$WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

2016 Q4 Form 10-Q Financial Statement

#000162828016020920 Filed on November 07, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $760.0M $675.6M $832.8M
YoY Change -8.75% -16.55% 1.46%
Cost Of Revenue $540.8M $463.1M $565.2M
YoY Change -4.32% -16.18% -0.25%
Gross Profit $219.2M $212.5M $267.6M
YoY Change -18.1% -17.34% 5.24%
Gross Profit Margin 28.84% 31.45% 32.13%
Selling, General & Admin $130.7M $70.76M $91.40M
YoY Change 43.0% -13.93% -1.83%
% of Gross Profit 59.63% 33.3% 34.15%
Research & Development $19.10M $16.29M $19.40M
YoY Change -1.55% -5.51% 6.01%
% of Gross Profit 8.71% 7.67% 7.25%
Depreciation & Amortization $20.40M $16.30M $16.50M
YoY Change 23.64% -1.81% 1.23%
% of Gross Profit 9.31% 7.67% 6.17%
Operating Expenses $156.4M $92.39M $116.4M
YoY Change 34.36% -12.01% -0.77%
Operating Profit $62.80M $120.1M $151.2M
YoY Change -58.47% -21.03% 10.4%
Interest Expense -$26.70M -$6.100M -$1.900M
YoY Change 1305.26% -17.57% -67.8%
% of Operating Profit -42.52% -5.08% -1.26%
Other Income/Expense, Net -$3.100M $1.188M $0.00
YoY Change -140.45% -100.0%
Pretax Income $33.10M $115.2M $149.4M
YoY Change -77.84% -20.42% 13.87%
Income Tax -$13.30M $32.80M $47.60M
% Of Pretax Income -40.18% 28.46% 31.86%
Net Earnings $46.33M $82.43M $101.8M
YoY Change -54.48% -16.89% 9.81%
Net Earnings / Revenue 6.1% 12.2% 12.22%
Basic Earnings Per Share $0.42 $0.92 $1.06
Diluted Earnings Per Share $0.42 $0.91 $1.05
COMMON SHARES
Basic Shares Outstanding 89.07M shares 89.59M shares 96.48M shares
Diluted Shares Outstanding 90.29M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $398.0M $250.0M $226.0M
YoY Change 76.11% 20.19% -46.95%
Cash & Equivalents $1.143B $250.4M $226.2M
Short-Term Investments
Other Short-Term Assets $123.4M $38.76M $33.52M
YoY Change 268.04% -11.64% 29.5%
Inventory $658.5M $496.0M $478.6M
Prepaid Expenses
Receivables $667.6M $477.5M $495.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.868B $1.695B $1.540B
YoY Change 86.21% 2.73% -5.97%
LONG-TERM ASSETS
Property, Plant & Equipment $518.4M $358.0M $353.2M
YoY Change 46.77% 1.92% 4.15%
Goodwill $2.079B $877.1M $858.5M
YoY Change 142.13% 2.82% -0.44%
Intangibles $1.564B $635.5M $607.9M
YoY Change 157.32% 5.11% 2.53%
Long-Term Investments
YoY Change
Other Assets $62.39M $40.74M $37.23M
YoY Change 67.55% 17.16% -10.75%
Total Long-Term Assets $3.713B $1.733B $1.689B
YoY Change 119.79% 3.4% 1.41%
TOTAL ASSETS
Total Short-Term Assets $2.868B $1.695B $1.540B
Total Long-Term Assets $3.713B $1.733B $1.689B
Total Assets $6.581B $3.428B $3.230B
YoY Change 103.78% 3.07% -2.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.2M $276.5M $319.5M
YoY Change 65.94% -13.37% -20.09%
Accrued Expenses $530.0M $240.0M $238.0M
YoY Change 122.69% 5.26% 5.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $130.0M $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.447B $624.9M $664.8M
YoY Change 117.61% -4.54% -10.02%
LONG-TERM LIABILITIES
Long-Term Debt $1.763B $820.0M $692.0M
YoY Change 154.77% 81.82% 33.08%
Other Long-Term Liabilities $22.51M $22.81M $22.98M
YoY Change -2.05% 8.86% 10.89%
Total Long-Term Liabilities $394.6M $22.81M $171.6M
YoY Change 129.96% 8.86% 727.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.447B $624.9M $664.8M
Total Long-Term Liabilities $394.6M $22.81M $171.6M
Total Liabilities $3.604B $1.698B $1.528B
YoY Change 135.85% 26.63% 2.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.553B $2.524B $2.281B
YoY Change 11.95% 15.44% 19.47%
Common Stock $871.3M $472.2M $470.6M
YoY Change 85.12% 1.67% 4.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $839.0M $983.5M $775.1M
YoY Change 8.23% 139.99% 97.6%
Treasury Stock Shares 36.92M shares 43.28M shares 40.51M shares
Shareholders Equity $2.206B $1.727B $1.700B
YoY Change
Total Liabilities & Shareholders Equity $6.581B $3.428B $3.230B
YoY Change 103.78% 3.07% -2.25%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $46.33M $82.43M $101.8M
YoY Change -54.48% -16.89% 9.81%
Depreciation, Depletion And Amortization $20.40M $16.30M $16.50M
YoY Change 23.64% -1.81% 1.23%
Cash From Operating Activities $203.6M $32.90M $195.5M
YoY Change 4.14% -77.22% -19.28%
INVESTING ACTIVITIES
Capital Expenditures -$18.50M -$12.60M -$16.30M
YoY Change 13.5% 3.28% -2.4%
Acquisitions
YoY Change
Other Investing Activities -$98.60M -$63.10M -$21.80M
YoY Change 352.29% -69.81% 3014.29%
Cash From Investing Activities -$117.1M -$75.70M -$38.10M
YoY Change 207.35% -65.78% 118.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 635.3M -10.10M -130.7M
YoY Change -586.07% -144.3% 2042.62%
NET CHANGE
Cash From Operating Activities 203.6M 32.90M 195.5M
Cash From Investing Activities -117.1M -75.70M -38.10M
Cash From Financing Activities 635.3M -10.10M -130.7M
Net Change In Cash 721.8M -52.90M 26.70M
YoY Change 2603.37% -2.04% -87.79%
FREE CASH FLOW
Cash From Operating Activities $203.6M $32.90M $195.5M
Capital Expenditures -$18.50M -$12.60M -$16.30M
Free Cash Flow $222.1M $45.50M $211.8M
YoY Change 4.86% -70.95% -18.19%

Facts In Submission

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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1027000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
704000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
770000 shares
CY2015Q4 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
167400000 USD
CY2016Q3 us-gaap Indefinite Lived Trademarks
IndefiniteLivedTrademarks
178200000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
440534000 USD
CY2016Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
457262000 USD
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4351000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-12698000 USD
CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-6057000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-15897000 USD
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
127229000 USD
CY2016Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
121408000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
478574000 USD
CY2016Q3 us-gaap Inventory Net
InventoryNet
495998000 USD
CY2015Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
180128000 USD
CY2016Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
200020000 USD
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
171217000 USD
CY2016Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
174570000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
1595507000 USD
CY2016Q3 us-gaap Liabilities
Liabilities
1697666000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3296846000 USD
CY2016Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3428157000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
664776000 USD
CY2016Q3 us-gaap Liabilities Current
LiabilitiesCurrent
624935000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
691805000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
819770000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
433000 USD
CY2016Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
134000 USD
CY2016Q3 us-gaap Long Term Debt Percentage Bearing Variable Interest Rate
LongTermDebtPercentageBearingVariableInterestRate
0.0153
CY2015Q4 us-gaap Minority Interest
MinorityInterest
1732000 USD
CY2016Q3 us-gaap Minority Interest
MinorityInterest
3417000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-120833000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-112336000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-341961000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
395561000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
96121000 USD
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
108095000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
33524000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
38760000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
32909000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
40739000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-47676000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-97281000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
4885000 USD
us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
-9777000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-48474000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-100323000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
2734000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-115891000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
255306000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
246893000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
99181000 USD
us-gaap Net Income Loss
NetIncomeLoss
296849000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
82428000 USD
us-gaap Net Income Loss
NetIncomeLoss
267076000 USD
CY2015Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2937000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7690000 USD
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
1188000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
113000 USD
CY2016Q3 us-gaap Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
21 country
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
104991000 USD
us-gaap Operating Expenses
OperatingExpenses
323830000 USD
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
92385000 USD
us-gaap Operating Expenses
OperatingExpenses
309489000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
152078000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
456358000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
120096000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-7385000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-47512000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-97722000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4291000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-9336000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-2586000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-5586000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-982000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
652000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-164000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
441000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
594000 USD
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
-441000 USD
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-1788000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-2544000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1169000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-1740000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
23923000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
22807000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
121000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-697000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
308000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
601000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
22336000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
212176000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
19315000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
23523000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
14565000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
9006000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
100108000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
84355000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33079000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31676000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
55765000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
55609000 USD
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
390300000 USD
us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
346000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2708000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1773000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
354000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
140000 USD
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
87849000 USD
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
94950000 USD
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
92064000 USD
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
94110000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
6001000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
7571000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
72678000 USD
CY2016Q3 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
76465000 USD
CY2015Q4 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
19386000 USD
CY2016Q3 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
17645000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
18961000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
27693000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
21615000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
22788000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
717295000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
750547000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
353193000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
357970000 USD
CY2015Q4 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
11800000 USD
CY2016Q3 us-gaap Provision For Loss On Contracts
ProvisionForLossOnContracts
13900000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
460308000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
215850000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17239000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
51852000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16289000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
52271000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2280801000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2524354000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
809527000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2475149000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
675574000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
2171206000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
82206000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
255969000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
70757000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
241118000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
20092000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14788000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
71.40
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
62.24
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
65.89
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
71.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
51.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0014
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0026
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.273
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.269
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0182
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0147
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
896486 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
27.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4007000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
8825 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
94115 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
42154000 USD
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
51518000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1097323 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1109867 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
32.70
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.23
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
26.57
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
71.47
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
61.39
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
48799000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y8M16D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y6M2D
CY2016Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
1100000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1554000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-620000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
72746 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1699607000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
1727074000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1701339000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1730491000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
40513428 shares
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
43284147 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
775124000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
983456000 USD
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
103814000 USD
CY2015Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
103800000 USD
CY2016Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
146726000 USD
CY2016Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
146700000 USD
CY2015Q3 us-gaap Undistributed Earnings
UndistributedEarnings
91446000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
277534000 USD
CY2016Q3 us-gaap Undistributed Earnings
UndistributedEarnings
73470000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
243553000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9500000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9500000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4300000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4300000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97368000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97162000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90293000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91316000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96369000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96135000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89589000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90546000 shares
CY2015Q3 wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
96647000 shares
wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
96462000 shares
CY2016Q3 wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
89838000 shares
CY2016Q3 wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
73250000 USD
wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
242822000 USD
wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
90819000 shares
CY2015Q3 wab Business Acquisition Consolidated Revenue After Acquisition
BusinessAcquisitionConsolidatedRevenueAfterAcquisition
4300000000 USD
CY2015Q3 wab Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
267377000 USD
wab Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
816828000 USD
CY2016Q3 wab Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
213755000 USD
wab Business Acquisition Pro Forma Gross Profit
BusinessAcquisitionProFormaGrossProfit
715080000 USD
CY2015Q3 wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
7713000 USD
wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
19250000 USD
CY2016Q3 wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
8933000 USD
wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
23452000 USD
wab Increase Decrease In Accrued Liabilities And Customer Deposits
IncreaseDecreaseInAccruedLiabilitiesAndCustomerDeposits
-12911000 USD
wab Increase Decrease In Accrued Liabilities And Customer Deposits
IncreaseDecreaseInAccruedLiabilitiesAndCustomerDeposits
-8353000 USD
CY2015Q3 wab Interest Expense And Other Net
InterestExpenseAndOtherNet
7288000 USD
wab Interest Expense And Other Net
InterestExpenseAndOtherNet
20388000 USD
CY2016Q3 wab Interest Expense And Other Net
InterestExpenseAndOtherNet
4869000 USD
wab Interest Expense And Other Net
InterestExpenseAndOtherNet
15784000 USD
CY2015Q3 wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
98885000 USD
wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
295951000 USD
CY2016Q3 wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
82183000 USD
wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
266274000 USD
CY2015Q4 wab Other Assets Non Current Including Goodwill And Intangible Assets Net
OtherAssetsNonCurrentIncludingGoodwillAndIntangibleAssetsNet
1331975000 USD
CY2016Q3 wab Other Assets Non Current Including Goodwill And Intangible Assets Net
OtherAssetsNonCurrentIncludingGoodwillAndIntangibleAssetsNet
1375055000 USD
CY2015Q3 wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.997
wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.997
CY2016Q3 wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.997
wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.997
wab Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Net Performance Adjustment Weighted Average Net Performance Adjustment Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNetPerformanceAdjustmentWeightedAverageNetPerformanceAdjustmentFairValue
74.42
CY2016Q3 wab Share Based Compensation Arrangement By Share Based Payment Award Options Canceled Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCanceledIntrinsicValue
90000 USD
wab Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
1906000 USD
CY2015Q3 wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
91172000 USD
wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
276701000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BUSINESS </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Westinghouse Air Brake Technologies Corporation (&#8220;Wabtec&#8221;) is one of the world&#8217;s largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than </font><font style="font-family:inherit;font-size:10pt;">100</font><font style="font-family:inherit;font-size:10pt;"> countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in </font><font style="font-family:inherit;font-size:10pt;">21</font><font style="font-family:inherit;font-size:10pt;"> countries. In the first </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months of </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, about </font><font style="font-family:inherit;font-size:10pt;">52%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s revenues came from customers outside the U.S.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:37px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. </font></div></div>

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