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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2019	Oct. 25, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIESCORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1615902
Entity Address, Address Line One	30 Isabella Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	412
Local Phone Number	825-1000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		191,682,482
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31
Former Address
Entity Information [Line Items]
Entity Address, Address Line One	1001 Air Brake Avenue
Entity Address, City or Town	Wilmerding
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15148

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 587.4	$ 580.9
Restricted cash	0.0	1,761.4
Accounts receivable	1,213.1	801.2
Unbilled accounts receivables	460.2	345.6
Inventories	1,957.3	844.9
Other current assets	192.4	115.6
Total current assets	4,410.4	4,449.6
Property, plant and equipment	2,177.1	1,036.6
Accumulated depreciation	(554.4)	(472.8)
Property, plant and equipment, net	1,622.7	563.8
Other Assets
Goodwill	8,103.2	2,396.5
Other intangibles, net	4,207.0	1,129.9
Other noncurrent assets	557.6	109.4
Total other assets	12,867.8	3,635.8
Total Assets	18,900.9	8,649.2
Current Liabilities
Accounts payable	1,146.2	589.4
Customer deposits	670.6	373.5
Accrued compensation	287.9	173.2
Accrued warranty	215.8	135.6
Current portion of long-term debt	111.8	64.1
Other accrued liabilities	766.6	310.8
Total current liabilities	3,198.9	1,646.6
Long-term debt	4,633.5	3,792.8
Accrued postretirement and pension benefits	92.6	95.4
Deferred income taxes	72.6	198.3
Accrued warranty	30.8	18.1
Other long term liabilities	1,143.1	28.9
Total Liabilities	9,171.5	5,780.1
Commitments and contingencies (Note 16)
Equity
Convertible preferred stock, $.01 par value; 1,000,000 shares authorized, no shares issued and outstanding, at September 30, 2019 and December 31, 2018	0.0	0.0
Common stock, $.01 par value; 500,000,000 shares authorized: 226,947,180 and 132,349,534 shares issued and 191,676,482 and 96,614,946 outstanding at September 30, 2019 and December 31, 2018, respectively	2.0	1.3
Additional paid-in capital	7,815.8	914.6
Treasury stock, at cost, 35,270,698 and 35,734,588 shares, at September 30, 2019 and December 31, 2018, respectively	(807.6)	(816.1)
Retained earnings	3,154.8	3,022.0
Accumulated other comprehensive loss	(468.6)	(256.6)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	9,696.4	2,865.2
Noncontrolling interest	33.0	3.9
Total Equity	9,729.4	2,869.1
Total Liabilities and Equity	$ 18,900.9	$ 8,649.2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	226,947,180
Common Stock, shares issued (in shares)		132,349,534
Common stock, shares outstanding (in shares)	191,676,482	96,614,946
Treasury stock, shares (in shares)	35,270,698	35,734,588

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net sales:
Total net sales	$ 2,001.7	$ 1,077.8	$ 5,831.6	$ 3,245.7
Cost of sales:
Total cost of sales	(1,402.3)	(775.8)	(4,228.5)	(2,308.8)
Gross profit	599.4	302.0	1,603.1	936.9
Operating expenses:
Selling, general and administrative expenses	(292.2)	(146.8)	(842.9)	(465.2)
Engineering expenses	(58.6)	(20.1)	(150.3)	(61.6)
Amortization expense	(79.5)	(9.9)	(172.9)	(30.1)
Total operating expenses	(430.3)	(176.8)	(1,166.1)	(556.9)
Income from operations	169.1	125.2	437.0	380.0
Other income and expenses:
Interest expense, net	(57.7)	(23.7)	(160.8)	(75.9)
Other income (expense), net	1.9	1.2	(4.1)	6.0
Income from operations before income taxes	113.3	102.7	272.1	310.1
Income tax expense	(22.7)	(16.6)	(82.6)	(53.2)
Net income	90.6	86.1	189.5	256.9
Less: Net loss attributable to noncontrolling interest	0.5	1.6	1.5	3.7
Net income attributable to Wabtec shareholders	$ 91.1	$ 87.7	$ 191.0	$ 260.6
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.48	$ 0.91	$ 1.17	$ 2.71
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.48	$ 0.91	$ 1.11	$ 2.70
Weighted average shares outstanding
Basic (in shares)	189.6	96.2	163.2	95.9
Diluted (in shares)	191.5	96.6	172.2	96.4
Goods
Net sales:
Total net sales	$ 1,605.4	$ 1,031.7	$ 4,932.4	$ 3,108.3
Cost of sales:
Total cost of sales	(1,184.1)	(735.8)	(3,635.4)	(2,194.2)
Services
Net sales:
Total net sales	396.3	46.1	899.2	137.4
Cost of sales:
Total cost of sales	$ (218.2)	$ (40.0)	$ (593.1)	$ (114.6)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 91.1	$ 87.7	$ 191.0	$ 260.6
Foreign currency translation loss	(181.1)	(44.3)	(208.9)	(159.0)
Unrealized gain (loss) on derivative contracts	0.2	0.0	(4.0)	(5.5)
Unrealized gain (loss) on pension benefit plans and post-retirement benefit plans	2.2	(6.9)	(0.1)	3.3
Other comprehensive income (loss) before tax	(178.7)	(51.2)	(213.0)	(161.2)
Income tax (benefit) expense related to components of other comprehensive income	(0.7)	1.7	1.0	0.5
Other comprehensive income (loss), net of tax	(179.4)	(49.5)	(212.0)	(160.7)
Comprehensive income (loss) attributable to Wabtec shareholders	$ (88.3)	$ 38.2	$ (21.0)	$ 99.9

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Activities
Net income	$ 189.5	$ 256.9
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	289.3	83.0
Stock-based compensation expense	36.1	20.5
Below market intangible amortization	(29.9)	0.0
Loss on disposal of property, plant and equipment	12.6	4.0
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(32.3)	(100.2)
Inventories	58.7	(125.5)
Accounts payable	(146.5)	4.2
Accrued income taxes	14.5	(43.8)
Accrued liabilities and customer deposits	18.8	16.4
Other assets and liabilities	156.9	(77.5)
Net cash provided by operating activities	567.7	38.0
Investing Activities
Purchase of property, plant and equipment	(112.6)	(64.2)
Proceeds from disposal of property, plant and equipment	3.4	9.1
Acquisitions of businesses, net of cash acquired	(3,000.6)	(49.1)
Net cash used for investing activities	(3,109.8)	(104.2)
Financing Activities
Proceeds from debt	2,955.5	3,490.2
Payments of debt	(2,064.6)	(1,466.6)
Proceeds from exercise of stock options and other benefit plans	0.7	13.1
Payment of income tax withholding on share-based compensation	(6.2)	(6.7)
Payment of contingent consideration on acquisitions	(10.1)	0.0
Cash dividends	(58.2)	(34.7)
Net cash provided by financing activities	817.1	1,995.3
Effect of changes in currency exchange rates	(29.9)	(27.1)
(Decrease) increase in cash	(1,754.9)	1,902.0
Cash, cash equivalents, and restricted cash, beginning of period	2,342.3	233.4
Cash, cash equivalents, and restricted cash, end of period	$ 587.4	$ 2,135.4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2017		132,349,534		(36,315,182)
Beginning Balance at Dec. 31, 2017	$ 2,828.5	$ 1.3	$ 906.6	$ (827.4)	$ 2,773.3	$ (45.0)	$ 19.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(34.8)				(34.8)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	0.8		(10.3)	$ 11.1
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				572,594
Stock based compensation	20.5		20.5
Net income (loss)	256.9				260.6		(3.7)
Other comprehensive income, net of tax	(160.7)					(160.7)
Other owner changes	(0.8)						(0.8)
Ending Balance (in shares) at Sep. 30, 2018		132,349,534		(35,742,588)
Ending Balance at Sep. 30, 2018	2,910.4	$ 1.3	916.8	$ (816.3)	2,999.1	(205.7)	15.2
Beginning Balance (in shares) at Jun. 30, 2018		132,349,534		(35,963,155)
Beginning Balance at Jun. 30, 2018	2,874.6	$ 1.3	910.4	$ (821.2)	2,923.0	(156.2)	17.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(11.6)				(11.6)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	4.8		(0.1)	$ 4.9
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				220,567
Stock based compensation	6.5		6.5
Net income (loss)	86.1				87.7		(1.6)
Other comprehensive income, net of tax	(49.5)					(49.5)
Other owner changes	(0.5)						(0.5)
Ending Balance (in shares) at Sep. 30, 2018		132,349,534		(35,742,588)
Ending Balance at Sep. 30, 2018	$ 2,910.4	$ 1.3	916.8	$ (816.3)	2,999.1	(205.7)	15.2
Beginning Balance (in shares) at Dec. 31, 2018	132,349,534	132,349,534		(35,734,588)
Beginning Balance at Dec. 31, 2018	$ 2,869.1	$ 1.3	914.6	$ (816.1)	3,022.0	(256.6)	3.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(58.2)				(58.2)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(14.0)		(22.5)	$ 8.5
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				463,890
Stock based compensation	36.1		36.1
Net income (loss)	189.5				191.0		(1.5)
Other comprehensive income, net of tax	(212.0)					(212.0)
Acquisitions, net (in shares)		65,782,182
Acquisitions, net	6,918.9	$ 0.7	6,887.6				30.6
Other owner changes (in shares)		28,815,464
Other owner changes	0.0
Ending Balance (in shares) at Sep. 30, 2019		226,947,180		(35,270,698)
Ending Balance at Sep. 30, 2019	9,729.4	$ 2.0	7,815.8	$ (807.6)	3,154.8	(468.6)	33.0
Beginning Balance (in shares) at Jun. 30, 2019		223,431,716		(35,248,610)
Beginning Balance at Jun. 30, 2019	9,835.2	$ 2.0	7,807.1	$ (805.6)	3,087.5	(289.2)	33.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23.8)				(23.8)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(5.5)		(3.5)	$ (2.0)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				(22,088)
Stock based compensation	12.2		12.2
Net income (loss)	90.6				91.1		(0.5)
Other comprehensive income, net of tax	(179.4)					(179.4)
Other owner changes (in shares)		3,515,464
Other owner changes	0.1						0.1
Ending Balance (in shares) at Sep. 30, 2019		226,947,180		(35,270,698)
Ending Balance at Sep. 30, 2019	$ 9,729.4	$ 2.0	$ 7,815.8	$ (807.6)	$ 3,154.8	$ (468.6)	$ 33.0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.12	$ 0.12	$ 0.36	$ 0.36

Business	9 Months Ended
Business	Sep. 30, 2019
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 equipment, systems and services for the global freight rail and passenger transit industries. Our highly engineered products enhance safety, improve productivity and reduce maintenance costs for customers and can be found on most locomotives, freight cars, passenger transit cars and buses around the world. 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 over 50 countries and our products can be found in more than 100 countries throughout the world. In the first nine months of 2019, approximately 58% of the Company’s revenues came from customers outside the United States.

Accounting Policies

9 Months Ended

Sep. 30, 2019

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 ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. 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, 2018. The December 31, 2018 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.

Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires 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.

Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms.

The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. Contract revenues and cost estimates are reviewed and revised periodically through the year and adjustments are reflected in the accounting period as such amounts are determined.

Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. The current portion of the contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” while the noncurrent contract assets are classified as other assets under the caption "Other Noncurrent Assets" on the consolidated balance sheet. Noncurrent contract assets were $119.4 million at September 30, 2019 and were not material at December 31, 2018, respectively. Included in noncurrent contract assets are certain costs that are specifically related to a contract, however, do not directly contribute to the transfer of control of the tangible product being created, such as non-recurring engineering costs. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components.

Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer Deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other Long-Term Liabilities" on the consolidated balance sheet. Noncurrent contract liabilities were $59.2 million at September 30, 2019 and were not material at December 31, 2018. These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract or revenue associated with the contract liabilities is expected to be recognized within one year. Contract liabilities also include provisions for estimated losses from uncompleted contracts. Provisions for loss contracts were $115.5 million and $71.2 million at September 30, 2019 and December 31, 2018, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other Accrued Liabilities” on the consolidated balance sheet.

Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known.

Generally, the Company’s revenue contains a single performance obligation for each distinct good; however, a single contract may have multiple performance obligations comprising multiple promises to customers. Performance obligations are determined based on the customer's intended use of products and services. Less complex products principally result in each completed product being a separate performance obligation recognized at a point in time. More complex products or services principally result in a single performance obligation as a customer is either procuring a bundled offering that is managed or utilized on a combined basis or there are multiple complex goods or services in the contract, which are substantially the same and recognized over time. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience.

Remaining performance obligations represent the transaction price of firm customer orders subject to standard industry cancellation provisions and substantial scope-of-work adjustments. As of September 30, 2019, the Company's remaining performance obligations were $20.6 billion. The Company expects to recognize revenue of approximately 26% of remaining performance obligation over the next 12 months, with the remainder recognized thereafter.

Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation, including the reclassification of "Net Sales" to "Sales of Goods" and "Sales of Services".

Use of Estimates The preparation of financial statements in conformity with GAAP 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 mitigate the impact of changes in foreign currency exchange rates and interest rates on earnings and cash flow. For further information regarding financial derivatives and hedging activities, refer to Footnotes 13 and 14.

Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency 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.

Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 unit's 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 values that were substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2018.

In June 2016, FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This updated guidance sets forth a current expected credit loss model based on expected losses. Under this model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. This guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements but does not expect the impact of adopting this new standard to be material.

Recently Adopted Accounting Pronouncements In February 2018, FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amendments in this update allow a reclassification from AOCI to retained earnings for stranded effects resulting from the Tax Act. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance became effective for reporting periods beginning after December 15, 2018. The Company adopted this accounting standard at the beginning of the period and elected to not retrospectively apply the new standard. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet.

In February 2016, 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. This guidance became effective for the Company on January 1, 2019. The Company elected the practical expedient which does not require the capitalization of leases with terms of 12 months or less, and the Company did not elect the practical expedient which allows hindsight to be used to determine the term of a lease. The Company adopted the standard using the transition alternative, which allowed for the application of the guidance at beginning of the period in which it is adopted, rather than requiring the adjustment of prior comparative periods. For further information regarding the Company's adoption of the new standard, see Footnote 7.

Other Comprehensive Income (Loss) 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 income (loss) by component, net of tax, for the nine months ended September 30, 2019 are as follows:



In millions	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2018	$	(202.2	)	$	(0.1	)	$	(54.3	)	$	(256.6	)
Other comprehensive income (loss) before reclassifications	(208.9		)	(3.0		)	(1.7		)	(213.6		)
Amounts reclassified from accumulated other
comprehensive income	—			—			1.6			1.6
Net current period other comprehensive income (loss)	(208.9		)	(3.0		)	(0.1		)	(212.0		)
Balance at September 30, 2019	$	(411.1	)	$	(3.1	)	$	(54.4	)	$	(468.6	)

Reclassifications out of accumulated other comprehensive income (loss) for the three months ended September 30, 2019 are as follows:



In millions	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	$	(0.4	)	Other income (expense), net
Amortization of net loss	1.1			Other income (expense), net
	0.7			Other income (expense), net
	(0.2		)	Income tax expense
	$	0.5		Net income

Reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2019 are as follows:



In millions	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	$	(1.1	)	Other income (expense), net
Amortization of net loss	3.3			Other income (expense), net
	2.2			Other income (expense), net
	(0.6		)	Income tax expense
	$	1.6		Net income

The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2018 are as follows:



In millions	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2017	$	5.1		$	4.0		$	(54.1	)	$	(45.0	)
Other comprehensive income (loss) before reclassifications	(159.1		)	(8.5		)	1.0			(166.6		)
Amounts reclassified from accumulated other
comprehensive income	—			4.3			1.6			5.9
Net current period other comprehensive income (loss)	(159.1		)	(4.2		)	2.6			(160.7		)
Balance at September 30, 2018	$	(154.0	)	$	(0.2	)	$	(51.5	)	$	(205.7	)

Reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2018 are as follows:



In millions	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	$	(0.4	)	Other income (expense), net
Amortization of net loss	1.1			Other income (expense), net
	0.7			Other income (expense), net
	(0.2		)	Income tax expense
	$	0.5		Net income

Derivative contracts
Realized loss on derivative contracts	$	4.9		Interest expense, net
	(1.2		)	Income tax expense
	$	3.7		Net income

Reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2018 are as follows:



In millions	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	$	(1.1	)	Other income (expense), net
Amortization of net loss	3.3			Other income (expense), net
	2.2			Other income (expense), net
	(0.6		)	Income tax expense
	$	1.6		Net income


Derivative contracts	$	5.8		Interest expense, net
Realized loss on derivative contracts	(1.5		)	Income tax expense
	$	4.3		Net income

Acquisitions

9 Months Ended

Sep. 30, 2019

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

General Electric Transportation

Wabtec, General Electric Company ("GE"), GE Transportation, a Wabtec company formerly known as Transportation System Holdings Inc. ("SpinCo"), which was a newly formed wholly owned subsidiary of GE, and Wabtec US Rail Holdings, Inc. ("Merger Sub"), which was a newly formed wholly owned subsidiary of the Company, entered into the Original Merger Agreement on May 20, 2018, and GE, SpinCo, Wabtec and Wabtec US Rail, Inc. ("Direct Sale Purchaser") entered into the Original Separation Agreement on May 20, 2018, which together provided for the combination of Wabtec and GE Transportation. The Original Merger Agreement and Original Separation Agreement were subsequently amended on January 25, 2019 and the Merger was completed on February 25, 2019.

As part of the Merger, certain assets of GE Transportation ("GET"), including the equity interests of certain pre-Transaction subsidiaries of GE that compose part of GE Transportation, were sold to Direct Sale Purchaser for a cash payment of $2.875 billion, and Direct Sale Purchaser assumed certain liabilities of GE Transportation in connection with this purchase (the "Direct Sale"). Thereafter, GE transferred the SpinCo business to SpinCo and its subsidiaries (to the extent not already held by SpinCo and its subsidiaries), and SpinCo issued to GE shares of SpinCo Class A preferred stock, SpinCo Class B preferred stock, SpinCo Class C preferred stock and additional shares of SpinCo common stock in the SpinCo Transfer. Following this issuance of additional SpinCo common stock to GE, and immediately prior to the Distribution (as defined below), GE owned 8,700,000,000 shares of SpinCo common stock, 15,000 shares of SpinCo Class A preferred stock, 10,000 shares of SpinCo Class B preferred stock and one share of SpinCo Class C preferred stock, which constituted all of the outstanding stock of SpinCo.

Following the Direct Sale, GE distributed the distribution shares of SpinCo in a spin-off transaction to its stockholder (the "Distribution"). Immediately after the Distribution, Merger Sub merged with and into SpinCo (the "Merger"), whereby the separate corporate existence of Merger Sub ceased and SpinCo continued as the surviving company and a wholly owned subsidiary of Wabtec (except with respect to shares of SpinCo Class A preferred stock held by GE). In the Merger, subject to adjustment in accordance with the Merger Agreement, each share of SpinCo common stock converted into the right to receive a number of shares of Wabtec common stock based on the common stock exchange ratio set forth in the Merger Agreement and the share of SpinCo Class C preferred stock was converted into the right to receive (a) 10,000 shares of Wabtec convertible preferred stock and (b) a number of shares of Wabtec common stock equal to 9.9% of the fully-diluted pro forma Wabtec shares. Immediately prior to the Merger, Wabtec paid $10.0 million in cash to GE in exchange for all of the shares of SpinCo Class B preferred stock.

Upon consummation of the Merger, Wabtec issued 46,763,975 shares of common stock to the holders of GE common stock, 19,018,207 shares of common stock to GE and 10,000 shares of preferred stock to GE and made a cash payment to GE of $2.885 billion. As a result and calculated based on Wabtec’s outstanding common stock on a fully-diluted, as-converted and as-exercised basis, as of December 31, 2018, approximately 49.2% of the outstanding shares of Wabtec common stock was held

collectively by GE and holders of GE common stock (with 9.9% to be held by GE directly in shares of Wabtec common stock and 15% underlying the shares of Wabtec convertible preferred stock to be held by GE) and approximately 50.8% of the outstanding shares of Wabtec common stock would be held by pre-Merger Wabtec stockholders, in each case calculated on a fully-diluted, as-converted and as-exercised basis. Following the Merger, GE also retained 15,000 shares of SpinCo Class A non-voting preferred stock, and Wabtec held 10,000 shares of SpinCo Class B non-voting preferred stock. The shares of Wabtec common stock and Wabtec convertible preferred stock held by GE are subject to GE’s obligations under the shareholders agreement, including, among other things, and in each case subject to certain exceptions, (i) restrictions on the ability to sell, transfer or otherwise divest such shares for a period of 30 days and (ii) an obligation to sell, transfer or otherwise divest (A) by no later than 120 days following the closing date of the Merger, GE’s (and its affiliates’) ownership of Wabtec common stock and/or Wabtec convertible preferred stock so that GE (together with its affiliates) beneficially owns not less than 14.9% and not more than 19.9% of the number of shares of Wabtec common stock that were outstanding immediately after the closing of the Merger, (B) by no later than one year following the closing date of the Merger, GE’s (and its affiliates’) ownership of Wabtec common stock and/or Wabtec convertible preferred stock so that GE (together with its affiliates) beneficially owns not more than 18.5% of the number of shares of Wabtec common stock that were outstanding immediately after the closing of the Merger, in each case of clauses (A) and (B) treating the Wabtec convertible preferred stock as the Wabtec common stock into which it is convertible both for purposes of determining the number of shares of Wabtec common stock owned and for purposes of determining the number of shares of Wabtec common stock outstanding and (C) by no later than the third anniversary of the closing date of the Merger, all of the subject shares that GE (together with its affiliates) beneficially owns, and (iii) an obligation to vote all of such shares of Wabtec common stock in the proportion required under the Shareholders Agreement.

After the Merger, SpinCo, which is Wabtec’s wholly owned subsidiary (except with respect to shares of SpinCo Class A preferred stock held by GE), holds the SpinCo business and Direct Sale Purchaser, which also is Wabtec’s wholly owned subsidiary, holds the assets purchased and the liabilities assumed in connection with the Direct Sale. Together, SpinCo and Direct Sale Purchaser own and operate the post-transaction GE Transportation. All shares of the Company’s common stock, including those issued in the Merger, are listed on the NYSE under the Company’s current trading symbol “WAB.” On the date of the Distribution, GE or its subsidiaries and SpinCo or the SpinCo Transferred Subsidiaries entered into additional agreements relating to, among other things, intellectual property, employee matters, tax matters, research and development and transition services.

On May 6, 2019, GE completed the sale of approximately 8,780 shares of Wabtec's Series A Preferred stock which converted upon the sale to 25,300,000 shares of Wabtec's common stock. On August 9, 2019, GE completed a sale of the remaining shares of Series A Preferred Stock outstanding convertible to approximately 3,515,500 shares of common stock, as well as 16,969,656 shares of common stock owned directly by GE. Finally, on September 12, 2019, GE completed a sale of all of its remaining shares of common stock of Wabtec, approximately 2,048,515 shares. In conjunction with these secondary offerings, the Company waived the requirements under the shareholders agreement for GE to maintain certain ownership levels of Wabtec's stock following the closing date of the Merger. The Company did not receive any proceeds from the sale of any of these shares.

Total future consideration to be paid by Wabtec to GE includes a fixed payment of $470.0 million, which is directly related to the timing of tax benefits expected to be realized by Wabtec as a result of the merger. This payment is considered contingent consideration because the timing of cash payments to GE is directly related to the future timing of tax benefits received by the Company as a result of the merger. The estimated total value of the consideration to be paid by Wabtec in the Transactions is approximately $10.3 billion, including the cash paid for the Direct Sales Assets, equity transferred for SpinCo, contingent consideration, assumed debt and net of cash acquired. The estimated consideration is based on the Company’s closing share price of $73.36 on February 22, 2019 and the preliminary fair value of the contingent consideration. The value of the preliminary purchase price consideration could change when the Company has completed the detailed valuation of the contingent consideration and other necessary calculations.

The fair values of the assets acquired and liabilities assumed were 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 September 30, 2019 consolidated balance sheet includes the assets and liabilities of GET, which have been initially measured at fair value. The noncontrolling interest includes equity interests in GET's Brazil operations held by third parties on the date of acquisition. At the time of acquisition, quotable market prices of the noncontrolling interest existed; therefore, the noncontrolling interest in the GET Brazil operations were measured using a Level 1 input. In April 2019, the Company acquired the noncontrolling interest in GET's Brazil operations for $56.2 million which approximated the fair value assigned to the noncontrolling interest on the date of acquisition. The remaining noncontrolling interest value was determined based on inputs that are not observable in the market and are considered Level 3.

The following table summarizes the preliminary fair values of the GE Transportation, a Wabtec company, assets acquired and liabilities assumed:



In millions
Assets acquired
Cash and cash equivalents	$	174.3
Accounts receivable	524.7
Inventories	1,192.9
Other current assets	64.7
Property, plant, and equipment	1,091.2
Goodwill	5,804.4
Trade names	55.0
Customer relationships	550.0
Intellectual property	1,210.0
Backlog	1,460.0
Other noncurrent assets	210.6
Total assets acquired	12,337.8
Liabilities assumed
Current liabilities	1,555.6
Contingent consideration	440.0
Other noncurrent liabilities	483.8
Total liabilities assumed	2,479.4
Net assets acquired	9,858.4
Noncontrolling interest	$	86.8

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 nine months ended September 30, 2019, the estimated fair value for current liabilities and other noncurrent liabilities increased $60.2 million and decreased $40.0 million, respectively, primarily due to estimate revisions for contract liabilities and deferred tax liabilities. The revisions to the initial estimates were based on information that existed at the date of acquisition. Substantially all of the accounts receivable acquired are expected to be collectible. Trade names, customer relationships, patents and backlog intangible assets are all subject to amortization. Contingent liabilities assumed as part of the transaction were not material. The contingent liabilities are related to legal and tax matters. Contingent liabilities are recorded at fair value in purchase accounting, aside from those pertaining to uncertainty in income taxes which are an exception to the fair value basis of accounting. Included in other noncurrent liabilities are customer contracts whose terms are unfavorable compared to market terms at the date of consummation of the GET Merger Transactions.

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, that are expected to be achieved as a result of the consummation of the GET Merger Transactions. Substantially all of the purchased goodwill is expected to be deductible for tax purposes. The goodwill has been preliminarily allocated to the Freight segment.

Included in the Company's consolidated statement of income for the nine months ended September 30, 2019 is $2.57 billion of revenues and $196.7 million of operating income from GE Transportation, a Wabtec Company. Costs related to the GET Merger Transactions were approximately $58.4 million for the nine months ended September 30, 2019 and are included in selling, general and administrative expenses on the consolidated statements of income.

Other Acquisitions

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


•	On March 22, 2018, the Company acquired Annax GmbH ("Annax"), a leading supplier of public address and passenger information systems for transit vehicles, for a purchase price of approximately $45.2 million, net of cash acquired and including contingent consideration, resulting in final goodwill of $38.5 million, none of which

will be deductible for tax purposes. A payment of $10.1 million was made in the three months ended June 30, 2019 related to contingent consideration associated with the purchase of Annax.

The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax.



	Annax
In millions	March 22, 2018
Current assets	$	32.8
Property, plant & equipment	0.7
Goodwill	38.5
Other intangible assets	11.7
Total assets acquired	83.7
Total liabilities assumed	(55.1		)
Net assets acquired	$	28.6

The $11.7 million of total acquired other intangible assets includes $3.8 million assigned to trade names and $7.5 million assigned to customer relationships. The trade names were determined to have indefinite useful lives, while the customer relationships’ average useful lives are 20 years.

The Company also made smaller acquisitions not listed above which are individually and collectively immaterial.

The following unaudited pro forma consolidated financial information presents income statement results as if the GET Merger Transactions and Annax acquisition listed above had occurred on January 1, 2018:



In millions, except per share data	Three Months Ended September 30, 2019		Three Months Ended September 30, 2018		Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2018
Net sales	$	2,001.7	$	1,994.8	$	6,317.8	$	5,891.2
Gross profit	615.4		575.7		1,376.4		1,595.8
Net income attributable to Wabtec shareholders	103.3		120.7		358.5		195.4
Diluted earnings per share
As Reported	$	0.48	$	0.91	$	1.11	$	2.70
Pro forma	$	0.55	$	0.63	$	1.87	$	1.02

Inventories

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventory, net of reserves, were:



In millions	September 30, 2019		December 31, 2018
Raw materials	$	786.3	$	465.9
Work-in-progress	521.7		154.5
Finished goods	649.3		224.5
Total inventories	$	1,957.3	$	844.9

Intangibles

9 Months Ended

Sep. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

INTANGIBLES

The change in the carrying amount of goodwill by segment for the nine months ended September 30, 2019 is as follows:



In millions	Freight Segment			Transit Segment			Total
Balance at December 31, 2018	$	713.4		$	1,683.1		$	2,396.5
Additions	5,806.2			16.0			5,822.2
Foreign currency impact	(45.4		)	(70.1		)	(115.5		)
Balance at September 30, 2019	$	6,474.2		$	1,629.0		$	8,103.2

As of September 30, 2019 and December 31, 2018, the Company’s trade names had a net carrying amount of $614.5 million and $582.8 million, respectively. The Company believes these intangibles have indefinite lives, with the exception of the GE Transportation trade name, to which the Company has assigned a useful life of 5 years.

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



In millions	September 30, 2019		December 31, 2018
Intellectual property, patents, and other intangibles, net of accumulated
amortization of $100.2 and $40.1	$	1,162.0	$	13.3
Backlog, net of accumulated amortization of $87.6 and $2.0	1,396.6		2.0
Customer relationships, net of accumulated amortization
of $195.2 and $158.5	1,033.9		531.8
Total	$	3,592.5	$	547.1

The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangibles were 14 years, 10 years, 18 years and 13 years, respectively. Amortization expense for intangible assets was $79.5 million and $172.9 million for the three and nine months ended September 30, 2019, and $9.9 million and $30.1 million for the three and nine months ended September 30, 2018, respectively.

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



In millions
Remainder of 2019	$	72.1
2020	285.1
2021	284.1
2022	283.7
2023	283.2

Contract Assets and Contract Liabilities

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities

CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract, advanced customer payments that are in excess of revenue recognized, and provisions for estimated losses from uncompleted contracts.

The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2019 is as follows:



In millions	Contract Assets
Balance at beginning of year	$	345.6
Acquisitions	217.4
Recognized in current year	445.1
Reclassified to accounts receivable	(415.7		)
Foreign currency impact	(12.7		)
Balance at September 30, 2019	$	579.7

In millions	Contract Liabilities
Balance at beginning of year	$	444.8
Acquisitions	314.7
Recognized in current year	781.3
Amounts in beginning balance reclassified to revenue	(412.9		)
Current year amounts reclassified to revenue	(270.3		)
Foreign currency impact	(12.3		)
Balance at September 30, 2019	$	845.3

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

During the first quarter of 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below.

The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts.

As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.2% to 12.3%.

The components of lease expense are as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
In millions	2019			2019
Operating lease expense	$	13.6		$	40.4
Finance lease expense amortization of leased assets	0.3			0.9
Short-term and variable lease expense	0.2			0.5
Sublease income	(0.1		)	(0.4		)
Total	$	14.0		$	41.4

Scheduled payments of lease liabilities are as follows:



In millions	Operating Leases			Finance Leases		Total
Remaining 2019	$	12.9		$	0.1	$	13.0
2020	48.0			0.4		48.4
2021	40.3			0.2		40.5
2022	33.3			0.1		33.4
2023	28.6			0.1		28.7
Thereafter	126.1			0.4		126.5
Total lease payments	289.2			1.3		290.5
Less: Present value discount	(30.2		)	—		(30.2		)
Present value lease liabilities	$	259.0		$	1.3	$	260.3

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:



	September 30,
	2019
Weighted-average remaining lease term (years)
Operating leases	8.1
Finance leases	5.4
Weighted-average discount rate
Operating leases	3.0	%
Finance leases	1.4	%

Leases

LEASES

The components of lease expense are as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
In millions	2019			2019
Operating lease expense	$	13.6		$	40.4
Finance lease expense amortization of leased assets	0.3			0.9
Short-term and variable lease expense	0.2			0.5
Sublease income	(0.1		)	(0.4		)
Total	$	14.0		$	41.4

Scheduled payments of lease liabilities are as follows:



In millions	Operating Leases			Finance Leases		Total
Remaining 2019	$	12.9		$	0.1	$	13.0
2020	48.0			0.4		48.4
2021	40.3			0.2		40.5
2022	33.3			0.1		33.4
2023	28.6			0.1		28.7
Thereafter	126.1			0.4		126.5
Total lease payments	289.2			1.3		290.5
Less: Present value discount	(30.2		)	—		(30.2		)
Present value lease liabilities	$	259.0		$	1.3	$	260.3

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:



	September 30,
	2019
Weighted-average remaining lease term (years)
Operating leases	8.1
Finance leases	5.4
Weighted-average discount rate
Operating leases	3.0	%
Finance leases	1.4	%

Long-Term Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consisted of the following:



In millions	September 30, 2019		December 31, 2018
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $2.3 and $3.2	$	497.7	$	496.8
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $6.0 and $7.0	744.0		743.0
4.70% Senior Notes, due 2028, net of unamortized debt issuance costs of $9.5 and $10.3	1,240.5		1,239.7
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.5 and $1.7	748.5		748.3
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1.0 and $1.2	249.0		248.8
Revolving Credit Facility, net of unamortized debt issuance costs of $2.3 and $3.1	1,217.4		338.1
Other Borrowings	48.2		42.2
Total	4,745.3		3,856.9
Less: current portion	111.8		64.1
Long-term portion	$	4,633.5	$	3,792.8

On September 14, 2018, the Company issued $2.5 billion of senior notes with three different maturities.

•

Floating Rate Senior Notes due 2021 - The Company issued $500.0 million of Floating Rate Senior Notes due 2021 (the "Floating Rate Notes"). The Floating Rate Notes, which are non-callable for one year, were issued at 100% of face value. Interest on the Floating Rate Notes accrues at a floating rate per annum equal to three-month Libor plus 105 basis points. The interest rate for the Floating Rate Notes for the initial interest period was 3.3815%, which was determined on September 12, 2018. Interest on the Floating Rate Notes is payable quarterly on December 15, March 15, June 15, and September 15 of each year. The Company incurred $3.5 million of deferred financing costs related to the issuance of the Floating Rate Notes.

•

4.15% Senior Notes due 2024 - The Company issued $750.0 million of 4.15% Senior Notes due 2024 (the "2024 Notes"). The 2024 Notes were issued at 99.805% of face value. Interest on the 2024 Notes accrues at a rate of 4.15% per annum and is payable semi-annually on March 15 and September 15 of each year. The Company incurred $7.4 million of deferred financing costs related to the issuance of the 2024 Notes.

•

4.70% Senior Notes Due 2028 - The Company issued $1,250.0 million of 4.70% Senior Notes due 2028 (the "2028 Notes" and together with the Floating Rate Notes and 2024 Notes, the "2018 Notes"). The 2028 Notes were issued at 99.889% of face value. Interest on the 2028 Notes accrues at a rate of 4.70% per annum and is payable semi-annually on March 15 and September 15 of each year. The Company incurred $10.6 million of deferred financing costs related to the issuance of the 2028 Notes.

The net proceeds from the issuance and sale of the 2018 Notes were used to finance the cash portion of the GET Merger Transactions. The principal balances are due in full at maturity.

On February 12, 2019, the rating assigned by Moody's was decreased to Ba1. Accordingly, pursuant to the respective terms of the 2018 Notes issued on September 14, 2018, the interest rate increased by 0.25%. The interest rate increase took effect during the interest period following February 12, 2019.

3.45% Senior Notes Due November 2026

On November 3, 2016, the Company issued $750.0 million of 3.45% 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 net proceeds from the issuance of the 2016 Notes were used to finance the cash portion of the purchase price for the Company's acquisition of Faiveley Transport, S.A. ("Faiveley Transport"), refinance Faiveley Transport's indebtedness, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.7 million of deferred financing costs related to the issuance of the 2016 Notes.

4.375% Senior Notes Due August 2023

On August 8, 2013, the Company issued $250.0 million of 4.375% Senior Notes due in 2023 (the “2013 Notes”, and together with the 2016 Notes and the 2018 Notes, the "Senior 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 net proceeds from the issuance of the 2013 Notes were used to repay debt outstanding under the Company’s then-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 Senior 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 Senior Notes are guaranteed on an unsecured basis by each of the Company’s subsidiaries that guarantees the 2018 Refinancing Credit Agreement (as defined below). The indentures under which the Senior Notes were issued provide that the Company must make an offer to repurchase in connection with certain change of control triggering events and contains covenants and restrictions which limit among other things, the following: the incurrence of debt secured by certain liens, the entry into certain sale and leaseback transactions, and the ability to consolidate with or merge into other entities or sell all or substantially all of the Company’s assets.

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

2018 Refinancing Credit Agreement

On June 8, 2018, the Company entered into a credit agreement (the “2018 Refinancing Credit Agreement”), which replaced the credit facility, which comprised a $1.2 billion, 5 year revolving credit facility (the "2016 Revolving Facility") and a $400.0 million delayed draw term loan (the "2016 Term Loan"). As part of the 2018 Refinancing Credit Agreement, the Company entered into (i) a $1.2 billion revolving credit facility (the “Revolving Credit Facility”), which replaced the 2016 Revolving Facility, and includes a letter of credit sub-facility of up to $450.0 million and a swing line sub-facility of $75.0 million, (ii) a $350.0 million term loan (the “Refinancing Term Loan”), which refinanced the 2016 Term Loan, and (iii) a new $400.0 million delayed draw term loan (the “Delayed Draw Term Loan”, and together with the Refinancing Term Loan, the "Term Loan"). The 2018 Refinancing Credit Agreement also provided for a bridge loan facility (the “Bridge Loan Facility”) in an amount not to exceed $2.5 billion, which would only become effective at the Company’s request. Commitments in respect of the Bridge Loan Facility were terminated upon the issuance and sale of the 2018 Notes on September 14, 2018. In addition, the 2018 Refinancing Credit Agreement contains an uncommitted accordion feature allowing the Company to request, in an aggregate amount not to exceed $600.0 million, increases to the borrowing commitments under the Revolving Credit Facility or a new incremental term loan commitment. At September 30, 2019, the Company had approximately $656.0 million of available bank borrowing capacity subject to certain financial covenant restrictions, net of $29.3 million of letters of credit.

The Revolving Credit Facility matures on June 8, 2023 and is unsecured. The Refinancing Term Loan matures on June 8, 2021 and is unsecured. The Delayed Draw Term Loan was initially drawn on February 25, 2019, matures on February 25, 2022, and is unsecured. The Company incurred a 17.5 basis point commitment fee from June 8, 2018 until the initial draw. The applicable interest rate for borrowings under the 2018 Refinancing Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to (i) the Company’s ratio of total debt (less unrestricted cash up to $300.0 million) to EBITDA (“Leverage Ratio”) or (ii) the Company’s public rating, in each case that range between 1.000% and 1.875% for LIBOR/CDOR-based borrowings and 0.0% and 0.875% for Alternate Base Rate based borrowings. The obligations of the Company under the 2018 Refinancing Credit Agreement have been guaranteed by certain of the Company’s subsidiaries.

The 2018 Refinancing Credit Agreement contains customary representations and warranties by the Company and its subsidiaries, including customary use of materiality, material adverse effect, and knowledge qualifiers. The Company and its subsidiaries are also subject to (i) customary affirmative covenants that impose certain reporting obligations on the Company and its subsidiaries and (ii) customary negative covenants, including limitations on: indebtedness; liens; restricted payments; fundamental changes; business activities; transactions with affiliates; restrictive agreements; changes in fiscal year; and use of proceeds. In addition, the Company is required to maintain (i) an Interest Coverage ratio at least 3.00 to 1.00 over each period of four consecutive fiscal quarters ending on the last day of a fiscal quarter and (ii) a Leverage Ratio, calculated as of the last day of a fiscal quarter for a period of four consecutive fiscal quarters, of 3.25 to 1.00 or less; provided that, in the event the Company completes the Direct Sale and the Merger or any other material acquisition in which the cash consideration paid exceeds $500.0 million, the maximum Leverage Ratio permitted will be 3.75 to 1.00 at the end of the fiscal quarter in which such acquisition is consummated and each of the three fiscal quarters immediately following such fiscal quarter and 3.50 to 1.00 at the end of each of the fourth and fifth full fiscal quarters after the consummation of such acquisition. The Company is in compliance with the restrictions and covenants of the 2018 Refinancing Credit Agreement and does not expect that these measurements will limit the Company in executing its operating activities.

The obligations under the 2018 Refinancing Credit Agreement are fully and unconditionally guaranteed by certain of the Company’s U.S. subsidiaries.

At September 30, 2019, the weighted average interest rate on the Company’s variable rate debt was 3.14%. 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 was December 19, 2018.

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 provided the Company with a $1.2 billion, 5 year revolving credit facility and a $400.0 million delayed draw term loan (the “2016 Term Loan”). The Company incurred approximately $3 million of deferred financing cost related to the 2016 Refinancing Credit Agreement. The 2016 Refinancing Credit Agreement borrowings bore variable interest rates indexed as described below.

Under the 2016 Refinancing Credit Agreement, the Company could 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 adjusted on a daily basis and was the greater of the Federal Funds Effective Rate plus 0.50% 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. The initial Base Rate margin was 0 basis points and the Alternate Rate margin is 175 basis points.

Stock-Based Compensation

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

As of September 30, 2019, 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, as amended and restated (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a term through May 10, 2027 and provides a maximum of 3,800,000 shares for grants or awards, plus any shares which remain available under the 2000 Plan. The amendment and restatement of the 2011 Plan was approved by stockholders of Wabtec on May 10, 2017. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”).

Stock-based compensation expense was $11.8 million and $6.4 million for the three months ended September 30, 2019 and 2018, respectively. Stock-based compensation expense was $36.1 million and $20.5 million for the nine months ended September 30, 2019 and 2018, respectively. At September 30, 2019, unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest totaled $49.6 million.

Stock Options Stock options are granted to eligible employees at an exercise price equivalent to the stock's 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 granted prior to 2019 become exercisable over a four-year vesting period, while options granted in 2019 become exercisable over a three-year vesting period. Both vesting periods 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 nine months ended September 30, 2019:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2018	466,677		$	61.04	5.7	$	5,115
Granted	134,450		70.44			210
Exercised	(468	)	64.54			(3		)
Canceled	(4,868	)	69.40			—
Outstanding at September 30, 2019	595,791		63.07		6.2	5,321
Exercisable at September 30, 2019	388,581		54.88		5.2	6,652

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:



	Nine Months Ended September 30,
	2019		2018
Dividend yield	0.66	%	0.31	%
Risk-free interest rate	2.60	%	2.78	%
Stock price volatility	25.8	%	23.9	%
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 Plan and 2000 Plan, eligible employees are granted restricted stock that generally vests over three or four years from the date of grant. Under the Directors Plan, restricted stock awards vest one year from the date of grant.

In addition, the Company has issued incentive stock 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, with underlying shares of common stock being awarded in an amount ranging from 0% to 200% of the amount of initial incentive stock units granted. The incentive stock units included in the table below represent the number of incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of September 30, 2019, the Company estimates that it will achieve 107%, 105% and 103% for the incentive stock awards expected to vest based on performance for the three-year periods ending December 31, 2019, 2020, and 2021, respectively, and has recorded incentive compensation expense accordingly. If the estimate of the number of these incentive 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 nine months ended September 30, 2019:



	Restricted Stock and Units		Incentive Stock Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	445,089		415,243		$	75.51
Granted	578,847		259,950		70.45
Vested	(208,156	)	(119,835	)	71.57
Adjustment for incentive stock awards expected to vest	—		35,976		79.35
Canceled	(21,069	)	(56,924	)	74.12
Outstanding at September 30, 2019	794,711		534,410		73.47

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The overall effective tax rate was 20.0% and 30.4% for the three and nine months ended September 30, 2019, respectively and 16.2% and 17.2% for the three and nine months ended September 30, 2018, respectively. The increase in the effective rate is primarily the result of non-deductible transaction related expenses incurred as a result of the GET Merger Transactions as well as increased estimated liabilities resulting from provisions of the Tax Cuts and Jobs Act. As of September 30, 2019, the liability for income taxes associated with uncertain tax positions was $10.3 million, of which $10.3 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2018, the liability for income taxes associated with unrecognized tax benefits was $9.5 million, of which $8.4 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 September 30, 2019 and December 31, 2018, the total interest and penalties accrued were immaterial. At this time, the Company believes it is reasonably possible that unrecognized tax benefits of approximately $4.5 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

Earnings Per Share

9 Months Ended

Sep. 30, 2019

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 September 30,
In millions, except per share data	2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	91.1		$	87.7
Less: dividends declared - common shares and non-vested restricted stock	(23.0		)	(11.6		)
Undistributed earnings	68.1			76.2
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	67.9			75.9
Add: dividends declared - common shares	23.0			11.6
Less: dividends declared - preferred shares	—			—
Numerator for basic earnings per common share	$	90.9		$	87.5
Add: dividends declared - preferred shares	—			—
Numerator for diluted earnings per common share	90.9			87.5
Denominator
Denominator for basic earnings per common share - weighted average shares	189.6			96.2
Effect of dilutive securities:
Assumed conversion of preferred shares	1.5			—
Assumed conversion of dilutive stock-based compensation plans	0.4			0.4
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	191.5			96.6
Net income attributable to Wabtec shareholders per common share
Basic	$	0.48		$	0.91
Diluted	$	0.48		$	0.91



(1) Basic weighted-average common shares outstanding	189.6		96.2
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.1		96.5
Percentage allocated to common shareholders	99.7	%	99.7	%



	Nine Months Ended September 30,
In millions, except per share data	2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	191.0		$	260.6
Less: dividends declared - common shares and non-vested restricted stock	(57.3		)	(34.8		)
Undistributed earnings	133.7			225.8
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	133.3			225.1
Add: dividends declared - common shares	57.2			34.6
Less: dividends declared - preferred shares	(0.4		)	—
Numerator for basic earnings per common share	$	190.1		$	259.7
Add: dividends declared - preferred shares	0.4			—
Numerator for diluted earnings per common share	190.5			259.7
Denominator
Denominator for basic earnings per common share - weighted average shares	163.2			95.9
Effect of dilutive securities:
Assumed conversion of preferred shares	8.6			—
Assumed conversion of dilutive stock-based compensation plans	0.4			0.5
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	172.2			96.4
Net income attributable to Wabtec shareholders per common share
Basic	$	1.17		$	2.71
Diluted	$	1.11		$	2.70



(1) Basic weighted-average common shares outstanding	163.2		95.9
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	163.7		96.2
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

9 Months Ended

Sep. 30, 2019

Product Warranties Disclosures [Abstract]

Warranties

WARRANTIES

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



In millions	2019			2018
Balance at beginning of year	$	153.7		$	153.1
Acquisitions	108.2			3.1
Warranty expense	81.9			45.7
Warranty claim payments	(93.1		)	(43.0		)
Foreign currency impact/other	(4.1		)	(4.4		)
Balance at September 30	$	246.6		$	154.5

Derivative Financial Instruments and Hedging

9 Months Ended

Sep. 30, 2019

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 and nine months ended September 30, 2019 and September 30, 2018, 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 loss related to these contracts was $1.9 million for the nine months ended September 30, 2019. These contracts are scheduled 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 as of September 30, 2019.



In millions	Designated		Non-Designated			Total
Gross notional amount	$	2,530.0	$	472.0		$	3,002.0
Fair Value:
Other current assets	$	13.0	$	—		$	13.0
Other current liabilities	—		(0.3		)	(0.3		)
Total	$	13.0	$	(0.3	)	$	12.7

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2018.



In millions	Designated			Non-Designated		Total
Gross notional amount	$	863.0		$	834.0	$	1,697.0
Fair Value:
Other current assets	$	—		$	1.3	$	1.3
Other current liabilities	(2.3		)	—		(2.3		)
Total	$	(2.3	)	$	1.3	$	(1.0	)

Interest Rate Hedging The Company has historically used 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 were 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 were recognized in current period earnings. Refer to footnote 14 for further information on interest rate swaps.

Fair Value Measurement and Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2019

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” ("ASC 820") 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.

To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company historically 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 mitigates 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 September 30, 2019 and December 31, 2018. 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, 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 Senior 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:



	September 30, 2019				December 31, 2018
In millions	Carrying Value		Fair Value		Carrying Value		Fair Value
4.375% Senior Notes due 2023	$	249.0	$	262.4	$	248.8	$	254.2
3.45% Senior Notes due 2026	$	748.5	$	758.3	$	748.2	$	675.1
Floating Rate Notes due 2021	$	497.7	$	500.0	$	496.8	$	497.4
4.15% Senior Notes due 2024	$	744.0	$	799.3	$	743.0	$	729.4
4.7% Senior Notes due 2028	$	1,240.5	$	1,378.4	$	1,239.7	$	1,179.6

The fair value of the Company’s interest rate swap agreements and the 2013 Notes 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	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
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 are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, in Note 21 therein, filed on February 27, 2019. During the first nine months of 2019, there were no material changes to the information described in the Form 10-K related to claims arising from asbestos exposure. 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, 2018, in Note 21 therein, filed on February 27, 2019. Except as described below, there have been no material changes to the information described in the Form 10-K related to claims arising from Company's ordinary operations. On April 21, 2016, Siemens Industry, Inc. filed a lawsuit against the Company in federal district court in Delaware alleging that the Company infringed seven patents owned by Siemens related to the Company's Positive Train Control (PTC) technology. On November 2, 2016, Siemens amended its complaint to add six additional patents they also claimed were infringed by the Company's PTC Products or End of Train (EOT) Products (Siemens Patent Case). The Company filed Answers, and asserted counterclaims, in response to Siemens’ complaints. Additionally, after filings by the Company, the US Patent & Trademark Office’s Patent Trail and Appeal Board (PTAB) granted Inter-Parties Review (IPR) proceedings on eight (8) of the patents asserted by Siemens to contest their validity. Following pre-trial rulings that greatly reduced Siemens’ alleged damages, a jury trial was held in federal district court in Delaware in January 2019 on eight patents, two of which were still subject to an IPR decision on validity from the PTAB. At the conclusion of the trial, the jury awarded Siemens damages of $5.6 million related to PTC patents and $1.1 million related to EOT patents. On August 15, 2019, the Court entered a final judgement in the amount of $14.1 million in favor of Siemens, which included post-discovery damages on all Wabtec PTC and EOT sales through July 2019. Both parties appealed the Final Judgement. On September 27, 2019, the parties entered into a global settlement agreement, settling all on-going litigation between them, as part of the patent litigation including antitrust claims Siemens had made against Wabtec initially. Xorail, Inc., a wholly owned subsidiary of the Company (“Xorail”), has received notices from Denver Transit Constructors (“DTC”) alleging breach of contract related to the operating of constant warning wireless crossings, and late delivery of the Train Management & Dispatch System (“TMDS”) for the Denver Eagle P3 Project, which is owned by the Denver Regional Transit District ("RTD"). No damages have been asserted for the alleged late delivery of the TMDS, and no formal claim has been filed. Xorail is in the final stages of successfully implementing a recovery plan concerning the TMDS issues. With regard to the wireless crossing issue, as of September 8, 2017, DTC alleged that total damages were $36.8 million through July 31, 2017 and are continuing to accumulate. The majority of the damages stems from a delay in approval of the wireless crossing system by the Federal Railway Administration ("FRA") and the Public Utility Commission ("PUC"), resulting in the use of flaggers at all of the crossings pending approval of the wireless crossing system and certification of the crossings. DTC has alleged that the delay is due to Xorail's failure to achieve constant warning times for the crossings in accordance with the approval requirements imposed by the FRA and PUC. Xorail has denied DTC's assertions, stating that its system satisfied the contractual requirements. Xorail has worked with DTC to modify its system and implement the FRA's and PUC's previously undefined approval requirements; the FRA and PUC have both approved modified wireless crossing system, and as of August 2018, DTC completed the process of certifying the crossings and eliminated the use of flaggers. On September 21, 2018, DTC filed a complaint against RTD in Colorado state court for breach of contract related to non-payments and the costs for the flaggers, asserting a change-in-law arising from the FRA/PUC’s new certification requirements; a jury trial is scheduled to begin in May 2020. DTC’s complaint generally supports Xorail’s position and does not name or implicate Xorail; DTC has not updated its notices against Xorail, nor have they filed any formal claim against Xorail. On April 3, 2018, the Company and Knorr-Bremse AG entered into a consent decree with the United States Department of Justice resolving allegations that the Company and Knorr-Bremse AG had maintained unlawful agreements not to compete for each other’s employees. The allegations also related to Faiveley Transport before it was acquired by the Company in November 2016. No monetary fines or penalties were imposed on the Company. The Company elected to settle this matter with the Department of Justice to avoid the cost and distraction of litigation. Putative class action lawsuits thereafter were filed in several different federal district courts naming the Company and Knorr as defendants in connection with the allegations contained in the consent decree. The lawsuits seek unspecified damages on behalf of employees of the Company (including Faiveley Transport) and Knorr allegedly caused by the defendants’ actions. A federal Multi-District Litigation (MDL) Panel consolidated the cases in the Western District of Pennsylvania, and on October 12, 2018, a consolidated class action complaint was filed in the Western District of PA with five named plaintiffs, three of whom were Company employees. The litigation is in its early stages and the Company does not believe that it has diminished competition for talent in the marketplace and intends to contest these claims vigorously. The Company’s motion to dismiss the entire claim was denied on June 20, 2019, but the Court granted the Company’s motions to dismiss the plaintiffs’ conspiracy allegations and strike the plaintiffs’ class definition. In July 2019, Plaintiffs filed an amended class definition, targeting employees with ‘valuable’ railroad industry experience or skills’, and the Company has filed a new motion to strike that categorization. On August 13, 2019, the Company was notified that co-defendant Knorr-Bremse settled with plaintiffs for an unknown amount. A Court-sponsored early mediation is expected to occur before the end of 2019.

Segment Information

9 Months Ended

Sep. 30, 2019

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 September 30, 2019 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,295.7	$	706.0	$	—		$	2,001.7
Intersegment sales/(elimination)	14.1		11.1		(25.2		)	—
Total sales	$	1,309.8	$	717.1	$	(25.2	)	$	2,001.7
Income (loss) from operations	$	148.1	$	55.8	$	(34.8	)	$	169.1
Interest expense and other, net	—		—		(55.8		)	(55.8		)
Income (loss) from operations before income taxes	$	148.1	$	55.8	$	(90.6	)	$	113.3

Segment financial information for the three months ended September 30, 2018 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	391.6	$	686.2	$	—		$	1,077.8
Intersegment sales/(elimination)	13.5		4.8		(18.3		)	—
Total sales	$	405.1	$	691.0	$	(18.3	)	$	1,077.8
Income (loss) from operations	$	79.4	$	60.7	$	(15.0	)	$	125.2
Interest expense and other, net	—		—		(22.5		)	(22.5		)
Income (loss) from operations before income taxes	$	79.4	$	60.7	$	(37.5	)	$	102.7

Segment financial information for the nine months ended September 30, 2019 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	3,666.1	$	2,165.5	$	—		$	5,831.6
Intersegment sales/(elimination)	44.5		24.6		(69.1		)	—
Total sales	$	3,710.6	$	2,190.1	$	(69.1	)	$	5,831.6
Income (loss) from operations	$	375.3	$	185.9	$	(124.2	)	$	437.0
Interest expense and other, net	—		—		(164.9		)	(164.9		)
Income (loss) from operations before income taxes	$	375.3	$	185.9	$	(289.1	)	$	272.1

Segment financial information for the nine months ended September 30, 2018 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,183.4	$	2,062.3	$	—		$	3,245.7
Intersegment sales/(elimination)	44.2		11.6		(55.8		)	—
Total sales	$	1,227.6	$	2,073.9	$	(55.8	)	$	3,245.7
Income (loss) from operations	$	233.4	$	186.8	$	(40.2	)	$	380.0
Interest expense and other, net	—		—		(69.9		)	(69.9		)
Income (loss) from operations before income taxes	$	233.4	$	186.8	$	(110.1	)	$	310.1

Sales by product line are as follows:



	Three Months Ended September 30,
In millions	2019		2018
Remanufacturing, Overhaul & Build	$	985.2	$	134.7
Specialty Products & Electronics	461.9		408.8
Transit Products	272.0		258.4
Brake Products	239.2		222.2
Other	43.4		53.7
Total sales	$	2,001.7	$	1,077.8



	Nine Months Ended September 30,
In millions	2019		2018
Remanufacturing, Overhaul & Build	$	2,758.4	$	397.6
Specialty Products & Electronics	1,323.3		1,229.8
Transit Products	877.6		814.8
Brake Products	735.7		655.4
Other	136.6		148.1
Total sales	$	5,831.6	$	3,245.7

Guarantor Subsidiaries Financial Information

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Guarantor Subsidiaries Financial Information

GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The obligations under the Company's Senior Notes and 2018 Refinancing Credit Agreement have been fully and unconditionally guaranteed by certain of the Company's U.S. subsidiaries. Each guarantor is 100% owned by the parent company, with the exception of GE Transportation, a Wabtec Company, which has 15,000 shares outstanding of Series A Preferred Stock held by General Electric 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 September 30, 2019:



In millions	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	9.8	$	110.0		$	467.6		$	—		$	587.4
Receivables, net	134.9		235.2			1,303.2			—			1,673.3
Inventories	143.2		751.0			1,063.1			—			1,957.3
Current assets - other	18.0		24.7			149.7			—			192.4
Total current assets	305.9		1,120.9			2,983.6			—			4,410.4
Property, plant and equipment, net	65.5		44.5			1,512.7			—			1,622.7
Goodwill	512.1		283.2			7,307.9			—			8,103.2
Investment in subsidiaries	16,823.1		6,151.0			—			(22,974.1		)	—
Other intangibles, net	37.3		76.7			4,093.0			—			4,207.0
Other long-term assets	47.8		162.3			347.5			—			557.6
Total assets	$	17,791.7	$	7,838.6		$	16,244.7		$	(22,974.1	)	$	18,900.9
Current liabilities	$	424.0	$	1,107.4		$	1,667.5		$	—		$	3,198.9
Inter-company	2,838.8		(2,170.4		)	(668.4		)	—			—
Long-term debt	4,422.3		—			211.2			—			4,633.5
Long-term liabilities - other	410.2		174.8			754.1			—			1,339.1
Total liabilities	8,095.3		(888.2		)	1,964.4			—			9,171.5
Shareholders' equity	9,681.4		8,726.8			14,262.3			(22,974.1		)	9,696.4
Non-controlling interest	15.0		—			18.0			—			33.0
Total shareholders' equity	$	9,696.4	$	8,726.8		$	14,280.3		$	(22,974.1	)	$	9,729.4
Total Liabilities and Shareholders' Equity	$	17,791.7	$	7,838.6		$	16,244.7		$	(22,974.1	)	$	18,900.9

Balance Sheet for December 31, 2018:



In millions	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	1,782.6	$	(0.1	)	$	559.8		$	—		$	2,342.3
Receivables, net	106.8		61.5			978.5			—			1,146.8
Inventories	149.7		69.1			626.1			—			844.9
Current assets - other	11.9		0.7			103.0			—			115.6
Total current assets	2,051.0		131.2			2,267.4			—			4,449.6
Property, plant and equipment, net	51.6		24.8			487.4			—			563.8
Goodwill	25.3		283.2			2,088.0			—			2,396.5
Investment in subsidiaries	6,708.0		4,022.1			—			(10,730.1		)	—
Other intangibles, net	29.3		78.5			1,022.1			—			1,129.9
Other long-term assets	8.8		0.1			100.5			—			109.4
Total assets	$	8,874.0	$	4,539.9		$	5,965.4		$	(10,730.1	)	$	8,649.2
Current liabilities	$	264.5	$	91.0		$	1,291.1		$	—		$	1,646.6
Inter-company	1,947.5		(1,436.2		)	(511.3		)	—			—
Long-term debt	3,779.7		—			13.1			—			3,792.8
Long-term liabilities - other	17.1		48.6			275.0			—			340.7
Total liabilities	6,008.8		(1,296.6		)	1,067.9			—			5,780.1
Shareholders' equity	2,865.2		5,836.5			4,893.6			(10,730.1		)	2,865.2
Non-controlling interest	—		—			3.9			—			3.9
Total shareholders' equity	$	2,865.2	$	5,836.5		$	4,897.5		$	(10,730.1	)	$	2,869.1
Total Liabilities and Shareholders' Equity	$	8,874.0	$	4,539.9		$	5,965.4		$	(10,730.1	)	$	8,649.2

Income Statement for the Three Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	174.3		$	900.4		$	1,378.9		$	(451.9	)	$	2,001.7
Cost of sales	(126.6		)	(617.8		)	(1,019.9		)	362.0			(1,402.3		)
Gross profit	47.7			282.6			359.0			(89.9		)	599.4
Total operating expenses	(70.9		)	(80.7		)	(278.7		)	—			(430.3		)
Income from operations	(23.2		)	201.9			80.3			(89.9		)	169.1
Interest (expense) income, net	(58.8		)	3.3			(2.2		)	—			(57.7		)
Other income (expense), net	23.0			(9.3		)	(11.8		)	—			1.9
Equity earnings (loss)	125.1			16.8			—			(141.9		)	—
Pretax income (loss)	66.1			212.7			66.3			(231.8		)	113.3
Income tax benefit (expense)	24.9			(35.3		)	(12.3		)	—			(22.7		)
Net income	91.0			177.4			54.0			(231.8		)	90.6
Less: Net loss attributable to noncontrolling interest	—			—			0.5			—			0.5
Net income (loss) attributable to Wabtec shareholders	$	91.0		$	177.4		$	54.5		$	(231.8	)	$	91.1

Comprehensive income (loss) attributable to Wabtec shareholders	$	91.0		$	177.4		$	(124.9	)	$	(231.8	)	$	(88.3	)

Income Statement for the Three Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	169.4		$	118.5		$	850.3		$	(60.4	)	$	1,077.8
Cost of sales	(122.9		)	(75.0		)	(612.1		)	34.2			(775.8		)
Gross profit	46.5			43.5			238.2			(26.2		)	302.0
Total operating expenses	(37.1		)	(14.7		)	(125.0		)	—			(176.8		)
Income from operations	9.4			28.8			113.2			(26.2		)	125.2
Interest (expense) income, net	(23.0		)	3.2			(3.9		)	—			(23.7		)
Other income (expense), net	(1.5		)	—			2.7			—			1.2
Equity earnings (loss)	97.1			91.8			—			(188.9		)	—
Pretax income (loss)	82.0			123.8			112.0			(215.1		)	102.7
Income tax expense	5.7			—			(22.3		)	—			(16.6		)
Net income	87.7			123.8			89.7			(215.1		)	86.1
Less: Net loss attributable to noncontrolling interest	—			—			1.6			—			1.6
Net income (loss) attributable to Wabtec shareholders	$	87.7		$	123.8		$	91.3		$	(215.1	)	$	87.7

Comprehensive income (loss) attributable to Wabtec shareholders	$	87.7		$	123.8		$	41.8		$	(215.1	)	$	38.2

Income Statement for the Nine Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	553.1		$	2,133.9		$	4,138.9		$	(994.3	)	$	5,831.6
Cost of sales	(428.5		)	(1,520.1		)	(3,055.2		)	775.3			(4,228.5		)
Gross profit	124.6			613.8			1,083.7			(219.0		)	1,603.1
Total operating expenses	(235.9		)	(177.9		)	(752.3		)	—			(1,166.1		)
Income from operations	(111.3		)	435.9			331.4			(219.0		)	437.0
Interest (expense) income, net	(159.8		)	9.9			(10.9		)	—			(160.8		)
Other income (expense), net	44.6			(16.0		)	(32.7		)	—			(4.1		)
Equity earnings (loss)	402.4			180.5			—			(582.9		)	—
Pretax income (loss)	175.9			610.3			287.8			(801.9		)	272.1
Income tax expense	14.9			(77.9		)	(19.6		)	—			(82.6		)
Net income	190.8			532.4			268.2			(801.9		)	189.5
Less: Net loss attributable to noncontrolling interest	—			—			1.5			—			1.5
Net income (loss) attributable to Wabtec shareholders	$	190.8		$	532.4		$	269.7		$	(801.9	)	$	191.0

Comprehensive income (loss) attributable to Wabtec shareholders	$	190.8		$	532.4		$	57.7		$	(801.9	)	$	(21.0	)

Income Statement for the Nine Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	499.2		$	374.6		$	2,550.8		$	(178.9	)	$	3,245.7
Cost of sales	(364.5		)	(236.7		)	(1,812.7		)	105.1			(2,308.8		)
Gross profit (loss)	134.7			137.9			738.1			(73.8		)	936.9
Total operating expenses	(122.5		)	(40.7		)	(393.7		)	—			(556.9		)
Income (loss) from operations	12.2			97.2			344.4			(73.8		)	380.0
Interest (expense) income, net	(75.1		)	9.3			(10.1		)	—			(75.9		)
Other income (expense), net	7.7			(0.7		)	(1.0		)	—			6.0
Equity earnings (loss)	331.0			304.2			—			(635.2		)	—
Pretax income (loss)	275.8			410.0			333.3			(709.0		)	310.1
Income tax expense	(15.2		)	—			(38.0		)	—			(53.2		)
Net income (loss)	260.6			410.0			295.3			(709.0		)	256.9
Less: Net loss attributable to noncontrolling interest	—			—			3.7			—			3.7
Net income (loss) attributable to Wabtec shareholders	$	260.6		$	410.0		$	299.0		$	(709.0	)	$	260.6

Comprehensive income (loss) attributable to Wabtec shareholders	$	261.2		$	410.0		$	137.7		$	(709.0	)	$	99.9

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(170.7	)	$	422.5		$	534.9		$	(219.0	)	$	567.7
Net cash provided by (used for) investing activities	6,828.1			(481.0		)	(9,456.9		)	—			(3,109.8		)
Net cash (used for) provided by financing activities	(8,430.2		)	168.6			8,859.7			219.0			817.1
Effect of changes in currency exchange rates	—			—			(29.9		)	—			(29.9		)
(Decrease) increase in cash	(1,772.8		)	110.1			(92.2		)	—			(1,754.9		)
Cash, cash equivalents, and restricted cash, beginning of period	1,782.6			(0.1		)	559.8			—			2,342.3
Cash, cash equivalents, and restricted cash, end of period	$	9.8		$	110.0		$	467.6		$	—		$	587.4

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(111.1	)	$	95.5		$	127.5		$	(73.9	)	$	38.0
Net cash (used for) provided by investing activities	(12.5		)	(1.3		)	(90.4		)	—			(104.2		)
Net cash provided by (used for) financing activities	1,883.5			(94.8		)	132.7			73.9			1,995.3
Effect of changes in currency exchange rates	—			—			(27.1		)	—			(27.1		)
Increase (decrease) in cash	1,759.9			(0.6		)	142.7			—			1,902.0
Cash, cash equivalents, and restricted cash, beginning of period	0.9			0.7			231.8			—			233.4
Cash, cash equivalents, and restricted cash, end of period	$	1,760.8		$	0.1		$	374.5		$	—		$	2,135.4

Other Income (Expense), Net

9 Months Ended

Sep. 30, 2019

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 September 30,						Nine Months Ended September 30,
In millions	2019			2018			2019			2018
Foreign currency loss	$	(2.4	)	$	(3.5	)	$	(16.2	)	$	(6.8	)
Equity income	1.0			0.6			3.0			2.9
Expected return on pension assets/amortization	2.3			2.8			7.5			8.9
Other miscellaneous income	1.0			1.3			1.6			1.0
Total other income (expense), net	$	1.9		$	1.2		$	(4.1	)	$	6.0

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. 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, 2018. The December 31, 2018 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Codification (ASC) 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires 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. Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. Contract revenues and cost estimates are reviewed and revised periodically through the year and adjustments are reflected in the accounting period as such amounts are determined. Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. The current portion of the contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” while the noncurrent contract assets are classified as other assets under the caption "Other Noncurrent Assets" on the consolidated balance sheet. Noncurrent contract assets were $119.4 million at September 30, 2019 and were not material at December 31, 2018, respectively. Included in noncurrent contract assets are certain costs that are specifically related to a contract, however, do not directly contribute to the transfer of control of the tangible product being created, such as non-recurring engineering costs. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer Deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other Long-Term Liabilities" on the consolidated balance sheet. Noncurrent contract liabilities were $59.2 million at September 30, 2019 and were not material at December 31, 2018. These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract or revenue associated with the contract liabilities is expected to be recognized within one year. Contract liabilities also include provisions for estimated losses from uncompleted contracts. Provisions for loss contracts were $115.5 million and $71.2 million at September 30, 2019 and December 31, 2018, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other Accrued Liabilities” on the consolidated balance sheet. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good; however, a single contract may have multiple performance obligations comprising multiple promises to customers. Performance obligations are determined based on the customer's intended use of products and services. Less complex products principally result in each completed product being a separate performance obligation recognized at a point in time. More complex products or services principally result in a single performance obligation as a customer is either procuring a bundled offering that is managed or utilized on a combined basis or there are multiple complex goods or services in the contract, which are substantially the same and recognized over time. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience. Remaining performance obligations represent the transaction price of firm customer orders subject to standard industry cancellation provisions and substantial scope-of-work adjustments. As of September 30, 2019, the Company's remaining performance obligations were $20.6 billion. The Company expects to recognize revenue of approximately 26% of remaining performance obligation over the next 12 months, with the remainder recognized thereafter.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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	Financial Derivatives and Hedging Activities As part of its risk management strategy, the Company utilizes derivative financial instruments to mitigate the impact of changes in foreign currency exchange rates and interest rates on earnings and cash flow. For further information regarding financial derivatives and hedging activities, refer to Footnotes 13 and 14.
Foreign Currency Translation	Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 unit's 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 values that were substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2018. In June 2016, FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This updated guidance sets forth a current expected credit loss model based on expected losses. Under this model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. This guidance is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements but does not expect the impact of adopting this new standard to be material. Recently Adopted Accounting Pronouncements In February 2018, FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amendments in this update allow a reclassification from AOCI to retained earnings for stranded effects resulting from the Tax Act. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance became effective for reporting periods beginning after December 15, 2018. The Company adopted this accounting standard at the beginning of the period and elected to not retrospectively apply the new standard. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet. In February 2016, 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. This guidance became effective for the Company on January 1, 2019. The Company elected the practical expedient which does not require the capitalization of leases with terms of 12 months or less, and the Company did not elect the practical expedient which allows hindsight to be used to determine the term of a lease. The Company adopted the standard using the transition alternative, which allowed for the application of the guidance at beginning of the period in which it is adopted, rather than requiring the adjustment of prior comparative periods. For further information regarding the Company's adoption of the new standard, see Footnote 7.
Other Comprehensive Income	Other Comprehensive Income (Loss) Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources.

Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

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

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the nine months ended September 30, 2019 are as follows:



In millions	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2018	$	(202.2	)	$	(0.1	)	$	(54.3	)	$	(256.6	)
Other comprehensive income (loss) before reclassifications	(208.9		)	(3.0		)	(1.7		)	(213.6		)
Amounts reclassified from accumulated other
comprehensive income	—			—			1.6			1.6
Net current period other comprehensive income (loss)	(208.9		)	(3.0		)	(0.1		)	(212.0		)
Balance at September 30, 2019	$	(411.1	)	$	(3.1	)	$	(54.4	)	$	(468.6	)

The changes in accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2018 are as follows:



In millions	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2017	$	5.1		$	4.0		$	(54.1	)	$	(45.0	)
Other comprehensive income (loss) before reclassifications	(159.1		)	(8.5		)	1.0			(166.6		)
Amounts reclassified from accumulated other
comprehensive income	—			4.3			1.6			5.9
Net current period other comprehensive income (loss)	(159.1		)	(4.2		)	2.6			(160.7		)
Balance at September 30, 2018	$	(154.0	)	$	(0.2	)	$	(51.5	)	$	(205.7	)

Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss for the three months ended September 30, 2018 are as follows:



In millions	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	$	(0.4	)	Other income (expense), net
Amortization of net loss	1.1			Other income (expense), net
	0.7			Other income (expense), net
	(0.2		)	Income tax expense
	$	0.5		Net income

Derivative contracts
Realized loss on derivative contracts	$	4.9		Interest expense, net
	(1.2		)	Income tax expense
	$	3.7		Net income

Reclassifications out of accumulated other comprehensive loss for the nine months ended September 30, 2018 are as follows:



In millions	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	$	(1.1	)	Other income (expense), net
Amortization of net loss	3.3			Other income (expense), net
	2.2			Other income (expense), net
	(0.6		)	Income tax expense
	$	1.6		Net income


Derivative contracts	$	5.8		Interest expense, net
Realized loss on derivative contracts	(1.5		)	Income tax expense
	$	4.3		Net income

Reclassifications out of accumulated other comprehensive income (loss) for the three months ended September 30, 2019 are as follows:



In millions	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	$	(0.4	)	Other income (expense), net
Amortization of net loss	1.1			Other income (expense), net
	0.7			Other income (expense), net
	(0.2		)	Income tax expense
	$	0.5		Net income

Reclassifications out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2019 are as follows:



In millions	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	$	(1.1	)	Other income (expense), net
Amortization of net loss	3.3			Other income (expense), net
	2.2			Other income (expense), net
	(0.6		)	Income tax expense
	$	1.6		Net income

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2019

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 final fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax.



	Annax
In millions	March 22, 2018
Current assets	$	32.8
Property, plant & equipment	0.7
Goodwill	38.5
Other intangible assets	11.7
Total assets acquired	83.7
Total liabilities assumed	(55.1		)
Net assets acquired	$	28.6

The following table summarizes the preliminary fair values of the GE Transportation, a Wabtec company, assets acquired and liabilities assumed:



In millions
Assets acquired
Cash and cash equivalents	$	174.3
Accounts receivable	524.7
Inventories	1,192.9
Other current assets	64.7
Property, plant, and equipment	1,091.2
Goodwill	5,804.4
Trade names	55.0
Customer relationships	550.0
Intellectual property	1,210.0
Backlog	1,460.0
Other noncurrent assets	210.6
Total assets acquired	12,337.8
Liabilities assumed
Current liabilities	1,555.6
Contingent consideration	440.0
Other noncurrent liabilities	483.8
Total liabilities assumed	2,479.4
Net assets acquired	9,858.4
Noncontrolling interest	$	86.8

Pro Forma Financial Information



In millions, except per share data	Three Months Ended September 30, 2019		Three Months Ended September 30, 2018		Nine Months Ended September 30, 2019		Nine Months Ended September 30, 2018
Net sales	$	2,001.7	$	1,994.8	$	6,317.8	$	5,891.2
Gross profit	615.4		575.7		1,376.4		1,595.8
Net income attributable to Wabtec shareholders	103.3		120.7		358.5		195.4
Diluted earnings per share
As Reported	$	0.48	$	0.91	$	1.11	$	2.70
Pro forma	$	0.55	$	0.63	$	1.87	$	1.02

Inventories (Tables)

9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:



In millions	September 30, 2019		December 31, 2018
Raw materials	$	786.3	$	465.9
Work-in-progress	521.7		154.5
Finished goods	649.3		224.5
Total inventories	$	1,957.3	$	844.9

Intangibles (Tables)

9 Months Ended

Sep. 30, 2019

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 nine months ended September 30, 2019 is as follows:



In millions	Freight Segment			Transit Segment			Total
Balance at December 31, 2018	$	713.4		$	1,683.1		$	2,396.5
Additions	5,806.2			16.0			5,822.2
Foreign currency impact	(45.4		)	(70.1		)	(115.5		)
Balance at September 30, 2019	$	6,474.2		$	1,629.0		$	8,103.2

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 millions	September 30, 2019		December 31, 2018
Intellectual property, patents, and other intangibles, net of accumulated
amortization of $100.2 and $40.1	$	1,162.0	$	13.3
Backlog, net of accumulated amortization of $87.6 and $2.0	1,396.6		2.0
Customer relationships, net of accumulated amortization
of $195.2 and $158.5	1,033.9		531.8
Total	$	3,592.5	$	547.1

Amortization Expense

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



In millions
Remainder of 2019	$	72.1
2020	285.1
2021	284.1
2022	283.7
2023	283.2

Contract Assets and Contract Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities

The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2019 is as follows:



In millions	Contract Assets
Balance at beginning of year	$	345.6
Acquisitions	217.4
Recognized in current year	445.1
Reclassified to accounts receivable	(415.7		)
Foreign currency impact	(12.7		)
Balance at September 30, 2019	$	579.7

In millions	Contract Liabilities
Balance at beginning of year	$	444.8
Acquisitions	314.7
Recognized in current year	781.3
Amounts in beginning balance reclassified to revenue	(412.9		)
Current year amounts reclassified to revenue	(270.3		)
Foreign currency impact	(12.3		)
Balance at September 30, 2019	$	845.3

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease Expense, Term and Discount Rate

The components of lease expense are as follows:



	Three Months Ended September 30,			Nine Months Ended September 30,
In millions	2019			2019
Operating lease expense	$	13.6		$	40.4
Finance lease expense amortization of leased assets	0.3			0.9
Short-term and variable lease expense	0.2			0.5
Sublease income	(0.1		)	(0.4		)
Total	$	14.0		$	41.4

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities:



	September 30,
	2019
Weighted-average remaining lease term (years)
Operating leases	8.1
Finance leases	5.4
Weighted-average discount rate
Operating leases	3.0	%
Finance leases	1.4	%

Maturity of Operating Lease Liabilities

Scheduled payments of lease liabilities are as follows:



In millions	Operating Leases			Finance Leases		Total
Remaining 2019	$	12.9		$	0.1	$	13.0
2020	48.0			0.4		48.4
2021	40.3			0.2		40.5
2022	33.3			0.1		33.4
2023	28.6			0.1		28.7
Thereafter	126.1			0.4		126.5
Total lease payments	289.2			1.3		290.5
Less: Present value discount	(30.2		)	—		(30.2		)
Present value lease liabilities	$	259.0		$	1.3	$	260.3

Maturity of Finance Lease Liabilities

Scheduled payments of lease liabilities are as follows:



In millions	Operating Leases			Finance Leases		Total
Remaining 2019	$	12.9		$	0.1	$	13.0
2020	48.0			0.4		48.4
2021	40.3			0.2		40.5
2022	33.3			0.1		33.4
2023	28.6			0.1		28.7
Thereafter	126.1			0.4		126.5
Total lease payments	289.2			1.3		290.5
Less: Present value discount	(30.2		)	—		(30.2		)
Present value lease liabilities	$	259.0		$	1.3	$	260.3

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:



In millions	September 30, 2019		December 31, 2018
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $2.3 and $3.2	$	497.7	$	496.8
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $6.0 and $7.0	744.0		743.0
4.70% Senior Notes, due 2028, net of unamortized debt issuance costs of $9.5 and $10.3	1,240.5		1,239.7
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.5 and $1.7	748.5		748.3
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1.0 and $1.2	249.0		248.8
Revolving Credit Facility, net of unamortized debt issuance costs of $2.3 and $3.1	1,217.4		338.1
Other Borrowings	48.2		42.2
Total	4,745.3		3,856.9
Less: current portion	111.8		64.1
Long-term portion	$	4,633.5	$	3,792.8

- 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

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+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Stock Option Activity

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 nine months ended September 30, 2019:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2018	466,677		$	61.04	5.7	$	5,115
Granted	134,450		70.44			210
Exercised	(468	)	64.54			(3		)
Canceled	(4,868	)	69.40			—
Outstanding at September 30, 2019	595,791		63.07		6.2	5,321
Exercisable at September 30, 2019	388,581		54.88		5.2	6,652

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:



	Nine Months Ended September 30,
	2019		2018
Dividend yield	0.66	%	0.31	%
Risk-free interest rate	2.60	%	2.78	%
Stock price volatility	25.8	%	23.9	%
Expected life (years)	5.0		5.0

Restricted Stock Activity and Incentive Stock Awards Activity



	Restricted Stock and Units		Incentive Stock Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2018	445,089		415,243		$	75.51
Granted	578,847		259,950		70.45
Vested	(208,156	)	(119,835	)	71.57
Adjustment for incentive stock awards expected to vest	—		35,976		79.35
Canceled	(21,069	)	(56,924	)	74.12
Outstanding at September 30, 2019	794,711		534,410		73.47

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

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 September 30,
In millions, except per share data	2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	91.1		$	87.7
Less: dividends declared - common shares and non-vested restricted stock	(23.0		)	(11.6		)
Undistributed earnings	68.1			76.2
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	67.9			75.9
Add: dividends declared - common shares	23.0			11.6
Less: dividends declared - preferred shares	—			—
Numerator for basic earnings per common share	$	90.9		$	87.5
Add: dividends declared - preferred shares	—			—
Numerator for diluted earnings per common share	90.9			87.5
Denominator
Denominator for basic earnings per common share - weighted average shares	189.6			96.2
Effect of dilutive securities:
Assumed conversion of preferred shares	1.5			—
Assumed conversion of dilutive stock-based compensation plans	0.4			0.4
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	191.5			96.6
Net income attributable to Wabtec shareholders per common share
Basic	$	0.48		$	0.91
Diluted	$	0.48		$	0.91



(1) Basic weighted-average common shares outstanding	189.6		96.2
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.1		96.5
Percentage allocated to common shareholders	99.7	%	99.7	%



	Nine Months Ended September 30,
In millions, except per share data	2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	191.0		$	260.6
Less: dividends declared - common shares and non-vested restricted stock	(57.3		)	(34.8		)
Undistributed earnings	133.7			225.8
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	133.3			225.1
Add: dividends declared - common shares	57.2			34.6
Less: dividends declared - preferred shares	(0.4		)	—
Numerator for basic earnings per common share	$	190.1		$	259.7
Add: dividends declared - preferred shares	0.4			—
Numerator for diluted earnings per common share	190.5			259.7
Denominator
Denominator for basic earnings per common share - weighted average shares	163.2			95.9
Effect of dilutive securities:
Assumed conversion of preferred shares	8.6			—
Assumed conversion of dilutive stock-based compensation plans	0.4			0.5
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	172.2			96.4
Net income attributable to Wabtec shareholders per common share
Basic	$	1.17		$	2.71
Diluted	$	1.11		$	2.70



(1) Basic weighted-average common shares outstanding	163.2		95.9
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	163.7		96.2
Percentage allocated to common shareholders	99.7	%	99.7	%

Warranties (Tables)

9 Months Ended

Sep. 30, 2019

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 millions	2019			2018
Balance at beginning of year	$	153.7		$	153.1
Acquisitions	108.2			3.1
Warranty expense	81.9			45.7
Warranty claim payments	(93.1		)	(43.0		)
Foreign currency impact/other	(4.1		)	(4.4		)
Balance at September 30	$	246.6		$	154.5

Derivative Financial Instruments and Hedging (Tables)

9 Months Ended

Sep. 30, 2019

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 as of September 30, 2019.



In millions	Designated		Non-Designated			Total
Gross notional amount	$	2,530.0	$	472.0		$	3,002.0
Fair Value:
Other current assets	$	13.0	$	—		$	13.0
Other current liabilities	—		(0.3		)	(0.3		)
Total	$	13.0	$	(0.3	)	$	12.7

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2018.



In millions	Designated			Non-Designated		Total
Gross notional amount	$	863.0		$	834.0	$	1,697.0
Fair Value:
Other current assets	$	—		$	1.3	$	1.3
Other current liabilities	(2.3		)	—		(2.3		)
Total	$	(2.3	)	$	1.3	$	(1.0	)

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

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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:



	September 30, 2019				December 31, 2018
In millions	Carrying Value		Fair Value		Carrying Value		Fair Value
4.375% Senior Notes due 2023	$	249.0	$	262.4	$	248.8	$	254.2
3.45% Senior Notes due 2026	$	748.5	$	758.3	$	748.2	$	675.1
Floating Rate Notes due 2021	$	497.7	$	500.0	$	496.8	$	497.4
4.15% Senior Notes due 2024	$	744.0	$	799.3	$	743.0	$	729.4
4.7% Senior Notes due 2028	$	1,240.5	$	1,378.4	$	1,239.7	$	1,179.6

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Financial Information

Segment financial information for the three months ended September 30, 2019 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,295.7	$	706.0	$	—		$	2,001.7
Intersegment sales/(elimination)	14.1		11.1		(25.2		)	—
Total sales	$	1,309.8	$	717.1	$	(25.2	)	$	2,001.7
Income (loss) from operations	$	148.1	$	55.8	$	(34.8	)	$	169.1
Interest expense and other, net	—		—		(55.8		)	(55.8		)
Income (loss) from operations before income taxes	$	148.1	$	55.8	$	(90.6	)	$	113.3

Segment financial information for the three months ended September 30, 2018 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	391.6	$	686.2	$	—		$	1,077.8
Intersegment sales/(elimination)	13.5		4.8		(18.3		)	—
Total sales	$	405.1	$	691.0	$	(18.3	)	$	1,077.8
Income (loss) from operations	$	79.4	$	60.7	$	(15.0	)	$	125.2
Interest expense and other, net	—		—		(22.5		)	(22.5		)
Income (loss) from operations before income taxes	$	79.4	$	60.7	$	(37.5	)	$	102.7

Segment financial information for the nine months ended September 30, 2019 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	3,666.1	$	2,165.5	$	—		$	5,831.6
Intersegment sales/(elimination)	44.5		24.6		(69.1		)	—
Total sales	$	3,710.6	$	2,190.1	$	(69.1	)	$	5,831.6
Income (loss) from operations	$	375.3	$	185.9	$	(124.2	)	$	437.0
Interest expense and other, net	—		—		(164.9		)	(164.9		)
Income (loss) from operations before income taxes	$	375.3	$	185.9	$	(289.1	)	$	272.1

Segment financial information for the nine months ended September 30, 2018 is as follows:



In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	1,183.4	$	2,062.3	$	—		$	3,245.7
Intersegment sales/(elimination)	44.2		11.6		(55.8		)	—
Total sales	$	1,227.6	$	2,073.9	$	(55.8	)	$	3,245.7
Income (loss) from operations	$	233.4	$	186.8	$	(40.2	)	$	380.0
Interest expense and other, net	—		—		(69.9		)	(69.9		)
Income (loss) from operations before income taxes	$	233.4	$	186.8	$	(110.1	)	$	310.1

Sales by Product

Sales by product line are as follows:



	Three Months Ended September 30,
In millions	2019		2018
Remanufacturing, Overhaul & Build	$	985.2	$	134.7
Specialty Products & Electronics	461.9		408.8
Transit Products	272.0		258.4
Brake Products	239.2		222.2
Other	43.4		53.7
Total sales	$	2,001.7	$	1,077.8



	Nine Months Ended September 30,
In millions	2019		2018
Remanufacturing, Overhaul & Build	$	2,758.4	$	397.6
Specialty Products & Electronics	1,323.3		1,229.8
Transit Products	877.6		814.8
Brake Products	735.7		655.4
Other	136.6		148.1
Total sales	$	5,831.6	$	3,245.7

Guarantor Subsidiaries Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for September 30, 2019:



In millions	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	9.8	$	110.0		$	467.6		$	—		$	587.4
Receivables, net	134.9		235.2			1,303.2			—			1,673.3
Inventories	143.2		751.0			1,063.1			—			1,957.3
Current assets - other	18.0		24.7			149.7			—			192.4
Total current assets	305.9		1,120.9			2,983.6			—			4,410.4
Property, plant and equipment, net	65.5		44.5			1,512.7			—			1,622.7
Goodwill	512.1		283.2			7,307.9			—			8,103.2
Investment in subsidiaries	16,823.1		6,151.0			—			(22,974.1		)	—
Other intangibles, net	37.3		76.7			4,093.0			—			4,207.0
Other long-term assets	47.8		162.3			347.5			—			557.6
Total assets	$	17,791.7	$	7,838.6		$	16,244.7		$	(22,974.1	)	$	18,900.9
Current liabilities	$	424.0	$	1,107.4		$	1,667.5		$	—		$	3,198.9
Inter-company	2,838.8		(2,170.4		)	(668.4		)	—			—
Long-term debt	4,422.3		—			211.2			—			4,633.5
Long-term liabilities - other	410.2		174.8			754.1			—			1,339.1
Total liabilities	8,095.3		(888.2		)	1,964.4			—			9,171.5
Shareholders' equity	9,681.4		8,726.8			14,262.3			(22,974.1		)	9,696.4
Non-controlling interest	15.0		—			18.0			—			33.0
Total shareholders' equity	$	9,696.4	$	8,726.8		$	14,280.3		$	(22,974.1	)	$	9,729.4
Total Liabilities and Shareholders' Equity	$	17,791.7	$	7,838.6		$	16,244.7		$	(22,974.1	)	$	18,900.9

Balance Sheet for December 31, 2018:



In millions	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	1,782.6	$	(0.1	)	$	559.8		$	—		$	2,342.3
Receivables, net	106.8		61.5			978.5			—			1,146.8
Inventories	149.7		69.1			626.1			—			844.9
Current assets - other	11.9		0.7			103.0			—			115.6
Total current assets	2,051.0		131.2			2,267.4			—			4,449.6
Property, plant and equipment, net	51.6		24.8			487.4			—			563.8
Goodwill	25.3		283.2			2,088.0			—			2,396.5
Investment in subsidiaries	6,708.0		4,022.1			—			(10,730.1		)	—
Other intangibles, net	29.3		78.5			1,022.1			—			1,129.9
Other long-term assets	8.8		0.1			100.5			—			109.4
Total assets	$	8,874.0	$	4,539.9		$	5,965.4		$	(10,730.1	)	$	8,649.2
Current liabilities	$	264.5	$	91.0		$	1,291.1		$	—		$	1,646.6
Inter-company	1,947.5		(1,436.2		)	(511.3		)	—			—
Long-term debt	3,779.7		—			13.1			—			3,792.8
Long-term liabilities - other	17.1		48.6			275.0			—			340.7
Total liabilities	6,008.8		(1,296.6		)	1,067.9			—			5,780.1
Shareholders' equity	2,865.2		5,836.5			4,893.6			(10,730.1		)	2,865.2
Non-controlling interest	—		—			3.9			—			3.9
Total shareholders' equity	$	2,865.2	$	5,836.5		$	4,897.5		$	(10,730.1	)	$	2,869.1
Total Liabilities and Shareholders' Equity	$	8,874.0	$	4,539.9		$	5,965.4		$	(10,730.1	)	$	8,649.2

Condensed Income Statement

Income Statement for the Three Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	174.3		$	900.4		$	1,378.9		$	(451.9	)	$	2,001.7
Cost of sales	(126.6		)	(617.8		)	(1,019.9		)	362.0			(1,402.3		)
Gross profit	47.7			282.6			359.0			(89.9		)	599.4
Total operating expenses	(70.9		)	(80.7		)	(278.7		)	—			(430.3		)
Income from operations	(23.2		)	201.9			80.3			(89.9		)	169.1
Interest (expense) income, net	(58.8		)	3.3			(2.2		)	—			(57.7		)
Other income (expense), net	23.0			(9.3		)	(11.8		)	—			1.9
Equity earnings (loss)	125.1			16.8			—			(141.9		)	—
Pretax income (loss)	66.1			212.7			66.3			(231.8		)	113.3
Income tax benefit (expense)	24.9			(35.3		)	(12.3		)	—			(22.7		)
Net income	91.0			177.4			54.0			(231.8		)	90.6
Less: Net loss attributable to noncontrolling interest	—			—			0.5			—			0.5
Net income (loss) attributable to Wabtec shareholders	$	91.0		$	177.4		$	54.5		$	(231.8	)	$	91.1

Comprehensive income (loss) attributable to Wabtec shareholders	$	91.0		$	177.4		$	(124.9	)	$	(231.8	)	$	(88.3	)

Income Statement for the Three Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	169.4		$	118.5		$	850.3		$	(60.4	)	$	1,077.8
Cost of sales	(122.9		)	(75.0		)	(612.1		)	34.2			(775.8		)
Gross profit	46.5			43.5			238.2			(26.2		)	302.0
Total operating expenses	(37.1		)	(14.7		)	(125.0		)	—			(176.8		)
Income from operations	9.4			28.8			113.2			(26.2		)	125.2
Interest (expense) income, net	(23.0		)	3.2			(3.9		)	—			(23.7		)
Other income (expense), net	(1.5		)	—			2.7			—			1.2
Equity earnings (loss)	97.1			91.8			—			(188.9		)	—
Pretax income (loss)	82.0			123.8			112.0			(215.1		)	102.7
Income tax expense	5.7			—			(22.3		)	—			(16.6		)
Net income	87.7			123.8			89.7			(215.1		)	86.1
Less: Net loss attributable to noncontrolling interest	—			—			1.6			—			1.6
Net income (loss) attributable to Wabtec shareholders	$	87.7		$	123.8		$	91.3		$	(215.1	)	$	87.7

Comprehensive income (loss) attributable to Wabtec shareholders	$	87.7		$	123.8		$	41.8		$	(215.1	)	$	38.2

Income Statement for the Nine Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	553.1		$	2,133.9		$	4,138.9		$	(994.3	)	$	5,831.6
Cost of sales	(428.5		)	(1,520.1		)	(3,055.2		)	775.3			(4,228.5		)
Gross profit	124.6			613.8			1,083.7			(219.0		)	1,603.1
Total operating expenses	(235.9		)	(177.9		)	(752.3		)	—			(1,166.1		)
Income from operations	(111.3		)	435.9			331.4			(219.0		)	437.0
Interest (expense) income, net	(159.8		)	9.9			(10.9		)	—			(160.8		)
Other income (expense), net	44.6			(16.0		)	(32.7		)	—			(4.1		)
Equity earnings (loss)	402.4			180.5			—			(582.9		)	—
Pretax income (loss)	175.9			610.3			287.8			(801.9		)	272.1
Income tax expense	14.9			(77.9		)	(19.6		)	—			(82.6		)
Net income	190.8			532.4			268.2			(801.9		)	189.5
Less: Net loss attributable to noncontrolling interest	—			—			1.5			—			1.5
Net income (loss) attributable to Wabtec shareholders	$	190.8		$	532.4		$	269.7		$	(801.9	)	$	191.0

Comprehensive income (loss) attributable to Wabtec shareholders	$	190.8		$	532.4		$	57.7		$	(801.9	)	$	(21.0	)

Income Statement for the Nine Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	499.2		$	374.6		$	2,550.8		$	(178.9	)	$	3,245.7
Cost of sales	(364.5		)	(236.7		)	(1,812.7		)	105.1			(2,308.8		)
Gross profit (loss)	134.7			137.9			738.1			(73.8		)	936.9
Total operating expenses	(122.5		)	(40.7		)	(393.7		)	—			(556.9		)
Income (loss) from operations	12.2			97.2			344.4			(73.8		)	380.0
Interest (expense) income, net	(75.1		)	9.3			(10.1		)	—			(75.9		)
Other income (expense), net	7.7			(0.7		)	(1.0		)	—			6.0
Equity earnings (loss)	331.0			304.2			—			(635.2		)	—
Pretax income (loss)	275.8			410.0			333.3			(709.0		)	310.1
Income tax expense	(15.2		)	—			(38.0		)	—			(53.2		)
Net income (loss)	260.6			410.0			295.3			(709.0		)	256.9
Less: Net loss attributable to noncontrolling interest	—			—			3.7			—			3.7
Net income (loss) attributable to Wabtec shareholders	$	260.6		$	410.0		$	299.0		$	(709.0	)	$	260.6

Comprehensive income (loss) attributable to Wabtec shareholders	$	261.2		$	410.0		$	137.7		$	(709.0	)	$	99.9

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2019:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(170.7	)	$	422.5		$	534.9		$	(219.0	)	$	567.7
Net cash provided by (used for) investing activities	6,828.1			(481.0		)	(9,456.9		)	—			(3,109.8		)
Net cash (used for) provided by financing activities	(8,430.2		)	168.6			8,859.7			219.0			817.1
Effect of changes in currency exchange rates	—			—			(29.9		)	—			(29.9		)
(Decrease) increase in cash	(1,772.8		)	110.1			(92.2		)	—			(1,754.9		)
Cash, cash equivalents, and restricted cash, beginning of period	1,782.6			(0.1		)	559.8			—			2,342.3
Cash, cash equivalents, and restricted cash, end of period	$	9.8		$	110.0		$	467.6		$	—		$	587.4

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018:



In millions	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(111.1	)	$	95.5		$	127.5		$	(73.9	)	$	38.0
Net cash (used for) provided by investing activities	(12.5		)	(1.3		)	(90.4		)	—			(104.2		)
Net cash provided by (used for) financing activities	1,883.5			(94.8		)	132.7			73.9			1,995.3
Effect of changes in currency exchange rates	—			—			(27.1		)	—			(27.1		)
Increase (decrease) in cash	1,759.9			(0.6		)	142.7			—			1,902.0
Cash, cash equivalents, and restricted cash, beginning of period	0.9			0.7			231.8			—			233.4
Cash, cash equivalents, and restricted cash, end of period	$	1,760.8		$	0.1		$	374.5		$	—		$	2,135.4

Other Income (Expense), Net (Tables)

9 Months Ended

Sep. 30, 2019

Other Income and Expenses [Abstract]

Components of Other Income (Expense)

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



	Three Months Ended September 30,						Nine Months Ended September 30,
In millions	2019			2018			2019			2018
Foreign currency loss	$	(2.4	)	$	(3.5	)	$	(16.2	)	$	(6.8	)
Equity income	1.0			0.6			3.0			2.9
Expected return on pension assets/amortization	2.3			2.8			7.5			8.9
Other miscellaneous income	1.0			1.3			1.6			1.0
Total other income (expense), net	$	1.9		$	1.2		$	(4.1	)	$	6.0

Business (Detail)	9 Months Ended
Business (Detail)	Sep. 30, 2019 country
Product Information [Line Items]
Number of countries company operates	50
Sales Revenue Outside United States \| Geographic Concentration Risk \| Non-US
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	58.00%
Minimum
Product Information [Line Items]
Number of countries where product is found (more than)	100

Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncurrent contract assets	$ 119.4
Noncurrent contract liabilities	59.2
Provisions for loss contracts	$ 115.5	$ 71.2
Transferred at Point in Time
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue derived from performance obligations satisfied when control passes to customer (as a percent)	75.00%

Accounting Policies - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 $ in Billions	Sep. 30, 2019 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 20.6
Remaining performance obligation percentage expected to be recognized	26.00%
Performance obligation period	12 months

Accounting Policies - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 9,835.2	$ 2,874.6	$ 2,869.1	$ 2,828.5
Other comprehensive income (loss) before reclassifications			(213.6)	(166.6)
Amounts reclassified from accumulated other comprehensive income			1.6	5.9
Net current period other comprehensive income (loss)	(179.4)	(49.5)	(212.0)	(160.7)
Ending Balance	9,729.4	2,910.4	9,729.4	2,910.4
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(202.2)	5.1
Other comprehensive income (loss) before reclassifications			(208.9)	(159.1)
Amounts reclassified from accumulated other comprehensive income			0.0	0.0
Net current period other comprehensive income (loss)			(208.9)	(159.1)
Ending Balance	(411.1)	(154.0)	(411.1)	(154.0)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(0.1)	4.0
Other comprehensive income (loss) before reclassifications			(3.0)	(8.5)
Amounts reclassified from accumulated other comprehensive income			0.0	4.3
Net current period other comprehensive income (loss)			(3.0)	(4.2)
Ending Balance	(3.1)	(0.2)	(3.1)	(0.2)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			(54.3)	(54.1)
Other comprehensive income (loss) before reclassifications			(1.7)	1.0
Amounts reclassified from accumulated other comprehensive income			1.6	1.6
Net current period other comprehensive income (loss)			(0.1)	2.6
Ending Balance	(54.4)	(51.5)	(54.4)	(51.5)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(289.2)	(156.2)	(256.6)	(45.0)
Net current period other comprehensive income (loss)	(179.4)	(49.5)	(212.0)	(160.7)
Ending Balance	$ (468.6)	$ (205.7)	$ (468.6)	$ (205.7)

Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	$ 1.9	$ 1.2	$ (4.1)	$ 6.0
Income tax expense	(22.7)	(16.6)	(82.6)	(53.2)
Interest expense, net	(57.7)	(23.7)	(160.8)	(75.9)
Net income	90.6	86.1	189.5	256.9
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]
Other income (expense), net	0.7	0.7	2.2	2.2
Income tax expense	(0.2)	(0.2)	(0.6)	(0.6)
Net income	0.5	0.5	1.6	1.6
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]
Other income (expense), net	(0.4)	(0.4)	(1.1)	(1.1)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net loss
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	$ 1.1	1.1	$ 3.3	3.3
Reclassification out of Accumulated Other Comprehensive Income \| Derivative contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income tax expense		(1.2)		(1.5)
Interest expense, net		4.9		5.8
Net income		$ 3.7		$ 4.3

Acquisitions - General Electric Transportation (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Sep. 12, 2019	Aug. 09, 2019	Feb. 25, 2019	Dec. 31, 2018	Sep. 30, 2019	May 06, 2019	Apr. 30, 2019	Feb. 22, 2019
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)				96,614,946	191,676,482
Preferred stock, shares outstanding (in shares)				0	0
Common stock, shares issued (in shares)					226,947,180
Preferred stock, shares issued (in shares)				0	0
Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)						3,515,500
GE Transportation
Business Acquisition [Line Items]
Consideration transferred			$ 2,875.0
Total future consideration			470.0
Business combination, consideration transferred			$ 10,300.0
Closing share price (in USD per share)								$ 73.36
GE Transportation \| Convertible Preferred Stock
Business Acquisition [Line Items]
Shares issuable (in shares)			10,000
GE Transportation \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Total future consideration			$ 10.0
GE Transportation \| GE and Pre-Merger Holders
Business Acquisition [Line Items]
Percentage of outstanding shares transferred				49.20%
GE Transportation \| General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			9.90%	9.90%
GE Transportation \| General Electric Company \| Convertible Preferred Stock
Business Acquisition [Line Items]
Percentage of outstanding shares transferred				15.00%
GET Brazil
Business Acquisition [Line Items]
Noncontrolling interest acquired							$ 56.2
General Electric Company
Business Acquisition [Line Items]
Noncontrolling interest acquired			$ 86.8
Wabtec \| Series A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)					15,000
Wabtec \| GE Transportation \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)				10,000
Pre-merger Wabtec Stockholders \| GE Transportation
Business Acquisition [Line Items]
Percentage of outstanding shares transferred				50.80%
General Electric Company
Business Acquisition [Line Items]
Total future consideration				$ 2,885.0
Common stock, shares issued (in shares)				19,018,207
Preferred stock, shares issued (in shares)				10,000
General Electric Company \| General Electric Company
Business Acquisition [Line Items]
Common stock, shares issued (in shares)				46,763,975
General Electric Company \| GE Transportation \| SpinCo Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)			8,700,000,000
General Electric Company \| GE Transportation \| Series A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)						8,780
General Electric Company \| GE Transportation \| Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)						25,300,000
Number of shares sold (in shares)	2,048,515	16,969,656
General Electric Company \| GE Transportation \| SpinCo Class A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			15,000	15,000
General Electric Company \| GE Transportation \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			10,000
Minimum \| General Electric Company \| GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding				14.90%
Maximum \| Pre-merger Wabtec Stockholders \| GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding				18.50%
Maximum \| General Electric Company \| GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding				19.90%

Acquisitions - Summary of Preliminary Estimated Fair Values of GET Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2019	Feb. 25, 2019	Dec. 31, 2018
Assets acquired
Goodwill	$ 8,103.2		$ 2,396.5
General Electric Company
Assets acquired
Cash and cash equivalents		$ 174.3
Accounts receivable		524.7
Inventories		1,192.9
Other current assets		64.7
Property, plant & equipment		1,091.2
Goodwill		5,804.4
Other noncurrent assets		210.6
Total assets acquired		12,337.8
Liabilities assumed
Current liabilities		1,555.6
Contingent consideration		440.0
Other noncurrent liabilities		483.8
Total liabilities assumed		2,479.4
Net assets acquired		9,858.4
Noncontrolling interest		86.8
General Electric Company \| Trade Names
Assets acquired
Intangible assets acquired		55.0
General Electric Company \| Customer relationships
Assets acquired
Intangible assets acquired		550.0
General Electric Company \| Patents
Assets acquired
Intangible assets acquired		1,210.0
General Electric Company \| Backlog
Assets acquired
Intangible assets acquired		$ 1,460.0

Acquisitions - Additional Information (Details) - USD ($) $ in Millions				3 Months Ended		9 Months Ended
	Mar. 22, 2019	Feb. 25, 2019	Mar. 22, 2018	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition [Line Items]
Acquisitions of businesses, net of cash acquired						$ 3,000.6	$ 49.1
Goodwill				$ 8,103.2		8,103.2		$ 2,396.5
General Electric Company
Business Acquisition [Line Items]
Change in estimated fair values for liabilities acquired				60.2
Change in estimated fair values for assets acquired				$ 40.0
Goodwill		$ 5,804.4
GE Transportation
Business Acquisition [Line Items]
Revenues						2,570.0
Operating income						196.7
Acquisition related costs						$ 58.4
Cash payment for business acquisition		$ 470.0
Annax
Business Acquisition [Line Items]
Acquisitions of businesses, net of cash acquired			$ 45.2
Goodwill			38.5
Cash payment for business acquisition					$ 10.1
Acquired indefinite-lived intangible assets			11.7
Annax \| Customer relationships
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets			7.5
Intangible assets, weighted average useful life (years)	20 years
Annax \| Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets			$ 3.8

Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Mar. 22, 2018
Business Acquisition [Line Items]
Goodwill	$ 8,103.2	$ 2,396.5
Annax
Business Acquisition [Line Items]
Current assets			$ 32.8
Property, plant & equipment			0.7
Goodwill			38.5
Other intangible assets			11.7
Total assets acquired			83.7
Total liabilities assumed			(55.1)
Net assets acquired			$ 28.6

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Business Combinations [Abstract]
Net sales	$ 2,001.7	$ 1,994.8	$ 6,317.8	$ 5,891.2
Gross profit	615.4	575.7	1,376.4	1,595.8
Net income attributable to Wabtec shareholders	$ 103.3	$ 120.7	$ 358.5	$ 195.4
Diluted earnings per share
As Reported (in dollars per share)	$ 0.48	$ 0.91	$ 1.11	$ 2.70
Pro forma (in dollars per share)	$ 0.55	$ 0.63	$ 1.87	$ 1.02

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 786.3	$ 465.9
Work-in-progress	521.7	154.5
Finished goods	649.3	224.5
Total inventories	$ 1,957.3	$ 844.9

Intangibles - Change in the Carrying Amount of Goodwill by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,396.5
Additions	5,822.2
Foreign currency impact	(115.5)
Ending balance	8,103.2
Freight Segment
Goodwill [Roll Forward]
Beginning balance	713.4
Additions	5,806.2
Foreign currency impact	(45.4)
Ending balance	6,474.2
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,683.1
Additions	16.0
Foreign currency impact	(70.1)
Ending balance	$ 1,629.0

Intangibles - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Intangible Assets Disclosure [Line Items]
Trade names	$ 614.5		$ 614.5		$ 582.8
Intangible assets, amortization expense	$ 79.5	$ 9.9	$ 172.9	$ 30.1
Trade Names
Intangible Assets Disclosure [Line Items]
Trade names, useful life			5 years
Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			14 years
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
Other Intangibles
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			13 years

Intangibles - Intangible Assets Other Than Goodwill and Trade Names (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 3,592.5	$ 547.1
Intellectual property, patents, non-compete and other intangibles
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,162.0	13.3
Intangible assets, accumulated amortization	100.2	40.1
Backlog
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,396.6	2.0
Intangible assets, accumulated amortization	87.6	2.0
Customer relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,033.9	531.8
Intangible assets, accumulated amortization	$ 195.2	$ 158.5

Intangibles - Amortization Expense (Detail) $ in Millions	Sep. 30, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 72.1
2020	285.1
2021	284.1
2022	283.7
2023	$ 283.2

Contract Assets and Contract Liabilities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Contract Assets
Balance at beginning of year	$ 345.6
Acquisitions	217.4
Recognized in current year	445.1
Reclassified to accounts receivable	(415.7)
Foreign currency impact	(12.7)
Balance at end of period	579.7
Contract Liabilities
Balance at beginning of year	444.8
Acquisitions	314.7
Recognized in current year	781.3
Amounts in beginning balance reclassified to revenue	(412.9)
Current year amounts reclassified to revenue	(270.3)
Foreign currency impact	(12.3)
Balance at end of period	$ 845.3

Leases - Narrative (Details)	Sep. 30, 2019
Minimum
Lessee, Lease, Description [Line Items]
Discount rate	1.20%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate	12.30%

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease expense	$ 13.6	$ 40.4
Finance lease expense amortization of leased assets	0.3	0.9
Short-term and variable lease expense	0.2	0.5
Sublease income	(0.1)	(0.4)
Total	$ 14.0	$ 41.4

Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2019 USD ($)
Operating Leases
Remaining 2019	$ 12.9
2020	48.0
2021	40.3
2022	33.3
2023	28.6
Thereafter	126.1
Total lease payments	289.2
Less: Present value discount	(30.2)
Present value lease liabilities	259.0
Finance Leases
Remaining 2019	0.1
2020	0.4
2021	0.2
2022	0.1
2023	0.1
Thereafter	0.4
Total lease payments	1.3
Less: Present value discount	0.0
Present value lease liabilities	1.3
Total
Remaining 2019	13.0
2020	48.4
2021	40.5
2022	33.4
2023	28.7
Thereafter	126.5
Total lease payments	290.5
Less: Present value discount	(30.2)
Present value lease liabilities	$ 260.3

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2019
Weighted-average remaining lease term (years)
Operating leases	8 years 1 month 6 days
Finance leases	5 years 4 months 24 days
Weighted-average discount rate
Operating leases	3.00%
Finance leases	1.40%

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 14, 2018	Oct. 31, 2016	Aug. 31, 2013
Debt Instrument [Line Items]
Total	$ 4,745.3	$ 3,856.9
Less: current portion	111.8	64.1
Long-term portion	4,633.5	3,792.8
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,217.4	338.1
Unamortized discount and debt issuance cost	2.3	3.1
Other Borrowings
Debt Instrument [Line Items]
Long-term debt	48.2	42.2
Floating Rate Notes, due 2021 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	497.7	496.8
Unamortized discount and debt issuance cost	2.3	3.2
4.15% Senior Notes, due 2024 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 744.0	743.0
Stated interest rate (as a percent)	4.15%		4.15%
Unamortized discount and debt issuance cost	$ 6.0	7.0
4.70% Senior Notes, due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,240.5	1,239.7
Stated interest rate (as a percent)	4.70%		4.70%
Unamortized discount and debt issuance cost	$ 9.5	10.3
3.45% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 748.5	748.3
Stated interest rate (as a percent)	3.45%			3.45%
Unamortized discount and debt issuance cost	$ 1.5	1.7
4.375% Senior Notes, due 2023 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 249.0	248.8
Stated interest rate (as a percent)	4.375%				4.375%
Unamortized discount and debt issuance cost	$ 1.0	$ 1.2

Long-Term Debt - Additional Information (Details) - USD ($)						1 Months Ended	9 Months Ended
	Feb. 25, 2019	Feb. 12, 2019	Sep. 14, 2018	Oct. 31, 2016	Jun. 22, 2016	Aug. 31, 2013	Sep. 30, 2019	Sep. 12, 2018	Jun. 08, 2018	Jun. 05, 2014
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Interest rate on notional value (as a percent)							3.14%
Interest rate swap agreements, notional amount										$ 150,000,000.0
2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Interest coverage ratio							3.00
Leverage ratio							3.25
Cash consideration							$ 500,000,000.0
Maximum leverage ratio permitted							3.75
Restrictive covenants, leverage ratio							3.50
2018 Refinancing Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Letters of credit subject to financial covenant restrictions							$ 300,000,000.0
2018 Refinancing Credit Agreement \| LIBOR Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.00%
2018 Refinancing Credit Agreement \| LIBOR Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.875%
2018 Refinancing Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.00%
2018 Refinancing Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.875%
2016 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost					$ 3,000,000
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%
Bridge Loan \| 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, amount									$ 2,500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 2,500,000,000
Increase in interest rate		0.25%
Senior Notes \| Floating Rate Notes, due 2021
Debt Instrument [Line Items]
Debt instrument face amount			$ 500,000,000.0
Debt instrument, term			1 year
Debt issuance price (as a percent)			100.00%
Floating interest rate (as a percent)								3.3815%
Deferred financing cost			$ 3,500,000
Senior Notes \| Floating Rate Notes, due 2021 \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.05%
Senior Notes \| 4.15% Senior Notes, due 2024
Debt Instrument [Line Items]
Debt instrument face amount			$ 750,000,000.0
Debt issuance price (as a percent)			99.805%
Deferred financing cost			$ 7,400,000
Stated interest rate (as a percent)			4.15%				4.15%
Senior Notes \| 4.70% Senior Notes, due 2028
Debt Instrument [Line Items]
Debt issuance price (as a percent)			99.889%
Deferred financing cost			$ 10,600,000
Stated interest rate (as a percent)			4.70%				4.70%
Senior Notes \| 3.45% Senior Notes, due 2026
Debt Instrument [Line Items]
Debt instrument face amount				$ 750,000,000.0
Debt issuance price (as a percent)				99.965%
Deferred financing cost				$ 2,700,000
Stated interest rate (as a percent)				3.45%			3.45%
Senior Notes \| 4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Debt instrument face amount						$ 250,000,000.0
Debt issuance price (as a percent)						99.879%
Deferred financing cost						$ 2,600,000
Stated interest rate (as a percent)						4.375%	4.375%
Senior Notes \| Senior Notes Due 2028 and Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 1,250,000,000.0
Stated interest rate (as a percent)			4.70%
Senior Notes \| 2018 Refinancing Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount							$ 29,300,000
Letters of credit subject to financial covenant restrictions							$ 656,000,000.0
Line of Credit \| 2018 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount									1,200,000,000
Uncommitted accordion feature									600,000,000.0
Line of Credit \| 2018 Refinancing Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount									450,000,000.0
Line of Credit \| 2018 Refinancing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount									350,000,000.0
Line of Credit \| 2018 Refinancing Credit Agreement \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount									400,000,000.0
Commitment fee	0.175%
Line of Credit \| 2018 Refinancing Credit Agreement \| Swing Line Sub Facility
Debt Instrument [Line Items]
Revolving credit facility, amount									$ 75,000,000.0
Line of Credit \| 2016 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility loan term, years					5 years

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 11.8	$ 6.4	$ 36.1	$ 20.5
Unamortized compensation expense expected to be vested	$ 49.6		$ 49.6
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
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)					103.00%	105.00%	107.00%
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%
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,800,000		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 \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
2011 Plan \| Restricted Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years
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]
Award vesting period (in years)			3 years

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Options
Beginning balance (in shares)	466,677
Granted (in shares)	134,450
Exercised (in shares)	(468)
Canceled (in shares)	(4,868)
Ending balance (in shares)	595,791	466,677
Exercisable at period end (in shares)	388,581
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 61.04
Granted (in dollars per share)	70.44
Exercised (in dollars per share)	64.54
Canceled (in dollars per share)	69.40
Ending balance (in dollars per share)	63.07	$ 61.04
Exercisable (in dollars per share)	$ 54.88
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life (in years)	6 years 2 months 12 days	5 years 8 months 12 days
Exercisable weighted average remaining contractual life (in years)	5 years 2 months 12 days
Aggregate Intrinsic Value
Beginning balance	$ 5,115
Granted	210
Exercised	(3)
Canceled	0
Ending balance	5,321	$ 5,115
Exercisable	$ 6,652

Stock-Based Compensation - Fair Value of Each Option Grant Weighted Average Assumptions (Detail)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement [Abstract]
Dividend yield (as a percent)	0.66%	0.31%
Risk-free interest rate (as a percent)	2.60%	2.78%
Stock price volatility (as a percent)	25.80%	23.90%
Expected life (years)	5 years	5 years

Stock-Based Compensation - Restricted Stock Activity and Incentive Stock Awards Activity (Detail)	9 Months Ended
	Sep. 30, 2019 $ / 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	$ 75.51
Granted (in dollars per share) \| $ / shares	70.45
Vested (in dollars per share) \| $ / shares	71.57
Adjustment for incentive stock awards expected to vest (in dollars per share) \| $ / shares	79.35
Canceled (in dollars per share) \| $ / shares	74.12
Outstanding, end of period (in dollars per share) \| $ / shares	$ 73.47
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)	445,089
Granted (in shares)	578,847
Vested (in shares)	(208,156)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(21,069)
Outstanding, end of period (in shares)	794,711
Incentive Stock 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)	415,243
Granted (in shares)	259,950
Vested (in shares)	(119,835)
Adjustment for incentive stock awards expected to vest (in shares)	35,976
Canceled (in shares)	(56,924)
Outstanding, end of period (in shares)	534,410

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	20.00%	16.20%	30.40%	17.20%
Unrecognized tax benefits	$ 10.3		$ 10.3		$ 9.5
Unrecognized tax benefits if recognized that would affect effective tax rate	10.3		10.3		$ 8.4
Unrecognized tax benefits subject to change within the next 12 months	$ 4.5		$ 4.5

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator
Net income attributable to Wabtec shareholders	$ 91.1	$ 87.7	$ 191.0	$ 260.6
Less: dividends declared - common shares and non-vested restricted stock	(23.0)	(11.6)	(57.3)	(34.8)
Undistributed earnings	$ 68.1	$ 76.2	$ 133.7	$ 225.8
Percentage allocated to common shareholders (as a percent)	99.70%	99.70%	99.70%	99.70%
Undistributed earnings allocated to common shareholders	$ 67.9	$ 75.9	$ 133.3	$ 225.1
Add: dividends declared - common shares	23.0	11.6	57.2	34.6
Dividends declared - preferred shares	0.0	0.0	(0.4)	0.0
Numerator for basic earnings per common share	90.9	87.5	190.1	259.7
Dividends declared - preferred shares	0.0	0.0	0.4	0.0
Numerator for diluted earnings per common share	$ 90.9	$ 87.5	$ 190.5	$ 259.7
Denominator
Basic weighted average common shares outstanding (in shares)	189.6	96.2	163.2	95.9
Assumed conversion of preferred shares (in shares)	1.5	0.0	8.6	0.0
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.4	0.4	0.4	0.5
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion (in shares)	191.5	96.6	172.2	96.4
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 0.48	$ 0.91	$ 1.17	$ 2.71
Diluted (in dollars per share)	$ 0.48	$ 0.91	$ 1.11	$ 2.70
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest (in shares)	190.1	96.5	163.7	96.2

Warranties (Detail) - USD ($) $ in Millions	9 Months Ended
Warranties (Detail) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 153.7	$ 153.1
Acquisitions	108.2	3.1
Warranty expense	81.9	45.7
Warranty claim payments	(93.1)	(43.0)
Foreign currency impact/other	(4.1)	(4.4)
Balance at end of period	$ 246.6	$ 154.5

Derivative Financial Instruments and Hedging - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Non-Designated \| Foreign Exchange Forward
Derivative [Line Items]
Derivative term (in years)			1 year
Unrealized gain (loss) on derivative contracts			$ (1.9)
Cash Flow Hedging \| Designated \| Foreign Currency Contracts
Derivative [Line Items]
Derivative term (in years)			2 years
Derivative instruments amounts reclassified into income	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Derivative Financial Instruments and Hedging - Summary of Notional Amounts and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross notional amount	$ 3,002.0	$ 1,697.0
Total	12.7	(1.0)
Other current assets
Derivative [Line Items]
Derivative asset fair value	13.0	1.3
Other current liabilities
Derivative [Line Items]
Liabilities at fair value	(0.3)	(2.3)
Designated
Derivative [Line Items]
Gross notional amount	2,530.0	863.0
Total	13.0	(2.3)
Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	13.0	0.0
Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	0.0	(2.3)
Non-Designated
Derivative [Line Items]
Gross notional amount	472.0	834.0
Total	(0.3)	1.3
Non-Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	0.0	1.3
Non-Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	$ (0.3)	$ 0.0

Fair Value Measurement and Fair Value of Financial Instruments (Detail) - Senior Notes - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
4.375% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.375%
3.45% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	3.45%
4.15% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.15%
4.7% Senior Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.70%
Carrying Value \| 4.375% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	$ 249.0	$ 248.8
Carrying Value \| 3.45% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	748.5	748.2
Carrying Value \| Floating Rate Notes due 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	497.7	496.8
Carrying Value \| 4.15% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	744.0	743.0
Carrying Value \| 4.7% Senior Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	1,240.5	1,239.7
Fair Value \| 4.375% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	262.4	254.2
Fair Value \| 3.45% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	758.3	675.1
Fair Value \| Floating Rate Notes due 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	500.0	497.4
Fair Value \| 4.15% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	799.3	729.4
Fair Value \| 4.7% Senior Notes due 2028
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	$ 1,378.4	$ 1,179.6

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 15, 2019	Jan. 31, 2019	Sep. 08, 2017
Siemens Industry, Inc. \| Settled Litigation
Loss Contingencies [Line Items]
Damages awarded	$ 14.1
Denver Transit, Installation of Constant Wireless Crossings \| Threatened Litigation \| Subsidiaries
Loss Contingencies [Line Items]
Damages alleged			$ 36.8
Positive Train Control Patents \| Siemens Industry, Inc. \| Settled Litigation
Loss Contingencies [Line Items]
Damages awarded		$ 5.6
End of Train Patents \| Siemens Industry, Inc. \| Settled Litigation
Loss Contingencies [Line Items]
Damages awarded		$ 1.1

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total sales	$ 2,001.7	$ 1,077.8	$ 5,831.6	$ 3,245.7
Income (loss) from operations	169.1	125.2	437.0	380.0
Interest expense and other, net	(55.8)	(22.5)	(164.9)	(69.9)
Income from operations before income taxes	113.3	102.7	272.1	310.1
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,295.7	391.6	3,666.1	1,183.4
Transit Segment
Segment Reporting Information [Line Items]
Total sales	706.0	686.2	2,165.5	2,062.3
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(25.2)	(18.3)	(69.1)	(55.8)
Income (loss) from operations	(34.8)	(15.0)	(124.2)	(40.2)
Interest expense and other, net	(55.8)	(22.5)	(164.9)	(69.9)
Income from operations before income taxes	(90.6)	(37.5)	(289.1)	(110.1)
Corporate Activities and Elimination \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	14.1	13.5	44.5	44.2
Corporate Activities and Elimination \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	11.1	4.8	24.6	11.6
Operating Segments \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,309.8	405.1	3,710.6	1,227.6
Income (loss) from operations	148.1	79.4	375.3	233.4
Interest expense and other, net	0.0	0.0	0.0	0.0
Income from operations before income taxes	148.1	79.4	375.3	233.4
Operating Segments \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	717.1	691.0	2,190.1	2,073.9
Income (loss) from operations	55.8	60.7	185.9	186.8
Interest expense and other, net	0.0	0.0	0.0	0.0
Income from operations before income taxes	$ 55.8	$ 60.7	$ 185.9	$ 186.8

Segment Information - Sales by Product (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total sales	$ 2,001.7	$ 1,077.8	$ 5,831.6	$ 3,245.7
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Total sales	985.2	134.7	2,758.4	397.6
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Total sales	461.9	408.8	1,323.3	1,229.8
Transit Products
Segment Reporting Information [Line Items]
Total sales	272.0	258.4	877.6	814.8
Brake Products
Segment Reporting Information [Line Items]
Total sales	239.2	222.2	735.7	655.4
Other
Segment Reporting Information [Line Items]
Total sales	$ 43.4	$ 53.7	$ 136.6	$ 148.1

Guarantor Subsidiaries Financial Information - Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Preferred stock, outstanding (in shares)	0		0
Cash and cash equivalents	$ 587.4		$ 2,342.3	$ 2,135.4		$ 233.4
Receivables, net	1,673.3		1,146.8
Inventories	1,957.3		844.9
Current assets - other	192.4		115.6
Total current assets	4,410.4		4,449.6
Property, plant and equipment, net	1,622.7		563.8
Goodwill	8,103.2		2,396.5
Investment in subsidiaries	0.0		0.0
Other intangibles, net	4,207.0		1,129.9
Other long-term assets	557.6		109.4
Total Assets	18,900.9		8,649.2
Current liabilities	3,198.9		1,646.6
Inter-company	0.0		0.0
Long-term debt	4,633.5		3,792.8
Long-term liabilities - other	1,339.1		340.7
Total Liabilities	9,171.5		5,780.1
Shareholders' equity	9,696.4		2,865.2
Noncontrolling interest	33.0		3.9
Total Equity	9,729.4	$ 9,835.2	2,869.1	2,910.4	$ 2,874.6	2,828.5
Total Liabilities and Equity	18,900.9		8,649.2
Elimination
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0.0		0.0	0.0		0.0
Receivables, net	0.0		0.0
Inventories	0.0		0.0
Current assets - other	0.0		0.0
Total current assets	0.0		0.0
Property, plant and equipment, net	0.0		0.0
Goodwill	0.0		0.0
Investment in subsidiaries	(22,974.1)		(10,730.1)
Other intangibles, net	0.0		0.0
Other long-term assets	0.0		0.0
Total Assets	(22,974.1)		(10,730.1)
Current liabilities	0.0		0.0
Inter-company	0.0		0.0
Long-term debt	0.0		0.0
Long-term liabilities - other	0.0		0.0
Total Liabilities	0.0		0.0
Shareholders' equity	(22,974.1)		(10,730.1)
Noncontrolling interest	0.0		0.0
Total Equity	(22,974.1)		(10,730.1)
Total Liabilities and Equity	(22,974.1)		(10,730.1)
Parent \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	9.8		1,782.6	1,760.8		0.9
Receivables, net	134.9		106.8
Inventories	143.2		149.7
Current assets - other	18.0		11.9
Total current assets	305.9		2,051.0
Property, plant and equipment, net	65.5		51.6
Goodwill	512.1		25.3
Investment in subsidiaries	16,823.1		6,708.0
Other intangibles, net	37.3		29.3
Other long-term assets	47.8		8.8
Total Assets	17,791.7		8,874.0
Current liabilities	424.0		264.5
Inter-company	2,838.8		1,947.5
Long-term debt	4,422.3		3,779.7
Long-term liabilities - other	410.2		17.1
Total Liabilities	8,095.3		6,008.8
Shareholders' equity	9,681.4		2,865.2
Noncontrolling interest	15.0		0.0
Total Equity	9,696.4		2,865.2
Total Liabilities and Equity	17,791.7		8,874.0
Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	110.0		(0.1)	0.1		0.7
Receivables, net	235.2		61.5
Inventories	751.0		69.1
Current assets - other	24.7		0.7
Total current assets	1,120.9		131.2
Property, plant and equipment, net	44.5		24.8
Goodwill	283.2		283.2
Investment in subsidiaries	6,151.0		4,022.1
Other intangibles, net	76.7		78.5
Other long-term assets	162.3		0.1
Total Assets	7,838.6		4,539.9
Current liabilities	1,107.4		91.0
Inter-company	(2,170.4)		(1,436.2)
Long-term debt	0.0		0.0
Long-term liabilities - other	174.8		48.6
Total Liabilities	(888.2)		(1,296.6)
Shareholders' equity	8,726.8		5,836.5
Noncontrolling interest	0.0		0.0
Total Equity	8,726.8		5,836.5
Total Liabilities and Equity	7,838.6		4,539.9
Non-Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	467.6		559.8	$ 374.5		$ 231.8
Receivables, net	1,303.2		978.5
Inventories	1,063.1		626.1
Current assets - other	149.7		103.0
Total current assets	2,983.6		2,267.4
Property, plant and equipment, net	1,512.7		487.4
Goodwill	7,307.9		2,088.0
Investment in subsidiaries	0.0		0.0
Other intangibles, net	4,093.0		1,022.1
Other long-term assets	347.5		100.5
Total Assets	16,244.7		5,965.4
Current liabilities	1,667.5		1,291.1
Inter-company	(668.4)		(511.3)
Long-term debt	211.2		13.1
Long-term liabilities - other	754.1		275.0
Total Liabilities	1,964.4		1,067.9
Shareholders' equity	14,262.3		4,893.6
Noncontrolling interest	18.0		3.9
Total Equity	14,280.3		4,897.5
Total Liabilities and Equity	$ 16,244.7		$ 5,965.4
Series A Preferred Stock \| Wabtec
Condensed Financial Statements, Captions [Line Items]
Preferred stock, outstanding (in shares)	15,000

Guarantor Subsidiaries Financial Information - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Total net sales	$ 2,001.7	$ 1,077.8	$ 5,831.6	$ 3,245.7
Total cost of sales	(1,402.3)	(775.8)	(4,228.5)	(2,308.8)
Gross profit	599.4	302.0	1,603.1	936.9
Total operating expenses	(430.3)	(176.8)	(1,166.1)	(556.9)
Income from operations	169.1	125.2	437.0	380.0
Interest expense, net	(57.7)	(23.7)	(160.8)	(75.9)
Other income (expense), net	1.9	1.2	(4.1)	6.0
Equity earnings (loss)	0.0	0.0	0.0	0.0
Income from operations before income taxes	113.3	102.7	272.1	310.1
Income tax benefit (expense)	(22.7)	(16.6)	(82.6)	(53.2)
Net income	90.6	86.1	189.5	256.9
Less: Net loss attributable to noncontrolling interest	0.5	1.6	1.5	3.7
Net income attributable to Wabtec shareholders	91.1	87.7	191.0	260.6
Comprehensive income attributable to Wabtec shareholders	(88.3)	38.2	(21.0)	99.9
Elimination
Condensed Financial Statements, Captions [Line Items]
Total net sales	(451.9)	(60.4)	(994.3)	(178.9)
Total cost of sales	362.0	34.2	775.3	105.1
Gross profit	(89.9)	(26.2)	(219.0)	(73.8)
Total operating expenses	0.0	0.0	0.0	0.0
Income from operations	(89.9)	(26.2)	(219.0)	(73.8)
Interest expense, net	0.0	0.0	0.0	0.0
Other income (expense), net	0.0	0.0	0.0	0.0
Equity earnings (loss)	(141.9)	(188.9)	(582.9)	(635.2)
Income from operations before income taxes	(231.8)	(215.1)	(801.9)	(709.0)
Income tax benefit (expense)	0.0	0.0	0.0	0.0
Net income	(231.8)	(215.1)	(801.9)	(709.0)
Less: Net loss attributable to noncontrolling interest	0.0	0.0	0.0	0.0
Net income attributable to Wabtec shareholders	(231.8)	(215.1)	(801.9)	(709.0)
Comprehensive income attributable to Wabtec shareholders	(231.8)	(215.1)	(801.9)	(709.0)
Parent \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	174.3	169.4	553.1	499.2
Total cost of sales	(126.6)	(122.9)	(428.5)	(364.5)
Gross profit	47.7	46.5	124.6	134.7
Total operating expenses	(70.9)	(37.1)	(235.9)	(122.5)
Income from operations	(23.2)	9.4	(111.3)	12.2
Interest expense, net	(58.8)	(23.0)	(159.8)	(75.1)
Other income (expense), net	23.0	(1.5)	44.6	7.7
Equity earnings (loss)	125.1	97.1	402.4	331.0
Income from operations before income taxes	66.1	82.0	175.9	275.8
Income tax benefit (expense)	24.9	5.7	14.9	(15.2)
Net income	91.0	87.7	190.8	260.6
Less: Net loss attributable to noncontrolling interest	0.0	0.0	0.0	0.0
Net income attributable to Wabtec shareholders	91.0	87.7	190.8	260.6
Comprehensive income attributable to Wabtec shareholders	91.0	87.7	190.8	261.2
Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	900.4	118.5	2,133.9	374.6
Total cost of sales	(617.8)	(75.0)	(1,520.1)	(236.7)
Gross profit	282.6	43.5	613.8	137.9
Total operating expenses	(80.7)	(14.7)	(177.9)	(40.7)
Income from operations	201.9	28.8	435.9	97.2
Interest expense, net	3.3	3.2	9.9	9.3
Other income (expense), net	(9.3)	0.0	(16.0)	(0.7)
Equity earnings (loss)	16.8	91.8	180.5	304.2
Income from operations before income taxes	212.7	123.8	610.3	410.0
Income tax benefit (expense)	(35.3)	0.0	(77.9)	0.0
Net income	177.4	123.8	532.4	410.0
Less: Net loss attributable to noncontrolling interest	0.0	0.0	0.0	0.0
Net income attributable to Wabtec shareholders	177.4	123.8	532.4	410.0
Comprehensive income attributable to Wabtec shareholders	177.4	123.8	532.4	410.0
Non-Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	1,378.9	850.3	4,138.9	2,550.8
Total cost of sales	(1,019.9)	(612.1)	(3,055.2)	(1,812.7)
Gross profit	359.0	238.2	1,083.7	738.1
Total operating expenses	(278.7)	(125.0)	(752.3)	(393.7)
Income from operations	80.3	113.2	331.4	344.4
Interest expense, net	(2.2)	(3.9)	(10.9)	(10.1)
Other income (expense), net	(11.8)	2.7	(32.7)	(1.0)
Equity earnings (loss)	0.0	0.0	0.0	0.0
Income from operations before income taxes	66.3	112.0	287.8	333.3
Income tax benefit (expense)	(12.3)	(22.3)	(19.6)	(38.0)
Net income	54.0	89.7	268.2	295.3
Less: Net loss attributable to noncontrolling interest	0.5	1.6	1.5	3.7
Net income attributable to Wabtec shareholders	54.5	91.3	269.7	299.0
Comprehensive income attributable to Wabtec shareholders	$ (124.9)	$ 41.8	$ 57.7	$ 137.7

Guarantor Subsidiaries Financial Information - Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	$ 567.7	$ 38.0
Net cash provided by (used for) investing activities	(3,109.8)	(104.2)
Net cash (used for) provided by financing activities	817.1	1,995.3
Effect of changes in currency exchange rates	(29.9)	(27.1)
(Decrease) increase in cash	(1,754.9)	1,902.0
Cash, cash equivalents, and restricted cash, beginning of period	2,342.3	233.4
Cash, cash equivalents, and restricted cash, end of period	587.4	2,135.4
Elimination
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(219.0)	(73.9)
Net cash provided by (used for) investing activities	0.0	0.0
Net cash (used for) provided by financing activities	219.0	73.9
Effect of changes in currency exchange rates	0.0	0.0
(Decrease) increase in cash	0.0	0.0
Cash, cash equivalents, and restricted cash, beginning of period	0.0	0.0
Cash, cash equivalents, and restricted cash, end of period	0.0	0.0
Parent \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(170.7)	(111.1)
Net cash provided by (used for) investing activities	6,828.1	(12.5)
Net cash (used for) provided by financing activities	(8,430.2)	1,883.5
Effect of changes in currency exchange rates	0.0	0.0
(Decrease) increase in cash	(1,772.8)	1,759.9
Cash, cash equivalents, and restricted cash, beginning of period	1,782.6	0.9
Cash, cash equivalents, and restricted cash, end of period	9.8	1,760.8
Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	422.5	95.5
Net cash provided by (used for) investing activities	(481.0)	(1.3)
Net cash (used for) provided by financing activities	168.6	(94.8)
Effect of changes in currency exchange rates	0.0	0.0
(Decrease) increase in cash	110.1	(0.6)
Cash, cash equivalents, and restricted cash, beginning of period	(0.1)	0.7
Cash, cash equivalents, and restricted cash, end of period	110.0	0.1
Non-Guarantors \| Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	534.9	127.5
Net cash provided by (used for) investing activities	(9,456.9)	(90.4)
Net cash (used for) provided by financing activities	8,859.7	132.7
Effect of changes in currency exchange rates	(29.9)	(27.1)
(Decrease) increase in cash	(92.2)	142.7
Cash, cash equivalents, and restricted cash, beginning of period	559.8	231.8
Cash, cash equivalents, and restricted cash, end of period	$ 467.6	$ 374.5

Other Income (Expense), Net (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Foreign currency loss	$ (2.4)	$ (3.5)	$ (16.2)	$ (6.8)
Equity income	1.0	0.6	3.0	2.9
Expected return on pension assets/amortization	2.3	2.8	7.5	8.9
Other miscellaneous income	1.0	1.3	1.6	1.0
Total other income (expense), net	$ 1.9	$ 1.2	$ (4.1)	$ 6.0