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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Summary of Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of the Nordco assets acquired and liabilities assumed:
In millions |  |
Assets acquired |  |
Cash and cash equivalents |  | $ | 5 |
Accounts receivable |  | 23 |
Inventory |  | 34 |
Other current assets |  | 2 |
Property, plant and equipment |  | 17 |
Goodwill |  | 214 |
Other intangible assets |  | 168 |
Other noncurrent assets |  | 12 |
Total assets acquired |  | 475 |
Liabilities assumed |  |
Current liabilities |  | 19 |
Noncurrent liabilities |  | 46 |
Total liabilities assumed |  | 65 |
Net assets acquired |  | $ | 410 |
The following table summarizes the final fair value of the GE Transportation assets acquired and liabilities assumed:
In millions |  |
Assets acquired |  |
Cash and cash equivalents |  | $ | 177 |
Accounts receivable |  | 541 |
Inventories |  | 1,190 |
Other current assets |  | 71 |
Property, plant, and equipment |  | 1,089 |
Goodwill |  | 5,984 |
Trade names |  | 55 |
Customer relationships |  | 550 |
Intellectual property |  | 1,180 |
Backlog |  | 1,450 |
Other noncurrent assets |  | 321 |
Total assets acquired |  | 12,608 |
Liabilities assumed |  |
Current liabilities |  | 1,594 |
Contingent consideration |  | 440 |
Other noncurrent liabilities |  | 667 |
Total liabilities assumed |  | 2,701 |
Net assets acquired |  | 9,907 |
Noncontrolling interest |  | $ | 88 |
Pro Forma Financial Information | The following unaudited pro forma consolidated financial information presents income statement results as if the GE Transportation acquisition had occurred January 1, 2018:
In millions, except per share data |  | Twelve Months Ended December 31, 2019
Net sales |  | $ | 8,676 |
Gross profit |  | 2,343 |
Net income attributable to Wabtec shareholders |  | 277 |
Diluted earnings per share |  |
As Reported |  | $ | 1.84 |
Pro forma |  | $ | 1.45 |

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- 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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