0001628280-21-002557 | 10-K | XBRL Viewer | Westinghouse AIR Brake Technologies Corp

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COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2020	Feb. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Incorporation, State or Country Code	DE
EIN	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, par value $.01 per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.5
Entity Common Stock, Shares Outstanding (in shares)		188,896,023
Documents Incorporated by Reference	Portions of the Proxy Statement for the registrant’s Annual Meeting of Stockholders to be held on May 19, 2021 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000943452
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 598.7	$ 604.2
Accounts receivable	969.3	1,149.9
Unbilled accounts receivables	443.2	514.0
Inventories	1,642.1	1,773.1
Other current assets	226.5	150.9
Total current assets	3,879.8	4,192.1
Property, plant and equipment, net	1,601.6	1,655.8
Goodwill	8,485.2	8,360.6
Other intangibles, net	3,869.2	4,104.0
Other noncurrent assets	618.7	631.7
Total other assets	12,973.1	13,096.3
Total Assets	18,454.5	18,944.2
Current Liabilities
Accounts payable	909.4	1,157.5
Customer deposits	642.7	604.2
Accrued compensation	242.3	343.8
Accrued warranty	240.1	226.5
Current portion of long-term debt	447.2	95.7
Other accrued liabilities	744.6	830.3
Total current liabilities	3,226.3	3,258.0
Long-term debt	3,792.2	4,333.6
Accrued postretirement and pension benefits	113.5	113.0
Deferred income taxes	168.4	145.3
Contingent consideration	218.1	291.8
Other long term liabilities	783.3	808.9
Total Liabilities	8,301.8	8,950.6
Commitment and Contingencies (Note 19)
Equity
Convertible preferred stock, $.01 par value; 1.0 shares authorized, no shares issued and outstanding, at December 31, 2020 and 2019	0.0	0.0
Common stock, $.01 par value; 500.0 shares authorized: 226.9 and 226.9 shares issued and 188.9 and 191.7 outstanding at December 31, 2020 and 2019, respectively	2.0	2.0
Additional paid-in capital	7,880.6	7,877.2
Treasury stock, at cost, 38.0 and 35.2 shares, at December 31, 2020 and 2019, respectively	(1,010.1)	(807.1)
Retained earnings	3,588.9	3,267.0
Accumulated other comprehensive loss	(339.1)	(382.6)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	10,122.3	9,956.5
Noncontrolling interest	30.4	37.1
Total Equity	10,152.7	9,993.6
Total Liabilities and Equity	$ 18,454.5	$ 18,944.2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000.0	1,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	226,900,000	226,900,000
Common stock, shares outstanding (in shares)	188,900,000	191,700,000
Treasury stock, shares (in shares)	38,000,000.0	35,200,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net sales:
Total net sales	$ 7,556.1	$ 8,200.0	$ 4,363.5
Cost of sales:
Total cost of sales	(5,419.0)	(5,922.0)	(3,129.6)
Gross profit	2,137.1	2,278.0	1,233.9
Operating expenses:
Selling, general and administrative expenses	(948.1)	(1,166.6)	(633.2)
Engineering expenses	(162.1)	(209.9)	(87.5)
Amortization expense	(282.4)	(238.4)	(39.8)
Total operating expenses	(1,392.6)	(1,614.9)	(760.5)
Income from operations	744.5	663.1	473.4
Other income and expenses:
Interest expense, net	(198.9)	(219.1)	(112.2)
Other income (expense), net	11.6	2.8	6.4
Income before income taxes	557.2	446.8	367.6
Income tax expense	(144.9)	(120.3)	(75.9)
Net income	412.3	326.5	291.7
Less: Net loss attributable to noncontrolling interest	2.1	0.2	3.2
Net income attributable to Wabtec shareholders	$ 414.4	$ 326.7	$ 294.9
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 2.18	$ 1.91	$ 3.06
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 2.17	$ 1.84	$ 3.05
Weighted average shares outstanding
Basic (in shares)	189.9	170.5	96.0
Diluted (in shares)	190.4	177.3	96.5
Product
Net sales:
Total net sales	$ 6,233.3	$ 6,907.9	$ 4,178.0
Cost of sales:
Total cost of sales	(4,629.4)	(5,128.4)	(2,973.5)
Services
Net sales:
Total net sales	1,322.8	1,292.1	185.5
Cost of sales:
Total cost of sales	$ (789.6)	$ (793.6)	$ (156.1)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 414.4	$ 326.7	$ 294.9
Foreign currency translation gain (loss)	48.4	(106.4)	(207.3)
Unrealized gain (loss) on derivative contracts	7.8	(4.3)	(5.3)
Unrealized loss on pension benefit plans and post-retirement benefit plans	(14.3)	(21.5)	(3.8)
Other comprehensive income (loss) before tax	41.9	(132.2)	(216.4)
Income tax benefit related to components of other comprehensive income	1.6	6.2	4.8
Other comprehensive income (loss), net of tax	43.5	(126.0)	(211.6)
Comprehensive income attributable to Wabtec shareholders	$ 457.9	$ 200.7	$ 83.3

- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 412.3	$ 326.5	$ 291.7
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	473.3	401.4	109.3
Stock-based compensation expense	19.5	50.0	25.3
Below market intangible amortization	(88.2)	(82.2)	0.0
Deferred income taxes	29.4	(27.3)	(5.3)
Loss on disposal of property, plant and equipment	9.6	15.9	0.9
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	315.0	(6.3)	(54.6)
Inventories	180.8	255.9	(108.9)
Accounts payable	(269.0)	(144.3)	48.8
Accrued income taxes	56.9	10.7	7.9
Accrued liabilities and customer deposits	(91.4)	(11.9)	31.7
Other assets and liabilities	(264.5)	227.1	(32.1)
Net cash provided by operating activities	783.7	1,015.5	314.7
Investing Activities
Purchase of property, plant and equipment	(136.4)	(185.3)	(93.3)
Proceeds from disposal of property, plant and equipment	21.3	3.9	11.3
Acquisitions of business, net of cash acquired	(40.3)	(2,996.4)	(51.2)
Other	0.0	0.0	(14.1)
Net cash used for investing activities	(155.4)	(3,177.8)	(147.3)
Financing Activities
Proceeds from debt, net of issuance costs	3,878.0	3,982.4	3,480.7
Payments of debt	(4,077.3)	(3,423.6)	(1,454.0)
Repurchase of stock	(207.2)	0.0	0.0
Payment of contingent consideration on acquisitions	(115.4)	(10.1)	0.0
Cash dividends	(92.5)	(81.7)	(46.3)
Other financing activities	(4.6)	(5.5)	(2.3)
Net cash (used for) provided by financing activities	(619.0)	461.5	1,978.1
Effect of changes in currency exchange rates	(14.8)	(37.3)	(36.6)
(Decrease) increase in cash	(5.5)	(1,738.1)	2,108.9
Cash, cash equivalents and restricted cash, beginning of year	604.2	2,342.3	233.4
Cash, cash equivalents and restricted cash, end of year	$ 598.7	$ 604.2	$ 2,342.3

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
Balance beginning of period at Dec. 31, 2017	$ 2,828.6	$ 1.3	$ 906.6	$ (827.4)	$ 2,773.4	$ (45.0)	$ 19.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(46.3)				(46.3)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares (in shares)				580,594
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(2.2)		(13.5)	$ 11.3
Stock based compensation	21.5		21.5
Net income (loss)	291.7				294.9		(3.2)
Other comprehensive income (loss), net of tax	(211.6)					(211.6)
Stock issued for Faiveley Transport Acquisition	(12.6)						(12.6)
Ending balance (in shares) at Dec. 31, 2018		132,349,534		35,734,588
Balance end of period 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	(80.3)
Cash dividends	(81.7)				(81.7)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares (in shares)				486,601
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(5.6)		(14.6)	$ 9.0
Stock based compensation	38.2		38.2
Net income (loss)	326.5				326.7		(0.2)
Other comprehensive income (loss), net of tax	(126.0)					(126.0)
Acquisition of GE Transportation (in shares)		94,598,000
Acquisition of GE Transportation	6,970.3	$ 0.7	6,939.0				30.6
Other owner changes	2.8						2.8
Ending balance (in shares) at Dec. 31, 2019		226,947,180		35,247,987
Balance end of period at Dec. 31, 2019	9,993.6	$ 2.0	7,877.2	$ (807.1)	3,267.0	(382.6)	37.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(92.5)				(92.5)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax, shares (in shares)				315,988
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(4.5)		(8.7)	$ 4.2
Stock based compensation	16.9		16.9
Net income (loss)	412.3				414.4		(2.1)
Other comprehensive income (loss), net of tax	42.2					43.5	(1.3)
Stock repurchase (in shares)				(3,127,698)
Stock repurchase	(207.2)			$ (207.2)
Other owner changes	(8.1)		(4.8)				(3.3)
Ending balance (in shares) at Dec. 31, 2020		226,947,180		38,059,697
Balance end of period at Dec. 31, 2020	$ 10,152.7	$ 2.0	$ 7,880.6	$ (1,010.1)	$ 3,588.9	$ (339.1)	$ 30.4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.48	$ 0.48	$ 0.48

BUSINESS	12 Months Ended
BUSINESS	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Wabtec is one of the world’s largest providers of locomotives, value-added, technology-based equipment, systems and services for the global freight rail and passenger transit industries. Our highly engineered products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in over 50 countries and our products can be found in more than 100 countries throughout the world. In 2020, approximately 58% of the Company’s net sales came from customers outside the U.S. On March 11, 2020, the World Health Organization designated the outbreak of the novel strain of coronavirus, known as COVID-19, as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Our top concern is, and remains, the health and well-being of our employees around the world. To date, COVID-19 has surfaced in nearly all regions around the world and has impacted our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations. The outbreak and preventive measures taken to help curb the spread, including temporary plant closures in China, India, Italy and other countries where outbreaks and stay-at-home orders were most prevalent, had an adverse impact on our operations and business results for the year ended December 31, 2020.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries that it controls. For consolidated subsidiaries in which the Company's ownership is less than 100%, the outside shareholders' interests are shown as noncontrolling interests. These statements have been prepared in accordance with U.S. generally accepted accounting principles. Sales between subsidiaries are billed at prices consistent with sales to third parties and are eliminated in consolidation.

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

Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects our best estimate of expected losses inherent in our receivable portfolio determined on the basis of historical experience, relevant credit forecast information, changes to customer's solvency and other currently available evidence. The allowance for doubtful accounts was $36.5 million and $19.9 million as of December 31, 2020 and 2019, respectively.

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

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

Leasing Arrangements The Company conducts a portion of its operations from leased facilities and finances certain equipment purchases through lease agreements. In those cases in which the lease term approximates the useful life of the leased asset or the lease meets certain other prerequisites, the leasing arrangement is classified as a financing lease. The remaining arrangements are treated as operating leases. Right-of-use lease assets are classified as long-term assets under the caption "Other noncurrent assets" and lease liabilities are classified under the captions "Other accrued liabilities' and "Other long-term liabilities."

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

Equity Method Investments The Company invests in privately-held companies which are accounted for using the equity method. The equity method is applied in situations where the Company has the ability to exercise significant influence, but not

control, over the investee. Equity method investments are classified as other assets under the caption "Other noncurrent assets" on the consolidated balance sheet. Equity method investments were $100.0 million and $95.2 million at December 31, 2020 and 2019, respectively.

Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, General and Administrative Expenses or Engineering Expense to the extent the property, plant, and equipment is used for research and development purposes.

Warranty Costs Warranty costs are accrued based on Management’s estimates of repair or upgrade costs per unit and historical experience.

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

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

Financial Derivatives and Hedging Activities In the normal course of business, the Company is exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, the Company limits these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity forwards and futures. In accordance with the Company's policy, derivatives are only used for hedging purposes. The Company does not use derivatives for trading or speculative purposes. Foreign currency forward contracts are agreements with a counterparty to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. There is no exchange of funds until the delivery date. At the delivery date, the Company can either take delivery of the currency or settle on a net basis. For further information regarding the foreign currency forward contracts, see Note 17.

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. Foreign exchange transaction losses recognized in other income, net were $8.2 million, $13.5 million and $5.7 million for 2020, 2019 and 2018, respectively.

Noncontrolling Interests In accordance with ASC 810, the Company has classified noncontrolling interests as equity on our consolidated balance sheets as of December 31, 2020 and 2019. Net loss attributable to noncontrolling interests was not material for the years ended December 31, 2020, 2019 and 2018, respectively.

Revenue Recognition The Company accounts for Revenue under ASC 606 “Revenue from Contracts with Customers.” This 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.

A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. All fees billed to the customer for shipping and handling are classified as a component of Net sales. All costs associated with shipping and handling are classified as a component of Cost of sales.

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. Additional information with respect to contract assets and liabilities is included in Note 8.

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 or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. 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, price escalation clauses, 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 allocated transaction price of unsatisfied or partially unsatisfied performance obligations. As of December 31, 2020, the Company's remaining performance obligations were $20.8 billion. The Company expects to recognize revenue of approximately 25% of remaining performance obligations over the next 12 months, with the remainder recognized thereafter.

SEC regulations require that revenue categories that exceed 10% of total revenue are presented separately on the company's Statement of income. As such, the Company has displayed sales of goods and sales of services, and the related cost, in line with those regulations. Additionally, those regulations also require that goods are to include all sales of tangible products, and services must include all other sales. In Note 20 we refer to sales of both goods, such as spare parts and equipment upgrades, and related services, such as monitoring, maintenance and repairs, as sales in our Services product line.

Revolving Receivables Program In May 2020, the Company entered into a revolving agreement to transfer up to $150.0 million of certain receivables of certain subsidiaries of the Company (the "Originators") through our bankruptcy-remote subsidiary to a financial institution on a recurring basis in exchange for cash equal to the gross receivables transferred. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary which holds additional receivables of $114.0 million and unbilled receivables of $19.7 million at December 31, 2020 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. No obligation was recorded at December 31, 2020 as the estimated expected credit losses on receivables sold is insignificant. Our maximum exposure to loss related to these receivables transferred is limited to the amount outstanding. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. None of the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.

The following table sets forth a summary of receivables sold:


In millions	Twelve Months Ended December 31, 2020
Gross receivables sold/cash proceeds received	$	852.1
Collections reinvested under revolving agreement	779.4
Net cash proceeds (remitted) received	72.7

Pre-Production Costs Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $87.0 million and $88.0 million at December 31, 2020 and 2019, respectively.

Preferred Stock The Company’s authorized capital stock includes 1,000,000 shares of preferred stock. The Board of Directors has the authority to issue the preferred stock and to fix the designations, powers, preferences and rights of the shares of each such class or series, including dividend rates, conversion rights, voting rights, terms of redemption and liquidation preferences, without any further vote or action by the Company’s shareholders. The rights and preferences of the preferred

stock would be superior to those of the common stock. At December 31, 2020 and 2019 there was no preferred stock issued or outstanding.

Significant Customers and Concentrations of Credit Risk The Company’s trade receivables are primarily from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies. No one customer accounted for more than 10% of the Company’s consolidated net sales in 2020, 2019 or 2018.

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

Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ materially 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.

Accounting Standards Adopted in 2020

On January 1, 2020, the Company adopted the following Accounting Standard Updates (ASU) issued by the Financial Accounting Standard Board (FASB), none of which had a material impact on the Company’s Consolidated Financial Statements:

•ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments;

•ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.

In March 2020, the SEC amended Rules 3-10 and 3-16 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. The final rule also allows for simplified disclosures to be included within Management’s Discussion and Analysis. This rule is effective January 4, 2021 with early adoption permitted. The Company elected to early adopt this rule during the three months ended June 30, 2020.

Accounting Standards to be Adopted in Future Years

In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for certain income tax transactions by removing specific exceptions to the general principles in Topic 740, Income Taxes. This guidance is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

ACQUISITIONS

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

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, 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. 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 February 25, 2019, 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% held by GE directly in shares of Wabtec common stock and 15% underlying the shares of Wabtec convertible preferred stock 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.

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), and Direct Sale Purchaser, which also is Wabtec’s wholly owned subsidiary, 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 and SpinCo, directly or through 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 which converted 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, of which $115.4 million was paid in 2020, which is directly related to the timing of tax benefits expected to be realized by Wabtec as a result of the acquisition of GE Transportation. 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 acquisition of

GE Transportation. The estimated total value of the consideration to be paid by Wabtec in the acquisition 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 consideration is based on the Company’s closing share price of $73.36 on February 22, 2019 and the fair value of the contingent consideration.

The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. Discounted cash flow models were used to estimate the fair values of acquired contract backlog, customer relationships, intellectual property intangibles, and below-market customer contracts liabilities. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3. The noncontrolling interest includes equity interests in GE Transportation'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 GE Transportation Brazil operations were measured using a Level 1 input. In April 2019, the Company acquired the noncontrolling interest in GE Transportation'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 final fair value of the GE Transportation assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	177.2
Accounts receivable	541.3
Inventories	1,189.7
Other current assets	71.5
Property, plant, and equipment	1,088.6
Goodwill	5,983.5
Trade names	55.0
Customer relationships	550.0
Intellectual property	1,180.0
Backlog	1,450.0
Other noncurrent assets	321.2
Total assets acquired	12,608.0
Liabilities assumed
Current liabilities	1,594.2
Contingent consideration	440.0
Other noncurrent liabilities	666.5
Total liabilities assumed	2,700.7
Net assets acquired	9,907.3
Noncontrolling interest	$	88.3

The revisions to the initial estimates were based on information that existed at the date of the acquisition. Trade names, customer relationships, patents and backlog intangible assets are subject to amortization. Customer relationship and backlog intangible assets are amortized using the straight-line method of amortization using a shortened estimated useful life then the projected future cash flow benefits of the intangible assets. Contingent liabilities assumed as part of the transaction were not material and 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 approximately $524.6 million of customer contracts whose terms are unfavorable compared to market terms at the date of consummation of the GE Transportation acquisition.

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 acquisition of GE Transportation. A majority of the purchased goodwill is expected to be deductible for tax purposes. The goodwill has been allocated to the Freight segment.

Costs related to the acquisition and integration of GE Transportation were approximately $47.5 million and $63.0 million for the years ended December 31, 2020 and 2019, respectively, and are included in selling, general and administrative expenses on the consolidated statements of income.

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 GE Transportation acquisition had occurred January 1, 2019:


In millions, except per share data	Twelve Months Ended December 31, 2019
Net sales	$	8,675.6
Gross profit	2,343.3
Net income attributable to Wabtec shareholders	277.2
Diluted earnings per share
As Reported	$	1.84
Pro forma	$	1.45

The historical consolidated financial information of the Company and the GE Transportation acquisition detailed above has been adjusted in the pro forma information to give effect to pro forma events that are (1) directly attributable to the transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results. Pro forma data may not be indicative of the results that would have been obtained had the GE Transportation acquisition occurred at the beginning of the periods presented, nor is it intended to be a projection of future results.

SUPPLEMENTAL CASH FLOW DISCLOSURES

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW DISCLOSURES


	Year Ended December 31,
	2020		2019		2018
In millions
Interest paid during the year	$	174.2	$	193.1	$	81.8
Income taxes paid during the year, net of amount refunded	$	128.8	$	99.5	$	83.9
Business acquisitions:
Fair value of assets acquired	70.3		12,612.9		91.8
Liabilities assumed	35.0		2,466.3		32.9
Non-controlling interest (acquired) assumed	(5.6)		30.9		—
Stock and cash paid	40.9		10,115.7		58.9
Less: Cash acquired	0.6		179.6		7.7
Stock used for acquisition	—		6,939.7		—
Net cash paid	$	40.3	$	2,996.4	$	51.2

INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventory, net of reserves, were:


	December 31,
In millions	2020		2019
Raw materials	$	669.4	$	786.4
Work-in-progress	339.4		374.0
Finished goods	633.3		612.7
Total inventories	$	1,642.1	$	1,773.1

PROPERTY, PLANT & EQUIPMENT

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT & EQUIPMENT

The major classes of depreciable assets are as follows:


	December 31,
In millions	2020		2019
Machinery and equipment	$	1,474.6	$	1,363.8
Buildings and improvements	801.1		774.2
Land and improvements	97.6		78.0
Property, plant and equipment	2,373.3		2,216.0
Less: accumulated depreciation	(771.7)		(560.2)
Total	$	1,601.6	$	1,655.8

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


						Years
Land improvements						10 to 20
Building and improvements						20 to 40
Machinery and equipment						3 to 15

Depreciation expense was $183.1 million, $157.8 million, and $66.4 million for 2020, 2019 and 2018, respectively.

INTANGIBLES

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLES

Goodwill and indefinite lived intangible assets are reviewed annually during the fourth quarter for impairment. For 2020, the Company opted to proceed directly to the quantitative impairment test for all reporting units with goodwill. The discounted cash flow approach and the market approach were used to estimate the fair value of each reporting unit using a weighting of 75% and 25%, respectively. The discounted cash flow model requires several assumptions including future sales growth, EBIT (earnings before interest and taxes) margins, capital expenditures, a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the years forecasted by the reporting units) for each reporting unit. The market approach requires several assumptions including EBITDA (earnings before interest, taxes, depreciation and amortization) multiples for comparable companies that operate in the same markets as the Company’s reporting units. For 2020, the discounted cash flow approach was given more weight compared to the market approach due to a relatively reduced amount of publicly available data from companies with comparable operations to those of Wabtec; however, both valuation approaches resulted in a conclusion that the estimated fair value of all three of the Company's reporting units was in excess of their respective carrying value, which resulted in a conclusion that no impairment existed.

Additionally, the Company proceeded directly to the quantitative impairment test for some trade names with indefinite lives. The fair value of all material trade names subject to the quantitative impairment test exceeded its respective carrying value, resulting in a conclusion that no material impairment existed. For trade names not subject to the quantitative testing, the Company opted to perform a qualitative trade name impairment assessment and determined from the qualitative assessment that it was not more likely than not that the estimated fair values of the trade names were less than their carrying values; therefore, no further analysis was required. In assessing the qualitative factors to determine whether it is more likely than not that the fair value of a trade name is less than its carrying amount, the Company assessed relevant events and circumstances that may impact the fair value and the carrying amount of the trade name. The identification of relevant events and circumstances and how these may impact a trade name’s fair value or carrying amount involve significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Wabtec specific events, share price trends and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact.

The change in the carrying amount of goodwill by segment for the year ended December 31, 2020 is as follows:


	Freight		Transit
In millions	Segment		Segment		Total
Balance at December 31, 2019	$	6,876.6	$	1,484.0	$	8,360.6
Additions	2.1		—		2.1
Disposals	(5.6)		—		(5.6)
Foreign currency impact	(0.9)		129.0		128.1
Balance at December 31, 2020	$	6,872.2	$	1,613.0	$	8,485.2

As of December 31, 2020 and 2019, the Company’s trade names had a net carrying amount of $650.7 million and $623.1 million, respectively, and the Company believes these intangibles have indefinite lives, with the exception of the right to use 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:


	December 31,
In millions	2020		2019
Intellectual property, patents, and other intangibles, net of accumulated amortization of $222.8 and $123.8	$	1,007.6	$	1,108.9
Backlog, net of accumulated amortization of $205.9 and $92.0	1,224.7		1,342.1
Customer relationships, net of accumulated amortization of $276.3 and $212.9	986.2		1,029.9
Total	$	3,218.5	$	3,480.9

The remaining weighted average useful lives of backlog, intellectual property, customer relationships, and other intangibles were 13 years, 12 years, 17 years, and 8 years, respectively. The backlog intangible primarily consists of in-place long-term service agreements acquired by the Company in conjunction with the acquisition of GE Transportation. Amortization expense for intangible assets was $282.4 million, $238.4 million, and $39.8 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Estimated amortization expense for the five succeeding years is as follows (in millions):


2021	$	278.1
2022	277.6
2023	277.2
2024	267.6
2025	265.0

CONTRACT ASSETS AND CONTRACT LIABILITIES

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

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. 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 $101.0 million and $109.4 million at December 31, 2020 and 2019, 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 pre-production costs. The Company has elected to use the practical expedient and 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 $79.6 million and $77.0 million at December 31, 2020 and 2019, respectively. 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 and 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 $108.9 million and $118.5 million at December 31, 2020 and 2019, respectively. These provisions for estimated

losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the consolidated balance sheet.

The following table reconciles the changes in the Company’s contract assets and liabilities as follows:


	Contract Assets
In millions	2020		2019
Balance at beginning of year	$	623.4	$	345.6
Acquisitions	4.1		237.5
Recognized in current year	849.7		619.3
Reclassified to accounts receivable	(950.4)		(578.6)
Foreign currency impact	17.4		(0.4)
Balance at end of year	$	544.2	$	623.4

	Contract Liabilities
In millions	2020		2019
Balance at beginning of year	$	799.7	$	444.8
Acquisitions	6.9		333.9
Recognized in current year	871.9		917.5
Amounts in beginning balance reclassified to revenue	(532.4)		(410.6)
Current year amounts reclassified to revenue	(325.7)		(483.5)
Foreign currency impact	10.8		(2.4)
Balance at end of year	$	831.2	$	799.7

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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-Paragraph 9
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following:


			December 31,
	Effective		2020		2019
In millions	Interest Rate		Book Value	Fair Value 1	Book Value	Fair Value 1
Senior Credit and 364 Day Facility:
U.S. dollar-denominated Term Loans, net of unamortized debt issuance costs of $0.9 and $1.1	2.2	%	645.1	645.1	684.7	684.7
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.8 and $0.9	—	%	—	—	231.5	231.5
Senior Notes:
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $0.0 and $2.0	—	%	—	—	498.0	500.0
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.7 and $0.9	4.5	%	249.3	267.0	249.1	263.9
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $4.3 and $5.7	4.6	%	745.7	817.3	744.3	805.5
3.20% Senior Notes, due 2025, net of unamortized debt issuance costs of $4.4 and $0.0	3.4	%	495.6	533.4	—	—
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.3 and $1.5	3.5	%	748.7	819.5	748.5	759.1
4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $8.2 and $9.3	5.0	%	1,241.8	1,472.2	1,240.8	1,378.3
Other Borrowings			113.2	113.1	32.4	32.4
Total			4,239.4	4,667.6	4,429.3	4,655.4
Less - current portion			447.2	447.2	95.7	95.7
Long-term portion			3,792.2	4,220.4	4,333.6	4,559.7

1 See Note 18 for information on the fair value measurement of the Company's long-term debt.


As of December 31, 2020, the annual repayment requirements for debt obligations are as follows:
In millions
2021	$	447.2
2022	311.1
2023	249.3
2024	745.7
2025	495.6
Thereafter	1,990.5
Total	$	4,239.4

For those debt securities that have a premium or discount at the time of issuance, the Company amortizes the amount through interest expense based on the maturity date or the first date the holders may require the Company to repurchase the debt securities, if applicable. A premium would result in a decrease in interest expense, and a discount would result in an increase in interest expense in future periods. Additionally, the Company has debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of December 31, 2020 and 2019, the Company had total unamortized debt issuance costs of $20.5 million and $21.3 million, respectively. At December 31, 2020, the weighted average interest rate on the Company's variable debt was 2.3%

Credit Facilities

Senior Credit Facility

On June 8, 2018, the Company entered into a credit agreement ("Senior Credit Facility"), which replaced the Company's then-existing credit agreement. The Senior Credit Facility is with a syndicate of lenders and provides for borrowings consisting of (i) term loans denominated in euros and U.S. dollars ("Term Loans"); and (ii) a multi-currency revolving loan facility, providing for an equivalent in U.S. dollars of up to $1,200.0 million in multi-currency revolving loans (inclusive of swingline loans of up to $75.0 million and letters of credit of up to $450.0 million (the "Revolving Credit Facility")). The Revolving Credit Facility will mature on June 8, 2023.

Under the Senior Credit Facility, we can elect to receive advances bearing interest based on either the ABR rate or the LIBOR rate (each as defined in the Senior Credit Facility) plus applicable margin that is determined based on our credit ratings

or the Company's Leverage. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The obligations under the Senior Credit Facility are guaranteed by Wabtec and certain of Wabtec's U.S. subsidiaries, as guarantors.

The company has agreed that, so long as any lender has any commitment under the Senior Credit Facility, any letter of credit is outstanding under the Senior Credit Facility, or any loan or other obligation is outstanding under the Senior Credit Facility, it will maintain the following as of the end of each fiscal quarter or the period of four quarters the ended:


Interest Coverage Ratio 1						3.0x
Leverage Ratio 2						3.25x

1. The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement and Term Loan Agreement, to net interest expense for the four quarters then ended.

2. The leverage ratio is defined as net debt as of the last day of such fiscal quarter to EBITDA, as defined in the Amendment Credit Agreement and Term Loan Agreement, for the four quarters then ended.

The company was in compliance with all covenants in the Senior Credit Facility as of December 31, 2020.

364-Day Facility

On April 10, 2020 the Company entered into a new $600 million 364 day credit facility ("364 Day Facility") maturing April 2021 with a group of banks which includes a $144.0 million revolving credit facility ("364 Day Revolver") and a $456.0 million term loan ("364 Term Loan"). The agreement calls for interest at either a LIBOR-based rate, or a rate based on the prime lending rate of the agent bank, at the Company's option. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type and substantially similar to our existing Senior Credit Facility. The obligations under the 364 Day Facility are guaranteed by certain of the Company's U.S. subsidiaries, as guarantors. On June 12, 2020 the Company amended the 364 Day Facility maturity to July 9, 2021. The Company was in compliance with all covenants in the 364 Senior Credit Facility as of December 31, 2020.

The following table presents availability under the Revolving Facilities:


(in millions)	Revolving Credit Facility		364 Day Revolver
Maximum Availability	$	1,200.0	$	144.0
Letters of Credit Under Credit Agreement	$	19.1	—
Current Availability	$	1,180.9	$	144.0

Senior Notes

The "Senior Notes" comprises our 4.375% Senior Notes due 2023, 4.15% Senior Notes due 2024, 3.20% Senior Notes due 2025, 3.45% Senior Notes due 2026 and 4.70% Senior Notes due 2028. Interest on the fixed-rate Senior Notes is payable semi-annually. The Company may redeem each series of the notes at any time in whole or from time to time in part in accordance with the provisions of the indenture, under which such series of notes was issued. Each of the Senior Notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. 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.

On June 29, 2020 the Company issued $500.0 million of 3.20% Senior Notes due in 2025 (the "2025 Notes"). The 2025 Notes were issued at 99.892% of face value. Interest on the 2025 Notes accrues at a rate of 3.20% per annum and is payable semi-annually on June 15 and December 15 of each year beginning December 15, 2020. The proceeds were used to redeem the Floating Rate Senior Notes due 2021. The Company incurred $1.5 million of deferred financing costs related to the issuance of the 2025 Notes.

The indentures under which the Senior Notes were issued contain covenants and restrictions which limit, subject to certain exceptions, certain sale and leaseback transactions with respect to principal properties, the incurrence of secured debt without equally and ratably securing the Senior Notes, and certain merger and consolidation transactions. The covenants do not require the Company to maintain any financial ratios or specified levels of net worth or liquidity.

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.

Cash Pooling

Wabtec aggregates the Company's domestic cash position on a daily basis. Outside the United States, the Company uses cash pooling arrangements with banks to help manage our liquidity requirements. In these pooling arrangements, Wabtec subsidiary “Participants” agree with a single bank that the cash balances of any of the pool Participants with the bank will be subject to a full right of set-off against amounts other Participants owe the bank, and the bank provides for overdrafts as long as the net balance for all Participants does not exceed an agreed-upon level. Typically, each Participant pays interest on outstanding overdrafts and receives interest on cash balances. The Company's Consolidated Balance Sheets reflect cash, net of bank overdrafts, under all pooling arrangements.

Letters of Credit

In the ordinary course of its business, the Company issues letters of credit related to commercial products. The outstanding amount, including the letters of credit issues under the credit facility, were $736.6 million and $714.0 million at December 31, 2020 and 2019, respectively.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German, and United Kingdom employees and which provide benefits of stated amounts for each year of service of the employee. The Company uses a December 31 measurement date for the plans.

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

Obligations and Funded Status


	U.S.				International
In millions	2020		2019		2020		2019
Change in projected benefit obligation
Obligation at beginning of year	$	(41.1)	$	(39.4)	$	(347.3)	$	(309.2)
Service cost	(0.3)		(0.3)		(3.4)		(2.7)
Interest cost	(1.1)		(1.5)		(5.4)		(7.0)
Employee contributions	—		—		(0.5)		(0.5)
Plan settlements and amendments	—		—		(2.0)		4.4
Benefits paid	3.3		3.0		14.1		13.1
Acquisition	—		—		—		(5.0)
Actuarial loss	(3.7)		(2.9)		(22.4)		(32.4)
Effect of currency rate changes	—		—		(17.9)		(8.0)
Obligation at end of year	$	(42.9)	$	(41.1)	$	(384.8)	$	(347.3)
Change in plan assets
Fair value of plan assets at beginning of year	$	34.3	$	31.9	$	269.8	$	239.4
Actual return on plan assets	3.7		5.3		25.1		23.9
Employer contributions	1.3		—		10.0		9.4
Employee contributions	—		—		0.5		0.5
Benefits paid	(3.3)		(2.9)		(14.0)		(13.1)
Settlements	—		—		(2.9)		(0.4)
Acquisition	—		—		—		1.2
Other	—		—		4.8		—
Effect of currency rate changes	—		—		11.4		8.9
Fair value of plan assets at end of year	$	36.0	$	34.3	$	304.7	$	269.8
Funded status
Fair value of plan assets	$	36.0	$	34.3	$	304.7	$	269.8
Benefit obligations	(42.9)		(41.1)		(384.8)		(347.3)
Funded status	$	(6.9)	$	(6.8)	$	(80.1)	$	(77.5)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	$	—	$	—	$	13.6	$	11.8
Current liabilities	—		—		(2.5)		(2.4)
Noncurrent liabilities	(6.9)		(6.9)		(91.2)		(86.9)
Net amount recognized	$	(6.9)	$	(6.9)	$	(80.1)	$	(77.5)
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of:
Prior service cost	—		—		(1.5)		(1.4)
Net actuarial loss	(19.4)		(18.8)		(89.6)		(78.3)
Net amount recognized	$	(19.4)	$	(18.8)	$	(91.1)	$	(79.7)

The aggregate accumulated benefit obligation for the U.S. pension plans was $41.8 million and $40.2 million as of December 31, 2020 and 2019, respectively. The aggregate accumulated benefit obligation for the international pension plans was $371.8 million and $336.0 million as of December 31, 2020 and 2019, respectively.


	U.S.				International
In millions	2020		2019		2020		2019
Information for pension plans with accumulated benefit obligations in excess of Plan assets:
Projected benefit obligation	$	(42.9)	$	(41.1)	$	(316.0)	$	(283.1)
Accumulated benefit obligation	(41.8)		(40.2)		(303.9)		(272.6)
Fair value of plan assets	36.0		34.3		222.4		193.9
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	(42.9)	$	(41.1)	$	(317.4)	$	(284.4)
Fair value of plan assets	36.0		34.3		223.7		195.1

Components of Net Periodic Benefit Costs


	U.S.						International
In millions	2020		2019		2018		2020		2019		2018
Service cost	$	0.3	$	0.3	$	0.3	$	3.4	$	2.7	$	2.6
Interest cost	1.1		1.5		1.3		5.4		7.0		7.0
Expected return on plan assets	(1.7)		(1.7)		(1.8)		(11.5)		(11.8)		(13.5)
Amortization of initial net obligation and prior service cost	—		—		—		0.1		0.1		—
Amortization of net loss	1.0		0.8		1.0		3.2		2.5		2.1
Settlement and curtailment losses recognized	—		—		—		0.1		—		3.1
Net periodic benefit cost	$	0.7	$	0.9	$	0.8	$	0.7	$	0.5	$	1.3

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2020 are as follows:


In millions	U.S.		International
Net loss arising during the year	$	(1.6)	$	(10.7)
Effect of exchange rates	—		(4.0)
Amortization or curtailment recognition of prior service cost	—		0.1
Amortization or settlement recognition of net loss	1.0		3.2
Total recognized in other comprehensive income	$	(0.6)	$	(11.4)
Total recognized in net periodic benefit cost and other comprehensive income	$	1.3	$	12.1

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.


	U.S.						International
	2020		2019		2018		2020		2019		2018
Discount rate	2.47	%	3.27	%	4.30	%	1.39	%	1.84	%	2.53	%
Expected return on plan assets	5.35	%	5.35	%	5.15	%	4.43	%	5.01	%	5.10	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	2.65	%	2.64	%	2.61	%

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

As of December 31, 2020, the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2021.


In millions	U.S.		International
Prior service cost	—		0.1
Net actuarial loss	1.1		3.5
	$	1.1	$	3.6

Pension Plan Assets

The Company has established formal investment policies for the assets associated with our pension plans. Objectives include maximizing long-term return at acceptable risk levels and diversifying among asset classes. Asset allocation targets are based on periodic asset liability study results which help determine the appropriate investment strategies. The investment policies permit variances from the targets within certain parameters. The plan assets consist primarily of equity security funds, debt security funds, and temporary cash and cash equivalent investments. The assets held in these funds are generally actively managed and are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. (See Note 18 “Fair Value Measurement” included herein). Plan assets by asset category at December 31, 2020 and 2019 are as follows:


	U.S.				International
In millions	2020		2019		2020		2019
Pension Plan Assets
Equity security funds	$	18.6	$	16.4	$	74.3	$	70.8
Debt security funds and other	15.8		16.3		213.8		191.3
Cash and cash equivalents	1.6		1.6		16.6		7.7
Fair value of plan assets	$	36.0	$	34.3	$	304.7	$	269.8

The U.S. plan has a target asset allocation of 55% equity securities and 45% debt securities. The International plan has a target asset allocation of 10% equity securities, 22% debt securities and 68% in other investments. Investment policies are determined by the respective Plan’s Pension Committee and set forth in its Investment Policy. Rebalancing of the asset allocation occurs on a quarterly basis.

The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 18):


	December 31, 2020
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	18.6	$	—	$	—	$	18.6
Debt Securities and other	—		6.2		9.6		—		15.8
Cash and cash equivalents	—		1.5		—		—		1.5
International:
Equity	$	6.1	$	22.1	$	46.9	$	—	$	75.0
Debt Securities and other	—		3.2		194.9		—		198.1
Insurance Contracts	—		—		4.8		10.0		14.8
Cash and cash equivalents	—		9.0		7.8		—		16.8
Total	$	6.1	$	60.7	$	264.0	$	10.0	$	340.7


	December 31, 2019
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	16.4	$	—	$	—	$	16.4
Debt Securities	—		3.5		12.8		—		16.3
Cash and cash equivalents	—		1.5		—		—		1.5
International:
Equity	$	4.9	$	19.9	$	46.0	$	—	$	70.8
Debt Securities	—		3.1		179.2		—		182.4
Insurance Contracts	—		—		4.3		4.6		8.9
Cash and cash equivalents	—		7.0		0.7		—		7.8
Total	$	4.9	$	51.5	$	243.1	$	4.6	$	304.1

The following table presents a reconciliation of Level 3 assets:


In millions	Total
Balance at December 31, 2018	$	9.9
Net purchases, issuances, and settlements	0.2
Actual return of plan assets	0.3
Transfers	(5.8)
Effect of currency rate changes	—
Balance at December 31, 2019	$	4.6
Net purchases, issuances, and settlements	—
Actual return of plan assets	1.9
Transfers	5.1
Effect of currency rate changes	0.4
Balance at December 31, 2020	$	12.0

Cash Flows

The Company’s funding methods are based on governmental requirements and differ from those methods used to recognize pension expense. The Company expects to contribute $7.3 million to the international plan and does not expect to make a contribution to the U.S. plan during 2021.

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


In millions	U.S.		International
Year ended December 31,
2021	$	3.0	$	13.7
2022	3.1		14.2
2023	3.0		14.8
2024	2.9		15.4
2025	2.9		15.5
2026 through 2030	12.6		84.6

Defined Contribution Plans

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


	For the year ended December 31,
In millions	2020		2019		2018
Multi-employer pension and health & welfare plans	$	0.2	$	0.9	$	1.0
401(k) savings and other defined contribution plans	54.6		55.7		27.9
Total	$	54.8	$	56.6	$	28.9

The 401(k) savings plan is a participant directed defined contribution plan that holds shares of the Company’s stock as one of the investment options. At December 31, 2020 and 2019, the plan held on behalf of its participants about 409,104 shares with a market value of $29.9 million, and 431,744 shares with a market value of $33.6 million, respectively. Additionally, the Company has stock option based benefit and other plans further described in Note 13.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

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

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


	For the year ended December 31,
In millions	2020		2019		2018
Domestic	$	78.0	$	117.9	$	145.1
Foreign	479.2		328.9		222.5
Income before income taxes	$	557.2	$	446.8	$	367.6

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


	For the year ended December 31,
In millions	2020		2019		2018
Current taxes
Federal	$	6.1	$	5.7	$	6.9
State	17.0		0.5		5.8
Foreign	92.4		141.4		68.5
	115.5		147.6		81.2
Deferred taxes
Federal	36.1		19.8		4.7
State	(1.4)		2.9		1.3
Foreign	(5.3)		(50.0)		(11.3)
	29.4		(27.3)		(5.3)
Total provision	$	144.9	$	120.3	$	75.9

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


	For the year ended December 31,
In millions	2020		2019		2018
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes	2.6		0.7		1.6
Foreign	2.4		3.2		0.7
Research and development credit	(1.3)		(1.7)		(1.1)
U.S. tax rate change	—		—		(0.6)
U.S. tax reform provision (benefit)	1.3		2.0		(1.4)
Transaction costs related to acquisitions	—		1.0		—
Other, net	—		0.7		0.4
Effective rate	26.0	%	26.9	%	20.6	%

The decrease in the effective tax rate in 2020 is primarily the result of non-deductible transaction related expenses incurred during 2019 as a result of the GE Transportation acquisition that did not recur in 2020, a decrease in the estimated liabilities resulting from provisions of the Tax Cuts and Jobs Act that were recognized in 2019 and a decrease in foreign tax expense primarily due to favorable changes in the mix of foreign earnings, partially offset by an increase in state income tax expense recognized in 2020.

Components of deferred tax assets and liabilities were as follows:


	December 31,
In millions	2020		2019
Deferred income tax assets:
Accrued expenses and reserves	$	38.5	$	35.8
Warranty reserve	51.2		46.6
Deferred compensation/employee benefits	42.6		32.3
Right-of-use asset	70.0		63.1
Pension and postretirement obligations	26.4		28.1
Property, plant & equipment	47.8		—
Inventory	45.0		25.8
Net operating loss carry forwards	82.6		95.6
Other	46.6		18.8
Gross deferred income tax assets	450.7		346.1
Valuation allowance	41.7		58.0
Total deferred income tax assets	409.0		288.1
Deferred income tax liabilities:
Property, plant & equipment	—		42.7
Right-of-use liability	69.3		63.1
Intangibles	443.5		235.6
Total deferred income tax liabilities	512.8		341.4
Net deferred income tax liability	$	(103.8)	$	(53.3)

A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2020, the valuation allowance for certain foreign deferred tax asset carryforwards was $41.7 million primarily in Brazil, China, Denmark, France, the Netherlands and South Africa.

Net operating loss carry-forwards in the amount of $312.6 million expire in various periods from December 31, 2021 to December 31, 2040.

As of December 31, 2020, the liability for income taxes associated with unrecognized tax benefits was $16.4 million, of which $14.8 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2019, the liability for income taxes associated with unrecognized tax benefits was $17.2 million, all of which, if recognized, would favorably affect the Company’s effective tax rate. A reconciliation of the beginning and ending amount of the liability for income taxes associated with unrecognized tax benefits follows:


In millions	2020		2019		2018
Gross liability for unrecognized tax benefits at beginning of year	$	17.2	$	9.5	$	6.9
Gross increases - unrecognized tax benefits in prior periods	3.8		9.7		5.4
Gross decreases - audit settlement during year	(4.6)		—		—
Gross decreases - expiration of audit statute of limitations	—		(2.0)		(2.8)
Gross liability for unrecognized tax benefits at end of year	$	16.4	$	17.2	$	9.5

The Company includes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2020, the total interest and penalties accrued was approximately $4.5 million. As of December 31, 2019, the total interest and penalties accrued was approximately $4.0 million.

With limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2015. At this time, the Company believes that it is reasonably possible that unrecognized tax benefits of approximately $6.2 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

- Definition

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

+ References + Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

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


	For the Year Ended December 31,
In millions, except per share data	2020			2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	414.4		$	326.7		$	294.9
Less: dividends declared - common shares and non-vested restricted stock	(92.5)			(80.3)			(46.3)
Undistributed earnings	321.9			246.4			248.6
Percentage allocated to common shareholders (1)	99.7		%	99.7		%	99.7		%
	320.9			245.7			247.9
Add: dividends declared - common shares	92.3			80.0			46.3
Less: dividends declared - preferred shares	—			(0.4)			—
Numerator for basic earnings per common share	$	413.2		$	325.3		$	294.2
Add: dividends declared - preferred shares	—			0.4			—
Numerator for diluted earnings per common share	$	413.2		$	325.3		$	294.2
Denominator
Denominator for basic earnings per common share - weighted average shares	189.9			170.5			96.0
Effect of dilutive securities:
Assumed conversion of preferred shares	—			6.4			—
Assumed conversion of dilutive stock-based compensation plans	0.5			0.4			0.5
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion	190.4			177.3			96.5
Net income per common share attributable to Wabtec shareholders
Basic	$	2.18		$	1.91		$	3.06
Diluted	$	2.17		$	1.84		$	3.05

(1) Basic weighted-average common shares outstanding	189.9			170.5			96.0
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.4			171.0			96.3
Percentage allocated to common shareholders	99.7		%	99.7		%	99.7		%

Options to purchase approximately 403,000, 312,000, and 135,000 shares of Common Stock were outstanding in 2020, 2019 and 2018, respectively, but were not included in the computation of diluted earnings because their exercise price exceeded the average market price of the Company's common stock.

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION PLANS

As of December 31, 2020, 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 as of December 31, 2020 the number of shares available for future grants under the 2011 Plan was 1,870,396 shares, which includes remaining shares to grant under the 2000 Plan. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”). The Directors Plan, as amended, authorizes a total of 1,000,000 shares of Common Stock to be issued. Under the Directors Plan options issued become exercisable over a three-year vesting period and expire ten years from the date of grant and restricted stock issued under the plan vests one year from the date of grant. As compensation for directors’ fees for the years ended December 31, 2020, 2019 and 2018, the Company issued a total of 23,152, 15,729 and 12,960 shares, respectively, of restricted stock to non-employee directors. The total number of shares issued under the Directors Plan as of December 31, 2020 was 933,033 shares.

Stock-based compensation expense for all of the plans was $19.5 million, $50.0 million and $25.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company recognized associated tax benefits related to the stock-based compensation plans of $1.8 million, $1.4 million and $6.3 million for the respective periods. Included in the stock-based compensation expense for 2020 above is $2.4 million of expense related to stock options, $17.2 million related to non-vested

restricted stock, $4.7 million related to restricted stock units, $1.2 million related to units issued for Directors’ fees and $6.0 million of expense reversal related to incentive stock units. At December 31, 2020, unamortized compensation expense related to those stock options, non-vested restricted shares and incentive stock units expected to vest totaled $31.9 million and will be recognized over a weighted period of 1.4 years.

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

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


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in millions)
Outstanding at December 31, 2017	983,512	$	32.52	4.0	$	40.1
Granted	82,580	77.54			—
Exercised	(582,303)	28.29			(24.4)
Canceled	(17,112)	69.76			—
Outstanding at December 31, 2018	466,677	$	61.04	5.7	$	4.3
Granted	134,450	70.44			1.0
Exercised	(4,868)	22.45			(0.3)
Canceled	(8,235)	73.00			—
Outstanding at December 31, 2019	588,024	$	63.36	5.7	$	8.5
Granted	136,506	77.75			—
Exercised	(86,145)	35.47			—
Canceled	(85,716)	73.73			—
Outstanding at December 31, 2020	552,669	$	69.82	6.1	$	4.2
Exercisable at December 31, 2020	336,114	$	58.52	5.0	$	3.9

Options outstanding at December 31, 2020 were as follows:


	Number of Options	Weighted Average Exercise Price of Options		Weighted Average Remaining Contractual	Number of Options Currently	Weighted Average Exercise Price of Options Currently
Range of exercise prices	Outstanding	Outstanding		Life	Exercisable	Exercisable
Under $35.00	8,876	$	28.70	0.1	8,876	$	28.70
35.00 - 50.00	88,854	41.24		1.6	88,854	41.24
50.00 - 65.00	50,934	59.56		5.5	45,985	61.33
65.00 - 80.00	300,155	74.16		7.8	98,159	46.63
Over 80.00	103,850	90.26		5.5	94,240	88.63
	552,669	$	69.82		336,114	$	58.52

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


	For the year ended December 31,
	2020			2019			2018
Dividend yield	0.60		%	0.66		%	0.31		%
Risk-free interest rate	1.5		%	2.6		%	2.8		%
Stock price volatility	28.1		%	25.8		%	23.9		%
Expected life (years)	5.0			5.0			5.0
Weighted average fair value of options granted during the year	$	21.05		$	19.54		$	20.59

The dividend yield is based on the Company’s dividend rate and the current market price of the underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the 7 years U.S. Treasury bond rates for the expected life of the option.

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

In addition, the Company has issued incentive stock units to eligible employees that vest upon attainment of certain cumulative three-year performance goals. Based on the Company’s performance for each three year period then ended, the incentive stock units can vest and be awarded ranging from 0% to 200% of the initial incentive stock units granted. The incentive stock units included in the table below represent the number of shares that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of December 31, 2020, the Company estimates that it will achieve 41%, 0% and 100% for the incentive stock units expected to vest based on performance for the three year periods ending December 31, 2020, 2021, and 2022, respectively, and has recorded incentive compensation expense accordingly. If estimates of the number of these stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period.

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

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


	Restricted Stock and Units	Incentive Stock Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	399,000	327,333	$	78.76
Granted	224,060	175,100	73.76
Vested	(148,644)	(93,312)	81.55
Adjustment for incentive stock awards expected to vest	—	32,996	74.62
Canceled	(29,327)	(26,875)	78.60
Outstanding at December 31, 2018	445,089	415,242	$	75.51
Granted	608,813	259,950	70.61
Vested	(235,406)	(119,835)	71.65
Adjustment for incentive stock awards expected to vest	—	80,403	78.04
Canceled	(27,465)	(63,758)	74.04
Outstanding at December 31, 2019	791,031	572,002	$	73.64
Granted	283,587	250,197	75.68
Vested	(345,859)	(147,069)	77.45
Adjustment for incentive stock awards expected to vest	—	(331,004)	71.32
Canceled	(83,705)	(73,481)	72.83
Outstanding at December 31, 2020	645,054	270,645	$	73.75

OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss were:


	December 31,
In millions	2020		2019
Foreign currency translation loss	$	(260.2)	$	(308.6)
Unrealized gain (loss) on derivative contracts, net of tax of $0.8 and $0	2.4		(3.3)
Unrealized loss on pension and post-retirement benefit plans, net of tax of $27.0 and $24.7	(81.3)		(70.7)
Total accumulated other comprehensive loss	$	(339.1)	$	(382.6)

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 2020 are as follows:


In millions	Foreign currency translation		Derivative contracts		Pension and post retirement benefit plans		Total
Balance at December 31, 2019	$	(308.6)	$	(3.3)	$	(70.7)	$	(382.6)
Other comprehensive income before reclassifications	48.4		5.7		(13.5)		40.6
Amounts reclassified from accumulated other comprehensive income	—		—		2.9		2.9
Net current-period other comprehensive income	48.4		5.7		(10.6)		43.5
Balance at December 31, 2020	$	(260.2)	$	2.4	$	(81.3)	$	(339.1)

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2020 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

(1.5)

Other income (expense), net

Amortization of net loss (gain)

5.4

Other income (expense), net

3.9

Other income (expense), net

(1.0)

Income tax expense

2.9

Net income

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 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 before reclassifications	(106.4)		(3.2)		(18.5)		(128.1)
Amounts reclassified from accumulated other comprehensive income	—		—		2.1		2.1
Net current-period other comprehensive income	(106.4)		(3.2)		(16.4)		(126.0)
Balance at December 31, 2019	$	(308.6)	$	(3.3)	$	(70.7)	$	(382.6)

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2019 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

(1.5)

Other income (expense), net

Amortization of net loss (gain)

4.4

Other income (expense), net

2.9

Other income (expense), net

(0.8)

Income tax expense

2.1

Net income

LEASES

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LEASES

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.

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 1.0% to 12.3%.

The components of lease expense are as follows:


	For the year ended December 31,
In millions	2020		2019
Operating lease expense	$	57.3	$	54.4
Finance lease expense amortization of leased assets	1.2		1.1
Short-term and variable lease expense	0.1		0.6
Sublease income	(0.4)		(0.5)
Total	$	58.2	$	55.6

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases		Finance Leases		Total
2021	$	56.4	$	0.4	$	56.8
2022	50.1		0.2		50.3
2023	43.4		0.2		43.6
2024	37.9		0.2		38.1
2025	32.4		0.1		32.5
Thereafter	103.6		0.1		103.7
Total lease payments	323.8		1.2		325.0
Less: Present value discount	(29.0)		—		(29.0)
Present value lease liabilities	$	294.8	$	1.2	$	296.0

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


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	7.4		7.0
Finance leases	4.5		5.2
Weighted-average discount rate
Operating leases	2.7	%	4.6	%
Finance leases	1.4	%	1.4	%

Leases

LEASES

The components of lease expense are as follows:


	For the year ended December 31,
In millions	2020		2019
Operating lease expense	$	57.3	$	54.4
Finance lease expense amortization of leased assets	1.2		1.1
Short-term and variable lease expense	0.1		0.6
Sublease income	(0.4)		(0.5)
Total	$	58.2	$	55.6

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases		Finance Leases		Total
2021	$	56.4	$	0.4	$	56.8
2022	50.1		0.2		50.3
2023	43.4		0.2		43.6
2024	37.9		0.2		38.1
2025	32.4		0.1		32.5
Thereafter	103.6		0.1		103.7
Total lease payments	323.8		1.2		325.0
Less: Present value discount	(29.0)		—		(29.0)
Present value lease liabilities	$	294.8	$	1.2	$	296.0

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


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	7.4		7.0
Finance leases	4.5		5.2
Weighted-average discount rate
Operating leases	2.7	%	4.6	%
Finance leases	1.4	%	1.4	%

WARRANTIES

12 Months Ended

Dec. 31, 2020

Product Warranties Disclosures [Abstract]

WARRANTIES

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


In millions	2020		2019
Balance at beginning of year	$	267.7	$	153.7
Acquisitions	4.3		127.8
Warranty expense	130.0		105.5
Warranty claim payments	(131.3)		(118.0)
Foreign currency impact	7.8		(1.3)
Balance at end of year	$	278.5	$	267.7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

Hedging Activities In the normal course of business, we are exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, we limit these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity forwards and futures. In accordance with our policy, derivatives are only used for hedging purposes. We do not use derivatives for trading or speculative purposes.

Foreign Currency Exchange Risk

The Company uses forward contracts to hedge forecasted foreign currency denominated 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 gains 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. For the years ended December 31, 2020, and 2019 the amounts reclassified into income were not material.

The Company has established revenue hedging, balance sheet risk management and net investment hedging programs to protect against volatility of future foreign currency cash flows and changes in fair value caused by volatility in foreign exchange rates. We conduct our business worldwide in U.S. dollars and the functional currencies of our foreign subsidiaries, including Euro, Indian rupee, British pound sterling, Australian dollars and several other foreign currencies. Changes in these foreign currency exchange rates could have a material adverse impact on our financial results that are reported in U.S. dollars. We are also exposed to foreign currency exchange rate risk related to our foreign subsidiaries, including intercompany loans denominated in non-functional currencies and net purchases and sales in non-functional currencies. We hedge these exposures using foreign currency swap contracts and cross-currency swaps to offset the potential income statement effects on intercompany loans denominated in non-functional currencies. These programs reduce but do not eliminate foreign currency exchange rate risk entirely.

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 loss related to these contracts was $0.9 million for the twelve months ended December 31, 2020. 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 December 31, 2020:


	Fair Value				Gross Notional Amount
In millions	Designated		Non-Designated		Designated		Non-Designated
Foreign Exchange Contracts
Other current assets	$	9.2	$	0.5	$	793.6	$	1.3
Other current liabilities	(3.9)		(1.5)		928.0		319.60
Cross-currency Swaps
Other current assets	—		—		—		—
Other current liabilities	(26.0)		—		613.2		—
Total	$	(20.7)	$	(1.0)	$	2,334.8	$	320.9

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedged discussed in the above sections as of December 31, 2019:


	Fair Value				Gross Notional Amount
In millions	Designated		Non-Designated		Designated		Non-Designated
Foreign Exchange Contracts
Other current assets	$	11.2	$	1.4	$	920.0	$	412.9
Other current liabilities	(9.8)		—		1,184.6		—
Cross-currency Swaps
Other current assets	—		—		—		—
Other current liabilities	(9.4)		—		560.8		—
Total	$	(8.0)	$	1.4	$	2,665.4	$	412.9

Interest Rate Risk

The Company may use interest rate swap contracts on certain investing and borrowing transactions to manage its net exposure to interest rate changes and to reduce its overall cost of borrowing. The Company does not use leveraged swaps and, in general, does not leverage any of its investment activities that would put principal capital at risk. For the twelve months ended December 31, 2020 the amounts reclassified into income were not material.

Commodity Price Risk The Company may use commodity forward contracts and futures to manage its exposure to commodity price changes and to reduce its overall cost of manufacturing. For the twelve months ended December 31, 2020 the amounts reclassified into income were not material.

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2020, which are included in other current assets and liabilities on the Consolidated Balance sheet:


		Fair Value Measurements at December 31, 2020 Using
	Total Carrying Value at December 31,	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
In millions	2020	(Level 1)	(Level 2)	(Level 3)
Foreign Exchange Contracts
Other Current Assets	9.7	—	9.7	—
Other Current Liabilities	5.4	—	5.4	—
Cross-Currency Swap Agreement
Other Current Liabilities	26.0	—	26.0	—

The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of December 31, 2019, which are included in other current assets and liabilities on the Consolidated Balance sheet


		Fair Value Measurements at December 31, 2019 Using
	Total Carrying Value at December 31,	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
In millions	2019	(Level 1)	(Level 2)	(Level 3)
Foreign Exchange Contracts
Other Current Assets	12.6		12.6	—
Other Current Liabilities	9.8		9.8	—
Cross-Currency Swap Agreement
Other Current Liabilities	9.4		9.4	—

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

The Company’s cash and cash equivalents are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash and cash equivalents approximated the carrying value at December 31, 2020 and December 31, 2019. The Company’s defined benefit pension plan

assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. 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 represents 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. Contingent consideration related to the GE Transportation acquisition is considered Level 3 based on the fair value valuation hierarchy and includes $130.0 million classified as "Other accrued liabilities" on the Company's consolidated balance sheet and $218.1 million in long-term liabilities classified as "Contingent consideration" on the Company's consolidated balance sheet. The fair value approximates the carrying value at December 31, 2020.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. The Company believes its operations currently comply in all material respects with all of the various environmental laws and regulations applicable to our business; however, there can be no assurance that environmental requirements will not change in the future or that we will not incur significant costs to comply with such requirements. Under terms of the purchase agreement and related documents for the 1990 acquisition, Ingersoll Rand, the successor-in-interest to American Standard, Inc. (“Ingersoll”), has indemnified the Company for certain items including, among other things, certain environmental claims the Company asserted prior to 2000. If Ingersoll was unable to honor or meet these indemnifications, the Company would be responsible for such items. In the opinion of Management, Ingersoll currently has the ability to meet its indemnification obligations. Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Most of these claims have been made against our wholly owned subsidiary, Railroad Friction Products Corporation (“RFPC”), and the vast majority of the claims, including all of the RFPC claims, are submitted to insurance carriers for defense and indemnity, or to non-affiliated companies that retain the liabilities for the asbestos-containing products at issue. We cannot, however, assure that all of these claims will be fully covered by insurance, or that the indemnitors or insurers will remain financially viable. Our ultimate legal and financial liability with respect to these claims, as is the case with other pending litigation, cannot be estimated. A limited number of claims are not covered by insurance, nor are they subject to indemnity from non-affiliated parties. Wabtec has incurred defense, administrative and indemnity costs in connection with these actions, but these costs have not been material, and the Company has no information that would suggest these costs would become material in the foreseeable future. Based on the Company’s history in resolving all asbestos claims over the last twenty years, Management believes that the costs of the Company’s asbestos-related cases will not be material to the Company’s overall financial position, results of operations and cash flows. 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 has successfully completed a remediation 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. DTC has not updated its notices against Xorail, nor have they filed any formal claim against Xorail. 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. DTC’s complaint generally supports Xorail’s position and does not name or implicate Xorail. DTC's claim against RTD proceeded to trial on September 21, 2020; the trial has been completed, included post-trial submission. No decision is expected until March or April 2021. 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. On August 13, 2019, the Company was notified that co-defendant Knorr-Bremse settled with plaintiffs. On January 21, 2020, following Court-sponsored early mediation, the Company entered into a Memorandum of Understanding with plaintiffs, agreeing to settle all claims in the case. In March 2020, the Court issued preliminary approval of the agreed settlement terms and amount. In December 2020, payments were distributed to class members. From time to time the Company is involved in litigation relating to claims arising out of its operations in the ordinary course of business. As of the date hereof, the Company is involved in no litigation that the Company believes will have a material adverse effect on its financial condition, results of operations or liquidity.

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company 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. Initiatives to integrate GE Transportation operations into Wabtec including recent restructuring programs announced in late 2019 resulted in changes to the Company's organizational structure and the financial reporting utilized by the Company's chief operating decision maker to assess performance and allocate resources; as a result, certain asset groups were reorganized from the Freight Segment to the Transit Segment and vice versa. The change in the Company’s reportable segments was effective in the fourth quarter of 2019 and is reflected below. The Company believes these changes better present Management's new view of the business. The Company’s business segments are:

Freight Segment primarily builds new locomotives, manufactures and services components for new and existing freight cars and 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. It also refurbishes subway cars and 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. The changes to the asset groups comprising the Freight and Transit segments have been reflected through retrospective revision of prior period segment information.


Segment financial information for 2020 is as follows:
In million	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	5,082.3	$	2,473.8	$	—	$	7,556.1
Intersegment sales/(elimination)	48.6		36.5		(85.1)		—
Total sales	$	5,130.9	$	2,510.3	$	(85.1)	$	7,556.1
Income (loss) from operations	$	583.9	$	229.7	$	(69.1)	$	744.5
Interest expense and other, net	—		—		(187.3)		(187.3)
Income (loss) before income taxes	$	583.9	$	229.7	$	(256.4)	$	557.2
Depreciation and amortization	$	393.9	$	66.7	$	12.7	$	473.3
Capital expenditures	70.4		39.9		26.1		136.4
Segment assets	15,392.8		6,395.0		(3,333.3)		18,454.5


Segment financial information for 2019 is as follows:
In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	5,441.4	$	2,758.6	$	—	$	8,200.0
Intersegment sales/(elimination)	59.6		23.4		(83.0)		—
Total sales	$	5,501.0	$	2,782.0	$	(83.0)	$	8,200.0
Income (loss) from operations	$	642.9	$	214.4	$	(194.2)	$	663.1
Interest expense and other, net	—		—		(216.3)		(216.3)
Income (loss) before income taxes	$	642.9	$	214.4	$	(410.5)	$	446.8
Depreciation and amortization	$	330.4	$	62.2	$	8.8	$	401.4
Capital expenditures	105.1		63.7		16.5		185.3
Segment assets	14,450.9		6,026.0		(1,532.7)		18,944.2


Segment financial information for 2018 is as follows:
In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	1,766.4	$	2,597.1	$	—	$	4,363.5
Intersegment sales/(elimination)	52.8		11.3		(64.1)		—
Total sales	$	1,819.2	$	2,608.4	$	(64.1)	$	4,363.5
Income (loss) from operations	$	334.3	$	192.5	$	(53.4)	$	473.4
Interest expense and other, net	—		—		(105.8)		(105.8)
Income (loss) before income taxes	$	334.3	$	192.5	$	(159.2)	$	367.6
Depreciation and amortization	$	41.6	$	62.7	$	5.0	$	109.3
Capital expenditures	$	24.6	$	61.6	$	7.1	$	93.3

The following geographic area data as of and for the years ended December 31, 2020, 2019 and 2018, respectively, includes net sales based on product shipment destination and long-lived assets, which consist of plant, property and equipment, net of depreciation, resident in their respective countries:


	Net Sales						Long-Lived Assets
In millions	2020		2019		2018		2020		2019
United States	$	3,160.7	$	3,381.0	$	1,460.3	$	1,039.7	$	1,089.8
Canada	372.4		733.3		279.0		9.4		13.2
Mexico	187.3		356.6		200.6		22.5		23.7
North America	3,720.4		4,470.9		1,939.9		1,071.6		1,126.7

South America	217.1		217.8		105.7		31.6		40.0

United Kingdom	314.0		376.2		395.8		51.4		55.5
Germany	350.5		340.0		314.7		81.8		77.7
France	251.8		294.3		247.8		58.5		57.7
Italy	172.3		206.3		189.8		31.0		29.3
Switzerland	83.0		88.6		59.8		2.1		1.9
Other Europe	405.1		386.5		354.5		59.8		56.6
Europe	1,576.7		1,691.9		1,562.4		284.6		278.7

India	441.1		504.2		178.5		164.3		159.2
Australia / New Zealand	366.2		300.7		176.2		11.9		12.0
China	225.0		290.4		170.3		30.4		33.4

Other Asia / Middle East	198.9		215.9		167.5		0.5		0.6

Egypt	359.8		227.6		0.6		—		—
Other Africa	138.4		105.8		46.8		4.4		3.8

Russia / CIS	312.5		174.8		15.6		2.3		1.4

Total	$	7,556.1	$	8,200.0	$	4,363.5	$	1,601.6	$	1,655.8

Net sales by product line are as follows:


In millions	2020		2019		2018
Freight Segment:
Equipment	$	1,531.5	$	1,699.7	$	—
Components	818.7		1,073.5		1,169.1
Digital Electronics	664.0		677.1		474.1
Services	2,068.1		1,991.1		123.2
Total Freight Segment sales	$	5,082.3	$	5,441.4	$	1,766.4

Transit Segment:
Original Equipment Manufacturer	1,138.6		1,286.6		1,194.0
Aftermarket	1,335.2		1,472.0		1,403.1
Total Transit Segment sales	$	2,473.8	$	2,758.6	$	2,597.1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

OTHER INCOME, NET

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

OTHER INCOME, NET

The components of other income, net are as follows:


	For the year ended December 31,
In millions	2020		2019		2018
Foreign currency loss	$	(8.2)	$	(13.5)	$	(5.7)
Equity income	9.7		8.1		1.9
Expected return on pension assets/amortization	10.0		9.9		9.0
Other miscellaneous (expense) income	0.1		(1.7)		1.2
Total other income, net	$	11.6	$	2.8	$	6.4

Schedule II - Valuation And Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

VALUATION AND QUALIFYING ACCOUNTS

For each of the three years ended December 31


In millions	Balance at beginning of period		Charged/ (credited) to expense		Charged/ (credited) to other accounts (1)		Deductions from reserves (2)		Balance at end of period
2020
Allowance for doubtful accounts	$	19.9	$	18.3	$	0.2	$	1.9	$	36.5
Valuation allowance-taxes	58.0		(16.3)		—		—		41.7
2019
Allowance for doubtful accounts	$	16.9	$	7.1	$	0.2	$	4.3	$	19.9
Valuation allowance-taxes	41.8		16.2		—		—		58.0
2018
Allowance for doubtful accounts	$	12.3	$	9.5	$	(0.4)	$	4.5	$	16.9
Valuation allowance-taxes	25.7		27.4		—		11.3		41.8

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

(2)Actual disbursements and/or charges.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and all subsidiaries that it controls. For consolidated subsidiaries in which the Company's ownership is less than 100%, the outside shareholders' interests are shown as noncontrolling interests. These statements have been prepared in accordance with U.S. generally accepted accounting principles. Sales between subsidiaries are billed at prices consistent with sales to third parties and are eliminated in consolidation.
Cash Equivalents	Cash equivalents are highly liquid investments purchased with an original maturity of three months or less.
Allowance for Doubtful Accounts	The allowance for doubtful accounts receivable reflects our best estimate of expected losses inherent in our receivable portfolio determined on the basis of historical experience, relevant credit forecast information, changes to customer's solvency and other currently available evidence.
Inventories	Inventories are stated at the lower of cost or net realizable value. Cost is determined under the first-in, first-out (FIFO) method. Inventory costs include material, labor and overhead.
Property, Plant and Equipment	Property, plant and equipment additions are stated at cost. Expenditures for renewals and improvements are capitalized. Expenditures for ordinary maintenance and repairs are expensed as incurred. The Company computes book depreciation principally on the straight-line method. Accelerated depreciation methods are utilized for income tax purposes.
Leasing Arrangements	The Company conducts a portion of its operations from leased facilities and finances certain equipment purchases through lease agreements. In those cases in which the lease term approximates the useful life of the leased asset or the lease meets certain other prerequisites, the leasing arrangement is classified as a financing lease. The remaining arrangements are treated as operating leases. Right-of-use lease assets are classified as long-term assets under the caption "Other noncurrent assets" and lease liabilities are classified under the captions "Other accrued liabilities' and "Other long-term liabilities."
Goodwill and Intangible Assets	Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level and at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed.
Equity Method Investments	The Company invests in privately-held companies which are accounted for using the equity method. The equity method is applied in situations where the Company has the ability to exercise significant influence, but not control, over the investee.
Depreciation Expense	Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, General and Administrative Expenses or Engineering Expense to the extent the property, plant, and equipment is used for research and development purposes.
Warranty Costs	Warranty costs are accrued based on Management’s estimates of repair or upgrade costs per unit and historical experience.
Income Taxes	Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws. The provision for income taxes includes federal, state and foreign income taxes.
Stock-Based Compensation	The Company recognizes compensation expense for stock-based compensation based on the grant date fair value amortized ratably over the requisite service period following the date of grant.
Financial Derivatives and Hedging Activities	In the normal course of business, the Company is exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, the Company limits these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity forwards and futures. In accordance with the Company's policy, derivatives are only used for hedging purposes. The Company does not use derivatives for trading or speculative purposes. Foreign currency forward contracts are agreements with a counterparty to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. There is no exchange of funds until the delivery date.
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.
Noncontrolling Interests	In accordance with ASC 810, the Company has classified noncontrolling interests as equity on our consolidated balance sheets as of December 31, 2020 and 2019.
Revenue Recognition and Shipping and Handling Fees and Costs	The Company accounts for Revenue under ASC 606 “Revenue from Contracts with Customers.” This 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. A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. All fees billed to the customer for shipping and handling are classified as a component of Net sales. All costs associated with shipping and handling are classified as a component of Cost of sales. 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. Additional information with respect to contract assets and liabilities is included in Note 8. 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 or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. 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, price escalation clauses, 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 allocated transaction price of unsatisfied or partially unsatisfied performance obligations. As of December 31, 2020, the Company's remaining performance obligations were $20.8 billion. The Company expects to recognize revenue of approximately 25% of remaining performance obligations over the next 12 months, with the remainder recognized thereafter. SEC regulations require that revenue categories that exceed 10% of total revenue are presented separately on the company's Statement of income. As such, the Company has displayed sales of goods and sales of services, and the related cost, in line with those regulations. Additionally, those regulations also require that goods are to include all sales of tangible products, and services must include all other sales. In Note 20 we refer to sales of both goods, such as spare parts and equipment upgrades, and related services, such as monitoring, maintenance and repairs, as sales in our Services product line.
Revolving Receivables Program	In May 2020, the Company entered into a revolving agreement to transfer up to $150.0 million of certain receivables of certain subsidiaries of the Company (the "Originators") through our bankruptcy-remote subsidiary to a financial institution on a recurring basis in exchange for cash equal to the gross receivables transferred. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary which holds additional receivables of $114.0 million and unbilled receivables of $19.7 million at December 31, 2020 that are pledged as collateral under this agreement. The transfers are recorded at fair value of the proceeds received and obligations assumed less derecognized receivables. No obligation was recorded at December 31, 2020 as the estimated expected credit losses on receivables sold is insignificant. Our maximum exposure to loss related to these receivables transferred is limited to the amount outstanding. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. None of the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.
Preferred Stock	The Company’s authorized capital stock includes 1,000,000 shares of preferred stock. The Board of Directors has the authority to issue the preferred stock and to fix the designations, powers, preferences and rights of the shares of each such class or series, including dividend rates, conversion rights, voting rights, terms of redemption and liquidation preferences, without any further vote or action by the Company’s shareholders. The rights and preferences of the preferred stock would be superior to those of the common stock.
Significant Customers and Concentrations of Credit Risk	The Company’s trade receivables are primarily from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies. No one customer accounted for more than 10% of the Company’s consolidated net sales in 2020, 2019 or 2018.
Reclassifications	Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ materially 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.
Accounting Standards Adopted in 2020 and Accounting Standards to be Adopted in Future Years	Accounting Standards Adopted in 2020 On January 1, 2020, the Company adopted the following Accounting Standard Updates (ASU) issued by the Financial Accounting Standard Board (FASB), none of which had a material impact on the Company’s Consolidated Financial Statements: •ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments; •ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In March 2020, the SEC amended Rules 3-10 and 3-16 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors and affiliates whose securities are pledged as collateral. This new guidance narrows the circumstances that require separate financial statements of subsidiary issuers and guarantors and streamlines the alternative disclosures required in lieu of those statements. The final rule also allows for simplified disclosures to be included within Management’s Discussion and Analysis. This rule is effective January 4, 2021 with early adoption permitted. The Company elected to early adopt this rule during the three months ended June 30, 2020. Accounting Standards to be Adopted in Future Years In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for certain income tax transactions by removing specific exceptions to the general principles in Topic 740, Income Taxes. This guidance is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Receivables Sold

The following table sets forth a summary of receivables sold:


In millions	Twelve Months Ended December 31, 2020
Gross receivables sold/cash proceeds received	$	852.1
Collections reinvested under revolving agreement	779.4
Net cash proceeds (remitted) received	72.7

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the final fair value of the GE Transportation assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	177.2
Accounts receivable	541.3
Inventories	1,189.7
Other current assets	71.5
Property, plant, and equipment	1,088.6
Goodwill	5,983.5
Trade names	55.0
Customer relationships	550.0
Intellectual property	1,180.0
Backlog	1,450.0
Other noncurrent assets	321.2
Total assets acquired	12,608.0
Liabilities assumed
Current liabilities	1,594.2
Contingent consideration	440.0
Other noncurrent liabilities	666.5
Total liabilities assumed	2,700.7
Net assets acquired	9,907.3
Noncontrolling interest	$	88.3

Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents income statement results as if the GE Transportation acquisition had occurred January 1, 2019:


In millions, except per share data	Twelve Months Ended December 31, 2019
Net sales	$	8,675.6
Gross profit	2,343.3
Net income attributable to Wabtec shareholders	277.2
Diluted earnings per share
As Reported	$	1.84
Pro forma	$	1.45

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow Disclosures


	Year Ended December 31,
	2020		2019		2018
In millions
Interest paid during the year	$	174.2	$	193.1	$	81.8
Income taxes paid during the year, net of amount refunded	$	128.8	$	99.5	$	83.9
Business acquisitions:
Fair value of assets acquired	70.3		12,612.9		91.8
Liabilities assumed	35.0		2,466.3		32.9
Non-controlling interest (acquired) assumed	(5.6)		30.9		—
Stock and cash paid	40.9		10,115.7		58.9
Less: Cash acquired	0.6		179.6		7.7
Stock used for acquisition	—		6,939.7		—
Net cash paid	$	40.3	$	2,996.4	$	51.2

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:


	December 31,
In millions	2020		2019
Raw materials	$	669.4	$	786.4
Work-in-progress	339.4		374.0
Finished goods	633.3		612.7
Total inventories	$	1,642.1	$	1,773.1

PROPERTY, PLANT & EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Major Classes of Depreciable Assets

The major classes of depreciable assets are as follows:


	December 31,
In millions	2020		2019
Machinery and equipment	$	1,474.6	$	1,363.8
Buildings and improvements	801.1		774.2
Land and improvements	97.6		78.0
Property, plant and equipment	2,373.3		2,216.0
Less: accumulated depreciation	(771.7)		(560.2)
Total	$	1,601.6	$	1,655.8

Estimated Useful Lives of Property Plant and Equipment

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


						Years
Land improvements						10 to 20
Building and improvements						20 to 40
Machinery and equipment						3 to 15

INTANGIBLES (Tables)

12 Months Ended

Dec. 31, 2020

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 year ended December 31, 2020 is as follows:


	Freight		Transit
In millions	Segment		Segment		Total
Balance at December 31, 2019	$	6,876.6	$	1,484.0	$	8,360.6
Additions	2.1		—		2.1
Disposals	(5.6)		—		(5.6)
Foreign currency impact	(0.9)		129.0		128.1
Balance at December 31, 2020	$	6,872.2	$	1,613.0	$	8,485.2

Intangible Assets of the Company, Other Than Goodwill and Trademarks

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


	December 31,
In millions	2020		2019
Intellectual property, patents, and other intangibles, net of accumulated amortization of $222.8 and $123.8	$	1,007.6	$	1,108.9
Backlog, net of accumulated amortization of $205.9 and $92.0	1,224.7		1,342.1
Customer relationships, net of accumulated amortization of $276.3 and $212.9	986.2		1,029.9
Total	$	3,218.5	$	3,480.9

Estimated Amortization Expense Five Succeeding Years

Estimated amortization expense for the five succeeding years is as follows (in millions):


2021	$	278.1
2022	277.6
2023	277.2
2024	267.6
2025	265.0

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table reconciles the changes in the Company’s contract assets and liabilities as follows:


	Contract Assets
In millions	2020		2019
Balance at beginning of year	$	623.4	$	345.6
Acquisitions	4.1		237.5
Recognized in current year	849.7		619.3
Reclassified to accounts receivable	(950.4)		(578.6)
Foreign currency impact	17.4		(0.4)
Balance at end of year	$	544.2	$	623.4

	Contract Liabilities
In millions	2020		2019
Balance at beginning of year	$	799.7	$	444.8
Acquisitions	6.9		333.9
Recognized in current year	871.9		917.5
Amounts in beginning balance reclassified to revenue	(532.4)		(410.6)
Current year amounts reclassified to revenue	(325.7)		(483.5)
Foreign currency impact	10.8		(2.4)
Balance at end of year	$	831.2	$	799.7

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consisted of the following:


			December 31,
	Effective		2020		2019
In millions	Interest Rate		Book Value	Fair Value 1	Book Value	Fair Value 1
Senior Credit and 364 Day Facility:
U.S. dollar-denominated Term Loans, net of unamortized debt issuance costs of $0.9 and $1.1	2.2	%	645.1	645.1	684.7	684.7
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.8 and $0.9	—	%	—	—	231.5	231.5
Senior Notes:
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $0.0 and $2.0	—	%	—	—	498.0	500.0
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.7 and $0.9	4.5	%	249.3	267.0	249.1	263.9
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $4.3 and $5.7	4.6	%	745.7	817.3	744.3	805.5
3.20% Senior Notes, due 2025, net of unamortized debt issuance costs of $4.4 and $0.0	3.4	%	495.6	533.4	—	—
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.3 and $1.5	3.5	%	748.7	819.5	748.5	759.1
4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $8.2 and $9.3	5.0	%	1,241.8	1,472.2	1,240.8	1,378.3
Other Borrowings			113.2	113.1	32.4	32.4
Total			4,239.4	4,667.6	4,429.3	4,655.4
Less - current portion			447.2	447.2	95.7	95.7
Long-term portion			3,792.2	4,220.4	4,333.6	4,559.7

1 See Note 18 for information on the fair value measurement of the Company's long-term debt.


As of December 31, 2020, the annual repayment requirements for debt obligations are as follows:
In millions
2021	$	447.2
2022	311.1
2023	249.3
2024	745.7
2025	495.6
Thereafter	1,990.5
Total	$	4,239.4

Interest Coverage Ratio & Leverage Ratio


Interest Coverage Ratio 1						3.0x
Leverage Ratio 2						3.25x

1. The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement and Term Loan Agreement, to net interest expense for the four quarters then ended.

Schedule of Line of Credit Facilities

The following table presents availability under the Revolving Facilities:


(in millions)	Revolving Credit Facility		364 Day Revolver
Maximum Availability	$	1,200.0	$	144.0
Letters of Credit Under Credit Agreement	$	19.1	—
Current Availability	$	1,180.9	$	144.0

- Definition

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

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+ Details

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

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


	U.S.				International
In millions	2020		2019		2020		2019
Information for pension plans with accumulated benefit obligations in excess of Plan assets:
Projected benefit obligation	$	(42.9)	$	(41.1)	$	(316.0)	$	(283.1)
Accumulated benefit obligation	(41.8)		(40.2)		(303.9)		(272.6)
Fair value of plan assets	36.0		34.3		222.4		193.9
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	$	(42.9)	$	(41.1)	$	(317.4)	$	(284.4)
Fair value of plan assets	36.0		34.3		223.7		195.1

Pension Plan Assets by Asset Category

Plan assets by asset category at December 31, 2020 and 2019 are as follows:


	U.S.				International
In millions	2020		2019		2020		2019
Pension Plan Assets
Equity security funds	$	18.6	$	16.4	$	74.3	$	70.8
Debt security funds and other	15.8		16.3		213.8		191.3
Cash and cash equivalents	1.6		1.6		16.6		7.7
Fair value of plan assets	$	36.0	$	34.3	$	304.7	$	269.8

Schedule of Pension Plan Assets Measured at Fair Value

The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 18):


	December 31, 2020
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	18.6	$	—	$	—	$	18.6
Debt Securities and other	—		6.2		9.6		—		15.8
Cash and cash equivalents	—		1.5		—		—		1.5
International:
Equity	$	6.1	$	22.1	$	46.9	$	—	$	75.0
Debt Securities and other	—		3.2		194.9		—		198.1
Insurance Contracts	—		—		4.8		10.0		14.8
Cash and cash equivalents	—		9.0		7.8		—		16.8
Total	$	6.1	$	60.7	$	264.0	$	10.0	$	340.7


	December 31, 2019
In millions	NAV		Level 1		Level 2		Level 3		Total
US:
Equity	$	—	$	16.4	$	—	$	—	$	16.4
Debt Securities	—		3.5		12.8		—		16.3
Cash and cash equivalents	—		1.5		—		—		1.5
International:
Equity	$	4.9	$	19.9	$	46.0	$	—	$	70.8
Debt Securities	—		3.1		179.2		—		182.4
Insurance Contracts	—		—		4.3		4.6		8.9
Cash and cash equivalents	—		7.0		0.7		—		7.8
Total	$	4.9	$	51.5	$	243.1	$	4.6	$	304.1

Schedule of Reconciliation of Level 3 Assets

The following table presents a reconciliation of Level 3 assets:


In millions	Total
Balance at December 31, 2018	$	9.9
Net purchases, issuances, and settlements	0.2
Actual return of plan assets	0.3
Transfers	(5.8)
Effect of currency rate changes	—
Balance at December 31, 2019	$	4.6
Net purchases, issuances, and settlements	—
Actual return of plan assets	1.9
Transfers	5.1
Effect of currency rate changes	0.4
Balance at December 31, 2020	$	12.0

Costs Recognized Under Defined Contribution Plans and Multiemployer Pension Plans

Costs recognized under these plans are summarized as follows:


	For the year ended December 31,
In millions	2020		2019		2018
Multi-employer pension and health & welfare plans	$	0.2	$	0.9	$	1.0
401(k) savings and other defined contribution plans	54.6		55.7		27.9
Total	$	54.8	$	56.6	$	28.9

Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Obligations and Funded Status

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

Obligations and Funded Status


	U.S.				International
In millions	2020		2019		2020		2019
Change in projected benefit obligation
Obligation at beginning of year	$	(41.1)	$	(39.4)	$	(347.3)	$	(309.2)
Service cost	(0.3)		(0.3)		(3.4)		(2.7)
Interest cost	(1.1)		(1.5)		(5.4)		(7.0)
Employee contributions	—		—		(0.5)		(0.5)
Plan settlements and amendments	—		—		(2.0)		4.4
Benefits paid	3.3		3.0		14.1		13.1
Acquisition	—		—		—		(5.0)
Actuarial loss	(3.7)		(2.9)		(22.4)		(32.4)
Effect of currency rate changes	—		—		(17.9)		(8.0)
Obligation at end of year	$	(42.9)	$	(41.1)	$	(384.8)	$	(347.3)
Change in plan assets
Fair value of plan assets at beginning of year	$	34.3	$	31.9	$	269.8	$	239.4
Actual return on plan assets	3.7		5.3		25.1		23.9
Employer contributions	1.3		—		10.0		9.4
Employee contributions	—		—		0.5		0.5
Benefits paid	(3.3)		(2.9)		(14.0)		(13.1)
Settlements	—		—		(2.9)		(0.4)
Acquisition	—		—		—		1.2
Other	—		—		4.8		—
Effect of currency rate changes	—		—		11.4		8.9
Fair value of plan assets at end of year	$	36.0	$	34.3	$	304.7	$	269.8
Funded status
Fair value of plan assets	$	36.0	$	34.3	$	304.7	$	269.8
Benefit obligations	(42.9)		(41.1)		(384.8)		(347.3)
Funded status	$	(6.9)	$	(6.8)	$	(80.1)	$	(77.5)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	$	—	$	—	$	13.6	$	11.8
Current liabilities	—		—		(2.5)		(2.4)
Noncurrent liabilities	(6.9)		(6.9)		(91.2)		(86.9)
Net amount recognized	$	(6.9)	$	(6.9)	$	(80.1)	$	(77.5)
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of:
Prior service cost	—		—		(1.5)		(1.4)
Net actuarial loss	(19.4)		(18.8)		(89.6)		(78.3)
Net amount recognized	$	(19.4)	$	(18.8)	$	(91.1)	$	(79.7)

Components of Net Periodic Benefit Costs


	U.S.						International
In millions	2020		2019		2018		2020		2019		2018
Service cost	$	0.3	$	0.3	$	0.3	$	3.4	$	2.7	$	2.6
Interest cost	1.1		1.5		1.3		5.4		7.0		7.0
Expected return on plan assets	(1.7)		(1.7)		(1.8)		(11.5)		(11.8)		(13.5)
Amortization of initial net obligation and prior service cost	—		—		—		0.1		0.1		—
Amortization of net loss	1.0		0.8		1.0		3.2		2.5		2.1
Settlement and curtailment losses recognized	—		—		—		0.1		—		3.1
Net periodic benefit cost	$	0.7	$	0.9	$	0.8	$	0.7	$	0.5	$	1.3

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

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2020 are as follows:


In millions	U.S.		International
Net loss arising during the year	$	(1.6)	$	(10.7)
Effect of exchange rates	—		(4.0)
Amortization or curtailment recognition of prior service cost	—		0.1
Amortization or settlement recognition of net loss	1.0		3.2
Total recognized in other comprehensive income	$	(0.6)	$	(11.4)
Total recognized in net periodic benefit cost and other comprehensive income	$	1.3	$	12.1

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

The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.


	U.S.						International
	2020		2019		2018		2020		2019		2018
Discount rate	2.47	%	3.27	%	4.30	%	1.39	%	1.84	%	2.53	%
Expected return on plan assets	5.35	%	5.35	%	5.15	%	4.43	%	5.01	%	5.10	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%	2.65	%	2.64	%	2.61	%

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

As of December 31, 2020, the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2021.


In millions	U.S.		International
Prior service cost	—		0.1
Net actuarial loss	1.1		3.5
	$	1.1	$	3.6

Benefit Payments Expected to be Paid to Plan Participants

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


In millions	U.S.		International
Year ended December 31,
2021	$	3.0	$	13.7
2022	3.1		14.2
2023	3.0		14.8
2024	2.9		15.4
2025	2.9		15.5
2026 through 2030	12.6		84.6

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income from Operations before Provision for Income Taxes

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


	For the year ended December 31,
In millions	2020		2019		2018
Domestic	$	78.0	$	117.9	$	145.1
Foreign	479.2		328.9		222.5
Income before income taxes	$	557.2	$	446.8	$	367.6

Consolidated Provision for Income Taxes

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


	For the year ended December 31,
In millions	2020		2019		2018
Current taxes
Federal	$	6.1	$	5.7	$	6.9
State	17.0		0.5		5.8
Foreign	92.4		141.4		68.5
	115.5		147.6		81.2
Deferred taxes
Federal	36.1		19.8		4.7
State	(1.4)		2.9		1.3
Foreign	(5.3)		(50.0)		(11.3)
	29.4		(27.3)		(5.3)
Total provision	$	144.9	$	120.3	$	75.9

Reconciliation of Income Tax Rate

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


	For the year ended December 31,
In millions	2020		2019		2018
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes	2.6		0.7		1.6
Foreign	2.4		3.2		0.7
Research and development credit	(1.3)		(1.7)		(1.1)
U.S. tax rate change	—		—		(0.6)
U.S. tax reform provision (benefit)	1.3		2.0		(1.4)
Transaction costs related to acquisitions	—		1.0		—
Other, net	—		0.7		0.4
Effective rate	26.0	%	26.9	%	20.6	%

Components of Deferred Tax Assets and Liabilities

Components of deferred tax assets and liabilities were as follows:


	December 31,
In millions	2020		2019
Deferred income tax assets:
Accrued expenses and reserves	$	38.5	$	35.8
Warranty reserve	51.2		46.6
Deferred compensation/employee benefits	42.6		32.3
Right-of-use asset	70.0		63.1
Pension and postretirement obligations	26.4		28.1
Property, plant & equipment	47.8		—
Inventory	45.0		25.8
Net operating loss carry forwards	82.6		95.6
Other	46.6		18.8
Gross deferred income tax assets	450.7		346.1
Valuation allowance	41.7		58.0
Total deferred income tax assets	409.0		288.1
Deferred income tax liabilities:
Property, plant & equipment	—		42.7
Right-of-use liability	69.3		63.1
Intangibles	443.5		235.6
Total deferred income tax liabilities	512.8		341.4
Net deferred income tax liability	$	(103.8)	$	(53.3)

Liability for Income Taxes Associated with Uncertain Tax Positions

A reconciliation of the beginning and ending amount of the liability for income taxes associated with unrecognized tax benefits follows:


In millions	2020		2019		2018
Gross liability for unrecognized tax benefits at beginning of year	$	17.2	$	9.5	$	6.9
Gross increases - unrecognized tax benefits in prior periods	3.8		9.7		5.4
Gross decreases - audit settlement during year	(4.6)		—		—
Gross decreases - expiration of audit statute of limitations	—		(2.0)		(2.8)
Gross liability for unrecognized tax benefits at end of year	$	16.4	$	17.2	$	9.5

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Computation of Earnings Per Share

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


	For the Year Ended December 31,
In millions, except per share data	2020			2019			2018
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$	414.4		$	326.7		$	294.9
Less: dividends declared - common shares and non-vested restricted stock	(92.5)			(80.3)			(46.3)
Undistributed earnings	321.9			246.4			248.6
Percentage allocated to common shareholders (1)	99.7		%	99.7		%	99.7		%
	320.9			245.7			247.9
Add: dividends declared - common shares	92.3			80.0			46.3
Less: dividends declared - preferred shares	—			(0.4)			—
Numerator for basic earnings per common share	$	413.2		$	325.3		$	294.2
Add: dividends declared - preferred shares	—			0.4			—
Numerator for diluted earnings per common share	$	413.2		$	325.3		$	294.2
Denominator
Denominator for basic earnings per common share - weighted average shares	189.9			170.5			96.0
Effect of dilutive securities:
Assumed conversion of preferred shares	—			6.4			—
Assumed conversion of dilutive stock-based compensation plans	0.5			0.4			0.5
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion	190.4			177.3			96.5
Net income per common share attributable to Wabtec shareholders
Basic	$	2.18		$	1.91		$	3.06
Diluted	$	2.17		$	1.84		$	3.05

(1) Basic weighted-average common shares outstanding	189.9			170.5			96.0
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	190.4			171.0			96.3
Percentage allocated to common shareholders	99.7		%	99.7		%	99.7		%

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2020

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 Directors Plan for the years ended December 31:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in millions)
Outstanding at December 31, 2017	983,512	$	32.52	4.0	$	40.1
Granted	82,580	77.54			—
Exercised	(582,303)	28.29			(24.4)
Canceled	(17,112)	69.76			—
Outstanding at December 31, 2018	466,677	$	61.04	5.7	$	4.3
Granted	134,450	70.44			1.0
Exercised	(4,868)	22.45			(0.3)
Canceled	(8,235)	73.00			—
Outstanding at December 31, 2019	588,024	$	63.36	5.7	$	8.5
Granted	136,506	77.75			—
Exercised	(86,145)	35.47			—
Canceled	(85,716)	73.73			—
Outstanding at December 31, 2020	552,669	$	69.82	6.1	$	4.2
Exercisable at December 31, 2020	336,114	$	58.52	5.0	$	3.9

Stock Options Outstanding

Options outstanding at December 31, 2020 were as follows:


	Number of Options	Weighted Average Exercise Price of Options		Weighted Average Remaining Contractual	Number of Options Currently	Weighted Average Exercise Price of Options Currently
Range of exercise prices	Outstanding	Outstanding		Life	Exercisable	Exercisable
Under $35.00	8,876	$	28.70	0.1	8,876	$	28.70
35.00 - 50.00	88,854	41.24		1.6	88,854	41.24
50.00 - 65.00	50,934	59.56		5.5	45,985	61.33
65.00 - 80.00	300,155	74.16		7.8	98,159	46.63
Over 80.00	103,850	90.26		5.5	94,240	88.63
	552,669	$	69.82		336,114	$	58.52

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

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


	For the year ended December 31,
	2020			2019			2018
Dividend yield	0.60		%	0.66		%	0.31		%
Risk-free interest rate	1.5		%	2.6		%	2.8		%
Stock price volatility	28.1		%	25.8		%	23.9		%
Expected life (years)	5.0			5.0			5.0
Weighted average fair value of options granted during the year	$	21.05		$	19.54		$	20.59

Restricted Stock Activity and Incentive Stock Awards Activity


	Restricted Stock and Units	Incentive Stock Awards	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	399,000	327,333	$	78.76
Granted	224,060	175,100	73.76
Vested	(148,644)	(93,312)	81.55
Adjustment for incentive stock awards expected to vest	—	32,996	74.62
Canceled	(29,327)	(26,875)	78.60
Outstanding at December 31, 2018	445,089	415,242	$	75.51
Granted	608,813	259,950	70.61
Vested	(235,406)	(119,835)	71.65
Adjustment for incentive stock awards expected to vest	—	80,403	78.04
Canceled	(27,465)	(63,758)	74.04
Outstanding at December 31, 2019	791,031	572,002	$	73.64
Granted	283,587	250,197	75.68
Vested	(345,859)	(147,069)	77.45
Adjustment for incentive stock awards expected to vest	—	(331,004)	71.32
Canceled	(83,705)	(73,481)	72.83
Outstanding at December 31, 2020	645,054	270,645	$	73.75

OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Components of Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were:


	December 31,
In millions	2020		2019
Foreign currency translation loss	$	(260.2)	$	(308.6)
Unrealized gain (loss) on derivative contracts, net of tax of $0.8 and $0	2.4		(3.3)
Unrealized loss on pension and post-retirement benefit plans, net of tax of $27.0 and $24.7	(81.3)		(70.7)
Total accumulated other comprehensive loss	$	(339.1)	$	(382.6)

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

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 2020 are as follows:


In millions	Foreign currency translation		Derivative contracts		Pension and post retirement benefit plans		Total
Balance at December 31, 2019	$	(308.6)	$	(3.3)	$	(70.7)	$	(382.6)
Other comprehensive income before reclassifications	48.4		5.7		(13.5)		40.6
Amounts reclassified from accumulated other comprehensive income	—		—		2.9		2.9
Net current-period other comprehensive income	48.4		5.7		(10.6)		43.5
Balance at December 31, 2020	$	(260.2)	$	2.4	$	(81.3)	$	(339.1)

The changes in accumulated other comprehensive loss by component, net of tax, for the year-ended December 31, 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 before reclassifications	(106.4)		(3.2)		(18.5)		(128.1)
Amounts reclassified from accumulated other comprehensive income	—		—		2.1		2.1
Net current-period other comprehensive income	(106.4)		(3.2)		(16.4)		(126.0)
Balance at December 31, 2019	$	(308.6)	$	(3.3)	$	(70.7)	$	(382.6)

Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2020 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

(1.5)

Other income (expense), net

Amortization of net loss (gain)

5.4

Other income (expense), net

3.9

Other income (expense), net

(1.0)

Income tax expense

2.9

Net income

Reclassifications out of accumulated other comprehensive loss for the year-ended December 31, 2019 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

(1.5)

Other income (expense), net

Amortization of net loss (gain)

4.4

Other income (expense), net

2.9

Other income (expense), net

(0.8)

Income tax expense

2.1

Net income

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Expense and Lease Term and Discount Rate

The components of lease expense are as follows:


	For the year ended December 31,
In millions	2020		2019
Operating lease expense	$	57.3	$	54.4
Finance lease expense amortization of leased assets	1.2		1.1
Short-term and variable lease expense	0.1		0.6
Sublease income	(0.4)		(0.5)
Total	$	58.2	$	55.6

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


	December 31, 2020		December 31, 2019
Weighted-average remaining lease term (years)
Operating leases	7.4		7.0
Finance leases	4.5		5.2
Weighted-average discount rate
Operating leases	2.7	%	4.6	%
Finance leases	1.4	%	1.4	%

Maturity of Operating Lease Liabilities

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases		Finance Leases		Total
2021	$	56.4	$	0.4	$	56.8
2022	50.1		0.2		50.3
2023	43.4		0.2		43.6
2024	37.9		0.2		38.1
2025	32.4		0.1		32.5
Thereafter	103.6		0.1		103.7
Total lease payments	323.8		1.2		325.0
Less: Present value discount	(29.0)		—		(29.0)
Present value lease liabilities	$	294.8	$	1.2	$	296.0

Maturity of Finance Lease Liabilities

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases		Finance Leases		Total
2021	$	56.4	$	0.4	$	56.8
2022	50.1		0.2		50.3
2023	43.4		0.2		43.6
2024	37.9		0.2		38.1
2025	32.4		0.1		32.5
Thereafter	103.6		0.1		103.7
Total lease payments	323.8		1.2		325.0
Less: Present value discount	(29.0)		—		(29.0)
Present value lease liabilities	$	294.8	$	1.2	$	296.0

WARRANTIES (Tables)

12 Months Ended

Dec. 31, 2020

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	2020		2019
Balance at beginning of year	$	267.7	$	153.7
Acquisitions	4.3		127.8
Warranty expense	130.0		105.5
Warranty claim payments	(131.3)		(118.0)
Foreign currency impact	7.8		(1.3)
Balance at end of year	$	278.5	$	267.7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING (Tables)

12 Months Ended

Dec. 31, 2020

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 December 31, 2020:


	Fair Value				Gross Notional Amount
In millions	Designated		Non-Designated		Designated		Non-Designated
Foreign Exchange Contracts
Other current assets	$	9.2	$	0.5	$	793.6	$	1.3
Other current liabilities	(3.9)		(1.5)		928.0		319.60
Cross-currency Swaps
Other current assets	—		—		—		—
Other current liabilities	(26.0)		—		613.2		—
Total	$	(20.7)	$	(1.0)	$	2,334.8	$	320.9

The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedged discussed in the above sections as of December 31, 2019:


	Fair Value				Gross Notional Amount
In millions	Designated		Non-Designated		Designated		Non-Designated
Foreign Exchange Contracts
Other current assets	$	11.2	$	1.4	$	920.0	$	412.9
Other current liabilities	(9.8)		—		1,184.6		—
Cross-currency Swaps
Other current assets	—		—		—		—
Other current liabilities	(9.4)		—		560.8		—
Total	$	(8.0)	$	1.4	$	2,665.4	$	412.9

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Liabilities Carried at Fair Value Measured on Recurring Basis


		Fair Value Measurements at December 31, 2020 Using
	Total Carrying Value at December 31,	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
In millions	2020	(Level 1)	(Level 2)	(Level 3)
Foreign Exchange Contracts
Other Current Assets	9.7	—	9.7	—
Other Current Liabilities	5.4	—	5.4	—
Cross-Currency Swap Agreement
Other Current Liabilities	26.0	—	26.0	—


		Fair Value Measurements at December 31, 2019 Using
	Total Carrying Value at December 31,	Quoted Prices in Active Markets for Identical Assets	Significant Other Observable Inputs	Significant Unobservable Inputs
In millions	2019	(Level 1)	(Level 2)	(Level 3)
Foreign Exchange Contracts
Other Current Assets	12.6		12.6	—
Other Current Liabilities	9.8		9.8	—
Cross-Currency Swap Agreement
Other Current Liabilities	9.4		9.4	—

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment Financial Information


Segment financial information for 2020 is as follows:
In million	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	5,082.3	$	2,473.8	$	—	$	7,556.1
Intersegment sales/(elimination)	48.6		36.5		(85.1)		—
Total sales	$	5,130.9	$	2,510.3	$	(85.1)	$	7,556.1
Income (loss) from operations	$	583.9	$	229.7	$	(69.1)	$	744.5
Interest expense and other, net	—		—		(187.3)		(187.3)
Income (loss) before income taxes	$	583.9	$	229.7	$	(256.4)	$	557.2
Depreciation and amortization	$	393.9	$	66.7	$	12.7	$	473.3
Capital expenditures	70.4		39.9		26.1		136.4
Segment assets	15,392.8		6,395.0		(3,333.3)		18,454.5


Segment financial information for 2019 is as follows:
In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	5,441.4	$	2,758.6	$	—	$	8,200.0
Intersegment sales/(elimination)	59.6		23.4		(83.0)		—
Total sales	$	5,501.0	$	2,782.0	$	(83.0)	$	8,200.0
Income (loss) from operations	$	642.9	$	214.4	$	(194.2)	$	663.1
Interest expense and other, net	—		—		(216.3)		(216.3)
Income (loss) before income taxes	$	642.9	$	214.4	$	(410.5)	$	446.8
Depreciation and amortization	$	330.4	$	62.2	$	8.8	$	401.4
Capital expenditures	105.1		63.7		16.5		185.3
Segment assets	14,450.9		6,026.0		(1,532.7)		18,944.2


Segment financial information for 2018 is as follows:
In millions	Freight Segment		Transit Segment		Corporate Activities and Elimination		Total
Sales to external customers	$	1,766.4	$	2,597.1	$	—	$	4,363.5
Intersegment sales/(elimination)	52.8		11.3		(64.1)		—
Total sales	$	1,819.2	$	2,608.4	$	(64.1)	$	4,363.5
Income (loss) from operations	$	334.3	$	192.5	$	(53.4)	$	473.4
Interest expense and other, net	—		—		(105.8)		(105.8)
Income (loss) before income taxes	$	334.3	$	192.5	$	(159.2)	$	367.6
Depreciation and amortization	$	41.6	$	62.7	$	5.0	$	109.3
Capital expenditures	$	24.6	$	61.6	$	7.1	$	93.3

Geographic Area Data


	Net Sales						Long-Lived Assets
In millions	2020		2019		2018		2020		2019
United States	$	3,160.7	$	3,381.0	$	1,460.3	$	1,039.7	$	1,089.8
Canada	372.4		733.3		279.0		9.4		13.2
Mexico	187.3		356.6		200.6		22.5		23.7
North America	3,720.4		4,470.9		1,939.9		1,071.6		1,126.7

South America	217.1		217.8		105.7		31.6		40.0

United Kingdom	314.0		376.2		395.8		51.4		55.5
Germany	350.5		340.0		314.7		81.8		77.7
France	251.8		294.3		247.8		58.5		57.7
Italy	172.3		206.3		189.8		31.0		29.3
Switzerland	83.0		88.6		59.8		2.1		1.9
Other Europe	405.1		386.5		354.5		59.8		56.6
Europe	1,576.7		1,691.9		1,562.4		284.6		278.7

India	441.1		504.2		178.5		164.3		159.2
Australia / New Zealand	366.2		300.7		176.2		11.9		12.0
China	225.0		290.4		170.3		30.4		33.4

Other Asia / Middle East	198.9		215.9		167.5		0.5		0.6

Egypt	359.8		227.6		0.6		—		—
Other Africa	138.4		105.8		46.8		4.4		3.8

Russia / CIS	312.5		174.8		15.6		2.3		1.4

Total	$	7,556.1	$	8,200.0	$	4,363.5	$	1,601.6	$	1,655.8

Sales by Product

Net sales by product line are as follows:


In millions	2020		2019		2018
Freight Segment:
Equipment	$	1,531.5	$	1,699.7	$	—
Components	818.7		1,073.5		1,169.1
Digital Electronics	664.0		677.1		474.1
Services	2,068.1		1,991.1		123.2
Total Freight Segment sales	$	5,082.3	$	5,441.4	$	1,766.4

Transit Segment:
Original Equipment Manufacturer	1,138.6		1,286.6		1,194.0
Aftermarket	1,335.2		1,472.0		1,403.1
Total Transit Segment sales	$	2,473.8	$	2,758.6	$	2,597.1

OTHER INCOME, NET (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Components of Other (Expense) Income

The components of other income, net are as follows:


	For the year ended December 31,
In millions	2020		2019		2018
Foreign currency loss	$	(8.2)	$	(13.5)	$	(5.7)
Equity income	9.7		8.1		1.9
Expected return on pension assets/amortization	10.0		9.9		9.0
Other miscellaneous (expense) income	0.1		(1.7)		1.2
Total other income, net	$	11.6	$	2.8	$	6.4

BUSINESS - Narrative (Details)	12 Months Ended
BUSINESS - Narrative (Details)	Dec. 31, 2020 country
Product Information [Line Items]
Number of countries company operates (more than)	50
Number of countries where product found (more than)	100
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk \| Non-US
Product Information [Line Items]
Revenues from customers outside the U.S. (as a percent)	58.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 36,500,000	$ 19,900,000
Equity method investments	100,000,000.0	95,200,000
Foreign currency gain (loss)	(8,200,000)	(13,500,000)	$ (5,700,000)
Maximum recurring transfer				$ 150,000,000.0
Accounts receivable	969,300,000	1,149,900,000
Deferred pre-production costs	$ 87,000,000.0	$ 88,000,000.0
Preferred stock, shares authorized (in shares)	1,000,000.0	1,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Collateral Pledged
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable	$ 114,000,000.0
Unbilled receivables	$ 19,700,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Performance Obligation (Details) $ in Billions	Dec. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 20.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized over next 12 months	25.00%
Performance obligation, term	12 months

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Receivables Sold (Details) $ in Millions	3 Months Ended
	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Gross receivables sold/cash proceeds received	$ 852.1
Collections reinvested under revolving agreement	779.4
Net cash proceeds (remitted) received	$ 72.7

ACQUISITIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Sep. 12, 2019	Aug. 09, 2019	Feb. 25, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	May 06, 2019	Apr. 30, 2019	Feb. 22, 2019
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)				188,900,000	191,700,000
Preferred stock, shares outstanding (in shares)				0	0
Acquisition payments				$ 40.9	$ 10,115.7	$ 58.9
Common stock, shares issued (in shares)				226,900,000	226,900,000
Preferred stock, shares issued (in shares)				0	0
Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)							3,515,500
General Electric Company
Business Acquisition [Line Items]
Acquisition payments					$ 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
GE Transportation
Business Acquisition [Line Items]
Consideration transferred			$ 2,875.0
Acquisition payments			470.0	$ 115.4
Business combination, consideration transferred			$ 10,300.0
Purchase price per share (in euros per share)									$ 73.36
Change in estimated fair values for assets acquired				$ 47.5	$ 63.0
GE Transportation \| General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			9.90%
GE Transportation \| GE and Pre-Merger Holders
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			49.20%
GE Transportation \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Acquisition payments			$ 10.0
GE Transportation \| Convertible Preferred Stock
Business Acquisition [Line Items]
Shares issuable (in shares)			10,000
GE Transportation \| Convertible Preferred Stock \| General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			15.00%
GE Transportation \| General Electric Company \| SpinCo Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)			8,700,000,000
GE Transportation \| General Electric Company \| SpinCo Class A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			15,000
GE Transportation \| General Electric Company \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			10,000
GE Transportation \| General Electric Company \| SpinCo Class C Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			1
GE Transportation \| General Electric Company \| Series A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)							8,780
GE Transportation \| General Electric Company \| Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)							25,300,000
Number of shares issued in transaction (in shares)	2,048,515	16,969,656
GE Transportation \| Pre-merger Wabtec Stockholders
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			50.80%
GE Transportation \| Wabtec \| SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			10,000
General Electric Company
Business Acquisition [Line Items]
Noncontrolling interest acquired			$ 88.3
Other noncurrent liabilities			666.5
General Electric Company \| Customer Contracts
Business Acquisition [Line Items]
Other noncurrent liabilities			$ 524.6
GET Brazil
Business Acquisition [Line Items]
Noncontrolling interest acquired								$ 56.2

ACQUISITIONS - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Feb. 25, 2019
Assets acquired
Goodwill	$ 8,485.2	$ 8,360.6
General Electric Company
Assets acquired
Cash and cash equivalents			$ 177.2
Accounts receivable			541.3
Inventories			1,189.7
Other current assets			71.5
Property, plant, and equipment			1,088.6
Goodwill			5,983.5
Other noncurrent assets			321.2
Total assets acquired			12,608.0
Liabilities assumed
Current liabilities			1,594.2
Contingent consideration			440.0
Other noncurrent liabilities			666.5
Total liabilities assumed			2,700.7
Net assets acquired			9,907.3
Noncontrolling interest			88.3
General Electric Company \| Trade names
Assets acquired
Acquired intangible assets			55.0
General Electric Company \| Customer relationships
Assets acquired
Acquired intangible assets			550.0
General Electric Company \| Intellectual property
Assets acquired
Acquired intangible assets			1,180.0
General Electric Company \| Backlog
Assets acquired
Acquired intangible assets			$ 1,450.0

ACQUISITIONS - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Combinations [Abstract]
Net sales		$ 8,675.6
Gross profit		2,343.3
Net income attributable to Wabtec shareholders		$ 277.2
Diluted earnings per share
As Reported (in dollars per share)	$ 2.17	$ 1.84	$ 3.05
Pro forma (in dollars per share)		$ 1.45

- 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

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+ Details

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid during the year	$ 174.2	$ 193.1	$ 81.8
Income taxes paid during the year, net of amount refunded	128.8	99.5	83.9
Fair value of assets acquired	70.3	12,612.9	91.8
Liabilities assumed	35.0	2,466.3	32.9
Non-controlling interest (acquired) assumed	(5.6)	30.9	0.0
Stock and cash paid	40.9	10,115.7	58.9
Less: Cash acquired	0.6	179.6	7.7
Stock used for acquisition	0.0	6,939.7	0.0
Net cash paid	$ 40.3	$ 2,996.4	$ 51.2

INVENTORIES - Components of Inventory, Net of Reserves (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 669.4	$ 786.4
Work-in-progress	339.4	374.0
Finished goods	633.3	612.7
Total inventories	$ 1,642.1	$ 1,773.1

PROPERTY, PLANT & EQUIPMENT - Major Classes of Depreciable Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,474.6	$ 1,363.8
Buildings and improvements	801.1	774.2
Land and improvements	97.6	78.0
Property, plant and equipment	2,373.3	2,216.0
Less: accumulated depreciation	(771.7)	(560.2)
Property, plant and equipment, net	$ 1,601.6	$ 1,655.8

PROPERTY, PLANT & EQUIPMENT - Estimated Useful Lives of Property Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Land improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	10 years
Land improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Building and improvements \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Building and improvements \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	40 years
Machinery and equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	3 years
Machinery and equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	15 years

PROPERTY, PLANT & EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 183.1	$ 157.8	$ 66.4

INTANGIBLES - Change in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Goodwill [Roll Forward]
Balance beginning of period	$ 8,360.6
Additions	2.1
Disposals	(5.6)
Foreign currency impact	128.1
Balance end of period	8,485.2
Freight Segment
Goodwill [Roll Forward]
Balance beginning of period	6,876.6
Additions	2.1
Disposals	(5.6)
Foreign currency impact	(0.9)
Balance end of period	6,872.2
Transit Segment
Goodwill [Roll Forward]
Balance beginning of period	1,484.0
Additions	0.0
Disposals	0.0
Foreign currency impact	129.0
Balance end of period	$ 1,613.0

INTANGIBLES - Narrative (Details) $ in Millions	12 Months Ended
INTANGIBLES - Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Intangible Assets Disclosure [Line Items]
Trade names	$ 650.7	$ 623.1
Intangible assets, amortization expense	$ 282.4	$ 238.4	$ 39.8
Valuation Technique, Discounted Cash Flow
Intangible Assets Disclosure [Line Items]
Goodwill impairment test, weight of approach	0.75
Valuation, Market Approach
Intangible Assets Disclosure [Line Items]
Goodwill impairment test, weight of approach	0.25
Trade names
Intangible Assets Disclosure [Line Items]
Useful life (in years)	5 years
Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	13 years
Intellectual property
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	12 years
Customer relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	17 years
Other intangible assets
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	8 years

INTANGIBLES - Intangible Assets Other Than Goodwill and Trademarks (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 3,218.5	$ 3,480.9
Intellectual property, patents, and other intangibles, net of accumulated amortization of $222.8 and $123.8
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,007.6	1,108.9
Intangible assets, accumulated amortization	222.8	123.8
Backlog, net of accumulated amortization of $205.9 and $92.0
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,224.7	1,342.1
Intangible assets, accumulated amortization	205.9	92.0
Customer relationships, net of accumulated amortization of $276.3 and $212.9
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	986.2	1,029.9
Intangible assets, accumulated amortization	$ 276.3	$ 212.9

INTANGIBLES - Estimated Amortization Expense Five Succeeding Years (Details) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 278.1
2022	277.6
2023	277.2
2024	267.6
2025	$ 265.0

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Noncurrent contract assets	$ 101.0	$ 109.4
Noncurrent contract liabilities	79.6	77.0
Provisions for loss contracts	$ 108.9	$ 118.5

CONTRACT ASSETS AND CONTRACT LIABILITIES - Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract Assets
Balance at beginning of year	$ 623.4	$ 345.6
Acquisitions	4.1	237.5
Recognized in current year	849.7	619.3
Reclassified to accounts receivable	(950.4)	(578.6)
Foreign currency impact	17.4	(0.4)
Balance at end of year	544.2	623.4
Contract Liabilities
Balance at beginning of year	799.7	444.8
Acquisitions	6.9	333.9
Recognized in current year	871.9	917.5
Amounts in beginning balance reclassified to revenue	(532.4)	(410.6)
Current year amounts reclassified to revenue	(325.7)	(483.5)
Foreign currency impact	10.8	(2.4)
Balance at end of year	$ 831.2	$ 799.7

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jun. 29, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total	$ 4,239.4		$ 4,429.3
Current portion of long-term debt	447.2		95.7
Long-term debt	3,792.2		4,333.6
Fair Value
Debt Instrument [Line Items]
Total	4,667.6		4,655.4
Current portion of long-term debt	447.2		95.7
Long-term debt	4,220.4		4,559.7
Other Borrowings
Debt Instrument [Line Items]
Total	113.2		32.4
Other Borrowings \| Fair Value
Debt Instrument [Line Items]
Total	$ 113.1		32.4
U.S. Dollar-Denominated Term Loans \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)	2.20%
Total	$ 645.1		684.7
Unamortized debt issuance cost	0.9		1.1
U.S. Dollar-Denominated Term Loans \| Line of Credit \| Revolving Credit Facility \| Fair Value
Debt Instrument [Line Items]
Total	$ 645.1		684.7
Multi-Currency Revolving Loan Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)	0.00%
Total	$ 0.0		231.5
Unamortized debt issuance cost	0.8		0.9
Multi-Currency Revolving Loan Facility \| Line of Credit \| Revolving Credit Facility \| Fair Value
Debt Instrument [Line Items]
Total	$ 0.0		231.5
Floating Rate Notes due 2021 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	0.00%
Total	$ 0.0		498.0
Unamortized debt issuance cost	0.0		2.0
Floating Rate Notes due 2021 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 0.0		500.0
4.375% Senior Notes, due 2023 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	4.50%
Total	$ 249.3		249.1
Unamortized debt issuance cost	$ 0.7		0.9
Stated interest rate (as a percent)	4.375%
4.375% Senior Notes, due 2023 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 267.0		263.9
4.15% Senior Notes due 2024 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	4.60%
Total	$ 745.7		744.3
Unamortized debt issuance cost	$ 4.3		5.7
Stated interest rate (as a percent)	4.15%
4.15% Senior Notes due 2024 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 817.3		805.5
3.20% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	3.40%
Total	$ 495.6		0.0
Unamortized debt issuance cost	$ 4.4		0.0
Stated interest rate (as a percent)	3.20%	3.20%
3.20% Senior Notes due 2028 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 533.4		0.0
3.45% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	3.50%
Total	$ 748.7		748.5
Unamortized debt issuance cost	$ 1.3		1.5
Stated interest rate (as a percent)	3.45%
3.45% Senior Notes due 2026 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 819.5		759.1
4.70% Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)	5.00%
Total	$ 1,241.8		1,240.8
Unamortized debt issuance cost	$ 8.2		9.3
Stated interest rate (as a percent)	4.70%
4.70% Senior Notes Due 2028 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 1,472.2		$ 1,378.3

LONG-TERM DEBT - Annual Repayment Requirements for Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 447.2
2022	311.1
2023	249.3
2024	745.7
2025	495.6
Thereafter	1,990.5
Total	$ 4,239.4	$ 4,429.3

LONG-TERM DEBT - Narrative (Details) - USD ($)			12 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Jun. 29, 2020	Apr. 10, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 08, 2018
Debt Instrument [Line Items]
Total unamortized debt issuance costs			$ 20,500,000	$ 21,300,000
Weighted average interest rate on variable rate debt			2.30%
Long-term debt			$ 4,239,400,000	4,429,300,000
Letters of credit outstanding			736,600,000	714,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			144,000,000.0
2018 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,200,000,000.0
Senior Notes
Debt Instrument [Line Items]
Debt issuance face value (as a percent)			100.00%
Senior Notes \| 4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term debt			$ 249,300,000	249,100,000
Stated interest rate (as a percent)			4.375%
Senior Notes \| 4.15% Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt			$ 745,700,000	744,300,000
Stated interest rate (as a percent)			4.15%
Senior Notes \| 3.20% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt			$ 495,600,000	0
Stated interest rate (as a percent)	3.20%		3.20%
Debt issuance face value (as a percent)	99.892%
Debt instrument, face amount	$ 500,000,000.0
Debt issuance costs, gross	$ 1,500,000
Senior Notes \| 3.45% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt			$ 748,700,000	748,500,000
Stated interest rate (as a percent)			3.45%
Senior Notes \| 4.70% Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt			$ 1,241,800,000	$ 1,240,800,000
Stated interest rate (as a percent)			4.70%
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000
Debt instrument, term		364 days
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 144,000,000.0
Letters of credit outstanding			$ 0
Line of Credit \| 2018 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,200,000,000.0
Letters of credit outstanding			$ 19,100,000
Line of Credit \| 2018 Refinancing Credit Agreement \| Swing Line Sub Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					75,000,000.0
Line of Credit \| 2018 Refinancing Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 450,000,000.0
Line of Credit \| Term Loan
Debt Instrument [Line Items]
Long-term debt		$ 456,000,000.0

LONG-TERM DEBT - Interest Coverage Ratio & Leverage Ratio (Details) - 2018 Refinancing Credit Agreement	12 Months Ended
	Dec. 31, 2020
Debt Instrument [Line Items]
Interest Coverage Ratio	3.0
Leverage Ratio	3.25

LONG-TERM DEBT - Schedule of Line of Credit Facilities (Details) - USD ($)	Dec. 31, 2020	Apr. 10, 2020	Dec. 31, 2019	Jun. 08, 2018
Debt Instrument [Line Items]
Letters of Credit Under Credit Agreement	$ 736,600,000		$ 714,000,000.0
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Availability	144,000,000.0
Current Availability	144,000,000.0
Revolving Credit Facility \| 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Maximum Availability	1,200,000,000.0
Current Availability	1,180,900,000
Line of Credit
Debt Instrument [Line Items]
Maximum Availability		$ 600,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Availability		$ 144,000,000.0
Letters of Credit Under Credit Agreement	0
Line of Credit \| Revolving Credit Facility \| 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Maximum Availability				$ 1,200,000,000.0
Letters of Credit Under Credit Agreement	$ 19,100,000

EMPLOYEE BENEFIT PLANS - Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019
Change in plan assets
Fair value of plan assets at beginning of year	$ 304.1
Fair value of plan assets at end of year	340.7	$ 304.1
Fair value of plan assets	304.1	304.1		$ 340.7	$ 304.1
Amounts recognized in the statement of financial position consist of:
Noncurrent liabilities				(113.5)	(113.0)
United States \| Defined Benefit Pension Plans
Change in projected benefit obligation
Obligation at beginning of year	(41.1)	(39.4)
Service cost	(0.3)	(0.3)	$ (0.3)
Interest cost	(1.1)	(1.5)	(1.3)
Employee contributions	0.0	0.0
Plan settlements and amendments	0.0	0.0
Benefits paid	3.3	3.0
Acquisition	0.0	0.0
Actuarial loss	(3.7)	(2.9)
Effect of currency rate changes	0.0	0.0
Obligation at end of year	(42.9)	(41.1)	(39.4)
Change in plan assets
Fair value of plan assets at beginning of year	34.3	31.9
Actual return on plan assets	3.7	5.3
Employer contributions	1.3	0.0
Employee contributions	0.0	0.0
Benefits paid	(3.3)	(2.9)
Settlements	0.0	0.0
Acquisition	0.0	0.0
Other	0.0	0.0
Effect of currency rate changes	0.0	0.0
Fair value of plan assets at end of year	36.0	34.3	31.9
Fair value of plan assets	36.0	31.9	31.9	36.0	34.3
Benefit obligations	(42.9)	(39.4)	(39.4)	(42.9)	(41.1)
Funded status				(6.9)	(6.8)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets				0.0	0.0
Current liabilities				0.0	0.0
Noncurrent liabilities				(6.9)	(6.9)
Net amount recognized				(6.9)	(6.9)
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of:
Prior service cost				0.0	0.0
Net actuarial loss				(19.4)	(18.8)
Net amount recognized				(19.4)	(18.8)
Foreign Plan \| Defined Benefit Pension Plans
Change in projected benefit obligation
Obligation at beginning of year	(347.3)	(309.2)
Service cost	(3.4)	(2.7)	(2.6)
Interest cost	(5.4)	(7.0)	(7.0)
Employee contributions	(0.5)	(0.5)
Plan settlements and amendments	(2.0)	4.4
Benefits paid	14.1	13.1
Acquisition	0.0	(5.0)
Actuarial loss	(22.4)	(32.4)
Effect of currency rate changes	(17.9)	(8.0)
Obligation at end of year	(384.8)	(347.3)	(309.2)
Change in plan assets
Fair value of plan assets at beginning of year	269.8	239.4
Actual return on plan assets	25.1	23.9
Employer contributions	10.0	9.4
Employee contributions	0.5	0.5
Benefits paid	(14.0)	(13.1)
Settlements	(2.9)	(0.4)
Acquisition	0.0	1.2
Other	4.8	0.0
Effect of currency rate changes	11.4	8.9
Fair value of plan assets at end of year	304.7	269.8	239.4
Fair value of plan assets	304.7	239.4	239.4	304.7	269.8
Benefit obligations	$ (384.8)	$ (309.2)	$ (309.2)	(384.8)	(347.3)
Funded status				(80.1)	(77.5)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets				13.6	11.8
Current liabilities				(2.5)	(2.4)
Noncurrent liabilities				(91.2)	(86.9)
Net amount recognized				(80.1)	(77.5)
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of:
Prior service cost				(1.5)	(1.4)
Net actuarial loss				(89.6)	(78.3)
Net amount recognized				$ (91.1)	$ (79.7)

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Number of shares held on behalf of participants (in shares)	409,104	431,744
Market value of the shares held on behalf of participants	$ 29.9	$ 33.6
United States \| Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Aggregate accumulated benefit obligation	$ 41.8	40.2
United States \| Defined Benefit Pension Plans \| Equity security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	55.00%
United States \| Defined Benefit Pension Plans \| Debt security funds and other
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	45.00%
Foreign Plan \| Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Aggregate accumulated benefit obligation	$ 371.8	$ 336.0
Contribution to the plan	$ 7.3
Foreign Plan \| Defined Benefit Pension Plans \| Equity security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	10.00%
Foreign Plan \| Defined Benefit Pension Plans \| Debt security funds and other
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	22.00%
Foreign Plan \| Defined Benefit Pension Plans \| Other Investments
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	68.00%

EMPLOYEE BENEFIT PLANS - Schedule of U.S. and International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (42.9)	$ (41.1)
Accumulated benefit obligation	(41.8)	(40.2)
Fair value of plan assets	36.0	34.3
Projected benefit obligation	(42.9)	(41.1)
Fair value of plan assets	36.0	34.3
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	(316.0)	(283.1)
Accumulated benefit obligation	(303.9)	(272.6)
Fair value of plan assets	222.4	193.9
Projected benefit obligation	(317.4)	(284.4)
Fair value of plan assets	$ 223.7	$ 195.1

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Costs (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.3	$ 0.3	$ 0.3
Interest cost	1.1	1.5	1.3
Expected return on plan assets	(1.7)	(1.7)	(1.8)
Amortization of initial net obligation and prior service cost	0.0	0.0	0.0
Amortization of net loss	1.0	0.8	1.0
Settlement and curtailment losses recognized	0.0	0.0	0.0
Net periodic benefit cost	0.7	0.9	0.8
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3.4	2.7	2.6
Interest cost	5.4	7.0	7.0
Expected return on plan assets	(11.5)	(11.8)	(13.5)
Amortization of initial net obligation and prior service cost	0.1	0.1	0.0
Amortization of net loss	3.2	2.5	2.1
Settlement and curtailment losses recognized	0.1	0.0	3.1
Net periodic benefit cost	$ 0.7	$ 0.5	$ 1.3

EMPLOYEE BENEFIT PLANS - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - Defined Benefit Pension Plans $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
United States
Defined Benefit Plan Disclosure [Line Items]
Net loss arising during the year	$ (1.6)
Effect of exchange rates	0.0
Amortization or curtailment recognition of prior service cost	0.0
Amortization or settlement recognition of net loss	1.0
Total recognized in other comprehensive income	(0.6)
Total recognized in net periodic benefit cost and other comprehensive income	1.3
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Net loss arising during the year	(10.7)
Effect of exchange rates	(4.0)
Amortization or curtailment recognition of prior service cost	0.1
Amortization or settlement recognition of net loss	3.2
Total recognized in other comprehensive income	(11.4)
Total recognized in net periodic benefit cost and other comprehensive income	$ 12.1

EMPLOYEE BENEFIT PLANS - Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation (Details) - Defined Benefit Pension Plans	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	2.47%	3.27%	4.30%
Expected return on plan assets (as a percent)	5.35%	5.35%	5.15%
Rate of compensation increase (as a percent)	3.00%	3.00%	3.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate (as a percent)	1.39%	1.84%	2.53%
Expected return on plan assets (as a percent)	4.43%	5.01%	5.10%
Rate of compensation increase (as a percent)	2.65%	2.64%	2.61%

EMPLOYEE BENEFIT PLANS - Amounts Included in Other Comprehensive Loss That are Expected to be Recognized as Components of Periodic Benefit Costs (Details) - Defined Benefit Pension Plans $ in Millions	Dec. 31, 2020 USD ($)
United States
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	$ 0.0
Net actuarial loss	1.1
Total recognized in net periodic benefit cost and other comprehensive (loss) income	1.1
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	0.1
Net actuarial loss	3.5
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$ 3.6

EMPLOYEE BENEFIT PLANS - Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 340.7	$ 304.1
United States \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36.0	34.3	$ 31.9
United States \| Defined Benefit Pension Plans \| Equity security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18.6	16.4
United States \| Defined Benefit Pension Plans \| Debt security funds and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15.8	16.3
United States \| Defined Benefit Pension Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.6	1.6
Foreign Plan \| Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	304.7	269.8	$ 239.4
Foreign Plan \| Defined Benefit Pension Plans \| Equity security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	74.3	70.8
Foreign Plan \| Defined Benefit Pension Plans \| Debt security funds and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	213.8	191.3
Foreign Plan \| Defined Benefit Pension Plans \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 16.6	$ 7.7

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

EMPLOYEE BENEFIT PLANS - Schedule of Pension Plan Assets Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 340.7	$ 304.1
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.1	4.9
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	60.7	51.5
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	264.0	243.1
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	10.0	4.6
Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18.6	16.4
Equity \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	18.6	16.4
Equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Debt Securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15.8	16.3
Debt Securities and other \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Debt Securities and other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.2	3.5
Debt Securities and other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9.6	12.8
Debt Securities and other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.5	1.5
Cash and cash equivalents \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.5	1.5
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	75.0	70.8
Equity \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6.1	4.9
Equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	22.1	19.9
Equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	46.9	46.0
Equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Debt Securities and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	198.1	182.4
Debt Securities and other \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Debt Securities and other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3.2	3.1
Debt Securities and other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	194.9	179.2
Debt Securities and other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Insurance Contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14.8	8.9
Insurance Contracts \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Insurance Contracts \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Insurance Contracts \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4.8	4.3
Insurance Contracts \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	10.0	4.6
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	16.8	7.8
Cash and cash equivalents \| NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	9.0	7.0
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7.8	0.7
Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0.0	$ 0.0

EMPLOYEE BENEFIT PLANS - Schedule of Reconciliation of Level 3 Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 304.1
Fair value of plan assets at end of year	340.7	$ 304.1
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	4.6
Fair value of plan assets at end of year	10.0	4.6
Defined Benefit Pension Plans \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	4.6	9.9
Net purchases, issuances, and settlements	0.0	0.2
Actual return on plan assets	1.9	0.3
Transfers	5.1	(5.8)
Effect of currency rate changes	0.4	0.0
Fair value of plan assets at end of year	$ 12.0	$ 4.6

- Definition

+ References + Details

EMPLOYEE BENEFIT PLANS - Benefit Payments Expected to be Paid to Plan Participants (Details) - Defined Benefit Pension Plans $ in Millions	Dec. 31, 2020 USD ($)
United States
Defined Benefit Plan Disclosure [Line Items]
2021	$ 3.0
2022	3.1
2023	3.0
2024	2.9
2025	2.9
2026 through 2030	12.6
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
2021	13.7
2022	14.2
2023	14.8
2024	15.4
2025	15.5
2026 through 2030	$ 84.6

EMPLOYEE BENEFIT PLANS - Costs Recognized Under Defined Contribution Plans and Multiemployer Pension Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Multi-employer pension and health & welfare plans	$ 0.2	$ 0.9	$ 1.0
401(k) savings and other defined contribution plans	54.6	55.7	27.9
Total	$ 54.8	$ 56.6	$ 28.9

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Valuation allowance	$ 41.7	$ 58.0
Net operating loss carry-forwards	312.6
Unrecognized tax benefits	16.4	17.2	$ 9.5	$ 6.9
Unrecognized tax benefits if recognized that would affect effective tax rate	14.8
Accrued interest	4.5	$ 4.0
Unrecognized tax benefits subject to change within the next 12 months	$ 6.2

INCOME TAXES - Components of Income from Operations before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 78.0	$ 117.9	$ 145.1
Foreign	479.2	328.9	222.5
Income before income taxes	$ 557.2	$ 446.8	$ 367.6

INCOME TAXES - Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current taxes
Federal	$ 6.1	$ 5.7	$ 6.9
State	17.0	0.5	5.8
Foreign	92.4	141.4	68.5
Current taxes	115.5	147.6	81.2
Deferred taxes
Federal	36.1	19.8	4.7
State	(1.4)	2.9	1.3
Foreign	(5.3)	(50.0)	(11.3)
Deferred taxes	29.4	(27.3)	(5.3)
Total provision	$ 144.9	$ 120.3	$ 75.9

INCOME TAXES - Reconciliation of Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes	2.60%	0.70%	1.60%
Foreign	2.40%	3.20%	0.70%
Research and development credit	(1.30%)	(1.70%)	(1.10%)
U.S. tax rate change	0.00%	0.00%	(0.60%)
U.S. tax reform provision (benefit)	1.30%	2.00%	(1.40%)
Transaction costs related to acquisitions	0.00%	1.00%	0.00%
Other, net	0.00%	0.70%	0.40%
Effective rate	26.00%	26.90%	20.60%

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Accrued expenses and reserves	$ 38.5	$ 35.8
Warranty reserve	51.2	46.6
Deferred compensation/employee benefits	42.6	32.3
Right-of-use asset	70.0	63.1
Pension and postretirement obligations	26.4	28.1
Property, plant & equipment	47.8	0.0
Inventory	45.0	25.8
Net operating loss carry forwards	82.6	95.6
Other	46.6	18.8
Gross deferred income tax assets	450.7	346.1
Valuation allowance	41.7	58.0
Total deferred income tax assets	409.0	288.1
Deferred income tax liabilities:
Property, plant & equipment	0.0	42.7
Right-of-use liability	69.3	63.1
Intangibles	443.5	235.6
Total deferred income tax liabilities	512.8	341.4
Total deferred income tax liabilities	$ (103.8)	$ (53.3)

INCOME TAXES - Liability for Income Taxes Associated with Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Gross liability for unrecognized tax benefits at beginning of year	$ 17.2	$ 9.5	$ 6.9
Gross increases - unrecognized tax benefits in prior periods	3.8	9.7	5.4
Gross decreases - audit settlement during year	(4.6)	0.0	0.0
Gross decreases - expiration of audit statute of limitations	0.0	(2.0)	(2.8)
Gross liability for unrecognized tax benefits at end of year	$ 16.4	$ 17.2	$ 9.5

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator
Net income attributable to Wabtec shareholders	$ 414.4	$ 326.7	$ 294.9
Less: dividends declared - common shares and non-vested restricted stock	(92.5)	(80.3)	(46.3)
Undistributed earnings	$ 321.9	$ 246.4	$ 248.6
Percentage allocated to common shareholders (as a percent)	99.70%	99.70%	99.70%
Undistributed earnings allocated to common shareholders	$ 320.9	$ 245.7	$ 247.9
Add: dividends declared - common shares	92.3	80.0	46.3
Dividends declared - preferred shares	0.0	(0.4)	0.0
Numerator for basic earnings per common share	413.2	325.3	294.2
Numerator for diluted earnings per common share	$ 413.2	$ 325.3	$ 294.2
Denominator
Basic weighted average shares outstanding (in shares)	189.9	170.5	96.0
Assumed conversion of preferred shares (in shares)	0.0	6.4	0.0
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.5	0.4	0.5
Denominator for diluted earnings per common shares - adjusted weighted average shares and assumed conversion (in shares)	190.4	177.3	96.5
Net income per common share attributable to Wabtec shareholders
Basic (in dollars per share)	$ 2.18	$ 1.91	$ 3.06
Diluted (in dollars per share)	$ 2.17	$ 1.84	$ 3.05
Basic weighted average common shares outstanding and non rested restricted stock expected to vest (in shares)	190.4	171.0	96.3

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings Per Share [Abstract]
Shares not included in computation of diluted earnings per share	403	312	135

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 19.5	$ 50.0	$ 25.3
Tax benefits related to stock-based compensation plans			1.8	$ 1.4	$ 6.3
Unamortized compensation expense expected to be vested			$ 31.9
Unamortized compensation expense expected to be vested, period for recognition			1 year 4 months 24 days
Risk-free interest rate, year			7 years
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 2.4
Non-Vested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			17.2
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 4.7
Incentive Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Stock-based compensation expense			$ 6.0
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			41.00%
Incentive Stock Awards \| 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	100.00%	0.00%
Incentive Stock Awards \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			0.00%
Incentive Stock Awards \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			200.00%
Plan 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			1,870,396
Plan 2011 \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Plan term, years			10 years
Plan 2011 \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued			933,033
Stock-based compensation expense			$ 1.2
Directors Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for grants			1,000,000
Award vesting period			3 years
Plan term, years			10 years
Directors Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			1 year
Shares issued			23,152	15,729	12,960
Directors Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			1 year
Plan 2000 \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Plan term, years			10 years
Plan 2000 \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years

STOCK-BASED COMPENSATION PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Options
Outstanding, beginning of period (in shares)	588,024	466,677	983,512
Granted (in shares)	136,506	134,450	82,580
Exercised (in shares)	(86,145)	(4,868)	(582,303)
Canceled (in shares)	(85,716)	(8,235)	(17,112)
Outstanding, end of period (in shares)	552,669	588,024	466,677	983,512
Exercisable, end of period (in shares)	336,114
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 63.36	$ 61.04	$ 32.52
Granted (in dollars per share)	77.75	70.44	77.54
Exercised (in dollars per share)	35.47	22.45	28.29
Canceled (in dollars per share)	73.73	73.00	69.76
Outstanding, end of period (in dollars per share)	69.82	$ 63.36	$ 61.04	$ 32.52
Exercisable, end of period (in dollars per share)	$ 58.52
Weighted Average Remaining Contractual Life
Outstanding (in years)	6 years 1 month 6 days	5 years 8 months 12 days	5 years 8 months 12 days	4 years
Exercisable, end of period (in years)	5 years
Aggregate Intrinsic Value
Outstanding, beginning of period	$ 8.5	$ 4.3	$ 40.1
Granted	0.0	1.0	0.0
Exercised	0.0	(0.3)	(24.4)
Canceled	0.0	0.0	0.0
Outstanding, end of period	4.2	$ 8.5	$ 4.3	$ 40.1
Exercisable, end of period	$ 3.9

STOCK-BASED COMPENSATION PLANS - Stock Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Number of options outstanding (in shares) \| shares	552,669
Weighted average exercise price of options outstanding (in dollars per share)	$ 69.82
Number of options currently exercisable (in shares) \| shares	336,114
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 58.52
Under $35.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, high range (in dollars per share)	$ 35.00
Number of options outstanding (in shares) \| shares	8,876
Weighted average exercise price of options outstanding (in dollars per share)	$ 28.70
Weighted average remaining contractual life (in years)	1 month 6 days
Number of options currently exercisable (in shares) \| shares	8,876
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 28.70
35.00 - 50.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, high range (in dollars per share)	35.00
Exercise price, low range (in dollars per share)	$ 50.00
Number of options outstanding (in shares) \| shares	88,854
Weighted average exercise price of options outstanding (in dollars per share)	$ 41.24
Weighted average remaining contractual life (in years)	1 year 7 months 6 days
Number of options currently exercisable (in shares) \| shares	88,854
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 41.24
50.00 - 65.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, high range (in dollars per share)	50.00
Exercise price, low range (in dollars per share)	$ 65.00
Number of options outstanding (in shares) \| shares	50,934
Weighted average exercise price of options outstanding (in dollars per share)	$ 59.56
Weighted average remaining contractual life (in years)	5 years 6 months
Number of options currently exercisable (in shares) \| shares	45,985
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 61.33
65.00 - 80.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, high range (in dollars per share)	65.00
Exercise price, low range (in dollars per share)	$ 80.00
Number of options outstanding (in shares) \| shares	300,155
Weighted average exercise price of options outstanding (in dollars per share)	$ 74.16
Weighted average remaining contractual life (in years)	7 years 9 months 18 days
Number of options currently exercisable (in shares) \| shares	98,159
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 46.63
Over 80.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, low range (in dollars per share)	$ 80.00
Number of options outstanding (in shares) \| shares	103,850
Weighted average exercise price of options outstanding (in dollars per share)	$ 90.26
Weighted average remaining contractual life (in years)	5 years 6 months
Number of options currently exercisable (in shares) \| shares	94,240
Weighted average exercise price of options currently exercisable (in dollars per share)	$ 88.63

STOCK-BASED COMPENSATION PLANS - Schedule of Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Dividend yield (as a percent)	0.60%	0.66%	0.31%
Risk-free interest rate (as a percent)	1.50%	2.60%	2.80%
Stock price volatility (as a percent)	28.10%	25.80%	23.90%
Expected life (years)	5 years	5 years	5 years
Weighted average fair value of options granted during the year (in dollars per share)	$ 21.05	$ 19.54	$ 20.59

STOCK-BASED COMPENSATION PLANS - Restricted Stock Activity and Incentive Stock Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
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)	$ 73.64	$ 75.51	$ 78.76
Granted (in dollars per share)	75.68	70.61	73.76
Vested (in dollars per share)	77.45	71.65	81.55
Adjustment for incentive stock awards expected to vest (in dollars per share)	71.32	78.04	74.62
Canceled (in dollars per share)	72.83	74.04	78.60
Outstanding, end of period (in dollars per share)	$ 73.75	$ 73.64	$ 75.51
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)	791,031	445,089	399,000
Granted (in shares)	283,587	608,813	224,060
Vested (in shares)	(345,859)	(235,406)	(148,644)
Adjustment for incentive stock awards expected to vest (in shares)	0	0	0
Canceled (in shares)	(83,705)	(27,465)	(29,327)
Outstanding, end of period (in shares)	645,054	791,031	445,089
Incentive Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	572,002	415,242	327,333
Granted (in shares)	250,197	259,950	175,100
Vested (in shares)	(147,069)	(119,835)	(93,312)
Adjustment for incentive stock awards expected to vest (in shares)	(331,004)	80,403	32,996
Canceled (in shares)	(73,481)	(63,758)	(26,875)
Outstanding, end of period (in shares)	270,645	572,002	415,242

OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Total accumulated other comprehensive loss	$ 10,152.7	$ 9,993.6	$ 2,869.1	$ 2,828.6
Foreign currency translation
Statement of Financial Position [Abstract]
Total accumulated other comprehensive loss	(260.2)	(308.6)	(202.2)
Derivative contracts
Statement of Financial Position [Abstract]
Total accumulated other comprehensive loss	2.4	(3.3)	(0.1)
AOCI including portion attributable to noncontrolling interest, tax	0.8	0.0
Pension and post retirement benefit plans
Statement of Financial Position [Abstract]
Total accumulated other comprehensive loss	(81.3)	(70.7)	(54.3)
AOCI including portion attributable to noncontrolling interest, tax	27.0	24.7
Accumulated Other Comprehensive Loss
Statement of Financial Position [Abstract]
Total accumulated other comprehensive loss	$ (339.1)	$ (382.6)	$ (256.6)	$ (45.0)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

OTHER COMPREHENSIVE LOSS - Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	$ 9,993.6	$ 2,869.1
Other comprehensive income before reclassifications	40.6	(128.1)
Amounts reclassified from accumulated other comprehensive income	2.9	2.1
Net current-period other comprehensive income	43.5	(126.0)
Balance end of period	10,152.7	9,993.6
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(308.6)	(202.2)
Other comprehensive income before reclassifications	48.4	(106.4)
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Net current-period other comprehensive income	48.4	(106.4)
Balance end of period	(260.2)	(308.6)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(3.3)	(0.1)
Other comprehensive income before reclassifications	5.7	(3.2)
Amounts reclassified from accumulated other comprehensive income	0.0	0.0
Net current-period other comprehensive income	5.7	(3.2)
Balance end of period	2.4	(3.3)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(70.7)	(54.3)
Other comprehensive income before reclassifications	(13.5)	(18.5)
Amounts reclassified from accumulated other comprehensive income	2.9	2.1
Net current-period other comprehensive income	(10.6)	(16.4)
Balance end of period	(81.3)	(70.7)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(382.6)	(256.6)
Balance end of period	$ (339.1)	$ (382.6)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

OTHER COMPREHENSIVE LOSS - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income tax expense	$ (144.9)	$ (120.3)	$ (75.9)
Net income	414.4	326.7	$ 294.9
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	(1.5)	(1.5)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net loss (gain)
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	5.4	4.4
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	3.9	2.9
Income tax expense	(1.0)	(0.8)
Net income	$ 2.9	$ 2.1

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

+ Details

LEASES - Narrative (Details)	Dec. 31, 2020
Minimum
Operating Leased Assets [Line Items]
Discount rate (as a percent)	1.00%
Maximum
Operating Leased Assets [Line Items]
Discount rate (as a percent)	12.30%

LEASES - Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
LEASES - Lease Expense (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease expense	$ 57.3	$ 54.4
Finance lease expense amortization of leased assets	1.2	1.1
Short-term and variable lease expense	0.1	0.6
Sublease income	(0.4)	(0.5)
Total	$ 58.2	$ 55.6

LEASES - Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 56.4
2022	50.1
2023	43.4
2024	37.9
2025	32.4
Thereafter	103.6
Total lease payments	323.8
Less: Present value discount	(29.0)
Present value lease liabilities	$ 294.8
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilities
Finance Leases
2021	$ 0.4
2022	0.2
2023	0.2
2024	0.2
2025	0.1
Thereafter	0.1
Total lease payments	1.2
Less: Present value discount	0.0
Present value lease liabilities	1.2
Total
2021	56.8
2022	50.3
2023	43.6
2024	38.1
2025	32.5
Thereafter	103.7
Total lease payments	325.0
Less: Present value discount	(29.0)
Present value lease liabilities	$ 296.0

LEASES - Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted-average remaining lease term (years)
Operating leases	7 years 4 months 24 days	7 years
Finance leases	4 years 6 months	5 years 2 months 12 days
Weighted-average discount rate
Operating leases	2.70%	4.60%
Finance leases	1.40%	1.40%

WARRANTIES - Changes in Product Warranty Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 267.7	$ 153.7
Acquisitions	4.3	127.8
Warranty expense	130.0	105.5
Warranty claim payments	(131.3)	(118.0)
Foreign currency impact	7.8	(1.3)
Balance at end of year	$ 278.5	$ 267.7

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Narrative (Details) - Not Designated as Hedging Instrument - Foreign Exchange Forward $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Derivative [Line Items]
Net gain	$ 0.9
Derivative term (in years)	1 year

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING - Summary of Notional Amounts and Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Designated as Hedging Instrument
Derivative [Line Items]
Total	$ (20.7)	$ (8.0)
Gross Notional Amount	2,334.8	2,665.4
Not Designated as Hedging Instrument
Derivative [Line Items]
Total	(1.0)	1.4
Gross Notional Amount	320.9	412.9
Other current assets \| Designated as Hedging Instrument \| Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	9.2	11.2
Gross Notional Amount	793.6	920.0
Other current assets \| Designated as Hedging Instrument \| Cross-currency Swaps
Derivative [Line Items]
Derivative asset fair value	0.0	0.0
Gross Notional Amount	0.0	0.0
Other current assets \| Not Designated as Hedging Instrument \| Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	0.5	1.4
Gross Notional Amount	1.3	412.9
Other current assets \| Not Designated as Hedging Instrument \| Cross-currency Swaps
Derivative [Line Items]
Derivative asset fair value	0.0	0.0
Gross Notional Amount	0.0	0.0
Other current liabilities \| Designated as Hedging Instrument \| Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	(3.9)	(9.8)
Gross Notional Amount	928.0	1,184.6
Other current liabilities \| Designated as Hedging Instrument \| Cross-currency Swaps
Derivative [Line Items]
Liabilities at fair value	(26.0)	(9.4)
Gross Notional Amount	613.2	560.8
Other current liabilities \| Not Designated as Hedging Instrument \| Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	(1.5)	0.0
Gross Notional Amount	319.6	0.0
Other current liabilities \| Not Designated as Hedging Instrument \| Cross-currency Swaps
Derivative [Line Items]
Liabilities at fair value	0.0	0.0
Gross Notional Amount	$ 0.0	$ 0.0

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Liabilities Carried at Fair Value Measured on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Foreign Exchange Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Assets	$ 9.7	$ 12.6
Other Current Liabilities	5.4	9.8
Cross-Currency Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Liabilities	26.0	9.4
Level 1 \| Foreign Exchange Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Assets	0.0
Other Current Liabilities	0.0
Level 1 \| Cross-Currency Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Liabilities	0.0
Level 2 \| Foreign Exchange Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Assets	9.7	12.6
Other Current Liabilities	5.4	9.8
Level 2 \| Cross-Currency Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Liabilities	26.0	9.4
Level 3 \| Foreign Exchange Contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Assets	0.0	0.0
Other Current Liabilities	0.0	0.0
Level 3 \| Cross-Currency Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other Current Liabilities	$ 0.0	$ 0.0

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Feb. 25, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 218.1	$ 291.8
General Electric Company
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration			$ 440.0
Other Accrued Liabilities \| General Electric Company \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration	$ 130.0

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Sep. 08, 2017 USD ($)	Dec. 31, 2020 claim
Threatened Litigation \| Denver Transit Installation of Constant Wireless Crossings \| Subsidiaries
Loss Contingencies [Line Items]
Alleged damages \| $	$ 36.8
Pending Litigation
Loss Contingencies [Line Items]
Pending litigation cases \| claim		0

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Segment Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total net sales	$ 7,556.1	$ 8,200.0	$ 4,363.5
Income (loss) from operations	744.5	663.1	473.4
Interest expense and other, net	(187.3)	(216.3)	(105.8)
Income (loss) before income taxes	557.2	446.8	367.6
Depreciation and amortization	473.3	401.4	109.3
Capital expenditures	136.4	185.3	93.3
Segment assets	18,454.5	18,944.2
Freight Segment
Segment Reporting Information [Line Items]
Total net sales	5,082.3	5,441.4	1,766.4
Transit Segment
Segment Reporting Information [Line Items]
Total net sales	2,473.8	2,758.6	2,597.1
Operating Segments \| Freight Segment
Segment Reporting Information [Line Items]
Total net sales	5,130.9	5,501.0	1,819.2
Income (loss) from operations	583.9	642.9	334.3
Interest expense and other, net	0.0	0.0	0.0
Income (loss) before income taxes	583.9	642.9	334.3
Depreciation and amortization	393.9	330.4	41.6
Capital expenditures	70.4	105.1	24.6
Segment assets	15,392.8	14,450.9
Operating Segments \| Transit Segment
Segment Reporting Information [Line Items]
Total net sales	2,510.3	2,782.0	2,608.4
Income (loss) from operations	229.7	214.4	192.5
Interest expense and other, net	0.0	0.0	0.0
Income (loss) before income taxes	229.7	214.4	192.5
Depreciation and amortization	66.7	62.2	62.7
Capital expenditures	39.9	63.7	61.6
Segment assets	6,395.0	6,026.0
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total net sales	(85.1)	(83.0)	(64.1)
Income (loss) from operations	(69.1)	(194.2)	(53.4)
Interest expense and other, net	(187.3)	(216.3)	(105.8)
Income (loss) before income taxes	(256.4)	(410.5)	(159.2)
Depreciation and amortization	12.7	8.8	5.0
Capital expenditures	26.1	16.5	7.1
Segment assets	(3,333.3)	(1,532.7)
Corporate Activities and Elimination \| Freight Segment
Segment Reporting Information [Line Items]
Total net sales	48.6	59.6	52.8
Corporate Activities and Elimination \| Transit Segment
Segment Reporting Information [Line Items]
Total net sales	$ 36.5	$ 23.4	$ 11.3

SEGMENT INFORMATION - Geographic Area Data (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	$ 7,556.1	$ 8,200.0	$ 4,363.5
Long-Lived Assets	1,601.6	1,655.8
North America
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	3,720.4	4,470.9	1,939.9
Long-Lived Assets	1,071.6	1,126.7
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	3,160.7	3,381.0	1,460.3
Long-Lived Assets	1,039.7	1,089.8
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	372.4	733.3	279.0
Long-Lived Assets	9.4	13.2
Mexico
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	187.3	356.6	200.6
Long-Lived Assets	22.5	23.7
South America
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	217.1	217.8	105.7
Long-Lived Assets	31.6	40.0
Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	1,576.7	1,691.9	1,562.4
Long-Lived Assets	284.6	278.7
United Kingdom
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	314.0	376.2	395.8
Long-Lived Assets	51.4	55.5
Germany
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	350.5	340.0	314.7
Long-Lived Assets	81.8	77.7
France
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	251.8	294.3	247.8
Long-Lived Assets	58.5	57.7
Italy
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	172.3	206.3	189.8
Long-Lived Assets	31.0	29.3
Switzerland
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	83.0	88.6	59.8
Long-Lived Assets	2.1	1.9
Other Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	405.1	386.5	354.5
Long-Lived Assets	59.8	56.6
India
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	441.1	504.2	178.5
Long-Lived Assets	164.3	159.2
Australia / New Zealand
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	366.2	300.7	176.2
Long-Lived Assets	11.9	12.0
China
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	225.0	290.4	170.3
Long-Lived Assets	30.4	33.4
Other Asia / Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	198.9	215.9	167.5
Long-Lived Assets	0.5	0.6
Egypt
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	359.8	227.6	0.6
Long-Lived Assets	0.0	0.0
Other Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	138.4	105.8	46.8
Long-Lived Assets	4.4	3.8
Russia / CIS
Revenues From External Customers And Long Lived Assets [Line Items]
Total net sales	312.5	174.8	$ 15.6
Long-Lived Assets	$ 2.3	$ 1.4

SEGMENT INFORMATION - Sales by Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue from External Customer [Line Items]
Total sales	$ 7,556.1	$ 8,200.0	$ 4,363.5
Freight Segment
Revenue from External Customer [Line Items]
Total sales	5,082.3	5,441.4	1,766.4
Transit Segment
Revenue from External Customer [Line Items]
Total sales	2,473.8	2,758.6	2,597.1
Equipment \| Freight Segment
Revenue from External Customer [Line Items]
Total sales	1,531.5	1,699.7	0.0
Components \| Freight Segment
Revenue from External Customer [Line Items]
Total sales	818.7	1,073.5	1,169.1
Digital Electronics \| Freight Segment
Revenue from External Customer [Line Items]
Total sales	664.0	677.1	474.1
Services
Revenue from External Customer [Line Items]
Total sales	1,322.8	1,292.1	185.5
Services \| Freight Segment
Revenue from External Customer [Line Items]
Total sales	2,068.1	1,991.1	123.2
Original Equipment Manufacturer \| Transit Segment
Revenue from External Customer [Line Items]
Total sales	1,138.6	1,286.6	1,194.0
Aftermarket \| Transit Segment
Revenue from External Customer [Line Items]
Total sales	$ 1,335.2	$ 1,472.0	$ 1,403.1

OTHER INCOME, NET - Components of Other (Expense) Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Income and Expenses [Abstract]
Foreign currency loss	$ (8.2)	$ (13.5)	$ (5.7)
Equity income	9.7	8.1	1.9
Expected return on pension assets/amortization	10.0	9.9	9.0
Other miscellaneous (expense) income	0.1	(1.7)	1.2
Total other income, net	$ 11.6	$ 2.8	$ 6.4

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 19.9	$ 16.9	$ 12.3
Charged/ (credited) to expense	18.3	7.1	9.5
Charged/(credited) to other accounts	0.2	0.2	(0.4)
Deductions from reserves	1.9	4.3	4.5
Balance at end of period	36.5	19.9	16.9
Valuation allowance-taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	58.0	41.8	25.7
Charged/ (credited) to expense	(16.3)	16.2	27.4
Charged/(credited) to other accounts	0.0	0.0	0.0
Deductions from reserves	0.0	0.0	11.3
Balance at end of period	$ 41.7	$ 58.0	$ 41.8