	276,078				244,088				276,078	244,088	222,022
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									1,336,604	1,199,294	1,051,372
Long-Lived Assets	150,952				131,850				150,952	131,850	126,837
United Kingdom
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									297,139	255,326	182,653
Long-Lived Assets	43,733				28,905				43,733	28,905	21,046
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									167,417	194,493	157,379
Long-Lived Assets	6,442				11,043				6,442	11,043	12,982
Australia
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									141,056	191,994	106,254
Long-Lived Assets	5,033				5,151				5,033	5,151	5,075
Mexico
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									128,184	139,089	104,384
Long-Lived Assets	5,862				4,886				5,862	4,886	5,281
Brazil
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									78,532	96,620	70,786
Long-Lived Assets	1,031				1,082				1,031	1,082	893
France
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									37,925	42,310	35,199
Long-Lived Assets	3,404				3,564				3,404	3,564	15
Italy
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									42,702	39,462	50,412
Long-Lived Assets	21,374				20,926				21,374	20,926	21,937
Germany
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									54,869	38,574	33,452
Long-Lived Assets	13,599				12,914				13,599	12,914	13,211
China
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									30,226	28,886	20,641
Long-Lived Assets	7,863				7,555				7,863	7,555	6,248
Other International
Revenues From External Customers And Long Lived Assets [Line Items]
Net sales									251,738	165,074	155,105
Long-Lived Assets	$ 16,785				$ 16,212				$ 16,785	$ 16,212	$ 8,497

Segment Information - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2013 USD ($) Segment	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segment \| Segment	2
United States
Segment Reporting Information [Line Items]
Export Sales \| $	$ 542.3	$ 579.6	$ 410.6

Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Sales by Product (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net sales	$ 681,482	$ 631,398	$ 638,002	$ 615,510	$ 610,400	$ 587,593	$ 609,820	$ 583,309	$ 2,566,392	$ 2,391,122	$ 1,967,637
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Net sales									1,041,771	1,094,148	880,030
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Net sales									655,387	496,883	331,787
Brake Products
Segment Reporting Information [Line Items]
Net sales									567,730	527,399	497,968
Other Transit Products
Segment Reporting Information [Line Items]
Net sales									204,115	197,634	195,251
Other
Segment Reporting Information [Line Items]
Net sales									$ 97,389	$ 75,058	$ 62,601

Components of Other Income Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Components Of Other Income Expense [Line Items]
Foreign currency loss	$ (3,512)	$ (134)	$ (2,041)
Other miscellaneous income (expense)	2,630	(536)	1,661
Total other (expense) income	$ (882)	$ (670)	$ (380)

Selected Quarterly Financial Data (Detail) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Quarterly Financial Data [Line Items]

Net sales

$ 681,482

$ 631,398

$ 638,002

$ 615,510

$ 610,400

$ 587,593

$ 609,820

$ 583,309

$ 2,566,392

$ 2,391,122

$ 1,967,637

Gross profit

200,125

188,133

192,881

182,888

180,480

171,279

173,427

169,381

764,027

694,567

570,424

Income (loss) from operations

111,218

109,871

112,554

103,667

100,462

96,842

100,865

94,110

437,310

392,279

270,701

Net income attributable to Wabtec shareholders

$ 74,041

$ 73,943

$ 74,638

$ 69,613

$ 64,765

$ 62,994

$ 64,712

$ 59,261

$ 292,235

$ 251,732

$ 170,149

Basic earnings from operations per common share

$ 0.77

^[1]

$ 0.77

^[1]

$ 0.78

^[1]

$ 0.73

^[1]

$ 0.68

^[1]

$ 0.66

^[1]

$ 0.67

^[1]

$ 0.62

^[1]

$ 3.05

$ 2.62

$ 1.77

Diluted earnings from operations per common share

$ 0.76

^[1]

$ 0.76

^[1]

$ 0.77

^[1]

$ 0.72

^[1]

$ 0.67

^[1]

$ 0.65

^[1]

$ 0.67

^[1]

$ 0.61

^[1]

$ 3.01

$ 2.60

$ 1.76

[1]	Information above for basic earnings from operations per common share and diluted earnings from operations per common share for all periods presented reflects the two-for-one split of the Company’s common stock, which occurred on May 14, 2013.

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

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

+ References

+ Details

Valuation and Qualifying Accounts (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Warranty And Overhaul Reserves

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at beginning of period

$ 58,212

$ 50,640

$ 35,513

Charged/ (credited) to expense

23,059

22,862

19,884

Charged to other accounts

^[1]

(75)

1,682

12,070

Deductions from reserves

^[2]

20,603

16,972

16,827

Balance at end of period

60,593

58,212

50,640

Allowance for Doubtful Accounts

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at beginning of period

6,656

8,406

7,503

Charged/ (credited) to expense

2,361

2,484

5,047

Charged to other accounts

^[1]

Deductions from reserves

^[2]

3,310

4,306

4,144

Balance at end of period

5,707

6,656

8,406

Valuation Allowance, Tax Credit Carryforward

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at beginning of period

2,141

2,471

Charged/ (credited) to expense

1,191

2,141

(2,471)

Balance at end of period

3,332

2,141

Merger And Restructuring Reserve

Valuation And Qualifying Accounts Disclosure [Line Items]

Balance at beginning of period

836

960

1,070

Charged/ (credited) to expense

Charged to other accounts

^[1]

Deductions from reserves

^[2]

124

122

Balance at end of period

$ 775

$ 836

$ 960

[1]	Reserves of acquired/(sold) companies; valuation allowances for state and foreign deferred tax assets; impact of fluctuations in foreign currency exchange rates.
[2]	Actual disbursements and/or charges.