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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net sales:      
Total net sales $ 9,677 $ 8,362 $ 7,822
Cost of sales:      
Total cost of sales (6,733) (5,822) (5,453)
Gross profit 2,944 2,540 2,369
Operating expenses:      
Selling, general and administrative expenses (1,139) (1,029) (1,030)
Engineering expenses (218) (209) (176)
Amortization expense (321) (291) (287)
Total operating expenses (1,678) (1,529) (1,493)
Income from operations 1,266 1,011 876
Other income and expenses:      
Interest expense, net (218) (186) (177)
Other income, net 44 29 38
Income before income taxes 1,092 854 737
Income tax expense (267) (213) (172)
Net income 825 641 565
Less: Net income attributable to noncontrolling interest (10) (8) (7)
Net income attributable to Wabtec shareholders $ 815 $ 633 $ 558
Basic      
Net income attributable to Wabtec shareholders (in dollars per share) $ 4.54 $ 3.46 $ 2.96
Diluted      
Net income attributable to Wabtec shareholders (in dollars per share) $ 4.53 $ 3.46 $ 2.96
Weighted average shares outstanding      
Basic (in shares) 178.8 182.2 187.7
Diluted (in shares) 179.5 182.8 188.1
Product      
Net sales:      
Total net sales $ 7,647 $ 6,459 $ 6,205
Cost of sales:      
Total cost of sales (5,581) (4,791) (4,545)
Services      
Net sales:      
Total net sales 2,030 1,903 1,617
Cost of sales:      
Total cost of sales $ (1,152) $ (1,031) $ (908)