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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Financial Information | Segment financial information for the three months ended June 30, 2025 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 1,919 |  |  | $ | 787 |  |  | $ | — |  |  | $ | 2,706 |
Cost of sales | (1,222) |  |  | (546) |  |  | — |  |  | (1,768) |
Gross profit | $ | 697 |  |  | $ | 241 |  |  | $ | — |  |  | $ | 938 |
Gross margin | 36.3 | % |  | 30.7 | % |  |  |  |
Selling, general & administrative expenses | $ | (181) |  |  | $ | (114) |  |  | $ | (52) |  |  | $ | (347) |
Engineering expenses | (38) |  |  | (12) |  |  | — |  |  | (50) |
Amortization expense | (63) |  |  | (6) |  |  | — |  |  | (69) |
Income (loss) from operations | 415 |  |  | 109 |  |  | (52) |  |  | 472 |
Interest expense and other, net | — |  |  | — |  |  | (22) |  |  | (22) |
Income (loss) before income taxes | $ | 415 |  |  | $ | 109 |  |  | $ | (74) |  |  | $ | 450 |
Intersegment sales/(elimination) | $ | 13 |  |  | $ | 12 |  |  | $ | (25) |  |  | $ | — |
Depreciation and amortization | $ | 95 |  |  | $ | 18 |  |  | $ | 4 |  |  | $ | 117 |
Capital expenditures | $ | 25 |  |  | $ | 12 |  |  | $ | 2 |  |  | $ | 39 |
Segment assets | $ | 13,390 |  |  | $ | 4,405 |  |  | $ | 2,596 |  |  | $ | 20,391 |
Segment financial information for the three months ended June 30, 2024 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 1,920 |  |  | $ | 724 |  |  | $ | — |  |  | $ | 2,644 |
Cost of sales | (1,251) |  |  | (519) |  |  | — |  |  | (1,770) |
Gross profit | $ | 669 |  |  | $ | 205 |  |  | $ | — |  |  | $ | 874 |
Gross margin | 34.8 | % |  | 28.3 | % |  |  |  |
Selling, general & administrative expenses | $ | (165) |  |  | $ | (108) |  |  | $ | (43) |  |  | $ | (316) |
Engineering expenses | (47) |  |  | (10) |  |  | — |  |  | (57) |
Amortization expense | (66) |  |  | (5) |  |  | — |  |  | (71) |
Income (loss) from operations | 391 |  |  | 82 |  |  | (43) |  |  | 430 |
Interest expense and other, net | — |  |  | — |  |  | (45) |  |  | (45) |
Income (loss) before income taxes | $ | 391 |  |  | $ | 82 |  |  | $ | (88) |  |  | $ | 385 |
Intersegment sales/(elimination) | $ | 12 |  |  | $ | 10 |  |  | $ | (22) |  |  | $ | — |
Depreciation and amortization | $ | 98 |  |  | $ | 16 |  |  | $ | 4 |  |  | $ | 118 |
Capital expenditures | $ | 33 |  |  | $ | 12 |  |  | $ | 1 |  |  | $ | 46 |
Segment assets | $ | 13,355 |  |  | $ | 3,917 |  |  | $ | 1,604 |  |  | $ | 18,876 |
Segment financial information for the six months ended June 30, 2025 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 3,820 |  |  | $ | 1,496 |  |  | $ | — |  |  | $ | 5,316 |
Cost of sales | (2,438) |  |  | (1,040) |  |  | — |  |  | (3,478) |
Gross profit | $ | 1,382 |  |  | $ | 456 |  |  | $ | — |  |  | $ | 1,838 |
Gross margin | 36.2 | % |  | 30.5 | % |  |  |  |
Selling, general & administrative expenses | $ | (345) |  |  | $ | (221) |  |  | $ | (88) |  |  | $ | (654) |
Engineering expenses | (74) |  |  | (22) |  |  | — |  |  | (96) |
Amortization expense | (128) |  |  | (14) |  |  | — |  |  | (142) |
Income (loss) from operations | 835 |  |  | 199 |  |  | (88) |  |  | 946 |
Interest expense and other, net | — |  |  | — |  |  | (70) |  |  | (70) |
Income (loss) before income taxes | $ | 835 |  |  | $ | 199 |  |  | $ | (158) |  |  | $ | 876 |
Intersegment sales/(elimination) | $ | 24 |  |  | $ | 21 |  |  | $ | (45) |  |  | $ | — |
Depreciation and amortization | $ | 192 |  |  | $ | 38 |  |  | $ | 7 |  |  | $ | 237 |
Capital expenditures | $ | 56 |  |  | $ | 22 |  |  | $ | 5 |  |  | $ | 83 |
Segment financial information for the six months ended June 30, 2024 is as follows:
In millions | Freight Segment |  | Transit Segment |  | Corporate Activities and Elimination |  | Total
Sales to external customers | $ | 3,744 |  |  | $ | 1,397 |  |  | $ | — |  |  | $ | 5,141 |
Cost of sales | (2,450) |  |  | (1,002) |  |  | — |  |  | (3,452) |
Gross profit | $ | 1,294 |  |  | $ | 395 |  |  | $ | — |  |  | $ | 1,689 |
Gross margin | 34.6 | % |  | 28.3 | % |  |  |  |
Selling, general & administrative expenses | $ | (315) |  |  | $ | (209) |  |  | $ | (73) |  |  | $ | (597) |
Engineering expenses | (86) |  |  | (19) |  |  | — |  |  | (105) |
Amortization expense | (134) |  |  | (11) |  |  | — |  |  | (145) |
Income (loss) from operations | 759 |  |  | 156 |  |  | (73) |  |  | 842 |
Interest expense and other, net | — |  |  | — |  |  | (94) |  |  | (94) |
Income (loss) before income taxes | $ | 759 |  |  | $ | 156 |  |  | $ | (167) |  |  | $ | 748 |
Intersegment sales/(elimination) | $ | 25 |  |  | $ | 21 |  |  | $ | (46) |  |  | $ | — |
Depreciation and amortization | $ | 201 |  |  | $ | 32 |  |  | $ | 8 |  |  | $ | 241 |
Capital expenditures | $ | 50 |  |  | $ | 25 |  |  | $ | 2 |  |  | $ | 77 |
Schedule of Sales by Product | Sales to external customers by product line are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
In millions |  | 2025 |  | 2024 |  | 2025 |  | 2024
Freight Segment: |  |  |  |  |  |  |  |
Services |  | $ | 781 |  |  | $ | 737 |  |  | $ | 1,644 |  |  | $ | 1,475 |
Equipment |  | 546 |  |  | 570 |  |  | 1,022 |  |  | 1,096 |
Components |  | 401 |  |  | 414 |  |  | 782 |  |  | 798 |
Digital Intelligence |  | 191 |  |  | 199 |  |  | 372 |  |  | 375 |
Total Freight Segment |  | $ | 1,919 |  |  | $ | 1,920 |  |  | $ | 3,820 |  |  | $ | 3,744 |
Transit Segment: |  |  |  |  |  |  |  |
Original Equipment Manufacturer |  | $ | 353 |  |  | $ | 310 |  |  | $ | 675 |  |  | $ | 620 |
Aftermarket |  | 434 |  |  | 414 |  |  | 821 |  |  | 777 |
Total Transit Segment |  | $ | 787 |  |  | $ | 724 |  |  | $ | 1,496 |  |  | $ | 1,397 |

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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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