Westinghouse Air Brake Technologies (WAB) 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 27, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	WAB
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Entity Central Index Key	943,452
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		96,674,083

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 264,844	$ 425,849
Accounts receivable	505,539	443,464
Unbilled accounts receivable	174,730	187,762
Inventories	535,002	510,949
Deferred income taxes	44,208	43,953
Other	55,643	25,887
Total current assets	1,579,966	1,637,864
Property, plant and equipment	711,966	683,034
Accumulated depreciation	(354,996)	(343,923)
Property, plant and equipment, net	356,970	339,111
Other Assets
Goodwill	864,921	862,338
Other intangibles, net	454,533	422,811
Other noncurrent assets	41,733	41,717
Total other assets	1,361,187	1,326,866
Total Assets	3,298,123	3,303,841
Current Liabilities
Accounts payable	377,457	399,845
Customer deposits	98,636	111,797
Accrued compensation	66,919	70,857
Accrued warranty	74,300	68,031
Current portion of long-term debt	478	792
Other accrued liabilities	81,737	87,480
Total current liabilities	699,527	738,802
Long-term debt	400,348	520,403
Accrued postretirement and pension benefits	79,434	81,908
Deferred income taxes	118,396	112,915
Accrued warranty	22,353	19,818
Other long-term liabilities	21,733	21,697
Total liabilities	$ 1,341,791	$ 1,495,543
Shareholders’ Equity
Preferred stock, 1,000,000 shares authorized, no shares issued
Common stock, $.01 par value; 200,000,000 shares authorized:132,349,534 shares issued and 96,666,083 and 96,274,395 outstanding at June 30, 2015 and December 31, 2014, respectively	$ 1,323	$ 1,323
Additional paid-in capital	456,498	448,531
Treasury stock, at cost, 35,683,451 and 36,075,139 shares, at at June 30, 2015 and December 31, 2014, respectively	(388,001)	(392,262)
Retained earnings	2,095,224	1,909,136
Accumulated other comprehensive loss	(209,696)	(159,486)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	1,955,348	1,807,242
Non-controlling interest (minority interest)	984	1,056
Total shareholders’ equity	1,956,332	1,808,298
Total Liabilities and Shareholders’ Equity	$ 3,298,123	$ 3,303,841

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	132,349,534	132,349,534
Common stock, shares outstanding	96,666,083	96,274,395
Treasury stock, shares	35,683,451	36,075,139

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 847,028	$ 731,068	$ 1,665,622	$ 1,426,317
Cost of sales	(579,264)	(506,410)	(1,142,503)	(992,090)
Gross profit	267,764	224,658	523,119	434,227
Selling, general and administrative expenses	(88,992)	(72,982)	(173,763)	(143,063)
Engineering expenses	(17,750)	(14,221)	(34,613)	(27,167)
Amortization expense	(5,162)	(5,132)	(10,463)	(9,828)
Total operating expenses	(111,904)	(92,335)	(218,839)	(180,058)
Income from operations	155,860	132,323	304,280	254,169
Other income and expenses
Interest expense, net	(4,041)	(4,525)	(8,347)	(8,975)
Other (expense) income, net	(1,887)	243	(4,753)	226
Income from operations before income taxes	149,932	128,041	291,180	245,420
Income tax expense	(48,428)	(39,336)	(93,512)	(76,581)
Net income attributable to Wabtec shareholders	$ 101,504	$ 88,705	$ 197,668	$ 168,839
Basic
Net income attributable to Wabtec shareholders	$ 1.05	$ 0.92	$ 2.05	$ 1.76
Diluted
Net income attributable to Wabtec shareholders	$ 1.04	$ 0.91	$ 2.03	$ 1.74
Weighted average shares outstanding
Basic	96,338	96,048	96,066	95,674
Diluted	97,435	97,058	97,112	96,827

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 101,504	$ 88,705	$ 197,668	$ 168,839
Foreign currency translation gain (loss)	36,082	8,731	(51,849)	8,088
Unrealized gain (loss) on derivative contracts	949	(876)	(756)	(593)
Pension benefit plans and post-retirement benefit plans	(822)	(26)	3,000	1,782
Other comprehensive income (loss) before tax	36,209	7,829	(49,605)	9,277
Income tax (expense) benefit related to components of other comprehensive income (loss)	(320)	274	(605)	(381)
Other comprehensive income (loss), net of tax	35,889	8,103	(50,210)	8,896
Comprehensive income attributable to Wabtec shareholders	$ 137,393	$ 96,808	$ 147,458	$ 177,735

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net income attributable to Wabtec shareholders	$ 197,668	$ 168,839
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	31,612	27,862
Stock-based compensation expense	14,989	12,103
Loss on disposal of property, plant and equipment	420	106
Excess income tax benefits from exercise of stock options	(1,388)	(1,281)
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(35,788)	(91,926)
Inventories	(25,536)	(20,249)
Accounts payable	(25,015)	43,653
Accrued income taxes	19,185	15,459
Accrued liabilities and customer deposits	(27,089)	(3,878)
Other assets and liabilities	(38,132)	(13,029)
Net cash provided by operating activities	110,926	137,659
Investing Activities
Purchase of property, plant and equipment	(20,860)	(18,357)
Proceeds from disposal of property, plant and equipment	178	217
Acquisitions of businesses, net of cash acquired	(100,108)	(199,417)
Net cash used for investing activities	(120,790)	(217,557)
Financing Activities
Proceeds from debt	174,300	266,900
Payments of debt	(294,589)	(216,698)
Purchase of treasury stock		(16,622)
Proceeds from exercise of stock options and other benefit plans	1,409	1,844
Excess income tax benefits from exercise of stock options	1,388	1,281
Payment of income tax withholding on share-based compensation	(14,565)
Earn-out settlement		(4,429)
Cash dividends ($0.12 and $0.08 per share for the six months ended June 30, 2015 and 2014, respectively)	(11,580)	(7,691)
Net cash (used for) provided by financing activities	(143,637)	24,585
Effect of changes in currency exchange rates	(7,504)	(4,540)
Decrease in cash	(161,005)	(59,853)
Cash, beginning of period	425,849	285,760
Cash, end of period	$ 264,844	$ 225,907

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement Of Cash Flows [Abstract]
Cash dividends, per share	$ 0.12	$ 0.08

Business

Business	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business	1. BUSINESS Westinghouse Air Brake Technologies Corporation (“Wabtec”) is one of the world’s largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than 100 countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in 20 countries. In the first six months of 2015, about 48% of the Company’s revenues came from customers outside the U.S.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Accounting Policies	2. ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its majority owned subsidiaries. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2014. The December 31, 2014 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Revenue Recognition Revenue is recognized in accordance with Accounting Standards Codification (“ASC”) 605 “Revenue Recognition.” Revenue is recognized when products have been shipped to the respective customers, title has passed and the price for the product has been determined. In general, the Company recognizes revenues on long-term contracts based on the percentage of completion method of accounting. The units-of-delivery method or other input-based or output-based measures, as appropriate, are used to measure the progress toward completion of individual contracts. Contract revenues and cost estimates are reviewed and revised at a minimum quarterly and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts. Unbilled accounts receivables were $174.7 million and $187.8 million, customer deposits were $98.6 million and $111.8 million, and provisions for loss contracts were $8.4 million and $7.1 million at June 30, 2015 and December 31, 2014, respectively. Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $28.7 million and $24.9 million at June 30, 2015 and December 31, 2014, respectively. 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 The Company periodically enters into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counter-party to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. There is no exchange of funds until the delivery date. At the delivery date the Company can either take delivery of the currency or settle on a net basis. On June 24, 2015, the Company entered into a forward contract for the sale of Brazilian Real (BRL) and the purchase of U.S. dollars (USD). As of June 30, 2015 the notional value of this contract was 84.6 million BRL, or $27.0 million USD. To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company has entered into two forward starting interest rate swap agreements with notional values of $150.0 million. As of June 30, 2015, the Company has recorded a current liability of $4.2 million and a corresponding offset in accumulated other comprehensive loss of $2.5 million, net of tax, related to this agreement. For further information regarding the forward starting interest rate swap agreements, see Footnote 6. Foreign Currency Translation Assets and liabilities of foreign subsidiaries, except for the Company’s Mexican operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of 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. Non-controlling Interests In accordance with ASC 810, the Company has classified non-controlling interests as equity on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014. Net income attributable to non-controlling interests for the three and six months ended June 30, 2015 and 2014 was not material. Recent Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which changes the presentation of debt issuance costs in financial statements to present such costs as a direct deduction from the related debt liability rather than as an asset. ASU 2015-03 will become effective for public companies during interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU no. 2014-09, “Revenue from Contract with Customers.” The ASU will supersede most of the existing revenue recognition requirements in U.S. GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Board voted to propose that the standard would take effect for reporting periods beginning after December 15, 2017 and that early adoption would be allowed as of the original effective date. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures. Other Comprehensive Income Comprehensive income is defined as net income and all other non-owner changes in shareholders’ equity. The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended June 30, 2015 are as follows: Pension and Foreign post currency Derivative retirement In thousands translation contracts benefits plans Total Balance at December 31, 2014 $ (94,450 ) (2,243 ) (62,793 ) $ (159,486 ) Other comprehensive (loss) income before reclassifications (51,849 ) (1,070 ) 1,165 (51,754 ) Amounts reclassified from accumulated other comprehensive income - 627 917 1,544 Net current period other comprehensive (loss) income (51,849 ) (443 ) 2,082 (50,210 ) Balance at June 30, 2015 $ (146,299 ) $ (2,686 ) $ (60,711 ) $ (209,696 ) Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (521 ) Cost of sales Amortization of net loss 1,198 Cost of sales 677 Income from Operations (219 ) Income tax expense $ 458 Net income Derivative contracts Realized loss on derivative contracts $ 460 Interest expense, net (149 ) Income tax expense $ 311 Net income Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (1,043 ) Cost of sales Amortization of net loss 2,394 Cost of sales 1,351 Income from Operations (434 ) Income tax expense $ 917 Net income Derivative contracts Realized loss on derivative contracts $ 923 Interest expense, net (296 ) Income tax expense $ 627 Net income

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Acquisitions	3. ACQUISITIONS The Company has made the following acquisitions operating as a business unit or component of a business unit in the Freight Segment: · On February 4, 2015, the Company acquired Railroad Controls L.P. (“RCL”), a provider of railway signal construction services, for a purchase price of approximately $76.4 million, net of cash acquired, resulting in preliminary goodwill of $12.2 million, none of which will be deductible for tax purposes. · On September 3, 2014, the Company acquired C2CE Pty Ltd. (“C2CE”), a provider of railway signal design services, for a purchase price of approximately $25.5 million, net of cash acquired, resulting in preliminary goodwill of $15.6 million, none 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 June 17, 2015, the Company acquired Metalocaucho (“MTC”), a manufacturer of transit products, primarily rubber components for suspension and vibration control systems, for a purchase price of approximately $23.4 million, net of cash acquired, resulting in preliminary goodwill of $10.1 million, none of which will be deductible for tax purposes. · On August 21, 2014, the Company acquired Dia-Frag (“Dia-Frag”), a manufacturer of friction products for various markets with a focus on motorcycle braking, for a purchase price of approximately $70.6 million, net of cash acquired, resulting in preliminary goodwill of $36.1 million, none of which will be deductible for tax purposes. · On June 6, 2014, the Company acquired Fandstan Electric Group Ltd. (“Fandstan”), a leading rail and industrial equipment manufacturer for a variety of markets, including rail and tram transportation, industrial and energy, for a purchase price of approximately $199.4 million, net of cash acquired, resulting in additional goodwill of $64.7 million, none of which will be deductible for tax purposes. The acquisitions listed above include escrow deposits of $53.9 million, which act as security for indemnity and other claims in accordance with the purchase and related escrow agreements. For the MTC, RCL, C2CE, and Dia-Frag acquisitions, the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition. For the Fandstan acquisition, the following table summarizes the final fair values of the assets and liabilities assumed at the date of acquisition. MTC RCL C2CE Dia-Frag Fandstan June 17, February 4, September 3, August 21, June 6, In thousands 2015 2015 2014 2014 2014 Current assets $ 10,906 $ 16,445 $ 9,812 $ 12,476 $ 124,280 Property, plant & equipment 1,510 11,983 1,853 13,749 67,948 Goodwill 10,051 12,197 15,572 36,050 64,713 Other intangible assets 11,414 40,403 3,654 26,150 50,598 Other assets 114 - - 66 216 Total assets acquired 33,995 81,028 30,891 88,491 307,755 Total liabilities assumed (10,635 ) (4,646 ) (5,412 ) (17,850 ) (108,351 ) Net assets acquired $ 23,360 $ 76,382 $ 25,479 $ 70,641 $ 199,404 Of the $132.2 million of total acquired intangible assets, $95.2 million was assigned to customer relationships, $29.3 million was assigned to trade names, $2.1 million was assigned to non-compete agreements and $5.6 million was assigned to customer backlog. The trade names were determined to have an indefinite useful life, while the customer relationships’ average useful life is 20 years, and the non-compete useful life is five years. The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2014: Three Months Ended Three Months Ended Si x Six Months Ended In thousands June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net sales $ 853,103 $ 810,098 $ 1,692,364 $ 1,595,832 Gross profit 269,794 247,791 531,760 486,639 Net income attributable to Wabtec shareholders 101,776 94,289 200,530 182,957 Diluted earnings per share As Reported $ 1.04 $ 0.91 $ 2.03 $ 1.74 Pro forma $ 1.04 $ 0.97 $ 2.06 $ 1.88

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	4. INVENTORIES The components of inventory, net of reserves, were: June 30, December 31, In thousands 2015 2014 Raw materials $ 202,421 $ 222,059 Work-in-progress 186,073 154,094 Finished goods 146,508 134,796 Total inventories $ 535,002 $ 510,949

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangibles	5. INTANGIBLES The change in the carrying amount of goodwill by segment for the six months ended June 30, 2015 is as follows: Freight Transit In thousands Segment Segment Total Balance at December 31, 2014 $ 515,067 $ 347,271 $ 862,338 Adjustment to preliminary purchase allocation (170 ) (9,587 ) (9,757 ) Acquisitions 12,197 10,051 22,248 Foreign currency impact (1,374 ) (8,534 ) (9,908 ) Balance at June 30, 2015 $ 525,720 $ 339,201 $ 864,921 As of June 30, 2015 and December 31, 2014, the Company’s trademarks had a net carrying amount of $173.8 million and $170.1 million, respectively, and the Company believes these intangibles have an indefinite life. Intangible assets of the Company, other than goodwill and trademarks, consist of the following: June 30, December 31, In thousands 2015 2014 Patents, non-compete and other intangibles, net of accumulated amortization of $40,375 and $39,780 $ 13,327 $ 14,722 Customer relationships, net of accumulated amortization of $63,845 and $56,684 267,456 237,983 Total $ 280,783 $ 252,705 The weighted average remaining useful life of patents, customer relationships and intellectual property were 10 years, 16 years and 14 years, respectively. Amortization expense for intangible assets was $5.2 million and $10.5 million for the three and six months ended June 30, 2015, and $5.1 million and $9.8 million for the three and six months ended June 30, 2014. Amortization expense for the five succeeding years is estimated to be as follows (in thousands): Remainder of 2015 $ 12,859 2016 20,892 2017 19,486 2018 18,508 2019 18,065

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	6. LONG-TERM DEBT Long-term debt consisted of the following: June 30, December 31, In thousands 2015 2014 4.375% Senior Notes, due 2023 $ 250,000 $ 250,000 Revolving Credit Facility 150,000 270,000 Capital Leases 826 1,195 Total 400,826 521,195 Less - current portion 478 792 Long-term portion $ 400,348 $ 520,403 2013 Refinancing Credit Agreement On December 19, 2013, the Company amended its existing revolving credit facility with a consortium of commercial banks. This “2013 Refinancing Credit Agreement” provides the Company with an $800 million, five-year revolving credit facility. The Company incurred approximately $1.0 million of deferred financing cost related to the 2013 Refinancing Credit Agreement. The facility expires on December 19, 2018. The 2013 Refinancing Credit Agreement borrowings bear variable interest rates indexed as described below. At June 30, 2015, the Company had available bank borrowing capacity, net of $27.4 million of letters of credit, of approximately $622.6 million, subject to certain financial covenant restrictions. Under the 2013 Refinancing Credit Agreement, the Company may elect a Base Rate of interest for U.S. Dollar denominated loans or, for certain currencies, an interest rate based on the London Interbank Offered Rate (“LIBOR”) of interest, or other rates appropriate for such currencies (in any case, “the Alternate Rate”). The Base Rate adjusts on a daily basis and is the greater of the Federal Funds Effective Rate plus 0.5% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points, plus a margin that ranges from 0 to 75 basis points. The Alternate Rate is based on the quoted rates specific to the applicable currency, plus a margin that ranges from 75 to 175 basis points. Both the Base Rate and Alternate Rate margins are dependent on the Company’s consolidated total indebtedness to cash flow ratios. The initial Base Rate margin is 0 basis points and the Alternate Rate margin is 75 basis points . At June 30, 2015, the weighted average interest rate on the Company’s variable rate debt was 0.94%. On January 12, 2012, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. The effective date of the interest rate swap agreement is July 31, 2013, and the termination date is November 7, 2016. The impact of the interest rate swap agreement converts a portion of the Company’s outstanding debt from a variable rate to a fixed-rate borrowing. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate Rate margin. The Company is exposed to credit risk in the event of nonperformance by the counterparty. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparty is a large financial institution with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible. 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 is 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. The Company is exposed to credit risk in the event of nonperformance by the counterparty. However, since only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparty is a large financial institution with an excellent credit rating and history of performance. The Company currently believes the risk of nonperformance is negligible. The 2013 Refinancing Credit Agreement limits the Company’s ability to declare or pay cash dividends and prohibits the Company from declaring or making other distributions, subject to certain exceptions. The 2013 Refinancing Credit Agreement contains various other covenants and restrictions including the following limitations: incurrence of additional indebtedness; mergers, consolidations, sales of assets and acquisitions; additional liens; sale and leasebacks; permissible investments, loans and advances; certain debt payments; and imposes a minimum interest expense coverage ratio of 3.0 and a maximum debt to cash flow ratio of 3.25. The Company does not expect that these measurements will limit the Company in executing our operating activities. 4.375% Senior Notes Due August 2023 In August 2013, the Company issued $250.0 million of Senior Notes due in 2023 (the “2013 Notes”). The 2013 Notes were issued at 99.879% of face value. Interest on the 2013 Notes accrues at a rate of 4.375% per annum and is payable semi-annually on February 15 and August 15 of each year. The proceeds were used to repay debt outstanding under the Company’s existing credit agreement, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.6 million of deferred financing costs related to the issuance. 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.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	7. 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 Three Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 95 $ 98 $ 506 $ 428 Interest cost 479 532 1,801 1,844 Expected return on plan assets (542 ) (620 ) (2,434 ) (2,245 ) Net amortization/deferrals 266 655 655 768 Net periodic benefit cost $ 298 $ 665 $ 528 $ 795 U.S. International Six Months Ended Six Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 190 $ 196 $ 1,012 $ 852 Interest cost 958 1,064 3,590 3,665 Expected return on plan assets (1,084 ) (1,240 ) (4,850 ) (4,461 ) Net amortization/deferrals 532 1,310 1,307 1,526 Net periodic benefit cost $ 596 $ 1,330 $ 1,059 $ 1,582 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 $6.7 million to the international plans and does not expect to make a contribution to the U.S. plans during 2015. 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 Three Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 2 $ 10 $ 11 $ 9 Interest cost 308 296 35 42 Net amortization/deferrals (234 ) (326 ) (10 ) (15 ) Net periodic benefit (credit) cost $ 76 $ (20 ) $ 36 $ 36 U.S. International Six Months Ended Six Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 4 $ 20 $ 22 $ 18 Interest cost 616 592 70 84 Net amortization/deferrals (468 ) (653 ) (19 ) (30 ) Net periodic benefit (credit) cost $ 152 $ (41 ) $ 73 $ 72

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	8. STOCK-BASED COMPENSATION As of June 30, 2015, the Company maintains employee stock-based compensation plans for stock options, restricted stock, restricted units, and incentive stock awards as governed by the 2011 Stock Incentive Compensation Plan (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a 10-year term through March 27, 2021 and provides a maximum of 3,800,000 shares for grants or awards. The 2011 Plan was approved by stockholders of Wabtec on May 11, 2011. The Company also maintains a Non-Employee Directors’ Fee and Stock Option Plan (“Directors Plan”). No awards may be made under the Directors Plan subsequent to October 31, 2016. Stock-based compensation expense was $15.0 million and $12.1 million for the six months ended June 30, 2015 and 2014, respectively. Included in the stock-based compensation expense for the six months ended June 30, 2015 above is $1.0 million of expense related to stock options, $3.2 million related to restricted stock, $1.9 million related to restricted units, $8.3 million related to incentive stock awards and $0.6 million related to awards issued for Directors’ fees. At June 30, 2015, unamortized compensation expense related to stock options, restricted stock, restricted units and incentive stock awards expected to vest totaled $36.6 million and will be recognized over a weighted average period of 1.5 years. Stock Options Stock options are granted to eligible employees and directors at the fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Under the 2011 Plan and the 2000 Plan, options become exercisable over a four-year vesting period and expire 10 years from the date of grant. The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2015: Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic value Options Price Contractual Life (in thousands) Outstanding at December 31, 2014 1,147,558 $ 28.33 5.5 $ 67,205 Granted 84,675 87.35 691 Exercised (59,324 ) 27.41 4,040 Canceled (4,936 ) 62.05 165 Outstanding at June 30, 2015 1,167,973 32.51 5.3 73,594 Exercisable at June 30, 2015 915,534 23.74 4.5 65,720 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, 2015 2014 Dividend yield 0.14 % 0.11 % Risk-free interest rate 1.82 % 2.19 % Stock price volatility 27.3 % 33.2 % Expected life (years) 5.0 5.0 The dividend yield is based on the Company’s dividend rate and the current market price of the underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the U.S. Treasury bond rates for the expected life of the option. Restricted Stock, Restricted Units and Incentive Stock Beginning in 2006 the Company adopted a restricted stock program. As provided for under the 2011 and 2000 Plans, eligible employees are granted restricted stock or restricted units that generally vest over four years from the date of grant. Under the Directors Plan, restricted stock awards vest one year from the date of grant. In addition, the Company has issued incentive stock awards to eligible employees that vest upon attainment of certain cumulative three year performance goals. Based on the Company’s performance for each three-year period then ended, the incentive stock awards can vest and be awarded ranging from 0% to 200% of the initial incentive stock awards granted. The incentive stock awards included in the table below represent the number of shares that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of June 30, 2015, the Company estimates that it will achieve 124%, 135% and 100% for the incentive stock awards expected to vest based on performance for the three-year periods ending December 31, 2015, 2016, and 2017, respectively, and has recorded incentive compensation expense accordingly. If our estimate of the number of these stock awards expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period. Compensation expense for the restricted stock and incentive stock awards 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 and unit activity for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock awards activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2015: Weighted Restricted Incentive Average Grant Stock Stock Date Fair and Units Awards Value Outstanding at December 31, 2014 438,543 791,608 $ 47.97 Granted 110,945 125,650 87.74 Vested (178,320 ) (433,932 ) 37.76 Adjustment for incentive stock awards expected to vest - 71,976 57.78 Canceled (5,468 ) (3,160 ) 60.51 Outstanding at June 30, 2015 365,700 552,142 65.66

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. INCOME TAXES The overall effective income tax rate was 32.3% and 32.1% for the three and six months ended June 30, 2015, respectively, and 30.7% and 31.2% for the three and six months ended June 30, 2014, respectively. For the three and six months ended June 30, 2015 the increase in the effective rate is primarily due to additional income earned in jurisdictions with higher statutory tax rates and higher state tax rates in the U.S. As of June 30, 2015, the liability for income taxes associated with uncertain tax positions was $12.6 million, of which $5.5 million, if recognized, would favorably affect the Company’s effective tax rate. As of December 31, 2014 the liability associated with uncertain tax positions was $12.6 million, of which $4.5 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, 2015 the total accrued interest and penalties are $2.3 million and $1.6 million, respectively. As of December 31, 2014 the total accrued interest and penalties were $1.9 million and $1.3 million, respectively. At this time, the Company believes that it is reasonably possible that unrecognized tax benefits of approximately $0.7 million may change within the next 12 months due to the expiration of statutory review periods and current examinations. The Internal Revenue Service is currently auditing the 2012 tax year. With limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2011.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	10. 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 2015 2014 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 101,504 $ 88,705 Less: dividends declared - common shares and non-vested restricted stock (5,799 ) (3,863 ) Undistributed earnings 95,705 84,842 Percentage allocated to common shareholders (1) 99.7 % 99.6 % 95,418 84,503 Add: dividends declared - common shares 5,782 3,849 Numerator for basic and diluted earnings per common share $ 101,200 $ 88,352 Denominator Denominator for basic earnings per common share - weighted average shares 96,338 96,048 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 1,097 1,010 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 97,435 97,058 Net income per common share attributable to Wabtec shareholders Basic $ 1.05 $ 0.92 Diluted $ 1.04 $ 0.91 (1) Basic weighted-average common shares outstanding 96,338 96,048 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 96,620 96,395 Percentage allocated to common shareholders 99.7 % 99.6 % Six Months Ended June 30, In thousands, except per share data 2015 2014 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 197,668 $ 168,839 Less: dividends declared - common shares and non-vested restricted stock (11,580 ) (7,691 ) Undistributed earnings 186,088 161,148 Percentage allocated to common shareholders (1) 99.6 % 99.6 % 185,344 160,503 Add: dividends declared - common shares 11,539 7,657 Numerator for basic and diluted earnings per common share $ 196,883 $ 168,160 Denominator Denominator for basic earnings per common share - weighted average shares 96,066 95,674 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 1,046 1,153 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 97,112 96,827 Net income per common share attributable to Wabtec shareholders Basic $ 2.05 $ 1.76 Diluted $ 2.03 $ 1.74 (1) Basic weighted-average common shares outstanding 96,066 95,674 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 96,406 96,094 Percentage allocated to common shareholders 99.6 % 99.6 % 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

Warranties	6 Months Ended
	Jun. 30, 2015
Disclosure Changes In Product Warranty Reserve [Abstract]
Warranties	11. WARRANTIES The following table reconciles the changes in the Company’s product warranty reserve as follows: Six Months Ended June 30, In thousands 2015 2014 Balance at December 31, 2014 and 2013 respectively $ 87,849 $ 60,593 Warranty expense 14,043 15,328 Acquisitions 6,001 3,567 Warranty claim payments (10,538 ) (8,816 ) Foreign currency impact/other (702 ) 447 Balance at June 30, 2015 and 2014, respectively $ 96,653 $ 71,119

Fair Value Measurement and Fair

Fair Value Measurement and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurement and Fair Value of Financial Instruments	12. 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, 2015, which are included in other current liabilities on the Condensed Consolidated Balance sheet: Fair Value Measurements at June 30, 2015 Using Total Carrying Quoted Prices in Significant Value at Active Markets for Significant Other Unobservable June 30, Identical Assets Observable Inputs Inputs In thousands 2015 (Level 1) (Level 2) (Level 3) Interest rate swap agreements $ 4,186 $ - $ 4,186 $ - Total $ 4,186 $ - $ 4,186 $ - The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2014, which is included in other current liabilities on the Condensed Consolidated Balance sheet: Fair Value Measurements at December 31, 2014 Using Total Carrying Quoted Prices in Significant Value at Active Markets for Significant Other Unobservable December 31, Identical Assets Observable Inputs Inputs In thousands 2014 (Level 1) (Level 2) (Level 3) Interest rate swap agreements $ 3,351 $ - $ 3,351 $ - Total $ 3,351 $ - $ 3,351 $ - 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, 2015 and December 31, 2014. The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. Generally, all plan assets are considered Level 2 based on the fair value valuation hierarchy. These investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, and money markets. Trusts are valued at the net asset value (“NAV”) as determined by their custodian. NAV represent the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. The 2013 Notes 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, 2015 December 31, 2014 Carry Fair Carry Fair In thousands Value Value Value Value Interest rate swap agreement $ 4,186 $ 4,186 $ 3,351 $ 3,351 4.375% Senior Notes 250,000 256,700 250,000 260,000 The fair value of the Company’s interest rate swap agreements and the 2013 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

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. 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, 2014, in Note 18 therein, filed on February 20, 2015. During the first six months of 2015, there were no material changes to the information described in the Form 10-K. The Company is also subject to litigation from time to time arising out of its 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, 2014, in Note 18 therein, filed on February 20, 2015. During the first six months of 2015, there were no material changes to the information described in the Form 10-K.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	14. 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, friction products, and provides related heat exchange and cooling systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities. Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically subway cars and buses, builds new commuter locomotives, friction products, and refurbishes subway cars. Customers include public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses around the world. The Company evaluates its business segments’ operating results based on income from operations. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense and other unallocated charges. Since certain administrative and other operating expenses and other items have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies. Segment financial information for the three months ended June 30, 2015 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 534,674 $ 312,354 $ - $ 847,028 Intersegment sales/(elimination) 9,029 2,799 (11,828 ) - Total sales $ 543,703 $ 315,153 $ (11,828 ) $ 847,028 Income (loss) from operations $ 125,232 $ 37,514 $ (6,886 ) $ 155,860 Interest expense and other, net - - (5,928 ) (5,928 ) Income (loss) from operations before income taxes $ 125,232 $ 37,514 $ (12,814 ) $ 149,932 Segment financial information for the three months ended June 30, 2014 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 411,502 $ 319,566 $ - $ 731,068 Intersegment sales/(elimination) 10,110 1,441 (11,551 ) - Total sales $ 421,612 $ 321,007 $ (11,551 ) $ 731,068 Income (loss) from operations $ 100,283 $ 36,757 $ (4,717 ) $ 132,323 Interest expense and other, net - - (4,282 ) (4,282 ) Income (loss) from operations before income taxes $ 100,283 $ 36,757 $ (8,999 ) $ 128,041 Segment financial information for the six months ended June 30, 2015 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 1,046,561 $ 619,061 $ - $ 1,665,622 Intersegment sales/(elimination) 17,957 5,383 (23,340 ) - Total sales $ 1,064,518 $ 624,444 $ (23,340 ) $ 1,665,622 Income (loss) from operations $ 236,801 $ 78,937 $ (11,458 ) $ 304,280 Interest expense and other, net - - (13,100 ) (13,100 ) Income (loss) from operations before income taxes $ 236,801 $ 78,937 $ (24,558 ) $ 291,180 Segment financial information for the six months ended June 30, 2014 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 797,008 $ 629,309 $ - $ 1,426,317 Intersegment sales/(elimination) 17,293 4,274 (21,567 ) - Total sales $ 814,301 $ 633,583 $ (21,567 ) $ 1,426,317 Income (loss) from operations $ 192,214 $ 71,275 $ (9,320 ) $ 254,169 Interest expense and other, net - - (8,749 ) (8,749 ) Income (loss) from operations before income taxes $ 192,214 $ 71,275 $ (18,069 ) $ 245,420 Sales by product are as follows: Three Months Ended June 30, In thousands 2015 2014 Specialty Products & Electronics $ 448,292 $ 312,119 Brake Products 159,034 159,575 Remanufacturing, Overhaul & Build 151,859 160,664 Other Transit Products 50,864 53,011 Other 36,979 45,699 Total sales $ 847,028 $ 731,068 Six Months Ended June 30, In thousands 2015 2014 Specialty Products & Electronics $ 873,829 $ 590,859 Brake Products 326,431 316,269 Remanufacturing, Overhaul & Build 288,549 331,824 Other Transit Products 97,667 103,537 Other 79,146 83,828 Total sales $ 1,665,622 $ 1,426,317

Other Income (Expense), Net

Other Income (Expense), Net	6 Months Ended
	Jun. 30, 2015
Other Income And Expenses [Abstract]
Other Income (Expense), Net	15. OTHER INCOME (EXPENSE), NET The components of other income (expense) are as follows: Three Months Ended Six Months Ended June 30, June 30, In thousands 2015 2014 2015 2014 Foreign currency (loss) gain $ (1,541 ) $ 262 $ (3,935 ) $ (99 ) Other miscellaneous (expense) income (346 ) (19 ) (818 ) 325 Total other (expense) income, net $ (1,887 ) $ 243 $ (4,753 ) $ 226

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS On July 27, 2015, the Company announced plans to acquire Faiveley Transport S.A., 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 valued-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 & Safety (braking systems and couplers). The transaction, which is subject to various conditions, including labor group consultations and other regulatory requirements, has been structured in three steps: · Wabtec has made an irrevocable offer to the owners of approximately 51% of Faiveley Transport’s shares for a purchase price of €100 per share, payable 25% in cash and 75% in Wabtec preferred stock. The preferred stock will have a 1% annual dividend or, if greater, the annual dividend assuming full conversion into common shares, and must be converted after three years into Wabtec common shares at an implied ratio of one Faiveley Transport common share for 1.125 Wabtec common shares. Shareholders owning 51% of Faiveley Transport have entered into exclusive discussions with Wabtec. · Upon completion of required labor group consultations, Wabtec expects that the 51% shareholders will enter into a definitive share purchase agreement and Faiveley Transport will enter into an acquisition agreement with Wabtec. · Upon completing the share purchase, Wabtec will commence a tender offer for the remaining publicly traded Faiveley Transport shares. The public shareholders will have the option to elect to receive €100 per share in cash or Wabtec preferred stock. The preferred stock portion of the consideration is subject to a cap of 75% of Faiveley Transport’s common shares. Wabtec intends to delist Faiveley Transport from Euronext after the tender offer if minority interests represent less than 5%. The total purchase price offered is about $1.8 billion, including assumed debt. Wabtec plans to fund the cash portion of the transaction with cash on hand, existing credit facilities and potentially other debt financing. The combination of Wabtec and Faiveley Transport would create one of the world’s largest public rail equipment companies, with revenues of about $4.5 billion and a presence in all key freight rail and passenger transit geographies worldwide.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its majority owned subsidiaries. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2014. The December 31, 2014 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Revenue Recognition	Revenue Recognition Revenue is recognized in accordance with Accounting Standards Codification (“ ASC”) 605 “Revenue Recognition.” Revenue is recognized when products have been shipped to the respective customers, title has passed and the price for the product has been determined. In general, the Company recognizes revenues on long-term contracts based on the percentage of completion method of accounting. The units-of-delivery method or other input-based or output-based measures, as appropriate, are used to measure the progress toward completion of individual contracts. Contract revenues and cost estimates are reviewed and revised at a minimum quarterly and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts. Unbilled accounts receivables were $174.7 million and $187.8 million, customer deposits were $98.6 million and $111.8 million, and provisions for loss contracts were $8.4 million and $7.1 million at June 30, 2015 and December 31, 2014, respectively. Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $28.7 million and $24.9 million at June 30, 2015 and December 31, 2014, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Financial Derivatives and Hedging Activities	Financial Derivatives and Hedging Activities The Company periodically enters into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counter-party to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. There is no exchange of funds until the delivery date. At the delivery date the Company can either take delivery of the currency or settle on a net basis. On June 24, 2015, the Company entered into a forward contract for the sale of Brazilian Real (BRL) and the purchase of U.S. dollars (USD). As of June 30, 2015 the notional value of this contract was 84.6 million BRL, or $27.0 million USD. To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company has entered into two forward starting interest rate swap agreements with notional values of $150.0 million. As of June 30, 2015, the Company has recorded a current liability of $4.2 million and a corresponding offset in accumulated other comprehensive loss of $2.5 million, net of tax, related to this agreement. For further information regarding the forward starting interest rate swap agreements, see Footnote 6.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of foreign subsidiaries, except for the Company’s Mexican operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the year. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of 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	Non-controlling Interests In accordance with ASC 810, the Company has classified non-controlling interests as equity on our condensed consolidated balance sheets as of June 30, 2015 and December 31, 2014. Net income attributable to non-controlling interests for the three and six months ended June 30, 2015 and 2014 was not material.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”) which changes the presentation of debt issuance costs in financial statements to present such costs as a direct deduction from the related debt liability rather than as an asset. ASU 2015-03 will become effective for public companies during interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures. In May 2014, the FASB issued ASU no. 2014-09, “Revenue from Contract with Customers.” The ASU will supersede most of the existing revenue recognition requirements in U.S. GAAP and will require entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The new standard also requires significantly expanded disclosures regarding the qualitative and quantitative information of an entity’s nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The Pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, with early application not permitted. The Board voted to propose that the standard would take effect for reporting periods beginning after December 15, 2017 and that early adoption would be allowed as of the original effective date. The Company is currently evaluating the impact the pronouncement will have on the consolidated financial statements and related disclosures.
Other Comprehensive Income	Other Comprehensive Income Comprehensive income is defined as net income and all other non-owner changes in shareholders’ equity. The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended June 30, 2015 are as follows: Pension and Foreign post currency Derivative retirement In thousands translation contracts benefits plans Total Balance at December 31, 2014 $ (94,450 ) (2,243 ) (62,793 ) $ (159,486 ) Other comprehensive (loss) income before reclassifications (51,849 ) (1,070 ) 1,165 (51,754 ) Amounts reclassified from accumulated other comprehensive income - 627 917 1,544 Net current period other comprehensive (loss) income (51,849 ) (443 ) 2,082 (50,210 ) Balance at June 30, 2015 $ (146,299 ) $ (2,686 ) $ (60,711 ) $ (209,696 ) Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (521 ) Cost of sales Amortization of net loss 1,198 Cost of sales 677 Income from Operations (219 ) Income tax expense $ 458 Net income Derivative contracts Realized loss on derivative contracts $ 460 Interest expense, net (149 ) Income tax expense $ 311 Net income Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (1,043 ) Cost of sales Amortization of net loss 2,394 Cost of sales 1,351 Income from Operations (434 ) Income tax expense $ 917 Net income Derivative contracts Realized loss on derivative contracts $ 923 Interest expense, net (296 ) Income tax expense $ 627 Net income

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 are as follows: Pension and Foreign post currency Derivative retirement In thousands translation contracts benefits plans Total Balance at December 31, 2014 $ (94,450 ) (2,243 ) (62,793 ) $ (159,486 ) Other comprehensive (loss) income before reclassifications (51,849 ) (1,070 ) 1,165 (51,754 ) Amounts reclassified from accumulated other comprehensive income - 627 917 1,544 Net current period other comprehensive (loss) income (51,849 ) (443 ) 2,082 (50,210 ) Balance at June 30, 2015 $ (146,299 ) $ (2,686 ) $ (60,711 ) $ (209,696 )
Reclassifications Out of Accumulated Other Comprehensive Loss	Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (521 ) Cost of sales Amortization of net loss 1,198 Cost of sales 677 Income from Operations (219 ) Income tax expense $ 458 Net income Derivative contracts Realized loss on derivative contracts $ 460 Interest expense, net (149 ) Income tax expense $ 311 Net income Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2015 are as follows: Amount reclassified from Affected line item in the accumulated other Condensed Consolidated In thousands comprehensive income Statements of Operations Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (1,043 ) Cost of sales Amortization of net loss 2,394 Cost of sales 1,351 Income from Operations (434 ) Income tax expense $ 917 Net income Derivative contracts Realized loss on derivative contracts $ 923 Interest expense, net (296 ) Income tax expense $ 627 Net income

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition	For the MTC, RCL, C2CE, and Dia-Frag acquisitions, the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition. For the Fandstan acquisition, the following table summarizes the final fair values of the assets and liabilities assumed at the date of acquisition. MTC RCL C2CE Dia-Frag Fandstan June 17, February 4, September 3, August 21, June 6, In thousands 2015 2015 2014 2014 2014 Current assets $ 10,906 $ 16,445 $ 9,812 $ 12,476 $ 124,280 Property, plant & equipment 1,510 11,983 1,853 13,749 67,948 Goodwill 10,051 12,197 15,572 36,050 64,713 Other intangible assets 11,414 40,403 3,654 26,150 50,598 Other assets 114 - - 66 216 Total assets acquired 33,995 81,028 30,891 88,491 307,755 Total liabilities assumed (10,635 ) (4,646 ) (5,412 ) (17,850 ) (108,351 ) Net assets acquired $ 23,360 $ 76,382 $ 25,479 $ 70,641 $ 199,404
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, 2014: Three Months Ended Three Months Ended Si x Six Months Ended In thousands June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Net sales $ 853,103 $ 810,098 $ 1,692,364 $ 1,595,832 Gross profit 269,794 247,791 531,760 486,639 Net income attributable to Wabtec shareholders 101,776 94,289 200,530 182,957 Diluted earnings per share As Reported $ 1.04 $ 0.91 $ 2.03 $ 1.74 Pro forma $ 1.04 $ 0.97 $ 2.06 $ 1.88

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Components of Inventory, Net of Reserves	The components of inventory, net of reserves, were: June 30, December 31, In thousands 2015 2014 Raw materials $ 202,421 $ 222,059 Work-in-progress 186,073 154,094 Finished goods 146,508 134,796 Total inventories $ 535,002 $ 510,949

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2015
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, 2015 is as follows: Freight Transit In thousands Segment Segment Total Balance at December 31, 2014 $ 515,067 $ 347,271 $ 862,338 Adjustment to preliminary purchase allocation (170 ) (9,587 ) (9,757 ) Acquisitions 12,197 10,051 22,248 Foreign currency impact (1,374 ) (8,534 ) (9,908 ) Balance at June 30, 2015 $ 525,720 $ 339,201 $ 864,921
Intangible Assets of the Company, Other Than Goodwill and Trademarks	Intangible assets of the Company, other than goodwill and trademarks, consist of the following: June 30, December 31, In thousands 2015 2014 Patents, non-compete and other intangibles, net of accumulated amortization of $40,375 and $39,780 $ 13,327 $ 14,722 Customer relationships, net of accumulated amortization of $63,845 and $56,684 267,456 237,983 Total $ 280,783 $ 252,705
Amortization Expense	Amortization expense for the five succeeding years is estimated to be as follows (in thousands): Remainder of 2015 $ 12,859 2016 20,892 2017 19,486 2018 18,508 2019 18,065

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Long-term debt consisted of the following: June 30, December 31, In thousands 2015 2014 4.375% Senior Notes, due 2023 $ 250,000 $ 250,000 Revolving Credit Facility 150,000 270,000 Capital Leases 826 1,195 Total 400,826 521,195 Less - current portion 478 792 Long-term portion $ 400,348 $ 520,403

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans
Components of Net Periodic Benefit Cost	The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components. U.S. International Three Months Ended Three Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 95 $ 98 $ 506 $ 428 Interest cost 479 532 1,801 1,844 Expected return on plan assets (542 ) (620 ) (2,434 ) (2,245 ) Net amortization/deferrals 266 655 655 768 Net periodic benefit cost $ 298 $ 665 $ 528 $ 795 U.S. International Six Months Ended Six Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 190 $ 196 $ 1,012 $ 852 Interest cost 958 1,064 3,590 3,665 Expected return on plan assets (1,084 ) (1,240 ) (4,850 ) (4,461 ) Net amortization/deferrals 532 1,310 1,307 1,526 Net periodic benefit cost $ 596 $ 1,330 $ 1,059 $ 1,582
Postretirement Benefit Plans
Components of Net Periodic Benefit Cost	The following tables provide information regarding the Company’s postretirement benefit plans summarized by U.S. and international components. U.S. International Three Months Ended Three Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 2 $ 10 $ 11 $ 9 Interest cost 308 296 35 42 Net amortization/deferrals (234 ) (326 ) (10 ) (15 ) Net periodic benefit (credit) cost $ 76 $ (20 ) $ 36 $ 36 U.S. International Six Months Ended Six Months Ended June 30, June 30, In thousands, except percentages 2015 2014 2015 2014 Net periodic benefit cost Service cost $ 4 $ 20 $ 22 $ 18 Interest cost 616 592 70 84 Net amortization/deferrals (468 ) (653 ) (19 ) (30 ) Net periodic benefit (credit) cost $ 152 $ (41 ) $ 73 $ 72

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased 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, 2015: Weighted Weighted Average Average Aggregate Exercise Remaining Intrinsic value Options Price Contractual Life (in thousands) Outstanding at December 31, 2014 1,147,558 $ 28.33 5.5 $ 67,205 Granted 84,675 87.35 691 Exercised (59,324 ) 27.41 4,040 Canceled (4,936 ) 62.05 165 Outstanding at June 30, 2015 1,167,973 32.51 5.3 73,594 Exercisable at June 30, 2015 915,534 23.74 4.5 65,720
Schedule of Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Six Months Ended June 30, 2015 2014 Dividend yield 0.14 % 0.11 % Risk-free interest rate 1.82 % 2.19 % Stock price volatility 27.3 % 33.2 % Expected life (years) 5.0 5.0
Restricted Stock Activity and Incentive Stock Awards Activity	The following table summarizes the restricted stock and unit activity for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock awards activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2015: Weighted Restricted Incentive Average Grant Stock Stock Date Fair and Units Awards Value Outstanding at December 31, 2014 438,543 791,608 $ 47.97 Granted 110,945 125,650 87.74 Vested (178,320 ) (433,932 ) 37.76 Adjustment for incentive stock awards expected to vest - 71,976 57.78 Canceled (5,468 ) (3,160 ) 60.51 Outstanding at June 30, 2015 365,700 552,142 65.66

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of 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 2015 2014 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 101,504 $ 88,705 Less: dividends declared - common shares and non-vested restricted stock (5,799 ) (3,863 ) Undistributed earnings 95,705 84,842 Percentage allocated to common shareholders (1) 99.7 % 99.6 % 95,418 84,503 Add: dividends declared - common shares 5,782 3,849 Numerator for basic and diluted earnings per common share $ 101,200 $ 88,352 Denominator Denominator for basic earnings per common share - weighted average shares 96,338 96,048 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 1,097 1,010 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 97,435 97,058 Net income per common share attributable to Wabtec shareholders Basic $ 1.05 $ 0.92 Diluted $ 1.04 $ 0.91 (1) Basic weighted-average common shares outstanding 96,338 96,048 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 96,620 96,395 Percentage allocated to common shareholders 99.7 % 99.6 % Six Months Ended June 30, In thousands, except per share data 2015 2014 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 197,668 $ 168,839 Less: dividends declared - common shares and non-vested restricted stock (11,580 ) (7,691 ) Undistributed earnings 186,088 161,148 Percentage allocated to common shareholders (1) 99.6 % 99.6 % 185,344 160,503 Add: dividends declared - common shares 11,539 7,657 Numerator for basic and diluted earnings per common share $ 196,883 $ 168,160 Denominator Denominator for basic earnings per common share - weighted average shares 96,066 95,674 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 1,046 1,153 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 97,112 96,827 Net income per common share attributable to Wabtec shareholders Basic $ 2.05 $ 1.76 Diluted $ 2.03 $ 1.74 (1) Basic weighted-average common shares outstanding 96,066 95,674 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 96,406 96,094 Percentage allocated to common shareholders 99.6 % 99.6 %

Warranties (Tables)

Warranties (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Changes In Product Warranty Reserve [Abstract]
Changes in Product Warranty Reserve	The following table reconciles the changes in the Company’s product warranty reserve as follows: Six Months Ended June 30, In thousands 2015 2014 Balance at December 31, 2014 and 2013 respectively $ 87,849 $ 60,593 Warranty expense 14,043 15,328 Acquisitions 6,001 3,567 Warranty claim payments (10,538 ) (8,816 ) Foreign currency impact/other (702 ) 447 Balance at June 30, 2015 and 2014, respectively $ 96,653 $ 71,119

Fair Value Measurement and Fa34

Fair Value Measurement and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Liabilities Carried at Fair Value Measured on Recurring Basis	The following table provides the liabilities carried at fair value measured on a recurring basis as of June 30, 2015, which are included in other current liabilities on the Condensed Consolidated Balance sheet: Fair Value Measurements at June 30, 2015 Using Total Carrying Quoted Prices in Significant Value at Active Markets for Significant Other Unobservable June 30, Identical Assets Observable Inputs Inputs In thousands 2015 (Level 1) (Level 2) (Level 3) Interest rate swap agreements $ 4,186 $ - $ 4,186 $ - Total $ 4,186 $ - $ 4,186 $ - The following table provides the liabilities carried at fair value measured on a recurring basis as of December 31, 2014, which is included in other current liabilities on the Condensed Consolidated Balance sheet: Fair Value Measurements at December 31, 2014 Using Total Carrying Quoted Prices in Significant Value at Active Markets for Significant Other Unobservable December 31, Identical Assets Observable Inputs Inputs In thousands 2014 (Level 1) (Level 2) (Level 3) Interest rate swap agreements $ 3,351 $ - $ 3,351 $ - Total $ 3,351 $ - $ 3,351 $ -
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, 2015 December 31, 2014 Carry Fair Carry Fair In thousands Value Value Value Value Interest rate swap agreement $ 4,186 $ 4,186 $ 3,351 $ 3,351 4.375% Senior Notes 250,000 256,700 250,000 260,000

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Financial Information	Segment financial information for the three months ended June 30, 2015 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 534,674 $ 312,354 $ - $ 847,028 Intersegment sales/(elimination) 9,029 2,799 (11,828 ) - Total sales $ 543,703 $ 315,153 $ (11,828 ) $ 847,028 Income (loss) from operations $ 125,232 $ 37,514 $ (6,886 ) $ 155,860 Interest expense and other, net - - (5,928 ) (5,928 ) Income (loss) from operations before income taxes $ 125,232 $ 37,514 $ (12,814 ) $ 149,932 Segment financial information for the three months ended June 30, 2014 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 411,502 $ 319,566 $ - $ 731,068 Intersegment sales/(elimination) 10,110 1,441 (11,551 ) - Total sales $ 421,612 $ 321,007 $ (11,551 ) $ 731,068 Income (loss) from operations $ 100,283 $ 36,757 $ (4,717 ) $ 132,323 Interest expense and other, net - - (4,282 ) (4,282 ) Income (loss) from operations before income taxes $ 100,283 $ 36,757 $ (8,999 ) $ 128,041 Segment financial information for the six months ended June 30, 2015 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 1,046,561 $ 619,061 $ - $ 1,665,622 Intersegment sales/(elimination) 17,957 5,383 (23,340 ) - Total sales $ 1,064,518 $ 624,444 $ (23,340 ) $ 1,665,622 Income (loss) from operations $ 236,801 $ 78,937 $ (11,458 ) $ 304,280 Interest expense and other, net - - (13,100 ) (13,100 ) Income (loss) from operations before income taxes $ 236,801 $ 78,937 $ (24,558 ) $ 291,180 Segment financial information for the six months ended June 30, 2014 is as follows: Corporate Freight Transit Activities and In thousands Segment Segment Elimination Total Sales to external customers $ 797,008 $ 629,309 $ - $ 1,426,317 Intersegment sales/(elimination) 17,293 4,274 (21,567 ) - Total sales $ 814,301 $ 633,583 $ (21,567 ) $ 1,426,317 Income (loss) from operations $ 192,214 $ 71,275 $ (9,320 ) $ 254,169 Interest expense and other, net - - (8,749 ) (8,749 ) Income (loss) from operations before income taxes $ 192,214 $ 71,275 $ (18,069 ) $ 245,420
Sales by Product	Sales by product are as follows: Three Months Ended June 30, In thousands 2015 2014 Specialty Products & Electronics $ 448,292 $ 312,119 Brake Products 159,034 159,575 Remanufacturing, Overhaul & Build 151,859 160,664 Other Transit Products 50,864 53,011 Other 36,979 45,699 Total sales $ 847,028 $ 731,068 Six Months Ended June 30, In thousands 2015 2014 Specialty Products & Electronics $ 873,829 $ 590,859 Brake Products 326,431 316,269 Remanufacturing, Overhaul & Build 288,549 331,824 Other Transit Products 97,667 103,537 Other 79,146 83,828 Total sales $ 1,665,622 $ 1,426,317

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	6 Months Ended
	Jun. 30, 2015
Other Income And Expenses [Abstract]
Components of Other Income (Expense)	The components of other income (expense) are as follows: Three Months Ended Six Months Ended June 30, June 30, In thousands 2015 2014 2015 2014 Foreign currency (loss) gain $ (1,541 ) $ 262 $ (3,935 ) $ (99 ) Other miscellaneous (expense) income (346 ) (19 ) (818 ) 325 Total other (expense) income, net $ (1,887 ) $ 243 $ (4,753 ) $ 226

Business - Additional Informati

Business - Additional Information (Detail) - Jun. 30, 2015 - Country	Total
Product Information [Line Items]
Number of countries company operates	20
Sales Revenue Outside United States | Customer Concentration Risk
Product Information [Line Items]
Revenues from customers outside the U.S.	48.00%
Minimum
Product Information [Line Items]
Number of countries where product found	100

Accounting Policies - Additiona

Accounting Policies - Additional Information (Detail) $ in Thousands, BRL in Millions	Jun. 30, 2015USD ($)	Jun. 30, 2015BRL	Dec. 31, 2014USD ($)	Jun. 05, 2014USD ($)
Summary Of Significant Accounting Policies [Line Items]
Unbilled accounts receivable	$ 174,730		$ 187,762
Customer deposits	98,636		111,797
Provisions for loss contracts	8,400		7,100
Deferred pre-production costs	28,700		24,900
Interest rate swap agreement, Current Liability	4,186		3,351
Foreign Currency Forward Contracts
Summary Of Significant Accounting Policies [Line Items]
Forward contract, notional amount	27,000	BRL 84.6
Forward Starting Interest Rate Swap Agreement
Summary Of Significant Accounting Policies [Line Items]
Interest rate swap agreements, notional amount	150,000			$ 150,000
Interest rate swap agreement, Current Liability	4,186		$ 3,351
Interest rate swap, accumulated other comprehensive loss	$ 2,500

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2014			$ (159,486)
Other comprehensive (loss) income before reclassifications			(51,754)
Amounts reclassified from accumulated other comprehensive income			1,544
Other comprehensive income (loss), net of tax	$ 35,889	$ 8,103	(50,210)	$ 8,896
Balance at June 30, 2015	(209,696)		(209,696)
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2014			(94,450)
Other comprehensive (loss) income before reclassifications			(51,849)
Other comprehensive income (loss), net of tax			(51,849)
Balance at June 30, 2015	(146,299)		(146,299)
Derivative Contracts
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2014			(2,243)
Other comprehensive (loss) income before reclassifications			(1,070)
Amounts reclassified from accumulated other comprehensive income			627
Other comprehensive income (loss), net of tax			(443)
Balance at June 30, 2015	(2,686)		(2,686)
Pension And Post Retirement Benefit Plans
Accumulated Other Comprehensive Income Loss [Line Items]
Balance at December 31, 2014			(62,793)
Other comprehensive (loss) income before reclassifications			1,165
Amounts reclassified from accumulated other comprehensive income			917
Other comprehensive income (loss), net of tax			2,082
Balance at June 30, 2015	$ (60,711)		$ (60,711)

Reclassifications Out of Accumu

Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	$ 579,264	$ 506,410	$ 1,142,503	$ 992,090
Income from Operations	149,932	128,041	291,180	245,420
Interest expense, net	(4,041)	(4,525)	(8,347)	(8,975)
Income tax expense	(48,428)	(39,336)	(93,512)	(76,581)
Net income attributable to Wabtec shareholders	101,504	$ 88,705	197,668	$ 168,839
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plan Adjustment Net Prior Service Cost Credit
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	(521)		(1,043)
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plan Adjustment Amortization Of Net Loss
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Cost of sales	1,198		2,394
Reclassification out of Accumulated Other Comprehensive Income | Pension And Post Retirement Benefit Plans
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income from Operations	677		1,351
Income tax expense	(219)		(434)
Net income attributable to Wabtec shareholders	458		917
Reclassification out of Accumulated Other Comprehensive Income | Derivative Contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Interest expense, net	460		923
Income tax expense	(149)		(296)
Net income attributable to Wabtec shareholders	$ 311		$ 627

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	Jun. 17, 2015	Feb. 04, 2015	Sep. 03, 2014	Aug. 21, 2014	Jun. 06, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Business acquisition, net purchase price, net of cash						$ 100,108,000	$ 199,417,000
Goodwill						864,921,000		$ 862,338,000
Business acquisition, escrow Deposit						53,900,000
Acquired indefinite-lived intangible assets						132,200,000
Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets						29,300,000
Customer Relationships
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets						$ 95,200,000
Average useful life, years						20 years
Noncompete Agreements
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets						$ 2,100,000
Average useful life, years						5 years
Order or Production Backlog
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets						$ 5,600,000
RCL
Business Acquisition [Line Items]
Date of acquisition						Feb. 4, 2015
Business acquisition, net purchase price, net of cash		$ 76,400,000
Goodwill		12,197,000
Goodwill tax deduction		$ 0
C2CE
Business Acquisition [Line Items]
Date of acquisition						Sep. 3, 2014
Business acquisition, net purchase price, net of cash			$ 25,500,000
Goodwill			15,572,000
Goodwill tax deduction			$ 0
MTC
Business Acquisition [Line Items]
Date of acquisition						Jun. 30, 2015
Business acquisition, net purchase price, net of cash	$ 23,400,000
Goodwill	10,051,000
Goodwill tax deduction	$ 0
Dia-Frag
Business Acquisition [Line Items]
Date of acquisition						Aug. 21, 2014
Business acquisition, net purchase price, net of cash				$ 70,600,000
Goodwill				36,050,000
Goodwill tax deduction				$ 0
Fandstan Electric Group Ltd
Business Acquisition [Line Items]
Date of acquisition						Jun. 6, 2014
Business acquisition, net purchase price, net of cash					$ 199,400,000
Goodwill					64,713,000
Goodwill tax deduction					$ 0

Summary of Preliminary Estimate

Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 17, 2015	Feb. 04, 2015	Dec. 31, 2014	Sep. 03, 2014	Aug. 21, 2014	Jun. 06, 2014
Business Acquisition [Line Items]
Goodwill	$ 864,921			$ 862,338
MTC
Business Acquisition [Line Items]
Current assets		$ 10,906
Property, plant & equipment		1,510
Goodwill		10,051
Other intangible assets		11,414
Other assets		114
Total assets acquired		33,995
Total liabilities assumed		(10,635)
Net assets acquired		$ 23,360
RCL
Business Acquisition [Line Items]
Current assets			$ 16,445
Property, plant & equipment			11,983
Goodwill			12,197
Other intangible assets			40,403
Total assets acquired			81,028
Total liabilities assumed			(4,646)
Net assets acquired			$ 76,382
C2CE
Business Acquisition [Line Items]
Current assets					$ 9,812
Property, plant & equipment					1,853
Goodwill					15,572
Other intangible assets					3,654
Total assets acquired					30,891
Total liabilities assumed					(5,412)
Net assets acquired					$ 25,479
Dia-Frag
Business Acquisition [Line Items]
Current assets						$ 12,476
Property, plant & equipment						13,749
Goodwill						36,050
Other intangible assets						26,150
Other assets						66
Total assets acquired						88,491
Total liabilities assumed						(17,850)
Net assets acquired						$ 70,641
Fandstan Electric Group Ltd
Business Acquisition [Line Items]
Current assets							$ 124,280
Property, plant & equipment							67,948
Goodwill							64,713
Other intangible assets							50,598
Other assets							216
Total assets acquired							307,755
Total liabilities assumed							(108,351)
Net assets acquired							$ 199,404

Pro Forma Financial Information

Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Net sales	$ 853,103	$ 810,098	$ 1,692,364	$ 1,595,832
Gross profit	269,794	247,791	531,760	486,639
Net income attributable to Wabtec shareholders	$ 101,776	$ 94,289	$ 200,530	$ 182,957
Diluted earnings per share, As reported	$ 1.04	$ 0.91	$ 2.03	$ 1.74
Diluted earnings per share, Pro forma	$ 1.04	$ 0.97	$ 2.06	$ 1.88

Components of Inventory, Net of

Components of Inventory, Net of Reserves (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 202,421	$ 222,059
Work-in-progress	186,073	154,094
Finished goods	146,508	134,796
Total inventories	$ 535,002	$ 510,949

Change in the Carrying Amount o

Change in the Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Goodwill [Line Items]
Balance at December 31, 2014	$ 862,338
Adjustment to preliminary purchase allocation	(9,757)
Acquisitions	22,248
Foreign currency impact	(9,908)
Balance at June 30, 2015	864,921
Freight Segment
Goodwill [Line Items]
Balance at December 31, 2014	515,067
Adjustment to preliminary purchase allocation	(170)
Acquisitions	12,197
Foreign currency impact	(1,374)
Balance at June 30, 2015	525,720
Transit Segment
Goodwill [Line Items]
Balance at December 31, 2014	347,271
Adjustment to preliminary purchase allocation	(9,587)
Acquisitions	10,051
Foreign currency impact	(8,534)
Balance at June 30, 2015	$ 339,201

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Intangible Assets Disclosure [Line Items]
Trademarks	$ 173,800		$ 173,800		$ 170,100
Intangible assets, amortization expense	$ 5,162	$ 5,132	$ 10,463	$ 9,828
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
Intellectual Property
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			14 years

Intangible Assets Other Than Go

Intangible Assets Other Than Goodwill and Trademarks (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 280,783	$ 252,705
Patents And Other
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	13,327	14,722
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 267,456	$ 237,983

Intangible Assets Other Than 48

Intangible Assets Other Than Goodwill and Trademarks (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Patents And Other
Finite Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 40,375	$ 39,780
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	$ 63,845	$ 56,684

Amortization Expense (Detail)

Amortization Expense (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 12,859
2,016	20,892
2,017	19,486
2,018	18,508
2,019	$ 18,065

Long Term Debt (Detail)

Long Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Capital Leases	$ 826	$ 1,195
Total	400,826	521,195
Less - current portion	478	792
Long-term portion	400,348	520,403
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt	150,000	270,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term Debt	$ 250,000	$ 250,000

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	Jun. 05, 2014	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt, percentage bearing variable interest rate		0.94%
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Maturity date of debt instrument	Dec. 19, 2018	Nov. 7, 2016
Interest rate swap agreements, notional amount	$ 150,000,000	$ 150,000,000
Interest rate on notional value	2.56%	1.415%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt		$ 150,000,000	$ 270,000,000
2013 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost		$ 1,000,000
Debt instrument, effective issuance date		Dec. 19, 2013
Maturity date of debt instrument		Dec. 19, 2018
Debt instrument, interest rate, effective percentage		0.50%
Debt instrument basis points spread on variable rate		1.00%
Minimum interest expense coverage ratio		300.00%
Maximum debt to cash flow ratio		325.00%
2013 Refinancing Credit Agreement | Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Debt instrument, effective issuance date	Nov. 7, 2016	Jul. 31, 2013
2013 Refinancing Credit Agreement | Base Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		0.00%
2013 Refinancing Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		0.00%
2013 Refinancing Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		0.75%
2013 Refinancing Credit Agreement | Alternative Rate
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		0.75%
2013 Refinancing Credit Agreement | Alternative Rate | Minimum
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		0.75%
2013 Refinancing Credit Agreement | Alternative Rate | Maximum
Debt Instrument [Line Items]
Debt instrument basis points spread on variable rate		1.75%
2013 Refinancing Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount		$ 800,000,000
Credit facility loan term, years		5 years
Line of credit facility, amount currently available		$ 622,600,000
2013 Refinancing Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity		27,400,000
4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Deferred financing cost		$ 2,600,000
Debt instrument, effective issuance date		Aug. 31, 2013
Senior Notes Coupon Rate		99.879%
Maturity date of debt instrument, year		2,023
Long-term Debt		$ 250,000,000	$ 250,000,000
Debt Instrument, Interest Rate, Stated Percentage		4.375%	4.375%

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
U.S. Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 95	$ 98	$ 190	$ 196
Interest cost	479	532	958	1,064
Expected return on plan assets	(542)	(620)	(1,084)	(1,240)
Net amortization/deferrals	266	655	532	1,310
Net periodic benefit cost	298	665	596	1,330
International Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	506	428	1,012	852
Interest cost	1,801	1,844	3,590	3,665
Expected return on plan assets	(2,434)	(2,245)	(4,850)	(4,461)
Net amortization/deferrals	655	768	1,307	1,526
Net periodic benefit cost	528	795	1,059	1,582
U.S. Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	10	4	20
Interest cost	308	296	616	592
Net amortization/deferrals	(234)	(326)	(468)	(653)
Net periodic benefit cost	76	(20)	152	(41)
International Post Retirement
Defined Benefit Plan Disclosure [Line Items]
Service cost	11	9	22	18
Interest cost	35	42	70	84
Net amortization/deferrals	(10)	(15)	(19)	(30)
Net periodic benefit cost	$ 36	$ 36	$ 73	$ 72

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)
International Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to the plan	$ 6,700,000
U.S. Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to the plan	$ 0

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended		36 Months Ended
	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement plan expiration		Oct. 31, 2016
Unamortized compensation expense expected to be vested		$ 36.6
Recognized weighted average period, years		1 year 6 months
Stock-based compensation expense		$ 15	$ 12.1
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		1
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		3.2
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		1.9
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 8.3
Award vesting period		3 years
Performance Shares | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted				100.00%	135.00%	124.00%
Performance Shares | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted	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	200.00%
Plan 2,011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term, years		10 years
Number of shares available for grant		3,800,000
Plan 2011 | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term, years		10 years
Award vesting period		4 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 0.6
Directors Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period		1 year
Plan 2000 | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan term, years		10 years
Award vesting period		4 years

Stock Option Activity (Detail)

Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Options Outstanding
Outstanding, beginning of period	1,147,558
Granted	84,675
Exercised	(59,324)
Canceled	(4,936)
Outstanding, end of period	1,167,973	1,147,558
Exercisable at June 30, 2015	915,534
Weighted-Average Exercise Price per Share
Outstanding, beginning of period	$ 28.33
Granted	87.35
Exercised	27.41
Canceled	62.05
Outstanding, end of period	32.51	$ 28.33
Exercisable at June 30, 2015	$ 23.74
Weighted-Average Remaining Contractual Life
Weighted- Average Remaining Contractual Life, outstanding		5 years 6 months
Exercisable at June 30, 2015	4 years 6 months
Aggregate Intrinsic Value
Outstanding, beginning of period	$ 67,205
Granted	691
Exercised	4,040
Canceled	165
Outstanding, end of period	73,594	$ 67,205
Exercisable at June 30, 2015	$ 65,720

Fair Value of Each Option Grant

Fair Value of Each Option Grant Weighted Average Assumptions (Detail)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend yield	0.14%	0.11%
Risk-free interest rate	1.82%	2.19%
Stock price volatility	27.30%	33.20%
Expected life (years)	5 years	5 years

Restricted Stock Activity and I

Restricted Stock Activity and Incentive Stock Awards Activity (Detail) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	$ 47.97
Granted	87.74
Vested	37.76
Adjustment for incentive stock awards expected to vest	57.78
Canceled	60.51
Outstanding, end of period	$ 65.66
Restricted Stock and Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	438,543
Granted	110,945
Vested	(178,320)
Canceled	(5,468)
Outstanding, end of period	365,700
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Outstanding, beginning of period	791,608
Granted	125,650
Vested	(433,932)
Adjustment for incentive stock awards expected to vest	71,976
Canceled	(3,160)
Outstanding, end of period	552,142

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Effective income tax rate	32.30%	30.70%	32.10%	31.20%
Gross liability for uncertain tax positions	$ 12.6		$ 12.6		$ 12.6
Unrecognized tax benefits if recognized that would affect effective tax rate	5.5		5.5		4.5
Accrued interest related to uncertain tax positions	2.3		2.3		1.9
Accrued penalties related to uncertain tax positions	1.6		1.6		$ 1.3
Unrecognized tax benefits subject to change within the next 12 months	$ 0.7		$ 0.7

Computation of Basic and Dilute

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, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to Wabtec shareholders	$ 101,504		$ 88,705		$ 197,668		$ 168,839
Less: dividends declared - common shares and non-vested restricted stock	(5,799)		(3,863)		(11,580)		(7,691)
Undistributed earnings	$ 95,705		$ 84,842		$ 186,088		$ 161,148
Percentage allocated to common shareholders	99.70%	[1]	99.60%	[1]	99.60%	[2]	99.60%	[2]
Undistributed earnings allocated to common shareholders	$ 95,418		$ 84,503		$ 185,344		$ 160,503
Add: dividends declared - common shares	5,782		3,849		11,539		7,657
Numerator for basic and diluted earnings per common share	$ 101,200		$ 88,352		$ 196,883		$ 168,160
Denominator for basic earnings per common share - weighted average shares	96,338		96,048		96,066		95,674
Assumed conversion of dilutive stock-based compensation plans	1,097		1,010		1,046		1,153
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion	97,435		97,058		97,112		96,827
Basic	$ 1.05		$ 0.92		$ 2.05		$ 1.76
Diluted earnings per share, As reported	$ 1.04		$ 0.91		$ 2.03		$ 1.74
[1]	(1) Basic weighted-average common shares outstanding 96,338 96,048
[2]	(1) Basic weighted-average common shares outstanding 96,066 95,674

Computation of Basic and Dilu60

Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares shares in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014		Jun. 30, 2015		Jun. 30, 2014
Earnings Per Share [Abstract]
Denominator for basic earnings per common share - weighted average shares	96,338		96,048		96,066		95,674
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest	96,620		96,395		96,406		96,094
Percentage allocated to common shareholders	99.70%	[1]	99.60%	[1]	99.60%	[2]	99.60%	[2]
[1]	(1) Basic weighted-average common shares outstanding 96,338 96,048
[2]	(1) Basic weighted-average common shares outstanding 96,066 95,674

Changes in Product Warranty Res

Changes in Product Warranty Reserve (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Disclosure Changes In Product Warranty Reserve [Abstract]
Balance at beginning of period	$ 87,849	$ 60,593
Warranty expense	14,043	15,328
Acquisitions	6,001	3,567
Warranty claim payments	(10,538)	(8,816)
Foreign currency impact/other	(702)	447
Balance at end of period	$ 96,653	$ 71,119

Liabilities Carried at Fair Val

Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, Current Liability	$ 4,186	$ 3,351
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	4,186	3,351
Forward Starting Interest Rate Swap Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap agreement, Current Liability	4,186	3,351
Liabilities at fair value	4,186	3,351
Forward Starting Interest Rate Swap Agreement | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liabilities at fair value	$ 4,186	$ 3,351

Estimated Fair Values and Relat

Estimated Fair Values and Related Carrying Values of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate swap agreement, Current Liability	$ 4,186	$ 3,351
Forward Starting Interest Rate Swap Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate swap agreement, Current Liability	4,186	3,351
Fair Value	4,186	3,351
4.375% Senior Notes, due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Note, Carrying Value	250,000	250,000
Fair Value	$ 256,700	$ 260,000

Estimated Fair Values and Rel64

Estimated Fair Values and Related Carrying Values of Financial Instruments (Parenthetical) (Detail)	Jun. 30, 2015	Dec. 31, 2014
4.375% Senior Notes, due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.375%	4.375%

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Segment Reporting [Abstract]
Number of reportable segment	2

Segment Financial Information (

Segment Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total sales	$ 847,028	$ 731,068	$ 1,665,622	$ 1,426,317
Income (loss) from operations	155,860	132,323	304,280	254,169
Interest expense and other, net	(5,928)	(4,282)	(13,100)	(8,749)
Income from operations before income taxes	149,932	128,041	291,180	245,420
External Customers
Segment Reporting Information [Line Items]
Total sales	847,028	731,068	1,665,622	1,426,317
Operating Segments | Freight Segment
Segment Reporting Information [Line Items]
Total sales	543,703	421,612	1,064,518	814,301
Income (loss) from operations	125,232	100,283	236,801	192,214
Income from operations before income taxes	125,232	100,283	236,801	192,214
Operating Segments | Transit Segment
Segment Reporting Information [Line Items]
Total sales	315,153	321,007	624,444	633,583
Income (loss) from operations	37,514	36,757	78,937	71,275
Income from operations before income taxes	37,514	36,757	78,937	71,275
Operating Segments | External Customers | Freight Segment
Segment Reporting Information [Line Items]
Total sales	534,674	411,502	1,046,561	797,008
Operating Segments | External Customers | Transit Segment
Segment Reporting Information [Line Items]
Total sales	312,354	319,566	619,061	629,309
Operating Segments | Intersegment Sales/(Elimination) | Freight Segment
Segment Reporting Information [Line Items]
Total sales	9,029	10,110	17,957	17,293
Operating Segments | Intersegment Sales/(Elimination) | Transit Segment
Segment Reporting Information [Line Items]
Total sales	2,799	1,441	5,383	4,274
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(11,828)	(11,551)	(23,340)	(21,567)
Income (loss) from operations	(6,886)	(4,717)	(11,458)	(9,320)
Interest expense and other, net	(5,928)	(4,282)	(13,100)	(8,749)
Income from operations before income taxes	(12,814)	(8,999)	(24,558)	(18,069)
Corporate Activities and Elimination | Intersegment Sales/(Elimination)
Segment Reporting Information [Line Items]
Total sales	$ (11,828)	$ (11,551)	$ (23,340)	$ (21,567)

Sales by Product (Detail)

Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Total sales	$ 847,028	$ 731,068	$ 1,665,622	$ 1,426,317
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Total sales	448,292	312,119	873,829	590,859
Brake Products
Segment Reporting Information [Line Items]
Total sales	159,034	159,575	326,431	316,269
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Total sales	151,859	160,664	288,549	331,824
Other Transit Products
Segment Reporting Information [Line Items]
Total sales	50,864	53,011	97,667	103,537
Other
Segment Reporting Information [Line Items]
Total sales	$ 36,979	$ 45,699	$ 79,146	$ 83,828

Components of Other Income Expe

Components of Other Income Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Other Income And Expenses [Abstract]
Foreign currency (loss) gain	$ (1,541)	$ 262	$ (3,935)	$ (99)
Other miscellaneous (expense) income	(346)	(19)	(818)	325
Total other (expense) income, net	$ (1,887)	$ 243	$ (4,753)	$ 226

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Jul. 27, 2015 - Subsequent Event $ in Billions	USD ($)CountryEmployee	€ / sharesshares
Subsequent Event [Line Items]
Consolidated revenue after acquisition	$ 4.5
Faiveley Transport
Subsequent Event [Line Items]
Annual sales	$ 1.2
Number of employees | Employee	5,700
Number of countries | Country	24
Business acquisition purchase price per share | € / shares		€ 100
Business acquisition percentage of voting interests acquired		51.00%
Percentage of business acquisition consideration payable in cash		25.00%
Percentage of business acquisition consideration payable in preferred stock		75.00%
Preferred stock annual dividend rate	1.00%
Number of common shares issued for conversion of acquiree common shares | shares		1.125
Minority interests percentage for delisting of acquiree company	5.00%
Business combination total purchase price	$ 1.8