Westinghouse Air Brake Technologies (WAB) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIESCORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1615902
Entity Address, Address Line One	30 Isabella Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	412
Local Phone Number	825-1000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		186,821,013
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash, cash equivalents and restricted cash	$ 456.4	$ 598.7
Accounts receivable	960.3	969.3
Unbilled accounts receivable	406.7	443.2
Inventories	1,689.6	1,642.1
Other current assets	247.1	226.5
Total current assets	3,760.1	3,879.8
Property, plant and equipment, net	1,509	1,601.6
Goodwill	8,604.7	8,485.2
Other intangible assets, net	3,779.8	3,869.2
Other noncurrent assets	698.3	618.7
Total noncurrent assets	14,591.8	14,574.7
Total Assets	18,351.9	18,454.5
Liabilities
Accounts payable	947.3	909.4
Customer deposits	556.9	642.7
Accrued compensation	309.3	242.3
Accrued warranty	238.1	240.1
Current portion of long-term debt	3.8	447.2
Other accrued liabilities	756.2	744.6
Total current liabilities	2,811.6	3,226.3
Long-term debt	4,067.2	3,792.2
Accrued postretirement and pension benefits	104.2	113.5
Deferred income taxes	184.7	168.4
Contingent consideration	219.8	218.1
Other long term liabilities	773.2	783.3
Total Liabilities	8,160.7	8,301.8
Commitments and contingencies (Note 15)
Equity
Common stock, $.01 par value; 500.0 shares authorized: 226.9 and 226.9 shares issued and 186.8 and 188.9 outstanding at September 30, 2021 and December 31, 2020, respectively	2	2
Additional paid-in capital	7,905.6	7,880.6
Treasury stock, at cost, 40.1 and 38.0 shares, at September 30, 2021 and December 31, 2020, respectively	(1,206.2)	(1,010.1)
Retained earnings	3,887.8	3,588.9
Accumulated other comprehensive loss	(432.6)	(339.1)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	10,156.6	10,122.3
Noncontrolling interest	34.6	30.4
Total Equity	10,191.2	10,152.7
Total Liabilities and Equity	$ 18,351.9	$ 18,454.5

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	226,900,000	226,900,000
Common stock, shares outstanding (in shares)	186,800,000	188,900,000
Treasury stock, shares (in shares)	40,100,000	38,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net sales:
Total net sales	$ 1,906.9	$ 1,865.1	$ 5,749.4	$ 5,532.4
Cost of sales:
Total cost of sales	(1,304.6)	(1,298.9)	(4,032.8)	(3,900.8)
Gross profit	602.3	566.2	1,716.6	1,631.6
Operating expenses:
Selling, general and administrative expenses	(269)	(252.7)	(766.5)	(712.9)
Engineering expenses	(43.8)	(36.5)	(123.5)	(123.7)
Amortization expense	(72.5)	(70.3)	(214.7)	(211.6)
Total operating expenses	(385.3)	(359.5)	(1,104.7)	(1,048.2)
Income from operations	217	206.7	611.9	583.4
Other income and expenses:
Interest expense, net	(42.2)	(45.6)	(134.7)	(150.3)
Other income, net	0.5	14.3	25	5.8
Income before income taxes	175.3	175.4	502.2	438.9
Income tax expense	(43.5)	(46.9)	(130.5)	(113.4)
Net income	131.8	128.5	371.7	325.5
Less: Net (income) loss attributable to noncontrolling interest	(1.2)	(0.4)	(3.9)	1
Net income attributable to Wabtec shareholders	$ 130.6	$ 128.1	$ 367.8	$ 326.5
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.69	$ 0.67	$ 1.95	$ 1.71
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 0.69	$ 0.67	$ 1.95	$ 1.71
Weighted average shares outstanding
Basic (in shares)	187.6	189.8	188.2	190.1
Diluted (in shares)	188	190.2	188.6	190.6
Goods
Net sales:
Total net sales	$ 1,489.1	$ 1,543.6	$ 4,562.2	$ 4,540.5
Cost of sales:
Total cost of sales	(1,075.5)	(1,109.9)	(3,368.2)	(3,327.1)
Services
Net sales:
Total net sales	417.8	321.5	1,187.2	991.9
Cost of sales:
Total cost of sales	$ (229.1)	$ (189)	$ (664.6)	$ (573.7)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 130.6	$ 128.1	$ 367.8	$ 326.5
Foreign currency translation (loss) gain	(59.9)	53.8	(87.8)	(98.4)
Unrealized (loss) gain on derivative contracts	(0.4)	2.8	(7.8)	1.8
Unrealized gain (loss) on pension benefit plans and post-retirement benefit plans	4.4	(0.6)	0	(3.5)
Other comprehensive (loss) income before tax	(55.9)	56	(95.6)	(100.1)
Income tax (expense) benefit related to components of Other comprehensive (loss) income	(0.9)	(0.5)	2.1	0.4
Other comprehensive (loss) income, net of tax	(56.8)	55.5	(93.5)	(99.7)
Comprehensive income attributable to Wabtec shareholders	$ 73.8	$ 183.6	$ 274.3	$ 226.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net income	$ 371.7	$ 325.5
Adjustments to reconcile Net income to cash provided by (used for) operating activities:
Depreciation and amortization	368.6	353.3
Stock-based compensation expense	34.2	17.6
Below market intangible amortization	(36.2)	(67.9)
Net loss on disposal of property, plant and equipment	7.1	3
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable	34.9	245.2
Inventories	(32.3)	7.8
Accounts payable	41.1	(203.4)
Accrued income taxes	28.9	17.9
Accrued liabilities and customer deposits	(11)	(76.3)
Other assets and liabilities	(47.7)	(164.6)
Net cash provided by operating activities	759.3	458.1
Investing Activities
Purchase of property, plant and equipment	(78.5)	(98.7)
Proceeds from disposal of assets and businesses	8.3	19.1
Acquisitions of businesses, net of cash acquired	(405.1)	(40.3)
Net cash used for investing activities	(475.3)	(119.9)
Financing Activities
Proceeds from debt	4,328.6	2,936
Payments of debt	(4,491.3)	(3,117.1)
Repurchase of stock	(200.3)	(105.3)
Cash dividends	(68.9)	(69.2)
Other financing activities	(1.4)	(5.2)
Net cash used for financing activities	(433.3)	(360.8)
Effect of changes in currency exchange rates	7	(22.3)
Decrease in cash	(142.3)	(44.9)
Cash, cash equivalents and restricted cash, beginning of period	598.7	604.2
Cash, cash equivalents and restricted cash, end of period	$ 456.4	$ 559.3

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning Balance (in shares) at Dec. 31, 2019		226.9		35.3
Beginning Balance at Dec. 31, 2019	$ 9,993.6	$ 2	$ 7,877.2	$ (807.1)	$ 3,267	$ (382.6)	$ 37.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23)				(23)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.2
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(5.7)		(7.9)	$ 2.2
Stock based compensation	10		10
Net income (loss)	111.2				111.6		(0.4)
Other comprehensive income (loss), net of tax	(178)					(178)
Stock repurchase (in shares)				(1.6)
Stock repurchase	(105.3)			$ (105.3)
Other	(5.1)		(4.3)				(0.8)
Ending Balance (in shares) at Mar. 31, 2020		226.9		36.7
Ending Balance at Mar. 31, 2020	9,797.7	$ 2	7,875	$ (910.2)	3,355.6	(560.6)	35.9
Beginning Balance (in shares) at Dec. 31, 2019		226.9		35.3
Beginning Balance at Dec. 31, 2019	9,993.6	$ 2	7,877.2	$ (807.1)	3,267	(382.6)	37.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	325.5
Other comprehensive income (loss), net of tax	(99.6)
Ending Balance (in shares) at Sep. 30, 2020		226.9		36.6
Ending Balance at Sep. 30, 2020	10,052.4	$ 2	7,882.3	$ (909.4)	3,524.2	(482.2)	35.5
Beginning Balance (in shares) at Mar. 31, 2020		226.9		36.7
Beginning Balance at Mar. 31, 2020	9,797.7	$ 2	7,875	$ (910.2)	3,355.6	(560.6)	35.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23.4)				(23.4)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.1
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	0.3		(0.6)	$ 0.9
Stock based compensation	(2.7)		(2.7)
Net income (loss)	85.8				86.8		(1)
Other comprehensive income (loss), net of tax	22.8					22.8
Other	0.1		0				0.1
Ending Balance (in shares) at Jun. 30, 2020		226.9		36.6
Ending Balance at Jun. 30, 2020	9,880.6	$ 2	7,871.7	$ (909.3)	3,419	(537.8)	35
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(22.8)				(22.8)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	0.3		0.4	$ (0.1)
Stock based compensation	10.2		10.2
Net income (loss)	128.5				128		0.5
Other comprehensive income (loss), net of tax	55.6					55.6
Ending Balance (in shares) at Sep. 30, 2020		226.9		36.6
Ending Balance at Sep. 30, 2020	10,052.4	$ 2	7,882.3	$ (909.4)	3,524.2	(482.2)	35.5
Beginning Balance (in shares) at Dec. 31, 2020		226.9		38
Beginning Balance at Dec. 31, 2020	10,152.7	$ 2	7,880.6	$ (1,010.1)	3,588.9	(339.1)	30.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23)				(23)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(5.2)		(5.4)	0.2
Stock based compensation	8.7		8.7
Net income (loss)	114.7				112.4		2.3
Other comprehensive income (loss), net of tax	(69.9)					(69.9)
Stock repurchase	(1.2)			$ (1.2)
Other	0.3						0.3
Ending Balance (in shares) at Mar. 31, 2021		226.9		38
Ending Balance at Mar. 31, 2021	10,177.1	$ 2	7,883.9	$ (1,011.1)	3,678.3	(409)	33
Beginning Balance (in shares) at Dec. 31, 2020		226.9		38
Beginning Balance at Dec. 31, 2020	10,152.7	$ 2	7,880.6	$ (1,010.1)	3,588.9	(339.1)	30.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	371.7
Other comprehensive income (loss), net of tax	(93.5)
Ending Balance (in shares) at Sep. 30, 2021		226.9		40.1
Ending Balance at Sep. 30, 2021	10,191.2	$ 2	7,905.6	$ (1,206.2)	3,887.8	(432.6)	34.6
Beginning Balance (in shares) at Mar. 31, 2021		226.9		38
Beginning Balance at Mar. 31, 2021	10,177.1	$ 2	7,883.9	$ (1,011.1)	3,678.3	(409)	33
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(23)				(23)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.1
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	1.4		(1.1)	$ 2.5
Stock based compensation	13.9		13.9
Net income (loss)	125.2				124.8		0.4
Other comprehensive income (loss), net of tax	33.2					33.2
Ending Balance (in shares) at Jun. 30, 2021		226.9		37.9
Ending Balance at Jun. 30, 2021	10,327.8	$ 2	7,896.7	$ (1,008.6)	3,780.1	(375.8)	33.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(22.9)				(22.9)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.1
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	2.3		0.8	$ 1.5
Stock based compensation	8.1		8.1
Net income (loss)	131.8				130.6		1.2
Other comprehensive income (loss), net of tax	(56.8)					(56.8)
Stock repurchase (in shares)				(2.3)
Stock repurchase	(199.1)			$ (199.1)
Ending Balance (in shares) at Sep. 30, 2021		226.9		40.1
Ending Balance at Sep. 30, 2021	$ 10,191.2	$ 2	$ 7,905.6	$ (1,206.2)	$ 3,887.8	$ (432.6)	$ 34.6

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12	$ 0.12

Business

Business	9 Months Ended
	Sep. 30, 2021
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 locomotives, value-added, technology-based equipment, systems and services for the global freight rail and passenger transit industries. Our highly engineered products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world. Many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in over 50 countries and our products can be found in more than 100 countries throughout the world. In the first nine months of 2021, approximately 58% of the Company’s revenues came from customers outside the United States.

Accounting Policies

Accounting Policies	9 Months Ended
	Sep. 30, 2021
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 particularly in light of the ongoing COVID-19 pandemic that is continuing to impact our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations and the high degree of uncertainty regarding the pandemic's duration and severity, availability and effectiveness of vaccines, impact of variants of the disease, actions to control it, and the potential impact on global economic activity, global supply chain operations and our customers, suppliers, and end-markets. 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, 2020. The December 31, 2020 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Use of Estimates The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. 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. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, liquidating damages and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience. Remaining performance obligations represent the transaction price of firm customer orders subject to standard industry cancellation provisions and substantial scope-of-work adjustments. As of September 30, 2021, the Company's remaining performance obligations were $21.1 billion. The Company expects to recognize revenue of approximately 25% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. Revolving Receivables Program In May 2020, the Company entered into a revolving agreement to transfer up to $150 million of certain receivables of certain subsidiaries of the Company (the "Originators") through our bankruptcy-remote subsidiary to a financial institution on a recurring basis in exchange for cash equal to the gross receivables transferred. The bankruptcy remote subsidiary is a separate legal entity with its own creditors, and its assets are not available to pay creditors of the Company or any other affiliates of the Company. During the first quarter of 2021, the Company amended its revolving agreement to increase the amount of certain receivables that can be transferred from $150 million to $200 million. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary which held receivables of $284.8 million at September 30, 2021 that are pledged as collateral under this agreement. The transfers are recorded at the fair value of the proceeds received and obligations assumed less derecognized receivables. No obligation was recorded at September 30, 2021 as the estimated expected credit losses on receivables sold is insignificant. Our maximum exposure to loss related to these receivables transferred is limited to the amount outstanding. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. None of the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements. The following table sets forth a summary of receivables sold: In millions Nine Months Ended Nine Months Ended Gross receivables sold/cash proceeds received $ 959.1 $ 583.0 Collections reinvested under revolving agreement 874.9 485.5 Net cash proceeds received $ 84.2 $ 97.5 Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, general and administrative expenses or Engineering expense depending on how the property, plant and equipment is used. Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level and at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Periodically, management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis to be performed. Accounting Standards Recently Adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes.” The amendments in this update simplify the accounting for certain income tax transactions by removing specific exceptions to the general principles in Accounting Standards Codification ("ASC") 740, "Income Taxes." This guidance is effective for fiscal years beginning after December 15, 2020 with early adoption permitted. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. Accumulated Other Comprehensive Income (Loss) Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from non-owner sources. The changes in Accumulated other comprehensive loss by component, net of tax, for the three months ended September 30, 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at June 30, 2021 $ (288.1) $ (3.1) $ (84.6) $ (375.8) Other comprehensive (loss) income before reclassifications (59.9) (0.3) 2.7 (57.5) Amounts reclassified from Accumulated other comprehensive loss — — 0.7 0.7 Other comprehensive (loss) income, net (59.9) (0.3) 3.4 (56.8) Balance at September 30, 2021 $ (348.0) $ (3.4) $ (81.2) $ (432.6) The changes in Accumulated other comprehensive loss by component, net of tax, for the three months ended September 30, 2020 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at June 30, 2020 $ (460.8) $ (4.1) $ (72.9) $ (537.8) Other comprehensive income (loss) before reclassifications 53.8 2.2 (1.1) 54.9 Amounts reclassified from Accumulated other comprehensive loss — — 0.7 0.7 Other comprehensive income (loss), net 53.8 2.2 (0.4) 55.6 Balance at September 30, 2020 $ (407.0) $ (1.9) $ (73.3) $ (482.2) The changes in Accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2020 $ (260.2) $ 2.4 $ (81.3) $ (339.1) Other comprehensive loss before reclassifications (87.8) (5.8) (2.1) (95.7) Amounts reclassified from Accumulated other comprehensive loss — — 2.2 2.2 Other comprehensive (loss) income, net (87.8) (5.8) 0.1 (93.5) Balance at September 30, 2021 $ (348.0) $ (3.4) $ (81.2) $ (432.6) The changes in Accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2020 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2019 $ (308.6) $ (3.3) $ (70.7) $ (382.6) Other comprehensive (loss) income before reclassifications (98.4) 1.4 (4.8) (101.8) Amounts reclassified from Accumulated other comprehensive loss — — 2.2 2.2 Other comprehensive (loss) income, net (98.4) 1.4 (2.6) (99.6) Balance at September 30, 2020 $ (407.0) $ (1.9) $ (73.3) $ (482.2) Amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income, net" with the tax impact recognized in "Income tax expense."

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	ACQUISITIONS Nordco On March 31, 2021, the Company acquired Nordco, a leading North American supplier of new, rebuilt and used maintenance of way equipment. Nordco's products and services portfolio includes mobile railcar movers and ultrasonic rail flaw detection technologies. The purchase price paid for 100% ownership of Nordco was approximately $410 million. The following table summarizes the preliminary fair value of the Nordco assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 5.1 Accounts receivable 22.5 Inventory 34.3 Other current assets 1.7 Property, plant and equipment 16.6 Goodwill 214.1 Other intangible assets 167.6 Other noncurrent assets 13.6 Total assets acquired 475.5 Liabilities assumed Current liabilities 19.1 Noncurrent liabilities 46.2 Total liabilities assumed 65.3 Net assets acquired $ 410.2 The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. Discounted cash flow models were used to estimate the fair values of acquired intangibles. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3 in the fair value hierarchy. These estimates are preliminary in nature and subject to adjustments, which could be material, as the Company has not completed its valuation of assets acquired and liabilities assumed. Any necessary adjustments will be finalized within one year from the date of acquisition; adjustments to date have not been significant. Intangible assets acquired include customer relationships and intellectual property that are subject to amortization, and trade names that were assigned an indefinite life and are not subject to amortization. Contingent liabilities assumed as part of the transaction were not material. 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 assembled workforce and the future economic benefits, including synergies, that are expected to be achieved as a result of the acquisition. The purchased goodwill is not expected to be deductible for tax purposes. The results of this business since the date of acquisition are reported within the Freight segment

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES The components of inventory, net of reserves, were: In millions September 30, December 31, Raw materials $ 725.5 $ 669.4 Work-in-progress 342.0 339.4 Finished goods 622.1 633.3 Total inventories $ 1,689.6 $ 1,642.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	GOODWILL AND INTANGIBLE ASSETS The change in the carrying amount of goodwill by segment for the nine months ended September 30, 2021 is as follows: In millions Freight Segment Transit Segment Total Balance at December 31, 2020 $ 6,872.2 $ 1,613.0 $ 8,485.2 Additions 214.1 — 214.1 Foreign currency impact (9.3) (85.3) (94.6) Balance at September 30, 2021 $ 7,077.0 $ 1,527.7 $ 8,604.7 As of September 30, 2021 and December 31, 2020, the Company’s trade names had a net carrying amount of $646.9 million and $650.7 million, respectively. The Company believes these intangibles have indefinite lives, with the exception of the right to use the GE Transportation trade name, to which the Company has assigned a useful life of 5 years. Intangible assets of the Company, other than goodwill and trade names, consist of the following: In millions September 30, December 31, Intellectual property, patents, and other intangibles, net of accumulated amortization of $301.1 and $223.7 $ 988.6 $ 1,007.6 Backlog, net of accumulated amortization of $285.5 and $206.9 1,142.7 1,224.7 Customer relationships, net of accumulated amortization of $319.3 and $276.3 1,001.6 986.2 Total $ 3,132.9 $ 3,218.5 The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangible assets were 12 years, 11 years, 16 years and 8 years, respectively. The backlog intangible asset primarily consists of in-place long-term service agreements acquired by the Company in conjunction with the acquisition of GE Transportation in 2019. Amortization expense for intangible assets was $72.5 million and $214.7 million for the three and nine months ended September 30, 2021, and $70.3 million and $211.6 million for the three and nine months ended September 30, 2020, respectively. Amortization expense for the five succeeding years is estimated to be as follows: In millions Remainder of 2021 $ 72.9 2022 290.2 2023 289.5 2024 280.0 2025 277.4 2026 273.6

Contract Assets and Contract Li

Contract Assets and Contract Liabilities	9 Months Ended
	Sep. 30, 2021
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. 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 $149.4 million at September 30, 2021 and $101.0 million at December 31, 2020. Included in noncurrent contract assets are certain costs that are specifically related to a contract but 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 $83.1 million at September 30, 2021 and $79.6 million at December 31, 2020. 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 $119.8 million and $108.9 million at September 30, 2021 and December 31, 2020, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the consolidated balance sheets. The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2021 and 2020 is as follows: Contract Assets In millions 2021 2020 Balance at beginning of year $ 544.2 $ 623.4 Acquisitions — 4.1 Recognized in current year 441.6 759.2 Reclassified to accounts receivable (423.5) (868.7) Foreign currency impact (6.2) (0.7) Balance at September 30 $ 556.1 $ 517.3 Contract Liabilities In millions 2021 2020 Balance at beginning of year $ 831.2 $ 799.7 Acquisitions 1.7 6.9 Recognized in current year 477.0 589.1 Amounts in beginning balance reclassified to revenue (387.2) (430.0) Current year amounts reclassified to revenue (154.3) (152.6) Foreign currency impact (8.6) (3.3) Balance at September 30 $ 759.8 $ 809.8

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	LEASES The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts. The right-of-use assets are classified as non-current and included within the caption "Other noncurrent assets" on the consolidated balance sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long term liabilities" on the consolidated balance sheets. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%. The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Operating lease expense $ 15.3 $ 14.1 $ 43.8 $ 42.9 Finance lease expense amortization of leased assets 0.2 0.3 0.4 0.9 Short-term and variable lease expense 0.1 — 0.4 0.1 Sublease income (0.1) (0.1) (0.3) (0.3) Total $ 15.5 $ 14.3 $ 44.3 $ 43.6 Scheduled payments of lease liabilities are as follows: In millions Operating Leases Finance Total Remaining 2021 $ 15.4 $ 0.2 $ 15.6 2022 58.1 0.8 58.9 2023 51.9 0.5 52.4 2024 46.9 0.3 47.2 2025 40.3 0.2 40.5 Thereafter 148.1 0.1 148.2 Total lease payments 360.7 2.1 362.8 Less: Present value discount (29.2) — (29.2) Present value of lease liabilities $ 331.5 $ 2.1 $ 333.6 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 8.1 7.4 Finance leases 3.5 4.5 Weighted-average discount rate Operating leases 2.4 % 2.7 % Finance leases 1.4 % 1.4 %
Leases	LEASES The Company leases property and equipment under finance and operating leases. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The Company does not separate lease and non-lease components contracts. The right-of-use assets are classified as non-current and included within the caption "Other noncurrent assets" on the consolidated balance sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long term liabilities" on the consolidated balance sheets. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate. The Company has established discount rates by geographic region ranging from 1% to 9%. The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Operating lease expense $ 15.3 $ 14.1 $ 43.8 $ 42.9 Finance lease expense amortization of leased assets 0.2 0.3 0.4 0.9 Short-term and variable lease expense 0.1 — 0.4 0.1 Sublease income (0.1) (0.1) (0.3) (0.3) Total $ 15.5 $ 14.3 $ 44.3 $ 43.6 Scheduled payments of lease liabilities are as follows: In millions Operating Leases Finance Total Remaining 2021 $ 15.4 $ 0.2 $ 15.6 2022 58.1 0.8 58.9 2023 51.9 0.5 52.4 2024 46.9 0.3 47.2 2025 40.3 0.2 40.5 Thereafter 148.1 0.1 148.2 Total lease payments 360.7 2.1 362.8 Less: Present value discount (29.2) — (29.2) Present value of lease liabilities $ 331.5 $ 2.1 $ 333.6 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 8.1 7.4 Finance leases 3.5 4.5 Weighted-average discount rate Operating leases 2.4 % 2.7 % Finance leases 1.4 % 1.4 %

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT Long-term debt consisted of the following: Effective Interest Rate September 30, 2021 December 31, 2020 In millions Book Value Fair Value 1 Book Value Fair Value 1 Senior Credit and 364 Day Facility 2 : U.S. dollar-denominated Term Loans 3 , net of unamortized debt issuance costs of $— and $0.9 — % — — 645.1 645.1 Multi-Currency Revolving loan facility 4 , net of unamortized debt issuance costs of $0.4 and $0.8 1.5 % — — — — Senior Notes: 4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.5 and $0.7 4.5 % 249.5 262.9 249.3 267.0 4.15% Senior Notes, due 2024, net of unamortized discount and debt issuance costs of $3.3 and $4.3 4.6 % 746.7 806.9 745.7 817.3 3.20% Senior Notes, due 2025, net of unamortized discount and debt issuance costs of $3.6 and $4.4 3.4 % 496.4 532.4 495.6 533.4 3.45% Senior Notes, due 2026, net of unamortized discount and debt issuance costs of $1.1 and $1.3 3.5 % 748.9 806.2 748.7 819.5 1.25% Senior Notes (EUR), due 2027, net of unamortized discount and debt issuance costs of $8.0 and $— 1.5 % 571.7 595.9 — — 4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $7.4 and $8.2 5.0 % 1,242.6 1,441.3 1,241.8 1,472.2 Other Borrowings 15.2 15.2 113.2 113.1 Total 4,071.0 4,460.8 4,239.4 4,667.6 Less - current portion 3.8 3.8 447.2 447.2 Long-term portion $ 4,067.2 $ 4,457.0 $ 3,792.2 $ 4,220.4 1. See Note 14 for information on the fair value measurement of the Company's long-term debt. 2. During the second quarter of 2021, the Company repaid all outstanding term loan borrowings and related interest under the Senior Credit Facility and the 364 Day Facility. 3. U.S. dollar-denominated Term Loans includes the total outstanding balance of term loans denominated in U.S. dollars from the Senior Credit Facility and the 364 Day Facility. 4. Multi-Currency Revolving loan facility includes total outstanding amounts drawn against the Senior Credit Facility and the 364 Day Facility. For those debt securities that have a premium or discount at the time of issuance, the Company amortizes the amount through interest expense based on the maturity date or the first date the holders may require the Company to repurchase the debt securities, if applicable. A premium would result in a decrease in interest expense, and a discount would result in an increase in interest expense in future periods. Additionally, the Company has debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of September 30, 2021 and December 31, 2020, the Company had total combined unamortized discount and debt issuance costs of $24.3 million and $20.5 million, respectively. Credit Facilities Senior Credit Facility On June 8, 2018, the Company entered into a credit agreement ("Senior Credit Facility"), which replaced the Company's then-existing credit agreement. The Senior Credit Facility is with a syndicate of lenders and provides for borrowings consisting of (i) term loans denominated in euros and U.S. dollars ("Term Loans"); and (ii) a multi-currency revolving loan facility, providing for an equivalent in U.S. dollars of up to $1,200.0 million in multi-currency revolving loans (inclusive of swingline loans of up to $75.0 million and letters of credit of up to $450.0 million (the "Revolving Credit Facility")). The Revolving Credit Facility will mature on June 8, 2023. Under the Senior Credit Facility, we can elect to receive advances bearing interest based on either the Alternate Base Rate ("ABR") or the London Interbank Offered Rate ("LIBOR") (each as defined in the Senior Credit Facility) plus applicable margin that is determined based on our credit ratings or the Company's Leverage (as defined in the Senior Credit Facility). The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The obligations under the Senior Credit Facility are guaranteed by Wabtec and certain of Wabtec's U.S. subsidiaries, as guarantors. The Company has agreed that, so long as any lender has any commitment under the Senior Credit Facility, any letter of credit is outstanding under the Senior Credit Facility, or any loan or other obligation is outstanding under the Senior Credit Facility, it will maintain the following as of the end of each fiscal quarter or the period of four quarters then ended: Interest Coverage Ratio 1 3.0x Leverage Ratio 2 3.25x 1. The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization), as defined in the Senior Credit Facility, to net interest expense for the four quarters then ended. 2. The leverage ratio is defined as net debt as of the last day of such fiscal quarter to EBITDA, as defined in the Senior Credit Facility, for the four quarters then ended. The Senior Credit Facility was amended in the second quarter of 2021 so the Company may increase the maximum leverage ratio to (x) 3.75 to 1.00 at the end of the fiscal quarter in which the Nordco acquisition was consummated and each of the three fiscal quarters immediately following such fiscal quarter and (y) 3.50 to 1.00 at the end of each of the fourth and fifth full fiscal quarters after the consummation of the Nordco acquisition upon the Company's request. The Company has not requested any increase in the leverage ratio at this time. The Company was in compliance with all covenants in the Senior Credit Facility as of September 30, 2021. The following table presents availability under the Senior Credit Facility at September 30, 2021: (In millions) Senior Credit Facility Maximum Availability $ 1,200.0 Outstanding Borrowings — Letters of Credit Under Credit Agreement (3.5) Current Availability $ 1,196.5 364 Day Facility On April 10, 2020 the Company entered into a $600 million 364 day credit facility ("364 Day Facility") initially scheduled to mature in April 2021 with a group of banks which includes a $144.0 million revolving credit facility ("364 Day Revolver") and a $456.0 million term loan ("364 Term Loan"). The agreement called for interest at either a LIBOR-based rate, or a rate based on the prime lending rate of the agent bank, at the Company's option. The agreement contained affirmative, negative and financial covenants, and events of default customary for facilities of this type and substantially similar to our existing Senior Credit Facility. The obligations under the 364 Day Facility were guaranteed by certain of the Company's U.S. subsidiaries, as guarantors. On June 12, 2020 the Company amended the 364 Day Facility maturity to July 9, 2021. On June 3, 2021, the Company repaid all outstanding borrowings and related interest, effectively retiring the facility. Senior Notes The Company or its subsidiaries may issue senior notes from time to time. These notes are comprised of our 4.375% Senior Notes due 2023 (the "2023 Notes"), 4.15% Senior Notes due 2024 (the "2024 Notes"), 3.20% Senior Notes due 2025 (the "2025 Notes"), 3.45% Senior Notes due 2026 (the "2026 Notes"), 1.25% Senior Notes (EUR) due 2027 (the "Euro Notes" discussed below), and 4.70% Senior Notes due 2028 (the "2028 Notes"). The 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes and 2028 Notes are the “US Notes”, and collectively with the Euro Notes, the “Senior Notes.” Interest on the US Notes is payable semi-annually and interest on the Euro Notes is paid annually. Each series of the Senior Notes may be redeemed any time in whole or from time to time in part in accordance with the provisions of the indenture, under which such series of notes was issued. Each of the Senior Notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. The US Notes and the Compnay's guarantee of the Euro Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt, and are senior to all existing and future subordinated indebtedness of the Company. On June 3, 2021, Wabtec Transportation Netherlands B.V. ("Wabtec Netherlands") issued €500.0 million of 1.25% Senior Notes due in 2027, which are fully and unconditionally guaranteed by the Company. The Euro Notes were issued at 99.267% of face value. Interest on the Euro Notes accrues at a rate of 1.25% per annum and is payable annually beginning December 3, 2021. The Company incurred approximately $4.3 million of deferred financing costs related to the issuance of the Euro Notes for total net proceeds of approximately $598.7 million after consideration of the discount. The indentures under which the Senior Notes were issued contain covenants and restrictions which limit, subject to certain exceptions, certain sale and leaseback transactions with respect to principal properties, the incurrence of secured debt without equally and ratably securing the Senior Notes, and certain merger and consolidation transactions. The covenants do not require the Company to maintain any financial ratios or specified levels of net worth or liquidity. The US Notes are fully and

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION As of September 30, 2021, 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 15, 2030 and provides a maximum of 9.1 million 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 15, 2020. 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 $10.0 million and $12.0 million for the three months ended September 30, 2021 and 2020, respectively, and $34.2 million and $17.6 million for the nine months ended September 30, 2021 and 2020, respectively. At September 30, 2021, unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest totaled $44.1 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 and after become exercisable over a three-year vesting period. Both vesting periods expire 10 years from the date of grant. The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the nine months ended September 30, 2021: Options Weighted Weighted Aggregate Outstanding at December 31, 2020 552,669 $ 69.82 6.1 $ 4.2 Granted 126,794 $ 81.21 Exercised (74,343) $ 52.13 Canceled (26,037) $ 74.73 Outstanding at September 30, 2021 579,083 $ 73.11 6.3 $ 9.0 Exercisable at September 30, 2021 336,940 $ 58.96 5.7 $ 9.4 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Nine Months Ended September 30, 2021 Dividend yield 0.60 % Risk-free interest rate 0.81 % Stock price volatility 36.1 % Expected life (years) 5.0 The dividend yield is based on the Company’s dividend rate and the current market price of the underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free interest rate is based on the U.S. Treasury bond rates for the expected life of the option. Restricted Stock, Restricted Units and Incentive Stock Beginning in 2006, the Company adopted a restricted stock program. As provided for under the 2011 Plan and 2000 Plan, eligible employees are granted restricted stock that generally vests over three In addition, the Company has issued incentive stock units to eligible employees that vest upon attainment of certain cumulative three-year performance goals. Based on the Company’s performance for each three-year period then ended, the incentive stock units can vest, with underlying shares of common stock being awarded in an amount ranging from 0% to 200% of the amount of initial incentive stock units granted. The incentive stock units included in the table below represent the number of incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of September 30, 2021, the Company estimates that it will achieve 33%, 113% and 100% for the incentive stock awards expected to vest based on performance for the three-year periods ending December 31, 2021, 2022, and 2023, 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 resulting in recognition 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 incentive stock units activity for the nine months ended September 30, 2021: Restricted Incentive Weighted Outstanding at December 31, 2020 656,006 270,645 $ 73.80 Granted 226,896 241,467 $ 81.38 Vested (303,439) (37,672) $ 71.52 Adjustment for incentive stock awards expected to vest — 120,546 $ 74.32 Canceled (28,732) (41,494) $ 76.10 Outstanding at September 30, 2021 550,731 553,492 $ 77.63

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The overall effective tax rate was 24.8% and 26.0% for the three and nine months ended September 30, 2021, respectively, and 26.7% and 25.8% for the three and nine months ended September 30, 2020, respectively. The decrease in the quarterly effective tax rate is primarily the result of tax expense on internal restructuring activities incurred during the three months ended September 30, 2020 that did not recur in the three months ended September 30, 2021. The increase in the year-to-date effective tax rate is primarily the result of withholding tax expense on intercompany dividends incurred during the nine months ended September 30, 2021. As of September 30, 2021, the liability for income taxes associated with uncertain tax positions was $14.9 million, of which $13.3 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2020, the liability for income taxes associated with unrecognized tax benefits was $16.4 million, of which $14.8 million, if recognized, would favorably affect the Company's effective tax rate.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 millions, except per share data 2021 2020 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 130.6 $ 128.1 Less: dividends declared - common shares and non-vested restricted stock (22.6) (22.8) Undistributed earnings 108.0 105.3 Percentage allocated to common shareholders (1) 99.8 % 99.8 % 107.8 105.1 Add: dividends declared - common shares 22.6 22.8 Numerator for basic earnings per common share $ 130.4 $ 127.9 Numerator for diluted earnings per common share $ 130.4 $ 127.9 Denominator Denominator for basic earnings per common share - weighted average shares 187.6 189.8 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.4 0.4 Denominator for diluted earnings per common share - adjusted weighted average 188.0 190.2 Net income attributable to Wabtec shareholders per common share Basic $ 0.69 $ 0.67 Diluted $ 0.69 $ 0.67 (1) Basic weighted-average common shares outstanding 187.6 189.8 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 188.0 190.3 Percentage allocated to common shareholders 99.8 % 99.8 % Nine Months Ended In millions, except per share data 2021 2020 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 367.8 $ 326.5 Less: dividends declared - common shares and non-vested restricted stock (68.0) (68.7) Undistributed earnings 299.8 257.8 Percentage allocated to common shareholders (1) 99.8 % 99.7 % 299.2 257.0 Add: dividends declared - common shares 67.9 68.5 Numerator for basic earnings per common share $ 367.1 $ 325.5 Numerator for diluted earnings per common share $ 367.1 $ 325.5 Denominator Denominator for basic earnings per common share - weighted average shares 188.2 190.1 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.4 0.5 Denominator for diluted earnings per common share - adjusted weighted average 188.6 190.6 Net income attributable to Wabtec shareholders per common share Basic $ 1.95 $ 1.71 Diluted $ 1.95 $ 1.71 (1) Basic weighted-average common shares outstanding 188.2 190.1 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 188.6 190.6 Percentage allocated to common shareholders 99.8 % 99.7 % The Company’s non-vested restricted stock contains rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock shown above excludes the income attributable to the non-vested restricted stock from the numerator and excludes the dilutive impact of those shares from the denominator. Approximately 0.1 million outstanding shares of Common Stock for the three and nine month period of 2021 were not included in the computation of quarterly or year-to-date diluted earnings per share because their exercise price exceeded the average market price of the Company's common stock.

Warranties

Warranties	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Warranties	WARRANTIES The following table reconciles the changes in the Company’s product warranty reserve as follows: In millions 2021 2020 Balance at beginning of year $ 278.5 $ 267.7 Acquisitions 1.7 4.3 Warranty expense 84.7 86.8 Warranty claim payments (84.5) (95.7) Foreign currency impact/other (8.4) 1.7 Balance at September 30 $ 272.0 $ 264.8

Derivative Financial Instrument

Derivative Financial Instruments and Hedging	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Hedging Activities In the normal course of business, we are exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, we mitigate these risk exposures through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity forwards and futures. In accordance with our policy, derivatives are only used for hedging purposes. We do not use derivatives for trading or speculative purposes. Foreign Currency Exchange Risk The Company uses forward contracts to 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 gains and losses is deferred as a component of Accumulated other comprehensive loss and is recognized in earnings at the time the hedged item affects earnings, in the same line item as the underlying hedged item. These contracts typically mature within two years. For the three and nine months ended September 30, 2021 and 2020, the amounts reclassified into income were not material. The Company has established revenue hedging, balance sheet risk management and net investment hedging programs to protect against volatility of future foreign currency cash flows and changes in fair value caused by volatility in foreign exchange rates. We conduct our business worldwide in U.S. dollars and the functional currencies of our foreign subsidiaries, including euro, Indian rupee, British pound sterling, Australian dollars and several other foreign currencies. Changes in foreign currency exchange rates could have a material adverse impact on our financial results that are reported in U.S. dollars. We are also exposed to foreign currency exchange rate risk related to our foreign subsidiaries, including intercompany loans denominated in non-functional currencies and net purchases and sales in non-functional currencies. We have certain foreign currency exchange rate risk management programs that use foreign currency forward contracts and cross-currency swaps. These forward contracts and cross-currency swaps are generally used to offset the potential income statement effects from intercompany loans denominated in non-functional currencies. These programs mitigate but do not entirely eliminate foreign currency exchange rate risk. 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 income, net. The net loss related to these contracts was $0.2 million and $3.3 million for the three and nine months ended September 30, 2021, respectively, and a net gain of $3.1 million and $2.7 million for the three and nine months ended September 30, 2020, respectively. These contracts typically mature within one year. The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of September 30, 2021: Fair Value Gross Notional Amount In millions Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets $ 8.9 $ — $ 768.2 $ — Other current liabilities — — — 270.1 Cross-currency Swaps Other current assets 5.1 — 579.7 — Total $ 14.0 $ — $ 1,347.9 $ 270.1 The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2020: Fair Value Gross Notional Amount In millions Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets $ 9.2 $ 0.5 $ 793.6 $ 1.3 Other current liabilities (3.9) (1.5) 928.0 319.6 Cross-currency Swaps Other current liabilities (26.0) — 613.2 — Total $ (20.7) $ (1.0) $ 2,334.8 $ 320.9 Interest Rate Risk The Company may use interest rate swap contracts on certain investing and borrowing transactions to manage its net exposure to interest rate changes and to reduce its overall cost of borrowing. The Company does not use leveraged swaps and, in general, does not leverage any of its investment activities that would put principal capital at risk. For the nine months ended September 30, 2021 and 2020 the amounts reclassified into income were not material. Commodity Price Risk

Fair Value Measurement and Fair

Fair Value Measurement and Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement and Fair Value of Financial Instruments	FAIR VALUE MEASUREMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820 “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value and explains the related disclosure requirements. ASC 820 indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model. Valuation Hierarchy. ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2021 which are included in other current assets and liabilities on the consolidated balance sheet: Fair Value Measurements at September 30, 2021 Using Total Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant In millions Foreign Exchange Contracts Other current assets $ 8.9 $ — $ 8.9 $ — Other current liabilities — — — — Cross-Currency Swap Agreement Other current assets 5.1 — 5.1 — As a result of our global operating activities, the Company is exposed to market risks from changes in foreign currency exchange rates, which may adversely affect our operating results and financial position. When deemed appropriate, the Company mitigates these risks through entering into foreign currency forward contracts. The foreign currency forward contracts are valued using broker quotations, or market transactions in either the listed or over-the counter markets. As such, these derivative instruments are classified within level 2. The Company’s cash and cash equivalents are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash and cash equivalents approximated the carrying value at September 30, 2021 and December 31, 2020. The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds and temporary cash and cash equivalent investments. These investments are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, and money markets. Trusts are valued at the net asset value (“NAV”) as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates. The Senior Notes are considered Level 2 based on the fair value valuation hierarchy. Contingent consideration related to the GE Transportation acquisition is considered Level 3 based on the fair value valuation hierarchy and includes $130.0 million classified as "Other accrued liabilities" on the Company's consolidated balance sheet and $219.8 million in long-term liabilities classified as "Contingent consideration" on the Company's consolidated balance sheet. The fair value approximates the carrying value at September 30, 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
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. Additionally, 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 these claims are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. During the first nine months of 2021, there were no material changes to the information described in the Form 10-K related to claims arising from asbestos exposure or the Company's ordinary operations. Xorail, Inc., a wholly owned subsidiary of the Company (“Xorail”), has received notices from Denver Transit Constructors (“DTC”) alleging breach of contract related to the operating of constant warning wireless crossings, and late delivery of the Train Management & Dispatch System (“TMDS”) for the Denver Eagle P3 Project, which is owned by the Denver Regional Transit District ("RTD"). No damages have been asserted for the alleged late delivery of the TMDS, and no formal claim has been filed; Xorail has successfully completed a remediation plan concerning the TMDS issues. With regard to the wireless crossing issue, as of September 8, 2017, DTC alleged that total damages were $36.8 million through July 31, 2017 and are continuing to accumulate. The majority of the damages stems from a delay in approval of the wireless crossing system by the Federal Railway Administration ("FRA") and the Public Utility Commission ("PUC"), resulting in the use of flaggers at all of the crossings pending approval of the wireless crossing system and certification of the crossings. DTC has alleged that the delay is due to Xorail's failure to achieve constant warning times for the crossings in accordance with the approval requirements imposed by the FRA and PUC. Xorail has denied DTC's assertions, stating that its system satisfied the contractual requirements. Xorail has worked with DTC to modify its system and implement the FRA's and PUC's previously undefined approval requirements; the FRA and PUC have both approved modified wireless crossing system, and as of August 2018, DTC completed the process of certifying the crossings and eliminated the use of flaggers. DTC has not updated its notices against Xorail, nor have they filed any formal claim against Xorail. On September 21, 2018, DTC filed a complaint against RTD in Colorado state court for breach of contract related to non-payments and the costs for the flaggers, asserting a change-in-law arising from the FRA/PUC’s new certification requirements. DTC’s complaint generally supports Xorail’s position and does not name or implicate Xorail. DTC's claim against RTD proceeded to trial on September 21, 2020; the trial has been completed, included post-trial submission. As of the date hereof, the Company is involved in no litigation that the Company believes will have a material adverse effect on its financial condition, results of operations or liquidity.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
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 Company’s business segments are: Freight Segment primarily builds new locomotives, manufactures and services components for new and existing freight cars and locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services and provides related heat exchange and cooling systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars and utilities. Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment and doors for buses and subway cars. Customers include public transit authorities and municipalities, leasing companies and manufacturers of subway cars and buses around the world. The Company evaluates its business segments’ operating results based on income from operations. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense, and other unallocated charges. Since certain administrative and other operating expenses have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies. Segment financial information for the three months ended September 30, 2021 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,295.0 $ 611.9 $ — $ 1,906.9 Intersegment sales/(elimination) 12.3 8.6 (20.9) — Total sales $ 1,307.3 $ 620.5 $ (20.9) $ 1,906.9 Income (loss) from operations $ 195.2 $ 43.9 $ (22.1) $ 217.0 Interest expense and other, net — — (41.7) (41.7) Income (loss) before income taxes $ 195.2 $ 43.9 $ (63.8) $ 175.3 Segment financial information for the three months ended September 30, 2020 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,237.3 $ 627.8 $ — $ 1,865.1 Intersegment sales/(elimination) 10.9 7.8 (18.7) — Total sales $ 1,248.2 $ 635.6 $ (18.7) $ 1,865.1 Income (loss) from operations $ 160.2 $ 64.1 $ (17.6) $ 206.7 Interest expense and other, net — — (31.3) (31.3) Income (loss) before income taxes $ 160.2 $ 64.1 $ (48.9) $ 175.4 Segment financial information for the nine months ended September 30, 2021 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,814.2 $ 1,935.2 $ — $ 5,749.4 Intersegment sales/(elimination) 36.5 25.3 (61.8) — Total sales $ 3,850.7 $ 1,960.5 $ (61.8) $ 5,749.4 Income (loss) from operations $ 510.2 $ 159.3 $ (57.6) $ 611.9 Interest expense and other, net — — (109.7) (109.7) Income (loss) before income taxes $ 510.2 $ 159.3 $ (167.3) $ 502.2 Segment financial information for the nine months ended September 30, 2020 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,743.0 $ 1,789.4 $ — $ 5,532.4 Intersegment sales/(elimination) 36.3 23.0 (59.3) — Total sales $ 3,779.3 $ 1,812.4 $ (59.3) $ 5,532.4 Income (loss) from operations $ 463.4 $ 172.9 $ (52.9) $ 583.4 Interest expense and other, net — — (144.5) (144.5) Income (loss) before income taxes $ 463.4 $ 172.9 $ (197.4) $ 438.9 Sales to external customers by product line are as follows: Three Months Ended Nine Months Ended In millions 2021 2020 2021 2020 Freight Segment Equipment $ 335.2 $ 355.3 $ 924.8 $ 1,098.2 Components 222.1 208.2 648.9 624.1 Digital Electronics 155.2 161.0 473.5 500.1 Services 582.5 512.8 1,767.0 1,520.6 Total Freight Segment $ 1,295.0 $ 1,237.3 $ 3,814.2 $ 3,743.0 Transit Segment Original Equipment Manufacturer $ 286.9 $ 303.1 $ 894.1 $ 817.4 Aftermarket 325.0 324.7 1,041.1 972.0 Total Transit Segment $ 611.9 $ 627.8 $ 1,935.2 $ 1,789.4

Other Income, Net

Other Income, Net	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Other Income, Net	OTHER INCOME, NET The components of Other income, net are as follows: Three Months Ended Nine Months Ended In millions 2021 2020 2021 2020 Foreign currency (loss) gain $ (3.5) $ 6.4 $ 7.4 $ (7.7) Equity income 3.2 5.6 10.5 6.7 Expected return on pension assets/amortization 1.9 2.5 7.3 7.2 Other miscellaneous expense, net (1.1) (0.2) (0.2) (0.4) Total Other income, net $ 0.5 $ 14.3 $ 25.0 $ 5.8

Accounting Policies (Policies)

Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
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 particularly in light of the ongoing COVID-19 pandemic that is continuing to impact our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations and the high degree of uncertainty regarding the pandemic's duration and severity, availability and effectiveness of vaccines, impact of variants of the disease, actions to control it, and the potential impact on global economic activity, global supply chain operations and our customers, suppliers, and end-markets. 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Revenue Recognition	Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. 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. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, 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.
Revolving Receivables Program	Revolving Receivables Program In May 2020, the Company entered into a revolving agreement to transfer up to $150 million of certain receivables of certain subsidiaries of the Company (the "Originators") through our bankruptcy-remote subsidiary to a financial institution on a recurring basis in exchange for cash equal to the gross receivables transferred. The bankruptcy remote subsidiary is a separate legal entity with its own creditors, and its assets are not available to pay creditors of the Company or any other affiliates of the Company. During the first quarter of 2021, the Company amended its revolving agreement to increase the amount of certain receivables that can be transferred from $150 million to $200 million. As customers pay their balances, we transfer additional receivables into the program, resulting in our gross receivables sold exceeding net cash flow impacts (e.g., collect and reinvest). The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary which held receivables of $284.8 million at September 30, 2021 that are pledged as collateral under this agreement. The transfers are recorded at the fair value of the proceeds received and obligations assumed less derecognized receivables. No obligation was recorded at September 30, 2021 as the estimated expected credit losses on receivables sold is insignificant. Our maximum exposure to loss related to these receivables transferred is limited to the amount outstanding. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. None of the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.
Depreciation Expense	Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, general and administrative expenses or Engineering expense depending on how the property, plant and equipment is used.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level and at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Periodically, management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis to be performed.
Accounting Standards Recently Adopted	Accounting Standards Recently Adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, “Income Taxes: Simplifying the Accounting for Income Taxes.” The
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Comprehensive income comprises both net income and the change in equity from transactions and other events and circumstances from non-owner sources.Amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income, net" with the tax impact recognized in "Income tax expense."

Accounting Policies (Tables)

Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Receivables Sold	The following table sets forth a summary of receivables sold: In millions Nine Months Ended Nine Months Ended Gross receivables sold/cash proceeds received $ 959.1 $ 583.0 Collections reinvested under revolving agreement 874.9 485.5 Net cash proceeds received $ 84.2 $ 97.5
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 three months ended September 30, 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at June 30, 2021 $ (288.1) $ (3.1) $ (84.6) $ (375.8) Other comprehensive (loss) income before reclassifications (59.9) (0.3) 2.7 (57.5) Amounts reclassified from Accumulated other comprehensive loss — — 0.7 0.7 Other comprehensive (loss) income, net (59.9) (0.3) 3.4 (56.8) Balance at September 30, 2021 $ (348.0) $ (3.4) $ (81.2) $ (432.6) The changes in Accumulated other comprehensive loss by component, net of tax, for the three months ended September 30, 2020 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at June 30, 2020 $ (460.8) $ (4.1) $ (72.9) $ (537.8) Other comprehensive income (loss) before reclassifications 53.8 2.2 (1.1) 54.9 Amounts reclassified from Accumulated other comprehensive loss — — 0.7 0.7 Other comprehensive income (loss), net 53.8 2.2 (0.4) 55.6 Balance at September 30, 2020 $ (407.0) $ (1.9) $ (73.3) $ (482.2) The changes in Accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2020 $ (260.2) $ 2.4 $ (81.3) $ (339.1) Other comprehensive loss before reclassifications (87.8) (5.8) (2.1) (95.7) Amounts reclassified from Accumulated other comprehensive loss — — 2.2 2.2 Other comprehensive (loss) income, net (87.8) (5.8) 0.1 (93.5) Balance at September 30, 2021 $ (348.0) $ (3.4) $ (81.2) $ (432.6) The changes in Accumulated other comprehensive loss by component, net of tax, for the nine months ended September 30, 2020 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2019 $ (308.6) $ (3.3) $ (70.7) $ (382.6) Other comprehensive (loss) income before reclassifications (98.4) 1.4 (4.8) (101.8) Amounts reclassified from Accumulated other comprehensive loss — — 2.2 2.2 Other comprehensive (loss) income, net (98.4) 1.4 (2.6) (99.6) Balance at September 30, 2020 $ (407.0) $ (1.9) $ (73.3) $ (482.2)

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [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 preliminary fair value of the Nordco assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 5.1 Accounts receivable 22.5 Inventory 34.3 Other current assets 1.7 Property, plant and equipment 16.6 Goodwill 214.1 Other intangible assets 167.6 Other noncurrent assets 13.6 Total assets acquired 475.5 Liabilities assumed Current liabilities 19.1 Noncurrent liabilities 46.2 Total liabilities assumed 65.3 Net assets acquired $ 410.2

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Components of Inventory, Net of Reserves	The components of inventory, net of reserves, were: In millions September 30, December 31, Raw materials $ 725.5 $ 669.4 Work-in-progress 342.0 339.4 Finished goods 622.1 633.3 Total inventories $ 1,689.6 $ 1,642.1

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Change in the Carrying Amount of Goodwill by Segment	The change in the carrying amount of goodwill by segment for the nine months ended September 30, 2021 is as follows: In millions Freight Segment Transit Segment Total Balance at December 31, 2020 $ 6,872.2 $ 1,613.0 $ 8,485.2 Additions 214.1 — 214.1 Foreign currency impact (9.3) (85.3) (94.6) Balance at September 30, 2021 $ 7,077.0 $ 1,527.7 $ 8,604.7
Intangible Assets of the Company, Other Than Goodwill and Trade Names	Intangible assets of the Company, other than goodwill and trade names, consist of the following: In millions September 30, December 31, Intellectual property, patents, and other intangibles, net of accumulated amortization of $301.1 and $223.7 $ 988.6 $ 1,007.6 Backlog, net of accumulated amortization of $285.5 and $206.9 1,142.7 1,224.7 Customer relationships, net of accumulated amortization of $319.3 and $276.3 1,001.6 986.2 Total $ 3,132.9 $ 3,218.5
Amortization Expense	Amortization expense for the five succeeding years is estimated to be as follows: In millions Remainder of 2021 $ 72.9 2022 290.2 2023 289.5 2024 280.0 2025 277.4 2026 273.6

Contract Assets and Contract _2

Contract Assets and Contract Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities	The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2021 and 2020 is as follows: Contract Assets In millions 2021 2020 Balance at beginning of year $ 544.2 $ 623.4 Acquisitions — 4.1 Recognized in current year 441.6 759.2 Reclassified to accounts receivable (423.5) (868.7) Foreign currency impact (6.2) (0.7) Balance at September 30 $ 556.1 $ 517.3 Contract Liabilities In millions 2021 2020 Balance at beginning of year $ 831.2 $ 799.7 Acquisitions 1.7 6.9 Recognized in current year 477.0 589.1 Amounts in beginning balance reclassified to revenue (387.2) (430.0) Current year amounts reclassified to revenue (154.3) (152.6) Foreign currency impact (8.6) (3.3) Balance at September 30 $ 759.8 $ 809.8

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease Expense, Term and Discount Rate	The components of lease expense are as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Operating lease expense $ 15.3 $ 14.1 $ 43.8 $ 42.9 Finance lease expense amortization of leased assets 0.2 0.3 0.4 0.9 Short-term and variable lease expense 0.1 — 0.4 0.1 Sublease income (0.1) (0.1) (0.3) (0.3) Total $ 15.5 $ 14.3 $ 44.3 $ 43.6 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of lease liabilities: September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) Operating leases 8.1 7.4 Finance leases 3.5 4.5 Weighted-average discount rate Operating leases 2.4 % 2.7 % Finance leases 1.4 % 1.4 %
Maturity of Operating Lease Liabilities	Scheduled payments of lease liabilities are as follows: In millions Operating Leases Finance Total Remaining 2021 $ 15.4 $ 0.2 $ 15.6 2022 58.1 0.8 58.9 2023 51.9 0.5 52.4 2024 46.9 0.3 47.2 2025 40.3 0.2 40.5 Thereafter 148.1 0.1 148.2 Total lease payments 360.7 2.1 362.8 Less: Present value discount (29.2) — (29.2) Present value of lease liabilities $ 331.5 $ 2.1 $ 333.6
Maturity of Finance Lease Liabilities	Scheduled payments of lease liabilities are as follows: In millions Operating Leases Finance Total Remaining 2021 $ 15.4 $ 0.2 $ 15.6 2022 58.1 0.8 58.9 2023 51.9 0.5 52.4 2024 46.9 0.3 47.2 2025 40.3 0.2 40.5 Thereafter 148.1 0.1 148.2 Total lease payments 360.7 2.1 362.8 Less: Present value discount (29.2) — (29.2) Present value of lease liabilities $ 331.5 $ 2.1 $ 333.6

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: Effective Interest Rate September 30, 2021 December 31, 2020 In millions Book Value Fair Value 1 Book Value Fair Value 1 Senior Credit and 364 Day Facility 2 : U.S. dollar-denominated Term Loans 3 , net of unamortized debt issuance costs of $— and $0.9 — % — — 645.1 645.1 Multi-Currency Revolving loan facility 4 , net of unamortized debt issuance costs of $0.4 and $0.8 1.5 % — — — — Senior Notes: 4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.5 and $0.7 4.5 % 249.5 262.9 249.3 267.0 4.15% Senior Notes, due 2024, net of unamortized discount and debt issuance costs of $3.3 and $4.3 4.6 % 746.7 806.9 745.7 817.3 3.20% Senior Notes, due 2025, net of unamortized discount and debt issuance costs of $3.6 and $4.4 3.4 % 496.4 532.4 495.6 533.4 3.45% Senior Notes, due 2026, net of unamortized discount and debt issuance costs of $1.1 and $1.3 3.5 % 748.9 806.2 748.7 819.5 1.25% Senior Notes (EUR), due 2027, net of unamortized discount and debt issuance costs of $8.0 and $— 1.5 % 571.7 595.9 — — 4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $7.4 and $8.2 5.0 % 1,242.6 1,441.3 1,241.8 1,472.2 Other Borrowings 15.2 15.2 113.2 113.1 Total 4,071.0 4,460.8 4,239.4 4,667.6 Less - current portion 3.8 3.8 447.2 447.2 Long-term portion $ 4,067.2 $ 4,457.0 $ 3,792.2 $ 4,220.4 1. See Note 14 for information on the fair value measurement of the Company's long-term debt. 2. During the second quarter of 2021, the Company repaid all outstanding term loan borrowings and related interest under the Senior Credit Facility and the 364 Day Facility. 3. U.S. dollar-denominated Term Loans includes the total outstanding balance of term loans denominated in U.S. dollars from the Senior Credit Facility and the 364 Day Facility.
Schedule of Debt	The Company has agreed that, so long as any lender has any commitment under the Senior Credit Facility, any letter of credit is outstanding under the Senior Credit Facility, or any loan or other obligation is outstanding under the Senior Credit Facility, it will maintain the following as of the end of each fiscal quarter or the period of four quarters then ended: Interest Coverage Ratio 1 3.0x Leverage Ratio 2 3.25x 1. The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization), as defined in the Senior Credit Facility, to net interest expense for the four quarters then ended. 2. The leverage ratio is defined as net debt as of the last day of such fiscal quarter to EBITDA, as defined in the Senior Credit Facility, for the four quarters then ended.
Schedule of Line of Credit Facilities	The following table presents availability under the Senior Credit Facility at September 30, 2021: (In millions) Senior Credit Facility Maximum Availability $ 1,200.0 Outstanding Borrowings — Letters of Credit Under Credit Agreement (3.5) Current Availability $ 1,196.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Option Activity	The following table summarizes the Company’s stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the nine months ended September 30, 2021: Options Weighted Weighted Aggregate Outstanding at December 31, 2020 552,669 $ 69.82 6.1 $ 4.2 Granted 126,794 $ 81.21 Exercised (74,343) $ 52.13 Canceled (26,037) $ 74.73 Outstanding at September 30, 2021 579,083 $ 73.11 6.3 $ 9.0 Exercisable at September 30, 2021 336,940 $ 58.96 5.7 $ 9.4
Share-Based Fair Value of Each Option Grant Weighted-Average Assumptions	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Nine Months Ended September 30, 2021 Dividend yield 0.60 % Risk-free interest rate 0.81 % Stock price volatility 36.1 % Expected life (years) 5.0
Restricted Stock Activity and Incentive Stock Awards Activity	The following table summarizes the restricted stock activity and incentive stock units activity for the nine months ended September 30, 2021: Restricted Incentive Weighted Outstanding at December 31, 2020 656,006 270,645 $ 73.80 Granted 226,896 241,467 $ 81.38 Vested (303,439) (37,672) $ 71.52 Adjustment for incentive stock awards expected to vest — 120,546 $ 74.32 Canceled (28,732) (41,494) $ 76.10 Outstanding at September 30, 2021 550,731 553,492 $ 77.63

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation of Earnings Per Share	The computation of basic and diluted earnings per share for Net income attributable to Wabtec shareholders is as follows: Three Months Ended In millions, except per share data 2021 2020 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 130.6 $ 128.1 Less: dividends declared - common shares and non-vested restricted stock (22.6) (22.8) Undistributed earnings 108.0 105.3 Percentage allocated to common shareholders (1) 99.8 % 99.8 % 107.8 105.1 Add: dividends declared - common shares 22.6 22.8 Numerator for basic earnings per common share $ 130.4 $ 127.9 Numerator for diluted earnings per common share $ 130.4 $ 127.9 Denominator Denominator for basic earnings per common share - weighted average shares 187.6 189.8 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.4 0.4 Denominator for diluted earnings per common share - adjusted weighted average 188.0 190.2 Net income attributable to Wabtec shareholders per common share Basic $ 0.69 $ 0.67 Diluted $ 0.69 $ 0.67 (1) Basic weighted-average common shares outstanding 187.6 189.8 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 188.0 190.3 Percentage allocated to common shareholders 99.8 % 99.8 % Nine Months Ended In millions, except per share data 2021 2020 Numerator Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders $ 367.8 $ 326.5 Less: dividends declared - common shares and non-vested restricted stock (68.0) (68.7) Undistributed earnings 299.8 257.8 Percentage allocated to common shareholders (1) 99.8 % 99.7 % 299.2 257.0 Add: dividends declared - common shares 67.9 68.5 Numerator for basic earnings per common share $ 367.1 $ 325.5 Numerator for diluted earnings per common share $ 367.1 $ 325.5 Denominator Denominator for basic earnings per common share - weighted average shares 188.2 190.1 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.4 0.5 Denominator for diluted earnings per common share - adjusted weighted average 188.6 190.6 Net income attributable to Wabtec shareholders per common share Basic $ 1.95 $ 1.71 Diluted $ 1.95 $ 1.71 (1) Basic weighted-average common shares outstanding 188.2 190.1 Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest 188.6 190.6 Percentage allocated to common shareholders 99.8 % 99.7 %

Warranties (Tables)

Warranties (Tables)	9 Months Ended
	Sep. 30, 2021
Product Warranties Disclosures [Abstract]
Changes in Product Warranty Reserve	The following table reconciles the changes in the Company’s product warranty reserve as follows: In millions 2021 2020 Balance at beginning of year $ 278.5 $ 267.7 Acquisitions 1.7 4.3 Warranty expense 84.7 86.8 Warranty claim payments (84.5) (95.7) Foreign currency impact/other (8.4) 1.7 Balance at September 30 $ 272.0 $ 264.8

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Notional Amounts and Fair Value	The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of September 30, 2021: Fair Value Gross Notional Amount In millions Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets $ 8.9 $ — $ 768.2 $ — Other current liabilities — — — 270.1 Cross-currency Swaps Other current assets 5.1 — 579.7 — Total $ 14.0 $ — $ 1,347.9 $ 270.1 The following table summarizes the gross notional amounts and fair values of the designated and non-designated hedges discussed in the above sections as of December 31, 2020: Fair Value Gross Notional Amount In millions Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets $ 9.2 $ 0.5 $ 793.6 $ 1.3 Other current liabilities (3.9) (1.5) 928.0 319.6 Cross-currency Swaps Other current liabilities (26.0) — 613.2 — Total $ (20.7) $ (1.0) $ 2,334.8 $ 320.9

Fair Value Measurement and Fa_2

Fair Value Measurement and Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Carried at Fair Value Measured on Recurring Basis	The following table provides the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2021 which are included in other current assets and liabilities on the consolidated balance sheet: Fair Value Measurements at September 30, 2021 Using Total Carrying Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Significant In millions Foreign Exchange Contracts Other current assets $ 8.9 $ — $ 8.9 $ — Other current liabilities — — — — Cross-Currency Swap Agreement Other current assets 5.1 — 5.1 —

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Financial Information	Segment financial information for the three months ended September 30, 2021 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,295.0 $ 611.9 $ — $ 1,906.9 Intersegment sales/(elimination) 12.3 8.6 (20.9) — Total sales $ 1,307.3 $ 620.5 $ (20.9) $ 1,906.9 Income (loss) from operations $ 195.2 $ 43.9 $ (22.1) $ 217.0 Interest expense and other, net — — (41.7) (41.7) Income (loss) before income taxes $ 195.2 $ 43.9 $ (63.8) $ 175.3 Segment financial information for the three months ended September 30, 2020 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,237.3 $ 627.8 $ — $ 1,865.1 Intersegment sales/(elimination) 10.9 7.8 (18.7) — Total sales $ 1,248.2 $ 635.6 $ (18.7) $ 1,865.1 Income (loss) from operations $ 160.2 $ 64.1 $ (17.6) $ 206.7 Interest expense and other, net — — (31.3) (31.3) Income (loss) before income taxes $ 160.2 $ 64.1 $ (48.9) $ 175.4 Segment financial information for the nine months ended September 30, 2021 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,814.2 $ 1,935.2 $ — $ 5,749.4 Intersegment sales/(elimination) 36.5 25.3 (61.8) — Total sales $ 3,850.7 $ 1,960.5 $ (61.8) $ 5,749.4 Income (loss) from operations $ 510.2 $ 159.3 $ (57.6) $ 611.9 Interest expense and other, net — — (109.7) (109.7) Income (loss) before income taxes $ 510.2 $ 159.3 $ (167.3) $ 502.2 Segment financial information for the nine months ended September 30, 2020 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,743.0 $ 1,789.4 $ — $ 5,532.4 Intersegment sales/(elimination) 36.3 23.0 (59.3) — Total sales $ 3,779.3 $ 1,812.4 $ (59.3) $ 5,532.4 Income (loss) from operations $ 463.4 $ 172.9 $ (52.9) $ 583.4 Interest expense and other, net — — (144.5) (144.5) Income (loss) before income taxes $ 463.4 $ 172.9 $ (197.4) $ 438.9
Sales by Product	Sales to external customers by product line are as follows: Three Months Ended Nine Months Ended In millions 2021 2020 2021 2020 Freight Segment Equipment $ 335.2 $ 355.3 $ 924.8 $ 1,098.2 Components 222.1 208.2 648.9 624.1 Digital Electronics 155.2 161.0 473.5 500.1 Services 582.5 512.8 1,767.0 1,520.6 Total Freight Segment $ 1,295.0 $ 1,237.3 $ 3,814.2 $ 3,743.0 Transit Segment Original Equipment Manufacturer $ 286.9 $ 303.1 $ 894.1 $ 817.4 Aftermarket 325.0 324.7 1,041.1 972.0 Total Transit Segment $ 611.9 $ 627.8 $ 1,935.2 $ 1,789.4

Other Income, Net (Tables)

Other Income, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Other Income and Expenses [Abstract]
Components of Other Income, Net	The components of Other income, net are as follows: Three Months Ended Nine Months Ended In millions 2021 2020 2021 2020 Foreign currency (loss) gain $ (3.5) $ 6.4 $ 7.4 $ (7.7) Equity income 3.2 5.6 10.5 6.7 Expected return on pension assets/amortization 1.9 2.5 7.3 7.2 Other miscellaneous expense, net (1.1) (0.2) (0.2) (0.4) Total Other income, net $ 0.5 $ 14.3 $ 25.0 $ 5.8

Business (Details)

Business (Details)	9 Months Ended
	Sep. 30, 2021country
Product Information [Line Items]
Number of countries company operates	50
Number of countries where product is found (more than)	100
Sales Revenue Outside United States | Geographic Concentration Risk | Non-US
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	58.00%

Accounting Policies - Remaining

Accounting Policies - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Billions	Sep. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 21.1
Remaining performance obligation percentage expected to be recognized	25.00%
Performance obligation period	12 months

Accounting Policies - Additiona

Accounting Policies - Additional Information (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maximum recurring transfer (up to)		$ 200,000,000		$ 150,000,000
Accounts receivable	$ 960,300,000		$ 969,300,000
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 284,800,000

Accounting Policies - Summary o

Accounting Policies - Summary of Receivables Sold (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Gross receivables sold/cash proceeds received	$ 959.1	$ 583
Collections reinvested under revolving agreement	874.9	485.5
Net cash proceeds received	$ 84.2	$ 97.5

Accounting Policies - Accumulat

Accounting Policies - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 10,327.8	$ 10,177.1	$ 10,152.7	$ 9,880.6	$ 9,797.7	$ 9,993.6	$ 10,152.7	$ 9,993.6
Other comprehensive (loss) income before reclassifications	(57.5)			54.9			(95.7)	(101.8)
Amounts reclassified from Accumulated other comprehensive loss	0.7			0.7			2.2	2.2
Other comprehensive (loss) income, net	(56.8)	33.2	(69.9)	55.6	22.8	(178)	(93.5)	(99.6)
Ending Balance	10,191.2	10,327.8	10,177.1	10,052.4	9,880.6	9,797.7	10,191.2	10,052.4
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(288.1)		(260.2)	(460.8)		(308.6)	(260.2)	(308.6)
Other comprehensive (loss) income before reclassifications	(59.9)			53.8			(87.8)	(98.4)
Amounts reclassified from Accumulated other comprehensive loss	0			0			0	0
Other comprehensive (loss) income, net	(59.9)			53.8			(87.8)	(98.4)
Ending Balance	(348)	(288.1)		(407)	(460.8)		(348)	(407)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(3.1)		2.4	(4.1)		(3.3)	2.4	(3.3)
Other comprehensive (loss) income before reclassifications	(0.3)			2.2			(5.8)	1.4
Amounts reclassified from Accumulated other comprehensive loss	0			0			0	0
Other comprehensive (loss) income, net	(0.3)			2.2			(5.8)	1.4
Ending Balance	(3.4)	(3.1)		(1.9)	(4.1)		(3.4)	(1.9)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(84.6)		(81.3)	(72.9)		(70.7)	(81.3)	(70.7)
Other comprehensive (loss) income before reclassifications	2.7			(1.1)			(2.1)	(4.8)
Amounts reclassified from Accumulated other comprehensive loss	0.7			0.7			2.2	2.2
Other comprehensive (loss) income, net	3.4			(0.4)			0.1	(2.6)
Ending Balance	(81.2)	(84.6)		(73.3)	(72.9)		(81.2)	(73.3)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(375.8)	(409)	(339.1)	(537.8)	(560.6)	(382.6)	(339.1)	(382.6)
Other comprehensive (loss) income, net	(56.8)	33.2	(69.9)	55.6	22.8	(178)
Ending Balance	$ (432.6)	$ (375.8)	$ (409)	$ (482.2)	$ (537.8)	$ (560.6)	$ (432.6)	$ (482.2)

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - Nordco $ in Millions	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Business combination, consideration transferred	$ 410

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets acquired
Goodwill	$ 8,604.7		$ 8,485.2
Nordco
Assets acquired
Cash and cash equivalents		$ 5.1
Accounts receivable		22.5
Inventory		34.3
Other current assets		1.7
Property, plant and equipment		16.6
Goodwill		214.1
Other intangible assets		167.6
Other noncurrent assets		13.6
Total assets acquired		475.5
Liabilities assumed
Current liabilities		19.1
Noncurrent liabilities		46.2
Total liabilities assumed		65.3
Net assets acquired		$ 410.2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 725.5	$ 669.4
Work-in-progress	342	339.4
Finished goods	622.1	633.3
Total inventories	$ 1,689.6	$ 1,642.1

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 8,485.2
Additions	214.1
Foreign currency impact	(94.6)
Ending balance	8,604.7
Freight Segment
Goodwill [Roll Forward]
Beginning balance	6,872.2
Additions	214.1
Foreign currency impact	(9.3)
Ending balance	7,077
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,613
Additions	0
Foreign currency impact	(85.3)
Ending balance	$ 1,527.7

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Intangible Assets Disclosure [Line Items]
Trade names	$ 646.9		$ 646.9		$ 650.7
Intangible assets, amortization expense	$ 72.5	$ 70.3	$ 214.7	$ 211.6
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)			12 years
Patents
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			11 years
Customer Relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			16 years
Other Intangibles
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)			8 years

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill and Trade Names (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Intangible assets, net of accumulated amortization	$ 3,132.9	$ 3,218.5
Intellectual property, patents, non-compete and other intangibles
Finite Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	301.1	223.7
Intangible assets, net of accumulated amortization	988.6	1,007.6
Backlog
Finite Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	285.5	206.9
Intangible assets, net of accumulated amortization	1,142.7	1,224.7
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Intangible assets, accumulated amortization	319.3	276.3
Intangible assets, net of accumulated amortization	$ 1,001.6	$ 986.2

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Amortization Expense (Details) $ in Millions	Sep. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 72.9
2022	290.2
2023	289.5
2024	280
2025	277.4
2026	$ 273.6

Contract Assets and Contract _3

Contract Assets and Contract Liabilities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Noncurrent contract assets	$ 149.4	$ 101
Noncurrent contract liabilities	83.1	79.6
Provisions for loss contracts	$ 119.8	$ 108.9

Contract Assets and Contract _4

Contract Assets and Contract Liabilities - Change in Carrying Amount of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Contract Assets
Balance at beginning of year	$ 544.2	$ 623.4
Acquisitions	0	4.1
Recognized in current year	441.6	759.2
Reclassified to accounts receivable	(423.5)	(868.7)
Foreign currency impact	(6.2)	(0.7)
Balance at end of period	556.1	517.3
Contract Liabilities
Balance at beginning of year	831.2	799.7
Acquisitions	1.7	6.9
Recognized in current year	477	589.1
Amounts in beginning balance reclassified to revenue	(387.2)	(430)
Current year amounts reclassified to revenue	(154.3)	(152.6)
Foreign currency impact	(8.6)	(3.3)
Balance at end of period	$ 759.8	$ 809.8

Leases - Narrative (Details)

Leases - Narrative (Details)	Sep. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Weighted average discount rate	2.40%	2.70%
Minimum
Lessee, Lease, Description [Line Items]
Weighted average discount rate	1.00%
Maximum
Lessee, Lease, Description [Line Items]
Weighted average discount rate	9.00%

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease expense	$ 15.3	$ 14.1	$ 43.8	$ 42.9
Finance lease expense amortization of leased assets	0.2	0.3	0.4	0.9
Short-term and variable lease expense	0.1	0	0.4	0.1
Sublease income	(0.1)	(0.1)	(0.3)	(0.3)
Total	$ 15.5	$ 14.3	$ 44.3	$ 43.6

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) $ in Millions	Sep. 30, 2021USD ($)
Operating Leases
Remaining 2021	$ 15.4
2022	58.1
2023	51.9
2024	46.9
2025	40.3
Thereafter	148.1
Total lease payments	360.7
Less: Present value discount	(29.2)
Present value of lease liabilities	331.5
Finance Leases
Remaining 2021	0.2
2022	0.8
2023	0.5
2024	0.3
2025	0.2
Thereafter	0.1
Total lease payments	2.1
Less: Present value discount	0
Present value of lease liabilities	2.1
Total
Remaining 2021	15.6
2022	58.9
2023	52.4
2024	47.2
2025	40.5
Thereafter	148.2
Total lease payments	362.8
Less: Present value discount	(29.2)
Present value of lease liabilities	$ 333.6

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Sep. 30, 2021	Dec. 31, 2020
Weighted-average remaining lease term (years)
Operating leases	8 years 1 month 6 days	7 years 4 months 24 days
Finance leases	3 years 6 months	4 years 6 months
Weighted-average discount rate
Operating leases	2.40%	2.70%
Finance leases	1.40%	1.40%

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Apr. 10, 2020	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total		$ 4,071	$ 4,239.4
Current portion of long-term debt		3.8	447.2
Long-term debt		4,067.2	3,792.2
Fair Value
Debt Instrument [Line Items]
Total		4,460.8	4,667.6
Current portion of long-term debt		3.8	447.2
Long-term debt		4,457	4,220.4
Line of Credit
Debt Instrument [Line Items]
Debt instrument, term	364 days
Other Borrowings
Debt Instrument [Line Items]
Total		15.2	113.2
Other Borrowings | Fair Value
Debt Instrument [Line Items]
Total		15.2	113.1
U.S. Dollar-Denominated Term Loans | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 0	0.9
Effective interest rate (as a percent)		0.00%
Total		$ 0	645.1
U.S. Dollar-Denominated Term Loans | Line of Credit | Revolving Credit Facility | Fair Value
Debt Instrument [Line Items]
Total		0	645.1
Multi-Currency Revolving Loan Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 0.4	0.8
Effective interest rate (as a percent)		1.50%
Total		$ 0	0
Multi-Currency Revolving Loan Facility | Line of Credit | Revolving Credit Facility | Fair Value
Debt Instrument [Line Items]
Total		0	0
4.375% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 0.5	0.7
Stated interest rate (as a percent)		4.375%
Effective interest rate (as a percent)		4.50%
Total		$ 249.5	249.3
4.375% Senior Notes, due 2023 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		262.9	267
4.15 % Senior Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 3.3	4.3
Stated interest rate (as a percent)		4.15%
Effective interest rate (as a percent)		4.60%
Total		$ 746.7	745.7
4.15 % Senior Notes Due 2024 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		806.9	817.3
3.20% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 3.6	4.4
Stated interest rate (as a percent)		3.20%
Effective interest rate (as a percent)		3.40%
Total		$ 496.4	495.6
3.20% Senior Notes, due 2025 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		532.4	533.4
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 1.1	1.3
Stated interest rate (as a percent)		3.45%
Effective interest rate (as a percent)		3.50%
Total		$ 748.9	748.7
3.45% Senior Notes, due 2026 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		806.2	819.5
1.25 % Senior Notes Due 2027
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 8	0
Stated interest rate (as a percent)		1.25%
1.25 % Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Effective interest rate (as a percent)		1.50%
Total		$ 571.7	0
1.25 % Senior Notes Due 2027 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		595.9	0
4.70 % Senior Notes Due 2028 | Senior Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost		$ 7.4	8.2
Stated interest rate (as a percent)		4.70%
Effective interest rate (as a percent)		5.00%
Total		$ 1,242.6	1,241.8
4.70 % Senior Notes Due 2028 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total		$ 1,441.3	$ 1,472.2

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	Jun. 03, 2021USD ($)	Apr. 10, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 03, 2021EUR (€)	Dec. 31, 2020USD ($)	Jun. 08, 2018USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 24,300,000	$ 24,300,000		$ 20,500,000
Long-term debt			$ 4,071,000,000	$ 4,071,000,000		4,239,400,000
2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Leverage ratio				3.25
2018 Refinancing Credit Agreement | Fiscal quarter in which Nordco acquisition was consummated
Debt Instrument [Line Items]
Leverage ratio			3.75
2018 Refinancing Credit Agreement | Forth and Fifth fiscal quarters after Nordco acquisition was consummated
Debt Instrument [Line Items]
Leverage ratio			3.50
2018 Refinancing Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,200,000,000	$ 1,200,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000
Debt instrument, term		364 days
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 144,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 1,200,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Swing Line Sub Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							75,000,000
Line of Credit | 2018 Refinancing Credit Agreement | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 450,000,000
Line of Credit | Term Loan
Debt Instrument [Line Items]
Long-term debt		$ 456,000,000
Senior Notes
Debt Instrument [Line Items]
Debt issuance price (as a percent)				100.00%
Senior Notes | 4.375% Senior Notes, due 2023
Debt Instrument [Line Items]
Long-term debt			$ 249,500,000	$ 249,500,000		249,300,000
Stated interest rate (as a percent)			4.375%	4.375%
Senior Notes | 4.15 % Senior Notes Due 2024
Debt Instrument [Line Items]
Long-term debt			$ 746,700,000	$ 746,700,000		745,700,000
Stated interest rate (as a percent)			4.15%	4.15%
Senior Notes | 3.20% Senior Notes, due 2025
Debt Instrument [Line Items]
Long-term debt			$ 496,400,000	$ 496,400,000		495,600,000
Stated interest rate (as a percent)			3.20%	3.20%
Senior Notes | 3.45% Senior Notes, due 2026
Debt Instrument [Line Items]
Long-term debt			$ 748,900,000	$ 748,900,000		748,700,000
Stated interest rate (as a percent)			3.45%	3.45%
Senior Notes | 1.25 Percent Senior Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate (as a percent)			1.25%	1.25%
Debt issuance price (as a percent)	99.267%
Debt instrument, face amount | €					€ 500,000,000
Deferred financing costs	$ 4,300,000
Proceeds from issuance of debt	$ 598,700,000
Senior Notes | 4.70 % Senior Notes Due 2028
Debt Instrument [Line Items]
Long-term debt			$ 1,242,600,000	$ 1,242,600,000		$ 1,241,800,000
Stated interest rate (as a percent)			4.70%	4.70%

Long-Term Debt - Interest Cover

Long-Term Debt - Interest Coverage Ratio & Leverage Ratio (Details) - 2018 Refinancing Credit Agreement	9 Months Ended
	Sep. 30, 2021
Debt Instrument [Line Items]
Interest Coverage Ratio	3
Leverage Ratio	3.25

Long-Term Debt - Schedule of Li

Long-Term Debt - Schedule of Line of Credit Facilities (Details) - USD ($)	Sep. 30, 2021	Apr. 10, 2020	Jun. 08, 2018
Revolving Credit Facility | 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,200,000,000
Outstanding Borrowings	0
Current Availability	1,196,500,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 144,000,000
Line of Credit | Revolving Credit Facility | 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,200,000,000
Letters of Credit Under Credit Agreement	$ (3,500,000)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 10	$ 12	$ 34.2	$ 17.6
Unamortized compensation expense expected to be vested	$ 44.1		$ 44.1
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
Performance Shares | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)					100.00%	113.00%	33.00%
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)	9,100,000		9,100,000
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 | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
2011 Plan | Restricted Stock | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			4 years
2000 Plan | Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
Directors Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			1 year

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Options
Beginning balance (in shares)	552,669
Granted (in shares)	126,794
Exercised (in shares)	(74,343)
Canceled (in shares)	(26,037)
Ending balance (in shares)	579,083	552,669
Exercisable at period end (in shares)	336,940
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 69.82
Granted (in dollars per share)	81.21
Exercised (in dollars per share)	52.13
Canceled (in dollars per share)	74.73
Ending balance (in dollars per share)	73.11	$ 69.82
Exercisable (in dollars per share)	$ 58.96
Weighted Average Remaining Contractual Life
Outstanding, weighted average remaining contractual life (in years)	6 years 3 months 18 days	6 years 1 month 6 days
Exercisable weighted average remaining contractual life (in years)	5 years 8 months 12 days
Aggregate Intrinsic value (in millions)
Outstanding, aggregate intrinsic value	$ 9	$ 4.2
Exercisable, aggregate intrinsic value	$ 9.4

Stock-Based Compensation - Fair

Stock-Based Compensation - Fair Value of Each Option Grant Weighted Average Assumptions (Details)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Dividend yield	0.60%
Risk-free interest rate	0.81%
Stock price volatility	36.10%
Expected life (years)	5 years

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity and Incentive Stock Awards Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 73.80
Granted (in dollars per share) | $ / shares	81.38
Vested (in dollars per share) | $ / shares	71.52
Adjustment for incentive stock awards expected to vest (in dollars per share) | $ / shares	74.32
Canceled (in dollars per share) | $ / shares	76.10
Outstanding, end of period (in dollars per share) | $ / shares	$ 77.63
Restricted Stock and Units
Number of Shares
Outstanding, beginning of period (in shares)	656,006
Granted (in shares)	226,896
Vested (in shares)	(303,439)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(28,732)
Outstanding, end of period (in shares)	550,731
Incentive Stock Units
Number of Shares
Outstanding, beginning of period (in shares)	270,645
Granted (in shares)	241,467
Vested (in shares)	(37,672)
Adjustment for incentive stock awards expected to vest (in shares)	120,546
Canceled (in shares)	(41,494)
Outstanding, end of period (in shares)	553,492

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	24.80%	26.70%	26.00%	25.80%
Unrecognized tax benefits	$ 14.9		$ 14.9		$ 16.4
Unrecognized tax benefits if recognized that would affect effective tax rate	13.3		13.3		$ 14.8
Unrecognized tax benefits subject to change within the next 12 months	$ 6.6		$ 6.6

Earnings Per Share - Computatio

Earnings Per Share - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Numerator for basic and diluted earnings per common share - net income attributable to Wabtec shareholders	$ 130.6	$ 128.1	$ 367.8	$ 326.5
Less: dividends declared - common shares and non-vested restricted stock	(22.6)	(22.8)	(68)	(68.7)
Undistributed earnings	$ 108	$ 105.3	$ 299.8	$ 257.8
Percentage allocated to common shareholders	99.80%	99.80%	99.80%	99.70%
Undistributed earnings allocated to common shareholders	$ 107.8	$ 105.1	$ 299.2	$ 257
Add: dividends declared - common shares	22.6	22.8	67.9	68.5
Numerator for basic earnings per common share	130.4	127.9	367.1	325.5
Numerator for diluted earnings per common share	$ 130.4	$ 127.9	$ 367.1	$ 325.5
Denominator
Denominator for basic earnings per common share- weighted average shares (in shares)	187.6	189.8	188.2	190.1
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.4	0.4	0.4	0.5
Denominator for diluted earnings per common share adjusted weighted average shares and assumed conversion (in shares)	188	190.2	188.6	190.6
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 0.69	$ 0.67	$ 1.95	$ 1.71
Diluted (in dollars per share)	$ 0.69	$ 0.67	$ 1.95	$ 1.71
Basic weighted-average common shares outstanding (in shares)	187.6	189.8	188.2	190.1
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest (in shares)	188	190.3	188.6	190.6
Percentage allocated to common shareholders	99.80%	99.80%	99.80%	99.70%

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Earnings Per Share [Abstract]
Shares not included in computation of diluted earnings per share	0.1	0.1

Warranties (Detail)

Warranties (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 278.5	$ 267.7
Acquisitions	1.7	4.3
Warranty expense	84.7	86.8
Warranty claim payments	(84.5)	(95.7)
Foreign currency impact/other	(8.4)	1.7
Balance at end of period	$ 272	$ 264.8

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging - Additional Information (Details) - Foreign Exchange Forward - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative [Line Items]
Derivative term (maximum)			2 years
Non-Designated
Derivative [Line Items]
Derivative term (maximum)			1 year
Unrealized gain (loss) on derivative contracts	$ (0.2)	$ 3.1	$ (3.3)	$ 2.7

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging - Summary of Notional Amounts and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Designated
Derivative [Line Items]
Total	$ 14	$ (20.7)
Gross Notional Amount	1,347.9	2,334.8
Designated | Other current assets | Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	8.9	9.2
Gross Notional Amount	768.2	793.6
Designated | Other current assets | Cross-currency Swaps
Derivative [Line Items]
Derivative asset fair value	5.1
Gross Notional Amount	579.7
Designated | Other current liabilities | Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	0	(3.9)
Gross Notional Amount	0	928
Designated | Other current liabilities | Cross-currency Swaps
Derivative [Line Items]
Liabilities at fair value		(26)
Gross Notional Amount		613.2
Non-Designated
Derivative [Line Items]
Total	0	(1)
Gross Notional Amount	270.1	320.9
Non-Designated | Other current assets | Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	0	0.5
Gross Notional Amount	0	1.3
Non-Designated | Other current assets | Cross-currency Swaps
Derivative [Line Items]
Derivative asset fair value	0
Gross Notional Amount	0
Non-Designated | Other current liabilities | Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	0	(1.5)
Gross Notional Amount	$ 270.1	319.6
Non-Designated | Other current liabilities | Cross-currency Swaps
Derivative [Line Items]
Liabilities at fair value		0
Gross Notional Amount		$ 0

Fair Value Measurement and Fa_3

Fair Value Measurement and Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Details) $ in Millions	Sep. 30, 2021USD ($)
Foreign Exchange Contracts
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	$ 8.9
Other current liabilities	0
Foreign Exchange Contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	0
Other current liabilities	0
Foreign Exchange Contracts | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	8.9
Other current liabilities	0
Foreign Exchange Contracts | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	0
Other current liabilities	0
Cross-Currency Swap Agreement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	5.1
Cross-Currency Swap Agreement | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	0
Cross-Currency Swap Agreement | Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	5.1
Cross-Currency Swap Agreement | Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other current assets	$ 0

Fair Value Measurement and Fa_4

Fair Value Measurement and Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Contingent consideration	$ 219.8	$ 218.1
General Electric Company | Significant Unobservable Inputs (Level 3) | Other Accrued Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Contingent consideration	$ 130

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 08, 2017USD ($)
Denver Transit, Installation of Constant Wireless Crossings | Threatened Litigation | Subsidiaries
Loss Contingencies [Line Items]
Damages alleged	$ 36.8

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Segment F

Segment Information - Segment Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total sales	$ 1,906.9	$ 1,865.1	$ 5,749.4	$ 5,532.4
Income (loss) from operations	217	206.7	611.9	583.4
Interest expense and other, net	(41.7)	(31.3)	(109.7)	(144.5)
Income (loss) before income taxes	175.3	175.4	502.2	438.9
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,295	1,237.3	3,814.2	3,743
Transit Segment
Segment Reporting Information [Line Items]
Total sales	611.9	627.8	1,935.2	1,789.4
Operating Segments | Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,307.3	1,248.2	3,850.7	3,779.3
Income (loss) from operations	195.2	160.2	510.2	463.4
Interest expense and other, net	0	0	0	0
Income (loss) before income taxes	195.2	160.2	510.2	463.4
Operating Segments | Transit Segment
Segment Reporting Information [Line Items]
Total sales	620.5	635.6	1,960.5	1,812.4
Income (loss) from operations	43.9	64.1	159.3	172.9
Interest expense and other, net	0	0	0	0
Income (loss) before income taxes	43.9	64.1	159.3	172.9
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(20.9)	(18.7)	(61.8)	(59.3)
Income (loss) from operations	(22.1)	(17.6)	(57.6)	(52.9)
Interest expense and other, net	(41.7)	(31.3)	(109.7)	(144.5)
Income (loss) before income taxes	(63.8)	(48.9)	(167.3)	(197.4)
Corporate Activities and Elimination | Freight Segment
Segment Reporting Information [Line Items]
Total sales	12.3	10.9	36.5	36.3
Corporate Activities and Elimination | Transit Segment
Segment Reporting Information [Line Items]
Total sales	$ 8.6	$ 7.8	$ 25.3	$ 23

Segment Information - Sales by

Segment Information - Sales by Product (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Total sales	$ 1,906.9	$ 1,865.1	$ 5,749.4	$ 5,532.4
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,295	1,237.3	3,814.2	3,743
Transit Segment
Segment Reporting Information [Line Items]
Total sales	611.9	627.8	1,935.2	1,789.4
Equipment | Freight Segment
Segment Reporting Information [Line Items]
Total sales	335.2	355.3	924.8	1,098.2
Components | Freight Segment
Segment Reporting Information [Line Items]
Total sales	222.1	208.2	648.9	624.1
Digital Electronics | Freight Segment
Segment Reporting Information [Line Items]
Total sales	155.2	161	473.5	500.1
Services
Segment Reporting Information [Line Items]
Total sales	417.8	321.5	1,187.2	991.9
Services | Freight Segment
Segment Reporting Information [Line Items]
Total sales	582.5	512.8	1,767	1,520.6
Original Equipment Manufacturer | Transit Segment
Segment Reporting Information [Line Items]
Total sales	286.9	303.1	894.1	817.4
Aftermarket | Transit Segment
Segment Reporting Information [Line Items]
Total sales	$ 325	$ 324.7	$ 1,041.1	$ 972

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Other Income and Expenses [Abstract]
Foreign currency (loss) gain	$ (3.5)	$ 6.4	$ 7.4	$ (7.7)
Equity income	3.2	5.6	10.5	6.7
Expected return on pension assets/amortization	1.9	2.5	7.3	7.2
Other miscellaneous expense, net	(1.1)	(0.2)	(0.2)	(0.4)
Other income, net	$ 0.5	$ 14.3	$ 25	$ 5.8