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Guarantor Subsidiaries Financial Information | 3 Months Ended
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Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Guarantor Subsidiaries Financial Information | GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION The obligations under the Company's 2016 Notes, 2013 Notes, and Revolving Credit Facility and Term Loan are full and unconditionally guaranteed by all U.S. subsidiaries as guarantors. Each guarantor is 100% owned by the parent company. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions. Balance Sheet for March 31, 2017:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Cash and cash equivalents | $ | 2,528 |  |  | $ | 7,172 |  |  | $ | 270,479 |  |  | $ | — |  |  | $ | 280,179 |
Receivables, net | 71,106 |  |  | 207,705 |  |  | 772,731 |  |  | — |  |  | 1,051,542 |
Inventories | 131,680 |  |  | 135,067 |  |  | 437,134 |  |  | — |  |  | 703,881 |
Current assets - other | 34,516 |  |  | 3,923 |  |  | 92,192 |  |  | — |  |  | 130,631 |
Total current assets | 239,830 |  |  | 353,867 |  |  | 1,572,536 |  |  | — |  |  | 2,166,233 |
Property, plant and equipment | 49,179 |  |  | 127,726 |  |  | 347,154 |  |  | — |  |  | 524,059 |
Goodwill | 25,275 |  |  | 537,949 |  |  | 1,625,279 |  |  | — |  |  | 2,188,503 |
Investment in subsidiaries | 5,656,301 |  |  | 1,450,967 |  |  | — |  |  | (7,107,268 | ) |  | — |
Other intangibles, net | 31,566 |  |  | 255,986 |  |  | 801,560 |  |  | — |  |  | 1,089,112 |
Other long term assets | 32,504 |  |  | 6,312 |  |  | 24,176 |  |  | — |  |  | 62,992 |
Total assets | $ | 6,034,655 |  |  | $ | 2,732,807 |  |  | $ | 4,370,705 |  |  | $ | (7,107,268 | ) |  | $ | 6,030,899 |
Current liabilities | $ | 173,300 |  |  | 190,455 |  |  | $ | 1,107,652 |  |  | — |  |  | $ | 1,471,407 |
Inter-company | 1,779,360 |  |  | (1,889,230 | ) |  | 109,870 |  |  | — |  |  | — |
Long-term debt | 1,685,389 |  |  | 47 |  |  | 97,188 |  |  | — |  |  | 1,782,624 |
Long-term liabilities - other | 45,015 |  |  | 101,756 |  |  | 261,329 |  |  | — |  |  | 408,100 |
Total liabilities | 3,683,064 |  |  | (1,596,972 | ) |  | 1,576,039 |  |  | — |  |  | 3,662,131 |
Shareholders' equity | 2,351,591 |  |  | 4,330,922 |  |  | 2,776,346 |  |  | (7,107,268 | ) |  | 2,351,591 |
Non-controlling interest | — |  |  | (1,143 | ) |  | 18,320 |  |  | — |  |  | 17,177 |
Total shareholders' equity | $ | 2,351,591 |  |  | $ | 4,329,779 |  |  | $ | 2,794,666 |  |  | $ | (7,107,268 | ) |  | $ | 2,368,768 |
Total Liabilities and Shareholders' Equity | $ | 6,034,655 |  |  | $ | 2,732,807 |  |  | $ | 4,370,705 |  |  | $ | (7,107,268 | ) |  | $ | 6,030,899 |
Balance Sheet for December 31, 2016:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Cash and cash equivalents | $ | 2,522 |  |  | $ | 9,496 |  |  | $ | 386,466 |  |  | $ | — |  |  | $ | 398,484 |
Receivables, net | 79,041 |  |  | 202,779 |  |  | 660,688 |  |  | — |  |  | 942,508 |
Inventories | 120,042 |  |  | 128,076 |  |  | 410,392 |  |  | — |  |  | 658,510 |
Current assets - other | 52,576 |  |  | (17,844 | ) |  | 833,397 |  |  | — |  |  | 868,129 |
Total current assets | 254,181 |  |  | 322,507 |  |  | 2,290,943 |  |  | — |  |  | 2,867,631 |
Property, plant and equipment | 49,031 |  |  | 126,661 |  |  | 342,684 |  |  | — |  |  | 518,376 |
Goodwill | 25,275 |  |  | 477,472 |  |  | 1,576,018 |  |  | — |  |  | 2,078,765 |
Investment in subsidiaries | 5,388,613 |  |  | 1,325,150 |  |  | — |  |  | (6,713,763 | ) |  | — |
Other intangibles, net | 31,897 |  |  | 204,512 |  |  | 817,451 |  |  | — |  |  | 1,053,860 |
Other long term assets | 9,592 |  |  | (1,914 | ) |  | 54,708 |  |  | — |  |  | 62,386 |
Total assets | $ | 5,758,589 |  |  | $ | 2,454,388 |  |  | $ | 5,081,804 |  |  | $ | (6,713,763 | ) |  | $ | 6,581,018 |
Current liabilities | $ | 194,983 |  |  | 196,956 |  |  | $ | 1,054,700 |  |  | — |  |  | $ | 1,446,639 |
Inter-company | 1,562,399 |  |  | (1,848,777 | ) |  | 286,378 |  |  | — |  |  | — |
Long-term debt | 1,761,933 |  |  | 58 |  |  | 976 |  |  | — |  |  | 1,762,967 |
Long-term liabilities - other | 33,298 |  |  | 74,977 |  |  | 286,312 |  |  | — |  |  | 394,587 |
Total liabilities | 3,552,613 |  |  | (1,576,786 | ) |  | 1,628,366 |  |  | — |  |  | 3,604,193 |
Shareholders' equity | 2,205,976 |  |  | 4,032,250 |  |  | 2,681,514 |  |  | (6,713,763 | ) |  | 2,205,977 |
Non-controlling interest | — |  |  | (1,076 | ) |  | 771,924 |  |  | — |  |  | 770,848 |
Total shareholders' equity | $ | 2,205,976 |  |  | $ | 4,031,174 |  |  | $ | 3,453,438 |  |  | $ | (6,713,763 | ) |  | $ | 2,976,825 |
Total Liabilities and Shareholders' Equity | $ | 5,758,589 |  |  | $ | 2,454,388 |  |  | $ | 5,081,804 |  |  | $ | (6,713,763 | ) |  | $ | 6,581,018 |
Income Statement for the Three Months Ended March 31, 2017:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Net Sales | $ | 144,544 |  |  | $ | 258,712 |  |  | $ | 544,388 |  |  | $ | (31,610 | ) |  | $ | 916,034 |
Cost of sales | (98,950 | ) |  | (167,607 | ) |  | (403,966 | ) |  | 24,196 |  |  | (646,327 | )
Gross profit (loss) | 45,594 |  |  | 91,105 |  |  | 140,422 |  |  | (7,414 | ) |  | 269,707 |
Total operating expenses | (24,293 | ) |  | (29,871 | ) |  | (100,685 | ) |  | — |  |  | (154,849 | )
Income (loss) from operations | 21,301 |  |  | 61,234 |  |  | 39,737 |  |  | (7,414 | ) |  | 114,858 |
Interest (expense) income, net | (14,611 | ) |  | 2,160 |  |  | (5,261 | ) |  | — |  |  | (17,712 | )
Other income (expense), net | 13,081 |  |  | (1,260 | ) |  | (9,502 | ) |  | — |  |  | 2,319 |
Equity earnings (loss) | 68,285 |  |  | 11,942 |  |  | — |  |  | (80,227 | ) |  | — |
Pretax income (loss) | 88,056 |  |  | 74,076 |  |  | 24,974 |  |  | (87,641 | ) |  | 99,465 |
Income tax expense | (14,165 | ) |  | (141 | ) |  | (13,155 | ) |  | — |  |  | (27,461 | )
Net income (loss) | 73,891 |  |  | 73,935 |  |  | 11,819 |  |  | (87,641 | ) |  | 72,004 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,885 |  |  | — |  |  | 1,885 |
Net income (loss) attributable to Wabtec shareholders | $ | 73,891 |  |  | $ | 73,935 |  |  | $ | 13,704 |  |  | $ | (87,641 | ) |  | $ | 73,889 |
Comprehensive income (loss) attributable to Wabtec shareholders | $ | 74,747 |  |  | $ | 73,935 |  |  | $ | 60,801 |  |  | $ | (87,641 | ) |  | $ | 121,842 |
Income Statement for the Three Months Ended March 31, 2016:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Net Sales | $ | 176,986 |  |  | $ | 318,152 |  |  | $ | 315,984 |  |  | $ | (39,091 | ) |  | $ | 772,031 |
Cost of sales | (129,081 | ) |  | (190,366 | ) |  | (220,126 | ) |  | 22,722 |  |  | (516,851 | )
Gross profit (loss) | 47,905 |  |  | 127,786 |  |  | 95,858 |  |  | (16,369 | ) |  | 255,180 |
Total operating expenses | (37,876 | ) |  | (32,351 | ) |  | (42,772 | ) |  | — |  |  | (112,999 | )
(Loss) income from operations | 10,029 |  |  | 95,435 |  |  | 53,086 |  |  | (16,369 | ) |  | 142,181 |
Interest (expense) income, net | (6,669 | ) |  | 1,725 |  |  | 73 |  |  | — |  |  | (4,871 | )
Other income (expense), net | 10,816 |  |  | (4,480 | ) |  | (6,182 | ) |  | — |  |  | 154 |
Equity earnings (loss) | 113,022 |  |  | 38,699 |  |  | — |  |  | (151,721 | ) |  | — |
Pretax income (loss) | 127,198 |  |  | 131,379 |  |  | 46,977 |  |  | (168,090 | ) |  | 137,464 |
Income tax expense | (33,035 | ) |  | (1,000 | ) |  | (9,266 | ) |  | — |  |  | (43,301 | )
Net income (loss) | 94,163 |  |  | 130,379 |  |  | 37,711 |  |  | (168,090 | ) |  | 94,163 |
Less: Net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income attributable to Wabtec shareholders | $ | 94,163 |  |  | $ | 130,379 |  |  | $ | 37,711 |  |  | $ | (168,090 | ) |  | $ | 94,163 |
Comprehensive income (loss) attributable to Wabtec shareholders | $ | 93,932 |  |  | $ | 130,378 |  |  | $ | 65,565 |  |  | $ | (168,090 | ) |  | $ | 121,785 |
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2017:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Net cash (used in) provided by operating activities | $ | (8,705 | ) |  | $ | (5,829 | ) |  | $ | (4,148 | ) |  | $ | (7,414 | ) |  | $ | (26,096 | )
Net cash used in investing activities | (5,124 | ) |  | (68,173 | ) |  | 10,221 |  |  | — |  |  | (63,076 | )
Net cash provided by (used in) financing activities | 13,835 |  |  | 71,678 |  |  | (132,400 | ) |  | 7,414 |  |  | (39,473 | )
Effect of changes in currency exchange rates | — |  |  | — |  |  | 10,340 |  |  | — |  |  | 10,340 |
Increase (decrease) in cash | 6 |  |  | (2,324 | ) |  | (115,987 | ) |  | — |  |  | (118,305 | )
Cash, beginning of period | 2,522 |  |  | 9,496 |  |  | 386,466 |  |  | — |  |  | 398,484 |
Cash, end of period | $ | 2,528 |  |  | $ | 7,172 |  |  | $ | 270,479 |  |  | $ | — |  |  | $ | 280,179 |
Condensed Statement of Cash Flows for the Three Months Ended March 31, 2016:
In thousands | Parent |  | Guarantors |  | Non-Guarantors |  | Elimination |  | Consolidated
Net cash provided by (used in) operating activities | $ | (11,340 | ) |  | $ | 81,479 |  |  | $ | 21,796 |  |  | $ | (16,369 | ) |  | $ | 75,566 |
Net cash used in investing activities | (3,234 | ) |  | (2,303 | ) |  | (3,093 | ) |  | — |  |  | (8,630 | )
Net cash (used in) provided by financing activities | 20,229 |  |  | (71,084 | ) |  | (5,551 | ) |  | 16,369 |  |  | (40,037 | )
Effect of changes in currency exchange rates | — |  |  | — |  |  | 9,684 |  |  | — |  |  | 9,684 |
(Decrease) increase in cash | 5,655 |  |  | 8,092 |  |  | 22,836 |  |  | — |  |  | 36,583 |
Cash, beginning of period | — |  |  | 13,157 |  |  | 213,034 |  |  | — |  |  | 226,191 |
Cash, end of period | $ | 5,655 |  |  | $ | 21,249 |  |  | $ | 235,870 |  |  | $ | — |  |  | $ | 262,774 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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