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Segment Information | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION Wabtec has two reportable segments—the Freight Segment and the Transit Segment. The key factors used to identify these reportable segments are the organization and alignment of the Company’s internal operations, the nature of the products and services and customer type. The Company’s business segments are: Freight Segment primarily builds new locomotives, manufactures and services components for new and existing freight cars and locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services and provides related heat exchange and cooling systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars and utilities. Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, builds new commuter locomotives, refurbishes subway cars, provides heating, ventilation, and air conditioning equipment and doors for buses and subway cars. Customers include public transit authorities and municipalities, leasing companies and manufacturers of subway cars and buses around the world. The Company evaluates its business segments’ operating results based on income from operations. Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Corporate activities include general corporate expenses, elimination of intersegment transactions, interest income and expense, and other unallocated charges. Since certain administrative and other operating expenses have not been allocated to business segments, the results in the following tables are not necessarily a measure computed in accordance with generally accepted accounting principles and may not be comparable to other companies. Segment financial information for the three months ended September 30, 2021 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 1,295.0 |  |  | $ | 611.9 |  |  | $ | — |  |  | $ | 1,906.9 |
Intersegment sales/(elimination) | 12.3 |  |  | 8.6 |  |  | (20.9) |  |  | — |
Total sales | $ | 1,307.3 |  |  | $ | 620.5 |  |  | $ | (20.9) |  |  | $ | 1,906.9 |
Income (loss) from operations | $ | 195.2 |  |  | $ | 43.9 |  |  | $ | (22.1) |  |  | $ | 217.0 |
Interest expense and other, net | — |  |  | — |  |  | (41.7) |  |  | (41.7) |
Income (loss) before income taxes | $ | 195.2 |  |  | $ | 43.9 |  |  | $ | (63.8) |  |  | $ | 175.3 |
Segment financial information for the three months ended September 30, 2020 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 1,237.3 |  |  | $ | 627.8 |  |  | $ | — |  |  | $ | 1,865.1 |
Intersegment sales/(elimination) | 10.9 |  |  | 7.8 |  |  | (18.7) |  |  | — |
Total sales | $ | 1,248.2 |  |  | $ | 635.6 |  |  | $ | (18.7) |  |  | $ | 1,865.1 |
Income (loss) from operations | $ | 160.2 |  |  | $ | 64.1 |  |  | $ | (17.6) |  |  | $ | 206.7 |
Interest expense and other, net | — |  |  | — |  |  | (31.3) |  |  | (31.3) |
Income (loss) before income taxes | $ | 160.2 |  |  | $ | 64.1 |  |  | $ | (48.9) |  |  | $ | 175.4 |
Segment financial information for the nine months ended September 30, 2021 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 3,814.2 |  |  | $ | 1,935.2 |  |  | $ | — |  |  | $ | 5,749.4 |
Intersegment sales/(elimination) | 36.5 |  |  | 25.3 |  |  | (61.8) |  |  | — |
Total sales | $ | 3,850.7 |  |  | $ | 1,960.5 |  |  | $ | (61.8) |  |  | $ | 5,749.4 |
Income (loss) from operations | $ | 510.2 |  |  | $ | 159.3 |  |  | $ | (57.6) |  |  | $ | 611.9 |
Interest expense and other, net | — |  |  | — |  |  | (109.7) |  |  | (109.7) |
Income (loss) before income taxes | $ | 510.2 |  |  | $ | 159.3 |  |  | $ | (167.3) |  |  | $ | 502.2 |
Segment financial information for the nine months ended September 30, 2020 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 3,743.0 |  |  | $ | 1,789.4 |  |  | $ | — |  |  | $ | 5,532.4 |
Intersegment sales/(elimination) | 36.3 |  |  | 23.0 |  |  | (59.3) |  |  | — |
Total sales | $ | 3,779.3 |  |  | $ | 1,812.4 |  |  | $ | (59.3) |  |  | $ | 5,532.4 |
Income (loss) from operations | $ | 463.4 |  |  | $ | 172.9 |  |  | $ | (52.9) |  |  | $ | 583.4 |
Interest expense and other, net | — |  |  | — |  |  | (144.5) |  |  | (144.5) |
Income (loss) before income taxes | $ | 463.4 |  |  | $ | 172.9 |  |  | $ | (197.4) |  |  | $ | 438.9 |
Sales to external customers by product line are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
In millions |  | 2021 |  | 2020 |  | 2021 |  | 2020
Freight Segment |  |  |  |  |  |  |  |
Equipment |  | $ | 335.2 |  |  | $ | 355.3 |  |  | $ | 924.8 |  |  | $ | 1,098.2 |
Components |  | 222.1 |  |  | 208.2 |  |  | 648.9 |  |  | 624.1 |
Digital Electronics |  | 155.2 |  |  | 161.0 |  |  | 473.5 |  |  | 500.1 |
Services |  | 582.5 |  |  | 512.8 |  |  | 1,767.0 |  |  | 1,520.6 |
Total Freight Segment |  | $ | 1,295.0 |  |  | $ | 1,237.3 |  |  | $ | 3,814.2 |  |  | $ | 3,743.0 |
Transit Segment |  |  |  |  |  |  |  |
Original Equipment Manufacturer |  | $ | 286.9 |  |  | $ | 303.1 |  |  | $ | 894.1 |  |  | $ | 817.4 |
Aftermarket |  | 325.0 |  |  | 324.7 |  |  | 1,041.1 |  |  | 972.0 |
Total Transit Segment |  | $ | 611.9 |  |  | $ | 627.8 |  |  | $ | 1,935.2 |  |  | $ | 1,789.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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