Guarantor Subsidiaries Financial Information (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2018

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheet for September 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Cash, cash equivalents, and restricted cash	$	1,760,805		$	73		$	374,503		$	—		$	2,135,381
Receivables, net		117,117			70,128			1,053,276			—			1,240,521
Inventories		147,208			63,186			655,811			—			866,205
Current assets - other		(14,278	)		936			124,783			—			111,441
Total current assets		2,010,852			134,323			2,208,373			—			4,353,548
Property, plant and equipment, net		49,355			24,847			483,221			—			557,423
Goodwill		25,275			283,241			2,104,038			—			2,412,554
Investment in subsidiaries		6,686,158			2,745,446			—			(9,431,604	)		—
Other intangibles, net		29,585			79,169			1,048,670			—			1,157,424
Other long-term assets		20,595			(33,748	)		85,430			—			72,277
Total assets	$	8,821,820		$	3,233,278		$	5,929,732		$	(9,431,604	)	$	8,553,226
Current liabilities	$	198,264		$	89,160		$	1,242,869		$	—		$	1,530,293
Inter-company		1,909,286			(1,402,141	)		(507,145	)		—			—
Long-term debt		3,804,601			—			13,460			—			3,818,061
Long-term liabilities - other		14,499			11,601			268,420			—			294,520
Total liabilities		5,926,650			(1,301,380	)		1,017,604			—			5,642,874
Shareholders' equity		2,895,170			4,534,658			4,896,946			(9,431,604	)		2,895,170
Non-controlling interest		—			—			15,182			—			15,182
Total shareholders' equity	$	2,895,170		$	4,534,658		$	4,912,128		$	(9,431,604	)	$	2,910,352
Total Liabilities and Shareholders' Equity	$	8,821,820		$	3,233,278		$	5,929,732		$	(9,431,604	)	$	8,553,226

Balance Sheet for December 31, 2017:



In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	625		$	231,843		$	—		$	233,401
Receivables, net		77,046		59,166			1,030,575			—			1,166,787
Inventories		120,937		46,626			575,071			—			742,634
Current assets - other		1,142		563			120,586			—			122,291
Total current assets		200,058		106,980			1,958,075			—			2,265,113
Property, plant and equipment, net		52,532		26,492			494,948			—			573,972
Goodwill		25,274		283,242			2,151,587			—			2,460,103
Investment in subsidiaries		6,517,205		2,440,665			—			(8,957,870	)		—
Other intangibles, net		30,575		81,037			1,092,820			—			1,204,432
Other long-term assets		17,414		(23,892	)		82,838			—			76,360
Total assets	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980
Current liabilities	$	196,827	$	77,284		$	1,299,219		$	—		$	1,573,330
Inter-company		2,121,546		(1,307,410	)		(814,136	)		—			—
Long-term debt		1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other		54,046		20,594			280,175			—			354,815
Total liabilities		4,034,190		(1,209,518	)		926,776			—			3,751,448
Shareholders' equity		2,808,868		4,124,042			4,833,828			(8,957,870	)		2,808,868
Non-controlling interest		—		—			19,664			—			19,664
Total shareholders' equity	$	2,808,868	$	4,124,042		$	4,853,492		$	(8,957,870	)	$	2,828,532
Total Liabilities and Shareholders' Equity	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980

Balance Sheet for December 31, 2017:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	933	$	625		$	231,843		$	—		$	233,401
Receivables, net		77,046		59,166			1,030,575			—			1,166,787
Inventories		120,937		46,626			575,071			—			742,634
Current assets - other		1,142		563			120,586			—			122,291
Total current assets		200,058		106,980			1,958,075			—			2,265,113
Property, plant and equipment		52,532		26,492			494,948			—			573,972
Goodwill		25,274		283,242			2,151,587			—			2,460,103
Investment in subsidiaries		6,517,205		2,440,665			—			(8,957,870	)		—
Other intangibles, net		30,575		81,037			1,092,820			—			1,204,432
Other long term assets		17,414		(23,892	)		82,838			—			76,360
Total assets	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980
Current liabilities	$	196,827		77,284		$	1,299,219			—		$	1,573,330
Inter-company		2,121,546		(1,307,410	)		(814,136	)		—			—
Long-term debt		1,661,771		14			161,518			—			1,823,303
Long-term liabilities - other		54,046		20,594			280,175			—			354,815
Total liabilities		4,034,190		(1,209,518	)		926,776			—			3,751,448
Shareholders’ equity		2,808,868		4,124,042			4,833,828			(8,957,870	)		2,808,868
Non-controlling interest		—		—			19,664			—			19,664
Total shareholders’ equity	$	2,808,868	$	4,124,042		$	4,853,492		$	(8,957,870	)	$	2,828,532
Total Liabilities and Shareholders’ Equity	$	6,843,058	$	2,914,524		$	5,780,268		$	(8,957,870	)	$	6,579,980

Balance Sheet for December 31, 2016:

In thousands	Parent		Guarantors			Non-Guarantors			Elimination			Consolidated
Cash and cash equivalents	$	2,522	$	1,226		$	394,736		$	—		$	398,484
Receivables, net		79,041		74,105			789,362			—			942,508
Inventories		120,042		52,372			486,096			—			658,510
Current assets - other		52,576		(19,438	)		834,991			—			868,129
Total current assets		254,181		108,265			2,505,185			—			2,867,631
Property, plant and equipment		49,031		27,096			442,249			—			518,376
Goodwill		25,275		284,020			1,769,470			—			2,078,765
Investment in subsidiaries		5,388,613		1,961,036			—			(7,349,649	)		—
Other intangibles, net		31,897		83,103			938,860			—			1,053,860
Other long term assets		9,592		(41,963	)		94,757			—			62,386
Total assets	$	5,758,589	$	2,421,557		$	5,750,521		$	(7,349,649	)	$	6,581,018
Current liabilities	$	194,983		74,706		$	1,176,950			—		$	1,446,639
Inter-company		1,562,399		(1,138,540	)		(423,859	)		—			—
Long-term debt		1,761,933		58			976			—			1,762,967
Long-term liabilities - other		33,298		3,768			357,521			—			394,587
Total liabilities		3,552,613		(1,060,008	)		1,111,588			—			3,604,193
Shareholders’ equity		2,205,976		3,481,565			3,868,085			(7,349,649	)		2,205,977
Non-controlling interest		—		—			770,848			—			770,848
Total shareholders’ equity	$	2,205,976	$	3,481,565		$	4,638,933		$	(7,349,649	)	$	2,976,825
Total Liabilities and Shareholders’ Equity	$	5,758,589	$	2,421,557		$	5,750,521		$	(7,349,649	)	$	6,581,018

Condensed Income Statement

Income Statement for the Three Months Ended September 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	169,445		$	118,516		$	850,250		$	(60,397	)	$	1,077,814
Cost of sales		(122,946	)		(75,021	)		(612,073	)		34,238			(775,802	)
Gross profit		46,499			43,495			238,177			(26,159	)		302,012
Total operating expenses		(37,090	)		(14,746	)		(124,997	)		—			(176,833	)
(Loss) income from operations		9,409			28,749			113,180			(26,159	)		125,179
Interest (expense) income, net		(23,012	)		3,212			(3,913	)		—			(23,713	)
Other income (expense), net		(1,479	)		1			2,679			—			1,201
Equity earnings (loss)		97,128			91,758			—			(188,886	)		—
Pretax income (loss)		82,046			123,720			111,946			(215,045	)		102,667
Income tax expense		5,693			(2	)		(22,289	)		—			(16,598	)
Net income		87,739			123,718			89,657			(215,045	)		86,069
Less: Net loss attributable to noncontrolling interest		—			—			1,670			—			1,670
Net income (loss) attributable to Wabtec shareholders	$	87,739		$	123,718		$	91,327		$	(215,045	)	$	87,739

Comprehensive income (loss) attributable to Wabtec shareholders	$	87,867		$	123,718		$	41,667		$	(215,045	)	$	38,207

Income Statement for the Three Months Ended September 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	134,905		$	89,881		$	761,566		$	(28,421	)	$	957,931
Cost of sales		(111,774	)		(53,692	)		(554,819	)		15,557			(704,728	)
Gross profit		23,131			36,189			206,747			(12,864	)		253,203
Total operating expenses		(22,886	)		(12,714	)		(115,937	)		—			(151,537	)
Income (loss) from operations		245			23,475			90,810			(12,864	)		101,666
Interest (expense) income, net		(20,295	)		2,811			(2,554	)		—			(20,038	)
Other income (expense), net		1,520			—			(1,963	)		—			(443	)
Equity earnings (loss)		80,874			64,820			—			(145,694	)		—
Pretax income (loss)		62,344			91,106			86,293			(158,558	)		81,185
Income tax expense		5,056			—			(17,802	)		—			(12,746	)
Net income (loss)		67,400			91,106			68,491			(158,558	)		68,439
Less: Net income attributable to noncontrolling interest		—			—			(1,040	)		—			(1,040	)
Net income (loss) attributable to Wabtec shareholders	$	67,400		$	91,106		$	67,451		$	(158,558	)	$	67,399

Comprehensive income (loss) attributable to Wabtec shareholders	$	66,815		$	91,106		$	160,656		$	(158,558	)	$	160,019

Income Statement for the Nine Months Ended September 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	499,172		$	374,599		$	2,550,843		$	(178,943	)	$	3,245,671
Cost of sales		(364,523	)		(236,699	)		(1,812,660	)		105,071			(2,308,811	)
Gross profit (loss)		134,649			137,900			738,183			(73,872	)		936,860
Total operating expenses		(122,497	)		(40,687	)		(393,695	)		—			(556,879	)
Income (loss) from operations		12,152			97,213			344,488			(73,872	)		379,981
Interest (expense) income, net		(75,140	)		9,291			(10,068	)		—			(75,917	)
Other income (expense), net		7,733			(678	)		(1,097	)		—			5,958
Equity earnings (loss)		330,978			304,227			—			(635,205	)		—
Pretax income (loss)		275,723			410,053			333,323			(709,077	)		310,022
Income tax expense		(15,202	)		(2	)		(38,021	)		—			(53,225	)
Net income (loss)		260,521			410,051			295,302			(709,077	)		256,797
Less: Net income attributable to noncontrolling interest		—			—			3,724			—			3,724
Net income (loss) attributable to Wabtec shareholders	$	260,521		$	410,051		$	299,026		$	(709,077	)	$	260,521

Comprehensive income (loss) attributable to Wabtec shareholders	$	261,156		$	410,051		$	137,650		$	(709,077	)	$	99,780

Income Statement for the Nine Months Ended September 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	417,156		$	288,312		$	2,186,541		$	(85,791	)	$	2,806,218
Cost of sales		(311,037	)		(177,593	)		(1,580,101	)		59,386			(2,009,345	)
Gross profit (loss)		106,119			110,719			606,440			(26,405	)		796,873
Total operating expenses		(80,478	)		(37,783	)		(349,077	)		—			(467,338	)
Income (loss) from operations		25,641			72,936			257,363			(26,405	)		329,535
Interest (expense) income, net		(55,783	)		8,041			(9,718	)		—			(57,460	)
Other income (expense), net		6,863			(229	)		(1,330	)		—			5,304
Equity earnings (loss)		246,103			182,066			—			(428,169	)		—
Pretax income (loss)		222,824			262,814			246,315			(454,574	)		277,379
Income tax expense		(9,511	)		—			(55,265	)		—			(64,776	)
Net income (loss)		213,313			262,814			191,050			(454,574	)		212,603
Less: Net income attributable to noncontrolling interest		—			—			710			—			710
Net income (loss) attributable to Wabtec shareholders	$	213,313		$	262,814		$	191,760		$	(454,574	)	$	213,313

Comprehensive income (loss) attributable to Wabtec shareholders	$	214,483		$	262,814		$	478,265		$	(454,574	)	$	500,988

Income Statement for the Year Ended December 31, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	577,397		$	398,220		$	3,035,464		$	(129,325	)	$	3,881,756
Cost of sales		(440,911	)		(255,792	)		(2,218,460	)		98,720			(2,816,443	)
Gross profit (loss)		136,486			142,428			817,004			(30,605	)		1,065,313
Total operating expenses		(114,199	)		(50,902	)		(479,133	)		—			(644,234	)
Income (loss) from operations		22,287			91,526			337,871			(30,605	)		421,079
Interest (expense) income, net		(76,823	)		10,916			(11,977	)		—			(77,884	)
Other income (expense), net		10,020			274			(1,426	)		—			8,868
Equity earnings (loss)		416,068			317,614			—			(733,682	)		—
Pretax income (loss)		371,552			420,330			324,468			(764,287	)		352,063
Income tax expense		(109,294	)		18,762			759			—			(89,773	)
Net income (loss)		262,258			439,092			325,227			(764,287	)		262,290
Less: Net income attributable to noncontrolling interest		—			—			(29	)		—			(29	)
Net income (loss) attributable to Wabtec shareholders	$	262,258		$	439,092		$	325,198		$	(764,287	)	$	262,261

Comprehensive income (loss) attributable to Wabtec shareholders	$	263,907		$	439,092		$	658,162		$	(764,287	)	$	596,874

Income Statement for the Year Ended December 31, 2016:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	641,809		$	435,864		$	1,995,465		$	(141,950	)	$	2,931,188
Cost of sales		(473,700	)		(280,973	)		(1,350,401	)		98,125			(2,006,949	)
Gross profit (loss)		168,109			154,891			645,064			(43,825	)		924,239
Total operating expenses		(142,817	)		(50,361	)		(274,454	)		—			(467,632	)
Income (loss) from operations		25,292			104,530			370,610			(43,825	)		456,607
Interest (expense) income, net		(38,843	)		9,294			(20,749	)		—			(50,298	)
Other income (expense), net		25,254			(1,689	)		(17,037	)		—			(6,528	)
Equity earnings (loss)		322,650			292,184			—			(614,834	)		—
Pretax income (loss)		334,353			404,319			332,824			(658,659	)		412,837
Income tax expense		(29,466	)		(52,308	)		(17,659	)		—			(99,433	)
Net income (loss)		304,887			352,011			315,165			(658,659	)		313,404
Less: Net income attributable to noncontrolling interest		—			—			(8,517	)		—			(8,517	)
Net income attributable to Wabtec shareholders	$	304,887		$	352,011		$	306,648		$	(658,659	)	$	304,887

Comprehensive income (loss) attributable to Wabtec shareholders	$	305,180		$	352,011		$	203,469		$	(658,659	)	$	202,001

Income Statement for the Year Ended December 31, 2015:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net Sales	$	743,262		$	679,466		$	2,030,284		$	(145,014	)	$	3,307,998
Cost of sales		(531,269	)		(311,911	)		(1,499,803	)		82,801			(2,260,182	)
Gross (loss) profit		211,993			367,555			530,481			(62,213	)		1,047,816
Total operating expenses		(142,310	)		(36,358	)		(260,294	)		—			(438,962	)
Income (loss) from operations		69,683			331,197			270,187			(62,213	)		608,854
Interest (expense) income, net		(28,312	)		8,406			(7,348	)		—			(27,254	)
Other income (expense), net		27,733			(3,711	)		(20,254	)		—			(3,768	)
Equity earnings (loss)		506,903			216,403			—			(723,306	)		—
Pretax income (loss)		576,007			552,295			242,585			(785,519	)		585,368
Income tax expense		(177,379	)		8,760			(18,121	)		—			(186,740	)
Net income (loss)		398,628			561,055			224,464			(785,519	)		398,628
Less: Net income attributable to noncontrolling interest		—			—			—			—			—
Net income attributable to Wabtec shareholders	$	398,628		$	561,055		$	224,464		$	(785,519	)	$	398,628

Comprehensive income (loss) attributable to Wabtec shareholders	$	409,734		$	561,055		$	96,125		$	(785,519	)	$	281,395

Condensed Cash Flow Statement

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2018:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) provided by operating activities	$	(111,120	)	$	95,503		$	127,527		$	(73,872	)	$	38,038
Net cash used for investing activities		(12,498	)		(1,303	)		(90,359	)		—			(104,160	)
Net cash provided by (used for) financing activities		1,883,490			(94,752	)		132,700			73,872			1,995,310
Effect of changes in currency exchange rates		—			—			(27,208	)		—			(27,208	)
Increase (Decrease) in cash		1,759,872			(552	)		142,660			—			1,901,980
Cash and cash equivalents, beginning of period		933			625			231,843			—			233,401
Cash, cash equivalents, and restricted cash, end of period	$	1,760,805		$	73		$	374,503		$	—		$	2,135,381

Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2017:



In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used for) operating activities	$	(38,959	)	$	101,597		$	(9,722	)	$	(26,405	)	$	26,511
Net cash (used for) provided by investing activities		(12,591	)		(2,358	)		(890,923	)		—			(905,872	)
Net cash provided by (used for) financing activities		52,077			(99,615	)		(48,916	)		26,405			(70,049	)
Effect of changes in currency exchange rates		—			—			34,258			—			34,258
Increase (Decrease) in cash		527			(376	)		(915,303	)		—			(915,152	)
Cash, cash equivalents and restricted cash, beginning of period		2,522			1,226			1,139,484			—			1,143,232
Cash and cash equivalents, end of period	$	3,049		$	850		$	224,181		$	—		$	228,080

Condensed Statement of Cash Flows for the year ended December 31, 2017:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(49,231	)	$	130,298		$	138,349		$	(30,605	)	$	188,811
Net cash used in investing activities		(11,156	)		(3,357	)		(1,018,961	)		—			(1,033,474	)
Net cash provided by (used in) financing activities		58,798			(127,542	)		(59,292	)		30,605			(97,431	)
Effect of changes in currency exchange rates		—			—			32,263			—			32,263
(Decrease) increase in cash		(1,589	)		(601	)		(907,641	)		—			(909,831	)
Cash, cash equivalents and restricted cash, beginning of year		2,522			1,226			1,139,484			—			1,143,232
Cash and cash equivalents, end of year	$	933		$	625		$	231,843		$	—		$	233,401

Condensed Statement of Cash Flows for the year ended December 31, 2016:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(44,611	)	$	142,839		$	396,127		$	(43,825	)	$	450,530
Net cash (used in) provided by investing activities		(829,783	)		(2,653	)		599,470			—			(232,966	)
Net cash provided by (used in) financing activities		876,916			(147,586	)		(250,184	)		43,825			522,971
Effect of changes in currency exchange rates		—			—			(26,436	)		—			(26,436	)
Increase (decrease) in cash		2,522			(7,400	)		718,977			—			714,099
Cash, cash equivalents and restricted cash, beginning of year		—			8,626			420,507			—			429,133
Cash, cash equivalents and restricted cash, end of year	$	2,522		$	1,226		$	1,139,484		$	—		$	1,143,232

Condensed Statement of Cash Flows for the year ended December 31, 2015:

In thousands	Parent			Guarantors			Non-Guarantors			Elimination			Consolidated
Net cash (used in) provided by operating activities	$	(90,374	)	$	300,965		$	302,466		$	(62,213	)	$	450,844
Net cash used in investing activities		(7,862	)		(2,653	)		(166,679	)		—			(177,194	)
Net cash (used in) provided by financing activities		(48,570	)		(295,133	)		29,992			62,213			(251,498	)
Effect of changes in currency exchange rates		—			—			(18,868	)		—			(18,868	)
(Decrease) increase in cash		(146,806	)		3,179			(146,911	)		—			(3,284	)
Cash, cash equivalents and restricted cash, beginning of year		146,806			5,447			273,596			—			425,849
Cash, cash equivalents and restricted cash, end of year	$	—		$	8,626		$	420,507		$	—		$	429,133