Westinghouse Air Brake Technologies (WAB) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIESCORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1615902
Entity Address, Address Line One	1001 Air Brake Avenue
Entity Address, City or Town	Wilmerding
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15148
City Area Code	412
Local Phone Number	825-1000
Entity Current Reporting Status	Yes
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,155,130
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 461,371	$ 580,908
Restricted cash	0	1,761,446
Accounts receivable	1,247,450	801,193
Unbilled accounts receivable	459,959	345,585
Inventories	1,881,791	844,886
Other current assets	178,569	115,649
Total current assets	4,229,140	4,449,667
Property, plant and equipment	2,170,618	1,036,550
Accumulated depreciation	(524,521)	(472,813)
Property, plant and equipment, net	1,646,097	563,737
Other Assets
Goodwill	8,150,671	2,396,544
Other intangibles, net	4,364,356	1,129,880
Other noncurrent assets	552,329	109,406
Total other assets	13,067,356	3,635,830
Total Assets	18,942,593	8,649,234
Current Liabilities
Accounts payable	1,232,597	589,449
Customer deposits	648,503	373,538
Accrued compensation	287,873	173,183
Accrued warranty	223,764	135,636
Current portion of long-term debt	104,413	64,099
Other accrued liabilities	714,165	310,785
Total current liabilities	3,211,315	1,646,690
Long-term debt	4,528,768	3,792,774
Accrued postretirement and pension benefits	95,625	95,446
Deferred income taxes	169,861	198,269
Accrued warranty	32,252	18,066
Other long-term liabilities	1,069,615	28,914
Total Liabilities	9,107,436	5,780,159
Commitments and contingencies (Note 16)
Equity
Convertible preferred stock, $0.01 par value; 1,000,000 shares authorized, 1,220 and no shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized: 223,431,716 and 132,349,534 shares issued and 188,183,106 and 96,614,966 outstanding at June 30, 2019 and December 31, 2018, respectively	1,981	1,323
Additional paid-in capital	7,807,109	914,568
Treasury stock, at cost, 35,248,610 and 35,734,588 shares, at June 30, 2019 and December 31, 2018, respectively	(805,618)	(816,145)
Retained earnings	3,087,468	3,021,968
Accumulated other comprehensive loss	(289,180)	(256,583)
Total Westinghouse Air Brake Technologies Corporation shareholders' equity	9,801,760	2,865,131
Noncontrolling interest	33,397	3,944
Total Equity	9,835,157	2,869,075
Total Liabilities and Equity	$ 18,942,593	$ 8,649,234

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	1,220	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	223,431,716
Common stock, shares outstanding (in shares)	188,183,106	96,614,946
Treasury stock, shares (in shares)	35,248,610	35,734,588

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net sales:
Total net sales	$ 2,236,284	$ 1,111,680	$ 3,829,901	$ 2,167,857
Cost of sales:
Total cost of sales	(1,621,608)	(787,713)	(2,826,208)	(1,533,009)
Gross profit	614,676	323,967	1,003,693	634,848
Operating expenses:
Selling, general and administrative expenses	(290,959)	(171,157)	(550,682)	(318,358)
Engineering expenses	(57,120)	(19,388)	(91,665)	(41,437)
Amortization expense	(65,960)	(9,899)	(93,402)	(20,251)
Total operating expenses	(414,039)	(200,444)	(735,749)	(380,046)
Income from operations	200,637	123,523	267,944	254,802
Other income and expenses:
Interest expense, net	(58,560)	(31,920)	(103,129)	(52,204)
Other income (expense), net	2,177	2,171	(6,051)	4,757
Income from operations before income taxes	144,254	93,774	158,764	207,355
Income tax expense	(41,400)	(10,503)	(59,923)	(36,627)
Net income	102,854	83,271	98,841	170,728
Less: Net loss attributable to noncontrolling interest	1,381	1,145	922	2,054
Net income attributable to Wabtec shareholders	$ 104,235	$ 84,416	$ 99,763	$ 172,782
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.58	$ 0.88	$ 0.66	$ 1.80
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.54	$ 0.87	$ 0.61	$ 1.79
Weighted average shares outstanding
Basic (in shares)	177,348	95,992	149,553	95,867
Diluted (in shares)	191,453	96,575	162,155	96,471
Goods
Net sales:
Total net sales	$ 1,892,508	$ 1,065,893	$ 3,327,017	$ 2,076,570
Cost of sales:
Total cost of sales	(1,377,758)	(749,097)	(2,451,329)	(1,458,375)
Services
Net sales:
Total net sales	343,776	45,787	502,884	91,287
Cost of sales:
Total cost of sales	$ (243,850)	$ (38,616)	$ (374,879)	$ (74,634)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 104,235	$ 84,416	$ 99,763	$ 172,782
Foreign currency translation gain (loss)	18,832	(192,778)	(27,721)	(114,811)
Unrealized loss on derivative contracts	(22)	(7,567)	(4,115)	(5,501)
Unrealized gain (loss) on pension benefit plans and post-retirement benefit plans	1,328	10,665	(2,294)	10,235
Other comprehensive income (loss) before tax	20,138	(189,680)	(34,130)	(110,077)
Income tax (benefit) expense related to components of other comprehensive income	(318)	(537)	1,533	(1,132)
Other comprehensive income (loss), net of tax	19,820	(190,217)	(32,597)	(111,209)
Comprehensive income (loss) attributable to Wabtec shareholders	$ 124,055	$ (105,801)	$ 67,166	$ 61,573

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net income	$ 98,841	$ 170,728
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	165,064	53,227
Stock-based compensation expense	23,932	13,983
Below market intangible amortization	(9,400)	0
Loss on disposal of property, plant and equipment	461	1,353
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	(35,705)	(59,979)
Inventories	147,424	(116,131)
Accounts payable	(71,935)	59,411
Accrued income taxes	21,399	(202)
Accrued liabilities and customer deposits	24,188	27,545
Other assets and liabilities	79,655	(82,031)
Net cash provided by operating activities	443,924	67,904
Investing Activities
Purchase of property, plant and equipment	(61,867)	(39,723)
Proceeds from disposal of property, plant and equipment	3,055	8,900
Acquisitions of businesses, net of cash acquired	(2,981,552)	(38,277)
Net cash used for investing activities	(3,040,364)	(69,100)
Financing Activities
Proceeds from debt	2,325,934	591,890
Payments of debt	(1,552,121)	(546,394)
Proceeds from exercise of stock options and other benefit plans	775	6,867
Payment of income tax withholding on share-based compensation	(4,117)	(6,503)
Payment of contingent consideration on acquisitions	(10,100)	0
Cash dividends	(34,263)	(23,096)
Net cash provided by financing activities	726,108	22,764
Effect of changes in currency exchange rates	(10,651)	(9,395)
(Decrease) increase in cash	(1,880,983)	12,173
Cash, cash equivalents and restricted cash beginning of period	2,342,354	233,401
Cash and cash equivalents end of period	$ 461,371	$ 245,574

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance (in shares) at Dec. 31, 2017		132,349,534		(36,315,182)
Beginning Balance at Dec. 31, 2017	$ 2,828,532,000	$ 1,323,000	$ 906,616,000	$ (827,379,000)	$ 2,773,300,000	$ (44,992,000)	$ 19,664,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(11,531,000)				(11,531,000)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				193,013
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(1,289,000)		(4,511,000)	$ 3,222,000
Stock based compensation	5,696,000		5,696,000
Net income (loss)	87,457,000				88,366,000		(909,000)
Other comprehensive loss, net of tax	79,008,000					79,008,000
Other owner changes	356,000						356,000
Ending Balance (in shares) at Mar. 31, 2018		132,349,534		(36,122,169)
Ending Balance at Mar. 31, 2018	2,988,229,000	$ 1,323,000	907,801,000	$ (824,157,000)	2,850,135,000	34,016,000	19,111,000
Beginning Balance (in shares) at Dec. 31, 2017		132,349,534		(36,315,182)
Beginning Balance at Dec. 31, 2017	2,828,532,000	$ 1,323,000	906,616,000	$ (827,379,000)	2,773,300,000	(44,992,000)	19,664,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23,096,000)
Net income (loss)	170,728,000
Other comprehensive loss, net of tax	(111,209,000)
Ending Balance (in shares) at Jun. 30, 2018		132,349,534		(35,963,155)
Ending Balance at Jun. 30, 2018	2,874,628,000	$ 1,323,000	910,350,000	$ (821,178,000)	2,922,986,000	(156,201,000)	17,348,000
Beginning Balance (in shares) at Mar. 31, 2018		132,349,534		(36,122,169)
Beginning Balance at Mar. 31, 2018	2,988,229,000	$ 1,323,000	907,801,000	$ (824,157,000)	2,850,135,000	34,016,000	19,111,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(11,565,000)				(11,565,000)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				159,014
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(2,759,000)		(5,738,000)	$ 2,979,000
Stock based compensation	8,287,000		8,287,000
Net income (loss)	83,271,000				84,416,000		(1,145,000)
Other comprehensive loss, net of tax	(190,217,000)					(190,217,000)
Other owner changes	(618,000)						(618,000)
Ending Balance (in shares) at Jun. 30, 2018		132,349,534		(35,963,155)
Ending Balance at Jun. 30, 2018	$ 2,874,628,000	$ 1,323,000	910,350,000	$ (821,178,000)	2,922,986,000	(156,201,000)	17,348,000
Beginning Balance (in shares) at Dec. 31, 2018	132,349,534	132,349,534		(35,734,588)
Beginning Balance at Dec. 31, 2018	$ 2,869,075,000	$ 1,323,000	914,568,000	$ (816,145,000)	3,021,968,000	(256,583,000)	3,944,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(11,687,000)				(11,687,000)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				420,472
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(5,515,000)		(14,446,000)	$ 8,931,000
Stock based compensation	8,526,000		8,526,000
Net income (loss)	(4,013,000)				(4,472,000)		459,000
Other comprehensive loss, net of tax	(52,417,000)					(52,417,000)
Acquisitions (in shares)		65,782,182
Acquisitions	6,975,045,000	$ 658,000	6,887,622,000				86,765,000
Other owner changes	1,432,000						1,432,000
Ending Balance (in shares) at Mar. 31, 2019		198,131,716		(35,314,116)
Ending Balance at Mar. 31, 2019	$ 9,780,446,000	$ 1,981,000	7,796,270,000	$ (807,214,000)	3,005,809,000	(309,000,000)	92,600,000
Beginning Balance (in shares) at Dec. 31, 2018	132,349,534	132,349,534		(35,734,588)
Beginning Balance at Dec. 31, 2018	$ 2,869,075,000	$ 1,323,000	914,568,000	$ (816,145,000)	3,021,968,000	(256,583,000)	3,944,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(34,264,000)
Net income (loss)	98,841,000
Other comprehensive loss, net of tax	(32,597,000)
Ending Balance (in shares) at Jun. 30, 2019		223,431,716		(35,248,610)
Ending Balance at Jun. 30, 2019	9,835,157,000	$ 1,981,000	7,807,109,000	$ (805,618,000)	3,087,468,000	(289,180,000)	33,397,000
Beginning Balance (in shares) at Mar. 31, 2019		198,131,716		(35,314,116)
Beginning Balance at Mar. 31, 2019	9,780,446,000	$ 1,981,000	7,796,270,000	$ (807,214,000)	3,005,809,000	(309,000,000)	92,600,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(22,576,000)				(22,576,000)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				65,506
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(2,971,000)		(4,567,000)	$ 1,596,000
Stock based compensation	15,406,000		15,406,000
Net income (loss)	102,854,000				104,235,000		(1,381,000)
Other comprehensive loss, net of tax	19,820,000					19,820,000
Acquisitions	(56,179,000)						(56,179,000)
Other owner changes	(1,643,000)	$ 25,300,000					(1,643,000)
Ending Balance (in shares) at Jun. 30, 2019		223,431,716		(35,248,610)
Ending Balance at Jun. 30, 2019	$ 9,835,157,000	$ 1,981,000	$ 7,807,109,000	$ (805,618,000)	$ 3,087,468,000	$ (289,180,000)	$ 33,397,000

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.12	$ 0.12	$ 0.12	$ 0.12

Business

Business	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	BUSINESS Westinghouse Air Brake Technologies Corporation (“Wabtec” or the "Company") is one of the world’s largest providers of value-added, technology-based equipment, systems and services for the global freight rail and passenger transit industries. Our highly engineered products enhance safety, improve productivity and reduce maintenance costs for customers and can be found on most locomotives, freight cars, passenger transit cars and buses around the world. Many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in over 50 countries and our products can be found in more than 100 countries throughout the world. In the first six months of 2019 , approximately 59%

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Accounting Policies	ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2018 . The December 31, 2018 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Revenue Recognition On January 1, 2018, the Company adopted ASC 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. Contract revenues and cost estimates are reviewed and revised periodically through the year and adjustments are reflected in the accounting period as such amounts are determined. Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. The current portion of the contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” while the noncurrent contract assets are classified as other assets under the caption "Other Noncurrent Assets" on the consolidated balance sheet. Noncurrent contract assets were $122.5 million at June 30, 2019 and were not material at December 31, 2018 , respectively. Included in noncurrent contract assets are certain costs that are specifically related to a contract, however, do not directly contribute to the transfer of control of the tangible product being created, such as non-recurring engineering costs. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer Deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other Long-Term Liabilities" on the consolidated balance sheet. Noncurrent contract liabilities were $36.9 million at June 30, 2019 and were not material at December 31, 2018 . These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract or revenue associated with the contract liabilities is expected to be recognized within one year. Contract liabilities also include provisions for estimated losses from uncompleted contracts. Provisions for loss contracts were $103.6 million and $71.2 million at June 30, 2019 and December 31, 2018 , respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other Accrued Liabilities” on the consolidated balance sheet. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good; however, a single contract may have multiple performance obligations comprising multiple promises to customers. Performance obligations are determined based on customer's intended use of products and services. Less complex products principally result in each completed product being a separate performance obligation recognized at a point in time. More complex products or services principally result in a single performance obligation as a customer is either procuring a bundled offering that is managed or utilized on a combined basis or there are multiple complex goods or services in the contract, which are substantially the same and recognized over time. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience. Remaining performance obligations represent the transaction price of firm customer orders subject to standard industry cancellation provisions and substantial scope-of-work adjustments. As of June 30, 2019 , the Company's remaining performance obligations were $ 21.3 billion . The Company expects to recognize revenue of approximately 26% of remaining performance obligation over the next 12 months , with the remainder recognized thereafter. Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation, including the reclassification of "Net Sales" to "Sales of Goods" and "Sales of Services". Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Financial Derivatives and Hedging Activities As part of its risk management strategy, the Company utilizes derivative financial instruments to mitigate the impact of changes in foreign currency exchange rates and interest rates on earnings and cash flow. For further information regarding financial derivatives and hedging activities, refer to Footnotes 14 and 15. Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings. Noncontrolling Interests In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on the condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018 . Net loss attributable to noncontrolling interests was $1.4 million and $1.1 million for the three months ended June 30, 2019 and 2018 , respectively. Net loss attributable to noncontrolling interests was $0.9 million and $2.1 million for the six months ended June 30, 2019 and 2018 , respectively. Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in this update eliminate the requirement to perform Step 2 of the goodwill impairment test. Instead, an entity should perform a goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value up to the carrying amount of the goodwill. The ASU is effective for public companies in the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The impact of adopting this guidance could result in a change in the overall conclusion as to whether or not a reporting unit's goodwill is impaired and the amount of an impairment charge recognized in the event a reporting units' carrying value exceeds its fair value. All of the Company's reporting units had fair values that were substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2018. Recently Adopted Accounting Pronouncements In February 2018, FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded effects resulting from the Tax Act. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance became effective for reporting periods beginning after December 15, 2018. The Company adopted this accounting standard at the beginning of the period and elected to not retrospectively apply the new standard. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet. In February 2016, FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. This guidance became effective for the Company on January 1, 2019. The Company elected the practical expedient which does not require the capitalization of leases with terms of 12 months or less. And the Company did not elect the practical expedient which allows hindsight to be used to determine the term of a lease. The Company adopted the standard using the transition alternative, which allowed for the application of the guidance at beginning of the period in which it is adopted, rather than requiring the adjustment of prior comparative periods. For further information regarding the Company's adoption of the new standard, see Footnote 7. Other Comprehensive Income (Loss) Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources. The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2019 are as follows: In thousands Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2018 $ (202,204 ) $ (53 ) $ (54,326 ) $ (256,583 ) Other comprehensive income (loss) before reclassifications (27,721 ) (3,128 ) (2,849 ) (33,698 ) Amounts reclassified from accumulated other comprehensive income — — 1,101 1,101 Net current period other comprehensive income (loss) (27,721 ) (3,128 ) (1,748 ) (32,597 ) Balance at June 30, 2019 $ (229,925 ) $ (3,181 ) $ (56,074 ) $ (289,180 ) Reclassifications out of accumulated other comprehensive income (loss) for the three months ended June 30, 2019 are as follows: In thousands Amount reclassified from accumulated other comprehensive income Affected line item in the Condensed Consolidated Statements of Income Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (366 ) Other income (expense), net Amortization of net loss 1,092 Other income (expense), net 726 Other income (expense), net (176 ) Income tax expense $ 550 Net income Reclassifications out of accumulated other comprehensive income (loss) for the six months ended June 30, 2019 are as follows: In thousands Amount reclassified from accumulated other comprehensive income Affected line item in the Condensed Consolidated Statements of Income Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (732 ) Other income (expense), net Amortization of net loss 2,184 Other income (expense), net 1,452 Other income (expense), net (351 ) Income tax expense $ 1,101 Net income The changes in accumulated other comprehensive loss by component, net of tax, for the six months ended June 30, 2018 are as follows: Foreign Derivative Pension and Total Balance at December 31, 2017 $ 5,063 $ 4,015 $ (54,070 ) $ (44,992 ) Other comprehensive income (loss) before reclassifications (114,811 ) (4,760 ) 6,744 (112,827 ) Amounts reclassified from accumulated other comprehensive income — 579 1,039 1,618 Net current period other comprehensive income (loss) (114,811 ) (4,181 ) 7,783 (111,209 ) Balance at June 30, 2018 $ (109,748 ) $ (166 ) $ (46,287 ) $ (156,201 ) Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2018 are as follows: In thousands Amount reclassified from Affected line item in the Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (375 ) Other income (expense), net Amortization of net loss 1,093 Other income (expense), net 718 Other income (expense), net (198 ) Income tax expense $ 520 Net income Derivative contracts Realized loss on derivative contracts $ 176 Interest expense, net (42 ) Income tax expense $ 134 Net income Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2018 are as follows: In thousands Amount reclassified from Affected line item in the Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (751 ) Other income (expense), net Amortization of net loss 2,186 Other income (expense), net 1,435 Other income (expense), net (396 ) Income tax expense $ 1,039 Net income Derivative contracts $ 855 Interest expense, net Realized loss on derivative contracts (276 ) Income tax expense $ 579 Net income

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Acquisitions	ACQUISITIONS General Electric Transportation Wabtec, General Electric Company ("GE"), GE Transportation, a Wabtec Company formerly known as Transportation System Holdings Inc. ("SpinCo"), which was a newly formed wholly owned subsidiary of GE, and Wabtec US Rail Holdings, Inc. ("Merger Sub"), which was a newly formed wholly owned subsidiary of the Company, entered into the Original Merger Agreement on May 20, 2018, and GE, SpinCo, Wabtec and Wabtec US Rail, Inc. ("Direct Sale Purchaser") entered into the Original Separation Agreement on May 20, 2018, which together provided for the combination of Wabtec and GE Transportation. The Original Merger Agreement and Original Separation Agreement were subsequently amended on January 25, 2019 and the Merger was completed on February 25, 2019. As part of the Merger, certain assets of GE Transportation ("GET"), including the equity interests of certain pre-Transaction subsidiaries of GE that compose part of GE Transportation, were sold to Direct Sale Purchaser for a cash payment of $2.875 billion , and Direct Sale Purchaser assumed certain liabilities of GE Transportation in connection with this purchase (the "Direct Sale"). Thereafter, GE transferred the SpinCo business to SpinCo and its subsidiaries (to the extent not already held by SpinCo and its subsidiaries), and SpinCo issued to GE shares of SpinCo Class A preferred stock, SpinCo Class B preferred stock, SpinCo Class C preferred stock and additional shares of SpinCo common stock in the SpinCo Transfer. Following this issuance of additional SpinCo common stock to GE, and immediately prior to the Distribution (as defined below), GE owned 8,700,000,000 shares of SpinCo common stock, 15,000 shares of SpinCo Class A preferred stock, 10,000 shares of SpinCo Class B preferred stock and one share of SpinCo Class C preferred stock, which constituted all of the outstanding stock of SpinCo. Following the Direct Sale, GE distributed the distribution shares of SpinCo in a spin-off transaction to its stockholder (the "Distribution"). Immediately after the Distribution, Merger Sub merged with and into SpinCo (the "Merger"), whereby the separate corporate existence of Merger Sub ceased and SpinCo continued as the surviving company and a wholly owned subsidiary of Wabtec (except with respect to shares of SpinCo Class A preferred stock held by GE). In the Merger, subject to adjustment in accordance with the Merger Agreement, each share of SpinCo common stock converted into the right to receive a number of shares of Wabtec common stock based on the common stock exchange ratio set forth in the Merger Agreement and the share of SpinCo Class C preferred stock was converted into the right to receive (a) 10,000 shares of Wabtec convertible preferred stock and (b) a number of shares of Wabtec common stock equal to 9.9% of the fully-diluted pro forma Wabtec shares. Immediately prior to the Merger, Wabtec paid $10.0 million in cash to GE in exchange for all of the shares of SpinCo Class B preferred stock. Upon consummation of the Merger, Wabtec issued 46,763,975 shares of common stock to the holders of GE common stock, 19,018,207 shares of common stock to GE and 10,000 shares of preferred stock to GE and made a cash payment to GE of $2.885 billion . As a result and calculated based on Wabtec’s outstanding common stock on a fully-diluted, as-converted and as-exercised basis, as of December 31, 2018, approximately 49.2% of the outstanding shares of Wabtec common stock was held collectively by GE and holders of GE common stock (with 9.9% to be held by GE directly in shares of Wabtec common stock and 15% underlying the shares of Wabtec convertible preferred stock to be held by GE) and approximately 50.8% of the outstanding shares of Wabtec common stock would be held by pre-Merger Wabtec stockholders, in each case calculated on a fully-diluted, as-converted and as-exercised basis. Following the Merger, GE also retained 15,000 shares of SpinCo Class A non-voting preferred stock, and Wabtec held 10,000 shares of SpinCo Class B non-voting preferred stock. The shares of Wabtec common stock and Wabtec convertible preferred stock held by GE are subject to GE’s obligations under the shareholders agreement, including, among other things, and in each case subject to certain exceptions, (i) restrictions on the ability to sell, transfer or otherwise divest such shares for a period of 30 days and (ii) an obligation to sell, transfer or otherwise divest (A) by no later than 120 days following the closing date of the Merger, GE’s (and its affiliates’) ownership of Wabtec common stock and/or Wabtec convertible preferred stock so that GE (together with its affiliates) beneficially owns not less than 14.9% and not more than 19.9% of the number of shares of Wabtec common stock that were outstanding immediately after the closing of the Merger, (B) by no later than one year following the closing date of the Merger, GE’s (and its affiliates’) ownership of Wabtec common stock and/or Wabtec convertible preferred stock so that GE (together with its affiliates) beneficially owns not more than 18.5% of the number of shares of Wabtec common stock that were outstanding immediately after the closing of the Merger, in each case of clauses (A) and (B) treating the Wabtec convertible preferred stock as the Wabtec common stock into which it is convertible both for purposes of determining the number of shares of Wabtec common stock owned and for purposes of determining the number of shares of Wabtec common stock outstanding and (C) by no later than the third anniversary of the closing date of the Merger, all of the subject shares that GE (together with its affiliates) beneficially owns, and (iii) an obligation to vote all of such shares of Wabtec common stock in the proportion required under the Shareholders Agreement. After the Merger, SpinCo, which is Wabtec’s wholly owned subsidiary (except with respect to shares of SpinCo Class A preferred stock held by GE), holds the SpinCo business and Direct Sale Purchaser, which also is Wabtec’s wholly owned subsidiary, holds the assets purchased and the liabilities assumed in connection with the Direct Sale. Together, SpinCo and Direct Sale Purchaser own and operate the post-transaction GE Transportation. All shares of the Company’s common stock, including those issued in the Merger, are listed on the NYSE under the Company’s current trading symbol “WAB.” On the date of the Distribution, GE or its subsidiaries and SpinCo or the SpinCo Transferred Subsidiaries entered into additional agreements relating to, among other things, intellectual property, employee matters, tax matters, research and development and transition services. On May 6, 2019, GE completed the sale of approximately 8,780 shares of Wabtec's Series A Preferred stock which converted upon the sale to 25,300,000 shares of Wabtec's common stock. After the sale Wabtec had approximately 1,220 shares of Series A Preferred Stock outstanding convertible to approximately 3,515,500 shares of common stock and GE's aggregate beneficial ownership percentage of the Company was reduced from approximately 24.9% to approximately 11.7% on a fully-diluted, as-converted and as-exercised basis. In conjunction with this secondary offering the Company waived the requirement under the shareholders agreement for GE to maintain ownership of at least 14.9% of Wabtec's stock for 120 days following the closing date of the Merger. The Company did not receive any proceeds from the sale of these shares. Total future consideration to be paid by Wabtec to GE includes a fixed payment of $470.0 million , which is directly related to the timing of tax benefits expected to be realized by Wabtec as a result of the merger. This payment is considered contingent consideration because the timing of cash payments to GE is directly related to the future timing of tax benefits received by the Company as a result of the merger. The estimated total value of the consideration to be paid by Wabtec in the Transactions is approximately $10.3 billion , including the cash paid for the Direct Sales Assets, equity transferred for SpinCo, contingent consideration, assumed debt and net of cash acquired. The estimated consideration is based on the Company’s closing share price of $73.36 on February 22, 2019 and the preliminary fair value of the contingent consideration. The value of the preliminary purchase price consideration could change when the Company has completed the detailed valuation of the contingent consideration and other necessary calculations. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3. The June 30, 2019 consolidated balance sheet includes the assets and liabilities of GET, which have been initially measured at fair value. The noncontrolling interest includes equity interests in GET's Brazil operations held by third parties on the date of acquisition. At the time of acquisition, quotable market prices of the noncontrolling interest existed; therefore, the noncontrolling interest in the GET Brazil operations were measured using a Level 1 input. In April 2019, the Company acquired the noncontrolling interest in GET's Brazil operations for $56.2 million which approximated the fair value assigned to the noncontrolling interest on the date of acquisition. The remaining noncontrolling interest value was determined based on inputs that are not observable in the market and are considered Level 3. The following table summarizes the preliminary fair values of the GET assets acquired and liabilities assumed: In thousands Assets acquired Cash and cash equivalents $ 174,334 Accounts receivable 525,966 Inventories 1,185,574 Other current assets 64,115 Property, plant, and equipment 1,086,245 Goodwill 5,758,264 Trade names 50,000 Customer relationships 550,000 Intellectual property 1,210,000 Backlog 1,530,000 Other noncurrent assets 211,081 Total assets acquired 12,345,579 Liabilities assumed Current liabilities 1,514,189 Contingent consideration 440,000 Other noncurrent liabilities 522,465 Total liabilities assumed 2,476,654 Net assets acquired 9,868,925 Noncontrolling interest $ 86,765 These estimates are preliminary in nature and subject to adjustments, which could be material. Any necessary adjustments will be finalized within one year from the date of acquisition. During the three months ended June 30, 2019 , the estimated fair values for acquired backlog and customer relationships increased $50.0 million and $20.0 million , respectively. Additionally, the estimated fair value for other noncurrent assets decreased by $23.7 million primarily due to estimate revisions for long-term contract assets. These changes to initial estimates were based on information that existed at the date of acquisition. Substantially all of the accounts receivable acquired are expected to be collectible. Trade names, customer relationships, patents and backlog intangible assets are all subject to amortization. Contingent liabilities assumed as part of the transaction were not material. The contingent liabilities are related to legal and tax matters. Contingent liabilities are recorded at fair value in purchase accounting, aside from those pertaining to uncertainty in income taxes which are an exception to the fair value basis of accounting. Included in other noncurrent liabilities are customer contracts whose terms are unfavorable compared to market terms at the date of acquisition. Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired, and represents the future economic benefits, including synergies, and assembled workforce, that are expected to be achieved as a result of the acquisition. Substantially all of the purchased goodwill is expected to be deductible for tax purposes. The goodwill has been preliminarily allocated to the Freight segment. Included in the Company's consolidated statement of income for the six months ended June 30, 2019 is $1,617.1 million of revenues and $88.2 million of operating income from GET. Acquisition related costs were approximately $55.3 million for the six months ended June 30, 2019 and are included in selling, general and administrative expenses on the consolidated statements of income. Other Acquisitions The Company has made the following acquisition operating as a business unit or component of a business unit in the Transit Segment: • On March 22, 2018 , the Company acquired Annax GmbH ("Annax"), a leading supplier of public address and passenger information systems for transit vehicles, for a purchase price of approximately $45.2 million , net of cash acquired and including contingent consideration, resulting in final goodwill of $38.5 million , none of which will be deductible for tax purposes. A payment of $10.1 million was made in the three months ended June 30, 2019 related to contingent consideration associated with the purchase of Annax. The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax. Annax In thousands March 22, Current assets $ 32,827 Property, plant & equipment 674 Goodwill 38,511 Other intangible assets 11,715 Total assets acquired 83,727 Total liabilities assumed (55,064 ) Net assets acquired $ 28,663 The allocation of $11.7 million of total acquired other intangible assets includes $3.8 million assigned to trade names and $7.5 million assigned to customer relationships. The trade names were determined to have indefinite useful lives, while the customer relationships’ average useful lives are 20 years . The Company also made smaller acquisitions not listed above which are individually and collectively immaterial. The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2018: In thousands Three Months Ended Three Months Ended Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Net sales $ 2,236,284 $ 2,023,848 $ 4,316,055 $ 3,905,572 Gross profit 703,676 634,868 1,247,156 1,019,549 Net income attributable to Wabtec shareholders 171,875 151,475 255,152 99,206 Diluted earnings per share As Reported $ 0.54 $ 0.87 $ 0.61 $ 1.79 Pro forma $ 0.90 $ 0.79 $ 1.34 $ 0.52

Inventories

Inventories	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The components of inventory, net of reserves, were: In thousands June 30, December 31, Raw materials $ 786,281 $ 465,873 Work-in-progress 434,731 154,485 Finished goods 660,779 224,528 Total inventories $ 1,881,791 $ 844,886

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles	INTANGIBLES The change in the carrying amount of goodwill by segment for the six months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Total Balance at December 31, 2018 $ 713,391 $ 1,683,153 $ 2,396,544 Additions 5,754,115 15,420 5,769,535 Foreign currency impact (11,687 ) (3,721 ) (15,408 ) Balance at June 30, 2019 $ 6,455,819 $ 1,694,852 $ 8,150,671 As of June 30, 2019 and December 31, 2018 , the Company’s trade names had a net carrying amount of $626.6 million and $582.8 million , respectively. The Company believes these intangibles have indefinite lives, with the exception of the GE Transportation trade name, to which the company has assigned a useful life of 5 years . Intangible assets of the Company, other than goodwill and trade names, consist of the following: In thousands June 30, December 31, Backlog, intellectual property, patents, and other intangibles, net of accumulated amortization of $76,059 and $42,446 $ 2,689,022 $ 15,328 Customer relationships, net of accumulated amortization of $183,933 and $158,533 1,048,774 531,761 Total $ 3,737,796 $ 547,089 The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangibles were 18 years , 10 years , 18 years and 13 years , respectively. Amortization expense for intangible assets was $66.0 million and $93.4 million for the three and six months ended June 30, 2019 , and $9.9 million and $20.3 million for the three and six months ended June 30, 2018 , respectively. Amortization expense for the five succeeding years is estimated to be as follows: Remainder of 2019 $ 130,967 2020 259,206 2021 259,117 2022 258,805 2023 258,174

Contract Assets and Contract Li

Contract Assets and Contract Liabilities	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract Assets and Contract Liabilities	CONTRACT ASSETS AND CONTRACT LIABILITIES Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract, advanced customer payments that are in excess of revenue recognized, and provisions for estimated losses from uncompleted contracts. The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2019 is as follows: In thousands Contract Assets Balance at beginning of year $ 345,585 Acquisitions 213,605 Recognized in current year 324,940 Reclassified to accounts receivable (300,714 ) Foreign currency impact (925 ) Balance at June 30, 2019 $ 582,491 In thousands Contract Liabilities Balance at beginning of year $ 444,805 Acquisitions 282,054 Recognized in current year 572,644 Amounts in beginning balance reclassified to revenue (251,980 ) Current year amounts reclassified to revenue (257,640 ) Foreign currency impact (867 ) Balance at June 30, 2019 $ 789,016

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	LEASES During the first quarter of 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.2% to 12.3% . The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2019 Operating lease expense $ 13,387 $ 26,784 Finance lease expense Amortization of leased assets 272 543 Interest on lease liabilities 4 8 Short-term and variable lease expense 172 277 Sublease income (138 ) (276 ) Total $ 13,697 $ 27,336 Scheduled payments of lease liabilities are as follows: (in thousands) Operating Leases Finance Leases Total Remaining 2019 $ 25,598 $ 188 $ 25,786 2020 45,910 383 46,293 2021 37,570 185 37,755 2022 30,788 121 30,909 2023 26,252 121 26,373 Thereafter 107,810 349 108,159 Total lease payments 273,928 1,347 275,275 Less: Present value discount (29,311 ) (2 ) (29,313 ) Present value lease liabilities $ 244,617 $ 1,345 $ 245,962 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities: June 30, 2019 Weighted-average remaining lease term (years) Operating leases 8.3 Finance leases 5.5 Weighted-average discount rate Operating leases 3.0 % Finance leases 1.2 %
Leases	LEASES During the first quarter of 2019, the Company adopted ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of our fiscal year, January 1, 2019. Prior year financial statements were not recast under the new standard and, therefore, those amounts are not presented below. The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate our incremental borrowing rate to discount lease payments. The Company has established discount rates by geographic region ranging from 1.2% to 12.3% . The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2019 Operating lease expense $ 13,387 $ 26,784 Finance lease expense Amortization of leased assets 272 543 Interest on lease liabilities 4 8 Short-term and variable lease expense 172 277 Sublease income (138 ) (276 ) Total $ 13,697 $ 27,336 Scheduled payments of lease liabilities are as follows: (in thousands) Operating Leases Finance Leases Total Remaining 2019 $ 25,598 $ 188 $ 25,786 2020 45,910 383 46,293 2021 37,570 185 37,755 2022 30,788 121 30,909 2023 26,252 121 26,373 Thereafter 107,810 349 108,159 Total lease payments 273,928 1,347 275,275 Less: Present value discount (29,311 ) (2 ) (29,313 ) Present value lease liabilities $ 244,617 $ 1,345 $ 245,962 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities: June 30, 2019 Weighted-average remaining lease term (years) Operating leases 8.3 Finance leases 5.5 Weighted-average discount rate Operating leases 3.0 % Finance leases 1.2 %

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT Long-term debt consisted of the following: In thousands June 30, December 31, Floating Senior Notes, due 2021, net of unamortized debt $ 497,396 $ 496,796 4.15% Senior Notes, due 2024, net of unamortized debt 743,638 742,957 4.70% Senior Notes, due 2028, net of unamortized debt 1,240,191 1,239,657 3.45% Senior Notes, due 2026, net of unamortized debt 748,396 748,282 4.375% Senior Notes, due 2023, net of unamortized 248,952 248,823 Revolving Credit Facility, net of unamortized 1,113,269 338,112 Other Borrowings 41,339 42,246 Total 4,633,181 3,856,873 Less: current portion 104,413 64,099 Long-term portion $ 4,528,768 $ 3,792,774 On September 14, 2018, the Company issued $2.5 billion of senior notes with three different maturities. • Floating Rate Senior Notes due 2021 - The Company issued $500.0 million of Floating Rate Senior Notes due 2021 (the "Floating Rate Notes"). The Floating Rate Notes, which are non-callable for one year , were issued at 100% of face value. Interest on the Floating Rate Notes accrues at a floating rate per annum equal to three-month Libor plus 105 basis points. The interest rate for the Floating Rate Notes for the initial interest period was the three-month Libor plus 105 basis points determined on September 12, 2018 and is payable quarterly on December 15, March 15, June 15, and September 15 of each year. The Company incurred $3.5 million of deferred financing costs related to the issuance of the Floating Rate Notes. • 4.15% Senior Notes due 2024 - The Company issued $750.0 million of 4.15% Senior Notes due 2024 (the "2024 Notes"). The 2024 Notes were issued at 99.805% of face value. Interest on the 2024 Notes accrues at a rate of 4.15% per annum and is payable semi-annually on March 15 and September 15 of each year. The Company incurred $7.4 million of deferred financing costs related to the issuance of the 2024 Notes. • 4.70% Senior Notes Due 2028 - The Company issued $1,250.0 million of 4.70% Senior Notes due 2028 (the "2028 Notes" and together with the Floating Rate Notes and 2024 Notes, the "Senior Notes"). The 2028 Notes were issued at 99.889% of face value. Interest on the 2028 Notes accrues at a rate of 4.70% per annum and is payable semi-annually on March 15 and September 15 of each year. The Company incurred $10.6 million of deferred financing costs related to the issuance of the 2028 Notes. The net proceeds from the issuance and sale of the Senior Notes were used to finance the cash portion of the GE Transportation acquisition. The principal balances are due in full at maturity. The Senior Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the Senior Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sales of assets, change in control, mergers and consolidations and the incurrence of liens. On February 12, 2019, the rating assigned by Moody's was decreased to Ba1. Accordingly, pursuant to the respective terms of the Senior Notes issued on September 14, 2018, the interest rate increased by 0.25% . The interest rate increase took effect during the interest period following February 12, 2019. The Company is in compliance with the restrictions and covenants in the indenture under which the Senior Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities. 3.45% Senior Notes Due November 2026 On November 3, 2016, the Company issued $750.0 million of 3.45% Senior Notes due in 2026 (the "2016 Notes"). The 2016 Notes were issued at 99.965% of face value. Interest on the 2016 Notes accrues at a rate of 3.45% per annum and is payable semi-annually on May 15 and November 15 of each year. The proceeds were used to finance the cash portion of the Faiveley Transport acquisition, refinance Faiveley Transport's indebtedness, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.7 million of deferred financing costs related to the issuance of the 2016 Notes. The 2016 Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the 2016 Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers and consolidations and the incurrence of liens. The Company is in compliance with the restrictions and covenants in the indenture under which the 2016 Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing its operating activities. 4.375% Senior Notes Due August 2023 In August 2013, the Company issued $250.0 million of 4.375% Senior Notes due in 2023 (the “2013 Notes”). The 2013 Notes were issued at 99.879% of face value. Interest on the 2013 Notes accrues at a rate of 4.375% per annum and is payable semi-annually on February 15 and August 15 of each year. The proceeds were used to repay debt outstanding under the Company’s existing credit agreement, and for general corporate purposes. The principal balance is due in full at maturity. The Company incurred $2.6 million of deferred financing costs related to the issuance of the 2013 Notes. The 2013 Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The indenture under which the 2013 Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers and consolidations and the incurrence of liens. The Company is in compliance with the restrictions and covenants in the indenture under which the 2013 Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities. 2018 Refinancing Credit Agreement On June 8, 2018, the Company entered into a credit agreement (the “2018 Refinancing Credit Agreement”), which replaced the Company’s then-existing 2016 Refinancing Credit Agreement. As part of the 2018 Refinancing Credit Agreement, the Company entered into (i) a $1.2 billion revolving credit facility (the “Revolving Credit Facility”), which replaced the Company’s revolving credit facility under the 2016 Refinancing Credit Agreement, and includes a letter of credit sub-facility of up to $450.0 million and a swing line sub-facility of $75.0 million , (ii) a $350.0 million term loan (the “Refinancing Term Loan”), which refinanced the term loan under the 2016 Refinancing Credit Agreement, and (iii) a new $400.0 million delayed draw term loan (the “Delayed Draw Term Loan”). The 2018 Refinancing Credit Agreement also provided for a bridge loan facility (the “Bridge Loan Facility”) in an amount not to exceed $2.5 billion , which would only become effective at the Company’s request. Commitments in respect of the Bridge Loan Facility were terminated upon the issuance and sale of the Senior Notes on September 14, 2018. In addition, the 2018 Refinancing Credit Agreement contains an uncommitted accordion feature allowing the Company to request, in an aggregate amount not to exceed $600.0 million , increases to the borrowing commitments under the Revolving Credit Facility or a new incremental term loan commitment. At June 30, 2019 , the Company had approximately $780.3 million of available bank borrowing capacity subject to certain financial covenant restrictions, net of $27.6 million of letters of credit. The Revolving Credit Facility matures on June 8, 2023 and is unsecured. The Refinancing Term Loan matures on June 8, 2021 and is unsecured. The Delayed Draw Term Loan matures on the third anniversary of the date on which it is borrowed and is unsecured. The applicable interest rate for borrowings under the 2018 Refinancing Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to (i) the Company’s ratio of total debt (less unrestricted cash up to $300.0 million ) to EBITDA (“Leverage Ratio”) or (ii) the Company’s public rating, in each case that range between 1.000% and 1.875% for LIBOR/CDOR-based borrowings and 0.0% and 0.875% for Alternate Base Rate based borrowings. The obligations of the Company under the 2018 Refinancing Credit Agreement have been guaranteed by certain of the Company’s subsidiaries. The Delayed Draw Term Loan was initially drawn on February 25, 2019. The Company incurred a 17.5 basis point commitment fee from June 8, 2018 until the initial draw. The 2018 Refinancing Credit Agreement contains customary representations and warranties by the Company and its subsidiaries, including customary use of materiality, material adverse effect, and knowledge qualifiers. The Company and its subsidiaries are also subject to (i) customary affirmative covenants that impose certain reporting obligations on the Company and its subsidiaries and (ii) customary negative covenants, including limitations on: indebtedness; liens; restricted payments; fundamental changes; business activities; transactions with affiliates; restrictive agreements; changes in fiscal year; and use of proceeds. In addition, the Company is required to maintain (i) an Interest Coverage ratio at least 3.00 to 1.00 over each period of four consecutive fiscal quarters ending on the last day of a fiscal quarter and (ii) a Leverage Ratio, calculated as of the last day of a fiscal quarter for a period of four consecutive fiscal quarters, of 3.25 to 1.00 or less; provided that, in the event the Company completes the Direct Sale and the Merger or any other material acquisition in which the cash consideration paid exceeds $500.0 million , the maximum Leverage Ratio permitted will be 3.75 to 1.00 at the end of the fiscal quarter in which such acquisition is consummated and each of the three fiscal quarters immediately following such fiscal quarter and 3.50 to 1.00 at the end of each of the fourth and fifth full fiscal quarters after the consummation of such acquisition. The Company is in compliance with the restrictions and covenants of the 2018 Refinancing Credit Agreement and does not expect that these measurements will limit the Company in executing its operating activities. At June 30, 2019 , the weighted average interest rate on the Company’s variable rate debt was 3.28% . On June 5, 2014, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million . The effective date of the interest rate swap agreement was November 7, 2016, and the termination date was December 19, 2018. 2016 Refinancing Credit Agreement On June 22, 2016 , the Company amended its existing revolving credit facility with a consortium of commercial banks. This 2016 Refinancing Credit Agreement provided the Company with a $1.2 billion , 5 year revolving credit facility and a $400 million delayed draw term loan (the “Term Loan”). The Company incurred approximately $3 million of deferred financing cost related to the 2016 Refinancing Credit Agreement. The 2016 Refinancing Credit Agreement borrowings bore variable interest rates indexed as described below. Under the 2016 Refinancing Credit Agreement, the Company could elect a Base Rate of interest for U.S. Dollar denominated loans or, for certain currencies, an interest rate based on the London Interbank Offered Rate (“LIBOR”) of interest, or other rates appropriate for such currencies (in any case, “the Alternate Rate”). The Base Rate adjusted on a daily basis and was the greater of the Federal Funds Effective Rate plus 0.50% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points, plus a margin that ranged from 0 to 75 basis points. The Alternate Rate was based on the quoted rates specific to the applicable currency, plus a margin that ranged from 75 to 175 basis points. Both the Base Rate and Alternate Rate margins were dependent on the Company’s consolidated total indebtedness to EBITDA ratios. The initial Base Rate margin was 0 basis points and the Alternate Rate margin is 175 basis points.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German and United Kingdom employees and which provide benefits of stated amounts for each year of service of the employee. The Company uses a December 31 measurement date for the plans. The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components. U.S. International Three Months Ended June 30, Three Months Ended June 30, In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 71 $ 87 $ 611 $ 691 Interest cost 372 333 1,711 1,834 Expected return on plan assets (433 ) (445 ) (2,927 ) (3,466 ) Net amortization/deferrals 207 243 641 554 Net periodic benefit cost (credit) $ 217 $ 218 $ 36 $ (387 ) U.S. International Six Months Ended Six Months Ended In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 142 $ 174 $ 1,222 $ 1,382 Interest cost 744 666 3,422 3,668 Expected return on plan assets (866 ) (890 ) (5,854 ) (6,932 ) Net amortization/deferrals 414 486 1,282 1,108 Net periodic benefit cost (credit) $ 434 $ 436 $ 72 $ (774 ) Assumptions Discount Rate 4.3 % 3.6 % 2.5 % 2.4 % Expected long-term rate of return 5.4 % 5.2 % 5.0 % 5.1 % Rate of compensation increase 3.0 % 3.0 % 2.6 % 2.6 % 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 $6.4 million to the international plans during 2019 . The Company does not expect to make contributions to the U.S. plans during 2019 . Post Retirement Benefit Plans In addition to providing pension benefits, the Company has provided certain unfunded postretirement health care and life insurance benefits for a portion of North American employees. The Company is not obligated to pay health care and life insurance benefits to individuals who had retired prior to 1990. The Company uses a December 31 measurement date for all post retirement plans. The following tables provide information regarding the Company’s postretirement benefit plans summarized by U.S. and international components. U.S. International Three Months Ended June 30, Three Months Ended June 30, In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 1 $ 1 $ 2 $ 8 Interest cost 89 81 20 26 Net amortization/deferrals (101 ) (76 ) (22 ) (4 ) Net periodic benefit cost $ (11 ) $ 6 $ — $ 30 U.S. International Six Months Ended Six Months Ended In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 2 $ 2 $ 4 $ 16 Interest cost 178 162 40 52 Net amortization/deferrals (202 ) (152 ) (44 ) (8 ) Net periodic benefit cost $ (22 ) $ 12 $ — $ 60 Assumptions Discount Rate 4.17 % 3.43 % 3.49 % 3.21 %

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION As of June 30, 2019 , the Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock units as governed by the 2011 Stock Incentive Compensation Plan, as amended and restated (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a term through May 10, 2027 and provides a maximum of 3,800,000 shares for grants or awards, plus any shares which remain available under the 2000 Plan. The amendment and restatement of the 2011 Plan was approved by stockholders of Wabtec on May 10, 2017. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”). Stock-based compensation expense was $15.8 million and $8.3 million for the three months ended June 30, 2019 and 2018, respectively. Included in stock-based compensation expense for the three months ended June 30, 2019 is $1.0 million of expense related to stock options, $8.1 million related to restricted stock, $2.9 million related to restricted stock units, $3.5 million related to incentive stock units and $0.3 million related to units issued for Directors’ fees. Stock-based compensation expense was $24.3 million and $14.0 million for the six months ended June 30, 2019 and 2018 , respectively. Included in stock-based compensation expense for the six months ended June 30, 2019 is $1.3 million of expense related to stock options, $10.8 million related to restricted stock, $3.7 million related to restricted stock units, $7.9 million related to incentive stock units and $0.6 million related to units issued for Directors’ fees. At June 30, 2019 , unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest totaled $61.7 million . Stock Options Stock options are granted to eligible employees at an exercise price equivalent to the stock's fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Under the 2011 Plan and the 2000 Plan, options granted prior to 2019 become exercisable over a four -year vesting period, while options granted in 2019 become exercisable over a three -year vesting period. Both vesting periods expire 10 years from the date of grant. The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic value (in thousands) Outstanding at December 31, 2018 466,677 $ 61.04 5.7 $ 5,003 Granted 132,155 70.46 172 Exercised (468 ) 64.54 (19 ) Canceled (3,148 ) 73.34 — Outstanding at June 30, 2019 595,216 63.08 6.2 5,168 Exercisable at June 30, 2019 388,634 54.89 5.2 6,558 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 2019 2018 Dividend yield 0.66 % 0.31 % Risk-free interest rate 2.61 % 2.78 % Stock price volatility 25.8 % 23.9 % Expected life (years) 5.0 5.0 The dividend yield is based on the Company’s dividend rate and the current market price of the underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the U.S. Treasury bond rates for the expected life of the option. Restricted Stock, Restricted Units and Incentive Stock Beginning in 2006, the Company adopted a restricted stock program. As provided for under the 2011 Plan and 2000 Plan, eligible employees are granted restricted stock that generally vests over four years from the date of grant. Under the Directors Plan, restricted stock units vest one year from the date of grant. In addition, the Company has issued incentive stock units to eligible employees that vest upon attainment of certain cumulative three -year performance goals. Based on the Company’s performance for each three -year period then ended, the incentive stock units can vest, with underlying shares of common stock being awarded in an amount ranging from 0% to 200% of the amount of initial incentive stock units granted. The incentive stock units included in the table below represent the number of incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of June 30, 2019 , the Company estimates that it will achieve 107% , 105% and 103% for the incentive stock awards expected to vest based on performance for the three -year periods ending December 31, 2019 , 2020 , and 2021 , respectively, and has recorded incentive compensation expense accordingly. If the estimate of the number of these incentive stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period. Compensation expense for the non-vested restricted stock and incentive stock units is based on the average of the high and low Wabtec stock price on the date of grant and recognized over the applicable vesting period. The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock units activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2019 : Restricted Stock and Units Incentive Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 445,089 415,243 $ 75.51 Granted 568,052 258,100 70.48 Vested (207,656 ) (119,835 ) 71.59 Adjustment for incentive stock awards expected to vest — 43,257 78.82 Canceled (11,041 ) (38,116 ) 74.38 Outstanding at June 30, 2019 794,444 558,649 73.53

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The overall effective tax rate was 28.7% and 38.3% for the three and six months ended June 30, 2019 , respectively and 11.2% and 17.7% for the three and six months ended June 30, 2018 , respectively. The increase in the effective rate is primarily the result of non-deductible transaction related expenses incurred as a result of the acquisition of GE Transportation as well as increased estimated liabilities resulting from provisions of the Tax Cuts and Jobs Act. As of June 30, 2019 , the liability for income taxes associated with uncertain tax positions was $12.1 million , of which $11.0 million , if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2018 , the liability for income taxes associated with unrecognized tax benefits was $9.5 million , of which $8.4 million , if recognized, would favorably affect the Company's effective tax rate. The Company includes interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2019 , the total interest and penalties accrued was approximately $1.1 million . As of December 31, 2018 , the total interest and penalties accrued was approximately was $0.9 million . At this time, the Company believes it is reasonably possible that unrecognized tax benefits of approximately $6.2 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as follows: Three Months Ended In thousands, except per share data 2019 2018 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 104,235 $ 84,416 Less: dividends declared - common shares and non-vested restricted stock (22,576 ) (11,565 ) Undistributed earnings 81,659 72,851 Percentage allocated to common shareholders (1) 99.7 % 99.7 % 81,414 72,632 Add: dividends declared - common shares 22,508 11,531 Less: dividends declared - preferred shares (422 ) — Numerator for basic earnings per common share $ 103,500 $ 84,163 Add: dividends declared - preferred shares 422 — Numerator for diluted earnings per common share 103,922 84,163 Denominator Denominator for basic earnings per common share - weighted average shares 177,348 95,992 Effect of dilutive securities: Assumed conversion of preferred shares 13,743 — Assumed conversion of dilutive stock-based compensation plans 362 583 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 191,453 96,575 Net income attributable to Wabtec shareholders per common share Basic $ 0.58 $ 0.88 Diluted $ 0.54 $ 0.87 (1) Basic weighted-average common shares outstanding 177,348 95,992 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 177,922 96,276 Percentage allocated to common shareholders 99.7 % 99.7 % Six Months Ended In thousands, except per share data 2019 2018 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 99,763 $ 172,782 Less: dividends declared - common shares and non-vested restricted stock (34,264 ) (23,096 ) Undistributed earnings 65,499 149,686 Percentage allocated to common shareholders (1) 99.7 % 99.7 % 65,303 149,237 Add: dividends declared - common shares 34,154 23,027 Less: dividends declared - preferred shares (422 ) — Numerator for basic earnings per common share $ 99,035 $ 172,264 Add: dividends declared - preferred shares 422 — Numerator for diluted earnings per common share 99,457 172,264 Denominator Denominator for basic earnings per common share - weighted average shares 149,553 95,867 Effect of dilutive securities: Assumed conversion of preferred shares 12,213 — Assumed conversion of dilutive stock-based compensation plans 389 604 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 162,155 96,471 Net income attributable to Wabtec shareholders per common share Basic $ 0.66 $ 1.80 Diluted $ 0.61 $ 1.79 (1) Basic weighted-average common shares outstanding 149,553 95,867 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 150,013 96,153 Percentage allocated to common shareholders 99.7 % 99.7 %

Warranties

Warranties	6 Months Ended
	Jun. 30, 2019
Product Warranties Disclosures [Abstract]
Warranties	WARRANTIES The following table reconciles the changes in the Company’s product warranty reserve as follows: In thousands 2019 2018 Balance at beginning of year $ 153,702 $ 153,063 Acquisitions 97,559 1,089 Warranty expense 65,797 27,475 Warranty claim payments (60,643 ) (26,405 ) Foreign currency impact/other (399 ) (1,380 ) Balance at June 30 $ 256,016 $ 153,842

Derivative Financial Instrument

Derivative Financial Instruments and Hedging	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Foreign Currency Hedging The Company uses forward contracts to mitigate its foreign currency exchange rate exposure due to forecasted sales of finished goods and future settlement of foreign currency denominated assets and liabilities. Derivatives used to hedge forecasted transactions and specific cash flows associated with foreign currency denominated financial assets and liabilities that meet the criteria for hedge accounting are designated as cash flow hedges. The effective portion of gain and losses is deferred as a component of accumulated other comprehensive income and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. The contracts are scheduled to mature within two years . For the three and six months ended June 30, 2019 and June 30, 2018 , the amounts reclassified into income were not material. Other Activities The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting but which have the impact of largely mitigating foreign currency exposure. These foreign exchange contracts are accounted for on a full mark to market basis through earnings, with gains and losses recorded as a component of other expense, net. The net unrealized loss related to these contracts was $0.5 million for the six months ended June 30, 2019 . These contracts are scheduled to mature within one year . The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of June 30, 2019 . In millions Designated Non-Designated Total Gross notional amount $ 2,574.0 $ 608.0 $ 3,182.0 Fair Value: Other current assets $ 3.2 $ — $ 3.2 Other current liabilities — (3.2 ) (3.2 ) Total $ 3.2 $ (3.2 ) $ — The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2018 . In millions Designated Non-Designated Total Gross notional amount $ 863.0 $ 834.0 $ 1,697.0 Fair Value: Other current assets $ — $ 1.3 $ 1.3 Other current liabilities (2.3 ) — (2.3 ) Total $ (2.3 ) $ 1.3 $ (1.0 ) Interest Rate Hedging The Company has historically used interest rate swaps to manage interest rate exposures. The Company is exposed to interest rate volatility with regard to existing floating rate debt. Primary exposure includes the London Interbank Offered Rates (LIBOR). Derivatives used to hedge risk associated with changes in the fair value of certain variable-rate debt were primarily designated as fair value hedges. Consequently, changes in the fair value of these derivatives, along with changes in the fair value of debt obligations were recognized in current period earnings. Refer to footnote 15 for further information on interest rate swaps.

Fair Value Measurement and Fair

Fair Value Measurement and Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurement and Fair Value of Financial Instruments	FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820 “Fair Value Measurements and Disclosures” ("ASC 820") defines fair value, establishes a framework for measuring fair value and explains the related disclosure requirements. ASC 820 indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model. Valuation Hierarchy ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company historically entered into interest rate swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. For certain derivative contracts whose fair values are based upon trades in liquid markets, such as interest rate swaps, valuation model inputs can generally be verified and valuation techniques do not involve significant management judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value hierarchy. As a result of our global operating activities the Company is exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, the Company mitigates these risks through entering into foreign currency forward contracts. The foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the counter markets. As such, these derivative instruments are classified within Level 2. The Company’s cash and cash equivalents are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash and cash equivalents approximated the carrying value at June 30, 2019 and December 31, 2018 . The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. Generally, 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, 2016 Notes, and the Senior Notes are considered Level 2 based on the fair value valuation hierarchy. The estimated fair values and related carrying values of the Company’s financial instruments are as follows: June 30, 2019 December 31, 2018 In thousands Carrying Value Fair Value Carrying Fair 4.375% Senior Notes $ 248,952 $ 259,010 $ 248,823 $ 254,218 3.45% Senior Notes $ 748,396 $ 737,123 $ 748,282 $ 675,075 Floating Rate Notes 2021 $ 497,396 $ 496,830 $ 496,796 $ 497,425 4.15% Senior Notes $ 743,638 $ 792,390 $ 742,957 $ 729,350 4.7% Senior Notes $ 1,240,191 $ 1,349,025 $ 1,239,657 $ 1,179,625

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Further information and detail on these claims is described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , in Note 21 therein, filed on February 27, 2019. During the first six months of 2019 , there were no material changes to the information described in the Form 10-K related to claims arising from asbestos exposure. From time to time, the Company is involved in litigation related to claims arising out of the Company's operations in the ordinary course of business, including claims based on product liability, contracts, intellectual property, or other causes of action. Further information and detail on any potentially material litigation is as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 , in Note 21 therein, filed on February 27, 2019. Except as described below, there have been no material changes to the information described in the Form 10-K related to claims arising from Company's ordinary operations. On April 21, 2016, Siemens Industry, Inc. filed a lawsuit against the Company in federal district court in Delaware alleging that the Company has infringed seven patents owned by Siemens related to the Company's Positive Train Control (PTC) technology. On November 2, 2016, Siemens amended its complaint to add six additional patents they also claim are infringed by the Company's PTC Products or End of Train (EOT) Products (Siemen Patent Case). The Company has filed Answers, and asserted counterclaims, in response to Siemens’ complaints. Additionally, after filings by the Company, the US Patent & Trademark Office’s Patent Trail and Appeal Board (PTAB) has granted Inter-Parties Review (IPR) proceedings on eight (8) of the patents asserted by Siemens to contest their validity. Following pre-trial rulings that greatly reduced Siemens’ alleged damages, a jury trial was held in federal district court in Delaware in January 2019 on eight patents, two of which were still subject to an IPR decision on validity from the PTAB. At the conclusion of the trial, the jury awarded Siemens damages of $5.6 million related to PTC patents and $1.1 million related to EOT patents. Since the jury’s verdict was issued, one of the PTC patents found to be infringed was held to be invalid by the PTAB. All PTAB proceedings have been now been completed, pending appeals; five (5) of the (8) Siemens patents reviewed by the PTAB were found to be invalid. On February 26, 2019, the Court entered a Judgment on the verdict, subject to post-trial motions. On May 28, 2019, the Court held a hearing on both parties' post-trial motions, any of which, if granted, could potentially affect the final Judgment. After the Court's ruling on the post-trial motions, a final Judgment will be entered and either party may file appeals to the Federal Circuit. On March 20, 2019, Siemens filed a new action in federal district court in Delaware alleging violations of federal antitrust and state trade practices laws since before 2008, related to Wabtec’s PTC sales, including on-board, back-office, wayside and aftermarket support systems (Siemens originally raised these antitrust claims as counterclaims in a separate Delaware patent case filed by Wabtec alleging that Siemens has violated three (3) of Wabtec’s patents; the antitrust claims were ultimately severed from that case in January, 2019, resulting in Siemens re-filing them as another separate proceeding in Delaware.) Wabtec believes Siemens’ antitrust claims are without merit and will vigorously defend itself against these claims. Xorail, Inc., a wholly owned subsidiary of the Company (“Xorail”), has received notices from Denver Transit Constructors (“DTC”) alleging breach of contract related to the operating of constant warning wireless crossings, and late delivery of the Train Management & Dispatch System (“TMDS”) for the Denver Eagle P3 Project, which is owned by the Denver Regional Transit District ("RTD"). No damages have been asserted for the alleged late delivery of the TMDS, and no formal claim has been filed. Xorail is in the final stages of successfully implementing a recovery plan concerning the TMDS issues. With regard to the wireless crossing issue, as of September 8, 2017, DTC alleged that total damages were $36.8 million through July 31, 2017 and are continuing to accumulate. The majority of the damages stems from a delay in approval of the wireless crossing system by the Federal Railway Administration ("FRA") and the Public Utility Commission ("PUC"), resulting in the use of flaggers at all of the crossings pending approval of the wireless crossing system and certification of the crossings. DTC has alleged that the delay is due to Xorail's failure to achieve constant warning times for the crossings in accordance with the approval requirements imposed by the FRA and PUC. Xorail has denied DTC's assertions, stating that its system satisfied the contractual requirements. Xorail has worked with DTC to modify its system and implement the FRA's and PUC's previously undefined approval requirements; the FRA and PUC have both approved modified wireless crossing system, and as of August 2018, DTC completed the process of certifying the crossings and eliminated the use of flaggers. On September 21, 2018, DTC filed a complaint against RTD in Colorado state court for breach of contract related to non-payments and the costs for the flaggers, asserting a change-in-law arising from the FRA/PUC’s new certification requirements; a jury trial is scheduled to begin in May 2020. DTC’s complaint generally supports Xorail’s position and does not name or implicate Xorail; DTC has not updated its notices against Xorail, nor have they filed any formal claim against Xorail.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	SEGMENT INFORMATION Wabtec has two reportable segments—the Freight Segment and the Transit Segment. The key factors used to identify these reportable segments are the organization and alignment of the Company’s internal operations, the nature of the products and services, and customer type. The business segments are: Freight Segment primarily manufactures and services components for new and existing freight cars and locomotives, builds new switcher locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, and provides related heat exchange and cooling systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities. Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment, and doors for buses and subways. Customers include public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses around the world. The Company evaluates its business segments’ operating results based on income from operations. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense and other unallocated charges. Since certain administrative and other operating expenses have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies. Segment financial information for the three months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 1,493,949 $ 742,335 $ — $ 2,236,284 Intersegment sales/(elimination) 13,709 7,383 (21,092 ) — Total sales $ 1,507,658 $ 749,718 $ (21,092 ) $ 2,236,284 Income (loss) from operations $ 151,978 $ 71,211 $ (22,552 ) $ 200,637 Interest expense and other, net — — (56,383 ) (56,383 ) Income (loss) from operations before income taxes $ 151,978 $ 71,211 $ (78,935 ) $ 144,254 Segment financial information for the three months ended June 30, 2018 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 412,258 $ 699,422 $ — $ 1,111,680 Intersegment sales/(elimination) 18,699 2,984 (21,683 ) — Total sales $ 430,957 $ 702,406 $ (21,683 ) $ 1,111,680 Income (loss) from operations $ 84,347 $ 57,975 $ (18,799 ) $ 123,523 Interest expense and other, net — — (29,749 ) (29,749 ) Income (loss) from operations before income taxes $ 84,347 $ 57,975 $ (48,548 ) $ 93,774 Segment financial information for the six months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 2,370,383 $ 1,459,518 $ — $ 3,829,901 Intersegment sales/(elimination) 30,413 13,505 (43,918 ) — Total sales $ 2,400,796 $ 1,473,023 $ (43,918 ) $ 3,829,901 Income (loss) from operations $ 227,188 $ 130,144 $ (89,388 ) $ 267,944 Interest expense and other, net — — (109,180 ) (109,180 ) Income (loss) from operations before income taxes $ 227,188 $ 130,144 $ (198,568 ) $ 158,764 Segment financial information for the six months ended June 30, 2018 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 791,812 $ 1,376,045 $ — $ 2,167,857 Intersegment sales/(elimination) 30,701 6,873 (37,574 ) — Total sales $ 822,513 $ 1,382,918 $ (37,574 ) $ 2,167,857 Income (loss) from operations $ 153,969 $ 126,059 $ (25,226 ) $ 254,802 Interest expense and other, net — — (47,447 ) (47,447 ) Income (loss) from operations before income taxes $ 153,969 $ 126,059 $ (72,673 ) $ 207,355 Sales by product line are as follows: Three Months Ended In thousands 2019 2018 Remanufacturing, Overhaul & Build $ 1,171,147 $ 127,202 Specialty Products & Electronics 443,333 434,399 Transit Products 310,839 282,130 Brake Products 254,260 217,574 Other 56,705 50,375 Total sales $ 2,236,284 $ 1,111,680 Six Months Ended In thousands 2019 2018 Remanufacturing, Overhaul & Build $ 1,753,324 $ 262,900 Specialty Products & Electronics 861,447 820,947 Transit Products 605,656 556,409 Brake Products 496,482 433,192 Other 112,992 94,409 Total sales $ 3,829,901 $ 2,167,857

Guarantor Subsidiaries Financia

Guarantor Subsidiaries Financial Information	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Guarantor Subsidiaries Financial Information	GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION The obligations under the Company's 2016 Notes, 2013 Notes and Revolving Credit Facility and Term Loan are fully and unconditionally guaranteed by all U.S. subsidiaries as guarantors. Each guarantor is 100% owned by the parent company. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions. Balance Sheet for June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Cash and cash equivalents $ 7,011 $ 9,820 $ 444,540 $ — $ 461,371 Receivables, net 134,298 252,077 1,321,034 — 1,707,409 Inventories 141,400 662,717 1,077,674 — 1,881,791 Current assets - other 15,094 30,484 132,991 — 178,569 Total current assets 297,803 955,098 2,976,239 — 4,229,140 Property, plant and equipment, net 57,966 36,879 1,551,252 — 1,646,097 Goodwill 504,818 283,241 7,362,612 — 8,150,671 Investment in subsidiaries 16,878,245 6,134,117 — (23,012,362 ) — Other intangibles, net 28,594 77,301 4,258,461 — 4,364,356 Other long-term assets 27,223 166,012 359,094 — 552,329 Total assets $ 17,794,649 $ 7,652,648 $ 16,507,658 $ (23,012,362 ) $ 18,942,593 Current liabilities $ 472,747 $ 1,036,279 $ 1,702,289 $ — $ 3,211,315 Inter-company 2,858,761 (1,606,278 ) (1,252,483 ) — — Long-term debt 4,274,718 — 254,050 — 4,528,768 Long-term liabilities - other 386,662 135,254 845,437 — 1,367,353 Total liabilities 7,992,888 (434,745 ) 1,549,293 — 9,107,436 Shareholders' equity 9,786,761 8,087,393 14,939,968 (23,012,362 ) 9,801,760 Non-controlling interest 15,000 — 18,397 — 33,397 Total shareholders' equity $ 9,801,761 $ 8,087,393 $ 14,958,365 $ (23,012,362 ) $ 9,835,157 Total Liabilities and Shareholders' Equity $ 17,794,649 $ 7,652,648 $ 16,507,658 $ (23,012,362 ) $ 18,942,593 Balance Sheet for December 31, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Cash and cash equivalents $ 1,782,682 $ (119 ) $ 559,791 $ — $ 2,342,354 Receivables, net 106,815 61,513 978,450 — 1,146,778 Inventories 149,622 69,116 626,148 — 844,886 Current assets - other 11,884 690 103,075 — 115,649 Total current assets 2,051,003 131,200 2,267,464 — 4,449,667 Property, plant and equipment, net 51,551 24,755 487,431 — 563,737 Goodwill 25,275 283,241 2,088,028 — 2,396,544 Investment in subsidiaries 6,707,979 4,022,107 — (10,730,086 ) — Other intangibles, net 29,254 78,547 1,022,079 — 1,129,880 Other long-term assets 8,775 149 100,482 — 109,406 Total assets $ 8,873,837 $ 4,539,999 $ 5,965,484 $ (10,730,086 ) $ 8,649,234 Current liabilities $ 264,630 $ 91,004 $ 1,291,056 $ — $ 1,646,690 Inter-company 1,947,504 (1,436,222 ) (511,282 ) — — Long-term debt 3,779,627 — 13,147 — 3,792,774 Long-term liabilities - other 16,945 48,714 275,036 — 340,695 Total liabilities 6,008,706 (1,296,504 ) 1,067,957 — 5,780,159 Shareholders' equity 2,865,131 5,836,503 4,893,583 (10,730,086 ) 2,865,131 Non-controlling interest — — 3,944 — 3,944 Total shareholders' equity $ 2,865,131 $ 5,836,503 $ 4,897,527 $ (10,730,086 ) $ 2,869,075 Total Liabilities and Shareholders' Equity $ 8,873,837 $ 4,539,999 $ 5,965,484 $ (10,730,086 ) $ 8,649,234 Income Statement for the Three Months Ended June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 185,695 $ 1,104,741 $ 1,432,790 $ (486,942 ) $ 2,236,284 Cost of sales (144,237 ) (820,294 ) (1,037,244 ) 380,167 (1,621,608 ) Gross profit 41,458 284,447 395,546 (106,775 ) 614,676 Total operating expenses (67,447 ) (81,933 ) (264,659 ) — (414,039 ) Income from operations (25,989 ) 202,514 130,887 (106,775 ) 200,637 Interest (expense) income, net (59,365 ) 3,116 (2,311 ) — (58,560 ) Other income (expense), net 1,237 (4,217 ) 5,157 — 2,177 Equity earnings (loss) 185,813 83,926 — (269,739 ) — Pretax income (loss) 101,696 285,339 133,733 (376,514 ) 144,254 Income tax benefit (expense) 2,538 (42,556 ) (1,382 ) — (41,400 ) Net income 104,234 242,783 132,351 (376,514 ) 102,854 Less: Net loss attributable to noncontrolling interest — — 1,381 — 1,381 Net income (loss) attributable to Wabtec shareholders $ 104,234 $ 242,783 $ 133,732 $ (376,514 ) $ 104,235 Comprehensive income (loss) attributable to Wabtec shareholders $ 104,234 $ 242,783 $ 153,552 $ (376,514 ) $ 124,055 Income Statement for the Three Months Ended June 30, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 168,426 $ 137,966 $ 873,375 $ (68,087 ) $ 1,111,680 Cost of sales (122,919 ) (88,688 ) (614,861 ) 38,755 (787,713 ) Gross profit 45,507 49,278 258,514 (29,332 ) 323,967 Total operating expenses (49,780 ) (12,267 ) (138,397 ) — (200,444 ) Income from operations (4,273 ) 37,011 120,117 (29,332 ) 123,523 Interest (expense) income, net (31,734 ) 3,137 (3,323 ) — (31,920 ) Other income (expense), net 483 — 1,688 — 2,171 Equity earnings (loss) 128,744 118,771 — (247,515 ) — Pretax income (loss) 93,220 158,919 118,482 (276,847 ) 93,774 Income tax expense (7,213 ) — (3,290 ) — (10,503 ) Net income 86,007 158,919 115,192 (276,847 ) 83,271 Less: Net loss attributable to noncontrolling interest — — 1,145 — 1,145 Net income (loss) attributable to Wabtec shareholders $ 86,007 $ 158,919 $ 116,337 $ (276,847 ) $ 84,416 Comprehensive income (loss) attributable to Wabtec shareholders $ 86,231 $ 158,919 $ (74,104 ) $ (276,847 ) $ (105,801 ) Income Statement for the Six Months Ended June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 378,761 $ 1,233,544 $ 2,760,039 $ (542,443 ) $ 3,829,901 Cost of sales (301,887 ) (902,309 ) (2,035,263 ) 413,251 (2,826,208 ) Gross profit 76,874 331,235 724,776 (129,192 ) 1,003,693 Total operating expenses (164,987 ) (97,254 ) (473,508 ) — (735,749 ) Income from operations (88,113 ) 233,981 251,268 (129,192 ) 267,944 Interest (expense) income, net (101,011 ) 6,594 (8,712 ) — (103,129 ) Other income (expense), net 21,570 (6,702 ) (20,919 ) — (6,051 ) Equity earnings (loss) 277,295 163,685 — (440,980 ) — Pretax income (loss) 109,741 397,558 221,637 (570,172 ) 158,764 Income tax expense (9,979 ) (42,556 ) (7,388 ) — (59,923 ) Net income 99,762 355,002 214,249 (570,172 ) 98,841 Less: Net loss attributable to noncontrolling interest — — 922 — 922 Net income (loss) attributable to Wabtec shareholders $ 99,762 $ 355,002 $ 215,171 $ (570,172 ) $ 99,763 Comprehensive income (loss) attributable to Wabtec shareholders $ 99,762 $ 355,002 $ 182,574 $ (570,172 ) $ 67,166 Income Statement for the Six Months Ended June 30, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 329,727 $ 256,083 $ 1,700,594 $ (118,547 ) $ 2,167,857 Cost of sales (241,577 ) (161,678 ) (1,200,588 ) 70,834 (1,533,009 ) Gross profit (loss) 88,150 94,405 500,006 (47,713 ) 634,848 Total operating expenses (85,407 ) (25,941 ) (268,698 ) — (380,046 ) Income (loss) from operations 2,743 68,464 231,308 (47,713 ) 254,802 Interest (expense) income, net (52,128 ) 6,079 (6,155 ) — (52,204 ) Other income (expense), net 9,212 (679 ) (3,776 ) — 4,757 Equity earnings (loss) 235,442 210,877 — (446,319 ) — Pretax income (loss) 195,269 284,741 221,377 (494,032 ) 207,355 Income tax expense (20,895 ) — (15,732 ) — (36,627 ) Net income (loss) 174,374 284,741 205,645 (494,032 ) 170,728 Less: Net loss attributable to noncontrolling interest — — 2,054 — 2,054 Net income (loss) attributable to Wabtec shareholders $ 174,374 $ 284,741 $ 207,699 $ (494,032 ) $ 172,782 Comprehensive income (loss) attributable to Wabtec shareholders $ 174,881 $ 284,741 $ 95,983 $ (494,032 ) $ 61,573 Condensed Statement of Cash Flows for the Six Months Ended June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net cash (used for) provided by operating activities $ (99,188 ) $ 215,772 $ 456,532 $ (129,192 ) $ 443,924 Net cash provided by (used for) investing activities 6,854,818 (476,597 ) (9,418,585 ) — (3,040,364 ) Net cash (used for) provided by financing activities (8,531,301 ) 270,764 8,857,453 129,192 726,108 Effect of changes in currency exchange rates — — (10,651 ) — (10,651 ) (Decrease) increase in cash (1,775,671 ) 9,939 (115,251 ) — (1,880,983 ) Cash, cash equivalents, and restricted cash beginning of period 1,782,682 (119 ) 559,791 — 2,342,354 Cash and cash equivalents, end of period $ 7,011 $ 9,820 $ 444,540 $ — $ 461,371 Condensed Statement of Cash Flows for the Six Months Ended June 30, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net cash (used for) provided by operating activities $ (116,378 ) $ 72,206 $ 159,789 $ (47,713 ) $ 67,904 Net cash (used for) provided by investing activities (9,669 ) (249 ) (59,182 ) — (69,100 ) Net cash provided by (used for) financing activities 125,855 (72,009 ) (78,795 ) 47,713 22,764 Effect of changes in currency exchange rates — — (9,395 ) — (9,395 ) (Decrease) increase in cash (192 ) (52 ) 12,417 — 12,173 Cash and cash equivalents, beginning of period 933 625 231,843 — 233,401 Cash and cash equivalents, end of period $ 741 $ 573 $ 244,260 $ — $ 245,574

Other Income (Expense), Net

Other Income (Expense), Net	6 Months Ended
	Jun. 30, 2019
Other Income and Expenses [Abstract]
Other Income (Expense), Net	OTHER INCOME (EXPENSE), NET The components of other income (expense) are as follows: Three Months Ended Six Months Ended In thousands 2019 2018 2019 2018 Foreign currency (loss) gain $ (1,120 ) $ (2,277 ) $ (13,802 ) $ (3,309 ) Equity income 1,021 1,594 1,950 2,223 Expected return on pension assets/amortization 1,789 3,027 5,165 6,050 Other miscellaneous expense (income) 487 (173 ) 636 (207 ) Total other (expense) income, net $ 2,177 $ 2,171 $ (6,051 ) $ 4,757

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2018 . The December 31, 2018 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 .
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted ASC 606 “Revenue from Contracts with Customers”. This new guidance provides a five-step analysis of transactions to determine when and how revenue is recognized, and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. Approximately 75% of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. Contract revenues and cost estimates are reviewed and revised periodically through the year and adjustments are reflected in the accounting period as such amounts are determined. Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. The current portion of the contract assets are classified as current assets under the caption “Unbilled Accounts Receivable” while the noncurrent contract assets are classified as other assets under the caption "Other Noncurrent Assets" on the consolidated balance sheet. Noncurrent contract assets were $122.5 million at June 30, 2019 and were not material at December 31, 2018 , respectively. Included in noncurrent contract assets are certain costs that are specifically related to a contract, however, do not directly contribute to the transfer of control of the tangible product being created, such as non-recurring engineering costs. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer Deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other Long-Term Liabilities" on the consolidated balance sheet. Noncurrent contract liabilities were $36.9 million at June 30, 2019 and were not material at December 31, 2018 . These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract or revenue associated with the contract liabilities is expected to be recognized within one year. Contract liabilities also include provisions for estimated losses from uncompleted contracts. Provisions for loss contracts were $103.6 million and $71.2 million at June 30, 2019 and December 31, 2018 , respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other Accrued Liabilities” on the consolidated balance sheet. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good; however, a single contract may have multiple performance obligations comprising multiple promises to customers. Performance obligations are determined based on customer's intended use of products and services. Less complex products principally result in each completed product being a separate performance obligation recognized at a point in time. More complex products or services principally result in a single performance obligation as a customer is either procuring a bundled offering that is managed or utilized on a combined basis or there are multiple complex goods or services in the contract, which are substantially the same and recognized over time. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience. Remaining performance obligations represent the transaction price of firm customer orders subject to standard industry cancellation provisions and substantial scope-of-work adjustments. As of June 30, 2019 , the Company's remaining performance obligations were $ 21.3 billion . The Company expects to recognize revenue of approximately 26% of remaining performance obligation over the next 12 months , with the remainder recognized thereafter.
Reclassifications	Reclassifications
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 As part of its risk management strategy, the Company utilizes derivative financial instruments to mitigate the impact of changes in foreign currency exchange rates and interest rates on earnings and cash flow. For further information regarding financial derivatives and hedging activities, refer to Footnotes 14 and 15.
Foreign Currency Translation	Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of accumulated other comprehensive loss. The effects of currency exchange rate changes on intercompany transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings.
Noncontrolling Interests	Noncontrolling Interests In accordance with ASC 810 "Consolidation", the Company has classified noncontrolling interests as equity on the condensed consolidated balance sheets as of June 30, 2019 and December 31, 2018
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". The amendments in this update eliminate the requirement to perform Step 2 of the goodwill impairment test. Instead, an entity should perform a goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value up to the carrying amount of the goodwill. The ASU is effective for public companies in the fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The impact of adopting this guidance could result in a change in the overall conclusion as to whether or not a reporting unit's goodwill is impaired and the amount of an impairment charge recognized in the event a reporting units' carrying value exceeds its fair value. All of the Company's reporting units had fair values that were substantially greater than the carrying value as of the Company's last quantitative goodwill impairment test, which was performed as of October 1, 2018. Recently Adopted Accounting Pronouncements In February 2018, FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update address certain stranded income tax effects in accumulated other comprehensive income ("AOCI") resulting from the Tax Cuts and Jobs Act (the "Tax Act"). Current guidance requires the effect of a change in tax laws or rates on deferred tax balances to be reported in income from continuing operations in the accounting period that includes the period of enactment, even if the related income tax effects were originally charged or credited directly to AOCI. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded effects resulting from the Tax Act. The amount of the reclassification would include the effect of the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts and related valuation allowances, if any, at the date of the enactment of the Tax Act related to items in AOCI. The updated guidance became effective for reporting periods beginning after December 15, 2018. The Company adopted this accounting standard at the beginning of the period and elected to not retrospectively apply the new standard. The impact of adopting the new standard was not material to the consolidated statement of income or the consolidated balance sheet. In February 2016, FASB issued ASU No. 2016-02, "Leases (Topic 814)" which requires lessees to recognize a right of use asset and lease liability on the balance sheet for all leases with terms longer than 12 months. For leases with terms less than 12 months, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right of use asset and lease liability. This guidance became effective for the Company on January 1, 2019. The Company elected the practical expedient which does not require the capitalization of leases with terms of 12 months or less. And the Company did not elect the practical expedient which allows hindsight to be used to determine the term of a lease. The Company adopted the standard using the transition alternative, which allowed for the application of the guidance at beginning of the period in which it is adopted, rather than requiring the adjustment of prior comparative periods. For further information regarding the Company's adoption of the new standard, see Footnote 7.
Other Comprehensive Income	Other Comprehensive Income (Loss) Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from nonowner sources.

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2018 are as follows: Foreign Derivative Pension and Total Balance at December 31, 2017 $ 5,063 $ 4,015 $ (54,070 ) $ (44,992 ) Other comprehensive income (loss) before reclassifications (114,811 ) (4,760 ) 6,744 (112,827 ) Amounts reclassified from accumulated other comprehensive income — 579 1,039 1,618 Net current period other comprehensive income (loss) (114,811 ) (4,181 ) 7,783 (111,209 ) Balance at June 30, 2018 $ (109,748 ) $ (166 ) $ (46,287 ) $ (156,201 ) The changes in accumulated other comprehensive income (loss) by component, net of tax, for the six months ended June 30, 2019 are as follows: In thousands Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2018 $ (202,204 ) $ (53 ) $ (54,326 ) $ (256,583 ) Other comprehensive income (loss) before reclassifications (27,721 ) (3,128 ) (2,849 ) (33,698 ) Amounts reclassified from accumulated other comprehensive income — — 1,101 1,101 Net current period other comprehensive income (loss) (27,721 ) (3,128 ) (1,748 ) (32,597 ) Balance at June 30, 2019 $ (229,925 ) $ (3,181 ) $ (56,074 ) $ (289,180 )
Reclassifications Out of Accumulated Other Comprehensive Loss	Reclassifications out of accumulated other comprehensive loss for the three months ended June 30, 2018 are as follows: In thousands Amount reclassified from Affected line item in the Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (375 ) Other income (expense), net Amortization of net loss 1,093 Other income (expense), net 718 Other income (expense), net (198 ) Income tax expense $ 520 Net income Derivative contracts Realized loss on derivative contracts $ 176 Interest expense, net (42 ) Income tax expense $ 134 Net income Reclassifications out of accumulated other comprehensive loss for the six months ended June 30, 2018 are as follows: In thousands Amount reclassified from Affected line item in the Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (751 ) Other income (expense), net Amortization of net loss 2,186 Other income (expense), net 1,435 Other income (expense), net (396 ) Income tax expense $ 1,039 Net income Derivative contracts $ 855 Interest expense, net Realized loss on derivative contracts (276 ) Income tax expense $ 579 Net income Reclassifications out of accumulated other comprehensive income (loss) for the three months ended June 30, 2019 are as follows: In thousands Amount reclassified from accumulated other comprehensive income Affected line item in the Condensed Consolidated Statements of Income Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (366 ) Other income (expense), net Amortization of net loss 1,092 Other income (expense), net 726 Other income (expense), net (176 ) Income tax expense $ 550 Net income Reclassifications out of accumulated other comprehensive income (loss) for the six months ended June 30, 2019 are as follows: In thousands Amount reclassified from accumulated other comprehensive income Affected line item in the Condensed Consolidated Statements of Income Amortization of defined pension and post retirement items Amortization of initial net obligation and prior service cost $ (732 ) Other income (expense), net Amortization of net loss 2,184 Other income (expense), net 1,452 Other income (expense), net (351 ) Income tax expense $ 1,101 Net income

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition	The following table summarizes the final fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax. Annax In thousands March 22, Current assets $ 32,827 Property, plant & equipment 674 Goodwill 38,511 Other intangible assets 11,715 Total assets acquired 83,727 Total liabilities assumed (55,064 ) Net assets acquired $ 28,663 The following table summarizes the preliminary fair values of the GET assets acquired and liabilities assumed: In thousands Assets acquired Cash and cash equivalents $ 174,334 Accounts receivable 525,966 Inventories 1,185,574 Other current assets 64,115 Property, plant, and equipment 1,086,245 Goodwill 5,758,264 Trade names 50,000 Customer relationships 550,000 Intellectual property 1,210,000 Backlog 1,530,000 Other noncurrent assets 211,081 Total assets acquired 12,345,579 Liabilities assumed Current liabilities 1,514,189 Contingent consideration 440,000 Other noncurrent liabilities 522,465 Total liabilities assumed 2,476,654 Net assets acquired 9,868,925 Noncontrolling interest $ 86,765
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, 2018: In thousands Three Months Ended Three Months Ended Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Net sales $ 2,236,284 $ 2,023,848 $ 4,316,055 $ 3,905,572 Gross profit 703,676 634,868 1,247,156 1,019,549 Net income attributable to Wabtec shareholders 171,875 151,475 255,152 99,206 Diluted earnings per share As Reported $ 0.54 $ 0.87 $ 0.61 $ 1.79 Pro forma $ 0.90 $ 0.79 $ 1.34 $ 0.52

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Components of Inventory, Net of Reserves	The components of inventory, net of reserves, were: In thousands June 30, December 31, Raw materials $ 786,281 $ 465,873 Work-in-progress 434,731 154,485 Finished goods 660,779 224,528 Total inventories $ 1,881,791 $ 844,886

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Change in the Carrying Amount of Goodwill by Segment	The change in the carrying amount of goodwill by segment for the six months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Total Balance at December 31, 2018 $ 713,391 $ 1,683,153 $ 2,396,544 Additions 5,754,115 15,420 5,769,535 Foreign currency impact (11,687 ) (3,721 ) (15,408 ) Balance at June 30, 2019 $ 6,455,819 $ 1,694,852 $ 8,150,671
Intangible Assets of the Company, Other Than Goodwill and Trade Names	Intangible assets of the Company, other than goodwill and trade names, consist of the following: In thousands June 30, December 31, Backlog, intellectual property, patents, and other intangibles, net of accumulated amortization of $76,059 and $42,446 $ 2,689,022 $ 15,328 Customer relationships, net of accumulated amortization of $183,933 and $158,533 1,048,774 531,761 Total $ 3,737,796 $ 547,089
Amortization Expense	Amortization expense for the five succeeding years is estimated to be as follows: Remainder of 2019 $ 130,967 2020 259,206 2021 259,117 2022 258,805 2023 258,174

Contract Assets and Contract _2

Contract Assets and Contract Liabilities (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities	The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2019 is as follows: In thousands Contract Assets Balance at beginning of year $ 345,585 Acquisitions 213,605 Recognized in current year 324,940 Reclassified to accounts receivable (300,714 ) Foreign currency impact (925 ) Balance at June 30, 2019 $ 582,491 In thousands Contract Liabilities Balance at beginning of year $ 444,805 Acquisitions 282,054 Recognized in current year 572,644 Amounts in beginning balance reclassified to revenue (251,980 ) Current year amounts reclassified to revenue (257,640 ) Foreign currency impact (867 ) Balance at June 30, 2019 $ 789,016

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Lease Expense, Term and Discount Rate	ease term and discount rate assumptions used to develop the present value of lease liabilities: June 30, 2019 Weighted-average remaining lease term (years) Operating leases 8.3 Finance leases 5.5 Weighted-average discount rate Operating leases 3.0 % Finance leases 1.2 % The components of lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2019 Operating lease expense $ 13,387 $ 26,784 Finance lease expense Amortization of leased assets 272 543 Interest on lease liabilities 4 8 Short-term and variable lease expense 172 277 Sublease income (138 ) (276 ) Total $ 13,697 $ 27,336
Maturity of Finance Lease Liabilities	ease liabilities are as follows: (in thousands) Operating Leases Finance Leases Total Remaining 2019 $ 25,598 $ 188 $ 25,786 2020 45,910 383 46,293 2021 37,570 185 37,755 2022 30,788 121 30,909 2023 26,252 121 26,373 Thereafter 107,810 349 108,159 Total lease payments 273,928 1,347 275,275 Less: Present value discount (29,311 ) (2 ) (29,313 ) Present value lease liabilities $ 244,617 $ 1,345 $ 245,962
Maturity of Operating Lease Liabilities	Scheduled payments of lease liabilities are as follows: (in thousands) Operating Leases Finance Leases Total Remaining 2019 $ 25,598 $ 188 $ 25,786 2020 45,910 383 46,293 2021 37,570 185 37,755 2022 30,788 121 30,909 2023 26,252 121 26,373 Thereafter 107,810 349 108,159 Total lease payments 273,928 1,347 275,275 Less: Present value discount (29,311 ) (2 ) (29,313 ) Present value lease liabilities $ 244,617 $ 1,345 $ 245,962

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: In thousands June 30, December 31, Floating Senior Notes, due 2021, net of unamortized debt $ 497,396 $ 496,796 4.15% Senior Notes, due 2024, net of unamortized debt 743,638 742,957 4.70% Senior Notes, due 2028, net of unamortized debt 1,240,191 1,239,657 3.45% Senior Notes, due 2026, net of unamortized debt 748,396 748,282 4.375% Senior Notes, due 2023, net of unamortized 248,952 248,823 Revolving Credit Facility, net of unamortized 1,113,269 338,112 Other Borrowings 41,339 42,246 Total 4,633,181 3,856,873 Less: current portion 104,413 64,099 Long-term portion $ 4,528,768 $ 3,792,774

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Components of Net Periodic Benefit Cost	The following tables provide information regarding the Company’s defined benefit pension plans summarized by U.S. and international components. U.S. International Three Months Ended June 30, Three Months Ended June 30, In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 71 $ 87 $ 611 $ 691 Interest cost 372 333 1,711 1,834 Expected return on plan assets (433 ) (445 ) (2,927 ) (3,466 ) Net amortization/deferrals 207 243 641 554 Net periodic benefit cost (credit) $ 217 $ 218 $ 36 $ (387 ) U.S. International Six Months Ended Six Months Ended In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 142 $ 174 $ 1,222 $ 1,382 Interest cost 744 666 3,422 3,668 Expected return on plan assets (866 ) (890 ) (5,854 ) (6,932 ) Net amortization/deferrals 414 486 1,282 1,108 Net periodic benefit cost (credit) $ 434 $ 436 $ 72 $ (774 ) Assumptions Discount Rate 4.3 % 3.6 % 2.5 % 2.4 % Expected long-term rate of return 5.4 % 5.2 % 5.0 % 5.1 % Rate of compensation increase 3.0 % 3.0 % 2.6 % 2.6 %
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Components of Net Periodic Benefit Cost	The following tables provide information regarding the Company’s postretirement benefit plans summarized by U.S. and international components. U.S. International Three Months Ended June 30, Three Months Ended June 30, In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 1 $ 1 $ 2 $ 8 Interest cost 89 81 20 26 Net amortization/deferrals (101 ) (76 ) (22 ) (4 ) Net periodic benefit cost $ (11 ) $ 6 $ — $ 30 U.S. International Six Months Ended Six Months Ended In thousands 2019 2018 2019 2018 Net periodic benefit cost Service cost $ 2 $ 2 $ 4 $ 16 Interest cost 178 162 40 52 Net amortization/deferrals (202 ) (152 ) (44 ) (8 ) Net periodic benefit cost $ (22 ) $ 12 $ — $ 60 Assumptions Discount Rate 4.17 % 3.43 % 3.49 % 3.21 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock Option Activity	The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the six months ended June 30, 2019 : Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic value (in thousands) Outstanding at December 31, 2018 466,677 $ 61.04 5.7 $ 5,003 Granted 132,155 70.46 172 Exercised (468 ) 64.54 (19 ) Canceled (3,148 ) 73.34 — Outstanding at June 30, 2019 595,216 63.08 6.2 5,168 Exercisable at June 30, 2019 388,634 54.89 5.2 6,558
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 2019 2018 Dividend yield 0.66 % 0.31 % Risk-free interest rate 2.61 % 2.78 % Stock price volatility 25.8 % 23.9 % Expected life (years) 5.0 5.0
Restricted Stock Activity and Incentive Stock Awards Activity	The following table summarizes the restricted stock activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan, and incentive stock units activity for the 2011 Plan and the 2000 Plan with related information for the six months ended June 30, 2019 : Restricted Stock and Units Incentive Stock Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2018 445,089 415,243 $ 75.51 Granted 568,052 258,100 70.48 Vested (207,656 ) (119,835 ) 71.59 Adjustment for incentive stock awards expected to vest — 43,257 78.82 Canceled (11,041 ) (38,116 ) 74.38 Outstanding at June 30, 2019 794,444 558,649 73.53

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as follows: Three Months Ended In thousands, except per share data 2019 2018 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 104,235 $ 84,416 Less: dividends declared - common shares and non-vested restricted stock (22,576 ) (11,565 ) Undistributed earnings 81,659 72,851 Percentage allocated to common shareholders (1) 99.7 % 99.7 % 81,414 72,632 Add: dividends declared - common shares 22,508 11,531 Less: dividends declared - preferred shares (422 ) — Numerator for basic earnings per common share $ 103,500 $ 84,163 Add: dividends declared - preferred shares 422 — Numerator for diluted earnings per common share 103,922 84,163 Denominator Denominator for basic earnings per common share - weighted average shares 177,348 95,992 Effect of dilutive securities: Assumed conversion of preferred shares 13,743 — Assumed conversion of dilutive stock-based compensation plans 362 583 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 191,453 96,575 Net income attributable to Wabtec shareholders per common share Basic $ 0.58 $ 0.88 Diluted $ 0.54 $ 0.87 (1) Basic weighted-average common shares outstanding 177,348 95,992 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 177,922 96,276 Percentage allocated to common shareholders 99.7 % 99.7 % Six Months Ended In thousands, except per share data 2019 2018 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 99,763 $ 172,782 Less: dividends declared - common shares and non-vested restricted stock (34,264 ) (23,096 ) Undistributed earnings 65,499 149,686 Percentage allocated to common shareholders (1) 99.7 % 99.7 % 65,303 149,237 Add: dividends declared - common shares 34,154 23,027 Less: dividends declared - preferred shares (422 ) — Numerator for basic earnings per common share $ 99,035 $ 172,264 Add: dividends declared - preferred shares 422 — Numerator for diluted earnings per common share 99,457 172,264 Denominator Denominator for basic earnings per common share - weighted average shares 149,553 95,867 Effect of dilutive securities: Assumed conversion of preferred shares 12,213 — Assumed conversion of dilutive stock-based compensation plans 389 604 Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion 162,155 96,471 Net income attributable to Wabtec shareholders per common share Basic $ 0.66 $ 1.80 Diluted $ 0.61 $ 1.79 (1) Basic weighted-average common shares outstanding 149,553 95,867 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 150,013 96,153 Percentage allocated to common shareholders 99.7 % 99.7 %

Warranties (Tables)

Warranties (Tables)	6 Months Ended
	Jun. 30, 2019
Product Warranties Disclosures [Abstract]
Changes in Product Warranty Reserve	The following table reconciles the changes in the Company’s product warranty reserve as follows: In thousands 2019 2018 Balance at beginning of year $ 153,702 $ 153,063 Acquisitions 97,559 1,089 Warranty expense 65,797 27,475 Warranty claim payments (60,643 ) (26,405 ) Foreign currency impact/other (399 ) (1,380 ) Balance at June 30 $ 256,016 $ 153,842

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Notional Amounts and Fair Value	The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of June 30, 2019 . In millions Designated Non-Designated Total Gross notional amount $ 2,574.0 $ 608.0 $ 3,182.0 Fair Value: Other current assets $ 3.2 $ — $ 3.2 Other current liabilities — (3.2 ) (3.2 ) Total $ 3.2 $ (3.2 ) $ — The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2018 . In millions Designated Non-Designated Total Gross notional amount $ 863.0 $ 834.0 $ 1,697.0 Fair Value: Other current assets $ — $ 1.3 $ 1.3 Other current liabilities (2.3 ) — (2.3 ) Total $ (2.3 ) $ 1.3 $ (1.0 )

Fair Value Measurement and Fa_2

Fair Value Measurement and Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Estimated Fair Values and Related Carrying Values of Financial Instruments	The estimated fair values and related carrying values of the Company’s financial instruments are as follows: June 30, 2019 December 31, 2018 In thousands Carrying Value Fair Value Carrying Fair 4.375% Senior Notes $ 248,952 $ 259,010 $ 248,823 $ 254,218 3.45% Senior Notes $ 748,396 $ 737,123 $ 748,282 $ 675,075 Floating Rate Notes 2021 $ 497,396 $ 496,830 $ 496,796 $ 497,425 4.15% Senior Notes $ 743,638 $ 792,390 $ 742,957 $ 729,350 4.7% Senior Notes $ 1,240,191 $ 1,349,025 $ 1,239,657 $ 1,179,625

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Financial Information	Segment financial information for the three months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 1,493,949 $ 742,335 $ — $ 2,236,284 Intersegment sales/(elimination) 13,709 7,383 (21,092 ) — Total sales $ 1,507,658 $ 749,718 $ (21,092 ) $ 2,236,284 Income (loss) from operations $ 151,978 $ 71,211 $ (22,552 ) $ 200,637 Interest expense and other, net — — (56,383 ) (56,383 ) Income (loss) from operations before income taxes $ 151,978 $ 71,211 $ (78,935 ) $ 144,254 Segment financial information for the three months ended June 30, 2018 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 412,258 $ 699,422 $ — $ 1,111,680 Intersegment sales/(elimination) 18,699 2,984 (21,683 ) — Total sales $ 430,957 $ 702,406 $ (21,683 ) $ 1,111,680 Income (loss) from operations $ 84,347 $ 57,975 $ (18,799 ) $ 123,523 Interest expense and other, net — — (29,749 ) (29,749 ) Income (loss) from operations before income taxes $ 84,347 $ 57,975 $ (48,548 ) $ 93,774 Segment financial information for the six months ended June 30, 2019 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 2,370,383 $ 1,459,518 $ — $ 3,829,901 Intersegment sales/(elimination) 30,413 13,505 (43,918 ) — Total sales $ 2,400,796 $ 1,473,023 $ (43,918 ) $ 3,829,901 Income (loss) from operations $ 227,188 $ 130,144 $ (89,388 ) $ 267,944 Interest expense and other, net — — (109,180 ) (109,180 ) Income (loss) from operations before income taxes $ 227,188 $ 130,144 $ (198,568 ) $ 158,764 Segment financial information for the six months ended June 30, 2018 is as follows: In thousands Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 791,812 $ 1,376,045 $ — $ 2,167,857 Intersegment sales/(elimination) 30,701 6,873 (37,574 ) — Total sales $ 822,513 $ 1,382,918 $ (37,574 ) $ 2,167,857 Income (loss) from operations $ 153,969 $ 126,059 $ (25,226 ) $ 254,802 Interest expense and other, net — — (47,447 ) (47,447 ) Income (loss) from operations before income taxes $ 153,969 $ 126,059 $ (72,673 ) $ 207,355
Sales by Product	Sales by product line are as follows: Three Months Ended In thousands 2019 2018 Remanufacturing, Overhaul & Build $ 1,171,147 $ 127,202 Specialty Products & Electronics 443,333 434,399 Transit Products 310,839 282,130 Brake Products 254,260 217,574 Other 56,705 50,375 Total sales $ 2,236,284 $ 1,111,680 Six Months Ended In thousands 2019 2018 Remanufacturing, Overhaul & Build $ 1,753,324 $ 262,900 Specialty Products & Electronics 861,447 820,947 Transit Products 605,656 556,409 Brake Products 496,482 433,192 Other 112,992 94,409 Total sales $ 3,829,901 $ 2,167,857

Guarantor Subsidiaries Financ_2

Guarantor Subsidiaries Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Balance Sheet	Balance Sheet for June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Cash and cash equivalents $ 7,011 $ 9,820 $ 444,540 $ — $ 461,371 Receivables, net 134,298 252,077 1,321,034 — 1,707,409 Inventories 141,400 662,717 1,077,674 — 1,881,791 Current assets - other 15,094 30,484 132,991 — 178,569 Total current assets 297,803 955,098 2,976,239 — 4,229,140 Property, plant and equipment, net 57,966 36,879 1,551,252 — 1,646,097 Goodwill 504,818 283,241 7,362,612 — 8,150,671 Investment in subsidiaries 16,878,245 6,134,117 — (23,012,362 ) — Other intangibles, net 28,594 77,301 4,258,461 — 4,364,356 Other long-term assets 27,223 166,012 359,094 — 552,329 Total assets $ 17,794,649 $ 7,652,648 $ 16,507,658 $ (23,012,362 ) $ 18,942,593 Current liabilities $ 472,747 $ 1,036,279 $ 1,702,289 $ — $ 3,211,315 Inter-company 2,858,761 (1,606,278 ) (1,252,483 ) — — Long-term debt 4,274,718 — 254,050 — 4,528,768 Long-term liabilities - other 386,662 135,254 845,437 — 1,367,353 Total liabilities 7,992,888 (434,745 ) 1,549,293 — 9,107,436 Shareholders' equity 9,786,761 8,087,393 14,939,968 (23,012,362 ) 9,801,760 Non-controlling interest 15,000 — 18,397 — 33,397 Total shareholders' equity $ 9,801,761 $ 8,087,393 $ 14,958,365 $ (23,012,362 ) $ 9,835,157 Total Liabilities and Shareholders' Equity $ 17,794,649 $ 7,652,648 $ 16,507,658 $ (23,012,362 ) $ 18,942,593 Balance Sheet for December 31, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Cash and cash equivalents $ 1,782,682 $ (119 ) $ 559,791 $ — $ 2,342,354 Receivables, net 106,815 61,513 978,450 — 1,146,778 Inventories 149,622 69,116 626,148 — 844,886 Current assets - other 11,884 690 103,075 — 115,649 Total current assets 2,051,003 131,200 2,267,464 — 4,449,667 Property, plant and equipment, net 51,551 24,755 487,431 — 563,737 Goodwill 25,275 283,241 2,088,028 — 2,396,544 Investment in subsidiaries 6,707,979 4,022,107 — (10,730,086 ) — Other intangibles, net 29,254 78,547 1,022,079 — 1,129,880 Other long-term assets 8,775 149 100,482 — 109,406 Total assets $ 8,873,837 $ 4,539,999 $ 5,965,484 $ (10,730,086 ) $ 8,649,234 Current liabilities $ 264,630 $ 91,004 $ 1,291,056 $ — $ 1,646,690 Inter-company 1,947,504 (1,436,222 ) (511,282 ) — — Long-term debt 3,779,627 — 13,147 — 3,792,774 Long-term liabilities - other 16,945 48,714 275,036 — 340,695 Total liabilities 6,008,706 (1,296,504 ) 1,067,957 — 5,780,159 Shareholders' equity 2,865,131 5,836,503 4,893,583 (10,730,086 ) 2,865,131 Non-controlling interest — — 3,944 — 3,944 Total shareholders' equity $ 2,865,131 $ 5,836,503 $ 4,897,527 $ (10,730,086 ) $ 2,869,075 Total Liabilities and Shareholders' Equity $ 8,873,837 $ 4,539,999 $ 5,965,484 $ (10,730,086 ) $ 8,649,234
Condensed Income Statement	Income Statement for the Three Months Ended June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 185,695 $ 1,104,741 $ 1,432,790 $ (486,942 ) $ 2,236,284 Cost of sales (144,237 ) (820,294 ) (1,037,244 ) 380,167 (1,621,608 ) Gross profit 41,458 284,447 395,546 (106,775 ) 614,676 Total operating expenses (67,447 ) (81,933 ) (264,659 ) — (414,039 ) Income from operations (25,989 ) 202,514 130,887 (106,775 ) 200,637 Interest (expense) income, net (59,365 ) 3,116 (2,311 ) — (58,560 ) Other income (expense), net 1,237 (4,217 ) 5,157 — 2,177 Equity earnings (loss) 185,813 83,926 — (269,739 ) — Pretax income (loss) 101,696 285,339 133,733 (376,514 ) 144,254 Income tax benefit (expense) 2,538 (42,556 ) (1,382 ) — (41,400 ) Net income 104,234 242,783 132,351 (376,514 ) 102,854 Less: Net loss attributable to noncontrolling interest — — 1,381 — 1,381 Net income (loss) attributable to Wabtec shareholders $ 104,234 $ 242,783 $ 133,732 $ (376,514 ) $ 104,235 Comprehensive income (loss) attributable to Wabtec shareholders $ 104,234 $ 242,783 $ 153,552 $ (376,514 ) $ 124,055 Income Statement for the Three Months Ended June 30, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net Sales $ 168,426 $ 137,966 $ 873,375 $ (68,087 ) $ 1,111,680 Cost of sales (122,919 ) (88,688 ) (614,861 ) 38,755 (787,713 ) Gross profit 45,507 49,278 258,514 (29,332 ) 323,967 Total operating expenses (49,780 ) (12,267 ) (138,397 ) — (200,444 ) Income from operations (4,273 ) 37,011 120,117 (29,332 ) 123,523 Interest (expense) income, net (31,734 ) 3,137 (3,323 ) — (31,920 ) Other income (expense), net 483 — 1,688 — 2,171 Equity earnings (loss) 128,744 118,771 — (247,515 ) — Pretax income (loss) 93,220 158,919 118,482 (276,847 ) 93,774 Income tax expense (7,213 ) — (3,290 ) — (10,503 ) Net income 86,007 158,919 115,192 (276,847 ) 83,271 Less: Net loss attributable to noncontrolling interest — — 1,145 — 1,145 Net income (loss) attributable to Wabtec shareholders $ 86,007 $ 158,919 $ 116,337 $ (276,847 ) $ 84,416 Comprehensive income (loss) attributable to Wabtec shareholders $ 86,231 $ 158,919 $ (74,104 ) $ (276,847 ) $ (105,801 )
Condensed Cash Flow Statement	Condensed Statement of Cash Flows for the Six Months Ended June 30, 2019 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net cash (used for) provided by operating activities $ (99,188 ) $ 215,772 $ 456,532 $ (129,192 ) $ 443,924 Net cash provided by (used for) investing activities 6,854,818 (476,597 ) (9,418,585 ) — (3,040,364 ) Net cash (used for) provided by financing activities (8,531,301 ) 270,764 8,857,453 129,192 726,108 Effect of changes in currency exchange rates — — (10,651 ) — (10,651 ) (Decrease) increase in cash (1,775,671 ) 9,939 (115,251 ) — (1,880,983 ) Cash, cash equivalents, and restricted cash beginning of period 1,782,682 (119 ) 559,791 — 2,342,354 Cash and cash equivalents, end of period $ 7,011 $ 9,820 $ 444,540 $ — $ 461,371 Condensed Statement of Cash Flows for the Six Months Ended June 30, 2018 : In thousands Parent Guarantors Non-Guarantors Elimination Consolidated Net cash (used for) provided by operating activities $ (116,378 ) $ 72,206 $ 159,789 $ (47,713 ) $ 67,904 Net cash (used for) provided by investing activities (9,669 ) (249 ) (59,182 ) — (69,100 ) Net cash provided by (used for) financing activities 125,855 (72,009 ) (78,795 ) 47,713 22,764 Effect of changes in currency exchange rates — — (9,395 ) — (9,395 ) (Decrease) increase in cash (192 ) (52 ) 12,417 — 12,173 Cash and cash equivalents, beginning of period 933 625 231,843 — 233,401 Cash and cash equivalents, end of period $ 741 $ 573 $ 244,260 $ — $ 245,574

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	6 Months Ended
	Jun. 30, 2019
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 In thousands 2019 2018 2019 2018 Foreign currency (loss) gain $ (1,120 ) $ (2,277 ) $ (13,802 ) $ (3,309 ) Equity income 1,021 1,594 1,950 2,223 Expected return on pension assets/amortization 1,789 3,027 5,165 6,050 Other miscellaneous expense (income) 487 (173 ) 636 (207 ) Total other (expense) income, net $ 2,177 $ 2,171 $ (6,051 ) $ 4,757

Business (Detail)

Business (Detail)	6 Months Ended
	Jun. 30, 2019country
Product Information [Line Items]
Number of countries company operates	50
Sales Revenue Outside United States | Geographic Concentration Risk | Non-US
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	59.00%
Minimum
Product Information [Line Items]
Number of countries where product is found (more than)	100

Accounting Policies - Additiona

Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Noncurrent contract assets	$ 122,500		$ 122,500
Noncurrent contract liabilities	36,900		36,900
Provisions for loss contracts	103,600		103,600		$ 71,200
Net income (loss) attributable to noncontrolling interest	1,381	$ 1,145	922	$ 2,054
Interest expense, net	58,560	31,920	103,129	52,204
Other income (expense), net	$ 2,177	$ 2,171	$ (6,051)	$ 4,757
Transferred at Point in Time
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue derived from performance obligations satisfied when control passes to customer (as a percent)			75.00%

Accounting Policies - Accumulat

Accounting Policies - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 9,780,446	$ 2,869,075	$ 2,988,229	$ 2,828,532	$ 2,869,075	$ 2,828,532
Other comprehensive income (loss) before reclassifications					(33,698)	(112,827)
Amounts reclassified from accumulated other comprehensive income					1,101	1,618
Net current period other comprehensive income (loss)	19,820	(52,417)	(190,217)	79,008	(32,597)	(111,209)
Ending Balance	9,835,157	9,780,446	2,874,628	2,988,229	9,835,157	2,874,628
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(202,204)		5,063	(202,204)	5,063
Other comprehensive income (loss) before reclassifications					(27,721)	(114,811)
Amounts reclassified from accumulated other comprehensive income					0	0
Net current period other comprehensive income (loss)					(27,721)	(114,811)
Ending Balance	(229,925)		(109,748)		(229,925)	(109,748)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(53)		4,015	(53)	4,015
Other comprehensive income (loss) before reclassifications					(3,128)	(4,760)
Amounts reclassified from accumulated other comprehensive income					0	579
Net current period other comprehensive income (loss)					(3,128)	(4,181)
Ending Balance	(3,181)		(166)		(3,181)	(166)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(54,326)		(54,070)	(54,326)	(54,070)
Other comprehensive income (loss) before reclassifications					(2,849)	6,744
Amounts reclassified from accumulated other comprehensive income					1,101	1,039
Net current period other comprehensive income (loss)					(1,748)	7,783
Ending Balance	(56,074)		(46,287)		(56,074)	(46,287)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(309,000)	(256,583)	34,016	(44,992)	(256,583)	(44,992)
Net current period other comprehensive income (loss)	19,820	(52,417)	(190,217)	79,008
Ending Balance	$ (289,180)	$ (309,000)	$ (156,201)	$ 34,016	$ (289,180)	$ (156,201)

Accounting Policies - Reclassif

Accounting Policies - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	$ 2,177		$ 2,171		$ (6,051)	$ 4,757
Income tax expense	(41,400)		(10,503)		(59,923)	(36,627)
Interest expense, net	(58,560)		(31,920)		(103,129)	(52,204)
Net income	102,854	$ (4,013)	83,271	$ 87,457	98,841	170,728
Reclassification out of Accumulated Other Comprehensive Income | Pension and post retirement benefit plans
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	726		718		1,452	1,435
Income tax expense	(176)		(198)		(351)	(396)
Net income	550		520		1,101	1,039
Reclassification out of Accumulated Other Comprehensive Income | Amortization of initial net obligation and prior service cost
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	(366)		(375)		(732)	(751)
Reclassification out of Accumulated Other Comprehensive Income | Amortization of net loss
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Other income (expense), net	$ 1,092		1,093		$ 2,184	2,186
Reclassification out of Accumulated Other Comprehensive Income | Derivative contracts
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income On Derivatives [Line Items]
Income tax expense			(42)			(276)
Interest expense, net			176			855
Net income			$ 134			$ 579

Accounting Policies - Remaining

Accounting Policies - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 $ in Billions	Jun. 30, 2019USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 21.3
Remaining performance obligation percentage expected to be recognized	26.00%
Performance obligation period	12 months

Acquisitions - General Electric

Acquisitions - General Electric Transportation (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 25, 2019	Jun. 30, 2019	Dec. 31, 2018	May 06, 2019	May 05, 2019	Apr. 30, 2019	Feb. 22, 2019
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)		188,183,106	96,614,946
Preferred stock, shares outstanding (in shares)		0	0
Common stock, shares issued (in shares)		223,431,716
Preferred stock, shares issued (in shares)		1,220	0
Series A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)				1,220
Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)				3,515,500
General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred				11.70%	24.90%
GE Transportation
Business Acquisition [Line Items]
Consideration transferred	$ 2,875,000
Business combination, consideration transferred	10,300,000
Total future consideration	470,000
Closing share price (in USD per share)							$ 73.36
Revenues		$ 1,617,100
Operating income		88,200
Acquisition related costs		$ 55,300
GE Transportation | SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Total future consideration	$ 10,000
GE Transportation | Convertible Preferred Stock
Business Acquisition [Line Items]
Shares issuable (in shares)	10,000
GE Transportation | GE and Pre-Merger Holders
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			49.20%
GE Transportation | General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred	9.90%		9.90%
GE Transportation | General Electric Company | Convertible Preferred Stock
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			15.00%
GET Brazil
Business Acquisition [Line Items]
Noncontrolling interest acquired						$ 56,200
General Electric Company
Business Acquisition [Line Items]
Noncontrolling interest acquired	$ 86,765
Wabtec | GE Transportation | SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)			10,000
Pre-merger Wabtec Stockholders | GE Transportation
Business Acquisition [Line Items]
Percentage of outstanding shares transferred			50.80%
General Electric Company
Business Acquisition [Line Items]
Common stock, shares issued (in shares)			19,018,207
Preferred stock, shares issued (in shares)			10,000
Total future consideration			$ 2,885,000
General Electric Company | General Electric Company
Business Acquisition [Line Items]
Common stock, shares issued (in shares)			46,763,975
General Electric Company | GE Transportation | SpinCo Common Stock
Business Acquisition [Line Items]
Common stock, shares outstanding (in shares)	8,700,000,000
General Electric Company | GE Transportation | SpinCo Class A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)	15,000		15,000
General Electric Company | GE Transportation | SpinCo Class B Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)	10,000
General Electric Company | GE Transportation | Series A Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)				8,780
General Electric Company | GE Transportation | Common Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding (in shares)				25,300,000
Minimum | General Electric Company | General Electric Company
Business Acquisition [Line Items]
Percentage of outstanding shares transferred				14.90%
Minimum | General Electric Company | GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding			14.90%
Maximum | Pre-merger Wabtec Stockholders | GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding			18.50%
Maximum | General Electric Company | GE Transportation
Business Acquisition [Line Items]
Percentage of common shares outstanding			19.90%

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Estimated Fair Values of GET Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 25, 2019	Dec. 31, 2018
Assets acquired
Goodwill	$ 8,150,671		$ 2,396,544
General Electric Company
Assets acquired
Cash and cash equivalents		$ 174,334
Accounts receivable		525,966
Inventories		1,185,574
Other current assets		64,115
Property, plant & equipment		1,086,245
Goodwill		5,758,264
Other noncurrent assets		211,081
Total assets acquired		12,345,579
Liabilities assumed
Current liabilities		1,514,189
Contingent consideration		440,000
Other noncurrent liabilities		522,465
Total liabilities assumed		2,476,654
Net assets acquired		9,868,925
Net assets acquired		86,765
General Electric Company | Trade Names
Assets acquired
Intangible assets acquired		50,000
General Electric Company | Customer relationships
Assets acquired
Intangible assets acquired		550,000
General Electric Company | Patents
Assets acquired
Intangible assets acquired		1,210,000
General Electric Company | Backlog
Assets acquired
Intangible assets acquired		$ 1,530,000

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	Mar. 22, 2019	Feb. 25, 2019	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Mar. 22, 2018
Business Acquisition [Line Items]
Acquisitions of businesses, net of cash acquired				$ (2,981,552)	$ (38,277)
Goodwill			$ 8,150,671	8,150,671		$ 2,396,544
General Electric Company
Business Acquisition [Line Items]
Change in estimated fair values for assets acquired			23,700
Goodwill		$ 5,758,264
General Electric Company | Backlog
Business Acquisition [Line Items]
Change in estimated fair values for assets acquired			50,000
General Electric Company | Customer relationships
Business Acquisition [Line Items]
Change in estimated fair values for assets acquired			20,000
GE Transportation
Business Acquisition [Line Items]
Revenues				1,617,100
Operating income				88,200
Acquisition related costs				$ 55,300
Purchase price, net of cash acquired		10,300,000
Cash payment for business acquisition		$ 470,000
Annax
Business Acquisition [Line Items]
Acquisitions of businesses, net of cash acquired	$ (45,200)
Goodwill							$ 38,511
Cash payment for business acquisition			$ 10,100
Acquired indefinite-lived intangible assets							11,715
Annax | Customer relationships
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets							7,500
Intangible assets, weighted average useful life (years)	20 years
Annax | Trade Names
Business Acquisition [Line Items]
Acquired indefinite-lived intangible assets							$ 3,800

Acquisitions - Summary of Pre_2

Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Mar. 22, 2018
Business Acquisition [Line Items]
Goodwill	$ 8,150,671	$ 2,396,544
Annax
Business Acquisition [Line Items]
Current assets			$ 32,827
Property, plant & equipment			674
Goodwill			38,511
Other intangible assets			11,715
Total assets acquired			83,727
Total liabilities assumed			(55,064)
Net assets acquired			$ 28,663

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Combinations [Abstract]
Net sales	$ 2,236,284	$ 2,023,848	$ 4,316,055	$ 3,905,572
Gross profit	703,676	634,868	1,247,156	1,019,549
Net income attributable to Wabtec shareholders	$ 171,875	$ 151,475	$ 255,152	$ 99,206
Diluted earnings per share
As Reported (in dollars per share)	$ 0.54	$ 0.87	$ 0.61	$ 1.79
Pro forma (in dollars per share)	$ 0.90	$ 0.79	$ 1.34	$ 0.52

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 786,281	$ 465,873
Work-in-progress	434,731	154,485
Finished goods	660,779	224,528
Total inventories	$ 1,881,791	$ 844,886

Intangibles - Change in the Car

Intangibles - Change in the Carrying Amount of Goodwill by Segment (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 2,396,544
Additions	5,769,535
Foreign currency impact	(15,408)
Ending balance	8,150,671
Freight Segment
Goodwill [Roll Forward]
Beginning balance	713,391
Additions	5,754,115
Foreign currency impact	(11,687)
Ending balance	6,455,819
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,683,153
Additions	15,420
Foreign currency impact	(3,721)
Ending balance	$ 1,694,852

Intangibles - Additional Inform

Intangibles - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Intangible Assets Disclosure [Line Items]
Trade names	$ 626,600		$ 626,600		$ 582,800
Intangible assets, amortization expense	$ 65,960	$ 9,899	$ 93,402	$ 20,251
Trade Names
Intangible Assets Disclosure [Line Items]
Trade names, useful life			5 years
Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			18 years
Patents
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			10 years
Customer relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			18 years
Other Intangibles
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			13 years

Intangibles - Intangible Assets

Intangibles - Intangible Assets Other Than Goodwill and Trade Names (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 3,737,796	$ 547,089
Backlog, intellectual property, patents, non-compete and other intangibles
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	2,689,022	15,328
Intangible assets, accumulated amortization	76,059	42,446
Customer relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	1,048,774	531,761
Intangible assets, accumulated amortization	$ 183,933	$ 158,533

Intangibles - Amortization Expe

Intangibles - Amortization Expense (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2019	$ 130,967
2020	259,206
2021	259,117
2022	258,805
2023	$ 258,174

Contract Assets and Contract _3

Contract Assets and Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Contract Assets
Balance at beginning of year	$ 345,585
Acquisitions	213,605
Recognized in current year	324,940
Reclassified to accounts receivable	(300,714)
Foreign currency impact	(925)
Balance at end of period	582,491
Contract Liabilities
Balance at beginning of year	444,805
Acquisitions	282,054
Recognized in current year	572,644
Amounts in beginning balance reclassified to revenue	(251,980)
Current year amounts reclassified to revenue	(257,640)
Foreign currency impact	(867)
Balance at end of period	$ 789,016

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease expense	$ 13,387	$ 26,784
Amortization of leased assets	272	543
Interest on lease liabilities	4	8
Short-term and variable lease expense	172	277
Sublease income	(138)	(276)
Total	$ 13,697	$ 27,336

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
Remaining 2019	$ 25,598
2020	45,910
2021	37,570
2022	30,788
2023	26,252
Thereafter	107,810
Total lease payments	273,928
Less: Present value discount	(29,311)
Present value lease liabilities	244,617
Finance Leases
Remaining 2019	188
2020	383
2021	185
2022	121
2023	121
Thereafter	349
Total lease payments	1,347
Less: Present value discount	(2)
Present value lease liabilities	1,345
Total
Remaining 2019	25,786
2020	46,293
2021	37,755
2022	30,909
2023	26,373
Thereafter	108,159
Total lease payments	275,275
Less: Present value discount	(29,313)
Present value lease liabilities	$ 245,962

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Jun. 30, 2019
Weighted-average remaining lease term (years)
Operating leases	8 years 3 months 18 days
Finance leases	5 years 6 months
Weighted-average discount rate
Operating leases	3.00%
Finance leases	1.20%

Leases - Narrative (Details)

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

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Sep. 14, 2018	Oct. 31, 2016	Aug. 31, 2013
Debt Instrument [Line Items]
Total	$ 4,633,181	$ 3,856,873
Less: current portion	104,413	64,099
Long-term portion	4,528,768	3,792,774
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	1,113,269	338,112
Unamortized discount and debt issuance cost	2,592	3,138
Other Borrowings
Debt Instrument [Line Items]
Long-term debt	41,339	42,246
Floating Rate Notes, due 2021 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	497,396	496,796
Unamortized discount and debt issuance cost	2,604	3,204
4.15% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 743,638	742,957
Stated interest rate (as a percent)	4.15%		4.15%
Unamortized discount and debt issuance cost	$ 6,362	7,043
4.70% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 1,240,191	1,239,657
Stated interest rate (as a percent)	4.70%		4.70%
Unamortized discount and debt issuance cost	$ 9,809	10,343
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 748,396	748,282
Stated interest rate (as a percent)	3.45%			3.45%
Unamortized discount and debt issuance cost	$ 1,604	1,718
4.375% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt	$ 248,952	248,823
Stated interest rate (as a percent)	4.375%				4.375%
Unamortized discount and debt issuance cost	$ 1,048	$ 1,177

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	Feb. 25, 2019	Feb. 12, 2019	Sep. 14, 2018	Oct. 31, 2016	Jun. 22, 2016	Aug. 31, 2013	Jun. 30, 2019	Jun. 08, 2018	Jun. 05, 2014
Forward Starting Interest Rate Swap Agreement
Debt Instrument [Line Items]
Interest rate on notional value (as a percent)							3.28%
Interest rate swap agreements, notional amount									$ 150,000,000
2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Interest Coverage ratio							3
Leverage ratio							3.25
Cash consideration							$ 500,000,000
Maximum Leverage Ratio permitted							3.75
Restrictive covenants, leverage ratio							3.50
2018 Refinancing Credit Agreement | LIBOR Rate
Debt Instrument [Line Items]
Letters of credit subject to financial covenant restrictions							$ 300,000,000
2018 Refinancing Credit Agreement | LIBOR Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.00%
2018 Refinancing Credit Agreement | LIBOR Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.875%
2018 Refinancing Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.00%
2018 Refinancing Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.875%
2016 Refinancing Credit Agreement
Debt Instrument [Line Items]
Deferred financing cost					$ 3,000,000
2016 Refinancing Credit Agreement | Federal Funds Effective Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.50%
2016 Refinancing Credit Agreement | LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							10000.00%
2016 Refinancing Credit Agreement | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.00%
2016 Refinancing Credit Agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							0.00%
2016 Refinancing Credit Agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							7500.00%
2016 Refinancing Credit Agreement | Alternative Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							17500.00%
2016 Refinancing Credit Agreement | Alternative Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							7500.00%
2016 Refinancing Credit Agreement | Alternative Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							17500.00%
Bridge Loan | 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Revolving credit facility, amount								$ 2,500,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 2,500,000,000
Increase in interest rate		0.25%
Senior Notes | Floating Rate Notes, due 2021
Debt Instrument [Line Items]
Debt instrument face amount			$ 500,000,000
Debt instrument, term			1 year
Debt issuance price (as a percent)			100.00%
Deferred financing cost			$ 3,500,000
Senior Notes | Floating Rate Notes, due 2021 | LIBOR Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			1.05%
Senior Notes | 4.15% Senior Notes, due 2024
Debt Instrument [Line Items]
Debt instrument face amount			$ 750,000,000
Debt issuance price (as a percent)			99.805%
Deferred financing cost			$ 7,400,000
Stated interest rate (as a percent)			4.15%				4.15%
Senior Notes | 4.70% Senior Notes, due 2028
Debt Instrument [Line Items]
Debt issuance price (as a percent)			99.889%
Deferred financing cost			$ 10,600,000
Stated interest rate (as a percent)			4.70%				4.70%
Senior Notes | 3.45% Senior Notes, due 2026
Debt Instrument [Line Items]
Debt instrument face amount				$ 750,000,000
Debt issuance price (as a percent)				99.965%
Deferred financing cost				$ 2,700,000
Stated interest rate (as a percent)				3.45%			3.45%
Senior Notes | 4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Debt instrument face amount						$ 250,000,000
Debt issuance price (as a percent)						99.879%
Deferred financing cost						$ 2,600,000
Stated interest rate (as a percent)						4.375%	4.375%
Senior Notes | Senior Notes Due 2028 and Senior Notes
Debt Instrument [Line Items]
Debt instrument face amount			$ 1,250,000,000
Stated interest rate (as a percent)			4.70%
Senior Notes | 2018 Refinancing Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount							$ 27,600,000
Letters of credit subject to financial covenant restrictions							$ 780,300,000
Line of Credit | 2018 Refinancing Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount								1,200,000,000
Uncommitted accordion feature								600,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Revolving credit facility, amount								450,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount								350,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Delayed Draw Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount								400,000,000
Commitment fee	0.175%
Line of Credit | 2018 Refinancing Credit Agreement | Swing Line Sub Facility
Debt Instrument [Line Items]
Revolving credit facility, amount								$ 75,000,000
Line of Credit | 2016 Refinancing Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, amount					$ 1,200,000,000
Credit facility loan term, years					5 years
Line of Credit | 2016 Refinancing Credit Agreement | Term Loan
Debt Instrument [Line Items]
Revolving credit facility, amount					$ 400,000,000

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plan | U.S.
Net periodic benefit cost
Service cost	$ 71	$ 87	$ 142	$ 174
Interest cost	372	333	744	666
Expected return on plan assets	(433)	(445)	(866)	(890)
Net amortization/deferrals	207	243	414	486
Net periodic benefit cost (credit)	217	218	$ 434	$ 436
Assumptions
Discount Rate (as a percent)			4.30%	3.60%
Expected long-term rate of return (as a percent)			5.40%	5.20%
Rate of compensation increase (as a percent)			3.00%	3.00%
Pension Plan | International
Net periodic benefit cost
Service cost	611	691	$ 1,222	$ 1,382
Interest cost	1,711	1,834	3,422	3,668
Expected return on plan assets	(2,927)	(3,466)	(5,854)	(6,932)
Net amortization/deferrals	641	554	1,282	1,108
Net periodic benefit cost (credit)	36	(387)	$ 72	$ (774)
Assumptions
Discount Rate (as a percent)			2.50%	2.40%
Expected long-term rate of return (as a percent)			5.00%	5.10%
Rate of compensation increase (as a percent)			2.60%	2.60%
Other Postretirement Benefit Plan | U.S.
Net periodic benefit cost
Service cost	1	1	$ 2	$ 2
Interest cost	89	81	178	162
Net amortization/deferrals	(101)	(76)	(202)	(152)
Net periodic benefit cost (credit)	(11)	6	$ (22)	$ 12
Assumptions
Discount Rate (as a percent)			4.17%	3.43%
Other Postretirement Benefit Plan | International
Net periodic benefit cost
Service cost	2	8	$ 4	$ 16
Interest cost	20	26	40	52
Net amortization/deferrals	(22)	(4)	(44)	(8)
Net periodic benefit cost (credit)	$ 0	$ 30	$ 0	$ 60
Assumptions
Discount Rate (as a percent)			3.49%	3.21%

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Detail) $ in Millions	Jun. 30, 2019USD ($)
International | Pension Plan
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Expected plan contributions, current year	$ 6.4

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 24.3	$ 14
Unamortized compensation expense expected to be vested	61.7
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1.3
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	10.8
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	3.7
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 7.9
Award vesting period (in years)	3 years
Performance Shares | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			103.00%	105.00%	107.00%
Performance Shares | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)	0.00%
Performance Shares | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)	200.00%
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,800,000
2011 Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Plan term (in years)	10 years
2011 Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	4 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 0.6
Directors Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	1 year
2000 Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)	3 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Options
Beginning balance (in shares)	466,677
Granted (in shares)	132,155
Exercised (in shares)	(468)
Canceled (in shares)	(3,148)
Ending balance (in shares)	595,216	466,677
Exercisable at period end (in shares)	388,634
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 61.04
Granted (in dollars per share)	70.46
Exercised (in dollars per share)	64.54
Canceled (in dollars per share)	73.34
Ending balance (in dollars per share)	63.08	$ 61.04
Exercisable (in dollars per share)	$ 54.89
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life (in years)	6 years 2 months 12 days	5 years 8 months 12 days
Exercisable weighted average remaining contractual life (in years)	5 years 2 months 12 days
Aggregate Intrinsic Value
Beginning balance	$ 5,003
Granted	172
Exercised	(19)
Canceled	0
Ending balance	5,168	$ 5,003
Exercisable	$ 6,558

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Each Option Grant Weighted Average Assumptions (Detail)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Dividend yield (as a percent)	0.66%	0.31%
Risk-free interest rate (as a percent)	2.61%	2.78%
Stock price volatility (as a percent)	25.80%	23.90%
Expected life (years)	5 years	5 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity and Incentive Stock Awards Activity (Detail)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 75.51
Granted (in dollars per share) | $ / shares	70.48
Vested (in dollars per share) | $ / shares	71.59
Adjustment for incentive stock awards expected to vest (in dollars per share) | $ / shares	78.82
Canceled (in dollars per share) | $ / shares	74.38
Outstanding, end of period (in dollars per share) | $ / shares	$ 73.53
Restricted Stock and Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	445,089
Granted (in shares)	568,052
Vested (in shares)	(207,656)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(11,041)
Outstanding, end of period (in shares)	794,444
Incentive Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, beginning of period (in shares)	415,243
Granted (in shares)	258,100
Vested (in shares)	(119,835)
Adjustment for incentive stock awards expected to vest (in shares)	43,257
Canceled (in shares)	(38,116)
Outstanding, end of period (in shares)	558,649

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	28.70%	11.20%	38.30%	17.70%
Unrecognized tax benefits	$ 12.1		$ 12.1		$ 9.5
Unrecognized tax benefits if recognized that would affect effective tax rate	11		11		8.4
Accrued interest related to uncertain tax positions	1.1		1.1		$ 0.9
Unrecognized tax benefits subject to change within the next 12 months	$ 6.2		$ 6.2

Earnings Per Share (Detail)

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net income attributable to Wabtec shareholders	$ 104,235		$ 84,416		$ 99,763	$ 172,782
Less: dividends declared - common shares and non-vested restricted stock	(22,576)	$ (11,687)	(11,565)	$ (11,531)	(34,264)	(23,096)
Undistributed earnings	$ 81,659		$ 72,851		$ 65,499	$ 149,686
Percentage allocated to common shareholders (as a percent)	99.70%		99.70%		99.70%	99.70%
Undistributed earnings allocated to common shareholders	$ 81,414		$ 72,632		$ 65,303	$ 149,237
Add: dividends declared - common shares	22,508		11,531		34,154	23,027
Dividends declared - preferred shares	(422)		0		(422)	0
Numerator for basic earnings per common share	103,500		84,163		99,035	172,264
Dividends declared - preferred shares	422		0		422	0
Numerator for diluted earnings per common share	$ 103,922		$ 84,163		$ 99,457	$ 172,264
Denominator
Basic weighted average common shares outstanding (in shares)	177,348		95,992		149,553	95,867
Assumed conversion of preferred shares (in shares)	13,743		0		12,213	0
Assumed conversion of dilutive stock-based compensation plans (in shares)	362		583		389	604
Denominator for diluted earnings per common share - adjusted weighted average shares and assumed conversion (in shares)	191,453		96,575		162,155	96,471
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 0.58		$ 0.88		$ 0.66	$ 1.80
Diluted (in dollars per share)	$ 0.54		$ 0.87		$ 0.61	$ 1.79
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest (in shares)	177,922		96,276		150,013	96,153

Warranties (Detail)

Warranties (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 153,702	$ 153,063
Acquisitions	97,559	1,089
Warranty expense	65,797	27,475
Warranty claim payments	(60,643)	(26,405)
Foreign currency impact/other	(399)	(1,380)
Balance at end of period	$ 256,016	$ 153,842

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Non-Designated | Foreign Exchange Forward
Derivative [Line Items]
Derivative term (in years)	1 year
Unrealized gain (loss) on derivative contracts	$ (500)
Cash Flow Hedging | Designated | Foreign Currency Contracts
Derivative [Line Items]
Derivative term (in years)	2 years
Derivative instruments amounts reclassified into income	$ 0	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging - Summary of Notional Amounts and Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross notional amount	$ 3,182	$ 1,697
Total	0	(1)
Other current assets
Derivative [Line Items]
Derivative asset fair value	3.2	1.3
Other current liabilities
Derivative [Line Items]
Liabilities at fair value	(3.2)	(2.3)
Designated
Derivative [Line Items]
Gross notional amount	2,574	863
Total	3.2	(2.3)
Designated | Other current assets
Derivative [Line Items]
Derivative asset fair value	3.2	0
Designated | Other current liabilities
Derivative [Line Items]
Liabilities at fair value	0	(2.3)
Non-Designated
Derivative [Line Items]
Gross notional amount	608	834
Total	(3.2)	1.3
Non-Designated | Other current assets
Derivative [Line Items]
Derivative asset fair value	0	1.3
Non-Designated | Other current liabilities
Derivative [Line Items]
Liabilities at fair value	$ (3.2)	$ 0

Fair Value Measurement and Fa_3

Fair Value Measurement and Fair Value of Financial Instruments (Detail) - Senior Notes - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
4.375% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.375%
3.45% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	3.45%
4.15% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.15%
4.7% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate (as a percent)	4.70%
Carrying Value | 4.375% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	$ 248,952	$ 248,823
Carrying Value | 3.45% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	748,396	748,282
Carrying Value | Floating Rate Notes 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	497,396	496,796
Carrying Value | 4.15% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	743,638	742,957
Carrying Value | 4.7% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	1,240,191	1,239,657
Fair Value | 4.375% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	259,010	254,218
Fair Value | 3.45% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	737,123	675,075
Fair Value | Floating Rate Notes 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	496,830	497,425
Fair Value | 4.15% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	792,390	729,350
Fair Value | 4.7% Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instrument	$ 1,349,025	$ 1,179,625

Commitments and Contingencies (

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

Segment Information - Additiona

Segment Information - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment F

Segment Information - Segment Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total sales	$ 2,236,284	$ 1,111,680	$ 3,829,901	$ 2,167,857
Income (loss) from operations	200,637	123,523	267,944	254,802
Interest expense and other, net	(56,383)	(29,749)	(109,180)	(47,447)
Income from operations before income taxes	144,254	93,774	158,764	207,355
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,493,949	412,258	2,370,383	791,812
Transit Segment
Segment Reporting Information [Line Items]
Total sales	742,335	699,422	1,459,518	1,376,045
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(21,092)	(21,683)	(43,918)	(37,574)
Income (loss) from operations	(22,552)	(18,799)	(89,388)	(25,226)
Interest expense and other, net	(56,383)	(29,749)	(109,180)	(47,447)
Income from operations before income taxes	(78,935)	(48,548)	(198,568)	(72,673)
Corporate Activities and Elimination | Freight Segment
Segment Reporting Information [Line Items]
Total sales	13,709	18,699	30,413	30,701
Corporate Activities and Elimination | Transit Segment
Segment Reporting Information [Line Items]
Total sales	7,383	2,984	13,505	6,873
Operating Segments | Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,507,658	430,957	2,400,796	822,513
Income (loss) from operations	151,978	84,347	227,188	153,969
Interest expense and other, net	0	0	0	0
Income from operations before income taxes	151,978	84,347	227,188	153,969
Operating Segments | Transit Segment
Segment Reporting Information [Line Items]
Total sales	749,718	702,406	1,473,023	1,382,918
Income (loss) from operations	71,211	57,975	130,144	126,059
Interest expense and other, net	0	0	0	0
Income from operations before income taxes	$ 71,211	$ 57,975	$ 130,144	$ 126,059

Segment Information - Sales by

Segment Information - Sales by Product (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Total sales	$ 2,236,284	$ 1,111,680	$ 3,829,901	$ 2,167,857
Remanufacturing, Overhaul & Build
Segment Reporting Information [Line Items]
Total sales	1,171,147	127,202	1,753,324	262,900
Specialty Products & Electronics
Segment Reporting Information [Line Items]
Total sales	443,333	434,399	861,447	820,947
Transit Products
Segment Reporting Information [Line Items]
Total sales	310,839	282,130	605,656	556,409
Brake Products
Segment Reporting Information [Line Items]
Total sales	254,260	217,574	496,482	433,192
Other
Segment Reporting Information [Line Items]
Total sales	$ 56,705	$ 50,375	$ 112,992	$ 94,409

Guarantor Subsidiaries Financ_3

Guarantor Subsidiaries Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 461,371		$ 2,342,354	$ 245,574		$ 233,401
Receivables, net	1,707,409		1,146,778
Inventories	1,881,791		844,886
Current assets - other	178,569		115,649
Total current assets	4,229,140		4,449,667
Property, plant and equipment, net	1,646,097		563,737
Goodwill	8,150,671		2,396,544
Investment in subsidiaries	0		0
Other intangibles, net	4,364,356		1,129,880
Other long-term assets	552,329		109,406
Total Assets	18,942,593		8,649,234
Current liabilities	3,211,315		1,646,690
Inter-company	0		0
Long-term debt	4,528,768		3,792,774
Long-term liabilities - other	1,367,353		340,695
Total Liabilities	9,107,436		5,780,159
Shareholders' equity	9,801,760		2,865,131
Noncontrolling interest	33,397		3,944
Total Equity	9,835,157	$ 9,780,446	2,869,075	2,874,628	$ 2,988,229	2,828,532
Total Liabilities and Equity	18,942,593		8,649,234
Elimination
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0		0	0		0
Receivables, net	0		0
Inventories	0		0
Current assets - other	0		0
Total current assets	0		0
Property, plant and equipment, net	0		0
Goodwill	0		0
Investment in subsidiaries	(23,012,362)		(10,730,086)
Other intangibles, net	0		0
Other long-term assets	0		0
Total Assets	(23,012,362)		(10,730,086)
Current liabilities	0		0
Inter-company	0		0
Long-term debt	0		0
Long-term liabilities - other	0		0
Total Liabilities	0		0
Shareholders' equity	(23,012,362)		(10,730,086)
Noncontrolling interest	0		0
Total Equity	(23,012,362)		(10,730,086)
Total Liabilities and Equity	(23,012,362)		(10,730,086)
Parent | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	7,011		1,782,682	741		933
Receivables, net	134,298		106,815
Inventories	141,400		149,622
Current assets - other	15,094		11,884
Total current assets	297,803		2,051,003
Property, plant and equipment, net	57,966		51,551
Goodwill	504,818		25,275
Investment in subsidiaries	16,878,245		6,707,979
Other intangibles, net	28,594		29,254
Other long-term assets	27,223		8,775
Total Assets	17,794,649		8,873,837
Current liabilities	472,747		264,630
Inter-company	2,858,761		1,947,504
Long-term debt	4,274,718		3,779,627
Long-term liabilities - other	386,662		16,945
Total Liabilities	7,992,888		6,008,706
Shareholders' equity	9,786,761		2,865,131
Noncontrolling interest	15,000		0
Total Equity	9,801,761		2,865,131
Total Liabilities and Equity	17,794,649		8,873,837
Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	9,820		(119)	573		625
Receivables, net	252,077		61,513
Inventories	662,717		69,116
Current assets - other	30,484		690
Total current assets	955,098		131,200
Property, plant and equipment, net	36,879		24,755
Goodwill	283,241		283,241
Investment in subsidiaries	6,134,117		4,022,107
Other intangibles, net	77,301		78,547
Other long-term assets	166,012		149
Total Assets	7,652,648		4,539,999
Current liabilities	1,036,279		91,004
Inter-company	(1,606,278)		(1,436,222)
Long-term debt	0		0
Long-term liabilities - other	135,254		48,714
Total Liabilities	(434,745)		(1,296,504)
Shareholders' equity	8,087,393		5,836,503
Noncontrolling interest	0		0
Total Equity	8,087,393		5,836,503
Total Liabilities and Equity	7,652,648		4,539,999
Non-Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	444,540		559,791	$ 244,260		$ 231,843
Receivables, net	1,321,034		978,450
Inventories	1,077,674		626,148
Current assets - other	132,991		103,075
Total current assets	2,976,239		2,267,464
Property, plant and equipment, net	1,551,252		487,431
Goodwill	7,362,612		2,088,028
Investment in subsidiaries	0		0
Other intangibles, net	4,258,461		1,022,079
Other long-term assets	359,094		100,482
Total Assets	16,507,658		5,965,484
Current liabilities	1,702,289		1,291,056
Inter-company	(1,252,483)		(511,282)
Long-term debt	254,050		13,147
Long-term liabilities - other	845,437		275,036
Total Liabilities	1,549,293		1,067,957
Shareholders' equity	14,939,968		4,893,583
Noncontrolling interest	18,397		3,944
Total Equity	14,958,365		4,897,527
Total Liabilities and Equity	$ 16,507,658		$ 5,965,484

Guarantor Subsidiaries Financ_4

Guarantor Subsidiaries Financial Information - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Total net sales	$ 2,236,284		$ 1,111,680		$ 3,829,901	$ 2,167,857
Total cost of sales	(1,621,608)		(787,713)		(2,826,208)	(1,533,009)
Gross profit	614,676		323,967		1,003,693	634,848
Total operating expenses	(414,039)		(200,444)		(735,749)	(380,046)
Income from operations	200,637		123,523		267,944	254,802
Interest expense, net	(58,560)		(31,920)		(103,129)	(52,204)
Other income (expense), net	2,177		2,171		(6,051)	4,757
Equity earnings (loss)	0		0		0	0
Income from operations before income taxes	144,254		93,774		158,764	207,355
Income tax benefit (expense)	(41,400)		(10,503)		(59,923)	(36,627)
Net income	102,854	$ (4,013)	83,271	$ 87,457	98,841	170,728
Less: Net loss attributable to noncontrolling interest	1,381		1,145		922	2,054
Net income attributable to Wabtec shareholders	104,235		84,416		99,763	172,782
Comprehensive income attributable to Wabtec shareholders	124,055		(105,801)		67,166	61,573
Elimination
Condensed Financial Statements, Captions [Line Items]
Total net sales	(486,942)		(68,087)		(542,443)	(118,547)
Total cost of sales	380,167		38,755		413,251	70,834
Gross profit	(106,775)		(29,332)		(129,192)	(47,713)
Total operating expenses	0		0		0	0
Income from operations	(106,775)		(29,332)		(129,192)	(47,713)
Interest expense, net	0		0		0	0
Other income (expense), net	0		0		0	0
Equity earnings (loss)	(269,739)		(247,515)		(440,980)	(446,319)
Income from operations before income taxes	(376,514)		(276,847)		(570,172)	(494,032)
Income tax benefit (expense)	0		0		0	0
Net income	(376,514)		(276,847)		(570,172)	(494,032)
Less: Net loss attributable to noncontrolling interest	0		0		0	0
Net income attributable to Wabtec shareholders	(376,514)		(276,847)		(570,172)	(494,032)
Comprehensive income attributable to Wabtec shareholders	(376,514)		(276,847)		(570,172)	(494,032)
Parent | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	185,695		168,426		378,761	329,727
Total cost of sales	(144,237)		(122,919)		(301,887)	(241,577)
Gross profit	41,458		45,507		76,874	88,150
Total operating expenses	(67,447)		(49,780)		(164,987)	(85,407)
Income from operations	(25,989)		(4,273)		(88,113)	2,743
Interest expense, net	(59,365)		(31,734)		(101,011)	(52,128)
Other income (expense), net	1,237		483		21,570	9,212
Equity earnings (loss)	185,813		128,744		277,295	235,442
Income from operations before income taxes	101,696		93,220		109,741	195,269
Income tax benefit (expense)	2,538		(7,213)		(9,979)	(20,895)
Net income	104,234		86,007		99,762	174,374
Less: Net loss attributable to noncontrolling interest	0		0		0	0
Net income attributable to Wabtec shareholders	104,234		86,007		99,762	174,374
Comprehensive income attributable to Wabtec shareholders	104,234		86,231		99,762	174,881
Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	1,104,741		137,966		1,233,544	256,083
Total cost of sales	(820,294)		(88,688)		(902,309)	(161,678)
Gross profit	284,447		49,278		331,235	94,405
Total operating expenses	(81,933)		(12,267)		(97,254)	(25,941)
Income from operations	202,514		37,011		233,981	68,464
Interest expense, net	3,116		3,137		6,594	6,079
Other income (expense), net	(4,217)		0		(6,702)	(679)
Equity earnings (loss)	83,926		118,771		163,685	210,877
Income from operations before income taxes	285,339		158,919		397,558	284,741
Income tax benefit (expense)	(42,556)		0		(42,556)	0
Net income	242,783		158,919		355,002	284,741
Less: Net loss attributable to noncontrolling interest	0		0		0	0
Net income attributable to Wabtec shareholders	242,783		158,919		355,002	284,741
Comprehensive income attributable to Wabtec shareholders	242,783		158,919		355,002	284,741
Non-Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Total net sales	1,432,790		873,375		2,760,039	1,700,594
Total cost of sales	(1,037,244)		(614,861)		(2,035,263)	(1,200,588)
Gross profit	395,546		258,514		724,776	500,006
Total operating expenses	(264,659)		(138,397)		(473,508)	(268,698)
Income from operations	130,887		120,117		251,268	231,308
Interest expense, net	(2,311)		(3,323)		(8,712)	(6,155)
Other income (expense), net	5,157		1,688		(20,919)	(3,776)
Equity earnings (loss)	0		0		0	0
Income from operations before income taxes	133,733		118,482		221,637	221,377
Income tax benefit (expense)	(1,382)		(3,290)		(7,388)	(15,732)
Net income	132,351		115,192		214,249	205,645
Less: Net loss attributable to noncontrolling interest	1,381		1,145		922	2,054
Net income attributable to Wabtec shareholders	133,732		116,337		215,171	207,699
Comprehensive income attributable to Wabtec shareholders	$ 153,552		$ (74,104)		$ 182,574	$ 95,983

Guarantor Subsidiaries Financ_5

Guarantor Subsidiaries Financial Information - Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	$ 443,924	$ 67,904
Net cash provided by (used for) investing activities	(3,040,364)	(69,100)
Net cash (used for) provided by financing activities	726,108	22,764
Effect of changes in currency exchange rates	(10,651)	(9,395)
(Decrease) increase in cash	(1,880,983)	12,173
Cash, cash equivalents and restricted cash beginning of period	2,342,354	233,401
Cash and cash equivalents end of period	461,371	245,574
Elimination
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(129,192)	(47,713)
Net cash provided by (used for) investing activities	0	0
Net cash (used for) provided by financing activities	129,192	47,713
Effect of changes in currency exchange rates	0	0
(Decrease) increase in cash	0	0
Cash, cash equivalents and restricted cash beginning of period	0	0
Cash and cash equivalents end of period	0	0
Parent | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	(99,188)	(116,378)
Net cash provided by (used for) investing activities	6,854,818	(9,669)
Net cash (used for) provided by financing activities	(8,531,301)	125,855
Effect of changes in currency exchange rates	0	0
(Decrease) increase in cash	(1,775,671)	(192)
Cash, cash equivalents and restricted cash beginning of period	1,782,682	933
Cash and cash equivalents end of period	7,011	741
Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	215,772	72,206
Net cash provided by (used for) investing activities	(476,597)	(249)
Net cash (used for) provided by financing activities	270,764	(72,009)
Effect of changes in currency exchange rates	0	0
(Decrease) increase in cash	9,939	(52)
Cash, cash equivalents and restricted cash beginning of period	(119)	625
Cash and cash equivalents end of period	9,820	573
Non-Guarantors | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Net cash (used for) provided by operating activities	456,532	159,789
Net cash provided by (used for) investing activities	(9,418,585)	(59,182)
Net cash (used for) provided by financing activities	8,857,453	(78,795)
Effect of changes in currency exchange rates	(10,651)	(9,395)
(Decrease) increase in cash	(115,251)	12,417
Cash, cash equivalents and restricted cash beginning of period	559,791	231,843
Cash and cash equivalents end of period	$ 444,540	$ 244,260

Other Income (Expense), Net (De

Other Income (Expense), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Foreign currency (loss) gain	$ (1,120)	$ (2,277)	$ (13,802)	$ (3,309)
Equity income	1,021	1,594	1,950	2,223
Expected return on pension assets/amortization	1,789	3,027	5,165	6,050
Other miscellaneous expense (income)	487	(173)	636	(207)
Total other (expense) income, net	$ 2,177	$ 2,171	$ (6,051)	$ 4,757