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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 25, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	WAB
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		96,386,379

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 245,574	$ 233,401
Accounts receivable	835,150	800,619
Unbilled accounts receivable	378,084	366,168
Inventories	863,793	742,634
Other current assets	124,286	122,291
Total current assets	2,446,887	2,265,113
Property, plant and equipment	1,009,198	1,026,046
Accumulated depreciation	(453,364)	(452,074)
Property, plant and equipment, net	555,834	573,972
Other Assets
Goodwill	2,428,591	2,460,103
Other intangibles, net	1,174,400	1,204,432
Other noncurrent assets	71,894	76,360
Total other assets	3,674,885	3,740,895
Total Assets	6,677,606	6,579,980
Current Liabilities
Accounts payable	615,677	552,525
Customer deposits	390,126	369,716
Accrued compensation	163,580	164,210
Accrued warranty	137,064	137,542
Current portion of long-term debt	27,115	47,225
Other accrued liabilities	272,906	302,112
Total current liabilities	1,606,468	1,573,330
Long-term debt	1,857,806	1,823,303
Accrued postretirement and pension benefits	98,742	103,734
Deferred income taxes	155,611	175,902
Accrued warranty	16,778	15,521
Other long-term liabilities	67,573	59,658
Total Liabilities	3,802,978	3,751,448
Commitments and contingencies (Note 15)
Equity
Preferred stock, 1,000,000 shares authorized, no shares issued	0	0
Common stock, $0.01 par value; 200,000,000 shares authorized: xxx shares issued and xxx and 96,034,352 outstanding at June 30, 2018 and December 31, 2017, respectively	1,323	1,323
Additional paid-in capital	910,350	906,616
Treasury stock, at cost, xxx and 36,315,182 shares, at June 30, 2018 and December 31, 2017, respectively	(821,178)	(827,379)
Retained earnings	2,922,986	2,773,300
Accumulated other comprehensive loss	(156,201)	(44,992)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	2,857,280	2,808,868
Noncontrolling interest	17,348	19,664
Total Equity	2,874,628	2,828,532
Total Liabilities and Equity	$ 6,677,606	$ 6,579,980

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	132,349,534	132,349,534
Common stock, shares outstanding (in shares)	96,386,379	96,034,352
Treasury stock, shares (in shares)	35,963,155	36,315,182

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 1,111,680	$ 932,253	$ 2,167,857	$ 1,848,287
Cost of sales	(787,713)	(658,290)	(1,533,009)	(1,304,617)
Gross profit	323,967	273,963	634,848	543,670
Selling, general and administrative expenses	(171,157)	(127,918)	(318,358)	(250,605)
Engineering expenses	(19,388)	(23,338)	(41,437)	(46,802)
Amortization expense	(9,899)	(9,350)	(20,251)	(18,394)
Total operating expenses	(200,444)	(160,606)	(380,046)	(315,801)
Income from operations	123,523	113,357	254,802	227,869
Other income and expenses
Interest expense, net	(31,920)	(17,564)	(52,204)	(37,422)
Other income (expense), net	2,171	936	4,757	5,747
Income from operations before income taxes	93,774	96,729	207,355	196,194
Income tax expense	(10,503)	(24,569)	(36,627)	(52,030)
Net income	83,271	72,160	170,728	144,164
Less: Net loss (gain) attributable to noncontrolling interest	1,145	(135)	2,054	1,750
Net income attributable to Wabtec shareholders	$ 84,416	$ 72,025	$ 172,782	$ 145,914
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.88	$ 0.75	$ 1.80	$ 1.52
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.87	$ 0.75	$ 1.79	$ 1.52
Weighted average shares outstanding
Basic (in shares)	95,992	95,641	95,867	95,370
Diluted (in shares)	96,575	96,284	96,471	96,071

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 84,416	$ 72,025	$ 172,782	$ 145,914
Foreign currency translation (loss) gain	(192,778)	145,684	(114,811)	195,079
Unrealized (loss) gain on derivative contracts	(7,567)	1,686	(5,501)	3,379
Unrealized gain (loss) on pension benefit plans and post-retirement benefit plans	10,665	30	10,235	(3,044)
Other comprehensive (loss) income before tax	(189,680)	147,400	(110,077)	195,414
Income tax expense related to components of other comprehensive income	(537)	(300)	(1,132)	(361)
Other comprehensive (loss) income, net of tax	(190,217)	147,100	(111,209)	195,053
Comprehensive (loss) income attributable to Wabtec shareholders	$ (105,801)	$ 219,125	$ 61,573	$ 340,967

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net income	$ 170,728	$ 144,164
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	53,227	51,051
Stock-based compensation expense	13,983	11,879
Loss on disposal of property, plant and equipment	1,353	525
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(59,979)	(66,544)
Inventories	(116,131)	(48,406)
Accounts payable	59,411	(75,761)
Accrued income taxes	(202)	(23,025)
Accrued liabilities and customer deposits	27,545	86,937
Other assets and liabilities	(82,031)	(94,523)
Net cash provided by (used for) operating activities	67,904	(13,703)
Investing Activities
Purchase of property, plant and equipment	(39,723)	(38,425)
Proceeds from disposal of property, plant and equipment	8,900	471
Acquisitions of businesses, net of cash acquired	(38,277)	(846,675)
Net cash used for investing activities	(69,100)	(884,629)
Financing Activities
Proceeds from debt	591,890	745,035
Payments of debt	(546,394)	(680,145)
Proceeds from exercise of stock options and other benefit plans	6,867	2,679
Payment of income tax withholding on share-based compensation	(6,503)	(6,802)
Cash dividends ($0.12 and $0.20 per share for the six months ended June 30, 2018 and 2017, respectively)	(23,096)	(19,177)
Net cash provided by financing activities	22,764	41,590
Effect of changes in currency exchange rates	(9,395)	42,032
Increase (Decrease) in cash	12,173	(814,710)
Cash, cash equivalents and restricted cash, beginning of period	233,401	1,143,232
Cash and cash equivalents, end of period	$ 245,574	$ 328,522

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Statement of Cash Flows [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.24	$ 0.2

Business	6 Months Ended
Business	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	BUSINESS Westinghouse Air Brake Technologies Corporation (“Wabtec” or the "Company") is one of the world’s largest providers of value-added, technology-based equipment, systems and services for the global passenger transit and freight rail industries. Our highly engineered products 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, 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 31 countries and our products can be found in more than 100 countries throughout the world. In the first six months of 2018, approximately 66% of the Company’s revenues came from customers outside the United States.

Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Accounting Policies

ACCOUNTING POLICIES

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

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

The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2017. The December 31, 2017 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.

Revenue Recognition On January 1, 2018, the Company adopted ASC 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer.

Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. This approach is consistent with our revenue recognition approach in prior years.

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. This approach is consistent with our revenue recognition approach in prior years. 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 quarterly at a minimum and adjustments are reflected in the accounting period as such amounts are determined.

Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” on the consolidated balance sheet. 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. These contract liabilities are classified as current liabilities under the caption “Customer Deposits” on the consolidated balance sheet. 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 $81.2 million and $94.0 million at June 30, 2018 and December 31, 2017, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the consolidated balance sheet.

Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined quarterly estimate-at-completion process where management reviews the progress of long term-projects. 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 quarterly 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. 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 that the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience.

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 $18.7 million and $20.2 million at June 30, 2018 and December 31, 2017, respectively.

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

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

Financial Derivatives and Hedging Activities As part of its risk management strategy, the Company utilizes derivative financial instruments to manage its exposure due to changes in foreign currencies and interest rates. For further information regarding financial derivatives and hedging activities, refer to Footnotes 14 and 15.

Foreign Currency Translation Assets and liabilities of foreign subsidiaries, except for the Company’s Mexican operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings.

Noncontrolling Interests In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on the condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017. Net income attributable to noncontrolling interests was a loss of $1.1 million and income of $0.1 million, for the three months ended June 30, 2018 and 2017, respectively. Net income attributable to noncontrolling interests was a loss of $2.1 million and $1.8 million, for the six months ended June 30, 2018 and 2017, respectively. Other comprehensive income attributable to noncontrolling interests for the three and six months ended June 30, 2018 and 2017 was not material.

Recently Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance is effective for reporting periods beginning after December 15, 2018 and is to be applied retrospectively to each period in which the effect of the Tax Act related to items remaining in AOCI are recognized or at the beginning of the period of adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements.

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

In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. The guidance requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases that will be effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company expects to adopt the requirements of the new standard effective January 1, 2019. The guidance requires the use of a modified retrospective approach. The Company is currently evaluating its lease portfolio to assess the impact to the Consolidated Finance Statements. The Company is in the process of implementing processes and information technology tools to assist in its ongoing lease data collection and analysis, and evaluating its accounting policies and internal controls that would be impacted by the new guidance, to ensure readiness for adoption in the first quarter of 2019.

Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contract with Customers.” The ASU supersedes most of the previous revenue recognition requirements in U.S. GAAP 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. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. The Company adopted this accounting standard update using the modified retrospective method. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet.

In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in this update require the service cost component of net benefit costs to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs are required to be presented in the income statement separately from the service cost component and outside income from operations. This update also allows only the service cost component to be eligible for capitalization when applicable. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. In accordance with this update, the Company began recognizing the interest expense component of net periodic benefit cost in interest expense in the income statement and the expected return on plan assets, net amortization/deferrals, and curtailments in other income (expense), net in the income statement. This update has been applied retrospectively for presentation of the service cost component and other components of net benefit costs in accordance with the ASU and the impact of adoption resulted in increases of $0.3 million, $2.2 million and $2.5 million to selling, general, and administrative expense, interest expense, net and other income, net, respectively, in the income statement for the three months ended June 30, 2017. The impact of adoption resulted in increases of $0.7 million, $4.3 million and $5.0 million to selling, general, and administrative expense, interest expense, net and other income, net, respectively, in the income statement for the six months ended June 30, 2017. Also, the capitalization of the service cost component of net benefit cost has been adopted prospectively in accordance with the ASU.

In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash". The amendments in this update require a statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. This update has been applied retrospectively and as a result restricted cash related to the acquisition of Faiveley Transport is included in the change in cash for the six months ended June 30, 2017.

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

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2018 are as follows:



In thousands	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2017	$	5,063		$	4,015		$	(54,070	)	$	(44,992	)
Other comprehensive income (loss) before reclassifications	(114,811		)	(4,760		)	6,744			(112,827		)
Amounts reclassified from accumulated other
comprehensive income	—			579			1,039			1,618
Net current period other comprehensive income (loss)	(114,811		)	(4,181		)	7,783			(111,209		)
Balance at June 30, 2018	$	(109,748	)	$	(166	)	$	(46,287	)	$	(156,201	)

Reclassifications out of accumulated other comprehensive income (loss) for the three months ended June 30, 2018 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(375	)	Other income (expense), net
Amortization of net loss	1,093			Other income (expense), net
	718			Other income (expense), net
	(198		)	Income tax expense
	$	520		Net income

Derivative contracts
Realized gain on derivative contracts	$	176		Interest expense, net
	(42		)	Income tax expense
	$	134		Net income

Reclassifications out of accumulated other comprehensive income (loss) for the six months ended June 30, 2018 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(751	)	Other income (expense), net
Amortization of net loss	2,186			Other income (expense), net
	1,435			Other income (expense), net
	(396		)	Income tax expense
	$	1,039		Net income

Derivative contracts
Realized gain on derivative contracts	$	855		Interest expense, net
	(276		)	Income tax expense
	$	579		Net income

The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended June 30, 2017 are as follows:



	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2016	$	(321,033	)	$	(2,957	)	$	(55,615	)	$	(379,605	)
Other comprehensive income (loss) before reclassifications	195,079			1,978			(4,029		)	193,028
Amounts reclassified from accumulated other
comprehensive income	—			843			1,184			2,027
Net current period other comprehensive income (loss)	195,079			2,821			(2,845		)	195,055
Balance at June 30, 2017	$	(125,954	)	$	(136	)	$	(58,460	)	$	(184,550	)

Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2017 are as follows:



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

Derivative contracts
Realized gain on derivative contracts	$	566		Interest expense, net
	(149		)	Income tax expense
	$	417		Net income

Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2017 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Operations
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(844	)	Other income (expense), net
Amortization of net loss	2,480			Other income (expense), net
	1,636			Other income (expense), net
	(452		)	Income tax expense
	$	1,184		Net income

Derivative contracts
Realized gain on derivative contracts	$	1,155		Interest expense, net
	(312		)	Income tax expense
	$	843		Net income

Proposed Merger With GE Transportation

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Proposed Merger With GE Transportation

PROPOSED MERGER WITH GE TRANSPORTATION

On May 20, 2018, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with General Electric Company (“GE”), Transportation Systems Holdings Inc. (“SpinCo”), which is a newly formed wholly owned subsidiary of GE, and Wabtec US Rail Holdings, Inc. (“Merger Sub”), which is a newly formed wholly owned subsidiary of the Company. In addition, on May 20, 2018, GE, SpinCo, the Company and Wabtec US Rail Holdings, Inc. (“Direct Sale Purchaser”), entered into the Separation, Distribution and Sale Agreement (the “Separation Agreement”). Together, the Merger Agreement and the Separation Agreement provide for the combination of the Company and GE’s realigned transportation business (“GE Transportation”) through a modified Reverse Morris Trust transaction structure. The transactions contemplated by the Merger Agreement and the Separation Agreement (the “Transactions”) have been approved by the Boards of Directors of both the Company and GE.

In connection with the separation of GE Transportation from the remaining business of GE, GE will conduct an internal reorganization in which the assets and liabilities of GE Transportation will be segregated from the assets and liabilities of GE’s remaining business to prepare for the Transactions. Following this internal reorganization, certain assets of GE Transportation will be sold to Direct Sale Purchaser for a cash payment of $2.9 billion (the "Direct Sale"), and Direct Sale Purchaser will assume certain liabilities of GE Transportation in connection with this purchase. Thereafter, GE will transfer the remaining business and operations of GE Transportation (the “SpinCo Business”) to SpinCo and its subsidiaries (to the extent not already held by SpinCo and its subsidiaries) (the “SpinCo Transfer”), and SpinCo will issue to GE additional shares of SpinCo common stock. Following this issuance of additional SpinCo common stock to GE, GE will hold all of the outstanding SpinCo common stock.

Following the Direct Sale and the SpinCo Transfer and based on market conditions, GE will distribute certain of the shares of SpinCo’s common stock to GE’s stockholders by way of a spin-off or a split-off transaction (the “Distribution”), as determined in GE’s discretion.

In a spin-off, all GE stockholders would receive a pro rata number of shares of SpinCo common stock. In a split-off, GE would offer its stockholders the option to exchange all or a portion of their shares of GE common stock for shares of SpinCo common stock in an exchange offer, resulting in a reduction in GE’s outstanding shares. If the exchange offer is undertaken and consummated but the exchange offer is not fully subscribed because less than all shares of SpinCo common stock available for distribution by GE are exchanged, the remaining shares of SpinCo common stock available for distribution by GE would be distributed on a pro rata basis to GE stockholders whose shares of GE common stock remain outstanding after the consummation of the exchange offer.

Immediately after the Distribution and on the closing date of the merger, Merger Sub will merge with and into SpinCo, whereby the separate corporate existence of Merger Sub will cease and SpinCo will continue as the surviving company and a wholly owned subsidiary of the Company. In the Merger, subject to adjustment in accordance with the Merger Agreement, each share of SpinCo common stock will be converted into the right to receive a number of shares of the Company’s common stock based on the exchange ratio set forth in the Merger Agreement.

Immediately after the consummation of the Merger, 50.1% of the outstanding shares of the Company’s common stock on a fully diluted basis will be held collectively by GE and pre-Merger holders of GE common stock (with approximately 9.9% of the outstanding shares of the Company’s common stock expected to be held by GE) and 49.9% of the outstanding shares of the Company’s common stock on a fully diluted basis will be held by pre-Merger stockholders of the Company. Pursuant to certain agreements to be entered into in connection with the Transactions, GE will be obligated to sell a number of its shares of the Company’s common stock within two years of the date of the Distribution and, subject to limited exceptions, to sell all of its shares of the Company’s common stock within three years of the closing date of the Merger.

Subject to adjustment under certain circumstances as set forth in the Merger Agreement, the Company will issue the requisite shares of the Company’s common stock in the Merger. Based upon the reported closing sale price of $103.85 per share for the Company’s common stock on the NYSE on July 18, 2018, the total value of the shares of the Company’s common stock to be issued by the Company in the merger would be approximately $10,184 million and the cash to be received by GE in the transactions, including in respect of the Direct Sale, would be approximately $3,370 million. The actual value of the Company’s common stock to be issued in the Merger will depend on the market price of shares of the Company’s common stock at the time of the Merger.

After the Merger, the Company will own and operate the SpinCo Business and the assets acquired in the Direct Sale. It is anticipated that SpinCo, which will be the Company’s wholly owned subsidiary, will hold the SpinCo Business and Direct Sale Purchaser, which will also be the Company’s wholly owned subsidiary, will hold the assets purchased and the liabilities assumed in connection with the Direct Sale. Together, SpinCo and Direct Sale Purchaser will own and operate post-Transaction GE Transportation. The Company will also continue its current businesses. All shares of the Company’s common stock, including those issued in the Merger, will be listed on the NYSE under the Company’s current trading symbol “WAB.”

On the date of the Distribution, GE or its subsidiaries and SpinCo or the subsidiaries of GE that GE will contribute to SpinCo pursuant to the Separation Agreement will enter into additional agreements relating to, among other things, intellectual property, employee matters, tax matters, research and development, co-location services and transition services.

The value of the total consideration to be delivered by the Company in the Transactions would be approximately $13.5 billion based on the Company’s reported closing stock price on the NYSE on July 18, 2018; however, the final purchase price will depend on the market price of shares of the Company’s common stock at the time of the Merger. The transaction is expected to close by early 2019, subject to customary closing conditions, including certain approvals by the Company’s shareholders and regulatory approvals.

ACQUISITIONS

Faiveley Transport

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

•

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

•

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

•

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


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

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

The purchase price paid for 100% ownership of Faiveley Transport was $1,507.0 million. The $744.7 million included as deposits in escrow on the consolidated balance sheet at December 31, 2016 was cash designated for use as consideration for the tender offers.

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

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



In thousands
Assets acquired
Cash and cash equivalents	$	178,318
Accounts receivable	439,631
Inventories	205,649
Other current assets	70,930
Property, plant, and equipment	148,746
Goodwill	1,262,350
Trade names	346,328
Customer relationships	233,529
Patents	1,201
Other noncurrent assets	184,564
Total assets acquired	3,071,246
Liabilities assumed
Current liabilities	819,493
Debt	409,899
Other noncurrent liabilities	335,039
Total liabilities assumed	1,564,431
Net assets acquired	$	1,506,815

During the twelve months ended December 31, 2017, the estimated fair values for customer relationships and current

liabilities were adjusted by $21.8 million and $65.3 million, respectively, for changes to initial estimates based on information that existed at the date of acquisition. Additionally, the estimated fair values for accounts receivable and current liabilities were adjusted by $2.8 million and $36.2 million, respectively, to correct errors in the preliminary estimated fair values of the Faiveley Transport assets acquired and liabilities assumed. Other noncurrent assets were adjusted by $30.0 million to record the deferred tax impact of these adjustments. As a result of these adjustments and other immaterial adjustments related to changes to initial estimates based on information that existed at the date of acquisition, goodwill increased by $74.1 million. Accounts receivable and current liabilities were adjusted by $64.3 million to correct an error in the preliminary estimated fair values of Faiveley Transport assets and liabilities assumed related to a factoring arrangement with recourse.

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

Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired, and represents the future economic benefits, including synergies and assembled workforce, the Company expects to achieve as a result of the acquisition. Purchased goodwill is not deductible for tax purposes. The goodwill allocated to the Freight segment is $72.0 million and the goodwill allocated to the Transit segment is $1,190.4 million.

Other Acquisitions

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


•	On December 4, 2017, the Company acquired Melett Limited ("Melett"), a leader in the design, manufacture, and supply of high-quality turbochargers and replacement parts to the turbocharger aftermarket, for a purchase price of approximately $74.0 million, net of cash acquired, resulting in preliminary goodwill of $28.8 million, none of which will be deductible for tax purposes.


•	On April 5, 2017, the Company acquired Thermal Transfer Corporation ("TTC"), a leading provider of heat transfer solutions for industrial applications, for a purchase price of approximately $32.5 million, net of cash acquired, resulting in goodwill of $14.1 million, all of which will be deductible for tax purposes.


•	On March 13, 2017, the Company acquired Aero Transportation Products ("ATP"), a manufacturer of engineered covering systems for hopper freight cars, for a purchase price of approximately $65.3 million, net of cash acquired, resulting in goodwill of $29.0 million, all of which will be deductible for tax purposes.

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


•	On March 22, 2018, the Company acquired Annax GmbH ("Annax"), a leading supplier of public address and passenger information systems for transit vehicles, for a purchase price of approximately $28.7 million, net of cash acquired, resulting in preliminary goodwill of $14.5 million, none of which will be deductible for tax purposes.


•	On October 2, 2017, the Company acquired AM General Contract ("AM General"), a manufacturer of safety systems, mainly for transit rail cars, for a purchase price of approximately $10.4 million, net of cash acquired, resulting in preliminary goodwill of $12.9 million, none of which will be deductible for tax purposes.

The acquisitions listed above include escrow deposits of $32.7 million, which act as security for indemnity and other claims in accordance with the purchase and related escrow agreements.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax, Melett and AM General. For the ATP and TTC acquisitions, the following table summarizes the final fair value of the assets acquired and liabilities assumed at the date of acquisition.



	Annax			Melett			AM General			TTC			ATP
In thousands	March 22, 2018			December 4, 2017			October 2, 2017			April 5, 2017			March 13, 2017
Current assets	$	34,037		$	35,258		$	6,610		$	3,744		$	11,666
Property, plant & equipment	674			5,917			4,140			5,413			5,354
Goodwill	14,507			28,801			12,944			14,095			29,034
Other intangible assets	23,998			30,479			12,097			12,300			25,000
Total assets acquired	73,216			100,455			35,791			35,552			71,054
Total liabilities assumed	(44,549		)	(26,499		)	(25,375		)	(3,041		)	(5,800		)
Net assets acquired	$	28,667		$	73,956		$	10,416		$	32,511		$	65,254

Of the allocation of $103.9 million of total acquired other intangible assets, $31.9 million was assigned to trade names and $67.6 million was assigned to customer relationships. The trade names were determined to have indefinite useful lives, while the customer relationships’ average useful lives are 20 years.

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

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2017:



In thousands	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net sales	$	1,111,680	$	959,101	$	2,181,282	$	1,913,369
Gross profit	323,967		282,358		636,784		563,323
Net income attributable to Wabtec shareholders	84,416		75,128		173,286		152,853
Diluted earnings per share
As Reported	$	0.87	$	0.75	$	1.79	$	1.52
Pro forma	$	0.87	$	0.78	$	1.79	$	1.59

Acquisitions

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Acquisitions

PROPOSED MERGER WITH GE TRANSPORTATION

ACQUISITIONS

Faiveley Transport

•


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

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



In thousands
Assets acquired
Cash and cash equivalents	$	178,318
Accounts receivable	439,631
Inventories	205,649
Other current assets	70,930
Property, plant, and equipment	148,746
Goodwill	1,262,350
Trade names	346,328
Customer relationships	233,529
Patents	1,201
Other noncurrent assets	184,564
Total assets acquired	3,071,246
Liabilities assumed
Current liabilities	819,493
Debt	409,899
Other noncurrent liabilities	335,039
Total liabilities assumed	1,564,431
Net assets acquired	$	1,506,815

During the twelve months ended December 31, 2017, the estimated fair values for customer relationships and current

Other Acquisitions

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


•	On December 4, 2017, the Company acquired Melett Limited ("Melett"), a leader in the design, manufacture, and supply of high-quality turbochargers and replacement parts to the turbocharger aftermarket, for a purchase price of approximately $74.0 million, net of cash acquired, resulting in preliminary goodwill of $28.8 million, none of which will be deductible for tax purposes.


•	On April 5, 2017, the Company acquired Thermal Transfer Corporation ("TTC"), a leading provider of heat transfer solutions for industrial applications, for a purchase price of approximately $32.5 million, net of cash acquired, resulting in goodwill of $14.1 million, all of which will be deductible for tax purposes.


•	On March 13, 2017, the Company acquired Aero Transportation Products ("ATP"), a manufacturer of engineered covering systems for hopper freight cars, for a purchase price of approximately $65.3 million, net of cash acquired, resulting in goodwill of $29.0 million, all of which will be deductible for tax purposes.

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


•	On March 22, 2018, the Company acquired Annax GmbH ("Annax"), a leading supplier of public address and passenger information systems for transit vehicles, for a purchase price of approximately $28.7 million, net of cash acquired, resulting in preliminary goodwill of $14.5 million, none of which will be deductible for tax purposes.


•	On October 2, 2017, the Company acquired AM General Contract ("AM General"), a manufacturer of safety systems, mainly for transit rail cars, for a purchase price of approximately $10.4 million, net of cash acquired, resulting in preliminary goodwill of $12.9 million, none of which will be deductible for tax purposes.

The acquisitions listed above include escrow deposits of $32.7 million, which act as security for indemnity and other claims in accordance with the purchase and related escrow agreements.



	Annax			Melett			AM General			TTC			ATP
In thousands	March 22, 2018			December 4, 2017			October 2, 2017			April 5, 2017			March 13, 2017
Current assets	$	34,037		$	35,258		$	6,610		$	3,744		$	11,666
Property, plant & equipment	674			5,917			4,140			5,413			5,354
Goodwill	14,507			28,801			12,944			14,095			29,034
Other intangible assets	23,998			30,479			12,097			12,300			25,000
Total assets acquired	73,216			100,455			35,791			35,552			71,054
Total liabilities assumed	(44,549		)	(26,499		)	(25,375		)	(3,041		)	(5,800		)
Net assets acquired	$	28,667		$	73,956		$	10,416		$	32,511		$	65,254

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 acquisitions listed above had occurred on January 1, 2017:



In thousands	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net sales	$	1,111,680	$	959,101	$	2,181,282	$	1,913,369
Gross profit	323,967		282,358		636,784		563,323
Net income attributable to Wabtec shareholders	84,416		75,128		173,286		152,853
Diluted earnings per share
As Reported	$	0.87	$	0.75	$	1.79	$	1.52
Pro forma	$	0.87	$	0.78	$	1.79	$	1.59

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The components of inventory, net of reserves, were:



In thousands	June 30, 2018		December 31, 2017
Raw materials	$	454,678	$	378,481
Work-in-progress	187,870		167,390
Finished goods	221,245		196,763
Total inventories	$	863,793	$	742,634

Intangibles

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

INTANGIBLES

The change in the carrying amount of goodwill by segment for the six months ended June 30, 2018 is as follows:



In thousands	Freight Segment			Transit Segment			Total
Balance at December 31, 2017	$	718,958		$	1,741,145		$	2,460,103
Additions	2,998			13,075			16,073
Foreign currency impact	(1,279		)	(46,306		)	(47,585		)
Balance at June 30, 2018	$	720,677		$	1,707,914		$	2,428,591

As of June 30, 2018 and December 31, 2017, the Company’s trade names had a net carrying amount of $602.8 million and $603.4 million, respectively, and the Company believes these intangibles have indefinite lives.

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



In thousands	June 30, 2018		December 31, 2017
Patents, non-compete and other intangibles, net of accumulated
amortization of $42,395 and $43,021	$	16,459	$	17,554
Customer relationships, net of accumulated amortization
of $142,623 and $126,824	555,149		583,459
Total	$	571,608	$	601,013

The weighted average remaining useful life of patents, customer relationships and other intangibles are 10 years, 16 years and 14 years, respectively. Amortization expense for intangible assets was $9.9 million and $20.3 million for the three and six months ended June 30, 2018, and $9.4 million and $18.4 million for the three and six months ended June 30, 2017, respectively.

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



Remainder of 2018	$	20,718
2019	38,709
2020	36,459
2021	35,825
2022	35,537

- Definition

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

+ References + Details

Contract Assets and Contract Liabilities

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities

CONTRACT ASSETS AND CONTRACT LIABILITIES

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

The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2018 is as follows:



In thousands	Contract Assets
Balance at beginning of year	$	366,168
Recognized in current year	242,020
Reclassified to accounts receivable	(223,148		)
Foreign currency impact	(6,956		)
Balance at June 30, 2018	$	378,084

In thousands	Contract Liabilities
Balance at beginning of year	$	463,704
Recognized in current year	120,500
Amounts in beginning balance reclassified to revenue	(92,137		)
Current year amounts reclassified to revenue	(10,584		)
Foreign currency impact	(10,157		)
Balance at June 30, 2018	$	471,326

Long-Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consisted of the following:



In thousands	June 30, 2018		December 31, 2017
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $2,212 and $2,345	$	747,788	$	747,655
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1,305 and $1,433	248,695		248,567
Revolving Credit Facility, net of unamortized debt issuance costs of $3,254 and $2,451	865,165		853,124
Schuldschein Loan	11,681		11,998
Other Borrowings	9,740		6,860
Capital Leases	1,852		2,324
Total	1,884,921		1,870,528
Less - current portion	27,115		47,225
Long-term portion	$	1,857,806	$	1,823,303

3.45% Senior Notes Due November 2026

On November 3, 2016, the Company issued $750.0 million of Senior Notes due 2026 (the "2016 Notes"). The 2016 Notes were issued at 99.965% of face value. Interest on the 2016 Notes accrues at a rate of 3.45% per annum and is payable semi-annually on May 15 and November 15 of each year. The proceeds were used to finance the cash portion of the Faiveley Transport acquisition, refinance Faiveley Transport's indebtedness, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.7 million of deferred financing costs related to the issuance of the 2016 Notes.

The 2016 Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the 2016 Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers and consolidations and the incurrence of liens.

The Company is in compliance with the restrictions and covenants in the indenture under which the 2016 Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities.

4.375% Senior Notes Due August 2023

In August 2013, the Company issued $250.0 million of Senior Notes due 2023 (the “2013 Notes”). The 2013 Notes were issued at 99.879% of face value. Interest on the 2013 Notes accrues at a rate of 4.375% per annum and is payable semi-annually on February 15 and August 15 of each year. The proceeds were used to repay debt outstanding under the Company’s existing credit agreement, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.6 million of deferred financing costs related to the issuance of the 2013 Notes.

The 2013 Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the 2013 Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers and consolidations and the incurrence of liens.

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

2018 Refinancing Credit Agreement

On June 8, 2018, the Company entered into a credit agreement (the “2018 Refinancing Credit Agreement”), which replaced the Company’s then-existing “2016 Refinancing Credit Agreement.” As part of the 2018 Refinancing Credit Agreement, the Company entered into (i) a $1.2 billion revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s revolving credit facility under the 2016 Refinancing Credit Agreement, and includes a letter of credit sub-facility of up to $450.0 million and a swing line sub-facility of $75.0 million, (ii) a $350.0 million term loan (the “Refinancing Term Loan”), which refinanced the term loan under the 2016 Refinancing Credit Agreement, and (iii) a new $400.0 million delayed draw term loan (the “Delayed Draw Term Loan”). The 2018 Refinancing Credit Agreement also provides for a bridge loan facility (the “Bridge Loan Facility”) in an amount not to exceed $2.5 billion, such facility to become effective at the Company’s request. Commitments in respect of the Bridge Loan Facility will be reduced by any alternative financing (including any other loans or any long-term notes) that the Company arranges prior to the Direct Sale, subject to customary exceptions. In addition, the 2018 Refinancing Credit Agreement contains an uncommitted accordion feature allowing the Company to request, in an aggregate amount not to exceed $600.0 million, increases to the borrowing commitments under the Revolving Credit Facility or a new incremental term loan commitment. At June 30, 2018, the Company had available bank borrowing capacity, net of $33.6 million of letters of credit, of approximately $647.9 million subject to certain financial covenant restrictions.

The Revolving Credit Facility matures on June 8, 2023 and is unsecured. The Refinancing Term Loan matures on June 8, 2021 and is unsecured. The Delayed Draw Term Loan matures on the third anniversary of the date on which it is borrowed and is unsecured. The Bridge Loan Facility, if used, will mature on the date set forth in the definitive documentation for the Bridge Loan Facility and is unsecured. The applicable interest rate for borrowings under the 2018 Refinancing Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to (i) the Company’s ratio of total debt (less unrestricted cash up to $300.0 million) to EBITDA (“Leverage Ratio”) or (ii) the Company’s public rating, in each case that range between 1.000% and 1.875% for LIBOR/CDOR-based borrowings and 0.000% and 0.875% for Alternate Base Rate based borrowings. The obligations of the Company under the 2018 Refinancing Credit Agreement have been guaranteed by certain of the Company’s subsidiaries.

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

At June 30, 2018, the weighted average interest rate on the Company’s variable rate debt was 3.03%. On June 5, 2014, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. The effective date of the interest rate swap agreement was November 7, 2016, and the termination date is December 19, 2018. The impact of the interest rate swap agreement converts a portion of the Company’s outstanding debt from a variable rate to a fixed-rate borrowing. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 2.56% plus the Alternate Rate margin. As for this agreement, the Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with excellent credit ratings and history of performance. The Company currently believes the risk of nonperformance is negligible.

2016 Refinancing Credit Agreement

On June 22, 2016, the Company amended and restated its then existing revolving credit facility with a consortium of commercial banks. The “2016 Refinancing Credit Agreement” provided the Company with a $1.2 billion, five years revolving credit facility and a $400.0 million delayed draw term loan (the “Term Loan”). The Company incurred approximately $3.3 million of deferred financing costs related to the 2016 Refinancing Credit Agreement. The 2016 Refinancing Credit Agreement borrowings bore variable interest rates indexed as described below.

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

Under the 2016 Refinancing Credit Agreement, the Company could elect a Base Rate of interest for U.S. Dollar denominated loans or, for certain currencies, an interest rate based on the London Interbank Offered Rate (“LIBOR”) of interest, or other rates appropriate for such currencies (in any case, “the Alternate Rate”). The Base Rate adjusted on a daily basis and was the greater of the Federal Funds Effective Rate plus 0.5% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points, plus a margin that ranges from 0 to 75 basis points. The Alternate Rate was based on the quoted rates specific to the applicable currency, plus a margin that ranges from 75 to 175 basis points. Both the Base Rate and Alternate Rate margins were dependent on the Company’s consolidated total indebtedness to EBITDA ratios. The initial Base Rate margin was 0 basis points and the Alternate Rate margin was 175 basis points.

Schuldschein Loan, Due 2024

In conjunction with the acquisition of Faiveley Transport, Wabtec acquired $137.2 million of a Schuldschein private placement loan which was originally issued by Faiveley Transport on March 5, 2014 in Germany, in which approximately 20 international investors participated. This loan is denominated in euros. Subsequent to the acquisition of Faiveley Transport, the Company repaid $125.8 million of the outstanding Schuldshein loan. The remaining balance of $11.7 million as of June 30, 2018 matures on March 5, 2024 and bears a fixed rate of 4.00%.

The Schuldschein loan is senior unsecured and ranks pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The Schuldshein loan agreement contains covenants and undertakings which limit, among other things, the following: factoring of receivables, the incurrence of indebtedness, sale of assets, change of control, mergers and consolidations and incurrence of liens. At June 30, 2018, the Company is in compliance with the undertakings and covenants contained in the loan agreement.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

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

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

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



	U.S.						International
	Three Months Ended June 30,						Three Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	87		$	86		$	691		$	614
Interest cost	333			356			1,834			1,677
Expected return on plan assets	(445		)	(433		)	(3,466		)	(2,910		)
Net amortization/deferrals	243			248			554			685
Net periodic benefit cost (credit)	$	218		$	257		$	(387	)	$	66



	U.S.						International
	Six Months Ended June 30,						Six Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	174		$	172		$	1,382		$	1,228
Interest cost	666			712			$	3,668		3,354
Expected return on plan assets	(890		)	(866		)	$	(6,932	)	(5,820		)
Net amortization/deferrals	486			496			$	1,108		1,370
Net periodic benefit cost (credit)	$	436		$	514		$	(774	)	$	132



Assumptions
Discount Rate	3.56	%	3.95	%	2.40	%	2.51	%
Expected long-term rate of return	5.15	%	4.95	%	5.10	%	4.93	%
Rate of compensation increase	3.00	%	3.00	%	2.60	%	2.54	%

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 plans during 2018. The company does not expect to contribute to the U.S. plans during 2018.

Post Retirement Benefit Plans

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

The Company uses a December 31 measurement date for all post retirement plans.

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



	U.S.						International
	Three Months Ended June 30,						Three Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	1		$	1		$	8		$	7
Interest cost	81			88			26			24
Net amortization/deferrals	(76		)	(73		)	(4		)	(7		)
Net periodic benefit cost	$	6		$	16		$	30		$	24



	U.S.						International
	Six Months Ended June 30,						Six Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	2		$	2		$	16		$	14
Interest cost	162			176			52			48
Net amortization/deferrals	(152		)	(146		)	(8		)	(14		)
Net periodic benefit cost	$	12		$	32		$	60		$	48



Assumptions
Discount Rate	3.43	%	3.76	%	3.21	%	3.46	%

Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

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

Stock-Based Compensation

STOCK-BASED COMPENSATION

As of June 30, 2018, the Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock units as governed by the 2011 Stock Incentive Compensation Plan, as amended and restated (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a term through May 10, 2027 and provides a maximum of 3,800,000 shares for grants or awards, plus any shares which remain available under the 2000 Plan. The amendment and restatement of the 2011 Plan was approved by stockholders of Wabtec on May 10, 2017. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”).

Stock-based compensation expense was $8.3 million and $6.2 million for the three months ended June 30, 2018 and 2017, respectively. Included in stock-based compensation expense for the three months ended June 30, 2018 is $0.3 million of expense related to stock options, $2.0 million related to restricted stock, $3.2 million related to restricted stock units, $2.4 million related to incentive stock units and $0.4 million related to units issued for Directors' fees.

Stock-based compensation expense was $14.0 million and $11.9 million for the six months ended June 30, 2018 and 2017, respectively. Included in stock-based compensation expense for the six months ended June 30, 2018 is $0.7 million of expense related to stock options, $2.7 million related to restricted stock, $4.7 million related to restricted stock units, $5.1 million related to incentive stock units and $0.8 million related to units issued for Directors’ fees. At June 30, 2018, unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest totaled $45.0 million.

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

The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2018:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2017	983,512		$	40.62	4.0	$	40,137
Granted	82,580		77.54			1,737
Exercised	(293,034	)	22.94			22,165
Canceled	(16,137	)	65.32			537
Outstanding at June 30, 2018	756,921		47.84		4.9	38,406
Exercisable at June 30, 2018	579,744		42.09		4.1	32,750

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



	Six Months Ended June 30,
	2018		2017
Dividend yield	0.31	%	0.23	%
Risk-free interest rate	2.78	%	2.17	%
Stock price volatility	23.9	%	23.4	%
Expected life (years)	5.0		5.0

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

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

In addition, the Company has issued incentive stock units to eligible employees that vest upon attainment of certain cumulative three-year performance goals. Based on the Company’s performance for each three-year period then ended, the incentive stock units can vest, with underlying shares of common stock being awarded in an amount ranging from 0% to 200% of the amount of initial incentive stock units granted. The incentive stock units included in the table below represent the number of incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of June 30, 2018, the Company estimates that it will achieve 73%, 90% and 100% of the goals for the incentive stock awards expected to vest based on performance for the three-year periods ending December 31, 2018, 2019, and 2020, respectively, and has recorded incentive compensation expense accordingly. If our estimate of the number of these incentive stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period.

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

The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock units activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2018:



	Restricted Stock and Units		Incentive Stock Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	399,000		327,333		$	78.76
Granted	223,960		175,100		73.76
Vested	(133,092	)	(93,312	)	81.34
Adjustment for incentive stock awards expected to vest	—		26,864		75.69
Canceled	(14,509	)	(19,800	)	77.38
Outstanding at June 30, 2018	475,359		416,185		75.94

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company is responsible for filing consolidated U.S., foreign and combined, unitary or separate state income tax returns. The Company is responsible for paying the taxes relating to such returns, including any subsequent adjustments resulting from the redetermination of such tax liabilities by the applicable taxing authorities. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to requiring a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries that is payable over eight years (the "Transition Tax"), a reduction of the U.S. federal corporate tax rate from 35% to 21%, repeals the Domestic Manufacturing Deduction, a general elimination of U.S. federal income taxes on dividends from foreign subsidiaries, new provisions designed to tax global intangible low-taxed income ("GILTI"), tax certain deductible base erosion payments called base erosion and anti-abuse tax (“BEAT”), and new interest expense limitation provisions. In relation to the initial analysis of the impact of the all tax law changes at December 31, 2017, the Company recorded a net tax expense of $4.3 million. This included a provisional expense for the U.S tax reform bill of $55.0 million, as well as a net benefit for the revaluation of deferred tax assets and liabilities of $50.7 million. The Company has not completed its accounting for the income tax effects of the Tax Act. Where the Company has been able to make reasonable estimates of the effects for which its analysis is not yet complete, the Company has recorded provisional amounts in accordance with SEC Staff Accounting Bulletin No. 118. Where the Company has not yet been able to make reasonable estimates of the impact of certain elements, the Company has not recorded any amounts related to those elements and has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect immediately prior to the enactment of the Tax Act. The Company's accounting for the following impacted areas of the Tax Act is incomplete. However, the Company was able to make reasonable estimates of certain effects and, therefore, has recorded provisional amounts as follows: Revaluation of deferred tax assets and liabilities: The Tax Act reduces the U.S. federal corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017. In addition, the Tax Act makes certain changes to the depreciation rules and implements new limits on the deductibility of certain executive compensation. The Company evaluated these changes and recorded a provisional benefit to net deferred taxes of $24.6 million at December 31, 2017. The Company is still completing its calculation of the impact of these changes on its deferred tax balances. As of June 30, 2018, the Company has refined the estimate of the impact of the Tax Act on the deductibility of certain executive compensation which resulted in a current period benefit to net deferred taxes of $2.9 million. Transition Tax on unrepatriated foreign earnings: The Transition Tax on unrepatriated foreign earnings is a tax on previously untaxed accumulated and current earnings and profits ("E&P") of the Company's foreign subsidiaries. To determine the amount of the Transition Tax, the Company must determine, among other factors, the amount of post-1986 E&P of its foreign subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company was able to make a reasonable estimate of the Transition Tax and recorded a provisional Transition Tax expense of $51.8 million at December 31, 2017. As of June 30, 2018, the Company has refined the estimate resulting in a current period benefit of $10.1 million. The Company is continuing to gather additional information to finalize the amount of the Transition Tax, to complete its calculation of E&P, and complete its determination of non-U.S. income taxes paid. Global intangible low taxed income: The Tax Act created a new requirement that certain income (i.e., GILTI) earned by foreign subsidiaries must be included currently in the gross income of the U.S. shareholder. Under U.S. GAAP, the Company is permitted to make an accounting policy election to either treat taxes due on future inclusions in U.S. taxable income related to GILTI as a current-period expense when incurred or to factor such amounts into the Company's measurement of its deferred taxes. The Company has made the election to treat taxes due on future inclusions related to GILTI as current period expense. The Company was able to make reasonable estimates to calculate a provision that is included in the current period expense. The Company will continue to evaluate and update this provision and the application of ASC 740. The overall effective income tax rate was 11.2% and 17.7% for the three and six months ended June 30, 2018, respectively and 25.4% and 26.5% for the three and six months ended June 30, 2017, respectively. The reductions in the current year effective tax rate are due to the tax benefits related to the Tax Act as discussed above. As of June 30, 2018 and December 31, 2017, the liability for income taxes associated with uncertain tax positions was $6.9 million, of which $4.4 million, if recognized, would favorably affect the Company’s effective tax rate. The Company includes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2018, the total accrued interest and penalties are $0.7 million and $0.1 million, respectively. As of December 31, 2017, the total accrued interest and penalties were $0.7 million and $0.1 million, respectively. At this time, the Company believes it is reasonably possible that unrecognized tax benefits of approximately $5.2 million may change within the next 12 months due to the expiration of statutory review periods and current examinations. With limited exceptions, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2014.

Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

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



	Three Months Ended June 30,
In thousands, except per share data	2018			2017
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	84,416		$	72,025
Less: dividends declared - common shares and non-vested restricted stock	(11,565		)	(9,605		)
Undistributed earnings	72,851			62,420
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	72,632			62,233
Add: dividends declared - common shares	11,531			9,576
Numerator for basic and diluted earnings per common share	$	84,163		$	71,809
Denominator
Denominator for basic earnings per common share - weighted average shares	95,992			95,641
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	583			643
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	96,575			96,284
Net income attributable to Wabtec shareholders per common share
Basic	$	0.88		$	0.75
Diluted	$	0.87		$	0.75



(1) Basic weighted-average common shares outstanding	95,992		95,641
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	96,276		95,917
Percentage allocated to common shareholders	99.7	%	99.7	%



	Six Months Ended June 30,
In thousands, except per share data	2018			2017
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	172,782		$	145,914
Less: dividends declared - common shares and non-vested restricted stock	(23,096		)	(19,177		)
Undistributed earnings	149,686			126,737
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	149,237			126,357
Add: dividends declared - common shares	23,027			19,120
Numerator for basic and diluted earnings per common share	$	172,264		$	145,477
Denominator
Denominator for basic earnings per common share - weighted average shares	95,867			95,370
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	604			701
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	96,471			96,071
Net income attributable to Wabtec shareholders per common share
Basic	$	1.80		$	1.52
Diluted	$	1.79		$	1.52



(1) Basic weighted-average common shares outstanding	95,867		95,370
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	96,153		95,666
Percentage allocated to common shareholders	99.7	%	99.7	%

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

Warranties

6 Months Ended

Jun. 30, 2018

Product Warranties Disclosures [Abstract]

Warranties

WARRANTIES

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



In thousands	2018			2017
Balance at beginning of year	$	153,063		$	138,992
Warranty expense	27,475			15,961
Acquisitions	1,089			397
Warranty claim payments	(26,405		)	(16,479		)
Foreign currency impact/other	(1,380		)	5,887
Balance at June 30	$	153,842		$	144,758

Derivative Financial Instruments and Hedging

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Hedging

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING

Foreign Currency Hedging The Company uses forward contracts to mitigate its foreign currency exchange rate exposure due to forecasted sales of finished goods and future settlement of foreign currency denominated assets and liabilities. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. The effective portion of gain and losses is deferred as a component of accumulated other comprehensive income and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. The contracts are scheduled to mature within two years. For the three and six months ended June 30, 2018 and June 30, 2017, the amounts reclassified into income were not material.

Other Activities The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the impact of largely mitigating foreign currency exposure. These foreign exchange contracts are accounted for on a full mark to market basis through earnings, with gains and losses recorded as a component of other expense, net. The net unrealized gain related to these contracts was $1.2 million for the three months ended June 30, 2018. 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 June 30, 2018.



In millions	Designated			Non-Designated		Total
Gross notional amount	$	794.9		$	458.0	$	1,252.9

Fair Value:
Other current assets	$	—		$	0.6	$	0.6
Other current liabilities	(6.1		)	—		(6.1		)
Total	$	(6.1	)	$	0.6	$	(5.5	)

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, 2017.



In millions	Designated		Non-Designated		Total
Gross notional amount	$	805.1	$	379.7	$	1,184.8

Fair Value:
Other current assets	$	3.5	$	2.1	$	5.6
Other current liabilities	—		—		—
Total	$	3.5	$	2.1	$	5.6

Interest Rate Hedging The Company uses interest rate swaps to manage interest rate exposures. The Company is exposed to interest rate volatility with regard to existing floating rate debt. Primary exposure includes the London Interbank Offered Rates (LIBOR). Derivatives used to hedge risk associated with changes in the fair value of certain variable-rate debt are primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of debt obligations are recognized in current period earnings. Refer to footnote 15 for further information on interest rate swaps.

As of June 30, 2018, the Company has recorded a current liability of $0.3 million and an accumulated other comprehensive loss of $0.2 million, net of tax, related to these agreements.

Fair Value Measurement and Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurement and Fair Value of Financial Instruments

FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

The following table provides the liabilities carried at fair value measured on a recurring basis as of June 30, 2018, which are included in other current liabilities on the Condensed Consolidated Balance sheet:



			Fair Value Measurements at June 30, 2018 Using
In thousands	Total Carrying Value at June 30, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	253	$	—	$	253	$	—
Total	$	253	$	—	$	253	$	—

The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2017, which is included in other current liabilities on the Condensed Consolidated Balance sheet:



			Fair Value Measurements at December 31, 2017 Using
In thousands	Total Carrying Value at December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	1,163	$	—	$	1,163	$	—
Total	$	1,163	$	—	$	1,163	$	—

To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company entered into interest rate swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. For certain derivative contracts whose fair values are based upon trades in liquid markets, such as interest rate swaps, valuation model inputs can generally be verified and valuation techniques do not involve significant management judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value hierarchy.

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

The Company’s cash and cash equivalents are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash and cash equivalents approximated the carrying value at June 30, 2018 and December 31, 2017. The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. Generally, all plan assets are considered Level 2 based on the fair value valuation hierarchy. These investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, and money markets. Trusts are valued at the net asset value (“NAV”) as determined by their custodian. NAV represent the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. The 2013 and 2016 Notes are considered Level 2 based on the fair value valuation hierarchy.

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



	June 30, 2018				December 31, 2017
In thousands	Carrying Value		Fair Value		Carrying Value		Fair Value
Interest rate swap agreement	$	253	$	253	$	1,163	$	1,163
4.375% Senior Notes	248,695		254,303		248,567		262,033
3.45% Senior Notes	747,788		690,368		747,655		741,113

The fair value of the Company’s interest rate swap agreements and the 2013 and 2016 Notes were based on dealer quotes and represent the estimated amount the Company would pay to the counterparty to terminate the agreement.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Further information and detail on these claims is described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, in Note 19 therein, filed on February 26, 2018. During the first six months of 2018, there were no material changes to the information described in the Form 10-K. From time to time, the Company is involved in litigation related to claims arising out of the Company's operations in the ordinary course of business, including claims based on product liability, contracts, intellectual property, or other causes of action. Further information and detail on any potentially material litigation is as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, in Note 19 therein, filed on February 26, 2018. Except as described below, there have been no material changes to the information described in the Form 10-K. On April 21, 2016, Siemens Industry, Inc. filed a lawsuit against the Company in federal district court in Delaware alleging that the Company has infringed seven patents owned by Siemens, all of which relate to Positive Train Control technology. On November 2, 2016, Siemens amended its complaint to add six additional patents they also claim are infringed by the Company’s Positive Train Control Products. The Company has filed Answers, and asserted counterclaims, in response to Siemens’ complaints. The US Patent & Trademark Office has granted Inter-Parties Review proceedings on ten (10) of the patents asserted by Siemens to assess their validity; the hearings began in April 2018 and continue through November 2018. On, July 19, 2018, Siemens moved to amend its pleadings to add claims alleging violations of federal antitrust and state trade practices laws. Additionally, Wabtec’s counterclaim alleging that Siemens has violated three (3) of Wabtec’s patents has been severed from the initial case and is now a separate case pending in federal district court in Delaware. Wabtec has filed a motion to obtain a preliminary injunction against Siemens in that case and a hearing is scheduled for August 1, 2018. Xorail, Inc., a wholly owned subsidiary of the Company (“Xorail”), has received notices from Denver Transit Constructors (“Denver Transit”) alleging breach of contract related to the operating of constant warning wireless crossings, and late delivery of the Train Management & Dispatch System (“TMDS”) for the Denver Eagle P3 Project, which is owned by the Denver Regional Transit District ("RTD"). No damages have been asserted for the alleged late delivery of the TMDS, and no formal claim has been filed; Xorail is in the final stages of successfully implementing a recovery plan concerning the TMDS issues. With regard to the wireless crossing issue, as of September 8, 2017, Denver Transit 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. Denver Transit 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 Denver Transit's assertions. Denver Transit has also notified RTD that Denver Transit considers the constant warning approval requirements imposed by FRA and/or PUC to be a change in law, for which neither Denver Transit nor its subcontractors (including Xorail) would be liable. Xorail has worked with Denver Transit to modify its system to meet the FRA's and PUC's previously undefined approval requirements. On September 28, 2017, the FRA granted a 5 year approval of the modified wireless crossing system as currently implemented. On March 28, 2018, the PUC granted its approval of the modified wireless crossing system as currently implemented, consistent with the approval previously granted by the FRA. Denver Transit's process of certifying the crossings and eliminating the use of flaggers is proceeding and is expected to be completed during the third quarter of 2018. No formal claim has been filed against Xorail by Denver Transit. It is Xorail's understanding that Denver Transit and RTD have entered into a non-binding arbitration proceeding concerning, among other things, the flagger costs, and that proceeding is expected to be concluded by the end of 2018. On April 3, 2018 the United States Department of Justice entered into a proposed consent decree 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 S.A. before it was acquired by the Company in November 2016. The proposed consent decree is pending review and approval by the U.S. District Court for the District of Columbia. No monetary fines or penalties have been imposed on the Company. The Company elected to settle this matter with the Department of Justice to avoid the cost and distraction of litigation. As of July 16, 2018, putative class action lawsuits have been filed in several different federal district courts naming the Company and Knorr as defendants in connection with the allegations contained in the proposed 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. The litigation is in its very early stages and is currently pending before a federal Multi-District Litigation panel to determine which federal district court will have jurisdiction over the matter. The Company does not believe that it has diminished competition for talent in the marketplace and intends to contest these claims vigorously.

Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

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

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

Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment, and doors for buses and subways. Customers include public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses around the world.

The Company evaluates its business segments’ operating results based on income from operations. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense and other unallocated charges. Since certain administrative and other operating expenses have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies.

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



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	412,258	$	699,422	$	—		$	1,111,680
Intersegment sales/(elimination)	18,699		2,984		(21,683		)	—
Total sales	$	430,957	$	702,406	$	(21,683	)	$	1,111,680
Income (loss) from operations	$	84,347	$	57,975	$	(18,799	)	$	123,523
Interest expense and other, net	—		—		(29,749		)	(29,749		)
Income (loss) from operations before income taxes	$	84,347	$	57,975	$	(48,548	)	$	93,774

Segment financial information for the three months ended June 30, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	344,828	$	587,425	$	—		$	932,253
Intersegment sales/(elimination)	10,139		6,073		(16,212		)	—
Total sales	$	354,967	$	593,498	$	(16,212	)	$	932,253
Income (loss) from operations	$	63,165	$	59,050	$	(8,858	)	$	113,357
Interest expense and other, net	—		—		(16,628		)	(16,628		)
Income (loss) from operations before income taxes	$	63,165	$	59,050	$	(25,486	)	$	96,729

Segment financial information for the six months ended June 30, 2018 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	791,812	$	1,376,045	$	—		$	2,167,857
Intersegment sales/(elimination)	30,701		6,873		(37,574		)	—
Total sales	$	822,513	$	1,382,918	$	(37,574	)	$	2,167,857
Income (loss) from operations	$	153,969	$	126,059	$	(25,226	)	$	254,802
Interest expense and other, net	—		—		(47,447		)	(47,447		)
Income (loss) from operations before income taxes	$	153,969	$	126,059	$	(72,673	)	$	207,355

Segment financial information for the six months ended June 30, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	692,774	$	1,155,513	$	—		$	1,848,287
Intersegment sales/(elimination)	19,226		11,759		(30,985		)	—
Total sales	$	712,000	$	1,167,272	$	(30,985	)	$	1,848,287
Income (loss) from operations	$	134,387	$	108,025	$	(14,543	)	$	227,869
Interest expense and other, net	—		—		(31,675		)	(31,675		)
Income (loss) from operations before income taxes	$	134,387	$	108,025	$	(46,218	)	$	196,194

Sales by product line are as follows:



	Three Months Ended June 30,
In thousands	2018		2017
Specialty Products & Electronics	$	434,399	$	324,798
Transit Products	282,130		253,764
Brake Products	217,574		192,557
Remanufacturing, Overhaul & Build	127,202		126,556
Other	50,375		34,578
Total sales	$	1,111,680	$	932,253



	Six Months Ended June 30,
In thousands	2018		2017
Specialty Products & Electronics	$	820,947	$	639,863
Transit Products	556,409		512,182
Brake Products	433,192		373,016
Remanufacturing, Overhaul & Build	262,900		255,616
Other	94,409		67,610
Total sales	$	2,167,857	$	1,848,287

Guarantor Subsidiaries Financial Information

6 Months Ended

Jun. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Guarantor Subsidiaries Financial Information

GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION

The obligations of the Company under the 2018 Refinancing Credit Agreement have been guaranteed by certain of the Company’s subsidiaries. Each guarantor is 100% owned by the Company. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions.

Balance Sheet for June 30, 2018:



In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	741	$	573		$	244,260		$	—		$	245,574
Receivables, net	95,354		72,507			1,045,373			—			1,213,234
Inventories	141,125		59,043			663,625			—			863,793
Current assets - other	1,207		651			122,428			—			124,286
Total current assets	238,427		132,774			2,075,686			—			2,446,887
Property, plant and equipment, net	47,713		25,186			482,935			—			555,834
Goodwill	25,275		283,241			2,120,075			—			2,428,591
Investment in subsidiaries	6,639,920		2,662,153			—			(9,302,073		)	—
Other intangibles, net	29,915		79,792			1,064,693			—			1,174,400
Other long-term assets	21,800		(23,892		)	73,986			—			71,894
Total assets	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606
Current liabilities	$	186,353	$	98,432		$	1,321,683		$	—		$	1,606,468
Inter-company	2,272,527		(1,378,182		)	(894,345		)	—			—
Long-term debt	1,632,729		3			225,074			—			1,857,806
Long-term liabilities - other	54,161		20,832			263,711			—			338,704
Total liabilities	4,145,770		(1,258,915		)	916,123			—			3,802,978
Shareholders' equity	2,857,280		4,418,169			4,883,904			(9,302,073		)	2,857,280
Non-controlling interest	—		—			17,348			—			17,348
Total shareholders' equity	$	2,857,280	$	4,418,169		$	4,901,252		$	(9,302,073	)	$	2,874,628
Total Liabilities and Shareholders' Equity	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606

Balance Sheet for December 31, 2017:



In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	625		$	231,843		$	—		$	233,401
Receivables, net	77,046		59,166			1,030,575			—			1,166,787
Inventories	120,937		46,626			575,071			—			742,634
Current assets - other	1,142		563			120,586			—			122,291
Total current assets	200,058		106,980			1,958,075			—			2,265,113
Property, plant and equipment, net	52,532		26,492			494,948			—			573,972
Goodwill	25,274		283,241			2,151,588			—			2,460,103
Investment in subsidiaries	6,517,205		2,450,722			—			(8,967,927		)	—
Other intangibles, net	30,575		81,037			1,092,820			—			1,204,432
Other long-term assets	17,414		(23,892		)	82,838			—			76,360
Total assets	$	6,843,058	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980
Current liabilities	$	196,827	$	77,283		$	1,299,220		$	—		$	1,573,330
Inter-company	2,121,546		(1,307,410		)	(814,136		)	—			—
Long-term debt	1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other	54,046		20,594			280,175			—			354,815
Total liabilities	4,034,190		(1,209,519		)	926,777			—			3,751,448
Shareholders' equity	2,808,868		4,134,099			4,833,828			(8,967,927		)	2,808,868
Non-controlling interest	—		—			19,664			—			19,664
Total shareholders' equity	$	2,808,868	$	4,134,099		$	4,853,492		$	(8,967,927	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980

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



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	168,426		$	137,966		$	873,375		$	(68,087	)	$	1,111,680
Cost of sales	(122,919		)	(88,688		)	(614,861		)	38,755			(787,713		)
Gross profit	45,507			49,278			258,514			(29,332		)	323,967
Total operating expenses	(49,780		)	(12,267		)	(138,397		)	—			(200,444		)
(Loss) income from operations	(4,273		)	37,011			120,117			(29,332		)	123,523
Interest (expense) income, net	(31,734		)	3,137			(3,323		)	—			(31,920		)
Other income (expense), net	483			—			1,688			—			2,171
Equity earnings (loss)	128,744			118,771			—			(247,515		)	—
Pretax income (loss)	93,220			158,919			118,482			(276,847		)	93,774
Income tax expense	(7,213		)	—			(3,290		)	—			(10,503		)
Net income	86,007			158,919			115,192			(276,847		)	83,271
Less: Net loss attributable to noncontrolling interest	—			—			1,145			—			1,145
Net income (loss) attributable to Wabtec shareholders	$	86,007		$	158,919		$	116,337		$	(276,847	)	$	84,416

Comprehensive income (loss) attributable to Wabtec shareholders	$	86,231		$	158,919		$	(74,104	)	$	(276,847	)	$	(105,801	)

Income Statement for the Three Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	137,708		$	93,372		$	728,849		$	(27,676	)	$	932,253
Cost of sales	(100,331		)	(59,637		)	(518,604		)	20,282			(658,290		)
Gross profit	37,377			33,735			210,245			(7,394		)	273,963
Total operating expenses	(33,126		)	(12,741		)	(114,739		)	—			(160,606		)
Income (loss) from operations	4,251			20,994			95,506			(7,394		)	113,357
Interest (expense) income, net	(19,805		)	2,690			(449		)	—			(17,564		)
Other income (expense), net	(8,984		)	—			9,920			—			936
Equity earnings (loss)	96,963			75,715			—			(172,678		)	—
Pretax income (loss)	72,425			99,399			104,977			(180,072		)	96,729
Income tax expense	(401		)	—			(24,168		)	—			(24,569		)
Net income (loss)	72,024			99,399			80,809			(180,072		)	72,160
Less: Net income attributable to noncontrolling interest	—			—			(135		)	—			(135		)
Net income (loss) attributable to Wabtec shareholders	$	72,024		$	99,399		$	80,674		$	(180,072	)	$	72,025

Comprehensive income (loss) attributable to Wabtec shareholders	$	72,921		$	99,399		$	226,877		$	(180,072	)	$	219,125

Income Statement for the Six Months Ended June 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	329,727		$	256,083		$	1,700,594		$	(118,547	)	$	2,167,857
Cost of sales	(241,577		)	(161,678		)	(1,200,588		)	70,834			(1,533,009		)
Gross profit (loss)	88,150			94,405			500,006			(47,713		)	634,848
Total operating expenses	(85,407		)	(25,941		)	(268,698		)	—			(380,046		)
Income (loss) from operations	2,743			68,464			231,308			(47,713		)	254,802
Interest (expense) income, net	(52,128		)	6,079			(6,155		)	—			(52,204		)
Other income (expense), net	9,212			(679		)	(3,776		)	—			4,757
Equity earnings (loss)	235,442			210,877			—			(446,319		)	—
Pretax income (loss)	195,269			284,741			221,377			(494,032		)	207,355
Income tax expense	(20,895		)	—			(15,732		)	—			(36,627		)
Net income (loss)	174,374			284,741			205,645			(494,032		)	170,728
Less: Net income attributable to noncontrolling interest	—			—			2,054			—			2,054
Net income (loss) attributable to Wabtec shareholders	$	174,374		$	284,741		$	207,699		$	(494,032	)	$	172,782

Comprehensive income (loss) attributable to Wabtec shareholders	$	174,881		$	284,741		$	95,983		$	(494,032	)	$	61,573

Income Statement for the Six Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	282,251		$	198,431		$	1,424,975		$	(57,370	)	$	1,848,287
Cost of sales	(199,263		)	(123,901		)	(1,025,282		)	43,829			(1,304,617		)
Gross profit (loss)	82,988			74,530			399,693			(13,541		)	543,670
Total operating expenses	(57,592		)	(25,069		)	(233,140		)	—			(315,801		)
Income (loss) from operations	25,396			49,461			166,553			(13,541		)	227,869
Interest (expense) income, net	(35,488		)	5,230			(7,164		)	—			(37,422		)
Other income (expense), net	5,343			(229		)	633			—			5,747
Equity earnings (loss)	165,229			117,246			—			(282,475		)	—
Pretax income (loss)	160,480			171,708			160,022			(296,016		)	196,194
Income tax expense	(14,567		)	—			(37,463		)	—			(52,030		)
Net income (loss)	145,913			171,708			122,559			(296,016		)	144,164
Less: Net income attributable to noncontrolling interest	—			—			1,750			—			1,750
Net income (loss) attributable to Wabtec shareholders	$	145,913		$	171,708		$	124,309		$	(296,016	)	$	145,914

Comprehensive income (loss) attributable to Wabtec shareholders	$	147,668		$	171,708		$	317,607		$	(296,016	)	$	340,967

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(116,378	)	$	72,206		$	159,789		$	(47,713	)	$	67,904
Net cash used for investing activities	(9,669		)	(249		)	(59,182		)	—			(69,100		)
Net cash provided by (used for) financing activities	125,855			(72,009		)	(78,795		)	47,713			22,764
Effect of changes in currency exchange rates	—			—			(9,395		)	—			(9,395		)
(Decrease) Increase in cash	(192		)	(52		)	12,417			—			12,173
Cash and cash equivalents, beginning of period	933			625			231,843			—			233,401
Cash and cash equivalents, end of period	$	741		$	573		$	244,260		$	—		$	245,574

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(50,070	)	$	65,857		$	(15,949	)	$	(13,541	)	$	(13,703	)
Net cash (used for) provided by investing activities	(8,670		)	(1,705		)	(874,254		)	—			(884,629		)
Net cash provided by (used for) financing activities	58,408			(62,148		)	31,789			13,541			41,590
Effect of changes in currency exchange rates	—			—			42,032			—			42,032
(Decrease) Increase in cash	(332		)	2,004			(816,382		)	—			(814,710		)
Cash, cash equivalents and restricted cash, beginning of period	2,522			1,226			1,139,484			—			1,143,232
Cash and cash equivalents, end of period	$	2,190		$	3,230		$	323,102		$	—		$	328,522

- Definition

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

+ References + Details

Other Income (Expense), Net

6 Months Ended

Jun. 30, 2018

Other Income and Expenses [Abstract]

Other Income (Expense), Net

OTHER INCOME (EXPENSE), NET

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



	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2018			2017			2018			2017
Foreign currency (loss) gain	$	(2,277	)	$	(2,303	)	$	(3,309	)	$	(1,089	)
Equity income	1,594			792			2,223			1,067
Expected return on pension assets/amortization	3,027			2,488			6,050			4,980
Other miscellaneous (income) expense	(173		)	(41		)	(207		)	789
Total other income (expense), net	$	2,171		$	936		$	4,757		$	5,747

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2017. The December 31, 2017 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
Revenue Recognition	On January 1, 2018, the Company adopted ASC 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. This approach is consistent with our revenue recognition approach in prior years. 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. This approach is consistent with our revenue recognition approach in prior years. 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 quarterly at a minimum and adjustments are reflected in the accounting period as such amounts are determined. Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” on the consolidated balance sheet. 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. These contract liabilities are classified as current liabilities under the caption “Customer Deposits” on the consolidated balance sheet. 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 $81.2 million and $94.0 million at June 30, 2018 and December 31, 2017, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the consolidated balance sheet. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined quarterly estimate-at-completion process where management reviews the progress of long term-projects. 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 quarterly 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. 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 that the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience. 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.
Reclassifications	Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Refer to Recently Adopted Accounting Pronouncements below.
Use of Estimates	The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Financial Derivatives and Hedging Activities	As part of its risk management strategy, the Company utilizes derivative financial instruments to manage its exposure due to changes in foreign currencies and interest rates. For further information regarding financial derivatives and hedging activities, refer to Footnotes 14 and 15.
Foreign Currency Translation	Assets and liabilities of foreign subsidiaries, except for the Company’s Mexican operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings.
Noncontrolling Interests	In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on the condensed consolidated balance sheets as of June 30, 2018 and December 31, 2017.
Recently Issued Accounting Pronouncements	In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance is effective for reporting periods beginning after December 15, 2018 and is to be applied retrospectively to each period in which the effect of the Tax Act related to items remaining in AOCI are recognized or at the beginning of the period of adoption. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in this update eliminate the requirement to perform Step 2 of the goodwill impairment test. Instead, an entity should perform a goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value up to the carrying amount of the goodwill. The ASU is effective for public companies in the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The impact of adopting this guidance could result in a change in the overall conclusion as to whether or not a reporting unit's goodwill is impaired and the amount of an impairment charge recognized in the event a reporting units' carrying value exceeds its fair value. All of the Company's reporting units had fair values that were substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2017. The Company is currently evaluating the potential impact of adopting this guidance on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. The guidance requires enhanced disclosures regarding the amount, timing, and uncertainty of cash flows arising from leases that will be effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The Company expects to adopt the requirements of the new standard effective January 1, 2019. The guidance requires the use of a modified retrospective approach. The Company is currently evaluating its lease portfolio to assess the impact to the Consolidated Finance Statements. The Company is in the process of implementing processes and information technology tools to assist in its ongoing lease data collection and analysis, and evaluating its accounting policies and internal controls that would be impacted by the new guidance, to ensure readiness for adoption in the first quarter of 2019. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contract with Customers.” The ASU supersedes most of the previous revenue recognition requirements in U.S. GAAP 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. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. The Company adopted this accounting standard update using the modified retrospective method. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet. In March 2017, the FASB issued ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". The amendments in this update require the service cost component of net benefit costs to be reported in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit costs are required to be presented in the income statement separately from the service cost component and outside income from operations. This update also allows only the service cost component to be eligible for capitalization when applicable. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. In accordance with this update, the Company began recognizing the interest expense component of net periodic benefit cost in interest expense in the income statement and the expected return on plan assets, net amortization/deferrals, and curtailments in other income (expense), net in the income statement. This update has been applied retrospectively for presentation of the service cost component and other components of net benefit costs in accordance with the ASU and the impact of adoption resulted in increases of $0.3 million, $2.2 million and $2.5 million to selling, general, and administrative expense, interest expense, net and other income, net, respectively, in the income statement for the three months ended June 30, 2017. The impact of adoption resulted in increases of $0.7 million, $4.3 million and $5.0 million to selling, general, and administrative expense, interest expense, net and other income, net, respectively, in the income statement for the six months ended June 30, 2017. Also, the capitalization of the service cost component of net benefit cost has been adopted prospectively in accordance with the ASU. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash". The amendments in this update require a statement of cash flows to explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU became effective for public companies during interim and annual reporting periods beginning after December 15, 2017. This update has been applied retrospectively and as a result restricted cash related to the acquisition of Faiveley Transport is included in the change in cash for the six months ended June 30, 2017.
Other Comprehensive Income	Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources.

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

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

The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended June 30, 2017 are as follows:



	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2016	$	(321,033	)	$	(2,957	)	$	(55,615	)	$	(379,605	)
Other comprehensive income (loss) before reclassifications	195,079			1,978			(4,029		)	193,028
Amounts reclassified from accumulated other
comprehensive income	—			843			1,184			2,027
Net current period other comprehensive income (loss)	195,079			2,821			(2,845		)	195,055
Balance at June 30, 2017	$	(125,954	)	$	(136	)	$	(58,460	)	$	(184,550	)

The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2018 are as follows:



In thousands	Foreign currency translation			Derivative contracts			Pension and post retirement benefit plans			Total
Balance at December 31, 2017	$	5,063		$	4,015		$	(54,070	)	$	(44,992	)
Other comprehensive income (loss) before reclassifications	(114,811		)	(4,760		)	6,744			(112,827		)
Amounts reclassified from accumulated other
comprehensive income	—			579			1,039			1,618
Net current period other comprehensive income (loss)	(114,811		)	(4,181		)	7,783			(111,209		)
Balance at June 30, 2018	$	(109,748	)	$	(166	)	$	(46,287	)	$	(156,201	)

Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive income (loss) for the three months ended June 30, 2018 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(375	)	Other income (expense), net
Amortization of net loss	1,093			Other income (expense), net
	718			Other income (expense), net
	(198		)	Income tax expense
	$	520		Net income

Derivative contracts
Realized gain on derivative contracts	$	176		Interest expense, net
	(42		)	Income tax expense
	$	134		Net income

Reclassifications out of accumulated other comprehensive income (loss) for the six months ended June 30, 2018 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Income
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(751	)	Other income (expense), net
Amortization of net loss	2,186			Other income (expense), net
	1,435			Other income (expense), net
	(396		)	Income tax expense
	$	1,039		Net income

Derivative contracts
Realized gain on derivative contracts	$	855		Interest expense, net
	(276		)	Income tax expense
	$	579		Net income

Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2017 are as follows:



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

Derivative contracts
Realized gain on derivative contracts	$	566		Interest expense, net
	(149		)	Income tax expense
	$	417		Net income

Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2017 are as follows:



In thousands	Amount reclassified from accumulated other comprehensive income			Affected line item in the Condensed Consolidated Statements of Operations
Amortization of defined pension and post retirement items
Amortization of initial net obligation and prior service cost	$	(844	)	Other income (expense), net
Amortization of net loss	2,480			Other income (expense), net
	1,636			Other income (expense), net
	(452		)	Income tax expense
	$	1,184		Net income

Derivative contracts
Realized gain on derivative contracts	$	1,155		Interest expense, net
	(312		)	Income tax expense
	$	843		Net income

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

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



	Annax			Melett			AM General			TTC			ATP
In thousands	March 22, 2018			December 4, 2017			October 2, 2017			April 5, 2017			March 13, 2017
Current assets	$	34,037		$	35,258		$	6,610		$	3,744		$	11,666
Property, plant & equipment	674			5,917			4,140			5,413			5,354
Goodwill	14,507			28,801			12,944			14,095			29,034
Other intangible assets	23,998			30,479			12,097			12,300			25,000
Total assets acquired	73,216			100,455			35,791			35,552			71,054
Total liabilities assumed	(44,549		)	(26,499		)	(25,375		)	(3,041		)	(5,800		)
Net assets acquired	$	28,667		$	73,956		$	10,416		$	32,511		$	65,254

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



In thousands
Assets acquired
Cash and cash equivalents	$	178,318
Accounts receivable	439,631
Inventories	205,649
Other current assets	70,930
Property, plant, and equipment	148,746
Goodwill	1,262,350
Trade names	346,328
Customer relationships	233,529
Patents	1,201
Other noncurrent assets	184,564
Total assets acquired	3,071,246
Liabilities assumed
Current liabilities	819,493
Debt	409,899
Other noncurrent liabilities	335,039
Total liabilities assumed	1,564,431
Net assets acquired	$	1,506,815

Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2017:



In thousands	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net sales	$	1,111,680	$	959,101	$	2,181,282	$	1,913,369
Gross profit	323,967		282,358		636,784		563,323
Net income attributable to Wabtec shareholders	84,416		75,128		173,286		152,853
Diluted earnings per share
As Reported	$	0.87	$	0.75	$	1.79	$	1.52
Pro forma	$	0.87	$	0.78	$	1.79	$	1.59

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:



In thousands	June 30, 2018		December 31, 2017
Raw materials	$	454,678	$	378,481
Work-in-progress	187,870		167,390
Finished goods	221,245		196,763
Total inventories	$	863,793	$	742,634

Intangibles (Tables)

6 Months Ended

Jun. 30, 2018

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 six months ended June 30, 2018 is as follows:



In thousands	Freight Segment			Transit Segment			Total
Balance at December 31, 2017	$	718,958		$	1,741,145		$	2,460,103
Additions	2,998			13,075			16,073
Foreign currency impact	(1,279		)	(46,306		)	(47,585		)
Balance at June 30, 2018	$	720,677		$	1,707,914		$	2,428,591

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

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



In thousands	June 30, 2018		December 31, 2017
Patents, non-compete and other intangibles, net of accumulated
amortization of $42,395 and $43,021	$	16,459	$	17,554
Customer relationships, net of accumulated amortization
of $142,623 and $126,824	555,149		583,459
Total	$	571,608	$	601,013

Amortization Expense

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



Remainder of 2018	$	20,718
2019	38,709
2020	36,459
2021	35,825
2022	35,537

Contract Assets and Contract Liabilities (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

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

The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2018 is as follows:



In thousands	Contract Assets
Balance at beginning of year	$	366,168
Recognized in current year	242,020
Reclassified to accounts receivable	(223,148		)
Foreign currency impact	(6,956		)
Balance at June 30, 2018	$	378,084

In thousands	Contract Liabilities
Balance at beginning of year	$	463,704
Recognized in current year	120,500
Amounts in beginning balance reclassified to revenue	(92,137		)
Current year amounts reclassified to revenue	(10,584		)
Foreign currency impact	(10,157		)
Balance at June 30, 2018	$	471,326

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:



In thousands	June 30, 2018		December 31, 2017
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $2,212 and $2,345	$	747,788	$	747,655
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $1,305 and $1,433	248,695		248,567
Revolving Credit Facility, net of unamortized debt issuance costs of $3,254 and $2,451	865,165		853,124
Schuldschein Loan	11,681		11,998
Other Borrowings	9,740		6,860
Capital Leases	1,852		2,324
Total	1,884,921		1,870,528
Less - current portion	27,115		47,225
Long-term portion	$	1,857,806	$	1,823,303

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2018

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Benefit Cost

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



	U.S.						International
	Three Months Ended June 30,						Three Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	87		$	86		$	691		$	614
Interest cost	333			356			1,834			1,677
Expected return on plan assets	(445		)	(433		)	(3,466		)	(2,910		)
Net amortization/deferrals	243			248			554			685
Net periodic benefit cost (credit)	$	218		$	257		$	(387	)	$	66



	U.S.						International
	Six Months Ended June 30,						Six Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	174		$	172		$	1,382		$	1,228
Interest cost	666			712			$	3,668		3,354
Expected return on plan assets	(890		)	(866		)	$	(6,932	)	(5,820		)
Net amortization/deferrals	486			496			$	1,108		1,370
Net periodic benefit cost (credit)	$	436		$	514		$	(774	)	$	132



Assumptions
Discount Rate	3.56	%	3.95	%	2.40	%	2.51	%
Expected long-term rate of return	5.15	%	4.95	%	5.10	%	4.93	%
Rate of compensation increase	3.00	%	3.00	%	2.60	%	2.54	%

Other Postretirement Benefit Plan

Defined Benefit Plan Disclosure [Line Items]

Components of Net Periodic Benefit Cost

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



	U.S.						International
	Three Months Ended June 30,						Three Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	1		$	1		$	8		$	7
Interest cost	81			88			26			24
Net amortization/deferrals	(76		)	(73		)	(4		)	(7		)
Net periodic benefit cost	$	6		$	16		$	30		$	24



	U.S.						International
	Six Months Ended June 30,						Six Months Ended June 30,
In thousands, except percentages	2018			2017			2018			2017
Net periodic benefit cost
Service cost	$	2		$	2		$	16		$	14
Interest cost	162			176			52			48
Net amortization/deferrals	(152		)	(146		)	(8		)	(14		)
Net periodic benefit cost	$	12		$	32		$	60		$	48



Assumptions
Discount Rate	3.43	%	3.76	%	3.21	%	3.46	%

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

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

Stock Option Activity

The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2018:



	Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic value (in thousands)
Outstanding at December 31, 2017	983,512		$	40.62	4.0	$	40,137
Granted	82,580		77.54			1,737
Exercised	(293,034	)	22.94			22,165
Canceled	(16,137	)	65.32			537
Outstanding at June 30, 2018	756,921		47.84		4.9	38,406
Exercisable at June 30, 2018	579,744		42.09		4.1	32,750

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:



	Six Months Ended June 30,
	2018		2017
Dividend yield	0.31	%	0.23	%
Risk-free interest rate	2.78	%	2.17	%
Stock price volatility	23.9	%	23.4	%
Expected life (years)	5.0		5.0

Restricted Stock Activity and Incentive Stock Awards Activity



	Restricted Stock and Units		Incentive Stock Units		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017	399,000		327,333		$	78.76
Granted	223,960		175,100		73.76
Vested	(133,092	)	(93,312	)	81.34
Adjustment for incentive stock awards expected to vest	—		26,864		75.69
Canceled	(14,509	)	(19,800	)	77.38
Outstanding at June 30, 2018	475,359		416,185		75.94

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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



	Three Months Ended June 30,
In thousands, except per share data	2018			2017
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	84,416		$	72,025
Less: dividends declared - common shares and non-vested restricted stock	(11,565		)	(9,605		)
Undistributed earnings	72,851			62,420
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	72,632			62,233
Add: dividends declared - common shares	11,531			9,576
Numerator for basic and diluted earnings per common share	$	84,163		$	71,809
Denominator
Denominator for basic earnings per common share - weighted average shares	95,992			95,641
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	583			643
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	96,575			96,284
Net income attributable to Wabtec shareholders per common share
Basic	$	0.88		$	0.75
Diluted	$	0.87		$	0.75



(1) Basic weighted-average common shares outstanding	95,992		95,641
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	96,276		95,917
Percentage allocated to common shareholders	99.7	%	99.7	%



	Six Months Ended June 30,
In thousands, except per share data	2018			2017
Numerator
Numerator for basic and diluted earnings per common share - net income attributable
to Wabtec shareholders	$	172,782		$	145,914
Less: dividends declared - common shares and non-vested restricted stock	(23,096		)	(19,177		)
Undistributed earnings	149,686			126,737
Percentage allocated to common shareholders (1)	99.7		%	99.7		%
	149,237			126,357
Add: dividends declared - common shares	23,027			19,120
Numerator for basic and diluted earnings per common share	$	172,264		$	145,477
Denominator
Denominator for basic earnings per common share - weighted average shares	95,867			95,370
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans	604			701
Denominator for diluted earnings per common share -
adjusted weighted average shares and assumed conversion	96,471			96,071
Net income attributable to Wabtec shareholders per common share
Basic	$	1.80		$	1.52
Diluted	$	1.79		$	1.52



(1) Basic weighted-average common shares outstanding	95,867		95,370
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	96,153		95,666
Percentage allocated to common shareholders	99.7	%	99.7	%

Warranties (Tables)

6 Months Ended

Jun. 30, 2018

Product Warranties Disclosures [Abstract]

Changes in Product Warranty Reserve

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



In thousands	2018			2017
Balance at beginning of year	$	153,063		$	138,992
Warranty expense	27,475			15,961
Acquisitions	1,089			397
Warranty claim payments	(26,405		)	(16,479		)
Foreign currency impact/other	(1,380		)	5,887
Balance at June 30	$	153,842		$	144,758

Derivative Financial Instruments and Hedging (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018.



In millions	Designated			Non-Designated		Total
Gross notional amount	$	794.9		$	458.0	$	1,252.9

Fair Value:
Other current assets	$	—		$	0.6	$	0.6
Other current liabilities	(6.1		)	—		(6.1		)
Total	$	(6.1	)	$	0.6	$	(5.5	)

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, 2017.



In millions	Designated		Non-Designated		Total
Gross notional amount	$	805.1	$	379.7	$	1,184.8

Fair Value:
Other current assets	$	3.5	$	2.1	$	5.6
Other current liabilities	—		—		—
Total	$	3.5	$	2.1	$	5.6

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

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Liabilities Carried at Fair Value Measured on Recurring Basis



			Fair Value Measurements at June 30, 2018 Using
In thousands	Total Carrying Value at June 30, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	253	$	—	$	253	$	—
Total	$	253	$	—	$	253	$	—



			Fair Value Measurements at December 31, 2017 Using
In thousands	Total Carrying Value at December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap agreements	$	1,163	$	—	$	1,163	$	—
Total	$	1,163	$	—	$	1,163	$	—

Estimated Fair Values and Related Carrying Values of Financial Instruments

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



	June 30, 2018				December 31, 2017
In thousands	Carrying Value		Fair Value		Carrying Value		Fair Value
Interest rate swap agreement	$	253	$	253	$	1,163	$	1,163
4.375% Senior Notes	248,695		254,303		248,567		262,033
3.45% Senior Notes	747,788		690,368		747,655		741,113

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Financial Information

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



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	412,258	$	699,422	$	—		$	1,111,680
Intersegment sales/(elimination)	18,699		2,984		(21,683		)	—
Total sales	$	430,957	$	702,406	$	(21,683	)	$	1,111,680
Income (loss) from operations	$	84,347	$	57,975	$	(18,799	)	$	123,523
Interest expense and other, net	—		—		(29,749		)	(29,749		)
Income (loss) from operations before income taxes	$	84,347	$	57,975	$	(48,548	)	$	93,774

Segment financial information for the three months ended June 30, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	344,828	$	587,425	$	—		$	932,253
Intersegment sales/(elimination)	10,139		6,073		(16,212		)	—
Total sales	$	354,967	$	593,498	$	(16,212	)	$	932,253
Income (loss) from operations	$	63,165	$	59,050	$	(8,858	)	$	113,357
Interest expense and other, net	—		—		(16,628		)	(16,628		)
Income (loss) from operations before income taxes	$	63,165	$	59,050	$	(25,486	)	$	96,729

Segment financial information for the six months ended June 30, 2018 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	791,812	$	1,376,045	$	—		$	2,167,857
Intersegment sales/(elimination)	30,701		6,873		(37,574		)	—
Total sales	$	822,513	$	1,382,918	$	(37,574	)	$	2,167,857
Income (loss) from operations	$	153,969	$	126,059	$	(25,226	)	$	254,802
Interest expense and other, net	—		—		(47,447		)	(47,447		)
Income (loss) from operations before income taxes	$	153,969	$	126,059	$	(72,673	)	$	207,355

Segment financial information for the six months ended June 30, 2017 is as follows:



In thousands	Freight Segment		Transit Segment		Corporate Activities and Elimination			Total
Sales to external customers	$	692,774	$	1,155,513	$	—		$	1,848,287
Intersegment sales/(elimination)	19,226		11,759		(30,985		)	—
Total sales	$	712,000	$	1,167,272	$	(30,985	)	$	1,848,287
Income (loss) from operations	$	134,387	$	108,025	$	(14,543	)	$	227,869
Interest expense and other, net	—		—		(31,675		)	(31,675		)
Income (loss) from operations before income taxes	$	134,387	$	108,025	$	(46,218	)	$	196,194

Sales by Product

Sales by product line are as follows:



	Three Months Ended June 30,
In thousands	2018		2017
Specialty Products & Electronics	$	434,399	$	324,798
Transit Products	282,130		253,764
Brake Products	217,574		192,557
Remanufacturing, Overhaul & Build	127,202		126,556
Other	50,375		34,578
Total sales	$	1,111,680	$	932,253



	Six Months Ended June 30,
In thousands	2018		2017
Specialty Products & Electronics	$	820,947	$	639,863
Transit Products	556,409		512,182
Brake Products	433,192		373,016
Remanufacturing, Overhaul & Build	262,900		255,616
Other	94,409		67,610
Total sales	$	2,167,857	$	1,848,287

Guarantor Subsidiaries Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Balance Sheet

Balance Sheet for June 30, 2018:



In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	741	$	573		$	244,260		$	—		$	245,574
Receivables, net	95,354		72,507			1,045,373			—			1,213,234
Inventories	141,125		59,043			663,625			—			863,793
Current assets - other	1,207		651			122,428			—			124,286
Total current assets	238,427		132,774			2,075,686			—			2,446,887
Property, plant and equipment, net	47,713		25,186			482,935			—			555,834
Goodwill	25,275		283,241			2,120,075			—			2,428,591
Investment in subsidiaries	6,639,920		2,662,153			—			(9,302,073		)	—
Other intangibles, net	29,915		79,792			1,064,693			—			1,174,400
Other long-term assets	21,800		(23,892		)	73,986			—			71,894
Total assets	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606
Current liabilities	$	186,353	$	98,432		$	1,321,683		$	—		$	1,606,468
Inter-company	2,272,527		(1,378,182		)	(894,345		)	—			—
Long-term debt	1,632,729		3			225,074			—			1,857,806
Long-term liabilities - other	54,161		20,832			263,711			—			338,704
Total liabilities	4,145,770		(1,258,915		)	916,123			—			3,802,978
Shareholders' equity	2,857,280		4,418,169			4,883,904			(9,302,073		)	2,857,280
Non-controlling interest	—		—			17,348			—			17,348
Total shareholders' equity	$	2,857,280	$	4,418,169		$	4,901,252		$	(9,302,073	)	$	2,874,628
Total Liabilities and Shareholders' Equity	$	7,003,050	$	3,159,254		$	5,817,375		$	(9,302,073	)	$	6,677,606

Balance Sheet for December 31, 2017:



In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	625		$	231,843		$	—		$	233,401
Receivables, net	77,046		59,166			1,030,575			—			1,166,787
Inventories	120,937		46,626			575,071			—			742,634
Current assets - other	1,142		563			120,586			—			122,291
Total current assets	200,058		106,980			1,958,075			—			2,265,113
Property, plant and equipment, net	52,532		26,492			494,948			—			573,972
Goodwill	25,274		283,241			2,151,588			—			2,460,103
Investment in subsidiaries	6,517,205		2,450,722			—			(8,967,927		)	—
Other intangibles, net	30,575		81,037			1,092,820			—			1,204,432
Other long-term assets	17,414		(23,892		)	82,838			—			76,360
Total assets	$	6,843,058	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980
Current liabilities	$	196,827	$	77,283		$	1,299,220		$	—		$	1,573,330
Inter-company	2,121,546		(1,307,410		)	(814,136		)	—			—
Long-term debt	1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other	54,046		20,594			280,175			—			354,815
Total liabilities	4,034,190		(1,209,519		)	926,777			—			3,751,448
Shareholders' equity	2,808,868		4,134,099			4,833,828			(8,967,927		)	2,808,868
Non-controlling interest	—		—			19,664			—			19,664
Total shareholders' equity	$	2,808,868	$	4,134,099		$	4,853,492		$	(8,967,927	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	2,924,580		$	5,780,269		$	(8,967,927	)	$	6,579,980

Condensed Income Statement

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



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	168,426		$	137,966		$	873,375		$	(68,087	)	$	1,111,680
Cost of sales	(122,919		)	(88,688		)	(614,861		)	38,755			(787,713		)
Gross profit	45,507			49,278			258,514			(29,332		)	323,967
Total operating expenses	(49,780		)	(12,267		)	(138,397		)	—			(200,444		)
(Loss) income from operations	(4,273		)	37,011			120,117			(29,332		)	123,523
Interest (expense) income, net	(31,734		)	3,137			(3,323		)	—			(31,920		)
Other income (expense), net	483			—			1,688			—			2,171
Equity earnings (loss)	128,744			118,771			—			(247,515		)	—
Pretax income (loss)	93,220			158,919			118,482			(276,847		)	93,774
Income tax expense	(7,213		)	—			(3,290		)	—			(10,503		)
Net income	86,007			158,919			115,192			(276,847		)	83,271
Less: Net loss attributable to noncontrolling interest	—			—			1,145			—			1,145
Net income (loss) attributable to Wabtec shareholders	$	86,007		$	158,919		$	116,337		$	(276,847	)	$	84,416

Comprehensive income (loss) attributable to Wabtec shareholders	$	86,231		$	158,919		$	(74,104	)	$	(276,847	)	$	(105,801	)

Income Statement for the Three Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	137,708		$	93,372		$	728,849		$	(27,676	)	$	932,253
Cost of sales	(100,331		)	(59,637		)	(518,604		)	20,282			(658,290		)
Gross profit	37,377			33,735			210,245			(7,394		)	273,963
Total operating expenses	(33,126		)	(12,741		)	(114,739		)	—			(160,606		)
Income (loss) from operations	4,251			20,994			95,506			(7,394		)	113,357
Interest (expense) income, net	(19,805		)	2,690			(449		)	—			(17,564		)
Other income (expense), net	(8,984		)	—			9,920			—			936
Equity earnings (loss)	96,963			75,715			—			(172,678		)	—
Pretax income (loss)	72,425			99,399			104,977			(180,072		)	96,729
Income tax expense	(401		)	—			(24,168		)	—			(24,569		)
Net income (loss)	72,024			99,399			80,809			(180,072		)	72,160
Less: Net income attributable to noncontrolling interest	—			—			(135		)	—			(135		)
Net income (loss) attributable to Wabtec shareholders	$	72,024		$	99,399		$	80,674		$	(180,072	)	$	72,025

Comprehensive income (loss) attributable to Wabtec shareholders	$	72,921		$	99,399		$	226,877		$	(180,072	)	$	219,125

Income Statement for the Six Months Ended June 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	329,727		$	256,083		$	1,700,594		$	(118,547	)	$	2,167,857
Cost of sales	(241,577		)	(161,678		)	(1,200,588		)	70,834			(1,533,009		)
Gross profit (loss)	88,150			94,405			500,006			(47,713		)	634,848
Total operating expenses	(85,407		)	(25,941		)	(268,698		)	—			(380,046		)
Income (loss) from operations	2,743			68,464			231,308			(47,713		)	254,802
Interest (expense) income, net	(52,128		)	6,079			(6,155		)	—			(52,204		)
Other income (expense), net	9,212			(679		)	(3,776		)	—			4,757
Equity earnings (loss)	235,442			210,877			—			(446,319		)	—
Pretax income (loss)	195,269			284,741			221,377			(494,032		)	207,355
Income tax expense	(20,895		)	—			(15,732		)	—			(36,627		)
Net income (loss)	174,374			284,741			205,645			(494,032		)	170,728
Less: Net income attributable to noncontrolling interest	—			—			2,054			—			2,054
Net income (loss) attributable to Wabtec shareholders	$	174,374		$	284,741		$	207,699		$	(494,032	)	$	172,782

Comprehensive income (loss) attributable to Wabtec shareholders	$	174,881		$	284,741		$	95,983		$	(494,032	)	$	61,573

Income Statement for the Six Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	282,251		$	198,431		$	1,424,975		$	(57,370	)	$	1,848,287
Cost of sales	(199,263		)	(123,901		)	(1,025,282		)	43,829			(1,304,617		)
Gross profit (loss)	82,988			74,530			399,693			(13,541		)	543,670
Total operating expenses	(57,592		)	(25,069		)	(233,140		)	—			(315,801		)
Income (loss) from operations	25,396			49,461			166,553			(13,541		)	227,869
Interest (expense) income, net	(35,488		)	5,230			(7,164		)	—			(37,422		)
Other income (expense), net	5,343			(229		)	633			—			5,747
Equity earnings (loss)	165,229			117,246			—			(282,475		)	—
Pretax income (loss)	160,480			171,708			160,022			(296,016		)	196,194
Income tax expense	(14,567		)	—			(37,463		)	—			(52,030		)
Net income (loss)	145,913			171,708			122,559			(296,016		)	144,164
Less: Net income attributable to noncontrolling interest	—			—			1,750			—			1,750
Net income (loss) attributable to Wabtec shareholders	$	145,913		$	171,708		$	124,309		$	(296,016	)	$	145,914

Comprehensive income (loss) attributable to Wabtec shareholders	$	147,668		$	171,708		$	317,607		$	(296,016	)	$	340,967

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(116,378	)	$	72,206		$	159,789		$	(47,713	)	$	67,904
Net cash used for investing activities	(9,669		)	(249		)	(59,182		)	—			(69,100		)
Net cash provided by (used for) financing activities	125,855			(72,009		)	(78,795		)	47,713			22,764
Effect of changes in currency exchange rates	—			—			(9,395		)	—			(9,395		)
(Decrease) Increase in cash	(192		)	(52		)	12,417			—			12,173
Cash and cash equivalents, beginning of period	933			625			231,843			—			233,401
Cash and cash equivalents, end of period	$	741		$	573		$	244,260		$	—		$	245,574

Condensed Statement of Cash Flows for the Six Months Ended June 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(50,070	)	$	65,857		$	(15,949	)	$	(13,541	)	$	(13,703	)
Net cash (used for) provided by investing activities	(8,670		)	(1,705		)	(874,254		)	—			(884,629		)
Net cash provided by (used for) financing activities	58,408			(62,148		)	31,789			13,541			41,590
Effect of changes in currency exchange rates	—			—			42,032			—			42,032
(Decrease) Increase in cash	(332		)	2,004			(816,382		)	—			(814,710		)
Cash, cash equivalents and restricted cash, beginning of period	2,522			1,226			1,139,484			—			1,143,232
Cash and cash equivalents, end of period	$	2,190		$	3,230		$	323,102		$	—		$	328,522

Other Income (Expense), Net (Tables)

6 Months Ended

Jun. 30, 2018

Other Income and Expenses [Abstract]

Components of Other Income (Expense)

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



	Three Months Ended June 30,						Six Months Ended June 30,
In thousands	2018			2017			2018			2017
Foreign currency (loss) gain	$	(2,277	)	$	(2,303	)	$	(3,309	)	$	(1,089	)
Equity income	1,594			792			2,223			1,067
Expected return on pension assets/amortization	3,027			2,488			6,050			4,980
Other miscellaneous (income) expense	(173		)	(41		)	(207		)	789
Total other income (expense), net	$	2,171		$	936		$	4,757		$	5,747

Business - Additional Information (Detail)	6 Months Ended
Business - Additional Information (Detail)	Jun. 30, 2018 country
Product Information [Line Items]
Number of countries company operates	31
Sales Revenue Outside United States \| Customer Concentration Risk
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	66.00%
Minimum
Product Information [Line Items]
Number of countries where product is found (more than)	100

Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provisions for loss contracts	$ 81,200		$ 81,200		$ 94,000
Deferred pre-production costs	18,700		18,700		$ 20,200
Net income (loss) attributable to noncontrolling interest	(1,145)	$ 135	(2,054)	$ (1,750)
Selling, general and administrative expenses	171,157	127,918	318,358	250,605
Interest expense, net	31,920	17,564	52,204	37,422
Other income (expense), net	$ 2,171	936	$ 4,757	5,747
Restatement Adjustment \| Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative expenses		300		700
Interest expense, net		2,200		4,300
Other income (expense), net		$ 2,500		$ 5,000
Transferred at Point in Time
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue derived from performance obligations satisfied when control passes to customer (as a percent)			75.00%

Accounting Policies - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 2,808,868
Other comprehensive income (loss) before reclassifications			(112,827)	$ 193,028
Amounts reclassified from accumulated other comprehensive income			1,618	2,027
Other comprehensive (loss) income, net of tax	$ (190,217)	$ 147,100	(111,209)	195,053
Ending balance	2,857,280		2,857,280
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			5,063	(321,033)
Other comprehensive income (loss) before reclassifications			(114,811)	195,079
Amounts reclassified from accumulated other comprehensive income			0	0
Other comprehensive (loss) income, net of tax			(114,811)	195,079
Ending balance	(109,748)	(125,954)	(109,748)	(125,954)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			4,015	(2,957)
Other comprehensive income (loss) before reclassifications			(4,760)	1,978
Amounts reclassified from accumulated other comprehensive income			579	843
Other comprehensive (loss) income, net of tax			(4,181)	2,821
Ending balance	(166)	(136)	(166)	(136)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(54,070)	(55,615)
Other comprehensive income (loss) before reclassifications			6,744	(4,029)
Amounts reclassified from accumulated other comprehensive income			1,039	1,184
Other comprehensive (loss) income, net of tax			7,783	(2,845)
Ending balance	(46,287)	(58,460)	(46,287)	(58,460)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(44,992)	(379,605)
Other comprehensive (loss) income, net of tax				195,055
Ending balance	$ (156,201)	$ (184,550)	$ (156,201)	$ (184,550)

Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	$ 2,171	$ 936	$ 4,757	$ 5,747
Income tax expense	(10,503)	(24,569)	(36,627)	(52,030)
Interest expense, net	(31,920)	(17,564)	(52,204)	(37,422)
Net income attributable to Wabtec shareholders	84,416	72,025	172,782	145,914
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	718	818	1,435	1,636
Income tax expense	(198)	(226)	(396)	(452)
Net income attributable to Wabtec shareholders	520	592	1,039	1,184
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	(375)	(422)	(751)	(844)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of net loss
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	1,093	1,240	2,186	2,480
Reclassification out of Accumulated Other Comprehensive Income \| Derivative contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income tax expense	(42)	(149)	(276)	(312)
Interest expense, net	176	566	855	1,155
Net income attributable to Wabtec shareholders	$ 134	$ 417	$ 579	$ 843

Proposed Merger With GE Transportation (Details) - GE Transportation - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Jul. 18, 2018
Scenario Forecast
Business Acquisition [Line Items]
Cash payment for acquisition	$ 2,900
Outstanding shares retained (as a percent)	49.90%
Equity issued in acquisition	$ 10,184
Business combination, consideration transferred	$ 13,500
Scenario Forecast \| GE and Pre-Merger Holders
Business Acquisition [Line Items]
Outstanding shares transferred (as a percent)	50.10%
Scenario Forecast \| General Electric Company
Business Acquisition [Line Items]
Outstanding shares transferred (as a percent)	9.90%
Period for reverting shares	2 years
Cash to be received	$ 3,370
Subsequent Event
Business Acquisition [Line Items]
Closing sale price (in dollars per share)		$ 103.85

Acquisitions - Additional Information (Details)					3 Months Ended	4 Months Ended	6 Months Ended	12 Months Ended
Acquisitions - Additional Information (Details)	Mar. 21, 2017 USD ($)	Mar. 06, 2017 USD ($)	Feb. 03, 2017 USD ($)	Nov. 30, 2016 USD ($) employee country	Mar. 31, 2017 USD ($)	Mar. 21, 2017 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 22, 2018 USD ($)	Dec. 04, 2017 USD ($)	Oct. 02, 2017 USD ($)	Apr. 05, 2017 USD ($)	Mar. 13, 2017 USD ($)	Dec. 31, 2016 USD ($)	Nov. 30, 2016 € / shares
Business Acquisition [Line Items]
Additions							$ 16,073,000
Goodwill							2,428,591,000	$ 2,460,103,000
Customer Relationships
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets							$ 67,600,000
Intangible assets, weighted average useful life (years)							20 years
Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets							$ 31,900,000
Faiveley Transport
Business Acquisition [Line Items]
Annual sales of Faiveley				$ 1,200,000,000
Number of employees (more than) \| employee				5,700
Number of countries Faiveley operates in \| country				24
Purchase price per share (in euros per share) \| € / shares															€ 100
Outstanding share capital acquired (as a percent)															51.00%
Percentage of voting interests in Faiveley (as a percent)	100.00%	22.00%	27.00%			100.00%									49.00%
Share conversion ratio															1.1538
Additional share capital acquired (as a percent)		21.00%	27.00%
Cash payment for acquisition	$ 17,500,000	$ 303,200,000	$ 411,800,000
Equity issued in acquisition		$ 300,000	$ 25,200,000
Cumulative share capital acquired (as a percent)	100.00%	99.00%	78.00%			100.00%
Cumulative voting rights acquired (as a percent)	100.00%	98.00%	76.00%			100.00%
Business combination, consideration transferred						$ 1,507,000,000
Escrow deposits														$ 744,700,000
Acquisition of noncontrolling interest					$ 8,900,000
Adjustment to current liabilities acquired								65,300,000
Accounts receivable	$ 439,631,000					439,631,000
Current liabilities	819,493,000					819,493,000
Adjustment to other noncurrent assets								30,000,000
Additions								74,100,000
Accrued share based compensation acquired in acquisition							25,900,000
Goodwill	1,262,350,000					1,262,350,000
Faiveley Transport \| Customer Relationships
Business Acquisition [Line Items]
Adjustment to customer relationships acquired								21,800,000
Faiveley Transport \| Restatement Adjustment \| Fair Value of Receivables
Business Acquisition [Line Items]
Accounts receivable								2,800,000
Faiveley Transport \| Restatement Adjustment \| Fair Value of Current Liabilities
Business Acquisition [Line Items]
Current liabilities								36,200,000
Faiveley Transport \| Restatement Adjustment \| Fair Value of Assets Acquired and Liabilities Assumed
Business Acquisition [Line Items]
Accounts receivable								64,300,000
Current liabilities					$ 64,300,000
Faiveley Transport \| Minimum
Business Acquisition [Line Items]
Percentage of business acquisition consideration payable in cash (as a percent)															25.00%
Faiveley Transport \| Maximum
Business Acquisition [Line Items]
Percentage of business acquisition consideration payable in cash (as a percent)															45.00%
Acquisitions other than Faiveley
Business Acquisition [Line Items]
Escrow deposits							32,700,000
Other intangible assets							103,900,000
TTC
Business Acquisition [Line Items]
Purchase price, net of cash acquired												$ 32,511,000
Goodwill												14,095,000
Goodwill tax deduction												14,100,000
Other intangible assets												$ 12,300,000
ATP
Business Acquisition [Line Items]
Purchase price, net of cash acquired													$ 65,254,000
Goodwill													29,034,000
Goodwill tax deduction													29,000,000
Other intangible assets													$ 25,000,000
Melett
Business Acquisition [Line Items]
Purchase price, net of cash acquired										$ 73,956,000
Goodwill										28,801,000
Goodwill tax deduction										0
Other intangible assets										$ 30,479,000
Annax
Business Acquisition [Line Items]
Purchase price, net of cash acquired									$ 28,667,000
Goodwill									14,507,000
Goodwill tax deduction									0
Other intangible assets									$ 23,998,000
AM General
Business Acquisition [Line Items]
Purchase price, net of cash acquired											$ 10,416,000
Goodwill											12,944,000
Goodwill tax deduction											0
Other intangible assets											$ 12,097,000
Freight Segment
Business Acquisition [Line Items]
Additions							2,998,000
Goodwill							720,677,000	718,958,000
Freight Segment \| Faiveley Transport
Business Acquisition [Line Items]
Goodwill	72,000,000					72,000,000
Transit Segment
Business Acquisition [Line Items]
Additions							13,075,000
Goodwill							$ 1,707,914,000	$ 1,741,145,000
Transit Segment \| Faiveley Transport
Business Acquisition [Line Items]
Goodwill	$ 1,190,400,000					$ 1,190,400,000

Acquisitions - Summary of Preliminary Estimated Fair Values of Faiveley Transport Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Mar. 21, 2017
Assets acquired
Goodwill	$ 2,428,591	$ 2,460,103
Faiveley Transport
Assets acquired
Cash and cash equivalents			$ 178,318
Accounts receivable			439,631
Inventories			205,649
Other current assets			70,930
Property, plant & equipment			148,746
Goodwill			1,262,350
Other assets			184,564
Total assets acquired			3,071,246
Liabilities assumed
Current liabilities			819,493
Debt			409,899
Other noncurrent liabilities			335,039
Total liabilities assumed			1,564,431
Net assets acquired			1,506,815
Faiveley Transport \| Trade Names
Assets acquired
Intangible assets acquired			346,328
Faiveley Transport \| Customer Relationships
Assets acquired
Intangible assets acquired			233,529
Faiveley Transport \| Patents
Assets acquired
Intangible assets acquired			$ 1,201

Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Mar. 22, 2018	Dec. 31, 2017	Dec. 04, 2017	Oct. 02, 2017	Apr. 05, 2017	Mar. 13, 2017
Business Acquisition [Line Items]
Goodwill	$ 2,428,591		$ 2,460,103
Annax
Business Acquisition [Line Items]
Current assets		$ 34,037
Property, plant & equipment		674
Goodwill		14,507
Other intangible assets		23,998
Total assets acquired		73,216
Total liabilities assumed		(44,549)
Net assets acquired		$ 28,667
Melett
Business Acquisition [Line Items]
Current assets				$ 35,258
Property, plant & equipment				5,917
Goodwill				28,801
Other intangible assets				30,479
Total assets acquired				100,455
Total liabilities assumed				(26,499)
Net assets acquired				$ 73,956
AM General
Business Acquisition [Line Items]
Current assets					$ 6,610
Property, plant & equipment					4,140
Goodwill					12,944
Other intangible assets					12,097
Total assets acquired					35,791
Total liabilities assumed					(25,375)
Net assets acquired					$ 10,416
TTC
Business Acquisition [Line Items]
Current assets						$ 3,744
Property, plant & equipment						5,413
Goodwill						14,095
Other intangible assets						12,300
Total assets acquired						35,552
Total liabilities assumed						(3,041)
Net assets acquired						$ 32,511
ATP
Business Acquisition [Line Items]
Current assets							$ 11,666
Property, plant & equipment							5,354
Goodwill							29,034
Other intangible assets							25,000
Total assets acquired							71,054
Total liabilities assumed							(5,800)
Net assets acquired							$ 65,254

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Combinations [Abstract]
Net sales	$ 1,111,680	$ 959,101	$ 2,181,282	$ 1,913,369
Gross profit	323,967	282,358	636,784	563,323
Net income attributable to Wabtec shareholders	$ 84,416	$ 75,128	$ 173,286	$ 152,853
Diluted earnings per share
As Reported (in dollars per share)	$ 0.87	$ 0.75	$ 1.79	$ 1.52
Pro forma (in dollars per share)	$ 0.87	$ 0.78	$ 1.79	$ 1.59

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 454,678	$ 378,481
Work-in-progress	187,870	167,390
Finished goods	221,245	196,763
Total inventories	$ 863,793	$ 742,634

Intangibles - Change in the Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,460,103
Additions	16,073
Foreign currency impact	(47,585)
Ending balance	2,428,591
Freight Segment
Goodwill [Roll Forward]
Beginning balance	718,958
Additions	2,998
Foreign currency impact	(1,279)
Ending balance	720,677
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,741,145
Additions	13,075
Foreign currency impact	(46,306)
Ending balance	$ 1,707,914

Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Intangible Assets Disclosure [Line Items]
Trade names	$ 602,800		$ 602,800		$ 603,400
Intangible assets, amortization expense	$ 9,899	$ 9,350	$ 20,251	$ 18,394
Patents
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			10 years
Customer Relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			16 years
Other Intangibles
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			14 years

Intangibles - Intangible Assets Other Than Goodwill and Trade Names (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 571,608	$ 601,013
Patents And Other
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	16,459	17,554
Intangible assets, accumulated amortization	42,395	43,021
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	555,149	583,459
Intangible assets, accumulated amortization	$ 142,623	$ 126,824

Intangibles - Amortization Expense (Detail) $ in Thousands	Jun. 30, 2018 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2018	$ 20,718
2019	38,709
2020	36,459
2021	35,825
2022	$ 35,537

Contract Assets and Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Contract Assets
Balance at beginning of year	$ 366,168
Recognized in current year	242,020
Reclassified to accounts receivable	(223,148)
Foreign currency impact	(6,956)
Balance at end of period	378,084
Contract Liabilities
Balance at beginning of year	463,704
Recognized in current year	120,500
Amounts in beginning balance reclassified to revenue	(92,137)
Current year amounts reclassified to revenue	(10,584)
Foreign currency impact	(10,157)
Balance at end of period	$ 471,326

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Nov. 03, 2016	Aug. 31, 2013
Debt Instrument [Line Items]
Capital Leases	$ 1,852	$ 2,324
Total	1,884,921	1,870,528
Less - current portion	27,115	47,225
Long-term portion	1,857,806	1,823,303
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized discount and debt issuance cost	3,254	2,451
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	865,165	853,124
Other Borrowings
Debt Instrument [Line Items]
Long-term debt	9,740	6,860
Senior Notes Due 2026
Debt Instrument [Line Items]
Long-term debt	$ 747,788	747,655
Stated interest rate (as a percent)	3.45%
Senior Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 747,788	747,655
Stated interest rate (as a percent)			3.45%
Unamortized discount and debt issuance cost	2,212	2,345
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term debt	$ 248,695	248,567
Stated interest rate (as a percent)	4.375%
4.375% Senior Notes, due 2023 \| Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 248,695	248,567
Stated interest rate (as a percent)				4.375%
Unamortized discount and debt issuance cost	1,305	1,433
Schuldschein Loan
Debt Instrument [Line Items]
Long-term debt	$ 11,681	$ 11,998

Long-Term Debt - Additional Information (Details)			1 Months Ended	3 Months Ended	5 Months Ended	6 Months Ended
Long-Term Debt - Additional Information (Details)	Nov. 03, 2016 USD ($)	Jun. 22, 2016 USD ($)	Aug. 31, 2013 USD ($)	Mar. 31, 2018	Nov. 25, 2016	Jun. 30, 2018 USD ($)	Jun. 08, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 21, 2017 USD ($)	Jun. 05, 2014 USD ($)	Mar. 05, 2014 USD ($) investor
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)						3.03%
Faiveley Transport
Debt Instrument [Line Items]
Acquired loans									$ 1,564,431,000
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Interest rate swap agreements, notional amount										$ 150,000,000
Interest rate on notional value (as a percent)										2.56%
2018 Refinancing Agreement
Debt Instrument [Line Items]
Unrestricted cash						$ 300,000,000.0
EBITDA to interest expense ratio						3.00
Leverage ratio						3.25
Cash consideration transfer maximum						$ 500,000,000.0
Leverage ratio, three quarters following acquisition						3.75
Leverage ratio quarter four and five following acquisition						3.50
2018 Refinancing Agreement \| LIBOR/CDOR \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						1.00%
2018 Refinancing Agreement \| LIBOR/CDOR \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						1.875%
2018 Refinancing Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						0.00%
2018 Refinancing Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						0.875%
2018 Refinancing Agreement \| Letter of Credit
Debt Instrument [Line Items]
Line of credit amount outstanding						$ 33,600,000
Senior Notes Due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)						3.45%
Long-term debt						$ 747,788,000		$ 747,655,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Stated interest rate (as a percent)						4.375%
Long-term debt						$ 248,695,000		248,567,000
2016 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost		$ 3,300,000
2016 Refinancing Credit Agreement \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.50%
2016 Refinancing Credit Agreement \| LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.00%
2016 Refinancing Credit Agreement \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
2016 Refinancing Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.00%
2016 Refinancing Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.75%
2016 Refinancing Credit Agreement \| Alternative Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
2016 Refinancing Credit Agreement \| Alternative Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				0.75%
2016 Refinancing Credit Agreement \| Alternative Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.75%
2016 Refinancing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Ticking fee					0.10%
Schuldschein Loan
Debt Instrument [Line Items]
Long-term debt						$ 11,681,000		11,998,000
Schuldschein Loan \| Faiveley Transport
Debt Instrument [Line Items]
Stated interest rate (as a percent)						4.00%
Acquired loans											$ 137,200,000
Number of investors \| investor											20
Repayments of debt						$ 125,800,000
Long-term debt						11,700,000
Senior Notes \| Senior Notes Due 2026
Debt Instrument [Line Items]
Debt issued	$ 750,000,000
Debt issuance price (as a percent)	99.965%
Stated interest rate (as a percent)	3.45%
Deferred financing cost	$ 2,700,000
Long-term debt						747,788,000		747,655,000
Senior Notes \| 4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Debt issued			$ 250,000,000
Debt issuance price (as a percent)			99.879%
Stated interest rate (as a percent)			4.375%
Deferred financing cost			$ 2,600,000
Long-term debt						248,695,000		248,567,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt						865,165,000		$ 853,124,000
Line of Credit \| 2018 Refinancing Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount							$ 1,200,000,000.0
Uncommitted accordion feature, maximum							600,000,000.0
Line of credit facility, amount currently available						$ 647,900,000
Line of Credit \| 2018 Refinancing Agreement \| Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount							350,000,000.0
Line of Credit \| 2018 Refinancing Agreement \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount							400,000,000.0
Line of Credit \| 2018 Refinancing Agreement \| Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount							450,000,000.0
Line of Credit \| 2018 Refinancing Agreement \| Swing Line Sub Facility
Debt Instrument [Line Items]
Revolving credit facility, amount							75,000,000.0
Line of Credit \| 2016 Refinancing Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount		$ 1,200,000,000.0
Credit facility loan term, years		5 years
Line of Credit \| 2016 Refinancing Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount		$ 400,000,000.0
Bridge Loan \| 2018 Refinancing Agreement
Debt Instrument [Line Items]
Revolving credit facility, amount							$ 2,500,000,000.0

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Postretirement Benefit Plan \| UNITED STATES
Net periodic benefit cost
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	81	88	162	176
Net amortization/deferrals	(76)	(73)	(152)	(146)
Net periodic benefit cost (credit)	6	16	$ 12	$ 32
Assumptions
Discount Rate			3.43%	3.76%
Other Postretirement Benefit Plan \| Foreign Plan
Net periodic benefit cost
Service cost	8	7	$ 16	$ 14
Interest cost	26	24	52	48
Net amortization/deferrals	(4)	(7)	(8)	(14)
Net periodic benefit cost (credit)	30	24	$ 60	$ 48
Assumptions
Discount Rate			3.21%	3.46%
Pension Plan \| UNITED STATES
Net periodic benefit cost
Service cost	87	86	$ 174	$ 172
Interest cost	333	356	666	712
Expected return on plan assets	(445)	(433)	(890)	(866)
Net amortization/deferrals	243	248	486	496
Net periodic benefit cost (credit)	218	257	$ 436	$ 514
Assumptions
Discount Rate			3.56%	3.95%
Expected long-term rate of return			5.15%	4.95%
Rate of compensation increase			3.00%	3.00%
Pension Plan \| Foreign Plan
Net periodic benefit cost
Service cost	691	614	$ 1,382	$ 1,228
Interest cost	1,834	1,677	3,668	3,354
Expected return on plan assets	(3,466)	(2,910)	(6,932)	(5,820)
Net amortization/deferrals	554	685	1,108	1,370
Net periodic benefit cost (credit)	$ (387)	$ 66	$ (774)	$ 132
Assumptions
Discount Rate			2.40%	2.51%
Expected long-term rate of return			5.10%	4.93%
Rate of compensation increase			2.60%	2.54%

Employee Benefit Plans - Additional Information (Detail) $ in Millions	Jun. 30, 2018 USD ($)
Pension Plan \| Foreign Plan
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected plan contributions	$ 7.3

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 8.3	$ 6.2	$ 14.0	$ 11.9
Unamortized compensation expense expected to be vested	45.0		45.0
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0.3		0.7
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2.0		2.7
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	3.2		4.7
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.4		$ 5.1
Award vesting period (in years)			3 years
Performance Shares \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			0.00%
Performance Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			200.00%
Performance Shares \| Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)					100.00%	90.00%	73.00%
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,800,000		3,800,000
2011 Plan \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years
Plan term (in years)			10 years
2011 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0.4		$ 0.8
Directors Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			1 year
2000 Plan \| Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years
Plan term (in years)			10 years
2000 Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Options Outstanding
Beginning balance (in shares)	983,512
Granted (in shares)	82,580
Exercised (in shares)	(293,034)
Canceled (in shares)	(16,137)
Ending balance (in shares)	756,921	983,512
Exercisable at period end (in shares)	579,744
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 40.62
Granted (in dollars per share)	77.54
Exercised (in dollars per share)	22.94
Canceled (in dollars per share)	65.32
Ending balance (in dollars per share)	47.84	$ 40.62
Exercisable (in dollars per share)	$ 42.09
Weighted-Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life (in years)	4 years 11 months	4 years
Exercisable weighted average remaining contractual life (in years)	4 years 1 month
Aggregate Intrinsic Value
Beginning balance	$ 40,137
Granted	1,737
Exercised	22,165
Canceled	537
Ending balance	38,406	$ 40,137
Exercisable	$ 32,750

Stock-Based Compensation - Fair Value of Each Option Grant Weighted Average Assumptions (Detail)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield (as a percent)	0.31%	0.23%
Risk-free interest rate (as a percent)	2.78%	2.17%
Stock price volatility (as a percent)	23.90%	23.40%
Expected life (years)	5 years	5 years

Stock-Based Compensation - Restricted Stock Activity and Incentive Stock Awards Activity (Detail) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 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)	$ 78.76
Granted (in dollars per share)	73.76
Vested (in dollars per share)	81.34
Adjustment for incentive stock awards expected to vest (in dollars per share)	75.69
Canceled (in dollars per share)	77.38
Outstanding, end of period (in dollars per share)	$ 78.76	$ 75.94
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)	399,000
Granted (in shares)	223,960
Vested (in shares)	(133,092)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(14,509)
Outstanding, end of period (in shares)	475,359
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	327,333
Granted (in shares)	175,100
Vested (in shares)	(93,312)
Adjustment for incentive stock awards expected to vest (in shares)	26,864
Canceled (in shares)	(19,800)
Outstanding, end of period (in shares)	416,185

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Initial analysis of tax law changes recorded net tax expense					$ 4.3
Provisional expense for Transition Tax					55.0
Revaluation of deferred tax assets and liabilities					50.7
Provisional benefit to net deferred taxes			$ 2.9		24.6
Provisional transition tax on unrepatriated foreign earnings			$ 10.1		51.8
Effective income tax rate (as a percent)	11.20%	25.40%	17.70%	26.50%
Liability for uncertain tax positions	$ 6.9		$ 6.9
Unrecognized tax benefits if recognized that would affect effective tax rate					4.4
Accrued interest related to uncertain tax positions	0.7		0.7		0.7
Accrued penalties related to uncertain tax positions	0.1		0.1		$ 0.1
Unrecognized tax benefits subject to change within the next 12 months	$ 5.2		$ 5.2

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator
Net income attributable to Wabtec shareholders	$ 84,416	$ 72,025	$ 172,782	$ 145,914
Less: dividends declared - common shares and non-vested restricted stock	(11,565)	(9,605)	(23,096)	(19,177)
Undistributed earnings	$ 72,851	$ 62,420	$ 149,686	$ 126,737
Percentage allocated to common shareholders (as a percent)	99.70%	99.70%	99.70%	99.70%
Undistributed earnings allocated to common shareholders	$ 72,632	$ 62,233	$ 149,237	$ 126,357
Add: dividends declared - common shares	11,531	9,576	23,027	19,120
Numerator for basic and diluted earnings per common share	$ 84,163	$ 71,809	$ 172,264	$ 145,477
Denominator
Basic weighted average common shares outstanding (in shares)	95,992	95,641	95,867	95,370
Assumed conversion of dilutive stock-based compensation plans (in shares)	583	643	604	701
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion (in shares)	96,575	96,284	96,471	96,071
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 0.88	$ 0.75	$ 1.80	$ 1.52
Diluted (in dollars per share)	$ 0.87	$ 0.75	$ 1.79	$ 1.52
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest (in shares)	96,276	95,917	96,153	95,666

Warranties - Changes in Product Warranty Reserve (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 153,063	$ 138,992
Warranty expense	27,475	15,961
Acquisitions	1,089	397
Warranty claim payments	(26,405)	(16,479)
Foreign currency impact/other	(1,380)	5,887
Balance at end of period	$ 153,842	$ 144,758

Derivative Financial Instruments and Hedging - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Derivative [Line Items]
Unrealized gain (loss) on derivative contracts	$ 1,200
Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreement, current liability	253		$ 253		$ 1,163
Non-Designated \| Foreign Exchange Forward
Derivative [Line Items]
Derivative term (in years)			1 year
Cash Flow Hedging \| Designated \| Foreign Currency Contracts
Derivative [Line Items]
Derivative term (in years)			2 years
Derivative instruments amounts reclassified into income	0	$ 0	$ 0	$ 0
Fair Value Hedging \| Designated \| Interest rate swap agreements
Derivative [Line Items]
Interest rate swap agreement, current liability	300		300
Accumulated other comprehensive loss	$ 200		$ 200

Derivative Financial Instruments and Hedging - Summary of Notional Amounts and Fair Value (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Gross notional amount	$ 1,252,900,000.0	$ 1,184,800,000.0
Total	(5,500,000)	5,600,000
Other current assets
Derivative [Line Items]
Derivative asset fair value	600,000	5,600,000
Other current liabilities
Derivative [Line Items]
Liabilities at fair value	(6,100,000)	0
Designated
Derivative [Line Items]
Gross notional amount	794,900,000.0	805,100,000.0
Total	(6,100,000)	3,500,000
Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	0	3,500,000
Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	(6,100,000)	0
Non-Designated
Derivative [Line Items]
Gross notional amount	458,000,000	379,700,000.0
Total	600,000	2,100,000
Non-Designated \| Other current assets
Derivative [Line Items]
Derivative asset fair value	600,000	2,100,000
Non-Designated \| Other current liabilities
Derivative [Line Items]
Liabilities at fair value	$ 0	$ 0

Fair Value Measurement and Fair Value of Financial Instruments - Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	$ 253	$ 1,163
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	253	1,163
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Interest rate swap agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	253	1,163
Liabilities at fair value	253	1,163
Interest rate swap agreements \| Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, current liability	253	1,163
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	0	0
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	253	1,163
Interest rate swap agreements \| Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	$ 0	$ 0

Fair Value Measurement and Fair Value of Financial Instruments - Estimated Fair Values and Related Carrying Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Interest rate swap agreements
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	$ 253	$ 1,163
Fair value	253	1,163
4.375% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	248,695	248,567
Fair value	$ 254,303	262,033
Stated interest rate (as a percent)	4.375%
3.45% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carry value	$ 747,788	747,655
Fair value	$ 690,368	$ 741,113
Stated interest rate (as a percent)	3.45%

Commitments and Contingencies - Additional Information (Details)				6 Months Ended		30 Months Ended
	Sep. 08, 2017 USD ($)	Nov. 02, 2016 patent	Apr. 21, 2016 patent	Jun. 30, 2018 USD ($) claim	Nov. 02, 2016 patent	Nov. 02, 2018 patent
Siemens Industry, Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Patents allegedly infringed		6	7
Patents allegedly infringed upon					3
Subsidiaries \| Denver Transit \| Threatened Litigation
Loss Contingencies [Line Items]
Number of claims filed (claims) \| claim				0
Subsidiaries \| Denver Transit, Delivery of Train Management System \| Threatened Litigation
Loss Contingencies [Line Items]
Damages alleged \| $				$ 0
Subsidiaries \| Denver Transit, Installation of Constant Wireless Crossings \| Threatened Litigation
Loss Contingencies [Line Items]
Damages alleged \| $	$ 36,800,000
Scenario Forecast \| Siemens Industry, Inc. \| Pending Litigation
Loss Contingencies [Line Items]
Patents allegedly infringed						10

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2018 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total sales	$ 1,111,680	$ 932,253	$ 2,167,857	$ 1,848,287
Income (loss) from operations	123,523	113,357	254,802	227,869
Interest expense and other, net	(29,749)	(16,628)	(47,447)	(31,675)
Income from operations before income taxes	93,774	96,729	207,355	196,194
Freight Segment
Segment Reporting Information [Line Items]
Total sales	412,258	344,828	791,812	692,774
Income from operations before income taxes	84,347	63,165	153,969	134,387
Transit Segment
Segment Reporting Information [Line Items]
Total sales	699,422	587,425	1,376,045	1,155,513
Income from operations before income taxes	57,975	59,050	126,059	108,025
Operating Segments \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	430,957	354,967	822,513	712,000
Income (loss) from operations	84,347	63,165	153,969	134,387
Interest expense and other, net	0	0	0	0
Operating Segments \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	702,406	593,498	1,382,918	1,167,272
Income (loss) from operations	57,975	59,050	126,059	108,025
Interest expense and other, net	0	0	0	0
Intersegment sales/(elimination)
Segment Reporting Information [Line Items]
Total sales	(21,683)	(16,212)	(37,574)	(30,985)
Intersegment sales/(elimination) \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	18,699	10,139	30,701	19,226
Intersegment sales/(elimination) \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	2,984	6,073	6,873	11,759
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Income (loss) from operations	(18,799)	(8,858)	(25,226)	(14,543)
Interest expense and other, net	(29,749)	(16,628)	(47,447)	(31,675)
Income from operations before income taxes	$ (48,548)	$ (25,486)	$ (72,673)	$ (46,218)

Segment Information - Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Total sales	$ 1,111,680	$ 932,253	$ 2,167,857	$ 1,848,287
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Total sales	434,399	324,798	820,947	639,863
Transit Products
Segment Reporting Information [Line Items]
Total sales	282,130	253,764	556,409	512,182
Brake Products
Segment Reporting Information [Line Items]
Total sales	217,574	192,557	433,192	373,016
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Total sales	127,202	126,556	262,900	255,616
Other
Segment Reporting Information [Line Items]
Total sales	$ 50,375	$ 34,578	$ 94,409	$ 67,610

Guarantor Subsidiaries Financial Information - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 245,574	$ 233,401	$ 328,522	$ 1,143,232
Receivables, net	1,213,234	1,166,787
Inventories	863,793	742,634
Current assets - other	124,286	122,291
Total current assets	2,446,887	2,265,113
Property, plant and equipment, net	555,834	573,972
Goodwill	2,428,591	2,460,103
Investment in subsidiaries	0	0
Other intangibles, net	1,174,400	1,204,432
Other noncurrent assets	71,894	76,360
Total Assets	6,677,606	6,579,980
Current liabilities	1,606,468	1,573,330
Inter-company	0	0
Long-term debt	1,857,806	1,823,303
Long-term liabilities - other	338,704	354,815
Total Liabilities	3,802,978	3,751,448
Shareholders' equity	2,857,280	2,808,868
Noncontrolling interest	17,348	19,664
Total Equity	2,874,628	2,828,532
Total Liabilities and Equity	6,677,606	6,579,980
Elimination
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0	0	0
Receivables, net	0	0
Inventories	0	0
Current assets - other	0	0
Total current assets	0	0
Property, plant and equipment, net	0	0
Goodwill	0	0
Investment in subsidiaries	(9,302,073)	(8,967,927)
Other intangibles, net	0	0
Other noncurrent assets	0	0
Total Assets	(9,302,073)	(8,967,927)
Current liabilities	0	0
Inter-company	0	0
Long-term debt	0	0
Long-term liabilities - other	0	0
Total Liabilities	0	0
Shareholders' equity	(9,302,073)	(8,967,927)
Noncontrolling interest	0	0
Total Equity	(9,302,073)	(8,967,927)
Total Liabilities and Equity	(9,302,073)	(8,967,927)
Parent
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	741	933	2,190	2,522
Receivables, net	95,354	77,046
Inventories	141,125	120,937
Current assets - other	1,207	1,142
Total current assets	238,427	200,058
Property, plant and equipment, net	47,713	52,532
Goodwill	25,275	25,274
Investment in subsidiaries	6,639,920	6,517,205
Other intangibles, net	29,915	30,575
Other noncurrent assets	21,800	17,414
Total Assets	7,003,050	6,843,058
Current liabilities	186,353	196,827
Inter-company	2,272,527	2,121,546
Long-term debt	1,632,729	1,661,771
Long-term liabilities - other	54,161	54,046
Total Liabilities	4,145,770	4,034,190
Shareholders' equity	2,857,280	2,808,868
Noncontrolling interest	0	0
Total Equity	2,857,280	2,808,868
Total Liabilities and Equity	7,003,050	6,843,058
Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	573	625	3,230	1,226
Receivables, net	72,507	59,166
Inventories	59,043	46,626
Current assets - other	651	563
Total current assets	132,774	106,980
Property, plant and equipment, net	25,186	26,492
Goodwill	283,241	283,241
Investment in subsidiaries	2,662,153	2,450,722
Other intangibles, net	79,792	81,037
Other noncurrent assets	(23,892)	(23,892)
Total Assets	3,159,254	2,924,580
Current liabilities	98,432	77,283
Inter-company	(1,378,182)	(1,307,410)
Long-term debt	3	14
Long-term liabilities - other	20,832	20,594
Total Liabilities	(1,258,915)	(1,209,519)
Shareholders' equity	4,418,169	4,134,099
Noncontrolling interest	0	0
Total Equity	4,418,169	4,134,099
Total Liabilities and Equity	3,159,254	2,924,580
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	244,260	231,843	$ 323,102	$ 1,139,484
Receivables, net	1,045,373	1,030,575
Inventories	663,625	575,071
Current assets - other	122,428	120,586
Total current assets	2,075,686	1,958,075
Property, plant and equipment, net	482,935	494,948
Goodwill	2,120,075	2,151,588
Investment in subsidiaries	0	0
Other intangibles, net	1,064,693	1,092,820
Other noncurrent assets	73,986	82,838
Total Assets	5,817,375	5,780,269
Current liabilities	1,321,683	1,299,220
Inter-company	(894,345)	(814,136)
Long-term debt	225,074	161,518
Long-term liabilities - other	263,711	280,175
Total Liabilities	916,123	926,777
Shareholders' equity	4,883,904	4,833,828
Noncontrolling interest	17,348	19,664
Total Equity	4,901,252	4,853,492
Total Liabilities and Equity	$ 5,817,375	$ 5,780,269

Guarantor Subsidiaries Financial Information - Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Net sales	$ 1,111,680	$ 932,253	$ 2,167,857	$ 1,848,287
Cost of sales	(787,713)	(658,290)	(1,533,009)	(1,304,617)
Gross profit	323,967	273,963	634,848	543,670
Total operating expenses	(200,444)	(160,606)	(380,046)	(315,801)
Income from operations	123,523	113,357	254,802	227,869
Interest expense, net	(31,920)	(17,564)	(52,204)	(37,422)
Other income (expense), net	2,171	936	4,757	5,747
Equity earnings (loss)	0	0	0	0
Income from operations before income taxes	93,774	96,729	207,355	196,194
Income tax expense	(10,503)	(24,569)	(36,627)	(52,030)
Net income	83,271	72,160	170,728	144,164
Less: Net loss (gain) attributable to noncontrolling interest	1,145	(135)	2,054	1,750
Net income attributable to Wabtec shareholders	84,416	72,025	172,782	145,914
Comprehensive (loss) income attributable to Wabtec shareholders	(105,801)	219,125	61,573	340,967
Elimination
Condensed Financial Statements, Captions [Line Items]
Net sales	(68,087)	(27,676)	(118,547)	(57,370)
Cost of sales	38,755	20,282	70,834	43,829
Gross profit	(29,332)	(7,394)	(47,713)	(13,541)
Total operating expenses	0	0	0	0
Income from operations	(29,332)	(7,394)	(47,713)	(13,541)
Interest expense, net	0	0	0	0
Other income (expense), net	0	0	0	0
Equity earnings (loss)	(247,515)	(172,678)	(446,319)	(282,475)
Income from operations before income taxes	(276,847)	(180,072)	(494,032)	(296,016)
Income tax expense	0	0	0	0
Net income	(276,847)	(180,072)	(494,032)	(296,016)
Less: Net loss (gain) attributable to noncontrolling interest	0	0	0	0
Net income attributable to Wabtec shareholders	(276,847)	(180,072)	(494,032)	(296,016)
Comprehensive (loss) income attributable to Wabtec shareholders	(276,847)	(180,072)	(494,032)	(296,016)
Parent
Condensed Financial Statements, Captions [Line Items]
Net sales	168,426	137,708	329,727	282,251
Cost of sales	(122,919)	(100,331)	(241,577)	(199,263)
Gross profit	45,507	37,377	88,150	82,988
Total operating expenses	(49,780)	(33,126)	(85,407)	(57,592)
Income from operations	(4,273)	4,251	2,743	25,396
Interest expense, net	(31,734)	(19,805)	(52,128)	(35,488)
Other income (expense), net	483	(8,984)	9,212	5,343
Equity earnings (loss)	128,744	96,963	235,442	165,229
Income from operations before income taxes	93,220	72,425	195,269	160,480
Income tax expense	(7,213)	(401)	(20,895)	(14,567)
Net income	86,007	72,024	174,374	145,913
Less: Net loss (gain) attributable to noncontrolling interest	0	0	0	0
Net income attributable to Wabtec shareholders	86,007	72,024	174,374	145,913
Comprehensive (loss) income attributable to Wabtec shareholders	86,231	72,921	174,881	147,668
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	137,966	93,372	256,083	198,431
Cost of sales	(88,688)	(59,637)	(161,678)	(123,901)
Gross profit	49,278	33,735	94,405	74,530
Total operating expenses	(12,267)	(12,741)	(25,941)	(25,069)
Income from operations	37,011	20,994	68,464	49,461
Interest expense, net	3,137	2,690	6,079	5,230
Other income (expense), net	0	0	(679)	(229)
Equity earnings (loss)	118,771	75,715	210,877	117,246
Income from operations before income taxes	158,919	99,399	284,741	171,708
Income tax expense	0	0	0	0
Net income	158,919	99,399	284,741	171,708
Less: Net loss (gain) attributable to noncontrolling interest	0	0	0	0
Net income attributable to Wabtec shareholders	158,919	99,399	284,741	171,708
Comprehensive (loss) income attributable to Wabtec shareholders	158,919	99,399	284,741	171,708
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net sales	873,375	728,849	1,700,594	1,424,975
Cost of sales	(614,861)	(518,604)	(1,200,588)	(1,025,282)
Gross profit	258,514	210,245	500,006	399,693
Total operating expenses	(138,397)	(114,739)	(268,698)	(233,140)
Income from operations	120,117	95,506	231,308	166,553
Interest expense, net	(3,323)	(449)	(6,155)	(7,164)
Other income (expense), net	1,688	9,920	(3,776)	633
Equity earnings (loss)	0	0	0	0
Income from operations before income taxes	118,482	104,977	221,377	160,022
Income tax expense	(3,290)	(24,168)	(15,732)	(37,463)
Net income	115,192	80,809	205,645	122,559
Less: Net loss (gain) attributable to noncontrolling interest	1,145	(135)	2,054	1,750
Net income attributable to Wabtec shareholders	116,337	80,674	207,699	124,309
Comprehensive (loss) income attributable to Wabtec shareholders	$ (74,104)	$ 226,877	$ 95,983	$ 317,607

Guarantor Subsidiaries Financial Information - Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	$ 67,904	$ (13,703)
Net cash used for investing activities	(69,100)	(884,629)
Net cash provided by (used for) financing activities	22,764	41,590
Effect of changes in currency exchange rates	(9,395)	42,032
Increase (Decrease) in cash	12,173	(814,710)
Cash, cash equivalents and restricted cash, beginning of period	233,401	1,143,232
Cash and cash equivalents, end of period	245,574	328,522
Elimination
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(47,713)	(13,541)
Net cash used for investing activities	0	0
Net cash provided by (used for) financing activities	47,713	13,541
Effect of changes in currency exchange rates	0	0
Increase (Decrease) in cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(116,378)	(50,070)
Net cash used for investing activities	(9,669)	(8,670)
Net cash provided by (used for) financing activities	125,855	58,408
Effect of changes in currency exchange rates	0	0
Increase (Decrease) in cash	(192)	(332)
Cash, cash equivalents and restricted cash, beginning of period	933	2,522
Cash and cash equivalents, end of period	741	2,190
Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	72,206	65,857
Net cash used for investing activities	(249)	(1,705)
Net cash provided by (used for) financing activities	(72,009)	(62,148)
Effect of changes in currency exchange rates	0	0
Increase (Decrease) in cash	(52)	2,004
Cash, cash equivalents and restricted cash, beginning of period	625	1,226
Cash and cash equivalents, end of period	573	3,230
Non-Guarantors
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	159,789	(15,949)
Net cash used for investing activities	(59,182)	(874,254)
Net cash provided by (used for) financing activities	(78,795)	31,789
Effect of changes in currency exchange rates	(9,395)	42,032
Increase (Decrease) in cash	12,417	(816,382)
Cash, cash equivalents and restricted cash, beginning of period	231,843	1,139,484
Cash and cash equivalents, end of period	$ 244,260	$ 323,102

Other Income (Expense), Net - Components of Other Income Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Abstract]
Foreign currency (loss) gain	$ (2,277)	$ (2,303)	$ (3,309)	$ (1,089)
Equity income	1,594	792	2,223	1,067
Expected return on pension assets/amortization	3,027	2,488	6,050	4,980
Other miscellaneous (income) expense	(173)	(41)	(207)	789
Total other income (expense), net	$ 2,171	$ 936	$ 4,757	$ 5,747