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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net sales:        
Total net sales $ 2,550 $ 2,081 $ 7,151 $ 6,056
Cost of sales:        
Total cost of sales (1,758) (1,433) (4,971) (4,168)
Gross profit 792 648 2,180 1,888
Operating expenses:        
Selling, general and administrative expenses (295) (260) (843) (757)
Engineering expenses (53) (54) (157) (149)
Amortization expense (74) (73) (222) (218)
Total operating expenses (422) (387) (1,222) (1,124)
Income from operations 370 261 958 764
Other income and expenses:        
Interest expense, net (60) (48) (163) (135)
Other income, net 10 4 17 15
Income before income taxes 320 217 812 644
Income tax expense (78) (54) (204) (162)
Net income 242 163 608 482
Less: Net income attributable to noncontrolling interest (2) (3) (8) (7)
Net income attributable to Wabtec shareholders $ 240 $ 160 $ 600 $ 475
Basic        
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.34 $ 0.88 $ 3.34 $ 2.60
Diluted        
Net income attributable to Wabtec shareholders (in dollars per share) $ 1.33 $ 0.88 $ 3.33 $ 2.59
Weighted average shares outstanding        
Basic (in shares) 178.6 181.3 179.1 182.6
Diluted (in shares) 179.2 181.9 179.7 183.1
Goods        
Net sales:        
Total net sales $ 2,048 $ 1,625 $ 5,631 $ 4,714
Cost of sales:        
Total cost of sales (1,475) (1,200) (4,132) (3,431)
Services        
Net sales:        
Total net sales 502 456 1,520 1,342
Cost of sales:        
Total cost of sales $ (283) $ (233) $ (839) $ (737)