2018 Q1 Form 10-Q Financial Statement

#000162828018005984 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.056B $916.0M
YoY Change 15.3% 18.65%
Cost Of Revenue $745.3M $646.3M
YoY Change 15.31% 25.05%
Gross Profit $310.9M $269.7M
YoY Change 15.27% 5.69%
Gross Profit Margin 29.44% 29.44%
Selling, General & Admin $147.2M $122.7M
YoY Change 19.98% 36.7%
% of Gross Profit 47.35% 45.49%
Research & Development $22.05M $23.46M
YoY Change -6.03% 30.7%
% of Gross Profit 7.09% 8.7%
Depreciation & Amortization $27.90M $25.20M
YoY Change 10.71% 55.56%
% of Gross Profit 8.97% 9.34%
Operating Expenses $179.6M $155.2M
YoY Change 15.73% 37.34%
Operating Profit $131.3M $114.5M
YoY Change 14.66% -19.46%
Interest Expense -$20.70M -$18.40M
YoY Change 12.5% 275.51%
% of Operating Profit -15.77% -16.07%
Other Income/Expense, Net $2.586M $4.811M
YoY Change -46.25% 3024.03%
Pretax Income $113.6M $99.47M
YoY Change 14.19% -27.64%
Income Tax $26.12M $27.46M
% Of Pretax Income 23.0% 27.61%
Net Earnings $88.40M $73.89M
YoY Change 19.64% -21.53%
Net Earnings / Revenue 8.37% 8.07%
Basic Earnings Per Share $0.92 $0.77
Diluted Earnings Per Share $0.92 $0.77
COMMON SHARES
Basic Shares Outstanding 95.81M shares 95.24M shares
Diluted Shares Outstanding 96.37M shares 95.99M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $250.0M $280.0M
YoY Change -10.71% 6.46%
Cash & Equivalents $249.9M $280.2M
Short-Term Investments
Other Short-Term Assets $118.0M $130.6M
YoY Change -9.7% 224.42%
Inventory $829.3M $703.9M
Prepaid Expenses
Receivables $885.9M $754.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.466B $2.166B
YoY Change 13.83% 28.44%
LONG-TERM ASSETS
Property, Plant & Equipment $573.4M $524.1M
YoY Change 9.42% 48.09%
Goodwill $2.529B $2.189B
YoY Change 15.55% 152.24%
Intangibles $1.861B $1.615B
YoY Change 15.23% 166.49%
Long-Term Investments
YoY Change
Other Assets $76.02M $62.99M
YoY Change 20.68% 77.07%
Total Long-Term Assets $4.410B $3.865B
YoY Change 14.11% 128.11%
TOTAL ASSETS
Total Short-Term Assets $2.466B $2.166B
Total Long-Term Assets $4.410B $3.865B
Total Assets $6.876B $6.031B
YoY Change 14.01% 78.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $608.3M $512.2M
YoY Change 18.76% 68.36%
Accrued Expenses $612.0M $520.0M
YoY Change 17.69% 105.53%
Deferred Revenue $378.2M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $50.00M $87.00M
YoY Change -42.53%
Total Short-Term Liabilities $1.648B $1.471B
YoY Change 12.0% 123.73%
LONG-TERM LIABILITIES
Long-Term Debt $1.871B $1.783B
YoY Change 4.94% 122.32%
Other Long-Term Liabilities $63.14M $25.90M
YoY Change 143.76% 9.56%
Total Long-Term Liabilities $63.14M $408.1M
YoY Change -84.53% 1626.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.648B $1.471B
Total Long-Term Liabilities $63.14M $408.1M
Total Liabilities $3.888B $3.662B
YoY Change 6.16% 115.12%
SHAREHOLDERS EQUITY
Retained Earnings $2.850B $2.618B
YoY Change 8.88% 10.56%
Common Stock $909.1M $895.7M
YoY Change 1.5% 92.98%
Preferred Stock
YoY Change
Treasury Stock (at cost) $824.2M $830.0M
YoY Change -0.71% -8.39%
Treasury Stock Shares 36.12M shares 36.45M shares
Shareholders Equity $2.969B $2.352B
YoY Change
Total Liabilities & Shareholders Equity $6.876B $6.031B
YoY Change 14.01% 78.39%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $88.40M $73.89M
YoY Change 19.64% -21.53%
Depreciation, Depletion And Amortization $27.90M $25.20M
YoY Change 10.71% 55.56%
Cash From Operating Activities $24.20M -$26.10M
YoY Change -192.73% -134.53%
INVESTING ACTIVITIES
Capital Expenditures $17.47M $19.33M
YoY Change -9.63% 127.27%
Acquisitions $34.30M $800.1M
YoY Change -95.71% 380890.95%
Other Investing Activities -$26.40M -$799.8M
YoY Change -96.7% 799700.0%
Cash From Investing Activities -$43.87M -$819.1M
YoY Change -94.64% 9424.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $28.67M -$39.47M
YoY Change -172.63% -1.32%
NET CHANGE
Cash From Operating Activities $24.20M -$26.10M
Cash From Investing Activities -$43.87M -$819.1M
Cash From Financing Activities $28.67M -$39.47M
Net Change In Cash $16.49M -$884.7M
YoY Change -101.86% -1270.76%
FREE CASH FLOW
Cash From Operating Activities $24.20M -$26.10M
Capital Expenditures $17.47M $19.33M
Free Cash Flow $6.734M -$45.42M
YoY Change -114.83% -167.73%

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24200000 USD
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CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-1900000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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-900000 USD
CY2018Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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4811000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2586000 USD
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31 country
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2 segment
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155195000 USD
CY2018Q1 us-gaap Operating Expenses
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179602000 USD
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131279000 USD
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302112000 USD
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300886000 USD
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122291000 USD
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117955000 USD
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122291000 USD
CY2018Q1 us-gaap Other Assets Miscellaneous Current
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117955000 USD
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76360000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
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76020000 USD
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48014000 USD
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79603000 USD
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49395000 USD
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77967000 USD
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47953000 USD
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79008000 USD
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3074000 USD
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430000 USD
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61000 USD
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595000 USD
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1693000 USD
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2066000 USD
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59658000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
63141000 USD
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OtherNonoperatingIncomeExpense
830000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
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9572000 USD
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11531000 USD
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2937000 USD
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800081000 USD
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34297000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
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19327000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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17466000 USD
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103734000 USD
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105556000 USD
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1000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
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PreferredStockSharesIssued
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
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458273000 USD
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306610000 USD
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1259000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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2873000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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284000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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7898000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
138992000 USD
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
137666000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
153063000 USD
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
157571000 USD
CY2017Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
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62000 USD
CY2018Q1 us-gaap Product Warranty Accrual Additions From Business Acquisition
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1975000 USD
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137542000 USD
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140620000 USD
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15521000 USD
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16951000 USD
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8224000 USD
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ProductWarrantyAccrualPayments
11282000 USD
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5760000 USD
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11677000 USD
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72004000 USD
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87457000 USD
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1026046000 USD
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573972000 USD
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573401000 USD
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94000000 USD
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86100000 USD
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1166787000 USD
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266347000 USD
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23464000 USD
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22049000 USD
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2773300000 USD
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2850135000 USD
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122687000 USD
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147201000 USD
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ShareBasedCompensation
5692000 USD
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ShareBasedCompensation
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71.79
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
78.76
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81.61
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0.0023
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0033
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0.234
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.239
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0217
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0270
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39.62
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40137000 USD
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30791000 USD
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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40.62
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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46.34
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71.79
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y0M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y0M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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29714000 USD
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y1M
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P4Y0M
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P4Y8M
CY2018Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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5200000 USD
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CY2018Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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2988229000 USD
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827379000 USD
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64317000 USD
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76835000 USD
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4400000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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6900000 USD
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95991000 shares
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96371000 shares
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95810000 shares
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95544000 shares
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96091000 shares
CY2017Q1 wab Business Acquisition Pro Forma Gross Profit
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280966000 USD
CY2018Q1 wab Business Acquisition Pro Forma Gross Profit
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312817000 USD
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6573000 USD
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49414000 USD
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23488000 USD
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7424000 USD
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1028000 USD
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9542000 USD
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11497000 USD
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85303000 USD
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-1529000 USD
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0 USD
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0 USD
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15047000 USD
CY2018Q1 wab Interest Expense And Other Net
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17698000 USD
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73666000 USD
CY2018Q1 wab Numerator For Basic And Diluted Earnings Per Common Share
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88101000 USD
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3740895000 USD
CY2018Q1 wab Other Assets Non Current Including Goodwill And Intangible Assets Net
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3836566000 USD
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0.997
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0.997
CY2017Q1 wab Periodic Defined Benefits Expense Reversalof Expense Excluding Interest Cost And Service Cost Component
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-2492000 USD
CY2018Q1 wab Periodic Defined Benefits Expense Reversalof Expense Excluding Interest Cost And Service Cost Component
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-3023000 USD
CY2018Q1 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
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77.72
CY2018Q1 wab Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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596000 USD
CY2018Q1 wab Share Based Compensation Arrangementby Sharebased Payment Award Options Canceled Intrinsic Value
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117000 USD
CY2017 wab Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Deferred Tax Asset Provisional Income Tax Expense
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24600000 USD
CY2017 wab Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Deferred Tax Assetand Liabilities Provisional Income Tax Expense Benefit
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50700000 USD
CY2017 wab Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
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55000000 USD
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51800000 USD
CY2017Q1 wab Undistributed Earnings Allocated To Common Shareholders
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64124000 USD
CY2018Q1 wab Undistributed Earnings Allocated To Common Shareholders
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76604000 USD
CY2018Q1 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; or the "Company") is one of the world&#8217;s largest providers of value-added, technology-based equipment, systems and services for the global passenger transit and freight rail industries. Our highly engineered products enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in </font><font style="font-family:inherit;font-size:10pt;">31</font><font style="font-family:inherit;font-size:10pt;"> countries and our products can be found 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. In the first </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months of </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, approximately </font><font style="font-family:inherit;font-size:10pt;">65%</font><font style="font-family:inherit;font-size:10pt;"> of the Company&#8217;s revenues came from customers outside the United States.</font></div></div>
CY2018Q1 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. Refer to Recently Adopted Accounting Pronouncements below.</font></div></div>
CY2018Q1 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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