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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Trading Symbol	WAB
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95,960,503

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and cash equivalents	$ 280,179	$ 398,484
Accounts receivable	754,358	667,596
Unbilled accounts receivable	297,184	274,912
Inventories	703,881	658,510
Deposit in escrow	0	744,748
Other current assets	130,631	123,381
Total current assets	2,166,233	2,867,631
Property, plant and equipment	935,900	912,230
Accumulated depreciation	(411,841)	(393,854)
Property, plant and equipment, net	524,059	518,376
Other Assets
Goodwill	2,188,503	2,078,765
Other intangibles, net	1,089,112	1,053,860
Other noncurrent assets	62,992	62,386
Total other assets	3,340,607	3,195,011
Total Assets	6,030,899	6,581,018
Current Liabilities
Accounts payable	512,230	530,211
Customer deposits	351,599	256,591
Accrued compensation	141,762	145,324
Accrued warranty	123,817	123,190
Current portion of long-term debt	87,373	129,809
Other accrued liabilities	254,626	261,514
Total current liabilities	1,471,407	1,446,639
Long-term debt	1,782,624	1,762,967
Accrued postretirement and pension benefits	110,120	110,597
Deferred income taxes	258,228	245,680
Accrued warranty	13,849	15,802
Other long-term liabilities	25,903	22,508
Total liabilities	3,662,131	3,604,193
Commitments and contingent liabilities (Note 14)
Equity
Preferred stock, 1,000,000 shares authorized, no shares issued	0	0
Common stock, $0.01 par value; 200,000,000 shares authorized: 132,349,534 shares issued and XX and 95,425,432 outstanding at March 31, 2017 and December 31, 2016, respectively	1,323	1,323
Additional paid-in capital	894,377	869,951
Treasury stock, at cost, XX and 36,924,102 shares, at March 31, 2017 and December 31, 2016, respectively	(830,032)	(838,950)
Retained earnings	2,617,575	2,553,258
Accumulated other comprehensive loss	(331,652)	(379,605)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	2,351,591	2,205,977
Noncontrolling interest	17,177	770,848
Total equity	2,368,768	2,976,825
Total Liabilities and Equity	$ 6,030,899	$ 6,581,018

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	132,349,534	132,349,534
Common stock, shares outstanding (in shares)	95,896,236	95,425,432
Treasury stock, shares (in shares)	36,453,298	36,924,102

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 916,034	$ 772,031
Cost of sales	(646,327)	(516,851)
Gross profit	269,707	255,180
Selling, general and administrative expenses	(122,341)	(89,751)
Engineering expenses	(23,464)	(17,953)
Amortization expense	(9,044)	(5,295)
Total operating expenses	(154,849)	(112,999)
Income from operations	114,858	142,181
Other income and expenses
Interest expense, net	(17,712)	(4,871)
Other income (expense), net	2,319	154
Income from operations before income taxes	99,465	137,464
Income tax expense	(27,461)	(43,301)
Net income	72,004	94,163
Less: Net loss attributable to noncontrolling interest	1,885	0
Net income attributable to Wabtec shareholders	$ 73,889	$ 94,163
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.77	$ 1.03
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.77	$ 1.02
Weighted average shares outstanding
Basic (in shares)	95,243	91,258
Diluted (in shares)	95,991	92,149

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 73,889	$ 94,163
Foreign currency translation gain	49,395	32,211
Unrealized gain (loss) on derivative contracts	1,693	(2,193)
Unrealized loss on pension benefit plans and post-retirement benefit plans	(3,074)	(3,783)
Other comprehensive income before tax	48,014	26,235
Income tax (expense) benefit related to components of other comprehensive income	(61)	1,387
Other comprehensive income, net of tax	47,953	27,622
Comprehensive income attributable to Wabtec shareholders	$ 121,842	$ 121,785

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net income	$ 72,004	$ 94,163
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	25,229	16,232
Stock-based compensation expense	5,692	5,510
Loss on disposal of property, plant and equipment	153	18
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(96,481)	(23,844)
Inventories	(32,145)	1,400
Accounts payable	(24,690)	(18,002)
Accrued income taxes	2,188	29,779
Accrued liabilities and customer deposits	85,303	(12,832)
Other assets and liabilities	(63,349)	(16,858)
Net cash (used for) provided by operating activities	(26,096)	75,566
Investing Activities
Purchase of property, plant and equipment	(19,327)	(8,504)
Proceeds from disposal of property, plant and equipment	284	84
Acquisitions of businesses, net of cash acquired	(67,581)	(210)
Release of deposit in escrow	23,548	0
Net cash used for investing activities	(63,076)	(8,630)
Financing Activities
Proceeds from debt	458,273	195,000
Payments of debt	(482,591)	(85,453)
Purchase of treasury stock	0	(133,738)
Proceeds from exercise of stock options and other benefit plans	1,259	515
Payment of income tax withholding on share-based compensation	(6,842)	(9,006)
Cash dividends ($0.10 and $0.08 per share for the three months ended March 31, 2017 and 2016, respectively)	(9,572)	(7,355)
Net cash used for financing activities	(39,473)	(40,037)
Effect of changes in currency exchange rates	10,340	9,684
(Decrease) Increase in cash	(118,305)	36,583
Cash, beginning of period	398,484	226,191
Cash, end of period	$ 280,179	$ 262,774

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Cash Flows [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.1	$ 0.08

Business	3 Months Ended
Business	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	BUSINESS Westinghouse Air Brake Technologies Corporation (“Wabtec” or the "Company") 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 30 countries. In the first three months of 2017, approximately 65% of the Company’s revenues came from customers outside the U.S.

Accounting Policies

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Accounting Policies

ACCOUNTING POLICIES

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

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

The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2016. The December 31, 2016 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

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

In general, the Company recognizes revenue from 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 $297.2 million and $274.9 million, customer deposits were $351.6 million and $256.6 million, and provisions for loss contracts were $81.4 million and $60.5 million at March 31, 2017 and December 31, 2016, respectively.

Pre-Production Costs 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 $31.4 million and $29.4 million at March 31, 2017 and December 31, 2016, respectively.

Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Refer to Recently Adopted Accounting Pronouncements below.

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.

Financial Derivatives and Hedging Activities As part of its risk management strategy, the Company utilizes derivative financial instruments to manage its exposure due to changes in foreign currencies and interest rates. For further information regarding financial derivatives and hedging activities, refer to Footnotes 12 and 13.

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 period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of 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.

Noncontrolling Interests In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on our condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016. Net loss attributable to noncontrolling interests for the three months ended March 31, 2017 was $1.9 million and was not material for the three months ended March 31, 2016. Other comprehensive income attributable to noncontrolling interests for the three months ended March 31, 2017 and 2016 was not material.

Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in this update require the service cost component of net benefit costs to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs are required to be presented in the income statement separately from the service cost component and outside income from operations. This update also allows the service cost component to be eligible for capitalization when applicable. The ASU is effective for public companies in the fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The amendments should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company does not expect the adoption of this guidance in 2018 to have a material impact on the Company's financial statements.

In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in this update eliminate the requirement to perform Step 2 of the goodwill impairment test. Instead, an entity should perform a goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value up to the carrying amount of the goodwill. The ASU is effective for public companies in the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The impact of adopting this guidance could result in a change in the overall conclusion as to whether or not a reporting units' goodwill is impaired and the amount of an impairment charge recognized in the event a reporting units' carrying value exceeds its fair value. All of the Company's reporting units had fair value that was substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2016.

In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash". The amendments in this update require a statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for public companies in the fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. The ASU is effective for public companies in the fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contract with Customers.” The ASU will supersede most of the existing revenue recognition requirements in U.S. GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Board voted to propose that the standard would take effect for reporting periods beginning after December 15, 2017 and that early adoption would be allowed as of the original effective date. The impact of adopting the new standard on net sales and operating income for the three months ended March 31, 2017 and 2016 is not expected to be material. The Company also does not expect a material impact to the consolidated balance sheet. The impact to results is not anticipated to be material because the analysis of the Company's current contracts under the new revenue recognition standard supports the recognition of revenue over time under the cost-to-cost method for the majority of our contracts, which is consistent with our current revenue recognition model. The Company plans to adopt this accounting standard update using the modified retrospective method, with the cumulative effect of initially applying this update recognized in the first reporting period of 2018. The Company is in the process of drafting an updated accounting policy, evaluating new disclosure requirements and identifying and implementing appropriate changes to its business processes, systems and controls to support recognition and disclosure under the new guidance.

Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU simplifies several aspects for the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2016. In accordance with this update, the Company began recognizing all excess tax deficiencies and tax benefits from share-based payment awards as a benefit or expense to income tax in the income statement. This update has been adopted prospectively in accordance with the ASU and the impact of adoption on the income statement was not material. Additionally in accordance with this update, the Company began classifying excess income tax benefits from exercise of stock options as an operating activity on the consolidated statement of cash flows. The Company elected to adopt this amendment retrospectively and the impact of the adoption on operating and financing cash flows for the three months ended March 31, 2016 was not material.

In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The Company elected to early adopt this ASU as of December 31, 2016; therefore, all deferred income tax assets and liabilities are classified in the noncurrent deferred income taxes line-items on the consolidated balance sheets.

Other Comprehensive Income Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources.

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2017 are as follows:



In thousands	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2016	$	(321,033	)	$	(2,957	)	$	(55,615	)	$	(379,605	)
Other comprehensive income (loss) before reclassifications	49,395			903			(3,363		)	46,935
Amounts reclassified from accumulated other
comprehensive income	—			426			592			1,018
Net current period other comprehensive income (loss)	49,395			1,329			(2,771		)	47,953
Balance at March 31, 2017	$	(271,638	)	$	(1,628	)	$	(58,386	)	$	(331,652	)

Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2017 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(422	)	Cost of sales
Amortization of net loss	1,240			Cost of sales
	818			Income from Operations
	(226		)	Income tax expense
	$	592		Net income

Derivative contracts
Realized loss on derivative contracts	$	589		Interest expense, net
	(163		)	Income tax expense
	$	426		Net income

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2016 are as follows:



	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2015	$	(227,349	)	$	(2,987	)	$	(46,383	)	$	(276,719	)
Other comprehensive income (loss) before reclassifications	32,211			(1,885		)	(3,533		)	26,793
Amounts reclassified from accumulated other
comprehensive income	—			325			504			829
Net current period other comprehensive (loss)	32,211			(1,560		)	(3,029		)	27,622
Balance at March 31, 2016	$	(195,138	)	$	(4,547	)	$	(49,412	)	$	(249,097	)

Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2016 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	$	(385	)	Cost of sales
Amortization of net loss	1,120			Cost of sales
	735			Income from Operations
	(231		)	Income tax expense
	$	504		Net income

Derivative contracts
Realized loss on derivative contracts	$	474		Interest expense, net
	(149		)	Income tax expense
	$	325		Net income

Acquisitions

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

Faiveley Transport

On November 30, 2016, the Company acquired majority ownership of Faiveley Transport S.A. (“Faiveley Transport”) under the terms of a Share Purchase Agreement (“Share Purchase Agreement”). Faiveley Transport is a leading global provider of value-added, integrated systems and services for the railway industry with annual sales of about $1.2 billion and more than 5,700 employees in 24 countries. Faiveley Transport supplies railway manufacturers, operators and maintenance providers with a range of value-added, technology-based systems and services in Energy & Comfort (air conditioning, power collectors and converters, and passenger information), Access & Mobility (passenger access systems and platform doors), and Brakes and Safety (braking systems and couplers). The transaction has been structured as a step acquisition as follows:

•

On November 30, 2016, the Company acquired majority ownership of Faiveley Transport, after completing the purchase of the Faiveley family’s ownership interest under the terms of the Share Purchase Agreement, which directed the Company to pay €100 per share of Faiveley Transport, payable between 25% and 45% in cash at the election of those shareholders. The Faiveley family’s ownership interest acquired by the Company represented approximately 51% of outstanding share capital and approximately 49% of the outstanding voting shares of Faiveley Transport. Upon completion of the share purchase under the Share Purchase Agreement, Wabtec commenced a tender offer for the remaining publicly traded Faiveley Transport shares. The public shareholders had the option to elect to receive €100 per share in cash or 1.1538 shares of Wabtec common stock per share of Faiveley Transport. The common stock portion of the consideration was subject to a cap on issuance of Faiveley common shares that will be equivalent to the rates of cash and stock elected by the 51% owners.

•

On February 3, 2017, the initial cash tender offer was closed which resulted in the Company acquiring approximately 27% of additional outstanding share capital and voting rights of Faiveley Transport for approximately $411.8 million in cash and $25.2 million in Wabtec stock. After the initial cash tender offer the Company owned approximately 78% of outstanding share capital and 76% of voting rights.

•

On March 6, 2017, the final cash tender offer was closed which resulted in the Company acquiring approximately 21% of additional outstanding share capital and 22% of additional outstanding voting rights of Faiveley Transport for approximately $303.2 million in cash and $0.3 million in Wabtec stock. After the final cash tender offer the Company owned approximately 99% of the share capital and 98% of the voting rights of Faiveley Transport.


•	On March 21, 2017, a mandatory squeeze-out procedure was finalized which resulted in the Company acquiring the Faiveley Transport shares not tendered in the offers for approximately$17.5 million in cash. This resulted in the Company owning 100% of the share capital and voting rights of Faiveley Transport.

As of November 30, 2016, the date the Company acquired 51% of the share capital and 49% of the voting interest in Faiveley Transport, Faiveley Transport was consolidated under the variable interest entity model as the Company concluded that it is the primary beneficiary of Faiveley Transport as it possesses the power to direct the activities of Faiveley Transport that most significantly impact its economic performance and it possesses the obligation and right to absorb losses and benefits from Faiveley Transport.

The aggregate value of consideration paid for 100% ownership of Faiveley Transport was $1,736.1 million including $944.3 million in cash, $560.2 million in stock or approximately 6.6 million shares, $409.9 million in debt assumed, less $178.3 million in cash acquired. The $744.7 million included as deposits in escrow on the consolidated balance sheet at December 31, 2016 was cash designated for use as consideration for the tender offers.

The fair values of the assets acquired and liabilities assumed are preliminarily determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3. The December 31, 2016 consolidated balance sheet includes the assets and liabilities of Faiveley Transport, which have been measured at fair value. The fair value of the noncontrolling interest was preliminarily determined using the market price of Faiveley Transport’s publicly traded common stock multiplied by the number of publicly traded common shares outstanding at the acquisition date and is considered Level 1. The acquisition of the noncontrolling interest in the three months ended March 31, 2017 resulted in a $8.9 million increase to additional paid-in capital on the consolidated balance sheet which represents the difference in consideration paid to acquire the noncontrolling interest and the carrying value of noncontrolling interest at acquisition.

The following table summarizes the preliminary estimated fair values of the Faiveley Transport assets acquired and liabilities assumed:



In thousands
Assets acquired
Cash and cash equivalents	$	178,318
Accounts receivable	444,918
Inventories	206,516
Other current assets	66,152
Property, plant, and equipment	161,663
Goodwill	1,232,143
Trade names	333,823
Customer relationships	255,354
Patents	1,201
Other noncurrent assets	158,726
Total assets acquired	3,038,814
Liabilities assumed
Current liabilities	774,751
Debt	409,899
Other noncurrent liabilities	347,349
Total liabilities assumed	1,531,999
Net assets acquired	$	1,506,815

These estimates are preliminary in nature and subject to adjustments, which could be material. Any necessary adjustments will be finalized within one year from the date of acquisition. During the three months ended March 31, 2017, the estimated fair values for current liabilities were adjusted by $28.9 million for changes to initial estimates based on information that existed at the date of acquisition. Additionally, the estimated fair values for accounts receivable and current liabilities were adjusted by $2.8 million and $27.9 million, respectively, to correct errors in the preliminary estimated fair values of the Faiveley Transport assets acquired and liabilities assumed. Other noncurrent assets were adjusted by $17.0 million to record the deferred tax impact of these adjustments. As a result of these adjustments and other immaterial adjustments related to changes to initial estimates based on information that existed at the date of acquisition, goodwill increased by $43.8 million. Accounts receivable and current liabilities were adjusted by $64.3 million to correct an error in the preliminary estimated fair values of Faiveley Transport assets and liabilities assumed related to a factoring arrangement with recourse.

Substantially all of the accounts receivable acquired are expected to be collectible. Included in current liabilities is $25.9 million of accrued compensation for acquired share-based stock plans that are obligated to be settled in cash. Contingent liabilities assumed as part of the transaction were not material. These contingent liabilities are related to contract disputes, environmental, legal and tax matters. Contingent liabilities are recorded at fair value in purchase accounting, aside from those pertaining to uncertainty in income taxes which is an exception to the fair value basis of accounting.

Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired, and represents the future economic benefits, including synergies and assembled workforce, the Company expects to achieve as a result of the acquisition. Purchased goodwill is not expected to be deductible for tax purposes. The goodwill has been preliminarily allocated to the Transit segment.

For the three months ended March 31, 2017, the Company’s consolidated statement of income included $274.7 million of revenues.

Other Acquisitions

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


•	On March 14, 2017, the Company acquired Aero Transportation Products ("ATP"), a manufacturer of engineered covering systems for hopper freight cars for a purchase price of approximately $65.2 million, net of cash acquired, resulting in preliminary goodwill of $35.1 million, none of which will be deductible for tax purposes.


•	On December 14, 2016, the Company acquired Workhorse Rail LLC ("Workhorse"), a supplier of engineered freight car components, mainly for the aftermarket for a purchase price of approximately $44.3 million, net of cash acquired, resulting in preliminary goodwill of $24.8 million, 37.8% of which will be deductible for tax purposes.

•

On November 17, 2016, the Company acquired the assets of Precision Turbo & Engine ("Precision Turbo"), a designer and manufacturer of high-performance, aftermarket turbochargers, wastegates, and heat exchangers for the automotive performance market for a purchase price of approximately $13.8 million, net of cash acquired, resulting in preliminary goodwill of $3.9 million, all of which will be deductible for tax purposes.


•	On May 5, 2016, the Company acquired Unitrac Railroad Materials ("Unitrac"), a leading designer and manufacturer of railroad products and track work services for a purchase price of approximately $14.4 million, net of cash acquired, resulting in preliminary goodwill of $1.4 million, all of which will be deductible for tax purposes.

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


•	On August 1, 2016, the Company acquired Gerken Group SA ("Gerken"), a manufacturer of specialty carbon and graphite products for rail and other industrial applications, for a purchase price of approximately $62.8 million, net of cash acquired, resulting in preliminary goodwill of $17.5 million, none of which will be deductible for tax purposes.

The acquisitions listed above include escrow deposits of $48.6 million, which act as security for indemnity and other claims in accordance with the purchase and related escrow agreements.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition for ATP, Workhorse, Precision Turbo, Gerken and Unitrac:



	ATP			Workhorse			Precision Turbo			Gerken			Unitrac
In thousands	March 14, 2017			December 14, 2016			November 17, 2016			August 1, 2016			May 5, 2016
Current assets	$	10,882		$	9,137		$	4,183		$	32,706		$	12,136
Property, plant & equipment	2,787			0			1,346			7,667			1,768
Goodwill	35,146			24,838			3,942			17,470			1,388
Other intangible assets	34,800			19,400			5,200			30,560			1,230
Other assets	—			—			—			1,706			—
Total assets acquired	83,615			53,375			14,671			90,109			16,522
Total liabilities assumed	(18,403		)	(9,083		)	(825		)	(27,262		)	(2,144		)
Net assets acquired	$	65,212		$	44,292		$	13,846		$	62,847		$	14,378

Of the $681.6 million of total acquired other intangible assets, $357.1 million was assigned to trade names, $317.8 million was assigned to customer relationships, and $5.0 million was assigned to intellectual property. The trade names were determined to have indefinite useful lives, while the intellectual property and customer relationships’ average useful lives are 20 years, and the non-compete agreements' useful life is 5 years.

The Company also made smaller acquisitions not listed above.

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2016:



In thousands	Three Months Ended March 31, 2017		Three Months Ended March 31, 2016
Net sales	$	921,407	$	1,116,789
Gross profit	270,605		345,081
Net income attributable to Wabtec shareholders	72,250		114,444
Diluted earnings per share
As Reported	$	0.77	$	1.02
Pro forma	$	0.77	$	1.16

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Inventories

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventory, net of reserves, were:



In thousands	March 31, 2017		December 31, 2016
Raw materials	$	360,374	$	331,465
Work-in-progress	166,143		145,462
Finished goods	177,364		181,583
Total inventories	$	703,881	$	658,510

Intangibles

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

INTANGIBLES

The change in the carrying amount of goodwill by segment for the three months ended months ended March 31, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Total
Balance at December 31, 2016	$	550,902	$	1,527,863	$	2,078,765
Adjustment to preliminary purchase allocation	2,260		48,687		50,947
Acquisitions	35,165		—		35,165
Foreign currency impact	3,343		20,283		23,626
Balance at March 31, 2017	$	591,670	$	1,596,833	$	2,188,503

As of March 31, 2017 and December 31, 2016, the Company’s trade names had a net carrying amount of $525.7 million and $510.5 million, respectively, and the Company believes these intangibles have indefinite lives.

Intangible assets of the Company, other than goodwill and trade names, consist of the following:



In thousands	March 31, 2017		December 31, 2016
Patents, non-compete and other intangibles, net of accumulated
amortization of $43,280 and $42,538	$	13,071	$	15,360
Customer relationships, net of accumulated amortization
of $95,984 and $87,334	550,317		528,068
Total	$	563,388	$	543,428

The weighted average remaining useful life of patents, customer relationships and other intangibles were 10 years, 18 years and 16 years, respectively. Amortization expense for intangible assets was $9.0 million and $5.3 million for the three months ended March 31, 2017, and 2016, respectively.

Amortization expense for the five succeeding years is estimated to be as follows:



Remainder of 2017	$	25,308
2018	33,328
2019	32,284
2020	30,762
2021	30,774

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consisted of the following:



In thousands	March 31, 2017		December 31, 2016
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $2,485 and $2,526	$	747,515	$	747,474
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1,626 and $1,690	248,374		248,310
Revolving Credit Facility, net of unamortized debt issuance costs of $3,500 and $3,850	825,773		796,150
Schuldschein Loan	41,718		98,671
Other Borrowings	5,359		1,153
Capital Leases	1,258		1,018
Total	1,869,997		1,892,776
Less - current portion	87,373		129,809
Long-term portion	$	1,782,624	$	1,762,967

Wabtec's acquisition of the controlling stake of Faiveley Transport triggered the early repayment of a syndicated loan and the mandatory offer to investors to repay the U. S. and Schuldschein private placements. Both the syndicated loan and U.S. private placements were repaid in full in December 2016.

3.45% Senior Notes Due November 2026

In October 2016, the Company issued $750.0 million of Senior Notes due in 2026 (the "2016 Notes"). The 2016 Notes were issued at 99.965% of face value. Interest on the 2016 Notes accrues at a rate of 3.45% per annum and is payable semi-annually on May 15 and November 15 of each year. The proceeds were used to finance the cash portion of the Faiveley Transport acquisition, refinance Faiveley Transport's indebtedness, 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 of the 2016 Notes.

The 2016 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 2016 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 2016 Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities.

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”). The 2013 Notes were issued at 99.879% of face value. 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 of the 2013 Notes.

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.

2016 Refinancing Credit Agreement

On June 22, 2016, the Company amended its existing revolving credit facility with a consortium of commercial banks. This “2016 Refinancing Credit Agreement” provides the Company with a $1.2 billion, 5 year revolving credit facility and a $400.0 million delayed draw term loan (the “Term Loan”). The Company incurred approximately $3.3 million of deferred financing cost related to the 2016 Refinancing Credit Agreement. The facility expires on June 22, 2021. The 2016 Refinancing Credit Agreement borrowings bear variable interest rates indexed as described below. At March 31, 2017, the Company had available bank borrowing capacity, net of $32.7 million of letters of credit, of approximately $728.0 million, subject to certain financial covenant restrictions.

The Term Loan was initially drawn on November 25, 2016. The Company incurred a 10 basis point commitment fee from June 22, 2016 until the initial draw.

Under the 2016 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 EBITDA ratios. The initial Base Rate margin is 0 basis points and the Alternate Rate margin is 175 basis points.

At March 31, 2017, the weighted average interest rate on the Company’s variable rate debt was 2.61%. On January 12, 2012, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. The effective date of the interest rate swap agreement was July 31, 2013, and the termination date was November 7, 2016. The impact of the interest rate swap agreement converted 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 was fixed at 1.415% plus the Alternate Rate margin. On June 5, 2014, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. The effective date of the interest rate swap agreement was November 7, 2016, and the termination date is December 19, 2018. 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 2.56% plus the Alternate Rate margin. As for these agreements, the Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with excellent credit ratings and history of performance. The Company currently believes the risk of nonperformance is negligible.

The 2016 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 2016 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 EBITDA ratio of 3.25. The Company is in compliance with the restrictions and covenants of the 2016 Refinancing Credit Agreement and does not expect that these measurements will limit the Company in executing its operating activities.

2013 Refinancing Credit Agreement

On December 19, 2013, the Company amended its then existing revolving credit facility with a consortium of commercial banks. This “2013 Refinancing Credit Agreement” provided the Company with an $800.0 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 2013 Refinancing Credit Agreement was replaced by the 2016 Refinancing Credit Agreement.

Under the 2013 Refinancing Credit Agreement, the Company could have elected a Base Rate of interest for U.S. Dollar denominated loans or, for certain currencies, an interest rate based on the LIBOR of interest, or other rates appropriate for such currencies (in any case, “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 the quoted rates specific to the applicable currency, 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 EBITDA ratios.

Schuldschein Loan, Due 2016

In conjunction with the acquisition of Faiveley Transport, Wabtec acquired $137.2 million of a Schuldschein private placement loan which was originally issued by Faiveley Transport on March 5, 2014 in Germany, in which approximately 20 international investors participated. This loan is denominated in euros. Subsequent to the acquisition of Faiveley Transport, the Company repaid $95.5 million of the outstanding Schuldshein loan. The remaining balance of $41.7 million as of March 31, 2017 is divided into three tranches with original maturities of 7 and 10 years bearing fixed rates. The Company has notified investors of its intention to repay the remaining three tranches in full. A summary of the tranches as of March 31, 2017 are as follows:



Maturity	Rate	Amounts
December 2020	3.04%	$	21,390
March 2021	3.07%	9,630
March 2024	4.00%	10,698
Total		$	41,718

The Schuldschein loan is senior unsecured and ranks pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The Schuldshein loan agreement contains covenants and undertakings which limit among other things, the following: factoring of receivables, the incurrence of indebtedness, sale of assets, change of control, mergers and consolidations and incurrence of liens. At March 31, 2017, the Company is in compliance with the undertakings and covenants contained in the loan agreement.

For the three months ended March 31, 2017, the Company has repaid $18.7 million of the private placement fixed tranches and $39.6 million in floating tranches outstanding at December 31, 2016.

Employee Benefit Plans

3 Months Ended

Mar. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

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

The Company uses a December 31 measurement date for the plans.

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



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2017			2016			2017			2016
Net periodic benefit cost
Service cost	$	86		$	84		$	614		$	473
Interest cost	356			369			1,677			1,486
Expected return on plan assets	(433		)	(519		)	(2,910		)	(2,405		)
Net amortization/deferrals	248			229			685			620
Curtailment loss recognized	—			—			—			240
Net periodic benefit cost	$	257		$	163		$	66		$	414



Assumptions
Discount Rate	3.95	%	4.21	%	2.51	%	3.56	%
Expected long-term rate of return	4.95	%	5.70	%	4.93	%	5.81	%
Rate of compensation increase	3.00	%	3.00	%	2.54	%	3.10	%

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 $7.1 million and $0.5 million to the international and U.S. plans, respectively, during 2017.

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 postretirement benefit plans summarized by U.S. and international components.



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2017			2016			2017			2016
Net periodic benefit cost
Service cost	$	1		$	1		$	7		$	7
Interest cost	88			97			24			25
Net amortization/deferrals	(73		)	(105		)	(7		)	(9		)
Net periodic benefit (credit) cost	$	16		$	(7	)	$	24		$	23



Assumptions
Discount Rate	3.76	%	3.95	%	3.46	%	3.90	%

Stock-Based Compensation

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

As of March 31, 2017, the Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock units 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 provides a maximum of 3,800,000 shares for grants or awards. The 2011 Plan was approved by stockholders of Wabtec on May 11, 2011. The Company also maintains a Non-Employee Directors’ Fee and Stock Option Plan (“the Directors Plan”).

Stock-based compensation expense was $5.7 million and $5.5 million for the three months ended March 31, 2017 and 2016, respectively. Included in stock-based compensation expense for the three months ended March 31, 2017 is $0.4 million of expense related to stock options, $1.7 million related to non-vested restricted stock, $0.8 million related to restricted stock units, $2.4 million related to incentive stock units and $0.4 million related to units issued for Directors’ fees. At March 31, 2017, unamortized compensation expense related to those stock options, non-vested restricted shares units and incentive stock units expected to vest totaled $44.9 million and will be recognized over a weighted average period of 1.6 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 the Directors Plan for the three months ended months ended March 31, 2017:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2016	1,098,823		$	35.39	4.3	$	52,332
Granted	64,507		87.05			(584		)
Exercised	(47,567	)	26.46			2,452
Canceled	(471	)	83.14			(2		)
Outstanding at March 31, 2017	1,115,292		38.74		4.4	43,783
Exercisable at March 31, 2017	923,878		30.90		3.7	43,513

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:



	Three Months Ended March 31,
	2017		2016
Dividend yield	0.23	%	0.26	%
Risk-free interest rate	2.17	%	1.47	%
Stock price volatility	23.4	%	26.9	%
Expected life (years)	5.0		5.0

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

Restricted Stock, Restricted Units 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 units vest one year from the date of grant.

In addition, the Company has issued incentive stock units 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 units can vest and be awarded ranging from 0% to 200% of the initial incentive stock units granted. The incentive stock units 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 March 31, 2017, the Company estimates that it will achieve 92%, 95% and 100% for the incentive stock awards expected to vest based on performance for the three-year periods ending December 31, 2017, 2018, and 2019, respectively, and has recorded incentive compensation expense accordingly. If our estimate of the number of these stock units 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 units is based on the average of the high and low Wabtec stock price on the date of grant and recognized over the applicable vesting period.

The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock units activity for the 2011 Plan and the 2000 Plan with related information for the three months ended March 31, 2017:



	Restricted Stock and Units		Incentive Stock Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	396,295		424,750		$	72.18
Granted	128,985		155,575		87.02
Vested	(112,504	)	(153,271	)	69.38
Adjustment for incentive stock awards expected to vest	—		(2,558	)	72.79
Canceled	(4,103	)	(2,458	)	77.20
Outstanding at March 31, 2017	408,673		422,038

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The overall effective income tax rate was 27.6% and 31.5% for the three months ended March 31, 2017 and 2016. For the three months ended March 31, 2017, the decrease in the effective rate is primarily the result of a lower earnings mix in higher tax rate jurisdictions. As of March 31, 2017 and December 31, 2016, the liability for income taxes associated with uncertain tax positions was $8.4 million, of which $4.2 million, if recognized, would favorably affect the Company’s effective tax rate. The Company includes interest and penalties related to uncertain tax positions in income tax expense. As of March 31, 2017, the total accrued interest and penalties were $0.9 million and $0.3 million, respectively. As of December 31, 2016, the total accrued interest and penalties were $0.8 million and $0.3 million, respectively. At this time, the Company believes it is reasonably possible that unrecognized tax benefits of approximately $4.0 million may change within the next 12 months due to the expiration of statutory review periods and current examinations. With limited exceptions, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2013.

Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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



	Three Months Ended March 31,
In thousands, except per share data	2017			2016
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	73,889		$	94,163
Less: dividends declared - common shares and non-vested restricted stock	(9,572		)	(7,355		)
Undistributed earnings	64,317			86,808
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	64,124			86,548
Add: dividends declared - common shares	9,542			7,332
Numerator for basic and diluted earnings per common share	$	73,666		$	93,880
Denominator
Denominator for basic earnings per common share - weighted average shares	95,243			91,258
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	748			891
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	95,991			92,149
Net income attributable to Wabtec shareholders per common share
Basic	$	0.77		$	1.03
Diluted	$	0.77		$	1.02



(1) Basic weighted-average common shares outstanding	95,243		91,258
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	95,544		91,543
Percentage allocated to common shareholders	99.7	%	99.7	%

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

Warranties

3 Months Ended

Mar. 31, 2017

Product Warranties Disclosures [Abstract]

Warranties

WARRANTIES

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



In thousands	2017			2016
Balance at beginning of year	$	138,992		$	92,064
Warranty expense	5,760			10,880
Acquisitions	62			—
Warranty claim payments	(8,224		)	(7,287		)
Foreign currency impact/other	1,076			(25		)
Balance at March 31	$	137,666		$	95,632

Derivative Financial Instruments and Hedging

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

Foreign Currency Hedging The Company uses forward contracts to mitigate its foreign currency exchange rate exposure due to forecasted sales of finished goods and future settlement of foreign currency denominated assets and liabilities. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. The effective portion of gain and losses is deferred as a component of accumulated other comprehensive income and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. The contracts are scheduled to mature within two years. For the three months ended March 31, 2017 and March 31, 2016, the amounts reclassified into income were not material.

Other Activities The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the impact of largely mitigating foreign currency exposure. These foreign exchange contracts are accounted for on a full mark to market basis through earnings, with gains and losses recorded as a component of other expense, net. The net unrealized gain related to these contracts was $0.4 million for the three months ended March 31, 2017. These contracts are schedule to mature within one year.

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections.



In millions	Designated			Non-Designated			Total
Gross notional amount	$	911.0		$	490.0		$	1,401.0

Fair Value:
Other current assets	1.1			0.4			1.5
Other current liabilities	(0.5		)	(0.2		)	(0.7		)
Total	$	0.6		$	0.2		$	0.8

Interest Rate Hedging The Company uses interest rate swaps to manage interest rate exposures. The Company is exposed to interest rate volatility with regard to existing floating rate debt. Primary exposure includes the London Interbank Offered Rates (LIBOR). Derivatives used to hedge risk associated with changes in the fair value of certain variable-rate debt are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of debt obligations are recognized in current period earnings. Refer to footnote 13 for further information on interest rate swaps.

As of March 31, 2017, the Company has recorded a current liability of $3.0 million and an accumulated other comprehensive loss of $1.8 million, net of tax, related to these agreements.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value Measurement and Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurement and Fair Value of Financial Instruments

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 March 31, 2017, which are included in other current liabilities on the Condensed Consolidated Balance sheet:



			Fair Value Measurements at March 31, 2017 Using
In thousands	Total Carrying Value at March 31, 2017		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	$	2,969	$	—	$	2,969	$	—
Total	$	2,969	$	—	$	2,969	$	—

The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2016, which is included in other current liabilities on the Condensed Consolidated Balance sheet:



			Fair Value Measurements at December 31, 2016 Using
In thousands	Total Carrying Value at December 31, 2016		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	$	3,888	$	—	$	3,888	$	—
Total	$	3,888	$	—	$	3,888	$	—

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 March 31, 2017 and December 31, 2016. 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 and 2016 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:



	March 31, 2017				December 31, 2016
In thousands	Carry Value		Fair Value		Carry Value		Fair Value
Interest rate swap agreement	$	2,969	$	2,969	$	3,888	$	3,888
4.375% Senior Notes	248,374		260,710		248,310		260,265
3.45% Senior Notes	747,515		730,178		747,474		719,273

The fair value of the Company’s interest rate swap agreements and the 2013 and 2016 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	3 Months Ended
Commitments and Contingencies	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Further information and detail on these claims is described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, in Note 19 therein, filed on February 28, 2017. During the first three months ended months of 2017, there were no material changes to the information described in the Form 10-K. From time to time, the Company is involved in litigation related to claims arising out of the Company's operations in the ordinary course of business, including claims based on product liability, contracts, intellectual property, or other causes of action. Further information and detail on any potentially material litigation is as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, in Note 19 therein, filed on February 28, 2017. Except as described below, there have been no material changes to the information described in the Form 10-K. On April 21, 2016, Siemens Industry, Inc. (Siemens) filed a lawsuit against the Company in federal district court in Delaware alleging that the Company has infringed seven (7) patents owned by Siemens, all of which are related to Positive Train Control technology. On November 2, 2016, Siemens amended its complaint to add six additional patents they also claim are infringed by the Company's Positive Train Control Products. The Company has filed answers, and asserted counterclaims, in response to Siemens' complaints. The case is still in the preliminary stages, but the Company has begun filing for Inter-Parties Review proceedings before the U.S. Patent & Trademark Office seeking to invalidate the Siemens patents. Wabtec believes the claims are without merit and is vigorously defending itself.

Segment Information

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Information

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 regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment, and doors for buses and subways. 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. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. 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 have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies.

Segment financial information for the three months ended March 31, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	347,946	$	568,088	$	—		$	916,034
Intersegment sales/(elimination)	9,087		5,686		(14,773		)	—
Total sales	$	357,033	$	573,774	$	(14,773	)	$	916,034
Income (loss) from operations	$	71,395	$	49,148	$	(5,685	)	$	114,858
Interest expense and other, net	—		—		(15,393		)	(15,393		)
Income (loss) from operations before income taxes	$	71,395	$	49,148	$	(21,078	)	$	99,465

Segment financial information for the three months ended March 31, 2016 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	442,669	$	329,362	$	—		$	772,031
Intersegment sales/(elimination)	5,808		1,677		(7,485		)	—
Total sales	$	448,477	$	331,039	$	(7,485	)	$	772,031
Income (loss) from operations	$	106,675	$	45,010	$	(9,504	)	$	142,181
Interest expense and other, net	—		—		(4,717		)	(4,717		)
Income (loss) from operations before income taxes	$	106,675	$	45,010	$	(14,221	)	$	137,464

Sales by product are as follows:



	Three Months Ended March 31,
In thousands	2017		2016
Specialty Products & Electronics	$	315,067	$	378,269
Transit Products	258,419		48,795
Brake Products	180,459		158,033
Remanufacturing, Overhaul & Build	129,058		151,906
Other	33,031		35,028
Total sales	$	916,034	$	772,031

- 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.

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+ Details

Guarantor Subsidiaries Financial Information

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Guarantor Subsidiaries Financial Information

GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The obligations under the Company's 2016 Notes, 2013 Notes, and Revolving Credit Facility and Term Loan are full and unconditionally guaranteed by all U.S. subsidiaries as guarantors. Each guarantor is 100% owned by the parent company. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions.

Balance Sheet for March 31, 2017:



In thousands	Parent		Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	2,528	$	7,172		$	270,479	$	—		$	280,179
Receivables, net	71,106		207,705			772,731		—			1,051,542
Inventories	131,680		135,067			437,134		—			703,881
Current assets - other	34,516		3,923			92,192		—			130,631
Total current assets	239,830		353,867			1,572,536		—			2,166,233
Property, plant and equipment	49,179		127,726			347,154		—			524,059
Goodwill	25,275		537,949			1,625,279		—			2,188,503
Investment in subsidiaries	5,656,301		1,450,967			—		(7,107,268		)	—
Other intangibles, net	31,566		255,986			801,560		—			1,089,112
Other long term assets	32,504		6,312			24,176		—			62,992
Total assets	$	6,034,655	$	2,732,807		$	4,370,705	$	(7,107,268	)	$	6,030,899
Current liabilities	$	173,300	190,455			$	1,107,652	—			$	1,471,407
Inter-company	1,779,360		(1,889,230		)	109,870		—			—
Long-term debt	1,685,389		47			97,188		—			1,782,624
Long-term liabilities - other	45,015		101,756			261,329		—			408,100
Total liabilities	3,683,064		(1,596,972		)	1,576,039		—			3,662,131
Shareholders' equity	2,351,591		4,330,922			2,776,346		(7,107,268		)	2,351,591
Non-controlling interest	—		(1,143		)	18,320		—			17,177
Total shareholders' equity	$	2,351,591	$	4,329,779		$	2,794,666	$	(7,107,268	)	$	2,368,768
Total Liabilities and Shareholders' Equity	$	6,034,655	$	2,732,807		$	4,370,705	$	(7,107,268	)	$	6,030,899

Balance Sheet for December 31, 2016:



In thousands	Parent		Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	2,522	$	9,496		$	386,466	$	—		$	398,484
Receivables, net	79,041		202,779			660,688		—			942,508
Inventories	120,042		128,076			410,392		—			658,510
Current assets - other	52,576		(17,844		)	833,397		—			868,129
Total current assets	254,181		322,507			2,290,943		—			2,867,631
Property, plant and equipment	49,031		126,661			342,684		—			518,376
Goodwill	25,275		477,472			1,576,018		—			2,078,765
Investment in subsidiaries	5,388,613		1,325,150			—		(6,713,763		)	—
Other intangibles, net	31,897		204,512			817,451		—			1,053,860
Other long term assets	9,592		(1,914		)	54,708		—			62,386
Total assets	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018
Current liabilities	$	194,983	196,956			$	1,054,700	—			$	1,446,639
Inter-company	1,562,399		(1,848,777		)	286,378		—			—
Long-term debt	1,761,933		58			976		—			1,762,967
Long-term liabilities - other	33,298		74,977			286,312		—			394,587
Total liabilities	3,552,613		(1,576,786		)	1,628,366		—			3,604,193
Shareholders' equity	2,205,976		4,032,250			2,681,514		(6,713,763		)	2,205,977
Non-controlling interest	—		(1,076		)	771,924		—			770,848
Total shareholders' equity	$	2,205,976	$	4,031,174		$	3,453,438	$	(6,713,763	)	$	2,976,825
Total Liabilities and Shareholders' Equity	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018

Income Statement for the Three Months Ended March 31, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	144,544		$	258,712		$	544,388		$	(31,610	)	$	916,034
Cost of sales	(98,950		)	(167,607		)	(403,966		)	24,196			(646,327		)
Gross profit (loss)	45,594			91,105			140,422			(7,414		)	269,707
Total operating expenses	(24,293		)	(29,871		)	(100,685		)	—			(154,849		)
Income (loss) from operations	21,301			61,234			39,737			(7,414		)	114,858
Interest (expense) income, net	(14,611		)	2,160			(5,261		)	—			(17,712		)
Other income (expense), net	13,081			(1,260		)	(9,502		)	—			2,319
Equity earnings (loss)	68,285			11,942			—			(80,227		)	—
Pretax income (loss)	88,056			74,076			24,974			(87,641		)	99,465
Income tax expense	(14,165		)	(141		)	(13,155		)	—			(27,461		)
Net income (loss)	73,891			73,935			11,819			(87,641		)	72,004
Less: Net income attributable to noncontrolling interest	—			—			1,885			—			1,885
Net income (loss) attributable to Wabtec shareholders	$	73,891		$	73,935		$	13,704		$	(87,641	)	$	73,889

Comprehensive income (loss) attributable to Wabtec shareholders	$	74,747		$	73,935		$	60,801		$	(87,641	)	$	121,842

Income Statement for the Three Months Ended March 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	176,986		$	318,152		$	315,984		$	(39,091	)	$	772,031
Cost of sales	(129,081		)	(190,366		)	(220,126		)	22,722			(516,851		)
Gross profit (loss)	47,905			127,786			95,858			(16,369		)	255,180
Total operating expenses	(37,876		)	(32,351		)	(42,772		)	—			(112,999		)
(Loss) income from operations	10,029			95,435			53,086			(16,369		)	142,181
Interest (expense) income, net	(6,669		)	1,725			73			—			(4,871		)
Other income (expense), net	10,816			(4,480		)	(6,182		)	—			154
Equity earnings (loss)	113,022			38,699			—			(151,721		)	—
Pretax income (loss)	127,198			131,379			46,977			(168,090		)	137,464
Income tax expense	(33,035		)	(1,000		)	(9,266		)	—			(43,301		)
Net income (loss)	94,163			130,379			37,711			(168,090		)	94,163
Less: Net income attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Wabtec shareholders	$	94,163		$	130,379		$	37,711		$	(168,090	)	$	94,163

Comprehensive income (loss) attributable to Wabtec shareholders	$	93,932		$	130,378		$	65,565		$	(168,090	)	$	121,785

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(8,705	)	$	(5,829	)	$	(4,148	)	$	(7,414	)	$	(26,096	)
Net cash used in investing activities	(5,124		)	(68,173		)	10,221			—			(63,076		)
Net cash provided by (used in) financing activities	13,835			71,678			(132,400		)	7,414			(39,473		)
Effect of changes in currency exchange rates	—			—			10,340			—			10,340
Increase (decrease) in cash	6			(2,324		)	(115,987		)	—			(118,305		)
Cash, beginning of period	2,522			9,496			386,466			—			398,484
Cash, end of period	$	2,528		$	7,172		$	270,479		$	—		$	280,179

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(11,340	)	$	81,479		$	21,796		$	(16,369	)	$	75,566
Net cash used in investing activities	(3,234		)	(2,303		)	(3,093		)	—			(8,630		)
Net cash (used in) provided by financing activities	20,229			(71,084		)	(5,551		)	16,369			(40,037		)
Effect of changes in currency exchange rates	—			—			9,684			—			9,684
(Decrease) increase in cash	5,655			8,092			22,836			—			36,583
Cash, beginning of period	—			13,157			213,034			—			226,191
Cash, end of period	$	5,655		$	21,249		$	235,870		$	—		$	262,774

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References + Details

Other Income (Expense), Net

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Other Income (Expense), Net

OTHER INCOME (EXPENSE), NET

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



	Three Months Ended March 31,
In thousands	2017		2016
Foreign currency gain	$	1,213	$	162
Other miscellaneous income (expense)	1,106		(8		)
Total other income (expense), net	$	2,319	$	154

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its majority owned subsidiaries. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2016. The December 31, 2016 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Revenue Recognition	Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 605 “Revenue Recognition.” Revenue is recognized when products have been shipped to the respective customers, title has passed and the price for the product has been determined. In general, the Company recognizes revenue from 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 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.
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.
Financial Derivatives and Hedging Activities	As part of its risk management strategy, the Company utilizes derivative financial instruments to manage its exposure due to changes in foreign currencies and interest rates. For further information regarding financial derivatives and hedging activities, refer to Footnotes 12 and 13.
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 period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of 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.
Noncontrolling Interests	In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on our condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016.
Recently Issued Accounting Pronouncements	In March 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-07 "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in this update require the service cost component of net benefit costs to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs are required to be presented in the income statement separately from the service cost component and outside income from operations. This update also allows the service cost component to be eligible for capitalization when applicable. The ASU is effective for public companies in the fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The amendments should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company does not expect the adoption of this guidance in 2018 to have a material impact on the Company's financial statements. In January 2017, the FASB issued ASU No. 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in this update eliminate the requirement to perform Step 2 of the goodwill impairment test. Instead, an entity should perform a goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value up to the carrying amount of the goodwill. The ASU is effective for public companies in the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The impact of adopting this guidance could result in a change in the overall conclusion as to whether or not a reporting units' goodwill is impaired and the amount of an impairment charge recognized in the event a reporting units' carrying value exceeds its fair value. All of the Company's reporting units had fair value that was substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2016. In November 2016, the FASB issued ASU No. 2016-18 "Statement of Cash Flows (Topic 230): Restricted Cash". The amendments in this update require a statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for public companies in the fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. The ASU is effective for public companies in the fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contract with Customers.” The ASU will supersede most of the existing revenue recognition requirements in U.S. GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Board voted to propose that the standard would take effect for reporting periods beginning after December 15, 2017 and that early adoption would be allowed as of the original effective date. The impact of adopting the new standard on net sales and operating income for the three months ended March 31, 2017 and 2016 is not expected to be material. The Company also does not expect a material impact to the consolidated balance sheet. The impact to results is not anticipated to be material because the analysis of the Company's current contracts under the new revenue recognition standard supports the recognition of revenue over time under the cost-to-cost method for the majority of our contracts, which is consistent with our current revenue recognition model. The Company plans to adopt this accounting standard update using the modified retrospective method, with the cumulative effect of initially applying this update recognized in the first reporting period of 2018. The Company is in the process of drafting an updated accounting policy, evaluating new disclosure requirements and identifying and implementing appropriate changes to its business processes, systems and controls to support recognition and disclosure under the new guidance. Recently Adopted Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU simplifies several aspects for the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2016. In accordance with this update, the Company began recognizing all excess tax deficiencies and tax benefits from share-based payment awards as a benefit or expense to income tax in the income statement. This update has been adopted prospectively in accordance with the ASU and the impact of adoption on the income statement was not material. Additionally in accordance with this update, the Company began classifying excess income tax benefits from exercise of stock options as an operating activity on the consolidated statement of cash flows. The Company elected to adopt this amendment retrospectively and the impact of the adoption on operating and financing cash flows for the three months ended March 31, 2016 was not material. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes" which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The Company elected to early adopt this ASU as of December 31, 2016; therefore, all deferred income tax assets and liabilities are classified in the noncurrent deferred income taxes line-items on the consolidated balance sheets.
Other Comprehensive Income	Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources.

Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Accounting Policies [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2017 are as follows:



In thousands	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2016	$	(321,033	)	$	(2,957	)	$	(55,615	)	$	(379,605	)
Other comprehensive income (loss) before reclassifications	49,395			903			(3,363		)	46,935
Amounts reclassified from accumulated other
comprehensive income	—			426			592			1,018
Net current period other comprehensive income (loss)	49,395			1,329			(2,771		)	47,953
Balance at March 31, 2017	$	(271,638	)	$	(1,628	)	$	(58,386	)	$	(331,652	)

Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2017 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(422	)	Cost of sales
Amortization of net loss	1,240			Cost of sales
	818			Income from Operations
	(226		)	Income tax expense
	$	592		Net income

Derivative contracts
Realized loss on derivative contracts	$	589		Interest expense, net
	(163		)	Income tax expense
	$	426		Net income

The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2016 are as follows:



	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2015	$	(227,349	)	$	(2,987	)	$	(46,383	)	$	(276,719	)
Other comprehensive income (loss) before reclassifications	32,211			(1,885		)	(3,533		)	26,793
Amounts reclassified from accumulated other
comprehensive income	—			325			504			829
Net current period other comprehensive (loss)	32,211			(1,560		)	(3,029		)	27,622
Balance at March 31, 2016	$	(195,138	)	$	(4,547	)	$	(49,412	)	$	(249,097	)

Reclassifications out of accumulated other comprehensive loss for the three months ended March 31, 2016 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	$	(385	)	Cost of sales
Amortization of net loss	1,120			Cost of sales
	735			Income from Operations
	(231		)	Income tax expense
	$	504		Net income

Derivative contracts
Realized loss on derivative contracts	$	474		Interest expense, net
	(149		)	Income tax expense
	$	325		Net income

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition

The following table summarizes the preliminary estimated fair values of the Faiveley Transport assets acquired and liabilities assumed:



In thousands
Assets acquired
Cash and cash equivalents	$	178,318
Accounts receivable	444,918
Inventories	206,516
Other current assets	66,152
Property, plant, and equipment	161,663
Goodwill	1,232,143
Trade names	333,823
Customer relationships	255,354
Patents	1,201
Other noncurrent assets	158,726
Total assets acquired	3,038,814
Liabilities assumed
Current liabilities	774,751
Debt	409,899
Other noncurrent liabilities	347,349
Total liabilities assumed	1,531,999
Net assets acquired	$	1,506,815

following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition for ATP, Workhorse, Precision Turbo, Gerken and Unitrac:



	ATP			Workhorse			Precision Turbo			Gerken			Unitrac
In thousands	March 14, 2017			December 14, 2016			November 17, 2016			August 1, 2016			May 5, 2016
Current assets	$	10,882		$	9,137		$	4,183		$	32,706		$	12,136
Property, plant & equipment	2,787			0			1,346			7,667			1,768
Goodwill	35,146			24,838			3,942			17,470			1,388
Other intangible assets	34,800			19,400			5,200			30,560			1,230
Other assets	—			—			—			1,706			—
Total assets acquired	83,615			53,375			14,671			90,109			16,522
Total liabilities assumed	(18,403		)	(9,083		)	(825		)	(27,262		)	(2,144		)
Net assets acquired	$	65,212		$	44,292		$	13,846		$	62,847		$	14,378

Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2016:



In thousands	Three Months Ended March 31, 2017		Three Months Ended March 31, 2016
Net sales	$	921,407	$	1,116,789
Gross profit	270,605		345,081
Net income attributable to Wabtec shareholders	72,250		114,444
Diluted earnings per share
As Reported	$	0.77	$	1.02
Pro forma	$	0.77	$	1.16

Inventories (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:



In thousands	March 31, 2017		December 31, 2016
Raw materials	$	360,374	$	331,465
Work-in-progress	166,143		145,462
Finished goods	177,364		181,583
Total inventories	$	703,881	$	658,510

Intangibles (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Change in the Carrying Amount of Goodwill by Segment

The change in the carrying amount of goodwill by segment for the three months ended months ended March 31, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Total
Balance at December 31, 2016	$	550,902	$	1,527,863	$	2,078,765
Adjustment to preliminary purchase allocation	2,260		48,687		50,947
Acquisitions	35,165		—		35,165
Foreign currency impact	3,343		20,283		23,626
Balance at March 31, 2017	$	591,670	$	1,596,833	$	2,188,503

Intangible Assets of the Company, Other Than Goodwill and Trade Names

Intangible assets of the Company, other than goodwill and trade names, consist of the following:



In thousands	March 31, 2017		December 31, 2016
Patents, non-compete and other intangibles, net of accumulated
amortization of $43,280 and $42,538	$	13,071	$	15,360
Customer relationships, net of accumulated amortization
of $95,984 and $87,334	550,317		528,068
Total	$	563,388	$	543,428

Amortization Expense

Amortization expense for the five succeeding years is estimated to be as follows:



Remainder of 2017	$	25,308
2018	33,328
2019	32,284
2020	30,762
2021	30,774

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:



In thousands	March 31, 2017		December 31, 2016
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $2,485 and $2,526	$	747,515	$	747,474
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1,626 and $1,690	248,374		248,310
Revolving Credit Facility, net of unamortized debt issuance costs of $3,500 and $3,850	825,773		796,150
Schuldschein Loan	41,718		98,671
Other Borrowings	5,359		1,153
Capital Leases	1,258		1,018
Total	1,869,997		1,892,776
Less - current portion	87,373		129,809
Long-term portion	$	1,782,624	$	1,762,967

Summary of Loan Tranches

A summary of the tranches as of March 31, 2017 are as follows:



Maturity	Rate	Amounts
December 2020	3.04%	$	21,390
March 2021	3.07%	9,630
March 2024	4.00%	10,698
Total		$	41,718

- 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=64930739&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=64930785&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=64930785&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

+ Details

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2017

Defined Benefit Pension Plans

Components of Net Periodic Benefit Cost

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



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2017			2016			2017			2016
Net periodic benefit cost
Service cost	$	86		$	84		$	614		$	473
Interest cost	356			369			1,677			1,486
Expected return on plan assets	(433		)	(519		)	(2,910		)	(2,405		)
Net amortization/deferrals	248			229			685			620
Curtailment loss recognized	—			—			—			240
Net periodic benefit cost	$	257		$	163		$	66		$	414



Assumptions
Discount Rate	3.95	%	4.21	%	2.51	%	3.56	%
Expected long-term rate of return	4.95	%	5.70	%	4.93	%	5.81	%
Rate of compensation increase	3.00	%	3.00	%	2.54	%	3.10	%

Post Retirement Benefit Plans

Components of Net Periodic Benefit Cost

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



	U.S.						International
	Three Months Ended March 31,						Three Months Ended March 31,
In thousands, except percentages	2017			2016			2017			2016
Net periodic benefit cost
Service cost	$	1		$	1		$	7		$	7
Interest cost	88			97			24			25
Net amortization/deferrals	(73		)	(105		)	(7		)	(9		)
Net periodic benefit (credit) cost	$	16		$	(7	)	$	24		$	23



Assumptions
Discount Rate	3.76	%	3.95	%	3.46	%	3.90	%

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option Activity



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2016	1,098,823		$	35.39	4.3	$	52,332
Granted	64,507		87.05			(584		)
Exercised	(47,567	)	26.46			2,452
Canceled	(471	)	83.14			(2		)
Outstanding at March 31, 2017	1,115,292		38.74		4.4	43,783
Exercisable at March 31, 2017	923,878		30.90		3.7	43,513

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:



	Three Months Ended March 31,
	2017		2016
Dividend yield	0.23	%	0.26	%
Risk-free interest rate	2.17	%	1.47	%
Stock price volatility	23.4	%	26.9	%
Expected life (years)	5.0		5.0

Restricted Stock Activity and Incentive Stock Awards Activity



	Restricted Stock and Units		Incentive Stock Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2016	396,295		424,750		$	72.18
Granted	128,985		155,575		87.02
Vested	(112,504	)	(153,271	)	69.38
Adjustment for incentive stock awards expected to vest	—		(2,558	)	72.79
Canceled	(4,103	)	(2,458	)	77.20
Outstanding at March 31, 2017	408,673		422,038

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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



	Three Months Ended March 31,
In thousands, except per share data	2017			2016
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	73,889		$	94,163
Less: dividends declared - common shares and non-vested restricted stock	(9,572		)	(7,355		)
Undistributed earnings	64,317			86,808
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	64,124			86,548
Add: dividends declared - common shares	9,542			7,332
Numerator for basic and diluted earnings per common share	$	73,666		$	93,880
Denominator
Denominator for basic earnings per common share - weighted average shares	95,243			91,258
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	748			891
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	95,991			92,149
Net income attributable to Wabtec shareholders per common share
Basic	$	0.77		$	1.03
Diluted	$	0.77		$	1.02



(1) Basic weighted-average common shares outstanding	95,243		91,258
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	95,544		91,543
Percentage allocated to common shareholders	99.7	%	99.7	%

Warranties (Tables)

3 Months Ended

Mar. 31, 2017

Product Warranties Disclosures [Abstract]

Changes in Product Warranty Reserve

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



In thousands	2017			2016
Balance at beginning of year	$	138,992		$	92,064
Warranty expense	5,760			10,880
Acquisitions	62			—
Warranty claim payments	(8,224		)	(7,287		)
Foreign currency impact/other	1,076			(25		)
Balance at March 31	$	137,666		$	95,632

Derivative Financial Instruments and Hedging (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Notional Amounts and Fair Value

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections.



In millions	Designated			Non-Designated			Total
Gross notional amount	$	911.0		$	490.0		$	1,401.0

Fair Value:
Other current assets	1.1			0.4			1.5
Other current liabilities	(0.5		)	(0.2		)	(0.7		)
Total	$	0.6		$	0.2		$	0.8

Fair Value Measurement and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Liabilities Carried at Fair Value Measured on Recurring Basis



			Fair Value Measurements at March 31, 2017 Using
In thousands	Total Carrying Value at March 31, 2017		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	$	2,969	$	—	$	2,969	$	—
Total	$	2,969	$	—	$	2,969	$	—



			Fair Value Measurements at December 31, 2016 Using
In thousands	Total Carrying Value at December 31, 2016		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	$	3,888	$	—	$	3,888	$	—
Total	$	3,888	$	—	$	3,888	$	—

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:



	March 31, 2017				December 31, 2016
In thousands	Carry Value		Fair Value		Carry Value		Fair Value
Interest rate swap agreement	$	2,969	$	2,969	$	3,888	$	3,888
4.375% Senior Notes	248,374		260,710		248,310		260,265
3.45% Senior Notes	747,515		730,178		747,474		719,273

Segment Information (Tables)

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Financial Information

Segment financial information for the three months ended March 31, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	347,946	$	568,088	$	—		$	916,034
Intersegment sales/(elimination)	9,087		5,686		(14,773		)	—
Total sales	$	357,033	$	573,774	$	(14,773	)	$	916,034
Income (loss) from operations	$	71,395	$	49,148	$	(5,685	)	$	114,858
Interest expense and other, net	—		—		(15,393		)	(15,393		)
Income (loss) from operations before income taxes	$	71,395	$	49,148	$	(21,078	)	$	99,465

Segment financial information for the three months ended March 31, 2016 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	442,669	$	329,362	$	—		$	772,031
Intersegment sales/(elimination)	5,808		1,677		(7,485		)	—
Total sales	$	448,477	$	331,039	$	(7,485	)	$	772,031
Income (loss) from operations	$	106,675	$	45,010	$	(9,504	)	$	142,181
Interest expense and other, net	—		—		(4,717		)	(4,717		)
Income (loss) from operations before income taxes	$	106,675	$	45,010	$	(14,221	)	$	137,464

Sales by Product

Sales by product are as follows:



	Three Months Ended March 31,
In thousands	2017		2016
Specialty Products & Electronics	$	315,067	$	378,269
Transit Products	258,419		48,795
Brake Products	180,459		158,033
Remanufacturing, Overhaul & Build	129,058		151,906
Other	33,031		35,028
Total sales	$	916,034	$	772,031

Guarantor Subsidiaries Financial Information (Tables)

3 Months Ended

Mar. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for March 31, 2017:



In thousands	Parent		Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	2,528	$	7,172		$	270,479	$	—		$	280,179
Receivables, net	71,106		207,705			772,731		—			1,051,542
Inventories	131,680		135,067			437,134		—			703,881
Current assets - other	34,516		3,923			92,192		—			130,631
Total current assets	239,830		353,867			1,572,536		—			2,166,233
Property, plant and equipment	49,179		127,726			347,154		—			524,059
Goodwill	25,275		537,949			1,625,279		—			2,188,503
Investment in subsidiaries	5,656,301		1,450,967			—		(7,107,268		)	—
Other intangibles, net	31,566		255,986			801,560		—			1,089,112
Other long term assets	32,504		6,312			24,176		—			62,992
Total assets	$	6,034,655	$	2,732,807		$	4,370,705	$	(7,107,268	)	$	6,030,899
Current liabilities	$	173,300	190,455			$	1,107,652	—			$	1,471,407
Inter-company	1,779,360		(1,889,230		)	109,870		—			—
Long-term debt	1,685,389		47			97,188		—			1,782,624
Long-term liabilities - other	45,015		101,756			261,329		—			408,100
Total liabilities	3,683,064		(1,596,972		)	1,576,039		—			3,662,131
Shareholders' equity	2,351,591		4,330,922			2,776,346		(7,107,268		)	2,351,591
Non-controlling interest	—		(1,143		)	18,320		—			17,177
Total shareholders' equity	$	2,351,591	$	4,329,779		$	2,794,666	$	(7,107,268	)	$	2,368,768
Total Liabilities and Shareholders' Equity	$	6,034,655	$	2,732,807		$	4,370,705	$	(7,107,268	)	$	6,030,899

Balance Sheet for December 31, 2016:



In thousands	Parent		Guarantors			Non-Guarantors		Elimination			Consolidated
Cash and cash equivalents	$	2,522	$	9,496		$	386,466	$	—		$	398,484
Receivables, net	79,041		202,779			660,688		—			942,508
Inventories	120,042		128,076			410,392		—			658,510
Current assets - other	52,576		(17,844		)	833,397		—			868,129
Total current assets	254,181		322,507			2,290,943		—			2,867,631
Property, plant and equipment	49,031		126,661			342,684		—			518,376
Goodwill	25,275		477,472			1,576,018		—			2,078,765
Investment in subsidiaries	5,388,613		1,325,150			—		(6,713,763		)	—
Other intangibles, net	31,897		204,512			817,451		—			1,053,860
Other long term assets	9,592		(1,914		)	54,708		—			62,386
Total assets	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018
Current liabilities	$	194,983	196,956			$	1,054,700	—			$	1,446,639
Inter-company	1,562,399		(1,848,777		)	286,378		—			—
Long-term debt	1,761,933		58			976		—			1,762,967
Long-term liabilities - other	33,298		74,977			286,312		—			394,587
Total liabilities	3,552,613		(1,576,786		)	1,628,366		—			3,604,193
Shareholders' equity	2,205,976		4,032,250			2,681,514		(6,713,763		)	2,205,977
Non-controlling interest	—		(1,076		)	771,924		—			770,848
Total shareholders' equity	$	2,205,976	$	4,031,174		$	3,453,438	$	(6,713,763	)	$	2,976,825
Total Liabilities and Shareholders' Equity	$	5,758,589	$	2,454,388		$	5,081,804	$	(6,713,763	)	$	6,581,018

Condensed Income Statement

Income Statement for the Three Months Ended March 31, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	144,544		$	258,712		$	544,388		$	(31,610	)	$	916,034
Cost of sales	(98,950		)	(167,607		)	(403,966		)	24,196			(646,327		)
Gross profit (loss)	45,594			91,105			140,422			(7,414		)	269,707
Total operating expenses	(24,293		)	(29,871		)	(100,685		)	—			(154,849		)
Income (loss) from operations	21,301			61,234			39,737			(7,414		)	114,858
Interest (expense) income, net	(14,611		)	2,160			(5,261		)	—			(17,712		)
Other income (expense), net	13,081			(1,260		)	(9,502		)	—			2,319
Equity earnings (loss)	68,285			11,942			—			(80,227		)	—
Pretax income (loss)	88,056			74,076			24,974			(87,641		)	99,465
Income tax expense	(14,165		)	(141		)	(13,155		)	—			(27,461		)
Net income (loss)	73,891			73,935			11,819			(87,641		)	72,004
Less: Net income attributable to noncontrolling interest	—			—			1,885			—			1,885
Net income (loss) attributable to Wabtec shareholders	$	73,891		$	73,935		$	13,704		$	(87,641	)	$	73,889

Comprehensive income (loss) attributable to Wabtec shareholders	$	74,747		$	73,935		$	60,801		$	(87,641	)	$	121,842

Income Statement for the Three Months Ended March 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	176,986		$	318,152		$	315,984		$	(39,091	)	$	772,031
Cost of sales	(129,081		)	(190,366		)	(220,126		)	22,722			(516,851		)
Gross profit (loss)	47,905			127,786			95,858			(16,369		)	255,180
Total operating expenses	(37,876		)	(32,351		)	(42,772		)	—			(112,999		)
(Loss) income from operations	10,029			95,435			53,086			(16,369		)	142,181
Interest (expense) income, net	(6,669		)	1,725			73			—			(4,871		)
Other income (expense), net	10,816			(4,480		)	(6,182		)	—			154
Equity earnings (loss)	113,022			38,699			—			(151,721		)	—
Pretax income (loss)	127,198			131,379			46,977			(168,090		)	137,464
Income tax expense	(33,035		)	(1,000		)	(9,266		)	—			(43,301		)
Net income (loss)	94,163			130,379			37,711			(168,090		)	94,163
Less: Net income attributable to noncontrolling interest	—			—			—			—			—
Net income attributable to Wabtec shareholders	$	94,163		$	130,379		$	37,711		$	(168,090	)	$	94,163

Comprehensive income (loss) attributable to Wabtec shareholders	$	93,932		$	130,378		$	65,565		$	(168,090	)	$	121,785

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(8,705	)	$	(5,829	)	$	(4,148	)	$	(7,414	)	$	(26,096	)
Net cash used in investing activities	(5,124		)	(68,173		)	10,221			—			(63,076		)
Net cash provided by (used in) financing activities	13,835			71,678			(132,400		)	7,414			(39,473		)
Effect of changes in currency exchange rates	—			—			10,340			—			10,340
Increase (decrease) in cash	6			(2,324		)	(115,987		)	—			(118,305		)
Cash, beginning of period	2,522			9,496			386,466			—			398,484
Cash, end of period	$	2,528		$	7,172		$	270,479		$	—		$	280,179

Condensed Statement of Cash Flows for the Three Months Ended March 31, 2016:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(11,340	)	$	81,479		$	21,796		$	(16,369	)	$	75,566
Net cash used in investing activities	(3,234		)	(2,303		)	(3,093		)	—			(8,630		)
Net cash (used in) provided by financing activities	20,229			(71,084		)	(5,551		)	16,369			(40,037		)
Effect of changes in currency exchange rates	—			—			9,684			—			9,684
(Decrease) increase in cash	5,655			8,092			22,836			—			36,583
Cash, beginning of period	—			13,157			213,034			—			226,191
Cash, end of period	$	5,655		$	21,249		$	235,870		$	—		$	262,774

Other Income (Expense), Net (Tables)

3 Months Ended

Mar. 31, 2017

Other Income and Expenses [Abstract]

Components of Other Income (Expense)

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



	Three Months Ended March 31,
In thousands	2017		2016
Foreign currency gain	$	1,213	$	162
Other miscellaneous income (expense)	1,106		(8		)
Total other income (expense), net	$	2,319	$	154

Business - Additional Information (Detail)	3 Months Ended
Business - Additional Information (Detail)	Mar. 31, 2017 country
Product Information [Line Items]
Number of countries company operates	30
Sales Revenue Outside United States \| Customer Concentration Risk
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	65.00%
Minimum
Product Information [Line Items]
Number of countries where product is found (more than)	100

Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Summary Of Significant Accounting Policies [Line Items]
Unbilled accounts receivable	$ 297,184		$ 274,912
Customer deposits	351,599		256,591
Provisions for loss contracts	81,400		60,500
Deferred pre-production costs	31,400		$ 29,400
Less: Net loss attributable to noncontrolling interest	$ (1,885)	$ 0

Accounting Policies - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,205,977
Other comprehensive income, net of tax	47,953	$ 27,622
Ending balance	2,351,591
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(321,033)	(227,349)
Other comprehensive income (loss) before reclassifications	49,395	32,211
Amounts reclassified from accumulated other comprehensive income	0	0
Other comprehensive income, net of tax	49,395	32,211
Ending balance	(271,638)	(195,138)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(2,957)	(2,987)
Other comprehensive income (loss) before reclassifications	903	(1,885)
Amounts reclassified from accumulated other comprehensive income	426	325
Other comprehensive income, net of tax	1,329	(1,560)
Ending balance	(1,628)	(4,547)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(55,615)	(46,383)
Other comprehensive income (loss) before reclassifications	(3,363)	(3,533)
Amounts reclassified from accumulated other comprehensive income	592	504
Other comprehensive income, net of tax	(2,771)	(3,029)
Ending balance	(58,386)	(49,412)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(379,605)	(276,719)
Other comprehensive income (loss) before reclassifications	46,935	26,793
Amounts reclassified from accumulated other comprehensive income	1,018	829
Other comprehensive income, net of tax	47,953	27,622
Ending balance	$ (331,652)	$ (249,097)

Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	$ 646,327	$ 516,851
Income from Operations	99,465	137,464
Income tax expense	(27,461)	(43,301)
Interest expense, net	(17,712)	(4,871)
Net income attributable to Wabtec shareholders	73,889	94,163
Reclassification out of Accumulated Other Comprehensive Income \| Pension and post retirement benefit plans
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income from Operations	818	735
Income tax expense	(226)	(231)
Net income attributable to Wabtec shareholders	592	504
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of initial net obligation and prior service cost
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	(422)	(385)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net loss
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	1,240	1,120
Reclassification out of Accumulated Other Comprehensive Income \| Derivative contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income tax expense	(163)	(149)
Interest expense, net	589	474
Net income attributable to Wabtec shareholders	$ 426	$ 325

Acquisitions - Additional Information (Detail) shares in Millions					3 Months Ended	4 Months Ended
	Mar. 21, 2017 USD ($)	Mar. 06, 2017 USD ($)	Feb. 03, 2017 USD ($)	Nov. 30, 2016 USD ($) employee country	Mar. 31, 2017 USD ($)	Mar. 21, 2017 USD ($) shares	Mar. 14, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 14, 2016 USD ($)	Nov. 30, 2016 € / shares	Nov. 17, 2016 USD ($)	Aug. 01, 2016 USD ($)	May 05, 2016 USD ($)
Business Acquisition [Line Items]
Escrow deposits					$ 0			$ 744,748,000
Adjustment to preliminary purchase allocation					50,947,000
Goodwill					2,188,503,000			2,078,765,000
Acquired indefinite-lived intangible assets					681,600,000
Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets					357,100,000
Customer Relationships
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets					$ 317,800,000
Intangible assets, weighted average useful life (years)					20 years
Noncompete Agreements
Business Acquisition [Line Items]
Intangible assets, weighted average useful life (years)					5 years
Intellectual Property
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets					$ 5,000,000
Intangible assets, weighted average useful life (years)					20 years
Faiveley Transport
Business Acquisition [Line Items]
Annual sales of Faiveley				$ 1,200,000,000
Number of employees (more than) \| employee				5,700
Number of countries Faiveley operates in \| country				24
Purchase price per share (in euros per share) \| € / shares										€ 100
Outstanding share capital acquired (as a percent)										51.00%
Percentage of voting interests in Faiveley (as a percent)	100.00%	22.00%	27.00%			100.00%				49.00%
Share conversion ratio										1.1538
Additional share capital acquired (as a percent)		21.00%	27.00%
Cash payment for acquisition	$ 17,500,000	$ 303,200,000	$ 411,800,000			$ 944,300,000
Equity issued in acquisition		$ 300,000	$ 25,200,000			$ 560,200,000
Cumulative share capital acquired (as a percent)	100.00%	99.00%	78.00%			100.00%
Cumulative voting rights acquired (as a percent)	100.00%	98.00%	76.00%			100.00%
Business combination, consideration transferred						$ 1,736,100,000
Equity issued in acquisition (in shares) \| shares						6.6
Debt assumed in acquisition						$ 409,900,000
Cash acquired in acquisition						$ 178,300,000
Escrow deposits								$ 744,700,000
Acquisition of noncontrolling interest					$ 8,900,000
Adjustment to current liabilities acquired					28,900,000
Current liabilities					774,751,000
Adjustment to other noncurrent assets					17,000,000
Adjustment to preliminary purchase allocation					43,800,000
Accounts receivable					444,918,000
Accrued share based compensation acquired in acquisition					25,900,000
Revenue reported by acquired entity					274,700,000
Goodwill					1,232,143,000
Faiveley Transport \| Minimum
Business Acquisition [Line Items]
Percentage of business acquisition consideration payable in cash (as a percent)										25.00%
Faiveley Transport \| Maximum
Business Acquisition [Line Items]
Percentage of business acquisition consideration payable in cash (as a percent)										45.00%
Faiveley Transport \| Restatement Adjustment \| Fair Value of Receivables
Business Acquisition [Line Items]
Accounts receivable					2,800,000
Faiveley Transport \| Restatement Adjustment \| Fair Value of Current Liabilities
Business Acquisition [Line Items]
Current liabilities					27,900,000
Faiveley Transport \| Restatement Adjustment \| Fair Value of Assets Acquired and Liabilities Assumed
Business Acquisition [Line Items]
Current liabilities					64,300,000
Accounts receivable					64,300,000
Acquisitions other than Faiveley
Business Acquisition [Line Items]
Escrow deposits					$ 48,600,000
ATP
Business Acquisition [Line Items]
Other intangible assets							$ 34,800,000
Purchase price, net of cash acquired							65,212,000
Goodwill							35,146,000
Goodwill tax deduction							$ 0
Workhorse
Business Acquisition [Line Items]
Other intangible assets									$ 19,400,000
Purchase price, net of cash acquired									44,292,000
Goodwill									$ 24,838,000
Goodwill deductible for taxes (as a percent)									37.80%
Precision Turbo
Business Acquisition [Line Items]
Other intangible assets											$ 5,200,000
Purchase price, net of cash acquired											13,846,000
Goodwill											3,942,000
Goodwill tax deduction											$ 3,900,000
Unitrac
Business Acquisition [Line Items]
Other intangible assets													$ 1,230,000
Purchase price, net of cash acquired													14,378,000
Goodwill													1,388,000
Goodwill tax deduction													$ 1,400,000
Gerken
Business Acquisition [Line Items]
Other intangible assets												$ 30,560,000
Purchase price, net of cash acquired												62,847,000
Goodwill												17,470,000
Goodwill tax deduction												$ 0

Acquisitions - Summary of Preliminary Estimated Fair Values of Faiveley Transport Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill	$ 2,188,503	$ 2,078,765
Faiveley Transport
Business Acquisition [Line Items]
Cash and cash equivalents	178,318
Accounts receivable	444,918
Inventories	206,516
Other current assets	66,152
Property, plant & equipment	161,663
Goodwill	1,232,143
Other assets	158,726
Total assets acquired	3,038,814
Current liabilities	774,751
Debt	409,899
Other noncurrent liabilities	347,349
Total liabilities assumed	1,531,999
Net assets acquired	1,506,815
Faiveley Transport \| Trade Names
Business Acquisition [Line Items]
Intangible assets acquired	333,823
Faiveley Transport \| Customer Relationships
Business Acquisition [Line Items]
Intangible assets acquired	255,354
Faiveley Transport \| Patents
Business Acquisition [Line Items]
Intangible assets acquired	$ 1,201

Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 14, 2017	Dec. 31, 2016	Dec. 14, 2016	Nov. 17, 2016	Aug. 01, 2016	May 05, 2016
Business Acquisition [Line Items]
Goodwill	$ 2,188,503		$ 2,078,765
ATP
Business Acquisition [Line Items]
Current assets		$ 10,882
Property, plant & equipment		2,787
Goodwill		35,146
Other intangible assets		34,800
Other assets		0
Total assets acquired		83,615
Total liabilities assumed		(18,403)
Net assets acquired		$ 65,212
Workhorse
Business Acquisition [Line Items]
Current assets				$ 9,137
Property, plant & equipment				0
Goodwill				24,838
Other intangible assets				19,400
Other assets				0
Total assets acquired				53,375
Total liabilities assumed				(9,083)
Net assets acquired				$ 44,292
Precision Turbo
Business Acquisition [Line Items]
Current assets					$ 4,183
Property, plant & equipment					1,346
Goodwill					3,942
Other intangible assets					5,200
Other assets					0
Total assets acquired					14,671
Total liabilities assumed					(825)
Net assets acquired					$ 13,846
Gerken
Business Acquisition [Line Items]
Current assets						$ 32,706
Property, plant & equipment						7,667
Goodwill						17,470
Other intangible assets						30,560
Other assets						1,706
Total assets acquired						90,109
Total liabilities assumed						(27,262)
Net assets acquired						$ 62,847
Unitrac
Business Acquisition [Line Items]
Current assets							$ 12,136
Property, plant & equipment							1,768
Goodwill							1,388
Other intangible assets							1,230
Other assets							0
Total assets acquired							16,522
Total liabilities assumed							(2,144)
Net assets acquired							$ 14,378

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Combinations [Abstract]
Net sales	$ 921,407	$ 1,116,789
Gross profit	270,605	345,081
Net income attributable to Wabtec shareholders	$ 72,250	$ 114,444
Diluted (in dollars per share)	$ 0.77	$ 1.02
Diluted earnings per share, pro forma (in dollars per share)	$ 0.77	$ 1.16

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 360,374	$ 331,465
Work-in-progress	166,143	145,462
Finished goods	177,364	181,583
Total inventories	$ 703,881	$ 658,510

Intangibles - Change in the Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,078,765
Adjustment to preliminary purchase allocation	50,947
Acquisitions	35,165
Foreign currency impact	23,626
Ending balance	2,188,503
Freight Segment
Goodwill [Roll Forward]
Beginning balance	550,902
Adjustment to preliminary purchase allocation	2,260
Acquisitions	35,165
Foreign currency impact	3,343
Ending balance	591,670
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,527,863
Adjustment to preliminary purchase allocation	48,687
Acquisitions	0
Foreign currency impact	20,283
Ending balance	$ 1,596,833

Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Intangible Assets Disclosure [Line Items]
Trade names	$ 525,700		$ 510,500
Intangible assets, amortization expense	$ 9,044	$ 5,295
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)	18 years
Intellectual Property
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	16 years

Intangibles - Intangible Assets Other Than Goodwill and Trade Names (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 563,388	$ 543,428
Patents And Other
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	13,071	15,360
Intangible assets, accumulated amortization	43,280	42,538
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	550,317	528,068
Intangible assets, accumulated amortization	$ 95,984	$ 87,334

Intangibles - Amortization Expense (Detail) $ in Thousands	Mar. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2017	$ 25,308
2018	33,328
2019	32,284
2020	30,762
2021	$ 30,774

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Aug. 31, 2013
Debt Instrument [Line Items]
Capital Leases	$ 1,258	$ 1,018
Total	1,869,997	1,892,776
Less - current portion	87,373	129,809
Long-term portion	1,782,624	1,762,967
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	825,773	796,150
Unamortized discount and debt issuance cost	3,500	3,850
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term debt			$ 250,000
Stated interest percentage			4.375%
Other Borrowings
Debt Instrument [Line Items]
Long-term debt	5,359	1,153
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 747,515	$ 747,474
Stated interest percentage	3.45%	3.45%
Unamortized discount and debt issuance cost	$ 2,485	$ 2,526
Schuldschein Loan
Debt Instrument [Line Items]
Long-term debt	$ 41,718	$ 98,671

Long-Term Debt - Additional Information (Details)					3 Months Ended
Long-Term Debt - Additional Information (Details)	Mar. 06, 2017 USD ($)	Oct. 31, 2016 USD ($)	Jun. 22, 2016 USD ($)	Dec. 19, 2013 USD ($)	Mar. 31, 2017 USD ($) tranche	Dec. 31, 2016 USD ($)	Jun. 05, 2014 USD ($)	Mar. 05, 2014 USD ($) investor	Aug. 31, 2013 USD ($)	Jan. 12, 2012 USD ($)
Debt Instrument [Line Items]
Repayments of debt	$ 39,600,000				$ 18,700,000
Weighted average interest rate (as a percent)					2.61%
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Interest rate swap agreements, notional amount							$ 150,000,000			$ 150,000,000.0
Interest rate on notional value (as a percent)							2.56%			1.415%
Faiveley Transport
Debt Instrument [Line Items]
Acquired loans					$ 1,531,999,000
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt					825,773,000	$ 796,150,000
Unamortized discount and debt issuance cost					$ 3,500,000	$ 3,850,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Stated interest percentage					3.45%	3.45%
Long-term debt					$ 747,515,000	$ 747,474,000
Unamortized discount and debt issuance cost					$ 2,485,000	$ 2,526,000
2016 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost			$ 3,300,000
Minimum interest expense coverage ratio					3.0
Maximum debt to cash flow ratio					3.25
2016 Refinancing Credit Agreement \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.50%
2016 Refinancing Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.00%
2016 Refinancing Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.00%
2016 Refinancing Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.00%
2016 Refinancing Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.75%
2016 Refinancing Credit Agreement \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
2016 Refinancing Credit Agreement \| Alternative Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.75%
2016 Refinancing Credit Agreement \| Alternative Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
2016 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility loan term, years			5 years
Line of credit facility, amount currently available					$ 728,000,000
2016 Refinancing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Ticking fee			0.10%
2016 Refinancing Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Line of credit amount outstanding					$ 32,700,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Stated interest percentage					4.375%	4.375%
Long-term debt					$ 248,374,000	$ 248,310,000
Unamortized discount and debt issuance cost					$ 1,626,000	1,690,000
2013 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost				$ 1,000,000
Basis spread on effective rate					0.50%
Debt instrument, basis spread on variable rate					1.00%
2013 Refinancing Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.00%
2013 Refinancing Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.75%
2013 Refinancing Credit Agreement \| Alternative Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					0.75%
2013 Refinancing Credit Agreement \| Alternative Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate					1.75%
2013 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility loan term, years				5 years
Schuldschein Loan
Debt Instrument [Line Items]
Long-term debt					$ 41,718,000	$ 98,671,000
Schuldschein Loan \| Faiveley Transport
Debt Instrument [Line Items]
Long-term debt					41,700,000
Acquired loans								$ 137,200,000
Number of investors \| investor								20
Repayments of debt					$ 95,500,000
Number of loan tranches \| tranche					3
Senior Notes \| Senior Notes Due 2026
Debt Instrument [Line Items]
Debt issued		$ 750,000,000
Debt issuance price (as a percent)		99.965%
Stated interest percentage		3.45%
Deferred financing cost		$ 2,600,000
Line of Credit \| 2016 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount			$ 1,200,000,000.0
Line of Credit \| 2016 Refinancing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount			$ 400,000,000.0
Line of Credit \| 2013 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount				$ 800,000,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Stated interest percentage									4.375%
Deferred financing cost									$ 2,600,000
Long-term debt									$ 250,000,000
Senior notes coupon rate									99.879%
Five Year Maturity \| Schuldschein Loan
Debt Instrument [Line Items]
Stated interest percentage					3.04%
Long-term debt					$ 21,390,000
Seven Year Maturity \| Schuldschein Loan
Debt Instrument [Line Items]
Stated interest percentage					3.07%
Long-term debt					$ 9,630,000
Seven Year Maturity \| Schuldschein Loan \| Faiveley Transport
Debt Instrument [Line Items]
Original maturities					7 years
Ten Year Maturity \| Schuldschein Loan
Debt Instrument [Line Items]
Stated interest percentage					4.00%
Long-term debt					$ 10,698,000
Ten Year Maturity \| Schuldschein Loan \| Faiveley Transport
Debt Instrument [Line Items]
Original maturities					10 years

Long-Term Debt Long-Term Debt - Summary of Loan Tranches (Details) - Schuldschein Loan - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 41,718	$ 98,671
December 2020
Debt Instrument [Line Items]
Stated interest percentage	3.04%
Long-term debt	$ 21,390
March 2021
Debt Instrument [Line Items]
Stated interest percentage	3.07%
Long-term debt	$ 9,630
March 2024
Debt Instrument [Line Items]
Stated interest percentage	4.00%
Long-term debt	$ 10,698

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S. Defined Benefit Pension Plans
Net periodic benefit cost
Service cost	$ 86	$ 84
Interest cost	356	369
Expected return on plan assets	(433)	(519)
Net amortization/deferrals	248	229
Curtailment loss recognized	0	0
Net periodic benefit cost	$ 257	$ 163
Assumptions
Discount Rate	3.95%	4.21%
Expected long-term rate of return	4.95%	5.70%
Rate of compensation increase	3.00%	3.00%
International Defined Benefit Pension Plans
Net periodic benefit cost
Service cost	$ 614	$ 473
Interest cost	1,677	1,486
Expected return on plan assets	(2,910)	(2,405)
Net amortization/deferrals	685	620
Curtailment loss recognized	0	240
Net periodic benefit cost	$ 66	$ 414
Assumptions
Discount Rate	2.51%	3.56%
Expected long-term rate of return	4.93%	5.81%
Rate of compensation increase	2.54%	3.10%
U.S. Post Retirement
Net periodic benefit cost
Service cost	$ 1	$ 1
Interest cost	88	97
Net amortization/deferrals	(73)	(105)
Net periodic benefit cost	$ 16	$ (7)
Assumptions
Discount Rate	3.76%	3.95%
International Post Retirement
Net periodic benefit cost
Service cost	$ 7	$ 7
Interest cost	24	25
Net amortization/deferrals	(7)	(9)
Net periodic benefit cost	$ 24	$ 23
Assumptions
Discount Rate	3.46%	3.90%

Employee Benefit Plans - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
International Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to the plan	$ 7.1
U.S. Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to the plan	$ 0.5

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 5.7	$ 5.5
Unamortized compensation expense expected to be vested	$ 44.9
Recognized weighted average period (in years)	1 year 7 months 9 days
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0.4
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1.7
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0.8
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.4
Award vesting period (in years)	3 years
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)					92.00%
Performance Shares \| 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 (as a percent)	0.00%
Performance Shares \| 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 (as a percent)	200.00%
Performance Shares \| Scenario Forecast
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 (as a percent)			100.00%	95.00%
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term (in years)	10 years
Number of shares available for grant	3,800,000
2011 Plan \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term (in years)	10 years
Award vesting period (in years)	4 years
2011 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years
2011 Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0.4
Directors Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	1 year
2000 Plan \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term (in years)	10 years
Award vesting period (in years)	4 years
2000 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years
2000 Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Options Outstanding
Beginning balance (in shares)	1,098,823
Granted (in shares)	64,507
Exercised (in shares)	(47,567)
Canceled (in shares)	(471)
Ending balance (in shares)	1,115,292	1,098,823
Exercisable at period end (in shares)	923,878
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 35.39
Granted (in dollars per share)	87.05
Exercised (in dollars per share)	26.46
Canceled (in dollars per share)	83.14
Ending balance (in dollars per share)	38.74	$ 35.39
Exercisable (in dollars per share)	$ 30.90
Weighted-Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life (in years)	4 years 4 months 26 days	4 years 3 months 20 days
Exercisable weighted average remaining contractual life (in years)	3 years 8 months 16 days
Aggregate Intrinsic Value
Beginning balance	$ 52,332
Granted	(584)
Exercised	2,452
Canceled	(2)
Ending balance	43,783	$ 52,332
Exercisable	$ 43,513

Stock-Based Compensation - Fair Value of Each Option Grant Weighted Average Assumptions (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.23%	0.26%
Risk-free interest rate	2.17%	1.47%
Stock price volatility	23.40%	26.90%
Expected life (years)	5 years	5 years

Stock-Based Compensation - Restricted Stock Activity and Incentive Stock Awards Activity (Detail)	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 72.18
Granted (in dollars per share) \| $ / shares	87.02
Vested (in dollars per share) \| $ / shares	69.38
Adjustment for incentive stock awards expected to vest (in dollars per share) \| $ / shares	72.79
Canceled (in dollars per share) \| $ / shares	$ 77.20
Restricted Stock and Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	396,295
Granted (in shares)	128,985
Vested (in shares)	(112,504)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(4,103)
Outstanding, end of period (in shares)	408,673
Incentive Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	424,750
Granted (in shares)	155,575
Vested (in shares)	(153,271)
Adjustment for incentive stock awards expected to vest (in shares)	(2,558)
Canceled (in shares)	(2,458)
Outstanding, end of period (in shares)	422,038

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	27.60%	31.50%
Liability for uncertain tax positions	$ 8.4		$ 8.4
Unrecognized tax benefits if recognized that would affect effective tax rate	4.2		4.2
Accrued interest related to uncertain tax positions	0.9		0.8
Accrued penalties related to uncertain tax positions	0.3		$ 0.3
Unrecognized tax benefits subject to change within the next 12 months	$ 4.0

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator
Net income attributable to Wabtec shareholders	$ 73,889	$ 94,163
Less: dividends declared - common shares and non-vested restricted stock	(9,572)	(7,355)
Undistributed earnings	$ 64,317	$ 86,808
Percentage allocated to common shareholders (as a percent)	99.70%	99.70%
Undistributed earnings allocated to common shareholders	$ 64,124	$ 86,548
Add: dividends declared - common shares	9,542	7,332
Numerator for basic and diluted earnings per common share	$ 73,666	$ 93,880
Denominator
Basic weighted average common shares outstanding (in shares)	95,243	91,258
Assumed conversion of dilutive stock-based compensation plans (in shares)	748	891
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion (in shares)	95,991	92,149
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 0.77	$ 1.03
Diluted (in dollars per share)	$ 0.77	$ 1.02
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest (in shares)	95,544	91,543

Warranties - Changes in Product Warranty Reserve (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 138,992	$ 92,064
Warranty expense	5,760	10,880
Acquisitions	62	0
Warranty claim payments	(8,224)	(7,287)
Foreign currency impact/other	1,076	(25)
Balance at end of period	$ 137,666	$ 95,632

Derivative Financial Instruments and Hedging - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreement, current liability	$ 2,969	$ 3,888
Non-Designated \| Foreign Exchange Forward
Derivative [Line Items]
Derivative term	1 year
Unrealized loss on derivative contracts	$ 400
Cash Flow Hedging \| Designated \| Foreign Currency Contracts
Derivative [Line Items]
Derivative term	2 years
Fair Value Hedging \| Designated \| Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreement, current liability	$ 3,000
Accumulated other comprehensive loss	$ 1,800

Derivative Financial Instruments and Hedging - Summary of Notional Amounts and Fair Value (Details) $ in Millions	Mar. 31, 2017 USD ($)
Derivative [Line Items]
Gross notional amount	$ 1,401.0
Total	0.8
Other current assets
Derivative [Line Items]
Derivative asset fair value	1.5
Other current liabilities
Derivative [Line Items]
Liabilities at fair value	0.7
Designated
Derivative [Line Items]
Gross notional amount	911.0
Total	0.6
Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	1.1
Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	0.5
Non-Designated
Derivative [Line Items]
Gross notional amount	490.0
Total	0.2
Non-Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	0.4
Non-Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	$ 0.2

Fair Value Measurement and Fair Value of Financial Instruments - Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	$ 2,969	$ 3,888
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	2,969	3,888
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Interest rate swap agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	2,969	3,888
Liabilities at fair value	2,969	3,888
Interest rate swap agreements \| Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	2,969	3,888
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	2,969	3,888
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References + Details

Fair Value Measurement and Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Interest rate swap agreements
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	$ 2,969	$ 3,888
Fair value	2,969	3,888
4.375% Senior Notes, due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	248,374	248,310
Fair value	$ 260,710	$ 260,265
Stated interest percentage	4.375%	4.375%
Senior Notes Due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	$ 747,515	$ 747,474
Fair value	$ 730,178	$ 719,273
Stated interest percentage	3.45%	3.45%

- Definition

+ References + Details

Commitments and Contingencies - Additional Information (Details)	Nov. 02, 2016	Apr. 21, 2016
Siemens Industry, Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Number of patents allegedly infringed	6	7

Segment Information - Additional Information (Detail)	3 Months Ended
Segment Information - Additional Information (Detail)	Mar. 31, 2017 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Total sales	$ 916,034	$ 772,031
Income (loss) from operations	114,858	142,181
Interest expense and other, net	(15,393)	(4,717)
Income from operations before income taxes	99,465	137,464
Freight Segment
Segment Reporting Information [Line Items]
Total sales	357,033	448,477
Income from operations before income taxes	71,395	106,675
Transit Segment
Segment Reporting Information [Line Items]
Total sales	573,774	331,039
Income from operations before income taxes	49,148	45,010
Operating Segments \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	347,946	442,669
Income (loss) from operations	71,395	106,675
Interest expense and other, net	0	0
Operating Segments \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	568,088	329,362
Income (loss) from operations	49,148	45,010
Interest expense and other, net	0	0
Intersegment sales/(elimination)
Segment Reporting Information [Line Items]
Total sales	(14,773)	(7,485)
Intersegment sales/(elimination) \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	9,087	5,808
Intersegment sales/(elimination) \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	5,686	1,677
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(14,773)	(7,485)
Income (loss) from operations	(5,685)	(9,504)
Interest expense and other, net	(15,393)	(4,717)
Income from operations before income taxes	$ (21,078)	$ (14,221)

Segment Information - Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Total sales	$ 916,034	$ 772,031
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Total sales	315,067	378,269
Transit Products
Segment Reporting Information [Line Items]
Total sales	258,419	48,795
Brake Products
Segment Reporting Information [Line Items]
Total sales	180,459	158,033
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Total sales	129,058	151,906
Other
Segment Reporting Information [Line Items]
Total sales	$ 33,031	$ 35,028

Guarantor Subsidiaries Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 280,179	$ 398,484	$ 262,774	$ 226,191
Receivables, net	1,051,542	942,508
Inventories	703,881	658,510
Current assets - other	130,631	868,129
Total current assets	2,166,233	2,867,631
Property, plant and equipment	524,059	518,376
Goodwill	2,188,503	2,078,765
Investment in subsidiaries	0	0
Other intangibles, net	1,089,112	1,053,860
Other noncurrent assets	62,992	62,386
Total Assets	6,030,899	6,581,018
Current liabilities	1,471,407	1,446,639
Inter-company	0	0
Long-term debt	1,782,624	1,762,967
Long-term liabilities - other	408,100	394,587
Total liabilities	3,662,131	3,604,193
Shareholders' equity	2,351,591	2,205,977
Noncontrolling interest	17,177	770,848
Total equity	2,368,768	2,976,825
Total Liabilities and Equity	6,030,899	6,581,018
Elimination
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Receivables, net	0	0
Inventories	0	0
Current assets - other	0	0
Total current assets	0	0
Property, plant and equipment	0	0
Goodwill	0	0
Investment in subsidiaries	(7,107,268)	(6,713,763)
Other intangibles, net	0	0
Other noncurrent assets	0	0
Total Assets	(7,107,268)	(6,713,763)
Current liabilities	0	0
Inter-company	0	0
Long-term debt	0	0
Long-term liabilities - other	0	0
Total liabilities	0	0
Shareholders' equity	(7,107,268)	(6,713,763)
Noncontrolling interest	0	0
Total equity	(7,107,268)	(6,713,763)
Total Liabilities and Equity	(7,107,268)	(6,713,763)
Parent
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	2,528	2,522	5,655	0
Receivables, net	71,106	79,041
Inventories	131,680	120,042
Current assets - other	34,516	52,576
Total current assets	239,830	254,181
Property, plant and equipment	49,179	49,031
Goodwill	25,275	25,275
Investment in subsidiaries	5,656,301	5,388,613
Other intangibles, net	31,566	31,897
Other noncurrent assets	32,504	9,592
Total Assets	6,034,655	5,758,589
Current liabilities	173,300	194,983
Inter-company	1,779,360	1,562,399
Long-term debt	1,685,389	1,761,933
Long-term liabilities - other	45,015	33,298
Total liabilities	3,683,064	3,552,613
Shareholders' equity	2,351,591	2,205,976
Noncontrolling interest	0	0
Total equity	2,351,591	2,205,976
Total Liabilities and Equity	6,034,655	5,758,589
Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	7,172	9,496	21,249	13,157
Receivables, net	207,705	202,779
Inventories	135,067	128,076
Current assets - other	3,923	(17,844)
Total current assets	353,867	322,507
Property, plant and equipment	127,726	126,661
Goodwill	537,949	477,472
Investment in subsidiaries	1,450,967	1,325,150
Other intangibles, net	255,986	204,512
Other noncurrent assets	6,312	(1,914)
Total Assets	2,732,807	2,454,388
Current liabilities	190,455	196,956
Inter-company	(1,889,230)	(1,848,777)
Long-term debt	47	58
Long-term liabilities - other	101,756	74,977
Total liabilities	(1,596,972)	(1,576,786)
Shareholders' equity	4,330,922	4,032,250
Noncontrolling interest	(1,143)	(1,076)
Total equity	4,329,779	4,031,174
Total Liabilities and Equity	2,732,807	2,454,388
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	270,479	386,466	$ 235,870	$ 213,034
Receivables, net	772,731	660,688
Inventories	437,134	410,392
Current assets - other	92,192	833,397
Total current assets	1,572,536	2,290,943
Property, plant and equipment	347,154	342,684
Goodwill	1,625,279	1,576,018
Investment in subsidiaries	0	0
Other intangibles, net	801,560	817,451
Other noncurrent assets	24,176	54,708
Total Assets	4,370,705	5,081,804
Current liabilities	1,107,652	1,054,700
Inter-company	109,870	286,378
Long-term debt	97,188	976
Long-term liabilities - other	261,329	286,312
Total liabilities	1,576,039	1,628,366
Shareholders' equity	2,776,346	2,681,514
Noncontrolling interest	18,320	771,924
Total equity	2,794,666	3,453,438
Total Liabilities and Equity	$ 4,370,705	$ 5,081,804

Guarantor Subsidiaries Financial Information - Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 916,034	$ 772,031
Cost of sales	(646,327)	(516,851)
Gross profit	269,707	255,180
Total operating expenses	(154,849)	(112,999)
Income from operations	114,858	142,181
Interest expense, net	(17,712)	(4,871)
Other income (expense), net	2,319	154
Equity earnings (loss)	0	0
Income from operations before income taxes	99,465	137,464
Income tax expense	(27,461)	(43,301)
Net income	72,004	94,163
Less: Net loss attributable to noncontrolling interest	1,885	0
Net income attributable to Wabtec shareholders	73,889	94,163
Comprehensive income attributable to Wabtec shareholders	121,842	121,785
Elimination
Condensed Financial Statements, Captions [Line Items]
Net sales	(31,610)	(39,091)
Cost of sales	24,196	22,722
Gross profit	(7,414)	(16,369)
Total operating expenses	0	0
Income from operations	(7,414)	(16,369)
Interest expense, net	0	0
Other income (expense), net	0	0
Equity earnings (loss)	(80,227)	(151,721)
Income from operations before income taxes	(87,641)	(168,090)
Income tax expense	0	0
Net income	(87,641)	(168,090)
Less: Net loss attributable to noncontrolling interest	0	0
Net income attributable to Wabtec shareholders	(87,641)	(168,090)
Comprehensive income attributable to Wabtec shareholders	(87,641)	(168,090)
Parent
Condensed Financial Statements, Captions [Line Items]
Net sales	144,544	176,986
Cost of sales	(98,950)	(129,081)
Gross profit	45,594	47,905
Total operating expenses	(24,293)	(37,876)
Income from operations	21,301	10,029
Interest expense, net	(14,611)	(6,669)
Other income (expense), net	13,081	10,816
Equity earnings (loss)	68,285	113,022
Income from operations before income taxes	88,056	127,198
Income tax expense	(14,165)	(33,035)
Net income	73,891	94,163
Less: Net loss attributable to noncontrolling interest	0	0
Net income attributable to Wabtec shareholders	73,891	94,163
Comprehensive income attributable to Wabtec shareholders	74,747	93,932
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	258,712	318,152
Cost of sales	(167,607)	(190,366)
Gross profit	91,105	127,786
Total operating expenses	(29,871)	(32,351)
Income from operations	61,234	95,435
Interest expense, net	2,160	1,725
Other income (expense), net	(1,260)	(4,480)
Equity earnings (loss)	11,942	38,699
Income from operations before income taxes	74,076	131,379
Income tax expense	(141)	(1,000)
Net income	73,935	130,379
Less: Net loss attributable to noncontrolling interest	0	0
Net income attributable to Wabtec shareholders	73,935	130,379
Comprehensive income attributable to Wabtec shareholders	73,935	130,378
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	544,388	315,984
Cost of sales	(403,966)	(220,126)
Gross profit	140,422	95,858
Total operating expenses	(100,685)	(42,772)
Income from operations	39,737	53,086
Interest expense, net	(5,261)	73
Other income (expense), net	(9,502)	(6,182)
Equity earnings (loss)	0	0
Income from operations before income taxes	24,974	46,977
Income tax expense	(13,155)	(9,266)
Net income	11,819	37,711
Less: Net loss attributable to noncontrolling interest	1,885	0
Net income attributable to Wabtec shareholders	13,704	37,711
Comprehensive income attributable to Wabtec shareholders	$ 60,801	$ 65,565

Guarantor Subsidiaries Financial Information - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ (26,096)	$ 75,566
Net cash used in investing activities	(63,076)	(8,630)
Net cash provided by (used in) financing activities	(39,473)	(40,037)
Effect of changes in currency exchange rates	10,340	9,684
(Decrease) Increase in cash	(118,305)	36,583
Cash, beginning of period	398,484	226,191
Cash, end of period	280,179	262,774
Elimination
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(7,414)	(16,369)
Net cash used in investing activities	0	0
Net cash provided by (used in) financing activities	7,414	16,369
Effect of changes in currency exchange rates	0	0
(Decrease) Increase in cash	0	0
Cash, beginning of period	0	0
Cash, end of period	0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(8,705)	(11,340)
Net cash used in investing activities	(5,124)	(3,234)
Net cash provided by (used in) financing activities	13,835	20,229
Effect of changes in currency exchange rates	0	0
(Decrease) Increase in cash	6	5,655
Cash, beginning of period	2,522	0
Cash, end of period	2,528	5,655
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(5,829)	81,479
Net cash used in investing activities	(68,173)	(2,303)
Net cash provided by (used in) financing activities	71,678	(71,084)
Effect of changes in currency exchange rates	0	0
(Decrease) Increase in cash	(2,324)	8,092
Cash, beginning of period	9,496	13,157
Cash, end of period	7,172	21,249
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(4,148)	21,796
Net cash used in investing activities	10,221	(3,093)
Net cash provided by (used in) financing activities	(132,400)	(5,551)
Effect of changes in currency exchange rates	10,340	9,684
(Decrease) Increase in cash	(115,987)	22,836
Cash, beginning of period	386,466	213,034
Cash, end of period	$ 270,479	$ 235,870

Other Income (Expense), Net - Components of Other Income Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Foreign currency gain	$ 1,213	$ 162
Other miscellaneous income (expense)	1,106	(8)
Total other income (expense), net	$ 2,319	$ 154