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Acquisitions (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2018

Dec. 31, 2017

Business Combinations [Abstract]

Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed at the Date of the Acquisition

The following table summarizes the final fair values of the Faiveley Transport assets acquired and liabilities assumed:

In thousands
Assets acquired
Cash and cash equivalents		$	178,318
Accounts receivable			439,631
Inventories			205,649
Other current assets			70,930
Property, plant, and equipment			148,746
Goodwill			1,262,350
Trade names			346,328
Customer relationships			233,529
Patents			1,201
Other noncurrent assets			184,564
Total assets acquired			3,071,246
Liabilities assumed
Current liabilities			819,493
Debt			409,899
Other noncurrent liabilities			335,039
Total liabilities assumed			1,564,431
Net assets acquired		$	1,506,815

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition for Annax, Melett and AM General. For the ATP and TTC acquisitions, the following table summarizes the final fair value of the assets acquired and liabilities assumed at the date of acquisition.

		Annax				Melett				AM General				TTC				ATP
In thousands		March 22, 2018				December 4, 2017				October 2, 2017				April 5, 2017				March 13, 2017
Current assets		$	34,036			$	35,258			$	6,610			$	3,744			$	11,666
Property, plant & equipment			674				5,917				4,140				5,413				5,354
Goodwill			14,301				25,732				12,944				14,095				29,034
Other intangible assets			23,998				30,479				12,097				12,300				25,000
Total assets acquired			73,009				97,386				35,791				35,552				71,054
Total liabilities assumed			(44,345	)			(25,493	)			(25,375	)			(3,041	)			(5,800	)
Net assets acquired		$	28,664			$	71,893			$	10,416			$	32,511			$	65,254

The following table summarizes the final fair values of the Faiveley Transport assets acquired and liabilities assumed.

	In thousands
	Assets acquired
	Cash and cash equivalents		$	178,318
	Accounts receivable			439,631
	Inventories			205,649
	Other current assets			70,930
	Property, plant, and equipment			148,746
	Goodwill			1,262,350
	Trade names			346,328
	Customer Relationships			233,529
	Patents			1,201
	Other noncurrent assets			184,564
	Total assets acquired			3,071,246
	Liabilities assumed
	Current liabilities			819,493
	Debt			409,899
	Other noncurrent liabilities			335,039
	Total liabilities assumed			1,564,431
	Net assets acquired		$	1,506,815

 For the Workhorse, Precision Turbo, and Unitrac acquisitions, the following table summarizes the final fair value of assets acquired and liabilities assumed at the date of acquisition.

		Melett				TTC				ATP				Workhorse				Precision Turbo				Unitrac
In thousands		December 4, 2017				April 5, 2017				March 13, 2017				December 14, 2016				November 17, 2016				May 5, 2016
Current assets		$	21,068			$	3,746			$	11,666			$	9,137			$	4,145			$	11,476
Property, plant & equipment			5,917				5,909				5,354				—				1,317				1,768
Goodwill			22,501				16,309				29,034				22,273				4,248				2,442
Other intangible assets			39,259				12,300				25,000				21,500				5,200				1,230
Total assets acquired			88,745				38,264				71,054				52,910				14,910				16,916
Total liabilities assumed			(14,789	)			(5,753	)			(5,800	)			(9,083	)			(1,057	)			(2,145	)
Net assets acquired		$	73,956			$	32,511			$	65,254			$	43,827			$	13,853			$	14,771

For the Gerken acquisition, the following table summarizes the final fair value of the assets acquired and liabilities assumed at the date of the acquisition.

		AM General				Gerken
In thousands		October 2, 2017				August 1, 2016
Current assets		$	6,611			$	32,706
Property, plant & equipment			4,140				7,667
Goodwill			12,943				17,470
Other intangible assets			12,097				30,560
Other assets			—				1,706
Total assets acquired			35,791				90,109
Total liabilities assumed			(25,375	)			(27,262	)
Net assets acquired		$	10,416			$	62,847

Pro Forma Financial Information

The following unaudited pro forma consolidated financial information presents income statement results as if the acquisitions listed above had occurred on January 1, 2017:

In thousands		Three Months Ended September 30, 2018				Three Months Ended September 30, 2017				Nine Months Ended September 30, 2018				Nine Months Ended September 30, 2017
Net sales		$	1,077,814			$	986,323			$	3,259,096			$	2,899,691
Gross profit			302,012				262,362				938,796				825,685
Net income attributable to Wabtec shareholders			87,739				70,530				261,025				223,383
Diluted earnings per share
As Reported		$	0.91			$	0.70			$	2.70			$	2.22
Pro forma		$	0.91			$	0.73			$	2.70			$	2.32

The following unaudited pro forma financial information presents income statement results as if the acquisitions listed above had occurred January 1, 2016:

		For the year ended December 31,
In thousands		2017				2016
Net sales		$	3,946,244			$	4,212,617
Gross profit			1,095,101				1,275,835
Net income attributable to Wabtec shareholders			271,783				349,852
Diluted earnings per share
As Reported		$	2.72			$	3.34
Pro forma		$	2.82			$	3.83

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472

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