XML 55 R40.htm IDEA: XBRL DOCUMENT
v3.20.4

EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items] |
Schedule of U.S. and International Pension Plans with Accumulated Benefit Obligations and with Projected Benefit Obligations in Excess of Plan Assets |
|  | U.S. |  | International
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Information for pension plans with accumulated benefit obligations in excess of Plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | (42.9) |  |  | $ | (41.1) |  |  | $ | (316.0) |  |  | $ | (283.1) |
Accumulated benefit obligation |  | (41.8) |  |  | (40.2) |  |  | (303.9) |  |  | (272.6) |
Fair value of plan assets |  | 36.0 |  |  | 34.3 |  |  | 222.4 |  |  | 193.9 |
Information for pension plans with projected benefit obligations in excess of plan assets: |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | (42.9) |  |  | $ | (41.1) |  |  | $ | (317.4) |  |  | $ | (284.4) |
Fair value of plan assets |  | 36.0 |  |  | 34.3 |  |  | 223.7 |  |  | 195.1 |
Pension Plan Assets by Asset Category | Plan assets by asset category at December 31, 2020 and 2019 are as follows:
|  | U.S. |  | International
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Pension Plan Assets |  |  |  |  |  |  |  |
Equity security funds |  | $ | 18.6 |  |  | $ | 16.4 |  |  | $ | 74.3 |  |  | $ | 70.8 |
Debt security funds and other |  | 15.8 |  |  | 16.3 |  |  | 213.8 |  |  | 191.3 |
Cash and cash equivalents |  | 1.6 |  |  | 1.6 |  |  | 16.6 |  |  | 7.7 |
Fair value of plan assets |  | $ | 36.0 |  |  | $ | 34.3 |  |  | $ | 304.7 |  |  | $ | 269.8 |
Schedule of Pension Plan Assets Measured at Fair Value | The following tables summarize our pension plan assets measured at fair value on a recurring basis by fair value hierarchy level (See Note 18):
|  | December 31, 2020
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 18.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 18.6 |
Debt Securities and other |  | — |  |  | 6.2 |  |  | 9.6 |  |  | — |  |  | 15.8 |
Cash and cash equivalents |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | 6.1 |  |  | $ | 22.1 |  |  | $ | 46.9 |  |  | $ | — |  |  | $ | 75.0 |
Debt Securities and other |  | — |  |  | 3.2 |  |  | 194.9 |  |  | — |  |  | 198.1 |
Insurance Contracts |  | — |  |  | — |  |  | 4.8 |  |  | 10.0 |  |  | 14.8 |
Cash and cash equivalents |  | — |  |  | 9.0 |  |  | 7.8 |  |  | — |  |  | 16.8 |
Total |  | $ | 6.1 |  |  | $ | 60.7 |  |  | $ | 264.0 |  |  | $ | 10.0 |  |  | $ | 340.7 |
|  | December 31, 2019
In millions |  | NAV |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
US: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | — |  |  | $ | 16.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 16.4 |
Debt Securities |  | — |  |  | 3.5 |  |  | 12.8 |  |  | — |  |  | 16.3 |
Cash and cash equivalents |  | — |  |  | 1.5 |  |  | — |  |  | — |  |  | 1.5 |
International: |  |  |  |  |  |  |  |  |  |
Equity |  | $ | 4.9 |  |  | $ | 19.9 |  |  | $ | 46.0 |  |  | $ | — |  |  | $ | 70.8 |
Debt Securities |  | — |  |  | 3.1 |  |  | 179.2 |  |  | — |  |  | 182.4 |
Insurance Contracts |  | — |  |  | — |  |  | 4.3 |  |  | 4.6 |  |  | 8.9 |
Cash and cash equivalents |  | — |  |  | 7.0 |  |  | 0.7 |  |  | — |  |  | 7.8 |
Total |  | $ | 4.9 |  |  | $ | 51.5 |  |  | $ | 243.1 |  |  | $ | 4.6 |  |  | $ | 304.1 |
Schedule of Reconciliation of Level 3 Assets | The following table presents a reconciliation of Level 3 assets:
In millions |  | Total
Balance at December 31, 2018 |  | $ | 9.9 |
Net purchases, issuances, and settlements |  | 0.2 |
Actual return of plan assets |  | 0.3 |
Transfers |  | (5.8) |
Effect of currency rate changes |  | — |
Balance at December 31, 2019 |  | $ | 4.6 |
Net purchases, issuances, and settlements |  | — |
Actual return of plan assets |  | 1.9 |
Transfers |  | 5.1 |
Effect of currency rate changes |  | 0.4 |
Balance at December 31, 2020 |  | $ | 12.0 |
Costs Recognized Under Defined Contribution Plans and Multiemployer Pension Plans | Costs recognized under these plans are summarized as follows:
|  | For the year ended December 31,
In millions |  | 2020 |  | 2019 |  | 2018
Multi-employer pension and health & welfare plans |  | $ | 0.2 |  |  | $ | 0.9 |  |  | $ | 1.0 |
401(k) savings and other defined contribution plans |  | 54.6 |  |  | 55.7 |  |  | 27.9 |
Total |  | $ | 54.8 |  |  | $ | 56.6 |  |  | $ | 28.9 |
Defined Benefit Pension Plans |
Defined Benefit Plan Disclosure [Line Items] |
Obligations and Funded Status | The following tables provide information regarding the Company’s significant defined benefit pension plans summarized by U.S. and international components. Obligations and Funded Status
|  | U.S. |  | International
In millions |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation |  |  |  |  |  |  |  |
Obligation at beginning of year |  | $ | (41.1) |  |  | $ | (39.4) |  |  | $ | (347.3) |  |  | $ | (309.2) |
Service cost |  | (0.3) |  |  | (0.3) |  |  | (3.4) |  |  | (2.7) |
Interest cost |  | (1.1) |  |  | (1.5) |  |  | (5.4) |  |  | (7.0) |
Employee contributions |  | — |  |  | — |  |  | (0.5) |  |  | (0.5) |
Plan settlements and amendments |  | — |  |  | — |  |  | (2.0) |  |  | 4.4 |
Benefits paid |  | 3.3 |  |  | 3.0 |  |  | 14.1 |  |  | 13.1 |
Acquisition |  | — |  |  | — |  |  | — |  |  | (5.0) |
Actuarial loss |  | (3.7) |  |  | (2.9) |  |  | (22.4) |  |  | (32.4) |
Effect of currency rate changes |  | — |  |  | — |  |  | (17.9) |  |  | (8.0) |
Obligation at end of year |  | $ | (42.9) |  |  | $ | (41.1) |  |  | $ | (384.8) |  |  | $ | (347.3) |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 34.3 |  |  | $ | 31.9 |  |  | $ | 269.8 |  |  | $ | 239.4 |
Actual return on plan assets |  | 3.7 |  |  | 5.3 |  |  | 25.1 |  |  | 23.9 |
Employer contributions |  | 1.3 |  |  | — |  |  | 10.0 |  |  | 9.4 |
Employee contributions |  | — |  |  | — |  |  | 0.5 |  |  | 0.5 |
Benefits paid |  | (3.3) |  |  | (2.9) |  |  | (14.0) |  |  | (13.1) |
Settlements |  | — |  |  | — |  |  | (2.9) |  |  | (0.4) |
Acquisition |  | — |  |  | — |  |  | — |  |  | 1.2 |
Other |  | — |  |  | — |  |  | 4.8 |  |  | — |
Effect of currency rate changes |  | — |  |  | — |  |  | 11.4 |  |  | 8.9 |
Fair value of plan assets at end of year |  | $ | 36.0 |  |  | $ | 34.3 |  |  | $ | 304.7 |  |  | $ | 269.8 |
Funded status |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 36.0 |  |  | $ | 34.3 |  |  | $ | 304.7 |  |  | $ | 269.8 |
Benefit obligations |  | (42.9) |  |  | (41.1) |  |  | (384.8) |  |  | (347.3) |
Funded status |  | $ | (6.9) |  |  | $ | (6.8) |  |  | $ | (80.1) |  |  | $ | (77.5) |
Amounts recognized in the statement of financial position consist of: |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | — |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | 11.8 |
Current liabilities |  | — |  |  | — |  |  | (2.5) |  |  | (2.4) |
Noncurrent liabilities |  | (6.9) |  |  | (6.9) |  |  | (91.2) |  |  | (86.9) |
Net amount recognized |  | $ | (6.9) |  |  | $ | (6.9) |  |  | $ | (80.1) |  |  | $ | (77.5) |
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of: |  |  |  |  |  |  |  |
Prior service cost |  | — |  |  | — |  |  | (1.5) |  |  | (1.4) |
Net actuarial loss |  | (19.4) |  |  | (18.8) |  |  | (89.6) |  |  | (78.3) |
Net amount recognized |  | $ | (19.4) |  |  | $ | (18.8) |  |  | $ | (91.1) |  |  | $ | (79.7) |
Components of Net Periodic Benefit Costs | Components of Net Periodic Benefit Costs
|  | U.S. |  | International
In millions |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 0.3 |  |  | $ | 3.4 |  |  | $ | 2.7 |  |  | $ | 2.6 |
Interest cost |  | 1.1 |  |  | 1.5 |  |  | 1.3 |  |  | 5.4 |  |  | 7.0 |  |  | 7.0 |
Expected return on plan assets |  | (1.7) |  |  | (1.7) |  |  | (1.8) |  |  | (11.5) |  |  | (11.8) |  |  | (13.5) |
Amortization of initial net obligation and prior service cost |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | 0.1 |  |  | — |
Amortization of net loss |  | 1.0 |  |  | 0.8 |  |  | 1.0 |  |  | 3.2 |  |  | 2.5 |  |  | 2.1 |
Settlement and curtailment losses recognized |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 3.1 |
Net periodic benefit cost |  | $ | 0.7 |  |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 1.3 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income during 2020 are as follows:
In millions |  | U.S. |  | International
Net loss arising during the year |  | $ | (1.6) |  |  | $ | (10.7) |
Effect of exchange rates |  | — |  |  | (4.0) |
Amortization or curtailment recognition of prior service cost |  | — |  |  | 0.1 |
Amortization or settlement recognition of net loss |  | 1.0 |  |  | 3.2 |
Total recognized in other comprehensive income |  | $ | (0.6) |  |  | $ | (11.4) |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 1.3 |  |  | $ | 12.1 |
Weighted Average Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation | The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed.
|  | U.S. |  | International
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate |  | 2.47 | % |  | 3.27 | % |  | 4.30 | % |  | 1.39 | % |  | 1.84 | % |  | 2.53 | %
Expected return on plan assets |  | 5.35 | % |  | 5.35 | % |  | 5.15 | % |  | 4.43 | % |  | 5.01 | % |  | 5.10 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | % |  | 3.00 | % |  | 2.65 | % |  | 2.64 | % |  | 2.61 | %
Amounts Included in Other Comprehensive Loss That are Expected to be Recognized as Components of Periodic Benefit Costs | As of December 31, 2020, the following table represents the amounts included in other comprehensive loss that are expected to be recognized as components of periodic benefit costs in 2021.
In millions |  | U.S. |  | International
Prior service cost |  | — |  |  | 0.1 |
Net actuarial loss |  | 1.1 |  |  | 3.5 |
|  | $ | 1.1 |  |  | $ | 3.6 |
Benefit Payments Expected to be Paid to Plan Participants | Benefit payments expected to be paid to plan participants are as follows:
In millions |  | U.S. |  | International
Year ended December 31, |  |  |  |
2021 |  | $ | 3.0 |  |  | $ | 13.7 |
2022 |  | 3.1 |  |  | 14.2 |
2023 |  | 3.0 |  |  | 14.8 |
2024 |  | 2.9 |  |  | 15.4 |
2025 |  | 2.9 |  |  | 15.5 |
2026 through 2030 |  | 12.6 |  |  | 84.6 |

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlanDisclosureLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of defined contribution plans and multiemployer pension plans. + References No definition available. + Details
Name: | wab_ScheduleOfDefinedContributionPlansAndMultiemployerPensionPlansTableTableTextBlock
Namespace Prefix: | wab_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |