Westinghouse Air Brake Technologies (WAB) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1615902
Entity Address, Address Line One	30 Isabella Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	412
Local Phone Number	825-1000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,183,232
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash, cash equivalents and restricted cash	$ 595	$ 620
Accounts receivable	1,269	1,160
Unbilled accounts receivable	532	524
Inventories, net	2,364	2,284
Other current assets	267	267
Total current assets	5,027	4,855
Property, plant and equipment, net	1,439	1,485
Goodwill	8,706	8,780
Other intangible assets, net	3,031	3,205
Other noncurrent assets	673	663
Total noncurrent assets	13,849	14,133
Total Assets	18,876	18,988
Liabilities
Accounts payable	1,331	1,250
Customer deposits	646	804
Accrued compensation	280	341
Accrued warranty	228	220
Current portion of long-term debt	503	781
Other accrued liabilities	659	660
Total current liabilities	3,647	4,056
Long-term debt	3,494	3,288
Accrued postretirement and pension benefits	61	62
Deferred income taxes	323	318
Other long-term liabilities	831	740
Total Liabilities	8,356	8,464
Commitments and contingencies (Note 14)
Equity
Common stock, $.01 par value; 500.0 shares authorized and 226.9 shares issued: 175.6 and 177.8 outstanding at June 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	7,981	7,977
Treasury stock, at cost, 51.3 and 49.1 shares, at June 30, 2024 and December 31, 2023, respectively	(2,545)	(2,171)
Retained earnings	5,759	5,269
Accumulated other comprehensive loss	(720)	(590)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	10,477	10,487
Noncontrolling interest	43	37
Total Equity	10,520	10,524
Total Liabilities and Equity	$ 18,876	$ 18,988

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500	500
Common stock, shares issued (in shares)	226.9	226.9
Common stock, shares outstanding (in shares)	175.6	177.8
Treasury stock, shares (in shares)	51.3	49.1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net sales:
Total net sales	$ 2,644	$ 2,407	$ 5,141	$ 4,601
Cost of sales:
Total cost of sales	(1,770)	(1,684)	(3,452)	(3,213)
Gross profit	874	723	1,689	1,388
Operating expenses:
Selling, general and administrative expenses	(316)	(285)	(597)	(548)
Engineering expenses	(57)	(53)	(105)	(104)
Amortization expense	(71)	(73)	(145)	(148)
Total operating expenses	(444)	(411)	(847)	(800)
Income from operations	430	312	842	588
Other income and expenses:
Interest expense, net	(49)	(55)	(96)	(103)
Other income, net	4	2	2	7
Income before income taxes	385	259	748	492
Income tax expense	(94)	(66)	(180)	(126)
Net income	291	193	568	366
Less: Net income attributable to noncontrolling interest	(2)	(2)	(7)	(6)
Net income attributable to Wabtec shareholders	$ 289	$ 191	$ 561	$ 360
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 1.64	$ 1.06	$ 3.18	$ 2
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 1.64	$ 1.06	$ 3.17	$ 2
Weighted average shares outstanding
Basic (in shares)	175.4	178.9	176	179.4
Diluted (in shares)	176	179.4	176.6	180
Goods
Net sales:
Total net sales	$ 2,145	$ 1,899	$ 4,152	$ 3,583
Cost of sales:
Total cost of sales	(1,490)	(1,400)	(2,901)	(2,657)
Services
Net sales:
Total net sales	499	508	989	1,018
Cost of sales:
Total cost of sales	$ (280)	$ (284)	$ (551)	$ (556)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 289	$ 191	$ 561	$ 360
Foreign currency translation (loss) gain	(49)	(1)	(137)	24
Unrealized gain on derivative contracts	0	13	13	18
Change in unrealized loss on pension and post-retirement benefit plans	(5)	(3)	(4)	(2)
Other comprehensive (loss) income before tax	(54)	9	(128)	40
Income tax benefit (expense) related to components of other comprehensive income	1	(2)	(2)	(3)
Other comprehensive (loss) income, net of tax	(53)	7	(130)	37
Comprehensive income attributable to Wabtec shareholders	$ 236	$ 198	$ 431	$ 397

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income	$ 568	$ 366
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	241	246
Stock-based compensation expense	26	22
Below market intangible amortization	(23)	(26)
Net loss on disposal of property, plant and equipment	2	3
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable and unbilled accounts receivable	(146)	(150)
Inventories	(120)	(248)
Accounts payable	93	(5)
Accrued income taxes	14	(30)
Accrued liabilities and customer deposits	(189)	(73)
Other assets and liabilities	103	(15)
Net cash provided by operating activities	569	90
Investing Activities
Purchase of property, plant and equipment	(77)	(70)
Proceeds from disposal of property, plant and equipment	20	0
Acquisitions of businesses, net of cash acquired	0	(223)
Net cash used for investing activities	(57)	(293)
Financing Activities
Proceeds from debt, net of issuance costs	1,803	2,964
Payments of debt	(1,861)	(2,590)
Repurchase of stock	(375)	(252)
Cash dividends	(71)	(62)
Payment of income tax withholding on share-based compensation	(23)	(15)
Distribution to noncontrolling interest	(1)	(12)
Other financing activities	5	(3)
Net cash (used for) provided by financing activities	(523)	30
Effect of changes in currency exchange rates	(14)	3
Decrease in cash	(25)	(170)
Cash, cash equivalents and restricted cash, beginning of period	620	541
Cash, cash equivalents and restricted cash, end of period	$ 595	$ 371

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		226.9
Beginning balance at Dec. 31, 2022	$ 10,147	$ 2	$ 7,953	$ (1,769)	$ 4,577	$ (661)	$ 45
Beginning balance (in shares) at Dec. 31, 2022				(45.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(31)				(31)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(17)		(23)	$ 6
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.3
Stock based compensation	10		10
Net income	173				169		4
Other comprehensive income (loss), net of tax	30					30
Stock repurchase (in shares)				(1.7)
Stock repurchase	(178)			$ (178)
Ending balance (in shares) at Mar. 31, 2023		226.9
Ending balance at Mar. 31, 2023	10,134	$ 2	7,940	$ (1,941)	4,715	(631)	49
Ending balance (in shares) at Mar. 31, 2023				(47.1)
Beginning balance (in shares) at Dec. 31, 2022		226.9
Beginning balance at Dec. 31, 2022	10,147	$ 2	7,953	$ (1,769)	4,577	(661)	45
Beginning balance (in shares) at Dec. 31, 2022				(45.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	366
Other comprehensive income (loss), net of tax	37
Ending balance (in shares) at Jun. 30, 2023		226.9
Ending balance at Jun. 30, 2023	10,227	$ 2	7,949	$ (2,014)	4,875	(624)	39
Ending balance (in shares) at Jun. 30, 2023				(47.8)
Beginning balance (in shares) at Mar. 31, 2023		226.9
Beginning balance at Mar. 31, 2023	10,134	$ 2	7,940	$ (1,941)	4,715	(631)	49
Beginning balance (in shares) at Mar. 31, 2023				(47.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(31)				(31)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	0		(3)	$ 3
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.1
Stock based compensation	12		12
Net income	193				191		2
Other comprehensive income (loss), net of tax	7					7
Stock repurchase (in shares)				(0.8)
Stock repurchase	(76)			$ (76)
Distribution to noncontrolling interest	(12)				0		(12)
Ending balance (in shares) at Jun. 30, 2023		226.9
Ending balance at Jun. 30, 2023	$ 10,227	$ 2	7,949	$ (2,014)	4,875	(624)	39
Ending balance (in shares) at Jun. 30, 2023				(47.8)
Beginning balance (in shares) at Dec. 31, 2023	177.8	226.9
Beginning balance at Dec. 31, 2023	$ 10,524	$ 2	7,977	$ (2,171)	5,269	(590)	37
Beginning balance (in shares) at Dec. 31, 2023	(49.1)			(49.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	$ (36)				(36)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(20)		(22)	$ 2
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.3
Stock based compensation	12		12
Net income	277				272		5
Other comprehensive income (loss), net of tax	(77)					(77)
Stock repurchase (in shares)				(1.3)
Stock repurchase	(176)			$ (176)
Ending balance (in shares) at Mar. 31, 2024		226.9
Ending balance at Mar. 31, 2024	$ 10,504	$ 2	7,967	$ (2,345)	5,505	(667)	42
Ending balance (in shares) at Mar. 31, 2024				(50.1)
Beginning balance (in shares) at Dec. 31, 2023	177.8	226.9
Beginning balance at Dec. 31, 2023	$ 10,524	$ 2	7,977	$ (2,171)	5,269	(590)	37
Beginning balance (in shares) at Dec. 31, 2023	(49.1)			(49.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 568
Other comprehensive income (loss), net of tax	$ (130)
Ending balance (in shares) at Jun. 30, 2024	175.6	226.9
Ending balance at Jun. 30, 2024	$ 10,520	$ 2	7,981	$ (2,545)	5,759	(720)	43
Ending balance (in shares) at Jun. 30, 2024	(51.3)			(51.3)
Beginning balance (in shares) at Mar. 31, 2024		226.9
Beginning balance at Mar. 31, 2024	$ 10,504	$ 2	7,967	$ (2,345)	5,505	(667)	42
Beginning balance (in shares) at Mar. 31, 2024				(50.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(35)				(35)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	2		0	$ 2
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.1
Stock based compensation	14		14
Net income	291				289		2
Other comprehensive income (loss), net of tax	(53)					(53)
Stock repurchase (in shares)				(1.3)
Stock repurchase	(202)			$ (202)
Distribution to noncontrolling interest	$ (1)						(1)
Ending balance (in shares) at Jun. 30, 2024	175.6	226.9
Ending balance at Jun. 30, 2024	$ 10,520	$ 2	$ 7,981	$ (2,545)	$ 5,759	$ (720)	$ 43
Ending balance (in shares) at Jun. 30, 2024	(51.3)			(51.3)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.20	$ 0.20	$ 0.17	$ 0.17

BUSINESS

BUSINESS	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Except as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. References to the “Parent Company” refer to Westinghouse Air Brake Technologies Corporation alone. 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 the first six months of 2024, approximately 50% of the Company’s Net sales came from customers outside the United States.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Results for these interim periods are not necessarily indicative of results to be expected for the full year, particularly in light of ongoing volatility in the macroeconomic environment caused by supply chain disruptions, labor availability, broad-based inflation, and the impacts from regional conflicts. These factors continue to impact our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations. We are unable to reasonably predict the full impact of these factors due to the high degree of uncertainty regarding their duration and severity, their potential impact on global economic activity, and the impact that current and new sanctions may have on our business, global supply chain operations and our customers, suppliers, and end-markets. The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31. The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2023. The December 31, 2023 information has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. 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. 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 June 30, 2024, the Company's remaining performance obligations were approximately $22.1 billion. The Company expects to recognize revenue of approximately 33% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. Revolving Receivables Program The Company utilizes a revolving facility to sell up to $350 million of 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. At June 30, 2024 and December 31, 2023, the bankruptcy-remote subsidiary held receivables of $695 million and $674 million, respectively, which are included in the Company's Condensed Consolidated Balance Sheets. The receivables held by the bankruptcy-remote subsidiary collateralize the outstanding receivables sold, which were $20 million at December 31, 2023. There were no receivables outstanding under the facility at June 30, 2024. 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 as the estimated expected credit losses on receivables sold is insignificant. Our maximum exposure to losses related to these receivables transferred is limited to the amount outstanding. The following table sets forth a summary of receivables sold and the resulting impact of net cash proceeds included in cash from operations: In millions Six Months Ended Six Months Ended Gross receivables sold/cash proceeds received $ 812 $ 1,216 Customer collections remitted to financial institution (832) (1,061) Net cash proceeds (remitted) received included in cash from operations $ (20) $ 155 Restricted Cash At June 30, 2024 and December 31, 2023, the Company classified cash of $5 million as restricted for cash held in escrow related to a 2022 acquisition. 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 expenses to the extent the property, plant, and equipment is used for research and development purposes. 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. No impairment indicators were identified during the current quarter. 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 its future 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 its future filings. Accumulated Other Comprehensive Loss Comprehensive (loss) income comprises both Net income and Other comprehensive (loss) income 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, including any tax impacts, for the three months ended June 30, 2024 and 2023 are as follows: Foreign currency translation Derivative contracts Pension and postretirement benefit plans Total In millions 2024 2023 2024 2023 2024 2023 2024 2023 Balance at March 31 $ (629) $ (571) $ 17 $ (5) $ (55) $ (55) $ (667) $ (631) Other comprehensive (loss) income before reclassifications (49) (1) — 9 (1) (1) (50) 7 Amounts reclassified from Accumulated other comprehensive loss — — — — (3) — (3) — Other comprehensive (loss) income, net (49) (1) — 9 (4) (1) (53) 7 Balance at June 30 $ (678) $ (572) $ 17 $ 4 $ (59) $ (56) $ (720) $ (624) The changes in Accumulated other comprehensive loss by component, including any tax impacts, for the six months ended June 30, 2024 and 2023 are as follows: Foreign currency translation Derivative contracts Pension and postretirement benefit plans Total In millions 2024 2023 2024 2023 2024 2023 2024 2023 Balance at beginning of year $ (541) $ (596) $ 7 $ (9) $ (56) $ (56) $ (590) $ (661) Other comprehensive (loss) income before reclassifications (137) 24 10 13 — (1) (127) 36 Amounts reclassified from Accumulated other comprehensive loss — — — — (3) 1 (3) 1 Other comprehensive (loss) income, net (137) 24 10 13 (3) — (130) 37 Balance at June 30 $ (678) $ (572) $ 17 $ 4 $ (59) $ (56) $ (720) $ (624) Amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income, net" with the tax impact recognized in "Income tax expense" on the Condensed Consolidated Statements of Income. Supply Chain Financing Program

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS 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. Upon acquisition, Wabtec's previously held equity interest balance was remeasured to fair value and the Company ceased accounting for the investment using the equity method and recognized 100% of LKZ's identifiable assets and liabilities. LKZ's results of operations and cash flows have been 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 26 Other current assets 1 Property, plant and equipment 43 Goodwill 106 Other intangible assets 89 Other noncurrent assets 1 Total assets acquired 302 Liabilities assumed Current liabilities 16 Noncurrent liabilities 41 Total liabilities assumed 57 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. 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.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The components of inventory, net of reserves, were: In millions June 30, December 31, Raw materials $ 999 $ 1,062 Work-in-progress 573 463 Finished goods 792 759 Total inventories $ 2,364 $ 2,284

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The change in the carrying amount of goodwill by segment is as follows: In millions Freight Segment Transit Segment Total Balance at December 31, 2023 $ 7,294 $ 1,486 $ 8,780 Additions/adjustments 2 — 2 Foreign currency impact (29) (47) (76) Balance at June 30, 2024 $ 7,267 $ 1,439 $ 8,706 As of June 30, 2024 and December 31, 2023, the Company’s trade names had a net carrying amount of $597 million and $612 million, respectively. The Company believes these intangibles have indefinite lives, with the exception of the right to use the GE Transportation trade name, to which the Company had assigned a useful life of 5 years and has been fully amortized. Intangible assets of the Company, other than goodwill and trade names, consist of the following: June 30, 2024 December 31, 2023 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog $ 1,421 $ (577) $ 844 $ 1,431 $ (526) $ 905 Customer relationships 1,316 (458) 858 1,333 (431) 902 Acquired technology 1,285 (553) 732 1,283 (497) 786 Total $ 4,022 $ (1,588) $ 2,434 $ 4,047 $ (1,454) $ 2,593 At June 30, 2024 the weighted average remaining useful lives of backlog, customer relationships and acquired technology were 8 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 $71 million and $145 million for the three and six months ended June 30, 2024, respectively, and $73 million and $148 million for the three and six months ended June 30, 2023, respectively. Amortization expense for the five succeeding years is estimated to be as follows: In millions Remainder of 2024 $ 143 2025 $ 272 2026 $ 267 2027 $ 261 2028 $ 260

CONTRACT ASSETS AND CONTRACT LI

CONTRACT ASSETS AND CONTRACT LIABILITIES	6 Months Ended
	Jun. 30, 2024
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 Condensed Consolidated Balance Sheets. Noncurrent contract assets were $167 million at June 30, 2024 and $154 million at December 31, 2023. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. Noncurrent contract liabilities were $311 million at June 30, 2024 and $174 million at December 31, 2023. 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 $92 million and $104 million at June 30, 2024 and December 31, 2023, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the Condensed Consolidated Balance Sheets. The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2024 and 2023 is as follows: Contract Assets In millions 2024 2023 Balance at beginning of year $ 678 $ 706 Recognized in current year 382 358 Reclassified to accounts receivable (353) (208) Acquisitions/adjustments — (2) Foreign currency impact (8) 5 Balance at June 30 $ 699 $ 859 Contract Liabilities In millions 2024 2023 Balance at beginning of year $ 1,082 $ 956 Recognized in current year 734 561 Amounts in beginning balance reclassified to revenue (388) (439) Current year amounts reclassified to revenue (359) (149) Acquisitions — 1 Foreign currency impact (20) 4 Balance at June 30 $ 1,049 $ 934

LEASES

LEASES	6 Months Ended
	Jun. 30, 2024
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 right-of-use assets are classified as noncurrent and included within the caption "Other noncurrent assets" on the Condensed Consolidated Balance Sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. The Company does not separate lease and non-lease components. 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. Operating lease expense was $16 million and $32 million for each of the three and six months ended June 30, 2024 and 2023, respectively. New operating leases of $18 million and $32 million were added during the three and six months ended June 30, 2024, respectively, and $6 million and $20 million for the three and six months ended June 30, 2023, respectively. Wabtec does not have material financing leases, short-term or variable leases or sublease income. Scheduled payments of lease liabilities are as follows: In millions Operating Leases Remaining 2024 $ 32 2025 59 2026 52 2027 41 2028 31 Thereafter 109 Total lease payments 324 Less: Present value discount (29) Present value of lease liabilities $ 295 The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities: June 30, 2024 December 31, 2023 Weighted-average remaining lease term (years) 7.3 7.8 Weighted-average discount rate 2.8 % 2.4 %

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Long-term debt consisted of the following: Effective Interest Rate Face Value June 30, 2024 December 31, 2023 In millions Book Value Fair Value 1 Book Value Fair Value 1 2024 Credit Agreement: Term Loan 6.7 % $ 225 $ 224 $ 225 $ — $ — 2022 Credit Agreement: Revolving Credit Facility 8.0 % N/A — — — — Delayed Draw Term Loan 6.7 % $ 250 250 250 250 250 Senior Notes: 4.15% Senior Notes, due 2024 — % $ — — — 725 722 3.20% Senior Notes, due 2025 3.4 % $ 500 499 488 499 484 3.45% Senior Notes, due 2026 3.5 % $ 750 750 717 749 718 1.25% Senior Notes (EUR), due 2027 1.5 % € 500 532 497 547 509 4.70% Senior Notes, due 2028 4.8 % $ 1,250 1,245 1,224 1,245 1,237 5.611% Senior Notes, due 2034 5.7 % $ 500 495 503 — — Other Borrowings 2 4 54 57 Total 3,997 3,908 4,069 3,977 Less: current portion (503) (492) (781) (779) Long-term portion $ 3,494 $ 3,416 $ 3,288 $ 3,198 1. See Note 13 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 fees 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. 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 June 30, 2024 and December 31, 2023, the Company had total combined unamortized discount and debt issuance costs of $18 million and $15 million, respectively. Credit Agreements 2024 Credit Agreement On March 14, 2024, the Company entered into a new stand-alone credit agreement (the "2024 Credit Agreement") for a term loan of $225 million. Borrowings under the 2024 Credit Agreement bear interest at a base rate The obligations of the Company under the 2024 Credit Agreement are unsecured and have been guaranteed by certain of the Company’s subsidiari es. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The borrowing rate for the 2024 Credit Agreement is a variable rate assessed periodically in accordance with the terms of the 2024 Credit Agreement. At June 30, 2024, the interest rate was 6.7%. Under the 2024 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 calculated using an earnings metric as defined in the agreement compared to Interest Expense for the four quarters then ended. The Leverage Ratio is defined as net debt (total debt, net of up to $300 million of unrestricted cash) as of the last day of such fiscal quarter to the defined earnings metric for the four quarters then ended. Additionally, the Company may effect an increase in the maximum Leverage Ratio in contemplation of a Material Acquisition. All terms are as defined in the 2024 Credit Agreement. 2022 Credit Agreement On August 15, 2022, the Company entered into a new unsecured credit agreement (the "2022 Credit Agreement"). The 2022 Credit Agreement 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 $250 million delayed draw term loan facility (the “Delayed Draw Term Loan”), all pursuant to the terms and conditions of the 2022 Credit Agreement. The 2022 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 was available for borrowings until February 15, 2024, and was fully drawn during the third quarter of 2023. 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 2022 Credit Agreement includes a base rate 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 2022 Credit Agreement. At June 30, 2024, the interest rate was 6.7%. Under the 2022 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 calculated using an earnings metric as defined in the agreement compared to Interest Expense for the four quarters then ended. The Leverage Ratio is defined as net debt (total debt, net of up to $300 million of unrestricted cash) as of the last day of such fiscal quarter to the defined earnings metric for the four quarters then ended. Additionally, the Company may effect an increase in the maximum Leverage Ratio in contemplation of a Material Acquisition. All terms are as defined in the 2022 Credit Agreement. The following table presents availability under the 2022 Credit Agreement at June 30, 2024: In millions Revolving Credit Facility Delayed Draw Term Loan Total Maximum Availability $ 1,500 $ 250 $ 1,750 Outstanding Borrowings — (250) (250) Letters of Credit Under Credit Agreement — — — Current Availability $ 1,500 $ — $ 1,500 The Company was in compliance with all financial covenants in the 2022 Credit Agreement and the 2024 Credit Agreement as of June 30, 2024. Senior Notes The Company or its subsidiaries may issue senior notes from time to time. These notes are comprised of our 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"), 4.70% Senior Notes due 2028 (the "2028 Notes"), and 5.611% Senior Notes due 2034 (the "2034 Notes"). The 2024 Notes, 2025 Notes, 2026 Notes, 2028 Notes, and 2034 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 at 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 are senior to all existing and future subordinated indebtedness of the Company. On March 11, 2024, the Company issued $500 million of 5.611% Senior Notes due in 2034 (2034 Notes). The 2034 Notes were issued at 100% of face value and the Company recognized approximately $5 million of total deferred financing costs. Interest on the 2034 Notes will accrue at a rate of 5.611% per year, payable semi-annually on March 11 and September 11 of each year, commencing September 11, 2024. The 2034 Notes will mature on March 11, 2034. Proceeds from the 2034 Notes, combined with the proceeds from the term loan under the 2024 Credit Agreement and cash on hand, were utilized to repay the outstanding amount of 2024 Notes at maturity. 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. 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 2022 Credit Agreement and the 2024 Credit Agreement. The Euro Notes were issued by Wabtec Transportation Netherlands B.V. and are fully and unconditionally guaranteed by the Parent Company.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 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 June 30, 2024, the number of shares available for future grants under the 2011 Plan was approximately 4.4 million shares. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”). Stock-based compensation expense was $17 million and $34 million for the three and six months ended June 30, 2024, respectively, and $14 million and $26 million for the three and six months ended June 30, 2023, respectively. At June 30, 2024, unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest is approximately $95 million. Stock Options Stock options can be granted to eligible employees and directors at an exercise price equal to fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Options become exercisable over a three-year vesting period and expire 10 years from the date of grant. There were no stock options granted in the periods presented. At June 30, 2024, there were 234,421 shares issuable pursuant to exercisable stock options. Restricted Stock, Restricted Stock Units and Incentive Stock As provided for under the 2011 Plan and 2000 Plan, 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. The restricted stock units are liability-classified equity awards as they can be settled in cash. 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 modifier can increase or decrease the payment by 10% or 20% depending on plan year. 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 incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets. As of June 30, 2024, the Company estimates that it will achieve 153%, 149% and 133% 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, 2024, 2025, and 2026, respectively, and has recorded incentive compensation expense accordingly. If the estimates of the number of these incentive stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period. Compensation expense for the non-vested restricted stock and incentive stock units is based on the 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, restricted stock unit and incentive stock unit activity and related information for the six months ended June 30, 2024: Restricted Incentive Weighted Outstanding at December 31, 2023 760,569 692,732 $ 93.65 Granted 305,411 179,457 $ 141.86 Vested (263,614) (298,756) $ 87.77 Adjustment for incentive stock awards expected to vest — 92,261 $ 104.24 Canceled (35,437) (18,352) $ 103.38 Outstanding at June 30, 2024 766,929 647,342 $ 112.83

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The overall effective tax rate for the three and six months ended June 30, 2024 was 24.5% and 24.1%, respectively. The overall effective tax rate for both the three and six months ended June 30, 2023 was 25.5%. The year over year decrease in the effective rate for the three month period ended June 30, 2024 was primarily driven by a change in the jurisdictional mix of earnings. Additionally, the year over year decrease in the effective tax rate for the six month period ended June 30, 2024 was impacted by higher discrete equity compensation tax deductions.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The computation of basic and diluted earnings per share for Net income attributable to Wabtec shareholders is as follows: Three Months Ended Six Months Ended In millions, except per share data 2024 2023 2024 2023 Numerator Net income attributable to Wabtec shareholders $ 289 $ 191 $ 561 $ 360 Denominator Weighted average shares outstanding - basic 175.4 178.9 176.0 179.4 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.6 0.5 0.6 0.6 Weighted average shares outstanding - diluted 176.0 179.4 176.6 180.0 Net income attributable to Wabtec shareholders per common share Basic $ 1.64 $ 1.06 $ 3.18 $ 2.00 Diluted $ 1.64 $ 1.06 $ 3.17 $ 2.00

WARRANTIES

WARRANTIES	6 Months Ended
	Jun. 30, 2024
Product Warranties Disclosures [Abstract]
WARRANTIES	WARRANTIES The following table reconciles the changes in the Company’s product warranty reserve for the six months ended June 30, 2024 and 2023: In millions 2024 2023 Balance at beginning of year $ 248 $ 242 Warranty expense 60 55 Warranty claim payments (49) (48) Foreign currency impact/other (4) 1 Balance at June 30 $ 255 $ 250

FAIR VALUE MEASUREMENT AND DERI

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023, $42 million was classified as "Other accrued liabilities" on the Company's Condensed Consolidated Balance Sheets. The fair value approximates the carrying value at June 30, 2024 and December 31, 2023. Hedging Activities In the normal course of business, the Company is exposed to market risk 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 three and six months ended June 30, 2024 and 2023, 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 three and six months ended June 30, 2024 and 2023. 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. 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. During the first quarter of 2024, the Company utilized all outstanding interest rate hedge contracts to help manage interest expense for the 2034 Notes. F or the three and six months ended June 30, 2024 and 2023, 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 three and six months ended June 30, 2024 and 2023, the amounts recognized as income or expense 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 June 30, 2024, which are included in other current assets and liabilities on the Condensed 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 $ 2 $ 406 $ 140 Other current liabilities 2 (6) (1) 361 111 Total $ — $ 1 $ 767 $ 251 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 Condensed 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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
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	6 Months Ended
	Jun. 30, 2024
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. During the first quarter of 2024, Company management determined that certain parts of the business would be better aligned with management oversight in different product lines. These changes were immaterial to the individual product lines and segments affected, and historical amounts have been reclassified to conform to the current period presentation. Segment financial information for the three months ended June 30, 2024 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,920 $ 724 $ — $ 2,644 Intersegment sales/(elimination) 12 10 (22) — Total sales $ 1,932 $ 734 $ (22) $ 2,644 Income (loss) from operations $ 391 $ 82 $ (43) $ 430 Interest expense and other, net — — (45) (45) Income (loss) before income taxes $ 391 $ 82 $ (88) $ 385 Segment financial information for the three months ended June 30, 2023 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,697 $ 710 $ — $ 2,407 Intersegment sales/(elimination) 15 11 (26) — Total sales $ 1,712 $ 721 $ (26) $ 2,407 Income (loss) from operations $ 269 $ 68 $ (25) $ 312 Interest expense and other, net — — (53) (53) Income (loss) before income taxes $ 269 $ 68 $ (78) $ 259 Segment financial information for the six months ended June 30, 2024 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,744 $ 1,397 $ — $ 5,141 Intersegment sales/(elimination) 25 21 (46) — Total sales $ 3,769 $ 1,418 $ (46) $ 5,141 Income (loss) from operations $ 759 $ 156 $ (73) $ 842 Interest expense and other, net — — (94) (94) Income (loss) before income taxes $ 759 $ 156 $ (167) $ 748 Segment financial information for the six months ended June 30, 2023 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,253 $ 1,348 $ — $ 4,601 Intersegment sales/(elimination) 29 22 (51) — Total sales $ 3,282 $ 1,370 $ (51) $ 4,601 Income (loss) from operations $ 495 $ 138 $ (45) $ 588 Interest expense and other, net — — (96) (96) Income (loss) before income taxes $ 495 $ 138 $ (141) $ 492 Sales to external customers by product line are as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Freight Segment: Services $ 829 $ 810 $ 1,658 $ 1,517 Equipment 570 418 1,096 822 Components 322 274 615 532 Digital Intelligence 199 195 375 382 Total Freight Segment $ 1,920 $ 1,697 $ 3,744 $ 3,253 Transit Segment: Original Equipment Manufacturer $ 310 $ 334 $ 620 $ 623 Aftermarket 414 376 777 725 Total Transit Segment $ 724 $ 710 $ 1,397 $ 1,348

OTHER INCOME, NET

OTHER INCOME, NET	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
OTHER INCOME, NET	OTHER INCOME, NET The components of Other income, net are as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Foreign currency loss $ (1) $ (8) $ (5) $ (6) Equity income 1 10 2 11 Expected return on pension assets/amortization 2 1 4 3 Other miscellaneous income (expense), net 2 (1) 1 (1) Total Other income, net $ 4 $ 2 $ 2 $ 7

RESTRUCTURING

RESTRUCTURING	6 Months Ended
	Jun. 30, 2024
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 restructuring 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: Three Months Ended June 30, Six Months Ended June 30, In millions 2024 2023 2024 2023 Freight Segment: Cost of goods sold $ 3 $ 1 $ 4 $ 2 Selling, general and administrative expenses — 1 — 2 Other income, net (4) — (4) — Total Freight Segment $ (1) $ 2 $ — $ 4 Transit Segment: Cost of goods sold $ 1 $ 3 $ 4 $ 6 Selling, general and administrative expenses 3 3 6 5 Amortization expense 1 — 2 2 Total Transit Segment $ 5 $ 6 $ 12 $ 13 Total Integration 2.0 restructuring charges $ 4 $ 8 $ 12 $ 17 Total one-time restructuring charges related to Integration 2.0 to date are approximately $130 million, which includes amounts recorded beginning in the fourth quarter 2021, and are primarily for employee-related costs and asset write downs associated with site consolidations in Europe. Cash payments made during the three and six months ended June 30, 2024 were approximately $8 million and $30 million, respectively. Cash payments made during the three and six months ended June 30, 2023 were not material.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Wabtec shareholders	$ 289	$ 191	$ 561	$ 360

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.
Fiscal Period	The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31.
Use of Estimates	Use of Estimates
Revenue Recognition	Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. 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. 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 up to $350 million of 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.
Restricted Cash	Restricted Cash At June 30, 2024 and December 31, 2023, the Company classified cash of $5 million as restricted for cash held in escrow related to a 2022 acquisition.
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 expenses to the extent the property, plant, and equipment is used for research and development purposes.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level and at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate 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. No impairment indicators were identified during the current quarter.
Accounting Standards Recently Issued	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 its future 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 its future filings.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Comprehensive (loss) income comprises both Net income and Other comprehensive (loss) income resulting from the change in equity from transactions and other events and circumstances from non-owner sources. Amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income, net" with the tax impact recognized in "Income tax expense" on the Condensed Consolidated Statements of Income.
Supply Chain Financing Program	Supply Chain Financing Program

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Receivables Sold	The following table sets forth a summary of receivables sold and the resulting impact of net cash proceeds included in cash from operations: In millions Six Months Ended Six Months Ended Gross receivables sold/cash proceeds received $ 812 $ 1,216 Customer collections remitted to financial institution (832) (1,061) Net cash proceeds (remitted) received included in cash from operations $ (20) $ 155
Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax	The changes in Accumulated other comprehensive loss by component, including any tax impacts, for the three months ended June 30, 2024 and 2023 are as follows: Foreign currency translation Derivative contracts Pension and postretirement benefit plans Total In millions 2024 2023 2024 2023 2024 2023 2024 2023 Balance at March 31 $ (629) $ (571) $ 17 $ (5) $ (55) $ (55) $ (667) $ (631) Other comprehensive (loss) income before reclassifications (49) (1) — 9 (1) (1) (50) 7 Amounts reclassified from Accumulated other comprehensive loss — — — — (3) — (3) — Other comprehensive (loss) income, net (49) (1) — 9 (4) (1) (53) 7 Balance at June 30 $ (678) $ (572) $ 17 $ 4 $ (59) $ (56) $ (720) $ (624) The changes in Accumulated other comprehensive loss by component, including any tax impacts, for the six months ended June 30, 2024 and 2023 are as follows: Foreign currency translation Derivative contracts Pension and postretirement benefit plans Total In millions 2024 2023 2024 2023 2024 2023 2024 2023 Balance at beginning of year $ (541) $ (596) $ 7 $ (9) $ (56) $ (56) $ (590) $ (661) Other comprehensive (loss) income before reclassifications (137) 24 10 13 — (1) (127) 36 Amounts reclassified from Accumulated other comprehensive loss — — — — (3) 1 (3) 1 Other comprehensive (loss) income, net (137) 24 10 13 (3) — (130) 37 Balance at June 30 $ (678) $ (572) $ 17 $ 4 $ (59) $ (56) $ (720) $ (624)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition	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 26 Other current assets 1 Property, plant and equipment 43 Goodwill 106 Other intangible assets 89 Other noncurrent assets 1 Total assets acquired 302 Liabilities assumed Current liabilities 16 Noncurrent liabilities 41 Total liabilities assumed 57 Net assets acquired $ 245

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventory, Net of Reserves	The components of inventory, net of reserves, were: In millions June 30, December 31, Raw materials $ 999 $ 1,062 Work-in-progress 573 463 Finished goods 792 759 Total inventories $ 2,364 $ 2,284

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule 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 Segment Transit Segment Total Balance at December 31, 2023 $ 7,294 $ 1,486 $ 8,780 Additions/adjustments 2 — 2 Foreign currency impact (29) (47) (76) Balance at June 30, 2024 $ 7,267 $ 1,439 $ 8,706
Schedule of Intangible Assets of the Company, Other Than Goodwill and Trade Names	Intangible assets of the Company, other than goodwill and trade names, consist of the following: June 30, 2024 December 31, 2023 In millions Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Backlog $ 1,421 $ (577) $ 844 $ 1,431 $ (526) $ 905 Customer relationships 1,316 (458) 858 1,333 (431) 902 Acquired technology 1,285 (553) 732 1,283 (497) 786 Total $ 4,022 $ (1,588) $ 2,434 $ 4,047 $ (1,454) $ 2,593
Schedule of Amortization Expense	Amortization expense for the five succeeding years is estimated to be as follows: In millions Remainder of 2024 $ 143 2025 $ 272 2026 $ 267 2027 $ 261 2028 $ 260

CONTRACT ASSETS AND CONTRACT _2

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities	The change in the carrying amount of contract assets and contract liabilities for the six months ended June 30, 2024 and 2023 is as follows: Contract Assets In millions 2024 2023 Balance at beginning of year $ 678 $ 706 Recognized in current year 382 358 Reclassified to accounts receivable (353) (208) Acquisitions/adjustments — (2) Foreign currency impact (8) 5 Balance at June 30 $ 699 $ 859 Contract Liabilities In millions 2024 2023 Balance at beginning of year $ 1,082 $ 956 Recognized in current year 734 561 Amounts in beginning balance reclassified to revenue (388) (439) Current year amounts reclassified to revenue (359) (149) Acquisitions — 1 Foreign currency impact (20) 4 Balance at June 30 $ 1,049 $ 934

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Maturity of Operating Lease Liabilities	Scheduled payments of lease liabilities are as follows: In millions Operating Leases Remaining 2024 $ 32 2025 59 2026 52 2027 41 2028 31 Thereafter 109 Total lease payments 324 Less: Present value discount (29) Present value of lease liabilities $ 295
Schedule of Lease Expense, 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: June 30, 2024 December 31, 2023 Weighted-average remaining lease term (years) 7.3 7.8 Weighted-average discount rate 2.8 % 2.4 %

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: Effective Interest Rate Face Value June 30, 2024 December 31, 2023 In millions Book Value Fair Value 1 Book Value Fair Value 1 2024 Credit Agreement: Term Loan 6.7 % $ 225 $ 224 $ 225 $ — $ — 2022 Credit Agreement: Revolving Credit Facility 8.0 % N/A — — — — Delayed Draw Term Loan 6.7 % $ 250 250 250 250 250 Senior Notes: 4.15% Senior Notes, due 2024 — % $ — — — 725 722 3.20% Senior Notes, due 2025 3.4 % $ 500 499 488 499 484 3.45% Senior Notes, due 2026 3.5 % $ 750 750 717 749 718 1.25% Senior Notes (EUR), due 2027 1.5 % € 500 532 497 547 509 4.70% Senior Notes, due 2028 4.8 % $ 1,250 1,245 1,224 1,245 1,237 5.611% Senior Notes, due 2034 5.7 % $ 500 495 503 — — Other Borrowings 2 4 54 57 Total 3,997 3,908 4,069 3,977 Less: current portion (503) (492) (781) (779) Long-term portion $ 3,494 $ 3,416 $ 3,288 $ 3,198 1. See Note 13 for information on the fair value measurement of the Company's long-term debt.
Schedule of Line of Credit Facilities	The following table presents availability under the 2022 Credit Agreement at June 30, 2024: In millions Revolving Credit Facility Delayed Draw Term Loan Total Maximum Availability $ 1,500 $ 250 $ 1,750 Outstanding Borrowings — (250) (250) Letters of Credit Under Credit Agreement — — — Current Availability $ 1,500 $ — $ 1,500

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity and Incentive Stock Awards Activity	The following table summarizes the restricted stock, restricted stock unit and incentive stock unit activity and related information for the six months ended June 30, 2024: Restricted Incentive Weighted Outstanding at December 31, 2023 760,569 692,732 $ 93.65 Granted 305,411 179,457 $ 141.86 Vested (263,614) (298,756) $ 87.77 Adjustment for incentive stock awards expected to vest — 92,261 $ 104.24 Canceled (35,437) (18,352) $ 103.38 Outstanding at June 30, 2024 766,929 647,342 $ 112.83

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule 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: Three Months Ended Six Months Ended In millions, except per share data 2024 2023 2024 2023 Numerator Net income attributable to Wabtec shareholders $ 289 $ 191 $ 561 $ 360 Denominator Weighted average shares outstanding - basic 175.4 178.9 176.0 179.4 Effect of dilutive securities: Assumed conversion of dilutive stock-based compensation plans 0.6 0.5 0.6 0.6 Weighted average shares outstanding - diluted 176.0 179.4 176.6 180.0 Net income attributable to Wabtec shareholders per common share Basic $ 1.64 $ 1.06 $ 3.18 $ 2.00 Diluted $ 1.64 $ 1.06 $ 3.17 $ 2.00

WARRANTIES (Tables)

WARRANTIES (Tables)	6 Months Ended
	Jun. 30, 2024
Product Warranties Disclosures [Abstract]
Schedule of Changes in Product Warranty Reserve	The following table reconciles the changes in the Company’s product warranty reserve for the six months ended June 30, 2024 and 2023: In millions 2024 2023 Balance at beginning of year $ 248 $ 242 Warranty expense 60 55 Warranty claim payments (49) (48) Foreign currency impact/other (4) 1 Balance at June 30 $ 255 $ 250

FAIR VALUE MEASUREMENT AND DE_2

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts and Fair Value	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 June 30, 2024, which are included in other current assets and liabilities on the Condensed 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 $ 2 $ 406 $ 140 Other current liabilities 2 (6) (1) 361 111 Total $ — $ 1 $ 767 $ 251 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 Condensed 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

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Segment financial information for the three months ended June 30, 2024 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,920 $ 724 $ — $ 2,644 Intersegment sales/(elimination) 12 10 (22) — Total sales $ 1,932 $ 734 $ (22) $ 2,644 Income (loss) from operations $ 391 $ 82 $ (43) $ 430 Interest expense and other, net — — (45) (45) Income (loss) before income taxes $ 391 $ 82 $ (88) $ 385 Segment financial information for the three months ended June 30, 2023 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 1,697 $ 710 $ — $ 2,407 Intersegment sales/(elimination) 15 11 (26) — Total sales $ 1,712 $ 721 $ (26) $ 2,407 Income (loss) from operations $ 269 $ 68 $ (25) $ 312 Interest expense and other, net — — (53) (53) Income (loss) before income taxes $ 269 $ 68 $ (78) $ 259 Segment financial information for the six months ended June 30, 2024 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,744 $ 1,397 $ — $ 5,141 Intersegment sales/(elimination) 25 21 (46) — Total sales $ 3,769 $ 1,418 $ (46) $ 5,141 Income (loss) from operations $ 759 $ 156 $ (73) $ 842 Interest expense and other, net — — (94) (94) Income (loss) before income taxes $ 759 $ 156 $ (167) $ 748 Segment financial information for the six months ended June 30, 2023 is as follows: In millions Freight Transit Corporate Total Sales to external customers $ 3,253 $ 1,348 $ — $ 4,601 Intersegment sales/(elimination) 29 22 (51) — Total sales $ 3,282 $ 1,370 $ (51) $ 4,601 Income (loss) from operations $ 495 $ 138 $ (45) $ 588 Interest expense and other, net — — (96) (96) Income (loss) before income taxes $ 495 $ 138 $ (141) $ 492
Schedule of Sales by Product	Sales to external customers by product line are as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Freight Segment: Services $ 829 $ 810 $ 1,658 $ 1,517 Equipment 570 418 1,096 822 Components 322 274 615 532 Digital Intelligence 199 195 375 382 Total Freight Segment $ 1,920 $ 1,697 $ 3,744 $ 3,253 Transit Segment: Original Equipment Manufacturer $ 310 $ 334 $ 620 $ 623 Aftermarket 414 376 777 725 Total Transit Segment $ 724 $ 710 $ 1,397 $ 1,348

OTHER INCOME, NET (Tables)

OTHER INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Components of Other Income, Net	The components of Other income, net are as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Foreign currency loss $ (1) $ (8) $ (5) $ (6) Equity income 1 10 2 11 Expected return on pension assets/amortization 2 1 4 3 Other miscellaneous income (expense), net 2 (1) 1 (1) Total Other income, net $ 4 $ 2 $ 2 $ 7

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	A summary of restructuring charges related to the Integration 2.0 initiative is as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2024 2023 2024 2023 Freight Segment: Cost of goods sold $ 3 $ 1 $ 4 $ 2 Selling, general and administrative expenses — 1 — 2 Other income, net (4) — (4) — Total Freight Segment $ (1) $ 2 $ — $ 4 Transit Segment: Cost of goods sold $ 1 $ 3 $ 4 $ 6 Selling, general and administrative expenses 3 3 6 5 Amortization expense 1 — 2 2 Total Transit Segment $ 5 $ 6 $ 12 $ 13 Total Integration 2.0 restructuring charges $ 4 $ 8 $ 12 $ 17

BUSINESS (Details)

BUSINESS (Details)	6 Months Ended
	Jun. 30, 2024 country
Product Information [Line Items]
Number of countries company operates	50
Number of countries where product is found (more than)	100
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Non-US
Product Information [Line Items]
Percent of revenue from customers outside the U.S. (as a percent)	50%

ACCOUNTING POLICIES - Remaining

ACCOUNTING POLICIES - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 $ in Billions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 22.1
Remaining performance obligation percentage expected to be recognized	33%
Performance obligation period	12 months

ACCOUNTING POLICIES - Additiona

ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Account receivable securitization facility, maximum amount	$ 350,000,000
Accounts receivable	1,269,000,000	$ 1,160,000,000
Accounts receivable from securitization	0	20,000,000
Restricted cash	5,000,000	5,000,000
Supplier finance program, obligation	$ 345,000,000	305,000,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply chain financing term	45 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply chain financing term	180 days
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 695,000,000	$ 674,000,000

ACCOUNTING POLICIES - Summary o

ACCOUNTING POLICIES - Summary of Receivables Sold (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Gross receivables sold/cash proceeds received	$ 812	$ 1,216
Customer collections remitted to financial institution	(832)	(1,061)
Net cash proceeds (remitted) received included in cash from operations	$ (20)	$ 155

ACCOUNTING POLICIES - Accumulat

ACCOUNTING POLICIES - Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 10,504	$ 10,524	$ 10,134	$ 10,147	$ 10,524	$ 10,147
Other comprehensive (loss) income before reclassifications	(50)		7		(127)	36
Amounts reclassified from Accumulated other comprehensive loss	(3)		0		(3)	1
Other comprehensive (loss) income, net	(53)	(77)	7	30	(130)	37
Ending balance	10,520	10,504	10,227	10,134	10,520	10,227
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(667)	(590)	(631)	(661)	(590)	(661)
Other comprehensive (loss) income, net	(53)	(77)	7	30
Ending balance	(720)	(667)	(624)	(631)	(720)	(624)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(629)	(541)	(571)	(596)	(541)	(596)
Other comprehensive (loss) income before reclassifications	(49)		(1)		(137)	24
Amounts reclassified from Accumulated other comprehensive loss	0		0		0	0
Other comprehensive (loss) income, net	(49)		(1)		(137)	24
Ending balance	(678)	(629)	(572)	(571)	(678)	(572)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	17	7	(5)	(9)	7	(9)
Other comprehensive (loss) income before reclassifications	0		9		10	13
Amounts reclassified from Accumulated other comprehensive loss	0		0		0	0
Other comprehensive (loss) income, net	0		9		10	13
Ending balance	17	17	4	(5)	17	4
Pension and postretirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(55)	(56)	(55)	(56)	(56)	(56)
Other comprehensive (loss) income before reclassifications	(1)		(1)		0	(1)
Amounts reclassified from Accumulated other comprehensive loss	(3)		0		(3)	1
Other comprehensive (loss) income, net	(4)		(1)		(3)	0
Ending balance	$ (59)	$ (55)	$ (56)	$ (55)	$ (59)	$ (56)

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended
	Dec. 22, 2023	Jun. 30, 2023	Jun. 30, 2024
Lokomotiv Kurastyru Zauyty (LKZ)
Business Acquisition [Line Items]
Percentage of voting interests acquired	50%
Business combination, consideration transferred	$ 111
Total purchase price (as a percent)	100%
L&M Radiator, Inc
Business Acquisition [Line Items]
Business combination, consideration transferred		$ 245
Goodwill deductible for tax purpose			$ 0
Lokomotiv Kurastyru Zauyty (LKZ)
Business Acquisition [Line Items]
Ownership percent	50%

ACQUISITIONS - Summary of Preli

ACQUISITIONS - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Dec. 22, 2023	Jun. 30, 2023
Assets acquired
Goodwill	$ 8,706	$ 8,780
Lokomotiv Kurastyru Zauyty (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				26
Other current assets				1
Property, plant and equipment				43
Goodwill				106
Other intangible assets				89
Other noncurrent assets				1
Total assets acquired				302
Liabilities assumed
Current liabilities				16
Noncurrent liabilities				41
Total liabilities assumed				57
Net assets acquired				$ 245

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 999	$ 1,062
Work-in-progress	573	463
Finished goods	792	759
Total inventories	$ 2,364	$ 2,284

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Change in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 8,780
Additions/adjustments	2
Foreign currency impact	(76)
Ending balance	8,706
Freight Segment
Goodwill [Roll Forward]
Beginning balance	7,294
Additions/adjustments	2
Foreign currency impact	(29)
Ending balance	7,267
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,486
Additions/adjustments	0
Foreign currency impact	(47)
Ending balance	$ 1,439

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets Disclosure [Line Items]
Trade names	$ 597		$ 597		$ 612
Intangible assets, amortization expense	$ 71	$ 73	$ 145	$ 148
Trade Names
Intangible Assets Disclosure [Line Items]
Trade names, useful life	5 years		5 years
Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	8 years		8 years
Customer relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	15 years		15 years
Acquired Technology
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	7 years		7 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Other Than Goodwill and Trade Names (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,022	$ 4,047
Accumulated Amortization	(1,588)	(1,454)
Net Carrying Amount	2,434	2,593
Backlog
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,421	1,431
Accumulated Amortization	(577)	(526)
Net Carrying Amount	844	905
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,316	1,333
Accumulated Amortization	(458)	(431)
Net Carrying Amount	858	902
Acquired technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,285	1,283
Accumulated Amortization	(553)	(497)
Net Carrying Amount	$ 732	$ 786

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Amortization Expense (Details) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 143
2025	272
2026	267
2027	261
2028	$ 260

CONTRACT ASSETS AND CONTRACT _3

CONTRACT ASSETS AND CONTRACT LIABILITIES - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Noncurrent contract assets	$ 167	$ 154
Noncurrent contract liabilities	311	174
Provisions for loss contracts	$ 92	$ 104

CONTRACT ASSETS AND CONTRACT _4

CONTRACT ASSETS AND CONTRACT LIABILITIES - Change in Carrying Amount of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract Assets
Balance at beginning of year	$ 678	$ 706
Recognized in current year	382	358
Reclassified to accounts receivable	(353)	(208)
Acquisitions/adjustments	0	(2)
Foreign currency impact	(8)	5
Balance at end of period	699	859
Contract Liabilities
Balance at beginning of year	1,082	956
Recognized in current year	734	561
Amounts in beginning balance reclassified to revenue	(388)	(439)
Current year amounts reclassified to revenue	(359)	(149)
Acquisitions	0	1
Foreign currency impact	(20)	4
Balance at end of period	$ 1,049	$ 934

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 16		$ 32
Lease obligation incurred	$ 18	$ 6	$ 32	$ 20

LEASES - Maturity of Lease Liab

LEASES - Maturity of Lease Liabilities (Details) $ in Millions	Jun. 30, 2024 USD ($)
Operating Leases
Remaining 2024	$ 32
2025	59
2026	52
2027	41
2028	31
Thereafter	109
Total lease payments	324
Less: Present value discount	(29)
Present value of lease liabilities	$ 295

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term (years)	7 years 3 months 18 days	7 years 9 months 18 days
Weighted-average discount rate	2.80%	2.40%

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt (Details)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Mar. 14, 2024 USD ($)	Mar. 11, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Total	$ 3,997,000,000				$ 4,069,000,000
Less: current portion	(503,000,000)				(781,000,000)
Long-term portion	3,494,000,000				3,288,000,000
Fair Value
Debt Instrument [Line Items]
Total	3,908,000,000				3,977,000,000
Less: current portion	(492,000,000)				(779,000,000)
Long-term portion	3,416,000,000				3,198,000,000
Other Borrowings
Debt Instrument [Line Items]
Total	2,000,000				54,000,000
Other Borrowings | Fair Value
Debt Instrument [Line Items]
Total	$ 4,000,000				57,000,000
4.15% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.15%	4.15%
Effective Interest Rate	0%	0%
Face Value	$ 0
Total	0				725,000,000
4.15% Senior Notes, due 2024 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 0				722,000,000
3.20% Senior Notes, due 2025 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.20%	3.20%
Effective Interest Rate	3.40%	3.40%
Face Value	$ 500,000,000
Total	499,000,000				499,000,000
3.20% Senior Notes, due 2025 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 488,000,000				484,000,000
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%	3.45%
Effective Interest Rate	3.50%	3.50%
Face Value	$ 750,000,000
Total	750,000,000				749,000,000
3.45% Senior Notes, due 2026 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 717,000,000				718,000,000
1.25% Senior Notes (EUR), due 2027 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.25%	1.25%
Effective Interest Rate	1.50%	1.50%
Face Value | €		€ 500,000,000
Total	$ 532,000,000				547,000,000
1.25% Senior Notes (EUR), due 2027 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 497,000,000				509,000,000
4.70% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%	4.70%
Effective Interest Rate	4.80%	4.80%
Face Value	$ 1,250,000,000
Total	1,245,000,000				1,245,000,000
4.70% Senior Notes, due 2028 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 1,224,000,000				1,237,000,000
5.611% Senior Notes, due 2034 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.611%	5.611%		5.611%
Effective Interest Rate	5.70%	5.70%
Face Value	$ 500,000,000			$ 500,000,000
Total	495,000,000				0
5.611% Senior Notes, due 2034 | Senior Notes | Fair Value
Debt Instrument [Line Items]
Total	$ 503,000,000				0
Revolving Credit Facility | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	8%	8%
Total	$ 0				0
Revolving Credit Facility | Revolving Credit Facility | Line of Credit | Fair Value
Debt Instrument [Line Items]
Total	$ 0				0
Term Loan | 2024 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	6.70%	6.70%
Face Value	$ 225,000,000		$ 225,000,000
Total	224,000,000				0
Term Loan | 2024 Credit Agreement | Line of Credit | Fair Value
Debt Instrument [Line Items]
Total	$ 225,000,000				0
Term Loan | Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	6.70%	6.70%
Face Value	$ 250,000,000
Total	250,000,000				250,000,000
Term Loan | Delayed Draw Term Loan | Line of Credit | Fair Value
Debt Instrument [Line Items]
Total	$ 250,000,000				$ 250,000,000

LONG-TERM DEBT - Additional Inf

LONG-TERM DEBT - Additional Information (Details)			3 Months Ended	4 Months Ended	6 Months Ended
	Mar. 14, 2024 USD ($)	Mar. 11, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Aug. 15, 2022 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs				$ 15,000,000	$ 18,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,750,000,000
Senior Notes
Debt Instrument [Line Items]
Debt redemption price (as a percent)					100%
Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Aggregate borrowing amount					$ 750,000,000
4.375% Senior Notes, due 2023 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			4.375%
2018 Refinancing Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Interest coverage ratio					3
Debt instrument, covenant, leverage ratio, maximum					3.5	3.5
4.15% Senior Notes, due 2024 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount					$ 0
Effective interest rate					0%	0%
Stated interest rate (as a percent)					4.15%	4.15%
Interest rate period decrease				0.25%
3.2000 Percent Senior Notes Due 2025 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount					$ 500,000,000
Effective interest rate					3.40%	3.40%
Stated interest rate (as a percent)					3.20%	3.20%
3.45% Senior Notes, due 2026 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount					$ 750,000,000
Effective interest rate					3.50%	3.50%
Stated interest rate (as a percent)					3.45%	3.45%
1.25% Senior Notes (EUR), due 2027 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount | €						€ 500,000,000
Effective interest rate					1.50%	1.50%
Stated interest rate (as a percent)					1.25%	1.25%
4.70% Senior Notes, due 2028 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount					$ 1,250,000,000
Effective interest rate					4.80%	4.80%
Stated interest rate (as a percent)					4.70%	4.70%
Interest rate period decrease				0.25%
5.611% Senior Notes, due 2034 | Senior Notes
Debt Instrument [Line Items]
Company borrowed amount		$ 500,000,000			$ 500,000,000
Effective interest rate					5.70%	5.70%
Stated interest rate (as a percent)		5.611%			5.611%	5.611%
Debt redemption price (as a percent)		100%
Deferred financing costs		$ 5,000,000
Term Loan | 2024 Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Company borrowed amount	$ 225,000,000				$ 225,000,000
Debt instrument, variable interest rate, type [Extensible Enumeration]					Base Rate [Member]
Debt instrument, basis spread on variable rate (as a percent)					1.75%
Interest rate at period rate					6.70%	6.70%
Effective interest rate					6.70%	6.70%
Interest coverage ratio	3
Debt instrument, covenant, leverage ratio, maximum	3.5
Leverage ratio calculation, restricted cash amount	$ 300,000,000
Term Loan | Delayed Draw Term Loan | Line of Credit
Debt Instrument [Line Items]
Company borrowed amount					$ 250,000,000
Effective interest rate					6.70%	6.70%
Maximum borrowing capacity					$ 250,000,000		$ 250,000,000
Company borrowed amount			$ 250,000,000
Term Loan | Delayed Draw Term Loan | 2024 Credit Agreement
Debt Instrument [Line Items]
Interest rate at period rate					6.70%	6.70%
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
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type [Extensible Enumeration]					Base Rate [Member]
Debt instrument, basis spread on variable rate (as a percent)					1.75%
Revolving Credit Facility | 2018 Refinancing Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 1,500,000,000

LONG-TERM DEBT - Schedule of Li

LONG-TERM DEBT - Schedule of Line of Credit Facilities (Details) - USD ($)	Jun. 30, 2024	Aug. 15, 2022
Debt Instrument [Line Items]
Outstanding Borrowings	$ (250,000,000)
Current Availability	1,500,000,000
Revolving Credit Facility | 2018 Refinancing Credit Agreement
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
Term Loan | 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
Letters of Credit Under Credit Agreement	0
Line of Credit | Revolving Credit Facility | 2018 Refinancing Credit Agreement
Debt Instrument [Line Items]
Maximum Availability	1,500,000,000
Letters of Credit Under Credit Agreement	0
Line of Credit | Term Loan | Delayed Draw Term Loan
Debt Instrument [Line Items]
Maximum Availability	250,000,000	$ 250,000,000
Letters of Credit Under Credit Agreement	$ 0

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 17	$ 14	$ 34	$ 26
Unamortized compensation expense expected to be vested	$ 95		$ 95
Granted (in shares)			0
Exercisable at period end (in shares)	234,421		234,421
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
Plan term (in years)			10 years
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
Share-based compensation, relative total stockholder return modifier, payment percentage, increase			10%
Share-based compensation, relative total stockholder return modifier, payment percentage, decrease			20%
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			100%
Performance Shares | Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)					133%	149%	153%
Performance Shares | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			0%
Performance Shares | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted (as a percent)			200%
2011 and 2000 Plans | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			3 years
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant (in shares)	4,400,000		4,400,000
Directors Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period (in years)			1 year

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Activity and Incentive Stock Awards Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) | $ / shares	$ 93.65
Granted (in dollars per share) | $ / shares	141.86
Vested (in dollars per share) | $ / shares	87.77
Adjustment for incentive stock awards expected to vest (in dollars per shares) | $ / shares	104.24
Canceled (in dollars per share) | $ / shares	103.38
Outstanding, end of period (in dollars per share) | $ / shares	$ 112.83
Restricted Stock and Units
Number of Shares
Outstanding, beginning of period (in shares)	760,569
Granted (in shares)	305,411
Vested (in shares)	(263,614)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(35,437)
Outstanding, end of period (in shares)	766,929
Incentive Stock Units
Number of Shares
Outstanding, beginning of period (in shares)	692,732
Granted (in shares)	179,457
Vested (in shares)	(298,756)
Adjustment for incentive stock awards expected to vest (in shares)	92,261
Canceled (in shares)	(18,352)
Outstanding, end of period (in shares)	647,342

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	24.50%	25.50%	24.10%	25.50%

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income attributable to Wabtec shareholders	$ 289	$ 191	$ 561	$ 360
Denominator
Weighted average shares outstanding- basic (in shares)	175.4	178.9	176	179.4
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.6	0.5	0.6	0.6
Weighted average shares outstanding- diluted (in shares)	176	179.4	176.6	180
Net income attributable to Wabtec shareholders per common share
Basic (in dollars per share)	$ 1.64	$ 1.06	$ 3.18	$ 2
Diluted (in dollars per share)	$ 1.64	$ 1.06	$ 3.17	$ 2

WARRANTIES (Details)

WARRANTIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at the beginning	$ 248	$ 242
Warranty expense	60	55
Warranty claim payments	(49)	(48)
Foreign currency impact/other	(4)	1
Balance at end of period	$ 255	$ 250

FAIR VALUE MEASUREMENT AND DE_3

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Foreign Exchange Forward | Non-Designated
Derivative [Line Items]
Derivative term	1 year	1 year	1 year	1 year
Other Accrued Liabilities | General Electric Company | Fair Value, Inputs, Level 3
Derivative [Line Items]
Contingent consideration, current	$ 42		$ 42		$ 42

FAIR VALUE MEASUREMENT AND DE_4

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS - Summary of Notional Amounts and Fair Value (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Designated
Derivative [Line Items]
Total	$ 0	$ 4
Gross Notional Amount	767	1,224
Designated | Other current assets | Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	6	6
Gross Notional Amount	406	319
Designated | Other current assets | Interest Rate Contracts
Derivative [Line Items]
Derivative asset fair value		10
Gross Notional Amount		250
Designated | Other current liabilities | Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	(6)	(12)
Gross Notional Amount	361	655
Non-Designated
Derivative [Line Items]
Total	1	0
Gross Notional Amount	251	310
Non-Designated | Other current assets | Foreign Exchange Contracts
Derivative [Line Items]
Derivative asset fair value	2	3
Gross Notional Amount	140	110
Non-Designated | Other current assets | Interest Rate Contracts
Derivative [Line Items]
Derivative asset fair value		0
Gross Notional Amount		0
Non-Designated | Other current liabilities | Foreign Exchange Contracts
Derivative [Line Items]
Liabilities at fair value	(1)	(3)
Gross Notional Amount	$ 111	$ 200

COMMITMENTS AND CONTINGENCIES (

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

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Segment F

SEGMENT INFORMATION - Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total sales	$ 2,644	$ 2,407	$ 5,141	$ 4,601
Income (loss) from operations	430	312	842	588
Interest expense and other, net	(45)	(53)	(94)	(96)
Income before income taxes	385	259	748	492
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,920	1,697	3,744	3,253
Transit Segment
Segment Reporting Information [Line Items]
Total sales	724	710	1,397	1,348
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	(22)	(26)	(46)	(51)
Income (loss) from operations	(43)	(25)	(73)	(45)
Interest expense and other, net	(45)	(53)	(94)	(96)
Income before income taxes	(88)	(78)	(167)	(141)
Corporate Activities and Elimination | Freight Segment
Segment Reporting Information [Line Items]
Total sales	12	15	25	29
Corporate Activities and Elimination | Transit Segment
Segment Reporting Information [Line Items]
Total sales	10	11	21	22
Operating Segments | Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,932	1,712	3,769	3,282
Income (loss) from operations	391	269	759	495
Interest expense and other, net	0	0	0	0
Income before income taxes	391	269	759	495
Operating Segments | Transit Segment
Segment Reporting Information [Line Items]
Total sales	734	721	1,418	1,370
Income (loss) from operations	82	68	156	138
Interest expense and other, net	0	0	0	0
Income before income taxes	$ 82	$ 68	$ 156	$ 138

SEGMENT INFORMATION - Sales by

SEGMENT INFORMATION - Sales by Product (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total sales	$ 2,644	$ 2,407	$ 5,141	$ 4,601
Freight Segment
Segment Reporting Information [Line Items]
Total sales	1,920	1,697	3,744	3,253
Transit Segment
Segment Reporting Information [Line Items]
Total sales	724	710	1,397	1,348
Services
Segment Reporting Information [Line Items]
Total sales	499	508	989	1,018
Services | Freight Segment
Segment Reporting Information [Line Items]
Total sales	829	810	1,658	1,517
Equipment | Freight Segment
Segment Reporting Information [Line Items]
Total sales	570	418	1,096	822
Components | Freight Segment
Segment Reporting Information [Line Items]
Total sales	322	274	615	532
Digital Intelligence | Freight Segment
Segment Reporting Information [Line Items]
Total sales	199	195	375	382
Original Equipment Manufacturer | Transit Segment
Segment Reporting Information [Line Items]
Total sales	310	334	620	623
Aftermarket | Transit Segment
Segment Reporting Information [Line Items]
Total sales	$ 414	$ 376	$ 777	$ 725

OTHER INCOME, NET (Details)

OTHER INCOME, NET (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Foreign currency loss	$ (1)	$ (8)	$ (5)	$ (6)
Equity income	1	10	2	11
Expected return on pension assets/amortization	2	1	4	3
Other miscellaneous income (expense), net	2	(1)	1	(1)
Total Other income, net	$ 4	$ 2	$ 2	$ 7

RESTRUCTURING - Additional Info

RESTRUCTURING - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended		30 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4	$ 8			$ 12	$ 17
Integration 2.0
Restructuring Cost and Reserve [Line Items]
Restructuring period			3 years
Restructuring charges				$ 130
Payments for restructuring	8	$ 0			30	$ 0
Portfolio Optimization
Restructuring Cost and Reserve [Line Items]
Total expected costs	85				85		$ 85
Restructuring charges	$ 2				$ 5		$ 33
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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	$ 4	$ 8	$ 12	$ 17
Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	(1)	2	0	4
Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	5	6	12	13
Cost of goods sold | Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	3	1	4	2
Cost of goods sold | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	1	3	4	6
Selling, general and administrative expenses | Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	0	1	0	2
Selling, general and administrative expenses | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	3	3	6	5
Other income, net | Freight Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	(4)	0	(4)	0
Amortization expense | Transit Segment
Restructuring Cost and Reserve [Line Items]
Total Integration 2.0 restructuring charges	$ 1	$ 0	$ 2	$ 2