Westinghouse Air Brake Technologies (WAB) 10-K 14 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
Entity Incorporation, State or Country Code	DE
EIN	25-1615902
Entity Address, Address Line One	30 Isabella Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	412
Local Phone Number	825-1000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 19.4
Entity Common Stock, Shares Outstanding (in shares)		177,028,765
Documents Incorporated by Reference	Portions of the Proxy Statement for the registrant’s Annual Meeting of Stockholders to be held on May 16, 2024 are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0000943452
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Pittsburgh, Pennsylvania
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash, cash equivalents and restricted cash	$ 620	$ 541
Accounts receivable	1,160	975
Unbilled accounts receivable	524	544
Inventories, net	2,284	2,034
Other current assets	267	233
Total current assets	4,855	4,327
Property, plant and equipment, net	1,485	1,429
Goodwill	8,780	8,508
Other intangible assets, net	3,205	3,402
Other noncurrent assets	663	850
Total noncurrent assets	14,133	14,189
Total Assets	18,988	18,516
Liabilities
Accounts payable	1,250	1,301
Customer deposits	804	772
Accrued compensation	341	300
Accrued warranty	220	215
Current portion of long-term debt	781	251
Other accrued liabilities	660	628
Total current liabilities	4,056	3,467
Long-term debt	3,288	3,751
Accrued postretirement and pension benefits	62	57
Deferred income taxes	318	326
Contingent consideration	0	47
Other long-term liabilities	740	721
Total Liabilities	8,464	8,369
Commitments and contingencies (Note 18)
Equity
Common stock, $.01 par value; 500.0 shares authorized and 226.9 shares issued; 177.8 and 181.2 shares outstanding at December 31, 2023 and 2022, respectively	2	2
Additional paid-in capital	7,977	7,953
Treasury stock, at cost, 49.1 and 45.7 shares, at December 31, 2023 and 2022, respectively	(2,171)	(1,769)
Retained earnings	5,269	4,577
Accumulated other comprehensive loss	(590)	(661)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	10,487	10,102
Noncontrolling interest	37	45
Total Equity	10,524	10,147
Total Liabilities and Equity	$ 18,988	$ 18,516

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	177,800,000	181,200,000
Treasury stock, shares (in shares)	49,100,000	45,700,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net sales:
Total net sales	$ 9,677	$ 8,362	$ 7,822
Cost of sales:
Total cost of sales	(6,733)	(5,822)	(5,453)
Gross profit	2,944	2,540	2,369
Operating expenses:
Selling, general and administrative expenses	(1,139)	(1,029)	(1,030)
Engineering expenses	(218)	(209)	(176)
Amortization expense	(321)	(291)	(287)
Total operating expenses	(1,678)	(1,529)	(1,493)
Income from operations	1,266	1,011	876
Other income and expenses:
Interest expense, net	(218)	(186)	(177)
Other income, net	44	29	38
Income before income taxes	1,092	854	737
Income tax expense	(267)	(213)	(172)
Net income	825	641	565
Less: Net income attributable to noncontrolling interest	(10)	(8)	(7)
Net income attributable to Wabtec shareholders	$ 815	$ 633	$ 558
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 4.54	$ 3.46	$ 2.96
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 4.53	$ 3.46	$ 2.96
Weighted average shares outstanding
Basic (in shares)	178.8	182.2	187.7
Diluted (in shares)	179.5	182.8	188.1
Product
Net sales:
Total net sales	$ 7,647	$ 6,459	$ 6,205
Cost of sales:
Total cost of sales	(5,581)	(4,791)	(4,545)
Services
Net sales:
Total net sales	2,030	1,903	1,617
Cost of sales:
Total cost of sales	$ (1,152)	$ (1,031)	$ (908)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 815	$ 633	$ 558
Foreign currency translation gain (loss)	55	(200)	(136)
Unrealized gain (loss) on derivative contracts	22	(5)	(10)
Unrealized gain on pension benefit plans and post-retirement benefit plans	0	11	21
Other comprehensive income (loss) before tax	77	(194)	(125)
Income tax expense related to components of other comprehensive loss	(6)	(1)	(2)
Other comprehensive income (loss), net of tax	71	(195)	(127)
Comprehensive income attributable to Wabtec shareholders	$ 886	$ 438	$ 431

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 825	$ 641	$ 565
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	531	479	491
Stock-based compensation expense	47	41	46
Below market intangible amortization	(54)	(53)	(50)
Deferred income taxes	(58)	36	88
Net loss (gain) on disposal of property, plant and equipment	7	3	(4)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable and unbilled accounts receivable	(195)	(52)	(76)
Inventories	(58)	(368)	(41)
Accounts payable	(58)	306	109
Accrued income taxes	1	7	(4)
Accrued liabilities and customer deposits	126	108	84
Other assets and liabilities	87	(110)	(135)
Net cash provided by operating activities	1,201	1,038	1,073
Investing Activities
Acquisitions of businesses, net of cash acquired	(308)	(89)	(435)
Purchase of property, plant and equipment	(186)	(149)	(130)
Proceeds from disposal of property, plant and equipment	2	3	25
Net cash used for investing activities	(492)	(235)	(540)
Financing Activities
Proceeds from debt, net of issuance costs	5,563	6,087	5,391
Payments of debt	(5,521)	(6,117)	(5,552)
Repurchase of stock	(409)	(473)	(300)
Cash dividends	(123)	(111)	(92)
Payment of contingent consideration on acquisitions	(112)	(101)	(99)
Distribution to noncontrolling interest	(17)	0	0
Payment of income tax withholding on share-based compensation	(16)	(7)	(7)
Other financing activities	2	14	6
Net cash used for financing activities	(633)	(708)	(653)
Effect of changes in currency exchange rates	3	(27)	(6)
Increase (decrease) in cash	79	68	(126)
Cash, cash equivalents and restricted cash, beginning of year	541	473	599
Cash, cash equivalents and restricted cash, end of year	$ 620	$ 541	$ 473

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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)				(38)
Beginning balance (in shares) at Dec. 31, 2020		226.9
Balance beginning of period at Dec. 31, 2020	$ 10,153	$ 2	$ 7,881	$ (1,010)	$ 3,589	$ (339)	$ 30
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(92)				(92)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(2)		(6)	$ 4
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.2
Stock based compensation	41		41
Net income	565				558		7
Other comprehensive (loss) income, net of tax	(127)					(127)
Stock repurchase (in shares)				(3.3)
Stock repurchase	(300)			$ (300)
Other	1						1
Ending balance (in shares) at Dec. 31, 2021		226.9
Balance end of period at Dec. 31, 2021	10,239	$ 2	7,916	$ (1,306)	4,055	(466)	38
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)				(41.1)
Cash dividends	(111)				(111)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	6		(4)	$ 10
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.4
Stock based compensation	41		41
Net income	641				633		8
Other comprehensive (loss) income, net of tax	(195)					(195)
Stock repurchase (in shares)				(5)
Stock repurchase	(473)			$ (473)
Other	$ (1)						(1)
Ending balance (in shares) at Dec. 31, 2022	181.2	226.9
Balance end of period at Dec. 31, 2022	$ 10,147	$ 2	7,953	$ (1,769)	4,577	(661)	45
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)	45.7			(45.7)
Cash dividends	$ (123)				(123)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(13)		(23)	$ 10
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.5
Stock based compensation	47		47
Net income	825				815		10
Other comprehensive (loss) income, net of tax	71					71
Stock repurchase (in shares)				(3.9)
Stock repurchase	(412)			$ (412)
Distribution to noncontrolling interest	(17)						(17)
Other	$ (1)						(1)
Ending balance (in shares) at Dec. 31, 2023	177.8	226.9
Balance end of period at Dec. 31, 2023	$ 10,524	$ 2	$ 7,977	$ (2,171)	$ 5,269	$ (590)	$ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)	49.1			(49.1)

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.68	$ 0.60	$ 0.48

BUSINESS

BUSINESS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries as well as the mining, marine and industrial markets. Our highly engineered products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world. Our 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 2023, approximately 55% of the Company’s net sales came from customers outside the United States.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries that it controls. For consolidated subsidiaries in which the Company's ownership is less than 100%, the outside shareholders' interests are shown as noncontrolling interests. These statements have been prepared in accordance with U.S. generally accepted accounting principles. Sales between subsidiaries are eliminated in consolidation. Cash Equivalents and Restricted Cash Cash equivalents are highly liquid investments purchased with an original maturity of three months or less. Restricted cash includes cash held in escrow that is restricted as to withdrawal or usage. Allowance for Doubtful Accounts The allowance for doubtful accounts receivable reflects our best estimate of expected losses inherent in our receivable portfolio determined on the basis of historical experience, relevant credit forecast information, changes to customer's solvency and other currently available evidence. The allowance for doubtful accounts was $31 million and $28 million as of December 31, 2023 and 2022, respectively. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is predominantly determined under the first-in, first-out (FIFO) method. Inventory costs include material, labor and overhead. Property, Plant and Equipment Property, plant and equipment additions are stated at cost. Expenditures for renewals and improvements are capitalized. Expenditures for ordinary maintenance and repairs are expensed as incurred. The Company computes book depreciation principally on the straight-line method. Accelerated depreciation methods are utilized for income tax purposes. Leasing Arrangements The Company conducts a portion of its operations from leased facilities and finances certain equipment purchases through lease agreements. In those cases in which the lease term approximates the useful life of the leased asset or the lease meets certain other prerequisites, the leasing arrangement is classified as a financing lease. The remaining arrangements are treated as operating leases. Right-of-use lease assets are classified as long-term assets under the caption "Other noncurrent assets" and lease liabilities are classified under the captions "Other accrued liabilities" and "Other long-term liabilities" on the Consolidated Balance Sheets. Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles with definite lives are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level and at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company will perform either a qualitative or quantitative test for goodwill, performing a quantitative test for each identified reporting unit at least every three years. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed. Equity Method Investments The Company invests in privately-held companies which are accounted for using the equity method when the Company has the ability to exercise significant influence, but not control, over the investee. Equity method investments are included in "Other noncurrent assets" on the Consolidated Balance Sheets and were $36 million and $105 million at December 31, 2023 and 2022, respectively. Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, general and administrative expenses or Engineering expense to the extent the property, plant, and equipment is used for research and development purposes. Warranty Costs Warranty costs are accrued based on management’s estimates of repair or upgrade costs per unit and historical experience. Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws. The provision for income taxes includes federal, state and foreign income taxes. Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation based on the grant date fair value recognized ratably over the requisite service period following the date of grant. Compensation expense for incentive stock units is updated as necessary if the number of units expected to vest changes based on the Company's performance. Financial Derivatives and Hedging Activities In the normal course of business, the Company is exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, the Company limits these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity swaps and options. In accordance with the Company's policy, derivatives are only used for hedging purposes. The Company does not use derivatives for trading or speculative purposes. Foreign currency forward contracts are agreements with a counterparty to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. At the delivery date, the Company can either take delivery of the currency or settle on a net basis. For further information regarding the foreign currency forward contracts see Note 17. Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of Accumulated other comprehensive loss. The effects of currency exchange rate changes on transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings. Realized gains and losses related to foreign currency exchange are recognized in Other income, net on the Consolidated Statements of Income. Noncontrolling Interests In accordance with ASC 810, the Company has classified noncontrolling interests as equity on our Consolidated Balance Sheets. Net income attributable to noncontrolling interests was not material for the years ended December 31, 2023, 2022 and 2021. Revenue Recognition The Company accounts for Revenue under ASC 606 Revenue from Contracts with Customers . This guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. All fees billed to the customer for shipping and handling are classified as a component of Net sales. All costs associated with shipping and handling are classified as a component of Cost of sales. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input method used for these agreements recognizes revenue based on our efforts to satisfy the performance obligation and includes costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. The Company may also use the output method which recognizes revenue based on direct measurements of the value transferred to the customer. Contract revenues and cost estimates are reviewed and revised periodically throughout the year and adjustments are reflected in the accounting period as such amounts are determined. Additional information with respect to contract assets and liabilities is included in Note 8. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience and future expectations. Remaining performance obligations represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations. As of December 31, 2023, the Company's remaining performance obligations were approximately $22 billion. The Company expects to recognize revenue of approximately 34% of remaining performance obligations over the next 12 months, with the remainder recognized thereafter. Revolving Receivables Program The Company utilizes a revolving facility to sell certain receivables of the Company and certain of its subsidiaries (the "Originators"). The Originators contribute receivables to our bankruptcy-remote subsidiary, which sells the receivables to a financial institution on a recurring basis in exchange for cash equal to the gross receivables sold. 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. As customers pay their balances, we transfer additional receivables into the program, which could result in our gross receivables sold being higher or lower than customer collections remitted to the financial institution for any applicable period. The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary, which holds additional receivables that are pledged as collateral under this facility. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. Neither the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements. During 2021, the Company could transfer up to $200 million of certain receivables. During 2022, the program was amended to increase the transfer limit up to $350 million of certain receivables. At December 31, 2023, and 2022 the bankruptcy-remote subsidiary held receivables of $674 million and $458 million, respectively, which are included in the Company's Consolidated Balance Sheets. The receivables held by the bankruptcy-remote subsidiary collateralize the outstanding receivables sold, which was $20 million and $80 million at December 31, 2023 and 2022, respectively. The transfers are recorded at the fair value of the proceeds received and obligations assumed less derecognized receivables. No obligation was recorded at December 31, 2023 or 2022 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 following table sets forth a summary of receivables sold: Twelve Months Ended In millions 2023 2022 2021 Gross receivables sold/cash proceeds received $2,617 $1,761 $1,319 Customer collections remitted to financial institution (2,677) (1,701) (1,372) Net cash proceeds (remitted) received $(60) $60 $(53) Pre-Production Costs Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $61 million and $64 million at December 31, 2023 and 2022, respectively which are included in Other noncurrent assets on the Consolidated Balance Sheets. Preferred Stock The Company’s authorized capital stock includes 1,000,000 shares of preferred stock. The Board of Directors has the authority to issue the preferred stock and to fix the rights and preferences, which would be superior to those of the common stock. At December 31, 2023 and 2022 there was no preferred stock issued or outstanding. Significant Customers and Concentrations of Credit Risk The Company’s trade receivables are primarily from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies, as well as companies in the mining, marine and industrial markets. No one customer accounted for more than 10% of the Company’s consolidated net sales in the periods presented. Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ materially from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition to the current requirements, the amendments specify additional information be provided about the chief operating decision maker (CODM) as well as disaggregated expense categories, to the extent that the CODM utilizes such data in deciding how to allocate resources. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of expenses, and will be effective for Wabtec's annual reporting periods beginning January 1, 2024 and interim reporting periods beginning January 1, 2025. The amendments will require increased interim and annual disclosures on current and comparable reporting periods presented in annual and interim company filings. The Company is assessing the extent of the impact of the amendments on our filings. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update require entities to disclose on an annual basis specific categories within the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require enhanced disaggregation of disclosures about income taxes paid and income tax expense, among other changes. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of income taxes and will be effective for Wabtec's annual reporting periods beginning January 1, 2025. The amendments will require increased annual disclosures on current and comparable reporting periods presented in annual and interim company filings. The Company is assessing the extent of the impact of the amendments on our filings. Accounting Standards Recently Adopted In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Obligations. The amendments in this update outline specific quantitative and qualitative disclosure requirements for entities that use supplier finance programs in connection with the purchase of goods or services. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The amendments in this update were effective for Wabtec's reporting periods beginning January 1, 2023, except for the amendment on roll forward information which will be effective for reporting periods beginning January 1, 2024. The amendments will require increased interim and annual disclosures be provided on current and comparable reporting periods presented in annual and interim company filings. The Company has entered into supply chain financing arrangements with third-party financial institutions to provide our vendors with enhanced payment options while providing the Company with added working capital flexibility. The Company does not provide any guarantees under these arrangements, does not have an economic interest in our supplier's voluntary participation, does not receive an economic benefit from the financial institutions, and no assets are pledged under the arrangements. The arrangements do not change the payable terms negotiated by the Company and our vendors, which range between net 45 and net 180 days, and does not result in a change in the classification of amounts due as Accounts payable in the Consolidated Balance Sheets. Suppliers utilized the program to accelerate receipt of payment from these financial institutions for $305 million and $296 million of the Company's outstanding Accounts payable

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS 2023 On December 22, 2023, the Company purchased the remaining ownership shares of Lokomotiv Kurastyru Zauyty (LKZ), a locomotive manufacturing and assembly company located in Kazakhstan, at which time it became a wholly owned subsidiary of the Company. Prior to this purchase, Wabtec owned 50% of LKZ as a joint venture partner and accounted for its ownership interest as an equity method investment. Total purchase price for the remaining 50% interest was $111 million. As a result of the change in ownership interest and obtaining control of LKZ, Wabtec's previously held equity interest balance was remeasured to fair value, resulting in a gain of approximately $35 million recorded to Other income, net. Upon acquisition, Wabtec ceased accounting for the investment using the equity method and recognized 100% of LKZ's identifiable assets and liabilities, and LKZ's results of operations and cash flows are fully consolidated subsequent to the acquisition date. The following table summarizes the fair value of 100% of the LKZ assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 30 Accounts receivable 6 Inventory 95 Property, plant and equipment 36 Goodwill 111 Other noncurrent assets 3 Total assets acquired 281 Liabilities assumed Current liabilities 21 Noncurrent liabilities 3 Total liabilities assumed 24 Net assets acquired $ 257 The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. These estimates are preliminary in nature and subject to adjustments, which could be material as the Company has not completed its valuation of acquired assets and liabilities. Any necessary adjustments will be finalized within one year from the date of acquisition. Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired and represents the assembled workforce and the future economic benefits of expanding our global operations 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 Equipment product line of the Freight Segment. The pro forma impact on Wabtec’s sales and results of operations, including the pro forma effect of events that are directly attributable to the acquisition, was not significant. During the second quarter of 2023, the Company acquired L&M Radiator, Inc., a leading manufacturer of heavy-duty equipment radiators and heat exchangers for the mining sector, for a purchase price of approximately $245 million. The following table summarizes the fair value of the L&M Radiator, Inc. assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 16 Accounts receivable 20 Inventory 27 Other current assets 1 Property, plant and equipment 43 Goodwill 104 Other intangible assets 89 Other noncurrent assets 1 Total assets acquired 301 Liabilities assumed Current liabilities 16 Noncurrent liabilities 40 Total liabilities assumed 56 Net assets acquired $ 245 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. Intangible assets acquired include customer relationships and acquired technology 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 are preliminary and subject to change. These estimates are preliminary in nature and subject to adjustments, which could be material as the Company has not completed its valuation of acquired assets and liabilities. Any necessary adjustments will be finalized within one year from the date of acquisition. Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired, and represents the 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 Components product line of the Freight Segment. The pro forma impact on Wabtec’s sales and results of operations, including the pro forma effect of events that are directly attributable to the acquisition, was not significant. 2022 During 2022, the Freight Segment made three strategic acquisitions for a combined purchase price of $89 million. Two of the acquisitions are reported in the Digital Intelligence product line and one is reported in the Services product line. Each of the acquisitions in 2022 are individually and collectively immaterial. 2021 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 fair value of the Nordco assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 5 Accounts receivable 23 Inventory 34 Other current assets 2 Property, plant and equipment 17 Goodwill 215 Other intangible assets 168 Other noncurrent assets 12 Total assets acquired 476 Liabilities assumed Current liabilities 20 Noncurrent liabilities 46 Total liabilities assumed 66 Net assets acquired $ 410 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. Intangible assets acquired include customer relationships and acquired technology 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.

SUPPLEMENTAL CASH FLOW DISCLOSU

SUPPLEMENTAL CASH FLOW DISCLOSURES	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW DISCLOSURES	SUPPLEMENTAL CASH FLOW DISCLOSURES Year Ended December 31, 2023 2022 2021 In millions Interest paid during the year $ 210 $ 179 $ 164 Income taxes paid during the year, net of amount refunded $ 233 $ 157 $ 123 Business acquisitions: Fair value of assets acquired $ 438 $ 128 $ 507 Liabilities assumed 82 38 68 Non-controlling interest acquired — — (1) Cash paid 356 90 440 Less: Cash acquired (48) (1) (5) Net cash paid $ 308 $ 89 $ 435 At December 31, 2023 and December 31, 2022, Wabtec had restricted cash of $5 million and $7 million, respectively, primarily from cash in escrow related to a 2022 acquisition.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventory, net of reserves, were: December 31, In millions 2023 2022 Raw materials $ 1,062 $ 878 Work-in-progress 463 515 Finished goods 759 641 Total inventories $ 2,284 $ 2,034

PROPERTY, PLANT & EQUIPMENT

PROPERTY, PLANT & EQUIPMENT	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT & EQUIPMENT	PROPERTY, PLANT & EQUIPMENT The major classes of depreciable assets are as follows: December 31, In millions 2023 2022 Machinery and equipment $ 1,600 $ 1,474 Buildings and improvements 838 783 Land and improvements 100 100 Construction in progress 137 122 Property, plant and equipment 2,675 2,479 Less: accumulated depreciation (1,190) (1,050) Property, plant and equipment, net $ 1,485 $ 1,429 The estimated useful lives of property, plant and equipment are as follows: Years Land improvements 10 to 20 Building and improvements 20 to 40 Machinery and equipment 3 to 15 Depreciation expense was $204 million, $182 million, and $198 million for 2023, 2022 and 2021, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill and indefinite lived intangible assets are reviewed annually during the fourth quarter for impairment. The Company has identified three reporting units for purposes of testing goodwill for impairment. Two reporting units exist within the Freight segment (the "Freight" and "Components" reporting units) and the Transit segment is also a reporting unit. In 2023, management elected to first assess qualitative factors to determine whether a quantitative goodwill impairment test is necessary for the Components reporting unit. During the assessment, management evaluated all relevant events and facts that may impact the fair value or carrying value of the reporting unit's goodwill and concluded that it was not more likely than not that the estimated fair values were less than the carrying values; therefore, no further analysis was required. For the Freight and Transit reporting units, management elected to proceed directly to the quantitative impairment test. The discounted cash flow method and the market approach were used to estimate the fair value of each reporting unit using a weighting of 75% and 25%, respectively. The discounted cash flow model requires several assumptions including future sales growth, EBIT (earnings before interest and taxes) margins, capital expenditures, a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the years forecasted by the reporting units) for each reporting unit. The market approach requires several assumptions including EBITDA (earnings before interest, taxes, depreciation and amortization) multiples for comparable companies that operate in the same markets as the Company’s reporting units. For 2023, the discounted cash flow method was given more weight compared to the market approach due to variables between the operations of the guideline companies used in the analysis and Wabtec's operations, such as different reporting unit sizes, growth and business characteristics. However, both valuations resulted in a conclusion that the estimated fair values of the Freight and Transit reporting units were in excess of their respective carrying value, and no impairment existed. Additionally, the Company proceeded directly to the quantitative impairment test for certain trade names with indefinite lives. For 2023, the Company's Portfolio Optimization resulted in approximately $14 million in accelerated trade name amortization expense, recorded in "Amortization expense" on the Consolidated Statements of Income. For the remaining trade names subject to the quantitative impairment test, the fair value exceeded each respective carrying value, resulting in a conclusion that no impairment existed. For 2022, the fair value of all material trade names subject to the quantitative impairment test exceeded its respective carrying value, resulting in a conclusion that no impairment existed. For trade names not subject to quantitative testing in 2023 and 2022, the Company elected to perform a qualitative impairment assessment, resulting in a conclusion that it was not more likely than not that the estimated fair values of the trade names were less than their carrying values; therefore, no further analysis was required. The assessment of qualitative factors used in determining whether it is more likely than not that the fair value of a trade name is less than its carrying amount involves significant judgments and assumptions. The judgment and assumptions include the identification of macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, Wabtec specific events, share price trends and making the assessment on whether each relevant factor will impact the impairment test positively or negatively and the magnitude of any such impact. The change in the carrying amount of goodwill by segment is as follows: In millions Freight Transit Total Balance at December 31, 2021 $ 7,073 $ 1,514 $ 8,587 Additions 35 — 35 Foreign currency impact (23) (91) (114) Balance at December 31, 2022 $ 7,085 $ 1,423 $ 8,508 Additions 215 — 215 Disposals (4) — (4) Foreign currency impact 16 45 61 Balance at December 31, 2023 $ 7,312 $ 1,468 $ 8,780 As of December 31, 2023 and 2022, the Company’s trade names had a net carrying amount of $612 million and $602 million, respectively, and the Company believes these intangibles have indefinite lives, with the exception of the right to use the GE Transportation trade name, to which the Company has an original useful life of 5 years. Intangible assets of the Company, other than goodwill and trade names, consist of the following: December 31, 2023 December 31, 2022 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog $ 1,431 $ (526) $ 905 $ 1,425 $ (415) $ 1,010 Customer relationships 1,333 (431) 902 1,274 (362) 912 Acquired technology 1,283 (497) 786 1,273 (395) 878 Total $ 4,047 $ (1,454) $ 2,593 $ 3,972 $ (1,172) $ 2,800 The remaining weighted average useful lives of backlog, customer relationships and acquired technology were 9 years, 15 years and 7 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. Amortization expense for intangible assets was $321 million, $291 million, and $287 million for the years ended December 31, 2023, 2022, and 2021, respectively. Estimated amortization expense for the five succeeding years is as follows (in millions): 2024 $ 289 2025 $ 272 2026 $ 267 2027 $ 262 2028 $ 261

CONTRACT ASSETS AND CONTRACT LI

CONTRACT ASSETS AND CONTRACT LIABILITIES	12 Months Ended
	Dec. 31, 2023
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 Sheets. Noncurrent contract assets were $154 million and $162 million at December 31, 2023 and 2022, respectively. 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 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 Sheets. Noncurrent contract liabilities were $174 million and $86 million at December 31, 2023 and 2022, respectively. These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract 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 $104 million and $98 million at December 31, 2023 and 2022, 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 following table reconciles the changes in the Company’s contract assets and liabilities as follows: Contract Assets In millions 2023 2022 Balance at beginning of year $ 706 $ 545 Recognized in current year 692 730 Reclassified to accounts receivable (723) (581) Acquisitions/adjustments (2) 28 Foreign currency impact 5 (16) Balance at end of year $ 678 $ 706 Contract Liabilities In millions 2023 2022 Balance at beginning of year $ 956 $ 824 Recognized in current year 1,380 1,067 Amounts in beginning balance reclassified to revenue (665) (410) Current year amounts reclassified to revenue (593) (528) Acquisitions 1 13 Foreign currency impact 3 (10) Balance at end of year $ 1,082 $ 956

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: December 31, Effective 2023 2022 In millions Face Book Fair Value 1 Book Fair Value 1 Restated Credit Agreement: Revolving Credit Facility 7.6 % N/A $ — $ — $ — $ — Delayed Draw Term Loan 6.8 % $ 250 250 250 — — Senior Notes: 4.375% Senior Notes, due 2023 — $ — — — 250 248 4.15% Senior Notes, due 2024 4.4 % $ 725 725 722 723 714 3.20% Senior Notes, due 2025 3.4 % $ 500 499 484 498 471 3.45% Senior Notes, due 2026 3.5 % $ 750 749 718 749 699 1.25% Senior Notes (EUR), due 2027 1.5 % € 500 547 509 529 455 4.70% Senior Notes, due 2028 4.8 % $ 1,250 1,245 1,237 1,244 1,201 Other Borrowings 54 57 9 13 Total 4,069 3,977 4,002 3,801 Less: current portion (781) (779) (251) (249) Long-term portion $ 3,288 $ 3,198 $ 3,751 $ 3,552 1. See Note 17 for information on the fair value measurement of the Company's long-term debt. Variances between Face Value and Book Value are the result of unamortized discounts and debt issuance costs as well as foreign exchange on the Euro Notes. Amortization of discounts and debt issuance fees are included in the calculation of Effective Interest Rate. The Company borrows and repays against the multi-currency Revolving Credit Facility for added flexibility in liquidity to manage cash during the operating cycle. The proceeds from borrowing and the repayments are included within the Financing Activities section of the Consolidated Statements of Cash Flows. As of December 31, 2023, the annual repayment requirements for debt obligations are as follows: In millions 2024 $ 781 2025 500 2026 750 2027 803 2028 1,250 Total $ 4,084 For those debt securities that have a premium or discount at the time of issuance, the Company amortizes the amount through interest expense based on the maturity date or the first date the holders may require the Company to repurchase the debt securities, if applicable. A premium would result in a decrease in interest expense, and a discount would result in an increase in interest expense in future periods. Additionally, the Company has debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of December 31, 2023 and 2022, the Company had total unamortized debt issuance costs and discounts of $15 million and $21 million, respectively. At December 31, 2023, the weighted average interest rate on the Company's available variable debt facilities under the Restated Credit Agreement was 6.8%. Credit Agreements Revolving Credit Agreement On June 8, 2018, the Company entered into a credit agreement ("Original Credit Agreement"), 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 $1.2 billion. On August 15, 2022, the Company entered into a new unsecured credit agreement ("Restated Credit Agreement"), which amended, restated and replaced the Original Credit Agreement. The Restated Credit Agreement is with a syndicate of lenders and provides for borrowings consisting of (i) a multi-currency revolving credit facility, providing for an equivalent in U.S. dollars of up to $1.5 billion (the “Revolving Credit Facility”) and (ii) a new $250 million delayed draw term loan facility (the “Delayed Draw Term Loan”), all pursuant to the terms and conditions of the Restated Credit Agreement (which are substantially similar with the terms of the Original Credit Agreement). The Restated Credit Agreement allows the Company to request, at prevailing market rates, an aggregate amount not to exceed $750 million, (a) increases to the borrowing commitments under the Revolving Credit Facility and/or (b) new incremental term loan commitments. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The Revolving Credit Facility matures on August 15, 2027. The Delayed Draw Term Loan is available for borrowings until February 15, 2024 and any borrowings under the Delayed Draw Term Loan will mature on August 15, 2027. Amounts borrowed and repaid under the Delayed Draw Term Loan may not be reborrowed. The applicable interest rate for borrowings under the Restated Credit Agreement includes a base rate (per the Interest Election terms of the agreement) plus an interest rate spread up to 1.75% based on the lower of the pricing corresponding to (i) the Company’s financial leverage or (ii) the Company’s public rating. Obligations under the Restated Credit Agreement have been guaranteed by certain of the Company’s subsidiaries. During the third quarter of 2023, the Company borrowed the full $250 million of availability from the Delayed Draw Term Loan and utilized the proceeds to redeem the 4.375% Senior Notes, due 2023. The borrowing rate for the Delayed Draw Term Loan is a variable rate reassessed periodically in accordance with the terms of the Restated Credit Agreement. Under the Restated Credit Agreement, the Company has agreed to maintain an Interest Coverage Ratio of at least 3.0 to 1.0, and a Leverage Ratio not to exceed 3.5 to 1.0. The Interest Coverage Ratio is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization) to Interest Expense for the four quarters then ended. The Leverage Ratio is defined as Net Debt as of the last day of such fiscal quarter to EBITDA for the four quarters then ended. Additionally, the Company may submit a request for an increased maximum Leverage Ratio in contemplation of a Material Acquisition. All terms are as defined in the Restated Credit Agreement. The Company was in compliance with all financial covenants in the Restated Credit Agreement as of December 31, 2023. The following table presents availability under the Restated Credit Agreement as of December 31, 2023: In millions Revolving Credit Facility Delayed Draw Term Loan Total Maximum Availability $ 1,500 $ 250 $ 1,750 Outstanding Borrowings — (250) (250) Current Availability $ 1,500 $ — $ 1,500 364-Day Facility During 2021 the Company utilized a $600 million 364 day credit facility ("364 Day Facility") with a group of banks which included a $144 million revolving credit facility and a $456 million term loan. 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 Company'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 senior to all existing and future subordinated indebtedness of the Company. Beginning September 15, 2023, the effective interest rates for the 2024 Notes and the 2028 Notes were each reduced by 0.25% due to a favorable change in Wabtec's corporate credit rating and the rating of the aforementioned notes. During the second quarter of 2022, the Company redeemed $25 million of principal from the 2024 Notes plus a premium and the related accrued interest. On June 3, 2021, Wabtec Transportation Netherlands B.V. ("Wabtec Netherlands") issued €500 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 million of deferred financing costs related to the issuance of the Euro Notes for total net proceeds of approximately $599 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 unconditionally guaranteed, jointly and severally, on an unsecured basis by each of the Company's subsidiaries that is a guarantor under the Restated Credit Agreement. The Euro Notes were issued by Wabtec Netherlands and are fully and unconditionally guaranteed by the Company. The Company is in compliance with the restrictions and covenants in the indentures under which the Senior Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities. Cash Pooling Wabtec aggregates the Company's domestic cash position on a daily basis. Outside the United States, the Company uses cash pooling arrangements with banks to help manage our liquidity requirements. In these pooling arrangements, Wabtec subsidiary “Participants” agree with a single bank that the cash balances of any of the pool Participants with the bank will be subject to a full right of set-off against amounts other Participants owe the bank, and the bank provides for overdrafts as long as the net overdraft balance for all Participants does not exceed an agreed-upon level. Typically, each Participant pays interest on outstanding overdrafts and receives interest on cash balances. The Company's Consolidated Balance Sheets reflect cash, net of bank overdrafts, under all pooling arrangements. Letters of Credit and Bank Guarantees

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plans The Company sponsors defined benefit pension plans that cover certain U.S. and international employees, primarily in the United Kingdom, Canada and Germany, which provide benefits of stated amounts for each year of service of the employee. The Company uses a December 31 measurement date for the plans. The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components. Obligations and Funded Status U.S. International In millions 2023 2022 2023 2022 Change in projected benefit obligation Obligation at beginning of year $ (29) $ (39) $ (236) $ (356) Service cost — — (3) (3) Interest cost (2) (1) (11) (6) Employee contributions — — (1) (1) Plan settlements, curtailments and amendments 1 — 1 1 Benefits paid 4 3 14 15 Acquisition (29) — — — Actuarial (loss) gain — 8 (5) 86 Effect of currency rate changes — — (10) 28 Obligation at end of year $ (55) $ (29) $ (251) $ (236) Change in plan assets Fair value of plan assets at beginning of year $ 31 $ 40 $ 201 $ 307 Actual return on plan assets 2 (6) 10 (72) Employer contributions — — 6 6 Employee contributions — — 1 1 Benefits paid (4) (3) (14) (15) Settlements and other — — (1) (1) Acquisition 26 — — — Effect of currency rate changes — — 8 (25) Fair value of plan assets at end of year $ 55 $ 31 $ 211 $ 201 Funded status Fair value of plan assets $ 55 $ 31 $ 211 $ 201 Benefit obligations (55) (29) (251) (236) Funded status $ — $ 2 $ (40) $ (35) Amounts recognized in the statement of financial position consist of: Noncurrent assets $ — $ 2 $ 13 $ 13 Current liabilities — — (2) (2) Noncurrent liabilities — — (51) (46) Net amount recognized $ — $ 2 $ (40) $ (35) Amounts recognized in Accumulated other comprehensive loss, before tax at December 31, consist of: Prior service cost — — (1) (1) Net actuarial loss (14) (14) (64) (59) Net amount recognized $ (14) $ (14) $ (65) $ (60) The aggregate accumulated benefit obligation for the U.S. pension plans was $55 million and $28 million as of December 31, 2023 and 2022, respectively. The aggregate accumulated benefit obligation for the international pension plans was $241 million and $227 million as of December 31, 2023 and 2022, respectively. International In millions 2023 2022 Information for pension plans with accumulated benefit obligations in excess of Plan assets: Projected benefit obligation $ (185) $ (175) Accumulated benefit obligation (178) (169) Fair value of plan assets 133 129 Information for pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ (194) $ (180) Accumulated benefit obligation (185) (172) Fair value of plan assets 141 133 Components of Net Periodic Benefit Costs U.S. International In millions 2023 2022 2021 2023 2022 2021 Service cost $ — $ — $ — $ 3 $ 3 $ 4 Interest cost 2 1 1 11 6 4 Expected return on plan assets (2) (1) (1) (10) (12) (13) Amortization of net loss — 1 1 3 2 4 Settlement and curtailment (gains) losses recognized (1) — — — (1) 1 Net periodic benefit (income) cost $ (1) $ 1 $ 1 $ 7 $ (2) $ — Interest cost is recorded in Interest expense, net on the Consolidated Statements of Income. Expected return on plan assets, Amortization of net loss, and Settlement and curtailment losses recognized are recorded within Other income, net on the Consolidated Statements of Income. Service cost is considered a component of employee compensation and is recorded within Cost of sales or Selling, general and administrative expenses depending on the plan participants relative job function. Amounts recognized in Other comprehensive income during 2023 for other changes in plan assets and benefit obligations are not material. The amounts of net actuarial loss and prior service cost included in Other comprehensive loss expected to be recognized as components of periodic benefit costs in 2024 are not material. The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed. U.S. International 2023 2022 2021 2023 2022 2021 Discount rate 5.25 % 5.58 % 2.87 % 4.38 % 4.77 % 1.97 % Expected return on plan assets 3.80 % 3.80 % 5.00 % 5.09 % 4.25 % 4.27 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.88 % 2.78 % 2.70 % The discount rate is based on settling the pension obligation with high grade, high yield corporate bonds, and the rate of compensation increase is based on actual experience. The expected return on plan assets is based on historical performance as well as expected future rates of return on plan assets considering the current investment portfolio mix and the long-term investment strategy. Pension Plan Assets The Company has established formal investment policies for the assets associated with our pension plans. Objectives include maximizing long-term return at acceptable risk levels and diversifying among asset classes. Asset allocation targets are based on periodic asset liability study results which help determine the appropriate investment strategies. The investment policies permit variances from the targets within certain parameters. The plan assets consist primarily of equity security funds, debt security funds, insurance contracts, and cash and cash equivalent investments. The assets held in these funds are generally actively managed and are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. (See Note 17). Plan assets by asset category at December 31, 2023 and 2022 are as follows: U.S. International In millions 2023 2022 2023 2022 Pension Plan Assets Equity security funds $ 3 $ 4 $ 56 $ 44 Debt security funds 35 25 129 131 Insurance contracts — — 12 11 Cash and cash equivalents and other 17 2 14 15 Fair value of plan assets $ 55 $ 31 $ 211 $ 201 The U.S. plan has a target asset allocation of 11% equity securities, 88% debt securities and 1% in other investments. The International plan has a target asset allocation of 10% equity securities, 15% debt securities and 75% in other investments. Investment policies are determined by the respective Plan’s Pension Committee and set forth in its Investment Policy. Rebalancing of the asset allocation occurs on a quarterly basis. The Company’s defined benefit pension plan assets consist primarily of equity security funds, debt security funds, insurance contracts, 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 following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): December 31, 2023 In millions NAV Level 1 Level 2 Level 3 Total US: Equity $ — $ 3 $ — $ — $ 3 Debt Securities — 5 30 — 35 Cash and cash equivalents — 17 — — 17 International: Equity 6 14 36 — 56 Debt Securities — 3 126 — 129 Insurance Contracts — — 4 8 12 Cash and cash equivalents and other — 6 8 — 14 Total $ 6 $ 48 $ 204 $ 8 $ 266 December 31, 2022 In millions NAV Level 1 Level 2 Level 3 Total US: Equity $ — $ 4 $ — $ — $ 4 Debt Securities — 5 20 — 25 Cash and cash equivalents — 2 — — 2 International: Equity 5 13 26 — 44 Debt Securities — 4 127 — 131 Insurance Contracts — — 3 8 11 Cash and cash equivalents and other — 4 11 — 15 Total $ 5 $ 32 $ 187 $ 8 $ 232 There were no material changes to the Level 3 assets during 2023 and 2022. Cash Flows The Company’s funding methods are based on governmental requirements and differ from those methods used to recognize pension expense. The Company expects to contribute $2 million to certain international pension plans and does not expect to make a contribution to the U.S. pension plan during 2024. Benefit payments expected to be paid to plan participants are as follows: In millions U.S. International Year ended December 31, 2024 $ 4 $ 15 2025 $ 4 $ 15 2026 $ 4 $ 15 2027 $ 4 $ 16 2028 $ 4 $ 17 2029 through 2033 $ 21 $ 91 Defined Contribution Plans The Company participates in certain defined contribution plans. Costs of approximately $60 million were recognized during 2023 and $55 million was recognized during 2022 and 2021, respectively. The 401(k) savings plan is a participant directed defined contribution plan that holds shares of the Company’s stock as one of the investment options. At December 31, 2023 and 2022, the plan held on behalf of its participants approximately 355,000 shares with a market value of $45 million, and approximately 371,000 shares with a market value of $37 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is responsible for filing consolidated U.S. federal, foreign and combined, unitary or separate state income tax returns. The Company is responsible for paying the taxes relating to such returns, including any subsequent adjustments resulting from the redetermination of such tax liabilities by the applicable taxing authorities. The components of the income before income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below: For the year ended In millions 2023 2022 2021 Domestic $ 506 $ 372 $ 253 Foreign 586 482 484 Income before income taxes $ 1,092 $ 854 $ 737 The consolidated provision for income taxes included in the Consolidated Statements of Income consisted of the following: For the year ended In millions 2023 2022 2021 Current tax expense (benefit) Federal $ 148 $ 37 $ (81) State 29 3 27 Foreign 148 137 138 325 177 84 Deferred tax (benefit) expense Federal (50) 29 87 State 1 — 10 Foreign (9) 7 (9) (58) 36 88 Total provision $ 267 $ 213 $ 172 A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below: For the year ended In millions 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 1.5 2.0 0.3 Foreign 2.0 3.8 3.3 Research and development credit (0.6) (0.8) (0.8) Non-taxable gain on acquisition (0.8) — — U.S. net operating loss carryback — — (3.4) Changes in valuation allowances 1.0 (2.0) 3.0 U.S. tax reform provision 0.6 0.1 0.7 Other, net (0.2) 0.9 (0.9) Effective rate 24.5 % 25.0 % 23.2 % The decrease in effective tax rate from 2022 to 2023 was primarily due to a change in mix of foreign earnings, changes in valuation allowances, and the non-taxable gain generated on the acquisition of LKZ. The increase in effective tax rate from 2021 to 2022 was primarily due to the absence of benefit from amended federal and state income tax returns that were filed in 2021 and higher foreign taxes, partially offset by the change in valuation allowance. On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law. This act includes a new book minimum tax on certain large corporations and an excise tax on corporate stock buybacks among other provisions. At this time, the Company does not believe the act will have a material impact on our consolidated financial position, results of operations, or cash flows. Components of deferred tax assets and liabilities were as follows: December 31, In millions 2023 2022 Deferred income tax assets: Accrued expenses and reserves $ 50 $ 39 Warranty reserve 49 49 Deferred compensation/employee benefits 77 61 Right-of-use assets 78 74 Pension and postretirement obligations 16 19 Inventory 49 49 Deferred revenue 84 52 Net operating loss carry forwards 124 102 Other 51 37 Gross deferred income tax assets 578 482 Less: Valuation allowance (58) (46) Total deferred income tax assets 520 436 Deferred income tax liabilities: Property, plant & equipment 64 78 Right-of-use liabilities 75 72 Intangible assets 610 542 Total deferred income tax liabilities 749 692 Net deferred income tax liability $ 229 $ 256 A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2023, the valuation allowance for certain deferred tax asset carryforwards was $58 million, primarily in the United States, South Africa, China, the Netherlands, and Denmark. The increase in valuation allowances in 2023 is primarily related to state net operating loss carry-forwards that are not expected to be realized. The Company has net operating loss carry-forwards in the amount of $430 million, of which $228 million are indefinite lived, $90 million expire within ten years and $112 million expire in various periods between December 31, 2034 to December 31, 2043. As of December 31, 2023, the liability for income taxes associated with unrecognized tax benefits was $40 million, of which $27 million, if recognized, would favorably affect the Company’s effective income tax rate. As of December 31, 2022, the liability for income taxes associated with unrecognized tax benefits was $33 million, of which $20 million, if recognized, would favorably affect the Company’s effective income tax rate. A reconciliation of the beginning and ending amount of the gross liability for income taxes associated with unrecognized tax benefits follows: In millions 2023 2022 2021 Balance at beginning of year $ 33 $ 32 $ 16 Unrecognized tax benefits in prior periods 13 1 19 Audit settlement during year (5) — (1) Expiration of audit statute of limitations (1) — (2) Balance at end of year $ 40 $ 33 $ 32 The Company includes interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2023 and 2022, the total interest and penalties accrued was approximately $13 million and $5 million, respectively. An audit of Company’s U.S. federal income tax returns for years 2017-2019 is ongoing and select state and non-U.S. income tax audits are also underway. With limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2018. At this time, the Company believes that it is reasonably possible that unrecognized tax benefits of approximately $17 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
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: For the Year Ended In millions, except per share data 2023 2022 2021 Numerator Net income attributable to Wabtec shareholders $ 815 $ 633 $ 558 Denominator Weighted average shares outstanding - basic 178.8 182.2 187.7 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.7 0.6 0.4 Weighted average shares outstanding - diluted 179.5 182.8 188.1 Net income attributable to Wabtec shareholders per common share Basic $ 4.54 $ 3.46 $ 2.96 Diluted $ 4.53 $ 3.46 $ 2.96

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION PLANS	STOCK-BASED COMPENSATION PLANS As of December 31, 2023, the Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock units as governed by the 2011 Stock Incentive Compensation Plan, as amended and restated (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a term through May 10, 2027, and as of December 31, 2023, the number of shares available for future grants under the 2011 Plan was approximately 4.9 million shares. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”). The Directors Plan, as amended, authorizes a total of 1,100,000 shares of Common Stock to be issued. Under the Directors Plan, options issued become exercisable over a three-year vesting period and expire ten years from the date of grant, and restricted stock issued under the plan vests one year from the date of grant. The amount of restricted stock issued to non-employee directors as compensation for directors’ fees was as follows: 14,856 shares for 2023; 14,269 shares for 2022; and 18,142 shares for 2021. The total number of shares issued under the Directors Plan as of December 31, 2023 was approximately 1.0 million shares. Stock-based compensation expense for all of the plans was $59 million, $49 million and $46 million for the years ended December 31, 2023, 2022 and 2021, respectively. Associated tax benefits related to the stock-based compensation plans for the years ended December 31, 2023, 2022 and 2021 were not material. Included in the stock-based compensation expense for 2023 above is $23 million of expense related to non-vested restricted stock, $22 million of expense related to incentive stock units, $12 million related to restricted stock units, $1 million related to stock options, and $1 million related to units issued for Directors’ fees. The restricted stock units are liability-classified equity awards as they can be settled in cash. At December 31, 2023, unamortized compensation expense related to those stock options, non-vested restricted shares and incentive stock units expected to vest totaled $52 million and will be recognized over a weighted period of 1.4 years. Stock Options Stock options are granted to eligible employees and directors at fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Under the 2011 Plan and the 2000 Plan, options become exercisable over a three year vesting period and expire 10 years from the date of grant. The following table summarizes the Company’s stock option activity and related information for the years ended December 31. There were no stock options granted during the years ended December 31, 2023 or 2022. Options Weighted Weighted Average Aggregate Outstanding at December 31, 2020 552,669 $ 69.82 6.1 $ 4 Granted 126,794 $ 81.21 Exercised (113,728) $ 50.38 Canceled (33,820) $ 73.53 Outstanding at December 31, 2021 531,915 $ 75.40 6.5 $ 9 Exercised (116,590) $ 68.57 Canceled (15,387) $ 77.10 Outstanding at December 31, 2022 399,938 $ 77.32 5.9 $ 11 Exercised (87,035) $ 74.49 Canceled (3,078) $ 79.04 Outstanding at December 31, 2023 309,825 $ 78.41 5.3 $ 15 Exercisable at December 31, 2023 275,198 $ 78.06 5.3 $ 13 Options outstanding at December 31, 2023 were as follows: Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price of Options Outstanding Weighted Average Remaining Contractual Life Number of Options Currently Exercisable Weighted Average Exercise Price of Options Currently Exercisable 50.00 - 65.00 27,595 $ 61.51 2.9 27,595 $ 61.51 65.00 - 80.00 131,568 $ 75.03 5.6 131,568 $ 75.03 Over 80.00 150,662 $ 84.46 5.5 116,035 $ 85.43 309,825 $ 78.41 5.3 275,198 $ 78.06 Restricted Stock and Incentive Stock As provided for under the 2011 and 2000 Plans, eligible employees are granted restricted stock that generally vests over three years from the date of grant. Under the Directors Plan, restricted stock awards vest one year from the date of grant. In addition, the Company has issued incentive stock units to eligible employees that vest upon attainment of certain cumulative three-year performance goals, including a Relative Total Stockholder Return (RTSR) modifier. The RTSR can modify the payment up or down by 10%. Significant judgments and estimates are used in determining the estimated three-year performance, which is then used to estimate the total shares expected to vest over the three year vesting cycle and corresponding expense based on the grant date fair value of the award. When determining the estimated three-year performance, the Company utilizes a combination of historical actual results, budgeted results and forecasts. Upon the initial grant of a performance cycle, the Company estimates the three-year performance at 100%. Quarterly, the Company reviews and updates performance estimates based on actual performance results and current projections. Based on the Company’s performance for each three year period then ended, the incentive stock units can vest and be awarded ranging from 0% to 200% of the initial incentive stock units granted. The incentive stock units included in the table below represent the number of shares that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of December 31, 2023, the Company estimates that it will achieve 145%, 139% and 116% for the incentive stock awards expected to vest, inclusive of the RTSR modifier, based on the estimated performance for the three year periods ending December 31, 2023, 2024, and 2025, respectively, and has recorded incentive compensation expense accordingly. If estimates of the number of these stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period. Compensation expense for the non-vested restricted stock and incentive stock units is based on the closing price of the Company’s common stock on the date of grant and recognized over the applicable vesting period. Expense for incentive stock units is updated as necessary based on the Company's performance. The following table summarizes the restricted stock and incentive stock units activity and related information for the years ended December 31: Restricted Incentive Weighted Outstanding at December 31, 2020 656,006 270,645 $ 73.80 Granted 235,902 241,467 $ 81.64 Vested (350,955) (37,672) $ 71.82 Adjustment for incentive stock awards expected to vest — 180,767 $ 76.26 Canceled (33,255) (48,106) $ 76.24 Outstanding at December 31, 2021 507,698 607,101 $ 78.06 Granted 460,841 176,657 $ 91.19 Vested (234,597) (43,039) $ 75.14 Adjustment for incentive stock awards expected to vest — 45,301 $ 84.55 Canceled (44,522) (41,176) $ 76.84 Outstanding at December 31, 2022 689,420 744,844 $ 84.73 Granted 368,209 192,751 $ 104.70 Vested (262,339) (265,678) $ 81.00 Adjustment for incentive stock awards expected to vest — 31,011 $ 88.02 Canceled (34,721) (10,196) $ 93.44 Outstanding at December 31, 2023 760,569 692,732 $ 93.65

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	ACCUMULATED OTHER COMPREHENSIVE LOSS Comprehensive income (loss) comprises both net income and the Other Comprehensive income (loss) resulting from 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 years ended December 31, 2023, 2022, and 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2020 $ (260) $ 3 $ (82) $ (339) Other comprehensive (loss) income before reclassifications (136) (8) 13 (131) Amounts reclassified from Accumulated other comprehensive loss — — 4 4 Other comprehensive (loss) income, net (136) (8) 17 (127) Balance at December 31, 2021 $ (396) $ (5) $ (65) $ (466) Other comprehensive (loss) income before reclassifications (200) (4) 7 (197) Amounts reclassified from Accumulated other comprehensive loss — — 2 2 Other comprehensive (loss) income, net (200) (4) 9 (195) Balance at December 31, 2022 $ (596) $ (9) $ (56) $ (661) Other comprehensive income (loss) before reclassifications 55 16 (2) 69 Amounts reclassified from Accumulated other comprehensive loss — — 2 2 Other comprehensive income, net 55 16 — 71 Balance at December 31, 2023 $ (541) $ 7 $ (56) $ (590) Amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income, net" with the tax impact recognized in "Income tax expense" on the Consolidated Statements of Income.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company leases certain property, buildings and equipment. 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. Operating lease expense for the years ended December 31, 2023, 2022, and 2021 was $64 million, $60 million, and $59 million, respectively. During 2023 and 2022, new operating leases of $37 million and $80 million, respectively, were added during the year. 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. Wabtec does not have material financing leases, short-term or variable leases or sublease income. Scheduled payments of operating lease liabilities are as follows: In millions Operating Leases 2024 $ 61 2025 54 2026 48 2027 37 2028 27 Thereafter 114 Total lease payments 341 Less: Present value discount (28) Present value lease liabilities $ 313 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 7.8 8.3 Weighted-average discount rate 2.4 % 2.3 %

WARRANTIES

WARRANTIES	12 Months Ended
	Dec. 31, 2023
Product Warranties Disclosures [Abstract]
WARRANTIES	WARRANTIES The following table reconciles the changes in the Company’s product warranty reserve as follows: In millions 2023 2022 Balance at beginning of year $ 242 $ 259 Warranty expense 95 79 Warranty claim payments (93) (91) Acquisitions — 3 Foreign currency impact/other 4 (8) Balance at end of year $ 248 $ 242

FAIR VALUE MEASUREMENT AND DERI

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	FAIR VALUE MEASUREMENT AND DERIVATIVE 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 Company’s cash, cash equivalents and restricted cash 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, cash equivalents and restricted cash approximated the carrying value at December 31, 2023 and 2022. 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. At December 31, 2023 and 2022, $42 million and $105 million, respectively, were classified as "Other accrued liabilities" and at December 31, 2022, $47 million was included within long-term liabilities shown as "Contingent consideration" on the Company's Consolidated Balance Sheets. The fair value approximates the carrying value at December 31, 2023 and 2022. Hedging Activities In the normal course of business, the Company is exposed to market risks related to interest rates, commodity prices and foreign currency exchange rate fluctuations, which may adversely affect our operating results and financial position. At times, we limit these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity swaps and options. These hedging 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. In accordance with our policy, derivatives are only used for hedging purposes. We do not use derivatives for trading or speculative purposes. Foreign Currency Exchange Risk The Company uses forward contracts to hedge forecasted foreign currency denominated sales of finished goods and future settlement of foreign currency denominated assets and liabilities. Derivatives used to hedge firm commitments relevant to sales and purchases and forecasted transactions to be realized with high probability 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. For the years ended December 31, 2023, 2022 and 2021, the amounts reclassified into income were not material. The Company has also established balance sheet risk management and net investment hedging programs to protect its balance sheet against foreign currency exchange rate volatility. We conduct our business worldwide in U.S. dollars and the functional currencies of our foreign subsidiaries, including euro, Indian rupee, British pound sterling, Australian dollars and several other foreign currencies. Changes in these foreign currency exchange rates could have a material adverse impact on our financial results that are reported in U.S. dollars. We are also exposed to foreign currency exchange rate risk related to our foreign subsidiaries, including intercompany loans denominated in non-functional currencies. We hedge these exposures using foreign currency swap contracts and cross-currency swaps to offset the potential income statement effects on intercompany loans denominated in non-functional currencies. These programs reduce but do not eliminate foreign currency exchange rate risk entirely. The Company enters into certain derivative contracts in accordance with its risk management strategy that do not meet the criteria for hedge accounting, but which have the impact of largely mitigating foreign currency exposure. These foreign exchange contracts are accounted for on a full mark-to-market basis through earnings, with gains and losses recorded as a component of Other income, net. The net gains and losses related to these contracts were not material for the years ended December 31, 2023, 2022 and 2021. These contracts typically mature within one year. Interest Rate Risk The Company may use interest rate hedge contracts on certain investing and borrowing transactions to manage its net exposure to interest rate changes and to manage its overall cost of borrowing. Accordingly, the Company has entered into interest rate hedges to manage interest rate risk for a portion of future expected debt transactions. 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 years ended December 31, 2023, 2022 and 2021, the amounts reclassified into income were not material. Commodity Price Risk The Company may use commodity forward swaps to manage its exposure to commodity price changes and to reduce its overall cost of manufacturing. For the years ended December 31, 2023, 2022 and 2021, the amounts reclassified into income were not material. The following table summarizes the assets, liabilities, gross notional amounts, fair values, and fair value hierarchy classification of the designated and non-designated hedges discussed in the above sections as of December 31, 2023, which are included in Other current assets and liabilities on the Consolidated Balance Sheets: Fair Value Gross Notional Amount In millions Level Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets 2 $ 6 $ 3 $ 319 $ 110 Other current liabilities 2 (12) (3) 655 200 Interest Rate Contracts Other current assets 2 10 — 250 — Total $ 4 $ — $ 1,224 $ 310 The following table summarizes the assets, liabilities, gross notional amounts, fair values, and fair value hierarchy classification of the designated and non-designated hedges discussed in the above sections as of December 31, 2022, which are included in other current assets and liabilities on the Consolidated Balance Sheets: Fair Value Gross Notional Amount In millions Level Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets 2 $ 8 $ 3 $ 278 $ 156 Other current liabilities 2 (11) (3) 769 152 Total $ (3) $ — $ 1,047 $ 308

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. The Company believes its operations currently comply in all material respects with all of the various environmental laws and regulations applicable to our business; however, there can be no assurance that environmental requirements will not change in the future or that we will not incur significant costs to comply with such requirements. 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. The vast majority of the claims are submitted to insurance carriers for defense and indemnity, or to non-affiliated companies that retain the liabilities for the asbestos-containing products at issue. We cannot, however, assure that all of these claims will be fully covered by insurance, or that the indemnitors or insurers will remain financially viable. Our ultimate legal and financial liability with respect to these claims, as is the case with other pending litigation, cannot be estimated. A limited number of claims are not covered by insurance, nor are they subject to indemnity from non-affiliated parties. Management believes that the costs of the Company’s asbestos-related cases will not be material to the Company’s overall financial position, results of operations and cash flows. During the third quarter of 2023, a competitor of the Company, Progress Rail (“Progress”), which is a Caterpillar Inc. company, sued the Company in the U.S. District Court for the District of Delaware asserting antitrust, breach of contract, unfair competition law, and misrepresentation claims. The complaint challenges the Wabtec-GE Transportation merger and contends that since the merger, Wabtec has unlawfully monopolized the markets for long-haul freight locomotives, Tier IV long-haul freight locomotives, and energy management systems by, among other things, failing to ensure that Progress’ products are interoperable with Wabtec’s locomotives and cab electronics. The case is currently at an early stage. Progress seeks an order requiring Wabtec to divest GE Transportation, unspecified treble damages for its alleged lost profits from reduced sales of locomotive and cab systems, and attorneys’ fees and costs. It also asks the court to enjoin Wabtec from engaging in the conduct and require the Company to comply with its agreements with Progress. Wabtec intends to vigorously defend itself against this lawsuit and believes that it has meritorious defenses to the claims asserted by Progress. 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 $37 million through July 31, 2017 and were 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 claim notices or alleged damages 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 claim against RTD proceeded to trial on September 21, 2020. On February 10, 2023, the court issued a decision in favor of RTD, denying DTC's damages claim. DTC has filed a Notice of Appeal. From time to time the Company is involved in litigation relating to claims arising out of its operations in the ordinary course of business. As of the date hereof, the Company is involved in no litigation that the Company believes will have a material adverse effect on its financial condition, results of operations or liquidity.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has two reportable segments—the Freight Segment and the Transit Segment. The key factors used to identify these reportable segments are the organization and alignment of the Company’s internal operations, the nature of the products and services and customer type. The Company’s business segments are: Freight Segment builds, rebuilds, upgrades, and overhauls locomotives, services locomotives and freight cars, and provides a range of component and digital solutions for customers in the freight and transit rail, mining, and marine industries. It also manufactures and services components for new and existing freight cars and locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, maintenance of way, and provides heat exchange and cooling systems for locomotives and power generation equipment. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities, and also serves companies in the mining, marine, and industrial markets. We refer to sales of both goods, such as spare parts and equipment upgrades, and related services, such as monitoring, maintenance and repairs, as sales in our Services product line. Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses. It also refurbishes subway cars and provides heating, ventilation, and air conditioning equipment and doors for buses and 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. Segment financial information for 2023 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 6,962 $ 2,715 $ — $ 9,677 Intersegment sales/(elimination) 60 41 (101) — Total sales $ 7,022 $ 2,756 $ (101) $ 9,677 Income (loss) from operations $ 1,071 $ 289 $ (94) $ 1,266 Interest expense and other, net — — (174) (174) Income (loss) before income taxes $ 1,071 $ 289 $ (268) $ 1,092 Depreciation and amortization $ 443 $ 71 $ 17 $ 531 Capital expenditures $ 120 $ 57 $ 9 $ 186 Segment assets $ 24,674 $ 5,099 $ (10,785) $ 18,988 Segment financial information for 2022 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 6,012 $ 2,350 $ — $ 8,362 Intersegment sales/(elimination) 51 31 (82) — Total sales $ 6,063 $ 2,381 $ (82) $ 8,362 Income (loss) from operations $ 864 $ 231 $ (84) $ 1,011 Interest expense and other, net — — (157) (157) Income (loss) before income taxes $ 864 $ 231 $ (241) $ 854 Depreciation and amortization $ 399 $ 60 $ 20 $ 479 Capital expenditures $ 87 $ 54 $ 8 $ 149 Segment assets $ 21,118 $ 5,116 $ (7,718) $ 18,516 Segment financial information for 2021 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 5,239 $ 2,583 $ — $ 7,822 Intersegment sales/(elimination) 48 33 (81) — Total sales $ 5,287 $ 2,616 $ (81) $ 7,822 Income (loss) from operations $ 717 $ 238 $ (79) $ 876 Interest expense and other, net — — (139) (139) Income (loss) before income taxes $ 717 $ 238 $ (218) $ 737 Depreciation and amortization $ 405 $ 70 $ 16 $ 491 Capital expenditures $ 79 $ 48 $ 3 $ 130 The following geographic area data as of and for the years ended December 31, 2023, 2022 and 2021, respectively, includes net sales based on product shipment destination and long-lived assets, which consist of property, plant and equipment, net of depreciation, resident in their respective countries: Net Sales Long-Lived Assets In millions 2023 2022 2021 2023 2022 United States $ 4,553 $ 3,734 $ 3,321 $ 948 $ 956 Canada 531 454 462 7 5 Mexico 347 287 220 23 21 North America 5,431 4,475 4,003 978 982 South America 346 336 301 47 37 Germany 347 339 383 54 59 France 346 273 286 58 52 United Kingdom 248 213 300 44 40 Italy 183 163 196 37 33 Other Europe 520 458 515 60 52 Europe 1,644 1,446 1,680 253 236 India 593 531 531 122 131 Australia / New Zealand 451 465 386 15 8 China 286 244 228 28 29 Kazakhstan / Russia / CIS 457 399 412 39 3 Other Asia / Middle East 240 183 177 — — Egypt 120 164 32 — — Other Africa 109 119 72 3 3 Total $ 9,677 $ 8,362 $ 7,822 $ 1,485 $ 1,429 Net sales to external customers by product line are as follows: In millions 2023 2022 2021 Freight Segment: Services $ 3,262 $ 2,819 $ 2,430 Equipment 1,770 1,528 1,302 Components 1,157 936 867 Digital Intelligence 773 729 640 Total Freight Segment sales $ 6,962 $ 6,012 $ 5,239 Transit Segment: Original Equipment Manufacturer $ 1,235 $ 1,095 $ 1,193 Aftermarket 1,480 1,255 1,390 Total Transit Segment sales $ 2,715 $ 2,350 $ 2,583

OTHER INCOME, NET

OTHER INCOME, NET	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
OTHER INCOME, NET	OTHER INCOME, NET The components of Other income, net are as follows: For the year ended December 31, In millions 2023 2022 2021 Foreign currency (loss) gain $ (20) $ 6 $ 8 Equity income 25 17 20 Expected return on pension assets/amortization 7 7 9 Other miscellaneous income (expense) 32 (1) 1 Total Other income, net $ 44 $ 29 $ 38 As a result of the change in ownership interest and obtaining control of LKZ, Wabtec's previously held equity interest balance was remeasured to fair value, resulting in a gain of approximately $35 million recorded to Other income, net and is included in Other miscellaneous income (expense) above. See Note 3 for additional information.

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING During the first quarter of 2022, Wabtec announced a three-year strategic initiative (“Integration 2.0”) to review and consolidate our operating footprint, reduce headcount, streamline the end-to-end manufacturing process, restructure the North America distribution channels, expand operations in low-cost countries, and simplify the business through systems enablement. Through this initiative, Management will also evaluate additional capital investments to further simplify and streamline the business. The Company anticipates that it will incur one-time charges related to Integration 2.0 of approximately $135 million to $165 million. A summary of restructuring charges related to the Integration 2.0 initiative is as follows: For the year ended In millions 2023 2022 Freight Segment: Cost of goods sold $ 4 $ 13 Selling, general and administrative expenses 5 1 Total Freight Segment $ 9 $ 14 Transit Segment: Cost of goods sold $ 25 $ 26 Selling, general and administrative expenses 13 6 Amortization expense 2 — Total Transit Segment $ 40 $ 32 Total Integration 2.0 restructuring charges $ 49 $ 46 Total charges related to Integration 2.0 to date are approximately $118 million which includes amounts recorded in the fourth quarter 2021 for similar actions in Europe. Cash payments made during 2023 were approximately $39 million, primarily for employee related costs. Cash payments made during 2022 were not material.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION VALUATION AND QUALIFYING ACCOUNTS For each of the three years ended December 31 In millions Balance at Charged to Charged/ (credited) to Deductions Balance 2023 Allowance for doubtful accounts $ 28 $ 8 $ — $ (5) $ 31 Valuation allowance-taxes $ 46 $ 12 $ — $ — $ 58 2022 Allowance for doubtful accounts $ 32 $ 4 $ (1) $ (7) $ 28 Valuation allowance-taxes $ 64 $ — $ — $ (18) $ 46 2021 Allowance for doubtful accounts $ 37 $ 3 $ (1) $ (7) $ 32 Valuation allowance-taxes $ 42 $ 22 $ — $ — $ 64 (1) Impact of fluctuations in foreign currency exchange rates. (2)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to Wabtec shareholders	$ 815	$ 633	$ 558

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries that it controls. For consolidated subsidiaries in which the Company's ownership is less than 100%, the outside shareholders' interests are shown as noncontrolling interests. These statements have been prepared in accordance with U.S. generally accepted accounting principles. Sales between subsidiaries are eliminated in consolidation.
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash Cash equivalents are highly liquid investments purchased with an original maturity of three months or less. Restricted cash includes cash held in escrow that is restricted as to withdrawal or usage.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is predominantly determined under the first-in, first-out (FIFO) method. Inventory costs include material, labor and overhead.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment additions are stated at cost. Expenditures for renewals and improvements are capitalized. Expenditures for ordinary maintenance and repairs are expensed as incurred. The Company computes book depreciation principally on the straight-line method. Accelerated depreciation methods are utilized for income tax purposes.
Leasing Arrangements	Leasing Arrangements
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite
Equity Method Investments	Equity Method Investments
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 to the extent the property, plant, and equipment is used for research and development purposes.
Warranty Costs	Warranty Costs Warranty costs are accrued based on management’s estimates of repair or upgrade costs per unit and historical experience.
Income Taxes	Income Taxes Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws. The provision for income taxes includes federal, state and foreign income taxes.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation based on the grant date fair value recognized ratably over the requisite service period following the date of grant. Compensation expense for incentive stock units is updated as necessary if the number of units expected to vest changes based on the Company's performance.
Financial Derivatives and Hedging Activities	Financial Derivatives and Hedging Activities In the normal course of business, the Company is exposed to interest rate, commodity price and foreign currency exchange rate fluctuations. At times, the Company limits these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity swaps and options. In accordance with the Company's policy, derivatives are only used for hedging purposes. The Company does not use derivatives for trading or speculative purposes. Foreign currency forward contracts are agreements with a counterparty to exchange two distinct currencies at a set exchange rate for delivery on a set date at some point in the future. At the delivery date, the Company can either take delivery of the currency or settle on a net basis. For further information regarding the foreign currency forward contracts see Note 17.
Foreign Currency Translation	Foreign Currency Translation Certain of our international operations have determined that the local currency is the functional currency whereas others have determined the U.S. dollar is their functional currency. Assets and liabilities of foreign subsidiaries where the functional currency is the local currency are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the period. Foreign currency gains and losses resulting from transactions and the translation of financial statements are recorded in the Company’s consolidated financial statements based upon the provisions of ASC 830 “Foreign Currency Matters.” The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of Accumulated other comprehensive loss. The effects of currency exchange rate changes on transactions that are denominated in a currency other than an entity’s functional currency are charged or credited to earnings. Realized gains and losses related to foreign currency exchange are recognized in Other income, net on the Consolidated Statements of Income.
Noncontrolling Interests	Noncontrolling Interests
Revenue Recognition	Revenue Recognition The Company accounts for Revenue under ASC 606 Revenue from Contracts with Customers . This guidance provides a five-step analysis of transactions to determine when and how revenue is recognized and requires entities to recognize revenue at an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer which is generally at the time of shipment in accordance with agreed upon delivery terms. The remaining revenues are earned over time. All fees billed to the customer for shipping and handling are classified as a component of Net sales. All costs associated with shipping and handling are classified as a component of Cost of sales. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input method used for these agreements recognizes revenue based on our efforts to satisfy the performance obligation and includes costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. The Company may also use the output method which recognizes revenue based on direct measurements of the value transferred to the customer. Contract revenues and cost estimates are reviewed and revised periodically throughout the year and adjustments are reflected in the accounting period as such amounts are determined. Additional information with respect to contract assets and liabilities is included in Note 8. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where management reviews the progress of long term-projects periodically throughout the year. As part of this process, management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience and future expectations.
Revolving Receivables Program	Revolving Receivables Program The Company utilizes a revolving facility to sell certain receivables of the Company and certain of its subsidiaries (the "Originators"). The Originators contribute receivables to our bankruptcy-remote subsidiary, which sells the receivables to a financial institution on a recurring basis in exchange for cash equal to the gross receivables sold. 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. As customers pay their balances, we transfer additional receivables into the program, which could result in our gross receivables sold being higher or lower than customer collections remitted to the financial institution for any applicable period. The sold receivables are fully guaranteed by our bankruptcy-remote subsidiary, which holds additional receivables that are pledged as collateral under this facility. The Company has agreed to guarantee the performance of the Originators respective obligations under the revolving agreement. Neither the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.
Pre-Production Costs	Pre-Production Costs
Preferred Stock	Preferred Stock
Significant Customers and Concentrations of Credit Risk	Significant Customers and Concentrations of Credit Risk The Company’s trade receivables are primarily from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies, as well as companies in the mining, marine and industrial markets. No one customer accounted for more than 10% of the Company’s consolidated net sales in the periods presented.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ materially from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Accounting Standards Recently Issued and Adopted	Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition to the current requirements, the amendments specify additional information be provided about the chief operating decision maker (CODM) as well as disaggregated expense categories, to the extent that the CODM utilizes such data in deciding how to allocate resources. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of expenses, and will be effective for Wabtec's annual reporting periods beginning January 1, 2024 and interim reporting periods beginning January 1, 2025. The amendments will require increased interim and annual disclosures on current and comparable reporting periods presented in annual and interim company filings. The Company is assessing the extent of the impact of the amendments on our filings. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update require entities to disclose on an annual basis specific categories within the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments in this update also require enhanced disaggregation of disclosures about income taxes paid and income tax expense, among other changes. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of income taxes and will be effective for Wabtec's annual reporting periods beginning January 1, 2025. The amendments will require increased annual disclosures on current and comparable reporting periods presented in annual and interim company filings. The Company is assessing the extent of the impact of the amendments on our filings. Accounting Standards Recently Adopted In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Obligations. The amendments in this update outline specific quantitative and qualitative disclosure requirements for entities that use supplier finance programs in connection with the purchase of goods or services. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. The amendments in this update were effective for Wabtec's reporting periods beginning January 1, 2023, except for the amendment on roll forward information which will be effective for reporting periods beginning January 1, 2024. The amendments will require increased interim and annual disclosures be provided on current and comparable reporting periods presented in annual and interim company filings.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Receivables Sold	The following table sets forth a summary of receivables sold: Twelve Months Ended In millions 2023 2022 2021 Gross receivables sold/cash proceeds received $2,617 $1,761 $1,319 Customer collections remitted to financial institution (2,677) (1,701) (1,372) Net cash proceeds (remitted) received $(60) $60 $(53)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Fair Value of Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of 100% of the LKZ assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 30 Accounts receivable 6 Inventory 95 Property, plant and equipment 36 Goodwill 111 Other noncurrent assets 3 Total assets acquired 281 Liabilities assumed Current liabilities 21 Noncurrent liabilities 3 Total liabilities assumed 24 Net assets acquired $ 257 The following table summarizes the fair value of the L&M Radiator, Inc. assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 16 Accounts receivable 20 Inventory 27 Other current assets 1 Property, plant and equipment 43 Goodwill 104 Other intangible assets 89 Other noncurrent assets 1 Total assets acquired 301 Liabilities assumed Current liabilities 16 Noncurrent liabilities 40 Total liabilities assumed 56 Net assets acquired $ 245 The following table summarizes the fair value of the Nordco assets acquired and liabilities assumed: In millions Assets acquired Cash and cash equivalents $ 5 Accounts receivable 23 Inventory 34 Other current assets 2 Property, plant and equipment 17 Goodwill 215 Other intangible assets 168 Other noncurrent assets 12 Total assets acquired 476 Liabilities assumed Current liabilities 20 Noncurrent liabilities 46 Total liabilities assumed 66 Net assets acquired $ 410

SUPPLEMENTAL CASH FLOW DISCLO_2

SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Flow Disclosures	Year Ended December 31, 2023 2022 2021 In millions Interest paid during the year $ 210 $ 179 $ 164 Income taxes paid during the year, net of amount refunded $ 233 $ 157 $ 123 Business acquisitions: Fair value of assets acquired $ 438 $ 128 $ 507 Liabilities assumed 82 38 68 Non-controlling interest acquired — — (1) Cash paid 356 90 440 Less: Cash acquired (48) (1) (5) Net cash paid $ 308 $ 89 $ 435

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Summary of Components of Inventory, Net of Reserves	The components of inventory, net of reserves, were: December 31, In millions 2023 2022 Raw materials $ 1,062 $ 878 Work-in-progress 463 515 Finished goods 759 641 Total inventories $ 2,284 $ 2,034

PROPERTY, PLANT & EQUIPMENT (Ta

PROPERTY, PLANT & EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Major Classes of Depreciable Assets	The major classes of depreciable assets are as follows: December 31, In millions 2023 2022 Machinery and equipment $ 1,600 $ 1,474 Buildings and improvements 838 783 Land and improvements 100 100 Construction in progress 137 122 Property, plant and equipment 2,675 2,479 Less: accumulated depreciation (1,190) (1,050) Property, plant and equipment, net $ 1,485 $ 1,429 The estimated useful lives of property, plant and equipment are as follows: Years Land improvements 10 to 20 Building and improvements 20 to 40 Machinery and equipment 3 to 15

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Change in the Carrying Amount of Goodwill by Segment	The change in the carrying amount of goodwill by segment is as follows: In millions Freight Transit Total Balance at December 31, 2021 $ 7,073 $ 1,514 $ 8,587 Additions 35 — 35 Foreign currency impact (23) (91) (114) Balance at December 31, 2022 $ 7,085 $ 1,423 $ 8,508 Additions 215 — 215 Disposals (4) — (4) Foreign currency impact 16 45 61 Balance at December 31, 2023 $ 7,312 $ 1,468 $ 8,780
Summary of Intangible Assets of the Company, Other Than Goodwill and Trademarks	Intangible assets of the Company, other than goodwill and trade names, consist of the following: December 31, 2023 December 31, 2022 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog $ 1,431 $ (526) $ 905 $ 1,425 $ (415) $ 1,010 Customer relationships 1,333 (431) 902 1,274 (362) 912 Acquired technology 1,283 (497) 786 1,273 (395) 878 Total $ 4,047 $ (1,454) $ 2,593 $ 3,972 $ (1,172) $ 2,800
Summary of Estimated Amortization Expense Five Succeeding Years	Estimated amortization expense for the five succeeding years is as follows (in millions): 2024 $ 289 2025 $ 272 2026 $ 267 2027 $ 262 2028 $ 261

CONTRACT ASSETS AND CONTRACT _2

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Contract with Customer, Asset and Liability	The following table reconciles the changes in the Company’s contract assets and liabilities as follows: Contract Assets In millions 2023 2022 Balance at beginning of year $ 706 $ 545 Recognized in current year 692 730 Reclassified to accounts receivable (723) (581) Acquisitions/adjustments (2) 28 Foreign currency impact 5 (16) Balance at end of year $ 678 $ 706 Contract Liabilities In millions 2023 2022 Balance at beginning of year $ 956 $ 824 Recognized in current year 1,380 1,067 Amounts in beginning balance reclassified to revenue (665) (410) Current year amounts reclassified to revenue (593) (528) Acquisitions 1 13 Foreign currency impact 3 (10) Balance at end of year $ 1,082 $ 956

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt consisted of the following: December 31, Effective 2023 2022 In millions Face Book Fair Value 1 Book Fair Value 1 Restated Credit Agreement: Revolving Credit Facility 7.6 % N/A $ — $ — $ — $ — Delayed Draw Term Loan 6.8 % $ 250 250 250 — — Senior Notes: 4.375% Senior Notes, due 2023 — $ — — — 250 248 4.15% Senior Notes, due 2024 4.4 % $ 725 725 722 723 714 3.20% Senior Notes, due 2025 3.4 % $ 500 499 484 498 471 3.45% Senior Notes, due 2026 3.5 % $ 750 749 718 749 699 1.25% Senior Notes (EUR), due 2027 1.5 % € 500 547 509 529 455 4.70% Senior Notes, due 2028 4.8 % $ 1,250 1,245 1,237 1,244 1,201 Other Borrowings 54 57 9 13 Total 4,069 3,977 4,002 3,801 Less: current portion (781) (779) (251) (249) Long-term portion $ 3,288 $ 3,198 $ 3,751 $ 3,552 1. See Note 17 for information on the fair value measurement of the Company's long-term debt. As of December 31, 2023, the annual repayment requirements for debt obligations are as follows: In millions 2024 $ 781 2025 500 2026 750 2027 803 2028 1,250 Total $ 4,084
Summary of Line of Credit Facilities	The following table presents availability under the Restated Credit Agreement as of December 31, 2023: In millions Revolving Credit Facility Delayed Draw Term Loan Total Maximum Availability $ 1,500 $ 250 $ 1,750 Outstanding Borrowings — (250) (250) Current Availability $ 1,500 $ — $ 1,500

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Summary of Obligations and Funded Status	The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components. Obligations and Funded Status U.S. International In millions 2023 2022 2023 2022 Change in projected benefit obligation Obligation at beginning of year $ (29) $ (39) $ (236) $ (356) Service cost — — (3) (3) Interest cost (2) (1) (11) (6) Employee contributions — — (1) (1) Plan settlements, curtailments and amendments 1 — 1 1 Benefits paid 4 3 14 15 Acquisition (29) — — — Actuarial (loss) gain — 8 (5) 86 Effect of currency rate changes — — (10) 28 Obligation at end of year $ (55) $ (29) $ (251) $ (236) Change in plan assets Fair value of plan assets at beginning of year $ 31 $ 40 $ 201 $ 307 Actual return on plan assets 2 (6) 10 (72) Employer contributions — — 6 6 Employee contributions — — 1 1 Benefits paid (4) (3) (14) (15) Settlements and other — — (1) (1) Acquisition 26 — — — Effect of currency rate changes — — 8 (25) Fair value of plan assets at end of year $ 55 $ 31 $ 211 $ 201 Funded status Fair value of plan assets $ 55 $ 31 $ 211 $ 201 Benefit obligations (55) (29) (251) (236) Funded status $ — $ 2 $ (40) $ (35) Amounts recognized in the statement of financial position consist of: Noncurrent assets $ — $ 2 $ 13 $ 13 Current liabilities — — (2) (2) Noncurrent liabilities — — (51) (46) Net amount recognized $ — $ 2 $ (40) $ (35) Amounts recognized in Accumulated other comprehensive loss, before tax at December 31, consist of: Prior service cost — — (1) (1) Net actuarial loss (14) (14) (64) (59) Net amount recognized $ (14) $ (14) $ (65) $ (60)
Summary of International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets	The aggregate accumulated benefit obligation for the U.S. pension plans was $55 million and $28 million as of December 31, 2023 and 2022, respectively. The aggregate accumulated benefit obligation for the international pension plans was $241 million and $227 million as of December 31, 2023 and 2022, respectively. International In millions 2023 2022 Information for pension plans with accumulated benefit obligations in excess of Plan assets: Projected benefit obligation $ (185) $ (175) Accumulated benefit obligation (178) (169) Fair value of plan assets 133 129 Information for pension plans with projected benefit obligations in excess of plan assets: Projected benefit obligation $ (194) $ (180) Accumulated benefit obligation (185) (172) Fair value of plan assets 141 133
Summary of Components of Net Periodic Benefit Costs	Components of Net Periodic Benefit Costs U.S. International In millions 2023 2022 2021 2023 2022 2021 Service cost $ — $ — $ — $ 3 $ 3 $ 4 Interest cost 2 1 1 11 6 4 Expected return on plan assets (2) (1) (1) (10) (12) (13) Amortization of net loss — 1 1 3 2 4 Settlement and curtailment (gains) losses recognized (1) — — — (1) 1 Net periodic benefit (income) cost $ (1) $ 1 $ 1 $ 7 $ (2) $ —
Summary of Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation	The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed. U.S. International 2023 2022 2021 2023 2022 2021 Discount rate 5.25 % 5.58 % 2.87 % 4.38 % 4.77 % 1.97 % Expected return on plan assets 3.80 % 3.80 % 5.00 % 5.09 % 4.25 % 4.27 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 2.88 % 2.78 % 2.70 %
Summary of Pension Plan Assets by Asset Category	Plan assets by asset category at December 31, 2023 and 2022 are as follows: U.S. International In millions 2023 2022 2023 2022 Pension Plan Assets Equity security funds $ 3 $ 4 $ 56 $ 44 Debt security funds 35 25 129 131 Insurance contracts — — 12 11 Cash and cash equivalents and other 17 2 14 15 Fair value of plan assets $ 55 $ 31 $ 211 $ 201
Summary of Pension Plan Assets Measured at Fair Value	The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 17): December 31, 2023 In millions NAV Level 1 Level 2 Level 3 Total US: Equity $ — $ 3 $ — $ — $ 3 Debt Securities — 5 30 — 35 Cash and cash equivalents — 17 — — 17 International: Equity 6 14 36 — 56 Debt Securities — 3 126 — 129 Insurance Contracts — — 4 8 12 Cash and cash equivalents and other — 6 8 — 14 Total $ 6 $ 48 $ 204 $ 8 $ 266 December 31, 2022 In millions NAV Level 1 Level 2 Level 3 Total US: Equity $ — $ 4 $ — $ — $ 4 Debt Securities — 5 20 — 25 Cash and cash equivalents — 2 — — 2 International: Equity 5 13 26 — 44 Debt Securities — 4 127 — 131 Insurance Contracts — — 3 8 11 Cash and cash equivalents and other — 4 11 — 15 Total $ 5 $ 32 $ 187 $ 8 $ 232
Summary of Benefit Payments Expected to be Paid to Plan Participants	Benefit payments expected to be paid to plan participants are as follows: In millions U.S. International Year ended December 31, 2024 $ 4 $ 15 2025 $ 4 $ 15 2026 $ 4 $ 15 2027 $ 4 $ 16 2028 $ 4 $ 17 2029 through 2033 $ 21 $ 91

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Components of Income from Operations before Provision for Income Taxes	The components of the income before income taxes for the Company’s domestic and foreign operations for the years ended December 31 are provided below: For the year ended In millions 2023 2022 2021 Domestic $ 506 $ 372 $ 253 Foreign 586 482 484 Income before income taxes $ 1,092 $ 854 $ 737
Summary of Consolidated Provision for Income Taxes	The consolidated provision for income taxes included in the Consolidated Statements of Income consisted of the following: For the year ended In millions 2023 2022 2021 Current tax expense (benefit) Federal $ 148 $ 37 $ (81) State 29 3 27 Foreign 148 137 138 325 177 84 Deferred tax (benefit) expense Federal (50) 29 87 State 1 — 10 Foreign (9) 7 (9) (58) 36 88 Total provision $ 267 $ 213 $ 172
Summary of Reconciliation of Income Tax Rate	A reconciliation of the United States federal statutory income tax rate to the effective income tax rate on operations for the years ended December 31 is provided below: For the year ended In millions 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % State taxes 1.5 2.0 0.3 Foreign 2.0 3.8 3.3 Research and development credit (0.6) (0.8) (0.8) Non-taxable gain on acquisition (0.8) — — U.S. net operating loss carryback — — (3.4) Changes in valuation allowances 1.0 (2.0) 3.0 U.S. tax reform provision 0.6 0.1 0.7 Other, net (0.2) 0.9 (0.9) Effective rate 24.5 % 25.0 % 23.2 %
Summary of Components of Deferred Tax Assets and Liabilities	Components of deferred tax assets and liabilities were as follows: December 31, In millions 2023 2022 Deferred income tax assets: Accrued expenses and reserves $ 50 $ 39 Warranty reserve 49 49 Deferred compensation/employee benefits 77 61 Right-of-use assets 78 74 Pension and postretirement obligations 16 19 Inventory 49 49 Deferred revenue 84 52 Net operating loss carry forwards 124 102 Other 51 37 Gross deferred income tax assets 578 482 Less: Valuation allowance (58) (46) Total deferred income tax assets 520 436 Deferred income tax liabilities: Property, plant & equipment 64 78 Right-of-use liabilities 75 72 Intangible assets 610 542 Total deferred income tax liabilities 749 692 Net deferred income tax liability $ 229 $ 256
Summary of Liability for Income Taxes Associated with Uncertain Tax Positions	A reconciliation of the beginning and ending amount of the gross liability for income taxes associated with unrecognized tax benefits follows: In millions 2023 2022 2021 Balance at beginning of year $ 33 $ 32 $ 16 Unrecognized tax benefits in prior periods 13 1 19 Audit settlement during year (5) — (1) Expiration of audit statute of limitations (1) — (2) Balance at end of year $ 40 $ 33 $ 32

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Summary of Computation of Earnings Per Share	The computation of basic and diluted earnings per share for Net income attributable to Wabtec shareholders is as follows: For the Year Ended In millions, except per share data 2023 2022 2021 Numerator Net income attributable to Wabtec shareholders $ 815 $ 633 $ 558 Denominator Weighted average shares outstanding - basic 178.8 182.2 187.7 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.7 0.6 0.4 Weighted average shares outstanding - diluted 179.5 182.8 188.1 Net income attributable to Wabtec shareholders per common share Basic $ 4.54 $ 3.46 $ 2.96 Diluted $ 4.53 $ 3.46 $ 2.96

STOCK-BASED COMPENSATION PLANS

STOCK-BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity and related information for the years ended December 31. There were no stock options granted during the years ended December 31, 2023 or 2022. Options Weighted Weighted Average Aggregate Outstanding at December 31, 2020 552,669 $ 69.82 6.1 $ 4 Granted 126,794 $ 81.21 Exercised (113,728) $ 50.38 Canceled (33,820) $ 73.53 Outstanding at December 31, 2021 531,915 $ 75.40 6.5 $ 9 Exercised (116,590) $ 68.57 Canceled (15,387) $ 77.10 Outstanding at December 31, 2022 399,938 $ 77.32 5.9 $ 11 Exercised (87,035) $ 74.49 Canceled (3,078) $ 79.04 Outstanding at December 31, 2023 309,825 $ 78.41 5.3 $ 15 Exercisable at December 31, 2023 275,198 $ 78.06 5.3 $ 13
Summary of Stock Options Outstanding	Options outstanding at December 31, 2023 were as follows: Range of Exercise Prices Number of Options Outstanding Weighted Average Exercise Price of Options Outstanding Weighted Average Remaining Contractual Life Number of Options Currently Exercisable Weighted Average Exercise Price of Options Currently Exercisable 50.00 - 65.00 27,595 $ 61.51 2.9 27,595 $ 61.51 65.00 - 80.00 131,568 $ 75.03 5.6 131,568 $ 75.03 Over 80.00 150,662 $ 84.46 5.5 116,035 $ 85.43 309,825 $ 78.41 5.3 275,198 $ 78.06
Summary of Restricted Stock Activity and Incentive Stock Awards Activity	The following table summarizes the restricted stock and incentive stock units activity and related information for the years ended December 31: Restricted Incentive Weighted Outstanding at December 31, 2020 656,006 270,645 $ 73.80 Granted 235,902 241,467 $ 81.64 Vested (350,955) (37,672) $ 71.82 Adjustment for incentive stock awards expected to vest — 180,767 $ 76.26 Canceled (33,255) (48,106) $ 76.24 Outstanding at December 31, 2021 507,698 607,101 $ 78.06 Granted 460,841 176,657 $ 91.19 Vested (234,597) (43,039) $ 75.14 Adjustment for incentive stock awards expected to vest — 45,301 $ 84.55 Canceled (44,522) (41,176) $ 76.84 Outstanding at December 31, 2022 689,420 744,844 $ 84.73 Granted 368,209 192,751 $ 104.70 Vested (262,339) (265,678) $ 81.00 Adjustment for incentive stock awards expected to vest — 31,011 $ 88.02 Canceled (34,721) (10,196) $ 93.44 Outstanding at December 31, 2023 760,569 692,732 $ 93.65

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary of 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 years ended December 31, 2023, 2022, and 2021 are as follows: In millions Foreign currency translation Derivative contracts Pension and post retirement benefit plans Total Balance at December 31, 2020 $ (260) $ 3 $ (82) $ (339) Other comprehensive (loss) income before reclassifications (136) (8) 13 (131) Amounts reclassified from Accumulated other comprehensive loss — — 4 4 Other comprehensive (loss) income, net (136) (8) 17 (127) Balance at December 31, 2021 $ (396) $ (5) $ (65) $ (466) Other comprehensive (loss) income before reclassifications (200) (4) 7 (197) Amounts reclassified from Accumulated other comprehensive loss — — 2 2 Other comprehensive (loss) income, net (200) (4) 9 (195) Balance at December 31, 2022 $ (596) $ (9) $ (56) $ (661) Other comprehensive income (loss) before reclassifications 55 16 (2) 69 Amounts reclassified from Accumulated other comprehensive loss — — 2 2 Other comprehensive income, net 55 16 — 71 Balance at December 31, 2023 $ (541) $ 7 $ (56) $ (590)

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Maturity of Operating Lease Liabilities	Scheduled payments of operating lease liabilities are as follows: In millions Operating Leases 2024 $ 61 2025 54 2026 48 2027 37 2028 27 Thereafter 114 Total lease payments 341 Less: Present value discount (28) Present value lease liabilities $ 313
Summary of Lease Expense and Lease Term and Discount Rate	The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities: December 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 7.8 8.3 Weighted-average discount rate 2.4 % 2.3 %

WARRANTIES (Tables)

WARRANTIES (Tables)	12 Months Ended
	Dec. 31, 2023
Product Warranties Disclosures [Abstract]
Summary of Changes in Product Warranty Reserve	The following table reconciles the changes in the Company’s product warranty reserve as follows: In millions 2023 2022 Balance at beginning of year $ 242 $ 259 Warranty expense 95 79 Warranty claim payments (93) (91) Acquisitions — 3 Foreign currency impact/other 4 (8) Balance at end of year $ 248 $ 242

FAIR VALUE MEASUREMENT AND DE_2

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Liabilities Carried at Fair Value Measured on Recurring Basis	The following table summarizes the assets, liabilities, gross notional amounts, fair values, and fair value hierarchy classification of the designated and non-designated hedges discussed in the above sections as of December 31, 2023, which are included in Other current assets and liabilities on the Consolidated Balance Sheets: Fair Value Gross Notional Amount In millions Level Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets 2 $ 6 $ 3 $ 319 $ 110 Other current liabilities 2 (12) (3) 655 200 Interest Rate Contracts Other current assets 2 10 — 250 — Total $ 4 $ — $ 1,224 $ 310 The following table summarizes the assets, liabilities, gross notional amounts, fair values, and fair value hierarchy classification of the designated and non-designated hedges discussed in the above sections as of December 31, 2022, which are included in other current assets and liabilities on the Consolidated Balance Sheets: Fair Value Gross Notional Amount In millions Level Designated Non-Designated Designated Non-Designated Foreign Exchange Contracts Other current assets 2 $ 8 $ 3 $ 278 $ 156 Other current liabilities 2 (11) (3) 769 152 Total $ (3) $ — $ 1,047 $ 308

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Segment Financial Information	Segment financial information for 2023 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 6,962 $ 2,715 $ — $ 9,677 Intersegment sales/(elimination) 60 41 (101) — Total sales $ 7,022 $ 2,756 $ (101) $ 9,677 Income (loss) from operations $ 1,071 $ 289 $ (94) $ 1,266 Interest expense and other, net — — (174) (174) Income (loss) before income taxes $ 1,071 $ 289 $ (268) $ 1,092 Depreciation and amortization $ 443 $ 71 $ 17 $ 531 Capital expenditures $ 120 $ 57 $ 9 $ 186 Segment assets $ 24,674 $ 5,099 $ (10,785) $ 18,988 Segment financial information for 2022 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 6,012 $ 2,350 $ — $ 8,362 Intersegment sales/(elimination) 51 31 (82) — Total sales $ 6,063 $ 2,381 $ (82) $ 8,362 Income (loss) from operations $ 864 $ 231 $ (84) $ 1,011 Interest expense and other, net — — (157) (157) Income (loss) before income taxes $ 864 $ 231 $ (241) $ 854 Depreciation and amortization $ 399 $ 60 $ 20 $ 479 Capital expenditures $ 87 $ 54 $ 8 $ 149 Segment assets $ 21,118 $ 5,116 $ (7,718) $ 18,516 Segment financial information for 2021 is as follows: In millions Freight Segment Transit Segment Corporate Activities and Elimination Total Sales to external customers $ 5,239 $ 2,583 $ — $ 7,822 Intersegment sales/(elimination) 48 33 (81) — Total sales $ 5,287 $ 2,616 $ (81) $ 7,822 Income (loss) from operations $ 717 $ 238 $ (79) $ 876 Interest expense and other, net — — (139) (139) Income (loss) before income taxes $ 717 $ 238 $ (218) $ 737 Depreciation and amortization $ 405 $ 70 $ 16 $ 491 Capital expenditures $ 79 $ 48 $ 3 $ 130
Summary of Geographic Area Data	The following geographic area data as of and for the years ended December 31, 2023, 2022 and 2021, respectively, includes net sales based on product shipment destination and long-lived assets, which consist of property, plant and equipment, net of depreciation, resident in their respective countries: Net Sales Long-Lived Assets In millions 2023 2022 2021 2023 2022 United States $ 4,553 $ 3,734 $ 3,321 $ 948 $ 956 Canada 531 454 462 7 5 Mexico 347 287 220 23 21 North America 5,431 4,475 4,003 978 982 South America 346 336 301 47 37 Germany 347 339 383 54 59 France 346 273 286 58 52 United Kingdom 248 213 300 44 40 Italy 183 163 196 37 33 Other Europe 520 458 515 60 52 Europe 1,644 1,446 1,680 253 236 India 593 531 531 122 131 Australia / New Zealand 451 465 386 15 8 China 286 244 228 28 29 Kazakhstan / Russia / CIS 457 399 412 39 3 Other Asia / Middle East 240 183 177 — — Egypt 120 164 32 — — Other Africa 109 119 72 3 3 Total $ 9,677 $ 8,362 $ 7,822 $ 1,485 $ 1,429
Summary of Sales by Product	Net sales to external customers by product line are as follows: In millions 2023 2022 2021 Freight Segment: Services $ 3,262 $ 2,819 $ 2,430 Equipment 1,770 1,528 1,302 Components 1,157 936 867 Digital Intelligence 773 729 640 Total Freight Segment sales $ 6,962 $ 6,012 $ 5,239 Transit Segment: Original Equipment Manufacturer $ 1,235 $ 1,095 $ 1,193 Aftermarket 1,480 1,255 1,390 Total Transit Segment sales $ 2,715 $ 2,350 $ 2,583

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Summary of Components of Other Income (Expense)	The components of Other income, net are as follows: For the year ended December 31, In millions 2023 2022 2021 Foreign currency (loss) gain $ (20) $ 6 $ 8 Equity income 25 17 20 Expected return on pension assets/amortization 7 7 9 Other miscellaneous income (expense) 32 (1) 1 Total Other income, net $ 44 $ 29 $ 38

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	A summary of restructuring charges related to the Integration 2.0 initiative is as follows: For the year ended In millions 2023 2022 Freight Segment: Cost of goods sold $ 4 $ 13 Selling, general and administrative expenses 5 1 Total Freight Segment $ 9 $ 14 Transit Segment: Cost of goods sold $ 25 $ 26 Selling, general and administrative expenses 13 6 Amortization expense 2 — Total Transit Segment $ 40 $ 32 Total Integration 2.0 restructuring charges $ 49 $ 46

BUSINESS - Narrative (Details)

BUSINESS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 country
Product Information [Line Items]
Number of countries company operates (over)	50
Number of countries where product found (more than)	100
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Non-US
Product Information [Line Items]
Revenues from customers outside the U.S. (as percent)	55%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 31,000,000	$ 28,000,000
Equity method investments	36,000,000	105,000,000
Maximum recurring transfer (up to)		350,000,000	$ 200,000,000
Accounts receivable	1,160,000,000	975,000,000
Accounts receivable held collateralize the outstanding receivables sold.	20,000,000	80,000,000
Deferred pre-production costs	$ 61,000,000	$ 64,000,000
Preferred stock, shares authorized (in shares)	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Supplier finance program, obligation	$ 305,000,000	$ 296,000,000
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration]	Accounts payable
Minimum
Summary Of Significant Accounting Policies [Line Items]
Supply chain financing term	45 days
Maximum
Summary Of Significant Accounting Policies [Line Items]
Supply chain financing term	180 days
Collateral Pledged
Summary Of Significant Accounting Policies [Line Items]
Accounts receivable	$ 674,000,000	$ 458,000,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Performance Obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Billions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 22
Revenue expected to be recognized over next 12 months	34%
Performance obligation, term	12 months

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Receivables Sold (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Gross receivables sold/cash proceeds received	$ 2,617	$ 1,761	$ 1,319
Customer collections remitted to financial institution	(2,677)	(1,701)	(1,372)
Net cash proceeds (remitted) received	$ (60)	$ 60	$ (53)

ACQUISITIONS - Narrative (Detai

ACQUISITIONS - Narrative (Details) $ in Millions			3 Months Ended	12 Months Ended
	Dec. 22, 2023 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) business	Dec. 21, 2023
Freight Segment
Business Acquisition [Line Items]
Number of businesses acquired | business				3
Digital Intelligence | Freight Segment
Business Acquisition [Line Items]
Business combination, consideration transferred				$ 89
Digital Electronics Product Line | Freight Segment
Business Acquisition [Line Items]
Number of businesses acquired | business				2
Services Product Line | Freight Segment
Business Acquisition [Line Items]
Number of businesses acquired | business				1
LKZ
Business Acquisition [Line Items]
Percentage of voting interests acquired	50%
Business combination, consideration transferred	$ 111
Remeasurement gain	$ 35
Total purchase price (as a percent)	100%
L&M Radiator, Inc
Business Acquisition [Line Items]
Business combination, consideration transferred			$ 245
Nordco
Business Acquisition [Line Items]
Percentage of voting interests acquired		100%
Business combination, consideration transferred		$ 410
LKZ
Business Acquisition [Line Items]
Ownership percent					50%

ACQUISITIONS - Summary of Fair

ACQUISITIONS - Summary of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 22, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Assets acquired
Goodwill	$ 8,780			$ 8,508	$ 8,587
LKZ
Assets acquired
Cash and cash equivalents		$ 30
Accounts receivable		6
Inventory		95
Property, plant and equipment		36
Goodwill		111
Other noncurrent assets		3
Total assets acquired		281
Liabilities assumed
Current liabilities		21
Noncurrent liabilities		3
Total liabilities assumed		24
Net assets acquired		$ 257
L&M Radiator, Inc
Assets acquired
Cash and cash equivalents			$ 16
Accounts receivable			20
Inventory			27
Other current assets			1
Property, plant and equipment			43
Goodwill			104
Other intangible assets			89
Other noncurrent assets			1
Total assets acquired			301
Liabilities assumed
Current liabilities			16
Noncurrent liabilities			40
Total liabilities assumed			56
Net assets acquired			$ 245
Nordco
Assets acquired
Cash and cash equivalents						$ 5
Accounts receivable						23
Inventory						34
Other current assets						2
Property, plant and equipment						17
Goodwill						215
Other intangible assets						168
Other noncurrent assets						12
Total assets acquired						476
Liabilities assumed
Current liabilities						20
Noncurrent liabilities						46
Total liabilities assumed						66
Net assets acquired						$ 410

SUPPLEMENTAL CASH FLOW DISCLO_3

SUPPLEMENTAL CASH FLOW DISCLOSURES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid during the year	$ 210	$ 179	$ 164
Income taxes paid during the year, net of amount refunded	233	157	123
Business acquisitions:
Fair value of assets acquired	438	128	507
Liabilities assumed	82	38	68
Non-controlling interest acquired	0	0	(1)
Cash paid	356	90	440
Less: Cash acquired	(48)	(1)	(5)
Net cash paid	308	89	$ 435
Restricted cash	$ 5	$ 7

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,062	$ 878
Work-in-progress	463	515
Finished goods	759	641
Total inventories	$ 2,284	$ 2,034

PROPERTY, PLANT & EQUIPMENT - M

PROPERTY, PLANT & EQUIPMENT - Major Classes of Depreciable Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Machinery and equipment	$ 1,600	$ 1,474
Buildings and improvements	838	783
Land and improvements	100	100
Construction in progress	137	122
Property, plant and equipment	2,675	2,479
Less: accumulated depreciation	(1,190)	(1,050)
Property, plant and equipment, net	$ 1,485	$ 1,429

PROPERTY, PLANT & EQUIPMENT - E

PROPERTY, PLANT & EQUIPMENT - Estimated Useful Lives of Property Plant and Equipment (Details)	Dec. 31, 2023
Land improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	10 years
Land improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Building and improvements | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	20 years
Building and improvements | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	40 years
Machinery and equipment | Minimum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	3 years
Machinery and equipment | Maximum
Property Plant And Equipment [Line Items]
Estimated useful lives in years	15 years

PROPERTY, PLANT & EQUIPMENT - N

PROPERTY, PLANT & EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 204	$ 182	$ 198

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) reportingUnit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Intangible Assets Disclosure [Line Items]
Number of reporting units | reportingUnit	3
Trade names	$ 612	$ 602
Intangible assets, amortization expense	$ 321	$ 291	$ 287
Freight Segment
Intangible Assets Disclosure [Line Items]
Number of reporting units | reportingUnit	2
Trade Names
Intangible Assets Disclosure [Line Items]
Intangible asset impairment charge	$ 14
Useful life (in years)	5 years
Order or Production Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	9 years
Customer Relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	15 years
Technology-Based Intangible Assets
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average useful life (years)	7 years
Valuation Technique, Discounted Cash Flow
Intangible Assets Disclosure [Line Items]
Goodwill impairment test, weight of approach	0.75
Valuation, Market Approach
Intangible Assets Disclosure [Line Items]
Goodwill impairment test, weight of approach	0.25

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Summary of Change in the Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Balance beginning of period	$ 8,508	$ 8,587
Additions	215	35
Disposals	(4)
Foreign currency impact	61	(114)
Balance end of period	8,780	8,508
Freight Segment
Goodwill [Roll Forward]
Balance beginning of period	7,085	7,073
Additions	215	35
Disposals	(4)
Foreign currency impact	16	(23)
Balance end of period	7,312	7,085
Transit Segment
Goodwill [Roll Forward]
Balance beginning of period	1,423	1,514
Additions	0	0
Disposals	0
Foreign currency impact	45	(91)
Balance end of period	$ 1,468	$ 1,423

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets Other Than Goodwill and Trademarks (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,047	$ 3,972
Accumulated Amortization	(1,454)	(1,172)
Net Carrying Amount	2,593	2,800
Backlog
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,431	1,425
Accumulated Amortization	(526)	(415)
Net Carrying Amount	905	1,010
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,333	1,274
Accumulated Amortization	(431)	(362)
Net Carrying Amount	902	912
Acquired technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,283	1,273
Accumulated Amortization	(497)	(395)
Net Carrying Amount	$ 786	$ 878

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Summary of Estimated Amortization Expense Five Succeeding Years (Details) $ in Millions	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 289
2025	272
2026	267
2027	262
2028	$ 261

CONTRACT ASSETS AND CONTRACT _3

CONTRACT ASSETS AND CONTRACT LIABILITIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Noncurrent contract assets	$ 154	$ 162
Noncurrent contract liabilities	174	86
Provisions for loss contracts	$ 104	$ 98

CONTRACT ASSETS AND CONTRACT _4

CONTRACT ASSETS AND CONTRACT LIABILITIES - Summary of Contract with Customer, Asset and Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract Assets
Balance at beginning of year	$ 706	$ 545
Recognized in current year	692	730
Reclassified to accounts receivable	(723)	(581)
Acquisitions/adjustments	(2)	28
Foreign currency impact	5	(16)
Balance at end of year	678	706
Contract Liabilities
Balance at beginning of year	956	824
Recognized in current year	1,380	1,067
Amounts in beginning balance reclassified to revenue	(665)	(410)
Current year amounts reclassified to revenue	(593)	(528)
Acquisitions/adjustments	1	13
Foreign currency impact	3	(10)
Balance at end of year	$ 1,082	$ 956

LONG-TERM DEBT - Summary of Lon

LONG-TERM DEBT - Summary of Long-term Debt (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Sep. 30, 2023	Dec. 31, 2022 USD ($)	Jun. 03, 2021 EUR (€)
Debt Instrument [Line Items]
Total	$ 4,069,000,000			$ 4,002,000,000
Less: current portion	(781,000,000)			(251,000,000)
Long-term portion	3,288,000,000			3,751,000,000
Fair Value
Debt Instrument [Line Items]
Total	3,977,000,000			3,801,000,000
Less: current portion	(779,000,000)			(249,000,000)
Long-term portion	3,198,000,000			3,552,000,000
Other Borrowings
Debt Instrument [Line Items]
Total	54,000,000			9,000,000
Other Borrowings | Fair Value
Debt Instrument [Line Items]
Total	$ 57,000,000			13,000,000
4.375% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.375%	4.375%	4.375%
Effective Interest Rate	0%	0%
Face Value	$ 0
Total	0			250,000,000
4.375% Senior Notes, due 2023 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 0			248,000,000
4.15% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.15%	4.15%
Effective Interest Rate	4.40%	4.40%
Face Value	$ 725,000,000
Total	725,000,000			723,000,000
4.15% Senior Notes, due 2024 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 722,000,000			714,000,000
3.20% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.20%	3.20%
Effective Interest Rate	3.40%	3.40%
Face Value	$ 500,000,000
Total	499,000,000			498,000,000
3.20% Senior Notes, due 2025 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 484,000,000			471,000,000
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.45%	3.45%
Effective Interest Rate	3.50%	3.50%
Face Value	$ 750,000,000
Total	749,000,000			749,000,000
3.45% Senior Notes, due 2026 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 718,000,000			699,000,000
1.25% Senior Notes (EUR), due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	1.25%	1.25%			1.25%
Effective Interest Rate	1.50%	1.50%
Face Value | €		€ 500,000,000			€ 500,000,000
Total	$ 547,000,000			529,000,000
1.25% Senior Notes (EUR), due 2027 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 509,000,000			455,000,000
4.70% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.70%	4.70%
Effective Interest Rate	4.80%	4.80%
Face Value	$ 1,250,000,000
Total	1,245,000,000			1,244,000,000
4.70% Senior Notes, due 2028 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 1,237,000,000			1,201,000,000
Revolving Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	7.60%	7.60%
Total	$ 0			0
Revolving Credit Facility | Revolving Credit Facility | Line of Credit | Fair Value
Debt Instrument [Line Items]
Total	$ 0			0
Secured Debt | Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	6.80%	6.80%
Face Value	$ 250,000,000
Total	250,000,000			0
Secured Debt | Delayed Draw Term Loan | Line of Credit | Fair Value
Debt Instrument [Line Items]
Total	$ 250,000,000			$ 0

LONG-TERM DEBT - Summary of Ann

LONG-TERM DEBT - Summary of Annual Repayment for Debt Obligations (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 781
2025	500
2026	750
2027	803
2028	1,250
Total	$ 4,084

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details)			3 Months Ended		4 Months Ended	12 Months Ended	24 Months Ended
	Aug. 15, 2022 USD ($)	Jun. 03, 2021 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Jun. 03, 2021 EUR (€)	Jun. 08, 2018 USD ($)
Debt Instrument [Line Items]
Total unamortized debt issuance costs					$ 15,000,000	$ 15,000,000			$ 21,000,000
Weighted average interest rate on variable rate debt					6.80%	6.80%		6.80%
Long-term debt					$ 4,069,000,000	$ 4,069,000,000			4,002,000,000
Letters of credit outstanding					855,000,000	855,000,000			865,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					1,750,000,000	$ 1,750,000,000	$ 600,000,000
Debt instrument, term							364 days
Senior Notes
Debt Instrument [Line Items]
Redemption price, percent						100%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Interest coverage ratio	3
Leverage ratio	3.5
Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Aggregate borrowing amount	$ 750,000,000
Term Loan | Line of Credit
Debt Instrument [Line Items]
Long-term debt							$ 456,000,000
4.375% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 0	$ 0			250,000,000
Stated interest rate			4.375%		4.375%	4.375%		4.375%
Debt instrument, face vale					$ 0	$ 0
4.15% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 725,000,000	$ 725,000,000			723,000,000
Stated interest rate					4.15%	4.15%		4.15%
Stated interest rate decreased					0.25%
Debt instrument, face vale					$ 725,000,000	$ 725,000,000
3.20% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 499,000,000	$ 499,000,000			498,000,000
Stated interest rate					3.20%	3.20%		3.20%
Debt instrument, face vale					$ 500,000,000	$ 500,000,000
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 749,000,000	$ 749,000,000			749,000,000
Stated interest rate					3.45%	3.45%		3.45%
Debt instrument, face vale					$ 750,000,000	$ 750,000,000
1.25% Senior Notes (EUR), due 2027 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 547,000,000	$ 547,000,000			529,000,000
Stated interest rate		1.25%			1.25%	1.25%		1.25%		1.25%
Redemption price, percent		99.267%
Debt instrument, face vale | €								€ 500,000,000		€ 500,000,000
Debt issuance costs, gross		$ 4,000,000
Proceeds from issuance of debt		$ 599,000,000
4.70% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Long-term debt					$ 1,245,000,000	$ 1,245,000,000			1,244,000,000
Stated interest rate					4.70%	4.70%		4.70%
Stated interest rate decreased					0.25%
Debt instrument, face vale					$ 1,250,000,000	$ 1,250,000,000
2024 Notes Plus | Senior Notes
Debt Instrument [Line Items]
Repayments of debt				$ 25,000,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 144,000,000
Revolving Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					1,500,000,000	1,500,000,000					$ 1,200,000,000
Revolving Credit Facility | Delayed Draw Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,500,000,000
Revolving Credit Facility | Delayed Draw Term Loan | Line of Credit | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Secured Debt | Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000				250,000,000	250,000,000
Proceeds from lines of credit			$ 250,000,000
Long-term debt					250,000,000	250,000,000			$ 0
Debt instrument, face vale					$ 250,000,000	$ 250,000,000

LONG-TERM DEBT - Schedule of Li

LONG-TERM DEBT - Schedule of Line of Credit Facilities (Details) - USD ($)	Dec. 31, 2023	Aug. 15, 2022	Dec. 31, 2021	Jun. 08, 2018
Debt Instrument [Line Items]
Outstanding Borrowings	$ (250,000,000)
Current Availability	1,500,000,000
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding Borrowings	0
Current Availability	1,500,000,000
Revolving Credit Facility | Delayed Draw Term Loan
Debt Instrument [Line Items]
Maximum Availability		$ 1,500,000,000
Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Outstanding Borrowings	(250,000,000)
Current Availability	0
Line of Credit
Debt Instrument [Line Items]
Maximum Availability	1,750,000,000		$ 600,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Availability			$ 144,000,000
Line of Credit | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Availability	1,500,000,000			$ 1,200,000,000
Line of Credit | Secured Debt | Delayed Draw Term Loan
Debt Instrument [Line Items]
Maximum Availability	$ 250,000,000	$ 250,000,000

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of Obligations and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets
Fair value of plan assets at beginning of year	$ 232
Fair value of plan assets at end of year	266	$ 232
Fair value of plan assets	266	232
Amounts recognized in the statement of financial position consist of:
Noncurrent liabilities	(62)	(57)
U.S. | Defined Benefit Pension Plans
Change in projected benefit obligation
Obligation at beginning of year	(29)	(39)
Service cost	0	0	$ 0
Interest cost	(2)	(1)	(1)
Employee contributions	0	0
Plan settlements, curtailments and amendments	1	0
Benefits paid	4	3
Acquisition	(29)	0
Actuarial (loss) gain	0	8
Effect of currency rate changes	0	0
Obligation at end of year	(55)	(29)	(39)
Change in plan assets
Fair value of plan assets at beginning of year	31	40
Actual return on plan assets	2	(6)
Employer contributions	0	0
Employee contributions	0	0
Benefits paid	(4)	(3)
Settlements and other	0	0
Acquisition	26	0
Effect of currency rate changes	0	0
Fair value of plan assets at end of year	55	31	40
Fair value of plan assets	55	31	40
Benefit obligations	(55)	(29)	(39)
Funded status	0	2
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	0	2
Current liabilities	0	0
Noncurrent liabilities	0	0
Net amount recognized	0	2
Amounts recognized in Accumulated other comprehensive loss, before tax at December 31, consist of:
Prior service cost	0	0
Net actuarial loss	(14)	(14)
Net amount recognized	(14)	(14)
International | Defined Benefit Pension Plans
Change in projected benefit obligation
Obligation at beginning of year	(236)	(356)
Service cost	(3)	(3)	(4)
Interest cost	(11)	(6)	(4)
Employee contributions	(1)	(1)
Plan settlements, curtailments and amendments	1	1
Benefits paid	14	15
Acquisition	0	0
Actuarial (loss) gain	(5)	86
Effect of currency rate changes	(10)	28
Obligation at end of year	(251)	(236)	(356)
Change in plan assets
Fair value of plan assets at beginning of year	201	307
Actual return on plan assets	10	(72)
Employer contributions	6	6
Employee contributions	1	1
Benefits paid	(14)	(15)
Settlements and other	(1)	(1)
Acquisition	0	0
Effect of currency rate changes	8	(25)
Fair value of plan assets at end of year	211	201	307
Fair value of plan assets	211	201	307
Benefit obligations	(251)	(236)	$ (356)
Funded status	(40)	(35)
Amounts recognized in the statement of financial position consist of:
Noncurrent assets	13	13
Current liabilities	(2)	(2)
Noncurrent liabilities	(51)	(46)
Net amount recognized	(40)	(35)
Amounts recognized in Accumulated other comprehensive loss, before tax at December 31, consist of:
Prior service cost	(1)	(1)
Net actuarial loss	(64)	(59)
Net amount recognized	$ (65)	$ (60)

EMPLOYEE BENEFIT PLANS - Narrat

EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Costs recognized under defined contribution plans	$ 60	$ 55	$ 55
Number of shares held on behalf of participants (in shares)	355	371
Market value of the shares held on behalf of participants	$ 45	$ 37
U.S. | Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Aggregate accumulated benefit obligation	$ 55	28
U.S. | Defined Benefit Pension Plans | Equity security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	11%
U.S. | Defined Benefit Pension Plans | Debt security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	88%
U.S. | Defined Benefit Pension Plans | Other Investments
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	1%
International | Defined Benefit Pension Plans
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Aggregate accumulated benefit obligation	$ 241	$ 227
Contribution to the plan	$ 2
International | Defined Benefit Pension Plans | Equity security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	10%
International | Defined Benefit Pension Plans | Debt security funds
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	15%
International | Defined Benefit Pension Plans | Other Investments
Defined Benefit Plans And Other Postretirement Benefit Plans [Line Items]
Target asset allocation (as a percent)	75%

EMPLOYEE BENEFIT PLANS - Summ_2

EMPLOYEE BENEFIT PLANS - Summary of International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets (Details) - International - Defined Benefit Pension Plans - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Information for pension plans with accumulated benefit obligations in excess of Plan assets:
Projected benefit obligation	$ (185)	$ (175)
Accumulated benefit obligation	(178)	(169)
Fair value of plan assets	133	129
Information for pension plans with projected benefit obligations in excess of plan assets:
Projected benefit obligation	(194)	(180)
Accumulated benefit obligation	(185)	(172)
Fair value of plan assets	$ 141	$ 133

EMPLOYEE BENEFIT PLANS - Summ_3

EMPLOYEE BENEFIT PLANS - Summary of Components of Net Periodic Benefit Costs (Details) - Defined Benefit Pension Plans - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0
Interest cost	2	1	1
Expected return on plan assets	(2)	(1)	(1)
Amortization of net loss	0	1	1
Settlement and curtailment (gains) losses recognized	(1)	0	0
Net periodic benefit (income) cost	(1)	1	1
International
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	3	4
Interest cost	11	6	4
Expected return on plan assets	(10)	(12)	(13)
Amortization of net loss	3	2	4
Settlement and curtailment (gains) losses recognized	0	(1)	1
Net periodic benefit (income) cost	$ 7	$ (2)	$ 0

EMPLOYEE BENEFIT PLANS - Summ_4

EMPLOYEE BENEFIT PLANS - Summary of Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation (Details) - Defined Benefit Pension Plans	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S.
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.25%	5.58%	2.87%
Expected return on plan assets	3.80%	3.80%	5%
Rate of compensation increase	3%	3%	3%
International
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.38%	4.77%	1.97%
Expected return on plan assets	5.09%	4.25%	4.27%
Rate of compensation increase	2.88%	2.78%	2.70%

EMPLOYEE BENEFIT PLANS - Summ_5

EMPLOYEE BENEFIT PLANS - Summary of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 266	$ 232
U.S. | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	55	31	$ 40
U.S. | Defined Benefit Pension Plans | Equity security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	4
U.S. | Defined Benefit Pension Plans | Debt security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35	25
U.S. | Defined Benefit Pension Plans | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
U.S. | Defined Benefit Pension Plans | Cash and cash equivalents and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	2
International | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	11
International | Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	211	201	$ 307
International | Defined Benefit Pension Plans | Equity security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56	44
International | Defined Benefit Pension Plans | Debt security funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129	131
International | Defined Benefit Pension Plans | Insurance contracts
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	11
International | Defined Benefit Pension Plans | Cash and cash equivalents and other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 14	$ 15

EMPLOYEE BENEFIT PLANS - Summ_6

EMPLOYEE BENEFIT PLANS - Summary of Pension Plan Assets Measured at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 266	$ 232
NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	5
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	48	32
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	204	187
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8	8
Equity | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	4
Equity | NAV | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity | Level 1 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	4
Equity | Level 2 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity | Level 3 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt Securities | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35	25
Debt Securities | NAV | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt Securities | Level 1 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5	5
Debt Securities | Level 2 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	30	20
Debt Securities | Level 3 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	2
Cash and cash equivalents | NAV | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Level 1 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	17	2
Cash and cash equivalents | Level 2 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents | Level 3 | U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Equity | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	56	44
Equity | NAV | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	5
Equity | Level 1 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	13
Equity | Level 2 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	36	26
Equity | Level 3 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt Securities | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	129	131
Debt Securities | NAV | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Debt Securities | Level 1 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	3	4
Debt Securities | Level 2 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	126	127
Debt Securities | Level 3 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance Contracts | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	12	11
Insurance Contracts | NAV | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance Contracts | Level 1 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Insurance Contracts | Level 2 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	4	3
Insurance Contracts | Level 3 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8	8
Cash and cash equivalents and other | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	14	15
Cash and cash equivalents and other | NAV | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0	0
Cash and cash equivalents and other | Level 1 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	6	4
Cash and cash equivalents and other | Level 2 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8	11
Cash and cash equivalents and other | Level 3 | International
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 0	$ 0

EMPLOYEE BENEFIT PLANS - Summ_7

EMPLOYEE BENEFIT PLANS - Summary of Benefit Payments Expected to be Paid to Plan Participants (Details) - Defined Benefit Pension Plans $ in Millions	Dec. 31, 2023 USD ($)
U.S.
Defined Benefit Plan Disclosure [Line Items]
2024	$ 4
2025	4
2026	4
2027	4
2028	4
2029 through 2033	21
International
Defined Benefit Plan Disclosure [Line Items]
2024	15
2025	15
2026	15
2027	16
2028	17
2029 through 2033	$ 91

INCOME TAXES - Summary of Compo

INCOME TAXES - Summary of Components of Income from Operations before Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ 506	$ 372	$ 253
Foreign	586	482	484
Income before income taxes	$ 1,092	$ 854	$ 737

INCOME TAXES - Summary of Conso

INCOME TAXES - Summary of Consolidated Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense (benefit)
Federal	$ 148	$ 37	$ (81)
State	29	3	27
Foreign	148	137	138
Current taxes	325	177	84
Deferred tax (benefit) expense
Federal	(50)	29	87
State	1	0	10
Foreign	(9)	7	(9)
Deferred taxes	(58)	36	88
Total provision	$ 267	$ 213	$ 172

INCOME TAXES - Summary of Recon

INCOME TAXES - Summary of Reconciliation of Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%
State taxes	1.50%	2%	0.30%
Foreign	2%	3.80%	3.30%
Research and development credit	(0.60%)	(0.80%)	(0.80%)
Non-taxable gain on acquisition	(0.80%)	0%	0%
U.S. net operating loss carryback	0%	0%	(3.40%)
Changes in valuation allowances	1%	(2.00%)	3%
U.S. tax reform provision	0.60%	0.10%	0.70%
Other, net	(0.20%)	0.90%	(0.90%)
Effective rate	24.50%	25%	23.20%

INCOME TAXES - Summary of Com_2

INCOME TAXES - Summary of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Accrued expenses and reserves	$ 50	$ 39
Warranty reserve	49	49
Deferred compensation/employee benefits	77	61
Right-of-use assets	78	74
Pension and postretirement obligations	16	19
Inventory	49	49
Deferred revenue	84	52
Net operating loss carry forwards	124	102
Other	51	37
Gross deferred income tax assets	578	482
Less: Valuation allowance	(58)	(46)
Total deferred income tax assets	520	436
Deferred income tax liabilities:
Property, plant & equipment	64	78
Right-of-use liabilities	75	72
Intangible assets	610	542
Total deferred income tax liabilities	749	692
Net deferred income tax liability	$ 229	$ 256

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance	$ (58)	$ (46)
Unrecognized tax benefits	40	33	$ 32	$ 16
Unrecognized tax benefits if recognized that would affect effective tax rate	27	20
Accrued interest	13	5
Unrecognized tax benefits subject to change within the next 12 months	17
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	430
Accrued interest	13	$ 5
Indefinite
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	228
Within Ten Years
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	90
Between December 31, 2034 To December 31, 2043
Operating Loss Carryforwards [Line Items]
Net operating loss carry-forwards	$ 112

INCOME TAXES - Summary of Liabi

INCOME TAXES - Summary of Liability for Income Taxes Associated with Uncertain Tax Positions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 33	$ 32	$ 16
Unrecognized tax benefits in prior periods	13	1	19
Audit settlement during year	(5)	0	(1)
Expiration of audit statute of limitations	(1)	0	(2)
Balance at end of year	$ 40	$ 33	$ 32

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income attributable to Wabtec shareholders	$ 815	$ 633	$ 558
Denominator
Weighted average shares outstanding - basic (in shares)	178.8	182.2	187.7
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.7	0.6	0.4
Weighted average shares outstanding - diluted (in shares)	179.5	182.8	188.1
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 4.54	$ 3.46	$ 2.96
Diluted (in dollars per share)	$ 4.53	$ 3.46	$ 2.96

STOCK-BASED COMPENSATION PLAN_2

STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 59	$ 49	$ 46
Unamortized compensation expense expected to be vested			$ 52
Unamortized compensation expense expected to be vested, period for recognition			1 year 4 months 24 days
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 1
Non-Vested Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			23
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 12
Incentive Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Stock-based compensation expense			$ 22
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			100%
Award achievement percentage			145%
Incentive Stock Awards | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years	3 years
Award achievement percentage	116%	139%
Incentive Stock Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			0%
Incentive Stock Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			200%
Plan 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant			4,900,000
Plan 2011 | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Plan term, years			10 years
Plan 2011 | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Directors Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares)			1,000,000
Stock-based compensation expense			$ 1
Directors Plan | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares authorized for grants (in shares)			1,100,000
Award vesting period			3 years
Plan term, years			10 years
Directors Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			1 year
Shares issued (in shares)			14,856	14,269	18,142
Directors Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			1 year
Plan 2000 | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Plan term, years			10 years
Plan 2000 | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years

STOCK-BASED COMPENSATION PLAN_3

STOCK-BASED COMPENSATION PLANS - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Options
Outstanding, beginning of period (in shares)	399,938	531,915	552,669
Granted (in shares)			126,794
Exercised (in shares)	(87,035)	(116,590)	(113,728)
Canceled (in shares)	(3,078)	(15,387)	(33,820)
Outstanding, end of period (in shares)	309,825	399,938	531,915	552,669
Exercisable Options, end of period (in shares)	275,198
Weighted Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 77.32	$ 75.40	$ 69.82
Granted (in dollars per share)			81.21
Exercised (in dollars per share)	74.49	68.57	50.38
Canceled (in dollars per share)	79.04	77.10	73.53
Outstanding, end of period (in dollars per share)	78.41	$ 77.32	$ 75.40	$ 69.82
Exercisable, Weighted Average Exercise Price, end of period (in dollars per share)	$ 78.06
Weighted Average Remaining Contractual Life
Outstanding (in years)	5 years 3 months 18 days	5 years 10 months 24 days	6 years 6 months	6 years 1 month 6 days
Exercisable, Weighted Average Remaining Contractual Life, end of period (in years)	5 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding, beginning of period	$ 11	$ 9	$ 4
Outstanding, end of period	15	$ 11	$ 9	$ 4
Exercisable, Aggregate Intrinsic value, end of period	$ 13

STOCK-BASED COMPENSATION PLAN_4

STOCK-BASED COMPENSATION PLANS - Summary of Stock Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Number of Options Outstanding (in shares)	309,825
Weighted Average Exercise Price of Options Outstanding (in dollars per share)	$ 78.41
Weighted Average Remaining Contractual Life (in years)	5 years 3 months 18 days	5 years 10 months 24 days	6 years 6 months	6 years 1 month 6 days
Number of Options Currently Exercisable (in shares)	275,198
Weighted Average Exercise Price of Options Currently Exercisable (in dollars per share)	$ 78.06
50.00 - 65.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, low range (in dollars per share)	50
Exercise price, high range (in dollars per share)	$ 65
Number of Options Outstanding (in shares)	27,595
Weighted Average Exercise Price of Options Outstanding (in dollars per share)	$ 61.51
Weighted Average Remaining Contractual Life (in years)	2 years 10 months 24 days
Number of Options Currently Exercisable (in shares)	27,595
Weighted Average Exercise Price of Options Currently Exercisable (in dollars per share)	$ 61.51
65.00 - 80.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, low range (in dollars per share)	65
Exercise price, high range (in dollars per share)	$ 80
Number of Options Outstanding (in shares)	131,568
Weighted Average Exercise Price of Options Outstanding (in dollars per share)	$ 75.03
Weighted Average Remaining Contractual Life (in years)	5 years 7 months 6 days
Number of Options Currently Exercisable (in shares)	131,568
Weighted Average Exercise Price of Options Currently Exercisable (in dollars per share)	$ 75.03
Over 80.00
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise price, low range (in dollars per share)	$ 80
Number of Options Outstanding (in shares)	150,662
Weighted Average Exercise Price of Options Outstanding (in dollars per share)	$ 84.46
Weighted Average Remaining Contractual Life (in years)	5 years 6 months
Number of Options Currently Exercisable (in shares)	116,035
Weighted Average Exercise Price of Options Currently Exercisable (in dollars per share)	$ 85.43

STOCK-BASED COMPENSATION PLAN_5

STOCK-BASED COMPENSATION PLANS - Summary of Restricted Stock Activity and Incentive Stock Awards Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 84.73	$ 78.06	$ 73.80
Granted (in dollars per share)	104.70	91.19	81.64
Vested (in dollars per share)	81	75.14	71.82
Adjustment for incentive stock awards expected to vest (in dollars per share)	88.02	84.55	76.26
Canceled (in dollars per share)	93.44	76.84	76.24
Outstanding, end of period (in dollars per share)	$ 93.65	$ 84.73	$ 78.06
Restricted Stock and Units
Number of Awards
Outstanding, beginning of period (in shares)	689,420	507,698	656,006
Granted (in shares)	368,209	460,841	235,902
Vested (in shares)	(262,339)	(234,597)	(350,955)
Adjustment for incentive stock awards expected to vest (in shares)	0	0	0
Canceled (in shares)	(34,721)	(44,522)	(33,255)
Outstanding, end of period (in shares)	760,569	689,420	507,698
Incentive Stock Awards
Number of Awards
Outstanding, beginning of period (in shares)	744,844	607,101	270,645
Granted (in shares)	192,751	176,657	241,467
Vested (in shares)	(265,678)	(43,039)	(37,672)
Adjustment for incentive stock awards expected to vest (in shares)	31,011	45,301	180,767
Canceled (in shares)	(10,196)	(41,176)	(48,106)
Outstanding, end of period (in shares)	692,732	744,844	607,101

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	$ 10,147	$ 10,239	$ 10,153
Other comprehensive income (loss) before reclassifications	69	(197)	(131)
Amounts reclassified from Accumulated other comprehensive loss	2	2	4
Other comprehensive (loss) income, net	71	(195)	(127)
Other comprehensive income, net	71	(195)	(127)
Balance end of period	10,524	10,147	10,239
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(661)	(466)	(339)
Other comprehensive income, net	71	(195)	(127)
Balance end of period	(590)	(661)	(466)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(596)	(396)	(260)
Other comprehensive income (loss) before reclassifications	55	(200)	(136)
Amounts reclassified from Accumulated other comprehensive loss	0	0	0
Other comprehensive (loss) income, net			(136)
Other comprehensive income, net	55	(200)
Balance end of period	(541)	(596)	(396)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(9)	(5)	3
Other comprehensive income (loss) before reclassifications	16	(4)	(8)
Amounts reclassified from Accumulated other comprehensive loss	0	0	0
Other comprehensive (loss) income, net			(8)
Other comprehensive income, net	16	(4)
Balance end of period	7	(9)	(5)
Pension and post retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance beginning of period	(56)	(65)	(82)
Other comprehensive income (loss) before reclassifications	(2)	7	13
Amounts reclassified from Accumulated other comprehensive loss	2	2	4
Other comprehensive (loss) income, net			17
Other comprehensive income, net	0	9
Balance end of period	$ (56)	$ (56)	$ (65)

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense	$ 64	$ 60	$ 59
New operating leases	$ 37	$ 80

LEASES - Summary of Maturity of

LEASES - Summary of Maturity of Lease Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 61
2025	54
2026	48
2027	37
2028	27
Thereafter	114
Total lease payments	341
Less: Present value discount	(28)
Present value lease liabilities	$ 313
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other accrued liabilities

LEASES - Summary of Lease Term

LEASES - Summary of Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	7 years 9 months 18 days	8 years 3 months 18 days
Weighted-average discount rate	2.40%	2.30%

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 242	$ 259
Warranty expense	95	79
Warranty claim payments	(93)	(91)
Acquisitions	0	3
Foreign currency impact/other	4	(8)
Balance at end of year	$ 248	$ 242

FAIR VALUE MEASUREMENT AND DE_3

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Other accrued liabilities		$ 47
Foreign Exchange Forward | Non-Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative term (in years)	1 year
Other Accrued Liabilities | General Electric Company | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, current	$ 42	$ 105

FAIR VALUE MEASUREMENT AND DE_4

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS - Summary of Liabilities Carried at Fair Value Measured on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	$ 4	$ (3)
Gross Notional Amount	1,224	1,047
Non-Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total	0	0
Gross Notional Amount	310	308
Other current assets | Foreign Exchange Contracts | Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets at fair value	6	8
Gross Notional Amount	319	278
Other current assets | Foreign Exchange Contracts | Non-Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets at fair value	3	3
Gross Notional Amount	110	156
Other current assets | Interest Rate Contracts | Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets at fair value	10
Gross Notional Amount	250
Other current assets | Interest Rate Contracts | Non-Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative assets at fair value	0
Gross Notional Amount	0
Other current liabilities | Foreign Exchange Contracts | Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities at fair value	(12)	(11)
Gross Notional Amount	655	769
Other current liabilities | Foreign Exchange Contracts | Non-Designated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities at fair value	(3)	(3)
Gross Notional Amount	$ 200	$ 152

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 08, 2017 USD ($)
Threatened Litigation | Denver Transit Installation of Constant Wireless Crossings | Subsidiaries
Loss Contingencies [Line Items]
Alleged damages	$ 37

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Segment Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total sales	$ 9,677	$ 8,362	$ 7,822
Income (loss) from operations	1,266	1,011	876
Interest expense and other, net	(174)	(157)	(139)
Income before income taxes	1,092	854	737
Depreciation and amortization	531	479	491
Capital expenditures	186	149	130
Segment assets	18,988	18,516
Freight Segment
Segment Reporting Information [Line Items]
Total sales	6,962	6,012	5,239
Transit Segment
Segment Reporting Information [Line Items]
Total sales	2,715	2,350	2,583
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(101)	(82)	(81)
Income (loss) from operations	(94)	(84)	(79)
Interest expense and other, net	(174)	(157)	(139)
Income before income taxes	(268)	(241)	(218)
Depreciation and amortization	17	20	16
Capital expenditures	9	8	3
Segment assets	(10,785)	(7,718)
Corporate Activities and Elimination | Freight Segment
Segment Reporting Information [Line Items]
Total sales	60	51	48
Corporate Activities and Elimination | Transit Segment
Segment Reporting Information [Line Items]
Total sales	41	31	33
Operating Segments | Freight Segment
Segment Reporting Information [Line Items]
Total sales	7,022	6,063	5,287
Income (loss) from operations	1,071	864	717
Interest expense and other, net	0	0	0
Income before income taxes	1,071	864	717
Depreciation and amortization	443	399	405
Capital expenditures	120	87	79
Segment assets	24,674	21,118
Operating Segments | Transit Segment
Segment Reporting Information [Line Items]
Total sales	2,756	2,381	2,616
Income (loss) from operations	289	231	238
Interest expense and other, net	0	0	0
Income before income taxes	289	231	238
Depreciation and amortization	71	60	70
Capital expenditures	57	54	$ 48
Segment assets	$ 5,099	$ 5,116

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Geographic Area Data (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	$ 9,677	$ 8,362	$ 7,822
Long-Lived Assets	1,485	1,429
North America
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	5,431	4,475	4,003
Long-Lived Assets	978	982
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	4,553	3,734	3,321
Long-Lived Assets	948	956
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	531	454	462
Long-Lived Assets	7	5
Mexico
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	347	287	220
Long-Lived Assets	23	21
South America
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	346	336	301
Long-Lived Assets	47	37
Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	1,644	1,446	1,680
Long-Lived Assets	253	236
Germany
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	347	339	383
Long-Lived Assets	54	59
France
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	346	273	286
Long-Lived Assets	58	52
United Kingdom
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	248	213	300
Long-Lived Assets	44	40
Italy
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	183	163	196
Long-Lived Assets	37	33
Other Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	520	458	515
Long-Lived Assets	60	52
India
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	593	531	531
Long-Lived Assets	122	131
Australia / New Zealand
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	451	465	386
Long-Lived Assets	15	8
China
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	286	244	228
Long-Lived Assets	28	29
Kazakhstan / Russia / CIS
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	457	399	412
Long-Lived Assets	39	3
Other Asia / Middle East
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	240	183	177
Long-Lived Assets	0	0
Egypt
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	120	164	32
Long-Lived Assets	0	0
Other Africa
Revenues From External Customers And Long Lived Assets [Line Items]
Net Sales	109	119	$ 72
Long-Lived Assets	$ 3	$ 3

SEGMENT INFORMATION - Summary_3

SEGMENT INFORMATION - Summary of Sales by Product (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Total sales	$ 9,677	$ 8,362	$ 7,822
Freight Segment
Revenue from External Customer [Line Items]
Total sales	6,962	6,012	5,239
Transit Segment
Revenue from External Customer [Line Items]
Total sales	2,715	2,350	2,583
Services
Revenue from External Customer [Line Items]
Total sales	2,030	1,903	1,617
Services | Freight Segment
Revenue from External Customer [Line Items]
Total sales	3,262	2,819	2,430
Equipment | Freight Segment
Revenue from External Customer [Line Items]
Total sales	1,770	1,528	1,302
Components | Freight Segment
Revenue from External Customer [Line Items]
Total sales	1,157	936	867
Digital Intelligence | Freight Segment
Revenue from External Customer [Line Items]
Total sales	773	729	640
Original Equipment Manufacturer | Transit Segment
Revenue from External Customer [Line Items]
Total sales	1,235	1,095	1,193
Aftermarket | Transit Segment
Revenue from External Customer [Line Items]
Total sales	$ 1,480	$ 1,255	$ 1,390

OTHER INCOME, NET (Details)

OTHER INCOME, NET (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Foreign currency (loss) gain	$ (20)	$ 6	$ 8
Equity income	25	17	20
Expected return on pension assets/amortization	7	7	9
Other miscellaneous income (expense)	32	(1)	1
Total Other income, net	$ 44	$ 29	$ 38

OTHER INCOME, NET - Narrative (

OTHER INCOME, NET - Narrative (Details) $ in Millions	Dec. 22, 2023 USD ($)
LKZ
Business Acquisition [Line Items]
Remeasurement gain	$ 35

RESTRUCTURING - Additional Info

RESTRUCTURING - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring Charges				$ 49	$ 46
Integration 2.0
Restructuring Cost and Reserve [Line Items]
Restructuring period		3 years
Restructuring Charges			$ 118
Payments for restructuring				39
Portfolio Optimization
Restructuring Cost and Reserve [Line Items]
Total expected costs	$ 85			$ 85
Restructuring Charges	$ 28
Minimum | Integration 2.0
Restructuring Cost and Reserve [Line Items]
Total expected costs		$ 135
Maximum | Integration 2.0
Restructuring Cost and Reserve [Line Items]
Total expected costs		$ 165

RESTRUCTURING - Schedule of Res

RESTRUCTURING - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	$ 49	$ 46
Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	9	14
Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	40	32
Cost of goods sold | Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	4	13
Cost of goods sold | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	25	26
Selling, general and administrative expenses | Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	5	1
Selling, general and administrative expenses | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	13	6
Amortization expense | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	$ 2	$ 0

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 28	$ 32	$ 37
Charged to expense	8	4	3
Charged/ (credited) to other accounts	0	(1)	(1)
Deductions from reserves	(5)	(7)	(7)
Balance at end of period	31	28	32
Valuation allowance-taxes
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	46	64	42
Charged to expense	12	0	22
Charged/ (credited) to other accounts	0	0	0
Deductions from reserves	0	(18)	0
Balance at end of period	$ 58	$ 46	$ 64