WAB Stock Cash Flow Statements

Westinghouse Air Brake Technologies Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Westinghouse Air Brake Technologies Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-06-30	2005-03-31	2004-12-31	2004-06-30	2004-03-31

operating activities
net income	339,000,000	327,000,000	213,000,000	286,000,000	291,000,000	277,000,000	217,000,000	242,000,000	193,000,000	173,000,000	169,000,000	150,000,000	193,300,000	131,800,000	125,200,000	114,700,000	86,800,000	128,500,000	85,800,000	111,200,000	137,000,000	90,659,000	102,854,000	-4,013,000	34,906,000	87,457,000	49,687,000	68,439,000	72,160,000	72,004,000																																32,666,000	31,109,000	33,170,000	33,762,000	32,510,000	28,676,000	27,242,000	28,130,000	25,522,000	26,242,000	17,371,000	21,145,000	20,046,000	16,301,000	24,399,000	9,248,000	9,247,000	13,770,000	4,807,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	117,000,000	120,000,000	128,000,000	134,000,000	118,000,000	123,000,000	160,000,000	125,000,000	123,000,000	123,000,000	118,000,000	122,000,000	122,400,000	122,300,000	126,300,000	120,000,000	120,000,000	119,600,000	117,900,000	115,800,000	112,100,000	124,236,000	109,102,000	55,962,000	26,323,000	27,854,000	26,278,000	25,919,000	25,822,000	25,229,000	20,420,000	16,282,000	16,861,000	16,232,000	16,567,000	16,555,000	16,043,000	15,569,000	16,284,000	17,115,000	14,284,000	13,578,000	14,058,000	12,116,000	13,849,000	11,170,000	12,648,000	11,294,000	9,995,000	10,199,000	11,171,000	12,904,000	9,956,000	10,818,000	11,699,000	9,711,000	8,776,000	8,400,000	11,666,000	6,816,000	8,635,000	8,402,000	7,791,000	7,567,000	7,136,000	7,332,000	7,476,000	7,693,000	7,211,000	6,760,000	4,264,000	9,771,000	5,804,000	6,055,000	5,986,000	13,422,000	6,731,000	7,087,000	12,362,000	6,253,000
stock-based compensation expense	19,000,000	17,000,000	22,000,000	18,000,000	14,000,000	12,000,000	11,000,000	14,000,000	12,000,000	10,000,000	10,000,000	10,000,000	11,800,000	10,000,000	16,000,000	8,200,000	1,900,000	11,900,000	-1,600,000	7,300,000	13,900,000	12,168,000	15,406,000	8,526,000	4,831,000	5,696,000	6,748,000	2,660,000	6,187,000	5,692,000	6,025,000	5,115,000	4,163,000	5,510,000	5,927,000	5,103,000	6,226,000	8,763,000	7,027,000	7,004,000	5,396,000	6,707,000	6,511,000	6,506,000	5,530,000	5,560,000	4,841,000	5,087,000	4,875,000	5,045,000	5,424,000	3,852,000	5,951,000	3,419,000	3,547,000	2,578,000	3,149,000	2,491,000	-12,000	2,218,000	617,000	797,000	2,791,000	2,660,000	3,274,000	1,750,000	3,685,000	2,922,000	2,510,000	2,135,000	1,495,000	1,715,000	1,609,000	4,372,000
gain on mark-to-market derivatives
below market intangible amortization	-12,000,000	-10,000,000	-10,000,000	-11,000,000	-12,000,000	-11,000,000	-15,000,000	-13,000,000	-14,000,000	-12,000,000	-13,000,000	-12,000,000	-13,800,000	-16,300,000	-7,300,000	-12,600,000	-20,300,000	-12,500,000	-17,800,000	-37,600,000	-52,300,000	-20,500,000
net income on disposal of property, plant and equipment			2,000,000	0	0	2,000,000		1,000,000	0	3,000,000	1,000,000	2,000,000
changes in operating assets and liabilities, net of acquisitions and dispositions:
accounts receivable and unbilled accounts receivable	-17,000,000	-226,000,000	58,000,000	54,000,000	-267,000,000	121,000,000	19,000,000	-64,000,000	-99,000,000	-51,000,000	-48,000,000	93,000,000	-110,900,000	63,700,000	-38,100,000	9,300,000	69,800,000	-900,000	268,700,000	-22,600,000	26,000,000	3,405,000	15,909,000	-51,614,000	45,601,000	-66,347,000	-8,430,000	6,298,000	29,937,000	-96,481,000	58,090,000	-36,191,000	21,673,000	-23,844,000	22,381,000	34,907,000	3,714,000	-39,502,000	71,946,000	2,567,000	-11,486,000	-80,440,000
inventories	-151,000,000	-29,000,000	-2,000,000	5,000,000	-35,000,000	-85,000,000	143,000,000	47,000,000	-60,000,000	-188,000,000	-119,000,000	-137,000,000	-8,700,000	-40,100,000	19,000,000	-11,200,000	173,000,000	38,100,000	-6,800,000	-23,500,000	197,200,000	-88,724,000	72,124,000	75,300,000	16,640,000	-50,755,000	44,410,000	-4,959,000	-16,261,000	-32,145,000	43,039,000	13,194,000	-12,293,000	1,400,000	35,994,000	9,689,000	-6,995,000	-18,541,000	-30,131,000	-13,709,000	-1,144,000	-19,105,000	-2,965,000	22,022,000	20,209,000	-13,206,000	-5,892,000	1,774,000	-7,912,000	-20,461,000	-16,148,000	-16,583,000	-25,365,000	-21,441,000	684,000	3,162,000	-1,686,000	-3,810,000	8,490,000	6,425,000	10,159,000	8,286,000	-10,918,000	-12,935,000	-9,803,000	-9,070,000	9,090,000	-1,340,000	-11,808,000	-10,259,000	4,946,000	8,232,000	-13,087,000	-17,902,000	14,945,000	-14,775,000	-6,987,000	-600,000	-3,365,000	-6,833,000
accounts payable	61,000,000	13,000,000	-17,000,000	-6,000,000	48,000,000	45,000,000	-8,000,000	-45,000,000	-52,000,000	47,000,000	137,000,000	48,000,000	67,900,000	-41,300,000	35,400,000	47,000,000	-65,600,000	-54,900,000	-88,300,000	-60,200,000	2,200,000	-74,565,000	44,440,000	-116,375,000	44,569,000	32,096,000	29,667,000	-45,628,000	-51,071,000	-24,690,000	24,845,000	-30,020,000	4,245,000	-18,002,000	4,051,000	-55,686,000	-12,084,000	-12,931,000	14,407,000	-2,682,000	24,512,000	19,141,000	37,434,000	2,234,000	6,348,000	14,960,000	6,086,000	-16,364,000	8,187,000	-10,392,000	56,278,000	-2,766,000	10,499,000	-4,037,000	38,476,000	794,000	2,483,000	2,541,000	5,089,000	-4,633,000	-13,669,000	-35,025,000	1,090,000	8,853,000	12,528,000	-8,168,000	18,913,000	6,207,000	103,000	7,536,000	9,595,000	-4,199,000	-12,643,000	-112,000	-17,665,000	14,333,000	14,647,000	5,611,000	1,839,000	-28,000
accrued income taxes	-45,000,000	44,000,000	-12,000,000	19,000,000	-32,000,000	46,000,000	7,000,000	24,000,000	-5,000,000	-25,000,000	16,000,000	16,000,000	-32,900,000	10,300,000	5,200,000	13,400,000	39,000,000	12,800,000	9,500,000	-4,400,000	-3,800,000	-6,899,000	3,003,000	18,396,000	51,650,000	14,004,000	83,586,000	-12,917,000	-25,213,000	2,188,000	-17,711,000	3,039,000	-26,866,000	29,779,000	776,000	1,779,000	-5,396,000	24,581,000	7,408,000	896,000	-1,071,000	16,530,000	-13,001,000	2,972,000	-14,559,000	9,555,000	-15,824,000	-1,220,000	-23,000,000	6,842,000	27,257,000	434,000	-6,965,000	10,788,000	-12,579,000	135,000	5,792,000	841,000	-1,643,000	13,936,000	-19,355,000	7,903,000	-3,664,000	3,612,000	-14,035,000	13,576,000	2,950,000	4,382,000	-6,028,000	12,209,000	-6,623,000	-12,477,000	10,901,000	11,378,000	-13,737,000	10,189,000	3,663,000	4,737,000	3,662,000
current and noncurrent customer deposits	-17,000,000	31,000,000
other accrued liabilities	-95,000,000	-13,000,000
other operating activities	42,000,000	-83,000,000
net cash from operating activities	209,000,000	191,000,000	723,000,000	542,000,000	235,000,000	334,000,000	686,000,000	425,000,000	115,000,000	-25,000,000	263,000,000	161,000,000	313,700,000	243,900,000	223,200,000	292,200,000	325,600,000	229,500,000	310,500,000	-81,900,000	447,800,000	123,776,000	412,586,000	31,338,000	276,633,000	24,200,000	162,300,000	40,214,000	12,393,000	-26,096,000	202,414,000	32,917,000	138,410,000	75,566,000	192,954,000	144,380,000	67,265,000	43,661,000	242,221,000	92,505,000	111,444,000	26,215,000	150,657,000	39,900,000	13,056,000	32,040,000	123,913,000	82,989,000	29,555,000	981,000	148,606,000	33,974,000	49,560,000	16,486,000	100,887,000	45,787,000	17,095,000	12,367,000	71,282,000	51,223,000			82,089,000	47,118,000	64,066,000	-33,889,000	97,973,000	18,313,000	7,471,000	18,752,000	41,119,000	36,411,000	28,449,000	45,048,000	36,768,000	29,664,000		27,644,000	21,459,000	-8,747,000
capex	-39,000,000	-44,000,000	-84,000,000	-46,000,000	-46,000,000	-31,000,000	-77,000,000	-39,000,000	-38,000,000	-32,000,000	-30,000,000	-20,000,000	-51,500,000	-23,000,000	-29,000,000	-26,500,000	-37,700,000	-31,100,000	-34,300,000	-33,300,000	-72,700,000	-50,733,000	-32,147,000	-29,720,000	-29,073,000	-17,466,000	-29,203,000	-21,838,000	-19,098,000	-19,327,000	-18,540,000	-12,572,000	-10,600,000	-8,504,000	-16,349,000	-12,219,000	-12,402,000	-8,458,000	-16,685,000	-12,620,000	-12,024,000	-6,333,000	-17,643,000	-8,987,000	-8,160,000	-6,448,000	-11,307,000	-8,233,000	-6,270,000	-10,191,000	-15,745,000	-9,410,000	-5,415,000	-7,401,000	0	-5,364,000	-3,406,000	-3,601,000	0	-2,137,000			0	-4,631,000	-3,961,000	-3,891,000	0	-4,510,000	-4,935,000	-3,407,000	-7,439,000	-4,534,000	-5,682,000	-3,287,000	-6,198,000	-11,454,000		-6,206,000	-8,393,000	-4,213,000
free cash flows	170,000,000	147,000,000	639,000,000	496,000,000	189,000,000	303,000,000	609,000,000	386,000,000	77,000,000	-57,000,000	233,000,000	141,000,000	262,200,000	220,900,000	194,200,000	265,700,000	287,900,000	198,400,000	276,200,000	-115,200,000	375,100,000	73,043,000	380,439,000	1,618,000	247,560,000	6,734,000	133,097,000	18,376,000	-6,705,000	-45,423,000	183,874,000	20,345,000	127,810,000	67,062,000	176,605,000	132,161,000	54,863,000	35,203,000	225,536,000	79,885,000	99,420,000	19,882,000	133,014,000	30,913,000	4,896,000	25,592,000	112,606,000	74,756,000	23,285,000	-9,210,000	132,861,000	24,564,000	44,145,000	9,085,000	100,887,000	40,423,000	13,689,000	8,766,000	71,282,000	49,086,000			82,089,000	42,487,000	60,105,000	-37,780,000	97,973,000	13,803,000	2,536,000	15,345,000	33,680,000	31,877,000	22,767,000	41,761,000	30,570,000	18,210,000		21,438,000	13,066,000	-12,960,000
investing activities
purchase of property, plant and equipment	-39,000,000	-44,000,000	-84,000,000	-46,000,000	-46,000,000	-31,000,000	-77,000,000	-39,000,000	-38,000,000	-32,000,000	-30,000,000	-20,000,000	-51,500,000	-23,000,000	-29,000,000	-26,500,000	-37,700,000	-31,100,000	-34,300,000	-33,300,000	-72,700,000	-50,733,000	-32,147,000	-29,720,000	-29,073,000	-17,466,000	-29,203,000	-21,838,000	-19,098,000	-19,327,000	-18,540,000	-12,572,000	-10,600,000	-8,504,000	-16,349,000	-12,219,000	-12,402,000	-8,458,000	-16,685,000	-12,620,000	-12,024,000	-6,333,000	-17,643,000	-8,987,000	-8,160,000	-6,448,000	-11,307,000	-8,233,000	-6,270,000	-10,191,000	-15,745,000	-9,410,000	-5,415,000	-7,401,000																	-7,439,000	-4,534,000	-5,682,000	-3,287,000	-6,198,000	-11,454,000	-5,998,000	-6,206,000	-8,393,000	-4,213,000
acquisitions of businesses, net of cash acquired			-155,000,000				-81,000,000	-4,000,000						0	-3,700,000	-401,400,000		0	-4,600,000	-35,700,000		-19,048,000	-270,838,000	-2,710,714,000		-34,297,000		0	-46,594,000	-67,581,000		-63,092,000	-21,053,000	-210,000		0	-24,395,000	-75,713,000	-776,000	-100,244,000
proceeds from disposal of property, plant and equipment			0	-7,000,000	8,000,000	12,000,000					0	2,000,000							3,300,000	6,400,000	500,000	345,000	2,269,000	786,000	2,154,000	7,898,000	225,000	595,000	187,000	284,000	223,000	-25,000	81,000	84,000	1,430,000	176,000	40,000	138,000	81,000	123,000	-1,188,000	1,405,000	-168,000	336,000	5,114,000	718,000	40,000	838,000	0	93,000	363,000	9,000	275,000	16,000	352,000	11,000	54,000	1,000	420,000	20,000	13,000	3,638,000	312,000	30,000	11,000	53,000	100,000	-112,000
net cash from investing activities	-54,000,000	-44,000,000	-237,000,000	-49,000,000	-38,000,000	-19,000,000	-156,000,000	-43,000,000	-261,000,000	-32,000,000	-99,000,000	-18,000,000	-64,700,000	-22,900,000	-30,400,000	-422,000,000	-35,500,000	-21,700,000	-35,600,000	-62,600,000	-68,000,000	-69,436,000	-300,716,000	-2,739,648,000	-43,127,000	-43,865,000	-125,905,000	-21,243,000	-65,505,000	-63,076,000	-659,174,000	-75,689,000	-31,572,000	-8,630,000	-38,175,000	-221,171,000	-36,757,000	-84,033,000	-17,380,000	-112,741,000	-212,629,000	-4,928,000	-19,207,000	-115,638,000	-3,046,000	-120,801,000	-58,877,000	-21,329,000	-94,640,000	-10,098,000	-72,519,000	-9,401,000	-25,865,000	-38,397,000	-53,090,000	-58,638,000	-3,352,000	-41,175,000	-99,827,000	-5,591,000	-10,002,000	199,000	-322,789,000	-86,864,000	-3,950,000	-3,838,000	-7,562,000	-4,507,000	-78,060,000	-3,407,000	-94,949,000	-3,862,000	-4,715,000	-1,236,000	-5,774,000	-46,884,000	-40,602,000	-6,088,000	-7,481,000	-4,213,000
financing activities
proceeds from debt, net of issuance costs	1,993,000,000	196,000,000	386,000,000	69,000,000	836,000,000	967,000,000	1,212,000,000	1,387,000,000	1,662,000,000	1,302,000,000	1,404,000,000	2,012,000,000
payments of debt	-1,262,000,000	-192,000,000	-388,000,000	-73,000,000	-836,000,000	-1,025,000,000	-1,219,000,000	-1,712,000,000	-1,442,000,000	-1,148,000,000	-1,399,000,000	-1,817,000,000	-1,060,700,000	-1,321,300,000	-1,772,000,000	-1,398,000,000	-960,200,000	-1,057,800,000	-1,395,500,000	-663,800,000	-1,359,000,000	-512,479,000	-714,377,000	-837,744,000	12,672,000	-266,347,000	-350,618,000	-238,774,000	-197,554,000	-482,591,000	-886,898,000	-40,351,000	-90,046,000	-85,453,000	-152,372,000	-165,719,000	-82,742,000	-211,847,000	-130,854,000	-146,267,000	-166,631,000	-50,067,000	-180,483,000	-483,615,000	-61,516,000	-104,228,000	-137,465,000	-48,857,000	-37,036,000	-88,099,000	-143,282,000	-35,103,000	-37,809,000	-67,008,000	-34,745,000	-33,108,000	-66,897,000	-83,333,000	-62,063,000	-23,568,000	-76,635,000	-31,058,000
repurchase of stock	-50,000,000	-98,000,000	-123,000,000	-599,000,000	-200,000,000	-175,000,000	-157,000,000	0	-74,000,000	-178,000,000	-103,000,000	-296,000,000	-99,700,000	-199,100,000	0	-1,200,000	-101,900,000	0	0	-105,300,000
cash dividends	-44,000,000	-43,000,000	-34,000,000	-35,000,000	-35,000,000	-36,000,000	-31,000,000	-30,000,000	-31,000,000	-31,000,000	-27,000,000	-28,000,000	-23,100,000	-23,000,000	-22,900,000	-23,000,000	-23,300,000	-22,800,000	-23,400,000	-23,000,000	-23,500,000	-23,937,000																				-3,828,000		-4,004,000	-2,410,000	-2,386,000	-2,410,000	-2,376,000	-1,442,000	-1,438,000	-1,442,000	-1,442,000	-484,000	-481,000	-485,000	-480,000	-481,000	-468,000	-479,000	-476,000	-482,000	-480,000	-486,000	-485,000	-481,000	-488,000	-481,000	-477,000	-495,000	-491,000	-487,000	-489,000	-486,000	-483,000	-484,000	-932,000	-466,000	-460,000	-897,000	-449,000
payment of income tax withholding on share-based compensation	-5,000,000	-34,000,000	-1,000,000	-1,000,000	0	-23,000,000	0	-1,000,000	-1,000,000	-14,000,000											-100,000	-2,083,000	8,000	-4,125,000	-5,617,000	-2,937,000	-46,000	4,000	40,000	-6,842,000	2,348,000	0	0	-9,006,000	0	0	0	-14,565,000
other financing activities	-6,000,000	-1,000,000	-2,000,000	0	2,000,000	3,000,000			0	-3,000,000	2,000,000	-4,000,000	400,000	2,400,000	1,300,000	-5,100,000	600,000	300,000	400,000	-5,900,000
net cash from financing activities	626,000,000	-172,000,000	-162,000,000	-686,000,000	-234,000,000	-289,000,000	-310,000,000	-353,000,000	102,000,000	-72,000,000	-123,000,000	-133,000,000	-219,700,000	-220,800,000	-220,200,000	7,700,000	-258,200,000	-237,300,000	-307,000,000	183,500,000	-355,600,000	90,992,000	-156,882,000	882,990,000	-17,199,000	28,668,000	-27,382,000	-111,639,000	81,063,000	-39,473,000	636,530,000	-10,179,000	-62,120,000	-40,037,000	-128,081,000	22,804,000	-23,856,000	-119,781,000	-6,055,000	6,976,000	33,539,000	-8,954,000	-126,060,000	138,003,000	-19,096,000	100,167,000	-134,017,000	-15,354,000	34,372,000	-9,724,000	-12,895,000	-8,752,000	-4,523,000	-20,589,000	12,176,000	49,000	-13,450,000	27,073,000	-37,822,000	80,890,000			211,808,000	707,000	1,767,000	-24,571,000	-13,962,000	-328,000	-376,000	1,681,000	-4,796,000	-10,152,000	7,848,000	5,293,000	9,904,000	16,086,000	4,546,000
effect of changes in currency exchange rates	20,000,000	8,000,000	-19,000,000	8,000,000	-7,000,000	-7,000,000	8,000,000	-8,000,000	-2,000,000	5,000,000	-28,000,000	5,000,000	-13,000,000	2,700,000	-2,600,000	6,900,000	7,500,000	900,000	4,100,000	-27,300,000	-7,400,000	-19,249,000	-6,487,000	-4,164,000	-9,334,000	7,482,000	-3,692,000	-7,774,000	20,392,000	10,340,000	-31,668,000	398,000	-4,557,000	9,684,000	-8,748,000	-2,616,000	9,057,000	-16,561,000	-5,478,000	-106,000	-1,550,000	-2,990,000	-637,000	4,237,000	-1,747,000	-1,834,000	2,692,000	1,644,000	-4,486,000	2,530,000	1,287,000	-16,160,000	1,616,000	6,246,000	160,000	23,101,000	-12,684,000	-8,024,000	-159,000	7,330,000	12,524,000	-5,184,000	-15,693,000	-16,251,000	4,964,000	2,442,000	214,000	3,322,000	5,712,000	1,474,000	-980,000	-13,719,000	15,869,000	986,000	-5,625,000	-7,271,000	-3,360,000	6,979,000	1,943,000	463,000
increase in cash	801,000,000	-17,000,000				19,000,000	228,000,000	21,000,000	-46,000,000	-124,000,000	13,000,000	15,000,000				-115,200,000				11,700,000	16,800,000	126,083,000	-51,499,000	-1,829,484,000	206,973,000	16,485,000	5,321,000	-100,442,000	48,343,000	-118,305,000	148,102,000	-52,553,000	40,161,000	36,583,000				-176,714,000	213,308,000			9,343,000	4,753,000			9,572,000														133,852,000					66,847,000	-59,856,000	76,663,000	16,800,000	-65,253,000	18,500,000	-59,606,000	8,678,000	47,451,000	50,091,000	35,273,000	-8,405,000		-2,039,000	24,501,000
cash, cash equivalents and restricted cash, beginning of period	0	715,000,000		0	0	620,000,000		0	0	541,000,000																233,401,000
cash, cash equivalents and restricted cash, end of period	801,000,000	698,000,000		-185,000,000	-44,000,000	639,000,000		21,000,000	-46,000,000	417,000,000
in millions
adjustments to reconcile net income to net cash from operations:
deferred income taxes
proceeds from dispositions of businesses, net of cash disposed
payment of contingent consideration on acquisitions																					0	0
distribution to noncontrolling interest			0	-5,000,000			-5,000,000	0
cash, cash equivalents and restricted cash, beginning of year
cash, cash equivalents and restricted cash, end of year
accrued liabilities and customer deposits				17,000,000	-48,000,000	-141,000,000	114,000,000	85,000,000	6,000,000	-79,000,000	-27,000,000	-66,000,000	95,000,000	27,000,000	-63,900,000	25,900,000	-15,100,000	23,000,000	-14,600,000	-84,700,000	-30,700,000	-5,388,000	84,166,000	-59,978,000	15,375,000	-1,529,000	-100,161,000	-5,667,000	1,634,000	85,303,000	-2,985,000	-11,858,000	16,337,000	-12,832,000	-1,926,000	14,178,000	-10,621,000	-16,468,000	60,387,000	12,220,000	12,042,000	-15,920,000	-3,424,000	-1,091,000	-29,280,000	-15,036,000	-24,377,000	25,414,000	4,409,000	7,877,000	-37,647,000	4,310,000	65,650,000	10,888,000	-653,000	-6,683,000	-4,072,000	1,227,000	-6,491,000	-22,009,000	15,944,000	-43,647,000	-8,143,000	12,874,000	36,332,000	-9,551,000	32,801,000	-15,730,000	-11,842,000	-9,537,000	-517,000	16,518,000	-596,000	-10,381,000	42,390,000	1,566,000	-7,924,000	10,717,000	2,987,000	-5,422,000
other assets and liabilities				26,000,000	158,000,000	-55,000,000	93,000,000	9,000,000	11,000,000	-26,000,000	19,000,000	-65,000,000	-87,300,000	-30,600,000	5,400,000	-22,500,000	-102,900,000	-36,100,000	-42,300,000	-83,200,000	70,200,000	77,245,000	-24,451,000	104,106,000	45,196,000	-24,252,000	97,664,000	4,961,000	-31,174,000	-63,349,000	35,287,000	-8,399,000	23,445,000	-16,858,000	3,542,000	18,585,000	-24,325,000	-13,807,000	8,844,000	-19,611,000	-19,247,000	6,218,000	-526,000	-9,601,000	587,000	-6,782,000	32,800,000	-19,022,000	6,677,000	-9,472,000	61,239,000	-638,000	-13,979,000	1,724,000	1,414,000	-15,457,000	3,361,000	6,516,000	-4,129,000	-3,055,000	-6,301,000	6,939,000	6,473,000	5,160,000	-7,178,000	-570,000	4,638,000	-696,000	-7,205,000	4,339,000	3,214,000	-14,347,000	16,690,000	-4,289,000	4,019,000	-491,000	6,014,000	1,239,000	-7,752,000	-5,578,000
proceeds from dispositions of businesses
payment of contingent consideration
decrease in cash				-185,000,000									16,300,000	2,900,000				-28,600,000																		-56,603,000												47,950,000	-35,199,000	-16,311,000		-339,000	20,788,000	-36,254,000			-12,391,000	-9,759,000				-43,713,000															-27,107,000			-12,263,000
changes in operating assets and liabilities, net of acquisitions:
net gain on disposal of property, plant and equipment
increase in cash, cash equivalents and restricted cash
changes in operating assets and liabilities, net of acquisitions
cash and cash equivalents, beginning of period											0	473,000,000			0	598,700,000
cash and cash equivalents, end of period											13,000,000	488,000,000			-30,000,000	483,500,000		-28,600,000	-28,000,000	615,900,000						249,886,000																295,103,000
(gain) loss on disposal of property, plant and equipment																										-24,000																	626,000	102,000															-352,000			-2,688,000
acquisitions of business, net of cash acquired																																												-106,987,000	0	-115,071,000		-13,774,000				0	-20,730,000	-31,047,000		-53,285,000	0	-39,943,000										-283,000
cash and cash equivalents, beginning of year																																										285,760,000
cash and cash equivalents, end of year
adjustments to reconcile net income to cash from operating activities:
proceeds from disposal of assets and businesses														100,000	2,300,000	5,900,000
proceeds from debt														1,320,200,000	1,573,400,000	1,435,000,000		843,000,000	1,111,500,000	981,500,000		629,566,000	589,413,000	1,736,521,000		306,610,000	333,267,000	138,438,000	286,762,000	458,273,000	1,529,000,000	116,000,000	35,000,000	195,000,000	397,100,000	216,000,000	62,600,000	111,700,000	130,000,000	166,500,000	216,900,000	50,000,000	90,529,000	623,738,000	40,900,000	203,900,000	22,400,000	38,600,000	94,300,000	78,100,000	133,000,000	45,000,000	34,000,000	45,000,000	47,000,000	35,000,000	55,400,000	111,000,000	21,500,000	104,000,000	66,000,000	6,000,000
adjustments to reconcile net income to cash from operations:
loss on disposal of property, plant and equipment																					3,300,000	12,139,000			-3,159,000		274,000	1,108,000	372,000	153,000	81,000	-227,000	360,000	18,000		1,384,000	273,000	147,000				14,000				32,000	438,000	-824,000	1,272,000	226,000		567,000	85,000	37,000
other
cash, cash equivalents, and restricted cash, beginning of period																		0	0	604,200,000
proceeds from exercise of stock options and other benefit plans																					100,000	-75,000	750,000	25,000	-3,176,000	2,873,000	1,540,000	209,000	1,420,000	1,259,000	210,000	1,122,000	136,000	515,000	389,000	1,299,000	1,012,000	397,000	293,000			879,000	429,000	2,087,000	1,060,000	1,589,000	1,410,000	1,556,000	459,000	1,006,000	322,000	409,000	2,984,000	1,184,000	209,000	400,000	1,051,000	1,596,000	1,795,000	614,000
cash, cash equivalents, and restricted cash, end of period
cash, cash equivalents and restricted cash beginning of period																							0	2,342,354,000
cash and cash equivalents end of period																							-51,499,000	512,870,000
gain on disposal of property, plant and equipment																								1,028,000															698,000	8,000															-508,000	1,078,000	180,000	27,000
cash dividends (0.12 and 0.12 per share for the three months
ended march 31, 2019 and 2018, respectively)																								-11,687,000
in thousands, except per share data
stock re-purchase																																										-2,151,000
cash dividends (0.48, 0.44 and 0.36 per share for the years
ended december 31, 2018, 2017 and 2016)
cash dividends (0.36 and 0.20 per share for the nine months
ended september 30, 2018 and 2017, respectively)
cash dividends (0.12 and 0.10 per share for the three months
ended march 31, 2018 and 2017, respectively)																										-11,531,000
deposit in escrow																																			6,186,000
cash dividends (0.44, 0.36 and 0.28 per share for the years
ended december 31, 2017, 2016 and 2015)
cash, beginning of year																																							0	0			0	0	0	215,766,000	0	0	0	285,615,000	0	0	0	236,941,000	0	0	0	188,659,000	0	0	0	141,805,000	0	0	0	234,689,000	0	0	0	187,979,000	0	0	0	141,365,000	0	95,257,000	95,257,000	0	70,328,000	70,328,000
cash, end of year
in thousands, except share and per share data
balance, december 31, 2014
proceeds from treasury stock issued from the exercise of stock
options and other benefit plans, net of tax
stock based compensation
translation adjustment
unrealized loss on foreign exchange contracts, net of 14 tax
unrealized loss on interest rate swap contracts, net of 444 tax
change in pension and post-retirement benefit plans, net of 10,279 tax
balance, december 31, 2015
non-controlling interests associated with faiveley transport acquisition
unrealized loss on foreign exchange contracts, net of 45 tax
unrealized gain on interest rate swap contracts, net of 230 tax
change in pension and post-retirement benefit plans, net of 2,790 tax
stock issued for faiveley transport acquisition
balance, december 31, 2016
acquisition of faiveley transport noncontrolling interest
unrealized gain on foreign exchange contracts, net of 1,763 tax
unrealized gain on interest rate swap contracts, net of 1,079 tax
change in pension and post-retirement benefit plans, net of 1,300 tax
balance, december 31, 2017
excess income tax benefits from exercise of stock options																															-777,000				99,000	-1,295,000	-1,074,000	-314,000	-281,000	-1,458,000	-639,000	-642,000	5,179,000	-5,283,000	-2,870,000	-1,292,000	-607,000	-1,793,000	-18,000	-707,000	-726,000	0	-2,973,000	-716,000	-197,000	-307,000	-692,000	-1,374,000	-1,425,000	-320,000			-279,000	-455,000	-1,071,000	-117,000	-113,000	-583,000	-797,000	-605,000	7,000	-174,000	-2,451,000	-1,764,000
release of deposit in escrow																												0	0	23,548,000
purchase of treasury stock																																-78,438,000	0	-133,738,000						-10,135,000
excess income tax benefits from exercise of equity options
cash dividends (0.32 and 0.26 per share for the nine months
ended september 30, 2017 and 2016, respectively)
cash, beginning of period																												0	0	398,484,000		0	0	226,191,000		0	0	425,849,000
cash, end of period																												-100,442,000	48,343,000	280,179,000		-52,553,000	40,161,000	262,774,000		-56,603,000	15,709,000	249,135,000		-13,366,000				66,502,000	-10,833,000	225,338,000		47,950,000	-35,199,000	269,304,000		-339,000	20,788,000	200,687,000		10,299,000	-12,391,000	178,900,000		133,852,000	23,241,000	98,092,000		-55,290,000	66,847,000	174,833,000		16,800,000	-65,253,000	206,479,000		8,678,000	47,451,000	191,456,000		86,852,000	68,150,000		94,829,000	58,065,000
in thousands																																																				0	0	2,011,000		0	0	2,010,000		0	0	2,009,000		0	0	2,008,000		0	0	2,007,000
balance at december 31, 2016																												0	0	-321,033,000
other comprehensive income before reclassifications																												82,905,000	145,684,000	49,395,000							36,082,000	-87,931,000		-60,964,000						-27,941,000
amounts reclassified from accumulated other
comprehensive income
net current period other comprehensive income																												82,905,000	145,684,000	49,395,000							36,082,000	-87,931,000		-60,964,000						-27,941,000
balance at september 30, 2017
cash dividends (0.20 and 0.16 per share for the six months
ended june 30, 2017 and 2016, respectively)
balance at june 30, 2017
cash dividends (0.10 and 0.08 per share for the three months
ended march 31, 2017 and 2016, respectively)																														-9,572,000
balance at march 31, 2017																														-271,638,000
earn-out settlement																																							0	0	0	-4,429,000
cash dividends (0.36, 0.28 and 0.20 per share for the years
ended december 31, 2016, 2015 and 2014)
balance, december 31, 2013
unrealized loss on foreign exchange contracts, net of 31 tax
unrealized loss on interest rate swap contracts, net of 136 tax
change in pension and post-retirement benefit plans, net of 5,887 tax
net income attributable to wabtec shareholders																																82,428,000	90,485,000	94,163,000	101,779,000	99,181,000	101,504,000	96,164,000	92,686,000	90,155,000	88,705,000	80,134,000	74,041,000	73,943,000	74,638,000	69,613,000	64,765,000	62,994,000	64,712,000	59,261,000	46,263,000	46,600,000	36,334,000	40,952,000	30,980,000	30,544,000	31,211,000	30,364,000	24,205,000	27,348,000
cash dividends (0.26 and 0.20 per share for the nine months
ended september 30, 2016 and 2015, respectively)
•
cash dividends (0.16 and 0.12 per share for the six months
ended june 30, 2016 and 2015, respectively)
cash dividends (0.08 and 0.06 per share for the three months
ended march 31, 2016 and 2015, respectively)																																		-7,355,000
cash dividends (0.28, 0.20 and 0.13 per share for the years
ended december 31, 2015, 2014 and 2013)
balance, december 31, 2012
unrealized (loss) on foreign exchange contracts, net of 61 tax
unrealized gain on interest rate swap contracts, net of 422 tax
cash dividends (0.20 and 0.14 per share for the nine months
ended september 30, 2015 and 2014, respectively)
cash dividends (0.12 and 0.08 per share for the six months
ended june 30, 2015 and 2014, respectively)
balance at december 31, 2014																																					0	-94,450,000
balance at june 30, 2015
cash dividends (0.06 and 0.04 per share for the three months
ended march 31, 2015 and 2014, respectively)																																						-5,780,000
balance at march 31, 2015																																						-182,381,000
cash dividends (0.20, 0.13 and 0.08 per share for the years
ended december 31, 2014, 2013 and 2012
cash dividends (0.14 and 0.09 per share for the nine months
ended september 30, 2014 and 2013, respectively)
balance at december 31, 2013																																								0
balance at september 30, 2014
proceeds from exercise of stock options and other benefit plan
cash dividends (0.04 and 0.025 per share for the six months
ended june 30, 2014 and 2013, respectively)
balance at june 30, 2014
cash dividends (0.13, 0.08 and 0.04 per share for years ended
december 31, 2013, 2012 and 2011
balance, december 31, 2010
proceeds from treasury stock issued from the exercise of stock options
and other benefit plans, net of tax
unrealized gain on foreign exchange contracts, net of 70 tax
unrealized gain on interest rate swap contracts, net of 434 tax
change in pension and post-retirement benefit plans, net of 5,530 tax
balance, december 31, 2011
unrealized (loss) on interest rate swap contracts, net of 1,040 tax
change in pension and post-retirement benefit plans, net of 785 tax
change in pension and post-retirement benefit plans, net of 8,188 tax
accounts receivable																																												-64,020,000	-60,621,000	-42,534,000	48,454,000	15,649,000	-39,642,000	-47,437,000	11,588,000	-14,706,000	-29,633,000	-35,946,000	11,776,000	20,232,000	-31,407,000	-34,856,000	28,493,000	24,368,000	17,051,000	10,629,000	50,969,000	-13,388,000	3,121,000	-61,543,000	-8,088,000	-11,215,000	7,148,000	-19,413,000	-8,232,000	14,025,000	1,886,000	37,990,000	-28,763,000	-18,979,000	-13,083,000	-7,511,000	-2,044,000	-990,000
stock repurchase																																															-18,559,000	-6,070,000			-2,219,000	-17,616,000			0	-2,070,000	-3,215,000	-3,096,000	0	0	-12,382,000	-7,272,000	-21,143,000	0	-187,000	-24,466,000	-13,072,000	-1,395,000
balance at december 31, 2012																																														11,981,000
amounts reclassified from accumulated other comprehensive income
balance at september 30, 2013
balance at june 30, 2013
balance at march 31, 2013																																														-15,960,000
balance, december 31, 2009
proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax
stock-based compensation
unrealized (loss) on foreign exchange contracts, net of 30 tax
unrealized (loss) on interest rate swap contracts, net of 980 tax
change in pension and post retirement benefit plans, net of 1,807 tax
change in pension and post retirement benefit plans, net of 5,530 tax
unrealized gain on interest rate swap contracts, net of 1,040 tax
change in pension and post retirement benefit plans, net of 785 tax
acquisition purchase price adjustment																																																				0	5,000	35,000		0	0	2,368,000		-28,000
foreign currency translation gain																																																		8,454,000		-44,468,000	-13,744,000	20,420,000		62,550,000				-8,328,000	34,722,000	-11,565,000		-34,741,000	-4,371,000	8,381,000
unrealized loss on interest rate swap contracts, net of tax																																																-545,000	-1,437,000	-740,000							-271,000	-451,000
pension benefit plans and post retirement benefit plans, net of tax																																																-153,000	1,330,000	-57,386,000
total accumulated comprehensive loss																																																11,218,000	-16,626,000	-49,672,000
foreign currency translation loss																																																										-9,928,000
acquisition purchase price adjustments
balance, december 31, 2008
unrealized (loss) on foreign exchange contracts, net of 55 tax
unrealized (loss) on interest rate swap contracts, net of 25 tax
change in pension and post retirement benefit plans, net of 2,583 tax
total comprehensive income																																																			134,053,000	-32,541,000	-17,897,000	61,434,000	-3,697,000	60,615,000	-16,492,000	20,314,000	104,642,000	-7,804,000	33,121,000	21,187,000	99,692,000	-35,226,000	-3,404,000	41,296,000	-2,224,000	1,553,000	10,402,000	28,897,000
unrealized gain on foreign exchange contracts, net of tax																																																				117,000	-13,000	23,000		-38,000	3,000	34,000		0					-257,000	150,000		-1,165,000	883,000	349,000
unrealized gain on interest rate swap contracts, net of tax																																																				295,000	-274,000	206,000						93,000
change in pension and post retirement benefit plans, net of tax																																																				1,249,000	752,000	-167,000		-1,527,000	788,000	295,000		3,919,000	18,000	361,000		0	-28,000	255,000
discontinued operations																																																															0	0	0	-38,000	223,000	-569,000	49,000	65,000	2,603,000	-24,000	-809,000	-345,000	-405,000
debt financing costs
increase/(decrease) in cash
balance, december 31, 2007
adjustment to beginning retained earnings due to adoption of fas 158
unrealized gains on foreign exchange contracts, net of 15 tax
change in pension and post retirement benefit plans, net of 4,493 tax
changes in operating assets and liabilities
purchase of property, plant and equipment and other																																																								-5,364,000	-3,406,000	-3,601,000		-2,137,000	-5,272,000	-3,439,000		-4,631,000	-3,961,000	-3,891,000		-4,510,000	-4,935,000	-3,407,000
balance, december 31, 2006
adjustment to beginning retained earnings due to adoption of fin 48
unrealized gains on foreign exchange contracts, net of 475 tax
change in pension and post retirement benefit plans, net of 7,008 tax
net cash (used for) operating activities																																																														-5,738,000
issuance of treasury stock for stock options and other benefit plans																																																														-180,000
net cash (used for) financing activities																																																														-32,990,000
unrealized gain on foreign exchange contracts and interest rate swaps, net of tax																																																														-275,000
proceeds from treasury stock from stock based benefit plans
(decrease)/increase in cash
balance, december 31, 2005
reclass of stock liability
unrealized losses on foreign exchange contracts, net of (978) tax
additional minimum pension liability, net of 2,424 tax
adjustment to initially apply sfas 158, net of (14,889) tax
sale of discontinued operations																																																																								0	967,000	2,051,000
repayments of other borrowings																																																																-17,000	-28,000	-19,000
proceeds from the issuance of treasury stock for stock options and other benefit plans																																																																754,000	1,392,000	285,000		961,000	2,743,000	1,567,000		3,691,000	5,883,000	4,012,000		17,125,000	5,029,000		9,500,000	693,000
balance, december 31, 2004
unrealized losses on foreign exchange contracts, net of (1,556) tax
additional minimum pension liability, net of (3,531) tax
foreign currency translation adjustment																																																																				3,461,000	6,911,000	3,026,000
pension and post retirement benefit plan adjustments
repayments of credit agreements
balance, december 31, 2003
unrealized gains on foreign exchange contracts, net of 1,925 tax
unrealized gains on derivatives designated and qualified as cash flow hedges, net of 119 tax
additional minimum pension liability, net of (2,178) tax
unrealized losses on foreign exchange contracts, net of (978,000) tax
disposals of property, plant and equipment																																																																												975,000	975,000		912,000
acquisition of business, net of cash received																																																																												-36,405,000	-35,579,000
repayments of long term debt																																																																												-107,000
in thousands, except per share																																																																												2,005,000	2,005,000		2,004,000	2,004,000
net income as reported																																																																								-75,000	5,903,000	9,248,000		15,151,000	9,248,000		8,963,000	4,807,000
stock based compensation expense under fas123, net of tax of 150 and 498
pro forma																																																																								-69,000	5,975,000	8,893,000		14,868,000	8,893,000		8,987,000	3,347,000
basic earnings per share
as reported																																																																								0	120	200		320	200		200	110
diluted earnings per share
stock based compensation expense under fas123, net of tax of 162 and 348
other repayments																																																																													-17,000		-23,000	-10,000
stock based compensation expense under fas123, net of tax of 206																																																																										355,000
results of discontinued operations, net of tax
commitments and contingencies
borrowings of senior notes
stock issuance
balance, december 31, 2002
compensatory stock granted through a rabbi trust
unrealized gains on foreign exchange contracts, net of 135 tax
unrealized gains on derivatives designated and qualified as cash flow hedges, net of 496 tax
additional minimum pension liability, net of (728) tax
stock based compensation expense under fas123, net of tax of 150 and 246
stock based compensation expense under sfas123, net of tax of 498 and 743
stock based compensation expense under fas123, net of tax of 162 and 248																																																																												283,000
adjustments to reconcile net income to net cash provided by/(used for) operations:
net cash provided by/(used for) operating activities																																																																													12,309,000
stock based compensation expense under fas123, net of tax of 206 and 249																																																																													355,000
cumulative effect of accounting change for goodwill, net of tax
cash received from disposition of discontinued operations
(repayments) borrowings of credit agreements
borrowings (repayments) of senior notes
balance, december 31, 2001
unrealized gains on derivatives designated and qualified as cash flow hedges, net of 755 tax
additional minimum pension liability, net of (4,551) tax
total comprehensive loss
repayments of loans under credit agreement
proceeds from senior note offering
net cash provided by/(used for) financing activities																																																																															8,580,000	234,000
stock based compensation income under fas123, net of tax of and 25
stock based compensation expense under fas123, net of tax of 821 and 835
stock based compensation income under fas123, net of tax of (13) and 12																																																																															-24,000
accrued income taxes and income tax receivable																																																																																-956,000
stock based compensation under fas123																																																																																1,460,000
loss on sale of product line
write-down of assets
other, primarily non-cash portion of merger and restructuring charges
cash received from disposition of product line
balance, december 31, 2000
compensatory stock options granted through a rabbi trust
cumulative effect of change in accounting for derivative financial instruments, net of (665) tax
unrealized losses on derivatives designated and qualified as cash flow hedges, net of (705) tax
additional minimum pension liability, net of (4,144) tax
unrealized gains on other derivatives, net of 135 tax

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